# EDGAR Filing Document

**Accession Number:** 0001710607
**File Stem:** 0001710607-25-000307
**Filing Date:** 2025-10
**Character Count:** 4184271
**Document Hash:** c1e7c94d2d9241c60c209342a4ac86c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001710607-25-000307.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001710607-25-000307

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 86

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**EFFECTIVENESS DATE**: 20251029

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23305
- **FILM NUMBER:** 251429051

**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 Quality Convertible Securities ETF (Series ID: S000070040)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000222948 | American Century Quality Convertible Securities ETF | QCON            |

### American Century Quality Preferred ETF (Series ID: S000070041)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000222949 | American Century Quality Preferred ETF | QPFF            |

### 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            |

?xml version='1.0' encoding='ASCII'? ck0001710607-20250831

**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: | **08-31-2025** | **08-31-2025** | **08-31-2025** | **08-31-2025** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

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

------

**ANNUAL SHAREHOLDER REPORT**

American Century California Municipal Bond ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (CATF)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century California Municipal Bond ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $27 | 0.27% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century California Municipal Bond ETF returned (0.41)% for the reporting period ended August 31, 2025. | American Century California Municipal Bond ETF returned (0.41)% for the reporting period ended August 31, 2025. |
| The fund seeks high current income that is exempt from federal and California income taxes. The commentary below refers to the fund's performance compared to the S&P California AMT-Free Municipal Bond Index. | The fund seeks high current income that is exempt from federal and California income taxes. The commentary below refers to the fund's performance compared to the S&P California AMT-Free Municipal Bond Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of heavy municipal bond (muni) supply, tax policy and municipal exemption uncertainty and broader rate market volatility, most muni returns were slightly negative for the period. However, California munis generally outperformed national municipal bonds. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Sector allocation was the primary detractor from performance, largely due to an underweight position versus the index in state general obligation (GO) bonds and an overweight position in development district bonds. Our position in cash equivalents and an out-of-index stake in gas prepaid bonds helped offset some of the negative allocation effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our yield curve strategy detracted, but positive roll-down effects helped offset some of the negative results from curve positioning and duration. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Security selection broadly aided performance, with our choices in the development district, local GO and charter schools sectors driving results. Security selection in the public university and state GO sectors weighed on performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *July 16, 2024 through August 31, 2025* |

---

![2199023255562](ck0001710607-20250831_g2.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **American Century California Municipal Bond ETF** | -0.41% | 0.50% | 7/16/24 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;S&P National AMT-Free Municipal Bond | -0.20% | 0.56% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P California AMT-Free Municipal Bond | -0.02% | 0.80% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $51096042 |
| Management Fees (dollars paid during the reporting period) | $90961 |
| Portfolio Turnover Rate | 47% |
| 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)* |
| Municipal Securities | 97.9% |
| Short-Term Investments | 2.1% |
| 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 americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072117

------

**ANNUAL SHAREHOLDER REPORT**

American Century Diversified Corporate Bond ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (KORP)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Diversified Corporate Bond ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $30 | 0.29% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Diversified Corporate Bond ETF returned 4.19% for the reporting period ended August 31, 2025. | American Century Diversified Corporate Bond ETF returned 4.19% for the reporting period ended August 31, 2025. |
| The fund seeks to provide current income. The commentary below refers to the fund's performance compared to the Bloomberg U.S. Intermediate Corporate Bond Index. | The fund seeks to provide current income. The commentary below refers to the fund's performance compared to the Bloomberg U.S. Intermediate Corporate Bond Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The Federal Reserve cut interest rates by 1 percentage point in late 2024. Policymakers held steady during the rest of the period as economic data remained resilient, tariff policy stayed uncertain, and inflation edged higher. Overall, yields on short-maturity Treasuries declined, while yields on longer-maturity Treasuries rose. Meanwhile, credit spreads generally tightened, and U.S. corporate bonds generally outperformed Treasuries. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our duration strategy detracted from performance due to relative positioning in late 2024. Interest rates rose, and the fund's longer-than-index duration weighed on results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Security selection was a key contributor to performance. Our choices among financial institutions and in the technology, media and telecommunications and industrials sectors largely drove results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Sector allocation also broadly contributed to performance. An out-of-index position in high-yield corporate bonds, which outperformed investment-grade corporates for the period, was the main contributor. This allocation more than offset the negative effects from an out-of-index stake in government bonds. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *January 11, 2018 through August 31, 2025* |

---

![10](ck0001710607-20250831_g4.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **American Century Diversified Corporate Bond ETF** | 4.19% | 1.59% | 2.76% | 1/11/18 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond | 3.14% | -0.68% | 1.59% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Bloomberg U.S. Corporate Bond | 3.91% | -0.01% | 2.40% |  |
| &nbsp;&nbsp;Bloomberg U.S. Intermediate Corporate Bond | 5.68% | 1.51% | 3.03% |  |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| The investment advisor selected a different index for comparison purposes. The advisor believes the Bloomberg U.S. Corporate Bond Index is more reflective of the fund's strategy as compared to the Bloomberg U.S. Intermediate Corporate Bond Index. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $566029052 |
| Management Fees (dollars paid during the reporting period) | $1228503 |
| Portfolio Turnover Rate | 176% |
| Total Number of Portfolio Holdings | 310 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 85.4% |
| Convertible Preferred Securities | 5.2% |
| Preferred Securities | 3.9% |
| U.S. Treasury Securities | 0.5% |
| Short-Term Investments | 6.3% |
| Other Assets and Liabilities | (1.3)% |

---

*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 americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072109

------

**ANNUAL SHAREHOLDER REPORT**

American Century Diversified Municipal Bond ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (TAXF)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Diversified Municipal Bond ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $29 | 0.29% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Diversified Municipal Bond ETF returned (0.14)% for the reporting period ended August 31, 2025. | American Century Diversified Municipal Bond ETF returned (0.14)% for the reporting period ended August 31, 2025. |
| The fund seeks current income that is exempt from federal income tax. The commentary below refers to the fund's performance compared to the S&P National AMT-Free Municipal Bond Index. | The fund seeks current income that is exempt from federal income tax. The commentary below refers to the fund's performance compared to the S&P National AMT-Free Municipal Bond Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of heavy municipal bond (muni) supply, tax policy and municipal exemption uncertainty and broader rate market volatility, most muni returns were slightly negative. High-yield munis generally underperformed, which weighed on the fund's out-of-index allocation to the sector. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Security selection was a key contributor to fund performance, largely due to our choices in the local general obligation (GO) and private university sectors. These results more than offset the negative effects from our selections in the tax increment and toll facilities sectors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our yield curve strategy contributed to performance, primarily due to roll-down effects and duration positioning. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Overall, sector allocation modestly contributed to performance. Out-of-index position in the gas prepaid and multifamily housing sectors and an underweight versus the index in the special tax sector were top contributors. An underweight to state GO bonds and overweight positions in charter schools and student housing detracted from results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 10, 2018 through August 31, 2025* |

---

![10](ck0001710607-20250831_g5.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **American Century Diversified Municipal Bond ETF** | -0.14% | 0.84% | 2.29% | 9/10/18 |
| **S&P National AMT-Free Municipal Bond** | -0.20% | 0.40% | 1.95% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $488134009 |
| Management Fees (dollars paid during the reporting period) | $1451353 |
| Portfolio Turnover Rate | 36% |
| Total Number of Portfolio Holdings | 673 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 99.9% |
| Short-Term Investments | 0.5% |
| Other Assets and Liabilities | (0.4)% |

---

*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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072505

------

**ANNUAL SHAREHOLDER REPORT**

American Century Focused Dynamic Growth ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (FDG)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Focused Dynamic Growth ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $52 | 0.45% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Focused Dynamic Growth ETF returned 29.62% for the reporting period ended August 31, 2025. | American Century Focused Dynamic Growth ETF returned 29.62% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The industrials sector contributed most to relative performance as a result of stock selection in the aerospace and defense industry. The last several years have seen an explosion in the number of space launches, reflecting surging demand for communication, defense and other space-based applications. The number one contributor to performance was launch services provider Rocket Lab. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In a period of such strong performance, many sectors made meaningful contributions to relative results. In the communication services sector, positioning among interactive media and services stocks helped most. In the health care sector, an underweight to pharmaceuticals companies and stock choices among biotechnology stocks were beneficial. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock selection detracted from performance in the energy sector. It hurt relative results to have an overweight to energy equipment and services stock Cactus. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the financials and consumer discretionary sectors also detracted modestly from relative results. Stock choices in the financial services and hotels, restaurants and leisure industries, respectively, hurt performance in those sectors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2020 through August 31, 2025* |

---

![10](ck0001710607-20250831_g6.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **American Century Focused Dynamic Growth ETF** | 29.62% | 11.15% | 21.61% | 3/31/20 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 16.24% | 14.34% | 20.17% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 22.58% | 15.25% | 23.14% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $345741778 |
| Management Fees (dollars paid during the reporting period) | $1259749 |
| Portfolio Turnover Rate | 40% |
| Total Number of Portfolio Holdings | 38 |

---

**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 | 21% |
| Short-Term Investments | 1.0% | Software | 14% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 11% |
|  |  | Broadline Retail | 10% |
|  |  | Biotechnology | 10% |

---

*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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072810

------

**ANNUAL SHAREHOLDER REPORT**

American Century Focused Large Cap Value ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (FLV)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Focused Large Cap Value ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $44 | 0.42% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Focused Large Cap Value ETF returned 9.19% for the reporting period ended August 31, 2025. | American Century Focused Large Cap Value ETF returned 9.19% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Security selection in the information technology sector aided relative performance. While the fund is broadly underweight to the sector, certain overweight positions contributed to results. A holding in F5 helped performance as the technology company has benefited from strong enterprise spending and its ability to digest inventory from early in the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Choices of investments in the utilities sector proved fortuitous. The fund's allocation to the gas utilities industry helped relative performance, owing in part to an overweight position in Atmos Energy, which benefited from macroeconomic conditions. An overweight position in Duke Energy, an electric utility, was also additive. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock picks in the consumer staples sector slowed relative results. An overweight position in the food products industry detracted as inflation, commodity prices and an uncertain regulatory outlook pressured certain companies. A lack of exposure to the tobacco industry also hurt as certain products are gaining popularity. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Security selection in the energy sector hampered performance. Low commodity prices challenged stocks in the oil, gas and consumable fuels industry, where the fund has certain overweight positions that detracted from results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 31, 2020 through August 31, 2025* |

---

![10](ck0001710607-20250831_g7.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **American Century Focused Large Cap Value ETF** | 9.19% | 12.16% | 15.42% | 3/31/20 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 16.24% | 14.34% | 20.17% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 9.33% | 12.97% | 16.41% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $269975585 |
| Management Fees (dollars paid during the reporting period) | $1016778 |
| Portfolio Turnover Rate | 56% |
| Total Number of Portfolio Holdings | 48 |

---

**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 | 98.5% | Personal Care Products | 9% |
| Short-Term Investments | 1.5% | Banks | 8% |
| Other Assets and Liabilities | 0.0% | Health Care Equipment and Supplies | 8% |
|  |  | Oil, Gas and Consumable Fuels | 7% |
|  |  | Capital Markets | 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 americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072794

------

**ANNUAL SHAREHOLDER REPORT**

American Century Large Cap Equity ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (ACLC)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Large Cap Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $41 | 0.39% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Large Cap Equity ETF returned 9.45% for the reporting period ended August 31, 2025. | American Century Large Cap Equity ETF returned 9.45% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the S&P 500 Index. | The fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the S&P 500 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The 12-month period saw stocks rise to record highs despite significant volatility related to uncertainty about trade, tariffs, the economy, inflation and interest rates. A number of the best-performing stocks were those related to artificial intelligence. In this environment, higher-quality, large-cap growth-oriented stocks performed well. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The leading contributors to relative returns came from a wide range of sectors and industries. The largest individual contributor was Johnson Controls International, whose products help businesses such as data centers solve their cooling and energy efficiency needs. Another key contributor was investment bank Morgan Stanley, which benefited from strong financial market performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock choices in the health care sector detracted most from relative returns. Within the sector, our stock choices among select health care providers and services and pharmaceuticals stocks hurt most. Elsewhere, positioning in the consumer discretionary and information technology sectors also meaningfully detracted. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *July 13, 2020 through August 31, 2025* |

---

![10](ck0001710607-20250831_g8.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **American Century Large Cap Equity ETF** | 9.45% | 12.30% | 14.36% | 7/13/20 |
| **S&P 500** | 15.88% | 14.74% | 16.71% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $242752142 |
| Management Fees (dollars paid during the reporting period) | $876434 |
| Portfolio Turnover Rate | 29% |
| Total Number of Portfolio Holdings | 101 |

---

**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 | 13% |
| Short-Term Investments | 0.5% | Software | 12% |
| Other Assets and Liabilities | 0.1% | Interactive Media and Services | 7% |
|  |  | Capital Markets | 5% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072752

------

**ANNUAL SHAREHOLDER REPORT**

American Century Large Cap Growth ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (ACGR)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Large Cap Growth ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $42 | 0.39% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Large Cap Growth ETF returned 15.69% for the reporting period ended August 31, 2025. | American Century Large Cap Growth ETF returned 15.69% for the reporting period ended August 31, 2025. |
| The fund seeks capital appreciation. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks capital appreciation. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Many of the leading individual contributions to relative performance came from avoiding poor-performing stocks in the health care sector. For example, it benefited relative results to have no exposure to a number of lagging pharmaceutical and medical device companies. In addition, it was helpful to hold overweight positions in select information technology stocks. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | In sector terms, positioning in the consumer staples sector contributed most to relative returns. In a period when growth-oriented stocks performed best, these more traditionally defensive stocks lagged. As a result, it benefited relative performance to be underrepresented in these poor-performing shares. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Turning to relative detractors, stock choices in the information technology sector detracted most from performance. Our stock choices among select software, semiconductors and semiconductor equipment stocks hurt most, reflecting our relative weights in a number of perceived artificial intelligence beneficiaries. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Elsewhere, positioning in the consumer discretionary and financials sectors also detracted. In consumer discretionary, uncertainty around the economy, interest rates, tariffs and trade policy led us to underweight automobiles. Unfortunately, this positioning detracted. In financials, our allocation to the financial services industry hurt most. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 29, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g9.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **American Century Large Cap Growth ETF** | 15.69% | 11.57% | 6/29/21 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 16.24% | 11.12% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 22.58% | 13.41% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $19413056 |
| Management Fees (dollars paid during the reporting period) | $67203 |
| Portfolio Turnover Rate | 32% |
| Total Number of Portfolio Holdings | 87 |

---

**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% | Software | 22% |
| Short-Term Investments | 0.3% | Semiconductors and Semiconductor Equipment | 21% |
| Other Assets and Liabilities | 0.0% | Interactive Media and Services | 9% |
|  |  | Technology Hardware, Storage and Peripherals | 8% |
|  |  | 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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072380

------

**ANNUAL SHAREHOLDER REPORT**

American Century Mid Cap Growth Impact ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (MID)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Mid Cap Growth Impact ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $48 | 0.45% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Mid Cap Growth Impact ETF returned 13.21% for the reporting period ended August 31, 2025. | American Century Mid Cap Growth Impact ETF returned 13.21% for the reporting period ended August 31, 2025. |
| This fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. | This fund seeks long-term capital growth. The commentary below refers to the fund's performance compared to the Russell Midcap Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An overweight position in the utilities sector contributed to relative results for the 12-month period. Specifically, independent power and renewable electricity producers benefited. Vistra, a Texas-based energy company, was a key holding as demand for power rose. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The ETF owned nothing in the real estate sector, and that helped relative results. Real estate investment trusts have traded at a discount as the industry contends with macroeconomic headwinds. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Technology stocks propelled the stock market's performance over much of the 12-month period, so not owning certain outperforming stocks dampened performance. The fund does not own Palantir Technologies and AppLovin because neither has a positive impact as defined by the 16 United Nations Sustainable Development Goals. A lack of exposure to those companies detracted. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The consumer discretionary sector also detracted, largely due to stock selection. Chipotle Mexican Grill, a portfolio-only holding, was a key detractor in hotels, restaurants and leisure. The restaurant chain has faced higher costs for some ingredients. Distributors also hurt inside the sector. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *July 13, 2020 through August 31, 2025* |

---

![10](ck0001710607-20250831_g10.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **American Century Mid Cap Growth Impact ETF** | 13.21% | 9.49% | 11.49% | 7/13/20 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 14.11% | 16.16% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell Midcap Growth | 26.42% | 11.01% | 12.83% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $89513582 |
| Management Fees (dollars paid during the reporting period) | $356675 |
| Portfolio Turnover Rate | 44% |
| Total Number of Portfolio Holdings | 41 |

---

**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 | 97.8% | Software | 13% |
| Short-Term Investments | 2.2% | IT Services | 6% |
| Other Assets and Liabilities | 0.0% | Health Care Equipment and Supplies | 6% |
|  |  | Capital Markets | 6% |
|  |  | Biotechnology | 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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072760

------

**ANNUAL SHAREHOLDER REPORT**

American Century Multisector Floating Income ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (FUSI)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Multisector Floating Income ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $28 | 0.27% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Multisector Floating Income ETF returned 5.52% for the reporting period ended August 31, 2025. | American Century Multisector Floating Income ETF returned 5.52% for the reporting period ended August 31, 2025. |
| The fund seeks income. As a secondary objective, the fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Bloomberg U.S. 1-3 Month Treasury Bill Index. | The fund seeks income. As a secondary objective, the fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Bloomberg U.S. 1-3 Month Treasury Bill Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The Federal Reserve cut interest rates by 1 percentage point in late 2024. Policymakers held steady during the rest of the period as economic data remained resilient, tariff policy stayed uncertain and inflation edged higher. Overall, yields on short-maturity Treasuries declined, while yields on longer-maturity Treasuries rose. Meanwhile, credit spreads generally tightened, and most U.S. bond sectors delivered gains for the 12-month period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Credit-sensitive sectors generally outperformed government securities for the period, and our out-of-index allocation to securitized securities boosted relative performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our allocation to the securitized credit sector was the top contributor. Non-agency commercial mortgage-backed securities, collateralized loan obligations, asset-backed securities and non-agency collateralized mortgage obligations drove results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight position versus the index in government securities modestly detracted from performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 14, 2023 through August 31, 2025* |

---

![10](ck0001710607-20250831_g11.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **American Century Multisector Floating Income ETF** | 5.52% | 6.52% | 3/14/23 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond | 3.14% | 4.10% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Bloomberg U.S. 1-3 Month Treasury Bill | 4.56% | 5.05% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $50729333 |
| Management Fees (dollars paid during the reporting period) | $148964 |
| Portfolio Turnover Rate | 89% |
| Total Number of Portfolio Holdings | 108 |

---

**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 | 33.9% |
| Commercial Mortgage-Backed Securities | 17.3% |
| Asset-Backed Securities | 16.2% |
| U.S. Treasury Securities | 13.4% |
| Collateralized Mortgage Obligations | 13.1% |
| Short-Term Investments | 5.8% |
| 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 americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072224

------

**ANNUAL SHAREHOLDER REPORT**

American Century Multisector Income ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (MUSI)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Multisector Income ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $37 | 0.36% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Multisector Income ETF returned 6.07% for the reporting period ended August 31, 2025. | American Century Multisector Income ETF returned 6.07% for the reporting period ended August 31, 2025. |
| The fund seeks to provide a high level of current income and total return. The commentary below refers to the fund's performance compared to the Bloomberg U.S. Aggregate Bond Index. | The fund seeks to provide a high level of current income and total return. The commentary below refers to the fund's performance compared to the Bloomberg U.S. Aggregate Bond Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The Federal Reserve cut interest rates by 1 percentage point in late 2024. Policymakers held steady during the rest of the period as economic data remained resilient, tariff policy stayed uncertain and inflation edged higher. Overall, yields on short-maturity Treasuries declined, while yields on longer-maturity Treasuries rose. Meanwhile, credit spreads generally tightened, and credit-sensitive sectors generally outperformed Treasuries. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An out-of-index position in high-yield credit, which outperformed investment-grade credit, was a top contributor to performance. While our overweight versus the index in investment-grade credit had a nearly flat effect on relative results, security selection within the allocation contributed strongly. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our overweight position in the securitized sector also contributed to performance. Our selections in credit-sensitive subsectors drove the sector's results. Selections among agency-backed securitized securities also aided performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our allocation to emerging markets debt and an underweight in U.S. government securities also contributed to performance, but security selection within both allocations detracted. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 29, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g12.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **American Century Multisector Income ETF** | 6.07% | 1.96% | 6/29/21 |
| **Bloomberg U.S. Aggregate Bond** | 3.14% | -0.55% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $175025541 |
| Management Fees (dollars paid during the reporting period) | $640320 |
| Portfolio Turnover Rate | 163% |
| Total Number of Portfolio Holdings | 329 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 43.3% |
| Asset-Backed Securities | 11.2% |
| Convertible Preferred Securities | 9.5% |
| Collateralized Mortgage Obligations | 8.0% |
| U.S. Government Agency Mortgage-Backed Securities | 5.4% |
| Preferred Securities | 5.0% |
| U.S. Treasury Securities | 3.9% |
| Exchange-Traded Funds | 2.9% |
| Commercial Mortgage-Backed Securities | 2.3% |
| Collateralized Loan Obligations | 1.8% |
| Sovereign Governments and Agencies | 1.0% |
| Bank Loan Obligations | 0.6% |
| Municipal Securities | 0.4% |
| Short-Term Investments | 8.3% |
| Other Assets and Liabilities | (3.6)% |

---

*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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072398

------

**ANNUAL SHAREHOLDER REPORT**

American Century Quality Convertible Securities ETF &nbsp;&nbsp;&nbsp;&nbsp;![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **Cboe BZX Exchange, Inc. (QCON)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Quality Convertible Securities ETF for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 Convertible Securities ETF | $34 | 0.32% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Quality Convertible Securities ETF returned 12.57% for the reporting period ended August 31, 2025. | American Century Quality Convertible Securities ETF returned 12.57% for the reporting period ended August 31, 2025. |
| This fund seeks total return. The commentary below refers to the fund's performance compared to the ICE BofA Convertible Index. | This fund seeks total return. The commentary below refers to the fund's performance compared to the ICE BofA Convertible Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The strategy uses a systematic portfolio construction approach that focuses on higher-quality issuers and greater diversification relative to its benchmark. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund underperformed the benchmark for the 12-month period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | A focus on higher-quality issuers detracted from relative performance throughout the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Allocation to portfolio cash detracted from relative performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *February 16, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g13.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **American Century Quality Convertible Securities ETF** | 12.57% | 1.78% | 2/16/21 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 11.64% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;ICE BofA Convertible | 17.41% | 2.00% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $24255658 |
| Management Fees (dollars paid during the reporting period) | $146920 |
| Portfolio Turnover Rate | 48% |
| Total Number of Portfolio Holdings | 1 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Short-Term Investments | 99.7% |
| Other Assets and Liabilities | 0.3% |

---

---

| |
|:---|
| **Fund Changes** |
| American Century Quality Convertible Securities ETF was liquidated on September 15, 2025. |

---

*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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072521

------

**ANNUAL SHAREHOLDER REPORT**

American Century Quality Diversified International ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (QINT)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Quality Diversified International ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $44 | 0.40% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Quality Diversified International ETF returned 19.36% for the reporting period ended August 31, 2025. | American Century Quality Diversified International ETF returned 19.36% for the reporting period ended August 31, 2025. |
| The fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the index. The commentary below refers to the fund's performance compared to the MSCI World ex USA Index. | The fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the index. The commentary below refers to the fund's performance compared to the MSCI World ex USA Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Materials was the top contributor to the fund's performance due to an overweight position and stock selection. The metals and mining industry was a particular help. Higher gold prices have benefited the sector. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Financials also contributed to results, primarily because of stock selection. More specifically, stock selection in banks was beneficial. While the fund was underweight in banks overall, it held overweight positions in firms like Banco Bilbao Vizcaya Argentaria. The potential for more bank mergers could help the sector. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Communication services was the fund's primary detractor, primarily due to stock selection. Results were hurt by the diversified telecommunication services industry; stock selection and an underweight position dragged on performance. Canadian telecommunications company BCE was a notable detractor. Increased competition could impact companies in the sector. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Energy also detracted during the second quarter because of an underweight position and allocation. The fund was underweight oil, gas and consumable fuels. Lower oil prices and concerns about oversupply are pressuring the sector. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 10, 2018 through August 31, 2025* |

---

![10](ck0001710607-20250831_g14.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **American Century Quality Diversified International ETF** | 19.36% | 9.99% | 8.76% | 9/10/18 |
| **MSCI World ex USA** | 14.88% | 10.50% | 8.24% |  |
| **American Century Quality Diversified International Equity** | 20.30% | N/A | N/A |  |

---

The inception date of the American Century Quality Diversified International Equity Index was March 23, 2022.

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $400346188 |
| Management Fees (dollars paid during the reporting period) | $1088699 |
| Portfolio Turnover Rate | 71% |
| 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)* | **Top Five Countries** *(as a % of net assets)* | **Top Five Countries** *(as a % of net assets)* |
| Common Stocks | 99.4% | Japan | 19% |
| Warrants | 0.0% | United Kingdom | 13% |
| Short-Term Investments | 1.2% | Canada | 10% |
| Other Assets and Liabilities | (0.6)% | Germany | 9% |
|  |  | 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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072406

------

**ANNUAL SHAREHOLDER REPORT**

American Century Quality Preferred ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **Cboe BZX Exchange, Inc. (QPFF)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Quality Preferred ETF for the period of September 1, 2024 to August 31, 2025. 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. **This report describes changes to the fund that occurred during the reporting period.**

---

| | | |
|:---|:---|:---|
| **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 Preferred ETF | $33 | 0.32% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Quality Preferred ETF returned 3.24% for the reporting period ended August 31, 2025. | American Century Quality Preferred ETF returned 3.24% for the reporting period ended August 31, 2025. |
| The fund seeks current income and capital appreciation. The commentary below refers to the fund's performance compared to the ICE Exchange-Listed Preferred & Hybrid Securities Index. | The fund seeks current income and capital appreciation. The commentary below refers to the fund's performance compared to the ICE Exchange-Listed Preferred & Hybrid Securities Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The strategy uses a systematic portfolio construction approach that focuses on higher-quality issuers and greater diversification relative to its benchmark. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund underperformed the benchmark for the 12-month period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | A focus on higher-quality issuers detracted from relative performance throughout the year. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Allocation to portfolio cash detracted from relative performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *February 16, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g15.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **American Century Quality Preferred ETF** | 3.24% | 3.27% | 2/16/21 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 11.64% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;ICE Exchange-Listed Preferred & Hybrid Securities | 4.23% | 2.23% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $40107245 |
| Management Fees (dollars paid during the reporting period) | $239585 |
| Portfolio Turnover Rate | 69% |
| Total Number of Portfolio Holdings | 1 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Short-Term Investments | 99.5% |
| Other Assets and Liabilities | 0.5% |

---

---

| |
|:---|
| **Fund Changes** |
| American Century Quality Preferred ETF was liquidated on September 15, 2025. |

---

*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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072539

------

**ANNUAL SHAREHOLDER REPORT**

American Century Select High Yield ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AHYB)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Select High Yield ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $47 | 0.45% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Select High Yield ETF returned 7.02% for the reporting period ended August 31, 2025. | American Century Select High Yield ETF returned 7.02% for the reporting period ended August 31, 2025. |
| The fund seeks to provide high current income. The commentary below refers to the fund's performance compared to the ICE BofA U.S. High Yield Constrained (BB-B) Index. | The fund seeks to provide high current income. The commentary below refers to the fund's performance compared to the ICE BofA U.S. High Yield Constrained (BB-B) Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Shifting Federal Reserve policy expectations, combined with moderating inflation and tariff-related uncertainties, drove Treasury market volatility during the period. Treasury yields trended lower as investors positioned for rate cuts, while high-yield spreads broadly held firm despite bouts of market stress. Resilient corporate earnings, steady technical demand and selective new issuance supported high-yield market conditions. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's exposure to the gaming sector detracted from results, largely due to a position in Bally's. The company faced pressure amid uncertainty around a major development project. In addition, the company's announcement that it would acquire a majority stake in distressed Australian casino operator Star Entertainment Group further pressured the bonds. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our position in Level 3 Communications, a U.S-based telecommunications provider, supported results. The company's unsecured bonds rallied following strong earnings and a financing agreement that bolstered liquidity. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the energy sector contributed to results, aided by our holding in offshore driller Shelf Drilling. The company advanced as oil prices stabilized and new contract activity bolstered operating momentum. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *November 16, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g16.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **American Century Select High Yield ETF** | 7.02% | 3.61% | 11/16/21 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond | 3.14% | -0.50% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;ICE BofA U.S. High Yield Constrained (BB-B) | 7.21% | 3.78% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $46711523 |
| Management Fees (dollars paid during the reporting period) | $160417 |
| Portfolio Turnover Rate | 39% |
| Total Number of Portfolio Holdings | 542 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 96.1% |
| Short-Term Investments | 5.6% |
| 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 americancentury.com/docs.*

![QR ACI Docs.jpg](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072331

------

**ANNUAL SHAREHOLDER REPORT**

American Century Short Duration Strategic Income ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **The Nasdaq Stock Market LLC (SDSI)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century Short Duration Strategic Income ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $33 | 0.32% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century Short Duration Strategic Income ETF returned 5.62% for the reporting period ended August 31, 2025. | American Century Short Duration Strategic Income ETF returned 5.62% for the reporting period ended August 31, 2025. |
| The fund seeks income. As a secondary objective, the fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Bloomberg U.S. 1-3 Year Government/Credit Bond Index. | The fund seeks income. As a secondary objective, the fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Bloomberg U.S. 1-3 Year Government/Credit Bond Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The Federal Reserve cut interest rates by 1 percentage point in late 2024. Policymakers held steady during the rest of the period as economic data remained resilient, tariff policy stayed uncertain and inflation edged higher. Overall, yields on short-maturity Treasuries declined, while yields on longer-maturity Treasuries rose. Meanwhile, credit spreads generally tightened, and credit-sensitive sectors generally outperformed Treasuries. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An out-of-index position in the securitized sector was a main driver of performance. Allocations to credit-sensitive subsectors, including non-agency collateralized mortgage obligations, non-agency commercial mortgage-backed securities and asset-backed securities, drove results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An out-of-index stake in high-yield credit, which broadly outperformed investment-grade credit, also contributed strongly to performance. An overweight position versus the index in investment-grade credit modestly contributed, while security selection within the allocation was a top contributor. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Our allocation to emerging markets debt also contributed to performance, while security selection among government securities detracted. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 11, 2022 through August 31, 2025* |

---

![10](ck0001710607-20250831_g17.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **American Century Short Duration Strategic Income ETF** | 5.62% | 6.43% | 10/11/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond | 3.14% | 4.96% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Bloomberg U.S. 1-3 Year Government/Credit Bond | 4.64% | 4.77% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $85166565 |
| Management Fees (dollars paid during the reporting period) | $235378 |
| Portfolio Turnover Rate | 188% |
| 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 | 44.7% |
| Collateralized Mortgage Obligations | 18.5% |
| Asset-Backed Securities | 9.2% |
| U.S. Treasury Securities | 8.5% |
| Convertible Preferred Securities | 7.2% |
| Commercial Mortgage-Backed Securities | 4.4% |
| Preferred Securities | 4.0% |
| Collateralized Loan Obligations | 1.2% |
| Bank Loan Obligations | 0.3% |
| Municipal Securities | 0.2% |
| Sovereign Governments and Agencies | 0.2% |
| Short-Term Investments | 2.0% |
| Other Assets and Liabilities | (0.4)% |

---

*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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072257

------

**ANNUAL SHAREHOLDER REPORT**

American Century U.S. Quality Growth ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (QGRO)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century U.S. Quality Growth ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $33 | 0.29% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century U.S. Quality Growth ETF returned 24.61% for the reporting period ended August 31, 2025. | American Century U.S. Quality Growth ETF returned 24.61% for the reporting period ended August 31, 2025. |
| The fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the index. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. | The fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the index. The commentary below refers to the fund's performance compared to the Russell 1000 Growth Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The 12-month period saw stocks rise to record highs despite significant volatility related to uncertainty about trade, tariffs, the economy, inflation and interest rates. Some of the best-performing stocks were those related to artificial intelligence (AI). These conditions favored higher-quality, large-cap growth-oriented stocks such as those in which the fund invests. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Industrials stocks contributed the most to performance. It helped to be overweight in aerospace and defense and electrical equipment companies. These shares benefited from two powerful trends. One was an increase in defense spending and the other surging outlays for data centers and energy infrastructure to support the build-out of AI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Positioning in the consumer discretionary sector detracted most from relative performance, led by an underweight allocation to electric vehicle maker Tesla. Looking at notable individual detractors, underweight allocations to semicondcutor chip manufacturers NVIDIA and Broadcom also hurt relative results. These stocks all benefited from investor enthusiasm for AI-related stocks. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Elsewhere, positioning in the health care and utilities sectors also hurt relative results. Our positioning among biotechnology and independent power and renewable electricity producers, respectively, detracted most. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 10, 2018 through August 31, 2025* |

---

![10](ck0001710607-20250831_g18.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **American Century U.S. Quality Growth ETF** | 24.61% | 14.99% | 16.04% | 9/10/18 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 16.24% | 14.34% | 13.86% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Growth | 22.58% | 15.25% | 17.61% |  |
| &nbsp;&nbsp;American Century U.S. Quality Growth | 25.01% | N/A | N/A |  |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| The inception date of the American Century U.S. Quality Growth Index was November 22, 2022. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1901033518 |
| Management Fees (dollars paid during the reporting period) | $3748991 |
| Portfolio Turnover Rate | 165% |
| Total Number of Portfolio Holdings | 189 |

---

**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% | Software | 20% |
| Rights | 0.0% | Semiconductors and Semiconductor Equipment | 8% |
| Short-Term Investments | 0.4% | Interactive Media and Services | 7% |
| Other Assets and Liabilities | (0.1)% | Entertainment | 5% |
|  |  | Biotechnology | 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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072307

------

**ANNUAL SHAREHOLDER REPORT**

American Century U.S. Quality Value ETF ![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (VALQ)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about American Century U.S. Quality Value ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $30 | 0.29% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| American Century U.S. Quality Value ETF returned 6.94% for the reporting period ended August 31, 2025. | American Century U.S. Quality Value ETF returned 6.94% for the reporting period ended August 31, 2025. |
| The fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the index. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the index. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's choices of investments in the health care sector aided relative performance. The fund is underweight in health care, which proved fortuitous in several instances because regulatory uncertainty, mispricing and unstable health care exchanges created a challenging environment for the industry. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Security selection in the consumer discretionary sector buoyed the fund's results. Holdings in several industries within the sector, particularly overweight positions in the broadline retail industry, lifted the fund's performance. Another overweight position in Tapestry, the parent company of several luxury brands, aided performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Allocation among names in the financials sector detracted from performance. The fund is underweight in the banking industry, and a lack of exposure to several large banks weighed on results. An underweight in the capital markets industry also hurt performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Stock picks in the consumer staples sector weighed on performance. Within the sector, the fund's overweight allocation to the household products industry weighed on results. Elsewhere, an underweight allocation to the tobacco industry hurt. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *January 11, 2018 through August 31, 2025* |

---

![10](ck0001710607-20250831_g19.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **American Century U.S. Quality Value ETF** | 6.94% | 12.77% | 8.46% | 1/11/18 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 16.24% | 14.34% | 13.37% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 9.33% | 12.97% | 8.65% |  |
| &nbsp;&nbsp;American Century U.S. Quality Value | 7.28% | N/A | N/A |  |

---

---

| |
|:---|
| The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy. |
| The inception date of the American Century U.S. Quality Value Index was November 22, 2022. |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit americancentury.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $254305700 |
| Management Fees (dollars paid during the reporting period) | $705727 |
| Portfolio Turnover Rate | 147% |
| Total Number of Portfolio Holdings | 233 |

---

**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% | IT Services | 9% |
| Short-Term Investments | 0.6% | Household Products | 8% |
| Other Assets and Liabilities | (0.3)% | Pharmaceuticals | 7% |
|  |  | Specialty Retail | 6% |
|  |  | Oil, Gas and Consumable Fuels | 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](ck0001710607-20250831_g3.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![ACI logo.jpg](ck0001710607-20250831_g1.jpg)

A-25072208

------

**ANNUAL SHAREHOLDER REPORT**

Avantis All Equity Markets ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVGE)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis All Equity Markets ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $3 | 0.03% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis All Equity Markets ETF returned 14.64% for the reporting period ended August 31, 2025. | Avantis All Equity Markets ETF returned 14.64% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI ACWI IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI ACWI IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Global stocks rallied for the 12-month period, which was characterized by mixed economic growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Large-cap stocks generally fared better than small caps, and growth broadly outpaced value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Allocations by market capitalizations broadly detracted from relative performance. An overweight position versus the index in smaller-cap stocks, which underperformed, and an underweight in mega caps, which outperformed, were key detractors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Allocations to combined profitability and book-to-market quartiles modestly contributed, led by the fund's overweight in companies with the highest combined characteristics, which outperformed. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Country weightings aided performance, largely due to an overweight position in the U.S. and an underweight in Denmark. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 27, 2022 through August 31, 2025* |

---

![10](ck0001710607-20250831_g21.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis All Equity Markets ETF** | 14.64% | 20.41% | 9/27/22 |
| **MSCI ACWI IMI** | 15.50% | 21.30% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $596612318 |
| Management Fees (dollars paid during the reporting period) | $146435 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 16 |

---

**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 | 70.1% |
| International Equity Funds | 29.8% |
| 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072232

------

**ANNUAL SHAREHOLDER REPORT**

Avantis All Equity Markets Value ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVGV)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis All Equity Markets Value ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $3 | 0.03% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis All Equity Markets Value ETF returned 14.89% for the reporting period ended August 31, 2025. | Avantis All Equity Markets Value ETF returned 14.89% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI ACWI IMI Value. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI ACWI IMI Value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Global stocks rallied for the 12-month period, which was characterized by mixed economic growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Large-cap stocks generally fared better than small caps, and growth broadly outpaced value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's emphasis on companies with the highest combined profitability and book-to-market characteristics, which outperformed, aided performance. Additionally, an underweight position versus the index in companies with the lowest profitability and book-to-market traits, which underperformed, also boosted relative performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings, byproducts of the fund's focus on companies with attractive valuation metrics, also contributed to performance. Underweight positions to the underperforming health care and real estate sectors were key contributors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's country allocations modestly lifted relative results, led by an underweight in the U.S. and an overweight in Japan. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 27, 2023 through August 31, 2025* |

---

![10](ck0001710607-20250831_g23.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis All Equity Markets Value ETF** | 14.89% | 17.89% | 6/27/23 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI ACWI IMI | 15.50% | 18.51% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;MSCI ACWI IMI Value | 12.05% | 15.96% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $160010449 |
| Management Fees (dollars paid during the reporting period) | $38624 |
| 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 | 60.5% |
| International Equity Funds | 39.4% |
| Short-Term Investments | 0.8% |
| 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072216

------

**ANNUAL SHAREHOLDER REPORT**

Avantis All International Markets Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVNM)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis All International Markets Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $3 | 0.03% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis All International Markets Equity ETF returned 20.71% for the reporting period ended August 31, 2025. | Avantis All International Markets Equity ETF returned 20.71% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI ACWI ex USA IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI ACWI ex USA IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Small-cap stocks generally outperformed large caps, and value broadly outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's emphasis on companies with the highest combined profitability and book-to-market characteristics, which outperformed, aided performance. Additionally, an underweight position versus the index in companies with the lowest profitability and book-to-market traits, which underperformed, also boosted relative performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings, byproducts of the fund's focus on companies with attractive valuation metrics, also contributed to performance. An underweight position in the underperforming health care sector and an overweight in the outperforming financials sector were key contributors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Country weightings aided performance, largely due to underweighting Denmark, which underperformed, and excluding Saudi Arabia. Saudi Arabia is represented in the index and underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 27, 2023 through August 31, 2025* |

---

![10](ck0001710607-20250831_g24.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis All International Markets Equity ETF** | 20.71% | 18.51% | 6/27/23 |
| **MSCI ACWI ex USA IMI** | 15.65% | 15.59% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $341175368 |
| Management Fees (dollars paid during the reporting period) | $46550 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 6 |

---

**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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072174

------

**ANNUAL SHAREHOLDER REPORT**

Avantis All International Markets Value ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVNV)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis All International Markets Value ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $3 | 0.03% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis All International Markets Value ETF returned 22.44% for the reporting period ended August 31, 2025. | Avantis All International Markets Value ETF returned 22.44% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI ACWI ex USA IMI Value. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI ACWI ex USA IMI Value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Small-cap stocks generally outperformed large caps, and value broadly outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Allocations to combined profitability and book-to-market quartiles modestly contributed overall. The fund's underweight versus the index in companies with the lowest combined profitability and book-to-market characteristics, which underperformed, was the key contributor. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's exclusion of real estate investment trusts (REITs), which is a strategic rather than tactical decision, aided results. REITs underperformed for the period. From a broad perspective, sector weightings detracted from results, led by an underweight to the outperforming financials sector. Sector weightings are byproducts of the fund's focus on valuation metrics. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Allocations by market capitalizations modestly detracted from relative performance. An overweight position in micro-cap stocks, which underperformed, was the main detractor. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 27, 2023 through August 31, 2025* |

---

![10](ck0001710607-20250831_g25.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis All International Markets Value ETF** | 22.44% | 19.65% | 6/27/23 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI ACWI ex USA IMI | 15.65% | 15.59% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;MSCI ACWI ex USA IMI Value | 19.56% | 18.67% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $20000521 |
| Management Fees (dollars paid during the reporting period) | $3867 |
| 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072166

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Core Fixed Income ETF &nbsp;&nbsp;&nbsp;&nbsp; ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVIG)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Core Fixed Income ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $15 | 0.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Core Fixed Income ETF returned 4.10% for the reporting period ended August 31, 2025. | Avantis Core Fixed Income ETF returned 4.10% for the reporting period ended August 31, 2025. |
| The fund seeks to maximize total return. The commentary below refers to the fund's performance compared to the Bloomberg U.S. Aggregate Bond Index. | The fund seeks to maximize total return. The commentary below refers to the fund's performance compared to the Bloomberg U.S. Aggregate Bond Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Treasury yields were higher for the period, but the effect on different tenors was mixed as the yield curve steepened meaningfully. Shorter-dated and intermediate maturities outperformed longer-dated securities, with 30-year Treasury yields rising approximately 80 basis points. The Federal Reserve cut interest rates by 1 percentage point early in the period. Meanwhile, credit spreads generally tightened, and most U.S. bond sectors delivered gains for the 12-month period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve positioning and asset allocation were the primary drivers of fund performance. The fund maintained a duration position in line with the benchmark. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the benchmark to the corporate sector aided performance, as credit spreads tightened. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's positioning on the yield curve and exposure to bonds with higher carry and rolldown also contributed to performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 13, 2020 through August 31, 2025* |

---

![14](ck0001710607-20250831_g26.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Core Fixed Income ETF** | 4.10% | -0.57% | 10/13/20 |
| **Bloomberg U.S. Aggregate Bond** | 3.14% | -0.69% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1214517622 |
| Management Fees (dollars paid during the reporting period) | $1518199 |
| Portfolio Turnover Rate | 332% |
| Total Number of Portfolio Holdings | 699 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 62.3% |
| U.S. Treasury Securities | 24.0% |
| U.S. Government Agency Mortgage-Backed Securities | 19.0% |
| U.S. Government Agency Securities | 1.9% |
| Sovereign Governments and Agencies | 0.2% |
| Short-Term Investments | 10.7% |
| Other Assets and Liabilities | (18.1)% |

---

*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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072562

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Core Municipal Fixed Income ETF &nbsp;&nbsp;&nbsp;&nbsp; ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVMU)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Core Municipal Fixed Income ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $15 | 0.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Core Municipal Fixed Income ETF returned (0.66)% for the reporting period ended August 31, 2025. | Avantis Core Municipal Fixed Income ETF returned (0.66)% for the reporting period ended August 31, 2025. |
| The fund seeks current income that is exempt from federal income tax. The commentary below refers to the fund's performance compared to the S&P National AMT-Free Municipal Bond Index. | The fund seeks current income that is exempt from federal income tax. The commentary below refers to the fund's performance compared to the S&P National AMT-Free Municipal Bond Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of heavy municipal bond supply, post-election tax policy uncertainty and broad market volatility, municipal bonds posted a modestly negative return for the 12-month period. The municipal yield curve steepened further during the period. Securities with maturities of eight years and fewer meaningfully outperformed municipal bonds with final maturities greater than 10 years. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | To maintain exposure to the bonds with the highest carry and roll-down, the fund held an overweight versus the benchmark to the 10- to 20-year maturity range. The fund held an underweight position among shorter-maturity municipal bonds and those with maturities more than 22 years. This yield curve positioning detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund generally maintained a duration in line with to slightly less than the benchmark's duration. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *December 8, 2020 through August 31, 2025* |

---

![14](ck0001710607-20250831_g27.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Core Municipal Fixed Income ETF** | -0.66% | -0.27% | 12/8/20 |
| **S&P National AMT-Free Municipal Bond** | -0.20% | 0.14% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $147330076 |
| Management Fees (dollars paid during the reporting period) | $221582 |
| Portfolio Turnover Rate | 16% |
| Total Number of Portfolio Holdings | 506 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Municipal Securities | 98.5% |
| Short-Term Investments | 0.2% |
| Other Assets and Liabilities | 1.3% |

---

*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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072695

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Credit ETF &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **The Nasdaq Stock Market LLC (AVGB)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Credit ETF for the period of April 15, 2025 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $7 | 0.19% |
| \*The costs of an investment would have been greater had the class been available for a full year. | \*The costs of an investment would have been greater had the class been available for a full year. | \*The costs of an investment would have been greater had the class been available for a full year. |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $12828364 |
| Management Fees (dollars paid during the reporting period) | $7619 |
| Portfolio Turnover Rate | 2% |
| Total Number of Portfolio Holdings | 108 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 94.9% |
| Short-Term Investments | 4.4% |
| 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-2507A200

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVEM)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Emerging Markets Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $36 | 0.33% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Emerging Markets Equity ETF returned 19.19% for the reporting period ended August 31, 2025. | Avantis Emerging Markets Equity ETF returned 19.19% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of slow global growth and solid corporate earnings results, emerging markets (EM) stocks rallied for the 12-month period and outperformed developed markets stocks. Within the EM universe, large-cap stocks outperformed small caps, and the growth style broadly outperformed value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund has no exposure to China A shares, which are part of the benchmark and underperformed during the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's underweight versus the benchmark to companies with the lowest profitability and book-to-market characteristics aided results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by market capitalizations detracted from results, largely due to an overweight to micro-cap stocks. Stocks in this capitalization category underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 17, 2019 through August 31, 2025* |

---

![14](ck0001710607-20250831_g28.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Avantis Emerging Markets Equity ETF** | 19.19% | 9.26% | 8.70% | 9/17/19 |
| **MSCI Emerging Markets IMI** | 15.82% | 5.96% | 6.70% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $12011346701 |
| Management Fees (dollars paid during the reporting period) | $27564200 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 3663 |

---

**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% | China | 28% |
| Warrants | 0.0% | Taiwan | 21% |
| Rights | 0.0% | India | 18% |
| Short-Term Investments | 1.2% | South Korea | 12% |
| Other Assets and Liabilities | (1.3)% | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072604

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets ex-China Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **The Nasdaq Stock Market LLC (AVXC)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Emerging Markets ex-China Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $34 | 0.33% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Emerging Markets ex-China Equity ETF returned 7.33% for the reporting period ended August 31, 2025. | Avantis Emerging Markets ex-China Equity ETF returned 7.33% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of slow global growth and solid corporate earnings results, emerging markets (EM) stocks rallied for the 12-month period and outperformed developed markets stocks. Within the EM universe, large-cap stocks outperformed small caps, and the growth style broadly outperformed value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by market capitalizations weighed on relative performance. An overweight versus the index to micro-cap stocks, which underperformed, was the main detractor. Additionally, an underweight to mega-cap stocks also detracted, as these companies outperformed. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's country allocations weighed on relative performance, largely due to China, which sharply outperformed and is represented in the index but not the fund. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's emphasis on companies with the highest combined profitability and book-to-market characteristics, which underperformed, weighed on relative results. However, the fund's underweight versus the index to companies with the lowest profitability and book-to-market characteristics, which underperformed, contributed and offset some of those negative effects. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 19, 2024 through August 31, 2025* |

---

![10](ck0001710607-20250831_g29.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Emerging Markets ex-China Equity ETF** | 7.33% | 11.07% | 3/19/24 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI Emerging Markets | 16.80% | 17.89% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;MSCI Emerging Markets IMI | 15.82% | 17.21% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $159905613 |
| Management Fees (dollars paid during the reporting period) | $283184 |
| Portfolio Turnover Rate | 1% |
| Total Number of Portfolio Holdings | 2580 |

---

**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% | Taiwan | 27% |
| Warrants | 0.0% | India | 25% |
| Short-Term Investments | 1.3% | South Korea | 15% |
| Other Assets and Liabilities | (1.0)% | Brazil | 8% |
|  |  | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-2507A101

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets Small Cap Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVEE)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Emerging Markets Small Cap Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $45 | 0.42% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Emerging Markets Small Cap Equity ETF returned 15.51% for the reporting period ended August 31, 2025. | Avantis Emerging Markets Small Cap Equity ETF returned 15.51% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets Small Cap Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets Small Cap Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of slow global growth and solid corporate earnings results, emerging markets (EM) stocks rallied for the 12-month period and outperformed developed markets stocks. Within the EM universe, large-cap stocks outperformed small caps, and the growth style broadly outperformed value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's country allocations were key drivers of relative performance. An overweight versus the index in the outperforming China market was a key contributor. Underweighting India and excluding Saudi Arabia, both of which underperformed, also aided results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's focus on underweighting companies with unattractive profitability and book-to-market characteristics aided relative performance. These companies underperformed for the 12-month period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An overweight position in micro-cap companies weighed on relative results, as these companies underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *November 7, 2023 through August 31, 2025* |

---

![10](ck0001710607-20250831_g30.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Emerging Markets Small Cap Equity ETF** | 15.51% | 15.24% | 11/7/23 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI Emerging Markets | 16.80% | 18.81% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;MSCI Emerging Markets Small Cap | 10.07% | 15.68% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $53295473 |
| Management Fees (dollars paid during the reporting period) | $140100 |
| Portfolio Turnover Rate | 3% |
| Total Number of Portfolio Holdings | 2358 |

---

**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 | 99.9% | Taiwan | 24% |
| Warrants | 0.0% | India | 21% |
| Rights | 0.0% | China | 17% |
| Short-Term Investments | 0.9% | South Korea | 13% |
| Other Assets and Liabilities | (0.8)% | Brazil | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072141

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets Value ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVES)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Emerging Markets Value ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $39 | 0.36% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Emerging Markets Value ETF returned 17.09% for the reporting period ended August 31, 2025. | Avantis Emerging Markets Value ETF returned 17.09% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI Value. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI Value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of slow global growth and solid corporate earnings results, emerging markets (EM) stocks rallied for the 12-month period and outperformed developed markets stocks. Within the EM universe, large-cap stocks outperformed small caps, and the growth style broadly outperformed value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the index in companies with the highest combined profitability and book-to-market characteristics, which outperformed for the period, contributed to performance. An underweight to companies with the lowest profitability and book-to-market traits, which underperformed, also boosted results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Sector weightings, byproducts of the fund's focus on valuation metrics, contributed overall. An overweight to the outperforming consumer discretionary sector and an underweight to the underperforming energy sector were key contributors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's underweight position in mega-cap stocks, which outperformed, and overweight in smaller-cap stocks, which underperformed, detracted from performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 28, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g31.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Emerging Markets Value ETF** | 17.09% | 6.30% | 9/28/21 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI Emerging Markets IMI | 15.82% | 2.88% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;MSCI Emerging Markets IMI Value | 11.56% | 4.36% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $776461661 |
| Management Fees (dollars paid during the reporting period) | $2147216 |
| Portfolio Turnover Rate | 12% |
| Total Number of Portfolio Holdings | 1730 |

---

**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 | 27% |
| Warrants | 0.0% | Taiwan | 22% |
| Rights | 0.0% | India | 20% |
| Short-Term Investments | 0.9% | South Korea | 13% |
| Other Assets and Liabilities | (1.1)% | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072372

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Inflation Focused Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVIE)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Inflation Focused Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $25 | 0.25% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Inflation Focused Equity ETF returned (2.98)% for the reporting period ended August 31, 2025. | Avantis Inflation Focused Equity ETF returned (2.98)% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 3000 Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 3000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, large-cap stocks outperformed small caps, and growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector allocations were key performance detractors. Overweight positions versus the index in the health care, energy and consumer staples sectors, which underperformed, detracted from results. The fund held no exposure to the outperforming information technology, communication services and consumer staples sectors, which also weighed on performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's emphasis on companies with higher profitability also detracted from results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 27, 2022 through August 31, 2025* |

---

![10](ck0001710607-20250831_g32.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Inflation Focused Equity ETF** | -2.98% | 11.10% | 9/27/22 |
| **Russell 3000** | 15.84% | 22.75% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $6263791 |
| Management Fees (dollars paid during the reporting period) | $13014 |
| Portfolio Turnover Rate | 3% |
| Total Number of Portfolio Holdings | 354 |

---

**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 | 23% |
| Rights | 0.0% | Insurance | 12% |
| Short-Term Investments | 0.3% | Biotechnology | 10% |
| Other Assets and Liabilities | 0.1% | Pharmaceuticals | 9% |
|  |  | Health Care Providers and Services | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072240

------

**ANNUAL SHAREHOLDER REPORT**

Avantis International Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVDE)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis International Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $25 | 0.23% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis International Equity ETF returned 19.64% for the reporting period ended August 31, 2025. | Avantis International Equity ETF returned 19.64% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. developed markets stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Small-cap stocks generally outperformed large caps, and value broadly outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the index in companies with the highest combined profitability and book-to-market characteristics contributed to performance. The fund's underweight to the lowest profitability and book-to-market companies also aided results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings—a byproduct of the fund's focus on companies with high profitability and book-to-market traits—broadly contributed. An underweight to the underperforming health care sector was a top contributor. Excluding real estate investment trusts (REITs), which is a strategic rather than tactical decision, also aided results. REITs underperformed for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's underweight to mega-cap stocks, which outperformed for the period, detracted from performance. Additionally, overweights to mid- and micro-cap stocks, which underperformed, weighed on results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 24, 2019 through August 31, 2025* |

---

![10](ck0001710607-20250831_g33.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Avantis International Equity ETF** | 19.64% | 12.03% | 10.31% | 9/24/19 |
| **MSCI World ex USA IMI** | 15.59% | 10.21% | 9.08% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $8756241794 |
| Management Fees (dollars paid during the reporting period) | $14238392 |
| Portfolio Turnover Rate | 3% |
| Total Number of Portfolio Holdings | 3172 |

---

**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 | 99.6% | Japan | 21% |
| Warrants | 0.0% | United Kingdom | 13% |
| Rights | 0.0% | Canada | 11% |
| Short-Term Investments | 1.3% | France | 9% |
| Other Assets and Liabilities | (0.9)% | Germany | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072703

------

**ANNUAL SHAREHOLDER REPORT**

Avantis International Large Cap Value ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVIV)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis International Large Cap Value ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $28 | 0.25% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis International Large Cap Value ETF returned 22.37% for the reporting period ended August 31, 2025. | Avantis International Large Cap Value ETF returned 22.37% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA Value Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. developed markets stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Large-cap stocks generally underperformed small caps, and within the large-cap universe, value outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's emphasis on companies with the highest profitability and book-to-market characteristics, which underperformed, weighed on results. An underweight versus the index in companies with the lowest profitability and book-to-market traits, which also underperformed, modestly aided performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Sector weightings, a byproduct of the fund's focus on companies with high profitability and book-to-market metrics, detracted overall. An underweight to the financials sector, which outperformed, and an overweight to the consumer discretionary sector, which underperformed, were key detractors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), which is a strategic rather than tactical decision, boosted results. REITs underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 28, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g34.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis International Large Cap Value ETF** | 22.37% | 10.65% | 9/28/21 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI World ex USA | 14.88% | 7.61% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;MSCI World ex USA Value | 22.93% | 12.07% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $831524450 |
| Management Fees (dollars paid during the reporting period) | $1493702 |
| Portfolio Turnover Rate | 11% |
| Total Number of Portfolio Holdings | 547 |

---

**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 | 99.6% | Japan | 19% |
| Short-Term Investments | 2.2% | United Kingdom | 16% |
| Other Assets and Liabilities | (1.8)% | Canada | 13% |
|  |  | Germany | 9% |
|  |  | 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 avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072364

------

**ANNUAL SHAREHOLDER REPORT**

Avantis International Small Cap Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVDS)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis International Small Cap Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $33 | 0.30% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis International Small Cap Equity ETF returned 22.34% for the reporting period ended August 31, 2025. | Avantis International Small Cap Equity ETF returned 22.34% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA Small Cap Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA Small Cap Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. developed markets stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Small-cap stocks generally outperformed large caps, and within the small-cap universe, value outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's emphasis on companies with the highest combined profitability and book-to-market characteristics, which outperformed, aided performance. An underweight position versus the index in companies with the lowest profitability and book-to-market characteristics, which underperformed, also contributed to results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), a strategic rather than tactical decision, lifted performance, as REITs underperformed for the period. Remaining sector weightings are a byproduct of the fund's focus on valuation metrics. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *July 18, 2023 through August 31, 2025* |

---

![10](ck0001710607-20250831_g35.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis International Small Cap Equity ETF** | 22.34% | 16.08% | 7/18/23 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI World ex USA | 14.88% | 14.27% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;MSCI World ex USA Small Cap | 19.94% | 14.49% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $125930541 |
| Management Fees (dollars paid during the reporting period) | $201332 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 2842 |

---

**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 | 32% |
| Warrants | 0.0% | United Kingdom | 11% |
| Rights | 0.0% | Canada | 10% |
| Short-Term Investments | 1.0% | Australia | 9% |
| Other Assets and Liabilities | (0.7)% | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072190

------

**ANNUAL SHAREHOLDER REPORT**

Avantis International Small Cap Value ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVDV)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis International Small Cap Value ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $41 | 0.36% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis International Small Cap Value ETF returned 29.11% for the reporting period ended August 31, 2025. | Avantis International Small Cap Value ETF returned 29.11% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA Small Cap Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA Small Cap Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. developed markets stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Small-cap stocks generally outperformed large caps, and within the small-cap universe, value outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's emphasis on companies with the highest profitability and book-to-market characteristics, which outperformed, was a key contributor to performance. An underweight position versus the index in companies with the lowest profitability and book-to-market traits, which underperformed, also aided results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Additionally, excluding real estate investment trusts (REITs), which is a strategic rather than tactical decision, lifted results. REITs underperformed for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Overall, sector allocations, a byproduct of the fund's focus on companies with high profitability and book-to-market characteristics, also contributed. Overweight positions in the financials and materials sectors, which sharply outperformed, were top contributors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 24, 2019 through August 31, 2025* |

---

![10](ck0001710607-20250831_g36.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Avantis International Small Cap Value ETF** | 29.11% | 15.89% | 12.72% | 9/24/19 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;MSCI World ex USA | 14.88% | 10.50% | 9.21% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;MSCI World ex USA Small Cap | 19.94% | 8.51% | 8.35% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $11757913859 |
| Management Fees (dollars paid during the reporting period) | $28367818 |
| Portfolio Turnover Rate | 4% |
| Total Number of Portfolio Holdings | 1451 |

---

**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 | 99.6% | Japan | 33% |
| Warrants | 0.0% | United Kingdom | 12% |
| Rights | 0.0% | Canada | 10% |
| Short-Term Investments | 0.8% | Australia | 9% |
| Other Assets and Liabilities | (0.4)% | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072802

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Moderate Allocation ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVMA)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Moderate Allocation ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $3 | 0.03% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Moderate Allocation ETF returned 11.40% for the reporting period ended August 31, 2025. | Avantis Moderate Allocation ETF returned 11.40% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the custom index, which consists of 65% MSCI ACWI IMI/35% Bloomberg U.S. 1-5 Year Government/Credit Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the custom index, which consists of 65% MSCI ACWI IMI/35% Bloomberg U.S. 1-5 Year Government/Credit Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Global stocks rallied for the 12-month period, which was characterized by mixed economic growth and upbeat corporate earnings results. Stocks and U.S. bonds advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Large-cap stocks generally fared better than small caps, and growth broadly outpaced value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Within the fund's equity portfolio, allocations by valuation metrics aided relative results. An overweight versus the index in companies with the highest combined profitability and book-to-market characteristics was the key contributor. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings, which are byproducts of the fund's focus on companies with strong valuation metrics, also aided relative performance. An underweight to the underperforming health care sector and an overweight to the outperforming financials sector were top contributors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Within the fixed-income component, an overweight to the corporate sector aided performance as credit spreads tightened during the 12-month period. The fund's positioning on the yield curve and exposure to bonds with higher carry and roll-down also contributed to performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 27, 2023 through August 31, 2025* |

---

![10](ck0001710607-20250831_g37.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Moderate Allocation ETF** | 11.40% | 13.86% | 6/27/23 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI ACWI IMI | 15.50% | 18.51% |  |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond | 3.14% | 4.31% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;65% MSCI ACWI IMI/35% Bloomberg U.S. 1-5 Year Government/Credit Bond | 11.76% | 13.94% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $40553372 |
| Management Fees (dollars paid during the reporting period) | $8557 |
| 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 | 48.3% |
| Domestic Fixed Income Funds | 31.2% |
| International Equity Funds | 20.3% |
| Short-Term Investments | 1.4% |
| 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072182

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Real Estate ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVRE)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Real Estate ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $17 | 0.17% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Real Estate ETF returned 1.00% for the reporting period ended August 31, 2025. | Avantis Real Estate ETF returned 1.00% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the S&P Global REIT Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the S&P Global REIT Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of rising government bond yields and broad stock market gains, global real estate stocks advanced slightly for the 12-month period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight to real estate investment trusts (REITs) with the highest leverage contributed to relative performance, as these REITs underperformed during the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's position in telecommunications tower REITs, which are excluded from the index, detracted from performance. An underweight position versus the index in health care REITs also weighed on results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 28, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g38.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Real Estate ETF** | 1.00% | 0.33% | 9/28/21 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI World IMI | 15.46% | 9.49% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;S&P Global REIT | 1.11% | 0.69% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $647263300 |
| Management Fees (dollars paid during the reporting period) | $951621 |
| Portfolio Turnover Rate | 0% |
| Total Number of Portfolio Holdings | 315 |

---

**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 | 17% |
| Short-Term Investments | 1.4% | Industrial REITs | 16% |
| Other Assets and Liabilities | (1.0)% | Health Care REITs | 11% |
|  |  | Telecom Tower REITs | 9% |
|  |  | Multi-Family Residential REITs | 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 avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072356

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Responsible Emerging Markets Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVSE)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Responsible Emerging Markets Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $36 | 0.33% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Responsible Emerging Markets Equity ETF returned 18.36% for the reporting period ended August 31, 2025. | Avantis Responsible Emerging Markets Equity ETF returned 18.36% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of slow global growth and solid corporate earnings results, emerging markets (EM) stocks rallied for the 12-month period and outperformed developed markets stocks. Within the EM universe, large-cap stocks outperformed small caps, and the growth style broadly outperformed value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's underweight versus the benchmark to companies with the lowest profitability and book-to-market characteristics, which underperformed, contributed to performance. The fund's overweight to companies with the highest profitability and book-to-market traits, which underperformed, weighed on results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings, byproducts of the fund's focus on valuation metrics, lifted performance. An underweight position in the underperforming energy sector was a key contributor, followed by an overweight in the outperforming consumer discretionary sector. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's country exposures also aided results. Excluding the underperforming Saudi Arabian market and overweighting the outperforming Taiwanese market were notable contributors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 28, 2022 through August 31, 2025* |

---

![10](ck0001710607-20250831_g39.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Responsible Emerging Markets Equity ETF** | 18.36% | 8.58% | 3/28/22 |
| **MSCI Emerging Markets IMI** | 15.82% | 6.34% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $147620036 |
| Management Fees (dollars paid during the reporting period) | $341232 |
| Portfolio Turnover Rate | 2% |
| Total Number of Portfolio Holdings | 2360 |

---

**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 | 27% |
| Warrants | 0.0% | Taiwan | 22% |
| Rights | 0.0% | India | 19% |
| Short-Term Investments | 1.3% | South Korea | 12% |
| Other Assets and Liabilities | (1.6)% | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072315

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Responsible International Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVSD)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Responsible International Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $25 | 0.23% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Responsible International Equity ETF returned 20.42% for the reporting period ended August 31, 2025. | Avantis Responsible International Equity ETF returned 20.42% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. developed markets stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Small-cap stocks generally outperformed large caps, and value broadly outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the benchmark to companies with high profitability and book-to-market characteristics, which outperformed, aided performance. The fund's underweight to companies with low profitability and book-to-market characteristics, which underperformed, also lifted results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings, byproducts of the fund's focus on valuation metrics, boosted performance. An overweight in the outperforming financials sector and an underweight in the underperforming health care sector largely drove results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight to mega-cap companies, which outperformed, weighed on results. Overweight exposure to mid- and micro-cap companies, which underperformed, also detracted from performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 15, 2022 through August 31, 2025* |

---

![10](ck0001710607-20250831_g40.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Responsible International Equity ETF** | 20.42% | 12.56% | 3/15/22 |
| **MSCI World ex USA IMI** | 15.59% | 11.00% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $215881447 |
| Management Fees (dollars paid during the reporting period) | $378325 |
| Portfolio Turnover Rate | 3% |
| Total Number of Portfolio Holdings | 2134 |

---

**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 | 99.6% | Japan | 21% |
| Warrants | 0.0% | United Kingdom | 13% |
| Rights | 0.0% | Canada | 11% |
| Short-Term Investments | 2.1% | France | 9% |
| Other Assets and Liabilities | (1.7)% | Germany | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072299

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Responsible U.S. Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVSU)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Responsible U.S. Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $16 | 0.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Responsible U.S. Equity ETF returned 13.24% for the reporting period ended August 31, 2025. | Avantis Responsible U.S. Equity ETF returned 13.24% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 3000 Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 3000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, large-cap stocks outperformed small caps, and growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by market capitalizations broadly detracted from performance. An underweight versus the index in mega-cap stocks, which outperformed, weighed on results. Overweight positions to other capitalization categories, which underperformed, also detracted. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight to companies with the highest profitability and book-to-market traits, which outperformed, lifted results. Weightings to other valuation quartiles detracted from performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), which is a strategic rather than tactical decision, aided performance, as REITs underperformed. Remaining sector exposures, byproducts of the fund's focus on valuation metrics, broadly contributed, led by an underweight in the underperforming energy sector. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *March 15, 2022 through August 31, 2025* |

---

![10](ck0001710607-20250831_g41.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Responsible U.S. Equity ETF** | 13.24% | 12.10% | 3/15/22 |
| **Russell 3000** | 15.84% | 13.83% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $411907008 |
| Management Fees (dollars paid during the reporting period) | $512061 |
| Portfolio Turnover Rate | 1% |
| Total Number of Portfolio Holdings | 1233 |

---

**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% | Software | 8% |
| Short-Term Investments | 0.2% | Interactive Media and Services | 7% |
| Other Assets and Liabilities | 0.0% | Banks | 6% |
|  |  | Technology Hardware, Storage and Peripherals | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072281

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Short-Term Fixed Income ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVSF)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Short-Term Fixed Income ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $15 | 0.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Short-Term Fixed Income ETF returned 5.18% for the reporting period ended August 31, 2025. | Avantis Short-Term Fixed Income ETF returned 5.18% for the reporting period ended August 31, 2025. |
| The fund seeks to maximize total return. The commentary below refers to the fund's performance compared to the Bloomberg U.S. 1-5 Year Government/Credit Index. | The fund seeks to maximize total return. The commentary below refers to the fund's performance compared to the Bloomberg U.S. 1-5 Year Government/Credit Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Short-dated Treasury yields were modestly higher for the period, but the effect on different tenors was mixed. The yield curve steepened, as two-year Treasury yields fell, and five-year Treasury yields rose modestly. The Federal Reserve cut interest rates by 1 percentage point early in the period. Meanwhile, credit spreads generally tightened, and most U.S. bond sectors delivered gains for the 12 months. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve positioning and asset allocation were the primary drivers of fund performance. The fund maintained a duration position in line with the index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the index to the corporate sector aided performance, as credit spreads tightened. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's positioning on the yield curve and exposure to bonds with higher carry and roll-down also contributed to performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *October 13, 2020 through August 31, 2025* |

---

![14](ck0001710607-20250831_g42.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis Short-Term Fixed Income ETF** | 5.18% | 1.53% | 10/13/20 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond | 3.14% | -0.69% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Bloomberg U.S. 1-5 Year Government/Credit Bond | 4.79% | 1.36% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $667945332 |
| Management Fees (dollars paid during the reporting period) | $870766 |
| Portfolio Turnover Rate | 57% |
| Total Number of Portfolio Holdings | 545 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 78.4% |
| U.S. Treasury Securities | 18.4% |
| U.S. Government Agency Securities | 0.8% |
| Sovereign Governments and Agencies | 0.2% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | 1.3% |

---

*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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072687

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVUS)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $16 | 0.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Equity ETF returned 14.49% for the reporting period ended August 31, 2025. | Avantis U.S. Equity ETF returned 14.49% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 3000 Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 3000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, large-cap stocks outperformed small caps, and growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by capitalizations broadly detracted from relative results. An underweight versus the index in mega-cap stocks, which outperformed, and an overweight in micro-cap stocks, which underperformed, were the main detractors. Overweight positions in large-, mid- and small-cap stocks also detracted from results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight to companies with the highest profitability and book-to-market traits aided performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings—a byproduct of the fund's focus on companies with high profitability and book-to-market traits—broadly contributed. An underweight to the underperforming health care sector was a top contributor. Excluding real estate investment trusts (REITs), which is a strategic rather than tactical decision, also aided results. REITs significantly underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 24, 2019 through August 31, 2025* |

---

![10](ck0001710607-20250831_g43.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Avantis U.S. Equity ETF** | 14.49% | 15.16% | 15.04% | 9/24/19 |
| **Russell 3000** | 15.84% | 14.11% | 15.18% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $9465724699 |
| Management Fees (dollars paid during the reporting period) | $11992823 |
| Portfolio Turnover Rate | 2% |
| Total Number of Portfolio Holdings | 1929 |

---

**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 | 9% |
| Rights | 0.0% | Software | 7% |
| Escrow Interests | 0.0% | Interactive Media and Services | 7% |
| Short-Term Investments | 0.1% | Banks | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072885

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Large Cap Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVLC)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Large Cap Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $16 | 0.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Large Cap Equity ETF returned 15.75% for the reporting period ended August 31, 2025. | Avantis U.S. Large Cap Equity ETF returned 15.75% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 1000 Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 1000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, large-cap stocks outperformed small caps, and growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's market-capitalization allocations versus the benchmark were the main detractors from performance. The fund's underweight in mega-cap stocks, which outperformed, detracted from results. Additionally, an overweight versus the index in mid- and large-cap stocks, which underperformed, weighed on results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An overweight in companies with the highest combined profitability and book-to-market characteristics, which outperformed, aided the fund's performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), a strategic rather than tactical decision, contributed to relative returns. REITs underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 26, 2023 through August 31, 2025* |

---

![10](ck0001710607-20250831_g44.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis U.S. Large Cap Equity ETF** | 15.75% | 24.78% | 9/26/23 |
| **Russell 1000** | 16.24% | 25.54% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $695847862 |
| Management Fees (dollars paid during the reporting period) | $788445 |
| Portfolio Turnover Rate | 1% |
| Total Number of Portfolio Holdings | 956 |

---

**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% | Software | 9% |
| Short-Term Investments | 0.1% | Interactive Media and Services | 6% |
| Other Assets and Liabilities | 0.1% | Technology Hardware, Storage and Peripherals | 5% |
|  |  | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072158

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Large Cap Value ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVLV)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Large Cap Value ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $16 | 0.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Large Cap Value ETF returned 11.90% for the reporting period ended August 31, 2025. | Avantis U.S. Large Cap Value ETF returned 11.90% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, large-cap stocks outperformed small caps, and growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the index in companies with the highest combined profitability and book-to-market characteristics, which outperformed, contributed to performance. An underweight to companies with the lowest profitability and book-to-market traits, which underperformed, also lifted results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Sector weightings, a byproduct of the fund's focus on valuation metrics, contributed to performance overall. An underweight to the underperforming health care sector and an overweight to the outperforming communication services sector were key contributors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), which is a strategic rather than tactical allocation, also aided performance. REITs underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 21, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g45.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis U.S. Large Cap Value ETF** | 11.90% | 11.44% | 9/21/21 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 16.24% | 11.41% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 9.33% | 8.97% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $8199763307 |
| Management Fees (dollars paid during the reporting period) | $9073193 |
| Portfolio Turnover Rate | 7% |
| Total Number of Portfolio Holdings | 306 |

---

**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% |
| Short-Term Investments | 0.0% | Insurance | 8% |
| Other Assets and Liabilities | 0.2% | Interactive Media and Services | 7% |
|  |  | Specialty Retail | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072349

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Mid Cap Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVMC)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Mid Cap Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $19 | 0.18% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Mid Cap Equity ETF returned 11.44% for the reporting period ended August 31, 2025. | Avantis U.S. Mid Cap Equity ETF returned 11.44% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell Midcap Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell Midcap Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, mid-cap stocks outperformed small caps but underperformed large caps, while growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by market capitalizations weighed on relative results. An overweight position versus the index in mid-cap stocks and underweights to larger-cap companies detracted from relative performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An underweight to companies with the lowest profitability and book-to-market characteristics, which outperformed, detracted from relative performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), a strategic rather than tactical decision, aided performance, as REITs underperformed. Remaining sector allocations, which are byproducts of the fund's focus on valuation metrics, also lifted relative results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *November 7, 2023 through August 31, 2025* |

---

![10](ck0001710607-20250831_g46.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis U.S. Mid Cap Equity ETF** | 11.44% | 21.65% | 11/7/23 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 25.43% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap | 12.58% | 22.23% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $207950116 |
| Management Fees (dollars paid during the reporting period) | $269054 |
| Portfolio Turnover Rate | 8% |
| Total Number of Portfolio Holdings | 507 |

---

**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% | Insurance | 6% |
| Short-Term Investments | 0.1% | Capital Markets | 5% |
| Other Assets and Liabilities | 0.1% | Banks | 5% |
|  |  | Oil, Gas and Consumable Fuels | 5% |
|  |  | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072125

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Mid Cap Value ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVMV)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Mid Cap Value ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $21 | 0.20% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Mid Cap Value ETF returned 11.65% for the reporting period ended August 31, 2025. | Avantis U.S. Mid Cap Value ETF returned 11.65% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell Midcap Value Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell Midcap Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, mid-cap stocks outperformed small caps but underperformed large caps, while growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the index in companies with the highest profitability and book-to-market characteristics, which outperformed, aided relative performance. Additionally, an underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed, also contributed to performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), which is a strategic rather than tactical decision, aided relative results. REITs underperformed for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Sector allocations, which are byproducts of the fund's focus on valuation metrics, broadly contributed to performance. An underweight to the underperforming health care sector and an overweight to the outperforming financials sector were key contributors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *November 7, 2023 through August 31, 2025* |

---

![10](ck0001710607-20250831_g47.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis U.S. Mid Cap Value ETF** | 11.65% | 22.15% | 11/7/23 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 25.43% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell Midcap Value | 8.24% | 19.96% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $264174534 |
| Management Fees (dollars paid during the reporting period) | $292195 |
| Portfolio Turnover Rate | 28% |
| Total Number of Portfolio Holdings | 275 |

---

**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% | Insurance | 10% |
| Short-Term Investments | 0.1% | Oil, Gas and Consumable Fuels | 7% |
| Other Assets and Liabilities | 0.1% | Banks | 6% |
|  |  | Capital Markets | 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 avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072133

------

**ANNUAL 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](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **The Nasdaq Stock Market LLC (AVUQ)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Quality ETF for the period of March 25, 2025 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $7 | 0.15% |
| \*The costs of an investment would have been greater had the class been available for a full year. | \*The costs of an investment would have been greater had the class been available for a full year. | \*The costs of an investment would have been greater had the class been available for a full year. |

---

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $149729020 |
| Management Fees (dollars paid during the reporting period) | $88686 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 505 |

---

**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 | 18% |
| Short-Term Investments | 0.2% | Software | 16% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 12% |
|  |  | Technology Hardware, Storage and Peripherals | 10% |
|  |  | Broadline Retail | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-2507A507

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Equity ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVSC)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Small Cap Equity ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $26 | 0.25% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Small Cap Equity ETF returned 5.99% for the reporting period ended August 31, 2025. | Avantis U.S. Small Cap Equity ETF returned 5.99% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the small-cap universe, growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the index to companies with the highest profitability and book-to-market characteristics, which underperformed, weighed on results. An underweight to companies with the lowest combined profitability and book-to-market characteristics, which outperformed, also detracted. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | An overweight in micro-cap companies, which underperformed, weighed on results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), a strategic rather than tactical decision, aided performance as REITs underperformed. Remaining sector allocations, a byproduct of the fund's focus on valuation metrics, contributed overall, led by an underweight position in the underperforming health care sector. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *January 11, 2022 through August 31, 2025* |

---

![10](ck0001710607-20250831_g48.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Avantis U.S. Small Cap Equity ETF** | 5.99% | 4.88% | 1/11/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 9.96% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 | 8.17% | 3.59% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1892949057 |
| Management Fees (dollars paid during the reporting period) | $3729580 |
| Portfolio Turnover Rate | 5% |
| Total Number of Portfolio Holdings | 1309 |

---

**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 | 17% |
| Rights | 0.0% | Oil, Gas and Consumable Fuels | 5% |
| Short-Term Investments | 1.4% | Machinery | 4% |
| Other Assets and Liabilities | (1.2)% | Biotechnology | 4% |
|  |  | Chemicals | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072323

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Value ETF ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **NYSE Arca, Inc. (AVUV)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Small Cap Value ETF for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $26 | 0.25% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Small Cap Value ETF returned 5.83% for the reporting period ended August 31, 2025. | Avantis U.S. Small Cap Value ETF returned 5.83% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Value Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the small-cap universe, growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's exclusion of real estate investment trusts (REITs), which is a strategic allocation decision rather than a tactical move, aided relative performance. REITs underperformed for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Overall, sector weightings boosted relative performance, led by an underweight versus the index in the underperforming health care sector. Sector weightings are a byproduct of the fund's focus on companies with high profitability and book-to-market traits. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's focus on companies with the highest combined profitability and book-to-market characteristics weighed on performance. An underweight position in the lowest profitability and book-to-market companies also detracted. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *September 24, 2019 through August 31, 2025* |

---

![10](ck0001710607-20250831_g49.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Avantis U.S. Small Cap Value ETF** | 5.83% | 19.27% | 14.14% | 9/24/19 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 14.11% | 15.18% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 5.83% | 13.06% | 8.77% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $18272384642 |
| Management Fees (dollars paid during the reporting period) | $38129751 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 768 |

---

**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 | 9% |
| Short-Term Investments | 0.4% | Specialty Retail | 5% |
| Other Assets and Liabilities | (0.2)% | Energy Equipment and Services | 5% |
|  |  | Insurance | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072877

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Core Fixed Income Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVIGX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Core Fixed Income Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $15 | 0.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Core Fixed Income Fund Institutional Class returned 4.14% for the reporting period ended August 31, 2025. | Avantis Core Fixed Income Fund Institutional Class returned 4.14% for the reporting period ended August 31, 2025. |
| The fund seeks to maximize total return. The commentary below refers to the fund's performance compared to the Bloomberg U.S. Aggregate Bond Index. | The fund seeks to maximize total return. The commentary below refers to the fund's performance compared to the Bloomberg U.S. Aggregate Bond Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Treasury yields were higher for the period, but the effect on different tenors was mixed as the yield curve steepened meaningfully. Shorter-dated and intermediate maturities outperformed longer-dated securities, with 30-year Treasury yields rising approximately 0.8 of a percentage point. The Federal Reserve cut interest rates by 1 percentage point early in the period. Meanwhile, credit spreads generally tightened, and most U.S. bond sectors delivered gains for the 12-month period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve positioning and asset allocation were the primary drivers of fund performance. The fund maintained a duration position in line with the benchmark. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the benchmark to the corporate sector aided performance, as credit spreads tightened. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's positioning on the yield curve and exposure to bonds with higher carry and roll-down also contributed to performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *February 24, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g50.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Institutional Class** | 4.14% | -0.35% | 2/24/21 |
| **Bloomberg U.S. Aggregate Bond** | 3.14% | -0.39% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $164007991 |
| Management Fees (dollars paid during the reporting period) | $13699 |
| Portfolio Turnover Rate | 319% |
| Total Number of Portfolio Holdings | 417 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 61.3% |
| U.S. Treasury Securities | 24.3% |
| U.S. Government Agency Mortgage-Backed Securities | 18.8% |
| U.S. Government Agency Securities | 2.0% |
| Sovereign Governments and Agencies | 0.2% |
| Short-Term Investments | 11.0% |
| Other Assets and Liabilities | (17.6)% |

---

*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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072661

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Core Fixed Income Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **G Class (AVBNX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Core Fixed Income Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Core Fixed Income Fund G Class returned 4.18% for the reporting period ended August 31, 2025. | Avantis Core Fixed Income Fund G Class returned 4.18% for the reporting period ended August 31, 2025. |
| The fund seeks to maximize total return. The commentary below refers to the fund's performance compared to the Bloomberg U.S. Aggregate Bond Index. | The fund seeks to maximize total return. The commentary below refers to the fund's performance compared to the Bloomberg U.S. Aggregate Bond Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Treasury yields were higher for the period, but the effect on different tenors was mixed as the yield curve steepened meaningfully. Shorter-dated and intermediate maturities outperformed longer-dated securities, with 30-year Treasury yields rising approximately 0.8 of a percentage point. The Federal Reserve cut interest rates by 1 percentage point early in the period. Meanwhile, credit spreads generally tightened, and most U.S. bond sectors delivered gains for the 12-month period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Yield curve positioning and asset allocation were the primary drivers of fund performance. The fund maintained a duration position in line with the benchmark. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the benchmark to the corporate sector aided performance, as credit spreads tightened. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's positioning on the yield curve and exposure to bonds with higher carry and roll-down also contributed to performance. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *February 24, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g51.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 4.18% | -0.21% | 2/24/21 |
| **Bloomberg U.S. Aggregate Bond** | 3.14% | -0.39% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $164007991 |
| Management Fees (dollars paid during the reporting period) | $13699 |
| Portfolio Turnover Rate | 319% |
| Total Number of Portfolio Holdings | 417 |

---

**Fund Holdings**

---

| | |
|:---|:---|
| **Types of Investments in Portfolio** *(as a % of net assets)* | **Types of Investments in Portfolio** *(as a % of net assets)* |
| Corporate Bonds | 61.3% |
| U.S. Treasury Securities | 24.3% |
| U.S. Government Agency Mortgage-Backed Securities | 18.8% |
| U.S. Government Agency Securities | 2.0% |
| Sovereign Governments and Agencies | 0.2% |
| Short-Term Investments | 11.0% |
| Other Assets and Liabilities | (17.6)% |

---

*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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072430

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets Equity Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVEEX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Emerging Markets Equity Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $36 | 0.33% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Emerging Markets Equity Fund Institutional Class returned 17.51% for the reporting period ended August 31, 2025. | Avantis Emerging Markets Equity Fund Institutional Class returned 17.51% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of slow global growth and solid corporate earnings results, emerging markets (EM) stocks rallied for the 12-month period and outperformed developed markets stocks. Within the EM universe, large-cap stocks outperformed small caps, and the growth style broadly outperformed value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund has no exposure to China A shares, which are part of the benchmark and underperformed during the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's underweight versus the benchmark to companies with the lowest profitability and book-to-market characteristics aided results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by market capitalizations detracted from results, largely due to an overweight to micro-cap stocks. Stocks in this capitalization category underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *December 4, 2019 through August 31, 2025* |

---

![10](ck0001710607-20250831_g52.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Institutional Class** | 17.51% | 9.05% | 8.49% | 12/4/19 |
| **MSCI Emerging Markets IMI** | 15.82% | 5.96% | 6.59% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $643759835 |
| Management Fees (dollars paid during the reporting period) | $1839981 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 3177 |

---

**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% | China | 28% |
| Warrants | 0.0% | Taiwan | 20% |
| Rights | 0.0% | India | 19% |
| Short-Term Investments | 2.2% | South Korea | 12% |
| Other Assets and Liabilities | (2.0)% | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072869

------

**ANNUAL SHAREHOLDER REPORT**

Avantis Emerging Markets Equity Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **G Class (AVENX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis Emerging Markets Equity Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis Emerging Markets Equity Fund G Class returned 17.95% for the reporting period ended August 31, 2025. | Avantis Emerging Markets Equity Fund G Class returned 17.95% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI Emerging Markets IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of slow global growth and solid corporate earnings results, emerging markets (EM) stocks rallied for the 12-month period and outperformed developed markets stocks. Within the EM universe, large-cap stocks outperformed small caps, and the growth style broadly outperformed value. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund has no exposure to China A shares, which are part of the benchmark and underperformed during the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's underweight versus the benchmark to companies with the lowest profitability and book-to-market characteristics aided results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by market capitalizations detracted from results, largely due to an overweight to micro-cap stocks. Stocks in this capitalization category underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *January 20, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g53.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 17.95% | 4.23% | 1/20/21 |
| **MSCI Emerging Markets IMI** | 15.82% | 1.01% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $643759835 |
| Management Fees (dollars paid during the reporting period) | $1839981 |
| Portfolio Turnover Rate | 22% |
| Total Number of Portfolio Holdings | 3177 |

---

**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% | China | 28% |
| Warrants | 0.0% | Taiwan | 20% |
| Rights | 0.0% | India | 19% |
| Short-Term Investments | 2.2% | South Korea | 12% |
| Other Assets and Liabilities | (2.0)% | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072455

------

**ANNUAL SHAREHOLDER REPORT**

Avantis International Equity Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVDEX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis International Equity Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $25 | 0.23% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis International Equity Fund Institutional Class returned 18.82% for the reporting period ended August 31, 2025. | Avantis International Equity Fund Institutional Class returned 18.82% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. developed markets stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Small-cap stocks generally outperformed large caps, and value broadly outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Performance among profitability and book-to-market categories was broadly positive. The fund's overweight versus the index in companies with the highest combined profitability and book-to-market characteristics was a top contributor. The fund's underweight to the lowest profitability and book-to-market companies also aided results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings—a byproduct of the fund's focus on companies with high profitability and book-to-market traits—also broadly contributed. An underweight to the underperforming health care sector was a top contributor. Excluding real estate investment trusts (REITs), which is a strategic rather than tactical decision, also aided results. REITs underperformed for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's underweight to mega-cap stocks, which outperformed for the period, detracted from performance. Additionally, overweights to mid- and micro-cap stocks, which underperformed, weighed on results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *December 4, 2019 through August 31, 2025* |

---

![10](ck0001710607-20250831_g54.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Institutional Class** | 18.82% | 11.66% | 9.67% | 12/4/19 |
| **MSCI World ex USA IMI** | 15.59% | 10.21% | 8.70% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $409458559 |
| Management Fees (dollars paid during the reporting period) | $573258 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 2954 |

---

**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 | 99.3% | Japan | 21% |
| Warrants | 0.0% | United Kingdom | 13% |
| Rights | 0.0% | Canada | 11% |
| Short-Term Investments | 5.3% | France | 8% |
| Other Assets and Liabilities | (4.6)% | Germany | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072851

------

**ANNUAL SHAREHOLDER REPORT**

Avantis International Equity Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **G Class (AVDNX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis International Equity Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis International Equity Fund G Class returned 19.16% for the reporting period ended August 31, 2025. | Avantis International Equity Fund G Class returned 19.16% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA IMI. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA IMI. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. developed markets stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Small-cap stocks generally outperformed large caps, and value broadly outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Performance among profitability and book-to-market categories was broadly positive. The fund's overweight versus the index in companies with the highest combined profitability and book-to-market characteristics was a top contributor. The fund's underweight to the lowest profitability and book-to-market companies also aided results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings—a byproduct of the fund's focus on companies with high profitability and book-to-market traits—also broadly contributed. An underweight to the underperforming health care sector was a top contributor. Excluding real estate investment trusts (REITs), which is a strategic rather than tactical decision, also aided results. REITs underperformed for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's underweight to mega-cap stocks, which outperformed for the period, detracted from performance. Additionally, overweights to mid- and micro-cap stocks, which underperformed, weighed on results. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *January 20, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g55.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 19.16% | 8.97% | 1/20/21 |
| **MSCI World ex USA IMI** | 15.59% | 7.59% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $409458559 |
| Management Fees (dollars paid during the reporting period) | $573258 |
| Portfolio Turnover Rate | 6% |
| Total Number of Portfolio Holdings | 2954 |

---

**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 | 99.3% | Japan | 21% |
| Warrants | 0.0% | United Kingdom | 13% |
| Rights | 0.0% | Canada | 11% |
| Short-Term Investments | 5.3% | France | 8% |
| Other Assets and Liabilities | (4.6)% | Germany | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072463

------

**ANNUAL SHAREHOLDER REPORT**

Avantis International Small Cap Value Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVDVX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis International Small Cap Value Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $41 | 0.36% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis International Small Cap Value Fund Institutional Class returned 27.71% for the reporting period ended August 31, 2025. | Avantis International Small Cap Value Fund Institutional Class returned 27.71% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA Small Cap Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA Small Cap Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. developed markets stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Small-cap stocks generally outperformed large caps, and within the small-cap universe, value outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's emphasis on companies with the highest profitability and book-to-market characteristics, which outperformed, was a key contributor to performance. An underweight position versus the index in companies with the lowest profitability and book-to-market traits, which underperformed, also aided results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Additionally, excluding real estate investment trusts (REITS), which is a strategic rather than tactical decision, lifted results. REITs underperformed for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Overall, sector allocations, a byproduct of the fund's focus on companies with high profitability and book-to-market characteristics, also contributed. Overweight positions in the financials and materials sectors, which sharply outperformed, were among the top contributors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *December 4, 2019 through August 31, 2025* |

---

![10](ck0001710607-20250831_g56.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Institutional Class** | 27.71% | 15.56% | 12.11% | 12/4/19 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;MSCI World ex USA | 14.88% | 10.50% | 8.88% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;MSCI World ex USA Small Cap | 19.94% | 8.51% | 7.60% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $526967693 |
| Management Fees (dollars paid during the reporting period) | $1546102 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 1322 |

---

**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 | 99.4% | Japan | 33% |
| Warrants | 0.0% | United Kingdom | 11% |
| Rights | 0.0% | Canada | 10% |
| Short-Term Investments | 2.9% | Australia | 9% |
| Other Assets and Liabilities | (2.3)% | Sweden | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072844

------

**ANNUAL SHAREHOLDER REPORT**

Avantis International Small Cap Value Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **G Class (AVANX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis International Small Cap Value Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis International Small Cap Value Fund G Class returned 28.19% for the reporting period ended August 31, 2025. | Avantis International Small Cap Value Fund G Class returned 28.19% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA Small Cap Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the MSCI World ex USA Small Cap Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Non-U.S. developed markets stocks rallied for the 12-month period, which was characterized by slow global growth and upbeat corporate earnings results. Stocks advanced despite tariff policy uncertainty, interest rate volatility, geopolitical tensions and persistent inflation. Small-cap stocks generally outperformed large caps, and within the small-cap universe, value outpaced growth. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's emphasis on companies with the highest profitability and book-to-market characteristics, which outperformed, was a key contributor to performance. An underweight position versus the index in companies with the lowest profitability and book-to-market traits, which underperformed, also aided results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Additionally, excluding real estate investment trusts (REITS), which is a strategic rather than tactical decision, lifted results. REITs underperformed for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Overall, sector allocations, a byproduct of the fund's focus on companies with high profitability and book-to-market characteristics, also contributed. Overweight positions in the financials and materials sectors, which sharply outperformed, were among the top contributors. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *January 20, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g57.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 28.19% | 12.22% | 1/20/21 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;MSCI World ex USA | 14.88% | 8.00% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;MSCI World ex USA Small Cap | 19.94% | 5.20% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $526967693 |
| Management Fees (dollars paid during the reporting period) | $1546102 |
| Portfolio Turnover Rate | 31% |
| Total Number of Portfolio Holdings | 1322 |

---

**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 | 99.4% | Japan | 33% |
| Warrants | 0.0% | United Kingdom | 11% |
| Rights | 0.0% | Canada | 10% |
| Short-Term Investments | 2.9% | Australia | 9% |
| Other Assets and Liabilities | (2.3)% | Sweden | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072471

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Equity Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVUSX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Equity Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $16 | 0.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Equity Fund Institutional Class returned 14.02% for the reporting period ended August 31, 2025. | Avantis U.S. Equity Fund Institutional Class returned 14.02% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 3000 Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 3000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, large-cap stocks outperformed small caps, and growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by capitalizations broadly detracted from relative results. An underweight versus the index in mega-cap stocks, which outperformed, and an overweight in micro-cap stocks, which underperformed, were the main detractors. Overweight positions in large-, mid- and small-cap stocks also detracted from results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight to companies with the highest profitability and book-to-market traits aided performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings—a byproduct of the fund's focus on companies with high profitability and book-to-market traits—broadly contributed. An underweight to the underperforming health care sector was a top contributor. Excluding real estate investment trusts (REITs), which is a strategic rather than tactical decision, also aided results. REITs significantly underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *December 4, 2019 through August 31, 2025* |

---

![10](ck0001710607-20250831_g58.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Institutional Class** | 14.02% | 14.54% | 14.31% | 12/4/19 |
| **Russell 3000** | 15.84% | 14.11% | 14.68% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $945531790 |
| Management Fees (dollars paid during the reporting period) | $1008207 |
| Portfolio Turnover Rate | 16% |
| Total Number of Portfolio Holdings | 1607 |

---

**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 | 9% |
| Rights | 0.0% | Software | 8% |
| Escrow Interests | 0.0% | Interactive Media and Services | 7% |
| Short-Term Investments | 0.6% | Banks | 5% |
| Other Assets and Liabilities | (0.3)% | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072836

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Equity Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **G Class (AVUNX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Equity Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Equity Fund G Class returned 14.23% for the reporting period ended August 31, 2025. | Avantis U.S. Equity Fund G Class returned 14.23% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 3000 Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 3000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, large-cap stocks outperformed small caps, and growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by capitalizations broadly detracted from relative results. An underweight versus the index in mega-cap stocks, which outperformed, and an overweight in micro-cap stocks, which underperformed, were the main detractors. Overweight positions in large-, mid- and small-cap stocks also detracted from results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight to companies with the highest profitability and book-to-market traits aided performance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's sector weightings—a byproduct of the fund's focus on companies with high profitability and book-to-market traits—broadly contributed. An underweight to the underperforming health care sector was a top contributor. Excluding real estate investment trusts (REITs), which is a strategic rather than tactical decision, also aided results. REITs significantly underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *January 20, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g59.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 14.23% | 11.87% | 1/20/21 |
| **Russell 3000** | 15.84% | 12.10% |  |

---

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $945531790 |
| Management Fees (dollars paid during the reporting period) | $1008207 |
| Portfolio Turnover Rate | 16% |
| Total Number of Portfolio Holdings | 1607 |

---

**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 | 9% |
| Rights | 0.0% | Software | 8% |
| Escrow Interests | 0.0% | Interactive Media and Services | 7% |
| Short-Term Investments | 0.6% | Banks | 5% |
| Other Assets and Liabilities | (0.3)% | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072497

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Large Cap Value Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVLVX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Large Cap Value Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $16 | 0.15% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Large Cap Value Fund Institutional Class returned 10.23% for the reporting period ended August 31, 2025. | Avantis U.S. Large Cap Value Fund Institutional Class returned 10.23% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, large-cap stocks outperformed small caps, and growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the index in companies with the highest combined profitability and book-to-market characteristics, which outperformed, contributed to performance. An underweight to companies with the lowest profitability and book-to-market traits, which underperformed, also lifted results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Sector weightings, a byproduct of the fund's focus on valuation metrics, contributed to performance overall. An underweight to the underperforming health care sector and an overweight to the outperforming communication services sector were key contributors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), which is a strategic rather than tactical allocation, also aided performance. REITs underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 21, 2022 through August 31, 2025* |

---

![10](ck0001710607-20250831_g60.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Institutional Class** | 10.23% | 15.52% | 6/21/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 16.24% | 20.09% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 9.33% | 13.40% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $367404149 |
| Management Fees (dollars paid during the reporting period) | $528709 |
| Portfolio Turnover Rate | 57% |
| Total Number of Portfolio Holdings | 209 |

---

**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 | 12% |
| Short-Term Investments | 0.9% | Insurance | 8% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 6% |
|  |  | Consumer Staples Distribution & Retail | 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 avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072273

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Large Cap Value Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **G Class (ALCEX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Large Cap Value Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Large Cap Value Fund G Class returned 10.46% for the reporting period ended August 31, 2025. | Avantis U.S. Large Cap Value Fund G Class returned 10.46% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 1000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the U.S. market, large-cap stocks outperformed small caps, and growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight versus the index in companies with the highest combined profitability and book-to-market characteristics, which outperformed, contributed to performance. An underweight to companies with the lowest profitability and book-to-market traits, which underperformed, also lifted results. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Sector weightings, a byproduct of the fund's focus on valuation metrics, contributed to performance overall. An underweight to the underperforming health care sector and an overweight to the outperforming communication services sector were key contributors. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), which is a strategic rather than tactical allocation, also aided performance. REITs underperformed for the period. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 21, 2022 through August 31, 2025* |

---

![10](ck0001710607-20250831_g61.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 10.46% | 15.71% | 6/21/22 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 | 16.24% | 20.09% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 1000 Value | 9.33% | 13.40% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $367404149 |
| Management Fees (dollars paid during the reporting period) | $528709 |
| Portfolio Turnover Rate | 57% |
| Total Number of Portfolio Holdings | 209 |

---

**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 | 12% |
| Short-Term Investments | 0.9% | Insurance | 8% |
| Other Assets and Liabilities | (0.1)% | Interactive Media and Services | 6% |
|  |  | Consumer Staples Distribution & Retail | 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 avantisinvestors.com/docs.*

![QR Avantis Docs.jpg](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072265

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Equity Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVSCX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Small Cap Equity Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $26 | 0.25% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Small Cap Equity Fund Institutional Class returned 6.47% for the reporting period ended August 31, 2025. | Avantis U.S. Small Cap Equity Fund Institutional Class returned 6.47% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the small-cap universe, growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by market capitalizations weighed on relative performance. An overweight versus the index in micro-cap companies, which underperformed, was the main detractor. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight to companies with the highest profitability and book-to-market characteristics, which underperformed, detracted from results. An underweight to companies with the lowest combined profitability and book-to-market characteristics, which outperformed, also detracted. But positive results from overweighting companies in the second-highest valuation quartile helped offset some negative effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), a strategic rather than tactical decision, aided performance as REITs underperformed. Remaining sector allocations, byproducts of the fund's focus on valuation metrics, contributed overall, led by an underweight position in the underperforming health care sector. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 20, 2024 through August 31, 2025* |

---

![10](ck0001710607-20250831_g62.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **Institutional Class** | 6.47% | 14.37% | 6/20/24 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 16.88% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 | 8.17% | 15.81% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $106816430 |
| Management Fees (dollars paid during the reporting period) | $158188 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 1024 |

---

**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 | 18% |
| Rights | 0.0% | Machinery | 5% |
| Short-Term Investments | 2.7% | Insurance | 4% |
| Other Assets and Liabilities | (2.5)% | Software | 3% |
|  |  | Oil, Gas and Consumable Fuels | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-2507A309

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Equity Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **G Class (AVSBX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Small Cap Equity Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Small Cap Equity Fund G Class returned 6.70% for the reporting period ended August 31, 2025. | Avantis U.S. Small Cap Equity Fund G Class returned 6.70% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the small-cap universe, growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's allocations by market capitalizations weighed on relative performance. An overweight versus the index in micro-cap companies, which underperformed, was the main detractor. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's overweight to companies with the highest profitability and book-to-market characteristics, which underperformed, detracted from results. An underweight to companies with the lowest combined profitability and book-to-market characteristics, which outperformed, also detracted. But positive results from overweighting companies in the second-highest valuation quartile helped offset some negative effects. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Excluding real estate investment trusts (REITs), a strategic rather than tactical decision, aided performance as REITs underperformed. Remaining sector allocations, byproducts of the fund's focus on valuation metrics, contributed overall, led by an underweight position in the underperforming health care sector. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *June 20, 2024 through August 31, 2025* |

---

![10](ck0001710607-20250831_g63.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 6.70% | 14.66% | 6/20/24 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 16.88% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 | 8.17% | 15.81% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $106816430 |
| Management Fees (dollars paid during the reporting period) | $158188 |
| Portfolio Turnover Rate | 15% |
| Total Number of Portfolio Holdings | 1024 |

---

**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 | 18% |
| Rights | 0.0% | Machinery | 5% |
| Short-Term Investments | 2.7% | Insurance | 4% |
| Other Assets and Liabilities | (2.5)% | Software | 3% |
|  |  | Oil, Gas and Consumable Fuels | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-2507A408

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Value Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **Institutional Class (AVUVX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Small Cap Value Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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 | $26 | 0.25% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Small Cap Value Fund Institutional Class returned 6.44% for the reporting period ended August 31, 2025. | Avantis U.S. Small Cap Value Fund Institutional Class returned 6.44% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Value Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the small-cap universe, growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's exclusion of real estate investment trusts (REITs), which is a strategic allocation decision rather than a tactical move, aided relative performance. REITs underperformed for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Overall, sector weightings boosted relative performance, led by an underweight versus the index in the underperforming health care sector. Sector weightings are a byproduct of the fund's focus on companies with high profitability and book-to-market traits. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's focus on companies with the highest combined profitability and book-to-market characteristics weighed on performance. An underweight position in the lowest profitability and book-to-market companies also detracted. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *December 4, 2019 through August 31, 2025* |

---

![10](ck0001710607-20250831_g64.jpg)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | 5 Year | Since Inception | Inception Date |
| **Institutional Class** | 6.44% | 19.32% | 14.59% | 12/4/19 |
| **Regulatory Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 14.11% | 14.68% |  |
| **Performance Index** |  |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 5.83% | 13.06% | 8.35% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1208770483 |
| Management Fees (dollars paid during the reporting period) | $2501419 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 681 |

---

**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 | 99.0% | Banks | 15% |
| Rights | 0.0% | Oil, Gas and Consumable Fuels | 9% |
| Short-Term Investments | 1.9% | Specialty Retail | 5% |
| Other Assets and Liabilities | (0.9)% | Energy Equipment and Services | 5% |
|  |  | Insurance | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072828

------

**ANNUAL SHAREHOLDER REPORT**

Avantis U.S. Small Cap Value Fund ![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

---

| | |
|:---|:---|
| **G Class (AVCNX)**  | **August 31, 2025** |

---

This annual shareholder report contains important information about Avantis U.S. Small Cap Value Fund for the period of September 1, 2024 to August 31, 2025. 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 year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(based on a hypothetical $10,000 investment)* | **What were the fund costs for the last year?** *(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% |

---

---

| | |
|:---|:---|
| **What were the key factors that affected the fund's performance?** | **What were the key factors that affected the fund's performance?** |
| Avantis U.S. Small Cap Value Fund G Class returned 6.71% for the reporting period ended August 31, 2025. | Avantis U.S. Small Cap Value Fund G Class returned 6.71% for the reporting period ended August 31, 2025. |
| The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Value Index. | The fund seeks long-term capital appreciation. The commentary below refers to the fund's performance compared to the Russell 2000 Value Index. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Against a backdrop of positive corporate earnings results, resilient economic growth and federal tax relief legislation, U.S. stocks broadly rallied for the 12-month period. Stocks advanced despite periodic volatility from tariff policy uncertainty, rising interest rates, geopolitical tensions and persistent inflation. Within the small-cap universe, growth stocks broadly outperformed their value-style counterparts. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's exclusion of real estate investment trusts (REITs), which is a strategic allocation decision rather than a tactical move, aided relative performance. REITs underperformed for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | Overall, sector weightings boosted relative performance, led by an underweight versus the index in the underperforming health care sector. Sector weightings are a byproduct of the fund's focus on companies with high profitability and book-to-market traits. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• | The fund's focus on companies with the highest combined profitability and book-to-market characteristics weighed on performance. An underweight position in the lowest profitability and book-to-market companies also detracted. |

---

---

| |
|:---|
| **Cumulative Performance** *(based on an initial $10,000 investment)* |
| *January 20, 2021 through August 31, 2025* |

---

![10](ck0001710607-20250831_g65.jpg)

------

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  | **Average Annual Total Returns**  |
|  | 1 Year | Since Inception | Inception Date |
| **G Class** | 6.71% | 12.35% | 1/20/21 |
| **Regulatory Index** |  |  |  |
| &nbsp;&nbsp;Russell 3000 | 15.84% | 12.10% |  |
| **Performance Index** |  |  |  |
| &nbsp;&nbsp;Russell 2000 Value | 5.83% | 6.41% |  |

---

The regulatory index is provided as a broad measure of market performance. The performance index is provided because the advisor believes it is more reflective of the fund's investment strategy.<br>

*The opinions expressed are those of American Century Investments and are no guarantee of the future performance of any American Century Investments fund. This information is for educational purposes only and is not intended as investment advice. Data reflects past performance, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value will fluctuate and redemption value may be more or less than original cost, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Total returns for periods less than one year are not annualized. Visit avantisinvestors.com for more recent performance information.*<br>

---

| | |
|:---|:---|
| **Fund Statistics**  | |
| Net Assets | $1208770483 |
| Management Fees (dollars paid during the reporting period) | $2501419 |
| Portfolio Turnover Rate | 20% |
| Total Number of Portfolio Holdings | 681 |

---

**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 | 99.0% | Banks | 15% |
| Rights | 0.0% | Oil, Gas and Consumable Fuels | 9% |
| Short-Term Investments | 1.9% | Specialty Retail | 5% |
| Other Assets and Liabilities | (0.9)% | Energy Equipment and Services | 5% |
|  |  | Insurance | 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](ck0001710607-20250831_g22.jpg)

 <br>©2025 American Century Proprietary Holdings, Inc. All rights reserved.

![Avantis logo.jpg](ck0001710607-20250831_g20.jpg)

A-25072422

------

(b) Not applicable.

**ITEM 2. CODE OF ETHICS.**

(a) The registrant has adopted a Code of Ethics for Senior Financial Officers that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer, and persons performing similar functions.

(b) No response required.

(c) None.

(d) None.

(e) Not applicable.

(f) The registrant's Code of Ethics for Senior Financial Officers was filed as Exhibit 13(a)(1) to American Century ETF Trust's Annual Certified Shareholder Report on Form N-CSR, File No. 811-23305, on October 25, 2018, and is incorporated herein by reference.

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

(a)(1) The registrant's board has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

(a)(2) Barry A. Mendelson, Reginald M. Browne, Thomas Bunn and Jeremy Bulow are the registrant's designated audit committee financial experts. They are "independent" as defined in Item 3 of Form N-CSR.

(a)(3) Not applicable.

(b) No response required.

(c) No response required.

(d) No response required.

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

(a) Audit Fees.

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal

accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were as follows:

---

| | |
|:---|:---|
| FY 2024: | $934700 |
| FY 2025: | $950900 |

---

(b) Audit-Related Fees.

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were as follows:

For services rendered to the registrant:

------

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant's investment adviser and its affiliates):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

(c) Tax Fees.

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were as follows:

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain engagements for non-audit services with the registrant's investment adviser and its affiliates):

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

(d) All Other Fees.

The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were as follows:

For services rendered to the registrant:

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

Fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (relating to certain &nbsp;&nbsp;&nbsp;&nbsp;engagements for non-audit services with the registrant's investment adviser and its affiliates):

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

---

| | |
|:---|:---|
| FY 2024: | $0 |
| FY 2025: | $0 |

---

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

(e)(1) In accordance with paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X, before the accountant is engaged by the registrant to render audit or non-audit services, the engagement is approved by the registrant's audit committee. Pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, the registrant's audit committee also pre-approves its accountant's engagements for non-audit services with the registrant's investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) All services described in each of paragraphs (b) through (d) of this Item were pre-approved before the engagement by the registrant's audit committee pursuant to paragraph (c)(7)(i)(A) of Rule 2-01 of Regulation S-X. Consequently, none of such services were required to be approved by the audit committee pursuant to paragraph (c)(7)(i)(C).

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than 50%.

------

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were as follows:

---

| | |
|:---|:---|
| FY 2024: | $198325 |
| FY 2025: | $98325 |

---

(h) The registrant's investment adviser and accountant have notified the registrant's audit committee of all non-audit services that were rendered by the registrant's accountant to the registrant's investment adviser, its parent company, and any entity controlled by, or under common control with the investment adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The notification provided to the registrant's audit committee included sufficient details regarding such services to allow the registrant's audit committee to consider the continuing independence of its principal accountant.

(i) Not applicable.

(j) Not applicable.

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

(a) The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee members are Barry A. Mendelson, Jeremy Bulow, Thomas Bunn and Reginald Browne.

(b) Not applicable.

**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;

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&nbsp;&nbsp;&nbsp;&nbsp;![Image9.jpg](ck0001710607-20250831_g66.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| August 31, 2025 |
| 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 | [81](#iba273e868b7e4566bd70f1811bd23032_106) |
| Statements of Operations | [85](#iba273e868b7e4566bd70f1811bd23032_109) |
| Statements of Changes in Net Assets | [89](#iba273e868b7e4566bd70f1811bd23032_112) |
| Notes to Financial Statements | [93](#iba273e868b7e4566bd70f1811bd23032_115) |
| Financial Highlights | [99](#iba273e868b7e4566bd70f1811bd23032_118) |
| Report of Independent Registered Public Accounting Firm | [106](#iba273e868b7e4566bd70f1811bd23032_121) |
| Approval of Management and Subadvisory Agreements | [108](#iba273e868b7e4566bd70f1811bd23032_127) |
| Other Tax Information | [111](#iba273e868b7e4566bd70f1811bd23032_11970) |

---

------

Schedule of Investments - California Municipal Bond ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 97.9%** | **Principal**<br>**Amount/Shares**<br> | **Value** |
| **California — 94.3%** | | |
| Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/37 | $120000 | $120705 |
| Antelope Valley-East Kern Water Agency Financing Authority Rev., (Metropolitan Water District of Southern California), 5.00%, 4/1/44 | 150000 | 156952 |
| Bay Area Toll Authority Rev., 4.00%, 4/1/30 | 475000 | 485612 |
| Bay Area Toll Authority Rev., 4.00%, 4/1/38 | 90000 | 90087 |
| Bay Area Toll Authority Rev., 5.00%, 4/1/42 | 250000 | 261974 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 5/1/54 (GA: Morgan Stanley) | 500000 | 534285 |
| California Community Choice Financing Authority Rev., VRN, 5.50%, 10/1/54 (GA: National Bank of Canada) | 45000 | 48359 |
| California Community Choice Financing Authority Rev., VRN, 5.25%, 11/1/54 (GA: Goldman Sachs Group, Inc.) | 465000 | 497975 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 2/1/55 (GA: Royal Bank of Canada) | 525000 | 565555 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 8/1/55 (GA: American General Life) | 500000 | 531503 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 1/1/56 (GA: New York Life Insurance Co.) | 220000 | 239303 |
| California Community Choice Financing Authority Rev., VRN, 5.00%, 3/1/56 (GA: Pacific Life Insurance Co.) | 250000 | 267546 |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.25%, 5/1/43 | 20000 | 20307 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 4.00%, 6/1/39 | 325000 | 300889 |
| California County Tobacco Securitization Agency Rev., (Los Angeles County Securitization Corp.), 4.00%, 6/1/49 | 200000 | 164625 |
| California Educational Facilities Authority Rev., (Leland Stanford Junior University), VRN, 5.00%, 3/1/55 | 100000 | 113794 |
| California Educational Facilities Authority Rev., (Santa Clara University), 5.00%, 4/1/40 | 200000 | 217971 |
| California Enterprise Development Authority Rev., (Castilleja School Foundation), 5.00%, 6/1/42 | 350000 | 365369 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/37 | 130000 | 141662 |
| California Enterprise Development Authority Rev., (Sage Hill School), 5.00%, 12/1/40 | 225000 | 237636 |
| California Health Facilities Financing Authority Rev., (Adventist Health System/West Obligated Group), 5.25%, 12/1/40 | 250000 | 256533 |
| California Health Facilities Financing Authority Rev., (Cedars-Sinai Medical Center Obligated Group), 4.00%, 8/15/48 | 275000 | 242674 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/37 | 400000 | 396138 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 4/1/38 | 25000 | 24394 |
| California Health Facilities Financing Authority Rev., (CommonSpirit Health Obligated Group), 5.00%, 12/1/42 | 350000 | 359396 |
| California Health Facilities Financing Authority Rev., (Kaiser Foundation Hospitals), VRN, 5.00%, 6/1/41 | 140000 | 153666 |
| California Health Facilities Financing Authority Rev., (Lucile Salter Packard Children's Hospital at Stanford Obligated Group), 5.00%, 8/15/34 | 530000 | 613923 |
| California Health Facilities Financing Authority Rev., (Scripps Health Obligated Group), 5.00%, 11/15/44 | 675000 | 700896 |
| California Health Facilities Financing Authority Rev., (Stanford Health Care Obligated Group), 5.00%, 8/15/35 | 100000 | 117983 |
| California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/32 | 145000 | 151565 |
| California Housing Finance Agency Rev., (300 De Haro Venture LP), VRN, 3.25%, 6/1/55 | 125000 | 125952 |
| California Housing Finance Agency Rev., (CR Epoca L Communities LP), Class PT, 3.70%, 11/1/37 (FNMA) | 250000 | 243769 |
| California Infrastructure & Economic Development Bank Rev., (Desertxpress Enterprises LLC), VRN, 9.50%, 1/1/65<sup>(1)</sup> | 200000 | 183908 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/29 | 250000 | 268247 |
| California Infrastructure & Economic Development Bank Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/44 | 325000 | 320196 |
| California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/45 | 250000 | 258145 |
| California Municipal Finance Authority Rev., 4.70%, 7/1/41 (FNMA) | 250000 | 251282 |
| California Municipal Finance Authority Rev., (5435 Balboa LP), VRN, 3.15%, 8/1/59 | 350000 | 352301 |
| California Municipal Finance Authority Rev., (Ascent 613), 5.375%, 1/1/55<sup>(1)</sup> | 200000 | 181730 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.00%, 11/1/36<sup>(1)</sup> | 500000 | 500468 |
| California Municipal Finance Authority Rev., (California Baptist University), 5.125%, 11/1/40<sup>(1)</sup> | 250000 | 251252 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/28 | 150000 | 158554 |
| California Municipal Finance Authority Rev., (California Lutheran University CA), 5.00%, 10/1/37 | 200000 | 203211 |
| California Municipal Finance Authority Rev., (Caritas Corp. CMFA Mobile Home Park Financing 2024 Portfolio), 4.00%, 8/15/44 | 250000 | 218174 |
| California Municipal Finance Authority Rev., (CHF-Davis I LLC), 5.00%, 5/15/43 | 250000 | 246003 |

---

------

Schedule of Investments - California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| California Municipal Finance Authority Rev., (Creative Center of Los Altos), 4.50%, 11/1/46<sup>(1)</sup> | $100000 | $85316 |
| California Municipal Finance Authority Rev., (Eisenhower Medical Center), 5.00%, 7/1/29 | 40000 | 41115 |
| California Municipal Finance Authority Rev., (Eskaton Properties, Inc. Obligated Group), 5.00%, 11/15/44 | 250000 | 244731 |
| California Municipal Finance Authority Rev., (HumanGood California Obligated Group), 5.00%, 10/1/36 | 400000 | 424788 |
| California Municipal Finance Authority Rev., (Ignatian Corp.), 5.00%, 9/1/54 | 600000 | 595508 |
| California Municipal Finance Authority Rev., (PRS-California Obligated Group), 5.00%, 4/1/44 | 250000 | 245038 |
| California Municipal Finance Authority Rev., (Scripps College), 5.00%, 7/1/29 | 375000 | 406696 |
| California Municipal Finance Authority Rev., (St. Mary and All Angels Christian Church CA), 5.75%, 5/1/54<sup>(1)</sup> | 50000 | 48455 |
| California Municipal Finance Authority Rev., (United Airlines, Inc.), 4.00%, 7/15/29 | 250000 | 248781 |
| California Municipal Finance Authority Rev., (University of La Verne), 5.00%, 6/1/28 | 100000 | 103362 |
| California Municipal Finance Authority Rev., (View at San Bruno LP), VRN, 5.00%, 6/1/56 | 30000 | 31843 |
| California Municipal Finance Authority Rev., (Witmer Manor Community Partners LP), 4.875%, 11/1/43 (FNMA)(HUD) | 200000 | 203751 |
| California Municipal Finance Authority Rev., VRN, 3.54%, 2/20/41 | 99748 | 87774 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2024A), 5.00%, 9/1/48 | 235000 | 229813 |
| 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<sup>(2)</sup> | 100000 | 99392 |
| California Public Finance Authority Rev., (Henry Mayo Newhall Hospital Obligated Group), 5.00%, 10/15/37 | 40000 | 40204 |
| California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/46<sup>(1)</sup> | 250000 | 217645 |
| California Public Finance Authority Rev., (PIH Health, Inc. Obligated Group), 5.00%, 6/1/37 | 290000 | 309689 |
| California Public Finance Authority Rev., (PIH Health, Inc. Obligated Group), 5.00%, 6/1/38 | 310000 | 325851 |
| California School Finance Authority Rev., (Alliance for College Ready Public Schools Obligated Group), 4.00%, 7/1/34<sup>(1)</sup> | 350000 | 349580 |
| California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/36<sup>(1)</sup> | 125000 | 117271 |
| California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 5.00%, 8/1/46<sup>(1)</sup> | 300000 | 275004 |
| California School Finance Authority Rev., (Granada Hills Charter High School Obligated Group), 5.00%, 7/1/42<sup>(1)</sup> | 250000 | 246628 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.00%, 8/1/27<sup>(1)</sup> | 160000 | 165317 |
| California School Finance Authority Rev., (Kipp SoCal Public Schools Obligated Group), 5.00%, 7/1/49<sup>(1)</sup> | 395000 | 373423 |
| California School Finance Authority Rev., (TEACH, Inc. Series 2019 Obligated Group), 5.00%, 6/1/29<sup>(1)</sup> | 255000 | 256931 |
| California State Public Works Board Rev., (State of California), 5.00%, 9/1/33 | 500000 | 577796 |
| California State University Rev., 4.00%, 11/1/43 | 335000 | 304275 |
| California Statewide Communities Development Authority Rev., 5.00%, 10/1/32<sup>(1)</sup> | 300000 | 335830 |
| California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/40 | 400000 | 400276 |
| California Statewide Communities Development Authority Rev., (Emanate Health Obligated Group), 4.00%, 4/1/45 | 250000 | 220607 |
| California Statewide Communities Development Authority Rev., (Foothill Oak Park Apartments LLC), VRN, 4.25%, 9/1/67 (FNMA) | 500000 | 503987 |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/39 | 175000 | 162188 |
| California Statewide Communities Development Authority Rev., (Front Porch Communities & Services Obligated Group), 4.00%, 4/1/42 | 200000 | 176189 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/44 | 200000 | 194289 |
| California Statewide Communities Development Authority Rev., (Sequoia Living, Inc.), 5.00%, 7/1/39 | 250000 | 269171 |
| California Statewide Communities Development Authority Rev., (USC Obligated Group), 5.00%, 1/1/35 | 125000 | 129572 |
| California Statewide Communities Development Authority Special Tax, (California Statewide Communities Dev Auth Cmnty Facs Dist 2022-7 Impt Area 2), 5.00%, 9/1/54 | 40000 | 39046 |
| Central Valley Energy Authority Rev., VRN, 5.00%, 12/1/55 (GA: Pacific Life Insurance Co.) | 250000 | 268725 |
| Chabot-Las Positas Community College District GO, 5.25%, 8/1/48 | 300000 | 312496 |
| Chino Community Facilities District Special Tax, (City of Chino CA Community Facilities District No. 2022-1), 5.00%, 9/1/35 | 285000 | 295609 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 2.80%, 3/1/47<sup>(1)</sup> | 240000 | 178796 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 3.00%, 3/1/57<sup>(1)</sup> | 100000 | 63311 |
| Department of Veterans Affairs Veteran's Farm & Home Purchase Program Rev., 4.25%, 12/1/49 | 250000 | 228214 |

---

------

Schedule of Investments - California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Dublin Special Tax, (City of Dublin CA Community Facilities District No. 2015-1 Improvement Area No. 5), 5.375%, 9/1/51 | $390000 | $394041 |
| East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/45 | 520000 | 541543 |
| East County Advanced Water Purification Joint Powers Authority Rev., 3.125%, 9/1/26 | 690000 | 693388 |
| El Monte Union High School District GO, 5.00%, 6/1/30 | 100000 | 113089 |
| El Monte Union High School District GO, 5.00%, 6/1/32 | 100000 | 116042 |
| Elk Grove Finance Authority Special Tax, 5.00%, 9/1/29 | 200000 | 200000 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/32 | 180000 | 188178 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/46 (BAM-TCRS) | 135000 | 124430 |
| Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/46 | 260000 | 236432 |
| Glendale Electric Rev., 5.00%, 2/1/46 | 200000 | 204181 |
| Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/51 | 750000 | 716499 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/61<sup>(1)</sup> | 250000 | 208568 |
| Independent Cities Finance Authority Rev., (City of Compton CA Sales Tax), 4.00%, 6/1/36 (AG)<sup>(1)</sup> | 250000 | 247587 |
| Independent Cities Finance Authority Rev., (City of Compton CA Sales Tax), 4.00%, 6/1/51 (AG)<sup>(1)</sup> | 150000 | 131423 |
| Lammersville Joint Unified School District Special Tax, (Lammersville Joint Unified School District Community Facilities Dist No. 2024-1), 5.00%, 9/1/40 | 500000 | 500846 |
| Long Beach Marina System Rev., 5.00%, 5/15/37 | 250000 | 274195 |
| Long Beach Unified School District GO, 4.00%, 8/1/45 (BAM-TCRS) | 700000 | 616552 |
| Los Angeles Community College District GO, 5.00%, 8/1/26 | 250000 | 256944 |
| 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 | 243858 |
| Los Angeles County Public Works Financing Authority Rev., (County of Los Angeles CA), 5.00%, 12/1/27 | 250000 | 251552 |
| Los Angeles County Public Works Financing Authority Rev., (County of Los Angeles CA), 5.50%, 12/1/49 | 150000 | 159367 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/32 | 150000 | 164431 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/48 | 300000 | 309403 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/45 | 500000 | 507128 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 1/1/30<sup>(2)</sup> | 250000 | 269589 |
| Los Angeles Housing Authority Rev., 3.75%, 4/1/34 (FNMA) | 120000 | 118055 |
| Los Angeles Unified School District GO, 5.00%, 7/1/26 | 180000 | 184471 |
| Los Angeles Unified School District GO, 5.00%, 7/1/35 | 500000 | 586569 |
| Los Rios Community College District GO, 5.00%, 8/1/26 | 250000 | 256553 |
| Monterey Peninsula Unified School District GO, 4.00%, 8/1/43 | 150000 | 141241 |
| Morgan Hill Unified School District GO, Capital Appreciation, 0.00%, 8/1/26 (FGIC)<sup>(3)(4)</sup> | 75000 | 73273 |
| Mountain View School District School Facilities Improvement District No. 2 GO, Capital Appreciation, 0.00%, 7/1/29<sup>(4)</sup> | 300000 | 263138 |
| M-S-R Energy Authority Rev., 6.50%, 11/1/39 (GA: Citigroup Global Markets) | 290000 | 344703 |
| New Hampshire Business Finance Authority Rev., VRN, 3.93%, 7/20/39 | 397675 | 369398 |
| Oakland Unified School District/Alameda County GO, 4.00%, 8/1/36 (AG) | 200000 | 200250 |
| Ontario Community Facilities District No. 64 Special Tax, 5.00%, 9/1/39 | 100000 | 101334 |
| Ontario Public Financing Authority Rev., (City of Ontario CA Water), 5.00%, 8/1/49 | 195000 | 200499 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2016-1), 5.00%, 8/15/32 | 125000 | 126870 |
| Palmdale Water District Public Financing Authority Rev., (Palmdale Water District), 5.00%, 10/1/53 (AG) | 250000 | 255836 |
| Palomar Health Rev., (Palomar Health Obligated Group), 5.00%, 11/1/36 | 130000 | 115450 |
| Paradise Unified School District COP, 5.25%, 5/1/48 | 100000 | 97979 |
| Peninsula Corridor Joint Powers Board Rev., 5.00%, 10/1/36 | 200000 | 213278 |
| Port of Los Angeles Rev., 5.00%, 8/1/35 | 250000 | 276079 |
| Port of Los Angeles Rev., 5.00%, 8/1/36 | 340000 | 370553 |
| Redwood City Redevelopment Agency Successor Agency Tax Allocation, Capital Appreciation, 0.00%, 7/15/30 (AMBAC)<sup>(4)</sup> | 200000 | 172178 |
| Rialto Special Tax, (City of Rialto CA Community Facilities District No. 2020-1), 5.00%, 9/1/45 | 100000 | 97781 |
| Rio Hondo Community College District GO, 5.00%, 8/1/43 | 225000 | 238941 |

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------

Schedule of Investments - California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Riverside County Public Financing Authority Tax Allocation, (Riverside County Public Financing Authority Redevelopment Project Area No. 1), 5.00%, 10/1/26 (AG) | $250000 | $257308 |
| Riverside County Transportation Commission Rev., 4.00%, 6/1/46 | 565000 | 484297 |
| Riverside Unified School District Special Tax, (Riverside Unified School District Community Facilities District No. 40), 5.00%, 9/1/40 | 150000 | 151208 |
| Romoland School District Special Tax, (Romoland School District Community Facilities District No. 2020-2 Area No. 1), 5.00%, 9/1/40 | 250000 | 252921 |
| Roseville Special Tax, (City of Roseville CA Amoruso Ranch Community Facilities District 1 Impt Area 1), 5.00%, 9/1/44 | 500000 | 486760 |
| Sacramento County Airport System Rev., 5.00%, 7/1/34 | 15000 | 15685 |
| Sacramento County Airport System Rev., 5.25%, 7/1/45 | 125000 | 128377 |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/28 | 20000 | 21742 |
| Sacramento Municipal Utility District Rev., 5.00%, 11/15/54 | 185000 | 189453 |
| Sacramento Municipal Utility District Rev., VRN, 5.00%, 8/15/49 | 250000 | 283967 |
| San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/28 | 200000 | 200830 |
| San Diego County Rev., (Sanford Burnham Prebys Medical Discovery Institute), 5.00%, 11/1/30 | 25000 | 25090 |
| San Diego County Regional Airport Authority Rev., 5.00%, 7/1/35 | 100000 | 109187 |
| San Diego County Regional Airport Authority Rev., 5.25%, 7/1/50 | 150000 | 156750 |
| San Diego Public Facilities Financing Authority Rev., (City of San Diego CA Water Utility), 5.00%, 8/1/42 | 460000 | 494990 |
| San Diego Unified School District GO, 5.00%, 7/1/35 | 250000 | 289639 |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/32 | 310000 | 339203 |
| San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/46 | 350000 | 343969 |
| 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 | 285909 |
| San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/34 | 150000 | 177383 |
| San Joaquin Hills Transportation Corridor Agency Rev., 4.00%, 1/15/34 | 150000 | 154124 |
| San Joaquin Hills Transportation Corridor Agency Rev., 5.25%, 1/15/49 | 155000 | 155004 |
| San Joaquin Hills Transportation Corridor Agency Rev., Capital Appreciation, 0.00%, 1/15/36 (NPFG)<sup>(4)</sup> | 40000 | 26208 |
| San Jose Rev., (La Moraga San Jose LP), 3.90%, 10/1/35 (FNMA)<sup>(2)</sup> | 250000 | 250283 |
| San Jose Evergreen Community College District GO, 4.00%, 9/1/45 | 500000 | 467901 |
| Santa Ana Gas Tax Rev., 5.00%, 1/1/34 | 40000 | 42575 |
| Santa Barbara Community College District GO, 6.00%, 8/1/41 | 200000 | 234721 |
| Santa Clara Unified School District GO, 4.00%, 7/1/37 | 105000 | 107933 |
| Santa Clara Valley Water District Rev., 5.00%, 6/1/30 | 500000 | 502309 |
| Santa Clara Valley Water District Rev., 5.00%, 6/1/45 | 310000 | 326135 |
| Sonoma County Water Agency Rev., 4.00%, 7/1/47 | 145000 | 131992 |
| South San Francisco Special Tax, (City of South San Francisco CA Community Facilities District No. 2021-01), 5.00%, 9/1/40 | 100000 | 100718 |
| South San Francisco Special Tax, (City of South San Francisco CA Community Facilities District No. 2021-01), 5.00%, 9/1/45 | 100000 | 98762 |
| Southern California Public Power Authority Rev., 5.00%, 7/1/26 | 80000 | 80124 |
| Southern California Public Power Authority Rev., (City of Anaheim CA Electric System), VRN, 3.70%, 7/1/40 | 500000 | 502742 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/48 | 100000 | 100025 |
| Southern California Public Power Authority Rev., (Los Angeles Department of Water & Power Power System), 5.25%, 7/1/53 | 250000 | 254013 |
| State of California GO, 4.00%, 3/1/30, Prerefunded at 100% of Par<sup>(3)</sup> | 5000 | 5342 |
| State of California GO, 3.50%, 12/1/30 | 970000 | 970140 |
| State of California GO, 5.00%, 3/1/32 | 230000 | 252741 |
| State of California GO, 4.00%, 3/1/36 | 195000 | 198956 |
| State of California GO, 4.00%, 9/1/43 | 745000 | 705732 |
| State of California GO, 4.25%, 9/1/52 | 385000 | 357111 |
| Stockton Unified School District GO, 5.00%, 8/1/27 (AG) | 285000 | 299900 |
| Sulphur Springs Union School District Special Tax, (Sulphur Springs Union School District Community Facilities District No. 2019-1), 5.00%, 9/1/28 | 180000 | 189293 |

---

------

Schedule of Investments - California Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/37 | $200000 | $202313 |
| Transbay Joint Powers Authority Tax Allocation, (Transbay Joint Powers Authority Transbay Redevelopment Project Tax Increment), 5.00%, 10/1/39 | 100000 | 100138 |
| University of California Rev., 5.00%, 5/15/26 | 50000 | 51036 |
| University of California Rev., 5.00%, 5/15/29 | 200000 | 221567 |
| University of California Rev., 5.00%, 5/15/37 | 360000 | 399125 |
| University of California Rev., 5.25%, 5/15/40 | 250000 | 276006 |
| University of California Rev., 5.00%, 5/15/53 | 350000 | 358120 |
| Vacaville Special Tax, (City of Vacaville CA-Community Facilities District No. 13 Improvement Area 1), 5.00%, 9/1/40 | 100000 | 99496 |
| West Sacramento Enhanced Infrastructure Financing District No. 1 Tax Allocation, 5.00%, 9/1/55 (AG) | 100000 | 99232 |
| Yosemite Community College District GO, Capital Appreciation, 0.00%, 8/1/31<sup>(4)</sup> | 140000 | 119611 |
|  |  | 48186543 |
| **Guam — 2.5%** |  |  |
| Antonio B Won Pat International Airport Authority Rev., 5.25%, 10/1/35 | 100000 | 106017 |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.25%, 7/1/41 | 500000 | 518274 |
| Guam Power Authority Rev., 5.00%, 10/1/30 | 350000 | 381401 |
| Port Authority of Guam Rev., 5.00%, 7/1/29 | 135000 | 140911 |
| Territory of Guam Rev., 5.00%, 1/1/28 | 100000 | 104457 |
|  |  | 1251060 |
| **Puerto Rico — 1.1%** |  |  |
| Puerto Rico GO, 5.625%, 7/1/29 | 150000 | 159865 |
| Puerto Rico GO, VRN, 0.00%, 11/1/51 | 16673 | 9232 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., 4.33%, 7/1/40 | 400000 | 370977 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/51<sup>(4)</sup> | 125000 | 29177 |
|  |  | 569251 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $50,641,480) |  | **50006854** |
| **SHORT-TERM INVESTMENTS — 2.1%** |  |  |
| **Money Market Funds — 2.1%** |  |  |
| BlackRock Liquidity Funds MuniCash<br>(Cost $1,086,755) | 1086646 | **1086755** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $51,728,235) |  | **51093609** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **2433** |
| **TOTAL NET ASSETS — 100.0%** |  | $**51096042** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 10 | December 2025 | $2085391 | $1231 |

---

^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 10-Year Ultra Notes | 6 | December 2025 | $686438 | $(1588) |

---

^Amount represents value and unrealized appreciation (depreciation).

------

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-TCRS | – | Build America Mutual Assurance Corp. - Transferrable Custodial Receipts |
| COP | – | Certificates of Participation |
| FGIC | – | Financial Guaranty Insurance Co. |
| 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 $4,418,443, which represented 8.6% 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)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.

**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 |  | $50006854 |  |
| Short-Term Investments | $1086755 |  |  |
|  | $1086755 | $50006854 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $1231 |  |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $1588 |  |  |

---

**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 Risk** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Receivable for variation margin on futures contracts\* | $1344 |

---

\*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

------

Schedule of Investments - California Municipal Bond ETF

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate Risk** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $(867) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $(547) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Diversified Corporate Bond ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 85.4%** | **Principal<br>Amount/Shares** | **Value** |
| **Aerospace and Defense — 1.9%** | | |
| Axon Enterprise, Inc., 6.125%, 3/15/30<sup>(1)</sup> | $707000 | $728154 |
| BAE Systems PLC, 5.25%, 3/26/31<sup>(1)</sup> | 2800000 | 2918527 |
| Boeing Co., 5.71%, 5/1/40 | 2435000 | 2445106 |
| General Electric Co., 4.90%, 1/29/36 | 2325000 | 2336302 |
| L3Harris Technologies, Inc., 5.25%, 6/1/31 | 2285000 | 2373365 |
|  |  | 10801454 |
| **Air Freight and Logistics — 0.6%** |  |  |
| GXO Logistics, Inc., 6.50%, 5/6/34 | 3002000 | 3177242 |
| **Automobiles — 2.0%** |  |  |
| Ford Motor Credit Co. LLC, 5.85%, 5/17/27 | 1700000 | 1717766 |
| Ford Motor Credit Co. LLC, 6.05%, 11/5/31 | 3492000 | 3535378 |
| General Motors Financial Co., Inc., 5.60%, 6/18/31 | 1530000 | 1580970 |
| General Motors Financial Co., Inc., 6.15%, 7/15/35 | 2065000 | 2122251 |
| Volkswagen Group of America Finance LLC, 4.95%, 3/25/27<sup>(1)</sup> | 2335000 | 2351626 |
|  |  | 11307991 |
| **Banks — 14.1%** |  |  |
| Australia & New Zealand Banking Group Ltd., VRN, 2.57%, 11/25/35<sup>(1)</sup> | 3436000 | 3068254 |
| Bank of America Corp., VRN, 5.93%, 9/15/27 | 8265000 | 8400440 |
| Bank of Montreal, VRN, 6.875%, 11/26/85 | 850000 | 857340 |
| Banque Federative du Credit Mutuel SA, 4.59%, 10/16/28<sup>(1)</sup> | 1442000 | 1455593 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, VRN, 5.125%, 1/18/33<sup>(1)</sup> | 288000 | 281790 |
| BNP Paribas SA, VRN, 4.375%, 3/1/33<sup>(1)</sup> | 993000 | 980561 |
| BPCE SA, VRN, 3.65%, 1/14/37<sup>(1)</sup> | 1650000 | 1478529 |
| Canadian Imperial Bank of Commerce, VRN, 4.86%, 3/30/29 | 2905000 | 2948187 |
| Canadian Imperial Bank of Commerce, VRN, 7.00%, 10/28/85 | 1180000 | 1206130 |
| Citigroup, Inc., VRN, 5.61%, 3/4/56 | 1910000 | 1865869 |
| Comerica, Inc., VRN, 5.98%, 1/30/30 | 1380000 | 1432054 |
| First Horizon Bank, 5.75%, 5/1/30 | 601000 | 618972 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/1/29<sup>(1)</sup> | 757000 | 791716 |
| Goldman Sachs Bank USA, VRN, 5.41%, 5/21/27 | 1925000 | 1939356 |
| HSBC USA, Inc., 4.65%, 6/3/28 | 3249000 | 3295630 |
| Huntington Bancshares, Inc., VRN, 6.14%, 11/18/39 | 1410000 | 1451953 |
| Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32<sup>(1)</sup> | 2309000 | 2162376 |
| Intesa Sanpaolo SpA, VRN, 8.25%, 11/21/33<sup>(1)</sup> | 4030000 | 4715699 |
| JPMorgan Chase & Co., VRN, 4.51%, 10/22/28 | 3810000 | 3835828 |
| JPMorgan Chase & Co., VRN, 4.01%, 4/23/29 | 3700000 | 3686556 |
| JPMorgan Chase & Co., VRN, 5.10%, 4/22/31 | 730000 | 753352 |
| JPMorgan Chase & Co., VRN, 5.77%, 4/22/35 | 3048000 | 3219904 |
| JPMorgan Chase & Co., VRN, 5.58%, 7/23/36 | 370000 | 378328 |
| Morgan Stanley Private Bank NA, VRN, 4.73%, 7/18/31 | 675000 | 684692 |
| NatWest Group PLC, VRN, 3.03%, 11/28/35 | 2271000 | 2071672 |
| Royal Bank of Canada, VRN, 5.15%, 2/4/31 | 1378000 | 1420217 |
| Royal Bank of Canada, VRN, 4.70%, 8/6/31 | 591000 | 597233 |
| Standard Chartered PLC, VRN, 5.40%, 8/12/36<sup>(1)</sup> | 1019000 | 1018434 |
| Toronto-Dominion Bank, VRN, 8.125%, 10/31/82 | 2477000 | 2614823 |
| Truist Bank, VRN, 4.63%, 9/17/29 | 1985000 | 1992047 |
| Wells Fargo & Co., VRN, 4.90%, 1/24/28 | 8160000 | 8233202 |
| Wells Fargo & Co., VRN, 4.97%, 4/23/29 | 1160000 | 1182155 |
| Wells Fargo & Co., VRN, 5.56%, 7/25/34 | 6246000 | 6487507 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Zions Bancorp NA, VRN, 4.70%, 8/18/28 | $2737000 | $2747828 |
|  |  | 79874227 |
| **Beverages — 1.2%** |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | 4335000 | 4232927 |
| PepsiCo, Inc., 4.65%, 7/23/32 | 2665000 | 2696643 |
|  |  | 6929570 |
| **Biotechnology — 0.7%** |  |  |
| Amgen, Inc., 5.25%, 3/2/30 | 1800000 | 1865065 |
| Amgen, Inc., 5.65%, 3/2/53 | 2319000 | 2244522 |
|  |  | 4109587 |
| **Building Products — 0.4%** |  |  |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(1)</sup> | 1910000 | 1796441 |
| Carlisle Cos., Inc., 5.55%, 9/15/40 | 697000 | 698040 |
|  |  | 2494481 |
| **Capital Markets — 4.8%** |  |  |
| Blackstone Private Credit Fund, 7.05%, 9/29/25 | 1065000 | 1066585 |
| Blackstone Private Credit Fund, 5.95%, 7/16/29 | 679000 | 701368 |
| Blue Owl Capital Corp., 5.95%, 3/15/29 | 440000 | 446990 |
| Blue Owl Credit Income Corp., 7.75%, 1/15/29 | 1205000 | 1290754 |
| Deutsche Bank AG, VRN, 4.875%, 12/1/32 | 2652000 | 2643569 |
| Goldman Sachs Group, Inc., VRN, 3.10%, 2/24/33 | 1718000 | 1562685 |
| Golub Capital BDC, Inc., 6.00%, 7/15/29 | 926000 | 947866 |
| Golub Capital Private Credit Fund, 5.45%, 8/15/28<sup>(1)</sup> | 910000 | 913902 |
| HPS Corporate Lending Fund, 5.45%, 1/14/28<sup>(2)</sup> | 645000 | 651271 |
| HPS Corporate Lending Fund, 6.25%, 9/30/29<sup>(2)</sup> | 590000 | 610912 |
| LPL Holdings, Inc., 5.15%, 6/15/30 | 655000 | 669504 |
| Morgan Stanley, VRN, 5.16%, 4/20/29 | 4615000 | 4718987 |
| Morgan Stanley, VRN, 6.63%, 11/1/34 | 4890000 | 5430444 |
| Morgan Stanley, VRN, 5.52%, 11/19/55 | 995000 | 971172 |
| Northern Trust Corp., VRN, 3.375%, 5/8/32 | 2770000 | 2709530 |
| State Street Corp., VRN, 3.03%, 11/1/34 | 2225000 | 2088340 |
|  |  | 27423879 |
| **Chemicals — 0.8%** |  |  |
| Braskem Netherlands Finance BV, 4.50%, 1/31/30<sup>(1)</sup> | 1550000 | 1096179 |
| Celanese U.S. Holdings LLC, 6.67%, 7/15/27 | 1605000 | 1652625 |
| Orbia Advance Corp. SAB de CV, 2.875%, 5/11/31<sup>(1)(2)</sup> | 2155000 | 1817473 |
|  |  | 4566277 |
| **Communications Equipment — 0.6%** |  |  |
| Cisco Systems, Inc., 5.50%, 2/24/55 | 1870000 | 1846997 |
| Motorola Solutions, Inc., 4.85%, 8/15/30<sup>(2)</sup> | 515000 | 524820 |
| Motorola Solutions, Inc., 5.20%, 8/15/32 | 775000 | 794865 |
|  |  | 3166682 |
| **Construction Materials — 0.5%** |  |  |
| Amrize Finance U.S. LLC, 4.70%, 4/7/28<sup>(1)</sup> | 2390000 | 2420236 |
| Quikrete Holdings, Inc., 6.375%, 3/1/32<sup>(1)</sup> | 520000 | 536627 |
|  |  | 2956863 |
| **Consumer Finance — 1.2%** |  |  |
| Ally Financial, Inc., 8.00%, 11/1/31 | 1452000 | 1662559 |
| Capital One Financial Corp., VRN, 2.36%, 7/29/32 | 3445000 | 2964992 |
| Encore Capital Group, Inc., 9.25%, 4/1/29<sup>(1)</sup> | 211000 | 223056 |
| goeasy Ltd., 6.875%, 2/15/31<sup>(1)</sup> | 571000 | 571372 |
| OneMain Finance Corp., 6.125%, 5/15/30 | 585000 | 594490 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| PRA Group, Inc., 8.875%, 1/31/30<sup>(1)</sup> | $970000 | $1020060 |
|  |  | 7036529 |
| **Consumer Staples Distribution & Retail — 0.4%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 3.25%, 3/15/26<sup>(1)</sup> | 1250000 | 1241902 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/27<sup>(1)</sup> | 820000 | 815676 |
|  |  | 2057578 |
| **Containers and Packaging — 0.6%** |  |  |
| Amcor Flexibles North America, Inc., 5.10%, 3/17/30 | 2850000 | 2919986 |
| Smurfit Kappa Treasury ULC, 5.20%, 1/15/30 | 700000 | 725326 |
|  |  | 3645312 |
| **Diversified REITs — 3.6%** |  |  |
| American Assets Trust LP, 3.375%, 2/1/31 | 2445000 | 2206684 |
| GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/26 | 1500000 | 1505896 |
| GLP Capital LP/GLP Financing II, Inc., 5.25%, 2/15/33 | 1140000 | 1134313 |
| Kilroy Realty LP, 4.25%, 8/15/29 | 2030000 | 1984233 |
| Kilroy Realty LP, 3.05%, 2/15/30 | 975000 | 897190 |
| Kilroy Realty LP, 2.65%, 11/15/33 | 1405000 | 1136328 |
| Lineage OP LP, 5.25%, 7/15/30<sup>(1)</sup> | 2180000 | 2200742 |
| Piedmont Operating Partnership LP, 9.25%, 7/20/28 | 1234000 | 1372115 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 | 579000 | 612989 |
| Store Capital LLC, 5.40%, 4/30/30<sup>(1)</sup> | 1845000 | 1880758 |
| Trust Fibra Uno, 4.87%, 1/15/30<sup>(1)</sup> | 845000 | 819665 |
| Trust Fibra Uno, 7.70%, 1/23/32<sup>(1)</sup> | 1021000 | 1089377 |
| Trust Fibra Uno, 8.25%, 1/23/37<sup>(1)</sup> | 1250000 | 1356750 |
| Vornado Realty LP, 2.15%, 6/1/26 | 2000000 | 1957015 |
|  |  | 20154055 |
| **Diversified Telecommunication Services — 2.1%** |  |  |
| AT&T, Inc., 6.375%, 3/1/41 | 1580000 | 1682437 |
| AT&T, Inc., 5.15%, 11/15/46 | 1725000 | 1579885 |
| Frontier Communications Holdings LLC, 8.625%, 3/15/31<sup>(1)</sup> | 2520000 | 2676751 |
| Sprint Capital Corp., 6.875%, 11/15/28 | 2350000 | 2528553 |
| Verizon Communications, Inc., 4.27%, 1/15/36 | 2050000 | 1907905 |
| Verizon Communications, Inc., 2.99%, 10/30/56 | 2915000 | 1743274 |
|  |  | 12118805 |
| **Electric Utilities — 9.2%** |  |  |
| AEP Transmission Co. LLC, 5.375%, 6/15/35 | 764000 | 783214 |
| American Transmission Systems, Inc., 2.65%, 1/15/32<sup>(1)</sup> | 3085000 | 2743973 |
| Appalachian Power Co., Series AA, 2.70%, 4/1/31 | 3370000 | 3071333 |
| Arizona Public Service Co., 5.70%, 8/15/34 | 2819000 | 2922595 |
| Commonwealth Edison Co., 5.30%, 2/1/53 | 2240000 | 2101315 |
| Commonwealth Edison Co., 5.95%, 6/1/55 | 643000 | 661569 |
| Duke Energy Florida LLC, 5.95%, 11/15/52 | 5105000 | 5243942 |
| Duke Energy Indiana LLC, 5.40%, 4/1/53 | 2130000 | 2029934 |
| Duke Energy Progress LLC, 5.35%, 3/15/53 | 2255000 | 2128565 |
| Duke Energy Progress LLC, 5.55%, 3/15/55 | 1380000 | 1344441 |
| Electricite de France SA, 6.95%, 1/26/39<sup>(1)</sup> | 4214000 | 4693768 |
| Florida Power & Light Co., 4.125%, 2/1/42 | 4215000 | 3587813 |
| Kentucky Utilities Co., 5.85%, 8/15/55 | 406000 | 403685 |
| Louisville Gas & Electric Co., 5.85%, 8/15/55 | 406000 | 403478 |
| MidAmerican Energy Co., 5.30%, 2/1/55 | 5470000 | 5162155 |
| Niagara Mohawk Power Corp., 4.65%, 10/3/30<sup>(1)</sup> | 2820000 | 2833913 |
| Northern States Power Co., 5.65%, 5/15/55 | 1685000 | 1673696 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Pacific Gas & Electric Co., 4.20%, 6/1/41 | $1925000 | $1524488 |
| Pinnacle West Capital Corp., 5.15%, 5/15/30 | 1592000 | 1638864 |
| Public Service Electric & Gas Co., 5.50%, 3/1/55 | 3765000 | 3683047 |
| Southern Co., Series B, VRN, 4.00%, 1/15/51 | 2576000 | 2570302 |
| Trans-Allegheny Interstate Line Co., 5.00%, 1/15/31<sup>(1)</sup> | 1001000 | 1026092 |
|  |  | 52232182 |
| **Electrical Equipment — 0.3%** |  |  |
| Regal Rexnord Corp., 6.30%, 2/15/30 | 1700000 | 1801951 |
| **Electronic Equipment, Instruments and Components — 0.2%** |  |  |
| Keysight Technologies, Inc., 5.35%, 7/30/30 | 863000 | 896881 |
| **Energy Equipment and Services — 0.3%** |  |  |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(1)</sup> | 1596000 | 1643779 |
| **Entertainment — 0.6%** |  |  |
| Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 2185000 | 2153700 |
| Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 1484000 | 1446158 |
|  |  | 3599858 |
| **Financial Services — 2.6%** |  |  |
| Antares Holdings LP, 7.95%, 8/11/28<sup>(1)</sup> | 565000 | 601402 |
| Antares Holdings LP, 6.35%, 10/23/29<sup>(1)</sup> | 695000 | 707419 |
| Atlas Warehouse Lending Co. LP, 6.25%, 1/15/30<sup>(1)</sup> | 2096000 | 2146848 |
| Blue Owl Technology Finance Corp., 6.10%, 3/15/28<sup>(1)</sup> | 1853000 | 1876694 |
| Corebridge Financial, Inc., VRN, 6.375%, 9/15/54 | 1409000 | 1429746 |
| Essent Group Ltd., 6.25%, 7/1/29 | 1215000 | 1275449 |
| Fiserv, Inc., 5.25%, 8/11/35 | 680000 | 677583 |
| Nationwide Building Society, VRN, 4.125%, 10/18/32<sup>(1)</sup> | 1327000 | 1306221 |
| NMI Holdings, Inc., 6.00%, 8/15/29 | 1170000 | 1202655 |
| PennyMac Financial Services, Inc., 7.125%, 11/15/30<sup>(1)</sup> | 1703000 | 1765248 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/33<sup>(1)</sup> | 518000 | 529603 |
| PennyMac Financial Services, Inc., 6.75%, 2/15/34<sup>(1)</sup> | 230000 | 231744 |
| Rocket Cos., Inc., 6.125%, 8/1/30<sup>(1)</sup> | 505000 | 519961 |
| Rocket Cos., Inc., 6.375%, 8/1/33<sup>(1)</sup> | 485000 | 503903 |
|  |  | 14774476 |
| **Food Products — 1.3%** |  |  |
| Flowers Foods, Inc., 5.75%, 3/15/35 | 1445000 | 1472760 |
| Mars, Inc., 5.20%, 3/1/35<sup>(1)</sup> | 2430000 | 2454046 |
| Mars, Inc., 5.65%, 5/1/45<sup>(1)</sup> | 1770000 | 1746298 |
| Mars, Inc., 5.70%, 5/1/55<sup>(1)</sup> | 1615000 | 1576727 |
|  |  | 7249831 |
| **Gas Utilities — 0.3%** |  |  |
| Excelerate Energy LP, 8.00%, 5/15/30<sup>(1)</sup> | 384000 | 409157 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36<sup>(1)</sup> | 1081000 | 1135131 |
|  |  | 1544288 |
| **Ground Transportation — 0.8%** |  |  |
| Ashtead Capital, Inc., 5.95%, 10/15/33<sup>(1)</sup> | 2047000 | 2142734 |
| United Rentals North America, Inc., 6.00%, 12/15/29<sup>(1)</sup> | 2420000 | 2482429 |
|  |  | 4625163 |
| **Health Care Equipment and Supplies — 0.2%** |  |  |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(1)</sup> | 1250000 | 1285681 |
| **Health Care Providers and Services — 5.6%** |  |  |
| Centene Corp., 4.625%, 12/15/29 | 1365000 | 1315509 |
| Centene Corp., 2.50%, 3/1/31 | 3958000 | 3375116 |
| CVS Health Corp., 5.25%, 2/21/33 | 1829000 | 1850994 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| CVS Health Corp., 5.45%, 9/15/35 | $659000 | $660732 |
| CVS Health Corp., 5.05%, 3/25/48 | 2675000 | 2294724 |
| CVS Health Corp., VRN, 7.00%, 3/10/55 | 802000 | 836974 |
| HCA, Inc., 5.25%, 3/1/30 | 541000 | 559205 |
| HCA, Inc., 5.60%, 4/1/34 | 1561000 | 1605170 |
| HCA, Inc., 6.20%, 3/1/55 | 1253000 | 1245160 |
| Humana, Inc., 5.375%, 4/15/31 | 3577000 | 3693196 |
| Icon Investments Six DAC, 6.00%, 5/8/34 | 2365000 | 2459606 |
| IQVIA, Inc., 6.25%, 2/1/29 | 2140000 | 2254190 |
| Tenet Healthcare Corp., 5.125%, 11/1/27 | 1450000 | 1446730 |
| UnitedHealth Group, Inc., 5.30%, 6/15/35 | 866000 | 885579 |
| UnitedHealth Group, Inc., 5.50%, 7/15/44 | 2230000 | 2167735 |
| UnitedHealth Group, Inc., 5.625%, 7/15/54 | 3420000 | 3257945 |
| Universal Health Services, Inc., 5.05%, 10/15/34 | 1710000 | 1649487 |
|  |  | 31558052 |
| **Health Care REITs — 0.4%** |  |  |
| Healthpeak OP LLC, 4.75%, 1/15/33 | 2000000 | 1987334 |
| **Hotels, Restaurants and Leisure — 1.7%** |  |  |
| Brightstar Lottery PLC, 5.25%, 1/15/29<sup>(1)</sup> | 700000 | 696580 |
| Carnival Corp., 4.00%, 8/1/28<sup>(1)</sup> | 2271000 | 2231871 |
| Hyatt Hotels Corp., 5.05%, 3/30/28 | 2335000 | 2375814 |
| Hyatt Hotels Corp., 5.25%, 6/30/29 | 1770000 | 1818528 |
| Hyatt Hotels Corp., 5.75%, 3/30/32<sup>(2)</sup> | 1000000 | 1036466 |
| Royal Caribbean Cruises Ltd., 6.00%, 2/1/33<sup>(1)</sup> | 1310000 | 1344841 |
|  |  | 9504100 |
| **Household Durables — 0.7%** |  |  |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 6.875%, 8/1/33<sup>(1)</sup> | 1532000 | 1536180 |
| Meritage Homes Corp., 3.875%, 4/15/29<sup>(1)</sup> | 1935000 | 1896044 |
| Meritage Homes Corp., 5.65%, 3/15/35 | 739000 | 746567 |
|  |  | 4178791 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, 1/31/41<sup>(1)</sup> | 1490713 | 1533169 |
| **Insurance — 3.1%** |  |  |
| Aspen Insurance Holdings Ltd., 5.75%, 7/1/30 | 1655000 | 1719459 |
| Athene Global Funding, 5.53%, 7/11/31<sup>(1)</sup> | 3440000 | 3555186 |
| Beacon Funding Trust, 6.27%, 8/15/54<sup>(1)</sup> | 950000 | 947294 |
| CNA Financial Corp., 5.20%, 8/15/35 | 1830000 | 1812710 |
| CNO Financial Group, Inc., 5.25%, 5/30/29 | 1200000 | 1224816 |
| CNO Financial Group, Inc., 6.45%, 6/15/34 | 1069000 | 1125972 |
| F&G Annuities & Life, Inc., 6.50%, 6/4/29 | 488000 | 509006 |
| Global Atlantic Fin Co., 7.95%, 6/15/33<sup>(1)</sup> | 1655000 | 1898286 |
| Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51<sup>(1)</sup> | 1195000 | 1172556 |
| Lincoln National Corp., 7.00%, 6/15/40 | 1763000 | 1985342 |
| MetLife Capital Trust IV, 7.875%, 12/15/67<sup>(1)</sup> | 518000 | 571032 |
| Travelers Cos., Inc., 5.70%, 7/24/55 | 340000 | 340901 |
| Wynnton Funding Trust II, 5.99%, 8/15/55<sup>(1)</sup> | 644000 | 640829 |
|  |  | 17503389 |
| **IT Services — 0.3%** |  |  |
| Black Knight InfoServ LLC, 3.625%, 9/1/28<sup>(1)</sup> | 7000 | 6765 |
| CoreWeave, Inc., 9.25%, 6/1/30<sup>(1)</sup> | 1435000 | 1441658 |
|  |  | 1448423 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| **Machinery — 1.4%** | | |
| AGCO Corp., 5.80%, 3/21/34 | $2208000 | $2274671 |
| Caterpillar, Inc., 5.20%, 5/15/35 | 1258000 | 1289634 |
| John Deere Capital Corp., 4.375%, 10/15/30 | 2760000 | 2783400 |
| Weir Group, Inc., 5.35%, 5/6/30<sup>(1)</sup> | 1498000 | 1530149 |
|  |  | 7877854 |
| **Marine Transportation — 0.2%** |  |  |
| Yinson Bergenia Production BV, 8.50%, 1/31/45<sup>(1)</sup> | 1186000 | 1240118 |
| **Media — 2.5%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27<sup>(1)</sup> | 115000 | 114492 |
| Cox Communications, Inc., 5.70%, 6/15/33<sup>(1)</sup> | 1439000 | 1456780 |
| Lamar Media Corp., 3.75%, 2/15/28 | 1150000 | 1119004 |
| Nexstar Media, Inc., 4.75%, 11/1/28<sup>(1)(2)</sup> | 2910000 | 2858331 |
| Paramount Global, 4.95%, 1/15/31 | 1580000 | 1570659 |
| Paramount Global, 4.375%, 3/15/43 | 2324000 | 1767653 |
| TEGNA, Inc., 4.625%, 3/15/28 | 1395000 | 1388670 |
| Time Warner Cable LLC, 6.55%, 5/1/37 | 3583000 | 3713866 |
|  |  | 13989455 |
| **Metals and Mining — 1.9%** |  |  |
| Glencore Funding LLC, 5.19%, 4/1/30<sup>(1)</sup> | 1550000 | 1593947 |
| Glencore Funding LLC, 5.89%, 4/4/54<sup>(1)(2)</sup> | 1750000 | 1714020 |
| Newmont Corp./Newcrest Finance Pty. Ltd., 5.35%, 3/15/34 | 2201000 | 2270220 |
| Rio Tinto Finance USA PLC, 4.50%, 3/14/28 | 2665000 | 2694337 |
| Rio Tinto Finance USA PLC, 5.75%, 3/14/55 | 2611000 | 2615696 |
|  |  | 10888220 |
| **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> | 1060000 | 1037264 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31<sup>(1)</sup> | 2867000 | 3016514 |
|  |  | 4053778 |
| **Multi-Utilities — 1.5%** |  |  |
| Dominion Energy, Inc., 4.90%, 8/1/41 | 2490000 | 2244903 |
| Engie SA, 5.875%, 4/10/54<sup>(1)(2)</sup> | 3920000 | 3965327 |
| NiSource, Inc., 5.35%, 7/15/35 | 1949000 | 1969279 |
|  |  | 8179509 |
| **Oil, Gas and Consumable Fuels — 6.9%** |  |  |
| Colonial Enterprises, Inc., 5.63%, 11/15/35<sup>(1)</sup> | 575000 | 575761 |
| Columbia Pipelines Holding Co. LLC, 5.68%, 1/15/34<sup>(1)</sup> | 2435000 | 2494469 |
| Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33<sup>(1)</sup> | 1925000 | 2038941 |
| ConocoPhillips Co., 4.85%, 1/15/32 | 3225000 | 3282153 |
| Diamondback Energy, Inc., 5.40%, 4/18/34 | 2459000 | 2484854 |
| Enbridge, Inc., VRN, 6.00%, 1/15/77 | 2645000 | 2656842 |
| Energy Transfer LP, 5.25%, 7/1/29 | 1390000 | 1434872 |
| Energy Transfer LP, 6.55%, 12/1/33 | 2600000 | 2817993 |
| Energy Transfer LP, 6.125%, 12/15/45 | 2495000 | 2457427 |
| Energy Transfer LP, VRN, 6.50%, 2/15/56 | 1032000 | 1027853 |
| Energy Transfer LP, VRN, 6.75%, 2/15/56 | 115000 | 114724 |
| Eni SpA, 5.95%, 5/15/54<sup>(1)</sup> | 2240000 | 2176444 |
| Expand Energy Corp., 6.75%, 4/15/29<sup>(1)</sup> | 577000 | 584775 |
| Expand Energy Corp., 5.375%, 3/15/30 | 1469000 | 1484736 |
| Florida Gas Transmission Co. LLC, 5.75%, 7/15/35<sup>(1)</sup> | 2000000 | 2062298 |
| HF Sinclair Corp., 5.50%, 9/1/32 | 1133000 | 1137344 |
| ONEOK, Inc., 5.40%, 10/15/35 | 795000 | 787747 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Petroleos Mexicanos, 6.875%, 8/4/26 | $1342000 | $1351864 |
| Petroleos Mexicanos, 5.35%, 2/12/28 | 223000 | 218775 |
| Petroleos Mexicanos, 6.84%, 1/23/30 | 148000 | 147971 |
| Petroleos Mexicanos, 5.95%, 1/28/31 | 3040000 | 2844158 |
| Southern Natural Gas Co. LLC, 5.45%, 8/1/35<sup>(1)</sup> | 592000 | 595663 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/1/31 | 1730000 | 1724155 |
| Williams Cos., Inc., 4.625%, 6/30/30 | 2765000 | 2780688 |
|  |  | 39282507 |
| **Paper and Forest Products — 0.2%** |  |  |
| Louisiana-Pacific Corp., 3.625%, 3/15/29<sup>(1)</sup> | 1184000 | 1142977 |
| **Passenger Airlines — 0.7%** |  |  |
| American Airlines, Inc., 7.25%, 2/15/28<sup>(1)(2)</sup> | 825000 | 846914 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | 2010155 | 2015409 |
| Delta Air Lines, Inc., 4.95%, 7/10/28 | 935000 | 947080 |
|  |  | 3809403 |
| **Pharmaceuticals — 1.2%** |  |  |
| Bristol-Myers Squibb Co., 5.55%, 2/22/54 | 2175000 | 2099263 |
| EMD Finance LLC, 4.375%, 10/15/30<sup>(1)</sup> | 1373000 | 1371768 |
| EMD Finance LLC, 5.00%, 10/15/35<sup>(1)</sup> | 913000 | 904206 |
| Takeda U.S. Financing, Inc., 5.20%, 7/7/35 | 2200000 | 2210965 |
|  |  | 6586202 |
| **Semiconductors and Semiconductor Equipment — 2.0%** |  |  |
| Foundry JV Holdco LLC, 5.50%, 1/25/31<sup>(1)</sup> | 999000 | 1038085 |
| Foundry JV Holdco LLC, 6.10%, 1/25/36<sup>(1)</sup> | 892000 | 934325 |
| Foundry JV Holdco LLC, 6.30%, 1/25/39<sup>(1)</sup> | 3477000 | 3680413 |
| Intel Corp., 3.90%, 3/25/30 | 1070000 | 1042954 |
| Intel Corp., 5.15%, 2/21/34<sup>(2)</sup> | 1235000 | 1233960 |
| Intel Corp., 5.60%, 2/21/54 | 1228000 | 1117650 |
| Micron Technology, Inc., 5.30%, 1/15/31 | 1585000 | 1636110 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., 4.85%, 8/19/32 | 612000 | 611952 |
|  |  | 11295449 |
| **Software — 0.9%** |  |  |
| AppLovin Corp., 5.125%, 12/1/29 | 793000 | 811283 |
| AppLovin Corp., 5.375%, 12/1/31 | 1738000 | 1791521 |
| AppLovin Corp., 5.50%, 12/1/34 | 775000 | 791346 |
| Synopsys, Inc., 5.00%, 4/1/32 | 1416000 | 1445220 |
|  |  | 4839370 |
| **Specialized REITs — 0.2%** |  |  |
| VICI Properties LP/VICI Note Co., Inc., 4.125%, 8/15/30<sup>(1)</sup> | 1340000 | 1294876 |
| **Specialty Retail — 0.7%** |  |  |
| Advance Auto Parts, Inc., 7.00%, 8/1/30<sup>(1)</sup> | 826000 | 848160 |
| Advance Auto Parts, Inc., 7.375%, 8/1/33<sup>(1)</sup> | 800000 | 820644 |
| Home Depot, Inc., 5.30%, 6/25/54 | 2440000 | 2323324 |
|  |  | 3992128 |
| **Technology Hardware, Storage and Peripherals — 0.5%** |  |  |
| Dell International LLC/EMC Corp., 5.30%, 4/1/32 | 953000 | 982438 |
| Western Digital Corp., 2.85%, 2/1/29 | 1814000 | 1705625 |
|  |  | 2688063 |
| **Trading Companies and Distributors — 0.2%** |  |  |
| Herc Holdings, Inc., 5.50%, 7/15/27<sup>(1)</sup> | 635000 | 634709 |
| Herc Holdings, Inc., 7.25%, 6/15/33<sup>(1)</sup> | 664000 | 697031 |
|  |  | 1331740 |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| **Wireless Telecommunication Services — 0.3%** | | |
| T-Mobile USA, Inc., 6.70%, 12/15/33<sup>(2)</sup> | $1520000 | $1683339 |
| **TOTAL CORPORATE BONDS**<br>(Cost $476,003,917) |  | **483362868** |
| **CONVERTIBLE PREFERRED SECURITIES — 5.2%** |  |  |
| **Banks — 4.3%** |  |  |
| Australia & New Zealand Banking Group Ltd., 6.75%<sup>(1)</sup> | 778000 | 788933 |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% | 2600000 | 2593886 |
| Banco Mercantil del Norte SA, 5.875%<sup>(1)</sup> | 625000 | 616453 |
| Banco Mercantil del Norte SA, 7.50%<sup>(1)</sup> | 778000 | 786591 |
| Banco Santander SA, 4.75% | 2800000 | 2742863 |
| Barclays PLC, 6.125%<sup>(2)</sup> | 2500000 | 2506170 |
| BNP Paribas SA, 4.625%<sup>(1)</sup> | 2150000 | 2108865 |
| BNP Paribas SA, 8.50%<sup>(1)</sup> | 2464000 | 2623332 |
| HSBC Holdings PLC, 6.00% | 2442000 | 2448654 |
| HSBC Holdings PLC, 6.875% | 558000 | 576882 |
| ING Groep NV, 5.75% | 1340000 | 1343061 |
| ING Groep NV, 7.50% | 1334000 | 1390538 |
| Intesa Sanpaolo SpA, 7.70%<sup>(1)</sup> | 2000000 | 2003076 |
| Macquarie Bank Ltd., 6.125%<sup>(1)</sup> | 659000 | 666145 |
| Svenska Handelsbanken AB, 4.375% | 1200000 | 1178692 |
|  |  | 24374141 |
| **Capital Markets — 0.6%** |  |  |
| Deutsche Bank AG, 6.00% | 800000 | 800094 |
| UBS Group AG, 9.25%<sup>(1)</sup> | 2405000 | 2641746 |
|  |  | 3441840 |
| **Insurance — 0.3%** |  |  |
| Allianz SE, 3.50%<sup>(1)</sup> | 1600000 | 1589533 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $29,214,027) |  | **29405514** |
| **PREFERRED SECURITIES — 3.9%** |  |  |
| **Banks — 1.7%** |  |  |
| Bank of America Corp., 4.375% | 1255000 | 1229042 |
| Bank of America Corp., 6.25% | 1475000 | 1480004 |
| Citigroup, Inc., 3.875% | 2627000 | 2599632 |
| Citigroup, Inc., 4.00% | 2000000 | 1986237 |
| M&T Bank Corp., 5.125%<sup>(2)</sup> | 862000 | 857274 |
| Wells Fargo & Co., 3.90% | 1350000 | 1337860 |
|  |  | 9490049 |
| **Capital Markets — 0.8%** |  |  |
| Charles Schwab Corp., 4.00% | 2013000 | 1985188 |
| Goldman Sachs Group, Inc., 7.38% | 2638000 | 2656118 |
|  |  | 4641306 |
| **Consumer Finance — 0.2%** |  |  |
| Ally Financial, Inc., 4.70% | 1205000 | 1101899 |
| **Oil, Gas and Consumable Fuels — 0.6%** |  |  |
| Energy Transfer LP, 6.50% | 3215000 | 3234743 |
| **Trading Companies and Distributors — 0.6%** |  |  |
| Air Lease Corp., 4.65% | 1580000 | 1566617 |
| Aircastle Ltd., 5.25%<sup>(1)</sup> | 1925000 | 1917493 |
|  |  | 3484110 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $21,831,746) |  | **21952107** |

---

------

Schedule of Investments - Diversified Corporate Bond ETF

---

| | | |
|:---|:---|:---|
|<br>**U.S. TREASURY SECURITIES — 0.5%** | **Principal<br>Amount/Shares** | **Value** |
| U.S. Treasury Notes, 4.00%, 5/31/30<sup>(3)</sup> | $250000 | $253506 |
| U.S. Treasury Notes, 4.00%, 1/31/31<sup>(3)</sup> | 395000 | 399776 |
| U.S. Treasury Notes, 4.125%, 3/31/31<sup>(3)</sup> | 1650000 | 1679487 |
| U.S. Treasury Notes, 4.375%, 1/31/32<sup>(3)</sup> | 745000 | 765982 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $3,008,655) |  | **3098751** |
| **SHORT-TERM INVESTMENTS — 6.4%** |  |  |
| **Money Market Funds — 6.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 22211309 | 22211309 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 13730943 | 13730943 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $35,942,252) |  | **35942252** |
| **TOTAL INVESTMENT SECURITIES — 101.4%**<br>(Cost $566,000,597) |  | **573761492** |
| **OTHER ASSETS AND LIABILITIES — (1.4)%** |  | **(7732440)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**566029052** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 10-Year Ultra Notes | 43 | December 2025 | $4919469 | $15948 |
| U.S. Treasury Long Bonds | 87 | December 2025 | 9939750 | 33814 |
| U.S. Treasury Ultra Bonds | 370 | December 2025 | 43128125 | 118015 |
|  |  |  | $57987344 | $167777 |

---

^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 $161,290,265, which represented 28.5% 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 $13,274,375. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $2,514,251.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $13,730,943.

------

Schedule of Investments - Diversified Corporate Bond 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 |  | $483362868 |  |
| Convertible Preferred Securities |  | 29405514 |  |
| Preferred Securities |  | 21952107 |  |
| U.S. Treasury Securities |  | 3098751 |  |
| Short-Term Investments | $35942252 |  |  |
|  | $35942252 | $537819240 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $167777 |  |  |

---

**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 Risk** |
| **Liability Derivatives:** | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $374623 |

---

\*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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate Risk** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $(1928075) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $333954 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Diversified Municipal Bond ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 99.9%** | **Principal<br>Amount/Shares** | **Value** |
| **Alabama — 2.9%** | | |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 6/1/49 (GA: Goldman Sachs Group, Inc.) | $770000 | $817436 |
| Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) | 40000 | 41744 |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) | 330000 | 348903 |
| Black Belt Energy Gas District Rev., VRN, 5.50%, 10/1/54 (GA: Goldman Sachs Group, Inc.) | 1000000 | 1084255 |
| Black Belt Energy Gas District Rev., VRN, 5.00%, 3/1/55 (GA: BP PLC) | 1905000 | 2009451 |
| Energy Southeast A Cooperative District Rev., VRN, 5.75%, 4/1/54 (GA: Morgan Stanley) | 750000 | 827269 |
| Energy Southeast A Cooperative District Rev., VRN, 5.25%, 7/1/54 (GA: Morgan Stanley) | 600000 | 644502 |
| Jefferson Sewer County Rev., 5.25%, 10/1/42 | 1000000 | 1029225 |
| Mobile County Industrial Development Authority Rev., (AM/NS Calvert LLC), 4.75%, 12/1/54 (GA: Arcelormittal SA) | 170000 | 147950 |
| Southeast Alabama Gas Supply District Rev., VRN, 5.00%, 6/1/49 (GA: Morgan Stanley) | 1110000 | 1182043 |
| Southeast Alabama Gas Supply District Rev., VRN, 5.00%, 8/1/54 (GA: Pacific Life Insurance Co.) | 3500000 | 3715997 |
| 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 | 2223657 |
|  |  | 14072432 |
| **Arizona — 3.7%** |  |  |
| Arizona Board of Regents Rev., (Arizona State University), 5.50%, 7/1/48 | 750000 | 786337 |
| Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/33 | 500000 | 571219 |
| Arizona Health Facilities Authority Rev., VRN, 2.98%, (MUNIPSA plus 0.25%), 1/1/46 | 130000 | 129016 |
| Arizona Industrial Development Authority Rev., (Equitable School Revolving Fund LLC Obligated Group), 5.00%, 11/1/29 | 1780000 | 1903522 |
| Arizona Industrial Development Authority Rev., (Ironwood Ranch Apartments LP), VRN, 5.00%, 2/1/58 | 525000 | 535765 |
| Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51<sup>(1)(2)(3)</sup> | 100000 | 3060 |
| Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40<sup>(1)</sup> | 200000 | 173594 |
| Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) | 400000 | 415842 |
| Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert AZ Waterworks & Sewer System), 5.00%, 7/15/27 | 1000000 | 1049915 |
| Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 155000 | 158804 |
| Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41<sup>(1)</sup> | 620000 | 519743 |
| La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/38 | 500000 | 495293 |
| Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 5.00%, 1/1/53 | 1000000 | 1012398 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31<sup>(1)</sup> | 500000 | 474675 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39<sup>(1)</sup> | 200000 | 199668 |
| Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 4.25%, 7/1/44 | 585000 | 494905 |
| Phoenix Civic Improvement Corp. Rev., (City of Phoenix AZ Wastewater), 5.00%, 7/1/32 | 500000 | 567903 |
| Pima County Sewer System Rev., 5.00%, 7/1/30 | 600000 | 636452 |
| Salt River Project Agricultural Improvement & Power District Rev., 4.00%, 1/1/38 | 750000 | 744201 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/48 | 2000000 | 2049551 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/50 | 2000000 | 2034505 |
| Scottsdale GO, 4.00%, 7/1/31 | 500000 | 528493 |
| Sierra Vista Industrial Development Authority Rev., (American Leadership Academy, Inc.), 5.00%, 6/15/34<sup>(1)</sup> | 1000000 | 1027306 |
| Sierra Vista Industrial Development Authority Rev., (Wake Preparatory Academy), 5.25%, 6/15/35 | 800000 | 805293 |
| State of Arizona COP, 5.00%, 9/1/25 | 240000 | 240000 |
| State of Arizona COP, 5.00%, 9/1/25<sup>(4)</sup> | 580000 | 580000 |
|  |  | 18137460 |
| **Arkansas — 0.5%** |  |  |
| Arkansas Development Finance Authority Rev., (United States Steel Corp.), 5.70%, 5/1/53 | 330000 | 332110 |
| Searcy Sales & Use Tax Rev., 5.00%, 11/1/32 | 1000000 | 1092616 |
| Searcy Sales & Use Tax Rev., 5.00%, 11/1/33 | 1000000 | 1082876 |
|  |  | 2507602 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| **California — 2.4%** | | |
| California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30 | $500000 | $527656 |
| California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50<sup>(5)</sup> | 100000 | 22261 |
| California Health Facilities Financing Authority Rev., (Episcopal Communities & Services for Seniors Obligated Group), 3.85%, 11/15/27 | 250000 | 250234 |
| California Housing Finance Agency Rev., 4.25%, 1/15/35 | 452087 | 461756 |
| California Housing Finance Agency Rev., 3.50%, 11/20/35 | 102052 | 96307 |
| California Infrastructure & Economic Development Bank Rev., (Desertxpress Enterprises LLC), VRN, 9.50%, 1/1/65<sup>(1)</sup> | 1750000 | 1609192 |
| California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AG) | 165000 | 165400 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29<sup>(1)</sup> | 50000 | 52922 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30<sup>(1)</sup> | 110000 | 116996 |
| California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36<sup>(1)</sup> | 175000 | 178622 |
| California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52<sup>(1)</sup> | 110000 | 92012 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2023B), 5.50%, 9/1/43 | 625000 | 638453 |
| California Municipal Finance Authority Special Tax, (California Municipal Finance Authority BOLD Program Series 2024A), 5.00%, 9/1/48 | 400000 | 391171 |
| California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 5.00%, 11/15/46<sup>(1)</sup> | 500000 | 435290 |
| California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/30<sup>(1)</sup> | 320000 | 324039 |
| California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/56<sup>(1)</sup> | 250000 | 207220 |
| California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42<sup>(1)</sup> | 650000 | 661036 |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34 | 185000 | 189835 |
| California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/48 | 625000 | 577266 |
| California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38<sup>(1)</sup> | 240000 | 241089 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Altana Apartments), 4.00%, 10/1/56<sup>(1)</sup> | 100000 | 72743 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Escondido Portfolio), 4.00%, 12/1/59<sup>(1)</sup> | 750000 | 384382 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Oceanaire Apartments), 4.00%, 9/1/56<sup>(1)</sup> | 300000 | 211482 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Orange Portfolio), 3.00%, 3/1/57<sup>(1)</sup> | 500000 | 316556 |
| CSCDA Community Improvement Authority Rev., (CSCDA Community Improvement Authority Westgate Apartments), 4.00%, 6/1/57<sup>(1)</sup> | 290000 | 86299 |
| Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66<sup>(5)</sup> | 500000 | 46584 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45<sup>(1)</sup> | 1540000 | 1382413 |
| Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/61<sup>(1)</sup> | 500000 | 417136 |
| Morongo Band of Mission Indians Rev., 5.00%, 10/1/42<sup>(1)</sup> | 100000 | 98880 |
| Orange County Community Facilities District Special Tax, (County of Orange CA Community Facilities District No. 2023-1), 5.50%, 8/15/48 | 300000 | 306672 |
| Port of Los Angeles Rev., 5.00%, 8/1/35 | 1250000 | 1380394 |
|  |  | 11942298 |
| **Colorado — 4.2%** |  |  |
| Board of Governors of Colorado State University System Rev., 4.00%, 3/1/44 | 1220000 | 1084162 |
| Board of Water Commissioners City & County of Denver Rev., 5.00%, 12/15/52 | 1000000 | 1014498 |
| Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40 | 1030000 | 980480 |
| City & County of Denver Airport System Rev., 5.50%, 11/15/41 | 500000 | 528536 |
| City & County of Denver Airport System Rev., 5.50%, 11/15/42 | 750000 | 784853 |
| City & County of Denver Airport System Rev., 5.75%, 11/15/45 | 750000 | 785943 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/48 | 100000 | 100528 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/59 | 260000 | 282192 |
| Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/60 | 545000 | 596737 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 | 200000 | 203504 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.25%, 12/1/54 | $430000 | $428553 |
| Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 300000 | 302160 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/34 | 385000 | 418302 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 5.00%, 12/1/35 | 500000 | 537876 |
| Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | 500000 | 453121 |
| Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62 | 1530000 | 1563450 |
| Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 | 150000 | 140240 |
| Crowfoot Valley Ranch Metropolitan District No. 2 GO, 4.25%, 12/1/49 (BAM) | 1000000 | 858585 |
| Denver City & County Rev., (4340 South Monaco LLC), 4.70%, 10/1/42 (FNMA) | 525000 | 524385 |
| Denver Urban Renewal Authority Tax Allocation, (Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39<sup>(1)</sup> | 100000 | 96620 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/34 (BAM) | 300000 | 325594 |
| Meridian Village Metropolitan District No. 1 GO, 5.00%, 12/1/35 (BAM) | 325000 | 349808 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 5.00%, 12/1/43 (AG) | 1400000 | 1425725 |
| Park Creek Metropolitan District Rev., (Park Creek Metropolitan District Westerly Creek District Service Area), 4.00%, 12/1/46 (AG) | 500000 | 436300 |
| Parterre Metropolitan District No. 5 GO, 6.125%, 12/1/55 | 500000 | 511225 |
| Prairie Center Metropolitan District No. 3 GO, 5.875%, 12/15/46 | 500000 | 511354 |
| Raindance Metropolitan District No. 2 GO, 5.00%, 12/1/31 (BAM) | 220000 | 240998 |
| Raindance Metropolitan District No. 2 GO, 5.00%, 12/1/32 (BAM) | 300000 | 326559 |
| Red Barn Metropolitan District GO, 5.50%, 12/1/55 | 785000 | 751528 |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado GO, 5.00%, 4/1/35<sup>(1)</sup> | 2000000 | 2125708 |
| State of Colorado COP, 6.00%, 12/15/38 | 230000 | 262358 |
| State of Colorado COP, 6.00%, 12/15/40 | 385000 | 434047 |
| Sterling Ranch Community Authority Board Special Assessment, (Sterling Ranch Metropolitan District No. 1), 5.625%, 12/1/43 | 339000 | 333867 |
| Trails at Crowfoot Metropolitan District No. 3 GO, 4.00%, 12/1/44 (AG) | 500000 | 427524 |
| Village Metropolitan District GO, 5.00%, 12/1/49 | 500000 | 477263 |
|  |  | 20624583 |
| **Connecticut — 1.2%** |  |  |
| Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 3.20%, 7/1/37 | 500000 | 502122 |
| Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 2.80%, 7/1/57 | 470000 | 470278 |
| Connecticut State Health & Educational Facilities Authority Rev., (Yale-New Haven Health Obligated Group), VRN, 5.00%, 7/1/49 | 325000 | 349703 |
| New Haven GO, 5.00%, 8/1/31 (AG) | 1250000 | 1393378 |
| Stamford Housing Authority Rev., (TJH Senior Living LLC Obligated Group), 4.25%, 10/1/30 | 750000 | 759400 |
| State of Connecticut GO, 4.00%, 1/15/35 | 1000000 | 1019513 |
| State of Connecticut, Special Tax Rev., 5.00%, 5/1/29 | 1145000 | 1252037 |
|  |  | 5746431 |
| **Delaware — 0.1%** |  |  |
| Town of Bridgeville Special Tax, (Town of Bridgeville Heritage Shores Special Development District), 5.625%, 7/1/53<sup>(1)</sup> | 700000 | 690866 |
| **District of Columbia — 0.9%** |  |  |
| District of Columbia GO, 5.00%, 1/1/41 | 1000000 | 1043285 |
| District of Columbia Rev., (Rocketship DC Obligated Group), 5.75%, 6/1/54 | 500000 | 481149 |
| District of Columbia Income Tax Rev., 5.00%, 6/1/36 | 1000000 | 1120615 |
| District of Columbia Income Tax Rev., 5.25%, 5/1/48 | 1000000 | 1030043 |
| District of Columbia Water & Sewer Authority Rev., 4.00%, 10/1/51 | 500000 | 425642 |
| Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/38 | 270000 | 257829 |
|  |  | 4358563 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| **Florida — 9.6%** | | |
| Alachua County Health Facilities Authority Rev., (Oak Hammock at the University of Florida Obligated Group), 3.625%, 10/1/30 | $230000 | $230592 |
| Broward County Airport System Rev., 5.00%, 10/1/35 | 700000 | 710667 |
| Broward County Port Facilities Rev., 4.00%, 9/1/37 | 750000 | 711583 |
| Broward County Port Facilities Rev., 5.00%, 9/1/40 | 1000000 | 1020160 |
| Broward County Water & Sewer Utility Rev., 5.00%, 10/1/40 | 925000 | 952411 |
| Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 | 880000 | 791600 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 300000 | 315392 |
| Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/33 | 250000 | 261326 |
| Capital Projects Finance Authority Rev., (Navigator Academy of Leadership, Inc. Obligated Group), 5.00%, 6/15/54<sup>(1)</sup> | 1220000 | 1070634 |
| Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/53 | 750000 | 670153 |
| Central Florida Expressway Authority Rev., 5.00%, 7/1/29 | 1060000 | 1154842 |
| Central Florida Expressway Authority Rev., 5.00%, 7/1/44 (AG) | 1100000 | 1141306 |
| Duval County Public Schools COP, 5.00%, 7/1/35 (AG) | 420000 | 446531 |
| Florida Development Finance Corp. Rev., 3.00%, 7/1/31<sup>(1)</sup> | 155000 | 148122 |
| Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26<sup>(1)</sup> | 110000 | 110005 |
| Florida Development Finance Corp. Rev., (Renaissance Charter School, Inc.), 6.75%, 6/15/53<sup>(1)</sup> | 500000 | 514966 |
| Florida Development Finance Corp. Rev., (St. Andrew's School of Boca Raton, Inc.), 5.25%, 6/1/54 | 1660000 | 1584267 |
| Florida Local Government Finance Commission Rev., (Ponte Vedra Pine Co. LLC Obligated Group), 4.70%, 11/15/31<sup>(1)(6)</sup> | 1780000 | 1789843 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/38 | 500000 | 538956 |
| Fort Lauderdale Water & Sewer Rev., 5.00%, 9/1/38 | 650000 | 700643 |
| Fort Lauderdale Water & Sewer Rev., 5.50%, 9/1/48 | 1250000 | 1322404 |
| Fort Pierce Utilities Authority Rev., 5.00%, 10/1/29 (AG) | 1050000 | 1144616 |
| Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33 | 180000 | 184331 |
| Greater Orlando Aviation Authority Rev., 4.00%, 10/1/37 | 985000 | 949664 |
| Hillsborough County Housing Finance Authority Rev., 4.55%, 2/1/42 (FNMA) | 1495000 | 1453589 |
| Hillsborough County Industrial Development Authority Rev., (BayCare Obligated Group), 5.25%, 11/15/49 | 1500000 | 1538400 |
| Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39<sup>(1)</sup> | 1000000 | 903239 |
| Lakeland Department of Electric Utilities Rev., 5.00%, 10/1/39 | 500000 | 546357 |
| Lee County Industrial Development Authority Rev., (Shell Point Obligated Group), 4.125%, 11/15/29 | 435000 | 438673 |
| Martin County Health Facilities Authority Rev., (Cleveland Clinic Health System Obligated Group), 4.00%, 1/1/46 | 695000 | 595344 |
| Miami Beach Redevelopment Agency Tax Allocation, (Miami Beach Redev Agy City Center/Historic Convention Vlg Redev & Revitalizatio), 5.00%, 2/1/44 (AG) | 1500000 | 1518883 |
| Miami-Dade County Aviation Rev., 5.00%, 10/1/38 | 500000 | 499967 |
| Miami-Dade County Housing Finance Authority Rev., 4.95%, 11/1/41 (FNMA)<sup>(6)</sup> | 2000000 | 2012297 |
| Miami-Dade County Housing Finance Authority Rev., (Residences at Palm Court LLC), 5.00%, 9/1/43 (HUD) | 1000000 | 999935 |
| Miami-Dade County Housing Finance Authority Rev., (RGC Phase I LLC), 4.88%, 3/1/46 (FNMA), (HUD) | 1500000 | 1435229 |
| Miami-Dade County Seaport Department Rev., 4.00%, 10/1/46 | 450000 | 381876 |
| Miami-Dade County Seaport Department Rev., 5.25%, 10/1/52 | 800000 | 794388 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/44 | 1000000 | 900811 |
| Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44 | 850000 | 856305 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/46 | 500000 | 438934 |
| Mid-Bay Bridge Authority Rev., 5.00%, 10/1/30 (AG) | 2000000 | 2196474 |
| Orlando Utilities Commission Rev., 5.00%, 10/1/48 | 3000000 | 3032203 |
| Pasco County Rev., (State of Florida Cigarette Tax), 5.75%, 9/1/54 (AG) | 290000 | 302918 |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 100000 | 102087 |
| Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 475000 | 457314 |
| South Florida Water Management District COP, 5.00%, 10/1/36 | 560000 | 565030 |
| South Miami Health Facilities Authority, Inc. Rev., (Baptist Health South Florida Obligated Group), VRN, 5.00%, 8/15/65 | 580000 | 626273 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| St. Johns Water & Sewer Rev., 5.00%, 6/1/52 | $1465000 | $1496587 |
| Venice Rev., (Southwest Florida Retirement Center, Inc. Obligated Group), 4.50%, 1/1/30<sup>(1)</sup> | 800000 | 803067 |
| Village Community Development District No. 13 Special Assessment, (Village Community Development District No. 13 Phase I Series 2019), 3.55%, 5/1/39 | 250000 | 217947 |
| Village Community Development District No. 14 Special Assessment, (Village Community Development District No. 14 Series 2022 Phase I), 5.50%, 5/1/53 | 950000 | 952434 |
| 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> | 500000 | 485126 |
| 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 | 603865 |
| Wildwood Utility Dependent District Rev., 5.00%, 10/1/36 (BAM) | 455000 | 485239 |
| Wildwood Utility Dependent District Rev., 5.50%, 10/1/48 (AG) | 780000 | 820020 |
|  |  | 46925825 |
| **Georgia — 4.7%** |  |  |
| Atlanta Airport Passenger Facility Charge Rev., 4.00%, 7/1/40 | 1000000 | 921935 |
| Atlanta Water & Wastewater Rev., 4.00%, 11/1/37 | 1345000 | 1341061 |
| Atlanta Water & Wastewater Rev., 4.00%, 11/1/43 (BAM) | 290000 | 267776 |
| Cobb County Kennestone Hospital Authority Rev., (WellStar Health System Obligated Group), 4.00%, 4/1/52 | 1000000 | 813637 |
| Columbia County Hospital Authority Rev., (WellStar Health System Obligated Group), 5.125%, 4/1/48 | 390000 | 391955 |
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.70%, 10/1/32 | 525000 | 532777 |
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.35%, 11/1/48 | 1500000 | 1512880 |
| Development Authority of Burke County Rev., (Georgia Power Co.), VRN, 3.375%, 11/1/53 | 180000 | 180590 |
| Development Authority of Burke County Rev., (Oglethorpe Power Corp.), VRN, 3.60%, 1/1/40 | 1500000 | 1527784 |
| George L Smith II Congress Center Authority Rev., 4.00%, 1/1/36 | 500000 | 499558 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31<sup>(1)</sup> | 475000 | 460046 |
| George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 5.00%, 1/1/36<sup>(1)</sup> | 500000 | 502287 |
| Georgia Ports Authority Rev., 5.25%, 7/1/52 | 1500000 | 1543406 |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup, Inc.) | 1200000 | 1217558 |
| Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada) | 415000 | 421222 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 7/1/53 (GA: Royal Bank of Canada) | 535000 | 566778 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 9/1/53 (GA: Royal Bank of Canada) | 550000 | 584045 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 5/1/54 (GA: Citigroup, Inc.) | 955000 | 1015737 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 5/1/54 (GA: Royal Bank of Canada) | 1910000 | 2040925 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/54 (GA: Citigroup, Inc.) | 1500000 | 1594579 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 6/1/55 (GA: TD Bank N.A.) | 1000000 | 1068669 |
| Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/55 (GA: Citigroup, Inc.) | 1000000 | 1057980 |
| Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44 | 1325000 | 1184887 |
| State of Georgia GO, 5.00%, 7/1/29 | 1465000 | 1611270 |
|  |  | 22859342 |
| **Guam — 0.4%** |  |  |
| Guam Government Waterworks Authority Rev., (Guam Government Waterworks Authority Water And Wastewater System), 5.50%, 7/1/43 | 730000 | 763089 |
| Guam Power Authority Rev., 5.00%, 10/1/42 | 200000 | 201902 |
| Guam Power Authority Rev., 5.00%, 10/1/43 | 200000 | 201220 |
| Guam Power Authority Rev., 5.00%, 10/1/44 | 200000 | 199587 |
| Port Authority of Guam Rev., 5.00%, 7/1/33 | 250000 | 255825 |
| Port Authority of Guam Rev., 5.00%, 7/1/34 | 225000 | 229479 |
| Port Authority of Guam Rev., 5.00%, 7/1/35 | 200000 | 203350 |
|  |  | 2054452 |
| **Hawaii — 0.2%** |  |  |
| City & County Honolulu Wastewater System Rev., 5.00%, 7/1/38 | 125000 | 137105 |
| Honolulu GO, 5.00%, 7/1/29 | 830000 | 909990 |
|  |  | 1047095 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| **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 | $316084 |
| Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), VRN, 5.00%, 3/1/60 | 370000 | 398650 |
|  |  | 714734 |
| **Illinois — 7.4%** |  |  |
| Brown County Community Unit School District No. 1 GO, 5.00%, 12/1/37 (BAM) | 1125000 | 1190522 |
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/29 (BAM) | 840000 | 901901 |
| Champaign County Community Unit School District No. 116 Urbana GO, 5.00%, 1/1/32 (BAM) | 695000 | 767436 |
| Chicago GO, 4.00%, 1/1/35 | 500000 | 474008 |
| Chicago GO, 5.25%, 1/1/38 | 1000000 | 1012089 |
| Chicago GO, 6.00%, 1/1/38 | 20000 | 20306 |
| Chicago GO, 5.50%, 1/1/49 | 100000 | 95646 |
| Chicago GO, 6.00%, 1/1/50 | 800000 | 815252 |
| Chicago Board of Education GO, 5.00%, 12/1/27 (AG) | 700000 | 728883 |
| Chicago Board of Education GO, 5.00%, 12/1/34 | 280000 | 280896 |
| Chicago Board of Education GO, 5.00%, 12/1/42 | 1060000 | 946446 |
| Chicago Midway International Airport Rev., 5.75%, 1/1/48 (BAM) | 285000 | 297693 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/26 | 1000000 | 1007840 |
| Chicago O'Hare International Airport Rev., (Chicago O'Hare International Airport Customer Facility Charge), 5.25%, 1/1/43 (BAM) | 1000000 | 1026348 |
| Chicago O'Hare International Airport Rev., (TrIPs Obligated Group), 5.50%, 7/1/37 | 1000000 | 1087292 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/38 (BAM) | 500000 | 536811 |
| Chicago Wastewater Transmission Rev., 5.00%, 1/1/39 (AG) | 1000000 | 1046772 |
| Chicago Wastewater Transmission Rev., 5.25%, 1/1/53 (AG) | 750000 | 760610 |
| Chicago Waterworks Rev., 5.00%, 11/1/27 | 1000000 | 1025202 |
| Chicago Waterworks Rev., 5.00%, 11/1/36 (AG) | 500000 | 509993 |
| Cook County GO, 4.00%, 11/15/25 | 1290000 | 1293809 |
| Cook County GO, 5.00%, 11/15/26 | 830000 | 855516 |
| Cook County GO, 5.00%, 11/15/31 | 1000000 | 1023227 |
| Cook County Sales Tax Rev., 4.00%, 11/15/40 | 900000 | 830071 |
| Cook County Sales Tax Rev., 5.25%, 11/15/45 (BAM-TCRS) | 725000 | 742422 |
| Illinois Finance Authority Rev., (Centerpoint Joliet Terminal Railroad LLC), VRN, 4.80%, 12/1/43<sup>(1)</sup> | 335000 | 335456 |
| Illinois Finance Authority Rev., (Centerpoint Joliet Terminal Railroad LLC), VRN, 4.125%, 12/1/50 (GA: Centerpoint Properties TR)<sup>(1)</sup> | 1000000 | 961090 |
| Illinois Finance Authority Rev., (Navy Pier, Inc. Obligated Group), 5.00%, 10/1/34<sup>(1)</sup> | 1770000 | 1826450 |
| Illinois Finance Authority Rev., (Rosalind Franklin University of Medicine and Science), 5.25%, 8/1/35<sup>(1)</sup> | 910000 | 907343 |
| Illinois Finance Authority Rev., (University of Chicago Medical Center Obligated Group), VRN, 5.00%, 8/15/52 | 250000 | 259222 |
| Illinois Finance Authority Rev., (University of Chicago Medical Center Obligated Group), VRN, 5.00%, 8/15/59 | 770000 | 827993 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/40 | 1000000 | 1000606 |
| Illinois State Toll Highway Authority Rev., 4.00%, 1/1/42 | 1000000 | 932319 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/42 | 380000 | 381466 |
| Illinois State Toll Highway Authority Rev., 5.25%, 1/1/43 | 345000 | 361206 |
| Kane County Forest Preserve District GO, 3.00%, 12/15/25 | 650000 | 650059 |
| Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/39 (AG) | 500000 | 483144 |
| Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), 5.00%, 6/15/29 | 330000 | 344012 |
| Springfield Electric Rev., 5.00%, 3/1/33 (BAM) | 2000000 | 2217271 |
| State of Illinois GO, 5.00%, 11/1/29 | 595000 | 623369 |
| State of Illinois GO, 5.00%, 10/1/33 | 200000 | 208594 |
| State of Illinois GO, 5.50%, 10/1/39 | 1000000 | 1060351 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| State of Illinois GO, 5.50%, 3/1/42 | $1250000 | $1297149 |
| University of Illinois Rev., (University of Illinois Health Services Facilities System), 5.00%, 10/1/37 | 1000000 | 1064437 |
| Village of Downers Grove GO, 4.00%, 1/1/41 | 1015000 | 983881 |
|  |  | 36002409 |
| **Indiana — 1.3%** |  |  |
| Carmel Waterworks Rev., 5.25%, 5/1/47 (BAM) | 330000 | 334829 |
| Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/53 | 250000 | 232007 |
| Indiana Finance Authority Rev., (Indiana University Health, Inc. Obligated Group), VRN, 5.00%, 10/1/62 | 365000 | 385659 |
| Indiana Finance Authority Rev., (Indiana University Health, Inc. Obligated Group), VRN, 5.00%, 10/1/64 | 445000 | 478434 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.50%, 9/15/39 | 190000 | 197812 |
| Indiana Finance Authority Rev., (Methodist Hospitals, Inc. Obligated Group), 5.50%, 9/15/44 | 190000 | 191321 |
| Indiana Finance Authority Rev., (Retirement Living, Inc. Obligated Group), 5.25%, 3/1/50 | 585000 | 554781 |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 5.00%, 7/1/49 | 1030000 | 985695 |
| Indiana Finance Authority Rev., (SFP-PUFW I LLC), 5.75%, 7/1/64 | 470000 | 418445 |
| Indiana Finance Authority Rev., (Westminster Village Greenwood, Inc. Obligated Group), 3.75%, 5/15/32 | 200000 | 200132 |
| Indiana Housing & Community Development Authority Rev., (Carriage House Glendale Housing LP), Series 2025-14FN, Class PT, 4.80%, 9/1/41 (FNMA) | 620000 | 616310 |
| Indianapolis Local Public Improvement Bond Bank Rev., 4.00%, 2/1/47 | 750000 | 654626 |
| Purdue University Rev., 5.00%, 7/1/40 | 750000 | 792720 |
| Valparaiso Rev., (Pratt Paper IN LLC), 4.50%, 1/1/34<sup>(1)</sup> | 235000 | 239417 |
|  |  | 6282188 |
| **Iowa — 1.1%** |  |  |
| Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/34 | 900000 | 1027949 |
| Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/35 | 1125000 | 1249840 |
| Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/36 | 125000 | 137121 |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/41 | 1000000 | 967263 |
| Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 3.60%, (SOFR plus 0.55%), 5/15/56 | 500000 | 488276 |
| Polk County GO, 5.00%, 6/1/44 | 1000000 | 1003703 |
| University of Iowa Rev., 5.00%, 7/1/30 | 350000 | 357401 |
|  |  | 5231553 |
| **Kansas — 0.5%** |  |  |
| Kansas Development Finance Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/54 | 700000 | 775693 |
| Prairie Village Tax Allocation, (City of Prairie Village KS Meadowbrook Redevelopment District), 3.125%, 4/1/36 | 130000 | 120658 |
| Sedgwick County Unified School District No. 262 Valley Center GO, 4.50%, 9/1/44 (AG) | 225000 | 221850 |
| State of Kansas Department of Transportation Rev., 5.00%, 9/1/35 | 1275000 | 1275000 |
|  |  | 2393201 |
| **Kentucky — 0.7%** |  |  |
| Ashland Rev., (Royal Blue Health LLC Obligated Group), 5.00%, 2/1/30 | 370000 | 395210 |
| Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41 | 100000 | 99526 |
| Kentucky Public Energy Authority Rev., VRN, 4.12%, (SOFR plus 1.20%), 8/1/52 (GA: Morgan Stanley) | 1000000 | 999819 |
| Kentucky Public Energy Authority Rev., VRN, 5.25%, 4/1/54 (GA: Morgan Stanley) | 500000 | 538778 |
| Kentucky State Property & Building Commission Rev., (Commonwealth of Kentucky), 4.00%, 11/1/38 | 500000 | 477780 |
| Louisville/Jefferson County Metropolitan Government Rev., (Norton Healthcare Obligated Group), VRN, 5.00%, 10/1/47 | 1000000 | 1077247 |
|  |  | 3588360 |
| **Louisiana — 1.1%** |  |  |
| Greater New Orleans Expressway Commission Rev., 5.00%, 11/1/36 (AG)<sup>(6)</sup> | 535000 | 586681 |
| Greater New Orleans Expressway Commission Rev., 5.00%, 11/1/37 (AG)<sup>(6)</sup> | 750000 | 811215 |
| Greater New Orleans Expressway Commission Rev., 5.00%, 11/1/40 (AG)<sup>(6)</sup> | 500000 | 525588 |
| Louisiana Offshore Terminal Authority Rev., (Loop LLC), VRN, 4.20%, 9/1/33 | 1000000 | 1009713 |
| Louisiana Public Facilities Authority Rev., (Acadiana Renaissance Charter Academy), 6.00%, 6/15/59<sup>(1)</sup> | 800000 | 769745 |
| New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AG) | 250000 | 248051 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| St. John the Baptist Parish LA Rev., (Marathon Oil Corp.), VRN, 3.30%, 6/1/37 | $550000 | $555016 |
| St. John the Baptist Parish LA Rev., (Marathon Oil Corp.), VRN, 4.05%, 6/1/37 (GA: Conocophillips) | 900000 | 907728 |
|  |  | 5413737 |
| **Maryland — 2.5%** |  |  |
| Baltimore Rev., (City of Baltimore MD Harbor Point Special Taxing District), 5.00%, 6/1/51 | 400000 | 374648 |
| Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 | 200000 | 200753 |
| Baltimore Rev., (East Baltimore Research Park Development District), 5.00%, 9/1/38 | 170000 | 170068 |
| Brunswick Special Tax, (City of Brunswick MD Brunswick Crossing District), 5.00%, 7/1/36 | 350000 | 351940 |
| Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42 | 400000 | 392812 |
| Maryland Community Development Administration Rev., (Fairfield Marley Station LP), 4.35%, 2/1/44 (FNMA) | 1500000 | 1376996 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/27 | 375000 | 386927 |
| Maryland Economic Development Corp. Rev., (PRG-Towson Place Properties LLC), 5.00%, 6/1/34 | 725000 | 776671 |
| Maryland Economic Development Corp. Tax Allocation, (City of Baltimore MD Port Covington Development District), 4.00%, 9/1/50 | 1000000 | 793724 |
| Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51 | 500000 | 401809 |
| Maryland Stadium Authority Rev., (Baltimore City Public School Construction Financing Fund), 5.00%, 5/1/42 (ST INTERCEPT) | 625000 | 632257 |
| Montgomery County GO, 5.00%, 8/1/30 | 1640000 | 1836519 |
| Montgomery County GO, 4.00%, 8/1/42 | 1000000 | 943480 |
| State of Maryland GO, 5.00%, 3/15/28 | 535000 | 571259 |
| State of Maryland GO, 5.00%, 6/1/36 | 1500000 | 1636330 |
| State of Maryland Department of Transportation Rev., 5.00%, 10/1/28 | 1320000 | 1391542 |
|  |  | 12237735 |
| **Massachusetts — 2.1%** |  |  |
| Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/43 | 1190000 | 1215648 |
| Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/52 | 1000000 | 1006308 |
| Massachusetts GO, 5.00%, 10/1/37 | 1000000 | 1079950 |
| Massachusetts Clean Water Trust Rev., (Massachusetts Clean Water State Revolving Fund), 5.00%, 2/1/42 | 750000 | 783489 |
| Massachusetts Development Finance Agency Rev., (Boston Medical Center Corp. Obligated Group), 5.25%, 7/1/52 | 750000 | 708968 |
| Massachusetts Development Finance Agency Rev., (CHF Merrimack, Inc.), 4.25%, 7/1/34<sup>(1)</sup> | 450000 | 446249 |
| Massachusetts Development Finance Agency Rev., (GingerCare Living, Inc. Obligated Group), 4.75%, 12/1/29<sup>(1)</sup> | 300000 | 300668 |
| Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32<sup>(1)</sup> | 100000 | 100238 |
| Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 5.00%, 10/1/37<sup>(1)</sup> | 150000 | 151212 |
| Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 4.00%, 2/15/36 | 500000 | 521615 |
| Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 4.00%, 7/15/36 | 565000 | 563744 |
| Massachusetts Port Authority Rev., 5.00%, 7/1/41 | 800000 | 817870 |
| Massachusetts School Building Authority Rev., 5.00%, 8/15/45 | 730000 | 742802 |
| Massachusetts Water Resources Authority Rev., 5.00%, 8/1/37 | 1845000 | 2051092 |
|  |  | 10489853 |
| **Michigan — 2.8%** |  |  |
| Detroit GO, 5.00%, 4/1/26 | 585000 | 591301 |
| Detroit GO, 5.00%, 4/1/35 | 300000 | 316920 |
| Detroit GO, 5.00%, 4/1/38 | 740000 | 763935 |
| Detroit GO, 4.00%, 4/1/42 | 525000 | 453455 |
| Detroit GO, 6.00%, 5/1/43 | 275000 | 293827 |
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/40 | 640000 | 673155 |
| Detroit Downtown Development Authority Tax Allocation, (Detroit Downtown Development Authority Catalyst Development Area), 5.00%, 7/1/42 | 410000 | 422971 |
| Detroit Regional Convention Facility Authority Rev., (State of Michigan Convention Facility Development Fund), 5.00%, 10/1/39 | 1100000 | 1149244 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Great Lakes Water Authority Sewage Disposal System Rev., 5.00%, 7/1/36 | $770000 | $778217 |
| Great Lakes Water Authority Water Supply System Rev., 5.00%, 7/1/37 | 550000 | 598527 |
| Great Lakes Water Authority Water Supply System Rev., 5.00%, 7/1/38 | 1000000 | 1083739 |
| Lansing Board of Water & Light Rev., 5.00%, 7/1/49 | 1145000 | 1167362 |
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 5.00%, 4/15/27 | 1335000 | 1387422 |
| Michigan Finance Authority Rev., (Corewell Health Obligated Group), 4.00%, 4/15/42 | 395000 | 366482 |
| Michigan State Building Authority Rev., (State of Michigan), 4.00%, 10/15/49 | 825000 | 708756 |
| Michigan State Hospital Finance Authority Rev., (Corewell Health Obligated Group), VRN, 5.00%, 8/15/55 | 545000 | 592730 |
| State of Michigan Trunk Line Rev., 5.00%, 11/15/46 | 1650000 | 1690380 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.50%, 12/1/42 (AG) | 440000 | 464729 |
|  |  | 13503152 |
| **Minnesota — 0.8%** |  |  |
| Center City Rev., (Hazelden Betty Ford Foundation), 5.00%, 11/1/30 | 250000 | 272048 |
| Center City Rev., (Hazelden Betty Ford Foundation), 5.00%, 11/1/31 | 210000 | 229547 |
| Center City Rev., (Hazelden Betty Ford Foundation), 5.00%, 11/1/32 | 275000 | 301262 |
| State of Minnesota GO, 5.00%, 10/1/27 | 900000 | 950549 |
| State of Minnesota GO, 5.00%, 8/1/33 | 1000000 | 1145137 |
| State of Minnesota GO, 4.00%, 8/1/41 | 950000 | 906152 |
|  |  | 3804695 |
| **Mississippi — 0.4%** |  |  |
| Hinds County COP, 4.625%, 9/1/54 (BAM)<sup>(1)</sup> | 685000 | 584614 |
| Mississippi Home Corp. Rev., (MS3 Housing LP), Series 2025-06FN, 4.55%, 4/1/42 (FNMA), (HUD) | 1395000 | 1356760 |
|  |  | 1941374 |
| **Missouri — 1.1%** |  |  |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Lutheran Senior Services Obligated Group), 5.25%, 2/1/48 | 1000000 | 959341 |
| Health & Educational Facilities Authority of the State of Missouri Rev., (Mercy Health MO), 5.50%, 12/1/48 | 355000 | 367539 |
| Industrial Development Authority of the City of St. Louis Missouri Rev., 4.75%, 11/15/47 | 30000 | 25235 |
| Jackson County School District No. R-IV Blue Springs GO, 5.50%, 3/1/42 | 1000000 | 1087807 |
| Kansas City Industrial Development Authority Rev., (City of Kansas City MO), 5.00%, 3/1/44 | 1000000 | 984420 |
| St. Charles County Industrial Development Authority Rev., (Fox Hill Preservation LP), 4.65%, 4/1/43 (FNMA), (HUD) | 750000 | 731326 |
| St. Louis County Industrial Development Authority Rev., (Friendship Village St. Louis Obligated Group), 5.25%, 9/1/53 | 145000 | 133113 |
| St. Louis County Industrial Development Authority Rev., (Ranken-Jordan Pediatric Specialty Hospital), 5.00%, 11/15/41 | 1275000 | 1182074 |
|  |  | 5470855 |
| **Nebraska — 0.8%** |  |  |
| Central Plains Energy Project Rev., 5.00%, 9/1/29 (GA: Goldman Sachs Group, Inc.) | 500000 | 528625 |
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs Group, Inc.) | 1000000 | 1053056 |
| Central Plains Energy Project Rev., VRN, 5.00%, 5/1/54 (GA: Bank of Montreal) | 1180000 | 1249503 |
| Omaha Public Power District Rev., 5.50%, 2/1/54 | 1000000 | 1051715 |
|  |  | 3882899 |
| **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 | 604366 |
| Las Vegas Special Improvement District No. 613 Special Assessment, 5.50%, 12/1/53 | 700000 | 676451 |
| Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/49 | 670000 | 529803 |
| Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31 | 350000 | 340545 |
| Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49 | 190000 | 177686 |
| Las Vegas Special Improvement District No. 817 Special Assessment, 6.00%, 6/1/48 | 500000 | 514010 |
| Reno Special Assessment, (City of Reno NV 2024 District No. 1), 5.125%, 6/1/47<sup>(1)</sup> | 465000 | 431452 |
| Sparks Special Improvement District No. 1 Special Assessment, 5.00%, 6/1/39 | 185000 | 185325 |
| Sparks Special Improvement District No. 1 Special Assessment, 5.00%, 6/1/44 | 170000 | 162397 |
| Sparks Special Improvement District No. 1 Special Assessment, 5.125%, 6/1/54 | 215000 | 198549 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| State of Nevada GO, 5.00%, 8/1/30 | $1530000 | $1670100 |
| Tahoe-Douglas Visitors Authority Rev., 5.00%, 7/1/51 | 500000 | 466830 |
|  |  | 5957514 |
| **New Hampshire — 0.4%** |  |  |
| New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.25%, 6/1/51 (BAM) | 1000000 | 1019629 |
| New Hampshire Business Finance Authority Rev., SEQ, 4.125%, 1/20/34 | 273618 | 272061 |
| New Hampshire Health & Education Facilities Authority Act Rev., (Trustees of Dartmouth College), VRN, 3.30%, 6/1/38 | 555000 | 559226 |
|  |  | 1850916 |
| **New Jersey — 2.4%** |  |  |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 11/1/37 | 500000 | 530107 |
| New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32 | 625000 | 710013 |
| New Jersey Higher Education Student Assistance Authority Rev., VRN, 5.00%, 12/1/56 | 2000000 | 2026277 |
| New Jersey Housing & Mortgage Finance Agency Rev., (Montgomery Gateway Preservation LP), 4.55%, 5/1/41 (FNMA) | 455000 | 451409 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 6/15/35 | 1000000 | 1087208 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 | 1500000 | 1693450 |
| New Jersey Turnpike Authority Rev., 5.25%, 1/1/50 | 1000000 | 1040996 |
| New Jersey Turnpike Authority Rev., 5.25%, 1/1/54 | 1000000 | 1033843 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/26 | 1405000 | 1427020 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/34 | 250000 | 256887 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/36 | 1000000 | 1018410 |
| Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 | 225000 | 216599 |
|  |  | 11492219 |
| **New Mexico — 0.3%** |  |  |
| Aspire Public Improvement District Special Tax, 5.30%, 10/1/53 | 500000 | 446103 |
| Winrock Town Center Tax Increment Development District No. 1 Tax Allocation, 4.25%, 5/1/40<sup>(1)</sup> | 1000000 | 899702 |
|  |  | 1345805 |
| **New York — 8.7%** |  |  |
| Build NYC Resource Corp. Rev., (TrIPs Obligated Group), 5.50%, 7/1/44 | 1000000 | 1023447 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/50 | 1000000 | 1006902 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 5.00%, 3/15/45 | 1000000 | 1026698 |
| Long Island Power Authority Rev., VRN, 3.00%, 9/1/49 | 500000 | 499249 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 560000 | 570433 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 750000 | 809280 |
| Metropolitan Transportation Authority Rev., VRN, 3.72%, (SOFR plus 0.80%), 11/1/32 (AG) | 250000 | 250324 |
| New York City GO, 5.00%, 2/1/40 | 600000 | 637160 |
| New York City GO, 5.25%, 5/1/41 | 150000 | 157428 |
| New York City GO, 5.00%, 4/1/43 | 500000 | 503973 |
| New York City GO, 4.00%, 8/1/44 | 1000000 | 895209 |
| New York City GO, 4.00%, 9/1/46 | 250000 | 219970 |
| New York City GO, 5.50%, 4/1/48 | 1000000 | 1053381 |
| New York City GO, 5.00%, 3/1/50 | 700000 | 700232 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/29 | 1100000 | 1160077 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/43 | 1000000 | 1036442 |
| New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.25%, 6/15/52 | 500000 | 510652 |
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.00%, 11/1/29 | 1230000 | 1355183 |
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.00%, 11/1/32 | 250000 | 281153 |
| New York City Transitional Finance Authority Rev., (New York City Transitional Finance Authority Future Tax Secured), 5.00%, 5/1/39 | 1250000 | 1339135 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 2/1/36 | 750000 | 750032 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/40 | $1000000 | $1066128 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/42 | 650000 | 588896 |
| New York Power Authority Rev., (New York Power Authority SFP Transmission Project), 5.25%, 11/15/39 (AG) | 400000 | 440422 |
| New York State Dormitory Authority Rev., (New York Institute of Technology), 5.00%, 7/1/39 | 300000 | 310900 |
| New York State Dormitory Authority Rev., (New York Institute of Technology), 5.00%, 7/1/42 | 870000 | 876745 |
| New York State Dormitory Authority Rev., (New York Institute of Technology), 5.00%, 7/1/43 | 800000 | 802327 |
| New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 | 1000000 | 863595 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/32 | 500000 | 564677 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/40 | 1535000 | 1449621 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.25%, 3/15/52 | 330000 | 339428 |
| New York State Environmental Facilities Corp. Rev., (New York City Water & Sewer System), 5.00%, 6/15/39 | 1000000 | 1096294 |
| New York State Environmental Facilities Corp. Rev., (New York City Water & Sewer System), 5.00%, 6/15/45 | 1500000 | 1557599 |
| New York State Housing Finance Agency Rev., (State of New York Personal Income Tax), VRN, 3.30%, 12/15/54 | 230000 | 230685 |
| New York State Housing Finance Agency Rev., (State of New York Personal Income Tax), VRN, 3.35%, 12/15/54 | 235000 | 236723 |
| New York State Thruway Authority Rev., 4.00%, 1/1/38 | 700000 | 683744 |
| New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group) | 130000 | 120135 |
| New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 5.625%, 4/1/40 | 545000 | 561687 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/26 | 1000000 | 1025041 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/40 | 200000 | 184495 |
| New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/41 | 640000 | 636157 |
| New York Transportation Development Corp. Rev., (JFK Millennium Partners LLC), 5.25%, 12/31/54 (AG) | 1250000 | 1233429 |
| New York Transportation Development Corp. Rev., (JFK Millennium Partners LLC), VRN, 0.00%, 12/31/54 (AG) | 750000 | 444520 |
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 5.00%, 6/30/54 (AG) | 1000000 | 953095 |
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 6.00%, 6/30/54 | 1000000 | 1016118 |
| New York Transportation Development Corp. Rev., (JFK NTO LLC), 6.00%, 6/30/55 | 445000 | 457850 |
| New York Transportation Development Corp. Rev., (Laguardia Gateway Partners LLC), 4.00%, 7/1/36 (AG) | 1045000 | 1005846 |
| Port Authority of New York & New Jersey Rev., 5.00%, 12/1/41 | 400000 | 421626 |
| State of New York GO, 5.00%, 3/15/41 | 1000000 | 1072407 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/51 | 580000 | 581129 |
| Triborough Bridge & Tunnel Authority Rev., 4.00%, 11/15/54 | 1000000 | 847751 |
| Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax Rev.), 5.25%, 5/15/52 | 750000 | 768773 |
| Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/39 | 1000000 | 1061720 |
| Utility Debt Securitization Authority Rev., 5.00%, 12/15/30 | 375000 | 405128 |
| Utility Debt Securitization Authority Rev., 5.00%, 12/15/33 | 980000 | 985332 |
| Westchester County Local Development Corp. Rev., (New York Blood Center, Inc.), 5.00%, 7/1/38 | 1000000 | 1048159 |
| Westchester County Local Development Corp. Rev., (Westchester County Health Care Corp. Obligated Group), 5.75%, 11/1/49 (AG) | 400000 | 424001 |
| Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 100000 | 97613 |
|  |  | 42246156 |
| **North Carolina — 0.8%** |  |  |
| Charlotte Airport Rev., 5.25%, 7/1/41 | 1765000 | 1854236 |
| Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), VRN, 3.25%, 1/15/50 | 350000 | 351982 |
| North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46 | 715000 | 566086 |
| North Carolina Medical Care Commission Rev., (Penick Village Obligated Group), 4.50%, 9/1/29 | 310000 | 310085 |
| North Carolina Medical Care Commission Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.25%, 10/1/28 | 350000 | 350145 |
| State of North Carolina Rev., 5.00%, 3/1/34 | 345000 | 366204 |
|  |  | 3798738 |
| **Ohio — 4.1%** |  |  |
| Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 4.00%, 8/1/47 | 1495000 | 1253983 |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/31 | 845000 | 922125 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| American Municipal Power, Inc. Rev., 5.00%, 2/15/39 | $1250000 | $1308202 |
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/39 | 1175000 | 1077783 |
| Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 | 850000 | 685599 |
| Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 3135000 | 2536555 |
| Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40 | 450000 | 420856 |
| Columbus Regional Airport Authority Rev., 5.00%, 1/1/38 | 1500000 | 1560026 |
| Columbus-Franklin County Finance Authority Rev., (Meadow Creek Apartments LP), 4.82%, 11/1/43 (FNMA) | 450000 | 451547 |
| Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42 | 360000 | 342541 |
| Greene County Port Authority Rev., (Kinsey Greene Preservation LP), 4.66%, 12/1/40 (FNMA) | 800000 | 803617 |
| Montgomery County Rev., (Community Blood Center Obligated Group), 5.25%, 9/1/49 | 1000000 | 995940 |
| Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 100000 | 84847 |
| Ohio Turnpike & Infrastructure Commission Rev., 5.00%, 2/15/32 | 590000 | 619640 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/33 | 1500000 | 1712479 |
| Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/42 | 1250000 | 1297409 |
| State of Ohio Rev., (Children's Hospital Medical Center of Akron Obligated Group), VRN, 5.00%, 8/15/54 | 460000 | 506586 |
| Toledo GO, 5.00%, 12/1/33 (BAM) | 450000 | 504567 |
| Toledo GO, 5.00%, 12/1/34 (BAM) | 400000 | 447472 |
| Worthington City School District GO, 5.50%, 12/1/54 | 2255000 | 2351942 |
|  |  | 19883716 |
| **Oklahoma — 0.6%** |  |  |
| Oklahoma Capitol Improvement Authority Rev., (State of Oklahoma), 4.00%, 7/1/38 | 850000 | 838283 |
| Oklahoma Turnpike Authority Rev., 5.00%, 1/1/41<sup>(6)</sup> | 240000 | 254921 |
| Oklahoma Turnpike Authority Rev., 5.00%, 1/1/42<sup>(6)</sup> | 275000 | 288694 |
| Oklahoma Water Resources Board Rev., (State of Oklahoma Drinking Water State Revolving Fund), 4.00%, 4/1/48 | 1000000 | 875233 |
| Tulsa Municipal Airport Trust Trustees Rev., (American Airlines, Inc.), 6.25%, 12/1/35 | 445000 | 491771 |
|  |  | 2748902 |
| **Oregon — 0.9%** |  |  |
| Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250000 | 241615 |
| Clackamas County Hospital Facility Authority Rev., (Willamette View Obligated Group), 5.00%, 11/15/47 | 100000 | 89572 |
| Forest Grove Rev., (Pacific University), Series 2022A, 5.00%, 5/1/31 | 1450000 | 1522670 |
| Oregon State Lottery Rev., 5.00%, 4/1/33 | 500000 | 570552 |
| Oregon State Lottery Rev., 5.00%, 4/1/34 | 500000 | 571807 |
| State of Oregon GO, 5.00%, 8/1/48 | 500000 | 512352 |
| State of Oregon Department of Transportation Rev., 5.25%, 11/15/47 | 1000000 | 1042902 |
|  |  | 4551470 |
| **Pennsylvania — 3.7%** |  |  |
| Adams County General Authority Rev., (Brethren Home Community Obligated Group), 3.60%, 6/1/29 | 155000 | 155030 |
| Allegheny County Airport Authority Rev., 5.00%, 1/1/32 (AG) | 500000 | 543144 |
| Allegheny County Industrial Development Authority Rev., (United States Steel Corp.), 5.125%, 5/1/30 | 250000 | 266386 |
| Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 6/30/39 | 315000 | 282223 |
| Berks County Municipal Authority Rev., (Tower Health Obligated Group), VRN, 0.00%, 6/30/44 | 157000 | 110155 |
| Bucks County Water & Sewer Authority Rev., 5.00%, 12/1/37 (AG) | 450000 | 485823 |
| Bucks County Water & Sewer Authority Rev., 5.00%, 12/1/38 (AG) | 525000 | 561971 |
| Commonwealth Financing Authority Rev., 4.00%, 6/1/39 (AG) | 2000000 | 1912784 |
| Delaware River Port Authority Rev., 5.00%, 1/1/40 | 800000 | 860565 |
| Montgomery County Industrial Development Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/42 | 1500000 | 1482695 |
| Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Motor License Fund), 5.75%, 6/30/48 | 400000 | 405326 |
| Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/46 (AG) | 1000000 | 1005411 |
| Pennsylvania Housing Finance Agency Rev., (Darby Housing LP), 4.90%, 6/1/41 (FNMA) | 525000 | 527248 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Pennsylvania State University Rev., 5.00%, 9/1/32 | $700000 | $795575 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/32 | 460000 | 519114 |
| Pennsylvania Turnpike Commission Rev., 4.00%, 12/1/38 | 560000 | 553290 |
| Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/44 | 750000 | 784933 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/45<sup>(6)</sup> | 860000 | 949834 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/48 | 650000 | 655130 |
| Philadelphia Gas Works Co. Rev., 5.25%, 8/1/49 | 1000000 | 1018617 |
| Philadelphia Water & Wastewater Rev., 5.25%, 9/1/54 (AG) | 1500000 | 1545588 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/39 (AG) | 750000 | 793244 |
| Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/48 (AG) | 500000 | 505079 |
| School District of Philadelphia GO, 5.50%, 9/1/48 (ST AID WITHHLDG) | 185000 | 190726 |
| Scranton GO, 5.00%, 11/15/25 (AG) | 400000 | 401817 |
| University of Pittsburgh-of the Commonwealth System of Higher Education Rev., 5.00%, 2/15/34 | 750000 | 854332 |
|  |  | 18166040 |
| **Puerto Rico — 0.6%** |  |  |
| Puerto Rico GO, 5.625%, 7/1/27 | 1300000 | 1344512 |
| Puerto Rico GO, 5.625%, 7/1/29 | 750000 | 799325 |
| Puerto Rico GO, VRN, 0.00%, 11/1/51 | 457187 | 253167 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Rev., Capital Appreciation, 0.00%, 7/1/51<sup>(5)</sup> | 2000000 | 466831 |
|  |  | 2863835 |
| **Rhode Island — 0.3%** |  |  |
| State of Rhode Island GO, 5.00%, 12/1/41 | 300000 | 318366 |
| State of Rhode Island GO, 5.00%, 12/1/42 | 500000 | 525387 |
| State of Rhode Island GO, 5.00%, 12/1/43 | 500000 | 522050 |
|  |  | 1365803 |
| **South Carolina — 0.6%** |  |  |
| Berkeley County Special Assessment, (County of Berkeley SC Nexton Improvement District), 4.25%, 11/1/40 | 100000 | 88522 |
| Patriots Energy Group Financing Agency Rev., VRN, 5.25%, 10/1/54 (GA: Sumitomo Mitsui Banking) | 750000 | 799433 |
| Richland County Special Assessment, (County of Richland SC Village at Sandhill Improvement District), 3.75%, 11/1/36<sup>(1)</sup> | 270000 | 217249 |
| South Carolina Jobs-Economic Development Authority Rev., (Beaufort Memorial Hospital Obligated Group), 5.75%, 11/15/54 | 300000 | 300833 |
| South Carolina Jobs-Economic Development Authority Rev., (Novant Health Obligated Group), 5.00%, 11/1/34 | 1070000 | 1187397 |
| South Carolina Jobs-Economic Development Authority Rev., (Novant Health Obligated Group), 5.50%, 11/1/48 | 500000 | 518518 |
|  |  | 3111952 |
| **Tennessee — 1.4%** |  |  |
| Hamilton County & Chattanooga Sports Authority Rev., 6.00%, 12/1/55 | 1000000 | 1101241 |
| Knox County Health Educational & Housing Facility Board Rev., 5.00%, 7/1/35 (BAM) | 320000 | 346073 |
| Knox County Health Educational & Housing Facility Board Rev., 5.00%, 7/1/44 (BAM) | 380000 | 381650 |
| Knox County Health Educational & Housing Facility Board Rev., (Provident Group - UTK Properties LLC), 5.25%, 7/1/49 (BAM) | 250000 | 252377 |
| Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Rev., (Vanderbilt University), 5.00%, 10/1/54 | 1000000 | 1014583 |
| 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 | 931259 |
| Metropolitan Government Nashville & Davidson County Sports Authority Rev., (Metropolitan Government of Nashville & Davidson County TN), 5.25%, 7/1/48 (AG) | 1000000 | 1021226 |
| 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 | 226261 |
| Shelby County Health & Educational Facilities Board Rev., (Madrone Memphis Student Housing I LLC), 5.25%, 6/1/56<sup>(1)</sup> | 800000 | 721326 |
| Tennergy Corp. Rev., VRN, 5.00%, 10/1/54 (GA: Royal Bank of Canada) | 750000 | 791657 |
|  |  | 6787653 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| **Texas — 9.8%** | | |
| Arlington Higher Education Finance Corp. Rev., (BASIS Texas Charter Schools, Inc.), 5.125%, 6/15/40<sup>(1)(6)</sup> | $1000000 | $986846 |
| Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) | 300000 | 307078 |
| Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 5.00%, 2/15/33 (PSF-GTD) | 1200000 | 1331111 |
| Austin Special Assessment, (City of Austin TX Whisper Valley Public Improvement District Improvement Area 3), 4.25%, 11/1/32<sup>(1)</sup> | 450000 | 444738 |
| Austin Airport System Rev., 5.00%, 11/15/41 | 1000000 | 1008719 |
| Beaumont Waterworks & Sewer System Rev., 5.00%, 9/1/28 (BAM) | 300000 | 320091 |
| Beaumont Waterworks & Sewer System Rev., 5.00%, 9/1/29 (BAM) | 235000 | 255125 |
| Beaumont Waterworks & Sewer System Rev., 5.00%, 9/1/30 (BAM) | 280000 | 308258 |
| Central Texas Regional Mobility Authority Rev., 4.00%, 1/1/51 | 1290000 | 1093217 |
| Central Texas Turnpike System Rev., VRN, 5.00%, 8/15/42 | 1500000 | 1617397 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/26 (PSF-GTD) | 200000 | 204594 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/42 (PSF-GTD) | 465000 | 418412 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/40 | 250000 | 264908 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/47 | 1000000 | 1006734 |
| Dallas Housing Finance Corp. Rev., (Illinois 2024 Ltd.), Series 2025-17FN, Class PT, 5.00%, 3/1/44 (FNMA) | 300000 | 296738 |
| Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/47 | 250000 | 255695 |
| Forney Independent School District GO, Capital Appreciation, 0.00%, 8/15/53 (BAM)<sup>(5)</sup> | 2000000 | 454872 |
| Fort Bend Independent School District GO, 4.00%, 8/15/35 (PSF-GTD) | 1000000 | 1009692 |
| Fort Bend Independent School District GO, VRN, 4.00%, 8/1/54 (PSF-GTD) | 1400000 | 1431998 |
| Fort Bend Toll Road Rev., 5.00%, 3/1/39 (AG) | 450000 | 478247 |
| Fourth Ward Redevelopment Authority Tax Allocation, 5.00%, 9/1/34 (AG) | 250000 | 274312 |
| Fourth Ward Redevelopment Authority Tax Allocation, 5.00%, 9/1/35 (AG) | 365000 | 396581 |
| Fourth Ward Redevelopment Authority Tax Allocation, 5.00%, 9/1/36 (AG) | 285000 | 306265 |
| Fourth Ward Redevelopment Authority Tax Allocation, 5.00%, 9/1/37 (AG) | 210000 | 224418 |
| Galveston Wharves & Terminal Rev., 5.50%, 8/1/40 | 1020000 | 1057110 |
| Harris County Cultural Education Facilities Finance Corp. Rev., (Memorial Hermann Health System Obligated Group), VRN, 5.00%, 7/1/54 | 250000 | 268029 |
| Harris Toll Road Rev., 5.00%, 8/15/34 | 1330000 | 1484798 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/31 (AG) | 360000 | 393434 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/33 (AG) | 345000 | 378965 |
| Harrisburg Redevelopment Authority Tax Allocation, (Harrisburg Redevelopment Authority Tax Increment Reinvestment Zone No. 23), 5.00%, 9/1/34 (AG) | 300000 | 330379 |
| Houston GO, 5.25%, 3/1/40 | 655000 | 696366 |
| Houston Airport System Rev., (United Airlines, Inc.), 5.50%, 7/15/38 | 430000 | 449106 |
| Houston Airport System Rev., (United Airlines, Inc.), 4.00%, 7/15/41 | 500000 | 429354 |
| Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 | 200000 | 151316 |
| Katy Independent School District GO, 5.00%, 2/15/28 (PSF-GTD) | 350000 | 372018 |
| Lower Colorado River Authority Rev., VRN, 5.00%, 5/15/45 | 365000 | 397310 |
| Mesquite Housing Finance Corp. Rev., (Wooded Lake Apartments Ltd.), 4.53%, 2/1/44 (FNMA) | 900000 | 861597 |
| Mission Economic Development Corp. Rev., (Graphic Packaging International LLC), VRN, 5.00%, 12/1/64 | 1000000 | 1016817 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (Bella Vida Forefront Living Obligated Group), 4.25%, 10/1/30 | 315000 | 316185 |
| New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27<sup>(4)</sup> | 240000 | 249918 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/27 | 1175000 | 1216885 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/33 | 245000 | 246607 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/43 | 380000 | 382550 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/38 (AG)<sup>(5)</sup> | 1000000 | 593946 |
| Northside Independent School District GO, 5.00%, 8/15/35 (PSF-GTD) | 1000000 | 1122085 |
| Permanent University Fund - University of Texas System Rev., 5.00%, 7/1/40 | 1000000 | 1058332 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Pflugerville Special Assessment, (City of Pflugerville TX Meadowlark Preserve Public Improvement District), 4.25%, 9/1/33<sup>(1)</sup> | $425000 | $417824 |
| Pflugerville Special Assessment, (City of Pflugerville TX Meadowlark Preserve Public Improvement District), 5.125%, 9/1/45<sup>(1)</sup> | 175000 | 160728 |
| Prosper Independent School District GO, VRN, 4.00%, 2/15/50 (PSF-GTD) | 625000 | 632978 |
| Round Rock Independent School District GO, VRN, 5.00%, 8/1/44 (PSF-GTD) | 1350000 | 1479598 |
| San Antonio Electric & Gas Systems Rev., 5.25%, 2/1/43 | 1250000 | 1313672 |
| Southeast Regional Management District GO, 4.25%, 4/1/46 (AG) | 1500000 | 1327374 |
| State of Texas GO, 5.00%, 8/1/40 | 815000 | 815278 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), VRN, 5.00%, 11/15/52 | 160000 | 161640 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Cumberland Rest, Inc. Obligated Group), 5.00%, 10/1/28 | 430000 | 452509 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Cumberland Rest, Inc. Obligated Group), 5.00%, 10/1/29 | 455000 | 484681 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/42 | 665000 | 607303 |
| Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), VRN, 5.00%, 11/15/64 | 780000 | 860732 |
| Tarrant County Hospital District GO, 4.25%, 8/15/48 | 500000 | 453264 |
| Texas Municipal Gas Acquisition & Supply Corp. V Rev., VRN, 5.00%, 1/1/55 (GA: Bank of America Corp.) | 1650000 | 1756483 |
| Texas Municipal Power Agency Rev., 5.50%, 9/1/50 (BAM) | 400000 | 415730 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 12/31/37 | 505000 | 478075 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/38 | 1300000 | 1217890 |
| Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners LLC), 5.50%, 12/31/58 | 875000 | 881905 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/42 | 1000000 | 1010730 |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/38 | 500000 | 537115 |
| Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/43 | 610000 | 557521 |
| Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 4.00%, 8/1/34 | 815000 | 834543 |
| Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 5.00%, 8/1/41 | 1000000 | 1046722 |
| Viridian Municipal Management District GO, 4.00%, 12/1/33 (BAM) | 630000 | 638703 |
| Williamson County GO, 5.00%, 2/15/31 | 1000000 | 1113516 |
|  |  | 47825667 |
| **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 | 613668 |
| Downtown Revitalization Public Infrastructure District Rev., (City of Salt Lake City UT Revitalization Sales Tax), 5.00%, 6/1/37 (AG) | 585000 | 609608 |
| Intermountain Power Agency Rev., 5.00%, 7/1/27 | 500000 | 521951 |
| Point Phase 1 Public Infrastructure District No. 1 Rev., 5.875%, 3/1/45 | 500000 | 500754 |
| Point Phase 1 Public Infrastructure District No. 1 Rev., 6.125%, 3/1/55 | 500000 | 505605 |
| Point Phase 1 Public Infrastructure District No. 1 Rev., Capital Appreciation, VRN, 0.00%, 3/1/55 | 500000 | 382211 |
| Salt Lake City Airport Rev., 5.00%, 7/1/26 | 300000 | 305253 |
| Southern Utah Valley Power Systems Rev., 5.00%, 7/15/26 (BAM) | 500000 | 510399 |
| UIPA Crossroads Public Infrastructure District Tax Allocation, (UIPA Crossroads Public Infrastructure District AJL Project Area), 4.375%, 6/1/52<sup>(1)</sup> | 750000 | 642287 |
| University of Utah Rev., 5.00%, 8/1/46 | 1120000 | 1131908 |
| Utah Housing Corp. Rev., (Promontory Place LLC), 4.69%, 2/1/45 (FNMA) | 890000 | 860495 |
| Utah State University Rev., (Utah State University Research), 4.00%, 12/1/42 (AG) | 1215000 | 1121658 |
|  |  | 7705797 |
| **Virginia — 1.4%** |  |  |
| Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/32 | 1200000 | 1348344 |
| Fairfax County Sewer Rev., 5.00%, 7/15/46 | 1000000 | 1016257 |
| Lower Magnolia Green Community Development Authority Special Assessment, 5.00%, 3/1/45<sup>(1)</sup> | 600000 | 548915 |
| Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/37<sup>(1)</sup> | 100000 | 100187 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45<sup>(1)</sup> | $200000 | $187046 |
| Prince William County Service Authority Rev., 5.00%, 7/15/39 | 545000 | 594594 |
| Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.375%, 9/1/29 | 595000 | 601790 |
| Virginia College Building Authority Rev., 4.00%, 2/1/41 | 1000000 | 951088 |
| Virginia Small Business Financing Authority Rev., (95 Express Lanes LLC), 4.00%, 1/1/39 | 1095000 | 1011706 |
| Virginia Small Business Financing Authority Rev., (Mary Washington Healthcare Obligated Group), VRN, 5.00%, 6/15/60 | 525000 | 567499 |
|  |  | 6927426 |
| **Washington — 3.1%** |  |  |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/37 | 500000 | 539330 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39 | 1000000 | 1066768 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39 | 1000000 | 1085136 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40 | 875000 | 909515 |
| Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/43 | 500000 | 514183 |
| Grays Harbor County Public Hospital District No. 1 Rev., 6.875%, 12/1/53 | 500000 | 538219 |
| Jefferson County Public Hospital District No. 2 Rev., 6.875%, 12/1/53 | 1000000 | 1002121 |
| King County Housing Authority Rev., 5.375%, 7/1/45 | 1040000 | 1056467 |
| King County School District No. 411 Issaquah GO, 4.00%, 12/1/33 (SCH BD GTY) | 1185000 | 1224024 |
| King County Sewer Rev., 5.00%, 1/1/49 | 800000 | 816925 |
| Seattle Municipal Light & Power Rev., 5.00%, 2/1/39 | 500000 | 542822 |
| Seattle Municipal Light & Power Rev., 5.00%, 3/1/48 | 1000000 | 1011735 |
| State of Washington GO, 5.00%, 8/1/38 | 1000000 | 1091252 |
| State of Washington GO, 5.00%, 6/1/45 | 1000000 | 1021306 |
| Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 8/1/44 | 880000 | 760832 |
| Washington State Housing Finance Commission Rev., (Provident Group - SH II Properties LLC), 5.25%, 7/1/55 (BAM)<sup>(1)</sup> | 2000000 | 1949854 |
|  |  | 15130489 |
| **West Virginia — 0.6%** |  |  |
| West Virginia Economic Development Authority Rev., (Commercial Metals Co.), VRN, 4.625%, 4/15/55 | 400000 | 393617 |
| West Virginia Hospital Finance Authority Rev., (Vandalia Health, Inc. Obligated Group), 5.50%, 9/1/48 (AG) | 1750000 | 1827596 |
| West Virginia Parkways Authority Rev., 5.00%, 6/1/47 | 600000 | 604268 |
|  |  | 2825481 |
| **Wisconsin — 3.9%** |  |  |
| Public Finance Authority Rev., (AIDS Healthcare Foundation Obligated Group), 5.50%, 12/1/44 | 6715000 | 6670057 |
| Public Finance Authority Rev., (Air Cargo Obligated Group), 5.50%, 7/1/43 | 375000 | 376200 |
| Public Finance Authority Rev., (Air Cargo Obligated Group), 5.25%, 7/1/53 | 1295000 | 1200698 |
| Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48<sup>(1)</sup> | 75000 | 66919 |
| Public Finance Authority Rev., (Campus Real Estate Holding Corp. LLC), 5.25%, 6/1/45 | 330000 | 319357 |
| Public Finance Authority Rev., (CHF - Manoa LLC), 5.75%, 7/1/53<sup>(1)</sup> | 920000 | 879572 |
| Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AG) | 75000 | 78502 |
| Public Finance Authority Rev., (Duke Energy Progress LLC), VRN, 3.30%, 10/1/46 | 735000 | 737588 |
| Public Finance Authority Rev., (Foothill Elliot Baymeadows LLC), VRN, 4.50%, 7/1/67 (FHLMC) | 750000 | 759365 |
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.00%, 6/15/32 | 350000 | 381780 |
| Public Finance Authority Rev., (KSU Bixby Real Estate Foundation LLC), 5.00%, 6/15/34 | 280000 | 303359 |
| Public Finance Authority Rev., (Pinecrest Academy of Nevada), 4.25%, 7/15/44<sup>(1)</sup> | 600000 | 509366 |
| Public Finance Authority Rev., (Puerto Rico Tollroads LLC), 5.50%, 7/1/44 | 1500000 | 1477758 |
| Public Finance Authority Rev., (Puerto Rico Tollroads LLC), 5.75%, 7/1/49 | 645000 | 641958 |
| Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52<sup>(1)</sup> | 250000 | 187646 |
| Public Finance Authority Rev., (SR 400 Peach Partners LLC), 5.75%, 12/31/65 | 2000000 | 1956866 |
| Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61<sup>(1)</sup> | 225000 | 158754 |
| Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61<sup>(1)</sup> | 515000 | 407687 |
| Public Finance Authority Rev., (UNC Health Appalachian Obligated Group), 5.00%, 7/1/41 | 250000 | 237289 |

---

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| | **Principal<br>Amount/Shares** | **Value** |
| Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41 | $505000 | $449838 |
| Public Finance Authority Tax Allocation, (Southeast Overtown Park West Community Redevelopment Agency), 5.00%, 6/1/41<sup>(1)</sup> | 1000000 | 978000 |
| Public Finance Authority Tax Allocation, (Town of Scarborough Downtown Omnibus Municipal Development & TIF District), 5.00%, 8/1/39 | 150000 | 145244 |
| Wisconsin Health & Educational Facilities Authority Rev., (Fort Healthcare Inc. Obligated Group), VRN, 5.00%, 10/1/54 | 350000 | 376730 |
|  |  | 19300533 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $497,689,459) |  | **487809806** |
| **SHORT-TERM INVESTMENTS — 0.5%** |  |  |
| **Money Market Funds — 0.5%** |  |  |
| BlackRock Liquidity Funds MuniCash<br>(Cost $2,483,799) | 2483553 | **2483802** |
| **TOTAL INVESTMENT SECURITIES — 100.4%**<br>(Cost $500,173,258) |  | **490293608** |
| **OTHER ASSETS AND LIABILITIES — (0.4)%** |  | **(2159599)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**488134009** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 106 | December 2025 | $22105141 | $13043 |

---

^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 10-Year Ultra Notes | 51 | December 2025 | $5834719 | $(13498) |

---

^Amount represents value and unrealized appreciation (depreciation).

------

Schedule of Investments - Diversified Municipal Bond ETF

---

| | | |
|:---|:---|:---|
| **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 $38,266,849, which represented 7.8% of total net assets.

(2)Security is in default.

(3)Non-income producing.

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

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

(6)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.

**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 |  | $487809806 |  |
| Short-Term Investments | $2483802 |  |  |
|  | $2483802 | $487809806 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $13043 |  |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $13498 |  |  |

---

------

Schedule of Investments - Diversified Municipal 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 Risk** |
| **Asset Derivatives:** | |
| &nbsp;&nbsp;Receivable for variation margin on futures contracts\* | $12078 |

---

\*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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate Risk** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $(56730) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $(3319) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Multisector Floating Income ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**COLLATERALIZED LOAN OBLIGATIONS — 33.8%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| 522 Funding CLO Ltd., Series 2018-3A, Class AR, VRN, 5.63%, (3-month SOFR plus 1.30%), 10/20/31<sup>(1)</sup> | $399027 | $399905 |
| ACREC LLC, Series 2023-FL2, Class A, VRN, 6.59%, (1-month SOFR plus 2.23%), 2/19/38<sup>(1)</sup> | 66843 | 67037 |
| Apidos CLO XXIV, Series 2016-24A, Class A2LX, VRN, 5.94%, (3-month SOFR plus 1.61%), 10/20/30<sup>(1)</sup> | 1000000 | 1001459 |
| Apidos CLO XXIV Ltd., Series 2016-24A, Class A1AL, VRN, 5.54%, (3-month SOFR plus 1.21%), 10/20/30<sup>(1)</sup> | 402600 | 403285 |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class A, VRN, 5.55%, (1-month SOFR plus 1.18%), 8/15/34<sup>(1)</sup> | 59622 | 59653 |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL3, Class AS, VRN, 5.88%, (1-month SOFR plus 1.51%), 8/15/34<sup>(1)</sup> | 500000 | 499763 |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 5.83%, (1-month SOFR plus 1.46%), 11/15/36<sup>(1)</sup> | 307193 | 307352 |
| AREIT Trust, Series 2022-CRE6, Class A, SEQ, VRN, 5.59%, (30-day average SOFR plus 1.25%), 1/20/37<sup>(1)</sup> | 386425 | 386211 |
| ARES LII CLO Ltd., Series 2019-52A, Class CRR, VRN, 5.88%, (3-month SOFR plus 1.55%), 4/22/31<sup>(1)</sup> | 300000 | 300386 |
| ARES Loan Funding III Ltd., Series 2022-ALF3A, Class A1R, VRN, 5.59%, (3-month SOFR plus 1.27%), 7/25/36<sup>(1)</sup> | 900000 | 901740 |
| Atlas Senior Loan Fund XVII Ltd., Series 2021-17A, Class B1, VRN, 6.34%, (3-month SOFR plus 2.01%), 10/20/34<sup>(1)</sup> | 750000 | 751470 |
| Barings CLO Ltd., Series 2015-IA, Class AR, VRN, 5.58%, (3-month SOFR plus 1.25%), 1/20/31<sup>(1)</sup> | 37065 | 37108 |
| Battalion CLO XIX Ltd., Series 2021-19A, Class B, VRN, 6.18%, (3-month SOFR plus 1.86%), 4/15/34<sup>(1)</sup> | 720000 | 721245 |
| BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 6.62%, (1-month SOFR plus 2.26%), 9/15/35<sup>(1)</sup> | 86482 | 86563 |
| Buttermilk Park CLO Ltd., Series 2018-1A, Class A1R, VRN, 5.40%, (3-month SOFR plus 1.08%), 10/15/31<sup>(1)</sup> | 190056 | 190225 |
| Canyon Capital CLO Ltd., Series 2022-1A, Class B, VRN, 6.17%, (3-month SOFR plus 1.85%), 4/15/35<sup>(1)</sup> | 500000 | 502440 |
| Dryden 60 CLO Ltd., Series 2018-60A, Class A, VRN, 5.63%, (3-month SOFR plus 1.31%), 7/15/31<sup>(1)</sup> | 119806 | 119847 |
| FS Rialto Issuer LLC, Series 2025-FL10, Class A, VRN, 5.74%, (1-month SOFR plus 1.39%), 8/19/42<sup>(1)</sup> | 500000 | 499184 |
| GoldenTree Loan Management U.S. CLO 9 Ltd., Series 2021-9A, Class AR, VRN, 5.83%, (3-month SOFR plus 1.50%), 4/20/37<sup>(1)</sup> | 1000000 | 1004800 |
| HGI CRE CLO Ltd., Series 2021-FL2, Class A, VRN, 5.47%, (1-month SOFR plus 1.11%), 9/17/36<sup>(1)</sup> | 103174 | 103066 |
| HGI CRE CLO Ltd., Series 2022-FL3, Class A, VRN, 6.04%, (30-day average SOFR plus 1.70%), 4/20/37<sup>(1)</sup> | 483680 | 483986 |
| KKR CLO 17 Ltd., Series 17, Class BR, VRN, 6.18%, (3-month SOFR plus 1.86%), 4/15/34<sup>(1)</sup> | 510000 | 510607 |
| KKR CLO 18 Ltd., Series 2018, Class BR, VRN, 6.19%, (3-month SOFR plus 1.86%), 7/18/30<sup>(1)</sup> | 270000 | 270499 |
| KKR CLO 40 Ltd., Series 40A, Class AR, VRN, 5.63%, (3-month SOFR plus 1.30%), 10/20/34<sup>(1)</sup> | 300000 | 300421 |
| LCM 26 Ltd., Series 26A, Class A1, VRN, 5.66%, (3-month SOFR plus 1.33%), 1/20/31<sup>(1)</sup> | 6383 | 6387 |
| LCM 35 Ltd., Series 35A, Class BR, VRN, 5.97%, (3-month SOFR plus 1.65%), 10/15/34<sup>(1)</sup> | 1000000 | 999730 |
| LoanCore Issuer Ltd., Series 2022-CRE7, Class A, VRN, 5.89%, (30-day average SOFR plus 1.55%), 1/17/37<sup>(1)</sup> | 319938 | 320216 |
| LoanCore Issuer Ltd., Series 2022-CRE7, Class AS, VRN, 6.34%, (30-day average SOFR plus 2.00%), 1/17/37<sup>(1)</sup> | 250000 | 249855 |
| Madison Park Funding XXIV Ltd., Series 2016-24A, Class AR2, VRN, 5.45%, (3-month SOFR plus 1.12%), 10/20/29<sup>(1)</sup> | 65606 | 65666 |
| Magnetite XLVII Ltd., Series 2024-47A, Class C, VRN, 6.17%, (3-month SOFR plus 1.85%), 1/25/38<sup>(1)</sup> | 500000 | 501004 |
| MF1 Ltd., Series 2020-FL4, Class AS, VRN, 6.58%, (1-month SOFR plus 2.21%), 12/15/35<sup>(1)</sup> | 200000 | 200133 |
| MF1 Ltd., Series 2021-FL6, Class AS, VRN, 5.92%, (1-month SOFR plus 1.56%), 7/16/36<sup>(1)</sup> | 600000 | 599270 |
| MF1 Ltd., Series 2021-FL7, Class A, VRN, 5.55%, (1-month SOFR plus 1.19%), 10/16/36<sup>(1)</sup> | 253509 | 253658 |
| Newark BSL CLO 2 Ltd., Series 2017-1A, Class A2R, VRN, 5.98%, (3-month SOFR plus 1.66%), 7/25/30<sup>(1)</sup> | 500000 | 500774 |
| OZLM IX Ltd., Series 2014-9A, Class A1A4, VRN, 5.53%, (3-month SOFR plus 1.20%), 10/20/31<sup>(1)</sup> | 424879 | 425523 |
| Palmer Square Loan Funding Ltd., Series 2025-1A, Class A2, VRN, 5.41%, (3-month SOFR plus 1.20%), 2/15/33<sup>(1)</sup> | 300000 | 298242 |
| Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, VRN, 5.64%, (1-month SOFR plus 1.31%), 11/25/36<sup>(1)</sup> | 410430 | 410682 |
| Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, VRN, 6.70%, (1-month SOFR plus 2.37%), 10/25/39<sup>(1)</sup> | 2690 | 2691 |
| Rockford Tower CLO Ltd., Series 2017-3A, Class A, VRN, 5.78%, (3-month SOFR plus 1.45%), 10/20/30<sup>(1)</sup> | 41112 | 41150 |
| Shackleton CLO Ltd., Series 2017-11A, Class BR1, VRN, 6.12%, (3-month SOFR plus 1.91%), 8/15/30<sup>(1)</sup> | 159939 | 160105 |
| Sound Point CLO XX Ltd., Series 2018-2A, Class B, VRN, 6.28%, (3-month SOFR plus 1.96%), 7/26/31<sup>(1)</sup> | 1000000 | 1003197 |
| Symphony CLO XXIV Ltd., Series 2020-24A, Class AR, VRN, 5.52%, (3-month SOFR plus 1.20%), 1/23/32<sup>(1)</sup> | 689980 | 690884 |
| Trestles CLO V Ltd., Series 2021-5A, Class D, VRN, 7.69%, (3-month SOFR plus 3.36%), 10/20/34<sup>(1)</sup> | 500000 | 503437 |

---

------

Schedule of Investments - Multisector Floating Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 5.55%, (3-month SOFR plus 1.23%), 4/25/31<sup>(1)</sup> | $44568 | $44647 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $17,169,216) |  | **17185503** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 17.3%** |  |  |
| BFLD Mortgage Trust, Series 2021-FPM, Class A, VRN, 6.08%, (1-month SOFR plus 1.71%), 6/15/38<sup>(1)</sup> | 462000 | 462152 |
| BX Commercial Mortgage Trust, Series 2021-XL2, Class A, VRN, 5.17%, (1-month SOFR plus 0.80%), 10/15/38<sup>(1)</sup> | 240370 | 240399 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, VRN, 6.48%, (1-month SOFR plus 2.11%), 6/15/27<sup>(1)</sup> | 575000 | 579019 |
| BX Trust, Series 2021-ARIA, Class A, VRN, 5.38%, (1-month SOFR plus 1.01%), 10/15/36<sup>(1)</sup> | 580000 | 580160 |
| BX Trust, Series 2021-SDMF, Class A, VRN, 5.07%, (1-month SOFR plus 0.70%), 9/15/34<sup>(1)</sup> | 667215 | 666117 |
| BX Trust, Series 2025-ROIC, Class C, VRN, 5.91%, (1-month SOFR plus 1.54%), 3/15/30<sup>(1)</sup> | 747086 | 744801 |
| BX Trust, Series 2025-VLT6, Class C, VRN, 6.56%, (1-month SOFR plus 2.19%), 3/15/42<sup>(1)</sup> | 500000 | 500319 |
| Credit Suisse Mortgage Trust, Series 2021-BHAR, Class A, VRN, 5.63%, (1-month SOFR plus 1.26%), 11/15/38<sup>(1)</sup> | 575000 | 572757 |
| ELP Commercial Mortgage Trust, Series 2021-ELP, Class A, VRN, 5.18%, (1-month SOFR plus 0.82%), 11/15/38<sup>(1)</sup> | 646612 | 646378 |
| EQUS Mortgage Trust, Series 2021-EQAZ, Class A, VRN, 5.38%, (1-month SOFR plus 1.02%), 10/15/38<sup>(1)</sup> | 574935 | 574919 |
| Extended Stay America Trust, Series 2021-ESH, Class A, VRN, 5.56%, (1-month SOFR plus 1.19%), 7/15/38<sup>(1)</sup> | 542021 | 542289 |
| GS Mortgage Securities Corp. Trust, Series 2021-STAR, Class A, VRN, 5.43%, (1-month SOFR plus 1.06%), 12/15/36<sup>(1)</sup> | 200000 | 199090 |
| MHP Trust, Series 2022-MHIL, Class A, VRN, 5.18%, (1-month SOFR plus 0.81%), 1/15/39<sup>(1)</sup> | 32835 | 32844 |
| SHR Trust, Series 2024-LXRY, Class B, VRN, 6.81%, (1-month SOFR plus 2.45%), 10/15/41<sup>(1)</sup> | 750000 | 753195 |
| SREIT Trust, Series 2021-MFP, Class A, VRN, 5.21%, (1-month SOFR plus 0.85%), 11/15/38<sup>(1)</sup> | 517565 | 517539 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, VRN, 5.81%, (1-month SOFR plus 1.44%), 2/15/42<sup>(1)</sup> | 580000 | 576588 |
| WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, VRN, 7.15%, (1-month SOFR plus 2.79%), 11/15/27<sup>(1)</sup> | 575000 | 577597 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $8,729,838) |  | **8766163** |
| **ASSET-BACKED SECURITIES — 16.2%** |  |  |
| ACM Auto Trust, Series 2023-2A, Class B, 9.85%, 6/20/30<sup>(1)</sup> | 378835 | 385035 |
| Affirm Asset Securitization Trust, Series 2024-A, Class D, 6.89%, 2/15/29<sup>(1)</sup> | 500000 | 503686 |
| Affirm Asset Securitization Trust, Series 2024-X2, Class A, SEQ, 5.22%, 12/17/29<sup>(1)</sup> | 233910 | 234116 |
| AmeriCredit Automobile Receivables Trust, Series 2024-1, Class A2B, VRN, 4.94%, (30-day average SOFR plus 0.60%), 2/18/28 | 174712 | 174775 |
| Carvana Auto Receivables Trust, Series 2020-P1, Class D, 1.82%, 9/8/27 | 1000000 | 991098 |
| Chesapeake Funding II LLC, Series 2024-1A, Class A2, VRN, 5.11%, (30-day average SOFR plus 0.77%), 5/15/36<sup>(1)</sup> | 244561 | 244545 |
| ClickLease Equipment Receivables Trust, Series 2024-1, Class B, 7.34%, 2/15/30<sup>(1)</sup> | 424950 | 426168 |
| CNH Equipment Trust, Series 2024-B, Class A2B, VRN, 4.74%, (30-day average SOFR plus 0.40%), 10/15/27 | 81629 | 81676 |
| Ford Credit Auto Owner Trust, Series 2024-A, Class A2B, VRN, 4.70%, (30-day average SOFR plus 0.36%), 1/15/27 | 95365 | 95374 |
| Ford Credit Auto Owner Trust, Series 2024-B, Class A2B, VRN, 4.74%, (30-day average SOFR plus 0.40%), 4/15/27 | 413148 | 413218 |
| GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, VRN, 5.95%, (30-day average SOFR plus 1.60%), 8/25/54<sup>(1)</sup> | 580309 | 582655 |
| Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A2B, VRN, 4.79%, (30-day average SOFR plus 0.45%), 10/15/26<sup>(1)</sup> | 77759 | 77784 |
| Hyundai Auto Receivables Trust, Series 2023-C, Class A2B, VRN, 4.97%, (30-day average SOFR plus 0.63%), 1/15/27 | 33842 | 33847 |
| Hyundai Auto Receivables Trust, Series 2024-A, Class A2B, VRN, 4.76%, (30-day average SOFR plus 0.42%), 4/15/27 | 243933 | 244072 |
| John Deere Owner Trust, Series 2024-A, Class A2B, VRN, 4.71%, (30-day average SOFR plus 0.37%), 2/16/27 | 57782 | 57796 |
| John Deere Owner Trust, Series 2024-B, Class A2B, VRN, 4.71%, (30-day average SOFR plus 0.37%), 5/17/27 | 480358 | 480533 |
| John Deere Owner Trust, Series 2024-C, Class A2B, VRN, 4.77%, (30-day average SOFR plus 0.43%), 8/16/27 | 315365 | 315538 |
| MMAF Equipment Finance LLC, Series 2021-A, Class A3, SEQ, 0.56%, 6/13/28<sup>(1)</sup> | 22932 | 22793 |

---

------

Schedule of Investments - Multisector Floating Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Navient Private Education Loan Trust, Series 2015-BA, Class A3, VRN, 5.93%, (1-month SOFR plus 1.56%), 7/16/40<sup>(1)</sup> | $21576 | $21677 |
| Nissan Auto Receivables Owner Trust, Series 2024-A, Class A2B, VRN, 4.72%, (30-day average SOFR plus 0.38%), 12/15/26 | 283629 | 283730 |
| Northstar Education Finance, Inc., Series 2006-A, Class B, VRN, 5.02%, (3-month SOFR plus 0.81%), 11/28/35 | 2163 | 2137 |
| Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33%, 9/15/27 | 95426 | 95265 |
| Santander Drive Auto Receivables Trust, Series 2022-4, Class B, 4.42%, 11/15/27 | 23558 | 23557 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class A2, SEQ, 4.88%, 9/15/27 | 304252 | 304417 |
| Service Experts Issuer LLC, Series 2021-1A, Class A, SEQ, 2.67%, 2/2/32<sup>(1)</sup> | 491846 | 482019 |
| Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, SEQ, 6.43%, 12/22/31<sup>(1)</sup> | 1000000 | 1007369 |
| Tesla Auto Lease Trust, Series 2023-A, Class B, 6.41%, 7/20/27<sup>(1)</sup> | 500000 | 501340 |
| Trinity Rail Leasing LLC, Series 2019-2A, Class A1, SEQ, 2.39%, 10/18/49<sup>(1)</sup> | 134743 | 133193 |
| Westlake Automobile Receivables Trust, Series 2023-4A, Class A2, SEQ, 6.23%, 1/15/27<sup>(1)</sup> | 2066 | 2068 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $8,203,262) |  | **8221481** |
| **U.S. TREASURY SECURITIES — 13.4%** |  |  |
| U.S. Treasury Notes, VRN, 4.39%, (3-month USBMMY plus 0.25%), 1/31/26<sup>(2)</sup><br>(Cost $6,804,653) | 6800000 | **6804257** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.1%** |  |  |
| **U.S. Government Agency Collateralized Mortgage Obligations — 13.1%** |  |  |
| FHLMC, Series 2021-DNA7, Class M1, VRN, 5.20%, (30-day average SOFR plus 0.85%), 11/25/41<sup>(1)</sup> | 65273 | 65240 |
| FHLMC, Series 2023-DNA1, Class M1A, VRN, 6.45%, (30-day average SOFR plus 2.10%), 3/25/43<sup>(1)</sup> | 297133 | 301974 |
| FHLMC, Series 2023-HQA1, Class M1A, VRN, 6.35%, (30-day average SOFR plus 2.00%), 5/25/43<sup>(1)</sup> | 360966 | 364661 |
| FHLMC, Series 2023-HQA2, Class M1A, VRN, 6.35%, (30-day average SOFR plus 2.00%), 6/25/43<sup>(1)</sup> | 102921 | 103389 |
| FHLMC, Series 2023-HQA3, Class A1, VRN, 6.20%, (30-day average SOFR plus 1.85%), 11/25/43<sup>(1)</sup> | 544757 | 550964 |
| FHLMC, Series 4619, Class NF, VRN, 4.86%, (30-day average SOFR plus 0.51%), 3/15/44 | 388984 | 385102 |
| FHLMC, Series 5468, Class FB, VRN, 5.55%, (30-day average SOFR plus 1.20%), 11/25/54 | 1170761 | 1169625 |
| FNMA, Series 2022-R06, Class 1M1, VRN, 7.10%, (30-day average SOFR plus 2.75%), 5/25/42<sup>(1)</sup> | 402082 | 410385 |
| FNMA, Series 2023-R04, Class 1M1, VRN, 6.65%, (30-day average SOFR plus 2.30%), 5/25/43<sup>(1)</sup> | 497974 | 508295 |
| FNMA, Series 2023-R05, Class 1M1, VRN, 6.25%, (30-day average SOFR plus 1.90%), 6/25/43<sup>(1)</sup> | 362622 | 365816 |
| FNMA, Series 2023-R06, Class 1M1, VRN, 6.05%, (30-day average SOFR plus 1.70%), 7/25/43<sup>(1)</sup> | 52212 | 52542 |
| FNMA, Series 2023-R08, Class 1M1, VRN, 5.85%, (30-day average SOFR plus 1.50%), 10/25/43<sup>(1)</sup> | 481453 | 482963 |
| FNMA, Series 2024-R01, Class 1M1, VRN, 5.40%, (30-day average SOFR plus 1.05%), 1/25/44<sup>(1)</sup> | 418138 | 418300 |
| FNMA, Series 2024-R02, Class 1M1, VRN, 5.45%, (30-day average SOFR plus 1.10%), 2/25/44<sup>(1)</sup> | 373768 | 374007 |
| FNMA, Series 2024-R03, Class 2M1, VRN, 5.50%, (30-day average SOFR plus 1.15%), 3/25/44<sup>(1)</sup> | 100552 | 100647 |
| FNMA, Series 2025-35, Class HF, VRN, 6.00%, (30-day average SOFR plus 1.70%), 5/25/55 | 975394 | 984094 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $6,624,380) |  | **6638004** |
| **SHORT-TERM INVESTMENTS — 5.8%** |  |  |
| **Money Market Funds — 5.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $2,934,151) | 2934151 | **2934151** |
| **TOTAL INVESTMENT SECURITIES — 99.6%**<br>(Cost $50,465,500) |  | **50549559** |
| **OTHER ASSETS AND LIABILITIES — 0.4%** |  | **179774** |
| **TOTAL NET ASSETS — 100.0%** |  | $**50729333** |

---

------

Schedule of Investments - Multisector Floating Income ETF

---

| | | |
|:---|:---|:---|
| **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 $34,675,297, which represented 68.4% of total net assets.

(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $277,173.

**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 |  | $17185503 |  |
| Commercial Mortgage-Backed Securities |  | 8766163 |  |
| Asset-Backed Securities |  | 8221481 |  |
| U.S. Treasury Securities |  | 6804257 |  |
| Collateralized Mortgage Obligations |  | 6638004 |  |
| Short-Term Investments | $2934151 |  |  |
|  | $2934151 | $47615408 |  |

---

------

Schedule of Investments - Multisector Floating Income 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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate Risk** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $(104523) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $11230 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Multisector Income ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 43.3%** | **Principal Amount/Shares** | **Value** |
| **Aerospace and Defense — 1.2%** | | |
| Axon Enterprise, Inc., 6.125%, 3/15/30<sup>(1)</sup> | $26000 | $26778 |
| Bombardier, Inc., 7.50%, 2/1/29<sup>(1)</sup> | 262000 | 273590 |
| Bombardier, Inc., 8.75%, 11/15/30<sup>(1)</sup> | 203000 | 219024 |
| Bombardier, Inc., 7.25%, 7/1/31<sup>(1)</sup> | 141000 | 148831 |
| Spirit AeroSystems, Inc., 4.60%, 6/15/28 | 695000 | 693683 |
| TransDigm, Inc., 4.625%, 1/15/29 | 820000 | 803006 |
|  |  | 2164912 |
| **Automobiles — 0.2%** |  |  |
| Ford Motor Credit Co. LLC, 7.20%, 6/10/30 | 310000 | 329511 |
| **Banks — 4.2%** |  |  |
| Bank of Montreal, VRN, 7.70%, 5/26/84 | 820000 | 857015 |
| Bank of Montreal, VRN, 6.875%, 11/26/85 | 275000 | 277375 |
| Bank of Nova Scotia, VRN, 8.625%, 10/27/82 | 415000 | 440571 |
| Bank of Nova Scotia, VRN, 8.00%, 1/27/84 | 295000 | 315078 |
| BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico, VRN, 5.125%, 1/18/33<sup>(1)</sup> | 200000 | 195687 |
| Canadian Imperial Bank of Commerce, VRN, 7.00%, 10/28/85 | 410000 | 419079 |
| Comerica, Inc., VRN, 5.98%, 1/30/30 | 485000 | 503294 |
| Freedom Mortgage Corp., 6.625%, 1/15/27<sup>(1)</sup> | 745000 | 747417 |
| Freedom Mortgage Corp., 12.00%, 10/1/28<sup>(1)</sup> | 335000 | 358472 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/1/29<sup>(1)</sup> | 344000 | 359776 |
| Intesa Sanpaolo SpA, 5.71%, 1/15/26<sup>(1)</sup> | 695000 | 696631 |
| Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32<sup>(1)</sup> | 1120000 | 1048879 |
| Planet Financial Group LLC, 10.50%, 12/15/29<sup>(1)</sup> | 257000 | 266084 |
| Toronto-Dominion Bank, VRN, 8.125%, 10/31/82 | 810000 | 855069 |
|  |  | 7340427 |
| **Biotechnology — 0.3%** |  |  |
| Biocon Biologics Global PLC, 6.67%, 10/9/29<sup>(1)</sup> | 500000 | 471158 |
| **Building Products — 1.1%** |  |  |
| Builders FirstSource, Inc., 5.00%, 3/1/30<sup>(1)</sup> | 372000 | 368164 |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(1)</sup> | 945000 | 888815 |
| Masterbrand, Inc., 7.00%, 7/15/32<sup>(1)</sup> | 395000 | 409600 |
| Standard Building Solutions, Inc., 6.50%, 8/15/32<sup>(1)</sup> | 110000 | 113610 |
| Standard Industries, Inc., 4.375%, 7/15/30<sup>(1)</sup> | 195000 | 186987 |
|  |  | 1967176 |
| **Capital Markets — 2.2%** |  |  |
| Ares Strategic Income Fund, 5.70%, 3/15/28 | 213000 | 215985 |
| Blackstone Private Credit Fund, 5.95%, 7/16/29 | 250000 | 258236 |
| Blue Owl Capital Corp., 5.95%, 3/15/29 | 326000 | 331179 |
| Blue Owl Credit Income Corp., 7.75%, 1/15/29 | 845000 | 905135 |
| Deutsche Bank AG, VRN, 4.875%, 12/1/32 | 910000 | 907107 |
| Golub Capital BDC, Inc., 7.05%, 12/5/28 | 485000 | 512701 |
| Golub Capital Private Credit Fund, 5.45%, 8/15/28<sup>(1)</sup> | 295000 | 296265 |
| HPS Corporate Lending Fund, 6.25%, 9/30/29<sup>(2)</sup> | 174000 | 180167 |
| LPL Holdings, Inc., 5.15%, 6/15/30 | 180000 | 183986 |
|  |  | 3790761 |
| **Chemicals — 1.4%** |  |  |
| Braskem Netherlands Finance BV, 4.50%, 1/10/28<sup>(1)</sup> | 485000 | 378193 |
| Braskem Netherlands Finance BV, 4.50%, 1/31/30<sup>(1)</sup> | 880000 | 622347 |
| Celanese U.S. Holdings LLC, 6.67%, 7/15/27 | 268000 | 275952 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Celanese U.S. Holdings LLC, 6.50%, 4/15/30 | $635000 | $641248 |
| Orbia Advance Corp. SAB de CV, 2.875%, 5/11/31<sup>(1)(2)</sup> | 550000 | 463856 |
|  |  | 2381596 |
| **Commercial Services and Supplies — 1.0%** |  |  |
| Deluxe Corp., 8.125%, 9/15/29<sup>(1)</sup> | 883000 | 920980 |
| Williams Scotsman, Inc., 6.625%, 6/15/29<sup>(1)</sup> | 840000 | 861202 |
|  |  | 1782182 |
| **Construction and Engineering — 0.7%** |  |  |
| Brand Industrial Services, Inc., 10.375%, 8/1/30<sup>(1)</sup> | 1275000 | 1253370 |
| **Construction Materials — 0.2%** |  |  |
| Quikrete Holdings, Inc., 6.375%, 3/1/32<sup>(1)</sup> | 188000 | 194012 |
| Quikrete Holdings, Inc., 6.75%, 3/1/33<sup>(1)</sup> | 209000 | 216795 |
|  |  | 410807 |
| **Consumer Finance — 0.8%** |  |  |
| Ally Financial, Inc., 8.00%, 11/1/31 | 230000 | 263353 |
| goeasy Ltd., 6.875%, 2/15/31<sup>(1)</sup> | 179000 | 179117 |
| OneMain Finance Corp., 6.125%, 5/15/30 | 130000 | 132109 |
| OneMain Finance Corp., 7.50%, 5/15/31 | 409000 | 429004 |
| PRA Group, Inc., 8.875%, 1/31/30<sup>(1)</sup> | 338000 | 355443 |
|  |  | 1359026 |
| **Consumer Staples Distribution & Retail — 0.3%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/27<sup>(1)</sup> | 485000 | 482443 |
| **Containers and Packaging — 0.2%** |  |  |
| Sealed Air Corp., 5.00%, 4/15/29<sup>(1)'</sup> | 405000 | 402021 |
| **Diversified REITs — 2.0%** |  |  |
| American Assets Trust LP, 3.375%, 2/1/31 | 615000 | 555056 |
| Kilroy Realty LP, 4.25%, 8/15/29 | 550000 | 537600 |
| Kilroy Realty LP, 3.05%, 2/15/30 | 125000 | 115024 |
| Kilroy Realty LP, 2.50%, 11/15/32 | 33000 | 27103 |
| Kilroy Realty LP, 2.65%, 11/15/33 | 53000 | 42865 |
| MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 2/15/32<sup>(1)</sup> | 565000 | 592803 |
| Piedmont Operating Partnership LP, 9.25%, 7/20/28 | 228000 | 253519 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 | 54000 | 57170 |
| Trust Fibra Uno, 4.87%, 1/15/30<sup>(1)</sup> | 569000 | 551940 |
| Trust Fibra Uno, 7.70%, 1/23/32<sup>(1)</sup> | 203000 | 216595 |
| Trust Fibra Uno, 8.25%, 1/23/37<sup>(1)</sup> | 515000 | 558981 |
|  |  | 3508656 |
| **Diversified Telecommunication Services — 0.7%** |  |  |
| Frontier Communications Holdings LLC, 8.625%, 3/15/31<sup>(1)</sup> | 1232000 | 1308634 |
| **Electric Utilities — 1.3%** |  |  |
| Comision Ejecutiva Hidroelectrica del Rio Lempa, 8.65%, 1/24/33<sup>(1)(2)</sup> | 425000 | 437261 |
| Empresas Publicas de Medellin ESP, 4.25%, 7/18/29<sup>(1)</sup> | 405000 | 381739 |
| Nevada Power Co., VRN, 6.25%, 5/15/55 | 6000 | 6035 |
| Pacific Gas & Electric Co., 3.15%, 1/1/26 | 755000 | 750528 |
| Palomino Funding Trust I, 7.23%, 5/17/28<sup>(1)</sup> | 520000 | 552533 |
| Southern Co., Series B, VRN, 4.00%, 1/15/51 | 217000 | 216520 |
|  |  | 2344616 |
| **Energy Equipment and Services — 0.2%** |  |  |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(1)</sup> | 425000 | 437723 |
| **Entertainment — 1.1%** |  |  |
| Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 755000 | 744185 |
| Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 510000 | 496995 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Warnermedia Holdings, Inc., 5.05%, 3/15/42 | $945000 | $637464 |
|  |  | 1878644 |
| **Financial Services — 1.8%** |  |  |
| Antares Holdings LP, 7.95%, 8/11/28<sup>(1)</sup> | 430000 | 457704 |
| Blue Owl Technology Finance Corp., 6.10%, 3/15/28<sup>(1)</sup> | 566000 | 573237 |
| Essent Group Ltd., 6.25%, 7/1/29 | 500000 | 524876 |
| NMI Holdings, Inc., 6.00%, 8/15/29 | 478000 | 491341 |
| PennyMac Financial Services, Inc., 7.125%, 11/15/30<sup>(1)</sup> | 557000 | 577360 |
| PennyMac Financial Services, Inc., 6.875%, 2/15/33<sup>(1)</sup> | 140000 | 143136 |
| PennyMac Financial Services, Inc., 6.75%, 2/15/34<sup>(1)</sup> | 65000 | 65493 |
| Rocket Cos., Inc., 6.125%, 8/1/30<sup>(1)</sup> | 190000 | 195629 |
| Rocket Cos., Inc., 6.375%, 8/1/33<sup>(1)</sup> | 135000 | 140262 |
|  |  | 3169038 |
| **Food Products — 0.1%** |  |  |
| Fiesta Purchaser, Inc., 9.625%, 9/15/32<sup>(1)(2)</sup> | 188000 | 202459 |
| **Gas Utilities — 0.1%** |  |  |
| Excelerate Energy LP, 8.00%, 5/15/30<sup>(1)</sup> | 124000 | 132123 |
| **Health Care Equipment and Supplies — 0.7%** |  |  |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(1)</sup> | 765000 | 786837 |
| Sotera Health Holdings LLC, 7.375%, 6/1/31<sup>(1)</sup> | 380000 | 399909 |
|  |  | 1186746 |
| **Health Care Providers and Services — 1.5%** |  |  |
| Acadia Healthcare Co., Inc., 7.375%, 3/15/33<sup>(1)(2)</sup> | 835000 | 870599 |
| CHS/Community Health Systems, Inc., 4.75%, 2/15/31<sup>(1)</sup> | 800000 | 682659 |
| CVS Health Corp., VRN, 7.00%, 3/10/55 | 279000 | 291167 |
| Surgery Center Holdings, Inc., 7.25%, 4/15/32<sup>(1)(2)</sup> | 672000 | 697763 |
|  |  | 2542188 |
| **Hotel & Resort REITs — 0.1%** |  |  |
| Service Properties Trust, 5.25%, 2/15/26 | 180000 | 180466 |
| **Hotels, Restaurants and Leisure — 1.7%** |  |  |
| Caesars Entertainment, Inc., 4.625%, 10/15/29<sup>(1)(2)</sup> | 550000 | 524847 |
| Caesars Entertainment, Inc., 7.00%, 2/15/30<sup>(1)</sup> | 117000 | 121065 |
| Carnival Corp., 6.125%, 2/15/33<sup>(1)</sup> | 697000 | 716188 |
| Light & Wonder International, Inc., 7.25%, 11/15/29<sup>(1)</sup> | 350000 | 359284 |
| Royal Caribbean Cruises Ltd., 6.00%, 2/1/33<sup>(1)</sup> | 450000 | 461968 |
| Station Casinos LLC, 4.625%, 12/1/31<sup>(1)</sup> | 258000 | 244306 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27<sup>(1)</sup> | 510000 | 510659 |
|  |  | 2938317 |
| **Household Durables — 0.6%** |  |  |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 6.875%, 8/1/33<sup>(1)</sup> | 469000 | 470279 |
| Meritage Homes Corp., 5.65%, 3/15/35 | 204000 | 206089 |
| TopBuild Corp., 3.625%, 3/15/29<sup>(1)</sup> | 470000 | 449223 |
|  |  | 1125591 |
| **Independent Power and Renewable Electricity Producers — 0.8%** |  |  |
| FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, 1/31/41<sup>(1)</sup> | 396203 | 407487 |
| Greenko Wind Projects Mauritius Ltd., 7.25%, 9/27/28<sup>(1)</sup> | 476000 | 485546 |
| Saavi Energia SARL, 8.875%, 2/10/35<sup>(1)</sup> | 550000 | 583687 |
|  |  | 1476720 |
| **Insurance — 1.1%** |  |  |
| Aspen Insurance Holdings Ltd., 5.75%, 7/1/30 | 490000 | 509085 |
| F&G Annuities & Life, Inc., 6.50%, 6/4/29 | 119000 | 124122 |
| Global Atlantic Fin Co., 4.40%, 10/15/29<sup>(1)</sup> | 481000 | 474174 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51<sup>(1)</sup> | $633000 | $621111 |
| MetLife Capital Trust IV, 7.875%, 12/15/67<sup>(1)</sup> | 100000 | 110238 |
|  |  | 1838730 |
| **IT Services — 0.2%** |  |  |
| CoreWeave, Inc., 9.25%, 6/1/30<sup>(1)</sup> | 395000 | 396833 |
| **Machinery — 0.9%** |  |  |
| Chart Industries, Inc., 7.50%, 1/1/30<sup>(1)</sup> | 130000 | 136414 |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(1)</sup> | 489000 | 524062 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 2/15/29<sup>(1)</sup> | 805000 | 845724 |
|  |  | 1506200 |
| **Marine Transportation — 0.3%** |  |  |
| Yinson Bergenia Production BV, 8.50%, 1/31/45<sup>(1)</sup> | 508000 | 531180 |
| **Media — 3.8%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27<sup>(1)</sup> | 640000 | 637175 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 7.375%, 3/1/31<sup>(1)</sup> | 585000 | 605663 |
| Cox Communications, Inc., 5.70%, 6/15/33<sup>(1)</sup> | 291000 | 294596 |
| Gray Media, Inc., 7.25%, 8/15/33<sup>(1)</sup> | 615000 | 606319 |
| Lamar Media Corp., 3.75%, 2/15/28 | 920000 | 895203 |
| Nexstar Media, Inc., 4.75%, 11/1/28<sup>(1)(2)</sup> | 1315000 | 1291651 |
| Paramount Global, 4.375%, 3/15/43 | 597000 | 454083 |
| Paramount Global, VRN, 6.25%, 2/28/57 | 430000 | 418893 |
| Sirius XM Radio LLC, 3.125%, 9/1/26<sup>(1)</sup> | 605000 | 601639 |
| Sirius XM Radio LLC, 4.00%, 7/15/28<sup>(1)</sup> | 275000 | 265582 |
| TEGNA, Inc., 4.625%, 3/15/28 | 540000 | 537550 |
|  |  | 6608354 |
| **Metals and Mining — 0.2%** |  |  |
| Cleveland-Cliffs, Inc., 7.50%, 9/15/31<sup>(1)</sup> | 81000 | 82193 |
| Cleveland-Cliffs, Inc., 7.375%, 5/1/33<sup>(1)</sup> | 339000 | 337979 |
|  |  | 420172 |
| **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> | 317000 | 310201 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 7.00%, 7/15/31<sup>(1)</sup> | 1020000 | 1073193 |
|  |  | 1383394 |
| **Multi-Utilities — 0.3%** |  |  |
| NiSource, Inc., 5.35%, 7/15/35 | 551000 | 556733 |
| **Oil, Gas and Consumable Fuels — 4.2%** |  |  |
| 3R Lux SARL, 9.75%, 2/5/31<sup>(1)</sup> | 570000 | 601521 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29<sup>(1)</sup> | 750000 | 782944 |
| Enbridge, Inc., VRN, 6.00%, 1/15/77 | 885000 | 888962 |
| Energy Transfer LP, VRN, 6.50%, 2/15/56 | 399000 | 397397 |
| EQT Corp., 7.50%, 6/1/27<sup>(1)</sup> | 310000 | 315741 |
| Expand Energy Corp., 6.75%, 4/15/29<sup>(1)</sup> | 78000 | 79051 |
| Expand Energy Corp., 5.375%, 3/15/30 | 405000 | 409338 |
| Matador Resources Co., 6.50%, 4/15/32<sup>(1)</sup> | 469000 | 476131 |
| Petroleos Mexicanos, 6.875%, 8/4/26<sup>(2)</sup> | 486000 | 489572 |
| Petroleos Mexicanos, 5.95%, 1/28/31 | 2365000 | 2212643 |
| SM Energy Co., 6.75%, 9/15/26 | 432000 | 431493 |
| Sunoco LP, 7.00%, 5/1/29<sup>(1)</sup> | 203000 | 210940 |
|  |  | 7295733 |
| **Passenger Airlines — 1.7%** |  |  |
| American Airlines, Series 2017-2, Class B, 3.70%, 4/15/27 | 241111 | 240473 |
| American Airlines, Inc., 7.25%, 2/15/28<sup>(1)(2)</sup> | 267000 | 274092 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal Amount/Shares** | **Value** |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> |  | $1755044 | $1759631 |
| Grupo Aeromexico SAB de CV, 8.25%, 11/15/29<sup>(1)</sup> |  | 640000 | 634360 |
|  |  |  | 2908556 |
| **Pharmaceuticals — 0.3%** |  |  |  |
| 1261229 BC Ltd., 10.00%, 4/15/32<sup>(1)</sup> |  | 450000 | 467616 |
| **Real Estate Management and Development — 0.5%** |  |  |  |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/30<sup>(1)</sup> |  | 132000 | 140334 |
| Forestar Group, Inc., 6.50%, 3/15/33<sup>(1)</sup> |  | 635000 | 647762 |
|  |  |  | 788096 |
| **Semiconductors and Semiconductor Equipment — 0.6%** |  |  |  |
| Foundry JV Holdco LLC, 5.50%, 1/25/31<sup>(1)</sup> |  | 385000 | 400063 |
| Foundry JV Holdco LLC, 5.875%, 1/25/34<sup>(1)</sup> |  | 145000 | 149003 |
| Foundry JV Holdco LLC, 6.10%, 1/25/36<sup>(1)</sup> |  | 200000 | 209490 |
| Intel Corp., 3.90%, 3/25/30 |  | 290000 | 282670 |
|  |  |  | 1041226 |
| **Software — 0.1%** |  |  |  |
| AppLovin Corp., 5.375%, 12/1/31 |  | 231000 | 238113 |
| **Specialty Retail — 0.9%** |  |  |  |
| Advance Auto Parts, Inc., 7.00%, 8/1/30<sup>(1)</sup> |  | 274000 | 281351 |
| Advance Auto Parts, Inc., 7.375%, 8/1/33<sup>(1)</sup> |  | 280000 | 287226 |
| PetSmart LLC/PetSmart Finance Corp., 7.50%, 9/15/32<sup>(1)</sup> |  | 610000 | 605193 |
| Wayfair LLC, 7.75%, 9/15/30<sup>(1)</sup> |  | 445000 | 460866 |
|  |  |  | 1634636 |
| **Trading Companies and Distributors — 0.4%** |  |  |  |
| Herc Holdings, Inc., 5.50%, 7/15/27<sup>(1)</sup> |  | 380000 | 379825 |
| Herc Holdings, Inc., 7.25%, 6/15/33<sup>(1)</sup> |  | 280000 | 293929 |
|  |  |  | 673754 |
| **Wireless Telecommunication Services — 0.5%** |  |  |  |
| T-Mobile USA, Inc., 6.70%, 12/15/33<sup>(2)</sup> |  | 856000 | 947986 |
| **TOTAL CORPORATE BONDS**<br>(Cost $74,668,791) |  |  | **75804623** |
| **ASSET-BACKED SECURITIES — 11.2%** |  |  |  |
| Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46<sup>(1)</sup> |  | 400000 | 386848 |
| Aligned Data Centers Issuer LLC, Series 2023-1A, Class A2, SEQ, 6.00%, 8/17/48<sup>(1)</sup> |  | 616000 | 622385 |
| Blackbird Capital II Aircraft Lease Ltd., Series 2021-1A, Class B, 3.45%, 7/15/46<sup>(1)</sup> |  | 329484 | 313947 |
| CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50<sup>(1)</sup> |  | 100000 | 97121 |
| Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, SEQ, 4.125%, 6/15/43<sup>(1)</sup> |  | 83447 | 81233 |
| Centersquare Issuer LLC, Series 2025-3A, Class A2, SEQ, 5.00%, 8/25/55<sup>(1)</sup> |  | 754706 | 725425 |
| Cherry Securitization Trust, Series 2025-1A, Class B, 6.53%, 11/15/32<sup>(1)</sup> |  | 800000 | 818189 |
| CLI Funding VIII LLC, Series 2022-1A, Class B, 3.12%, 1/18/47<sup>(1)</sup> |  | 702686 | 641310 |
| ClickLease Equipment Receivables Trust, Series 2024-1, Class B, 7.34%, 2/15/30<sup>(1)</sup> |  | 339960 | 340934 |
| Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52<sup>(1)</sup> | CAD | 350000 | 247986 |
| Cologix Data Centers U.S. Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.30%, 12/26/51<sup>(1)</sup> |  | $775000 | 752953 |
| Concord Music Royalties LLC, Series 2025-1A, Class A2, SEQ, 5.51%, 7/20/75<sup>(1)</sup> |  | 570000 | 575063 |
| Continental Finance Credit Card ABS Master Trust, Series 2022-A, Class A, SEQ, 6.19%, 10/15/30<sup>(1)</sup> |  | 624000 | 625776 |
| CyrusOne Data Centers Issuer I LLC, Series 2024-2A, Class A2, SEQ, 4.50%, 5/20/49<sup>(1)</sup> |  | 350000 | 344138 |
| DataBank Issuer LLC, Series 2023-1A, Class A2, SEQ, 5.12%, 2/25/53<sup>(1)</sup> |  | 678000 | 676720 |
| Diamond Issuer LLC, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51<sup>(1)</sup> |  | 691000 | 657724 |
| EDI ABS Issuer 1 LLC, Series 2025-1A, Class B, 4.55%, 7/25/55<sup>(1)</sup> |  | 306000 | 293959 |
| Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51<sup>(1)</sup> |  | 525000 | 510715 |
| GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, VRN, 5.95%, (30-day average SOFR plus 1.60%), 8/25/54<sup>(1)</sup> |  | 358426 | 359875 |
| Hilton Grand Vacations Trust, Series 2024-2A, Class D, 6.91%, 3/25/38<sup>(1)</sup> |  | 219258 | 225576 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| LMRK Issuer Co. 2 LLC, Series 2025-1A, Class A, SEQ, 5.52%, 9/15/55<sup>(1)</sup> | $611000 | $616673 |
| Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, SEQ, 5.76%, 12/22/64<sup>(1)</sup> | 691008 | 702229 |
| Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, SEQ, 5.60%, 9/20/65<sup>(1)</sup> | 323000 | 327248 |
| MACH 1 Cayman Ltd., Series 2019-1, Class A, SEQ, 3.47%, 10/15/39<sup>(1)</sup> | 72546 | 71711 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class C, 5.41%, 9/15/31<sup>(1)</sup> | 544000 | 548496 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61<sup>(1)</sup> | 750000 | 495118 |
| NP SPE II LLC, Series 2019-1A, Class A1, SEQ, 2.57%, 9/20/49<sup>(1)</sup> | 137284 | 135224 |
| RCKT Mortgage Trust, Series 2024-CES3, Class A1A, VRN, 6.59%, 5/25/44<sup>(1)</sup> | 158175 | 160860 |
| RCKT Mortgage Trust, Series 2024-CES4, Class A3, SEQ, 6.67%, 6/25/44<sup>(1)</sup> | 850000 | 863979 |
| RCKT Trust, Series 2025-1A, Class D, 5.42%, 7/25/34<sup>(1)</sup> | 286000 | 288580 |
| Regional Management Issuance Trust, Series 2025-1, Class B, 5.53%, 4/17/34<sup>(1)</sup> | 300000 | 303720 |
| Research-Driven Pagaya Motor Asset Trust, Series 2025-4A, Class B, 5.50%, 4/25/34<sup>(1)</sup> | 856835 | 862992 |
| Scalelogix ABS U.S. Issuer LLC, Series 2025-1A, Class B, 6.16%, 7/25/55<sup>(1)</sup> | 562000 | 562341 |
| SEB Funding LLC, Series 2024-1A, Class A2, SEQ, 7.39%, 4/30/54<sup>(1)</sup> | 325000 | 333933 |
| Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46<sup>(1)</sup> | 369450 | 348791 |
| Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.88%, 3/26/46<sup>(1)</sup> | 167000 | 164191 |
| Subway Funding LLC, Series 2024-1A, Class A2I, SEQ, 6.03%, 7/30/54<sup>(1)</sup> | 942875 | 958710 |
| Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55<sup>(1)</sup> | 625963 | 645914 |
| VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52<sup>(1)</sup> | 425000 | 407955 |
| VB-S1 Issuer LLC, Series 2024-1A, Class F, 8.87%, 5/15/54<sup>(1)</sup> | 475000 | 497291 |
| Vertical Bridge CC LLC, Series 2025-1A, Class C, 7.45%, 8/16/55<sup>(1)</sup> | 526972 | 524737 |
| Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.68%, 5/25/54<sup>(1)</sup> | 461838 | 467456 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $19,573,848) |  | **19586026** |
| **CONVERTIBLE PREFERRED SECURITIES — 9.5%** |  |  |
| **Banks — 8.2%** |  |  |
| Australia & New Zealand Banking Group Ltd., 6.75%<sup>(1)</sup> | 709000 | 718963 |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% | 800000 | 798119 |
| Banco Mercantil del Norte SA, 5.875%<sup>(1)</sup> | 890000 | 877829 |
| Banco Santander SA, 4.75% | 800000 | 783675 |
| Barclays PLC, 6.125%<sup>(2)</sup> | 780000 | 781925 |
| BNP Paribas SA, 4.625%<sup>(1)</sup> | 650000 | 637564 |
| BNP Paribas SA, 8.50%<sup>(1)</sup> | 775000 | 825115 |
| Credit Agricole SA, 8.125%<sup>(1)</sup> | 965000 | 972893 |
| Danske Bank AS, 4.375% | 1029000 | 1019698 |
| HSBC Holdings PLC, 6.00% | 800000 | 802180 |
| HSBC Holdings PLC, 6.875% | 200000 | 206768 |
| ING Groep NV, 5.75% | 340000 | 340776 |
| ING Groep NV, 7.50% | 400000 | 416953 |
| Intesa Sanpaolo SpA, 7.70%<sup>(1)</sup> | 1160000 | 1161784 |
| Lloyds Banking Group PLC, 6.75% | 200000 | 202127 |
| Lloyds Banking Group PLC, 7.50% | 340000 | 340964 |
| NatWest Group PLC, 6.00% | 470000 | 471519 |
| Nordea Bank Abp, 6.625%<sup>(1)</sup> | 975000 | 983049 |
| Skandinaviska Enskilda Banken AB, 6.875% | 1000000 | 1023636 |
| Societe Generale SA, 9.375%<sup>(1)</sup> | 785000 | 839919 |
| Svenska Handelsbanken AB, 4.375% | 200000 | 196449 |
|  |  | 14401905 |
| **Capital Markets — 1.0%** |  |  |
| Deutsche Bank AG, 6.00% | 800000 | 800094 |
| UBS Group AG, 9.25%<sup>(1)</sup> | 785000 | 862275 |
|  |  | 1662369 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| **Insurance — 0.3%** | | |
| Allianz SE, 3.50%<sup>(1)</sup> | 600000 | $596075 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $16,445,593) |  | **16660349** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.0%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 7.2%** |  |  |
| Angel Oak Mortgage Trust, Series 2020-2, Class A2, VRN, 3.86%, 1/26/65<sup>(1)</sup> | $132986 | 129769 |
| Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65<sup>(1)</sup> | 242937 | 233435 |
| Angel Oak Mortgage Trust, Series 2021-5, Class A1, VRN, 0.95%, 7/25/66<sup>(1)</sup> | 377411 | 330708 |
| BRAVO Trust, Series 2025-SR1, Class A1, SEQ, 3.00%, 3/25/45<sup>(1)</sup> | 676945 | 653602 |
| Chase Home Lending Mortgage Trust, Series 2024-2, Class A6A, SEQ, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 544002 | 547078 |
| Chase Home Lending Mortgage Trust, Series 2024-6, Class A9A, VRN, 6.00%, 5/25/55<sup>(1)</sup> | 339494 | 342905 |
| Chase Home Lending Mortgage Trust, Series 2024-7, Class A4, VRN, 6.00%, 6/25/55<sup>(1)</sup> | 765919 | 774610 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 476694 | 479262 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 190571 | 190829 |
| Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54<sup>(1)</sup> | 682365 | 685073 |
| Citigroup Mortgage Loan Trust, Series 2025-2, Class A10, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 937007 | 950692 |
| Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, VRN, 1.19%, 8/25/66<sup>(1)</sup> | 220599 | 195800 |
| EFMT, Series 2024-CES1, Class A2, 5.80%, 1/26/60<sup>(1)</sup> | 406000 | 413516 |
| GCAT Trust, Series 2021-NQM1, Class A3, SEQ, VRN, 1.15%, 1/25/66<sup>(1)</sup> | 92750 | 83379 |
| GCAT Trust, Series 2024-INV3, Class A6, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 311396 | 313724 |
| JP Morgan Mortgage Trust, Series 2023-6, Class A4, SEQ, VRN, 6.00%, 12/26/53<sup>(1)</sup> | 420264 | 425180 |
| JP Morgan Mortgage Trust, Series 2023-8, Class A4, SEQ, VRN, 6.00%, 2/25/54<sup>(1)</sup> | 779499 | 788733 |
| JP Morgan Mortgage Trust, Series 2024-1, Class A4, SEQ, VRN, 6.00%, 6/25/54<sup>(1)</sup> | 515136 | 520175 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A4, VRN, 5.50%, 3/25/55<sup>(1)</sup> | 430010 | 432642 |
| JP Morgan Mortgage Trust, Series 2024-10, Class A6, SEQ, VRN, 5.50%, 3/25/55<sup>(1)</sup> | 452098 | 453198 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A6, SEQ, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 325946 | 328526 |
| JP Morgan Mortgage Trust, Series 2024-6, Class A6, SEQ, VRN, 6.00%, 12/25/54<sup>(1)</sup> | 195392 | 196318 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A4, SEQ, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 390210 | 396102 |
| JP Morgan Mortgage Trust, Series 2025-5MPR, Class A3, 6.16%, 11/25/55<sup>(1)</sup> | 697183 | 706319 |
| MFA Trust, Series 2024-NQM1, Class A2, SEQ, 6.83%, 3/25/69<sup>(1)</sup> | 283493 | 287470 |
| OBX Trust, Series 2024-NQM7, Class A1, 6.24%, 3/25/64<sup>(1)</sup> | 429108 | 434377 |
| Rate Mortgage Trust, Series 2024-J3, Class A8, SEQ, VRN, 5.50%, 10/25/54<sup>(1)</sup> | 161578 | 161848 |
| Sequoia Mortgage Trust, Series 2024-10, Class A11, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 172787 | 172908 |
| Sequoia Mortgage Trust, Series 2024-10, Class A5, SEQ, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 263494 | 264765 |
| Triangle Re Ltd., Series 2023-1, Class M1A, VRN, 7.75%, (30-day average SOFR plus 3.40%), 11/25/33<sup>(1)</sup> | 184047 | 185945 |
| Verus Securitization Trust, Series 2024-5, Class A1, 6.19%, 6/25/69<sup>(1)</sup> | 472287 | 478354 |
|  |  | 12557242 |
| **U.S. Government Agency Collateralized Mortgage Obligations — 0.8%** |  |  |
| FHLMC, Series 2022-DNA6, Class M1A, VRN, 6.50%, (30-day average SOFR plus 2.15%), 9/25/42<sup>(1)</sup> | 68596 | 69075 |
| FHLMC, Series 2023-HQA2, Class M1A, VRN, 6.35%, (30-day average SOFR plus 2.00%), 6/25/43<sup>(1)</sup> | 89542 | 89948 |
| FNMA, Series 2022-R09, Class 2M1, VRN, 6.85%, (30-day average SOFR plus 2.50%), 9/25/42<sup>(1)</sup> | 165313 | 167718 |
| FNMA, Series 2023-39, Class AI, IO, 2.00%, 7/25/52 | 4065717 | 531892 |
| FNMA, Series 2024-R01, Class 1M1, VRN, 5.40%, (30-day average SOFR plus 1.05%), 1/25/44<sup>(1)</sup> | 529642 | 529847 |
|  |  | 1388480 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $13,695,868) |  | **13945722** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 5.4%** |  |  |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 5.4%** |  |  |
| FHLMC, 5.00%, 6/1/52 | 199887 | 198336 |
| FHLMC, 6.00%, 1/1/53 | 1322584 | 1359046 |
| FHLMC, 5.50%, 4/1/54 | 2002074 | 2029647 |
| FNMA, 5.50%, 5/1/53 | 1888679 | 1907108 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| FNMA, 6.00%, 9/1/53 | $1318628 | $1350757 |
| FNMA, 6.00%, 9/1/53 | 937464 | 966452 |
| FNMA, 5.00%, 1/1/54 | 1573426 | 1559676 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $9,182,715) |  | **9371022** |
| **PREFERRED SECURITIES — 5.0%** |  |  |
| **Banks — 2.3%** |  |  |
| Bank of America Corp., 4.375% | 385000 | 377037 |
| Bank of America Corp., 6.25% | 405000 | 406374 |
| Citigroup, Inc., 6.875% | 25000 | 25500 |
| Citigroup, Inc., 3.875% | 540000 | 534374 |
| Citigroup, Inc., 4.00% | 540000 | 536284 |
| Citigroup, Inc., 6.25% | 510000 | 513721 |
| Citizens Financial Group, Inc., 5.65% | 630000 | 631091 |
| Fifth Third Bancorp, 4.50% | 895000 | 894266 |
| M&T Bank Corp., 5.125% | 9000 | 8951 |
|  |  | 3927598 |
| **Capital Markets — 0.4%** |  |  |
| Charles Schwab Corp., 4.00% | 734000 | 723859 |
| **Consumer Finance — 0.2%** |  |  |
| Ally Financial, Inc., 4.70% | 445000 | 406926 |
| **Electric Utilities — 0.4%** |  |  |
| Edison International, 5.375% | 619000 | 602627 |
| **Multi-Utilities — 0.2%** |  |  |
| Sempra, 4.875% | 398000 | 398295 |
| **Oil, Gas and Consumable Fuels — 0.7%** |  |  |
| Energy Transfer LP, 6.50% | 860000 | 865281 |
| Venture Global LNG, Inc., 9.00%<sup>(1)</sup> | 430000 | 427279 |
|  |  | 1292560 |
| **Trading Companies and Distributors — 0.8%** |  |  |
| Air Lease Corp., 4.65% | 420000 | 416443 |
| Aircastle Ltd., 5.25%<sup>(1)</sup> | 999000 | 995104 |
|  |  | 1411547 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $8,719,876) |  | **8763412** |
| **U.S. TREASURY SECURITIES — 4.0%** |  |  |
| U.S. Treasury Notes, 4.625%, 9/15/26<sup>(3)</sup> | $475000 | 478787 |
| U.S. Treasury Notes, 1.625%, 10/31/26<sup>(3)</sup> | 438000 | 427238 |
| U.S. Treasury Notes, 4.375%, 12/31/29<sup>(3)</sup> | 690000 | 709676 |
| U.S. Treasury Notes, 3.875%, 7/31/30 | 2280000 | 2298703 |
| U.S. Treasury Notes, 3.625%, 8/31/30<sup>(4)</sup> | 3000000 | 2990977 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $6,868,868) |  | **6905381** |
| **EXCHANGE-TRADED FUNDS — 2.9%** |  |  |
| SPDR Bloomberg Short Term High Yield Bond ETF<sup>(2)</sup><br>(Cost $5,117,214) | 201616 | **5149273** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.3%** |  |  |
| Bank, Series 2018-BN15, Class D, 3.00%, 11/15/61<sup>(1)</sup> | $145000 | 117444 |
| Bank, Series 2020-BN26, Class D, 2.50%, 3/15/63<sup>(1)</sup> | 991000 | 740805 |
| BBCMS Mortgage Trust, Series 2019-C4, Class D, 3.25%, 8/15/52<sup>(1)</sup> | 194000 | 120435 |
| Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 2/15/53<sup>(1)</sup> | 363000 | 271566 |
| Benchmark Mortgage Trust, Series 2021-B31, Class D, 2.25%, 12/15/54<sup>(1)</sup> | 155000 | 104105 |
| BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.67%, 3/11/44<sup>(1)</sup> | 400000 | 369629 |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal Amount/Shares** | **Value** |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, VRN, 6.48%, (1-month SOFR plus 2.11%), 6/15/27<sup>(1)</sup> | $207000 | $208447 |
| Credit Suisse Mortgage Trust, Series 2021-BHAR, Class B, VRN, 5.98%, (1-month SOFR plus 1.61%), 11/15/38<sup>(1)</sup> | 414000 | 412990 |
| CSAIL Commercial Mortgage Trust, Series 2019-C15, Class D, 3.00%, 3/15/52<sup>(1)</sup> | 301000 | 243052 |
| Extended Stay America Trust, Series 2021-ESH, Class E, VRN, 7.33%, (1-month SOFR plus 2.96%), 7/15/38<sup>(1)</sup> | 273988 | 274420 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A, SEQ, 4.13%, 7/5/31<sup>(1)</sup> | 282000 | 257221 |
| Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 5.88%, (1-month SOFR plus 1.51%), 3/15/38<sup>(1)</sup> | 420700 | 418215 |
| Morgan Stanley Capital I Trust, Series 2018-H3, Class D, 3.00%, 7/15/51<sup>(1)</sup> | 138000 | 114922 |
| THPT Mortgage Trust, Series 2023-THL, Class B, VRN, 7.92%, 12/10/34<sup>(1)</sup> | 250000 | 252564 |
| UBS Commercial Mortgage Trust, Series 2018-C15, Class D, VRN, 5.31%, 12/15/51<sup>(1)</sup> | 117000 | 106583 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $3,857,416) |  | **4012398** |
| **COLLATERALIZED LOAN OBLIGATIONS — 1.8%** |  |  |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 5.83%, (1-month SOFR plus 1.46%), 11/15/36<sup>(1)</sup> | 245487 | 245615 |
| BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 6.62%, (1-month SOFR plus 2.26%), 9/15/35<sup>(1)</sup> | 370146 | 370490 |
| CIFC Funding Ltd., Series 2018-1A, Class CR, VRN, 6.13%, (3-month SOFR plus 1.80%), 1/18/38<sup>(1)</sup> | 475000 | 477019 |
| Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 6.17%, (3-month SOFR plus 1.96%), 11/15/28<sup>(1)</sup> | 300000 | 300438 |
| Magnetite XLI Ltd., Series 2024-41A, Class C, VRN, 6.10%, (3-month SOFR plus 1.78%), 1/25/38<sup>(1)</sup> | 250000 | 250316 |
| Magnetite XXVIII Ltd., Series 2020-28A, Class CRR, VRN, 6.07%, (3-month SOFR plus 1.75%), 1/15/38<sup>(1)</sup> | 475000 | 475474 |
| Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, VRN, 6.70%, (1-month SOFR plus 2.37%), 10/25/39<sup>(1)</sup> | 3411 | 3413 |
| Sixth Street CLO VIII Ltd., Series 2017-8A, Class BR2, VRN, 6.13%, (3-month SOFR plus 1.80%), 10/20/34<sup>(1)</sup> | 825000 | 826296 |
| TRTX Issuer Ltd., Series 2021-FL4, Class A, VRN, 5.68%, (1-month SOFR plus 1.31%), 3/15/38<sup>(1)</sup> | 267387 | 267431 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $3,195,652) |  | **3216492** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 1.0%** |  |  |
| **Bahamas — 0.1%** |  |  |
| Bahamas Government International Bonds, 8.25%, 6/24/36<sup>(1)</sup> | 225000 | 233005 |
| **Brazil — 0.1%** |  |  |
| Brazil Government International Bonds, 6.625%, 3/15/35 | 155000 | 158681 |
| **Colombia — 0.1%** |  |  |
| Colombia Government International Bonds, 7.75%, 11/7/36 | 200000 | 205344 |
| **Egypt — 0.4%** |  |  |
| Egypt Government International Bonds, 7.30%, 9/30/33<sup>(1)</sup> | 800000 | 732677 |
| **Luxembourg — 0.3%** |  |  |
| Eagle Funding Luxco SARL, 5.50%, 8/17/30<sup>(1)</sup> | 420000 | 426447 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $1,700,868) |  | **1756154** |
| **BANK LOAN OBLIGATIONS**<sup>(5)</sup> **— 0.6%** |  |  |
| **Passenger Airlines — 0.3%** |  |  |
| American Airlines, Inc., 2024 1st Lien Term Loan B, 6.50%, (6-month SOFR plus 2.25%), 2/15/28 | 470450 | 468728 |
| **Pharmaceuticals — 0.3%** |  |  |
| Endo Luxembourg Finance Co. I SARL, 2024 1st Lien Term Loan, 8.32%, (1-month SOFR plus 4.00%), 4/23/31 | 630238 | 633468 |
| **TOTAL BANK LOAN OBLIGATIONS**<br>(Cost $1,095,532) |  | **1102196** |
| **MUNICIPAL SECURITIES — 0.4%** |  |  |
| Florida Local Government Finance Commission Rev., (Ponte Vedra Pine Co. LLC Obligated Group), 6.75%, 11/15/30<sup>(1)(4)</sup><br>(Cost $705,000) | 705000 | **707578** |

---

------

Schedule of Investments - Multisector Income ETF

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 8.3%** | **Principal Amount/Shares** | **Value** |
| **Money Market Funds — 8.3%** | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 8755742 | $8755742 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(6)</sup> | 5835471 | 5835471 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $14,591,213) |  | **14591213** |
| **TOTAL INVESTMENT SECURITIES — 103.7%**<br>(Cost $179,418,454) |  | **181571839** |
| **OTHER ASSETS AND LIABILITIES — (3.7)%** |  | **(6546298)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**175025541** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 5-Year Notes | 48 | December 2025 | $5254500 | $9922 |
| U.S. Treasury 10-Year Ultra Notes | 207 | December 2025 | 23682094 | 98643 |
| U.S. Treasury 10-Year Notes | 213 | December 2025 | 23962500 | 89444 |
|  |  |  | $52899094 | $198009 |

---

^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 | 23 | December 2025 | $2627750 | $(9209) |

---

^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** |
| 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 $101,132,763, which represented 57.8% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $7,969,325. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $1,216,047.

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

(5)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.

(6)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $8,229,836, which includes securities collateral of $2,394,365.

**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 |  | $75804623 |  |
| Asset-Backed Securities |  | 19586026 |  |
| Convertible Preferred Securities |  | 16660349 |  |
| Collateralized Mortgage Obligations |  | 13945722 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 9371022 |  |
| Preferred Securities |  | 8763412 |  |
| U.S. Treasury Securities |  | 6905381 |  |
| Exchange-Traded Funds | $5149273 |  |  |
| Commercial Mortgage-Backed Securities |  | 4012398 |  |
| Collateralized Loan Obligations |  | 3216492 |  |
| Sovereign Governments and Agencies |  | 1756154 |  |
| Bank Loan Obligations |  | 1102196 |  |
| Municipal Securities |  | 707578 |  |
| Short-Term Investments | 14591213 |  |  |
|  | $19740486 | $161831353 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $198009 |  |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $9209 |  |  |

---

------

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 Risk** |
| **Liability Derivatives:** | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $45003 |

---

\*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 August 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit Risk** | **Interest Rate Risk** | **Total** |
| **Net realized gain (loss) on:** | | | |
| &nbsp;&nbsp;Futures contract transactions |  | $(478403) | $(478403) |
| &nbsp;&nbsp;Swap agreement transactions | $196052 |  | 196052 |
|  |  |  | $(282351) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |
| &nbsp;&nbsp;Futures contracts |  | $448292 | $448292 |
| &nbsp;&nbsp;Swap agreements | $(181143) |  | (181143) |
|  |  |  | $(267149) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Select High Yield ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 96.1%** | **Principal <br>Amount/Shares** | **Value** |
| **Aerospace and Defense — 2.4%** | | |
| ATI, Inc., 5.875%, 12/1/27 | $25000 | $25045 |
| ATI, Inc., 4.875%, 10/1/29 | 50000 | 49022 |
| ATI, Inc., 5.125%, 10/1/31 | 50000 | 48838 |
| Bombardier, Inc., 6.00%, 2/15/28<sup>(1)</sup> | 75000 | 75134 |
| Bombardier, Inc., 7.50%, 2/1/29<sup>(1)</sup> | 50000 | 52212 |
| Bombardier, Inc., 7.00%, 6/1/32<sup>(1)(2)</sup> | 175000 | 182949 |
| Spirit AeroSystems, Inc., 9.375%, 11/30/29<sup>(1)</sup> | 50000 | 52943 |
| TransDigm, Inc., 4.875%, 5/1/29 | 150000 | 147393 |
| TransDigm, Inc., 6.75%, 8/15/28<sup>(1)</sup> | 200000 | 205858 |
| TransDigm, Inc., 6.00%, 1/15/33<sup>(1)</sup> | 50000 | 50597 |
| TransDigm, Inc., 6.375%, 5/31/33<sup>(1)</sup> | 225000 | 228553 |
|  |  | 1118544 |
| **Automobile Components — 1.1%** |  |  |
| Adient Global Holdings Ltd., 8.25%, 4/15/31<sup>(1)</sup> | 50000 | 52686 |
| Adient Global Holdings Ltd., 7.50%, 2/15/33<sup>(1)</sup> | 50000 | 52098 |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, 7.75%, 5/31/32<sup>(1)</sup> | 50000 | 52314 |
| Goodyear Tire & Rubber Co., 5.25%, 7/15/31<sup>(2)</sup> | 125000 | 118783 |
| Patrick Industries, Inc., 4.75%, 5/1/29<sup>(1)</sup> | 47000 | 46139 |
| Phinia, Inc., 6.625%, 10/15/32<sup>(1)</sup> | 75000 | 77088 |
| Tenneco, Inc., 8.00%, 11/17/28<sup>(1)</sup> | 125000 | 125083 |
|  |  | 524191 |
| **Automobiles — 0.5%** |  |  |
| Nissan Motor Co. Ltd., 4.81%, 9/17/30<sup>(1)</sup> | 200000 | 186986 |
| Thor Industries, Inc., 4.00%, 10/15/29<sup>(1)</sup> | 50000 | 47277 |
|  |  | 234263 |
| **Banks — 1.4%** |  |  |
| Freedom Mortgage Corp., 12.00%, 10/1/28<sup>(1)</sup> | 75000 | 80255 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/1/29<sup>(1)</sup> | 175000 | 183025 |
| Nationstar Mortgage Holdings, Inc., 5.75%, 11/15/31<sup>(1)</sup> | 75000 | 75946 |
| Nationstar Mortgage Holdings, Inc., 7.125%, 2/1/32<sup>(1)</sup> | 175000 | 182548 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 3.875%, 3/1/31<sup>(1)</sup> | 53000 | 49560 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc., 4.00%, 10/15/33<sup>(1)</sup> | 53000 | 47817 |
| United Wholesale Mortgage LLC, 5.50%, 4/15/29<sup>(1)</sup> | 47000 | 46323 |
|  |  | 665474 |
| **Beverages — 0.1%** |  |  |
| Primo Water Holdings, Inc./Triton Water Holdings, Inc., 4.375%, 4/30/29<sup>(1)</sup> | 47000 | 45491 |
| **Broadline Retail — 0.3%** |  |  |
| Go Daddy Operating Co. LLC/GD Finance Co., Inc., 3.50%, 3/1/29<sup>(1)</sup> | 50000 | 47411 |
| Macy's Retail Holdings LLC, 7.375%, 8/1/33<sup>(1)</sup> | 50000 | 51402 |
| Millennium Escrow Corp., 6.625%, 8/1/26<sup>(1)</sup> | 47000 | 44839 |
|  |  | 143652 |
| **Building Products — 2.4%** |  |  |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(1)</sup> | 150000 | 141082 |
| Builders FirstSource, Inc., 6.375%, 3/1/34<sup>(1)</sup> | 100000 | 103118 |
| Cornerstone Building Brands, Inc., 9.50%, 8/15/29<sup>(1)</sup> | 47000 | 45279 |
| EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.625%, 12/15/30<sup>(1)</sup> | 121000 | 124421 |
| Griffon Corp., 5.75%, 3/1/28 | 94000 | 93928 |
| JELD-WEN, Inc., 7.00%, 9/1/32<sup>(1)(2)</sup> | 125000 | 108146 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 4/1/32<sup>(1)</sup> | 125000 | 128936 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 2/1/30<sup>(1)(2)</sup> | $64000 | $63074 |
| Standard Industries, Inc., 4.375%, 7/15/30<sup>(1)</sup> | 225000 | 215755 |
| Standard Industries, Inc., 3.375%, 1/15/31<sup>(1)</sup> | 125000 | 113536 |
|  |  | 1137275 |
| **Capital Markets — 2.0%** |  |  |
| AG Issuer LLC, 6.25%, 3/1/28<sup>(1)</sup> | 78000 | 78211 |
| Coinbase Global, Inc., 3.375%, 10/1/28<sup>(1)</sup> | 75000 | 71213 |
| Coinbase Global, Inc., 3.625%, 10/1/31<sup>(1)</sup> | 125000 | 111968 |
| Compass Group Diversified Holdings LLC, 5.25%, 4/15/29<sup>(1)</sup> | 150000 | 138513 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 150000 | 146431 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 1/15/29 | 50000 | 49767 |
| Jane Street Group/JSG Finance, Inc., 6.125%, 11/1/32<sup>(1)</sup> | 50000 | 50267 |
| LCM Investments Holdings II LLC, 4.875%, 5/1/29<sup>(1)</sup> | 47000 | 46184 |
| Maya SAS/Paris France, 7.00%, 10/15/28<sup>(1)</sup> | 41000 | 41752 |
| Maya SAS/Paris France, 7.00%, 4/15/32<sup>(1)</sup> | 200000 | 205948 |
|  |  | 940254 |
| **Chemicals — 3.2%** |  |  |
| Avient Corp., 6.25%, 11/1/31<sup>(1)</sup> | 48000 | 48926 |
| Celanese U.S. Holdings LLC, 6.88%, 7/15/32 | 50000 | 51682 |
| Celanese U.S. Holdings LLC, 7.20%, 11/15/33 | 25000 | 26029 |
| Chemours Co., 5.75%, 11/15/28<sup>(1)</sup> | 100000 | 96389 |
| Chemours Co., 8.00%, 1/15/33<sup>(1)</sup> | 50000 | 48942 |
| FXI Holdings, Inc., 12.25%, 11/15/26<sup>(1)</sup> | 50000 | 44750 |
| Methanex U.S. Operations, Inc., 6.25%, 3/15/32<sup>(1)</sup> | 150000 | 151454 |
| NOVA Chemicals Corp., 5.25%, 6/1/27<sup>(1)</sup> | 95000 | 95299 |
| NOVA Chemicals Corp., 8.50%, 11/15/28<sup>(1)</sup> | 75000 | 78659 |
| Olin Corp., 5.00%, 2/1/30 | 175000 | 169987 |
| Olympus Water U.S. Holding Corp., 9.75%, 11/15/28<sup>(1)</sup> | 250000 | 262401 |
| Rain Carbon, Inc., 12.25%, 9/1/29<sup>(1)(2)</sup> | 100000 | 107486 |
| SCIH Salt Holdings, Inc., 4.875%, 5/1/28<sup>(1)</sup> | 25000 | 24449 |
| SCIH Salt Holdings, Inc., 6.625%, 5/1/29<sup>(1)</sup> | 75000 | 75382 |
| Scotts Miracle-Gro Co., 4.00%, 4/1/31 | 50000 | 46051 |
| WR Grace Holdings LLC, 4.875%, 6/15/27<sup>(1)</sup> | 69000 | 68531 |
| WR Grace Holdings LLC, 5.625%, 8/15/29<sup>(1)</sup> | 125000 | 117083 |
|  |  | 1513500 |
| **Commercial Services and Supplies — 3.5%** |  |  |
| ADT Security Corp., 4.875%, 7/15/32<sup>(1)</sup> | 150000 | 144451 |
| Allied Universal Holdco LLC, 7.875%, 2/15/31<sup>(1)</sup> | 150000 | 157748 |
| Brink's Co., 4.625%, 10/15/27<sup>(1)</sup> | 120000 | 119054 |
| Brink's Co., 6.75%, 6/15/32<sup>(1)</sup> | 50000 | 51836 |
| Garda World Security Corp., 4.625%, 2/15/27<sup>(1)</sup> | 46000 | 45704 |
| Garda World Security Corp., 7.75%, 2/15/28<sup>(1)</sup> | 78000 | 80521 |
| GFL Environmental, Inc., 4.00%, 8/1/28<sup>(1)</sup> | 50000 | 48780 |
| GFL Environmental, Inc., 4.75%, 6/15/29<sup>(1)</sup> | 100000 | 98466 |
| GFL Environmental, Inc., 6.75%, 1/15/31<sup>(1)</sup> | 73000 | 76298 |
| Mavis Tire Express Services Topco Corp., 6.50%, 5/15/29<sup>(1)</sup> | 72000 | 71997 |
| Neptune Bidco U.S., Inc., 9.29%, 4/15/29<sup>(1)</sup> | 125000 | 124391 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., 3.375%, 8/31/27<sup>(1)</sup> | 50000 | 48483 |
| Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28<sup>(1)</sup> | 125000 | 125077 |
| Raven Acquisition Holdings LLC, 6.875%, 11/15/31<sup>(1)</sup> | 75000 | 76591 |
| RR Donnelley & Sons Co., 9.50%, 8/1/29<sup>(1)</sup> | 100000 | 101547 |
| WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26<sup>(1)</sup> | 71000 | 71025 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Waste Pro USA, Inc., 7.00%, 2/1/33<sup>(1)</sup> | $100000 | $104813 |
| Williams Scotsman, Inc., 4.625%, 8/15/28<sup>(1)</sup> | 75000 | 73853 |
|  |  | 1620635 |
| **Communications Equipment — 0.1%** |  |  |
| CommScope LLC, 4.75%, 9/1/29<sup>(1)</sup> | 50000 | 49463 |
| **Construction and Engineering — 0.6%** |  |  |
| Brand Industrial Services, Inc., 10.375%, 8/1/30<sup>(1)</sup> | 125000 | 122879 |
| Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 2/1/32<sup>(1)</sup> | 125000 | 124820 |
| New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28<sup>(1)</sup> | 50000 | 49466 |
|  |  | 297165 |
| **Construction Materials — 0.9%** |  |  |
| Cemex SAB de CV, 5.20%, 9/17/30<sup>(1)</sup> | 38000 | 38148 |
| Quikrete Holdings, Inc., 6.375%, 3/1/32<sup>(1)</sup> | 75000 | 77398 |
| Quikrete Holdings, Inc., 6.75%, 3/1/33<sup>(1)</sup> | 125000 | 129662 |
| Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28<sup>(1)</sup> | 175000 | 175513 |
|  |  | 420721 |
| **Consumer Finance — 2.1%** |  |  |
| Bread Financial Holdings, Inc., 9.75%, 3/15/29<sup>(1)</sup> | 48000 | 51328 |
| FirstCash, Inc., 6.875%, 3/1/32<sup>(1)</sup> | 50000 | 51947 |
| LFS Topco LLC, 8.75%, 7/15/30<sup>(1)</sup> | 50000 | 48954 |
| Navient Corp., 5.00%, 3/15/27 | 50000 | 49669 |
| Navient Corp., 5.50%, 3/15/29 | 75000 | 74204 |
| Navient Corp., 9.375%, 7/25/30 | 125000 | 138170 |
| OneMain Finance Corp., 6.625%, 1/15/28 | 50000 | 51295 |
| OneMain Finance Corp., 5.375%, 11/15/29 | 100000 | 98939 |
| OneMain Finance Corp., 7.875%, 3/15/30 | 100000 | 105871 |
| OneMain Finance Corp., 7.125%, 11/15/31 | 125000 | 129929 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc., 7.875%, 5/1/27<sup>(1)</sup> | 76000 | 76873 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc., 6.375%, 2/1/30<sup>(1)(2)</sup> | 103000 | 99245 |
|  |  | 976424 |
| **Consumer Staples Distribution & Retail — 0.7%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/27<sup>(1)</sup> | 47000 | 46752 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.875%, 2/15/28<sup>(1)</sup> | 72000 | 72037 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 6.50%, 2/15/28<sup>(1)</sup> | 75000 | 76497 |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.875%, 2/15/30<sup>(1)</sup> | 125000 | 123215 |
|  |  | 318501 |
| **Containers and Packaging — 1.7%** |  |  |
| Ball Corp., 4.875%, 3/15/26 | 50000 | 49928 |
| Ball Corp., 3.125%, 9/15/31 | 75000 | 67650 |
| Clydesdale Acquisition Holdings, Inc., 8.75%, 4/15/30<sup>(1)</sup> | 25000 | 25783 |
| Clydesdale Acquisition Holdings, Inc., 6.75%, 4/15/32<sup>(1)</sup> | 50000 | 51407 |
| LABL, Inc., 9.50%, 11/1/28<sup>(1)</sup> | 100000 | 83472 |
| OI European Group BV, 4.75%, 2/15/30<sup>(1)</sup> | 125000 | 118328 |
| Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31<sup>(1)(2)</sup> | 75000 | 76406 |
| Owens-Brockway Glass Container, Inc., 7.375%, 6/1/32<sup>(1)</sup> | 100000 | 100936 |
| Sealed Air Corp., 6.875%, 7/15/33<sup>(1)</sup> | 50000 | 54045 |
| Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, 2/15/31<sup>(1)</sup> | 75000 | 79054 |
| TriMas Corp., 4.125%, 4/15/29<sup>(1)</sup> | 100000 | 96314 |
|  |  | 803323 |
| **Distributors — 0.7%** |  |  |
| Performance Food Group, Inc., 5.50%, 10/15/27<sup>(1)</sup> | 72000 | 71948 |
| Performance Food Group, Inc., 4.25%, 8/1/29<sup>(1)</sup> | 47000 | 45548 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Performance Food Group, Inc., 6.125%, 9/15/32<sup>(1)</sup> | $75000 | $76858 |
| RB Global Holdings, Inc., 7.75%, 3/15/31<sup>(1)</sup> | 78000 | 81950 |
| Windsor Holdings III LLC, 8.50%, 6/15/30<sup>(1)</sup> | 50000 | 53196 |
|  |  | 329500 |
| **Diversified Consumer Services — 0.5%** |  |  |
| Adtalem Global Education, Inc., 5.50%, 3/1/28<sup>(1)</sup> | 100000 | 99662 |
| Service Corp. International, 3.375%, 8/15/30 | 64000 | 59178 |
| Service Corp. International, 4.00%, 5/15/31 | 64000 | 60211 |
|  |  | 219051 |
| **Diversified REITs — 1.8%** |  |  |
| HAT Holdings I LLC/HAT Holdings II LLC, 8.00%, 6/15/27<sup>(1)</sup> | 75000 | 77887 |
| Iron Mountain Information Management Services, Inc., 5.00%, 7/15/32<sup>(1)</sup> | 50000 | 48108 |
| MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27<sup>(2)</sup> | 93000 | 88160 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.875%, 10/1/28<sup>(1)</sup> | 72000 | 71982 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.00%, 2/1/30<sup>(1)</sup> | 119000 | 122966 |
| RHP Hotel Properties LP/RHP Finance Corp., 6.50%, 4/1/32<sup>(1)</sup> | 75000 | 77132 |
| RLJ Lodging Trust LP, 3.75%, 7/1/26<sup>(1)</sup> | 47000 | 46437 |
| RLJ Lodging Trust LP, 4.00%, 9/15/29<sup>(1)</sup> | 47000 | 44139 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, 2/15/28<sup>(1)</sup> | 157000 | 165304 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 4.75%, 4/15/28<sup>(1)</sup> | 75000 | 73240 |
|  |  | 815355 |
| **Diversified Telecommunication Services — 1.6%** |  |  |
| Altice France SA, 5.125%, 7/15/29<sup>(1)(4)</sup> | 112000 | 95854 |
| Frontier Communications Holdings LLC, 5.00%, 5/1/28<sup>(1)</sup> | 125000 | 124759 |
| Frontier Communications Holdings LLC, 6.75%, 5/1/29<sup>(1)</sup> | 25000 | 25260 |
| Level 3 Financing, Inc., 10.75%, 12/15/30<sup>(1)</sup> | 79985 | 90481 |
| Telecom Italia Capital SA, 6.00%, 9/30/34 | 75000 | 74817 |
| Telecom Italia Capital SA, 7.20%, 7/18/36 | 87000 | 92215 |
| Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/1/31<sup>(1)</sup> | 125000 | 130131 |
| Zayo Group Holdings, Inc., 4.00%, 3/1/27<sup>(1)</sup> | 120000 | 116177 |
|  |  | 749694 |
| **Electric Utilities — 2.3%** |  |  |
| Alpha Generation LLC, 6.75%, 10/15/32<sup>(1)</sup> | 75000 | 77379 |
| NRG Energy, Inc., 5.25%, 6/15/29<sup>(1)</sup> | 50000 | 49883 |
| NRG Energy, Inc., 5.75%, 7/15/29<sup>(1)</sup> | 50000 | 50231 |
| NRG Energy, Inc., 3.625%, 2/15/31<sup>(1)</sup> | 50000 | 46152 |
| NRG Energy, Inc., 6.00%, 2/1/33<sup>(1)</sup> | 50000 | 50704 |
| NRG Energy, Inc., 6.25%, 11/1/34<sup>(1)</sup> | 125000 | 128234 |
| PG&E Corp., 5.00%, 7/1/28 | 125000 | 123655 |
| PG&E Corp., 5.25%, 7/1/30 | 47000 | 45834 |
| Talen Energy Supply LLC, 8.625%, 6/1/30<sup>(1)</sup> | 50000 | 53427 |
| Vistra Operations Co. LLC, 5.625%, 2/15/27<sup>(1)</sup> | 100000 | 100103 |
| Vistra Operations Co. LLC, 5.00%, 7/31/27<sup>(1)</sup> | 75000 | 74844 |
| Vistra Operations Co. LLC, 4.375%, 5/1/29<sup>(1)</sup> | 75000 | 73352 |
| Vistra Operations Co. LLC, 7.75%, 10/15/31<sup>(1)</sup> | 75000 | 79733 |
| Vistra Operations Co. LLC, 6.875%, 4/15/32<sup>(1)</sup> | 50000 | 52507 |
| XPLR Infrastructure Operating Partners LP, 3.875%, 10/15/26<sup>(1)</sup> | 75000 | 73538 |
|  |  | 1079576 |
| **Electrical Equipment — 0.2%** |  |  |
| WESCO Distribution, Inc., 7.25%, 6/15/28<sup>(1)</sup> | 75000 | 76208 |
| **Electronic Equipment, Instruments and Components — 1.1%** |  |  |
| Coherent Corp., 5.00%, 12/15/29<sup>(1)</sup> | 69000 | 67862 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Imola Merger Corp., 4.75%, 5/15/29<sup>(1)</sup> | $165000 | $160965 |
| Sensata Technologies BV, 4.00%, 4/15/29<sup>(1)</sup> | 50000 | 47938 |
| Sensata Technologies, Inc., 4.375%, 2/15/30<sup>(1)</sup> | 75000 | 72272 |
| Sensata Technologies, Inc., 6.625%, 7/15/32<sup>(1)</sup> | 50000 | 51686 |
| TTM Technologies, Inc., 4.00%, 3/1/29<sup>(1)</sup> | 75000 | 71822 |
| Zebra Technologies Corp., 6.50%, 6/1/32<sup>(1)</sup> | 50000 | 51382 |
|  |  | 523927 |
| **Energy Equipment and Services — 2.5%** |  |  |
| Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 4/1/28<sup>(1)</sup> | 100000 | 100397 |
| Bristow Group, Inc., 6.875%, 3/1/28<sup>(1)</sup> | 95000 | 95226 |
| Enerflex Ltd., 9.00%, 10/15/27<sup>(1)</sup> | 50000 | 51497 |
| Helix Energy Solutions Group, Inc., 9.75%, 3/1/29<sup>(1)</sup> | 73000 | 76036 |
| Nabors Industries, Inc., 7.375%, 5/15/27<sup>(1)</sup> | 50000 | 50866 |
| Noble Finance II LLC, 8.00%, 4/15/30<sup>(1)</sup> | 122000 | 126419 |
| Precision Drilling Corp., 6.875%, 1/15/29<sup>(1)</sup> | 100000 | 100919 |
| Transocean Poseidon Ltd., 6.875%, 2/1/27<sup>(1)</sup> | 22500 | 22566 |
| Transocean Titan Financing Ltd., 8.375%, 2/1/28<sup>(1)</sup> | 36428 | 37455 |
| Transocean, Inc., 8.75%, 2/15/30<sup>(1)</sup> | 39750 | 42108 |
| Transocean, Inc., 7.50%, 4/15/31 | 93000 | 82534 |
| USA Compression Partners LP/USA Compression Finance Corp., 6.875%, 9/1/27 | 72000 | 72060 |
| USA Compression Partners LP/USA Compression Finance Corp., 7.125%, 3/15/29<sup>(1)</sup> | 50000 | 51288 |
| Valaris Ltd., 8.375%, 4/30/30<sup>(1)</sup> | 75000 | 78135 |
| Weatherford International Ltd., 8.625%, 4/30/30<sup>(1)</sup> | 175000 | 179468 |
|  |  | 1166974 |
| **Entertainment — 1.1%** |  |  |
| Cinemark USA, Inc., 5.25%, 7/15/28<sup>(1)</sup> | 75000 | 74589 |
| Cinemark USA, Inc., 7.00%, 8/1/32<sup>(1)</sup> | 50000 | 51842 |
| Live Nation Entertainment, Inc., 5.625%, 3/15/26<sup>(1)</sup> | 50000 | 50146 |
| Live Nation Entertainment, Inc., 4.75%, 10/15/27<sup>(1)</sup> | 70000 | 69461 |
| Playtika Holding Corp., 4.25%, 3/15/29<sup>(1)</sup> | 47000 | 43300 |
| Warnermedia Holdings, Inc., 4.05%, 3/15/29 | 50000 | 47539 |
| Warnermedia Holdings, Inc., 4.28%, 3/15/32 | 125000 | 107953 |
| Warnermedia Holdings, Inc., 5.05%, 3/15/42 | 125000 | 84321 |
|  |  | 529151 |
| **Financial Services — 2.6%** |  |  |
| Block, Inc., 6.50%, 5/15/32 | 150000 | 155513 |
| Boost Newco Borrower LLC, 7.50%, 1/15/31<sup>(1)</sup> | 202000 | 214436 |
| Kinetik Holdings LP, 5.875%, 6/15/30<sup>(1)</sup> | 50000 | 50459 |
| MPH Acquisition Holdings LLC, 5.50%, 9/1/28<sup>(1)</sup> | 70000 | 54513 |
| NCR Atleos Corp., 9.50%, 4/1/29<sup>(1)</sup> | 100000 | 108496 |
| Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 6/15/29<sup>(1)</sup> | 100000 | 93182 |
| PennyMac Financial Services, Inc., 4.25%, 2/15/29<sup>(1)</sup> | 50000 | 48262 |
| PennyMac Financial Services, Inc., 7.875%, 12/15/29<sup>(1)</sup> | 100000 | 106352 |
| PennyMac Financial Services, Inc., 6.875%, 5/15/32<sup>(1)</sup> | 25000 | 25612 |
| PennyMac Financial Services, Inc., 6.75%, 2/15/34<sup>(1)</sup> | 100000 | 100758 |
| Rocket Cos., Inc., 6.375%, 8/1/33<sup>(1)</sup> | 100000 | 103897 |
| WEX, Inc., 6.50%, 3/15/33<sup>(1)</sup> | 125000 | 127988 |
|  |  | 1189468 |
| **Food Products — 2.0%** |  |  |
| Darling Ingredients, Inc., 5.25%, 4/15/27<sup>(1)</sup> | 70000 | 69893 |
| Darling Ingredients, Inc., 6.00%, 6/15/30<sup>(1)</sup> | 53000 | 53619 |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc., 9.00%, 2/15/29<sup>(1)</sup> | 150000 | 158095 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Lamb Weston Holdings, Inc., 4.375%, 1/31/32<sup>(1)</sup> | $75000 | $70600 |
| Post Holdings, Inc., 5.50%, 12/15/29<sup>(1)</sup> | 75000 | 74820 |
| Post Holdings, Inc., 4.625%, 4/15/30<sup>(1)</sup> | 50000 | 48263 |
| Post Holdings, Inc., 4.50%, 9/15/31<sup>(1)</sup> | 75000 | 70009 |
| Post Holdings, Inc., 6.375%, 3/1/33<sup>(1)</sup> | 75000 | 75949 |
| Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed, 4.625%, 3/1/29<sup>(1)</sup> | 50000 | 48069 |
| U.S. Foods, Inc., 6.875%, 9/15/28<sup>(1)</sup> | 50000 | 51578 |
| U.S. Foods, Inc., 7.25%, 1/15/32<sup>(1)</sup> | 125000 | 131406 |
| U.S. Foods, Inc., 5.75%, 4/15/33<sup>(1)</sup> | 75000 | 75432 |
|  |  | 927733 |
| **Gas Utilities — 0.6%** |  |  |
| AmeriGas Partners LP/AmeriGas Finance Corp., 9.375%, 6/1/28<sup>(1)</sup> | 75000 | 77461 |
| Venture Global Plaquemines LNG LLC, 6.50%, 1/15/34<sup>(1)</sup> | 25000 | 26115 |
| Venture Global Plaquemines LNG LLC, 7.75%, 5/1/35<sup>(1)</sup> | 125000 | 139259 |
| Venture Global Plaquemines LNG LLC, 6.75%, 1/15/36<sup>(1)</sup> | 25000 | 26252 |
|  |  | 269087 |
| **Ground Transportation — 1.7%** |  |  |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.75%, 7/15/27<sup>(1)</sup> | 85000 | 84709 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 4.75%, 4/1/28<sup>(1)</sup> | 75000 | 72721 |
| Avis Budget Car Rental LLC/Avis Budget Finance, Inc., 5.375%, 3/1/29<sup>(1)(2)</sup> | 47000 | 45637 |
| Genesee & Wyoming, Inc., 6.25%, 4/15/32<sup>(1)</sup> | 97000 | 98751 |
| NESCO Holdings II, Inc., 5.50%, 4/15/29<sup>(1)</sup> | 75000 | 73221 |
| United Rentals North America, Inc., 4.875%, 1/15/28 | 122000 | 121403 |
| United Rentals North America, Inc., 3.875%, 2/15/31 | 120000 | 112989 |
| United Rentals North America, Inc., 6.125%, 3/15/34<sup>(1)</sup> | 96000 | 99555 |
| XPO, Inc., 7.125%, 6/1/31<sup>(1)</sup> | 71000 | 73956 |
|  |  | 782942 |
| **Health Care Equipment and Supplies — 1.2%** |  |  |
| Avantor Funding, Inc., 4.625%, 7/15/28<sup>(1)</sup> | 69000 | 67952 |
| Avantor Funding, Inc., 3.875%, 11/1/29<sup>(1)</sup> | 47000 | 44687 |
| Bausch & Lomb Corp., 8.375%, 10/1/28<sup>(1)</sup> | 46000 | 47973 |
| Medline Borrower LP, 3.875%, 4/1/29<sup>(1)</sup> | 75000 | 72065 |
| Medline Borrower LP, 5.25%, 10/1/29<sup>(1)</sup> | 175000 | 173415 |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(1)</sup> | 75000 | 77141 |
| Sotera Health Holdings LLC, 7.375%, 6/1/31<sup>(1)</sup> | 73000 | 76825 |
|  |  | 560058 |
| **Health Care Providers and Services — 3.3%** |  |  |
| CHS/Community Health Systems, Inc., 5.25%, 5/15/30<sup>(1)</sup> | 75000 | 67295 |
| CHS/Community Health Systems, Inc., 4.75%, 2/15/31<sup>(1)</sup> | 100000 | 85332 |
| CHS/Community Health Systems, Inc., 10.875%, 1/15/32<sup>(1)</sup> | 100000 | 105948 |
| DaVita, Inc., 4.625%, 6/1/30<sup>(1)</sup> | 125000 | 120434 |
| HealthEquity, Inc., 4.50%, 10/1/29<sup>(1)</sup> | 47000 | 45493 |
| IQVIA, Inc., 5.00%, 5/15/27<sup>(1)</sup> | 45000 | 44847 |
| LifePoint Health, Inc., 9.875%, 8/15/30<sup>(1)</sup> | 70000 | 75881 |
| LifePoint Health, Inc., 8.375%, 2/15/32<sup>(1)</sup> | 75000 | 79540 |
| Molina Healthcare, Inc., 3.875%, 5/15/32<sup>(1)</sup> | 72000 | 64422 |
| Molina Healthcare, Inc., 6.25%, 1/15/33<sup>(1)</sup> | 100000 | 100778 |
| Owens & Minor, Inc., 4.50%, 3/31/29<sup>(1)(2)</sup> | 47000 | 39964 |
| Radiology Partners, Inc., 8.50%, 7/15/32<sup>(1)</sup> | 50000 | 51106 |
| Tenet Healthcare Corp., 6.25%, 2/1/27 | 70000 | 70090 |
| Tenet Healthcare Corp., 5.125%, 11/1/27 | 225000 | 224493 |
| Tenet Healthcare Corp., 6.125%, 10/1/28 | 181000 | 181244 |

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------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Tenet Healthcare Corp., 4.25%, 6/1/29 | $47000 | $45789 |
| Tenet Healthcare Corp., 6.125%, 6/15/30 | 75000 | 76242 |
| Tenet Healthcare Corp., 6.75%, 5/15/31 | 53000 | 55122 |
|  |  | 1534020 |
| **Health Care Technology — 0.2%** |  |  |
| AthenaHealth Group, Inc., 6.50%, 2/15/30<sup>(1)</sup> | 75000 | 73639 |
| **Hotel & Resort REITs — 0.7%** |  |  |
| Service Properties Trust, 5.25%, 2/15/26 | 50000 | 50130 |
| Service Properties Trust, 4.95%, 2/15/27 | 100000 | 97188 |
| Service Properties Trust, 4.95%, 10/1/29<sup>(2)</sup> | 125000 | 110706 |
| Service Properties Trust, 4.375%, 2/15/30<sup>(2)</sup> | 100000 | 85166 |
|  |  | 343190 |
| **Hotels, Restaurants and Leisure — 9.0%** |  |  |
| 1011778 BC ULC/New Red Finance, Inc., 4.375%, 1/15/28<sup>(1)</sup> | 100000 | 98443 |
| 1011778 BC ULC/New Red Finance, Inc., 4.00%, 10/15/30<sup>(1)</sup> | 167000 | 156300 |
| Affinity Interactive, 6.875%, 12/15/27<sup>(1)</sup> | 100000 | 57534 |
| Boyd Gaming Corp., 4.75%, 6/15/31<sup>(1)</sup> | 125000 | 120388 |
| Brightstar Lottery PLC, 5.25%, 1/15/29<sup>(1)</sup> | 100000 | 99511 |
| Caesars Entertainment, Inc., 4.625%, 10/15/29<sup>(1)(2)</sup> | 200000 | 190853 |
| Caesars Entertainment, Inc., 7.00%, 2/15/30<sup>(1)</sup> | 148000 | 153142 |
| Carnival Corp., 6.00%, 5/1/29<sup>(1)</sup> | 134000 | 135821 |
| Carnival Corp., 5.875%, 6/15/31<sup>(1)</sup> | 150000 | 153865 |
| Churchill Downs, Inc., 5.75%, 4/1/30<sup>(1)</sup> | 125000 | 125098 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29<sup>(1)</sup> | 75000 | 71745 |
| GPS Hospitality Holding Co. LLC/GPS Finco, Inc., 7.00%, 8/15/28<sup>(1)</sup> | 47000 | 27782 |
| Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28<sup>(1)</sup> | 50000 | 50123 |
| Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30 | 100000 | 99787 |
| Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31<sup>(1)</sup> | 75000 | 70700 |
| Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32<sup>(1)</sup> | 75000 | 68504 |
| Hilton Domestic Operating Co., Inc., 6.125%, 4/1/32<sup>(1)</sup> | 75000 | 77076 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 5.00%, 6/1/29<sup>(1)(2)</sup> | 143000 | 138396 |
| Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc., 4.875%, 7/1/31<sup>(1)</sup> | 72000 | 67087 |
| Life Time, Inc., 6.00%, 11/15/31<sup>(1)</sup> | 115000 | 116295 |
| Light & Wonder International, Inc., 7.25%, 11/15/29<sup>(1)</sup> | 100000 | 102653 |
| Marriott Ownership Resorts, Inc., 4.50%, 6/15/29<sup>(1)</sup> | 50000 | 48354 |
| Melco Resorts Finance Ltd., 7.625%, 4/17/32<sup>(1)</sup> | 200000 | 208377 |
| MGM Resorts International, 6.50%, 4/15/32<sup>(2)</sup> | 120000 | 123225 |
| Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.875%, 5/1/29<sup>(1)</sup> | 72000 | 69700 |
| Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC, 8.25%, 4/15/30<sup>(1)</sup> | 75000 | 77557 |
| NCL Corp. Ltd., 5.875%, 2/15/27<sup>(1)</sup> | 75000 | 75204 |
| NCL Corp. Ltd., 8.125%, 1/15/29<sup>(1)</sup> | 50000 | 52611 |
| NCL Corp. Ltd., 7.75%, 2/15/29<sup>(1)</sup> | 75000 | 80165 |
| NCL Corp. Ltd., 6.75%, 2/1/32<sup>(1)</sup> | 50000 | 51597 |
| Penn Entertainment, Inc., 4.125%, 7/1/29<sup>(1)(2)</sup> | 50000 | 46640 |
| Royal Caribbean Cruises Ltd., 5.375%, 7/15/27<sup>(1)</sup> | 125000 | 126099 |
| Royal Caribbean Cruises Ltd., 7.50%, 10/15/27 | 75000 | 79353 |
| Royal Caribbean Cruises Ltd., 5.50%, 4/1/28<sup>(1)</sup> | 125000 | 127309 |
| Royal Caribbean Cruises Ltd., 6.00%, 2/1/33<sup>(1)</sup> | 75000 | 76995 |
| SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29<sup>(1)</sup> | 100000 | 98229 |
| Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 6.50%, 10/1/28 | 75000 | 75496 |
| Travel & Leisure Co., 4.50%, 12/1/29<sup>(1)</sup> | 47000 | 45560 |
| Viking Cruises Ltd., 9.125%, 7/15/31<sup>(1)</sup> | 50000 | 53902 |

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------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29<sup>(1)</sup> | $70000 | $70107 |
| Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27<sup>(1)</sup> | 141000 | 141182 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.125%, 10/1/29<sup>(1)</sup> | 70000 | 69910 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 6.25%, 3/15/33<sup>(1)</sup> | 50000 | 50647 |
| Yum! Brands, Inc., 4.625%, 1/31/32 | 78000 | 75451 |
| Yum! Brands, Inc., 5.375%, 4/1/32 | 78000 | 78534 |
|  |  | 4183307 |
| **Household Durables — 2.6%** |  |  |
| Adams Homes, Inc., 9.25%, 10/15/28<sup>(1)</sup> | 46000 | 47882 |
| Ashton Woods USA LLC/Ashton Woods Finance Co., 4.625%, 4/1/30<sup>(1)</sup> | 122000 | 115205 |
| Beazer Homes USA, Inc., 5.875%, 10/15/27 | 72000 | 71915 |
| Beazer Homes USA, Inc., 7.50%, 3/15/31<sup>(1)</sup> | 46000 | 46810 |
| Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC, 5.00%, 6/15/29<sup>(1)</sup> | 120000 | 112595 |
| Century Communities, Inc., 6.75%, 6/1/27 | 128000 | 128349 |
| KB Home, 4.00%, 6/15/31 | 100000 | 93112 |
| LGI Homes, Inc., 7.00%, 11/15/32<sup>(1)(2)</sup> | 50000 | 48821 |
| Mattamy Group Corp., 4.625%, 3/1/30<sup>(1)</sup> | 72000 | 69021 |
| Newell Brands, Inc., 6.375%, 9/15/27 | 50000 | 50709 |
| Newell Brands, Inc., 6.625%, 9/15/29 | 100000 | 100673 |
| Somnigroup International, Inc., 4.00%, 4/15/29<sup>(1)</sup> | 75000 | 72165 |
| Somnigroup International, Inc., 3.875%, 10/15/31<sup>(1)</sup> | 50000 | 45778 |
| Taylor Morrison Communities, Inc., 5.125%, 8/1/30<sup>(1)</sup> | 35000 | 34923 |
| Tri Pointe Homes, Inc., 5.25%, 6/1/27 | 95000 | 95024 |
| Whirlpool Corp., 5.50%, 3/1/33 | 75000 | 72347 |
| Whirlpool Corp., 4.50%, 6/1/46 | 25000 | 18858 |
|  |  | 1224187 |
| **Independent Power and Renewable Electricity Producers — 1.2%** |  |  |
| Atlantica Sustainable Infrastructure Ltd., 4.125%, 6/15/28<sup>(1)</sup> | 100000 | 97092 |
| Calpine Corp., 4.50%, 2/15/28<sup>(1)</sup> | 75000 | 74328 |
| Calpine Corp., 5.125%, 3/15/28<sup>(1)</sup> | 100000 | 99989 |
| Calpine Corp., 5.00%, 2/1/31<sup>(1)</sup> | 50000 | 49623 |
| Clearway Energy Operating LLC, 4.75%, 3/15/28<sup>(1)</sup> | 75000 | 74211 |
| Lightning Power LLC, 7.25%, 8/15/32<sup>(1)</sup> | 100000 | 106148 |
| TransAlta Corp., 7.75%, 11/15/29 | 75000 | 78024 |
|  |  | 579415 |
| **Industrial Conglomerates — 0.2%** |  |  |
| Stena International SA, 7.25%, 1/15/31<sup>(1)</sup> | 75000 | 76562 |
| **Insurance — 0.9%** |  |  |
| Acrisure LLC/Acrisure Finance, Inc., 8.25%, 2/1/29<sup>(1)</sup> | 73000 | 75966 |
| Acrisure LLC/Acrisure Finance, Inc., 4.25%, 2/15/29<sup>(1)</sup> | 100000 | 96574 |
| APH Somerset Investor 2 LLC/APH2 Somerset Investor 2 LLC/APH3 Somerset Investor 2 LLC, 7.875%, 11/1/29<sup>(1)</sup> | 100000 | 103841 |
| HUB International Ltd., 7.25%, 6/15/30<sup>(1)</sup> | 72000 | 75357 |
| Panther Escrow Issuer LLC, 7.125%, 6/1/31<sup>(1)</sup> | 70000 | 72689 |
|  |  | 424427 |
| **Interactive Media and Services — 0.4%** |  |  |
| Snap, Inc., 6.875%, 3/1/33<sup>(1)</sup> | 150000 | 151718 |
| Ziff Davis, Inc., 4.625%, 10/15/30<sup>(1)</sup> | 47000 | 44352 |
|  |  | 196070 |
| **IT Services — 0.6%** |  |  |
| ASGN, Inc., 4.625%, 5/15/28<sup>(1)</sup> | 100000 | 97944 |
| CoreWeave, Inc., 9.25%, 6/1/30<sup>(1)</sup> | 175000 | 175812 |
|  |  | 273756 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| **Life Sciences Tools and Services — 0.2%** | | |
| Charles River Laboratories International, Inc., 4.00%, 3/15/31<sup>(1)</sup> | $75000 | $69433 |
| **Machinery — 0.9%** |  |  |
| Allison Transmission, Inc., 5.875%, 6/1/29<sup>(1)</sup> | 100000 | 100843 |
| Chart Industries, Inc., 9.50%, 1/1/31<sup>(1)</sup> | 25000 | 26793 |
| Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 2/15/29<sup>(1)</sup> | 125000 | 131324 |
| JB Poindexter & Co., Inc., 8.75%, 12/15/31<sup>(1)</sup> | 74000 | 76519 |
| Trinity Industries, Inc., 7.75%, 7/15/28<sup>(1)</sup> | 71000 | 73464 |
|  |  | 408943 |
| **Media — 6.8%** |  |  |
| AMC Networks, Inc., 4.25%, 2/15/29 | 2000 | 1648 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27<sup>(1)</sup> | 75000 | 74669 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29<sup>(1)</sup> | 75000 | 74464 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 6.375%, 9/1/29<sup>(1)</sup> | 50000 | 50795 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30<sup>(1)</sup> | 75000 | 72127 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30<sup>(1)</sup> | 125000 | 118406 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 2/1/31<sup>(1)</sup> | 125000 | 115380 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 2/1/32<sup>(1)(2)</sup> | 50000 | 46413 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32 | 150000 | 137262 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 6/1/33<sup>(1)</sup> | 100000 | 89276 |
| CCO Holdings LLC/CCO Holdings Capital Corp., 4.25%, 1/15/34<sup>(1)(2)</sup> | 150000 | 130356 |
| Clear Channel Outdoor Holdings, Inc., 7.875%, 4/1/30<sup>(1)</sup> | 48000 | 50036 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27<sup>(1)</sup> | 100000 | 99577 |
| Directv Financing LLC/Directv Financing Co-Obligor, Inc., 10.00%, 2/15/31<sup>(1)</sup> | 175000 | 174080 |
| EchoStar Corp., 10.75%, 11/30/29 | 75000 | 80787 |
| GCI LLC, 4.75%, 10/15/28<sup>(1)</sup> | 75000 | 73108 |
| Lamar Media Corp., 4.875%, 1/15/29 | 100000 | 98727 |
| Lamar Media Corp., 4.00%, 2/15/30 | 75000 | 71354 |
| News Corp., 3.875%, 5/15/29<sup>(1)</sup> | 125000 | 120784 |
| News Corp., 5.125%, 2/15/32<sup>(1)</sup> | 50000 | 49455 |
| Nexstar Media, Inc., 5.625%, 7/15/27<sup>(1)</sup> | 75000 | 74966 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 8/15/27<sup>(1)</sup> | 150000 | 148888 |
| Outfront Media Capital LLC/Outfront Media Capital Corp., 4.625%, 3/15/30<sup>(1)(2)</sup> | 50000 | 47752 |
| Sinclair Television Group, Inc., 5.50%, 3/1/30<sup>(1)</sup> | 67000 | 55442 |
| Sinclair Television Group, Inc., 4.375%, 12/31/32<sup>(1)</sup> | 150000 | 107151 |
| Sirius XM Radio LLC, 3.125%, 9/1/26<sup>(1)</sup> | 50000 | 49722 |
| Sirius XM Radio LLC, 5.00%, 8/1/27<sup>(1)</sup> | 95000 | 94631 |
| Sirius XM Radio LLC, 4.00%, 7/15/28<sup>(1)</sup> | 95000 | 91747 |
| Sirius XM Radio LLC, 5.50%, 7/1/29<sup>(1)</sup> | 88000 | 87929 |
| Sirius XM Radio LLC, 3.875%, 9/1/31<sup>(1)(2)</sup> | 75000 | 67497 |
| Sunrise FinCo I BV, 4.875%, 7/15/31<sup>(1)</sup> | 75000 | 71706 |
| Sunrise HoldCo IV BV, 5.50%, 1/15/28<sup>(1)</sup> | 50000 | 49923 |
| Univision Communications, Inc., 7.375%, 6/30/30<sup>(1)</sup> | 150000 | 150938 |
| Univision Communications, Inc., 8.50%, 7/31/31<sup>(1)</sup> | 125000 | 128919 |
| Virgin Media Secured Finance PLC, 5.50%, 5/15/29<sup>(1)</sup> | 187000 | 184254 |
| Ziggo BV, 4.875%, 1/15/30<sup>(1)</sup> | 39000 | 36639 |
|  |  | 3176808 |
| **Metals and Mining — 2.0%** |  |  |
| Carpenter Technology Corp., 6.375%, 7/15/28 | 47000 | 47251 |
| Cleveland-Cliffs, Inc., 4.625%, 3/1/29<sup>(1)</sup> | 50000 | 47553 |
| Cleveland-Cliffs, Inc., 4.875%, 3/1/31<sup>(1)</sup> | 72000 | 65897 |
| Coeur Mining, Inc., 5.125%, 2/15/29<sup>(1)</sup> | 50000 | 48832 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Constellium SE, 3.75%, 4/15/29<sup>(1)</sup> | $75000 | $71155 |
| Fortescue Treasury Pty. Ltd., 5.875%, 4/15/30<sup>(1)</sup> | 100000 | 102199 |
| Fortescue Treasury Pty. Ltd., 4.375%, 4/1/31<sup>(1)</sup> | 75000 | 71364 |
| Hudbay Minerals, Inc., 6.125%, 4/1/29<sup>(1)</sup> | 72000 | 72842 |
| Mineral Resources Ltd., 8.00%, 11/1/27<sup>(1)</sup> | 100000 | 101880 |
| Novelis Corp., 4.75%, 1/30/30<sup>(1)</sup> | 200000 | 192464 |
| Taseko Mines Ltd., 8.25%, 5/1/30<sup>(1)</sup> | 125000 | 131578 |
|  |  | 953015 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** |  |  |
| Starwood Property Trust, Inc., 6.00%, 4/15/30<sup>(1)</sup> | 100000 | 101924 |
| **Oil, Gas and Consumable Fuels — 11.8%** |  |  |
| Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.375%, 6/15/29<sup>(1)</sup> | 147000 | 146215 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/29<sup>(1)</sup> | 72000 | 71879 |
| Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.625%, 10/15/32<sup>(1)</sup> | 50000 | 50938 |
| Baytex Energy Corp., 8.50%, 4/30/30<sup>(1)</sup> | 125000 | 127704 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29<sup>(1)</sup> | 50000 | 52196 |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.25%, 7/15/32<sup>(1)</sup> | 50000 | 53095 |
| Buckeye Partners LP, 6.75%, 2/1/30<sup>(1)</sup> | 50000 | 51965 |
| Buckeye Partners LP, 5.85%, 11/15/43 | 50000 | 44826 |
| California Resources Corp., 8.25%, 6/15/29<sup>(1)</sup> | 100000 | 103403 |
| CITGO Petroleum Corp., 6.375%, 6/15/26<sup>(1)</sup> | 47000 | 47080 |
| CITGO Petroleum Corp., 8.375%, 1/15/29<sup>(1)</sup> | 71000 | 74224 |
| Civitas Resources, Inc., 5.00%, 10/15/26<sup>(1)</sup> | 50000 | 49896 |
| Civitas Resources, Inc., 8.75%, 7/1/31<sup>(1)</sup> | 150000 | 154496 |
| Comstock Resources, Inc., 6.75%, 3/1/29<sup>(1)</sup> | 75000 | 74001 |
| Comstock Resources, Inc., 5.875%, 1/15/30<sup>(1)</sup> | 75000 | 70444 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 6/15/31<sup>(1)</sup> | 150000 | 148032 |
| Crescent Energy Finance LLC, 7.625%, 4/1/32<sup>(1)</sup> | 50000 | 49830 |
| Crescent Energy Finance LLC, 7.375%, 1/15/33<sup>(1)</sup> | 75000 | 73328 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28<sup>(1)</sup> | 97000 | 97457 |
| Delek Logistics Partners LP/Delek Logistics Finance Corp., 8.625%, 3/15/29<sup>(1)</sup> | 50000 | 52303 |
| DT Midstream, Inc., 4.375%, 6/15/31<sup>(1)</sup> | 50000 | 48136 |
| Energy Transfer LP, 6.00%, 2/1/29<sup>(1)</sup> | 50000 | 50714 |
| EQT Corp., 4.75%, 1/15/31<sup>(1)</sup> | 150000 | 148988 |
| Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 2/1/28 | 50000 | 50580 |
| Genesis Energy LP/Genesis Energy Finance Corp., 7.875%, 5/15/32 | 125000 | 129826 |
| Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 5/15/33 | 75000 | 78391 |
| Harvest Midstream I LP, 7.50%, 9/1/28<sup>(1)</sup> | 145000 | 146648 |
| Hess Midstream Operations LP, 5.125%, 6/15/28<sup>(1)</sup> | 50000 | 49921 |
| Hess Midstream Operations LP, 4.25%, 2/15/30<sup>(1)</sup> | 75000 | 72875 |
| Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/1/28<sup>(1)</sup> | 75000 | 75441 |
| Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 2/1/31<sup>(1)</sup> | 50000 | 48300 |
| Hilcorp Energy I LP/Hilcorp Finance Co., 7.25%, 2/15/35<sup>(1)</sup> | 75000 | 73231 |
| ITT Holdings LLC, 6.50%, 8/1/29<sup>(1)</sup> | 50000 | 49061 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.875%, 12/1/32<sup>(1)</sup> | 50000 | 51405 |
| Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 2/15/28<sup>(1)</sup> | 25000 | 26464 |
| Matador Resources Co., 6.50%, 4/15/32<sup>(1)</sup> | 75000 | 76140 |
| MEG Energy Corp., 5.875%, 2/1/29<sup>(1)</sup> | 95000 | 95655 |
| Murphy Oil Corp., 6.00%, 10/1/32 | 50000 | 48724 |
| NFE Financing LLC, 12.00%, 11/15/29<sup>(1)</sup> | 100000 | 36834 |
| NGL Energy Operating LLC/NGL Energy Finance Corp., 8.125%, 2/15/29<sup>(1)</sup> | 100000 | 102090 |
| NGL Energy Operating LLC/NGL Energy Finance Corp., 8.375%, 2/15/32<sup>(1)</sup> | 50000 | 50891 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Northern Oil & Gas, Inc., 8.125%, 3/1/28<sup>(1)</sup> | $50000 | $50410 |
| Northern Oil & Gas, Inc., 8.75%, 6/15/31<sup>(1)</sup> | 25000 | 25715 |
| NuStar Logistics LP, 6.375%, 10/1/30 | 50000 | 51801 |
| ONEOK, Inc., 6.50%, 9/1/30<sup>(1)</sup> | 50000 | 53835 |
| ONEOK, Inc., 5.60%, 4/1/44 | 75000 | 68862 |
| ONEOK, Inc., 5.45%, 6/1/47 | 75000 | 67233 |
| Parkland Corp., 5.875%, 7/15/27<sup>(1)</sup> | 75000 | 74999 |
| Parkland Corp., 4.625%, 5/1/30<sup>(1)</sup> | 50000 | 48428 |
| PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28 | 125000 | 122891 |
| Permian Resources Operating LLC, 5.375%, 1/15/26<sup>(1)</sup> | 50000 | 50027 |
| Permian Resources Operating LLC, 8.00%, 4/15/27<sup>(1)</sup> | 75000 | 76450 |
| Range Resources Corp., 8.25%, 1/15/29 | 97000 | 99608 |
| Rockies Express Pipeline LLC, 4.95%, 7/15/29<sup>(1)</sup> | 75000 | 73845 |
| Sunoco LP, 7.25%, 5/1/32<sup>(1)</sup> | 50000 | 52925 |
| Sunoco LP/Sunoco Finance Corp., 7.00%, 9/15/28<sup>(1)</sup> | 50000 | 51688 |
| Sunoco LP/Sunoco Finance Corp., 4.50%, 4/30/30 | 150000 | 145049 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 12/31/30<sup>(1)</sup> | 75000 | 73937 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 9/1/31<sup>(1)</sup> | 75000 | 73733 |
| Talos Production, Inc., 9.00%, 2/1/29<sup>(1)</sup> | 25000 | 25755 |
| Talos Production, Inc., 9.375%, 2/1/31<sup>(1)</sup> | 75000 | 77777 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.875%, 2/1/31 | 50000 | 49831 |
| Teine Energy Ltd., 6.875%, 4/15/29<sup>(1)</sup> | 47000 | 46416 |
| TGNR Intermediate Holdings LLC, 5.50%, 10/15/29<sup>(1)</sup> | 50000 | 48847 |
| TransMontaigne Partners LLC, 8.50%, 6/15/30<sup>(1)</sup> | 75000 | 78947 |
| Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29<sup>(1)</sup> | 100000 | 95932 |
| Venture Global Calcasieu Pass LLC, 6.25%, 1/15/30<sup>(1)</sup> | 45000 | 46889 |
| Venture Global Calcasieu Pass LLC, 3.875%, 11/1/33<sup>(1)</sup> | 61000 | 54377 |
| Venture Global LNG, Inc., 8.125%, 6/1/28<sup>(1)</sup> | 75000 | 77762 |
| Venture Global LNG, Inc., 9.50%, 2/1/29<sup>(1)</sup> | 94000 | 103404 |
| Venture Global LNG, Inc., 8.375%, 6/1/31<sup>(1)</sup> | 100000 | 104980 |
| Venture Global LNG, Inc., 9.875%, 2/1/32<sup>(1)</sup> | 94000 | 102413 |
| Vermilion Energy, Inc., 6.875%, 5/1/30<sup>(1)</sup> | 150000 | 145168 |
| Vital Energy, Inc., 7.875%, 4/15/32<sup>(1)(2)</sup> | 100000 | 98593 |
|  |  | 5522154 |
| **Passenger Airlines — 1.1%** |  |  |
| American Airlines, Inc., 7.25%, 2/15/28<sup>(1)(2)</sup> | 50000 | 51328 |
| American Airlines, Inc., 8.50%, 5/15/29<sup>(1)</sup> | 76000 | 79691 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | 17410 | 17456 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 4/20/29<sup>(1)</sup> | 125000 | 125768 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.875%, 9/20/31<sup>(1)</sup> | 125000 | 124308 |
| United Airlines, Inc., 4.625%, 4/15/29<sup>(1)</sup> | 125000 | 123092 |
|  |  | 521643 |
| **Personal Care Products — 0.3%** |  |  |
| BellRing Brands, Inc., 7.00%, 3/15/30<sup>(1)</sup> | 39000 | 40364 |
| Edgewell Personal Care Co., 5.50%, 6/1/28<sup>(1)</sup> | 50000 | 49798 |
| Edgewell Personal Care Co., 4.125%, 4/1/29<sup>(1)</sup> | 47000 | 44776 |
|  |  | 134938 |
| **Pharmaceuticals — 1.0%** |  |  |
| 1261229 BC Ltd., 10.00%, 4/15/32<sup>(1)</sup> | 200000 | 207829 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.125%, 4/30/28<sup>(1)</sup> | 100000 | 95838 |
| Perrigo Finance Unlimited Co., 6.125%, 9/30/32 | 75000 | 75535 |
| Prestige Brands, Inc., 3.75%, 4/1/31<sup>(1)</sup> | 100000 | 92222 |
|  |  | 471424 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| **Professional Services — 0.1%** | | |
| AMN Healthcare, Inc., 4.625%, 10/1/27<sup>(1)</sup> | $50000 | $49230 |
| **Real Estate Management and Development — 1.3%** |  |  |
| Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 4/15/30<sup>(1)(2)</sup> | 44000 | 43355 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 5.75%, 1/15/29<sup>(1)</sup> | 125000 | 116284 |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp., 9.75%, 4/15/30<sup>(1)(2)</sup> | 100000 | 106313 |
| Cushman & Wakefield U.S. Borrower LLC, 6.75%, 5/15/28<sup>(1)</sup> | 95000 | 95997 |
| Forestar Group, Inc., 6.50%, 3/15/33<sup>(1)</sup> | 50000 | 51005 |
| Greystar Real Estate Partners LLC, 7.75%, 9/1/30<sup>(1)</sup> | 71000 | 75232 |
| Howard Hughes Corp., 5.375%, 8/1/28<sup>(1)</sup> | 72000 | 71981 |
| Newmark Group, Inc., 7.50%, 1/12/29 | 50000 | 53497 |
|  |  | 613664 |
| **Semiconductors and Semiconductor Equipment — 0.3%** |  |  |
| Entegris, Inc., 5.95%, 6/15/30<sup>(1)</sup> | 50000 | 50685 |
| ON Semiconductor Corp., 3.875%, 9/1/28<sup>(1)</sup> | 25000 | 24317 |
| Synaptics, Inc., 4.00%, 6/15/29<sup>(1)(2)</sup> | 50000 | 47774 |
|  |  | 122776 |
| **Software — 2.2%** |  |  |
| Camelot Finance SA, 4.50%, 11/1/26<sup>(1)</sup> | 11000 | 10877 |
| Castle U.S. Holding Corp., 9.50%, 2/15/28<sup>(1)</sup> | 77000 | 34169 |
| Cloud Software Group, Inc., 6.50%, 3/31/29<sup>(1)</sup> | 175000 | 177064 |
| Cloud Software Group, Inc., 9.00%, 9/30/29<sup>(1)</sup> | 47000 | 49045 |
| Cloud Software Group, Inc., 8.25%, 6/30/32<sup>(1)</sup> | 100000 | 106989 |
| Consensus Cloud Solutions, Inc., 6.00%, 10/15/26<sup>(1)</sup> | 50000 | 50060 |
| Consensus Cloud Solutions, Inc., 6.50%, 10/15/28<sup>(1)</sup> | 50000 | 50239 |
| Fair Isaac Corp., 6.00%, 5/15/33<sup>(1)</sup> | 50000 | 50796 |
| Gen Digital, Inc., 6.25%, 4/1/33<sup>(1)</sup> | 50000 | 51540 |
| Open Text Corp., 3.875%, 12/1/29<sup>(1)</sup> | 150000 | 141511 |
| Open Text Holdings, Inc., 4.125%, 2/15/30<sup>(1)</sup> | 47000 | 44408 |
| Open Text Holdings, Inc., 4.125%, 12/1/31<sup>(1)</sup> | 47000 | 43285 |
| Rocket Software, Inc., 9.00%, 11/28/28<sup>(1)</sup> | 47000 | 48432 |
| SS&C Technologies, Inc., 5.50%, 9/30/27<sup>(1)</sup> | 70000 | 70071 |
| SS&C Technologies, Inc., 6.50%, 6/1/32<sup>(1)</sup> | 48000 | 49846 |
| UKG, Inc., 6.875%, 2/1/31<sup>(1)</sup> | 50000 | 51736 |
|  |  | 1030068 |
| **Specialized REITs — 1.2%** |  |  |
| Iron Mountain, Inc., 5.25%, 3/15/28<sup>(1)</sup> | 190000 | 189669 |
| Iron Mountain, Inc., 7.00%, 2/15/29<sup>(1)</sup> | 100000 | 103070 |
| Iron Mountain, Inc., 4.875%, 9/15/29<sup>(1)</sup> | 95000 | 93440 |
| Iron Mountain, Inc., 4.50%, 2/15/31<sup>(1)</sup> | 47000 | 44742 |
| SBA Communications Corp., 3.875%, 2/15/27 | 142000 | 139674 |
|  |  | 570595 |
| **Specialty Retail — 2.8%** |  |  |
| Asbury Automotive Group, Inc., 4.625%, 11/15/29<sup>(1)</sup> | 50000 | 48675 |
| Asbury Automotive Group, Inc., 5.00%, 2/15/32<sup>(1)</sup> | 75000 | 72151 |
| Bath & Body Works, Inc., 6.625%, 10/1/30<sup>(1)</sup> | 150000 | 154140 |
| Bath & Body Works, Inc., 6.75%, 7/1/36 | 145000 | 147757 |
| Carvana Co., 9.00%, 6/1/31<sup>(1)</sup> | 53500 | 60745 |
| EquipmentShare.com, Inc., 8.625%, 5/15/32<sup>(1)</sup> | 71000 | 76564 |
| EquipmentShare.com, Inc., 8.00%, 3/15/33<sup>(1)</sup> | 121000 | 128652 |
| Ferrellgas LP/Ferrellgas Finance Corp., 5.375%, 4/1/26<sup>(1)</sup> | 97000 | 95790 |
| Ferrellgas LP/Ferrellgas Finance Corp., 5.875%, 4/1/29<sup>(1)</sup> | 75000 | 69484 |

---

------

Schedule of Investments - Select High Yield ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Gap, Inc., 3.875%, 10/1/31<sup>(1)</sup> | $100000 | $90632 |
| Lithia Motors, Inc., 3.875%, 6/1/29<sup>(1)</sup> | 100000 | 95951 |
| Match Group Holdings II LLC, 3.625%, 10/1/31<sup>(1)</sup> | 47000 | 42452 |
| Park River Holdings, Inc., 5.625%, 2/1/29<sup>(1)</sup> | 100000 | 93607 |
| Sonic Automotive, Inc., 4.875%, 11/15/31<sup>(1)</sup> | 75000 | 71721 |
| Superior Plus LP/Superior General Partner, Inc., 4.50%, 3/15/29<sup>(1)</sup> | 47000 | 45192 |
|  |  | 1293513 |
| **Technology Hardware, Storage and Peripherals — 0.6%** |  |  |
| NCR Voyix Corp., 5.125%, 4/15/29<sup>(1)</sup> | 100000 | 98842 |
| Seagate Data Storage Technology Pte. Ltd., 9.625%, 12/1/32<sup>(1)</sup> | 50000 | 56814 |
| Seagate Data Storage Technology Pte. Ltd., 5.75%, 12/1/34<sup>(1)</sup> | 75000 | 73019 |
| Xerox Holdings Corp., 5.50%, 8/15/28<sup>(1)</sup> | 100000 | 65138 |
|  |  | 293813 |
| **Textiles, Apparel and Luxury Goods — 0.1%** |  |  |
| Crocs, Inc., 4.125%, 8/15/31<sup>(1)</sup> | 75000 | 67475 |
| **Trading Companies and Distributors — 0.5%** |  |  |
| FTAI Aviation Investors LLC, 5.50%, 5/1/28<sup>(1)</sup> | 100000 | 100027 |
| FTAI Aviation Investors LLC, 5.875%, 4/15/33<sup>(1)</sup> | 50000 | 50138 |
| Herc Holdings, Inc., 6.625%, 6/15/29<sup>(1)</sup> | 75000 | 77303 |
|  |  | 227468 |
| **Transportation Infrastructure — 0.3%** |  |  |
| Seaspan Corp., 5.50%, 8/1/29<sup>(1)</sup> | 145000 | 137606 |
| **Wireless Telecommunication Services — 0.4%** |  |  |
| Vmed O2 U.K. Financing I PLC, 4.25%, 1/31/31<sup>(1)</sup> | 37000 | 34180 |
| Vmed O2 U.K. Financing I PLC, 4.75%, 7/15/31<sup>(1)</sup> | 40000 | 37429 |
| Vodafone Group PLC, VRN, 7.00%, 4/4/79 | 95000 | 100373 |
|  |  | 171982 |
| **TOTAL CORPORATE BONDS**<br>(Cost $44,711,997) |  | **44874645** |
| **SHORT-TERM INVESTMENTS — 5.6%** |  |  |
| **Money Market Funds — 5.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1102651 | 1102651 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1505158 | 1505158 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,607,809) |  | **2607809** |
| **TOTAL INVESTMENT SECURITIES — 101.7%**<br>(Cost $47,319,806) |  | **47482454** |
| **OTHER ASSETS AND LIABILITIES — (1.7)%** |  | **(770931)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**46711523** |

---

---

| | | |
|:---|:---|:---|
| **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 $37,659,138, which represented 80.6% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,514,062. 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 $1,575,207, which includes securities collateral of $70,049.

(4)Security is in default.

------

Schedule of Investments - Select High Yield 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 |  | $44874645 |  |
| Short-Term Investments | $2607809 |  |  |
|  | $2607809 | $44874645 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Short Duration Strategic Income ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 44.7%** | **Principal <br>Amount/Shares** | **Value** |
| **Aerospace and Defense — 1.3%** | | |
| Boeing Co., 2.20%, 2/4/26 | $270000 | $267448 |
| Boeing Co., 6.30%, 5/1/29 | 239000 | 253906 |
| Spirit AeroSystems, Inc., 4.60%, 6/15/28 | 295000 | 294441 |
| TransDigm, Inc., 4.625%, 1/15/29 | 165000 | 161580 |
| TransDigm, Inc., 4.875%, 5/1/29 | 170000 | 167045 |
|  |  | 1144420 |
| **Air Freight and Logistics — 0.3%** |  |  |
| GXO Logistics, Inc., 1.65%, 7/15/26 | 290000 | 282937 |
| **Automobiles — 1.9%** |  |  |
| Ford Motor Credit Co. LLC, 5.125%, 11/5/26 | 500000 | 501018 |
| General Motors Financial Co., Inc., 5.40%, 4/6/26 | 260000 | 261267 |
| Nissan Motor Acceptance Co. LLC, 6.95%, 9/15/26<sup>(1)</sup> | 425000 | 428156 |
| Volkswagen Group of America Finance LLC, 4.90%, 8/14/26<sup>(1)</sup> | 400000 | 402258 |
|  |  | 1592699 |
| **Banks — 10.0%** |  |  |
| Bank of Montreal, VRN, 7.70%, 5/26/84 | 200000 | 209028 |
| Bank of Montreal, VRN, 6.875%, 11/26/85 | 130000 | 131123 |
| Bank of Nova Scotia, VRN, 8.625%, 10/27/82 | 170000 | 180475 |
| Bank of Nova Scotia, VRN, 8.00%, 1/27/84 | 170000 | 181570 |
| Banque Federative du Credit Mutuel SA, 4.59%, 10/16/28<sup>(1)</sup> | 219000 | 221064 |
| Canadian Imperial Bank of Commerce, VRN, 7.00%, 10/28/85 | 200000 | 204429 |
| Citibank NA, 4.58%, 5/29/27 | 250000 | 252104 |
| Citigroup, Inc., VRN, 4.64%, 5/7/28 | 245000 | 246399 |
| Comerica, Inc., VRN, 5.98%, 1/30/30 | 280000 | 290562 |
| Danske Bank AS, VRN, 6.26%, 9/22/26<sup>(1)</sup> | 400000 | 400380 |
| Freedom Mortgage Corp., 12.00%, 10/1/28<sup>(1)</sup> | 335000 | 358472 |
| Freedom Mortgage Holdings LLC, 9.25%, 2/1/29<sup>(1)</sup> | 116000 | 121320 |
| Goldman Sachs Bank USA, VRN, 5.41%, 5/21/27 | 300000 | 302237 |
| HSBC Holdings PLC, VRN, 7.39%, 11/3/28 | 450000 | 478357 |
| HSBC USA, Inc., 4.65%, 6/3/28 | 319000 | 323578 |
| Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32<sup>(1)</sup> | 434000 | 406441 |
| JPMorgan Chase & Co., VRN, 4.51%, 10/22/28 | 176000 | 177193 |
| Morgan Stanley Bank NA, VRN, 5.02%, 1/12/29 | 435000 | 442533 |
| Morgan Stanley Private Bank NA, VRN, 4.73%, 7/18/31 | 65000 | 65933 |
| National Bank of Canada, VRN, 5.60%, 7/2/27 | 250000 | 252433 |
| NatWest Group PLC, VRN, 3.03%, 11/28/35 | 200000 | 182446 |
| PNC Financial Services Group, Inc., VRN, 5.10%, 7/23/27 | 365000 | 367164 |
| Royal Bank of Canada, VRN, 4.97%, 1/24/29 | 340000 | 346325 |
| Royal Bank of Canada, VRN, 4.50%, 8/6/29 | 249000 | 251288 |
| Toronto-Dominion Bank, VRN, 8.125%, 10/31/82 | 400000 | 422256 |
| Truist Bank, VRN, 4.67%, 5/20/27 | 250000 | 250518 |
| Truist Bank, VRN, 4.63%, 9/17/29 | 250000 | 250887 |
| UniCredit SpA, VRN, 5.86%, 6/19/32<sup>(1)</sup> | 200000 | 202796 |
| Wells Fargo & Co., VRN, 4.90%, 1/24/28 | 350000 | 353140 |
| Wells Fargo & Co., VRN, 4.97%, 4/23/29 | 195000 | 198724 |
| Zions Bancorp NA, VRN, 4.70%, 8/18/28 | 422000 | 423670 |
|  |  | 8494845 |
| **Building Products — 0.6%** |  |  |
| Builders FirstSource, Inc., 4.25%, 2/1/32<sup>(1)</sup> | 215000 | 202217 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Standard Industries, Inc., 4.75%, 1/15/28<sup>(1)</sup> | $320000 | $317219 |
|  |  | 519436 |
| **Capital Markets — 3.6%** |  |  |
| Ares Strategic Income Fund, 5.70%, 3/15/28 | 175000 | 177453 |
| Blackstone Private Credit Fund, 7.05%, 9/29/25 | 200000 | 200298 |
| Blackstone Private Credit Fund, 5.95%, 7/16/29 | 60000 | 61976 |
| Blue Owl Capital Corp., 3.40%, 7/15/26 | 200000 | 197622 |
| Blue Owl Capital Corp., 5.95%, 3/15/29 | 90000 | 91430 |
| Blue Owl Credit Income Corp., 7.75%, 1/15/29 | 195000 | 208877 |
| Coinbase Global, Inc., 3.375%, 10/1/28<sup>(1)</sup> | 175000 | 166164 |
| Deutsche Bank AG, VRN, 4.875%, 12/1/32 | 401000 | 399725 |
| Goldman Sachs Group, Inc., VRN, 4.94%, 4/23/28 | 175000 | 176864 |
| Goldman Sachs Group, Inc., VRN, 5.73%, 4/25/30 | 325000 | 340475 |
| Golub Capital BDC, Inc., 7.05%, 12/5/28 | 71000 | 75055 |
| Golub Capital Private Credit Fund, 5.45%, 8/15/28<sup>(1)</sup> | 145000 | 145622 |
| HPS Corporate Lending Fund, 5.45%, 1/14/28 | 210000 | 212042 |
| Morgan Stanley, VRN, 4.99%, 4/12/29 | 120000 | 122245 |
| Northern Trust Corp., VRN, 3.375%, 5/8/32 | 533000 | 521364 |
|  |  | 3097212 |
| **Chemicals — 0.3%** |  |  |
| Braskem Netherlands Finance BV, 4.50%, 1/31/30<sup>(1)</sup> | 200000 | 141442 |
| Celanese U.S. Holdings LLC, 6.67%, 7/15/27 | 75000 | 77226 |
|  |  | 218668 |
| **Commercial Services and Supplies — 0.3%** |  |  |
| Deluxe Corp., 8.125%, 9/15/29<sup>(1)</sup> | 225000 | 234678 |
| **Communications Equipment — 0.2%** |  |  |
| Motorola Solutions, Inc., 4.85%, 8/15/30<sup>(2)</sup> | 145000 | 147765 |
| **Construction and Engineering — 0.3%** |  |  |
| Mexico City Airport Trust, 3.875%, 4/30/28<sup>(1)</sup> | 272000 | 265894 |
| **Consumer Finance — 1.1%** |  |  |
| American Express Co., VRN, 4.73%, 4/25/29 | 185000 | 188063 |
| American Express Co., VRN, 4.35%, 7/20/29 | 205000 | 206092 |
| Avolon Holdings Funding Ltd., 6.375%, 5/4/28<sup>(1)</sup> | 378000 | 395501 |
| goeasy Ltd., 6.875%, 2/15/31<sup>(1)</sup> | 85000 | 85055 |
| OneMain Finance Corp., 6.125%, 5/15/30 | 60000 | 60973 |
|  |  | 935684 |
| **Consumer Staples Distribution & Retail — 0.5%** |  |  |
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 4.625%, 1/15/27<sup>(1)</sup> | 455000 | 452601 |
| **Diversified REITs — 2.2%** |  |  |
| GLP Capital LP/GLP Financing II, Inc., 5.375%, 4/15/26 | 220000 | 220865 |
| Kilroy Realty LP, 4.25%, 8/15/29 | 330000 | 322560 |
| Kilroy Realty LP, 3.05%, 2/15/30 | 55000 | 50611 |
| Lineage OP LP, 5.25%, 7/15/30<sup>(1)</sup> | 240000 | 242284 |
| MPT Operating Partnership LP/MPT Finance Corp., 8.50%, 2/15/32<sup>(1)</sup> | 103000 | 108068 |
| Piedmont Operating Partnership LP, 9.25%, 7/20/28 | 118000 | 131207 |
| Piedmont Operating Partnership LP, 6.875%, 7/15/29 | 30000 | 31761 |
| Trust Fibra Uno, 4.87%, 1/15/30<sup>(1)</sup> | 400000 | 388007 |
| Vornado Realty LP, 2.15%, 6/1/26 | 363000 | 355198 |
|  |  | 1850561 |
| **Diversified Telecommunication Services — 0.7%** |  |  |
| AT&T, Inc., 7.30%, 8/15/26 | 45000 | 45874 |
| Frontier Communications Holdings LLC, 8.625%, 3/15/31<sup>(1)</sup> | 370000 | 393015 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Sprint Capital Corp., 6.875%, 11/15/28 | $185000 | $199056 |
|  |  | 637945 |
| **Electric Utilities — 1.0%** |  |  |
| Emera, Inc., Series 16-A, VRN, 6.75%, 6/15/76 | 208000 | 209826 |
| Evergy Kansas Central, Inc., 4.70%, 3/13/28 | 103000 | 104331 |
| Pinnacle West Capital Corp., 5.15%, 5/15/30 | 176000 | 181181 |
| Southern Co., Series B, VRN, 4.00%, 1/15/51 | 379000 | 378161 |
|  |  | 873499 |
| **Electrical Equipment — 0.4%** |  |  |
| Regal Rexnord Corp., 6.05%, 2/15/26 | 325000 | 326411 |
| **Entertainment — 0.6%** |  |  |
| Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 315000 | 310488 |
| Warnermedia Holdings, Inc., 3.76%, 3/15/27 | 225000 | 219262 |
|  |  | 529750 |
| **Financial Services — 1.9%** |  |  |
| Atlas Warehouse Lending Co. LP, 6.05%, 1/15/28<sup>(1)</sup> | 310000 | 316087 |
| Blue Owl Technology Finance Corp., 6.10%, 3/15/28<sup>(1)</sup> | 186000 | 188378 |
| Essent Group Ltd., 6.25%, 7/1/29 | 170000 | 178458 |
| Nationwide Building Society, VRN, 4.125%, 10/18/32<sup>(1)</sup> | 500000 | 492171 |
| NMI Holdings, Inc., 6.00%, 8/15/29 | 250000 | 256978 |
| Rocket Cos., Inc., 6.125%, 8/1/30<sup>(1)</sup> | 85000 | 87518 |
| Rocket Cos., Inc., 6.375%, 8/1/33<sup>(1)</sup> | 65000 | 67533 |
|  |  | 1587123 |
| **Food Products — 0.2%** |  |  |
| Mars, Inc., 4.60%, 3/1/28<sup>(1)</sup> | 147000 | 148857 |
| **Gas Utilities — 0.1%** |  |  |
| Excelerate Energy LP, 8.00%, 5/15/30<sup>(1)</sup> | 57000 | 60734 |
| **Ground Transportation — 0.2%** |  |  |
| Ashtead Capital, Inc., 4.375%, 8/15/27<sup>(1)</sup> | 200000 | 199712 |
| **Health Care Equipment and Supplies — 0.3%** |  |  |
| Medline Borrower LP/Medline Co-Issuer, Inc., 6.25%, 4/1/29<sup>(1)</sup> | 223000 | 229366 |
| **Health Care Providers and Services — 0.8%** |  |  |
| IQVIA, Inc., 5.00%, 5/15/27<sup>(1)</sup> | 200000 | 199318 |
| Tenet Healthcare Corp., 6.25%, 2/1/27 | 315000 | 315403 |
| Universal Health Services, Inc., 1.65%, 9/1/26 | 175000 | 170179 |
|  |  | 684900 |
| **Hotel & Resort REITs — 0.4%** |  |  |
| Service Properties Trust, 5.25%, 2/15/26 | 170000 | 170440 |
| Service Properties Trust, 8.375%, 6/15/29 | 190000 | 196200 |
|  |  | 366640 |
| **Hotels, Restaurants and Leisure — 0.5%** |  |  |
| Hyatt Hotels Corp., 5.75%, 1/30/27 | 321000 | 326934 |
| Hyatt Hotels Corp., 5.05%, 3/30/28 | 60000 | 61049 |
|  |  | 387983 |
| **Household Durables — 0.3%** |  |  |
| Taylor Morrison Communities, Inc., 5.75%, 1/15/28<sup>(1)</sup> | 84000 | 85116 |
| TopBuild Corp., 3.625%, 3/15/29<sup>(1)</sup> | 155000 | 148148 |
|  |  | 233264 |
| **Independent Power and Renewable Electricity Producers — 0.2%** |  |  |
| Greenko Wind Projects Mauritius Ltd., 7.25%, 9/27/28<sup>(1)</sup> | 200000 | 204011 |
| **Insurance — 2.3%** |  |  |
| American International Group, Inc., 4.85%, 5/7/30 | 93000 | 95215 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Aspen Insurance Holdings Ltd., 5.75%, 7/1/30 | $250000 | $259737 |
| Athene Global Funding, 5.35%, 7/9/27<sup>(1)</sup> | 413000 | 420092 |
| F&G Annuities & Life, Inc., 6.50%, 6/4/29 | 350000 | 365065 |
| GA Global Funding Trust, 2.25%, 1/6/27<sup>(1)</sup> | 150000 | 145771 |
| GA Global Funding Trust, 4.40%, 9/23/27<sup>(1)</sup> | 200000 | 200475 |
| Global Atlantic Fin Co., 4.40%, 10/15/29<sup>(1)</sup> | 175000 | 172517 |
| Liberty Mutual Group, Inc., VRN, 4.125%, 12/15/51<sup>(1)</sup> | 296000 | 290441 |
|  |  | 1949313 |
| **IT Services — 0.3%** |  |  |
| Kyndryl Holdings, Inc., 2.70%, 10/15/28 | 242000 | 230172 |
| **Leisure Products — 0.5%** |  |  |
| Mattel, Inc., 5.875%, 12/15/27<sup>(1)</sup> | 390000 | 392244 |
| **Life Sciences Tools and Services — 0.8%** |  |  |
| Illumina, Inc., 5.80%, 12/12/25 | 440000 | 441418 |
| Illumina, Inc., 4.65%, 9/9/26 | 212000 | 212607 |
|  |  | 654025 |
| **Media — 2.4%** |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp., 5.125%, 5/1/27<sup>(1)</sup> | 280000 | 278764 |
| Lamar Media Corp., 3.75%, 2/15/28 | 235000 | 228666 |
| Nexstar Media, Inc., 5.625%, 7/15/27<sup>(1)</sup> | 75000 | 74966 |
| Nexstar Media, Inc., 4.75%, 11/1/28<sup>(1)(2)</sup> | 420000 | 412543 |
| Paramount Global, 2.90%, 1/15/27 | 335000 | 327808 |
| Paramount Global, 4.95%, 1/15/31 | 199000 | 197823 |
| Sirius XM Radio LLC, 3.125%, 9/1/26<sup>(1)</sup> | 205000 | 203861 |
| Sirius XM Radio LLC, 4.00%, 7/15/28<sup>(1)</sup> | 140000 | 135205 |
| TEGNA, Inc., 4.625%, 3/15/28 | 220000 | 219002 |
|  |  | 2078638 |
| **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> | 234000 | 246203 |
| **Oil, Gas and Consumable Fuels — 2.8%** |  |  |
| Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.00%, 7/15/29<sup>(1)</sup> | 110000 | 114832 |
| Enbridge, Inc., VRN, 6.00%, 1/15/77 | 410000 | 411836 |
| Energy Transfer LP, 5.625%, 5/1/27<sup>(1)</sup> | 460000 | 460042 |
| Petroleos Mexicanos, 4.50%, 1/23/26 | 164000 | 163121 |
| Petroleos Mexicanos, 5.35%, 2/12/28 | 218000 | 213869 |
| Petroleos Mexicanos, 5.95%, 1/28/31 | 605000 | 566025 |
| SM Energy Co., 6.75%, 9/15/26 | 270000 | 269683 |
| Venture Global LNG, Inc., 8.125%, 6/1/28<sup>(1)</sup> | 200000 | 207366 |
|  |  | 2406774 |
| **Passenger Airlines — 1.1%** |  |  |
| American Airlines, Series 2017-2, Class B, 3.70%, 4/15/27 | 55529 | 55382 |
| American Airlines Pass-Through Trust, Class A, 3.70%, 4/1/28 | 6909 | 6853 |
| American Airlines, Inc., 7.25%, 2/15/28<sup>(1)(2)</sup> | 190000 | 195047 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26<sup>(1)</sup> | 309547 | 310356 |
| Delta Air Lines, Inc., 4.95%, 7/10/28 | 155000 | 157003 |
| Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, 10/20/25<sup>(1)</sup> | 7375 | 7367 |
| United Airlines, Inc., 4.375%, 4/15/26<sup>(1)</sup> | 225000 | 224403 |
|  |  | 956411 |
| **Pharmaceuticals — 0.2%** |  |  |
| EMD Finance LLC, 4.375%, 10/15/30<sup>(1)</sup> | 190000 | 189829 |
| **Semiconductors and Semiconductor Equipment — 1.0%** |  |  |
| Broadcom Corp./Broadcom Cayman Finance Ltd., 3.875%, 1/15/27 | 150000 | 149409 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| Broadcom, Inc., 4.80%, 4/15/28 | $230000 | $234214 |
| Intel Corp., 4.875%, 2/10/26 | 140000 | 140235 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., 4.30%, 8/19/28 | 123000 | 123281 |
| ON Semiconductor Corp., 3.875%, 9/1/28<sup>(1)</sup> | 217000 | 211067 |
|  |  | 858206 |
| **Software — 0.5%** |  |  |
| AppLovin Corp., 5.125%, 12/1/29 | 278000 | 284409 |
| Synopsys, Inc., 4.65%, 4/1/28 | 110000 | 111508 |
|  |  | 395917 |
| **Specialized REITs — 0.2%** |  |  |
| EPR Properties, 4.50%, 6/1/27 | 180000 | 179545 |
| **Specialty Retail — 0.2%** |  |  |
| Advance Auto Parts, Inc., 7.00%, 8/1/30<sup>(1)</sup> | 177000 | 181749 |
| **Technology Hardware, Storage and Peripherals — 0.8%** |  |  |
| Dell International LLC/EMC Corp., 4.75%, 4/1/28 | 186000 | 188662 |
| Hewlett Packard Enterprise Co., 4.40%, 9/25/27 | 179000 | 179958 |
| Western Digital Corp., 2.85%, 2/1/29 | 319000 | 299942 |
|  |  | 668562 |
| **Trading Companies and Distributors — 1.1%** |  |  |
| Aircastle Ltd., 6.50%, 7/18/28<sup>(1)</sup> | 95000 | 99997 |
| Aircastle Ltd., 5.95%, 2/15/29<sup>(1)</sup> | 210000 | 219205 |
| Herc Holdings, Inc., 5.50%, 7/15/27<sup>(1)</sup> | 332000 | 331847 |
| Herc Holdings, Inc., 7.00%, 6/15/30<sup>(1)</sup> | 300000 | 312426 |
|  |  | 963475 |
| **TOTAL CORPORATE BONDS**<br>(Cost $37,571,695) |  | **38058658** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 18.5%** |  |  |
| **Private Sponsor Collateralized Mortgage Obligations — 18.3%** |  |  |
| Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65<sup>(1)</sup> | 40325 | 38748 |
| BRAVO Residential Funding Trust, Series 2025-NQM7, Class A1B, 5.46%, 7/25/65<sup>(1)</sup> | 297800 | 300517 |
| BRAVO Trust, Series 2025-SR1, Class A1, SEQ, 3.00%, 3/25/45<sup>(1)</sup> | 270778 | 261441 |
| Chase Home Lending Mortgage Trust, Series 2024-2, Class A6A, SEQ, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 157474 | 158365 |
| Chase Home Lending Mortgage Trust, Series 2024-3, Class A4, SEQ, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 144148 | 146133 |
| Chase Home Lending Mortgage Trust, Series 2024-6, Class A9A, VRN, 6.00%, 5/25/55<sup>(1)</sup> | 145497 | 146959 |
| Chase Home Lending Mortgage Trust, Series 2024-7, Class A4, VRN, 6.00%, 6/25/55<sup>(1)</sup> | 315378 | 318957 |
| Chase Home Lending Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 8/25/55<sup>(1)</sup> | 81487 | 81473 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A4, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 143008 | 143779 |
| Chase Home Lending Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 54449 | 54523 |
| Chase Home Lending Mortgage Trust, Series 2025-2, Class A4, VRN, 6.00%, 12/25/55<sup>(1)</sup> | 293345 | 299402 |
| Chase Home Lending Mortgage Trust, Series 2025-5, Class A4A, VRN, 5.50%, 4/25/56<sup>(1)</sup> | 269621 | 271530 |
| Chase Home Lending Mortgage Trust, Series 2025-8, Class A4, VRN, 6.00%, 6/25/56<sup>(1)</sup> | 329011 | 334499 |
| Chase Home Lending Mortgage Trust, Series 2025-8, Class A9, VRN, 6.25%, 6/25/56<sup>(1)</sup> | 295460 | 300573 |
| Chase Home Lending Mortgage Trust, Series 2025-9, Class A4A, VRN, 5.50%, 6/25/56<sup>(1)</sup> | 410000 | 411807 |
| Citigroup Mortgage Loan Trust, Series 2024-1, Class A7A, VRN, 6.00%, 7/25/54<sup>(1)</sup> | 121319 | 122958 |
| Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A11, VRN, 5.50%, 6/25/54<sup>(1)</sup> | 243702 | 244669 |
| Citigroup Mortgage Loan Trust, Series 2024-CMI1, Class A5, VRN, 5.50%, 6/25/54<sup>(1)</sup> | 196819 | 196780 |
| Citigroup Mortgage Loan Trust, Series 2025-2, Class A10, VRN, 6.00%, 2/25/55<sup>(1)</sup> | 388515 | 394189 |
| Cross Mortgage Trust, Series 2024-H3, Class A2, 6.58%, 6/25/69<sup>(1)</sup> | 186868 | 189281 |
| EFMT, Series 2025-NQM3, Class A1B, 5.49%, 8/25/70<sup>(1)</sup> | 396048 | 397852 |
| Ellington Financial Mortgage Trust, Series 2020-1, Class A1, VRN, 2.01%, 5/25/65<sup>(1)</sup> | 6956 | 6923 |
| GCAT Trust, Series 2022-NQM4, Class A3, 5.73%, 8/25/67<sup>(1)</sup> | 329903 | 330091 |
| GS Mortgage-Backed Securities Trust, Series 2024-PJ7, Class A7, SEQ, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 156549 | 156456 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| GS Mortgage-Backed Securities Trust, Series 2025-PJ5, Class A5, VRN, 5.50%, 10/25/55<sup>(1)</sup> | $204891 | $206405 |
| GS Mortgage-Backed Securities Trust, Series 2025-PJ6, Class A4, VRN, 6.00%, 11/25/55<sup>(1)</sup> | 351371 | 356824 |
| GS Mortgage-Backed Securities Trust, Series 2025-PJ7, Class A5, VRN, 5.50%, 12/25/55<sup>(1)</sup> | 304393 | 306292 |
| JP Morgan Mortgage Trust, Series 2023-6, Class A4, SEQ, VRN, 6.00%, 12/26/53<sup>(1)</sup> | 180113 | 182220 |
| JP Morgan Mortgage Trust, Series 2023-8, Class A4, SEQ, VRN, 6.00%, 2/25/54<sup>(1)</sup> | 324791 | 328639 |
| JP Morgan Mortgage Trust, Series 2024-1, Class A4, SEQ, VRN, 6.00%, 6/25/54<sup>(1)</sup> | 222445 | 224621 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A4, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 253324 | 257002 |
| JP Morgan Mortgage Trust, Series 2024-11, Class A6, SEQ, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 235405 | 237269 |
| JP Morgan Mortgage Trust, Series 2024-5, Class A6, SEQ, VRN, 6.00%, 11/25/54<sup>(1)</sup> | 78679 | 79203 |
| JP Morgan Mortgage Trust, Series 2024-6, Class A6, SEQ, VRN, 6.00%, 12/25/54<sup>(1)</sup> | 52105 | 52352 |
| JP Morgan Mortgage Trust, Series 2024-8, Class A3, VRN, 5.50%, 1/25/55<sup>(1)</sup> | 151284 | 151740 |
| JP Morgan Mortgage Trust, Series 2024-8, Class A6A, SEQ, VRN, 5.50%, 1/25/55<sup>(1)</sup> | 113488 | 113677 |
| JP Morgan Mortgage Trust, Series 2024-9, Class A6, SEQ, VRN, 5.50%, 2/25/55<sup>(1)</sup> | 97666 | 97674 |
| JP Morgan Mortgage Trust, Series 2024-INV1, Class A4, SEQ, VRN, 6.00%, 4/25/55<sup>(1)</sup> | 136573 | 138636 |
| JP Morgan Mortgage Trust, Series 2025-5MPR, Class A3, 6.16%, 11/25/55<sup>(1)</sup> | 307390 | 311418 |
| JP Morgan Mortgage Trust, Series 2025-CCM2, Class A4, SEQ, VRN, 6.00%, 9/25/55<sup>(1)</sup> | 415428 | 422099 |
| JP Morgan Mortgage Trust, Series 2025-NQM2, Class A1B, 5.57%, 9/25/65<sup>(1)</sup> | 242399 | 244590 |
| MFA Trust, Series 2023-NQM3, Class A1, SEQ, 6.62%, 7/25/68<sup>(1)</sup> | 142936 | 144087 |
| MFA Trust, Series 2024-NQM1, Class A2, SEQ, 6.83%, 3/25/69<sup>(1)</sup> | 81536 | 82679 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2024-3, Class A2, VRN, 6.00%, 7/25/54<sup>(1)</sup> | 82839 | 83241 |
| Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM1, Class A3, 6.14%, 11/25/69<sup>(1)</sup> | 338103 | 341601 |
| OBX Trust, Series 2022-NQM9, Class A2, 6.45%, 9/25/62<sup>(1)</sup> | 152737 | 152539 |
| OBX Trust, Series 2024-J1, Class A5, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 79077 | 79380 |
| OBX Trust, Series 2024-NQM11, Class A3, 6.23%, 6/25/64<sup>(1)</sup> | 187588 | 189432 |
| OBX Trust, Series 2024-NQM7, Class A1, 6.24%, 3/25/64<sup>(1)</sup> | 274629 | 278001 |
| OBX Trust, Series 2025-J1, Class A4, SEQ, VRN, 6.00%, 5/25/55<sup>(1)</sup> | 352918 | 358969 |
| PMT Loan Trust, Series 2025-J2, Class A9, VRN, 5.50%, 8/25/56<sup>(1)</sup> | 475000 | 477190 |
| Provident Funding Mortgage Trust, Series 2024-1, Class A2, VRN, 5.50%, 12/25/54<sup>(1)</sup> | 239619 | 241078 |
| Provident Funding Mortgage Trust, Series 2025-3, Class A4, VRN, 5.50%, 8/25/55<sup>(1)</sup> | 298037 | 299701 |
| Radian Mortgage Capital Trust, Series 2025-J2, Class A15, VRN, 5.50%, 11/25/55<sup>(1)</sup> | 352807 | 355113 |
| Rate Mortgage Trust, Series 2024-J3, Class A8, SEQ, VRN, 5.50%, 10/25/54<sup>(1)</sup> | 287251 | 287729 |
| RATE Mortgage Trust, Series 2025-J2, Class A5, VRN, 5.50%, 7/25/55<sup>(1)</sup> | 388840 | 391966 |
| Sequoia Mortgage Trust, Series 2024-10, Class A11, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 199804 | 199944 |
| Sequoia Mortgage Trust, Series 2024-10, Class A5, SEQ, VRN, 5.50%, 11/25/54<sup>(1)</sup> | 70265 | 70604 |
| Sequoia Mortgage Trust, Series 2024-4, Class A4, VRN, 6.00%, 5/25/54<sup>(1)</sup> | 226074 | 228863 |
| Sequoia Mortgage Trust, Series 2024-8, Class A11, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 128900 | 128864 |
| Sequoia Mortgage Trust, Series 2024-8, Class A5, SEQ, VRN, 5.50%, 9/25/54<sup>(1)</sup> | 168432 | 169129 |
| Sequoia Mortgage Trust, Series 2024-9, Class A5, SEQ, VRN, 5.50%, 10/25/54<sup>(1)</sup> | 100345 | 100796 |
| Sequoia Mortgage Trust, Series 2025-5, Class A5, SEQ, VRN, 5.50%, 6/25/55<sup>(1)</sup> | 382711 | 385147 |
| Sequoia Mortgage Trust, Series 2025-7, Class A5, SEQ, VRN, 5.50%, 8/25/55<sup>(1)</sup> | 373560 | 376523 |
| Sequoia Mortgage Trust, Series 2025-8, Class A4, VRN, 5.50%, 9/25/55<sup>(1)</sup> | 256000 | 257217 |
| Triangle Re Ltd., Series 2023-1, Class M1A, VRN, 7.75%, (30-day average SOFR plus 3.40%), 11/25/33<sup>(1)</sup> | 42472 | 42910 |
| Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64<sup>(1)</sup> | 33724 | 31519 |
| Verus Securitization Trust, Series 2024-4, Class A1, 6.22%, 6/25/69<sup>(1)</sup> | 114159 | 115574 |
| Verus Securitization Trust, Series 2024-5, Class A1, 6.19%, 6/25/69<sup>(1)</sup> | 245589 | 248744 |
| Verus Securitization Trust, Series 2024-9, Class A3, 5.89%, 11/25/69<sup>(1)</sup> | 271185 | 272857 |
| Verus Securitization Trust, Series 2025-4, Class A3, 5.75%, 5/25/70<sup>(1)</sup> | 144355 | 145262 |
| Vista Point Securitization Trust, Series 2020-2, Class A1, VRN, 1.48%, 4/25/65<sup>(1)</sup> | 48966 | 47203 |
|  |  | 15602428 |
| **U.S. Government Agency Collateralized Mortgage Obligations — 0.2%** |  |  |
| FHLMC, Series 2022-DNA5, Class M1A, VRN, 7.30%, (30-day average SOFR plus 2.95%), 6/25/42<sup>(1)</sup> | 40578 | 41409 |
| FHLMC, Series 2022-DNA6, Class M1A, VRN, 6.50%, (30-day average SOFR plus 2.15%), 9/25/42<sup>(1)</sup> | 27438 | 27630 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| FNMA, Series 2024-R01, Class 1M1, VRN, 5.40%, (30-day average SOFR plus 1.05%), 1/25/44<sup>(1)</sup> | $83628 | $83660 |
|  |  | 152699 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br>(Cost $15,633,673) |  | **15755127** |
| **ASSET-BACKED SECURITIES — 9.2%** |  |  |
| ACM Auto Trust, Series 2023-2A, Class B, 9.85%, 6/20/30<sup>(1)</sup> | 279580 | 284156 |
| Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, SEQ, 6.35%, 10/15/47<sup>(1)</sup> | 250000 | 250277 |
| BHG Securitization Trust, Series 2025-1CON, Class B, 5.26%, 4/17/36<sup>(1)</sup> | 256000 | 259232 |
| CARS-DB5 LP, Series 2021-1A, Class A3, SEQ, 1.92%, 8/15/51<sup>(1)</sup> | 246719 | 237987 |
| Centersquare Issuer LLC, Series 2025-3A, Class A2, SEQ, 5.00%, 8/25/55<sup>(1)</sup> | 360266 | 346288 |
| Cherry Securitization Trust, Series 2025-1A, Class B, 6.53%, 11/15/32<sup>(1)</sup> | 365000 | 373299 |
| ClickLease Equipment Receivables Trust, Series 2024-1, Class B, 7.34%, 2/15/30<sup>(1)</sup> | 192077 | 192628 |
| College Avenue Student Loans LLC, Series 2019-A, Class C, 4.46%, 12/28/48<sup>(1)</sup> | 330848 | 323430 |
| Concord Music Royalties LLC, Series 2024-1A, Class A, SEQ, 5.64%, 10/20/74<sup>(1)</sup> | 413000 | 416176 |
| Concord Music Royalties LLC, Series 2025-1A, Class A2, SEQ, 5.51%, 7/20/75<sup>(1)</sup> | 251000 | 253230 |
| DataBank Issuer LLC, Series 2023-1A, Class A2, SEQ, 5.12%, 2/25/53<sup>(1)</sup> | 302000 | 301430 |
| Diamond Issuer LLC, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51<sup>(1)</sup> | 165000 | 157054 |
| EDI ABS Issuer 1 LLC, Series 2025-1A, Class B, 4.55%, 7/25/55<sup>(1)</sup> | 147000 | 141216 |
| Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51<sup>(1)</sup> | 100000 | 97279 |
| GS Mortgage-Backed Securities Trust, Series 2024-HE1, Class A1, VRN, 5.95%, (30-day average SOFR plus 1.60%), 8/25/54<sup>(1)</sup> | 187747 | 188506 |
| Hilton Grand Vacations Trust, Series 2019-AA, Class A, SEQ, 2.34%, 7/25/33<sup>(1)</sup> | 260263 | 257743 |
| Hilton Grand Vacations Trust, Series 2024-2A, Class D, 6.91%, 3/25/38<sup>(1)</sup> | 62645 | 64450 |
| LMRK Issuer Co. 2 LLC, Series 2025-1A, Class A, SEQ, 5.52%, 9/15/55<sup>(1)</sup> | 288000 | 290674 |
| Lyra Music Assets Delaware LP, Series 2024-2A, Class A2, SEQ, 5.76%, 12/22/64<sup>(1)</sup> | 261624 | 265873 |
| Lyra Music Assets Delaware LP, Series 2025-1A, Class A2, SEQ, 5.60%, 9/20/65<sup>(1)</sup> | 155000 | 157039 |
| Mission Lane Credit Card Master Trust, Series 2025-B, Class C, 5.41%, 9/15/31<sup>(1)</sup> | 246000 | 248033 |
| MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37<sup>(1)</sup> | 44906 | 44431 |
| Nelnet Student Loan Trust, Series 2019-5, Class A, SEQ, 2.53%, 10/25/67<sup>(1)</sup> | 46061 | 42244 |
| New Economy Assets - Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61<sup>(1)</sup> | 200000 | 132032 |
| OnDeck Asset Securitization Trust IV LLC, Series 2024-2A, Class B, 5.42%, 10/17/31<sup>(1)</sup> | 143000 | 143919 |
| PK Alift Loan Funding 3 LP, Series 2024-1, Class A1, SEQ, 5.84%, 9/15/39<sup>(1)</sup> | 157145 | 161210 |
| RCKT Mortgage Trust, Series 2024-CES1, Class A1A, VRN, 6.03%, 2/25/44<sup>(1)</sup> | 178153 | 179793 |
| RCKT Mortgage Trust, Series 2024-CES3, Class A1A, VRN, 6.59%, 5/25/44<sup>(1)</sup> | 70300 | 71493 |
| RCKT Trust, Series 2025-1A, Class D, 5.42%, 7/25/34<sup>(1)</sup> | 138000 | 139245 |
| Research-Driven Pagaya Motor Asset Trust, Series 2025-4A, Class B, 5.50%, 4/25/34<sup>(1)</sup> | 379194 | 381919 |
| Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class B, 5.64%, 12/15/33<sup>(1)</sup> | 115083 | 116076 |
| Scalelogix ABS U.S. Issuer LLC, Series 2025-1A, Class B, 6.16%, 7/25/55<sup>(1)</sup> | 248000 | 248150 |
| Towd Point Mortgage Trust, Series 2024-CES3, Class A1, VRN, 6.29%, 5/25/64<sup>(1)</sup> | 194656 | 197337 |
| Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class B, 6.37%, 4/20/55<sup>(1)</sup> | 206262 | 212836 |
| Vertical Bridge CC LLC, Series 2025-1A, Class C, 7.45%, 8/16/55<sup>(1)</sup> | 259741 | 258639 |
| Vista Point Securitization Trust, Series 2024-CES1, Class A1, 6.68%, 5/25/54<sup>(1)</sup> | 252371 | 255440 |
| Wireless PropCo Funding LLC, Series 2025-1A, Class A2, SEQ, 4.07%, 6/25/55<sup>(1)</sup> | 114735 | 111259 |
| **TOTAL ASSET-BACKED SECURITIES**<br>(Cost $7,730,613) |  | **7802023** |
| **U.S. TREASURY SECURITIES — 8.5%** |  |  |
| U.S. Treasury Notes, 3.875%, 5/31/27 | 1100000 | 1103781 |
| U.S. Treasury Notes, 4.625%, 6/15/27<sup>(3)</sup> | 925000 | 940248 |
| U.S. Treasury Notes, 3.875%, 7/31/27 | 795000 | 798354 |
| U.S. Treasury Notes, 4.25%, 1/15/28 | 1320000 | 1339284 |
| U.S. Treasury Notes, 3.75%, 5/15/28 | 1450000 | 1456061 |
| U.S. Treasury Notes, 4.125%, 3/31/29 | 1600000 | 1627469 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $7,190,443) |  | **7265197** |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
|<br>**CONVERTIBLE PREFERRED SECURITIES — 7.2%** | **Principal <br>Amount/Shares** | **Value** |
| **Banks — 6.0%** | | |
| Australia & New Zealand Banking Group Ltd., 6.75%<sup>(1)</sup> | 200000 | $202811 |
| Banco Bilbao Vizcaya Argentaria SA, 6.125% | 400000 | 399059 |
| Banco Mercantil del Norte SA, 5.875%<sup>(1)</sup> | 200000 | 197265 |
| Banco Santander SA, 4.75% | 400000 | 391838 |
| Barclays PLC, 6.125%<sup>(2)</sup> | 410000 | 411012 |
| BNP Paribas SA, 4.625%<sup>(1)</sup> | 450000 | 441390 |
| BNP Paribas SA, 8.50%<sup>(1)</sup> | 200000 | 212933 |
| Credit Agricole SA, 8.125%<sup>(1)</sup> | 400000 | 403272 |
| Danske Bank AS, 4.375% | 400000 | 396384 |
| HSBC Holdings PLC, 6.00% | 400000 | 401090 |
| ING Groep NV, 5.75% | 445000 | 446016 |
| Macquarie Bank Ltd., 6.125%<sup>(1)</sup> | 220000 | 222385 |
| Nordea Bank Abp, 6.625%<sup>(1)(2)</sup> | 200000 | 201651 |
| Skandinaviska Enskilda Banken AB, 6.875% | 400000 | 409455 |
| Societe Generale SA, 9.375%<sup>(1)</sup> | 200000 | 213992 |
| Svenska Handelsbanken AB, 4.375% | 200000 | 196449 |
|  |  | 5147002 |
| **Capital Markets — 0.7%** |  |  |
| Deutsche Bank AG, 6.00% | 200000 | 200024 |
| UBS Group AG, 9.25%<sup>(1)</sup> | 365000 | 400930 |
|  |  | 600954 |
| **Insurance — 0.5%** |  |  |
| Allianz SE, 3.50%<sup>(1)</sup> | 400000 | 397383 |
| **TOTAL CONVERTIBLE PREFERRED SECURITIES**<br>(Cost $6,077,698) |  | **6145339** |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.4%** |  |  |
| Bank, Series 2018-BN15, Class D, 3.00%, 11/15/61<sup>(1)</sup> | $23000 | 18629 |
| Bank, Series 2019-BN17, Class D, 3.00%, 4/15/52<sup>(1)</sup> | 35000 | 29715 |
| Benchmark Mortgage Trust, Series 2018-B5, Class B, 4.57%, 7/15/51 | 104014 | 97762 |
| Benchmark Mortgage Trust, Series 2018-B5, Class D, VRN, 3.25%, 7/15/51<sup>(1)</sup> | 100000 | 77728 |
| Benchmark Mortgage Trust, Series 2019-B13, Class D, 2.50%, 8/15/57<sup>(1)</sup> | 23000 | 13297 |
| Benchmark Mortgage Trust, Series 2020-B16, Class D, 2.50%, 2/15/53<sup>(1)</sup> | 68000 | 50872 |
| BX Commercial Mortgage Trust, Series 2022-CSMO, Class A, VRN, 6.48%, (1-month SOFR plus 2.11%), 6/15/27<sup>(1)</sup> | 200000 | 201398 |
| BX Trust, Series 2021-ARIA, Class A, VRN, 5.38%, (1-month SOFR plus 1.01%), 10/15/36<sup>(1)</sup> | 200000 | 200055 |
| Credit Suisse Mortgage Trust, Series 2021-BHAR, Class A, VRN, 5.63%, (1-month SOFR plus 1.26%), 11/15/38<sup>(1)</sup> | 150000 | 149415 |
| Credit Suisse Mortgage Trust, Series 2021-BHAR, Class B, VRN, 5.98%, (1-month SOFR plus 1.61%), 11/15/38<sup>(1)</sup> | 200000 | 199512 |
| ELP Commercial Mortgage Trust, Series 2021-ELP, Class B, VRN, 5.60%, (1-month SOFR plus 1.23%), 11/15/38<sup>(1)</sup> | 223141 | 223017 |
| Extended Stay America Trust, Series 2021-ESH, Class D, VRN, 6.73%, (1-month SOFR plus 2.36%), 7/15/38<sup>(1)</sup> | 313129 | 313515 |
| Extended Stay America Trust, Series 2021-ESH, Class E, VRN, 7.33%, (1-month SOFR plus 2.96%), 7/15/38<sup>(1)</sup> | 85090 | 85224 |
| Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 5.88%, (1-month SOFR plus 1.51%), 3/15/38<sup>(1)</sup> | 112000 | 111338 |
| Morgan Stanley Capital I Trust, Series 2018-H3, Class D, 3.00%, 7/15/51<sup>(1)</sup> | 22000 | 18321 |
| Morgan Stanley Capital I Trust, Series 2018-L1, Class D, 3.00%, 10/15/51<sup>(1)</sup> | 39000 | 32349 |
| ONNI Commerical Mortgage Trust, Series 2024-APT, Class A, SEQ, VRN, 5.75%, 7/15/39<sup>(1)</sup> | 200000 | 205402 |
| SCG Mortgage Trust, Series 2024-MSP, Class B, VRN, 6.80%, (1-month SOFR plus 2.44%), 4/15/41<sup>(1)</sup> | 261000 | 261335 |
| SHR Trust, Series 2024-LXRY, Class B, VRN, 6.81%, (1-month SOFR plus 2.45%), 10/15/41<sup>(1)</sup> | 247000 | 248052 |
| SMRT Commercial Mortgage Trust, Series 2022-MINI, Class B, VRN, 5.71%, (1-month SOFR plus 1.35%), 1/15/39<sup>(1)</sup> | 225000 | 224002 |
| SWCH Commercial Mortgage Trust, Series 2025-DATA, Class A, VRN, 5.81%, (1-month SOFR plus 1.44%), 2/15/42<sup>(1)</sup> | 246000 | 244553 |
| THPT Mortgage Trust, Series 2023-THL, Class B, VRN, 7.92%, 12/10/34<sup>(1)</sup> | 300000 | 303077 |
| UBS Commercial Mortgage Trust, Series 2018-C14, Class B, VRN, 5.10%, 12/15/51 | 220000 | 214007 |
| UBS Commercial Mortgage Trust, Series 2018-C15, Class D, VRN, 5.31%, 12/15/51<sup>(1)</sup> | 19000 | 17308 |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal <br>Amount/Shares** | **Value** |
| WB Commercial Mortgage Trust, Series 2024-HQ, Class A, SEQ, VRN, 6.13%, 3/15/40<sup>(1)</sup> | $209000 | $209651 |
| Wells Fargo Commercial Mortgage Trust, Series 2017-C41, Class D, VRN, 2.60%, 11/15/50<sup>(1)</sup> | 20000 | 16700 |
| **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(Cost $3,726,023) |  | **3766234** |
| **PREFERRED SECURITIES — 4.0%** |  |  |
| **Banks — 1.8%** |  |  |
| Bank of America Corp., 4.375% | 235000 | 230139 |
| Bank of America Corp., 6.25% | 240000 | 240814 |
| Citigroup, Inc., 3.875% | 255000 | 252344 |
| Citigroup, Inc., 4.00% | 231000 | 229410 |
| Citigroup, Inc., 6.25% | 245000 | 246788 |
| Fifth Third Bancorp, 4.50% | 230000 | 229811 |
| M&T Bank Corp., 5.125% | 123000 | 122326 |
|  |  | 1551632 |
| **Capital Markets — 0.5%** |  |  |
| Charles Schwab Corp., 4.00% | 207000 | 204140 |
| Goldman Sachs Group, Inc., 7.38% | 235000 | 236614 |
|  |  | 440754 |
| **Consumer Finance — 0.3%** |  |  |
| Ally Financial, Inc., 4.70% | 137000 | 133566 |
| Ally Financial, Inc., 4.70% | 150000 | 137166 |
|  |  | 270732 |
| **Multi-Utilities — 0.3%** |  |  |
| Sempra, 4.875% | 231000 | 231171 |
| **Oil, Gas and Consumable Fuels — 0.5%** |  |  |
| Energy Transfer LP, 6.50% | 440000 | 442702 |
| **Trading Companies and Distributors — 0.6%** |  |  |
| Air Lease Corp., 4.65% | 205000 | 203264 |
| Aircastle Ltd., 5.25%<sup>(1)</sup> | 288000 | 286877 |
|  |  | 490141 |
| **TOTAL PREFERRED SECURITIES**<br>(Cost $3,395,572) |  | **3427132** |
| **COLLATERALIZED LOAN OBLIGATIONS — 1.2%** |  |  |
| Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 5.83%, (1-month SOFR plus 1.46%), 11/15/36<sup>(1)</sup> | $53425 | 53453 |
| BSPRT Issuer Ltd., Series 2023-FL10, Class A, VRN, 6.62%, (1-month SOFR plus 2.26%), 9/15/35<sup>(1)</sup> | 86483 | 86563 |
| BXMT Ltd., Series 2021-FL4, Class AS, VRN, 5.78%, (1-month SOFR plus 1.41%), 5/15/38<sup>(1)</sup> | 250000 | 248350 |
| CBAM Ltd., Series 2019-11RA, Class C, VRN, 6.84%, (3-month SOFR plus 2.51%), 1/20/35<sup>(1)</sup> | 100000 | 100205 |
| Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 6.17%, (3-month SOFR plus 1.96%), 11/15/28<sup>(1)</sup> | 75000 | 75110 |
| KKR CLO 10 Ltd., Series 10, Class BR, VRN, 6.28%, (3-month SOFR plus 1.96%), 9/15/29<sup>(1)</sup> | 91142 | 91207 |
| Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, VRN, 6.70%, (1-month SOFR plus 2.37%), 10/25/39<sup>(1)</sup> | 515 | 515 |
| Sixth Street CLO VIII Ltd., Series 2017-8A, Class BR2, VRN, 6.13%, (3-month SOFR plus 1.80%), 10/20/34<sup>(1)</sup> | 325000 | 325510 |
| TRTX Issuer Ltd., Series 2021-FL4, Class A, VRN, 5.68%, (1-month SOFR plus 1.31%), 3/15/38<sup>(1)</sup> | 50672 | 50680 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS**<br>(Cost $1,006,630) |  | **1031593** |
| **BANK LOAN OBLIGATIONS**<sup>(4)</sup> **— 0.3%** |  |  |
| **Passenger Airlines — 0.2%** |  |  |
| American Airlines, Inc., 2024 1st Lien Term Loan B, 6.50%, (6-month SOFR plus 2.25%), 2/15/28 | 130950 | 130471 |
| **Pharmaceuticals — 0.1%** |  |  |
| Elanco Animal Health, Inc., Term Loan B, 6.20%, (1-month SOFR plus 1.75%), 8/1/27 | 89670 | 89674 |
| **TOTAL BANK LOAN OBLIGATIONS**<br>(Cost $218,583) |  | **220145** |

---

------

Schedule of Investments - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 0.3%** | **Principal <br>Amount/Shares** | **Value** |
| Florida Local Government Finance Commission Rev., (Ponte Vedra Pine Co. LLC Obligated Group), 6.75%, 11/15/30<sup>(1)(5)</sup><br>(Cost $210,000) | $210000 | $**210768** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%** |  |  |
| **Luxembourg — 0.2%** |  |  |
| Eagle Funding Luxco SARL, 5.50%, 8/17/30<sup>(1)</sup><br>(Cost $202,493) | 203000 | **206116** |
| **SHORT-TERM INVESTMENTS — 2.0%** |  |  |
| **Money Market Funds — 2.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 758683 | 758683 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(6)</sup> | 953583 | 953583 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,712,266) |  | **1712266** |
| **TOTAL INVESTMENT SECURITIES — 100.5%**<br>(Cost $84,675,689) |  | **85600598** |
| **OTHER ASSETS AND LIABILITIES — (0.5)%** |  | **(434033)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**85166565** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 81 | December 2025 | $16891664 | $9592 |

---

^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 10-Year Notes | 6 | December 2025 | $675000 | $(2496) |
| U.S. Treasury 10-Year Ultra Notes | 4 | December 2025 | 457625 | (1059) |
|  |  |  | $1132625 | $(3555) |

---

^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** | **Fixed Rate <br>Received <br>(Paid)<br>Quarterly** | **Termination <br>Date** | **Notional <br>Amount** | **Premiums Paid (Received)** | **Unrealized <br>Appreciation <br>(Depreciation)** | **Value^** |
| Markit CDX North America High Yield Index Series 44 | Buy | (5.00)% | 6/20/30 | $2700000 | $(190489) | $(31379) | $(221868) |

---

^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 - Short Duration Strategic Income ETF

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| CDX | – | Credit Derivatives Indexes |
| FHLMC | – | Federal Home Loan Mortgage Corp. |
| FNMA | – | Federal National Mortgage Association |
| 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 $46,185,199, which represented 54.2% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $923,134. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $360,852.

(4)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.

(5)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 $953,583.

**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 |  | $38058658 |  |
| Collateralized Mortgage Obligations |  | 15755127 |  |
| Asset-Backed Securities |  | 7802023 |  |
| U.S. Treasury Securities |  | 7265197 |  |
| Convertible Preferred Securities |  | 6145339 |  |
| Commercial Mortgage-Backed Securities |  | 3766234 |  |
| Preferred Securities |  | 3427132 |  |
| Collateralized Loan Obligations |  | 1031593 |  |
| Bank Loan Obligations |  | 220145 |  |
| Municipal Securities |  | 210768 |  |
| Sovereign Governments and Agencies |  | 206116 |  |
| Short-Term Investments | $1712266 |  |  |
|  | $1712266 | $83888332 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $9592 |  |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $3555 |  |  |
| Swap Agreements |  | $221868 |  |
|  | $3555 | $221868 |  |

---

------

Schedule of Investments - Short Duration Strategic 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** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit Risk** | **Interest Rate Risk** | **Total** |
| **Asset Derivatives:** | | | |
| &nbsp;&nbsp;Receivable for variation margin on futures contracts\* |  | $3781 | $3781 |
| &nbsp;&nbsp;Receivable for variation margin on swap agreements\* | $4850 |  | 4850 |
|  |  |  | $8631 |

---

\*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 August 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit Risk** | **Interest Rate Risk** | **Total** |
| **Net realized gain (loss) on:** | | | |
| &nbsp;&nbsp;Futures contract transactions |  | $(44175) | $(44175) |
| &nbsp;&nbsp;Swap agreement transactions | $(12440) |  | (12440) |
|  |  |  | $(56615) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |
| &nbsp;&nbsp;Futures contracts |  | $19960 | $19960 |
| &nbsp;&nbsp;Swap agreements | $(18048) |  | (18048) |
|  |  |  | $1912 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **California Municipal Bond ETF** | **Diversified Corporate Bond ETF** |
| **Assets** | | |
| Investment securities, at value | $51093609 | $560030549 |
| Investment made with cash collateral received for securities on loan, at value |  | 13730943 |
| Deposits with broker for futures contracts | 17050 |  |
| Receivable for variation margin on futures contracts | 1344 |  |
| Interest receivable | 613891 | 7126445 |
| Securities lending receivable |  | 2879 |
|  | 51725894 | 580890816 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan |  | 13730943 |
| Payable for investments purchased | 617793 | 620040 |
| Payable for variation margin on futures contracts |  | 374623 |
| Accrued management fees | 12059 | 136158 |
|  | 629852 | 14861764 |
| **Net Assets** | $51096042 | $566029052 |
| Shares outstanding (unlimited number of shares authorized) | 1050000 | 12000000 |
| **Net Asset Value Per Share** | $48.66 | $47.17 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $52019793 | $575506409 |
| Distributable earnings (loss) | (923751) | (9477357) |
|  | $51096042 | $566029052 |
| Investment securities, at cost | $51728235 | $552269654 |
| Investment securities on loan, at value |  | $13274375 |
| Investment made with cash collateral received for securities on loan, at cost |  | $13730943 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Diversified Municipal Bond ETF** | **Multisector Floating Income ETF** |
| **Assets** | | |
| Investment securities, at value | $490293608 | $50549559 |
| Deposits with broker for futures contracts | 148600 |  |
| Receivable for investments sold | 5000 |  |
| Receivable for variation margin on futures contracts | 12078 |  |
| Interest receivable | 5972319 | 191384 |
|  | 496431605 | 50740943 |
| **Liabilities** |  |  |
| Payable for investments purchased | 8185941 |  |
| Accrued management fees | 111655 | 11610 |
|  | 8297596 | 11610 |
| **Net Assets** | $488134009 | $50729333 |
| Shares outstanding (unlimited number of shares authorized) | 9950000 | 1000000 |
| **Net Asset Value Per Share** | $49.06 | $50.73 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $516528775 | $50487955 |
| Distributable earnings (loss) | (28394766) | 241378 |
|  | $488134009 | $50729333 |
| Investment securities, at cost | $500173258 | $50465500 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Multisector Income ETF** | **Select High Yield ETF** |
| **Assets** | | |
| Investment securities, at value | $175736368 | $45977296 |
| Investment made with cash collateral received for securities on loan, at value | 5835471 | 1505158 |
| Cash | 477868 |  |
| Receivable for investments sold | 1040000 |  |
| Interest and dividends receivable | 1744445 | 749639 |
| Securities lending receivable | 1802 | 786 |
|  | 184835954 | 48232879 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 5835471 | 1505158 |
| Payable for investments purchased | 3878494 |  |
| Payable for variation margin on futures contracts | 45003 |  |
| Accrued management fees | 51445 | 16198 |
|  | 9810413 | 1521356 |
| **Net Assets** | $175025541 | $46711523 |
| Shares outstanding (unlimited number of shares authorized) | 3950000 | 1000000 |
| **Net Asset Value Per Share** | $44.31 | $46.71 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $186986452 | $48510617 |
| Distributable earnings (loss) | (11960911) | (1799094) |
|  | $175025541 | $46711523 |
| Investment securities, at cost | $173582983 | $45814648 |
| Investment securities on loan, at value | $7969325 | $1514062 |
| Investment made with cash collateral received for securities on loan, at cost | $5835471 | $1505158 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **AUGUST 31, 2025** | |
| | **Short Duration Strategic Income ETF** |
| **Assets** | |
| Investment securities, at value | $84647015 |
| Investment made with cash collateral received for securities on loan, at value | 953583 |
| Cash | 2646 |
| Receivable for variation margin on futures contracts | 3781 |
| Receivable for variation margin on swap agreements | 4850 |
| Interest and dividends receivable | 784292 |
| Securities lending receivable | 285 |
|  | 86396452 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 953583 |
| Payable for investments purchased | 253466 |
| Accrued management fees | 22838 |
|  | 1229887 |
| **Net Assets** | $85166565 |
| Shares outstanding (unlimited number of shares authorized) | 1650000 |
| **Net Asset Value Per Share** | $51.62 |
| **Net Assets Consist of:** |  |
| Capital paid in | $83807676 |
| Distributable earnings (loss) | 1358889 |
|  | $85166565 |
| Investment securities, at cost | $83722106 |
| Investment securities on loan, at value | $923134 |
| Investment made with cash collateral received for securities on loan, at cost | $953583 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | |
| | **California Municipal Bond ETF** | **Diversified Corporate Bond ETF** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Interest | $1247184 | $22971143 |
| Securities lending, net |  | 24888 |
|  | 1247184 | 22996031 |
| **Expenses:** |  |  |
| Management fees | 90961 | 1228503 |
| Trustees' fees and expenses | 643 |  |
| Other expenses | 15 | 6335 |
|  | 91619 | 1234838 |
| **Net investment income (loss)** | 1155565 | 21761193 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | (456114) | 365838 |
| Futures contract transactions | (867) | (1928075) |
|  | (456981) | (1562237) |
| **Change in net unrealized appreciation (depreciation) on:** | **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | (678167) | 946860 |
| Futures contracts | (547) | 333954 |
|  | (678714) | 1280814 |
| **Net realized and unrealized gain (loss)** | (1135695) | (281423) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $19870 | $21479770 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Diversified Municipal Bond ETF** | **Multisector Floating Income ETF** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Interest | $19727657 | $3111266 |
| **Expenses:** |  |  |
| Management fees | 1451353 | 148964 |
| Other expenses | 1025 |  |
|  | 1452378 | 148964 |
| Fees waived | (8271) |  |
|  | 1444107 | 148964 |
| **Net investment income (loss)** | 18283550 | 2962302 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | (4629099) | 36074 |
| Futures contract transactions | (56730) | (104523) |
|  | (4685829) | (68449) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (14954574) | 25677 |
| Futures contracts | (3319) | 11230 |
|  | (14957893) | 36907 |
| **Net realized and unrealized gain (loss)** | (19643722) | (31542) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(1360172) | $2930760 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | |
| | **Multisector Income ETF** | **Select High Yield ETF** |
| **Investment Income (Loss)** | | |
| **Income:** |  |  |
| Interest | $11066726 | $2250605 |
| Dividends | 156437 |  |
| Securities lending, net | 15994 | 12566 |
|  | 11239157 | 2263171 |
| **Expenses:** |  |  |
| Management fees | 640320 | 160417 |
| Other expenses | 19978 |  |
|  | 660298 | 160417 |
| **Net investment income (loss)** | 10578859 | 2102754 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 2203319 | (157844) |
| Futures contract transactions | (478403) |  |
| Swap agreement transactions | 196052 |  |
| Foreign currency translation transactions | (49) |  |
|  | 1920919 | (157844) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (2159102) | 558340 |
| Futures contracts | 448292 |  |
| Swap agreements | (181143) |  |
| Translation of assets and liabilities in foreign currencies | (1) |  |
|  | (1891954) | 558340 |
| **Net realized and unrealized gain (loss)** | 28965 | 400496 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $10607824 | $2503250 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Short Duration Strategic Income ETF** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Interest | $3982936 |
| Dividends | 24166 |
| Securities lending, net | 2413 |
|  | 4009515 |
| **Expenses:** |  |
| Management fees | 235378 |
| Other expenses | 840 |
|  | 236218 |
| **Net investment income (loss)** | 3773297 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 301369 |
| Futures contract transactions | (44175) |
| Swap agreement transactions | (12440) |
|  | 244754 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 103425 |
| Futures contracts | 19960 |
| Swap agreements | (18048) |
|  | 105337 |
| **Net realized and unrealized gain (loss)** | 350091 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $4123388 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** |
| | **California Municipal Bond ETF** | **California Municipal Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Corporate Bond ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024**<sup>(1)</sup> | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $1155565 | $74746 | $21761193 | $12174854 |
| Net realized gain (loss) | (456981) | (4763) | (1562237) | 1253473 |
| Change in net unrealized appreciation (depreciation) | (678714) | 43731 | 1280814 | 10211555 |
| Net increase (decrease) in net assets resulting from operations | 19870 | 113714 | 21479770 | 23639882 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (1057335) |  | (20685860) | (11800430) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 29361960 | 22564365 | 274882050 | 145618445 |
| Payments for shares redeemed |  |  | (4617630) | (75831635) |
| Other capital | 52852 | 40616 | 8509 | 6765 |
| Net increase (decrease) in net assets from capital share transactions | 29414812 | 22604981 | 270272929 | 69793575 |
| **Net increase (decrease) in net assets** | 28377347 | 22718695 | 271066839 | 81633027 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 22718695 |  | 294962213 | 213329186 |
| End of period | $51096042 | $22718695 | $566029052 | $294962213 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 600000 | 450000 | 5900000 | 3150000 |
| Redeemed |  |  | (100000) | (1650000) |
| Net increase (decrease) in shares of the funds | 600000 | 450000 | 5800000 | 1500000 |

---

(1)July 16, 2024 (fund inception) through August 31, 2024.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Diversified Municipal Bond ETF** | **Diversified Municipal Bond ETF** | **Multisector Floating Income ETF** | **Multisector Floating Income ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $18283550 | $13592900 | $2962302 | $1815877 |
| Net realized gain (loss) | (4685829) | (3704897) | (68449) | 112659 |
| Change in net unrealized appreciation (depreciation) | (14957893) | 15942754 | 36907 | (14566) |
| Net increase (decrease) in net assets resulting from operations | (1360172) | 25830757 | 2930760 | 1913970 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (17940085) | (13106495) | (3171740) | (1628885) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 62904830 | 127993660 |  | 37872675 |
| Payments for shares redeemed | (34241390) | (2503870) | (7544790) |  |
| Other capital | 210406 | 148643 | 3064 | 102256 |
| Net increase (decrease) in net assets from capital share transactions | 28873846 | 125638433 | (7541726) | 37974931 |
| **Net increase (decrease) in net assets** | 9573589 | 138362695 | (7782706) | 38260016 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 478560420 | 340197725 | 58512039 | 20252023 |
| End of period | $488134009 | $478560420 | $50729333 | $58512039 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1250000 | 2550000 |  | 750000 |
| Redeemed | (700000) | (50000) | (150000) |  |
| Net increase (decrease) in shares of the funds | 550000 | 2500000 | (150000) | 750000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Multisector Income ETF** | **Multisector Income ETF** | **Select High Yield ETF** | **Select High Yield ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $10578859 | $10379256 | $2102754 | $1887553 |
| Net realized gain (loss) | 1920919 | 762127 | (157844) | (872915) |
| Change in net unrealized appreciation (depreciation) | (1891954) | 6647873 | 558340 | 2400327 |
| Net increase (decrease) in net assets resulting from operations | 10607824 | 17789256 | 2503250 | 3414965 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (11110650) | (10316970) | (2076585) | (1906860) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 8730355 | 48475385 | 11570226 | 2227325 |
| Payments for shares redeemed | (21758733) | (27098820) |  |  |
| Other capital | 1021 | 66225 | 1308 | 208 |
| Net increase (decrease) in net assets from capital share transactions | (13027357) | 21442790 | 11571534 | 2227533 |
| **Net increase (decrease) in net assets** | (13530183) | 28915076 | 11998199 | 3735638 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 188555724 | 159640648 | 34713324 | 30977686 |
| End of period | $175025541 | $188555724 | $46711523 | $34713324 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 200000 | 1150000 | 250000 | 50000 |
| Redeemed | (500000) | (650000) |  |  |
| Net increase (decrease) in shares of the funds | (300000) | 500000 | 250000 | 50000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Short Duration Strategic Income ETF** | **Short Duration Strategic Income ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $3773297 | $2087888 |
| Net realized gain (loss) | 244754 | 330698 |
| Change in net unrealized appreciation (depreciation) | 105337 | 672613 |
| Net increase (decrease) in net assets resulting from operations | 4123388 | 3091199 |
| **Distributions to Shareholders** |  |  |
| From earnings | (3845465) | (2050610) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 46051190 | 22793965 |
| Payments for shares redeemed | (15300090) | (5103230) |
| Other capital | 11461 | 25210 |
| Net increase (decrease) in net assets from capital share transactions | 30762561 | 17715945 |
| **Net increase (decrease) in net assets** | 31040484 | 18756534 |
| **Net Assets** |  |  |
| Beginning of period | 54126081 | 35369547 |
| End of period | $85166565 | $54126081 |
| **Transactions in Shares of the Funds** |  |  |
| Sold | 900000 | 450000 |
| Redeemed | (300000) | (100000) |
| Net increase (decrease) in shares of the funds | 600000 | 350000 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**AUGUST 31, 2025**

**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.

------

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.

**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

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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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\*Effective August 1, 2025, the investment advisor agreed to waive 0.02% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2026 and cannot terminate it prior to such date without the approval of the Board of Trustees. The impact of this waiver on the effective annual management fee was less than 0.005% for the period ended August 31, 2025.

**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 | 27% |
| Diversified Corporate Bond ETF | American Century Strategic Asset Allocations, Inc | 10% |
| Multisector Floating Income ETF | American Century Investment Management, Inc. (ACIM) | 80% |
| Multisector Income ETF | American Century Strategic Asset Allocations, Inc | 43% |
| Short Duration Strategic Income ETF | American Century Strategic Asset Allocations, Inc | 12% |
|  | American Century Investment Management, Inc. (ACIM) | 22% |

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**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended August 31, 2025 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 |  | $6872148 |  |
| Purchases of other investment securities | $46109909 | $714259956 | $205752593 |
| Total Purchases | $46109909 | $721132104 | $205752593 |
| Sales of U.S. Treasury and Government Agency obligations |  | $10261313 |  |
| Sales of other investment securities | $15462376 | $724668263 | $178261086 |
| Total Sales | $15462376 | $734929576 | $178261086 |

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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 | $8994450 | $70091228 |  | $61463137 |
| Purchases of other investment securities | $33425665 | $222562874 | $13525580 | $85224719 |
| Total Purchases | $42420115 | $292654102 | $13525580 | $146687856 |
| Sales of U.S. Treasury and Government Agency obligations | $3871263 | $82662407 |  | $70018086 |
| Sales of other investment securities | $41356657 | $218345695 | $13500484 | $62328571 |
| Total Sales | $45227920 | $301008102 | $13500484 | $132346657 |

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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 August 31, 2025 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 | $267975466 | $4439387 | $62107 |
| Diversified Municipal Bond ETF | $7412013 |  |  |
| Multisector Floating Income ETF |  | $5468895 | $750 |
| Multisector Income ETF | $8447988 | $21177596 | $218104 |
| Select High Yield ETF | $11003210 |  |  |
| Short Duration Strategic Income ETF | $42286705 | $14870292 | $30990 |

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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 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

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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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| | |
|:---|:---|
| Multisector Income ETF | $6252250 |
| Short Duration Strategic Income ETF | $1143000 |

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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**<br>**Purchased** | **Futures Contracts**<br>**Sold** |
| California Municipal Bond ETF | $1337843 | $392715 |
| Diversified Corporate Bond ETF | $63202636 | $6307099 |
| Diversified Municipal Bond ETF | $21466800 | $5226887 |
| Multisector Floating Income ETF | $8124549 |  |
| Multisector Income ETF | $74169010 | $4038833 |
| Short Duration Strategic Income ETF | $25192326 | $3191155 |

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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**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Exempt<br>Income** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Exempt<br>Income** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| California Municipal Bond ETF | $1057335 |  |  | —<sup>(1)</sup> | —<sup>(1)</sup> | —<sup>(1)</sup> |
| Diversified Corporate Bond ETF |  | $20685860 |  |  | $11800430 |  |
| Diversified Municipal Bond ETF | $17940085 |  |  | $13106495 |  |  |
| Multisector Floating Income ETF |  | $3110678 | $61062 |  | $1628885 |  |
| Multisector Income ETF |  | $11110650 |  |  | $10316970 |  |
| Select High Yield ETF |  | $2076585 |  |  | $1906860 |  |
| Short Duration Strategic Income ETF |  | $3845465 |  |  | $2050610 |  |

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(1) July 16, 2024 (fund inception) through August 31, 2024.

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

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

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| | | | |
|:---|:---|:---|:---|
| | **California Municipal Bond ETF** | **Diversified Corporate Bond ETF** | **Diversified Municipal Bond ETF** |
| Federal tax cost of investments | $51745112 | $565952113 | $500207229 |
| Gross tax appreciation of investments | $322829 | $8354983 | $3782487 |
| Gross tax depreciation of investments | (974332) | (545604) | (13696108) |
| Net tax appreciation (depreciation) of investments | (651503) | 7809379 | (9913621) |
| Net tax appreciation (depreciation) on derivatives |  |  |  |
| Net tax appreciation (depreciation) | $(651503) | $7809379 | $(9913621) |
| Other book-to-tax adjustments |  | $(36468) |  |
| Undistributed ordinary income |  | $2423884 |  |
| Undistributed exempt income | $173440 |  | $1678470 |
| Accumulated short-term capital losses | $(433356) | $(11627513) | $(9117984) |
| Accumulated long-term capital losses | $(12332) | $(8046639) | $(11041631) |

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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 | $50465500 | $179425691 | $47352991 | $84672244 |
| Gross tax appreciation of investments | $113061 | $2873605 | $700078 | $980174 |
| Gross tax depreciation of investments | (29002) | (727457) | (570615) | (51820) |
| Net tax appreciation (depreciation) of investments | 84059 | 2146148 | 129463 | 928354 |
| Net tax appreciation (depreciation) on derivatives and<br>translation of assets and liabilities in foreign currencies |  | 2 |  | (4004) |
| Net tax appreciation (depreciation) | $84059 | $2146150 | $129463 | $924350 |
| Other book-to-tax adjustments |  | $(26696) |  | $(33230) |
| Undistributed ordinary income | $254623 | $928838 | $225550 | $404445 |
| Accumulated short-term capital losses | $(72681) | $(8291007) | $(762178) |  |
| Accumulated long-term capital losses | $(24623) | $(6718196) | $(1391929) |  |
| Accumulated long-term gains |  |  |  | $63324 |

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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, the timing and recognition of partnership income and the realization for tax purposes of unrealized gains (losses) on futures contracts and unsettled interest on swap agreements. Other book-to-tax adjustments are attributable primarily to the tax deferral of losses on straddle positions.

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

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Financial Highlights

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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** |
| 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>(4)</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)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** |
| 2025 | $47.57 | 2.39 | (0.46) | 1.93 | (2.33) |  | (2.33) | 0.00<sup>(4)</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>(4)</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>(4)</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>(4)</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>(4)</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)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** |
| 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.

\*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** |
| 2025 | $50.88 | 2.72 | 0.01 | 2.73 | (2.83) | (0.05) | (2.88) | 0.00<sup>(4)</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>(5)</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)Per-share amount was less than $0.005.

(5)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** |
| 2025 | $44.37 | 2.52 | 0.07 | 2.59 | (2.65) | 0.00<sup>(4)</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>(5)</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)Per-share amount was less than $0.005.

(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)** | **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** |
| 2025 | $46.28 | 2.71 | 0.43 | 3.14 | (2.71) | 0.00<sup>(4)</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>(4)</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>(4)</sup> | $44.25 | 7.14% | 0.45% | 5.15% | 18% | $30978 |
| 2022<sup>(5)</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)Per-share amount was less than $0.005.

(5)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)** |
| **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)** |
| **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** |
| 2025 | $51.55 | 2.62 | 0.18 | 2.80 | (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) | 0.03 | $51.55 | 7.98% | 0.32% | 5.49% | 207% | $54126 |
| 2023<sup>(4)</sup> | $50.00 | 2.38 | —<sup>(5)</sup> | 2.38 | (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)October 11, 2022 (fund inception) through August 31, 2023.

(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.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century California Municipal Bond ETF, American Century Diversified Corporate Bond ETF, American Century Diversified Municipal Bond ETF, American Century Multisector Floating Income ETF, American Century Multisector Income ETF, American Century Select High Yield ETF, and American Century Short Duration Strategic Income ETF (the "Funds"), seven of the funds constituting the American Century ETF Trust, as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting the American Century ETF Trust** | **Statement of Operations** | **Statements of Changes in Net Assets** | **Financial Highlights** |
| American Century California Municipal Bond ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025, and the period from July 16, 2024 (fund inception) through August 31, 2024 | For the year ended August 31, 2025, and the period from July 16, 2024 (fund inception) through August 31, 2024 |
| American Century Diversified Corporate Bond ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| American Century Diversified Municipal Bond ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| American Century Multisector Floating Income ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, and the period from March 14, 2023 (fund inception) through August 31, 2023 |
| American Century Multisector Income ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, and 2022, and the period from June 29, 2021 (fund inception) through August 31, 2021 |
| American Century Select High Yield ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, and 2023, and the period from November 16, 2021 (fund inception) through August 31, 2022 |
| American Century Short Duration Strategic Income ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, and 2024, and the period from October 11, 2022 (fund inception) through August 31, 2023 |

---

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with

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the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 16, 2025

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

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Approval of Management and Subadvisory Agreements

At a meeting held on June 11, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the renewal of the management agreements pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. The Board also unanimously approved the renewal of the investment subadvisory agreement pursuant to which Nomura Corporate Research and Asset Management, Inc. (the "Subadvisor") acts as subadvisor to the American Century Select High Yield ETF. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each 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 those of the Subadvisor and certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of the Funds to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

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

**Factors Considered** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans, if applicable)

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

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

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

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

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

**Comparison to Other Funds' Fees.** The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of each Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1, and, for certain funds, fees and expenses of the Funds' independent Trustees (including their independent legal counsel). The Board specifically noted that the subadvisory fee paid to the Subadvisor and the terms of the Subadvisory Agreement were subject to arms' length negotiation between the Advisor and the Subadvisor and are paid by the Advisor out of its unified management fee. Under the unified fee structure, the Advisor is responsible for providing investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Funds and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing each Fund's unified fee to the

------

total expense ratios of its peers. The Board concluded that the management fee paid by each Fund to the Advisor under its respective management agreement is reasonable in light of the services provided to the Fund.

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

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

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

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

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**American Century California Municipal Bond ETF** - The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century Diversified Corporate Bond ETF** - The Fund's performance was below its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century Diversified Municipal Bond ETF** - The Fund's performance was above its benchmark for the one- and five-year periods and below its benchmark for the three-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century Multisector Floating Income ETF** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century Multisector Income ETF** - The Fund's performance was above its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group.

**American Century Select High Yield ETF** - The Fund's performance was below its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century Short Duration Strategic Income ETF** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**Conclusion of the Trustees.** As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor, the Subadvisor, and others in connection with its review and received over time, determined that the terms of the management agreements and the subadvisory agreement are fair and reasonable and that the management fee charged to each Fund is reasonable in light of the services provided and that the management agreements between the Funds and the Advisor and the subadvisory agreement between American Century Select High Yield ETF and the Subadvisor should be renewed for an additional one-year period.

------

**Other Tax Information**

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

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Exempt Interest Dividends** | **Qualified Short-Term Capital Gain Distributions (IRC Section 871)** | **Long-Term Capital Gain Distributions <br>(20% Rate)** | **Qualified Interest Income** |
| California Municipal Bond ETF | $1057335 |  |  |  |
| Diversified Corporate Bond ETF |  |  |  | $17181425 |
| Diversified Municipal Bond ETF | $17940085 |  |  |  |
| Multisector Floating Income ETF |  | $28353 | $61062 | $2081670 |
| Multisector Income ETF |  |  |  | $7135531 |
| Select High Yield ETF |  |  |  | $1670285 |
| Short Duration Strategic Income ETF |  | $151672 |  | $2880300 |

---

The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization) during the period ended August 31, 2025.

---

| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| California Municipal Bond ETF |  |
| Diversified Corporate Bond ETF |  |
| Diversified Municipal Bond ETF |  |
| Multisector Floating Income ETF |  |
| Multisector Income ETF |  |
| Select High Yield ETF |  |
| Short Duration Strategic Income ETF | $2501 |

---

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| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-96946 2510** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-96946 2510** |

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![Image9.jpg](ck0001710607-20250831_g66.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| August 31, 2025 |
| 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 | [17](#iba273e868b7e4566bd70f1811bd23032_199) |
| Statements of Operations | [20](#iba273e868b7e4566bd70f1811bd23032_202) |
| Statements of Changes in Net Assets | [23](#iba273e868b7e4566bd70f1811bd23032_205) |
| Notes to Financial Statements | [26](#iba273e868b7e4566bd70f1811bd23032_208) |
| Financial Highlights | [30](#iba273e868b7e4566bd70f1811bd23032_211) |
| Report of Independent Registered Public Accounting Firm | [35](#iba273e868b7e4566bd70f1811bd23032_214) |
| Approval of Management Agreement | [36](#iba273e868b7e4566bd70f1811bd23032_220) |
| Proxy Voting Results | [39](#iba273e868b7e4566bd70f1811bd23032_12667) |
| Other Tax Information | [40](#iba273e868b7e4566bd70f1811bd23032_12013) |

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------

Schedule of Investments - Focused Dynamic Growth ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.1%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 3.3%** |  |  |
| Rocket Lab Corp.<sup>(1)(2)</sup> | 236555 | $11496573 |
| **Automobiles — 6.0%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 62477 | 20859196 |
| **Beverages — 0.4%** |  |  |
| Constellation Brands, Inc., Class A | 7545 | 1221837 |
| **Biotechnology — 9.7%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 31292 | 13972191 |
| Argenx SE, ADR<sup>(1)</sup> | 6265 | 4461933 |
| Ascendis Pharma AS, ADR<sup>(1)</sup> | 48887 | 9497278 |
| Regeneron Pharmaceuticals, Inc. | 9526 | 5531748 |
|  |  | 33463150 |
| **Broadline Retail — 10.3%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 155099 | 35517671 |
| **Capital Markets — 0.8%** |  |  |
| S&P Global, Inc. | 4790 | 2627027 |
| **Entertainment — 5.5%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 11917 | 14398715 |
| Spotify Technology SA<sup>(1)</sup> | 6612 | 4508591 |
|  |  | 18907306 |
| **Financial Services — 4.6%** |  |  |
| Mastercard, Inc., Class A | 17031 | 10138384 |
| Visa, Inc., Class A | 16870 | 5934528 |
|  |  | 16072912 |
| **Health Care Equipment and Supplies — 1.9%** |  |  |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 13874 | 6566495 |
| **Hotels, Restaurants and Leisure — 3.5%** |  |  |
| Cava Group, Inc.<sup>(1)</sup> | 30395 | 2053182 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 126645 | 5336821 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 19061 | 4674710 |
|  |  | 12064713 |
| **Insurance — 0.9%** |  |  |
| Kinsale Capital Group, Inc. | 7067 | 3232799 |
| **Interactive Media and Services — 11.5%** |  |  |
| Alphabet, Inc., Class C | 186054 | 39728111 |
| **IT Services — 2.6%** |  |  |
| Okta, Inc.<sup>(1)</sup> | 38274 | 3550679 |
| Shopify, Inc., Class A<sup>(1)</sup> | 38624 | 5456799 |
|  |  | 9007478 |
| **Machinery — 0.8%** |  |  |
| Westinghouse Air Brake Technologies Corp. | 15131 | 2927848 |
| **Pharmaceuticals — 0.3%** |  |  |
| Structure Therapeutics, Inc., ADR<sup>(1)(2)</sup> | 47090 | 908837 |
| **Professional Services — 2.0%** |  |  |
| Paylocity Holding Corp.<sup>(1)</sup> | 28887 | 5177417 |
| Verisk Analytics, Inc. | 6884 | 1845738 |
|  |  | 7023155 |
| **Semiconductors and Semiconductor Equipment — 20.8%** |  |  |
| ARM Holdings PLC, ADR<sup>(1)(2)</sup> | 34723 | 4802538 |
| Monolithic Power Systems, Inc. | 4621 | 3862047 |

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------

Schedule of Investments - Focused Dynamic Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NVIDIA Corp. | 363294 | $63278723 |
|  |  | 71943308 |
| **Software — 14.2%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 2748 | 1315165 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 30492 | 10685311 |
| Docusign, Inc.<sup>(1)</sup> | 41295 | 3165675 |
| HubSpot, Inc.<sup>(1)</sup> | 9430 | 4556293 |
| Intuit, Inc. | 5751 | 3835917 |
| Microsoft Corp. | 31694 | 16059033 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 20680 | 3240763 |
| Salesforce, Inc. | 23917 | 6128731 |
|  |  | 48986888 |
| **TOTAL COMMON STOCKS**<br>(Cost $222,691,864) |  | **342555304** |
| **SHORT-TERM INVESTMENTS — 1.0%** |  |  |
| **Money Market Funds — 1.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3254630 | 3254630 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 201964 | 201964 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $3,456,594) |  | **3456594** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $226,148,458) |  | **346011898** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(270120)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**345741778** |

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| | | |
|:---|:---|:---|
| **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 $12,870,033. 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 $13,122,251, which includes securities collateral of $12,920,287.

**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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 98.5%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.5%** |  |  |
| RTX Corp. | 25165 | $3991169 |
| **Banks — 7.9%** |  |  |
| JPMorgan Chase & Co. | 34966 | 10539452 |
| Truist Financial Corp. | 232395 | 10880734 |
|  |  | 21420186 |
| **Beverages — 4.2%** |  |  |
| Anheuser-Busch InBev SA, ADR<sup>(1)</sup> | 63930 | 4006493 |
| PepsiCo, Inc. | 48347 | 7186782 |
|  |  | 11193275 |
| **Building Products — 1.4%** |  |  |
| A.O. Smith Corp. | 51299 | 3657106 |
| **Capital Markets — 6.6%** |  |  |
| Bank of New York Mellon Corp. | 32691 | 3452170 |
| Blackrock, Inc. | 6995 | 7884344 |
| Charles Schwab Corp. | 67230 | 6443323 |
|  |  | 17779837 |
| **Communications Equipment — 2.9%** |  |  |
| Cisco Systems, Inc. | 73016 | 5044675 |
| F5, Inc.<sup>(2)</sup> | 8714 | 2728702 |
|  |  | 7773377 |
| **Construction Materials — 1.5%** |  |  |
| CRH PLC | 35841 | 4048241 |
| **Containers and Packaging — 3.6%** |  |  |
| Graphic Packaging Holding Co. | 205153 | 4568757 |
| Packaging Corp. of America | 24133 | 5260029 |
|  |  | 9828786 |
| **Diversified Telecommunication Services — 1.9%** |  |  |
| Verizon Communications, Inc. | 115955 | 5128690 |
| **Electric Utilities — 3.7%** |  |  |
| Duke Energy Corp. | 80474 | 9857260 |
| **Electrical Equipment — 1.6%** |  |  |
| Rockwell Automation, Inc. | 12794 | 4393843 |
| **Electronic Equipment, Instruments and Components — 1.5%** |  |  |
| TE Connectivity PLC | 19864 | 4101916 |
| **Financial Services — 2.1%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(2)</sup> | 11361 | 5714356 |
| **Food Products — 2.5%** |  |  |
| Mondelez International, Inc., Class A | 110161 | 6768292 |
| **Gas Utilities — 2.0%** |  |  |
| Atmos Energy Corp. | 32176 | 5345399 |
| **Ground Transportation — 2.2%** |  |  |
| Norfolk Southern Corp. | 21255 | 5950975 |
| **Health Care Equipment and Supplies — 7.7%** |  |  |
| Becton Dickinson & Co. | 41180 | 7946916 |
| Medtronic PLC | 75446 | 7002143 |
| Zimmer Biomet Holdings, Inc. | 55626 | 5901919 |
|  |  | 20850978 |
| **Health Care Providers and Services — 2.6%** |  |  |
| Henry Schein, Inc.<sup>(2)</sup> | 62340 | 4337617 |

---

------

Schedule of Investments - Focused Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| UnitedHealth Group, Inc. | 8804 | $2728096 |
|  |  | 7065713 |
| **Household Durables — 1.1%** |  |  |
| PulteGroup, Inc. | 22454 | 2964377 |
| **Insurance — 4.9%** |  |  |
| Marsh & McLennan Cos., Inc. | 21434 | 4411332 |
| Reinsurance Group of America, Inc. | 45655 | 8893137 |
|  |  | 13304469 |
| **Interactive Media and Services — 2.2%** |  |  |
| Alphabet, Inc., Class A | 28240 | 6012578 |
| **Life Sciences Tools and Services — 1.9%** |  |  |
| IQVIA Holdings, Inc.<sup>(2)</sup> | 26217 | 5002466 |
| **Machinery — 2.2%** |  |  |
| Cummins, Inc. | 8043 | 3204653 |
| Oshkosh Corp. | 18991 | 2646775 |
|  |  | 5851428 |
| **Oil, Gas and Consumable Fuels — 7.0%** |  |  |
| Chevron Corp. | 37080 | 5955048 |
| ONEOK, Inc. | 120616 | 9212650 |
| TotalEnergies SE, ADR | 58265 | 3656129 |
|  |  | 18823827 |
| **Personal Care Products — 9.3%** |  |  |
| Estee Lauder Cos., Inc., Class A | 33609 | 3082953 |
| Kenvue, Inc. | 512791 | 10619902 |
| Unilever PLC, ADR | 181544 | 11473581 |
|  |  | 25176436 |
| **Pharmaceuticals — 5.7%** |  |  |
| Johnson & Johnson | 66927 | 11857456 |
| Sanofi SA, ADR | 72500 | 3587300 |
|  |  | 15444756 |
| **Semiconductors and Semiconductor Equipment — 3.6%** |  |  |
| Analog Devices, Inc. | 26184 | 6580301 |
| QUALCOMM, Inc. | 19322 | 3105625 |
|  |  | 9685926 |
| **Software — 1.4%** |  |  |
| Salesforce, Inc. | 14991 | 3841444 |
| **Specialized REITs — 1.8%** |  |  |
| American Tower Corp. | 23726 | 4836545 |
| **TOTAL COMMON STOCKS**<br>(Cost $228,205,032) |  | **265813651** |
| **SHORT-TERM INVESTMENTS — 1.5%** |  |  |
| **Money Market Funds — 1.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3487605 | 3487605 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 573056 | 573056 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $4,060,661) |  | **4060661** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $232,265,693) |  | **269874312** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **101273** |
| **TOTAL NET ASSETS — 100.0%** |  | $**269975585** |

---

------

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)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $561,147. 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 $573,056.

**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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.4%** | **Shares**<br> | **Value**<br> |
| **Air Freight and Logistics — 0.3%** |  |  |
| FedEx Corp. | 3321 | $767383 |
| **Automobiles — 1.4%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 10200 | 3405474 |
| **Banks — 4.2%** |  |  |
| Bank of America Corp. | 68289 | 3464984 |
| JPMorgan Chase & Co. | 12589 | 3794576 |
| Regions Financial Corp. | 110850 | 3036182 |
|  |  | 10295742 |
| **Beverages — 0.7%** |  |  |
| PepsiCo, Inc. | 12124 | 1802233 |
| **Biotechnology — 1.9%** |  |  |
| AbbVie, Inc. | 10917 | 2296937 |
| Gilead Sciences, Inc. | 10786 | 1218494 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 2974 | 1162894 |
|  |  | 4678325 |
| **Broadline Retail — 3.8%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 39955 | 9149695 |
| **Building Products — 1.4%** |  |  |
| Johnson Controls International PLC | 31097 | 3323958 |
| **Capital Markets — 4.8%** |  |  |
| Ameriprise Financial, Inc. | 2977 | 1532589 |
| Blackrock, Inc. | 1474 | 1661404 |
| Intercontinental Exchange, Inc. | 7230 | 1276818 |
| KKR & Co., Inc. | 9748 | 1359749 |
| Morgan Stanley | 20107 | 3025701 |
| S&P Global, Inc. | 5065 | 2777849 |
|  |  | 11634110 |
| **Chemicals — 1.7%** |  |  |
| Ecolab, Inc. | 5585 | 1547268 |
| Linde PLC | 5347 | 2557417 |
|  |  | 4104685 |
| **Commercial Services and Supplies — 0.4%** |  |  |
| Copart, Inc.<sup>(1)</sup> | 20161 | 984058 |
| **Communications Equipment — 1.6%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 12334 | 1684207 |
| Motorola Solutions, Inc. | 4693 | 2217255 |
|  |  | 3901462 |
| **Consumer Finance — 0.8%** |  |  |
| American Express Co. | 5708 | 1890946 |
| **Consumer Staples Distribution & Retail — 1.5%** |  |  |
| Costco Wholesale Corp. | 1806 | 1703636 |
| Sysco Corp. | 23296 | 1874629 |
|  |  | 3578265 |
| **Containers and Packaging — 0.4%** |  |  |
| Ball Corp. | 20318 | 1069540 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
| Verizon Communications, Inc. | 17994 | 795875 |
| **Electric Utilities — 1.4%** |  |  |
| NextEra Energy, Inc. | 47386 | 3414161 |
| **Electrical Equipment — 1.2%** |  |  |
| Eaton Corp. PLC | 5275 | 1841713 |

---

------

Schedule of Investments - Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| GE Vernova, Inc. | 1842 | $1129091 |
|  |  | 2970804 |
| **Electronic Equipment, Instruments and Components — 0.4%** |  |  |
| CDW Corp. | 5460 | 899590 |
| **Energy Equipment and Services — 0.6%** |  |  |
| Schlumberger NV | 41870 | 1542491 |
| **Entertainment — 1.2%** |  |  |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 4062 | 405794 |
| Netflix, Inc.<sup>(1)</sup> | 2104 | 2542158 |
|  |  | 2947952 |
| **Financial Services — 3.4%** |  |  |
| Fiserv, Inc.<sup>(1)</sup> | 7591 | 1048924 |
| Mastercard, Inc., Class A | 7879 | 4690290 |
| Visa, Inc., Class A | 6951 | 2445223 |
|  |  | 8184437 |
| **Ground Transportation — 1.0%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 13682 | 1282687 |
| Union Pacific Corp. | 5375 | 1201689 |
|  |  | 2484376 |
| **Health Care Equipment and Supplies — 1.4%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 2929 | 1895327 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 3105 | 1469581 |
|  |  | 3364908 |
| **Health Care Providers and Services — 1.6%** |  |  |
| Cencora, Inc. | 2770 | 807759 |
| Cigna Group | 6048 | 1819662 |
| UnitedHealth Group, Inc. | 4032 | 1249396 |
|  |  | 3876817 |
| **Health Care REITs — 0.5%** |  |  |
| Welltower, Inc. | 6517 | 1096681 |
| **Hotels, Restaurants and Leisure — 1.7%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 3248 | 423961 |
| Booking Holdings, Inc. | 271 | 1517343 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 18403 | 775502 |
| Marriott International, Inc., Class A | 5631 | 1508320 |
|  |  | 4225126 |
| **Household Products — 2.0%** |  |  |
| Church & Dwight Co., Inc. | 12606 | 1174375 |
| Colgate-Palmolive Co. | 9589 | 806147 |
| Procter & Gamble Co. | 17851 | 2803321 |
|  |  | 4783843 |
| **Industrial Conglomerates — 0.6%** |  |  |
| Honeywell International, Inc. | 6337 | 1390972 |
| **Industrial REITs — 0.9%** |  |  |
| Prologis, Inc. | 20022 | 2278103 |
| **Insurance — 1.7%** |  |  |
| Marsh & McLennan Cos., Inc. | 5767 | 1186907 |
| MetLife, Inc. | 22120 | 1799683 |
| Progressive Corp. | 4717 | 1165382 |
|  |  | 4151972 |
| **Interactive Media and Services — 7.1%** |  |  |
| Alphabet, Inc., Class A | 49220 | 10479430 |
| Meta Platforms, Inc., Class A | 9158 | 6765015 |
|  |  | 17244445 |

---

------

Schedule of Investments - Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT Services — 1.4%** |  |  |
| International Business Machines Corp. | 10432 | $2540088 |
| MongoDB, Inc.<sup>(1)</sup> | 2866 | 904538 |
|  |  | 3444626 |
| **Life Sciences Tools and Services — 1.9%** |  |  |
| Agilent Technologies, Inc. | 6689 | 840540 |
| Danaher Corp. | 10561 | 2173665 |
| Thermo Fisher Scientific, Inc. | 3203 | 1578182 |
|  |  | 4592387 |
| **Machinery — 2.7%** |  |  |
| Cummins, Inc. | 4965 | 1978255 |
| Deere & Co. | 2510 | 1201386 |
| Parker-Hannifin Corp. | 1615 | 1226350 |
| Xylem, Inc. | 14492 | 2051488 |
|  |  | 6457479 |
| **Oil, Gas and Consumable Fuels — 1.6%** |  |  |
| Cheniere Energy, Inc. | 8075 | 1952697 |
| Williams Cos., Inc. | 33422 | 1934465 |
|  |  | 3887162 |
| **Pharmaceuticals — 2.5%** |  |  |
| Bristol-Myers Squibb Co. | 13588 | 641082 |
| Eli Lilly & Co. | 3684 | 2698825 |
| Merck & Co., Inc. | 11671 | 981764 |
| Zoetis, Inc. | 11041 | 1726812 |
|  |  | 6048483 |
| **Professional Services — 0.9%** |  |  |
| Automatic Data Processing, Inc. | 6924 | 2105242 |
| **Semiconductors and Semiconductor Equipment — 13.4%** |  |  |
| Analog Devices, Inc. | 12519 | 3146150 |
| Applied Materials, Inc. | 3378 | 543047 |
| ARM Holdings PLC, ADR<sup>(1)</sup> | 3294 | 455593 |
| ASML Holding NV, NY Shares | 844 | 626771 |
| Broadcom, Inc. | 26512 | 7884404 |
| NVIDIA Corp. | 111109 | 19352966 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2394 | 552703 |
|  |  | 32561634 |
| **Software — 12.3%** |  |  |
| AppLovin Corp., Class A<sup>(1)</sup> | 858 | 410630 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 7867 | 2756833 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 2256 | 955867 |
| Dynatrace, Inc.<sup>(1)</sup> | 25308 | 1280585 |
| Microsoft Corp. | 39482 | 20005135 |
| Salesforce, Inc. | 4195 | 1074969 |
| ServiceNow, Inc.<sup>(1)</sup> | 2163 | 1984466 |
| Workday, Inc., Class A<sup>(1)</sup> | 6114 | 1411233 |
|  |  | 29879718 |
| **Specialized REITs — 1.0%** |  |  |
| Equinix, Inc. | 2815 | 2213125 |
| SBA Communications Corp. | 1421 | 291092 |
|  |  | 2504217 |
| **Specialty Retail — 3.8%** |  |  |
| Home Depot, Inc. | 9152 | 3722759 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 10985 | 1138925 |

---

------

Schedule of Investments - Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| TJX Cos., Inc. | 18184 | $2484116 |
| Tractor Supply Co. | 29516 | 1822908 |
|  |  | 9168708 |
| **Technology Hardware, Storage and Peripherals — 4.5%** |  |  |
| Apple, Inc. | 46601 | 10817956 |
| **Textiles, Apparel and Luxury Goods — 0.4%** |  |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | 7532 | 901053 |
| **Trading Companies and Distributors — 1.1%** |  |  |
| Ferguson Enterprises, Inc. | 4676 | 1080857 |
| United Rentals, Inc. | 1700 | 1625778 |
|  |  | 2706635 |
| **TOTAL COMMON STOCKS**<br>(Cost $201,979,067) |  | **241313729** |
| **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| **Money Market Funds — 0.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $1,327,089) | 1327089 | **1327089** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $203,306,156) |  | **242640818** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **111324** |
| **TOTAL NET ASSETS — 100.0%** |  | $**242752142** |

---

---

| | | |
|:---|:---|:---|
| **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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.7%** | **Shares**<br> | **Value**<br> |
| **Air Freight and Logistics — 0.4%** |  |  |
| FedEx Corp. | 310 | $71632 |
| **Automobiles — 1.9%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 1107 | 369594 |
| **Banks — 0.3%** |  |  |
| Regions Financial Corp. | 2163 | 59245 |
| **Biotechnology — 1.3%** |  |  |
| AbbVie, Inc. | 783 | 164743 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 228 | 89153 |
|  |  | 253896 |
| **Broadline Retail — 5.2%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 4121 | 943709 |
| eBay, Inc. | 736 | 66689 |
|  |  | 1010398 |
| **Building Products — 1.0%** |  |  |
| Trane Technologies PLC | 391 | 162499 |
| Trex Co., Inc.<sup>(1)</sup> | 579 | 35684 |
|  |  | 198183 |
| **Capital Markets — 0.8%** |  |  |
| KKR & Co., Inc. | 527 | 73511 |
| S&P Global, Inc. | 142 | 77879 |
|  |  | 151390 |
| **Chemicals — 0.6%** |  |  |
| Linde PLC | 238 | 113833 |
| **Commercial Services and Supplies — 0.4%** |  |  |
| Copart, Inc.<sup>(1)</sup> | 1700 | 82977 |
| **Communications Equipment — 1.6%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 1553 | 212062 |
| Motorola Solutions, Inc. | 219 | 103469 |
|  |  | 315531 |
| **Consumer Staples Distribution & Retail — 0.5%** |  |  |
| Costco Wholesale Corp. | 66 | 62259 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 158 | 22205 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 136 | 10554 |
|  |  | 95018 |
| **Distributors — 0.2%** |  |  |
| Pool Corp. | 129 | 40082 |
| **Electrical Equipment — 1.2%** |  |  |
| Eaton Corp. PLC | 132 | 46087 |
| GE Vernova, Inc. | 192 | 117690 |
| Vertiv Holdings Co., Class A | 517 | 65943 |
|  |  | 229720 |
| **Electronic Equipment, Instruments and Components — 0.7%** |  |  |
| Amphenol Corp., Class A | 1240 | 134986 |
| **Entertainment — 1.9%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 296 | 357642 |
| **Financial Services — 6.2%** |  |  |
| Apollo Global Management, Inc. | 522 | 71112 |
| Fiserv, Inc.<sup>(1)</sup> | 394 | 54443 |
| Mastercard, Inc., Class A | 1024 | 609577 |
| Visa, Inc., Class A | 1302 | 458017 |
|  |  | 1193149 |

---

------

Schedule of Investments - Large Cap Growth ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Ground Transportation — 1.1%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 1574 | $147562 |
| Union Pacific Corp. | 308 | 68860 |
|  |  | 216422 |
| **Health Care Equipment and Supplies — 1.1%** |  |  |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 318 | 205775 |
| **Health Care Providers and Services — 0.5%** |  |  |
| Cigna Group | 280 | 84243 |
| Elevance Health, Inc. | 64 | 20394 |
|  |  | 104637 |
| **Health Care REITs — 0.2%** |  |  |
| Welltower, Inc. | 257 | 43248 |
| **Health Care Technology — 0.3%** |  |  |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 240 | 64608 |
| **Hotels, Restaurants and Leisure — 2.4%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 389 | 50776 |
| Booking Holdings, Inc. | 35 | 195967 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 2338 | 98523 |
| Marriott International, Inc., Class A | 461 | 123484 |
|  |  | 468750 |
| **Interactive Media and Services — 9.1%** |  |  |
| Alphabet, Inc., Class A | 4812 | 1024523 |
| Meta Platforms, Inc., Class A | 1001 | 739439 |
|  |  | 1763962 |
| **IT Services — 1.1%** |  |  |
| MongoDB, Inc.<sup>(1)</sup> | 221 | 69750 |
| Okta, Inc.<sup>(1)</sup> | 547 | 50745 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 402 | 95941 |
|  |  | 216436 |
| **Life Sciences Tools and Services — 0.4%** |  |  |
| Agilent Technologies, Inc. | 606 | 76150 |
| **Machinery — 0.5%** |  |  |
| Parker-Hannifin Corp. | 65 | 49358 |
| Xylem, Inc. | 353 | 49970 |
|  |  | 99328 |
| **Oil, Gas and Consumable Fuels — 0.3%** |  |  |
| Cheniere Energy, Inc. | 203 | 49089 |
| **Pharmaceuticals — 2.4%** |  |  |
| Eli Lilly & Co. | 519 | 380209 |
| Zoetis, Inc. | 480 | 75072 |
|  |  | 455281 |
| **Professional Services — 0.6%** |  |  |
| Automatic Data Processing, Inc. | 389 | 118275 |
| **Semiconductors and Semiconductor Equipment — 21.1%** |  |  |
| Analog Devices, Inc. | 495 | 124399 |
| Applied Materials, Inc. | 294 | 47263 |
| ARM Holdings PLC, ADR<sup>(1)</sup> | 253 | 34992 |
| ASML Holding NV, NY Shares | 122 | 90600 |
| Broadcom, Inc. | 3348 | 995662 |
| NVIDIA Corp. | 15434 | 2688294 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 513 | 118436 |
|  |  | 4099646 |
| **Software — 22.3%** |  |  |
| Adobe, Inc.<sup>(1)</sup> | 345 | 123062 |

---

------

Schedule of Investments - Large Cap Growth ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| AppLovin Corp., Class A<sup>(1)</sup> | 219 | $104811 |
| Atlassian Corp., Class A<sup>(1)</sup> | 283 | 50312 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 607 | 212711 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 202 | 85587 |
| Datadog, Inc., Class A<sup>(1)</sup> | 474 | 64786 |
| Dynatrace, Inc.<sup>(1)</sup> | 1758 | 88955 |
| HubSpot, Inc.<sup>(1)</sup> | 157 | 75858 |
| Intuit, Inc. | 238 | 158746 |
| Microsoft Corp. | 5184 | 2626681 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 906 | 141979 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 836 | 159275 |
| ServiceNow, Inc.<sup>(1)</sup> | 343 | 314689 |
| Workday, Inc., Class A<sup>(1)</sup> | 514 | 118641 |
|  |  | 4326093 |
| **Specialized REITs — 0.4%** |  |  |
| Equinix, Inc. | 77 | 60537 |
| SBA Communications Corp. | 65 | 13315 |
|  |  | 73852 |
| **Specialty Retail — 2.4%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 322 | 30117 |
| Burlington Stores, Inc.<sup>(1)</sup> | 127 | 36916 |
| Carvana Co.<sup>(1)</sup> | 230 | 85542 |
| Home Depot, Inc. | 42 | 17084 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 461 | 47797 |
| TJX Cos., Inc. | 1345 | 183740 |
| Tractor Supply Co. | 1158 | 71518 |
|  |  | 472714 |
| **Technology Hardware, Storage and Peripherals — 8.3%** |  |  |
| Apple, Inc. | 6975 | 1619176 |
| **Textiles, Apparel and Luxury Goods — 0.6%** |  |  |
| Birkenstock Holding PLC<sup>(1)</sup> | 347 | 18089 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 876 | 104796 |
|  |  | 122885 |
| **Trading Companies and Distributors — 0.4%** |  |  |
| United Rentals, Inc. | 57 | 54511 |
| WW Grainger, Inc. | 29 | 29392 |
|  |  | 83903 |
| **TOTAL COMMON STOCKS**<br>(Cost $14,184,603) |  | **19357506** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $53,132) | 53132 | **53132** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $14,237,735) |  | **19410638** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **2418** |
| **TOTAL NET ASSETS — 100.0%** |  | $**19413056** |

---

------

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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 97.8%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.8%** |  |  |
| Axon Enterprise, Inc.<sup>(1)</sup> | 2155 | $1610410 |
| **Banks — 0.8%** |  |  |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 50801 | 751855 |
| **Biotechnology — 5.3%** |  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 2904 | 1296665 |
| Argenx SE, ADR<sup>(1)</sup> | 1967 | 1400897 |
| Natera, Inc.<sup>(1)</sup> | 11996 | 2018327 |
|  |  | 4715889 |
| **Building Products — 4.4%** |  |  |
| Johnson Controls International PLC | 36760 | 3929276 |
| **Capital Markets — 5.6%** |  |  |
| MSCI, Inc. | 5069 | 2877773 |
| TPG, Inc. | 34834 | 2102232 |
|  |  | 4980005 |
| **Chemicals — 1.9%** |  |  |
| Element Solutions, Inc. | 66787 | 1717762 |
| **Commercial Services and Supplies — 2.8%** |  |  |
| Republic Services, Inc. | 10897 | 2549571 |
| **Consumer Staples Distribution & Retail — 2.6%** |  |  |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 16585 | 2330856 |
| **Distributors — 3.1%** |  |  |
| Pool Corp. | 8896 | 2764076 |
| **Diversified Consumer Services — 3.8%** |  |  |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 10940 | 1291357 |
| Duolingo, Inc.<sup>(1)</sup> | 7123 | 2121657 |
|  |  | 3413014 |
| **Electrical Equipment — 4.0%** |  |  |
| Hubbell, Inc. | 5174 | 2229942 |
| Vertiv Holdings Co., Class A | 10970 | 1399224 |
|  |  | 3629166 |
| **Financial Services — 1.8%** |  |  |
| Block, Inc.<sup>(1)</sup> | 20058 | 1597419 |
| **Health Care Equipment and Supplies — 5.9%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 24632 | 1855775 |
| GE HealthCare Technologies, Inc. | 14334 | 1056846 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 1688 | 1092288 |
| Insulet Corp.<sup>(1)</sup> | 3658 | 1243281 |
|  |  | 5248190 |
| **Health Care Providers and Services — 2.2%** |  |  |
| Cencora, Inc. | 6653 | 1940081 |
| **Hotels, Restaurants and Leisure — 2.8%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 13026 | 1700284 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 19261 | 811658 |
|  |  | 2511942 |
| **Household Durables — 4.1%** |  |  |
| TopBuild Corp.<sup>(1)</sup> | 8705 | 3662716 |
| **Independent Power and Renewable Electricity Producers — 3.6%** |  |  |
| Vistra Corp. | 17154 | 3243993 |
| **IT Services — 6.4%** |  |  |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 27328 | 5703627 |

---

------

Schedule of Investments - Mid Cap Growth Impact ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Life Sciences Tools and Services — 4.5%** |  |  |
| Bio-Techne Corp. | 23517 | $1284734 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 7122 | 1358949 |
| West Pharmaceutical Services, Inc. | 5529 | 1365386 |
|  |  | 4009069 |
| **Oil, Gas and Consumable Fuels — 3.0%** |  |  |
| Targa Resources Corp. | 16146 | 2708653 |
| **Professional Services — 2.0%** |  |  |
| Equifax, Inc. | 7248 | 1785182 |
| **Semiconductors and Semiconductor Equipment — 4.0%** |  |  |
| Monolithic Power Systems, Inc. | 4323 | 3612991 |
| **Software — 12.8%** |  |  |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 11438 | 4008218 |
| Docusign, Inc.<sup>(1)</sup> | 47496 | 3641044 |
| Zscaler, Inc.<sup>(1)</sup> | 13861 | 3840190 |
|  |  | 11489452 |
| **Specialty Retail — 1.7%** |  |  |
| Carvana Co.<sup>(1)</sup> | 4031 | 1499210 |
| **Textiles, Apparel and Luxury Goods — 2.8%** |  |  |
| On Holding AG, Class A<sup>(1)</sup> | 54816 | 2471105 |
| **Trading Companies and Distributors — 4.1%** |  |  |
| Core & Main, Inc., Class A<sup>(1)</sup> | 23702 | 1533993 |
| WESCO International, Inc. | 9784 | 2150915 |
|  |  | 3684908 |
| **TOTAL COMMON STOCKS**<br>(Cost $70,187,314) |  | **87560418** |
| **SHORT-TERM INVESTMENTS — 2.2%** |  |  |
| **Money Market Funds — 2.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $1,946,938) | 1946938 | **1946938** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $72,134,252) |  | **89507356** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **6226** |
| **TOTAL NET ASSETS — 100.0%** |  | $**89513582** |

---

---

| | | |
|:---|:---|:---|
| **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.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Focused Dynamic Growth ETF** | **Focused Large Cap Value ETF** |
| **Assets** | **Assets** | |
| Investment securities, at value | $345809934 | $269301256 |
| Investment made with cash collateral received for securities on loan, at value | 201964 | 573056 |
| Dividends and interest receivable | 63829 | 769529 |
| Securities lending receivable | 1625 | 1407 |
|  | 346077352 | 270645248 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 201964 | 573056 |
| Accrued management fees | 133610 | 96607 |
|  | 335574 | 669663 |
| **Net Assets** | $345741778 | $269975585 |
| Shares outstanding (unlimited number of shares authorized) | 2995000 | 3620000 |
| **Net Asset Value Per Share** | $115.44 | $74.58 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $259662479 | $240882394 |
| Distributable earnings (loss) | 86079299 | 29093191 |
|  | $345741778 | $269975585 |
| Investment securities, at cost | $225946494 | $231692637 |
| Investment securities on loan, at value | $12870033 | $561147 |
| Investment made with cash collateral received for securities on loan, at cost | $201964 | $573056 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Large Cap Equity ETF** | **Large Cap Growth ETF** |
| **Assets** | | |
| Investment securities, at value | $242640818 | $19410638 |
| Receivable for investments sold |  | 39174 |
| Dividends and interest receivable | 185867 | 9009 |
|  | 242826685 | 19458821 |
| **Liabilities** |  |  |
| Payable for investments purchased |  | 39374 |
| Accrued management fees | 74543 | 6391 |
|  | 74543 | 45765 |
| **Net Assets** | $242752142 | $19413056 |
| Shares outstanding (unlimited number of shares authorized) | 3230000 | 310000 |
| **Net Asset Value Per Share** | $75.16 | $62.62 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $216506801 | $15397468 |
| Distributable earnings (loss) | 26245341 | 4015588 |
|  | $242752142 | $19413056 |
| Investment securities, at cost | $203306156 | $14237735 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **AUGUST 31, 2025** | |
| | **Mid Cap Growth Impact ETF** |
| **Assets** | |
| Investment securities, at value | $89507356 |
| Dividends and interest receivable | 40144 |
|  | 89547500 |
| **Liabilities** |  |
| Accrued management fees | 33918 |
| **Net Assets** | $89513582 |
| Shares outstanding (unlimited number of shares authorized) | 1335000 |
| **Net Asset Value Per Share** | $67.05 |
| **Net Assets Consist of:** |  |
| Capital paid in | $76751578 |
| Distributable earnings (loss) | 12762004 |
|  | $89513582 |
| Investment securities, at cost | $72134252 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | | |
| | **Focused Dynamic Growth ETF** | **Focused Large Cap Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Dividends | $541574 | $6240756 |
| Interest | 57014 | 128846 |
| Securities lending, net | 14109 | 3145 |
| Less foreign taxes withheld |  | (44054) |
|  | 612697 | 6328693 |
| **Expenses:** |  |  |
| Management fees | 1259749 | 1016778 |
| **Net investment income (loss)** | (647052) | 5311915 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 35076437 | 13725584 |
| Change in net unrealized appreciation (depreciation) on investments | 38848774 | 5460739 |
| **Net realized and unrealized gain (loss)** | 73925211 | 19186323 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $73278159 | $24498238 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | | |
| | **Large Cap Equity ETF** | **Large Cap Growth ETF** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $2706435 | $100370 |
| Interest | 31688 | 1750 |
| Less foreign taxes withheld | (2890) | (763) |
|  | 2735233 | 101357 |
| **Expenses:** |  |  |
| Management fees | 876434 | 67203 |
| **Net investment income (loss)** | 1858799 | 34154 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 33664674 | 1008492 |
| Change in net unrealized appreciation (depreciation) on investments | (16702796) | 1641780 |
| **Net realized and unrealized gain (loss)** | 16961878 | 2650272 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $18820677 | $2684426 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | |
| | **Mid Cap Growth Impact ETF** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends | $464254 |
| Interest | 45963 |
| Securities lending, net | 327 |
|  | 510544 |
| **Expenses:** |  |
| Management fees | 356675 |
| **Net investment income (loss)** | 153869 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on investment transactions | 3208284 |
| Change in net unrealized appreciation (depreciation) on investments | 6695431 |
| **Net realized and unrealized gain (loss)** | 9903715 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $10057584 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Focused Dynamic Growth ETF** | **Focused Dynamic Growth ETF** | **Focused Large Cap Value ETF** | **Focused Large Cap Value ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | **Operations** | | |
| Net investment income (loss) | $(647052) | $(430116) | $5311915 | $5180206 |
| Net realized gain (loss) | 35076437 | 6065396 | 13725584 | 21792986 |
| Change in net unrealized appreciation (depreciation) | 38848774 | 49109184 | 5460739 | 13993790 |
| Net increase (decrease) in net assets resulting from operations | 73278159 | 54744464 | 24498238 | 40966982 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings |  |  | (4864215) | (4834390) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 151886147 | 53563357 | 101653770 | 97700384 |
| Payments for shares redeemed | (121229617) | (46453681) | (88279022) | (116979559) |
| Other capital | 7162 | 67 | 52 |  |
| Net increase (decrease) in net assets from capital share transactions | 30663692 | 7109743 | 13374800 | (19279175) |
| **Net increase (decrease) in net assets** | 103941851 | 61854207 | 33008823 | 16853417 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 241799927 | 179945720 | 236966762 | 220113345 |
| End of period | $345741778 | $241799927 | $269975585 | $236966762 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1480000 | 665000 | 1470000 | 1560000 |
| Redeemed | (1200000) | (620000) | (1250000) | (1875000) |
| Net increase (decrease) in shares of the funds | 280000 | 45000 | 220000 | (315000) |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Large Cap Equity ETF** | **Large Cap Equity ETF** | **Large Cap Growth ETF** | **Large Cap Growth ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $1858799 | $1999333 | $34154 | $38772 |
| Net realized gain (loss) | 33664674 | 3951864 | 1008492 | 1155543 |
| Change in net unrealized appreciation (depreciation) | (16702796) | 37086916 | 1641780 | 2239276 |
| Net increase (decrease) in net assets resulting from operations | 18820677 | 43038113 | 2684426 | 3433591 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (2053570) | (1962011) | (33054) | (44663) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 86349865 | 91238792 | 2833566 | 5532944 |
| Payments for shares redeemed | (123645215) | (15488589) | (3427591) | (5551557) |
| Other capital |  | 81 |  |  |
| Net increase (decrease) in net assets from capital share transactions | (37295350) | 75750284 | (594025) | (18613) |
| **Net increase (decrease) in net assets** | (20528243) | 116826386 | 2057347 | 3370315 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 263280385 | 146453999 | 17355709 | 13985394 |
| End of period | $242752142 | $263280385 | $19413056 | $17355709 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1250000 | 1430000 | 50000 | 110000 |
| Redeemed | (1820000) | (240000) | (60000) | (120000) |
| Net increase (decrease) in shares of the funds | (570000) | 1190000 | (10000) | (10000) |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | | |
| | **Mid Cap Growth Impact ETF** | **Mid Cap Growth Impact ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $153869 | $85888 |
| Net realized gain (loss) | 3208284 | 5013512 |
| Change in net unrealized appreciation (depreciation) | 6695431 | 8699275 |
| Net increase (decrease) in net assets resulting from operations | 10057584 | 13798675 |
| **Distributions to Shareholders** |  |  |
| From earnings | (160740) | (39734) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 21235551 | 24769347 |
| Payments for shares redeemed | (11947490) | (13341287) |
| Net increase (decrease) in net assets from capital share transactions | 9288061 | 11428060 |
| **Net increase (decrease) in net assets** | 19184905 | 25187001 |
| **Net Assets** |  |  |
| Beginning of period | 70328677 | 45141676 |
| End of period | $89513582 | $70328677 |
| **Transactions in Shares of the Funds** |  |  |
| Sold | 335000 | 465000 |
| Redeemed | (185000) | (240000) |
| Net increase (decrease) in shares of the funds | 150000 | 225000 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**AUGUST 31, 2025** 

**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 (formerly American Century Sustainable Equity ETF) | Large Cap Equity ETF | ACLC | NYSE Arca, Inc. |
| American Century Large Cap Growth ETF (formerly American Century Sustainable 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.

**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.

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**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** |
| 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% |

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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** |
| Focused Dynamic Growth ETF | American Century Strategic Asset Allocations, Inc | 21% |
| Focused Large Cap Value ETF | American Century Strategic Asset Allocations, Inc | 27% |
| Large Cap Growth ETF | American Century Investment Management, Inc. (ACIM) | 40% |

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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 August 31, 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Focused Dynamic Growth ETF** | **Focused Large Cap Value ETF** | **Large Cap Equity ETF** | **Large Cap Growth ETF** | **Mid Cap Growth Impact ETF** |
| Purchases | $189814195 | $190484961 | $69495999 | $5598876 | $44508062 |
| Sales | $112218637 | $135350917 | $65229448 | $5636101 | $34430468 |

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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 August 31, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **In kind**<br>**Subscriptions** | **In kind**<br>**Redemptions** | **In kind**<br>**Net Realized**<br>**Gain/(Loss)\*** |
| Focused Dynamic Growth ETF | $68273591 | $118280411 | $36945494 |
| Focused Large Cap Value ETF | $44989878 | $86132066 | $19234032 |
| Large Cap Equity ETF | $78370942 | $120564333 | $38581384 |
| Large Cap Growth ETF | $2773165 | $3350718 | $1189480 |
| Mid Cap Growth Impact ETF | $10123875 | $11069826 | $3787596 |

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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.

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**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**

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| | | | | |
|:---|:---|:---|:---|:---|
| The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Focused Dynamic Growth ETF |  |  |  |  |
| Focused Large Cap Value ETF | $4864215 |  | $4834390 |  |
| Large Cap Equity ETF | $2053570 |  | $1962011 |  |
| Large Cap Growth ETF | $33054 |  | $44663 |  |
| Mid Cap Growth Impact ETF | $160740 |  | $39734 |  |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Focused Dynamic Growth ETF** | **Focused Large Cap Value ETF** | **Large Cap Equity ETF** | **Large Cap Growth ETF** | **Mid Cap Growth Impact ETF** |
| Capital paid in | $34268932 | $19434723 | $38344694 | $1174920 | $3784469 |
| Distributable earnings (loss) | $(34268932) | $(19434723) | $(38344694) | $(1174920) | $(3784469) |

---

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $229217373 | $233664906 | $203912144 | $14319625 | $72254959 |
| Gross tax appreciation of investments | $119817578 | $41379084 | $43689107 | $5316577 | $18575317 |
| Gross tax depreciation of investments | (3023053) | (5169678) | (4960433) | (225564) | (1322920) |
| Net tax appreciation (depreciation) of investments | $116794525 | $36209406 | $38728674 | $5091013 | $17252397 |
| Undistributed ordinary income |  | $549695 | $34231 |  | $39283 |
| Accumulated short-term capital losses | $(10673904) | $(684298) | $(6169667) | $(635371) | $(876268) |
| Accumulated long-term capital losses | $(19579131) | $(6981612) | $(6347897) | $(440054) | $(3653408) |
| Late-year ordinary loss deferral | $(462191) |  |  |  |  |

---

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.

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

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

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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** |
| 2025 | $89.06 | (0.23) | 26.61 | 26.38 |  | 0.00<sup>(4)</sup> | $115.44 | 29.62% | 0.45% | (0.23)% | 40% | $345742 |
| 2024 | $67.40 | (0.16) | 21.82 | 21.66 |  | 0.00<sup>(4)</sup> | $89.06 | 32.14% | 0.45% | (0.21)% | 45% | $241800 |
| 2023 | $57.75 | (0.04) | 9.69 | 9.65 |  | 0.00<sup>(4)</sup> | $67.40 | 16.70% | 0.45% | (0.07)% | 41% | $179946 |
| 2022 | $86.82 | (0.13) | (28.94) | (29.07) |  | 0.00<sup>(4)</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>(4)</sup> | $86.82 | 27.61% | 0.45% | (0.17)% | 28% | $231385 |

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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)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.

------

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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** | | | | | | | | | | | **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** |
| 2025 | $69.70 | 1.52 | 4.76 | 6.28 | (1.40) |  | (1.40) | 0.00<sup>(4)</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>(4)</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>(4)</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>(4)</sup> | $62.15 | 29.19% | 0.42% | 2.00% | 36% | $264123 |

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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)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.

------

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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<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**<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)** |
| **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** | |
| 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>(4)</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 |

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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)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.

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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<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** | |
| 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>(4)</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)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** |
| 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.

\*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.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Focused Dynamic Growth ETF, American Century Focused Large Cap Value ETF, American Century Mid Cap Growth Impact ETF, American Century Large Cap Equity ETF (formerly, American Century Sustainable Equity ETF), and American Century Large Cap Growth ETF (formerly, American Century Sustainable Growth ETF), (the "Funds"), five of the funds constituting the American Century ETF Trust, as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting the American Century ETF Trust** | **Statement of Operations** | **Statements of Changes in Net Assets** | **Financial Highlights** |
| American Century Focused Dynamic Growth ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| American Century Focused Large Cap Value ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| American Century Mid Cap Growth Impact ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| American Century Large Cap Equity ETF (formerly, American Century Sustainable Equity ETF) | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| American Century Large Cap Growth ETF (formerly, American Century Sustainable Growth ETF) | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, and 2022, and the period from June 29, 2021 (fund inception) through August 31, 2021 |

---

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 16, 2025

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

------

Approval of Management Agreement

At a meeting held on June 11, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each 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 those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

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

**Factors Considered** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans, if applicable)

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

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

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

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

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

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

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

------

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

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

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

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**American Century Focused Dynamic Growth ETF** - The Fund's performance was above its benchmark for the one-year period and below its benchmark for the three-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century Focused Large Cap Value ETF** - The Fund's performance was above its benchmark for the three-year period and below its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century Large Cap Equity ETF** - The Fund's performance was below its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century Large Cap Growth ETF** - The Fund's performance was below its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century Mid Cap Growth Impact ETF** - The Fund's performance was below its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group.

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

------

Proxy Voting Results

A special meeting of shareholders of American Century Focused Dynamic Growth ETF (the "Fund") was held on June 10, 2025, to vote on the following proposal. The proposal received the required votes and was adopted. A summary of voting results is listed below.

To reclassify the Fund from "diversified" to "non-diversified" under the Investment Company Act of 1940:

---

| | |
|:---|:---|
| For: | $105423759 |
| Against: | $4081109 |
| Abstain: | $13427545 |
| Broker non-votes: | N/A |

---

------

**Other Tax Information** 

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2025.

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended August 31, 2025.

---

| | |
|:---|:---|
| | **Corporate Dividends Received Deduction** |
| Focused Dynamic Growth ETF |  |
| Focused Large Cap Value ETF | $4825715 |
| Large Cap Equity ETF | $2053570 |
| Large Cap Growth ETF | $33054 |
| Mid Cap Growth Impact ETF | $160740 |

---

The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization) during the period ended August 31, 2025.

---

| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| Focused Dynamic Growth ETF |  |
| Focused Large Cap Value ETF | $531192 |
| Large Cap Equity ETF | $184729 |
| Large Cap Growth ETF | $2822 |
| Mid Cap Growth Impact ETF |  |

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| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-96952 2510** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-96952 2510** |

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

![Image9.jpg](ck0001710607-20250831_g66.jpg)

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| |
|:---|
| Annual Financial Statements and Other Information |
| August 31, 2025 |
| American Century<sup>®</sup> Quality Convertible Securities ETF (QCON) |
| American Century<sup>®</sup> Quality Diversified International ETF (QINT) |
| American Century<sup>®</sup> Quality Preferred ETF (QPFF) |
| 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 | [26](#iba273e868b7e4566bd70f1811bd23032_319) |
| Statements of Operations | [29](#iba273e868b7e4566bd70f1811bd23032_322) |
| Statements of Changes in Net Assets | [32](#iba273e868b7e4566bd70f1811bd23032_325) |
| Notes to Financial Statements | [35](#iba273e868b7e4566bd70f1811bd23032_328) |
| Financial Highlights | [40](#iba273e868b7e4566bd70f1811bd23032_331) |
| Report of Independent Registered Public Accounting Firm | [45](#iba273e868b7e4566bd70f1811bd23032_334) |
| Approval of Management Agreement | [46](#iba273e868b7e4566bd70f1811bd23032_340) |
| Other Tax Information | [49](#iba273e868b7e4566bd70f1811bd23032_12120) |

---

------

Schedule of Investments - Quality Convertible Securities ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 99.7%** | **Shares**<br> | **Value**<br> |
| **Money Market Funds — 99.7%** | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $24,189,741) | 24189741 | $**24189741** |
| **TOTAL INVESTMENT SECURITIES — 99.7%**<br>(Cost $24,189,741) |  | **24189741** |
| **OTHER ASSETS AND LIABILITIES — 0.3%** |  | **65917** |
| **TOTAL NET ASSETS — 100.0%** |  | $**24255658** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

**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 - Quality Diversified International ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.4%** | **Shares**<br> | **Value**<br> |
| **Australia — 4.4%** |  |  |
| ALS Ltd. | 49315 | $598180 |
| Aristocrat Leisure Ltd. | 12847 | 609160 |
| BHP Group Ltd. | 17578 | 489951 |
| Brambles Ltd. | 287535 | 4872896 |
| Evolution Mining Ltd. | 106852 | 612997 |
| Fortescue Ltd. | 200675 | 2531149 |
| JB Hi-Fi Ltd. | 6111 | 467307 |
| Netwealth Group Ltd. | 26667 | 598477 |
| Northern Star Resources Ltd. | 53332 | 665571 |
| Pro Medicus Ltd. | 6472 | 1257086 |
| REA Group Ltd.<sup>(1)</sup> | 14434 | 2363835 |
| Sonic Healthcare Ltd. | 24580 | 386090 |
| South32 Ltd. | 216754 | 382723 |
| Technology One Ltd. | 30781 | 801620 |
| Xero Ltd.<sup>(2)</sup> | 10075 | 1074326 |
|  |  | 17711368 |
| **Austria — 1.8%** |  |  |
| ANDRITZ AG | 6635 | 467127 |
| BAWAG Group AG<sup>(2)</sup> | 17241 | 2229186 |
| Erste Group Bank AG | 16479 | 1568561 |
| OMV AG | 42640 | 2348594 |
| Raiffeisen Bank International AG | 14472 | 480789 |
|  |  | 7094257 |
| **Belgium — 1.1%** |  |  |
| Ageas SA | 8364 | 589309 |
| Argenx SE<sup>(2)</sup> | 897 | 638668 |
| D'ieteren Group | 6619 | 1434335 |
| Lotus Bakeries NV<sup>(1)</sup> | 104 | 1019871 |
| UCB SA<sup>(1)</sup> | 2844 | 667142 |
|  |  | 4349325 |
| **Canada — 10.0%** |  |  |
| Agnico Eagle Mines Ltd. | 21548 | 3106575 |
| Alamos Gold, Inc., Class A | 23167 | 705435 |
| ARC Resources Ltd. | 48740 | 937997 |
| AtkinsRealis Group, Inc. | 7775 | 534657 |
| Barrick Mining Corp. | 48956 | 1303698 |
| Brookfield Asset Management Ltd., Class A<sup>(1)</sup> | 35512 | 2136402 |
| Cameco Corp. | 8770 | 678710 |
| Canadian Tire Corp. Ltd., Class A | 13838 | 1725531 |
| Celestica, Inc.<sup>(2)</sup> | 5289 | 1030033 |
| CGI, Inc. | 3978 | 386286 |
| Definity Financial Corp. | 9480 | 490032 |
| Descartes Systems Group, Inc.<sup>(2)</sup> | 4429 | 442679 |
| Dollarama, Inc. | 18448 | 2515435 |
| Empire Co. Ltd., Class A | 11069 | 429671 |
| George Weston Ltd. | 23745 | 1529113 |
| Gildan Activewear, Inc. | 12218 | 667103 |
| IGM Financial, Inc. | 81978 | 2939234 |
| Imperial Oil Ltd.<sup>(1)</sup> | 26320 | 2388319 |
| Intact Financial Corp. | 2780 | 556729 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Kinross Gold Corp. | 108321 | $2263909 |
| Lundin Gold, Inc. | 12455 | 765882 |
| Magna International, Inc. | 47413 | 2176257 |
| Manulife Financial Corp. | 13458 | 414024 |
| Onex Corp. | 5769 | 493580 |
| Pan American Silver Corp. | 21051 | 714050 |
| Pembina Pipeline Corp. | 11368 | 429358 |
| Quebecor, Inc., Class B<sup>(1)</sup> | 15128 | 459673 |
| RB Global, Inc. | 4876 | 558497 |
| Saputo, Inc.<sup>(1)</sup> | 22091 | 553019 |
| Shopify, Inc., Class A<sup>(2)</sup> | 17976 | 2539649 |
| Stantec, Inc. | 21018 | 2284608 |
| Suncor Energy, Inc. | 14579 | 602650 |
| Wheaton Precious Metals Corp. | 6694 | 672211 |
| WSP Global, Inc. | 2495 | 508102 |
|  |  | 39939108 |
| **Denmark — 2.3%** |  |  |
| AP Moller - Maersk AS, B Shares | 1043 | 2149133 |
| Carlsberg AS, B Shares | 2985 | 365115 |
| Danske Bank AS | 11270 | 463853 |
| DSV AS | 2206 | 489087 |
| Genmab AS<sup>(2)</sup> | 5410 | 1350277 |
| Jyske Bank AS | 4623 | 496390 |
| Novo Nordisk AS, Class B | 47293 | 2672499 |
| Pandora AS | 6274 | 867354 |
| Vestas Wind Systems AS | 27761 | 552651 |
|  |  | 9406359 |
| **Finland — 1.8%** |  |  |
| Fortum OYJ | 24801 | 429153 |
| Kesko OYJ, B Shares<sup>(1)</sup> | 17537 | 388976 |
| Konecranes OYJ | 12061 | 994231 |
| Nokia OYJ<sup>(1)</sup> | 82322 | 354391 |
| Nordea Bank Abp | 29869 | 455809 |
| Orion OYJ, Class B<sup>(1)</sup> | 16343 | 1305581 |
| Sampo OYJ, A Shares<sup>(1)</sup> | 48014 | 550952 |
| UPM-Kymmene OYJ | 15640 | 445400 |
| Valmet OYJ<sup>(1)</sup> | 14080 | 489387 |
| Wartsila OYJ Abp | 54466 | 1596551 |
|  |  | 7010431 |
| **France — 7.8%** |  |  |
| ArcelorMittal SA | 31054 | 1034558 |
| AXA SA | 10683 | 497589 |
| BNP Paribas SA | 46341 | 4164421 |
| Bouygues SA | 47071 | 2018544 |
| Cie de Saint-Gobain SA | 3855 | 416182 |
| Dassault Aviation SA | 1407 | 444153 |
| Eiffage SA | 13672 | 1720559 |
| Elis SA | 19202 | 526179 |
| Engie SA | 173994 | 3600516 |
| EssilorLuxottica SA | 2950 | 899854 |
| Eurofins Scientific SE<sup>(1)</sup> | 15573 | 1182537 |
| Gaztransport Et Technigaz SA | 3050 | 569231 |
| Hermes International SCA | 2331 | 5708985 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Nexans SA | 3745 | $571001 |
| Orange SA | 34364 | 560105 |
| Publicis Groupe SA | 4014 | 370646 |
| Renault SA | 32102 | 1263396 |
| Sanofi SA | 4257 | 422345 |
| Sartorius Stedim Biotech | 5442 | 1116006 |
| SCOR SE | 14441 | 473040 |
| SEB SA<sup>(1)</sup> | 8944 | 651916 |
| Sodexo SA | 6232 | 374206 |
| SPIE SA | 18497 | 1025204 |
| TotalEnergies SE | 7340 | 460813 |
| Veolia Environnement SA | 12424 | 410312 |
| Vinci SA | 4365 | 592031 |
|  |  | 31074329 |
| **Germany — 9.5%** |  |  |
| adidas AG | 2082 | 405066 |
| BASF SE | 8988 | 477451 |
| Bayer AG | 66996 | 2204206 |
| Bechtle AG | 9909 | 450413 |
| Brenntag SE | 6445 | 398803 |
| Commerzbank AG | 43338 | 1654148 |
| Continental AG | 4888 | 428605 |
| CTS Eventim AG & Co. KGaA | 9251 | 867178 |
| Deutsche Bank AG | 15692 | 551356 |
| Deutsche Post AG | 10207 | 465211 |
| Deutsche Telekom AG | 61067 | 2234746 |
| Evonik Industries AG | 47415 | 914908 |
| Fresenius Medical Care AG | 32112 | 1655332 |
| Fresenius SE & Co. KGaA | 13772 | 748838 |
| Hannover Rueck SE | 12567 | 3658787 |
| Heidelberg Materials AG | 12009 | 2840709 |
| Henkel AG & Co. KGaA | 49302 | 3789090 |
| HOCHTIEF AG | 5380 | 1361808 |
| Mercedes-Benz Group AG | 49503 | 3098135 |
| Nemetschek SE | 4980 | 687982 |
| Qiagen NV<sup>(1)</sup> | 11377 | 529031 |
| Rheinmetall AG | 1326 | 2572109 |
| SAP SE | 3207 | 872933 |
| Scout24 SE | 15755 | 2041295 |
| Siemens Energy AG<sup>(2)</sup> | 16959 | 1804087 |
| Symrise AG | 4331 | 419377 |
| Zalando SE<sup>(2)</sup> | 28610 | 797293 |
|  |  | 37928897 |
| **Hong Kong — 0.3%** |  |  |
| PRADA SpA | 195200 | 1150985 |
| **Ireland — 0.9%** |  |  |
| AIB Group PLC | 54620 | 443780 |
| Bank of Ireland Group PLC | 130577 | 1931343 |
| Kingspan Group PLC | 5983 | 461609 |
| Ryanair Holdings PLC, ADR | 14324 | 909144 |
|  |  | 3745876 |
| **Israel — 1.9%** |  |  |
| CyberArk Software Ltd.<sup>(2)</sup> | 2961 | 1342103 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Elbit Systems Ltd. | 2997 | $1457881 |
| ICL Group Ltd. | 214236 | 1392573 |
| Israel Discount Bank Ltd., A Shares | 50255 | 497858 |
| Monday.com Ltd.<sup>(2)</sup> | 1956 | 377508 |
| Nice Ltd.<sup>(2)</sup> | 5721 | 806462 |
| Nova Ltd.<sup>(2)</sup> | 2636 | 694164 |
| Teva Pharmaceutical Industries Ltd.<sup>(2)</sup> | 24172 | 444458 |
| Wix.com Ltd.<sup>(2)</sup> | 3446 | 486162 |
|  |  | 7499169 |
| **Italy — 5.3%** |  |  |
| A2A SpA | 193742 | 486808 |
| Banca Mediolanum SpA | 25939 | 524683 |
| Banca Monte dei Paschi di Siena SpA<sup>(1)</sup> | 55905 | 513001 |
| Banco BPM SpA | 174268 | 2390801 |
| BPER Banca SpA | 69200 | 718784 |
| Enel SpA | 53185 | 490799 |
| Eni SpA | 53467 | 955800 |
| Ferrari NV | 9467 | 4505229 |
| Hera SpA | 100403 | 431547 |
| Intesa Sanpaolo SpA | 97210 | 611990 |
| Italgas SpA | 65170 | 585784 |
| Iveco Group NV | 47141 | 1013620 |
| Lottomatica Group SpA | 19532 | 531111 |
| Prysmian SpA | 17716 | 1546129 |
| Recordati Industria Chimica e Farmaceutica SpA | 8482 | 524429 |
| Tenaris SA | 25663 | 464903 |
| UniCredit SpA | 53168 | 4112264 |
| Unipol Assicurazioni SpA | 30676 | 640915 |
|  |  | 21048597 |
| **Japan — 18.7%** |  |  |
| Advantest Corp. | 23200 | 1774092 |
| AGC, Inc. | 14600 | 457816 |
| Aisin Corp. | 35400 | 582559 |
| Ajinomoto Co., Inc. | 23600 | 640013 |
| ANA Holdings, Inc. | 21300 | 429433 |
| Asahi Kasei Corp. | 134100 | 1094333 |
| Asics Corp. | 27000 | 725803 |
| BayCurrent, Inc. | 10700 | 607096 |
| Canon, Inc.<sup>(1)</sup> | 30600 | 895510 |
| Capcom Co. Ltd. | 37900 | 1022730 |
| Chugai Pharmaceutical Co. Ltd. | 52400 | 2315624 |
| Dai Nippon Printing Co. Ltd. | 29000 | 485739 |
| Daifuku Co. Ltd. | 22200 | 698729 |
| Dai-ichi Life Holdings, Inc. | 54700 | 448845 |
| Daiichi Sankyo Co. Ltd. | 74400 | 1779028 |
| Daikin Industries Ltd. | 3700 | 462257 |
| Daito Trust Construction Co. Ltd. | 3700 | 393724 |
| Daiwa Securities Group, Inc. | 62200 | 482197 |
| Denso Corp. | 243900 | 3494978 |
| Dentsu Group, Inc. | 19900 | 392945 |
| Disco Corp. | 4000 | 1094422 |
| Ebara Corp. | 59000 | 1213176 |
| Fast Retailing Co. Ltd. | 1500 | 468869 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Fuji Electric Co. Ltd. | 9300 | $585635 |
| Fujitsu Ltd. | 20300 | 488503 |
| Hitachi Ltd. | 19200 | 517313 |
| Hoya Corp. | 4300 | 555244 |
| Isetan Mitsukoshi Holdings Ltd. | 27900 | 464137 |
| Japan Airlines Co. Ltd. | 22500 | 478474 |
| Japan Post Insurance Co. Ltd. | 19400 | 543179 |
| Japan Tobacco, Inc. | 15200 | 483287 |
| JFE Holdings, Inc. | 148200 | 1842390 |
| Komatsu Ltd. | 33700 | 1140891 |
| Konami Group Corp. | 8500 | 1282126 |
| Kyocera Corp. | 218800 | 2909973 |
| LY Corp. | 132800 | 420442 |
| M3, Inc. | 36300 | 532358 |
| Makita Corp. | 30400 | 1026347 |
| MEIJI Holdings Co. Ltd. | 18900 | 393111 |
| Mitsubishi Chemical Group Corp. | 80900 | 459699 |
| Mitsubishi Corp. | 21000 | 474114 |
| Mitsubishi Electric Corp. | 24900 | 594438 |
| Mitsubishi Heavy Industries Ltd. | 71400 | 1801579 |
| Mitsubishi UFJ Financial Group, Inc. | 37300 | 567671 |
| MonotaRO Co. Ltd. | 28700 | 494518 |
| MS&AD Insurance Group Holdings, Inc. | 18800 | 437323 |
| Murata Manufacturing Co. Ltd. | 29200 | 471392 |
| NEC Corp. | 58700 | 1787457 |
| Niterra Co. Ltd. | 31000 | 1104234 |
| Nitto Denko Corp. | 28100 | 632492 |
| Ono Pharmaceutical Co. Ltd. | 38800 | 437014 |
| ORIX Corp. | 19800 | 511394 |
| Osaka Gas Co. Ltd. | 16800 | 478113 |
| Otsuka Corp. | 20600 | 423071 |
| Otsuka Holdings Co. Ltd. | 18500 | 970741 |
| Pan Pacific International Holdings Corp. | 17800 | 642035 |
| Panasonic Holdings Corp. | 236600 | 2394931 |
| Recruit Holdings Co. Ltd. | 45900 | 2626549 |
| Ricoh Co. Ltd. | 105700 | 934284 |
| Ryohin Keikaku Co. Ltd.<sup>(1)</sup> | 31200 | 671033 |
| Sanrio Co. Ltd. | 13700 | 708855 |
| SBI Holdings, Inc. | 34500 | 1621009 |
| SCREEN Holdings Co. Ltd. | 13000 | 982686 |
| SCSK Corp. | 15800 | 503296 |
| Shimamura Co. Ltd. | 6000 | 442920 |
| Shimizu Corp. | 46900 | 630068 |
| Shionogi & Co. Ltd. | 25200 | 435902 |
| Sompo Holdings, Inc. | 16900 | 540115 |
| Sony Group Corp. | 132500 | 3621376 |
| Subaru Corp. | 22900 | 449214 |
| Sumitomo Electric Industries Ltd. | 28200 | 789853 |
| Suntory Beverage & Food Ltd. | 12800 | 396244 |
| Suzuki Motor Corp. | 96500 | 1276961 |
| Takeda Pharmaceutical Co. Ltd. | 14200 | 427459 |
| TDK Corp. | 265000 | 3422012 |
| Terumo Corp.<sup>(1)</sup> | 27600 | 494891 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| TIS, Inc. | 15400 | $512706 |
| Tokyo Century Corp. | 39300 | 491317 |
| Tokyo Electron Ltd. | 9900 | 1348242 |
| TOPPAN Holdings, Inc. | 15900 | 409923 |
| Trend Micro, Inc. | 7300 | 386892 |
| Yokogawa Electric Corp. | 20300 | 592567 |
|  |  | 75021918 |
| **Netherlands — 4.5%** |  |  |
| Adyen NV<sup>(2)</sup> | 793 | 1331582 |
| ASM International NV | 1850 | 888314 |
| ASML Holding NV | 818 | 607441 |
| BE Semiconductor Industries NV | 4276 | 575966 |
| CVC Capital Partners PLC | 49254 | 994225 |
| Heineken Holding NV<sup>(1)</sup> | 5794 | 411417 |
| ING Groep NV | 117172 | 2797478 |
| JDE Peet's NV<sup>(1)</sup> | 18022 | 659990 |
| Koninklijke Ahold Delhaize NV | 84832 | 3399455 |
| NN Group NV | 42299 | 2911528 |
| Prosus NV<sup>(2)</sup> | 42564 | 2632986 |
| Randstad NV<sup>(1)</sup> | 10205 | 482742 |
| Wolters Kluwer NV | 2896 | 364820 |
|  |  | 18057944 |
| **New Zealand — 0.5%** |  |  |
| Fisher & Paykel Healthcare Corp. Ltd. | 97608 | 2105975 |
| **Norway — 0.9%** |  |  |
| Equinor ASA | 61376 | 1514688 |
| Gjensidige Forsikring ASA | 20128 | 559157 |
| Kongsberg Gruppen ASA | 36369 | 1086206 |
| Yara International ASA | 13720 | 499459 |
|  |  | 3659510 |
| **Portugal — 0.3%** |  |  |
| Banco Comercial Portugues SA, R Shares | 958636 | 812045 |
| EDP SA | 106130 | 470041 |
|  |  | 1282086 |
| **Singapore — 2.1%** |  |  |
| Genting Singapore Ltd.<sup>(1)</sup> | 3906300 | 2191266 |
| Grab Holdings Ltd., Class A<sup>(2)</sup> | 105416 | 526026 |
| Singapore Airlines Ltd.<sup>(1)</sup> | 79600 | 408132 |
| Singapore Exchange Ltd. | 198400 | 2561284 |
| Singapore Technologies Engineering Ltd. | 359900 | 2153855 |
| Wilmar International Ltd. | 179800 | 413224 |
|  |  | 8253787 |
| **Spain — 3.5%** |  |  |
| ACS Actividades de Construccion y Servicios SA | 8439 | 637876 |
| Aena SME SA | 116179 | 3367391 |
| Amadeus IT Group SA<sup>(1)</sup> | 6268 | 525748 |
| Banco Bilbao Vizcaya Argentaria SA | 260173 | 4734889 |
| Banco de Sabadell SA<sup>(1)</sup> | 141596 | 537812 |
| Banco Santander SA | 54415 | 519665 |
| CaixaBank SA | 84763 | 846361 |
| Endesa SA | 21162 | 644521 |
| International Consolidated Airlines Group SA | 110881 | 573529 |
| Mapfre SA | 137981 | 604725 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Telefonica SA<sup>(1)</sup> | 86878 | $465780 |
| Unicaja Banco SA | 197157 | 546678 |
|  |  | 14004975 |
| **Sweden — 2.1%** |  |  |
| AddTech AB, B Shares | 17112 | 600078 |
| Axfood AB<sup>(1)</sup> | 17511 | 552344 |
| H & M Hennes & Mauritz AB, B Shares<sup>(1)</sup> | 29902 | 439432 |
| Lifco AB, B Shares<sup>(1)</sup> | 21801 | 774752 |
| Saab AB, Class B<sup>(1)</sup> | 24694 | 1395471 |
| Securitas AB, B Shares | 75806 | 1160070 |
| Skanska AB, B Shares | 18248 | 453173 |
| SKF AB, B Shares<sup>(1)</sup> | 21064 | 540850 |
| SSAB AB, B Shares<sup>(1)</sup> | 72808 | 413209 |
| Tele2 AB, B Shares<sup>(1)</sup> | 34291 | 603937 |
| Telefonaktiebolaget LM Ericsson, B Shares | 192987 | 1527841 |
|  |  | 8461157 |
| **Switzerland — 5.7%** |  |  |
| ABB Ltd. | 9191 | 616818 |
| Accelleron Industries AG | 18644 | 1604334 |
| Avolta AG<sup>(2)</sup> | 19437 | 1116357 |
| Belimo Holding AG | 1165 | 1282828 |
| Cie Financiere Richemont SA, Class A | 2751 | 481652 |
| DKSH Holding AG | 5515 | 405597 |
| Galderma Group AG | 9756 | 1708632 |
| Logitech International SA | 7395 | 763591 |
| Novartis AG | 44236 | 5599042 |
| On Holding AG, Class A<sup>(2)</sup> | 10946 | 493446 |
| Partners Group Holding AG | 890 | 1222245 |
| Roche Holding AG | 14472 | 4719003 |
| Straumann Holding AG | 7429 | 870525 |
| Sulzer AG | 3019 | 565743 |
| Swatch Group AG, Bearer Shares<sup>(1)</sup> | 2556 | 462163 |
| Swiss Re AG | 2413 | 437342 |
| VAT Group AG<sup>(1)</sup> | 1365 | 446399 |
|  |  | 22795717 |
| **United Kingdom — 12.5%** |  |  |
| 3i Group PLC | 56325 | 3060066 |
| Admiral Group PLC | 48165 | 2360245 |
| Antofagasta PLC | 21921 | 636067 |
| Associated British Foods PLC | 16281 | 475791 |
| AstraZeneca PLC | 6277 | 1000644 |
| Barclays PLC | 681324 | 3319850 |
| Beazley PLC | 47714 | 505111 |
| British American Tobacco PLC | 78462 | 4455668 |
| BT Group PLC | 175332 | 513335 |
| Centrica PLC | 225576 | 490517 |
| Coca-Cola HBC AG<sup>(2)</sup> | 13458 | 680763 |
| Convatec Group PLC | 131976 | 421927 |
| DCC PLC | 6869 | 436833 |
| Diploma PLC | 8347 | 609339 |
| easyJet PLC | 55886 | 370633 |
| Endeavour Mining PLC | 18557 | 645208 |
| Evraz PLC<sup>(2)(3)</sup> | 199959 | 27 |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Games Workshop Group PLC | 2482 | $518169 |
| GSK PLC | 20852 | 412037 |
| Halma PLC | 13059 | 580567 |
| Hikma Pharmaceuticals PLC | 14850 | 358745 |
| HSBC Holdings PLC | 388000 | 4971187 |
| IG Group Holdings PLC | 34185 | 522235 |
| Imperial Brands PLC | 11569 | 488590 |
| InterContinental Hotels Group PLC | 18972 | 2303025 |
| Investec PLC | 60895 | 446732 |
| Kingfisher PLC | 239102 | 832817 |
| Lloyds Banking Group PLC | 797316 | 855307 |
| Marks & Spencer Group PLC | 160950 | 751712 |
| NatWest Group PLC | 356586 | 2461206 |
| Next PLC | 3749 | 605830 |
| Prudential PLC | 45637 | 608696 |
| Rightmove PLC | 51298 | 514778 |
| Rio Tinto PLC | 55763 | 3485846 |
| Rolls-Royce Holdings PLC | 89259 | 1287145 |
| Schroders PLC | 91673 | 470967 |
| Smith & Nephew PLC | 29358 | 550656 |
| Smiths Group PLC | 73996 | 2356070 |
| Taylor Wimpey PLC | 277442 | 358925 |
| Tesco PLC | 81530 | 466029 |
| Vodafone Group PLC | 2627276 | 3145960 |
| Wise PLC, Class A<sup>(2)</sup> | 41388 | 589611 |
| WPP PLC | 53789 | 285223 |
|  |  | 50210089 |
| **United States — 1.5%** |  |  |
| Autoliv, Inc. | 12019 | 1491197 |
| CRH PLC | 5632 | 636134 |
| Flex Ltd.<sup>(2)</sup> | 25391 | 1361466 |
| Janus Henderson Group PLC | 14133 | 626375 |
| Sportradar Group AG, Class A<sup>(2)</sup> | 23228 | 718674 |
| TechnipFMC PLC | 19818 | 728510 |
| Waste Connections, Inc. | 2604 | 481245 |
|  |  | 6043601 |
| **TOTAL COMMON STOCKS**<br>(Cost $336,616,667) |  | **397855460** |
| **WARRANTS — 0.0%** |  |  |
| **Canada — 0.0%** |  |  |
| Constellation Software, Inc.<sup>(2)</sup><br>(Cost $—) | 966 | **7** |
| **SHORT-TERM INVESTMENTS — 1.1%** |  |  |
| **Money Market Funds — 1.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1294907 | 1294907 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 3328037 | 3328037 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $4,622,944) |  | **4622944** |
| **TOTAL INVESTMENT SECURITIES — 100.5%**<br>(Cost $341,239,611) |  | **402478411** |
| **OTHER ASSETS AND LIABILITIES — (0.5)%** |  | **(2132223)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**400346188** |

---

------

Schedule of Investments - Quality Diversified International ETF

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Financials | 21.4% |
| Industrials | 18.9% |
| Consumer Discretionary | 15.6% |
| Health Care | 10.9% |
| Information Technology | 9.3% |
| Materials | 8.0% |
| Consumer Staples | 5.7% |
| Communication Services | 4.4% |
| Energy | 3.0% |
| Utilities | 2.1% |
| Real Estate | 0.1% |
| Short-Term Investments | 1.1% |
| Other Assets and Liabilities | (0.5)% |

---

---

| | | |
|:---|:---|:---|
| **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 $13,504,721. 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 $14,296,501, which includes securities collateral of $10,968,464.

**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 | $18995208 | $20943900 |  |
| &nbsp;&nbsp;Germany | 529031 | 37399866 |  |
| &nbsp;&nbsp;Ireland | 909144 | 2836732 |  |
| &nbsp;&nbsp;Israel | 2899937 | 4599232 |  |
| &nbsp;&nbsp;Singapore | 526026 | 7727761 |  |
| &nbsp;&nbsp;Switzerland | 493446 | 22302271 |  |
| &nbsp;&nbsp;United States | 6043601 |  |  |
| &nbsp;&nbsp;Other Countries |  | 271649305 |  |
| Warrants |  | 7 |  |
| Short-Term Investments | 4622944 |  |  |
|  | $35019337 | $367459074 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Quality Preferred ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 99.5%** | **Shares** | **Value** |
| **Money Market Funds — 99.5%** | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $39,910,056) | 39910056 | $**39910056** |
| **TOTAL INVESTMENT SECURITIES — 99.5%**<br>(Cost $39,910,056) |  | **39910056** |
| **OTHER ASSETS AND LIABILITIES — 0.5%** |  | **197189** |
| **TOTAL NET ASSETS — 100.0%** |  | $**40107245** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

**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 Growth ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.7%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 2.2%** |  |  |
| Axon Enterprise, Inc.<sup>(1)</sup> | 2159 | $1613399 |
| BWX Technologies, Inc. | 10141 | 1643248 |
| Curtiss-Wright Corp. | 3439 | 1644358 |
| General Electric Co. | 74467 | 20493318 |
| Howmet Aerospace, Inc. | 96723 | 16839474 |
|  |  | 42233797 |
| **Air Freight and Logistics — 0.4%** |  |  |
| CH Robinson Worldwide, Inc. | 65777 | 8465500 |
| **Automobile Components — 0.2%** |  |  |
| Gentex Corp. | 109078 | 3055275 |
| Modine Manufacturing Co.<sup>(1)</sup> | 11783 | 1604020 |
|  |  | 4659295 |
| **Beverages — 0.5%** |  |  |
| Coca-Cola Consolidated, Inc. | 25762 | 3020337 |
| Monster Beverage Corp.<sup>(1)</sup> | 108445 | 6768052 |
|  |  | 9788389 |
| **Biotechnology — 4.8%** |  |  |
| Alkermes PLC<sup>(1)</sup> | 103249 | 2991123 |
| Exelixis, Inc.<sup>(1)</sup> | 318059 | 11901768 |
| Gilead Sciences, Inc. | 374690 | 42328729 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 85537 | 6257032 |
| Incyte Corp.<sup>(1)</sup> | 288961 | 24448990 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 22681 | 3166268 |
|  |  | 91093910 |
| **Broadline Retail — 3.1%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 247804 | 56747116 |
| Dillard's, Inc., Class A<sup>(2)</sup> | 5755 | 3066724 |
|  |  | 59813840 |
| **Building Products — 1.4%** |  |  |
| A.O. Smith Corp. | 41729 | 2974860 |
| Armstrong World Industries, Inc. | 67084 | 13133035 |
| Johnson Controls International PLC | 15420 | 1648244 |
| Lennox International, Inc. | 5189 | 2894735 |
| Trane Technologies PLC | 11142 | 4630615 |
| Zurn Elkay Water Solutions Corp. | 35824 | 1624977 |
|  |  | 26906466 |
| **Capital Markets — 1.7%** |  |  |
| Blackstone, Inc. | 9701 | 1662751 |
| Cboe Global Markets, Inc. | 6712 | 1583696 |
| Charles Schwab Corp. | 17259 | 1654103 |
| Evercore, Inc., Class A | 9603 | 3087845 |
| Houlihan Lokey, Inc. | 8366 | 1666926 |
| Interactive Brokers Group, Inc., Class A | 159035 | 9898338 |
| Morningstar, Inc. | 17912 | 4700467 |
| Piper Sandler Cos. | 14045 | 4688081 |
| SEI Investments Co. | 34073 | 3007964 |
|  |  | 31950171 |
| **Chemicals — 0.4%** |  |  |
| Ecolab, Inc. | 5829 | 1614866 |
| NewMarket Corp. | 5932 | 4905527 |

---

------

Schedule of Investments - U.S. Quality Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| RPM International, Inc. | 12965 | $1624644 |
|  |  | 8145037 |
| **Commercial Services and Supplies — 0.1%** |  |  |
| Rollins, Inc. | 28522 | 1612634 |
| **Communications Equipment — 2.4%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 283714 | 38741147 |
| F5, Inc.<sup>(1)</sup> | 14896 | 4664533 |
| Motorola Solutions, Inc. | 3581 | 1691879 |
|  |  | 45097559 |
| **Construction and Engineering — 1.5%** |  |  |
| AECOM | 13449 | 1679645 |
| Comfort Systems USA, Inc. | 2399 | 1687409 |
| Dycom Industries, Inc.<sup>(1)</sup> | 18358 | 4634844 |
| EMCOR Group, Inc. | 8434 | 5229080 |
| MasTec, Inc.<sup>(1)</sup> | 9346 | 1698075 |
| Quanta Services, Inc. | 4354 | 1645638 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 22818 | 6355497 |
| Valmont Industries, Inc. | 12590 | 4622041 |
|  |  | 27552229 |
| **Construction Materials — 0.0%** |  |  |
| James Hardie Industries PLC<sup>(1)</sup> | 1 | 20 |
| **Consumer Staples Distribution & Retail — 1.3%** |  |  |
| Maplebear, Inc.<sup>(1)</sup> | 70824 | 3071637 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 88840 | 12485573 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 60531 | 4697206 |
| Walmart, Inc. | 48803 | 4732915 |
|  |  | 24987331 |
| **Diversified Consumer Services — 2.3%** |  |  |
| Duolingo, Inc.<sup>(1)</sup> | 21294 | 6342631 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 98746 | 19904231 |
| H&R Block, Inc. | 58923 | 2966773 |
| Stride, Inc.<sup>(1)</sup> | 84401 | 13773399 |
|  |  | 42987034 |
| **Electric Utilities — 0.1%** |  |  |
| Constellation Energy Corp. | 5333 | 1642457 |
| **Electrical Equipment — 1.7%** |  |  |
| Acuity, Inc. | 9402 | 3069471 |
| GE Vernova, Inc. | 21796 | 13360294 |
| Generac Holdings, Inc.<sup>(1)</sup> | 61400 | 11374350 |
| Vertiv Holdings Co., Class A | 39339 | 5017690 |
|  |  | 32821805 |
| **Electronic Equipment, Instruments and Components — 3.0%** |  |  |
| Amphenol Corp., Class A | 109950 | 11969157 |
| Cognex Corp. | 36952 | 1623671 |
| Corning, Inc. | 25148 | 1685670 |
| Fabrinet<sup>(1)</sup> | 5619 | 1861518 |
| Itron, Inc.<sup>(1)</sup> | 149038 | 18322732 |
| Jabil, Inc. | 77694 | 15914062 |
| TE Connectivity PLC | 8068 | 1666042 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | 14640 | 4642198 |
|  |  | 57685050 |
| **Energy Equipment and Services — 0.4%** |  |  |
| Baker Hughes Co. | 174204 | 7908862 |

---

------

Schedule of Investments - U.S. Quality Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Entertainment — 5.4%** |  |  |
| Netflix, Inc.<sup>(1)</sup> | 47074 | $56877161 |
| Spotify Technology SA<sup>(1)</sup> | 67547 | 46058948 |
|  |  | 102936109 |
| **Financial Services — 4.3%** |  |  |
| Mastercard, Inc., Class A | 110456 | 65753352 |
| Toast, Inc., Class A<sup>(1)</sup> | 295351 | 13320330 |
| Visa, Inc., Class A | 4725 | 1662161 |
|  |  | 80735843 |
| **Ground Transportation — 0.5%** |  |  |
| Lyft, Inc., Class A<sup>(1)</sup> | 361158 | 5857983 |
| Uber Technologies, Inc.<sup>(1)</sup> | 31735 | 2975156 |
|  |  | 8833139 |
| **Health Care Equipment and Supplies — 4.1%** |  |  |
| Boston Scientific Corp.<sup>(1)</sup> | 218099 | 23009444 |
| Dexcom, Inc.<sup>(1)</sup> | 20106 | 1514786 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 44021 | 28485549 |
| Insulet Corp.<sup>(1)</sup> | 5000 | 1699400 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 9053 | 4284740 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 18490 | 1674085 |
| Penumbra, Inc.<sup>(1)</sup> | 49088 | 13383352 |
| ResMed, Inc. | 16088 | 4416317 |
|  |  | 78467673 |
| **Health Care Providers and Services — 0.1%** |  |  |
| Encompass Health Corp. | 13465 | 1639498 |
| **Health Care REITs — 0.1%** |  |  |
| American Healthcare REIT, Inc. | 38944 | 1666414 |
| **Health Care Technology — 0.6%** |  |  |
| Doximity, Inc., Class A<sup>(1)</sup> | 143010 | 9716100 |
| Waystar Holding Corp.<sup>(1)</sup> | 45639 | 1728805 |
|  |  | 11444905 |
| **Hotels, Restaurants and Leisure — 3.9%** |  |  |
| Booking Holdings, Inc. | 11564 | 64747414 |
| Brinker International, Inc. | 20423 | 3185580 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 6688 | 1640232 |
| Expedia Group, Inc. | 14299 | 3071425 |
| Wingstop, Inc. | 4979 | 1633709 |
|  |  | 74278360 |
| **Household Durables — 0.2%** |  |  |
| Garmin Ltd. | 7011 | 1695400 |
| Somnigroup International, Inc. | 19739 | 1657089 |
|  |  | 3352489 |
| **Household Products — 0.3%** |  |  |
| Clorox Co. | 25531 | 3017764 |
| Colgate-Palmolive Co. | 35742 | 3004830 |
|  |  | 6022594 |
| **Independent Power and Renewable Electricity Producers — 0.3%** |  |  |
| Vistra Corp. | 29572 | 5592361 |
| **Interactive Media and Services — 7.1%** |  |  |
| Alphabet, Inc., Class A | 321018 | 68347942 |
| Match Group, Inc. | 177814 | 6639575 |
| Meta Platforms, Inc., Class A | 75130 | 55498531 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 86258 | 3159631 |

---

------

Schedule of Investments - U.S. Quality Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Reddit, Inc., Class A<sup>(1)</sup> | 7611 | $1713084 |
|  |  | 135358763 |
| **IT Services — 1.9%** |  |  |
| Accenture PLC, Class A | 85598 | 22252912 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 10543 | 2200430 |
| Gartner, Inc.<sup>(1)</sup> | 12292 | 3087627 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 20886 | 3097603 |
| International Business Machines Corp. | 12688 | 3089401 |
| VeriSign, Inc. | 11395 | 3115051 |
|  |  | 36843024 |
| **Life Sciences Tools and Services — 0.7%** |  |  |
| Illumina, Inc.<sup>(1)</sup> | 30173 | 3016093 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 20385 | 9693271 |
|  |  | 12709364 |
| **Machinery — 1.6%** |  |  |
| Crane Co. | 8515 | 1577829 |
| Federal Signal Corp. | 75495 | 9285130 |
| Flowserve Corp. | 88247 | 4735334 |
| ITT, Inc. | 9679 | 1647850 |
| Lincoln Electric Holdings, Inc. | 12525 | 3038941 |
| SPX Technologies, Inc.<sup>(1)</sup> | 8684 | 1624863 |
| Toro Co. | 38827 | 3147317 |
| Watts Water Technologies, Inc., Class A | 16843 | 4663827 |
|  |  | 29721091 |
| **Media — 2.0%** |  |  |
| New York Times Co., Class A | 632296 | 37836593 |
| **Metals and Mining — 0.2%** |  |  |
| Newmont Corp. | 43403 | 3229183 |
| **Oil, Gas and Consumable Fuels — 0.9%** |  |  |
| Antero Midstream Corp. | 514905 | 9160160 |
| APA Corp. | 141944 | 3295940 |
| Texas Pacific Land Corp. | 4470 | 4172655 |
|  |  | 16628755 |
| **Pharmaceuticals — 3.0%** |  |  |
| Bristol-Myers Squibb Co. | 64100 | 3024238 |
| Eli Lilly & Co. | 64255 | 47071928 |
| Merck & Co., Inc. | 91331 | 7682764 |
|  |  | 57778930 |
| **Professional Services — 1.6%** |  |  |
| Booz Allen Hamilton Holding Corp. | 167651 | 18227017 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 107278 | 4696631 |
| Genpact Ltd. | 67792 | 3073689 |
| Jacobs Solutions, Inc. | 11139 | 1628856 |
| Leidos Holdings, Inc. | 16901 | 3057729 |
|  |  | 30683922 |
| **Real Estate Management and Development — 1.4%** |  |  |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 86504 | 26433027 |
| **Semiconductors and Semiconductor Equipment — 8.1%** |  |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 9859 | 1603369 |
| Astera Labs, Inc.<sup>(1)</sup> | 55412 | 10096066 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 26168 | 2988124 |
| KLA Corp. | 25884 | 22570848 |
| Lam Research Corp. | 323446 | 32393117 |

---

------

Schedule of Investments - U.S. Quality Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Micron Technology, Inc. | 14055 | $1672686 |
| Monolithic Power Systems, Inc. | 5599 | 4679420 |
| NVIDIA Corp. | 265499 | 46244616 |
| QUALCOMM, Inc. | 194396 | 31245269 |
|  |  | 153493515 |
| **Software — 20.3%** |  |  |
| Adobe, Inc.<sup>(1)</sup> | 106365 | 37940396 |
| AppLovin Corp., Class A<sup>(1)</sup> | 85594 | 40964432 |
| Atlassian Corp., Class A<sup>(1)</sup> | 17985 | 3197373 |
| Autodesk, Inc.<sup>(1)</sup> | 10584 | 3330785 |
| Box, Inc., Class A<sup>(1)</sup> | 386371 | 12607286 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 4731 | 1657884 |
| Docusign, Inc.<sup>(1)</sup> | 164238 | 12590485 |
| Dolby Laboratories, Inc., Class A | 40619 | 2911570 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 426323 | 12388917 |
| Dynatrace, Inc.<sup>(1)</sup> | 62179 | 3146257 |
| Fair Isaac Corp.<sup>(1)</sup> | 3338 | 5079234 |
| Fortinet, Inc.<sup>(1)</sup> | 38386 | 3023665 |
| Guidewire Software, Inc.<sup>(1)</sup> | 7729 | 1677348 |
| HubSpot, Inc.<sup>(1)</sup> | 27399 | 13238375 |
| InterDigital, Inc. | 11536 | 3134447 |
| Intuit, Inc. | 4635 | 3091545 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 21852 | 4707795 |
| Microsoft Corp. | 9317 | 4720831 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 291959 | 19622564 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 238156 | 37321427 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 123301 | 23491307 |
| Pegasystems, Inc. | 147313 | 7985838 |
| PTC, Inc.<sup>(1)</sup> | 21974 | 4691449 |
| Q2 Holdings, Inc.<sup>(1)</sup> | 20799 | 1637505 |
| Qualys, Inc.<sup>(1)</sup> | 136985 | 18603933 |
| Salesforce, Inc. | 173197 | 44381731 |
| Samsara, Inc., Class A<sup>(1)</sup> | 47541 | 1718132 |
| ServiceNow, Inc.<sup>(1)</sup> | 53291 | 48892361 |
| Varonis Systems, Inc.<sup>(1)</sup> | 27981 | 1651439 |
| Workday, Inc., Class A<sup>(1)</sup> | 13882 | 3204243 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 37246 | 3032569 |
|  |  | 385643123 |
| **Specialty Retail — 0.9%** |  |  |
| Chewy, Inc., Class A<sup>(1)</sup> | 119424 | 4891607 |
| TJX Cos., Inc. | 75844 | 10361049 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 39902 | 2676626 |
|  |  | 17929282 |
| **Technology Hardware, Storage and Peripherals — 1.1%** |  |  |
| Apple, Inc. | 75416 | 17507070 |
| Western Digital Corp. | 39907 | 3206129 |
|  |  | 20713199 |
| **Textiles, Apparel and Luxury Goods — 1.1%** |  |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | 28154 | 3368063 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 14797 | 2991953 |
| Ralph Lauren Corp. | 48777 | 14483355 |
|  |  | 20843371 |

---

------

Schedule of Investments - U.S. Quality Growth ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Trading Companies and Distributors — 0.4%** |  |  |
| Fastenal Co. | 93781 | $4657165 |
| MSC Industrial Direct Co., Inc., Class A | 33818 | 3051398 |
|  |  | 7708563 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| T-Mobile U.S., Inc. | 6565 | 1654314 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,693,347,379) |  | **1895528790** |
| **RIGHTS — 0.0%** |  |  |
| **Health Care Equipment and Supplies — 0.0%** |  |  |
| ABIOMED, Inc.<sup>(1)</sup><br>(Cost $2,638) | 2586 | **2638** |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| **Money Market Funds — 0.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 6511686 | 6511686 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1626467 | 1626467 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $8,138,153) |  | **8138153** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $1,701,488,170) |  | **1903669581** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(2636063)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1901033518** |

---

**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 $5,697,160. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $6,176,051, which includes securities collateral of $4,549,584.

**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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.7%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.9%** |  |  |
| General Dynamics Corp. | 699 | $226874 |
| Lockheed Martin Corp. | 9866 | 4495246 |
| Textron, Inc. | 2741 | 219719 |
|  |  | 4941839 |
| **Air Freight and Logistics — 0.3%** |  |  |
| CH Robinson Worldwide, Inc. | 3316 | 426769 |
| FedEx Corp. | 944 | 218130 |
| United Parcel Service, Inc., Class B | 2516 | 219999 |
|  |  | 864898 |
| **Automobile Components — 0.5%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 2850 | 226660 |
| BorgWarner, Inc. | 7335 | 313645 |
| Gentex Corp. | 7937 | 222315 |
| Lear Corp. | 5882 | 647020 |
|  |  | 1409640 |
| **Beverages — 2.3%** |  |  |
| Coca-Cola Co. | 5919 | 408352 |
| Coca-Cola Consolidated, Inc. | 1875 | 219825 |
| PepsiCo, Inc. | 34781 | 5170195 |
|  |  | 5798372 |
| **Biotechnology — 4.6%** |  |  |
| AbbVie, Inc. | 24714 | 5199826 |
| Alkermes PLC<sup>(1)</sup> | 7513 | 217652 |
| Amgen, Inc. | 761 | 218947 |
| Exelixis, Inc.<sup>(1)</sup> | 5786 | 216512 |
| Gilead Sciences, Inc. | 51366 | 5802817 |
|  |  | 11655754 |
| **Broadline Retail — 0.2%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 977 | 223733 |
| Dillard's, Inc., Class A<sup>(2)</sup> | 419 | 223277 |
|  |  | 447010 |
| **Building Products — 0.6%** |  |  |
| A.O. Smith Corp. | 3036 | 216437 |
| Carlisle Cos., Inc. | 562 | 216870 |
| Fortune Brands Innovations, Inc. | 3634 | 212662 |
| Masco Corp. | 8449 | 620072 |
| UFP Industries, Inc. | 2087 | 210724 |
|  |  | 1476765 |
| **Capital Markets — 2.0%** |  |  |
| Affiliated Managers Group, Inc. | 994 | 223471 |
| Ameriprise Financial, Inc. | 432 | 222398 |
| Blackrock, Inc. | 612 | 689810 |
| Blackstone, Inc. | 2435 | 417359 |
| Charles Schwab Corp. | 23324 | 2235372 |
| Evercore, Inc., Class A | 699 | 224763 |
| Goldman Sachs Group, Inc. | 301 | 224320 |
| Morgan Stanley | 1510 | 227225 |
| SEI Investments Co. | 2479 | 218846 |
| Stifel Financial Corp. | 1955 | 225392 |
| T. Rowe Price Group, Inc. | 2064 | 222128 |
|  |  | 5131084 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Chemicals — 0.8%** |  |  |
| CF Industries Holdings, Inc. | 2584 | $223852 |
| Eastman Chemical Co. | 5978 | 420492 |
| Linde PLC | 1326 | 634213 |
| NewMarket Corp. | 802 | 663222 |
|  |  | 1941779 |
| **Commercial Services and Supplies — 0.2%** |  |  |
| Rollins, Inc. | 7158 | 404713 |
| **Communications Equipment — 3.2%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 1677 | 228994 |
| Cisco Systems, Inc. | 107194 | 7406033 |
| F5, Inc.<sup>(1)</sup> | 1532 | 479731 |
|  |  | 8114758 |
| **Construction and Engineering — 0.1%** |  |  |
| Valmont Industries, Inc. | 595 | 218436 |
| **Consumer Finance — 0.2%** |  |  |
| Capital One Financial Corp. | 1010 | 229492 |
| OneMain Holdings, Inc. | 3715 | 229810 |
|  |  | 459302 |
| **Consumer Staples Distribution & Retail — 1.8%** |  |  |
| Costco Wholesale Corp. | 233 | 219793 |
| Kroger Co. | 3213 | 217970 |
| Target Corp. | 35714 | 3427830 |
| Walmart, Inc. | 8602 | 834222 |
|  |  | 4699815 |
| **Containers and Packaging — 0.4%** |  |  |
| Avery Dennison Corp. | 2325 | 399086 |
| Crown Holdings, Inc. | 2216 | 220226 |
| Packaging Corp. of America | 2009 | 437882 |
|  |  | 1057194 |
| **Distributors — 0.2%** |  |  |
| LKQ Corp. | 13037 | 425267 |
| **Diversified Consumer Services — 0.7%** |  |  |
| ADT, Inc. | 25371 | 220981 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 1099 | 221526 |
| H&R Block, Inc. | 23122 | 1164193 |
| Stride, Inc.<sup>(1)</sup> | 1353 | 220796 |
|  |  | 1827496 |
| **Diversified Telecommunication Services — 1.0%** |  |  |
| AT&T, Inc. | 14428 | 422596 |
| Verizon Communications, Inc. | 47603 | 2105481 |
|  |  | 2528077 |
| **Electrical Equipment — 0.3%** |  |  |
| Acuity, Inc. | 1271 | 414943 |
| Eaton Corp. PLC | 643 | 224497 |
| Sensata Technologies Holding PLC | 6686 | 217563 |
|  |  | 857003 |
| **Electronic Equipment, Instruments and Components — 0.9%** |  |  |
| Amphenol Corp., Class A | 2044 | 222510 |
| Itron, Inc.<sup>(1)</sup> | 1762 | 216620 |
| Jabil, Inc. | 2907 | 595441 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 1339 | 218833 |
| Littelfuse, Inc. | 850 | 220856 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| TE Connectivity PLC | 3115 | $643247 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | 692 | 219426 |
|  |  | 2336933 |
| **Entertainment — 0.6%** |  |  |
| Electronic Arts, Inc. | 1304 | 224223 |
| Netflix, Inc.<sup>(1)</sup> | 186 | 224735 |
| Spotify Technology SA<sup>(1)</sup> | 323 | 220247 |
| Walt Disney Co. | 7809 | 924429 |
|  |  | 1593634 |
| **Financial Services — 0.7%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 457 | 229862 |
| Enact Holdings, Inc. | 5770 | 217241 |
| Fiserv, Inc.<sup>(1)</sup> | 1600 | 221088 |
| Global Payments, Inc. | 2483 | 220540 |
| Mastercard, Inc., Class A | 373 | 222043 |
| MGIC Investment Corp. | 7940 | 220970 |
| PayPal Holdings, Inc.<sup>(1)</sup> | 3198 | 224468 |
| Visa, Inc., Class A | 639 | 224787 |
|  |  | 1780999 |
| **Food Products — 2.9%** |  |  |
| Archer-Daniels-Midland Co. | 3552 | 222497 |
| Conagra Brands, Inc. | 11369 | 217489 |
| General Mills, Inc. | 64079 | 3161017 |
| Hershey Co. | 2288 | 420420 |
| Hormel Foods Corp. | 118636 | 3018100 |
| Ingredion, Inc. | 1732 | 224363 |
| Tyson Foods, Inc., Class A | 3880 | 220307 |
|  |  | 7484193 |
| **Ground Transportation — 2.2%** |  |  |
| Lyft, Inc., Class A<sup>(1)</sup> | 13140 | 213131 |
| Uber Technologies, Inc.<sup>(1)</sup> | 2309 | 216469 |
| Union Pacific Corp. | 22843 | 5107009 |
|  |  | 5536609 |
| **Health Care Equipment and Supplies — 4.1%** |  |  |
| Abbott Laboratories | 39254 | 5207436 |
| Align Technology, Inc.<sup>(1)</sup> | 1494 | 212088 |
| Hologic, Inc.<sup>(1)</sup> | 3274 | 219751 |
| Medtronic PLC | 52443 | 4867235 |
|  |  | 10506510 |
| **Health Care Providers and Services — 1.5%** |  |  |
| Cardinal Health, Inc. | 1509 | 224509 |
| Centene Corp.<sup>(1)</sup> | 7600 | 220704 |
| Chemed Corp. | 487 | 223022 |
| Cigna Group | 734 | 220839 |
| DaVita, Inc.<sup>(1)</sup> | 1592 | 219314 |
| Elevance Health, Inc. | 706 | 224967 |
| Humana, Inc. | 746 | 226530 |
| McKesson Corp. | 324 | 222471 |
| Quest Diagnostics, Inc. | 1240 | 225234 |
| UnitedHealth Group, Inc. | 5089 | 1576928 |
| Universal Health Services, Inc., Class B | 1204 | 218622 |
|  |  | 3803140 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hotels, Restaurants and Leisure — 1.1%** |  |  |
| Booking Holdings, Inc. | 362 | $2026856 |
| Boyd Gaming Corp. | 2609 | 224008 |
| Expedia Group, Inc. | 1041 | 223607 |
| McDonald's Corp. | 1322 | 414500 |
|  |  | 2888971 |
| **Household Durables — 0.5%** |  |  |
| DR Horton, Inc. | 1310 | 222019 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 1962 | 260338 |
| PulteGroup, Inc. | 1689 | 222982 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 3219 | 216864 |
| Toll Brothers, Inc. | 1606 | 223234 |
| TopBuild Corp.<sup>(1)</sup> | 515 | 216691 |
|  |  | 1362128 |
| **Household Products — 8.2%** |  |  |
| Clorox Co. | 36360 | 4297752 |
| Colgate-Palmolive Co. | 60562 | 5091447 |
| Kimberly-Clark Corp. | 38989 | 5035040 |
| Procter & Gamble Co. | 40774 | 6403149 |
|  |  | 20827388 |
| **Industrial Conglomerates — 0.2%** |  |  |
| Honeywell International, Inc. | 2922 | 641379 |
| **Insurance — 0.8%** |  |  |
| Allstate Corp. | 1088 | 221353 |
| Chubb Ltd. | 805 | 221431 |
| Everest Group Ltd. | 650 | 222222 |
| First American Financial Corp. | 6246 | 412236 |
| Loews Corp. | 2321 | 224673 |
| Old Republic International Corp. | 11639 | 465211 |
| Progressive Corp. | 897 | 221613 |
|  |  | 1988739 |
| **Interactive Media and Services — 1.0%** |  |  |
| Alphabet, Inc., Class A | 10845 | 2309009 |
| Meta Platforms, Inc., Class A | 414 | 305822 |
|  |  | 2614831 |
| **IT Services — 8.5%** |  |  |
| Accenture PLC, Class A | 8315 | 2161651 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 2879 | 227815 |
| Amdocs Ltd. | 67283 | 5757406 |
| Cognizant Technology Solutions Corp., Class A | 22939 | 1657343 |
| EPAM Systems, Inc.<sup>(1)</sup> | 1278 | 225388 |
| Gartner, Inc.<sup>(1)</sup> | 894 | 224564 |
| International Business Machines Corp. | 29114 | 7088968 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 7164 | 227744 |
| VeriSign, Inc. | 14969 | 4092075 |
|  |  | 21662954 |
| **Leisure Products — 0.1%** |  |  |
| Mattel, Inc.<sup>(1)</sup> | 12174 | 222784 |
| **Life Sciences Tools and Services — 0.2%** |  |  |
| Danaher Corp. | 1055 | 217140 |
| Thermo Fisher Scientific, Inc. | 447 | 220246 |
|  |  | 437386 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Machinery — 3.7%** |  |  |
| Allison Transmission Holdings, Inc. | 2503 | $218537 |
| Caterpillar, Inc. | 1466 | 614313 |
| Donaldson Co., Inc. | 8434 | 671937 |
| Flowserve Corp. | 4174 | 223977 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 8859 | 226436 |
| Graco, Inc. | 2559 | 218513 |
| Illinois Tool Works, Inc. | 18489 | 4893114 |
| Middleby Corp.<sup>(1)</sup> | 1628 | 222792 |
| Oshkosh Corp. | 1573 | 219229 |
| Otis Worldwide Corp. | 7209 | 622713 |
| Snap-on, Inc. | 671 | 218236 |
| Timken Co. | 2830 | 218561 |
| Toro Co. | 8072 | 654316 |
| Watts Water Technologies, Inc., Class A | 797 | 220689 |
|  |  | 9443363 |
| **Media — 4.3%** |  |  |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 801 | 212730 |
| Comcast Corp., Class A | 211312 | 7178269 |
| Fox Corp., Class A | 3762 | 224591 |
| Interpublic Group of Cos., Inc. | 38004 | 1020027 |
| New York Times Co., Class A | 3738 | 223682 |
| Nexstar Media Group, Inc., Class A | 6692 | 1368715 |
| Omnicom Group, Inc. | 8094 | 634003 |
|  |  | 10862017 |
| **Metals and Mining — 0.2%** |  |  |
| Alcoa Corp. | 7055 | 227100 |
| Commercial Metals Co. | 3794 | 218800 |
|  |  | 445900 |
| **Oil, Gas and Consumable Fuels — 5.8%** |  |  |
| Antero Midstream Corp. | 187615 | 3337671 |
| APA Corp. | 10329 | 239839 |
| Chevron Corp. | 31491 | 5057455 |
| ConocoPhillips | 4289 | 424482 |
| Exxon Mobil Corp. | 46771 | 5345458 |
| Valero Energy Corp. | 2855 | 433988 |
|  |  | 14838893 |
| **Personal Care Products — 0.2%** |  |  |
| Kenvue, Inc. | 19209 | 397818 |
| **Pharmaceuticals — 6.7%** |  |  |
| Bristol-Myers Squibb Co. | 79416 | 3746847 |
| Johnson & Johnson | 34808 | 6166933 |
| Merck & Co., Inc. | 82595 | 6947892 |
| Pfizer, Inc. | 8637 | 213852 |
|  |  | 17075524 |
| **Professional Services — 2.8%** |  |  |
| Automatic Data Processing, Inc. | 16901 | 5138749 |
| CACI International, Inc., Class A<sup>(1)</sup> | 464 | 222590 |
| Genpact Ltd. | 14094 | 639022 |
| Leidos Holdings, Inc. | 1230 | 222532 |
| Paychex, Inc. | 2948 | 411113 |
| Science Applications International Corp. | 1875 | 220688 |
| SS&C Technologies Holdings, Inc. | 2478 | 219699 |
|  |  | 7074393 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate Management and Development — 0.5%** |  |  |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 4423 | $1351536 |
| **Retail REITs — 0.2%** |  |  |
| Simon Property Group, Inc. | 2351 | 424732 |
| **Semiconductors and Semiconductor Equipment — 5.1%** |  |  |
| Amkor Technology, Inc. | 9278 | 224435 |
| Applied Materials, Inc. | 9629 | 1547958 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 1904 | 217418 |
| KLA Corp. | 734 | 640048 |
| Lam Research Corp. | 15633 | 1565645 |
| Micron Technology, Inc. | 11396 | 1356238 |
| ON Semiconductor Corp.<sup>(1)</sup> | 4311 | 213782 |
| Qorvo, Inc.<sup>(1)</sup> | 2405 | 218133 |
| QUALCOMM, Inc. | 37587 | 6041359 |
| Skyworks Solutions, Inc. | 3219 | 241232 |
| Teradyne, Inc. | 1939 | 229267 |
| Texas Instruments, Inc. | 2146 | 434522 |
|  |  | 12930037 |
| **Software — 2.6%** |  |  |
| Adobe, Inc.<sup>(1)</sup> | 5556 | 1981825 |
| Box, Inc., Class A<sup>(1)</sup> | 7029 | 229356 |
| Docusign, Inc.<sup>(1)</sup> | 2988 | 229060 |
| Dolby Laboratories, Inc., Class A | 14779 | 1059359 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 7755 | 225360 |
| Microsoft Corp. | 441 | 223450 |
| Pegasystems, Inc. | 4223 | 228929 |
| Qualys, Inc.<sup>(1)</sup> | 1661 | 225581 |
| Salesforce, Inc. | 8102 | 2076138 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 2710 | 220648 |
|  |  | 6699706 |
| **Specialized REITs — 0.2%** |  |  |
| Lamar Advertising Co., Class A | 3274 | 416616 |
| **Specialty Retail — 6.1%** |  |  |
| Bath & Body Works, Inc. | 7189 | 209991 |
| Best Buy Co., Inc. | 11859 | 873297 |
| Chewy, Inc., Class A<sup>(1)</sup> | 5649 | 231383 |
| Gap, Inc. | 20870 | 459349 |
| Home Depot, Inc. | 12639 | 5141166 |
| Lowe's Cos., Inc. | 27362 | 7061038 |
| TJX Cos., Inc. | 4677 | 638925 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 2904 | 194800 |
| Williams-Sonoma, Inc. | 3139 | 590728 |
|  |  | 15400677 |
| **Technology Hardware, Storage and Peripherals — 3.2%** |  |  |
| Apple, Inc. | 16180 | 3756025 |
| Dell Technologies, Inc., Class C | 1708 | 208632 |
| HP, Inc. | 127768 | 3646499 |
| NetApp, Inc. | 2022 | 228062 |
| Western Digital Corp. | 2904 | 233307 |
|  |  | 8072525 |
| **Textiles, Apparel and Luxury Goods — 1.5%** |  |  |
| Crocs, Inc.<sup>(1)</sup> | 2582 | 225151 |
| NIKE, Inc., Class B | 42368 | 3278012 |

---

------

Schedule of Investments - U.S. Quality Value ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ralph Lauren Corp. | 782 | $232199 |
|  |  | 3735362 |
| **Tobacco — 0.9%** |  |  |
| Altria Group, Inc. | 33030 | 2219946 |
| **Trading Companies and Distributors — 0.8%** |  |  |
| MSC Industrial Direct Co., Inc., Class A | 18280 | 1649405 |
| Watsco, Inc. | 998 | 401575 |
|  |  | 2050980 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| T-Mobile U.S., Inc. | 887 | 223515 |
| **TOTAL COMMON STOCKS**<br>(Cost $241,553,772) |  | **253611320** |
| **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| **Money Market Funds — 0.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 980452 | 980452 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 503513 | 503513 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,483,965) |  | **1483965** |
| **TOTAL INVESTMENT SECURITIES — 100.3%**<br>(Cost $243,037,737) |  | **255095285** |
| **OTHER ASSETS AND LIABILITIES — (0.3)%** |  | **(789585)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**254305700** |

---

**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 $493,447. 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 $503,513.

**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

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Quality Convertible Securities ETF**  | **Quality Diversified International ETF**  |
| **Assets** | | |
| Investment securities, at value | $24189741 | $399150374 |
| Investment made with cash collateral received for securities on loan, at value |  | 3328037 |
| Cash |  | 14441 |
| Foreign currency holdings, at value |  | 42681 |
| Interest and dividends receivable | 76338 | 1280132 |
| Securities lending receivable | 244 | 3085 |
|  | 24266323 | 403818750 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan |  | 3328037 |
| Accrued management fees | 10665 | 130012 |
| Accrued other expenses |  | 14513 |
|  | 10665 | 3472562 |
| **Net Assets** | $24255658 | $400346188 |
| Shares outstanding (unlimited number of shares authorized) | 500000 | 6700000 |
| **Net Asset Value Per Share** | $48.51 | $59.75 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $26764104 | $396770538 |
| Distributable earnings (loss) | (2508446) | 3575650 |
|  | $24255658 | $400346188 |
| Investment securities, at cost | $24189741 | $337911574 |
| Investment securities on loan, at value |  | $13504721 |
| Investment made with cash collateral received for securities on loan, at cost |  | $3328037 |
| Foreign currency holdings, at cost |  | $42572 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | **AUGUST 31, 2025** | |
| | **Quality Preferred ETF**  | **U.S. Quality Growth ETF**  |
| **Assets** | | |
| Investment securities, at value | $39910056 | $1902043114 |
| Investment made with cash collateral received for securities on loan, at value |  | 1626467 |
| Receivable for investments sold |  | 746012698 |
| Receivable for capital shares sold |  | 138426125 |
| Dividends and interest receivable | 209002 | 1057758 |
| Securities lending receivable | 3731 | 1475 |
|  | 40122789 | 2789167637 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan |  | 1626467 |
| Payable for investments purchased |  | 747889547 |
| Payable for capital shares redeemed |  | 138156125 |
| Accrued management fees | 15544 | 461980 |
|  | 15544 | 888134119 |
| **Net Assets** | $40107245 | $1901033518 |
| Shares outstanding (unlimited number of shares authorized) | 1110000 | 17200000 |
| **Net Asset Value Per Share** | $36.13 | $110.53 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $44710254 | $1825949739 |
| Distributable earnings (loss) | (4603009) | 75083779 |
|  | $40107245 | $1901033518 |
| Investment securities, at cost | $39910056 | $1699861703 |
| Investment securities on loan, at value |  | $5697160 |
| Investment made with cash collateral received for securities on loan, at cost |  | $1626467 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **AUGUST 31, 2025** | |
| | **U.S. Quality Value ETF** |
| **Assets** | |
| Investment securities, at value | $254591772 |
| Investment made with cash collateral received for securities on loan, at value | 503513 |
| Receivable for investments sold | 74379621 |
| Receivable for capital shares sold | 28860750 |
| Dividends and interest receivable | 362295 |
| Securities lending receivable | 90 |
|  | 358698041 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 503513 |
| Payable for investments purchased | 75036036 |
| Payable for capital shares redeemed | 28790280 |
| Accrued management fees | 62512 |
|  | 104392341 |
| **Net Assets** | $254305700 |
| Shares outstanding (unlimited number of shares authorized) | 3975000 |
| **Net Asset Value Per Share** | $63.98 |
| **Net Assets Consist of:** |  |
| Capital paid in | $294156521 |
| Distributable earnings (loss) | (39850821) |
|  | $254305700 |
| Investment securities, at cost | $242534224 |
| Investment securities on loan, at value | $493447 |
| Investment made with cash collateral received for securities on loan, at cost | $503513 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | | |
| | **Quality Convertible Securities ETF**  | **Quality Diversified International ETF**  |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $350040 | $9828775 |
| Interest | 969455 | 70583 |
| Securities lending, net | 17114 | 68761 |
| Less foreign taxes withheld |  | (1074331) |
|  | 1336609 | 8893788 |
| **Expenses:** |  |  |
| Management fees | 146920 | 1088699 |
| Other expenses | 192 | 22521 |
|  | 147112 | 1111220 |
| **Net investment income (loss)** | 1189497 | 7782568 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 7268217 | 21815859 |
| Foreign currency translation transactions |  | (12182) |
|  | 7268217 | 21803677 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | (2872020) | 29254539 |
| Translation of assets and liabilities in foreign currencies |  | 33364 |
|  | (2872020) | 29287903 |
| **Net realized and unrealized gain (loss)** | 4396197 | 51091580 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $5585694 | $58874148 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Quality Preferred ETF**  | **U.S. Quality Growth ETF**  |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Dividends | $3506978 | $7220338 |
| Interest | 894599 | 142746 |
| Securities lending, net | 226379 | 13373 |
|  | 4627956 | 7376457 |
| **Expenses:** |  |  |
| Management fees | 239585 | 3748991 |
| **Net investment income (loss)** | 4388371 | 3627466 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | (1381455) | 164014287 |
| Change in net unrealized appreciation (depreciation) on investments | (1039473) | 103533579 |
| **Net realized and unrealized gain (loss)** | (2420928) | 267547866 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1967443 | $271175332 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | |
| | **U.S. Quality Value ETF** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends | $5183702 |
| Interest | 30324 |
| Securities lending, net | 683 |
|  | 5214709 |
| **Expenses:** |  |
| Management fees | 705727 |
| **Net investment income (loss)** | 4508982 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on investment transactions | 27196228 |
| Change in net unrealized appreciation (depreciation) on investments | (13720527) |
| **Net realized and unrealized gain (loss)** | 13475701 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $17984683 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Diversified International ETF**  | **Quality Diversified International ETF**  |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | **Operations** | | |
| Net investment income (loss) | $1189497 | $908210 | $7782568 | $5987203 |
| Net realized gain (loss) | 7268217 | (107980) | 21803677 | 22768164 |
| Change in net unrealized appreciation (depreciation) | (2872020) | 3748222 | 29287903 | 12741239 |
| Net increase (decrease) in net assets resulting from operations | 5585694 | 4548452 | 58874148 | 41496606 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (1304100) | (1019750) | (8555820) | (7329595) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 7237242 | 24633168 | 258113986 | 83352771 |
| Payments for shares redeemed | (30689260) | (9306922) | (121886140) | (117564501) |
| Other capital |  |  | 4771 |  |
| Net increase (decrease) in net assets from capital share transactions | (23452018) | 15326246 | 136232617 | (34211730) |
| **Net increase (decrease) in net assets** | (19170424) | 18854948 | 186550945 | (44719) |
| **Net Assets** |  |  |  |  |
| Beginning of period | 43426082 | 24571134 | 213795243 | 213839962 |
| End of period | $24255658 | $43426082 | $400346188 | $213795243 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 160000 | 600000 | 4850000 | 1750000 |
| Redeemed | (640000) | (220000) | (2300000) | (2450000) |
| Net increase (decrease) in shares of the funds | (480000) | 380000 | 2550000 | (700000) |

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See Notes to Financial Statements.

------

Statements of Changes in Net Assets

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| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **U.S. Quality Growth ETF**  | **U.S. Quality Growth ETF**  |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | **Operations** | | |
| Net investment income (loss) | $4388371 | $3839922 | $3627466 | $2746564 |
| Net realized gain (loss) | (1381455) | (169354) | 164014287 | 143520392 |
| Change in net unrealized appreciation (depreciation) | (1039473) | 2605988 | 103533579 | 47351068 |
| Net increase (decrease) in net assets resulting from operations | 1967443 | 6276556 | 271175332 | 193618024 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (4656449) | (3762773) | (3257443) | (2799933) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 17486181 | 58886032 | 1508919784 | 840204248 |
| Payments for shares redeemed | (54987722) | (18291378) | (736178652) | (842055380) |
| Other capital | 26209 | 45394 |  |  |
| Net increase (decrease) in net assets from capital share transactions | (37475332) | 40640048 | 772741132 | (1851132) |
| **Net increase (decrease) in net assets** | (40164338) | 43153831 | 1040659021 | 188966959 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 80271583 | 37117752 | 860374497 | 671407538 |
| End of period | $40107245 | $80271583 | $1901033518 | $860374497 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 465000 | 1620000 | 14725000 | 10550000 |
| Redeemed | (1515000) | (510000) | (7200000) | (10450000) |
| Net increase (decrease) in shares of the funds | (1050000) | 1110000 | 7525000 | 100000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **U.S. Quality Value ETF** | **U.S. Quality Value ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | **Operations** |
| Net investment income (loss) | $4508982 | $3500289 |
| Net realized gain (loss) | 27196228 | 35508625 |
| Change in net unrealized appreciation (depreciation) | (13720527) | 6664205 |
| Net increase (decrease) in net assets resulting from operations | 17984683 | 45673119 |
| **Distributions to Shareholders** |  |  |
| From earnings | (4295812) | (3477643) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 175006408 | 163456488 |
| Payments for shares redeemed | (170358345) | (183709495) |
| Net increase (decrease) in net assets from capital share transactions | 4648063 | (20253007) |
| **Net increase (decrease) in net assets** | 18336934 | 21942469 |
| **Net Assets** |  |  |
| Beginning of period | 235968766 | 214026297 |
| End of period | $254305700 | $235968766 |
| **Transactions in Shares of the Funds** |  |  |
| Sold | 2800000 | 2925000 |
| Redeemed | (2700000) | (3300000) |
| Net increase (decrease) in shares of the funds | 100000 | (375000) |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**AUGUST 31, 2025**

**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** | **Herein Referenced As** | **Ticker** | **Exchange** |
| American Century Quality Convertible Securities ETF  | Quality Convertible Securities ETF  | QCON | Cboe BZX Exchange, Inc. |
| American Century Quality Diversified International ETF  | Quality Diversified International ETF  | QINT | NYSE Arca, Inc. |
| American Century Quality Preferred ETF  | Quality Preferred ETF  | QPFF | 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. |

---

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 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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| | |
|:---|:---|
| Quality Convertible Securities ETF  | Monthly |
| Quality Diversified International ETF  | Semiannually |
| Quality Preferred ETF  | Monthly |
| U.S. Quality Growth ETF  | Quarterly |
| U.S. Quality Value ETF | Quarterly |

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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.

**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** |
| Quality Convertible Securities ETF  | 0.32% |
| Quality Diversified International ETF  | 0.39% |
| Quality Preferred ETF  | 0.32% |
| U.S. Quality Growth ETF  | 0.29% |
| U.S. Quality Value ETF | 0.29% |

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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** |
| Quality Diversified International ETF  | American Century Strategic Asset Allocations, Inc | 19% |
| U.S. Quality Value ETF | American Century Strategic Asset Allocations, Inc | 36% |

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**Related Party Transactions –** During the period ended August 31, 2025, the investment advisor voluntarily reimbursed Quality Convertible Securities ETF for investment related activities. The reimbursement of $1,190,825 represented 2.58% of the fund's average net assets during the period and is reflected on the Statement of Operation in net realized gain (loss) on investment transactions.

**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.

During the period, the interfund purchases and sales and the effect of interfund transactions on the Statement of Operations were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Interfund Purchases** | **Interfund Sales** | &nbsp;&nbsp;**Net Realized Gain (loss) on** <br>**Investment Transactions** |
| Quality Convertible Securities ETF |  | $9622 | $(1415) |
| Quality Preferred ETF | $9622 |  |  |

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**4. Investment Transactions**

Investment transactions, excluding short-term investments and in kind transactions, for the period ended August 31, 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quality Convertible Securities ETF**  | **Quality Diversified International ETF**  | **Quality Preferred ETF**  | **U.S. Quality Growth ETF**  | **U.S. Quality Value ETF** |
| Purchases | $19638835 | $297409204 | $47047017 | $2154158960 | $364269606 |
| Sales | $40992868 | $196686300 | $96939790 | $2134086139 | $356353073 |

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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 August 31, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **In kind<br>Subscriptions** | **In kind<br>Redemptions** | **In kind<br>Net Realized<br>Gain/(Loss)\*** |
| Quality Convertible Securities ETF  | $7117637 | $30119022 | $4880180 |
| Quality Diversified International ETF  | $151360962 | $117390663 | $27567096 |
| Quality Preferred ETF  | $7443811 | $34928783 | $346632 |
| U.S. Quality Growth ETF  | $1488143311 | $726384677 | $198397170 |
| U.S. Quality Value ETF | $165432704 | $167666167 | $39576421 |

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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.

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 tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Quality Convertible Securities ETF  | $1304100 |  | $1019750 |  |
| Quality Diversified International ETF  | $8555820 |  | $7329595 |  |
| Quality Preferred ETF  | $4656449 |  | $3762773 |  |
| U.S. Quality Growth ETF  | $3257443 |  | $2799933 |  |
| U.S. Quality Value ETF | $4295812 |  | $3477643 |  |

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quality Convertible**<br>**Securities ETF** | **Quality Diversified**<br>**International ETF** | **Quality**<br>**Preferred ETF** | **U.S.**<br>**Quality Growth ETF** | **U.S.**<br>**Quality Value ETF** |
| Capital paid in | $4972275 | $26601081 | $283564 | $198360679 | $38652213 |
| Distributable earnings (loss) | $(4972275) | $(26601081) | $(283564) | $(198360679) | $(38652213) |

---

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

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| | | | |
|:---|:---|:---|:---|
| | **Quality Convertible Securities ETF**  | **Quality Diversified International ETF**  | **Quality Preferred ETF**  |
| Federal tax cost of investments | $24189741 | $343738495 | $39910056 |
| Gross tax appreciation of investments |  | $66324720 |  |
| Gross tax depreciation of investments |  | (7584804) |  |
| Net tax appreciation (depreciation) of investments |  | 58739916 |  |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies |  | 61377 |  |
| Net tax appreciation (depreciation) |  | $58801293 |  |
| Other book-to-tax adjustments |  |  | $(529) |
| Undistributed ordinary income | $168393 | $1968937 | $427583 |
| Accumulated short-term capital losses | $(2223230) | $(46280411) | $(2261774) |
| Accumulated long-term capital losses | $(453609) | $(10914169) | $(2768289) |

---

---

| | | |
|:---|:---|:---|
| | **U.S. Quality Growth ETF**  | **U.S. Quality Value ETF** |
| Federal tax cost of investments | $1706465105 | $245840600 |
| Gross tax appreciation of investments | $220808555 | $13939523 |
| Gross tax depreciation of investments | (23604079) | (4684838) |
| Net tax appreciation (depreciation) of investments | $197204476 | $9254685 |
| Undistributed ordinary income | $5385 | $815886 |
| Accumulated short-term capital losses | $(110961179) | $(41793480) |
| Accumulated long-term capital losses | $(11164903) | $(8127912) |

---

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 for tax purposes of unrealized gains (losses) on investments in passive foreign investment companies.

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

**8. Subsequent Event**

On July 24, 2025, the Board of Trustees approved a plan of liquidation for Quality Convertible Securities ETF and Quality Preferred ETF. The funds were liquidated on September 15, 2025.

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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<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 Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  | **Quality Convertible Securities ETF**  |
| 2025 | $44.31 | 1.19 | 4.29 | 5.48 | (1.28) |  | $48.51 | 12.57% | 0.32% | 2.58% | 48% | $24256 |
| 2024 | $40.95 | 1.02 | 3.53 | 4.55 | (1.19) |  | $44.31 | 11.37% | 0.32% | 2.44% | 63% | $43426 |
| 2023 | $41.06 | 0.97 | (0.05) | 0.92 | (1.12) | 0.09 | $40.95 | 2.56% | 0.32% | 2.41% | 46% | $24571 |
| 2022 | $48.23 | 0.80 | (7.10) | (6.30) | (0.92) | 0.05 | $41.06 | (13.13)% | 0.32% | 1.79% | 64% | $24638 |
| 2021<sup>(4)</sup> | $50.00 | 0.39 | (1.95) | (1.56) | (0.25) | 0.04 | $48.23 | (3.03)% | 0.32% | 1.53% | 110% | $26044 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)February 16, 2021 (fund inception) through August 31, 2021.

\*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<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**  |
| 2025 | $51.52 | 1.49 | 8.27 | 9.76 | (1.53) | 0.00<sup>(4)</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)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<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 Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  | **Quality Preferred ETF**  |
| 2025 | $37.16 | 2.11 | (0.97) | 1.14 | (2.18) | 0.01 | $36.13 | 3.24% | 0.32% | 5.83% | 69% | $40107 |
| 2024 | $35.35 | 2.19 | 1.84 | 4.03 | (2.25) | 0.03 | $37.16 | 11.98% | 0.32% | 6.07% | 84% | $80272 |
| 2023 | $36.41 | 1.99 | (1.02) | 0.97 | (2.08) | 0.05 | $35.35 | 2.96% | 0.32% | 5.62% | 77% | $37118 |
| 2022 | $41.69 | 1.78 | (5.29) | (3.51) | (1.79) | 0.02 | $36.41 | (8.58)% | 0.32% | 4.59% | 51% | $22394 |
| 2021<sup>(4)</sup> | $40.00 | 1.01 | 1.48 | 2.49 | (0.83) | 0.03 | $41.69 | 6.35% | 0.32% | 4.59% | 61% | $22515 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)February 16, 2021 (fund inception) through August 31, 2021.

\*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**  |
| 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.

\*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** |
| 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.

\*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.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Quality Convertible Securities ETF, American Century Quality Diversified International ETF, American Century Quality Preferred ETF, American Century U.S. Quality Growth ETF, and American Century U.S. Quality Value ETF (the "Funds"), five of the funds constituting the American Century ETF Trust, as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting the American Century ETF Trust** | **Statement of Operations** | **Statements of Changes in Net Assets** | **Financial Highlights** |
| American Century Quality Convertible Securities ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, and 2022, and the period from February 16, 2021 (fund inception) through August 31, 2021 |
| American Century Quality Diversified International ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| American Century Quality Preferred ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, and 2022, and the period from February 16, 2021 (fund inception) through August 31, 2021 |
| American Century U.S. Quality Growth ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| American Century U.S. Quality Value ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |

---

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 16, 2025

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

------

Approval of Management Agreement

At a meeting held on June 11, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each 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 those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

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

**Factors Considered** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans, if applicable)

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

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

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

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

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

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

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

------

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

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

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

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**American Century Quality Convertible Securities ETF** - The Fund's performance was above its benchmark for the one-year period and below its benchmark for the three-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**American Century Quality Diversified International ETF** - The Fund's performance was above its benchmark for the one- and five-year periods and below its benchmark for the three-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was at the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century Quality Preferred ETF** - The Fund's performance was above its benchmark for the three- and five-year periods and below its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**American Century U.S. Quality Growth ETF** - The Fund's performance was below its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**American Century U.S. Quality Value ETF** - The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was at the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

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

------

**Other Tax Information**

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2025.

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended August 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Corporate Dividends Received Deduction** | **Qualified Interest Income** |
| Quality Convertible Securities ETF  | $411083 | $869516 |
| Quality Diversified International ETF | $22790 |  |
| Quality Preferred ETF | $2629694 | $518706 |
| U.S. Quality Growth ETF | $3257443 |  |
| U.S. Quality Value ETF | $4295813 |  |

---

For the fiscal year ended August 31, 2025, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Foreign Tax Credit** | **Foreign Tax Credit** | **Foreign Source Income** | **Foreign Source Income** |
| | **Amount** | **Per Outstanding Share** | **Amount** | **Per Outstanding Share** |
| Quality Convertible Securities ETF  |  |  |  |  |
| Quality Diversified International ETF | $764535 | $0.1141 | $7905461 | $1.1799 |
| Quality Preferred ETF |  |  |  |  |
| U.S. Quality Growth ETF |  |  |  |  |
| U.S. Quality Value ETF |  |  |  |  |

---

The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization) during the period ended August 31, 2025.

---

| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| Quality Convertible Securities ETF  | $147230 |
| Quality Diversified International ETF |  |
| Quality Preferred ETF |  |
| U.S. Quality Growth ETF | $362537 |
| U.S. Quality Value ETF |  |

---

------

---

| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-96948 2510** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-96948 2510** |

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![AI_lockup_blk_rgb (002).jpg](ck0001710607-20250831_g67.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| August 31, 2025 |
| 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> 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 | [194](#iba273e868b7e4566bd70f1811bd23032_424) |
| Statements of Operations | [200](#iba273e868b7e4566bd70f1811bd23032_427) |
| Statements of Changes in Net Assets | [206](#iba273e868b7e4566bd70f1811bd23032_430) |
| Notes to Financial Statements | [212](#iba273e868b7e4566bd70f1811bd23032_433) |
| Financial Highlights | [217](#iba273e868b7e4566bd70f1811bd23032_436) |
| Report of Independent Registered Public Accounting Firm | [228](#iba273e868b7e4566bd70f1811bd23032_439) |
| Approval of Management Agreements | [230](#iba273e868b7e4566bd70f1811bd23032_445) |
| Other Tax Information | [235](#iba273e868b7e4566bd70f1811bd23032_12219) |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.7%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.3%** | | |
| ATI, Inc.<sup>(1)</sup> | 215 | $16671 |
| **Beverages — 6.6%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 10 | 2211 |
| Brown-Forman Corp., Class A | 45 | 1366 |
| Brown-Forman Corp., Class B | 230 | 6886 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 150 | 9432 |
| Coca-Cola Co. | 2396 | 165300 |
| Coca-Cola Consolidated, Inc. | 62 | 7269 |
| Constellation Brands, Inc., Class A | 102 | 16518 |
| Keurig Dr. Pepper, Inc. | 593 | 17250 |
| MGP Ingredients, Inc. | 21 | 621 |
| Molson Coors Beverage Co., Class B | 240 | 12117 |
| Monster Beverage Corp.<sup>(1)</sup> | 425 | 26524 |
| National Beverage Corp. | 35 | 1472 |
| PepsiCo, Inc. | 932 | 138542 |
| Primo Brands Corp., Class A | 235 | 5901 |
| Vita Coco Co., Inc.<sup>(1)</sup> | 55 | 1966 |
|  |  | 413375 |
| **Biotechnology — 9.8%** |  |  |
| AbbVie, Inc. | 762 | 160325 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 98 | 2547 |
| ADMA Biologics, Inc.<sup>(1)</sup> | 92 | 1588 |
| Akero Therapeutics, Inc.<sup>(1)</sup> | 90 | 4206 |
| Alkermes PLC<sup>(1)</sup> | 141 | 4085 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 77 | 34381 |
| Amgen, Inc. | 280 | 80559 |
| Arcellx, Inc.<sup>(1)</sup> | 43 | 2984 |
| Avidity Biosciences, Inc.<sup>(1)</sup> | 91 | 4239 |
| Biogen, Inc.<sup>(1)</sup> | 97 | 12825 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 125 | 7284 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 145 | 7505 |
| CRISPR Therapeutics AG<sup>(1)(2)</sup> | 67 | 3473 |
| Cytokinetics, Inc.<sup>(1)</sup> | 95 | 3356 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 10 | 153 |
| Exact Sciences Corp.<sup>(1)</sup> | 123 | 5833 |
| Exelixis, Inc.<sup>(1)</sup> | 326 | 12199 |
| Gilead Sciences, Inc. | 765 | 86422 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 145 | 10607 |
| Incyte Corp.<sup>(1)</sup> | 135 | 11422 |
| Insmed, Inc.<sup>(1)</sup> | 95 | 12929 |
| Intellia Therapeutics, Inc.<sup>(1)(2)</sup> | 50 | 568 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 108 | 4605 |
| Krystal Biotech, Inc.<sup>(1)</sup> | 5 | 739 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 10 | 4378 |
| Merus NV<sup>(1)</sup> | 55 | 3621 |
| Moderna, Inc.<sup>(1)</sup> | 215 | 5179 |
| Natera, Inc.<sup>(1)</sup> | 90 | 15142 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 67 | 9353 |
| Regeneron Pharmaceuticals, Inc. | 55 | 31938 |

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Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Revolution Medicines, Inc.<sup>(1)</sup> | 122 | $4632 |
| Roivant Sciences Ltd.<sup>(1)</sup> | 272 | 3245 |
| Sarepta Therapeutics, Inc.<sup>(1)</sup> | 63 | 1147 |
| TG Therapeutics, Inc.<sup>(1)</sup> | 78 | 2288 |
| United Therapeutics Corp.<sup>(1)</sup> | 40 | 12190 |
| Vaxcyte, Inc.<sup>(1)</sup> | 81 | 2494 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 109 | 42621 |
| Viking Therapeutics, Inc.<sup>(1)(2)</sup> | 40 | 1082 |
|  |  | 614144 |
| **Chemicals — 2.9%** |  |  |
| AdvanSix, Inc. | 30 | 644 |
| American Vanguard Corp.<sup>(1)</sup> | 55 | 297 |
| Cabot Corp. | 85 | 6933 |
| CF Industries Holdings, Inc. | 286 | 24776 |
| Chemours Co. | 282 | 4343 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 25 | 480 |
| Corteva, Inc. | 709 | 52601 |
| Dow, Inc. | 720 | 17734 |
| FMC Corp. | 187 | 7312 |
| Hawkins, Inc. | 33 | 5522 |
| Huntsman Corp. | 230 | 2567 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 15 | 456 |
| Koppers Holdings, Inc. | 42 | 1217 |
| Kronos Worldwide, Inc. | 50 | 319 |
| LSB Industries, Inc.<sup>(1)</sup> | 63 | 524 |
| LyondellBasell Industries NV, Class A | 350 | 19722 |
| Mativ Holdings, Inc. | 71 | 892 |
| Mosaic Co. | 636 | 21242 |
| Olin Corp. | 197 | 4661 |
| Orion SA | 121 | 1277 |
| PureCycle Technologies, Inc.<sup>(1)(2)</sup> | 125 | 1786 |
| Scotts Miracle-Gro Co. | 66 | 4041 |
| Trinseo PLC | 35 | 84 |
| Tronox Holdings PLC, Class A | 216 | 924 |
| Westlake Corp. | 40 | 3513 |
|  |  | 183867 |
| **Energy Equipment and Services — 3.7%** |  |  |
| Archrock, Inc. | 306 | 7577 |
| Atlas Energy Solutions, Inc.<sup>(2)</sup> | 111 | 1300 |
| Baker Hughes Co. | 1115 | 50621 |
| Bristow Group, Inc.<sup>(1)</sup> | 45 | 1733 |
| Cactus, Inc., Class A | 117 | 4908 |
| Core Laboratories, Inc.<sup>(2)</sup> | 66 | 760 |
| DMC Global, Inc.<sup>(1)</sup> | 35 | 234 |
| Expro Group Holdings NV<sup>(1)</sup> | 157 | 1958 |
| Flowco Holdings, Inc., Class A | 65 | 1061 |
| Halliburton Co. | 805 | 18298 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 312 | 2056 |
| Helmerich & Payne, Inc. | 160 | 3342 |
| Innovex International, Inc.<sup>(1)</sup> | 65 | 1122 |
| KLX Energy Services Holdings, Inc.<sup>(1)</sup> | 25 | 49 |
| Kodiak Gas Services, Inc. | 110 | 3937 |
| Liberty Energy, Inc., Class A | 295 | 3319 |

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------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nabors Industries Ltd.<sup>(1)(2)</sup> | 15 | $559 |
| Noble Corp. PLC | 212 | 6110 |
| NOV, Inc. | 560 | 7442 |
| Oceaneering International, Inc.<sup>(1)</sup> | 170 | 4148 |
| Oil States International, Inc.<sup>(1)</sup> | 57 | 319 |
| Patterson-UTI Energy, Inc. | 622 | 3614 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | 45 | 180 |
| ProPetro Holding Corp.<sup>(1)</sup> | 196 | 1000 |
| RPC, Inc. | 156 | 744 |
| Schlumberger NV | 1272 | 46860 |
| Seadrill Ltd.<sup>(1)</sup> | 62 | 1978 |
| Select Water Solutions, Inc., Class A | 153 | 1304 |
| Solaris Energy Infrastructure, Inc., Class A | 55 | 1737 |
| TechnipFMC PLC | 865 | 31797 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 200 | 940 |
| Tidewater, Inc.<sup>(1)</sup> | 98 | 5900 |
| Transocean Ltd.<sup>(1)</sup> | 1195 | 3621 |
| Valaris Ltd.<sup>(1)</sup> | 95 | 4719 |
| Weatherford International PLC | 117 | 7453 |
|  |  | 232700 |
| **Financial Services — 7.4%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 910 | 457712 |
| Cannae Holdings, Inc. | 97 | 1814 |
|  |  | 459526 |
| **Food Products — 1.2%** |  |  |
| Alico, Inc. | 20 | 677 |
| Archer-Daniels-Midland Co. | 580 | 36331 |
| Bunge Global SA | 200 | 16844 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 186 | 6317 |
| Fresh Del Monte Produce, Inc. | 75 | 2721 |
| Ingredion, Inc. | 95 | 12306 |
| Limoneira Co. | 26 | 410 |
|  |  | 75606 |
| **Health Care Providers and Services — 7.5%** |  |  |
| AdaptHealth Corp.<sup>(1)</sup> | 113 | 1072 |
| Alignment Healthcare, Inc.<sup>(1)</sup> | 203 | 3321 |
| Cardinal Health, Inc. | 305 | 45378 |
| Cencora, Inc. | 175 | 51032 |
| Centene Corp.<sup>(1)</sup> | 500 | 14520 |
| Clover Health Investments Corp.<sup>(1)(2)</sup> | 688 | 1803 |
| Elevance Health, Inc. | 171 | 54489 |
| HealthEquity, Inc.<sup>(1)</sup> | 151 | 13489 |
| Henry Schein, Inc.<sup>(1)</sup> | 175 | 12176 |
| Humana, Inc. | 130 | 39476 |
| McKesson Corp. | 115 | 78964 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 70 | 12658 |
| Owens & Minor, Inc.<sup>(1)</sup> | 96 | 470 |
| Progyny, Inc.<sup>(1)</sup> | 157 | 3716 |
| UnitedHealth Group, Inc. | 447 | 138512 |
|  |  | 471076 |
| **Household Products — 6.8%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 15 | 546 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 86 | 2841 |

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------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Church & Dwight Co., Inc. | 235 | $21893 |
| Clorox Co. | 180 | 21276 |
| Colgate-Palmolive Co. | 761 | 63977 |
| Energizer Holdings, Inc. | 86 | 2370 |
| Kimberly-Clark Corp. | 415 | 53593 |
| Oil-Dri Corp. of America | 20 | 1188 |
| Procter & Gamble Co. | 1602 | 251578 |
| Reynolds Consumer Products, Inc. | 75 | 1741 |
| Spectrum Brands Holdings, Inc. | 45 | 2564 |
| WD-40 Co. | 20 | 4321 |
|  |  | 427888 |
| **Insurance — 11.9%** |  |  |
| Aflac, Inc. | 432 | 46164 |
| Allstate Corp. | 175 | 35604 |
| Ambac Financial Group, Inc.<sup>(1)</sup> | 42 | 379 |
| American Financial Group, Inc. | 57 | 7744 |
| American International Group, Inc. | 586 | 47653 |
| AMERISAFE, Inc. | 15 | 693 |
| Arch Capital Group Ltd. | 380 | 34781 |
| Assurant, Inc. | 40 | 8624 |
| Assured Guaranty Ltd. | 50 | 4110 |
| Axis Capital Holdings Ltd. | 90 | 8872 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 85 | 4017 |
| Chubb Ltd. | 167 | 45937 |
| Cincinnati Financial Corp. | 132 | 20275 |
| CNA Financial Corp. | 20 | 991 |
| CNO Financial Group, Inc. | 85 | 3355 |
| Donegal Group, Inc., Class A | 35 | 626 |
| Employers Holdings, Inc. | 35 | 1514 |
| Erie Indemnity Co., Class A | 20 | 7088 |
| Everest Group Ltd. | 40 | 13675 |
| F&G Annuities & Life, Inc. | 15 | 519 |
| Fidelity National Financial, Inc. | 180 | 10777 |
| First American Financial Corp. | 75 | 4950 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 725 | 6213 |
| Globe Life, Inc. | 80 | 11196 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 65 | 838 |
| Hanover Insurance Group, Inc. | 25 | 4337 |
| Hartford Insurance Group, Inc. | 330 | 43662 |
| Horace Mann Educators Corp. | 40 | 1839 |
| James River Group Holdings Ltd. | 35 | 197 |
| Kemper Corp. | 67 | 3595 |
| Kinsale Capital Group, Inc. | 25 | 11436 |
| Lemonade, Inc.<sup>(1)(2)</sup> | 30 | 1587 |
| Lincoln National Corp. | 95 | 4078 |
| Loews Corp. | 165 | 15972 |
| Markel Group, Inc.<sup>(1)</sup> | 11 | 21550 |
| MBIA, Inc.<sup>(1)</sup> | 42 | 334 |
| Mercury General Corp. | 20 | 1547 |
| MetLife, Inc. | 397 | 32300 |
| Old Republic International Corp. | 320 | 12790 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 105 | 1749 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 30 | 3691 |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Primerica, Inc. | 50 | $13467 |
| Principal Financial Group, Inc. | 170 | 13687 |
| ProAssurance Corp.<sup>(1)</sup> | 50 | 1190 |
| Progressive Corp. | 326 | 80542 |
| Prudential Financial, Inc. | 245 | 26867 |
| Reinsurance Group of America, Inc. | 77 | 14999 |
| RenaissanceRe Holdings Ltd. | 40 | 9720 |
| RLI Corp. | 67 | 4538 |
| Safety Insurance Group, Inc. | 11 | 814 |
| Selective Insurance Group, Inc. | 41 | 3207 |
| SiriusPoint Ltd.<sup>(1)</sup> | 110 | 2059 |
| Stewart Information Services Corp. | 20 | 1457 |
| Tiptree, Inc. | 50 | 1172 |
| Travelers Cos., Inc. | 180 | 48872 |
| Trupanion, Inc.<sup>(1)</sup> | 20 | 927 |
| United Fire Group, Inc. | 17 | 523 |
| Universal Insurance Holdings, Inc. | 50 | 1219 |
| Unum Group | 156 | 10898 |
| W.R. Berkley Corp. | 277 | 19858 |
| White Mountains Insurance Group Ltd. | 1 | 1830 |
|  |  | 745105 |
| **Metals and Mining — 6.2%** |  |  |
| Alcoa Corp. | 207 | 6663 |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 21 | 3133 |
| Carpenter Technology Corp. | 90 | 21679 |
| Century Aluminum Co.<sup>(1)</sup> | 106 | 2367 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 842 | 9051 |
| Coeur Mining, Inc.<sup>(1)</sup> | 1003 | 13189 |
| Commercial Metals Co. | 180 | 10381 |
| Compass Minerals International, Inc.<sup>(1)</sup> | 61 | 1162 |
| Contango ORE, Inc.<sup>(1)</sup> | 15 | 330 |
| Dakota Gold Corp.<sup>(1)</sup> | 180 | 751 |
| First Majestic Silver Corp. | 210 | 1919 |
| Freeport-McMoRan, Inc. | 1797 | 79787 |
| Hecla Mining Co. | 1015 | 8638 |
| Idaho Strategic Resources, Inc.<sup>(1)(2)</sup> | 22 | 619 |
| Ivanhoe Electric, Inc.<sup>(1)</sup> | 140 | 1249 |
| Kaiser Aluminum Corp. | 38 | 2959 |
| Materion Corp. | 35 | 3878 |
| Metallus, Inc.<sup>(1)</sup> | 71 | 1167 |
| MP Materials Corp.<sup>(1)(2)</sup> | 257 | 18283 |
| Newmont Corp. | 866 | 64430 |
| Nucor Corp. | 315 | 46850 |
| Olympic Steel, Inc. | 25 | 843 |
| Piedmont Lithium, Inc.<sup>(1)</sup> | 20 | 145 |
| Ramaco Resources, Inc., Class A<sup>(1)(2)</sup> | 60 | 1556 |
| Ramaco Resources, Inc., Class B | 11 | 179 |
| Reliance, Inc. | 87 | 25722 |
| Royal Gold, Inc. | 91 | 16342 |
| Ryerson Holding Corp. | 52 | 1186 |
| Steel Dynamics, Inc. | 226 | 29588 |
| SunCoke Energy, Inc. | 211 | 1629 |
| TMC the metals Co., Inc.<sup>(1)</sup> | 315 | 1688 |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tredegar Corp.<sup>(1)</sup> | 55 | $431 |
| U.S. Antimony Corp.<sup>(1)</sup> | 181 | 824 |
| Warrior Met Coal, Inc. | 100 | 6114 |
| Worthington Steel, Inc. | 68 | 2264 |
|  |  | 386996 |
| **Oil, Gas and Consumable Fuels — 22.5%** |  |  |
| Antero Midstream Corp. | 355 | 6315 |
| Antero Resources Corp.<sup>(1)</sup> | 323 | 10310 |
| APA Corp. | 378 | 8777 |
| Ardmore Shipping Corp. | 55 | 639 |
| Berry Corp. | 70 | 234 |
| California Resources Corp. | 75 | 3726 |
| Calumet, Inc.<sup>(1)(2)</sup> | 101 | 1646 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 15 | 3026 |
| Cheniere Energy, Inc. | 201 | 48606 |
| Chevron Corp. | 1200 | 192720 |
| Chord Energy Corp. | 45 | 4945 |
| Civitas Resources, Inc. | 95 | 3494 |
| CNX Resources Corp.<sup>(1)</sup> | 205 | 5986 |
| Comstock Resources, Inc.<sup>(1)(2)</sup> | 93 | 1500 |
| ConocoPhillips | 1026 | 101543 |
| Core Natural Resources, Inc. | 66 | 4901 |
| Coterra Energy, Inc. | 835 | 20407 |
| Crescent Energy Co., Class A | 233 | 2223 |
| CVR Energy, Inc.<sup>(1)</sup> | 40 | 1220 |
| Delek U.S. Holdings, Inc. | 80 | 2217 |
| Devon Energy Corp. | 645 | 23284 |
| DHT Holdings, Inc. | 170 | 1992 |
| Diamondback Energy, Inc. | 190 | 28264 |
| Dorian LPG Ltd. | 50 | 1599 |
| DT Midstream, Inc. | 95 | 9897 |
| EOG Resources, Inc. | 476 | 59414 |
| EQT Corp. | 592 | 30689 |
| Evolution Petroleum Corp. | 42 | 217 |
| Excelerate Energy, Inc., Class A | 25 | 610 |
| Expand Energy Corp. | 260 | 25163 |
| Exxon Mobil Corp. | 2885 | 329727 |
| Golar LNG Ltd. | 121 | 5302 |
| Gran Tierra Energy, Inc.<sup>(1)(2)</sup> | 47 | 193 |
| Granite Ridge Resources, Inc. | 86 | 478 |
| Green Plains, Inc.<sup>(1)</sup> | 65 | 722 |
| Gulfport Energy Corp.<sup>(1)</sup> | 17 | 2959 |
| Hess Midstream LP, Class A | 45 | 1854 |
| HF Sinclair Corp. | 195 | 9922 |
| HighPeak Energy, Inc. | 25 | 192 |
| International Seaways, Inc. | 60 | 2725 |
| Kimbell Royalty Partners LP | 88 | 1229 |
| Kinder Morgan, Inc. | 1250 | 33725 |
| Kinetik Holdings, Inc. | 36 | 1506 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 665 | 1190 |
| Magnolia Oil & Gas Corp., Class A | 185 | 4603 |
| Marathon Petroleum Corp. | 283 | 50858 |
| Matador Resources Co. | 125 | 6295 |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Murphy Oil Corp. | 160 | $3978 |
| New Fortress Energy, Inc. | 297 | 731 |
| NextDecade Corp.<sup>(1)</sup> | 175 | 1876 |
| Nordic American Tankers Ltd. | 260 | 809 |
| Northern Oil & Gas, Inc. | 110 | 2878 |
| Occidental Petroleum Corp. | 582 | 27709 |
| ONEOK, Inc. | 412 | 31469 |
| Ovintiv, Inc. | 255 | 10741 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 65 | 2252 |
| PBF Energy, Inc., Class A | 120 | 3278 |
| Peabody Energy Corp. | 172 | 2993 |
| Permian Resources Corp. | 792 | 11318 |
| Phillips 66 | 323 | 43146 |
| Plains GP Holdings LP, Class A<sup>(1)</sup> | 257 | 4960 |
| Range Resources Corp. | 310 | 10624 |
| REX American Resources Corp.<sup>(1)</sup> | 20 | 1251 |
| Riley Exploration Permian, Inc. | 13 | 380 |
| Sable Offshore Corp.<sup>(1)</sup> | 53 | 1430 |
| SandRidge Energy, Inc. | 45 | 533 |
| Scorpio Tankers, Inc. | 65 | 3276 |
| SFL Corp. Ltd. | 153 | 1244 |
| SM Energy Co. | 145 | 4140 |
| Talos Energy, Inc.<sup>(1)</sup> | 95 | 939 |
| Targa Resources Corp. | 210 | 35230 |
| Teekay Corp. Ltd. | 145 | 1189 |
| Teekay Tankers Ltd., Class A | 32 | 1573 |
| Texas Pacific Land Corp. | 18 | 16803 |
| Uranium Energy Corp.<sup>(1)</sup> | 450 | 4810 |
| VAALCO Energy, Inc. | 132 | 512 |
| Valero Energy Corp. | 282 | 42867 |
| Viper Energy, Inc., Class A | 147 | 5857 |
| Vital Energy, Inc.<sup>(1)</sup> | 33 | 588 |
| Vitesse Energy, Inc. | 31 | 825 |
| Williams Cos., Inc. | 1178 | 68183 |
| World Kinect Corp. | 55 | 1475 |
|  |  | 1410911 |
| **Pharmaceuticals — 9.0%** |  |  |
| Axsome Therapeutics, Inc.<sup>(1)</sup> | 15 | 1819 |
| Bristol-Myers Squibb Co. | 865 | 40811 |
| Corcept Therapeutics, Inc.<sup>(1)</sup> | 46 | 3207 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 383 | 7028 |
| Eli Lilly & Co. | 279 | 204390 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 35 | 4471 |
| Johnson & Johnson | 706 | 125082 |
| Merck & Co., Inc. | 791 | 66539 |
| Organon & Co. | 130 | 1225 |
| Perrigo Co. PLC | 62 | 1472 |
| Pfizer, Inc. | 2522 | 62445 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 36 | 2449 |
| Royalty Pharma PLC, Class A | 165 | 5937 |
| Viatris, Inc. | 690 | 7279 |
| Zoetis, Inc. | 191 | 29872 |
|  |  | 564026 |

---

------

Schedule of Investments - Avantis Inflation Focused Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Specialized REITs — 0.6%** | | |
| PotlatchDeltic Corp. | 145 | $6094 |
| Rayonier, Inc. | 187 | 4914 |
| Weyerhaeuser Co. | 872 | 22559 |
|  |  | 33567 |
| **Tobacco — 3.3%** |  |  |
| Altria Group, Inc. | 762 | 51214 |
| Philip Morris International, Inc. | 893 | 149247 |
| Turning Point Brands, Inc. | 26 | 2587 |
| Universal Corp. | 30 | 1679 |
|  |  | 204727 |
| **Trading Companies and Distributors — 0.0%** |  |  |
| NPK International, Inc.<sup>(1)</sup> | 155 | 1612 |
| **TOTAL COMMON STOCKS**<br>(Cost $6,250,042) |  | **6241797** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Blueprint Medicines Corp.<sup>(1)</sup><br>(Cost $13) | 28 | **13** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds — 0.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 9370 | 9370 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 10450 | 10450 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $19,820) |  | **19820** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $6,269,875) |  | **6261630** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **2161** |
| **TOTAL NET ASSETS — 100.0%** |  | $**6263791** |

---

**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 $29,355. 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 $30,562, which includes securities collateral of $20,112.

**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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.7%** | **Shares**<br> | **Value**<br> |
| **Data Center REITs — 7.7%** | | |
| Digital Core REIT Management Pte. Ltd. | 494900 | $252324 |
| Digital Realty Trust, Inc. | 117915 | 19767271 |
| Equinix, Inc. | 36490 | 28688073 |
| Keppel DC REIT | 729306 | 1340912 |
|  |  | 50048580 |
| **Diversified REITs — 8.2%** |  |  |
| Abrdn Property Income Trust Ltd. | 1044 | 77 |
| AEW U.K. REIT PLC<sup>(1)</sup> | 56872 | 78344 |
| AKIS Gayrimenkul Yatirimi AS | 475482 | 89932 |
| Alarko Gayrimenkul Yatirim Ortakligi AS | 118655 | 62713 |
| Alexander & Baldwin, Inc. | 26412 | 510808 |
| Argosy Property Ltd. | 153131 | 106610 |
| Artis Real Estate Investment Trust | 19943 | 105135 |
| Asce Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 60711 | 18395 |
| Axis Real Estate Investment Trust | 241700 | 116749 |
| British Land Co. PLC | 413966 | 1879691 |
| Broadstone Net Lease, Inc. | 76877 | 1429143 |
| Centuria Capital Group | 316597 | 512331 |
| Charter Hall Group | 118385 | 1811922 |
| Charter Hall Long Wale REIT | 271941 | 812165 |
| Custodian Property Income REIT PLC | 189693 | 195363 |
| D&D Platform REIT Co. Ltd. | 117 | 272 |
| Daiwa House REIT Investment Corp.<sup>(1)</sup> | 1980 | 1706908 |
| ESCON Japan REIT Investment Corp. | 63 | 54383 |
| Essential Properties Realty Trust, Inc. | 74966 | 2347935 |
| Fairvest Ltd., Class B | 161578 | 49719 |
| Fibra Uno Administracion SA de CV | 1255049 | 1769152 |
| Fuzul Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 171190 | 50065 |
| GPT Group | 913246 | 3330503 |
| Growthpoint Properties Ltd. | 1473914 | 1204951 |
| H&R Real Estate Investment Trust | 69213 | 612830 |
| Hankyu Hanshin REIT, Inc. | 228 | 265386 |
| Heiwa Real Estate REIT, Inc. | 446 | 456432 |
| Hulic Reit, Inc.<sup>(1)</sup> | 140 | 157910 |
| Is Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 384721 | 191762 |
| KDX Realty Investment Corp. | 1774 | 2039494 |
| Kiler Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 302523 | 46048 |
| Land Securities Group PLC | 291684 | 2186092 |
| LondonMetric Property PLC | 1091323 | 2718130 |
| Mapletree Pan Asia Commercial Trust<sup>(1)</sup> | 896000 | 963672 |
| Menivim- The New REIT Ltd. | 232327 | 156032 |
| Merlin Properties Socimi SA | 160481 | 2392613 |
| Mirvac Group | 1857435 | 2862572 |
| Mori Trust Reit, Inc.<sup>(1)</sup> | 1013 | 515062 |
| NIPPON REIT Investment Corp. | 397 | 265276 |
| Nomura Real Estate Master Fund, Inc.<sup>(1)</sup> | 1697 | 1857548 |
| NTT UD REIT Investment Corp.<sup>(1)</sup> | 599 | 554067 |
| Nurol Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 33326 | 9666 |
| Ozak Gayrimenkul Yatirim Ortakligi<sup>(2)</sup> | 300390 | 100066 |
| Peker Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 286808 | 48665 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PowerGrid Infrastructure Investment Trust | 335331 | $345349 |
| PRO Real Estate Investment Trust | 16 | 68 |
| Redefine Properties Ltd. | 2517003 | 722650 |
| Reit 1 Ltd. | 138937 | 1008680 |
| SA Corporate Real Estate Ltd. | 1057618 | 184496 |
| Schroder Real Estate Investment Trust Ltd. | 240249 | 159279 |
| Sekisui House Reit, Inc. | 2112 | 1160258 |
| Sella Capital Real Estate Ltd. | 64996 | 199775 |
| Servet Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 732907 | 63263 |
| Shinhan Seobu T&D REIT Co. Ltd. | 5858 | 14509 |
| SK REITs Co. Ltd. | 73931 | 263429 |
| Stockland | 1156124 | 4682481 |
| Stoneweg Europe Stapled Trust | 5600 | 10155 |
| Stride Property Group | 68817 | 51965 |
| Tera Yatirim Teknoloji Holding AS<sup>(2)</sup> | 553482 | 385125 |
| Tokaido REIT, Inc. | 90 | 69163 |
| Tokyu REIT, Inc. | 366 | 499910 |
| Torunlar Gayrimenkul Yatirim Ortakligi AS | 133982 | 231256 |
| Tosei REIT Investment Corp. | 40 | 39975 |
| United Urban Investment Corp. | 1271 | 1531992 |
| WP Carey, Inc. | 66229 | 4443966 |
| XYMAX REIT Investment Corp. | 91 | 73687 |
| Ziraat Gayrimenkul Yatirim Ortakligi AS | 571063 | 320978 |
|  |  | 53104998 |
| **Health Care REITs — 11.4%** |  |  |
| Aedifica SA | 22809 | 1753469 |
| American Healthcare REIT, Inc. | 78359 | 3352982 |
| Assura PLC | 465514 | 300840 |
| CareTrust REIT, Inc. | 89943 | 3094939 |
| Cofinimmo SA | 15229 | 1363358 |
| Community Healthcare Trust, Inc. | 8120 | 125129 |
| First Real Estate Investment Trust | 466100 | 99801 |
| Health Care & Medical Investment Corp. | 196 | 159471 |
| HealthCo REIT<sup>(1)</sup> | 179808 | 86944 |
| Healthpeak Properties, Inc. | 243821 | 4374149 |
| LTC Properties, Inc. | 18560 | 677440 |
| National Health Investors, Inc. | 18689 | 1463162 |
| Omega Healthcare Investors, Inc. | 107833 | 4590451 |
| Parkway Life Real Estate Investment Trust | 254500 | 836920 |
| Primary Health Properties PLC<sup>(1)</sup> | 173300 | 215641 |
| Sabra Health Care REIT, Inc. | 84956 | 1623509 |
| Sila Realty Trust, Inc. | 22106 | 551324 |
| Target Healthcare REIT PLC | 316572 | 409145 |
| Universal Health Realty Income Trust | 2942 | 119416 |
| Ventas, Inc. | 160507 | 10927316 |
| Vital Healthcare Property Trust<sup>(1)</sup> | 117137 | 140987 |
| Welltower, Inc. | 224347 | 37753113 |
|  |  | 74019506 |
| **Hotel & Resort REITs — 2.2%** |  |  |
| Akfen Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 1003983 | 74701 |
| Apple Hospitality REIT, Inc. | 79361 | 1036455 |
| CapitaLand Ascott Trust | 1299300 | 895454 |
| CDL Hospitality Trusts | 345200 | 213769 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| DiamondRock Hospitality Co. | 36456 | $312063 |
| Far East Hospitality Trust | 464600 | 213545 |
| Frasers Hospitality Trust | 297400 | 163386 |
| Hoshino Resorts REIT, Inc. | 274 | 518871 |
| Host Hotels & Resorts, Inc. | 244503 | 4207897 |
| Ichigo Hotel REIT Investment Corp. | 62 | 59604 |
| Invincible Investment Corp. | 2728 | 1236342 |
| Japan Hotel REIT Investment Corp. | 2579 | 1513780 |
| Kizilbuk Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 130177 | 43007 |
| Nippon Hotel & Residential Investment Corp. | 50 | 27219 |
| Ryman Hospitality Properties, Inc. | 20390 | 2014328 |
| Sunstone Hotel Investors, Inc. | 87366 | 828230 |
| Xenia Hotels & Resorts, Inc. | 40265 | 568945 |
|  |  | 13927596 |
| **Industrial REITs — 16.5%** |  |  |
| AIMS APAC REIT | 248450 | 261247 |
| Americold Realty Trust, Inc. | 101035 | 1458945 |
| CapitaLand Ascendas REIT | 1542700 | 3270051 |
| Centuria Industrial REIT | 257292 | 565203 |
| CRE Logistics REIT, Inc. | 255 | 270159 |
| Dexus Industria REIT | 70985 | 130331 |
| Dream Industrial Real Estate Investment Trust | 61674 | 550569 |
| EastGroup Properties, Inc. | 21394 | 3627567 |
| Equites Property Fund Ltd. | 396426 | 373086 |
| ESR Kendall Square REIT Co. Ltd. | 139165 | 438546 |
| ESR-REIT | 246002 | 525142 |
| FIBRA Macquarie Mexico | 434714 | 729007 |
| Fibra MTY SAPI de CV | 220374 | 156444 |
| First Industrial Realty Trust, Inc. | 49233 | 2589656 |
| Frasers Logistics & Commercial Trust<sup>(1)</sup> | 1242900 | 880997 |
| GLP J-Reit<sup>(1)</sup> | 1887 | 1762402 |
| Goodman Group | 886128 | 19830090 |
| Goodman Property Trust<sup>(1)</sup> | 492550 | 595340 |
| Granite Real Estate Investment Trust | 13602 | 774908 |
| Industrial & Infrastructure Fund Investment Corp. | 754 | 664175 |
| Innovative Industrial Properties, Inc. | 12253 | 694255 |
| Japan Logistics Fund, Inc. | 1116 | 743177 |
| LaSalle Logiport REIT<sup>(1)</sup> | 835 | 809274 |
| Lineage, Inc. | 15996 | 670392 |
| LXP Industrial Trust | 117038 | 1062705 |
| Mapletree Industrial Trust<sup>(1)</sup> | 1014900 | 1628815 |
| Mapletree Logistics Trust<sup>(1)</sup> | 1431000 | 1359601 |
| Mitsubishi Estate Logistics REIT Investment Corp.<sup>(1)</sup> | 721 | 597135 |
| Mitsui Fudosan Logistics Park, Inc. | 1358 | 1011576 |
| Montea NV<sup>(1)</sup> | 4920 | 393529 |
| Nippon Prologis REIT, Inc. | 2801 | 1627527 |
| Prologis Property Mexico SA de CV | 564334 | 2077796 |
| Prologis, Inc. | 325859 | 37076237 |
| Rexford Industrial Realty, Inc. | 77007 | 3188860 |
| Reysas Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 213611 | 121921 |
| Sabana Industrial Real Estate Investment Trust | 42900 | 14032 |
| Segro PLC | 554890 | 4708851 |
| SOSiLA Logistics REIT, Inc. | 301 | 245882 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| STAG Industrial, Inc. | 64146 | $2363780 |
| Terreno Realty Corp. | 41204 | 2380355 |
| Tritax Big Box REIT PLC | 916154 | 1720662 |
| Warehouse REIT PLC | 229849 | 351173 |
| Warehouses De Pauw CVA | 84555 | 2170271 |
|  |  | 106471671 |
| **Multi-Family Residential REITs — 8.5%** |  |  |
| Adra Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 30946 | 33492 |
| Advance Residence Investment Corp. | 1247 | 1382555 |
| Altarea SCA | 2968 | 352428 |
| AvalonBay Communities, Inc. | 54563 | 10686164 |
| Boardwalk Real Estate Investment Trust | 10789 | 553218 |
| BSR Real Estate Investment Trust | 12644 | 160472 |
| Camden Property Trust | 41055 | 4597339 |
| Canadian Apartment Properties REIT | 36351 | 1124926 |
| Care Property Invest NV | 19424 | 284709 |
| Comforia Residential REIT, Inc. | 344 | 729236 |
| Daiwa Securities Living Investments Corp. | 846 | 618867 |
| Elme Communities | 37498 | 640466 |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS<sup>(1)</sup> | 986283 | 496570 |
| Empiric Student Property PLC | 260927 | 318838 |
| Equity Residential | 144960 | 9584755 |
| Essex Property Trust, Inc. | 24563 | 6637168 |
| European Residential Real Estate Investment Trust | 459 | 812 |
| Home Invest Belgium SA | 5436 | 133594 |
| Independence Realty Trust, Inc. | 67656 | 1225250 |
| Ingenia Communities Group | 184220 | 710022 |
| InterRent Real Estate Investment Trust | 38239 | 372547 |
| Irish Residential Properties REIT PLC | 301787 | 339790 |
| Killam Apartment Real Estate Investment Trust | 30290 | 396338 |
| Mid-America Apartment Communities, Inc. | 43074 | 6281051 |
| Minto Apartment Real Estate Investment Trust | 8652 | 85490 |
| Mitsui Fudosan Accommodations Fund, Inc.<sup>(1)</sup> | 1386 | 1163389 |
| Sinpas Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 264998 | 31570 |
| Social Housing Reit PLC | 81460 | 74948 |
| UDR, Inc. | 115717 | 4578922 |
| UNITE Group PLC | 174148 | 1643784 |
| Xior Student Housing NV | 24 | 850 |
|  |  | 55239560 |
| **Office REITs — 5.1%** |  |  |
| Alexandria Real Estate Equities, Inc. | 60490 | 4986796 |
| Allied Properties Real Estate Investment Trust | 31 | 420 |
| AREIT, Inc. | 325110 | 254361 |
| Brookfield India Real Estate Trust | 26608 | 96402 |
| Champion REIT | 531000 | 137714 |
| COPT Defense Properties | 16641 | 478928 |
| Cousins Properties, Inc. | 57473 | 1694879 |
| Daiwa Office Investment Corp. | 367 | 912608 |
| Derwent London PLC | 54594 | 1256789 |
| Dexus | 429286 | 2106504 |
| Embassy Office Parks REIT | 594110 | 2614207 |
| GDI Property Group Partnership | 66596 | 29823 |
| Gecina SA | 36433 | 3577431 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Global One Real Estate Investment Corp. | 144 | $144711 |
| Great Portland Estates PLC | 190184 | 786349 |
| Halk Gayrimenkul Yatirim Ortakligi AS | 52204 | 5422 |
| Ichigo Office REIT Investment Corp. | 133 | 87100 |
| Inmobiliaria Colonial Socimi SA | 130126 | 859043 |
| Japan Excellent, Inc. | 489 | 486597 |
| Japan Prime Realty Investment Corp. | 1332 | 936761 |
| Japan Real Estate Investment Corp. | 2737 | 2379085 |
| JR Global Reit | 114287 | 222643 |
| Keppel REIT | 1027500 | 780314 |
| Mindspace Business Parks REIT | 137510 | 659520 |
| Mori Hills REIT Investment Corp. | 658 | 636159 |
| NET Lease Office Properties<sup>(1)</sup> | 5621 | 166494 |
| Nippon Building Fund, Inc. | 3613 | 3495871 |
| NSI NV | 8608 | 216630 |
| Orix JREIT, Inc.<sup>(1)</sup> | 2344 | 1562475 |
| Postal Realty Trust, Inc., Class A | 5085 | 80546 |
| Precinct Properties Group<sup>(1)</sup> | 414405 | 306850 |
| Real Commercial REIT, Inc. | 2649000 | 372654 |
| Vakif Gayrimenkul Yatirim Ortakligi AS<sup>(2)</sup> | 983566 | 63376 |
| Workspace Group PLC | 49691 | 268559 |
|  |  | 32664021 |
| **Other Specialized REITs — 5.4%** |  |  |
| Arena REIT | 190583 | 504115 |
| Automotive Properties Real Estate Investment Trust | 5144 | 44310 |
| Charter Hall Social Infrastructure REIT | 156914 | 346376 |
| EPR Properties | 10428 | 565719 |
| Farmland Partners, Inc. | 15439 | 170138 |
| Four Corners Property Trust, Inc. | 36282 | 939341 |
| Gaming & Leisure Properties, Inc. | 92655 | 4448366 |
| Iron Mountain, Inc. | 107239 | 9901377 |
| Koramco Life Infra Reit Co. Ltd. | 13958 | 42931 |
| Lamar Advertising Co., Class A | 32527 | 4139061 |
| Millrose Properties, Inc. | 23231 | 820287 |
| Rural Funds Trust<sup>(1)</sup> | 79938 | 101615 |
| VICI Properties, Inc. | 377972 | 12767894 |
|  |  | 34791530 |
| **Retail REITs — 16.7%** |  |  |
| Acadia Realty Trust | 9093 | 181951 |
| AEON REIT Investment Corp. | 655 | 585652 |
| Agree Realty Corp.<sup>(1)</sup> | 42017 | 3056317 |
| BWP Property Group Ltd. | 267432 | 620425 |
| CapitaLand Integrated Commercial Trust | 2630566 | 4674168 |
| Carmila SA<sup>(2)</sup> | 42830 | 862312 |
| Charter Hall Retail REIT | 249388 | 684591 |
| Choice Properties Real Estate Investment Trust | 84297 | 890632 |
| Crombie Real Estate Investment Trust | 20056 | 219640 |
| CT Real Estate Investment Trust | 25219 | 295830 |
| Curbline Properties Corp. | 39472 | 889304 |
| Eurocommercial Properties NV | 17239 | 547220 |
| Federal Realty Investment Trust | 29257 | 2941791 |
| First Capital Real Estate Investment Trust | 46069 | 648760 |
| Frasers Centrepoint Trust | 597729 | 1085618 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Frontier Real Estate Investment Corp. | 1316 | $782899 |
| Fukuoka REIT Corp. | 317 | 397674 |
| Getty Realty Corp. | 18745 | 535920 |
| Hamborner REIT AG | 98232 | 661138 |
| HMC Capital Ltd. | 108077 | 270848 |
| HomeCo Daily Needs REIT | 751319 | 660277 |
| Hyprop Investments Ltd.<sup>(1)</sup> | 202423 | 536794 |
| IGB Real Estate Investment Trust | 884500 | 565292 |
| InvenTrust Properties Corp. | 23285 | 693194 |
| Japan Metropolitan Fund Invest<sup>(1)</sup> | 1150 | 875429 |
| Kimco Realty Corp. | 220601 | 4961316 |
| Kite Realty Group Trust | 77153 | 1760631 |
| Kiwi Property Group Ltd. | 221844 | 136008 |
| Klepierre SA | 146368 | 5715222 |
| Lendlease Global Commercial REIT<sup>(1)</sup> | 674154 | 315305 |
| Link REIT | 1186911 | 6339493 |
| LOTTE REIT Co. Ltd. | 97493 | 267763 |
| Mercialys SA | 68862 | 874122 |
| NETSTREIT Corp.<sup>(1)</sup> | 33047 | 604430 |
| NewRiver REIT PLC | 122492 | 120800 |
| Nexus Select Trust | 90254 | 151635 |
| NNN REIT, Inc. | 64269 | 2757783 |
| Pavilion Real Estate Investment Trust | 868500 | 353622 |
| Phillips Edison & Co., Inc. | 42468 | 1494449 |
| Primaris Real Estate Investment Trust | 20742 | 226850 |
| Realty Income Corp. | 312008 | 18333590 |
| Regency Centers Corp. | 68471 | 4964148 |
| Region Group | 494431 | 788374 |
| Resilient REIT Ltd.<sup>(1)</sup> | 163226 | 621538 |
| Retail Estates NV | 6423 | 521684 |
| RioCan Real Estate Investment Trust | 65200 | 877341 |
| Ronesans Gayrimenkul Yatirim AS<sup>(2)</sup> | 35067 | 122008 |
| Sasseur Real Estate Investment Trust | 167900 | 91614 |
| Scentre Group | 475775 | 1268073 |
| Shaftesbury Capital PLC | 670914 | 1324804 |
| Simon Property Group, Inc. | 109605 | 19801239 |
| SITE Centers Corp. | 12542 | 154016 |
| SmartCentres Real Estate Investment Trust | 31554 | 619431 |
| Starhill Global REIT | 541000 | 229816 |
| Sunway Real Estate Investment Trust | 811100 | 393642 |
| Supermarket Income REIT PLC | 469572 | 497833 |
| Tanger, Inc. | 37610 | 1285510 |
| Unibail-Rodamco-Westfield<sup>(2)</sup> | 11186 | 1163788 |
| Urban Edge Properties | 9987 | 206631 |
| Vastned NV | 1285 | 42868 |
| Vicinity Ltd. | 1765221 | 2988778 |
| Vukile Property Fund Ltd. | 651567 | 790571 |
| Waypoint REIT Ltd. | 320305 | 554499 |
| Wereldhave NV | 16411 | 356968 |
|  |  | 108241869 |
| **Self Storage REITs — 5.7%** |  |  |
| Big Yellow Group PLC | 87940 | 1082390 |
| CubeSmart | 85083 | 3481596 |

---

------

Schedule of Investments - Avantis Real Estate ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Extra Space Storage, Inc. | 77664 | $11150997 |
| National Storage REIT | 647889 | 1019742 |
| Public Storage | 63368 | 18667579 |
| Safestore Holdings PLC | 88834 | 756703 |
| Shurgard Self Storage Ltd. | 19155 | 753480 |
| Stor-Age Property REIT Ltd.<sup>(1)</sup> | 147934 | 132276 |
|  |  | 37044763 |
| **Single-Family Residential REITs — 3.3%** |  |  |
| American Homes 4 Rent, Class A | 119903 | 4294925 |
| Equity LifeStyle Properties, Inc. | 68757 | 4145360 |
| Flagship Communities REIT | 919 | 16551 |
| Invitation Homes, Inc. | 204419 | 6396271 |
| PRS REIT PLC | 232482 | 316181 |
| Sun Communities, Inc. | 46089 | 5847311 |
| UMH Properties, Inc. | 26407 | 414326 |
|  |  | 21430925 |
| **Telecom Tower REITs — 9.0%** |  |  |
| American Tower Corp. | 167626 | 34170560 |
| Crown Castle, Inc. | 152672 | 15135902 |
| SBA Communications Corp. | 42339 | 8673144 |
|  |  | 57979606 |
| **TOTAL COMMON STOCKS**<br>(Cost $630,200,722) |  | **644964625** |
| **SHORT-TERM INVESTMENTS — 1.4%** |  |  |
| **Money Market Funds — 1.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 654895 | 654895 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 8672061 | 8672061 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $9,326,956) |  | **9326956** |
| **TOTAL INVESTMENT SECURITIES — 101.1%**<br>(Cost $639,527,678) |  | **654291581** |
| **OTHER ASSETS AND LIABILITIES — (1.1)%** |  | **(7028281)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**647263300** |

---

---

| | | |
|:---|:---|:---|
| **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 $16,104,529. 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 $16,942,064, which includes securities collateral of $8,270,003.

------

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 | $48455344 | $1593236 |  |
| &nbsp;&nbsp;Diversified REITs | 8731852 | 44373146 |  |
| &nbsp;&nbsp;Health Care REITs | 68652930 | 5366576 |  |
| &nbsp;&nbsp;Hotel & Resort REITs | 8967918 | 4959678 |  |
| &nbsp;&nbsp;Industrial REITs | 55112752 | 51358919 |  |
| &nbsp;&nbsp;Multi-Family Residential REITs | 44231115 | 11008445 |  |
| &nbsp;&nbsp;Office REITs | 7407643 | 25256378 |  |
| &nbsp;&nbsp;Other Specialized REITs | 33752183 | 1039347 |  |
| &nbsp;&nbsp;Retail REITs | 64622220 | 43619649 |  |
| &nbsp;&nbsp;Self Storage REITs | 33300172 | 3744591 |  |
| &nbsp;&nbsp;Single-Family Residential REITs | 21098193 | 332732 |  |
| &nbsp;&nbsp;Other REITs | 57979606 |  |  |
| Short-Term Investments | 9326956 |  |  |
|  | $461638884 | $192652697 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.1%** | | |
| AerSale Corp.<sup>(1)</sup> | 4 | $35 |
| Hexcel Corp. | 1409 | 88978 |
| Howmet Aerospace, Inc. | 307 | 53449 |
| L3Harris Technologies, Inc. | 325 | 90226 |
| Northrop Grumman Corp. | 306 | 180552 |
| Woodward, Inc. | 27 | 6664 |
|  |  | 419904 |
| **Air Freight and Logistics — 0.7%** |  |  |
| CH Robinson Worldwide, Inc. | 891 | 114672 |
| Expeditors International of Washington, Inc. | 4968 | 598843 |
| FedEx Corp. | 4975 | 1149573 |
| Forward Air Corp.<sup>(1)(2)</sup> | 15 | 450 |
| GXO Logistics, Inc.<sup>(1)</sup> | 152 | 8003 |
| Hub Group, Inc., Class A | 2500 | 93550 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 2996 | 19384 |
| United Parcel Service, Inc., Class B | 8740 | 764226 |
|  |  | 2748701 |
| **Automobile Components — 0.6%** |  |  |
| American Axle & Manufacturing Holdings, Inc.<sup>(1)</sup> | 5806 | 33791 |
| Aptiv PLC<sup>(1)</sup> | 2592 | 206142 |
| Autoliv, Inc. | 3586 | 444915 |
| BorgWarner, Inc. | 6388 | 273151 |
| Dana, Inc. | 7398 | 149144 |
| Dorman Products, Inc.<sup>(1)</sup> | 815 | 131859 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 12 | 347 |
| Gentex Corp. | 4850 | 135848 |
| Gentherm, Inc.<sup>(1)</sup> | 521 | 19157 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 12527 | 106229 |
| LCI Industries | 1040 | 109637 |
| Lear Corp. | 1685 | 185350 |
| Modine Manufacturing Co.<sup>(1)</sup> | 3326 | 452768 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 1016 | 15138 |
| Patrick Industries, Inc. | 150 | 16778 |
| Phinia, Inc. | 2402 | 140469 |
| Standard Motor Products, Inc. | 476 | 18474 |
| Visteon Corp. | 838 | 103878 |
|  |  | 2543075 |
| **Automobiles — 0.9%** |  |  |
| Ford Motor Co. | 88892 | 1046259 |
| General Motors Co. | 29130 | 1706727 |
| Harley-Davidson, Inc. | 5751 | 167469 |
| Lucid Group, Inc.<sup>(1)(2)</sup> | 2636 | 5219 |
| Rivian Automotive, Inc., Class A<sup>(1)(2)</sup> | 710 | 9635 |
| Tesla, Inc.<sup>(1)</sup> | 983 | 328194 |
| Thor Industries, Inc. | 1842 | 201883 |
| Winnebago Industries, Inc. | 1554 | 55913 |
|  |  | 3521299 |
| **Banks — 6.3%** |  |  |
| ACNB Corp. | 12 | 544 |
| Amalgamated Financial Corp. | 213 | 6154 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Amerant Bancorp, Inc. | 1255 | $26982 |
| Associated Banc-Corp. | 5333 | 143831 |
| Atlantic Union Bankshares Corp. | 3214 | 114836 |
| Banc of California, Inc. | 1556 | 26328 |
| BancFirst Corp. | 476 | 63294 |
| Bancorp, Inc.<sup>(1)</sup> | 2278 | 173675 |
| Bank First Corp. | 26 | 3378 |
| Bank of America Corp. | 46282 | 2348349 |
| Bank of Hawaii Corp. | 1304 | 88828 |
| Bank of NT Butterfield & Son Ltd. | 2194 | 98993 |
| Bank OZK | 4151 | 217803 |
| BankUnited, Inc. | 2929 | 114788 |
| Banner Corp. | 1348 | 90356 |
| Bar Harbor Bankshares | 656 | 21169 |
| BayCom Corp. | 48 | 1452 |
| Berkshire Hills Bancorp, Inc. | 1376 | 35955 |
| BOK Financial Corp. | 871 | 97038 |
| Business First Bancshares, Inc. | 222 | 5552 |
| Byline Bancorp, Inc. | 836 | 24169 |
| Camden National Corp. | 476 | 19464 |
| Central Pacific Financial Corp. | 1220 | 38210 |
| Citigroup, Inc. | 23830 | 2301263 |
| Citizens Financial Group, Inc. | 10819 | 565617 |
| City Holding Co. | 8 | 1028 |
| Columbia Banking System, Inc. | 5719 | 153098 |
| Columbia Financial, Inc.<sup>(1)</sup> | 836 | 12565 |
| Comerica, Inc. | 4141 | 292272 |
| Commerce Bancshares, Inc. | 2874 | 178016 |
| Community Financial System, Inc. | 854 | 51146 |
| Cullen/Frost Bankers, Inc. | 1084 | 139869 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 1403 | 100581 |
| CVB Financial Corp. | 3198 | 64376 |
| Dime Community Bancshares, Inc. | 1413 | 43464 |
| Eagle Bancorp, Inc. | 1016 | 19731 |
| East West Bancorp, Inc. | 4361 | 458516 |
| Enterprise Financial Services Corp. | 113 | 6920 |
| Farmers & Merchants Bancorp, Inc. | 476 | 12595 |
| Farmers National Banc Corp. | 385 | 5844 |
| FB Financial Corp. | 935 | 50191 |
| Fifth Third Bancorp | 14622 | 669249 |
| First BanCorp | 7387 | 164213 |
| First Bancorp, Inc. | 656 | 17830 |
| First Bancorp/Southern Pines NC | 54 | 2948 |
| First Busey Corp. | 3399 | 83955 |
| First Business Financial Services, Inc. | 39 | 2040 |
| First Commonwealth Financial Corp. | 2838 | 50374 |
| First Financial Bancorp | 2452 | 64929 |
| First Financial Bankshares, Inc. | 2327 | 86495 |
| First Financial Corp. | 2 | 118 |
| First Hawaiian, Inc. | 3034 | 78732 |
| First Horizon Corp. | 12390 | 280014 |
| First Interstate BancSystem, Inc., Class A | 1376 | 45023 |
| First Merchants Corp. | 1319 | 54765 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| First Mid Bancshares, Inc. | 571 | $23091 |
| Flushing Financial Corp. | 1016 | 13980 |
| FNB Corp. | 9866 | 164664 |
| FS Bancorp, Inc. | 656 | 28018 |
| German American Bancorp, Inc. | 656 | 27408 |
| Glacier Bancorp, Inc. | 1133 | 55687 |
| Heritage Financial Corp. | 9 | 220 |
| Hilltop Holdings, Inc. | 1192 | 41815 |
| Home BancShares, Inc. | 3720 | 110707 |
| HomeStreet, Inc.<sup>(1)</sup> | 836 | 11595 |
| HomeTrust Bancshares, Inc. | 30 | 1241 |
| Hope Bancorp, Inc. | 3944 | 43897 |
| Horizon Bancorp, Inc. | 375 | 6322 |
| Huntington Bancshares, Inc. | 21482 | 382594 |
| Independent Bank Corp. | 1034 | 73941 |
| Independent Bank Corp. (Michigan) | 836 | 27496 |
| JPMorgan Chase & Co. | 22127 | 6669520 |
| KeyCorp | 27078 | 524230 |
| Lakeland Financial Corp. | 520 | 35594 |
| M&T Bank Corp. | 4037 | 814101 |
| Mercantile Bank Corp. | 577 | 28417 |
| Meridian Corp. | 491 | 7728 |
| National Bank Holdings Corp., Class A | 1025 | 40200 |
| NB Bancorp, Inc. | 1755 | 33152 |
| NBT Bancorp, Inc. | 1590 | 70389 |
| Nicolet Bankshares, Inc. | 30 | 4149 |
| Northeast Bank | 476 | 52627 |
| Northfield Bancorp, Inc. | 1376 | 16306 |
| OFG Bancorp | 2065 | 92409 |
| Old National Bancorp | 7122 | 163023 |
| Old Second Bancorp, Inc. | 989 | 18257 |
| OP Bancorp | 375 | 5452 |
| Origin Bancorp, Inc. | 185 | 7195 |
| Pacific Premier Bancorp, Inc. | 4555 | 111552 |
| Park National Corp. | 17 | 2920 |
| Pathward Financial, Inc. | 1564 | 124291 |
| PCB Bancorp | 836 | 18476 |
| Peoples Bancorp, Inc. | 1039 | 32147 |
| Pinnacle Financial Partners, Inc. | 1279 | 124344 |
| PNC Financial Services Group, Inc. | 4346 | 901534 |
| Popular, Inc. | 3574 | 449037 |
| Prosperity Bancshares, Inc. | 1852 | 128029 |
| Provident Financial Services, Inc. | 3907 | 77515 |
| QCR Holdings, Inc. | 90 | 7054 |
| Regions Financial Corp. | 24216 | 663276 |
| Renasant Corp. | 1386 | 54234 |
| S&T Bancorp, Inc. | 108 | 4267 |
| Seacoast Banking Corp. of Florida | 1597 | 49683 |
| Sierra Bancorp | 656 | 20113 |
| Simmons First National Corp., Class A | 2088 | 43389 |
| Southern Missouri Bancorp, Inc. | 296 | 17030 |
| Southside Bancshares, Inc. | 930 | 29053 |
| SouthState Corp. | 1272 | 129820 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Stock Yards Bancorp, Inc. | 4 | $323 |
| Synovus Financial Corp. | 5552 | 286539 |
| TFS Financial Corp. | 1196 | 16816 |
| Towne Bank | 165 | 6054 |
| TriCo Bancshares | 126 | 5723 |
| Truist Financial Corp. | 14838 | 694715 |
| TrustCo Bank Corp. | 656 | 26102 |
| Trustmark Corp. | 218 | 8779 |
| U.S. Bancorp | 15447 | 754277 |
| UMB Financial Corp. | 1793 | 218567 |
| United Community Banks, Inc. | 3110 | 103874 |
| Valley National Bancorp | 7156 | 74852 |
| Veritex Holdings, Inc. | 198 | 6801 |
| WaFd, Inc. | 1964 | 61768 |
| Webster Financial Corp. | 3769 | 234507 |
| WesBanco, Inc. | 40 | 1312 |
| Westamerica Bancorporation | 869 | 43459 |
| Western Alliance Bancorp | 2810 | 251635 |
| Wintrust Financial Corp. | 2038 | 279797 |
| Zions Bancorp NA | 5295 | 307163 |
|  |  | 25785177 |
| **Beverages — 0.8%** |  |  |
| Brown-Forman Corp., Class A | 224 | 6799 |
| Brown-Forman Corp., Class B | 1596 | 47784 |
| Coca-Cola Co. | 19790 | 1365312 |
| Constellation Brands, Inc., Class A | 1495 | 242100 |
| Keurig Dr. Pepper, Inc. | 4591 | 133552 |
| Molson Coors Beverage Co., Class B | 4148 | 209433 |
| PepsiCo, Inc. | 7605 | 1130483 |
|  |  | 3135463 |
| **Biotechnology — 2.6%** |  |  |
| AbbVie, Inc. | 11125 | 2340700 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 321 | 8343 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | 1068 | 40274 |
| Alkermes PLC<sup>(1)</sup> | 1499 | 43426 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 12 | 5358 |
| Altimmune, Inc.<sup>(1)</sup> | 763 | 2922 |
| Amgen, Inc. | 3814 | 1097326 |
| AnaptysBio, Inc.<sup>(1)</sup> | 18 | 366 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 385 | 3611 |
| Apogee Therapeutics, Inc.<sup>(1)</sup> | 17 | 618 |
| Biogen, Inc.<sup>(1)</sup> | 1833 | 242359 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 2250 | 131107 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 5510 | 113451 |
| CRISPR Therapeutics AG<sup>(1)(2)</sup> | 289 | 14979 |
| Cytokinetics, Inc.<sup>(1)</sup> | 570 | 20138 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 828 | 12644 |
| Dynavax Technologies Corp.<sup>(1)</sup> | 6076 | 61489 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 911 | 7561 |
| Enanta Pharmaceuticals, Inc.<sup>(1)</sup> | 296 | 2486 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | 742 | 4059 |
| Exact Sciences Corp.<sup>(1)</sup> | 253 | 11997 |
| Exelixis, Inc.<sup>(1)</sup> | 6206 | 232228 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Gilead Sciences, Inc. | 21667 | $2447721 |
| GRAIL, Inc.<sup>(1)</sup> | 181 | 5935 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 3999 | 292527 |
| HilleVax, Inc.<sup>(1)(2)</sup> | 520 | 1087 |
| Incyte Corp.<sup>(1)</sup> | 2634 | 222863 |
| Insmed, Inc.<sup>(1)</sup> | 125 | 17012 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 38 | 1620 |
| Kura Oncology, Inc.<sup>(1)</sup> | 1215 | 9598 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 8 | 3503 |
| Merus NV<sup>(1)</sup> | 8 | 527 |
| Moderna, Inc.<sup>(1)</sup> | 4056 | 97709 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 4202 | 20170 |
| Myriad Genetics, Inc.<sup>(1)</sup> | 3 | 19 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 1096 | 153002 |
| PTC Therapeutics, Inc.<sup>(1)</sup> | 629 | 31029 |
| Regeneron Pharmaceuticals, Inc. | 1058 | 614381 |
| REGENXBIO, Inc.<sup>(1)</sup> | 1617 | 14440 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 5 | 18 |
| Rigel Pharmaceuticals, Inc.<sup>(1)</sup> | 1135 | 44095 |
| Rocket Pharmaceuticals, Inc.<sup>(1)</sup> | 2 | 7 |
| Sionna Therapeutics, Inc.<sup>(1)</sup> | 936 | 23044 |
| Tyra Biosciences, Inc.<sup>(1)</sup> | 10 | 127 |
| United Therapeutics Corp.<sup>(1)</sup> | 1146 | 349255 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 1556 | 7360 |
| Vaxcyte, Inc.<sup>(1)</sup> | 28 | 862 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 4631 | 1810814 |
| Xencor, Inc.<sup>(1)</sup> | 1032 | 8390 |
| Zenas Biopharma, Inc.<sup>(1)(2)</sup> | 1248 | 19968 |
|  |  | 10594525 |
| **Broadline Retail — 3.8%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 55193 | 12639197 |
| Coupang, Inc.<sup>(1)</sup> | 24596 | 702954 |
| Dillard's, Inc., Class A | 116 | 61814 |
| eBay, Inc. | 2519 | 228247 |
| Etsy, Inc.<sup>(1)</sup> | 960 | 50890 |
| Kohl's Corp. | 6159 | 92754 |
| Macy's, Inc. | 14601 | 193171 |
| MercadoLibre, Inc.<sup>(1)</sup> | 675 | 1669214 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 1257 | 159438 |
|  |  | 15797679 |
| **Building Products — 1.2%** |  |  |
| A.O. Smith Corp. | 3574 | 254790 |
| AAON, Inc. | 1227 | 101780 |
| Advanced Drainage Systems, Inc. | 3093 | 445299 |
| Allegion PLC | 901 | 152990 |
| Apogee Enterprises, Inc. | 1028 | 45206 |
| Armstrong World Industries, Inc. | 2034 | 398196 |
| AZZ, Inc. | 4 | 452 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 2885 | 400092 |
| Carlisle Cos., Inc. | 1465 | 565329 |
| Carrier Global Corp. | 3837 | 250172 |
| Fortune Brands Innovations, Inc. | 1052 | 61563 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 1646 | 103023 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Griffon Corp. | 2187 | $166562 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 1016 | 16337 |
| Insteel Industries, Inc. | 836 | 32086 |
| Janus International Group, Inc.<sup>(1)</sup> | 6124 | 63383 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 3821 | 24416 |
| Johnson Controls International PLC | 1591 | 170062 |
| Lennox International, Inc. | 551 | 307381 |
| Masco Corp. | 1240 | 91004 |
| Masterbrand, Inc.<sup>(1)</sup> | 5663 | 71977 |
| Owens Corning | 2295 | 344640 |
| Quanex Building Products Corp. | 1959 | 41668 |
| Simpson Manufacturing Co., Inc. | 1237 | 236415 |
| Trane Technologies PLC | 935 | 388586 |
| Trex Co., Inc.<sup>(1)</sup> | 2825 | 174105 |
| UFP Industries, Inc. | 766 | 77343 |
| Zurn Elkay Water Solutions Corp. | 2014 | 91355 |
|  |  | 5076212 |
| **Capital Markets — 5.3%** |  |  |
| Affiliated Managers Group, Inc. | 116 | 26079 |
| Ameriprise Financial, Inc. | 3152 | 1622681 |
| Ares Management Corp., Class A | 1078 | 193178 |
| Artisan Partners Asset Management, Inc., Class A | 2358 | 110331 |
| Bank of New York Mellon Corp. | 10659 | 1125590 |
| Blackrock, Inc. | 691 | 778854 |
| Blackstone, Inc. | 4744 | 813122 |
| Carlyle Group, Inc. | 7951 | 513316 |
| Cboe Global Markets, Inc. | 682 | 160918 |
| Charles Schwab Corp. | 12156 | 1165031 |
| CME Group, Inc. | 2710 | 722242 |
| Cohen & Steers, Inc. | 1029 | 76002 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 2047 | 623393 |
| Diamond Hill Investment Group, Inc. | 116 | 16908 |
| Donnelley Financial Solutions, Inc.<sup>(1)</sup> | 656 | 37241 |
| Evercore, Inc., Class A | 1236 | 397436 |
| FactSet Research Systems, Inc. | 523 | 195246 |
| Federated Hermes, Inc. | 1751 | 92978 |
| Franklin Resources, Inc. | 5536 | 142054 |
| Goldman Sachs Group, Inc. | 4156 | 3097259 |
| Houlihan Lokey, Inc. | 50 | 9962 |
| Intercontinental Exchange, Inc. | 1438 | 253951 |
| Invesco Ltd. | 9122 | 199681 |
| Janus Henderson Group PLC | 3224 | 142888 |
| Jefferies Financial Group, Inc. | 3847 | 249478 |
| KKR & Co., Inc. | 7030 | 980615 |
| Lazard, Inc. | 3562 | 203604 |
| LPL Financial Holdings, Inc. | 1292 | 470908 |
| MarketAxess Holdings, Inc. | 514 | 94494 |
| Moelis & Co., Class A | 2060 | 148547 |
| Moody's Corp. | 919 | 468469 |
| Morgan Stanley | 13133 | 1976254 |
| Morningstar, Inc. | 116 | 30441 |
| MSCI, Inc. | 128 | 72668 |
| Nasdaq, Inc. | 476 | 45096 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Northern Trust Corp. | 4045 | $531028 |
| Piper Sandler Cos. | 883 | 294737 |
| Raymond James Financial, Inc. | 4741 | 803315 |
| S&P Global, Inc. | 1496 | 820466 |
| SEI Investments Co. | 3947 | 348441 |
| State Street Corp. | 5183 | 595889 |
| Stifel Financial Corp. | 3754 | 432799 |
| T. Rowe Price Group, Inc. | 2612 | 281103 |
| Tradeweb Markets, Inc., Class A | 663 | 81788 |
| Victory Capital Holdings, Inc., Class A | 1315 | 93733 |
| Virtu Financial, Inc., Class A | 126 | 5282 |
| WisdomTree, Inc.<sup>(2)</sup> | 5687 | 77400 |
|  |  | 21622896 |
| **Chemicals — 0.4%** |  |  |
| Albemarle Corp. | 1634 | 138759 |
| Ashland, Inc. | 1268 | 71198 |
| Avient Corp. | 1622 | 60663 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 3040 | 95030 |
| Balchem Corp. | 4 | 648 |
| DuPont de Nemours, Inc. | 3965 | 304988 |
| Element Solutions, Inc. | 836 | 21502 |
| FMC Corp. | 3687 | 144162 |
| Hawkins, Inc. | 1250 | 209163 |
| Huntsman Corp. | 6875 | 76725 |
| Ingevity Corp.<sup>(1)</sup> | 1399 | 81674 |
| International Flavors & Fragrances, Inc. | 1492 | 100725 |
| Koppers Holdings, Inc. | 478 | 13852 |
| Minerals Technologies, Inc. | 1475 | 96539 |
| PPG Industries, Inc. | 1171 | 130250 |
| PureCycle Technologies, Inc.<sup>(1)(2)</sup> | 1889 | 26994 |
| Quaker Chemical Corp. | 391 | 56722 |
| RPM International, Inc. | 290 | 36340 |
| Sherwin-Williams Co. | 386 | 141210 |
| Stepan Co. | 558 | 27917 |
| Trinseo PLC | 22 | 53 |
|  |  | 1835114 |
| **Commercial Services and Supplies — 0.5%** |  |  |
| ACCO Brands Corp. | 1559 | 6267 |
| Brady Corp., Class A | 1212 | 94633 |
| Cintas Corp. | 2914 | 612027 |
| Civeo Corp.<sup>(2)</sup> | 836 | 19855 |
| Clean Harbors, Inc.<sup>(1)</sup> | 792 | 191830 |
| Copart, Inc.<sup>(1)</sup> | 9211 | 449589 |
| Deluxe Corp. | 590 | 11599 |
| Ennis, Inc. | 1016 | 18562 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 1323 | 20652 |
| HNI Corp. | 2041 | 91723 |
| Interface, Inc. | 4136 | 110514 |
| Liquidity Services, Inc.<sup>(1)</sup> | 1196 | 31802 |
| MSA Safety, Inc. | 258 | 44015 |
| OPENLANE, Inc.<sup>(1)</sup> | 104 | 3008 |
| Pitney Bowes, Inc. | 670 | 8120 |
| Rollins, Inc. | 1576 | 89107 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Steelcase, Inc., Class A | 5470 | $91568 |
| Tetra Tech, Inc. | 1432 | 52153 |
| UniFirst Corp. | 190 | 33786 |
| Veralto Corp. | 577 | 61272 |
| Vestis Corp. | 294 | 1376 |
|  |  | 2043458 |
| **Communications Equipment — 0.7%** |  |  |
| ADTRAN Holdings, Inc.<sup>(1)</sup> | 867 | 8133 |
| Arista Networks, Inc.<sup>(1)</sup> | 9722 | 1327539 |
| Ciena Corp.<sup>(1)</sup> | 3017 | 283508 |
| Cisco Systems, Inc. | 11015 | 761026 |
| Extreme Networks, Inc.<sup>(1)</sup> | 1477 | 31578 |
| F5, Inc.<sup>(1)</sup> | 322 | 100831 |
| Lumentum Holdings, Inc.<sup>(1)</sup> | 16 | 2125 |
| Motorola Solutions, Inc. | 568 | 268357 |
| NETGEAR, Inc.<sup>(1)</sup> | 507 | 13775 |
| NetScout Systems, Inc.<sup>(1)</sup> | 233 | 5799 |
| Viasat, Inc.<sup>(1)</sup> | 3249 | 105040 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 6 | 68 |
|  |  | 2907779 |
| **Construction and Engineering — 0.1%** |  |  |
| AECOM | 40 | 4996 |
| API Group Corp.<sup>(1)</sup> | 615 | 21943 |
| Centuri Holdings, Inc.<sup>(1)(2)</sup> | 983 | 20879 |
| Comfort Systems USA, Inc. | 49 | 34466 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 2498 | 195943 |
| Granite Construction, Inc. | 28 | 3017 |
| Limbach Holdings, Inc.<sup>(1)</sup> | 967 | 110779 |
| Matrix Service Co.<sup>(1)</sup> | 1669 | 25252 |
| MYR Group, Inc.<sup>(1)</sup> | 14 | 2622 |
| WillScot Holdings Corp. | 4138 | 100305 |
|  |  | 520202 |
| **Construction Materials — 0.1%** |  |  |
| James Hardie Industries PLC<sup>(1)(2)</sup> | 1257 | 25303 |
| Knife River Corp.<sup>(1)</sup> | 372 | 30132 |
| Vulcan Materials Co. | 568 | 165379 |
|  |  | 220814 |
| **Consumer Finance — 2.0%** |  |  |
| Ally Financial, Inc. | 12098 | 496623 |
| American Express Co. | 3726 | 1234349 |
| Bread Financial Holdings, Inc. | 2460 | 162827 |
| Capital One Financial Corp. | 15731 | 3574398 |
| Credit Acceptance Corp.<sup>(1)</sup> | 110 | 56620 |
| Encore Capital Group, Inc.<sup>(1)</sup> | 1519 | 63555 |
| Enova International, Inc.<sup>(1)</sup> | 656 | 79573 |
| Green Dot Corp., Class A<sup>(1)</sup> | 1376 | 19154 |
| LendingClub Corp.<sup>(1)</sup> | 4550 | 78169 |
| Navient Corp. | 4871 | 66782 |
| Nelnet, Inc., Class A | 300 | 38583 |
| OneMain Holdings, Inc. | 5113 | 316290 |
| PRA Group, Inc.<sup>(1)</sup> | 656 | 11211 |
| PROG Holdings, Inc. | 1602 | 56455 |
| Regional Management Corp. | 476 | 20868 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SLM Corp. | 13100 | $409768 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 8593 | 219465 |
| Synchrony Financial | 16698 | 1274725 |
| World Acceptance Corp.<sup>(1)</sup> | 116 | 19886 |
|  |  | 8199301 |
| **Consumer Staples Distribution & Retail — 2.9%** |  |  |
| Andersons, Inc. | 1365 | 55828 |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 577 | 36432 |
| Costco Wholesale Corp. | 3830 | 3612916 |
| Dollar General Corp. | 2922 | 317797 |
| Dollar Tree, Inc.<sup>(1)</sup> | 4688 | 511789 |
| Kroger Co. | 18681 | 1267319 |
| Natural Grocers by Vitamin Cottage, Inc. | 1127 | 43333 |
| PriceSmart, Inc. | 1043 | 111872 |
| SpartanNash Co. | 1818 | 48722 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 6251 | 878516 |
| Sysco Corp. | 3591 | 288968 |
| Target Corp. | 9081 | 871594 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 42 | 3259 |
| United Natural Foods, Inc.<sup>(1)</sup> | 3470 | 98132 |
| Village Super Market, Inc., Class A | 560 | 20317 |
| Walmart, Inc. | 38298 | 3714140 |
|  |  | 11880934 |
| **Containers and Packaging — 0.5%** |  |  |
| AptarGroup, Inc. | 1091 | 151944 |
| Ardagh Metal Packaging SA | 1717 | 6336 |
| Avery Dennison Corp. | 705 | 121013 |
| Ball Corp. | 6018 | 316787 |
| Crown Holdings, Inc. | 1300 | 129194 |
| Graphic Packaging Holding Co. | 10689 | 238044 |
| Greif, Inc., Class A | 1097 | 71645 |
| Greif, Inc., Class B | 116 | 7920 |
| Myers Industries, Inc. | 16 | 268 |
| Packaging Corp. of America | 2847 | 620532 |
| Sealed Air Corp. | 2677 | 86922 |
| Silgan Holdings, Inc. | 288 | 13513 |
| Smurfit WestRock PLC | 5852 | 277151 |
| TriMas Corp. | 428 | 16551 |
|  |  | 2057820 |
| **Distributors — 0.1%** |  |  |
| Genuine Parts Co. | 2803 | 390542 |
| LKQ Corp. | 1454 | 47429 |
| Pool Corp. | 521 | 161880 |
|  |  | 599851 |
| **Diversified Consumer Services — 0.4%** |  |  |
| ADT, Inc. | 1916 | 16688 |
| Adtalem Global Education, Inc.<sup>(1)</sup> | 1073 | 140509 |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | 7 | 826 |
| Frontdoor, Inc.<sup>(1)</sup> | 1016 | 61722 |
| Graham Holdings Co., Class B | 144 | 156391 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 1476 | 297517 |
| H&R Block, Inc. | 1016 | 51156 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 6964 | 191371 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 1186 | $22309 |
| OneSpaWorld Holdings Ltd. | 1916 | 43244 |
| Perdoceo Education Corp. | 3883 | 127130 |
| Service Corp. International | 2557 | 202642 |
| Stride, Inc.<sup>(1)</sup> | 1314 | 214432 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 2653 | 70543 |
|  |  | 1596480 |
| **Diversified Telecommunication Services — 1.4%** |  |  |
| AT&T, Inc. | 103212 | 3023079 |
| Cogent Communications Holdings, Inc. | 795 | 30393 |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | 10345 | 383593 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 23 | 859 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 175 | 6412 |
| Iridium Communications, Inc. | 5251 | 130697 |
| Shenandoah Telecommunications Co. | 1439 | 19067 |
| Verizon Communications, Inc. | 53133 | 2350072 |
|  |  | 5944172 |
| **Electric Utilities — 0.2%** |  |  |
| Edison International | 6297 | 353451 |
| Exelon Corp. | 9828 | 429287 |
|  |  | 782738 |
| **Electrical Equipment — 0.8%** |  |  |
| Acuity, Inc. | 652 | 212858 |
| AMETEK, Inc. | 1281 | 236729 |
| Atkore, Inc. | 2378 | 138376 |
| Eaton Corp. PLC | 1289 | 450041 |
| Emerson Electric Co. | 428 | 56496 |
| EnerSys | 1380 | 141657 |
| Fluence Energy, Inc.<sup>(1)(2)</sup> | 2724 | 20158 |
| Generac Holdings, Inc.<sup>(1)</sup> | 953 | 176543 |
| Hubbell, Inc. | 509 | 219374 |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 5518 | 371141 |
| nVent Electric PLC | 1487 | 134410 |
| Regal Rexnord Corp. | 73 | 10901 |
| Rockwell Automation, Inc. | 268 | 92039 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 4450 | 28969 |
| Sunrun, Inc.<sup>(1)</sup> | 1196 | 19100 |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | 851 | 22569 |
| Vertiv Holdings Co., Class A | 6822 | 870146 |
|  |  | 3201507 |
| **Electronic Equipment, Instruments and Components — 1.7%** |  |  |
| Advanced Energy Industries, Inc. | 897 | 134263 |
| Amphenol Corp., Class A | 4338 | 472235 |
| Arrow Electronics, Inc.<sup>(1)</sup> | 1178 | 148817 |
| Avnet, Inc. | 4104 | 223955 |
| Badger Meter, Inc. | 300 | 54876 |
| Bel Fuse, Inc., Class B | 193 | 25970 |
| Belden, Inc. | 378 | 49216 |
| Benchmark Electronics, Inc. | 680 | 27601 |
| CDW Corp. | 1267 | 208751 |
| Cognex Corp. | 866 | 38052 |
| Coherent Corp.<sup>(1)</sup> | 175 | 15832 |
| Corning, Inc. | 16780 | 1124763 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CTS Corp. | 836 | $35522 |
| ePlus, Inc. | 423 | 30612 |
| Fabrinet<sup>(1)</sup> | 700 | 231903 |
| Flex Ltd.<sup>(1)</sup> | 16324 | 875293 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 568 | 73931 |
| IPG Photonics Corp.<sup>(1)</sup> | 489 | 40010 |
| Jabil, Inc. | 5401 | 1106287 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 2081 | 340098 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 478 | 13800 |
| Knowles Corp.<sup>(1)</sup> | 1556 | 33221 |
| Littelfuse, Inc. | 347 | 90161 |
| Methode Electronics, Inc. | 656 | 5071 |
| Novanta, Inc.<sup>(1)</sup> | 80 | 9313 |
| OSI Systems, Inc.<sup>(1)</sup> | 13 | 2991 |
| PC Connection, Inc. | 296 | 19006 |
| Plexus Corp.<sup>(1)</sup> | 1272 | 174277 |
| Ralliant Corp.<sup>(1)</sup> | 15 | 627 |
| Sanmina Corp.<sup>(1)</sup> | 1290 | 151601 |
| ScanSource, Inc.<sup>(1)</sup> | 656 | 28634 |
| TD SYNNEX Corp. | 317 | 46938 |
| TE Connectivity PLC | 2947 | 608555 |
| Trimble, Inc.<sup>(1)</sup> | 476 | 38470 |
| TTM Technologies, Inc.<sup>(1)</sup> | 2817 | 125554 |
| Vishay Intertechnology, Inc. | 5817 | 89931 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 659 | 18729 |
| Vontier Corp. | 1494 | 64107 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | 79 | 25050 |
|  |  | 6804023 |
| **Energy Equipment and Services — 0.0%** |  |  |
| Geospace Technologies Corp.<sup>(1)</sup> | 956 | 18948 |
| **Entertainment — 1.0%** |  |  |
| Electronic Arts, Inc. | 1858 | 319483 |
| IMAX Corp.<sup>(1)</sup> | 1902 | 54321 |
| Liberty Media Corp.-Liberty Live, Class C<sup>(1)</sup> | 313 | 30480 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 927 | 154336 |
| Marcus Corp. | 947 | 14622 |
| Netflix, Inc.<sup>(1)</sup> | 1633 | 1973072 |
| Roku, Inc.<sup>(1)</sup> | 366 | 35341 |
| Sphere Entertainment Co.<sup>(1)(2)</sup> | 476 | 21567 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 3189 | 743898 |
| TKO Group Holdings, Inc. | 119 | 22558 |
| Walt Disney Co. | 4952 | 586218 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 12930 | 150505 |
|  |  | 4106401 |
| **Financial Services — 2.7%** |  |  |
| Apollo Global Management, Inc. | 5345 | 728149 |
| AvidXchange Holdings, Inc.<sup>(1)</sup> | 1016 | 10099 |
| Cannae Holdings, Inc. | 1556 | 29097 |
| Cass Information Systems, Inc. | 476 | 20525 |
| Corpay, Inc.<sup>(1)</sup> | 690 | 224712 |
| Enact Holdings, Inc. | 836 | 31475 |
| Equitable Holdings, Inc. | 16728 | 890933 |
| Essent Group Ltd. | 3916 | 245690 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 532 | $49577 |
| EVERTEC, Inc. | 15 | 535 |
| Federal Agricultural Mortgage Corp., Class C | 384 | 80475 |
| Fidelity National Information Services, Inc. | 202 | 14102 |
| Fiserv, Inc.<sup>(1)</sup> | 1305 | 180325 |
| Global Payments, Inc. | 76 | 6750 |
| Jack Henry & Associates, Inc. | 1571 | 256482 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 117 | 745 |
| Mastercard, Inc., Class A | 4944 | 2943114 |
| MGIC Investment Corp. | 11577 | 322188 |
| NCR Atleos Corp.<sup>(1)</sup> | 826 | 32726 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 4114 | 161886 |
| Payoneer Global, Inc.<sup>(1)</sup> | 5767 | 40081 |
| PayPal Holdings, Inc.<sup>(1)</sup> | 4157 | 291780 |
| PennyMac Financial Services, Inc. | 1446 | 159205 |
| Radian Group, Inc. | 6651 | 231987 |
| Rocket Cos., Inc., Class A<sup>(2)</sup> | 70 | 1244 |
| Shift4 Payments, Inc., Class A<sup>(1)(2)</sup> | 372 | 33640 |
| Visa, Inc., Class A | 10789 | 3795354 |
| Voya Financial, Inc. | 3637 | 273102 |
| Western Union Co. | 6971 | 60439 |
| WEX, Inc.<sup>(1)</sup> | 307 | 52604 |
|  |  | 11169021 |
| **Food Products — 0.4%** |  |  |
| Alico, Inc. | 44 | 1489 |
| Archer-Daniels-Midland Co. | 923 | 57817 |
| Bunge Global SA | 4288 | 361135 |
| Campbell's Co. | 35 | 1118 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 3795 | 128878 |
| Dole PLC | 2359 | 34724 |
| General Mills, Inc. | 1011 | 49873 |
| Hershey Co. | 1806 | 331853 |
| J.M. Smucker Co. | 1650 | 182342 |
| John B Sanfilippo & Son, Inc. | 191 | 12396 |
| Kellanova | 300 | 23850 |
| Lamb Weston Holdings, Inc. | 1821 | 104762 |
| Marzetti Co. | 307 | 56058 |
| McCormick & Co., Inc. | 41 | 2885 |
| Mondelez International, Inc., Class A | 6519 | 400527 |
| Vital Farms, Inc.<sup>(1)</sup> | 714 | 36478 |
| WK Kellogg Co. | 2016 | 46207 |
|  |  | 1832392 |
| **Ground Transportation — 1.7%** |  |  |
| ArcBest Corp. | 1333 | 98322 |
| Covenant Logistics Group, Inc. | 740 | 17856 |
| CSX Corp. | 37516 | 1219645 |
| Heartland Express, Inc. | 1376 | 11820 |
| JB Hunt Transport Services, Inc. | 2616 | 379294 |
| Knight-Swift Transportation Holdings, Inc. | 2215 | 97238 |
| Landstar System, Inc. | 1472 | 194790 |
| Lyft, Inc., Class A<sup>(1)</sup> | 15572 | 252578 |
| Marten Transport Ltd. | 2515 | 29778 |
| Norfolk Southern Corp. | 3457 | 967891 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Old Dominion Freight Line, Inc. | 4016 | $606296 |
| Ryder System, Inc. | 2412 | 452298 |
| Saia, Inc.<sup>(1)</sup> | 899 | 266518 |
| Schneider National, Inc., Class B | 2468 | 61009 |
| Uber Technologies, Inc.<sup>(1)</sup> | 5998 | 562312 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 153 | 8805 |
| U-Haul Holding Co. | 2013 | 105159 |
| Union Pacific Corp. | 6143 | 1373390 |
| XPO, Inc.<sup>(1)</sup> | 1370 | 177689 |
|  |  | 6882688 |
| **Health Care Equipment and Supplies — 1.5%** |  |  |
| Abbott Laboratories | 7090 | 940559 |
| Align Technology, Inc.<sup>(1)</sup> | 737 | 104625 |
| Avanos Medical, Inc.<sup>(1)</sup> | 656 | 7833 |
| Baxter International, Inc. | 1442 | 35603 |
| Becton Dickinson & Co. | 807 | 155735 |
| Boston Scientific Corp.<sup>(1)</sup> | 7594 | 801167 |
| Cooper Cos., Inc.<sup>(1)</sup> | 1415 | 95364 |
| Dentsply Sirona, Inc. | 2328 | 33290 |
| Dexcom, Inc.<sup>(1)</sup> | 5046 | 380166 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 4686 | 381159 |
| GE HealthCare Technologies, Inc. | 449 | 33105 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 885 | 54224 |
| Haemonetics Corp.<sup>(1)</sup> | 837 | 45650 |
| Hologic, Inc.<sup>(1)</sup> | 1695 | 113768 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 1424 | 921456 |
| Inogen, Inc.<sup>(1)</sup> | 66 | 527 |
| Insulet Corp.<sup>(1)</sup> | 116 | 39426 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 1222 | 578367 |
| Masimo Corp.<sup>(1)</sup> | 148 | 20677 |
| Medtronic PLC | 5769 | 535421 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 198 | 17927 |
| Neogen Corp.<sup>(1)</sup> | 798 | 4589 |
| Novocure Ltd.<sup>(1)</sup> | 7273 | 89676 |
| OraSure Technologies, Inc.<sup>(1)</sup> | 2281 | 7550 |
| Penumbra, Inc.<sup>(1)</sup> | 116 | 31626 |
| PROCEPT BioRobotics Corp.<sup>(1)</sup> | 20 | 803 |
| QuidelOrtho Corp.<sup>(1)</sup> | 2676 | 76774 |
| ResMed, Inc. | 560 | 153726 |
| Stryker Corp. | 1084 | 424288 |
| Teleflex, Inc. | 308 | 38934 |
| UFP Technologies, Inc.<sup>(1)</sup> | 42 | 8827 |
| Zimmer Biomet Holdings, Inc. | 1847 | 195967 |
| Zimvie, Inc.<sup>(1)</sup> | 1171 | 22109 |
|  |  | 6350918 |
| **Health Care Providers and Services — 1.5%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)</sup> | 853 | 19585 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 1574 | 32708 |
| Cardinal Health, Inc. | 2831 | 421196 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 190 | 4562 |
| Cencora, Inc. | 2071 | 603924 |
| Centene Corp.<sup>(1)</sup> | 8907 | 258659 |
| Chemed Corp. | 131 | 59992 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cigna Group | 870 | $261757 |
| CorVel Corp.<sup>(1)</sup> | 799 | 71151 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 1321 | 17675 |
| CVS Health Corp. | 2374 | 173658 |
| DaVita, Inc.<sup>(1)</sup> | 497 | 68467 |
| Elevance Health, Inc. | 2250 | 716963 |
| Encompass Health Corp. | 1387 | 168881 |
| Ensign Group, Inc. | 1695 | 291167 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 519 | 11506 |
| Guardant Health, Inc.<sup>(1)</sup> | 12 | 809 |
| HCA Healthcare, Inc. | 709 | 286408 |
| HealthEquity, Inc.<sup>(1)</sup> | 874 | 78074 |
| Henry Schein, Inc.<sup>(1)</sup> | 22 | 1531 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 24 | 1016 |
| Humana, Inc. | 1117 | 339188 |
| Labcorp Holdings, Inc. | 1316 | 365835 |
| McKesson Corp. | 705 | 484081 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 1998 | 361298 |
| National Research Corp. | 476 | 6992 |
| NeoGenomics, Inc.<sup>(1)</sup> | 814 | 7147 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 212 | 17764 |
| Owens & Minor, Inc.<sup>(1)</sup> | 2504 | 12270 |
| Premier, Inc., Class A | 3429 | 88811 |
| Quest Diagnostics, Inc. | 10 | 1816 |
| UnitedHealth Group, Inc. | 2593 | 803493 |
|  |  | 6038384 |
| **Health Care Technology — 0.0%** |  |  |
| Doximity, Inc., Class A<sup>(1)</sup> | 13 | 883 |
| Health Catalyst, Inc.<sup>(1)</sup> | 1134 | 3844 |
| Teladoc Health, Inc.<sup>(1)</sup> | 476 | 3680 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 677 | 182248 |
|  |  | 190655 |
| **Hotels, Restaurants and Leisure — 1.3%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 1233 | 160943 |
| Aramark | 656 | 25656 |
| Bloomin' Brands, Inc. | 3190 | 23446 |
| Booking Holdings, Inc. | 234 | 1310178 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 20490 | 863449 |
| Choice Hotels International, Inc. | 1062 | 126994 |
| Cracker Barrel Old Country Store, Inc.<sup>(2)</sup> | 1031 | 61674 |
| Darden Restaurants, Inc. | 2910 | 602195 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 656 | 16840 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 891 | 218518 |
| Hilton Grand Vacations, Inc.<sup>(1)</sup> | 199 | 9456 |
| McDonald's Corp. | 2252 | 706092 |
| Papa John's International, Inc. | 2 | 97 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 442 | 46322 |
| Potbelly Corp.<sup>(1)</sup> | 1189 | 15386 |
| Pursuit Attractions & Hospitality, Inc.<sup>(1)</sup> | 7 | 261 |
| Sabre Corp.<sup>(1)</sup> | 324 | 580 |
| Starbucks Corp. | 2631 | 232028 |
| Texas Roadhouse, Inc. | 2805 | 484003 |
| Travel & Leisure Co. | 571 | 36093 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vail Resorts, Inc. | 137 | $22441 |
| Wendy's Co. | 2488 | 26398 |
| Wingstop, Inc. | 137 | 44952 |
| Wyndham Hotels & Resorts, Inc. | 835 | 72319 |
| Yum! Brands, Inc. | 1299 | 190914 |
|  |  | 5297235 |
| **Household Durables — 1.6%** |  |  |
| Beazer Homes USA, Inc.<sup>(1)</sup> | 1275 | 32079 |
| Cavco Industries, Inc.<sup>(1)</sup> | 197 | 104506 |
| Century Communities, Inc. | 1257 | 82811 |
| Champion Homes, Inc.<sup>(1)</sup> | 1711 | 129112 |
| DR Horton, Inc. | 4581 | 776388 |
| Dream Finders Homes, Inc., Class A<sup>(1)(2)</sup> | 15 | 417 |
| Ethan Allen Interiors, Inc. | 1016 | 29982 |
| Garmin Ltd. | 2670 | 645659 |
| Green Brick Partners, Inc.<sup>(1)</sup> | 1311 | 91560 |
| Helen of Troy Ltd.<sup>(1)</sup> | 685 | 16817 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 296 | 41547 |
| Installed Building Products, Inc. | 863 | 225951 |
| KB Home | 2762 | 175525 |
| La-Z-Boy, Inc. | 2091 | 77304 |
| Leggett & Platt, Inc. | 21 | 202 |
| Lennar Corp., B Shares | 433 | 55069 |
| Lennar Corp., Class A | 5248 | 698719 |
| LGI Homes, Inc.<sup>(1)</sup> | 116 | 7182 |
| Lovesac Co.<sup>(1)(2)</sup> | 1148 | 21961 |
| M/I Homes, Inc.<sup>(1)</sup> | 1408 | 207342 |
| Meritage Homes Corp. | 2985 | 231905 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 670 | 88902 |
| NVR, Inc.<sup>(1)</sup> | 67 | 543883 |
| PulteGroup, Inc. | 7956 | 1050351 |
| Sonos, Inc.<sup>(1)</sup> | 3355 | 46702 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 5147 | 346753 |
| Toll Brothers, Inc. | 3461 | 481079 |
| TopBuild Corp.<sup>(1)</sup> | 116 | 48808 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 4723 | 166864 |
| Whirlpool Corp. | 101 | 9408 |
|  |  | 6434788 |
| **Household Products — 0.9%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 394 | 14353 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 2267 | 74879 |
| Church & Dwight Co., Inc. | 2638 | 245756 |
| Clorox Co. | 1994 | 235691 |
| Colgate-Palmolive Co. | 10063 | 845996 |
| Energizer Holdings, Inc. | 451 | 12430 |
| Kimberly-Clark Corp. | 5205 | 672174 |
| Oil-Dri Corp. of America | 14 | 831 |
| Procter & Gamble Co. | 8748 | 1373786 |
| Spectrum Brands Holdings, Inc. | 577 | 32883 |
|  |  | 3508779 |
| **Independent Power and Renewable Electricity Producers — 0.0%** |  |  |
| Ormat Technologies, Inc. | 1034 | 95014 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Insurance — 4.8%** | | |
| Aflac, Inc. | 11212 | $1198114 |
| Allstate Corp. | 4147 | 843707 |
| American Financial Group, Inc. | 2261 | 307179 |
| American International Group, Inc. | 12482 | 1015036 |
| AMERISAFE, Inc. | 476 | 21982 |
| Aon PLC, Class A | 1140 | 418380 |
| Arch Capital Group Ltd. | 9342 | 855073 |
| Arthur J Gallagher & Co. | 1114 | 337264 |
| Assurant, Inc. | 1136 | 244933 |
| Assured Guaranty Ltd. | 1851 | 152152 |
| Axis Capital Holdings Ltd. | 3969 | 391264 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 2884 | 136298 |
| Brown & Brown, Inc. | 15 | 1454 |
| Chubb Ltd. | 3846 | 1057919 |
| Cincinnati Financial Corp. | 2620 | 402432 |
| CNA Financial Corp. | 476 | 23586 |
| CNO Financial Group, Inc. | 3847 | 151841 |
| Erie Indemnity Co., Class A | 484 | 171520 |
| Everest Group Ltd. | 1092 | 373333 |
| Fidelity National Financial, Inc. | 4468 | 267499 |
| First American Financial Corp. | 3203 | 211398 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 16125 | 138191 |
| Globe Life, Inc. | 2840 | 397458 |
| Hanover Insurance Group, Inc. | 1092 | 189440 |
| Hartford Insurance Group, Inc. | 9310 | 1231806 |
| Hippo Holdings, Inc.<sup>(1)</sup> | 307 | 10380 |
| Horace Mann Educators Corp. | 1196 | 54992 |
| Kemper Corp. | 656 | 35194 |
| Kinsale Capital Group, Inc. | 514 | 235129 |
| Lincoln National Corp. | 3336 | 143214 |
| Markel Group, Inc.<sup>(1)</sup> | 140 | 274268 |
| Marsh & McLennan Cos., Inc. | 2059 | 423763 |
| Mercury General Corp. | 656 | 50728 |
| MetLife, Inc. | 10003 | 813844 |
| Old Republic International Corp. | 9641 | 385351 |
| Oscar Health, Inc., Class A<sup>(1)(2)</sup> | 2785 | 46398 |
| Primerica, Inc. | 1652 | 444950 |
| Principal Financial Group, Inc. | 6833 | 550125 |
| Progressive Corp. | 6100 | 1507066 |
| Prudential Financial, Inc. | 5403 | 592493 |
| Reinsurance Group of America, Inc. | 2230 | 434382 |
| RenaissanceRe Holdings Ltd. | 1143 | 277738 |
| RLI Corp. | 1436 | 97260 |
| Selective Insurance Group, Inc. | 1877 | 146838 |
| SiriusPoint Ltd.<sup>(1)</sup> | 5237 | 98037 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 976 | 47141 |
| Stewart Information Services Corp. | 964 | 70218 |
| Travelers Cos., Inc. | 5350 | 1452579 |
| United Fire Group, Inc. | 195 | 5994 |
| Unum Group | 5764 | 402673 |
| W.R. Berkley Corp. | 7095 | 508641 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| White Mountains Insurance Group Ltd. | 93 | $170207 |
| Willis Towers Watson PLC | 81 | 26470 |
|  |  | 19845332 |
| **Interactive Media and Services — 7.1%** |  |  |
| Alphabet, Inc., Class A | 39312 | 8369918 |
| Alphabet, Inc., Class C | 31739 | 6777229 |
| Cargurus, Inc.<sup>(1)</sup> | 5018 | 173623 |
| Cars.com, Inc.<sup>(1)</sup> | 3736 | 48755 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 1027 | 23878 |
| Match Group, Inc. | 1563 | 58362 |
| Meta Platforms, Inc., Class A | 18428 | 13612764 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 2692 | 98608 |
| Snap, Inc., Class A<sup>(1)</sup> | 1203 | 8589 |
| Taboola.com Ltd.<sup>(1)</sup> | 6524 | 21790 |
| Yelp, Inc.<sup>(1)</sup> | 2592 | 81959 |
| Ziff Davis, Inc.<sup>(1)</sup> | 476 | 18188 |
|  |  | 29293663 |
| **IT Services — 1.0%** |  |  |
| Accenture PLC, Class A | 3409 | 886238 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 2319 | 183502 |
| Amdocs Ltd. | 1682 | 143929 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 300 | 62613 |
| Cognizant Technology Solutions Corp., Class A | 5935 | 428804 |
| DXC Technology Co.<sup>(1)</sup> | 8770 | 126726 |
| EPAM Systems, Inc.<sup>(1)</sup> | 205 | 36154 |
| Gartner, Inc.<sup>(1)</sup> | 900 | 226071 |
| Globant SA<sup>(1)</sup> | 193 | 12981 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 2611 | 387237 |
| Hackett Group, Inc. | 836 | 17406 |
| International Business Machines Corp. | 3590 | 874129 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 9383 | 298286 |
| MongoDB, Inc.<sup>(1)</sup> | 78 | 24618 |
| Okta, Inc.<sup>(1)</sup> | 96 | 8906 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 838 | 199997 |
| Twilio, Inc., Class A<sup>(1)</sup> | 530 | 55973 |
| VeriSign, Inc. | 404 | 110441 |
|  |  | 4084011 |
| **Leisure Products — 0.2%** |  |  |
| Acushnet Holdings Corp. | 1208 | 92593 |
| Brunswick Corp. | 3009 | 191342 |
| Funko, Inc., Class A<sup>(1)(2)</sup> | 28 | 97 |
| Hasbro, Inc. | 260 | 21104 |
| JAKKS Pacific, Inc. | 417 | 7410 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 853 | 28320 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 836 | 18342 |
| Mattel, Inc.<sup>(1)</sup> | 12695 | 232319 |
| Polaris, Inc. | 1474 | 83399 |
| Topgolf Callaway Brands Corp.<sup>(1)</sup> | 3826 | 36577 |
| YETI Holdings, Inc.<sup>(1)</sup> | 3809 | 133924 |
|  |  | 845427 |
| **Life Sciences Tools and Services — 0.5%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 2 | 28 |
| Adaptive Biotechnologies Corp.<sup>(1)</sup> | 15 | 198 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Agilent Technologies, Inc. | 1477 | $185600 |
| Avantor, Inc.<sup>(1)</sup> | 1349 | 18171 |
| Azenta, Inc.<sup>(1)</sup> | 1196 | 36526 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 126 | 37533 |
| Bio-Techne Corp. | 753 | 41136 |
| Bruker Corp. | 1202 | 40844 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 188 | 30702 |
| Danaher Corp. | 1879 | 386736 |
| Illumina, Inc.<sup>(1)</sup> | 85 | 8497 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 510 | 97313 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 330 | 156918 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 86 | 111889 |
| OmniAb, Inc.<sup>(1)</sup> | 47 |  |
| OmniAb, Inc.<sup>(1)</sup> | 47 |  |
| Repligen Corp.<sup>(1)</sup> | 116 | 14189 |
| Revvity, Inc. | 296 | 26673 |
| Thermo Fisher Scientific, Inc. | 875 | 431130 |
| Waters Corp.<sup>(1)</sup> | 785 | 236913 |
| West Pharmaceutical Services, Inc. | 726 | 179286 |
|  |  | 2040282 |
| **Machinery — 2.5%** |  |  |
| Aebi Schmidt Holding AG | 15 | 184 |
| AGCO Corp. | 1844 | 199502 |
| Alamo Group, Inc. | 209 | 44195 |
| Albany International Corp., Class A | 775 | 49220 |
| Allison Transmission Holdings, Inc. | 1483 | 129481 |
| Astec Industries, Inc. | 391 | 18099 |
| Atmus Filtration Technologies, Inc. | 2834 | 126170 |
| Caterpillar, Inc. | 2601 | 1089923 |
| Crane Co. | 248 | 45954 |
| Cummins, Inc. | 3135 | 1249109 |
| Deere & Co. | 4283 | 2050015 |
| Donaldson Co., Inc. | 3711 | 295655 |
| Dover Corp. | 494 | 88357 |
| Enerpac Tool Group Corp. | 1006 | 42594 |
| Enpro, Inc. | 7 | 1531 |
| Fortive Corp. | 46 | 2202 |
| Franklin Electric Co., Inc. | 1317 | 128882 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 1328 | 33944 |
| Graco, Inc. | 3236 | 276322 |
| Graham Corp.<sup>(1)</sup> | 587 | 28792 |
| Greenbrier Cos., Inc. | 639 | 29797 |
| Hillman Solutions Corp.<sup>(1)</sup> | 2801 | 27674 |
| IDEX Corp. | 283 | 46554 |
| Illinois Tool Works, Inc. | 2260 | 598109 |
| Ingersoll Rand, Inc. | 603 | 47896 |
| ITT, Inc. | 1477 | 251459 |
| JBT Marel Corp. | 465 | 66630 |
| Kadant, Inc. | 94 | 30388 |
| Kennametal, Inc. | 2882 | 61761 |
| Lincoln Electric Holdings, Inc. | 1856 | 450321 |
| Lindsay Corp. | 424 | 58186 |
| Middleby Corp.<sup>(1)</sup> | 64 | 8758 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mueller Industries, Inc. | 5328 | $511168 |
| Mueller Water Products, Inc., Class A | 416 | 10966 |
| Nordson Corp. | 33 | 7428 |
| Oshkosh Corp. | 2314 | 322502 |
| Otis Worldwide Corp. | 1458 | 125942 |
| PACCAR, Inc. | 2894 | 289342 |
| Parker-Hannifin Corp. | 349 | 265013 |
| Pentair PLC | 56 | 6022 |
| REV Group, Inc. | 41 | 2182 |
| Snap-on, Inc. | 168 | 54640 |
| Standex International Corp. | 55 | 11224 |
| Stanley Black & Decker, Inc. | 476 | 35362 |
| Tennant Co. | 740 | 60710 |
| Terex Corp. | 3086 | 154115 |
| Timken Co. | 1514 | 116926 |
| Titan International, Inc.<sup>(1)</sup> | 2189 | 19307 |
| Toro Co. | 2658 | 215458 |
| Trinity Industries, Inc. | 1440 | 40925 |
| Wabash National Corp. | 1795 | 19907 |
| Watts Water Technologies, Inc., Class A | 307 | 85008 |
| Westinghouse Air Brake Technologies Corp. | 1271 | 245939 |
| Worthington Enterprises, Inc. | 1095 | 72051 |
| Xylem, Inc. | 1383 | 195778 |
|  |  | 10445579 |
| **Marine Transportation — 0.0%** |  |  |
| Costamare, Inc. | 1556 | 17801 |
| Matson, Inc. | 1598 | 166272 |
| Safe Bulkers, Inc.<sup>(2)</sup> | 3896 | 16558 |
|  |  | 200631 |
| **Media — 0.8%** |  |  |
| Altice USA, Inc., Class A<sup>(1)(2)</sup> | 8 | 19 |
| Cable One, Inc. | 207 | 33426 |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 344 | 91360 |
| Comcast Corp., Class A | 42245 | 1435063 |
| EchoStar Corp., Class A<sup>(1)</sup> | 5743 | 354860 |
| Entravision Communications Corp., Class A | 128 | 332 |
| Fox Corp., Class A | 7732 | 461600 |
| Fox Corp., Class B | 3268 | 178269 |
| Ibotta, Inc., Class A<sup>(1)</sup> | 28 | 754 |
| Interpublic Group of Cos., Inc. | 186 | 4992 |
| John Wiley & Sons, Inc., Class A | 196 | 7954 |
| Liberty Broadband Corp., Class A<sup>(1)</sup> | 116 | 7038 |
| Liberty Broadband Corp., Class C<sup>(1)</sup> | 918 | 55870 |
| New York Times Co., Class A | 2257 | 135059 |
| News Corp., Class A | 5939 | 174666 |
| News Corp., Class B | 1556 | 52702 |
| Nexstar Media Group, Inc., Class A | 308 | 62995 |
| Omnicom Group, Inc. | 107 | 8381 |
| Paramount Skydance Corp., Class B<sup>(1)</sup> | 5523 | 81188 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 1016 | 8809 |
| Scholastic Corp. | 1305 | 33486 |
| Sirius XM Holdings, Inc. | 2 | 47 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 656 | 8436 |

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------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 1387 | $75813 |
| WideOpenWest, Inc.<sup>(1)</sup> | 3091 | 15733 |
|  |  | 3288852 |
| **Metals and Mining — 0.6%** |  |  |
| Commercial Metals Co. | 4723 | 272375 |
| Kaiser Aluminum Corp. | 310 | 24140 |
| Newmont Corp. | 10059 | 748389 |
| Nucor Corp. | 4705 | 699775 |
| Reliance, Inc. | 1570 | 464186 |
| Royal Gold, Inc. | 1271 | 228246 |
| Ryerson Holding Corp. | 1252 | 28546 |
| Steel Dynamics, Inc. | 449 | 58783 |
| Worthington Steel, Inc. | 1863 | 62038 |
|  |  | 2586478 |
| **Oil, Gas and Consumable Fuels — 0.0%** |  |  |
| DHT Holdings, Inc. | 4760 | 55787 |
| Epsilon Energy Ltd. | 327 | 1916 |
| Evolution Petroleum Corp. | 26 | 134 |
| Teekay Tankers Ltd., Class A | 157 | 7720 |
|  |  | 65557 |
| **Paper and Forest Products — 0.1%** |  |  |
| Louisiana-Pacific Corp. | 3792 | 360657 |
| Mercer International, Inc. | 2096 | 6980 |
| Sylvamo Corp. | 1906 | 87924 |
|  |  | 455561 |
| **Personal Care Products — 0.2%** |  |  |
| Edgewell Personal Care Co. | 476 | 11434 |
| Estee Lauder Cos., Inc., Class A | 1397 | 128147 |
| Kenvue, Inc. | 22519 | 466368 |
| Nu Skin Enterprises, Inc., Class A | 1031 | 12547 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 247 | 7882 |
|  |  | 626378 |
| **Pharmaceuticals — 2.7%** |  |  |
| Arvinas, Inc.<sup>(1)</sup> | 1599 | 12360 |
| Bristol-Myers Squibb Co. | 19231 | 907319 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 1584 | 61459 |
| Corcept Therapeutics, Inc.<sup>(1)</sup> | 1140 | 79481 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 3479 | 63840 |
| Eli Lilly & Co. | 3146 | 2304697 |
| Innoviva, Inc.<sup>(1)</sup> | 2573 | 52566 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 1823 | 232888 |
| Johnson & Johnson | 16237 | 2876709 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 388 | 62744 |
| Maze Therapeutics, Inc.<sup>(1)</sup> | 1499 | 21721 |
| Merck & Co., Inc. | 24560 | 2065987 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 2126 | 56700 |
| Pfizer, Inc. | 30878 | 764539 |
| Royalty Pharma PLC, Class A | 3786 | 136220 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 1229 | 55452 |
| Theravance Biopharma, Inc.<sup>(1)</sup> | 1561 | 21667 |
| Viatris, Inc. | 43864 | 462765 |
| Zoetis, Inc. | 6449 | 1008624 |
|  |  | 11247738 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Professional Services — 1.3%** | | |
| Alight, Inc., Class A | 11130 | $43184 |
| Amentum Holdings, Inc.<sup>(1)</sup> | 244 | 6088 |
| Automatic Data Processing, Inc. | 6344 | 1928893 |
| Barrett Business Services, Inc. | 980 | 47824 |
| Booz Allen Hamilton Holding Corp. | 1278 | 138944 |
| Broadridge Financial Solutions, Inc. | 889 | 227246 |
| CACI International, Inc., Class A<sup>(1)</sup> | 3 | 1439 |
| Clarivate PLC<sup>(1)</sup> | 3778 | 16434 |
| Concentrix Corp. | 20 | 1055 |
| Conduent, Inc.<sup>(1)</sup> | 8010 | 22268 |
| CRA International, Inc. | 306 | 59291 |
| CSG Systems International, Inc. | 1448 | 92904 |
| Equifax, Inc. | 121 | 29802 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 1736 | 76002 |
| Exponent, Inc. | 393 | 28052 |
| Franklin Covey Co.<sup>(1)</sup> | 476 | 9311 |
| FTI Consulting, Inc.<sup>(1)</sup> | 116 | 19562 |
| Genpact Ltd. | 1273 | 57718 |
| Heidrick & Struggles International, Inc. | 1108 | 56298 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 21 | 620 |
| Insperity, Inc. | 1844 | 101826 |
| Jacobs Solutions, Inc. | 54 | 7896 |
| KBR, Inc. | 657 | 33152 |
| Kelly Services, Inc., Class A | 1016 | 14458 |
| Kforce, Inc. | 1071 | 34915 |
| Korn Ferry | 1840 | 136418 |
| Leidos Holdings, Inc. | 271 | 49029 |
| ManpowerGroup, Inc. | 1417 | 60081 |
| Parsons Corp.<sup>(1)</sup> | 476 | 38128 |
| Paychex, Inc. | 4916 | 685561 |
| Paycom Software, Inc. | 1617 | 367302 |
| Paylocity Holding Corp.<sup>(1)</sup> | 162 | 29035 |
| RCM Technologies, Inc.<sup>(1)</sup> | 11 | 298 |
| Resources Connection, Inc. | 477 | 2438 |
| Robert Half, Inc. | 4339 | 161932 |
| Science Applications International Corp. | 47 | 5532 |
| SS&C Technologies Holdings, Inc. | 33 | 2926 |
| TransUnion | 251 | 22188 |
| TriNet Group, Inc. | 639 | 46276 |
| TrueBlue, Inc.<sup>(1)</sup> | 1556 | 9289 |
| Upwork, Inc.<sup>(1)</sup> | 4619 | 71086 |
| Verisk Analytics, Inc. | 1859 | 498435 |
|  |  | 5241136 |
| **Real Estate Management and Development — 0.4%** |  |  |
| Anywhere Real Estate, Inc.<sup>(1)</sup> | 2 | 12 |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 3624 | 587523 |
| CoStar Group, Inc.<sup>(1)</sup> | 1661 | 148643 |
| Cushman & Wakefield PLC<sup>(1)</sup> | 1765 | 27834 |
| Forestar Group, Inc.<sup>(1)</sup> | 1016 | 28113 |
| FRP Holdings, Inc.<sup>(1)</sup> | 22 | 565 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 815 | 62160 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 1141 | 348655 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kennedy-Wilson Holdings, Inc. | 4000 | $35200 |
| Marcus & Millichap, Inc. | 1376 | 44844 |
| Newmark Group, Inc., Class A | 3338 | 60785 |
| RE/MAX Holdings, Inc., Class A<sup>(1)</sup> | 836 | 7875 |
| Seaport Entertainment Group, Inc.<sup>(1)(2)</sup> | 197 | 4917 |
| Tejon Ranch Co.<sup>(1)</sup> | 477 | 8305 |
| Zillow Group, Inc., Class A<sup>(1)</sup> | 572 | 46606 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 2770 | 233539 |
|  |  | 1645576 |
| **Semiconductors and Semiconductor Equipment — 10.5%** |  |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 11371 | 1849266 |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | 836 | 25791 |
| Amkor Technology, Inc. | 2331 | 56387 |
| Analog Devices, Inc. | 2230 | 560421 |
| Applied Materials, Inc. | 12191 | 1959825 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 1189 | 95168 |
| Broadcom, Inc. | 20040 | 5959696 |
| CEVA, Inc.<sup>(1)</sup> | 190 | 4222 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 933 | 106539 |
| Cohu, Inc.<sup>(1)</sup> | 1110 | 22089 |
| Enphase Energy, Inc.<sup>(1)</sup> | 1114 | 41998 |
| Entegris, Inc. | 201 | 16832 |
| First Solar, Inc.<sup>(1)</sup> | 900 | 175671 |
| FormFactor, Inc.<sup>(1)</sup> | 1218 | 35553 |
| GLOBALFOUNDRIES, Inc.<sup>(1)</sup> | 760 | 25376 |
| Intel Corp.<sup>(1)</sup> | 28867 | 702911 |
| KLA Corp. | 2313 | 2016936 |
| Kulicke & Soffa Industries, Inc. | 2334 | 87525 |
| Lam Research Corp. | 22775 | 2280916 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 670 | 44475 |
| Marvell Technology, Inc. | 3316 | 208460 |
| Micron Technology, Inc. | 16661 | 1982826 |
| MKS, Inc. | 567 | 58594 |
| Monolithic Power Systems, Inc. | 141 | 117842 |
| NVIDIA Corp. | 113589 | 19784932 |
| NXP Semiconductors NV | 1410 | 331138 |
| ON Semiconductor Corp.<sup>(1)</sup> | 8539 | 423449 |
| Onto Innovation, Inc.<sup>(1)</sup> | 784 | 83104 |
| Photronics, Inc.<sup>(1)</sup> | 3299 | 74788 |
| Qorvo, Inc.<sup>(1)</sup> | 840 | 76188 |
| QUALCOMM, Inc. | 10153 | 1631892 |
| Rambus, Inc.<sup>(1)</sup> | 1632 | 120393 |
| Semtech Corp.<sup>(1)</sup> | 36 | 2091 |
| Skyworks Solutions, Inc. | 1577 | 118180 |
| SolarEdge Technologies, Inc.<sup>(1)</sup> | 308 | 10417 |
| Synaptics, Inc.<sup>(1)</sup> | 748 | 52255 |
| Teradyne, Inc. | 4198 | 496371 |
| Texas Instruments, Inc. | 8069 | 1633811 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 1818 | 43668 |
| Universal Display Corp. | 323 | 44765 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 836 | 20499 |
|  |  | 43383260 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Software — 7.8%** | | |
| A10 Networks, Inc. | 1924 | $34074 |
| ACI Worldwide, Inc.<sup>(1)</sup> | 656 | 32374 |
| Adeia, Inc. | 945 | 14213 |
| Adobe, Inc.<sup>(1)</sup> | 1268 | 452296 |
| Autodesk, Inc.<sup>(1)</sup> | 1272 | 400298 |
| Bentley Systems, Inc., Class B | 212 | 11798 |
| Bill Holdings, Inc.<sup>(1)</sup> | 11 | 511 |
| Box, Inc., Class A<sup>(1)</sup> | 1256 | 40983 |
| C3.ai, Inc., Class A<sup>(1)(2)</sup> | 599 | 10129 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 1883 | 659860 |
| Commvault Systems, Inc.<sup>(1)</sup> | 323 | 60286 |
| Consensus Cloud Solutions, Inc.<sup>(1)</sup> | 11 | 292 |
| CoreCard Corp.<sup>(1)(2)</sup> | 16 | 443 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 900 | 381330 |
| Daily Journal Corp.<sup>(1)</sup> | 1 | 467 |
| Datadog, Inc., Class A<sup>(1)</sup> | 661 | 90345 |
| Docusign, Inc.<sup>(1)</sup> | 1664 | 127562 |
| Dolby Laboratories, Inc., Class A | 670 | 48026 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 1231 | 35773 |
| Dynatrace, Inc.<sup>(1)</sup> | 476 | 24086 |
| Elastic NV<sup>(1)</sup> | 55 | 4678 |
| Fair Isaac Corp.<sup>(1)</sup> | 137 | 208465 |
| Fortinet, Inc.<sup>(1)</sup> | 5041 | 397080 |
| Gen Digital, Inc. | 2996 | 90479 |
| HubSpot, Inc.<sup>(1)</sup> | 5 | 2416 |
| InterDigital, Inc. | 1616 | 439083 |
| Intuit, Inc. | 728 | 485576 |
| JFrog Ltd.<sup>(1)</sup> | 36 | 1777 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 476 | 13290 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 712 | 153393 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 1266 | 20231 |
| Microsoft Corp. | 44875 | 22737714 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 836 | 56187 |
| Olo, Inc., Class A<sup>(1)</sup> | 2 | 20 |
| Oracle Corp. | 4325 | 978012 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 4459 | 698770 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 6621 | 1261433 |
| Progress Software Corp.<sup>(1)</sup> | 534 | 24719 |
| PTC, Inc.<sup>(1)</sup> | 52 | 11102 |
| Qualys, Inc.<sup>(1)</sup> | 739 | 100364 |
| Rapid7, Inc.<sup>(1)</sup> | 35 | 725 |
| Roper Technologies, Inc. | 161 | 84736 |
| Salesforce, Inc. | 1668 | 427425 |
| ServiceNow, Inc.<sup>(1)</sup> | 719 | 659654 |
| SPS Commerce, Inc.<sup>(1)</sup> | 127 | 14008 |
| Synopsys, Inc.<sup>(1)</sup> | 592 | 357284 |
| Teradata Corp.<sup>(1)</sup> | 1232 | 25847 |
| Tyler Technologies, Inc.<sup>(1)</sup> | 132 | 74300 |
| Unity Software, Inc.<sup>(1)</sup> | 20 | 788 |
| Workday, Inc., Class A<sup>(1)</sup> | 525 | 121180 |
| Xperi, Inc.<sup>(1)</sup> | 592 | 3552 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 935 | $76128 |
| Zscaler, Inc.<sup>(1)</sup> | 116 | 32138 |
|  |  | 31987700 |
| **Specialty Retail — 3.7%** |  |  |
| 1-800-Flowers.com, Inc., Class A<sup>(1)(2)</sup> | 1438 | 8053 |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 2994 | 280029 |
| Advance Auto Parts, Inc. | 2234 | 136252 |
| American Eagle Outfitters, Inc. | 8657 | 112022 |
| Arhaus, Inc.<sup>(1)</sup> | 2937 | 34451 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 786 | 197710 |
| AutoNation, Inc. | 1804 | 395220 |
| AutoZone, Inc.<sup>(1)</sup> | 43 | 180537 |
| Bath & Body Works, Inc. | 1196 | 34935 |
| Best Buy Co., Inc. | 6100 | 449204 |
| Boot Barn Holdings, Inc.<sup>(1)</sup> | 1020 | 181325 |
| Buckle, Inc. | 1545 | 87432 |
| Build-A-Bear Workshop, Inc. | 1207 | 73398 |
| Burlington Stores, Inc.<sup>(1)</sup> | 2214 | 643566 |
| Caleres, Inc.<sup>(2)</sup> | 1916 | 28740 |
| CarMax, Inc. | 5103 | 313069 |
| Carvana Co.<sup>(1)</sup> | 672 | 249930 |
| Cato Corp., Class A | 45 | 185 |
| Chewy, Inc., Class A<sup>(1)</sup> | 1016 | 41615 |
| Dick's Sporting Goods, Inc. | 1921 | 408789 |
| Five Below, Inc.<sup>(1)</sup> | 1692 | 245509 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 2374 | 194478 |
| Foot Locker, Inc.<sup>(1)</sup> | 3397 | 83906 |
| GameStop Corp., Class A<sup>(1)</sup> | 3825 | 85718 |
| Gap, Inc. | 12870 | 283269 |
| Genesco, Inc.<sup>(1)</sup> | 656 | 20979 |
| Guess?, Inc. | 1916 | 32208 |
| Haverty Furniture Cos., Inc. | 656 | 14793 |
| Home Depot, Inc. | 4487 | 1825177 |
| Lithia Motors, Inc. | 994 | 334660 |
| Lowe's Cos., Inc. | 1916 | 494443 |
| MarineMax, Inc.<sup>(1)</sup> | 1016 | 26772 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 476 | 10919 |
| ODP Corp.<sup>(1)</sup> | 1681 | 34057 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 4793 | 496938 |
| Penske Automotive Group, Inc. | 1077 | 198610 |
| PetMed Express, Inc.<sup>(1)(2)</sup> | 18 | 55 |
| Revolve Group, Inc.<sup>(1)</sup> | 3 | 67 |
| RH<sup>(1)</sup> | 373 | 84175 |
| Ross Stores, Inc. | 7234 | 1064555 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 2015 | 27928 |
| Shoe Carnival, Inc. | 656 | 13710 |
| Signet Jewelers Ltd. | 2614 | 230163 |
| Sonic Automotive, Inc., Class A | 854 | 70190 |
| TJX Cos., Inc. | 18332 | 2504334 |
| Tractor Supply Co. | 16066 | 992236 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 1682 | 828772 |
| Upbound Group, Inc. | 1120 | 28459 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 2669 | 179037 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Victoria's Secret & Co.<sup>(1)</sup> | 4451 | $102462 |
| Wayfair, Inc., Class A<sup>(1)</sup> | 852 | 63559 |
| Williams-Sonoma, Inc. | 5183 | 975389 |
| Zumiez, Inc.<sup>(1)</sup> | 836 | 14371 |
|  |  | 15418360 |
| **Technology Hardware, Storage and Peripherals — 5.7%** |  |  |
| Apple, Inc. | 91349 | 21205757 |
| Dell Technologies, Inc., Class C | 2490 | 304153 |
| Eastman Kodak Co.<sup>(1)</sup> | 370 | 2183 |
| Hewlett Packard Enterprise Co. | 12240 | 276257 |
| HP, Inc. | 4406 | 125747 |
| Immersion Corp. | 1412 | 9969 |
| NetApp, Inc. | 2899 | 326978 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 1454 | 112845 |
| Sandisk Corp.<sup>(1)</sup> | 953 | 50004 |
| Seagate Technology Holdings PLC | 1923 | 321910 |
| Super Micro Computer, Inc.<sup>(1)(2)</sup> | 8883 | 369000 |
| Western Digital Corp. | 3027 | 243189 |
|  |  | 23347992 |
| **Textiles, Apparel and Luxury Goods — 1.3%** |  |  |
| Capri Holdings Ltd.<sup>(1)</sup> | 6076 | 125105 |
| Carter's, Inc. | 1564 | 44668 |
| Columbia Sportswear Co. | 1021 | 56890 |
| Crocs, Inc.<sup>(1)</sup> | 1182 | 103071 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 4924 | 589058 |
| G-III Apparel Group Ltd.<sup>(1)</sup> | 2081 | 56187 |
| Hanesbrands, Inc.<sup>(1)</sup> | 4784 | 30187 |
| Kontoor Brands, Inc. | 2397 | 185168 |
| Levi Strauss & Co., Class A | 2584 | 57804 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 2424 | 490133 |
| Movado Group, Inc. | 656 | 11985 |
| NIKE, Inc., Class B | 18025 | 1394594 |
| Oxford Industries, Inc. | 850 | 37443 |
| PVH Corp. | 1772 | 149415 |
| Ralph Lauren Corp. | 1663 | 493795 |
| Skechers USA, Inc., Class A<sup>(1)</sup> | 4736 | 298747 |
| Steven Madden Ltd. | 3308 | 96064 |
| Tapestry, Inc. | 9472 | 964439 |
| Under Armour, Inc., Class A<sup>(1)</sup> | 5586 | 27930 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 3536 | 17397 |
| VF Corp. | 17541 | 265395 |
|  |  | 5495475 |
| **Trading Companies and Distributors — 1.4%** |  |  |
| Air Lease Corp. | 4381 | 263780 |
| Applied Industrial Technologies, Inc. | 712 | 187669 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 647 | 53449 |
| Boise Cascade Co. | 2421 | 210627 |
| Core & Main, Inc., Class A<sup>(1)</sup> | 1560 | 100963 |
| DNOW, Inc.<sup>(1)</sup> | 4439 | 71024 |
| Fastenal Co. | 21611 | 1073202 |
| FTAI Aviation Ltd. | 347 | 53386 |
| GATX Corp. | 175 | 29454 |
| GMS, Inc.<sup>(1)</sup> | 1788 | 196555 |

---

------

Schedule of Investments - Avantis Responsible U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Herc Holdings, Inc. | 1846 | $241438 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 1740 | 17679 |
| McGrath RentCorp | 840 | 102052 |
| MRC Global, Inc.<sup>(1)</sup> | 3715 | 56022 |
| MSC Industrial Direct Co., Inc., Class A | 890 | 80305 |
| Rush Enterprises, Inc., Class A | 2268 | 130183 |
| Rush Enterprises, Inc., Class B | 774 | 44923 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 308 | 44118 |
| Titan Machinery, Inc.<sup>(1)</sup> | 1016 | 20320 |
| United Rentals, Inc. | 1315 | 1257587 |
| Watsco, Inc. | 339 | 136407 |
| WESCO International, Inc. | 1324 | 291068 |
| WW Grainger, Inc. | 1108 | 1122958 |
|  |  | 5785169 |
| **Water Utilities — 0.0%** |  |  |
| American Water Works Co., Inc. | 382 | 54821 |
| California Water Service Group | 801 | 37591 |
|  |  | 92412 |
| **Wireless Telecommunication Services — 0.5%** |  |  |
| Gogo, Inc.<sup>(1)</sup> | 1905 | 20917 |
| T-Mobile U.S., Inc. | 8118 | 2045655 |
|  |  | 2066572 |
| **TOTAL COMMON STOCKS**<br>(Cost $309,911,841) |  | **411253488** |
| **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** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 310454 | 310454 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 332366 | 332366 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $642,820) |  | **642820** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $310,556,525) |  | **411898172** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **8836** |
| **TOTAL NET ASSETS — 100.0%** |  | $**411907008** |

---

------

Schedule of Investments - Avantis Responsible U.S. 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 $682,567. 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 $715,969, which includes securities collateral of $383,603.

**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. Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.4%** | | |
| AAR Corp.<sup>(1)</sup> | 884 | $66883 |
| AeroVironment, Inc.<sup>(1)</sup> | 1648 | 397745 |
| AerSale Corp.<sup>(1)</sup> | 7009 | 60488 |
| Archer Aviation, Inc., Class A<sup>(1)(2)</sup> | 8397 | 75153 |
| Astronics Corp.<sup>(1)</sup> | 7511 | 273175 |
| ATI, Inc.<sup>(1)</sup> | 80847 | 6268876 |
| Axon Enterprise, Inc.<sup>(1)</sup> | 2540 | 1898117 |
| Boeing Co.<sup>(1)</sup> | 49135 | 11531002 |
| BWX Technologies, Inc. | 43379 | 7029133 |
| Cadre Holdings, Inc. | 522 | 16083 |
| Curtiss-Wright Corp. | 5357 | 2561450 |
| Ducommun, Inc.<sup>(1)</sup> | 2227 | 203147 |
| General Dynamics Corp. | 16132 | 5235963 |
| General Electric Co. | 97996 | 26968499 |
| Hexcel Corp. | 22088 | 1394857 |
| Howmet Aerospace, Inc. | 29296 | 5100434 |
| Huntington Ingalls Industries, Inc. | 13162 | 3564138 |
| Kratos Defense & Security Solutions, Inc.<sup>(1)</sup> | 5030 | 331175 |
| L3Harris Technologies, Inc. | 1789 | 496662 |
| Leonardo DRS, Inc. | 7294 | 303868 |
| Lockheed Martin Corp. | 33836 | 15416697 |
| Mercury Systems, Inc.<sup>(1)</sup> | 882 | 59579 |
| Moog, Inc., Class A | 3906 | 764990 |
| National Presto Industries, Inc. | 775 | 81235 |
| Northrop Grumman Corp. | 10448 | 6164738 |
| Park Aerospace Corp. | 1253 | 23481 |
| RTX Corp. | 113084 | 17935122 |
| Textron, Inc. | 54124 | 4338580 |
| TransDigm Group, Inc. | 4304 | 6020780 |
| VSE Corp. | 1422 | 230933 |
| Woodward, Inc. | 19419 | 4792998 |
|  |  | 129605981 |
| **Air Freight and Logistics — 0.5%** |  |  |
| CH Robinson Worldwide, Inc. | 22337 | 2874772 |
| Expeditors International of Washington, Inc. | 70793 | 8533388 |
| FedEx Corp. | 76282 | 17626482 |
| Hub Group, Inc., Class A | 25287 | 946239 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 13283 | 85941 |
| United Parcel Service, Inc., Class B | 170706 | 14926533 |
|  |  | 44993355 |
| **Automobile Components — 0.4%** |  |  |
| American Axle & Manufacturing Holdings, Inc.<sup>(1)</sup> | 65682 | 382269 |
| Aptiv PLC<sup>(1)</sup> | 70462 | 5603843 |
| Autoliv, Inc. | 44781 | 5555979 |
| BorgWarner, Inc. | 119894 | 5126667 |
| Dana, Inc. | 128213 | 2584774 |
| Dorman Products, Inc.<sup>(1)</sup> | 12843 | 2077869 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 3358 | 97147 |
| Gentex Corp. | 74146 | 2076830 |
| Gentherm, Inc.<sup>(1)</sup> | 13995 | 514596 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 207534 | $1759888 |
| LCI Industries | 16754 | 1766207 |
| Lear Corp. | 31137 | 3425070 |
| Mobileye Global, Inc., Class A<sup>(1)</sup> | 370 | 5184 |
| Modine Manufacturing Co.<sup>(1)</sup> | 23153 | 3151818 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 4857 | 72369 |
| Patrick Industries, Inc. | 18828 | 2105912 |
| Phinia, Inc. | 26640 | 1557907 |
| QuantumScape Corp.<sup>(1)</sup> | 37980 | 301181 |
| Solid Power, Inc.<sup>(1)</sup> | 3222 | 13951 |
| Standard Motor Products, Inc. | 10903 | 423145 |
| Stoneridge, Inc.<sup>(1)</sup> | 5083 | 42189 |
| Strattec Security Corp.<sup>(1)</sup> | 841 | 55397 |
| Visteon Corp. | 15163 | 1879606 |
| XPEL, Inc.<sup>(1)</sup> | 3420 | 127087 |
|  |  | 40706885 |
| **Automobiles — 1.3%** |  |  |
| Ford Motor Co. | 1562659 | 18392496 |
| General Motors Co. | 447047 | 26192484 |
| Harley-Davidson, Inc. | 66748 | 1943702 |
| Lucid Group, Inc.<sup>(1)(2)</sup> | 77610 | 153668 |
| Rivian Automotive, Inc., Class A<sup>(1)(2)</sup> | 120858 | 1640043 |
| Tesla, Inc.<sup>(1)</sup> | 200711 | 67011382 |
| Thor Industries, Inc. | 27147 | 2975311 |
| Winnebago Industries, Inc. | 11128 | 400385 |
|  |  | 118709471 |
| **Banks — 5.6%** |  |  |
| 1st Source Corp. | 5829 | 375504 |
| ACNB Corp. | 2854 | 129343 |
| Amalgamated Financial Corp. | 12708 | 367134 |
| Amerant Bancorp, Inc. | 10090 | 216935 |
| Ameris Bancorp | 22309 | 1634804 |
| Ames National Corp. | 775 | 15485 |
| Arrow Financial Corp. | 6652 | 197764 |
| Associated Banc-Corp. | 56664 | 1528228 |
| Atlantic Union Bankshares Corp. | 40114 | 1433273 |
| Axos Financial, Inc.<sup>(1)</sup> | 34943 | 3187151 |
| Banc of California, Inc. | 50179 | 849029 |
| BancFirst Corp. | 5435 | 722692 |
| Bancorp, Inc.<sup>(1)</sup> | 32884 | 2507076 |
| Bank First Corp. | 3391 | 440559 |
| Bank of America Corp. | 860913 | 43682726 |
| Bank of Hawaii Corp. | 19577 | 1333585 |
| Bank of Marin Bancorp | 3688 | 90504 |
| Bank of NT Butterfield & Son Ltd. | 34654 | 1563588 |
| Bank OZK | 59895 | 3142691 |
| BankUnited, Inc. | 30454 | 1193492 |
| Bankwell Financial Group, Inc. | 1020 | 43126 |
| Banner Corp. | 12375 | 829496 |
| Bar Harbor Bankshares | 5263 | 169837 |
| BayCom Corp. | 535 | 16189 |
| BCB Bancorp, Inc. | 4574 | 40709 |
| Berkshire Hills Bancorp, Inc. | 16832 | 439820 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Blue Foundry Bancorp<sup>(1)</sup> | 5221 | $48503 |
| BOK Financial Corp. | 6207 | 691522 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 8610 | 141032 |
| Brookline Bancorp, Inc. | 28952 | 317024 |
| Burke & Herbert Financial Services Corp. | 4518 | 287164 |
| Business First Bancshares, Inc. | 11909 | 297844 |
| Byline Bancorp, Inc. | 13037 | 376900 |
| Cadence Bank | 71547 | 2693029 |
| Camden National Corp. | 4803 | 196395 |
| Capital Bancorp, Inc. | 2458 | 83547 |
| Capital City Bank Group, Inc. | 4278 | 187633 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 8717 | 169633 |
| Cathay General Bancorp | 26071 | 1301204 |
| Central Pacific Financial Corp. | 13766 | 431151 |
| Chemung Financial Corp. | 144 | 7764 |
| ChoiceOne Financial Services, Inc. | 2156 | 66534 |
| Citigroup, Inc. | 315933 | 30509650 |
| Citizens & Northern Corp. | 55 | 1111 |
| Citizens Financial Group, Inc. | 125235 | 6547286 |
| Citizens Financial Services, Inc. | 714 | 42811 |
| City Holding Co. | 5595 | 718846 |
| Civista Bancshares, Inc. | 3136 | 66452 |
| CNB Financial Corp. | 8109 | 213348 |
| Coastal Financial Corp.<sup>(1)</sup> | 3806 | 435787 |
| Columbia Banking System, Inc. | 102988 | 2756989 |
| Columbia Financial, Inc.<sup>(1)</sup> | 6679 | 100385 |
| Comerica, Inc. | 63148 | 4456986 |
| Commerce Bancshares, Inc. | 48193 | 2985074 |
| Community Financial System, Inc. | 12501 | 748685 |
| Community Trust Bancorp, Inc. | 5915 | 345554 |
| Community West Bancshares | 2784 | 59355 |
| ConnectOne Bancorp, Inc. | 19312 | 494387 |
| Cullen/Frost Bankers, Inc. | 23754 | 3064979 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 17359 | 1244467 |
| CVB Financial Corp. | 44281 | 891377 |
| Dime Community Bancshares, Inc. | 16380 | 503849 |
| Eagle Bancorp, Inc. | 11210 | 217698 |
| East West Bancorp, Inc. | 71118 | 7477347 |
| Eastern Bankshares, Inc. | 65952 | 1128439 |
| Enterprise Financial Services Corp. | 14963 | 916334 |
| Equity Bancshares, Inc., Class A | 5941 | 240789 |
| Esquire Financial Holdings, Inc. | 4324 | 424184 |
| Farmers & Merchants Bancorp, Inc. | 1027 | 27174 |
| Farmers National Banc Corp. | 11947 | 181355 |
| FB Bancorp, Inc.<sup>(1)</sup> | 883 | 10578 |
| FB Financial Corp. | 11530 | 618930 |
| Fidelity D&D Bancorp, Inc. | 132 | 5762 |
| Fifth Third Bancorp | 235074 | 10759337 |
| Financial Institutions, Inc. | 6255 | 173076 |
| First BanCorp | 102751 | 2284155 |
| First Bancorp, Inc. | 582 | 15819 |
| First Bancorp/Southern Pines NC | 12689 | 692693 |
| First Bank | 3826 | 64353 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| First Busey Corp. | 27680 | $683696 |
| First Business Financial Services, Inc. | 3890 | 203525 |
| First Citizens BancShares, Inc., Class A | 3978 | 7891994 |
| First Commonwealth Financial Corp. | 39208 | 695942 |
| First Community Bankshares, Inc. | 4066 | 154427 |
| First Financial Bancorp | 27524 | 728836 |
| First Financial Bankshares, Inc. | 31647 | 1176319 |
| First Financial Corp. | 4126 | 243434 |
| First Foundation, Inc.<sup>(1)</sup> | 15159 | 90196 |
| First Hawaiian, Inc. | 40731 | 1056969 |
| First Horizon Corp. | 155899 | 3523317 |
| First Internet Bancorp | 1280 | 32147 |
| First Interstate BancSystem, Inc., Class A | 31279 | 1023449 |
| First Merchants Corp. | 18964 | 787385 |
| First Mid Bancshares, Inc. | 9166 | 370673 |
| Firstsun Capital Bancorp<sup>(1)</sup> | 955 | 36300 |
| Five Star Bancorp | 4399 | 144155 |
| Flagstar Financial, Inc. | 66670 | 854709 |
| Flushing Financial Corp. | 10183 | 140118 |
| FNB Corp. | 118967 | 1985559 |
| FS Bancorp, Inc. | 1347 | 57530 |
| Fulton Financial Corp. | 64361 | 1265337 |
| FVCBankcorp, Inc. | 1399 | 18977 |
| German American Bancorp, Inc. | 11275 | 471070 |
| Glacier Bancorp, Inc. | 27030 | 1328524 |
| Great Southern Bancorp, Inc. | 4002 | 253287 |
| Greene County Bancorp, Inc. | 466 | 11179 |
| Guaranty Bancshares, Inc. | 883 | 43391 |
| Hancock Whitney Corp. | 31487 | 1981162 |
| Hanmi Financial Corp. | 14429 | 363034 |
| HBT Financial, Inc. | 3431 | 90887 |
| Heritage Commerce Corp. | 24030 | 248230 |
| Heritage Financial Corp. | 11693 | 285777 |
| Hilltop Holdings, Inc. | 16897 | 592747 |
| Hingham Institution For Savings | 446 | 126726 |
| Home Bancorp, Inc. | 447 | 25150 |
| Home BancShares, Inc. | 49649 | 1477554 |
| HomeStreet, Inc.<sup>(1)</sup> | 4997 | 69308 |
| HomeTrust Bancshares, Inc. | 5190 | 214658 |
| Hope Bancorp, Inc. | 42464 | 472624 |
| Horizon Bancorp, Inc. | 14391 | 242632 |
| Huntington Bancshares, Inc. | 451300 | 8037653 |
| Independent Bank Corp. | 17472 | 1249423 |
| Independent Bank Corp. (Michigan) | 12475 | 410303 |
| International Bancshares Corp. | 30171 | 2158433 |
| John Marshall Bancorp, Inc. | 916 | 18146 |
| JPMorgan Chase & Co. | 471862 | 142228644 |
| Kearny Financial Corp. | 12712 | 85806 |
| KeyCorp | 328242 | 6354765 |
| Lakeland Financial Corp. | 8753 | 599143 |
| Live Oak Bancshares, Inc. | 13626 | 527190 |
| M&T Bank Corp. | 41362 | 8341061 |
| MainStreet Bancshares, Inc. | 24 | 544 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mercantile Bank Corp. | 9471 | $466447 |
| Metrocity Bankshares, Inc. | 9896 | 296286 |
| Metropolitan Bank Holding Corp. | 3953 | 313829 |
| Mid Penn Bancorp, Inc. | 2950 | 88913 |
| Midland States Bancorp, Inc. | 11243 | 207096 |
| MidWestOne Financial Group, Inc. | 2989 | 90387 |
| MVB Financial Corp. | 1299 | 31696 |
| National Bank Holdings Corp., Class A | 14576 | 571671 |
| National Bankshares, Inc. | 152 | 4764 |
| NB Bancorp, Inc. | 18898 | 356983 |
| NBT Bancorp, Inc. | 13869 | 613981 |
| Nicolet Bankshares, Inc. | 4084 | 564776 |
| Northeast Bank | 4423 | 489007 |
| Northfield Bancorp, Inc. | 12437 | 147378 |
| Northpointe Bancshares, Inc. | 904 | 16109 |
| Northrim BanCorp, Inc. | 2488 | 233947 |
| Northwest Bancshares, Inc. | 46869 | 592893 |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 215588 | 3190702 |
| Oak Valley Bancorp | 715 | 20370 |
| OceanFirst Financial Corp. | 18619 | 342403 |
| OFG Bancorp | 29919 | 1338875 |
| Old National Bancorp | 113678 | 2602089 |
| Old Second Bancorp, Inc. | 22692 | 418894 |
| OP Bancorp | 18 | 262 |
| Orange County Bancorp, Inc. | 848 | 22625 |
| Origin Bancorp, Inc. | 12481 | 485386 |
| Orrstown Financial Services, Inc. | 4580 | 159613 |
| Pacific Premier Bancorp, Inc. | 42560 | 1042294 |
| Park National Corp. | 4683 | 804399 |
| Parke Bancorp, Inc. | 1098 | 24760 |
| Pathward Financial, Inc. | 16932 | 1345586 |
| PCB Bancorp | 2787 | 61593 |
| Peapack-Gladstone Financial Corp. | 6072 | 176149 |
| Peoples Bancorp, Inc. | 16728 | 517564 |
| Peoples Financial Services Corp. | 1048 | 54926 |
| Pinnacle Financial Partners, Inc. | 20547 | 1997579 |
| PNC Financial Services Group, Inc. | 85573 | 17751263 |
| Ponce Financial Group, Inc.<sup>(1)</sup> | 1651 | 24501 |
| Popular, Inc. | 29287 | 3679619 |
| Preferred Bank | 8582 | 810141 |
| Primis Financial Corp. | 1437 | 16454 |
| Prosperity Bancshares, Inc. | 19035 | 1315890 |
| Provident Financial Services, Inc. | 40638 | 806258 |
| QCR Holdings, Inc. | 7382 | 578601 |
| RBB Bancorp | 7395 | 149601 |
| Red River Bancshares, Inc. | 206 | 13472 |
| Regions Financial Corp. | 254475 | 6970070 |
| Renasant Corp. | 28371 | 1110157 |
| Republic Bancorp, Inc., Class A | 4023 | 308725 |
| S&T Bancorp, Inc. | 15368 | 607190 |
| Seacoast Banking Corp. of Florida | 26397 | 821211 |
| ServisFirst Bancshares, Inc. | 18049 | 1591019 |
| Shore Bancshares, Inc. | 6880 | 118267 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sierra Bancorp | 2842 | $87136 |
| Simmons First National Corp., Class A | 40113 | 833548 |
| SmartFinancial, Inc. | 4615 | 170063 |
| South Plains Financial, Inc. | 5114 | 207782 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 1968 | 88757 |
| Southern Missouri Bancorp, Inc. | 3185 | 183249 |
| Southside Bancshares, Inc. | 11733 | 366539 |
| SouthState Corp. | 29952 | 3056901 |
| Stellar Bancorp, Inc. | 16763 | 518312 |
| Stock Yards Bancorp, Inc. | 9914 | 800159 |
| Synovus Financial Corp. | 60749 | 3135256 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 13977 | 1209989 |
| TFS Financial Corp. | 5680 | 79861 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 1640 | 65321 |
| Timberland Bancorp, Inc. | 1261 | 42180 |
| Tompkins Financial Corp. | 3985 | 279508 |
| Towne Bank | 23581 | 865187 |
| TriCo Bancshares | 12809 | 581785 |
| Triumph Financial, Inc.<sup>(1)</sup> | 5404 | 332292 |
| Truist Financial Corp. | 245409 | 11490049 |
| TrustCo Bank Corp. | 7214 | 287045 |
| Trustmark Corp. | 17244 | 694416 |
| U.S. Bancorp | 315840 | 15422467 |
| UMB Financial Corp. | 24774 | 3019951 |
| United Bankshares, Inc. | 35117 | 1346386 |
| United Community Banks, Inc. | 37405 | 1249327 |
| United Security Bancshares | 315 | 2999 |
| Unity Bancorp, Inc. | 3120 | 163332 |
| Univest Financial Corp. | 10243 | 324396 |
| Valley National Bancorp | 140429 | 1468887 |
| Veritex Holdings, Inc. | 21417 | 735674 |
| WaFd, Inc. | 38876 | 1222650 |
| Washington Trust Bancorp, Inc. | 5861 | 177764 |
| Webster Financial Corp. | 63159 | 3929753 |
| Wells Fargo & Co. | 618347 | 50815756 |
| WesBanco, Inc. | 27581 | 904657 |
| West BanCorp, Inc. | 3026 | 60399 |
| Westamerica Bancorporation | 15589 | 779606 |
| Western Alliance Bancorp | 50567 | 4528275 |
| Western New England Bancorp, Inc. | 90 | 1129 |
| Wintrust Financial Corp. | 29509 | 4051291 |
| WSFS Financial Corp. | 21915 | 1277425 |
| Zions Bancorp NA | 77246 | 4481040 |
|  |  | 534050235 |
| **Beverages — 0.8%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 2427 | 536585 |
| Brown-Forman Corp., Class A | 5854 | 177669 |
| Brown-Forman Corp., Class B | 42652 | 1277001 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 49060 | 3084893 |
| Coca-Cola Co. | 459006 | 31666824 |
| Coca-Cola Consolidated, Inc. | 34692 | 4067290 |
| Constellation Brands, Inc., Class A | 34304 | 5555190 |
| Keurig Dr. Pepper, Inc. | 86148 | 2506045 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MGP Ingredients, Inc. | 2089 | $61772 |
| Molson Coors Beverage Co., Class B | 65286 | 3296290 |
| Monster Beverage Corp.<sup>(1)</sup> | 104088 | 6496132 |
| National Beverage Corp. | 13232 | 556406 |
| PepsiCo, Inc. | 142346 | 21159733 |
| Primo Brands Corp., Class A | 5785 | 145261 |
|  |  | 80587091 |
| **Biotechnology — 1.8%** |  |  |
| 4D Molecular Therapeutics, Inc.<sup>(1)</sup> | 5616 | 34595 |
| 89bio, Inc.<sup>(1)</sup> | 15699 | 141762 |
| AbbVie, Inc. | 205760 | 43291904 |
| Absci Corp.<sup>(1)(2)</sup> | 2010 | 4804 |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 296 | 7693 |
| ADMA Biologics, Inc.<sup>(1)</sup> | 29967 | 517230 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | 7738 | 291800 |
| Alkermes PLC<sup>(1)</sup> | 67930 | 1967932 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 69 | 30809 |
| Amgen, Inc. | 65122 | 18736251 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 3415 | 32033 |
| Annexon, Inc.<sup>(1)</sup> | 3874 | 7980 |
| Arcturus Therapeutics Holdings, Inc.<sup>(1)</sup> | 6635 | 112861 |
| Arcus Biosciences, Inc.<sup>(1)</sup> | 16042 | 169885 |
| Astria Therapeutics, Inc.<sup>(1)</sup> | 1941 | 11995 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 2668 | 31989 |
| Avidity Biosciences, Inc.<sup>(1)</sup> | 286 | 13322 |
| Beam Therapeutics, Inc.<sup>(1)</sup> | 9830 | 160819 |
| Bicara Therapeutics, Inc.<sup>(1)</sup> | 10677 | 127483 |
| Biogen, Inc.<sup>(1)</sup> | 22854 | 3021756 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 26749 | 1558664 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 47943 | 987146 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 1835 | 40517 |
| CG oncology, Inc.<sup>(1)</sup> | 4840 | 129809 |
| CRISPR Therapeutics AG<sup>(1)</sup> | 15615 | 809325 |
| Cullinan Therapeutics, Inc.<sup>(1)</sup> | 15101 | 113862 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 19379 | 295917 |
| Dianthus Therapeutics, Inc.<sup>(1)</sup> | 2881 | 67905 |
| Disc Medicine, Inc.<sup>(1)</sup> | 138 | 8231 |
| Dynavax Technologies Corp.<sup>(1)</sup> | 33492 | 338939 |
| Dyne Therapeutics, Inc.<sup>(1)</sup> | 635 | 8566 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 39744 | 329875 |
| Enanta Pharmaceuticals, Inc.<sup>(1)</sup> | 1916 | 16094 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | 6979 | 38175 |
| Exelixis, Inc.<sup>(1)</sup> | 173852 | 6505542 |
| Gilead Sciences, Inc. | 401565 | 45364798 |
| GRAIL, Inc.<sup>(1)</sup> | 24407 | 800305 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 34452 | 2520164 |
| HilleVax, Inc.<sup>(1)(2)</sup> | 4083 | 8533 |
| Ideaya Biosciences, Inc.<sup>(1)</sup> | 3718 | 91277 |
| Incyte Corp.<sup>(1)</sup> | 21748 | 1840098 |
| Intellia Therapeutics, Inc.<sup>(1)(2)</sup> | 6779 | 76976 |
| iTeos Therapeutics, Inc.<sup>(1)</sup> | 5253 | 53318 |
| Kodiak Sciences, Inc.<sup>(1)</sup> | 3505 | 31685 |
| Kura Oncology, Inc.<sup>(1)</sup> | 15491 | 122379 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Larimar Therapeutics, Inc.<sup>(1)</sup> | 1400 | $5068 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 81 | 35466 |
| MiMedx Group, Inc.<sup>(1)</sup> | 44284 | 314416 |
| Moderna, Inc.<sup>(1)</sup> | 27097 | 652767 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 17517 | 84082 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 21948 | 3063941 |
| Nkarta, Inc.<sup>(1)</sup> | 3657 | 7753 |
| Nuvalent, Inc., Class A<sup>(1)</sup> | 223 | 17077 |
| Olema Pharmaceuticals, Inc.<sup>(1)</sup> | 356 | 1944 |
| Organogenesis Holdings, Inc.<sup>(1)(2)</sup> | 9486 | 48853 |
| ORIC Pharmaceuticals, Inc.<sup>(1)</sup> | 7147 | 73114 |
| PDL BioPharma, Inc.<sup>(1)(2)</sup> | 1937 | 19 |
| Praxis Precision Medicines, Inc.<sup>(1)</sup> | 674 | 30694 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | 31519 | 1861197 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | 27386 | 138025 |
| Regeneron Pharmaceuticals, Inc. | 16224 | 9421277 |
| REGENXBIO, Inc.<sup>(1)</sup> | 13635 | 121761 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 16059 | 57652 |
| Replimune Group, Inc.<sup>(1)</sup> | 8592 | 46397 |
| Revolution Medicines, Inc.<sup>(1)</sup> | 16140 | 612836 |
| Roivant Sciences Ltd.<sup>(1)</sup> | 65820 | 785233 |
| Sionna Therapeutics, Inc.<sup>(1)</sup> | 3888 | 95723 |
| Stoke Therapeutics, Inc.<sup>(1)(2)</sup> | 5239 | 103523 |
| Tango Therapeutics, Inc.<sup>(1)(2)</sup> | 5981 | 40132 |
| Tourmaline Bio, Inc.<sup>(1)</sup> | 880 | 20592 |
| Tyra Biosciences, Inc.<sup>(1)</sup> | 528 | 6690 |
| United Therapeutics Corp.<sup>(1)</sup> | 16149 | 4921569 |
| Upstream Bio, Inc.<sup>(1)</sup> | 1683 | 28830 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 11217 | 53056 |
| Vaxcyte, Inc.<sup>(1)</sup> | 13775 | 424132 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 43027 | 16824418 |
| Vir Biotechnology, Inc.<sup>(1)</sup> | 32244 | 159285 |
| Voyager Therapeutics, Inc.<sup>(1)</sup> | 22313 | 74972 |
| Xencor, Inc.<sup>(1)</sup> | 11821 | 96105 |
| Zenas Biopharma, Inc.<sup>(1)(2)</sup> | 8054 | 128864 |
| Zymeworks, Inc.<sup>(1)</sup> | 2081 | 30820 |
|  |  | 171261286 |
| **Broadline Retail — 4.2%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 1459095 | 334132755 |
| Coupang, Inc.<sup>(1)</sup> | 261841 | 7483416 |
| Dillard's, Inc., Class A | 1871 | 997018 |
| eBay, Inc. | 172111 | 15594978 |
| Kohl's Corp. | 76820 | 1156909 |
| Macy's, Inc. | 192636 | 2548574 |
| MercadoLibre, Inc.<sup>(1)</sup> | 12548 | 31030075 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 13401 | 1699783 |
|  |  | 394643508 |
| **Building Products — 0.9%** |  |  |
| A.O. Smith Corp. | 49406 | 3522154 |
| AAON, Inc. | 20519 | 1702051 |
| Advanced Drainage Systems, Inc. | 36837 | 5303423 |
| Allegion PLC | 12045 | 2045241 |
| American Woodmark Corp.<sup>(1)</sup> | 5144 | 332148 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Apogee Enterprises, Inc. | 16132 | $709405 |
| Armstrong World Industries, Inc. | 29466 | 5768559 |
| AZZ, Inc. | 8893 | 1003931 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 47697 | 6614620 |
| Carlisle Cos., Inc. | 20108 | 7759476 |
| Carrier Global Corp. | 67811 | 4421277 |
| Fortune Brands Innovations, Inc. | 25784 | 1508880 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 9741 | 609689 |
| Griffon Corp. | 16155 | 1230365 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 22596 | 363344 |
| Insteel Industries, Inc. | 12834 | 492569 |
| Janus International Group, Inc.<sup>(1)</sup> | 54920 | 568422 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 56055 | 358191 |
| Johnson Controls International PLC | 30422 | 3251807 |
| Lennox International, Inc. | 15007 | 8371805 |
| Masterbrand, Inc.<sup>(1)</sup> | 57098 | 725716 |
| Owens Corning | 48490 | 7281743 |
| Quanex Building Products Corp. | 19486 | 414467 |
| Simpson Manufacturing Co., Inc. | 17041 | 3256876 |
| Tecnoglass, Inc. | 16719 | 1213465 |
| Trane Technologies PLC | 29662 | 12327527 |
| Trex Co., Inc.<sup>(1)</sup> | 47170 | 2907087 |
| UFP Industries, Inc. | 30806 | 3110482 |
| Zurn Elkay Water Solutions Corp. | 30166 | 1368330 |
|  |  | 88543050 |
| **Capital Markets — 3.7%** |  |  |
| Acadian Asset Management, Inc. | 4566 | 232729 |
| Affiliated Managers Group, Inc. | 4349 | 977742 |
| Ameriprise Financial, Inc. | 42540 | 21900017 |
| Ares Management Corp., Class A | 9731 | 1743795 |
| Artisan Partners Asset Management, Inc., Class A | 49077 | 2296313 |
| Bank of New York Mellon Corp. | 187932 | 19845619 |
| BGC Group, Inc., Class A | 86277 | 846377 |
| Blackrock, Inc. | 16325 | 18400561 |
| Blackstone, Inc. | 57448 | 9846587 |
| Carlyle Group, Inc. | 53885 | 3478816 |
| Cboe Global Markets, Inc. | 10333 | 2438071 |
| Charles Schwab Corp. | 281694 | 26997553 |
| CME Group, Inc. | 52186 | 13908091 |
| Cohen & Steers, Inc. | 10760 | 794734 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 23411 | 7129586 |
| Diamond Hill Investment Group, Inc. | 1266 | 184532 |
| DigitalBridge Group, Inc. | 8893 | 101469 |
| Donnelley Financial Solutions, Inc.<sup>(1)</sup> | 1453 | 82487 |
| Evercore, Inc., Class A | 13569 | 4363112 |
| FactSet Research Systems, Inc. | 6496 | 2425087 |
| Federated Hermes, Inc. | 28549 | 1515952 |
| Franklin Resources, Inc. | 68675 | 1762201 |
| Goldman Sachs Group, Inc. | 55866 | 41634137 |
| Hamilton Lane, Inc., Class A | 8516 | 1314359 |
| Houlihan Lokey, Inc. | 10737 | 2139347 |
| Interactive Brokers Group, Inc., Class A | 45591 | 2837584 |
| Intercontinental Exchange, Inc. | 32068 | 5663209 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Invesco Ltd. | 76524 | $1675110 |
| Janus Henderson Group PLC | 31969 | 1416866 |
| Jefferies Financial Group, Inc. | 62607 | 4060064 |
| KKR & Co., Inc. | 85792 | 11967126 |
| Lazard, Inc. | 12764 | 729590 |
| LPL Financial Holdings, Inc. | 29497 | 10751067 |
| MarketAxess Holdings, Inc. | 9471 | 1741149 |
| Moelis & Co., Class A | 6404 | 461792 |
| Moody's Corp. | 19799 | 10092738 |
| Morgan Stanley | 232550 | 34994124 |
| MSCI, Inc. | 4702 | 2669419 |
| Nasdaq, Inc. | 15100 | 1430574 |
| Northern Trust Corp. | 94257 | 12374059 |
| Oppenheimer Holdings, Inc., Class A | 4114 | 298553 |
| Piper Sandler Cos. | 5926 | 1978040 |
| Raymond James Financial, Inc. | 69625 | 11797260 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 102922 | 10706976 |
| S&P Global, Inc. | 16048 | 8801365 |
| SEI Investments Co. | 43155 | 3809723 |
| State Street Corp. | 78653 | 9042735 |
| Stifel Financial Corp. | 35499 | 4092680 |
| StoneX Group, Inc.<sup>(1)</sup> | 28437 | 2905408 |
| T. Rowe Price Group, Inc. | 71569 | 7702256 |
| Tradeweb Markets, Inc., Class A | 10405 | 1283561 |
| Victory Capital Holdings, Inc., Class A | 7848 | 559405 |
| Virtu Financial, Inc., Class A | 13157 | 551541 |
| Virtus Investment Partners, Inc. | 3825 | 770470 |
| WisdomTree, Inc.<sup>(2)</sup> | 84868 | 1155054 |
|  |  | 354678772 |
| **Chemicals — 1.4%** |  |  |
| AdvanSix, Inc. | 14686 | 315162 |
| Air Products & Chemicals, Inc. | 47470 | 13961402 |
| Albemarle Corp. | 21868 | 1857031 |
| American Vanguard Corp.<sup>(1)</sup> | 8502 | 45911 |
| Ashland, Inc. | 16550 | 929282 |
| Avient Corp. | 19389 | 725149 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 58415 | 1826053 |
| Balchem Corp. | 3465 | 561642 |
| Cabot Corp. | 40064 | 3267620 |
| CF Industries Holdings, Inc. | 91583 | 7933835 |
| Chemours Co. | 15781 | 243027 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 4990 | 95808 |
| Corteva, Inc. | 119719 | 8881953 |
| Dow, Inc. | 222853 | 5488869 |
| DuPont de Nemours, Inc. | 55014 | 4231677 |
| Eastman Chemical Co. | 40337 | 2837305 |
| Ecolab, Inc. | 21158 | 5861612 |
| Ecovyst, Inc.<sup>(1)</sup> | 36295 | 329922 |
| FMC Corp. | 41146 | 1608809 |
| Hawkins, Inc. | 12707 | 2126262 |
| HB Fuller Co. | 9091 | 555006 |
| Huntsman Corp. | 52167 | 582184 |
| Ingevity Corp.<sup>(1)</sup> | 25142 | 1467790 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Innospec, Inc. | 7491 | $656137 |
| International Flavors & Fragrances, Inc. | 41726 | 2816922 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 1937 | 58943 |
| Koppers Holdings, Inc. | 8464 | 245287 |
| Kronos Worldwide, Inc. | 5663 | 36130 |
| Linde PLC | 43257 | 20689391 |
| LSB Industries, Inc.<sup>(1)</sup> | 28015 | 233085 |
| LyondellBasell Industries NV, Class A | 108892 | 6136064 |
| Mativ Holdings, Inc. | 34033 | 427795 |
| Minerals Technologies, Inc. | 15301 | 1001450 |
| Mosaic Co. | 147163 | 4915244 |
| NewMarket Corp. | 5487 | 4537529 |
| Olin Corp. | 60572 | 1433133 |
| Orion SA | 34170 | 360493 |
| Perimeter Solutions, Inc.<sup>(1)</sup> | 4872 | 109084 |
| PPG Industries, Inc. | 33273 | 3700956 |
| Quaker Chemical Corp. | 5575 | 808765 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | 35567 | 198108 |
| RPM International, Inc. | 47817 | 5991948 |
| Sensient Technologies Corp. | 10327 | 1171701 |
| Sherwin-Williams Co. | 31386 | 11481940 |
| Stepan Co. | 7061 | 353262 |
| Tronox Holdings PLC, Class A | 44630 | 191016 |
| Westlake Corp. | 12940 | 1136391 |
|  |  | 134424085 |
| **Commercial Services and Supplies — 0.6%** |  |  |
| ACCO Brands Corp. | 41539 | 166987 |
| Acme United Corp. | 464 | 19961 |
| Brady Corp., Class A | 15065 | 1176275 |
| Brink's Co. | 8873 | 994131 |
| Casella Waste Systems, Inc., Class A<sup>(1)</sup> | 7410 | 730330 |
| Cintas Corp. | 48048 | 10091521 |
| Civeo Corp.<sup>(2)</sup> | 4499 | 106851 |
| Clean Harbors, Inc.<sup>(1)</sup> | 11688 | 2830950 |
| Copart, Inc.<sup>(1)</sup> | 151995 | 7418876 |
| Ennis, Inc. | 9332 | 170496 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 41401 | 646270 |
| HNI Corp. | 20522 | 922259 |
| Interface, Inc. | 40651 | 1086195 |
| Liquidity Services, Inc.<sup>(1)</sup> | 5450 | 144916 |
| MSA Safety, Inc. | 7212 | 1230367 |
| OPENLANE, Inc.<sup>(1)</sup> | 4765 | 137804 |
| Quad/Graphics, Inc. | 6239 | 41552 |
| Republic Services, Inc. | 13696 | 3204453 |
| Rollins, Inc. | 40893 | 2312090 |
| Steelcase, Inc., Class A | 56402 | 944169 |
| UniFirst Corp. | 3568 | 634462 |
| Veralto Corp. | 32190 | 3418256 |
| Virco Mfg. Corp.<sup>(2)</sup> | 8059 | 69388 |
| Waste Connections, Inc. | 14374 | 2656459 |
| Waste Management, Inc. | 49726 | 11257469 |
|  |  | 52412487 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Communications Equipment — 0.7%** | | |
| ADTRAN Holdings, Inc.<sup>(1)</sup> | 7433 | $69722 |
| Arista Networks, Inc.<sup>(1)</sup> | 148476 | 20274398 |
| Aviat Networks, Inc.<sup>(1)</sup> | 6107 | 140217 |
| BK Technologies Corp.<sup>(1)</sup> | 1760 | 124573 |
| Calix, Inc.<sup>(1)</sup> | 7712 | 458478 |
| Ciena Corp.<sup>(1)</sup> | 30266 | 2844096 |
| Cisco Systems, Inc. | 239939 | 16577385 |
| Clearfield, Inc.<sup>(1)</sup> | 690 | 22508 |
| Digi International, Inc.<sup>(1)</sup> | 4671 | 162177 |
| Extreme Networks, Inc.<sup>(1)</sup> | 357 | 7633 |
| F5, Inc.<sup>(1)</sup> | 6348 | 1987813 |
| Harmonic, Inc.<sup>(1)</sup> | 7986 | 76825 |
| Motorola Solutions, Inc. | 31355 | 14813983 |
| NETGEAR, Inc.<sup>(1)</sup> | 22216 | 603609 |
| NetScout Systems, Inc.<sup>(1)</sup> | 3845 | 95702 |
| Ribbon Communications, Inc.<sup>(1)</sup> | 3356 | 13692 |
| Ubiquiti, Inc. | 1724 | 910496 |
| Viasat, Inc.<sup>(1)</sup> | 99601 | 3220100 |
|  |  | 62403407 |
| **Construction and Engineering — 0.8%** |  |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | 21985 | 559078 |
| Argan, Inc. | 10673 | 2435792 |
| Centuri Holdings, Inc.<sup>(1)(2)</sup> | 14858 | 315584 |
| Comfort Systems USA, Inc. | 19236 | 13530218 |
| Concrete Pumping Holdings, Inc. | 1011 | 7036 |
| Dycom Industries, Inc.<sup>(1)</sup> | 15981 | 4034723 |
| EMCOR Group, Inc. | 24806 | 15379720 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 13863 | 1087414 |
| Fluor Corp.<sup>(1)</sup> | 38746 | 1589361 |
| Granite Construction, Inc. | 29753 | 3205886 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 41433 | 483109 |
| IES Holdings, Inc.<sup>(1)</sup> | 6548 | 2287282 |
| Limbach Holdings, Inc.<sup>(1)</sup> | 3887 | 445295 |
| MasTec, Inc.<sup>(1)</sup> | 12646 | 2297652 |
| Matrix Service Co.<sup>(1)</sup> | 10188 | 154144 |
| MYR Group, Inc.<sup>(1)</sup> | 7292 | 1365573 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 1935 | 102477 |
| Orion Group Holdings, Inc.<sup>(1)</sup> | 11029 | 81615 |
| Primoris Services Corp. | 37092 | 4397256 |
| Quanta Services, Inc. | 18956 | 7164610 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 22492 | 6264697 |
| Tutor Perini Corp.<sup>(1)</sup> | 24213 | 1427114 |
| Valmont Industries, Inc. | 11298 | 4147722 |
| WillScot Holdings Corp. | 24310 | 589274 |
|  |  | 73352632 |
| **Construction Materials — 0.3%** |  |  |
| CRH PLC | 99492 | 11237622 |
| Eagle Materials, Inc. | 20966 | 4841049 |
| James Hardie Industries PLC<sup>(1)</sup> | 5515 | 111017 |
| Martin Marietta Materials, Inc. | 11708 | 7216811 |
| U.S. Lime & Minerals, Inc. | 4346 | 547248 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vulcan Materials Co. | 20448 | $5953640 |
|  |  | 29907387 |
| **Consumer Finance — 1.3%** |  |  |
| Ally Financial, Inc. | 150763 | 6188821 |
| American Express Co. | 117881 | 39051618 |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 1682 | 112189 |
| Bread Financial Holdings, Inc. | 31093 | 2058046 |
| Capital One Financial Corp. | 170178 | 38667845 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | 2357 | 18832 |
| Credit Acceptance Corp.<sup>(1)</sup> | 1941 | 999091 |
| Encore Capital Group, Inc.<sup>(1)</sup> | 7620 | 318821 |
| Enova International, Inc.<sup>(1)</sup> | 6294 | 763462 |
| EZCORP, Inc., Class A<sup>(1)</sup> | 16222 | 270421 |
| FirstCash Holdings, Inc. | 7878 | 1160193 |
| Green Dot Corp., Class A<sup>(1)</sup> | 30283 | 421539 |
| LendingClub Corp.<sup>(1)</sup> | 38223 | 656671 |
| Medallion Financial Corp. | 3474 | 36686 |
| Navient Corp. | 33615 | 460862 |
| Nelnet, Inc., Class A | 4779 | 614627 |
| NerdWallet, Inc., Class A<sup>(1)</sup> | 4685 | 48443 |
| OneMain Holdings, Inc. | 76259 | 4717382 |
| Oportun Financial Corp.<sup>(1)</sup> | 4622 | 30551 |
| OppFi, Inc. | 730 | 7453 |
| PRA Group, Inc.<sup>(1)</sup> | 10903 | 186332 |
| PROG Holdings, Inc. | 27340 | 963462 |
| Regional Management Corp. | 3158 | 138447 |
| SLM Corp. | 157124 | 4914839 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 183510 | 4686845 |
| Synchrony Financial | 212807 | 16245686 |
| Upstart Holdings, Inc.<sup>(1)(2)</sup> | 7958 | 583162 |
| World Acceptance Corp.<sup>(1)</sup> | 1957 | 335489 |
|  |  | 124657815 |
| **Consumer Staples Distribution & Retail — 2.4%** |  |  |
| Albertsons Cos., Inc., Class A | 24618 | 479066 |
| Andersons, Inc. | 18660 | 763194 |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 80342 | 7847807 |
| Casey's General Stores, Inc. | 16340 | 8080457 |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 5797 | 366023 |
| Costco Wholesale Corp. | 75367 | 71095198 |
| Dollar General Corp. | 70033 | 7616789 |
| Dollar Tree, Inc.<sup>(1)</sup> | 91071 | 9942221 |
| Grocery Outlet Holding Corp.<sup>(1)</sup> | 18140 | 328515 |
| Ingles Markets, Inc., Class A | 7308 | 494679 |
| Kroger Co. | 299439 | 20313942 |
| Maplebear, Inc.<sup>(1)</sup> | 28633 | 1241813 |
| Natural Grocers by Vitamin Cottage, Inc. | 9041 | 347626 |
| Performance Food Group Co.<sup>(1)</sup> | 35268 | 3576175 |
| PriceSmart, Inc. | 11817 | 1267491 |
| SpartanNash Co. | 19079 | 511317 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 63942 | 8986409 |
| Sysco Corp. | 71169 | 5726969 |
| Target Corp. | 155148 | 14891105 |
| United Natural Foods, Inc.<sup>(1)</sup> | 48642 | 1375596 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Village Super Market, Inc., Class A | 5172 | $187640 |
| Walmart, Inc. | 622873 | 60406224 |
| Weis Markets, Inc. | 7686 | 550702 |
|  |  | 226396958 |
| **Containers and Packaging — 0.4%** |  |  |
| Amcor PLC | 85722 | 739781 |
| AptarGroup, Inc. | 23952 | 3335795 |
| Avery Dennison Corp. | 12041 | 2066838 |
| Ball Corp. | 42074 | 2214775 |
| Crown Holdings, Inc. | 12309 | 1223268 |
| Graphic Packaging Holding Co. | 168713 | 3757238 |
| Greif, Inc., Class A | 225 | 14695 |
| International Paper Co. | 151220 | 7512610 |
| Myers Industries, Inc. | 2678 | 44830 |
| O-I Glass, Inc.<sup>(1)</sup> | 26330 | 342027 |
| Packaging Corp. of America | 42070 | 9169577 |
| Sealed Air Corp. | 21347 | 693137 |
| Smurfit WestRock PLC | 110951 | 5254639 |
| TriMas Corp. | 9637 | 372663 |
|  |  | 36741873 |
| **Distributors — 0.1%** |  |  |
| A-Mark Precious Metals, Inc. | 7652 | 179133 |
| Genuine Parts Co. | 27686 | 3857491 |
| LKQ Corp. | 10359 | 337911 |
| Pool Corp. | 15430 | 4794255 |
|  |  | 9168790 |
| **Diversified Consumer Services — 0.2%** |  |  |
| ADT, Inc. | 38495 | 335291 |
| Adtalem Global Education, Inc.<sup>(1)</sup> | 15657 | 2050284 |
| American Public Education, Inc.<sup>(1)</sup> | 6901 | 208272 |
| Coursera, Inc.<sup>(1)</sup> | 14526 | 167049 |
| Duolingo, Inc.<sup>(1)</sup> | 88 | 26212 |
| Frontdoor, Inc.<sup>(1)</sup> | 15934 | 967991 |
| Graham Holdings Co., Class B | 975 | 1058899 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 18663 | 3761901 |
| H&R Block, Inc. | 416 | 20946 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 96280 | 2645774 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 18147 | 341345 |
| Matthews International Corp., Class A | 8 | 197 |
| OneSpaWorld Holdings Ltd. | 27288 | 615890 |
| Perdoceo Education Corp. | 29845 | 977125 |
| Service Corp. International | 19908 | 1577709 |
| Strategic Education, Inc. | 2835 | 230627 |
| Stride, Inc.<sup>(1)</sup> | 25834 | 4215850 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 41981 | 1116275 |
|  |  | 20317637 |
| **Diversified Telecommunication Services — 1.2%** |  |  |
| AT&T, Inc. | 1909782 | 55937515 |
| ATN International, Inc. | 4630 | 78710 |
| Cogent Communications Holdings, Inc. | 10302 | 393845 |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | 123071 | 4563473 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 75 | 2748 |
| Globalstar, Inc.<sup>(1)</sup> | 18424 | 551430 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| IDT Corp., Class B | 11786 | $755129 |
| Iridium Communications, Inc. | 67986 | 1692172 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 29358 | 344663 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 26866 | 321049 |
| Liberty Latin America Ltd., Class A<sup>(1)</sup> | 1802 | 14524 |
| Liberty Latin America Ltd., Class C<sup>(1)</sup> | 11262 | 92799 |
| Lumen Technologies, Inc.<sup>(1)</sup> | 100151 | 497750 |
| Shenandoah Telecommunications Co. | 17362 | 230047 |
| Verizon Communications, Inc. | 1037550 | 45890836 |
|  |  | 111366690 |
| **Electric Utilities — 1.5%** |  |  |
| ALLETE, Inc. | 13365 | 857365 |
| Alliant Energy Corp. | 43403 | 2824233 |
| American Electric Power Co., Inc. | 119669 | 13285652 |
| Constellation Energy Corp. | 43569 | 13418381 |
| Duke Energy Corp. | 81291 | 9957335 |
| Edison International | 98044 | 5503210 |
| Entergy Corp. | 131220 | 11559170 |
| Evergy, Inc. | 64812 | 4618503 |
| Eversource Energy | 46429 | 2974706 |
| Exelon Corp. | 273233 | 11934817 |
| FirstEnergy Corp. | 131922 | 5754438 |
| Hawaiian Electric Industries, Inc.<sup>(1)</sup> | 23423 | 303562 |
| IDACORP, Inc. | 14909 | 1865116 |
| MGE Energy, Inc. | 188 | 16008 |
| NextEra Energy, Inc. | 87588 | 6310715 |
| NRG Energy, Inc. | 43751 | 6368396 |
| OGE Energy Corp. | 66128 | 2953276 |
| Otter Tail Corp. | 14633 | 1229026 |
| PG&E Corp. | 506387 | 7737593 |
| Pinnacle West Capital Corp. | 46569 | 4161406 |
| Portland General Electric Co. | 41226 | 1763648 |
| PPL Corp. | 158936 | 5796396 |
| Southern Co. | 120862 | 11155563 |
| Xcel Energy, Inc. | 138303 | 10011754 |
|  |  | 142360269 |
| **Electrical Equipment — 0.9%** |  |  |
| Acuity, Inc. | 11591 | 3784114 |
| Allient, Inc. | 2685 | 121845 |
| AMETEK, Inc. | 22448 | 4148390 |
| Atkore, Inc. | 24876 | 1447534 |
| Bloom Energy Corp., Class A<sup>(1)(2)</sup> | 4707 | 249189 |
| Eaton Corp. PLC | 31996 | 11171084 |
| Emerson Electric Co. | 40500 | 5346000 |
| EnerSys | 10248 | 1051957 |
| Fluence Energy, Inc.<sup>(1)(2)</sup> | 20432 | 151197 |
| GE Vernova, Inc. | 42643 | 26138880 |
| Generac Holdings, Inc.<sup>(1)</sup> | 14276 | 2644629 |
| Hubbell, Inc. | 5461 | 2353636 |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 103900 | 6988314 |
| NuScale Power Corp.<sup>(1)</sup> | 1335 | 46258 |
| nVent Electric PLC | 17899 | 1617891 |
| Powell Industries, Inc. | 6626 | 1763576 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Preformed Line Products Co. | 1241 | $237118 |
| Rockwell Automation, Inc. | 8496 | 2917781 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 83475 | 543422 |
| Sunrun, Inc.<sup>(1)</sup> | 50347 | 804042 |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | 2845 | 75449 |
| Vertiv Holdings Co., Class A | 92128 | 11750926 |
| Vicor Corp.<sup>(1)</sup> | 290 | 14822 |
|  |  | 85368054 |
| **Electronic Equipment, Instruments and Components — 1.1%** |  |  |
| Advanced Energy Industries, Inc. | 4310 | 645121 |
| Amphenol Corp., Class A | 95373 | 10382305 |
| Arrow Electronics, Inc.<sup>(1)</sup> | 32671 | 4127327 |
| Avnet, Inc. | 46094 | 2515350 |
| Badger Meter, Inc. | 6771 | 1238551 |
| Belden, Inc. | 7518 | 978844 |
| Benchmark Electronics, Inc. | 22674 | 920338 |
| CDW Corp. | 16802 | 2768297 |
| Climb Global Solutions, Inc. | 616 | 76113 |
| Cognex Corp. | 23232 | 1020814 |
| Coherent Corp.<sup>(1)</sup> | 566 | 51206 |
| Corning, Inc. | 148230 | 9935857 |
| CTS Corp. | 10234 | 434843 |
| Daktronics, Inc.<sup>(1)</sup> | 27724 | 481011 |
| ePlus, Inc. | 18259 | 1321404 |
| Fabrinet<sup>(1)</sup> | 8557 | 2834848 |
| Flex Ltd.<sup>(1)</sup> | 228099 | 12230668 |
| Ingram Micro Holding Corp. | 1193 | 23347 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 16026 | 2085944 |
| IPG Photonics Corp.<sup>(1)</sup> | 6711 | 549094 |
| Itron, Inc.<sup>(1)</sup> | 2028 | 249322 |
| Jabil, Inc. | 64848 | 13282816 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 25651 | 4192143 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 15957 | 460679 |
| Knowles Corp.<sup>(1)</sup> | 31407 | 670539 |
| Littelfuse, Inc. | 5974 | 1552224 |
| Methode Electronics, Inc. | 9256 | 71549 |
| M-Tron Industries, Inc.<sup>(1)</sup> | 608 | 27348 |
| Napco Security Technologies, Inc. | 15620 | 594341 |
| nLight, Inc.<sup>(1)</sup> | 5751 | 165629 |
| PC Connection, Inc. | 5972 | 383462 |
| Plexus Corp.<sup>(1)</sup> | 16763 | 2296699 |
| Richardson Electronics Ltd. | 2837 | 27888 |
| Rogers Corp.<sup>(1)</sup> | 2876 | 225651 |
| Sanmina Corp.<sup>(1)</sup> | 20917 | 2458166 |
| ScanSource, Inc.<sup>(1)</sup> | 14196 | 619655 |
| TD SYNNEX Corp. | 18233 | 2699760 |
| TE Connectivity PLC | 78022 | 16111543 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | 2111 | 1136077 |
| TTM Technologies, Inc.<sup>(1)</sup> | 39142 | 1744559 |
| Vishay Intertechnology, Inc. | 54532 | 843065 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 3869 | 109957 |
| Vontier Corp. | 20802 | 892614 |
|  |  | 105436968 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Energy Equipment and Services — 0.8%** | | |
| Archrock, Inc. | 126714 | $3137439 |
| Aris Water Solutions, Inc., Class A | 13936 | 338227 |
| Atlas Energy Solutions, Inc.<sup>(2)</sup> | 20578 | 240968 |
| Baker Hughes Co. | 347249 | 15765105 |
| Bristow Group, Inc.<sup>(1)</sup> | 12301 | 473712 |
| Cactus, Inc., Class A | 26299 | 1103243 |
| Core Laboratories, Inc. | 19679 | 226505 |
| DMC Global, Inc.<sup>(1)</sup> | 3568 | 23906 |
| Expro Group Holdings NV<sup>(1)</sup> | 38969 | 485943 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | 1556 | 41156 |
| Geospace Technologies Corp.<sup>(1)</sup> | 1159 | 22971 |
| Halliburton Co. | 374660 | 8516022 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 56308 | 371070 |
| Helmerich & Payne, Inc. | 61566 | 1286114 |
| Innovex International, Inc.<sup>(1)</sup> | 11194 | 193208 |
| Kodiak Gas Services, Inc. | 32300 | 1156017 |
| Liberty Energy, Inc., Class A | 121408 | 1365840 |
| Nabors Industries Ltd.<sup>(1)(2)</sup> | 5986 | 223158 |
| Natural Gas Services Group, Inc. | 2142 | 56035 |
| Noble Corp. PLC | 28781 | 829468 |
| NOV, Inc. | 117611 | 1563050 |
| Oceaneering International, Inc.<sup>(1)</sup> | 73391 | 1790740 |
| Oil States International, Inc.<sup>(1)</sup> | 14957 | 83759 |
| Patterson-UTI Energy, Inc. | 286355 | 1663723 |
| ProFrac Holding Corp., Class A<sup>(1)(2)</sup> | 3704 | 14816 |
| ProPetro Holding Corp.<sup>(1)</sup> | 65743 | 335289 |
| Ranger Energy Services, Inc. | 7385 | 105384 |
| RPC, Inc. | 66976 | 319476 |
| Schlumberger NV | 323637 | 11922787 |
| SEACOR Marine Holdings, Inc.<sup>(1)</sup> | 840 | 5384 |
| Seadrill Ltd.<sup>(1)</sup> | 3171 | 101187 |
| Select Water Solutions, Inc., Class A | 71166 | 606334 |
| TechnipFMC PLC | 256725 | 9437211 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 88154 | 414324 |
| Tidewater, Inc.<sup>(1)</sup> | 33222 | 1999964 |
| Transocean Ltd.<sup>(1)</sup> | 193858 | 587390 |
| Valaris Ltd.<sup>(1)</sup> | 22656 | 1125324 |
| Weatherford International PLC | 52603 | 3351074 |
|  |  | 71283323 |
| **Entertainment — 1.2%** |  |  |
| AMC Entertainment Holdings, Inc., Class A<sup>(1)</sup> | 1 | 3 |
| Cinemark Holdings, Inc. | 19990 | 515742 |
| Cineverse Corp.<sup>(1)</sup> | 2157 | 10548 |
| Electronic Arts, Inc. | 25906 | 4454537 |
| IMAX Corp.<sup>(1)</sup> | 27407 | 782744 |
| Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 1552 | 139866 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 30192 | 3016181 |
| Liberty Media Corp.-Liberty Live, Class A<sup>(1)</sup> | 4198 | 397215 |
| Liberty Media Corp.-Liberty Live, Class C<sup>(1)</sup> | 10573 | 1029599 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 20292 | 3378415 |
| Marcus Corp. | 14717 | 227230 |
| Netflix, Inc.<sup>(1)</sup> | 55664 | 67256028 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ROBLOX Corp., Class A<sup>(1)</sup> | 5760 | $717638 |
| Roku, Inc.<sup>(1)</sup> | 19809 | 1912757 |
| Sphere Entertainment Co.<sup>(1)</sup> | 8180 | 370636 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 14385 | 3355589 |
| Walt Disney Co. | 180957 | 21421689 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 480878 | 5597420 |
|  |  | 114583837 |
| **Financial Services — 3.2%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 1942 | 6622 |
| Affirm Holdings, Inc.<sup>(1)</sup> | 33557 | 2968452 |
| Alerus Financial Corp. | 5490 | 122262 |
| Apollo Global Management, Inc. | 77302 | 10530851 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 138389 | 69606899 |
| Block, Inc.<sup>(1)</sup> | 54856 | 4368732 |
| Cannae Holdings, Inc. | 17586 | 328858 |
| Cass Information Systems, Inc. | 5178 | 223275 |
| Corebridge Financial, Inc. | 118179 | 4109084 |
| Corpay, Inc.<sup>(1)</sup> | 6988 | 2275782 |
| Enact Holdings, Inc. | 12258 | 461514 |
| Equitable Holdings, Inc. | 160234 | 8534063 |
| Essent Group Ltd. | 42251 | 2650828 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 15523 | 1446588 |
| Federal Agricultural Mortgage Corp., Class C | 6312 | 1322806 |
| Fiserv, Inc.<sup>(1)</sup> | 31812 | 4395782 |
| Flywire Corp.<sup>(1)</sup> | 1336 | 17568 |
| Global Payments, Inc. | 77 | 6839 |
| International Money Express, Inc.<sup>(1)</sup> | 16072 | 233044 |
| Jack Henry & Associates, Inc. | 15524 | 2534448 |
| Jackson Financial, Inc., Class A | 52273 | 5164572 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 86870 | 552928 |
| Mastercard, Inc., Class A | 110978 | 66064094 |
| Merchants Bancorp | 11360 | 368291 |
| MGIC Investment Corp. | 135981 | 3784351 |
| Mr. Cooper Group, Inc.<sup>(1)</sup> | 20399 | 3845824 |
| NCR Atleos Corp.<sup>(1)</sup> | 10560 | 418387 |
| NewtekOne, Inc. | 11259 | 139274 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 49932 | 1964824 |
| Onity Group, Inc.<sup>(1)</sup> | 2159 | 89318 |
| Payoneer Global, Inc.<sup>(1)</sup> | 228748 | 1589799 |
| PayPal Holdings, Inc.<sup>(1)</sup> | 173911 | 12206813 |
| PennyMac Financial Services, Inc. | 9811 | 1080191 |
| Radian Group, Inc. | 71845 | 2505954 |
| Shift4 Payments, Inc., Class A<sup>(1)</sup> | 1499 | 135555 |
| Toast, Inc., Class A<sup>(1)</sup> | 4452 | 200785 |
| Velocity Financial, Inc.<sup>(1)</sup> | 504 | 9616 |
| Visa, Inc., Class A | 227484 | 80024322 |
| Voya Financial, Inc. | 29535 | 2217783 |
| Waterstone Financial, Inc. | 4082 | 61189 |
| Western Union Co. | 62383 | 540861 |
| WEX, Inc.<sup>(1)</sup> | 333 | 57060 |
|  |  | 299166088 |
| **Food Products — 0.7%** |  |  |
| Alico, Inc. | 400 | 13536 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Archer-Daniels-Midland Co. | 144792 | $9069771 |
| B&G Foods, Inc. | 46649 | 210387 |
| Bunge Global SA | 69675 | 5868028 |
| Calavo Growers, Inc. | 9502 | 259880 |
| Cal-Maine Foods, Inc. | 28852 | 3336445 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 47292 | 1606036 |
| Dole PLC | 24151 | 355503 |
| Flowers Foods, Inc. | 105225 | 1582584 |
| Fresh Del Monte Produce, Inc. | 10584 | 383987 |
| Freshpet, Inc.<sup>(1)</sup> | 2999 | 167404 |
| Hershey Co. | 59620 | 10955175 |
| Hormel Foods Corp. | 38468 | 978626 |
| Ingredion, Inc. | 39358 | 5098435 |
| J&J Snack Foods Corp. | 2959 | 330136 |
| John B Sanfilippo & Son, Inc. | 4484 | 291012 |
| Kellanova | 1548 | 123066 |
| Kraft Heinz Co. | 133109 | 3723059 |
| Lamb Weston Holdings, Inc. | 37224 | 2141497 |
| Lifeway Foods, Inc.<sup>(1)</sup> | 2259 | 68832 |
| Limoneira Co. | 1913 | 30149 |
| Mama's Creations, Inc.<sup>(1)</sup> | 11655 | 93007 |
| Marzetti Co. | 6155 | 1123903 |
| Mission Produce, Inc.<sup>(1)</sup> | 11592 | 145016 |
| Mondelez International, Inc., Class A | 107634 | 6613033 |
| Pilgrim's Pride Corp. | 24766 | 1100849 |
| Seaboard Corp. | 91 | 361197 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | 3327 | 376616 |
| Simply Good Foods Co.<sup>(1)</sup> | 17280 | 494726 |
| Tootsie Roll Industries, Inc. | 2878 | 115724 |
| Tyson Foods, Inc., Class A | 53276 | 3025011 |
| Vital Farms, Inc.<sup>(1)</sup> | 14897 | 761088 |
| WK Kellogg Co. | 48368 | 1108595 |
|  |  | 61912313 |
| **Gas Utilities — 0.2%** |  |  |
| Atmos Energy Corp. | 29273 | 4863123 |
| MDU Resources Group, Inc. | 112870 | 1838652 |
| National Fuel Gas Co. | 40359 | 3500740 |
| New Jersey Resources Corp. | 27669 | 1308467 |
| Northwest Natural Holding Co. | 18513 | 768845 |
| ONE Gas, Inc. | 16100 | 1231650 |
| Southwest Gas Holdings, Inc. | 25252 | 2017130 |
| Spire, Inc. | 21479 | 1645291 |
| Star Group LP | 932 | 10858 |
| UGI Corp. | 53898 | 1867027 |
|  |  | 19051783 |
| **Ground Transportation — 1.5%** |  |  |
| ArcBest Corp. | 14912 | 1099909 |
| Covenant Logistics Group, Inc. | 8883 | 214347 |
| CSX Corp. | 682502 | 22188140 |
| Heartland Express, Inc. | 17092 | 146820 |
| JB Hunt Transport Services, Inc. | 41519 | 6019840 |
| Knight-Swift Transportation Holdings, Inc. | 42016 | 1844502 |
| Landstar System, Inc. | 20479 | 2709986 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lyft, Inc., Class A<sup>(1)</sup> | 136135 | $2208110 |
| Marten Transport Ltd. | 27096 | 320817 |
| Norfolk Southern Corp. | 79745 | 22327005 |
| Old Dominion Freight Line, Inc. | 70282 | 10610474 |
| PAMT Corp.<sup>(1)</sup> | 6 | 74 |
| Ryder System, Inc. | 27828 | 5218307 |
| Saia, Inc.<sup>(1)</sup> | 12036 | 3568193 |
| Schneider National, Inc., Class B | 17934 | 443328 |
| Uber Technologies, Inc.<sup>(1)</sup> | 185981 | 17435719 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 2660 | 153083 |
| U-Haul Holding Co. | 38130 | 1991911 |
| Union Pacific Corp. | 163706 | 36599750 |
| Universal Logistics Holdings, Inc. | 3850 | 99869 |
| Werner Enterprises, Inc. | 41259 | 1190322 |
| XPO, Inc.<sup>(1)</sup> | 18315 | 2375455 |
|  |  | 138765961 |
| **Health Care Equipment and Supplies — 1.5%** |  |  |
| Abbott Laboratories | 170950 | 22678227 |
| Align Technology, Inc.<sup>(1)</sup> | 12762 | 1811694 |
| AngioDynamics, Inc.<sup>(1)</sup> | 3255 | 33396 |
| Avanos Medical, Inc.<sup>(1)</sup> | 9112 | 108797 |
| Baxter International, Inc. | 30766 | 759613 |
| Becton Dickinson & Co. | 14774 | 2851087 |
| Bioventus, Inc., Class A<sup>(1)</sup> | 20649 | 152803 |
| Boston Scientific Corp.<sup>(1)</sup> | 112626 | 11882043 |
| Butterfly Network, Inc.<sup>(1)(2)</sup> | 16539 | 26628 |
| Cooper Cos., Inc.<sup>(1)</sup> | 27936 | 1882747 |
| Dentsply Sirona, Inc. | 28430 | 406549 |
| Dexcom, Inc.<sup>(1)</sup> | 136470 | 10281650 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 93667 | 7618874 |
| Electromed, Inc.<sup>(1)</sup> | 1899 | 46962 |
| Enovis Corp.<sup>(1)</sup> | 10495 | 324295 |
| Envista Holdings Corp.<sup>(1)</sup> | 17111 | 362411 |
| GE HealthCare Technologies, Inc. | 289 | 21308 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 37748 | 2312820 |
| Haemonetics Corp.<sup>(1)</sup> | 10117 | 551781 |
| Hologic, Inc.<sup>(1)</sup> | 26870 | 1803514 |
| ICU Medical, Inc.<sup>(1)</sup> | 1141 | 145660 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 31188 | 20181443 |
| Inogen, Inc.<sup>(1)</sup> | 2676 | 21381 |
| Insulet Corp.<sup>(1)</sup> | 5161 | 1754121 |
| Integer Holdings Corp.<sup>(1)</sup> | 4874 | 525758 |
| Integra LifeSciences Holdings Corp.<sup>(1)</sup> | 21719 | 328608 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 30273 | 14328060 |
| iRadimed Corp. | 1823 | 132058 |
| Kewaunee Scientific Corp.<sup>(1)</sup> | 1303 | 73867 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 27406 | 1504589 |
| LivaNova PLC<sup>(1)</sup> | 28370 | 1599217 |
| Masimo Corp.<sup>(1)</sup> | 28840 | 4029236 |
| Medtronic PLC | 111764 | 10372817 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 5927 | 536631 |
| Neogen Corp.<sup>(1)</sup> | 8822 | 50726 |
| Novocure Ltd.<sup>(1)</sup> | 45330 | 558919 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Omnicell, Inc.<sup>(1)</sup> | 7057 | $229988 |
| OraSure Technologies, Inc.<sup>(1)</sup> | 44219 | 146365 |
| Orthofix Medical, Inc.<sup>(1)</sup> | 5334 | 79903 |
| Penumbra, Inc.<sup>(1)</sup> | 2640 | 719770 |
| QuidelOrtho Corp.<sup>(1)</sup> | 42012 | 1205324 |
| ResMed, Inc. | 17839 | 4896984 |
| Sight Sciences, Inc.<sup>(1)</sup> | 3566 | 14478 |
| Solventum Corp.<sup>(1)</sup> | 2279 | 166572 |
| STERIS PLC | 12151 | 2977724 |
| Stryker Corp. | 24705 | 9669784 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 849 | 11300 |
| Teleflex, Inc. | 6653 | 841006 |
| TransMedics Group, Inc.<sup>(1)(2)</sup> | 371 | 42650 |
| Utah Medical Products, Inc. | 646 | 40188 |
| Varex Imaging Corp.<sup>(1)</sup> | 6506 | 75144 |
| Zimmer Biomet Holdings, Inc. | 31299 | 3320824 |
| Zimvie, Inc.<sup>(1)</sup> | 16675 | 314824 |
|  |  | 146813118 |
| **Health Care Providers and Services — 1.0%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)</sup> | 14409 | 330831 |
| Addus HomeCare Corp.<sup>(1)</sup> | 158 | 18197 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 8669 | 180142 |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | 209795 | 1615421 |
| Cardinal Health, Inc. | 15098 | 2246280 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 4009 | 96256 |
| Cencora, Inc. | 32348 | 9433000 |
| Centene Corp.<sup>(1)</sup> | 181806 | 5279646 |
| Chemed Corp. | 2325 | 1064734 |
| Cigna Group | 15429 | 4642123 |
| Concentra Group Holdings Parent, Inc. | 9248 | 220102 |
| CorVel Corp.<sup>(1)</sup> | 12797 | 1139573 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 17851 | 238846 |
| CVS Health Corp. | 62193 | 4549418 |
| DaVita, Inc.<sup>(1)</sup> | 85 | 11710 |
| Elevance Health, Inc. | 36778 | 11719310 |
| Encompass Health Corp. | 22709 | 2765048 |
| Ensign Group, Inc. | 19861 | 3411723 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 7703 | 170776 |
| HCA Healthcare, Inc. | 14054 | 5677254 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 19445 | 823496 |
| Humana, Inc. | 10646 | 3232764 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 3732 | 40231 |
| Joint Corp.<sup>(1)</sup> | 4147 | 44539 |
| Labcorp Holdings, Inc. | 7875 | 2189171 |
| McKesson Corp. | 10359 | 7112904 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 12481 | 2256939 |
| National HealthCare Corp. | 4555 | 516901 |
| National Research Corp. | 4055 | 59568 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 3154 | 264274 |
| Owens & Minor, Inc.<sup>(1)</sup> | 17168 | 84123 |
| Premier, Inc., Class A | 55511 | 1437735 |
| Progyny, Inc.<sup>(1)</sup> | 22354 | 529119 |
| UnitedHealth Group, Inc. | 49154 | 15231350 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Universal Health Services, Inc., Class B | 28226 | $5125277 |
|  |  | 93758781 |
| **Health Care Technology — 0.1%** |  |  |
| Doximity, Inc., Class A<sup>(1)</sup> | 15520 | 1054429 |
| Health Catalyst, Inc.<sup>(1)</sup> | 9505 | 32222 |
| HealthStream, Inc. | 3987 | 111955 |
| Teladoc Health, Inc.<sup>(1)</sup> | 33987 | 262719 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 17315 | 4661198 |
|  |  | 6122523 |
| **Hotels, Restaurants and Leisure — 2.1%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 34539 | 400307 |
| Airbnb, Inc., Class A<sup>(1)</sup> | 55469 | 7240369 |
| Aramark | 1720 | 67269 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 13748 | 461383 |
| Bloomin' Brands, Inc. | 31002 | 227865 |
| Booking Holdings, Inc. | 2884 | 16147660 |
| Boyd Gaming Corp. | 40572 | 3483512 |
| Brightstar Lottery PLC | 11741 | 195370 |
| Brinker International, Inc. | 16014 | 2497864 |
| Carnival Corp.<sup>(1)</sup> | 529698 | 16892069 |
| Cheesecake Factory, Inc. | 39863 | 2449980 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 381334 | 16069415 |
| Churchill Downs, Inc. | 15533 | 1611238 |
| Cracker Barrel Old Country Store, Inc.<sup>(2)</sup> | 17738 | 1061087 |
| Darden Restaurants, Inc. | 45696 | 9456330 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 7691 | 197428 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 36107 | 8855242 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 9693 | 696248 |
| Expedia Group, Inc. | 16777 | 3603700 |
| Full House Resorts, Inc.<sup>(1)</sup> | 13068 | 47829 |
| Golden Entertainment, Inc. | 10528 | 261831 |
| Hilton Worldwide Holdings, Inc. | 15890 | 4386593 |
| Hyatt Hotels Corp., Class A | 235 | 33906 |
| Las Vegas Sands Corp. | 116056 | 6688307 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 38827 | 1084050 |
| Light & Wonder, Inc., Class A<sup>(1)</sup> | 10248 | 947633 |
| Lindblad Expeditions Holdings, Inc.<sup>(1)</sup> | 78 | 1137 |
| Marriott International, Inc., Class A | 21501 | 5759258 |
| McDonald's Corp. | 46937 | 14716627 |
| MGM Resorts International<sup>(1)</sup> | 25204 | 1000347 |
| Monarch Casino & Resort, Inc. | 8565 | 893586 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 276026 | 6856486 |
| ONE Group Hospitality, Inc.<sup>(1)</sup> | 5041 | 14064 |
| Potbelly Corp.<sup>(1)</sup> | 13486 | 174509 |
| Pursuit Attractions & Hospitality, Inc.<sup>(1)</sup> | 1418 | 52891 |
| RCI Hospitality Holdings, Inc. | 3219 | 119779 |
| Red Rock Resorts, Inc., Class A | 17565 | 1086746 |
| Royal Caribbean Cruises Ltd. | 105680 | 38385090 |
| Rush Street Interactive, Inc.<sup>(1)</sup> | 5066 | 112972 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | 9395 | 995870 |
| Starbucks Corp. | 83216 | 7338819 |
| Super Group SGHC Ltd. | 114522 | 1331891 |
| Target Hospitality Corp.<sup>(1)</sup> | 18950 | 171876 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Texas Roadhouse, Inc. | 40232 | $6942032 |
| Vail Resorts, Inc. | 2160 | 353808 |
| Wendy's Co. | 29021 | 307913 |
| Wyndham Hotels & Resorts, Inc. | 8775 | 760003 |
| Yum! Brands, Inc. | 17495 | 2571240 |
|  |  | 195011429 |
| **Household Durables — 0.9%** |  |  |
| Bassett Furniture Industries, Inc. | 1060 | 17829 |
| Beazer Homes USA, Inc.<sup>(1)</sup> | 12254 | 308311 |
| Cavco Industries, Inc.<sup>(1)</sup> | 3408 | 1807910 |
| Century Communities, Inc. | 7672 | 505431 |
| Champion Homes, Inc.<sup>(1)</sup> | 3155 | 238076 |
| Cricut, Inc., Class A | 12293 | 70070 |
| DR Horton, Inc. | 72729 | 12326111 |
| Dream Finders Homes, Inc., Class A<sup>(1)(2)</sup> | 301 | 8365 |
| Ethan Allen Interiors, Inc. | 12793 | 377521 |
| Flexsteel Industries, Inc. | 1397 | 64793 |
| Garmin Ltd. | 33779 | 8168438 |
| Green Brick Partners, Inc.<sup>(1)</sup> | 11213 | 783116 |
| Hamilton Beach Brands Holding Co., Class A | 201 | 2963 |
| Helen of Troy Ltd.<sup>(1)</sup> | 6621 | 162546 |
| Hooker Furnishings Corp. | 3984 | 39800 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 3173 | 445362 |
| Installed Building Products, Inc. | 12084 | 3163833 |
| KB Home | 35366 | 2247509 |
| La-Z-Boy, Inc. | 19550 | 722764 |
| Legacy Housing Corp.<sup>(1)</sup> | 2643 | 73859 |
| Leggett & Platt, Inc. | 1586 | 15242 |
| Lennar Corp., B Shares | 3401 | 432539 |
| Lennar Corp., Class A | 92467 | 12311056 |
| LGI Homes, Inc.<sup>(1)</sup> | 4763 | 294877 |
| Lifetime Brands, Inc. | 645 | 2548 |
| Lovesac Co.<sup>(1)</sup> | 8296 | 158703 |
| M/I Homes, Inc.<sup>(1)</sup> | 16178 | 2382372 |
| Meritage Homes Corp. | 29523 | 2293642 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 25146 | 3336623 |
| NVR, Inc.<sup>(1)</sup> | 1373 | 11145533 |
| PulteGroup, Inc. | 85849 | 11333785 |
| SharkNinja, Inc.<sup>(1)</sup> | 6134 | 717433 |
| Sonos, Inc.<sup>(1)</sup> | 28138 | 391681 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 25482 | 1716722 |
| Toll Brothers, Inc. | 45053 | 6262367 |
| TopBuild Corp.<sup>(1)</sup> | 3724 | 1566910 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 44792 | 1582501 |
| Universal Electronics, Inc.<sup>(1)</sup> | 2028 | 9846 |
|  |  | 87488987 |
| **Household Products — 0.6%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 4555 | 165939 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 31822 | 1051081 |
| Church & Dwight Co., Inc. | 33493 | 3120208 |
| Clorox Co. | 132 | 15602 |
| Colgate-Palmolive Co. | 153295 | 12887511 |
| Energizer Holdings, Inc. | 14130 | 389423 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kimberly-Clark Corp. | 79879 | $10315574 |
| Oil-Dri Corp. of America | 5937 | 352539 |
| Procter & Gamble Co. | 201540 | 31649841 |
| Reynolds Consumer Products, Inc. | 3699 | 85854 |
| Spectrum Brands Holdings, Inc. | 6860 | 390951 |
| WD-40 Co. | 4508 | 973908 |
|  |  | 61398431 |
| **Independent Power and Renewable Electricity Producers — 0.4%** |  |  |
| AES Corp. | 361614 | 4896254 |
| Clearway Energy, Inc., Class A | 6660 | 187745 |
| Clearway Energy, Inc., Class C | 16800 | 500808 |
| Hallador Energy Co.<sup>(1)</sup> | 20319 | 331403 |
| Montauk Renewables, Inc.<sup>(1)</sup> | 19215 | 41312 |
| Ormat Technologies, Inc. | 13859 | 1273503 |
| Talen Energy Corp.<sup>(1)</sup> | 29468 | 11166015 |
| Vistra Corp. | 91305 | 17266689 |
| XPLR Infrastructure LP | 20822 | 220713 |
|  |  | 35884442 |
| **Industrial Conglomerates — 0.3%** |  |  |
| 3M Co. | 82802 | 12878195 |
| Honeywell International, Inc. | 59601 | 13082420 |
|  |  | 25960615 |
| **Insurance — 3.8%** |  |  |
| Aflac, Inc. | 136420 | 14577841 |
| Allstate Corp. | 95915 | 19513907 |
| Ambac Financial Group, Inc.<sup>(1)</sup> | 22305 | 201414 |
| American Coastal Insurance Corp., Class C | 7639 | 84411 |
| American Financial Group, Inc. | 36887 | 5011468 |
| American International Group, Inc. | 226005 | 18378727 |
| AMERISAFE, Inc. | 7140 | 329725 |
| Aon PLC, Class A | 22289 | 8180063 |
| Arch Capital Group Ltd. | 132052 | 12086720 |
| Arthur J Gallagher & Co. | 24141 | 7308688 |
| Assurant, Inc. | 25275 | 5449543 |
| Assured Guaranty Ltd. | 15517 | 1275497 |
| Axis Capital Holdings Ltd. | 55385 | 5459853 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 49167 | 2323632 |
| Chubb Ltd. | 62569 | 17210855 |
| Cincinnati Financial Corp. | 35298 | 5421773 |
| CNA Financial Corp. | 5092 | 252309 |
| CNO Financial Group, Inc. | 77012 | 3039664 |
| Crawford & Co., Class A | 3842 | 41647 |
| Crawford & Co., Class B | 44 | 466 |
| Donegal Group, Inc., Class A | 1759 | 31468 |
| eHealth, Inc.<sup>(1)</sup> | 1340 | 5186 |
| Employers Holdings, Inc. | 10096 | 436753 |
| Erie Indemnity Co., Class A | 4578 | 1622352 |
| Everest Group Ltd. | 15357 | 5250251 |
| F&G Annuities & Life, Inc. | 6991 | 241679 |
| Fidelis Insurance Holdings Ltd. | 28943 | 505924 |
| Fidelity National Financial, Inc. | 108327 | 6485537 |
| First American Financial Corp. | 27785 | 1833810 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 144655 | 1239693 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Globe Life, Inc. | 48203 | $6746010 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 7265 | 93646 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 27591 | 657769 |
| Hanover Insurance Group, Inc. | 13301 | 2307457 |
| Hartford Insurance Group, Inc. | 143144 | 18939383 |
| HCI Group, Inc. | 8105 | 1351185 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 18755 | 427051 |
| Hippo Holdings, Inc.<sup>(1)</sup> | 1136 | 38408 |
| Horace Mann Educators Corp. | 15329 | 704827 |
| Investors Title Co. | 136 | 33763 |
| James River Group Holdings Ltd. | 6403 | 35985 |
| Kemper Corp. | 15016 | 805608 |
| Kingstone Cos., Inc. | 2343 | 31537 |
| Kinsale Capital Group, Inc. | 7729 | 3535631 |
| Lincoln National Corp. | 71171 | 3055371 |
| Loews Corp. | 61088 | 5913318 |
| Markel Group, Inc.<sup>(1)</sup> | 5563 | 10898251 |
| Marsh & McLennan Cos., Inc. | 34128 | 7023884 |
| Mercury General Corp. | 17462 | 1350336 |
| MetLife, Inc. | 195252 | 15885703 |
| Old Republic International Corp. | 102850 | 4110914 |
| Oscar Health, Inc., Class A<sup>(1)(2)</sup> | 127118 | 2117786 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 17722 | 2180160 |
| Primerica, Inc. | 21761 | 5861108 |
| Principal Financial Group, Inc. | 77670 | 6253212 |
| ProAssurance Corp.<sup>(1)</sup> | 12114 | 288434 |
| Progressive Corp. | 158446 | 39145669 |
| Prudential Financial, Inc. | 130526 | 14313481 |
| Reinsurance Group of America, Inc. | 26083 | 5080708 |
| RenaissanceRe Holdings Ltd. | 26878 | 6531085 |
| RLI Corp. | 24280 | 1644484 |
| Root, Inc., Class A<sup>(1)</sup> | 3476 | 320557 |
| Safety Insurance Group, Inc. | 3896 | 288343 |
| Selective Insurance Group, Inc. | 14195 | 1110475 |
| Selectquote, Inc.<sup>(1)</sup> | 69781 | 157705 |
| SiriusPoint Ltd.<sup>(1)</sup> | 96741 | 1810991 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 17916 | 865343 |
| Stewart Information Services Corp. | 6237 | 454303 |
| Tiptree, Inc. | 3227 | 75673 |
| Travelers Cos., Inc. | 93570 | 25405191 |
| Trupanion, Inc.<sup>(1)</sup> | 8360 | 387570 |
| United Fire Group, Inc. | 6970 | 214258 |
| Universal Insurance Holdings, Inc. | 17092 | 416874 |
| Unum Group | 96595 | 6748127 |
| W.R. Berkley Corp. | 96470 | 6915934 |
| White Mountains Insurance Group Ltd. | 694 | 1270145 |
|  |  | 357604509 |
| **Interactive Media and Services — 6.6%** |  |  |
| Alphabet, Inc., Class A | 860709 | 183253553 |
| Alphabet, Inc., Class C | 686735 | 146638525 |
| Angi, Inc.<sup>(1)</sup> | 7937 | 140644 |
| Cargurus, Inc.<sup>(1)</sup> | 39606 | 1370368 |
| Cars.com, Inc.<sup>(1)</sup> | 30984 | 404341 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| EverQuote, Inc., Class A<sup>(1)</sup> | 20263 | $471115 |
| IAC, Inc.<sup>(1)</sup> | 15117 | 553584 |
| Meta Platforms, Inc., Class A | 385497 | 284766634 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 58367 | 2137983 |
| Reddit, Inc., Class A<sup>(1)</sup> | 42 | 9453 |
| Taboola.com Ltd.<sup>(1)</sup> | 24593 | 82141 |
| Yelp, Inc.<sup>(1)</sup> | 38342 | 1212374 |
| Ziff Davis, Inc.<sup>(1)</sup> | 6343 | 242366 |
|  |  | 621283081 |
| **IT Services — 0.7%** |  |  |
| Accenture PLC, Class A | 61280 | 15930962 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 27215 | 2153523 |
| Amdocs Ltd. | 12737 | 1089905 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 3143 | 655976 |
| Cognizant Technology Solutions Corp., Class A | 110723 | 7999737 |
| DXC Technology Co.<sup>(1)</sup> | 120331 | 1738783 |
| EPAM Systems, Inc.<sup>(1)</sup> | 10554 | 1861303 |
| Fastly, Inc., Class A<sup>(1)</sup> | 936 | 7123 |
| Gartner, Inc.<sup>(1)</sup> | 13206 | 3317215 |
| Globant SA<sup>(1)</sup> | 240 | 16142 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 24052 | 3567152 |
| Hackett Group, Inc. | 5975 | 124400 |
| International Business Machines Corp. | 81836 | 19926248 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 160321 | 5096605 |
| MongoDB, Inc.<sup>(1)</sup> | 612 | 193153 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 10446 | 2493042 |
| TSS, Inc.<sup>(1)(2)</sup> | 10348 | 144096 |
| Twilio, Inc., Class A<sup>(1)</sup> | 17486 | 1846696 |
| VeriSign, Inc. | 4459 | 1218957 |
|  |  | 69381018 |
| **Leisure Products — 0.1%** |  |  |
| Acushnet Holdings Corp. | 17606 | 1349500 |
| Brunswick Corp. | 33934 | 2157863 |
| Clarus Corp. | 2005 | 7278 |
| Funko, Inc., Class A<sup>(1)</sup> | 17620 | 60965 |
| Hasbro, Inc. | 6115 | 496354 |
| JAKKS Pacific, Inc. | 5528 | 98233 |
| Johnson Outdoors, Inc., Class A | 538 | 21692 |
| Latham Group, Inc.<sup>(1)</sup> | 2386 | 19160 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 9810 | 325692 |
| Marine Products Corp. | 1008 | 8800 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 9719 | 213235 |
| Mattel, Inc.<sup>(1)</sup> | 152545 | 2791573 |
| Polaris, Inc. | 38670 | 2187949 |
| Smith & Wesson Brands, Inc. | 25076 | 204871 |
| Sturm Ruger & Co., Inc. | 8453 | 293065 |
| Topgolf Callaway Brands Corp.<sup>(1)</sup> | 45935 | 439139 |
| YETI Holdings, Inc.<sup>(1)</sup> | 54386 | 1912212 |
|  |  | 12587581 |
| **Life Sciences Tools and Services — 0.4%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 1711 | 23971 |
| AbCellera Biologics, Inc.<sup>(1)(2)</sup> | 64811 | 270910 |
| Agilent Technologies, Inc. | 28085 | 3529161 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Azenta, Inc.<sup>(1)</sup> | 13788 | $421086 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 3663 | 1091134 |
| Bio-Techne Corp. | 7260 | 396614 |
| Bruker Corp. | 16450 | 558971 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 1864 | 304410 |
| CryoPort, Inc.<sup>(1)</sup> | 6994 | 61967 |
| Cytek Biosciences, Inc.<sup>(1)</sup> | 11447 | 47391 |
| Danaher Corp. | 44246 | 9106712 |
| Illumina, Inc.<sup>(1)</sup> | 1316 | 131547 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 10686 | 2038996 |
| MaxCyte, Inc.<sup>(1)</sup> | 13261 | 18433 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 4767 | 2266756 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 2382 | 3099077 |
| Niagen Bioscience, Inc.<sup>(1)</sup> | 686 | 6791 |
| OmniAb, Inc.<sup>(1)</sup> | 1555 | 17 |
| OmniAb, Inc.<sup>(1)</sup> | 1555 | 9 |
| Quanterix Corp.<sup>(1)</sup> | 7397 | 33656 |
| Repligen Corp.<sup>(1)</sup> | 4118 | 503714 |
| Revvity, Inc. | 3402 | 306554 |
| Seer, Inc.<sup>(1)</sup> | 6973 | 14295 |
| Sotera Health Co.<sup>(1)</sup> | 15535 | 254308 |
| Thermo Fisher Scientific, Inc. | 19735 | 9723829 |
| Waters Corp.<sup>(1)</sup> | 11773 | 3553091 |
| West Pharmaceutical Services, Inc. | 12812 | 3163923 |
|  |  | 40927323 |
| **Machinery — 2.5%** |  |  |
| Aebi Schmidt Holding AG | 9451 | 116153 |
| AGCO Corp. | 36862 | 3988100 |
| Alamo Group, Inc. | 5940 | 1256072 |
| Albany International Corp., Class A | 10939 | 694736 |
| Allison Transmission Holdings, Inc. | 12370 | 1080025 |
| Astec Industries, Inc. | 13601 | 629590 |
| Atmus Filtration Technologies, Inc. | 50296 | 2239178 |
| Blue Bird Corp.<sup>(1)</sup> | 25650 | 1497703 |
| Caterpillar, Inc. | 125518 | 52597063 |
| Crane Co. | 6880 | 1274864 |
| Cummins, Inc. | 44390 | 17686752 |
| Deere & Co. | 76323 | 36531241 |
| Donaldson Co., Inc. | 57980 | 4619267 |
| Douglas Dynamics, Inc. | 13221 | 445151 |
| Dover Corp. | 11093 | 1984094 |
| Enerpac Tool Group Corp. | 9879 | 418277 |
| Enpro, Inc. | 3884 | 849703 |
| ESCO Technologies, Inc. | 4628 | 929811 |
| Federal Signal Corp. | 13446 | 1653724 |
| Flowserve Corp. | 21133 | 1133997 |
| Franklin Electric Co., Inc. | 18897 | 1849260 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 45629 | 1166277 |
| Gorman-Rupp Co. | 3765 | 161029 |
| Graco, Inc. | 46004 | 3928282 |
| Graham Corp.<sup>(1)</sup> | 4696 | 230339 |
| Greenbrier Cos., Inc. | 22393 | 1044186 |
| Helios Technologies, Inc. | 7079 | 383965 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hillman Solutions Corp.<sup>(1)</sup> | 37954 | $374986 |
| Hyster-Yale, Inc. | 7752 | 290700 |
| Illinois Tool Works, Inc. | 46121 | 12205923 |
| Ingersoll Rand, Inc. | 8183 | 649976 |
| ITT, Inc. | 20622 | 3510895 |
| JBT Marel Corp. | 5049 | 723471 |
| Kadant, Inc. | 2035 | 657875 |
| Kennametal, Inc. | 51289 | 1099123 |
| L.B. Foster Co., Class A<sup>(1)</sup> | 3876 | 100892 |
| Lincoln Electric Holdings, Inc. | 24723 | 5998541 |
| Lindsay Corp. | 5139 | 705225 |
| Luxfer Holdings PLC | 11913 | 159872 |
| Manitowoc Co., Inc.<sup>(1)</sup> | 8155 | 80734 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 2607 | 38062 |
| Microvast Holdings, Inc.<sup>(1)(2)</sup> | 14482 | 38667 |
| Middleby Corp.<sup>(1)</sup> | 12464 | 1705698 |
| Miller Industries, Inc. | 2564 | 107919 |
| Mueller Industries, Inc. | 61830 | 5931970 |
| Mueller Water Products, Inc., Class A | 105583 | 2783168 |
| NN, Inc.<sup>(1)</sup> | 5501 | 14138 |
| Omega Flex, Inc. | 433 | 15285 |
| Oshkosh Corp. | 20398 | 2842869 |
| Otis Worldwide Corp. | 25717 | 2221434 |
| PACCAR, Inc. | 178159 | 17812337 |
| Parker-Hannifin Corp. | 13591 | 10320326 |
| Park-Ohio Holdings Corp. | 1873 | 37835 |
| Pentair PLC | 88 | 9463 |
| Proto Labs, Inc.<sup>(1)</sup> | 5886 | 293182 |
| RBC Bearings, Inc.<sup>(1)</sup> | 2793 | 1089158 |
| REV Group, Inc. | 41810 | 2224710 |
| Snap-on, Inc. | 19688 | 6403325 |
| SPX Technologies, Inc.<sup>(1)</sup> | 5819 | 1088793 |
| Standex International Corp. | 1283 | 261822 |
| Taylor Devices, Inc.<sup>(1)</sup> | 300 | 14700 |
| Tennant Co. | 11337 | 930087 |
| Terex Corp. | 34608 | 1728323 |
| Timken Co. | 25054 | 1934920 |
| Titan International, Inc.<sup>(1)</sup> | 33568 | 296070 |
| Toro Co. | 32588 | 2641583 |
| Trinity Industries, Inc. | 59218 | 1682976 |
| Watts Water Technologies, Inc., Class A | 7983 | 2210493 |
| Westinghouse Air Brake Technologies Corp. | 12803 | 2477380 |
| Worthington Enterprises, Inc. | 21071 | 1386472 |
| Xylem, Inc. | 18158 | 2570446 |
|  |  | 240060663 |
| **Marine Transportation — 0.1%** |  |  |
| Costamare, Inc. | 22324 | 255386 |
| Genco Shipping & Trading Ltd. | 20706 | 348689 |
| Kirby Corp.<sup>(1)</sup> | 23543 | 2288380 |
| Matson, Inc. | 23788 | 2475141 |
| Pangaea Logistics Solutions Ltd. | 12909 | 68805 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Safe Bulkers, Inc. | 36512 | $155176 |
| Star Bulk Carriers Corp. | 1 | 19 |
|  |  | 5591596 |
| **Media — 0.6%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)</sup> | 22917 | 161794 |
| Boston Omaha Corp., Class A<sup>(1)(2)</sup> | 3267 | 43582 |
| Cable One, Inc. | 3216 | 519320 |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 12149 | 3226531 |
| Comcast Corp., Class A | 894653 | 30391362 |
| DoubleVerify Holdings, Inc.<sup>(1)</sup> | 7839 | 127541 |
| EchoStar Corp., Class A<sup>(1)</sup> | 58258 | 3599762 |
| Entravision Communications Corp., Class A | 25921 | 67135 |
| Fox Corp., Class A | 90657 | 5412223 |
| Fox Corp., Class B | 46780 | 2551849 |
| Gambling.com Group Ltd.<sup>(1)</sup> | 9993 | 87239 |
| Gannett Co., Inc.<sup>(1)</sup> | 3698 | 15199 |
| Liberty Broadband Corp., Class A<sup>(1)</sup> | 1489 | 90338 |
| Liberty Broadband Corp., Class C<sup>(1)</sup> | 25459 | 1549435 |
| New York Times Co., Class A | 41860 | 2504902 |
| News Corp., Class A | 62202 | 1829361 |
| News Corp., Class B | 18329 | 620803 |
| Nexstar Media Group, Inc., Class A | 4468 | 913840 |
| Paramount Skydance Corp., Class B<sup>(1)</sup> | 55446 | 815056 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 18202 | 157811 |
| Scholastic Corp. | 9903 | 254111 |
| Sirius XM Holdings, Inc. | 2 | 47 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 2255 | 28999 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 24682 | 1349118 |
| WideOpenWest, Inc.<sup>(1)</sup> | 17716 | 90175 |
|  |  | 56407533 |
| **Metals and Mining — 0.9%** |  |  |
| Alcoa Corp. | 54428 | 1752037 |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 7615 | 1136082 |
| Caledonia Mining Corp. PLC | 8746 | 223723 |
| Carpenter Technology Corp. | 18965 | 4568289 |
| Century Aluminum Co.<sup>(1)</sup> | 17594 | 392874 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 245969 | 2644167 |
| Coeur Mining, Inc.<sup>(1)</sup> | 201495 | 2649659 |
| Commercial Metals Co. | 69964 | 4034824 |
| Compass Minerals International, Inc.<sup>(1)</sup> | 37505 | 714470 |
| Ferroglobe PLC | 56481 | 236091 |
| Freeport-McMoRan, Inc. | 393991 | 17493200 |
| Hecla Mining Co. | 150533 | 1281036 |
| Kaiser Aluminum Corp. | 10860 | 845668 |
| Materion Corp. | 7120 | 788896 |
| McEwen, Inc.<sup>(1)</sup> | 5857 | 67648 |
| Metallus, Inc.<sup>(1)</sup> | 22720 | 373290 |
| MP Materials Corp.<sup>(1)(2)</sup> | 26443 | 1881155 |
| Newmont Corp. | 129587 | 9641273 |
| Nucor Corp. | 95153 | 14152106 |
| Olympic Steel, Inc. | 7051 | 237689 |
| Ramaco Resources, Inc., Class A<sup>(1)(2)</sup> | 16143 | 418588 |
| Ramaco Resources, Inc., Class B | 2346 | 38122 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Reliance, Inc. | 19134 | $5657158 |
| Royal Gold, Inc. | 16786 | 3014430 |
| Ryerson Holding Corp. | 23751 | 541523 |
| Steel Dynamics, Inc. | 68947 | 9026541 |
| SunCoke Energy, Inc. | 67868 | 523941 |
| Tredegar Corp.<sup>(1)</sup> | 6485 | 50778 |
| Warrior Met Coal, Inc. | 34427 | 2104867 |
| Worthington Steel, Inc. | 18603 | 619480 |
|  |  | 87109605 |
| **Multi-Utilities — 0.6%** |  |  |
| Ameren Corp. | 53601 | 5348308 |
| Avista Corp. | 27217 | 994509 |
| Black Hills Corp. | 17196 | 1028493 |
| CenterPoint Energy, Inc. | 151262 | 5704090 |
| CMS Energy Corp. | 75139 | 5377698 |
| Consolidated Edison, Inc. | 69948 | 6870992 |
| Dominion Energy, Inc. | 171847 | 10293635 |
| DTE Energy Co. | 43024 | 5879230 |
| NiSource, Inc. | 95268 | 4026978 |
| Northwestern Energy Group, Inc. | 18302 | 1052548 |
| Public Service Enterprise Group, Inc. | 64301 | 5293901 |
| Sempra | 65302 | 5391333 |
| Unitil Corp. | 6913 | 324635 |
| WEC Energy Group, Inc. | 297 | 31634 |
|  |  | 57617984 |
| **Oil, Gas and Consumable Fuels — 5.4%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 7989 | 32515 |
| Antero Midstream Corp. | 176496 | 3139864 |
| Antero Resources Corp.<sup>(1)</sup> | 116335 | 3713413 |
| APA Corp. | 219282 | 5091728 |
| Ardmore Shipping Corp. | 31182 | 362335 |
| Berry Corp. | 38867 | 129816 |
| California Resources Corp. | 56212 | 2792612 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 13259 | 2674738 |
| Cheniere Energy, Inc. | 100804 | 24376423 |
| Chevron Corp. | 432464 | 69453718 |
| Chord Energy Corp. | 35900 | 3945051 |
| Civitas Resources, Inc. | 65936 | 2425126 |
| CNX Resources Corp.<sup>(1)</sup> | 82205 | 2400386 |
| Comstock Resources, Inc.<sup>(1)(2)</sup> | 50875 | 820614 |
| ConocoPhillips | 381391 | 37746267 |
| Core Natural Resources, Inc. | 34227 | 2541697 |
| Coterra Energy, Inc. | 374088 | 9142711 |
| Crescent Energy Co., Class A | 100672 | 960411 |
| CVR Energy, Inc.<sup>(1)</sup> | 18358 | 559735 |
| Devon Energy Corp. | 296211 | 10693217 |
| DHT Holdings, Inc. | 95260 | 1116447 |
| Diamondback Energy, Inc. | 74385 | 11065513 |
| Dorian LPG Ltd. | 25593 | 818464 |
| DT Midstream, Inc. | 25445 | 2650860 |
| EOG Resources, Inc. | 201845 | 25194293 |
| EQT Corp. | 157541 | 8166926 |
| Evolution Petroleum Corp. | 18835 | 97189 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Excelerate Energy, Inc., Class A | 1927 | $47057 |
| Expand Energy Corp. | 61336 | 5936098 |
| Exxon Mobil Corp. | 812349 | 92843367 |
| FutureFuel Corp. | 9758 | 37861 |
| Golar LNG Ltd. | 9604 | 420847 |
| Gran Tierra Energy, Inc.<sup>(1)</sup> | 22668 | 93166 |
| Granite Ridge Resources, Inc. | 36913 | 205236 |
| Green Plains, Inc.<sup>(1)</sup> | 15801 | 175549 |
| Gulfport Energy Corp.<sup>(1)</sup> | 6926 | 1205332 |
| Hess Midstream LP, Class A | 65134 | 2683521 |
| HF Sinclair Corp. | 36718 | 1868212 |
| HighPeak Energy, Inc. | 6385 | 49165 |
| International Seaways, Inc. | 36029 | 1636437 |
| Kimbell Royalty Partners LP | 55725 | 778478 |
| Kinder Morgan, Inc. | 307431 | 8294488 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 313596 | 561337 |
| Magnolia Oil & Gas Corp., Class A | 137248 | 3414730 |
| Marathon Petroleum Corp. | 113532 | 20402836 |
| Matador Resources Co. | 77310 | 3893332 |
| Murphy Oil Corp. | 97340 | 2419872 |
| NACCO Industries, Inc., Class A | 767 | 30005 |
| Navigator Holdings Ltd.<sup>(2)</sup> | 2112 | 33982 |
| New Fortress Energy, Inc. | 33048 | 81298 |
| Nordic American Tankers Ltd. | 105849 | 329190 |
| Northern Oil & Gas, Inc. | 69095 | 1807525 |
| Occidental Petroleum Corp. | 248236 | 11818516 |
| ONEOK, Inc. | 172847 | 13202054 |
| Ovintiv, Inc. | 162380 | 6839446 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 25446 | 881450 |
| PBF Energy, Inc., Class A | 50135 | 1369688 |
| Peabody Energy Corp. | 62330 | 1084542 |
| Permian Resources Corp. | 335972 | 4801040 |
| Phillips 66 | 68016 | 9085577 |
| Plains GP Holdings LP, Class A<sup>(1)</sup> | 63114 | 1218100 |
| PrimeEnergy Resources Corp.<sup>(1)(2)</sup> | 475 | 71853 |
| Range Resources Corp. | 133158 | 4563325 |
| REX American Resources Corp.<sup>(1)</sup> | 8441 | 528153 |
| Riley Exploration Permian, Inc. | 11414 | 333974 |
| SandRidge Energy, Inc. | 16136 | 191050 |
| Scorpio Tankers, Inc. | 32412 | 1633565 |
| SFL Corp. Ltd. | 76844 | 624742 |
| SM Energy Co. | 76073 | 2171884 |
| Summit Midstream Corp.<sup>(1)</sup> | 307 | 7067 |
| Talos Energy, Inc.<sup>(1)</sup> | 91382 | 902854 |
| Targa Resources Corp. | 112545 | 18880549 |
| Teekay Corp. Ltd. | 35862 | 294068 |
| Teekay Tankers Ltd., Class A | 18690 | 918987 |
| Texas Pacific Land Corp. | 7328 | 6840542 |
| Uranium Energy Corp.<sup>(1)</sup> | 11675 | 124806 |
| VAALCO Energy, Inc. | 66594 | 258385 |
| Valero Energy Corp. | 81361 | 12367686 |
| Viper Energy, Inc., Class A | 28697 | 1143432 |
| Vital Energy, Inc.<sup>(1)</sup> | 18481 | 329331 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vitesse Energy, Inc. | 16108 | $428634 |
| Williams Cos., Inc. | 423242 | 24497247 |
| World Kinect Corp. | 21869 | 586308 |
|  |  | 509359845 |
| **Paper and Forest Products — 0.1%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 10540 | 227348 |
| Louisiana-Pacific Corp. | 40959 | 3895610 |
| Mercer International, Inc. | 23576 | 78508 |
| Sylvamo Corp. | 26007 | 1199703 |
|  |  | 5401169 |
| **Passenger Airlines — 0.6%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 83884 | 5266237 |
| Allegiant Travel Co.<sup>(1)</sup> | 11023 | 690701 |
| Delta Air Lines, Inc. | 328843 | 20315921 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | 28342 | 138876 |
| JetBlue Airways Corp.<sup>(1)</sup> | 117061 | 626276 |
| Joby Aviation, Inc.<sup>(1)</sup> | 8553 | 121025 |
| SkyWest, Inc.<sup>(1)</sup> | 29149 | 3538689 |
| Southwest Airlines Co. | 117469 | 3864730 |
| Strata Critical Medical, Inc.<sup>(1)</sup> | 4847 | 21181 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 28211 | 373796 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 187867 | 19726035 |
|  |  | 54683467 |
| **Personal Care Products — 0.1%** |  |  |
| Edgewell Personal Care Co. | 10382 | 249376 |
| elf Beauty, Inc.<sup>(1)</sup> | 1144 | 143000 |
| Estee Lauder Cos., Inc., Class A | 40619 | 3725981 |
| Interparfums, Inc. | 3787 | 435278 |
| Kenvue, Inc. | 219506 | 4545969 |
| Lifevantage Corp. | 6080 | 79648 |
| Medifast, Inc.<sup>(1)</sup> | 4578 | 64229 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 5502 | 92709 |
| Nu Skin Enterprises, Inc., Class A | 33120 | 403070 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 5475 | 174707 |
|  |  | 9913967 |
| **Pharmaceuticals — 2.3%** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 14075 | 430977 |
| Arvinas, Inc.<sup>(1)</sup> | 4550 | 35172 |
| ATAI Life Sciences NV<sup>(1)</sup> | 9179 | 42040 |
| Atea Pharmaceuticals, Inc.<sup>(1)</sup> | 11053 | 37138 |
| Bristol-Myers Squibb Co. | 313831 | 14806547 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 22313 | 865744 |
| Corcept Therapeutics, Inc.<sup>(1)</sup> | 27149 | 1892828 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 116556 | 2138803 |
| Eli Lilly & Co. | 86041 | 63031916 |
| Fulcrum Therapeutics, Inc.<sup>(1)</sup> | 10997 | 71261 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 32692 | 1206008 |
| Innoviva, Inc.<sup>(1)</sup> | 50108 | 1023706 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 37407 | 4778744 |
| Johnson & Johnson | 336261 | 59575361 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 4213 | 681284 |
| Maze Therapeutics, Inc.<sup>(1)</sup> | 2745 | 39775 |
| Merck & Co., Inc. | 258417 | 21738038 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nuvation Bio, Inc.<sup>(1)(2)</sup> | 32481 | $96469 |
| Oramed Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 4152 | 9134 |
| Organon & Co. | 37779 | 355878 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 26823 | 715369 |
| Perrigo Co. PLC | 27220 | 646203 |
| Pfizer, Inc. | 648783 | 16063867 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 11503 | 782664 |
| Royalty Pharma PLC, Class A | 62487 | 2248282 |
| SIGA Technologies, Inc. | 21048 | 176593 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 20180 | 910522 |
| Terns Pharmaceuticals, Inc.<sup>(1)</sup> | 5865 | 40820 |
| Theravance Biopharma, Inc.<sup>(1)</sup> | 13204 | 183272 |
| Viatris, Inc. | 582557 | 6145976 |
| Xeris Biopharma Holdings, Inc.<sup>(1)</sup> | 104 | 814 |
| Zoetis, Inc. | 120591 | 18860432 |
|  |  | 219631637 |
| **Professional Services — 0.8%** |  |  |
| Alight, Inc., Class A | 72206 | 280159 |
| Asure Software, Inc.<sup>(1)</sup> | 1405 | 11802 |
| Automatic Data Processing, Inc. | 78472 | 23859412 |
| BlackSky Technology, Inc.<sup>(1)(2)</sup> | 815 | 14311 |
| Booz Allen Hamilton Holding Corp. | 18012 | 1958265 |
| Broadridge Financial Solutions, Inc. | 14271 | 3647953 |
| Clarivate PLC<sup>(1)</sup> | 102825 | 447289 |
| Concentrix Corp. | 21 | 1108 |
| Conduent, Inc.<sup>(1)</sup> | 71358 | 198375 |
| CRA International, Inc. | 2835 | 549310 |
| CSG Systems International, Inc. | 8577 | 550300 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 24246 | 1061490 |
| Exponent, Inc. | 21438 | 1530244 |
| Franklin Covey Co.<sup>(1)</sup> | 5473 | 107052 |
| FTI Consulting, Inc.<sup>(1)</sup> | 4397 | 741510 |
| Genpact Ltd. | 31528 | 1429480 |
| Heidrick & Struggles International, Inc. | 14436 | 733493 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 4339 | 128131 |
| Innodata, Inc.<sup>(1)(2)</sup> | 6988 | 265404 |
| Insperity, Inc. | 20678 | 1141839 |
| KBR, Inc. | 13090 | 660521 |
| Kelly Services, Inc., Class A | 15283 | 217477 |
| Kforce, Inc. | 11135 | 363001 |
| Korn Ferry | 17342 | 1285736 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 50179 | 555983 |
| ManpowerGroup, Inc. | 15271 | 647490 |
| Paychex, Inc. | 76330 | 10644600 |
| Paycom Software, Inc. | 23188 | 5267154 |
| Paylocity Holding Corp.<sup>(1)</sup> | 7412 | 1328453 |
| Resources Connection, Inc. | 11003 | 56225 |
| Robert Half, Inc. | 55375 | 2066595 |
| TaskUS, Inc., Class A<sup>(1)</sup> | 3651 | 63966 |
| TriNet Group, Inc. | 11863 | 859119 |
| TrueBlue, Inc.<sup>(1)</sup> | 16393 | 97866 |
| UL Solutions, Inc., Class A | 10703 | 676109 |
| Upwork, Inc.<sup>(1)</sup> | 70756 | 1088935 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Verisk Analytics, Inc. | 32418 | $8691914 |
| Verra Mobility Corp.<sup>(1)</sup> | 21667 | 538425 |
| Willdan Group, Inc.<sup>(1)</sup> | 1311 | 144026 |
| WNS Holdings Ltd.<sup>(1)</sup> | 11746 | 886236 |
|  |  | 74796758 |
| **Real Estate Management and Development — 0.2%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 34428 | 5581467 |
| CoStar Group, Inc.<sup>(1)</sup> | 40425 | 3617633 |
| Five Point Holdings LLC, Class A<sup>(1)</sup> | 1615 | 9173 |
| Forestar Group, Inc.<sup>(1)</sup> | 7855 | 217348 |
| FRP Holdings, Inc.<sup>(1)</sup> | 870 | 22359 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 14934 | 1139016 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 11646 | 3558668 |
| Kennedy-Wilson Holdings, Inc. | 39636 | 348797 |
| Marcus & Millichap, Inc. | 9089 | 296211 |
| Newmark Group, Inc., Class A | 33510 | 610217 |
| Opendoor Technologies, Inc.<sup>(1)(2)</sup> | 5310 | 23630 |
| RE/MAX Holdings, Inc., Class A<sup>(1)</sup> | 7483 | 70490 |
| RMR Group, Inc., Class A | 12 | 203 |
| Seaport Entertainment Group, Inc.<sup>(1)(2)</sup> | 2206 | 55062 |
| Seritage Growth Properties, Class A<sup>(1)</sup> | 3909 | 14346 |
| St. Joe Co. | 2408 | 121508 |
| Tejon Ranch Co.<sup>(1)</sup> | 2786 | 48504 |
| Zillow Group, Inc., Class A<sup>(1)</sup> | 2536 | 206633 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 10594 | 893180 |
|  |  | 16834445 |
| **Semiconductors and Semiconductor Equipment — 8.9%** |  |  |
| ACM Research, Inc., Class A<sup>(1)</sup> | 15283 | 431286 |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 134988 | 21953098 |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | 9038 | 278822 |
| Alpha & Omega Semiconductor Ltd.<sup>(1)</sup> | 7716 | 221989 |
| Amkor Technology, Inc. | 63830 | 1544048 |
| Analog Devices, Inc. | 46231 | 11618313 |
| Applied Materials, Inc. | 166374 | 26746284 |
| Astera Labs, Inc.<sup>(1)</sup> | 3495 | 636789 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 11506 | 920940 |
| Broadcom, Inc. | 335423 | 99751446 |
| CEVA, Inc.<sup>(1)</sup> | 2132 | 47373 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 20445 | 2334615 |
| Cohu, Inc.<sup>(1)</sup> | 14126 | 281107 |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | 146 | 17966 |
| Diodes, Inc.<sup>(1)</sup> | 14800 | 805638 |
| Enphase Energy, Inc.<sup>(1)</sup> | 688 | 25938 |
| First Solar, Inc.<sup>(1)</sup> | 25279 | 4934208 |
| FormFactor, Inc.<sup>(1)</sup> | 2440 | 71224 |
| GLOBALFOUNDRIES, Inc.<sup>(1)</sup> | 18367 | 613274 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 4005 | 67484 |
| Intel Corp.<sup>(1)</sup> | 578326 | 14082238 |
| KLA Corp. | 30298 | 26419856 |
| Kulicke & Soffa Industries, Inc. | 15928 | 597300 |
| Lam Research Corp. | 390301 | 39088645 |
| Magnachip Semiconductor Corp.<sup>(1)</sup> | 5631 | 17738 |
| Marvell Technology, Inc. | 50354 | 3165504 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Micron Technology, Inc. | 236072 | $28094929 |
| Monolithic Power Systems, Inc. | 4993 | 4172950 |
| Navitas Semiconductor Corp.<sup>(1)</sup> | 3478 | 20381 |
| NVE Corp. | 2001 | 129225 |
| NVIDIA Corp. | 2717809 | 473387972 |
| NXP Semiconductors NV | 17098 | 4015465 |
| ON Semiconductor Corp.<sup>(1)</sup> | 144377 | 7159655 |
| Onto Innovation, Inc.<sup>(1)</sup> | 8194 | 868564 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 32837 | 792357 |
| Photronics, Inc.<sup>(1)</sup> | 39415 | 893538 |
| Power Integrations, Inc. | 314 | 14161 |
| Qorvo, Inc.<sup>(1)</sup> | 15630 | 1417641 |
| QUALCOMM, Inc. | 196055 | 31511920 |
| Rambus, Inc.<sup>(1)</sup> | 16549 | 1220820 |
| SiTime Corp.<sup>(1)</sup> | 28 | 6767 |
| SkyWater Technology, Inc.<sup>(1)(2)</sup> | 4862 | 58295 |
| Skyworks Solutions, Inc. | 62409 | 4676930 |
| SolarEdge Technologies, Inc.<sup>(1)</sup> | 8172 | 276377 |
| Synaptics, Inc.<sup>(1)</sup> | 10207 | 713061 |
| Teradyne, Inc. | 30677 | 3627249 |
| Texas Instruments, Inc. | 108897 | 22049465 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 10946 | 262923 |
| Universal Display Corp. | 7981 | 1106087 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 8720 | 213814 |
|  |  | 843363669 |
| **Software — 7.2%** |  |  |
| A10 Networks, Inc. | 50731 | 898446 |
| ACI Worldwide, Inc.<sup>(1)</sup> | 1699 | 83846 |
| Adeia, Inc. | 60174 | 905017 |
| Adobe, Inc.<sup>(1)</sup> | 39862 | 14218775 |
| Appfolio, Inc., Class A<sup>(1)</sup> | 891 | 247146 |
| AppLovin Corp., Class A<sup>(1)</sup> | 43662 | 20896197 |
| Atlassian Corp., Class A<sup>(1)</sup> | 9601 | 1706866 |
| Aurora Innovation, Inc.<sup>(1)</sup> | 127792 | 719469 |
| Autodesk, Inc.<sup>(1)</sup> | 18872 | 5939018 |
| Bill Holdings, Inc.<sup>(1)</sup> | 6643 | 308368 |
| Blackbaud, Inc.<sup>(1)</sup> | 1506 | 100465 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 29420 | 10309651 |
| Cipher Mining, Inc.<sup>(1)(2)</sup> | 35262 | 269402 |
| Clear Secure, Inc., Class A | 45758 | 1661473 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(1)</sup> | 2102 | 43448 |
| Commvault Systems, Inc.<sup>(1)</sup> | 11348 | 2118047 |
| Consensus Cloud Solutions, Inc.<sup>(1)</sup> | 2 | 53 |
| CoreCard Corp.<sup>(1)</sup> | 2108 | 58328 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 19506 | 8264692 |
| Daily Journal Corp.<sup>(1)</sup> | 69 | 32237 |
| Datadog, Inc., Class A<sup>(1)</sup> | 9946 | 1359419 |
| Docusign, Inc.<sup>(1)</sup> | 30140 | 2310532 |
| Dolby Laboratories, Inc., Class A | 10269 | 736082 |
| D-Wave Quantum, Inc.<sup>(1)(2)</sup> | 440 | 6873 |
| Dynatrace, Inc.<sup>(1)</sup> | 1768 | 89461 |
| Fair Isaac Corp.<sup>(1)</sup> | 1794 | 2729822 |
| Fortinet, Inc.<sup>(1)</sup> | 182306 | 14360244 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Gen Digital, Inc. | 36746 | $1109729 |
| Gitlab, Inc., Class A<sup>(1)</sup> | 1423 | 68332 |
| InterDigital, Inc. | 15453 | 4198735 |
| Intuit, Inc. | 18571 | 12386857 |
| Klaviyo, Inc., Class A<sup>(1)</sup> | 372 | 12068 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 12356 | 344980 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 16136 | 3476340 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 67521 | 1078986 |
| Microsoft Corp. | 832840 | 421991700 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 104 | 6990 |
| Olo, Inc., Class A<sup>(1)</sup> | 10962 | 112361 |
| OneSpan, Inc. | 18677 | 282490 |
| Oracle Corp. | 163092 | 36879994 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 38850 | 1432788 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 155700 | 24399747 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 82113 | 15644169 |
| Pegasystems, Inc. | 45753 | 2480270 |
| Progress Software Corp.<sup>(1)</sup> | 6197 | 286859 |
| Qualys, Inc.<sup>(1)</sup> | 20946 | 2844676 |
| Rapid7, Inc.<sup>(1)</sup> | 1999 | 41399 |
| Riot Platforms, Inc.<sup>(1)</sup> | 65522 | 901583 |
| Roper Technologies, Inc. | 4085 | 2149976 |
| Salesforce, Inc. | 60825 | 15586406 |
| SentinelOne, Inc., Class A<sup>(1)</sup> | 15438 | 291161 |
| ServiceNow, Inc.<sup>(1)</sup> | 17801 | 16331705 |
| Sprinklr, Inc., Class A<sup>(1)</sup> | 4887 | 42224 |
| Strategy, Inc., Class A<sup>(1)</sup> | 26468 | 8851164 |
| Synopsys, Inc.<sup>(1)</sup> | 12293 | 7419071 |
| Telos Corp.<sup>(1)</sup> | 2835 | 17520 |
| Teradata Corp.<sup>(1)</sup> | 16631 | 348918 |
| UiPath, Inc., Class A<sup>(1)</sup> | 48387 | 538063 |
| Workday, Inc., Class A<sup>(1)</sup> | 15407 | 3556244 |
| Xperi, Inc.<sup>(1)</sup> | 15018 | 90108 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 38320 | 3120014 |
| Zscaler, Inc.<sup>(1)</sup> | 2541 | 703984 |
|  |  | 679400988 |
| **Specialty Retail — 2.7%** |  |  |
| 1-800-Flowers.com, Inc., Class A<sup>(1)(2)</sup> | 18161 | 101702 |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 36107 | 3377088 |
| Academy Sports & Outdoors, Inc. | 42226 | 2261202 |
| Advance Auto Parts, Inc. | 22775 | 1389047 |
| American Eagle Outfitters, Inc. | 122154 | 1580673 |
| America's Car-Mart, Inc.<sup>(1)</sup> | 1072 | 48036 |
| Arhaus, Inc.<sup>(1)</sup> | 34949 | 409952 |
| Arko Corp. | 31775 | 158875 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 3310 | 832597 |
| AutoNation, Inc. | 14307 | 3134378 |
| AutoZone, Inc.<sup>(1)</sup> | 1161 | 4874493 |
| Best Buy Co., Inc. | 105260 | 7751346 |
| Buckle, Inc. | 22005 | 1245263 |
| Build-A-Bear Workshop, Inc. | 10883 | 661795 |
| Burlington Stores, Inc.<sup>(1)</sup> | 37762 | 10976658 |
| Caleres, Inc. | 23361 | 350415 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CarMax, Inc. | 63257 | $3880817 |
| Carvana Co.<sup>(1)</sup> | 3973 | 1477638 |
| Cato Corp., Class A | 1679 | 6901 |
| Chewy, Inc., Class A<sup>(1)</sup> | 27963 | 1145365 |
| Citi Trends, Inc.<sup>(1)</sup> | 1443 | 51414 |
| Designer Brands, Inc., Class A | 27383 | 101591 |
| Dick's Sporting Goods, Inc. | 32949 | 7011547 |
| Five Below, Inc.<sup>(1)</sup> | 23780 | 3450478 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 42898 | 3514204 |
| Foot Locker, Inc.<sup>(1)</sup> | 38083 | 940650 |
| GameStop Corp., Class A<sup>(1)</sup> | 1176 | 26354 |
| Gap, Inc. | 163547 | 3599669 |
| Genesco, Inc.<sup>(1)</sup> | 3646 | 116599 |
| Group 1 Automotive, Inc. | 791 | 367641 |
| Guess?, Inc. | 20600 | 346286 |
| Haverty Furniture Cos., Inc. | 6902 | 155640 |
| Home Depot, Inc. | 130211 | 52965928 |
| Lands' End, Inc.<sup>(1)</sup> | 5235 | 75175 |
| Lithia Motors, Inc. | 6479 | 2181350 |
| Lowe's Cos., Inc. | 38389 | 9906665 |
| MarineMax, Inc.<sup>(1)</sup> | 8103 | 213514 |
| Murphy USA, Inc. | 11693 | 4402415 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 9853 | 226028 |
| ODP Corp.<sup>(1)</sup> | 21105 | 427587 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 69539 | 7209804 |
| Penske Automotive Group, Inc. | 5784 | 1066627 |
| PetMed Express, Inc.<sup>(1)</sup> | 2475 | 7598 |
| Revolve Group, Inc.<sup>(1)</sup> | 3977 | 88966 |
| Ross Stores, Inc. | 131729 | 19385240 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 20852 | 289009 |
| Shoe Carnival, Inc. | 9950 | 207955 |
| Signet Jewelers Ltd. | 29764 | 2620720 |
| Sonic Automotive, Inc., Class A | 7184 | 590453 |
| Stitch Fix, Inc., Class A<sup>(1)</sup> | 5706 | 30185 |
| Tile Shop Holdings, Inc.<sup>(1)</sup> | 1000 | 6210 |
| TJX Cos., Inc. | 326908 | 44658902 |
| Tractor Supply Co. | 252734 | 15608852 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 25584 | 12606004 |
| Upbound Group, Inc. | 24548 | 623765 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 43538 | 2920529 |
| Valvoline, Inc.<sup>(1)</sup> | 30971 | 1201055 |
| Victoria's Secret & Co.<sup>(1)</sup> | 41888 | 964262 |
| Williams-Sonoma, Inc. | 76086 | 14318624 |
| Zumiez, Inc.<sup>(1)</sup> | 5824 | 100115 |
|  |  | 260249851 |
| **Technology Hardware, Storage and Peripherals — 4.9%** |  |  |
| Apple, Inc. | 1886065 | 437831129 |
| Dell Technologies, Inc., Class C | 20876 | 2550003 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 18606 | 1137013 |
| Eastman Kodak Co.<sup>(1)</sup> | 8541 | 50392 |
| Hewlett Packard Enterprise Co. | 272164 | 6142742 |
| HP, Inc. | 51091 | 1458137 |
| Immersion Corp. | 13351 | 94258 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| IonQ, Inc.<sup>(1)(2)</sup> | 876 | $37440 |
| NetApp, Inc. | 34213 | 3858884 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 45035 | 3495166 |
| Sandisk Corp.<sup>(1)</sup> | 56627 | 2971219 |
| Seagate Technology Holdings PLC | 18226 | 3051033 |
| Super Micro Computer, Inc.<sup>(1)(2)</sup> | 118408 | 4918668 |
| Western Digital Corp. | 14937 | 1200039 |
|  |  | 468796123 |
| **Textiles, Apparel and Luxury Goods — 0.9%** |  |  |
| Amer Sports, Inc.<sup>(1)</sup> | 11069 | 435233 |
| Birkenstock Holding PLC<sup>(1)</sup> | 1002 | 52234 |
| Capri Holdings Ltd.<sup>(1)</sup> | 49145 | 1011896 |
| Carter's, Inc. | 24782 | 707774 |
| Columbia Sportswear Co. | 15363 | 856026 |
| Crocs, Inc.<sup>(1)</sup> | 39663 | 3458614 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 80470 | 9626626 |
| Ermenegildo Zegna NV<sup>(2)</sup> | 19892 | 167889 |
| Figs, Inc., Class A<sup>(1)</sup> | 34477 | 243063 |
| G-III Apparel Group Ltd.<sup>(1)</sup> | 28440 | 767880 |
| Hanesbrands, Inc.<sup>(1)</sup> | 81794 | 516120 |
| Kontoor Brands, Inc. | 40721 | 3145697 |
| Levi Strauss & Co., Class A | 49793 | 1113869 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 53414 | 10800311 |
| Movado Group, Inc. | 6084 | 111155 |
| NIKE, Inc., Class B | 314239 | 24312671 |
| Oxford Industries, Inc. | 10091 | 444509 |
| PVH Corp. | 25034 | 2110867 |
| Ralph Lauren Corp. | 23776 | 7059808 |
| Rocky Brands, Inc. | 2868 | 87273 |
| Skechers USA, Inc., Class A<sup>(1)</sup> | 48688 | 3071239 |
| Steven Madden Ltd. | 37031 | 1075380 |
| Superior Group of Cos., Inc. | 5302 | 69668 |
| Tapestry, Inc. | 123168 | 12540966 |
| Under Armour, Inc., Class A<sup>(1)</sup> | 99921 | 499605 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 68329 | 336179 |
| Unifi, Inc.<sup>(1)</sup> | 1684 | 7443 |
| Vera Bradley, Inc.<sup>(1)</sup> | 1061 | 2196 |
| VF Corp. | 286500 | 4334745 |
| Wolverine World Wide, Inc. | 10644 | 339969 |
|  |  | 89306905 |
| **Trading Companies and Distributors — 1.1%** |  |  |
| Air Lease Corp. | 71993 | 4334699 |
| Alta Equipment Group, Inc. | 3301 | 27530 |
| Applied Industrial Technologies, Inc. | 13415 | 3535926 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 5065 | 418420 |
| Boise Cascade Co. | 22806 | 1984122 |
| DNOW, Inc.<sup>(1)</sup> | 49917 | 798672 |
| Fastenal Co. | 339391 | 16854157 |
| FTAI Aviation Ltd. | 50318 | 7741424 |
| GATX Corp. | 23891 | 4021094 |
| Global Industrial Co. | 6809 | 254180 |
| GMS, Inc.<sup>(1)</sup> | 20171 | 2217398 |
| Herc Holdings, Inc. | 24285 | 3176235 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hudson Technologies, Inc.<sup>(1)</sup> | 19460 | $197714 |
| Karat Packaging, Inc. | 4473 | 113077 |
| McGrath RentCorp | 10939 | 1328979 |
| MRC Global, Inc.<sup>(1)</sup> | 56201 | 847511 |
| MSC Industrial Direct Co., Inc., Class A | 27413 | 2473475 |
| NPK International, Inc.<sup>(1)</sup> | 50413 | 524295 |
| QXO, Inc.<sup>(1)</sup> | 33200 | 668316 |
| Rush Enterprises, Inc., Class A | 26765 | 1536311 |
| Rush Enterprises, Inc., Class B | 2004 | 116312 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 8557 | 1225705 |
| Titan Machinery, Inc.<sup>(1)</sup> | 9617 | 192340 |
| United Rentals, Inc. | 21260 | 20331788 |
| Watsco, Inc. | 7230 | 2909207 |
| WESCO International, Inc. | 28344 | 6231145 |
| Willis Lease Finance Corp. | 336 | 49957 |
| WW Grainger, Inc. | 17515 | 17751453 |
|  |  | 101861442 |
| **Water Utilities — 0.0%** |  |  |
| American Water Works Co., Inc. | 7035 | 1009593 |
| Artesian Resources Corp., Class A | 2811 | 93185 |
| California Water Service Group | 5742 | 269472 |
| Essential Utilities, Inc. | 172 | 6796 |
| Global Water Resources, Inc. | 7 | 67 |
| Middlesex Water Co. | 5875 | 314547 |
|  |  | 1693660 |
| **Wireless Telecommunication Services — 0.3%** |  |  |
| Array Digital Infrastructure, Inc. | 4248 | 228670 |
| Gogo, Inc.<sup>(1)</sup> | 43407 | 476609 |
| Telephone & Data Systems, Inc. | 52638 | 2110257 |
| T-Mobile U.S., Inc. | 119313 | 30065683 |
|  |  | 32881219 |
| **TOTAL COMMON STOCKS**<br>(Cost $7,081,667,831) |  | **9446042355** |
| **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 |
| Mirati Therapeutics, Inc.<sup>(1)</sup> | 5654 | 3958 |
| Regulus Therapeutics, Inc.<sup>(1)</sup> | 3312 | 3842 |
| Sage Therapeutics, Inc.<sup>(1)</sup> | 13343 | 2402 |
| Verve Therapeutics, Inc.<sup>(1)</sup> | 5770 | 3635 |
|  |  | 19034 |
| **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 |
| CinCor Pharma, Inc.<sup>(1)</sup> | 3906 | 11953 |
| Concert Pharmaceuticals, Inc.<sup>(1)</sup> | 2660 | 984 |
|  |  | 16390 |

---

------

Schedule of Investments - Avantis U.S. Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Software — 0.0%** | | |
| Gen Digital, Inc.<sup>(1)</sup> | 3721 | $34568 |
| **TOTAL RIGHTS**<br>(Cost $53,244) |  | **73395** |
| **ESCROW INTERESTS**<sup>(3)</sup> **— 0.0%** |  |  |
| **Diversified Telecommunication Services — 0.0%** |  |  |
| GCI Liberty, Inc.<sup>(1)</sup><br>(Cost $—) | 2203 | **22** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 9930150 | 9930150 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 3723179 | 3723179 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $13,653,329) |  | **13653329** |
| **TOTAL INVESTMENT SECURITIES — 99.9%**<br>(Cost $7,095,374,404) |  | **9459769101** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **5955598** |
| **TOTAL NET ASSETS — 100.0%** |  | $**9465724699** |

---

**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 $17,281,947. 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)Escrow interests represent beneficial interests in bankruptcy reorganizations or liquidation proceedings and may be subject to resale, redemption, or transferability restrictions. The amount and timing of future payments, if any, cannot be predicted with certainty.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $18,279,825, which includes securities collateral of $14,556,646.

**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 | $9446042355 |  |  |
| Rights | 73395 |  |  |
| Escrow Interests |  | $22 |  |
| Short-Term Investments | 13653329 |  |  |
|  | $9459769079 | $22 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.5%** | | |
| AeroVironment, Inc.<sup>(1)</sup> | 410 | $98953 |
| Archer Aviation, Inc., Class A<sup>(1)(2)</sup> | 2602 | 23288 |
| ATI, Inc.<sup>(1)</sup> | 6456 | 500598 |
| Axon Enterprise, Inc.<sup>(1)</sup> | 448 | 334786 |
| Boeing Co.<sup>(1)</sup> | 4060 | 952801 |
| BWX Technologies, Inc. | 4095 | 663554 |
| Curtiss-Wright Corp. | 469 | 224252 |
| General Dynamics Corp. | 1259 | 408634 |
| General Electric Co. | 6463 | 1778618 |
| HEICO Corp. | 167 | 52107 |
| HEICO Corp., Class A | 301 | 73748 |
| Howmet Aerospace, Inc. | 2898 | 504542 |
| Huntington Ingalls Industries, Inc. | 845 | 228817 |
| Kratos Defense & Security Solutions, Inc.<sup>(1)</sup> | 2613 | 172040 |
| L3Harris Technologies, Inc. | 798 | 221541 |
| Leonardo DRS, Inc. | 961 | 40035 |
| Loar Holdings, Inc.<sup>(1)</sup> | 170 | 12012 |
| Lockheed Martin Corp. | 2375 | 1082121 |
| Moog, Inc., Class A | 375 | 73444 |
| Northrop Grumman Corp. | 783 | 462001 |
| Rocket Lab Corp.<sup>(1)(2)</sup> | 425 | 20655 |
| RTX Corp. | 7831 | 1241997 |
| StandardAero, Inc.<sup>(1)</sup> | 435 | 11523 |
| Textron, Inc. | 3799 | 304528 |
| TransDigm Group, Inc. | 319 | 446243 |
| Woodward, Inc. | 1152 | 284337 |
|  |  | 10217175 |
| **Air Freight and Logistics — 0.5%** |  |  |
| CH Robinson Worldwide, Inc. | 2024 | 260489 |
| Expeditors International of Washington, Inc. | 5118 | 616924 |
| FedEx Corp. | 5678 | 1312015 |
| United Parcel Service, Inc., Class B | 15130 | 1322967 |
|  |  | 3512395 |
| **Automobile Components — 0.2%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 6152 | 489269 |
| Autoliv, Inc. | 3383 | 419729 |
| BorgWarner, Inc. | 9281 | 396856 |
| Gentex Corp. | 4828 | 135232 |
| Lear Corp. | 101 | 11110 |
| Mobileye Global, Inc., Class A<sup>(1)</sup> | 253 | 3544 |
| Modine Manufacturing Co.<sup>(1)</sup> | 502 | 68337 |
| QuantumScape Corp.<sup>(1)</sup> | 121 | 959 |
|  |  | 1525036 |
| **Automobiles — 1.2%** |  |  |
| Ford Motor Co. | 125271 | 1474440 |
| General Motors Co. | 31839 | 1865447 |
| Lucid Group, Inc.<sup>(1)(2)</sup> | 16581 | 32830 |
| Rivian Automotive, Inc., Class A<sup>(1)</sup> | 12371 | 167874 |
| Tesla, Inc.<sup>(1)</sup> | 13460 | 4493890 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Thor Industries, Inc. | 48 | $5261 |
|  |  | 8039742 |
| **Banks — 4.3%** |  |  |
| Bank of America Corp. | 61454 | 3118176 |
| Bank OZK | 1655 | 86838 |
| BOK Financial Corp. | 415 | 46235 |
| Cadence Bank | 3941 | 148339 |
| Citigroup, Inc. | 23144 | 2235016 |
| Citizens Financial Group, Inc. | 8455 | 442027 |
| Columbia Banking System, Inc. | 4675 | 125150 |
| Comerica, Inc. | 4116 | 290507 |
| Commerce Bancshares, Inc. | 3677 | 227753 |
| Cullen/Frost Bankers, Inc. | 1775 | 229028 |
| East West Bancorp, Inc. | 4897 | 514871 |
| Fifth Third Bancorp | 15043 | 688518 |
| First Citizens BancShares, Inc., Class A | 317 | 628900 |
| First Financial Bankshares, Inc. | 78 | 2899 |
| First Horizon Corp. | 12351 | 279133 |
| FNB Corp. | 183 | 3054 |
| Glacier Bancorp, Inc. | 26 | 1278 |
| Home BancShares, Inc. | 3625 | 107880 |
| Huntington Bancshares, Inc. | 30941 | 551059 |
| JPMorgan Chase & Co. | 33812 | 10191613 |
| KeyCorp | 23568 | 456277 |
| M&T Bank Corp. | 2955 | 595905 |
| Old National Bancorp | 7281 | 166662 |
| Pinnacle Financial Partners, Inc. | 1485 | 144372 |
| PNC Financial Services Group, Inc. | 5603 | 1162286 |
| Popular, Inc. | 1815 | 228037 |
| Prosperity Bancshares, Inc. | 1656 | 114479 |
| Regions Financial Corp. | 16470 | 451113 |
| SouthState Corp. | 1689 | 172379 |
| Synovus Financial Corp. | 3658 | 188789 |
| Truist Financial Corp. | 18016 | 843509 |
| U.S. Bancorp | 23877 | 1165914 |
| UMB Financial Corp. | 1302 | 158714 |
| United Bankshares, Inc. | 278 | 10659 |
| Webster Financial Corp. | 4235 | 263502 |
| Wells Fargo & Co. | 39877 | 3277092 |
| Western Alliance Bancorp | 2889 | 258710 |
| Wintrust Financial Corp. | 2202 | 302313 |
| Zions Bancorp NA | 5314 | 308265 |
|  |  | 30187251 |
| **Beverages — 0.9%** |  |  |
| Brown-Forman Corp., Class A | 244 | 7405 |
| Brown-Forman Corp., Class B | 2650 | 79341 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 7012 | 440915 |
| Coca-Cola Co. | 29270 | 2019337 |
| Coca-Cola Consolidated, Inc. | 2640 | 309514 |
| Constellation Brands, Inc., Class A | 1765 | 285824 |
| Keurig Dr. Pepper, Inc. | 9955 | 289591 |
| Molson Coors Beverage Co., Class B | 4555 | 229982 |
| Monster Beverage Corp.<sup>(1)</sup> | 10175 | 635022 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| PepsiCo, Inc. | 10758 | $1599177 |
| Primo Brands Corp., Class A | 921 | 23126 |
|  |  | 5919234 |
| **Biotechnology — 1.8%** |  |  |
| AbbVie, Inc. | 16086 | 3384494 |
| ADMA Biologics, Inc.<sup>(1)</sup> | 517 | 8923 |
| Alkermes PLC<sup>(1)</sup> | 2816 | 81580 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | 537 | 239776 |
| Amgen, Inc. | 4895 | 1408341 |
| Avidity Biosciences, Inc.<sup>(1)</sup> | 127 | 5916 |
| Biogen, Inc.<sup>(1)</sup> | 1140 | 150731 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 2737 | 159485 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 1336 | 69151 |
| CRISPR Therapeutics AG<sup>(1)(2)</sup> | 81 | 4198 |
| Exelixis, Inc.<sup>(1)</sup> | 12751 | 477142 |
| Gilead Sciences, Inc. | 30642 | 3461627 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 2895 | 211769 |
| Incyte Corp.<sup>(1)</sup> | 2641 | 223455 |
| Insmed, Inc.<sup>(1)</sup> | 581 | 79074 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 156 | 6651 |
| Krystal Biotech, Inc.<sup>(1)</sup> | 216 | 31903 |
| Madrigal Pharmaceuticals, Inc.<sup>(1)</sup> | 169 | 73997 |
| Moderna, Inc.<sup>(1)</sup> | 2768 | 66681 |
| Natera, Inc.<sup>(1)</sup> | 706 | 118785 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 2038 | 284505 |
| Nuvalent, Inc., Class A<sup>(1)</sup> | 189 | 14474 |
| Regeneron Pharmaceuticals, Inc. | 972 | 564440 |
| Revolution Medicines, Inc.<sup>(1)</sup> | 2129 | 80838 |
| Roivant Sciences Ltd.<sup>(1)</sup> | 6898 | 82293 |
| Sarepta Therapeutics, Inc.<sup>(1)</sup> | 397 | 7225 |
| Summit Therapeutics, Inc.<sup>(1)(2)</sup> | 1228 | 29104 |
| United Therapeutics Corp.<sup>(1)</sup> | 1104 | 336455 |
| Vaxcyte, Inc.<sup>(1)</sup> | 1023 | 31498 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 2886 | 1128484 |
|  |  | 12822995 |
| **Broadline Retail — 4.2%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 108287 | 24797723 |
| Coupang, Inc.<sup>(1)</sup> | 22120 | 632190 |
| Dillard's, Inc., Class A | 114 | 60748 |
| eBay, Inc. | 14064 | 1274339 |
| Etsy, Inc.<sup>(1)</sup> | 189 | 10019 |
| MercadoLibre, Inc.<sup>(1)</sup> | 871 | 2153905 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 1072 | 135972 |
|  |  | 29064896 |
| **Building Products — 0.8%** |  |  |
| A.O. Smith Corp. | 3177 | 226488 |
| AAON, Inc. | 1599 | 132637 |
| Advanced Drainage Systems, Inc. | 2304 | 331707 |
| Allegion PLC | 1255 | 213099 |
| Armstrong World Industries, Inc. | 2110 | 413075 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 2141 | 296914 |
| Carlisle Cos., Inc. | 1169 | 451105 |
| Carrier Global Corp. | 3482 | 227026 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CSW Industrials, Inc. | 146 | $39937 |
| Fortune Brands Innovations, Inc. | 1110 | 64957 |
| Johnson Controls International PLC | 3314 | 354234 |
| Lennox International, Inc. | 1134 | 632613 |
| Masco Corp. | 978 | 71776 |
| Owens Corning | 3211 | 482196 |
| Simpson Manufacturing Co., Inc. | 955 | 182520 |
| Trane Technologies PLC | 2170 | 901852 |
| Trex Co., Inc.<sup>(1)</sup> | 2730 | 168250 |
| UFP Industries, Inc. | 1690 | 170639 |
| Zurn Elkay Water Solutions Corp. | 2917 | 132315 |
|  |  | 5493340 |
| **Capital Markets — 3.7%** |  |  |
| Affiliated Managers Group, Inc. | 118 | 26529 |
| Ameriprise Financial, Inc. | 3031 | 1560389 |
| Ares Management Corp., Class A | 803 | 143898 |
| Bank of New York Mellon Corp. | 12599 | 1330454 |
| Blackrock, Inc. | 1081 | 1218438 |
| Blackstone, Inc. | 4337 | 743362 |
| Blue Owl Capital, Inc. | 1936 | 35855 |
| Carlyle Group, Inc. | 4549 | 293684 |
| Cboe Global Markets, Inc. | 1212 | 285971 |
| Charles Schwab Corp. | 21311 | 2042446 |
| CME Group, Inc. | 3950 | 1052715 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 1901 | 578931 |
| Evercore, Inc., Class A | 820 | 263671 |
| FactSet Research Systems, Inc. | 492 | 183673 |
| Franklin Resources, Inc. | 6248 | 160324 |
| Freedom Holding Corp.<sup>(1)</sup> | 142 | 24271 |
| Goldman Sachs Group, Inc. | 3910 | 2913928 |
| Hamilton Lane, Inc., Class A | 653 | 100784 |
| Houlihan Lokey, Inc. | 825 | 164381 |
| Interactive Brokers Group, Inc., Class A | 3518 | 218960 |
| Intercontinental Exchange, Inc. | 2214 | 390992 |
| Invesco Ltd. | 5484 | 120045 |
| Janus Henderson Group PLC | 2026 | 89792 |
| Jefferies Financial Group, Inc. | 4046 | 262383 |
| KKR & Co., Inc. | 5515 | 769287 |
| Lazard, Inc. | 1780 | 101745 |
| LPL Financial Holdings, Inc. | 2572 | 937443 |
| MarketAxess Holdings, Inc. | 941 | 172993 |
| Moelis & Co., Class A | 101 | 7283 |
| Moody's Corp. | 1476 | 752406 |
| Morgan Stanley | 17440 | 2624371 |
| Morningstar, Inc. | 61 | 16008 |
| MSCI, Inc. | 456 | 258880 |
| Nasdaq, Inc. | 1877 | 177827 |
| Northern Trust Corp. | 7515 | 986569 |
| Piper Sandler Cos. | 34 | 11349 |
| PJT Partners, Inc., Class A | 2 | 358 |
| Raymond James Financial, Inc. | 5091 | 862619 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 10870 | 1130806 |
| S&P Global, Inc. | 1136 | 623028 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SEI Investments Co. | 3443 | $303948 |
| State Street Corp. | 5511 | 633600 |
| StepStone Group, Inc., Class A | 6 | 372 |
| Stifel Financial Corp. | 2548 | 293759 |
| T. Rowe Price Group, Inc. | 5115 | 550476 |
| TPG, Inc. | 166 | 10018 |
| Tradeweb Markets, Inc., Class A | 1119 | 138040 |
| Virtu Financial, Inc., Class A | 1957 | 82037 |
|  |  | 25651098 |
| **Chemicals — 1.3%** |  |  |
| Air Products & Chemicals, Inc. | 3528 | 1037620 |
| Albemarle Corp. | 1337 | 113538 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 5560 | 173806 |
| Balchem Corp. | 192 | 31121 |
| CF Industries Holdings, Inc. | 6292 | 545076 |
| Corteva, Inc. | 10155 | 753399 |
| Dow, Inc. | 16451 | 405188 |
| DuPont de Nemours, Inc. | 4540 | 349217 |
| Eastman Chemical Co. | 2894 | 203564 |
| Ecolab, Inc. | 1680 | 465427 |
| Element Solutions, Inc. | 878 | 22582 |
| FMC Corp. | 3130 | 122383 |
| International Flavors & Fragrances, Inc. | 3882 | 262074 |
| Linde PLC | 3037 | 1452567 |
| LyondellBasell Industries NV, Class A | 7579 | 427077 |
| Mosaic Co. | 11922 | 398195 |
| NewMarket Corp. | 422 | 348977 |
| PPG Industries, Inc. | 3145 | 349818 |
| RPM International, Inc. | 2822 | 353625 |
| Sherwin-Williams Co. | 2247 | 822020 |
| Westlake Corp. | 739 | 64899 |
|  |  | 8702173 |
| **Commercial Services and Supplies — 0.5%** |  |  |
| Casella Waste Systems, Inc., Class A<sup>(1)</sup> | 726 | 71554 |
| Cintas Corp. | 3496 | 734265 |
| Clean Harbors, Inc.<sup>(1)</sup> | 913 | 221138 |
| Copart, Inc.<sup>(1)</sup> | 11524 | 562486 |
| MSA Safety, Inc. | 656 | 111914 |
| Republic Services, Inc. | 1080 | 252687 |
| Rollins, Inc. | 3992 | 225708 |
| Veralto Corp. | 2741 | 291067 |
| Waste Connections, Inc. | 1443 | 266681 |
| Waste Management, Inc. | 3451 | 781272 |
|  |  | 3518772 |
| **Communications Equipment — 0.8%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 13017 | 1777471 |
| Ciena Corp.<sup>(1)</sup> | 2655 | 249490 |
| Cisco Systems, Inc. | 34156 | 2359838 |
| F5, Inc.<sup>(1)</sup> | 832 | 260533 |
| Motorola Solutions, Inc. | 2257 | 1066342 |
| Ubiquiti, Inc. | 131 | 69185 |
|  |  | 5782859 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Construction and Engineering — 0.6%** | | |
| AECOM | 318 | $39715 |
| API Group Corp.<sup>(1)</sup> | 31 | 1106 |
| Comfort Systems USA, Inc. | 1368 | 962224 |
| Dycom Industries, Inc.<sup>(1)</sup> | 1387 | 350176 |
| EMCOR Group, Inc. | 1805 | 1119100 |
| Fluor Corp.<sup>(1)</sup> | 2741 | 112436 |
| IES Holdings, Inc.<sup>(1)</sup> | 487 | 170114 |
| MasTec, Inc.<sup>(1)</sup> | 941 | 170970 |
| Primoris Services Corp. | 218 | 25844 |
| Quanta Services, Inc. | 1442 | 545018 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 1246 | 347049 |
| Valmont Industries, Inc. | 934 | 342890 |
| WillScot Holdings Corp. | 1326 | 32142 |
|  |  | 4218784 |
| **Construction Materials — 0.4%** |  |  |
| CRH PLC | 8184 | 924383 |
| Eagle Materials, Inc. | 1390 | 320951 |
| James Hardie Industries PLC<sup>(1)</sup> | 1346 | 27095 |
| Knife River Corp.<sup>(1)</sup> | 961 | 77841 |
| Martin Marietta Materials, Inc. | 923 | 568937 |
| Vulcan Materials Co. | 1884 | 548545 |
|  |  | 2467752 |
| **Consumer Finance — 1.2%** |  |  |
| Ally Financial, Inc. | 10734 | 440631 |
| American Express Co. | 6965 | 2307365 |
| Capital One Financial Corp. | 14602 | 3317867 |
| Credit Acceptance Corp.<sup>(1)</sup> | 144 | 74121 |
| FirstCash Holdings, Inc. | 594 | 87478 |
| OneMain Holdings, Inc. | 5553 | 343509 |
| SLM Corp. | 11257 | 352119 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 17419 | 444881 |
| Synchrony Financial | 15759 | 1203042 |
| Upstart Holdings, Inc.<sup>(1)(2)</sup> | 339 | 24842 |
|  |  | 8595855 |
| **Consumer Staples Distribution & Retail — 2.4%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 5748 | 561465 |
| Casey's General Stores, Inc. | 1080 | 534082 |
| Costco Wholesale Corp. | 5743 | 5417487 |
| Dollar General Corp. | 8329 | 905862 |
| Dollar Tree, Inc.<sup>(1)</sup> | 9102 | 993665 |
| Kroger Co. | 22003 | 1492683 |
| Maplebear, Inc.<sup>(1)</sup> | 3118 | 135228 |
| Performance Food Group Co.<sup>(1)</sup> | 2690 | 272766 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 4488 | 630744 |
| Sysco Corp. | 6360 | 511789 |
| Target Corp. | 11285 | 1083134 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 1398 | 108485 |
| Walmart, Inc. | 41424 | 4017299 |
|  |  | 16664689 |
| **Containers and Packaging — 0.4%** |  |  |
| Amcor PLC | 23207 | 200276 |
| AptarGroup, Inc. | 1769 | 246369 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Avery Dennison Corp. | 1054 | $180919 |
| Ball Corp. | 3905 | 205559 |
| Crown Holdings, Inc. | 1509 | 149964 |
| Graphic Packaging Holding Co. | 14013 | 312070 |
| International Paper Co. | 11032 | 548070 |
| Packaging Corp. of America | 2778 | 605493 |
| Silgan Holdings, Inc. | 258 | 12105 |
| Smurfit WestRock PLC | 8668 | 410517 |
|  |  | 2871342 |
| **Distributors — 0.1%** |  |  |
| Genuine Parts Co. | 2136 | 297609 |
| LKQ Corp. | 2517 | 82104 |
| Pool Corp. | 1091 | 338985 |
|  |  | 718698 |
| **Diversified Consumer Services — 0.1%** |  |  |
| ADT, Inc. | 5427 | 47269 |
| Duolingo, Inc.<sup>(1)</sup> | 267 | 79529 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 751 | 151379 |
| H&R Block, Inc. | 2000 | 100700 |
| Service Corp. International | 1843 | 146058 |
| Stride, Inc.<sup>(1)</sup> | 2217 | 361792 |
|  |  | 886727 |
| **Diversified Telecommunication Services — 1.1%** |  |  |
| AST SpaceMobile, Inc.<sup>(1)(2)</sup> | 376 | 18401 |
| AT&T, Inc. | 130340 | 3817659 |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | 6799 | 252107 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 31 | 1157 |
| GCI Liberty, Inc., Class C<sup>(1)</sup> | 458 | 16781 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 38 | 446 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 30 | 359 |
| Verizon Communications, Inc. | 73996 | 3272843 |
|  |  | 7379753 |
| **Electric Utilities — 1.4%** |  |  |
| Alliant Energy Corp. | 2559 | 166514 |
| American Electric Power Co., Inc. | 9479 | 1052359 |
| Constellation Energy Corp. | 3201 | 985844 |
| Duke Energy Corp. | 5650 | 692068 |
| Edison International | 7391 | 414857 |
| Entergy Corp. | 9783 | 861784 |
| Evergy, Inc. | 4725 | 336703 |
| Eversource Energy | 6327 | 405371 |
| Exelon Corp. | 17731 | 774490 |
| FirstEnergy Corp. | 4090 | 178406 |
| IDACORP, Inc. | 1288 | 161129 |
| NextEra Energy, Inc. | 6076 | 437776 |
| NRG Energy, Inc. | 2807 | 408587 |
| OGE Energy Corp. | 4894 | 218566 |
| PG&E Corp. | 36063 | 551043 |
| Pinnacle West Capital Corp. | 3381 | 302126 |
| Portland General Electric Co. | 55 | 2353 |
| PPL Corp. | 12143 | 442855 |
| Southern Co. | 9227 | 851652 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Xcel Energy, Inc. | 9858 | $713621 |
|  |  | 9958104 |
| **Electrical Equipment — 0.9%** |  |  |
| Acuity, Inc. | 696 | 227223 |
| AMETEK, Inc. | 2242 | 414322 |
| Bloom Energy Corp., Class A<sup>(1)(2)</sup> | 557 | 29487 |
| Eaton Corp. PLC | 2352 | 821177 |
| Emerson Electric Co. | 3371 | 444972 |
| GE Vernova, Inc. | 3244 | 1988475 |
| Generac Holdings, Inc.<sup>(1)</sup> | 1499 | 277690 |
| Hubbell, Inc. | 525 | 226270 |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 7240 | 486962 |
| NuScale Power Corp.<sup>(1)</sup> | 260 | 9009 |
| nVent Electric PLC | 2209 | 199671 |
| Rockwell Automation, Inc. | 974 | 334501 |
| Vertiv Holdings Co., Class A | 7676 | 979074 |
|  |  | 6438833 |
| **Electronic Equipment, Instruments and Components — 1.2%** |  |  |
| Advanced Energy Industries, Inc. | 44 | 6586 |
| Amphenol Corp., Class A | 11302 | 1230336 |
| Arrow Electronics, Inc.<sup>(1)</sup> | 2636 | 333006 |
| Badger Meter, Inc. | 685 | 125300 |
| CDW Corp. | 1589 | 261804 |
| Cognex Corp. | 1455 | 63933 |
| Coherent Corp.<sup>(1)</sup> | 1501 | 135795 |
| Corning, Inc. | 12463 | 835395 |
| Fabrinet<sup>(1)</sup> | 737 | 244161 |
| Flex Ltd.<sup>(1)</sup> | 17944 | 962157 |
| Itron, Inc.<sup>(1)</sup> | 774 | 95156 |
| Jabil, Inc. | 4828 | 988919 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 2310 | 377523 |
| Littelfuse, Inc. | 768 | 199549 |
| Ralliant Corp.<sup>(1)</sup> | 412 | 17226 |
| Sanmina Corp.<sup>(1)</sup> | 146 | 17158 |
| TD SYNNEX Corp. | 1572 | 232766 |
| TE Connectivity PLC | 6614 | 1365791 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | 450 | 242176 |
| Trimble, Inc.<sup>(1)</sup> | 2486 | 200919 |
| Vontier Corp. | 435 | 18666 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | 314 | 99566 |
|  |  | 8053888 |
| **Energy Equipment and Services — 0.5%** |  |  |
| Baker Hughes Co. | 24071 | 1092823 |
| Halliburton Co. | 25068 | 569796 |
| NOV, Inc. | 4493 | 59712 |
| Schlumberger NV | 27232 | 1003227 |
| TechnipFMC PLC | 18204 | 669179 |
|  |  | 3394737 |
| **Entertainment — 1.3%** |  |  |
| Electronic Arts, Inc. | 2176 | 374163 |
| Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 257 | 23161 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 3262 | 325874 |
| Liberty Media Corp.-Liberty Live, Class A<sup>(1)</sup> | 663 | 62733 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Liberty Media Corp.-Liberty Live, Class C<sup>(1)</sup> | 1768 | $172168 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 2246 | 373936 |
| Netflix, Inc.<sup>(1)</sup> | 3923 | 4739965 |
| ROBLOX Corp., Class A<sup>(1)</sup> | 2424 | 302006 |
| Roku, Inc.<sup>(1)</sup> | 1867 | 180277 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 1554 | 362502 |
| TKO Group Holdings, Inc. | 257 | 48717 |
| Walt Disney Co. | 15320 | 1813582 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 41886 | 487553 |
|  |  | 9266637 |
| **Financial Services — 3.1%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 2685 | 237515 |
| Apollo Global Management, Inc. | 5688 | 774876 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 9996 | 5027788 |
| Block, Inc.<sup>(1)</sup> | 5812 | 462868 |
| Corebridge Financial, Inc. | 11233 | 390571 |
| Corpay, Inc.<sup>(1)</sup> | 713 | 232203 |
| Enact Holdings, Inc. | 477 | 17959 |
| Equitable Holdings, Inc. | 10372 | 552413 |
| Essent Group Ltd. | 2691 | 168833 |
| Fidelity National Information Services, Inc. | 2621 | 182972 |
| Fiserv, Inc.<sup>(1)</sup> | 2426 | 335225 |
| Global Payments, Inc. | 746 | 66260 |
| Jack Henry & Associates, Inc. | 1442 | 235421 |
| Jackson Financial, Inc., Class A | 3604 | 356075 |
| Mastercard, Inc., Class A | 8174 | 4865900 |
| MGIC Investment Corp. | 9567 | 266250 |
| Mr. Cooper Group, Inc.<sup>(1)</sup> | 1426 | 268844 |
| PayPal Holdings, Inc.<sup>(1)</sup> | 11670 | 819117 |
| PennyMac Financial Services, Inc. | 50 | 5505 |
| Shift4 Payments, Inc., Class A<sup>(1)(2)</sup> | 693 | 62668 |
| Toast, Inc., Class A<sup>(1)</sup> | 4208 | 189781 |
| Visa, Inc., Class A | 16576 | 5831105 |
| Voya Financial, Inc. | 1988 | 149279 |
| WEX, Inc.<sup>(1)</sup> | 303 | 51919 |
|  |  | 21551347 |
| **Food Products — 0.6%** |  |  |
| Archer-Daniels-Midland Co. | 10953 | 686096 |
| Bunge Global SA | 4598 | 387244 |
| Cal-Maine Foods, Inc. | 319 | 36889 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 1644 | 55830 |
| Freshpet, Inc.<sup>(1)</sup> | 363 | 20263 |
| General Mills, Inc. | 2699 | 133142 |
| Hershey Co. | 3967 | 728936 |
| Hormel Foods Corp. | 4265 | 108502 |
| Ingredion, Inc. | 2917 | 377868 |
| Kellanova | 1843 | 146518 |
| Kraft Heinz Co. | 10642 | 297657 |
| Lamb Weston Holdings, Inc. | 2853 | 164133 |
| Marzetti Co. | 267 | 48754 |
| McCormick & Co., Inc. | 1004 | 70651 |
| Mondelez International, Inc., Class A | 8330 | 511795 |
| Pilgrim's Pride Corp. | 2033 | 90367 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Smithfield Foods, Inc. | 2051 | $52157 |
| Tyson Foods, Inc., Class A | 4621 | 262380 |
| WK Kellogg Co. | 53 | 1215 |
|  |  | 4180397 |
| **Gas Utilities — 0.1%** |  |  |
| Atmos Energy Corp. | 1799 | 298868 |
| National Fuel Gas Co. | 2807 | 243479 |
| New Jersey Resources Corp. | 363 | 17166 |
| Southwest Gas Holdings, Inc. | 884 | 70614 |
| UGI Corp. | 3165 | 109636 |
|  |  | 739763 |
| **Ground Transportation — 1.5%** |  |  |
| Avis Budget Group, Inc.<sup>(1)(2)</sup> | 95 | 15032 |
| CSX Corp. | 51307 | 1667991 |
| JB Hunt Transport Services, Inc. | 2939 | 426126 |
| Knight-Swift Transportation Holdings, Inc. | 2862 | 125642 |
| Landstar System, Inc. | 1026 | 135771 |
| Lyft, Inc., Class A<sup>(1)</sup> | 21316 | 345745 |
| Norfolk Southern Corp. | 6103 | 1708718 |
| Old Dominion Freight Line, Inc. | 5076 | 766324 |
| Ryder System, Inc. | 1944 | 364539 |
| Saia, Inc.<sup>(1)</sup> | 781 | 231535 |
| Uber Technologies, Inc.<sup>(1)</sup> | 18074 | 1694437 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 50 | 2877 |
| U-Haul Holding Co. | 2008 | 104898 |
| Union Pacific Corp. | 12646 | 2827266 |
| XPO, Inc.<sup>(1)</sup> | 1195 | 154991 |
|  |  | 10571892 |
| **Health Care Equipment and Supplies — 1.7%** |  |  |
| Abbott Laboratories | 14597 | 1936438 |
| Align Technology, Inc.<sup>(1)</sup> | 1205 | 171062 |
| Baxter International, Inc. | 6432 | 158806 |
| Becton Dickinson & Co. | 1342 | 258979 |
| Boston Scientific Corp.<sup>(1)</sup> | 8202 | 865311 |
| Cooper Cos., Inc.<sup>(1)</sup> | 2466 | 166196 |
| Dexcom, Inc.<sup>(1)</sup> | 13542 | 1020254 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 7891 | 641854 |
| Envista Holdings Corp.<sup>(1)</sup> | 5 | 106 |
| GE HealthCare Technologies, Inc. | 1946 | 143479 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 3138 | 192265 |
| Hologic, Inc.<sup>(1)</sup> | 2006 | 134643 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 1788 | 1156997 |
| Insulet Corp.<sup>(1)</sup> | 842 | 286179 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 2172 | 1027997 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 3111 | 170794 |
| Masimo Corp.<sup>(1)</sup> | 2655 | 370930 |
| Medtronic PLC | 8501 | 788978 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 869 | 78679 |
| Penumbra, Inc.<sup>(1)</sup> | 461 | 125687 |
| ResMed, Inc. | 1791 | 491647 |
| Solventum Corp.<sup>(1)</sup> | 463 | 33841 |
| STERIS PLC | 1328 | 325440 |
| Stryker Corp. | 1824 | 713932 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Teleflex, Inc. | 496 | $62699 |
| Zimmer Biomet Holdings, Inc. | 2814 | 298565 |
|  |  | 11621758 |
| **Health Care Providers and Services — 1.0%** |  |  |
| Cardinal Health, Inc. | 1768 | 263043 |
| Cencora, Inc. | 2597 | 757311 |
| Centene Corp.<sup>(1)</sup> | 14973 | 434816 |
| Chemed Corp. | 235 | 107618 |
| Cigna Group | 1056 | 317719 |
| CorVel Corp.<sup>(1)</sup> | 1075 | 95729 |
| CVS Health Corp. | 4558 | 333418 |
| DaVita, Inc.<sup>(1)</sup> | 431 | 59374 |
| Elevance Health, Inc. | 2483 | 791208 |
| Encompass Health Corp. | 2259 | 275056 |
| Ensign Group, Inc. | 1287 | 221081 |
| Guardant Health, Inc.<sup>(1)</sup> | 919 | 61959 |
| HCA Healthcare, Inc. | 978 | 395073 |
| HealthEquity, Inc.<sup>(1)</sup> | 9 | 804 |
| Henry Schein, Inc.<sup>(1)</sup> | 4 | 278 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 3474 | 147124 |
| Humana, Inc. | 1290 | 391721 |
| Labcorp Holdings, Inc. | 1072 | 298005 |
| McKesson Corp. | 794 | 545192 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 1227 | 221878 |
| Quest Diagnostics, Inc. | 448 | 81375 |
| Tenet Healthcare Corp.<sup>(1)</sup> | 173 | 31889 |
| UnitedHealth Group, Inc. | 3179 | 985077 |
| Universal Health Services, Inc., Class B | 1960 | 355897 |
|  |  | 7172645 |
| **Health Care Technology — 0.1%** |  |  |
| Doximity, Inc., Class A<sup>(1)</sup> | 1660 | 112780 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 1692 | 455487 |
|  |  | 568267 |
| **Hotels, Restaurants and Leisure — 2.1%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 4118 | 537523 |
| Aramark | 704 | 27533 |
| Booking Holdings, Inc. | 164 | 918244 |
| Boyd Gaming Corp. | 2962 | 254317 |
| Brinker International, Inc. | 1709 | 266570 |
| Carnival Corp.<sup>(1)</sup> | 37042 | 1181269 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 27850 | 1173599 |
| Choice Hotels International, Inc. | 442 | 52854 |
| Churchill Downs, Inc. | 766 | 79457 |
| Darden Restaurants, Inc. | 3039 | 628891 |
| Domino's Pizza, Inc. | 270 | 123741 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 2712 | 665118 |
| DraftKings, Inc., Class A<sup>(1)</sup> | 1390 | 66692 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 1703 | 122327 |
| Expedia Group, Inc. | 1703 | 365804 |
| Flutter Entertainment PLC<sup>(1)</sup> | 617 | 189524 |
| Hilton Worldwide Holdings, Inc. | 1503 | 414918 |
| Hyatt Hotels Corp., Class A | 95 | 13707 |
| Las Vegas Sands Corp. | 12071 | 695652 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 2970 | $82922 |
| Light & Wonder, Inc., Class A<sup>(1)</sup> | 1353 | 125112 |
| Marriott International, Inc., Class A | 1309 | 350629 |
| McDonald's Corp. | 3545 | 1111499 |
| MGM Resorts International<sup>(1)</sup> | 1855 | 73625 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 22234 | 552293 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 595 | 62356 |
| Red Rock Resorts, Inc., Class A | 191 | 11817 |
| Royal Caribbean Cruises Ltd. | 7812 | 2837475 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | 94 | 9964 |
| Starbucks Corp. | 6530 | 575881 |
| Super Group SGHC Ltd. | 732 | 8513 |
| Texas Roadhouse, Inc. | 2940 | 507297 |
| Vail Resorts, Inc. | 439 | 71908 |
| Viking Holdings Ltd.<sup>(1)</sup> | 283 | 18005 |
| Wingstop, Inc. | 188 | 61687 |
| Wyndham Hotels & Resorts, Inc. | 1064 | 92153 |
| Wynn Resorts Ltd. | 499 | 63248 |
| Yum! Brands, Inc. | 1924 | 282770 |
|  |  | 14676894 |
| **Household Durables — 0.7%** |  |  |
| Champion Homes, Inc.<sup>(1)</sup> | 749 | 56520 |
| DR Horton, Inc. | 4521 | 766219 |
| Garmin Ltd. | 2575 | 622686 |
| Installed Building Products, Inc. | 91 | 23826 |
| Lennar Corp., B Shares | 172 | 21875 |
| Lennar Corp., Class A | 5210 | 693659 |
| Meritage Homes Corp. | 16 | 1243 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 1652 | 219204 |
| NVR, Inc.<sup>(1)</sup> | 51 | 414000 |
| PulteGroup, Inc. | 5476 | 722942 |
| SharkNinja, Inc.<sup>(1)</sup> | 920 | 107603 |
| Somnigroup International, Inc. | 3218 | 270151 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 1848 | 124500 |
| Toll Brothers, Inc. | 2948 | 409772 |
| TopBuild Corp.<sup>(1)</sup> | 313 | 131698 |
|  |  | 4585898 |
| **Household Products — 0.7%** |  |  |
| Church & Dwight Co., Inc. | 3180 | 296249 |
| Clorox Co. | 1584 | 187229 |
| Colgate-Palmolive Co. | 11677 | 981685 |
| Kimberly-Clark Corp. | 6075 | 784526 |
| Procter & Gamble Co. | 14709 | 2309901 |
|  |  | 4559590 |
| **Independent Power and Renewable Electricity Producers — 0.4%** |  |  |
| AES Corp. | 24462 | 331215 |
| Clearway Energy, Inc., Class A | 95 | 2678 |
| Clearway Energy, Inc., Class C | 1595 | 47547 |
| Ormat Technologies, Inc. | 48 | 4411 |
| Talen Energy Corp.<sup>(1)</sup> | 2300 | 871516 |
| Vistra Corp. | 7759 | 1467305 |
|  |  | 2724672 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Industrial Conglomerates — 0.3%** | | |
| 3M Co. | 5688 | $884655 |
| Honeywell International, Inc. | 4328 | 949996 |
|  |  | 1834651 |
| **Insurance — 3.6%** |  |  |
| Aflac, Inc. | 9418 | 1006407 |
| Allstate Corp. | 7083 | 1441036 |
| American Financial Group, Inc. | 2686 | 364920 |
| American International Group, Inc. | 15635 | 1271438 |
| Aon PLC, Class A | 1691 | 620597 |
| Arch Capital Group Ltd. | 9223 | 844181 |
| Arthur J Gallagher & Co. | 2222 | 672710 |
| Assurant, Inc. | 1819 | 392195 |
| Assured Guaranty Ltd. | 40 | 3288 |
| Axis Capital Holdings Ltd. | 4074 | 401615 |
| Brown & Brown, Inc. | 1066 | 103349 |
| Chubb Ltd. | 4509 | 1240291 |
| Cincinnati Financial Corp. | 2806 | 431002 |
| CNA Financial Corp. | 317 | 15707 |
| Erie Indemnity Co., Class A | 388 | 137499 |
| Everest Group Ltd. | 928 | 317265 |
| F&G Annuities & Life, Inc. | 11 | 380 |
| Fidelity National Financial, Inc. | 7446 | 445792 |
| First American Financial Corp. | 2307 | 152262 |
| Globe Life, Inc. | 3778 | 528731 |
| Hanover Insurance Group, Inc. | 1244 | 215809 |
| Hartford Insurance Group, Inc. | 10340 | 1368085 |
| Kinsale Capital Group, Inc. | 664 | 303747 |
| Lincoln National Corp. | 7166 | 307636 |
| Loews Corp. | 4580 | 443344 |
| Markel Group, Inc.<sup>(1)</sup> | 447 | 875700 |
| Marsh & McLennan Cos., Inc. | 2355 | 484683 |
| MetLife, Inc. | 15171 | 1234313 |
| Old Republic International Corp. | 7459 | 298136 |
| Primerica, Inc. | 1553 | 418285 |
| Principal Financial Group, Inc. | 6768 | 544892 |
| Progressive Corp. | 11057 | 2731742 |
| Prudential Financial, Inc. | 9505 | 1042318 |
| Reinsurance Group of America, Inc. | 1730 | 336987 |
| RenaissanceRe Holdings Ltd. | 2195 | 533363 |
| RLI Corp. | 2133 | 144468 |
| Ryan Specialty Holdings, Inc. | 834 | 47146 |
| Selective Insurance Group, Inc. | 772 | 60394 |
| Travelers Cos., Inc. | 6915 | 1877492 |
| Unum Group | 7076 | 494329 |
| W.R. Berkley Corp. | 6978 | 500253 |
| Willis Towers Watson PLC | 544 | 177774 |
|  |  | 24831561 |
| **Interactive Media and Services — 6.3%** |  |  |
| Alphabet, Inc., Class A | 61696 | 13135695 |
| Alphabet, Inc., Class C | 49901 | 10655360 |
| Match Group, Inc. | 2042 | 76248 |
| Meta Platforms, Inc., Class A | 26368 | 19478042 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pinterest, Inc., Class A<sup>(1)</sup> | 6979 | $255641 |
| Reddit, Inc., Class A<sup>(1)</sup> | 1378 | 310160 |
| Snap, Inc., Class A<sup>(1)</sup> | 3840 | 27418 |
|  |  | 43938564 |
| **IT Services — 1.1%** |  |  |
| Accenture PLC, Class A | 5886 | 1530183 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 2689 | 212781 |
| Amdocs Ltd. | 1602 | 137083 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 2708 | 565187 |
| Cognizant Technology Solutions Corp., Class A | 9189 | 663905 |
| EPAM Systems, Inc.<sup>(1)</sup> | 1100 | 193996 |
| Gartner, Inc.<sup>(1)</sup> | 1092 | 274300 |
| Globant SA<sup>(1)</sup> | 428 | 28787 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 2251 | 333846 |
| International Business Machines Corp. | 8670 | 2111058 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 12858 | 408756 |
| MongoDB, Inc.<sup>(1)</sup> | 810 | 255644 |
| Okta, Inc.<sup>(1)</sup> | 1378 | 127837 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 2714 | 647723 |
| Twilio, Inc., Class A<sup>(1)</sup> | 1965 | 207524 |
| VeriSign, Inc. | 771 | 210768 |
|  |  | 7909378 |
| **Leisure Products — 0.0%** |  |  |
| Hasbro, Inc. | 1241 | 100732 |
| Mattel, Inc.<sup>(1)</sup> | 13631 | 249447 |
|  |  | 350179 |
| **Life Sciences Tools and Services — 0.5%** |  |  |
| Agilent Technologies, Inc. | 2782 | 349586 |
| Avantor, Inc.<sup>(1)</sup> | 18 | 242 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 287 | 85492 |
| Bio-Techne Corp. | 1194 | 65228 |
| Bruker Corp. | 1271 | 43189 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 307 | 50136 |
| Danaher Corp. | 2889 | 594614 |
| Illumina, Inc.<sup>(1)</sup> | 3298 | 329668 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 933 | 178026 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 397 | 188778 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 123 | 160028 |
| Repligen Corp.<sup>(1)</sup> | 517 | 63239 |
| Revvity, Inc. | 827 | 74521 |
| Thermo Fisher Scientific, Inc. | 1488 | 733167 |
| Waters Corp.<sup>(1)</sup> | 1145 | 345561 |
| West Pharmaceutical Services, Inc. | 1225 | 302514 |
|  |  | 3563989 |
| **Machinery — 2.3%** |  |  |
| AGCO Corp. | 2657 | 287461 |
| Allison Transmission Holdings, Inc. | 972 | 84865 |
| Caterpillar, Inc. | 8815 | 3693838 |
| Chart Industries, Inc.<sup>(1)</sup> | 10 | 1994 |
| Crane Co. | 724 | 134157 |
| Cummins, Inc. | 2061 | 821185 |
| Deere & Co. | 5530 | 2646879 |
| Donaldson Co., Inc. | 4042 | 322026 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dover Corp. | 1394 | $249331 |
| Esab Corp. | 313 | 36111 |
| Federal Signal Corp. | 1084 | 133321 |
| Flowserve Corp. | 1791 | 96105 |
| Fortive Corp. | 1263 | 60447 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 4960 | 126778 |
| Graco, Inc. | 3646 | 311332 |
| IDEX Corp. | 460 | 75670 |
| Illinois Tool Works, Inc. | 3522 | 932097 |
| Ingersoll Rand, Inc. | 2277 | 180862 |
| ITT, Inc. | 1468 | 249927 |
| JBT Marel Corp. | 755 | 108184 |
| Lincoln Electric Holdings, Inc. | 1993 | 483562 |
| Middleby Corp.<sup>(1)</sup> | 1269 | 173663 |
| Mueller Industries, Inc. | 3624 | 347687 |
| Oshkosh Corp. | 1966 | 274001 |
| Otis Worldwide Corp. | 2540 | 219405 |
| PACCAR, Inc. | 11876 | 1187362 |
| Parker-Hannifin Corp. | 1012 | 768462 |
| Pentair PLC | 989 | 106347 |
| RBC Bearings, Inc.<sup>(1)</sup> | 396 | 154424 |
| Snap-on, Inc. | 1442 | 468996 |
| SPX Technologies, Inc.<sup>(1)</sup> | 594 | 111143 |
| Stanley Black & Decker, Inc. | 986 | 73250 |
| Timken Co. | 829 | 64024 |
| Toro Co. | 3315 | 268714 |
| Watts Water Technologies, Inc., Class A | 702 | 194384 |
| Westinghouse Air Brake Technologies Corp. | 1255 | 242842 |
| Xylem, Inc. | 2214 | 313414 |
|  |  | 16004250 |
| **Marine Transportation — 0.0%** |  |  |
| Kirby Corp.<sup>(1)</sup> | 1548 | 150466 |
| **Media — 0.6%** |  |  |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 989 | 262659 |
| Comcast Corp., Class A | 60475 | 2054336 |
| EchoStar Corp., Class A<sup>(1)</sup> | 4130 | 255193 |
| Fox Corp., Class A | 5087 | 303694 |
| Fox Corp., Class B | 3076 | 167796 |
| Liberty Broadband Corp., Class A<sup>(1)</sup> | 159 | 9646 |
| Liberty Broadband Corp., Class C<sup>(1)</sup> | 2399 | 146003 |
| New York Times Co., Class A | 3362 | 201182 |
| News Corp., Class A | 5864 | 172460 |
| News Corp., Class B | 1302 | 44099 |
| Nexstar Media Group, Inc., Class A | 287 | 58700 |
| Omnicom Group, Inc. | 585 | 45823 |
| Paramount Skydance Corp., Class B<sup>(1)</sup> | 12649 | 185940 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 2283 | 124789 |
|  |  | 4032320 |
| **Metals and Mining — 0.7%** |  |  |
| Alcoa Corp. | 3107 | 100014 |
| Carpenter Technology Corp. | 1653 | 398175 |
| Coeur Mining, Inc.<sup>(1)</sup> | 24888 | 327277 |
| Commercial Metals Co. | 3782 | 218108 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Freeport-McMoRan, Inc. | 40569 | $1801263 |
| MP Materials Corp.<sup>(1)(2)</sup> | 428 | 30448 |
| Newmont Corp. | 2339 | 174022 |
| Nucor Corp. | 6232 | 926885 |
| Reliance, Inc. | 1204 | 355975 |
| Royal Gold, Inc. | 1405 | 252310 |
| Steel Dynamics, Inc. | 4248 | 556148 |
|  |  | 5140625 |
| **Multi-Utilities — 0.6%** |  |  |
| Ameren Corp. | 3429 | 342146 |
| CenterPoint Energy, Inc. | 8171 | 308128 |
| CMS Energy Corp. | 5860 | 419400 |
| Consolidated Edison, Inc. | 5289 | 519538 |
| Dominion Energy, Inc. | 14654 | 877775 |
| DTE Energy Co. | 3292 | 449852 |
| NiSource, Inc. | 7802 | 329791 |
| Public Service Enterprise Group, Inc. | 3925 | 323145 |
| Sempra | 4057 | 334946 |
| WEC Energy Group, Inc. | 1939 | 206523 |
|  |  | 4111244 |
| **Oil, Gas and Consumable Fuels — 4.8%** |  |  |
| Antero Midstream Corp. | 13243 | 235593 |
| Antero Resources Corp.<sup>(1)</sup> | 6496 | 207352 |
| APA Corp. | 13594 | 315653 |
| Cheniere Energy, Inc. | 7246 | 1752228 |
| Chevron Corp. | 31744 | 5098086 |
| Chord Energy Corp. | 2363 | 259670 |
| Comstock Resources, Inc.<sup>(1)(2)</sup> | 1619 | 26115 |
| ConocoPhillips | 26343 | 2607167 |
| Coterra Energy, Inc. | 26617 | 650520 |
| Devon Energy Corp. | 21912 | 791023 |
| Diamondback Energy, Inc. | 4769 | 709436 |
| DT Midstream, Inc. | 1982 | 206485 |
| EOG Resources, Inc. | 14940 | 1864811 |
| EQT Corp. | 13037 | 675838 |
| Expand Energy Corp. | 5699 | 551549 |
| Exxon Mobil Corp. | 55706 | 6366639 |
| Hess Midstream LP, Class A | 5876 | 242091 |
| HF Sinclair Corp. | 5573 | 283554 |
| Kinder Morgan, Inc. | 22265 | 600710 |
| Kinetik Holdings, Inc. | 28 | 1171 |
| Marathon Petroleum Corp. | 7091 | 1274324 |
| Matador Resources Co. | 5778 | 290980 |
| Occidental Petroleum Corp. | 20343 | 968530 |
| ONEOK, Inc. | 9816 | 749746 |
| Ovintiv, Inc. | 11863 | 499670 |
| Permian Resources Corp. | 29156 | 416639 |
| Phillips 66 | 6076 | 811632 |
| Range Resources Corp. | 9493 | 325325 |
| Targa Resources Corp. | 8023 | 1345939 |
| Texas Pacific Land Corp. | 455 | 424733 |
| Valero Energy Corp. | 8222 | 1249826 |
| Viper Energy, Inc., Class A | 1694 | 67497 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Williams Cos., Inc. | 28680 | $1659998 |
|  |  | 33530530 |
| **Paper and Forest Products — 0.0%** |  |  |
| Louisiana-Pacific Corp. | 3040 | 289134 |
| **Passenger Airlines — 0.6%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 6700 | 420626 |
| American Airlines Group, Inc.<sup>(1)</sup> | 5039 | 67372 |
| Delta Air Lines, Inc. | 25596 | 1581321 |
| Joby Aviation, Inc.<sup>(1)(2)</sup> | 5300 | 74995 |
| Southwest Airlines Co. | 10927 | 359498 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 14587 | 1531635 |
|  |  | 4035447 |
| **Personal Care Products — 0.1%** |  |  |
| BellRing Brands, Inc.<sup>(1)</sup> | 896 | 36781 |
| elf Beauty, Inc.<sup>(1)</sup> | 171 | 21375 |
| Estee Lauder Cos., Inc., Class A | 3396 | 311515 |
| Kenvue, Inc. | 14956 | 309739 |
|  |  | 679410 |
| **Pharmaceuticals — 2.3%** |  |  |
| Bristol-Myers Squibb Co. | 20715 | 977334 |
| Corcept Therapeutics, Inc.<sup>(1)</sup> | 1789 | 124729 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 4433 | 81345 |
| Eli Lilly & Co. | 5928 | 4342734 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 3024 | 386316 |
| Johnson & Johnson | 27793 | 4924086 |
| Merck & Co., Inc. | 23650 | 1989438 |
| Pfizer, Inc. | 57559 | 1425161 |
| Royalty Pharma PLC, Class A | 6935 | 249521 |
| Viatris, Inc. | 41245 | 435135 |
| Zoetis, Inc. | 7654 | 1197086 |
|  |  | 16132885 |
| **Professional Services — 0.8%** |  |  |
| Amentum Holdings, Inc.<sup>(1)</sup> | 149 | 3718 |
| Automatic Data Processing, Inc. | 5276 | 1604168 |
| Booz Allen Hamilton Holding Corp. | 1117 | 121440 |
| Broadridge Financial Solutions, Inc. | 1329 | 339719 |
| Equifax, Inc. | 479 | 117978 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 2763 | 120964 |
| FTI Consulting, Inc.<sup>(1)</sup> | 404 | 68131 |
| Genpact Ltd. | 3782 | 171476 |
| Jacobs Solutions, Inc. | 403 | 58931 |
| KBR, Inc. | 975 | 49198 |
| Leidos Holdings, Inc. | 678 | 122664 |
| Parsons Corp.<sup>(1)</sup> | 362 | 28996 |
| Paychex, Inc. | 5256 | 732975 |
| Paycom Software, Inc. | 2277 | 517221 |
| Paylocity Holding Corp.<sup>(1)</sup> | 736 | 131913 |
| Robert Half, Inc. | 2997 | 111848 |
| SS&C Technologies Holdings, Inc. | 937 | 83074 |
| TransUnion | 756 | 66830 |
| UL Solutions, Inc., Class A | 1493 | 94313 |
| Verisk Analytics, Inc. | 2543 | 681829 |
|  |  | 5227386 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Real Estate Management and Development — 0.2%** | | |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 3152 | $511002 |
| CoStar Group, Inc.<sup>(1)</sup> | 4175 | 373621 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 743 | 227038 |
| Landbridge Co. LLC, Class A | 65 | 3455 |
| Zillow Group, Inc., Class A<sup>(1)</sup> | 374 | 30474 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 1746 | 147205 |
|  |  | 1292795 |
| **Semiconductors and Semiconductor Equipment — 10.6%** |  |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 15196 | 2471325 |
| Allegro MicroSystems, Inc.<sup>(1)</sup> | 502 | 15487 |
| Amkor Technology, Inc. | 3574 | 86455 |
| Analog Devices, Inc. | 4620 | 1161052 |
| Applied Materials, Inc. | 11343 | 1823501 |
| Astera Labs, Inc.<sup>(1)</sup> | 567 | 103307 |
| Broadcom, Inc. | 43159 | 12835055 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 477 | 54469 |
| Credo Technology Group Holding Ltd.<sup>(1)</sup> | 306 | 37655 |
| Enphase Energy, Inc.<sup>(1)</sup> | 335 | 12630 |
| First Solar, Inc.<sup>(1)</sup> | 2246 | 438397 |
| GLOBALFOUNDRIES, Inc.<sup>(1)</sup> | 1434 | 47881 |
| Intel Corp.<sup>(1)</sup> | 46814 | 1139921 |
| KLA Corp. | 2631 | 2294232 |
| Lam Research Corp. | 30861 | 3090729 |
| Lattice Semiconductor Corp.<sup>(1)</sup> | 748 | 49652 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 536 | 68688 |
| Marvell Technology, Inc. | 8118 | 510338 |
| Microchip Technology, Inc. | 4950 | 321750 |
| Micron Technology, Inc. | 18192 | 2165030 |
| Monolithic Power Systems, Inc. | 514 | 429581 |
| NVIDIA Corp. | 220585 | 38421495 |
| NXP Semiconductors NV | 2301 | 540390 |
| ON Semiconductor Corp.<sup>(1)</sup> | 12949 | 642141 |
| Onto Innovation, Inc.<sup>(1)</sup> | 527 | 55862 |
| Qorvo, Inc.<sup>(1)</sup> | 1636 | 148385 |
| QUALCOMM, Inc. | 13407 | 2154907 |
| Rambus, Inc.<sup>(1)</sup> | 2137 | 157647 |
| SiTime Corp.<sup>(1)</sup> | 23 | 5558 |
| Skyworks Solutions, Inc. | 5787 | 433678 |
| Teradyne, Inc. | 2965 | 350582 |
| Texas Instruments, Inc. | 8630 | 1747402 |
| Universal Display Corp. | 597 | 82738 |
|  |  | 73897920 |
| **Software — 9.2%** |  |  |
| ACI Worldwide, Inc.<sup>(1)</sup> | 1031 | 50880 |
| Adobe, Inc.<sup>(1)</sup> | 4038 | 1440355 |
| Appfolio, Inc., Class A<sup>(1)</sup> | 247 | 68513 |
| AppLovin Corp., Class A<sup>(1)</sup> | 3842 | 1838743 |
| Atlassian Corp., Class A<sup>(1)</sup> | 1510 | 268448 |
| Aurora Innovation, Inc.<sup>(1)</sup> | 14783 | 83228 |
| Autodesk, Inc.<sup>(1)</sup> | 2068 | 650800 |
| Bentley Systems, Inc., Class B | 1176 | 65444 |
| Bill Holdings, Inc.<sup>(1)</sup> | 1093 | 50737 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Box, Inc., Class A<sup>(1)</sup> | 116 | $3785 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 2561 | 897451 |
| Clearwater Analytics Holdings, Inc., Class A<sup>(1)</sup> | 2540 | 52502 |
| Commvault Systems, Inc.<sup>(1)</sup> | 830 | 154915 |
| Confluent, Inc., Class A<sup>(1)</sup> | 1615 | 32074 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 2235 | 946969 |
| Datadog, Inc., Class A<sup>(1)</sup> | 2862 | 391178 |
| Docusign, Inc.<sup>(1)</sup> | 3194 | 244852 |
| Dolby Laboratories, Inc., Class A | 962 | 68956 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 1500 | 43590 |
| D-Wave Quantum, Inc.<sup>(1)(2)</sup> | 397 | 6201 |
| Dynatrace, Inc.<sup>(1)</sup> | 2738 | 138543 |
| Fair Isaac Corp.<sup>(1)</sup> | 233 | 354542 |
| Fortinet, Inc.<sup>(1)</sup> | 12997 | 1023774 |
| Gitlab, Inc., Class A<sup>(1)</sup> | 1226 | 58873 |
| Guidewire Software, Inc.<sup>(1)</sup> | 737 | 159944 |
| HubSpot, Inc.<sup>(1)</sup> | 472 | 228056 |
| InterDigital, Inc. | 1057 | 287197 |
| Intuit, Inc. | 2616 | 1744872 |
| Klaviyo, Inc., Class A<sup>(1)</sup> | 619 | 20080 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 1318 | 283950 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 4166 | 66573 |
| Microsoft Corp. | 70062 | 35499715 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 2472 | 166143 |
| Oracle Corp. | 15474 | 3499136 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 20360 | 3190616 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 6350 | 1209802 |
| Pegasystems, Inc. | 3710 | 201119 |
| Procore Technologies, Inc.<sup>(1)</sup> | 162 | 11261 |
| PTC, Inc.<sup>(1)</sup> | 1127 | 240614 |
| Roper Technologies, Inc. | 1014 | 533678 |
| Rubrik, Inc., Class A<sup>(1)</sup> | 845 | 75543 |
| Salesforce, Inc. | 8764 | 2245775 |
| Samsara, Inc., Class A<sup>(1)</sup> | 2401 | 86772 |
| SentinelOne, Inc., Class A<sup>(1)</sup> | 2281 | 43020 |
| ServiceNow, Inc.<sup>(1)</sup> | 1949 | 1788130 |
| SPS Commerce, Inc.<sup>(1)</sup> | 271 | 29891 |
| Strategy, Inc., Class A<sup>(1)</sup> | 2676 | 894881 |
| Synopsys, Inc.<sup>(1)</sup> | 1723 | 1039865 |
| Tyler Technologies, Inc.<sup>(1)</sup> | 429 | 241475 |
| UiPath, Inc., Class A<sup>(1)</sup> | 5491 | 61060 |
| Unity Software, Inc.<sup>(1)</sup> | 232 | 9143 |
| Vertex, Inc., Class A<sup>(1)</sup> | 696 | 17971 |
| Workday, Inc., Class A<sup>(1)</sup> | 2011 | 464179 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 3803 | 309640 |
| Zscaler, Inc.<sup>(1)</sup> | 951 | 263475 |
|  |  | 63848929 |
| **Specialty Retail — 2.5%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 1515 | 141698 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 131 | 32952 |
| AutoNation, Inc. | 941 | 206154 |
| AutoZone, Inc.<sup>(1)</sup> | 76 | 319088 |
| Bath & Body Works, Inc. | 1545 | 45130 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Best Buy Co., Inc. | 7677 | $565334 |
| Burlington Stores, Inc.<sup>(1)</sup> | 2532 | 736002 |
| CarMax, Inc. | 3689 | 226320 |
| Carvana Co.<sup>(1)</sup> | 1233 | 458577 |
| Chewy, Inc., Class A<sup>(1)</sup> | 3726 | 152617 |
| Dick's Sporting Goods, Inc. | 2366 | 503485 |
| Five Below, Inc.<sup>(1)</sup> | 653 | 94750 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 2565 | 210125 |
| GameStop Corp., Class A<sup>(1)</sup> | 6225 | 139502 |
| Gap, Inc. | 12215 | 268852 |
| Group 1 Automotive, Inc. | 224 | 104111 |
| Home Depot, Inc. | 9352 | 3804113 |
| Lithia Motors, Inc. | 531 | 178777 |
| Lowe's Cos., Inc. | 2869 | 740374 |
| Murphy USA, Inc. | 784 | 295176 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 5574 | 577912 |
| Penske Automotive Group, Inc. | 337 | 62146 |
| Ross Stores, Inc. | 9764 | 1436870 |
| TJX Cos., Inc. | 22671 | 3097085 |
| Tractor Supply Co. | 18714 | 1155777 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 2034 | 1002213 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 1093 | 73319 |
| Wayfair, Inc., Class A<sup>(1)</sup> | 179 | 13354 |
| Williams-Sonoma, Inc. | 5463 | 1028082 |
|  |  | 17669895 |
| **Technology Hardware, Storage and Peripherals — 5.1%** |  |  |
| Apple, Inc. | 139838 | 32461993 |
| Dell Technologies, Inc., Class C | 2889 | 352891 |
| Hewlett Packard Enterprise Co. | 25852 | 583480 |
| HP, Inc. | 8905 | 254149 |
| IonQ, Inc.<sup>(1)(2)</sup> | 2540 | 108560 |
| NetApp, Inc. | 3129 | 352920 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 3733 | 289718 |
| Sandisk Corp.<sup>(1)</sup> | 6335 | 332397 |
| Seagate Technology Holdings PLC | 1923 | 321910 |
| Super Micro Computer, Inc.<sup>(1)(2)</sup> | 6111 | 253851 |
| Western Digital Corp. | 4512 | 362494 |
|  |  | 35674363 |
| **Textiles, Apparel and Luxury Goods — 0.8%** |  |  |
| Amer Sports, Inc.<sup>(1)</sup> | 1716 | 67473 |
| Birkenstock Holding PLC<sup>(1)</sup> | 346 | 18037 |
| Crocs, Inc.<sup>(1)</sup> | 2516 | 219395 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 5707 | 682728 |
| Levi Strauss & Co., Class A | 3750 | 83888 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 4253 | 859957 |
| NIKE, Inc., Class B | 24539 | 1898582 |
| Ralph Lauren Corp. | 1893 | 562089 |
| Skechers USA, Inc., Class A<sup>(1)</sup> | 2935 | 185140 |
| Tapestry, Inc. | 7771 | 791243 |
| VF Corp. | 17007 | 257316 |
|  |  | 5625848 |
| **Tobacco — 0.3%** |  |  |
| Altria Group, Inc. | 9755 | 655633 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Philip Morris International, Inc. | 8677 | $1450187 |
|  |  | 2105820 |
| **Trading Companies and Distributors — 0.9%** |  |  |
| Air Lease Corp. | 5420 | 326338 |
| Applied Industrial Technologies, Inc. | 894 | 235641 |
| Fastenal Co. | 21190 | 1052295 |
| Ferguson Enterprises, Inc. | 502 | 116037 |
| FTAI Aviation Ltd. | 3666 | 564014 |
| GATX Corp. | 1229 | 206853 |
| Herc Holdings, Inc. | 906 | 118496 |
| QXO, Inc.<sup>(1)</sup> | 9210 | 185397 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 467 | 66893 |
| United Rentals, Inc. | 1376 | 1315924 |
| Watsco, Inc. | 592 | 238209 |
| WESCO International, Inc. | 1964 | 431766 |
| WW Grainger, Inc. | 1283 | 1300321 |
|  |  | 6158184 |
| **Water Utilities — 0.0%** |  |  |
| American Water Works Co., Inc. | 1409 | 202206 |
| Essential Utilities, Inc. | 1587 | 62702 |
|  |  | 264908 |
| **Wireless Telecommunication Services — 0.3%** |  |  |
| Array Digital Infrastructure, Inc.<sup>(2)</sup> | 272 | 14642 |
| T-Mobile U.S., Inc. | 8125 | 2047418 |
|  |  | 2062060 |
| **TOTAL COMMON STOCKS**<br>(Cost $573,717,954) |  | **694668629** |
| **RIGHTS — 0.0%** |  |  |
| **Consumer Staples Distribution & Retail — 0.0%** |  |  |
| Walgreens Boots Alliance, Inc.<sup>(1)</sup><br>(Cost $1,944) | 3669 | **1944** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 438100 | 438100 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 333440 | 333440 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $771,540) |  | **771540** |
| **TOTAL INVESTMENT SECURITIES — 99.9%**<br>(Cost $574,491,438) |  | **695442113** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **405749** |
| **TOTAL NET ASSETS — 100.0%** |  | $**695847862** |

---

**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 $731,525. 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 $768,969, which includes securities collateral of $435,529.

**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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.4%** | | |
| ATI, Inc.<sup>(1)</sup> | 111327 | $8632296 |
| BWX Technologies, Inc. | 127283 | 20624937 |
|  |  | 29257233 |
| **Air Freight and Logistics — 1.7%** |  |  |
| Expeditors International of Washington, Inc. | 217084 | 26167305 |
| FedEx Corp. | 237144 | 54796864 |
| United Parcel Service, Inc., Class B | 668827 | 58482233 |
|  |  | 139446402 |
| **Automobile Components — 0.7%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 234631 | 18660203 |
| Autoliv, Inc. | 144603 | 17940894 |
| BorgWarner, Inc. | 401252 | 17157536 |
| Lear Corp. | 47219 | 5194090 |
|  |  | 58952723 |
| **Automobiles — 1.7%** |  |  |
| Ford Motor Co. | 5019974 | 59085094 |
| General Motors Co. | 1314145 | 76995756 |
| Thor Industries, Inc. | 1282 | 140507 |
|  |  | 136221357 |
| **Banks — 3.8%** |  |  |
| Bank OZK | 75695 | 3971717 |
| Comerica, Inc. | 14671 | 1035479 |
| East West Bancorp, Inc. | 182227 | 19159347 |
| Fifth Third Bancorp | 12232 | 559859 |
| First Citizens BancShares, Inc., Class A | 3917 | 7770975 |
| JPMorgan Chase & Co. | 900194 | 271336475 |
| Synovus Financial Corp. | 5813 | 300009 |
| Western Alliance Bancorp | 672 | 60178 |
| Wintrust Financial Corp. | 2557 | 351051 |
| Zions Bancorp NA | 183438 | 10641238 |
|  |  | 315186328 |
| **Beverages — 0.3%** |  |  |
| Celsius Holdings, Inc.<sup>(1)</sup> | 2557 | 160784 |
| Coca-Cola Consolidated, Inc. | 90695 | 10633082 |
| Constellation Brands, Inc., Class A | 81432 | 13187098 |
| National Beverage Corp. | 7370 | 309909 |
|  |  | 24290873 |
| **Biotechnology — 1.8%** |  |  |
| Alkermes PLC<sup>(1)</sup> | 8411 | 243666 |
| Exelixis, Inc.<sup>(1)</sup> | 441654 | 16526693 |
| Gilead Sciences, Inc. | 1130297 | 127689652 |
|  |  | 144460011 |
| **Broadline Retail — 3.0%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 1025901 | 234931329 |
| Dillard's, Inc., Class A | 6905 | 3679536 |
| eBay, Inc. | 57646 | 5223304 |
| Macy's, Inc. | 236316 | 3126461 |
| MercadoLibre, Inc.<sup>(1)</sup> | 969 | 2396250 |
|  |  | 249356880 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Building Products — 1.0%** | | |
| A.O. Smith Corp. | 28461 | $2028985 |
| Advanced Drainage Systems, Inc. | 37668 | 5423062 |
| Armstrong World Industries, Inc. | 93295 | 18264362 |
| Carlisle Cos., Inc. | 14133 | 5453783 |
| Lennox International, Inc. | 45579 | 25426701 |
| Owens Corning | 151960 | 22819833 |
| Trex Co., Inc.<sup>(1)</sup> | 24699 | 1522199 |
| UFP Industries, Inc. | 11777 | 1189124 |
|  |  | 82128049 |
| **Capital Markets — 2.1%** |  |  |
| Ameriprise Financial, Inc. | 128482 | 66143818 |
| Carlyle Group, Inc. | 86000 | 5552160 |
| Goldman Sachs Group, Inc. | 15217 | 11340469 |
| Jefferies Financial Group, Inc. | 2012 | 130478 |
| LPL Financial Holdings, Inc. | 59041 | 21519264 |
| Morgan Stanley | 62233 | 9364822 |
| Northern Trust Corp. | 313805 | 41196320 |
| Raymond James Financial, Inc. | 63776 | 10806206 |
| SEI Investments Co. | 2198 | 194040 |
| T. Rowe Price Group, Inc. | 85441 | 9195160 |
|  |  | 175442737 |
| **Chemicals — 0.8%** |  |  |
| Cabot Corp. | 50153 | 4090479 |
| CF Industries Holdings, Inc. | 276270 | 23933270 |
| Dow, Inc. | 35908 | 884414 |
| FMC Corp. | 22354 | 874041 |
| LyondellBasell Industries NV, Class A | 349144 | 19674265 |
| Mosaic Co. | 81313 | 2715854 |
| NewMarket Corp. | 17437 | 14419702 |
| Olin Corp. | 22850 | 540631 |
| RPM International, Inc. | 8962 | 1123028 |
|  |  | 68255684 |
| **Communications Equipment — 0.0%** |  |  |
| Ubiquiti, Inc. | 4509 | 2381338 |
| **Construction and Engineering — 1.4%** |  |  |
| Comfort Systems USA, Inc. | 55781 | 39235240 |
| Dycom Industries, Inc.<sup>(1)</sup> | 19633 | 4956743 |
| EMCOR Group, Inc. | 77411 | 47994820 |
| IES Holdings, Inc.<sup>(1)</sup> | 6794 | 2373212 |
| Primoris Services Corp. | 12514 | 1483535 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 8741 | 2434631 |
| Valmont Industries, Inc. | 39587 | 14533179 |
|  |  | 113011360 |
| **Construction Materials — 0.2%** |  |  |
| Eagle Materials, Inc. | 63144 | 14579950 |
| **Consumer Finance — 1.9%** |  |  |
| Ally Financial, Inc. | 462891 | 19001675 |
| American Express Co. | 169955 | 56302692 |
| OneMain Holdings, Inc. | 236328 | 14619250 |
| SLM Corp. | 478502 | 14967543 |
| Synchrony Financial | 662455 | 50571815 |
|  |  | 155462975 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Consumer Staples Distribution & Retail — 4.8%** | | |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 252087 | $24623858 |
| Costco Wholesale Corp. | 169022 | 159441833 |
| Dollar General Corp. | 265493 | 28875019 |
| Dollar Tree, Inc.<sup>(1)</sup> | 379092 | 41385473 |
| Kroger Co. | 920037 | 62415310 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 189429 | 26622352 |
| Target Corp. | 479440 | 46016651 |
|  |  | 389380496 |
| **Containers and Packaging — 0.5%** |  |  |
| Graphic Packaging Holding Co. | 585510 | 13039308 |
| International Paper Co. | 18620 | 925042 |
| Packaging Corp. of America | 108893 | 23734318 |
|  |  | 37698668 |
| **Distributors — 0.0%** |  |  |
| Pool Corp. | 8279 | 2572368 |
| **Diversified Consumer Services — 0.3%** |  |  |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 29616 | 5969697 |
| Stride, Inc.<sup>(1)</sup> | 87583 | 14292670 |
|  |  | 20262367 |
| **Diversified Telecommunication Services — 3.4%** |  |  |
| AT&T, Inc. | 4813383 | 140983988 |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | 229191 | 8498402 |
| Iridium Communications, Inc. | 4487 | 111682 |
| Verizon Communications, Inc. | 2955145 | 130706063 |
|  |  | 280300135 |
| **Electrical Equipment — 0.2%** |  |  |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 269092 | 18099128 |
| **Electronic Equipment, Instruments and Components — 1.1%** |  |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | 89812 | 11345950 |
| Flex Ltd.<sup>(1)</sup> | 710036 | 38072130 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 25507 | 3319991 |
| Jabil, Inc. | 191615 | 39248501 |
|  |  | 91986572 |
| **Energy Equipment and Services — 0.8%** |  |  |
| Baker Hughes Co. | 109891 | 4989051 |
| Halliburton Co. | 757080 | 17208429 |
| Noble Corp. PLC | 17712 | 510460 |
| NOV, Inc. | 153863 | 2044839 |
| Schlumberger NV | 186462 | 6869260 |
| TechnipFMC PLC | 769229 | 28276858 |
| Weatherford International PLC | 72351 | 4609121 |
|  |  | 64508018 |
| **Financial Services — 1.1%** |  |  |
| Corebridge Financial, Inc. | 459008 | 15959708 |
| Enact Holdings, Inc. | 8750 | 329437 |
| Equitable Holdings, Inc. | 307596 | 16382563 |
| Essent Group Ltd. | 10763 | 675271 |
| Jackson Financial, Inc., Class A | 157281 | 15539363 |
| MGIC Investment Corp. | 397495 | 11062286 |
| Radian Group, Inc. | 1313 | 45797 |
| Visa, Inc., Class A | 75755 | 26649094 |
|  |  | 86643519 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Food Products — 0.9%** | | |
| Archer-Daniels-Midland Co. | 79004 | $4948811 |
| Bunge Global SA | 117061 | 9858877 |
| Cal-Maine Foods, Inc. | 39142 | 4526381 |
| Hershey Co. | 159061 | 29227459 |
| Ingredion, Inc. | 130115 | 16855097 |
| Lamb Weston Holdings, Inc. | 105576 | 6073787 |
| Pilgrim's Pride Corp. | 90085 | 4004278 |
|  |  | 75494690 |
| **Ground Transportation — 4.1%** |  |  |
| CSX Corp. | 2191972 | 71261010 |
| JB Hunt Transport Services, Inc. | 132746 | 19246843 |
| Landstar System, Inc. | 49413 | 6538822 |
| Lyft, Inc., Class A<sup>(1)</sup> | 487107 | 7900876 |
| Norfolk Southern Corp. | 248094 | 69461358 |
| Old Dominion Freight Line, Inc. | 220600 | 33303982 |
| Ryder System, Inc. | 85935 | 16114531 |
| Saia, Inc.<sup>(1)</sup> | 4246 | 1258769 |
| Schneider National, Inc., Class B | 2967 | 73344 |
| U-Haul Holding Co. | 13917 | 727024 |
| Union Pacific Corp. | 505122 | 112930125 |
|  |  | 338816684 |
| **Health Care Equipment and Supplies — 0.7%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 294769 | 22207897 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 67610 | 5499397 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 11580 | 709507 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 16649 | 10773401 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 135972 | 7464863 |
| Masimo Corp.<sup>(1)</sup> | 92079 | 12864357 |
|  |  | 59519422 |
| **Health Care Providers and Services — 0.4%** |  |  |
| Centene Corp.<sup>(1)</sup> | 138913 | 4034034 |
| CorVel Corp.<sup>(1)</sup> | 4728 | 421028 |
| Elevance Health, Inc. | 50531 | 16101703 |
| Universal Health Services, Inc., Class B | 83218 | 15110725 |
|  |  | 35667490 |
| **Hotels, Restaurants and Leisure — 3.5%** |  |  |
| Boyd Gaming Corp. | 130687 | 11220786 |
| Brinker International, Inc. | 1074 | 167522 |
| Carnival Corp.<sup>(1)</sup> | 1571010 | 50099509 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 1034185 | 43580556 |
| Darden Restaurants, Inc. | 1091 | 225771 |
| Las Vegas Sands Corp. | 494254 | 28483858 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 977790 | 24288304 |
| Royal Caribbean Cruises Ltd. | 293863 | 106736919 |
| Super Group SGHC Ltd. | 46130 | 536492 |
| Texas Roadhouse, Inc. | 126997 | 21913332 |
|  |  | 287253049 |
| **Household Durables — 1.2%** |  |  |
| DR Horton, Inc. | 123336 | 20902985 |
| Installed Building Products, Inc. | 21221 | 5556082 |
| Lennar Corp., B Shares | 1966 | 250036 |
| Lennar Corp., Class A | 110205 | 14672694 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mohawk Industries, Inc.<sup>(1)</sup> | 4836 | $641689 |
| NVR, Inc.<sup>(1)</sup> | 2696 | 21885185 |
| PulteGroup, Inc. | 161169 | 21277531 |
| Toll Brothers, Inc. | 65910 | 9161490 |
|  |  | 94347692 |
| **Independent Power and Renewable Electricity Producers — 0.6%** |  |  |
| AES Corp. | 857408 | 11609304 |
| Talen Energy Corp.<sup>(1)</sup> | 102136 | 38701373 |
|  |  | 50310677 |
| **Insurance — 8.2%** |  |  |
| Allstate Corp. | 296804 | 60384774 |
| American Financial Group, Inc. | 106433 | 14459987 |
| American International Group, Inc. | 623811 | 50728310 |
| Arch Capital Group Ltd. | 334753 | 30639942 |
| Assurant, Inc. | 60348 | 13011632 |
| Axis Capital Holdings Ltd. | 174020 | 17154892 |
| CNA Financial Corp. | 836 | 41424 |
| Everest Group Ltd. | 17544 | 5997943 |
| F&G Annuities & Life, Inc. | 10144 | 350678 |
| Fidelity National Financial, Inc. | 223775 | 13397409 |
| Globe Life, Inc. | 160666 | 22485207 |
| Hanover Insurance Group, Inc. | 2171 | 376625 |
| Hartford Insurance Group, Inc. | 437280 | 57856517 |
| Kinsale Capital Group, Inc. | 256 | 117107 |
| Lincoln National Corp. | 228923 | 9827664 |
| Markel Group, Inc.<sup>(1)</sup> | 13457 | 26363070 |
| MetLife, Inc. | 614357 | 49984086 |
| Oscar Health, Inc., Class A<sup>(1)</sup> | 8636 | 143876 |
| Primerica, Inc. | 68643 | 18488306 |
| Principal Financial Group, Inc. | 95281 | 7671073 |
| Progressive Corp. | 427348 | 105580597 |
| Prudential Financial, Inc. | 396086 | 43434791 |
| RenaissanceRe Holdings Ltd. | 92100 | 22379379 |
| Travelers Cos., Inc. | 289819 | 78688757 |
| Unum Group | 292808 | 20455567 |
| W.R. Berkley Corp. | 16955 | 1215504 |
|  |  | 671235117 |
| **Interactive Media and Services — 6.5%** |  |  |
| Alphabet, Inc., Class A | 618333 | 131649279 |
| Alphabet, Inc., Class C | 501494 | 107084014 |
| Meta Platforms, Inc., Class A | 399930 | 295428291 |
|  |  | 534161584 |
| **IT Services — 0.2%** |  |  |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 509763 | 16205366 |
| **Leisure Products — 0.1%** |  |  |
| Mattel, Inc.<sup>(1)</sup> | 576390 | 10547937 |
| **Machinery — 4.3%** |  |  |
| AGCO Corp. | 101153 | 10943743 |
| Caterpillar, Inc. | 360576 | 151095767 |
| Cummins, Inc. | 14660 | 5841130 |
| Deere & Co. | 217869 | 104280818 |
| Donaldson Co., Inc. | 97423 | 7761690 |
| Graco, Inc. | 926 | 79071 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lincoln Electric Holdings, Inc. | 45933 | $11144724 |
| Mueller Industries, Inc. | 4372 | 419450 |
| PACCAR, Inc. | 392910 | 39283142 |
| Snap-on, Inc. | 32032 | 10418088 |
| Timken Co. | 6190 | 478054 |
| Toro Co. | 139453 | 11304060 |
|  |  | 353049737 |
| **Marine Transportation — 0.0%** |  |  |
| Kirby Corp.<sup>(1)</sup> | 1260 | 122472 |
| **Media — 1.1%** |  |  |
| Comcast Corp., Class A | 2607707 | 88583807 |
| Fox Corp., Class A | 6556 | 391393 |
| Fox Corp., Class B | 4249 | 231783 |
|  |  | 89206983 |
| **Metals and Mining — 1.1%** |  |  |
| Commercial Metals Co. | 195865 | 11295535 |
| Freeport-McMoRan, Inc. | 853800 | 37908720 |
| Nucor Corp. | 257266 | 38263172 |
| Steel Dynamics, Inc. | 25276 | 3309134 |
|  |  | 90776561 |
| **Oil, Gas and Consumable Fuels — 11.7%** |  |  |
| Antero Midstream Corp. | 460303 | 8188790 |
| APA Corp. | 508613 | 11809994 |
| Cheniere Energy, Inc. | 287464 | 69514544 |
| Chevron Corp. | 814449 | 130800509 |
| Chord Energy Corp. | 93982 | 10327682 |
| Civitas Resources, Inc. | 86186 | 3169921 |
| ConocoPhillips | 1035319 | 102465521 |
| Coterra Energy, Inc. | 1140408 | 27871571 |
| Devon Energy Corp. | 931651 | 33632601 |
| Diamondback Energy, Inc. | 80239 | 11936354 |
| EOG Resources, Inc. | 610513 | 76204233 |
| EQT Corp. | 1607 | 83307 |
| Expand Energy Corp. | 8409 | 813823 |
| Exxon Mobil Corp. | 1777804 | 203185219 |
| Hess Midstream LP, Class A | 239583 | 9870820 |
| HF Sinclair Corp. | 9020 | 458938 |
| Magnolia Oil & Gas Corp., Class A | 109844 | 2732919 |
| Marathon Petroleum Corp. | 18273 | 3283841 |
| Matador Resources Co. | 231816 | 11674254 |
| Murphy Oil Corp. | 114425 | 2844605 |
| Occidental Petroleum Corp. | 733910 | 34941455 |
| ONEOK, Inc. | 75748 | 5785632 |
| Ovintiv, Inc. | 490088 | 20642507 |
| Permian Resources Corp. | 1154699 | 16500649 |
| Range Resources Corp. | 386898 | 13258994 |
| SM Energy Co. | 95967 | 2739858 |
| Targa Resources Corp. | 320287 | 53731347 |
| Valero Energy Corp. | 230058 | 34971117 |
| Williams Cos., Inc. | 1018117 | 58928612 |
|  |  | 962369617 |
| **Paper and Forest Products — 0.2%** |  |  |
| Louisiana-Pacific Corp. | 129173 | 12285644 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Passenger Airlines — 1.7%** | | |
| Alaska Air Group, Inc.<sup>(1)</sup> | 286068 | $17959349 |
| Delta Air Lines, Inc. | 1021800 | 63126804 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 586242 | 61555410 |
|  |  | 142641563 |
| **Personal Care Products — 0.2%** |  |  |
| Estee Lauder Cos., Inc., Class A | 196117 | 17989812 |
| **Pharmaceuticals — 2.3%** |  |  |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 66219 | 1215119 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 122098 | 15598019 |
| Merck & Co., Inc. | 1291427 | 108634839 |
| Viatris, Inc. | 1885973 | 19897015 |
| Zoetis, Inc. | 268372 | 41973381 |
|  |  | 187318373 |
| **Professional Services — 0.5%** |  |  |
| Automatic Data Processing, Inc. | 110251 | 33521817 |
| Paycom Software, Inc. | 34912 | 7930261 |
| Robert Half, Inc. | 77292 | 2884537 |
|  |  | 44336615 |
| **Semiconductors and Semiconductor Equipment — 4.0%** |  |  |
| Amkor Technology, Inc. | 154912 | 3747321 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 1037 | 118415 |
| KLA Corp. | 17742 | 15471024 |
| Lam Research Corp. | 1176666 | 117843100 |
| Micron Technology, Inc. | 602569 | 71711737 |
| NVIDIA Corp. | 481359 | 83843111 |
| ON Semiconductor Corp.<sup>(1)</sup> | 248060 | 12301295 |
| QUALCOMM, Inc. | 37445 | 6018535 |
| Skyworks Solutions, Inc. | 125653 | 9416436 |
| Teradyne, Inc. | 28137 | 3326919 |
|  |  | 323797893 |
| **Software — 0.5%** |  |  |
| Fortinet, Inc.<sup>(1)</sup> | 329833 | 25980946 |
| InterDigital, Inc. | 8831 | 2399471 |
| Pegasystems, Inc. | 141525 | 7672070 |
| Qualys, Inc.<sup>(1)</sup> | 11253 | 1528270 |
|  |  | 37580757 |
| **Specialty Retail — 5.5%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 68116 | 6370890 |
| Academy Sports & Outdoors, Inc. | 29160 | 1561518 |
| AutoNation, Inc. | 7837 | 1716930 |
| Best Buy Co., Inc. | 322537 | 23751625 |
| Burlington Stores, Inc.<sup>(1)</sup> | 111641 | 32451806 |
| CarMax, Inc. | 2563 | 157240 |
| Dick's Sporting Goods, Inc. | 101770 | 21656656 |
| Five Below, Inc.<sup>(1)</sup> | 53941 | 7826839 |
| Gap, Inc. | 542407 | 11938378 |
| Lithia Motors, Inc. | 18477 | 6220836 |
| Murphy USA, Inc. | 33284 | 12531426 |
| Ross Stores, Inc. | 403910 | 59439396 |
| TJX Cos., Inc. | 898697 | 122770997 |
| Tractor Supply Co. | 772612 | 47716517 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 84501 | 41636178 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Urban Outfitters, Inc.<sup>(1)</sup> | 103692 | $6955659 |
| Williams-Sonoma, Inc. | 233823 | 44003150 |
|  |  | 448706041 |
| **Technology Hardware, Storage and Peripherals — 3.2%** |  |  |
| Apple, Inc. | 1131838 | 262744873 |
| **Textiles, Apparel and Luxury Goods — 1.9%** |  |  |
| Columbia Sportswear Co. | 493 | 27470 |
| Crocs, Inc.<sup>(1)</sup> | 112717 | 9828922 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 248688 | 29750546 |
| Levi Strauss & Co., Class A | 200143 | 4477199 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 175371 | 35460016 |
| NIKE, Inc., Class B | 489224 | 37851261 |
| PVH Corp. | 12867 | 1084945 |
| Ralph Lauren Corp. | 77330 | 22961597 |
| VF Corp. | 689008 | 10424691 |
|  |  | 151866647 |
| **Trading Companies and Distributors — 1.3%** |  |  |
| Air Lease Corp. | 177619 | 10694440 |
| Boise Cascade Co. | 24791 | 2156817 |
| Fastenal Co. | 200 | 9932 |
| FTAI Aviation Ltd. | 65843 | 10129945 |
| GATX Corp. | 24065 | 4050380 |
| Herc Holdings, Inc. | 17301 | 2262798 |
| MSC Industrial Direct Co., Inc., Class A | 8191 | 739074 |
| United Rentals, Inc. | 19926 | 19056031 |
| WESCO International, Inc. | 26863 | 5905562 |
| WW Grainger, Inc. | 52802 | 53514827 |
|  |  | 108519806 |
| **Wireless Telecommunication Services — 0.9%** |  |  |
| T-Mobile U.S., Inc. | 307372 | 77454670 |
| **TOTAL COMMON STOCKS**<br>(Cost $7,211,176,702) |  | **8184212943** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $3,821,933) | 3821933 | **3821933** |
| **TOTAL INVESTMENT SECURITIES — 99.9%**<br>(Cost $7,214,998,635) |  | **8188034876** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **11728431** |
| **TOTAL NET ASSETS — 100.0%** |  | $**8199763307** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(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 - Avantis U.S. Mid Cap Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 2.0%** | | |
| ATI, Inc.<sup>(1)</sup> | 5266 | $408326 |
| Axon Enterprise, Inc.<sup>(1)</sup> | 267 | 199526 |
| BWX Technologies, Inc. | 3506 | 568112 |
| Curtiss-Wright Corp. | 1197 | 572346 |
| Howmet Aerospace, Inc. | 5937 | 1033632 |
| Huntington Ingalls Industries, Inc. | 1174 | 317907 |
| Leonardo DRS, Inc. | 1950 | 81237 |
| Textron, Inc. | 5383 | 431501 |
| Woodward, Inc. | 1935 | 477597 |
|  |  | 4090184 |
| **Air Freight and Logistics — 0.5%** |  |  |
| CH Robinson Worldwide, Inc. | 3283 | 422522 |
| Expeditors International of Washington, Inc. | 5256 | 633558 |
|  |  | 1056080 |
| **Automobile Components — 0.9%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 8915 | 709010 |
| Autoliv, Inc. | 3072 | 381143 |
| BorgWarner, Inc. | 8970 | 383557 |
| Gentex Corp. | 6942 | 194446 |
| Lear Corp. | 1111 | 122210 |
|  |  | 1790366 |
| **Automobiles — 0.5%** |  |  |
| Ford Motor Co. | 56843 | 669042 |
| Lucid Group, Inc.<sup>(1)(2)</sup> | 24121 | 47760 |
| Rivian Automotive, Inc., Class A<sup>(1)</sup> | 27497 | 373134 |
|  |  | 1089936 |
| **Banks — 4.9%** |  |  |
| Bank OZK | 1529 | 80227 |
| BOK Financial Corp. | 833 | 92805 |
| Citizens Financial Group, Inc. | 15382 | 804171 |
| Columbia Banking System, Inc. | 3032 | 81167 |
| Comerica, Inc. | 4250 | 299965 |
| Commerce Bancshares, Inc. | 3611 | 223665 |
| Cullen/Frost Bankers, Inc. | 2312 | 298317 |
| East West Bancorp, Inc. | 4491 | 472184 |
| Fifth Third Bancorp | 20618 | 943686 |
| First Citizens BancShares, Inc., Class A | 366 | 726111 |
| First Horizon Corp. | 13562 | 306501 |
| Huntington Bancshares, Inc. | 45967 | 818672 |
| KeyCorp | 34727 | 672315 |
| M&T Bank Corp. | 5284 | 1065571 |
| Pinnacle Financial Partners, Inc. | 2870 | 279021 |
| Popular, Inc. | 2258 | 283695 |
| Prosperity Bancshares, Inc. | 3058 | 211400 |
| Regions Financial Corp. | 29050 | 795679 |
| SouthState Corp. | 2900 | 295974 |
| Webster Financial Corp. | 6308 | 392484 |
| Western Alliance Bancorp | 3297 | 295246 |
| Wintrust Financial Corp. | 2461 | 337871 |
| Zions Bancorp NA | 5988 | 347364 |
|  |  | 10124091 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Beverages — 0.7%** | | |
| Brown-Forman Corp., Class A | 1494 | $45343 |
| Brown-Forman Corp., Class B | 4922 | 147365 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 3919 | 246427 |
| Coca-Cola Consolidated, Inc. | 1502 | 176094 |
| Constellation Brands, Inc., Class A | 2447 | 396267 |
| Molson Coors Beverage Co., Class B | 6447 | 325509 |
| Primo Brands Corp., Class A | 7509 | 188551 |
|  |  | 1525556 |
| **Biotechnology — 1.6%** |  |  |
| Biogen, Inc.<sup>(1)</sup> | 3985 | 526897 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 5592 | 325846 |
| Exelixis, Inc.<sup>(1)</sup> | 10512 | 393359 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 4646 | 339855 |
| Incyte Corp.<sup>(1)</sup> | 5046 | 426942 |
| Moderna, Inc.<sup>(1)</sup> | 7338 | 176772 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 3397 | 474221 |
| Revolution Medicines, Inc.<sup>(1)</sup> | 4510 | 171245 |
| United Therapeutics Corp.<sup>(1)</sup> | 1662 | 506511 |
|  |  | 3341648 |
| **Broadline Retail — 0.7%** |  |  |
| Dillard's, Inc., Class A | 149 | 79399 |
| eBay, Inc. | 11817 | 1070738 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 2388 | 302894 |
|  |  | 1453031 |
| **Building Products — 2.3%** |  |  |
| A.O. Smith Corp. | 4399 | 313605 |
| Advanced Drainage Systems, Inc. | 2979 | 428887 |
| Allegion PLC | 2987 | 507193 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 3740 | 518663 |
| Carlisle Cos., Inc. | 1493 | 576134 |
| Fortune Brands Innovations, Inc. | 4208 | 246252 |
| Lennox International, Inc. | 913 | 509326 |
| Masco Corp. | 2431 | 178411 |
| Owens Corning | 3682 | 552926 |
| Simpson Manufacturing Co., Inc. | 1559 | 297956 |
| Trex Co., Inc.<sup>(1)</sup> | 3899 | 240295 |
| UFP Industries, Inc. | 2285 | 230716 |
| Zurn Elkay Water Solutions Corp. | 5480 | 248573 |
|  |  | 4848937 |
| **Capital Markets — 4.9%** |  |  |
| Affiliated Managers Group, Inc. | 609 | 136915 |
| Carlyle Group, Inc. | 8746 | 564642 |
| Cboe Global Markets, Inc. | 3375 | 796331 |
| Evercore, Inc., Class A | 1125 | 361744 |
| FactSet Research Systems, Inc. | 1289 | 481210 |
| Franklin Resources, Inc. | 9884 | 253623 |
| Freedom Holding Corp.<sup>(1)</sup> | 6 | 1026 |
| Hamilton Lane, Inc., Class A | 1263 | 194931 |
| Invesco Ltd. | 11796 | 258214 |
| Jefferies Financial Group, Inc. | 5654 | 366662 |
| LPL Financial Holdings, Inc. | 2968 | 1081777 |
| MarketAxess Holdings, Inc. | 928 | 170604 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Morningstar, Inc. | 802 | $210461 |
| Northern Trust Corp. | 7609 | 998910 |
| Raymond James Financial, Inc. | 6250 | 1059000 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 5608 | 583400 |
| SEI Investments Co. | 3916 | 345704 |
| State Street Corp. | 8465 | 973221 |
| Stifel Financial Corp. | 3118 | 359474 |
| T. Rowe Price Group, Inc. | 6468 | 696086 |
| Tradeweb Markets, Inc., Class A | 2409 | 297174 |
|  |  | 10191109 |
| **Chemicals — 2.9%** |  |  |
| Albemarle Corp. | 3924 | 333226 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 7270 | 227260 |
| CF Industries Holdings, Inc. | 6909 | 598527 |
| Corteva, Inc. | 3832 | 284296 |
| Dow, Inc. | 17142 | 422208 |
| DuPont de Nemours, Inc. | 12298 | 945962 |
| Eastman Chemical Co. | 4092 | 287831 |
| FMC Corp. | 1993 | 77926 |
| International Flavors & Fragrances, Inc. | 5393 | 364082 |
| LyondellBasell Industries NV, Class A | 10146 | 571727 |
| Mosaic Co. | 9726 | 324848 |
| NewMarket Corp. | 180 | 148853 |
| PPG Industries, Inc. | 7326 | 814871 |
| RPM International, Inc. | 4735 | 593343 |
| Westlake Corp. | 1350 | 118557 |
|  |  | 6113517 |
| **Commercial Services and Supplies — 0.8%** |  |  |
| Clean Harbors, Inc.<sup>(1)</sup> | 1395 | 337883 |
| MSA Safety, Inc. | 1367 | 233210 |
| Rollins, Inc. | 8907 | 503602 |
| Tetra Tech, Inc. | 3914 | 142548 |
| Veralto Corp. | 4576 | 485925 |
|  |  | 1703168 |
| **Communications Equipment — 0.5%** |  |  |
| Ciena Corp.<sup>(1)</sup> | 4523 | 425026 |
| F5, Inc.<sup>(1)</sup> | 2006 | 628159 |
|  |  | 1053185 |
| **Construction and Engineering — 1.5%** |  |  |
| AECOM | 4099 | 511924 |
| API Group Corp.<sup>(1)</sup> | 5818 | 207586 |
| Comfort Systems USA, Inc. | 1251 | 879928 |
| EMCOR Group, Inc. | 1729 | 1071980 |
| Fluor Corp.<sup>(1)</sup> | 5847 | 239844 |
| WillScot Holdings Corp. | 5828 | 141271 |
|  |  | 3052533 |
| **Construction Materials — 1.2%** |  |  |
| Eagle Materials, Inc. | 1306 | 301555 |
| Martin Marietta Materials, Inc. | 1887 | 1163147 |
| Vulcan Materials Co. | 3419 | 995476 |
|  |  | 2460178 |
| **Consumer Finance — 1.5%** |  |  |
| Ally Financial, Inc. | 8347 | 342644 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Credit Acceptance Corp.<sup>(1)</sup> | 142 | $73092 |
| FirstCash Holdings, Inc. | 1035 | 152424 |
| OneMain Holdings, Inc. | 5277 | 326435 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 35222 | 899570 |
| Synchrony Financial | 16120 | 1230601 |
|  |  | 3024766 |
| **Consumer Staples Distribution & Retail — 2.7%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 4794 | 468278 |
| Casey's General Stores, Inc. | 1525 | 754143 |
| Dollar General Corp. | 7701 | 837561 |
| Dollar Tree, Inc.<sup>(1)</sup> | 7245 | 790936 |
| Maplebear, Inc.<sup>(1)</sup> | 3365 | 145940 |
| Performance Food Group Co.<sup>(1)</sup> | 4638 | 470293 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 3661 | 514517 |
| Sysco Corp. | 13804 | 1110808 |
| U.S. Foods Holding Corp.<sup>(1)</sup> | 7013 | 544209 |
|  |  | 5636685 |
| **Containers and Packaging — 1.9%** |  |  |
| Amcor PLC | 58904 | 508342 |
| AptarGroup, Inc. | 2455 | 341908 |
| Avery Dennison Corp. | 2652 | 455216 |
| Ball Corp. | 8324 | 438175 |
| Crown Holdings, Inc. | 4033 | 400800 |
| Graphic Packaging Holding Co. | 10658 | 237354 |
| International Paper Co. | 11599 | 576238 |
| Packaging Corp. of America | 3415 | 744333 |
| Smurfit WestRock PLC | 4101 | 194223 |
|  |  | 3896589 |
| **Distributors — 0.5%** |  |  |
| Genuine Parts Co. | 3676 | 512177 |
| LKQ Corp. | 5000 | 163100 |
| Pool Corp. | 1330 | 413244 |
|  |  | 1088521 |
| **Diversified Consumer Services — 0.3%** |  |  |
| ADT, Inc. | 14958 | 130284 |
| Duolingo, Inc.<sup>(1)</sup> | 363 | 108123 |
| H&R Block, Inc. | 3432 | 172801 |
| Service Corp. International | 3954 | 313355 |
|  |  | 724563 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | 2787 | 103342 |
| GCI Liberty, Inc., Class A<sup>(1)</sup> | 138 | 5152 |
|  |  | 108494 |
| **Electric Utilities — 3.1%** |  |  |
| Alliant Energy Corp. | 5256 | 342008 |
| Edison International | 6080 | 341270 |
| Entergy Corp. | 12501 | 1101213 |
| Evergy, Inc. | 5012 | 357155 |
| Eversource Energy | 7578 | 485522 |
| Exelon Corp. | 6814 | 297636 |
| FirstEnergy Corp. | 6126 | 267216 |
| IDACORP, Inc. | 975 | 121973 |
| NRG Energy, Inc. | 5860 | 852982 |
| OGE Energy Corp. | 5728 | 255812 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| PG&E Corp. | 29479 | $450439 |
| Pinnacle West Capital Corp. | 3310 | 295782 |
| PPL Corp. | 16036 | 584833 |
| Xcel Energy, Inc. | 8837 | 639710 |
|  |  | 6393551 |
| **Electrical Equipment — 1.6%** |  |  |
| Acuity, Inc. | 1095 | 357485 |
| Generac Holdings, Inc.<sup>(1)</sup> | 1851 | 342898 |
| Hubbell, Inc. | 1784 | 768886 |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 4109 | 276371 |
| nVent Electric PLC | 4004 | 361921 |
| Rockwell Automation, Inc. | 3411 | 1171440 |
|  |  | 3279001 |
| **Electronic Equipment, Instruments and Components — 2.7%** |  |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | 1864 | 235479 |
| CDW Corp. | 4180 | 688697 |
| Cognex Corp. | 3720 | 163457 |
| Fabrinet<sup>(1)</sup> | 1365 | 452211 |
| Flex Ltd.<sup>(1)</sup> | 17508 | 938779 |
| Jabil, Inc. | 4600 | 942218 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 5640 | 921745 |
| Littelfuse, Inc. | 508 | 131994 |
| TD SYNNEX Corp. | 1939 | 287108 |
| Trimble, Inc.<sup>(1)</sup> | 2570 | 207707 |
| Vontier Corp. | 4756 | 204080 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | 1340 | 424900 |
|  |  | 5598375 |
| **Energy Equipment and Services — 0.7%** |  |  |
| Baker Hughes Co. | 8129 | 369057 |
| NOV, Inc. | 10777 | 143226 |
| Patterson-UTI Energy, Inc. | 15 | 87 |
| Schlumberger NV | 3834 | 141244 |
| TechnipFMC PLC | 19189 | 705388 |
|  |  | 1359002 |
| **Entertainment — 1.9%** |  |  |
| Electronic Arts, Inc. | 6712 | 1154128 |
| Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 618 | 55694 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 4978 | 497302 |
| Liberty Media Corp.-Liberty Live, Class A<sup>(1)</sup> | 406 | 38416 |
| Liberty Media Corp.-Liberty Live, Class C<sup>(1)</sup> | 858 | 83552 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 3699 | 615847 |
| Roku, Inc.<sup>(1)</sup> | 1838 | 177477 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 2758 | 643359 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 59550 | 693162 |
|  |  | 3958937 |
| **Financial Services — 1.6%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 5227 | 462380 |
| Block, Inc.<sup>(1)</sup> | 3247 | 258591 |
| Corpay, Inc.<sup>(1)</sup> | 2119 | 690095 |
| Enact Holdings, Inc. | 666 | 25075 |
| Equitable Holdings, Inc. | 12378 | 659252 |
| Essent Group Ltd. | 3079 | 193177 |
| Jack Henry & Associates, Inc. | 2235 | 364886 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MGIC Investment Corp. | 9699 | $269923 |
| Voya Financial, Inc. | 2686 | 201692 |
| WEX, Inc.<sup>(1)</sup> | 1266 | 216929 |
|  |  | 3342000 |
| **Food Products — 2.5%** |  |  |
| Archer-Daniels-Midland Co. | 10725 | 671814 |
| Bunge Global SA | 4487 | 377895 |
| Campbell's Co. | 4001 | 127752 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 3607 | 122494 |
| General Mills, Inc. | 12915 | 637097 |
| Hershey Co. | 3093 | 568339 |
| Hormel Foods Corp. | 8850 | 225144 |
| Ingredion, Inc. | 2444 | 316596 |
| Kellanova | 9041 | 718759 |
| Kraft Heinz Co. | 22799 | 637688 |
| Lamb Weston Holdings, Inc. | 3857 | 221893 |
| Marzetti Co. | 43 | 7852 |
| Pilgrim's Pride Corp. | 1725 | 76676 |
| Post Holdings, Inc.<sup>(1)</sup> | 730 | 82600 |
| Tyson Foods, Inc., Class A | 8095 | 459634 |
|  |  | 5252233 |
| **Gas Utilities — 0.5%** |  |  |
| Atmos Energy Corp. | 4092 | 679804 |
| National Fuel Gas Co. | 2794 | 242351 |
| Southwest Gas Holdings, Inc. | 577 | 46091 |
|  |  | 968246 |
| **Ground Transportation — 1.2%** |  |  |
| JB Hunt Transport Services, Inc. | 3186 | 461938 |
| Knight-Swift Transportation Holdings, Inc. | 4567 | 200491 |
| Landstar System, Inc. | 933 | 123464 |
| Old Dominion Freight Line, Inc. | 2711 | 409280 |
| Ryder System, Inc. | 1819 | 341099 |
| Saia, Inc.<sup>(1)</sup> | 1020 | 302389 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 456 | 26243 |
| U-Haul Holding Co. | 3809 | 198982 |
| XPO, Inc.<sup>(1)</sup> | 4140 | 536958 |
|  |  | 2600844 |
| **Health Care Equipment and Supplies — 3.4%** |  |  |
| Align Technology, Inc.<sup>(1)</sup> | 2307 | 327502 |
| Baxter International, Inc. | 13173 | 325241 |
| Cooper Cos., Inc.<sup>(1)</sup> | 4760 | 320800 |
| Dexcom, Inc.<sup>(1)</sup> | 9745 | 734188 |
| GE HealthCare Technologies, Inc. | 10213 | 753004 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 3884 | 237973 |
| Hologic, Inc.<sup>(1)</sup> | 5996 | 402452 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 690 | 446492 |
| Insulet Corp.<sup>(1)</sup> | 1958 | 665485 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 632 | 34697 |
| Masimo Corp.<sup>(1)</sup> | 844 | 117915 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 1361 | 123225 |
| ResMed, Inc. | 4236 | 1162824 |
| STERIS PLC | 3146 | 770959 |
| Teleflex, Inc. | 816 | 103151 |
| Zimmer Biomet Holdings, Inc. | 4846 | 514161 |
|  |  | 7040069 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care Providers and Services — 2.0%** | | |
| Centene Corp.<sup>(1)</sup> | 13979 | $405950 |
| Chemed Corp. | 483 | 221190 |
| DaVita, Inc.<sup>(1)</sup> | 1409 | 194104 |
| Encompass Health Corp. | 3373 | 410697 |
| Ensign Group, Inc. | 1957 | 336173 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 4809 | 203661 |
| Humana, Inc. | 2199 | 667748 |
| Labcorp Holdings, Inc. | 2397 | 666342 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 2038 | 368532 |
| Tenet Healthcare Corp.<sup>(1)</sup> | 2391 | 440733 |
| Universal Health Services, Inc., Class B | 1861 | 337920 |
|  |  | 4253050 |
| **Health Care Technology — 0.1%** |  |  |
| Doximity, Inc., Class A<sup>(1)</sup> | 3582 | 243361 |
| **Hotels, Restaurants and Leisure — 2.8%** |  |  |
| Aramark | 6022 | 235520 |
| Boyd Gaming Corp. | 2199 | 188806 |
| Carnival Corp.<sup>(1)</sup> | 41169 | 1312879 |
| Choice Hotels International, Inc. | 821 | 98175 |
| Churchill Downs, Inc. | 1732 | 179660 |
| Darden Restaurants, Inc. | 4176 | 864182 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 3525 | 253201 |
| Expedia Group, Inc. | 4241 | 910967 |
| Las Vegas Sands Corp. | 2725 | 157042 |
| Light & Wonder, Inc., Class A<sup>(1)</sup> | 2967 | 274359 |
| MGM Resorts International<sup>(1)</sup> | 3609 | 143241 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 16637 | 413263 |
| Texas Roadhouse, Inc. | 2135 | 368394 |
| Vail Resorts, Inc. | 1076 | 176249 |
| Wyndham Hotels & Resorts, Inc. | 2635 | 228217 |
|  |  | 5804155 |
| **Household Durables — 2.4%** |  |  |
| DR Horton, Inc. | 1957 | 331672 |
| Garmin Ltd. | 3545 | 857252 |
| Lennar Corp., B Shares | 195 | 24800 |
| Lennar Corp., Class A | 3505 | 466656 |
| Meritage Homes Corp. | 1973 | 153282 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 1489 | 197575 |
| NVR, Inc.<sup>(1)</sup> | 50 | 405883 |
| PulteGroup, Inc. | 7299 | 963614 |
| SharkNinja, Inc.<sup>(1)</sup> | 507 | 59299 |
| Somnigroup International, Inc. | 4903 | 411607 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 3838 | 258566 |
| Toll Brothers, Inc. | 3858 | 536262 |
| TopBuild Corp.<sup>(1)</sup> | 1025 | 431279 |
|  |  | 5097747 |
| **Household Products — 0.5%** |  |  |
| Church & Dwight Co., Inc. | 7717 | 718916 |
| Clorox Co. | 2355 | 278361 |
| Reynolds Consumer Products, Inc. | 253 | 5872 |
|  |  | 1003149 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Independent Power and Renewable Electricity Producers — 0.5%** | | |
| AES Corp. | 16134 | $218454 |
| Brookfield Renewable Corp. | 2 | 67 |
| Clearway Energy, Inc., Class A | 773 | 21791 |
| Clearway Energy, Inc., Class C | 1218 | 36309 |
| Talen Energy Corp.<sup>(1)</sup> | 1762 | 667657 |
|  |  | 944278 |
| **Insurance — 6.2%** |  |  |
| American Financial Group, Inc. | 2810 | 381767 |
| Arch Capital Group Ltd. | 12240 | 1120327 |
| Assurant, Inc. | 1893 | 408150 |
| Axis Capital Holdings Ltd. | 3505 | 345523 |
| Brown & Brown, Inc. | 601 | 58267 |
| Cincinnati Financial Corp. | 5160 | 792576 |
| CNA Financial Corp. | 881 | 43653 |
| Erie Indemnity Co., Class A | 767 | 271809 |
| Everest Group Ltd. | 1495 | 511111 |
| Fidelity National Financial, Inc. | 9496 | 568525 |
| First American Financial Corp. | 3566 | 235356 |
| Globe Life, Inc. | 3207 | 448820 |
| Hartford Insurance Group, Inc. | 9319 | 1232997 |
| Kinsale Capital Group, Inc. | 782 | 357726 |
| Loews Corp. | 6557 | 634718 |
| Markel Group, Inc.<sup>(1)</sup> | 465 | 910963 |
| Old Republic International Corp. | 8558 | 342063 |
| Primerica, Inc. | 1404 | 378153 |
| Principal Financial Group, Inc. | 7093 | 571057 |
| Prudential Financial, Inc. | 8430 | 924434 |
| Reinsurance Group of America, Inc. | 2085 | 406137 |
| RenaissanceRe Holdings Ltd. | 1743 | 423532 |
| RLI Corp. | 2489 | 168580 |
| Ryan Specialty Holdings, Inc. | 3355 | 189658 |
| Selective Insurance Group, Inc. | 1529 | 119614 |
| Unum Group | 6466 | 451715 |
| W.R. Berkley Corp. | 9299 | 666645 |
|  |  | 12963876 |
| **Interactive Media and Services — 0.2%** |  |  |
| Pinterest, Inc., Class A<sup>(1)</sup> | 12464 | 456556 |
| **IT Services — 1.6%** |  |  |
| Akamai Technologies, Inc.<sup>(1)</sup> | 5136 | 406412 |
| Amdocs Ltd. | 3020 | 258421 |
| Cognizant Technology Solutions Corp., Class A | 12689 | 916780 |
| EPAM Systems, Inc.<sup>(1)</sup> | 1596 | 281470 |
| Gartner, Inc.<sup>(1)</sup> | 2178 | 547092 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 3645 | 540590 |
| Twilio, Inc., Class A<sup>(1)</sup> | 4019 | 424447 |
|  |  | 3375212 |
| **Leisure Products — 0.2%** |  |  |
| Hasbro, Inc. | 1809 | 146836 |
| Mattel, Inc.<sup>(1)</sup> | 13463 | 246373 |
|  |  | 393209 |
| **Life Sciences Tools and Services — 1.8%** |  |  |
| Agilent Technologies, Inc. | 7849 | 986305 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 551 | $164132 |
| Bio-Techne Corp. | 4384 | 239498 |
| Bruker Corp. | 2642 | 89775 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 1044 | 170496 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 2830 | 539992 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 863 | 410365 |
| Repligen Corp.<sup>(1)</sup> | 9 | 1101 |
| Waters Corp.<sup>(1)</sup> | 1910 | 576438 |
| West Pharmaceutical Services, Inc. | 2329 | 575147 |
|  |  | 3753249 |
| **Machinery — 3.7%** |  |  |
| AGCO Corp. | 2481 | 268419 |
| Allison Transmission Holdings, Inc. | 3124 | 272756 |
| Chart Industries, Inc.<sup>(1)</sup> | 534 | 106458 |
| Crane Co. | 655 | 121372 |
| Donaldson Co., Inc. | 4698 | 374290 |
| Dover Corp. | 3858 | 690042 |
| Esab Corp. | 1837 | 211935 |
| Flowserve Corp. | 4805 | 257836 |
| Graco, Inc. | 6013 | 513450 |
| Ingersoll Rand, Inc. | 201 | 15965 |
| ITT, Inc. | 2920 | 497130 |
| Lincoln Electric Holdings, Inc. | 2040 | 494965 |
| Mueller Industries, Inc. | 3759 | 360638 |
| Oshkosh Corp. | 2290 | 319157 |
| Pentair PLC | 5047 | 542704 |
| Snap-on, Inc. | 1844 | 599743 |
| Timken Co. | 1521 | 117467 |
| Toro Co. | 2568 | 208162 |
| Watts Water Technologies, Inc., Class A | 864 | 239242 |
| Westinghouse Air Brake Technologies Corp. | 4217 | 815990 |
| Xylem, Inc. | 5412 | 766123 |
|  |  | 7793844 |
| **Marine Transportation — 0.1%** |  |  |
| Kirby Corp.<sup>(1)</sup> | 1979 | 192359 |
| **Media — 1.5%** |  |  |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 2614 | 694226 |
| Fox Corp., Class A | 7883 | 470615 |
| Fox Corp., Class B | 4779 | 260695 |
| Interpublic Group of Cos., Inc. | 6142 | 164851 |
| Liberty Broadband Corp., Class A<sup>(1)</sup> | 672 | 40770 |
| Liberty Broadband Corp., Class C<sup>(1)</sup> | 3799 | 231207 |
| New York Times Co., Class A | 5507 | 329539 |
| News Corp., Class A | 12653 | 372125 |
| News Corp., Class B | 3642 | 123355 |
| Nexstar Media Group, Inc., Class A | 525 | 107378 |
| Paramount Skydance Corp., Class B<sup>(1)</sup> | 3293 | 48407 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 3901 | 213229 |
|  |  | 3056397 |
| **Metals and Mining — 1.2%** |  |  |
| Alcoa Corp. | 2157 | 69434 |
| Commercial Metals Co. | 4446 | 256401 |
| Nucor Corp. | 4665 | 693825 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Reliance, Inc. | 1930 | $570624 |
| Royal Gold, Inc. | 1723 | 309416 |
| Steel Dynamics, Inc. | 5364 | 702255 |
|  |  | 2601955 |
| **Multi-Utilities — 1.6%** |  |  |
| Ameren Corp. | 5289 | 527736 |
| CenterPoint Energy, Inc. | 11056 | 416922 |
| CMS Energy Corp. | 6604 | 472648 |
| Consolidated Edison, Inc. | 7489 | 735644 |
| DTE Energy Co. | 4084 | 558079 |
| NiSource, Inc. | 8773 | 370835 |
| Public Service Enterprise Group, Inc. | 1875 | 154369 |
| WEC Energy Group, Inc. | 692 | 73705 |
|  |  | 3309938 |
| **Oil, Gas and Consumable Fuels — 4.6%** |  |  |
| Antero Midstream Corp. | 14219 | 252956 |
| Antero Resources Corp.<sup>(1)</sup> | 10901 | 347960 |
| APA Corp. | 13397 | 311078 |
| Chord Energy Corp. | 1896 | 208351 |
| ConocoPhillips | 2 | 198 |
| Coterra Energy, Inc. | 28240 | 690186 |
| Devon Energy Corp. | 25433 | 918131 |
| DT Midstream, Inc. | 2995 | 312019 |
| EQT Corp. | 19161 | 993306 |
| Expand Energy Corp. | 9560 | 925217 |
| Hess Midstream LP, Class A | 2962 | 122034 |
| HF Sinclair Corp. | 6229 | 316932 |
| Matador Resources Co. | 5186 | 261167 |
| ONEOK, Inc. | 1 | 76 |
| Ovintiv, Inc. | 11930 | 502492 |
| Permian Resources Corp. | 23699 | 338659 |
| Range Resources Corp. | 9807 | 336086 |
| Targa Resources Corp. | 6764 | 1134729 |
| Texas Pacific Land Corp. | 662 | 617964 |
| Valero Energy Corp. | 6079 | 924069 |
| Viper Energy, Inc., Class A | 2366 | 94273 |
|  |  | 9607883 |
| **Passenger Airlines — 1.5%** |  |  |
| Delta Air Lines, Inc. | 16599 | 1025486 |
| Southwest Airlines Co. | 19775 | 650598 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 13515 | 1419075 |
|  |  | 3095159 |
| **Personal Care Products — 0.4%** |  |  |
| Estee Lauder Cos., Inc., Class A | 4169 | 382422 |
| Kenvue, Inc. | 20245 | 419274 |
|  |  | 801696 |
| **Pharmaceuticals — 0.7%** |  |  |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 17227 | 316115 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 2461 | 314393 |
| Royalty Pharma PLC, Class A | 9972 | 358793 |
| Viatris, Inc. | 44339 | 467776 |
|  |  | 1457077 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Professional Services — 2.6%** | | |
| Booz Allen Hamilton Holding Corp. | 4228 | $459668 |
| Broadridge Financial Solutions, Inc. | 3801 | 971612 |
| Concentrix Corp. | 8 | 422 |
| Equifax, Inc. | 3266 | 804416 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 2269 | 99337 |
| Genpact Ltd. | 5267 | 238806 |
| KBR, Inc. | 4432 | 223639 |
| Leidos Holdings, Inc. | 3904 | 706312 |
| Paycom Software, Inc. | 1796 | 407961 |
| Paylocity Holding Corp.<sup>(1)</sup> | 1467 | 262930 |
| Robert Half, Inc. | 3447 | 128642 |
| SS&C Technologies Holdings, Inc. | 3955 | 350650 |
| Verisk Analytics, Inc. | 2772 | 743229 |
|  |  | 5397624 |
| **Real Estate Management and Development — 1.1%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 4957 | 803629 |
| CoStar Group, Inc.<sup>(1)</sup> | 10076 | 901701 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 1138 | 347739 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 2387 | 201248 |
|  |  | 2254317 |
| **Semiconductors and Semiconductor Equipment — 2.2%** |  |  |
| Amkor Technology, Inc. | 3898 | 94293 |
| First Solar, Inc.<sup>(1)</sup> | 3075 | 600209 |
| GLOBALFOUNDRIES, Inc.<sup>(1)</sup> | 3116 | 104043 |
| Microchip Technology, Inc. | 2629 | 170885 |
| Monolithic Power Systems, Inc. | 997 | 833253 |
| ON Semiconductor Corp.<sup>(1)</sup> | 15572 | 772215 |
| Onto Innovation, Inc.<sup>(1)</sup> | 1554 | 164724 |
| Qorvo, Inc.<sup>(1)</sup> | 3428 | 310920 |
| Rambus, Inc.<sup>(1)</sup> | 2678 | 197556 |
| Skyworks Solutions, Inc. | 5720 | 428657 |
| Teradyne, Inc. | 5283 | 624662 |
| Universal Display Corp. | 1522 | 210934 |
|  |  | 4512351 |
| **Software — 1.1%** |  |  |
| ACI Worldwide, Inc.<sup>(1)</sup> | 2037 | 100526 |
| Bentley Systems, Inc., Class B | 5441 | 302792 |
| Bill Holdings, Inc.<sup>(1)</sup> | 1669 | 77475 |
| Docusign, Inc.<sup>(1)</sup> | 6380 | 489091 |
| Dolby Laboratories, Inc., Class A | 2154 | 154399 |
| Freshworks, Inc., Class A<sup>(1)</sup> | 111 | 1495 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 2226 | 479569 |
| Qualys, Inc.<sup>(1)</sup> | 120 | 16297 |
| UiPath, Inc., Class A<sup>(1)</sup> | 11098 | 123410 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 7332 | 596971 |
|  |  | 2342025 |
| **Specialty Retail — 3.0%** |  |  |
| AutoNation, Inc. | 901 | 197391 |
| Best Buy Co., Inc. | 7537 | 555025 |
| Burlington Stores, Inc.<sup>(1)</sup> | 1687 | 490377 |
| CarMax, Inc. | 5726 | 351290 |
| Chewy, Inc., Class A<sup>(1)</sup> | 3559 | 145777 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dick's Sporting Goods, Inc. | 1548 | $329414 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 3557 | 291389 |
| GameStop Corp., Class A<sup>(1)</sup> | 13909 | 311701 |
| Gap, Inc. | 10639 | 234164 |
| Lithia Motors, Inc. | 1019 | 343077 |
| Murphy USA, Inc. | 692 | 260538 |
| Penske Automotive Group, Inc. | 686 | 126505 |
| Tractor Supply Co. | 16518 | 1020152 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 1357 | 668635 |
| Williams-Sonoma, Inc. | 4736 | 891268 |
|  |  | 6216703 |
| **Technology Hardware, Storage and Peripherals — 1.8%** |  |  |
| Hewlett Packard Enterprise Co. | 43670 | 985632 |
| NetApp, Inc. | 7111 | 802050 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 11101 | 861548 |
| Super Micro Computer, Inc.<sup>(1)(2)</sup> | 8913 | 370246 |
| Western Digital Corp. | 8993 | 722498 |
|  |  | 3741974 |
| **Textiles, Apparel and Luxury Goods — 1.4%** |  |  |
| Crocs, Inc.<sup>(1)</sup> | 1595 | 139084 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 6092 | 728786 |
| Levi Strauss & Co., Class A | 4486 | 100352 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 2198 | 444436 |
| Ralph Lauren Corp. | 1386 | 411545 |
| Skechers USA, Inc., Class A<sup>(1)</sup> | 3616 | 228097 |
| Tapestry, Inc. | 6627 | 674761 |
| VF Corp. | 9698 | 146731 |
|  |  | 2873792 |
| **Trading Companies and Distributors — 0.8%** |  |  |
| Applied Industrial Technologies, Inc. | 1370 | 361105 |
| Core & Main, Inc., Class A<sup>(1)</sup> | 4820 | 311951 |
| MSC Industrial Direct Co., Inc., Class A | 319 | 28783 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 1477 | 211566 |
| Watsco, Inc. | 1014 | 408013 |
| WESCO International, Inc. | 1742 | 382961 |
|  |  | 1704379 |
| **Water Utilities — 0.1%** |  |  |
| American Water Works Co., Inc. | 1033 | 148246 |
| **TOTAL COMMON STOCKS**<br>(Cost $195,357,314) |  | **207560956** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 143371 | 143371 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 60795 | 60795 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $204,166) |  | **204166** |
| **TOTAL INVESTMENT SECURITIES — 99.9%**<br>(Cost $195,561,480) |  | **207765122** |
| **OTHER ASSETS AND LIABILITIES — 0.1%** |  | **184994** |
| **TOTAL NET ASSETS — 100.0%** |  | $**207950116** |

---

------

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 $481,602. 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 $518,349, which includes securities collateral of $457,554.

**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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.4%** | | |
| ATI, Inc.<sup>(1)</sup> | 15972 | $1238469 |
| BWX Technologies, Inc. | 9631 | 1560607 |
| Textron, Inc. | 10929 | 876069 |
|  |  | 3675145 |
| **Air Freight and Logistics — 0.7%** |  |  |
| CH Robinson Worldwide, Inc. | 1 | 129 |
| Expeditors International of Washington, Inc. | 15122 | 1822806 |
|  |  | 1822935 |
| **Automobile Components — 1.6%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 17302 | 1376028 |
| Autoliv, Inc. | 8228 | 1020848 |
| BorgWarner, Inc. | 27823 | 1189711 |
| Lear Corp. | 4914 | 540540 |
|  |  | 4127127 |
| **Automobiles — 0.9%** |  |  |
| Ford Motor Co. | 197032 | 2319067 |
| Thor Industries, Inc. | 151 | 16549 |
|  |  | 2335616 |
| **Banks — 5.6%** |  |  |
| Bank OZK | 9839 | 516252 |
| BOK Financial Corp. | 2020 | 225048 |
| Citizens Financial Group, Inc. | 7034 | 367738 |
| Comerica, Inc. | 14523 | 1025033 |
| Commerce Bancshares, Inc. | 11815 | 731821 |
| Cullen/Frost Bankers, Inc. | 6422 | 828631 |
| East West Bancorp, Inc. | 13107 | 1378070 |
| Fifth Third Bancorp | 52925 | 2422377 |
| First Citizens BancShares, Inc., Class A | 585 | 1160587 |
| Huntington Bancshares, Inc. | 120752 | 2150593 |
| KeyCorp | 26 | 504 |
| M&T Bank Corp. | 95 | 19158 |
| Popular, Inc. | 7843 | 985395 |
| Regions Financial Corp. | 631 | 17283 |
| Western Alliance Bancorp | 11836 | 1059914 |
| Wintrust Financial Corp. | 7018 | 963501 |
| Zions Bancorp NA | 15801 | 916616 |
|  |  | 14768521 |
| **Beverages — 1.5%** |  |  |
| Brown-Forman Corp., Class A | 1331 | 40396 |
| Brown-Forman Corp., Class B | 8341 | 249730 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 9334 | 586922 |
| Coca-Cola Consolidated, Inc. | 5510 | 645992 |
| Constellation Brands, Inc., Class A | 9953 | 1611789 |
| Molson Coors Beverage Co., Class B | 16852 | 850857 |
| National Beverage Corp. | 5 | 210 |
|  |  | 3985896 |
| **Biotechnology — 1.4%** |  |  |
| Alkermes PLC<sup>(1)</sup> | 4949 | 143373 |
| Biogen, Inc.<sup>(1)</sup> | 9612 | 1270899 |
| Exelixis, Inc.<sup>(1)</sup> | 29024 | 1086078 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| United Therapeutics Corp.<sup>(1)</sup> | 4315 | $1315039 |
|  |  | 3815389 |
| **Broadline Retail — 1.3%** |  |  |
| Coupang, Inc.<sup>(1)</sup> | 4 | 114 |
| Dillard's, Inc., Class A | 334 | 177982 |
| eBay, Inc. | 37158 | 3366887 |
|  |  | 3544983 |
| **Building Products — 2.7%** |  |  |
| A.O. Smith Corp. | 13510 | 963128 |
| AAON, Inc. | 663 | 54996 |
| Advanced Drainage Systems, Inc. | 8736 | 1257722 |
| Armstrong World Industries, Inc. | 2717 | 531907 |
| Carlisle Cos., Inc. | 550 | 212239 |
| Lennox International, Inc. | 2871 | 1601616 |
| Owens Corning | 8874 | 1332609 |
| Simpson Manufacturing Co., Inc. | 3779 | 722242 |
| Trex Co., Inc.<sup>(1)</sup> | 7458 | 459637 |
|  |  | 7136096 |
| **Capital Markets — 5.5%** |  |  |
| Carlyle Group, Inc. | 14400 | 929664 |
| LPL Financial Holdings, Inc. | 7130 | 2598742 |
| MarketAxess Holdings, Inc. | 984 | 180899 |
| Northern Trust Corp. | 17667 | 2319324 |
| Raymond James Financial, Inc. | 15671 | 2655294 |
| SEI Investments Co. | 6226 | 549631 |
| State Street Corp. | 22352 | 2569809 |
| Stifel Financial Corp. | 6068 | 699580 |
| T. Rowe Price Group, Inc. | 18903 | 2034341 |
|  |  | 14537284 |
| **Chemicals — 3.5%** |  |  |
| CF Industries Holdings, Inc. | 18839 | 1632023 |
| Dow, Inc. | 46462 | 1144359 |
| Eastman Chemical Co. | 3804 | 267573 |
| LyondellBasell Industries NV, Class A | 26289 | 1481385 |
| Mosaic Co. | 31814 | 1062588 |
| NewMarket Corp. | 741 | 612777 |
| Olin Corp. | 6 | 142 |
| PPG Industries, Inc. | 15999 | 1779569 |
| RPM International, Inc. | 10632 | 1332296 |
|  |  | 9312712 |
| **Commercial Services and Supplies — 0.0%** |  |  |
| Clean Harbors, Inc.<sup>(1)</sup> | 523 | 126676 |
| **Construction and Engineering — 2.5%** |  |  |
| Comfort Systems USA, Inc. | 3366 | 2367577 |
| Dycom Industries, Inc.<sup>(1)</sup> | 2753 | 695050 |
| EMCOR Group, Inc. | 4882 | 3026840 |
| Valmont Industries, Inc. | 1331 | 488637 |
|  |  | 6578104 |
| **Construction Materials — 0.3%** |  |  |
| Eagle Materials, Inc. | 3886 | 897277 |
| **Consumer Finance — 1.9%** |  |  |
| Ally Financial, Inc. | 29423 | 1207814 |
| Credit Acceptance Corp.<sup>(1)</sup> | 69 | 35516 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| OneMain Holdings, Inc. | 13831 | $855586 |
| Synchrony Financial | 36833 | 2811831 |
|  |  | 4910747 |
| **Consumer Staples Distribution & Retail — 3.7%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 13912 | 1358924 |
| Casey's General Stores, Inc. | 4044 | 1999839 |
| Dollar General Corp. | 20347 | 2212940 |
| Dollar Tree, Inc.<sup>(1)</sup> | 22241 | 2428050 |
| Kroger Co. | 3544 | 240425 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 10421 | 1464567 |
|  |  | 9704745 |
| **Containers and Packaging — 1.2%** |  |  |
| AptarGroup, Inc. | 1027 | 143030 |
| Ball Corp. | 260 | 13686 |
| Graphic Packaging Holding Co. | 31602 | 703777 |
| International Paper Co. | 2935 | 145811 |
| Packaging Corp. of America | 9431 | 2055581 |
| Sonoco Products Co. | 566 | 26743 |
|  |  | 3088628 |
| **Distributors — 0.1%** |  |  |
| Genuine Parts Co. | 1252 | 174441 |
| Pool Corp. | 247 | 76745 |
|  |  | 251186 |
| **Diversified Consumer Services — 0.4%** |  |  |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 1160 | 233821 |
| Stride, Inc.<sup>(1)</sup> | 5158 | 841734 |
|  |  | 1075555 |
| **Diversified Telecommunication Services — 0.2%** |  |  |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | 11510 | 426791 |
| **Electrical Equipment — 0.5%** |  |  |
| Acuity, Inc. | 515 | 168132 |
| Generac Holdings, Inc.<sup>(1)</sup> | 2652 | 491283 |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 9832 | 661300 |
|  |  | 1320715 |
| **Electronic Equipment, Instruments and Components — 2.1%** |  |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | 5814 | 734483 |
| Flex Ltd.<sup>(1)</sup> | 46506 | 2493652 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 66 | 8590 |
| Jabil, Inc. | 11648 | 2385860 |
| TD SYNNEX Corp. | 1 | 148 |
|  |  | 5622733 |
| **Energy Equipment and Services — 2.8%** |  |  |
| Baker Hughes Co. | 79760 | 3621104 |
| Halliburton Co. | 72942 | 1657972 |
| Patterson-UTI Energy, Inc. | 4 | 23 |
| Schlumberger NV | 10927 | 402551 |
| TechnipFMC PLC | 45070 | 1656773 |
| Valaris Ltd.<sup>(1)</sup> | 8 | 397 |
| Weatherford International PLC | 3 | 191 |
|  |  | 7339011 |
| **Entertainment — 0.0%** |  |  |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 3480 | 40507 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Financial Services — 1.4%** | | |
| Corebridge Financial, Inc. | 14945 | $519638 |
| Enact Holdings, Inc. | 2741 | 103199 |
| Equitable Holdings, Inc. | 31952 | 1701763 |
| Essent Group Ltd. | 9975 | 625831 |
| Jack Henry & Associates, Inc. | 15 | 2449 |
| MGIC Investment Corp. | 28493 | 792960 |
|  |  | 3745840 |
| **Food Products — 2.6%** |  |  |
| Archer-Daniels-Midland Co. | 42775 | 2679426 |
| Bunge Global SA | 3774 | 317846 |
| Cal-Maine Foods, Inc. | 1090 | 126048 |
| Hershey Co. | 11750 | 2159063 |
| Ingredion, Inc. | 7050 | 913257 |
| Lamb Weston Holdings, Inc. | 9163 | 527147 |
| Pilgrim's Pride Corp. | 3058 | 135928 |
|  |  | 6858715 |
| **Ground Transportation — 2.6%** |  |  |
| JB Hunt Transport Services, Inc. | 8158 | 1182829 |
| Landstar System, Inc. | 198 | 26201 |
| Lyft, Inc., Class A<sup>(1)</sup> | 41292 | 669756 |
| Old Dominion Freight Line, Inc. | 16604 | 2506706 |
| Ryder System, Inc. | 5069 | 950539 |
| Saia, Inc.<sup>(1)</sup> | 2974 | 881672 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 1015 | 58413 |
| U-Haul Holding Co. | 10389 | 542721 |
|  |  | 6818837 |
| **Health Care Equipment and Supplies — 2.2%** |  |  |
| Align Technology, Inc.<sup>(1)</sup> | 1806 | 256380 |
| Dexcom, Inc.<sup>(1)</sup> | 25008 | 1884103 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 259 | 15869 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 4476 | 2896375 |
| Masimo Corp.<sup>(1)</sup> | 6022 | 841333 |
|  |  | 5894060 |
| **Health Care Providers and Services — 1.2%** |  |  |
| Centene Corp.<sup>(1)</sup> | 48451 | 1407017 |
| Encompass Health Corp. | 7464 | 908817 |
| Ensign Group, Inc. | 1008 | 173154 |
| Universal Health Services, Inc., Class B | 4483 | 814023 |
|  |  | 3303011 |
| **Hotels, Restaurants and Leisure — 3.9%** |  |  |
| Boyd Gaming Corp. | 6636 | 569767 |
| Brinker International, Inc. | 3303 | 515202 |
| Carnival Corp.<sup>(1)</sup> | 105708 | 3371028 |
| Darden Restaurants, Inc. | 9780 | 2023873 |
| Las Vegas Sands Corp. | 26397 | 1521259 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 49965 | 1241131 |
| Texas Roadhouse, Inc. | 6713 | 1158328 |
|  |  | 10400588 |
| **Household Durables — 3.2%** |  |  |
| Lennar Corp., B Shares | 680 | 86482 |
| Lennar Corp., Class A | 13683 | 1821755 |
| Meritage Homes Corp. | 1 | 78 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mohawk Industries, Inc.<sup>(1)</sup> | 4513 | $598830 |
| NVR, Inc.<sup>(1)</sup> | 209 | 1696589 |
| PulteGroup, Inc. | 18571 | 2451743 |
| SharkNinja, Inc.<sup>(1)</sup> | 3776 | 441641 |
| Toll Brothers, Inc. | 9981 | 1387359 |
|  |  | 8484477 |
| **Independent Power and Renewable Electricity Producers — 0.8%** |  |  |
| AES Corp. | 27672 | 374679 |
| Clearway Energy, Inc., Class A | 486 | 13701 |
| Clearway Energy, Inc., Class C | 1494 | 44536 |
| Talen Energy Corp.<sup>(1)</sup> | 4297 | 1628219 |
|  |  | 2061135 |
| **Insurance — 9.7%** |  |  |
| American Financial Group, Inc. | 7494 | 1018135 |
| Arch Capital Group Ltd. | 29561 | 2705718 |
| Axis Capital Holdings Ltd. | 9290 | 915808 |
| CNA Financial Corp. | 609 | 30176 |
| Everest Group Ltd. | 432 | 147692 |
| Fidelity National Financial, Inc. | 3024 | 181047 |
| Globe Life, Inc. | 9426 | 1319169 |
| Hartford Insurance Group, Inc. | 31002 | 4101875 |
| Kinsale Capital Group, Inc. | 2298 | 1051220 |
| Loews Corp. | 13693 | 1325482 |
| Markel Group, Inc.<sup>(1)</sup> | 1055 | 2066808 |
| Old Republic International Corp. | 25906 | 1035463 |
| Primerica, Inc. | 3763 | 1013527 |
| Principal Financial Group, Inc. | 15265 | 1228985 |
| Prudential Financial, Inc. | 21232 | 2328301 |
| Reinsurance Group of America, Inc. | 6290 | 1225229 |
| RenaissanceRe Holdings Ltd. | 2761 | 670895 |
| Unum Group | 16394 | 1145285 |
| W.R. Berkley Corp. | 29033 | 2081376 |
|  |  | 25592191 |
| **IT Services — 0.2%** |  |  |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 14847 | 471986 |
| **Leisure Products — 0.2%** |  |  |
| Brunswick Corp. | 1 | 64 |
| Mattel, Inc.<sup>(1)</sup> | 30341 | 555240 |
|  |  | 555304 |
| **Life Sciences Tools and Services — 0.2%** |  |  |
| West Pharmaceutical Services, Inc. | 2041 | 504025 |
| **Machinery — 2.5%** |  |  |
| AGCO Corp. | 7914 | 856216 |
| Donaldson Co., Inc. | 14118 | 1124781 |
| Graco, Inc. | 420 | 35864 |
| Lincoln Electric Holdings, Inc. | 4761 | 1155161 |
| Middleby Corp.<sup>(1)</sup> | 177 | 24222 |
| Mueller Industries, Inc. | 11570 | 1110026 |
| Snap-on, Inc. | 4678 | 1521473 |
| Timken Co. | 3368 | 260110 |
| Toro Co. | 6565 | 532159 |
|  |  | 6620012 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Media — 0.9%** | | |
| Fox Corp., Class A | 27027 | $1613512 |
| Fox Corp., Class B | 14943 | 815141 |
| Paramount Skydance Corp., Class B<sup>(1)</sup> | 6076 | 89317 |
|  |  | 2517970 |
| **Metals and Mining — 2.9%** |  |  |
| Carpenter Technology Corp. | 4836 | 1164896 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 322 | 3461 |
| Commercial Metals Co. | 15090 | 870240 |
| Nucor Corp. | 16485 | 2451814 |
| Reliance, Inc. | 4047 | 1196536 |
| Steel Dynamics, Inc. | 14977 | 1960789 |
|  |  | 7647736 |
| **Oil, Gas and Consumable Fuels — 6.8%** |  |  |
| Antero Midstream Corp. | 40628 | 722772 |
| Antero Resources Corp.<sup>(1)</sup> | 684 | 21833 |
| APA Corp. | 32166 | 746895 |
| Chord Energy Corp. | 4737 | 520549 |
| Civitas Resources, Inc. | 4 | 147 |
| ConocoPhillips | 50 | 4949 |
| Coterra Energy, Inc. | 77748 | 1900186 |
| Devon Energy Corp. | 66995 | 2418519 |
| Diamondback Energy, Inc. | 186 | 27669 |
| EQT Corp. | 25047 | 1298436 |
| Expand Energy Corp. | 14225 | 1376695 |
| Hess Midstream LP, Class A | 8561 | 352713 |
| HF Sinclair Corp. | 6907 | 351428 |
| Magnolia Oil & Gas Corp., Class A | 1391 | 34608 |
| Matador Resources Co. | 13942 | 702119 |
| Murphy Oil Corp. | 239 | 5942 |
| New Fortress Energy, Inc. | 4 | 10 |
| ONEOK, Inc. | 140 | 10693 |
| Ovintiv, Inc. | 29635 | 1248226 |
| Permian Resources Corp. | 61085 | 872905 |
| Range Resources Corp. | 27962 | 958258 |
| SM Energy Co. | 6 | 171 |
| Targa Resources Corp. | 14714 | 2468421 |
| Texas Pacific Land Corp. | 6 | 5601 |
| Valero Energy Corp. | 12962 | 1970354 |
|  |  | 18020099 |
| **Passenger Airlines — 3.3%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 8282 | 519944 |
| Delta Air Lines, Inc. | 51166 | 3161036 |
| Southwest Airlines Co. | 45837 | 1508037 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 33020 | 3467100 |
|  |  | 8656117 |
| **Personal Care Products — 0.6%** |  |  |
| Estee Lauder Cos., Inc., Class A | 15966 | 1464561 |
| **Pharmaceuticals — 1.1%** |  |  |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 35439 | 650306 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 6907 | 882369 |
| Viatris, Inc. | 128397 | 1354588 |
|  |  | 2887263 |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Professional Services — 0.4%** | | |
| Clarivate PLC<sup>(1)</sup> | 40 | $174 |
| Paycom Software, Inc. | 4309 | 978790 |
| Paylocity Holding Corp.<sup>(1)</sup> | 1 | 179 |
| Robert Half, Inc. | 126 | 4702 |
|  |  | 983845 |
| **Semiconductors and Semiconductor Equipment — 1.5%** |  |  |
| Amkor Technology, Inc. | 8918 | 215727 |
| ON Semiconductor Corp.<sup>(1)</sup> | 37770 | 1873014 |
| Qorvo, Inc.<sup>(1)</sup> | 2646 | 239992 |
| Skyworks Solutions, Inc. | 16975 | 1272107 |
| Teradyne, Inc. | 3980 | 470595 |
|  |  | 4071435 |
| **Software — 0.7%** |  |  |
| InterDigital, Inc. | 1381 | 375231 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 5597 | 1205818 |
| Qualys, Inc.<sup>(1)</sup> | 1306 | 177368 |
|  |  | 1758417 |
| **Specialty Retail — 5.5%** |  |  |
| Best Buy Co., Inc. | 19877 | 1463742 |
| Burlington Stores, Inc.<sup>(1)</sup> | 4655 | 1353115 |
| CarMax, Inc. | 2910 | 178529 |
| Dick's Sporting Goods, Inc. | 4648 | 989094 |
| Five Below, Inc.<sup>(1)</sup> | 5270 | 764677 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 539 | 44155 |
| Gap, Inc. | 31329 | 689551 |
| Lithia Motors, Inc. | 1139 | 383479 |
| Murphy USA, Inc. | 2139 | 805333 |
| Tractor Supply Co. | 50601 | 3125118 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 4149 | 2044337 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 7297 | 489483 |
| Williams-Sonoma, Inc. | 11398 | 2144990 |
|  |  | 14475603 |
| **Textiles, Apparel and Luxury Goods — 2.4%** |  |  |
| Crocs, Inc.<sup>(1)</sup> | 26 | 2267 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 15926 | 1905227 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 9451 | 1910992 |
| Ralph Lauren Corp. | 4390 | 1303523 |
| Tapestry, Inc. | 11102 | 1130406 |
| VF Corp. | 9834 | 148789 |
|  |  | 6401204 |
| **Trading Companies and Distributors — 1.2%** |  |  |
| Air Lease Corp. | 11251 | 677423 |
| Applied Industrial Technologies, Inc. | 3190 | 840820 |
| Fastenal Co. | 728 | 36152 |
| FTAI Aviation Ltd. | 5381 | 827867 |
| Herc Holdings, Inc. | 35 | 4578 |
| MSC Industrial Direct Co., Inc., Class A | 24 | 2166 |
| WESCO International, Inc. | 3398 | 747016 |
|  |  | 3136022 |
| **TOTAL COMMON STOCKS**<br>(Cost $240,751,054) |  | **263774832** |

---

------

Schedule of Investments - Avantis U.S. Mid Cap Value ETF

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 0.2%** | **Shares** | **Value** |
| **Money Market Funds — 0.2%** | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 348617 | $348617 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 44709 | 44709 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $393,326) |  | **393326** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $241,144,380) |  | **264168158** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **6376** |
| **TOTAL NET ASSETS — 100.0%** |  | $**264174534** |

---

**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 $43,796. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $44,709.

**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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.9%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.4%** | | |
| Astronics Corp.<sup>(1)</sup> | 1404 | $51063 |
| ATI, Inc.<sup>(1)</sup> | 3056 | 236962 |
| Axon Enterprise, Inc.<sup>(1)</sup> | 30 | 22419 |
| Boeing Co.<sup>(1)</sup> | 1487 | 348969 |
| BWX Technologies, Inc. | 2751 | 445772 |
| General Electric Co. | 1891 | 520403 |
| Howmet Aerospace, Inc. | 77 | 13406 |
| L3Harris Technologies, Inc. | 135 | 37479 |
| Lockheed Martin Corp. | 35 | 15947 |
| Northrop Grumman Corp. | 36 | 21241 |
| Textron, Inc. | 255 | 20441 |
| TransDigm Group, Inc. | 36 | 50360 |
| Woodward, Inc. | 1124 | 277426 |
|  |  | 2061888 |
| **Air Freight and Logistics — 0.0%** |  |  |
| Expeditors International of Washington, Inc. | 123 | 14826 |
| **Automobile Components — 0.3%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 51 | 4056 |
| Gentherm, Inc.<sup>(1)</sup> | 262 | 9634 |
| Patrick Industries, Inc. | 1654 | 185000 |
| Phinia, Inc. | 525 | 30702 |
| Visteon Corp. | 1102 | 136604 |
| XPEL, Inc.<sup>(1)</sup> | 335 | 12448 |
|  |  | 378444 |
| **Automobiles — 1.0%** |  |  |
| Ford Motor Co. | 456 | 5367 |
| General Motors Co. | 309 | 18104 |
| Harley-Davidson, Inc. | 340 | 9901 |
| Tesla, Inc.<sup>(1)</sup> | 4472 | 1493067 |
| Thor Industries, Inc. | 172 | 18851 |
|  |  | 1545290 |
| **Banks — 0.4%** |  |  |
| Bank of America Corp. | 7947 | 403231 |
| Citigroup, Inc. | 735 | 70979 |
| Citizens Financial Group, Inc. | 722 | 37746 |
| Comerica, Inc. | 54 | 3811 |
| Huntington Bancshares, Inc. | 95 | 1692 |
| M&T Bank Corp. | 35 | 7058 |
| PNC Financial Services Group, Inc. | 66 | 13691 |
| Truist Financial Corp. | 441 | 20648 |
| U.S. Bancorp | 416 | 20313 |
| Zions Bancorp NA | 251 | 14561 |
|  |  | 593730 |
| **Beverages — 0.6%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 526 | 116293 |
| Coca-Cola Co. | 3788 | 261334 |
| Molson Coors Beverage Co., Class B | 31 | 1565 |
| Monster Beverage Corp.<sup>(1)</sup> | 5132 | 320288 |
| PepsiCo, Inc. | 950 | 141218 |
|  |  | 840698 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Biotechnology — 0.4%** | | |
| Alkermes PLC<sup>(1)</sup> | 1225 | $35488 |
| Amgen, Inc. | 157 | 45171 |
| Arcellx, Inc.<sup>(1)</sup> | 321 | 22274 |
| Bridgebio Pharma, Inc.<sup>(1)</sup> | 3016 | 156108 |
| Gilead Sciences, Inc. | 1326 | 149798 |
| Krystal Biotech, Inc.<sup>(1)</sup> | 56 | 8271 |
| Regeneron Pharmaceuticals, Inc. | 14 | 8130 |
| United Therapeutics Corp.<sup>(1)</sup> | 183 | 55771 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 379 | 148197 |
|  |  | 629208 |
| **Broadline Retail — 8.0%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 46812 | 10719948 |
| eBay, Inc. | 196 | 17759 |
| Etsy, Inc.<sup>(1)</sup> | 593 | 31435 |
| Macy's, Inc. | 391 | 5173 |
| MercadoLibre, Inc.<sup>(1)</sup> | 492 | 1216672 |
|  |  | 11990987 |
| **Building Products — 0.6%** |  |  |
| Allegion PLC | 64 | 10867 |
| Carrier Global Corp. | 444 | 28949 |
| Fortune Brands Innovations, Inc. | 25 | 1463 |
| Janus International Group, Inc.<sup>(1)</sup> | 1208 | 12503 |
| Johnson Controls International PLC | 205 | 21912 |
| Lennox International, Inc. | 665 | 370977 |
| Masterbrand, Inc.<sup>(1)</sup> | 33 | 419 |
| Simpson Manufacturing Co., Inc. | 530 | 101294 |
| Trane Technologies PLC | 868 | 360741 |
| Trex Co., Inc.<sup>(1)</sup> | 808 | 49797 |
| UFP Industries, Inc. | 11 | 1111 |
|  |  | 960033 |
| **Capital Markets — 1.5%** |  |  |
| Ameriprise Financial, Inc. | 676 | 348012 |
| Ares Management Corp., Class A | 76 | 13619 |
| Bank of New York Mellon Corp. | 1821 | 192298 |
| Blackrock, Inc. | 38 | 42831 |
| Blackstone, Inc. | 151 | 25881 |
| Cboe Global Markets, Inc. | 21 | 4955 |
| Charles Schwab Corp. | 2431 | 232987 |
| CME Group, Inc. | 120 | 31981 |
| FactSet Research Systems, Inc. | 11 | 4107 |
| Goldman Sachs Group, Inc. | 65 | 48441 |
| KKR & Co., Inc. | 291 | 40592 |
| LPL Financial Holdings, Inc. | 623 | 227071 |
| Moody's Corp. | 939 | 478665 |
| MSCI, Inc. | 124 | 70397 |
| Nasdaq, Inc. | 360 | 34106 |
| Raymond James Financial, Inc. | 138 | 23383 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 3374 | 350997 |
| S&P Global, Inc. | 212 | 116269 |
| State Street Corp. | 133 | 15291 |
|  |  | 2301883 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Chemicals — 0.7%** | | |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 2463 | $76994 |
| Chemours Co. | 730 | 11242 |
| Corteva, Inc. | 87 | 6455 |
| DuPont de Nemours, Inc. | 314 | 24153 |
| Ecolab, Inc. | 80 | 22163 |
| Linde PLC | 255 | 121964 |
| LyondellBasell Industries NV, Class A | 29 | 1634 |
| Mosaic Co. | 153 | 5110 |
| NewMarket Corp. | 310 | 256358 |
| Olin Corp. | 991 | 23447 |
| PPG Industries, Inc. | 14 | 1557 |
| Scotts Miracle-Gro Co. | 314 | 19223 |
| Sherwin-Williams Co. | 1269 | 464238 |
|  |  | 1034538 |
| **Commercial Services and Supplies — 0.7%** |  |  |
| Cintas Corp. | 1939 | 407248 |
| Copart, Inc.<sup>(1)</sup> | 7189 | 350895 |
| GEO Group, Inc.<sup>(1)</sup> | 962 | 19952 |
| Republic Services, Inc. | 126 | 29480 |
| Rollins, Inc. | 2634 | 148927 |
| Veralto Corp. | 31 | 3292 |
| Waste Management, Inc. | 180 | 40750 |
|  |  | 1000544 |
| **Communications Equipment — 0.7%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 3144 | 429313 |
| F5, Inc.<sup>(1)</sup> | 12 | 3758 |
| Motorola Solutions, Inc. | 1264 | 597189 |
| Viasat, Inc.<sup>(1)</sup> | 1670 | 53991 |
|  |  | 1084251 |
| **Construction and Engineering — 1.2%** |  |  |
| Argan, Inc. | 456 | 104068 |
| Centuri Holdings, Inc.<sup>(1)</sup> | 279 | 5926 |
| Comfort Systems USA, Inc. | 282 | 198353 |
| Dycom Industries, Inc.<sup>(1)</sup> | 1039 | 262316 |
| EMCOR Group, Inc. | 1125 | 697500 |
| Fluor Corp.<sup>(1)</sup> | 576 | 23628 |
| Granite Construction, Inc. | 1828 | 196967 |
| Limbach Holdings, Inc.<sup>(1)</sup> | 168 | 19246 |
| Quanta Services, Inc. | 587 | 221863 |
|  |  | 1729867 |
| **Construction Materials — 0.2%** |  |  |
| CRH PLC | 147 | 16604 |
| Eagle Materials, Inc. | 757 | 174791 |
| Martin Marietta Materials, Inc. | 50 | 30820 |
| U.S. Lime & Minerals, Inc. | 317 | 39916 |
| Vulcan Materials Co. | 348 | 101324 |
|  |  | 363455 |
| **Consumer Finance — 0.1%** |  |  |
| American Express Co. | 242 | 80170 |
| Capital One Financial Corp. | 183 | 41581 |
| Synchrony Financial | 202 | 15421 |
|  |  | 137172 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Consumer Staples Distribution & Retail — 2.8%** | | |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 633 | $61831 |
| Costco Wholesale Corp. | 3460 | 3263887 |
| Dollar General Corp. | 53 | 5764 |
| Kroger Co. | 322 | 21845 |
| Performance Food Group Co.<sup>(1)</sup> | 69 | 6997 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 2135 | 300053 |
| Walmart, Inc. | 5904 | 572570 |
|  |  | 4232947 |
| **Containers and Packaging — 0.2%** |  |  |
| AptarGroup, Inc. | 986 | 137320 |
| Ball Corp. | 164 | 8633 |
| Graphic Packaging Holding Co. | 4114 | 91619 |
| Sealed Air Corp. | 52 | 1688 |
|  |  | 239260 |
| **Distributors — 0.0%** |  |  |
| LKQ Corp. | 107 | 3490 |
| **Diversified Consumer Services — 0.5%** |  |  |
| ADT, Inc. | 1443 | 12569 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 1360 | 274135 |
| H&R Block, Inc. | 295 | 14853 |
| Stride, Inc.<sup>(1)</sup> | 1925 | 314141 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 2477 | 65863 |
|  |  | 681561 |
| **Diversified Telecommunication Services — 0.1%** |  |  |
| AT&T, Inc. | 938 | 27474 |
| Iridium Communications, Inc. | 2924 | 72778 |
| Verizon Communications, Inc. | 498 | 22027 |
|  |  | 122279 |
| **Electric Utilities — 0.5%** |  |  |
| American Electric Power Co., Inc. | 198 | 21982 |
| Constellation Energy Corp. | 613 | 188792 |
| Edison International | 24 | 1347 |
| Entergy Corp. | 189 | 16649 |
| Exelon Corp. | 766 | 33459 |
| FirstEnergy Corp. | 468 | 20414 |
| NRG Energy, Inc. | 3029 | 440902 |
| PG&E Corp. | 565 | 8633 |
| Southern Co. | 284 | 26213 |
| Xcel Energy, Inc. | 398 | 28811 |
|  |  | 787202 |
| **Electrical Equipment — 0.7%** |  |  |
| AMETEK, Inc. | 142 | 26242 |
| Atkore, Inc. | 274 | 15944 |
| Emerson Electric Co. | 264 | 34848 |
| Fluence Energy, Inc.<sup>(1)(2)</sup> | 806 | 5965 |
| GE Vernova, Inc. | 856 | 524702 |
| Generac Holdings, Inc.<sup>(1)</sup> | 239 | 44275 |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 281 | 18900 |
| Powell Industries, Inc. | 106 | 28213 |
| Preformed Line Products Co. | 34 | 6496 |
| Vertiv Holdings Co., Class A | 2406 | 306885 |
|  |  | 1012470 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electronic Equipment, Instruments and Components — 0.8%** | | |
| Amphenol Corp., Class A | 2044 | $222510 |
| CDW Corp. | 11 | 1812 |
| Corning, Inc. | 168 | 11261 |
| Daktronics, Inc.<sup>(1)</sup> | 2314 | 40148 |
| Flex Ltd.<sup>(1)</sup> | 11687 | 626657 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 990 | 128858 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 30 | 4903 |
| Littelfuse, Inc. | 511 | 132773 |
| Napco Security Technologies, Inc. | 1096 | 41703 |
| Ralliant Corp.<sup>(1)</sup> | 263 | 10996 |
| TE Connectivity PLC | 45 | 9293 |
| Vontier Corp. | 13 | 558 |
|  |  | 1231472 |
| **Energy Equipment and Services — 0.1%** |  |  |
| Baker Hughes Co. | 488 | 22155 |
| Halliburton Co. | 613 | 13934 |
| Schlumberger NV | 245 | 9026 |
| TechnipFMC PLC | 4519 | 166118 |
|  |  | 211233 |
| **Entertainment — 1.2%** |  |  |
| Electronic Arts, Inc. | 15 | 2579 |
| Liberty Media Corp.-Liberty Live, Class C<sup>(1)</sup> | 128 | 12465 |
| Netflix, Inc.<sup>(1)</sup> | 1408 | 1701216 |
|  |  | 1716260 |
| **Financial Services — 2.7%** |  |  |
| Affirm Holdings, Inc.<sup>(1)</sup> | 1338 | 118360 |
| Block, Inc.<sup>(1)</sup> | 632 | 50332 |
| Corpay, Inc.<sup>(1)</sup> | 8 | 2605 |
| Equitable Holdings, Inc. | 1902 | 101301 |
| Fiserv, Inc.<sup>(1)</sup> | 157 | 21694 |
| Mastercard, Inc., Class A | 1986 | 1182246 |
| Payoneer Global, Inc.<sup>(1)</sup> | 14113 | 98085 |
| PayPal Holdings, Inc.<sup>(1)</sup> | 57 | 4001 |
| Visa, Inc., Class A | 7100 | 2497638 |
| Western Union Co. | 3466 | 30050 |
|  |  | 4106312 |
| **Food Products — 0.0%** |  |  |
| Darling Ingredients, Inc.<sup>(1)</sup> | 879 | 29851 |
| General Mills, Inc. | 113 | 5574 |
| Hershey Co. | 31 | 5696 |
| Mondelez International, Inc., Class A | 156 | 9585 |
|  |  | 50706 |
| **Ground Transportation — 0.8%** |  |  |
| ArcBest Corp. | 230 | 16965 |
| Covenant Logistics Group, Inc. | 133 | 3209 |
| CSX Corp. | 518 | 16840 |
| Heartland Express, Inc. | 580 | 4982 |
| Landstar System, Inc. | 696 | 92102 |
| Lyft, Inc., Class A<sup>(1)</sup> | 6582 | 106760 |
| Norfolk Southern Corp. | 83 | 23238 |
| Old Dominion Freight Line, Inc. | 1520 | 229475 |
| Saia, Inc.<sup>(1)</sup> | 186 | 55142 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Uber Technologies, Inc.<sup>(1)</sup> | 5575 | $522656 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 15 | 863 |
| U-Haul Holding Co. | 135 | 7052 |
| Union Pacific Corp. | 370 | 82721 |
| XPO, Inc.<sup>(1)</sup> | 167 | 21660 |
|  |  | 1183665 |
| **Health Care Equipment and Supplies — 0.8%** |  |  |
| Align Technology, Inc.<sup>(1)</sup> | 112 | 15900 |
| Baxter International, Inc. | 480 | 11851 |
| Becton Dickinson & Co. | 34 | 6561 |
| Boston Scientific Corp.<sup>(1)</sup> | 1538 | 162259 |
| Dexcom, Inc.<sup>(1)</sup> | 3527 | 265724 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 704 | 57263 |
| GE HealthCare Technologies, Inc. | 258 | 19022 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 37 | 2267 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 518 | 335193 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 580 | 274511 |
| Penumbra, Inc.<sup>(1)</sup> | 25 | 6816 |
| Solventum Corp.<sup>(1)</sup> | 150 | 10964 |
| Stryker Corp. | 219 | 85719 |
|  |  | 1254050 |
| **Health Care Providers and Services — 0.2%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)</sup> | 285 | 6544 |
| Cardinal Health, Inc. | 20 | 2976 |
| Cencora, Inc. | 43 | 12539 |
| Centene Corp.<sup>(1)</sup> | 76 | 2207 |
| Cigna Group | 1 | 301 |
| Concentra Group Holdings Parent, Inc. | 895 | 21301 |
| CVS Health Corp. | 264 | 19312 |
| Ensign Group, Inc. | 187 | 32123 |
| HCA Healthcare, Inc. | 255 | 103010 |
| Labcorp Holdings, Inc. | 99 | 27521 |
| McKesson Corp. | 92 | 63171 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 26 | 4701 |
| Select Medical Holdings Corp. | 1110 | 14441 |
| Surgery Partners, Inc.<sup>(1)</sup> | 666 | 15111 |
| UnitedHealth Group, Inc. | 1 | 310 |
|  |  | 325568 |
| **Hotels, Restaurants and Leisure — 3.4%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 6773 | 78499 |
| Airbnb, Inc., Class A<sup>(1)</sup> | 2580 | 336767 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 892 | 29935 |
| Booking Holdings, Inc. | 31 | 173571 |
| Boyd Gaming Corp. | 3793 | 325667 |
| Brightstar Lottery PLC<sup>(2)</sup> | 833 | 13861 |
| Brinker International, Inc. | 1265 | 197315 |
| Carnival Corp.<sup>(1)</sup> | 4706 | 150074 |
| Cheesecake Factory, Inc.<sup>(2)</sup> | 3500 | 215110 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 15412 | 649462 |
| Choice Hotels International, Inc. | 82 | 9806 |
| Darden Restaurants, Inc. | 310 | 64151 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 80 | 19620 |
| Expedia Group, Inc. | 454 | 97519 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hilton Worldwide Holdings, Inc. | 7 | $1932 |
| Las Vegas Sands Corp. | 855 | 49274 |
| MGM Resorts International<sup>(1)</sup> | 268 | 10637 |
| Monarch Casino & Resort, Inc. | 842 | 87846 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 7476 | 185704 |
| Planet Fitness, Inc., Class A<sup>(1)</sup> | 248 | 25990 |
| Red Rock Resorts, Inc., Class A | 3972 | 245748 |
| Royal Caribbean Cruises Ltd. | 3504 | 1272723 |
| Starbucks Corp. | 214 | 18873 |
| Target Hospitality Corp.<sup>(1)</sup> | 117 | 1061 |
| Texas Roadhouse, Inc. | 2262 | 390308 |
| Travel & Leisure Co. | 2504 | 158278 |
| Wingstop, Inc. | 40 | 13125 |
| Wyndham Hotels & Resorts, Inc. | 109 | 9440 |
| Yum! Brands, Inc. | 1708 | 251025 |
|  |  | 5083321 |
| **Household Durables — 0.2%** |  |  |
| DR Horton, Inc. | 278 | 47115 |
| Garmin Ltd. | 37 | 8947 |
| Installed Building Products, Inc. | 434 | 113630 |
| Lennar Corp., B Shares | 1 | 127 |
| Lennar Corp., Class A | 51 | 6790 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 14 | 1858 |
| NVR, Inc.<sup>(1)</sup> | 1 | 8118 |
| PulteGroup, Inc. | 249 | 32873 |
|  |  | 219458 |
| **Household Products — 0.0%** |  |  |
| Church & Dwight Co., Inc. | 112 | 10434 |
| Colgate-Palmolive Co. | 336 | 28247 |
| Kimberly-Clark Corp. | 100 | 12914 |
|  |  | 51595 |
| **Independent Power and Renewable Electricity Producers — 0.4%** |  |  |
| Clearway Energy, Inc., Class A | 374 | 10543 |
| Clearway Energy, Inc., Class C | 349 | 10404 |
| Talen Energy Corp.<sup>(1)</sup> | 831 | 314883 |
| Vistra Corp. | 1459 | 275911 |
|  |  | 611741 |
| **Industrial Conglomerates — 0.1%** |  |  |
| 3M Co. | 654 | 101717 |
| **Insurance — 0.6%** |  |  |
| Aflac, Inc. | 248 | 26501 |
| Allstate Corp. | 33 | 6714 |
| American International Group, Inc. | 449 | 36513 |
| Aon PLC, Class A | 54 | 19818 |
| Assurant, Inc. | 36 | 7762 |
| Chubb Ltd. | 140 | 38510 |
| Globe Life, Inc. | 298 | 41705 |
| Hanover Insurance Group, Inc. | 125 | 21685 |
| Hartford Insurance Group, Inc. | 265 | 35062 |
| Loews Corp. | 76 | 7357 |
| Marsh & McLennan Cos., Inc. | 148 | 30460 |
| MetLife, Inc. | 209 | 17004 |
| Progressive Corp. | 1280 | 316237 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Prudential Financial, Inc. | 128 | $14036 |
| RenaissanceRe Holdings Ltd. | 673 | 163532 |
| Travelers Cos., Inc. | 33 | 8960 |
| W.R. Berkley Corp. | 145 | 10395 |
| Willis Towers Watson PLC | 110 | 35947 |
|  |  | 838198 |
| **Interactive Media and Services — 11.6%** |  |  |
| Alphabet, Inc., Class A | 27655 | 5888026 |
| Alphabet, Inc., Class C | 20963 | 4476229 |
| Cargurus, Inc.<sup>(1)</sup> | 2777 | 96084 |
| Match Group, Inc. | 626 | 23375 |
| Meta Platforms, Inc., Class A | 9333 | 6894287 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 36 | 1319 |
|  |  | 17379320 |
| **IT Services — 0.6%** |  |  |
| Akamai Technologies, Inc.<sup>(1)</sup> | 34 | 2690 |
| Applied Digital Corp.<sup>(1)</sup> | 2033 | 32487 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 219 | 45708 |
| Cognizant Technology Solutions Corp., Class A | 280 | 20230 |
| Gartner, Inc.<sup>(1)</sup> | 615 | 154482 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 1468 | 217719 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 10942 | 347846 |
| Okta, Inc.<sup>(1)</sup> | 76 | 7051 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 82 | 19570 |
|  |  | 847783 |
| **Leisure Products — 0.0%** |  |  |
| Brunswick Corp. | 323 | 20540 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 40 | 1328 |
|  |  | 21868 |
| **Life Sciences Tools and Services — 0.1%** |  |  |
| Agilent Technologies, Inc. | 129 | 16210 |
| Danaher Corp. | 150 | 30873 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 46 | 59848 |
| Thermo Fisher Scientific, Inc. | 12 | 5913 |
| Waters Corp.<sup>(1)</sup> | 13 | 3923 |
|  |  | 116767 |
| **Machinery — 0.8%** |  |  |
| Albany International Corp., Class A | 182 | 11559 |
| Atmus Filtration Technologies, Inc. | 2694 | 119937 |
| Blue Bird Corp.<sup>(1)</sup> | 1233 | 71995 |
| Caterpillar, Inc. | 555 | 232567 |
| Cummins, Inc. | 44 | 17531 |
| Dover Corp. | 192 | 34341 |
| Fortive Corp. | 224 | 10721 |
| Illinois Tool Works, Inc. | 121 | 32023 |
| Ingersoll Rand, Inc. | 223 | 17713 |
| Lincoln Electric Holdings, Inc. | 1073 | 260342 |
| Lindsay Corp. | 432 | 59283 |
| Middleby Corp.<sup>(1)</sup> | 75 | 10264 |
| Mueller Industries, Inc. | 1979 | 189865 |
| Oshkosh Corp. | 153 | 21324 |
| Otis Worldwide Corp. | 173 | 14944 |
| Parker-Hannifin Corp. | 20 | 15187 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| REV Group, Inc. | 1362 | $72472 |
| Snap-on, Inc. | 30 | 9757 |
| Stanley Black & Decker, Inc. | 1 | 74 |
| Wabash National Corp. | 198 | 2196 |
| Westinghouse Air Brake Technologies Corp. | 125 | 24187 |
| Xylem, Inc. | 248 | 35107 |
|  |  | 1263389 |
| **Media — 0.0%** |  |  |
| Comcast Corp., Class A | 721 | 24492 |
| News Corp., Class A | 84 | 2471 |
| News Corp., Class B | 83 | 2811 |
| Omnicom Group, Inc. | 114 | 8930 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 129 | 7051 |
|  |  | 45755 |
| **Metals and Mining — 0.6%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 319 | 47592 |
| Carpenter Technology Corp. | 958 | 230763 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 2009 | 21597 |
| Coeur Mining, Inc.<sup>(1)</sup> | 11720 | 154118 |
| Commercial Metals Co. | 7 | 404 |
| Freeport-McMoRan, Inc. | 8523 | 378421 |
| Newmont Corp. | 339 | 25221 |
| Nucor Corp. | 42 | 6247 |
| Steel Dynamics, Inc. | 67 | 8772 |
| Warrior Met Coal, Inc. | 167 | 10210 |
|  |  | 883345 |
| **Multi-Utilities — 0.1%** |  |  |
| CenterPoint Energy, Inc. | 140 | 5279 |
| CMS Energy Corp. | 360 | 25765 |
| DTE Energy Co. | 249 | 34026 |
| NiSource, Inc. | 651 | 27518 |
| Public Service Enterprise Group, Inc. | 128 | 10538 |
|  |  | 103126 |
| **Oil, Gas and Consumable Fuels — 1.5%** |  |  |
| APA Corp. | 627 | 14559 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 533 | 107522 |
| Cheniere Energy, Inc. | 4370 | 1056753 |
| Coterra Energy, Inc. | 394 | 9629 |
| DT Midstream, Inc. | 19 | 1979 |
| EOG Resources, Inc. | 122 | 15228 |
| EQT Corp. | 2439 | 126438 |
| Kinder Morgan, Inc. | 1243 | 33536 |
| Magnolia Oil & Gas Corp., Class A | 6234 | 155102 |
| Marathon Petroleum Corp. | 227 | 40794 |
| Matador Resources Co. | 4577 | 230498 |
| Occidental Petroleum Corp. | 67 | 3190 |
| ONEOK, Inc. | 397 | 30323 |
| PBF Energy, Inc., Class A | 838 | 22894 |
| Phillips 66 | 3 | 401 |
| Range Resources Corp. | 687 | 23544 |
| Targa Resources Corp. | 1744 | 292573 |
| Williams Cos., Inc. | 327 | 18927 |
|  |  | 2183890 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Paper and Forest Products — 0.1%** | | |
| Louisiana-Pacific Corp. | 1692 | $160926 |
| Sylvamo Corp. | 3 | 139 |
|  |  | 161065 |
| **Passenger Airlines — 0.0%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 88 | 5525 |
| Delta Air Lines, Inc. | 111 | 6857 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | 368 | 1803 |
| SkyWest, Inc.<sup>(1)</sup> | 14 | 1700 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 104 | 10920 |
|  |  | 26805 |
| **Pharmaceuticals — 1.1%** |  |  |
| Bristol-Myers Squibb Co. | 4367 | 206035 |
| Eli Lilly & Co. | 1714 | 1255642 |
| Merck & Co., Inc. | 1154 | 97075 |
| Viatris, Inc. | 508 | 5359 |
| Zoetis, Inc. | 543 | 84925 |
|  |  | 1649036 |
| **Professional Services — 0.3%** |  |  |
| Amentum Holdings, Inc.<sup>(1)</sup> | 2 | 50 |
| Automatic Data Processing, Inc. | 307 | 93343 |
| Broadridge Financial Solutions, Inc. | 65 | 16615 |
| CRA International, Inc. | 341 | 66072 |
| Dayforce, Inc.<sup>(1)</sup> | 30 | 2093 |
| Equifax, Inc. | 34 | 8374 |
| Jacobs Solutions, Inc. | 33 | 4826 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 1331 | 14748 |
| Paychex, Inc. | 38 | 5299 |
| SS&C Technologies Holdings, Inc. | 203 | 17998 |
| Upwork, Inc.<sup>(1)</sup> | 4570 | 70332 |
| Verisk Analytics, Inc. | 465 | 124676 |
|  |  | 424426 |
| **Real Estate Management and Development — 0.1%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 244 | 39557 |
| CoStar Group, Inc.<sup>(1)</sup> | 283 | 25326 |
| Forestar Group, Inc.<sup>(1)</sup> | 46 | 1273 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 256 | 19525 |
| Marcus & Millichap, Inc. | 273 | 8897 |
|  |  | 94578 |
| **Semiconductors and Semiconductor Equipment — 18.1%** |  |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 3752 | 610188 |
| Analog Devices, Inc. | 119 | 29906 |
| Applied Materials, Inc. | 374 | 60124 |
| Broadcom, Inc. | 21212 | 6308237 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 827 | 94435 |
| First Solar, Inc.<sup>(1)</sup> | 336 | 65584 |
| KLA Corp. | 938 | 817936 |
| Microchip Technology, Inc. | 180 | 11700 |
| Monolithic Power Systems, Inc. | 4 | 3343 |
| NVIDIA Corp. | 108991 | 18984052 |
| NXP Semiconductors NV | 10 | 2349 |
| Photronics, Inc.<sup>(1)</sup> | 651 | 14758 |
| Power Integrations, Inc. | 100 | 4510 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| QUALCOMM, Inc. | 243 | $39057 |
| Texas Instruments, Inc. | 175 | 35434 |
|  |  | 27081613 |
| **Software — 16.4%** |  |  |
| A10 Networks, Inc. | 5308 | 94005 |
| Adobe, Inc.<sup>(1)</sup> | 1142 | 407351 |
| AppLovin Corp., Class A<sup>(1)</sup> | 1248 | 597280 |
| Autodesk, Inc.<sup>(1)</sup> | 779 | 245151 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 129 | 45205 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 661 | 280066 |
| Docusign, Inc.<sup>(1)</sup> | 1996 | 153013 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 990 | 28769 |
| Fair Isaac Corp.<sup>(1)</sup> | 3 | 4565 |
| Fortinet, Inc.<sup>(1)</sup> | 8596 | 677107 |
| HubSpot, Inc.<sup>(1)</sup> | 13 | 6281 |
| InterDigital, Inc. | 1013 | 275242 |
| Intuit, Inc. | 1385 | 923795 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 1197 | 257882 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 2957 | 47253 |
| Microsoft Corp. | 31018 | 15716510 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 2985 | 200622 |
| Oracle Corp. | 5515 | 1247107 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 7688 | 1204787 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 2549 | 485636 |
| Pegasystems, Inc. | 1649 | 89392 |
| Procore Technologies, Inc.<sup>(1)</sup> | 87 | 6047 |
| Qualys, Inc.<sup>(1)</sup> | 1956 | 265644 |
| Roper Technologies, Inc. | 63 | 33158 |
| Rubrik, Inc., Class A<sup>(1)</sup> | 374 | 33436 |
| Salesforce, Inc. | 372 | 95325 |
| ServiceNow, Inc.<sup>(1)</sup> | 610 | 559651 |
| Strategy, Inc., Class A<sup>(1)</sup> | 1541 | 515326 |
| Synopsys, Inc.<sup>(1)</sup> | 122 | 73629 |
| Tyler Technologies, Inc.<sup>(1)</sup> | 4 | 2252 |
| Workday, Inc., Class A<sup>(1)</sup> | 50 | 11541 |
| Yext, Inc.<sup>(1)</sup> | 2545 | 23134 |
|  |  | 24606162 |
| **Specialty Retail — 2.4%** |  |  |
| Arhaus, Inc.<sup>(1)</sup> | 667 | 7824 |
| AutoNation, Inc. | 404 | 88508 |
| AutoZone, Inc.<sup>(1)</sup> | 121 | 508022 |
| Best Buy Co., Inc. | 173 | 12740 |
| Burlington Stores, Inc.<sup>(1)</sup> | 1136 | 330212 |
| Camping World Holdings, Inc., Class A | 802 | 14043 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 865 | 70861 |
| Lowe's Cos., Inc. | 166 | 42838 |
| Murphy USA, Inc. | 641 | 241337 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 6643 | 688746 |
| Ross Stores, Inc. | 788 | 115962 |
| Signet Jewelers Ltd. | 2206 | 194238 |
| TJX Cos., Inc. | 5824 | 795617 |
| Tractor Supply Co. | 327 | 20196 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 944 | 465137 |

---

------

Schedule of Investments - Avantis U.S. Quality ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Wayfair, Inc., Class A<sup>(1)</sup> | 204 | $15218 |
|  |  | 3611499 |
| **Technology Hardware, Storage and Peripherals — 10.5%** |  |  |
| Apple, Inc. | 65713 | 15254616 |
| Hewlett Packard Enterprise Co. | 110 | 2483 |
| HP, Inc. | 173 | 4938 |
| NetApp, Inc. | 85 | 9587 |
| Sandisk Corp.<sup>(1)</sup> | 819 | 42973 |
| Seagate Technology Holdings PLC | 151 | 25277 |
| Super Micro Computer, Inc.<sup>(1)</sup> | 7478 | 310636 |
| Western Digital Corp. | 244 | 19603 |
|  |  | 15670113 |
| **Textiles, Apparel and Luxury Goods — 0.8%** |  |  |
| Capri Holdings Ltd.<sup>(1)</sup> | 244 | 5024 |
| Crocs, Inc.<sup>(1)</sup> | 1308 | 114058 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 1932 | 231125 |
| Kontoor Brands, Inc. | 2718 | 209965 |
| Levi Strauss & Co., Class A | 1422 | 31810 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 2393 | 483865 |
| Ralph Lauren Corp. | 273 | 81062 |
| Tapestry, Inc. | 692 | 70459 |
| Under Armour, Inc., Class A<sup>(1)</sup> | 2297 | 11485 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 1253 | 6165 |
|  |  | 1245018 |
| **Trading Companies and Distributors — 0.9%** |  |  |
| Applied Industrial Technologies, Inc. | 592 | 156039 |
| Boise Cascade Co. | 360 | 31320 |
| Fastenal Co. | 1933 | 95993 |
| Herc Holdings, Inc. | 1904 | 249024 |
| WESCO International, Inc. | 900 | 197856 |
| WW Grainger, Inc. | 667 | 676005 |
|  |  | 1406237 |
| **Water Utilities — 0.0%** |  |  |
| Essential Utilities, Inc. | 349 | 13789 |
| **Wireless Telecommunication Services — 0.0%** |  |  |
| T-Mobile U.S., Inc. | 110 | 27719 |
| **TOTAL COMMON STOCKS**<br>(Cost $130,644,631) |  | **149594622** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 94878 | 94878 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 135588 | 135588 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $230,466) |  | **230466** |
| **TOTAL INVESTMENT SECURITIES — 100.1%**<br>(Cost $130,875,097) |  | **149825088** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(96068)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**149729020** |

---

------

Schedule of Investments - Avantis U.S. Quality 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 $133,617. 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 $136,971, which includes securities collateral of $1,383.

**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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.9%** | | |
| AAR Corp.<sup>(1)</sup> | 26182 | $1980930 |
| AerSale Corp.<sup>(1)</sup> | 62296 | 537614 |
| Astronics Corp.<sup>(1)</sup> | 70078 | 2548737 |
| Cadre Holdings, Inc. | 20491 | 631328 |
| Ducommun, Inc.<sup>(1)</sup> | 31821 | 2902712 |
| Innovative Solutions & Support, Inc.<sup>(1)</sup> | 11976 | 155089 |
| National Presto Industries, Inc. | 12637 | 1324610 |
| Park Aerospace Corp. | 36620 | 686259 |
| Spirit AeroSystems Holdings, Inc., Class A<sup>(1)</sup> | 2 | 83 |
| V2X, Inc.<sup>(1)</sup> | 28284 | 1626330 |
| Virgin Galactic Holdings, Inc.<sup>(1)(2)</sup> | 19765 | 61469 |
| VSE Corp. | 25502 | 4141525 |
|  |  | 16596686 |
| **Air Freight and Logistics — 0.3%** |  |  |
| Forward Air Corp.<sup>(1)(2)</sup> | 16191 | 486216 |
| Hub Group, Inc., Class A | 131094 | 4905537 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 68082 | 440491 |
|  |  | 5832244 |
| **Automobile Components — 2.3%** |  |  |
| Adient PLC<sup>(1)</sup> | 185479 | 4599879 |
| American Axle & Manufacturing Holdings, Inc.<sup>(1)</sup> | 258587 | 1504976 |
| Dana, Inc. | 353138 | 7119262 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 60923 | 1762502 |
| Gentherm, Inc.<sup>(1)</sup> | 68610 | 2522790 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 286009 | 2425356 |
| Holley, Inc.<sup>(1)</sup> | 113894 | 463549 |
| LCI Industries | 50461 | 5319599 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 39254 | 584885 |
| Patrick Industries, Inc. | 11252 | 1258536 |
| Phinia, Inc. | 81751 | 4780798 |
| Solid Power, Inc.<sup>(1)</sup> | 136912 | 592829 |
| Standard Motor Products, Inc. | 45295 | 1757899 |
| Stoneridge, Inc.<sup>(1)</sup> | 68052 | 564832 |
| Strattec Security Corp.<sup>(1)</sup> | 7671 | 505289 |
| Visteon Corp. | 51961 | 6441085 |
| XPEL, Inc.<sup>(1)</sup> | 48132 | 1788585 |
|  |  | 43992651 |
| **Automobiles — 0.2%** |  |  |
| Faraday Future Intelligent Electric, Inc.<sup>(1)(2)</sup> | 76059 | 169612 |
| Harley-Davidson, Inc. | 19722 | 574305 |
| Winnebago Industries, Inc. | 60679 | 2183230 |
|  |  | 2927147 |
| **Banks — 17.6%** |  |  |
| 1st Source Corp. | 33944 | 2186672 |
| ACNB Corp. | 19631 | 889677 |
| Amalgamated Financial Corp. | 39829 | 1150660 |
| Amerant Bancorp, Inc. | 87646 | 1884389 |
| Ameris Bancorp | 253 | 18540 |
| Ames National Corp. | 1577 | 31508 |
| Arrow Financial Corp. | 32479 | 965601 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Banc of California, Inc. | 300203 | $5079435 |
| Bancorp, Inc.<sup>(1)</sup> | 34949 | 2664512 |
| Bank First Corp. | 23281 | 3024668 |
| Bank of Hawaii Corp. | 82367 | 5610840 |
| Bank of Marin Bancorp | 32013 | 785599 |
| Bank of NT Butterfield & Son Ltd. | 108281 | 4885639 |
| Bank7 Corp. | 7666 | 380310 |
| BankUnited, Inc. | 171491 | 6720732 |
| Bankwell Financial Group, Inc. | 3989 | 168655 |
| Banner Corp. | 74494 | 4993333 |
| Bar Harbor Bankshares | 33619 | 1084885 |
| BayCom Corp. | 12176 | 368446 |
| BCB Bancorp, Inc. | 17739 | 157877 |
| Berkshire Hills Bancorp, Inc. | 103312 | 2699543 |
| Blue Foundry Bancorp<sup>(1)</sup> | 12576 | 116831 |
| Blue Ridge Bankshares, Inc.<sup>(1)</sup> | 95287 | 382101 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 43514 | 712759 |
| Brookline Bancorp, Inc. | 201891 | 2210706 |
| Burke & Herbert Financial Services Corp. | 28644 | 1820613 |
| Business First Bancshares, Inc. | 62625 | 1566251 |
| BV Financial, Inc.<sup>(1)</sup> | 5786 | 97089 |
| Byline Bancorp, Inc. | 61213 | 1769668 |
| C&F Financial Corp. | 5152 | 370841 |
| California BanCorp<sup>(1)</sup> | 50635 | 852693 |
| Camden National Corp. | 36138 | 1477683 |
| Capital Bancorp, Inc. | 24402 | 829424 |
| Capital City Bank Group, Inc. | 30341 | 1330756 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 54212 | 1054966 |
| Central Pacific Financial Corp. | 61428 | 1923925 |
| Chemung Financial Corp. | 4131 | 222744 |
| ChoiceOne Financial Services, Inc. | 25588 | 789646 |
| Citizens & Northern Corp. | 5844 | 118049 |
| Citizens Financial Services, Inc. | 6995 | 419420 |
| City Holding Co. | 31988 | 4109818 |
| Civista Bancshares, Inc. | 36205 | 767184 |
| CNB Financial Corp. | 50711 | 1334206 |
| Coastal Financial Corp.<sup>(1)</sup> | 30591 | 3502670 |
| Colony Bankcorp, Inc. | 31693 | 544486 |
| Columbia Financial, Inc.<sup>(1)</sup> | 59933 | 900793 |
| Community Trust Bancorp, Inc. | 35586 | 2078934 |
| Community West Bancshares | 36146 | 770633 |
| ConnectOne Bancorp, Inc. | 108945 | 2788992 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 68173 | 4887322 |
| CVB Financial Corp. | 287306 | 5783470 |
| Dime Community Bancshares, Inc. | 93870 | 2887441 |
| Eagle Bancorp Montana, Inc. | 6757 | 118450 |
| Eagle Bancorp, Inc. | 70330 | 1365809 |
| Eastern Bankshares, Inc. | 267 | 4568 |
| Enterprise Financial Services Corp. | 80261 | 4915184 |
| Equity Bancshares, Inc., Class A | 35456 | 1437032 |
| Esquire Financial Holdings, Inc. | 17549 | 1721557 |
| Farmers & Merchants Bancorp, Inc. | 12317 | 325908 |
| Farmers National Banc Corp. | 81966 | 1244244 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| FB Bancorp, Inc.<sup>(1)</sup> | 8397 | $100596 |
| FB Financial Corp. | 88018 | 4724806 |
| Fidelity D&D Bancorp, Inc. | 374 | 16325 |
| Financial Institutions, Inc. | 42705 | 1181647 |
| Finward Bancorp | 229 | 7328 |
| First Bancorp, Inc. | 3204 | 87085 |
| First Bancorp/Southern Pines NC | 92124 | 5029049 |
| First Bank | 38308 | 644341 |
| First Busey Corp. | 193316 | 4774905 |
| First Business Financial Services, Inc. | 16202 | 847689 |
| First Commonwealth Financial Corp. | 230792 | 4096558 |
| First Community Bankshares, Inc. | 38326 | 1455621 |
| First Community Corp. | 10959 | 298852 |
| First Financial Bancorp | 206538 | 5469126 |
| First Financial Corp. | 26021 | 1535239 |
| First Financial Northwest, Inc.<sup>(1)</sup> | 9481 | 5309 |
| First Foundation, Inc.<sup>(1)</sup> | 151014 | 898533 |
| First Internet Bancorp | 16465 | 413518 |
| First Merchants Corp. | 131199 | 5447383 |
| First Mid Bancshares, Inc. | 46929 | 1897809 |
| First National Corp. | 908 | 21211 |
| First Savings Financial Group, Inc. | 3675 | 100769 |
| First United Corp. | 9268 | 346345 |
| First Western Financial, Inc.<sup>(1)</sup> | 9904 | 231357 |
| Firstsun Capital Bancorp<sup>(1)</sup> | 21416 | 814022 |
| Five Star Bancorp | 32303 | 1058569 |
| Flushing Financial Corp. | 71293 | 980992 |
| Franklin Financial Services Corp. | 3269 | 152662 |
| FS Bancorp, Inc. | 5085 | 217180 |
| FVCBankcorp, Inc. | 53 | 719 |
| GBank Financial Holdings, Inc.<sup>(1)(2)</sup> | 6915 | 274698 |
| German American Bancorp, Inc. | 73913 | 3088085 |
| Great Southern Bancorp, Inc. | 21029 | 1330925 |
| Greene County Bancorp, Inc. | 6323 | 151689 |
| Guaranty Bancshares, Inc. | 18488 | 908500 |
| Hanmi Financial Corp. | 72400 | 1821584 |
| Hanover Bancorp, Inc. | 1034 | 23317 |
| HarborOne Bancorp, Inc. | 19882 | 255683 |
| HBT Financial, Inc. | 22638 | 599681 |
| Heritage Commerce Corp. | 136126 | 1406182 |
| Heritage Financial Corp. | 77226 | 1887403 |
| Hilltop Holdings, Inc. | 104401 | 3662387 |
| Hingham Institution For Savings | 3743 | 1063536 |
| Home Bancorp, Inc. | 14245 | 801495 |
| HomeStreet, Inc.<sup>(1)</sup> | 16168 | 224250 |
| HomeTrust Bancshares, Inc. | 34327 | 1419765 |
| Hope Bancorp, Inc. | 274443 | 3054551 |
| Horizon Bancorp, Inc. | 97524 | 1644255 |
| Independent Bank Corp. | 10300 | 736553 |
| Independent Bank Corp. (Michigan) | 46962 | 1544580 |
| Investar Holding Corp. | 10080 | 236275 |
| Kearny Financial Corp. | 128770 | 869198 |
| Lakeland Financial Corp. | 55636 | 3808284 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LCNB Corp. | 59 | $955 |
| Live Oak Bancshares, Inc. | 78177 | 3024668 |
| MainStreet Bancshares, Inc. | 165 | 3737 |
| Mercantile Bank Corp. | 36463 | 1795803 |
| Meridian Corp. | 15399 | 242380 |
| Metrocity Bankshares, Inc. | 40513 | 1212959 |
| Metropolitan Bank Holding Corp. | 24954 | 1981098 |
| Mid Penn Bancorp, Inc. | 43046 | 1297406 |
| Middlefield Banc Corp. | 181 | 5557 |
| Midland States Bancorp, Inc. | 48389 | 891325 |
| MidWestOne Financial Group, Inc. | 32761 | 990693 |
| MVB Financial Corp. | 15543 | 379249 |
| National Bank Holdings Corp., Class A | 83729 | 3283851 |
| National Bankshares, Inc. | 27 | 846 |
| NB Bancorp, Inc. | 50429 | 952604 |
| NBT Bancorp, Inc. | 114688 | 5077238 |
| Nicolet Bankshares, Inc. | 30069 | 4158242 |
| Northeast Bank | 16871 | 1865258 |
| Northfield Bancorp, Inc. | 92989 | 1101920 |
| Northpointe Bancshares, Inc. | 4503 | 80243 |
| Northrim BanCorp, Inc. | 13210 | 1242136 |
| Northwest Bancshares, Inc. | 306053 | 3871570 |
| Norwood Financial Corp. | 172 | 4654 |
| Oak Valley Bancorp | 539 | 15356 |
| OceanFirst Financial Corp. | 128763 | 2367952 |
| OFG Bancorp | 104341 | 4669260 |
| Old Point Financial Corp. | 1442 | 60708 |
| Old Second Bancorp, Inc. | 105105 | 1940238 |
| OP Bancorp | 9347 | 135905 |
| Orange County Bancorp, Inc. | 16266 | 433977 |
| Origin Bancorp, Inc. | 68828 | 2676721 |
| Orrstown Financial Services, Inc. | 40535 | 1412645 |
| Pacific Premier Bancorp, Inc. | 213691 | 5233293 |
| Park National Corp. | 32706 | 5617910 |
| Parke Bancorp, Inc. | 2077 | 46836 |
| Pathward Financial, Inc. | 55060 | 4375618 |
| PCB Bancorp | 8830 | 195143 |
| Peapack-Gladstone Financial Corp. | 36481 | 1058314 |
| Peoples Bancorp of North Carolina, Inc. | 3058 | 96877 |
| Peoples Bancorp, Inc. | 78656 | 2433617 |
| Peoples Financial Services Corp. | 18839 | 987352 |
| Plumas Bancorp | 132 | 5727 |
| Ponce Financial Group, Inc.<sup>(1)</sup> | 15922 | 236282 |
| Preferred Bank | 28580 | 2697952 |
| Primis Financial Corp. | 50101 | 573656 |
| Provident Bancorp, Inc.<sup>(1)</sup> | 16617 | 213861 |
| Provident Financial Services, Inc. | 290781 | 5769095 |
| QCR Holdings, Inc. | 37770 | 2960413 |
| RBB Bancorp | 33167 | 670968 |
| Red River Bancshares, Inc. | 4731 | 309407 |
| Republic Bancorp, Inc., Class A | 21885 | 1679455 |
| Riverview Bancorp, Inc. | 12947 | 65512 |
| S&T Bancorp, Inc. | 86850 | 3431444 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Seacoast Banking Corp. of Florida | 190216 | $5917620 |
| Shore Bancshares, Inc. | 71055 | 1221435 |
| Sierra Bancorp | 28307 | 867893 |
| Simmons First National Corp., Class A | 284727 | 5916627 |
| SmartFinancial, Inc. | 32606 | 1201531 |
| South Plains Financial, Inc. | 28043 | 1139387 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 10915 | 492267 |
| Southern Missouri Bancorp, Inc. | 22049 | 1268589 |
| Southside Bancshares, Inc. | 65362 | 2041909 |
| SR Bancorp, Inc.<sup>(2)</sup> | 4308 | 64922 |
| Stellar Bancorp, Inc. | 101262 | 3131021 |
| Stock Yards Bancorp, Inc. | 68007 | 5488845 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 24689 | 983363 |
| Timberland Bancorp, Inc. | 4072 | 136208 |
| Tompkins Financial Corp. | 28791 | 2019401 |
| Towne Bank | 154415 | 5665486 |
| TriCo Bancshares | 61374 | 2787607 |
| Triumph Financial, Inc.<sup>(1)</sup> | 38600 | 2373514 |
| TrustCo Bank Corp. | 42454 | 1689245 |
| Trustmark Corp. | 126335 | 5087510 |
| Unity Bancorp, Inc. | 15471 | 809907 |
| Univest Financial Corp. | 64654 | 2047592 |
| USCB Financial Holdings, Inc. | 429 | 7460 |
| Veritex Holdings, Inc. | 121051 | 4158102 |
| Virginia National Bankshares Corp. | 550 | 22886 |
| WaFd, Inc. | 183199 | 5761609 |
| Washington Trust Bancorp, Inc. | 41618 | 1262274 |
| WesBanco, Inc. | 54350 | 1782680 |
| West BanCorp, Inc. | 3941 | 78662 |
| Westamerica Bancorporation | 57970 | 2899080 |
| Western New England Bancorp, Inc. | 13992 | 175460 |
| WSFS Financial Corp. | 13584 | 791811 |
|  |  | 334102597 |
| **Beverages — 0.2%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 10664 | 2357704 |
| MGP Ingredients, Inc. | 24184 | 715121 |
| Vita Coco Co., Inc.<sup>(1)</sup> | 2815 | 100608 |
| Zevia PBC, Class A<sup>(1)</sup> | 35933 | 100612 |
|  |  | 3274045 |
| **Biotechnology — 3.9%** |  |  |
| 4D Molecular Therapeutics, Inc.<sup>(1)</sup> | 51573 | 317690 |
| 89bio, Inc.<sup>(1)</sup> | 260001 | 2347809 |
| Absci Corp.<sup>(1)(2)</sup> | 83043 | 198473 |
| Adverum Biotechnologies, Inc.<sup>(1)(2)</sup> | 6843 | 21076 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | 126515 | 4770881 |
| Akebia Therapeutics, Inc.<sup>(1)</sup> | 296766 | 931845 |
| Akero Therapeutics, Inc.<sup>(1)</sup> | 224 | 10468 |
| Aldeyra Therapeutics, Inc.<sup>(1)</sup> | 31223 | 182342 |
| Alector, Inc.<sup>(1)</sup> | 4821 | 11329 |
| Aligos Therapeutics, Inc.<sup>(1)</sup> | 1427 | 15055 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 28339 | 265820 |
| Annexon, Inc.<sup>(1)</sup> | 226012 | 465585 |
| Apogee Therapeutics, Inc.<sup>(1)</sup> | 2028 | 73758 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Arcturus Therapeutics Holdings, Inc.<sup>(1)</sup> | 54007 | $918659 |
| Arcus Biosciences, Inc.<sup>(1)</sup> | 93236 | 987369 |
| Assembly Biosciences, Inc.<sup>(1)</sup> | 736 | 18179 |
| Astria Therapeutics, Inc.<sup>(1)</sup> | 65276 | 403406 |
| aTyr Pharma, Inc.<sup>(1)(2)</sup> | 728 | 3917 |
| Aura Biosciences, Inc.<sup>(1)</sup> | 38693 | 242218 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 217914 | 2612789 |
| Beam Therapeutics, Inc.<sup>(1)</sup> | 38162 | 624330 |
| Biomea Fusion, Inc.<sup>(1)(2)</sup> | 80 | 156 |
| Black Diamond Therapeutics, Inc.<sup>(1)(2)</sup> | 73842 | 203065 |
| C4 Therapeutics, Inc.<sup>(1)</sup> | 2274 | 5912 |
| Cardiff Oncology, Inc.<sup>(1)(2)</sup> | 542 | 1138 |
| CareDx, Inc.<sup>(1)</sup> | 70442 | 962238 |
| Caribou Biosciences, Inc.<sup>(1)</sup> | 57372 | 107286 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 210494 | 4334071 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 99527 | 2197556 |
| CervoMed, Inc.<sup>(1)</sup> | 2205 | 21212 |
| CG oncology, Inc.<sup>(1)</sup> | 88001 | 2360187 |
| Compass Therapeutics, Inc.<sup>(1)</sup> | 36340 | 126827 |
| Corbus Pharmaceuticals Holdings, Inc.<sup>(1)</sup> | 4374 | 40984 |
| Corvus Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 4500 | 25830 |
| Cullinan Therapeutics, Inc.<sup>(1)</sup> | 118701 | 895006 |
| Day One Biopharmaceuticals, Inc.<sup>(1)</sup> | 19519 | 146588 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 143077 | 2184786 |
| Design Therapeutics, Inc.<sup>(1)</sup> | 41456 | 229252 |
| DiaMedica Therapeutics, Inc.<sup>(1)(2)</sup> | 3243 | 18518 |
| Dianthus Therapeutics, Inc.<sup>(1)(2)</sup> | 54874 | 1293380 |
| Disc Medicine, Inc.<sup>(1)</sup> | 25352 | 1512120 |
| Dynavax Technologies Corp.<sup>(1)</sup> | 270378 | 2736225 |
| Dyne Therapeutics, Inc.<sup>(1)</sup> | 31383 | 423357 |
| Editas Medicine, Inc.<sup>(1)</sup> | 53613 | 137785 |
| Eledon Pharmaceuticals, Inc.<sup>(1)</sup> | 14047 | 36382 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 127954 | 1062018 |
| Enanta Pharmaceuticals, Inc.<sup>(1)</sup> | 46161 | 387752 |
| Engene Holdings, Inc.<sup>(1)</sup> | 4367 | 20176 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | 62920 | 344172 |
| Essa Pharma, Inc. | 46373 | 11130 |
| Genelux Corp.<sup>(1)(2)</sup> | 6212 | 20686 |
| GRAIL, Inc.<sup>(1)</sup> | 34867 | 1143289 |
| Gyre Therapeutics, Inc.<sup>(1)(2)</sup> | 2963 | 22934 |
| HilleVax, Inc.<sup>(1)(2)</sup> | 12633 | 26403 |
| Ideaya Biosciences, Inc.<sup>(1)</sup> | 162517 | 3989792 |
| Immuneering Corp., Class A<sup>(1)(2)</sup> | 23309 | 134027 |
| Immunome, Inc.<sup>(1)</sup> | 45211 | 429957 |
| Inhibrx Biosciences, Inc.<sup>(1)</sup> | 642 | 18104 |
| Inmune Bio, Inc.<sup>(1)(2)</sup> | 704 | 1429 |
| Instil Bio, Inc.<sup>(1)(2)</sup> | 6850 | 184950 |
| Intellia Therapeutics, Inc.<sup>(1)(2)</sup> | 220796 | 2507139 |
| Iovance Biotherapeutics, Inc.<sup>(1)</sup> | 12955 | 28890 |
| iTeos Therapeutics, Inc.<sup>(1)</sup> | 72319 | 734038 |
| Janux Therapeutics, Inc.<sup>(1)</sup> | 12320 | 279910 |
| Keros Therapeutics, Inc.<sup>(1)</sup> | 32036 | 487268 |
| Kodiak Sciences, Inc.<sup>(1)</sup> | 72488 | 655291 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Korro Bio, Inc.<sup>(1)(2)</sup> | 7961 | $183740 |
| Kura Oncology, Inc.<sup>(1)</sup> | 84952 | 671121 |
| Kymera Therapeutics, Inc.<sup>(1)</sup> | 2939 | 121087 |
| Kyverna Therapeutics, Inc.<sup>(1)(2)</sup> | 26461 | 98170 |
| Larimar Therapeutics, Inc.<sup>(1)</sup> | 78957 | 285824 |
| Lexeo Therapeutics, Inc.<sup>(1)</sup> | 25298 | 121177 |
| Lyell Immunopharma, Inc.<sup>(1)</sup> | 3470 | 38448 |
| MiMedx Group, Inc.<sup>(1)</sup> | 257482 | 1828122 |
| Mineralys Therapeutics, Inc.<sup>(1)</sup> | 1803 | 27910 |
| Monopar Therapeutics, Inc.<sup>(1)</sup> | 402 | 13728 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 124110 | 595728 |
| Myriad Genetics, Inc.<sup>(1)</sup> | 8503 | 54164 |
| Neurogene, Inc.<sup>(1)</sup> | 11329 | 209360 |
| Newamsterdam Pharma Co. NV<sup>(1)(2)</sup> | 88763 | 2134750 |
| Nkarta, Inc.<sup>(1)(2)</sup> | 90267 | 191366 |
| Nurix Therapeutics, Inc.<sup>(1)</sup> | 22462 | 209795 |
| Olema Pharmaceuticals, Inc.<sup>(1)</sup> | 41833 | 228408 |
| OnKure Therapeutics, Inc., Class A<sup>(1)</sup> | 4273 | 11751 |
| Organogenesis Holdings, Inc.<sup>(1)(2)</sup> | 150617 | 775678 |
| ORIC Pharmaceuticals, Inc.<sup>(1)</sup> | 109072 | 1115807 |
| Oruka Therapeutics, Inc.<sup>(1)</sup> | 25282 | 374174 |
| Perspective Therapeutics, Inc.<sup>(1)</sup> | 2524 | 8481 |
| Praxis Precision Medicines, Inc.<sup>(1)</sup> | 8764 | 399113 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | 2189 | 129260 |
| Protara Therapeutics, Inc.<sup>(1)</sup> | 58314 | 181940 |
| Prothena Corp. PLC<sup>(1)</sup> | 61912 | 507678 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | 95662 | 482136 |
| RAPT Therapeutics, Inc.<sup>(1)</sup> | 2789 | 31739 |
| Recursion Pharmaceuticals, Inc., Class A<sup>(1)</sup> | 316934 | 1489590 |
| REGENXBIO, Inc.<sup>(1)</sup> | 99282 | 886588 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 357208 | 1282377 |
| Replimune Group, Inc.<sup>(1)</sup> | 122030 | 658962 |
| Sagimet Biosciences, Inc., Class A<sup>(1)(2)</sup> | 51577 | 387343 |
| Savara, Inc.<sup>(1)(2)</sup> | 1747 | 5730 |
| Sera Prognostics, Inc., Class A<sup>(1)(2)</sup> | 5403 | 17452 |
| Seres Therapeutics, Inc.<sup>(1)(2)</sup> | 119 | 2254 |
| Solid Biosciences, Inc.<sup>(1)</sup> | 59302 | 324975 |
| Spero Therapeutics, Inc.<sup>(1)</sup> | 40219 | 83253 |
| Spyre Therapeutics, Inc.<sup>(1)(2)</sup> | 5500 | 90695 |
| Stoke Therapeutics, Inc.<sup>(1)(2)</sup> | 59784 | 1181332 |
| Tango Therapeutics, Inc.<sup>(1)(2)</sup> | 78391 | 526004 |
| Tectonic Therapeutic, Inc.<sup>(1)</sup> | 3817 | 97486 |
| Tonix Pharmaceuticals Holding Corp.<sup>(1)</sup> | 7604 | 225306 |
| Tourmaline Bio, Inc.<sup>(1)</sup> | 44075 | 1031355 |
| Tyra Biosciences, Inc.<sup>(1)</sup> | 32562 | 412561 |
| uniQure NV<sup>(1)</sup> | 52 | 849 |
| Upstream Bio, Inc.<sup>(1)</sup> | 49861 | 854119 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 117084 | 553807 |
| Vera Therapeutics, Inc.<sup>(1)</sup> | 312 | 6752 |
| Vir Biotechnology, Inc.<sup>(1)</sup> | 240371 | 1187433 |
| Viridian Therapeutics, Inc.<sup>(1)</sup> | 55414 | 1018509 |
| Vistagen Therapeutics, Inc.<sup>(1)</sup> | 32057 | 107070 |
| Vor BioPharma, Inc.<sup>(1)(2)</sup> | 17038 | 33565 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Voyager Therapeutics, Inc.<sup>(1)</sup> | 110665 | $371834 |
| Whitehawk Therapeutics, Inc.<sup>(1)</sup> | 938 | 1693 |
| XBiotech, Inc.<sup>(1)(2)</sup> | 13228 | 41800 |
| Xencor, Inc.<sup>(1)</sup> | 147885 | 1202305 |
| Y-mAbs Therapeutics, Inc.<sup>(1)</sup> | 8198 | 70093 |
| Zymeworks, Inc.<sup>(1)</sup> | 11492 | 170197 |
|  |  | 73266158 |
| **Broadline Retail — 0.3%** |  |  |
| 1stdibs.com, Inc.<sup>(1)</sup> | 13074 | 35823 |
| Contextlogic Holdings, Inc.<sup>(1)(2)</sup> | 50868 | 377440 |
| Groupon, Inc.<sup>(1)</sup> | 55368 | 1445105 |
| Kohl's Corp. | 252313 | 3799834 |
| Savers Value Village, Inc.<sup>(1)</sup> | 57826 | 699116 |
|  |  | 6357318 |
| **Building Products — 1.0%** |  |  |
| American Woodmark Corp.<sup>(1)</sup> | 31843 | 2056103 |
| Apogee Enterprises, Inc. | 47842 | 2103852 |
| AZZ, Inc. | 7289 | 822855 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 24775 | 1550667 |
| Insteel Industries, Inc. | 44738 | 1717044 |
| Janus International Group, Inc.<sup>(1)</sup> | 308056 | 3188380 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 188767 | 1206221 |
| Masterbrand, Inc.<sup>(1)</sup> | 275519 | 3501846 |
| Quanex Building Products Corp. | 95284 | 2026691 |
|  |  | 18173659 |
| **Capital Markets — 1.2%** |  |  |
| Acadian Asset Management, Inc. | 45946 | 2341868 |
| Diamond Hill Investment Group, Inc. | 6277 | 914935 |
| DigitalBridge Group, Inc. | 173116 | 1975254 |
| Donnelley Financial Solutions, Inc.<sup>(1)</sup> | 56998 | 3235776 |
| Forge Global Holdings, Inc.<sup>(1)</sup> | 11834 | 223071 |
| Oppenheimer Holdings, Inc., Class A | 23090 | 1675641 |
| P10, Inc., Class A | 82523 | 1018334 |
| Siebert Financial Corp.<sup>(1)</sup> | 1398 | 3817 |
| Silvercrest Asset Management Group, Inc., Class A | 5996 | 98274 |
| StoneX Group, Inc.<sup>(1)</sup> | 29281 | 2991640 |
| Virtus Investment Partners, Inc. | 14876 | 2996473 |
| WisdomTree, Inc.<sup>(2)</sup> | 316895 | 4312941 |
|  |  | 21788024 |
| **Chemicals — 2.9%** |  |  |
| AdvanSix, Inc. | 59872 | 1284853 |
| American Vanguard Corp.<sup>(1)</sup> | 52035 | 280989 |
| Arq, Inc.<sup>(1)</sup> | 73963 | 570994 |
| Ashland, Inc. | 73199 | 4110124 |
| Aspen Aerogels, Inc.<sup>(1)</sup> | 11444 | 78277 |
| Chemours Co. | 207230 | 3191342 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 12983 | 249274 |
| Ecovyst, Inc.<sup>(1)</sup> | 242097 | 2200662 |
| Flotek Industries, Inc.<sup>(1)(2)</sup> | 35820 | 433064 |
| Hawkins, Inc. | 40273 | 6738881 |
| Huntsman Corp. | 132501 | 1478711 |
| Ingevity Corp.<sup>(1)</sup> | 83085 | 4850502 |
| Innospec, Inc. | 49666 | 4350245 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Intrepid Potash, Inc.<sup>(1)</sup> | 29393 | $894429 |
| Koppers Holdings, Inc. | 44676 | 1294711 |
| Kronos Worldwide, Inc. | 44655 | 284899 |
| LSB Industries, Inc.<sup>(1)</sup> | 128367 | 1068013 |
| Mativ Holdings, Inc. | 123718 | 1555135 |
| Minerals Technologies, Inc. | 70807 | 4634318 |
| Northern Technologies International Corp. | 6234 | 46132 |
| Olin Corp. | 70590 | 1670159 |
| Orion SA | 121819 | 1285190 |
| Perimeter Solutions, Inc.<sup>(1)</sup> | 211728 | 4740590 |
| Quaker Chemical Corp. | 23555 | 3417124 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | 145232 | 808942 |
| Stepan Co. | 49561 | 2479537 |
| Tronox Holdings PLC, Class A | 272218 | 1165093 |
| Valhi, Inc. | 1690 | 27564 |
|  |  | 55189754 |
| **Commercial Services and Supplies — 2.0%** |  |  |
| ACCO Brands Corp. | 193974 | 779775 |
| Acme United Corp. | 4184 | 179996 |
| BrightView Holdings, Inc.<sup>(1)</sup> | 139976 | 2015654 |
| CECO Environmental Corp.<sup>(1)</sup> | 16809 | 766322 |
| Civeo Corp. | 27013 | 641559 |
| Deluxe Corp. | 96750 | 1902105 |
| Driven Brands Holdings, Inc.<sup>(1)</sup> | 112628 | 2074608 |
| Ennis, Inc. | 57498 | 1050488 |
| Enviri Corp.<sup>(1)</sup> | 97876 | 1105999 |
| Fuel Tech, Inc.<sup>(1)</sup> | 27531 | 80391 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 179022 | 2794533 |
| HNI Corp. | 100026 | 4495168 |
| Interface, Inc. | 131199 | 3505637 |
| Liquidity Services, Inc.<sup>(1)</sup> | 52039 | 1383717 |
| MillerKnoll, Inc. | 135182 | 2853692 |
| OPENLANE, Inc.<sup>(1)</sup> | 226178 | 6541068 |
| Perma-Fix Environmental Services, Inc.<sup>(1)(2)</sup> | 7758 | 92243 |
| Quad/Graphics, Inc. | 58479 | 389470 |
| Steelcase, Inc., Class A | 193096 | 3232427 |
| Team, Inc.<sup>(1)</sup> | 591 | 11377 |
| Vestis Corp. | 257617 | 1205648 |
| Virco Mfg. Corp.<sup>(2)</sup> | 29006 | 249742 |
|  |  | 37351619 |
| **Communications Equipment — 1.4%** |  |  |
| ADTRAN Holdings, Inc.<sup>(1)</sup> | 177074 | 1660954 |
| Applied Optoelectronics, Inc.<sup>(1)(2)</sup> | 18039 | 436544 |
| Aviat Networks, Inc.<sup>(1)</sup> | 26955 | 618887 |
| BK Technologies Corp.<sup>(1)</sup> | 6219 | 440181 |
| Clearfield, Inc.<sup>(1)</sup> | 27451 | 895452 |
| Digi International, Inc.<sup>(1)</sup> | 68430 | 2375890 |
| Harmonic, Inc.<sup>(1)</sup> | 147809 | 1421923 |
| KVH Industries, Inc.<sup>(1)</sup> | 4873 | 27435 |
| Lantronix, Inc.<sup>(1)</sup> | 51083 | 253627 |
| NETGEAR, Inc.<sup>(1)</sup> | 66472 | 1806044 |
| NetScout Systems, Inc.<sup>(1)</sup> | 118614 | 2952302 |
| Nokia OYJ, ADR<sup>(2)</sup> | 34460 | 148178 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ribbon Communications, Inc.<sup>(1)</sup> | 190942 | $779043 |
| Viasat, Inc.<sup>(1)</sup> | 250337 | 8093395 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 485547 | 5476970 |
|  |  | 27386825 |
| **Construction and Engineering — 1.6%** |  |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | 71137 | 1809014 |
| Argan, Inc. | 30602 | 6983988 |
| Centuri Holdings, Inc.<sup>(1)(2)</sup> | 59136 | 1256049 |
| Concrete Pumping Holdings, Inc. | 43728 | 304347 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 154134 | 1797202 |
| Limbach Holdings, Inc.<sup>(1)</sup> | 25857 | 2962178 |
| Matrix Service Co.<sup>(1)</sup> | 67539 | 1021865 |
| MYR Group, Inc.<sup>(1)</sup> | 30610 | 5732335 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 23959 | 1268868 |
| Orion Group Holdings, Inc.<sup>(1)</sup> | 86112 | 637229 |
| Tutor Perini Corp.<sup>(1)</sup> | 106185 | 6258544 |
|  |  | 30031619 |
| **Construction Materials — 0.0%** |  |  |
| Titan America SA<sup>(1)</sup> | 12863 | 199505 |
| **Consumer Finance — 1.7%** |  |  |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 10792 | 719826 |
| Bread Financial Holdings, Inc. | 109312 | 7235361 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | 2295 | 18337 |
| Encore Capital Group, Inc.<sup>(1)</sup> | 44811 | 1874892 |
| Enova International, Inc.<sup>(1)</sup> | 14180 | 1720034 |
| EZCORP, Inc., Class A<sup>(1)(2)</sup> | 124608 | 2077215 |
| Green Dot Corp., Class A<sup>(1)</sup> | 129724 | 1805758 |
| LendingClub Corp.<sup>(1)</sup> | 258976 | 4449208 |
| LendingTree, Inc.<sup>(1)</sup> | 25195 | 1712000 |
| Medallion Financial Corp. | 20020 | 211411 |
| Navient Corp. | 163874 | 2246713 |
| NerdWallet, Inc., Class A<sup>(1)</sup> | 64336 | 665234 |
| Oportun Financial Corp.<sup>(1)</sup> | 78532 | 519097 |
| OppFi, Inc. | 57061 | 582593 |
| PRA Group, Inc.<sup>(1)</sup> | 86127 | 1471911 |
| PROG Holdings, Inc. | 89450 | 3152218 |
| Regional Management Corp. | 16813 | 737082 |
| World Acceptance Corp.<sup>(1)</sup> | 7134 | 1222982 |
|  |  | 32421872 |
| **Consumer Staples Distribution & Retail — 1.5%** |  |  |
| Andersons, Inc. | 73545 | 3007990 |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 87735 | 5539588 |
| Grocery Outlet Holding Corp.<sup>(1)</sup> | 144624 | 2619141 |
| HF Foods Group, Inc.<sup>(1)</sup> | 11246 | 36887 |
| Ingles Markets, Inc., Class A | 33422 | 2262335 |
| Natural Grocers by Vitamin Cottage, Inc. | 30907 | 1188374 |
| PriceSmart, Inc. | 44449 | 4767600 |
| SpartanNash Co. | 74740 | 2003032 |
| United Natural Foods, Inc.<sup>(1)</sup> | 149621 | 4231282 |
| Village Super Market, Inc., Class A | 22117 | 802405 |
| Weis Markets, Inc. | 39174 | 2806817 |
|  |  | 29265451 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Containers and Packaging — 0.6%** | | |
| Greif, Inc., Class A | 17447 | $1139464 |
| Greif, Inc., Class B | 1521 | 103854 |
| Myers Industries, Inc. | 87037 | 1456999 |
| O-I Glass, Inc.<sup>(1)</sup> | 360821 | 4687065 |
| TriMas Corp. | 84658 | 3273725 |
|  |  | 10661107 |
| **Distributors — 0.1%** |  |  |
| A-Mark Precious Metals, Inc. | 40407 | 945928 |
| Weyco Group, Inc. | 510 | 15453 |
|  |  | 961381 |
| **Diversified Consumer Services — 1.8%** |  |  |
| Adtalem Global Education, Inc.<sup>(1)</sup> | 6079 | 796045 |
| American Public Education, Inc.<sup>(1)</sup> | 39983 | 1206687 |
| Carriage Services, Inc. | 31113 | 1362127 |
| Coursera, Inc.<sup>(1)</sup> | 219012 | 2518638 |
| European Wax Center, Inc., Class A<sup>(1)</sup> | 56347 | 241729 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 223342 | 6137438 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 67272 | 1265386 |
| Matthews International Corp., Class A | 65933 | 1619974 |
| Mister Car Wash, Inc.<sup>(1)</sup> | 218212 | 1245991 |
| OneSpaWorld Holdings Ltd. | 213133 | 4810412 |
| Perdoceo Education Corp. | 149904 | 4907857 |
| Strategic Education, Inc. | 47649 | 3876246 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 123214 | 3276260 |
|  |  | 33264790 |
| **Diversified Telecommunication Services — 0.7%** |  |  |
| ATN International, Inc. | 24100 | 409700 |
| Bandwidth, Inc., Class A<sup>(1)</sup> | 3401 | 51015 |
| Cogent Communications Holdings, Inc. | 79060 | 3022464 |
| Globalstar, Inc.<sup>(1)</sup> | 31288 | 936450 |
| IDT Corp., Class B | 42884 | 2747578 |
| Iridium Communications, Inc. | 45036 | 1120946 |
| Liberty Latin America Ltd., Class A<sup>(1)</sup> | 62128 | 500752 |
| Liberty Latin America Ltd., Class C<sup>(1)</sup> | 283859 | 2338998 |
| Shenandoah Telecommunications Co. | 126982 | 1682511 |
|  |  | 12810414 |
| **Electric Utilities — 0.3%** |  |  |
| Genie Energy Ltd., Class B | 182 | 2785 |
| Hawaiian Electric Industries, Inc.<sup>(1)</sup> | 380322 | 4928973 |
|  |  | 4931758 |
| **Electrical Equipment — 0.9%** |  |  |
| Allient, Inc. | 35246 | 1599464 |
| Atkore, Inc. | 61229 | 3562916 |
| Espey Mfg. & Electronics Corp. | 2553 | 118612 |
| Fluence Energy, Inc.<sup>(1)(2)</sup> | 34546 | 255640 |
| FuelCell Energy, Inc.<sup>(1)</sup> | 7722 | 32432 |
| LSI Industries, Inc. | 55273 | 1267410 |
| Plug Power, Inc.<sup>(1)</sup> | 19348 | 30376 |
| Powell Industries, Inc. | 363 | 96616 |
| Preformed Line Products Co. | 6246 | 1193423 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 259478 | 1689202 |
| Sunrun, Inc.<sup>(1)</sup> | 292443 | 4670315 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | 70763 | $1876635 |
| Ultralife Corp.<sup>(1)</sup> | 13710 | 95216 |
| Vicor Corp.<sup>(1)</sup> | 10026 | 512429 |
|  |  | 17000686 |
| **Electronic Equipment, Instruments and Components — 2.6%** |  |  |
| 908 Devices, Inc.<sup>(1)(2)</sup> | 55485 | 346781 |
| Bel Fuse, Inc., Class A | 1831 | 209521 |
| Benchmark Electronics, Inc. | 74536 | 3025416 |
| Climb Global Solutions, Inc. | 8599 | 1062492 |
| Coda Octopus Group, Inc.<sup>(1)</sup> | 36 | 292 |
| CTS Corp. | 65516 | 2783775 |
| Daktronics, Inc.<sup>(1)</sup> | 98117 | 1702330 |
| ePlus, Inc. | 55378 | 4007706 |
| Frequency Electronics, Inc.<sup>(1)</sup> | 13484 | 434859 |
| IPG Photonics Corp.<sup>(1)</sup> | 27447 | 2245713 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 56463 | 1630087 |
| Knowles Corp.<sup>(1)</sup> | 183051 | 3908139 |
| Methode Electronics, Inc. | 71368 | 551675 |
| M-Tron Industries, Inc.<sup>(1)</sup> | 4252 | 191255 |
| Napco Security Technologies, Inc. | 79140 | 3011277 |
| nLight, Inc.<sup>(1)</sup> | 107261 | 3089117 |
| Ouster, Inc.<sup>(1)</sup> | 104530 | 2982241 |
| PC Connection, Inc. | 25648 | 1646858 |
| Powerfleet, Inc. NJ<sup>(1)(2)</sup> | 335 | 1564 |
| RF Industries Ltd.<sup>(1)</sup> | 7862 | 55152 |
| Richardson Electronics Ltd. | 23760 | 233561 |
| Rogers Corp.<sup>(1)</sup> | 40556 | 3182024 |
| ScanSource, Inc.<sup>(1)</sup> | 49117 | 2143957 |
| TTM Technologies, Inc.<sup>(1)</sup> | 139509 | 6217916 |
| Vishay Intertechnology, Inc. | 238221 | 3682897 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 27402 | 778765 |
|  |  | 49125370 |
| **Energy Equipment and Services — 2.7%** |  |  |
| Aris Water Solutions, Inc., Class A | 70929 | 1721447 |
| Atlas Energy Solutions, Inc.<sup>(2)</sup> | 149866 | 1754931 |
| Bristow Group, Inc.<sup>(1)</sup> | 57744 | 2223721 |
| Core Laboratories, Inc.<sup>(2)</sup> | 94968 | 1093082 |
| DMC Global, Inc.<sup>(1)</sup> | 38675 | 259122 |
| Energy Services of America Corp.<sup>(2)</sup> | 10451 | 106496 |
| Expro Group Holdings NV<sup>(1)</sup> | 231734 | 2889723 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | 26952 | 712880 |
| Geospace Technologies Corp.<sup>(1)</sup> | 22408 | 444127 |
| Gulf Island Fabrication, Inc.<sup>(1)</sup> | 5910 | 39952 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 326062 | 2148749 |
| Helmerich & Payne, Inc. | 127964 | 2673168 |
| Innovex International, Inc.<sup>(1)</sup> | 98553 | 1701025 |
| KLX Energy Services Holdings, Inc.<sup>(1)(2)</sup> | 5428 | 10639 |
| Kodiak Gas Services, Inc. | 56622 | 2026501 |
| Liberty Energy, Inc., Class A | 319613 | 3595646 |
| Mammoth Energy Services, Inc.<sup>(1)</sup> | 3873 | 9179 |
| Nabors Industries Ltd.<sup>(1)(2)</sup> | 22778 | 849164 |
| Natural Gas Services Group, Inc. | 26588 | 695542 |
| Oceaneering International, Inc.<sup>(1)</sup> | 228412 | 5573253 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Oil States International, Inc.<sup>(1)</sup> | 143899 | $805834 |
| Patterson-UTI Energy, Inc. | 695226 | 4039263 |
| ProFrac Holding Corp., Class A<sup>(1)(2)</sup> | 39700 | 158800 |
| ProPetro Holding Corp.<sup>(1)</sup> | 203318 | 1036922 |
| Ranger Energy Services, Inc. | 33969 | 484738 |
| RPC, Inc. | 229255 | 1093546 |
| SEACOR Marine Holdings, Inc.<sup>(1)</sup> | 46955 | 300981 |
| Seadrill Ltd.<sup>(1)</sup> | 77473 | 2472163 |
| Select Water Solutions, Inc., Class A | 225107 | 1917912 |
| Smart Sand, Inc. | 4554 | 8835 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 279418 | 1313265 |
| Tidewater, Inc.<sup>(1)</sup> | 68366 | 4115633 |
| Transocean Ltd.<sup>(1)</sup> | 1010110 | 3060633 |
|  |  | 51336872 |
| **Entertainment — 0.4%** |  |  |
| Cineverse Corp.<sup>(1)</sup> | 11774 | 57575 |
| CuriosityStream, Inc. | 872 | 3994 |
| Eventbrite, Inc., Class A<sup>(1)</sup> | 2550 | 6757 |
| IMAX Corp.<sup>(1)</sup> | 105177 | 3003855 |
| Lionsgate Studios Corp.<sup>(1)</sup> | 72577 | 466670 |
| Marcus Corp. | 54386 | 839720 |
| Skillz, Inc.<sup>(1)(2)</sup> | 7386 | 65145 |
| Sphere Entertainment Co.<sup>(1)</sup> | 60530 | 2742614 |
| Starz Entertainment Corp.<sup>(1)</sup> | 960 | 12259 |
|  |  | 7198589 |
| **Financial Services — 2.3%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 67394 | 229814 |
| Alerus Financial Corp. | 47262 | 1052525 |
| AvidXchange Holdings, Inc.<sup>(1)</sup> | 278462 | 2767912 |
| Cannae Holdings, Inc. | 128297 | 2399154 |
| Cass Information Systems, Inc. | 29909 | 1289676 |
| EVERTEC, Inc. | 147774 | 5272576 |
| Federal Agricultural Mortgage Corp., Class C | 20563 | 4309388 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | 13092 | 349687 |
| Flywire Corp.<sup>(1)</sup> | 60651 | 797561 |
| International Money Express, Inc.<sup>(1)</sup> | 64235 | 931408 |
| loanDepot, Inc., Class A<sup>(1)(2)</sup> | 12916 | 27640 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 892573 | 5681227 |
| Merchants Bancorp | 47927 | 1553793 |
| NCR Atleos Corp.<sup>(1)</sup> | 159078 | 6302670 |
| NewtekOne, Inc. | 48427 | 599042 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 23455 | 922954 |
| Onity Group, Inc.<sup>(1)</sup> | 12336 | 510340 |
| Payoneer Global, Inc.<sup>(1)</sup> | 513835 | 3571153 |
| Paysafe Ltd.<sup>(1)</sup> | 71831 | 1013536 |
| Repay Holdings Corp.<sup>(1)</sup> | 99751 | 590526 |
| Velocity Financial, Inc.<sup>(1)</sup> | 15195 | 289921 |
| Walker & Dunlop, Inc. | 1354 | 115158 |
| Waterstone Financial, Inc. | 24285 | 364032 |
| Western Union Co. | 195242 | 1692748 |
|  |  | 42634441 |
| **Food Products — 1.5%** |  |  |
| Alico, Inc. | 12163 | 411596 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| B&G Foods, Inc. | 173348 | $781799 |
| Calavo Growers, Inc. | 38529 | 1053768 |
| Dole PLC | 133268 | 1961705 |
| Fresh Del Monte Produce, Inc. | 93504 | 3392325 |
| Hain Celestial Group, Inc.<sup>(1)</sup> | 115121 | 207218 |
| J&J Snack Foods Corp. | 27177 | 3032138 |
| John B Sanfilippo & Son, Inc. | 19080 | 1238292 |
| Lifeway Foods, Inc.<sup>(1)</sup> | 11433 | 348363 |
| Limoneira Co. | 34243 | 539670 |
| Mama's Creations, Inc.<sup>(1)</sup> | 88548 | 706613 |
| Mission Produce, Inc.<sup>(1)</sup> | 97456 | 1219175 |
| Seaboard Corp. | 294 | 1166945 |
| Seneca Foods Corp., Class A<sup>(1)(2)</sup> | 12529 | 1418283 |
| Tootsie Roll Industries, Inc.<sup>(2)</sup> | 30721 | 1235291 |
| TreeHouse Foods, Inc.<sup>(1)</sup> | 72539 | 1330365 |
| Utz Brands, Inc. | 134016 | 1798495 |
| Vital Farms, Inc.<sup>(1)</sup> | 73763 | 3768552 |
| WK Kellogg Co. | 144410 | 3309877 |
|  |  | 28920470 |
| **Gas Utilities — 0.2%** |  |  |
| Chesapeake Utilities Corp. | 5288 | 653491 |
| Northwest Natural Holding Co. | 93613 | 3887748 |
| RGC Resources, Inc. | 191 | 4248 |
| Star Group LP | 11720 | 136538 |
|  |  | 4682025 |
| **Ground Transportation — 0.6%** |  |  |
| ArcBest Corp. | 45205 | 3334321 |
| Covenant Logistics Group, Inc. | 36314 | 876257 |
| Heartland Express, Inc. | 102847 | 883456 |
| Marten Transport Ltd. | 132385 | 1567438 |
| PAMT Corp.<sup>(1)</sup> | 8 | 98 |
| Proficient Auto Logistics, Inc.<sup>(1)</sup> | 14910 | 117789 |
| Universal Logistics Holdings, Inc. | 14068 | 364924 |
| Werner Enterprises, Inc. | 136836 | 3947718 |
|  |  | 11092001 |
| **Health Care Equipment and Supplies — 2.7%** |  |  |
| AngioDynamics, Inc.<sup>(1)</sup> | 88375 | 906728 |
| AtriCure, Inc.<sup>(1)</sup> | 48894 | 1808589 |
| Avanos Medical, Inc.<sup>(1)</sup> | 100475 | 1199671 |
| Bioventus, Inc., Class A<sup>(1)</sup> | 77919 | 576601 |
| Butterfly Network, Inc.<sup>(1)(2)</sup> | 16807 | 27059 |
| CONMED Corp. | 66341 | 3606297 |
| CVRx, Inc.<sup>(1)(2)</sup> | 358 | 2810 |
| Dentsply Sirona, Inc. | 149323 | 2135319 |
| Electromed, Inc.<sup>(1)</sup> | 10908 | 269755 |
| Enovis Corp.<sup>(1)</sup> | 119655 | 3697339 |
| Haemonetics Corp.<sup>(1)</sup> | 41125 | 2242957 |
| ICU Medical, Inc.<sup>(1)</sup> | 5103 | 651449 |
| Inogen, Inc.<sup>(1)</sup> | 48644 | 388666 |
| Integra LifeSciences Holdings Corp.<sup>(1)</sup> | 72621 | 1098756 |
| iRadimed Corp. | 18109 | 1311816 |
| Kewaunee Scientific Corp.<sup>(1)</sup> | 3777 | 214118 |
| LeMaitre Vascular, Inc. | 37127 | 3540616 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LENSAR, Inc.<sup>(1)</sup> | 1009 | $12391 |
| LivaNova PLC<sup>(1)</sup> | 119757 | 6750702 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 4 | 362 |
| Microbot Medical, Inc.<sup>(1)</sup> | 15539 | 59204 |
| Neogen Corp.<sup>(1)</sup> | 122767 | 705910 |
| Novocure Ltd.<sup>(1)</sup> | 143465 | 1768923 |
| Omnicell, Inc.<sup>(1)</sup> | 94818 | 3090119 |
| OraSure Technologies, Inc.<sup>(1)</sup> | 153304 | 507436 |
| Orchestra BioMed Holdings, Inc.<sup>(1)</sup> | 3182 | 8687 |
| Orthofix Medical, Inc.<sup>(1)</sup> | 81944 | 1227521 |
| OrthoPediatrics Corp.<sup>(1)</sup> | 36446 | 778487 |
| Outset Medical, Inc.<sup>(1)</sup> | 20450 | 284460 |
| Pro-Dex, Inc.<sup>(1)(2)</sup> | 3140 | 147203 |
| Pulmonx Corp.<sup>(1)</sup> | 5982 | 10229 |
| QuidelOrtho Corp.<sup>(1)</sup> | 129809 | 3724220 |
| Semler Scientific, Inc.<sup>(1)(2)</sup> | 717 | 21252 |
| Sensus Healthcare, Inc.<sup>(1)(2)</sup> | 20030 | 67902 |
| Sight Sciences, Inc.<sup>(1)</sup> | 48929 | 198652 |
| STAAR Surgical Co.<sup>(1)</sup> | 26820 | 733795 |
| Surmodics, Inc.<sup>(1)</sup> | 87 | 2961 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 50602 | 673513 |
| UFP Technologies, Inc.<sup>(1)</sup> | 16106 | 3384837 |
| Utah Medical Products, Inc. | 6151 | 382654 |
| Varex Imaging Corp.<sup>(1)</sup> | 82402 | 951743 |
| Vicarious Surgical, Inc., Class A<sup>(1)(2)</sup> | 564 | 3446 |
| Zimvie, Inc.<sup>(1)</sup> | 60332 | 1139068 |
| Zynex, Inc.<sup>(1)</sup> | 8910 | 14612 |
|  |  | 50328835 |
| **Health Care Providers and Services — 2.3%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)</sup> | 98841 | 2269389 |
| AdaptHealth Corp.<sup>(1)</sup> | 225266 | 2137774 |
| Addus HomeCare Corp.<sup>(1)</sup> | 1979 | 227921 |
| AirSculpt Technologies, Inc.<sup>(1)(2)</sup> | 1733 | 11178 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 79852 | 1659325 |
| Ardent Health, Inc.<sup>(1)</sup> | 37084 | 470596 |
| Astrana Health, Inc.<sup>(1)</sup> | 29757 | 951034 |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | 534539 | 4115950 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 60002 | 1440648 |
| Clover Health Investments Corp.<sup>(1)</sup> | 572916 | 1501040 |
| Concentra Group Holdings Parent, Inc. | 210011 | 4998262 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 55175 | 738241 |
| DocGo, Inc.<sup>(1)</sup> | 5478 | 8546 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 46454 | 1029885 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 26070 | 281035 |
| Joint Corp.<sup>(1)</sup> | 18597 | 199732 |
| National HealthCare Corp. | 29405 | 3336879 |
| National Research Corp. | 35876 | 527018 |
| NeoGenomics, Inc.<sup>(1)</sup> | 20075 | 176259 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 8184 | 685737 |
| Owens & Minor, Inc.<sup>(1)</sup> | 168626 | 826267 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 194832 | 3353059 |
| Pennant Group, Inc.<sup>(1)</sup> | 4593 | 110278 |
| Premier, Inc., Class A | 206410 | 5346019 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Progyny, Inc.<sup>(1)</sup> | 187116 | $4429036 |
| Select Medical Holdings Corp. | 131055 | 1705026 |
| Surgery Partners, Inc.<sup>(1)</sup> | 23414 | 531264 |
| Talkspace, Inc.<sup>(1)</sup> | 137782 | 366500 |
|  |  | 43433898 |
| **Health Care Technology — 0.5%** |  |  |
| American Well Corp., Class A<sup>(1)</sup> | 5017 | 34617 |
| CareCloud, Inc.<sup>(1)</sup> | 784 | 3011 |
| Claritev Corp.<sup>(1)</sup> | 18293 | 1260571 |
| Definitive Healthcare Corp.<sup>(1)</sup> | 24164 | 97381 |
| Evolent Health, Inc., Class A<sup>(1)</sup> | 193211 | 1864486 |
| GoodRx Holdings, Inc., Class A<sup>(1)</sup> | 72635 | 315962 |
| Health Catalyst, Inc.<sup>(1)</sup> | 134768 | 456864 |
| HealthStream, Inc. | 54261 | 1523649 |
| OptimizeRx Corp.<sup>(1)</sup> | 24773 | 447648 |
| Teladoc Health, Inc.<sup>(1)</sup> | 346102 | 2675368 |
| TruBridge, Inc.<sup>(1)(2)</sup> | 25567 | 510317 |
|  |  | 9189874 |
| **Hotels, Restaurants and Leisure — 2.0%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 132415 | 1534690 |
| Biglari Holdings, Inc., Class A<sup>(1)</sup> | 7 | 10932 |
| Biglari Holdings, Inc., Class B<sup>(1)</sup> | 1061 | 329833 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 53616 | 1799353 |
| Bloomin' Brands, Inc. | 169753 | 1247685 |
| Cheesecake Factory, Inc. | 101674 | 6248884 |
| Cracker Barrel Old Country Store, Inc.<sup>(2)</sup> | 52325 | 3130082 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 66530 | 1707825 |
| El Pollo Loco Holdings, Inc.<sup>(1)</sup> | 52197 | 554854 |
| First Watch Restaurant Group, Inc.<sup>(1)</sup> | 78969 | 1487776 |
| Full House Resorts, Inc.<sup>(1)(2)</sup> | 46101 | 168730 |
| Golden Entertainment, Inc. | 44780 | 1113679 |
| Marriott Vacations Worldwide Corp. | 60763 | 4748628 |
| Monarch Casino & Resort, Inc. | 29919 | 3121449 |
| ONE Group Hospitality, Inc.<sup>(1)</sup> | 18811 | 52483 |
| Penn Entertainment, Inc.<sup>(1)</sup> | 7915 | 160120 |
| Portillo's, Inc., Class A<sup>(1)(2)</sup> | 101678 | 719880 |
| Potbelly Corp.<sup>(1)</sup> | 58646 | 758879 |
| Pursuit Attractions & Hospitality, Inc.<sup>(1)</sup> | 44463 | 1658470 |
| RCI Hospitality Holdings, Inc. | 16954 | 630858 |
| Serve Robotics, Inc.<sup>(1)(2)</sup> | 14827 | 164580 |
| Six Flags Entertainment Corp.<sup>(1)</sup> | 1973 | 44767 |
| Super Group SGHC Ltd. | 270294 | 3143519 |
| Target Hospitality Corp.<sup>(1)</sup> | 71421 | 647788 |
| Wendy's Co. | 236008 | 2504045 |
|  |  | 37689789 |
| **Household Durables — 1.7%** |  |  |
| Bassett Furniture Industries, Inc. | 3960 | 66607 |
| Beazer Homes USA, Inc.<sup>(1)</sup> | 64827 | 1631047 |
| Century Communities, Inc. | 58735 | 3869462 |
| Champion Homes, Inc.<sup>(1)</sup> | 2 | 151 |
| Cricut, Inc., Class A | 120095 | 684542 |
| Dream Finders Homes, Inc., Class A<sup>(1)(2)</sup> | 44532 | 1237544 |
| Ethan Allen Interiors, Inc. | 54685 | 1613754 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Flexsteel Industries, Inc. | 7480 | $346922 |
| Green Brick Partners, Inc.<sup>(1)</sup> | 45609 | 3185333 |
| Hamilton Beach Brands Holding Co., Class A | 12028 | 177293 |
| Helen of Troy Ltd.<sup>(1)</sup> | 49729 | 1220847 |
| Hooker Furnishings Corp. | 14734 | 147193 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 10126 | 1421285 |
| La-Z-Boy, Inc. | 93564 | 3459061 |
| Legacy Housing Corp.<sup>(1)</sup> | 19575 | 547023 |
| Leggett & Platt, Inc. | 234004 | 2248779 |
| LGI Homes, Inc.<sup>(1)</sup> | 45029 | 2787745 |
| Lifetime Brands, Inc. | 15165 | 59902 |
| Lovesac Co.<sup>(1)(2)</sup> | 28979 | 554368 |
| Newell Brands, Inc. | 684130 | 4050050 |
| Smith Douglas Homes Corp.<sup>(1)(2)</sup> | 5880 | 115307 |
| Sonos, Inc.<sup>(1)</sup> | 211971 | 2950636 |
| Traeger, Inc.<sup>(1)</sup> | 8184 | 10312 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 5707 | 201628 |
| Universal Electronics, Inc.<sup>(1)</sup> | 13440 | 65251 |
|  |  | 32652042 |
| **Household Products — 0.7%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 17138 | 624337 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 118899 | 3927234 |
| Energizer Holdings, Inc. | 158751 | 4375178 |
| Oil-Dri Corp. of America | 25354 | 1505521 |
| Spectrum Brands Holdings, Inc. | 56176 | 3201470 |
|  |  | 13633740 |
| **Independent Power and Renewable Electricity Producers — 0.2%** |  |  |
| Hallador Energy Co.<sup>(1)</sup> | 78737 | 1284200 |
| Montauk Renewables, Inc.<sup>(1)</sup> | 99672 | 214295 |
| XPLR Infrastructure LP | 186905 | 1981193 |
|  |  | 3479688 |
| **Insurance — 2.9%** |  |  |
| Ambac Financial Group, Inc.<sup>(1)</sup> | 99312 | 896787 |
| American Coastal Insurance Corp., Class C | 47781 | 527980 |
| AMERISAFE, Inc. | 42436 | 1959695 |
| Bowhead Specialty Holdings, Inc.<sup>(1)</sup> | 25144 | 780973 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 74786 | 3534386 |
| Citizens, Inc.<sup>(1)</sup> | 929 | 4914 |
| Crawford & Co., Class A | 110 | 1192 |
| Crawford & Co., Class B | 45 | 477 |
| Donegal Group, Inc., Class A | 40480 | 724187 |
| eHealth, Inc.<sup>(1)</sup> | 61117 | 236523 |
| Employers Holdings, Inc. | 54882 | 2374195 |
| Fidelis Insurance Holdings Ltd. | 151300 | 2644724 |
| GoHealth, Inc., Class A<sup>(1)</sup> | 3584 | 18314 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 53487 | 689448 |
| HCI Group, Inc. | 23408 | 3902348 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 65346 | 1487928 |
| Hippo Holdings, Inc.<sup>(1)</sup> | 38447 | 1299893 |
| Horace Mann Educators Corp. | 97946 | 4503557 |
| Investors Title Co. | 2650 | 657889 |
| James River Group Holdings Ltd. | 79767 | 448291 |
| Kingstone Cos., Inc. | 24499 | 329757 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Palomar Holdings, Inc.<sup>(1)</sup> | 5117 | $629493 |
| ProAssurance Corp.<sup>(1)</sup> | 96877 | 2306641 |
| Root, Inc., Class A<sup>(1)</sup> | 19661 | 1813137 |
| Safety Insurance Group, Inc. | 32442 | 2401033 |
| Selectquote, Inc.<sup>(1)</sup> | 307270 | 694430 |
| SiriusPoint Ltd.<sup>(1)</sup> | 263786 | 4938074 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 88089 | 4254699 |
| Stewart Information Services Corp. | 47644 | 3470389 |
| Tiptree, Inc. | 43948 | 1030581 |
| Trupanion, Inc.<sup>(1)</sup> | 62476 | 2896387 |
| TWFG, Inc.<sup>(1)</sup> | 8326 | 220181 |
| United Fire Group, Inc. | 44143 | 1356956 |
| Universal Insurance Holdings, Inc. | 65383 | 1594691 |
|  |  | 54630150 |
| **Interactive Media and Services — 1.1%** |  |  |
| Angi, Inc.<sup>(1)</sup> | 42310 | 749733 |
| BuzzFeed, Inc.<sup>(1)</sup> | 3370 | 6605 |
| Cars.com, Inc.<sup>(1)</sup> | 137531 | 1794780 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 50876 | 1182867 |
| Getty Images Holdings, Inc.<sup>(1)</sup> | 145691 | 268071 |
| IAC, Inc.<sup>(1)</sup> | 19916 | 729324 |
| Nextdoor Holdings, Inc.<sup>(1)</sup> | 32418 | 66457 |
| Shutterstock, Inc. | 40323 | 843960 |
| Taboola.com Ltd.<sup>(1)</sup> | 416841 | 1392249 |
| TripAdvisor, Inc.<sup>(1)</sup> | 232372 | 4047920 |
| Webtoon Entertainment, Inc.<sup>(1)(2)</sup> | 71421 | 1033462 |
| Yelp, Inc.<sup>(1)</sup> | 139922 | 4424334 |
| Ziff Davis, Inc.<sup>(1)</sup> | 88637 | 3386820 |
|  |  | 19926582 |
| **IT Services — 0.5%** |  |  |
| ASGN, Inc.<sup>(1)</sup> | 39015 | 2116564 |
| Commerce.com, Inc.<sup>(1)</sup> | 54638 | 254067 |
| Crexendo, Inc.<sup>(1)</sup> | 32567 | 205823 |
| CSP, Inc. | 6877 | 82937 |
| DXC Technology Co.<sup>(1)</sup> | 268823 | 3884492 |
| Fastly, Inc., Class A<sup>(1)</sup> | 104665 | 796501 |
| Hackett Group, Inc. | 56803 | 1182638 |
| Information Services Group, Inc. | 42506 | 219756 |
| TSS, Inc.<sup>(1)(2)</sup> | 28946 | 403073 |
|  |  | 9145851 |
| **Leisure Products — 0.8%** |  |  |
| American Outdoor Brands, Inc.<sup>(1)</sup> | 16197 | 169097 |
| Clarus Corp. | 56170 | 203897 |
| Escalade, Inc. | 815 | 10269 |
| Funko, Inc., Class A<sup>(1)</sup> | 68831 | 238155 |
| JAKKS Pacific, Inc. | 17575 | 312308 |
| Johnson Outdoors, Inc., Class A | 10601 | 427432 |
| Latham Group, Inc.<sup>(1)</sup> | 92632 | 743835 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 42823 | 1421724 |
| Marine Products Corp. | 6827 | 59600 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 36752 | 806339 |
| Polaris, Inc. | 30559 | 1729028 |
| Smith & Wesson Brands, Inc. | 100413 | 820374 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sturm Ruger & Co., Inc. | 37677 | $1306261 |
| Topgolf Callaway Brands Corp.<sup>(1)</sup> | 252588 | 2414741 |
| YETI Holdings, Inc.<sup>(1)</sup> | 110910 | 3899596 |
|  |  | 14562656 |
| **Life Sciences Tools and Services — 0.6%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 168849 | 2365575 |
| AbCellera Biologics, Inc.<sup>(1)(2)</sup> | 39804 | 166381 |
| Azenta, Inc.<sup>(1)</sup> | 89535 | 2734399 |
| Codexis, Inc.<sup>(1)</sup> | 4790 | 13077 |
| CryoPort, Inc.<sup>(1)</sup> | 93109 | 824946 |
| Cytek Biosciences, Inc.<sup>(1)</sup> | 245958 | 1018266 |
| Ginkgo Bioworks Holdings, Inc.<sup>(1)</sup> | 69036 | 874686 |
| Inotiv, Inc.<sup>(1)(2)</sup> | 38580 | 65200 |
| Lifecore Biomedical, Inc.<sup>(1)</sup> | 5 | 38 |
| MaxCyte, Inc.<sup>(1)</sup> | 189684 | 263661 |
| Mesa Laboratories, Inc. | 12175 | 824856 |
| Niagen Bioscience, Inc.<sup>(1)</sup> | 117417 | 1162428 |
| OmniAb, Inc.<sup>(1)</sup> | 309 | 3 |
| OmniAb, Inc.<sup>(1)</sup> | 309 | 2 |
| Personalis, Inc.<sup>(1)(2)</sup> | 106307 | 519841 |
| Quanterix Corp.<sup>(1)</sup> | 82715 | 376353 |
| Rapid Micro Biosystems, Inc., Class A<sup>(1)(2)</sup> | 16922 | 40782 |
| Seer, Inc.<sup>(1)(2)</sup> | 61532 | 126141 |
|  |  | 11376635 |
| **Machinery — 4.5%** |  |  |
| Aebi Schmidt Holding AG | 63045 | 774823 |
| AirJoule Technologies Corp.<sup>(1)</sup> | 2707 | 12452 |
| Alamo Group, Inc. | 22434 | 4743894 |
| Albany International Corp., Class A | 62015 | 3938573 |
| Astec Industries, Inc. | 55524 | 2570206 |
| Blue Bird Corp.<sup>(1)</sup> | 69605 | 4064236 |
| Columbus McKinnon Corp. | 20481 | 306805 |
| Douglas Dynamics, Inc. | 53337 | 1795857 |
| Eastern Co. | 4874 | 115806 |
| Energy Recovery, Inc.<sup>(1)</sup> | 53520 | 760519 |
| Enerpac Tool Group Corp. | 119384 | 5054719 |
| Gencor Industries, Inc.<sup>(1)</sup> | 8053 | 130942 |
| Gorman-Rupp Co. | 47455 | 2029650 |
| Graham Corp.<sup>(1)</sup> | 23237 | 1139775 |
| Greenbrier Cos., Inc. | 71324 | 3325838 |
| Helios Technologies, Inc. | 72372 | 3925457 |
| Hillenbrand, Inc. | 123766 | 3142419 |
| Hillman Solutions Corp.<sup>(1)</sup> | 428257 | 4231179 |
| Hurco Cos., Inc.<sup>(1)</sup> | 2194 | 36596 |
| Hyster-Yale, Inc. | 22731 | 852413 |
| Kennametal, Inc. | 175567 | 3762401 |
| L.B. Foster Co., Class A<sup>(1)</sup> | 17896 | 465833 |
| Lindsay Corp. | 25418 | 3488112 |
| Luxfer Holdings PLC | 61003 | 818660 |
| Manitowoc Co., Inc.<sup>(1)</sup> | 82708 | 818809 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 28036 | 409326 |
| Microvast Holdings, Inc.<sup>(1)(2)</sup> | 246404 | 657899 |
| Miller Industries, Inc. | 25271 | 1063656 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NN, Inc.<sup>(1)</sup> | 56775 | $145912 |
| Omega Flex, Inc. | 7081 | 249959 |
| Palladyne AI Corp.<sup>(1)(2)</sup> | 355 | 2684 |
| Park-Ohio Holdings Corp. | 15056 | 304131 |
| Perma-Pipe International Holdings, Inc.<sup>(1)</sup> | 8441 | 251457 |
| Proto Labs, Inc.<sup>(1)</sup> | 55378 | 2758378 |
| REV Group, Inc. | 122504 | 6518438 |
| Richtech Robotics, Inc., Class B<sup>(1)(2)</sup> | 629 | 1915 |
| Standex International Corp. | 25319 | 5166848 |
| Taylor Devices, Inc.<sup>(1)(2)</sup> | 5462 | 267638 |
| Tennant Co. | 41376 | 3394487 |
| Terex Corp. | 339 | 16930 |
| Titan International, Inc.<sup>(1)</sup> | 118272 | 1043159 |
| Trinity Industries, Inc. | 186272 | 5293850 |
| Twin Disc, Inc. | 4606 | 58197 |
| Wabash National Corp. | 85036 | 943049 |
| Worthington Enterprises, Inc. | 52781 | 3472990 |
|  |  | 84326877 |
| **Marine Transportation — 0.2%** |  |  |
| Costamare Bulkers Holdings Ltd.<sup>(1)</sup> | 19225 | 203016 |
| Costamare, Inc. | 95941 | 1097565 |
| Genco Shipping & Trading Ltd. | 96153 | 1619217 |
| Pangaea Logistics Solutions Ltd. | 59198 | 315525 |
| Safe Bulkers, Inc.<sup>(2)</sup> | 126357 | 537017 |
| Star Bulk Carriers Corp. | 107 | 1996 |
|  |  | 3774336 |
| **Media — 1.5%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)</sup> | 67107 | 473775 |
| Boston Omaha Corp., Class A<sup>(1)</sup> | 53586 | 714837 |
| Cable One, Inc. | 7792 | 1258252 |
| DoubleVerify Holdings, Inc.<sup>(1)</sup> | 249345 | 4056843 |
| Emerald Holding, Inc. | 37102 | 191075 |
| Entravision Communications Corp., Class A | 89160 | 230924 |
| EW Scripps Co., Class A<sup>(1)</sup> | 184431 | 551449 |
| Gambling.com Group Ltd.<sup>(1)</sup> | 36253 | 316489 |
| Gannett Co., Inc.<sup>(1)</sup> | 326631 | 1342453 |
| Gray Media, Inc. | 180362 | 1105619 |
| Integral Ad Science Holding Corp.<sup>(1)</sup> | 149181 | 1341137 |
| John Wiley & Sons, Inc., Class A | 88944 | 3609348 |
| Magnite, Inc.<sup>(1)</sup> | 294370 | 7638902 |
| National CineMedia, Inc. | 138787 | 609275 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 90586 | 785381 |
| Scholastic Corp. | 44666 | 1146130 |
| Sinclair, Inc. | 46467 | 672378 |
| Stagwell, Inc.<sup>(1)</sup> | 227875 | 1285215 |
| TechTarget, Inc.<sup>(1)</sup> | 34536 | 203762 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 87453 | 1124646 |
| Townsquare Media, Inc., Class A | 2639 | 18631 |
| WideOpenWest, Inc.<sup>(1)</sup> | 104060 | 529665 |
|  |  | 29206186 |
| **Metals and Mining — 1.5%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 7444 | 1110570 |
| American Battery Technology Co.<sup>(1)</sup> | 55592 | 137312 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ascent Industries Co.<sup>(1)</sup> | 6470 | $79063 |
| Caledonia Mining Corp. PLC | 37742 | 965440 |
| Century Aluminum Co.<sup>(1)</sup> | 115531 | 2579807 |
| Compass Minerals International, Inc.<sup>(1)</sup> | 104629 | 1993182 |
| Dakota Gold Corp.<sup>(1)</sup> | 123205 | 513765 |
| Ferroglobe PLC | 103564 | 432898 |
| First Majestic Silver Corp. | 216278 | 1976781 |
| Idaho Strategic Resources, Inc.<sup>(1)</sup> | 621 | 17475 |
| Kaiser Aluminum Corp. | 37375 | 2910391 |
| Materion Corp. | 42756 | 4737365 |
| McEwen, Inc.<sup>(1)</sup> | 108267 | 1250484 |
| Metallus, Inc.<sup>(1)</sup> | 89933 | 1477599 |
| MP Materials Corp.<sup>(1)(2)</sup> | 9915 | 705353 |
| Olympic Steel, Inc. | 23357 | 787365 |
| Piedmont Lithium, Inc.<sup>(1)</sup> | 24550 | 177988 |
| Ramaco Resources, Inc., Class A<sup>(1)(2)</sup> | 60198 | 1560934 |
| Ramaco Resources, Inc., Class B | 13062 | 212258 |
| Ryerson Holding Corp. | 65837 | 1501084 |
| SunCoke Energy, Inc. | 198971 | 1536056 |
| Tredegar Corp.<sup>(1)</sup> | 39362 | 308204 |
| Warrior Met Coal, Inc. | 3002 | 183542 |
| Worthington Steel, Inc. | 55503 | 1848250 |
|  |  | 29003166 |
| **Multi-Utilities — 0.1%** |  |  |
| Avista Corp. | 27189 | 993486 |
| Unitil Corp. | 37691 | 1769969 |
|  |  | 2763455 |
| **Oil, Gas and Consumable Fuels — 4.5%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 82075 | 334045 |
| Ardmore Shipping Corp. | 102420 | 1190120 |
| Berry Corp. | 134317 | 448619 |
| BKV Corp.<sup>(1)</sup> | 28543 | 665337 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 31084 | 6270575 |
| Chord Energy Corp. | 1 | 110 |
| Civitas Resources, Inc. | 47435 | 1744659 |
| Clean Energy Fuels Corp.<sup>(1)</sup> | 46776 | 123021 |
| Comstock, Inc.<sup>(1)(2)</sup> | 20781 | 50498 |
| Crescent Energy Co., Class A | 319193 | 3045101 |
| CVR Energy, Inc.<sup>(1)</sup> | 66844 | 2038074 |
| Delek U.S. Holdings, Inc. | 101136 | 2802478 |
| DHT Holdings, Inc. | 301677 | 3535654 |
| Dorian LPG Ltd. | 95678 | 3059782 |
| Encore Energy Corp.<sup>(1)</sup> | 115068 | 273862 |
| Epsilon Energy Ltd. | 18128 | 106230 |
| Evolution Petroleum Corp. | 59918 | 309177 |
| Excelerate Energy, Inc., Class A | 40529 | 989718 |
| FutureFuel Corp. | 54218 | 210366 |
| Gevo, Inc.<sup>(1)</sup> | 5956 | 10304 |
| Gran Tierra Energy, Inc.<sup>(1)(2)</sup> | 72135 | 296475 |
| Granite Ridge Resources, Inc. | 162396 | 902922 |
| Green Plains, Inc.<sup>(1)</sup> | 144942 | 1610306 |
| HighPeak Energy, Inc. | 52207 | 401994 |
| International Seaways, Inc. | 113263 | 5144405 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kimbell Royalty Partners LP | 186281 | $2602346 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 880693 | 1576440 |
| Lightbridge Corp.<sup>(1)</sup> | 1076 | 16280 |
| NACCO Industries, Inc., Class A | 489 | 19130 |
| Navigator Holdings Ltd. | 22812 | 367045 |
| New Fortress Energy, Inc. | 227302 | 559163 |
| Nordic American Tankers Ltd. | 448890 | 1396048 |
| Northern Oil & Gas, Inc. | 170902 | 4470796 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 124276 | 4304921 |
| PBF Energy, Inc., Class A | 126638 | 3459750 |
| Peabody Energy Corp. | 245105 | 4264827 |
| Prairie Operating Co.<sup>(1)</sup> | 5818 | 14836 |
| PrimeEnergy Resources Corp.<sup>(1)(2)</sup> | 1137 | 171994 |
| REX American Resources Corp.<sup>(1)</sup> | 34889 | 2183005 |
| Riley Exploration Permian, Inc. | 32968 | 964644 |
| SandRidge Energy, Inc. | 79672 | 943316 |
| Scorpio Tankers, Inc. | 81558 | 4110523 |
| SFL Corp. Ltd. | 267805 | 2177255 |
| SM Energy Co. | 3243 | 92588 |
| Summit Midstream Corp.<sup>(1)</sup> | 22492 | 517766 |
| Talos Energy, Inc.<sup>(1)</sup> | 308274 | 3045747 |
| Teekay Corp. Ltd. | 136078 | 1115840 |
| Teekay Tankers Ltd., Class A | 58091 | 2856334 |
| VAALCO Energy, Inc. | 259294 | 1006061 |
| Viper Energy, Inc., Class A | 38337 | 1527538 |
| Vital Energy, Inc.<sup>(1)</sup> | 70831 | 1262208 |
| Vitesse Energy, Inc. | 61015 | 1623609 |
| World Kinect Corp. | 124916 | 3348998 |
|  |  | 85562840 |
| **Paper and Forest Products — 0.2%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 36788 | 793517 |
| Mercer International, Inc. | 87299 | 290706 |
| Sylvamo Corp. | 59126 | 2727482 |
|  |  | 3811705 |
| **Passenger Airlines — 0.5%** |  |  |
| Allegiant Travel Co.<sup>(1)</sup> | 35306 | 2212274 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | 184241 | 902781 |
| JetBlue Airways Corp.<sup>(1)</sup> | 675125 | 3611919 |
| Strata Critical Medical, Inc.<sup>(1)</sup> | 138103 | 603510 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 125350 | 1660887 |
|  |  | 8991371 |
| **Personal Care Products — 0.3%** |  |  |
| Beauty Health Co.<sup>(1)(2)</sup> | 24400 | 50752 |
| Edgewell Personal Care Co. | 103648 | 2489625 |
| Honest Co., Inc.<sup>(1)</sup> | 147196 | 582896 |
| Lifevantage Corp.<sup>(2)</sup> | 19025 | 249227 |
| Medifast, Inc.<sup>(1)</sup> | 21321 | 299134 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 26144 | 440526 |
| Nu Skin Enterprises, Inc., Class A | 122369 | 1489231 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 25096 | 800813 |
| Waldencast PLC, Class A<sup>(1)</sup> | 2787 | 4348 |
|  |  | 6406552 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Pharmaceuticals — 2.5%** | | |
| Aclaris Therapeutics, Inc.<sup>(1)</sup> | 2028 | $3914 |
| Alumis, Inc.<sup>(1)</sup> | 10942 | 50771 |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 78219 | 2395066 |
| Amylyx Pharmaceuticals, Inc.<sup>(1)</sup> | 148463 | 1392583 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | 27441 | 2565734 |
| Arvinas, Inc.<sup>(1)</sup> | 12655 | 97823 |
| ATAI Life Sciences NV<sup>(1)(2)</sup> | 209660 | 960243 |
| Atea Pharmaceuticals, Inc.<sup>(1)</sup> | 161927 | 544075 |
| Cassava Sciences, Inc.<sup>(1)</sup> | 38611 | 88033 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 69264 | 2687443 |
| Contineum Therapeutics, Inc., Class A<sup>(1)</sup> | 447 | 4671 |
| Crinetics Pharmaceuticals, Inc.<sup>(1)</sup> | 103216 | 3198664 |
| Cumberland Pharmaceuticals, Inc.<sup>(1)</sup> | 3758 | 13115 |
| Edgewise Therapeutics, Inc.<sup>(1)</sup> | 404 | 5797 |
| EyePoint Pharmaceuticals, Inc.<sup>(1)</sup> | 101469 | 1173996 |
| Fulcrum Therapeutics, Inc.<sup>(1)</sup> | 134135 | 869195 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 98992 | 3651815 |
| Harrow, Inc.<sup>(1)</sup> | 8316 | 324324 |
| Innoviva, Inc.<sup>(1)</sup> | 140240 | 2865103 |
| LENZ Therapeutics, Inc.<sup>(1)</sup> | 195 | 7533 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 38534 | 6231333 |
| Nuvation Bio, Inc.<sup>(1)(2)</sup> | 551364 | 1637551 |
| Oramed Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 15439 | 33966 |
| Organon & Co. | 538414 | 5071860 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 115472 | 3079638 |
| Phibro Animal Health Corp., Class A | 409 | 15162 |
| Rapport Therapeutics, Inc.<sup>(1)(2)</sup> | 10313 | 181818 |
| Septerna, Inc.<sup>(1)</sup> | 16729 | 202421 |
| SIGA Technologies, Inc. | 101718 | 853414 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 121659 | 5489254 |
| Terns Pharmaceuticals, Inc.<sup>(1)</sup> | 143658 | 999860 |
| Theravance Biopharma, Inc.<sup>(1)</sup> | 74206 | 1029979 |
| Third Harmonic Bio, Inc.<sup>(1)</sup> | 36211 | 1086 |
| Ventyx Biosciences, Inc.<sup>(1)</sup> | 53557 | 128537 |
|  |  | 47855777 |
| **Professional Services — 2.9%** |  |  |
| Alight, Inc., Class A | 24800 | 96224 |
| Asure Software, Inc.<sup>(1)</sup> | 46541 | 390944 |
| BlackSky Technology, Inc.<sup>(1)(2)</sup> | 28257 | 496193 |
| Clarivate PLC<sup>(1)</sup> | 295626 | 1285973 |
| Concentrix Corp. | 9924 | 523590 |
| Conduent, Inc.<sup>(1)</sup> | 370090 | 1028850 |
| CRA International, Inc. | 14212 | 2753717 |
| CSG Systems International, Inc. | 67445 | 4327271 |
| DLH Holdings Corp.<sup>(1)(2)</sup> | 3723 | 20774 |
| First Advantage Corp.<sup>(1)</sup> | 34775 | 568919 |
| Forrester Research, Inc.<sup>(1)</sup> | 9453 | 92072 |
| Franklin Covey Co.<sup>(1)</sup> | 23167 | 453146 |
| Heidrick & Struggles International, Inc. | 46380 | 2356568 |
| HireQuest, Inc. | 2798 | 27308 |
| Huron Consulting Group, Inc.<sup>(1)</sup> | 39049 | 5348151 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 25024 | 738959 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ICF International, Inc. | 35499 | $3486712 |
| Innodata, Inc.<sup>(1)</sup> | 72594 | 2757120 |
| Insperity, Inc. | 48157 | 2659230 |
| Kelly Services, Inc., Class A | 74190 | 1055724 |
| Kforce, Inc. | 39965 | 1302859 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 381870 | 4231120 |
| ManpowerGroup, Inc. | 71674 | 3038978 |
| Mistras Group, Inc.<sup>(1)</sup> | 43019 | 411262 |
| Planet Labs PBC<sup>(1)</sup> | 261257 | 1852312 |
| RCM Technologies, Inc.<sup>(1)</sup> | 5177 | 140452 |
| Resources Connection, Inc. | 61938 | 316503 |
| Skillsoft Corp.<sup>(1)</sup> | 5169 | 79448 |
| TaskUS, Inc., Class A<sup>(1)</sup> | 38572 | 675781 |
| TrueBlue, Inc.<sup>(1)</sup> | 55642 | 332183 |
| TTEC Holdings, Inc.<sup>(1)</sup> | 4476 | 16964 |
| Upwork, Inc.<sup>(1)</sup> | 224320 | 3452285 |
| Willdan Group, Inc.<sup>(1)</sup> | 32007 | 3516289 |
| WNS Holdings Ltd.<sup>(1)</sup> | 63293 | 4775457 |
|  |  | 54609338 |
| **Real Estate Management and Development — 0.8%** |  |  |
| AMREP Corp.<sup>(1)</sup> | 877 | 18829 |
| Anywhere Real Estate, Inc.<sup>(1)</sup> | 140224 | 856769 |
| Cushman & Wakefield PLC<sup>(1)</sup> | 146705 | 2313538 |
| Douglas Elliman, Inc.<sup>(1)</sup> | 122625 | 333540 |
| eXp World Holdings, Inc.<sup>(2)</sup> | 65181 | 705910 |
| Five Point Holdings LLC, Class A<sup>(1)</sup> | 141732 | 805038 |
| Forestar Group, Inc.<sup>(1)</sup> | 43931 | 1215571 |
| FRP Holdings, Inc.<sup>(1)</sup> | 22272 | 572390 |
| Kennedy-Wilson Holdings, Inc. | 234734 | 2065659 |
| Marcus & Millichap, Inc. | 53025 | 1728085 |
| Opendoor Technologies, Inc.<sup>(1)(2)</sup> | 32343 | 143926 |
| RE/MAX Holdings, Inc., Class A<sup>(1)</sup> | 15768 | 148535 |
| RMR Group, Inc., Class A | 28826 | 486583 |
| Seaport Entertainment Group, Inc.<sup>(1)(2)</sup> | 4265 | 106454 |
| Seritage Growth Properties, Class A<sup>(1)(2)</sup> | 61858 | 227019 |
| St. Joe Co. | 54414 | 2745731 |
| Star Holdings<sup>(1)(2)</sup> | 15867 | 137884 |
| Stratus Properties, Inc.<sup>(1)</sup> | 1022 | 19888 |
| Tejon Ranch Co.<sup>(1)</sup> | 51674 | 899644 |
|  |  | 15530993 |
| **Semiconductors and Semiconductor Equipment — 2.3%** |  |  |
| ACM Research, Inc., Class A<sup>(1)</sup> | 125895 | 3552757 |
| Aehr Test Systems<sup>(1)(2)</sup> | 34936 | 871653 |
| Alpha & Omega Semiconductor Ltd.<sup>(1)</sup> | 51501 | 1481684 |
| Amtech Systems, Inc.<sup>(1)</sup> | 1238 | 7836 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 41926 | 3355757 |
| AXT, Inc.<sup>(1)</sup> | 26792 | 77697 |
| CEVA, Inc.<sup>(1)</sup> | 50567 | 1123599 |
| Cohu, Inc.<sup>(1)</sup> | 99117 | 1972428 |
| Diodes, Inc.<sup>(1)</sup> | 81510 | 4436997 |
| Everspin Technologies, Inc.<sup>(1)</sup> | 3245 | 20865 |
| FormFactor, Inc.<sup>(1)</sup> | 141182 | 4121103 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 42378 | 714069 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| inTEST Corp.<sup>(1)</sup> | 10792 | $75544 |
| Kulicke & Soffa Industries, Inc. | 111830 | 4193625 |
| Magnachip Semiconductor Corp.<sup>(1)</sup> | 68785 | 216673 |
| Navitas Semiconductor Corp.<sup>(1)</sup> | 307835 | 1803913 |
| NVE Corp. | 10952 | 707280 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 117276 | 2829870 |
| Photronics, Inc.<sup>(1)</sup> | 135864 | 3080037 |
| QuickLogic Corp.<sup>(1)</sup> | 2800 | 14364 |
| SkyWater Technology, Inc.<sup>(1)</sup> | 31622 | 379148 |
| SolarEdge Technologies, Inc.<sup>(1)</sup> | 144481 | 4886347 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 96047 | 2307049 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 78250 | 1918690 |
|  |  | 44148985 |
| **Software — 2.6%** |  |  |
| 8x8, Inc.<sup>(1)</sup> | 279435 | 553281 |
| A10 Networks, Inc. | 168453 | 2983303 |
| Adeia, Inc. | 251346 | 3780244 |
| Alarm.com Holdings, Inc.<sup>(1)</sup> | 82304 | 4825483 |
| AvePoint, Inc.<sup>(1)</sup> | 27171 | 444518 |
| Bit Digital, Inc.<sup>(1)(2)</sup> | 598274 | 1537564 |
| Cerence, Inc.<sup>(1)</sup> | 33132 | 348880 |
| Cipher Mining, Inc.<sup>(1)(2)</sup> | 559317 | 4273182 |
| CoreCard Corp.<sup>(1)</sup> | 8995 | 248892 |
| CS Disco, Inc.<sup>(1)</sup> | 33944 | 185674 |
| Daily Journal Corp.<sup>(1)</sup> | 3428 | 1601562 |
| Digital Turbine, Inc.<sup>(1)</sup> | 10734 | 45083 |
| EverCommerce, Inc.<sup>(1)(2)</sup> | 26371 | 304585 |
| Expensify, Inc., Class A<sup>(1)</sup> | 113697 | 222846 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 88559 | 2472567 |
| Mitek Systems, Inc.<sup>(1)</sup> | 78357 | 796891 |
| N-able, Inc.<sup>(1)</sup> | 85196 | 686680 |
| Olo, Inc., Class A<sup>(1)</sup> | 265290 | 2719222 |
| ON24, Inc.<sup>(1)</sup> | 50941 | 291383 |
| OneSpan, Inc. | 75728 | 1145386 |
| Ooma, Inc.<sup>(1)</sup> | 33524 | 433130 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 100646 | 3711824 |
| Phunware, Inc.<sup>(1)</sup> | 863 | 2227 |
| Progress Software Corp.<sup>(1)</sup> | 93614 | 4333392 |
| Rapid7, Inc.<sup>(1)</sup> | 51606 | 1068760 |
| Red Violet, Inc. | 24935 | 1252734 |
| ReposiTrak, Inc. | 22554 | 365375 |
| SEMrush Holdings, Inc., Class A<sup>(1)</sup> | 32489 | 256663 |
| Silvaco Group, Inc.<sup>(1)(2)</sup> | 2397 | 12800 |
| SoundThinking, Inc.<sup>(1)</sup> | 9285 | 118198 |
| Sprinklr, Inc., Class A<sup>(1)</sup> | 155691 | 1345170 |
| Synchronoss Technologies, Inc.<sup>(1)</sup> | 12891 | 77604 |
| Telos Corp.<sup>(1)</sup> | 103450 | 639321 |
| Teradata Corp.<sup>(1)</sup> | 192536 | 4039405 |
| Upland Software, Inc.<sup>(1)</sup> | 8131 | 23011 |
| Verint Systems, Inc.<sup>(1)</sup> | 28626 | 583684 |
| Xperi, Inc.<sup>(1)</sup> | 97244 | 583464 |
| Yext, Inc.<sup>(1)</sup> | 194934 | 1771950 |
|  |  | 50085938 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Specialty Retail — 2.5%** | | |
| 1-800-Flowers.com, Inc., Class A<sup>(1)(2)</sup> | 54664 | $306118 |
| Advance Auto Parts, Inc. | 1854 | 113075 |
| American Eagle Outfitters, Inc. | 116438 | 1506708 |
| America's Car-Mart, Inc.<sup>(1)</sup> | 15512 | 695093 |
| Arhaus, Inc.<sup>(1)</sup> | 122915 | 1441793 |
| Arko Corp. | 122241 | 611205 |
| Barnes & Noble Education, Inc.<sup>(1)(2)</sup> | 34098 | 294266 |
| Buckle, Inc. | 71763 | 4061068 |
| Build-A-Bear Workshop, Inc. | 31252 | 1900434 |
| Caleres, Inc. | 82386 | 1235790 |
| Camping World Holdings, Inc., Class A | 122059 | 2137253 |
| Cato Corp., Class A | 6673 | 27426 |
| Citi Trends, Inc.<sup>(1)</sup> | 12095 | 430945 |
| Designer Brands, Inc., Class A | 69625 | 258309 |
| Duluth Holdings, Inc., Class B<sup>(1)</sup> | 3202 | 7269 |
| Foot Locker, Inc.<sup>(1)</sup> | 189827 | 4688727 |
| Genesco, Inc.<sup>(1)</sup> | 22437 | 717535 |
| Guess?, Inc. | 79489 | 1336210 |
| Haverty Furniture Cos., Inc. | 31702 | 714880 |
| J Jill, Inc. | 13976 | 234238 |
| Lands' End, Inc.<sup>(1)</sup> | 24798 | 356099 |
| MarineMax, Inc.<sup>(1)</sup> | 44024 | 1160032 |
| Monro, Inc. | 61634 | 1021892 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 192484 | 4415583 |
| ODP Corp.<sup>(1)</sup> | 64245 | 1301604 |
| OneWater Marine, Inc., Class A<sup>(1)(2)</sup> | 18235 | 306895 |
| Petco Health & Wellness Co., Inc.<sup>(1)</sup> | 160984 | 642326 |
| PetMed Express, Inc.<sup>(1)</sup> | 35776 | 109832 |
| RideNow Group, Inc., Class B<sup>(1)(2)</sup> | 25904 | 100248 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 227293 | 3150281 |
| Shoe Carnival, Inc. | 43908 | 917677 |
| Sonic Automotive, Inc., Class A | 26871 | 2208528 |
| Sportsman's Warehouse Holdings, Inc.<sup>(1)</sup> | 38398 | 102907 |
| Stitch Fix, Inc., Class A<sup>(1)</sup> | 223671 | 1183220 |
| Tile Shop Holdings, Inc.<sup>(1)</sup> | 28915 | 179562 |
| Upbound Group, Inc. | 91571 | 2326819 |
| Victoria's Secret & Co.<sup>(1)</sup> | 179592 | 4134208 |
| Zumiez, Inc.<sup>(1)</sup> | 31899 | 548344 |
|  |  | 46884399 |
| **Technology Hardware, Storage and Peripherals — 0.3%** |  |  |
| Corsair Gaming, Inc.<sup>(1)</sup> | 75036 | 670071 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 43669 | 2668613 |
| Eastman Kodak Co.<sup>(1)</sup> | 167720 | 989548 |
| Immersion Corp. | 56480 | 398749 |
| Turtle Beach Corp.<sup>(1)</sup> | 10651 | 168499 |
| Xerox Holdings Corp. | 110524 | 439885 |
|  |  | 5335365 |
| **Textiles, Apparel and Luxury Goods — 1.3%** |  |  |
| Allbirds, Inc., Class A<sup>(1)(2)</sup> | 3516 | 22608 |
| Carter's, Inc. | 79296 | 2264694 |
| Ermenegildo Zegna NV<sup>(2)</sup> | 46971 | 396435 |
| Figs, Inc., Class A<sup>(1)</sup> | 237768 | 1676264 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| G-III Apparel Group Ltd.<sup>(1)</sup> | 88458 | $2388366 |
| Hanesbrands, Inc.<sup>(1)</sup> | 754240 | 4759254 |
| Lakeland Industries, Inc.<sup>(2)</sup> | 14752 | 224083 |
| Movado Group, Inc. | 31343 | 572637 |
| Oxford Industries, Inc. | 33788 | 1488361 |
| Rocky Brands, Inc. | 14635 | 445343 |
| Steven Madden Ltd. | 100130 | 2907775 |
| Superior Group of Cos., Inc. | 21797 | 286413 |
| Under Armour, Inc., Class A<sup>(1)</sup> | 256129 | 1280645 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 173741 | 854806 |
| Unifi, Inc.<sup>(1)</sup> | 7109 | 31422 |
| Vera Bradley, Inc.<sup>(1)</sup> | 37012 | 76615 |
| Wolverine World Wide, Inc. | 182019 | 5813687 |
|  |  | 25489408 |
| **Trading Companies and Distributors — 1.0%** |  |  |
| Alta Equipment Group, Inc.<sup>(2)</sup> | 55273 | 460977 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 18285 | 1510524 |
| Custom Truck One Source, Inc.<sup>(1)</sup> | 88351 | 542475 |
| Distribution Solutions Group, Inc.<sup>(1)</sup> | 2 | 64 |
| DNOW, Inc.<sup>(1)</sup> | 247772 | 3964352 |
| DXP Enterprises, Inc.<sup>(1)</sup> | 31170 | 3892510 |
| Global Industrial Co. | 29713 | 1109186 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 97029 | 985815 |
| Karat Packaging, Inc. | 17054 | 431125 |
| MRC Global, Inc.<sup>(1)</sup> | 191318 | 2885075 |
| NPK International, Inc.<sup>(1)</sup> | 188789 | 1963406 |
| Titan Machinery, Inc.<sup>(1)</sup> | 51668 | 1033360 |
| Transcat, Inc.<sup>(1)</sup> | 305 | 25605 |
| Willis Lease Finance Corp. | 5509 | 819078 |
|  |  | 19623552 |
| **Transportation Infrastructure — 0.0%** |  |  |
| Sky Harbour Group Corp.<sup>(1)(2)</sup> | 37756 | 397948 |
| **Water Utilities — 0.5%** |  |  |
| Artesian Resources Corp., Class A | 21058 | 698073 |
| California Water Service Group | 104142 | 4887384 |
| Consolidated Water Co. Ltd. | 8395 | 279302 |
| H2O America | 39810 | 2005230 |
| Middlesex Water Co. | 38762 | 2075317 |
| Pure Cycle Corp.<sup>(1)</sup> | 1015 | 10251 |
| York Water Co. | 2971 | 92309 |
|  |  | 10047866 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| Gogo, Inc.<sup>(1)</sup> | 164444 | 1805595 |
| Spok Holdings, Inc. | 41499 | 753622 |
|  |  | 2559217 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,808,775,825) |  | **1889242092** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Akouos, Inc.<sup>(1)</sup> | 779 | 8 |
| Cargo Therapeutics, Inc.<sup>(1)</sup> | 55735 | 5072 |
| Chinook Therapeutics, Inc.<sup>(1)</sup> | 5210 | 52 |
| Fusion Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 4010 | 2205 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| 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 |
|  |  | 180699 |
| **Pharmaceuticals — 0.0%** |  |  |
| Concert Pharmaceuticals, Inc.<sup>(1)</sup> | 5515 | 2040 |
| Poseida Therapeutics, Inc.<sup>(1)</sup> | 6404 | 3202 |
|  |  | 5242 |
| **Software — 0.0%** |  |  |
| Gen Digital, Inc.<sup>(1)</sup> | 14827 | 137743 |
| **TOTAL RIGHTS**<br>(Cost $260,543) |  | **323684** |
| **SHORT-TERM INVESTMENTS — 1.4%** |  |  |
| **Money Market Funds — 1.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1815385 | 1815385 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 24843292 | 24843292 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $26,658,677) |  | **26658677** |
| **TOTAL INVESTMENT SECURITIES — 101.2%**<br>(Cost $1,835,695,045) |  | **1916224453** |
| **OTHER ASSETS AND LIABILITIES — (1.2)%** |  | **(23275396)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1892949057** |

---

---

| | | |
|:---|:---|:---|
| **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 $40,291,251. 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 $41,291,114, which includes securities collateral of $16,447,822.

**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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.1%** |  |  |
| AerSale Corp.<sup>(1)</sup> | 155403 | $1341128 |
| Astronics Corp.<sup>(1)</sup> | 326889 | 11888953 |
|  |  | 13230081 |
| **Air Freight and Logistics — 0.2%** |  |  |
| Hub Group, Inc., Class A | 713391 | 26695091 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 129099 | 835271 |
|  |  | 27530362 |
| **Automobile Components — 3.9%** |  |  |
| American Axle & Manufacturing Holdings, Inc.<sup>(1)</sup> | 4066563 | 23667397 |
| Dana, Inc. | 5220454 | 105244353 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 176011 | 5091998 |
| Gentex Corp. | 2318780 | 64949028 |
| Gentherm, Inc.<sup>(1)</sup> | 302256 | 11113953 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 10491114 | 88964647 |
| LCI Industries | 709656 | 74811935 |
| Lear Corp. | 1203957 | 132435270 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 392299 | 5845255 |
| Phinia, Inc. | 1355719 | 79282447 |
| Standard Motor Products, Inc. | 337649 | 13104158 |
| Stoneridge, Inc.<sup>(1)</sup> | 451497 | 3747425 |
| Strattec Security Corp.<sup>(1)</sup> | 70741 | 4659710 |
| Visteon Corp. | 732491 | 90799584 |
|  |  | 703717160 |
| **Automobiles — 1.2%** |  |  |
| Harley-Davidson, Inc. | 3519865 | 102498469 |
| Thor Industries, Inc. | 1130311 | 123882085 |
| Winnebago Industries, Inc. | 55097 | 1982390 |
|  |  | 228362944 |
| **Banks — 15.8%** |  |  |
| 1st Source Corp. | 234008 | 15074795 |
| ACNB Corp. | 78992 | 3579917 |
| Amalgamated Financial Corp. | 473945 | 13692271 |
| Ameris Bancorp | 479209 | 35116436 |
| Ames National Corp. | 5545 | 110789 |
| Arrow Financial Corp. | 269461 | 8011076 |
| Associated Banc-Corp. | 2082860 | 56174734 |
| Atlantic Union Bankshares Corp. | 8504 | 303848 |
| Axos Financial, Inc.<sup>(1)</sup> | 1376301 | 125532414 |
| Banc of California, Inc. | 1124661 | 19029264 |
| Bancorp, Inc.<sup>(1)</sup> | 1168134 | 89058536 |
| Bank First Corp. | 50288 | 6533417 |
| Bank of Hawaii Corp. | 507921 | 34599579 |
| Bank of NT Butterfield & Son Ltd. | 1163637 | 52503301 |
| Bank OZK | 2233831 | 117209113 |
| Bank7 Corp. | 67369 | 3342176 |
| BankFinancial Corp.<sup>(2)</sup> | 33993 | 420833 |
| BankUnited, Inc. | 1694767 | 66417919 |
| Bankwell Financial Group, Inc. | 35125 | 1485085 |
| Banner Corp. | 543359 | 36421354 |
| Bar Harbor Bankshares | 211370 | 6820910 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BayCom Corp. | 88484 | $2677526 |
| BCB Bancorp, Inc. | 158994 | 1415047 |
| Berkshire Hills Bancorp, Inc. | 590731 | 15435801 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 401406 | 6575030 |
| Brookline Bancorp, Inc. | 1586922 | 17376796 |
| Burke & Herbert Financial Services Corp. | 116872 | 7428384 |
| Business First Bancshares, Inc. | 577090 | 14433021 |
| Byline Bancorp, Inc. | 623606 | 18028449 |
| C&F Financial Corp. | 34255 | 2465675 |
| Camden National Corp. | 93382 | 3818390 |
| Capital Bancorp, Inc. | 132859 | 4515877 |
| Capital City Bank Group, Inc. | 262222 | 11501057 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 319579 | 6219007 |
| Cathay General Bancorp | 1169989 | 58394151 |
| CB Financial Services, Inc. | 17499 | 582542 |
| Central Pacific Financial Corp. | 641156 | 20081006 |
| Chemung Financial Corp. | 21509 | 1159765 |
| ChoiceOne Financial Services, Inc. | 55331 | 1707515 |
| Citizens Financial Services, Inc. | 19558 | 1172698 |
| City Holding Co. | 30735 | 3948833 |
| Civista Bancshares, Inc. | 193249 | 4094946 |
| CNB Financial Corp. | 481675 | 12672869 |
| Coastal Financial Corp.<sup>(1)</sup> | 12028 | 1377206 |
| Colony Bankcorp, Inc. | 213535 | 3668531 |
| Columbia Banking System, Inc. | 3455269 | 92497551 |
| Comerica, Inc. | 34523 | 2436633 |
| Community Trust Bancorp, Inc. | 358006 | 20914711 |
| Community West Bancshares | 54908 | 1170639 |
| ConnectOne Bancorp, Inc. | 745983 | 19097165 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 749195 | 53709790 |
| CVB Financial Corp. | 60149 | 1210799 |
| Dime Community Bancshares, Inc. | 329176 | 10125454 |
| Eagle Bancorp Montana, Inc. | 29707 | 520764 |
| Eagle Bancorp, Inc. | 540803 | 10502394 |
| Enterprise Financial Services Corp. | 738681 | 45236824 |
| Equity Bancshares, Inc., Class A | 130294 | 5280816 |
| Esquire Financial Holdings, Inc. | 178904 | 17550482 |
| Farmers National Banc Corp. | 173219 | 2629464 |
| FB Financial Corp. | 7037 | 377746 |
| Fidelity D&D Bancorp, Inc. | 711 | 31035 |
| First BanCorp | 3981533 | 88509479 |
| First Bancorp, Inc. | 30966 | 841656 |
| First Bank | 231638 | 3896151 |
| First Busey Corp. | 942210 | 23272587 |
| First Business Financial Services, Inc. | 151124 | 7906808 |
| First Commonwealth Financial Corp. | 1464117 | 25988077 |
| First Community Corp. | 31817 | 867650 |
| First Financial Bancorp | 47941 | 1269478 |
| First Financial Corp. | 247337 | 14592883 |
| First Internet Bancorp | 124435 | 3125185 |
| First Merchants Corp. | 136845 | 5681804 |
| First Mid Bancshares, Inc. | 462791 | 18715268 |
| First United Corp. | 86839 | 3245173 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| First Western Financial, Inc.<sup>(1)</sup> | 3274 | $76481 |
| Firstsun Capital Bancorp<sup>(1)</sup> | 9128 | 346955 |
| Five Star Bancorp | 296266 | 9708637 |
| FNB Corp. | 2461940 | 41089779 |
| Franklin Financial Services Corp. | 21196 | 989853 |
| FS Bancorp, Inc. | 74556 | 3184287 |
| Fulton Financial Corp. | 2847034 | 55972688 |
| FVCBankcorp, Inc. | 28697 | 389275 |
| Great Southern Bancorp, Inc. | 214351 | 13566275 |
| Guaranty Bancshares, Inc. | 61022 | 2998621 |
| Hancock Whitney Corp. | 1610868 | 101355815 |
| Hanmi Financial Corp. | 734367 | 18476674 |
| Hanover Bancorp, Inc. | 8412 | 189691 |
| HarborOne Bancorp, Inc. | 158105 | 2033230 |
| Hawthorn Bancshares, Inc. | 19986 | 668132 |
| HBT Financial, Inc. | 201577 | 5339775 |
| Heritage Commerce Corp. | 849863 | 8779085 |
| Heritage Financial Corp. | 3126 | 76399 |
| Hilltop Holdings, Inc. | 269474 | 9453148 |
| Hingham Institution For Savings | 2449 | 695859 |
| Home Bancorp, Inc. | 116770 | 6570064 |
| HomeStreet, Inc.<sup>(1)</sup> | 94623 | 1312421 |
| HomeTrust Bancshares, Inc. | 343723 | 14216383 |
| Hope Bancorp, Inc. | 2527725 | 28133579 |
| Horizon Bancorp, Inc. | 215051 | 3625760 |
| Independent Bank Corp. | 112568 | 8049738 |
| Independent Bank Corp. (Michigan) | 513289 | 16882075 |
| International Bancshares Corp. | 1343782 | 96134164 |
| Investar Holding Corp. | 59009 | 1383171 |
| Kearny Financial Corp. | 238055 | 1606871 |
| Lakeland Financial Corp. | 40766 | 2790433 |
| Live Oak Bancshares, Inc. | 2108 | 81559 |
| MainStreet Bancshares, Inc. | 1734 | 39275 |
| Mercantile Bank Corp. | 385590 | 18990307 |
| Meridian Corp. | 48429 | 762272 |
| Metrocity Bankshares, Inc. | 374256 | 11205225 |
| Metropolitan Bank Holding Corp. | 249479 | 19806138 |
| Mid Penn Bancorp, Inc. | 191493 | 5771599 |
| Midland States Bancorp, Inc. | 473790 | 8727212 |
| MVB Financial Corp. | 93882 | 2290721 |
| National Bank Holdings Corp., Class A | 293664 | 11517502 |
| NBT Bancorp, Inc. | 77462 | 3429243 |
| Northeast Bank | 173087 | 19136499 |
| Northfield Bancorp, Inc. | 522781 | 6194955 |
| Northpointe Bancshares, Inc. | 38297 | 682453 |
| Northrim BanCorp, Inc. | 131780 | 12391273 |
| Northwest Bancshares, Inc. | 748085 | 9463275 |
| Norwood Financial Corp. | 2371 | 64159 |
| Oak Valley Bancorp | 18564 | 528888 |
| OceanFirst Financial Corp. | 1084007 | 19934889 |
| OFG Bancorp | 1134236 | 50757061 |
| Old National Bancorp | 606587 | 13884776 |
| Old Second Bancorp, Inc. | 1067489 | 19705847 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| OP Bancorp | 105127 | $1528547 |
| Orange County Bancorp, Inc. | 132821 | 3543664 |
| Origin Bancorp, Inc. | 542155 | 21084408 |
| Orrstown Financial Services, Inc. | 239117 | 8333227 |
| Pacific Premier Bancorp, Inc. | 420600 | 10300494 |
| Parke Bancorp, Inc. | 63376 | 1429129 |
| Pathward Financial, Inc. | 604487 | 48038582 |
| PCB Bancorp | 106449 | 2352523 |
| Peapack-Gladstone Financial Corp. | 269659 | 7822808 |
| Peoples Bancorp of North Carolina, Inc. | 18211 | 576924 |
| Peoples Bancorp, Inc. | 762121 | 23580024 |
| Peoples Financial Services Corp. | 277 | 14518 |
| Plumas Bancorp | 801 | 34755 |
| Popular, Inc. | 301537 | 37885109 |
| Preferred Bank | 248465 | 23455096 |
| Provident Bancorp, Inc.<sup>(1)</sup> | 14328 | 184401 |
| Provident Financial Services, Inc. | 1484379 | 29450079 |
| QCR Holdings, Inc. | 286937 | 22490122 |
| RBB Bancorp | 334405 | 6765013 |
| Red River Bancshares, Inc. | 22715 | 1485561 |
| Renasant Corp. | 142821 | 5588586 |
| Republic Bancorp, Inc., Class A | 207199 | 15900451 |
| Riverview Bancorp, Inc. | 100274 | 507386 |
| S&T Bancorp, Inc. | 530601 | 20964046 |
| ServisFirst Bancshares, Inc. | 12850 | 1132728 |
| Shore Bancshares, Inc. | 591309 | 10164602 |
| Sierra Bancorp | 171773 | 5266560 |
| SmartFinancial, Inc. | 226044 | 8329721 |
| South Plains Financial, Inc. | 271002 | 11010811 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 83994 | 3788129 |
| Southern Missouri Bancorp, Inc. | 217546 | 12516509 |
| Southside Bancshares, Inc. | 245970 | 7684103 |
| SouthState Corp. | 9389 | 958241 |
| Stellar Bancorp, Inc. | 556672 | 17212298 |
| Stock Yards Bancorp, Inc. | 89331 | 7209905 |
| Synovus Financial Corp. | 526142 | 27154189 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 8711 | 754111 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 204756 | 8155431 |
| Timberland Bancorp, Inc. | 31567 | 1055916 |
| Tompkins Financial Corp. | 112642 | 7900710 |
| Towne Bank | 288897 | 10599631 |
| TriCo Bancshares | 343995 | 15624253 |
| TrustCo Bank Corp. | 410079 | 16317043 |
| Trustmark Corp. | 251766 | 10138617 |
| UMB Financial Corp. | 346531 | 42242129 |
| United Community Banks, Inc. | 41627 | 1390342 |
| United Security Bancshares | 83790 | 797681 |
| Unity Bancorp, Inc. | 142410 | 7455164 |
| Univest Financial Corp. | 559702 | 17725762 |
| USCB Financial Holdings, Inc. | 8037 | 139763 |
| Valley National Bancorp | 5540995 | 57958808 |
| Veritex Holdings, Inc. | 539583 | 18534676 |
| Virginia National Bankshares Corp. | 2612 | 108685 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WaFd, Inc. | 1675166 | $52683971 |
| WesBanco, Inc. | 87817 | 2880398 |
| West BanCorp, Inc. | 102173 | 2039373 |
| Westamerica Bancorporation | 614865 | 30749399 |
| Western Alliance Bancorp | 33397 | 2990701 |
| Western New England Bancorp, Inc. | 3560 | 44642 |
| Wintrust Financial Corp. | 288030 | 39543639 |
| WSFS Financial Corp. | 626414 | 36513672 |
| Zions Bancorp NA | 212865 | 12348299 |
|  |  | 2887288866 |
| **Beverages — 0.1%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 83618 | 18487104 |
| MGP Ingredients, Inc. | 120758 | 3570814 |
|  |  | 22057918 |
| **Biotechnology — 0.8%** |  |  |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 317743 | 8258141 |
| Alkermes PLC<sup>(1)</sup> | 2676681 | 77543448 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 22173 | 207983 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 1800305 | 37068280 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 1928351 | 16005313 |
| Kura Oncology, Inc.<sup>(1)</sup> | 363715 | 2873348 |
| Monte Rosa Therapeutics, Inc.<sup>(1)</sup> | 326152 | 1565530 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | 17655 | 1042528 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | 1219894 | 6148266 |
| XBiotech, Inc.<sup>(1)</sup> | 5371 | 16972 |
|  |  | 150729809 |
| **Broadline Retail — 1.1%** |  |  |
| Dillard's, Inc., Class A | 24099 | 12841875 |
| Kohl's Corp. | 4166709 | 62750637 |
| Macy's, Inc. | 9122321 | 120688307 |
|  |  | 196280819 |
| **Building Products — 0.5%** |  |  |
| Apogee Enterprises, Inc. | 659158 | 28986473 |
| Insteel Industries, Inc. | 270552 | 10383786 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 2723496 | 17403139 |
| Tecnoglass, Inc. | 539437 | 39152338 |
|  |  | 95925736 |
| **Capital Markets — 0.9%** |  |  |
| Diamond Hill Investment Group, Inc. | 50955 | 7427201 |
| Oppenheimer Holdings, Inc., Class A | 217291 | 15768808 |
| Siebert Financial Corp.<sup>(1)</sup> | 29162 | 79612 |
| StoneX Group, Inc.<sup>(1)</sup> | 1090785 | 111445503 |
| Virtus Investment Partners, Inc. | 111283 | 22415735 |
| WisdomTree, Inc.<sup>(2)</sup> | 1012653 | 13782207 |
|  |  | 170919066 |
| **Chemicals — 2.2%** |  |  |
| AdvanSix, Inc. | 790821 | 16971019 |
| American Vanguard Corp.<sup>(1)</sup> | 257910 | 1392714 |
| Aspen Aerogels, Inc.<sup>(1)</sup> | 69289 | 473937 |
| Cabot Corp. | 1487414 | 121313486 |
| Chemours Co. | 1653898 | 25470029 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 188722 | 3623462 |
| FMC Corp. | 1497378 | 58547480 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hawkins, Inc. | 22013 | $3683435 |
| Huntsman Corp. | 775004 | 8649045 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 197207 | 6001009 |
| Koppers Holdings, Inc. | 196855 | 5704858 |
| Kronos Worldwide, Inc. | 57667 | 367916 |
| LSB Industries, Inc.<sup>(1)</sup> | 1662629 | 13833073 |
| Mativ Holdings, Inc. | 1495697 | 18800911 |
| NewMarket Corp. | 72264 | 59759438 |
| Orion SA | 1788328 | 18866860 |
| Quaker Chemical Corp. | 12275 | 1780734 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | 2250213 | 12533686 |
| Stepan Co. | 475426 | 23785563 |
| Tronox Holdings PLC, Class A | 1746043 | 7473064 |
| Valhi, Inc. | 12255 | 199879 |
|  |  | 409231598 |
| **Commercial Services and Supplies — 0.9%** |  |  |
| ACCO Brands Corp. | 2415636 | 9710857 |
| Acme United Corp. | 37544 | 1615143 |
| Civeo Corp. | 423071 | 10047936 |
| Ennis, Inc. | 662797 | 12109301 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 1167965 | 18231934 |
| HNI Corp. | 22590 | 1015195 |
| Interface, Inc. | 1956442 | 52276130 |
| Steelcase, Inc., Class A | 2861957 | 47909160 |
| Team, Inc.<sup>(1)</sup> | 3699 | 71206 |
| Virco Mfg. Corp. | 444293 | 3825363 |
|  |  | 156812225 |
| **Communications Equipment — 0.6%** |  |  |
| Aviat Networks, Inc.<sup>(1)</sup> | 153146 | 3516232 |
| BK Technologies Corp.<sup>(1)</sup> | 33523 | 2372758 |
| Harmonic, Inc.<sup>(1)</sup> | 61946 | 595920 |
| NETGEAR, Inc.<sup>(1)</sup> | 777862 | 21134511 |
| Viasat, Inc.<sup>(1)</sup> | 2623767 | 84826387 |
|  |  | 112445808 |
| **Construction and Engineering — 2.7%** |  |  |
| Argan, Inc. | 403131 | 92002557 |
| Concrete Pumping Holdings, Inc. | 36962 | 257255 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 341424 | 26781298 |
| Granite Construction, Inc. | 1192597 | 128502327 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 1895038 | 22096143 |
| IES Holdings, Inc.<sup>(1)</sup> | 52545 | 18354494 |
| Matrix Service Co.<sup>(1)</sup> | 593921 | 8986025 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 221647 | 11738425 |
| Orion Group Holdings, Inc<sup>.(1)</sup> | 444754 | 3291180 |
| Primoris Services Corp. | 725538 | 86012530 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 153409 | 42729009 |
| Tutor Perini Corp.<sup>(1)</sup> | 843964 | 49743238 |
|  |  | 490494481 |
| **Construction Materials — 0.1%** |  |  |
| Knife River Corp.<sup>(1)</sup> | 116042 | 9399402 |
| Titan America SA<sup>(1)</sup> | 54704 | 848459 |
| U.S. Lime & Minerals, Inc. | 52 | 6548 |
|  |  | 10254409 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Consumer Finance — 2.0%** |  |  |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 106817 | $7124694 |
| Bread Financial Holdings, Inc. | 1272277 | 84212015 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | 62332 | 498033 |
| Credit Acceptance Corp.<sup>(1)</sup> | 12213 | 6286398 |
| EZCORP, Inc., Class A<sup>(1)</sup> | 65581 | 1093235 |
| Green Dot Corp., Class A<sup>(1)</sup> | 1262902 | 17579596 |
| LendingClub Corp.<sup>(1)</sup> | 1330360 | 22855585 |
| Medallion Financial Corp. | 181711 | 1918868 |
| Navient Corp. | 1737930 | 23827020 |
| Nelnet, Inc., Class A | 136086 | 17502020 |
| OneMain Holdings, Inc. | 541770 | 33513892 |
| Oportun Financial Corp.<sup>(1)</sup> | 18343 | 121247 |
| PRA Group, Inc.<sup>(1)</sup> | 155418 | 2656094 |
| PROG Holdings, Inc. | 80760 | 2845982 |
| Regional Management Corp. | 165907 | 7273363 |
| SLM Corp. | 4163155 | 130223488 |
| World Acceptance Corp.<sup>(1)</sup> | 62985 | 10797519 |
|  |  | 370329049 |
| **Consumer Staples Distribution & Retail — 1.5%** |  |  |
| HF Foods Group, Inc.<sup>(1)</sup> | 38022 | 124712 |
| Ingles Markets, Inc., Class A | 463346 | 31363891 |
| Natural Grocers by Vitamin Cottage, Inc. | 411973 | 15840362 |
| PriceSmart, Inc. | 800034 | 85811647 |
| SpartanNash Co. | 1070361 | 28685675 |
| United Natural Foods, Inc.<sup>(1)</sup> | 2202466 | 62285738 |
| Village Super Market, Inc., Class A | 304421 | 11044394 |
| Weis Markets, Inc. | 473641 | 33936377 |
|  |  | 269092796 |
| **Containers and Packaging — 0.0%** |  |  |
| Myers Industries, Inc. | 224848 | 3763955 |
| **Distributors — 0.0%** |  |  |
| A-Mark Precious Metals, Inc. | 3764 | 88115 |
| Weyco Group, Inc. | 5536 | 167741 |
|  |  | 255856 |
| **Diversified Consumer Services — 1.1%** |  |  |
| American Public Education, Inc.<sup>(1)</sup> | 499367 | 15070896 |
| European Wax Center, Inc., Class A<sup>(1)</sup> | 70335 | 301737 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 355959 | 6695589 |
| Perdoceo Education Corp. | 1450105 | 47476438 |
| Stride, Inc.<sup>(1)</sup> | 615701 | 100476246 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 1241617 | 33014596 |
|  |  | 203035502 |
| **Diversified Telecommunication Services — 0.9%** |  |  |
| ATN International, Inc. | 349546 | 5942282 |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | 576361 | 21371466 |
| Globalstar, Inc.<sup>(1)</sup> | 367314 | 10993708 |
| Iridium Communications, Inc. | 2386357 | 59396426 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 2379333 | 27933369 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 1998628 | 23883605 |
| Shenandoah Telecommunications Co. | 635260 | 8417195 |
|  |  | 157938051 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Electrical Equipment — 0.5%** |  |  |
| Atkore, Inc. | 906535 | $52751272 |
| EnerSys | 154436 | 15852855 |
| Espey Mfg. & Electronics Corp. | 21525 | 1000051 |
| Fluence Energy, Inc.<sup>(1)(2)</sup> | 96570 | 714618 |
| LSI Industries, Inc. | 42309 | 970145 |
| Preformed Line Products Co. | 66280 | 12664120 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 2421070 | 15761166 |
|  |  | 99714227 |
| **Electronic Equipment, Instruments and Components — 3.5%** |  |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | 39824 | 5030966 |
| Avnet, Inc. | 2569637 | 140225091 |
| Bel Fuse, Inc., Class A | 25431 | 2910069 |
| Bel Fuse, Inc., Class B | 177833 | 23929209 |
| Benchmark Electronics, Inc. | 1112442 | 45154021 |
| Daktronics, Inc.<sup>(1)</sup> | 1388035 | 24082407 |
| ePlus, Inc. | 815064 | 58986182 |
| Ingram Micro Holding Corp. | 306576 | 5999692 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 89793 | 11687457 |
| IPG Photonics Corp.<sup>(1)</sup> | 156003 | 12764165 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 623187 | 17991409 |
| Knowles Corp.<sup>(1)</sup> | 500586 | 10687511 |
| Methode Electronics, Inc. | 473076 | 3656877 |
| M-Tron Industries, Inc.<sup>(1)</sup> | 2532 | 113889 |
| PC Connection, Inc. | 202627 | 13010680 |
| Plexus Corp.<sup>(1)</sup> | 721372 | 98835178 |
| Richardson Electronics Ltd. | 14578 | 143302 |
| Sanmina Corp.<sup>(1)</sup> | 273320 | 32120566 |
| ScanSource, Inc.<sup>(1)</sup> | 733952 | 32037005 |
| TTM Technologies, Inc.<sup>(1)</sup> | 990420 | 44143019 |
| Vishay Intertechnology, Inc. | 3526878 | 54525534 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 252243 | 7168746 |
|  |  | 645202975 |
| **Energy Equipment and Services — 5.2%** |  |  |
| Archrock, Inc. | 5328302 | 131928758 |
| Aris Water Solutions, Inc., Class A | 21637 | 525130 |
| Atlas Energy Solutions, Inc.<sup>(2)</sup> | 227199 | 2660500 |
| Bristow Group, Inc.<sup>(1)</sup> | 655467 | 25242034 |
| Core Laboratories, Inc. | 80978 | 932057 |
| DMC Global, Inc.<sup>(1)</sup> | 99164 | 664399 |
| Energy Services of America Corp.<sup>(2)</sup> | 118417 | 1206669 |
| Expro Group Holdings NV<sup>(1)</sup> | 503560 | 6279393 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | 228250 | 6037212 |
| Geospace Technologies Corp.<sup>(1)</sup> | 60414 | 1197405 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 4519532 | 29783716 |
| Helmerich & Payne, Inc. | 2906043 | 60707238 |
| KLX Energy Services Holdings, Inc.<sup>(1)(2)</sup> | 113294 | 222056 |
| Kodiak Gas Services, Inc. | 1518411 | 54343930 |
| Liberty Energy, Inc., Class A | 5411028 | 60874065 |
| Nabors Industries Ltd.<sup>(1)(2)</sup> | 288542 | 10756846 |
| Natural Gas Services Group, Inc. | 151828 | 3971820 |
| Noble Corp. PLC | 2488000 | 71704160 |
| NOV, Inc. | 5936960 | 78902198 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Oceaneering International, Inc.<sup>(1)</sup> | 2926374 | $71403526 |
| Oil States International, Inc.<sup>(1)</sup> | 1130278 | 6329557 |
| Patterson-UTI Energy, Inc. | 12935060 | 75152699 |
| ProFrac Holding Corp., Class A<sup>(1)(2)</sup> | 557890 | 2231560 |
| ProPetro Holding Corp.<sup>(1)</sup> | 3100612 | 15813121 |
| Ranger Energy Services, Inc. | 482936 | 6891497 |
| RPC, Inc. | 3205536 | 15290407 |
| Seadrill Ltd.<sup>(1)</sup> | 540735 | 17254854 |
| Select Water Solutions, Inc., Class A | 3182339 | 27113528 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 2467173 | 11595713 |
| Tidewater, Inc.<sup>(1)</sup> | 664138 | 39981108 |
| Transocean Ltd.<sup>(1)</sup> | 7121062 | 21576818 |
| Valaris Ltd.<sup>(1)</sup> | 965208 | 47941881 |
| Weatherford International PLC | 681088 | 43388711 |
|  |  | 949904566 |
| **Entertainment — 0.1%** |  |  |
| Cineverse Corp.<sup>(1)</sup> | 57258 | 279992 |
| Marcus Corp. | 746898 | 11532105 |
| Starz Entertainment Corp.<sup>(1)</sup> | 16038 | 204805 |
|  |  | 12016902 |
| **Financial Services — 3.3%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 407182 | 1388491 |
| Alerus Financial Corp. | 68923 | 1534915 |
| Cass Information Systems, Inc. | 25466 | 1098094 |
| Enact Holdings, Inc. | 634588 | 23892238 |
| Essent Group Ltd. | 746609 | 46842249 |
| Federal Agricultural Mortgage Corp., Class C | 225058 | 47165405 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | 81964 | 2189258 |
| International Money Express, Inc.<sup>(1)</sup> | 268004 | 3886058 |
| Jackson Financial, Inc., Class A | 1143414 | 112969303 |
| Merchants Bancorp | 490909 | 15915270 |
| MGIC Investment Corp. | 2095175 | 58308720 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 2008640 | 79039984 |
| Onity Group, Inc.<sup>(1)</sup> | 101524 | 4200048 |
| Payoneer Global, Inc.<sup>(1)</sup> | 5533996 | 38461272 |
| PennyMac Financial Services, Inc. | 374829 | 41268673 |
| Radian Group, Inc. | 3557720 | 124093274 |
| Velocity Financial, Inc.<sup>(1)</sup> | 149324 | 2849102 |
| Waterstone Financial, Inc. | 118951 | 1783075 |
|  |  | 606885429 |
| **Food Products — 1.8%** |  |  |
| B&G Foods, Inc. | 811157 | 3658318 |
| Cal-Maine Foods, Inc. | 1376678 | 159199044 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 334530 | 11360639 |
| Dole PLC | 1668497 | 24560276 |
| Fresh Del Monte Produce, Inc. | 1078626 | 39132551 |
| John B Sanfilippo & Son, Inc. | 49833 | 3234162 |
| Lifeway Foods, Inc.<sup>(1)</sup> | 17401 | 530208 |
| Mission Produce, Inc.<sup>(1)</sup> | 767307 | 9599010 |
| Seaboard Corp. | 4983 | 19778524 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | 110469 | 12505091 |
| WK Kellogg Co. | 1628089 | 37315800 |
|  |  | 320873623 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Gas Utilities — 0.1%** |  |  |
| MDU Resources Group, Inc. | 1011574 | $16478540 |
| **Ground Transportation — 1.7%** |  |  |
| ArcBest Corp. | 664691 | 49027608 |
| Covenant Logistics Group, Inc. | 470002 | 11341148 |
| Heartland Express, Inc. | 1218623 | 10467972 |
| Marten Transport Ltd. | 1816115 | 21502802 |
| PAMT Corp.<sup>(1)</sup> | 247 | 3026 |
| Ryder System, Inc. | 644953 | 120941586 |
| Schneider National, Inc., Class B | 1207457 | 29848337 |
| Universal Logistics Holdings, Inc. | 234351 | 6079065 |
| Werner Enterprises, Inc. | 1979644 | 57112729 |
|  |  | 306324273 |
| **Health Care Equipment and Supplies — 0.7%** |  |  |
| Bioventus, Inc., Class A<sup>(1)</sup> | 961055 | 7111807 |
| Electromed, Inc.<sup>(1)</sup> | 18149 | 448825 |
| FONAR Corp.<sup>(1)(2)</sup> | 29572 | 472561 |
| Kewaunee Scientific Corp.<sup>(1)</sup> | 44521 | 2523895 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 426265 | 23401949 |
| LivaNova PLC<sup>(1)</sup> | 257706 | 14526887 |
| Novocure Ltd.<sup>(1)</sup> | 742589 | 9156122 |
| Pro-Dex, Inc.<sup>(1)(2)</sup> | 5299 | 248417 |
| QuidelOrtho Corp.<sup>(1)</sup> | 1689949 | 48484637 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 7698 | 102460 |
| Utah Medical Products, Inc. | 749 | 46595 |
| Varex Imaging Corp.<sup>(1)</sup> | 292589 | 3379403 |
| Zimvie, Inc.<sup>(1)</sup> | 623062 | 11763411 |
|  |  | 121666969 |
| **Health Care Providers and Services — 0.6%** |  |  |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | 2272524 | 17498435 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 881182 | 11790215 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 123778 | 1334327 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 85617 | 7173848 |
| Premier, Inc., Class A | 2660423 | 68904956 |
|  |  | 106701781 |
| **Health Care Technology — 0.0%** |  |  |
| CareCloud, Inc.<sup>(1)</sup> | 33310 | 127911 |
| Health Catalyst, Inc.<sup>(1)</sup> | 82190 | 278624 |
| Teladoc Health, Inc.<sup>(1)</sup> | 30051 | 232294 |
|  |  | 638829 |
| **Hotels, Restaurants and Leisure — 1.5%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 539355 | 6251124 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 721778 | 24222870 |
| Bloomin' Brands, Inc. | 288572 | 2121004 |
| Canterbury Park Holding Corp. | 118 | 1953 |
| Cheesecake Factory, Inc. | 1455473 | 89453371 |
| Cracker Barrel Old Country Store, Inc.<sup>(2)</sup> | 704718 | 42156231 |
| Full House Resorts, Inc.<sup>(1)</sup> | 384129 | 1405912 |
| Golden Entertainment, Inc. | 171616 | 4268090 |
| Monarch Casino & Resort, Inc. | 409231 | 42695070 |
| ONE Group Hospitality, Inc.<sup>(1)(2)</sup> | 140910 | 393139 |
| Potbelly Corp.<sup>(1)</sup> | 411229 | 5321303 |
| RCI Hospitality Holdings, Inc. | 156791 | 5834193 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Super Group SGHC Ltd. | 4360157 | $50708626 |
| Target Hospitality Corp.<sup>(1)</sup> | 769752 | 6981651 |
|  |  | 281814537 |
| **Household Durables — 1.4%** |  |  |
| Bassett Furniture Industries, Inc. | 54643 | 919095 |
| Cricut, Inc., Class A | 1388747 | 7915858 |
| Ethan Allen Interiors, Inc. | 715498 | 21114346 |
| Flexsteel Industries, Inc. | 102545 | 4756037 |
| Hamilton Beach Brands Holding Co., Class A | 189446 | 2792434 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 38799 | 5445828 |
| KB Home | 230525 | 14649864 |
| La-Z-Boy, Inc. | 1160789 | 42914369 |
| Legacy Housing Corp.<sup>(1)</sup> | 98226 | 2744926 |
| Lifetime Brands, Inc. | 204433 | 807510 |
| Lovesac Co.<sup>(1)</sup> | 355372 | 6798266 |
| M/I Homes, Inc.<sup>(1)</sup> | 390532 | 57509742 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 2379030 | 84051130 |
| Universal Electronics, Inc.<sup>(1)</sup> | 210159 | 1020322 |
|  |  | 253439727 |
| **Household Products — 0.4%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 225922 | 8230339 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 1511780 | 49934093 |
| Oil-Dri Corp. of America | 325111 | 19305091 |
|  |  | 77469523 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| Hallador Energy Co.<sup>(1)</sup> | 941302 | 15352636 |
| Montauk Renewables, Inc.<sup>(1)</sup> | 774727 | 1665663 |
| XPLR Infrastructure LP | 316999 | 3360189 |
|  |  | 20378488 |
| **Insurance — 4.8%** |  |  |
| American Coastal Insurance Corp., Class C | 477109 | 5272054 |
| Assured Guaranty Ltd. | 999466 | 82156105 |
| Axis Capital Holdings Ltd. | 647696 | 63849872 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 1803025 | 85210961 |
| CNO Financial Group, Inc. | 2835255 | 111907515 |
| Crawford & Co., Class A | 100286 | 1087100 |
| Crawford & Co., Class B | 36373 | 385190 |
| Donegal Group, Inc., Class A | 152268 | 2724075 |
| Employers Holdings, Inc. | 496167 | 21464184 |
| F&G Annuities & Life, Inc. | 338585 | 11704883 |
| Fidelis Insurance Holdings Ltd. | 1147449 | 20057409 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 7956918 | 68190787 |
| GoHealth, Inc., Class A<sup>(1)</sup> | 7110 | 36332 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 423116 | 5453965 |
| Hanover Insurance Group, Inc. | 212431 | 36852530 |
| HCI Group, Inc. | 217042 | 36183072 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 683747 | 15568919 |
| Horace Mann Educators Corp. | 564459 | 25953825 |
| Investors Title Co. | 4544 | 1128093 |
| James River Group Holdings Ltd. | 212230 | 1192733 |
| Kingstone Cos., Inc. | 190726 | 2567172 |
| Mercury General Corp. | 449663 | 34772440 |
| Oscar Health, Inc., Class A<sup>(1)(2)</sup> | 4324761 | 72050518 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Palomar Holdings, Inc.<sup>(1)</sup> | 298725 | $36749150 |
| ProAssurance Corp.<sup>(1)</sup> | 272310 | 6483701 |
| Safety Insurance Group, Inc. | 21104 | 1561907 |
| Selective Insurance Group, Inc. | 114943 | 8991991 |
| Selectquote, Inc.<sup>(1)</sup> | 1161072 | 2624023 |
| SiriusPoint Ltd.<sup>(1)</sup> | 2988417 | 55943166 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 437191 | 21116325 |
| United Fire Group, Inc. | 278893 | 8573171 |
| Universal Insurance Holdings, Inc. | 653218 | 15931987 |
| White Mountains Insurance Group Ltd. | 2470 | 4520545 |
|  |  | 868265700 |
| **Interactive Media and Services — 0.1%** |  |  |
| Cars.com, Inc.<sup>(1)</sup> | 812194 | 10599132 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 9187 | 213598 |
| Teads Holding Co.<sup>(1)</sup> | 259540 | 454195 |
| Yelp, Inc.<sup>(1)</sup> | 444952 | 14069382 |
|  |  | 25336307 |
| **IT Services — 0.5%** |  |  |
| DXC Technology Co.<sup>(1)</sup> | 6400642 | 92489277 |
| **Leisure Products — 1.2%** |  |  |
| Acushnet Holdings Corp. | 119099 | 9128938 |
| American Outdoor Brands, Inc.<sup>(1)</sup> | 70150 | 732366 |
| Brunswick Corp. | 587488 | 37358362 |
| Clarus Corp. | 446565 | 1621031 |
| Escalade, Inc. | 3175 | 40005 |
| Funko, Inc., Class A<sup>(1)</sup> | 573160 | 1983134 |
| JAKKS Pacific, Inc. | 107764 | 1914966 |
| Johnson Outdoors, Inc., Class A | 35445 | 1429142 |
| Latham Group, Inc.<sup>(1)</sup> | 47423 | 380807 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 451958 | 15005006 |
| Marine Products Corp. | 71183 | 621428 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 467008 | 10246156 |
| Polaris, Inc. | 1134042 | 64164096 |
| Smith & Wesson Brands, Inc. | 388380 | 3173065 |
| Sturm Ruger & Co., Inc. | 165930 | 5752793 |
| Topgolf Callaway Brands Corp.<sup>(1)</sup> | 1343349 | 12842416 |
| YETI Holdings, Inc.<sup>(1)</sup> | 1491414 | 52438116 |
|  |  | 218831827 |
| **Life Sciences Tools and Services — 0.0%** |  |  |
| OmniAb, Inc.<sup>(1)</sup> | 21075 | 223 |
| OmniAb, Inc.<sup>(1)</sup> | 21075 | 127 |
|  |  | 350 |
| **Machinery — 3.9%** |  |  |
| Alamo Group, Inc. | 153644 | 32489560 |
| Albany International Corp., Class A | 565189 | 35895153 |
| Astec Industries, Inc. | 470947 | 21800137 |
| Blue Bird Corp.<sup>(1)</sup> | 394656 | 23043964 |
| Douglas Dynamics, Inc. | 134782 | 4538110 |
| Eastern Co. | 16418 | 390092 |
| Graham Corp.<sup>(1)</sup> | 205306 | 10070259 |
| Greenbrier Cos., Inc. | 1076820 | 50212117 |
| Helios Technologies, Inc. | 21667 | 1175218 |
| Hyster-Yale, Inc. | 286758 | 10753425 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kennametal, Inc. | 2464156 | $52806863 |
| L.B. Foster Co., Class A<sup>(1)</sup> | 69009 | 1796304 |
| Lindsay Corp. | 77389 | 10620093 |
| Luxfer Holdings PLC | 797248 | 10699068 |
| Manitowoc Co., Inc.<sup>(1)</sup> | 322074 | 3188533 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 290748 | 4244921 |
| Microvast Holdings, Inc.<sup>(1)(2)</sup> | 59408 | 158619 |
| Mueller Industries, Inc. | 1099626 | 105498118 |
| Mueller Water Products, Inc., Class A | 1457112 | 38409472 |
| Park-Ohio Holdings Corp. | 189500 | 3827900 |
| Perma-Pipe International Holdings, Inc.<sup>(1)</sup> | 77829 | 2318526 |
| REV Group, Inc. | 731714 | 38934502 |
| Taylor Devices, Inc.<sup>(1)</sup> | 28322 | 1387778 |
| Tennant Co. | 298306 | 24473024 |
| Terex Corp. | 1503565 | 75088036 |
| Titan International, Inc.<sup>(1)</sup> | 1080768 | 9532374 |
| Trinity Industries, Inc. | 2388663 | 67885802 |
| Twin Disc, Inc. | 15650 | 197738 |
| Wabash National Corp. | 761768 | 8448007 |
| Worthington Enterprises, Inc. | 869197 | 57193163 |
|  |  | 707076876 |
| **Marine Transportation — 0.9%** |  |  |
| Costamare Bulkers Holdings Ltd.<sup>(1)</sup> | 187860 | 1983802 |
| Costamare, Inc. | 1181642 | 13517984 |
| Genco Shipping & Trading Ltd. | 1337338 | 22520772 |
| Kirby Corp.<sup>(1)</sup> | 86253 | 8383791 |
| Matson, Inc. | 1111162 | 115616406 |
| Pangaea Logistics Solutions Ltd. | 755417 | 4026373 |
| Safe Bulkers, Inc. | 1327296 | 5641008 |
| Star Bulk Carriers Corp. | 18052 | 336670 |
|  |  | 172026806 |
| **Media — 1.0%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)</sup> | 896185 | 6327066 |
| Cable One, Inc. | 113867 | 18387243 |
| EchoStar Corp., Class A<sup>(1)</sup> | 2309992 | 142734406 |
| Gambling.com Group Ltd.<sup>(1)</sup> | 177284 | 1547689 |
| Scholastic Corp. | 616966 | 15831348 |
|  |  | 184827752 |
| **Metals and Mining — 2.5%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 367213 | 54784508 |
| Ascent Industries Co.<sup>(1)</sup> | 53251 | 650727 |
| Caledonia Mining Corp. PLC | 426473 | 10909179 |
| Century Aluminum Co.<sup>(1)</sup> | 348644 | 7785221 |
| Coeur Mining, Inc.<sup>(1)</sup> | 1311015 | 17239847 |
| Commercial Metals Co. | 1077000 | 62110590 |
| Compass Minerals International, Inc.<sup>(1)</sup> | 844604 | 16089706 |
| Ferroglobe PLC | 587954 | 2457648 |
| Kaiser Aluminum Corp. | 469452 | 36556227 |
| Materion Corp. | 232054 | 25711583 |
| Metallus, Inc.<sup>(1)</sup> | 1288247 | 21165898 |
| Olympic Steel, Inc. | 325207 | 10962728 |
| Ramaco Resources, Inc., Class A<sup>(1)</sup> | 885626 | 22964282 |
| Ramaco Resources, Inc., Class B | 197337 | 3206726 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ryerson Holding Corp. | 978793 | $22316481 |
| SunCoke Energy, Inc. | 3136302 | 24212252 |
| Tredegar Corp.<sup>(1)</sup> | 138663 | 1085731 |
| Warrior Met Coal, Inc. | 1573681 | 96214856 |
| Worthington Steel, Inc. | 363862 | 12116605 |
|  |  | 448540795 |
| **Oil, Gas and Consumable Fuels — 9.3%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 1152353 | 4690077 |
| Antero Midstream Corp. | 1334645 | 23743335 |
| Ardmore Shipping Corp. | 1444513 | 16785241 |
| Berry Corp. | 2271859 | 7588009 |
| California Resources Corp. | 2669504 | 132620959 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 365991 | 73831364 |
| Civitas Resources, Inc. | 1514968 | 55720523 |
| CNX Resources Corp.<sup>(1)</sup> | 2712676 | 79210139 |
| Comstock Resources, Inc.<sup>(1)(2)</sup> | 1983664 | 31996500 |
| Core Natural Resources, Inc. | 1135284 | 84306190 |
| Crescent Energy Co., Class A | 5270257 | 50278252 |
| CVR Energy, Inc.<sup>(1)</sup> | 261425 | 7970848 |
| DHT Holdings, Inc. | 4203401 | 49263860 |
| Dorian LPG Ltd. | 1379797 | 44125908 |
| Epsilon Energy Ltd. | 44868 | 262926 |
| Evolution Petroleum Corp. | 791272 | 4082964 |
| FutureFuel Corp. | 610937 | 2370436 |
| Gran Tierra Energy, Inc.<sup>(1)(2)</sup> | 1266040 | 5203424 |
| Granite Ridge Resources, Inc. | 2132076 | 11854343 |
| Green Plains, Inc.<sup>(1)</sup> | 31667 | 351820 |
| HighPeak Energy, Inc. | 803877 | 6189853 |
| International Seaways, Inc. | 1642914 | 74621154 |
| Kimbell Royalty Partners LP | 2411337 | 33686378 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 14153882 | 25335449 |
| Magnolia Oil & Gas Corp., Class A | 5764605 | 143423372 |
| Matador Resources Co. | 312030 | 15713831 |
| Murphy Oil Corp. | 3010823 | 74849060 |
| NACCO Industries, Inc., Class A | 36260 | 1418491 |
| Navigator Holdings Ltd.<sup>(2)</sup> | 128939 | 2074628 |
| Nordic American Tankers Ltd. | 3897114 | 12120025 |
| Northern Oil & Gas, Inc. | 3362703 | 87968310 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 965706 | 33452056 |
| Peabody Energy Corp. | 3690163 | 64208836 |
| Prairie Operating Co.<sup>(1)</sup> | 12734 | 32472 |
| PrimeEnergy Resources Corp.<sup>(1)(2)</sup> | 11757 | 1778481 |
| REX American Resources Corp.<sup>(1)</sup> | 338171 | 21159359 |
| Riley Exploration Permian, Inc. | 461077 | 13491113 |
| SandRidge Energy, Inc. | 979507 | 11597363 |
| Scorpio Tankers, Inc. | 1568603 | 79057591 |
| SFL Corp. Ltd. | 2893958 | 23527879 |
| SM Energy Co. | 3902896 | 111427681 |
| Talos Energy, Inc.<sup>(1)</sup> | 4680246 | 46240830 |
| Teekay Corp. Ltd. | 2005613 | 16446027 |
| Teekay Tankers Ltd., Class A | 882074 | 43371579 |
| VAALCO Energy, Inc. | 3954733 | 15344364 |
| Vital Energy, Inc.<sup>(1)</sup> | 687438 | 12250145 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vitesse Energy, Inc. | 744974 | $19823758 |
| World Kinect Corp. | 671810 | 18011226 |
|  |  | 1694878429 |
| **Paper and Forest Products — 0.5%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 403095 | 8694759 |
| Louisiana-Pacific Corp. | 348035 | 33101609 |
| Mercer International, Inc. | 917595 | 3055591 |
| Sylvamo Corp. | 1067863 | 49260520 |
|  |  | 94112479 |
| **Passenger Airlines — 2.3%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 2503797 | 157188376 |
| Allegiant Travel Co.<sup>(1)</sup> | 564321 | 35360354 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | 810554 | 3971715 |
| JetBlue Airways Corp.<sup>(1)</sup> | 4536896 | 24272393 |
| SkyWest, Inc.<sup>(1)</sup> | 1434800 | 174184720 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 1588336 | 21045452 |
|  |  | 416023010 |
| **Personal Care Products — 0.2%** |  |  |
| Lifevantage Corp. | 77061 | 1009499 |
| Medifast, Inc.<sup>(1)</sup> | 183638 | 2576441 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 320782 | 5405177 |
| Nu Skin Enterprises, Inc., Class A | 1151358 | 14012027 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 210677 | 6722703 |
|  |  | 29725847 |
| **Pharmaceuticals — 0.7%** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 80109 | 2452938 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 1293591 | 47720572 |
| Innoviva, Inc.<sup>(1)</sup> | 1819123 | 37164683 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 975979 | 26029360 |
| SIGA Technologies, Inc. | 1054801 | 8849780 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 310967 | 14030831 |
|  |  | 136248164 |
| **Professional Services — 0.6%** |  |  |
| Alight, Inc., Class A | 7392016 | 28681022 |
| Clarivate PLC<sup>(1)</sup> | 8276143 | 36001222 |
| Conduent, Inc.<sup>(1)</sup> | 2296672 | 6384748 |
| Heidrick & Struggles International, Inc. | 473789 | 24073219 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 274736 | 8112954 |
| Kelly Services, Inc., Class A | 614675 | 8746825 |
| Kforce, Inc. | 47437 | 1546446 |
| Resources Connection, Inc. | 17299 | 88398 |
| TrueBlue, Inc.<sup>(1)</sup> | 453322 | 2706333 |
|  |  | 116341167 |
| **Real Estate Management and Development — 0.4%** |  |  |
| AMREP Corp.<sup>(1)</sup> | 4357 | 93545 |
| Forestar Group, Inc.<sup>(1)</sup> | 584724 | 16179313 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 617396 | 47088793 |
| Opendoor Technologies, Inc.<sup>(1)(2)</sup> | 2050965 | 9126794 |
| RE/MAX Holdings, Inc., Class A<sup>(1)</sup> | 63804 | 601034 |
| Seaport Entertainment Group, Inc.<sup>(1)(2)</sup> | 504 | 12580 |
|  |  | 73102059 |
| **Semiconductors and Semiconductor Equipment — 0.7%** |  |  |
| Amkor Technology, Inc. | 1437401 | 34770730 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 251886 | $20160956 |
| Diodes, Inc.<sup>(1)</sup> | 225827 | 12292893 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 920080 | 22201530 |
| Photronics, Inc.<sup>(1)</sup> | 1987062 | 45046696 |
| SkyWater Technology, Inc.<sup>(1)(2)</sup> | 109371 | 1311358 |
|  |  | 135784163 |
| **Software — 0.7%** |  |  |
| Cipher Mining, Inc.<sup>(1)(2)</sup> | 1412866 | 10794296 |
| CoreCard Corp.<sup>(1)</sup> | 10262 | 283950 |
| InterDigital, Inc. | 51271 | 13930843 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 4827164 | 77138081 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 714302 | 26343458 |
| Silvaco Group, Inc.<sup>(1)(2)</sup> | 2644 | 14119 |
|  |  | 128504747 |
| **Specialty Retail — 5.3%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 710508 | 66453813 |
| Academy Sports & Outdoors, Inc. | 1891951 | 101313976 |
| Advance Auto Parts, Inc. | 1118712 | 68230245 |
| American Eagle Outfitters, Inc. | 5761547 | 74554418 |
| Arhaus, Inc.<sup>(1)</sup> | 499015 | 5853446 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 63078 | 15866640 |
| Buckle, Inc. | 970258 | 54906900 |
| Build-A-Bear Workshop, Inc. | 437373 | 26596652 |
| Caleres, Inc. | 1098039 | 16470585 |
| Designer Brands, Inc., Class A | 1004443 | 3726484 |
| Duluth Holdings, Inc., Class B<sup>(1)</sup> | 73355 | 166516 |
| Five Below, Inc.<sup>(1)</sup> | 1170780 | 169880178 |
| Foot Locker, Inc.<sup>(1)</sup> | 1562681 | 38598221 |
| Guess?, Inc. | 1010473 | 16986051 |
| Haverty Furniture Cos., Inc. | 412048 | 9291682 |
| J Jill, Inc. | 5901 | 98901 |
| Lands' End, Inc.<sup>(1)</sup> | 383923 | 5513134 |
| ODP Corp.<sup>(1)</sup> | 927133 | 18783715 |
| PetMed Express, Inc.<sup>(1)(2)</sup> | 19125 | 58714 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 693262 | 9608611 |
| Shoe Carnival, Inc. | 507512 | 10607001 |
| Signet Jewelers Ltd. | 1321904 | 116393647 |
| Sonic Automotive, Inc., Class A | 26836 | 2205651 |
| Sportsman's Warehouse Holdings, Inc.<sup>(1)</sup> | 188988 | 506488 |
| Tile Shop Holdings, Inc.<sup>(1)</sup> | 241026 | 1496771 |
| Upbound Group, Inc. | 150088 | 3813736 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 1938422 | 130029348 |
| Victoria's Secret & Co.<sup>(1)</sup> | 185932 | 4280155 |
|  |  | 972291679 |
| **Technology Hardware, Storage and Peripherals — 0.1%** |  |  |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 339546 | 20749656 |
| **Textiles, Apparel and Luxury Goods — 1.8%** |  |  |
| Carter's, Inc. | 1097206 | 31336203 |
| Columbia Sportswear Co. | 881054 | 49092329 |
| Crocs, Inc.<sup>(1)</sup> | 321759 | 28057385 |
| Ermenegildo Zegna NV<sup>(2)</sup> | 310182 | 2617936 |
| Figs, Inc., Class A<sup>(1)</sup> | 172 | 1213 |
| G-III Apparel Group Ltd.<sup>(1)</sup> | 1432770 | 38684790 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Movado Group, Inc. | 343798 | $6281189 |
| Oxford Industries, Inc. | 486072 | 21411472 |
| PVH Corp. | 1039748 | 87671551 |
| Rocky Brands, Inc. | 223371 | 6797179 |
| Steven Madden Ltd. | 24802 | 720250 |
| Superior Group of Cos., Inc. | 332556 | 4369786 |
| Under Armour, Inc., Class A<sup>(1)</sup> | 4787905 | 23939525 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 2949603 | 14512047 |
| Unifi, Inc.<sup>(1)</sup> | 48380 | 213840 |
| Vera Bradley, Inc.<sup>(1)</sup> | 418495 | 866285 |
| VF Corp. | 1103762 | 16699919 |
|  |  | 333272899 |
| **Trading Companies and Distributors — 4.0%** |  |  |
| Air Lease Corp. | 2955126 | 177928136 |
| Alta Equipment Group, Inc.<sup>(2)</sup> | 109352 | 911996 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 251196 | 20751301 |
| Boise Cascade Co. | 1099967 | 95697129 |
| DNOW, Inc.<sup>(1)</sup> | 1738268 | 27812288 |
| GATX Corp. | 986468 | 166032429 |
| Global Industrial Co. | 4281 | 159810 |
| Herc Holdings, Inc. | 731179 | 95630901 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 1009433 | 10255839 |
| Karat Packaging, Inc. | 210312 | 5316687 |
| MRC Global, Inc.<sup>(1)</sup> | 2425484 | 36576299 |
| NPK International, Inc.<sup>(1)</sup> | 2369867 | 24646617 |
| Rush Enterprises, Inc., Class A | 884067 | 50745446 |
| Rush Enterprises, Inc., Class B | 96666 | 5610495 |
| Titan Machinery, Inc.<sup>(1)</sup> | 294658 | 5893160 |
|  |  | 723968533 |
| **Wireless Telecommunication Services — 0.8%** |  |  |
| Array Digital Infrastructure, Inc. | 382356 | 20582223 |
| Telephone & Data Systems, Inc. | 3223685 | 129237532 |
|  |  | 149819755 |
| **TOTAL COMMON STOCKS**<br>(Cost $16,624,807,390) |  | **18241425157** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Cargo Therapeutics, Inc.<sup>(1)</sup> | 54092 | 4923 |
| **Software — 0.0%** |  |  |
| Gen Digital, Inc.<sup>(1)</sup> | 21590 | 200571 |
| **TOTAL RIGHTS**<br>(Cost $89,123) |  | **205494** |
| **SHORT-TERM INVESTMENTS — 0.4%** |  |  |
| **Money Market Funds — 0.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 14608863 | 14608863 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 59618068 | 59618068 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $74,226,931) |  | **74226931** |
| **TOTAL INVESTMENT SECURITIES — 100.2%**<br>(Cost $16,699,123,444) |  | **18315857582** |
| **OTHER ASSETS AND LIABILITIES — (0.2)%** |  | **(43472940)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**18272384642** |

---

------

Schedule of Investments - Avantis U.S. Small 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 $169,517,492. 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 $174,770,271, which includes securities collateral of $115,152,203.

**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

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** |
| **Assets** | **Assets** | |
| Investment securities, at value | $6251180 | $645619520 |
| Investment made with cash collateral received for securities on loan, at value | 10450 | 8672061 |
| Cash |  | 29024 |
| Foreign currency holdings, at value |  | 553712 |
| Receivable for investments sold |  | 456 |
| Receivable for capital shares sold |  | 3595848 |
| Dividends and interest receivable | 13892 | 1390575 |
| Securities lending receivable | 9 | 4233 |
|  | 6275531 | 659865429 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 10450 | 8672061 |
| Payable for investments purchased |  | 3693508 |
| Accrued management fees | 1290 | 89298 |
| Accrued foreign taxes |  | 147262 |
|  | 11740 | 12602129 |
| **Net Assets** | $6263791 | $647263300 |
| Shares outstanding (unlimited number of shares authorized) | 100000 | 14400000 |
| **Net Asset Value Per Share** | $62.64 | $44.95 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $6377962 | $632182726 |
| Distributable earnings (loss) | (114171) | 15080574 |
|  | $6263791 | $647263300 |
| Investment securities, at cost | $6259425 | $630855617 |
| Investment securities on loan, at value | $29355 | $16104529 |
| Investment made with cash collateral received for securities on loan, at cost | $10450 | $8672061 |
| Foreign currency holdings, at cost |  | $552578 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis Responsible U.S. Equity ETF** | **Avantis U.S. Equity ETF** |
| **Assets** | **Assets** | **Assets** |
| Investment securities, at value | $411565806 | $9456045922 |
| Investment made with cash collateral received for securities on loan, at value | 332366 | 3723179 |
| Cash | 31190 | 91 |
| Dividends and interest receivable | 361304 | 10853796 |
| Securities lending receivable | 172 | 4568 |
|  | 412290838 | 9470627556 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 332366 | 3723179 |
| Accrued management fees | 51464 | 1179678 |
|  | 383830 | 4902857 |
| **Net Assets** | $411907008 | $9465724699 |
| Shares outstanding (unlimited number of shares authorized) | 5730000 | 89250000 |
| **Net Asset Value Per Share** | $71.89 | $106.06 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $312650743 | $7182079057 |
| Distributable earnings (loss) | 99256265 | 2283645642 |
|  | $411907008 | $9465724699 |
| Investment securities, at cost | $310224159 | $7091651225 |
| Investment securities on loan, at value | $682567 | $17281947 |
| Investment made with cash collateral received for securities on loan, at cost | $332366 | $3723179 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Value ETF** |
| **Assets** | | |
| Investment securities, at value | $695108673 | $8188034876 |
| Investment made with cash collateral received for securities on loan, at value | 333440 |  |
| Cash | 42010 | 14087 |
| Receivable for capital shares sold |  | 12897162 |
| Dividends and interest receivable | 784546 | 12535083 |
| Securities lending receivable | 246 | 146 |
|  | 696268915 | 8213481354 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 333440 |  |
| Payable for investments purchased |  | 12697402 |
| Accrued management fees | 87613 | 1020645 |
|  | 421053 | 13718047 |
| **Net Assets** | $695847862 | $8199763307 |
| Shares outstanding (unlimited number of shares authorized) | 9360000 | 114440000 |
| **Net Asset Value Per Share** | $74.34 | $71.65 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $553411508 | $7406762140 |
| Distributable earnings (loss) | 142436354 | 793001167 |
|  | $695847862 | $8199763307 |
| Investment securities, at cost | $574157998 | $7214998635 |
| Investment securities on loan, at value | $731525 |  |
| Investment made with cash collateral received for securities on loan, at cost | $333440 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Value ETF** |
| **Assets** | | |
| Investment securities, at value | $207704327 | $264123449 |
| Investment made with cash collateral received for securities on loan, at value | 60795 | 44709 |
| Receivable for capital shares sold | 1386334 |  |
| Dividends and interest receivable | 243082 | 294581 |
| Securities lending receivable | 217 | 26 |
|  | 209394755 | 264462765 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 60795 | 44709 |
| Payable for investments purchased | 1352464 | 199418 |
| Accrued management fees | 31380 | 44104 |
|  | 1444639 | 288231 |
| **Net Assets** | $207950116 | $264174534 |
| Shares outstanding (unlimited number of shares authorized) | 3000000 | 3820000 |
| **Net Asset Value Per Share** | $69.32 | $69.16 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $197777144 | $248837738 |
| Distributable earnings (loss) | 10172972 | 15336796 |
|  | $207950116 | $264174534 |
| Investment securities, at cost | $195500685 | $241099671 |
| Investment securities on loan, at value | $481602 | $43796 |
| Investment made with cash collateral received for securities on loan, at cost | $60795 | $44709 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis U.S. Quality ETF** | **Avantis U.S. Small Cap Equity ETF** |
| **Assets** | | |
| Investment securities, at value | $149689500 | $1891381161 |
| Investment made with cash collateral received for securities on loan, at value | 135588 | 24843292 |
| Cash | 8 | 98844 |
| Receivable for capital shares sold |  | 8549790 |
| Dividends and interest receivable | 59046 | 1593519 |
| Securities lending receivable | 43 | 22109 |
|  | 149884185 | 1926488715 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 135588 | 24843292 |
| Payable for investments purchased |  | 8315695 |
| Accrued management fees | 19577 | 380671 |
|  | 155165 | 33539658 |
| **Net Assets** | $149729020 | $1892949057 |
| Shares outstanding (unlimited number of shares authorized) | 2631882 | 33210000 |
| **Net Asset Value Per Share** | $56.89 | $57.00 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $111925169 | $1870188406 |
| Distributable earnings (loss) | 37803851 | 22760651 |
|  | $149729020 | $1892949057 |
| Investment securities, at cost | $130739509 | $1810851753 |
| Investment securities on loan, at value | $133617 | $40291251 |
| Investment made with cash collateral received for securities on loan, at cost | $135588 | $24843292 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **AUGUST 31, 2025** | |
| | **Avantis U.S. Small Cap Value ETF** |
| **Assets** | |
| Investment securities, at value | $18256239514 |
| Investment made with cash collateral received for securities on loan, at value | 59618068 |
| Cash | 179842 |
| Receivable for investments sold | 29186 |
| Dividends and interest receivable | 19547278 |
| Securities lending receivable | 63489 |
|  | 18335677377 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 59618068 |
| Accrued management fees | 3674667 |
|  | 63292735 |
| **Net Assets** | $18272384642 |
| Shares outstanding (unlimited number of shares authorized) | 183100000 |
| **Net Asset Value Per Share** | $99.79 |
| **Net Assets Consist of:** |  |
| Capital paid in | $17193250946 |
| Distributable earnings (loss) | 1079133696 |
|  | $18272384642 |
| Investment securities, at cost | $16639505376 |
| Investment securities on loan, at value | $169517492 |
| Investment made with cash collateral received for securities on loan, at cost | $59618068 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $116584 | $20833513 |
| Interest | 633 | 42679 |
| Securities lending, net | 89 | 23169 |
| Less foreign taxes withheld |  | (912481) |
|  | 117306 | 19986880 |
| **Expenses:** |  |  |
| Management fees | 13014 | 951621 |
| Other expenses |  | 183 |
|  | 13014 | 951804 |
| **Net investment income (loss)** | 104292 | 19035076 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions\* | 230184 | 9193580 |
| Foreign currency translation transactions |  | 42650 |
|  | 230184 | 9236230 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments\*\* | (474990) | (18850219) |
| Translation of assets and liabilities in foreign currencies |  | (19276) |
|  | (474990) | (18869495) |
| **Net realized and unrealized gain (loss)** | (244806) | (9633265) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(140514) | $9401811 |
| \*Net of foreign tax expenses paid (refunded) | $— | $(227) |
| \*\*Includes (increase) decrease in accrued foreign taxes | $— | $(103412) |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Responsible U.S. Equity ETF** | **Avantis U.S. Equity ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $4704208 | $117159873 |
| Interest | 20711 | 286156 |
| Securities lending, net | 2765 | 75850 |
| Less foreign taxes withheld | (2137) | (30008) |
|  | 4725547 | 117491871 |
| **Expenses:** |  |  |
| Management fees | 512061 | 11992823 |
| **Net investment income (loss)** | 4213486 | 105499048 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 4944708 | 179278186 |
| Change in net unrealized appreciation (depreciation) on investments | 37863936 | 864070263 |
| **Net realized and unrealized gain (loss)** | 42808644 | 1043348449 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $47022130 | $1148847497 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $7320886 | $116050051 |
| Interest | 21751 | 235121 |
| Securities lending, net | 1364 | 3784 |
| Less foreign taxes withheld | (1357) |  |
|  | 7342644 | 116288956 |
| **Expenses:** |  |  |
| Management fees | 788445 | 9073193 |
| Trustees' fees and expenses | 10380 |  |
| Other expenses | 31 |  |
|  | 798856 | 9073193 |
| **Net investment income (loss)** | 6543788 | 107215763 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 15280061 | 241133216 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 70840296 | 485792492 |
| Translation of assets and liabilities in foreign currencies | (4) |  |
|  | 70840292 | 485792492 |
| **Net realized and unrealized gain (loss)** | 86120353 | 726925708 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $92664141 | $834141471 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $2299278 | $2612131 |
| Interest | 7430 | 7180 |
| Securities lending, net | 1092 | 181 |
| Less foreign taxes withheld | (470) | (925) |
|  | 2307330 | 2618567 |
| **Expenses:** |  |  |
| Management fees | 269054 | 292195 |
| Trustees' fees and expenses | 2920 | 2846 |
|  | 271974 | 295041 |
| **Net investment income (loss)** | 2035356 | 2323526 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 6270027 | 310304 |
| Change in net unrealized appreciation (depreciation) on investments | 7842465 | 19097584 |
| **Net realized and unrealized gain (loss)** | 14112492 | 19407888 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $16147848 | $21731414 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** |
| | **Avantis U.S. Quality ETF**<sup>(1)</sup> | **Avantis U.S. Small Cap Equity ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $427396 | $24110008 |
| Interest | 3848 | 92613 |
| Securities lending, net | 123 | 380234 |
| Less foreign taxes withheld | (1345) | (22648) |
|  | 430022 | 24560207 |
| **Expenses:** |  |  |
| Management fees | 88686 | 3729580 |
| Trustees' fees and expenses | 1101 |  |
|  | 89787 | 3729580 |
| **Net investment income (loss)** | 340235 | 20830627 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on investment transactions | 302117 | 101606769 |
| Change in net unrealized appreciation (depreciation) on investments | 18949991 | 1460444 |
| **Net realized and unrealized gain (loss)** | 19252108 | 103067213 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $19592343 | $123897840 |

---

(1)March 25, 2025 (fund inception) through August 31, 2025.

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis U.S. Small Cap Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | |
| Dividends | $327341895 |
| Interest | 754706 |
| Securities lending, net | 547357 |
| Less foreign taxes withheld | (492547) |
|  | 328151411 |
| **Expenses:** |  |
| Management fees | 38129751 |
| Other expenses | 283 |
|  | 38130034 |
| **Net investment income (loss)** | 290021377 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on investment transactions | 607531781 |
| Change in net unrealized appreciation (depreciation) on investments | 94633270 |
| **Net realized and unrealized gain (loss)** | 702165051 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $992186428 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Avantis Inflation Focused Equity ETF** | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** | **Avantis Real Estate ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $104292 | $83639 | $19035076 | $14864482 |
| Net realized gain (loss) | 230184 | 6532 | 9236230 | 2843852 |
| Change in net unrealized appreciation (depreciation) | (474990) | 623103 | (18869495) | 63748306 |
| Net increase (decrease) in net assets resulting from operations | (140514) | 713274 | 9401811 | 81456640 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (99024) | (63990) | (21275664) | (14720404) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 2459012 | 1178180 | 126220936 | 185428114 |
| Payments for shares redeemed | (1224006) |  | (25657694) | (34182974) |
| Other capital |  |  | 10535 | 21874 |
| Net increase (decrease) in net assets from capital share transactions | 1235006 | 1178180 | 100573777 | 151267014 |
| **Net increase (decrease) in net assets** | 995468 | 1827464 | 88699924 | 218003250 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 5268323 | 3440859 | 558563376 | 340560126 |
| End of period | $6263791 | $5268323 | $647263300 | $558563376 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 40000 | 20000 | 2880000 | 4520000 |
| Redeemed | (20000) |  | (560000) | (840000) |
| Net increase (decrease) in shares of the funds | 20000 | 20000 | 2320000 | 3680000 |

---

See Notes to Financial Statements.

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Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | |
| | **Avantis Responsible U.S. Equity ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Equity ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $4213486 | $3063884 | $105499048 | $85858250 |
| Net realized gain (loss) | 4944708 | 639586 | 179278186 | 136294584 |
| Change in net unrealized appreciation (depreciation) | 37863936 | 49057621 | 864070263 | 1093578289 |
| Net increase (decrease) in net assets resulting from operations | 47022130 | 52761091 | 1148847497 | 1315731123 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (4225884) | (2829198) | (103037118) | (80770101) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 95886123 | 78026880 | 1893642114 | 1546263933 |
| Payments for shares redeemed | (18000123) | (5529948) | (600469947) | (330087039) |
| Net increase (decrease) in net assets from capital share transactions | 77886000 | 72496932 | 1293172167 | 1216176894 |
| **Net increase (decrease) in net assets** | 120682246 | 122428825 | 2338982546 | 2451137916 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 291224762 | 168795937 | 7126742153 | 4675604237 |
| End of period | $411907008 | $291224762 | $9465724699 | $7126742153 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1470000 | 1380000 | 19650000 | 18750000 |
| Redeemed | (270000) | (90000) | (6330000) | (3750000) |
| Net increase (decrease) in shares of the funds | 1200000 | 1290000 | 13320000 | 15000000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | |
| | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Large Cap Value ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024**<sup>(1)</sup> | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $6543788 | $3020588 | $107215763 | $52369659 |
| Net realized gain (loss) | 15280061 | 8440130 | 241133216 | 64228215 |
| Change in net unrealized appreciation (depreciation) | 70840292 | 50110383 | 485792492 | 409129249 |
| Net increase (decrease) in net assets resulting from operations | 92664141 | 61571101 | 834141471 | 525727123 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (5706434) | (2163216) | (97350366) | (43284668) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 277994438 | 409137056 | 4896842894 | 2827115786 |
| Payments for shares redeemed | (65272174) | (72377050) | (1782120784) | (445254812) |
| Net increase (decrease) in net assets from capital share transactions | 212722264 | 336760006 | 3114722110 | 2381860974 |
| **Net increase (decrease) in net assets** | 299679971 | 396167891 | 3851513215 | 2864303429 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 396167891 |  | 4348250092 | 1483946663 |
| End of period | $695847862 | $396167891 | $8199763307 | $4348250092 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 4240000 | 7400000 | 73900000 | 46840000 |
| Redeemed | (980000) | (1300000) | (26240000) | (7220000) |
| Net increase (decrease) in shares of the funds | 3260000 | 6100000 | 47660000 | 39620000 |

---

(1)September 26, 2023 (fund inception) through August 31, 2024.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** |
| | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Value ETF** | **Avantis U.S. Mid Cap Value ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024**<sup>(1)</sup> | **August 31, 2025** | **August 31, 2024**<sup>(1)</sup> |
| **Operations** | | | | |
| Net investment income (loss) | $2035356 | $346182 | $2323526 | $299867 |
| Net realized gain (loss) | 6270027 | 1064423 | 310304 | (306223) |
| Change in net unrealized appreciation (depreciation) | 7842465 | 4361177 | 19097584 | 3926194 |
| Net increase (decrease) in net assets resulting from operations | 16147848 | 5771782 | 21731414 | 3919838 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (1700996) | (191362) | (1842952) | (181080) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 137377304 | 98629782 | 208608118 | 67847418 |
| Payments for shares redeemed | (40771260) | (7312982) | (35908222) |  |
| Net increase (decrease) in net assets from capital share transactions | 96606044 | 91316800 | 172699896 | 67847418 |
| **Net increase (decrease) in net assets** | 111052896 | 96897220 | 192588358 | 71586176 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 96897220 |  | 71586176 |  |
| End of period | $207950116 | $96897220 | $264174534 | $71586176 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 2100000 | 1660000 | 3220000 | 1140000 |
| Redeemed | (640000) | (120000) | (540000) |  |
| Net increase (decrease) in shares of the funds | 1460000 | 1540000 | 2680000 | 1140000 |

---

(1)November 7, 2023 (fund inception) through August 31, 2024.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** |
| | **Avantis U.S. Quality ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Equity ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025**<sup>(1)</sup> | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | |
| Net investment income (loss) | $340235 | $20830627 | $12144436 |
| Net realized gain (loss) | 302117 | 101606769 | 71095910 |
| Change in net unrealized appreciation (depreciation) | 18949991 | 1460444 | 65513362 |
| Net increase (decrease) in net assets resulting from operations | 19592343 | 123897840 | 148753708 |
| **Distributions to Shareholders** |  |  |  |
| From earnings | (244329) | (17786844) | (10112322) |
| **Capital Share Transactions** |  |  |  |
| Proceeds from shares sold | 224287560 | 927654579 | 1011899700 |
| Payments for shares redeemed | (93906554) | (453654129) | (287463993) |
| Net increase (decrease) in net assets from capital share transactions | 130381006 | 474000450 | 724435707 |
| **Net increase (decrease) in net assets** | 149729020 | 580111446 | 863077093 |
| **Net Assets** |  |  |  |
| Beginning of period |  | 1312837611 | 449760518 |
| End of period | $149729020 | $1892949057 | $1312837611 |
| **Transactions in Shares of the Funds** |  |  |  |
| Sold | 4451882 | 17700000 | 20160000 |
| Redeemed | (1820000) | (8610000) | (5670000) |
| Net increase (decrease) in shares of the funds | 2631882 | 9090000 | 14490000 |

---

(1)March 25, 2025 (fund inception) through August 31, 2025.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Avantis U.S. Small Cap Value ETF** | **Avantis U.S. Small Cap Value ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $290021377 | $181122097 |
| Net realized gain (loss) | 607531781 | 469999411 |
| Change in net unrealized appreciation (depreciation) | 94633270 | 1190318532 |
| Net increase (decrease) in net assets resulting from operations | 992186428 | 1841440040 |
| **Distributions to Shareholders** |  |  |
| From earnings | (256561170) | (162318430) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 6764099546 | 6337115946 |
| Payments for shares redeemed | (2414015040) | (1650011854) |
| Net increase (decrease) in net assets from capital share transactions | 4350084506 | 4687104092 |
| **Net increase (decrease) in net assets** | 5085709764 | 6366225702 |
| **Net Assets** |  |  |
| Beginning of period | 13186674878 | 6820449176 |
| End of period | $18272384642 | $13186674878 |
| **Transactions in Shares of the Funds** |  |  |
| Sold | 71560000 | 71760000 |
| Redeemed | (25940000) | (18280000) |
| Net increase (decrease) in shares of the funds | 45620000 | 53480000 |

---

See Notes to Financial Statements.

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Notes to Financial Statements

**AUGUST 31, 2025**

**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 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 U.S. Quality ETF incepted on March 25, 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. 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, 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** |
| Avantis Inflation Focused Equity ETF | 0.25% |
| Avantis Real Estate ETF | 0.17% |
| Avantis Responsible U.S. Equity ETF | 0.15% |
| 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% |

---

**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. Mid Cap Value ETF | American Century ETF Trust | 8% |

---

**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 August 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Large Cap Equity ETF** |
| Purchases | $237188 | $43375933 | $14734044 | $293873421 | $26599365 |
| Sales | $181742 | $1599677 | $4319535 | $153870599 | $6612851 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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**<sup>(1)</sup> | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Value ETF** |
| Purchases | $637569005 | $22113826 | $51685397 | $21454965 | $144092860 | $1594493092 |
| Sales | $454849754 | $12155907 | $41886302 | $6646225 | $69014674 | $847542124 |

---

(1)March 25, 2025 (fund inception) through August 31, 2025.

------

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **In kind<br>Subscriptions** | **In kind<br>Redemptions** | **In kind<br>Net Realized<br>Gain/(Loss)\*** |
| Avantis Inflation Focused Equity ETF | $2440195 | $1213160 | $247628 |
| Avantis Real Estate ETF | $85394649 | $25315813 | $6383660 |
| Avantis Responsible U.S. Equity ETF | $85947316 | $17740418 | $5871516 |
| Avantis U.S. Equity ETF | $1766083609 | $591781589 | $237830067 |
| Avantis U.S. Large Cap Equity ETF | $257355576 | $63268573 | $16999256 |
| Avantis U.S. Large Cap Value ETF | $4713157618 | $1777047764 | $367424507 |
| Avantis U.S. Mid Cap Equity ETF | $125229958 | $37915263 | $8419533 |
| Avantis U.S. Mid Cap Value ETF | $198638570 | $34522073 | $8058169 |
| Avantis U.S. Quality ETF<sup>(1)</sup> | $210294535 | $94756962 | $944609 |
| Avantis U.S. Small Cap Equity ETF | $894061048 | $446750035 | $141539800 |
| Avantis U.S. Small Cap Value ETF | $6430615731 | $2400701879 | $854463209 |

---

\*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

(1)March 25, 2025 (fund inception) through August 31, 2025.

**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**

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| | | | | |
|:---|:---|:---|:---|:---|
| The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Avantis Inflation Focused Equity ETF | $99024 |  | $63990 |  |
| Avantis Real Estate ETF | $21275664 |  | $14720404 |  |
| Avantis Responsible U.S. Equity ETF | $4225884 |  | $2829198 |  |
| Avantis U.S. Equity ETF | $103037118 |  | $80770101 |  |
| Avantis U.S. Large Cap Equity ETF | $5706434 |  | $2163216<sup>(1)</sup> | —<sup>(1)</sup> |
| Avantis U.S. Large Cap Value ETF | $97350366 |  | $43284668 |  |
| Avantis U.S. Mid Cap Equity ETF | $1700996 |  | $191362<sup>(2)</sup> | —<sup>(2)</sup> |
| Avantis U.S. Mid Cap Value ETF | $1842952 |  | $181080<sup>(2)</sup> | —<sup>(2)</sup> |
| Avantis U.S. Quality ETF | $244329<sup>(3)</sup> | —<sup>(3)</sup> | N/A | N/A |
| Avantis U.S. Small Cap Equity ETF | $17786844 |  | $10112322 |  |
| Avantis U.S. Small Cap Value ETF | $256561170 |  | $162318430 |  |

---

(1)September 26, 2023 (fund inception) through August 31, 2024.

(2)November 7, 2023 (fund inception) through August 31, 2024.

(3)March 25, 2025 (fund inception) through August 31, 2025.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis U.S. Equity ETF** | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Value ETF** |
| Capital paid in | $257975 | $6125787 | $5710636 | $241491151 | $33501395 | $376806271 |
| Distributable earnings (loss) | $(257975) | $(6125787) | $(5710636) | $(241491151) | $(33501395) | $(376806271) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| Capital paid in | $8628811 | 8290424 | $(18455837) | $143787642 | $866392936 |
| Distributable earnings (loss) | $(8628811) | (8290424) | $18455837 | $(143787642) | $(866392936) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis Inflation Focused Equity ETF** | **Avantis Real Estate ETF** | **Avantis Responsible U.S. Equity ETF** | **Avantis U.S. Equity ETF** |
| Federal tax cost of investments | $6268321 | $643388440 | $310533562 | $7097303950 |
| Gross tax appreciation of investments | $622545 | $49992915 | $114890010 | $2698026710 |
| Gross tax depreciation of investments | (629236) | (39089774) | (13525400) | (335561559) |
| Net tax appreciation (depreciation) of investments | (6691) | 10903141 | 101364610 | 2362465151 |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies |  | (139100) |  |  |
| Net tax appreciation (depreciation) | $(6691) | $10764041 | $101364610 | $2362465151 |
| Undistributed ordinary income | $10674 | $7538712 | $759006 | $17594885 |
| Accumulated short-term capital losses | $(115929) | $(3038266) | $(1104799) | $(26504044) |
| Accumulated long-term capital losses | $(2225) | $(183913) | $(1762552) | $(69910350) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis U.S. Large Cap Equity ETF** | **Avantis U.S. Large Cap Value ETF** | **Avantis U.S. Mid Cap Equity ETF** | **Avantis U.S. Mid Cap Value ETF** |
| Federal tax cost of investments | $551331069 | $7215019246 | $195602057 | $241164434 |
| Gross tax appreciation of investments | $157011255 | $1208697194 | $22342390 | $30048814 |
| Gross tax depreciation of investments | (12900211) | (235681564) | (10179325) | (7045090) |
| Net tax appreciation (depreciation) of investments | $144111044 | $973015630 | $12163065 | $23003724 |
| Undistributed ordinary income | $824585 | $12922198 | $285324 | $361229 |
| Accumulated short-term capital losses | $(1725412) | $(119303214) | $(2136883) | $(7411832) |
| Accumulated long-term capital losses | $(773863) | $(73633447) | $(138534) | $(616325) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Avantis U.S. Quality ETF** | **Avantis U.S. Small Cap Equity ETF** | **Avantis U.S. Small Cap Value ETF** |
| Federal tax cost of investments | $111734446 | $1837154391 | $16702895808 |
| Gross tax appreciation of investments | $39267765 | $258237858 | $3137135932 |
| Gross tax depreciation of investments | (1177123) | (179167796) | (1524174158) |
| Net tax appreciation (depreciation) of investments | $38090642 | $79070062 | $1612961774 |
| Undistributed ordinary income | $64966 | $4261935 | $60071188 |
| Accumulated short-term capital losses | $(304217) | $(39427133) | $(310480577) |
| Accumulated long-term capital losses | $(47540) | $(21144213) | $(283418689) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation), if any, is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies, return of capital dividends received, in kind transactions and tax deferral of losses on wash sales.

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

------

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** |
| 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>(4)</sup> | $49.39 | 1.14 | 8.79 | 9.93 | (1.97) | $57.35 | 20.37% | 0.25% | 2.19% | 7% | $3441 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)September 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)** |
| **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** |
| 2025 | $46.24 | 1.49 | (1.05) | 0.44 | (1.73) | 0.00<sup>(4)</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>(4)</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>(5)</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)Per-share amount was less than $0.005.

(5)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** |
| 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>(4)</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)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 Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a Share Outstanding Throughout the Years Ended August 31 (except as noted)** | **For a 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** |
| 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.

\*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** |
| 2025 | $64.95 | 0.85 | 9.30 | 10.15 | (0.76) | $74.34 | 15.75% | 0.15% | 1.24% | 1% | $695848 |
| 2024<sup>(4)</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)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.

†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** |
| 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>(4)</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)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.

†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** |
| 2025 | $62.92 | 0.89 | 6.26 | 7.15 | (0.75) | $69.32 | 11.44% | 0.18% | 1.36% | 8% | $207950 |
| 2024<sup>(4)</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)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** |
| 2025 | $62.79 | 1.03 | 6.23 | 7.26 | (0.89) | $69.16 | 11.65% | 0.20% | 1.59% | 28% | $264175 |
| 2024<sup>(4)</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)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 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>(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** |
| 2025<sup>(4)</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)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** |
| 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>(4)</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)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** |
| 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.

\*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.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis<sup>®</sup> Inflation Focused Equity ETF, Avantis<sup>®</sup> Real Estate ETF, Avantis<sup>®</sup> Responsible U.S. Equity ETF, Avantis<sup>®</sup> U.S. Equity ETF, Avantis<sup>®</sup> U.S. Large Cap Equity ETF, Avantis<sup>®</sup> U.S. Large Cap Value ETF, Avantis<sup>®</sup> U.S. Mid Cap Equity ETF, Avantis<sup>®</sup> U.S. Mid Cap Value ETF, Avantis<sup>®</sup> U.S. Small Cap Equity ETF, Avantis<sup>®</sup> U.S. Small Cap Value ETF, and Avantis<sup>®</sup> U.S. Quality ETF (the "Funds"), eleven of the funds constituting the American Century ETF Trust, as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund**<br>**Constituting the**<br>**American Century**<br>**ETF Trust** | **Statement of**<br>**Operations** | **Statements of**<br>**Changes in Net**<br>**Assets** | **Financial Highlights** |
| Avantis<sup>®</sup> Inflation Focused Equity ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, and the period from September 27, 2022 (fund inception) through August 31, 2023 |
| Avantis<sup>®</sup> Real Estate ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, and 2023, and the period from September 28, 2021 (fund inception) through August 31, 2022 |
| Avantis<sup>®</sup> Responsible U.S. Equity ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, and 2023, and the period from March 15, 2022 (fund inception) through August 31, 2022 |
| Avantis<sup>®</sup> U.S. Equity ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| Avantis<sup>®</sup> U.S. Large Cap Equity ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025, and the period from September 26, 2023 (fund inception) through August 31, 2024 | For the year ended August 31, 2025, and the period from September 26, 2023 (fund inception) through August 31, 2024 |
| Avantis<sup>®</sup> U.S. Large Cap Value ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, and the period from September 21, 2021 (fund inception) through August 31, 2022 |
| Avantis<sup>®</sup> U.S. Mid Cap Equity ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025, and the period from November 7, 2023 (fund inception) through August 31, 2024 | For the year ended August 31, 2025, and the period from November 7, 2023 (fund inception) through August 31, 2024 |
| Avantis<sup>®</sup> U.S. Mid Cap Value ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025, and the period from November 7, 2023 (fund inception) through August 31, 2024 | For the year ended August 31, 2025, and the period from November 7, 2023 (fund inception) through August 31, 2024 |
| Avantis<sup>®</sup> U.S. Small Cap Equity ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, and the period from January 11, 2022 (fund inception) through August 31, 2022 |
| Avantis<sup>®</sup> U.S. Small Cap Value ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| Avantis<sup>®</sup> U.S. Quality ETF | For the period from March 25, 2025 (fund inception) through August 31, 2025 | For the period from March 25, 2025 (fund inception) through August 31, 2025 | For the period from March 25, 2025 (fund inception) through August 31, 2025 |

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**Basis for Opinion**

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

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

------

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 16, 2025

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

------

Approval of Management Agreements

At a meeting held on June 11, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the renewal of the management agreements pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each 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 those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

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

**Factors Considered** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans, if applicable)

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

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

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

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

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

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

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

------

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

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

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

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**Avantis Inflation Focused Equity ETF** - The Fund's performance was below its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**Avantis Real Estate ETF** - The Fund's performance was below its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis Responsible U.S. Equity ETF** - The Fund's performance was below its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**Avantis U.S. Equity ETF** - The Fund's performance was above its benchmark for the three-year period and below its benchmark for the one- and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**Avantis U.S. Large Cap Equity ETF** - The Fund's performance was below its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**Avantis U.S. Large Cap Value ETF** - The Fund's performance was above its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group.

**Avantis U.S. Mid Cap Equity ETF** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis U.S. Mid Cap Value ETF** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis U.S. Small Cap Equity ETF** - The Fund's performance was below its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**Avantis U.S. Small Cap Value ETF** - The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

------

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

------

**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.

------

**Other Tax Information**

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2025.

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended August 31, 2025.

---

| | |
|:---|:---|
| | **Corporate Dividends Received Deduction** |
| Avantis Inflation Focused Equity ETF | $99024 |
| Avantis Real Estate ETF |  |
| Avantis Responsible U.S. Equity ETF | $4217775 |
| Avantis U.S. Equity ETF | $103037118 |
| Avantis U.S. Large Cap Equity ETF | $5706434 |
| Avantis U.S. Large Cap Value ETF | $97350366 |
| Avantis U.S. Mid Cap Equity ETF | $1700996 |
| Avantis U.S. Mid Cap Value ETF | $1842952 |
| Avantis U.S. Quality ETF | $244329 |
| Avantis U.S. Small Cap Equity ETF | $17786844 |
| Avantis U.S. Small Cap Value ETF | $256561170 |

---

The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization) during the period ended August 31, 2025.

---

| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| Avantis Inflation Focused Equity ETF | $10376 |
| Avantis Real Estate ETF | $26302 |
| Avantis Responsible U.S. Equity ETF | $51851 |
| Avantis U.S. Equity ETF | $3654780 |
| Avantis U.S. Large Cap Equity ETF | $653512 |
| Avantis U.S. Large Cap Value ETF | $10660396 |
| Avantis U.S. Mid Cap Equity ETF | $207020 |
| Avantis U.S. Mid Cap Value ETF | $231723 |
| Avantis U.S. Quality ETF | $29930 |
| Avantis U.S. Small Cap Equity ETF | $2221504 |
| Avantis U.S. Small Cap Value ETF | $11519756 |

---

------

---

| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-97504 2510** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-97504 2510** |

---

------

![AI_lockup_blk_rgb (002).jpg](ck0001710607-20250831_g67.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| August 31, 2025 |
| 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 | [459](#iba273e868b7e4566bd70f1811bd23032_514) |
| Statements of Operations | [464](#iba273e868b7e4566bd70f1811bd23032_517) |
| Statements of Changes in Net Assets | [469](#iba273e868b7e4566bd70f1811bd23032_520) |
| Notes to Financial Statements | [474](#iba273e868b7e4566bd70f1811bd23032_523) |
| Financial Highlights | [479](#iba273e868b7e4566bd70f1811bd23032_526) |
| Report of Independent Registered Public Accounting Firm | [489](#iba273e868b7e4566bd70f1811bd23032_529) |
| Approval of Management Agreements | [491](#iba273e868b7e4566bd70f1811bd23032_535) |
| Other Tax Information | [495](#iba273e868b7e4566bd70f1811bd23032_12303) |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 100.1%** | **Shares** | **Value** |
| **Brazil — 4.8%** | | |
| Allos SA | 1055226 | $4672939 |
| Alpargatas SA, Preference Shares | 250700 | 438807 |
| Alupar Investimento SA | 69472 | 381581 |
| Ambev SA, ADR | 2883863 | 6459853 |
| Ambipar Participacoes e Empreendimentos SA<sup>(1)</sup> | 74000 | 186848 |
| Americanas SA<sup>(1)</sup> | 994 | 1212 |
| Auren Energia SA | 745483 | 1493207 |
| Automob Participacoes SA<sup>(1)</sup> | 16637 | 39430 |
| Azzas 2154 SA | 297422 | 1897475 |
| B3 SA - Brasil Bolsa Balcao | 3057400 | 7342023 |
| Banco ABC Brasil SA, Preference Shares | 342980 | 1389164 |
| Banco BMG SA, Preference Shares | 46900 | 32265 |
| Banco BMG SA, Preference Shares<sup>(1)</sup> | 1276 | 861 |
| Banco Bradesco SA | 728398 | 1939941 |
| Banco Bradesco SA, ADR | 7055723 | 21943299 |
| Banco BTG Pactual SA | 772100 | 6419629 |
| Banco do Brasil SA | 2342980 | 9243403 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 749000 | 1584520 |
| Banco Pan SA, Preference Shares | 387300 | 552893 |
| Banco Santander Brasil SA, ADR<sup>(2)</sup> | 744359 | 3945103 |
| BB Seguridade Participacoes SA | 790900 | 4764203 |
| Bemobi Mobile Tech SA | 96800 | 358145 |
| Blau Farmaceutica SA | 29300 | 70091 |
| Boa Safra Sementes SA | 17800 | 34669 |
| BR Advisory Partners Participacoes SA | 14300 | 43914 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 85900 | 331759 |
| Braskem SA, Class A, ADR<sup>(1)(2)</sup> | 90592 | 315260 |
| Brava Energia<sup>(1)</sup> | 1483485 | 5485927 |
| BRF SA, ADR<sup>(2)</sup> | 1361682 | 5201625 |
| C&A Modas SA | 410800 | 1281986 |
| Caixa Seguridade Participacoes SA | 252900 | 671216 |
| Camil Alimentos SA | 115300 | 103777 |
| Centrais Eletricas Brasileiras SA, ADR<sup>(2)</sup> | 1045275 | 8613066 |
| Centrais Eletricas Brasileiras SA, Class B Preference Shares | 294800 | 2608797 |
| Cia Brasileira de Aluminio<sup>(1)</sup> | 393594 | 254079 |
| Cia Brasileira de Distribuicao<sup>(1)</sup> | 1293700 | 851833 |
| Cia de Ferro Ligas da Bahia FERBASA, Preference Shares | 202400 | 240408 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR | 597220 | 13527033 |
| Cia de Saneamento de Minas Gerais Copasa MG | 542300 | 3004637 |
| Cia De Sanena Do Parana | 379500 | 2402913 |
| Cia De Sanena Do Parana, Preference Shares | 3292200 | 4056161 |
| Cia Energetica de Minas Gerais, ADR | 3768968 | 7651005 |
| Cia Paranaense de Energia - Copel | 86000 | 179872 |
| Cia Paranaense de Energia - Copel, ADR<sup>(2)</sup> | 46893 | 390150 |
| Cia Paranaense de Energia - Copel, Preference Shares | 1252800 | 2821304 |
| Cia Paranaense de Energia - Copel, Preference Shares, ADR<sup>(2)</sup> | 187574 | 1699420 |
| Cia Siderurgica Nacional SA, ADR<sup>(2)</sup> | 1751318 | 2469358 |
| Construtora Tenda SA | 182000 | 789852 |
| Cosan SA<sup>(1)</sup> | 405500 | 435278 |
| CPFL Energia SA | 163400 | 1183794 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cristal Pigmentos do Brasil SA, Preference Shares<sup>(1)</sup> | 1700 | $4634 |
| Cury Construtora e Incorporadora SA | 493400 | 3137754 |
| CVC Brasil Operadora e Agencia de Viagens SA<sup>(1)</sup> | 623600 | 246134 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 918100 | 4785360 |
| Dexco SA | 657511 | 699731 |
| Dexxos Participacoes SA | 17400 | 26797 |
| Direcional Engenharia SA | 390600 | 1118089 |
| EcoRodovias Infraestrutura e Logistica SA | 935800 | 1389413 |
| Embraer SA, ADR | 633900 | 35707587 |
| Empreendimentos Pague Menos SA | 66100 | 45352 |
| Energisa SA | 665200 | 6014203 |
| Eneva SA<sup>(1)</sup> | 379300 | 1058460 |
| Engie Brasil Energia SA | 332200 | 2456338 |
| Equatorial Energia SA | 983509 | 6617374 |
| Eucatex SA Industria e Comercio, Preference Shares | 16500 | 53439 |
| Even Construtora e Incorporadora SA | 160100 | 226780 |
| Ez Tec Empreendimentos e Participacoes SA | 262000 | 714214 |
| Fleury SA | 10092 | 27585 |
| Fras-Le SA | 138537 | 594842 |
| Gerdau SA, ADR | 3959689 | 12195842 |
| GPS Participacoes e Empreendimentos SA | 35800 | 114759 |
| Grendene SA | 296700 | 295504 |
| Grupo Mateus SA | 559900 | 751786 |
| Grupo Multi SA<sup>(1)</sup> | 127700 | 24495 |
| Grupo SBF SA | 359100 | 751071 |
| Guararapes Confeccoes SA | 156700 | 271675 |
| Hapvida Participacoes e Investimentos SA<sup>(1)</sup> | 49179 | 379238 |
| Hidrovias do Brasil SA<sup>(1)</sup> | 1104519 | 727267 |
| Hypera SA | 164600 | 740751 |
| Iguatemi SA | 1026394 | 4467645 |
| Inter & Co., Inc., Class A | 297384 | 2554529 |
| Iochpe Maxion SA | 403400 | 1049821 |
| Irani Papel e Embalagem SA | 172300 | 249146 |
| IRB-Brasil Resseguros SA<sup>(1)</sup> | 336393 | 2962599 |
| Isa Energia Brasil SA, Preference Shares | 564800 | 2415727 |
| Itau Unibanco Holding SA, ADR | 5495378 | 39236999 |
| Jalles Machado SA<sup>(1)</sup> | 136621 | 74839 |
| JBS NV, BDR<sup>(1)</sup> | 452400 | 7318536 |
| JBS NV, Class A<sup>(1)</sup> | 268667 | 4355092 |
| JHSF Participacoes SA | 1213300 | 1273307 |
| Kepler Weber SA | 212100 | 310218 |
| Klabin SA | 1252610 | 4267124 |
| Lavvi Empreendimentos Imobiliarios SA | 108980 | 261101 |
| Light SA<sup>(1)</sup> | 274300 | 288878 |
| Localiza Rent a Car SA | 323580 | 2152087 |
| LOG Commercial Properties e Participacoes SA | 70800 | 277488 |
| Log-in Logistica Intermodal SA<sup>(1)</sup> | 35767 | 158522 |
| Lojas Quero-Quero SA | 46600 | 22175 |
| Lojas Renner SA | 2520320 | 7553732 |
| M Dias Branco SA | 69900 | 380064 |
| Magazine Luiza SA | 484802 | 738579 |
| Mahle Metal Leve SA | 126000 | 647912 |
| Marcopolo SA | 5880 | 7993 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Marcopolo SA, Preference Shares | 1541920 | $2624920 |
| Marfrig Global Foods SA | 969737 | 4467853 |
| Marisa Lojas SA<sup>(1)</sup> | 64363 | 14364 |
| Metalurgica Gerdau SA, Preference Shares | 915000 | 1591422 |
| Mills Locacao Servicos e Logistica SA | 235900 | 542124 |
| Minerva SA<sup>(1)</sup> | 735600 | 815396 |
| Motiva Infraestrutura de Mobilidade SA | 1150200 | 3063325 |
| Moura Dubeux Engenharia SA | 148800 | 720967 |
| Movida Participacoes SA | 780900 | 1016840 |
| MRV Engenharia e Participacoes SA<sup>(1)</sup> | 1015400 | 1423322 |
| Multiplan Empreendimentos Imobiliarios SA | 269800 | 1385363 |
| Natura Cosmeticos SA<sup>(1)</sup> | 121756 | 201884 |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 241801 | 3578655 |
| Oceanpact Servicos Maritimos SA<sup>(1)</sup> | 86900 | 110271 |
| Odontoprev SA | 621440 | 1502638 |
| Pagseguro Digital Ltd., Class A | 518444 | 4645258 |
| Patria Investments Ltd., Class A | 130029 | 1760593 |
| PBG SA<sup>(1)</sup> | 107500 | 81093 |
| Pet Center Comercio e Participacoes SA | 1207900 | 877768 |
| Petroleo Brasileiro SA - Petrobras, ADR | 2644715 | 32794466 |
| Petroleo Brasileiro SA - Petrobras, ADR, Preference Shares | 3328020 | 38172389 |
| Petroreconcavo SA | 710900 | 1694039 |
| Plano & Plano Desenvolvimento Imobiliario SA | 138000 | 365499 |
| Porto Seguro SA | 25400 | 243373 |
| Positivo Tecnologia SA | 74100 | 61091 |
| Priner Servicos Industriais SA | 13700 | 38787 |
| PRIO SA<sup>(1)</sup> | 1131500 | 7905276 |
| Raia Drogasil SA | 1383828 | 4527810 |
| Raizen SA, Preference Shares<sup>(1)</sup> | 2702300 | 568187 |
| Randon SA Implementos e Participacoes, Preference Shares | 545900 | 677611 |
| Rede D'Or Sao Luiz SA | 319743 | 2320589 |
| Romi SA | 65606 | 95471 |
| Rumo SA | 916200 | 2465461 |
| Santos Brasil Participacoes SA | 1352000 | 3543425 |
| Sao Martinho SA | 367100 | 1195715 |
| Sendas Distribuidora SA, ADR<sup>(2)</sup> | 260619 | 2600978 |
| Ser Educacional SA | 125900 | 207362 |
| Serena Energia SA<sup>(1)</sup> | 389209 | 871473 |
| Sigma Lithium Corp.<sup>(1)</sup> | 41628 | 279324 |
| Simpar SA | 479700 | 460957 |
| SLC Agricola SA | 1574716 | 5114629 |
| Smartfit Escola de Ginastica e Danca SA | 306783 | 1385711 |
| StoneCo Ltd., A Shares<sup>(1)</sup> | 586417 | 9658288 |
| Suzano SA, ADR<sup>(2)</sup> | 1312506 | 12770683 |
| SYN prop e tech SA | 61800 | 75685 |
| Taurus Armas SA, Preference Shares | 87010 | 73981 |
| Tegma Gestao Logistica SA | 38300 | 257271 |
| Telefonica Brasil SA, ADR | 123485 | 1539858 |
| TIM SA, ADR<sup>(2)</sup> | 392778 | 8307255 |
| TOTVS SA | 293100 | 2333729 |
| Transmissora Alianca de Energia Eletrica SA | 436500 | 2800053 |
| Tres Tentos Agroindustrial SA | 135400 | 364606 |
| Trisul SA | 88900 | 106578 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tupy SA | 189900 | $507511 |
| Ultrapar Participacoes SA, ADR<sup>(2)</sup> | 2341046 | 8544818 |
| Unipar Carbocloro SA, Class B Preference Shares | 117306 | 1377334 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares<sup>(1)</sup> | 1153200 | 925223 |
| Vale SA, ADR | 4006347 | 41185247 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 128900 | 498307 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 1892600 | 1525432 |
| Vibra Energia SA | 2610200 | 11669679 |
| Vivara Participacoes SA | 3800 | 20367 |
| Vulcabras SA | 74000 | 293033 |
| WEG SA | 855700 | 5957870 |
| Wilson Sons SA | 123500 | 409780 |
| Wiz Co. | 47900 | 74122 |
| XP, Inc., Class A | 1010743 | 18334878 |
| YDUQS Participacoes SA | 309000 | 753429 |
| Zamp SA<sup>(1)</sup> | 316713 | 204450 |
|  |  | 574589718 |
| **Chile — 0.5%** |  |  |
| Aguas Andinas SA, A Shares | 2836657 | 1003410 |
| Banco de Chile | 40814489 | 5848371 |
| Banco de Credito e Inversiones SA | 93362 | 3775655 |
| Banco Itau Chile SA | 9942 | 142131 |
| Banco Santander Chile, ADR | 270487 | 6502508 |
| Besalco SA | 44236 | 40034 |
| CAP SA<sup>(1)</sup> | 155315 | 832928 |
| Cencosud SA | 974685 | 3085736 |
| Cencosud Shopping SA | 172732 | 350148 |
| Cia Cervecerias Unidas SA, ADR | 167211 | 2068400 |
| Cia Sud Americana de Vapores SA | 26916433 | 1343817 |
| Colbun SA | 12053920 | 1811504 |
| Embotelladora Andina SA, Class B Preference Shares | 778051 | 3082139 |
| Empresa Nacional de Telecomunicaciones SA | 428025 | 1479034 |
| Empresas CMPC SA | 1555624 | 2439210 |
| Empresas Copec SA | 561572 | 4192913 |
| Enel Americas SA | 21258396 | 2209744 |
| Enel Chile SA | 44253661 | 3103304 |
| Engie Energia Chile SA | 1463721 | 1831695 |
| Falabella SA | 965804 | 5497103 |
| Forus SA | 124 | 266 |
| Grupo Security SA | 164860 | 49620 |
| Inversiones Aguas Metropolitanas SA | 114622 | 100770 |
| Parque Arauco SA | 650550 | 1493754 |
| Ripley Corp. SA | 2765396 | 1321432 |
| SMU SA | 1459149 | 249394 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(1)</sup> | 214902 | 9780190 |
| Vina Concha y Toro SA | 705737 | 816075 |
|  |  | 64451285 |
| **China — 28.4%** |  |  |
| 361 Degrees International Ltd. | 1526000 | 1249127 |
| 3SBio, Inc.<sup>(1)(2)</sup> | 9129000 | 34340472 |
| AAC Technologies Holdings, Inc. | 3405500 | 18993642 |
| Agile Group Holdings Ltd.<sup>(1)</sup> | 4164000 | 245574 |
| Agora, Inc., ADR<sup>(1)</sup> | 95719 | 330231 |

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------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Agricultural Bank of China Ltd., H Shares | 31164000 | $21073988 |
| Air China Ltd., H Shares<sup>(1)</sup> | 54000 | 35898 |
| AK Medical Holdings Ltd. | 1328000 | 959839 |
| Akeso, Inc.<sup>(1)(2)</sup> | 362000 | 7291243 |
| Alibaba Group Holding Ltd., ADR | 1598871 | 215847585 |
| A-Living Smart City Services Co. Ltd.<sup>(2)</sup> | 2135000 | 844461 |
| Alphamab Oncology<sup>(1)</sup> | 68000 | 80979 |
| Aluminum Corp. of China Ltd., H Shares | 6498000 | 5821474 |
| ANE Cayman, Inc.<sup>(1)</sup> | 758000 | 817526 |
| Anhui Conch Cement Co. Ltd., H Shares | 2704500 | 8541533 |
| Anhui Expressway Co. Ltd., H Shares | 488000 | 736632 |
| ANTA Sports Products Ltd. | 2832000 | 35237025 |
| Anton Oilfield Services Group | 2946000 | 504653 |
| Archosaur Games, Inc.<sup>(1)</sup> | 151000 | 35504 |
| AsiaInfo Technologies Ltd.<sup>(2)</sup> | 9600 | 12755 |
| Atour Lifestyle Holdings Ltd., ADR | 59380 | 2311070 |
| Autohome, Inc., ADR | 270662 | 7816719 |
| Autostreets Development Ltd.<sup>(1)</sup> | 137400 | 72508 |
| BAIC Motor Corp. Ltd., H Shares<sup>(1)</sup> | 5161000 | 1361502 |
| Baidu, Inc., ADR<sup>(1)(2)</sup> | 33737 | 3215136 |
| Bairong, Inc.<sup>(1)</sup> | 281500 | 446304 |
| Bank of China Ltd., H Shares | 120179000 | 65963140 |
| Bank of Chongqing Co. Ltd., H Shares | 842500 | 808318 |
| Bank of Communications Co. Ltd., H Shares | 14856000 | 12881174 |
| Beijing Capital International Airport Co. Ltd., H Shares<sup>(1)</sup> | 1134000 | 430741 |
| Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares<sup>(2)</sup> | 7500 | 14327 |
| Beijing Enterprises Holdings Ltd. | 1594000 | 6637591 |
| Beijing Enterprises Water Group Ltd. | 450000 | 150169 |
| Beijing Jingneng Clean Energy Co. Ltd., H Shares | 2428000 | 742501 |
| Beijing North Star Co. Ltd., H Shares<sup>(1)</sup> | 4000 | 459 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd.<sup>(2)</sup> | 613000 | 722155 |
| BeOne Medicines Ltd., ADR<sup>(1)</sup> | 11267 | 3448265 |
| Bilibili, Inc., ADR<sup>(1)(2)</sup> | 260 | 6048 |
| Binjiang Service Group Co. Ltd. | 28000 | 89025 |
| Blue Moon Group Holdings Ltd. | 117000 | 50059 |
| BOC Aviation Ltd. | 1017000 | 9128419 |
| BOE Varitronix Ltd. | 1057000 | 827198 |
| Bosideng International Holdings Ltd. | 14788000 | 8558956 |
| Brii Biosciences Ltd.<sup>(1)</sup> | 697000 | 166981 |
| Brilliance China Automotive Holdings Ltd.<sup>(2)</sup> | 16738000 | 8573946 |
| BYD Co. Ltd., H Shares | 2747000 | 38754146 |
| BYD Electronic International Co. Ltd.<sup>(2)</sup> | 3397500 | 18062060 |
| C&D International Investment Group Ltd.<sup>(2)</sup> | 866376 | 2066278 |
| C&D Property Management Group Co. Ltd. | 187747 | 76895 |
| Cango, Inc., ADR<sup>(1)(2)</sup> | 13946 | 66522 |
| Cathay Group Holdings, Inc. | 211000 | 49239 |
| Central China New Life Ltd.<sup>(1)</sup> | 385000 | 50888 |
| CGN Mining Co. Ltd.<sup>(2)</sup> | 335000 | 119478 |
| Chaowei Power Holdings Ltd. | 168000 | 30223 |
| Cheerwin Group Ltd. | 115000 | 37057 |
| Chen Lin Education Group Holdings Ltd.<sup>(1)</sup> | 16000 | 2750 |
| China Automotive Systems, Inc.<sup>(1)</sup> | 5187 | 21370 |
| China BlueChemical Ltd., H Shares | 5198000 | 1629914 |

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Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Bohai Bank Co. Ltd., H Shares<sup>(1)</sup> | 1012500 | $132867 |
| China Chunlai Education Group Co. Ltd. | 157000 | 88137 |
| China Cinda Asset Management Co. Ltd., H Shares<sup>(2)</sup> | 19598000 | 4129495 |
| China CITIC Bank Corp. Ltd., H Shares | 20726000 | 18532474 |
| China Coal Energy Co. Ltd., H Shares | 4297000 | 5221949 |
| China Communications Services Corp. Ltd., H Shares | 13098000 | 7812092 |
| China Conch Venture Holdings Ltd. | 5293500 | 7034686 |
| China Construction Bank Corp., H Shares | 151469000 | 146591992 |
| China Datang Corp. Renewable Power Co. Ltd., H Shares | 15200000 | 4672445 |
| China Dongxiang Group Co. Ltd.<sup>(1)</sup> | 1053000 | 65967 |
| China East Education Holdings Ltd.<sup>(1)</sup> | 3090000 | 3206798 |
| China Eastern Airlines Corp. Ltd., H Shares<sup>(1)</sup> | 18000 | 7050 |
| China Education Group Holdings Ltd.<sup>(2)</sup> | 3704624 | 1360430 |
| China Everbright Bank Co. Ltd., H Shares | 5580000 | 2508954 |
| China Everbright Environment Group Ltd. | 13013000 | 7338389 |
| China Everbright Greentech Ltd. | 289000 | 35288 |
| China Everbright Ltd.<sup>(2)</sup> | 1778000 | 2040025 |
| China Everbright Water Ltd. | 138500 | 26963 |
| China Feihe Ltd. | 14319000 | 8104504 |
| China Foods Ltd. | 454000 | 232189 |
| China Galaxy Securities Co. Ltd., H Shares | 8136000 | 11744978 |
| China Gas Holdings Ltd. | 6995200 | 7005516 |
| China Glass Holdings Ltd.<sup>(1)</sup> | 622000 | 20032 |
| China Hanking Holdings Ltd. | 235000 | 85414 |
| China High Speed Transmission Equipment Group Co. Ltd.<sup>(1)(2)</sup> | 437000 | 73652 |
| China Hongqiao Group Ltd.<sup>(2)</sup> | 12639000 | 41602006 |
| China International Capital Corp. Ltd., H Shares | 2782400 | 7632583 |
| China Isotope & Radiation Corp. | 14400 | 31068 |
| China Kepei Education Group Ltd.<sup>(2)</sup> | 130000 | 26097 |
| China Lesso Group Holdings Ltd. | 2630000 | 1633505 |
| China Life Insurance Co. Ltd., Class H | 4950865 | 15400717 |
| China Lilang Ltd. | 164000 | 79804 |
| China Literature Ltd.<sup>(1)(2)</sup> | 446600 | 2342612 |
| China Longyuan Power Group Corp. Ltd., H Shares | 9388000 | 8121359 |
| China Medical System Holdings Ltd.<sup>(2)</sup> | 7054000 | 11845620 |
| China Meidong Auto Holdings Ltd. | 918000 | 252461 |
| China Mengniu Dairy Co. Ltd. | 10326000 | 20329840 |
| China Merchants Bank Co. Ltd., H Shares | 6482000 | 40290027 |
| China Merchants Land Ltd.<sup>(1)</sup> | 148000 | 5822 |
| China Merchants Port Holdings Co. Ltd. | 7195175 | 13844141 |
| China Minsheng Banking Corp. Ltd., H Shares | 17205000 | 9810763 |
| China Modern Dairy Holdings Ltd.<sup>(2)</sup> | 3506000 | 590253 |
| China National Building Material Co. Ltd., H Shares | 13186665 | 9581662 |
| China New Higher Education Group Ltd.<sup>(1)</sup> | 2693191 | 377118 |
| China Nonferrous Mining Corp. Ltd. | 8065000 | 10799787 |
| China Oriental Group Co. Ltd. | 1242000 | 266105 |
| China Pacific Insurance Group Co. Ltd., H Shares | 4631400 | 21257932 |
| China Petroleum & Chemical Corp., Class H | 42748300 | 23741804 |
| China Power International Development Ltd.<sup>(2)</sup> | 21104000 | 8484127 |
| China Railway Group Ltd., H Shares | 15383000 | 7825082 |
| China Railway Signal & Communication Corp. Ltd., H Shares | 141000 | 62667 |
| China Rare Earth Holdings Ltd.<sup>(1)</sup> | 604000 | 54236 |
| China Reinsurance Group Corp., H Shares | 302000 | 66539 |

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Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Resources Beer Holdings Co. Ltd. | 2371500 | $8591059 |
| China Resources Building Materials Technology Holdings Ltd. | 19322000 | 4608657 |
| China Resources Gas Group Ltd. | 984900 | 2542117 |
| China Resources Land Ltd. | 6243500 | 24695651 |
| China Resources Medical Holdings Co. Ltd. | 3441500 | 1614008 |
| China Resources Mixc Lifestyle Services Ltd. | 1530200 | 7675481 |
| China Resources Pharmaceutical Group Ltd. | 3063000 | 1921477 |
| China Resources Power Holdings Co. Ltd. | 8092000 | 18685864 |
| China Risun Group Ltd.<sup>(2)</sup> | 1399000 | 437644 |
| China Sanjiang Fine Chemicals Co. Ltd.<sup>(1)</sup> | 248000 | 60824 |
| China Shenhua Energy Co. Ltd., H Shares | 5536000 | 24877798 |
| China Shineway Pharmaceutical Group Ltd. | 690000 | 766249 |
| China South City Holdings Ltd.<sup>(1)(2)</sup> | 4046000 | 55535 |
| China Southern Airlines Co. Ltd., H Shares<sup>(1)</sup> | 364000 | 180479 |
| China Starch Holdings Ltd. | 1320000 | 34348 |
| China Sunshine Paper Holdings Co. Ltd.<sup>(1)</sup> | 645500 | 150355 |
| China Suntien Green Energy Corp. Ltd., H Shares | 1196000 | 666604 |
| China Taiping Insurance Holdings Co. Ltd. | 6212000 | 12978904 |
| China Tobacco International HK Co. Ltd.<sup>(2)</sup> | 31000 | 163334 |
| China Tower Corp. Ltd., H Shares | 15048000 | 22732450 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | 14568000 | 4101327 |
| China Travel International Investment Hong Kong Ltd.<sup>(2)</sup> | 1876000 | 364382 |
| China Vanke Co. Ltd., H Shares<sup>(1)(2)</sup> | 7005700 | 4801446 |
| China Water Affairs Group Ltd.<sup>(2)</sup> | 1768000 | 1412112 |
| China XLX Fertiliser Ltd. | 1992000 | 1889785 |
| China Yongda Automobiles Services Holdings Ltd.<sup>(2)</sup> | 6942500 | 1940290 |
| China Youran Dairy Group Ltd.<sup>(1)</sup> | 6158000 | 3084248 |
| Chongqing Rural Commercial Bank Co. Ltd., H Shares | 739000 | 546682 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(2)</sup> | 4485600 | 8429017 |
| CIMC Enric Holdings Ltd. | 6612000 | 6135231 |
| CITIC Ltd. | 11064000 | 15883782 |
| CITIC Securities Co. Ltd., H Shares | 3118950 | 11552104 |
| CMGE Technology Group Ltd.<sup>(1)</sup> | 1064000 | 65253 |
| CMOC Group Ltd., H Shares | 7728000 | 11889228 |
| COFCO Joycome Foods Ltd.<sup>(1)(2)</sup> | 17812000 | 4119381 |
| Concord New Energy Group Ltd. | 10990000 | 557863 |
| Consun Pharmaceutical Group Ltd. | 849000 | 1626675 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 400000 | 358433 |
| COSCO SHIPPING Holdings Co. Ltd., Class H<sup>(2)</sup> | 8454749 | 14732105 |
| COSCO SHIPPING International Hong Kong Co. Ltd. | 44000 | 36646 |
| COSCO SHIPPING Ports Ltd. | 5373140 | 3901135 |
| Country Garden Services Holdings Co. Ltd. | 7157000 | 5991176 |
| CSPC Pharmaceutical Group Ltd. | 35129760 | 45666624 |
| CSSC Hong Kong Shipping Co. Ltd. | 1258000 | 321893 |
| Damai Entertainment Holdings Ltd.<sup>(1)</sup> | 630000 | 94417 |
| Daqo New Energy Corp., ADR<sup>(1)</sup> | 233611 | 5922039 |
| Datang International Power Generation Co. Ltd., H Shares | 38000 | 10798 |
| Digital China Holdings Ltd.<sup>(2)</sup> | 1170000 | 485888 |
| Dongfeng Motor Group Co. Ltd., Class H | 7344000 | 8437113 |
| Dongyue Group Ltd. | 7994000 | 13359086 |
| DPC Dash Ltd.<sup>(1)</sup> | 16500 | 188505 |
| Dynagreen Environmental Protection Group Co. Ltd., H Shares | 11000 | 6661 |
| East Buy Holding Ltd.<sup>(1)(2)</sup> | 272000 | 949000 |

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Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Edvantage Group Holdings Ltd. | 519923 | $107002 |
| ENN Energy Holdings Ltd. | 877800 | 7104995 |
| Essex Bio-technology Ltd. | 256000 | 170955 |
| Ever Sunshine Services Group Ltd. | 62000 | 15536 |
| Evergrande Property Services Group Ltd.<sup>(1)</sup> | 1054500 | 120895 |
| Excellence Commercial Property & Facilities Management Group Ltd. | 576000 | 89822 |
| Fenbi Ltd.<sup>(1)(2)</sup> | 130000 | 52392 |
| FIH Mobile Ltd.<sup>(1)</sup> | 179100 | 352620 |
| FinVolution Group, ADR | 765432 | 6314814 |
| Flat Glass Group Co. Ltd., H Shares<sup>(2)</sup> | 39000 | 52917 |
| Fosun International Ltd. | 8122500 | 5532813 |
| Fountain SET Holdings Ltd. | 26000 | 2239 |
| Fu Shou Yuan International Group Ltd.<sup>(2)</sup> | 8224000 | 3521673 |
| Fufeng Group Ltd. | 8912000 | 10662052 |
| Fuyao Glass Industry Group Co. Ltd., H Shares | 653600 | 5768006 |
| Ganfeng Lithium Group Co. Ltd., H Shares<sup>(2)</sup> | 154280 | 623924 |
| Gaotu Techedu, Inc., ADR<sup>(1)</sup> | 58946 | 229889 |
| GCL Technology Holdings Ltd.<sup>(1)(2)</sup> | 47696000 | 7676012 |
| GDS Holdings Ltd., Class A<sup>(1)</sup> | 1759500 | 7623889 |
| Geely Automobile Holdings Ltd. | 21292000 | 53705725 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(1)(2)</sup> | 3852000 | 126921 |
| Genertec Universal Medical Group Co. Ltd. | 5307500 | 4139585 |
| Genscript Biotech Corp.<sup>(1)(2)</sup> | 146000 | 324237 |
| GF Securities Co. Ltd., H Shares | 1581400 | 3776879 |
| Giant Biogene Holding Co. Ltd.<sup>(2)</sup> | 143800 | 1001585 |
| Global Bio-Chem Technology Group Co. Ltd.<sup>(1)</sup> | 40000 | 482 |
| Goldwind Science & Technology Co. Ltd., H Shares | 367400 | 416963 |
| Goodbaby International Holdings Ltd. | 2284000 | 429263 |
| Grand Pharmaceutical Group Ltd.<sup>(2)</sup> | 3562000 | 4312235 |
| Great Wall Motor Co. Ltd., H Shares | 5516000 | 13225547 |
| Greentown China Holdings Ltd. | 5504500 | 6953931 |
| Greentown Management Holdings Co. Ltd.<sup>(2)</sup> | 1181000 | 438972 |
| Guangdong Investment Ltd. | 5572000 | 5240810 |
| Guangzhou Automobile Group Co. Ltd., H Shares | 1046000 | 475625 |
| Guangzhou R&F Properties Co. Ltd., H Shares<sup>(1)(2)</sup> | 5263200 | 503718 |
| Guoquan Food Shanghai Co. Ltd. | 2822800 | 1189703 |
| Guotai Haitong Securities Co. Ltd., H Shares | 4406240 | 9253253 |
| H World Group Ltd., ADR | 268846 | 9906975 |
| Haichang Ocean Park Holdings Ltd.<sup>(1)(2)</sup> | 9898000 | 942762 |
| Haidilao International Holding Ltd. | 4165000 | 7438774 |
| Haier Smart Home Co. Ltd., H Shares | 4582400 | 15560591 |
| Hainan Meilan International Airport Co. Ltd., H Shares<sup>(1)(2)</sup> | 173000 | 231908 |
| Haitian International Holdings Ltd. | 3435000 | 9737768 |
| Hangzhou Tigermed Consulting Co. Ltd., H Shares | 23800 | 142574 |
| Hansoh Pharmaceutical Group Co. Ltd. | 1476000 | 6856350 |
| Harbin Electric Co. Ltd., H Shares | 798000 | 828185 |
| Hello Group, Inc., ADR | 769864 | 6389871 |
| Hengan International Group Co. Ltd. | 3390000 | 10815408 |
| Hisense Home Appliances Group Co. Ltd., H Shares | 2738000 | 8492153 |
| Hopson Development Holdings Ltd.<sup>(1)</sup> | 326624 | 148666 |
| Hua Hong Semiconductor Ltd.<sup>(1)(2)</sup> | 34000 | 235402 |
| Huabao International Holdings Ltd.<sup>(2)</sup> | 985000 | 534088 |
| Huadian Power International Corp. Ltd., H Shares | 132000 | 72546 |

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Schedule of Investments - Avantis Emerging Markets Equity ETF

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Huaneng Power International, Inc., H Shares | 6810000 | $4893181 |
| Huatai Securities Co. Ltd., H Shares | 3582000 | 9135198 |
| HUYA, Inc., ADR | 109034 | 390342 |
| Hygeia Healthcare Holdings Co. Ltd.<sup>(1)(2)</sup> | 140000 | 269537 |
| iDreamSky Technology Holdings Ltd.<sup>(1)</sup> | 506000 | 74714 |
| Industrial & Commercial Bank of China Ltd., H Shares | 78019000 | 58038590 |
| Ingdan, Inc.<sup>(1)</sup> | 358000 | 118085 |
| Inkeverse Group Ltd.<sup>(1)</sup> | 3794000 | 786821 |
| Innovent Biologics, Inc.<sup>(1)</sup> | 3007500 | 37587599 |
| iQIYI, Inc., ADR<sup>(1)(2)</sup> | 2011906 | 5331551 |
| JD Health International, Inc.<sup>(1)</sup> | 1237050 | 10080740 |
| JD Logistics, Inc.<sup>(1)</sup> | 3507900 | 5828379 |
| JD.com, Inc., ADR | 74529 | 2315616 |
| JD.com, Inc., Class A | 36345 | 563171 |
| Jia Yao Holdings Ltd.<sup>(1)</sup> | 186000 | 67360 |
| Jiangsu Expressway Co. Ltd., H Shares | 1224000 | 1444864 |
| Jiangxi Copper Co. Ltd., H Shares | 1671000 | 4920424 |
| Jiayin Group, Inc., ADR<sup>(2)</sup> | 10973 | 138040 |
| Jinke Smart Services Group Co. Ltd., H Shares<sup>(1)</sup> | 239600 | 197599 |
| Jinxin Fertility Group Ltd.<sup>(1)(2)</sup> | 10510500 | 3909801 |
| Jiumaojiu International Holdings Ltd.<sup>(2)</sup> | 1689000 | 525615 |
| JNBY Design Ltd. | 730500 | 1892339 |
| JOYY, Inc., ADR | 24035 | 1299332 |
| Jutal Offshore Oil Services Ltd. | 186000 | 15083 |
| Kangji Medical Holdings Ltd. | 655500 | 729775 |
| Kanzhun Ltd., ADR<sup>(1)</sup> | 63712 | 1504877 |
| KE Holdings, Inc., ADR | 1108291 | 19483756 |
| Kinetic Development Group Ltd. | 242000 | 37385 |
| Kingboard Holdings Ltd. | 2078500 | 7650411 |
| Kingboard Laminates Holdings Ltd. | 3132000 | 5339895 |
| Kingdee International Software Group Co. Ltd.<sup>(1)</sup> | 149000 | 314818 |
| Kingsoft Corp. Ltd. | 2533200 | 11158148 |
| Kuaishou Technology<sup>(1)</sup> | 6766200 | 66317814 |
| Kunlun Energy Co. Ltd. | 7384000 | 6873472 |
| KWG Group Holdings Ltd.<sup>(1)</sup> | 1925000 | 59721 |
| KWG Living Group Holdings Ltd.<sup>(1)(2)</sup> | 1096249 | 37387 |
| Launch Tech Co. Ltd., Class H | 51500 | 73498 |
| Lee & Man Paper Manufacturing Ltd.<sup>(2)</sup> | 2179000 | 825953 |
| Lenovo Group Ltd. | 7726000 | 11091337 |
| Leoch International Technology Ltd. | 122000 | 29386 |
| LEPU ScienTech Medical Technology Shanghai Co. Ltd., Class H | 10000 | 28636 |
| LexinFintech Holdings Ltd., ADR | 463905 | 2931880 |
| Li Auto, Inc., ADR<sup>(1)(2)</sup> | 1307234 | 30523914 |
| Li Ning Co. Ltd. | 3911500 | 9578220 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(2)</sup> | 1803000 | 3337835 |
| Linklogis, Inc., Class B<sup>(2)</sup> | 3109500 | 1040827 |
| LK Technology Holdings Ltd.<sup>(2)</sup> | 27500 | 19013 |
| Logan Group Co. Ltd.<sup>(1)(2)</sup> | 211000 | 23132 |
| Longfor Group Holdings Ltd.<sup>(2)</sup> | 3878124 | 5317850 |
| Lonking Holdings Ltd. | 2523000 | 877185 |
| Lufax Holding Ltd., ADR<sup>(1)</sup> | 106609 | 313430 |
| Luye Pharma Group Ltd.<sup>(1)(2)</sup> | 8412500 | 3905815 |
| LVGEM China Real Estate Investment Co. Ltd.<sup>(1)(2)</sup> | 1760000 | 63835 |

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Schedule of Investments - Avantis Emerging Markets Equity ETF

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Maanshan Iron & Steel Co. Ltd., H Shares<sup>(1)</sup> | 720000 | $223300 |
| Maoyan Entertainment<sup>(2)</sup> | 284767 | 284542 |
| Meituan, Class B<sup>(1)</sup> | 3694610 | 49208266 |
| Metallurgical Corp. of China Ltd., H Shares | 198000 | 57848 |
| MicroPort NeuroScientific Corp.<sup>(2)</sup> | 199923 | 336000 |
| Midea Group Co. Ltd. | 375700 | 3960291 |
| Midea Real Estate Holding Ltd.<sup>(1)(2)</sup> | 1637400 | 1006184 |
| MINISO Group Holding Ltd., ADR<sup>(2)</sup> | 117342 | 2915949 |
| Minth Group Ltd. | 5574000 | 23680024 |
| MMG Ltd.<sup>(1)</sup> | 20821600 | 13911420 |
| Nayuki Holdings Ltd.<sup>(1)</sup> | 175000 | 33296 |
| NetDragon Websoft Holdings Ltd. | 712500 | 955936 |
| NetEase Cloud Music, Inc.<sup>(1)</sup> | 28600 | 1031374 |
| NetEase, Inc., ADR | 752695 | 102509532 |
| New China Life Insurance Co. Ltd., H Shares | 3562300 | 22164388 |
| New Oriental Education & Technology Group, Inc., ADR | 14353 | 688657 |
| Newborn Town, Inc.<sup>(1)</sup> | 3904000 | 6197149 |
| Nexteer Automotive Group Ltd. | 6255000 | 5530175 |
| Nine Dragons Paper Holdings Ltd.<sup>(1)</sup> | 5319000 | 3867583 |
| NIO, Inc., ADR<sup>(1)(2)</sup> | 1002535 | 6396173 |
| Niu Technologies, ADR<sup>(1)</sup> | 3589 | 15684 |
| Noah Holdings Ltd., ADR | 106961 | 1331664 |
| Nongfu Spring Co. Ltd., H Shares | 1941200 | 12555913 |
| Onewo, Inc., Class H | 300200 | 971670 |
| Orient Overseas International Ltd. | 737500 | 12922812 |
| PDD Holdings, Inc., ADR<sup>(1)</sup> | 762999 | 91727740 |
| People's Insurance Co. Group of China Ltd., H Shares | 18451000 | 16591337 |
| Perennial Energy Holdings Ltd.<sup>(1)</sup> | 320000 | 31967 |
| PetroChina Co. Ltd., Class H | 28220200 | 27325838 |
| Pharmaron Beijing Co. Ltd., H Shares | 30675 | 82339 |
| PICC Property & Casualty Co. Ltd., H Shares | 17926000 | 43322988 |
| Ping An Healthcare & Technology Co. Ltd.<sup>(2)</sup> | 638923 | 1706417 |
| Ping An Insurance Group Co. of China Ltd., H Shares | 10197282 | 74242773 |
| Poly Property Group Co. Ltd. | 4642844 | 957374 |
| Poly Property Services Co. Ltd., Class H | 500800 | 2265918 |
| Pop Mart International Group Ltd. | 1796600 | 74679938 |
| Postal Savings Bank of China Co. Ltd., H Shares | 12983000 | 9041419 |
| Powerlong Commercial Management Holdings Ltd.<sup>(1)</sup> | 96000 | 27835 |
| Precision Tsugami China Corp. Ltd. | 128000 | 462657 |
| Q Technology Group Co. Ltd. | 494000 | 1023224 |
| Qfin Holdings, Inc., ADR | 642991 | 18723898 |
| Radiance Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 1222000 | 426957 |
| Road King Infrastructure Ltd.<sup>(1)</sup> | 27000 | 2336 |
| Sany Heavy Equipment International Holdings Co. Ltd. | 960000 | 848924 |
| Scholar Education Group | 540000 | 168071 |
| Seazen Group Ltd.<sup>(1)</sup> | 12834000 | 4110015 |
| Shandong BoAn Biotechnology Co. Ltd., Class H<sup>(1)(2)</sup> | 260600 | 463773 |
| Shandong Gold Mining Co. Ltd., H Shares<sup>(2)</sup> | 274500 | 1048609 |
| Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 2092400 | 1581114 |
| Shanghai Chicmax Cosmetic Co. Ltd.<sup>(2)</sup> | 123700 | 1443051 |
| Shanghai Conant Optical Co. Ltd., Class H | 457000 | 2827418 |
| Shanghai Electric Group Co. Ltd., H Shares<sup>(1)</sup> | 208000 | 99052 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares<sup>(2)</sup> | 92500 | 258881 |

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Schedule of Investments - Avantis Emerging Markets Equity ETF

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shanghai Industrial Holdings Ltd. | 1043000 | $1937926 |
| Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 697600 | 1107378 |
| Shenzhen Expressway Corp. Ltd., H Shares<sup>(2)</sup> | 438000 | 402412 |
| Shenzhen International Holdings Ltd. | 8586745 | 8662946 |
| Shenzhen Investment Ltd.<sup>(1)(2)</sup> | 1148000 | 123904 |
| Shenzhou International Group Holdings Ltd. | 2122300 | 16887025 |
| Shimao Group Holdings Ltd.<sup>(1)</sup> | 245000 | 10613 |
| Shimao Services Holdings Ltd.<sup>(1)</sup> | 1109000 | 107349 |
| Shoucheng Holdings Ltd.<sup>(2)</sup> | 312800 | 76083 |
| Shougang Fushan Resources Group Ltd. | 14049623 | 4970818 |
| Shui On Land Ltd. | 16394000 | 1601443 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(2)</sup> | 14985000 | 2817341 |
| Simcere Pharmaceutical Group Ltd.<sup>(2)</sup> | 3869000 | 7016425 |
| Sino Biopharmaceutical Ltd. | 8284500 | 8690159 |
| Sino-Ocean Group Holding Ltd.<sup>(1)(2)</sup> | 11273000 | 179227 |
| Sinopec Engineering Group Co. Ltd., H Shares | 5615500 | 5026421 |
| Sinopec Kantons Holdings Ltd. | 112000 | 61099 |
| Sinopec Shanghai Petrochemical Co. Ltd., Class H | 100400 | 17413 |
| Sinopharm Group Co. Ltd., H Shares | 5038000 | 12140722 |
| Sinotrans Ltd., H Shares | 138000 | 81403 |
| Sinotruk Hong Kong Ltd. | 1039500 | 3030787 |
| Skyworth Group Ltd.<sup>(1)(2)</sup> | 3417087 | 1523382 |
| SOHO China Ltd.<sup>(1)</sup> | 1023000 | 79292 |
| Sohu.com Ltd., ADR<sup>(1)</sup> | 100427 | 1614364 |
| SSY Group Ltd. | 4072000 | 1487190 |
| Sun Art Retail Group Ltd. | 4535000 | 1183794 |
| Sun King Technology Group Ltd.<sup>(1)</sup> | 708000 | 152399 |
| Sunac Services Holdings Ltd. | 10916000 | 2347478 |
| Sunny Optical Technology Group Co. Ltd. | 1768900 | 19052452 |
| Sunshine Insurance Group Co. Ltd. | 863000 | 465026 |
| Sunshine Lake Pharma Co. Ltd.<sup>(1)(2)</sup> | 447405 | 2981552 |
| SY Holdings Group Ltd.<sup>(2)</sup> | 1217500 | 1863124 |
| Tencent Holdings Ltd. | 5204700 | 403075153 |
| Tencent Music Entertainment Group, ADR | 984055 | 24129029 |
| Tian Ge Interactive Holdings Ltd. | 9000 | 787 |
| Tian Lun Gas Holdings Ltd.<sup>(2)</sup> | 90500 | 60029 |
| Tiangong International Co. Ltd.<sup>(2)</sup> | 2302000 | 741789 |
| Tianli International Holdings Ltd.<sup>(2)</sup> | 3939000 | 1921424 |
| Tianneng Power International Ltd.<sup>(2)</sup> | 6894000 | 7184164 |
| Tingyi Cayman Islands Holding Corp. | 10132000 | 14398563 |
| Tong Ren Tang Technologies Co. Ltd., H Shares | 761000 | 484859 |
| Tongcheng Travel Holdings Ltd. | 2458000 | 6954154 |
| Tongda Group Holdings Ltd.<sup>(1)</sup> | 2745000 | 38846 |
| Tongdao Liepin Group | 248600 | 135350 |
| Topsports International Holdings Ltd. | 10463000 | 4352181 |
| Towngas Smart Energy Co. Ltd. | 936961 | 483121 |
| TravelSky Technology Ltd., H Shares | 1423000 | 1991221 |
| Trip.com Group Ltd., ADR | 233257 | 17202704 |
| Tsaker New Energy Tech Co. Ltd. | 123500 | 12521 |
| Tsingtao Brewery Co. Ltd., H Shares | 1074000 | 6984212 |
| Tuhu Car, Inc.<sup>(1)</sup> | 98700 | 255119 |
| Uni-President China Holdings Ltd. | 2198000 | 2625535 |
| Untrade.Ch Wood Opti<sup>(1)</sup> | 8000 | 10 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vipshop Holdings Ltd., ADR | 1709999 | $28625383 |
| Viva Biotech Holdings<sup>(1)</sup> | 894000 | 307042 |
| Vnet Group, Inc., ADR<sup>(1)(2)</sup> | 4999 | 43291 |
| Want Want China Holdings Ltd. | 20729000 | 14412331 |
| Wasion Holdings Ltd. | 494000 | 734023 |
| Weibo Corp., ADR<sup>(2)</sup> | 500983 | 5741265 |
| Weichai Power Co. Ltd., H Shares | 2777000 | 5837732 |
| Weilong Delicious Global Holdings Ltd.<sup>(2)</sup> | 2034000 | 3558199 |
| West China Cement Ltd.<sup>(2)</sup> | 11586000 | 3958894 |
| Wison Engineering Services Co. Ltd.<sup>(1)</sup> | 19000 | 1074 |
| Wuling Motors Holdings Ltd. | 800000 | 70115 |
| WuXi AppTec Co. Ltd., H Shares | 442904 | 6171841 |
| Wuxi Biologics Cayman, Inc.<sup>(1)</sup> | 1673000 | 7197027 |
| X Financial, ADR | 1275 | 19380 |
| XD, Inc. | 228400 | 2383797 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>(1)</sup> | 1643500 | 172077 |
| Xin Point Holdings Ltd. | 57000 | 30229 |
| Xinhua Winshare Publishing & Media Co. Ltd., H Shares | 56000 | 85678 |
| Xinjiang Xinxin Mining Industry Co. Ltd., H Shares | 256000 | 47335 |
| Xinte Energy Co. Ltd., H Shares<sup>(1)(2)</sup> | 2679200 | 2343360 |
| Xinyi Energy Holdings Ltd.<sup>(2)</sup> | 2912006 | 475313 |
| Xinyi Solar Holdings Ltd.<sup>(2)</sup> | 7262976 | 3162810 |
| XJ International Holdings Co. Ltd.<sup>(1)</sup> | 9112000 | 234201 |
| XPeng, Inc., Class A, ADR<sup>(1)</sup> | 31117 | 654079 |
| Xtep International Holdings Ltd. | 1809419 | 1546561 |
| Yadea Group Holdings Ltd. | 4335369 | 7562026 |
| Yankuang Energy Group Co. Ltd., H Shares<sup>(2)</sup> | 7769000 | 9037337 |
| Yeahka Ltd.<sup>(1)(2)</sup> | 238400 | 365020 |
| Yidu Tech, Inc.<sup>(1)</sup> | 464300 | 362566 |
| Yihai International Holding Ltd.<sup>(2)</sup> | 3186000 | 5625338 |
| Yiren Digital Ltd., ADR | 17674 | 102863 |
| Yixin Group Ltd.<sup>(2)</sup> | 10329000 | 4238078 |
| Youdao, Inc., ADR<sup>(1)(2)</sup> | 4860 | 43594 |
| Yuexiu Property Co. Ltd. | 6830400 | 4356738 |
| Yuexiu Services Group Ltd. | 448500 | 162122 |
| Yuexiu Transport Infrastructure Ltd. | 2690000 | 1480345 |
| Yum China Holdings, Inc. | 782178 | 34979000 |
| Zengame Technology Holding Ltd. | 1086000 | 360939 |
| Zhaojin Mining Industry Co. Ltd., H Shares | 3095000 | 9721436 |
| Zhejiang Expressway Co. Ltd., H Shares | 7746400 | 6845871 |
| Zhihu, Inc., ADR<sup>(1)</sup> | 60565 | 290712 |
| ZhongAn Online P&C Insurance Co. Ltd., H Shares<sup>(1)(2)</sup> | 1207500 | 3078787 |
| Zhongsheng Group Holdings Ltd.<sup>(2)</sup> | 1646000 | 3414968 |
| Zhongyu Energy Holdings Ltd.<sup>(2)</sup> | 175000 | 83986 |
| Zhou Hei Ya International Holdings Co. Ltd.<sup>(2)</sup> | 2932500 | 922626 |
| Zijin Mining Group Co. Ltd., H Shares | 8632000 | 28662308 |
| ZMJ Group Co. Ltd., H Shares | 124400 | 289696 |
| Zonqing Environmental Ltd.<sup>(1)(2)</sup> | 132000 | 80321 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | 608400 | 505548 |
| ZTO Express Cayman, Inc., ADR | 780784 | 14210269 |
| Zylox-Tonbridge Medical Technology Co. Ltd. | 21000 | 62141 |
|  |  | 3407937027 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Colombia — 0.1%** | | |
| Cementos Argos SA | 315030 | $782625 |
| Corp. Financiera Colombiana SA<sup>(1)</sup> | 24838 | 111909 |
| Ecopetrol SA, ADR<sup>(2)</sup> | 463859 | 4360275 |
| Grupo Argos SA | 252756 | 1087217 |
| Grupo Cibest SA | 60684 | 894267 |
| Grupo Cibest SA, ADR | 112176 | 5660401 |
| Grupo de Inversiones Suramericana SA | 53714 | 619872 |
| Interconexion Electrica SA ESP | 276217 | 1512670 |
| Mineros SA | 233875 | 593820 |
|  |  | 15623056 |
| **Czech Republic — 0.2%** |  |  |
| CEZ AS | 218071 | 13636836 |
| Komercni Banka AS | 126470 | 6179109 |
| Moneta Money Bank AS | 276739 | 2029161 |
|  |  | 21845106 |
| **Egypt — 0.1%** |  |  |
| Commercial International Bank - Egypt (CIB), GDR | 6047444 | 11737647 |
| **Greece — 0.7%** |  |  |
| Aegean Airlines SA | 110364 | 1853051 |
| Aktor SA Holding Co. Technical & Energy Projects<sup>(1)(2)</sup> | 99451 | 906032 |
| Alpha Bank SA | 4200833 | 16665199 |
| Athens International Airport SA | 55650 | 691721 |
| Athens Water Supply & Sewage Co. SA | 3091 | 26204 |
| Autohellas Tourist & Trading SA | 2971 | 39649 |
| Eurobank Ergasias Services & Holdings SA, Class A | 1540505 | 5661450 |
| Fourlis Holdings SA | 364 | 2106 |
| GEK TERNA SA | 114460 | 3000492 |
| Hellenic Exchanges - Athens Stock Exchange SA | 13579 | 110896 |
| Hellenic Telecommunications Organization SA | 125584 | 2337343 |
| HELLENiQ ENERGY Holdings SA | 259547 | 2609027 |
| Holding Co. ADMIE IPTO SA | 165583 | 660999 |
| Intracom Holdings SA<sup>(1)</sup> | 50025 | 210381 |
| Jumbo SA | 104236 | 3718904 |
| LAMDA Development SA<sup>(1)</sup> | 52368 | 453041 |
| Metlen Energy & Metals PLC<sup>(1)</sup> | 55514 | 3559031 |
| Metlen Energy & Metals SA<sup>(1)</sup> | 71270 | 4560818 |
| Motor Oil Hellas Corinth Refineries SA | 145318 | 4283122 |
| National Bank of Greece SA | 671165 | 9294848 |
| OPAP SA | 112747 | 2530294 |
| Optima bank SA | 321080 | 2933338 |
| Piraeus Financial Holdings SA<sup>(1)</sup> | 1517145 | 11741196 |
| Public Power Corp. SA | 178811 | 2989890 |
| Titan SA | 77502 | 3365584 |
| Viohalco SA | 30134 | 230163 |
|  |  | 84434779 |
| **Hong Kong — 0.0%** |  |  |
| Amrita Global Development Ltd.<sup>(1)</sup> | 84000 | 108 |
| CARsgen Therapeutics Holdings Ltd.<sup>(1)</sup> | 81500 | 243139 |
| Central China Management Co. Ltd.<sup>(1)</sup> | 499000 | 640 |
| China General Education Group Ltd.<sup>(1)</sup> | 60000 | 16397 |
| China Harmony Auto Holding Ltd.<sup>(1)</sup> | 269500 | 81786 |
| China Renaissance Holdings Ltd.<sup>(1)</sup> | 202700 | 214543 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Zhongwang Holdings Ltd.<sup>(1)(2)</sup> | 492912 | $632 |
| Coolpad Group Ltd.<sup>(1)</sup> | 46350 | 5941 |
| EVA Precision Industrial Holdings Ltd. | 1202000 | 139095 |
| Hebei Construction Group Corp. Ltd., H Shares<sup>(1)(2)</sup> | 31500 | 2148 |
| Hilong Holding Ltd.<sup>(1)</sup> | 968000 | 19495 |
| Homeland Interactive Technology Ltd.<sup>(1)</sup> | 142000 | 17650 |
| IVD Medical Holding Ltd.<sup>(1)</sup> | 3000 | 3725 |
| Jiayuan International Group Ltd.<sup>(1)(2)</sup> | 2194000 | 2814 |
| Jinchuan Group International Resources Co. Ltd.<sup>(1)(2)</sup> | 6422000 | 395428 |
| Minsheng Education Group Co. Ltd.<sup>(1)</sup> | 254000 | 5340 |
| Mobvista, Inc.<sup>(1)</sup> | 142000 | 257444 |
| New Horizon Health Ltd.<sup>(1)</sup> | 127500 | 164 |
| Redco Properties Group Ltd.<sup>(1)(2)</sup> | 44000 | 537 |
| Shanghai Industrial Urban Development Group Ltd.<sup>(1)</sup> | 403600 | 17677 |
| Shanghai Pioneer Holding Ltd. | 123000 | 31511 |
| Shinsun Holdings Group Co. Ltd.<sup>(1)</sup> | 641000 | 822 |
| Trigiant Group Ltd.<sup>(1)</sup> | 28000 | 1164 |
| Venus MedTech Hangzhou, Inc., H Shares<sup>(1)</sup> | 36500 | 17311 |
|  |  | 1475511 |
| **Hungary — 0.3%** |  |  |
| Magyar Telekom Telecommunications PLC | 355951 | 2022167 |
| MOL Hungarian Oil & Gas PLC | 1010783 | 8698778 |
| Opus Global Nyrt | 104558 | 179111 |
| OTP Bank Nyrt | 271171 | 23652680 |
| Richter Gedeon Nyrt | 129630 | 3932107 |
|  |  | 38484843 |
| **India — 17.9%** |  |  |
| 360 ONE WAM Ltd. | 122038 | 1410103 |
| 3M India Ltd. | 839 | 292366 |
| 5Paisa Capital Ltd.<sup>(1)</sup> | 6149 | 24812 |
| 63 Moons Technologies Ltd. | 82458 | 845768 |
| Aadhar Housing Finance Ltd.<sup>(1)</sup> | 157293 | 896970 |
| Aarti Drugs Ltd. | 141929 | 756144 |
| Aarti Industries Ltd. | 748960 | 3191998 |
| Aarti Pharmalabs Ltd. | 73726 | 703647 |
| Aavas Financiers Ltd.<sup>(1)</sup> | 88072 | 1518128 |
| ABB India Ltd. | 9355 | 530660 |
| ACC Ltd. | 80944 | 1653927 |
| Accelya Solutions India Ltd. | 2877 | 45612 |
| Acme Solar Holdings Ltd. | 164941 | 532181 |
| Action Construction Equipment Ltd. | 67416 | 804157 |
| Adani Energy Solutions Ltd.<sup>(1)</sup> | 124815 | 1083120 |
| Adani Enterprises Ltd. | 69537 | 1770039 |
| Adani Green Energy Ltd.<sup>(1)</sup> | 76081 | 788623 |
| Adani Ports & Special Economic Zone Ltd. | 620078 | 9237723 |
| Adani Power Ltd.<sup>(1)</sup> | 908185 | 6192214 |
| Adani Total Gas Ltd. | 73941 | 495926 |
| Aditya Birla Capital Ltd.<sup>(1)</sup> | 451990 | 1424388 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(1)</sup> | 127273 | 194769 |
| Aditya Birla Real Estate Ltd. | 28642 | 568832 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 178695 | 1692272 |
| Advanced Enzyme Technologies Ltd. | 16916 | 66283 |
| Aegis Logistics Ltd. | 167602 | 1278277 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Affle 3i Ltd.<sup>(1)</sup> | 3390 | $73327 |
| Agarwal Industrial Corp. Ltd. | 3766 | 33508 |
| AGI Greenpac Ltd. | 75359 | 763251 |
| AGI Infra Ltd. | 27959 | 360245 |
| AIA Engineering Ltd.<sup>(1)</sup> | 13987 | 484402 |
| Ajanta Pharma Ltd. | 76901 | 2160898 |
| Akzo Nobel India Ltd. | 18221 | 704906 |
| Alembic Ltd. | 146783 | 169000 |
| Alembic Pharmaceuticals Ltd. | 55025 | 584559 |
| Alivus Life Sciences Ltd.<sup>(1)</sup> | 81662 | 875087 |
| Alkem Laboratories Ltd. | 3591 | 215823 |
| Alkyl Amines Chemicals | 10995 | 249957 |
| Allcargo Logistics Ltd. | 421343 | 149271 |
| Allcargo Terminals Ltd.<sup>(1)</sup> | 89445 | 27411 |
| Alok Industries Ltd.<sup>(1)</sup> | 539944 | 106823 |
| Amara Raja Energy & Mobility Ltd. | 262236 | 2948452 |
| Amber Enterprises India Ltd.<sup>(1)</sup> | 57291 | 4718550 |
| Ambika Cotton Mills Ltd. | 1427 | 22772 |
| Ambuja Cements Ltd. | 511192 | 3267009 |
| Amrutanjan Health Care Ltd. | 2916 | 22885 |
| Anand Rathi Wealth Ltd. | 30821 | 976246 |
| Anant Raj Ltd. | 297422 | 1743161 |
| Andhra Paper Ltd. | 123270 | 108601 |
| Andhra Sugars Ltd. | 39773 | 33984 |
| Angel One Ltd. | 203257 | 5094918 |
| Antony Waste Handling Cell Ltd.<sup>(1)</sup> | 3044 | 19769 |
| Anup Engineering Ltd. | 8623 | 216229 |
| Anupam Rasayan India Ltd. | 13454 | 172186 |
| Apar Industries Ltd. | 37936 | 3327793 |
| Apcotex Industries Ltd. | 6865 | 30226 |
| APL Apollo Tubes Ltd. | 119374 | 2172728 |
| Apollo Hospitals Enterprise Ltd. | 75069 | 6482679 |
| Apollo Tyres Ltd. | 782597 | 4099299 |
| Aptech Ltd. | 37688 | 55488 |
| Aptus Value Housing Finance India Ltd. | 220274 | 793717 |
| Archean Chemical Industries Ltd. | 241535 | 1798043 |
| Arkade Developers Ltd. | 197713 | 388554 |
| Arman Financial Services Ltd.<sup>(1)</sup> | 5535 | 85276 |
| Arvind Fashions Ltd. | 87993 | 518305 |
| Arvind Ltd. | 528466 | 1684917 |
| Arvind SmartSpaces Ltd. | 6068 | 40607 |
| Asahi India Glass Ltd.<sup>(1)</sup> | 145256 | 1378749 |
| Ashok Leyland Ltd. | 2052251 | 2952796 |
| Ashoka Buildcon Ltd.<sup>(1)</sup> | 439965 | 862536 |
| Asian Paints Ltd. | 420126 | 12001111 |
| Associated Alcohols & Breweries Ltd. | 8714 | 103319 |
| Aster DM Healthcare Ltd. | 762782 | 5199397 |
| Astral Ltd. | 50132 | 773572 |
| AstraZeneca Pharma India Ltd. | 2120 | 203611 |
| Atul Ltd. | 9782 | 696246 |
| AU Small Finance Bank Ltd. | 533784 | 4346303 |
| Aurobindo Pharma Ltd. | 319069 | 3717576 |
| Avadh Sugar & Energy Ltd. | 12662 | 59092 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Avantel Ltd. | 35790 | $60817 |
| Avanti Feeds Ltd. | 111233 | 811027 |
| Avenue Supermarts Ltd.<sup>(1)</sup> | 74081 | 3996094 |
| Awfis Space Solutions Ltd.<sup>(1)</sup> | 48866 | 313966 |
| Axis Bank Ltd., GDR | 241837 | 14369671 |
| Baazar Style Retail Ltd.<sup>(1)</sup> | 6248 | 22969 |
| Bajaj Auto Ltd. | 75344 | 7373689 |
| Bajaj Consumer Care Ltd.<sup>(1)</sup> | 130751 | 347686 |
| Bajaj Electricals Ltd. | 87641 | 566361 |
| Bajaj Finance Ltd. | 3668634 | 36545866 |
| Bajaj Finserv Ltd. | 228370 | 4957222 |
| Bajaj Healthcare Ltd. | 63102 | 301763 |
| Bajaj Hindusthan Sugar Ltd.<sup>(1)</sup> | 3176438 | 728494 |
| Bajel Projects Ltd.<sup>(1)</sup> | 88904 | 203291 |
| Balaji Amines Ltd. | 28974 | 479115 |
| Balkrishna Industries Ltd. | 112099 | 2913574 |
| Balmer Lawrie & Co. Ltd. | 25352 | 62680 |
| Balrampur Chini Mills Ltd. | 286557 | 1743021 |
| Banco Products India Ltd. | 100555 | 657648 |
| Bandhan Bank Ltd. | 2959553 | 5430649 |
| Bank of Baroda | 1907584 | 5039280 |
| Bank of Maharashtra | 1475821 | 869208 |
| BASF India Ltd. | 9967 | 520305 |
| Bata India Ltd. | 198945 | 2476644 |
| Bayer CropScience Ltd. | 25401 | 1507298 |
| BEML Ltd. | 53684 | 2336336 |
| Berger Paints India Ltd. | 60972 | 368952 |
| Best Agrolife Ltd. | 12834 | 52238 |
| Bhansali Engineering Polymers Ltd. | 129552 | 152276 |
| Bharat Bijlee Ltd.<sup>(1)</sup> | 9093 | 306639 |
| Bharat Electronics Ltd. | 8042024 | 33698495 |
| Bharat Forge Ltd. | 385805 | 4843124 |
| Bharat Heavy Electricals Ltd. | 1356914 | 3201491 |
| Bharat Petroleum Corp. Ltd. | 2760788 | 9652292 |
| Bharat Rasayan Ltd. | 1532 | 174658 |
| Bharat Wire Ropes Ltd.<sup>(1)</sup> | 16593 | 32152 |
| Bharti Airtel Ltd. | 232596 | 4985619 |
| Bharti Airtel Ltd. | 16614 | 272391 |
| Bikaji Foods International Ltd. | 71251 | 638656 |
| Biocon Ltd. | 135299 | 534492 |
| Birla Corp. Ltd.<sup>(1)</sup> | 84020 | 1192772 |
| BirlaNu Ltd. | 1459 | 31007 |
| Birlasoft Ltd. | 150635 | 628281 |
| Bliss Gvs Pharma Ltd. | 133216 | 235107 |
| BLS International Services Ltd. | 111562 | 464294 |
| Blue Dart Express Ltd. | 11127 | 707490 |
| Blue Jet Healthcare Ltd. | 12853 | 97451 |
| Blue Star Ltd. | 47856 | 1021993 |
| Bluspring Enterprises Ltd.<sup>(1)</sup> | 100075 | 90203 |
| Bombay Burmah Trading Co. | 63549 | 1264674 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 334800 | 644905 |
| Bosch Ltd. | 1131 | 512780 |
| Brigade Enterprises Ltd. | 279755 | 2929395 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Brightcom Group Ltd.<sup>(1)</sup> | 2954015 | $543101 |
| Britannia Industries Ltd. | 141502 | 9340182 |
| BSE Ltd. | 644504 | 15330605 |
| Butterfly Gandhimathi Appliances Ltd.<sup>(1)</sup> | 136 | 1121 |
| Camlin Fine Sciences Ltd.<sup>(1)</sup> | 89292 | 206534 |
| Campus Activewear Ltd. | 46474 | 139379 |
| Can Fin Homes Ltd. | 357416 | 2911434 |
| Canara Bank | 4225295 | 4975965 |
| Capacit'e Infraprojects Ltd.<sup>(1)</sup> | 131920 | 421679 |
| Caplin Point Laboratories Ltd. | 7672 | 182625 |
| Capri Global Capital Ltd. | 400 | 840 |
| Carborundum Universal Ltd. | 41096 | 425279 |
| Care Ratings Ltd. | 21442 | 379641 |
| Castrol India Ltd. | 1575258 | 3523924 |
| Ceat Ltd. | 84123 | 2989161 |
| Central Depository Services India Ltd. | 185653 | 2999967 |
| Century Enka Ltd. | 6013 | 34155 |
| Century Plyboards India Ltd. | 40783 | 345240 |
| CESC Ltd. | 1031979 | 1781410 |
| CG Power & Industrial Solutions Ltd. | 114347 | 901272 |
| Chalet Hotels Ltd.<sup>(1)</sup> | 53682 | 614677 |
| Chambal Fertilisers & Chemicals Ltd. | 780232 | 4778472 |
| Chemplast Sanmar Ltd.<sup>(1)</sup> | 97604 | 473043 |
| Chennai Petroleum Corp. Ltd. | 466568 | 3415422 |
| Cholamandalam Financial Holdings Ltd. | 80874 | 1582394 |
| Cholamandalam Investment & Finance Co. Ltd. | 741546 | 11961272 |
| CIE Automotive India Ltd. | 199857 | 872388 |
| Cigniti Technologies Ltd.<sup>(1)</sup> | 32004 | 590897 |
| Cipla Ltd. | 520663 | 9385069 |
| City Union Bank Ltd. | 1457885 | 3241528 |
| Clean Science & Technology Ltd. | 20980 | 279565 |
| CMS Info Systems Ltd. | 345007 | 1605130 |
| Coal India Ltd. | 3122023 | 13267909 |
| Cochin Shipyard Ltd. | 243522 | 4442988 |
| Coffee Day Enterprises Ltd.<sup>(1)</sup> | 302992 | 172317 |
| Coforge Ltd. | 122231 | 2388141 |
| Cohance Lifesciences Ltd.<sup>(1)</sup> | 103823 | 1035315 |
| Colgate-Palmolive India Ltd. | 173327 | 4584916 |
| Computer Age Management Services Ltd. | 78709 | 3309548 |
| Confidence Petroleum India Ltd. | 84023 | 45117 |
| Container Corp. of India Ltd. | 144973 | 866818 |
| Coromandel International Ltd. | 336178 | 8800303 |
| Cosmo First Ltd. | 36082 | 405072 |
| Craftsman Automation Ltd. | 27280 | 2139723 |
| CreditAccess Grameen Ltd.<sup>(1)</sup> | 273006 | 4332086 |
| CRISIL Ltd. | 15673 | 886022 |
| Crompton Greaves Consumer Electricals Ltd. | 570588 | 2135768 |
| CSB Bank Ltd.<sup>(1)</sup> | 161930 | 666013 |
| Cummins India Ltd. | 52937 | 2295421 |
| Cyient Ltd. | 311957 | 4133967 |
| Dabur India Ltd. | 552597 | 3265596 |
| Dalmia Bharat Ltd. | 55659 | 1516563 |
| Dalmia Bharat Sugar & Industries Ltd. | 20459 | 87021 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Datamatics Global Services Ltd.<sup>(1)</sup> | 30145 | $345736 |
| DB Corp. Ltd. | 130929 | 396969 |
| DCB Bank Ltd. | 721788 | 1002573 |
| DCM Shriram Industries Ltd. | 25127 | 45000 |
| DCM Shriram Ltd. | 96581 | 1358262 |
| DCW Ltd.<sup>(1)</sup> | 42776 | 35249 |
| Deccan Cements Ltd. | 2682 | 30704 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 328993 | 5177580 |
| Deepak Nitrite Ltd. | 78732 | 1598881 |
| Delta Corp. Ltd. | 54099 | 52058 |
| DEN Networks Ltd.<sup>(1)</sup> | 238517 | 94814 |
| Devyani International Ltd.<sup>(1)</sup> | 500752 | 990138 |
| Dhampur Bio Organics Ltd. | 14248 | 13817 |
| Dhampur Sugar Mills Ltd.<sup>(1)</sup> | 63645 | 89515 |
| Dhani Services Ltd.<sup>(1)</sup> | 728073 | 508348 |
| Dhanuka Agritech Ltd. | 32902 | 596645 |
| Digitide Solutions Ltd.<sup>(1)</sup> | 100075 | 227809 |
| Dilip Buildcon Ltd. | 93871 | 495393 |
| Dish TV India Ltd.<sup>(1)</sup> | 4731105 | 274333 |
| Dishman Carbogen Amcis Ltd.<sup>(1)</sup> | 152040 | 456516 |
| Divi's Laboratories Ltd. | 59268 | 4119136 |
| Dixon Technologies India Ltd. | 34644 | 6563027 |
| DLF Ltd. | 488357 | 4094347 |
| D-Link India Ltd. | 82166 | 441300 |
| Dodla Dairy Ltd. | 9884 | 152845 |
| Dolat Algotech Ltd. | 29070 | 26271 |
| Dollar Industries Ltd. | 16194 | 64769 |
| Dr. Lal PathLabs Ltd. | 53551 | 2008971 |
| Dr. Reddy's Laboratories Ltd., ADR | 1067669 | 15160900 |
| Dwarikesh Sugar Industries Ltd. | 234218 | 104733 |
| eClerx Services Ltd. | 95633 | 4578221 |
| Ecos India Mobility & Hospitality Ltd. | 19168 | 58462 |
| Edelweiss Financial Services Ltd. | 1744923 | 2119769 |
| Eicher Motors Ltd. | 65013 | 4499068 |
| EID Parry India Ltd.<sup>(1)</sup> | 390332 | 4984753 |
| EIH Ltd. | 194953 | 882944 |
| Elecon Engineering Co. Ltd. | 291511 | 1826895 |
| Electrosteel Castings Ltd. | 550986 | 609357 |
| Elgi Equipments Ltd. | 24192 | 129471 |
| Emami Ltd. | 442291 | 2879532 |
| Embassy Developments Ltd.<sup>(1)</sup> | 963098 | 1022878 |
| Endurance Technologies Ltd. | 53007 | 1724674 |
| Engineers India Ltd. | 600720 | 1351439 |
| Entertainment Network India Ltd. | 5881 | 10780 |
| Enviro Infra Engineers Ltd.<sup>(1)</sup> | 96638 | 273071 |
| Epack Durable Ltd.<sup>(1)</sup> | 87468 | 376494 |
| Epigral Ltd. | 44540 | 915624 |
| EPL Ltd. | 596111 | 1518675 |
| Equitas Small Finance Bank Ltd.<sup>(1)</sup> | 1753295 | 999668 |
| Eris Lifesciences Ltd. | 20220 | 412784 |
| Escorts Kubota Ltd. | 32530 | 1317060 |
| Ester Industries Ltd.<sup>(1)</sup> | 21161 | 26131 |
| Eternal Ltd.<sup>(1)</sup> | 1887517 | 6725255 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Eveready Industries India Ltd. | 144726 | $692074 |
| Everest Industries Ltd.<sup>(1)</sup> | 9022 | 68568 |
| Everest Kanto Cylinder Ltd. | 89938 | 139797 |
| Excel Industries Ltd. | 2396 | 33532 |
| Exide Industries Ltd. | 691773 | 3110588 |
| FDC Ltd. | 32405 | 168157 |
| Fedbank Financial Services Ltd.<sup>(1)</sup> | 63154 | 97193 |
| Federal Bank Ltd. | 3523276 | 7663013 |
| Federal-Mogul Goetze India Ltd.<sup>(1)</sup> | 21614 | 129958 |
| FIEM Industries Ltd. | 23408 | 558223 |
| Filatex India Ltd. | 263253 | 154923 |
| Fine Organic Industries Ltd. | 23519 | 1252726 |
| Fineotex Chemical Ltd. | 13285 | 35926 |
| Finolex Cables Ltd. | 93670 | 871795 |
| Finolex Industries Ltd. | 842236 | 2026354 |
| Firstsource Solutions Ltd. | 31653 | 125977 |
| Five-Star Business Finance Ltd. | 445859 | 2756711 |
| Force Motors Ltd.<sup>(1)</sup> | 18447 | 4075296 |
| Fortis Healthcare Ltd. | 478694 | 4946778 |
| Fusion Finance Ltd.<sup>(1)</sup> | 54033 | 104534 |
| G R Infraprojects Ltd. | 28647 | 406161 |
| Gabriel India Ltd. | 196041 | 2563600 |
| GAIL India Ltd. | 3377004 | 6631600 |
| Galaxy Surfactants Ltd. | 4170 | 106985 |
| Ganesha Ecosphere Ltd. | 2544 | 38418 |
| Garden Reach Shipbuilders & Engineers Ltd. | 70951 | 1891111 |
| Garware Hi-Tech Films Ltd. | 3500 | 107077 |
| Garware Technical Fibres Ltd. | 3040 | 26400 |
| Gateway Distriparks Ltd. | 261246 | 190713 |
| General Insurance Corp. of India | 46922 | 193366 |
| Geojit Financial Services Ltd. | 278250 | 224976 |
| GHCL Ltd. | 250230 | 1569307 |
| GHCL Textiles Ltd. | 160202 | 144578 |
| GIC Housing Finance Ltd. | 50686 | 98957 |
| Gillette India Ltd. | 13365 | 1529959 |
| Gland Pharma Ltd. | 46023 | 976022 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 32375 | 1022265 |
| Glenmark Pharmaceuticals Ltd. | 502700 | 10961307 |
| Global Health Ltd. | 80072 | 1247042 |
| Globus Spirits Ltd. | 37505 | 512205 |
| GM Breweries Ltd. | 5985 | 45862 |
| GMM Pfaudler Ltd. | 66327 | 885996 |
| GMR Airports Ltd.<sup>(1)</sup> | 1579734 | 1543482 |
| Go Fashion India Ltd.<sup>(1)</sup> | 7294 | 58393 |
| Godawari Power & Ispat Ltd. | 2325082 | 6135424 |
| Godrej Agrovet Ltd. | 151466 | 1272605 |
| Godrej Consumer Products Ltd. | 215800 | 3041538 |
| Godrej Properties Ltd.<sup>(1)</sup> | 121674 | 2687749 |
| Gokaldas Exports Ltd.<sup>(1)</sup> | 165113 | 1262857 |
| Gokul Agro Resources Ltd.<sup>(1)</sup> | 143624 | 531494 |
| Goldiam International Ltd. | 90563 | 373476 |
| Goodluck India Ltd. | 7850 | 105965 |
| Goodyear India Ltd. | 1471 | 16362 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| GPT Healthcare Ltd. | 39189 | $65852 |
| Granules India Ltd. | 337898 | 1886820 |
| Graphite India Ltd. | 101324 | 587178 |
| Grasim Industries Ltd. | 238437 | 7503643 |
| Great Eastern Shipping Co. Ltd. | 500055 | 5257357 |
| Greaves Cotton Ltd. | 144611 | 325380 |
| Greenpanel Industries Ltd. | 123529 | 379048 |
| Greenply Industries Ltd. | 67865 | 237390 |
| Grindwell Norton Ltd. | 9735 | 172617 |
| Gujarat Alkalies & Chemicals Ltd. | 28265 | 180839 |
| Gujarat Ambuja Exports Ltd. | 308565 | 362005 |
| Gujarat Fluorochemicals Ltd. | 8720 | 337604 |
| Gujarat Gas Ltd. | 194730 | 926913 |
| Gujarat Industries Power Co. Ltd. | 194745 | 392583 |
| Gujarat Mineral Development Corp. Ltd. | 359507 | 1648542 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 386149 | 2288302 |
| Gujarat Pipavav Port Ltd. | 1483476 | 2508537 |
| Gujarat State Fertilizers & Chemicals Ltd. | 1428796 | 3200707 |
| Gujarat State Petronet Ltd. | 1026206 | 3373130 |
| Gulf Oil Lubricants India Ltd. | 67328 | 954768 |
| Happy Forgings Ltd. | 5441 | 55625 |
| Hathway Cable & Datacom Ltd.<sup>(1)</sup> | 1797465 | 297915 |
| Havells India Ltd. | 112831 | 1953939 |
| HBL Engineering Ltd. | 133190 | 1221059 |
| HCL Technologies Ltd. | 1443521 | 23801642 |
| HDFC Asset Management Co. Ltd. | 135500 | 8394638 |
| HDFC Bank Ltd. | 7369368 | 79540721 |
| HDFC Life Insurance Co. Ltd. | 332970 | 2916690 |
| HealthCare Global Enterprises Ltd.<sup>(1)</sup> | 67197 | 512826 |
| HEG Ltd. | 130564 | 683879 |
| HeidelbergCement India Ltd. | 131607 | 306870 |
| Heritage Foods Ltd. | 210230 | 1100610 |
| Hero MotoCorp Ltd. | 230452 | 13289139 |
| Hexaware Technologies Ltd. | 75960 | 652542 |
| HFCL Ltd. | 583887 | 465054 |
| HG Infra Engineering Ltd. | 49779 | 548296 |
| Hikal Ltd. | 65233 | 188536 |
| Himadri Speciality Chemical Ltd., ADR | 323545 | 1635951 |
| Himatsingka Seide Ltd. | 189875 | 250339 |
| Hindalco Industries Ltd. | 3152726 | 25194589 |
| Hinduja Global Solutions Ltd. | 6189 | 35962 |
| Hindustan Aeronautics Ltd. | 240063 | 11803830 |
| Hindustan Construction Co. Ltd.<sup>(1)</sup> | 303293 | 87119 |
| Hindustan Copper Ltd. | 578594 | 1509887 |
| Hindustan Oil Exploration Co. Ltd.<sup>(1)</sup> | 193026 | 364870 |
| Hindustan Petroleum Corp. Ltd. | 3236365 | 13801181 |
| Hindustan Unilever Ltd. | 241980 | 7297068 |
| Hindware Home Innovation Ltd.<sup>(1)</sup> | 53383 | 187618 |
| Hitachi Energy India Ltd. | 5957 | 1292764 |
| HI-Tech Pipes Ltd. | 165959 | 162099 |
| Home First Finance Co. India Ltd. | 51593 | 713243 |
| Housing & Urban Development Corp. Ltd. | 202810 | 470421 |
| Hubtown Ltd.<sup>(1)</sup> | 132748 | 531119 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Huhtamaki India Ltd. | 34953 | $85483 |
| Hyundai Motor India Ltd. | 55033 | 1537091 |
| I G Petrochemicals Ltd. | 7893 | 38396 |
| ICICI Bank Ltd. | 628319 | 9955629 |
| ICICI Bank Ltd., ADR | 2838595 | 90097005 |
| ICICI Lombard General Insurance Co. Ltd. | 132921 | 2775247 |
| ICICI Prudential Life Insurance Co. Ltd. | 108937 | 740899 |
| IDFC First Bank Ltd. | 5246378 | 4044024 |
| IFCI Ltd.<sup>(1)</sup> | 638326 | 370092 |
| IIFL Capital Services Ltd. | 578350 | 1944502 |
| IIFL Finance Ltd.<sup>(1)</sup> | 1125220 | 5453624 |
| India Cements Ltd.<sup>(1)</sup> | 180733 | 782808 |
| India Glycols Ltd.<sup>(1)</sup> | 120616 | 1116233 |
| India Pesticides Ltd. | 37916 | 90686 |
| India Shelter Finance Corp. Ltd. | 11023 | 117659 |
| IndiaMart InterMesh Ltd. | 74659 | 2199450 |
| Indian Bank | 276481 | 2048620 |
| Indian Energy Exchange Ltd. | 1222790 | 1939176 |
| Indian Hotels Co. Ltd. | 400319 | 3444957 |
| Indian Hume Pipe Co. Ltd. | 14892 | 60813 |
| Indian Metals & Ferro Alloys Ltd. | 22223 | 217337 |
| Indian Oil Corp. Ltd. | 3110470 | 4819984 |
| Indian Overseas Bank<sup>(1)</sup> | 35971 | 15543 |
| Indian Railway Catering & Tourism Corp. Ltd. | 84463 | 663070 |
| Indian Renewable Energy Development Agency Ltd.<sup>(1)</sup> | 1514717 | 2415113 |
| Indo Count Industries Ltd. | 209651 | 550023 |
| Indoco Remedies Ltd. | 15023 | 45419 |
| IndoStar Capital Finance Ltd.<sup>(1)</sup> | 34560 | 101252 |
| Indraprastha Gas Ltd. | 913995 | 2143920 |
| Indraprastha Medical Corp. Ltd. | 175650 | 873663 |
| Indus Towers Ltd.<sup>(1)</sup> | 3948900 | 15171484 |
| IndusInd Bank Ltd.<sup>(1)</sup> | 768496 | 6440582 |
| Infibeam Avenues Ltd.<sup>(1)</sup> | 1854144 | 328835 |
| Infibeam Avenues Ltd.<sup>(1)</sup> | 149765 | 16449 |
| Info Edge India Ltd. | 309883 | 4771974 |
| Infosys Ltd., ADR<sup>(2)</sup> | 3309661 | 55668498 |
| Inox Green Energy Services Ltd.<sup>(1)</sup> | 75290 | 125416 |
| INOX India Ltd. | 14611 | 185555 |
| Insecticides India Ltd.<sup>(1)</sup> | 3039 | 28465 |
| Intellect Design Arena Ltd. | 102543 | 1136591 |
| Interarch Building Solutions Ltd.<sup>(1)</sup> | 1366 | 32141 |
| InterGlobe Aviation Ltd. | 109573 | 7024874 |
| International Gemmological Institute India Ltd. | 26414 | 99750 |
| IOL Chemicals & Pharmaceuticals Ltd. | 728359 | 749434 |
| ION Exchange India Ltd. | 81844 | 387678 |
| Ipca Laboratories Ltd. | 65277 | 1024642 |
| IRB Infrastructure Developers Ltd. | 2563567 | 1247561 |
| IRCON International Ltd. | 814550 | 1483000 |
| ISGEC Heavy Engineering Ltd.<sup>(1)</sup> | 24084 | 267742 |
| ITC Hotels Ltd.<sup>(1)</sup> | 1378731 | 3730638 |
| ITD Cementation India Ltd. | 447475 | 3596767 |
| J Kumar Infraprojects Ltd. | 79076 | 554115 |
| Jagran Prakashan Ltd. | 44477 | 36195 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Jai Balaji Industries Ltd.<sup>(1)</sup> | 748040 | $878086 |
| Jai Corp. Ltd. | 112864 | 153336 |
| Jain Irrigation Systems Ltd.<sup>(1)</sup> | 478966 | 269875 |
| Jaiprakash Associates Ltd.<sup>(1)</sup> | 521016 | 22104 |
| Jaiprakash Power Ventures Ltd.<sup>(1)</sup> | 18057026 | 3765499 |
| Jammu & Kashmir Bank Ltd. | 2658725 | 2983417 |
| Jamna Auto Industries Ltd. | 496123 | 584102 |
| Jana Small Finance Bank Ltd.<sup>(1)</sup> | 42435 | 236233 |
| Jay Bharat Maruti Ltd. | 18175 | 17736 |
| JB Chemicals & Pharmaceuticals Ltd. | 89051 | 1740983 |
| JBM Auto Ltd. | 33952 | 229128 |
| Jindal Drilling & Industries Ltd. | 6849 | 47032 |
| Jindal Poly Films Ltd. | 9031 | 61549 |
| Jindal Saw Ltd. | 875063 | 1959629 |
| Jindal Stainless Ltd. | 717838 | 6214723 |
| Jindal Steel Ltd. | 715469 | 7675247 |
| Jio Financial Services Ltd. | 3634832 | 12859152 |
| JK Cement Ltd. | 82939 | 6538783 |
| JK Lakshmi Cement Ltd. | 325669 | 3404353 |
| JK Paper Ltd. | 534351 | 2271337 |
| JK Tyre & Industries Ltd. | 329490 | 1199033 |
| JM Financial Ltd. | 1794479 | 3609038 |
| Johnson Controls-Hitachi Air Conditioning India Ltd. | 8701 | 170717 |
| JSW Energy Ltd. | 510714 | 2829808 |
| JSW Steel Ltd. | 510243 | 5947973 |
| JTEKT India Ltd. | 75766 | 115882 |
| Jubilant Foodworks Ltd. | 494012 | 3516826 |
| Jubilant Ingrevia Ltd. | 163322 | 1340653 |
| Jubilant Pharmova Ltd. | 63870 | 741195 |
| Just Dial Ltd.<sup>(1)</sup> | 64386 | 590287 |
| Jyoti Structures Ltd.<sup>(1)</sup> | 356639 | 60909 |
| Kajaria Ceramics Ltd. | 309200 | 4248535 |
| Kalpataru Projects International Ltd. | 243548 | 3455494 |
| Kalyan Jewellers India Ltd.<sup>(1)</sup> | 237790 | 1360716 |
| Kalyani Steels Ltd. | 17306 | 163283 |
| Kamdhenu Ltd.<sup>(1)</sup> | 85780 | 27347 |
| Kansai Nerolac Paints Ltd. | 36073 | 98188 |
| Karnataka Bank Ltd. | 706676 | 1375057 |
| Karur Vysya Bank Ltd. | 2082883 | 5055537 |
| Kaveri Seed Co. Ltd. | 116957 | 1546523 |
| KCP Ltd. | 184233 | 411917 |
| KEC International Ltd. | 303032 | 2774514 |
| KEI Industries Ltd. | 53954 | 2334299 |
| Kellton Tech Solutions Ltd.<sup>(1)</sup> | 106695 | 31037 |
| Kennametal India Ltd. | 3609 | 90044 |
| Kfin Technologies Ltd. | 108120 | 1254045 |
| Kiri Industries Ltd.<sup>(1)</sup> | 65827 | 396136 |
| Kirloskar Brothers Ltd. | 88451 | 1946562 |
| Kirloskar Ferrous Industries Ltd. | 65501 | 407916 |
| Kirloskar Oil Engines Ltd. | 120102 | 1226801 |
| Kitex Garments Ltd. | 59043 | 119524 |
| KNR Constructions Ltd. | 291651 | 631055 |
| Kolte-Patil Developers Ltd.<sup>(1)</sup> | 28083 | 149009 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kopran Ltd. | 44402 | $77940 |
| Kotak Mahindra Bank Ltd. | 1309269 | 29119787 |
| KPI Green Energy Ltd. | 156258 | 852802 |
| KPIT Technologies Ltd. | 232921 | 3143260 |
| KPR Mill Ltd. | 63397 | 710141 |
| KRBL Ltd. | 224415 | 1097137 |
| Krishna Institute of Medical Sciences Ltd.<sup>(1)</sup> | 191352 | 1570404 |
| KRN Heat Exchanger & Refrigeration Ltd.<sup>(1)</sup> | 35719 | 349137 |
| L&T Finance Ltd. | 2296356 | 5656562 |
| L&T Technology Services Ltd. | 5165 | 247369 |
| LA Opala RG Ltd. | 18529 | 50936 |
| Landmark Cars Ltd. | 13672 | 93483 |
| Larsen & Toubro Ltd. | 1044540 | 42647601 |
| Laurus Labs Ltd. | 421754 | 4097646 |
| Laxmi Organic Industries Ltd. | 292354 | 670166 |
| LG Balakrishnan & Bros Ltd. | 46436 | 669113 |
| LIC Housing Finance Ltd. | 1038870 | 6543814 |
| Lincoln Pharmaceuticals Ltd. | 19446 | 118781 |
| Linde India Ltd. | 5307 | 384313 |
| Lloyds Metals & Energy Ltd. | 55641 | 814205 |
| Lodha Developers Ltd. | 157867 | 2137065 |
| LT Foods Ltd. | 331147 | 1583872 |
| LTIMindtree Ltd. | 52313 | 3043336 |
| Lumax Auto Technologies Ltd. | 3922 | 52298 |
| Lupin Ltd. | 298533 | 6420572 |
| LUX Industries Ltd. | 2069 | 29927 |
| Mahanagar Gas Ltd. | 286204 | 4061811 |
| Maharashtra Scooters Ltd. | 4697 | 844723 |
| Maharashtra Seamless Ltd. | 170396 | 1240094 |
| Mahindra & Mahindra Financial Services Ltd. | 1453825 | 4187483 |
| Mahindra & Mahindra Ltd. | 1227359 | 44533202 |
| Mahindra Holidays & Resorts India Ltd.<sup>(1)</sup> | 82579 | 327755 |
| Mahindra Lifespace Developers Ltd. | 7282 | 28913 |
| Mahindra Logistics Ltd. | 65786 | 236755 |
| Maithan Alloys Ltd. | 8659 | 102299 |
| Man Industries India Ltd.<sup>(1)</sup> | 43271 | 187694 |
| Man Infraconstruction Ltd. | 221461 | 395844 |
| Manali Petrochemicals Ltd. | 80005 | 58476 |
| Manappuram Finance Ltd. | 2578098 | 7640771 |
| Mangalam Cement Ltd. | 26875 | 214947 |
| Mangalore Chemicals & Fertilizers Ltd. | 237962 | 931940 |
| Mankind Pharma Ltd. | 73638 | 2065371 |
| Marathon Nextgen Realty Ltd. | 3991 | 28733 |
| Marico Ltd. | 658907 | 5420419 |
| Marksans Pharma Ltd. | 183558 | 351115 |
| Maruti Suzuki India Ltd. | 175038 | 29376177 |
| MAS Financial Services Ltd. | 47929 | 168571 |
| Max Financial Services Ltd.<sup>(1)</sup> | 244343 | 4438091 |
| Max Healthcare Institute Ltd. | 394795 | 5169108 |
| Mayur Uniquoters Ltd. | 8685 | 51550 |
| Mazagon Dock Shipbuilders Ltd. | 29754 | 877314 |
| Medi Assist Healthcare Services Ltd. | 7911 | 45381 |
| Medplus Health Services Ltd.<sup>(1)</sup> | 7528 | 71867 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Meghmani Organics Ltd.<sup>(1)</sup> | 270888 | $251803 |
| Metropolis Healthcare Ltd.<sup>(1)</sup> | 15556 | 386289 |
| Minda Corp. Ltd. | 129123 | 731200 |
| Mirza International Ltd.<sup>(1)</sup> | 31525 | 11475 |
| Mishra Dhatu Nigam Ltd. | 22478 | 92176 |
| MM Forgings Ltd. | 13741 | 49225 |
| MOIL Ltd. | 96438 | 361691 |
| Mold-Tek Packaging Ltd. | 5587 | 49673 |
| Monarch Networth Capital Ltd. | 4233 | 15233 |
| Motherson Sumi Wiring India Ltd. | 2392036 | 1129045 |
| Motilal Oswal Financial Services Ltd. | 417786 | 4064200 |
| Mphasis Ltd. | 155257 | 4898508 |
| MRF Ltd. | 6703 | 10711902 |
| Mrs Bectors Food Specialities Ltd. | 52618 | 822540 |
| Muthoot Finance Ltd. | 259178 | 7761183 |
| Muthoot Microfin Ltd.<sup>(1)</sup> | 15489 | 26772 |
| Narayana Hrudayalaya Ltd. | 215139 | 4276418 |
| Natco Pharma Ltd. | 292581 | 2860673 |
| National Aluminium Co. Ltd. | 2376890 | 5025885 |
| National Fertilizers Ltd. | 238147 | 260165 |
| Nava Ltd. | 574343 | 4477140 |
| Navin Fluorine International Ltd. | 100346 | 5331194 |
| Navneet Education Ltd. | 18910 | 33090 |
| NCC Ltd. | 1621511 | 3763510 |
| NCL Industries Ltd. | 7144 | 17121 |
| NDR Auto Components Ltd. | 6526 | 74333 |
| NELCO Ltd. | 16366 | 149372 |
| NESCO Ltd. | 77025 | 1226625 |
| Nestle India Ltd. | 320469 | 4203391 |
| Network18 Media & Investments Ltd.<sup>(1)</sup> | 2348645 | 1407387 |
| Neuland Laboratories Ltd. | 13136 | 2003951 |
| New Delhi Television Ltd.<sup>(1)</sup> | 23859 | 38217 |
| Newgen Software Technologies Ltd. | 9676 | 96858 |
| NHPC Ltd. | 2487484 | 2179738 |
| NIIT Learning Systems Ltd. | 51614 | 192041 |
| NIIT Ltd. | 47453 | 57731 |
| Nilkamal Ltd. | 800 | 14144 |
| Nippon Life India Asset Management Ltd. | 425578 | 3788043 |
| Nitin Spinners Ltd. | 7074 | 27960 |
| NLC India Ltd. | 581650 | 1484113 |
| NMDC Ltd. | 10513185 | 8212506 |
| NMDC Steel Ltd.<sup>(1)</sup> | 837542 | 359610 |
| NOCIL Ltd. | 194561 | 390620 |
| Northern Arc Capital Ltd.<sup>(1)</sup> | 353593 | 947525 |
| NRB Bearings Ltd. | 11401 | 36453 |
| NTPC Ltd. | 7839998 | 29132446 |
| Nuvama Wealth Management Ltd. | 53953 | 3905531 |
| Nuvoco Vistas Corp. Ltd.<sup>(1)</sup> | 156707 | 810328 |
| Oberoi Realty Ltd. | 139299 | 2545680 |
| Oil & Natural Gas Corp. Ltd. | 5512104 | 14609031 |
| Oil India Ltd. | 1405314 | 6222114 |
| One 97 Communications Ltd.<sup>(1)</sup> | 289697 | 3967169 |
| Onesource Specialty Pharma Ltd.<sup>(1)</sup> | 96404 | 2066789 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| OnMobile Global Ltd.<sup>(1)</sup> | 15331 | $8811 |
| Oracle Financial Services Software Ltd. | 42996 | 4044139 |
| Orient Cement Ltd. | 180679 | 444662 |
| Orient Electric Ltd. | 144629 | 352499 |
| Orient Green Power Co. Ltd.<sup>(1)</sup> | 1766617 | 272942 |
| Orient Paper & Industries Ltd.<sup>(1)</sup> | 159394 | 49804 |
| Oriental Hotels Ltd. | 53853 | 83782 |
| Orissa Minerals Development Co. Ltd.<sup>(1)</sup> | 4795 | 258715 |
| Page Industries Ltd. | 6798 | 3419485 |
| Paisalo Digital Ltd. | 340648 | 116262 |
| Panama Petrochem Ltd. | 34083 | 114068 |
| Paradeep Phosphates Ltd. | 2144473 | 5285543 |
| Parag Milk Foods Ltd. | 67475 | 173653 |
| Patel Engineering Ltd.<sup>(1)</sup> | 666166 | 280136 |
| PB Fintech Ltd.<sup>(1)</sup> | 67076 | 1347034 |
| PC Jeweller Ltd.<sup>(1)</sup> | 1817620 | 270540 |
| PCBL Chemical Ltd. | 578080 | 2435614 |
| PDS Ltd. | 25752 | 94121 |
| Pearl Global Industries Ltd. | 39630 | 556021 |
| Peninsula Land Ltd.<sup>(1)</sup> | 52309 | 20468 |
| Pennar Industries Ltd.<sup>(1)</sup> | 276607 | 750800 |
| Persistent Systems Ltd. | 84266 | 5063357 |
| Petronet LNG Ltd. | 1778535 | 5433725 |
| Phoenix Mills Ltd. | 107972 | 1843177 |
| PI Industries Ltd. | 107999 | 4527530 |
| Pidilite Industries Ltd. | 77252 | 2671664 |
| Piramal Enterprises Ltd. | 231664 | 2943857 |
| Piramal Pharma Ltd. | 729202 | 1516409 |
| Pitti Engineering Ltd. | 30031 | 316501 |
| PIX Transmissions Ltd. | 7912 | 123898 |
| PNB Gilts Ltd. | 22203 | 24278 |
| PNB Housing Finance Ltd. | 459892 | 3930413 |
| PNC Infratech Ltd. | 507365 | 1751068 |
| Pokarna Ltd. | 17832 | 178756 |
| Poly Medicure Ltd. | 2282 | 53988 |
| Polycab India Ltd. | 9862 | 793697 |
| Polyplex Corp. Ltd. | 40083 | 459793 |
| Pondy Oxides & Chemicals Ltd. | 93741 | 1118117 |
| Poonawalla Fincorp Ltd.<sup>(1)</sup> | 264992 | 1297406 |
| Power Finance Corp. Ltd. | 2220017 | 9560430 |
| Power Grid Corp. of India Ltd. | 8134511 | 25420443 |
| Power Mech Projects Ltd. | 23002 | 783947 |
| Praj Industries Ltd. | 326398 | 1449410 |
| Prakash Industries Ltd. | 330186 | 586870 |
| Precision Camshafts Ltd. | 69597 | 134845 |
| Premier Explosives Ltd. | 95880 | 546101 |
| Prestige Estates Projects Ltd. | 127026 | 2251322 |
| Pricol Ltd.<sup>(1)</sup> | 273043 | 1423382 |
| Prince Pipes & Fittings Ltd. | 25164 | 90950 |
| Prism Johnson Ltd.<sup>(1)</sup> | 109118 | 180815 |
| Privi Speciality Chemicals Ltd. | 34104 | 855234 |
| Procter & Gamble Health Ltd. | 2098 | 151529 |
| Prudent Corporate Advisory Services Ltd. | 10052 | 319708 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| PSP Projects Ltd.<sup>(1)</sup> | 15240 | $118564 |
| PTC India Ltd. | 924035 | 1835271 |
| Pudumjee Paper Products Ltd. | 16351 | 24618 |
| Punjab National Bank | 3321730 | 3801804 |
| Puravankara Ltd.<sup>(1)</sup> | 62659 | 204265 |
| Quess Corp. Ltd. | 127262 | 386949 |
| R Systems International Ltd. | 23085 | 120790 |
| Railtel Corp. of India Ltd. | 612696 | 2280127 |
| Rain Industries Ltd. | 305921 | 471518 |
| Rainbow Children's Medicare Ltd. | 79618 | 1355728 |
| Rajesh Exports Ltd.<sup>(1)</sup> | 79079 | 157092 |
| Rallis India Ltd. | 230526 | 910005 |
| Ramco Cements Ltd. | 334654 | 3973973 |
| Ramco Industries Ltd. | 7096 | 24665 |
| Ramkrishna Forgings Ltd. | 195069 | 1253906 |
| Ramky Infrastructure Ltd.<sup>(1)</sup> | 35318 | 218554 |
| Rane Holdings Ltd. | 4535 | 77314 |
| Rashtriya Chemicals & Fertilizers Ltd. | 431081 | 728199 |
| Ratnamani Metals & Tubes Ltd.<sup>(1)</sup> | 3535 | 95784 |
| RattanIndia Power Ltd.<sup>(1)</sup> | 4373302 | 610030 |
| Raymond Lifestyle Ltd.<sup>(1)</sup> | 64427 | 809261 |
| Raymond Ltd.<sup>(1)</sup> | 80534 | 548150 |
| Raymond Realty Ltd.<sup>(1)</sup> | 80534 | 553777 |
| RBL Bank Ltd.<sup>(1)</sup> | 1891317 | 5603655 |
| REC Ltd. | 4338160 | 17233465 |
| Redington Ltd. | 1158815 | 3165948 |
| Redtape Ltd. | 126100 | 174801 |
| Relaxo Footwears Ltd. | 8278 | 44899 |
| Reliance Industrial Infrastructure Ltd. | 1798 | 17947 |
| Reliance Industries Ltd., GDR | 1314210 | 78987100 |
| Reliance Infrastructure Ltd.<sup>(1)</sup> | 861103 | 2594306 |
| Reliance Power Ltd.<sup>(1)</sup> | 9850979 | 4914544 |
| Religare Enterprises Ltd.<sup>(1)</sup> | 249419 | 671636 |
| Repco Home Finance Ltd. | 130898 | 514787 |
| Restaurant Brands Asia Ltd.<sup>(1)</sup> | 537101 | 486711 |
| Rico Auto Industries Ltd. | 188999 | 192186 |
| RITES Ltd. | 185782 | 514273 |
| Rossari Biotech Ltd. | 7085 | 49672 |
| RPG Life Sciences Ltd. | 11775 | 309924 |
| RSWM Ltd.<sup>(1)</sup> | 8000 | 13345 |
| Rupa & Co. Ltd. | 27670 | 59338 |
| Sagar Cements Ltd.<sup>(1)</sup> | 9772 | 28238 |
| Sagility Ltd.<sup>(1)</sup> | 469508 | 233543 |
| SAMHI Hotels Ltd.<sup>(1)</sup> | 271532 | 651675 |
| Sammaan Capital Ltd. | 1508470 | 2119647 |
| Samvardhana Motherson International Ltd. | 4620355 | 4855528 |
| Sandhar Technologies Ltd. | 41371 | 203532 |
| Sanghi Industries Ltd.<sup>(1)</sup> | 10104 | 7202 |
| Sanghvi Movers Ltd.<sup>(1)</sup> | 113224 | 419069 |
| Sanofi Consumer Healthcare India Ltd. | 1413 | 83149 |
| Sanofi India Ltd. | 13943 | 812963 |
| Sansera Engineering Ltd. | 108429 | 1561838 |
| Sapphire Foods India Ltd.<sup>(1)</sup> | 127299 | 472479 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sarda Energy & Minerals Ltd. | 346463 | $2350037 |
| Saregama India Ltd. | 220 | 1202 |
| Sarveshwar Foods Ltd.<sup>(1)</sup> | 201039 | 16825 |
| Satia Industries Ltd. | 20542 | 19023 |
| Satin Creditcare Network Ltd.<sup>(1)</sup> | 142309 | 218214 |
| SBFC Finance Ltd.<sup>(1)</sup> | 1577928 | 1890917 |
| SBI Cards & Payment Services Ltd. | 453901 | 4139821 |
| SBI Life Insurance Co. Ltd. | 161456 | 3304651 |
| Schaeffler India Ltd. | 12595 | 552732 |
| Schneider Electric Infrastructure Ltd.<sup>(1)</sup> | 30556 | 297260 |
| SEAMEC Ltd.<sup>(1)</sup> | 4805 | 53829 |
| Senores Pharmaceuticals Ltd.<sup>(1)</sup> | 68854 | 538718 |
| Sequent Scientific Ltd.<sup>(1)</sup> | 4729 | 9082 |
| Servotech Renewable Power System Ltd. | 180843 | 251721 |
| Seshasayee Paper & Boards Ltd. | 3954 | 11910 |
| SH Kelkar & Co. Ltd. | 52208 | 147550 |
| Shankara Building Products Ltd. | 4974 | 52147 |
| Shanthi Gears Ltd. | 4400 | 27942 |
| Sharda Cropchem Ltd. | 69394 | 746746 |
| Sharda Motor Industries Ltd. | 3650 | 42243 |
| Share India Securities Ltd. | 10127 | 16712 |
| Shilpa Medicare Ltd.<sup>(1)</sup> | 26727 | 256677 |
| Shipping Corp. of India Land & Assets Ltd. | 153814 | 85055 |
| Shipping Corp. of India Ltd. | 645869 | 1548045 |
| Shoppers Stop Ltd.<sup>(1)</sup> | 25790 | 157792 |
| Shree Cement Ltd. | 10369 | 3441674 |
| Shree Digvijay Cement Co. Ltd. | 24457 | 26971 |
| Shree Renuka Sugars Ltd.<sup>(1)</sup> | 142059 | 45685 |
| Shriram Finance Ltd. | 3563112 | 23467043 |
| Shriram Pistons & Rings Ltd. | 27423 | 780108 |
| Shriram Properties Ltd.<sup>(1)</sup> | 291771 | 283852 |
| Shyam Metalics & Energy Ltd. | 226458 | 2325920 |
| Siemens Energy India Ltd.<sup>(1)</sup> | 19210 | 734862 |
| Siemens Ltd. | 39310 | 1365664 |
| Siyaram Silk Mills Ltd. | 33658 | 234866 |
| SJS Enterprises Ltd. | 18726 | 275039 |
| SJVN Ltd. | 534372 | 567867 |
| SKF India Ltd. | 13009 | 655054 |
| Skipper Ltd. | 23810 | 138357 |
| SMC Global Securities Ltd. | 36993 | 54685 |
| Sobha Ltd. | 112608 | 1828800 |
| Solar Industries India Ltd. | 32748 | 5118803 |
| Solara Active Pharma Sciences Ltd.<sup>(1)</sup> | 22689 | 157788 |
| SOM Distilleries & Breweries Ltd.<sup>(1)</sup> | 23985 | 37329 |
| Somany Ceramics Ltd.<sup>(1)</sup> | 5124 | 26589 |
| Sona Blw Precision Forgings Ltd. | 212215 | 1066738 |
| Sonata Software Ltd. | 244910 | 974979 |
| South Indian Bank Ltd. | 5989920 | 1989585 |
| Southern Petrochemical Industries Corp. Ltd. | 265816 | 325475 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 28524 | 78754 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 6957 | 8864 |
| SRF Ltd. | 130322 | 4191759 |
| Star Cement Ltd. | 168785 | 545967 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Star Health & Allied Insurance Co. Ltd.<sup>(1)</sup> | 93519 | $474001 |
| State Bank of India, GDR | 206063 | 18873521 |
| Steel Strips Wheels Ltd. | 147356 | 361459 |
| Sterling & Wilson Renewable<sup>(1)</sup> | 53727 | 158511 |
| Sterling Tools Ltd. | 16717 | 57550 |
| Sterlite Technologies Ltd.<sup>(1)</sup> | 128000 | 166403 |
| STL Networks Ltd.<sup>(1)</sup> | 54881 | 13978 |
| Stove Kraft Ltd. | 13750 | 99646 |
| Strides Pharma Science Ltd. | 330299 | 3234354 |
| Stylam Industries Ltd.<sup>(1)</sup> | 887 | 16967 |
| Sudarshan Chemical Industries Ltd.<sup>(1)</sup> | 55898 | 946883 |
| Sula Vineyards Ltd. | 11016 | 31178 |
| Sumitomo Chemical India Ltd. | 29259 | 187797 |
| Sun Pharmaceutical Industries Ltd. | 1181382 | 21372254 |
| Sun TV Network Ltd. | 366954 | 2261573 |
| Sundaram Finance Holdings Ltd. | 24667 | 130993 |
| Sundaram Finance Ltd. | 14866 | 758201 |
| Sundram Fasteners Ltd. | 56388 | 651868 |
| Sunflag Iron & Steel Co. Ltd.<sup>(1)</sup> | 108989 | 328544 |
| Sunteck Realty Ltd. | 76230 | 328894 |
| Suprajit Engineering Ltd. | 43089 | 220929 |
| Supreme Industries Ltd. | 74441 | 3773784 |
| Supreme Petrochem Ltd. | 106071 | 919203 |
| Supriya Lifescience Ltd. | 13770 | 101888 |
| Suraj Estate Developers Ltd. | 11855 | 39415 |
| Surya Roshni Ltd. | 318406 | 1025350 |
| Suryoday Small Finance Bank Ltd.<sup>(1)</sup> | 27928 | 38607 |
| Suzlon Energy Ltd.<sup>(1)</sup> | 2329175 | 1493350 |
| Swan Energy Ltd. | 95515 | 481682 |
| Swaraj Engines Ltd. | 9788 | 445278 |
| Syngene International Ltd. | 286739 | 2035929 |
| TAJGVK Hotels & Resorts Ltd.<sup>(1)</sup> | 32836 | 152315 |
| Tamil Nadu Newsprint & Papers Ltd. | 88833 | 163807 |
| Tamilnad Mercantile Bank Ltd. | 34026 | 163351 |
| Tamilnadu Petroproducts Ltd. | 58751 | 70455 |
| Tanla Platforms Ltd. | 152569 | 1068623 |
| TARC Ltd.<sup>(1)</sup> | 108216 | 188661 |
| Tata Chemicals Ltd. | 320506 | 3348960 |
| Tata Communications Ltd. | 274198 | 4814963 |
| Tata Consultancy Services Ltd. | 777411 | 27187224 |
| Tata Consumer Products Ltd. | 178844 | 2160841 |
| Tata Elxsi Ltd. | 42705 | 2534274 |
| Tata Investment Corp. Ltd. | 26660 | 2057752 |
| Tata Motors Ltd. | 3500104 | 26558640 |
| Tata Power Co. Ltd. | 1087625 | 4617827 |
| Tata Steel Ltd. | 16078112 | 28188421 |
| Tata Technologies Ltd. | 126601 | 943589 |
| Tata Teleservices Maharashtra Ltd.<sup>(1)</sup> | 194570 | 123779 |
| Tatva Chintan Pharma Chem Pvt Ltd. | 2764 | 32568 |
| TCI Express Ltd. | 4850 | 37566 |
| TCPL Packaging Ltd. | 796 | 30200 |
| TeamLease Services Ltd.<sup>(1)</sup> | 2705 | 54682 |
| Tech Mahindra Ltd. | 1070684 | 17968964 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Technocraft Industries India Ltd. | 3091 | $86331 |
| Tega Industries Ltd.<sup>(1)</sup> | 26706 | 559436 |
| Tejas Networks Ltd. | 8477 | 56114 |
| Thanga Mayil Jewellery Ltd. | 7676 | 196384 |
| Thermax Ltd. | 21660 | 788191 |
| Thirumalai Chemicals Ltd.<sup>(1)</sup> | 70649 | 233030 |
| Thomas Cook India Ltd. | 300547 | 605716 |
| Thyrocare Technologies Ltd. | 32429 | 465665 |
| Time Technoplast Ltd. | 200394 | 1037677 |
| Timken India Ltd. | 3862 | 126420 |
| Tips Music Ltd. | 73984 | 488158 |
| Titagarh Rail System Ltd.<sup>(1)</sup> | 181755 | 1700843 |
| Titan Co. Ltd. | 120921 | 4977654 |
| Torrent Pharmaceuticals Ltd. | 167611 | 6762481 |
| Torrent Power Ltd. | 170597 | 2375191 |
| Tourism Finance Corp. of India Ltd. | 239979 | 818928 |
| TransIndia Real Estate Ltd.<sup>(1)</sup> | 89445 | 32301 |
| Transport Corp. of India Ltd. | 23739 | 306819 |
| Transrail Lighting Ltd.<sup>(1)</sup> | 142658 | 1200511 |
| Trent Ltd. | 70342 | 4227880 |
| Trident Ltd. | 3038965 | 944042 |
| Triveni Engineering & Industries Ltd. | 146382 | 583900 |
| Triveni Turbine Ltd. | 138307 | 814695 |
| TTK Prestige Ltd. | 16590 | 123590 |
| Tube Investments of India Ltd. | 53678 | 1802156 |
| TV Today Network Ltd. | 12283 | 20534 |
| TVS Motor Co. Ltd. | 63093 | 2344681 |
| TVS Motor Co. Ltd., Preference Shares<sup>(1)</sup> | 252372 | 28606 |
| TVS Srichakra Ltd. | 2893 | 93096 |
| TVS Supply Chain Solutions Ltd.<sup>(1)</sup> | 25009 | 34775 |
| Uflex Ltd. | 143136 | 837522 |
| Ugar Sugar Works Ltd.<sup>(1)</sup> | 65144 | 30580 |
| Ugro Capital Ltd.<sup>(1)</sup> | 7102 | 14073 |
| Ujjivan Small Finance Bank Ltd.<sup>(1)</sup> | 5279413 | 2554907 |
| UltraTech Cement Ltd. | 44556 | 6386681 |
| Union Bank of India Ltd. | 2794417 | 3956653 |
| Uniparts India Ltd. | 26396 | 118442 |
| United Spirits Ltd. | 208787 | 3105268 |
| UNO Minda Ltd. | 72576 | 1051042 |
| UPL Ltd. | 728753 | 5917102 |
| UPL Ltd. | 52775 | 320485 |
| Usha Martin Ltd. | 102165 | 442622 |
| UTI Asset Management Co. Ltd. | 172047 | 2515791 |
| Utkarsh Small Finance Bank Ltd.<sup>(1)</sup> | 225934 | 53385 |
| Uttam Sugar Mills Ltd. | 10632 | 32460 |
| VA Tech Wabag Ltd. | 60955 | 1007849 |
| Vadilal Industries Ltd. | 7929 | 457278 |
| Vaibhav Global Ltd. | 45255 | 104900 |
| Valiant Organics Ltd.<sup>(1)</sup> | 6994 | 26496 |
| Valor Estate Ltd.<sup>(1)</sup> | 371095 | 712305 |
| Vardhman Textiles Ltd. | 293528 | 1414206 |
| Varroc Engineering Ltd. | 72734 | 440811 |
| Varun Beverages Ltd. | 680717 | 3762428 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vascon Engineers Ltd.<sup>(1)</sup> | 98939 | $55034 |
| Vedant Fashions Ltd. | 35775 | 300902 |
| Vedanta Ltd. | 1722155 | 8221103 |
| Veedol Corporation Ltd. | 4634 | 86856 |
| Venky's India Ltd. | 8517 | 141635 |
| Vesuvius India Ltd. | 15165 | 86536 |
| V-Guard Industries Ltd. | 27571 | 113623 |
| Vidhi Specialty Food Ingredients Ltd. | 7127 | 30645 |
| Vijaya Diagnostic Centre Ltd. | 9066 | 103622 |
| Vimta Labs Ltd. | 46963 | 353760 |
| Vinati Organics Ltd. | 6529 | 126651 |
| VIP Industries Ltd.<sup>(1)</sup> | 64523 | 306912 |
| Visaka Industries Ltd. | 23235 | 21531 |
| Vishnu Chemicals Ltd. | 23662 | 131960 |
| VL E-Governance & IT Solutions Ltd.<sup>(1)</sup> | 41514 | 16017 |
| V-Mart Retail Ltd.<sup>(1)</sup> | 44478 | 374746 |
| Vodafone Idea Ltd.<sup>(1)</sup> | 9105107 | 671317 |
| Voltamp Transformers Ltd. | 2570 | 227730 |
| Voltas Ltd. | 54865 | 854808 |
| VRL Logistics Ltd. | 109722 | 328470 |
| VST Tillers Tractors Ltd. | 1038 | 62185 |
| Welspun Corp. Ltd. | 482295 | 4617478 |
| Welspun Enterprises Ltd. | 159871 | 847751 |
| Welspun Living Ltd. | 611986 | 759696 |
| West Coast Paper Mills Ltd. | 85819 | 485505 |
| Westlife Foodworld Ltd. | 35034 | 285239 |
| Windlas Biotech Ltd. | 16288 | 184557 |
| Wipro Ltd., ADR<sup>(2)</sup> | 2261014 | 6240399 |
| Wockhardt Ltd.<sup>(1)</sup> | 121005 | 1961110 |
| Wonderla Holidays Ltd. | 27577 | 191630 |
| Yes Bank Ltd.<sup>(1)</sup> | 21305311 | 4616846 |
| Zee Entertainment Enterprises Ltd. | 3417200 | 4492575 |
| Zee Media Corp. Ltd.<sup>(1)</sup> | 1067957 | 149550 |
| Zen Technologies Ltd. | 3428 | 56812 |
| Zensar Technologies Ltd. | 187425 | 1631469 |
| Zuari Industries Ltd. | 6969 | 24356 |
| Zydus Lifesciences Ltd. | 240531 | 2678957 |
|  |  | 2151886943 |
| **Indonesia — 1.4%** |  |  |
| ABM Investama Tbk. PT | 768100 | 137423 |
| Adaro Andalan Indonesia PT<sup>(1)</sup> | 6762165 | 2836348 |
| Adhi Karya Persero Tbk. PT<sup>(1)</sup> | 3613756 | 59170 |
| Adi Sarana Armada Tbk. PT | 488400 | 26044 |
| AKR Corporindo Tbk. PT | 15025200 | 1088388 |
| Alam Sutera Realty Tbk. PT<sup>(1)</sup> | 486000 | 5044 |
| Alamtri Minerals Indonesia Tbk. PT | 2992300 | 182481 |
| Alamtri Resources Indonesia Tbk. PT | 36561300 | 3893198 |
| Amman Mineral Internasional PT<sup>(1)</sup> | 5756800 | 2743741 |
| Aneka Tambang Tbk. PT | 36970200 | 6852680 |
| Aspirasi Hidup Indonesia Tbk. PT | 11259400 | 311627 |
| Astra Agro Lestari Tbk. PT | 220200 | 97595 |
| Astra International Tbk. PT | 26857100 | 8959901 |
| Astra Otoparts Tbk. PT | 892000 | 131426 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Astrindo Nusantara Infrastructure Tbk. PT<sup>(1)</sup> | 9209100 | $47487 |
| Bank BTPN Syariah Tbk. PT | 2893700 | 261633 |
| Bank Central Asia Tbk. PT | 34278200 | 16793220 |
| Bank KB Indonesia Tbk. PT<sup>(1)</sup> | 3742897 | 18366 |
| Bank Mandiri Persero Tbk. PT | 55607100 | 15937146 |
| Bank Negara Indonesia Persero Tbk. PT | 21350200 | 5668183 |
| Bank Neo Commerce Tbk. PT<sup>(1)</sup> | 6720000 | 135373 |
| Bank Pan Indonesia Tbk. PT | 1152900 | 80733 |
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 1221674 | 58516 |
| Bank Pembangunan Daerah Jawa Timur Tbk. PT | 862000 | 26899 |
| Bank Rakyat Indonesia Persero Tbk. PT | 55338618 | 13584652 |
| Bank Syariah Indonesia Tbk. PT | 174291 | 28651 |
| Bank Tabungan Negara Persero Tbk. PT | 54221283 | 4269257 |
| Barito Pacific Tbk. PT<sup>(1)</sup> | 15065512 | 1999614 |
| BFI Finance Indonesia Tbk. PT | 6157800 | 283726 |
| Blue Bird Tbk. PT | 370500 | 40447 |
| Buana Lintas Lautan Tbk. PT<sup>(1)</sup> | 4340500 | 38901 |
| Bukalapak.com Tbk. PT<sup>(1)</sup> | 49222500 | 519284 |
| Bukit Asam Tbk. PT | 22717100 | 3305294 |
| Buma Internasional Grup Tbk. PT<sup>(1)</sup> | 7656700 | 162417 |
| Bumi Resources Minerals Tbk. PT<sup>(1)</sup> | 31848000 | 912416 |
| Bumi Resources Tbk. PT<sup>(1)</sup> | 76927800 | 508665 |
| Bumi Serpong Damai Tbk. PT<sup>(1)</sup> | 4091200 | 269089 |
| Chandra Asri Pacific Tbk. PT | 1549300 | 773583 |
| Charoen Pokphand Indonesia Tbk. PT | 12157800 | 3147274 |
| Ciputra Development Tbk. PT | 65556600 | 4037712 |
| Clipan Finance Indonesia Tbk. PT | 1709200 | 33162 |
| Darma Henwa Tbk. PT<sup>(1)</sup> | 30662900 | 416937 |
| Dharma Polimetal Tbk. PT | 843000 | 50878 |
| Dharma Satya Nusantara Tbk. PT | 14520200 | 1430890 |
| Elang Mahkota Teknologi Tbk. PT | 1955300 | 144060 |
| Elnusa Tbk. PT | 3353000 | 99890 |
| Energi Mega Persada Tbk. PT<sup>(1)</sup> | 16312100 | 547750 |
| Erajaya Swasembada Tbk. PT | 11189900 | 298647 |
| ESSA Industries Indonesia Tbk. PT | 9000200 | 308131 |
| Gajah Tunggal Tbk. PT | 1939900 | 118656 |
| Global Mediacom Tbk. PT<sup>(1)</sup> | 8524100 | 73405 |
| Hanson International Tbk. PT<sup>(1)</sup> | 1531500 | 1 |
| Harum Energy Tbk. PT<sup>(1)</sup> | 1718200 | 95471 |
| Hexindo Adiperkasa Tbk. PT | 15800 | 5394 |
| Indah Kiat Pulp & Paper Tbk. PT | 8408300 | 3898725 |
| Indika Energy Tbk. PT | 3130200 | 251974 |
| Indo Tambangraya Megah Tbk. PT | 2752600 | 3691108 |
| Indocement Tunggal Prakarsa Tbk. PT | 950700 | 403659 |
| Indofood CBP Sukses Makmur Tbk. PT | 624100 | 339784 |
| Indofood Sukses Makmur Tbk. PT | 985400 | 445352 |
| Indomobil Sukses Internasional Tbk. PT | 740800 | 52714 |
| Indosat Tbk. PT | 2058400 | 252278 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 4324330 | 136372 |
| Integra Indocabinet Tbk. PT<sup>(1)</sup> | 481500 | 10332 |
| Japfa Comfeed Indonesia Tbk. PT | 15196600 | 1510276 |
| Jasa Marga Persero Tbk. PT | 2707100 | 551599 |
| Kalbe Farma Tbk. PT | 38017600 | 2805814 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kino Indonesia Tbk. PT | 52400 | $3683 |
| Lippo Karawaci Tbk. PT<sup>(1)</sup> | 5989600 | 37793 |
| Matahari Department Store Tbk. PT | 1428100 | 137686 |
| Medco Energi Internasional Tbk. PT | 55576420 | 3922112 |
| Media Nusantara Citra Tbk. PT<sup>(1)</sup> | 6628900 | 102075 |
| Medikaloka Hermina Tbk. PT | 5297100 | 532530 |
| Merdeka Battery Materials Tbk. PT<sup>(1)</sup> | 3875400 | 99933 |
| Merdeka Copper Gold Tbk. PT<sup>(1)</sup> | 2336058 | 352154 |
| Mitra Adiperkasa Tbk. PT | 47195200 | 3445328 |
| Mitra Keluarga Karyasehat Tbk. PT | 4136400 | 551727 |
| Mitra Pinasthika Mustika Tbk. PT | 2191600 | 126848 |
| MNC Digital Entertainment Tbk. PT<sup>(1)</sup> | 2172500 | 65318 |
| Pabrik Kertas Tjiwi Kimia Tbk. PT | 5401100 | 2354707 |
| Pakuwon Jati Tbk. PT | 3938800 | 88889 |
| Panin Financial Tbk. PT<sup>(1)</sup> | 8246600 | 129953 |
| Perusahaan Gas Negara Tbk. PT | 46267600 | 4797798 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 1913200 | 156037 |
| PP Persero Tbk. PT<sup>(1)</sup> | 3881100 | 89941 |
| Puradelta Lestari Tbk. PT | 976100 | 8167 |
| Ramayana Lestari Sentosa Tbk. PT | 547700 | 13012 |
| Rukun Raharja Tbk. PT | 284000 | 45285 |
| Salim Ivomas Pratama Tbk. PT | 183800 | 7127 |
| Samator Indo Gas Tbk. PT | 536000 | 27988 |
| Samudera Indonesia Tbk. PT | 3623000 | 75112 |
| Sarana Menara Nusantara Tbk. PT | 82091600 | 3060231 |
| Sariguna Primatirta Tbk. PT | 1504600 | 52471 |
| Sawit Sumbermas Sarana Tbk. PT | 639100 | 56714 |
| Semen Indonesia Persero Tbk. PT | 7689418 | 1234410 |
| Sentul City Tbk. PT<sup>(1)</sup> | 1197800 | 10117 |
| Siloam International Hospitals Tbk. PT<sup>(1)</sup> | 9600 | 1292 |
| Sri Rejeki Isman Tbk. PT<sup>(1)</sup> | 918200 | 1 |
| Sumber Alfaria Trijaya Tbk. PT | 27037200 | 3607088 |
| Summarecon Agung Tbk. PT | 9461678 | 257347 |
| Surya Citra Media Tbk. PT | 15917900 | 306817 |
| Surya Semesta Internusa Tbk. PT | 2995900 | 424707 |
| Telkom Indonesia Persero Tbk. PT, ADR<sup>(2)</sup> | 664284 | 12880467 |
| Temas Tbk. PT | 4752000 | 39444 |
| Tempo Scan Pacific Tbk. PT | 259300 | 35847 |
| Timah Tbk. PT | 4040300 | 250370 |
| Tower Bersama Infrastructure Tbk. PT | 4596400 | 535506 |
| Transcoal Pacific Tbk. PT | 87900 | 30654 |
| Triputra Agro Persada PT | 2872800 | 247589 |
| Tunas Baru Lampung Tbk. PT | 339100 | 15418 |
| Unilever Indonesia Tbk. PT | 6397100 | 659758 |
| United Tractors Tbk. PT | 3826000 | 5659100 |
| Vale Indonesia Tbk. PT | 1089327 | 247404 |
| Waskita Karya Persero Tbk. PT<sup>(1)</sup> | 3601745 | 2 |
| Wijaya Karya Persero Tbk. PT<sup>(1)</sup> | 2888700 | 17868 |
| Wintermar Offshore Marine Tbk. PT | 878695 | 21506 |
| XLSMART Telecom Sejahtera Tbk. PT | 6453338 | 1076242 |
|  |  | 166106436 |
| **Malaysia — 1.4%** |  |  |
| 7-Eleven Malaysia Holdings Bhd., Class B | 21600 | 10131 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Aeon Co. M Bhd. | 1996300 | $614020 |
| AEON Credit Service M Bhd. | 18700 | 21648 |
| AFFIN Bank Bhd.<sup>(1)</sup> | 858727 | 455698 |
| Alliance Bank Malaysia Bhd.<sup>(2)</sup> | 2373435 | 2531593 |
| AMMB Holdings Bhd.<sup>(2)</sup> | 4813500 | 6143751 |
| Ancom Nylex Bhd. | 703485 | 151440 |
| Ann Joo Resources Bhd.<sup>(1)</sup> | 129125 | 20798 |
| Astro Malaysia Holdings Bhd.<sup>(1)</sup> | 96000 | 3413 |
| Axiata Group Bhd.<sup>(2)</sup> | 6037800 | 3458606 |
| Bank Islam Malaysia Bhd. | 1133500 | 614174 |
| Berjaya Corp. Bhd.<sup>(1)</sup> | 7748938 | 504618 |
| Berjaya Food Bhd.<sup>(1)(2)</sup> | 468236 | 32162 |
| Berjaya Land Bhd.<sup>(1)</sup> | 2900 | 192 |
| Bermaz Auto Bhd.<sup>(2)</sup> | 2265200 | 356694 |
| Bumi Armada Bhd.<sup>(2)</sup> | 8108700 | 700285 |
| Bursa Malaysia Bhd. | 1143500 | 2109096 |
| Cahya Mata Sarawak Bhd. | 2542400 | 661537 |
| Capital A Bhd.<sup>(1)</sup> | 140600 | 27925 |
| Carlsberg Brewery Malaysia Bhd. | 106000 | 405468 |
| CCK Consolidated Holdings Bhd. | 81900 | 23091 |
| CELCOMDIGI Bhd. | 2768000 | 2411205 |
| Chin Hin Group Bhd.<sup>(1)</sup> | 164800 | 85436 |
| Chin Hin Group Property Bhd.<sup>(1)</sup> | 249400 | 70222 |
| CIMB Group Holdings Bhd.<sup>(2)</sup> | 7445198 | 13079215 |
| CSC Steel Holdings Bhd. | 75000 | 18830 |
| CTOS Digital Bhd.<sup>(2)</sup> | 270600 | 55682 |
| Cypark Resources Bhd.<sup>(1)</sup> | 956100 | 191155 |
| D&O Green Technologies Bhd. | 80000 | 25171 |
| Dagang NeXchange Bhd.<sup>(1)</sup> | 2040200 | 118287 |
| Dayang Enterprise Holdings Bhd.<sup>(2)</sup> | 1325920 | 539079 |
| Dialog Group Bhd. | 773400 | 342118 |
| DRB-Hicom Bhd. | 588500 | 121817 |
| Dufu Technology Corp. Bhd. | 389200 | 101819 |
| Duopharma Biotech Bhd. | 10630 | 3444 |
| DXN Holdings Bhd. | 157600 | 19213 |
| Eastern & Oriental Bhd. | 1449600 | 288177 |
| Eco World Development Group Bhd.<sup>(2)</sup> | 1429400 | 710296 |
| EG Industries Bhd.<sup>(1)</sup> | 112700 | 32821 |
| Ekovest Bhd.<sup>(1)(2)</sup> | 5067900 | 449816 |
| Engtex Group Bhd. | 257000 | 36270 |
| Ewi Capital Bhd. | 194300 | 12635 |
| Farm Fresh Bhd. | 934000 | 446497 |
| Formosa Prosonic Industries Bhd. | 28500 | 8565 |
| Fraser & Neave Holdings Bhd. | 118900 | 759207 |
| Frontken Corp. Bhd. | 1102750 | 1116063 |
| Gamuda Bhd.<sup>(2)</sup> | 3789572 | 4981361 |
| Gas Malaysia Bhd. | 212600 | 221304 |
| Genting Bhd.<sup>(2)</sup> | 3457200 | 2338847 |
| Genting Malaysia Bhd.<sup>(2)</sup> | 5281400 | 2549131 |
| Genting Plantations Bhd. | 105000 | 120402 |
| Globetronics Technology Bhd.<sup>(1)</sup> | 102800 | 7408 |
| Greatech Technology Bhd.<sup>(1)</sup> | 477000 | 234843 |
| HAP Seng Consolidated Bhd. | 65700 | 38221 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hap Seng Plantations Holdings Bhd. | 58900 | $27737 |
| Hartalega Holdings Bhd. | 2464400 | 687204 |
| Heineken Malaysia Bhd.<sup>(2)</sup> | 203800 | 975412 |
| Hengyuan Refining Co. Bhd.<sup>(1)</sup> | 211100 | 61441 |
| Hextar Global Bhd.<sup>(2)</sup> | 940660 | 199213 |
| Hiap Teck Venture Bhd. | 2832000 | 187491 |
| Hibiscus Petroleum Bhd. | 1913060 | 673533 |
| Hong Leong Bank Bhd. | 530600 | 2521218 |
| Hong Leong Capital Bhd. | 24300 | 19439 |
| Hong Leong Financial Group Bhd. | 88200 | 357712 |
| Hup Seng Industries Bhd. | 493800 | 108692 |
| IHH Healthcare Bhd.<sup>(2)</sup> | 1411600 | 2268338 |
| IJM Corp. Bhd.<sup>(2)</sup> | 4266900 | 2897456 |
| Inari Amertron Bhd.<sup>(2)</sup> | 905500 | 433478 |
| Innoprise Plantations Bhd. | 67500 | 29591 |
| Insas Bhd. | 117400 | 23198 |
| IOI Corp. Bhd.<sup>(2)</sup> | 1211300 | 1107695 |
| IOI Properties Group Bhd. | 1953400 | 1031386 |
| Iskandar Waterfront City Bhd.<sup>(1)</sup> | 1956200 | 143475 |
| ITMAX SYSTEM Bhd. | 101300 | 102951 |
| Jaya Tiasa Holdings Bhd. | 2439700 | 664621 |
| Johor Plantations Group Bhd. | 2279700 | 732781 |
| Kelington Group Bhd. | 1112700 | 1358648 |
| Kinergy Advancement Bhd.<sup>(1)</sup> | 2266800 | 187827 |
| Kossan Rubber Industries Bhd. | 1304100 | 373122 |
| KPJ Healthcare Bhd.<sup>(2)</sup> | 2805800 | 1725563 |
| KSL Holdings Bhd. | 496368 | 198573 |
| Kuala Lumpur Kepong Bhd. | 311105 | 1449704 |
| Kumpulan Perangsang Selangor Bhd. | 6000 | 852 |
| LBS Bina Group Bhd. | 704800 | 73379 |
| Leong Hup International Bhd. | 3145900 | 450569 |
| Lotte Chemical Titan Holding Bhd.<sup>(1)</sup> | 712000 | 90076 |
| Mah Sing Group Bhd.<sup>(2)</sup> | 5065300 | 1379454 |
| Malakoff Corp. Bhd. | 2151700 | 483322 |
| Malayan Banking Bhd.<sup>(2)</sup> | 4137910 | 9695834 |
| Malayan Cement Bhd. | 66400 | 92025 |
| Malayan Flour Mills Bhd. | 441400 | 59099 |
| Malaysia Marine & Heavy Engineering Holdings Bhd.<sup>(1)</sup> | 101700 | 8067 |
| Malaysia Smelting Corp. Bhd. | 648600 | 182627 |
| Malaysian Pacific Industries Bhd. | 96700 | 613147 |
| Malaysian Resources Corp. Bhd.<sup>(2)</sup> | 6234900 | 700902 |
| Matrix Concepts Holdings Bhd. | 628950 | 194895 |
| Maxis Bhd. | 1637800 | 1356927 |
| MBM Resources Bhd. | 60700 | 73713 |
| MBSB Bhd. | 4578492 | 758007 |
| Media Prima Bhd. | 407400 | 34746 |
| Mega First Corp. Bhd. | 251300 | 201331 |
| Mi Technovation Bhd. | 39300 | 21706 |
| MISC Bhd. | 912800 | 1603020 |
| MNRB Holdings Bhd. | 10700 | 5088 |
| Mr. DIY Group M Bhd.<sup>(2)</sup> | 4073500 | 1425820 |
| MSM Malaysia Holdings Bhd.<sup>(1)</sup> | 100100 | 23466 |
| Muda Holdings Bhd. | 27400 | 5243 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Naim Holdings Bhd.<sup>(1)</sup> | 62500 | $12425 |
| Nationgate Holdings Bhd.<sup>(2)</sup> | 772700 | 236936 |
| Nestle Malaysia Bhd.<sup>(2)</sup> | 51800 | 1165306 |
| NEXG Bhd. | 6543700 | 758806 |
| OSK Holdings Bhd. | 30000 | 9089 |
| Padini Holdings Bhd. | 4800 | 2161 |
| Pantech Group Holdings Bhd. | 203100 | 33892 |
| Pecca Group Bhd. | 824600 | 276906 |
| Pentamaster Corp. Bhd.<sup>(1)</sup> | 368100 | 312850 |
| Perak Transit Bhd. | 234300 | 38283 |
| Perdana Petroleum Bhd.<sup>(1)</sup> | 1772700 | 71333 |
| Petron Malaysia Refining & Marketing Bhd. | 26800 | 22984 |
| Petronas Chemicals Group Bhd. | 946100 | 967724 |
| Petronas Dagangan Bhd.<sup>(2)</sup> | 287900 | 1443044 |
| Petronas Gas Bhd. | 461600 | 2036326 |
| PIE Industrial Bhd. | 94900 | 70039 |
| Power Root Bhd. | 5100 | 1533 |
| PPB Group Bhd. | 562300 | 1245018 |
| Press Metal Aluminium Holdings Bhd.<sup>(2)</sup> | 2242700 | 2952063 |
| Public Bank Bhd.<sup>(2)</sup> | 8880400 | 8969742 |
| QL Resources Bhd. | 1315700 | 1277004 |
| Ranhill Utilities Bhd.<sup>(1)</sup> | 1187415 | 452416 |
| RGB International Bhd. | 3492500 | 227200 |
| RHB Bank Bhd.<sup>(2)</sup> | 3174951 | 4913463 |
| Sam Engineering & Equipment M Bhd. | 78300 | 69761 |
| Sarawak Oil Palms Bhd. | 168750 | 138039 |
| Sarawak Plantation Bhd. | 45200 | 28563 |
| Scientex Bhd. | 323800 | 239160 |
| SD Guthrie Bhd. | 1287957 | 1541176 |
| SEG International Bhd. | 12300 | 1820 |
| Shin Yang Group Bhd. | 489500 | 90978 |
| Sime Darby Bhd. | 2294700 | 1124387 |
| Sime Darby Property Bhd.<sup>(2)</sup> | 8042800 | 2816579 |
| SKP Resources Bhd. | 118000 | 25141 |
| SNS Network Technology Bhd. | 1645900 | 196420 |
| Solarvest Holdings Bhd.<sup>(1)</sup> | 124300 | 68905 |
| Southern Cable Group Bhd. | 331100 | 159457 |
| SP Setia Bhd. Group<sup>(2)</sup> | 4413600 | 1096393 |
| Sunway Bhd.<sup>(2)</sup> | 755748 | 880386 |
| Sunway Construction Group Bhd. | 323800 | 485216 |
| Supermax Corp. Bhd.<sup>(1)(2)</sup> | 4052786 | 445288 |
| Syarikat Takaful Malaysia Keluarga Bhd. | 71774 | 51488 |
| Ta Ann Holdings Bhd. | 165600 | 161737 |
| TASCO Bhd. | 91000 | 10128 |
| TDM Bhd. | 278600 | 12192 |
| Telekom Malaysia Bhd.<sup>(2)</sup> | 2194000 | 3647209 |
| Tenaga Nasional Bhd. | 5632100 | 17585589 |
| TH Plantations Bhd. | 360200 | 43902 |
| Thong Guan Industries Bhd. | 44400 | 11641 |
| TIME dotCom Bhd.<sup>(2)</sup> | 2175100 | 2667032 |
| Tiong NAM Logistics Holdings Bhd.<sup>(1)</sup> | 97990 | 17160 |
| Top Glove Corp. Bhd.<sup>(1)</sup> | 2797100 | 387517 |
| Tropicana Corp. Bhd.<sup>(1)</sup> | 124682 | 33596 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TSH Resources Bhd. | 975400 | $262991 |
| Uchi Technologies Bhd. | 42900 | 33075 |
| UEM Sunrise Bhd. | 1481300 | 259739 |
| Unisem M Bhd. | 234800 | 147721 |
| United Plantations Bhd.<sup>(2)</sup> | 385350 | 2075095 |
| UOA Development Bhd. | 1700 | 727 |
| UWC Bhd.<sup>(1)</sup> | 95100 | 63610 |
| Velesto Energy Bhd. | 16896600 | 799747 |
| ViTrox Corp. Bhd. | 60700 | 56184 |
| VS Industry Bhd. | 1836344 | 288768 |
| Wasco Bhd. | 136000 | 31171 |
| WAVEFRONT Bhd.<sup>(1)</sup> | 394600 | 22400 |
| WCE Holdings Bhd.<sup>(1)</sup> | 369000 | 60678 |
| WCT Holdings Bhd.<sup>(1)(2)</sup> | 4107500 | 849590 |
| Westports Holdings Bhd. | 222600 | 294444 |
| Yinson Holdings Bhd.<sup>(2)</sup> | 1901032 | 1102307 |
| YTL Corp. Bhd.<sup>(2)</sup> | 2486613 | 1507124 |
| YTL Power International Bhd.<sup>(2)</sup> | 3882700 | 3702654 |
| Zetrix Ai Bhd. | 12310850 | 2502188 |
|  |  | 166055327 |
| **Mexico — 2.3%** |  |  |
| Alfa SAB de CV, Class A | 10705849 | 8053263 |
| Alpek SAB de CV<sup>(2)</sup> | 92126 | 43436 |
| Alsea SAB de CV<sup>(1)</sup> | 1001566 | 2891284 |
| America Movil SAB de CV, ADR<sup>(2)</sup> | 1251884 | 25025161 |
| Arca Continental SAB de CV<sup>(2)</sup> | 338145 | 3455096 |
| Banco del Bajio SA | 2784018 | 6633196 |
| Becle SAB de CV<sup>(2)</sup> | 38227 | 44546 |
| Bolsa Mexicana de Valores SAB de CV | 268753 | 548896 |
| Cemex SAB de CV, ADR | 1482640 | 13477198 |
| Coca-Cola Femsa SAB de CV | 1077538 | 9133772 |
| Consorcio ARA SAB de CV | 34198 | 5936 |
| Controladora Alpek SAB de CV<sup>(1)</sup> | 9206166 | 1282436 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(1)(2)</sup> | 210822 | 1298663 |
| Corp. Inmobiliaria Vesta SAB de CV | 1726987 | 4750382 |
| El Puerto de Liverpool SAB de CV, Class C1<sup>(2)</sup> | 7605 | 37600 |
| Fomento Economico Mexicano SAB de CV, ADR | 147599 | 12787977 |
| GCC SAB de CV | 152405 | 1427166 |
| Genomma Lab Internacional SAB de CV, Class B<sup>(2)</sup> | 3305181 | 3952511 |
| Gentera SAB de CV | 5537045 | 13575246 |
| Gruma SAB de CV, B Shares | 553412 | 9513664 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 113290 | 11579371 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 56410 | 13594810 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR | 28365 | 9238764 |
| Grupo Bimbo SAB de CV, Series A<sup>(2)</sup> | 347410 | 1081067 |
| Grupo Carso SAB de CV, Series A1<sup>(2)</sup> | 244430 | 1625212 |
| Grupo Comercial Chedraui SA de CV | 614450 | 4947994 |
| Grupo Financiero Banorte SAB de CV, Class O | 4448067 | 40516267 |
| Grupo Financiero Inbursa SAB de CV, Class O<sup>(2)</sup> | 3888980 | 10226426 |
| Grupo GICSA SAB de CV<sup>(1)</sup> | 21090 | 3390 |
| Grupo Industrial Saltillo SAB de CV | 26514 | 22715 |
| Grupo Mexico SAB de CV, Series B | 3058432 | 20061819 |
| Grupo Rotoplas SAB de CV<sup>(1)</sup> | 173 | 126 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Grupo Televisa SAB, ADR<sup>(2)</sup> | 2008025 | $5602390 |
| Grupo Traxion SAB de CV<sup>(1)(2)</sup> | 14 | 11 |
| Industrias Penoles SAB de CV<sup>(1)</sup> | 370323 | 12018112 |
| Kimberly-Clark de Mexico SAB de CV, A Shares | 2600473 | 4895959 |
| La Comer SAB de CV | 300863 | 681373 |
| Megacable Holdings SAB de CV<sup>(2)</sup> | 2031054 | 5876231 |
| Nemak SAB de CV<sup>(1)</sup> | 3247563 | 666408 |
| Ollamani SAB<sup>(1)(2)</sup> | 166005 | 429588 |
| Operadora De Sites Mexicanos SAB de CV<sup>(2)</sup> | 180617 | 164509 |
| Orbia Advance Corp. SAB de CV<sup>(2)</sup> | 1207688 | 949871 |
| Promotora de Hoteles Norte 19 SAB de CV<sup>(1)</sup> | 9494 | 2467 |
| Promotora y Operadora de Infraestructura SAB de CV | 400707 | 5029099 |
| Qualitas Controladora SAB de CV<sup>(2)</sup> | 233872 | 2107724 |
| Regional SAB de CV | 200901 | 1560751 |
| Wal-Mart de Mexico SAB de CV<sup>(2)</sup> | 2286049 | 6829548 |
|  |  | 277649431 |
| **Peru — 0.4%** |  |  |
| Cia de Minas Buenaventura SAA, ADR | 456366 | 8734845 |
| Credicorp Ltd. | 98072 | 25224119 |
| Intercorp Financial Services, Inc. | 29263 | 1162326 |
| Southern Copper Corp. | 73311 | 7044490 |
|  |  | 42165780 |
| **Philippines — 0.5%** |  |  |
| Aboitiz Equity Ventures, Inc. | 1756390 | 894230 |
| Aboitiz Power Corp. | 28900 | 21445 |
| ACEN Corp. | 1217840 | 47306 |
| Alliance Global Group, Inc. | 1286700 | 164342 |
| Apex Mining Co., Inc. | 1200200 | 143162 |
| Ayala Corp. | 342790 | 3267112 |
| Ayala Land, Inc. | 5120100 | 2508752 |
| AyalaLand Logistics Holdings Corp.<sup>(1)</sup> | 28000 | 687 |
| Bank of the Philippine Islands | 2383651 | 4712018 |
| BDO Unibank, Inc. | 3216572 | 7602377 |
| Cebu Air, Inc.<sup>(1)</sup> | 19350 | 11851 |
| Century Pacific Food, Inc. | 732500 | 470398 |
| Converge Information & Communications Technology Solutions, Inc. | 6039300 | 1479700 |
| Cosco Capital, Inc. | 227200 | 29060 |
| DigiPlus Interactive Corp. | 2421000 | 974443 |
| DITO CME Holdings Corp.<sup>(1)</sup> | 425200 | 7510 |
| DMCI Holdings, Inc. | 8262200 | 1555252 |
| East West Banking Corp. | 65600 | 13625 |
| Filinvest Land, Inc. | 519000 | 7545 |
| Ginebra San Miguel, Inc. | 7600 | 37868 |
| Global Ferronickel Holdings, Inc.<sup>(1)</sup> | 757000 | 16539 |
| Globe Telecom, Inc. | 20439 | 538802 |
| GT Capital Holdings, Inc. | 255420 | 3084840 |
| International Container Terminal Services, Inc. | 1058250 | 8944487 |
| JG Summit Holdings, Inc. | 2476524 | 1030548 |
| Jollibee Foods Corp. | 879550 | 3569332 |
| LT Group, Inc. | 183600 | 45045 |
| Manila Electric Co. | 125560 | 1175502 |
| Manila Water Co., Inc. | 3179800 | 2337283 |
| Megaworld Corp. | 3778800 | 136333 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Metropolitan Bank & Trust Co. | 5192610 | $6356027 |
| Monde Nissin Corp. | 1522300 | 188018 |
| Nickel Asia Corp. | 1572800 | 76742 |
| Petron Corp. | 137700 | 6002 |
| PLDT, Inc., ADR | 152559 | 3124408 |
| Puregold Price Club, Inc. | 883900 | 638273 |
| Robinsons Land Corp. | 1384600 | 355935 |
| Robinsons Retail Holdings, Inc. | 128010 | 79378 |
| Security Bank Corp. | 725710 | 951868 |
| Semirara Mining & Power Corp. | 1447100 | 832622 |
| Shell Pilipinas Corp.<sup>(1)</sup> | 7000 | 710 |
| SM Investments Corp. | 77675 | 1025933 |
| SM Prime Holdings, Inc. | 8449100 | 3416083 |
| Universal Robina Corp. | 1119190 | 1585231 |
| Vista Land & Lifescapes, Inc. | 266100 | 6330 |
| Wilcon Depot, Inc. | 1800 | 290 |
|  |  | 63471244 |
| **Poland — 1.3%** |  |  |
| Alior Bank SA | 388456 | 11066910 |
| Allegro.eu SA<sup>(1)</sup> | 704317 | 7077791 |
| AmRest Holdings SE | 9743 | 38846 |
| Asseco Poland SA | 1893 | 98256 |
| Bank Handlowy w Warszawie SA | 9174 | 259588 |
| Bank Millennium SA<sup>(1)</sup> | 1908478 | 7393100 |
| Bank Polska Kasa Opieki SA | 272976 | 13749454 |
| Benefit Systems SA | 2012 | 1800783 |
| Budimex SA | 24481 | 3580945 |
| CCC SA<sup>(1)(2)</sup> | 119644 | 5489264 |
| CD Projekt SA | 109644 | 7590598 |
| Cyfrowy Polsat SA<sup>(1)</sup> | 102743 | 403836 |
| Diagnostyka SA | 25827 | 1437259 |
| Dino Polska SA<sup>(1)</sup> | 691735 | 8631130 |
| Enea SA | 318227 | 1601710 |
| Eurocash SA<sup>(1)</sup> | 42741 | 93946 |
| Grupa Azoty SA<sup>(1)</sup> | 33832 | 169431 |
| Grupa Kety SA | 19783 | 5004108 |
| Jastrzebska Spolka Weglowa SA<sup>(1)(2)</sup> | 336830 | 2095453 |
| KGHM Polska Miedz SA<sup>(1)</sup> | 165768 | 5823029 |
| KRUK SA | 31363 | 3918892 |
| LPP SA | 936 | 4434591 |
| Lubelski Wegiel Bogdanka SA<sup>(1)</sup> | 857 | 5403 |
| mBank SA<sup>(1)</sup> | 16039 | 3874305 |
| Orange Polska SA | 2415993 | 6150281 |
| ORLEN SA | 707249 | 15113232 |
| Pepco Group NV<sup>(2)</sup> | 427796 | 2517904 |
| PGE Polska Grupa Energetyczna SA<sup>(1)</sup> | 711472 | 2217407 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 506341 | 9876585 |
| Powszechny Zaklad Ubezpieczen SA | 515505 | 8579707 |
| Santander Bank Polska SA | 39080 | 5439955 |
| Tauron Polska Energia SA<sup>(1)</sup> | 304592 | 707013 |
| TEN Square Games SA | 1102 | 25099 |
| Text SA | 14174 | 199630 |
| XTB SA | 167594 | 3544523 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Zabka Group SA<sup>(1)(2)</sup> | 145470 | $870595 |
|  |  | 150880559 |
| **Russia**<sup>(3)</sup> **— 0.0%** |  |  |
| Gazprom PJSC<sup>(1)</sup> | 1738516 | 2 |
| Gazprom PJSC, ADR<sup>(1)</sup> | 13735 | 2 |
| Globaltrans Investment PLC, GDR<sup>(1)</sup> | 112592 | 11 |
| GMK Norilskiy Nickel PAO<sup>(1)</sup> | 749200 | 9 |
| LUKOIL PJSC<sup>(1)</sup> | 69112 |  |
| LUKOIL PJSC, ADR<sup>(1)</sup> | 2950 |  |
| Magnit PJSC<sup>(1)</sup> | 9702 |  |
| Mechel PJSC<sup>(1)</sup> | 22684 |  |
| MMC Norilsk Nickel PJSC, ADR<sup>(1)</sup> | 6 |  |
| MMC Norilsk Nickel PJSC, (NASDAQ), ADR<sup>(1)</sup> | 9 |  |
| Mobile TeleSystems PJSC, ADR<sup>(1)</sup> | 58032 | 6 |
| Novatek PJSC | 38550 |  |
| Novolipetsk Steel PJSC<sup>(1)</sup> | 405900 | 1 |
| PhosAgro PJSC | 14221 |  |
| PhosAgro PJSC, GDR<sup>(1)</sup> | 275 |  |
| PhosAgro PJSC, GDR<sup>(1)</sup> | 2 |  |
| Ros Agro PLC, GDR<sup>(1)</sup> | 2060 |  |
| Rosneft Oil Co. PJSC<sup>(1)</sup> | 192337 |  |
| Severstal PAO, GDR<sup>(1)</sup> | 53821 | 6 |
| Tatneft PJSC | 223476 |  |
| VTB Bank PJSC<sup>(1)</sup> | 287928 |  |
| X5 Retail Group NV, GDR<sup>(1)</sup> | 13628 | 2 |
|  |  | 39 |
| **Singapore — 0.0%** |  |  |
| Sunpower Group Ltd.<sup>(1)</sup> | 104600 | 31349 |
| **South Africa — 3.9%** |  |  |
| Absa Group Ltd. | 1547348 | 16568290 |
| AECI Ltd. | 397228 | 2419499 |
| African Rainbow Minerals Ltd.<sup>(2)</sup> | 424957 | 4410720 |
| Anglogold Ashanti PLC | 117539 | 6614572 |
| Anglogold Ashanti PLC (New York) | 804324 | 45572998 |
| Aspen Pharmacare Holdings Ltd. | 626328 | 3759063 |
| Astral Foods Ltd. | 27511 | 327604 |
| AVI Ltd. | 923641 | 4899369 |
| Barloworld Ltd. | 621869 | 4141432 |
| Bid Corp. Ltd. | 217519 | 5680026 |
| Bidvest Group Ltd. | 335419 | 4506799 |
| Boxer Retail Ltd.<sup>(1)(2)</sup> | 50641 | 201093 |
| Capitec Bank Holdings Ltd. | 64271 | 13000443 |
| Cashbuild Ltd. | 894 | 7678 |
| City Lodge Hotels Ltd.<sup>(2)</sup> | 91493 | 20746 |
| Clicks Group Ltd. | 330479 | 6983963 |
| Coronation Fund Managers Ltd. | 255312 | 630860 |
| DataTec Ltd. | 98543 | 351767 |
| Dis-Chem Pharmacies Ltd. | 423219 | 818765 |
| Discovery Ltd. | 564163 | 6921445 |
| DRDGOLD Ltd. | 54593 | 99891 |
| Exxaro Resources Ltd. | 485813 | 5322228 |
| Famous Brands Ltd. | 12976 | 42639 |
| FirstRand Ltd. | 5019354 | 21156691 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fortress Real Estate Investments Ltd., Class B | 495949 | $633225 |
| Foschini Group Ltd. | 918873 | 5661960 |
| Gold Fields Ltd., ADR | 1257154 | 42089516 |
| Grindrod Ltd. | 187808 | 163570 |
| Harmony Gold Mining Co. Ltd., ADR | 1497777 | 19890479 |
| Impala Platinum Holdings Ltd.<sup>(1)</sup> | 1589173 | 14420338 |
| Investec Ltd. | 125677 | 931976 |
| KAL Group Ltd. | 1532 | 3604 |
| KAP Ltd.<sup>(1)</sup> | 1542797 | 180412 |
| Kumba Iron Ore Ltd.<sup>(2)</sup> | 76392 | 1401746 |
| Life Healthcare Group Holdings Ltd. | 1577784 | 1216899 |
| Metair Investments Ltd.<sup>(1)</sup> | 41971 | 14920 |
| Momentum Group Ltd. | 5425406 | 10986664 |
| Motus Holdings Ltd. | 282842 | 1655297 |
| Mr. Price Group Ltd. | 477677 | 5623237 |
| MTN Group Ltd. | 1963464 | 16679563 |
| MultiChoice Group<sup>(1)</sup> | 767338 | 5340889 |
| Naspers Ltd., N Shares | 88593 | 29228714 |
| Nedbank Group Ltd.<sup>(2)</sup> | 836602 | 10721806 |
| NEPI Rockcastle NV<sup>(1)</sup> | 1023275 | 8499148 |
| Netcare Ltd. | 1395106 | 1096965 |
| Ninety One Ltd. | 138645 | 347958 |
| Northam Platinum Holdings Ltd. | 1109527 | 12431933 |
| Nutun Ltd.<sup>(1)</sup> | 27574 | 1831 |
| Oceana Group Ltd. | 577 | 1665 |
| Old Mutual Ltd. | 13008620 | 10237056 |
| Omnia Holdings Ltd. | 877016 | 3648639 |
| OUTsurance Group Ltd. | 1214689 | 5235061 |
| Pepkor Holdings Ltd. | 170796 | 245713 |
| Pick n Pay Stores Ltd.<sup>(1)(2)</sup> | 373717 | 583529 |
| PPC Ltd. | 902618 | 260526 |
| PSG Financial Services Ltd. | 63123 | 80572 |
| Raubex Group Ltd. | 35631 | 88615 |
| Reinet Investments SCA | 242438 | 7369164 |
| Remgro Ltd. | 833376 | 8016942 |
| Reunert Ltd. | 12105 | 38003 |
| RFG Holdings Ltd. | 19543 | 17845 |
| Sanlam Ltd. | 1663271 | 8575000 |
| Santam Ltd. | 13694 | 339753 |
| Sappi Ltd. | 2418592 | 3974033 |
| Sasol Ltd., ADR<sup>(1)(2)</sup> | 806073 | 5432932 |
| Shoprite Holdings Ltd. | 536823 | 8011173 |
| Sibanye Stillwater Ltd., ADR<sup>(1)</sup> | 1648967 | 12482680 |
| SPAR Group Ltd.<sup>(1)</sup> | 569898 | 3499866 |
| Standard Bank Group Ltd. | 1377035 | 19373484 |
| Sun International Ltd. | 36034 | 95274 |
| Super Group Ltd. | 56705 | 46129 |
| Telkom SA SOC Ltd. | 1755606 | 5043640 |
| Thungela Resources Ltd. | 723462 | 3818848 |
| Tiger Brands Ltd.<sup>(2)</sup> | 283297 | 4998451 |
| Truworths International Ltd. | 915118 | 3118977 |
| Tsogo Sun Ltd. | 11283 | 4309 |
| Valterra Platinum Ltd. | 66943 | 3069880 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vodacom Group Ltd. | 693624 | $5601365 |
| Wilson Bayly Holmes-Ovcon Ltd. | 24839 | 240509 |
| Woolworths Holdings Ltd.<sup>(2)</sup> | 977480 | 2876630 |
| Zeda Ltd. | 232331 | 167632 |
| Zeder Investments Ltd.<sup>(2)</sup> | 120266 | 8685 |
|  |  | 470283811 |
| **South Korea — 12.0%** |  |  |
| ABLBio, Inc.<sup>(1)</sup> | 23584 | 1553482 |
| Able C&C Co. Ltd. | 5618 | 55327 |
| Advanced Process Systems Corp. | 4807 | 60840 |
| Aekyung Chemical Co. Ltd. | 36696 | 277389 |
| Aekyung Industrial Co. Ltd. | 9128 | 105833 |
| Agabang & Co.<sup>(1)</sup> | 50751 | 184772 |
| Ahnlab, Inc. | 1317 | 57175 |
| Alteogen, Inc.<sup>(1)</sup> | 3978 | 1251083 |
| Amorepacific Corp. | 15952 | 1376243 |
| Amorepacific Holdings Corp. | 33558 | 655417 |
| Ananti, Inc.<sup>(1)</sup> | 156492 | 1043630 |
| APR Corp.<sup>(1)</sup> | 55617 | 9071798 |
| Aprogen Biologics<sup>(1)</sup> | 56344 | 24745 |
| Aprogen, Inc.<sup>(1)</sup> | 19477 | 9536 |
| Asiana Airlines, Inc.<sup>(1)</sup> | 62870 | 428272 |
| BGF Co. Ltd. | 12496 | 35739 |
| BGF retail Co. Ltd. | 32999 | 2782055 |
| BH Co. Ltd. | 65402 | 862421 |
| Binex Co. Ltd.<sup>(1)</sup> | 11370 | 131421 |
| Binggrae Co. Ltd. | 18681 | 947502 |
| Bioneer Corp.<sup>(1)</sup> | 5617 | 56609 |
| BNK Financial Group, Inc. | 632785 | 6543163 |
| Boditech Med, Inc. | 886 | 9176 |
| Boryung | 67616 | 404634 |
| Bukwang Pharmaceutical Co. Ltd.<sup>(1)</sup> | 19091 | 45540 |
| Byucksan Corp. | 60494 | 93187 |
| Caregen Co. Ltd. | 12678 | 506795 |
| Celltrion Pharm, Inc.<sup>(1)</sup> | 9508 | 352936 |
| Celltrion, Inc. | 61208 | 7364361 |
| Chabiotech Co. Ltd.<sup>(1)</sup> | 18873 | 140780 |
| Cheil Worldwide, Inc. | 130330 | 1853812 |
| Chong Kun Dang Pharmaceutical Corp. | 19356 | 1109439 |
| Chongkundang Holdings Corp. | 112 | 3887 |
| Chunbo Co. Ltd.<sup>(1)</sup> | 124 | 3817 |
| CJ CGV Co. Ltd.<sup>(1)</sup> | 245235 | 814964 |
| CJ CheilJedang Corp. | 24269 | 3991359 |
| CJ Corp. | 23667 | 2713329 |
| CJ ENM Co. Ltd.<sup>(1)</sup> | 63427 | 3251424 |
| CJ Logistics Corp. | 30126 | 1805409 |
| Classys, Inc. | 25115 | 940369 |
| Com2uSCorp | 6964 | 196251 |
| Cosmax, Inc. | 23649 | 3672496 |
| CosmoAM&T Co. Ltd.<sup>(1)</sup> | 5349 | 163863 |
| Coway Co. Ltd. | 114460 | 8545202 |
| COWELL FASHION Co. Ltd.<sup>(1)</sup> | 13544 | 20967 |
| CrystalGenomics Invites Co. Ltd.<sup>(1)</sup> | 11842 | 14469 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CS Wind Corp. | 38075 | $1138927 |
| Cuckoo Holdings Co. Ltd. | 2944 | 66279 |
| Cuckoo Homesys Co. Ltd. | 4724 | 91773 |
| Daeduck Electronics Co. Ltd. | 57273 | 983403 |
| Daehan Flour Mill Co. Ltd. | 490 | 50344 |
| Daesang Corp. | 57895 | 938410 |
| Daesung Holdings Co. Ltd. | 377 | 2354 |
| Daewon Pharmaceutical Co. Ltd. | 2047 | 19277 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(1)</sup> | 224599 | 597932 |
| Daewoong Co. Ltd. | 25783 | 457692 |
| Daewoong Pharmaceutical Co. Ltd. | 1900 | 185543 |
| Daishin Securities Co. Ltd. | 94253 | 1891745 |
| Daol Investment & Securities Co. Ltd. | 111644 | 283650 |
| Daou Data Corp. | 30424 | 358772 |
| Daou Technology, Inc. | 108334 | 2657319 |
| DB HiTek Co. Ltd. | 64808 | 2125839 |
| DB Insurance Co. Ltd. | 106775 | 10095037 |
| DB Securities Co. Ltd. | 13706 | 86847 |
| Dentium Co. Ltd. | 9297 | 383055 |
| DI Dong Il Corp. | 28031 | 827165 |
| DIO Corp.<sup>(1)</sup> | 879 | 10253 |
| DL E&C Co. Ltd. | 62598 | 1907937 |
| DL Holdings Co. Ltd. | 43820 | 1226699 |
| DN Automotive Corp. | 15680 | 298781 |
| Dong-A Socio Holdings Co. Ltd. | 3491 | 279128 |
| Dong-A ST Co. Ltd. | 2856 | 90801 |
| Dongjin Semichem Co. Ltd. | 109889 | 2351773 |
| DongKook Pharmaceutical Co. Ltd. | 17221 | 209936 |
| Dongkuk CM Co. Ltd. | 30636 | 118662 |
| Dongkuk Holdings Co. Ltd. | 16318 | 87616 |
| Dongkuk Steel Mill Co. Ltd. | 75378 | 502359 |
| Dongsuh Cos., Inc. | 13157 | 257652 |
| Dongwha Pharm Co. Ltd. | 4407 | 19736 |
| Dongwon Development Co. Ltd. | 10306 | 21133 |
| Dongwon Industries Co. Ltd. | 14102 | 443006 |
| Dongwon Systems Corp. | 5098 | 104663 |
| Doosan Bobcat, Inc.<sup>(1)</sup> | 67810 | 2590510 |
| Doosan Co. Ltd. | 327 | 129776 |
| Doosan Enerbility Co. Ltd.<sup>(1)</sup> | 526969 | 23173463 |
| Doosan Fuel Cell Co. Ltd.<sup>(1)</sup> | 36769 | 753575 |
| Doosan Tesna, Inc. | 13196 | 343778 |
| DoubleUGames Co. Ltd. | 8785 | 332102 |
| Douzone Bizon Co. Ltd. | 16898 | 963722 |
| Dreamtech Co. Ltd. | 15774 | 71944 |
| Duk San Neolux Co. Ltd.<sup>(1)</sup> | 6317 | 213699 |
| Easy Bio, Inc. | 465 | 1850 |
| Easy Holdings Co. Ltd.<sup>(1)</sup> | 1 | 3 |
| Echo Marketing, Inc. | 11592 | 114400 |
| Ecopro BM Co. Ltd.<sup>(1)</sup> | 15227 | 1321702 |
| Ecopro Co. Ltd. | 20425 | 740303 |
| Ecopro HN Co. Ltd. | 24612 | 436295 |
| E-MART, Inc. | 51280 | 2632824 |
| Eo Technics Co. Ltd. | 7224 | 1062651 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Eugene Corp. | 22122 | $54708 |
| Eugene Investment & Securities Co. Ltd. | 168284 | 417738 |
| Eugene Technology Co. Ltd. | 5418 | 185038 |
| F&F Co. Ltd. | 27933 | 1333344 |
| Foosung Co. Ltd.<sup>(1)</sup> | 7436 | 31919 |
| Genexine, Inc.<sup>(1)</sup> | 1908 | 7057 |
| GOLFZON Co. Ltd. | 7448 | 337528 |
| Gradiant Corp. | 19296 | 202536 |
| Grand Korea Leisure Co. Ltd. | 57743 | 693313 |
| Green Cross Corp. | 2501 | 232640 |
| Green Cross Holdings Corp. | 2440 | 26549 |
| GS Engineering & Construction Corp. | 105182 | 1407854 |
| GS Holdings Corp. | 90260 | 2949261 |
| GS P&L Co. Ltd.<sup>(1)</sup> | 15273 | 537589 |
| GS Retail Co. Ltd. | 101348 | 1179364 |
| HAESUNG DS Co. Ltd. | 19421 | 311998 |
| Han Kuk Carbon Co. Ltd. | 112995 | 2672425 |
| Hana Financial Group, Inc. | 697458 | 41116165 |
| Hana Materials, Inc. | 7352 | 141572 |
| Hana Micron, Inc.<sup>(1)</sup> | 63440 | 628832 |
| Hana Tour Service, Inc. | 16141 | 596327 |
| Handsome Co. Ltd. | 13246 | 143357 |
| Hanil Cement Co. Ltd. | 35893 | 498630 |
| Hanjin Kal Corp. | 674 | 54147 |
| Hanjin Logistics Corp. | 3382 | 49328 |
| Hankook & Co. Co. Ltd. | 26512 | 463701 |
| Hankook Shell Oil Co. Ltd. | 114 | 35396 |
| Hankook Tire & Technology Co. Ltd. | 166225 | 4791565 |
| Hanmi Pharm Co. Ltd. | 5573 | 1211426 |
| Hanmi Science Co. Ltd.<sup>(1)</sup> | 10244 | 301783 |
| Hanmi Semiconductor Co. Ltd. | 28867 | 1781186 |
| Hanon Systems<sup>(1)</sup> | 220504 | 564205 |
| Hansae Co. Ltd. | 42094 | 280931 |
| Hansol Chemical Co. Ltd. | 12594 | 1596036 |
| Hansol Paper Co. Ltd. | 4250 | 26170 |
| Hansol Technics Co. Ltd. | 34469 | 131594 |
| Hanssem Co. Ltd. | 12375 | 374913 |
| Hanwha Aerospace Co. Ltd. | 80947 | 51334308 |
| Hanwha Corp. | 96621 | 5797302 |
| Hanwha Corp., Preference Shares | 9403 | 238016 |
| Hanwha Engine<sup>(1)</sup> | 62877 | 2136440 |
| Hanwha General Insurance Co. Ltd.<sup>(1)</sup> | 185904 | 759448 |
| Hanwha Investment & Securities Co. Ltd.<sup>(1)</sup> | 297708 | 1184961 |
| Hanwha Life Insurance Co. Ltd.<sup>(1)</sup> | 1212844 | 2727556 |
| Hanwha Ocean Co. Ltd.<sup>(1)</sup> | 26270 | 2111293 |
| Hanwha Solutions Corp. | 129690 | 2634075 |
| Hanwha Systems Co. Ltd. | 19233 | 702791 |
| Hanwha Vision Co. Ltd.<sup>(1)</sup> | 56720 | 2156011 |
| Harim Holdings Co. Ltd. | 117914 | 707215 |
| HD Hyundai Co. Ltd. | 166808 | 16425731 |
| HD Hyundai Construction Equipment Co. Ltd. | 32047 | 2002484 |
| HD Hyundai Electric Co. Ltd. | 27427 | 9617892 |
| HD Hyundai Energy Solutions Co. Ltd.<sup>(1)</sup> | 3807 | 117502 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| HD Hyundai Heavy Industries Co. Ltd. | 20547 | $7665038 |
| HD Hyundai Infracore Co. Ltd.<sup>(1)</sup> | 362321 | 3639794 |
| HD HYUNDAI MIPO | 28703 | 4219432 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 77439 | 22567891 |
| HDC Holdings Co. Ltd. | 10125 | 156236 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 66672 | 950472 |
| HD-Hyundai Marine Engine<sup>(1)</sup> | 27967 | 1842189 |
| Helixmith Co. Ltd.<sup>(1)</sup> | 2352 | 10067 |
| Hite Jinro Co. Ltd. | 123016 | 1687820 |
| HJ Shipbuilding & Construction Co. Ltd.<sup>(1)</sup> | 15718 | 213597 |
| HL Holdings Corp.<sup>(1)</sup> | 3576 | 101415 |
| HL Mando Co. Ltd. | 90438 | 2308889 |
| HLB, Inc.<sup>(1)</sup> | 35315 | 953709 |
| HMM Co. Ltd. | 311936 | 4954268 |
| Hotel Shilla Co. Ltd.<sup>(1)</sup> | 49452 | 1664338 |
| HPSP Co. Ltd. | 27740 | 527559 |
| HS Hyosung Advanced Materials Corp. | 10656 | 1454065 |
| HS Hyosung Corp.<sup>(1)</sup> | 1182 | 50383 |
| HS Industries Co. Ltd. | 11046 | 33874 |
| Hugel, Inc.<sup>(1)</sup> | 10685 | 2415772 |
| Humasis Co. Ltd.<sup>(1)</sup> | 255300 | 241695 |
| Humedix Co. Ltd. | 14503 | 564272 |
| Huons Co. Ltd. | 1038 | 22376 |
| Huons Global Co. Ltd. | 1022 | 33059 |
| Hwa Shin Co. Ltd. | 35568 | 221685 |
| Hwaseung Enterprise Co. Ltd. | 6727 | 32516 |
| HYBE Co. Ltd.<sup>(1)</sup> | 12753 | 2630633 |
| Hyosung Chemical Corp.<sup>(1)</sup> | 1063 | 22308 |
| Hyosung Corp. | 31686 | 1972195 |
| Hyosung Heavy Industries Corp. | 10244 | 9081757 |
| Hyosung TNC Corp. | 13313 | 2090354 |
| Hyundai Autoever Corp. | 2705 | 339912 |
| HYUNDAI Corp. | 26090 | 415473 |
| Hyundai Department Store Co. Ltd. | 49870 | 2659621 |
| Hyundai Elevator Co. Ltd. | 12882 | 725588 |
| Hyundai Engineering & Construction Co. Ltd. | 78084 | 3473144 |
| Hyundai GF Holdings | 49119 | 271987 |
| Hyundai Glovis Co. Ltd. | 69929 | 9248049 |
| Hyundai Home Shopping Network Corp. | 4124 | 164902 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(1)</sup> | 126975 | 2542859 |
| Hyundai Mobis Co. Ltd. | 48692 | 11119343 |
| Hyundai Motor Co. | 235435 | 37064038 |
| Hyundai Rotem Co. Ltd. | 85141 | 11745058 |
| Hyundai Steel Co. | 341776 | 7854533 |
| Hyundai Wia Corp. | 60253 | 2169354 |
| ICD Co. Ltd.<sup>(1)</sup> | 6931 | 18898 |
| Il Dong Pharmaceutical Co. Ltd.<sup>(1)</sup> | 137 | 2505 |
| Iljin Electric Co. Ltd. | 33685 | 865812 |
| Ilyang Pharmaceutical Co. Ltd. | 8045 | 72107 |
| iM Financial Group Co. Ltd. | 420606 | 4139393 |
| iMarketKorea, Inc. | 10401 | 62088 |
| Industrial Bank of Korea | 418496 | 5721341 |
| Innocean Worldwide, Inc. | 27253 | 359401 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Innox Advanced Materials Co. Ltd. | 13820 | $235222 |
| Insun ENT Co. Ltd.<sup>(1)</sup> | 15244 | 51053 |
| Interflex Co. Ltd.<sup>(1)</sup> | 344 | 2156 |
| INTOPS Co. Ltd. | 26498 | 294666 |
| IS Dongseo Co. Ltd. | 32042 | 450726 |
| ISC Co. Ltd. | 7370 | 305163 |
| i-SENS, Inc. | 7170 | 90701 |
| ISU Chemical Co. Ltd.<sup>(1)</sup> | 11199 | 44121 |
| ISU Specialty Chemical<sup>(1)</sup> | 13735 | 438324 |
| IsuPetasys Co. Ltd. | 57923 | 2736060 |
| JB Financial Group Co. Ltd. | 251227 | 4240667 |
| Jeio Co. Ltd.<sup>(1)</sup> | 7752 | 48102 |
| Jeju Air Co. Ltd.<sup>(1)</sup> | 49652 | 234976 |
| Jin Air Co. Ltd.<sup>(1)</sup> | 28373 | 173145 |
| Jusung Engineering Co. Ltd. | 110147 | 2149735 |
| JW Holdings Corp. | 1 | 2 |
| JW Pharmaceutical Corp. | 30933 | 476436 |
| JYP Entertainment Corp. | 46836 | 2449115 |
| K Car Co. Ltd. | 27462 | 314002 |
| Kakao Corp. | 63053 | 2823229 |
| Kakao Games Corp.<sup>(1)</sup> | 4032 | 46870 |
| KakaoBank Corp. | 66731 | 1179279 |
| Kakaopay Corp.<sup>(1)</sup> | 12621 | 542187 |
| Kangwon Land, Inc. | 212576 | 2755354 |
| KB Financial Group, Inc., ADR | 677529 | 53294431 |
| KC Co. Ltd. | 5885 | 93850 |
| KC Tech Co. Ltd. | 6554 | 155827 |
| KCC Corp. | 10019 | 2858270 |
| KCC Glass Corp. | 11552 | 246677 |
| KEPCO Engineering & Construction Co., Inc. | 10854 | 717200 |
| KEPCO Plant Service & Engineering Co. Ltd. | 65158 | 2348831 |
| KG Chemical Corp. | 61396 | 209749 |
| KG Dongbusteel | 99372 | 379565 |
| KG Eco Solution Co. Ltd. | 45736 | 190603 |
| Kginicis Co. Ltd. | 19665 | 142147 |
| KH Vatec Co. Ltd. | 14211 | 129738 |
| Kia Corp. | 470410 | 35592847 |
| KISCO Corp.<sup>(1)</sup> | 31262 | 223758 |
| KISWIRE Ltd. | 2301 | 29457 |
| KIWOOM Securities Co. Ltd. | 59577 | 8775138 |
| Koh Young Technology, Inc. | 10793 | 112636 |
| Kolmar BNH Co. Ltd. | 10254 | 113028 |
| Kolmar Holdings Co. Ltd.<sup>(1)</sup> | 3160 | 31515 |
| Kolmar Korea Co. Ltd.<sup>(1)</sup> | 14637 | 815603 |
| Kolon Corp. | 1460 | 46073 |
| Kolon Industries, Inc. | 47036 | 1241881 |
| KoMiCo Ltd. | 6296 | 369882 |
| KONA I Co. Ltd. | 8918 | 325781 |
| Korea Aerospace Industries Ltd. | 83204 | 5684891 |
| Korea Circuit Co. Ltd.<sup>(1)</sup> | 10726 | 95712 |
| Korea Electric Power Corp., ADR | 540075 | 7134391 |
| Korea Electric Terminal Co. Ltd. | 10553 | 476622 |
| Korea Gas Corp. | 108092 | 3072886 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Korea Investment Holdings Co. Ltd. | 145414 | $14029094 |
| Korea Line Corp.<sup>(1)</sup> | 363652 | 447389 |
| Korea Petrochemical Ind Co. Ltd. | 4037 | 353214 |
| Korea Real Estate Investment & Trust Co. Ltd. | 68819 | 59923 |
| Korea United Pharm, Inc. | 5778 | 85413 |
| Korean Air Lines Co. Ltd. | 285010 | 4851274 |
| Korean Reinsurance Co. | 366206 | 2851192 |
| Krafton, Inc.<sup>(1)</sup> | 21128 | 4967967 |
| KT Corp. | 92055 | 3580561 |
| KT Skylife Co. Ltd. | 12012 | 45144 |
| Kum Yang Co. Ltd.<sup>(1)</sup> | 37215 | 198757 |
| Kumho Petrochemical Co. Ltd. | 26218 | 2061830 |
| Kumho Tire Co., Inc.<sup>(1)</sup> | 273941 | 975590 |
| KUMHOE&C Co. Ltd.<sup>(1)</sup> | 253 | 689 |
| Kyung Dong Navien Co. Ltd. | 14919 | 827664 |
| L&F Co. Ltd.<sup>(1)</sup> | 3514 | 166310 |
| Lake Materials Co. Ltd. | 43117 | 371917 |
| LB Semicon, Inc.<sup>(1)</sup> | 21320 | 61830 |
| LEENO Industrial, Inc. | 30462 | 1019427 |
| LF Corp. | 10203 | 138804 |
| LG Chem Ltd. | 69144 | 13733253 |
| LG Corp. | 60191 | 3218333 |
| LG Display Co. Ltd., ADR<sup>(1)</sup> | 1281675 | 5652187 |
| LG Electronics, Inc. | 136200 | 7217065 |
| LG Energy Solution Ltd.<sup>(1)</sup> | 12133 | 3059867 |
| LG H&H Co. Ltd. | 13453 | 2856150 |
| LG HelloVision Co. Ltd.<sup>(1)</sup> | 6071 | 12840 |
| LG Innotek Co. Ltd. | 21963 | 2654407 |
| LG Uplus Corp. | 809927 | 8638059 |
| LIG Nex1 Co. Ltd. | 23838 | 8378098 |
| LigaChem Biosciences, Inc.<sup>(1)</sup> | 18545 | 1964634 |
| Lotte Chemical Corp. | 21503 | 979890 |
| Lotte Chilsung Beverage Co. Ltd. | 15769 | 1354446 |
| Lotte Corp. | 1759 | 36897 |
| Lotte Energy Materials Corp.<sup>(1)</sup> | 6363 | 118091 |
| LOTTE Fine Chemical Co. Ltd. | 42447 | 1270476 |
| LOTTE Himart Co. Ltd. | 1460 | 8763 |
| Lotte Innovate Co. Ltd. | 2619 | 39984 |
| Lotte Rental Co. Ltd. | 43897 | 908359 |
| Lotte Shopping Co. Ltd. | 13923 | 661047 |
| Lotte Wellfood Co. Ltd. | 6085 | 508268 |
| LS Corp. | 34638 | 4383052 |
| LS Electric Co. Ltd. | 26028 | 5262658 |
| LVMC Holdings<sup>(1)</sup> | 185101 | 241806 |
| LX Hausys Ltd. | 4181 | 85177 |
| LX Holdings Corp. | 36891 | 208943 |
| LX International Corp. | 160958 | 3432147 |
| LX Semicon Co. Ltd. | 28766 | 1107880 |
| Maeil Dairies Co. Ltd. | 2084 | 53857 |
| Mcnex Co. Ltd. | 13810 | 296653 |
| Medytox, Inc. | 2082 | 177798 |
| MegaStudyEdu Co. Ltd. | 16318 | 540326 |
| Meritz Financial Group, Inc. | 135559 | 12331999 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mirae Asset Life Insurance Co. Ltd.<sup>(1)</sup> | 22028 | $112170 |
| Mirae Asset Securities Co. Ltd. | 451155 | 6201845 |
| Misto Holdings Corp. | 68091 | 2039949 |
| Miwon Commercial Co. Ltd. | 112 | 11850 |
| MNTech Co. Ltd. | 37166 | 274550 |
| Myoung Shin Industrial Co. Ltd.<sup>(1)</sup> | 62582 | 397372 |
| Namhae Chemical Corp. | 21065 | 106042 |
| Namsun Aluminum Co. Ltd.<sup>(1)</sup> | 7959 | 6556 |
| NAVER Corp. | 78309 | 12037956 |
| NCSoft Corp. | 9814 | 1428355 |
| Neowiz<sup>(1)</sup> | 26970 | 468844 |
| NEPES Corp.<sup>(1)</sup> | 14849 | 136792 |
| Netmarble Corp. | 26151 | 1123707 |
| Nexen Tire Corp. | 36014 | 151517 |
| NEXTIN, Inc. | 3774 | 115139 |
| NH Investment & Securities Co. Ltd. | 272773 | 3809725 |
| NHN Corp. | 11622 | 216957 |
| NHN KCP Corp. | 25127 | 245143 |
| NICE Holdings Co. Ltd.<sup>(1)</sup> | 8854 | 86820 |
| NICE Information Service Co. Ltd. | 27105 | 307204 |
| NongShim Co. Ltd. | 4061 | 1196956 |
| OCI Co. Ltd. | 1161 | 44608 |
| OCI Holdings Co. Ltd. | 58245 | 3649222 |
| OptoElectronics Solutions Co. Ltd.<sup>(1)</sup> | 901 | 6073 |
| Orion Corp. | 45624 | 3531095 |
| Orion Holdings Corp. | 53619 | 798413 |
| Oscotec, Inc.<sup>(1)</sup> | 202 | 5334 |
| Otoki Corp. | 2803 | 772645 |
| Pan Ocean Co. Ltd. | 1121422 | 3136669 |
| Paradise Co. Ltd. | 83299 | 1256841 |
| Park Systems Corp. | 2100 | 385468 |
| Partron Co. Ltd. | 52572 | 242014 |
| Pearl Abyss Corp.<sup>(1)</sup> | 9989 | 234676 |
| People & Technology, Inc. | 8651 | 237828 |
| Peptron, Inc.<sup>(1)</sup> | 5592 | 1245566 |
| PharmaResearch Co. Ltd. | 3885 | 1890180 |
| Pharmicell Co. Ltd. | 14652 | 116707 |
| PI Advanced Materials Co. Ltd. | 17959 | 218673 |
| Pond Group Co. Ltd. | 7801 | 53328 |
| Poongsan Corp. | 54863 | 4671519 |
| Posco DX Co. Ltd. | 49364 | 792270 |
| POSCO Future M Co. Ltd.<sup>(1)</sup> | 18916 | 1913466 |
| POSCO Holdings, Inc., ADR | 473615 | 24433798 |
| Posco International Corp. | 89443 | 3081972 |
| Posco M-Tech Co. Ltd. | 16136 | 149853 |
| PSK, Inc. | 30279 | 528987 |
| Pulmuone Co. Ltd. | 3081 | 30830 |
| S&S Tech Corp. | 6600 | 256281 |
| S-1 Corp. | 6776 | 389548 |
| Sam Chun Dang Pharm Co. Ltd. | 8642 | 1192769 |
| Sam Young Electronics Co. Ltd. | 3086 | 22997 |
| Samchully Co. Ltd. | 2600 | 238016 |
| Samjin Pharmaceutical Co. Ltd. | 1819 | 24811 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Samsung Biologics Co. Ltd.<sup>(1)</sup> | 8099 | $5812112 |
| Samsung C&T Corp. | 36716 | 4419222 |
| Samsung Card Co. Ltd. | 2438 | 88433 |
| Samsung E&A Co. Ltd. | 358938 | 7485030 |
| Samsung Electro-Mechanics Co. Ltd. | 39800 | 4565948 |
| Samsung Electronics Co. Ltd., GDR | 174049 | 215274721 |
| Samsung Fire & Marine Insurance Co. Ltd. | 85441 | 27193334 |
| Samsung Heavy Industries Co. Ltd.<sup>(1)</sup> | 2166141 | 33112411 |
| Samsung Life Insurance Co. Ltd. | 87011 | 8938909 |
| Samsung SDI Co. Ltd. | 26484 | 3924840 |
| Samsung SDS Co. Ltd. | 28164 | 2975541 |
| Samsung Securities Co. Ltd. | 230812 | 11394416 |
| Samwha Capacitor Co. Ltd. | 1445 | 26410 |
| Samyang Corp. | 1845 | 64830 |
| Samyang Foods Co. Ltd. | 9001 | 10078505 |
| Samyang Holdings Corp.<sup>(1)</sup> | 1825 | 112718 |
| Sang-A Frontec Co. Ltd. | 2323 | 30187 |
| SD Biosensor, Inc. | 41043 | 295473 |
| SeAH Besteel Holdings Corp. | 96865 | 1932110 |
| SeAH Steel Corp. | 5017 | 480573 |
| SeAH Steel Holdings Corp. | 3380 | 447111 |
| Sebang Co. Ltd. | 11290 | 113307 |
| Sebang Global Battery Co. Ltd. | 17053 | 759847 |
| Seegene, Inc. | 46323 | 863784 |
| Seobu T&D | 25452 | 172053 |
| Seojin System Co. Ltd.<sup>(1)</sup> | 17366 | 239875 |
| Seoul Semiconductor Co. Ltd.<sup>(1)</sup> | 58387 | 280342 |
| Seoyon E-Hwa Co. Ltd. | 36492 | 306174 |
| SFA Engineering Corp. | 21698 | 358151 |
| SFA Semicon Co. Ltd.<sup>(1)</sup> | 55863 | 138026 |
| SGC Energy Co. Ltd. | 3153 | 51933 |
| Shinhan Financial Group Co. Ltd., ADR | 876381 | 41391475 |
| Shinsegae International, Inc. | 15239 | 112215 |
| Shinsegae, Inc. | 27501 | 3262645 |
| Shinsung E&G Co. Ltd.<sup>(1)</sup> | 13081 | 14645 |
| Shinyoung Securities Co. Ltd. | 714 | 76518 |
| SillaJen, Inc.<sup>(1)</sup> | 210 | 444 |
| SIMMTECH Co. Ltd. | 30515 | 553159 |
| SK Biopharmaceuticals Co. Ltd.<sup>(1)</sup> | 14498 | 1024336 |
| SK Bioscience Co. Ltd.<sup>(1)</sup> | 5111 | 173171 |
| SK Chemicals Co. Ltd. | 25070 | 1071165 |
| SK D&D Co. Ltd. | 9999 | 72568 |
| SK Discovery Co. Ltd. | 27050 | 1027227 |
| SK Eternix Co. Ltd.<sup>(1)</sup> | 17959 | 263999 |
| SK Gas Ltd. | 5017 | 928501 |
| SK Hynix, Inc. | 738458 | 140703815 |
| SK IE Technology Co. Ltd.<sup>(1)</sup> | 9726 | 193553 |
| SK Innovation Co. Ltd. | 36752 | 2659906 |
| SK Networks Co. Ltd. | 397970 | 1252154 |
| SK oceanplant Co. Ltd.<sup>(1)</sup> | 13874 | 207733 |
| SK Securities Co. Ltd. | 281197 | 131193 |
| SK Telecom Co. Ltd., ADR | 149311 | 3216159 |
| SK, Inc. | 39442 | 5849131 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SKC Co. Ltd.<sup>(1)</sup> | 5450 | $365442 |
| SL Corp. | 56146 | 1362405 |
| SM Entertainment Co. Ltd. | 21227 | 2116170 |
| SNT Dynamics Co. Ltd. | 30773 | 1378472 |
| SNT Motiv Co. Ltd. | 46512 | 1241146 |
| S-Oil Corp.<sup>(1)</sup> | 96751 | 4184524 |
| Songwon Industrial Co. Ltd. | 5948 | 44164 |
| Soop Co. Ltd. | 24533 | 1372030 |
| Soulbrain Co. Ltd. | 6865 | 1075143 |
| Soulbrain Holdings Co. Ltd. | 16239 | 457336 |
| SPC Samlip Co. Ltd. | 1750 | 67498 |
| SPG Co. Ltd.<sup>(1)</sup> | 22550 | 409646 |
| ST Pharm Co. Ltd. | 4811 | 319430 |
| STIC Investments, Inc. | 2476 | 18089 |
| Studio Dragon Corp.<sup>(1)</sup> | 33926 | 1097267 |
| Sun Kwang Co. Ltd. | 716 | 9926 |
| Sung Kwang Bend Co. Ltd. | 44555 | 1068413 |
| Sungwoo Hitech Co. Ltd. | 139343 | 601657 |
| Taekwang Industrial Co. Ltd. | 111 | 69242 |
| Taewoong Co. Ltd.<sup>(1)</sup> | 12447 | 334778 |
| Taeyoung Engineering & Construction Co. Ltd.<sup>(1)</sup> | 4045 | 5222 |
| Taihan Electric Wire Co. Ltd.<sup>(1)</sup> | 12528 | 140064 |
| TES Co. Ltd. | 34277 | 734487 |
| TK Corp.<sup>(1)</sup> | 34054 | 614271 |
| TKG Huchems Co. Ltd. | 31262 | 395104 |
| Tokai Carbon Korea Co. Ltd. | 4217 | 330600 |
| Tongyang Life Insurance Co. Ltd.<sup>(1)</sup> | 92144 | 493094 |
| Tongyang, Inc.<sup>(1)</sup> | 2830 | 1277 |
| Toptec Co. Ltd. | 329 | 1143 |
| Tway Air Co. Ltd.<sup>(1)</sup> | 178891 | 236460 |
| TY Holdings Co. Ltd.<sup>(1)</sup> | 2617 | 6051 |
| Unid Co. Ltd. | 10505 | 572730 |
| Value Added Technology Co. Ltd. | 4998 | 74492 |
| Vieworks Co. Ltd. | 968 | 14199 |
| VT Co. Ltd.<sup>(1)</sup> | 48990 | 1288456 |
| Webzen, Inc. | 10007 | 102101 |
| Wemade Co. Ltd.<sup>(1)</sup> | 1209 | 24273 |
| Whanin Pharmaceutical Co. Ltd. | 148 | 1126 |
| Winix, Inc. | 1433 | 6011 |
| WiSoL Co. Ltd. | 6266 | 25601 |
| Won Tech Co. Ltd. | 16167 | 118309 |
| Wonik Holdings Co. Ltd.<sup>(1)</sup> | 5541 | 34402 |
| WONIK IPS Co. Ltd. | 29136 | 845003 |
| Wonik Materials Co. Ltd. | 745 | 12828 |
| Wonik QnC Corp. | 13043 | 165657 |
| Woongjin Thinkbig Co. Ltd. | 138321 | 178145 |
| Woori Financial Group, Inc. | 1782553 | 31799949 |
| Woori Technology Investment Co. Ltd.<sup>(1)</sup> | 66766 | 513514 |
| W-Scope Chungju Plant Co. Ltd.<sup>(1)</sup> | 3992 | 21353 |
| Wysiwyg Studios Co. Ltd.<sup>(1)</sup> | 39005 | 24789 |
| Y G-1 Co. Ltd. | 6 | 23 |
| YG Entertainment, Inc. | 15363 | 1121991 |
| Youlchon Chemical Co. Ltd. | 3021 | 65331 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Young Poong Corp. | 3470 | $94450 |
| Youngone Corp. | 45146 | 1899149 |
| Youngone Holdings Co. Ltd. | 10183 | 966609 |
| Yuanta Securities Korea Co. Ltd. | 56886 | 141052 |
| Yuhan Corp. | 16534 | 1346727 |
| Zinus, Inc. | 14391 | 173483 |
|  |  | 1444783154 |
| **Taiwan — 21.5%** |  |  |
| Abico Avy Co. Ltd. | 39772 | 52269 |
| Ability Enterprise Co. Ltd.<sup>(1)(2)</sup> | 567000 | 1458260 |
| AcBel Polytech, Inc. | 96482 | 90048 |
| Accton Technology Corp.<sup>(2)</sup> | 468000 | 15407666 |
| Acer Cyber Security, Inc. | 7736 | 46577 |
| Acer E-Enabling Service Business, Inc. | 13000 | 111578 |
| Acer, Inc.<sup>(2)</sup> | 2353000 | 2262879 |
| ACES Electronic Co. Ltd.<sup>(1)</sup> | 352720 | 863416 |
| Acon Holding, Inc.<sup>(1)</sup> | 277000 | 90484 |
| Acter Group Corp. Ltd. | 473414 | 13727812 |
| ADATA Technology Co. Ltd.<sup>(2)</sup> | 1280488 | 4270873 |
| Advanced Ceramic X Corp. | 5000 | 21245 |
| Advanced International Multitech Co. Ltd. | 194000 | 376891 |
| Advanced Optoelectronic Technology, Inc.<sup>(1)</sup> | 23000 | 12783 |
| Advanced Power Electronics Corp. | 103000 | 288163 |
| Advanced Wireless Semiconductor Co.<sup>(2)</sup> | 71000 | 259302 |
| Advancetek Enterprise Co. Ltd.<sup>(2)</sup> | 555000 | 906839 |
| Advantech Co. Ltd. | 71710 | 801312 |
| AGV Products Corp. | 300000 | 108257 |
| AIC, Inc.<sup>(2)</sup> | 96000 | 842231 |
| Airtac International Group | 4185 | 107204 |
| Alchip Technologies Ltd.<sup>(2)</sup> | 61000 | 7983240 |
| Allied Supreme Corp. | 43000 | 401658 |
| Alltek Technology Corp. | 161529 | 169412 |
| Alltop Technology Co. Ltd.<sup>(2)</sup> | 72252 | 591735 |
| Alpha Networks, Inc. | 153772 | 144150 |
| Altek Corp. | 827488 | 1352525 |
| Amazing Microelectronic Corp. | 100259 | 241512 |
| Ambassador Hotel | 53000 | 75572 |
| Ampak Technology, Inc. | 43000 | 117286 |
| Ampire Co. Ltd. | 63000 | 53529 |
| AMPOC Far-East Co. Ltd.<sup>(1)(2)</sup> | 38000 | 212315 |
| AmTRAN Technology Co. Ltd. | 1721935 | 769905 |
| Anderson Industrial Corp.<sup>(1)(2)</sup> | 194000 | 113648 |
| Anji Technology Co. Ltd.<sup>(1)</sup> | 397 | 564 |
| Anpec Electronics Corp.<sup>(2)</sup> | 96000 | 557608 |
| Apacer Technology, Inc. | 53000 | 110275 |
| APAQ Technology Co. Ltd. | 12000 | 70583 |
| Apex Dynamics, Inc.<sup>(2)</sup> | 28000 | 695164 |
| Apex International Co. Ltd.<sup>(1)(2)</sup> | 93656 | 81881 |
| Arcadyan Technology Corp. | 155061 | 1196119 |
| Ardentec Corp.<sup>(2)</sup> | 2356000 | 5693504 |
| Argosy Research, Inc.<sup>(2)</sup> | 136545 | 767452 |
| ASE Technology Holding Co. Ltd., ADR | 2995516 | 29685564 |
| Asia Cement Corp. | 3521000 | 4256381 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Asia Optical Co., Inc.<sup>(2)</sup> | 192000 | $1027856 |
| Asia Polymer Corp. | 388007 | 152417 |
| Asia Tech Image, Inc. | 145000 | 420782 |
| Asia Vital Components Co. Ltd.<sup>(2)</sup> | 768243 | 25079021 |
| ASIX Electronics Corp. | 11000 | 34505 |
| ASolid Technology Co. Ltd.<sup>(1)</sup> | 21000 | 35921 |
| ASPEED Technology, Inc. | 8400 | 1365376 |
| ASROCK, Inc. | 3000 | 27128 |
| Asustek Computer, Inc. | 1261000 | 25941694 |
| ATE Energy International Co. Ltd. | 108609 | 117198 |
| Aten International Co. Ltd. | 9000 | 17339 |
| Audix Corp. | 19000 | 39923 |
| AUO Corp.<sup>(1)(2)</sup> | 6375160 | 2663523 |
| AURAS Technology Co. Ltd. | 36000 | 800089 |
| AVer Information, Inc. | 14000 | 15435 |
| Avermedia Technologies<sup>(2)</sup> | 458000 | 676124 |
| Axiomtek Co. Ltd. | 45000 | 127274 |
| Azurewave Technologies, Inc. | 70000 | 228445 |
| Bafang Yunji International Co. Ltd. | 74000 | 461436 |
| Bank of Kaohsiung Co. Ltd.<sup>(2)</sup> | 582724 | 221710 |
| Basso Industry Corp. | 65000 | 68608 |
| BenQ Materials Corp.<sup>(2)</sup> | 108000 | 84668 |
| BES Engineering Corp.<sup>(1)(2)</sup> | 6745000 | 2464811 |
| Bin Chuan Enterprise Co. Ltd.<sup>(1)</sup> | 23000 | 43258 |
| B'in Live Co. Ltd. | 129871 | 372905 |
| Bioteque Corp. | 27000 | 104548 |
| Bizlink Holding, Inc.<sup>(2)</sup> | 282258 | 9823395 |
| Bon Fame Co. Ltd. | 34000 | 63111 |
| Bonny Worldwide Ltd.<sup>(2)</sup> | 51000 | 292938 |
| Bora Pharmaceuticals Co. Ltd.<sup>(2)</sup> | 8573 | 203291 |
| Brighton-Best International Taiwan, Inc. | 206000 | 230785 |
| Brillian Network & Automation Integrated System Co. Ltd. | 205000 | 1921885 |
| C Sun Manufacturing Ltd. | 40976 | 270334 |
| Capital Futures Corp. | 178070 | 286114 |
| Capital Securities Corp.<sup>(2)</sup> | 1739000 | 1235851 |
| Career Technology MFG. Co. Ltd.<sup>(1)</sup> | 601961 | 301612 |
| Catcher Technology Co. Ltd.<sup>(2)</sup> | 2920000 | 17942347 |
| Cathay Financial Holding Co. Ltd.<sup>(2)</sup> | 17475062 | 34993575 |
| Cayman Engley Industrial Co. Ltd.<sup>(1)</sup> | 7000 | 7029 |
| Cenra, Inc. | 164000 | 182817 |
| Center Laboratories, Inc.<sup>(1)</sup> | 65169 | 79130 |
| Central Reinsurance Co. Ltd. | 1207585 | 928364 |
| Century Iron & Steel Industrial Co. Ltd.<sup>(2)</sup> | 413000 | 2469892 |
| Chailease Holding Co. Ltd.<sup>(2)</sup> | 427067 | 1620764 |
| Chain Chon Industrial Co. Ltd. | 43000 | 14097 |
| Champion Building Materials Co. Ltd. | 81900 | 26402 |
| Chang Hwa Commercial Bank Ltd. | 8372664 | 5248376 |
| Chang Wah Electromaterials, Inc.<sup>(2)</sup> | 193000 | 273094 |
| Chang Wah Technology Co. Ltd. | 17500 | 19271 |
| Channel Well Technology Co. Ltd.<sup>(1)(2)</sup> | 429000 | 1313976 |
| Charoen Pokphand Enterprise | 325600 | 1415087 |
| CHC Healthcare Group<sup>(2)</sup> | 217000 | 347832 |
| Chen Full International Co. Ltd. | 16000 | 22944 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chenbro Micom Co. Ltd. | 72000 | $1423592 |
| Cheng Fwa Industrial Co. Ltd.<sup>(2)</sup> | 332000 | 254133 |
| Cheng Loong Corp.<sup>(2)</sup> | 532000 | 310784 |
| Cheng Mei Materials Technology Corp.<sup>(1)</sup> | 576158 | 264476 |
| Cheng Shin Rubber Industry Co. Ltd. | 2622000 | 3248887 |
| Cheng Uei Precision Industry Co. Ltd. | 492000 | 762726 |
| Chenming Electronic Technology Corp.<sup>(2)</sup> | 262000 | 1105290 |
| Chia Chang Co. Ltd. | 30000 | 35309 |
| Chia Hsin Cement Corp. | 128520 | 55990 |
| Chicony Electronics Co. Ltd. | 2184000 | 9811845 |
| Chicony Power Technology Co. Ltd.<sup>(2)</sup> | 187000 | 638810 |
| Chieftek Precision Co. Ltd. | 1100 | 3130 |
| Chien Kuo Construction Co. Ltd.<sup>(2)</sup> | 336000 | 258428 |
| China Airlines Ltd.<sup>(2)</sup> | 4181000 | 2887599 |
| China Bills Finance Corp. | 155000 | 84090 |
| China Container Terminal Corp.<sup>(2)</sup> | 207000 | 183547 |
| China Ecotek Corp. | 32000 | 58679 |
| China Electric Manufacturing Corp.<sup>(2)</sup> | 450000 | 192969 |
| China General Plastics Corp. | 157722 | 60401 |
| China Glaze Co. Ltd. | 71000 | 46847 |
| China Man-Made Fiber Corp.<sup>(1)</sup> | 905320 | 195842 |
| China Metal Products<sup>(2)</sup> | 738000 | 590228 |
| China Motor Corp. | 405800 | 768052 |
| China Petrochemical Development Corp.<sup>(1)(2)</sup> | 5557980 | 1296447 |
| China Steel Chemical Corp. | 39000 | 104448 |
| China Steel Corp.<sup>(2)</sup> | 16723000 | 10966702 |
| China Wire & Cable Co. Ltd. | 113000 | 144542 |
| Chinese Maritime Transport Ltd.<sup>(2)</sup> | 327000 | 573906 |
| Ching Feng Home Fashions Co. Ltd.<sup>(2)</sup> | 182000 | 122177 |
| Chin-Poon Industrial Co. Ltd.<sup>(2)</sup> | 1815000 | 2401907 |
| Chipbond Technology Corp.<sup>(2)</sup> | 1601000 | 2799270 |
| ChipMOS Technologies, Inc. | 626000 | 495921 |
| Chlitina Holding Ltd. | 54026 | 198337 |
| Chong Hong Construction Co. Ltd.<sup>(2)</sup> | 512000 | 1262986 |
| Chroma ATE, Inc.<sup>(2)</sup> | 2413000 | 45708038 |
| Chun Yuan Steel Industry Co. Ltd. | 649000 | 441520 |
| Chung Hung Steel Corp.<sup>(1)(2)</sup> | 180000 | 94198 |
| Chung Hwa Pulp Corp.<sup>(1)</sup> | 96000 | 38019 |
| Chung-Hsin Electric & Machinery Manufacturing Corp.<sup>(2)</sup> | 1911000 | 10665526 |
| Chunghwa Chemical Synthesis & Biotech Co. Ltd. | 98000 | 89787 |
| Chunghwa Precision Test Tech Co. Ltd.<sup>(2)</sup> | 22000 | 888746 |
| Chunghwa Telecom Co. Ltd., ADR | 318346 | 13851234 |
| Cleanaway Co. Ltd.<sup>(2)</sup> | 108000 | 702086 |
| Clevo Co. | 99000 | 135413 |
| CMC Magnetics Corp.<sup>(2)</sup> | 1164063 | 340389 |
| Collins Co. Ltd. | 86000 | 42097 |
| Compal Electronics, Inc. | 7636000 | 6868388 |
| Compeq Manufacturing Co. Ltd. | 1277000 | 3364380 |
| Concord International Securities Co. Ltd.<sup>(2)</sup> | 1044517 | 485685 |
| Concord Securities Co. Ltd.<sup>(2)</sup> | 2050125 | 816750 |
| Continental Holdings Corp.<sup>(2)</sup> | 521000 | 396297 |
| Contrel Technology Co. Ltd.<sup>(2)</sup> | 79000 | 113585 |
| Coremax Corp. | 53837 | 97919 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Coretronic Corp. | 299000 | $1193585 |
| Co-Tech Development Corp.<sup>(2)</sup> | 4309000 | 30474029 |
| Creative Sensor, Inc.<sup>(2)</sup> | 175500 | 345087 |
| Cryomax Cooling System Corp. | 152077 | 161862 |
| CSBC Corp. Taiwan<sup>(1)</sup> | 380000 | 255264 |
| CTBC Financial Holding Co. Ltd. | 33835000 | 45383543 |
| CTCI Corp.<sup>(2)</sup> | 1162899 | 1173281 |
| CviLux Corp. | 232000 | 425460 |
| CyberPower Systems, Inc.<sup>(2)</sup> | 134000 | 974504 |
| CyberTAN Technology, Inc.<sup>(1)</sup> | 61000 | 50868 |
| DA CIN Construction Co. Ltd. | 42400 | 82249 |
| Dafeng TV Ltd. | 4000 | 6698 |
| Da-Li Development Co. Ltd.<sup>(2)</sup> | 942008 | 1302587 |
| Darfon Electronics Corp. | 176000 | 207785 |
| Darwin Precisions Corp.<sup>(2)</sup> | 172000 | 62924 |
| Daxin Materials Corp.<sup>(2)</sup> | 159000 | 1971973 |
| De Licacy Industrial Co. Ltd. | 241164 | 86527 |
| Delta Electronics, Inc. | 2447000 | 56373383 |
| Depo Auto Parts Ind Co. Ltd. | 248000 | 1163598 |
| Desiccant Technology Corp. | 5500 | 30210 |
| Dimerco Express Corp.<sup>(2)</sup> | 222925 | 576062 |
| DingZing Advanced Materials, Inc. | 59000 | 212416 |
| D-Link Corp.<sup>(2)</sup> | 1473600 | 869896 |
| Double Bond Chemical Industry Co. Ltd.<sup>(1)</sup> | 1134 | 1475 |
| Dr. Wu Skincare Co. Ltd. | 12000 | 46841 |
| Dynamic Holding Co. Ltd. | 1355147 | 5029068 |
| Dynamic Medical Technologies, Inc.<sup>(2)</sup> | 33880 | 85006 |
| Dynapack International Technology Corp.<sup>(2)</sup> | 1231000 | 14514084 |
| E Ink Holdings, Inc. | 17000 | 145052 |
| E.Sun Financial Holding Co. Ltd. | 14647520 | 15986245 |
| Eastech Holding Ltd.<sup>(2)</sup> | 156000 | 568946 |
| Eastern Media International Corp. | 80785 | 47319 |
| Eclat Textile Co. Ltd.<sup>(2)</sup> | 151000 | 1968185 |
| ECOVE Environment Corp. | 7000 | 65783 |
| Edimax Technology Co. Ltd.<sup>(1)(2)</sup> | 86000 | 61812 |
| Edison Opto Corp. | 81911 | 49893 |
| Edom Technology Co. Ltd.<sup>(1)</sup> | 68200 | 84802 |
| Elan Microelectronics Corp. | 741000 | 2879560 |
| E-Lead Electronic Co. Ltd.<sup>(2)</sup> | 119000 | 203425 |
| E-LIFE MALL Corp. | 4000 | 9222 |
| Elite Advanced Laser Corp.<sup>(2)</sup> | 79000 | 517741 |
| Elite Material Co. Ltd. | 324000 | 12824518 |
| Elite Semiconductor Microelectronics Technology, Inc. | 59000 | 109230 |
| Elitegroup Computer Systems Co. Ltd. | 198000 | 124997 |
| eMemory Technology, Inc. | 51000 | 3418422 |
| Emerging Display Technologies Corp. | 104000 | 73826 |
| Ennostar, Inc.<sup>(1)(2)</sup> | 683375 | 865440 |
| Eson Precision Ind Co. Ltd. | 136000 | 351040 |
| Eternal Materials Co. Ltd. | 1154200 | 1647395 |
| Eurocharm Holdings Co. Ltd. | 6000 | 24842 |
| Eva Airways Corp.<sup>(2)</sup> | 7118000 | 9014596 |
| Everest Textile Co. Ltd.<sup>(1)</sup> | 2322 | 463 |
| Evergreen International Storage & Transport Corp. | 1038000 | 1156075 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Evergreen Marine Corp. Taiwan Ltd.<sup>(2)</sup> | 2774676 | $16769689 |
| EVERGREEN Steel Corp.<sup>(2)</sup> | 327000 | 953538 |
| Everlight Chemical Industrial Corp.<sup>(2)</sup> | 1240000 | 746016 |
| Everlight Electronics Co. Ltd.<sup>(2)</sup> | 821000 | 1826612 |
| Evertop Wire Cable Corp. | 331000 | 408849 |
| Excelliance Mos Corp. | 14000 | 33904 |
| Excelsior Medical Co. Ltd. | 87979 | 250603 |
| Far Eastern Department Stores Ltd. | 1459000 | 992754 |
| Far Eastern International Bank<sup>(1)</sup> | 4634441 | 2041585 |
| Far Eastern New Century Corp. | 3391000 | 3055263 |
| Far EasTone Telecommunications Co. Ltd. | 3374673 | 9273890 |
| Faraday Technology Corp. | 72703 | 371852 |
| Farglory F T Z Investment Holding Co. Ltd. | 173486 | 289709 |
| Farglory Land Development Co. Ltd. | 253000 | 507659 |
| Federal Corp.<sup>(1)</sup> | 89000 | 58735 |
| Feedback Technology Corp. | 31321 | 120146 |
| Feng Hsin Steel Co. Ltd. | 307000 | 669756 |
| Feng TAY Enterprise Co. Ltd.<sup>(2)</sup> | 246376 | 942686 |
| FineTek Co. Ltd. | 46920 | 221537 |
| Firich Enterprises Co. Ltd.<sup>(2)</sup> | 63064 | 53425 |
| First Financial Holding Co. Ltd. | 18249468 | 16886029 |
| First Hi-Tec Enterprise Co. Ltd. | 62793 | 657579 |
| First Insurance Co. Ltd. | 236000 | 202535 |
| First Steamship Co. Ltd.<sup>(1)</sup> | 979210 | 190798 |
| FIT Holding Co. Ltd. | 189000 | 221804 |
| Fitipower Integrated Technology, Inc.<sup>(2)</sup> | 120484 | 696070 |
| Fittech Co. Ltd.<sup>(1)(2)</sup> | 27557 | 55647 |
| FLEXium Interconnect, Inc.<sup>(1)(2)</sup> | 2029000 | 4495144 |
| Flytech Technology Co. Ltd.<sup>(2)</sup> | 135000 | 487517 |
| FocalTech Systems Co. Ltd.<sup>(1)</sup> | 122804 | 274415 |
| Forcecon Tech Co. Ltd.<sup>(1)(2)</sup> | 70690 | 296337 |
| Forest Water Environment Engineering Co. Ltd. | 72 | 87 |
| Formosa Advanced Technologies Co. Ltd. | 41000 | 34779 |
| Formosa Chemicals & Fibre Corp. | 1163000 | 1139988 |
| Formosa International Hotels Corp.<sup>(2)</sup> | 133000 | 834278 |
| Formosa Laboratories, Inc.<sup>(2)</sup> | 160000 | 351143 |
| Formosa Oilseed Processing Co. Ltd.<sup>(1)</sup> | 51450 | 51868 |
| Formosa Optical Technology Co. Ltd. | 23000 | 85084 |
| Formosa Petrochemical Corp.<sup>(2)</sup> | 50000 | 65438 |
| Formosa Plastics Corp.<sup>(2)</sup> | 2712000 | 3443990 |
| Formosa Sumco Technology Corp. | 7000 | 19093 |
| Formosa Taffeta Co. Ltd.<sup>(2)</sup> | 312000 | 160246 |
| Formosan Rubber Group, Inc. | 78300 | 61737 |
| Formosan Union Chemical Corp. | 533650 | 295007 |
| Fortune Electric Co. Ltd.<sup>(2)</sup> | 75020 | 1571642 |
| Foxconn Technology Co. Ltd.<sup>(2)</sup> | 1269000 | 2924872 |
| Foxsemicon Integrated Technology, Inc. | 103000 | 968678 |
| Franbo Lines Corp.<sup>(2)</sup> | 574344 | 385889 |
| Froch Enterprise Co. Ltd. | 118000 | 54330 |
| FSP Technology, Inc. | 226000 | 418041 |
| Fu Hua Innovation Co. Ltd. | 1754411 | 1201528 |
| Fubon Financial Holding Co. Ltd.<sup>(2)</sup> | 14298311 | 39066415 |
| Fulgent Sun International Holding Co. Ltd. | 437417 | 1516782 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fulltech Fiber Glass Corp.<sup>(1)(2)</sup> | 174731 | $434082 |
| Fusheng Precision Co. Ltd. | 143000 | 1237329 |
| G Shank Enterprise Co. Ltd.<sup>(2)</sup> | 187433 | 623370 |
| Galaxy Software Services Corp. | 34296 | 164115 |
| Gamania Digital Entertainment Co. Ltd.<sup>(2)</sup> | 303000 | 593608 |
| GEM Services, Inc. | 9000 | 22488 |
| Gemtek Technology Corp.<sup>(2)</sup> | 472000 | 386740 |
| General Interface Solution GIS Holding Ltd.<sup>(1)</sup> | 189000 | 387177 |
| General Plastic Industrial Co. Ltd. | 98000 | 93445 |
| Generalplus Technology, Inc. | 27000 | 37178 |
| Genesys Logic, Inc. | 53000 | 224266 |
| Genius Electronic Optical Co. Ltd.<sup>(2)</sup> | 71079 | 1050857 |
| Getac Holdings Corp. | 232000 | 1156728 |
| GFC Ltd. | 1000 | 4117 |
| Giant Manufacturing Co. Ltd. | 898885 | 3076378 |
| Giantplus Technology Co. Ltd.<sup>(2)</sup> | 150000 | 66253 |
| Gigabyte Technology Co. Ltd.<sup>(2)</sup> | 2739000 | 24627450 |
| Ginar Technology Co. Ltd. | 58000 | 62644 |
| Global Brands Manufacture Ltd. | 567308 | 2649719 |
| Global Lighting Technologies, Inc. | 26000 | 35833 |
| Global Mixed Mode Technology, Inc. | 79000 | 598652 |
| Global PMX Co. Ltd.<sup>(2)</sup> | 102000 | 558160 |
| Global Unichip Corp.<sup>(2)</sup> | 80000 | 3450093 |
| Globaltek Fabrication Co. Ltd.<sup>(2)</sup> | 195000 | 421035 |
| Globalwafers Co. Ltd.<sup>(2)</sup> | 168000 | 2032100 |
| Globe Union Industrial Corp. | 445000 | 146567 |
| Gloria Material Technology Corp. | 675000 | 842322 |
| GMI Technology, Inc.<sup>(2)</sup> | 79767 | 115294 |
| Gold Circuit Electronics Ltd.<sup>(2)</sup> | 1025600 | 16808182 |
| Goldsun Building Materials Co. Ltd.<sup>(2)</sup> | 1602674 | 1949178 |
| Gordon Auto Body Parts<sup>(2)</sup> | 337000 | 319960 |
| Gourmet Master Co. Ltd. | 126000 | 335960 |
| Grand Fortune Securities Co. Ltd. | 620600 | 231919 |
| Grand Pacific Petrochemical<sup>(1)(2)</sup> | 3391253 | 1086258 |
| Grand Process Technology Corp.<sup>(2)</sup> | 19000 | 930211 |
| Grape King Bio Ltd. | 143000 | 602085 |
| Great China Metal Industry | 9000 | 6263 |
| Great Tree Pharmacy Co. Ltd. | 13230 | 60421 |
| Great Wall Enterprise Co. Ltd.<sup>(2)</sup> | 2001220 | 3470566 |
| Greatek Electronics, Inc.<sup>(2)</sup> | 309000 | 602862 |
| GTM Holdings Corp. | 22000 | 21629 |
| Hai Kwang Enterprise Corp.<sup>(1)</sup> | 81396 | 40137 |
| Hannstar Board Corp. | 703932 | 2053824 |
| HannStar Display Corp.<sup>(1)</sup> | 2130000 | 525944 |
| HannsTouch Holdings Co.<sup>(1)</sup> | 303000 | 65045 |
| Hanpin Electron Co. Ltd. | 82000 | 133126 |
| Harmony Electronics Corp. | 17000 | 14095 |
| Harvatek Corp.<sup>(1)</sup> | 62000 | 42157 |
| HD Renewable Energy Co. Ltd.<sup>(2)</sup> | 125082 | 610808 |
| Heran Co. Ltd.<sup>(1)</sup> | 7000 | 16927 |
| Highlight Tech Corp. | 12800 | 21729 |
| Highwealth Construction Corp.<sup>(2)</sup> | 2419685 | 3299970 |
| Hi-Lai Foods Co. Ltd. | 41000 | 216953 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| HIM International Music, Inc. | 78000 | $257271 |
| Hiroca Holdings Ltd. | 47000 | 33981 |
| Hitron Technology, Inc.<sup>(1)(2)</sup> | 519000 | 399174 |
| Hiwin Technologies Corp.<sup>(2)</sup> | 2366451 | 16398284 |
| Hiyes International Co. Ltd. | 205228 | 572985 |
| Ho Tung Chemical Corp. | 793000 | 203868 |
| Hocheng Corp.<sup>(2)</sup> | 321320 | 230132 |
| Holdings-Key Electric Wire & Cable Co. Ltd.<sup>(2)</sup> | 242800 | 376560 |
| Holiday Entertainment Co. Ltd. | 11050 | 23932 |
| Holtek Semiconductor, Inc.<sup>(1)</sup> | 70000 | 92045 |
| Holy Stone Enterprise Co. Ltd. | 81900 | 228304 |
| Hon Hai Precision Industry Co. Ltd.<sup>(2)</sup> | 16662000 | 110001672 |
| Hong Ho Precision Textile Co. Ltd. | 94000 | 61938 |
| Hong Pu Real Estate Development Co. Ltd. | 68000 | 61182 |
| Hong TAI Electric Industrial | 358000 | 441133 |
| Horizon Securities Co. Ltd. | 722120 | 260445 |
| Hota Industrial Manufacturing Co. Ltd. | 3000 | 6700 |
| Hotai Finance Co. Ltd. | 188410 | 425080 |
| Hotai Motor Co. Ltd. | 71760 | 1287047 |
| Hsin Ba Ba Corp.<sup>(2)</sup> | 115391 | 269365 |
| Hsin Kuang Steel Co. Ltd. | 2000 | 2852 |
| Hsin Yung Chien Co. Ltd. | 9900 | 30207 |
| Hsing TA Cement Co. | 62000 | 31879 |
| HTC Corp.<sup>(1)</sup> | 48000 | 109895 |
| Hu Lane Associate, Inc.<sup>(2)</sup> | 229155 | 1124864 |
| Hua Nan Financial Holdings Co. Ltd.<sup>(2)</sup> | 9227194 | 8404244 |
| Huaku Development Co. Ltd. | 133980 | 437460 |
| Huang Hsiang Construction Corp.<sup>(2)</sup> | 304271 | 401598 |
| Hung Ching Development & Construction Co. Ltd. | 203000 | 157932 |
| Hung Sheng Construction Ltd.<sup>(2)</sup> | 820880 | 575104 |
| Huxen Corp. | 2000 | 3237 |
| Hwa Fong Rubber Industrial Co. Ltd. | 148000 | 78764 |
| Hwacom Systems, Inc.<sup>(2)</sup> | 395000 | 290019 |
| Hwang Chang General Contractor Co. Ltd.<sup>(2)</sup> | 713535 | 1959185 |
| IBF Financial Holdings Co. Ltd.<sup>(2)</sup> | 2051214 | 1037348 |
| Ichia Technologies, Inc. | 471000 | 934660 |
| I-Chiun Precision Industry Co. Ltd. | 425325 | 1085439 |
| IEI Integration Corp. | 219000 | 501445 |
| IKKA Holdings Cayman Ltd. | 23051 | 74594 |
| Infortrend Technology, Inc. | 92000 | 64405 |
| Info-Tek Corp. | 19000 | 20713 |
| Innodisk Corp.<sup>(2)</sup> | 58786 | 555904 |
| Innolux Corp.<sup>(2)</sup> | 8417735 | 3843614 |
| Inpaq Technology Co. Ltd.<sup>(2)</sup> | 54611 | 121644 |
| Insyde Software Corp. | 21600 | 164906 |
| Intai Technology Corp. | 18000 | 63459 |
| Integrated Service Technology, Inc. | 215000 | 921448 |
| Interactive Digital Technologies, Inc. | 3000 | 7231 |
| International CSRC Investment Holdings Co.<sup>(1)</sup> | 704000 | 254703 |
| International Games System Co. Ltd.<sup>(2)</sup> | 403000 | 10045367 |
| Inventec Corp. | 2071000 | 2770003 |
| Iron Force Industrial Co. Ltd. | 156787 | 635731 |
| I-Sheng Electric Wire & Cable Co. Ltd. | 10000 | 15246 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ITE Technology, Inc. | 429000 | $1870183 |
| ITEQ Corp. | 862000 | 3828290 |
| ITH Corp. | 359000 | 511723 |
| J&V Energy Technology Co. Ltd. | 14000 | 58501 |
| Jarllytec Co. Ltd.<sup>(1)(2)</sup> | 41000 | 166706 |
| Jean Co. Ltd.<sup>(2)</sup> | 190168 | 174061 |
| Jentech Precision Industrial Co. Ltd. | 3299 | 223538 |
| Jetwell Computer Co. Ltd.<sup>(2)</sup> | 117600 | 745542 |
| Jiin Yeeh Ding Enterprise Co. Ltd. | 76400 | 171357 |
| Jinan Acetate Chemical Co. Ltd.<sup>(2)</sup> | 2399350 | 5691583 |
| Johnson Health Tech Co. Ltd.<sup>(2)</sup> | 112000 | 524417 |
| Jourdeness Group Ltd. | 45000 | 50764 |
| JPC connectivity, Inc. | 169000 | 981854 |
| JPP Holding Co. Ltd. | 100000 | 889996 |
| K Laser Technology, Inc. | 38000 | 21048 |
| Kaimei Electronic Corp.<sup>(2)</sup> | 187200 | 361825 |
| Kaori Heat Treatment Co. Ltd. | 53000 | 664246 |
| Kedge Construction Co. Ltd. | 44138 | 113295 |
| KEE TAI Properties Co. Ltd. | 183715 | 69300 |
| Kenda Rubber Industrial Co. Ltd. | 235041 | 157922 |
| Kerry TJ Logistics Co. Ltd. | 138000 | 154333 |
| Keystone Microtech Corp. | 9000 | 131673 |
| KGI Financial Holding Co. Ltd. | 3321833 | 1649393 |
| KGI Financial Holding Co. Ltd., Preference Shares | 402360 | 102199 |
| Kindom Development Co. Ltd.<sup>(2)</sup> | 1642520 | 1888290 |
| King Polytechnic Engineering Co. Ltd.<sup>(2)</sup> | 193200 | 296101 |
| King Slide Works Co. Ltd.<sup>(2)</sup> | 3000 | 294077 |
| King Yuan Electronics Co. Ltd.<sup>(2)</sup> | 2575000 | 13029143 |
| King's Town Bank Co. Ltd.<sup>(1)(2)</sup> | 1486000 | 2683779 |
| Kinik Co.<sup>(2)</sup> | 64000 | 721652 |
| Kinko Optical Co. Ltd.<sup>(1)</sup> | 66000 | 83797 |
| Kinpo Electronics<sup>(2)</sup> | 2681000 | 1641291 |
| Kinsus Interconnect Technology Corp. | 246000 | 905312 |
| KMC Kuei Meng International, Inc. | 14000 | 42475 |
| KNH Enterprise Co. Ltd. | 99000 | 54893 |
| KS Terminals, Inc.<sup>(2)</sup> | 193000 | 329162 |
| Kuang Hong Arts Management, Inc.<sup>(2)</sup> | 29000 | 161932 |
| Kung Long Batteries Industrial Co. Ltd. | 59000 | 251233 |
| Kung Sing Engineering Corp.<sup>(1)(2)</sup> | 1085400 | 499749 |
| Kuo Toong International Co. Ltd.<sup>(2)</sup> | 3365000 | 6095435 |
| Kuo Yang Construction Co. Ltd.<sup>(1)</sup> | 108727 | 66682 |
| Kura Sushi Asia Co. Ltd. | 21000 | 61931 |
| Kwong Lung Enterprise Co. Ltd.<sup>(2)</sup> | 77000 | 125797 |
| L&K Engineering Co. Ltd.<sup>(2)</sup> | 1077682 | 12332935 |
| La Kaffa International Co. Ltd. | 7000 | 17046 |
| Lanner Electronics, Inc.<sup>(1)(2)</sup> | 157940 | 452284 |
| Largan Precision Co. Ltd.<sup>(2)</sup> | 37000 | 2892642 |
| Lealea Enterprise Co. Ltd.<sup>(1)</sup> | 529040 | 116723 |
| Lelon Electronics Corp. | 124138 | 356119 |
| Lemtech Holdings Co. Ltd. | 112350 | 288720 |
| Leofoo Development Co. Ltd.<sup>(1)</sup> | 224000 | 127308 |
| Li Peng Enterprise Co. Ltd.<sup>(1)</sup> | 700000 | 131186 |
| Lian HWA Food Corp. | 63098 | 280486 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lida Holdings Ltd. | 24000 | $18831 |
| Lien Hwa Industrial Holdings Corp. | 9752 | 15783 |
| Life Travel & Tourist Service Co. Ltd.<sup>(1)</sup> | 26000 | 95937 |
| Lingsen Precision Industries Ltd.<sup>(1)(2)</sup> | 297000 | 179247 |
| Lion Travel Service Co. Ltd.<sup>(2)</sup> | 326098 | 1697014 |
| Lite-On Technology Corp. | 5145000 | 21765658 |
| Liton Technology Corp. | 86000 | 114918 |
| Long Bon International Co. Ltd.<sup>(1)</sup> | 262800 | 130765 |
| Longchen Paper & Packaging Co. Ltd.<sup>(1)</sup> | 540889 | 176341 |
| Longwell Co.<sup>(2)</sup> | 384000 | 1391096 |
| Lotes Co. Ltd.<sup>(2)</sup> | 20776 | 976743 |
| Lotus Pharmaceutical Co. Ltd.<sup>(2)</sup> | 229000 | 1443922 |
| Loyalty Founder Enterprise Co. Ltd. | 45000 | 55554 |
| Lucky Cement Corp. | 155000 | 77671 |
| Lumax International Corp. Ltd.<sup>(2)</sup> | 54000 | 201062 |
| Lung Yen Life Service Corp.<sup>(1)</sup> | 293000 | 516545 |
| Lungteh Shipbuilding Co. Ltd.<sup>(1)</sup> | 46200 | 241613 |
| M3 Technology, Inc. | 54000 | 155909 |
| Macauto Industrial Co. Ltd. | 25000 | 51003 |
| Macnica Anstek, Inc.<sup>(1)(2)</sup> | 155000 | 373119 |
| Macroblock, Inc. | 27000 | 59751 |
| Macronix International Co. Ltd.<sup>(1)(2)</sup> | 1941000 | 1269794 |
| MacroWell OMG Digital Entertainment Co. Ltd. | 19000 | 46279 |
| Makalot Industrial Co. Ltd.<sup>(2)</sup> | 463941 | 4057561 |
| Marketech International Corp. | 10000 | 85759 |
| Materials Analysis Technology, Inc.<sup>(2)</sup> | 151212 | 960172 |
| Mayer Steel Pipe Corp.<sup>(2)</sup> | 241200 | 196954 |
| Mechema Chemicals International Corp. | 40000 | 101577 |
| MedFirst Healthcare Services, Inc. | 12059 | 24067 |
| MediaTek, Inc. | 2121000 | 94248770 |
| Mega Financial Holding Co. Ltd. | 5840227 | 7635836 |
| Meiloon Industrial Co.<sup>(2)</sup> | 332000 | 289892 |
| Mercuries & Associates Holding Ltd.<sup>(1)(2)</sup> | 761184 | 311673 |
| Mercuries Life Insurance Co. Ltd.<sup>(1)</sup> | 3083176 | 559509 |
| Merry Electronics Co. Ltd.<sup>(2)</sup> | 367462 | 1285641 |
| Microbio Co. Ltd.<sup>(1)</sup> | 8309 | 6547 |
| Micro-Star International Co. Ltd. | 3044000 | 13371281 |
| MIN AIK Technology Co. Ltd. | 35000 | 23720 |
| Mirle Automation Corp.<sup>(2)</sup> | 39000 | 90601 |
| Mitac Holdings Corp.<sup>(2)</sup> | 1120416 | 3531921 |
| momo.com, Inc. | 10914 | 89972 |
| MOSA Industrial Corp.<sup>(1)</sup> | 324329 | 198730 |
| Mosel Vitelic, Inc. | 79000 | 54293 |
| Motech Industries, Inc. | 2451 | 1424 |
| MPI Corp. | 213000 | 9575266 |
| MSSCORPS Co. Ltd.<sup>(2)</sup> | 47324 | 267160 |
| My Humble House Hospitality Management Consulting | 183000 | 220360 |
| Myson Century, Inc.<sup>(2)</sup> | 720000 | 1835127 |
| Nak Sealing Technologies Corp. | 37000 | 132943 |
| Namchow Holdings Co. Ltd. | 334000 | 432124 |
| Nan Kang Rubber Tire Co. Ltd. | 1000 | 1305 |
| Nan Liu Enterprise Co. Ltd. | 6000 | 9909 |
| Nan Pao Resins Chemical Co. Ltd. | 71000 | 940609 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nan Ya Plastics Corp.<sup>(2)</sup> | 2451000 | $3449985 |
| Nan Ya Printed Circuit Board Corp.<sup>(2)</sup> | 205000 | 1459150 |
| Nang Kuang Pharmaceutical Co. Ltd. | 67000 | 77556 |
| Nantex Industry Co. Ltd. | 218000 | 178796 |
| Nanya Technology Corp.<sup>(1)(2)</sup> | 1615000 | 2465582 |
| National Aerospace Fasteners Corp. | 45000 | 201951 |
| Netronix, Inc. | 97000 | 385987 |
| Nexcom International Co. Ltd. | 57000 | 190663 |
| Nichidenbo Corp. | 85000 | 194367 |
| Nidec Chaun-Choung Technology Corp. | 7000 | 33220 |
| Nien Made Enterprise Co. Ltd. | 197000 | 2773070 |
| Niko Semiconductor Co. Ltd. | 42610 | 60390 |
| Nishoku Technology, Inc. | 11000 | 41424 |
| Nova Technology Corp. | 33000 | 238635 |
| Novatek Microelectronics Corp.<sup>(2)</sup> | 525000 | 7440530 |
| Nuvoton Technology Corp.<sup>(2)</sup> | 345428 | 703713 |
| O-Bank Co. Ltd. | 2796430 | 821881 |
| Ocean Plastics Co. Ltd. | 30000 | 35292 |
| Onyx Healthcare, Inc. | 9000 | 42264 |
| Optimax Technology Corp. | 37000 | 28081 |
| Orient Semiconductor Electronics Ltd.<sup>(2)</sup> | 2376000 | 3432420 |
| Oriental Union Chemical Corp.<sup>(1)</sup> | 218000 | 87170 |
| O-TA Precision Industry Co. Ltd.<sup>(2)</sup> | 96000 | 192415 |
| Pacific Construction Co. | 125000 | 40338 |
| Pacific Hospital Supply Co. Ltd. | 11099 | 32824 |
| Paiho Shih Holdings Corp.<sup>(2)</sup> | 152250 | 103092 |
| Pan German Universal Motors Ltd. | 14000 | 142348 |
| Pan Jit International, Inc. | 354000 | 740322 |
| Pan-International Industrial Corp.<sup>(2)</sup> | 933000 | 1780433 |
| Parade Technologies Ltd. | 2000 | 50694 |
| PCL Technologies, Inc.<sup>(2)</sup> | 134000 | 520891 |
| P-Duke Technology Co. Ltd. | 46105 | 161088 |
| Pegatron Corp.<sup>(2)</sup> | 5293000 | 12107403 |
| Pegavision Corp. | 60685 | 630348 |
| PharmaEngine, Inc.<sup>(2)</sup> | 65000 | 142521 |
| Pharmally International Holding Co. Ltd.<sup>(1)</sup> | 1282 |  |
| Phihong Technology Co. Ltd.<sup>(1)</sup> | 74499 | 60862 |
| Phison Electronics Corp. | 123000 | 1949576 |
| Phoenix Silicon International Corp. | 345364 | 1804131 |
| Phoenix Tours International, Inc. | 67620 | 123147 |
| Pixart Imaging, Inc.<sup>(2)</sup> | 249000 | 1593504 |
| Podak Co. Ltd. | 56700 | 72129 |
| Pou Chen Corp.<sup>(2)</sup> | 3370000 | 3168143 |
| Power Wind Health Industry, Inc. | 13252 | 73311 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(1)(2)</sup> | 1473000 | 761169 |
| Powertech Technology, Inc.<sup>(2)</sup> | 2267000 | 8747954 |
| Poya International Co. Ltd.<sup>(2)</sup> | 39319 | 600040 |
| President Chain Store Corp.<sup>(2)</sup> | 2140000 | 17780474 |
| President Securities Corp. | 2605821 | 1772269 |
| Primax Electronics Ltd. | 1045000 | 2825925 |
| Prince Housing & Development Corp. | 820000 | 245683 |
| Promate Electronic Co. Ltd.<sup>(2)</sup> | 321195 | 539817 |
| Prosperity Dielectrics Co. Ltd. | 1000 | 1340 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Qisda Corp. | 260000 | $268684 |
| QST International Corp. | 63277 | 99486 |
| Quang Viet Enterprise Co. Ltd. | 6000 | 13833 |
| Quanta Computer, Inc.<sup>(2)</sup> | 3228000 | 27487685 |
| Quanta Storage, Inc.<sup>(2)</sup> | 723000 | 2910025 |
| Quintain Steel Co. Ltd.<sup>(1)</sup> | 191948 | 62639 |
| Radiant Opto-Electronics Corp.<sup>(2)</sup> | 3437000 | 16066970 |
| Radium Life Tech Co. Ltd.<sup>(1)</sup> | 1730498 | 626191 |
| Raydium Semiconductor Corp. | 32000 | 309442 |
| Realtek Semiconductor Corp.<sup>(2)</sup> | 520000 | 9034503 |
| Rechi Precision Co. Ltd.<sup>(2)</sup> | 981000 | 778389 |
| Rexon Industrial Corp. Ltd.<sup>(2)</sup> | 295000 | 302848 |
| Rich Development Co. Ltd. | 1828250 | 516091 |
| Richmond International Travel & Tours Co. Ltd.<sup>(1)(2)</sup> | 48000 | 169683 |
| Ritek Corp.<sup>(1)</sup> | 64281 | 22847 |
| Rodex Fasteners Corp. | 64000 | 64454 |
| Roo Hsing Co. Ltd.<sup>(1)</sup> | 44787 | 15482 |
| Ruentex Development Co. Ltd.<sup>(2)</sup> | 2484260 | 2442723 |
| Ruentex Engineering & Construction Co. | 87127 | 432862 |
| Ruentex Industries Ltd.<sup>(2)</sup> | 1058306 | 1868577 |
| Run Long Construction Co. Ltd. | 488400 | 479487 |
| Sampo Corp. | 50000 | 40349 |
| San Fang Chemical Industry Co. Ltd.<sup>(2)</sup> | 573000 | 583659 |
| San Far Property Ltd. | 67000 | 40845 |
| San Fu Chemical Co. Ltd. | 26000 | 107045 |
| San Shing Fastech Corp. | 17000 | 28876 |
| Sanyang Motor Co. Ltd.<sup>(2)</sup> | 542000 | 1151429 |
| Savior Lifetec Corp. | 149000 | 90936 |
| Scientech Corp.<sup>(2)</sup> | 37000 | 466123 |
| ScinoPharm Taiwan Ltd. | 2000 | 1161 |
| SDI Corp. | 15000 | 43299 |
| Senao International Co. Ltd. | 1000 | 964 |
| Senao Networks, Inc. | 112174 | 629086 |
| Sensortek Technology Corp. | 9000 | 55218 |
| Sercomm Corp. | 845000 | 2898811 |
| Sesoda Corp.<sup>(2)</sup> | 773997 | 801140 |
| Shanghai Commercial & Savings Bank Ltd.<sup>(2)</sup> | 4932565 | 6601561 |
| Sharehope Medicine Co. Ltd. | 138738 | 116983 |
| Sheng Yu Steel Co. Ltd. | 51000 | 37995 |
| ShenMao Technology, Inc.<sup>(2)</sup> | 192000 | 810923 |
| Shieh Yih Machinery Industry Co. Ltd.<sup>(2)</sup> | 398000 | 313156 |
| Shih Her Technologies, Inc.<sup>(2)</sup> | 85000 | 487071 |
| Shih Wei Navigation Co. Ltd.<sup>(1)</sup> | 349706 | 201758 |
| Shin Foong Specialty & Applied Materials Co. Ltd. | 31000 | 33166 |
| Shin Ruenn Development Co. Ltd. | 153000 | 338420 |
| Shin Zu Shing Co. Ltd.<sup>(2)</sup> | 866594 | 7415568 |
| Shinfox Energy Co. Ltd.<sup>(2)</sup> | 54000 | 97714 |
| Shining Building Business Co. Ltd.<sup>(1)</sup> | 540000 | 162915 |
| Shinkong Insurance Co. Ltd. | 328000 | 1155786 |
| Shinkong Synthetic Fibers Corp. | 1679000 | 814261 |
| Shiny Chemical Industrial Co. Ltd.<sup>(2)</sup> | 69098 | 316103 |
| ShunSin Technology Holding Ltd.<sup>(2)</sup> | 12000 | 63960 |
| Shuttle, Inc.<sup>(2)</sup> | 124000 | 77373 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sigurd Microelectronics Corp. | 1283063 | $3530151 |
| Silergy Corp. | 12000 | 119958 |
| Silicon Integrated Systems Corp. | 233612 | 424920 |
| Simplo Technology Co. Ltd. | 212000 | 2727274 |
| Sinbon Electronics Co. Ltd. | 4000 | 30281 |
| Sincere Navigation Corp.<sup>(2)</sup> | 961060 | 717105 |
| Singatron Enterprise Co. Ltd. | 48000 | 43073 |
| Sinher Technology, Inc. | 15000 | 13220 |
| Sinmag Equipment Corp. | 59000 | 265941 |
| Sino-American Silicon Products, Inc. | 3154000 | 10599670 |
| Sinon Corp. | 932000 | 1287287 |
| SinoPac Financial Holdings Co. Ltd.<sup>(2)</sup> | 18392387 | 14036042 |
| Sinyi Realty, Inc. | 34000 | 26758 |
| Sitronix Technology Corp. | 331000 | 2262302 |
| Siward Crystal Technology Co. Ltd. | 221000 | 157763 |
| Soft-World International Corp.<sup>(2)</sup> | 160000 | 534924 |
| Solar Applied Materials Technology Corp. | 264670 | 506188 |
| Solomon Technology Corp. | 163000 | 830625 |
| Solteam, Inc. | 54863 | 99377 |
| Sonix Technology Co. Ltd. | 66000 | 78728 |
| Speed Tech Corp. | 1000 | 1412 |
| Sporton International, Inc.<sup>(2)</sup> | 106000 | 609623 |
| Sports Gear Co. Ltd.<sup>(2)</sup> | 234000 | 795347 |
| St. Shine Optical Co. Ltd.<sup>(2)</sup> | 93000 | 441850 |
| Standard Chemical & Pharmaceutical Co. Ltd. | 16000 | 29398 |
| Standard Foods Corp. | 121000 | 119124 |
| Stark Technology, Inc. | 110000 | 620580 |
| Sumeeko Industries Co. Ltd. | 47000 | 103717 |
| Sunjuice Holdings Co. Ltd. | 3000 | 11670 |
| Sunny Friend Environmental Technology Co. Ltd. | 11244 | 27347 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 330000 | 1459704 |
| Sunplus Technology Co. Ltd.<sup>(1)</sup> | 25000 | 20347 |
| Sunrex Technology Corp. | 74000 | 100970 |
| Sunspring Metal Corp.<sup>(2)</sup> | 247000 | 186110 |
| Sunty Development Co. Ltd. | 100000 | 44507 |
| Superalloy Industrial Co. Ltd. | 10000 | 16075 |
| Supreme Electronics Co. Ltd.<sup>(2)</sup> | 780353 | 1098953 |
| Swancor Holding Co. Ltd. | 232000 | 1086699 |
| Sweeten Real Estate Development Co. Ltd. | 5192 | 4933 |
| Symtek Automation Asia Co. Ltd. | 152887 | 1027237 |
| Syncmold Enterprise Corp. | 48000 | 110902 |
| Synnex Technology International Corp.<sup>(2)</sup> | 821000 | 1761238 |
| Syscom Computer Engineering Co. | 89000 | 177677 |
| Systex Corp. | 17000 | 65151 |
| T3EX Global Holdings Corp.<sup>(2)</sup> | 194213 | 451997 |
| TA Chen Stainless Pipe | 6315603 | 8018667 |
| Ta Ya Electric Wire & Cable | 137039 | 189420 |
| TAI Roun Products Co. Ltd. | 23000 | 9805 |
| TA-I Technology Co. Ltd. | 31750 | 44926 |
| Tai Tung Communication Co. Ltd.<sup>(2)</sup> | 46174 | 35714 |
| Taichung Commercial Bank Co. Ltd.<sup>(2)</sup> | 7036452 | 4893513 |
| TaiDoc Technology Corp.<sup>(2)</sup> | 90000 | 417474 |
| Taiflex Scientific Co. Ltd. | 23010 | 42570 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Taimide Tech, Inc.<sup>(2)</sup> | 283000 | $679593 |
| Tainan Enterprises Co. Ltd. | 149000 | 121994 |
| Tainan Spinning Co. Ltd. | 189000 | 83871 |
| Tai-Saw Technology Co. Ltd. | 75000 | 46786 |
| TaiSol Electronics Co. Ltd. | 13000 | 27427 |
| Taisun Enterprise Co. Ltd. | 107000 | 65126 |
| Taita Chemical Co. Ltd.<sup>(2)</sup> | 112850 | 42477 |
| TAI-TECH Advanced Electronics Co. Ltd. | 15000 | 60483 |
| Taiwan Business Bank | 15407632 | 7588878 |
| Taiwan Cogeneration Corp. | 57780 | 88317 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 6177367 | 4781494 |
| Taiwan Fertilizer Co. Ltd.<sup>(1)</sup> | 538000 | 936600 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 238000 | 257604 |
| Taiwan FU Hsing Industrial Co. Ltd. | 189000 | 273087 |
| Taiwan Glass Industry Corp.<sup>(1)(2)</sup> | 1035000 | 1189227 |
| Taiwan High Speed Rail Corp. | 667000 | 601357 |
| Taiwan Hon Chuan Enterprise Co. Ltd.<sup>(2)</sup> | 1910726 | 8632870 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd.<sup>(2)</sup> | 398925 | 449194 |
| Taiwan IC Packaging Corp.<sup>(1)</sup> | 32000 | 15201 |
| Taiwan Kong King Co. Ltd. | 43000 | 39419 |
| Taiwan Line Tek Electronic | 196420 | 154651 |
| Taiwan Mask Corp. | 52000 | 71304 |
| Taiwan Mobile Co. Ltd. | 1670000 | 5809356 |
| Taiwan Navigation Co. Ltd.<sup>(2)</sup> | 535000 | 484346 |
| Taiwan Paiho Ltd.<sup>(2)</sup> | 665000 | 1162763 |
| Taiwan PCB Techvest Co. Ltd.<sup>(2)</sup> | 238000 | 283503 |
| Taiwan Sakura Corp. | 203000 | 574953 |
| Taiwan Secom Co. Ltd. | 102000 | 372538 |
| Taiwan Semiconductor Co. Ltd.<sup>(2)</sup> | 76000 | 126919 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3331047 | 769038822 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 736000 | 27564219 |
| Taiwan Shin Kong Security Co. Ltd. | 7070 | 9426 |
| Taiwan Steel Union Co. Ltd. | 22000 | 78188 |
| Taiwan Styrene Monomer<sup>(1)</sup> | 72000 | 21364 |
| Taiwan Surface Mounting Technology Corp.<sup>(2)</sup> | 2537000 | 8866385 |
| Taiwan Takisawa Technology Co. Ltd. | 33000 | 42670 |
| Taiwan TEA Corp.<sup>(1)</sup> | 304000 | 144659 |
| Taiwan Union Technology Corp.<sup>(2)</sup> | 578000 | 6898437 |
| Taiyen Biotech Co. Ltd. | 24000 | 25237 |
| Tatung Co. Ltd.<sup>(2)</sup> | 1966500 | 2544964 |
| Tatung System Technologies, Inc.<sup>(1)</sup> | 21000 | 49078 |
| TBI Motion Technology Co. Ltd.<sup>(1)</sup> | 69000 | 104207 |
| TCC Group Holdings Co. Ltd.<sup>(2)</sup> | 4171853 | 3055746 |
| TCI Co. Ltd.<sup>(1)(2)</sup> | 275000 | 1220551 |
| Te Chang Construction Co. Ltd.<sup>(2)</sup> | 149000 | 295741 |
| Team Group, Inc.<sup>(1)(2)</sup> | 18000 | 43703 |
| Teco Electric & Machinery Co. Ltd. | 3104000 | 6882862 |
| Tera Autotech Corp.<sup>(1)</sup> | 114000 | 101644 |
| Test Research, Inc. | 60000 | 418997 |
| Test Rite International Co. Ltd. | 33000 | 21564 |
| Thermaltake Technology Co. Ltd.<sup>(1)</sup> | 97 | 111 |
| Thinking Electronic Industrial Co. Ltd.<sup>(2)</sup> | 68000 | 334995 |
| Thye Ming Industrial Co. Ltd.<sup>(1)</sup> | 389400 | 716406 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ton Yi Industrial Corp. | 2122000 | $1269998 |
| Tong Hsing Electronic Industries Ltd.<sup>(2)</sup> | 103381 | 379168 |
| Tong Yang Industry Co. Ltd. | 1510000 | 4988940 |
| Tong-Tai Machine & Tool Co. Ltd.<sup>(1)(2)</sup> | 1093000 | 1376438 |
| Top Bright Holding Co. Ltd. | 6400 | 68455 |
| Top Union Electronics Corp. | 79665 | 80396 |
| Topco Scientific Co. Ltd.<sup>(2)</sup> | 192553 | 1829184 |
| Topkey Corp. | 171000 | 1058157 |
| Topoint Technology Co. Ltd. | 109000 | 320403 |
| TPK Holding Co. Ltd. | 523000 | 690008 |
| Trade-Van Information Services Co. | 2000 | 6333 |
| Transcend Information, Inc.<sup>(2)</sup> | 59000 | 193590 |
| Tripod Technology Corp.<sup>(2)</sup> | 2269000 | 23728050 |
| Trusval Technology Co. Ltd. | 91372 | 894247 |
| TS Financial Holding Co. Ltd.<sup>(2)</sup> | 40863884 | 21664852 |
| TS Financial Holding Co. Ltd., Preference Shares<sup>(1)</sup> | 5319293 | 1583460 |
| Tsang Yow Industrial Co. Ltd.<sup>(2)</sup> | 169000 | 125654 |
| Tsann Kuen Enterprise Co. Ltd. | 102589 | 82497 |
| TSC Auto ID Technology Co. Ltd. | 8798 | 54149 |
| TSEC Corp.<sup>(1)</sup> | 146000 | 73562 |
| TSRC Corp. | 845000 | 471417 |
| TST Group Holding Ltd. | 11000 | 33612 |
| Ttet Union Corp. | 6000 | 29227 |
| TTFB Co. Ltd. | 27856 | 175107 |
| TTY Biopharm Co. Ltd. | 169000 | 424006 |
| Tung Ho Steel Enterprise Corp.<sup>(2)</sup> | 1134760 | 2353129 |
| Tung Thih Electronic Co. Ltd. | 64064 | 141018 |
| TXC Corp. | 2731000 | 7846442 |
| TYC Brother Industrial Co. Ltd.<sup>(2)</sup> | 1829000 | 2459711 |
| Tycoons Group Enterprise<sup>(1)</sup> | 46384 | 12498 |
| Tyntek Corp. | 66000 | 40976 |
| UDE Corp.<sup>(2)</sup> | 249000 | 884342 |
| Ultra Chip, Inc. | 34000 | 57375 |
| U-Ming Marine Transport Corp.<sup>(2)</sup> | 863000 | 1583581 |
| Uni Travel Services Co. Ltd. | 30 | 73 |
| Unic Technology Corp.<sup>(2)</sup> | 435000 | 398906 |
| Unimicron Technology Corp.<sup>(2)</sup> | 2928000 | 13664467 |
| Union Bank of Taiwan | 1986087 | 1076153 |
| Union Insurance Co. Ltd. | 155000 | 131994 |
| Uni-President Enterprises Corp.<sup>(2)</sup> | 7773000 | 19623266 |
| Unitech Computer Co. Ltd. | 46000 | 68498 |
| Unitech Printed Circuit Board Corp.<sup>(2)</sup> | 1246334 | 1244463 |
| United Integrated Services Co. Ltd. | 588000 | 23521110 |
| United Microelectronics Corp.<sup>(2)</sup> | 21533000 | 28330580 |
| United Orthopedic Corp. | 21000 | 79108 |
| United Renewable Energy Co. Ltd.<sup>(1)</sup> | 31085 | 6470 |
| Univacco Technology, Inc.<sup>(2)</sup> | 164000 | 258819 |
| Universal Cement Corp.<sup>(2)</sup> | 729207 | 703195 |
| Universal Vision Biotechnology Co. Ltd. | 69582 | 411966 |
| UPC Technology Corp.<sup>(1)</sup> | 669000 | 221505 |
| Userjoy Technology Co. Ltd.<sup>(2)</sup> | 61844 | 164734 |
| USI Corp. | 423000 | 143527 |
| Utechzone Co. Ltd.<sup>(2)</sup> | 85000 | 282159 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vanguard International Semiconductor Corp.<sup>(2)</sup> | 3127977 | $9287209 |
| Ventec International Group Co. Ltd. | 30000 | 106834 |
| VIA Labs, Inc. | 2000 | 5996 |
| Viking Tech Corp. | 69000 | 87649 |
| Visco Vision, Inc. | 62000 | 413778 |
| Visual Photonics Epitaxy Co. Ltd.<sup>(2)</sup> | 67000 | 339621 |
| Voltronic Power Technology Corp. | 42100 | 1352754 |
| Wafer Works Corp.<sup>(1)</sup> | 154545 | 120671 |
| Wah Hong Industrial Corp. | 19000 | 26283 |
| Wah Lee Industrial Corp. | 37740 | 122333 |
| Walsin Lihwa Corp.<sup>(2)</sup> | 2211163 | 1637968 |
| Walsin Technology Corp. | 272000 | 727571 |
| Walton Advanced Engineering, Inc. | 88000 | 39649 |
| Wan Hai Lines Ltd.<sup>(2)</sup> | 1038640 | 2804191 |
| We & Win Development Co. Ltd.<sup>(1)</sup> | 291000 | 99586 |
| We&Win Diversification Co. Ltd.<sup>(2)</sup> | 73000 | 50627 |
| WEI Chih Steel Industrial Co. Ltd. | 76000 | 44816 |
| Wei Chuan Foods Corp. | 82000 | 41791 |
| Weikeng Industrial Co. Ltd.<sup>(2)</sup> | 469000 | 430151 |
| Well Shin Technology Co. Ltd. | 106000 | 189338 |
| Wholetech System Hitech Ltd. | 40000 | 183474 |
| Win Semiconductors Corp.<sup>(2)</sup> | 114000 | 342597 |
| Winbond Electronics Corp.<sup>(1)(2)</sup> | 2594324 | 1657248 |
| Winmate, Inc.<sup>(2)</sup> | 28000 | 175681 |
| Winstek Semiconductor Co. Ltd. | 148000 | 491700 |
| WinWay Technology Co. Ltd. | 10000 | 444484 |
| Wisdom Marine Lines Co. Ltd. | 643378 | 1270245 |
| Wistron Corp. | 6411000 | 23513572 |
| WITS Corp. | 86345 | 313595 |
| Wiwynn Corp.<sup>(2)</sup> | 66000 | 6334526 |
| WNC Corp.<sup>(2)</sup> | 425038 | 1755014 |
| Wonderful Hi-Tech Co. Ltd. | 318000 | 517528 |
| Wowprime Corp. | 254737 | 1826321 |
| WPG Holdings Ltd. | 915000 | 1994789 |
| WT Microelectronics Co. Ltd.<sup>(2)</sup> | 454085 | 1815878 |
| WUS Printed Circuit Co. Ltd. | 41000 | 151653 |
| WW Holding, Inc. | 32000 | 79782 |
| XinTec, Inc.<sup>(2)</sup> | 39000 | 173171 |
| Xxentria Technology Materials Corp. | 156524 | 210431 |
| Yageo Corp. | 701712 | 3177571 |
| Yang Ming Marine Transport Corp.<sup>(2)</sup> | 3610000 | 6787438 |
| Yankey Engineering Co. Ltd. | 72180 | 1154893 |
| YC INOX Co. Ltd.<sup>(1)</sup> | 268302 | 180402 |
| YCC Parts Manufacturing Co. Ltd.<sup>(1)(2)</sup> | 79000 | 121985 |
| Yea Shin International Development Co. Ltd. | 46536 | 38037 |
| Yem Chio Co. Ltd.<sup>(1)</sup> | 346579 | 178698 |
| Yen Sun Technology Corp. | 170000 | 257127 |
| Yeong Guan Energy Technology Group Co. Ltd.<sup>(1)</sup> | 77998 | 56558 |
| YFY, Inc. | 1598000 | 1302753 |
| Yieh Hsing Enterprise Co. Ltd.<sup>(1)</sup> | 41000 | 11064 |
| Yieh Phui Enterprise Co. Ltd.<sup>(1)(2)</sup> | 1044264 | 513001 |
| Young Fast Optoelectronics Co. Ltd. | 57000 | 103024 |
| Youngtek Electronics Corp. | 50000 | 96494 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Yuanta Financial Holding Co. Ltd.<sup>(2)</sup> | 22794311 | $24129278 |
| Yuanta Futures Co. Ltd.<sup>(2)</sup> | 84455 | 238264 |
| Yuen Foong Yu Consumer Products Co. Ltd. | 70000 | 89407 |
| Yulon Finance Corp.<sup>(1)(2)</sup> | 315990 | 1092026 |
| Yulon Motor Co. Ltd.<sup>(2)</sup> | 1476099 | 1583771 |
| Yungshin Construction & Development Co. Ltd.<sup>(2)</sup> | 277000 | 658421 |
| YungShin Global Holding Corp. | 155000 | 283262 |
| Yusin Holding Corp. | 28787 | 78848 |
| Zeng Hsing Industrial Co. Ltd. | 23115 | 72716 |
| Zenitron Corp. | 50000 | 50808 |
| Zero One Technology Co. Ltd.<sup>(2)</sup> | 171526 | 689934 |
| Zhen Ding Technology Holding Ltd.<sup>(2)</sup> | 3005000 | 19173495 |
| Zhong Yang Technology Co. Ltd.<sup>(1)(2)</sup> | 75000 | 115468 |
| Zinwell Corp.<sup>(1)</sup> | 75000 | 32497 |
| Zippy Technology Corp.<sup>(2)</sup> | 147000 | 269041 |
| Zyxel Group Corp. | 973043 | 1074425 |
|  |  | 2579324635 |
| **Thailand — 1.5%** |  |  |
| AAPICO Hitech PCL, NVDR | 269200 | 119809 |
| Absolute Clean Energy PCL, NVDR<sup>(1)</sup> | 830900 | 33381 |
| Advanced Info Service PCL, NVDR | 1011100 | 9194289 |
| Advanced Information Technology PCL, NVDR | 110200 | 16595 |
| AEON Thana Sinsap Thailand PCL, NVDR | 66900 | 226137 |
| Airports of Thailand PCL, NVDR | 3300500 | 3675138 |
| Amata Corp. PCL, NVDR | 1126200 | 549504 |
| AP Thailand PCL, NVDR | 4854300 | 1102813 |
| Asia Aviation PCL, NVDR<sup>(1)</sup> | 1460944 | 55521 |
| Asia Plus Group Holdings PCL, NVDR | 561700 | 43376 |
| Asian Sea Corp. PCL, NVDR | 207750 | 45851 |
| Asset World Corp. PCL, NVDR | 1689200 | 116000 |
| B Grimm Power PCL, NVDR | 385700 | 151534 |
| Bangchak Corp. PCL, NVDR | 4874200 | 4856910 |
| Bangkok Airways PCL, NVDR | 693200 | 289507 |
| Bangkok Bank PCL, NVDR | 74200 | 356368 |
| Bangkok Chain Hospital PCL, NVDR | 8048100 | 3229732 |
| Bangkok Dusit Medical Services PCL, NVDR | 8457100 | 5406262 |
| Bangkok Expressway & Metro PCL, NVDR | 4923700 | 806628 |
| Bangkok Land PCL, NVDR | 2403600 | 36307 |
| Bangkok Life Assurance PCL, NVDR | 5208600 | 2814658 |
| Banpu PCL, NVDR | 24058566 | 3538469 |
| Banpu Power PCL, NVDR | 119900 | 31648 |
| BCPG PCL, NVDR | 686100 | 181274 |
| BEC World PCL, NVDR | 687000 | 44511 |
| Berli Jucker PCL, NVDR | 252500 | 134311 |
| BG Container Glass PCL, NVDR | 56100 | 8306 |
| BTS Group Holdings PCL, NVDR<sup>(1)</sup> | 2493400 | 243636 |
| Bumrungrad Hospital PCL, NVDR | 847600 | 4654869 |
| Cal-Comp Electronics Thailand PCL, NVDR | 6340274 | 1135388 |
| Carabao Group PCL, NVDR | 143000 | 226246 |
| Central Pattana PCL, NVDR | 2507300 | 3993047 |
| Central Plaza Hotel PCL, NVDR | 200500 | 178141 |
| Central Retail Corp. PCL, NVDR | 971366 | 639556 |
| CH Karnchang PCL, NVDR | 471600 | 211083 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Charoen Pokphand Foods PCL, NVDR | 5302300 | $3587257 |
| Chularat Hospital PCL, NVDR | 22782300 | 1110944 |
| CK Power PCL, NVDR | 593200 | 50551 |
| Com7 PCL, NVDR | 1274500 | 1004964 |
| Country Group Development PCL, NVDR<sup>(1)</sup> | 979000 | 3615 |
| Country Group Holdings PCL, NVDR<sup>(1)</sup> | 391100 | 6512 |
| CP ALL PCL, NVDR | 2480100 | 3373842 |
| CP Axtra PCL, NVDR | 20044 | 11096 |
| Delta Electronics Thailand PCL, NVDR | 2215300 | 10253878 |
| Dhipaya Group Holdings PCL, NVDR | 41000 | 25574 |
| Diamond Building Products PCL, NVDR | 51200 | 8693 |
| Ditto Thailand PCL, NVDR | 13600 | 5583 |
| Dohome PCL, NVDR | 338757 | 37880 |
| Dynasty Ceramic PCL, NVDR | 1977800 | 85494 |
| Eastern Polymer Group PCL, NVDR | 226400 | 20950 |
| Ekachai Medical Care PCL, NVDR | 207574 | 35561 |
| Electricity Generating PCL, NVDR | 1280900 | 4670691 |
| Energy Absolute PCL, NVDR<sup>(1)</sup> | 2202800 | 171590 |
| Erawan Group PCL, NVDR | 7830440 | 580613 |
| Forth Corp. PCL, NVDR<sup>(1)</sup> | 56900 | 12034 |
| G J Steel PCL, NVDR<sup>(1)</sup> | 6403900 | 25776 |
| GFPT PCL, NVDR | 478400 | 143914 |
| Global Power Synergy PCL, NVDR | 115800 | 150721 |
| Gulf Development PCL, NVDR<sup>(1)</sup> | 2559455 | 3713114 |
| Gunkul Engineering PCL, NVDR | 2557400 | 142296 |
| Haad Thip PCL, NVDR | 27800 | 12955 |
| Hana Microelectronics PCL, NVDR | 353800 | 264397 |
| Home Product Center PCL, NVDR | 13629000 | 2989874 |
| Ichitan Group PCL, NVDR | 622600 | 219196 |
| Indorama Ventures PCL, NVDR | 1413300 | 945805 |
| IRPC PCL, NVDR | 5862900 | 186407 |
| Italian-Thai Development PCL, NVDR<sup>(1)</sup> | 2149900 | 15929 |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 3004949 | 139224 |
| JMT Network Services PCL, NVDR | 6968 | 2522 |
| Kasikornbank PCL, NVDR | 1095100 | 5696286 |
| KCE Electronics PCL, NVDR | 3714300 | 2926450 |
| KGI Securities Thailand PCL, NVDR | 805200 | 96387 |
| Khon Kaen Sugar Industry PCL, NVDR | 380000 | 16299 |
| Kiatnakin Phatra Bank PCL, NVDR | 178200 | 327212 |
| Krung Thai Bank PCL, NVDR | 7012100 | 5332784 |
| Krungthai Card PCL, NVDR | 1062100 | 895550 |
| Land & Houses PCL, NVDR | 12486600 | 1503550 |
| LPN Development PCL, NVDR | 441700 | 23463 |
| Major Cineplex Group PCL, NVDR | 187100 | 44756 |
| MBK PCL, NVDR | 576244 | 306040 |
| MC Group PCL, NVDR | 181500 | 58909 |
| MCS Steel PCL, NVDR | 184800 | 47698 |
| Mega Lifesciences PCL, NVDR | 408300 | 352516 |
| Minor International PCL, NVDR | 5270400 | 3812207 |
| MK Restaurants Group PCL, NVDR | 98500 | 65644 |
| Mono Next PCL, NVDR<sup>(1)</sup> | 1312800 | 65777 |
| Muangthai Capital PCL, NVDR | 2424600 | 2792388 |
| Namyong Terminal PCL, NVDR | 30600 | 2685 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Noble Development PCL, Class C, NVDR | 205200 | $13046 |
| Origin Property PCL, NVDR | 94600 | 6366 |
| Osotspa PCL, NVDR | 408600 | 207326 |
| Plan B Media PCL, NVDR | 21786000 | 2956726 |
| Polyplex Thailand PCL, NVDR | 118600 | 34747 |
| POSCO-Thainox PCL, NVDR | 576900 | 7333 |
| Praram 9 Hospital PCL, NVDR | 52100 | 36364 |
| Precious Shipping PCL, NVDR | 722900 | 141455 |
| Premier Marketing PCL, NVDR | 72700 | 26480 |
| PRG Corp. PCL, NVDR | 56870 | 13552 |
| Prima Marine PCL, NVDR | 1415900 | 277589 |
| Pruksa Holding PCL, NVDR | 89200 | 11298 |
| PTG Energy PCL, NVDR | 2577800 | 616723 |
| PTT Exploration & Production PCL, NVDR | 2040500 | 7056355 |
| PTT Global Chemical PCL, NVDR | 6427800 | 5213512 |
| PTT Oil & Retail Business PCL, NVDR | 4429900 | 1822099 |
| PTT PCL, NVDR | 10941500 | 10476355 |
| Quality Houses PCL, NVDR | 51182100 | 2148645 |
| R&B Food Supply PCL, NVDR | 29500 | 3752 |
| Rabbit Holdings PCL, NVDR<sup>(1)</sup> | 3088800 | 33387 |
| Rajthanee Hospital PCL, NVDR | 65600 | 27127 |
| Ratch Group PCL, NVDR | 973350 | 812031 |
| Ratchthani Leasing PCL, NVDR | 1553750 | 80996 |
| Regional Container Lines PCL, NVDR | 5881800 | 4994397 |
| Rojana Industrial Park PCL, NVDR | 503600 | 73178 |
| RS PCL, NVDR<sup>(1)</sup> | 416020 | 3613 |
| S Hotels & Resorts PCL, NVDR | 1097200 | 49815 |
| S Kijchai Enterprise PCL, R Shares, NVDR | 189900 | 33487 |
| Sabina PCL, NVDR | 189300 | 90708 |
| Samart Corp. PCL, NVDR | 315700 | 62962 |
| Sansiri PCL, NVDR | 79948700 | 3555174 |
| Sappe PCL, NVDR | 3200 | 3209 |
| SC Asset Corp. PCL, NVDR | 869800 | 48918 |
| SCB X PCL, NVDR | 175800 | 697586 |
| Sermsang Power Corp. Co. Ltd., NVDR | 416975 | 51173 |
| Siam Cement PCL, NVDR | 774600 | 5156088 |
| Siam Global House PCL, NVDR | 1821832 | 400185 |
| Siamgas & Petrochemicals PCL, NVDR | 124500 | 24952 |
| Singer Thailand PCL, NVDR<sup>(1)</sup> | 304200 | 51774 |
| Singha Estate PCL, NVDR | 1000000 | 16689 |
| SISB PCL, NVDR | 89700 | 40775 |
| Somboon Advance Technology PCL, NVDR | 159800 | 63682 |
| SPCG PCL, NVDR | 87000 | 23104 |
| Sri Trang Agro-Industry PCL, NVDR | 1026200 | 383918 |
| Srisawad Capital 1969 PCL, NVDR | 237731 | 10455 |
| Srisawad Corp. PCL, NVDR | 3314344 | 2566166 |
| Srivichai Vejvivat PCL, NVDR | 93400 | 21768 |
| Star Petroleum Refining PCL, NVDR | 844400 | 116692 |
| Stecon Group PCL, NVDR<sup>(1)</sup> | 1353900 | 320626 |
| Stella X PCL, NVDR<sup>(1)</sup> | 2022600 | 13086 |
| STP & I PCL, NVDR<sup>(1)</sup> | 367800 | 46154 |
| Supalai PCL, NVDR | 1066100 | 504174 |
| Super Energy Corp. PCL, NVDR<sup>(1)</sup> | 6494800 | 28310 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Susco PCL, NVDR | 694300 | $54060 |
| Taokaenoi Food & Marketing PCL, Class R, NVDR | 609400 | 105490 |
| Tata Steel Thailand PCL, NVDR<sup>(1)</sup> | 498600 | 11721 |
| Thai Airways International PCL, NVDR<sup>(1)</sup> | 20500 | 7847 |
| Thai Oil PCL, NVDR | 3139300 | 3105171 |
| Thai Union Group PCL, NVDR | 15378700 | 5848261 |
| Thai Vegetable Oil PCL, NVDR | 227700 | 173640 |
| Thaicom PCL, NVDR<sup>(1)</sup> | 978300 | 282585 |
| Thaifoods Group PCL, NVDR | 1042480 | 162678 |
| Thanachart Capital PCL, NVDR | 118400 | 185644 |
| Thonburi Healthcare Group PCL, NVDR<sup>(1)</sup> | 1162000 | 258470 |
| Thoresen Thai Agencies PCL, NVDR | 845900 | 110747 |
| TIDLOR Holdings PCL, NVDR | 278800 | 162347 |
| Tipco Asphalt PCL, NVDR | 489900 | 216266 |
| Tisco Financial Group PCL, NVDR | 222300 | 693362 |
| TKS Technologies PCL, NVDR | 43200 | 7878 |
| TMBThanachart Bank PCL, NVDR | 22103300 | 1297992 |
| TOA Paint Thailand PCL, NVDR | 180400 | 76835 |
| TPI Polene PCL, NVDR | 1342100 | 30649 |
| TPI Polene Power PCL, NVDR | 537300 | 36834 |
| TQM Alpha PCL, NVDR | 77700 | 32148 |
| Triple i Logistics PCL, NVDR | 331586 | 49307 |
| True Corp. PCL, NVDR<sup>(1)</sup> | 20121053 | 7095047 |
| TTW PCL, NVDR | 244900 | 68790 |
| Unique Engineering & Construction PCL, NVDR | 129200 | 12609 |
| United Paper PCL, NVDR | 45600 | 10630 |
| Univentures PCL, NVDR | 191000 | 6314 |
| Vanachai Group PCL, NVDR | 117200 | 7305 |
| VGI PCL, NVDR | 194070 | 12600 |
| WHA Corp. PCL, NVDR | 3409900 | 379092 |
| Workpoint Entertainment PCL, NVDR<sup>(1)</sup> | 45500 | 5927 |
| Xspring Capital PCL, NVDR<sup>(1)</sup> | 3816100 | 62441 |
|  |  | 178769627 |
| **Turkey — 0.8%** |  |  |
| Adese Alisveris Merkezleri Ticaret AS<sup>(1)</sup> | 2701853 | 1220362 |
| Afyon Cimento Sanayi TAS | 44553 | 15307 |
| AG Anadolu Grubu Holding AS | 74130 | 51735 |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS<sup>(1)</sup> | 122694 | 101990 |
| Akbank TAS | 4407295 | 7316397 |
| Akcansa Cimento AS | 8315 | 27456 |
| Aksa Akrilik Kimya Sanayii AS | 1075823 | 276707 |
| Aksa Enerji Uretim AS<sup>(1)</sup> | 67604 | 63471 |
| Alarko Holding AS<sup>(2)</sup> | 210631 | 449394 |
| Albaraka Turk Katilim Bankasi AS | 3850112 | 809745 |
| Anadolu Anonim Turk Sigorta Sirketi | 1482048 | 804662 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS<sup>(2)</sup> | 863060 | 355125 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 480960 | 2143547 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS<sup>(2)</sup> | 243949 | 700700 |
| Aygaz AS | 10925 | 44609 |
| Bagfas Bandirma Gubre Fabrikalari AS<sup>(1)</sup> | 24987 | 23210 |
| Baticim Bati Anadolu Cimento Sanayii AS<sup>(1)</sup> | 3859491 | 377093 |
| Bera Holding AS<sup>(1)</sup> | 902989 | 395364 |
| Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS<sup>(1)</sup> | 263190 | 14584 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BIM Birlesik Magazalar AS<sup>(2)</sup> | 509904 | $6569935 |
| Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS<sup>(1)(2)</sup> | 12816 | 158956 |
| Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 2541 | 4891 |
| Cimsa Cimento Sanayi VE Ticaret AS<sup>(2)</sup> | 267967 | 315473 |
| Coca-Cola Icecek AS | 2418062 | 2898792 |
| Destek Finans Faktoring AS<sup>(1)(2)</sup> | 47073 | 869649 |
| Dogan Sirketler Grubu Holding AS<sup>(1)</sup> | 1353874 | 633605 |
| Dogus Otomotiv Servis ve Ticaret AS<sup>(2)</sup> | 162176 | 745843 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 5143 | 7979 |
| Enerjisa Enerji AS | 171096 | 328585 |
| Enerya Enerji AS | 3751324 | 1004490 |
| Eregli Demir ve Celik Fabrikalari TAS | 2486628 | 1805678 |
| Esenboga Elektrik Uretim AS<sup>(1)</sup> | 183799 | 45001 |
| Ford Otomotiv Sanayi AS | 198360 | 539084 |
| Galatasaray Sportif Sinai ve Ticari Yatirimlar AS<sup>(1)</sup> | 1512593 | 61085 |
| GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS | 36166 | 157886 |
| Gentas Genel Metal Sanayi ve Ticaret AS | 428657 | 82607 |
| Girsim Elektrik Sanayi Taahut Ve Ticaret AS<sup>(1)</sup> | 38320 | 44408 |
| Goknur Gida Maddeleri Ithalat Ihracat Ticaret Ve Sanayi AS | 77093 | 45430 |
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS | 6451 | 54237 |
| Goodyear Lastikleri TAS<sup>(1)</sup> | 456 | 211 |
| Gozde Girisim Sermayesi Yatirim Ortakligi AS<sup>(1)</sup> | 150862 | 83306 |
| Gubre Fabrikalari TAS<sup>(1)(2)</sup> | 55875 | 395894 |
| Haci Omer Sabanci Holding AS<sup>(2)</sup> | 1956783 | 4483318 |
| Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS<sup>(1)</sup> | 12575 | 18225 |
| Is Finansal Kiralama AS<sup>(1)</sup> | 184887 | 85419 |
| Is Yatirim Menkul Degerler AS | 325537 | 345008 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D<sup>(1)(2)</sup> | 382092 | 273326 |
| Kervan Gida Sanayi Ve Ticaret AS | 361269 | 21167 |
| KOC Holding AS | 1225031 | 5461311 |
| Koza Anadolu Metal Madencilik Isletmeleri AS<sup>(1)</sup> | 64168 | 123292 |
| Logo Yazilim Sanayi Ve Ticaret AS | 21409 | 94896 |
| Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 439804 | 477912 |
| MIA Teknoloji AS<sup>(1)(2)</sup> | 454418 | 459981 |
| Migros Ticaret AS<sup>(2)</sup> | 60458 | 713835 |
| MLP Saglik Hizmetleri AS<sup>(1)</sup> | 42404 | 368733 |
| Naturel Yenilenebilir Enerji Ticaret AS | 157350 | 38836 |
| NET Holding AS<sup>(1)</sup> | 138455 | 170481 |
| Nuh Cimento Sanayi AS | 26916 | 155070 |
| ODAS Elektrik Uretim ve Sanayi Ticaret AS<sup>(1)</sup> | 3847759 | 577291 |
| Oyak Cimento Fabrikalari AS<sup>(1)</sup> | 456531 | 271434 |
| Pegasus Hava Tasimaciligi AS<sup>(1)(2)</sup> | 614739 | 3721047 |
| Petkim Petrokimya Holding AS<sup>(1)(2)</sup> | 1206562 | 586671 |
| Polisan Holding AS | 2813882 | 315971 |
| Qua Granite Hayal<sup>(1)</sup> | 898793 | 163437 |
| Ral Yatirim Holding AS<sup>(1)</sup> | 50692 | 161253 |
| Reysas Tasimacilik ve Lojistik Ticaret AS<sup>(1)</sup> | 237547 | 98893 |
| Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS | 1201 | 639 |
| Sasa Polyester Sanayi AS<sup>(1)(2)</sup> | 1141216 | 130122 |
| Segmen Kardesler Gida Uretim Ve Ambalaj Sanayi AS/Turkey | 41650 | 24619 |
| Sekerbank Turk AS | 3680757 | 719564 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 74383 | 156578 |
| Sok Marketler Ticaret AS | 2382147 | 2336319 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TAB Gida Sanayi Ve Ticaret AS, Class A | 27311 | $143135 |
| TAV Havalimanlari Holding AS<sup>(1)</sup> | 930715 | 5735405 |
| Tekfen Holding AS<sup>(2)</sup> | 223574 | 567838 |
| Teknosa Ic Ve Dis Ticaret AS<sup>(1)</sup> | 7381 | 5101 |
| Tera Yatirim Menkul Degerler AS<sup>(1)</sup> | 59940 | 1005960 |
| Tofas Turk Otomobil Fabrikasi AS<sup>(2)</sup> | 47826 | 291277 |
| Tukas Gida Sanayi ve Ticaret AS<sup>(1)</sup> | 938134 | 80079 |
| Turcas Petrol AS | 57514 | 50577 |
| Turk Altin Isletmeleri AS<sup>(1)(2)</sup> | 480365 | 281232 |
| Turk Hava Yollari AO | 999455 | 8141025 |
| Turk Traktor ve Ziraat Makineleri AS | 11787 | 177201 |
| Turkcell Iletisim Hizmetleri AS, ADR | 926839 | 5449813 |
| Turkiye Halk Bankasi AS<sup>(1)(2)</sup> | 139732 | 90929 |
| Turkiye Is Bankasi AS, C Shares<sup>(2)</sup> | 17724745 | 6488537 |
| Turkiye Petrol Rafinerileri AS | 1344060 | 5627601 |
| Turkiye Sigorta AS | 593434 | 144249 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(1)</sup> | 1709268 | 603119 |
| Turkiye Sise ve Cam Fabrikalari AS<sup>(2)</sup> | 1159700 | 1148135 |
| Turkiye Vakiflar Bankasi TAO, D Shares<sup>(1)(2)</sup> | 1558069 | 1091349 |
| Ulker Biskuvi Sanayi AS<sup>(2)</sup> | 418129 | 1153028 |
| Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS<sup>(1)</sup> | 578 | 2976 |
| Usak Seramik Sanayii AS<sup>(1)</sup> | 2614088 | 254816 |
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 43355 | 66461 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 154699 | 50461 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(1)</sup> | 183872 | 189150 |
| Yapi ve Kredi Bankasi AS<sup>(1)(2)</sup> | 4955503 | 3962867 |
| Zorlu Enerji Elektrik Uretim AS<sup>(1)</sup> | 45584098 | 4211288 |
|  |  | 101612740 |
| **United States — 0.1%** |  |  |
| Coupang, Inc.<sup>(1)</sup> | 332813 | 9511796 |
| **TOTAL COMMON STOCKS**<br>(Cost $9,781,831,538) |  | **12023111843** |
| **WARRANTS — 0.0%** |  |  |
| **Brazil — 0.0%** |  |  |
| Gol Linhas Aereas Inteligentes SA<sup>(1)</sup> | 367784 | 347 |
| Marisa Lojas SA<sup>(1)</sup> | 13473 | 497 |
|  |  | 844 |
| **Malaysia — 0.0%** |  |  |
| Ann Joo Resources Bhd.<sup>(1)</sup> | 25825 | 1100 |
| Dagang NeXchange Bhd.<sup>(1)</sup> | 680066 | 9658 |
| NEXG Bhd.<sup>(1)</sup> | 314250 | 22686 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 174799 | 6620 |
| Top Glove Corp. Bhd.<sup>(1)</sup> | 139854 | 5131 |
| VS Industry Bhd.<sup>(1)</sup> | 140560 | 665 |
| YTL Corp. Bhd.<sup>(1)</sup> | 313482 | 94534 |
| YTL Power International Bhd.<sup>(1)(2)</sup> | 718280 | 314428 |
|  |  | 454822 |
| **Thailand — 0.0%** |  |  |
| Energy Absolute PCL, NVDR<sup>(1)</sup> | 367133 | 8636 |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 1502474 | 20917 |
| Kiatnakin Phatra Bank PCL, NVDR<sup>(1)</sup> | 8275 | 428 |
| Noble Development PCL, NVDR<sup>(1)</sup> | 102600 | 982 |
| Origin Property PCL, NVDR<sup>(1)</sup> | 23650 | 314 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Roctec Global PCL, NVDR<sup>(1)</sup> | 498325 | $309 |
| RS PCL, NVDR<sup>(1)</sup> | 20801 | 115 |
| TEAM Consulting Engineering & Management PCL, NVDR<sup>(1)</sup> | 89260 | 554 |
| VGI PCL, NVDR<sup>(1)</sup> | 19407 | 372 |
|  |  | 32627 |
| **TOTAL WARRANTS**<br>(Cost $436,867) |  | **488293** |
| **RIGHTS — 0.0%** |  |  |
| **China — 0.0%** |  |  |
| XJ International Holdings Co. Ltd.<sup>(1)(2)</sup> | 759333 | 974 |
| **India — 0.0%** |  |  |
| Sarveshwar Foods Ltd.<sup>(1)</sup> | 51329 | 640 |
| **Thailand — 0.0%** |  |  |
| Thonburi Healthcare Group PCL, NVDR<sup>(1)</sup> | 464800 | 19685 |
| **TOTAL RIGHTS**<br>(Cost $—) |  | **21299** |
| **SHORT-TERM INVESTMENTS — 1.2%** |  |  |
| **Money Market Funds — 1.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 12854661 | 12854661 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 128016556 | 128016556 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $140,871,217) |  | **140871217** |
| **TOTAL INVESTMENT SECURITIES — 101.3%**<br>(Cost $9,923,139,622) |  | **12164492652** |
| **OTHER ASSETS AND LIABILITIES — (1.3)%** |  | **(153145951)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**12011346701** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Financials | 21.9% |
| Information Technology | 21.2% |
| Consumer Discretionary | 12.8% |
| Industrials | 9.8% |
| Materials | 9.0% |
| Communication Services | 8.2% |
| Consumer Staples | 4.4% |
| Energy | 4.0% |
| Health Care | 4.0% |
| Utilities | 3.1% |
| Real Estate | 1.7% |
| Short-Term Investments | 1.2% |
| Other Assets and Liabilities | (1.3)% |

---

------

Schedule of Investments - Avantis Emerging Markets Equity 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 $794,755,295. 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 $844,742,657, which includes securities collateral of $716,726,101.

**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 | $350437911 | $224151807 |  |
| &nbsp;&nbsp;&nbsp;Chile | 18351098 | 46100187 |  |
| &nbsp;&nbsp;&nbsp;China | 678024502 | 2729912525 |  |
| &nbsp;&nbsp;&nbsp;Colombia | 10020676 | 5602380 |  |
| &nbsp;&nbsp;&nbsp;India | 167166802 | 1984720141 |  |
| &nbsp;&nbsp;&nbsp;Indonesia | 12880467 | 153225969 |  |
| &nbsp;&nbsp;&nbsp;Mexico | 92604334 | 185045097 |  |
| &nbsp;&nbsp;&nbsp;Peru | 42165780 |  |  |
| &nbsp;&nbsp;&nbsp;Philippines | 3124408 | 60346836 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 125468605 | 344815206 |  |
| &nbsp;&nbsp;&nbsp;South Korea | 135122441 | 1309660713 |  |
| &nbsp;&nbsp;&nbsp;Taiwan | 812575620 | 1766749015 |  |
| &nbsp;&nbsp;&nbsp;Turkey | 5449813 | 96162927 |  |
| &nbsp;&nbsp;&nbsp;United States | 9511796 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 653714787 |  |
| Warrants |  | 488293 |  |
| Rights |  | 21299 |  |
| Short-Term Investments | 140871217 |  |  |
|  | $2603775470 | $9560717182 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.7%** | **Shares**<br> | **Value**<br> |
| **Brazil — 8.1%** |  |  |
| Allos SA | 22600 | $100081 |
| Alpargatas SA, Preference Shares | 8900 | 15578 |
| Alupar Investimento SA | 108 | 593 |
| Ambev SA, ADR | 52133 | 116778 |
| Anima Holding SA | 500 | 310 |
| Armac Locacao Logistica E Servicos SA | 100 | 74 |
| Auren Energia SA | 17000 | 34051 |
| Automob Participacoes SA<sup>(1)</sup> | 412 | 976 |
| Azzas 2154 SA | 5240 | 33430 |
| B3 SA - Brasil Bolsa Balcao | 67700 | 162574 |
| Banco ABC Brasil SA, Preference Shares | 6700 | 27137 |
| Banco BMG SA, Preference Shares | 200 | 138 |
| Banco Bradesco SA | 50600 | 134763 |
| Banco Bradesco SA, ADR | 165639 | 515137 |
| Banco BTG Pactual SA | 28000 | 232806 |
| Banco do Brasil SA | 54100 | 213432 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 15400 | 32579 |
| Banco Pan SA, Preference Shares | 8100 | 11563 |
| Banco Santander Brasil SA, ADR<sup>(2)</sup> | 9200 | 48760 |
| BB Seguridade Participacoes SA | 28700 | 172882 |
| Bemobi Mobile Tech SA | 4000 | 14799 |
| BR Advisory Partners Participacoes SA | 3800 | 11669 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 2900 | 11200 |
| Braskem SA, Class A, ADR<sup>(1)(2)</sup> | 4664 | 16231 |
| Brava Energia<sup>(1)</sup> | 1 | 2 |
| Brava Energia<sup>(1)</sup> | 31085 | 114952 |
| BRF SA, ADR<sup>(2)</sup> | 21487 | 82080 |
| C&A Modas SA | 7600 | 23717 |
| Caixa Seguridade Participacoes SA | 8500 | 22560 |
| Camil Alimentos SA | 1700 | 1530 |
| Centrais Eletricas Brasileiras SA, ADR<sup>(2)</sup> | 37978 | 312939 |
| Centrais Eletricas Brasileiras SA, Class B Preference Shares | 4700 | 41592 |
| Cia Brasileira de Aluminio<sup>(1)</sup> | 18400 | 11878 |
| Cia Brasileira de Distribuicao<sup>(1)</sup> | 18900 | 12445 |
| Cia de Ferro Ligas da Bahia FERBASA, Preference Shares | 7300 | 8671 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR | 10678 | 241857 |
| Cia de Saneamento de Minas Gerais Copasa MG | 14800 | 82000 |
| Cia De Sanena Do Parana | 4100 | 25960 |
| Cia De Sanena Do Parana, Preference Shares | 60100 | 74046 |
| Cia Energetica de Minas Gerais, ADR | 96598 | 196094 |
| Cia Siderurgica Nacional SA, ADR<sup>(2)</sup> | 28258 | 39844 |
| Construtora Tenda SA | 300 | 1302 |
| Cosan SA<sup>(1)</sup> | 23200 | 24904 |
| CPFL Energia SA | 4900 | 35499 |
| Cury Construtora e Incorporadora SA | 13800 | 87760 |
| CVC Brasil Operadora e Agencia de Viagens SA<sup>(1)</sup> | 37900 | 14959 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 17400 | 90693 |
| Dexco SA | 25700 | 27350 |
| EcoRodovias Infraestrutura e Logistica SA | 39400 | 58498 |
| Embraer SA, ADR | 4993 | 281256 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Empreendimentos Pague Menos SA | 19600 | $13448 |
| Energisa SA | 16500 | 149180 |
| Eneva SA<sup>(1)</sup> | 10100 | 28185 |
| Engie Brasil Energia SA | 8500 | 62850 |
| Equatorial Energia SA | 6489 | 43660 |
| Even Construtora e Incorporadora SA | 11300 | 16006 |
| Ez Tec Empreendimentos e Participacoes SA | 8300 | 22626 |
| Fras-Le SA | 5900 | 25333 |
| Gerdau SA, ADR | 77415 | 238438 |
| GPS Participacoes e Empreendimentos SA | 100 | 321 |
| Grendene SA | 17800 | 17728 |
| Grupo Mateus SA | 9900 | 13293 |
| Grupo Multi SA<sup>(1)</sup> | 3800 | 729 |
| Grupo SBF SA | 10400 | 21752 |
| Hapvida Participacoes e Investimentos SA<sup>(1)</sup> | 1380 | 10642 |
| Hidrovias do Brasil SA<sup>(1)</sup> | 15564 | 10248 |
| Hypera SA | 6700 | 30152 |
| Iguatemi SA | 17300 | 75303 |
| Inter & Co., Inc., Class A | 17846 | 153297 |
| Iochpe Maxion SA | 11500 | 29928 |
| Irani Papel e Embalagem SA | 8500 | 12291 |
| IRB-Brasil Resseguros SA<sup>(1)</sup> | 7600 | 66933 |
| Isa Energia Brasil SA, Preference Shares | 17900 | 76561 |
| Itau Unibanco Holding SA, ADR | 89821 | 641322 |
| Jalles Machado SA<sup>(1)</sup> | 2500 | 1369 |
| JBS NV, BDR<sup>(1)</sup> | 16117 | 260727 |
| JBS NV, Class A<sup>(1)</sup> | 7709 | 124963 |
| JHSF Participacoes SA | 43200 | 45337 |
| JSL SA | 1200 | 1242 |
| Kepler Weber SA | 7400 | 10823 |
| Klabin SA | 40220 | 137013 |
| Lavvi Empreendimentos Imobiliarios SA | 7100 | 17011 |
| Localiza Rent a Car SA | 18600 | 123706 |
| LOG Commercial Properties e Participacoes SA | 3400 | 13326 |
| Lojas Quero-Quero SA | 400 | 190 |
| Lojas Renner SA | 62640 | 187740 |
| M Dias Branco SA | 3100 | 16856 |
| Magazine Luiza SA | 29300 | 44638 |
| Mahle Metal Leve SA | 4700 | 24168 |
| Marcopolo SA | 18100 | 24604 |
| Marcopolo SA, Preference Shares | 50500 | 85970 |
| Marfrig Global Foods SA | 15900 | 73256 |
| Metalurgica Gerdau SA, Preference Shares | 51200 | 89050 |
| Mills Locacao Servicos e Logistica SA | 7500 | 17236 |
| Minerva SA<sup>(1)</sup> | 12100 | 13413 |
| Motiva Infraestrutura de Mobilidade SA | 58600 | 156069 |
| Moura Dubeux Engenharia SA | 8400 | 40700 |
| Movida Participacoes SA | 23600 | 30730 |
| MRV Engenharia e Participacoes SA<sup>(1)</sup> | 29600 | 41491 |
| Multiplan Empreendimentos Imobiliarios SA | 4200 | 21566 |
| Natura Cosmeticos SA<sup>(1)</sup> | 2300 | 3814 |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 13525 | 200170 |
| Oceanpact Servicos Maritimos SA<sup>(1)</sup> | 8500 | 10786 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Odontoprev SA | 19200 | $46425 |
| Orizon Valorizacao de Residuos SA<sup>(1)</sup> | 200 | 2027 |
| Pagseguro Digital Ltd., Class A | 9902 | 88722 |
| Patria Investments Ltd., Class A | 2169 | 29368 |
| PBG SA<sup>(1)</sup> | 300 | 226 |
| Pet Center Comercio e Participacoes SA | 17400 | 12644 |
| Petroleo Brasileiro SA - Petrobras, ADR | 48287 | 598759 |
| Petroleo Brasileiro SA - Petrobras, ADR, Preference Shares<sup>(2)</sup> | 56518 | 648261 |
| Petroreconcavo SA | 10000 | 23829 |
| Plano & Plano Desenvolvimento Imobiliario SA | 5100 | 13508 |
| Positivo Tecnologia SA | 12400 | 10223 |
| PRIO SA<sup>(1)</sup> | 42000 | 293435 |
| Raia Drogasil SA | 40300 | 131859 |
| Raizen SA, Preference Shares<sup>(1)</sup> | 28600 | 6013 |
| Randon SA Implementos e Participacoes, Preference Shares | 4800 | 5958 |
| Rede D'Or Sao Luiz SA | 9500 | 68948 |
| Romi SA | 300 | 437 |
| Rumo SA | 13400 | 36059 |
| Santos Brasil Participacoes SA | 30300 | 79413 |
| Sao Martinho SA | 10800 | 35178 |
| Ser Educacional SA | 5500 | 9059 |
| Serena Energia SA<sup>(1)</sup> | 21900 | 49036 |
| Simpar SA | 17300 | 16624 |
| SLC Agricola SA | 11900 | 38651 |
| Smartfit Escola de Ginastica e Danca SA | 16300 | 73626 |
| StoneCo Ltd., A Shares<sup>(1)</sup> | 5971 | 98342 |
| Suzano SA, ADR<sup>(2)</sup> | 30744 | 299139 |
| SYN prop e tech SA | 300 | 367 |
| Taurus Armas SA, Preference Shares | 220 | 187 |
| Tegma Gestao Logistica SA | 2000 | 13435 |
| Telefonica Brasil SA, ADR | 10934 | 136347 |
| TIM SA, ADR<sup>(2)</sup> | 4880 | 103212 |
| TOTVS SA | 2000 | 15924 |
| Transmissora Alianca de Energia Eletrica SA | 10400 | 66714 |
| Tres Tentos Agroindustrial SA | 6000 | 16157 |
| Tupy SA | 3300 | 8819 |
| Ultrapar Participacoes SA, ADR | 66387 | 242313 |
| Unipar Carbocloro SA, Class B Preference Shares | 1100 | 12916 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares<sup>(1)</sup> | 36400 | 29204 |
| Vale SA, ADR | 108921 | 1119708 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 3600 | 13917 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 48000 | 38688 |
| Vibra Energia SA | 65800 | 294179 |
| Vivara Participacoes SA | 2800 | 15007 |
| Vulcabras SA | 700 | 2772 |
| WEG SA | 26200 | 182419 |
| Wilson Sons SA | 15300 | 50766 |
| XP, Inc., Class A | 22127 | 401384 |
| YDUQS Participacoes SA | 11500 | 28040 |
|  |  | 12908363 |
| **Chile — 0.9%** |  |  |
| Aguas Andinas SA, A Shares | 38300 | 13548 |
| Banco de Chile | 850473 | 121866 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Banco de Credito e Inversiones SA | 3217 | $130099 |
| Banco Santander Chile, ADR | 5332 | 128181 |
| CAP SA<sup>(1)</sup> | 3926 | 21055 |
| Cencosud SA | 19589 | 62016 |
| Cia Cervecerias Unidas SA, ADR<sup>(2)</sup> | 4601 | 56914 |
| Cia Sud Americana de Vapores SA | 827726 | 41325 |
| Colbun SA | 353615 | 53142 |
| Embotelladora Andina SA, Class B Preference Shares | 14766 | 58493 |
| Empresa Nacional de Telecomunicaciones SA | 17558 | 60671 |
| Empresas CMPC SA | 31417 | 49262 |
| Empresas Copec SA | 17805 | 132939 |
| Enel Americas SA | 336505 | 34979 |
| Enel Chile SA | 638817 | 44797 |
| Engie Energia Chile SA | 44610 | 55825 |
| Falabella SA | 18585 | 105781 |
| Parque Arauco SA | 19863 | 45608 |
| Ripley Corp. SA | 100219 | 47889 |
| SMU SA | 63959 | 10932 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(1)</sup> | 4179 | 190186 |
| Vina Concha y Toro SA | 27790 | 32135 |
|  |  | 1497643 |
| **Colombia — 0.3%** |  |  |
| Cementos Argos SA | 22262 | 55305 |
| Ecopetrol SA, ADR | 8723 | 81996 |
| Grupo Argos SA | 3651 | 15705 |
| Grupo Cibest SA | 3217 | 47407 |
| Grupo Cibest SA, ADR | 1830 | 92342 |
| Grupo de Inversiones Suramericana SA | 6952 | 80228 |
| Interconexion Electrica SA ESP | 11617 | 63619 |
| Mineros SA | 13670 | 34709 |
|  |  | 471311 |
| **Czech Republic — 0.3%** |  |  |
| CEZ AS | 4666 | 291783 |
| Komercni Banka AS | 1443 | 70503 |
| Moneta Money Bank AS | 13572 | 99515 |
|  |  | 461801 |
| **Egypt — 0.1%** |  |  |
| Commercial International Bank - Egypt (CIB), GDR | 111631 | 216668 |
| **Greece — 1.3%** |  |  |
| Aegean Airlines SA | 4738 | 79553 |
| Aktor SA Holding Co. Technical & Energy Projects<sup>(1)</sup> | 3006 | 27386 |
| Alpha Bank SA | 127930 | 507513 |
| Athens International Airport SA | 3070 | 38160 |
| Eurobank Ergasias Services & Holdings SA, Class A | 24129 | 88676 |
| GEK TERNA SA | 2640 | 69206 |
| Hellenic Telecommunications Organization SA | 1522 | 28327 |
| HELLENiQ ENERGY Holdings SA | 4924 | 49497 |
| Holding Co. ADMIE IPTO SA | 4269 | 17042 |
| Intracom Holdings SA<sup>(1)</sup> | 41 | 172 |
| Jumbo SA | 800 | 28542 |
| LAMDA Development SA<sup>(1)</sup> | 326 | 2820 |
| Metlen Energy & Metals PLC<sup>(1)</sup> | 1040 | 66675 |
| Metlen Energy & Metals SA<sup>(1)</sup> | 2246 | 143729 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Motor Oil Hellas Corinth Refineries SA | 5426 | $159927 |
| National Bank of Greece SA | 17320 | 239862 |
| OPAP SA | 1630 | 36581 |
| Optima bank SA | 8961 | 81866 |
| Piraeus Financial Holdings SA<sup>(1)</sup> | 41650 | 322330 |
| Public Power Corp. SA | 3135 | 52420 |
| Titan SA | 1361 | 59102 |
|  |  | 2099386 |
| **Hungary — 0.5%** |  |  |
| Magyar Telekom Telecommunications PLC | 20017 | 113717 |
| MOL Hungarian Oil & Gas PLC | 19318 | 166250 |
| OTP Bank Nyrt | 5618 | 490026 |
| Richter Gedeon Nyrt | 2198 | 66673 |
|  |  | 836666 |
| **India — 24.8%** |  |  |
| 360 ONE WAM Ltd. | 1250 | 14443 |
| 3M India Ltd. | 130 | 45301 |
| 5Paisa Capital Ltd.<sup>(1)</sup> | 1497 | 6041 |
| 63 Moons Technologies Ltd. | 1258 | 12903 |
| Aadhar Housing Finance Ltd.<sup>(1)</sup> | 5243 | 29898 |
| Aarti Drugs Ltd. | 5789 | 30842 |
| Aarti Industries Ltd. | 12703 | 54139 |
| Aarti Pharmalabs Ltd. | 1893 | 18067 |
| Aavas Financiers Ltd.<sup>(1)</sup> | 1528 | 26339 |
| ABB India Ltd. | 449 | 25469 |
| Acme Solar Holdings Ltd. | 12742 | 41112 |
| Action Construction Equipment Ltd. | 1816 | 21662 |
| Adani Enterprises Ltd. | 2705 | 68855 |
| Adani Green Energy Ltd.<sup>(1)</sup> | 385 | 3991 |
| Adani Ports & Special Economic Zone Ltd. | 15150 | 225700 |
| Adani Power Ltd.<sup>(1)</sup> | 19053 | 129908 |
| Aditya Birla Fashion & Retail Ltd.<sup>(1)</sup> | 141 | 124 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(1)</sup> | 28411 | 43478 |
| Aditya Birla Real Estate Ltd. | 193 | 3833 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 1818 | 17217 |
| Advanced Enzyme Technologies Ltd. | 77 | 302 |
| Advent Hotels International Pvt Ltd.<sup>(1)</sup> | 500 | 1489 |
| Aegis Logistics Ltd. | 1782 | 13591 |
| Afcons Infrastructure Ltd. | 1838 | 8711 |
| Affle 3i Ltd.<sup>(1)</sup> | 14 | 303 |
| Agarwal Industrial Corp. Ltd. | 53 | 472 |
| AGI Greenpac Ltd. | 813 | 8234 |
| AGI Infra Ltd. | 1669 | 21505 |
| AIA Engineering Ltd.<sup>(1)</sup> | 1418 | 49109 |
| Ajanta Pharma Ltd. | 947 | 26610 |
| Ajmera Realty & Infra India Ltd.<sup>(1)</sup> | 24 | 237 |
| Akzo Nobel India Ltd. | 1038 | 40157 |
| Alembic Ltd. | 633 | 729 |
| Alembic Pharmaceuticals Ltd. | 285 | 3028 |
| Alivus Life Sciences Ltd.<sup>(1)</sup> | 2650 | 28397 |
| Alkem Laboratories Ltd. | 409 | 24581 |
| Alkyl Amines Chemicals | 768 | 17460 |
| Allcargo Logistics Ltd. | 1161 | 411 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Allied Digital Services Ltd.<sup>(1)</sup> | 468 | $870 |
| Alok Industries Ltd.<sup>(1)</sup> | 3019 | 597 |
| Amara Raja Energy & Mobility Ltd. | 4256 | 47852 |
| Amber Enterprises India Ltd.<sup>(1)</sup> | 760 | 62594 |
| Ambuja Cements Ltd. | 7537 | 48169 |
| Anand Rathi Wealth Ltd. | 1552 | 49159 |
| Anant Raj Ltd. | 3053 | 17893 |
| Andhra Sugars Ltd. | 428 | 366 |
| Angel One Ltd. | 1742 | 43666 |
| Antony Waste Handling Cell Ltd.<sup>(1)</sup> | 2238 | 14534 |
| Anup Engineering Ltd. | 371 | 9303 |
| Anupam Rasayan India Ltd. | 1079 | 13809 |
| Apar Industries Ltd. | 1235 | 108336 |
| APL Apollo Tubes Ltd. | 1853 | 33726 |
| Apollo Hospitals Enterprise Ltd. | 1751 | 151210 |
| Apollo Tyres Ltd. | 17297 | 90603 |
| Aptus Value Housing Finance India Ltd. | 4289 | 15455 |
| Archean Chemical Industries Ltd. | 6809 | 50688 |
| Arman Financial Services Ltd.<sup>(1)</sup> | 725 | 11170 |
| Arvind Fashions Ltd. | 9993 | 58862 |
| Arvind Ltd. | 10411 | 33194 |
| Asahi India Glass Ltd.<sup>(1)</sup> | 3943 | 37426 |
| Ashok Leyland Ltd. | 52804 | 75975 |
| Ashoka Buildcon Ltd.<sup>(1)</sup> | 5891 | 11549 |
| Asian Paints Ltd. | 7912 | 226010 |
| Aster DM Healthcare Ltd. | 18617 | 126900 |
| Astral Ltd. | 475 | 7330 |
| AstraZeneca Pharma India Ltd. | 5 | 480 |
| Atul Ltd. | 286 | 20356 |
| AU Small Finance Bank Ltd. | 11377 | 92637 |
| AurionPro Solutions Ltd. | 489 | 7350 |
| Aurobindo Pharma Ltd. | 2588 | 30154 |
| Avantel Ltd. | 6403 | 10880 |
| Avanti Feeds Ltd. | 3254 | 23726 |
| Avenue Supermarts Ltd.<sup>(1)</sup> | 1011 | 54536 |
| Awfis Space Solutions Ltd.<sup>(1)</sup> | 1774 | 11398 |
| Axis Bank Ltd., GDR | 10084 | 599179 |
| Bajaj Auto Ltd. | 1253 | 122627 |
| Bajaj Consumer Care Ltd.<sup>(1)</sup> | 686 | 1824 |
| Bajaj Finance Ltd. | 58865 | 586396 |
| Bajaj Finserv Ltd. | 2980 | 64687 |
| Bajaj Healthcare Ltd. | 3342 | 15982 |
| Bajaj Hindusthan Sugar Ltd.<sup>(1)</sup> | 71892 | 16488 |
| Bajel Projects Ltd.<sup>(1)</sup> | 153 | 350 |
| Balaji Amines Ltd. | 286 | 4729 |
| Balkrishna Industries Ltd. | 2746 | 71372 |
| Balmer Lawrie & Co. Ltd. | 4521 | 11178 |
| Balrampur Chini Mills Ltd. | 1995 | 12135 |
| Banco Products India Ltd. | 4373 | 28600 |
| Bandhan Bank Ltd. | 38568 | 70771 |
| Bank of Baroda | 29571 | 78118 |
| Bank of Maharashtra | 6906 | 4067 |
| BASF India Ltd. | 198 | 10336 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bata India Ltd. | 2201 | $27400 |
| Bayer CropScience Ltd. | 1002 | 59459 |
| BEML Ltd. | 278 | 12099 |
| Berger Paints India Ltd. | 192 | 1162 |
| BF Utilities Ltd.<sup>(1)</sup> | 38 | 347 |
| Bhansali Engineering Polymers Ltd. | 5478 | 6439 |
| Bharat Bijlee Ltd.<sup>(1)</sup> | 638 | 21515 |
| Bharat Dynamics Ltd. | 1297 | 21113 |
| Bharat Electronics Ltd. | 59263 | 248330 |
| Bharat Forge Ltd. | 5706 | 71629 |
| Bharat Heavy Electricals Ltd. | 14883 | 35115 |
| Bharat Petroleum Corp. Ltd. | 66419 | 232215 |
| Bharat Rasayan Ltd. | 16 | 1824 |
| Bikaji Foods International Ltd. | 990 | 8874 |
| Biocon Ltd. | 469 | 1853 |
| Birla Corp. Ltd.<sup>(1)</sup> | 3262 | 46308 |
| Birlasoft Ltd. | 3811 | 15895 |
| Black Box Ltd. | 1772 | 9079 |
| Bliss Gvs Pharma Ltd. | 6689 | 11805 |
| BLS International Services Ltd. | 2543 | 10583 |
| Blue Dart Express Ltd. | 303 | 19266 |
| Blue Star Ltd. | 666 | 14223 |
| Bluspring Enterprises Ltd.<sup>(1)</sup> | 1651 | 1488 |
| Bodal Chemicals Ltd.<sup>(1)</sup> | 292 | 214 |
| Bombay Burmah Trading Co. | 661 | 13154 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 4216 | 8121 |
| Bosch Ltd. | 48 | 21763 |
| Brigade Enterprises Ltd. | 540 | 5654 |
| Brightcom Group Ltd.<sup>(1)</sup> | 3622 | 666 |
| Britannia Industries Ltd. | 2222 | 146668 |
| BSE Ltd. | 7805 | 185655 |
| Camlin Fine Sciences Ltd.<sup>(1)</sup> | 4998 | 11560 |
| Campus Activewear Ltd. | 4309 | 12923 |
| Can Fin Homes Ltd. | 7289 | 59375 |
| Canara Bank | 71585 | 84303 |
| Capacit'e Infraprojects Ltd.<sup>(1)</sup> | 3014 | 9634 |
| Caplin Point Laboratories Ltd. | 83 | 1976 |
| Carborundum Universal Ltd. | 938 | 9707 |
| Cartrade Tech Ltd.<sup>(1)</sup> | 98 | 2666 |
| Castrol India Ltd. | 28534 | 63832 |
| CE Info Systems Ltd. | 57 | 1063 |
| Ceat Ltd. | 1885 | 66980 |
| Central Depository Services India Ltd. | 3800 | 61404 |
| Centum Electronics Ltd. | 416 | 12960 |
| Century Enka Ltd. | 133 | 755 |
| Century Plyboards India Ltd. | 99 | 838 |
| Cera Sanitaryware Ltd. | 10 | 716 |
| CESC Ltd. | 14012 | 24188 |
| CG Power & Industrial Solutions Ltd. | 6291 | 49585 |
| Chalet Hotels Ltd.<sup>(1)</sup> | 2841 | 32530 |
| Chambal Fertilisers & Chemicals Ltd. | 11216 | 68692 |
| Chemplast Sanmar Ltd.<sup>(1)</sup> | 2439 | 11821 |
| Chennai Petroleum Corp. Ltd. | 7097 | 51952 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Choice International Ltd.<sup>(1)</sup> | 129 | $1165 |
| Cholamandalam Financial Holdings Ltd. | 2248 | 43985 |
| Cholamandalam Investment & Finance Co. Ltd. | 12544 | 202337 |
| CIE Automotive India Ltd. | 422 | 1842 |
| Cigniti Technologies Ltd.<sup>(1)</sup> | 1465 | 27049 |
| Cipla Ltd. | 5980 | 107791 |
| City Union Bank Ltd. | 23422 | 52078 |
| Clean Science & Technology Ltd. | 1336 | 17803 |
| CMS Info Systems Ltd. | 19638 | 91365 |
| Coal India Ltd. | 59997 | 254974 |
| Cochin Shipyard Ltd. | 1846 | 33680 |
| Coffee Day Enterprises Ltd.<sup>(1)</sup> | 377 | 214 |
| Coforge Ltd. | 3110 | 60763 |
| Cohance Lifesciences Ltd.<sup>(1)</sup> | 1726 | 17212 |
| Colgate-Palmolive India Ltd. | 3954 | 104593 |
| Computer Age Management Services Ltd. | 1700 | 71481 |
| Confidence Petroleum India Ltd. | 139 | 75 |
| Container Corp. of India Ltd. | 5328 | 31857 |
| Coromandel International Ltd. | 4800 | 125652 |
| Cosmo First Ltd. | 1427 | 16020 |
| Craftsman Automation Ltd. | 604 | 47375 |
| CreditAccess Grameen Ltd.<sup>(1)</sup> | 4855 | 77040 |
| CRISIL Ltd. | 262 | 14811 |
| Crompton Greaves Consumer Electricals Ltd. | 5656 | 21171 |
| CSB Bank Ltd.<sup>(1)</sup> | 4432 | 18229 |
| Cummins India Ltd. | 1588 | 68858 |
| Cupid Ltd.<sup>(1)</sup> | 923 | 1804 |
| Cyient DLM Ltd.<sup>(1)</sup> | 61 | 292 |
| Cyient Ltd. | 1066 | 14126 |
| Dabur India Ltd. | 8491 | 50178 |
| DB Corp. Ltd. | 457 | 1386 |
| DCB Bank Ltd. | 7723 | 10727 |
| DCM Shriram Ltd. | 855 | 12024 |
| DCW Ltd.<sup>(1)</sup> | 9442 | 7780 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 1828 | 28768 |
| Deepak Nitrite Ltd. | 795 | 16145 |
| Delhivery Ltd.<sup>(1)</sup> | 1115 | 5921 |
| Delta Corp. Ltd. | 93 | 89 |
| Devyani International Ltd.<sup>(1)</sup> | 10993 | 21736 |
| Dhani Services Ltd.<sup>(1)</sup> | 2266 | 1582 |
| Dhanlaxmi Bank Ltd.<sup>(1)</sup> | 701 | 204 |
| Dhanuka Agritech Ltd. | 1274 | 23103 |
| Digitide Solutions Ltd.<sup>(1)</sup> | 1651 | 3758 |
| Dilip Buildcon Ltd. | 2358 | 12444 |
| Dish TV India Ltd.<sup>(1)</sup> | 1436 | 83 |
| Dishman Carbogen Amcis Ltd.<sup>(1)</sup> | 192 | 576 |
| Divi's Laboratories Ltd. | 625 | 43438 |
| Dixon Technologies India Ltd. | 454 | 86007 |
| DLF Ltd. | 7708 | 64623 |
| D-Link India Ltd. | 3009 | 16161 |
| Dodla Dairy Ltd. | 2557 | 39541 |
| Dolat Algotech Ltd. | 889 | 803 |
| Dollar Industries Ltd. | 130 | 520 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Doms Industries Ltd. | 119 | $3282 |
| Dr. Lal PathLabs Ltd. | 844 | 31663 |
| Dr. Reddy's Laboratories Ltd., ADR | 10482 | 148844 |
| Dreamfolks Services Ltd. | 25 | 40 |
| Dredging Corp. of India Ltd.<sup>(1)</sup> | 74 | 494 |
| eClerx Services Ltd. | 1325 | 63431 |
| Edelweiss Financial Services Ltd. | 20771 | 25233 |
| Eicher Motors Ltd. | 1171 | 81036 |
| EID Parry India Ltd.<sup>(1)</sup> | 7083 | 90454 |
| EIH Ltd. | 8807 | 39887 |
| Elecon Engineering Co. Ltd. | 6969 | 43675 |
| Electrosteel Castings Ltd. | 5906 | 6532 |
| Elgi Equipments Ltd. | 1854 | 9922 |
| Emami Ltd. | 9774 | 63634 |
| Embassy Developments Ltd.<sup>(1)</sup> | 19254 | 20449 |
| Endurance Technologies Ltd. | 2916 | 94877 |
| Engineers India Ltd. | 736 | 1656 |
| Entertainment Network India Ltd. | 75 | 137 |
| Epack Durable Ltd.<sup>(1)</sup> | 2649 | 11402 |
| Epigral Ltd. | 583 | 11985 |
| EPL Ltd. | 9652 | 24590 |
| Equitas Small Finance Bank Ltd.<sup>(1)</sup> | 35748 | 20382 |
| Escorts Kubota Ltd. | 338 | 13685 |
| Eternal Ltd.<sup>(1)</sup> | 31867 | 113543 |
| Eveready Industries India Ltd. | 1869 | 8937 |
| Everest Kanto Cylinder Ltd. | 362 | 563 |
| Exide Industries Ltd. | 9197 | 41355 |
| FDC Ltd. | 250 | 1297 |
| Fedbank Financial Services Ltd.<sup>(1)</sup> | 7469 | 11495 |
| Federal Bank Ltd. | 67187 | 146130 |
| Federal-Mogul Goetze India Ltd.<sup>(1)</sup> | 2820 | 16956 |
| FIEM Industries Ltd. | 1616 | 38538 |
| Filatex India Ltd. | 26067 | 15340 |
| Fine Organic Industries Ltd. | 804 | 42825 |
| Fineotex Chemical Ltd. | 354 | 957 |
| Finolex Cables Ltd. | 5441 | 50640 |
| Finolex Industries Ltd. | 11179 | 26896 |
| Firstsource Solutions Ltd. | 1238 | 4927 |
| Five-Star Business Finance Ltd. | 9595 | 59325 |
| Force Motors Ltd.<sup>(1)</sup> | 427 | 94332 |
| Fortis Healthcare Ltd. | 14332 | 148106 |
| G R Infraprojects Ltd. | 894 | 12675 |
| Gabriel India Ltd. | 2690 | 35177 |
| GAIL India Ltd. | 54559 | 107140 |
| Galaxy Surfactants Ltd. | 351 | 9005 |
| Ganesh Benzoplast Ltd.<sup>(1)</sup> | 69 | 72 |
| Ganesh Housing Ltd. | 90 | 877 |
| Ganesha Ecosphere Ltd. | 67 | 1012 |
| Garware Hi-Tech Films Ltd. | 344 | 10524 |
| Garware Technical Fibres Ltd. | 495 | 4299 |
| Gateway Distriparks Ltd. | 20840 | 15213 |
| GE Vernova T&D India Ltd. | 1806 | 56853 |
| Gensol Engineering Ltd.<sup>(1)</sup> | 53 | 22 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Geojit Financial Services Ltd. | 1385 | $1120 |
| GHCL Ltd. | 2431 | 15246 |
| GIC Housing Finance Ltd. | 281 | 549 |
| Gillette India Ltd. | 230 | 26329 |
| Gland Pharma Ltd. | 650 | 13785 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 2119 | 66909 |
| Glenmark Pharmaceuticals Ltd. | 9544 | 208106 |
| Global Health Ltd. | 1638 | 25510 |
| Globus Spirits Ltd. | 1956 | 26713 |
| GMM Pfaudler Ltd. | 3619 | 48343 |
| GMR Airports Ltd.<sup>(1)</sup> | 26072 | 25474 |
| GMR Power & Urban Infra Ltd.<sup>(1)</sup> | 9026 | 11284 |
| Go Fashion India Ltd.<sup>(1)</sup> | 798 | 6388 |
| Godawari Power & Ispat Ltd. | 15104 | 39856 |
| Godrej Agrovet Ltd. | 3808 | 31995 |
| Godrej Consumer Products Ltd. | 3199 | 45087 |
| Godrej Industries Ltd.<sup>(1)</sup> | 192 | 2680 |
| Godrej Properties Ltd.<sup>(1)</sup> | 464 | 10250 |
| Gokaldas Exports Ltd.<sup>(1)</sup> | 1944 | 14869 |
| Gokul Agro Resources Ltd.<sup>(1)</sup> | 3864 | 14299 |
| Goldiam International Ltd. | 2276 | 9386 |
| Goodluck India Ltd. | 864 | 11663 |
| Granules India Ltd. | 1668 | 9314 |
| Graphite India Ltd. | 4036 | 23389 |
| Grasim Industries Ltd. | 3564 | 112160 |
| Gravita India Ltd. | 66 | 1213 |
| Great Eastern Shipping Co. Ltd. | 8879 | 93350 |
| Greaves Cotton Ltd. | 8786 | 19769 |
| Greenpanel Industries Ltd. | 191 | 586 |
| Greenply Industries Ltd. | 2855 | 9987 |
| Grindwell Norton Ltd. | 552 | 9788 |
| GTL Infrastructure Ltd.<sup>(1)</sup> | 36359 | 611 |
| Gujarat Alkalies & Chemicals Ltd. | 70 | 448 |
| Gujarat Ambuja Exports Ltd. | 10634 | 12476 |
| Gujarat Fluorochemicals Ltd. | 267 | 10337 |
| Gujarat Gas Ltd. | 896 | 4265 |
| Gujarat Industries Power Co. Ltd. | 9574 | 19300 |
| Gujarat Mineral Development Corp. Ltd. | 5131 | 23529 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 4757 | 28190 |
| Gujarat Pipavav Port Ltd. | 5645 | 9546 |
| Gujarat State Fertilizers & Chemicals Ltd. | 14172 | 31747 |
| Gujarat State Petronet Ltd. | 19825 | 65165 |
| Gulf Oil Lubricants India Ltd. | 1527 | 21654 |
| Happiest Minds Technologies Ltd. | 52 | 333 |
| Harsha Engineers Ltd. | 132 | 594 |
| Hathway Cable & Datacom Ltd.<sup>(1)</sup> | 83307 | 13807 |
| Havells India Ltd. | 4222 | 73114 |
| HBL Engineering Ltd. | 4794 | 43950 |
| HCL Technologies Ltd. | 18036 | 297388 |
| HDFC Asset Management Co. Ltd. | 3495 | 216526 |
| HDFC Bank Ltd. | 153856 | 1660633 |
| HDFC Life Insurance Co. Ltd. | 7912 | 69306 |
| HealthCare Global Enterprises Ltd.<sup>(1)</sup> | 3592 | 27413 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| HEG Ltd. | 4157 | $21774 |
| HeidelbergCement India Ltd. | 3966 | 9248 |
| Hercules Hoists Ltd.<sup>(1)</sup> | 27 | 49 |
| Heritage Foods Ltd. | 5262 | 27548 |
| Hero MotoCorp Ltd. | 5859 | 337862 |
| Hexaware Technologies Ltd. | 5051 | 43391 |
| HFCL Ltd. | 2306 | 1837 |
| HG Infra Engineering Ltd. | 840 | 9252 |
| Hikal Ltd. | 366 | 1058 |
| Himatsingka Seide Ltd. | 75 | 99 |
| Hindalco Industries Ltd. | 41874 | 334630 |
| Hindustan Aeronautics Ltd. | 5582 | 274465 |
| Hindustan Construction Co. Ltd.<sup>(1)</sup> | 3336 | 958 |
| Hindustan Oil Exploration Co. Ltd.<sup>(1)</sup> | 1213 | 2293 |
| Hindustan Petroleum Corp. Ltd. | 57716 | 246125 |
| Hindustan Unilever Ltd. | 9031 | 272336 |
| Hitachi Energy India Ltd. | 156 | 33854 |
| Hi-Tech Gears Ltd. | 18 | 129 |
| HI-Tech Pipes Ltd. | 1077 | 1052 |
| HLV Ltd.<sup>(1)</sup> | 511 | 68 |
| Home First Finance Co. India Ltd. | 634 | 8765 |
| Housing & Urban Development Corp. Ltd. | 1288 | 2988 |
| HPL Electric & Power Ltd. | 114 | 601 |
| Hubtown Ltd.<sup>(1)</sup> | 3710 | 14844 |
| Hyundai Motor India Ltd. | 3176 | 88707 |
| Ice Make Refrigeration Ltd. | 1083 | 9088 |
| ICICI Bank Ltd. | 49808 | 789201 |
| ICICI Bank Ltd., ADR | 46616 | 1479592 |
| ICICI Lombard General Insurance Co. Ltd. | 2712 | 56624 |
| ICICI Prudential Life Insurance Co. Ltd. | 2906 | 19764 |
| IDFC First Bank Ltd. | 98928 | 76256 |
| IFCI Ltd.<sup>(1)</sup> | 3416 | 1981 |
| IIFL Capital Services Ltd. | 8871 | 29826 |
| IIFL Finance Ltd.<sup>(1)</sup> | 16701 | 80945 |
| Indef Manufacturing Ltd. | 27 | 110 |
| India Cements Ltd.<sup>(1)</sup> | 3088 | 13375 |
| India Glycols Ltd.<sup>(1)</sup> | 2384 | 22063 |
| India Shelter Finance Corp. Ltd. | 972 | 10375 |
| IndiaMart InterMesh Ltd. | 1937 | 57064 |
| Indian Energy Exchange Ltd. | 19996 | 31711 |
| Indian Hotels Co. Ltd. | 7943 | 68354 |
| Indian Hume Pipe Co. Ltd. | 113 | 461 |
| Indian Metals & Ferro Alloys Ltd. | 175 | 1711 |
| Indian Oil Corp. Ltd. | 93801 | 145354 |
| Indian Railway Catering & Tourism Corp. Ltd. | 5068 | 39786 |
| Indian Renewable Energy Development Agency Ltd.<sup>(1)</sup> | 7383 | 11772 |
| Indo Count Industries Ltd. | 1091 | 2862 |
| IndoStar Capital Finance Ltd.<sup>(1)</sup> | 2497 | 7316 |
| Indraprastha Gas Ltd. | 19940 | 46772 |
| Indraprastha Medical Corp. Ltd. | 2692 | 13390 |
| Indus Towers Ltd.<sup>(1)</sup> | 67765 | 260350 |
| IndusInd Bank Ltd.<sup>(1)</sup> | 11073 | 92800 |
| Infibeam Avenues Ltd.<sup>(1)</sup> | 59520 | 10556 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Infibeam Avenues Ltd.<sup>(1)</sup> | 890 | $98 |
| Info Edge India Ltd. | 3245 | 49971 |
| Infosys Ltd., ADR<sup>(2)</sup> | 54473 | 916236 |
| Ingersoll Rand India Ltd. | 55 | 2376 |
| Inox Green Energy Services Ltd.<sup>(1)</sup> | 515 | 858 |
| INOX India Ltd. | 1384 | 17576 |
| Intellect Design Arena Ltd. | 4109 | 45544 |
| InterGlobe Aviation Ltd. | 4288 | 274910 |
| International Gemmological Institute India Ltd. | 6599 | 24920 |
| IOL Chemicals & Pharmaceuticals Ltd. | 13729 | 14126 |
| ION Exchange India Ltd. | 185 | 876 |
| Ipca Laboratories Ltd. | 1077 | 16905 |
| IRB Infrastructure Developers Ltd. | 96581 | 47001 |
| IRCON International Ltd. | 5738 | 10447 |
| ISGEC Heavy Engineering Ltd.<sup>(1)</sup> | 1090 | 12118 |
| ITC Hotels Ltd.<sup>(1)</sup> | 4988 | 13497 |
| ITD Cementation India Ltd. | 6550 | 52648 |
| J Kumar Infraprojects Ltd. | 1701 | 11920 |
| Jagran Prakashan Ltd. | 285 | 232 |
| Jai Balaji Industries Ltd.<sup>(1)</sup> | 4000 | 4695 |
| Jai Corp. Ltd. | 51 | 69 |
| Jain Irrigation Systems Ltd.<sup>(1)</sup> | 18582 | 10470 |
| Jaiprakash Associates Ltd.<sup>(1)</sup> | 1112 | 47 |
| Jaiprakash Power Ventures Ltd.<sup>(1)</sup> | 347816 | 72531 |
| Jammu & Kashmir Bank Ltd. | 40674 | 45641 |
| Jamna Auto Industries Ltd. | 12537 | 14760 |
| Jana Small Finance Bank Ltd.<sup>(1)</sup> | 2045 | 11384 |
| Jash Engineering Ltd. | 1250 | 7353 |
| JB Chemicals & Pharmaceuticals Ltd. | 2197 | 42952 |
| JBM Auto Ltd. | 160 | 1080 |
| Jindal Saw Ltd. | 11510 | 25776 |
| Jindal Stainless Ltd. | 18457 | 159793 |
| Jindal Steel Ltd. | 10438 | 111974 |
| Jindal Worldwide Ltd. | 505 | 213 |
| Jio Financial Services Ltd. | 30818 | 109027 |
| JK Cement Ltd. | 2251 | 177465 |
| JK Lakshmi Cement Ltd. | 6558 | 68553 |
| JK Paper Ltd. | 3241 | 13776 |
| JK Tyre & Industries Ltd. | 9879 | 35950 |
| JM Financial Ltd. | 28594 | 57508 |
| Johnson Controls-Hitachi Air Conditioning India Ltd. | 428 | 8398 |
| JSW Energy Ltd. | 8610 | 47707 |
| JSW Steel Ltd. | 6788 | 79129 |
| JTEKT India Ltd. | 84 | 128 |
| Jubilant Foodworks Ltd. | 6571 | 46778 |
| Jubilant Ingrevia Ltd. | 974 | 7995 |
| Jubilant Pharmova Ltd. | 1047 | 12150 |
| Jupiter Life Line Hospitals Ltd. | 629 | 10053 |
| Just Dial Ltd.<sup>(1)</sup> | 2215 | 20307 |
| Jyothy Labs Ltd. | 103 | 398 |
| Jyoti Structures Ltd.<sup>(1)</sup> | 8272 | 1413 |
| Kajaria Ceramics Ltd. | 4174 | 57352 |
| Kalpataru Projects International Ltd. | 4652 | 66003 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Kalyan Jewellers India Ltd.<sup>(1)</sup> | 2461 | $14083 |
| Kalyani Steels Ltd. | 1127 | 10633 |
| Kamdhenu Ltd.<sup>(1)</sup> | 2150 | 685 |
| Kansai Nerolac Paints Ltd. | 6707 | 18256 |
| Karnataka Bank Ltd. | 10486 | 20404 |
| Karur Vysya Bank Ltd. | 33145 | 80449 |
| Kaveri Seed Co. Ltd. | 2997 | 39629 |
| Kaynes Technology India Ltd.<sup>(1)</sup> | 143 | 9909 |
| KCP Ltd. | 3844 | 8595 |
| KEC International Ltd. | 9035 | 82723 |
| KEI Industries Ltd. | 745 | 32232 |
| Kfin Technologies Ltd. | 1178 | 13663 |
| Kiri Industries Ltd.<sup>(1)</sup> | 1975 | 11885 |
| Kirloskar Brothers Ltd. | 1121 | 24670 |
| Kirloskar Ferrous Industries Ltd. | 219 | 1364 |
| Kirloskar Industries Ltd. | 16 | 669 |
| Kirloskar Oil Engines Ltd. | 6543 | 66835 |
| Kirloskar Pneumatic Co. Ltd. | 171 | 2365 |
| Kitex Garments Ltd. | 390 | 789 |
| KNR Constructions Ltd. | 8667 | 18753 |
| Kopran Ltd. | 121 | 212 |
| Kotak Mahindra Bank Ltd. | 17530 | 389889 |
| KPIT Technologies Ltd. | 3661 | 49405 |
| KPR Mill Ltd. | 1272 | 14248 |
| KRBL Ltd. | 2729 | 13342 |
| Krishna Institute of Medical Sciences Ltd.<sup>(1)</sup> | 5763 | 47296 |
| KRN Heat Exchanger & Refrigeration Ltd.<sup>(1)</sup> | 1305 | 12756 |
| L&T Finance Ltd. | 49149 | 121068 |
| Larsen & Toubro Ltd. | 15631 | 638199 |
| Laurus Labs Ltd. | 1319 | 12815 |
| Laxmi Organic Industries Ltd. | 2953 | 6769 |
| Lemon Tree Hotels Ltd.<sup>(1)</sup> | 1469 | 2763 |
| LG Balakrishnan & Bros Ltd. | 650 | 9366 |
| LIC Housing Finance Ltd. | 17482 | 110119 |
| Likhitha Infrastructure Ltd. | 178 | 499 |
| Lincoln Pharmaceuticals Ltd. | 32 | 195 |
| Lloyds Metals & Energy Ltd. | 2222 | 32515 |
| LMW Ltd. | 17 | 2719 |
| Lodha Developers Ltd. | 3020 | 40882 |
| LT Foods Ltd. | 5827 | 27870 |
| LTIMindtree Ltd. | 849 | 49391 |
| Lumax Auto Technologies Ltd. | 392 | 5227 |
| Lupin Ltd. | 3517 | 75640 |
| LUX Industries Ltd. | 62 | 897 |
| Mahanagar Gas Ltd. | 5112 | 72550 |
| Maharashtra Scooters Ltd. | 157 | 28235 |
| Maharashtra Seamless Ltd. | 3236 | 23551 |
| Mahindra & Mahindra Financial Services Ltd. | 23579 | 67915 |
| Mahindra & Mahindra Ltd. | 18941 | 687251 |
| Mahindra Holidays & Resorts India Ltd.<sup>(1)</sup> | 649 | 2576 |
| Mahindra Lifespace Developers Ltd. | 338 | 1342 |
| Mahindra Logistics Ltd. | 5465 | 19668 |
| Maithan Alloys Ltd. | 111 | 1311 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Man Industries India Ltd.<sup>(1)</sup> | 2203 | $9556 |
| Man Infraconstruction Ltd. | 446 | 797 |
| Manali Petrochemicals Ltd. | 1002 | 732 |
| Manappuram Finance Ltd. | 41506 | 123012 |
| Mangalam Cement Ltd. | 267 | 2135 |
| Mangalore Chemicals & Fertilizers Ltd. | 4644 | 18187 |
| Mankind Pharma Ltd. | 2710 | 76009 |
| Marico Ltd. | 8615 | 70870 |
| Marksans Pharma Ltd. | 3171 | 6066 |
| Maruti Suzuki India Ltd. | 3446 | 578333 |
| MAS Financial Services Ltd. | 121 | 426 |
| Max Financial Services Ltd.<sup>(1)</sup> | 3474 | 63100 |
| Max Healthcare Institute Ltd. | 5115 | 66971 |
| Mayur Uniquoters Ltd. | 128 | 760 |
| Medi Assist Healthcare Services Ltd. | 248 | 1423 |
| Medplus Health Services Ltd.<sup>(1)</sup> | 818 | 7809 |
| Meghmani Organics Ltd.<sup>(1)</sup> | 9008 | 8373 |
| Metropolis Healthcare Ltd.<sup>(1)</sup> | 125 | 3104 |
| Minda Corp. Ltd. | 867 | 4910 |
| Mishra Dhatu Nigam Ltd. | 107 | 439 |
| MM Forgings Ltd. | 264 | 946 |
| MOIL Ltd. | 545 | 2044 |
| Mold-Tek Packaging Ltd. | 38 | 338 |
| Morepen Laboratories Ltd. | 818 | 433 |
| Motherson Sumi Wiring India Ltd. | 113622 | 53630 |
| Motilal Oswal Financial Services Ltd. | 5490 | 53406 |
| Mphasis Ltd. | 4916 | 155105 |
| MPS Ltd. | 354 | 8636 |
| MRF Ltd. | 105 | 167798 |
| Mrs Bectors Food Specialities Ltd. | 709 | 11083 |
| MSP Steel & Power Ltd.<sup>(1)</sup> | 13616 | 4805 |
| MSTC Ltd. | 28 | 143 |
| Multi Commodity Exchange of India Ltd. | 224 | 18790 |
| Muthoot Finance Ltd. | 4306 | 128945 |
| Narayana Hrudayalaya Ltd. | 3124 | 62097 |
| Natco Pharma Ltd. | 2097 | 20503 |
| National Aluminium Co. Ltd. | 33394 | 70611 |
| National Fertilizers Ltd. | 8947 | 9774 |
| Nava Ltd. | 13243 | 103232 |
| Navin Fluorine International Ltd. | 1768 | 93931 |
| Navkar Corp. Ltd.<sup>(1)</sup> | 247 | 328 |
| NCC Ltd. | 38925 | 90345 |
| NDR Auto Components Ltd. | 1430 | 16288 |
| NELCO Ltd. | 58 | 529 |
| NESCO Ltd. | 2695 | 42918 |
| Nestle India Ltd. | 11204 | 146956 |
| Netweb Technologies India Ltd. | 89 | 2226 |
| Network18 Media & Investments Ltd.<sup>(1)</sup> | 64405 | 38594 |
| Neuland Laboratories Ltd. | 171 | 26087 |
| Newgen Software Technologies Ltd. | 1106 | 11071 |
| NHPC Ltd. | 89774 | 78667 |
| NIIT Learning Systems Ltd. | 470 | 1749 |
| NIIT Ltd. | 115 | 140 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Nippon Life India Asset Management Ltd. | 8654 | $77029 |
| NLC India Ltd. | 8517 | 21732 |
| NMDC Ltd. | 171113 | 133667 |
| NMDC Steel Ltd.<sup>(1)</sup> | 30117 | 12931 |
| NOCIL Ltd. | 431 | 865 |
| Northern Arc Capital Ltd.<sup>(1)</sup> | 6710 | 17981 |
| NTPC Ltd. | 113872 | 423134 |
| Nuvama Wealth Management Ltd. | 916 | 66307 |
| Nuvoco Vistas Corp. Ltd.<sup>(1)</sup> | 2585 | 13367 |
| Oberoi Realty Ltd. | 2705 | 49434 |
| Oil & Natural Gas Corp. Ltd. | 94546 | 250580 |
| Oil India Ltd. | 26862 | 118933 |
| One 97 Communications Ltd.<sup>(1)</sup> | 3313 | 45369 |
| Onesource Specialty Pharma Ltd.<sup>(1)</sup> | 938 | 20110 |
| Oracle Financial Services Software Ltd. | 725 | 68192 |
| Orient Cement Ltd. | 1398 | 3441 |
| Orient Electric Ltd. | 5128 | 12498 |
| Orient Green Power Co. Ltd.<sup>(1)</sup> | 159382 | 24625 |
| Orient Paper & Industries Ltd.<sup>(1)</sup> | 1390 | 434 |
| Oriental Hotels Ltd. | 148 | 230 |
| Orissa Minerals Development Co. Ltd.<sup>(1)</sup> | 2 | 108 |
| Page Industries Ltd. | 172 | 86518 |
| Pakka Ltd.<sup>(1)</sup> | 62 | 103 |
| Panama Petrochem Ltd. | 491 | 1643 |
| Paradeep Phosphates Ltd. | 36872 | 90879 |
| Parag Milk Foods Ltd. | 8340 | 21464 |
| Paras Defence & Space Technologies Ltd. | 20 | 147 |
| Patel Engineering Ltd.<sup>(1)</sup> | 4081 | 1716 |
| PB Fintech Ltd.<sup>(1)</sup> | 2165 | 43478 |
| PC Jeweller Ltd.<sup>(1)</sup> | 63350 | 9429 |
| PCBL Chemical Ltd. | 1505 | 6341 |
| Pearl Global Industries Ltd. | 625 | 8769 |
| Peninsula Land Ltd.<sup>(1)</sup> | 950 | 372 |
| Pennar Industries Ltd.<sup>(1)</sup> | 6374 | 17301 |
| Persistent Systems Ltd. | 1620 | 97342 |
| Petronet LNG Ltd. | 40824 | 124724 |
| Phoenix Mills Ltd. | 2041 | 34842 |
| PI Industries Ltd. | 2771 | 116166 |
| Pidilite Industries Ltd. | 2333 | 80684 |
| Piramal Enterprises Ltd. | 3717 | 47234 |
| Piramal Pharma Ltd. | 6169 | 12829 |
| Pitti Engineering Ltd. | 216 | 2276 |
| PIX Transmissions Ltd. | 510 | 7986 |
| PNB Gilts Ltd. | 380 | 416 |
| PNB Housing Finance Ltd. | 7761 | 66328 |
| PNC Infratech Ltd. | 8590 | 29647 |
| Pokarna Ltd. | 198 | 1985 |
| Poly Medicure Ltd. | 73 | 1727 |
| Polycab India Ltd. | 269 | 21649 |
| Polyplex Corp. Ltd. | 1270 | 14568 |
| Pondy Oxides & Chemicals Ltd. | 2573 | 30690 |
| Poonawalla Fincorp Ltd.<sup>(1)</sup> | 5678 | 27800 |
| Power Finance Corp. Ltd. | 46804 | 201560 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Power Grid Corp. of India Ltd. | 111278 | $347745 |
| Power Mech Projects Ltd. | 668 | 22767 |
| Praj Industries Ltd. | 179 | 795 |
| Prakash Industries Ltd. | 11732 | 20852 |
| Prakash Pipes Ltd. | 227 | 806 |
| Premier Explosives Ltd. | 1540 | 8771 |
| Prestige Estates Projects Ltd. | 777 | 13771 |
| Pricol Ltd.<sup>(1)</sup> | 4554 | 23740 |
| Prince Pipes & Fittings Ltd. | 1131 | 4088 |
| Prism Johnson Ltd.<sup>(1)</sup> | 7246 | 12007 |
| Privi Speciality Chemicals Ltd. | 418 | 10482 |
| Procter & Gamble Health Ltd. | 506 | 36546 |
| Prudent Corporate Advisory Services Ltd. | 849 | 27003 |
| PTC India Ltd. | 29879 | 59344 |
| Punjab National Bank | 62743 | 71811 |
| Puravankara Ltd.<sup>(1)</sup> | 355 | 1157 |
| Quess Corp. Ltd. | 4183 | 12719 |
| Quick Heal Technologies Ltd.<sup>(1)</sup> | 24 | 79 |
| Rail Vikas Nigam Ltd. | 8756 | 30043 |
| Railtel Corp. of India Ltd. | 10554 | 39276 |
| Rain Industries Ltd. | 9677 | 14915 |
| Rainbow Children's Medicare Ltd. | 1376 | 23430 |
| Rajesh Exports Ltd.<sup>(1)</sup> | 2857 | 5675 |
| Rallis India Ltd. | 4348 | 17164 |
| Ramco Cements Ltd. | 6069 | 72069 |
| Ramkrishna Forgings Ltd. | 2593 | 16668 |
| Ramky Infrastructure Ltd.<sup>(1)</sup> | 1251 | 7741 |
| Rane Holdings Ltd. | 402 | 6853 |
| Rashtriya Chemicals & Fertilizers Ltd. | 851 | 1438 |
| Ratnamani Metals & Tubes Ltd.<sup>(1)</sup> | 301 | 8156 |
| RattanIndia Power Ltd.<sup>(1)</sup> | 7720 | 1077 |
| Raymond Lifestyle Ltd.<sup>(1)</sup> | 120 | 1507 |
| Raymond Ltd.<sup>(1)</sup> | 1882 | 12810 |
| Raymond Realty Ltd.<sup>(1)</sup> | 603 | 4146 |
| RBL Bank Ltd.<sup>(1)</sup> | 29915 | 88633 |
| REC Ltd. | 35233 | 139964 |
| Redington Ltd. | 25940 | 70870 |
| Redtape Ltd. | 760 | 1054 |
| Refex Industries Ltd. | 415 | 1730 |
| Relaxo Footwears Ltd. | 20 | 108 |
| Reliance Industrial Infrastructure Ltd. | 8 | 80 |
| Reliance Industries Ltd., GDR | 22675 | 1362821 |
| Reliance Infrastructure Ltd.<sup>(1)</sup> | 9141 | 27540 |
| Reliance Power Ltd.<sup>(1)</sup> | 117129 | 58434 |
| Religare Enterprises Ltd.<sup>(1)</sup> | 4570 | 12306 |
| Repco Home Finance Ltd. | 2112 | 8306 |
| Restaurant Brands Asia Ltd.<sup>(1)</sup> | 39221 | 35541 |
| Rico Auto Industries Ltd. | 889 | 904 |
| RITES Ltd. | 1208 | 3344 |
| Rolex Rings Ltd.<sup>(1)</sup> | 403 | 6225 |
| Rossari Biotech Ltd. | 888 | 6226 |
| Roto Pumps Ltd. | 618 | 588 |
| RPG Life Sciences Ltd. | 380 | 10002 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| RR Kabel Ltd. | 1042 | $13809 |
| Rupa & Co. Ltd. | 148 | 317 |
| Safari Industries India Ltd. | 394 | 9579 |
| Sagility Ltd.<sup>(1)</sup> | 21198 | 10544 |
| Salzer Electronics Ltd. | 65 | 590 |
| SAMHI Hotels Ltd.<sup>(1)</sup> | 12789 | 30694 |
| Sammaan Capital Ltd. | 21812 | 30649 |
| Samvardhana Motherson International Ltd. | 194954 | 204877 |
| Sandhar Technologies Ltd. | 290 | 1427 |
| Sandur Manganese & Iron Ores Ltd. | 61 | 299 |
| Sanghvi Movers Ltd.<sup>(1)</sup> | 2881 | 10663 |
| Sanofi India Ltd. | 352 | 20524 |
| Sansera Engineering Ltd. | 3570 | 51423 |
| Sapphire Foods India Ltd.<sup>(1)</sup> | 7082 | 26285 |
| Sarda Energy & Minerals Ltd. | 5248 | 35597 |
| Saregama India Ltd. | 319 | 1743 |
| Savita Oil Technologies Ltd. | 48 | 222 |
| SBFC Finance Ltd.<sup>(1)</sup> | 35584 | 42642 |
| SBI Cards & Payment Services Ltd. | 6283 | 57304 |
| SBI Life Insurance Co. Ltd. | 3917 | 80172 |
| Schneider Electric Infrastructure Ltd.<sup>(1)</sup> | 269 | 2617 |
| SEAMEC Ltd.<sup>(1)</sup> | 592 | 6632 |
| Selan Exploration Technology Ltd.<sup>(1)</sup> | 79 | 471 |
| Senores Pharmaceuticals Ltd.<sup>(1)</sup> | 2054 | 16071 |
| Servotech Renewable Power System Ltd. | 4895 | 6813 |
| SH Kelkar & Co. Ltd. | 627 | 1772 |
| Shaily Engineering Plastics Ltd. | 130 | 3291 |
| Shakti Pumps India Ltd. | 234 | 2138 |
| Shankara Building Products Ltd. | 14 | 147 |
| Sharda Cropchem Ltd. | 1194 | 12849 |
| Sharda Motor Industries Ltd. | 1872 | 21665 |
| Share India Securities Ltd. | 3969 | 6550 |
| Shilpa Medicare Ltd.<sup>(1)</sup> | 325 | 3121 |
| Shipping Corp. of India Ltd. | 10341 | 24786 |
| Shivalik Bimetal Controls Ltd. | 27 | 149 |
| Shree Cement Ltd. | 337 | 111857 |
| Shree Digvijay Cement Co. Ltd. | 1097 | 1210 |
| Shriram Finance Ltd. | 56799 | 374084 |
| Shriram Pistons & Rings Ltd. | 723 | 20567 |
| Shriram Properties Ltd.<sup>(1)</sup> | 11831 | 11510 |
| Shyam Metalics & Energy Ltd. | 5304 | 54477 |
| Siemens Energy India Ltd.<sup>(1)</sup> | 244 | 9334 |
| Siemens Ltd. | 1598 | 55516 |
| Siyaram Silk Mills Ltd. | 1137 | 7934 |
| SJS Enterprises Ltd. | 2400 | 35250 |
| SJVN Ltd. | 9933 | 10556 |
| SKF India Ltd. | 1538 | 77444 |
| Skipper Ltd. | 493 | 2865 |
| SMC Global Securities Ltd. | 887 | 1311 |
| SML ISUZU Ltd. | 56 | 2665 |
| SMS Pharmaceuticals Ltd. | 62 | 167 |
| Snowman Logistics Ltd.<sup>(1)</sup> | 348 | 199 |
| Sobha Ltd. | 2247 | 36492 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Solar Industries India Ltd. | 490 | $76591 |
| Solara Active Pharma Sciences Ltd.<sup>(1)</sup> | 2309 | 16058 |
| SOM Distilleries & Breweries Ltd.<sup>(1)</sup> | 6013 | 9358 |
| Somany Ceramics Ltd.<sup>(1)</sup> | 146 | 758 |
| Sona Blw Precision Forgings Ltd. | 5226 | 26269 |
| Sonata Software Ltd. | 379 | 1509 |
| South Indian Bank Ltd. | 79903 | 26540 |
| Southern Petrochemical Industries Corp. Ltd. | 10072 | 12333 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 39 | 108 |
| SRF Ltd. | 1798 | 57832 |
| Star Cement Ltd. | 9619 | 31114 |
| Star Health & Allied Insurance Co. Ltd.<sup>(1)</sup> | 2044 | 10360 |
| State Bank of India, GDR | 3473 | 318096 |
| Sterling & Wilson Renewable<sup>(1)</sup> | 220 | 649 |
| Sterlite Technologies Ltd.<sup>(1)</sup> | 7925 | 10303 |
| STL Networks Ltd.<sup>(1)</sup> | 290 | 74 |
| Stove Kraft Ltd. | 101 | 732 |
| Strides Pharma Science Ltd. | 5349 | 52378 |
| Stylam Industries Ltd.<sup>(1)</sup> | 376 | 7192 |
| Subros Ltd. | 150 | 1485 |
| Sudarshan Chemical Industries Ltd.<sup>(1)</sup> | 1512 | 25612 |
| Sula Vineyards Ltd. | 429 | 1214 |
| Sumitomo Chemical India Ltd. | 449 | 2882 |
| Sun Pharmaceutical Industries Ltd. | 8596 | 155509 |
| Sun TV Network Ltd. | 5380 | 33157 |
| Sundaram Finance Holdings Ltd. | 2118 | 11248 |
| Sundaram Finance Ltd. | 846 | 43148 |
| Sundram Fasteners Ltd. | 949 | 10971 |
| Sunflag Iron & Steel Co. Ltd.<sup>(1)</sup> | 3823 | 11524 |
| Sunteck Realty Ltd. | 205 | 884 |
| Suprajit Engineering Ltd. | 1580 | 8101 |
| Supreme Industries Ltd. | 1438 | 72899 |
| Supreme Petrochem Ltd. | 2069 | 17930 |
| Supriya Lifescience Ltd. | 1515 | 11210 |
| Suraj Estate Developers Ltd. | 124 | 412 |
| Surya Roshni Ltd. | 5743 | 18494 |
| Suryoday Small Finance Bank Ltd.<sup>(1)</sup> | 516 | 713 |
| Suzlon Energy Ltd.<sup>(1)</sup> | 132586 | 85007 |
| Swaraj Engines Ltd. | 627 | 28524 |
| Swelect Energy Systems Ltd. | 70 | 563 |
| Symphony Ltd. | 66 | 698 |
| Syngene International Ltd. | 4899 | 34784 |
| TAJGVK Hotels & Resorts Ltd.<sup>(1)</sup> | 2102 | 9750 |
| Talbros Automotive Components Ltd. | 46 | 136 |
| Tanla Platforms Ltd. | 4789 | 33543 |
| TARC Ltd.<sup>(1)</sup> | 262 | 457 |
| Tata Chemicals Ltd. | 7550 | 78890 |
| Tata Communications Ltd. | 4294 | 75403 |
| Tata Consultancy Services Ltd. | 11426 | 399584 |
| Tata Consumer Products Ltd. | 3649 | 44088 |
| Tata Elxsi Ltd. | 1503 | 89194 |
| Tata Investment Corp. Ltd. | 482 | 37203 |
| Tata Motors Ltd. | 45394 | 344448 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tata Power Co. Ltd. | 24168 | $102612 |
| Tata Steel Ltd. | 249897 | 438124 |
| Tata Technologies Ltd. | 3070 | 22881 |
| TD Power Systems Ltd. | 539 | 3072 |
| TeamLease Services Ltd.<sup>(1)</sup> | 303 | 6125 |
| Tech Mahindra Ltd. | 13666 | 229352 |
| Technocraft Industries India Ltd. | 300 | 8379 |
| Tega Industries Ltd.<sup>(1)</sup> | 961 | 20131 |
| Texmaco Infrastructure & Holdings Ltd. | 112 | 119 |
| Texmaco Rail & Engineering Ltd. | 7523 | 11679 |
| Thanga Mayil Jewellery Ltd. | 405 | 10362 |
| Thermax Ltd. | 64 | 2329 |
| Thirumalai Chemicals Ltd.<sup>(1)</sup> | 620 | 2045 |
| Thomas Cook India Ltd. | 19215 | 38725 |
| Thyrocare Technologies Ltd. | 1408 | 20218 |
| Time Technoplast Ltd. | 3356 | 17378 |
| Timken India Ltd. | 133 | 4354 |
| Tips Music Ltd. | 1557 | 10273 |
| Titan Co. Ltd. | 2489 | 102458 |
| Torrent Pharmaceuticals Ltd. | 2637 | 106393 |
| Torrent Power Ltd. | 4070 | 56666 |
| Tourism Finance Corp. of India Ltd. | 4719 | 16104 |
| TransIndia Real Estate Ltd.<sup>(1)</sup> | 390 | 141 |
| Transrail Lighting Ltd.<sup>(1)</sup> | 2289 | 19263 |
| Trent Ltd. | 2146 | 128985 |
| Trident Ltd. | 15402 | 4785 |
| Triveni Engineering & Industries Ltd. | 2696 | 10754 |
| Triveni Turbine Ltd. | 4780 | 28157 |
| TTK Prestige Ltd. | 78 | 581 |
| Tube Investments of India Ltd. | 631 | 21185 |
| TVS Motor Co. Ltd. | 4460 | 165744 |
| TVS Motor Co. Ltd., Preference Shares<sup>(1)</sup> | 17840 | 2022 |
| TVS Supply Chain Solutions Ltd.<sup>(1)</sup> | 6609 | 9190 |
| Uflex Ltd. | 1039 | 6079 |
| Ugro Capital Ltd.<sup>(1)</sup> | 763 | 1512 |
| Ujjivan Small Finance Bank Ltd.<sup>(1)</sup> | 73612 | 35624 |
| UltraTech Cement Ltd. | 1078 | 154521 |
| Union Bank of India Ltd. | 52646 | 74542 |
| Unitech Ltd.<sup>(1)</sup> | 2523 | 204 |
| United Spirits Ltd. | 3462 | 51490 |
| UNO Minda Ltd. | 1406 | 20362 |
| UPL Ltd. | 18921 | 153629 |
| UPL Ltd. | 1519 | 9224 |
| Usha Martin Ltd. | 3772 | 16342 |
| UTI Asset Management Co. Ltd. | 3028 | 44278 |
| Utkarsh Small Finance Bank Ltd.<sup>(1)</sup> | 4851 | 1146 |
| VA Tech Wabag Ltd. | 532 | 8796 |
| Vadilal Industries Ltd. | 526 | 30335 |
| Vaibhav Global Ltd. | 46 | 107 |
| Valor Estate Ltd.<sup>(1)</sup> | 4994 | 9586 |
| Vardhman Textiles Ltd. | 4022 | 19378 |
| Varroc Engineering Ltd. | 4400 | 26667 |
| Varun Beverages Ltd. | 10847 | 59953 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Vascon Engineers Ltd.<sup>(1)</sup> | 223 | $124 |
| Vedant Fashions Ltd. | 654 | 5501 |
| Vedanta Ltd. | 47863 | 228485 |
| Veedol Corporation Ltd. | 14 | 262 |
| Venky's India Ltd. | 20 | 333 |
| Vesuvius India Ltd. | 5101 | 29108 |
| V-Guard Industries Ltd. | 5158 | 21257 |
| Vijaya Diagnostic Centre Ltd. | 1263 | 14436 |
| Vinati Organics Ltd. | 244 | 4733 |
| Vindhya Telelinks Ltd.<sup>(1)</sup> | 15 | 252 |
| VIP Industries Ltd.<sup>(1)</sup> | 1707 | 8120 |
| Vishnu Chemicals Ltd. | 120 | 669 |
| V-Mart Retail Ltd.<sup>(1)</sup> | 1508 | 12706 |
| Vodafone Idea Ltd.<sup>(1)</sup> | 264177 | 19478 |
| Voltamp Transformers Ltd. | 262 | 23216 |
| Voltas Ltd. | 971 | 15128 |
| VRL Logistics Ltd. | 5954 | 17824 |
| VST Tillers Tractors Ltd. | 9 | 539 |
| Waaree Renewable Technologies Ltd. | 204 | 2370 |
| Welspun Corp. Ltd. | 6825 | 65342 |
| Welspun Enterprises Ltd. | 906 | 4804 |
| Welspun Living Ltd. | 1394 | 1730 |
| West Coast Paper Mills Ltd. | 1409 | 7971 |
| Westlife Foodworld Ltd. | 1504 | 12245 |
| Wheels India Ltd. | 142 | 1181 |
| Whirlpool of India Ltd. | 593 | 8759 |
| Windlas Biotech Ltd. | 35 | 397 |
| Wipro Ltd., ADR<sup>(2)</sup> | 33402 | 92190 |
| Wockhardt Ltd.<sup>(1)</sup> | 1196 | 19383 |
| Wonderla Holidays Ltd. | 125 | 869 |
| Xchanging Solutions Ltd. | 85 | 83 |
| Yatharth Hospital & Trauma Care Services Ltd., Class C<sup>(1)</sup> | 110 | 867 |
| Yes Bank Ltd.<sup>(1)</sup> | 314314 | 68112 |
| Yuken India Ltd. | 93 | 1082 |
| Zee Entertainment Enterprises Ltd. | 57124 | 75101 |
| Zen Technologies Ltd. | 58 | 961 |
| Zensar Technologies Ltd. | 6831 | 59461 |
| ZF Commercial Vehicle Control Systems India Ltd. | 12 | 1915 |
| Zuari Industries Ltd. | 46 | 161 |
| Zydus Lifesciences Ltd. | 9151 | 101921 |
|  |  | 39644559 |
| **Indonesia — 2.4%** |  |  |
| ABM Investama Tbk. PT | 66300 | 11862 |
| Adaro Andalan Indonesia PT<sup>(1)</sup> | 181584 | 76164 |
| Alam Sutera Realty Tbk. PT<sup>(1)</sup> | 1168200 | 12125 |
| Alamtri Minerals Indonesia Tbk. PT | 441300 | 26912 |
| Alamtri Resources Indonesia Tbk. PT | 805200 | 85741 |
| Amman Mineral Internasional PT<sup>(1)</sup> | 99200 | 47280 |
| Aneka Tambang Tbk. PT | 439000 | 81372 |
| Aspirasi Hidup Indonesia Tbk. PT | 400900 | 11096 |
| Astra International Tbk. PT | 771200 | 257283 |
| Astra Otoparts Tbk. PT | 125200 | 18447 |
| Bank BTPN Syariah Tbk. PT | 216900 | 19611 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bank Central Asia Tbk. PT | 541600 | $265335 |
| Bank Jago Tbk. PT<sup>(1)</sup> | 10400 | 1432 |
| Bank Mandiri Persero Tbk. PT | 1007600 | 288781 |
| Bank Negara Indonesia Persero Tbk. PT | 456600 | 121221 |
| Bank Pan Indonesia Tbk. PT | 208300 | 14586 |
| Bank Rakyat Indonesia Persero Tbk. PT | 1290200 | 316721 |
| Bank Tabungan Negara Persero Tbk. PT | 302900 | 23850 |
| Barito Pacific Tbk. PT<sup>(1)</sup> | 350122 | 46471 |
| BFI Finance Indonesia Tbk. PT | 445200 | 20513 |
| Bukalapak.com Tbk. PT<sup>(1)</sup> | 3253800 | 34327 |
| Bukit Asam Tbk. PT | 253000 | 36811 |
| Buma Internasional Grup Tbk. PT<sup>(1)</sup> | 703300 | 14919 |
| Bumi Resources Minerals Tbk. PT<sup>(1)</sup> | 2182900 | 62538 |
| Bumi Resources Tbk. PT<sup>(1)</sup> | 2608000 | 17245 |
| Bumi Serpong Damai Tbk. PT<sup>(1)</sup> | 388700 | 25566 |
| Chandra Asri Pacific Tbk. PT | 48900 | 24416 |
| Charoen Pokphand Indonesia Tbk. PT | 266500 | 68989 |
| Ciputra Development Tbk. PT | 470200 | 28960 |
| Cisarua Mountain Dairy Tbk. PT | 55700 | 16892 |
| Darma Henwa Tbk. PT<sup>(1)</sup> | 2728200 | 37097 |
| Dharma Satya Nusantara Tbk. PT | 756800 | 74579 |
| Elang Mahkota Teknologi Tbk. PT | 441300 | 32514 |
| Erajaya Swasembada Tbk. PT | 753900 | 20121 |
| ESSA Industries Indonesia Tbk. PT | 669800 | 22931 |
| Gajah Tunggal Tbk. PT | 285600 | 17469 |
| Global Mediacom Tbk. PT<sup>(1)</sup> | 98500 | 848 |
| Harum Energy Tbk. PT<sup>(1)</sup> | 167900 | 9329 |
| Indah Kiat Pulp & Paper Tbk. PT | 108200 | 50170 |
| Indika Energy Tbk. PT | 154900 | 12469 |
| Indo Tambangraya Megah Tbk. PT | 24900 | 33390 |
| Indocement Tunggal Prakarsa Tbk. PT | 98400 | 41780 |
| Indofood CBP Sukses Makmur Tbk. PT | 20600 | 11215 |
| Indofood Sukses Makmur Tbk. PT | 38300 | 17310 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 320600 | 10110 |
| Japfa Comfeed Indonesia Tbk. PT | 439100 | 43639 |
| Jasa Marga Persero Tbk. PT | 94100 | 19174 |
| Kalbe Farma Tbk. PT | 269500 | 19890 |
| Kawasan Industri Jababeka Tbk. PT | 1427900 | 18007 |
| Map Aktif Adiperkasa PT | 729100 | 27785 |
| Mark Dynamics Indonesia Tbk. PT | 19500 | 756 |
| Medco Energi Internasional Tbk. PT | 492300 | 34742 |
| Media Nusantara Citra Tbk. PT<sup>(1)</sup> | 530000 | 8161 |
| Medikaloka Hermina Tbk. PT | 556100 | 55906 |
| Merdeka Copper Gold Tbk. PT<sup>(1)</sup> | 77400 | 11668 |
| Midi Utama Indonesia Tbk. PT | 119200 | 3236 |
| Mitra Adiperkasa Tbk. PT | 715900 | 52262 |
| Mitra Keluarga Karyasehat Tbk. PT | 76600 | 10217 |
| Mitra Pinasthika Mustika Tbk. PT | 31600 | 1829 |
| Pabrik Kertas Tjiwi Kimia Tbk. PT | 79300 | 34572 |
| Pakuwon Jati Tbk. PT | 1024000 | 23109 |
| Panin Financial Tbk. PT<sup>(1)</sup> | 726500 | 11448 |
| Perusahaan Gas Negara Tbk. PT | 312400 | 32395 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 291100 | 23742 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Petrindo Jaya Kreasi Tbk. PT | 19400 | $1833 |
| Petrosea Tbk. PT | 180600 | 41501 |
| PP Persero Tbk. PT<sup>(1)</sup> | 472400 | 10947 |
| Rukun Raharja Tbk. PT | 132700 | 21160 |
| Sarana Menara Nusantara Tbk. PT | 709300 | 26441 |
| Semen Indonesia Persero Tbk. PT | 204900 | 32893 |
| Siloam International Hospitals Tbk. PT<sup>(1)</sup> | 160000 | 21539 |
| Sumber Alfaria Trijaya Tbk. PT | 508400 | 67827 |
| Surya Semesta Internusa Tbk. PT | 136400 | 19336 |
| Telkom Indonesia Persero Tbk. PT, ADR<sup>(2)</sup> | 17749 | 344153 |
| Tempo Scan Pacific Tbk. PT | 106900 | 14778 |
| Timah Tbk. PT | 207000 | 12827 |
| Transcoal Pacific Tbk. PT | 700 | 244 |
| Triputra Agro Persada PT | 481300 | 41480 |
| Unilever Indonesia Tbk. PT | 221900 | 22885 |
| United Tractors Tbk. PT | 81300 | 120252 |
| Vale Indonesia Tbk. PT | 77700 | 17647 |
| XLSMART Telecom Sejahtera Tbk. PT | 329900 | 55018 |
|  |  | 3774097 |
| **Malaysia — 2.7%** |  |  |
| Aeon Co. M Bhd. | 40300 | 12395 |
| AFFIN Bank Bhd.<sup>(1)</sup> | 25438 | 13499 |
| AirAsia X Bhd.<sup>(1)</sup> | 22100 | 8002 |
| Alliance Bank Malaysia Bhd. | 60129 | 64136 |
| AMMB Holdings Bhd. | 126100 | 160949 |
| Axiata Group Bhd. | 164000 | 93943 |
| Bank Islam Malaysia Bhd. | 23400 | 12679 |
| Berjaya Corp. Bhd.<sup>(1)</sup> | 205500 | 13382 |
| Bermaz Auto Bhd. | 31700 | 4992 |
| Bumi Armada Bhd. | 144200 | 12453 |
| Bursa Malaysia Bhd. | 18100 | 33384 |
| Cahya Mata Sarawak Bhd. | 78800 | 20504 |
| Carlsberg Brewery Malaysia Bhd. | 3300 | 12623 |
| CCK Consolidated Holdings Bhd. | 5300 | 1494 |
| CELCOMDIGI Bhd. | 103200 | 89897 |
| CIMB Group Holdings Bhd. | 230600 | 405102 |
| CTOS Digital Bhd. | 47100 | 9692 |
| Dagang NeXchange Bhd.<sup>(1)</sup> | 33800 | 1960 |
| Dayang Enterprise Holdings Bhd. | 37800 | 15368 |
| Dialog Group Bhd. | 6200 | 2743 |
| Dufu Technology Corp. Bhd. | 2400 | 628 |
| DXN Holdings Bhd. | 7400 | 902 |
| Eastern & Oriental Bhd. | 14000 | 2783 |
| Eco World Development Group Bhd. | 29300 | 14560 |
| Econpile Holdings Bhd.<sup>(1)</sup> | 1000 | 86 |
| EG Industries Bhd.<sup>(1)</sup> | 66800 | 19454 |
| Ekovest Bhd.<sup>(1)</sup> | 328300 | 29139 |
| Farm Fresh Bhd. | 26800 | 12812 |
| Fraser & Neave Holdings Bhd. | 4100 | 26180 |
| Frontken Corp. Bhd. | 29400 | 29755 |
| Gamuda Bhd. | 89543 | 117704 |
| Gas Malaysia Bhd. | 28000 | 29146 |
| Genting Bhd. | 116200 | 78611 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Genting Malaysia Bhd. | 143700 | $69359 |
| Greatech Technology Bhd.<sup>(1)</sup> | 2800 | 1379 |
| Hartalega Holdings Bhd. | 2300 | 641 |
| Heineken Malaysia Bhd. | 5700 | 27281 |
| Hiap Teck Venture Bhd. | 14000 | 927 |
| Hibiscus Petroleum Bhd. | 47800 | 16829 |
| Hong Leong Bank Bhd. | 11000 | 52268 |
| Hup Seng Industries Bhd. | 3700 | 814 |
| IHH Healthcare Bhd. | 23700 | 38084 |
| IJM Corp. Bhd. | 91600 | 62201 |
| Inari Amertron Bhd. | 18300 | 8761 |
| IOI Corp. Bhd. | 36700 | 33561 |
| IOI Properties Group Bhd. | 70300 | 37118 |
| Iskandar Waterfront City Bhd.<sup>(1)</sup> | 14500 | 1063 |
| ITMAX SYSTEM Bhd. | 2000 | 2033 |
| Jaya Tiasa Holdings Bhd. | 52500 | 14302 |
| Johor Plantations Group Bhd. | 40300 | 12954 |
| Kelington Group Bhd. | 35000 | 42736 |
| Kossan Rubber Industries Bhd. | 3300 | 944 |
| KPJ Healthcare Bhd. | 59800 | 36777 |
| KSL Holdings Bhd. | 6400 | 2560 |
| Kuala Lumpur Kepong Bhd. | 7100 | 33085 |
| LBS Bina Group Bhd. | 14600 | 1520 |
| Mah Sing Group Bhd. | 71500 | 19472 |
| Malakoff Corp. Bhd. | 97100 | 21811 |
| Malayan Banking Bhd. | 116500 | 272979 |
| Malayan Cement Bhd. | 8400 | 11642 |
| Malayan Flour Mills Bhd. | 16800 | 2249 |
| Malaysian Pacific Industries Bhd. | 6700 | 42483 |
| Malaysian Resources Corp. Bhd. | 131200 | 14749 |
| Matrix Concepts Holdings Bhd. | 43350 | 13433 |
| Maxis Bhd. | 47300 | 39188 |
| MBSB Bhd. | 80100 | 13261 |
| Mega First Corp. Bhd. | 29800 | 23875 |
| Mi Technovation Bhd. | 400 | 221 |
| MISC Bhd. | 39200 | 68841 |
| Mr. DIY Group M Bhd. | 127700 | 44698 |
| Naim Holdings Bhd.<sup>(1)</sup> | 2800 | 557 |
| Nationgate Holdings Bhd. | 21600 | 6623 |
| Nestle Malaysia Bhd. | 900 | 20247 |
| NEXG Bhd. | 127500 | 14785 |
| OSK Holdings Bhd. | 6750 | 2045 |
| PA Resources Bhd. | 2100 | 79 |
| Pecca Group Bhd. | 34200 | 11485 |
| Pentamaster Corp. Bhd.<sup>(1)</sup> | 2400 | 2040 |
| Perak Transit Bhd. | 74600 | 12189 |
| Perdana Petroleum Bhd.<sup>(1)</sup> | 4200 | 169 |
| Petronas Chemicals Group Bhd. | 1200 | 1227 |
| Petronas Dagangan Bhd. | 14000 | 70172 |
| Petronas Gas Bhd. | 17000 | 74995 |
| PPB Group Bhd. | 17500 | 38748 |
| Press Metal Aluminium Holdings Bhd. | 60800 | 80031 |
| Public Bank Bhd. | 244700 | 247162 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| QL Resources Bhd. | 35350 | $34310 |
| Ranhill Utilities Bhd.<sup>(1)</sup> | 9819 | 3741 |
| RGB International Bhd. | 19800 | 1288 |
| RHB Bank Bhd. | 62300 | 96414 |
| SD Guthrie Bhd. | 27500 | 32907 |
| Sime Darby Bhd. | 188400 | 92315 |
| Sime Darby Property Bhd. | 113100 | 39607 |
| SKP Resources Bhd. | 21300 | 4538 |
| SNS Network Technology Bhd. | 83100 | 9917 |
| Southern Cable Group Bhd. | 42500 | 20468 |
| SP Setia Bhd. Group | 171600 | 42628 |
| Sunway Bhd. | 29700 | 34598 |
| Sunway Construction Group Bhd. | 30800 | 46154 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 64080 | 7041 |
| Telekom Malaysia Bhd. | 47000 | 78131 |
| Tenaga Nasional Bhd. | 124200 | 387800 |
| TH Plantations Bhd. | 1700 | 207 |
| TIME dotCom Bhd. | 60100 | 73693 |
| Top Glove Corp. Bhd.<sup>(1)</sup> | 55100 | 7634 |
| TSH Resources Bhd. | 42900 | 11567 |
| UEM Sunrise Bhd. | 7400 | 1298 |
| Unisem M Bhd. | 2200 | 1384 |
| United Plantations Bhd. | 8450 | 45503 |
| Velesto Energy Bhd. | 609800 | 28863 |
| ViTrox Corp. Bhd. | 12200 | 11292 |
| VS Industry Bhd. | 116121 | 18260 |
| VSTECS Bhd. | 3100 | 2714 |
| WCT Holdings Bhd.<sup>(1)</sup> | 79100 | 16361 |
| Yinson Holdings Bhd. | 39600 | 22962 |
| YTL Corp. Bhd. | 26100 | 15819 |
| YTL Power International Bhd. | 81600 | 77816 |
| Zetrix Ai Bhd. | 339600 | 69024 |
|  |  | 4355864 |
| **Mexico — 3.4%** |  |  |
| Alfa SAB de CV, Class A<sup>(2)</sup> | 192941 | 145136 |
| Alpek SAB de CV<sup>(2)</sup> | 34835 | 16424 |
| Alsea SAB de CV<sup>(1)</sup> | 16381 | 47288 |
| America Movil SAB de CV, ADR | 18242 | 364658 |
| Arca Continental SAB de CV | 3048 | 31144 |
| Banco del Bajio SA | 69163 | 164788 |
| Bolsa Mexicana de Valores SAB de CV | 7164 | 14632 |
| Cemex SAB de CV, ADR | 30599 | 278145 |
| Coca-Cola Femsa SAB de CV | 14372 | 121825 |
| Controladora Alpek SAB de CV<sup>(1)</sup> | 192941 | 26877 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(1)</sup> | 7247 | 44642 |
| Corp. Inmobiliaria Vesta SAB de CV | 33530 | 92230 |
| Fomento Economico Mexicano SAB de CV, ADR | 2391 | 207156 |
| GCC SAB de CV | 18325 | 171601 |
| Genomma Lab Internacional SAB de CV, Class B<sup>(2)</sup> | 74838 | 89495 |
| Gentera SAB de CV | 114905 | 281714 |
| Gruma SAB de CV, B Shares | 10248 | 176173 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 1407 | 143809 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 761 | 183401 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Grupo Aeroportuario del Sureste SAB de CV, ADR | 382 | $124421 |
| Grupo Bimbo SAB de CV, Series A<sup>(2)</sup> | 17851 | 55549 |
| Grupo Carso SAB de CV, Series A1 | 6145 | 40858 |
| Grupo Comercial Chedraui SA de CV<sup>(2)</sup> | 14517 | 116901 |
| Grupo Financiero Banorte SAB de CV, Class O | 74701 | 680432 |
| Grupo Financiero Inbursa SAB de CV, Class O | 48166 | 126657 |
| Grupo Mexico SAB de CV, Series B | 30784 | 201928 |
| Grupo Televisa SAB, ADR | 39898 | 111315 |
| Grupo Traxion SAB de CV<sup>(1)</sup> | 20100 | 16261 |
| Industrias Penoles SAB de CV<sup>(1)</sup> | 11097 | 360131 |
| Kimberly-Clark de Mexico SAB de CV, A Shares | 40992 | 77176 |
| La Comer SAB de CV | 11370 | 25750 |
| Megacable Holdings SAB de CV | 115326 | 333660 |
| Nemak SAB de CV<sup>(1)</sup> | 62534 | 12832 |
| Promotora y Operadora de Infraestructura SAB de CV | 5411 | 67911 |
| Qualitas Controladora SAB de CV<sup>(2)</sup> | 13644 | 122964 |
| Regional SAB de CV | 18331 | 142409 |
| Wal-Mart de Mexico SAB de CV | 47276 | 141237 |
|  |  | 5359530 |
| **Peru — 0.5%** |  |  |
| Cia de Minas Buenaventura SAA, ADR | 19296 | 369325 |
| Credicorp Ltd. | 1219 | 313527 |
| Intercorp Financial Services, Inc. | 300 | 11916 |
| Southern Copper Corp. | 1219 | 117152 |
|  |  | 811920 |
| **Philippines — 1.0%** |  |  |
| Aboitiz Equity Ventures, Inc. | 74700 | 38032 |
| ACEN Corp. | 178000 | 6914 |
| Alliance Global Group, Inc. | 92400 | 11802 |
| Apex Mining Co., Inc. | 354500 | 42285 |
| Ayala Corp. | 3060 | 29165 |
| Ayala Land, Inc. | 184100 | 90205 |
| Bank of the Philippine Islands | 41750 | 82532 |
| BDO Unibank, Inc. | 70439 | 166483 |
| Century Pacific Food, Inc. | 35700 | 22926 |
| Converge Information & Communications Technology Solutions, Inc. | 158400 | 38810 |
| DigiPlus Interactive Corp. | 104370 | 42009 |
| DMCI Holdings, Inc. | 99600 | 18748 |
| GT Capital Holdings, Inc. | 4730 | 57127 |
| International Container Terminal Services, Inc. | 19330 | 163380 |
| JG Summit Holdings, Inc. | 167800 | 69826 |
| Jollibee Foods Corp. | 8040 | 32627 |
| Manila Electric Co. | 7460 | 69841 |
| Manila Water Co., Inc. | 153700 | 112976 |
| Megaworld Corp. | 538000 | 19410 |
| Metropolitan Bank & Trust Co. | 90370 | 110618 |
| PLDT, Inc., ADR | 3299 | 67563 |
| Puregold Price Club, Inc. | 78300 | 56541 |
| Semirara Mining & Power Corp. | 53900 | 31013 |
| SM Investments Corp. | 2490 | 32888 |
| SM Prime Holdings, Inc. | 73300 | 29636 |
| Universal Robina Corp. | 57090 | 80863 |
|  |  | 1524220 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Poland — 2.1%** |  |  |
| Alior Bank SA | 6839 | $194840 |
| Allegro.eu SA<sup>(1)</sup> | 10077 | 101265 |
| Asseco Poland SA | 1040 | 53981 |
| Bank Handlowy w Warszawie SA | 2399 | 67882 |
| Bank Millennium SA<sup>(1)</sup> | 39090 | 151428 |
| Bank Polska Kasa Opieki SA | 5514 | 277733 |
| Benefit Systems SA | 99 | 88607 |
| Budimex SA | 531 | 77672 |
| CCC SA<sup>(1)</sup> | 1359 | 62351 |
| CD Projekt SA | 409 | 28315 |
| Cyfrowy Polsat SA<sup>(1)</sup> | 3406 | 13387 |
| Diagnostyka SA | 1365 | 75962 |
| Dino Polska SA<sup>(1)</sup> | 14955 | 186601 |
| Enea SA | 16304 | 82062 |
| Eurocash SA<sup>(1)</sup> | 3448 | 7579 |
| Grupa Azoty SA<sup>(1)</sup> | 4021 | 20137 |
| Grupa Kety SA | 730 | 184653 |
| Jastrzebska Spolka Weglowa SA<sup>(1)</sup> | 2421 | 15061 |
| KGHM Polska Miedz SA<sup>(1)</sup> | 3448 | 121120 |
| KRUK SA | 350 | 43733 |
| LPP SA | 14 | 66329 |
| mBank SA<sup>(1)</sup> | 219 | 52901 |
| Orange Polska SA | 74502 | 189656 |
| ORLEN SA | 18147 | 387784 |
| Pepco Group NV | 11371 | 66927 |
| PGE Polska Grupa Energetyczna SA<sup>(1)</sup> | 24768 | 77193 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 12198 | 237932 |
| Powszechny Zaklad Ubezpieczen SA | 9106 | 151554 |
| Santander Bank Polska SA | 449 | 62501 |
| Tauron Polska Energia SA<sup>(1)</sup> | 23195 | 53840 |
| XTB SA | 4143 | 87622 |
| Zabka Group SA<sup>(1)</sup> | 12126 | 72571 |
|  |  | 3361179 |
| **South Africa — 6.0%** |  |  |
| Absa Group Ltd. | 35131 | 376167 |
| AECI Ltd. | 12889 | 78506 |
| African Rainbow Minerals Ltd.<sup>(2)</sup> | 6016 | 62441 |
| Anglogold Ashanti PLC | 1612 | 90716 |
| Aspen Pharmacare Holdings Ltd. | 14972 | 89858 |
| Astral Foods Ltd. | 1642 | 19553 |
| AVI Ltd. | 19791 | 104980 |
| Barloworld Ltd. | 14936 | 99469 |
| Bid Corp. Ltd. | 4663 | 121764 |
| Bidvest Group Ltd. | 7623 | 102425 |
| Capitec Bank Holdings Ltd. | 1282 | 259317 |
| Clicks Group Ltd. | 7881 | 166548 |
| Coronation Fund Managers Ltd. | 18452 | 45594 |
| DataTec Ltd. | 27234 | 97217 |
| Dis-Chem Pharmacies Ltd. | 24682 | 47750 |
| Discovery Ltd. | 15220 | 186727 |
| DRDGOLD Ltd. | 43700 | 79959 |
| Exxaro Resources Ltd. | 19252 | 210912 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Famous Brands Ltd. | 2313 | $7601 |
| FirstRand Ltd. | 91577 | 385999 |
| Fortress Real Estate Investments Ltd., Class B | 86389 | 110301 |
| Foschini Group Ltd. | 28308 | 174430 |
| Gold Fields Ltd., ADR | 20291 | 679343 |
| Grindrod Ltd. | 28263 | 24615 |
| Harmony Gold Mining Co. Ltd., ADR | 12804 | 170037 |
| Impala Platinum Holdings Ltd.<sup>(1)</sup> | 46066 | 418008 |
| Investec Ltd. | 4317 | 32013 |
| Kumba Iron Ore Ltd.<sup>(2)</sup> | 868 | 15927 |
| Life Healthcare Group Holdings Ltd. | 32370 | 24966 |
| Momentum Group Ltd. | 70377 | 142516 |
| Motus Holdings Ltd. | 11974 | 70076 |
| Mr. Price Group Ltd. | 9421 | 110905 |
| MTN Group Ltd. | 62351 | 529670 |
| MultiChoice Group<sup>(1)</sup> | 9861 | 68635 |
| Naspers Ltd., N Shares | 271 | 89409 |
| Nedbank Group Ltd. | 19598 | 251166 |
| NEPI Rockcastle NV<sup>(1)</sup> | 30308 | 251733 |
| Netcare Ltd. | 88041 | 69226 |
| Ninety One Ltd. | 26518 | 66552 |
| Northam Platinum Holdings Ltd. | 12405 | 138995 |
| Old Mutual Ltd. | 308010 | 242387 |
| Omnia Holdings Ltd. | 19630 | 81666 |
| OUTsurance Group Ltd. | 18641 | 80339 |
| Pepkor Holdings Ltd. | 21791 | 31349 |
| Pick n Pay Stores Ltd.<sup>(1)(2)</sup> | 14491 | 22627 |
| PPC Ltd. | 161126 | 46506 |
| Raubex Group Ltd. | 5009 | 12458 |
| Reinet Investments SCA | 9271 | 281802 |
| Remgro Ltd. | 4639 | 44626 |
| Sanlam Ltd. | 44153 | 227631 |
| Santam Ltd. | 1236 | 30666 |
| Sappi Ltd. | 40879 | 67169 |
| Sasol Ltd., ADR<sup>(1)</sup> | 34245 | 230811 |
| Shoprite Holdings Ltd. | 11432 | 170603 |
| Sibanye Stillwater Ltd., ADR<sup>(1)</sup> | 57370 | 434291 |
| SPAR Group Ltd.<sup>(1)</sup> | 15532 | 95385 |
| Standard Bank Group Ltd. | 40922 | 575731 |
| Sun International Ltd. | 9462 | 25018 |
| Super Group Ltd. | 55939 | 45506 |
| Telkom SA SOC Ltd. | 45487 | 130679 |
| Thungela Resources Ltd. | 6418 | 33878 |
| Tiger Brands Ltd. | 10021 | 176809 |
| Truworths International Ltd. | 18454 | 62896 |
| Valterra Platinum Ltd. | 850 | 38979 |
| Vodacom Group Ltd. | 17605 | 142169 |
| We Buy Cars Holdings Ltd. | 7032 | 22169 |
| Wilson Bayly Holmes-Ovcon Ltd. | 2556 | 24749 |
| Woolworths Holdings Ltd.<sup>(2)</sup> | 38445 | 113140 |
|  |  | 9564065 |
| **South Korea — 14.8%** |  |  |
| ABLBio, Inc.<sup>(1)</sup> | 211 | 13899 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Able C&C Co. Ltd. | 294 | $2895 |
| Aekyung Chemical Co. Ltd. | 51 | 386 |
| Aekyung Industrial Co. Ltd. | 136 | 1577 |
| Agabang & Co.<sup>(1)</sup> | 50 | 182 |
| Ahnlab, Inc. | 19 | 825 |
| Alteogen, Inc.<sup>(1)</sup> | 179 | 56296 |
| Amorepacific Corp. | 653 | 56337 |
| Amorepacific Holdings Corp. | 794 | 15508 |
| Ananti, Inc.<sup>(1)</sup> | 546 | 3641 |
| APR Corp.<sup>(1)</sup> | 400 | 65245 |
| Asiana Airlines, Inc.<sup>(1)</sup> | 1836 | 12507 |
| BGF retail Co. Ltd. | 572 | 48224 |
| BH Co. Ltd. | 1247 | 16444 |
| Binggrae Co. Ltd. | 363 | 18411 |
| BNK Financial Group, Inc. | 11672 | 120692 |
| Boryung | 198 | 1185 |
| C&C International Co. Ltd. | 14 | 439 |
| Cafe24 Corp.<sup>(1)</sup> | 468 | 12861 |
| Celltrion Pharm, Inc.<sup>(1)</sup> | 307 | 11396 |
| Celltrion, Inc. | 1027 | 123566 |
| Cheil Worldwide, Inc. | 3547 | 50452 |
| Cheryong Electric Co. Ltd. | 361 | 8887 |
| Chong Kun Dang Pharmaceutical Corp. | 239 | 13699 |
| CJ CGV Co. Ltd.<sup>(1)</sup> | 3512 | 11671 |
| CJ CheilJedang Corp. | 571 | 93909 |
| CJ Corp. | 607 | 69590 |
| CJ ENM Co. Ltd.<sup>(1)</sup> | 1343 | 68845 |
| CJ Logistics Corp. | 539 | 32302 |
| Classys, Inc. | 356 | 13330 |
| Com2uSCorp | 10 | 282 |
| Cosmax, Inc. | 204 | 31680 |
| CosmoAM&T Co. Ltd.<sup>(1)</sup> | 32 | 980 |
| Coway Co. Ltd. | 1976 | 147522 |
| CS Wind Corp. | 1303 | 38976 |
| Daeduck Electronics Co. Ltd. | 911 | 15642 |
| Daesang Corp. | 944 | 15301 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(1)</sup> | 4463 | 11882 |
| Daewoong Co. Ltd. | 646 | 11468 |
| Daewoong Pharmaceutical Co. Ltd. | 130 | 12695 |
| Daishin Securities Co. Ltd. | 1627 | 32655 |
| Daou Data Corp. | 23 | 271 |
| Daou Technology, Inc. | 2255 | 55313 |
| DB HiTek Co. Ltd. | 1499 | 49170 |
| DB Insurance Co. Ltd. | 1418 | 134065 |
| DB Securities Co. Ltd. | 1689 | 10702 |
| Dentium Co. Ltd. | 25 | 1030 |
| Devsisters Co. Ltd.<sup>(1)</sup> | 4 | 143 |
| DI Dong Il Corp. | 416 | 12276 |
| DL E&C Co. Ltd. | 1211 | 36910 |
| DL Holdings Co. Ltd. | 784 | 21947 |
| DN Automotive Corp. | 25 | 476 |
| Dong-A Socio Holdings Co. Ltd. | 117 | 9355 |
| Dong-A ST Co. Ltd. | 7 | 223 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Dongjin Semichem Co. Ltd. | 1764 | $37752 |
| DongKook Pharmaceutical Co. Ltd. | 58 | 707 |
| Dongkuk Steel Mill Co. Ltd. | 410 | 2732 |
| Dongsuh Cos., Inc. | 652 | 12768 |
| Dongwha Enterprise Co. Ltd.<sup>(1)</sup> | 30 | 201 |
| Dongwon Industries Co. Ltd. | 82 | 2576 |
| Dongwon Systems Corp. | 48 | 985 |
| Doosan Bobcat, Inc.<sup>(1)</sup> | 858 | 32778 |
| Doosan Co. Ltd. | 51 | 20240 |
| Doosan Enerbility Co. Ltd.<sup>(1)</sup> | 4874 | 214334 |
| Doosan Fuel Cell Co. Ltd.<sup>(1)</sup> | 1659 | 34001 |
| Doosan Tesna, Inc. | 102 | 2657 |
| DoubleUGames Co. Ltd. | 296 | 11190 |
| Douzone Bizon Co. Ltd. | 529 | 30170 |
| Dreamtech Co. Ltd. | 44 | 201 |
| Duk San Neolux Co. Ltd.<sup>(1)</sup> | 503 | 17016 |
| Ecopro BM Co. Ltd.<sup>(1)</sup> | 76 | 6597 |
| Ecopro Co. Ltd. | 44 | 1595 |
| Ecopro HN Co. Ltd. | 131 | 2322 |
| Ecopro Materials Co. Ltd.<sup>(1)</sup> | 3 | 108 |
| E-MART, Inc. | 1089 | 55912 |
| EMRO, Inc. | 57 | 1709 |
| EM-Tech Co. Ltd.<sup>(1)</sup> | 40 | 277 |
| Enchem Co. Ltd.<sup>(1)</sup> | 135 | 7228 |
| Eo Technics Co. Ltd. | 196 | 28832 |
| Eugene Investment & Securities Co. Ltd. | 4877 | 12106 |
| Eugene Technology Co. Ltd. | 367 | 12534 |
| F&F Co. Ltd. | 488 | 23294 |
| Gaonchips Co. Ltd.<sup>(1)</sup> | 57 | 1869 |
| GemVax & Kael Co. Ltd.<sup>(1)</sup> | 361 | 12899 |
| GOLFZON Co. Ltd. | 286 | 12961 |
| Gradiant Corp. | 37 | 388 |
| Grand Korea Leisure Co. Ltd. | 304 | 3650 |
| Green Cross Corp. | 100 | 9302 |
| Green Cross Holdings Corp. | 27 | 294 |
| GS Engineering & Construction Corp. | 2535 | 33931 |
| GS Holdings Corp. | 2423 | 79172 |
| GS P&L Co. Ltd.<sup>(1)</sup> | 55 | 1936 |
| GS Retail Co. Ltd. | 1028 | 11963 |
| HAESUNG DS Co. Ltd. | 96 | 1542 |
| Han Kuk Carbon Co. Ltd. | 1905 | 45055 |
| Hana Financial Group, Inc. | 12201 | 719267 |
| Hana Materials, Inc. | 30 | 578 |
| Hana Micron, Inc.<sup>(1)</sup> | 116 | 1150 |
| Hana Tour Service, Inc. | 109 | 4027 |
| Hancom, Inc. | 35 | 626 |
| Handsome Co. Ltd. | 45 | 487 |
| Hanil Cement Co. Ltd. | 1233 | 17129 |
| Hanjin Kal Corp. | 212 | 17031 |
| Hankook & Co. Co. Ltd. | 840 | 14692 |
| Hankook Tire & Technology Co. Ltd. | 2122 | 61168 |
| Hanmi Pharm Co. Ltd. | 170 | 36954 |
| Hanmi Science Co. Ltd.<sup>(1)</sup> | 804 | 23685 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hanmi Semiconductor Co. Ltd. | 459 | $28322 |
| Hanon Systems<sup>(1)</sup> | 4193 | 10729 |
| Hansae Co. Ltd. | 204 | 1361 |
| Hansol Chemical Co. Ltd. | 279 | 35358 |
| Hansol Technics Co. Ltd. | 2487 | 9495 |
| Hanssem Co. Ltd. | 11 | 333 |
| Hanwha Aerospace Co. Ltd. | 652 | 413480 |
| Hanwha Corp. | 2870 | 172201 |
| Hanwha Corp., Preference Shares | 1540 | 38982 |
| Hanwha Engine<sup>(1)</sup> | 2269 | 77096 |
| Hanwha General Insurance Co. Ltd.<sup>(1)</sup> | 3414 | 13947 |
| Hanwha Investment & Securities Co. Ltd.<sup>(1)</sup> | 1043 | 4151 |
| Hanwha Life Insurance Co. Ltd.<sup>(1)</sup> | 15991 | 35962 |
| Hanwha Ocean Co. Ltd.<sup>(1)</sup> | 197 | 15833 |
| Hanwha Solutions Corp. | 3156 | 64100 |
| Hanwha Systems Co. Ltd. | 2027 | 74068 |
| Hanwha Vision Co. Ltd.<sup>(1)</sup> | 817 | 31055 |
| Harim Holdings Co. Ltd. | 337 | 2021 |
| HD Hyundai Co. Ltd. | 3021 | 297481 |
| HD Hyundai Construction Equipment Co. Ltd. | 431 | 26931 |
| HD Hyundai Electric Co. Ltd. | 453 | 158855 |
| HD Hyundai Heavy Industries Co. Ltd. | 303 | 113034 |
| HD Hyundai Infracore Co. Ltd.<sup>(1)</sup> | 7435 | 74690 |
| HD HYUNDAI MIPO | 743 | 109223 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 1722 | 501839 |
| HDC Holdings Co. Ltd. | 1131 | 17452 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 1104 | 15739 |
| HD-Hyundai Marine Engine<sup>(1)</sup> | 1219 | 80296 |
| Hite Jinro Co. Ltd. | 1726 | 23681 |
| HK inno N Corp.<sup>(1)</sup> | 5 | 172 |
| HL Mando Co. Ltd. | 943 | 24075 |
| HLB, Inc.<sup>(1)</sup> | 385 | 10397 |
| HMM Co. Ltd. | 6244 | 99169 |
| Hotel Shilla Co. Ltd.<sup>(1)</sup> | 39 | 1313 |
| HPSP Co. Ltd. | 871 | 16565 |
| HS Hyosung Advanced Materials Corp. | 235 | 32067 |
| HS Hyosung Corp.<sup>(1)</sup> | 3 | 128 |
| Hugel, Inc.<sup>(1)</sup> | 185 | 41827 |
| Humedix Co. Ltd. | 436 | 16964 |
| HYBE Co. Ltd.<sup>(1)</sup> | 212 | 43730 |
| Hyosung Corp. | 811 | 50478 |
| Hyosung Heavy Industries Corp. | 112 | 99293 |
| Hyosung TNC Corp. | 273 | 42865 |
| Hyundai Autoever Corp. | 278 | 34934 |
| HYUNDAI Corp. | 77 | 1226 |
| Hyundai Department Store Co. Ltd. | 1118 | 59624 |
| Hyundai Elevator Co. Ltd. | 740 | 41681 |
| Hyundai Engineering & Construction Co. Ltd. | 1840 | 81842 |
| Hyundai Glovis Co. Ltd. | 1373 | 181578 |
| Hyundai Home Shopping Network Corp. | 18 | 720 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(1)</sup> | 2008 | 40213 |
| Hyundai Mobis Co. Ltd. | 1214 | 277230 |
| Hyundai Motor Co. | 2908 | 457800 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hyundai Rotem Co. Ltd. | 731 | $100840 |
| Hyundai Steel Co. | 6135 | 140992 |
| Hyundai Wia Corp. | 1247 | 44897 |
| Iljin Electric Co. Ltd. | 1043 | 26808 |
| iM Financial Group Co. Ltd. | 9097 | 89528 |
| Industrial Bank of Korea | 14128 | 193147 |
| Innocean Worldwide, Inc. | 923 | 12172 |
| Innox Advanced Materials Co. Ltd. | 805 | 13701 |
| Intellian Technologies, Inc. | 89 | 2933 |
| Interflex Co. Ltd.<sup>(1)</sup> | 26 | 163 |
| INTOPS Co. Ltd. | 58 | 645 |
| IS Dongseo Co. Ltd. | 35 | 492 |
| i-SENS, Inc. | 6 | 76 |
| IsuPetasys Co. Ltd. | 1808 | 85403 |
| JB Financial Group Co. Ltd. | 3887 | 65612 |
| Jeju Air Co. Ltd.<sup>(1)</sup> | 429 | 2030 |
| Jin Air Co. Ltd.<sup>(1)</sup> | 291 | 1776 |
| Jusung Engineering Co. Ltd. | 981 | 19146 |
| JW Pharmaceutical Corp. | 92 | 1417 |
| JYP Entertainment Corp. | 916 | 47899 |
| K Car Co. Ltd. | 130 | 1486 |
| Kakao Corp. | 2283 | 102222 |
| Kakao Games Corp.<sup>(1)</sup> | 26 | 302 |
| KakaoBank Corp. | 1312 | 23186 |
| Kakaopay Corp.<sup>(1)</sup> | 516 | 22167 |
| Kangwon Land, Inc. | 1433 | 18574 |
| KB Financial Group, Inc., ADR | 6476 | 509402 |
| KC Co. Ltd. | 39 | 622 |
| KC Tech Co. Ltd. | 25 | 594 |
| KCC Corp. | 180 | 51351 |
| KCC Glass Corp. | 26 | 555 |
| KEPCO Engineering & Construction Co., Inc. | 48 | 3172 |
| KEPCO Plant Service & Engineering Co. Ltd. | 677 | 24405 |
| KG Dongbusteel | 272 | 1039 |
| KH Vatec Co. Ltd. | 175 | 1598 |
| Kia Corp. | 6087 | 460563 |
| KISCO Corp.<sup>(1)</sup> | 395 | 2827 |
| KIWOOM Securities Co. Ltd. | 631 | 92940 |
| Koh Young Technology, Inc. | 79 | 824 |
| Kolmar Korea Co. Ltd.<sup>(1)</sup> | 191 | 10643 |
| Kolon Industries, Inc. | 1269 | 33505 |
| Kolon Life Science, Inc.<sup>(1)</sup> | 496 | 10202 |
| KoMiCo Ltd. | 23 | 1351 |
| KONA I Co. Ltd. | 697 | 25462 |
| Korea Aerospace Industries Ltd. | 998 | 68188 |
| Korea Electric Power Corp., ADR | 9381 | 123923 |
| Korea Electric Terminal Co. Ltd. | 263 | 11878 |
| Korea Gas Corp. | 2145 | 60979 |
| Korea Investment Holdings Co. Ltd. | 2663 | 256918 |
| Korea Line Corp.<sup>(1)</sup> | 2676 | 3292 |
| Korea Petrochemical Ind Co. Ltd. | 30 | 2625 |
| Korean Air Lines Co. Ltd. | 6099 | 103814 |
| Korean Reinsurance Co. | 5814 | 45266 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Krafton, Inc.<sup>(1)</sup> | 497 | $116863 |
| KT Corp. | 258 | 10035 |
| Kum Yang Co. Ltd.<sup>(1)</sup> | 275 | 1469 |
| Kumho Petrochemical Co. Ltd. | 427 | 33580 |
| Kumho Tire Co., Inc.<sup>(1)</sup> | 6220 | 22151 |
| Kyung Dong Navien Co. Ltd. | 275 | 15256 |
| L&F Co. Ltd.<sup>(1)</sup> | 43 | 2035 |
| LEENO Industrial, Inc. | 1477 | 49429 |
| LG Chem Ltd. | 1534 | 304680 |
| LG Corp. | 1443 | 77155 |
| LG Display Co. Ltd., ADR<sup>(1)</sup> | 28855 | 127251 |
| LG Electronics, Inc. | 3597 | 190600 |
| LG Energy Solution Ltd.<sup>(1)</sup> | 123 | 31020 |
| LG H&H Co. Ltd. | 115 | 24415 |
| LG Innotek Co. Ltd. | 666 | 80492 |
| LG Uplus Corp. | 16745 | 178589 |
| LIG Nex1 Co. Ltd. | 431 | 151479 |
| LigaChem Biosciences, Inc.<sup>(1)</sup> | 298 | 31570 |
| Lotte Chemical Corp. | 756 | 34451 |
| Lotte Chilsung Beverage Co. Ltd. | 331 | 28431 |
| Lotte Corp. | 1458 | 30583 |
| Lotte Energy Materials Corp.<sup>(1)</sup> | 775 | 14383 |
| LOTTE Fine Chemical Co. Ltd. | 950 | 28434 |
| Lotte Innovate Co. Ltd. | 28 | 427 |
| Lotte Rental Co. Ltd. | 1492 | 30874 |
| Lotte Shopping Co. Ltd. | 293 | 13911 |
| Lotte Wellfood Co. Ltd. | 122 | 10190 |
| LS Corp. | 582 | 73646 |
| LS Electric Co. Ltd. | 261 | 52772 |
| LVMC Holdings<sup>(1)</sup> | 301 | 393 |
| LX International Corp. | 2589 | 55206 |
| LX Semicon Co. Ltd. | 506 | 19488 |
| Mcnex Co. Ltd. | 22 | 473 |
| MegaStudyEdu Co. Ltd. | 98 | 3245 |
| Meritz Financial Group, Inc. | 2620 | 238345 |
| Mirae Asset Securities Co. Ltd. | 3694 | 50780 |
| Misto Holdings Corp. | 820 | 24567 |
| MNTech Co. Ltd. | 90 | 665 |
| Myoung Shin Industrial Co. Ltd.<sup>(1)</sup> | 1385 | 8794 |
| Naturecell Co. Ltd.<sup>(1)</sup> | 32 | 484 |
| NAVER Corp. | 1408 | 216443 |
| NCSoft Corp. | 296 | 43081 |
| Neowiz<sup>(1)</sup> | 67 | 1165 |
| NEPES Corp.<sup>(1)</sup> | 1856 | 17098 |
| Netmarble Corp. | 795 | 34161 |
| Nexen Tire Corp. | 131 | 551 |
| Nexon Games Co. Ltd.<sup>(1)</sup> | 58 | 579 |
| NEXTIN, Inc. | 278 | 8481 |
| NH Investment & Securities Co. Ltd. | 3355 | 46858 |
| NHN Corp. | 135 | 2520 |
| NICE Information Service Co. Ltd. | 1280 | 14507 |
| NongShim Co. Ltd. | 88 | 25937 |
| OCI Co. Ltd. | 54 | 2075 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| OCI Holdings Co. Ltd. | 1002 | $62778 |
| Orion Corp. | 717 | 55493 |
| Orion Holdings Corp. | 1356 | 20192 |
| Otoki Corp. | 87 | 23981 |
| Pan Ocean Co. Ltd. | 22152 | 61960 |
| Paradise Co. Ltd. | 1718 | 25922 |
| Park Systems Corp. | 97 | 17805 |
| Partron Co. Ltd. | 147 | 677 |
| Pearl Abyss Corp.<sup>(1)</sup> | 526 | 12358 |
| People & Technology, Inc. | 263 | 7230 |
| Peptron, Inc.<sup>(1)</sup> | 108 | 24056 |
| PharmaResearch Co. Ltd. | 230 | 111903 |
| PI Advanced Materials Co. Ltd. | 775 | 9437 |
| Poongsan Corp. | 483 | 41127 |
| Posco DX Co. Ltd. | 917 | 14717 |
| POSCO Future M Co. Ltd.<sup>(1)</sup> | 351 | 35506 |
| POSCO Holdings, Inc., ADR | 3713 | 191554 |
| Posco International Corp. | 1513 | 52134 |
| Posco M-Tech Co. Ltd. | 6 | 56 |
| PSK, Inc. | 76 | 1328 |
| Rainbow Robotics<sup>(1)</sup> | 60 | 11771 |
| S&S Tech Corp. | 30 | 1165 |
| S-1 Corp. | 594 | 34149 |
| Sam Chun Dang Pharm Co. Ltd. | 125 | 17253 |
| Sam Young Electronics Co. Ltd. | 21 | 157 |
| Samsung Biologics Co. Ltd.<sup>(1)</sup> | 140 | 100469 |
| Samsung C&T Corp. | 572 | 68847 |
| Samsung E&A Co. Ltd. | 8646 | 180297 |
| Samsung Electro-Mechanics Co. Ltd. | 838 | 96137 |
| Samsung Electronics Co. Ltd., GDR | 2896 | 3581954 |
| Samsung Fire & Marine Insurance Co. Ltd. | 904 | 287716 |
| Samsung Heavy Industries Co. Ltd.<sup>(1)</sup> | 26857 | 410546 |
| Samsung Life Insurance Co. Ltd. | 828 | 85063 |
| Samsung SDI Co. Ltd. | 452 | 66985 |
| Samsung SDS Co. Ltd. | 906 | 95719 |
| Samsung Securities Co. Ltd. | 2367 | 116851 |
| Samyang Foods Co. Ltd. | 145 | 162358 |
| Samyang Holdings Corp.<sup>(1)</sup> | 7 | 432 |
| Sanil Electric Co. Ltd. | 236 | 18761 |
| SD Biosensor, Inc. | 70 | 504 |
| SeAH Besteel Holdings Corp. | 1593 | 31775 |
| SeAH Steel Corp. | 171 | 16380 |
| SeAH Steel Holdings Corp. | 78 | 10318 |
| Sebang Global Battery Co. Ltd. | 230 | 10248 |
| Seegene, Inc. | 108 | 2014 |
| Seojin System Co. Ltd.<sup>(1)</sup> | 35 | 483 |
| Seoul Semiconductor Co. Ltd.<sup>(1)</sup> | 2106 | 10112 |
| Seoyon E-Hwa Co. Ltd. | 61 | 512 |
| SFA Engineering Corp. | 681 | 11241 |
| SFA Semicon Co. Ltd.<sup>(1)</sup> | 40 | 99 |
| SHIFT UP Corp.<sup>(1)</sup> | 246 | 7338 |
| Shinhan Financial Group Co. Ltd., ADR | 8535 | 403108 |
| Shinsegae International, Inc. | 30 | 221 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Shinsegae, Inc. | 493 | $58488 |
| Shinsung E&G Co. Ltd.<sup>(1)</sup> | 120 | 134 |
| Shinyoung Securities Co. Ltd. | 168 | 18004 |
| Silicon2 Co. Ltd.<sup>(1)</sup> | 58 | 1863 |
| SIMMTECH Co. Ltd. | 8 | 145 |
| SK Biopharmaceuticals Co. Ltd.<sup>(1)</sup> | 328 | 23174 |
| SK Bioscience Co. Ltd.<sup>(1)</sup> | 362 | 12265 |
| SK Chemicals Co. Ltd. | 530 | 22645 |
| SK Discovery Co. Ltd. | 1197 | 45456 |
| SK Gas Ltd. | 241 | 44602 |
| SK Hynix, Inc. | 12704 | 2420586 |
| SK IE Technology Co. Ltd.<sup>(1)</sup> | 498 | 9911 |
| SK Innovation Co. Ltd. | 1353 | 97923 |
| SK Networks Co. Ltd. | 7911 | 24891 |
| SK oceanplant Co. Ltd.<sup>(1)</sup> | 1034 | 15482 |
| SK Telecom Co. Ltd., ADR | 3982 | 85772 |
| SK, Inc. | 865 | 128277 |
| SKC Co. Ltd.<sup>(1)</sup> | 152 | 10192 |
| SL Corp. | 1005 | 24387 |
| SM Entertainment Co. Ltd. | 340 | 33895 |
| SNT Dynamics Co. Ltd. | 260 | 11647 |
| SNT Motiv Co. Ltd. | 1221 | 32582 |
| S-Oil Corp.<sup>(1)</sup> | 1641 | 70974 |
| SOLUM Co. Ltd.<sup>(1)</sup> | 339 | 4041 |
| Solus Advanced Materials Co. Ltd. | 10 | 53 |
| Soop Co. Ltd. | 253 | 14149 |
| Soulbrain Co. Ltd. | 125 | 19577 |
| Soulbrain Holdings Co. Ltd. | 67 | 1887 |
| SPG Co. Ltd.<sup>(1)</sup> | 13 | 236 |
| Studio Dragon Corp.<sup>(1)</sup> | 782 | 25292 |
| Sung Kwang Bend Co. Ltd. | 1005 | 24100 |
| Sungwoo Hitech Co. Ltd. | 475 | 2051 |
| Synopex, Inc.<sup>(1)</sup> | 642 | 2941 |
| Taekwang Industrial Co. Ltd. | 1 | 624 |
| Taewoong Co. Ltd.<sup>(1)</sup> | 534 | 14363 |
| Taihan Electric Wire Co. Ltd.<sup>(1)</sup> | 946 | 10576 |
| TechWing, Inc. | 365 | 8449 |
| TES Co. Ltd. | 1455 | 31178 |
| TK Corp.<sup>(1)</sup> | 1012 | 18255 |
| TKG Huchems Co. Ltd. | 250 | 3160 |
| Tokai Carbon Korea Co. Ltd. | 180 | 14111 |
| Tongyang Life Insurance Co. Ltd.<sup>(1)</sup> | 2556 | 13678 |
| Tway Air Co. Ltd.<sup>(1)</sup> | 5814 | 7685 |
| Unid Co. Ltd. | 73 | 3980 |
| VT Co. Ltd.<sup>(1)</sup> | 603 | 15859 |
| Webzen, Inc. | 842 | 8591 |
| Won Tech Co. Ltd. | 40 | 293 |
| WONIK IPS Co. Ltd. | 905 | 26247 |
| Wonik QnC Corp. | 34 | 432 |
| Woongjin Thinkbig Co. Ltd. | 7438 | 9579 |
| Woori Financial Group, Inc. | 34456 | 614680 |
| Wysiwyg Studios Co. Ltd.<sup>(1)</sup> | 260 | 165 |
| YC Corp.<sup>(1)</sup> | 80 | 625 |

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------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| YG Entertainment, Inc. | 24 | $1753 |
| Youngone Corp. | 983 | 41352 |
| Youngone Holdings Co. Ltd. | 249 | 23636 |
| Yuhan Corp. | 436 | 35513 |
|  |  | 23695571 |
| **Taiwan — 26.5%** |  |  |
| Abico Avy Co. Ltd. | 2090 | 2747 |
| Ability Enterprise Co. Ltd.<sup>(1)</sup> | 2000 | 5144 |
| AcBel Polytech, Inc. | 34000 | 31733 |
| Accton Technology Corp. | 10000 | 329224 |
| Acer, Inc. | 24000 | 23081 |
| ACES Electronic Co. Ltd.<sup>(1)</sup> | 9000 | 22031 |
| Acter Group Corp. Ltd. | 4000 | 115990 |
| ADATA Technology Co. Ltd. | 31000 | 103396 |
| Advanced International Multitech Co. Ltd. | 8000 | 15542 |
| Advancetek Enterprise Co. Ltd. | 22000 | 35947 |
| Advantech Co. Ltd. | 1000 | 11174 |
| AIC, Inc. | 2000 | 17546 |
| Airtac International Group | 2000 | 51233 |
| Alchip Technologies Ltd. | 3000 | 392618 |
| Allied Supreme Corp. | 1000 | 9341 |
| Alltek Technology Corp. | 19000 | 19927 |
| Alltop Technology Co. Ltd. | 1000 | 8190 |
| Altek Corp. | 13000 | 21248 |
| Ambassador Hotel | 2000 | 2852 |
| AMPOC Far-East Co. Ltd.<sup>(1)</sup> | 1000 | 5587 |
| AmTRAN Technology Co. Ltd. | 7350 | 3286 |
| Anpec Electronics Corp. | 2000 | 11617 |
| Apacer Technology, Inc. | 9000 | 18726 |
| APAQ Technology Co. Ltd. | 2000 | 11764 |
| APCB, Inc. | 1000 | 477 |
| Apex International Co. Ltd.<sup>(1)</sup> | 6852 | 5991 |
| Arcadyan Technology Corp. | 13000 | 100280 |
| Ardentec Corp. | 40000 | 96664 |
| ASE Technology Holding Co. Ltd., ADR | 37512 | 371744 |
| Asia Cement Corp. | 54000 | 65278 |
| Asia Optical Co., Inc. | 10000 | 53534 |
| Asia Tech Image, Inc. | 4000 | 11608 |
| Asia Vital Components Co. Ltd. | 4000 | 130579 |
| Asustek Computer, Inc. | 9000 | 185151 |
| ATE Energy International Co. Ltd. | 11000 | 11870 |
| AUO Corp.<sup>(1)</sup> | 210000 | 87737 |
| Avalue Technology, Inc. | 4000 | 15039 |
| Axiomtek Co. Ltd. | 5000 | 14142 |
| Azurewave Technologies, Inc. | 9000 | 29371 |
| Bafang Yunji International Co. Ltd. | 4000 | 24942 |
| Bank of Kaohsiung Co. Ltd. | 2121 | 807 |
| BES Engineering Corp.<sup>(1)</sup> | 4000 | 1462 |
| Bin Chuan Enterprise Co. Ltd.<sup>(1)</sup> | 5000 | 9404 |
| Bizlink Holding, Inc. | 5049 | 175720 |
| Bonny Worldwide Ltd. | 2000 | 11488 |
| Brighton-Best International Taiwan, Inc. | 17000 | 19045 |
| Brillian Network & Automation Integrated System Co. Ltd. | 2000 | 18750 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Browave Corp. | 1000 | $8044 |
| Caliway Biopharmaceuticals Co. Ltd.<sup>(1)</sup> | 10000 | 65570 |
| Capital Futures Corp. | 1000 | 1607 |
| Capital Securities Corp. | 86000 | 61117 |
| Career Technology MFG. Co. Ltd.<sup>(1)</sup> | 2000 | 1002 |
| Caswell, Inc. | 1000 | 2898 |
| Catcher Technology Co. Ltd. | 11000 | 67591 |
| Cathay Financial Holding Co. Ltd. | 236000 | 472587 |
| Center Laboratories, Inc.<sup>(1)</sup> | 1000 | 1214 |
| Central Reinsurance Co. Ltd. | 30000 | 23063 |
| Century Iron & Steel Industrial Co. Ltd. | 2000 | 11961 |
| Chailease Holding Co. Ltd. | 8180 | 31044 |
| Chaintech Technology Corp. | 9000 | 9804 |
| Chang Hwa Commercial Bank Ltd. | 348821 | 218657 |
| Chang Wah Electromaterials, Inc. | 3000 | 4245 |
| Chang Wah Technology Co. Ltd. | 26000 | 28631 |
| Channel Well Technology Co. Ltd.<sup>(1)</sup> | 11000 | 33692 |
| Charoen Pokphand Enterprise | 17000 | 73884 |
| Chen Full International Co. Ltd. | 1000 | 1434 |
| Chenbro Micom Co. Ltd. | 4000 | 79088 |
| Cheng Loong Corp. | 4000 | 2337 |
| Cheng Mei Materials Technology Corp.<sup>(1)</sup> | 6000 | 2754 |
| Cheng Shin Rubber Industry Co. Ltd. | 52000 | 64433 |
| Cheng Uei Precision Industry Co. Ltd. | 13000 | 20153 |
| Chenming Electronic Technology Corp. | 2000 | 8437 |
| Chicony Electronics Co. Ltd. | 46000 | 206660 |
| Chicony Power Technology Co. Ltd. | 11000 | 37577 |
| Chien Kuo Construction Co. Ltd. | 12600 | 9691 |
| China Airlines Ltd. | 137000 | 94619 |
| China Container Terminal Corp. | 1000 | 887 |
| China Glaze Co. Ltd. | 1000 | 660 |
| China Man-Made Fiber Corp.<sup>(1)</sup> | 43000 | 9302 |
| China Metal Products | 3000 | 2399 |
| China Motor Corp. | 2000 | 3785 |
| China Petrochemical Development Corp.<sup>(1)</sup> | 194000 | 45252 |
| China Steel Corp. | 560000 | 367240 |
| China Wire & Cable Co. Ltd. | 1000 | 1279 |
| Chinese Maritime Transport Ltd. | 9000 | 15796 |
| Chin-Poon Industrial Co. Ltd. | 27000 | 35731 |
| Chipbond Technology Corp. | 31000 | 54202 |
| ChipMOS Technologies, Inc. | 50000 | 39610 |
| Chong Hong Construction Co. Ltd. | 10000 | 24668 |
| Chroma ATE, Inc. | 5000 | 94712 |
| Chun Yuan Steel Industry Co. Ltd. | 39000 | 26532 |
| Chung Hung Steel Corp.<sup>(1)</sup> | 1000 | 523 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 30000 | 167434 |
| Chunghwa Telecom Co. Ltd., ADR | 6958 | 302743 |
| Cleanaway Co. Ltd. | 5000 | 32504 |
| Clevo Co. | 25000 | 34195 |
| CMC Magnetics Corp. | 37000 | 10819 |
| Collins Co. Ltd. | 1000 | 489 |
| Compal Electronics, Inc. | 208000 | 187091 |
| Compeq Manufacturing Co. Ltd. | 60000 | 158076 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Compucase Enterprise | 7000 | $25241 |
| Concord International Securities Co. Ltd. | 5225 | 2430 |
| Concord Securities Co. Ltd. | 9240 | 3681 |
| Continental Holdings Corp. | 3000 | 2282 |
| Contrel Technology Co. Ltd. | 1000 | 1438 |
| Coretronic Corp. | 8000 | 31935 |
| Creative Sensor, Inc. | 5400 | 10618 |
| Cryomax Cooling System Corp. | 1143 | 1217 |
| CSBC Corp. Taiwan<sup>(1)</sup> | 1000 | 672 |
| CTBC Financial Holding Co. Ltd. | 570000 | 764552 |
| CTCI Corp. | 6601 | 6660 |
| Cub Elecparts, Inc. | 4000 | 14206 |
| CviLux Corp. | 7000 | 12837 |
| CyberPower Systems, Inc. | 3000 | 21817 |
| DA CIN Construction Co. Ltd. | 8000 | 15519 |
| Da-Li Development Co. Ltd. | 12170 | 16828 |
| Darfon Electronics Corp. | 2000 | 2361 |
| Darwin Precisions Corp. | 3000 | 1098 |
| Daxin Materials Corp. | 3000 | 37207 |
| De Licacy Industrial Co. Ltd. | 21924 | 7866 |
| Delta Electronics, Inc. | 3000 | 69113 |
| Depo Auto Parts Ind Co. Ltd. | 5000 | 23460 |
| DFI, Inc. | 1000 | 2557 |
| Dimerco Express Corp. | 1000 | 2584 |
| D-Link Corp. | 17000 | 10035 |
| Dynamic Holding Co. Ltd. | 9000 | 33400 |
| Dynapack International Technology Corp. | 6000 | 70743 |
| E Ink Holdings, Inc. | 3000 | 25597 |
| E.Sun Financial Holding Co. Ltd. | 314398 | 343133 |
| Eastech Holding Ltd. | 1000 | 3647 |
| Eclat Textile Co. Ltd. | 4000 | 52137 |
| Edimax Technology Co. Ltd.<sup>(1)</sup> | 11000 | 7906 |
| Edom Technology Co. Ltd.<sup>(1)</sup> | 18000 | 22382 |
| Elan Microelectronics Corp. | 12000 | 46633 |
| Elite Material Co. Ltd. | 4000 | 158327 |
| Elitegroup Computer Systems Co. Ltd. | 1000 | 631 |
| eMemory Technology, Inc. | 1000 | 67028 |
| Ennostar, Inc.<sup>(1)</sup> | 26000 | 32927 |
| Eson Precision Ind Co. Ltd. | 6000 | 15487 |
| Eternal Materials Co. Ltd. | 59000 | 84211 |
| Eva Airways Corp. | 124000 | 157040 |
| Evergreen International Storage & Transport Corp. | 39000 | 43436 |
| Evergreen Marine Corp. Taiwan Ltd. | 54000 | 326367 |
| EVERGREEN Steel Corp. | 5000 | 14580 |
| Everlight Chemical Industrial Corp. | 15000 | 9024 |
| Everlight Electronics Co. Ltd. | 17000 | 37823 |
| Evertop Wire Cable Corp. | 2000 | 2470 |
| Far Eastern Department Stores Ltd. | 68000 | 46270 |
| Far Eastern International Bank<sup>(1)</sup> | 99961 | 44035 |
| Far Eastern New Century Corp. | 189000 | 170287 |
| Far EasTone Telecommunications Co. Ltd. | 68000 | 186870 |
| Farglory Land Development Co. Ltd. | 6000 | 12039 |
| Feedback Technology Corp. | 1000 | 3836 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Feng Hsin Steel Co. Ltd. | 35000 | $76357 |
| Feng TAY Enterprise Co. Ltd. | 15000 | 57393 |
| First Financial Holding Co. Ltd. | 327532 | 303062 |
| First Hi-Tec Enterprise Co. Ltd. | 4000 | 41889 |
| First Insurance Co. Ltd. | 14000 | 12015 |
| FIT Holding Co. Ltd. | 7000 | 8215 |
| Fitipower Integrated Technology, Inc. | 3000 | 17332 |
| FLEXium Interconnect, Inc.<sup>(1)</sup> | 2000 | 4431 |
| Flytech Technology Co. Ltd. | 1000 | 3611 |
| FocalTech Systems Co. Ltd.<sup>(1)</sup> | 6000 | 13407 |
| Forest Water Environment Engineering Co. Ltd. | 1032 | 1244 |
| Formosa Chemicals & Fibre Corp. | 1000 | 980 |
| Formosa International Hotels Corp. | 4000 | 25091 |
| Formosa Plastics Corp. | 244000 | 309858 |
| Formosa Taffeta Co. Ltd. | 30000 | 15408 |
| Formosan Union Chemical Corp. | 10000 | 5528 |
| Fortune Electric Co. Ltd. | 1210 | 25349 |
| Foxconn Technology Co. Ltd. | 43000 | 99109 |
| Foxsemicon Integrated Technology, Inc. | 2000 | 18809 |
| Franbo Lines Corp. | 20000 | 13438 |
| FSP Technology, Inc. | 8000 | 14798 |
| Fu Hua Innovation Co. Ltd. | 37854 | 25925 |
| Fubon Financial Holding Co. Ltd. | 238200 | 650820 |
| Fulgent Sun International Holding Co. Ltd. | 1039 | 3603 |
| Fusheng Precision Co. Ltd. | 3000 | 25958 |
| Galaxy Software Services Corp. | 3150 | 15074 |
| Gallant Precision Machining Co. Ltd. | 2000 | 6123 |
| Gamania Digital Entertainment Co. Ltd. | 1000 | 1959 |
| Gemtek Technology Corp. | 12000 | 9832 |
| General Interface Solution GIS Holding Ltd.<sup>(1)</sup> | 17000 | 34825 |
| Genesys Logic, Inc. | 3000 | 12694 |
| Genius Electronic Optical Co. Ltd. | 4000 | 59137 |
| GeoVision, Inc. | 890 | 1521 |
| Getac Holdings Corp. | 10000 | 49859 |
| Giant Manufacturing Co. Ltd. | 7000 | 23957 |
| Giantplus Technology Co. Ltd. | 1000 | 442 |
| Gigabyte Technology Co. Ltd. | 8000 | 71931 |
| Gigastorage Corp.<sup>(1)</sup> | 1000 | 717 |
| Global Brands Manufacture Ltd. | 26057 | 121704 |
| Global Lighting Technologies, Inc. | 6000 | 8269 |
| Global Mixed Mode Technology, Inc. | 3000 | 22734 |
| Global PMX Co. Ltd. | 3000 | 16416 |
| Global Unichip Corp. | 2000 | 86252 |
| Globaltek Fabrication Co. Ltd. | 1000 | 2159 |
| Globalwafers Co. Ltd. | 5000 | 60479 |
| Globe Union Industrial Corp. | 4000 | 1317 |
| Gloria Material Technology Corp. | 4000 | 4992 |
| GMI Technology, Inc. | 2000 | 2891 |
| Gold Circuit Electronics Ltd. | 14000 | 229441 |
| Goldsun Building Materials Co. Ltd. | 22000 | 26756 |
| Gordon Auto Body Parts | 11000 | 10444 |
| Gourmet Master Co. Ltd. | 4000 | 10665 |
| Grand Fortune Securities Co. Ltd. | 3000 | 1121 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Grand Pacific Petrochemical<sup>(1)</sup> | 31000 | $9930 |
| Grape King Bio Ltd. | 7000 | 29473 |
| Great Wall Enterprise Co. Ltd. | 50000 | 86711 |
| Greatek Electronics, Inc. | 23000 | 44873 |
| Hannstar Board Corp. | 24840 | 72474 |
| HannStar Display Corp.<sup>(1)</sup> | 2000 | 494 |
| HannsTouch Holdings Co.<sup>(1)</sup> | 31000 | 6655 |
| Hanpin Electron Co. Ltd. | 8000 | 12988 |
| HD Renewable Energy Co. Ltd. | 2340 | 11427 |
| Highwealth Construction Corp. | 36300 | 49506 |
| Hiwin Technologies Corp. | 3000 | 20788 |
| Hiyes International Co. Ltd. | 3297 | 9205 |
| Ho Tung Chemical Corp. | 10000 | 2571 |
| Holdings-Key Electric Wire & Cable Co. Ltd. | 1000 | 1551 |
| Holy Stone Enterprise Co. Ltd. | 5000 | 13938 |
| Hon Hai Precision Industry Co. Ltd. | 272000 | 1795730 |
| Hong Ho Precision Textile Co. Ltd. | 1000 | 659 |
| Hong Pu Real Estate Development Co. Ltd. | 1000 | 900 |
| Hong TAI Electric Industrial | 2000 | 2464 |
| Horizon Securities Co. Ltd. | 1000 | 361 |
| Hotai Finance Co. Ltd. | 4000 | 9025 |
| Hotai Motor Co. Ltd. | 5000 | 89677 |
| Hsin Ba Ba Corp. | 2041 | 4764 |
| HTC Corp.<sup>(1)</sup> | 49000 | 112184 |
| Hu Lane Associate, Inc. | 2050 | 10063 |
| Hua Nan Financial Holdings Co. Ltd. | 234835 | 213891 |
| Huaku Development Co. Ltd. | 1155 | 3771 |
| Huang Hsiang Construction Corp. | 7888 | 10411 |
| Hung Sheng Construction Ltd. | 17000 | 11910 |
| Hwa Fong Rubber Industrial Co. Ltd. | 2000 | 1064 |
| Hwacom Systems, Inc. | 2000 | 1468 |
| Hwang Chang General Contractor Co. Ltd. | 3159 | 8674 |
| IBF Financial Holdings Co. Ltd. | 5270 | 2665 |
| Ichia Technologies, Inc. | 8000 | 15875 |
| I-Chiun Precision Industry Co. Ltd. | 1000 | 2552 |
| IEI Integration Corp. | 9000 | 20607 |
| In Win Development, Inc. | 1000 | 2989 |
| Infortrend Technology, Inc. | 3000 | 2100 |
| Innolux Corp. | 414720 | 189365 |
| Inpaq Technology Co. Ltd. | 5000 | 11137 |
| Integrated Service Technology, Inc. | 3000 | 12857 |
| International Games System Co. Ltd. | 5000 | 124632 |
| Inventec Corp. | 22000 | 29425 |
| Iron Force Industrial Co. Ltd. | 1000 | 4055 |
| ITE Technology, Inc. | 11000 | 47953 |
| ITEQ Corp. | 19000 | 84382 |
| ITH Corp. | 8000 | 11403 |
| Jarllytec Co. Ltd.<sup>(1)</sup> | 1000 | 4066 |
| Jetway Information Co. Ltd. | 750 | 1016 |
| Jetwell Computer Co. Ltd. | 2240 | 14201 |
| Jiin Yeeh Ding Enterprise Co. Ltd. | 5000 | 11214 |
| Johnson Health Tech Co. Ltd. | 4000 | 18729 |
| JPC connectivity, Inc. | 3000 | 17429 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| JPP Holding Co. Ltd. | 4000 | $35600 |
| Kaimei Electronic Corp. | 8000 | 15463 |
| Kedge Construction Co. Ltd. | 1081 | 2775 |
| KEE TAI Properties Co. Ltd. | 24360 | 9189 |
| Kenda Rubber Industrial Co. Ltd. | 6000 | 4031 |
| Kerry TJ Logistics Co. Ltd. | 2000 | 2237 |
| Keystone Microtech Corp. | 1000 | 14630 |
| Kindom Development Co. Ltd. | 28600 | 32879 |
| King Yuan Electronics Co. Ltd. | 74000 | 374430 |
| King's Town Bank Co. Ltd.<sup>(1)</sup> | 32000 | 57793 |
| Kinik Co. | 1000 | 11276 |
| Kinpo Electronics | 38000 | 23263 |
| Kinsus Interconnect Technology Corp. | 5000 | 18401 |
| KS Terminals, Inc. | 5000 | 8528 |
| Kuang Hong Arts Management, Inc. | 3000 | 16752 |
| Kung Long Batteries Industrial Co. Ltd. | 1000 | 4258 |
| Kung Sing Engineering Corp.<sup>(1)</sup> | 30000 | 13813 |
| Kuo Toong International Co. Ltd. | 2000 | 3623 |
| Kuo Yang Construction Co. Ltd.<sup>(1)</sup> | 2000 | 1227 |
| L&K Engineering Co. Ltd. | 15000 | 171659 |
| Lanner Electronics, Inc.<sup>(1)</sup> | 1000 | 2864 |
| Largan Precision Co. Ltd. | 1000 | 78179 |
| Lemtech Holdings Co. Ltd. | 3150 | 8095 |
| Leo Systems, Inc. | 1000 | 1016 |
| Li Peng Enterprise Co. Ltd.<sup>(1)</sup> | 2000 | 375 |
| Lien Hwa Industrial Holdings Corp. | 1134 | 1835 |
| Lingsen Precision Industries Ltd.<sup>(1)</sup> | 1000 | 604 |
| Lion Travel Service Co. Ltd. | 6000 | 31224 |
| Lite-On Technology Corp. | 5000 | 21152 |
| Long Bon International Co. Ltd.<sup>(1)</sup> | 5000 | 2488 |
| Longchen Paper & Packaging Co. Ltd.<sup>(1)</sup> | 3000 | 978 |
| Longwell Co. | 1000 | 3623 |
| Lotes Co. Ltd. | 1000 | 47013 |
| Lotus Pharmaceutical Co. Ltd. | 4000 | 25221 |
| Lumax International Corp. Ltd. | 5000 | 18617 |
| Lung Yen Life Service Corp.<sup>(1)</sup> | 14000 | 24681 |
| Macnica Anstek, Inc.<sup>(1)</sup> | 6000 | 14443 |
| Macnica Galaxy, Inc. | 1000 | 2988 |
| Macronix International Co. Ltd.<sup>(1)</sup> | 20000 | 13084 |
| Makalot Industrial Co. Ltd. | 11020 | 96379 |
| Marketech International Corp. | 8000 | 68608 |
| Materials Analysis Technology, Inc. | 3000 | 19050 |
| MediaTek, Inc. | 41000 | 1821876 |
| Mega Financial Holding Co. Ltd. | 297180 | 388550 |
| Mercuries & Associates Holding Ltd.<sup>(1)</sup> | 23000 | 9418 |
| Mercuries Life Insurance Co. Ltd.<sup>(1)</sup> | 70000 | 12703 |
| Merida Industry Co. Ltd. | 4000 | 14760 |
| Merry Electronics Co. Ltd. | 5000 | 17494 |
| Micro-Star International Co. Ltd. | 7000 | 30749 |
| Mildef Crete, Inc. | 5000 | 19098 |
| MIN AIK Technology Co. Ltd. | 16000 | 10844 |
| Mirle Automation Corp. | 6000 | 13939 |
| Mitac Holdings Corp. | 28600 | 90157 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| momo.com, Inc. | 2100 | $17312 |
| Motech Industries, Inc. | 10000 | 5810 |
| MPI Corp. | 1000 | 44954 |
| MSSCORPS Co. Ltd. | 2000 | 11291 |
| My Humble House Hospitality Management Consulting | 1000 | 1204 |
| Namchow Holdings Co. Ltd. | 10000 | 12938 |
| Nan Pao Resins Chemical Co. Ltd. | 1000 | 13248 |
| Nan Ya Plastics Corp. | 9000 | 12668 |
| Nantex Industry Co. Ltd. | 6000 | 4921 |
| Nanya Technology Corp.<sup>(1)</sup> | 45000 | 68700 |
| Netronix, Inc. | 3000 | 11938 |
| Nexcom International Co. Ltd. | 1000 | 3345 |
| Nichidenbo Corp. | 1000 | 2287 |
| Nien Made Enterprise Co. Ltd. | 11000 | 154841 |
| Nova Technology Corp. | 2000 | 14463 |
| Novatek Microelectronics Corp. | 6000 | 85035 |
| O-Bank Co. Ltd. | 81000 | 23806 |
| Ocean Plastics Co. Ltd. | 9000 | 10588 |
| Optimax Technology Corp. | 1000 | 759 |
| Orient Semiconductor Electronics Ltd. | 18000 | 26003 |
| Otsuka Information Technology Corp. | 2000 | 13170 |
| Pacific Construction Co. | 3000 | 968 |
| Pan Jit International, Inc. | 6000 | 12548 |
| Pan-International Industrial Corp. | 8000 | 15266 |
| Pegatron Corp. | 108000 | 247043 |
| Pegavision Corp. | 2000 | 20774 |
| PharmaEngine, Inc. | 9000 | 19734 |
| PharmaEssentia Corp. | 1000 | 16173 |
| Phison Electronics Corp. | 2000 | 31700 |
| Phoenix Silicon International Corp. | 8000 | 41791 |
| Pixart Imaging, Inc. | 5000 | 31998 |
| Planet Technology Corp. | 2000 | 9392 |
| Podak Co. Ltd. | 1050 | 1336 |
| Pou Chen Corp. | 76000 | 71448 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(1)</sup> | 12000 | 6201 |
| Powertech Technology, Inc. | 59000 | 227671 |
| Poya International Co. Ltd. | 3030 | 46240 |
| President Chain Store Corp. | 23000 | 191099 |
| President Securities Corp. | 37400 | 25436 |
| Primax Electronics Ltd. | 36000 | 97352 |
| Prince Housing & Development Corp. | 7000 | 2097 |
| Promate Electronic Co. Ltd. | 17999 | 30250 |
| Prosperity Dielectrics Co. Ltd. | 1000 | 1340 |
| Qisda Corp. | 1000 | 1033 |
| Quanta Computer, Inc. | 57000 | 485377 |
| Quanta Storage, Inc. | 7000 | 28174 |
| Radiant Opto-Electronics Corp. | 14000 | 65446 |
| Radium Life Tech Co. Ltd.<sup>(1)</sup> | 39000 | 14112 |
| Raydium Semiconductor Corp. | 5000 | 48350 |
| Realtek Semiconductor Corp. | 15000 | 260611 |
| Rechi Precision Co. Ltd. | 17000 | 13489 |
| Rich Development Co. Ltd. | 8240 | 2326 |
| Ritek Corp.<sup>(1)</sup> | 15000 | 5331 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ruentex Development Co. Ltd. | 31000 | $30482 |
| Ruentex Engineering & Construction Co. | 1680 | 8347 |
| Ruentex Industries Ltd. | 14000 | 24719 |
| Run Long Construction Co. Ltd. | 2200 | 2160 |
| Sakura Development Co. Ltd. | 24000 | 38357 |
| San Fang Chemical Industry Co. Ltd. | 9000 | 9167 |
| San Far Property Ltd. | 1000 | 610 |
| Sanyang Motor Co. Ltd. | 21000 | 44613 |
| Savior Lifetec Corp. | 1000 | 610 |
| Scientech Corp. | 1000 | 12598 |
| SDI Corp. | 1000 | 2887 |
| Senao Networks, Inc. | 2000 | 11216 |
| Sercomm Corp. | 15000 | 51458 |
| Sesoda Corp. | 20000 | 20701 |
| Shanghai Commercial & Savings Bank Ltd. | 101000 | 135175 |
| ShenMao Technology, Inc. | 1000 | 4224 |
| Shih Her Technologies, Inc. | 3000 | 17191 |
| Shih Wei Navigation Co. Ltd.<sup>(1)</sup> | 20000 | 11539 |
| Shin Ruenn Development Co. Ltd. | 12000 | 26543 |
| Shin Zu Shing Co. Ltd. | 1000 | 8557 |
| Shining Building Business Co. Ltd.<sup>(1)</sup> | 3000 | 905 |
| Shinkong Insurance Co. Ltd. | 9000 | 31714 |
| Shinkong Synthetic Fibers Corp. | 30000 | 14549 |
| Shiny Chemical Industrial Co. Ltd. | 3600 | 16469 |
| Shuttle, Inc. | 1000 | 624 |
| Sigurd Microelectronics Corp. | 41000 | 112805 |
| Silicon Integrated Systems Corp. | 10650 | 19371 |
| Simplo Technology Co. Ltd. | 12000 | 154374 |
| Sinbon Electronics Co. Ltd. | 3000 | 22711 |
| Sincere Navigation Corp. | 19000 | 14177 |
| Singatron Enterprise Co. Ltd. | 1000 | 897 |
| Sino-American Silicon Products, Inc. | 13000 | 43689 |
| Sinon Corp. | 12000 | 16575 |
| SinoPac Financial Holdings Co. Ltd. | 348199 | 265726 |
| Sirtec International Co. Ltd. | 1000 | 839 |
| Siward Crystal Technology Co. Ltd. | 1000 | 714 |
| Solar Applied Materials Technology Corp. | 1000 | 1913 |
| Speed Tech Corp. | 9000 | 12710 |
| Sporton International, Inc. | 4000 | 23005 |
| Sports Gear Co. Ltd. | 5000 | 16995 |
| St. Shine Optical Co. Ltd. | 3000 | 14253 |
| Standard Chemical & Pharmaceutical Co. Ltd. | 1000 | 1837 |
| Standard Foods Corp. | 3000 | 2953 |
| Stark Technology, Inc. | 4000 | 22567 |
| Starlux Airlines Co. Ltd.<sup>(1)</sup> | 61000 | 49836 |
| SunMax Biotechnology Co. Ltd. | 1000 | 13335 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 2000 | 8847 |
| Sunplus Innovation Technology, Inc. | 2053 | 9013 |
| Sunplus Technology Co. Ltd.<sup>(1)</sup> | 1000 | 814 |
| Sunrex Technology Corp. | 8000 | 10916 |
| Sunspring Metal Corp. | 9000 | 6781 |
| Sunty Development Co. Ltd. | 3000 | 1335 |
| Superalloy Industrial Co. Ltd. | 14000 | 22505 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Supreme Electronics Co. Ltd. | 17000 | $23941 |
| Swancor Holding Co. Ltd. | 6000 | 28104 |
| Symtek Automation Asia Co. Ltd. | 1000 | 6719 |
| Syncmold Enterprise Corp. | 4000 | 9242 |
| Synnex Technology International Corp. | 54000 | 115843 |
| Syscom Computer Engineering Co. | 1000 | 1996 |
| TA Chen Stainless Pipe | 74281 | 94312 |
| Ta Ya Electric Wire & Cable | 1065 | 1472 |
| Taichung Commercial Bank Co. Ltd. | 169190 | 117663 |
| TaiDoc Technology Corp. | 1000 | 4639 |
| Taiflex Scientific Co. Ltd. | 7045 | 13034 |
| Tainan Spinning Co. Ltd. | 9000 | 3994 |
| TaiSol Electronics Co. Ltd. | 1000 | 2110 |
| Taisun Enterprise Co. Ltd. | 1000 | 609 |
| TAI-TECH Advanced Electronics Co. Ltd. | 1000 | 4032 |
| Taiwan Business Bank | 431065 | 212317 |
| Taiwan Cogeneration Corp. | 1000 | 1529 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 299874 | 232113 |
| Taiwan Fertilizer Co. Ltd.<sup>(1)</sup> | 7000 | 12186 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 11000 | 11906 |
| Taiwan FU Hsing Industrial Co. Ltd. | 2000 | 2890 |
| Taiwan Glass Industry Corp.<sup>(1)</sup> | 3000 | 3447 |
| Taiwan High Speed Rail Corp. | 133000 | 119911 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 5111 | 23092 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 9000 | 10134 |
| Taiwan Mobile Co. Ltd. | 18000 | 62616 |
| Taiwan Navigation Co. Ltd. | 2000 | 1811 |
| Taiwan Paiho Ltd. | 13000 | 22731 |
| Taiwan Sakura Corp. | 5000 | 14161 |
| Taiwan Secom Co. Ltd. | 8000 | 29219 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 57469 | 13267868 |
| Taiwan Surface Mounting Technology Corp. | 11000 | 38443 |
| Taiwan Takisawa Technology Co. Ltd. | 1000 | 1293 |
| Taiwan Union Technology Corp. | 6000 | 71610 |
| Tatung Co. Ltd. | 19950 | 25818 |
| Tatung System Technologies, Inc.<sup>(1)</sup> | 1000 | 2337 |
| TBI Motion Technology Co. Ltd.<sup>(1)</sup> | 8000 | 12082 |
| TCC Group Holdings Co. Ltd. | 94000 | 68852 |
| TCI Co. Ltd.<sup>(1)</sup> | 5000 | 22192 |
| Team Group, Inc.<sup>(1)</sup> | 7000 | 16996 |
| Teco Electric & Machinery Co. Ltd. | 34000 | 75392 |
| Test Research, Inc. | 5000 | 34916 |
| Thinking Electronic Industrial Co. Ltd. | 2000 | 9853 |
| Thye Ming Industrial Co. Ltd.<sup>(1)</sup> | 7000 | 12878 |
| Tigerair Taiwan Co. Ltd.<sup>(1)</sup> | 9000 | 24516 |
| Ton Yi Industrial Corp. | 57000 | 34114 |
| Tong Yang Industry Co. Ltd. | 20000 | 66079 |
| Tong-Tai Machine & Tool Co. Ltd.<sup>(1)</sup> | 12000 | 15112 |
| Top Bright Holding Co. Ltd. | 3000 | 32088 |
| Topco Scientific Co. Ltd. | 8000 | 75997 |
| Topkey Corp. | 5000 | 30940 |
| Topoint Technology Co. Ltd. | 9000 | 26455 |
| TPK Holding Co. Ltd. | 7000 | 9235 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Tripod Technology Corp. | 31000 | $324182 |
| Trusval Technology Co. Ltd. | 1074 | 10511 |
| TS Financial Holding Co. Ltd. | 1108310 | 587594 |
| TS Financial Holding Co. Ltd., Preference Shares<sup>(1)</sup> | 137841 | 41033 |
| TSEC Corp.<sup>(1)</sup> | 19000 | 9573 |
| TSRC Corp. | 17000 | 9484 |
| Ttet Union Corp. | 2000 | 9742 |
| TTY Biopharm Co. Ltd. | 1000 | 2509 |
| Tung Ho Steel Enterprise Corp. | 39000 | 80873 |
| Tung Thih Electronic Co. Ltd. | 5200 | 11446 |
| TXC Corp. | 10000 | 28731 |
| TYC Brother Industrial Co. Ltd. | 8000 | 10759 |
| Tyntek Corp. | 13000 | 8071 |
| UDE Corp. | 5000 | 17758 |
| U-Ming Marine Transport Corp. | 24000 | 44039 |
| Unic Technology Corp. | 1000 | 917 |
| Unimicron Technology Corp. | 11000 | 51335 |
| Union Bank of Taiwan | 50814 | 27533 |
| Union Insurance Co. Ltd. | 1000 | 852 |
| Uni-President Enterprises Corp. | 129000 | 325666 |
| Unitech Printed Circuit Board Corp. | 31000 | 30953 |
| United Integrated Services Co. Ltd. | 2000 | 80004 |
| United Microelectronics Corp. | 330000 | 434175 |
| Univacco Technology, Inc. | 1000 | 1578 |
| Universal Cement Corp. | 4080 | 3934 |
| Universal Vision Biotechnology Co. Ltd. | 3000 | 17762 |
| Utechzone Co. Ltd. | 3000 | 9959 |
| Vanguard International Semiconductor Corp. | 70921 | 210570 |
| Visco Vision, Inc. | 2000 | 13348 |
| Vizionfocus, Inc. | 2000 | 12260 |
| Voltronic Power Technology Corp. | 1000 | 32132 |
| Wah Lee Industrial Corp. | 3000 | 9724 |
| Walsin Lihwa Corp. | 24825 | 18390 |
| Walsin Technology Corp. | 5000 | 13374 |
| Walton Advanced Engineering, Inc. | 3000 | 1352 |
| Wan Hai Lines Ltd. | 46000 | 124194 |
| We & Win Development Co. Ltd.<sup>(1)</sup> | 1000 | 342 |
| We&Win Diversification Co. Ltd. | 9000 | 6242 |
| Weikeng Industrial Co. Ltd. | 1000 | 917 |
| Well Shin Technology Co. Ltd. | 1000 | 1786 |
| Wholetech System Hitech Ltd. | 3000 | 13761 |
| Win Semiconductors Corp. | 14000 | 42073 |
| Winbond Electronics Corp.<sup>(1)</sup> | 140000 | 89432 |
| Winstek Semiconductor Co. Ltd. | 1000 | 3322 |
| Wisdom Marine Lines Co. Ltd. | 23000 | 45410 |
| Wistron Corp. | 101000 | 370437 |
| Wiwynn Corp. | 1000 | 95978 |
| WNC Corp. | 18000 | 74323 |
| Wonderful Hi-Tech Co. Ltd. | 2000 | 3255 |
| Wowprime Corp. | 6000 | 43017 |
| WPG Holdings Ltd. | 35000 | 76303 |
| WT Microelectronics Co. Ltd. | 7000 | 27993 |
| WUS Printed Circuit Co. Ltd. | 2000 | 7398 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| XinTec, Inc. | 3000 | $13321 |
| Xxentria Technology Materials Corp. | 1090 | 1465 |
| Yageo Corp. | 8776 | 39740 |
| Yang Ming Marine Transport Corp. | 114000 | 214340 |
| Yankey Engineering Co. Ltd. | 1150 | 18400 |
| Yem Chio Co. Ltd.<sup>(1)</sup> | 3000 | 1547 |
| Yen Sun Technology Corp. | 1000 | 1513 |
| YFY, Inc. | 44000 | 35871 |
| Yieh Phui Enterprise Co. Ltd.<sup>(1)</sup> | 38040 | 18687 |
| Young Fast Optoelectronics Co. Ltd. | 1000 | 1807 |
| Youngtek Electronics Corp. | 1000 | 1930 |
| Yuanta Financial Holding Co. Ltd. | 344184 | 364341 |
| Yuanta Futures Co. Ltd. | 1000 | 2821 |
| Yulon Finance Corp.<sup>(1)</sup> | 20000 | 69118 |
| Yulon Motor Co. Ltd. | 1000 | 1073 |
| Yungshin Construction & Development Co. Ltd. | 1000 | 2377 |
| YungShin Global Holding Corp. | 6000 | 10965 |
| Zenitron Corp. | 1000 | 1016 |
| Zhen Ding Technology Holding Ltd.<sup>(2)</sup> | 29000 | 185035 |
| Zig Sheng Industrial Co. Ltd.<sup>(1)</sup> | 1000 | 297 |
| Zippy Technology Corp. | 1000 | 1830 |
|  |  | 42433689 |
| **Thailand — 2.5%** |  |  |
| Advanced Info Service PCL, NVDR | 27700 | 251886 |
| AEON Thana Sinsap Thailand PCL, NVDR | 4400 | 14873 |
| Airports of Thailand PCL, NVDR | 34000 | 37859 |
| Amata Corp. PCL, NVDR | 64600 | 31520 |
| AP Thailand PCL, NVDR | 123500 | 28057 |
| Asia Aviation PCL, NVDR<sup>(1)</sup> | 147200 | 5594 |
| Asian Sea Corp. PCL, NVDR | 31700 | 6996 |
| Asset World Corp. PCL, NVDR | 119600 | 8213 |
| B Grimm Power PCL, NVDR | 6500 | 2554 |
| Bangchak Corp. PCL, NVDR | 85900 | 85595 |
| Bangchak Sriracha PCL, NVDR | 51500 | 7352 |
| Bangkok Airways PCL, NVDR | 38400 | 16037 |
| Bangkok Chain Hospital PCL, NVDR | 44500 | 17858 |
| Bangkok Dusit Medical Services PCL, NVDR | 202800 | 129641 |
| Bangkok Expressway & Metro PCL, NVDR | 388500 | 63646 |
| Bangkok Life Assurance PCL, NVDR | 23300 | 12591 |
| Banpu PCL, NVDR | 621100 | 91350 |
| BCPG PCL, NVDR | 98200 | 25945 |
| BTS Group Holdings PCL, NVDR<sup>(1)</sup> | 141300 | 13807 |
| Bumrungrad Hospital PCL, NVDR | 9100 | 49976 |
| Cal-Comp Electronics Thailand PCL, NVDR | 99300 | 17782 |
| Carabao Group PCL, NVDR | 18000 | 28479 |
| Central Pattana PCL, NVDR | 57800 | 92050 |
| Central Plaza Hotel PCL, NVDR | 13900 | 12350 |
| Central Retail Corp. PCL, NVDR | 55500 | 36542 |
| CH Karnchang PCL, NVDR | 91100 | 40775 |
| Charoen Pokphand Foods PCL, NVDR | 232100 | 157027 |
| Chularat Hospital PCL, NVDR | 238800 | 11645 |
| CK Power PCL, NVDR | 55300 | 4713 |
| Com7 PCL, NVDR | 84800 | 66866 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| CP ALL PCL, NVDR | 55300 | $75228 |
| CP Axtra PCL, NVDR | 6439 | 3565 |
| Delta Electronics Thailand PCL, NVDR | 44300 | 205050 |
| Dohome PCL, NVDR | 10295 | 1151 |
| Electricity Generating PCL, NVDR | 9500 | 34641 |
| Erawan Group PCL, NVDR | 112000 | 8305 |
| GFPT PCL, NVDR | 27200 | 8182 |
| Global Power Synergy PCL, NVDR | 37200 | 48418 |
| Gulf Development PCL, NVDR<sup>(1)</sup> | 44249 | 64194 |
| Gunkul Engineering PCL, NVDR | 289800 | 16125 |
| Hana Microelectronics PCL, NVDR | 75200 | 56198 |
| Home Product Center PCL, NVDR | 352500 | 77330 |
| Ichitan Group PCL, NVDR | 38200 | 13449 |
| Indorama Ventures PCL, NVDR | 52800 | 35335 |
| IRPC PCL, NVDR | 491700 | 15633 |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 9800 | 454 |
| Jaymart Group Holdings PCL, NVDR | 39400 | 10048 |
| Karmarts PCL, NVDR | 10400 | 2473 |
| Kasikornbank PCL, NVDR | 14900 | 77504 |
| KCE Electronics PCL, NVDR | 44600 | 35140 |
| Kiatnakin Phatra Bank PCL, NVDR | 4600 | 8447 |
| Krung Thai Bank PCL, NVDR | 112900 | 85862 |
| Krungthai Card PCL, NVDR | 23500 | 19815 |
| Land & Houses PCL, NVDR | 55400 | 6671 |
| Major Cineplex Group PCL, NVDR | 35100 | 8396 |
| Malee Group PCL, NVDR | 6500 | 1074 |
| MBK PCL, NVDR | 34900 | 18535 |
| MC Group PCL, NVDR | 17400 | 5647 |
| Mega Lifesciences PCL, NVDR | 23300 | 20117 |
| Minor International PCL, NVDR | 213400 | 154357 |
| MK Restaurants Group PCL, NVDR | 4100 | 2732 |
| Muangthai Capital PCL, NVDR | 39800 | 45837 |
| Nex Point Parts PCL, NVDR<sup>(1)</sup> | 558900 | 13269 |
| Osotspa PCL, NVDR | 38100 | 19332 |
| Plan B Media PCL, NVDR | 42200 | 5727 |
| Praram 9 Hospital PCL, NVDR | 17500 | 12214 |
| Precious Shipping PCL, NVDR | 69200 | 13541 |
| PRG Corp. PCL, NVDR | 2000 | 477 |
| Prima Marine PCL, NVDR | 111900 | 21938 |
| PTG Energy PCL, NVDR | 149500 | 35767 |
| PTT Exploration & Production PCL, NVDR | 40600 | 140401 |
| PTT Global Chemical PCL, NVDR | 119600 | 97006 |
| PTT Oil & Retail Business PCL, NVDR | 69300 | 28504 |
| PTT PCL, NVDR | 242900 | 232574 |
| Quality Houses PCL, NVDR | 312300 | 13111 |
| R&B Food Supply PCL, NVDR | 6600 | 839 |
| Ratch Group PCL, NVDR | 30800 | 25695 |
| Regional Container Lines PCL, NVDR | 46600 | 39569 |
| Rojana Industrial Park PCL, NVDR | 72700 | 10564 |
| Sabina PCL, NVDR | 1900 | 910 |
| Samart Corp. PCL, NVDR | 77500 | 15456 |
| Sansiri PCL, NVDR | 516500 | 22968 |
| Sappe PCL, NVDR | 4600 | 4613 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| SCB X PCL, NVDR | 9700 | $38490 |
| Siam Cement PCL, NVDR | 16200 | 107835 |
| Siam Global House PCL, NVDR | 20858 | 4582 |
| SiS Distribution Thailand PCL, NVDR | 10400 | 6774 |
| SISB PCL, NVDR | 10400 | 4728 |
| Somboon Advance Technology PCL, NVDR | 10400 | 4145 |
| Sri Trang Agro-Industry PCL, NVDR | 40900 | 15301 |
| Srisawad Corp. PCL, NVDR | 34060 | 26371 |
| Star Petroleum Refining PCL, NVDR | 143900 | 19886 |
| Stecon Group PCL, NVDR<sup>(1)</sup> | 76100 | 18022 |
| Supalai PCL, NVDR | 74500 | 35232 |
| Susco PCL, NVDR | 20600 | 1604 |
| SVI PCL, NVDR | 97600 | 17633 |
| Taokaenoi Food & Marketing PCL, Class R, NVDR | 13600 | 2354 |
| Thai Oil PCL, NVDR | 51200 | 50643 |
| Thai Union Group PCL, NVDR | 143300 | 54495 |
| Thaicom PCL, NVDR<sup>(1)</sup> | 35100 | 10139 |
| Thaifoods Group PCL, NVDR | 97800 | 15262 |
| Thanachart Capital PCL, NVDR | 4400 | 6899 |
| Thoresen Thai Agencies PCL, NVDR | 154600 | 20241 |
| TIDLOR Holdings PCL, NVDR | 104078 | 60605 |
| Tipco Asphalt PCL, NVDR | 35100 | 15495 |
| Tisco Financial Group PCL, NVDR | 4400 | 13724 |
| TMBThanachart Bank PCL, NVDR | 594000 | 34882 |
| TOA Paint Thailand PCL, NVDR | 27200 | 11585 |
| True Corp. PCL, NVDR<sup>(1)</sup> | 279872 | 98688 |
| TTW PCL, NVDR | 6500 | 1826 |
| VGI PCL, NVDR | 222500 | 14446 |
| WHA Corp. PCL, NVDR | 84700 | 9416 |
| Xspring Capital PCL, NVDR<sup>(1)</sup> | 121500 | 1988 |
|  |  | 4013258 |
| **Turkey — 1.5%** |  |  |
| Afyon Cimento Sanayi TAS | 5028 | 1727 |
| AG Anadolu Grubu Holding AS | 9056 | 6320 |
| Agesa Hayat ve Emeklilik AS | 598 | 2471 |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS<sup>(1)</sup> | 36841 | 30624 |
| Akbank TAS | 94106 | 156222 |
| Akcansa Cimento AS | 316 | 1043 |
| Akenerji Elektrik Uretim AS<sup>(1)</sup> | 10986 | 2974 |
| Akfen Yenilenebilir Enerji AS<sup>(1)</sup> | 31683 | 14096 |
| Aksa Akrilik Kimya Sanayii AS | 54302 | 13967 |
| Aksa Enerji Uretim AS<sup>(1)</sup> | 16981 | 15943 |
| Aksigorta AS<sup>(1)</sup> | 20920 | 3422 |
| Alarko Holding AS | 10302 | 21980 |
| Albaraka Turk Katilim Bankasi AS | 135322 | 28460 |
| Alkim Alkali Kimya AS | 876 | 368 |
| Anadolu Anonim Turk Sigorta Sirketi | 34132 | 18532 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 49902 | 20533 |
| Anadolu Hayat Emeklilik AS | 6379 | 13794 |
| Anel Elektrik Proje Taahhut ve Ticaret AS<sup>(1)</sup> | 1008 | 612 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 17687 | 78828 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 9030 | 25937 |
| Aygaz AS | 1449 | 5917 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Baticim Bati Anadolu Cimento Sanayii AS<sup>(1)</sup> | 6641 | $649 |
| BatiSoke Soke Cimento Sanayii TAS<sup>(1)</sup> | 13769 | 4886 |
| Bera Holding AS<sup>(1)</sup> | 65511 | 28683 |
| Besiktas Futbol Yatirimlari Sanayi ve Ticaret AS<sup>(1)</sup> | 833 | 46 |
| Besler Gida Ve Kimya Sanayi Ve Ticaret AS<sup>(1)</sup> | 9674 | 3505 |
| BIM Birlesik Magazalar AS | 5411 | 69719 |
| Biotrend Cevre VE Enerji Yatirimlari AS<sup>(1)</sup> | 2174 | 1207 |
| Bizim Toptan Satis Magazalari AS<sup>(1)</sup> | 378 | 258 |
| Bogazici Beton Sanayi Ve Ticaret AS | 1545 | 793 |
| Bursa Cimento Fabrikasi AS | 84045 | 15062 |
| Cemas Dokum Sanayi AS<sup>(1)</sup> | 3242 | 533 |
| Cemtas Celik Makina Sanayi Ve Ticaret AS | 26821 | 8403 |
| Cimbeton Hazirbeton ve Prefabrik Yapi Elemanlari Sanayi ve Ticaret AS<sup>(1)</sup> | 7 | 415 |
| Cimsa Cimento Sanayi VE Ticaret AS | 2219 | 2612 |
| Coca-Cola Icecek AS | 21188 | 25400 |
| CW Enerji Muhendislik Ticaret VE Sanayi AS<sup>(1)</sup> | 937 | 438 |
| Dogan Sirketler Grubu Holding AS<sup>(1)</sup> | 72193 | 33786 |
| Doganlar Mobilya Grubu Imalat Sanayi ve Ticaret AS | 3787 | 644 |
| Dogus Otomotiv Servis ve Ticaret AS | 5244 | 24117 |
| EGE Endustri VE Ticaret AS | 1 | 211 |
| EGE Gubre Sanayii AS | 9374 | 25923 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 4393 | 6815 |
| Enerjisa Enerji AS | 2871 | 5514 |
| Enerya Enerji AS | 184036 | 49279 |
| Eregli Demir ve Celik Fabrikalari TAS | 64822 | 47071 |
| Escar Turizm Tasimacilik Ticaret AS | 3602 | 2271 |
| Esenboga Elektrik Uretim AS<sup>(1)</sup> | 85022 | 20817 |
| Europap Tezol Kagit Sanayi VE Ticaret AS | 3432 | 1289 |
| Europen Endustri Insaat Sanayi VE Ticaret AS<sup>(1)</sup> | 141297 | 30402 |
| Fenerbahce Futbol AS<sup>(1)</sup> | 3957 | 1274 |
| Ford Otomotiv Sanayi AS | 6425 | 17461 |
| Gelecek Varlik Yonetimi AS | 660 | 1167 |
| GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS | 1044 | 4558 |
| Gezinomi Seyahat Turizm Ticaret AS<sup>(1)</sup> | 2125 | 14952 |
| Gipta Ofis Kirtasiye VE Promosyon Urunleri Imalat Sanayi AS | 6048 | 21609 |
| Girsim Elektrik Sanayi Taahut Ve Ticaret AS<sup>(1)</sup> | 484 | 561 |
| Goknur Gida Maddeleri Ithalat Ihracat Ticaret Ve Sanayi AS | 4531 | 2670 |
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS | 669 | 5625 |
| Gozde Girisim Sermayesi Yatirim Ortakligi AS<sup>(1)</sup> | 2599 | 1435 |
| GSD Holding AS<sup>(1)</sup> | 4957 | 622 |
| Gubre Fabrikalari TAS<sup>(1)</sup> | 2857 | 20243 |
| GUR-Sel Turizm Tasimacilik VE Servis Ticaret AS | 446 | 3630 |
| Haci Omer Sabanci Holding AS | 33043 | 75707 |
| Hareket Proje Tasimaciligi Ve Yuk Muhendisligi AS<sup>(1)</sup> | 5861 | 11614 |
| Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS<sup>(1)</sup> | 6529 | 1294 |
| Is Finansal Kiralama AS<sup>(1)</sup> | 30939 | 14294 |
| Is Yatirim Menkul Degerler AS | 17473 | 18518 |
| Isiklar Enerji ve Yapi Holding AS<sup>(1)</sup> | 14157 | 4937 |
| Jantsa Jant Sanayi Ve Ticaret AS | 8308 | 4726 |
| Kalekim Kimyevi Maddeler Sanayi ve Ticaret AS | 1120 | 1005 |
| Katilimevim Tasarruf Finansman AS | 20146 | 5398 |
| Katmerciler Arac Ustu Ekipman Sanayi ve Ticaret AS<sup>(1)</sup> | 44294 | 3339 |
| Kervan Gida Sanayi Ve Ticaret AS | 16850 | 987 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| KOC Holding AS | 15106 | $67344 |
| Kocaer Celik Sanayi Ve Ticaret AS | 39673 | 14807 |
| Konya Cimento Sanayii AS<sup>(1)</sup> | 4 | 532 |
| Kordsa Teknik Tekstil AS<sup>(1)</sup> | 384 | 640 |
| Koza Anadolu Metal Madencilik Isletmeleri AS<sup>(1)</sup> | 5670 | 10894 |
| LDR Turizm AS | 940 | 6690 |
| Logo Yazilim Sanayi Ve Ticaret AS | 7388 | 32747 |
| Lokman Hekim Engurusag Saglik Turizm Egitim Hizmetleri ve Insaat Taahhut AS | 4034 | 2012 |
| Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 21327 | 23175 |
| Menderes Tekstil Sanayi ve Ticaret AS<sup>(1)</sup> | 2470 | 913 |
| MIA Teknoloji AS<sup>(1)</sup> | 2425 | 2455 |
| MLP Saglik Hizmetleri AS<sup>(1)</sup> | 1613 | 14026 |
| Naturel Yenilenebilir Enerji Ticaret AS | 2150 | 531 |
| Naturelgaz Sanayi ve Ticaret AS | 2887 | 733 |
| NET Holding AS<sup>(1)</sup> | 18246 | 22466 |
| Nuh Cimento Sanayi AS | 245 | 1411 |
| ODAS Elektrik Uretim ve Sanayi Ticaret AS<sup>(1)</sup> | 114529 | 17183 |
| Orge Enerji Elektrik Taahhut AS<sup>(1)</sup> | 926 | 1837 |
| Osmanli Yatirim Menkul Degerler AS | 1841 | 443 |
| Oyak Cimento Fabrikalari AS<sup>(1)</sup> | 20842 | 12392 |
| Ozata Denizcilik Sanayi VE Ticaret AS<sup>(1)</sup> | 2912 | 15989 |
| Panelsan Cati Cephe Sistemleri Sanayi VE Ticaret AS<sup>(1)</sup> | 396 | 394 |
| Papilon Savunma-Guvenlik Sistemleri Bilisim Muhendislik Hizmetleri Ithalat | 1713 | 842 |
| Pegasus Hava Tasimaciligi AS<sup>(1)</sup> | 10058 | 60882 |
| Petkim Petrokimya Holding AS<sup>(1)</sup> | 19012 | 9244 |
| Pinar Entegre Et ve Un Sanayi AS<sup>(1)</sup> | 6123 | 1846 |
| Pinar SUT Mamulleri Sanayii AS<sup>(1)</sup> | 1335 | 422 |
| Platform Turizm Tasimacilik Gida Insaat Temizlik Hizmetleri Sanayi VE Ticaret AS | 402 | 278 |
| Polisan Holding AS | 170236 | 19116 |
| Ral Yatirim Holding AS<sup>(1)</sup> | 10502 | 33407 |
| Reysas Tasimacilik ve Lojistik Ticaret AS<sup>(1)</sup> | 45180 | 18809 |
| Sasa Polyester Sanayi AS<sup>(1)</sup> | 107780 | 12289 |
| Segmen Kardesler Gida Uretim Ve Ambalaj Sanayi AS/Turkey | 16135 | 9537 |
| Sekerbank Turk AS | 95460 | 18662 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 5280 | 11115 |
| Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS<sup>(1)</sup> | 1501 | 1128 |
| Sok Marketler Ticaret AS | 6260 | 6140 |
| TAB Gida Sanayi Ve Ticaret AS, Class A | 1235 | 6473 |
| Tatlipinar Enerji Uretim AS<sup>(1)</sup> | 16043 | 22516 |
| TAV Havalimanlari Holding AS<sup>(1)</sup> | 4609 | 28402 |
| Tekfen Holding AS | 15040 | 38199 |
| Teknosa Ic Ve Dis Ticaret AS<sup>(1)</sup> | 1454 | 1005 |
| Tofas Turk Otomobil Fabrikasi AS | 1718 | 10463 |
| Tukas Gida Sanayi ve Ticaret AS<sup>(1)</sup> | 35464 | 3027 |
| Turcas Petrol AS | 14892 | 13096 |
| Turk Hava Yollari AO | 14467 | 117840 |
| Turkcell Iletisim Hizmetleri AS, ADR | 14696 | 86412 |
| Turkiye Is Bankasi AS, C Shares | 223989 | 81996 |
| Turkiye Petrol Rafinerileri AS | 18550 | 77669 |
| Turkiye Sigorta AS | 69476 | 16888 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(1)</sup> | 83208 | 29360 |
| Turkiye Sise ve Cam Fabrikalari AS | 47451 | 46978 |
| Turkiye Vakiflar Bankasi TAO, D Shares<sup>(1)</sup> | 64690 | 45312 |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Ulker Biskuvi Sanayi AS | 9002 | $24824 |
| Usak Seramik Sanayii AS<sup>(1)</sup> | 19715 | 1922 |
| Vakif Finansal Kiralama AS<sup>(1)</sup> | 22807 | 1520 |
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 2918 | 4473 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 9196 | 3000 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(1)</sup> | 6190 | 6368 |
| Yapi ve Kredi Bankasi AS<sup>(1)</sup> | 113455 | 90729 |
| YEO Teknoloji Enerji VE Endustri AS<sup>(1)</sup> | 2598 | 2405 |
| Yigit Aku Malzemeleri Nakliyat Turizm Ins San Ve Tic AS<sup>(1)</sup> | 10555 | 7324 |
| Zorlu Enerji Elektrik Uretim AS<sup>(1)</sup> | 90911 | 8399 |
|  |  | 2342075 |
| **TOTAL COMMON STOCKS**<br>(Cost $149,823,088) |  | **159371865** |
| **WARRANTS — 0.0%** |  |  |
| **Malaysia — 0.0%** |  |  |
| Dagang NeXchange Bhd.<sup>(1)</sup> | 11266 | 160 |
| NEXG Bhd.<sup>(1)</sup> | 7850 | 567 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 3204 | 121 |
| Top Glove Corp. Bhd.<sup>(1)</sup> | 2755 | 101 |
| VS Industry Bhd.<sup>(1)</sup> | 3600 | 17 |
| YTL Corp. Bhd.<sup>(1)</sup> | 5220 | 1574 |
| YTL Power International Bhd.<sup>(1)</sup> | 8900 | 3896 |
|  |  | 6436 |
| **Thailand — 0.0%** |  |  |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 27350 | 381 |
| Northeast Rubber PCL, NVDR<sup>(1)</sup> | 317 | 2 |
|  |  | 383 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **6819** |
| **SHORT-TERM INVESTMENTS — 1.2%** |  |  |
| **Money Market Funds — 1.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 67984 | 67984 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1944336 | 1944336 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $2,012,320) |  | **2012320** |
| **TOTAL INVESTMENT SECURITIES — 100.9%**<br>(Cost $151,835,408) |  | **161391004** |
| **OTHER ASSETS AND LIABILITIES — (0.9)%** |  | **(1485391)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**159905613** |

---

------

Schedule of Investments - Avantis Emerging Markets ex-China Equity ETF

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Information Technology | 24.6% |
| Financials | 23.4% |
| Industrials | 11.5% |
| Materials | 10.4% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 5.1% |
| Energy | 5.0% |
| Communication Services | 3.9% |
| Utilities | 3.6% |
| Health Care | 2.9% |
| Real Estate | 1.4% |
| Short-Term Investments | 1.2% |
| Other Assets and Liabilities | (0.9)% |

---

---

| | | |
|:---|:---|:---|
| **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 $2,397,271. 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 $2,496,606, which includes securities collateral of $552,270.

**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 | $6974721 | $5933642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chile | 375281 | 1122362 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Colombia | 174338 | 296973 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 2636862 | 37007697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 344153 | 3429944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | 1457547 | 3901983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Peru | 811920 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Philippines | 67563 | 1456657 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Africa | 1514482 | 8049583 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Korea | 1441010 | 22254561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 13942355 | 28491334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkey | 86412 | 2255663 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries |  | 15344822 |  |
| Warrants |  | 6819 |  |
| Short-Term Investments | 2012320 |  |  |
|  | $31838964 | $129552040 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.9%** | **Shares** | **Value** |
| **Brazil — 7.5%** | | |
| Allos SA | 27300 | $120895 |
| Alpargatas SA, Preference Shares | 19200 | 33606 |
| Alupar Investimento SA | 3200 | 17576 |
| Ambipar Participacoes e Empreendimentos SA<sup>(1)</sup> | 26000 | 65649 |
| Anima Holding SA | 1400 | 868 |
| Armac Locacao Logistica E Servicos SA | 3100 | 2281 |
| Auren Energia SA | 35700 | 71507 |
| Automob Participacoes SA<sup>(1)</sup> | 278 | 659 |
| Azzas 2154 SA | 13992 | 89265 |
| Banco ABC Brasil SA, Preference Shares | 6502 | 26335 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 19300 | 40829 |
| Banco Pan SA, Preference Shares | 9600 | 13705 |
| Bemobi Mobile Tech SA | 4000 | 14799 |
| Blau Farmaceutica SA | 400 | 957 |
| BR Advisory Partners Participacoes SA | 5000 | 15355 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 3000 | 11587 |
| Braskem SA, Class A, ADR<sup>(1)(2)</sup> | 2082 | 7245 |
| Brava Energia<sup>(1)</sup> | 32886 | 121612 |
| C&A Modas SA | 7000 | 21845 |
| Camil Alimentos SA | 6000 | 5400 |
| Cia Brasileira de Aluminio<sup>(1)</sup> | 21700 | 14008 |
| Cia Brasileira de Distribuicao<sup>(1)</sup> | 24300 | 16000 |
| Cia de Ferro Ligas da Bahia FERBASA, Preference Shares | 15600 | 18530 |
| Cia de Saneamento de Minas Gerais Copasa MG | 18800 | 104162 |
| Cia De Sanena Do Parana | 3400 | 21528 |
| Cia De Sanena Do Parana, Preference Shares | 83900 | 103369 |
| Construtora Tenda SA | 4400 | 19095 |
| Cury Construtora e Incorporadora SA | 16600 | 105567 |
| CVC Brasil Operadora e Agencia de Viagens SA<sup>(1)</sup> | 54300 | 21432 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 24900 | 129785 |
| Desktop SA | 400 | 626 |
| Dexco SA | 39700 | 42249 |
| Direcional Engenharia SA | 6900 | 19751 |
| EcoRodovias Infraestrutura e Logistica SA | 38300 | 56865 |
| Empreendimentos Pague Menos SA | 2100 | 1441 |
| Even Construtora e Incorporadora SA | 10100 | 14307 |
| Ez Tec Empreendimentos e Participacoes SA | 7500 | 20445 |
| Fleury SA | 18900 | 51661 |
| Grendene SA | 30200 | 30078 |
| Grupo Multi SA<sup>(1)</sup> | 5800 | 1113 |
| Grupo SBF SA | 9100 | 19033 |
| Guararapes Confeccoes SA | 800 | 1387 |
| Hidrovias do Brasil SA<sup>(1)</sup> | 24320 | 16013 |
| Hypera SA | 9700 | 43653 |
| Iguatemi SA | 17400 | 75738 |
| Iochpe Maxion SA | 12700 | 33051 |
| IRB-Brasil Resseguros SA<sup>(1)</sup> | 5300 | 46677 |
| Jalles Machado SA<sup>(1)</sup> | 5600 | 3068 |
| JHSF Participacoes SA | 23900 | 25082 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| JSL SA | 2700 | $2794 |
| Kepler Weber SA | 13300 | 19453 |
| Lavvi Empreendimentos Imobiliarios SA | 7800 | 18688 |
| LOG Commercial Properties e Participacoes SA | 2200 | 8623 |
| Log-in Logistica Intermodal SA<sup>(1)</sup> | 400 | 1773 |
| Lojas Quero-Quero SA | 13000 | 6186 |
| Lojas Renner SA | 62100 | 186122 |
| M Dias Branco SA | 3300 | 17943 |
| Magazine Luiza SA | 31680 | 48263 |
| Mahle Metal Leve SA | 5300 | 27253 |
| Marcopolo SA | 19900 | 27050 |
| Marcopolo SA, Preference Shares | 66700 | 113548 |
| Marfrig Global Foods SA | 34100 | 157108 |
| Meliuz SA<sup>(1)</sup> | 9200 | 8077 |
| Metalurgica Gerdau SA, Preference Shares | 53000 | 92181 |
| Mills Locacao Servicos e Logistica SA | 7500 | 17236 |
| Minerva SA<sup>(1)</sup> | 1200 | 1330 |
| Moura Dubeux Engenharia SA | 4200 | 20350 |
| Movida Participacoes SA | 18800 | 24480 |
| MRV Engenharia e Participacoes SA<sup>(1)</sup> | 36900 | 51724 |
| Multiplan Empreendimentos Imobiliarios SA | 24200 | 124262 |
| Natura Cosmeticos SA<sup>(1)</sup> | 12500 | 20726 |
| Oceanpact Servicos Maritimos SA<sup>(1)</sup> | 2900 | 3680 |
| Odontoprev SA | 25600 | 61901 |
| Orizon Valorizacao de Residuos SA<sup>(1)</sup> | 2200 | 22297 |
| Pagseguro Digital Ltd., Class A | 7190 | 64422 |
| Patria Investments Ltd., Class A | 4347 | 58858 |
| PBG SA<sup>(1)</sup> | 1400 | 1056 |
| Pet Center Comercio e Participacoes SA | 19200 | 13952 |
| Petroreconcavo SA | 9200 | 21923 |
| Plano & Plano Desenvolvimento Imobiliario SA | 3700 | 9800 |
| Positivo Tecnologia SA | 8200 | 6760 |
| Priner Servicos Industriais SA | 400 | 1133 |
| Qualicorp Consultoria e Corretora de Seguros SA | 700 | 241 |
| Randon SA Implementos e Participacoes, Preference Shares | 6800 | 8441 |
| Romi SA | 315 | 458 |
| Santos Brasil Participacoes SA | 41400 | 108504 |
| Sao Martinho SA | 12100 | 39412 |
| Schulz SA, Preference Shares | 1900 | 1728 |
| Ser Educacional SA | 6600 | 10871 |
| Serena Energia SA<sup>(1)</sup> | 16300 | 36497 |
| Simpar SA | 31900 | 30654 |
| SLC Agricola SA | 10600 | 34429 |
| Smartfit Escola de Ginastica e Danca SA | 39759 | 179588 |
| SYN prop e tech SA | 1900 | 2327 |
| Taurus Armas SA, Preference Shares | 1870 | 1590 |
| Tegma Gestao Logistica SA | 1300 | 8732 |
| Track & Field Co. SA, Preference Shares | 5600 | 16557 |
| Transmissora Alianca de Energia Eletrica SA | 20500 | 131503 |
| Tres Tentos Agroindustrial SA | 8000 | 21543 |
| Trisul SA | 9600 | 11509 |
| Tupy SA | 6400 | 17104 |
| Unipar Carbocloro SA, Class B Preference Shares | 2540 | 29823 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares<sup>(1)</sup> | 44200 | $35463 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 5400 | 20876 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 47700 | 38446 |
| Vittia Fertilizantes E Biologicos SA | 550 | 505 |
| Vivara Participacoes SA | 7900 | 42342 |
| Vulcabras SA | 7300 | 28907 |
| Wilson Sons SA | 15200 | 50435 |
| Wiz Co. | 500 | 774 |
| YDUQS Participacoes SA | 25500 | 62176 |
| Zamp SA<sup>(1)</sup> | 1900 | 1227 |
|  |  | 3971303 |
| **Chile — 0.6%** |  |  |
| CAP SA<sup>(1)</sup> | 5947 | 31893 |
| Empresa Nacional de Telecomunicaciones SA | 19804 | 68432 |
| Engie Energia Chile SA | 33747 | 42231 |
| Parque Arauco SA | 26007 | 59716 |
| Ripley Corp. SA | 57492 | 27472 |
| SMU SA | 304666 | 52073 |
| Vina Concha y Toro SA | 21372 | 24713 |
|  |  | 306530 |
| **China — 17.1%** |  |  |
| 361 Degrees International Ltd. | 38000 | 31105 |
| 3SBio, Inc.<sup>(1)(2)</sup> | 52000 | 195608 |
| AAC Technologies Holdings, Inc. | 34000 | 189630 |
| Acotec Scientific Holdings Ltd.<sup>(1)</sup> | 3000 | 4532 |
| Agile Group Holdings Ltd.<sup>(1)</sup> | 102000 | 6015 |
| Agora, Inc., ADR<sup>(1)</sup> | 261 | 900 |
| AK Medical Holdings Ltd. | 22000 | 15901 |
| A-Living Smart City Services Co. Ltd.<sup>(2)</sup> | 18000 | 7120 |
| Alphamab Oncology<sup>(1)</sup> | 25000 | 29772 |
| Anhui Expressway Co. Ltd., H Shares | 18000 | 27171 |
| Anton Oilfield Services Group | 114000 | 19528 |
| AsiaInfo Technologies Ltd.<sup>(2)</sup> | 18400 | 24447 |
| Atour Lifestyle Holdings Ltd., ADR | 1595 | 62077 |
| Autohome, Inc., ADR | 1623 | 46872 |
| BAIC Motor Corp. Ltd., H Shares<sup>(1)</sup> | 76000 | 20049 |
| Bairong, Inc.<sup>(1)</sup> | 4500 | 7135 |
| Bank of Chongqing Co. Ltd., H Shares | 29000 | 27823 |
| BBMG Corp., H Shares | 107000 | 11426 |
| Beauty Farm Medical & Health Industry, Inc. | 2000 | 9038 |
| Beijing Capital International Airport Co. Ltd., H Shares<sup>(1)</sup> | 86000 | 32666 |
| Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares<sup>(2)</sup> | 5250 | 10029 |
| Beijing Enterprises Holdings Ltd. | 16500 | 68708 |
| Beijing Jingneng Clean Energy Co. Ltd., H Shares | 76000 | 23241 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 5000 | 5890 |
| Binjiang Service Group Co. Ltd. | 4000 | 12718 |
| BOE Varitronix Ltd. | 14000 | 10956 |
| Brii Biosciences Ltd.<sup>(1)</sup> | 3000 | 719 |
| Brilliance China Automotive Holdings Ltd.<sup>(2)</sup> | 162000 | 82984 |
| C&D International Investment Group Ltd.<sup>(2)</sup> | 35406 | 84442 |
| CALB Group Co. Ltd.<sup>(1)</sup> | 8500 | 24737 |
| Canadian Solar, Inc.<sup>(1)(2)</sup> | 2271 | 22210 |
| Canggang Railway Ltd.<sup>(2)</sup> | 16000 | 2748 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cango, Inc., ADR<sup>(1)(2)</sup> | 1249 | $5958 |
| Central China Securities Co. Ltd., Class H<sup>(2)</sup> | 43000 | 15587 |
| Cheerwin Group Ltd. | 19000 | 6122 |
| Chervon Holdings Ltd. | 3700 | 10699 |
| China BlueChemical Ltd., H Shares | 68000 | 21322 |
| China Chunlai Education Group Co. Ltd. | 2000 | 1123 |
| China Cinda Asset Management Co. Ltd., H Shares<sup>(2)</sup> | 399000 | 84073 |
| China Communications Services Corp. Ltd., H Shares | 118000 | 70379 |
| China Conch Environment Protection Holdings Ltd.<sup>(1)</sup> | 10500 | 946 |
| China Conch Venture Holdings Ltd. | 72500 | 96347 |
| China Datang Corp. Renewable Power Co. Ltd., H Shares | 111000 | 34121 |
| China East Education Holdings Ltd.<sup>(1)</sup> | 32500 | 33728 |
| China Education Group Holdings Ltd. | 48061 | 17649 |
| China Everbright Environment Group Ltd. | 177000 | 99815 |
| China Feihe Ltd. | 136000 | 76976 |
| China Foods Ltd. | 44000 | 22503 |
| China Gas Holdings Ltd. | 128000 | 128189 |
| China Hanking Holdings Ltd. | 37000 | 13448 |
| China High Speed Transmission Equipment Group Co. Ltd.<sup>(1)</sup> | 3000 | 506 |
| China Isotope & Radiation Corp. | 3000 | 6472 |
| China Kepei Education Group Ltd.<sup>(2)</sup> | 14000 | 2810 |
| China Lesso Group Holdings Ltd. | 52000 | 32297 |
| China Literature Ltd.<sup>(1)(2)</sup> | 18600 | 97565 |
| China Medical System Holdings Ltd. | 66000 | 110832 |
| China Meidong Auto Holdings Ltd. | 28000 | 7700 |
| China Modern Dairy Holdings Ltd.<sup>(2)</sup> | 139000 | 23401 |
| China National Building Material Co. Ltd., H Shares | 179082 | 130124 |
| China Nonferrous Mining Corp. Ltd. | 67000 | 89719 |
| China Oriental Group Co. Ltd. | 14000 | 3000 |
| China Power International Development Ltd. | 213000 | 85629 |
| China Resources Building Materials Technology Holdings Ltd. | 126000 | 30053 |
| China Resources Medical Holdings Co. Ltd. | 44000 | 20635 |
| China Resources Pharmaceutical Group Ltd. | 50500 | 31680 |
| China Risun Group Ltd.<sup>(2)</sup> | 42000 | 13139 |
| China Shineway Pharmaceutical Group Ltd. | 14000 | 15547 |
| China Taiping Insurance Holdings Co. Ltd. | 69000 | 144164 |
| China Tobacco International HK Co. Ltd.<sup>(2)</sup> | 9000 | 47420 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | 152000 | 42793 |
| China Water Affairs Group Ltd.<sup>(2)</sup> | 34000 | 27156 |
| China XLX Fertiliser Ltd. | 32000 | 30358 |
| China Yongda Automobiles Services Holdings Ltd.<sup>(2)</sup> | 67500 | 18865 |
| China Youran Dairy Group Ltd.<sup>(1)(2)</sup> | 70000 | 35060 |
| Chongqing Machinery & Electric Co. Ltd., Class H | 26000 | 6015 |
| CIFI Holdings Group Co. Ltd.<sup>(1)</sup> | 192000 | 5555 |
| CIMC Enric Holdings Ltd. | 28000 | 25981 |
| CMGE Technology Group Ltd.<sup>(1)</sup> | 50000 | 3066 |
| COFCO Joycome Foods Ltd.<sup>(1)(2)</sup> | 133000 | 30759 |
| Concord New Energy Group Ltd. | 220000 | 11167 |
| Consun Pharmaceutical Group Ltd. | 10000 | 19160 |
| COSCO SHIPPING International Hong Kong Co. Ltd. | 2000 | 1666 |
| COSCO SHIPPING Ports Ltd. | 13066 | 9487 |
| Country Garden Services Holdings Co. Ltd. | 102000 | 85385 |
| Damai Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 60000 | 8992 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Daqo New Energy Corp., ADR<sup>(1)</sup> | 1185 | $30040 |
| Digital China Holdings Ltd.<sup>(2)</sup> | 28000 | 11628 |
| Dingdang Health Technology Group Ltd.<sup>(1)</sup> | 12000 | 1230 |
| DingDong Cayman Ltd., ADR<sup>(1)</sup> | 2403 | 4950 |
| Dongfeng Motor Group Co. Ltd., Class H | 80000 | 91908 |
| Dongyue Group Ltd. | 60000 | 100268 |
| DouYu International Holdings Ltd., ADR | 880 | 6794 |
| DPC Dash Ltd.<sup>(1)</sup> | 3600 | 41128 |
| Edianyun Ltd., Class H<sup>(1)</sup> | 1000 | 276 |
| Essex Bio-technology Ltd. | 17000 | 11352 |
| Ever Sunshine Services Group Ltd. | 26000 | 6515 |
| Everest Medicines Ltd.<sup>(1)</sup> | 14000 | 114592 |
| Evergrande Property Services Group Ltd.<sup>(1)</sup> | 251500 | 28834 |
| Fenbi Ltd.<sup>(1)</sup> | 34000 | 13702 |
| FIH Mobile Ltd.<sup>(1)</sup> | 1900 | 3741 |
| FinVolution Group, ADR | 402 | 3317 |
| First Tractor Co. Ltd., H Shares<sup>(2)</sup> | 20000 | 19204 |
| Fosun International Ltd. | 116500 | 79356 |
| Fu Shou Yuan International Group Ltd.<sup>(2)</sup> | 68000 | 29119 |
| Fufeng Group Ltd. | 73000 | 87335 |
| Gaotu Techedu, Inc., ADR<sup>(1)</sup> | 2130 | 8307 |
| GCL Technology Holdings Ltd.<sup>(1)(2)</sup> | 1056000 | 169949 |
| GDS Holdings Ltd., Class A<sup>(1)(2)</sup> | 45000 | 194984 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(1)(2)</sup> | 244000 | 8040 |
| Genscript Biotech Corp.<sup>(1)(2)</sup> | 56000 | 124365 |
| Goodbaby International Holdings Ltd. | 44000 | 8270 |
| Grand Pharmaceutical Group Ltd.<sup>(2)</sup> | 56500 | 68400 |
| Greentown China Holdings Ltd. | 49500 | 62534 |
| Greentown Management Holdings Co. Ltd.<sup>(2)</sup> | 27000 | 10036 |
| Guangzhou R&F Properties Co. Ltd., H Shares<sup>(1)(2)</sup> | 68800 | 6585 |
| Guoquan Food Shanghai Co. Ltd. | 49600 | 20905 |
| Gushengtang Holdings Ltd. | 7400 | 31020 |
| Haichang Ocean Park Holdings Ltd.<sup>(1)(2)</sup> | 189000 | 18002 |
| Hainan Meilan International Airport Co. Ltd., H Shares<sup>(1)(2)</sup> | 9000 | 12065 |
| Haitian International Holdings Ltd. | 31000 | 87881 |
| Harbin Electric Co. Ltd., H Shares | 38000 | 39437 |
| HBM Holdings Ltd.<sup>(1)</sup> | 36000 | 68197 |
| Hello Group, Inc., ADR | 5438 | 45135 |
| Hengan International Group Co. Ltd. | 30500 | 97307 |
| Hisense Home Appliances Group Co. Ltd., H Shares | 11000 | 34118 |
| Hopson Development Holdings Ltd.<sup>(1)</sup> | 43800 | 19936 |
| Huabao International Holdings Ltd. | 5000 | 2711 |
| HUYA, Inc., ADR | 5412 | 19375 |
| Hygeia Healthcare Holdings Co. Ltd.<sup>(1)(2)</sup> | 17600 | 33885 |
| iDreamSky Technology Holdings Ltd.<sup>(1)</sup> | 21200 | 3130 |
| Ingdan, Inc.<sup>(1)</sup> | 31000 | 10225 |
| Inkeverse Group Ltd.<sup>(1)</sup> | 51000 | 10577 |
| iQIYI, Inc., ADR<sup>(1)(2)</sup> | 24717 | 65500 |
| Jiayin Group, Inc., ADR | 335 | 4214 |
| Jinke Smart Services Group Co. Ltd., H Shares<sup>(1)</sup> | 9100 | 7505 |
| JinkoSolar Holding Co. Ltd., ADR<sup>(2)</sup> | 1691 | 39011 |
| Jinxin Fertility Group Ltd.<sup>(1)(2)</sup> | 99000 | 36827 |
| Jiumaojiu International Holdings Ltd.<sup>(2)</sup> | 29000 | 9025 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| JNBY Design Ltd. | 8500 | $22019 |
| Kangji Medical Holdings Ltd. | 15500 | 17256 |
| Kinetic Development Group Ltd.<sup>(2)</sup> | 120000 | 18538 |
| Kingboard Holdings Ltd. | 32000 | 117784 |
| Kingboard Laminates Holdings Ltd. | 44000 | 75018 |
| Kingsoft Cloud Holdings Ltd.<sup>(1)(2)</sup> | 126508 | 125933 |
| KWG Group Holdings Ltd.<sup>(1)</sup> | 20500 | 636 |
| Launch Tech Co. Ltd., Class H<sup>(2)</sup> | 3000 | 4281 |
| Lee & Man Paper Manufacturing Ltd. | 53000 | 20090 |
| Leoch International Technology Ltd. | 19000 | 4577 |
| LEPU ScienTech Medical Technology Shanghai Co. Ltd., Class H | 3000 | 8591 |
| LexinFintech Holdings Ltd., ADR | 2085 | 13177 |
| Li Ning Co. Ltd. | 106500 | 260790 |
| Lifetech Scientific Corp.<sup>(1)(2)</sup> | 132000 | 33127 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(2)</sup> | 24000 | 44430 |
| Linklogis, Inc., Class B | 45500 | 15230 |
| Logan Group Co. Ltd.<sup>(1)</sup> | 34000 | 3728 |
| Lufax Holding Ltd., ADR<sup>(1)</sup> | 13573 | 39905 |
| Luye Pharma Group Ltd.<sup>(1)(2)</sup> | 107000 | 49679 |
| LVGEM China Real Estate Investment Co. Ltd.<sup>(1)</sup> | 40000 | 1451 |
| Maanshan Iron & Steel Co. Ltd., H Shares<sup>(1)</sup> | 62000 | 19229 |
| Maoyan Entertainment<sup>(2)</sup> | 4600 | 4596 |
| Medlive Technology Co. Ltd.<sup>(2)</sup> | 4000 | 7249 |
| MicroPort NeuroScientific Corp.<sup>(2)</sup> | 10096 | 16968 |
| Midea Real Estate Holding Ltd.<sup>(1)(2)</sup> | 9200 | 5653 |
| Ming Yuan Cloud Group Holdings Ltd.<sup>(1)</sup> | 3000 | 1530 |
| Minth Group Ltd. | 38000 | 161435 |
| MMG Ltd.<sup>(1)</sup> | 199200 | 133090 |
| Nayuki Holdings Ltd.<sup>(1)</sup> | 33500 | 6374 |
| NetDragon Websoft Holdings Ltd. | 15000 | 20125 |
| New Focus Auto Tech Holdings Ltd.<sup>(1)</sup> | 104000 | 712 |
| Newborn Town, Inc.<sup>(1)</sup> | 32000 | 50796 |
| Nexteer Automotive Group Ltd. | 42000 | 37133 |
| Nine Dragons Paper Holdings Ltd.<sup>(1)(2)</sup> | 79000 | 57443 |
| Noah Holdings Ltd., ADR | 1336 | 16633 |
| Ocumension Therapeutics<sup>(1)</sup> | 13500 | 15446 |
| Onewo, Inc., Class H | 49300 | 159571 |
| Poly Property Group Co. Ltd.<sup>(2)</sup> | 89000 | 18352 |
| Precision Tsugami China Corp. Ltd. | 6000 | 21687 |
| Q Technology Group Co. Ltd. | 23000 | 47640 |
| Qfin Holdings, Inc., ADR | 1647 | 47961 |
| Radiance Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 29000 | 10132 |
| Sany Heavy Equipment International Holdings Co. Ltd. | 58000 | 51289 |
| Scholar Education Group | 6000 | 1867 |
| Seazen Group Ltd.<sup>(1)(2)</sup> | 104000 | 33305 |
| Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 94000 | 71031 |
| Shanghai Conant Optical Co. Ltd., Class H | 9000 | 55682 |
| Shanghai Henlius Biotech, Inc., Class H<sup>(1)</sup> | 4200 | 41987 |
| Shanghai Industrial Holdings Ltd. | 20000 | 37161 |
| Shenzhen Expressway Corp. Ltd., H Shares<sup>(2)</sup> | 28000 | 25725 |
| Shenzhen International Holdings Ltd. | 69652 | 70270 |
| Shenzhen Pagoda Industrial Group Corp. Ltd., Class H | 29500 | 5888 |
| Shimao Services Holdings Ltd.<sup>(1)</sup> | 7000 | 678 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shoucheng Holdings Ltd.<sup>(2)</sup> | 104000 | $25296 |
| Shougang Fushan Resources Group Ltd. | 54933 | 19436 |
| Shui On Land Ltd. | 129000 | 12601 |
| Sichuan Expressway Co. Ltd., Class H<sup>(2)</sup> | 30000 | 18519 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(2)</sup> | 151000 | 28390 |
| Simcere Pharmaceutical Group Ltd.<sup>(2)</sup> | 29000 | 52591 |
| Sinopec Engineering Group Co. Ltd., H Shares | 68500 | 61314 |
| Skyworth Group Ltd.<sup>(1)</sup> | 30000 | 13374 |
| Sohu.com Ltd., ADR<sup>(1)</sup> | 848 | 13632 |
| So-Young International, Inc., ADR | 958 | 3679 |
| SSY Group Ltd. | 54000 | 19722 |
| Sun Art Retail Group Ltd. | 91000 | 23754 |
| Sunac China Holdings Ltd.<sup>(1)(2)</sup> | 376000 | 74115 |
| Sunac Services Holdings Ltd. | 55000 | 11828 |
| Sunshine Insurance Group Co. Ltd. | 102000 | 54963 |
| TCL Electronics Holdings Ltd. | 49000 | 67870 |
| Tiangong International Co. Ltd.<sup>(2)</sup> | 62000 | 19979 |
| Tianli International Holdings Ltd.<sup>(2)</sup> | 62000 | 30243 |
| Tianneng Power International Ltd.<sup>(2)</sup> | 8000 | 8337 |
| Tong Ren Tang Technologies Co. Ltd., H Shares | 18000 | 11468 |
| Tongdao Liepin Group | 13800 | 7513 |
| Topsports International Holdings Ltd. | 111000 | 46171 |
| Towngas Smart Energy Co. Ltd. | 52756 | 27202 |
| Tuhu Car, Inc.<sup>(1)</sup> | 9900 | 25589 |
| Uni-President China Holdings Ltd. | 60000 | 71671 |
| Up Fintech Holding Ltd., ADR<sup>(1)</sup> | 4702 | 58775 |
| Viva Biotech Holdings<sup>(1)</sup> | 71000 | 24385 |
| Wasion Holdings Ltd. | 22000 | 32689 |
| Weibo Corp., ADR<sup>(2)</sup> | 2423 | 27768 |
| Weilong Delicious Global Holdings Ltd. | 19200 | 33588 |
| WellCell Holdings Co. Ltd.<sup>(1)(2)</sup> | 10400 | 9590 |
| West China Cement Ltd.<sup>(2)</sup> | 96000 | 32803 |
| X Financial, ADR | 135 | 2052 |
| XD, Inc. | 15600 | 162816 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>(1)</sup> | 15500 | 1623 |
| Xinte Energy Co. Ltd., H Shares<sup>(1)(2)</sup> | 15200 | 13295 |
| Xinyi Energy Holdings Ltd. | 119262 | 19467 |
| Xinyi Solar Holdings Ltd.<sup>(2)</sup> | 154000 | 67062 |
| XJ International Holdings Co. Ltd.<sup>(1)</sup> | 92000 | 2365 |
| Xtep International Holdings Ltd. | 68000 | 58122 |
| Xunlei Ltd., ADR<sup>(1)</sup> | 1513 | 10939 |
| XXF Group Holdings Ltd.<sup>(1)</sup> | 37500 | 33742 |
| Yatsen Holding Ltd., ADR<sup>(1)</sup> | 905 | 8453 |
| Yeahka Ltd.<sup>(1)(2)</sup> | 10400 | 15924 |
| Yidu Tech, Inc.<sup>(1)</sup> | 1100 | 859 |
| Yihai International Holding Ltd.<sup>(2)</sup> | 25000 | 44141 |
| Yuexiu Property Co. Ltd. | 55000 | 35081 |
| Yuexiu Transport Infrastructure Ltd. | 34000 | 18711 |
| Zengame Technology Holding Ltd. | 4000 | 1329 |
| Zhejiang Expressway Co. Ltd., H Shares | 75800 | 66988 |
| Zhihu, Inc., ADR<sup>(1)</sup> | 1209 | 5803 |
| ZhongAn Online P&C Insurance Co. Ltd., H Shares<sup>(1)(2)</sup> | 48200 | 122897 |
| Zhongsheng Group Holdings Ltd. | 40500 | 84026 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Zhongyu Energy Holdings Ltd.<sup>(2)</sup> | 42000 | $20157 |
| Zhou Hei Ya International Holdings Co. Ltd.<sup>(2)</sup> | 45500 | 14315 |
| Zhuguang Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 20000 | 160 |
| Zonqing Environmental Ltd.<sup>(1)(2)</sup> | 6000 | 3651 |
|  |  | 9087798 |
| **Colombia — 0.1%** |  |  |
| Cementos Argos SA | 10944 | 27188 |
| Grupo Argos SA | 3916 | 16845 |
| Mineros SA | 4616 | 11720 |
|  |  | 55753 |
| **Greece — 0.7%** |  |  |
| Aegean Airlines SA | 3233 | 54283 |
| Aktor SA Holding Co. Technical & Energy Projects<sup>(1)</sup> | 2481 | 22603 |
| Alter Ego Media SA | 715 | 4857 |
| GEK TERNA SA | 3510 | 92012 |
| Hellenic Exchanges - Athens Stock Exchange SA | 1725 | 14088 |
| Holding Co. ADMIE IPTO SA | 4209 | 16802 |
| Intracom Holdings SA<sup>(1)</sup> | 4346 | 18277 |
| LAMDA Development SA<sup>(1)</sup> | 3313 | 28661 |
| Optima bank SA | 13648 | 124686 |
|  |  | 376269 |
| **Hong Kong — 0.0%** |  |  |
| Jinchuan Group International Resources Co. Ltd.<sup>(1)(2)</sup> | 22000 | 1355 |
| Venus MedTech Hangzhou, Inc., H Shares<sup>(1)</sup> | 1000 | 474 |
|  |  | 1829 |
| **Hungary — 0.1%** |  |  |
| Magyar Telekom Telecommunications PLC | 9754 | 55413 |
| Opus Global Nyrt | 559 | 957 |
|  |  | 56370 |
| **India — 20.7%** |  |  |
| 63 Moons Technologies Ltd. | 1411 | 14473 |
| Aadhar Housing Finance Ltd.<sup>(1)</sup> | 6035 | 34415 |
| Aarti Drugs Ltd. | 2161 | 11513 |
| Aarti Industries Ltd. | 10413 | 44379 |
| Aarti Pharmalabs Ltd. | 3042 | 29033 |
| Aavas Financiers Ltd.<sup>(1)</sup> | 2614 | 45058 |
| Accelya Solutions India Ltd. | 61 | 967 |
| Acme Solar Holdings Ltd. | 5495 | 17730 |
| Action Construction Equipment Ltd. | 1430 | 17057 |
| ADF Foods Ltd. | 2174 | 5084 |
| Aditya Birla Real Estate Ltd. | 985 | 19562 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 2017 | 19101 |
| Advanced Enzyme Technologies Ltd. | 2530 | 9913 |
| Advent Hotels International Pvt Ltd.<sup>(1)</sup> | 960 | 2859 |
| Aegis Logistics Ltd. | 6326 | 48248 |
| Aeroflex Industries Ltd. | 1236 | 2393 |
| AGI Greenpac Ltd. | 835 | 8457 |
| AGI Infra Ltd. | 408 | 5257 |
| Ahluwalia Contracts India Ltd. | 1243 | 12977 |
| Ajmera Realty & Infra India Ltd.<sup>(1)</sup> | 312 | 3081 |
| Akzo Nobel India Ltd. | 383 | 14817 |
| Alembic Ltd. | 4513 | 5196 |
| Alembic Pharmaceuticals Ltd. | 3096 | 32890 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Alivus Life Sciences Ltd.<sup>(1)</sup> | 1483 | $15892 |
| Alkyl Amines Chemicals | 991 | 22529 |
| Allcargo Logistics Ltd. | 11737 | 4158 |
| Allied Digital Services Ltd.<sup>(1)</sup> | 1514 | 2815 |
| Amara Raja Energy & Mobility Ltd. | 5446 | 61232 |
| Amber Enterprises India Ltd.<sup>(1)</sup> | 1105 | 91009 |
| Anand Rathi Wealth Ltd. | 1524 | 48272 |
| Anant Raj Ltd. | 5990 | 35107 |
| Andhra Paper Ltd. | 1165 | 1026 |
| Angel One Ltd. | 694 | 17396 |
| Anup Engineering Ltd. | 419 | 10507 |
| Anupam Rasayan India Ltd. | 1500 | 19197 |
| Apeejay Surrendra Park Hotels Ltd.<sup>(1)</sup> | 3626 | 6209 |
| Aptech Ltd. | 500 | 736 |
| Aptus Value Housing Finance India Ltd. | 16998 | 61249 |
| Archean Chemical Industries Ltd. | 3862 | 28750 |
| Arman Financial Services Ltd.<sup>(1)</sup> | 449 | 6918 |
| Artemis Medicare Services Ltd. | 812 | 2019 |
| Arvind Fashions Ltd. | 4562 | 26872 |
| Arvind Ltd. | 9183 | 29278 |
| Asahi India Glass Ltd.<sup>(1)</sup> | 4987 | 47336 |
| Ashapura Minechem Ltd.<sup>(1)</sup> | 2330 | 13620 |
| Ashoka Buildcon Ltd.<sup>(1)</sup> | 3417 | 6699 |
| ASK Automotive Ltd. | 2917 | 15973 |
| Associated Alcohols & Breweries Ltd. | 676 | 8015 |
| Aster DM Healthcare Ltd. | 5612 | 38253 |
| AstraZeneca Pharma India Ltd. | 151 | 14502 |
| Atul Auto Ltd.<sup>(1)</sup> | 225 | 1088 |
| Atul Ltd. | 863 | 61425 |
| AurionPro Solutions Ltd. | 1151 | 17301 |
| Avadh Sugar & Energy Ltd. | 218 | 1017 |
| Avantel Ltd. | 8211 | 13953 |
| Avanti Feeds Ltd. | 2372 | 17295 |
| Bajaj Consumer Care Ltd.<sup>(1)</sup> | 4347 | 11559 |
| Bajaj Healthcare Ltd. | 862 | 4122 |
| Bajaj Hindusthan Sugar Ltd.<sup>(1)</sup> | 29134 | 6682 |
| Balaji Amines Ltd. | 644 | 10649 |
| Balmer Lawrie & Co. Ltd. | 2024 | 5004 |
| Balrampur Chini Mills Ltd. | 8332 | 50680 |
| Banco Products India Ltd. | 2984 | 19516 |
| BASF India Ltd. | 670 | 34976 |
| Bata India Ltd. | 2778 | 34583 |
| BEML Ltd. | 1157 | 50353 |
| Bhansali Engineering Polymers Ltd. | 4528 | 5322 |
| Bharat Bijlee Ltd.<sup>(1)</sup> | 143 | 4822 |
| Bharat Rasayan Ltd. | 28 | 3192 |
| Bharat Wire Ropes Ltd.<sup>(1)</sup> | 677 | 1312 |
| Bikaji Foods International Ltd. | 3880 | 34778 |
| Birla Corp. Ltd.<sup>(1)</sup> | 1816 | 25780 |
| Birlasoft Ltd. | 6680 | 27862 |
| BL Kashyap & Sons Ltd.<sup>(1)</sup> | 2006 | 1587 |
| Black Box Ltd. | 1665 | 8531 |
| Bliss Gvs Pharma Ltd. | 5011 | 8844 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BLS International Services Ltd. | 4869 | $20264 |
| Blue Dart Express Ltd. | 260 | 16532 |
| Blue Jet Healthcare Ltd. | 1149 | 8712 |
| Bluspring Enterprises Ltd.<sup>(1)</sup> | 1534 | 1383 |
| Bodal Chemicals Ltd.<sup>(1)</sup> | 1303 | 954 |
| Bombay Burmah Trading Co. | 877 | 17453 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 5082 | 9789 |
| Camlin Fine Sciences Ltd.<sup>(1)</sup> | 7157 | 16554 |
| Campus Activewear Ltd. | 5167 | 15496 |
| Can Fin Homes Ltd. | 4661 | 37968 |
| Cantabil Retail India Ltd. | 1513 | 4315 |
| Capacit'e Infraprojects Ltd.<sup>(1)</sup> | 2168 | 6930 |
| Caplin Point Laboratories Ltd. | 1059 | 25209 |
| Capri Global Capital Ltd. | 7212 | 15151 |
| Carborundum Universal Ltd. | 4505 | 46620 |
| Care Ratings Ltd. | 1525 | 27001 |
| Cartrade Tech Ltd.<sup>(1)</sup> | 2135 | 58076 |
| Castrol India Ltd. | 25123 | 56201 |
| Ceat Ltd. | 1295 | 46016 |
| Centrum Capital Ltd.<sup>(1)</sup> | 5500 | 2262 |
| Century Plyboards India Ltd. | 2357 | 19953 |
| Cera Sanitaryware Ltd. | 259 | 18549 |
| CESC Ltd. | 19563 | 33770 |
| Chalet Hotels Ltd.<sup>(1)</sup> | 4818 | 55168 |
| Chambal Fertilisers & Chemicals Ltd. | 5646 | 34579 |
| Chemplast Sanmar Ltd.<sup>(1)</sup> | 2207 | 10696 |
| Chennai Petroleum Corp. Ltd. | 3259 | 23857 |
| CIE Automotive India Ltd. | 7347 | 32070 |
| Cigniti Technologies Ltd.<sup>(1)</sup> | 662 | 12223 |
| City Union Bank Ltd. | 21463 | 47722 |
| Clean Science & Technology Ltd. | 1474 | 19642 |
| CMS Info Systems Ltd. | 9733 | 45282 |
| Coffee Day Enterprises Ltd.<sup>(1)</sup> | 3833 | 2180 |
| Cohance Lifesciences Ltd.<sup>(1)</sup> | 5184 | 51694 |
| Computer Age Management Services Ltd. | 2930 | 123200 |
| Cosmo First Ltd. | 934 | 10485 |
| Craftsman Automation Ltd. | 521 | 40865 |
| CreditAccess Grameen Ltd.<sup>(1)</sup> | 3977 | 63107 |
| Crompton Greaves Consumer Electricals Ltd. | 34393 | 128736 |
| CSB Bank Ltd.<sup>(1)</sup> | 2768 | 11385 |
| Cyient Ltd. | 4338 | 57486 |
| Dalmia Bharat Sugar & Industries Ltd. | 541 | 2301 |
| DAM Capital Advisors Ltd. | 1168 | 2906 |
| Datamatics Global Services Ltd.<sup>(1)</sup> | 1089 | 12490 |
| DCB Bank Ltd. | 8438 | 11721 |
| DCM Shriram Industries Ltd. | 793 | 1420 |
| DCM Shriram Ltd. | 1533 | 21559 |
| DCW Ltd.<sup>(1)</sup> | 6185 | 5097 |
| Dcx Systems Ltd.<sup>(1)</sup> | 2409 | 7164 |
| Deccan Cements Ltd. | 340 | 3892 |
| Deep Industries Ltd. | 1730 | 10528 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 4551 | 71622 |
| Delhivery Ltd.<sup>(1)</sup> | 11464 | 60875 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Delta Corp. Ltd. | 1119 | $1077 |
| Devyani International Ltd.<sup>(1)</sup> | 22351 | 44195 |
| Dhampur Sugar Mills Ltd.<sup>(1)</sup> | 614 | 864 |
| Dhani Services Ltd.<sup>(1)</sup> | 9783 | 6831 |
| Dhanuka Agritech Ltd. | 828 | 15015 |
| Digitide Solutions Ltd.<sup>(1)</sup> | 1534 | 3492 |
| Dilip Buildcon Ltd. | 1244 | 6565 |
| Dishman Carbogen Amcis Ltd.<sup>(1)</sup> | 2818 | 8461 |
| D-Link India Ltd. | 867 | 4657 |
| Dodla Dairy Ltd. | 1623 | 25098 |
| Dolat Algotech Ltd. | 1569 | 1418 |
| Dollar Industries Ltd. | 373 | 1492 |
| Dreamfolks Services Ltd. | 363 | 574 |
| Dredging Corp. of India Ltd.<sup>(1)</sup> | 175 | 1167 |
| Dwarikesh Sugar Industries Ltd. | 1622 | 725 |
| E2E Networks Ltd.<sup>(1)</sup> | 303 | 7886 |
| eClerx Services Ltd. | 1365 | 65346 |
| Edelweiss Financial Services Ltd. | 32541 | 39531 |
| EID Parry India Ltd.<sup>(1)</sup> | 6692 | 85460 |
| Elecon Engineering Co. Ltd. | 3906 | 24479 |
| Electronics Mart India Ltd.<sup>(1)</sup> | 5192 | 7363 |
| Electrosteel Castings Ltd. | 10342 | 11438 |
| Elgi Equipments Ltd. | 9446 | 50553 |
| Embassy Developments Ltd.<sup>(1)</sup> | 46984 | 49900 |
| Epack Durable Ltd.<sup>(1)</sup> | 639 | 2750 |
| Epigral Ltd. | 721 | 14822 |
| EPL Ltd. | 8407 | 21418 |
| Equitas Small Finance Bank Ltd.<sup>(1)</sup> | 32728 | 18660 |
| Ester Industries Ltd.<sup>(1)</sup> | 967 | 1194 |
| Eveready Industries India Ltd. | 1324 | 6331 |
| Everest Kanto Cylinder Ltd. | 896 | 1393 |
| Excel Industries Ltd. | 204 | 2855 |
| FCS Software Solutions Ltd.<sup>(1)</sup> | 23160 | 628 |
| FDC Ltd. | 2700 | 14011 |
| Fedbank Financial Services Ltd.<sup>(1)</sup> | 6354 | 9779 |
| Federal-Mogul Goetze India Ltd.<sup>(1)</sup> | 854 | 5135 |
| FIEM Industries Ltd. | 647 | 15429 |
| Filatex India Ltd. | 5605 | 3299 |
| Fine Organic Industries Ltd. | 439 | 23383 |
| Fineotex Chemical Ltd. | 1331 | 3599 |
| Fino Payments Bank Ltd.<sup>(1)</sup> | 1117 | 3563 |
| Finolex Cables Ltd. | 2883 | 26832 |
| Finolex Industries Ltd. | 15214 | 36604 |
| Firstsource Solutions Ltd. | 6606 | 26292 |
| Five-Star Business Finance Ltd. | 11068 | 68433 |
| Foods & Inns Ltd. | 614 | 609 |
| Force Motors Ltd.<sup>(1)</sup> | 247 | 54567 |
| Fusion Finance Ltd.<sup>(1)</sup> | 2430 | 4701 |
| G R Infraprojects Ltd. | 606 | 8592 |
| Gabriel India Ltd. | 4440 | 58061 |
| Galaxy Surfactants Ltd. | 232 | 5952 |
| Ganesh Benzoplast Ltd.<sup>(1)</sup> | 1241 | 1302 |
| Ganesh Housing Ltd. | 816 | 7951 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ganesha Ecosphere Ltd. | 491 | $7415 |
| Garden Reach Shipbuilders & Engineers Ltd. | 629 | 16765 |
| Garware Hi-Tech Films Ltd. | 458 | 14012 |
| Garware Technical Fibres Ltd. | 2374 | 20616 |
| Gateway Distriparks Ltd. | 15461 | 11287 |
| Geojit Financial Services Ltd. | 1923 | 1555 |
| GHCL Ltd. | 3187 | 19987 |
| Globus Spirits Ltd. | 900 | 12291 |
| GM Breweries Ltd. | 180 | 1379 |
| GMM Pfaudler Ltd. | 1292 | 17259 |
| Godawari Power & Ispat Ltd. | 13747 | 36276 |
| Godrej Agrovet Ltd. | 2652 | 22282 |
| Gokaldas Exports Ltd.<sup>(1)</sup> | 1304 | 9974 |
| Gokul Agro Resources Ltd.<sup>(1)</sup> | 1588 | 5877 |
| Goldiam International Ltd. | 2149 | 8862 |
| Goodluck India Ltd. | 783 | 10570 |
| Granules India Ltd. | 6436 | 35939 |
| Graphite India Ltd. | 3025 | 17530 |
| Great Eastern Shipping Co. Ltd. | 5491 | 57730 |
| Greaves Cotton Ltd. | 2225 | 5006 |
| Greenpanel Industries Ltd. | 1899 | 5827 |
| Grindwell Norton Ltd. | 1920 | 34045 |
| GRM Overseas Ltd.<sup>(1)</sup> | 1304 | 5409 |
| Gujarat Alkalies & Chemicals Ltd. | 458 | 2930 |
| Gujarat Ambuja Exports Ltd. | 6032 | 7077 |
| Gujarat Industries Power Co. Ltd. | 3248 | 6548 |
| Gujarat Mineral Development Corp. Ltd. | 4495 | 20612 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 4605 | 27289 |
| Gujarat Pipavav Port Ltd. | 8904 | 15057 |
| Gujarat State Fertilizers & Chemicals Ltd. | 12590 | 28203 |
| Gujarat State Petronet Ltd. | 15008 | 49331 |
| Gulf Oil Lubricants India Ltd. | 882 | 12508 |
| Happiest Minds Technologies Ltd. | 1538 | 9854 |
| Happy Forgings Ltd. | 137 | 1401 |
| Hathway Cable & Datacom Ltd.<sup>(1)</sup> | 25866 | 4287 |
| HBL Engineering Ltd. | 7089 | 64991 |
| HealthCare Global Enterprises Ltd.<sup>(1)</sup> | 2407 | 18369 |
| HEG Ltd. | 3386 | 17735 |
| HeidelbergCement India Ltd. | 2149 | 5011 |
| Heritage Foods Ltd. | 2475 | 12957 |
| Heubach Colorants India Ltd.<sup>(1)</sup> | 296 | 1992 |
| HFCL Ltd. | 33103 | 26366 |
| HG Infra Engineering Ltd. | 983 | 10827 |
| Hikal Ltd. | 1877 | 5425 |
| Himatsingka Seide Ltd. | 3780 | 4984 |
| Hindustan Foods Ltd.<sup>(1)</sup> | 759 | 4519 |
| Hindustan Oil Exploration Co. Ltd.<sup>(1)</sup> | 4988 | 9429 |
| Hi-Tech Gears Ltd. | 215 | 1544 |
| HI-Tech Pipes Ltd. | 1926 | 1881 |
| HLV Ltd.<sup>(1)</sup> | 8296 | 1098 |
| Home First Finance Co. India Ltd. | 4474 | 61850 |
| Honasa Consumer Ltd.<sup>(1)</sup> | 8254 | 27415 |
| HPL Electric & Power Ltd. | 1239 | 6530 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hubtown Ltd.<sup>(1)</sup> | 3681 | $14728 |
| IFCI Ltd.<sup>(1)</sup> | 38935 | 22574 |
| IIFL Capital Services Ltd. | 7173 | 24117 |
| IIFL Finance Ltd.<sup>(1)</sup> | 18239 | 88399 |
| Imagicaaworld Entertainment Ltd.<sup>(1)</sup> | 3532 | 2275 |
| Indegene Ltd. | 4207 | 25874 |
| India Cements Ltd.<sup>(1)</sup> | 6059 | 26243 |
| India Glycols Ltd.<sup>(1)</sup> | 1612 | 14918 |
| India Pesticides Ltd. | 527 | 1260 |
| India Shelter Finance Corp. Ltd. | 2276 | 24294 |
| IndiaMart InterMesh Ltd. | 1510 | 44485 |
| Indian Energy Exchange Ltd. | 26048 | 41309 |
| Indian Metals & Ferro Alloys Ltd. | 706 | 6905 |
| Indigo Paints Ltd. | 921 | 11504 |
| Indo Count Industries Ltd. | 3825 | 10035 |
| Indo Tech Transformers Ltd.<sup>(1)</sup> | 170 | 3333 |
| IndoStar Capital Finance Ltd.<sup>(1)</sup> | 1793 | 5253 |
| Indraprastha Medical Corp. Ltd. | 2325 | 11564 |
| Infibeam Avenues Ltd.<sup>(1)</sup> | 56938 | 10098 |
| Infibeam Avenues Ltd.<sup>(1)</sup> | 14287 | 1569 |
| Ingersoll Rand India Ltd. | 240 | 10369 |
| Inox Green Energy Services Ltd.<sup>(1)</sup> | 5904 | 9835 |
| INOX India Ltd. | 1213 | 15405 |
| Insecticides India Ltd.<sup>(1)</sup> | 261 | 2445 |
| Intellect Design Arena Ltd. | 6302 | 69852 |
| IOL Chemicals & Pharmaceuticals Ltd. | 7545 | 7763 |
| ION Exchange India Ltd. | 3433 | 16261 |
| IRCON International Ltd. | 18257 | 33239 |
| ISGEC Heavy Engineering Ltd.<sup>(1)</sup> | 730 | 8115 |
| ITD Cementation India Ltd. | 4124 | 33148 |
| J Kumar Infraprojects Ltd. | 1830 | 12823 |
| Jai Balaji Industries Ltd.<sup>(1)</sup> | 10265 | 12050 |
| Jai Corp. Ltd. | 936 | 1272 |
| Jain Irrigation Systems Ltd.<sup>(1)</sup> | 13970 | 7871 |
| Jaiprakash Power Ventures Ltd.<sup>(1)</sup> | 179435 | 37418 |
| Jammu & Kashmir Bank Ltd. | 26066 | 29249 |
| Jamna Auto Industries Ltd. | 6494 | 7646 |
| Jana Small Finance Bank Ltd.<sup>(1)</sup> | 3258 | 18137 |
| Jash Engineering Ltd. | 1690 | 9942 |
| JBM Auto Ltd. | 2195 | 14813 |
| JG Chemicals Ltd. | 530 | 2788 |
| Jindal Drilling & Industries Ltd. | 924 | 6345 |
| Jindal Poly Films Ltd. | 362 | 2467 |
| Jindal Saw Ltd. | 11932 | 26721 |
| Jindal Worldwide Ltd. | 5494 | 2318 |
| JK Lakshmi Cement Ltd. | 3813 | 39859 |
| JK Paper Ltd. | 3944 | 16765 |
| JK Tyre & Industries Ltd. | 6546 | 23821 |
| JM Financial Ltd. | 26467 | 53230 |
| Johnson Controls-Hitachi Air Conditioning India Ltd. | 198 | 3885 |
| JTL Industries Ltd. | 5295 | 4287 |
| Jubilant Ingrevia Ltd. | 4478 | 36758 |
| Jubilant Pharmova Ltd. | 3972 | 46094 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Juniper Hotels Ltd.<sup>(1)</sup> | 1091 | $3485 |
| Jupiter Life Line Hospitals Ltd. | 600 | 9590 |
| Just Dial Ltd.<sup>(1)</sup> | 1164 | 10671 |
| Jyoti Structures Ltd.<sup>(1)</sup> | 23061 | 3938 |
| Kajaria Ceramics Ltd. | 5558 | 76369 |
| Kalpataru Projects International Ltd. | 5735 | 81369 |
| Kalyani Steels Ltd. | 881 | 8312 |
| Kamdhenu Ltd.<sup>(1)</sup> | 3390 | 1081 |
| Karnataka Bank Ltd. | 10730 | 20879 |
| Karur Vysya Bank Ltd. | 30690 | 74490 |
| Kaveri Seed Co. Ltd. | 1427 | 18869 |
| KCP Ltd. | 3234 | 7231 |
| KDDL Ltd.<sup>(1)</sup> | 299 | 8094 |
| Kellton Tech Solutions Ltd.<sup>(1)</sup> | 6435 | 1872 |
| Kfin Technologies Ltd. | 5289 | 61345 |
| Kiri Industries Ltd.<sup>(1)</sup> | 2028 | 12204 |
| Kirloskar Brothers Ltd. | 1174 | 25836 |
| Kirloskar Ferrous Industries Ltd. | 2031 | 12648 |
| Kirloskar Oil Engines Ltd. | 3939 | 40236 |
| Kirloskar Pneumatic Co. Ltd. | 2268 | 31374 |
| Kitex Garments Ltd. | 1581 | 3201 |
| KNR Constructions Ltd. | 3282 | 7101 |
| Kolte-Patil Developers Ltd.<sup>(1)</sup> | 551 | 2924 |
| Kopran Ltd. | 671 | 1178 |
| KRBL Ltd. | 3751 | 18338 |
| Krishna Institute of Medical Sciences Ltd.<sup>(1)</sup> | 9321 | 76496 |
| Krsnaa Diagnostics Ltd. | 691 | 6183 |
| LA Opala RG Ltd. | 827 | 2273 |
| Laxmi Organic Industries Ltd. | 3209 | 7356 |
| Lemon Tree Hotels Ltd.<sup>(1)</sup> | 11705 | 22019 |
| Likhitha Infrastructure Ltd. | 504 | 1412 |
| Lincoln Pharmaceuticals Ltd. | 377 | 2303 |
| LMW Ltd. | 182 | 29106 |
| LT Foods Ltd. | 8875 | 42449 |
| Lumax Auto Technologies Ltd. | 1910 | 25469 |
| Lumax Industries Ltd. | 159 | 7580 |
| LUX Industries Ltd. | 112 | 1620 |
| Mahanagar Gas Ltd. | 2899 | 41143 |
| Maharashtra Scooters Ltd. | 181 | 32552 |
| Maharashtra Seamless Ltd. | 2169 | 15785 |
| Mahindra Holidays & Resorts India Ltd.<sup>(1)</sup> | 2024 | 8033 |
| Mahindra Logistics Ltd. | 837 | 3012 |
| Maithan Alloys Ltd. | 453 | 5352 |
| Man Industries India Ltd.<sup>(1)</sup> | 777 | 3370 |
| Man Infraconstruction Ltd. | 5301 | 9475 |
| Manali Petrochemicals Ltd. | 1877 | 1372 |
| Manappuram Finance Ltd. | 28021 | 83047 |
| Mangalam Cement Ltd. | 1278 | 10221 |
| Mangalore Chemicals & Fertilizers Ltd. | 3609 | 14134 |
| Marksans Pharma Ltd. | 11289 | 21594 |
| MAS Financial Services Ltd. | 1269 | 4463 |
| Mayur Uniquoters Ltd. | 478 | 2837 |
| Medi Assist Healthcare Services Ltd. | 2981 | 17100 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Medplus Health Services Ltd.<sup>(1)</sup> | 3044 | $29060 |
| Meghmani Organics Ltd.<sup>(1)</sup> | 7778 | 7230 |
| Metropolis Healthcare Ltd.<sup>(1)</sup> | 1580 | 39235 |
| Minda Corp. Ltd. | 4257 | 24107 |
| Mishra Dhatu Nigam Ltd. | 3006 | 12327 |
| MM Forgings Ltd. | 564 | 2020 |
| MMTC Ltd.<sup>(1)</sup> | 2796 | 1932 |
| MOIL Ltd. | 3859 | 14473 |
| Mold-Tek Packaging Ltd. | 705 | 6268 |
| Morepen Laboratories Ltd. | 17326 | 9167 |
| MPS Ltd. | 402 | 9807 |
| Mrs Bectors Food Specialities Ltd. | 1901 | 29717 |
| MSP Steel & Power Ltd.<sup>(1)</sup> | 7229 | 2551 |
| Muthoot Microfin Ltd.<sup>(1)</sup> | 1664 | 2876 |
| Natco Pharma Ltd. | 3482 | 34045 |
| National Fertilizers Ltd. | 4510 | 4927 |
| Nava Ltd. | 10034 | 78217 |
| Navin Fluorine International Ltd. | 811 | 43087 |
| NCC Ltd. | 22051 | 51180 |
| NDR Auto Components Ltd. | 389 | 4431 |
| Nectar Lifesciences Ltd.<sup>(1)</sup> | 2214 | 358 |
| NELCO Ltd. | 721 | 6581 |
| NESCO Ltd. | 1296 | 20639 |
| Netweb Technologies India Ltd. | 489 | 12233 |
| Network18 Media & Investments Ltd.<sup>(1)</sup> | 32502 | 19476 |
| Neuland Laboratories Ltd. | 398 | 60717 |
| Newgen Software Technologies Ltd. | 3491 | 34946 |
| NIIT Learning Systems Ltd. | 2891 | 10757 |
| NIIT Ltd. | 1763 | 2145 |
| NOCIL Ltd. | 2999 | 6021 |
| Northern Arc Capital Ltd.<sup>(1)</sup> | 4581 | 12276 |
| Nuvama Wealth Management Ltd. | 248 | 17952 |
| Nuvoco Vistas Corp. Ltd.<sup>(1)</sup> | 5737 | 29666 |
| Onesource Specialty Pharma Ltd.<sup>(1)</sup> | 1049 | 22489 |
| OnMobile Global Ltd.<sup>(1)</sup> | 1009 | 580 |
| Orient Cement Ltd. | 1493 | 3674 |
| Orient Electric Ltd. | 3669 | 8942 |
| Orient Green Power Co. Ltd.<sup>(1)</sup> | 24687 | 3814 |
| Orient Paper & Industries Ltd.<sup>(1)</sup> | 2555 | 798 |
| Oriental Hotels Ltd. | 1543 | 2401 |
| Paisalo Digital Ltd. | 21963 | 7496 |
| Pakka Ltd.<sup>(1)</sup> | 870 | 1439 |
| Panacea Biotec Ltd.<sup>(1)</sup> | 731 | 3541 |
| Panama Petrochem Ltd. | 688 | 2303 |
| Paradeep Phosphates Ltd. | 28574 | 70427 |
| Parag Milk Foods Ltd. | 4303 | 11074 |
| Paramount Communications Ltd.<sup>(1)</sup> | 2276 | 1164 |
| Patel Engineering Ltd.<sup>(1)</sup> | 20302 | 8537 |
| PC Jeweller Ltd.<sup>(1)</sup> | 80399 | 11967 |
| PCBL Chemical Ltd. | 5390 | 22710 |
| Pearl Global Industries Ltd. | 901 | 12641 |
| Pennar Industries Ltd.<sup>(1)</sup> | 4290 | 11644 |
| Piramal Pharma Ltd. | 23032 | 47896 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pitti Engineering Ltd. | 354 | $3731 |
| PIX Transmissions Ltd. | 257 | 4025 |
| PNB Gilts Ltd. | 1887 | 2063 |
| PNB Housing Finance Ltd. | 13183 | 112667 |
| PNC Infratech Ltd. | 4791 | 16535 |
| Pokarna Ltd. | 506 | 5072 |
| Poly Medicure Ltd. | 1482 | 35061 |
| Polyplex Corp. Ltd. | 796 | 9131 |
| Pondy Oxides & Chemicals Ltd. | 866 | 10329 |
| Power Mech Projects Ltd. | 579 | 19733 |
| Prakash Industries Ltd. | 4574 | 8130 |
| Prataap Snacks Ltd. | 506 | 5231 |
| Premier Explosives Ltd. | 1708 | 9728 |
| Pricol Ltd.<sup>(1)</sup> | 3503 | 18261 |
| Prince Pipes & Fittings Ltd. | 1157 | 4182 |
| Prism Johnson Ltd.<sup>(1)</sup> | 2745 | 4549 |
| Privi Speciality Chemicals Ltd. | 509 | 12764 |
| Procter & Gamble Health Ltd. | 465 | 33585 |
| Protean eGov Technologies Ltd. | 731 | 7189 |
| Prudent Corporate Advisory Services Ltd. | 929 | 29547 |
| PSP Projects Ltd.<sup>(1)</sup> | 828 | 6442 |
| PTC India Ltd. | 13848 | 27504 |
| Puravankara Ltd.<sup>(1)</sup> | 1562 | 5092 |
| PVR Inox Ltd.<sup>(1)</sup> | 3190 | 40510 |
| Quess Corp. Ltd. | 1534 | 4664 |
| Quick Heal Technologies Ltd.<sup>(1)</sup> | 470 | 1542 |
| R Systems International Ltd. | 1819 | 9518 |
| Railtel Corp. of India Ltd. | 5603 | 20851 |
| Rain Industries Ltd. | 7247 | 11170 |
| Rainbow Children's Medicare Ltd. | 3182 | 54183 |
| Rajesh Exports Ltd.<sup>(1)</sup> | 4249 | 8441 |
| Rallis India Ltd. | 5797 | 22884 |
| Ram Ratna Wires Ltd. | 391 | 3169 |
| Rama Steel Tubes Ltd.<sup>(1)</sup> | 41114 | 4616 |
| Ramco Cements Ltd. | 2454 | 29141 |
| Ramkrishna Forgings Ltd. | 3917 | 25179 |
| Ramky Infrastructure Ltd.<sup>(1)</sup> | 507 | 3137 |
| Rashtriya Chemicals & Fertilizers Ltd. | 6659 | 11249 |
| RattanIndia Power Ltd.<sup>(1)</sup> | 148916 | 20772 |
| Raymond Lifestyle Ltd.<sup>(1)</sup> | 924 | 11606 |
| Raymond Ltd.<sup>(1)</sup> | 1155 | 7861 |
| Raymond Realty Ltd.<sup>(1)</sup> | 1155 | 7942 |
| RBL Bank Ltd.<sup>(1)</sup> | 31571 | 93540 |
| Redington Ltd. | 39540 | 108026 |
| Redtape Ltd. | 3568 | 4946 |
| Refex Industries Ltd. | 1353 | 5639 |
| Relaxo Footwears Ltd. | 2127 | 11537 |
| Reliance Industrial Infrastructure Ltd. | 650 | 6488 |
| Reliance Infrastructure Ltd.<sup>(1)</sup> | 15134 | 45595 |
| Reliance Power Ltd.<sup>(1)</sup> | 163353 | 81495 |
| Religare Enterprises Ltd.<sup>(1)</sup> | 4703 | 12664 |
| Repco Home Finance Ltd. | 2185 | 8593 |
| Restaurant Brands Asia Ltd.<sup>(1)</sup> | 26092 | 23644 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rico Auto Industries Ltd. | 1835 | $1866 |
| RITES Ltd. | 6666 | 18453 |
| Rossari Biotech Ltd. | 1042 | 7305 |
| Roto Pumps Ltd. | 1242 | 1182 |
| Route Mobile Ltd. | 445 | 4282 |
| RPG Life Sciences Ltd. | 266 | 7001 |
| RR Kabel Ltd. | 1858 | 24623 |
| Rupa & Co. Ltd. | 419 | 899 |
| Saksoft Ltd. | 1704 | 4101 |
| Salzer Electronics Ltd. | 381 | 3457 |
| SAMHI Hotels Ltd.<sup>(1)</sup> | 8319 | 19966 |
| Sammaan Capital Ltd. | 28167 | 39579 |
| Sandhar Technologies Ltd. | 522 | 2568 |
| Sandur Manganese & Iron Ores Ltd. | 1957 | 9585 |
| Sanghi Industries Ltd.<sup>(1)</sup> | 1482 | 1056 |
| Sanghvi Movers Ltd.<sup>(1)</sup> | 1386 | 5130 |
| Sanofi Consumer Healthcare India Ltd. | 68 | 4001 |
| Sanofi India Ltd. | 443 | 25830 |
| Sansera Engineering Ltd. | 2502 | 36039 |
| Sapphire Foods India Ltd.<sup>(1)</sup> | 13397 | 49724 |
| Sarda Energy & Minerals Ltd. | 5572 | 37795 |
| Satia Industries Ltd. | 661 | 612 |
| Satin Creditcare Network Ltd.<sup>(1)</sup> | 1324 | 2030 |
| Savita Oil Technologies Ltd. | 484 | 2243 |
| SBFC Finance Ltd.<sup>(1)</sup> | 23214 | 27819 |
| Schneider Electric Infrastructure Ltd.<sup>(1)</sup> | 2263 | 22015 |
| Selan Exploration Technology Ltd.<sup>(1)</sup> | 379 | 2261 |
| SEPC Ltd.<sup>(1)</sup> | 6775 | 863 |
| SH Kelkar & Co. Ltd. | 2723 | 7696 |
| Shaily Engineering Plastics Ltd. | 997 | 25239 |
| Shalby Ltd. | 515 | 1133 |
| Shalimar Paints Ltd.<sup>(1)</sup> | 1215 | 990 |
| Shankara Building Products Ltd. | 613 | 6427 |
| Sharda Cropchem Ltd. | 1519 | 16346 |
| Sharda Motor Industries Ltd. | 1032 | 11944 |
| Share India Securities Ltd. | 2494 | 4116 |
| Sheela Foam Ltd.<sup>(1)</sup> | 1620 | 12723 |
| Shilpa Medicare Ltd.<sup>(1)</sup> | 2538 | 24374 |
| Shipping Corp. of India Ltd. | 6114 | 14654 |
| Shivalik Bimetal Controls Ltd. | 866 | 4787 |
| Shivalik Rasayan Ltd. | 318 | 1652 |
| Shree Digvijay Cement Co. Ltd. | 1275 | 1406 |
| Shriram Pistons & Rings Ltd. | 822 | 23384 |
| Shriram Properties Ltd.<sup>(1)</sup> | 5439 | 5291 |
| Sigachi Industries Ltd.<sup>(1)</sup> | 5297 | 1862 |
| Sindhu Trade Links Ltd.<sup>(1)</sup> | 12323 | 3278 |
| Sirca Paints India Ltd.<sup>(1)</sup> | 984 | 5159 |
| SJS Enterprises Ltd. | 1319 | 19373 |
| Skipper Ltd. | 587 | 3411 |
| SMS Pharmaceuticals Ltd. | 819 | 2202 |
| Snowman Logistics Ltd.<sup>(1)</sup> | 1961 | 1123 |
| Sobha Ltd. | 2159 | 35063 |
| Solara Active Pharma Sciences Ltd.<sup>(1)</sup> | 760 | 5285 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SOM Distilleries & Breweries Ltd.<sup>(1)</sup> | 8249 | $12838 |
| Somany Ceramics Ltd.<sup>(1)</sup> | 386 | 2003 |
| Sonata Software Ltd. | 5261 | 20944 |
| South Indian Bank Ltd. | 74245 | 24661 |
| Southern Petrochemical Industries Corp. Ltd. | 5821 | 7127 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 486 | 1342 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 118 | 150 |
| Star Cement Ltd. | 5261 | 17018 |
| Steel Strips Wheels Ltd. | 2693 | 6606 |
| Sterlite Technologies Ltd.<sup>(1)</sup> | 16139 | 20981 |
| STL Networks Ltd.<sup>(1)</sup> | 13510 | 3441 |
| Stove Kraft Ltd. | 54 | 391 |
| Strides Pharma Science Ltd. | 2992 | 29298 |
| Stylam Industries Ltd.<sup>(1)</sup> | 307 | 5872 |
| Subros Ltd. | 1139 | 11274 |
| Sudarshan Chemical Industries Ltd.<sup>(1)</sup> | 2608 | 44178 |
| Sula Vineyards Ltd. | 1549 | 4384 |
| Sundaram Finance Holdings Ltd. | 5861 | 31125 |
| Sundram Fasteners Ltd. | 6443 | 74484 |
| Sundrop Brands Ltd. | 157 | 1427 |
| Sunflag Iron & Steel Co. Ltd.<sup>(1)</sup> | 1837 | 5538 |
| Sunteck Realty Ltd. | 2987 | 12887 |
| Suprajit Engineering Ltd. | 3528 | 18089 |
| Supreme Petrochem Ltd. | 2011 | 17427 |
| Supriya Lifescience Ltd. | 1168 | 8642 |
| Surya Roshni Ltd. | 4193 | 13503 |
| Swan Energy Ltd. | 4941 | 24917 |
| Swaraj Engines Ltd. | 300 | 13648 |
| Swelect Energy Systems Ltd. | 195 | 1568 |
| Symphony Ltd. | 942 | 9965 |
| TAJGVK Hotels & Resorts Ltd.<sup>(1)</sup> | 483 | 2240 |
| Talbros Automotive Components Ltd. | 756 | 2227 |
| Tamil Nadu Newsprint & Papers Ltd. | 904 | 1667 |
| Tamilnad Mercantile Bank Ltd. | 1794 | 8613 |
| Tamilnadu Petroproducts Ltd. | 2804 | 3363 |
| Tanla Platforms Ltd. | 3658 | 25621 |
| TARC Ltd.<sup>(1)</sup> | 3059 | 5333 |
| Tasty Bite Eatables Ltd. | 18 | 1945 |
| Tatva Chintan Pharma Chem Pvt Ltd. | 472 | 5562 |
| Tbo Tek Ltd.<sup>(1)</sup> | 1398 | 20735 |
| TCI Express Ltd. | 183 | 1417 |
| TCPL Packaging Ltd. | 221 | 8385 |
| TD Power Systems Ltd. | 4741 | 27024 |
| TeamLease Services Ltd.<sup>(1)</sup> | 304 | 6145 |
| Techno Electric & Engineering Co. Ltd. | 3257 | 55888 |
| Tega Industries Ltd.<sup>(1)</sup> | 875 | 18329 |
| Texmaco Infrastructure & Holdings Ltd. | 1238 | 1316 |
| Texmaco Rail & Engineering Ltd. | 10886 | 16900 |
| Thanga Mayil Jewellery Ltd. | 574 | 14685 |
| Thirumalai Chemicals Ltd.<sup>(1)</sup> | 2565 | 8460 |
| Thomas Cook India Ltd. | 9417 | 18979 |
| Thyrocare Technologies Ltd. | 1162 | 16686 |
| Time Technoplast Ltd. | 5813 | 30101 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tips Music Ltd. | 2152 | $14199 |
| Titagarh Rail System Ltd.<sup>(1)</sup> | 1585 | 14832 |
| Tourism Finance Corp. of India Ltd. | 5108 | 17431 |
| Transrail Lighting Ltd.<sup>(1)</sup> | 1462 | 12303 |
| Trident Ltd. | 70492 | 21898 |
| Triveni Engineering & Industries Ltd. | 4030 | 16075 |
| Triveni Turbine Ltd. | 5375 | 31661 |
| TTK Prestige Ltd. | 1731 | 12895 |
| TVS Supply Chain Solutions Ltd.<sup>(1)</sup> | 5275 | 7335 |
| Uflex Ltd. | 1474 | 8625 |
| Ugro Capital Ltd.<sup>(1)</sup> | 2651 | 5253 |
| Ujjivan Small Finance Bank Ltd.<sup>(1)</sup> | 56845 | 27509 |
| Updater Services Ltd.<sup>(1)</sup> | 643 | 1774 |
| Usha Martin Ltd. | 7835 | 33945 |
| UTI Asset Management Co. Ltd. | 2983 | 43619 |
| Utkarsh Small Finance Bank Ltd.<sup>(1)</sup> | 9213 | 2177 |
| Uttam Sugar Mills Ltd. | 242 | 739 |
| VA Tech Wabag Ltd. | 1401 | 23165 |
| Vadilal Industries Ltd. | 151 | 8708 |
| Vaibhav Global Ltd. | 2732 | 6333 |
| Valor Estate Ltd.<sup>(1)</sup> | 9594 | 18415 |
| Vardhman Textiles Ltd. | 5454 | 26277 |
| Varroc Engineering Ltd. | 1868 | 11321 |
| Vascon Engineers Ltd.<sup>(1)</sup> | 2415 | 1343 |
| Vedant Fashions Ltd. | 1498 | 12600 |
| Veedol Corporation Ltd. | 161 | 3018 |
| Venky's India Ltd. | 211 | 3509 |
| V-Guard Industries Ltd. | 10903 | 44933 |
| Vijaya Diagnostic Centre Ltd. | 2583 | 29523 |
| Vimta Labs Ltd. | 886 | 6674 |
| Vinati Organics Ltd. | 1577 | 30591 |
| VIP Industries Ltd.<sup>(1)</sup> | 3594 | 17095 |
| Visaka Industries Ltd. | 1013 | 939 |
| Vishnu Chemicals Ltd. | 1063 | 5928 |
| V-Mart Retail Ltd.<sup>(1)</sup> | 1982 | 16699 |
| Voltamp Transformers Ltd. | 328 | 29064 |
| VRL Logistics Ltd. | 1540 | 4610 |
| VST Tillers Tractors Ltd. | 129 | 7728 |
| Waaree Renewable Technologies Ltd. | 830 | 9644 |
| Welspun Corp. Ltd. | 2578 | 24682 |
| Welspun Enterprises Ltd. | 1702 | 9025 |
| Welspun Living Ltd. | 9943 | 12343 |
| West Coast Paper Mills Ltd. | 1011 | 5720 |
| Westlife Foodworld Ltd. | 3464 | 28203 |
| Whirlpool of India Ltd. | 2363 | 34902 |
| Windlas Biotech Ltd. | 468 | 5303 |
| Wockhardt Ltd.<sup>(1)</sup> | 2635 | 42705 |
| Wonderla Holidays Ltd. | 479 | 3329 |
| Xchanging Solutions Ltd. | 783 | 762 |
| Yatharth Hospital & Trauma Care Services Ltd., Class C<sup>(1)</sup> | 488 | 3846 |
| Zee Entertainment Enterprises Ltd. | 50458 | 66337 |
| Zen Technologies Ltd. | 886 | 14684 |
| Zensar Technologies Ltd. | 6384 | 55570 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Zuari Agro Chemicals Ltd.<sup>(1)</sup> | 394 | $1617 |
| Zuari Industries Ltd. | 535 | 1870 |
|  |  | 11038087 |
| **Indonesia — 2.1%** |  |  |
| ABM Investama Tbk. PT | 49500 | 8856 |
| Adhi Karya Persero Tbk. PT<sup>(1)</sup> | 219100 | 3587 |
| AKR Corporindo Tbk. PT | 571400 | 41391 |
| Aspirasi Hidup Indonesia Tbk. PT | 631700 | 17484 |
| Astrindo Nusantara Infrastructure Tbk. PT<sup>(1)</sup> | 1507700 | 7775 |
| Asuransi Tugu Pratama Indonesia Tbk. PT | 122600 | 7215 |
| Bank BTPN Syariah Tbk. PT | 184500 | 16681 |
| Bank Tabungan Negara Persero Tbk. PT | 427200 | 33637 |
| BFI Finance Indonesia Tbk. PT | 731700 | 33714 |
| Blue Bird Tbk. PT | 38500 | 4203 |
| Bukalapak.com Tbk. PT<sup>(1)</sup> | 3748000 | 39540 |
| Buma Internasional Grup Tbk. PT<sup>(1)</sup> | 463000 | 9821 |
| Bumi Resources Minerals Tbk. PT<sup>(1)</sup> | 2427700 | 69551 |
| Bumi Serpong Damai Tbk. PT<sup>(1)</sup> | 396300 | 26066 |
| Ciputra Development Tbk. PT | 730900 | 45017 |
| Dharma Satya Nusantara Tbk. PT | 408100 | 40216 |
| Elnusa Tbk. PT | 310300 | 9244 |
| Energi Mega Persada Tbk. PT<sup>(1)</sup> | 991200 | 33284 |
| ESSA Industries Indonesia Tbk. PT | 736100 | 25201 |
| Gajah Tunggal Tbk. PT | 189400 | 11585 |
| Global Mediacom Tbk. PT<sup>(1)</sup> | 567700 | 4889 |
| Harum Energy Tbk. PT<sup>(1)</sup> | 220300 | 12241 |
| Hillcon Tbk. PT<sup>(1)</sup> | 85800 | 1082 |
| Indika Energy Tbk. PT | 146600 | 11801 |
| Indo Tambangraya Megah Tbk. PT | 26000 | 34865 |
| Indocement Tunggal Prakarsa Tbk. PT | 1900 | 807 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 653600 | 20612 |
| Japfa Comfeed Indonesia Tbk. PT | 434000 | 43132 |
| Jasa Marga Persero Tbk. PT | 82500 | 16810 |
| Kawasan Industri Jababeka Tbk. PT | 1212600 | 15292 |
| Map Aktif Adiperkasa PT | 933900 | 35589 |
| Mark Dynamics Indonesia Tbk. PT | 45000 | 1745 |
| Matahari Department Store Tbk. PT | 38400 | 3702 |
| Media Nusantara Citra Tbk. PT<sup>(1)</sup> | 503000 | 7745 |
| Medikaloka Hermina Tbk. PT | 650600 | 65406 |
| Mitra Adiperkasa Tbk. PT | 641300 | 46816 |
| Mitra Pinasthika Mustika Tbk. PT | 117700 | 6812 |
| Panin Financial Tbk. PT<sup>(1)</sup> | 699900 | 11029 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 254400 | 20748 |
| Petrosea Tbk. PT | 111800 | 25691 |
| PP Persero Tbk. PT<sup>(1)</sup> | 216700 | 5022 |
| Prodia Widyahusada Tbk. PT | 17100 | 2823 |
| Rukun Raharja Tbk. PT | 122700 | 19565 |
| Sarana Menara Nusantara Tbk. PT | 1172100 | 43694 |
| Sariguna Primatirta Tbk. PT | 448500 | 15641 |
| Sawit Sumbermas Sarana Tbk. PT | 261400 | 23197 |
| Selamat Sempurna Tbk. PT | 208500 | 23876 |
| Sumber Tani Agung Resources Tbk. PT | 136200 | 8263 |
| Summarecon Agung Tbk. PT | 751200 | 20432 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Surya Citra Media Tbk. PT | 1795300 | $34604 |
| Surya Semesta Internusa Tbk. PT | 157200 | 22285 |
| Timah Tbk. PT | 285400 | 17686 |
| Wintermar Offshore Marine Tbk. PT | 223845 | 5479 |
|  |  | 1113449 |
| **Malaysia — 2.5%** |  |  |
| Aeon Co. M Bhd. | 46600 | 14333 |
| AirAsia X Bhd.<sup>(1)</sup> | 5500 | 1991 |
| Alliance Bank Malaysia Bhd. | 50311 | 53664 |
| Ancom Nylex Bhd. | 18484 | 3979 |
| Astro Malaysia Holdings Bhd.<sup>(1)</sup> | 30300 | 1077 |
| Bank Islam Malaysia Bhd. | 29100 | 15768 |
| Berjaya Corp. Bhd.<sup>(1)</sup> | 288900 | 18813 |
| Berjaya Food Bhd.<sup>(1)</sup> | 18685 | 1283 |
| Bermaz Auto Bhd. | 37400 | 5889 |
| Bumi Armada Bhd. | 305800 | 26410 |
| Cahya Mata Sarawak Bhd. | 64900 | 16887 |
| CCK Consolidated Holdings Bhd. | 11400 | 3214 |
| CTOS Digital Bhd. | 217300 | 44714 |
| Cypark Resources Bhd.<sup>(1)</sup> | 64400 | 12876 |
| D&O Green Technologies Bhd. | 25800 | 8118 |
| Dagang NeXchange Bhd.<sup>(1)</sup> | 133200 | 7723 |
| Dayang Enterprise Holdings Bhd. | 45100 | 18336 |
| Dufu Technology Corp. Bhd. | 15500 | 4055 |
| DXN Holdings Bhd. | 31600 | 3852 |
| Eco World Development Group Bhd. | 20500 | 10187 |
| EG Industries Bhd.<sup>(1)</sup> | 105600 | 30753 |
| Ekovest Bhd.<sup>(1)</sup> | 94900 | 8423 |
| Farm Fresh Bhd. | 93500 | 44698 |
| Gas Malaysia Bhd. | 8200 | 8536 |
| Globetronics Technology Bhd.<sup>(1)</sup> | 27500 | 1982 |
| Greatech Technology Bhd.<sup>(1)</sup> | 88800 | 43719 |
| Hextar Global Bhd. | 147000 | 31132 |
| Hiap Teck Venture Bhd. | 45800 | 3032 |
| Hibiscus Petroleum Bhd. | 70300 | 24751 |
| Iskandar Waterfront City Bhd.<sup>(1)</sup> | 34900 | 2560 |
| ITMAX SYSTEM Bhd. | 56200 | 57116 |
| Jaya Tiasa Holdings Bhd. | 80600 | 21957 |
| JCY International Bhd.<sup>(1)</sup> | 73200 | 5015 |
| Johor Plantations Group Bhd. | 98000 | 31501 |
| Kelington Group Bhd. | 82100 | 100247 |
| Kossan Rubber Industries Bhd. | 134000 | 38339 |
| KSL Holdings Bhd. | 11100 | 4441 |
| LBS Bina Group Bhd. | 37900 | 3946 |
| Leong Hup International Bhd. | 26700 | 3824 |
| Mah Sing Group Bhd. | 80800 | 22005 |
| Malakoff Corp. Bhd. | 196700 | 44183 |
| Malaysia Smelting Corp. Bhd. | 19400 | 5463 |
| Malaysian Pacific Industries Bhd. | 6900 | 43751 |
| Malaysian Resources Corp. Bhd. | 178600 | 20077 |
| Matrix Concepts Holdings Bhd. | 119600 | 37061 |
| Mega First Corp. Bhd. | 47700 | 38215 |
| MSM Malaysia Holdings Bhd.<sup>(1)</sup> | 20000 | 4689 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Naim Holdings Bhd.<sup>(1)</sup> | 7100 | $1411 |
| Nationgate Holdings Bhd. | 29900 | 9168 |
| NEXG Bhd. | 244000 | 28294 |
| Pecca Group Bhd. | 30000 | 10074 |
| Pentamaster Corp. Bhd.<sup>(1)</sup> | 38000 | 32296 |
| Perak Transit Bhd. | 91800 | 14999 |
| Ranhill Utilities Bhd.<sup>(1)</sup> | 71222 | 27136 |
| RGB International Bhd. | 48400 | 3149 |
| Sam Engineering & Equipment M Bhd. | 12600 | 11226 |
| Sime Darby Property Bhd. | 93300 | 32674 |
| SKP Resources Bhd. | 18100 | 3856 |
| Southern Cable Group Bhd. | 61500 | 29618 |
| SP Setia Bhd. Group | 87500 | 21736 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 256600 | 28193 |
| Swift Haulage Bhd. | 12900 | 1283 |
| UEM Sunrise Bhd. | 166300 | 29160 |
| Unisem M Bhd. | 23000 | 14470 |
| Velesto Energy Bhd. | 637800 | 30188 |
| VS Industry Bhd. | 272361 | 42829 |
| VSTECS Bhd. | 7900 | 6917 |
| WAVEFRONT Bhd.<sup>(1)</sup> | 17100 | 971 |
| WCT Holdings Bhd.<sup>(1)</sup> | 58000 | 11997 |
|  |  | 1346230 |
| **Mexico — 2.1%** |  |  |
| Alpek SAB de CV<sup>(2)</sup> | 8357 | 3940 |
| Alsea SAB de CV<sup>(1)</sup> | 28128 | 81199 |
| Banco del Bajio SA | 55071 | 131212 |
| Bolsa Mexicana de Valores SAB de CV | 23376 | 47743 |
| Controladora Alpek SAB de CV<sup>(1)</sup> | 145986 | 20336 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(1)</sup> | 4082 | 25145 |
| Corp. Inmobiliaria Vesta SAB de CV<sup>(2)</sup> | 42659 | 117341 |
| Gentera SAB de CV | 62217 | 152538 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 1095 | 111920 |
| Grupo Televisa SAB, ADR | 26462 | 73829 |
| Grupo Traxion SAB de CV<sup>(1)</sup> | 12750 | 10315 |
| La Comer SAB de CV | 23097 | 52308 |
| Megacable Holdings SAB de CV | 52680 | 152413 |
| Nemak SAB de CV<sup>(1)</sup> | 61872 | 12696 |
| Ollamani SAB<sup>(1)</sup> | 3291 | 8517 |
| Orbia Advance Corp. SAB de CV | 38730 | 30462 |
| Regional SAB de CV | 10653 | 82761 |
|  |  | 1114675 |
| **Philippines — 0.6%** |  |  |
| Alliance Global Group, Inc. | 114000 | 14561 |
| Converge Information & Communications Technology Solutions, Inc. | 126700 | 31043 |
| DigiPlus Interactive Corp. | 52600 | 21171 |
| Manila Water Co., Inc. | 168700 | 124001 |
| Puregold Price Club, Inc. | 27400 | 19786 |
| Robinsons Land Corp. | 248200 | 63804 |
| Synergy Grid & Development Phils, Inc.<sup>(1)</sup> | 83200 | 21836 |
| Wilcon Depot, Inc. | 192500 | 30961 |
|  |  | 327163 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Poland — 1.2%** | | |
| AmRest Holdings SE | 3671 | $14636 |
| Benefit Systems SA | 120 | 107403 |
| CCC SA<sup>(1)</sup> | 157 | 7203 |
| Cyfrowy Polsat SA<sup>(1)</sup> | 4956 | 19480 |
| Diagnostyka SA | 834 | 46412 |
| Enea SA | 13984 | 70385 |
| Eurocash SA<sup>(1)</sup> | 2072 | 4554 |
| Grupa Azoty SA<sup>(1)</sup> | 1407 | 7046 |
| Grupa Kety SA | 429 | 108516 |
| Jastrzebska Spolka Weglowa SA<sup>(1)</sup> | 1695 | 10545 |
| KRUK SA | 561 | 70098 |
| Orange Polska SA | 25143 | 64005 |
| Pepco Group NV | 9717 | 57192 |
| Text SA | 771 | 10859 |
| XTB SA | 3153 | 66684 |
|  |  | 665018 |
| **South Africa — 3.4%** |  |  |
| AECI Ltd. | 9710 | 59143 |
| African Rainbow Minerals Ltd.<sup>(2)</sup> | 8378 | 86957 |
| Afrimat Ltd. | 5869 | 13120 |
| Astral Foods Ltd. | 2437 | 29020 |
| AVI Ltd. | 26199 | 138970 |
| Barloworld Ltd. | 8640 | 57539 |
| Boxer Retail Ltd.<sup>(1)(2)</sup> | 5860 | 23270 |
| Coronation Fund Managers Ltd. | 14557 | 35969 |
| DataTec Ltd. | 21818 | 77883 |
| Dis-Chem Pharmacies Ltd. | 29715 | 57487 |
| DRDGOLD Ltd. | 37982 | 69497 |
| Fortress Real Estate Investments Ltd., Class B | 52258 | 66723 |
| Foschini Group Ltd. | 30065 | 185256 |
| Grindrod Ltd. | 39026 | 33989 |
| Life Healthcare Group Holdings Ltd. | 109584 | 84519 |
| Lighthouse Properties PLC | 84247 | 39741 |
| Motus Holdings Ltd. | 11409 | 66770 |
| MultiChoice Group<sup>(1)</sup> | 2496 | 17373 |
| NEPI Rockcastle NV<sup>(1)</sup> | 454 | 3771 |
| Netcare Ltd. | 106885 | 84043 |
| Ninety One Ltd. | 15982 | 40110 |
| Omnia Holdings Ltd. | 12245 | 50943 |
| Raubex Group Ltd. | 10247 | 25485 |
| Reunert Ltd. | 7035 | 22086 |
| Sappi Ltd. | 37162 | 61062 |
| SPAR Group Ltd.<sup>(1)</sup> | 11629 | 71416 |
| Sun International Ltd. | 12438 | 32886 |
| Super Group Ltd. | 41417 | 33693 |
| Telkom SA SOC Ltd. | 25403 | 72980 |
| Thungela Resources Ltd. | 7818 | 41268 |
| Truworths International Ltd. | 35966 | 122582 |
| Wilson Bayly Holmes-Ovcon Ltd. | 702 | 6797 |
|  |  | 1812348 |
| **South Korea — 12.6%** |  |  |
| Able C&C Co. Ltd. | 1308 | 12881 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Aekyung Chemical Co. Ltd. | 1119 | $8459 |
| Aekyung Industrial Co. Ltd. | 530 | 6145 |
| Agabang & Co.<sup>(1)</sup> | 1757 | 6397 |
| Ahnlab, Inc. | 336 | 14587 |
| Amorepacific Holdings Corp. | 1141 | 22285 |
| Ananti, Inc.<sup>(1)</sup> | 3306 | 22047 |
| Aprogen Biologics<sup>(1)</sup> | 3819 | 1677 |
| Asiana Airlines, Inc.<sup>(1)</sup> | 1434 | 9768 |
| BGF retail Co. Ltd. | 649 | 54715 |
| BH Co. Ltd. | 1230 | 16219 |
| Binggrae Co. Ltd. | 361 | 18310 |
| Boryung | 1794 | 10736 |
| Byucksan Corp. | 831 | 1280 |
| C&C International Co. Ltd. | 229 | 7183 |
| Cafe24 Corp.<sup>(1)</sup> | 972 | 26712 |
| Caregen Co. Ltd. | 730 | 29181 |
| Cheryong Electric Co. Ltd. | 590 | 14524 |
| Chong Kun Dang Pharmaceutical Corp. | 525 | 30092 |
| Chunbo Co. Ltd.<sup>(1)</sup> | 49 | 1508 |
| CJ CGV Co. Ltd.<sup>(1)</sup> | 6051 | 20109 |
| CJ ENM Co. Ltd.<sup>(1)</sup> | 875 | 44855 |
| Cosmax, Inc. | 574 | 89137 |
| COWELL FASHION Co. Ltd.<sup>(1)</sup> | 485 | 751 |
| CS Wind Corp. | 1974 | 59048 |
| Curexo, Inc.<sup>(1)</sup> | 486 | 2866 |
| Daeduck Electronics Co. Ltd. | 2096 | 35989 |
| Daejoo Electronic Materials Co. Ltd. | 557 | 27671 |
| Daesang Corp. | 1607 | 26048 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(1)</sup> | 13668 | 36387 |
| Daewoong Co. Ltd. | 1583 | 28101 |
| Daewoong Pharmaceutical Co. Ltd. | 416 | 40624 |
| Daishin Securities Co. Ltd. | 2360 | 47367 |
| Danal Co. Ltd.<sup>(1)</sup> | 538 | 3037 |
| Daou Data Corp. | 375 | 4422 |
| Daou Technology, Inc. | 2139 | 52467 |
| DB HiTek Co. Ltd. | 2425 | 79545 |
| DB Securities Co. Ltd. | 2393 | 15163 |
| Dear U Co. Ltd. | 799 | 28334 |
| Dentium Co. Ltd. | 468 | 19283 |
| DI Dong Il Corp. | 886 | 26145 |
| DL E&C Co. Ltd. | 2130 | 64921 |
| DL Holdings Co. Ltd. | 919 | 25727 |
| DN Automotive Corp. | 374 | 7127 |
| Dong-A Socio Holdings Co. Ltd. | 198 | 15831 |
| Dong-A ST Co. Ltd. | 159 | 5055 |
| Dongjin Semichem Co. Ltd. | 2811 | 60159 |
| DongKook Pharmaceutical Co. Ltd. | 1547 | 18859 |
| Dongsuh Cos., Inc. | 961 | 18819 |
| Dongwha Enterprise Co. Ltd.<sup>(1)</sup> | 359 | 2411 |
| Dongwon Industries Co. Ltd. | 272 | 8545 |
| Dongwon Systems Corp. | 337 | 6919 |
| Doosan Co. Ltd. | 124 | 49212 |
| Doosan Fuel Cell Co. Ltd.<sup>(1)</sup> | 3292 | 67469 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Doosan Tesna, Inc. | 359 | $9353 |
| DoubleUGames Co. Ltd. | 810 | 30621 |
| Douzone Bizon Co. Ltd. | 1391 | 79331 |
| Dreamtech Co. Ltd. | 829 | 3781 |
| Duk San Neolux Co. Ltd.<sup>(1)</sup> | 980 | 33153 |
| E-MART, Inc. | 669 | 34348 |
| EMRO, Inc. | 332 | 9952 |
| EM-Tech Co. Ltd.<sup>(1)</sup> | 295 | 2046 |
| Eo Technics Co. Ltd. | 383 | 56339 |
| Eugene Investment & Securities Co. Ltd. | 5463 | 13561 |
| Eugene Technology Co. Ltd. | 1140 | 38934 |
| Foosung Co. Ltd.<sup>(1)</sup> | 1276 | 5477 |
| Gaonchips Co. Ltd.<sup>(1)</sup> | 216 | 7082 |
| Genexine, Inc.<sup>(1)</sup> | 256 | 947 |
| GigaVis Co. Ltd. | 50 | 963 |
| GOLFZON Co. Ltd. | 217 | 9834 |
| Gradiant Corp. | 276 | 2897 |
| Grand Korea Leisure Co. Ltd. | 1779 | 21360 |
| Green Cross Corp. | 238 | 22138 |
| Green Cross Holdings Corp. | 1890 | 20565 |
| GS Engineering & Construction Corp. | 5382 | 72038 |
| GS Retail Co. Ltd. | 2867 | 33363 |
| HAESUNG DS Co. Ltd. | 273 | 4386 |
| Han Kuk Carbon Co. Ltd. | 2992 | 70763 |
| Hana Materials, Inc. | 375 | 7221 |
| Hana Micron, Inc.<sup>(1)</sup> | 1439 | 14264 |
| Hana Tour Service, Inc. | 717 | 26489 |
| Hancom, Inc. | 669 | 11967 |
| Handsome Co. Ltd. | 425 | 4600 |
| Hanil Cement Co. Ltd. | 1173 | 16295 |
| Hankook & Co. Co. Ltd. | 1397 | 24434 |
| Hansae Co. Ltd. | 614 | 4098 |
| Hansol Chemical Co. Ltd. | 838 | 106200 |
| Hansol Technics Co. Ltd. | 2212 | 8445 |
| Hanwha Engine<sup>(1)</sup> | 3930 | 133534 |
| Hanwha General Insurance Co. Ltd.<sup>(1)</sup> | 4074 | 16643 |
| Hanwha Investment & Securities Co. Ltd.<sup>(1)</sup> | 11149 | 44376 |
| Harim Holdings Co. Ltd. | 1609 | 9650 |
| HD Hyundai Construction Equipment Co. Ltd. | 809 | 50551 |
| HD Hyundai Energy Solutions Co. Ltd.<sup>(1)</sup> | 42 | 1296 |
| HD Hyundai Infracore Co. Ltd.<sup>(1)</sup> | 9335 | 93777 |
| HDC Holdings Co. Ltd. | 2389 | 36864 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 2878 | 41029 |
| Hite Jinro Co. Ltd. | 2376 | 32599 |
| HK inno N Corp.<sup>(1)</sup> | 959 | 33054 |
| HL Mando Co. Ltd. | 2251 | 57468 |
| Hotel Shilla Co. Ltd.<sup>(1)</sup> | 2130 | 71686 |
| HPSP Co. Ltd. | 2602 | 49485 |
| HS Hyosung Advanced Materials Corp. | 188 | 25654 |
| HS Hyosung Corp.<sup>(1)</sup> | 46 | 1961 |
| Humasis Co. Ltd.<sup>(1)</sup> | 1482 | 1403 |
| Humedix Co. Ltd. | 445 | 17314 |
| Hyosung Corp. | 409 | 25457 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hyosung Heavy Industries Corp. | 226 | $200359 |
| Hyosung TNC Corp. | 199 | 31246 |
| HYUNDAI Corp. | 609 | 9698 |
| Hyundai Department Store Co. Ltd. | 1142 | 60904 |
| Hyundai Elevator Co. Ltd. | 794 | 44723 |
| Hyundai Feed, Inc.<sup>(1)</sup> | 668 |  |
| Hyundai Home Shopping Network Corp. | 173 | 6918 |
| Hyundai Wia Corp. | 1241 | 44681 |
| Iljin Electric Co. Ltd. | 1847 | 47474 |
| iM Financial Group Co. Ltd. | 9901 | 97441 |
| Innocean Worldwide, Inc. | 295 | 3890 |
| Innox Advanced Materials Co. Ltd. | 833 | 14178 |
| Insun ENT Co. Ltd.<sup>(1)</sup> | 335 | 1122 |
| Intekplus Co. Ltd.<sup>(1)</sup> | 160 | 1454 |
| Intellian Technologies, Inc. | 452 | 14898 |
| Interflex Co. Ltd.<sup>(1)</sup> | 323 | 2024 |
| INTOPS Co. Ltd. | 353 | 3925 |
| IS Dongseo Co. Ltd. | 467 | 6569 |
| ISC Co. Ltd. | 562 | 23270 |
| i-SENS, Inc. | 273 | 3453 |
| Jahwa Electronics Co. Ltd.<sup>(1)</sup> | 128 | 1818 |
| Jeju Air Co. Ltd.<sup>(1)</sup> | 2135 | 10104 |
| Jin Air Co. Ltd.<sup>(1)</sup> | 1377 | 8403 |
| JNTC Co. Ltd.<sup>(1)</sup> | 369 | 4680 |
| Jusung Engineering Co. Ltd. | 2074 | 40478 |
| JW Pharmaceutical Corp. | 754 | 11613 |
| K Car Co. Ltd. | 506 | 5786 |
| Kakao Games Corp.<sup>(1)</sup> | 2401 | 27911 |
| Kangwon Energy Co. Ltd.<sup>(1)</sup> | 209 | 1774 |
| KC Co. Ltd. | 315 | 5023 |
| KC Tech Co. Ltd. | 606 | 14408 |
| KCC Glass Corp. | 281 | 6000 |
| KEPCO Plant Service & Engineering Co. Ltd. | 972 | 35039 |
| KG Chemical Corp. | 1034 | 3532 |
| KG Dongbusteel | 2549 | 9736 |
| KG Eco Solution Co. Ltd. | 374 | 1559 |
| KG Mobility Co.<sup>(1)</sup> | 3275 | 7833 |
| KH Vatec Co. Ltd. | 1190 | 10864 |
| KISCO Corp.<sup>(1)</sup> | 1102 | 7888 |
| Koh Young Technology, Inc. | 3585 | 37413 |
| Kolmar BNH Co. Ltd. | 405 | 4464 |
| Kolmar Korea Co. Ltd.<sup>(1)</sup> | 1345 | 74946 |
| Kolon Industries, Inc. | 1524 | 40238 |
| KoMiCo Ltd. | 308 | 18095 |
| KONA I Co. Ltd. | 961 | 35106 |
| Korea Electric Terminal Co. Ltd. | 388 | 17524 |
| Korea Line Corp.<sup>(1)</sup> | 10398 | 12792 |
| Korea Petrochemical Ind Co. Ltd. | 206 | 18024 |
| Korean Reinsurance Co. | 10200 | 79415 |
| Kumho Tire Co., Inc.<sup>(1)</sup> | 6825 | 24306 |
| Kyung Dong Navien Co. Ltd. | 451 | 25020 |
| Lotte Chilsung Beverage Co. Ltd. | 314 | 26970 |
| Lotte Energy Materials Corp.<sup>(1)</sup> | 1597 | 29639 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LOTTE Fine Chemical Co. Ltd. | 1206 | $36097 |
| Lotte Innovate Co. Ltd. | 196 | 2992 |
| Lotte Rental Co. Ltd. | 935 | 19348 |
| Lotte Shopping Co. Ltd. | 925 | 43918 |
| Lotte Wellfood Co. Ltd. | 180 | 15035 |
| LVMC Holdings<sup>(1)</sup> | 7719 | 10084 |
| LX International Corp. | 1742 | 37145 |
| LX Semicon Co. Ltd. | 760 | 29270 |
| Mcnex Co. Ltd. | 180 | 3867 |
| MegaStudyEdu Co. Ltd. | 442 | 14636 |
| MNTech Co. Ltd. | 860 | 6353 |
| Myoung Shin Industrial Co. Ltd.<sup>(1)</sup> | 1096 | 6959 |
| Namhae Chemical Corp. | 324 | 1631 |
| Naturecell Co. Ltd.<sup>(1)</sup> | 1604 | 24241 |
| Neowiz<sup>(1)</sup> | 105 | 1825 |
| NEPES Corp.<sup>(1)</sup> | 487 | 4486 |
| Nexen Tire Corp. | 1272 | 5352 |
| Nexon Games Co. Ltd.<sup>(1)</sup> | 545 | 5445 |
| NEXTIN, Inc. | 145 | 4424 |
| NHN Corp. | 286 | 5339 |
| NICE Information Service Co. Ltd. | 2655 | 30091 |
| OCI Holdings Co. Ltd. | 864 | 54132 |
| Orion Holdings Corp. | 2238 | 33325 |
| Otoki Corp. | 120 | 33078 |
| Paradise Co. Ltd. | 4218 | 63642 |
| Park Systems Corp. | 348 | 63878 |
| Partron Co. Ltd. | 1345 | 6192 |
| People & Technology, Inc. | 1302 | 35794 |
| PharmaResearch Co. Ltd. | 442 | 215047 |
| Pharmicell Co. Ltd. | 532 | 4238 |
| PI Advanced Materials Co. Ltd. | 948 | 11543 |
| Pond Group Co. Ltd. | 279 | 1907 |
| Poongsan Corp. | 1161 | 98858 |
| PSK Holdings, Inc. | 473 | 11507 |
| PSK, Inc. | 988 | 17261 |
| RFHIC Corp. | 146 | 2755 |
| S&S Tech Corp. | 424 | 16464 |
| Samchully Co. Ltd. | 20 | 1831 |
| Samyang Foods Co. Ltd. | 197 | 220583 |
| SD Biosensor, Inc. | 2479 | 17847 |
| SeAH Besteel Holdings Corp. | 1298 | 25890 |
| SeAH Steel Corp. | 18 | 1724 |
| SeAH Steel Holdings Corp. | 122 | 16138 |
| Sebang Co. Ltd. | 94 | 943 |
| Sebang Global Battery Co. Ltd. | 376 | 16754 |
| Seegene, Inc. | 2486 | 46356 |
| Seobu T&D | 788 | 5327 |
| Seojin System Co. Ltd.<sup>(1)</sup> | 829 | 11451 |
| Seoul Semiconductor Co. Ltd.<sup>(1)</sup> | 2409 | 11567 |
| Seoyon E-Hwa Co. Ltd. | 419 | 3515 |
| SFA Engineering Corp. | 869 | 14344 |
| SFA Semicon Co. Ltd.<sup>(1)</sup> | 4314 | 10659 |
| SGC Energy Co. Ltd. | 93 | 1532 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shinsegae International, Inc. | 499 | $3674 |
| Shinsegae, Inc. | 518 | 61454 |
| Shinsung Delta Tech Co. Ltd. | 449 | 19275 |
| Shinyoung Securities Co. Ltd. | 413 | 44260 |
| SK Chemicals Co. Ltd. | 891 | 38070 |
| SK D&D Co. Ltd. | 225 | 1633 |
| SK Discovery Co. Ltd. | 319 | 12114 |
| SK Eternix Co. Ltd.<sup>(1)</sup> | 186 | 2734 |
| SK Gas Ltd. | 81 | 14991 |
| SK IE Technology Co. Ltd.<sup>(1)</sup> | 2134 | 42468 |
| SK Networks Co. Ltd. | 5655 | 17793 |
| SK oceanplant Co. Ltd.<sup>(1)</sup> | 2286 | 34228 |
| SK Securities Co. Ltd. | 30430 | 14197 |
| SL Corp. | 1238 | 30041 |
| SM Entertainment Co. Ltd. | 543 | 54133 |
| SNT Dynamics Co. Ltd. | 1185 | 53082 |
| SNT Motiv Co. Ltd. | 851 | 22708 |
| SOLUM Co. Ltd.<sup>(1)</sup> | 1361 | 16223 |
| Solus Advanced Materials Co. Ltd. | 2123 | 11319 |
| Soop Co. Ltd. | 579 | 32381 |
| Soulbrain Co. Ltd. | 249 | 38996 |
| Soulbrain Holdings Co. Ltd. | 271 | 7632 |
| SPG Co. Ltd.<sup>(1)</sup> | 264 | 4796 |
| ST Pharm Co. Ltd. | 656 | 43556 |
| Studio Dragon Corp.<sup>(1)</sup> | 904 | 29238 |
| Sung Kwang Bend Co. Ltd. | 1183 | 28368 |
| Sungwoo Hitech Co. Ltd. | 1936 | 8359 |
| Synopex, Inc.<sup>(1)</sup> | 3689 | 16898 |
| Taekwang Industrial Co. Ltd. | 9 | 5614 |
| Taesung Co. Ltd.<sup>(1)</sup> | 1202 | 24381 |
| Taewoong Co. Ltd.<sup>(1)</sup> | 884 | 23776 |
| TCC Steel | 105 | 1277 |
| TechWing, Inc. | 1490 | 34491 |
| TES Co. Ltd. | 170 | 3643 |
| TK Corp.<sup>(1)</sup> | 977 | 17623 |
| TKG Huchems Co. Ltd. | 1028 | 12992 |
| Tokai Carbon Korea Co. Ltd. | 295 | 23127 |
| Tongyang Life Insurance Co. Ltd.<sup>(1)</sup> | 2845 | 15225 |
| TSE Co. Ltd. | 61 | 1629 |
| Unid Co. Ltd. | 196 | 10686 |
| Value Added Technology Co. Ltd. | 236 | 3517 |
| VT Co. Ltd.<sup>(1)</sup> | 1680 | 44185 |
| Won Tech Co. Ltd. | 1270 | 9294 |
| WONIK IPS Co. Ltd. | 2268 | 65777 |
| Wonik QnC Corp. | 883 | 11215 |
| Woongjin Thinkbig Co. Ltd. | 857 | 1104 |
| W-Scope Chungju Plant Co. Ltd.<sup>(1)</sup> | 417 | 2231 |
| YC Corp.<sup>(1)</sup> | 1245 | 9732 |
| YG Entertainment, Inc. | 496 | 36224 |
| Youngone Corp. | 695 | 29236 |
| Youngone Holdings Co. Ltd. | 424 | 40248 |
| Yungjin Pharmaceutical Co. Ltd.<sup>(1)</sup> | 848 | 1223 |
|  |  | 6698474 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Taiwan — 24.3%** | | |
| 91APP, Inc. | 2000 | $5152 |
| Aaeon Technology, Inc. | 2000 | 8118 |
| Abico Avy Co. Ltd. | 3135 | 4120 |
| Ability Enterprise Co. Ltd.<sup>(1)</sup> | 7000 | 18003 |
| Ability Opto-Electronics Technology Co. Ltd. | 2000 | 8029 |
| AcBel Polytech, Inc. | 56000 | 52266 |
| Ace Pillar Co. Ltd. | 3000 | 11122 |
| Acer E-Enabling Service Business, Inc. | 1000 | 8583 |
| ACES Electronic Co. Ltd.<sup>(1)</sup> | 9000 | 22031 |
| Acter Group Corp. Ltd. | 3000 | 86992 |
| Action Electronics Co. Ltd. | 3000 | 1261 |
| Actron Technology Corp. | 3000 | 12250 |
| ADATA Technology Co. Ltd. | 32000 | 106731 |
| Adimmune Corp.<sup>(1)</sup> | 14000 | 8321 |
| Adlink Technology, Inc. | 6000 | 12654 |
| Advanced Analog Technology, Inc. | 1000 | 1434 |
| Advanced International Multitech Co. Ltd. | 3000 | 5828 |
| Advanced Power Electronics Corp. | 4000 | 11191 |
| Advanced Wireless Semiconductor Co. | 10000 | 36521 |
| Advancetek Enterprise Co. Ltd. | 14000 | 22875 |
| AEWIN Technologies Co. Ltd. | 1000 | 1946 |
| AGV Products Corp. | 12000 | 4330 |
| AIC, Inc. | 2093 | 18362 |
| Air Asia Co. Ltd. | 1000 | 2092 |
| Alcor Micro Corp.<sup>(1)</sup> | 8000 | 26445 |
| Alexander Marine Co. Ltd. | 1000 | 6432 |
| ALI Corp.<sup>(1)</sup> | 600 | 562 |
| All Ring Tech Co. Ltd. | 7000 | 88225 |
| Allied Circuit Co. Ltd. | 1078 | 5490 |
| Allied Supreme Corp. | 3000 | 28023 |
| Allis Electric Co. Ltd. | 10000 | 36821 |
| Alltek Technology Corp. | 16000 | 16781 |
| Alltop Technology Co. Ltd. | 4000 | 32760 |
| Alpha Networks, Inc. | 14000 | 13124 |
| Altek Corp. | 22000 | 35959 |
| Ambassador Hotel | 5000 | 7129 |
| Ampak Technology, Inc. | 2000 | 5455 |
| Ampire Co. Ltd. | 2000 | 1699 |
| AMPOC Far-East Co. Ltd.<sup>(1)</sup> | 5000 | 27936 |
| AmTRAN Technology Co. Ltd. | 19375 | 8663 |
| Anji Technology Co. Ltd.<sup>(1)</sup> | 5000 | 7104 |
| Anpec Electronics Corp. | 6000 | 34850 |
| Apac Opto Electronics, Inc. | 3000 | 8860 |
| Apacer Technology, Inc. | 7000 | 14565 |
| APAQ Technology Co. Ltd. | 2000 | 11764 |
| Apex Biotechnology Corp. | 2000 | 2042 |
| Apex International Co. Ltd.<sup>(1)</sup> | 7000 | 6120 |
| ARBOR Technology Corp. | 3000 | 4338 |
| Arcadyan Technology Corp. | 1000 | 7714 |
| Ardentec Corp. | 41000 | 99081 |
| Argosy Research, Inc. | 6000 | 33723 |
| Asia Optical Co., Inc. | 17000 | 91008 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Asia Tech Image, Inc. | 2000 | $5804 |
| ASIX Electronics Corp. | 1000 | 3137 |
| ASROCK, Inc. | 1000 | 9043 |
| ATE Energy International Co. Ltd. | 4000 | 4316 |
| AURAS Technology Co. Ltd. | 1000 | 22225 |
| Aurotek Corp. | 2000 | 9696 |
| AV Tech Corp. | 3000 | 3793 |
| Avalue Technology, Inc. | 4000 | 15039 |
| AVer Information, Inc. | 1000 | 1103 |
| Avermedia Technologies | 4000 | 5905 |
| Axiomtek Co. Ltd. | 4000 | 11313 |
| Azurewave Technologies, Inc. | 5000 | 16318 |
| Bafang Yunji International Co. Ltd. | 2000 | 12471 |
| Bank of Kaohsiung Co. Ltd. | 53882 | 20501 |
| Baotek Industrial Materials Ltd. | 7000 | 13128 |
| Basso Industry Corp. | 4000 | 4222 |
| BES Engineering Corp.<sup>(1)</sup> | 118000 | 43120 |
| Bin Chuan Enterprise Co. Ltd.<sup>(1)</sup> | 3000 | 5642 |
| B'in Live Co. Ltd. | 1100 | 3158 |
| Biostar Microtech International Corp.<sup>(1)</sup> | 1000 | 626 |
| Bioteque Corp. | 1000 | 3872 |
| Bizlink Holding, Inc. | 2019 | 70267 |
| Bonny Worldwide Ltd. | 1000 | 5744 |
| Brave C&H Supply Co. Ltd. | 1000 | 2853 |
| Brightek Optoelectronic Co. Ltd. | 3000 | 4852 |
| Brillian Network & Automation Integrated System Co. Ltd. | 3086 | 28931 |
| Browave Corp. | 2000 | 16087 |
| C Sun Manufacturing Ltd. | 3000 | 19792 |
| Capital Futures Corp. | 3450 | 5543 |
| Career Technology MFG. Co. Ltd.<sup>(1)</sup> | 39000 | 19541 |
| Castles Technology Co. Ltd. | 4050 | 10023 |
| Caswell, Inc. | 2000 | 5796 |
| CCP Contact Probes Co. Ltd.<sup>(1)</sup> | 1000 | 1527 |
| Celxpert Energy Corp. | 5000 | 6380 |
| Cenra, Inc. | 1500 | 1672 |
| Center Laboratories, Inc.<sup>(1)</sup> | 27000 | 32784 |
| Central Reinsurance Co. Ltd. | 25000 | 19219 |
| ChainQui Construction Development Co. Ltd.<sup>(1)</sup> | 3000 | 1361 |
| Chaintech Technology Corp. | 5000 | 5447 |
| Chang Wah Electromaterials, Inc. | 27000 | 38205 |
| Chang Wah Technology Co. Ltd. | 17000 | 18720 |
| Channel Well Technology Co. Ltd.<sup>(1)</sup> | 16000 | 49006 |
| Charoen Pokphand Enterprise | 18000 | 78230 |
| CHC Healthcare Group | 9000 | 14426 |
| Chen Full International Co. Ltd. | 4000 | 5736 |
| Chenbro Micom Co. Ltd. | 3000 | 59316 |
| Chenfull Precision Co. Ltd. | 1000 | 4474 |
| Cheng Fwa Industrial Co. Ltd. | 1000 | 765 |
| Cheng Loong Corp. | 29000 | 16941 |
| Cheng Mei Materials Technology Corp.<sup>(1)</sup> | 30000 | 13771 |
| Cheng Uei Precision Industry Co. Ltd. | 18000 | 27905 |
| Chenming Electronic Technology Corp. | 11000 | 46405 |
| Chief Telecom, Inc. | 2000 | 27936 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chien Kuo Construction Co. Ltd. | 3200 | $2461 |
| China Container Terminal Corp. | 2000 | 1773 |
| China Ecotek Corp. | 1000 | 1834 |
| China Electric Manufacturing Corp. | 7000 | 3002 |
| China General Plastics Corp. | 7000 | 2681 |
| China Glaze Co. Ltd. | 3000 | 1979 |
| China Man-Made Fiber Corp.<sup>(1)</sup> | 78000 | 16873 |
| China Metal Products | 11000 | 8797 |
| China Motor Corp. | 13000 | 24605 |
| China Petrochemical Development Corp.<sup>(1)</sup> | 288000 | 67179 |
| China Steel Chemical Corp. | 10000 | 26782 |
| China Wire & Cable Co. Ltd. | 5000 | 6396 |
| Chinese Maritime Transport Ltd. | 3000 | 5265 |
| Ching Feng Home Fashions Co. Ltd. | 5000 | 3357 |
| Chin-Poon Industrial Co. Ltd. | 25000 | 33084 |
| ChipMOS Technologies, Inc. | 45000 | 35649 |
| Chlitina Holding Ltd. | 3000 | 11013 |
| Chong Hong Construction Co. Ltd. | 13000 | 32068 |
| Chun Yuan Steel Industry Co. Ltd. | 25000 | 17008 |
| Chung Hwa Chemical Industrial Works Ltd. | 4000 | 5249 |
| Chung Hwa Pulp Corp.<sup>(1)</sup> | 9000 | 3564 |
| Chunghwa Precision Test Tech Co. Ltd. | 2000 | 80795 |
| Cleanaway Co. Ltd. | 6000 | 39005 |
| Clevo Co. | 29000 | 39667 |
| CMC Magnetics Corp. | 46000 | 13451 |
| Complex Micro Interconnection Co. Ltd. | 1000 | 1359 |
| Compucase Enterprise | 6000 | 21635 |
| Concord International Securities Co. Ltd. | 9686 | 4504 |
| Concord Securities Co. Ltd. | 28435 | 11328 |
| Continental Holdings Corp. | 17000 | 12931 |
| Contrel Technology Co. Ltd. | 9000 | 12940 |
| Coremax Corp. | 7000 | 12732 |
| Coretronic Corp. | 13000 | 51895 |
| Co-Tech Development Corp. | 22000 | 155588 |
| Creative Sensor, Inc. | 2700 | 5309 |
| Cryomax Cooling System Corp. | 1143 | 1217 |
| CSBC Corp. Taiwan<sup>(1)</sup> | 28000 | 18809 |
| CTCI Corp. | 30805 | 31080 |
| CviLux Corp. | 2000 | 3668 |
| Cyberlink Corp. | 5000 | 15627 |
| CyberPower Systems, Inc. | 2000 | 14545 |
| CyberTAN Technology, Inc.<sup>(1)</sup> | 9000 | 7505 |
| DA CIN Construction Co. Ltd. | 12000 | 23278 |
| Da-Li Development Co. Ltd. | 7987 | 11044 |
| Darfon Electronics Corp. | 10000 | 11806 |
| Darwin Precisions Corp. | 7000 | 2561 |
| Daxin Materials Corp. | 2000 | 24805 |
| De Licacy Industrial Co. Ltd. | 20880 | 7492 |
| Depo Auto Parts Ind Co. Ltd. | 8000 | 37535 |
| DFI, Inc. | 1000 | 2557 |
| Dimerco Express Corp. | 3000 | 7752 |
| DingZing Advanced Materials, Inc. | 1000 | 3600 |
| D-Link Corp. | 27000 | 15939 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DONPON PRECISION, Inc.<sup>(1)</sup> | 1400 | $1666 |
| Dr. Wu Skincare Co. Ltd. | 1000 | 3903 |
| Draytek Corp. | 1000 | 946 |
| Drewloong Precision, Inc. | 2051 | 11492 |
| Dynamic Holding Co. Ltd. | 23000 | 85355 |
| Dynapack International Technology Corp. | 14000 | 165067 |
| E&R Engineering Corp.<sup>(1)</sup> | 3000 | 8886 |
| Eastech Holding Ltd. | 2000 | 7294 |
| Eastern Media International Corp. | 3270 | 1915 |
| ECOVE Environment Corp. | 2000 | 18795 |
| Edimax Technology Co. Ltd.<sup>(1)</sup> | 6000 | 4312 |
| Edison Opto Corp. | 3000 | 1827 |
| Edom Technology Co. Ltd.<sup>(1)</sup> | 12000 | 14921 |
| Egis Technology, Inc.<sup>(1)</sup> | 1000 | 4148 |
| Elan Microelectronics Corp. | 23000 | 89379 |
| E-Lead Electronic Co. Ltd. | 3000 | 5128 |
| Elite Advanced Laser Corp. | 6000 | 39322 |
| Elitegroup Computer Systems Co. Ltd. | 11000 | 6944 |
| Emerging Display Technologies Corp. | 1000 | 710 |
| Ennostar, Inc.<sup>(1)</sup> | 47000 | 59522 |
| Episil Technologies, Inc.<sup>(1)</sup> | 19000 | 28394 |
| Episil-Precision, Inc. | 1000 | 1192 |
| Eris Technology Corp. | 1000 | 4357 |
| Eson Precision Ind Co. Ltd. | 8000 | 20649 |
| Eternal Materials Co. Ltd. | 71000 | 101339 |
| Ever Ohms Technology Co. Ltd. | 2000 | 1963 |
| Ever Supreme Bio Technology Co. Ltd. | 3299 | 16905 |
| Evergreen Aviation Technologies Corp. | 8000 | 48265 |
| Evergreen International Storage & Transport Corp. | 31000 | 34526 |
| EVERGREEN Steel Corp. | 16000 | 46656 |
| Everlight Chemical Industrial Corp. | 20000 | 12033 |
| Everlight Electronics Co. Ltd. | 29000 | 64521 |
| Evertop Wire Cable Corp. | 5000 | 6176 |
| Excelsior Medical Co. Ltd. | 2100 | 5982 |
| EZconn Corp. | 3105 | 92732 |
| Falcon Machine Tools Co. Ltd.<sup>(1)</sup> | 2140 | 1392 |
| Far Eastern Department Stores Ltd. | 70000 | 47630 |
| Farglory F T Z Investment Holding Co. Ltd. | 1101 | 1839 |
| Favite, Inc. | 4000 | 9177 |
| Federal Corp.<sup>(1)</sup> | 11000 | 7259 |
| Feedback Technology Corp. | 3080 | 11815 |
| Feng Hsin Steel Co. Ltd. | 15000 | 32724 |
| FIC Global, Inc.<sup>(1)</sup> | 1000 | 1566 |
| FineMat Applied Materials Co. Ltd.<sup>(1)</sup> | 1000 | 1221 |
| FineTek Co. Ltd. | 1020 | 4816 |
| Firich Enterprises Co. Ltd. | 6000 | 5083 |
| First Copper Technology Co. Ltd. | 14000 | 15639 |
| First Hi-Tec Enterprise Co. Ltd. | 4000 | 41889 |
| First Insurance Co. Ltd. | 17000 | 14589 |
| First Steamship Co. Ltd.<sup>(1)</sup> | 15000 | 2923 |
| FIT Holding Co. Ltd. | 8000 | 9389 |
| Fitipower Integrated Technology, Inc. | 8000 | 46218 |
| Fittech Co. Ltd.<sup>(1)</sup> | 2101 | 4243 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| FLEXium Interconnect, Inc.<sup>(1)</sup> | 25000 | $55386 |
| Flytech Technology Co. Ltd. | 10000 | 36112 |
| FocalTech Systems Co. Ltd.<sup>(1)</sup> | 13000 | 29049 |
| FOCI Fiber Optic Communications, Inc.<sup>(1)</sup> | 1000 | 12274 |
| Forcecon Tech Co. Ltd.<sup>(1)</sup> | 6028 | 25270 |
| Forest Water Environment Engineering Co. Ltd. | 1032 | 1244 |
| Formosa International Hotels Corp. | 4000 | 25091 |
| Formosa Laboratories, Inc. | 3000 | 6584 |
| Formosa Optical Technology Co. Ltd. | 1000 | 3699 |
| Formosa Sumco Technology Corp. | 7000 | 19093 |
| Formosa Taffeta Co. Ltd. | 57000 | 29276 |
| Formosan Union Chemical Corp. | 16000 | 8845 |
| Founding Construction & Development Co. Ltd. | 3000 | 1569 |
| Foxsemicon Integrated Technology, Inc. | 7000 | 65833 |
| Franbo Lines Corp. | 21000 | 14109 |
| FSP Technology, Inc. | 7000 | 12948 |
| Fu Hua Innovation Co. Ltd. | 27324 | 18713 |
| Fulgent Sun International Holding Co. Ltd. | 10236 | 35494 |
| Fulltech Fiber Glass Corp.<sup>(1)</sup> | 26858 | 66723 |
| Fusheng Precision Co. Ltd. | 4000 | 34611 |
| G Shank Enterprise Co. Ltd. | 10117 | 33647 |
| Galaxy Software Services Corp. | 2100 | 10049 |
| Gallant Micro Machining Co. Ltd. | 1000 | 21053 |
| Gallant Precision Machining Co. Ltd. | 4000 | 12245 |
| Gamania Digital Entertainment Co. Ltd. | 3000 | 5877 |
| GEM Terminal Industrial Co. Ltd.<sup>(1)</sup> | 1000 | 634 |
| Gemtek Technology Corp. | 26000 | 21303 |
| General Interface Solution GIS Holding Ltd.<sup>(1)</sup> | 13000 | 26631 |
| Genesys Logic, Inc. | 6000 | 25389 |
| GeoVision, Inc. | 1780 | 3042 |
| GFC Ltd. | 2000 | 8234 |
| Giantplus Technology Co. Ltd. | 2000 | 883 |
| Gigasolar Materials Corp.<sup>(1)</sup> | 1000 | 2667 |
| Gigastorage Corp.<sup>(1)</sup> | 2000 | 1435 |
| Global Brands Manufacture Ltd. | 18761 | 87627 |
| Global Mixed Mode Technology, Inc. | 6000 | 45467 |
| Global PMX Co. Ltd. | 4000 | 21889 |
| Globaltek Fabrication Co. Ltd. | 5000 | 10796 |
| Globe Union Industrial Corp. | 7000 | 2306 |
| Gloria Material Technology Corp. | 30000 | 37437 |
| GMI Technology, Inc. | 5000 | 7227 |
| Golden Long Teng Development Co. Ltd. | 3000 | 2707 |
| Goldsun Building Materials Co. Ltd. | 18000 | 21892 |
| Good Will Instrument Co. Ltd. | 1000 | 1867 |
| Gordon Auto Body Parts | 3000 | 2848 |
| Gourmet Master Co. Ltd. | 4000 | 10665 |
| Grade Upon Technology Corp. | 1000 | 19832 |
| Grand Fortune Securities Co. Ltd. | 5000 | 1869 |
| Grand Pacific Petrochemical<sup>(1)</sup> | 71381 | 22864 |
| Grand Process Technology Corp. | 1000 | 48958 |
| Grape King Bio Ltd. | 5000 | 21052 |
| Great Tree Pharmacy Co. Ltd. | 6970 | 31832 |
| Greatek Electronics, Inc. | 24000 | 46824 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Groundhog, Inc. | 1000 | $3826 |
| Group Up Industrial Co. Ltd. | 3000 | 25261 |
| Hai Kwang Enterprise Corp.<sup>(1)</sup> | 3060 | 1509 |
| Hannstar Board Corp. | 26360 | 76909 |
| HannStar Display Corp.<sup>(1)</sup> | 168000 | 41483 |
| HannsTouch Holdings Co.<sup>(1)</sup> | 24000 | 5152 |
| Hanpin Electron Co. Ltd. | 1000 | 1623 |
| Harvatek Corp.<sup>(1)</sup> | 1000 | 680 |
| HD Renewable Energy Co. Ltd. | 4595 | 22439 |
| HIM International Music, Inc. | 2000 | 6597 |
| Hitron Technology, Inc.<sup>(1)</sup> | 12000 | 9229 |
| Hiwin Mikrosystem Corp. | 2000 | 8068 |
| Hiyes International Co. Ltd. | 1297 | 3621 |
| Ho Tung Chemical Corp. | 28000 | 7198 |
| Hocheng Corp. | 5000 | 3581 |
| Holdings-Key Electric Wire & Cable Co. Ltd. | 9000 | 13958 |
| Holiday Entertainment Co. Ltd. | 1000 | 2166 |
| Holy Stone Enterprise Co. Ltd. | 8000 | 22301 |
| Hong Ho Precision Textile Co. Ltd. | 1000 | 659 |
| Hong Pu Real Estate Development Co. Ltd. | 3000 | 2699 |
| Hong TAI Electric Industrial | 19000 | 23412 |
| Horizon Fixture Group Co. Ltd. | 2000 | 10940 |
| Horizon Securities Co. Ltd. | 7000 | 2525 |
| Hota Industrial Manufacturing Co. Ltd. | 18000 | 40203 |
| Hotron Precision Electronic Industrial Co. Ltd.<sup>(1)</sup> | 1000 | 576 |
| Hsin Ba Ba Corp. | 2020 | 4715 |
| Hsin Kuang Steel Co. Ltd. | 16000 | 22813 |
| HTC Corp.<sup>(1)</sup> | 50000 | 114474 |
| Hu Lane Associate, Inc. | 3050 | 14972 |
| HUA ENG Wire & Cable Co. Ltd. | 23000 | 22607 |
| Huaku Development Co. Ltd. | 9660 | 31541 |
| Huang Hsiang Construction Corp. | 9015 | 11899 |
| Hung Ching Development & Construction Co. Ltd. | 3000 | 2334 |
| Hung Sheng Construction Ltd. | 9000 | 6305 |
| Hwa Fong Rubber Industrial Co. Ltd. | 5000 | 2661 |
| Hwang Chang General Contractor Co. Ltd. | 6319 | 17350 |
| Ibase Technology, Inc. | 3000 | 5328 |
| ICatch Technology, Inc.<sup>(1)</sup> | 1000 | 1786 |
| Ichia Technologies, Inc. | 21000 | 41673 |
| I-Chiun Precision Industry Co. Ltd. | 5202 | 13276 |
| IEI Integration Corp. | 9000 | 20607 |
| In Win Development, Inc. | 4000 | 11954 |
| Infortrend Technology, Inc. | 13000 | 9101 |
| Info-Tek Corp. | 1000 | 1090 |
| Ingentec Corp. | 1102 | 5728 |
| Innodisk Corp. | 7139 | 67509 |
| Inpaq Technology Co. Ltd. | 5000 | 11137 |
| Insyde Software Corp. | 1200 | 9161 |
| Integrated Service Technology, Inc. | 5000 | 21429 |
| International CSRC Investment Holdings Co.<sup>(1)</sup> | 28000 | 10130 |
| Iron Force Industrial Co. Ltd. | 2000 | 8109 |
| ITE Technology, Inc. | 13000 | 56672 |
| ITEQ Corp. | 22000 | 97706 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ITH Corp. | 17000 | $24232 |
| Jarllytec Co. Ltd.<sup>(1)</sup> | 2000 | 8132 |
| Jean Co. Ltd. | 2044 | 1871 |
| Jetway Information Co. Ltd. | 750 | 1016 |
| Jetwell Computer Co. Ltd. | 1120 | 7100 |
| Jia Wei Lifestyle, Inc. | 1050 | 1401 |
| Jih Lin Technology Co. Ltd. | 1000 | 1540 |
| Jiin Yeeh Ding Enterprise Co. Ltd. | 4000 | 8972 |
| Johnson Health Tech Co. Ltd. | 5000 | 23411 |
| JPC connectivity, Inc. | 7000 | 40669 |
| JPP Holding Co. Ltd. | 2000 | 17800 |
| K Laser Technology, Inc. | 2000 | 1108 |
| Kaimei Electronic Corp. | 5000 | 9664 |
| Kao Fong Machinery Co. Ltd. | 4000 | 6670 |
| Kaori Heat Treatment Co. Ltd. | 2000 | 25066 |
| Kedge Construction Co. Ltd. | 1081 | 2775 |
| KEE TAI Properties Co. Ltd. | 13180 | 4972 |
| Kenda Rubber Industrial Co. Ltd. | 16000 | 10750 |
| Kerry TJ Logistics Co. Ltd. | 5000 | 5592 |
| Key Ware Electronics Co. Ltd.<sup>(1)</sup> | 3000 | 2397 |
| Keystone Microtech Corp. | 1000 | 14630 |
| KHGEARS International Ltd. | 2000 | 12609 |
| Kindom Development Co. Ltd. | 24200 | 27821 |
| King Polytechnic Engineering Co. Ltd. | 1050 | 1609 |
| King's Town Construction Co. Ltd.<sup>(1)</sup> | 4000 | 5475 |
| Kinik Co. | 3000 | 33827 |
| Kinko Optical Co. Ltd.<sup>(1)</sup> | 8000 | 10157 |
| Kinpo Electronics | 67000 | 41017 |
| Kinsus Interconnect Technology Corp. | 16000 | 58882 |
| KMC Kuei Meng International, Inc. | 2000 | 6068 |
| KNH Enterprise Co. Ltd. | 3000 | 1663 |
| Ko Ja Cayman Co. Ltd. | 1000 | 1134 |
| KS Terminals, Inc. | 5000 | 8528 |
| Kuang Hong Arts Management, Inc. | 2000 | 11168 |
| Kung Long Batteries Industrial Co. Ltd. | 3000 | 12775 |
| Kung Sing Engineering Corp.<sup>(1)</sup> | 6000 | 2763 |
| Kuo Toong International Co. Ltd. | 17000 | 30794 |
| Kuo Yang Construction Co. Ltd.<sup>(1)</sup> | 5000 | 3066 |
| KYE Systems Corp. | 5000 | 7742 |
| L&K Engineering Co. Ltd. | 12148 | 139021 |
| Lanner Electronics, Inc.<sup>(1)</sup> | 6000 | 17182 |
| Leadtek Research, Inc.<sup>(1)</sup> | 2000 | 4270 |
| Lealea Enterprise Co. Ltd.<sup>(1)</sup> | 6000 | 1324 |
| Lelon Electronics Corp. | 7000 | 20081 |
| Lemtech Holdings Co. Ltd. | 1050 | 2698 |
| Li Peng Enterprise Co. Ltd.<sup>(1)</sup> | 14000 | 2624 |
| Lida Holdings Ltd. | 1000 | 785 |
| Life Travel & Tourist Service Co. Ltd.<sup>(1)</sup> | 2000 | 7380 |
| Lingsen Precision Industries Ltd.<sup>(1)</sup> | 6000 | 3621 |
| Lintes Technology Co. Ltd. | 1035 | 3816 |
| Lion Travel Service Co. Ltd. | 5000 | 26020 |
| Liton Technology Corp. | 4000 | 5345 |
| Long Bon International Co. Ltd.<sup>(1)</sup> | 9000 | 4478 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Long Da Construction & Development Corp. | 3000 | $2718 |
| Longchen Paper & Packaging Co. Ltd.<sup>(1)</sup> | 20000 | 6520 |
| Longwell Co. | 7000 | 25359 |
| Loop Telecommunication International, Inc. | 1000 | 1722 |
| Lotus Pharmaceutical Co. Ltd. | 5000 | 31527 |
| Loyalty Founder Enterprise Co. Ltd. | 4000 | 4938 |
| Lumax International Corp. Ltd. | 4000 | 14894 |
| Lung Yen Life Service Corp.<sup>(1)</sup> | 10000 | 17630 |
| Luxe Green Energy Technology Co. Ltd. | 8000 | 6965 |
| LuxNet Corp. | 7051 | 46924 |
| M3 Technology, Inc. | 1000 | 2887 |
| Macauto Industrial Co. Ltd. | 1000 | 2040 |
| Machvision, Inc. | 1000 | 20707 |
| Macnica Anstek, Inc.<sup>(1)</sup> | 3000 | 7222 |
| Macnica Galaxy, Inc. | 1000 | 2988 |
| Macroblock, Inc. | 1000 | 2213 |
| Macronix International Co. Ltd.<sup>(1)</sup> | 167000 | 109251 |
| Man Zai Industrial Co. Ltd. | 1050 | 897 |
| Marketech International Corp. | 5000 | 42880 |
| Materials Analysis Technology, Inc. | 2000 | 12700 |
| Mayer Steel Pipe Corp. | 8200 | 6696 |
| Mechema Chemicals International Corp. | 1000 | 2539 |
| Mercuries & Associates Holding Ltd.<sup>(1)</sup> | 27000 | 11055 |
| Mercuries Data Systems Ltd. | 2000 | 1807 |
| Mercuries Life Insurance Co. Ltd.<sup>(1)</sup> | 167000 | 30306 |
| Merida Industry Co. Ltd. | 7000 | 25830 |
| Merry Electronics Co. Ltd. | 16120 | 56399 |
| METAAGE Corp. | 5000 | 8833 |
| Microbio Co. Ltd.<sup>(1)</sup> | 22000 | 17335 |
| Microtek International<sup>(1)</sup> | 1000 | 383 |
| Mildef Crete, Inc. | 3000 | 11459 |
| MIN AIK Technology Co. Ltd. | 4000 | 2711 |
| Mirle Automation Corp. | 9000 | 20908 |
| MOSA Industrial Corp.<sup>(1)</sup> | 7776 | 4765 |
| Motech Industries, Inc. | 30000 | 17430 |
| MPI Corp. | 3000 | 134863 |
| MSSCORPS Co. Ltd. | 1000 | 5645 |
| My Humble House Hospitality Management Consulting | 1000 | 1204 |
| Myson Century, Inc. | 11000 | 28037 |
| Nak Sealing Technologies Corp. | 1000 | 3593 |
| Namchow Holdings Co. Ltd. | 10000 | 12938 |
| Nan Pao Resins Chemical Co. Ltd. | 2000 | 26496 |
| Nan Ren Lake Leisure Amusement Co. Ltd.<sup>(1)</sup> | 5000 | 1793 |
| Nang Kuang Pharmaceutical Co. Ltd. | 1000 | 1158 |
| Nantex Industry Co. Ltd. | 5000 | 4101 |
| National Aerospace Fasteners Corp. | 1000 | 4488 |
| Neousys Technology, Inc. | 1049 | 6965 |
| Netronix, Inc. | 5000 | 19896 |
| Newmax Technology Co. Ltd.<sup>(1)</sup> | 1000 | 1283 |
| Nexcom International Co. Ltd. | 9000 | 30105 |
| Nichidenbo Corp. | 5000 | 11433 |
| Nidec Chaun-Choung Technology Corp. | 1000 | 4746 |
| Niko Semiconductor Co. Ltd. | 1266 | 1794 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nova Technology Corp. | 2000 | $14463 |
| Nuvoton Technology Corp. | 12000 | 24447 |
| O-Bank Co. Ltd. | 97000 | 28509 |
| Ocean Plastics Co. Ltd. | 9000 | 10588 |
| OK Biotech Co. Ltd. | 1000 | 514 |
| Optimax Technology Corp. | 13000 | 9866 |
| Orient Semiconductor Electronics Ltd. | 36000 | 52006 |
| Oriental Union Chemical Corp.<sup>(1)</sup> | 28000 | 11196 |
| O-TA Precision Industry Co. Ltd. | 1000 | 2004 |
| Otsuka Information Technology Corp. | 1000 | 6585 |
| Pacific Construction Co. | 7000 | 2259 |
| Pan German Universal Motors Ltd. | 1000 | 10168 |
| Pan Jit International, Inc. | 27000 | 56465 |
| Pan-International Industrial Corp. | 25000 | 47707 |
| Parpro Corp. | 6000 | 12992 |
| Patec Precision Industry Co. Ltd. | 1021 | 3358 |
| PChome Online, Inc.<sup>(1)</sup> | 1000 | 1099 |
| PCL Technologies, Inc. | 1000 | 3887 |
| P-Duke Technology Co. Ltd. | 1000 | 3494 |
| Pegavision Corp. | 3000 | 31162 |
| PharmaEngine, Inc. | 6000 | 13156 |
| Phihong Technology Co. Ltd.<sup>(1)</sup> | 6000 | 4902 |
| Phoenix Silicon International Corp. | 14000 | 73134 |
| Phoenix Tours International, Inc. | 1155 | 2103 |
| Pixart Imaging, Inc. | 11000 | 70396 |
| Planet Technology Corp. | 1000 | 4696 |
| Podak Co. Ltd. | 1050 | 1336 |
| Polytronics Technology Corp. | 3000 | 4100 |
| Posiflex Technology, Inc. | 4000 | 35705 |
| President Securities Corp. | 75700 | 51485 |
| Primax Electronics Ltd. | 40000 | 108169 |
| Prince Housing & Development Corp. | 24000 | 7191 |
| Progate Group Corp. | 1000 | 5824 |
| Promate Electronic Co. Ltd. | 16799 | 28233 |
| Prosperity Dielectrics Co. Ltd. | 2000 | 2680 |
| QST International Corp. | 1098 | 1726 |
| Qualipoly Chemical Corp. | 5000 | 23255 |
| Quang Viet Enterprise Co. Ltd. | 2000 | 4611 |
| Quanta Storage, Inc. | 16000 | 64399 |
| Quaser Machine Tools, Inc. | 1000 | 1970 |
| Quintain Steel Co. Ltd.<sup>(1)</sup> | 6000 | 1958 |
| Radium Life Tech Co. Ltd.<sup>(1)</sup> | 60000 | 21711 |
| Rafael Microelectronics, Inc. | 2000 | 7508 |
| Raydium Semiconductor Corp. | 5000 | 48350 |
| Rechi Precision Co. Ltd. | 17000 | 13489 |
| Rexon Industrial Corp. Ltd. | 3000 | 3080 |
| Rich Development Co. Ltd. | 17510 | 4943 |
| Richmond International Travel & Tours Co. Ltd.<sup>(1)</sup> | 2000 | 7070 |
| RiTdisplay Corp.<sup>(1)</sup> | 2000 | 2725 |
| Ritek Corp.<sup>(1)</sup> | 37000 | 13150 |
| Ruentex Engineering & Construction Co. | 1680 | 8347 |
| Sampo Corp. | 8000 | 6456 |
| San Fang Chemical Industry Co. Ltd. | 17000 | 17316 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| San Far Property Ltd. | 7000 | $4267 |
| San Fu Chemical Co. Ltd. | 1000 | 4117 |
| Savior Lifetec Corp. | 13000 | 7934 |
| Scientech Corp. | 4000 | 50392 |
| ScinoPharm Taiwan Ltd. | 5000 | 2901 |
| SciVision Biotech, Inc. | 2000 | 5831 |
| SDI Corp. | 9000 | 25979 |
| Sea Sonic Electronics Co. Ltd. | 1000 | 2281 |
| Senao Networks, Inc. | 2000 | 11216 |
| Sensortek Technology Corp. | 1000 | 6135 |
| Sercomm Corp. | 20000 | 68611 |
| Sesoda Corp. | 14000 | 14491 |
| Sheng Yu Steel Co. Ltd. | 2000 | 1490 |
| ShenMao Technology, Inc. | 2000 | 8447 |
| Shieh Yih Machinery Industry Co. Ltd. | 3000 | 2360 |
| Shih Her Technologies, Inc. | 2000 | 11460 |
| Shih Wei Navigation Co. Ltd.<sup>(1)</sup> | 4000 | 2308 |
| Shin Ruenn Development Co. Ltd. | 7000 | 15483 |
| Shin Zu Shing Co. Ltd. | 5159 | 44146 |
| Shinfox Energy Co. Ltd. | 9000 | 16286 |
| Shining Building Business Co. Ltd.<sup>(1)</sup> | 9000 | 2715 |
| Shinkong Insurance Co. Ltd. | 17000 | 59904 |
| Shinkong Synthetic Fibers Corp. | 59000 | 28613 |
| Shiny Chemical Industrial Co. Ltd. | 11200 | 51237 |
| ShunSin Technology Holding Ltd. | 1000 | 5330 |
| Shuttle, Inc. | 6000 | 3744 |
| Sigurd Microelectronics Corp. | 43000 | 118308 |
| Silicon Integrated Systems Corp. | 25000 | 45473 |
| Silicon Optronics, Inc.<sup>(1)</sup> | 1000 | 2020 |
| Sincere Navigation Corp. | 20000 | 14923 |
| Singatron Enterprise Co. Ltd. | 2000 | 1795 |
| Sinmag Equipment Corp. | 1000 | 4507 |
| Sinon Corp. | 20000 | 27624 |
| Sinphar Pharmaceutical Co. Ltd. | 3240 | 3436 |
| Sinyi Realty, Inc. | 5000 | 3935 |
| Sitronix Technology Corp. | 10000 | 68347 |
| Siward Crystal Technology Co. Ltd. | 2000 | 1428 |
| Skardin Industrial Corp.<sup>(1)</sup> | 2000 | 3063 |
| Soft-World International Corp. | 1000 | 3343 |
| Solar Applied Materials Technology Corp. | 13000 | 24863 |
| Solomon Technology Corp. | 1000 | 5096 |
| Solteam, Inc. | 1000 | 1811 |
| Speed Tech Corp. | 8000 | 11297 |
| Spirox Corp.<sup>(1)</sup> | 1000 | 1914 |
| Sporton International, Inc. | 6000 | 34507 |
| Sports Gear Co. Ltd. | 5000 | 16995 |
| St. Shine Optical Co. Ltd. | 3000 | 14253 |
| Standard Chemical & Pharmaceutical Co. Ltd. | 2000 | 3675 |
| Standard Foods Corp. | 14000 | 13783 |
| Stark Technology, Inc. | 9000 | 50775 |
| S-Tech Corp. | 13000 | 11226 |
| STL Technology Co. Ltd. | 4000 | 21902 |
| Sumeeko Industries Co. Ltd. | 1000 | 2207 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sun Yad Construction Co. Ltd.<sup>(1)</sup> | 3000 | $1266 |
| Sunfun Info Co. Ltd. | 9000 | 11120 |
| Sunko INK Co. Ltd.<sup>(1)</sup> | 5000 | 2106 |
| SunMax Biotechnology Co. Ltd. | 2000 | 26670 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 22000 | 97314 |
| Sunplus Innovation Technology, Inc. | 1026 | 4504 |
| Sunplus Technology Co. Ltd.<sup>(1)</sup> | 24000 | 19533 |
| Sunrex Technology Corp. | 6000 | 8187 |
| Sunspring Metal Corp. | 3000 | 2260 |
| Sunty Development Co. Ltd. | 5000 | 2225 |
| Superalloy Industrial Co. Ltd. | 16000 | 25720 |
| Supreme Electronics Co. Ltd. | 38000 | 53515 |
| Swancor Holding Co. Ltd. | 3000 | 14052 |
| Symtek Automation Asia Co. Ltd. | 1000 | 6719 |
| Syncmold Enterprise Corp. | 7000 | 16173 |
| Synmosa Biopharma Corp. | 37096 | 42121 |
| Syscom Computer Engineering Co. | 3000 | 5989 |
| Sysgration | 11000 | 20074 |
| Systex Corp. | 15000 | 57486 |
| T3EX Global Holdings Corp. | 4000 | 9309 |
| Ta Liang Technology Co. Ltd. | 1000 | 6883 |
| Ta Ya Electric Wire & Cable | 61630 | 85187 |
| TA-I Technology Co. Ltd. | 3000 | 4245 |
| Tai Tung Communication Co. Ltd. | 3000 | 2320 |
| TaiDoc Technology Corp. | 4000 | 18554 |
| Taiflex Scientific Co. Ltd. | 14137 | 26155 |
| Taimide Tech, Inc. | 8000 | 19211 |
| Tainan Enterprises Co. Ltd. | 3000 | 2456 |
| Tainan Spinning Co. Ltd. | 62000 | 27513 |
| TaiSol Electronics Co. Ltd. | 2000 | 4220 |
| Taisun Enterprise Co. Ltd. | 4000 | 2435 |
| Taita Chemical Co. Ltd. | 6000 | 2258 |
| TAI-TECH Advanced Electronics Co. Ltd. | 2000 | 8064 |
| Taiwan Cogeneration Corp. | 32000 | 48912 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 12000 | 12988 |
| Taiwan FU Hsing Industrial Co. Ltd. | 5000 | 7225 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 12222 | 55220 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 7449 | 8388 |
| Taiwan IC Packaging Corp.<sup>(1)</sup> | 4000 | 1900 |
| Taiwan Line Tek Electronic | 1000 | 787 |
| Taiwan Mask Corp. | 7000 | 9599 |
| Taiwan Navigation Co. Ltd. | 15000 | 13580 |
| Taiwan Paiho Ltd. | 15000 | 26228 |
| Taiwan PCB Techvest Co. Ltd. | 3000 | 3574 |
| Taiwan Sakura Corp. | 6000 | 16994 |
| Taiwan Semiconductor Co. Ltd. | 17000 | 28390 |
| Taiwan Surface Mounting Technology Corp. | 22000 | 76886 |
| Taiwan Takisawa Technology Co. Ltd. | 1000 | 1293 |
| Taiwan TEA Corp.<sup>(1)</sup> | 29000 | 13800 |
| Taiwan Union Technology Corp. | 12000 | 143220 |
| Taiwan-Asia Semiconductor Corp.<sup>(1)</sup> | 26000 | 19171 |
| Tatung System Technologies, Inc.<sup>(1)</sup> | 2000 | 4674 |
| TBI Motion Technology Co. Ltd.<sup>(1)</sup> | 8000 | 12082 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TCI Co. Ltd.<sup>(1)</sup> | 8000 | $35507 |
| Te Chang Construction Co. Ltd. | 2000 | 3970 |
| Team Group, Inc.<sup>(1)</sup> | 7000 | 16996 |
| Test Research, Inc. | 12000 | 83799 |
| Thinking Electronic Industrial Co. Ltd. | 3000 | 14779 |
| Thintech Materials Technology Co. Ltd. | 2000 | 3745 |
| Thye Ming Industrial Co. Ltd.<sup>(1)</sup> | 8000 | 14718 |
| Ton Yi Industrial Corp. | 75000 | 44887 |
| Tong Hsing Electronic Industries Ltd. | 13000 | 47680 |
| Tong-Tai Machine & Tool Co. Ltd.<sup>(1)</sup> | 12000 | 15112 |
| Top Bright Holding Co. Ltd. | 2000 | 21392 |
| Topkey Corp. | 5000 | 30940 |
| Topoint Technology Co. Ltd. | 9000 | 26455 |
| TPK Holding Co. Ltd. | 27000 | 35622 |
| Transcend Information, Inc. | 5000 | 16406 |
| Trigold Holdings Ltd. | 3000 | 3795 |
| Trusval Technology Co. Ltd. | 2050 | 20063 |
| Tsang Yow Industrial Co. Ltd. | 1000 | 744 |
| TSC Auto ID Technology Co. Ltd. | 1000 | 6155 |
| TSEC Corp.<sup>(1)</sup> | 37000 | 18642 |
| TSRC Corp. | 22000 | 12274 |
| TTY Biopharm Co. Ltd. | 17000 | 42651 |
| Tung Thih Electronic Co. Ltd. | 1144 | 2518 |
| Twinhead International Corp.<sup>(1)</sup> | 1300 | 3279 |
| TXC Corp. | 25000 | 71828 |
| TYC Brother Industrial Co. Ltd. | 8000 | 10759 |
| Tyntek Corp. | 14000 | 8692 |
| TZE Shin International Co. Ltd. | 3000 | 1571 |
| U-BEST Innovative Technology Co. Ltd.<sup>(1)</sup> | 13000 | 7614 |
| Ubright Optronics Corp. | 1000 | 2065 |
| UDE Corp. | 6000 | 21309 |
| Ultra Chip, Inc. | 2000 | 3375 |
| Unic Technology Corp. | 3000 | 2751 |
| Union Insurance Co. Ltd. | 1000 | 852 |
| Unitech Electronics Co. Ltd. | 1000 | 1058 |
| Unitech Printed Circuit Board Corp. | 38956 | 38898 |
| United Fiber Optical Communication, Inc.<sup>(1)</sup> | 4000 | 4557 |
| United Orthopedic Corp. | 6000 | 22602 |
| United Renewable Energy Co. Ltd.<sup>(1)</sup> | 61000 | 12697 |
| Univacco Technology, Inc. | 4000 | 6313 |
| Universal Cement Corp. | 12220 | 11784 |
| Universal Microwave Technology, Inc. | 4000 | 51498 |
| Universal Vision Biotechnology Co. Ltd. | 4000 | 23682 |
| UPC Technology Corp.<sup>(1)</sup> | 24000 | 7946 |
| UPI Semiconductor Corp. | 5000 | 30548 |
| Userjoy Technology Co. Ltd. | 3300 | 8790 |
| USI Corp. | 30000 | 10179 |
| Usun Technology Co. Ltd.<sup>(1)</sup> | 2000 | 3459 |
| Utechzone Co. Ltd. | 2000 | 6639 |
| UVAT Technology Co. Ltd. | 1000 | 2325 |
| Ventec International Group Co. Ltd. | 3000 | 10683 |
| VIA Labs, Inc. | 1000 | 2998 |
| Via Technologies, Inc. | 11000 | 22445 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Viking Tech Corp. | 2000 | $2541 |
| Visco Vision, Inc. | 2000 | 13348 |
| Visual Photonics Epitaxy Co. Ltd. | 14000 | 70966 |
| Vivotek, Inc. | 1000 | 3166 |
| Vizionfocus, Inc. | 2000 | 12260 |
| Wafer Works Corp.<sup>(1)</sup> | 45000 | 35137 |
| Waffer Technology Corp. | 2000 | 4028 |
| Wah Hong Industrial Corp. | 1000 | 1383 |
| Wah Lee Industrial Corp. | 15000 | 48622 |
| Walton Advanced Engineering, Inc. | 5000 | 2253 |
| We & Win Development Co. Ltd.<sup>(1)</sup> | 3000 | 1027 |
| We&Win Diversification Co. Ltd. | 1000 | 694 |
| Weikeng Industrial Co. Ltd. | 22000 | 20178 |
| Well Shin Technology Co. Ltd. | 3000 | 5359 |
| Welldone Co. | 6000 | 10072 |
| Weltrend Semiconductor | 5000 | 8036 |
| Wholetech System Hitech Ltd. | 7000 | 32108 |
| Win Semiconductors Corp. | 29000 | 87152 |
| Winmate, Inc. | 3000 | 18823 |
| Winstek Semiconductor Co. Ltd. | 2000 | 6645 |
| WinWay Technology Co. Ltd. | 1000 | 44448 |
| Wiselink Co. Ltd. | 11331 | 84817 |
| WITS Corp. | 2000 | 7264 |
| Wonderful Hi-Tech Co. Ltd. | 12000 | 19529 |
| Wowprime Corp. | 7000 | 50186 |
| WUS Printed Circuit Co. Ltd. | 13000 | 48085 |
| WW Holding, Inc. | 1000 | 2493 |
| XAVi Technologies Corp. | 2000 | 5033 |
| XinTec, Inc. | 1000 | 4440 |
| Xxentria Technology Materials Corp. | 4180 | 5620 |
| Yankey Engineering Co. Ltd. | 1380 | 22080 |
| Yao Sheng Electronic Co. Ltd.<sup>(1)</sup> | 2000 | 4597 |
| YC INOX Co. Ltd.<sup>(1)</sup> | 23000 | 15465 |
| YCC Parts Manufacturing Co. Ltd.<sup>(1)</sup> | 1000 | 1544 |
| Yea Shin International Development Co. Ltd. | 2101 | 1717 |
| Yem Chio Co. Ltd.<sup>(1)</sup> | 26000 | 13406 |
| Yen Sun Technology Corp. | 1000 | 1513 |
| Yeong Guan Energy Technology Group Co. Ltd.<sup>(1)</sup> | 1000 | 725 |
| YFC-Boneagle Electric Co. Ltd. | 1000 | 591 |
| Yi Jinn Industrial Co. Ltd. | 2100 | 1156 |
| Yieh Phui Enterprise Co. Ltd.<sup>(1)</sup> | 56320 | 27668 |
| Ying Han Technology Co. Ltd.<sup>(1)</sup> | 2000 | 3338 |
| Young Fast Optoelectronics Co. Ltd. | 4000 | 7230 |
| Youngtek Electronics Corp. | 3000 | 5790 |
| Yuan High-Tech Development Co. Ltd. | 1000 | 6326 |
| Yuanta Futures Co. Ltd. | 3248 | 9163 |
| Yulon Motor Co. Ltd. | 29000 | 31115 |
| Yungshin Construction & Development Co. Ltd. | 2000 | 4754 |
| YungShin Global Holding Corp. | 17000 | 31067 |
| Zenitron Corp. | 4000 | 4065 |
| Zero One Technology Co. Ltd. | 1000 | 4022 |
| Zig Sheng Industrial Co. Ltd.<sup>(1)</sup> | 7000 | 2082 |
| ZillTek Technology Corp. | 1000 | 6729 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Zinwell Corp.<sup>(1)</sup> | 4000 | $1733 |
| Zippy Technology Corp. | 5000 | 9151 |
| Zyxel Group Corp. | 14000 | 15459 |
|  |  | 12946451 |
| **Thailand — 1.8%** |  |  |
| AAPICO Hitech PCL, NVDR | 13000 | 5786 |
| AEON Thana Sinsap Thailand PCL, NVDR | 8100 | 27380 |
| Amata Corp. PCL, NVDR | 68400 | 33374 |
| AP Thailand PCL, NVDR | 195400 | 44391 |
| Asia Aviation PCL, NVDR<sup>(1)</sup> | 477200 | 18135 |
| Asian Sea Corp. PCL, NVDR | 39000 | 8607 |
| Bangchak Sriracha PCL, NVDR | 63500 | 9065 |
| Bangkok Airways PCL, NVDR | 8200 | 3425 |
| BEC World PCL, NVDR | 47600 | 3084 |
| CH Karnchang PCL, NVDR | 96700 | 43282 |
| Chularat Hospital PCL, NVDR | 492900 | 24036 |
| CK Power PCL, NVDR | 136700 | 11649 |
| Dhipaya Group Holdings PCL, NVDR | 21300 | 13286 |
| Energy Absolute PCL, NVDR<sup>(1)</sup> | 429100 | 33425 |
| Erawan Group PCL, NVDR | 208700 | 15475 |
| Forth Corp. PCL, NVDR<sup>(1)</sup> | 18100 | 3828 |
| GFPT PCL, NVDR | 37500 | 11281 |
| Gunkul Engineering PCL, NVDR | 355300 | 19769 |
| Hana Microelectronics PCL, NVDR | 54900 | 41027 |
| Ichitan Group PCL, NVDR | 60800 | 21406 |
| IRPC PCL, NVDR | 934300 | 29705 |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 142211 | 6589 |
| Jaymart Group Holdings PCL, NVDR | 48000 | 12241 |
| KCE Electronics PCL, NVDR | 74900 | 59013 |
| Major Cineplex Group PCL, NVDR | 44000 | 10525 |
| Malee Group PCL, NVDR | 10200 | 1686 |
| MC Group PCL, NVDR | 19900 | 6459 |
| MK Restaurants Group PCL, NVDR | 25300 | 16861 |
| Mono Next PCL, NVDR<sup>(1)</sup> | 141200 | 7075 |
| Nex Point Parts PCL, NVDR<sup>(1)</sup> | 278800 | 6619 |
| Origin Property PCL, NVDR | 36100 | 2429 |
| Plan B Media PCL, NVDR | 141100 | 19150 |
| Precious Shipping PCL, NVDR | 69200 | 13541 |
| Prima Marine PCL, NVDR | 78900 | 15468 |
| PTG Energy PCL, NVDR | 84900 | 20312 |
| Quality Houses PCL, NVDR | 942700 | 39575 |
| R&B Food Supply PCL, NVDR | 42600 | 5418 |
| Regional Container Lines PCL, NVDR | 34000 | 28870 |
| Rojana Industrial Park PCL, NVDR | 75800 | 11014 |
| RS PCL, NVDR<sup>(1)</sup> | 82500 | 717 |
| Sabina PCL, NVDR | 13000 | 6229 |
| Samart Corp. PCL, NVDR | 76900 | 15337 |
| Sappe PCL, NVDR | 11800 | 11833 |
| SC Asset Corp. PCL, NVDR | 114400 | 6434 |
| Singer Thailand PCL, NVDR<sup>(1)</sup> | 25800 | 4391 |
| SiS Distribution Thailand PCL, NVDR | 6600 | 4299 |
| Sri Trang Agro-Industry PCL, NVDR | 107200 | 40105 |
| Star Petroleum Refining PCL, NVDR | 171800 | 23742 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Stecon Group PCL, NVDR<sup>(1)</sup> | 145000 | $34338 |
| Susco PCL, NVDR | 68500 | 5334 |
| Taokaenoi Food & Marketing PCL, Class R, NVDR | 46700 | 8084 |
| Thaicom PCL, NVDR<sup>(1)</sup> | 25200 | 7279 |
| Thaifoods Group PCL, NVDR | 99700 | 15558 |
| Thoresen Thai Agencies PCL, NVDR | 125200 | 16391 |
| Tipco Asphalt PCL, NVDR | 43200 | 19071 |
| TOA Paint Thailand PCL, NVDR | 46200 | 19677 |
| VGI PCL, NVDR | 41100 | 2668 |
| Xspring Capital PCL, NVDR<sup>(1)</sup> | 761300 | 12457 |
|  |  | 958205 |
| **Turkey — 2.5%** |  |  |
| A1 Capital Yatirim Menkul Degerler AS<sup>(1)</sup> | 25604 | 6250 |
| Adel Kalemcilik Ticaret ve Sanayi AS | 1227 | 1125 |
| Adese Alisveris Merkezleri Ticaret AS<sup>(1)</sup> | 96829 | 43735 |
| Afyon Cimento Sanayi TAS | 13671 | 4697 |
| Agesa Hayat ve Emeklilik AS | 2184 | 9023 |
| Akcansa Cimento AS | 3180 | 10500 |
| Akenerji Elektrik Uretim AS<sup>(1)</sup> | 13849 | 3749 |
| Akfen Yenilenebilir Enerji AS<sup>(1)</sup> | 28591 | 12721 |
| Aksigorta AS<sup>(1)</sup> | 30418 | 4976 |
| Albaraka Turk Katilim Bankasi AS | 108956 | 22915 |
| Alcatel-Lucent Teletas Telekomunikasyon AS<sup>(1)</sup> | 192 | 554 |
| Alfa Solar Enerji Sanayi VE Ticaret AS<sup>(1)</sup> | 2932 | 3497 |
| Alkim Alkali Kimya AS | 9849 | 4133 |
| Alkim Kagit Sanayi ve Ticaret AS | 1204 | 227 |
| Alves Enerji Kablo Uretim Sanayi VE Dis Ticaret AS<sup>(1)</sup> | 3862 | 3072 |
| Anadolu Hayat Emeklilik AS | 6285 | 13591 |
| Anatolia Tani VE Biyoteknoloji Urunleri Arastirma Gelistirme Sanayi VE TicaretAS<sup>(1)</sup> | 390 | 117 |
| ARD Grup Bilisim Teknolojileri AS<sup>(1)</sup> | 4723 | 3173 |
| Atp Yazilim ve Teknoloji AS | 1642 | 5055 |
| Aygaz AS | 3732 | 15239 |
| Bagfas Bandirma Gubre Fabrikalari AS<sup>(1)</sup> | 9057 | 8413 |
| Baticim Bati Anadolu Cimento Sanayii AS<sup>(1)</sup> | 239703 | 23420 |
| BatiSoke Soke Cimento Sanayii TAS<sup>(1)</sup> | 46578 | 16527 |
| Bera Holding AS<sup>(1)</sup> | 61525 | 26938 |
| Besler Gida Ve Kimya Sanayi Ve Ticaret AS<sup>(1)</sup> | 14515 | 5259 |
| Biotrend Cevre VE Enerji Yatirimlari AS<sup>(1)</sup> | 14212 | 7892 |
| Birlesim Muhendislik Isitma Sogutma Havalandirma Sanayi VE Ticaret AS<sup>(1)</sup> | 1935 | 808 |
| Bogazici Beton Sanayi Ve Ticaret AS | 6541 | 3357 |
| Borlease Otomotiv AS<sup>(1)</sup> | 3925 | 2194 |
| Bursa Cimento Fabrikasi AS | 60327 | 10811 |
| Buyuk Sefler Gida Turizm Tekstil Danismanlik Organizasyon Egitim Sanayi VE Ticar | 4536 | 4565 |
| Cemas Dokum Sanayi AS<sup>(1)</sup> | 58528 | 9625 |
| Cemtas Celik Makina Sanayi Ve Ticaret AS | 9443 | 2958 |
| Cimbeton Hazirbeton ve Prefabrik Yapi Elemanlari Sanayi ve Ticaret AS<sup>(1)</sup> | 33 | 1956 |
| Dardanel Onentas Gida Sanayi AS<sup>(1)</sup> | 7484 | 493 |
| DMR Unlu Mamuller Uretim Gida Toptan Perakende Ihracat AS<sup>(1)</sup> | 6606 | 5442 |
| Doganlar Mobilya Grubu Imalat Sanayi ve Ticaret AS | 37065 | 6308 |
| Dyo Boya Fabrikalari Sanayi ve Ticaret AS<sup>(1)</sup> | 804 | 307 |
| Ebebek Magazacilik AS | 3410 | 4418 |
| EGE Endustri VE Ticaret AS | 92 | 19426 |
| EGE Gubre Sanayii AS | 3817 | 10556 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 10374 | $16094 |
| Eksun Gida Tarim Sanayi Ve Ticaret AS<sup>(1)</sup> | 4155 | 654 |
| Elite Naturel Organik Gida Sanayi VE Ticaret AS | 1497 | 1285 |
| Enerya Enerji AS | 43944 | 11767 |
| Erbosan Erciyas Boru Sanayii ve Ticaret AS<sup>(1)</sup> | 450 | 2054 |
| Escar Turizm Tasimacilik Ticaret AS | 9081 | 5726 |
| Esenboga Elektrik Uretim AS<sup>(1)</sup> | 57470 | 14071 |
| Europap Tezol Kagit Sanayi VE Ticaret AS | 11666 | 4381 |
| Europen Endustri Insaat Sanayi VE Ticaret AS<sup>(1)</sup> | 103475 | 22264 |
| Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS<sup>(1)</sup> | 8330 | 5913 |
| Galatasaray Sportif Sinai ve Ticari Yatirimlar AS<sup>(1)</sup> | 604123 | 24397 |
| Garanti Faktoring AS<sup>(1)</sup> | 4956 | 3492 |
| Gedik Yatirim Menkul Degerler AS | 10150 | 1875 |
| Gelecek Varlik Yonetimi AS | 987 | 1745 |
| Gentas Genel Metal Sanayi ve Ticaret AS | 37835 | 7291 |
| Gezinomi Seyahat Turizm Ticaret AS<sup>(1)</sup> | 761 | 5355 |
| Girsim Elektrik Sanayi Taahut Ve Ticaret AS<sup>(1)</sup> | 14921 | 17291 |
| Goknur Gida Maddeleri Ithalat Ihracat Ticaret Ve Sanayi AS | 14988 | 8832 |
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS | 810 | 6810 |
| Goodyear Lastikleri TAS<sup>(1)</sup> | 2322 | 1075 |
| Gozde Girisim Sermayesi Yatirim Ortakligi AS<sup>(1)</sup> | 10826 | 5978 |
| GSD Holding AS<sup>(1)</sup> | 20260 | 2542 |
| GUR-Sel Turizm Tasimacilik VE Servis Ticaret AS | 1945 | 15829 |
| Hareket Proje Tasimaciligi Ve Yuk Muhendisligi AS<sup>(1)</sup> | 2163 | 4286 |
| HAT-San Gemi Insaa Bakim Onarim Deniz Nakliyat Sanayi VE Ticaret AS<sup>(1)</sup> | 3371 | 4373 |
| Hektas Ticaret TAS<sup>(1)</sup> | 188100 | 20031 |
| Hitit Bilgisayar Hizmetleri AS<sup>(1)</sup> | 7611 | 9554 |
| Ihlas Holding AS<sup>(1)</sup> | 74270 | 7765 |
| Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS<sup>(1)</sup> | 18790 | 3723 |
| Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS<sup>(1)</sup> | 6218 | 9012 |
| Is Finansal Kiralama AS<sup>(1)</sup> | 21168 | 9780 |
| Isik Plastik Sanayi Ve Dis Ticaret Pazarlama AS | 46644 | 6471 |
| Isiklar Enerji ve Yapi Holding AS<sup>(1)</sup> | 44430 | 15494 |
| Izmir Demir Celik Sanayi AS<sup>(1)</sup> | 16867 | 2711 |
| Jantsa Jant Sanayi Ve Ticaret AS | 8748 | 4977 |
| Kalekim Kimyevi Maddeler Sanayi ve Ticaret AS | 8608 | 7728 |
| Karsan Otomotiv Sanayii Ve Ticaret AS<sup>(1)</sup> | 12810 | 3786 |
| Katilimevim Tasarruf Finansman AS | 102672 | 27512 |
| Katmerciler Arac Ustu Ekipman Sanayi ve Ticaret AS<sup>(1)</sup> | 172196 | 12982 |
| Kervan Gida Sanayi Ve Ticaret AS | 134267 | 7867 |
| KOC Metalurji AS<sup>(1)</sup> | 13891 | 5405 |
| Kocaer Celik Sanayi Ve Ticaret AS | 20074 | 7492 |
| Konya Cimento Sanayii AS<sup>(1)</sup> | 38 | 5055 |
| Konya Kagit Sanayi VE Ticaret AS<sup>(1)</sup> | 1290 | 1369 |
| Kordsa Teknik Tekstil AS<sup>(1)</sup> | 1980 | 3298 |
| Koza Anadolu Metal Madencilik Isletmeleri AS<sup>(1)</sup> | 14022 | 26942 |
| Kutahya Seker Fabrikasi AS<sup>(1)</sup> | 247 | 411 |
| LDR Turizm AS | 2244 | 15972 |
| Link Bilgisayar Sistemleri Yazilimi Ve Donanimi Sanayi Ve Ticaret AS<sup>(1)</sup> | 487 | 8073 |
| Logo Yazilim Sanayi Ve Ticaret AS | 6550 | 29033 |
| Lydia Holding AS<sup>(1)</sup> | 7225 | 22832 |
| Margun Enerji Uretim Sanayi VE Ticaret AS<sup>(1)</sup> | 15651 | 19334 |
| Marmaris Altinyunus Turistik Tesisler AS<sup>(1)</sup> | 168 | 5276 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 38105 | $41407 |
| Meditera Tibbi Malzeme Sanayi VE Ticaret AS | 1501 | 1111 |
| Menderes Tekstil Sanayi ve Ticaret AS<sup>(1)</sup> | 2003 | 740 |
| MIA Teknoloji AS<sup>(1)</sup> | 19776 | 20018 |
| Naturel Yenilenebilir Enerji Ticaret AS | 21810 | 5383 |
| Naturelgaz Sanayi ve Ticaret AS | 9723 | 2470 |
| NET Holding AS<sup>(1)</sup> | 30182 | 37163 |
| Netas Telekomunikasyon AS<sup>(1)</sup> | 1580 | 3072 |
| Nuh Cimento Sanayi AS | 4298 | 24762 |
| ODAS Elektrik Uretim ve Sanayi Ticaret AS<sup>(1)</sup> | 102322 | 15352 |
| Odine Solutions Teknoloji Ticaret VE Sanayi AS<sup>(1)</sup> | 2977 | 10512 |
| Orge Enerji Elektrik Taahhut AS<sup>(1)</sup> | 4507 | 8942 |
| Osmanli Yatirim Menkul Degerler AS | 2330 | 561 |
| Panelsan Cati Cephe Sistemleri Sanayi VE Ticaret AS<sup>(1)</sup> | 334 | 332 |
| Parsan Makina Parcalari Sanayii AS<sup>(1)</sup> | 931 | 2134 |
| Penta Teknoloji Urunleri Dagitim Ticaret AS<sup>(1)</sup> | 9883 | 3988 |
| Pinar Entegre Et ve Un Sanayi AS<sup>(1)</sup> | 1504 | 453 |
| Pinar SUT Mamulleri Sanayii AS<sup>(1)</sup> | 5476 | 1731 |
| Platform Turizm Tasimacilik Gida Insaat Temizlik Hizmetleri Sanayi VE Ticaret AS | 3272 | 2263 |
| Polisan Holding AS | 121163 | 13605 |
| Qua Granite Hayal<sup>(1)</sup> | 97196 | 17674 |
| Ral Yatirim Holding AS<sup>(1)</sup> | 2041 | 6492 |
| Reysas Tasimacilik ve Lojistik Ticaret AS<sup>(1)</sup> | 100277 | 41746 |
| Sanko Pazarlama Ithalat Ihracat AS<sup>(1)</sup> | 335 | 195 |
| Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS | 3266 | 1738 |
| Say Yenilenebilir Enerji Ekipmanlari Sanayi ve Ticaret AS<sup>(1)</sup> | 3480 | 4594 |
| Sekerbank Turk AS | 126498 | 24730 |
| Sok Marketler Ticaret AS | 21727 | 21309 |
| SUN Tekstil Sanayi Ve Ticaret AS | 8068 | 8907 |
| Suwen Tekstil Sanayi Pazarlama AS | 26382 | 6754 |
| Tatlipinar Enerji Uretim AS<sup>(1)</sup> | 4138 | 5808 |
| Tekfen Holding AS | 11437 | 29048 |
| Teknosa Ic Ve Dis Ticaret AS<sup>(1)</sup> | 2713 | 1875 |
| Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TAS<sup>(1)</sup> | 244172 | 7535 |
| Tukas Gida Sanayi ve Ticaret AS<sup>(1)</sup> | 166269 | 14193 |
| Tumosan Motor ve Traktor Sanayi AS<sup>(1)</sup> | 2876 | 9135 |
| Turcas Petrol AS | 11563 | 10168 |
| Tureks Turizm Tasimacilik AS<sup>(1)</sup> | 13220 | 2925 |
| Turk Prysmian Kablo ve Sistemleri AS<sup>(1)</sup> | 263 | 227 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(1)</sup> | 71739 | 25313 |
| Ulusoy Un Sanayi ve Ticaret AS<sup>(1)</sup> | 34938 | 6538 |
| Usak Seramik Sanayii AS<sup>(1)</sup> | 81672 | 7961 |
| Vakif Finansal Kiralama AS<sup>(1)</sup> | 68119 | 4539 |
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 6260 | 9596 |
| VBT Yazilim AS<sup>(1)</sup> | 2810 | 1515 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 13933 | 4545 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(1)</sup> | 7904 | 8131 |
| Yaprak Sut ve Besi Ciftlikleri San. Ve Tic. AS | 285 | 2192 |
| Yatas Yatak ve Yorgan Sanayi ve Ticaret AS<sup>(1)</sup> | 2962 | 2259 |
| YEO Teknoloji Enerji VE Endustri AS<sup>(1)</sup> | 14296 | 13233 |
| Yunsa Yunlu Sanayi VE Ticare AS | 7264 | 1607 |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Zorlu Enerji Elektrik Uretim AS<sup>(1)</sup> | 147104 | $13590 |
|  |  | 1347358 |
| **TOTAL COMMON STOCKS** <br>(Cost $48,903,484) |  | **53223310** |
| **WARRANTS — 0.0%** |  |  |
| **Malaysia — 0.0%** |  |  |
| Dagang NeXchange Bhd.<sup>(1)</sup> | 44400 | 631 |
| NEXG Bhd.<sup>(1)</sup> | 40600 | 2931 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 4080 | 154 |
| VS Industry Bhd.<sup>(1)</sup> | 9180 | 43 |
|  |  | 3759 |
| **Thailand — 0.0%** |  |  |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 125306 | 1744 |
| Northeast Rubber PCL, NVDR<sup>(1)</sup> | 5000 | 28 |
| Origin Property PCL, NVDR<sup>(1)</sup> | 8425 | 112 |
| RS PCL, NVDR<sup>(1)</sup> | 1770 | 10 |
| VGI PCL, NVDR<sup>(1)</sup> | 10270 | 197 |
|  |  | 2091 |
| **TOTAL WARRANTS** <br>(Cost $—) |  | **5850** |
| **RIGHTS — 0.0%** |  |  |
| **China — 0.0%** |  |  |
| XJ International Holdings Co. Ltd.<sup>(1)(2)</sup> <br>(Cost $—) | 7666 | **10** |
| **SHORT-TERM INVESTMENTS — 0.8%** |  |  |
| **Money Market Funds — 0.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 20070 | 20070 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 441920 | 441920 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $461,990) |  | **461990** |
| **TOTAL INVESTMENT SECURITIES — 100.7%** <br>(Cost $49,365,474) |  | **53691160** |
| **OTHER ASSETS AND LIABILITIES — (0.7)%** |  | **(395687)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**53295473** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Information Technology | 21.0% |
| Industrials | 16.4% |
| Consumer Discretionary | 14.3% |
| Materials | 11.7% |
| Financials | 8.6% |
| Health Care | 7.9% |
| Consumer Staples | 6.4% |
| Real Estate | 4.5% |
| Utilities | 3.8% |
| Communication Services | 3.7% |
| Energy | 1.6% |
| Short-Term Investments | 0.8% |
| Other Assets and Liabilities | (0.7)% |

---

------

Schedule of Investments - Avantis Emerging Markets Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| **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 $2,029,839. 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 $2,148,052, which includes securities collateral of $1,706,132.

**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 | $954856 | $52268454 |  |
| Warrants |  | 5850 |  |
| Rights |  | 10 |  |
| Short-Term Investments | 461990 |  |  |
|  | $1416846 | $52274314 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Emerging Markets Value ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 100.2%** | **Shares**<br> | **Value**<br> |
| **Brazil — 4.7%** | | |
| Allos SA | 41057 | $181816 |
| Automob Participacoes SA<sup>(1)</sup> | 6822 | 16168 |
| Banco ABC Brasil SA, Preference Shares | 34900 | 141355 |
| Banco Bradesco SA | 309300 | 823758 |
| Banco Bradesco SA, ADR | 1044285 | 3247726 |
| Banco do Brasil SA | 709900 | 2800661 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 51400 | 108737 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 1000 | 3862 |
| Braskem SA, Class A, ADR<sup>(1)(2)</sup> | 560 | 1949 |
| Brava Energia<sup>(1)</sup> | 243480 | 900390 |
| C&A Modas SA | 102100 | 318624 |
| Cia de Ferro Ligas da Bahia FERBASA, Preference Shares | 14700 | 17461 |
| Cia Siderurgica Nacional SA, ADR<sup>(2)</sup> | 329623 | 464768 |
| Cury Construtora e Incorporadora SA | 118100 | 751051 |
| Dexco SA | 16700 | 17772 |
| EcoRodovias Infraestrutura e Logistica SA | 154900 | 229985 |
| Empreendimentos Pague Menos SA | 60508 | 41515 |
| Engie Brasil Energia SA | 10200 | 75420 |
| Even Construtora e Incorporadora SA | 30200 | 42778 |
| Fras-Le SA | 21900 | 94033 |
| Gerdau SA, ADR | 302231 | 930872 |
| Grupo Multi SA<sup>(1)</sup> | 50300 | 9648 |
| Grupo SBF SA | 81400 | 170251 |
| Guararapes Confeccoes SA | 31731 | 55013 |
| Hidrovias do Brasil SA<sup>(1)</sup> | 232234 | 152914 |
| Iochpe Maxion SA | 85200 | 221727 |
| IRB-Brasil Resseguros SA<sup>(1)</sup> | 73116 | 643930 |
| Jalles Machado SA<sup>(1)</sup> | 37700 | 20651 |
| JBS NV, BDR<sup>(1)</sup> | 106800 | 1727718 |
| Kepler Weber SA | 5400 | 7898 |
| Klabin SA | 46900 | 159769 |
| Localiza Rent a Car SA | 105 | 698 |
| Lojas Renner SA | 190290 | 570324 |
| Mahle Metal Leve SA | 39000 | 200544 |
| Marfrig Global Foods SA | 285900 | 1317222 |
| Marisa Lojas SA<sup>(1)</sup> | 42058 | 9386 |
| Motiva Infraestrutura de Mobilidade SA | 137500 | 366203 |
| Moura Dubeux Engenharia SA | 17300 | 83822 |
| Movida Participacoes SA | 96800 | 126047 |
| Oceanpact Servicos Maritimos SA<sup>(1)</sup> | 49000 | 62178 |
| Pagseguro Digital Ltd., Class A | 2161 | 19363 |
| Patria Investments Ltd., Class A | 5104 | 69108 |
| PBG SA<sup>(1)</sup> | 10300 | 7770 |
| Pet Center Comercio e Participacoes SA | 165700 | 120412 |
| Petroleo Brasileiro SA - Petrobras, ADR | 47544 | 589546 |
| Petroleo Brasileiro SA - Petrobras, ADR, Preference Shares | 61193 | 701884 |
| Petroreconcavo SA | 106600 | 254023 |
| Plano & Plano Desenvolvimento Imobiliario SA | 8600 | 22778 |
| Positivo Tecnologia SA | 70300 | 57958 |
| PRIO SA<sup>(1)</sup> | 117400 | 820220 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Raizen SA, Preference Shares<sup>(1)</sup> | 83800 | $17620 |
| Romi SA | 12012 | 17480 |
| Santos Brasil Participacoes SA | 172000 | 450791 |
| Sao Martinho SA | 107200 | 349171 |
| Ser Educacional SA | 23600 | 38870 |
| Serena Energia SA<sup>(1)</sup> | 157100 | 351761 |
| Suzano SA, ADR<sup>(2)</sup> | 222642 | 2166307 |
| SYN prop e tech SA | 11300 | 13839 |
| Taurus Armas SA, Preference Shares | 18920 | 16087 |
| TIM SA, ADR<sup>(2)</sup> | 46423 | 981847 |
| Trisul SA | 16100 | 19302 |
| Tupy SA | 3700 | 9888 |
| Ultrapar Participacoes SA, ADR | 337579 | 1232163 |
| Unipar Carbocloro SA, Class B Preference Shares | 1260 | 14794 |
| Vale SA, ADR | 502917 | 5169987 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 4100 | 15850 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 296300 | 238817 |
| Vibra Energia SA | 538700 | 2408419 |
| Wilson Sons SA | 75100 | 249186 |
| XP, Inc., Class A | 156170 | 2832924 |
|  |  | 36374809 |
| **Chile — 0.7%** |  |  |
| Banco de Chile | 9182956 | 1315840 |
| Banco de Credito e Inversiones SA | 10794 | 436520 |
| Banco Itau Chile SA | 7822 | 111824 |
| Cencosud Shopping SA | 2217 | 4494 |
| Colbun SA | 2621447 | 393960 |
| Embotelladora Andina SA, Class B Preference Shares | 95655 | 378924 |
| Empresa Nacional de Telecomunicaciones SA | 40926 | 141419 |
| Empresas CMPC SA | 125863 | 197353 |
| Empresas Copec SA | 29213 | 218116 |
| Falabella SA | 68291 | 388694 |
| Parque Arauco SA | 55119 | 126561 |
| Ripley Corp. SA | 140653 | 67210 |
| Salfacorp SA | 21953 | 20095 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(1)</sup> | 34197 | 1556305 |
|  |  | 5357315 |
| **China — 26.8%** |  |  |
| 3SBio, Inc.<sup>(1)(2)</sup> | 2002000 | 7530904 |
| AAC Technologies Holdings, Inc. | 337500 | 1882353 |
| Agile Group Holdings Ltd.<sup>(1)</sup> | 24000 | 1415 |
| A-Living Smart City Services Co. Ltd.<sup>(2)</sup> | 582500 | 230397 |
| Aluminum Corp. of China Ltd., H Shares | 2526000 | 2263011 |
| ANE Cayman, Inc.<sup>(1)</sup> | 9000 | 9707 |
| Anhui Expressway Co. Ltd., H Shares | 134000 | 202272 |
| ANTA Sports Products Ltd. | 443400 | 5516983 |
| Anton Oilfield Services Group | 2464000 | 422086 |
| Autohome, Inc., ADR | 9 | 260 |
| BAIC Motor Corp. Ltd., H Shares<sup>(1)</sup> | 1462000 | 385684 |
| Bank of Chongqing Co. Ltd., H Shares | 463500 | 444695 |
| Beijing Jingneng Clean Energy Co. Ltd., H Shares | 788000 | 240976 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd.<sup>(2)</sup> | 11000 | 12959 |
| Binjiang Service Group Co. Ltd. | 6000 | 19077 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BOC Aviation Ltd. | 97400 | $874246 |
| BOE Varitronix Ltd. | 338000 | 264515 |
| Bosideng International Holdings Ltd. | 4206000 | 2434337 |
| C&D International Investment Group Ltd.<sup>(2)</sup> | 146049 | 348322 |
| C&D Property Management Group Co. Ltd. | 32919 | 13482 |
| Canadian Solar, Inc.<sup>(1)(2)</sup> | 16283 | 159248 |
| Cango, Inc., ADR<sup>(1)(2)</sup> | 22930 | 109376 |
| Central China New Life Ltd.<sup>(1)</sup> | 116000 | 15333 |
| China Automotive Systems, Inc.<sup>(1)</sup> | 4064 | 16744 |
| China BlueChemical Ltd., H Shares | 174000 | 54560 |
| China Bohai Bank Co. Ltd., H Shares<sup>(1)</sup> | 193500 | 25392 |
| China Chunlai Education Group Co. Ltd. | 79000 | 44349 |
| China CITIC Bank Corp. Ltd., H Shares | 3683000 | 3293211 |
| China Coal Energy Co. Ltd., H Shares | 1569000 | 1906735 |
| China Communications Services Corp. Ltd., H Shares | 1388000 | 827850 |
| China Conch Venture Holdings Ltd. | 146500 | 194688 |
| China Datang Corp. Renewable Power Co. Ltd., H Shares | 1320000 | 405765 |
| China East Education Holdings Ltd.<sup>(1)</sup> | 762500 | 791322 |
| China Education Group Holdings Ltd. | 875949 | 321670 |
| China Everbright Bank Co. Ltd., H Shares | 2050000 | 921748 |
| China Everbright Environment Group Ltd. | 58000 | 32708 |
| China Everbright Greentech Ltd. | 40000 | 4884 |
| China Feihe Ltd. | 2077000 | 1175575 |
| China Foods Ltd. | 262000 | 133995 |
| China Galaxy Securities Co. Ltd., H Shares | 1200000 | 1732298 |
| China Glass Holdings Ltd.<sup>(1)</sup> | 88000 | 2834 |
| China Hanking Holdings Ltd. | 732000 | 266055 |
| China High Speed Transmission Equipment Group Co. Ltd.<sup>(1)(2)</sup> | 66000 | 11124 |
| China Hongqiao Group Ltd. | 2347000 | 7725287 |
| China International Capital Corp. Ltd., H Shares | 778000 | 2134182 |
| China Kepei Education Group Ltd.<sup>(2)</sup> | 104000 | 20878 |
| China Lesso Group Holdings Ltd. | 778000 | 483219 |
| China Longyuan Power Group Corp. Ltd., H Shares | 2794000 | 2417030 |
| China Meidong Auto Holdings Ltd. | 572000 | 157307 |
| China Minsheng Banking Corp. Ltd., H Shares | 1560000 | 889555 |
| China National Building Material Co. Ltd., H Shares | 3188718 | 2316978 |
| China New Higher Education Group Ltd.<sup>(1)</sup> | 778029 | 108945 |
| China Nonferrous Mining Corp. Ltd. | 1555000 | 2082290 |
| China Oriental Group Co. Ltd. | 4000 | 857 |
| China Pacific Insurance Group Co. Ltd., H Shares | 1018200 | 4673495 |
| China Petroleum & Chemical Corp., Class H | 264000 | 146622 |
| China Power International Development Ltd.<sup>(2)</sup> | 2360000 | 948756 |
| China Railway Group Ltd., H Shares | 2318000 | 1179129 |
| China Resources Beverage Holdings Co. Ltd.<sup>(2)</sup> | 310000 | 455262 |
| China Resources Building Materials Technology Holdings Ltd. | 978000 | 233271 |
| China Resources Land Ltd. | 1857500 | 7347188 |
| China Resources Medical Holdings Co. Ltd. | 4000 | 1876 |
| China Resources Mixc Lifestyle Services Ltd. | 203600 | 1021257 |
| China Resources Power Holdings Co. Ltd.<sup>(2)</sup> | 1568000 | 3620790 |
| China Risun Group Ltd.<sup>(2)</sup> | 56000 | 17518 |
| China Sanjiang Fine Chemicals Co. Ltd.<sup>(1)</sup> | 16000 | 3924 |
| China Shineway Pharmaceutical Group Ltd. | 113000 | 125487 |
| China South City Holdings Ltd.<sup>(1)(2)</sup> | 854000 | 11722 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Sunshine Paper Holdings Co. Ltd.<sup>(1)</sup> | 186000 | $43325 |
| China Taiping Insurance Holdings Co. Ltd. | 1670800 | 3490849 |
| China Tower Corp. Ltd., H Shares | 3299800 | 4984884 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | 590000 | 166103 |
| China Travel International Investment Hong Kong Ltd. | 118000 | 22920 |
| China XLX Fertiliser Ltd. | 830000 | 787410 |
| China Yongda Automobiles Services Holdings Ltd.<sup>(2)</sup> | 1480500 | 413770 |
| China Youran Dairy Group Ltd.<sup>(1)</sup> | 1712000 | 857459 |
| Chongqing Rural Commercial Bank Co. Ltd., H Shares | 97000 | 71757 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(2)</sup> | 258600 | 485942 |
| CIMC Enric Holdings Ltd. | 268000 | 248675 |
| CITIC Ltd. | 2067000 | 2967442 |
| CMOC Group Ltd., H Shares | 1758000 | 2704615 |
| COFCO Joycome Foods Ltd.<sup>(1)(2)</sup> | 3155000 | 729657 |
| Concord New Energy Group Ltd. | 3280000 | 166496 |
| COSCO SHIPPING Holdings Co. Ltd., Class H<sup>(2)</sup> | 648500 | 1129989 |
| COSCO SHIPPING Ports Ltd. | 507826 | 368704 |
| CSPC Pharmaceutical Group Ltd. | 5198000 | 6757095 |
| CSSC Hong Kong Shipping Co. Ltd. | 310000 | 79322 |
| Damai Entertainment Holdings Ltd.<sup>(1)</sup> | 13020000 | 1951288 |
| Dongfeng Motor Group Co. Ltd., Class H | 756000 | 868526 |
| Edvantage Group Holdings Ltd. | 18652 | 3839 |
| Essex Bio-technology Ltd. | 41000 | 27379 |
| Ever Sunshine Services Group Ltd. | 358000 | 89710 |
| Excellence Commercial Property & Facilities Management Group Ltd. | 96000 | 14970 |
| FIH Mobile Ltd.<sup>(1)</sup> | 378200 | 744617 |
| FinVolution Group, ADR | 95679 | 789352 |
| Fosun International Ltd. | 467500 | 318448 |
| Fu Shou Yuan International Group Ltd.<sup>(2)</sup> | 744000 | 318595 |
| Fufeng Group Ltd. | 1658000 | 1983582 |
| GDS Holdings Ltd., Class A<sup>(1)</sup> | 1400 | 6066 |
| Geely Automobile Holdings Ltd. | 3825000 | 9647962 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(1)(2)</sup> | 490000 | 16145 |
| Goodbaby International Holdings Ltd. | 745000 | 140018 |
| Grand Pharmaceutical Group Ltd.<sup>(2)</sup> | 524000 | 634366 |
| Great Wall Motor Co. Ltd., H Shares | 273500 | 655763 |
| Greentown China Holdings Ltd. | 1064500 | 1344801 |
| Greentown Management Holdings Co. Ltd.<sup>(2)</sup> | 649000 | 241230 |
| Guangzhou R&F Properties Co. Ltd., H Shares<sup>(1)(2)</sup> | 164000 | 15696 |
| Guoquan Food Shanghai Co. Ltd. | 886400 | 373584 |
| Haichang Ocean Park Holdings Ltd.<sup>(1)(2)</sup> | 1961000 | 186781 |
| Haitian International Holdings Ltd. | 224000 | 635010 |
| Harbin Electric Co. Ltd., H Shares | 688000 | 714024 |
| Hengan International Group Co. Ltd. | 548000 | 1748331 |
| Hisense Home Appliances Group Co. Ltd., H Shares | 113000 | 350480 |
| Hua Hong Semiconductor Ltd.<sup>(1)(2)</sup> | 2000 | 13847 |
| Huaneng Power International, Inc., H Shares | 2186000 | 1570704 |
| iDreamSky Technology Holdings Ltd.<sup>(1)</sup> | 119200 | 17601 |
| Ingdan, Inc.<sup>(1)</sup> | 623000 | 205494 |
| Inkeverse Group Ltd.<sup>(1)</sup> | 1680000 | 348408 |
| iQIYI, Inc., ADR<sup>(1)(2)</sup> | 322619 | 854940 |
| JD Logistics, Inc.<sup>(1)</sup> | 1175600 | 1953261 |
| JD.com, Inc., ADR | 49989 | 1553158 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Jiayin Group, Inc., ADR<sup>(2)</sup> | 4201 | $52849 |
| Jinke Smart Services Group Co. Ltd., H Shares<sup>(1)</sup> | 26500 | 21855 |
| Jinxin Fertility Group Ltd.<sup>(1)(2)</sup> | 9000 | 3348 |
| Jiumaojiu International Holdings Ltd.<sup>(2)</sup> | 1216000 | 378418 |
| JNBY Design Ltd. | 259000 | 670932 |
| Kangji Medical Holdings Ltd. | 64000 | 71252 |
| Kinetic Development Group Ltd.<sup>(2)</sup> | 2878000 | 444600 |
| Kingboard Holdings Ltd. | 679500 | 2501060 |
| Kingboard Laminates Holdings Ltd. | 14000 | 23869 |
| Kingsoft Corp. Ltd. | 705200 | 3106240 |
| Kuaishou Technology<sup>(1)</sup> | 919900 | 9016251 |
| Launch Tech Co. Ltd., Class H<sup>(2)</sup> | 53500 | 76352 |
| Lee & Man Paper Manufacturing Ltd.<sup>(2)</sup> | 353000 | 133805 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(2)</sup> | 533000 | 986726 |
| Linklogis, Inc., Class B<sup>(2)</sup> | 37500 | 12552 |
| Longfor Group Holdings Ltd.<sup>(2)</sup> | 1475163 | 2022807 |
| Lonking Holdings Ltd. | 1985000 | 690136 |
| Lufax Holding Ltd., ADR<sup>(1)</sup> | 14642 | 43047 |
| LVGEM China Real Estate Investment Co. Ltd.<sup>(1)</sup> | 142000 | 5150 |
| Maoyan Entertainment<sup>(2)</sup> | 1200 | 1199 |
| Midea Real Estate Holding Ltd.<sup>(1)(2)</sup> | 385000 | 236583 |
| Minth Group Ltd. | 424000 | 1801279 |
| MMG Ltd.<sup>(1)</sup> | 4909600 | 3280224 |
| NetDragon Websoft Holdings Ltd. | 1000 | 1342 |
| New China Life Insurance Co. Ltd., H Shares | 797600 | 4962613 |
| Newborn Town, Inc.<sup>(1)</sup> | 318000 | 504788 |
| Nexteer Automotive Group Ltd. | 1219000 | 1077743 |
| Nine Dragons Paper Holdings Ltd.<sup>(1)</sup> | 1663000 | 1209211 |
| Noah Holdings Ltd., ADR | 7552 | 94022 |
| Orient Overseas International Ltd. | 44000 | 770988 |
| People's Insurance Co. Group of China Ltd., H Shares | 3966000 | 3566270 |
| Perennial Energy Holdings Ltd.<sup>(1)</sup> | 130000 | 12987 |
| PICC Property & Casualty Co. Ltd., H Shares | 806000 | 1947915 |
| Poly Property Group Co. Ltd.<sup>(2)</sup> | 1745000 | 359826 |
| Poly Property Services Co. Ltd., Class H | 222200 | 1005365 |
| Postal Savings Bank of China Co. Ltd., H Shares | 78000 | 54320 |
| Powerlong Commercial Management Holdings Ltd.<sup>(1)</sup> | 20500 | 5944 |
| Precision Tsugami China Corp. Ltd. | 120000 | 433741 |
| Q Technology Group Co. Ltd. | 544000 | 1126789 |
| Qfin Holdings, Inc., ADR | 72858 | 2121625 |
| Radiance Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 522000 | 182383 |
| Scholar Education Group | 151000 | 46998 |
| Seazen Group Ltd.<sup>(1)</sup> | 860000 | 275410 |
| Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 9200 | 6952 |
| Shanghai Chicmax Cosmetic Co. Ltd. | 42700 | 498127 |
| Shanghai Industrial Holdings Ltd. | 51000 | 94760 |
| Shenzhen Expressway Corp. Ltd., H Shares<sup>(2)</sup> | 86000 | 79012 |
| Shenzhen International Holdings Ltd. | 309420 | 312166 |
| Shimao Services Holdings Ltd.<sup>(1)</sup> | 2000 | 194 |
| Shougang Fushan Resources Group Ltd. | 2179000 | 770940 |
| Shui On Land Ltd. | 481500 | 47035 |
| Sichuan Expressway Co. Ltd., Class H<sup>(2)</sup> | 154000 | 95064 |
| Simcere Pharmaceutical Group Ltd.<sup>(2)</sup> | 46000 | 83421 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sino-Ocean Group Holding Ltd.<sup>(1)(2)</sup> | 3000 | $48 |
| Sinotruk Hong Kong Ltd. | 142000 | 414018 |
| Skyworth Group Ltd.<sup>(1)</sup> | 261457 | 116561 |
| SOHO China Ltd.<sup>(1)</sup> | 427500 | 33135 |
| SSY Group Ltd. | 858000 | 313362 |
| Sun Art Retail Group Ltd. | 2279500 | 595029 |
| Sunac Services Holdings Ltd. | 1747000 | 375691 |
| Sunshine Insurance Group Co. Ltd. | 556000 | 299600 |
| Sunshine Lake Pharma Co. Ltd.<sup>(1)(2)</sup> | 118 | 786 |
| SY Holdings Group Ltd.<sup>(2)</sup> | 232000 | 355026 |
| Tianli International Holdings Ltd.<sup>(2)</sup> | 680000 | 331700 |
| Tingyi Cayman Islands Holding Corp. | 1442000 | 2049223 |
| Tongda Group Holdings Ltd.<sup>(1)</sup> | 190000 | 2689 |
| Topsports International Holdings Ltd. | 2546000 | 1059032 |
| Tsaker New Energy Tech Co. Ltd. | 56500 | 5728 |
| Tsingtao Brewery Co. Ltd., H Shares | 72000 | 468215 |
| Uni-President China Holdings Ltd. | 149000 | 177982 |
| Vipshop Holdings Ltd., ADR | 283661 | 4748485 |
| Viva Biotech Holdings<sup>(1)</sup> | 9000 | 3091 |
| Vnet Group, Inc., ADR<sup>(1)(2)</sup> | 1416 | 12263 |
| Want Want China Holdings Ltd. | 3714000 | 2582247 |
| Wasion Holdings Ltd. | 482000 | 716192 |
| Weibo Corp., ADR<sup>(2)</sup> | 87397 | 1001570 |
| Weichai Power Co. Ltd., H Shares | 294000 | 618039 |
| West China Cement Ltd.<sup>(2)</sup> | 2204000 | 753099 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>(1)</sup> | 240000 | 25128 |
| Xinjiang Xinxin Mining Industry Co. Ltd., H Shares | 47000 | 8690 |
| Xinyi Energy Holdings Ltd.<sup>(2)</sup> | 92325 | 15070 |
| Xinyi Solar Holdings Ltd.<sup>(2)</sup> | 1048000 | 456373 |
| XJ International Holdings Co. Ltd.<sup>(1)</sup> | 922000 | 23698 |
| Xtep International Holdings Ltd. | 1608186 | 1374561 |
| Yankuang Energy Group Co. Ltd., H Shares<sup>(2)</sup> | 2000 | 2326 |
| Yihai International Holding Ltd.<sup>(2)</sup> | 474000 | 836915 |
| Yuexiu Property Co. Ltd. | 293000 | 186889 |
| Yuexiu Services Group Ltd. | 64000 | 23134 |
| Yuexiu Transport Infrastructure Ltd. | 650000 | 357704 |
| Yum China Holdings, Inc. | 24782 | 1108251 |
| Zengame Technology Holding Ltd. | 142000 | 47195 |
| Zhaojin Mining Industry Co. Ltd., H Shares | 1238000 | 3888574 |
| Zhejiang Expressway Co. Ltd., H Shares | 44760 | 39557 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(1)</sup> | 119600 | 998273 |
| Zhongsheng Group Holdings Ltd.<sup>(2)</sup> | 426000 | 883825 |
| Zhou Hei Ya International Holdings Co. Ltd. | 790000 | 248550 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | 3600 | 2991 |
| ZTO Express Cayman, Inc., ADR | 133826 | 2435633 |
|  |  | 207806993 |
| **Greece — 0.8%** |  |  |
| Aegean Airlines SA | 9756 | 163807 |
| Alpha Bank SA | 150640 | 597607 |
| Eurobank Ergasias Services & Holdings SA, Class A | 196277 | 721330 |
| GEK TERNA SA | 6137 | 160877 |
| Hellenic Telecommunications Organization SA | 3023 | 56263 |
| HELLENiQ ENERGY Holdings SA | 26170 | 263067 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LAMDA Development SA<sup>(1)</sup> | 12980 | $112291 |
| Motor Oil Hellas Corinth Refineries SA | 14051 | 414141 |
| National Bank of Greece SA | 111788 | 1548133 |
| Optima bank SA | 23874 | 218109 |
| Piraeus Financial Holdings SA<sup>(1)</sup> | 198273 | 1534436 |
| Titan SA | 5692 | 247180 |
|  |  | 6037241 |
| **Hong Kong — 0.0%** |  |  |
| EVA Precision Industrial Holdings Ltd. | 54000 | 6249 |
| Hilong Holding Ltd.<sup>(1)</sup> | 205000 | 4129 |
| Jinchuan Group International Resources Co. Ltd.<sup>(1)(2)</sup> | 49000 | 3017 |
| Shanghai Industrial Urban Development Group Ltd.<sup>(1)</sup> | 240000 | 10511 |
| Shinsun Holdings Group Co. Ltd.<sup>(1)</sup> | 137000 | 176 |
|  |  | 24082 |
| **Hungary — 0.3%** |  |  |
| MOL Hungarian Oil & Gas PLC | 3635 | 31283 |
| OTP Bank Nyrt | 28230 | 2462340 |
|  |  | 2493623 |
| **India — 19.5%** |  |  |
| 5Paisa Capital Ltd.<sup>(1)</sup> | 3763 | 15184 |
| Aadhar Housing Finance Ltd.<sup>(1)</sup> | 9480 | 54060 |
| Aarti Industries Ltd. | 46403 | 197765 |
| Aarti Pharmalabs Ltd. | 5749 | 54869 |
| Accelya Solutions India Ltd. | 954 | 15125 |
| Action Construction Equipment Ltd. | 9391 | 112019 |
| Adani Ports & Special Economic Zone Ltd. | 110590 | 1647534 |
| Adani Power Ltd.<sup>(1)</sup> | 93763 | 639298 |
| Aditya Birla Capital Ltd.<sup>(1)</sup> | 101920 | 321188 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 30896 | 292590 |
| AGI Greenpac Ltd. | 14938 | 151295 |
| AGI Infra Ltd. | 3241 | 41760 |
| AGS Transact Technologies Ltd.<sup>(1)</sup> | 24586 | 1623 |
| Ajanta Pharma Ltd. | 7940 | 223112 |
| Allcargo Logistics Ltd. | 37584 | 13315 |
| Allcargo Terminals Ltd.<sup>(1)</sup> | 9396 | 2879 |
| Amara Raja Energy & Mobility Ltd. | 41686 | 468697 |
| Amber Enterprises India Ltd.<sup>(1)</sup> | 8779 | 723048 |
| Ambika Cotton Mills Ltd. | 311 | 4963 |
| Anant Raj Ltd. | 33112 | 194066 |
| Andhra Sugars Ltd. | 4689 | 4007 |
| Angel One Ltd. | 22937 | 574948 |
| Apar Industries Ltd. | 7554 | 662646 |
| APL Apollo Tubes Ltd. | 10245 | 186469 |
| Apollo Hospitals Enterprise Ltd. | 1240 | 107082 |
| Apollo Tyres Ltd. | 128266 | 671866 |
| Aptech Ltd. | 2186 | 3218 |
| Aptus Value Housing Finance India Ltd. | 75532 | 272166 |
| Archean Chemical Industries Ltd. | 29536 | 219873 |
| Arvind Fashions Ltd. | 11545 | 68004 |
| Arvind Ltd. | 70690 | 225382 |
| Asahi India Glass Ltd.<sup>(1)</sup> | 3006 | 28533 |
| Ashok Leyland Ltd. | 496800 | 714800 |
| Ashoka Buildcon Ltd.<sup>(1)</sup> | 31206 | 61178 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Aster DM Healthcare Ltd. | 27211 | $185480 |
| Astra Microwave Products Ltd.<sup>(1)</sup> | 7929 | 92012 |
| Aurobindo Pharma Ltd. | 62517 | 728406 |
| Avadh Sugar & Energy Ltd. | 1300 | 6067 |
| Avanti Feeds Ltd. | 12346 | 90018 |
| Axis Bank Ltd., GDR | 16670 | 990512 |
| Bajaj Auto Ltd. | 7508 | 734785 |
| Bajaj Consumer Care Ltd.<sup>(1)</sup> | 11479 | 30524 |
| Bajaj Finance Ltd. | 221920 | 2210703 |
| Bajaj Finserv Ltd. | 4134 | 89737 |
| Bajaj Hindusthan Sugar Ltd.<sup>(1)</sup> | 393023 | 90137 |
| Bajel Projects Ltd.<sup>(1)</sup> | 4771 | 10910 |
| Balaji Amines Ltd. | 2247 | 37156 |
| Balkrishna Industries Ltd. | 22603 | 587476 |
| Balrampur Chini Mills Ltd. | 40732 | 247758 |
| Banco Products India Ltd. | 10766 | 70412 |
| Bandhan Bank Ltd. | 390427 | 716416 |
| Bank of Baroda | 285035 | 752979 |
| BASF India Ltd. | 1729 | 90259 |
| Bata India Ltd. | 17876 | 222536 |
| Bayer CropScience Ltd. | 4553 | 270176 |
| BEML Ltd. | 4052 | 176344 |
| Best Agrolife Ltd. | 2513 | 10229 |
| Bhansali Engineering Polymers Ltd. | 3804 | 4471 |
| Bharat Electronics Ltd. | 675918 | 2832299 |
| Bharat Forge Ltd. | 37460 | 470246 |
| Bharat Heavy Electricals Ltd. | 161556 | 381174 |
| Bharat Petroleum Corp. Ltd. | 590075 | 2063025 |
| Birla Corp. Ltd.<sup>(1)</sup> | 4926 | 69931 |
| BirlaNu Ltd. | 251 | 5334 |
| Birlasoft Ltd. | 20238 | 84410 |
| Blue Dart Express Ltd. | 1633 | 103831 |
| Bluspring Enterprises Ltd.<sup>(1)</sup> | 11914 | 10739 |
| Bombay Burmah Trading Co. | 10853 | 215983 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 65785 | 126718 |
| Borosil Renewables Ltd.<sup>(1)</sup> | 3660 | 22891 |
| Brigade Enterprises Ltd. | 23579 | 246902 |
| Brightcom Group Ltd.<sup>(1)</sup> | 813426 | 149550 |
| BSE Ltd. | 64938 | 1544659 |
| Butterfly Gandhimathi Appliances Ltd.<sup>(1)</sup> | 68 | 561 |
| Can Fin Homes Ltd. | 37412 | 304750 |
| Canara Bank | 217430 | 256059 |
| Cantabil Retail India Ltd. | 16237 | 46305 |
| Capacit'e Infraprojects Ltd.<sup>(1)</sup> | 16187 | 51741 |
| Caplin Point Laboratories Ltd. | 145 | 3452 |
| Castrol India Ltd. | 193676 | 433262 |
| CCL Products India Ltd. | 7880 | 77968 |
| Ceat Ltd. | 15420 | 547922 |
| Century Enka Ltd. | 2034 | 11553 |
| Cera Sanitaryware Ltd. | 575 | 41180 |
| Chalet Hotels Ltd.<sup>(1)</sup> | 2277 | 26072 |
| Chambal Fertilisers & Chemicals Ltd. | 115968 | 710237 |
| Chennai Petroleum Corp. Ltd. | 28167 | 206191 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cholamandalam Investment & Finance Co. Ltd. | 131370 | $2119022 |
| CIE Automotive India Ltd. | 265 | 1157 |
| Cipla Ltd. | 11659 | 210156 |
| City Union Bank Ltd. | 189908 | 422250 |
| CMS Info Systems Ltd. | 47109 | 219173 |
| Coal India Ltd. | 533275 | 2266301 |
| Cochin Shipyard Ltd. | 22331 | 407423 |
| Cohance Lifesciences Ltd.<sup>(1)</sup> | 12009 | 119753 |
| Confidence Petroleum India Ltd. | 23445 | 12589 |
| Coromandel International Ltd. | 58945 | 1543033 |
| Cosmo First Ltd. | 2175 | 24417 |
| Craftsman Automation Ltd. | 4452 | 349195 |
| CreditAccess Grameen Ltd.<sup>(1)</sup> | 20459 | 324645 |
| Credo Brands Marketing Ltd.<sup>(1)</sup> | 9928 | 13580 |
| CSB Bank Ltd.<sup>(1)</sup> | 23056 | 94829 |
| Cyient Ltd. | 26619 | 352748 |
| Dalmia Bharat Ltd. | 517 | 14087 |
| Dalmia Bharat Sugar & Industries Ltd. | 1821 | 7745 |
| DCB Bank Ltd. | 55257 | 76753 |
| DCM Shriram Ltd. | 10064 | 141535 |
| DCW Ltd.<sup>(1)</sup> | 60041 | 49476 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 14955 | 235357 |
| Deepak Nitrite Ltd. | 5896 | 119735 |
| Dhampur Bio Organics Ltd. | 1877 | 1820 |
| Dhampur Sugar Mills Ltd.<sup>(1)</sup> | 12479 | 17551 |
| Digitide Solutions Ltd.<sup>(1)</sup> | 11914 | 27121 |
| Dilip Buildcon Ltd. | 20482 | 108091 |
| Dwarikesh Sugar Industries Ltd. | 12008 | 5370 |
| eClerx Services Ltd. | 5833 | 279242 |
| Edelweiss Financial Services Ltd. | 102601 | 124642 |
| Eicher Motors Ltd. | 6288 | 435146 |
| EID Parry India Ltd.<sup>(1)</sup> | 52624 | 672037 |
| Elecon Engineering Co. Ltd. | 14376 | 90094 |
| Emami Ltd. | 38383 | 249892 |
| Endurance Technologies Ltd. | 2695 | 87686 |
| Engineers India Ltd. | 44338 | 99747 |
| Epack Durable Ltd.<sup>(1)</sup> | 31277 | 134628 |
| Epigral Ltd. | 4773 | 98120 |
| EPL Ltd. | 83278 | 212162 |
| Equitas Small Finance Bank Ltd.<sup>(1)</sup> | 96941 | 55272 |
| Escorts Kubota Ltd. | 4030 | 163165 |
| Ester Industries Ltd.<sup>(1)</sup> | 4313 | 5326 |
| Eveready Industries India Ltd. | 21670 | 103625 |
| Everest Industries Ltd.<sup>(1)</sup> | 1179 | 8960 |
| Everest Kanto Cylinder Ltd. | 25349 | 39402 |
| Excel Industries Ltd. | 459 | 6424 |
| Exide Industries Ltd. | 12458 | 56018 |
| Federal Bank Ltd. | 441587 | 960438 |
| Filatex India Ltd. | 92883 | 54661 |
| Fine Organic Industries Ltd. | 1918 | 102161 |
| Finolex Industries Ltd. | 46631 | 112191 |
| Five-Star Business Finance Ltd. | 62668 | 387471 |
| Force Motors Ltd.<sup>(1)</sup> | 2646 | 584552 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| G R Infraprojects Ltd. | 1800 | $25521 |
| Gabriel India Ltd. | 19239 | 251586 |
| Galaxy Surfactants Ltd. | 679 | 17420 |
| Garden Reach Shipbuilders & Engineers Ltd. | 4895 | 130470 |
| Gateway Distriparks Ltd. | 19801 | 14455 |
| Geojit Financial Services Ltd. | 52137 | 42155 |
| GHCL Ltd. | 23945 | 150170 |
| GHCL Textiles Ltd. | 13434 | 12124 |
| GIC Housing Finance Ltd. | 10437 | 20377 |
| Glenmark Pharmaceuticals Ltd. | 45061 | 982549 |
| Global Health Ltd. | 16312 | 254043 |
| Globus Spirits Ltd. | 4244 | 57960 |
| Godawari Power & Ispat Ltd. | 156836 | 413859 |
| Godrej Agrovet Ltd. | 20225 | 169929 |
| Gokaldas Exports Ltd.<sup>(1)</sup> | 26156 | 200053 |
| Gokul Agro Resources Ltd.<sup>(1)</sup> | 26678 | 98725 |
| Granules India Ltd. | 34246 | 191229 |
| Grasim Industries Ltd. | 39614 | 1246658 |
| Great Eastern Shipping Co. Ltd. | 51791 | 544508 |
| Greenpanel Industries Ltd. | 3008 | 9230 |
| Greenply Industries Ltd. | 16723 | 58497 |
| Gufic Biosciences Ltd. | 5829 | 24253 |
| Gujarat Alkalies & Chemicals Ltd. | 3982 | 25477 |
| Gujarat Ambuja Exports Ltd. | 28756 | 33736 |
| Gujarat Mineral Development Corp. Ltd. | 13196 | 60511 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 40371 | 239237 |
| Gujarat Pipavav Port Ltd. | 102692 | 173651 |
| Gujarat State Fertilizers & Chemicals Ltd. | 81386 | 182316 |
| Gulf Oil Lubricants India Ltd. | 7317 | 103761 |
| Hathway Cable & Datacom Ltd.<sup>(1)</sup> | 169968 | 28171 |
| HBL Engineering Ltd. | 17551 | 160904 |
| HCL Technologies Ltd. | 232547 | 3834375 |
| HDFC Asset Management Co. Ltd. | 24905 | 1542941 |
| HealthCare Global Enterprises Ltd.<sup>(1)</sup> | 9740 | 74333 |
| Heritage Foods Ltd. | 15708 | 82236 |
| Hero MotoCorp Ltd. | 26381 | 1521275 |
| HG Infra Engineering Ltd. | 7303 | 80440 |
| Himadri Speciality Chemical Ltd., ADR | 55687 | 281572 |
| Hindalco Industries Ltd. | 322406 | 2576464 |
| Hinduja Global Solutions Ltd. | 845 | 4910 |
| Hindustan Aeronautics Ltd. | 19006 | 934520 |
| Hindustan Copper Ltd. | 38304 | 99957 |
| Hindustan Petroleum Corp. Ltd. | 367717 | 1568095 |
| Hindware Home Innovation Ltd.<sup>(1)</sup> | 2624 | 9222 |
| HI-Tech Pipes Ltd. | 26581 | 25963 |
| I G Petrochemicals Ltd. | 1051 | 5113 |
| ICICI Bank Ltd. | 16313 | 258477 |
| IIFL Capital Services Ltd. | 99811 | 335580 |
| IIFL Finance Ltd.<sup>(1)</sup> | 158533 | 768365 |
| India Glycols Ltd.<sup>(1)</sup> | 16556 | 153216 |
| IndiaMart InterMesh Ltd. | 11484 | 338318 |
| Indian Bank | 40248 | 298222 |
| Indian Energy Exchange Ltd. | 63666 | 100965 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Indian Metals & Ferro Alloys Ltd. | 1190 | $11638 |
| Indian Oil Corp. Ltd. | 827582 | 1282421 |
| Indian Renewable Energy Development Agency Ltd.<sup>(1)</sup> | 22551 | 35956 |
| Indus Towers Ltd.<sup>(1)</sup> | 437736 | 1681761 |
| IndusInd Bank Ltd.<sup>(1)</sup> | 2827 | 23692 |
| INOX India Ltd. | 4147 | 52665 |
| Intellect Design Arena Ltd. | 15447 | 171215 |
| IOL Chemicals & Pharmaceuticals Ltd. | 16345 | 16818 |
| IRCON International Ltd. | 44986 | 81903 |
| ITD Cementation India Ltd. | 51929 | 417401 |
| J Kumar Infraprojects Ltd. | 15616 | 109427 |
| Jai Balaji Industries Ltd.<sup>(1)</sup> | 42560 | 49959 |
| Jaiprakash Power Ventures Ltd.<sup>(1)</sup> | 285099 | 59453 |
| Jammu & Kashmir Bank Ltd. | 244848 | 274750 |
| Jamna Auto Industries Ltd. | 114313 | 134584 |
| Jana Small Finance Bank Ltd.<sup>(1)</sup> | 9150 | 50937 |
| Jayaswal NECO Industries Ltd.<sup>(1)</sup> | 33883 | 22217 |
| Jindal Poly Films Ltd. | 1238 | 8437 |
| Jindal Saw Ltd. | 81100 | 181616 |
| Jindal Stainless Ltd. | 116995 | 1012891 |
| Jindal Steel Ltd. | 169806 | 1821607 |
| JK Cement Ltd. | 8590 | 677222 |
| JK Lakshmi Cement Ltd. | 15916 | 166377 |
| JK Paper Ltd. | 25694 | 109216 |
| JK Tyre & Industries Ltd. | 78669 | 286281 |
| JM Financial Ltd. | 235243 | 473118 |
| Johnson Controls-Hitachi Air Conditioning India Ltd. | 385 | 7554 |
| JSW Energy Ltd. | 90926 | 503811 |
| JSW Steel Ltd. | 137289 | 1600397 |
| Jubilant Ingrevia Ltd. | 15747 | 129262 |
| Jubilant Pharmova Ltd. | 14710 | 170706 |
| Kajaria Ceramics Ltd. | 39103 | 537291 |
| Kalpataru Projects International Ltd. | 26004 | 368949 |
| Karnataka Bank Ltd. | 108179 | 210496 |
| Karur Vysya Bank Ltd. | 249381 | 605293 |
| Kaveri Seed Co. Ltd. | 12778 | 168964 |
| KCP Ltd. | 12788 | 28592 |
| KEC International Ltd. | 34010 | 311390 |
| Kirloskar Brothers Ltd. | 6089 | 134002 |
| Kirloskar Ferrous Industries Ltd. | 14319 | 89173 |
| Kirloskar Oil Engines Ltd. | 17266 | 176366 |
| KNR Constructions Ltd. | 17237 | 37296 |
| Kolte-Patil Developers Ltd.<sup>(1)</sup> | 2489 | 13207 |
| Kotak Mahindra Bank Ltd. | 269920 | 6003360 |
| KPI Green Energy Ltd. | 23238 | 126825 |
| KPIT Technologies Ltd. | 7670 | 103506 |
| KPR Mill Ltd. | 4523 | 50664 |
| KRBL Ltd. | 4023 | 19668 |
| Krsnaa Diagnostics Ltd. | 3390 | 30333 |
| L&T Finance Ltd. | 211252 | 520372 |
| Larsen & Toubro Ltd. | 117232 | 4786474 |
| Laurus Labs Ltd. | 29514 | 286750 |
| Laxmi Organic Industries Ltd. | 17824 | 40858 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LG Balakrishnan & Bros Ltd. | 4162 | $59972 |
| LIC Housing Finance Ltd. | 165541 | 1042738 |
| LT Foods Ltd. | 39856 | 190631 |
| LUX Industries Ltd. | 271 | 3920 |
| Maharashtra Seamless Ltd. | 24985 | 181834 |
| Mahindra & Mahindra Financial Services Ltd. | 98147 | 282695 |
| Mahindra & Mahindra Ltd. | 102801 | 3730007 |
| Mahindra Logistics Ltd. | 10289 | 37029 |
| Maithan Alloys Ltd. | 648 | 7656 |
| Manali Petrochemicals Ltd. | 13942 | 10190 |
| Manappuram Finance Ltd. | 399872 | 1185110 |
| Mangalore Chemicals & Fertilizers Ltd. | 17911 | 70146 |
| Marksans Pharma Ltd. | 83831 | 160355 |
| Maruti Suzuki India Ltd. | 35744 | 5998824 |
| MAS Financial Services Ltd. | 5661 | 19910 |
| Matrimony.com Ltd. | 3231 | 18644 |
| Mazagon Dock Shipbuilders Ltd. | 5066 | 149374 |
| Medplus Health Services Ltd.<sup>(1)</sup> | 4549 | 43428 |
| Meghmani Organics Ltd.<sup>(1)</sup> | 23240 | 21603 |
| Minda Corp. Ltd. | 26484 | 149974 |
| MOIL Ltd. | 8159 | 30600 |
| Motherson Sumi Wiring India Ltd. | 70026 | 33052 |
| Motilal Oswal Financial Services Ltd. | 48784 | 474568 |
| Mphasis Ltd. | 16726 | 527721 |
| MRF Ltd. | 466 | 744703 |
| Mrs Bectors Food Specialities Ltd. | 1317 | 20588 |
| MSTC Ltd. | 897 | 4590 |
| Multi Commodity Exchange of India Ltd. | 7292 | 611671 |
| Muthoot Finance Ltd. | 54226 | 1623818 |
| Muthoot Microfin Ltd.<sup>(1)</sup> | 9966 | 17226 |
| Narayana Hrudayalaya Ltd. | 17172 | 341336 |
| Natco Pharma Ltd. | 12871 | 125845 |
| National Aluminium Co. Ltd. | 276735 | 585150 |
| National Fertilizers Ltd. | 11767 | 12855 |
| Nava Ltd. | 47256 | 368372 |
| Navin Fluorine International Ltd. | 15634 | 830605 |
| NCC Ltd. | 152198 | 353250 |
| NESCO Ltd. | 3101 | 49383 |
| Neuland Laboratories Ltd. | 1328 | 202592 |
| NIIT Learning Systems Ltd. | 6430 | 23924 |
| Nippon Life India Asset Management Ltd. | 53044 | 472141 |
| NLC India Ltd. | 23997 | 61230 |
| NMDC Ltd. | 1035997 | 809282 |
| NOCIL Ltd. | 23640 | 47462 |
| NTPC Ltd. | 753177 | 2798711 |
| Nuvama Wealth Management Ltd. | 9312 | 674074 |
| Oil & Natural Gas Corp. Ltd. | 817914 | 2167762 |
| Oil India Ltd. | 137056 | 606824 |
| Olectra Greentech Ltd. | 470 | 8225 |
| Onesource Specialty Pharma Ltd.<sup>(1)</sup> | 7814 | 167523 |
| Optiemus Infracom Ltd.<sup>(1)</sup> | 2901 | 18316 |
| Oracle Financial Services Software Ltd. | 5461 | 513653 |
| Orient Cement Ltd. | 10916 | 26865 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Orient Electric Ltd. | 17185 | $41884 |
| Orient Green Power Co. Ltd.<sup>(1)</sup> | 230963 | 35684 |
| Panama Petrochem Ltd. | 7332 | 24538 |
| Paradeep Phosphates Ltd. | 277238 | 683316 |
| PCBL Chemical Ltd. | 73480 | 309592 |
| Pearl Global Industries Ltd. | 3411 | 47857 |
| Pennar Industries Ltd.<sup>(1)</sup> | 25863 | 70200 |
| Persistent Systems Ltd. | 12534 | 753140 |
| Petronet LNG Ltd. | 258835 | 790785 |
| PNB Housing Finance Ltd. | 25989 | 222112 |
| PNC Infratech Ltd. | 39746 | 137175 |
| Pondy Oxides & Chemicals Ltd. | 3672 | 43799 |
| Power Finance Corp. Ltd. | 423224 | 1822600 |
| Power Mech Projects Ltd. | 3410 | 116219 |
| Prakash Industries Ltd. | 44580 | 79236 |
| Pricol Ltd.<sup>(1)</sup> | 28946 | 150896 |
| Prince Pipes & Fittings Ltd. | 3796 | 13720 |
| Prism Johnson Ltd.<sup>(1)</sup> | 17007 | 28182 |
| PTC India Ltd. | 119175 | 236699 |
| Quess Corp. Ltd. | 18651 | 56710 |
| Railtel Corp. of India Ltd. | 49019 | 182423 |
| Rain Industries Ltd. | 48778 | 75182 |
| Ramco Cements Ltd. | 39260 | 466207 |
| Ramkrishna Forgings Ltd. | 28820 | 185255 |
| Rane Holdings Ltd. | 3225 | 54981 |
| Rashtriya Chemicals & Fertilizers Ltd. | 32956 | 55671 |
| Raymond Lifestyle Ltd.<sup>(1)</sup> | 8304 | 104306 |
| Raymond Ltd.<sup>(1)</sup> | 10381 | 70658 |
| Raymond Realty Ltd.<sup>(1)</sup> | 10381 | 71383 |
| RBL Bank Ltd.<sup>(1)</sup> | 257229 | 762126 |
| REC Ltd. | 515377 | 2047350 |
| Redington Ltd. | 102736 | 280681 |
| Reliance Power Ltd.<sup>(1)</sup> | 587154 | 292925 |
| Religare Enterprises Ltd.<sup>(1)</sup> | 73378 | 197592 |
| Repco Home Finance Ltd. | 27990 | 110077 |
| Restaurant Brands Asia Ltd.<sup>(1)</sup> | 46421 | 42066 |
| Rhi Magnesita India Ltd. | 3248 | 17457 |
| RITES Ltd. | 28436 | 78715 |
| Rolex Rings Ltd.<sup>(1)</sup> | 969 | 14969 |
| RPG Life Sciences Ltd. | 1481 | 38981 |
| Rupa & Co. Ltd. | 11092 | 23787 |
| SAMHI Hotels Ltd.<sup>(1)</sup> | 26195 | 62868 |
| Sammaan Capital Ltd. | 141669 | 199068 |
| Samvardhana Motherson International Ltd. | 757773 | 796343 |
| Sanghi Industries Ltd.<sup>(1)</sup> | 11763 | 8384 |
| Sanghvi Movers Ltd.<sup>(1)</sup> | 17142 | 63447 |
| Sanofi India Ltd. | 2035 | 118653 |
| Sansera Engineering Ltd. | 22165 | 319270 |
| Sarda Energy & Minerals Ltd. | 49853 | 338150 |
| Satia Industries Ltd. | 7648 | 7082 |
| Satin Creditcare Network Ltd.<sup>(1)</sup> | 27482 | 42140 |
| SBFC Finance Ltd.<sup>(1)</sup> | 183400 | 219778 |
| SBI Cards & Payment Services Ltd. | 33618 | 306614 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SEAMEC Ltd.<sup>(1)</sup> | 1351 | $15135 |
| SH Kelkar & Co. Ltd. | 16969 | 47958 |
| Sharda Cropchem Ltd. | 934 | 10051 |
| Share India Securities Ltd. | 36311 | 59922 |
| Shipping Corp. of India Land & Assets Ltd. | 12981 | 7178 |
| Shipping Corp. of India Ltd. | 98450 | 235969 |
| Shree Cement Ltd. | 396 | 131440 |
| Shriram Finance Ltd. | 386502 | 2545544 |
| Shriram Pistons & Rings Ltd. | 6636 | 188776 |
| Shyam Metalics & Energy Ltd. | 35910 | 368827 |
| Siyaram Silk Mills Ltd. | 1138 | 7941 |
| SKF India Ltd. | 319 | 16063 |
| SMC Global Securities Ltd. | 24500 | 36217 |
| Sobha Ltd. | 8417 | 136696 |
| Sonata Software Ltd. | 21712 | 86435 |
| South Indian Bank Ltd. | 745989 | 247784 |
| Southern Petrochemical Industries Corp. Ltd. | 13120 | 16065 |
| Speciality Restaurants Ltd. | 6760 | 9444 |
| SRF Ltd. | 11511 | 370247 |
| Star Cement Ltd. | 40431 | 130782 |
| State Bank of India, GDR | 14473 | 1325597 |
| Sterling Tools Ltd. | 10695 | 36819 |
| Stove Kraft Ltd. | 3879 | 28111 |
| Strides Pharma Science Ltd. | 15628 | 153032 |
| Sudarshan Chemical Industries Ltd.<sup>(1)</sup> | 7929 | 134313 |
| Sun Pharmaceutical Industries Ltd. | 11584 | 209565 |
| Sun TV Network Ltd. | 43327 | 267028 |
| Sunflag Iron & Steel Co. Ltd.<sup>(1)</sup> | 6209 | 18717 |
| Supreme Industries Ltd. | 9151 | 463910 |
| Supreme Petrochem Ltd. | 14619 | 126687 |
| Surya Roshni Ltd. | 40658 | 130929 |
| Suryoday Small Finance Bank Ltd.<sup>(1)</sup> | 20262 | 28010 |
| Swaraj Engines Ltd. | 1833 | 83387 |
| TAJGVK Hotels & Resorts Ltd.<sup>(1)</sup> | 13190 | 61184 |
| Tamil Nadu Newsprint & Papers Ltd. | 14869 | 27418 |
| Tamilnadu Petroproducts Ltd. | 8337 | 9998 |
| Tanla Platforms Ltd. | 12725 | 89128 |
| Tata Chemicals Ltd. | 62011 | 647952 |
| Tata Motors Ltd. | 5470 | 41506 |
| Tata Steel Ltd. | 2152476 | 3773758 |
| Tech Mahindra Ltd. | 144438 | 2424059 |
| Thermax Ltd. | 774 | 28165 |
| Thirumalai Chemicals Ltd.<sup>(1)</sup> | 8400 | 27707 |
| Thomas Cook India Ltd. | 19673 | 39649 |
| Time Technoplast Ltd. | 26322 | 136300 |
| Titagarh Rail System Ltd.<sup>(1)</sup> | 25526 | 238869 |
| Tourism Finance Corp. of India Ltd. | 29418 | 100389 |
| Tracxn Technologies Ltd.<sup>(1)</sup> | 29864 | 16792 |
| TransIndia Real Estate Ltd.<sup>(1)</sup> | 9396 | 3393 |
| Transport Corp. of India Ltd. | 1955 | 25268 |
| Trident Ltd. | 106553 | 33100 |
| Triveni Turbine Ltd. | 15888 | 93588 |
| Tube Investments of India Ltd. | 4947 | 166088 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TV Today Network Ltd. | 8203 | $13713 |
| TVS Srichakra Ltd. | 401 | 12904 |
| Uflex Ltd. | 4366 | 25546 |
| Ugar Sugar Works Ltd.<sup>(1)</sup> | 8924 | 4189 |
| Ujjivan Small Finance Bank Ltd.<sup>(1)</sup> | 409138 | 197997 |
| UltraTech Cement Ltd. | 2930 | 419988 |
| Union Bank of India Ltd. | 639922 | 906074 |
| Usha Martin Ltd. | 8471 | 36700 |
| UTI Asset Management Co. Ltd. | 12909 | 188764 |
| Valiant Organics Ltd.<sup>(1)</sup> | 587 | 2224 |
| Vardhman Textiles Ltd. | 26835 | 129290 |
| Varroc Engineering Ltd. | 26103 | 158200 |
| Vedanta Ltd. | 202173 | 965119 |
| Venky's India Ltd. | 72 | 1197 |
| Vishnu Chemicals Ltd. | 3715 | 20718 |
| VLS Finance Ltd. | 6312 | 15858 |
| V-Mart Retail Ltd.<sup>(1)</sup> | 3612 | 30433 |
| VRL Logistics Ltd. | 16400 | 49096 |
| Welspun Corp. Ltd. | 42400 | 405936 |
| Welspun Enterprises Ltd. | 19561 | 103726 |
| Welspun Living Ltd. | 23059 | 28625 |
| West Coast Paper Mills Ltd. | 9632 | 54491 |
| Wockhardt Ltd.<sup>(1)</sup> | 21069 | 341462 |
| Wonderla Holidays Ltd. | 1022 | 7102 |
| Yes Bank Ltd.<sup>(1)</sup> | 257765 | 55858 |
|  |  | 151837189 |
| **Indonesia — 1.4%** |  |  |
| ABM Investama Tbk. PT | 215600 | 38574 |
| Adaro Andalan Indonesia PT<sup>(1)</sup> | 831434 | 348740 |
| Alamtri Minerals Indonesia Tbk. PT | 2991500 | 182432 |
| Alamtri Resources Indonesia Tbk. PT | 3879200 | 413073 |
| Aneka Tambang Tbk. PT | 28800 | 5338 |
| Astra International Tbk. PT | 5480900 | 1828504 |
| Bank BTPN Syariah Tbk. PT | 204100 | 18454 |
| Bank Mandiri Persero Tbk. PT | 7990200 | 2290013 |
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 390700 | 18714 |
| Bank Rakyat Indonesia Persero Tbk. PT | 761100 | 186837 |
| Buana Lintas Lautan Tbk. PT<sup>(1)</sup> | 905400 | 8114 |
| Bukit Asam Tbk. PT | 1696600 | 246852 |
| Buma Internasional Grup Tbk. PT<sup>(1)</sup> | 2928500 | 62120 |
| Charoen Pokphand Indonesia Tbk. PT | 1200 | 311 |
| Darma Henwa Tbk. PT<sup>(1)</sup> | 10899900 | 148211 |
| Dharma Polimetal Tbk. PT | 468500 | 28276 |
| Dharma Satya Nusantara Tbk. PT | 3431700 | 338176 |
| Elnusa Tbk. PT | 1789200 | 53302 |
| Energi Mega Persada Tbk. PT<sup>(1)</sup> | 1696400 | 56964 |
| Erajaya Swasembada Tbk. PT | 985900 | 26313 |
| ESSA Industries Indonesia Tbk. PT | 241600 | 8271 |
| Gajah Tunggal Tbk. PT | 983300 | 60144 |
| Harum Energy Tbk. PT<sup>(1)</sup> | 83500 | 4640 |
| Indah Kiat Pulp & Paper Tbk. PT | 33400 | 15487 |
| Indika Energy Tbk. PT | 8700 | 700 |
| Indo Tambangraya Megah Tbk. PT | 265200 | 355621 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Indosat Tbk. PT | 85600 | $10491 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 290000 | 9145 |
| Japfa Comfeed Indonesia Tbk. PT | 1907900 | 189612 |
| Jasa Marga Persero Tbk. PT | 781200 | 159177 |
| Medco Energi Internasional Tbk. PT | 2938000 | 207339 |
| Media Nusantara Citra Tbk. PT<sup>(1)</sup> | 18900 | 291 |
| Mitra Adiperkasa Tbk. PT | 1057700 | 77214 |
| Mitra Pinasthika Mustika Tbk. PT | 18000 | 1042 |
| PP Persero Tbk. PT<sup>(1)</sup> | 22000 | 510 |
| Samudera Indonesia Tbk. PT | 1378000 | 28569 |
| Sawit Sumbermas Sarana Tbk. PT | 546000 | 48452 |
| Siloam International Hospitals Tbk. PT<sup>(1)</sup> | 88300 | 11887 |
| Sumber Tani Agung Resources Tbk. PT | 377300 | 22889 |
| Surya Semesta Internusa Tbk. PT | 652800 | 92543 |
| Telkom Indonesia Persero Tbk. PT, ADR<sup>(2)</sup> | 107445 | 2083358 |
| Timah Tbk. PT | 1676200 | 103871 |
| Triputra Agro Persada PT | 1421400 | 122502 |
| United Tractors Tbk. PT | 516600 | 764112 |
| XLSMART Telecom Sejahtera Tbk. PT | 2156300 | 359612 |
|  |  | 11036797 |
| **Malaysia — 1.6%** |  |  |
| Aeon Co. M Bhd. | 66900 | 20577 |
| Alliance Bank Malaysia Bhd. | 260523 | 277883 |
| AMMB Holdings Bhd. | 970300 | 1238451 |
| Axiata Group Bhd. | 557700 | 319465 |
| Bank Islam Malaysia Bhd. | 157000 | 85069 |
| Berjaya Corp. Bhd.<sup>(1)</sup> | 412870 | 26886 |
| Bermaz Auto Bhd. | 213800 | 33666 |
| Bumi Armada Bhd. | 590200 | 50971 |
| Cahya Mata Sarawak Bhd. | 84500 | 21987 |
| CELCOMDIGI Bhd. | 413800 | 360461 |
| Chin Hin Group Bhd.<sup>(1)</sup> | 45600 | 23640 |
| CIMB Group Holdings Bhd. | 1215404 | 2135139 |
| Dayang Enterprise Holdings Bhd. | 152900 | 62165 |
| DRB-Hicom Bhd. | 107900 | 22335 |
| Ekovest Bhd.<sup>(1)</sup> | 360400 | 31988 |
| Fraser & Neave Holdings Bhd. | 1900 | 12132 |
| Genting Bhd.<sup>(2)</sup> | 515100 | 348473 |
| Genting Malaysia Bhd. | 242200 | 116901 |
| HAP Seng Consolidated Bhd. | 40600 | 23619 |
| Hengyuan Refining Co. Bhd.<sup>(1)</sup> | 24700 | 7189 |
| Hibiscus Petroleum Bhd. | 212140 | 74688 |
| IJM Corp. Bhd. | 384100 | 260825 |
| Insas Bhd. | 6100 | 1205 |
| Jaya Tiasa Holdings Bhd. | 276200 | 75242 |
| Kelington Group Bhd. | 71100 | 86816 |
| Kossan Rubber Industries Bhd. | 112700 | 32245 |
| KSL Holdings Bhd. | 28705 | 11484 |
| Kuala Lumpur Kepong Bhd. | 17589 | 81962 |
| Lingkaran Trans Kota Holdings Bhd.<sup>(1)</sup> | 10000 | 9 |
| Mah Sing Group Bhd. | 288200 | 78487 |
| Malayan Banking Bhd.<sup>(2)</sup> | 1059360 | 2482263 |
| Malaysia Smelting Corp. Bhd. | 51800 | 14585 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Malaysian Pacific Industries Bhd. | 10300 | $65309 |
| Malaysian Resources Corp. Bhd. | 246700 | 27733 |
| Matrix Concepts Holdings Bhd. | 349800 | 108394 |
| MBSB Bhd. | 256000 | 42383 |
| Mega First Corp. Bhd. | 179900 | 144128 |
| MISC Bhd. | 151200 | 265531 |
| Pecca Group Bhd. | 65300 | 21928 |
| Perak Transit Bhd. | 69000 | 11274 |
| Perdana Petroleum Bhd.<sup>(1)</sup> | 287300 | 11561 |
| Public Bank Bhd. | 1182100 | 1193993 |
| RHB Bank Bhd. | 398921 | 617359 |
| Sarawak Oil Palms Bhd. | 22350 | 18282 |
| Scientex Bhd. | 10000 | 7386 |
| SD Guthrie Bhd. | 166000 | 198636 |
| Shin Yang Group Bhd. | 175300 | 32581 |
| Sime Darby Property Bhd. | 789700 | 276552 |
| Solarvest Holdings Bhd.<sup>(1)</sup> | 43700 | 24225 |
| SP Setia Bhd. Group | 415600 | 103240 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 123224 | 13539 |
| Syarikat Takaful Malaysia Keluarga Bhd. | 14700 | 10545 |
| Ta Ann Holdings Bhd. | 19100 | 18654 |
| TASCO Bhd. | 6400 | 712 |
| Telekom Malaysia Bhd.<sup>(2)</sup> | 181200 | 301219 |
| Teo Seng Capital Bhd. | 105958 | 24167 |
| TH Plantations Bhd. | 130800 | 15942 |
| TSH Resources Bhd. | 185600 | 50042 |
| Unisem M Bhd. | 56200 | 35357 |
| United Plantations Bhd. | 46050 | 247978 |
| Vantris Energy Bhd.<sup>(1)</sup> | 3135 | 447 |
| Velesto Energy Bhd. | 1494600 | 70742 |
| Wasco Bhd. | 74400 | 17052 |
| WCT Holdings Bhd.<sup>(1)</sup> | 292400 | 60480 |
| Yinson Holdings Bhd. | 142156 | 82429 |
|  |  | 12538608 |
| **Mexico — 1.9%** |  |  |
| Alpek SAB de CV<sup>(2)</sup> | 25416 | 11983 |
| America Movil SAB de CV, ADR | 132159 | 2641858 |
| Banco del Bajio SA | 310770 | 740440 |
| Controladora Alpek SAB de CV<sup>(1)</sup> | 6444 | 898 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(1)(2)</sup> | 41838 | 257722 |
| Fomento Economico Mexicano SAB de CV, ADR | 18192 | 1576155 |
| GCC SAB de CV | 11245 | 105302 |
| Gentera SAB de CV | 638702 | 1565914 |
| Gruma SAB de CV, B Shares | 2406 | 41361 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 10 | 2410 |
| Grupo Comercial Chedraui SA de CV | 4121 | 33185 |
| Grupo Financiero Banorte SAB de CV, Class O | 492175 | 4483092 |
| Grupo Financiero Inbursa SAB de CV, Class O | 251265 | 660724 |
| Grupo Traxion SAB de CV<sup>(1)(2)</sup> | 33479 | 27085 |
| Industrias Penoles SAB de CV<sup>(1)</sup> | 34100 | 1106649 |
| Megacable Holdings SAB de CV | 331889 | 960219 |
| Nemak SAB de CV<sup>(1)</sup> | 827028 | 169708 |
| Qualitas Controladora SAB de CV<sup>(2)</sup> | 58200 | 524516 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Regional SAB de CV | 25200 | $195773 |
|  |  | 15104994 |
| **Philippines — 0.5%** |  |  |
| Aboitiz Equity Ventures, Inc. | 111200 | 56615 |
| ACEN Corp. | 29310 | 1139 |
| Alliance Global Group, Inc. | 273900 | 34984 |
| Apex Mining Co., Inc. | 291300 | 34747 |
| Ayala Land, Inc. | 1053100 | 515999 |
| BDO Unibank, Inc. | 567794 | 1341983 |
| Converge Information & Communications Technology Solutions, Inc. | 652000 | 159748 |
| DMCI Holdings, Inc. | 755000 | 142119 |
| First Gen Corp. | 11100 | 3186 |
| Globe Telecom, Inc. | 1359 | 35825 |
| GT Capital Holdings, Inc. | 20130 | 243121 |
| JG Summit Holdings, Inc. | 14870 | 6188 |
| LT Group, Inc. | 398800 | 97843 |
| Metropolitan Bank & Trust Co. | 713490 | 873349 |
| Nickel Asia Corp. | 100800 | 4918 |
| PLDT, Inc., ADR | 40 | 819 |
| Puregold Price Club, Inc. | 183100 | 132218 |
| Robinsons Land Corp. | 225400 | 57943 |
| Robinsons Retail Holdings, Inc. | 19230 | 11924 |
| Security Bank Corp. | 103920 | 136305 |
| Semirara Mining & Power Corp. | 249800 | 143728 |
| Universal Robina Corp. | 102880 | 145720 |
|  |  | 4180421 |
| **Poland — 1.3%** |  |  |
| Alior Bank SA | 34959 | 995964 |
| Bank Handlowy w Warszawie SA | 3722 | 105318 |
| Bank Millennium SA<sup>(1)</sup> | 197281 | 764231 |
| Bank Polska Kasa Opieki SA | 39358 | 1982413 |
| Grupa Kety SA | 4072 | 1030012 |
| Jastrzebska Spolka Weglowa SA<sup>(1)</sup> | 210 | 1306 |
| LPP SA | 153 | 724885 |
| Orange Polska SA | 234566 | 597124 |
| ORLEN SA | 127703 | 2728890 |
| Pepco Group NV | 63074 | 371238 |
| Text SA | 10 | 141 |
| XTB SA | 24889 | 526389 |
|  |  | 9827911 |
| **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 |
| **South Africa — 3.9%** |  |  |
| Absa Group Ltd. | 174166 | 1864889 |
| AECI Ltd. | 48939 | 298085 |
| Afrimat Ltd.<sup>(2)</sup> | 318 | 711 |
| Aspen Pharmacare Holdings Ltd. | 60803 | 364924 |
| Astral Foods Ltd. | 12582 | 149828 |
| Barloworld Ltd. | 29146 | 194102 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Coronation Fund Managers Ltd. | 10714 | $26474 |
| DataTec Ltd. | 73042 | 260737 |
| DRDGOLD Ltd. | 20774 | 38011 |
| Exxaro Resources Ltd. | 31313 | 343043 |
| FirstRand Ltd. | 461929 | 1947041 |
| Foschini Group Ltd. | 89551 | 551800 |
| Gold Fields Ltd., ADR | 150661 | 5044130 |
| Impala Platinum Holdings Ltd.<sup>(1)</sup> | 40571 | 368146 |
| KAP Ltd.<sup>(1)</sup> | 436358 | 51027 |
| Kumba Iron Ore Ltd.<sup>(2)</sup> | 9692 | 177842 |
| Life Healthcare Group Holdings Ltd. | 100911 | 77830 |
| Merafe Resources Ltd. | 366791 | 22671 |
| Motus Holdings Ltd. | 73808 | 431952 |
| MTN Group Ltd. | 391748 | 3327887 |
| Nedbank Group Ltd. | 99149 | 1270684 |
| NEPI Rockcastle NV<sup>(1)</sup> | 140793 | 1169403 |
| Netcare Ltd. | 86093 | 67695 |
| Ninety One Ltd. | 41493 | 104135 |
| Old Mutual Ltd. | 1615509 | 1271315 |
| Omnia Holdings Ltd. | 53155 | 221140 |
| PPC Ltd. | 380466 | 109815 |
| Raubex Group Ltd. | 23869 | 59363 |
| Reinet Investments SCA | 37901 | 1152042 |
| Remgro Ltd. | 15624 | 150300 |
| Sappi Ltd. | 185071 | 304094 |
| Sasol Ltd., ADR<sup>(1)(2)</sup> | 102752 | 692549 |
| Shoprite Holdings Ltd. | 18458 | 275454 |
| Sibanye Stillwater Ltd., ADR<sup>(1)</sup> | 282281 | 2136867 |
| Standard Bank Group Ltd. | 219211 | 3084076 |
| Sun International Ltd. | 49979 | 132144 |
| Super Group Ltd. | 107048 | 87083 |
| Telkom SA SOC Ltd. | 138314 | 397359 |
| Thungela Resources Ltd. | 71444 | 377123 |
| Truworths International Ltd. | 104332 | 355592 |
| Valterra Platinum Ltd. | 121 | 5549 |
| Vodacom Group Ltd. | 126706 | 1023215 |
| Wilson Bayly Holmes-Ovcon Ltd. | 30 | 291 |
|  |  | 29988418 |
| **South Korea — 12.6%** |  |  |
| Aekyung Chemical Co. Ltd. | 2849 | 21536 |
| Asiana Airlines, Inc.<sup>(1)</sup> | 9961 | 67855 |
| BGF retail Co. Ltd. | 5218 | 439915 |
| BH Co. Ltd. | 8811 | 116186 |
| Binggrae Co. Ltd. | 2138 | 108440 |
| BNK Financial Group, Inc. | 109566 | 1132941 |
| Byucksan Corp. | 10363 | 15964 |
| Cheil Worldwide, Inc. | 7475 | 106324 |
| CJ CGV Co. Ltd.<sup>(1)</sup> | 36303 | 120642 |
| CJ CheilJedang Corp. | 3879 | 637953 |
| CJ Corp. | 3041 | 348639 |
| CJ ENM Co. Ltd.<sup>(1)</sup> | 8877 | 455057 |
| CJ Logistics Corp. | 4456 | 267042 |
| Cosmax, Inc. | 1858 | 288532 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Coway Co. Ltd. | 15115 | $1128436 |
| Cuckoo Homesys Co. Ltd. | 777 | 15095 |
| Daesang Corp. | 8128 | 131745 |
| Daewoong Co. Ltd. | 8210 | 145741 |
| Daishin Securities Co. Ltd. | 1990 | 39941 |
| Daou Data Corp. | 1498 | 17665 |
| Daou Technology, Inc. | 20388 | 500096 |
| DB HiTek Co. Ltd. | 792 | 25979 |
| DB Insurance Co. Ltd. | 12741 | 1204597 |
| DL E&C Co. Ltd. | 7974 | 243041 |
| DL Holdings Co. Ltd. | 5886 | 164773 |
| Dongkuk Holdings Co. Ltd. | 1826 | 9804 |
| Doosan Tesna, Inc. | 1825 | 47544 |
| F&F Co. Ltd. | 2278 | 108737 |
| GOLFZON Co. Ltd. | 1071 | 48536 |
| GS Holdings Corp. | 16938 | 553452 |
| GS P&L Co. Ltd.<sup>(1)</sup> | 2264 | 79690 |
| GS Retail Co. Ltd. | 14951 | 173981 |
| HAESUNG DS Co. Ltd. | 1839 | 29544 |
| Han Kuk Carbon Co. Ltd. | 10954 | 259071 |
| Hana Financial Group, Inc. | 110324 | 6503761 |
| Hana Micron, Inc.<sup>(1)</sup> | 7180 | 71170 |
| Hanil Cement Co. Ltd. | 7001 | 97259 |
| Hankook & Co. Co. Ltd. | 8429 | 147425 |
| Hankook Tire & Technology Co. Ltd. | 30484 | 878725 |
| Hansae Co. Ltd. | 1224 | 8169 |
| Hansol Technics Co. Ltd. | 9513 | 36318 |
| Hanwha Aerospace Co. Ltd. | 9039 | 5732279 |
| Hanwha Corp. | 18652 | 1119128 |
| Hanwha Corp., Preference Shares | 9350 | 236674 |
| Hanwha General Insurance Co. Ltd.<sup>(1)</sup> | 32298 | 131942 |
| Hanwha Life Insurance Co. Ltd.<sup>(1)</sup> | 73093 | 164378 |
| Hanwha Vision Co. Ltd.<sup>(1)</sup> | 9337 | 354913 |
| Harim Holdings Co. Ltd. | 18552 | 111270 |
| HD Hyundai Co. Ltd. | 27096 | 2668167 |
| HD Hyundai Construction Equipment Co. Ltd. | 5650 | 353045 |
| HD Hyundai Infracore Co. Ltd.<sup>(1)</sup> | 54314 | 545626 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 11823 | 3445553 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 11880 | 169360 |
| Hite Jinro Co. Ltd. | 5123 | 70289 |
| HJ Shipbuilding & Construction Co. Ltd.<sup>(1)</sup> | 1200 | 16307 |
| HL Holdings Corp.<sup>(1)</sup> | 774 | 21951 |
| HL Mando Co. Ltd. | 8389 | 214172 |
| HMM Co. Ltd. | 3244 | 51522 |
| HS Hyosung Advanced Materials Corp. | 1247 | 170159 |
| Hwa Shin Co. Ltd. | 5675 | 35371 |
| Hyosung Corp. | 3406 | 211996 |
| Hyosung TNC Corp. | 1597 | 250755 |
| HYUNDAI Corp. | 2071 | 32980 |
| Hyundai Department Store Co. Ltd. | 7888 | 420675 |
| Hyundai Elevator Co. Ltd. | 1854 | 104428 |
| Hyundai Glovis Co. Ltd. | 12231 | 1617539 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(1)</sup> | 28682 | 574399 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hyundai Motor Co. | 27572 | $4340602 |
| Hyundai Steel Co. | 59589 | 1369446 |
| Hyundai Wia Corp. | 10935 | 393705 |
| iM Financial Group Co. Ltd. | 33509 | 329779 |
| Industrial Bank of Korea | 104673 | 1431005 |
| Innocean Worldwide, Inc. | 3794 | 50034 |
| INTOPS Co. Ltd. | 443 | 4926 |
| IS Dongseo Co. Ltd. | 985 | 13856 |
| JB Financial Group Co. Ltd. | 66626 | 1124635 |
| KB Financial Group, Inc., ADR | 76908 | 6049583 |
| KCC Corp. | 668 | 190570 |
| KEPCO Plant Service & Engineering Co. Ltd. | 2768 | 99781 |
| KG Dongbusteel | 15429 | 58933 |
| KG Eco Solution Co. Ltd. | 9800 | 40841 |
| Kia Corp. | 61973 | 4689091 |
| KISCO Corp.<sup>(1)</sup> | 1013 | 7251 |
| KIWOOM Securities Co. Ltd. | 5808 | 855464 |
| Kolon Industries, Inc. | 8747 | 230945 |
| KoMiCo Ltd. | 1848 | 108568 |
| Korea Circuit Co. Ltd.<sup>(1)</sup> | 204 | 1820 |
| Korea Electric Terminal Co. Ltd. | 1528 | 69011 |
| Korea Investment Holdings Co. Ltd. | 4908 | 473509 |
| Korea Line Corp.<sup>(1)</sup> | 53816 | 66208 |
| Korean Air Lines Co. Ltd. | 48816 | 830917 |
| Korean Reinsurance Co. | 67326 | 524184 |
| KT Corp. | 24264 | 943770 |
| Kumho Petrochemical Co. Ltd. | 451 | 35467 |
| Kumho Tire Co., Inc.<sup>(1)</sup> | 67620 | 240816 |
| Kyung Dong Navien Co. Ltd. | 2946 | 163436 |
| LB Semicon, Inc.<sup>(1)</sup> | 404 | 1172 |
| LG Chem Ltd. | 16610 | 3299047 |
| LG Display Co. Ltd., ADR<sup>(1)</sup> | 149195 | 657950 |
| LG Electronics, Inc. | 28138 | 1490997 |
| LG Innotek Co. Ltd. | 5239 | 633176 |
| LG Uplus Corp. | 139547 | 1488301 |
| LIG Nex1 Co. Ltd. | 3495 | 1228352 |
| Lotte Chilsung Beverage Co. Ltd. | 2987 | 256562 |
| LOTTE Fine Chemical Co. Ltd. | 4350 | 130199 |
| Lotte Rental Co. Ltd. | 7126 | 147458 |
| LX International Corp. | 17302 | 368935 |
| Mcnex Co. Ltd. | 602 | 12932 |
| MegaStudyEdu Co. Ltd. | 2275 | 75330 |
| Meritz Financial Group, Inc. | 36594 | 3329009 |
| Mirae Asset Life Insurance Co. Ltd.<sup>(1)</sup> | 707 | 3600 |
| Namhae Chemical Corp. | 5380 | 27083 |
| Neowiz<sup>(1)</sup> | 145 | 2521 |
| Nexen Tire Corp. | 10178 | 42821 |
| NICE Holdings Co. Ltd.<sup>(1)</sup> | 772 | 7570 |
| OCI Holdings Co. Ltd. | 9023 | 565318 |
| Orion Corp. | 7439 | 575746 |
| Orion Holdings Corp. | 11107 | 165389 |
| Otoki Corp. | 498 | 137273 |
| Pan Ocean Co. Ltd. | 157596 | 440803 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Partron Co. Ltd. | 3398 | $15643 |
| Poongsan Corp. | 4530 | 385724 |
| POSCO Holdings, Inc., ADR | 19200 | 990528 |
| Posco International Corp. | 10955 | 377481 |
| Samsung E&A Co. Ltd. | 46731 | 974494 |
| Samsung Electro-Mechanics Co. Ltd. | 172 | 19732 |
| Samsung Fire & Marine Insurance Co. Ltd. | 7708 | 2453228 |
| Samsung Heavy Industries Co. Ltd.<sup>(1)</sup> | 5827 | 89074 |
| Samsung Life Insurance Co. Ltd. | 964 | 99035 |
| Samsung Securities Co. Ltd. | 24168 | 1193093 |
| Samyang Foods Co. Ltd. | 173 | 193710 |
| SD Biosensor, Inc. | 1247 | 8977 |
| SeAH Besteel Holdings Corp. | 13142 | 262136 |
| SeAH Steel Corp. | 728 | 69734 |
| SeAH Steel Holdings Corp. | 552 | 73019 |
| Sebang Co. Ltd. | 1932 | 19390 |
| Sebang Global Battery Co. Ltd. | 137 | 6104 |
| Seoyon E-Hwa Co. Ltd. | 6370 | 53445 |
| Shinhan Financial Group Co. Ltd., ADR | 104751 | 4947390 |
| Shinsegae, Inc. | 4086 | 484752 |
| SK D&D Co. Ltd. | 1846 | 13397 |
| SK Discovery Co. Ltd. | 3855 | 146394 |
| SK Eternix Co. Ltd.<sup>(1)</sup> | 6127 | 90068 |
| SK Gas Ltd. | 1634 | 302406 |
| SK Networks Co. Ltd. | 17956 | 56496 |
| SK Telecom Co. Ltd., ADR | 27514 | 592652 |
| SK, Inc. | 1497 | 222001 |
| SL Corp. | 11482 | 278615 |
| SNT Dynamics Co. Ltd. | 9584 | 429314 |
| SNT Motiv Co. Ltd. | 5106 | 136251 |
| S-Oil Corp.<sup>(1)</sup> | 13634 | 589677 |
| Soulbrain Co. Ltd. | 945 | 147999 |
| Sungwoo Hitech Co. Ltd. | 25049 | 108157 |
| TES Co. Ltd. | 8605 | 184388 |
| Tongyang Life Insurance Co. Ltd.<sup>(1)</sup> | 20226 | 108236 |
| Unid Co. Ltd. | 2655 | 144750 |
| Woongjin Thinkbig Co. Ltd. | 34827 | 44854 |
| Woori Financial Group, Inc. | 290488 | 5182176 |
| Youngone Corp. | 6692 | 281511 |
| Youngone Holdings Co. Ltd. | 2887 | 274045 |
| Yuanta Securities Korea Co. Ltd. | 12496 | 30984 |
|  |  | 97528956 |
| **Taiwan — 21.9%** |  |  |
| Ability Enterprise Co. Ltd.<sup>(1)</sup> | 78000 | 200607 |
| AcBel Polytech, Inc. | 321497 | 300059 |
| ACES Electronic Co. Ltd.<sup>(1)(2)</sup> | 111000 | 271715 |
| Acon Holding, Inc.<sup>(1)</sup> | 9000 | 2940 |
| Acter Group Corp. Ltd. | 76000 | 2203808 |
| ADATA Technology Co. Ltd.<sup>(2)</sup> | 346759 | 1156562 |
| Advanced International Multitech Co. Ltd. | 48000 | 93251 |
| Advanced Power Electronics Corp. | 2000 | 5595 |
| Advanced Wireless Semiconductor Co. | 40000 | 146086 |
| Advancetek Enterprise Co. Ltd. | 182000 | 297378 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| AIC, Inc. | 19000 | $166692 |
| Air Asia Co. Ltd.<sup>(2)</sup> | 20000 | 41841 |
| Alchip Technologies Ltd. | 12000 | 1570473 |
| Alexander Marine Co. Ltd. | 4217 | 27122 |
| Allied Circuit Co. Ltd. | 2156 | 10980 |
| Alltek Technology Corp. | 110800 | 116207 |
| Alltop Technology Co. Ltd. | 9000 | 73709 |
| Alpha Networks, Inc. | 15000 | 14061 |
| Altek Corp. | 98103 | 160349 |
| Amazing Microelectronic Corp. | 161 | 388 |
| Ambassador Hotel | 38000 | 54183 |
| Ampire Co. Ltd. | 24000 | 20392 |
| AMPOC Far-East Co. Ltd.<sup>(1)</sup> | 22000 | 122919 |
| AmTRAN Technology Co. Ltd. | 134468 | 60123 |
| Anji Technology Co. Ltd.<sup>(1)</sup> | 3059 | 4346 |
| Anpec Electronics Corp. | 30000 | 174252 |
| Apacer Technology, Inc. | 20000 | 41613 |
| Apex Dynamics, Inc. | 3000 | 74482 |
| Apex International Co. Ltd.<sup>(1)</sup> | 11421 | 9985 |
| Arcadyan Technology Corp. | 37000 | 285413 |
| Ardentec Corp. | 428000 | 1034304 |
| ASE Technology Holding Co. Ltd., ADR | 159709 | 1582716 |
| Asia Cement Corp. | 209000 | 252651 |
| Asia Polymer Corp. | 92000 | 36140 |
| ASolid Technology Co. Ltd.<sup>(1)</sup> | 10000 | 17105 |
| Asustek Computer, Inc. | 125000 | 2571540 |
| AUO Corp.<sup>(1)(2)</sup> | 658400 | 275078 |
| Avalue Technology, Inc. | 16000 | 60157 |
| Avermedia Technologies | 49000 | 72336 |
| Axiomtek Co. Ltd. | 25000 | 70708 |
| Azurewave Technologies, Inc. | 70000 | 228445 |
| Bafang Yunji International Co. Ltd. | 10000 | 62356 |
| Bank of Kaohsiung Co. Ltd. | 154891 | 58932 |
| Basso Industry Corp. | 34000 | 35887 |
| BES Engineering Corp.<sup>(1)</sup> | 145000 | 52987 |
| B'in Live Co. Ltd. | 11355 | 32604 |
| Bioteque Corp. | 1000 | 3872 |
| Bizlink Holding, Inc. | 11108 | 386591 |
| Bonny Worldwide Ltd. | 6000 | 34463 |
| Brighton-Best International Taiwan, Inc. | 133000 | 149002 |
| Brillian Network & Automation Integrated System Co. Ltd. | 29000 | 271876 |
| Capital Futures Corp. | 39709 | 63802 |
| Capital Securities Corp. | 93000 | 66092 |
| Career Technology MFG. Co. Ltd.<sup>(1)</sup> | 3753 | 1880 |
| Catcher Technology Co. Ltd. | 114000 | 700489 |
| Cathay Financial Holding Co. Ltd.<sup>(2)</sup> | 3599624 | 7208198 |
| Central Reinsurance Co. Ltd. | 213406 | 164062 |
| Chailease Holding Co. Ltd. | 112200 | 425811 |
| Chain Chon Industrial Co. Ltd. | 35000 | 11474 |
| Chang Hwa Commercial Bank Ltd. | 1780354 | 1116009 |
| Channel Well Technology Co. Ltd.<sup>(1)(2)</sup> | 76000 | 232779 |
| Charoen Pokphand Enterprise | 62000 | 269458 |
| Chenbro Micom Co. Ltd. | 47000 | 929289 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cheng Loong Corp. | 112000 | $65428 |
| Cheng Mei Materials Technology Corp.<sup>(1)</sup> | 56871 | 26106 |
| Cheng Shin Rubber Industry Co. Ltd.<sup>(2)</sup> | 692000 | 857449 |
| Cheng Uei Precision Industry Co. Ltd. | 114000 | 176729 |
| Chenming Electronic Technology Corp.<sup>(2)</sup> | 33000 | 139216 |
| Chia Chang Co. Ltd. | 7000 | 8239 |
| Chicony Electronics Co. Ltd. | 74000 | 332453 |
| Chicony Power Technology Co. Ltd. | 23000 | 78570 |
| Chien Kuo Construction Co. Ltd. | 68000 | 52301 |
| China Airlines Ltd. | 2141000 | 1478677 |
| China Bills Finance Corp. | 14000 | 7595 |
| China Container Terminal Corp. | 12000 | 10640 |
| China Metal Products | 94000 | 75178 |
| China Motor Corp. | 9000 | 17034 |
| China Steel Corp.<sup>(2)</sup> | 5091000 | 3338604 |
| Chinese Maritime Transport Ltd.<sup>(2)</sup> | 75000 | 131630 |
| Chin-Poon Industrial Co. Ltd. | 176000 | 232912 |
| Chipbond Technology Corp. | 231000 | 403892 |
| ChipMOS Technologies, Inc. | 272000 | 215480 |
| Chong Hong Construction Co. Ltd.<sup>(2)</sup> | 75000 | 185008 |
| Chun Yuan Steel Industry Co. Ltd. | 215000 | 146266 |
| Chung Hwa Chemical Industrial Works Ltd. | 38000 | 49867 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 183000 | 1021346 |
| Chunghwa Chemical Synthesis & Biotech Co. Ltd. | 14000 | 12827 |
| Chunghwa Precision Test Tech Co. Ltd. | 4000 | 161590 |
| Clevo Co. | 53000 | 72494 |
| CMC Magnetics Corp. | 97960 | 28645 |
| Collins Co. Ltd. | 42000 | 20559 |
| Compal Electronics, Inc. | 973000 | 875189 |
| Compeq Manufacturing Co. Ltd. | 699000 | 1841583 |
| Concord International Securities Co. Ltd. | 265360 | 123388 |
| Concord Securities Co. Ltd.<sup>(2)</sup> | 392475 | 156358 |
| Coremax Corp. | 6548 | 11910 |
| Co-Tech Development Corp. | 4000 | 28289 |
| Creative Sensor, Inc. | 27000 | 53090 |
| Cryomax Cooling System Corp. | 32163 | 34232 |
| CTBC Financial Holding Co. Ltd. | 4951000 | 6640872 |
| CTCI Corp. | 226638 | 228661 |
| Cub Elecparts, Inc. | 21000 | 74582 |
| CviLux Corp. | 51000 | 93528 |
| CyberPower Systems, Inc. | 25000 | 181810 |
| DA CIN Construction Co. Ltd. | 11200 | 21726 |
| Da-Li Development Co. Ltd. | 147572 | 204059 |
| Darfon Electronics Corp. | 50000 | 59030 |
| Darwin Precisions Corp. | 165000 | 60363 |
| Daxin Materials Corp. | 3000 | 37207 |
| Depo Auto Parts Ind Co. Ltd. | 55000 | 258056 |
| Dimerco Data System Corp. | 13000 | 52865 |
| Dimerco Express Corp. | 24351 | 62926 |
| Dynamic Holding Co. Ltd. | 97000 | 359975 |
| Dynapack International Technology Corp.<sup>(2)</sup> | 46000 | 542362 |
| E&R Engineering Corp.<sup>(1)</sup> | 2000 | 5924 |
| Eastech Holding Ltd.<sup>(2)</sup> | 23000 | 83883 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Elan Microelectronics Corp. | 32000 | $124353 |
| Elite Advanced Laser Corp. | 9000 | 58983 |
| Elite Material Co. Ltd. | 50000 | 1979092 |
| Emerging Display Technologies Corp. | 30000 | 21296 |
| Ennostar, Inc.<sup>(1)</sup> | 120000 | 151971 |
| Eson Precision Ind Co. Ltd. | 21000 | 54205 |
| Eternal Materials Co. Ltd. | 183000 | 261197 |
| Eva Airways Corp. | 1688000 | 2137769 |
| Evergreen International Storage & Transport Corp. | 388000 | 432136 |
| Evergreen Marine Corp. Taiwan Ltd.<sup>(2)</sup> | 438400 | 2649618 |
| Everlight Electronics Co. Ltd.<sup>(2)</sup> | 146000 | 324830 |
| Excelliance Mos Corp. | 1000 | 2422 |
| Excelsior Medical Co. Ltd. | 28113 | 80078 |
| EZconn Corp. | 23000 | 686904 |
| Far Eastern Department Stores Ltd. | 517000 | 351785 |
| Far Eastern International Bank<sup>(1)</sup> | 1375870 | 606104 |
| Far Eastern New Century Corp. | 1162000 | 1046952 |
| Far EasTone Telecommunications Co. Ltd. | 106000 | 291297 |
| Farglory Land Development Co. Ltd. | 36000 | 72236 |
| Feedback Technology Corp. | 8640 | 33143 |
| First Insurance Co. Ltd. | 160000 | 137312 |
| First Steamship Co. Ltd.<sup>(1)</sup> | 90000 | 17536 |
| Fitipower Integrated Technology, Inc. | 9750 | 56328 |
| Fittech Co. Ltd.<sup>(1)</sup> | 4202 | 8485 |
| Flytech Technology Co. Ltd. | 39000 | 140838 |
| FocalTech Systems Co. Ltd.<sup>(1)</sup> | 36000 | 80445 |
| Forcecon Tech Co. Ltd.<sup>(1)</sup> | 11312 | 47421 |
| Formosa International Hotels Corp. | 25000 | 156819 |
| Formosa Optical Technology Co. Ltd. | 14000 | 51790 |
| Formosa Taffeta Co. Ltd. | 150000 | 77041 |
| Formosan Union Chemical Corp. | 17000 | 9398 |
| Foxconn Technology Co. Ltd. | 683000 | 1574222 |
| Foxsemicon Integrated Technology, Inc. | 32000 | 300949 |
| Franbo Lines Corp. | 221629 | 148908 |
| Froch Enterprise Co. Ltd. | 42000 | 19338 |
| FSP Technology, Inc. | 4000 | 7399 |
| Fu Chun Shin Machinery Manufacture Co. Ltd. | 6303 | 3402 |
| Fu Hua Innovation Co. Ltd. | 363823 | 249168 |
| Fubon Financial Holding Co. Ltd.<sup>(2)</sup> | 2314985 | 6325094 |
| Fulgent Sun International Holding Co. Ltd. | 19891 | 68974 |
| Full Wang International Development Co. Ltd. | 3886 | 2520 |
| Fulltech Fiber Glass Corp.<sup>(1)(2)</sup> | 57593 | 143077 |
| Fusheng Precision Co. Ltd. | 53000 | 458591 |
| G Shank Enterprise Co. Ltd. | 28591 | 95089 |
| Gallant Precision Machining Co. Ltd. | 17000 | 52042 |
| Gamania Digital Entertainment Co. Ltd.<sup>(2)</sup> | 34000 | 66610 |
| GEM Services, Inc. | 1000 | 2499 |
| Gemtek Technology Corp. | 129000 | 105698 |
| General Interface Solution GIS Holding Ltd.<sup>(1)</sup> | 67000 | 137253 |
| Genius Electronic Optical Co. Ltd. | 13000 | 192197 |
| Getac Holdings Corp. | 58000 | 289182 |
| Giant Manufacturing Co. Ltd.<sup>(2)</sup> | 207000 | 708445 |
| Gigabyte Technology Co. Ltd. | 75000 | 674355 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Global Brands Manufacture Ltd. | 143588 | $670655 |
| Global Lighting Technologies, Inc. | 3000 | 4135 |
| Global PMX Co. Ltd. | 24000 | 131332 |
| Globalwafers Co. Ltd. | 35000 | 423354 |
| Globe Union Industrial Corp. | 73000 | 24044 |
| GMI Technology, Inc.<sup>(2)</sup> | 85000 | 122858 |
| Gold Circuit Electronics Ltd. | 249100 | 4082408 |
| Goldsun Building Materials Co. Ltd. | 319000 | 387969 |
| Gordon Auto Body Parts | 59000 | 56017 |
| Gourmet Master Co. Ltd. | 29000 | 77324 |
| Grand Fortune Securities Co. Ltd. | 119600 | 44695 |
| Great Tree Pharmacy Co. Ltd. | 2039 | 9312 |
| Great Wall Enterprise Co. Ltd. | 232000 | 402340 |
| Greatek Electronics, Inc.<sup>(2)</sup> | 97000 | 189248 |
| Group Up Industrial Co. Ltd. | 10000 | 84203 |
| Hai Kwang Enterprise Corp.<sup>(1)</sup> | 4284 | 2112 |
| Hannstar Board Corp. | 255160 | 744467 |
| HannStar Display Corp.<sup>(1)</sup> | 48000 | 11852 |
| HannsTouch Holdings Co.<sup>(1)</sup> | 44000 | 9445 |
| Hanpin Electron Co. Ltd. | 31000 | 50328 |
| Hey Song Corp. | 13000 | 16752 |
| Highwealth Construction Corp.<sup>(2)</sup> | 444000 | 605528 |
| Hi-Lai Foods Co. Ltd. | 10000 | 52915 |
| Hitron Technology, Inc.<sup>(1)</sup> | 62000 | 47686 |
| Ho Tung Chemical Corp. | 23000 | 5913 |
| Holy Stone Enterprise Co. Ltd. | 31500 | 87809 |
| Hong Ho Precision Textile Co. Ltd. | 46000 | 30310 |
| Hong TAI Electric Industrial | 33000 | 40663 |
| Hotai Finance Co. Ltd. | 47300 | 106716 |
| Hotai Motor Co. Ltd.<sup>(2)</sup> | 79000 | 1416900 |
| Hotel Holiday Garden<sup>(1)</sup> | 15592 | 6383 |
| Hsin Ba Ba Corp.<sup>(2)</sup> | 33000 | 77034 |
| HTC Corp.<sup>(1)(2)</sup> | 240000 | 549475 |
| Hua Nan Financial Holdings Co. Ltd. | 244824 | 222989 |
| Huaku Development Co. Ltd. | 36960 | 120679 |
| Huang Hsiang Construction Corp. | 39442 | 52058 |
| Hung Sheng Construction Ltd. | 190000 | 133113 |
| Hwacom Systems, Inc. | 31000 | 22761 |
| Hwang Chang General Contractor Co. Ltd.<sup>(2)</sup> | 74247 | 203863 |
| IBF Financial Holdings Co. Ltd. | 90315 | 45674 |
| I-Chiun Precision Industry Co. Ltd. | 37458 | 95594 |
| IEI Integration Corp. | 39000 | 89298 |
| IKKA Holdings Cayman Ltd. | 12573 | 40687 |
| In Win Development, Inc. | 26000 | 77704 |
| Innodisk Corp. | 18037 | 170565 |
| Innolux Corp.<sup>(2)</sup> | 1872868 | 855168 |
| Inpaq Technology Co. Ltd. | 35000 | 77961 |
| Integrated Service Technology, Inc. | 23000 | 98573 |
| International CSRC Investment Holdings Co.<sup>(1)</sup> | 72000 | 26049 |
| International Games System Co. Ltd. | 12000 | 299118 |
| Inventec Corp. | 449000 | 600546 |
| Iron Force Industrial Co. Ltd. | 296 | 1200 |
| ITE Technology, Inc. | 108000 | 470815 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ITEQ Corp. | 222000 | $985940 |
| Jarllytec Co. Ltd.<sup>(1)</sup> | 10000 | 40660 |
| Jean Co. Ltd. | 37254 | 34099 |
| Jiin Yeeh Ding Enterprise Co. Ltd. | 15000 | 33643 |
| Jinan Acetate Chemical Co. Ltd.<sup>(2)</sup> | 488520 | 1158835 |
| Johnson Health Tech Co. Ltd. | 46000 | 215386 |
| Jourdeness Group Ltd. | 7000 | 7897 |
| JPC connectivity, Inc. | 34000 | 197533 |
| JPP Holding Co. Ltd. | 30000 | 266999 |
| Kaimei Electronic Corp. | 29000 | 56052 |
| Kaori Heat Treatment Co. Ltd. | 7000 | 87731 |
| Kedge Construction Co. Ltd. | 5730 | 14708 |
| Kenda Rubber Industrial Co. Ltd. | 47000 | 31579 |
| Kenmec Mechanical Engineering Co. Ltd.<sup>(1)</sup> | 38188 | 98894 |
| Kerry TJ Logistics Co. Ltd. | 38000 | 42497 |
| KGI Financial Holding Co. Ltd. | 1600575 | 794735 |
| KGI Financial Holding Co. Ltd., Preference Shares | 59976 | 15234 |
| Kindom Development Co. Ltd. | 131800 | 151521 |
| King Polytechnic Engineering Co. Ltd. | 23100 | 35403 |
| King Yuan Electronics Co. Ltd.<sup>(2)</sup> | 858000 | 4341361 |
| King's Town Bank Co. Ltd.<sup>(1)(2)</sup> | 407000 | 735059 |
| Kinik Co. | 12000 | 135310 |
| Kinpo Electronics | 220000 | 134683 |
| Kinsus Interconnect Technology Corp. | 43000 | 158246 |
| KNH Enterprise Co. Ltd. | 27000 | 14971 |
| Ko Ja Cayman Co. Ltd. | 10000 | 11345 |
| KS Terminals, Inc. | 7000 | 11939 |
| Kung Sing Engineering Corp.<sup>(1)</sup> | 232000 | 106819 |
| Kuo Toong International Co. Ltd. | 70000 | 126800 |
| Kura Sushi Asia Co. Ltd. | 4000 | 11796 |
| Kwong Lung Enterprise Co. Ltd. | 11000 | 17971 |
| L&K Engineering Co. Ltd.<sup>(2)</sup> | 132390 | 1515064 |
| Lealea Enterprise Co. Ltd.<sup>(1)</sup> | 78000 | 17209 |
| Lelon Electronics Corp. | 5000 | 14344 |
| Lemtech Holdings Co. Ltd. | 12600 | 32380 |
| Leofoo Development Co. Ltd.<sup>(1)</sup> | 66000 | 37510 |
| Li Peng Enterprise Co. Ltd.<sup>(1)</sup> | 259000 | 48539 |
| Lida Holdings Ltd. | 23000 | 18047 |
| Life Travel & Tourist Service Co. Ltd.<sup>(1)</sup> | 9000 | 33209 |
| Lingsen Precision Industries Ltd.<sup>(1)</sup> | 42000 | 25348 |
| Lion Travel Service Co. Ltd. | 38000 | 197752 |
| Long Bon International Co. Ltd.<sup>(1)</sup> | 235000 | 116932 |
| Longchen Paper & Packaging Co. Ltd.<sup>(1)</sup> | 71000 | 23148 |
| Longwell Co. | 34000 | 123170 |
| Lotes Co. Ltd. | 20000 | 940260 |
| Lotus Pharmaceutical Co. Ltd. | 17000 | 107191 |
| Lumax International Corp. Ltd. | 45000 | 167552 |
| Macnica Anstek, Inc.<sup>(1)</sup> | 37000 | 89067 |
| Macnica Galaxy, Inc.<sup>(2)</sup> | 27000 | 80665 |
| Makalot Industrial Co. Ltd.<sup>(2)</sup> | 93700 | 819487 |
| Man Zai Industrial Co. Ltd. | 13650 | 11660 |
| Marketech International Corp.<sup>(2)</sup> | 50000 | 428797 |
| Materials Analysis Technology, Inc. | 8414 | 53428 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mayer Steel Pipe Corp. | 23200 | $18944 |
| Megaforce Co. Ltd. | 3000 | 4900 |
| Merry Electronics Co. Ltd.<sup>(2)</sup> | 65980 | 230845 |
| MIN AIK Technology Co. Ltd. | 1000 | 678 |
| Mirle Automation Corp. | 15000 | 34846 |
| MPI Corp. | 19000 | 854132 |
| My Humble House Hospitality Management Consulting | 27000 | 32512 |
| Namchow Holdings Co. Ltd. | 73000 | 94446 |
| Nan Liu Enterprise Co. Ltd. | 1000 | 1652 |
| Nan Pao Resins Chemical Co. Ltd. | 16000 | 211968 |
| Nang Kuang Pharmaceutical Co. Ltd. | 11000 | 12733 |
| Nantex Industry Co. Ltd. | 9000 | 7381 |
| Nanya Technology Corp.<sup>(1)</sup> | 84000 | 128241 |
| Netronix, Inc. | 54000 | 214879 |
| Nexcom International Co. Ltd. | 27000 | 90314 |
| Nichidenbo Corp. | 28000 | 64027 |
| Niching Industrial Corp. | 7869 | 17373 |
| Nien Made Enterprise Co. Ltd. | 62000 | 872743 |
| Niko Semiconductor Co. Ltd. | 7346 | 10411 |
| Nova Technology Corp. | 21000 | 151859 |
| Novatek Microelectronics Corp.<sup>(2)</sup> | 68000 | 963726 |
| O-Bank Co. Ltd. | 713000 | 209553 |
| Orient Semiconductor Electronics Ltd. | 134000 | 193579 |
| O-TA Precision Industry Co. Ltd. | 8000 | 16035 |
| Pacific Construction Co. | 67000 | 21621 |
| Pacific Hospital Supply Co. Ltd. | 1000 | 2957 |
| Pegatron Corp. | 113000 | 258480 |
| PharmaEngine, Inc. | 9000 | 19734 |
| Phoenix Silicon International Corp. | 138000 | 720892 |
| Pixart Imaging, Inc. | 76000 | 486371 |
| Pou Chen Corp.<sup>(2)</sup> | 1201000 | 1129062 |
| Powertech Technology, Inc. | 453000 | 1748047 |
| Poya International Co. Ltd. | 3120 | 47614 |
| President Chain Store Corp. | 64000 | 531752 |
| President Securities Corp. | 657800 | 447383 |
| Primax Electronics Ltd. | 179000 | 484058 |
| Prince Housing & Development Corp. | 83000 | 24868 |
| Promate Electronic Co. Ltd.<sup>(2)</sup> | 99598 | 167390 |
| Prosperity Dielectrics Co. Ltd. | 19000 | 25460 |
| Quanta Storage, Inc. | 129000 | 519216 |
| Quintain Steel Co. Ltd.<sup>(1)</sup> | 51353 | 16758 |
| Radiant Opto-Electronics Corp. | 97000 | 453447 |
| Radium Life Tech Co. Ltd.<sup>(1)</sup> | 395369 | 143067 |
| Raydium Semiconductor Corp. | 15000 | 145051 |
| Realtek Semiconductor Corp. | 112000 | 1945893 |
| Rechi Precision Co. Ltd. | 180000 | 142824 |
| Rexon Industrial Corp. Ltd. | 16000 | 16426 |
| Rich Development Co. Ltd. | 146520 | 41361 |
| Rich Honour International Designs Co. Ltd. | 10000 | 16649 |
| Richmond International Travel & Tours Co. Ltd.<sup>(1)</sup> | 7000 | 24745 |
| Rodex Fasteners Corp. | 11000 | 11078 |
| Roo Hsing Co. Ltd.<sup>(1)</sup> | 7903 | 2732 |
| Roundtop Machinery Industries Co. Ltd. | 5000 | 4262 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sakura Development Co. Ltd. | 22800 | $36439 |
| San Fang Chemical Industry Co. Ltd.<sup>(2)</sup> | 185000 | 188442 |
| Sanyang Motor Co. Ltd.<sup>(2)</sup> | 180000 | 382393 |
| Scientech Corp. | 8000 | 100783 |
| Sea & Land Integrated Corp. | 3400 | 2231 |
| Senao Networks, Inc.<sup>(2)</sup> | 27489 | 154162 |
| Sesoda Corp.<sup>(2)</sup> | 149000 | 154225 |
| Shanghai Commercial & Savings Bank Ltd. | 91000 | 121791 |
| Sharehope Medicine Co. Ltd. | 20638 | 17402 |
| ShenMao Technology, Inc.<sup>(2)</sup> | 16000 | 67577 |
| Shih Her Technologies, Inc.<sup>(2)</sup> | 37000 | 212019 |
| Shih Wei Navigation Co. Ltd.<sup>(1)</sup> | 48773 | 28139 |
| Shin Foong Specialty & Applied Materials Co. Ltd. | 3000 | 3210 |
| Shin Ruenn Development Co. Ltd. | 29000 | 64145 |
| Shin Zu Shing Co. Ltd.<sup>(2)</sup> | 54693 | 468016 |
| Shinkong Insurance Co. Ltd. | 121000 | 426372 |
| Sigurd Microelectronics Corp. | 409000 | 1125301 |
| Simplo Technology Co. Ltd. | 75000 | 964837 |
| Sincere Navigation Corp. | 77000 | 57454 |
| Sinmag Equipment Corp. | 6000 | 27045 |
| Sino-American Silicon Products, Inc. | 24000 | 80657 |
| Sinon Corp. | 156000 | 215469 |
| SinoPac Financial Holdings Co. Ltd. | 4752010 | 3626468 |
| Sinopower Semiconductor, Inc. | 12000 | 36798 |
| Sinyi Realty, Inc. | 1000 | 787 |
| Sitronix Technology Corp. | 5000 | 34174 |
| Siward Crystal Technology Co. Ltd. | 27000 | 19274 |
| Softstar Entertainment, Inc.<sup>(1)</sup> | 2631 | 4267 |
| Soft-World International Corp. | 25000 | 83582 |
| Solteam, Inc. | 18399 | 33327 |
| Speed Tech Corp. | 43000 | 60723 |
| Sporton International, Inc. | 5000 | 28756 |
| Sports Gear Co. Ltd. | 6000 | 20394 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 40000 | 176934 |
| Sunrex Technology Corp. | 62000 | 84597 |
| Sunspring Metal Corp.<sup>(2)</sup> | 90000 | 67813 |
| Sunty Development Co. Ltd. | 43000 | 19138 |
| Superalloy Industrial Co. Ltd. | 16000 | 25720 |
| Supreme Electronics Co. Ltd.<sup>(2)</sup> | 141487 | 199253 |
| Symtek Automation Asia Co. Ltd. | 10069 | 67653 |
| Syncmold Enterprise Corp. | 2000 | 4621 |
| Synnex Technology International Corp. | 220000 | 471952 |
| Syscom Computer Engineering Co. | 13000 | 25953 |
| T3EX Global Holdings Corp. | 5000 | 11637 |
| TA Chen Stainless Pipe | 1098526 | 1394754 |
| TA-I Technology Co. Ltd. | 4000 | 5660 |
| Tai Tung Communication Co. Ltd. | 5000 | 3867 |
| Taichung Commercial Bank Co. Ltd.<sup>(2)</sup> | 2399679 | 1668861 |
| TaiDoc Technology Corp. | 2000 | 9277 |
| Taiflex Scientific Co. Ltd. | 34516 | 63857 |
| Taimide Tech, Inc. | 2000 | 4803 |
| Tai-Saw Technology Co. Ltd. | 19000 | 11853 |
| TAI-TECH Advanced Electronics Co. Ltd. | 21000 | 84676 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Taiwan Business Bank | 3842001 | $1892340 |
| Taiwan Cogeneration Corp. | 3610 | 5518 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 102000 | 110402 |
| Taiwan FU Hsing Industrial Co. Ltd. | 54000 | 78025 |
| Taiwan High Speed Rail Corp. | 316000 | 284901 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 132202 | 597303 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 38933 | 43839 |
| Taiwan Line Tek Electronic | 22660 | 17841 |
| Taiwan Navigation Co. Ltd. | 58000 | 52509 |
| Taiwan Paiho Ltd. | 177000 | 309487 |
| Taiwan Surface Mounting Technology Corp. | 135000 | 471802 |
| Taiwan Takisawa Technology Co. Ltd. | 4000 | 5172 |
| Taiwan Union Technology Corp.<sup>(2)</sup> | 62000 | 739971 |
| TBI Motion Technology Co. Ltd.<sup>(1)</sup> | 58000 | 87594 |
| TCC Group Holdings Co. Ltd. | 52000 | 38088 |
| Te Chang Construction Co. Ltd. | 26000 | 51606 |
| Team Group, Inc.<sup>(1)</sup> | 59000 | 143249 |
| Teco Electric & Machinery Co. Ltd. | 195000 | 432396 |
| Test Research, Inc. | 42000 | 293298 |
| Thye Ming Industrial Co. Ltd.<sup>(1)</sup> | 54000 | 99347 |
| Tigerair Taiwan Co. Ltd.<sup>(1)(2)</sup> | 54000 | 147097 |
| Ton Yi Industrial Corp. | 543000 | 324981 |
| Tong Yang Industry Co. Ltd. | 191000 | 631051 |
| Topco Scientific Co. Ltd. | 46866 | 445210 |
| Topkey Corp. | 29000 | 179454 |
| Topoint Technology Co. Ltd. | 122000 | 358616 |
| TPK Holding Co. Ltd. | 78000 | 102908 |
| Tripod Technology Corp. | 353000 | 3691495 |
| Trusval Technology Co. Ltd.<sup>(2)</sup> | 18906 | 185031 |
| TS Financial Holding Co. Ltd. | 9737989 | 5162801 |
| TS Financial Holding Co. Ltd., Preference Shares<sup>(1)</sup> | 1494875 | 444998 |
| Tsang Yow Industrial Co. Ltd. | 20000 | 14870 |
| Tsann Kuen Enterprise Co. Ltd. | 28331 | 22782 |
| TSEC Corp.<sup>(1)</sup> | 156000 | 78600 |
| TSRC Corp. | 82000 | 45747 |
| TTFB Co. Ltd. | 3633 | 22838 |
| Tung Ho Steel Enterprise Corp.<sup>(2)</sup> | 269000 | 557820 |
| Tung Thih Electronic Co. Ltd. | 17160 | 37773 |
| TXC Corp. | 72000 | 206863 |
| TYC Brother Industrial Co. Ltd.<sup>(2)</sup> | 140000 | 188278 |
| UDE Corp.<sup>(2)</sup> | 43000 | 152718 |
| U-Ming Marine Transport Corp.<sup>(2)</sup> | 178000 | 326625 |
| Unic Technology Corp. | 37000 | 33930 |
| Union Bank of Taiwan | 608316 | 329614 |
| Union Insurance Co. Ltd. | 26000 | 22141 |
| Uni-President Enterprises Corp. | 1378000 | 3478819 |
| Unitech Printed Circuit Board Corp.<sup>(2)</sup> | 203273 | 202968 |
| United Integrated Services Co. Ltd. | 42000 | 1680079 |
| United Microelectronics Corp.<sup>(2)</sup> | 1627000 | 2140615 |
| United Orthopedic Corp. | 18000 | 67807 |
| Universal Cement Corp. | 101796 | 98165 |
| USI Corp. | 102000 | 34609 |
| Utechzone Co. Ltd. | 3000 | 9959 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vanguard International Semiconductor Corp.<sup>(2)</sup> | 302000 | $896662 |
| Ventec International Group Co. Ltd. | 18000 | 64100 |
| Viking Tech Corp. | 11000 | 13973 |
| Wah Lee Industrial Corp. | 22000 | 71312 |
| Walsin Technology Corp. | 27000 | 72222 |
| Walton Advanced Engineering, Inc. | 108000 | 48660 |
| Wan Hai Lines Ltd.<sup>(2)</sup> | 348850 | 941849 |
| Wei Chuan Foods Corp. | 7000 | 3567 |
| Well Shin Technology Co. Ltd. | 15000 | 26793 |
| Wholetech System Hitech Ltd. | 32000 | 146779 |
| Win Semiconductors Corp. | 20000 | 60105 |
| Winbond Electronics Corp.<sup>(1)(2)</sup> | 1282173 | 819049 |
| Winstek Semiconductor Co. Ltd. | 14000 | 46512 |
| Wisdom Marine Lines Co. Ltd. | 365000 | 720633 |
| Wistron Corp. | 401000 | 1470744 |
| WNC Corp. | 222072 | 916952 |
| Wonderful Hi-Tech Co. Ltd. | 21000 | 34176 |
| Wowprime Corp. | 42790 | 306780 |
| WPG Holdings Ltd. | 119000 | 259432 |
| WT Microelectronics Co. Ltd. | 8791 | 35155 |
| WUS Printed Circuit Co. Ltd. | 50000 | 184943 |
| WW Holding, Inc. | 6000 | 14959 |
| XinTec, Inc. | 4000 | 17761 |
| Xxentria Technology Materials Corp. | 7350 | 9881 |
| Yang Ming Marine Transport Corp.<sup>(2)</sup> | 1024000 | 1925301 |
| Yankey Engineering Co. Ltd. | 8995 | 143922 |
| YC INOX Co. Ltd.<sup>(1)</sup> | 6379 | 4289 |
| YCC Parts Manufacturing Co. Ltd.<sup>(1)</sup> | 11000 | 16985 |
| Yem Chio Co. Ltd.<sup>(1)</sup> | 23000 | 11859 |
| Yen Sun Technology Corp. | 20000 | 30250 |
| Yeong Guan Energy Technology Group Co. Ltd.<sup>(1)</sup> | 10028 | 7272 |
| YFY, Inc. | 98000 | 79893 |
| Yieh Phui Enterprise Co. Ltd.<sup>(1)</sup> | 269380 | 132335 |
| Youngtek Electronics Corp. | 10000 | 19299 |
| Yuanta Financial Holding Co. Ltd. | 1388248 | 1469552 |
| Yuanta Futures Co. Ltd.<sup>(2)</sup> | 40062 | 113022 |
| Yulon Finance Corp.<sup>(1)(2)</sup> | 78916 | 272725 |
| Yulon Motor Co. Ltd. | 123208 | 132195 |
| Yungshin Construction & Development Co. Ltd.<sup>(2)</sup> | 16000 | 38032 |
| YungShin Global Holding Corp. | 30000 | 54825 |
| Zenitron Corp. | 62000 | 63002 |
| Zero One Technology Co. Ltd. | 31000 | 124692 |
| Zhen Ding Technology Holding Ltd.<sup>(2)</sup> | 485000 | 3094557 |
| Zippy Technology Corp. | 5000 | 9151 |
|  |  | 170047645 |
| **Thailand — 1.4%** |  |  |
| AAPICO Hitech PCL, NVDR | 30600 | 13619 |
| Advanced Info Service PCL, NVDR | 234700 | 2134210 |
| AEON Thana Sinsap Thailand PCL, NVDR | 37400 | 126420 |
| Amata Corp. PCL, NVDR | 109300 | 53330 |
| AP Thailand PCL, NVDR | 87800 | 19947 |
| Asia Plus Group Holdings PCL, NVDR | 235500 | 18186 |
| Bangchak Corp. PCL, NVDR | 470400 | 468731 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bangchak Sriracha PCL, NVDR | 109800 | $15675 |
| Bangkok Chain Hospital PCL, NVDR | 17200 | 6902 |
| Bangkok Expressway & Metro PCL, NVDR | 782600 | 128210 |
| Banpu PCL, NVDR | 3501500 | 514991 |
| BCPG PCL, NVDR | 9500 | 2510 |
| BEC World PCL, NVDR | 156900 | 10166 |
| BG Container Glass PCL, NVDR | 16200 | 2399 |
| BTS Group Holdings PCL, NVDR<sup>(1)</sup> | 187500 | 18321 |
| Buriram Sugar PCL, NVDR | 111700 | 13885 |
| Cal-Comp Electronics Thailand PCL, NVDR | 59000 | 10565 |
| Central Plaza Hotel PCL, NVDR | 9400 | 8352 |
| CH Karnchang PCL, NVDR | 104400 | 46728 |
| Charoen Pokphand Foods PCL, NVDR | 1058100 | 715855 |
| Dynasty Ceramic PCL, NVDR | 546100 | 23606 |
| Ekachai Medical Care PCL, NVDR | 125104 | 21432 |
| Erawan Group PCL, NVDR | 848200 | 62893 |
| G J Steel PCL, NVDR<sup>(1)</sup> | 1926300 | 7753 |
| GFPT PCL, NVDR | 237300 | 71385 |
| Gunkul Engineering PCL, NVDR | 82300 | 4579 |
| Hana Microelectronics PCL, NVDR | 236400 | 176663 |
| Ichitan Group PCL, NVDR | 190700 | 67139 |
| Interlink Communication PCL, NVDR | 14000 | 2101 |
| Italian-Thai Development PCL, NVDR<sup>(1)</sup> | 1023300 | 7582 |
| Jaymart Group Holdings PCL, NVDR | 800 | 204 |
| Karmarts PCL, NVDR | 6534 | 1553 |
| Kasikornbank PCL, NVDR | 24800 | 129000 |
| KCE Electronics PCL, NVDR | 292200 | 230221 |
| KGI Securities Thailand PCL, NVDR | 221200 | 26479 |
| Lanna Resources PCL, NVDR | 300 | 142 |
| Major Cineplex Group PCL, NVDR | 56200 | 13444 |
| MC Group PCL, NVDR | 60900 | 19766 |
| Mega Lifesciences PCL, NVDR | 155100 | 133909 |
| Minor International PCL, NVDR | 953400 | 689617 |
| MK Restaurants Group PCL, NVDR | 59200 | 39453 |
| Muangthai Capital PCL, NVDR | 3400 | 3916 |
| Nex Point Parts PCL, NVDR<sup>(1)</sup> | 1163500 | 27623 |
| Northeast Rubber PCL, NVDR | 177800 | 23384 |
| Origin Property PCL, NVDR | 1600 | 108 |
| Plan B Media PCL, NVDR | 315900 | 42873 |
| Polyplex Thailand PCL, NVDR | 14600 | 4277 |
| Precious Shipping PCL, NVDR | 178800 | 34987 |
| Premier Marketing PCL, NVDR | 13900 | 5063 |
| Prima Marine PCL, NVDR | 454500 | 89105 |
| Pruksa Holding PCL, NVDR | 158600 | 20088 |
| PTG Energy PCL, NVDR | 230200 | 55074 |
| PTT Exploration & Production PCL, NVDR | 287700 | 994910 |
| PTT Global Chemical PCL, NVDR | 612400 | 496710 |
| PTT PCL, NVDR | 1806200 | 1729415 |
| Regional Container Lines PCL, NVDR | 197600 | 167788 |
| Sabina PCL, NVDR | 38100 | 18257 |
| Samart Corp. PCL, NVDR | 23500 | 4687 |
| SC Asset Corp. PCL, NVDR | 43600 | 2452 |
| SCGJWD Logistics PCL, NVDR | 300 | 95 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Siam Global House PCL, NVDR | 4855 | $1066 |
| Somboon Advance Technology PCL, NVDR | 37400 | 14904 |
| SPCG PCL, NVDR | 48600 | 12906 |
| Sri Trang Agro-Industry PCL, NVDR | 1400 | 524 |
| Srithai Superware PCL, NVDR | 354100 | 11481 |
| Srivichai Vejvivat PCL, NVDR | 12700 | 2960 |
| Star Petroleum Refining PCL, NVDR | 704600 | 97372 |
| Super Energy Corp. PCL, NVDR<sup>(1)</sup> | 2013000 | 8774 |
| Susco PCL, NVDR | 201200 | 15666 |
| SVI PCL, NVDR | 27300 | 4932 |
| Thai Oil PCL, NVDR | 563400 | 557275 |
| Thai Union Group PCL, NVDR | 607500 | 231022 |
| Thaifoods Group PCL, NVDR | 712860 | 111241 |
| Thonburi Healthcare Group PCL, NVDR<sup>(1)</sup> | 200 | 45 |
| Thoresen Thai Agencies PCL, NVDR | 513200 | 67190 |
| Tipco Asphalt PCL, NVDR | 50700 | 22381 |
| Tisco Financial Group PCL, NVDR | 300 | 936 |
| TOA Paint Thailand PCL, NVDR | 64500 | 27472 |
| TPI Polene PCL, NVDR | 451500 | 10311 |
| TPI Polene Power PCL, NVDR | 126200 | 8652 |
|  |  | 10985845 |
| **Turkey — 0.9%** |  |  |
| Akbank TAS | 545607 | 905743 |
| Aksa Enerji Uretim AS<sup>(1)</sup> | 116481 | 109360 |
| Albaraka Turk Katilim Bankasi AS | 663946 | 139639 |
| Anadolu Anonim Turk Sigorta Sirketi | 239692 | 130138 |
| Bera Holding AS<sup>(1)</sup> | 264901 | 115984 |
| Dogus Otomotiv Servis ve Ticaret AS<sup>(2)</sup> | 17159 | 78914 |
| Dyo Boya Fabrikalari Sanayi ve Ticaret AS<sup>(1)</sup> | 1281 | 489 |
| GSD Holding AS<sup>(1)</sup> | 408308 | 51222 |
| Haci Omer Sabanci Holding AS | 193660 | 443708 |
| Is Finansal Kiralama AS<sup>(1)</sup> | 75356 | 34815 |
| Is Yatirim Menkul Degerler AS | 241459 | 255901 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B<sup>(1)</sup> | 3872 | 2742 |
| KOC Holding AS | 63202 | 281761 |
| Koza Anadolu Metal Madencilik Isletmeleri AS<sup>(1)</sup> | 7444 | 14303 |
| Naturelgaz Sanayi ve Ticaret AS | 374069 | 95042 |
| NET Holding AS<sup>(1)</sup> | 92984 | 114492 |
| Pegasus Hava Tasimaciligi AS<sup>(1)</sup> | 50116 | 303355 |
| Polisan Holding AS | 1488122 | 167101 |
| Sekerbank Turk AS | 484405 | 94698 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 1185 | 2494 |
| TAV Havalimanlari Holding AS<sup>(1)</sup> | 17763 | 109462 |
| Tekfen Holding AS | 29741 | 75537 |
| Tera Yatirim Menkul Degerler AS<sup>(1)</sup> | 13181 | 221214 |
| Turk Hava Yollari AO | 85223 | 694181 |
| Turkcell Iletisim Hizmetleri AS, ADR | 109046 | 641190 |
| Turkiye Halk Bankasi AS<sup>(1)</sup> | 6497 | 4228 |
| Turkiye Is Bankasi AS, C Shares | 1031759 | 377698 |
| Turkiye Petrol Rafinerileri AS | 44988 | 188365 |
| Turkiye Sigorta AS | 32746 | 7960 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(1)</sup> | 549711 | 193967 |
| Turkiye Vakiflar Bankasi TAO, D Shares<sup>(1)</sup> | 407948 | 285747 |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ulker Biskuvi Sanayi AS<sup>(2)</sup> | 24189 | $66703 |
| Vakif Finansal Kiralama AS<sup>(1)</sup> | 373005 | 24856 |
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 72 | 110 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(1)</sup> | 3084 | 3173 |
| Yapi ve Kredi Bankasi AS<sup>(1)(2)</sup> | 490776 | 392469 |
| Zorlu Enerji Elektrik Uretim AS<sup>(1)</sup> | 128004 | 11826 |
|  |  | 6640587 |
| **TOTAL COMMON STOCKS** <br>(Cost $638,863,249) |  | **777811436** |
| **WARRANTS — 0.0%** |  |  |
| **Brazil — 0.0%** |  |  |
| Marisa Lojas SA<sup>(1)</sup> | 8412 | 310 |
| **Malaysia — 0.0%** |  |  |
| PESTEC International Bhd.<sup>(1)</sup> | 1700 | 22 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 16771 | 635 |
|  |  | 657 |
| **Thailand — 0.0%** |  |  |
| Buriram Sugar PCL, NVDR<sup>(1)</sup> | 8450 | 29 |
| Kiatnakin Phatra Bank PCL, NVDR<sup>(1)</sup> | 2417 | 125 |
| Northeast Rubber PCL, NVDR<sup>(1)</sup> | 29283 | 164 |
| Origin Property PCL, NVDR<sup>(1)</sup> | 400 | 5 |
| TEAM Consulting Engineering & Management PCL, NVDR<sup>(1)</sup> | 20 |  |
|  |  | 323 |
| **TOTAL WARRANTS** <br>(Cost $—) |  | **1290** |
| **RIGHTS — 0.0%** |  |  |
| **China — 0.0%** |  |  |
| XJ International Holdings Co. Ltd.<sup>(1)</sup> | 76833 | 99 |
| **Thailand — 0.0%** |  |  |
| Thonburi Healthcare Group PCL, NVDR<sup>(1)</sup> | 80 | 3 |
| **TOTAL RIGHTS** <br>(Cost $—) |  | **102** |
| **SHORT-TERM INVESTMENTS — 0.9%** |  |  |
| **Money Market Funds — 0.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 699237 | 699237 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 6205844 | 6205844 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $6,905,081) |  | **6905081** |
| **TOTAL INVESTMENT SECURITIES — 101.1%** <br>(Cost $645,768,330) |  | **784717909** |
| **OTHER ASSETS AND LIABILITIES — (1.1)%** |  | **(8256248)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**776461661** |

---

------

Schedule of Investments - Avantis Emerging Markets Value ETF

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | **(as a % of net assets)** |
| Financials | 27.6% |
| Materials | 13.6% |
| Consumer Discretionary | 12.7% |
| Industrials | 12.1% |
| Information Technology | 12.1% |
| Communication Services | 5.8% |
| Energy | 4.5% |
| Consumer Staples | 4.1% |
| Health Care | 2.9% |
| Real Estate | 2.8% |
| Utilities | 2.0% |
| Short-Term Investments | 0.9% |
| Other Assets and Liabilities | (1.1)% |

---

---

| | | |
|:---|:---|:---|
| **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 $58,935,969. 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 $62,569,613, which includes securities collateral of $56,363,769.

**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 | $18408444 | $17966365 |  |
| &nbsp;&nbsp;&nbsp;Chile | 1556305 | 3801010 |  |
| &nbsp;&nbsp;&nbsp;China | 15100823 | 192706170 |  |
| &nbsp;&nbsp;&nbsp;Indonesia | 2083358 | 8953439 |  |
| &nbsp;&nbsp;&nbsp;Mexico | 4478145 | 10626849 |  |
| &nbsp;&nbsp;&nbsp;Philippines | 819 | 4179602 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 7873546 | 22114872 |  |
| &nbsp;&nbsp;&nbsp;South Korea | 13238103 | 84290853 |  |
| &nbsp;&nbsp;&nbsp;Taiwan | 1582716 | 168464929 |  |
| &nbsp;&nbsp;&nbsp;Turkey | 641190 | 5999397 |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 193744501 |  |
| Warrants |  | 1290 |  |
| Rights |  | 102 |  |
| Short-Term Investments | 6905081 |  |  |
|  | $71868530 | $712849379 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.6%** | **Shares** | **Value** |
| **Australia — 6.6%** | | |
| 29Metals Ltd.<sup>(1)(2)</sup> | 42815 | $9442 |
| Accent Group Ltd. | 420991 | 390563 |
| Adairs Ltd.<sup>(2)</sup> | 188061 | 335797 |
| Aeris Resources Ltd.<sup>(1)</sup> | 24747 | 3647 |
| AGL Energy Ltd. | 575946 | 3096811 |
| Alkane Resources Ltd.<sup>(1)(2)</sup> | 196819 | 135909 |
| Alliance Aviation Services Ltd.<sup>(1)</sup> | 8660 | 13071 |
| ALS Ltd. | 45451 | 551310 |
| Amotiv Ltd. | 79099 | 505027 |
| AMP Ltd. | 1883625 | 2102384 |
| Amplitude Energy Ltd.<sup>(1)</sup> | 652226 | 106725 |
| Ampol Ltd. | 291614 | 5598746 |
| Ansell Ltd. | 2383 | 52835 |
| ANZ Group Holdings Ltd. | 922624 | 20273863 |
| APA Group | 1059720 | 6103034 |
| ARB Corp. Ltd. | 9424 | 245925 |
| Aristocrat Leisure Ltd. | 195412 | 9265763 |
| ARN Media Ltd. | 24887 | 7481 |
| ASX Ltd. | 90362 | 3691174 |
| Atlas Arteria Ltd. | 77912 | 271357 |
| Aurelia Metals Ltd.<sup>(1)</sup> | 1182497 | 166154 |
| Aurizon Holdings Ltd. | 2545800 | 5391378 |
| Austal Ltd.<sup>(1)</sup> | 334631 | 1699966 |
| Austin Engineering Ltd. | 30917 | 6247 |
| Australian Agricultural Co. Ltd.<sup>(1)</sup> | 49709 | 45883 |
| Australian Clinical Labs Ltd. | 212312 | 395190 |
| Australian Ethical Investment Ltd. | 3356 | 16466 |
| Australian Finance Group Ltd. | 38545 | 70519 |
| Baby Bunting Group Ltd.<sup>(1)</sup> | 15373 | 27126 |
| Bank of Queensland Ltd. | 842768 | 4002482 |
| Bapcor Ltd. | 135436 | 352214 |
| Beach Energy Ltd. | 1535791 | 1203517 |
| Bega Cheese Ltd. | 149317 | 568368 |
| Bendigo & Adelaide Bank Ltd. | 804657 | 7009736 |
| BHP Group Ltd., ADR<sup>(2)</sup> | 647580 | 36115537 |
| BlueScope Steel Ltd. | 474712 | 7111992 |
| Brambles Ltd. | 842548 | 14278778 |
| Bravura Solutions Ltd. | 275340 | 402944 |
| Breville Group Ltd.<sup>(2)</sup> | 13289 | 292210 |
| Brickworks Ltd. | 13720 | 320220 |
| Capricorn Metals Ltd.<sup>(1)</sup> | 449116 | 3042556 |
| CAR Group Ltd. | 31523 | 831512 |
| Catalyst Metals Ltd.<sup>(1)</sup> | 169066 | 805628 |
| Cedar Woods Properties Ltd. | 11527 | 56433 |
| Cettire Ltd.<sup>(1)(2)</sup> | 125990 | 25884 |
| Challenger Ltd. | 1319060 | 7180858 |
| Champion Iron Ltd.<sup>(2)</sup> | 132825 | 389944 |
| Cleanaway Waste Management Ltd. | 262221 | 476189 |
| Coast Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 180016 | 47104 |
| Cochlear Ltd. | 19351 | 3810509 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Coles Group Ltd. | 788565 | $12310295 |
| Collins Foods Ltd. | 34268 | 217598 |
| Commonwealth Bank of Australia | 303670 | 33752308 |
| Computershare Ltd. | 209908 | 5223744 |
| Core Lithium Ltd.<sup>(1)(2)</sup> | 519170 | 37253 |
| Coronado Global Resources, Inc. | 308351 | 73437 |
| Credit Corp. Group Ltd. | 17008 | 182986 |
| CSL Ltd. | 51868 | 7215235 |
| Data#3 Ltd. | 40386 | 242603 |
| Deep Yellow Ltd.<sup>(1)(2)</sup> | 444912 | 525739 |
| Deterra Royalties Ltd. | 212498 | 581492 |
| Dicker Data Ltd.<sup>(2)</sup> | 29135 | 173787 |
| Domino's Pizza Enterprises Ltd. | 7292 | 71804 |
| Downer EDI Ltd. | 130687 | 616650 |
| Dyno Nobel Ltd. | 637702 | 1269792 |
| Elders Ltd. | 187058 | 909426 |
| Emeco Holdings Ltd.<sup>(1)(2)</sup> | 118990 | 83226 |
| Emerald Resources NL<sup>(1)(2)</sup> | 163679 | 408456 |
| Endeavour Group Ltd. | 1857390 | 4634551 |
| Evolution Mining Ltd. | 1857907 | 10658585 |
| EVT Ltd. | 85125 | 779539 |
| FleetPartners Group Ltd.<sup>(1)</sup> | 87535 | 161383 |
| Flight Centre Travel Group Ltd.<sup>(2)</sup> | 63241 | 537658 |
| Fortescue Ltd. | 768126 | 9688506 |
| Genesis Minerals Ltd.<sup>(1)</sup> | 133651 | 399824 |
| GenusPlus Group Ltd. | 10774 | 37031 |
| Gold Road Resources Ltd. | 907142 | 1999526 |
| GrainCorp Ltd., A Shares | 261990 | 1367828 |
| Grange Resources Ltd. | 240025 | 31413 |
| GWA Group Ltd. | 15303 | 25216 |
| Hansen Technologies Ltd. | 84412 | 328706 |
| Harvey Norman Holdings Ltd. | 478469 | 2152733 |
| Healius Ltd. | 809161 | 454093 |
| Helia Group Ltd. | 405564 | 1470403 |
| Humm Group Ltd. | 16752 | 6899 |
| IDP Education Ltd. | 45917 | 168344 |
| IGO Ltd. | 371728 | 1265488 |
| Iluka Resources Ltd. | 1335988 | 5514175 |
| Imdex Ltd. | 99730 | 196656 |
| Infomedia Ltd. | 77563 | 84936 |
| Inghams Group Ltd. | 555745 | 984305 |
| Insurance Australia Group Ltd. | 628085 | 3573125 |
| ioneer Ltd.<sup>(1)(2)</sup> | 679404 | 50741 |
| IPH Ltd. | 1925 | 5742 |
| James Hardie Industries PLC<sup>(1)</sup> | 227818 | 4626759 |
| JB Hi-Fi Ltd. | 124294 | 9504748 |
| Johns Lyng Group Ltd. | 61301 | 156070 |
| Judo Capital Holdings Ltd.<sup>(1)</sup> | 408240 | 453772 |
| Jumbo Interactive Ltd. | 41213 | 328945 |
| Jupiter Mines Ltd. | 435624 | 67051 |
| Karoon Energy Ltd. | 1592217 | 1829826 |
| Kelsian Group Ltd. | 14061 | 45711 |
| Kogan.com Ltd.<sup>(2)</sup> | 51367 | 135250 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lendlease Corp. Ltd. | 204985 | $742520 |
| Leo Lithium Ltd.<sup>(2)</sup> | 415008 | 2716 |
| Lifestyle Communities Ltd.<sup>(2)</sup> | 6561 | 24318 |
| Lindsay Australia Ltd.<sup>(2)</sup> | 65141 | 28963 |
| Liontown Resources Ltd.<sup>(1)(2)</sup> | 390665 | 239101 |
| Lovisa Holdings Ltd. | 44549 | 1252231 |
| Lynas Rare Earths Ltd.<sup>(1)(2)</sup> | 100235 | 907906 |
| Maas Group Holdings Ltd. | 100393 | 293423 |
| Macmahon Holdings Ltd. | 38005 | 10850 |
| Macquarie Group Ltd. | 53962 | 7914455 |
| Macquarie Technology Group Ltd.<sup>(1)</sup> | 4747 | 189297 |
| Mader Group Ltd.<sup>(2)</sup> | 10465 | 57758 |
| Magellan Financial Group Ltd. | 102053 | 679950 |
| Mayne Pharma Group Ltd.<sup>(1)(2)</sup> | 42015 | 142044 |
| McMillan Shakespeare Ltd. | 51117 | 654136 |
| Medibank Pvt Ltd. | 2175261 | 7246843 |
| Megaport Ltd.<sup>(1)</sup> | 74060 | 792939 |
| Metals X Ltd.<sup>(1)</sup> | 442730 | 184765 |
| Metcash Ltd. | 2388289 | 6553931 |
| Mineral Resources Ltd.<sup>(1)</sup> | 95245 | 2311987 |
| Monadelphous Group Ltd. | 58696 | 822049 |
| Mount Gibson Iron Ltd.<sup>(1)</sup> | 191102 | 48118 |
| Myer Holdings Ltd. | 992084 | 430791 |
| MyState Ltd. | 528 | 1480 |
| National Australia Bank Ltd. | 806286 | 22502299 |
| Netwealth Group Ltd. | 16845 | 378046 |
| New Hope Corp. Ltd. | 1116670 | 3228137 |
| NEXTDC Ltd.<sup>(1)(2)</sup> | 67086 | 720818 |
| nib holdings Ltd. | 698753 | 3504795 |
| Nick Scali Ltd.<sup>(2)</sup> | 94655 | 1500784 |
| Nickel Industries Ltd. | 164137 | 74842 |
| Nine Entertainment Co. Holdings Ltd. | 1281257 | 1396010 |
| Northern Star Resources Ltd. | 771377 | 9626605 |
| NRW Holdings Ltd. | 486137 | 1217035 |
| Nufarm Ltd.<sup>(1)</sup> | 287707 | 455908 |
| Nuix Ltd.<sup>(1)</sup> | 36586 | 63318 |
| OFX Group Ltd.<sup>(1)(2)</sup> | 51542 | 27284 |
| Omni Bridgeway Ltd.<sup>(1)</sup> | 49909 | 52698 |
| oOh!media Ltd. | 280875 | 308300 |
| Opthea Ltd.<sup>(1)</sup> | 200476 | 59041 |
| Ora Banda Mining Ltd.<sup>(1)</sup> | 712481 | 400182 |
| Orica Ltd. | 505609 | 7256083 |
| Origin Energy Ltd. | 841149 | 7096304 |
| Orora Ltd. | 443967 | 602732 |
| Pacific Current Group Ltd. | 6132 | 44754 |
| Paladin Energy Ltd.<sup>(1)(2)</sup> | 20325 | 102709 |
| Pantoro Gold Ltd.<sup>(1)</sup> | 296195 | 908474 |
| Peet Ltd. | 34647 | 38639 |
| Perenti Ltd. | 1035820 | 1598995 |
| Perpetual Ltd. | 43116 | 611559 |
| Perseus Mining Ltd. | 1524566 | 3820943 |
| Pilbara Minerals Ltd.<sup>(1)(2)</sup> | 567712 | 906800 |
| Platinum Asset Management Ltd. | 224982 | 117767 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Premier Investments Ltd. | 47246 | $688371 |
| Pro Medicus Ltd. | 27118 | 5267254 |
| PWR Holdings Ltd.<sup>(2)</sup> | 17807 | 90637 |
| Qantas Airways Ltd. | 162175 | 1242621 |
| QBE Insurance Group Ltd. | 834450 | 11789728 |
| Qube Holdings Ltd. | 276225 | 757155 |
| Ramelius Resources Ltd. | 858636 | 1804608 |
| Ramsay Health Care Ltd. | 29774 | 659007 |
| REA Group Ltd. | 15374 | 2517778 |
| Reece Ltd.<sup>(2)</sup> | 30870 | 224577 |
| Regis Healthcare Ltd. | 35638 | 182778 |
| Regis Resources Ltd.<sup>(1)</sup> | 2854161 | 8597224 |
| Reliance Worldwide Corp. Ltd. | 234205 | 639676 |
| Resolute Mining Ltd.<sup>(1)</sup> | 4225582 | 1801480 |
| Ridley Corp. Ltd.<sup>(2)</sup> | 189273 | 383668 |
| Rio Tinto Ltd. | 107712 | 8136247 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 860473 | 7041507 |
| Santos Ltd. | 2202486 | 11530763 |
| SEEK Ltd. | 25629 | 463471 |
| Select Harvests Ltd.<sup>(1)</sup> | 68618 | 172346 |
| Servcorp Ltd. | 9050 | 40267 |
| Service Stream Ltd. | 213613 | 290217 |
| Seven West Media Ltd.<sup>(1)</sup> | 326689 | 29954 |
| SGH Ltd. | 121346 | 3995862 |
| Silex Systems Ltd.<sup>(1)(2)</sup> | 24452 | 66066 |
| Sims Ltd. | 76811 | 712939 |
| SiteMinder Ltd.<sup>(1)</sup> | 63659 | 286729 |
| SmartGroup Corp. Ltd. | 30726 | 181394 |
| Sonic Healthcare Ltd. | 94863 | 1490058 |
| South32 Ltd. | 2726133 | 4813543 |
| Southern Cross Electrical Engineering Ltd. | 82561 | 105714 |
| Southern Cross Media Group Ltd.<sup>(1)</sup> | 67219 | 35174 |
| SRG Global Ltd. | 294562 | 377971 |
| St Barbara Ltd.<sup>(1)(2)</sup> | 782408 | 180839 |
| Star Entertainment Group Ltd.<sup>(1)(2)</sup> | 1693937 | 116163 |
| Steadfast Group Ltd. | 25669 | 101929 |
| Strike Energy Ltd.<sup>(1)(2)</sup> | 598859 | 44979 |
| Suncorp Group Ltd. | 487030 | 6768344 |
| Super Retail Group Ltd. | 516316 | 6338920 |
| Syrah Resources Ltd.<sup>(1)(2)</sup> | 97373 | 19106 |
| Technology One Ltd. | 242225 | 6308190 |
| Telix Pharmaceuticals Ltd.<sup>(1)</sup> | 16754 | 159503 |
| Telstra Group Ltd. | 1931570 | 6179633 |
| Terracom Ltd.<sup>(2)</sup> | 303171 | 14498 |
| Transurban Group | 549391 | 5240143 |
| Treasury Wine Estates Ltd. | 428441 | 2190562 |
| Tyro Payments Ltd.<sup>(1)</sup> | 145887 | 117916 |
| Universal Store Holdings Ltd. | 49693 | 283961 |
| Vault Minerals Ltd.<sup>(1)</sup> | 4785222 | 1698145 |
| Ventia Services Group Pty. Ltd. | 255862 | 909044 |
| Viva Energy Group Ltd.<sup>(2)</sup> | 459186 | 647008 |
| Vulcan Energy Resources Ltd.<sup>(1)(2)</sup> | 43091 | 116564 |
| Washington H Soul Pattinson & Co. Ltd. | 200147 | 5721316 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Webjet Group Ltd.<sup>(1)(2)</sup> | 356938 | $210850 |
| Wesfarmers Ltd. | 372787 | 22329395 |
| West African Resources Ltd.<sup>(1)</sup> | 2640589 | 5253524 |
| Westgold Resources Ltd.<sup>(1)</sup> | 214951 | 489948 |
| Westgold Resources Ltd. (Toronto)<sup>(1)</sup> | 131374 | 297501 |
| Westpac Banking Corp. | 1042847 | 26268343 |
| Whitehaven Coal Ltd. | 1291683 | 5573341 |
| WiseTech Global Ltd. | 13707 | 908114 |
| Woodside Energy Group Ltd. | 134924 | 2325751 |
| Woodside Energy Group Ltd., ADR | 59682 | 1025337 |
| Woolworths Group Ltd. | 511366 | 9625882 |
| Worley Ltd. | 45822 | 439107 |
| Xero Ltd.<sup>(1)</sup> | 11820 | 1260401 |
| Yancoal Australia Ltd. | 389246 | 1383618 |
| Zip Co. Ltd.<sup>(1)(2)</sup> | 35920 | 98995 |
|  |  | 573743863 |
| **Austria — 0.3%** |  |  |
| ANDRITZ AG | 6002 | 422561 |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | 24574 | 585559 |
| BAWAG Group AG<sup>(1)</sup> | 13767 | 1780013 |
| CA Immobilien Anlagen AG | 5223 | 143340 |
| CPI Europe AG<sup>(1)</sup> | 13235 | 288795 |
| DO & Co. AG | 5937 | 1577833 |
| Erste Group Bank AG | 99881 | 9507216 |
| EVN AG | 15451 | 423013 |
| Lenzing AG<sup>(1)</sup> | 32 | 991 |
| Oesterreichische Post AG | 11405 | 384120 |
| OMV AG | 41031 | 2259971 |
| Porr AG | 16817 | 583631 |
| Raiffeisen Bank International AG | 52168 | 1733128 |
| Semperit AG Holding | 3502 | 54927 |
| Telekom Austria AG | 23245 | 254567 |
| UNIQA Insurance Group AG | 56186 | 814222 |
| Verbund AG | 59731 | 4259807 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 6986 | 362287 |
| voestalpine AG | 52683 | 1745424 |
| Wienerberger AG | 29332 | 1022157 |
|  |  | 28203562 |
| **Belgium — 1.0%** |  |  |
| Ackermans & van Haaren NV | 23270 | 6036670 |
| Ageas SA | 122038 | 8598525 |
| AGFA-Gevaert NV<sup>(1)</sup> | 9590 | 12012 |
| Anheuser-Busch InBev SA, ADR<sup>(2)</sup> | 151617 | 9501837 |
| Argenx SE, ADR<sup>(1)</sup> | 8319 | 5924792 |
| Barco NV | 27533 | 451715 |
| Bekaert SA | 27740 | 1246566 |
| bpost SA<sup>(1)</sup> | 58448 | 146090 |
| Cie d'Entreprises CFE | 1442 | 14946 |
| CMB Tech NV<sup>(1)</sup> | 37624 | 325255 |
| Colruyt Group NV | 23833 | 1048310 |
| Deceuninck NV<sup>(2)</sup> | 10650 | 26362 |
| Deme Group NV | 3467 | 528570 |
| D'ieteren Group | 16615 | 3600464 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Elia Group SA<sup>(2)</sup> | 21260 | $2432693 |
| EVS Broadcast Equipment SA | 6909 | 281450 |
| Galapagos NV, ADR<sup>(1)(2)</sup> | 20499 | 644489 |
| Gimv NV | 6711 | 346028 |
| Immobel SA<sup>(1)</sup> | 61 | 1849 |
| KBC Ancora | 12029 | 931641 |
| KBC Group NV | 97735 | 11520348 |
| Kinepolis Group NV<sup>(2)</sup> | 8875 | 354200 |
| Lotus Bakeries NV<sup>(2)</sup> | 193 | 1892646 |
| Melexis NV | 12636 | 1000409 |
| Ontex Group NV<sup>(1)(2)</sup> | 61699 | 470331 |
| Proximus SADP | 115422 | 1000530 |
| Solvay SA | 145282 | 4771848 |
| Syensqo SA<sup>(2)</sup> | 64216 | 5676294 |
| Tessenderlo Group SA | 7353 | 224220 |
| UCB SA<sup>(2)</sup> | 59728 | 14010926 |
| Umicore SA | 181322 | 2829897 |
| VGP NV | 7237 | 826267 |
|  |  | 86678180 |
| **Canada — 11.5%** |  |  |
| ADENTRA, Inc. | 7800 | 195206 |
| Advantage Energy Ltd.<sup>(1)</sup> | 152226 | 1231464 |
| Aecon Group, Inc. | 56001 | 832257 |
| Ag Growth International, Inc. | 4 | 123 |
| AGF Management Ltd., Class B | 19400 | 173185 |
| Agnico Eagle Mines Ltd. | 241412 | 34806852 |
| Aimia, Inc.<sup>(1)(2)</sup> | 5405 | 12200 |
| Air Canada<sup>(1)</sup> | 21398 | 303827 |
| Alamos Gold, Inc., Class A | 225926 | 6882982 |
| Alaris Equity Partners Income | 1756 | 23859 |
| Algoma Steel Group, Inc. | 28900 | 140570 |
| Algonquin Power & Utilities Corp. | 206333 | 1195916 |
| Alimentation Couche-Tard, Inc. | 211106 | 10700177 |
| AltaGas Ltd. | 53790 | 1594489 |
| Americas Gold & Silver Corp.<sup>(1)(2)</sup> | 96400 | 259715 |
| Amerigo Resources Ltd. | 28300 | 46159 |
| Andlauer Healthcare Group, Inc. | 16517 | 641148 |
| ARC Resources Ltd. | 503537 | 9690525 |
| Aris Mining Corp.<sup>(1)</sup> | 51299 | 446371 |
| Aritzia, Inc.<sup>(1)</sup> | 90600 | 5424059 |
| Atco Ltd., Class I | 30906 | 1131731 |
| Athabasca Oil Corp.<sup>(1)</sup> | 1409902 | 6180224 |
| AtkinsRealis Group, Inc. | 51720 | 3556586 |
| Atrium Mortgage Investment Corp. | 4535 | 38305 |
| AutoCanada, Inc.<sup>(1)</sup> | 6900 | 167105 |
| Avino Silver & Gold Mines Ltd.<sup>(1)(2)</sup> | 112500 | 500510 |
| B2Gold Corp. | 2158525 | 8911666 |
| Badger Infrastructure Solutions Ltd. | 18612 | 781017 |
| Ballard Power Systems, Inc.<sup>(1)(2)</sup> | 38300 | 76692 |
| Bank of Montreal | 206663 | 25008428 |
| Bank of Nova Scotia | 296633 | 18525658 |
| Barrick Mining Corp. | 586899 | 15653774 |
| Bausch Health Cos., Inc.<sup>(1)</sup> | 23716 | 175450 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Baytex Energy Corp.<sup>(2)</sup> | 565640 | $1256200 |
| BCE, Inc. | 51552 | 1286407 |
| Birchcliff Energy Ltd. | 1122195 | 5156042 |
| Bird Construction, Inc. | 75309 | 1239842 |
| Bitfarms Ltd.<sup>(1)(2)</sup> | 63400 | 84481 |
| Bombardier, Inc., Class B<sup>(1)</sup> | 16163 | 1889636 |
| Bonterra Energy Corp.<sup>(1)</sup> | 4200 | 10551 |
| Boralex, Inc., A Shares | 45376 | 954206 |
| Boston Pizza Royalties Income Fund | 2700 | 42485 |
| Boyd Group Services, Inc. | 7200 | 1182114 |
| Brookfield Asset Management Ltd., Class A | 45741 | 2752753 |
| Brookfield Business Corp., Class A | 6000 | 198172 |
| Brookfield Corp. | 57916 | 3806806 |
| Brookfield Infrastructure Corp., Class A | 39578 | 1591827 |
| Brookfield Infrastructure Corp. (Toronto), Class A | 24896 | 1002475 |
| Brookfield Renewable Corp. | 63324 | 2134393 |
| Brookfield Renewable Corp. (New York) | 45129 | 1520847 |
| Brookfield Wealth Solutions Ltd.<sup>(1)</sup> | 3000 | 196862 |
| BRP, Inc. | 16061 | 1010778 |
| CAE, Inc.<sup>(1)</sup> | 90853 | 2449694 |
| Cameco Corp. | 82500 | 6382058 |
| Canacol Energy Ltd.<sup>(1)(2)</sup> | 2500 | 4660 |
| Canada Goose Holdings, Inc.<sup>(1)</sup> | 24800 | 321433 |
| Canadian Imperial Bank of Commerce | 272647 | 21061725 |
| Canadian National Railway Co. | 181690 | 17588878 |
| Canadian Natural Resources Ltd. | 787469 | 24936853 |
| Canadian Pacific Kansas City Ltd. | 145458 | 11079740 |
| Canadian Tire Corp. Ltd., Class A | 21893 | 2729950 |
| Canadian Utilities Ltd., A Shares | 87557 | 2437328 |
| Canfor Corp.<sup>(1)</sup> | 26975 | 255736 |
| Capital Power Corp. | 242831 | 10126283 |
| Capstone Copper Corp.<sup>(1)</sup> | 283406 | 2026466 |
| Cardinal Energy Ltd. | 93498 | 496305 |
| Cargojet, Inc. | 6524 | 479033 |
| Cascades, Inc. | 13743 | 98368 |
| CCL Industries, Inc., Class B | 9516 | 570052 |
| Celestica, Inc. (Toronto)<sup>(1)</sup> | 190925 | 37188217 |
| Cenovus Energy, Inc. | 663695 | 11037823 |
| Centerra Gold, Inc. | 828381 | 6761678 |
| CES Energy Solutions Corp. | 198584 | 1198719 |
| CGI, Inc. | 60622 | 5886737 |
| Chorus Aviation, Inc. | 5392 | 79780 |
| Cogeco Communications, Inc. | 14300 | 669315 |
| Colliers International Group, Inc. | 6900 | 1139240 |
| Computer Modelling Group Ltd. | 22500 | 101904 |
| Constellation Software, Inc. | 1886 | 6248911 |
| D2L, Inc.<sup>(1)(2)</sup> | 2650 | 31008 |
| Definity Financial Corp. | 20629 | 1066336 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 13200 | 1319183 |
| Dollarama, Inc. | 115201 | 15707969 |
| Dorel Industries, Inc., Class B<sup>(1)</sup> | 8000 | 7048 |
| DREAM Unlimited Corp., Class A | 6522 | 100346 |
| Dundee Precious Metals, Inc. | 35992 | 667242 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Eldorado Gold Corp.<sup>(1)</sup> | 258132 | $6399967 |
| Element Fleet Management Corp. | 484529 | 12912776 |
| Emera, Inc. | 182372 | 8686025 |
| Empire Co. Ltd., Class A | 110785 | 4300396 |
| Enbridge, Inc. | 248226 | 12010498 |
| Enerflex Ltd. | 143946 | 1450623 |
| Enghouse Systems Ltd. | 10135 | 168775 |
| Ensign Energy Services, Inc.<sup>(1)</sup> | 42500 | 68701 |
| EQB, Inc. | 15000 | 987913 |
| Equinox Gold Corp.<sup>(1)</sup> | 393610 | 3442135 |
| Evertz Technologies Ltd. | 1636 | 14426 |
| Exchange Income Corp. | 18500 | 966928 |
| Extendicare, Inc. | 85738 | 812836 |
| Fairfax Financial Holdings Ltd. | 5512 | 9489301 |
| Fiera Capital Corp.<sup>(2)</sup> | 10053 | 49264 |
| Finning International, Inc. | 149429 | 6195425 |
| Firm Capital Mortgage Investment Corp. | 7935 | 69565 |
| First Majestic Silver Corp. | 75800 | 693782 |
| First National Financial Corp. | 9986 | 350621 |
| First Quantum Minerals Ltd.<sup>(1)</sup> | 518676 | 9090568 |
| FirstService Corp. (Toronto) | 9300 | 1872325 |
| Fortis, Inc. | 103700 | 5161026 |
| Fortuna Mining Corp.<sup>(1)</sup> | 499987 | 3855436 |
| Franco-Nevada Corp. | 6292 | 1185829 |
| Freehold Royalties Ltd. | 44490 | 433448 |
| Frontera Energy Corp. | 19852 | 88032 |
| Galiano Gold, Inc.<sup>(1)</sup> | 30535 | 66035 |
| George Weston Ltd. | 40236 | 2591089 |
| GFL Environmental, Inc. | 16777 | 839247 |
| Gibson Energy, Inc. | 85630 | 1623001 |
| Gildan Activewear, Inc. | 194821 | 10636530 |
| goeasy Ltd. | 10513 | 1630822 |
| GoGold Resources, Inc.<sup>(1)</sup> | 64100 | 113418 |
| Great-West Lifeco, Inc. | 117788 | 4665720 |
| Headwater Exploration, Inc. | 214018 | 1061246 |
| High Liner Foods, Inc. | 5446 | 64082 |
| Hudbay Minerals, Inc. | 274390 | 3292640 |
| Hydro One Ltd. | 139726 | 5088067 |
| iA Financial Corp., Inc. | 121000 | 13017621 |
| IAMGOLD Corp.<sup>(1)</sup> | 716792 | 6675479 |
| IGM Financial, Inc. | 16243 | 582375 |
| Imperial Oil Ltd. | 51816 | 4701868 |
| InPlay Oil Corp. | 1616 | 13438 |
| Intact Financial Corp. | 36842 | 7378058 |
| Interfor Corp.<sup>(1)</sup> | 395916 | 3649686 |
| International Petroleum Corp.<sup>(1)</sup> | 71060 | 1318906 |
| Ivanhoe Mines Ltd., Class A<sup>(1)(2)</sup> | 17544 | 155084 |
| K92 Mining, Inc.<sup>(1)</sup> | 115497 | 1302689 |
| Kelt Exploration Ltd.<sup>(1)</sup> | 104060 | 509181 |
| Keyera Corp. | 249272 | 8031664 |
| Kinross Gold Corp. | 1117765 | 23366974 |
| Kiwetinohk Energy Corp.<sup>(1)</sup> | 1700 | 29114 |
| Knight Therapeutics, Inc.<sup>(1)</sup> | 20346 | 96297 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Labrador Iron Ore Royalty Corp. | 45424 | $888403 |
| Laurentian Bank of Canada | 31993 | 710516 |
| Leon's Furniture Ltd. | 8200 | 178288 |
| Linamar Corp. | 18964 | 1035367 |
| Lithium Americas Corp.<sup>(1)(2)</sup> | 96900 | 289991 |
| Lithium Argentina AG<sup>(1)(2)</sup> | 18200 | 62153 |
| Loblaw Cos. Ltd. | 145616 | 5947210 |
| Logan Energy Corp.<sup>(1)(2)</sup> | 56 | 32 |
| Lotus Creek Exploration, Inc.<sup>(1)</sup> | 2879 | 2914 |
| Lumine Group, Inc.<sup>(1)</sup> | 5658 | 199318 |
| Lundin Gold, Inc. | 36230 | 2227854 |
| Lundin Mining Corp. | 451925 | 5228884 |
| Magna International, Inc. | 248052 | 11386171 |
| Major Drilling Group International, Inc.<sup>(1)</sup> | 17858 | 125871 |
| Manulife Financial Corp. | 747786 | 23005030 |
| Maple Leaf Foods, Inc. | 33128 | 871288 |
| Martinrea International, Inc. | 53740 | 405784 |
| MCAN Mortgage Corp.<sup>(2)</sup> | 4620 | 73706 |
| MDA Space Ltd.<sup>(1)</sup> | 145902 | 4718031 |
| MEG Energy Corp. | 353762 | 7276933 |
| Meren Energy, Inc. | 155900 | 202062 |
| Methanex Corp. | 28780 | 1022236 |
| Metro, Inc. | 146937 | 10532259 |
| MTY Food Group, Inc. | 15 | 421 |
| Mullen Group Ltd. | 122182 | 1225067 |
| National Bank of Canada | 227161 | 23878081 |
| Neo Performance Materials, Inc. | 1300 | 16632 |
| New Gold, Inc.<sup>(1)</sup> | 1236207 | 7291132 |
| NexGen Energy Ltd.<sup>(1)(2)</sup> | 362295 | 2851720 |
| North American Construction Group Ltd. | 11135 | 152186 |
| North West Co., Inc. | 46240 | 1698963 |
| Northland Power, Inc. | 269995 | 4374259 |
| Novagold Resources, Inc.<sup>(1)</sup> | 71368 | 488157 |
| Nutrien Ltd. | 252762 | 14567381 |
| NuVista Energy Ltd.<sup>(1)</sup> | 299101 | 3179724 |
| Obsidian Energy Ltd.<sup>(1)</sup> | 51250 | 316079 |
| OceanaGold Corp. | 290021 | 5300562 |
| Onex Corp. | 17483 | 1495797 |
| Open Text Corp. | 79154 | 2617814 |
| Orla Mining Ltd.<sup>(1)</sup> | 101524 | 1120693 |
| Pan American Silver Corp. | 505957 | 17164260 |
| Paramount Resources Ltd., A Shares | 95735 | 1423460 |
| Parex Resources, Inc. | 327898 | 4130510 |
| Parkland Corp. | 58013 | 1641523 |
| Pason Systems, Inc. | 35435 | 303172 |
| Pembina Pipeline Corp. | 189235 | 7147209 |
| Pet Valu Holdings Ltd. | 18400 | 522518 |
| PetroTal Corp. | 1000 | 495 |
| Peyto Exploration & Development Corp. | 382430 | 5204512 |
| PHX Energy Services Corp. | 3700 | 20933 |
| Pine Cliff Energy Ltd. | 77100 | 33123 |
| Pizza Pizza Royalty Corp. | 10200 | 118834 |
| Polaris Renewable Energy, Inc. | 5700 | 52586 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Power Corp. of Canada | 94619 | $4004953 |
| Precision Drilling Corp.<sup>(1)</sup> | 9289 | 537718 |
| Premium Brands Holdings Corp. | 27100 | 1863958 |
| Quebecor, Inc., Class B | 56074 | 1703840 |
| Quipt Home Medical Corp.<sup>(1)</sup> | 2400 | 6291 |
| RB Global, Inc. | 44576 | 5105946 |
| Real Matters, Inc.<sup>(1)</sup> | 22688 | 105894 |
| Restaurant Brands International, Inc. | 95305 | 6035370 |
| Richelieu Hardware Ltd. | 19128 | 509346 |
| Rogers Communications, Inc., Class B | 116999 | 4192319 |
| Rogers Sugar, Inc. | 22575 | 104216 |
| Royal Bank of Canada | 232915 | 33848018 |
| Russel Metals, Inc. | 44781 | 1356457 |
| Sandstorm Gold Ltd. | 146304 | 1634182 |
| Saputo, Inc. | 67975 | 1701664 |
| Secure Waste Infrastructure Corp. | 235319 | 2808373 |
| Shopify, Inc., Class A<sup>(1)</sup> | 161808 | 22854710 |
| Silvercorp Metals, Inc.<sup>(2)</sup> | 92937 | 449340 |
| South Bow Corp.<sup>(2)</sup> | 201944 | 5596526 |
| Spartan Delta Corp.<sup>(1)(2)</sup> | 53028 | 188427 |
| SSR Mining, Inc.<sup>(1)</sup> | 156389 | 3017664 |
| Stantec, Inc. | 55856 | 6071419 |
| STEP Energy Services Ltd.<sup>(1)(2)</sup> | 400 | 1258 |
| StorageVault Canada, Inc. | 20100 | 69959 |
| Sun Life Financial, Inc. | 215302 | 12576202 |
| Suncor Energy, Inc. | 585358 | 24196872 |
| SunOpta, Inc.<sup>(1)</sup> | 64620 | 403713 |
| Superior Plus Corp. | 15600 | 82467 |
| Surge Energy, Inc. | 36800 | 185695 |
| Tamarack Valley Energy Ltd. | 618273 | 2426542 |
| Taseko Mines Ltd.<sup>(1)</sup> | 140284 | 457620 |
| TC Energy Corp. | 289724 | 15087968 |
| Teck Resources Ltd., Class B | 279065 | 9542282 |
| TELUS Corp. | 204350 | 3368758 |
| TELUS Corp.<sup>(1)</sup> | 19763 | 325798 |
| TFI International, Inc. | 19853 | 1881001 |
| Thomson Reuters Corp. | 10054 | 1785613 |
| Timbercreek Financial Corp. | 28046 | 158063 |
| TMX Group Ltd. | 32682 | 1305281 |
| Torex Gold Resources, Inc.<sup>(1)</sup> | 63485 | 2117631 |
| Toromont Industries Ltd. | 32121 | 3358397 |
| Toronto-Dominion Bank | 313640 | 23550120 |
| Total Energy Services, Inc. | 4100 | 39795 |
| Tourmaline Oil Corp. | 220448 | 9361435 |
| TransAlta Corp. | 276286 | 3393851 |
| Transcontinental, Inc., Class A | 41127 | 609710 |
| Trican Well Service Ltd. | 155419 | 674480 |
| Triple Flag Precious Metals Corp. | 13300 | 363744 |
| Valeura Energy, Inc.<sup>(1)</sup> | 40000 | 234172 |
| Vermilion Energy, Inc. | 164296 | 1240579 |
| Wajax Corp. | 5600 | 97047 |
| Wesdome Gold Mines Ltd.<sup>(1)</sup> | 82663 | 1097278 |
| West Fraser Timber Co. Ltd. | 119234 | 8685455 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Western Forest Products, Inc.<sup>(1)</sup> | 2301 | $21010 |
| Westshore Terminals Investment Corp.<sup>(2)</sup> | 21750 | 407649 |
| Wheaton Precious Metals Corp. | 44751 | 4494162 |
| Whitecap Resources, Inc. | 1469296 | 11062381 |
| WildBrain Ltd.<sup>(1)</sup> | 200 | 299 |
| Winpak Ltd. | 12100 | 368458 |
| WSP Global, Inc. | 15960 | 3250222 |
|  |  | 1004845779 |
| **Denmark — 1.9%** |  |  |
| ALK-Abello AS<sup>(1)</sup> | 34938 | 1102927 |
| Alm Brand AS | 2439496 | 6805908 |
| AP Moller - Maersk AS, A Shares | 1354 | 2783454 |
| AP Moller - Maersk AS, B Shares | 2521 | 5194596 |
| Bang & Olufsen AS<sup>(1)</sup> | 17969 | 43092 |
| Bavarian Nordic AS<sup>(1)</sup> | 35247 | 1306561 |
| Carlsberg AS, B Shares | 71242 | 8714079 |
| cBrain AS | 3843 | 112628 |
| Chemometec AS | 7909 | 645811 |
| Coloplast AS, B Shares | 11781 | 1133290 |
| D/S Norden AS | 136258 | 4865873 |
| Danske Andelskassers Bank AS | 9479 | 22294 |
| Danske Bank AS | 302894 | 12466574 |
| Demant AS<sup>(1)</sup> | 12205 | 466958 |
| Dfds AS<sup>(1)</sup> | 26463 | 414636 |
| DSV AS | 26083 | 5782796 |
| FLSmidth & Co. AS | 7208 | 492462 |
| Genmab AS, ADR<sup>(1)</sup> | 298775 | 7430534 |
| H Lundbeck AS | 114994 | 727663 |
| H Lundbeck AS, A Shares | 13770 | 71953 |
| H&H International AS, B Shares<sup>(1)</sup> | 4429 | 67140 |
| ISS AS | 19574 | 572462 |
| Jyske Bank AS | 57298 | 6152315 |
| Nilfisk Holding AS<sup>(1)</sup> | 5794 | 97530 |
| NKT AS<sup>(1)</sup> | 76336 | 7271260 |
| Novo Nordisk AS, ADR | 634396 | 35817998 |
| Novonesis Novozymes B, B Shares | 224441 | 14277216 |
| NTG Nordic Transport Group AS<sup>(1)</sup> | 363 | 10451 |
| Orsted AS<sup>(1)</sup> | 115907 | 3514467 |
| Pandora AS | 56427 | 7800794 |
| Per Aarsleff Holding AS | 15285 | 1498610 |
| Ringkjoebing Landbobank AS | 15571 | 3518488 |
| Rockwool AS, B Shares | 89045 | 3365305 |
| Royal Unibrew AS | 14326 | 1107137 |
| Schouw & Co. AS | 3339 | 309796 |
| Solar AS, B Shares | 3400 | 115632 |
| Sparekassen Sjaelland-Fyn AS | 2040 | 105200 |
| Sydbank AS | 41769 | 3175838 |
| TORM PLC, Class A | 74425 | 1597019 |
| Tryg AS | 47568 | 1250103 |
| Vestas Wind Systems AS | 632847 | 12598373 |
|  |  | 164807223 |
| **Finland — 0.9%** |  |  |
| Aktia Bank OYJ | 8317 | 102036 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Alandsbanken Abp, B Shares | 152 | $7505 |
| Anora Group OYJ | 14250 | 54639 |
| Atria OYJ | 267 | 4142 |
| CapMan OYJ, B Shares | 3716 | 8227 |
| Citycon OYJ | 84224 | 355051 |
| Elisa OYJ | 68070 | 3628770 |
| Finnair OYJ<sup>(1)(2)</sup> | 86678 | 318589 |
| Fortum OYJ | 120372 | 2082902 |
| Hiab OYJ, B Shares | 18469 | 1217180 |
| Huhtamaki OYJ | 96565 | 3430264 |
| Kalmar OYJ, B Shares | 39675 | 1826242 |
| Kemira OYJ | 93705 | 2166338 |
| Kesko OYJ, B Shares | 285266 | 6327288 |
| Kojamo OYJ<sup>(1)(2)</sup> | 79702 | 976854 |
| Kone OYJ, B Shares | 91778 | 5772606 |
| Konecranes OYJ | 33077 | 2726653 |
| Mandatum OYJ | 69335 | 476589 |
| Marimekko OYJ | 12693 | 178042 |
| Metsa Board OYJ, Class B<sup>(2)</sup> | 68781 | 252414 |
| Metso OYJ<sup>(2)</sup> | 235042 | 3042250 |
| Neste OYJ | 123096 | 2262321 |
| Nokia OYJ, ADR<sup>(2)</sup> | 1378630 | 5928109 |
| Nokian Renkaat OYJ<sup>(2)</sup> | 110341 | 1038215 |
| Nordea Bank Abp | 515628 | 7882967 |
| Oma Saastopankki OYJ | 1110 | 12244 |
| Orion OYJ, Class B | 97119 | 7758474 |
| Outokumpu OYJ | 441811 | 1817737 |
| Puuilo OYJ | 46611 | 727037 |
| Revenio Group OYJ<sup>(2)</sup> | 1004 | 28032 |
| Sampo OYJ, A Shares | 439590 | 5044214 |
| Sanoma OYJ | 5288 | 66351 |
| Stora Enso OYJ, R Shares<sup>(2)</sup> | 470921 | 5500949 |
| Taaleri PLC<sup>(2)</sup> | 2859 | 24925 |
| Talenom OYJ | 1730 | 6924 |
| Tokmanni Group Corp.<sup>(2)</sup> | 31759 | 344238 |
| UPM-Kymmene OYJ | 114576 | 3262926 |
| Valmet OYJ | 39631 | 1377478 |
| Wartsila OYJ Abp | 139769 | 4097022 |
| YIT OYJ<sup>(1)</sup> | 63740 | 241417 |
|  |  | 82376161 |
| **France — 8.6%** |  |  |
| ABC arbitrage | 2291 | 15923 |
| Accor SA | 125605 | 6230824 |
| Aeroports de Paris SA<sup>(2)</sup> | 20246 | 2664790 |
| Air France-KLM<sup>(1)</sup> | 32225 | 507045 |
| Air Liquide SA | 137719 | 28375251 |
| Airbus SE | 133508 | 27912379 |
| AKWEL SADIR | 1186 | 11116 |
| Alstom SA<sup>(1)(2)</sup> | 220582 | 5303221 |
| Alten SA | 29998 | 2316373 |
| Amundi SA | 11388 | 841798 |
| Aperam SA | 31682 | 961852 |
| ArcelorMittal SA, NY Shares | 336911 | 11239351 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Arkema SA | 70864 | $5027933 |
| AXA SA | 596065 | 27763301 |
| Ayvens SA | 45594 | 505169 |
| Beneteau SACA | 28202 | 275943 |
| BioMerieux<sup>(2)</sup> | 47322 | 6580788 |
| BNP Paribas SA | 339077 | 30471057 |
| Bollore SE | 126412 | 738034 |
| Bonduelle SCA | 2380 | 22127 |
| Bouygues SA | 164625 | 7059608 |
| Bureau Veritas SA | 159637 | 4815702 |
| Caisse Regionale de Credit Agricole Mutuel Brie Picardie | 218 | 6887 |
| Caisse Regionale de Credit Agricole Mutuel Nord de France | 123 | 3431 |
| Capgemini SE | 30699 | 4366301 |
| Carbios SACA<sup>(1)</sup> | 1794 | 21270 |
| Carrefour SA | 429514 | 6218438 |
| Catana Group<sup>(2)</sup> | 2599 | 10395 |
| Cie de Saint-Gobain SA | 364180 | 39316563 |
| Cie des Alpes | 21019 | 544803 |
| Cie Generale des Etablissements Michelin SCA | 616426 | 22322975 |
| Claranova SE<sup>(1)</sup> | 434 | 864 |
| Clariane SE<sup>(1)</sup> | 226334 | 1134867 |
| Coface SA | 108542 | 2044099 |
| Credit Agricole SA | 483144 | 8837674 |
| Danone SA | 125822 | 10502027 |
| Dassault Aviation SA | 25890 | 8172799 |
| Dassault Systemes SE | 114629 | 3564985 |
| Derichebourg SA | 109083 | 763529 |
| Edenred SE | 21347 | 617511 |
| Eiffage SA | 84559 | 10641368 |
| Elis SA | 110030 | 3015074 |
| Engie SA | 852436 | 17639743 |
| Eramet SA<sup>(2)</sup> | 3466 | 206924 |
| EssilorLuxottica SA | 38854 | 11851843 |
| Esso SA Francaise | 1670 | 190275 |
| Etablissements Maurel et Prom SA | 64153 | 381813 |
| Eurazeo SE | 15495 | 1013995 |
| Euroapi SA<sup>(1)</sup> | 70483 | 248638 |
| Eurofins Scientific SE<sup>(2)</sup> | 19081 | 1448917 |
| Euronext NV | 9815 | 1620258 |
| Eutelsat Communications SACA<sup>(1)(2)</sup> | 160382 | 583609 |
| FDJ UNITED | 141028 | 4539370 |
| Figeac Aero<sup>(1)</sup> | 98 | 1135 |
| Fnac Darty SA | 4627 | 159471 |
| Fountaine Pajot SA | 5 | 606 |
| Gaztransport Et Technigaz SA | 48167 | 8989556 |
| Getlink SE | 283887 | 5370196 |
| GL Events SACA | 1343 | 47995 |
| Groupe LDLC | 10 | 132 |
| Groupe SFPI | 119 | 324 |
| Guerbet<sup>(1)</sup> | 463 | 11113 |
| Hermes International SCA | 7060 | 17291049 |
| ID Logistics Group SACA<sup>(1)</sup> | 1262 | 606167 |
| Imerys SA | 19201 | 490556 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Interparfums SA<sup>(2)</sup> | 7354 | $271616 |
| Ipsen SA | 42840 | 5824381 |
| IPSOS SA | 9202 | 382339 |
| Jacquet Metals SACA | 5254 | 120745 |
| JCDecaux SE | 31987 | 550743 |
| Kaufman & Broad SA | 12697 | 425830 |
| Kering SA | 30412 | 8149323 |
| La Francaise De L'energie SACA<sup>(1)</sup> | 1520 | 51570 |
| Legrand SA | 67632 | 10299408 |
| LISI SA | 1780 | 94539 |
| L'Oreal SA | 34399 | 16060401 |
| Louis Hachette Group | 411234 | 791012 |
| Lumibird<sup>(1)</sup> | 6142 | 115977 |
| LVMH Moet Hennessy Louis Vuitton SE | 54909 | 32420118 |
| Maisons du Monde SA<sup>(1)(2)</sup> | 12989 | 29784 |
| Manitou BF SA | 1848 | 40726 |
| Mersen SA | 20120 | 571030 |
| Metropole Television SA | 23868 | 367695 |
| MGI Digital Graphic Technology<sup>(1)</sup> | 119 | 1952 |
| Nacon SA<sup>(1)</sup> | 629 | 622 |
| Nexans SA | 40386 | 6157663 |
| Nexity SA<sup>(1)(2)</sup> | 35933 | 363046 |
| Opmobility | 41306 | 666175 |
| Orange SA | 1045713 | 17044257 |
| OVH Groupe SA<sup>(1)</sup> | 11414 | 136162 |
| Pernod Ricard SA | 44748 | 5097498 |
| Pluxee NV | 23789 | 484523 |
| Publicis Groupe SA | 35478 | 3275978 |
| Pullup Entertainment<sup>(1)</sup> | 1837 | 48750 |
| Remy Cointreau SA | 1950 | 119710 |
| Renault SA | 185464 | 7299063 |
| ReWorld Media SA | 5154 | 11006 |
| Rexel SA | 170500 | 5520135 |
| Rubis SCA | 57136 | 1891685 |
| Safran SA | 154353 | 51295859 |
| Sanofi SA, ADR | 404750 | 20027030 |
| Sartorius Stedim Biotech | 1461 | 299611 |
| Schneider Electric SE | 47705 | 11720468 |
| SCOR SE | 134378 | 4401781 |
| SEB SA<sup>(2)</sup> | 15363 | 1119788 |
| Seche Environnement SACA | 573 | 62707 |
| SES SA | 867010 | 6060340 |
| SMCP SA<sup>(1)</sup> | 27933 | 207887 |
| Societe BIC SA | 13508 | 844136 |
| Societe Generale SA | 465826 | 28745574 |
| Sodexo SA | 12195 | 732260 |
| SOITEC<sup>(1)(2)</sup> | 13343 | 554168 |
| Solutions 30 SE<sup>(1)</sup> | 106213 | 213168 |
| Sopra Steria Group | 1778 | 330132 |
| SPIE SA | 7285 | 403774 |
| STIF SA | 3113 | 303908 |
| STMicroelectronics NV, NY Shares | 378286 | 10209939 |
| Sword Group | 331 | 13675 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Technip Energies NV | 33562 | $1551195 |
| Teleperformance SE<sup>(2)</sup> | 18675 | 1440944 |
| Television Francaise 1 SA | 24560 | 242480 |
| Thales SA | 40633 | 10688079 |
| TotalEnergies SE, ADR | 718389 | 45078910 |
| Trigano SA | 6003 | 1059095 |
| Ubisoft Entertainment SA<sup>(1)</sup> | 351227 | 3842680 |
| Valeo SE | 280224 | 3400774 |
| Vallourec SACA | 296476 | 5322554 |
| Veolia Environnement SA | 209575 | 6921371 |
| Vicat SACA | 16425 | 1149832 |
| Vinci SA | 296368 | 40196805 |
| Viridien<sup>(1)(2)</sup> | 1825 | 119370 |
| Vivendi SE<sup>(1)</sup> | 369776 | 1323437 |
| Voltalia SA<sup>(1)(2)</sup> | 32391 | 257971 |
| X-Fab Silicon Foundries SE<sup>(1)(2)</sup> | 58003 | 473089 |
|  |  | 749739383 |
| **Germany — 8.2%** |  |  |
| 1&1 AG | 3384 | 80992 |
| 2G Energy AG | 6126 | 263578 |
| 7C Solarparken AG<sup>(1)</sup> | 20776 | 44001 |
| Adesso SE | 2431 | 247543 |
| adidas AG | 65843 | 12810152 |
| AIXTRON SE | 52393 | 769426 |
| Allianz SE | 59622 | 25207138 |
| AlzChem Group AG | 7864 | 1334258 |
| Amadeus Fire AG | 2640 | 186587 |
| Aroundtown SA<sup>(1)</sup> | 199193 | 790517 |
| Atoss Software SE | 4450 | 534205 |
| Aumann AG | 862 | 11280 |
| Aurubis AG | 19286 | 2189607 |
| Baader Bank AG | 1933 | 11874 |
| BASF SE | 369915 | 19650235 |
| Bayer AG | 290584 | 9560377 |
| Bayerische Motoren Werke AG | 121535 | 12715042 |
| Bayerische Motoren Werke AG, Preference Shares | 13174 | 1261373 |
| BayWa AG<sup>(1)(2)</sup> | 3311 | 37568 |
| Bechtle AG | 68187 | 3099439 |
| Befesa SA | 32001 | 1028038 |
| Beiersdorf AG | 39837 | 4587859 |
| Bertrandt AG | 365 | 8431 |
| Bijou Brigitte AG | 1658 | 76439 |
| Bitcoin Group SE | 1185 | 53943 |
| Borussia Dortmund GmbH & Co. KGaA | 100378 | 430964 |
| Brenntag SE | 84711 | 5241735 |
| CANCOM SE | 20856 | 560240 |
| Carl Zeiss Meditec AG, Bearer Shares | 6621 | 334495 |
| Ceconomy AG<sup>(1)</sup> | 88692 | 461933 |
| Cewe Stiftung & Co. KGaA | 3638 | 409523 |
| Commerzbank AG | 659101 | 25156926 |
| Continental AG | 96203 | 8435570 |
| Covestro AG<sup>(1)</sup> | 117416 | 8159381 |
| CTS Eventim AG & Co. KGaA | 46440 | 4353230 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Daimler Truck Holding AG | 369342 | $17373429 |
| Datagroup SE | 779 | 55530 |
| Delivery Hero SE<sup>(1)</sup> | 11958 | 317234 |
| Dermapharm Holding SE | 4566 | 175680 |
| Deutsche Bank AG | 979212 | 34399718 |
| Deutsche Beteiligungs AG | 3029 | 89521 |
| Deutsche Boerse AG | 48393 | 14243698 |
| Deutsche Lufthansa AG | 724098 | 6750622 |
| Deutsche Pfandbriefbank AG | 81235 | 502476 |
| Deutsche Post AG | 303127 | 13815825 |
| Deutsche Rohstoff AG | 7731 | 366110 |
| Deutsche Telekom AG | 1173392 | 42940262 |
| Deutz AG | 90580 | 942811 |
| Dr. Ing hc F Porsche AG, Preference Shares | 8243 | 437230 |
| Draegerwerk AG & Co. KGaA | 567 | 36802 |
| Draegerwerk AG & Co. KGaA, Preference Shares | 3168 | 245748 |
| Duerr AG | 41220 | 1023172 |
| E.ON SE | 604401 | 10777281 |
| Eckert & Ziegler SE | 13956 | 281986 |
| Einhell Germany AG, Preference Shares | 350 | 32136 |
| Elmos Semiconductor SE | 5375 | 513255 |
| ElringKlinger AG | 10673 | 59332 |
| Evonik Industries AG | 260500 | 5026545 |
| Fielmann Group AG | 19686 | 1195710 |
| flatexDEGIRO AG | 96189 | 3182659 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(1)</sup> | 2442 | 209264 |
| Freenet AG | 11003 | 367495 |
| Fresenius Medical Care AG, ADR | 24285 | 624125 |
| Fresenius SE & Co. KGaA | 159996 | 8699613 |
| Friedrich Vorwerk Group SE | 10050 | 847356 |
| FUCHS SE, Preference Shares<sup>(2)</sup> | 74804 | 3591177 |
| GEA Group AG | 122751 | 8934657 |
| GFT Technologies SE | 13707 | 281417 |
| Grand City Properties SA | 18749 | 241834 |
| Grenke AG | 10327 | 203862 |
| Hannover Rueck SE | 26699 | 7773211 |
| Heidelberg Materials AG | 97309 | 23018278 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 261779 | 616605 |
| HelloFresh SE<sup>(1)</sup> | 499991 | 4423522 |
| Henkel AG & Co. KGaA | 15846 | 1217839 |
| Henkel AG & Co. KGaA, Preference Shares | 52491 | 4430777 |
| Hensoldt AG | 13495 | 1398896 |
| HOCHTIEF AG | 2939 | 743932 |
| Hornbach Holding AG & Co. KGaA | 5148 | 626594 |
| HUGO BOSS AG | 104450 | 5146245 |
| Indus Holding AG | 12156 | 319396 |
| Infineon Technologies AG | 437791 | 17920471 |
| Instone Real Estate Group SE | 11568 | 125254 |
| Jenoptik AG | 14192 | 282477 |
| JOST Werke SE | 7779 | 476847 |
| Jungheinrich AG, Preference Shares | 48531 | 1707038 |
| K&S AG | 373463 | 5046517 |
| KION Group AG | 74683 | 4862988 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kloeckner & Co. SE | 58978 | $406643 |
| Knaus Tabbert AG<sup>(1)</sup> | 1297 | 25812 |
| Knorr-Bremse AG | 70315 | 7345285 |
| Koenig & Bauer AG<sup>(1)</sup> | 1990 | 35895 |
| Kontron AG | 10137 | 289889 |
| Krones AG | 25949 | 3990897 |
| KSB SE & Co. KGaA | 17 | 18503 |
| KSB SE & Co. KGaA, Preference Shares | 67 | 68065 |
| KWS Saat SE & Co. KGaA | 815 | 61876 |
| Lang & Schwarz AG | 3835 | 92053 |
| Lanxess AG | 146146 | 4146485 |
| LEG Immobilien SE | 54643 | 4580501 |
| MBB SE | 356 | 68584 |
| Mercedes-Benz Group AG | 232535 | 14553156 |
| Merck KGaA | 17580 | 2232086 |
| MLP SE | 3876 | 31756 |
| MPH Health Care AG | 17 | 351 |
| MTU Aero Engines AG | 53362 | 23781694 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 35074 | 22373760 |
| Mutares SE & Co. KGaA | 19479 | 651044 |
| Nabaltec AG | 285 | 4568 |
| Nagarro SE | 2914 | 179448 |
| Nemetschek SE | 34653 | 4787276 |
| Norma Group SE | 25329 | 471134 |
| Patrizia SE | 12191 | 106096 |
| Pentixapharm Holding AG<sup>(1)</sup> | 9691 | 19753 |
| Pfeiffer Vacuum Technology AG | 456 | 83854 |
| Porsche Automobil Holding SE, Preference Shares | 126645 | 5396127 |
| ProCredit Holding AG | 8676 | 93562 |
| ProSiebenSat.1 Media SE<sup>(1)</sup> | 15153 | 151028 |
| Puma SE | 35770 | 901494 |
| Qiagen NV<sup>(2)</sup> | 39027 | 1814755 |
| Rational AG | 2130 | 1587729 |
| Rheinmetall AG | 30700 | 59550339 |
| RTL Group SA | 349 | 14387 |
| RWE AG | 586109 | 23472281 |
| SAF-Holland SE | 47107 | 877624 |
| Salzgitter AG | 21789 | 568278 |
| SAP SE, ADR | 109563 | 29818666 |
| Sartorius AG, Preference Shares | 1767 | 410473 |
| Schaeffler AG | 82162 | 568489 |
| Schott Pharma AG & Co. KGaA | 4209 | 112487 |
| Scout24 SE | 53179 | 6890132 |
| Secunet Security Networks AG | 380 | 85936 |
| SGL Carbon SE<sup>(1)</sup> | 20941 | 83027 |
| Siemens AG | 83914 | 23261398 |
| Siemens Energy AG<sup>(1)</sup> | 82784 | 8806507 |
| Siemens Healthineers AG | 23876 | 1322121 |
| Siltronic AG | 11230 | 466465 |
| Sixt SE | 13153 | 1301115 |
| Sixt SE, Preference Shares | 8473 | 590874 |
| SMA Solar Technology AG<sup>(1)</sup> | 17034 | 452182 |
| Steico SE | 2075 | 59766 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| STO SE & Co. KGaA, Preference Shares | 1014 | $147382 |
| STRATEC SE | 521 | 16579 |
| Stroeer SE & Co. KGaA | 14561 | 707175 |
| Suedzucker AG | 23894 | 280160 |
| Symrise AG | 46781 | 4529876 |
| TAG Immobilien AG | 146897 | 2631802 |
| Talanx AG | 49974 | 6890894 |
| TeamViewer SE<sup>(1)</sup> | 60465 | 641725 |
| Technotrans SE | 158 | 4678 |
| thyssenkrupp AG | 638761 | 6759772 |
| United Internet AG | 64366 | 2057492 |
| Verbio SE | 3656 | 45422 |
| Volkswagen AG | 3179 | 380462 |
| Volkswagen AG, Preference Shares | 39946 | 4654808 |
| Vonovia SE | 314952 | 10199193 |
| Vossloh AG | 1713 | 168896 |
| Wacker Chemie AG | 12683 | 967824 |
| Wacker Neuson SE | 17074 | 501487 |
| Washtec AG | 1313 | 55765 |
| Wuestenrot & Wuerttembergische AG | 8201 | 133977 |
| Zalando SE<sup>(1)</sup> | 336833 | 9386743 |
|  |  | 719252176 |
| **Hong Kong — 1.8%** |  |  |
| AIA Group Ltd. | 2434064 | 23134211 |
| ASMPT Ltd. | 294600 | 2670113 |
| Bank of East Asia Ltd. | 773495 | 1275676 |
| BOC Hong Kong Holdings Ltd. | 2375000 | 10782796 |
| Bright Smart Securities & Commodities Group Ltd.<sup>(1)</sup> | 764000 | 1146471 |
| Budweiser Brewing Co. APAC Ltd.<sup>(2)</sup> | 64100 | 69510 |
| Cafe de Coral Holdings Ltd. | 256000 | 230993 |
| China Star Entertainment Ltd.<sup>(1)</sup> | 220000 | 64864 |
| Chow Sang Sang Holdings International Ltd. | 131000 | 225795 |
| CITIC Telecom International Holdings Ltd. | 227000 | 75232 |
| CK Asset Holdings Ltd. | 960186 | 4543118 |
| CK Hutchison Holdings Ltd. | 1058500 | 7003244 |
| CK Infrastructure Holdings Ltd. | 265500 | 1782706 |
| CK Life Sciences International Holdings, Inc.<sup>(1)</sup> | 60000 | 7172 |
| CLP Holdings Ltd. | 1072000 | 9072665 |
| C-Mer Medical Holdings Ltd. | 98000 | 25380 |
| Comba Telecom Systems Holdings Ltd.<sup>(1)</sup> | 1958000 | 615310 |
| Cowell e Holdings, Inc.<sup>(1)(2)</sup> | 167000 | 743589 |
| Dah Sing Banking Group Ltd. | 41200 | 55364 |
| Dah Sing Financial Holdings Ltd. | 28400 | 129203 |
| Deep Source Holdings Ltd.<sup>(1)</sup> | 990000 | 105721 |
| DFI Retail Group Holdings Ltd. | 105100 | 334207 |
| Dickson Concepts International Ltd. | 15500 | 10177 |
| EC Healthcare | 50000 | 5201 |
| E-Commodities Holdings Ltd. | 722000 | 77915 |
| First Pacific Co. Ltd. | 320000 | 274261 |
| FSE Lifestyle Services Ltd. | 3000 | 2315 |
| Futu Holdings Ltd., ADR | 454 | 84262 |
| Galaxy Entertainment Group Ltd. | 78000 | 413516 |
| Giordano International Ltd. | 444000 | 88863 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Green Fresh Biotechnology Co. Ltd.<sup>(1)</sup> | 52000 | $4611 |
| Guotai Junan International Holdings Ltd.<sup>(2)</sup> | 37000 | 28244 |
| Hang Lung Group Ltd. | 334000 | 585312 |
| Hang Lung Properties Ltd. | 1253044 | 1279274 |
| Hang Seng Bank Ltd. | 67300 | 965013 |
| Henderson Land Development Co. Ltd. | 335000 | 1162499 |
| HK Electric Investments & HK Electric Investments Ltd. | 250000 | 192442 |
| HKBN Ltd. | 226000 | 146582 |
| HKT Trust & HKT Ltd. | 498000 | 755417 |
| Hong Kong & China Gas Co. Ltd. | 4535990 | 4090195 |
| Hong Kong Exchanges & Clearing Ltd. | 164488 | 9637051 |
| Hong Kong Technology Venture Co. Ltd. | 456869 | 84530 |
| Hongkong & Shanghai Hotels Ltd.<sup>(1)</sup> | 7500 | 5598 |
| Hongkong Land Holdings Ltd. | 1033400 | 6407413 |
| Hysan Development Co. Ltd. | 805000 | 1513930 |
| IGG, Inc. | 770000 | 469060 |
| Jardine Matheson Holdings Ltd. | 138000 | 8355692 |
| JBM Healthcare Ltd. | 1000 | 379 |
| Johnson Electric Holdings Ltd. | 264889 | 973293 |
| JS Global Lifestyle Co. Ltd.<sup>(1)</sup> | 1270000 | 357525 |
| K Wah International Holdings Ltd. | 171000 | 48596 |
| Karrie International Holdings Ltd. | 84000 | 10323 |
| Kerry Properties Ltd. | 381000 | 988152 |
| Kwoon Chung Bus Holdings Ltd.<sup>(1)</sup> | 4000 | 1283 |
| Luk Fook Holdings International Ltd. | 79000 | 246716 |
| Man Wah Holdings Ltd. | 907600 | 551722 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(1)</sup> | 17833 | 177260 |
| MGM China Holdings Ltd. | 74800 | 153652 |
| Mobvista, Inc.<sup>(1)</sup> | 401000 | 727007 |
| Modern Dental Group Ltd. | 42000 | 28626 |
| MTR Corp. Ltd. | 288286 | 977399 |
| Multifield International Holdings Ltd. | 6400 | 891 |
| New World Development Co. Ltd.<sup>(1)(2)</sup> | 5192750 | 4447202 |
| OKG Technology Holdings Ltd.<sup>(1)</sup> | 1100000 | 69152 |
| Oriental Watch Holdings | 150000 | 66988 |
| Pacific Basin Shipping Ltd. | 9629000 | 2705679 |
| Pacific Textiles Holdings Ltd. | 206000 | 39441 |
| Paliburg Holdings Ltd.<sup>(1)</sup> | 4000 | 138 |
| PAX Global Technology Ltd. | 903000 | 752513 |
| PC Partner Group Ltd. | 90000 | 79414 |
| PCCW Ltd. | 666357 | 450009 |
| Perfect Medical Health Management Ltd. | 90000 | 18141 |
| Plover Bay Technologies Ltd.<sup>(2)</sup> | 96000 | 80948 |
| Power Assets Holdings Ltd. | 500500 | 3263558 |
| Quam Plus International Financial Ltd.<sup>(1)</sup> | 20000 | 392 |
| Sa Sa International Holdings Ltd. | 206000 | 16443 |
| Sands China Ltd. | 145200 | 382405 |
| SAS Dragon Holdings Ltd. | 4000 | 2336 |
| Shangri-La Asia Ltd. | 172000 | 100837 |
| Shun Tak Holdings Ltd.<sup>(1)</sup> | 586000 | 55738 |
| Singamas Container Holdings Ltd. | 614000 | 57637 |
| Sino Land Co. Ltd. | 2196647 | 2617061 |
| SITC International Holdings Co. Ltd. | 1195000 | 4220145 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SJM Holdings Ltd.<sup>(1)(2)</sup> | 27000 | $10069 |
| SmarTone Telecommunications Holdings Ltd. | 39000 | 23372 |
| Stella International Holdings Ltd. | 610500 | 1320628 |
| Sun Hung Kai & Co. Ltd. | 14000 | 7457 |
| Sun Hung Kai Properties Ltd. | 237000 | 2799536 |
| SUNeVision Holdings Ltd. | 294000 | 288842 |
| Swire Pacific Ltd., Class A | 653000 | 5597281 |
| Swire Properties Ltd. | 184600 | 500869 |
| Symphony Holdings Ltd. | 10000 | 1605 |
| Techtronic Industries Co. Ltd. | 216500 | 2799863 |
| Ten Pao Group Holdings Ltd. | 36000 | 10233 |
| Time Interconnect Technology Ltd. | 180000 | 306823 |
| United Energy Group Ltd.<sup>(2)</sup> | 2374000 | 167172 |
| United Laboratories International Holdings Ltd. | 1212000 | 2391377 |
| Upbest Group Ltd. | 6000 | 533 |
| Value Partners Group Ltd. | 204000 | 75254 |
| Vitasoy International Holdings Ltd. | 690000 | 809143 |
| VTech Holdings Ltd. | 96400 | 778760 |
| WH Group Ltd. | 9624978 | 10343004 |
| Wharf Holdings Ltd. | 63000 | 180809 |
| Wharf Real Estate Investment Co. Ltd. | 807000 | 2357160 |
| Wynn Macau Ltd. | 107600 | 99504 |
| Xinyi Glass Holdings Ltd.<sup>(2)</sup> | 594014 | 651948 |
| Yue Yuen Industrial Holdings Ltd. | 402500 | 711492 |
|  |  | 157634448 |
| **Ireland — 0.4%** |  |  |
| AIB Group PLC | 1103766 | 8967954 |
| Bank of Ireland Group PLC | 690994 | 10220376 |
| Cairn Homes PLC | 220159 | 568023 |
| Dalata Hotel Group PLC | 156012 | 1163310 |
| FBD Holdings PLC | 1492 | 25128 |
| Glanbia PLC<sup>(2)</sup> | 293972 | 4889508 |
| Kerry Group PLC, A Shares | 18158 | 1662612 |
| Kingspan Group PLC | 54742 | 4223534 |
| Origin Enterprises PLC | 30312 | 134638 |
| Permanent TSB Group Holdings PLC<sup>(1)</sup> | 426 | 1161 |
| Uniphar PLC | 137566 | 652170 |
|  |  | 32508414 |
| **Israel — 1.2%** |  |  |
| Adgar Investment & Development Ltd.<sup>(1)</sup> | 1776 | 2870 |
| AFI Properties Ltd.<sup>(1)</sup> | 610 | 38468 |
| Airport City Ltd.<sup>(1)</sup> | 21848 | 396952 |
| Alony Hetz Properties & Investments Ltd. | 41560 | 472283 |
| Altshuler Shaham Finance Ltd. | 10670 | 21199 |
| Amot Investments Ltd. | 44571 | 318422 |
| Ashdod Refinery Ltd.<sup>(1)</sup> | 2339 | 39525 |
| Ashtrom Group Ltd. | 7062 | 144139 |
| Aura Investments Ltd. | 14135 | 87460 |
| Azrieli Group Ltd. | 5218 | 500159 |
| Bank Hapoalim BM | 574361 | 11225201 |
| Bank Leumi Le-Israel BM | 655072 | 12588550 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 562811 | 1034913 |
| Big Shopping Centers Ltd. | 2662 | 522536 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Blue Square Real Estate Ltd. | 749 | $84614 |
| Caesarstone Ltd.<sup>(1)</sup> | 830 | 1179 |
| Carasso Motors Ltd. | 1112 | 13302 |
| Cellcom Israel Ltd.<sup>(1)</sup> | 34665 | 314303 |
| Check Point Software Technologies Ltd.<sup>(1)</sup> | 26331 | 5085569 |
| Clal Insurance Enterprises Holdings Ltd. | 146924 | 7538852 |
| CyberArk Software Ltd.<sup>(1)</sup> | 2153 | 975869 |
| Danel Adir Yeoshua Ltd. | 2216 | 314217 |
| Delek Automotive Systems Ltd. | 12536 | 97542 |
| Delek Group Ltd. | 4173 | 920743 |
| Delta Galil Ltd. | 1972 | 102940 |
| Doral Group Renewable Energy Resources Ltd.<sup>(1)</sup> | 18842 | 90438 |
| Elbit Systems Ltd. | 3260 | 1585816 |
| Electra Ltd. | 51 | 30433 |
| Energix-Renewable Energies Ltd. | 39842 | 154231 |
| Enlight Renewable Energy Ltd.<sup>(1)</sup> | 14801 | 419484 |
| Equital Ltd.<sup>(1)</sup> | 2203 | 96793 |
| Fattal Holdings 1998 Ltd.<sup>(1)</sup> | 2274 | 370633 |
| FIBI Holdings Ltd. | 5109 | 387262 |
| First International Bank Of Israel Ltd. | 10464 | 741965 |
| Fox Wizel Ltd. | 2489 | 232992 |
| G City Ltd. | 7325 | 27844 |
| Gav-Yam Lands Corp. Ltd. | 1 | 15 |
| Global-e Online Ltd.<sup>(1)</sup> | 7135 | 238737 |
| Harel Insurance Investments & Financial Services Ltd. | 31397 | 1045353 |
| Hilan Ltd. | 2203 | 174414 |
| ICL Group Ltd. | 145536 | 946011 |
| IDI Insurance Co. Ltd. | 2127 | 150425 |
| Ilex Medical Ltd. | 122 | 2239 |
| Inmode Ltd.<sup>(1)</sup> | 23101 | 345129 |
| Isracard Ltd. | 116149 | 467615 |
| Israel Corp. Ltd. | 899 | 291164 |
| Israel Discount Bank Ltd., A Shares | 980723 | 9715666 |
| Isras Investment Co. Ltd. | 474 | 124603 |
| Ituran Location & Control Ltd. | 4712 | 158889 |
| Kamada Ltd. | 543 | 3769 |
| Kenon Holdings Ltd. | 1697 | 80026 |
| M Yochananof & Sons Ltd. | 445 | 38895 |
| Malam - Team Ltd.<sup>(1)</sup> | 127 | 4477 |
| Matrix IT Ltd. | 11018 | 387707 |
| Mediterranean Towers Ltd. | 3661 | 13932 |
| Menora Mivtachim Holdings Ltd. | 8350 | 809466 |
| Migdal Insurance & Financial Holdings Ltd. | 102984 | 370968 |
| Mivne Real Estate KD Ltd. | 128682 | 471469 |
| Mivtach Shamir Holdings Ltd. | 1248 | 103567 |
| Mizrahi Tefahot Bank Ltd. | 39644 | 2589007 |
| Monday.com Ltd.<sup>(1)</sup> | 1840 | 355120 |
| Naphtha Israel Petroleum Corp. Ltd. | 1311 | 10201 |
| Neto Malinda Trading Ltd. | 988 | 37906 |
| Next Vision Stabilized Systems Ltd. | 6043 | 251478 |
| Nexxen International Ltd.<sup>(1)</sup> | 28939 | 290421 |
| Nice Ltd., ADR<sup>(1)</sup> | 7092 | 1002454 |
| Norstar Holdings, Inc. | 2561 | 8628 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nova Ltd.<sup>(1)</sup> | 5325 | $1415230 |
| Oddity Tech Ltd., Class A<sup>(1)</sup> | 11075 | 666826 |
| Oil Refineries Ltd. | 1382920 | 342729 |
| One Software Technologies Ltd. | 14026 | 342349 |
| OPC Energy Ltd.<sup>(1)</sup> | 5328 | 84188 |
| Partner Communications Co. Ltd. | 111532 | 1045469 |
| Paz Retail & Energy Ltd. | 24429 | 4608062 |
| Perion Network Ltd.<sup>(1)</sup> | 15266 | 140493 |
| Phoenix Financial Ltd. | 103039 | 3643508 |
| Prashkovsky Investments & Construction Ltd. | 73 | 2915 |
| Qualitau Ltd. | 2325 | 272616 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 2022 | 184171 |
| Retailors Ltd. | 2297 | 42357 |
| Scope Metals Group Ltd. | 2859 | 125718 |
| Shikun & Binui Ltd.<sup>(1)</sup> | 114198 | 505525 |
| Shufersal Ltd. | 860348 | 10679933 |
| Strauss Group Ltd. | 10266 | 270335 |
| Summit Real Estate Holdings Ltd. | 375 | 7285 |
| Tamar Petroleum Ltd. | 4690 | 58584 |
| Tel Aviv Stock Exchange Ltd. | 20362 | 472641 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 285821 | 5253390 |
| Tower Semiconductor Ltd.<sup>(1)</sup> | 106478 | 6366844 |
| Victory Supermarket Chain Ltd. | 131 | 1900 |
| Wix.com Ltd.<sup>(1)</sup> | 3295 | 464859 |
| ZIM Integrated Shipping Services Ltd. | 323806 | 4407000 |
| ZUR Shamir Holdings Ltd. | 917 | 3142 |
|  |  | 108877518 |
| **Italy — 2.9%** |  |  |
| A2A SpA | 2333831 | 5864125 |
| ACEA SpA | 14609 | 345560 |
| Amplifon SpA<sup>(2)</sup> | 11893 | 216607 |
| Arnoldo Mondadori Editore SpA | 50466 | 122567 |
| Ascopiave SpA | 2156 | 7935 |
| Avio SpA | 8853 | 368759 |
| Azimut Holding SpA | 181947 | 6527756 |
| Banca Generali SpA | 31240 | 1819172 |
| Banca IFIS SpA | 10558 | 285427 |
| Banca Mediolanum SpA | 33389 | 675379 |
| Banca Monte dei Paschi di Siena SpA | 458124 | 4203885 |
| Banco BPM SpA | 838658 | 11505638 |
| Banco di Desio e della Brianza SpA | 10268 | 88088 |
| BPER Banca SpA | 1929380 | 20040577 |
| Brembo NV<sup>(2)</sup> | 19714 | 218242 |
| Brunello Cucinelli SpA | 49480 | 5723533 |
| Buzzi SpA | 30019 | 1524330 |
| Cairo Communication SpA<sup>(1)</sup> | 15641 | 49041 |
| Cementir Holding NV | 4280 | 70319 |
| CIR SpA-Compagnie Industriali<sup>(1)</sup> | 139190 | 102575 |
| Credito Emiliano SpA | 26996 | 424448 |
| d'Amico International Shipping SA | 52877 | 246007 |
| Danieli & C Officine Meccaniche SpA<sup>(2)</sup> | 6174 | 289047 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 19516 | 655589 |
| Davide Campari-Milano NV<sup>(2)</sup> | 4788 | 36066 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| De' Longhi SpA | 14019 | $491010 |
| DiaSorin SpA | 963 | 97144 |
| Digital Bros SpA<sup>(1)(2)</sup> | 201 | 2891 |
| Digital Value SpA<sup>(2)</sup> | 772 | 29502 |
| Enav SpA | 36812 | 181195 |
| Enel SpA | 1195723 | 11034309 |
| Eni SpA, ADR<sup>(2)</sup> | 403472 | 14432193 |
| ERG SpA | 23556 | 569390 |
| Ferrari NV | 22171 | 10550907 |
| Fiera Milano SpA | 2877 | 23334 |
| Fila SpA | 1437 | 14663 |
| Fincantieri SpA<sup>(1)</sup> | 93059 | 2218179 |
| FinecoBank Banca Fineco SpA | 354516 | 7782276 |
| Generali | 224460 | 8762261 |
| Geox SpA<sup>(1)(2)</sup> | 2210 | 809 |
| Hera SpA | 360570 | 1549782 |
| Infrastrutture Wireless Italiane SpA | 3592 | 43551 |
| Intesa Sanpaolo SpA | 3302074 | 20788370 |
| Iren SpA | 554352 | 1674725 |
| Italgas SpA | 909540 | 8175453 |
| Iveco Group NV | 335306 | 7209708 |
| Juventus Football Club SpA<sup>(1)(2)</sup> | 84233 | 289070 |
| Leonardo SpA | 137467 | 7809277 |
| Maire SpA | 92068 | 1329814 |
| MARR SpA<sup>(2)</sup> | 8827 | 99893 |
| Mediobanca Banca di Credito Finanziario SpA | 124479 | 3015183 |
| MFE-MediaForEurope NV, Class A<sup>(2)</sup> | 130090 | 473916 |
| MFE-MediaForEurope NV, Class B<sup>(2)</sup> | 32755 | 174188 |
| Moncler SpA | 67239 | 3913637 |
| Nexi SpA | 13406 | 85069 |
| OVS SpA | 157702 | 760461 |
| Pharmanutra SpA<sup>(2)</sup> | 255 | 14560 |
| Piaggio & C SpA<sup>(2)</sup> | 70264 | 164262 |
| Poste Italiane SpA | 308384 | 7222829 |
| Prysmian SpA | 64359 | 5616806 |
| RAI Way SpA | 63551 | 449337 |
| Recordati Industria Chimica e Farmaceutica SpA | 47296 | 2924237 |
| Saipem SpA<sup>(2)</sup> | 2089575 | 5871711 |
| Sanlorenzo SpA<sup>(2)</sup> | 2938 | 112364 |
| Sesa SpA<sup>(2)</sup> | 2126 | 184556 |
| Snam SpA | 913335 | 5559705 |
| Sogefi SpA<sup>(2)</sup> | 8446 | 26809 |
| SOL SpA | 7527 | 455388 |
| Stellantis NV | 534264 | 5115735 |
| Tamburi Investment Partners SpA | 9359 | 89598 |
| Technogym SpA | 42415 | 724352 |
| Telecom Italia SpA<sup>(1)</sup> | 743208 | 356437 |
| Tenaris SA, ADR | 13614 | 492691 |
| Terna - Rete Elettrica Nazionale | 578793 | 5818100 |
| TREVI - Finanziaria Industriale SpA<sup>(1)</sup> | 38294 | 21981 |
| UniCredit SpA | 448212 | 34666827 |
| Unipol Assicurazioni SpA | 54051 | 1129289 |
| Webuild SpA<sup>(2)</sup> | 553362 | 2493500 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Wiit SpA<sup>(2)</sup> | 3107 | $67990 |
|  |  | 254571896 |
| **Japan — 21.0%** |  |  |
| & ST HD Co. Ltd. | 44500 | 910533 |
| 77 Bank Ltd. | 59000 | 2263354 |
| A&D HOLON Holdings Co. Ltd. | 20000 | 268204 |
| ABC-Mart, Inc. | 2100 | 41716 |
| Acom Co. Ltd.<sup>(2)</sup> | 24300 | 75979 |
| ADEKA Corp. | 29000 | 645254 |
| Advantest Corp. | 251300 | 19216781 |
| Aeon Co. Ltd. | 615645 | 7468420 |
| Aeon Fantasy Co. Ltd.<sup>(1)(2)</sup> | 3800 | 97864 |
| AEON Financial Service Co. Ltd. | 50900 | 511543 |
| Aeon Hokkaido Corp. | 19800 | 122859 |
| AFC-HD AMS Life Science Co. Ltd. | 800 | 4710 |
| AGC, Inc. | 251900 | 7898887 |
| Ahresty Corp. | 11400 | 71950 |
| Aica Kogyo Co. Ltd. | 20900 | 537051 |
| Aichi Financial Group, Inc. | 8461 | 166828 |
| Aichi Steel Corp. | 32800 | 641158 |
| Aida Engineering Ltd. | 13600 | 84620 |
| Ain Holdings, Inc. | 17300 | 716223 |
| Air Water, Inc. | 34100 | 592842 |
| Aisan Industry Co. Ltd. | 24100 | 318197 |
| Aisin Corp. | 235000 | 3867271 |
| AIT Corp. | 2700 | 34960 |
| Ajinomoto Co., Inc. | 344100 | 9331709 |
| Akebono Brake Industry Co. Ltd.<sup>(1)</sup> | 22500 | 17257 |
| Alconix Corp. | 29000 | 425537 |
| Alfresa Holdings Corp. | 150000 | 2257272 |
| Alpen Co. Ltd.<sup>(2)</sup> | 6200 | 99835 |
| Alps Alpine Co. Ltd. | 101800 | 1242064 |
| ALSOK Co. Ltd. | 34000 | 260100 |
| Altech Corp. | 6300 | 124049 |
| Amada Co. Ltd. | 49500 | 629007 |
| Amano Corp. | 27500 | 785572 |
| Amvis Holdings, Inc. | 6400 | 27521 |
| ANA Holdings, Inc. | 19700 | 397175 |
| Anest Iwata Corp. | 4600 | 49177 |
| Anritsu Corp. | 19300 | 226478 |
| Anycolor, Inc. | 23700 | 762873 |
| AOKI Holdings, Inc. | 18900 | 229009 |
| Aoyama Trading Co. Ltd.<sup>(2)</sup> | 27200 | 451510 |
| Aozora Bank Ltd.<sup>(2)</sup> | 14800 | 229608 |
| Appier Group, Inc. | 42000 | 438005 |
| Arakawa Chemical Industries Ltd. | 2700 | 20578 |
| Arata Corp. | 149900 | 3097346 |
| Araya Industrial Co. Ltd. | 700 | 24473 |
| ARCLANDS Corp. | 33002 | 405042 |
| Arcs Co. Ltd. | 47300 | 969211 |
| Arealink Co. Ltd. | 5800 | 100048 |
| Argo Graphics, Inc. | 12600 | 401772 |
| Arisawa Manufacturing Co. Ltd. | 9000 | 98168 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Artience Co. Ltd. | 28800 | $597505 |
| Asahi Co. Ltd.<sup>(2)</sup> | 200 | 1868 |
| Asahi Diamond Industrial Co. Ltd. | 28100 | 154093 |
| Asahi Group Holdings Ltd. | 170200 | 2138858 |
| Asahi Intecc Co. Ltd. | 2500 | 42798 |
| Asahi Kasei Corp. | 805800 | 6575792 |
| Asahi Yukizai Corp. | 17700 | 535347 |
| Asanuma Corp. | 60900 | 353031 |
| Ascentech KK | 2600 | 29169 |
| Asia Pile Holdings Corp. | 9800 | 82405 |
| Asics Corp. | 307900 | 8276842 |
| ASKA Pharmaceutical Holdings Co. Ltd. | 5800 | 96305 |
| ASKUL Corp. | 13500 | 138204 |
| Astellas Pharma, Inc. | 876800 | 9625221 |
| Astena Holdings Co. Ltd. | 4500 | 15817 |
| Aucnet, Inc. | 7000 | 91419 |
| Autobacs Seven Co. Ltd. | 37000 | 392504 |
| Avant Group Corp. | 9200 | 95058 |
| Awa Bank Ltd. | 10300 | 240744 |
| Axial Retailing, Inc. | 55100 | 430978 |
| Azbil Corp. | 10000 | 100087 |
| AZ-COM MARUWA Holdings, Inc. | 25100 | 201654 |
| Bandai Namco Holdings, Inc. | 237300 | 8158870 |
| Bando Chemical Industries Ltd. | 10700 | 144706 |
| Bank of Iwate Ltd. | 3000 | 75451 |
| Bank of Nagoya Ltd. | 7400 | 504612 |
| Bank of Saga Ltd. | 5800 | 114051 |
| Bank of the Ryukyus Ltd.<sup>(2)</sup> | 16500 | 147411 |
| Base Co. Ltd. | 1700 | 41646 |
| BayCurrent, Inc. | 12900 | 731920 |
| Belc Co. Ltd. | 9400 | 469858 |
| Bell System24 Holdings, Inc. | 15800 | 141612 |
| Belluna Co. Ltd. | 13900 | 94538 |
| Bic Camera, Inc. | 76000 | 814870 |
| BIPROGY, Inc. | 21100 | 908625 |
| BML, Inc. | 18900 | 454858 |
| Bourbon Corp. | 200 | 3438 |
| Bridgestone Corp. | 228500 | 10322584 |
| Brother Industries Ltd. | 114400 | 1927731 |
| Bushiroad, Inc. | 6100 | 29456 |
| Business Brain Showa-Ota, Inc. | 200 | 3829 |
| C Uyemura & Co. Ltd. | 2600 | 184086 |
| Calbee, Inc. | 40500 | 736146 |
| Canon Electronics, Inc. | 7400 | 130895 |
| Canon Marketing Japan, Inc. | 7100 | 275230 |
| Capcom Co. Ltd. | 113900 | 3073587 |
| Cawachi Ltd. | 8600 | 163433 |
| Celsys, Inc. | 17400 | 203392 |
| Central Automotive Products Ltd. | 7500 | 95488 |
| Central Glass Co. Ltd. | 23200 | 528779 |
| Central Japan Railway Co. | 149400 | 3973761 |
| Central Security Patrols Co. Ltd. | 1000 | 16833 |
| Change Holdings, Inc.<sup>(2)</sup> | 22200 | 176813 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Charm Care Corp. KK | 25400 | $181733 |
| Chiba Bank Ltd. | 71600 | 732467 |
| Chiba Kogyo Bank Ltd. | 35100 | 356645 |
| Chikaranomoto Holdings Co. Ltd.<sup>(2)</sup> | 6800 | 68697 |
| Chiyoda Co. Ltd. | 3400 | 27576 |
| Chofu Seisakusho Co. Ltd. | 1200 | 15059 |
| Chubu Electric Power Co., Inc. | 127700 | 1758396 |
| Chubu Steel Plate Co. Ltd. | 8500 | 128056 |
| Chudenko Corp. | 5700 | 149413 |
| Chugai Pharmaceutical Co. Ltd. | 156500 | 6915939 |
| Chugin Financial Group, Inc. | 78300 | 1115182 |
| Chugoku Electric Power Co., Inc. | 52400 | 314292 |
| Citizen Watch Co. Ltd. | 120300 | 824387 |
| CKD Corp. | 10100 | 165716 |
| CMK Corp. | 28700 | 70178 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 76900 | 1346642 |
| Colowide Co. Ltd. | 16800 | 222473 |
| COMSYS Holdings Corp. | 11700 | 293073 |
| Comture Corp. | 18600 | 216358 |
| Concordia Financial Group Ltd. | 503300 | 3797578 |
| Cosmo Energy Holdings Co. Ltd. | 33700 | 1619550 |
| Cosmos Pharmaceutical Corp. | 3200 | 193848 |
| Cover Corp.<sup>(1)(2)</sup> | 29400 | 423001 |
| Create Restaurants Holdings, Inc. | 51600 | 278537 |
| Create SD Holdings Co. Ltd. | 4200 | 97986 |
| Credit Saison Co. Ltd. | 249000 | 6323050 |
| Creek & River Co. Ltd. | 2300 | 22910 |
| Cresco Ltd. | 9500 | 110270 |
| CTI Engineering Co. Ltd. | 10700 | 213121 |
| Curves Holdings Co. Ltd. | 20700 | 116428 |
| CyberAgent, Inc. | 459000 | 5549898 |
| Cybozu, Inc. | 14300 | 369582 |
| Dai Nippon Printing Co. Ltd. | 37800 | 633136 |
| Dai Nippon Toryo Co. Ltd. | 4100 | 35617 |
| Daicel Corp. | 86700 | 797940 |
| Daido Metal Co. Ltd. | 4400 | 27205 |
| Daido Steel Co. Ltd. | 46800 | 400396 |
| Daiei Kankyo Co. Ltd. | 6900 | 157354 |
| Daifuku Co. Ltd. | 72600 | 2285034 |
| Daihatsu Infinearth Mfg Co. Ltd. | 9600 | 207627 |
| Daiichi Jitsugyo Co. Ltd. | 2100 | 38471 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 100 | 467 |
| Dai-ichi Life Holdings, Inc. | 1907400 | 15651303 |
| Daiichi Sankyo Co. Ltd. | 511500 | 12230815 |
| Daiichikosho Co. Ltd. | 64900 | 743166 |
| Daiki Aluminium Industry Co. Ltd. | 10400 | 81152 |
| Daikin Industries Ltd. | 14300 | 1786561 |
| Daikoku Denki Co. Ltd.<sup>(2)</sup> | 6300 | 110069 |
| Daikokutenbussan Co. Ltd. | 5500 | 278592 |
| Daikyonishikawa Corp. | 9800 | 50171 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 3900 | 101095 |
| Daio Paper Corp. | 51000 | 301729 |
| Daiseki Co. Ltd. | 7180 | 173439 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Daishi Hokuetsu Financial Group, Inc. | 173000 | $4624924 |
| Daishinku Corp. | 7400 | 29005 |
| Daito Pharmaceutical Co. Ltd. | 16160 | 134454 |
| Daito Trust Construction Co. Ltd. | 106200 | 11300932 |
| Daitron Co. Ltd. | 2600 | 72388 |
| Daiwa House Industry Co. Ltd. | 182000 | 6430553 |
| Daiwa Securities Group, Inc. | 1049700 | 8137653 |
| Daiwabo Holdings Co. Ltd. | 64400 | 1365408 |
| DCM Holdings Co. Ltd. | 28000 | 280495 |
| Denka Co. Ltd. | 48600 | 735015 |
| Denso Corp. | 390700 | 5598556 |
| Dentsu Group, Inc. | 46600 | 920163 |
| Dentsu Soken, Inc. | 1000 | 44778 |
| Denyo Co. Ltd. | 1300 | 24920 |
| Dexerials Corp. | 574000 | 7728300 |
| DIC Corp. | 58300 | 1348304 |
| Digital Arts, Inc. | 1600 | 83641 |
| Digital Garage, Inc. | 2800 | 69396 |
| Digital Information Technologies Corp. | 1900 | 29726 |
| Dip Corp. | 36700 | 583675 |
| Disco Corp. | 9000 | 2462450 |
| DKS Co. Ltd. | 500 | 18953 |
| Doshisha Co. Ltd. | 3100 | 54923 |
| Doutor Nichires Holdings Co. Ltd. | 1100 | 19179 |
| Dowa Holdings Co. Ltd. | 71200 | 2499823 |
| DTS Corp. | 12200 | 430162 |
| Duskin Co. Ltd. | 8500 | 226928 |
| DyDo Group Holdings, Inc.<sup>(2)</sup> | 16100 | 269627 |
| Eagle Industry Co. Ltd. | 9500 | 161823 |
| East Japan Railway Co. | 219700 | 5390440 |
| Ebara Corp. | 476600 | 9799998 |
| Eco's Co. Ltd. | 700 | 12951 |
| EDION Corp. | 37100 | 510006 |
| Eisai Co. Ltd.<sup>(2)</sup> | 17300 | 528907 |
| Eizo Corp. | 13700 | 207584 |
| Elan Corp. | 1400 | 7784 |
| Elecom Co. Ltd. | 34800 | 434541 |
| Electric Power Development Co. Ltd. | 131500 | 2507054 |
| en Japan, Inc. | 8200 | 97877 |
| Endo Lighting Corp. | 4700 | 70991 |
| ENEOS Holdings, Inc. | 1549200 | 9173424 |
| eRex Co. Ltd. | 42700 | 205443 |
| ESPEC Corp. | 4400 | 101299 |
| Eternal Hospitality Group Co. Ltd. | 5300 | 109803 |
| Exedy Corp. | 37400 | 1345790 |
| EXEO Group, Inc. | 194100 | 2863339 |
| F&M Co. Ltd. | 200 | 3754 |
| FANUC Corp. | 95600 | 2657631 |
| Fast Retailing Co. Ltd. | 16000 | 5001265 |
| FCC Co. Ltd. | 48000 | 1020124 |
| Feed One Co. Ltd. | 6420 | 49112 |
| Ferrotec Corp. | 58800 | 1536861 |
| FIDEA Holdings Co. Ltd. | 4040 | 43399 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| FINDEX, Inc. | 3000 | $17200 |
| Fintech Global, Inc. | 190700 | 145326 |
| First Bank of Toyama Ltd.<sup>(2)</sup> | 34100 | 298504 |
| FJ Next Holdings Co. Ltd. | 3200 | 31453 |
| Food & Life Cos. Ltd. | 81700 | 4712424 |
| Forum Engineering, Inc. | 5900 | 53297 |
| Foster Electric Co. Ltd. | 15800 | 231475 |
| FP Corp. | 16600 | 295847 |
| FP Partner, Inc. | 3200 | 45770 |
| France Bed Holdings Co. Ltd. | 2100 | 18043 |
| Freebit Co. Ltd. | 7500 | 82237 |
| Fudo Tetra Corp. | 5300 | 94504 |
| Fuji Co. Ltd. | 20000 | 272646 |
| Fuji Corp. /Aichi | 13200 | 245709 |
| Fuji Electric Co. Ltd. | 244400 | 15390231 |
| Fuji Kyuko Co. Ltd. | 7400 | 107054 |
| Fuji Oil Co. Ltd. | 37800 | 85262 |
| Fuji Seal International, Inc. | 23700 | 463286 |
| Fujibo Holdings, Inc. | 4000 | 172909 |
| FUJIFILM Holdings Corp. | 85000 | 2013715 |
| Fujikura Composites, Inc. | 11800 | 147322 |
| Fujikura Ltd. | 275600 | 23381584 |
| Fujita Kanko, Inc. | 7600 | 602072 |
| Fujitsu Ltd. | 505000 | 12152415 |
| Fujiya Co. Ltd. | 3400 | 58708 |
| FuKoKu Co. Ltd. | 3100 | 39574 |
| Fukuda Corp. | 300 | 11940 |
| Fukuda Denshi Co. Ltd. | 2100 | 95978 |
| Fukui Bank Ltd.<sup>(2)</sup> | 2800 | 37552 |
| Fukui Computer Holdings, Inc. | 3700 | 83060 |
| Fukuoka Financial Group, Inc. | 39800 | 1192572 |
| Fukuyama Transporting Co. Ltd. | 12700 | 301997 |
| FULLCAST Holdings Co. Ltd. | 5600 | 67090 |
| Funai Soken Holdings, Inc. | 22100 | 378856 |
| Furukawa Battery Co. Ltd.<sup>(1)</sup> | 3100 | 29456 |
| Furukawa Co. Ltd. | 13100 | 248992 |
| Furukawa Electric Co. Ltd. | 59900 | 3733871 |
| Furuno Electric Co. Ltd. | 33300 | 1262443 |
| Furyu Corp. | 8900 | 64127 |
| Fuso Chemical Co. Ltd. | 14300 | 451169 |
| Futaba Industrial Co. Ltd. | 34400 | 220383 |
| Future Corp. | 14100 | 218416 |
| Fuyo General Lease Co. Ltd. | 15500 | 459059 |
| G-7 Holdings, Inc. | 5800 | 52827 |
| GA Technologies Co. Ltd.<sup>(1)</sup> | 19600 | 285832 |
| Gakken Holdings Co. Ltd. | 13400 | 94438 |
| Gakkyusha Co. Ltd. | 2100 | 32873 |
| Gakujo Co. Ltd. | 1300 | 16420 |
| Galilei Co. Ltd. | 6100 | 151139 |
| Genki Global Dining Concepts Corp.<sup>(2)</sup> | 7300 | 169354 |
| Genky DrugStores Co. Ltd. | 11600 | 356196 |
| Geo Holdings Corp. | 10000 | 112275 |
| Gift Holdings, Inc. | 2700 | 55784 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| giftee, Inc. | 10900 | $102085 |
| GLOBERIDE, Inc. | 2400 | 38564 |
| Glory Ltd. | 27100 | 702599 |
| GMO Financial Holdings, Inc. | 18000 | 121365 |
| GMO Payment Gateway, Inc. | 2100 | 120222 |
| Godo Steel Ltd. | 3400 | 95308 |
| Goldwin, Inc. | 2800 | 137334 |
| Good Com Asset Co. Ltd.<sup>(2)</sup> | 5700 | 58241 |
| grems, Inc. | 3900 | 66883 |
| GS Yuasa Corp. | 56100 | 1257569 |
| GSI Creos Corp. | 1600 | 25718 |
| G-Tekt Corp. | 10900 | 145777 |
| Gunma Bank Ltd. | 531100 | 5550496 |
| Gunze Ltd. | 26000 | 659982 |
| H.U. Group Holdings, Inc.<sup>(2)</sup> | 38700 | 962399 |
| H2O Retailing Corp. | 87100 | 1225496 |
| Hachijuni Bank Ltd. | 153900 | 1498898 |
| Hagiwara Electric Holdings Co. Ltd. | 4000 | 96923 |
| Hakudo Co. Ltd. | 600 | 9405 |
| Hakuhodo DY Holdings, Inc. | 59400 | 476129 |
| Halows Co. Ltd. | 5000 | 173712 |
| Hamakyorex Co. Ltd. | 28500 | 290784 |
| Hamamatsu Photonics KK | 42800 | 449204 |
| Hankyu Hanshin Holdings, Inc. | 244500 | 7238883 |
| Hanwa Co. Ltd. | 17400 | 747026 |
| Happinet Corp. | 14500 | 678972 |
| Haseko Corp. | 24200 | 399963 |
| Hazama Ando Corp. | 60100 | 699119 |
| HEALIOS KK<sup>(1)</sup> | 76600 | 278222 |
| Heiwa Corp.<sup>(2)</sup> | 30200 | 446905 |
| Heiwado Co. Ltd. | 28000 | 540373 |
| Hennge KK<sup>(2)</sup> | 10600 | 130928 |
| Hiday Hidaka Corp. | 5100 | 128904 |
| Hino Motors Ltd.<sup>(1)</sup> | 98600 | 255653 |
| Hioki EE Corp. | 800 | 32748 |
| Hirata Corp. | 12600 | 154622 |
| Hirogin Holdings, Inc. | 141700 | 1346482 |
| Hirose Electric Co. Ltd. | 1900 | 246008 |
| HIS Co. Ltd. | 44900 | 454296 |
| Hisaka Works Ltd. | 4100 | 37938 |
| Hitachi Construction Machinery Co. Ltd. | 22100 | 679406 |
| Hitachi Ltd. | 808500 | 21783745 |
| Hochiki Corp. | 2600 | 62859 |
| Hodogaya Chemical Co. Ltd. | 3600 | 37107 |
| Hogy Medical Co. Ltd. | 3700 | 132815 |
| Hokkaido Electric Power Co., Inc.<sup>(2)</sup> | 134700 | 1058683 |
| Hokkoku Financial Holdings, Inc.<sup>(2)</sup> | 150700 | 6258611 |
| Hokuetsu Corp.<sup>(2)</sup> | 5900 | 40874 |
| Hokuhoku Financial Group, Inc. | 86900 | 2188915 |
| Hokuriku Electric Power Co.<sup>(2)</sup> | 118200 | 723960 |
| Hokuto Corp. | 10000 | 127367 |
| Honda Motor Co. Ltd., ADR<sup>(2)</sup> | 501094 | 16736540 |
| Honeys Holdings Co. Ltd. | 5800 | 59427 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Horiba Ltd. | 15000 | $1113783 |
| Hoshizaki Corp. | 3800 | 146098 |
| Hosokawa Micron Corp. | 8500 | 326444 |
| Hotland Holdings Co. Ltd. | 3300 | 44326 |
| House Foods Group, Inc. | 13700 | 263690 |
| Hoya Corp. | 30856 | 3984331 |
| HS Holdings Co. Ltd. | 7600 | 54476 |
| Hulic Co. Ltd. | 382900 | 4107192 |
| Hyakugo Bank Ltd. | 93900 | 525812 |
| Hyakujushi Bank Ltd. | 13600 | 456896 |
| Ibiden Co. Ltd. | 137300 | 6593755 |
| Ichigo, Inc. | 23000 | 67708 |
| Ichinen Holdings Co. Ltd. | 5600 | 68062 |
| Ichiyoshi Securities Co. Ltd. | 3300 | 18060 |
| Idec Corp. | 47200 | 778808 |
| Idemitsu Kosan Co. Ltd. | 1197200 | 7942533 |
| IG Port, Inc. | 8100 | 82367 |
| IHI Corp. | 96700 | 10049259 |
| Iida Group Holdings Co. Ltd. | 21800 | 341940 |
| Iino Kaiun Kaisha Ltd.<sup>(2)</sup> | 54900 | 444829 |
| I'll, Inc. | 2800 | 53399 |
| i-mobile Co. Ltd. | 17700 | 76894 |
| Inaba Denki Sangyo Co. Ltd. | 20900 | 587697 |
| Inabata & Co. Ltd. | 16900 | 395933 |
| Ines Corp. | 500 | 6034 |
| I-Net Corp. | 1200 | 14363 |
| INFRONEER Holdings, Inc. | 51648 | 515451 |
| Innotech Corp. | 2000 | 20507 |
| Inpex Corp. | 569200 | 9671938 |
| Insource Co. Ltd. | 40200 | 258546 |
| Internet Initiative Japan, Inc. | 57300 | 1078211 |
| Inui Global Logistics Co. Ltd.<sup>(2)</sup> | 7900 | 86087 |
| Iriso Electronics Co. Ltd. | 10800 | 212432 |
| Ise Chemicals Corp. | 1900 | 347188 |
| Iseki & Co. Ltd. | 14200 | 194494 |
| Isetan Mitsukoshi Holdings Ltd. | 56100 | 933265 |
| Ishihara Sangyo Kaisha Ltd. | 26400 | 438949 |
| Istyle, Inc. | 51700 | 217562 |
| Isuzu Motors Ltd. | 504700 | 6610873 |
| Ito En Ltd. | 97500 | 2238960 |
| Ito En Ltd., Preference Shares | 5300 | 64818 |
| ITOCHU Corp. | 228600 | 12913321 |
| Itochu Enex Co. Ltd. | 18000 | 236108 |
| Itochu-Shokuhin Co. Ltd. | 2900 | 197773 |
| Itoham Yonekyu Holdings, Inc. | 2700 | 103604 |
| IwaiCosmo Holdings, Inc. | 16900 | 301382 |
| Iwatani Corp. | 51400 | 560081 |
| Iyogin Holdings, Inc. | 274800 | 3793690 |
| Izumi Co. Ltd. | 20600 | 453020 |
| J Front Retailing Co. Ltd. | 313500 | 4853809 |
| J Trust Co. Ltd. | 42900 | 128404 |
| JAC Recruitment Co. Ltd. | 44800 | 332824 |
| Jaccs Co. Ltd. | 25500 | 739545 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| JAFCO Group Co. Ltd. | 25400 | $443499 |
| Japan Airlines Co. Ltd. | 54900 | 1167477 |
| Japan Airport Terminal Co. Ltd. | 1100 | 37699 |
| Japan Aviation Electronics Industry Ltd. | 31900 | 543929 |
| Japan Cash Machine Co. Ltd. | 9300 | 63152 |
| Japan Communications, Inc.<sup>(1)</sup> | 35100 | 37007 |
| Japan Electronic Materials Corp.<sup>(2)</sup> | 10200 | 191929 |
| Japan Elevator Service Holdings Co. Ltd. | 12000 | 314313 |
| Japan Engine Corp.<sup>(2)</sup> | 3900 | 282130 |
| Japan Exchange Group, Inc. | 136600 | 1427761 |
| Japan Lifeline Co. Ltd. | 47500 | 465478 |
| Japan Material Co. Ltd. | 7800 | 78189 |
| Japan Petroleum Exploration Co. Ltd. | 65500 | 537297 |
| Japan Post Bank Co. Ltd. | 81900 | 1029494 |
| Japan Post Holdings Co. Ltd. | 816300 | 8329853 |
| Japan Post Insurance Co. Ltd. | 51000 | 1427945 |
| Japan Pulp & Paper Co. Ltd. | 42000 | 197533 |
| Japan Steel Works Ltd. | 800 | 48094 |
| Japan Transcity Corp. | 11700 | 93675 |
| Japan Wool Textile Co. Ltd. | 16800 | 181826 |
| JBCC Holdings, Inc. | 26100 | 242303 |
| JCU Corp. | 7300 | 210743 |
| JDC Corp. | 9600 | 31921 |
| Jeol Ltd. | 5600 | 175175 |
| JFE Holdings, Inc.<sup>(2)</sup> | 551700 | 6858613 |
| JGC Holdings Corp. | 59900 | 570549 |
| JINS Holdings, Inc. | 10600 | 573626 |
| JM Holdings Co. Ltd. | 5100 | 98803 |
| J-Oil Mills, Inc. | 15300 | 211132 |
| Joshin Denki Co. Ltd. | 7400 | 125635 |
| Joyful Honda Co. Ltd. | 11600 | 167725 |
| JP-Holdings, Inc. | 43800 | 183858 |
| JSB Co. Ltd.<sup>(2)</sup> | 7700 | 203837 |
| JSP Corp. | 6100 | 80483 |
| JTEKT Corp. | 65200 | 636946 |
| Juroku Financial Group, Inc. | 24100 | 885022 |
| Justsystems Corp. | 20400 | 637811 |
| JVCKenwood Corp. | 515200 | 4299938 |
| Kadokawa Corp. | 3800 | 87294 |
| Kaga Electronics Co. Ltd. | 53000 | 1239306 |
| Kagome Co. Ltd. | 5300 | 103534 |
| Kajima Corp. | 289600 | 8611664 |
| Kakaku.com, Inc. | 57000 | 1059634 |
| Kaken Pharmaceutical Co. Ltd. | 17700 | 457123 |
| Kameda Seika Co. Ltd. | 5700 | 160415 |
| Kamei Corp. | 17500 | 335185 |
| Kamigumi Co. Ltd. | 35800 | 1073829 |
| Kanadevia Corp. | 280500 | 1872729 |
| Kanamoto Co. Ltd. | 74900 | 1778332 |
| Kandenko Co. Ltd. | 92400 | 2490212 |
| Kaneka Corp. | 16600 | 485544 |
| Kanematsu Corp. | 474400 | 9984512 |
| Kanro, Inc. | 18000 | 257617 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kansai Electric Power Co., Inc. | 225100 | $3123185 |
| Kansai Paint Co. Ltd. | 7000 | 117898 |
| Kanto Denka Kogyo Co. Ltd. | 29200 | 168034 |
| Kao Corp. | 37100 | 1685676 |
| Katitas Co. Ltd. | 4000 | 72963 |
| Kato Sangyo Co. Ltd. | 7000 | 272515 |
| Kawada Technologies, Inc. | 24100 | 662160 |
| Kawasaki Heavy Industries Ltd. | 155600 | 9412121 |
| KDDI Corp. | 1009600 | 17449235 |
| KeePer Technical Laboratory Co. Ltd. | 6900 | 157072 |
| Keihan Holdings Co. Ltd. | 13300 | 290209 |
| Keihanshin Building Co. Ltd. | 7800 | 82797 |
| Keikyu Corp. | 79300 | 834336 |
| Keio Corp. | 1800 | 45219 |
| Keisei Electric Railway Co. Ltd. | 10200 | 93859 |
| Keiyo Bank Ltd. | 56600 | 461994 |
| Kenko Mayonnaise Co. Ltd. | 1600 | 20266 |
| Kewpie Corp. | 9500 | 267019 |
| Keyence Corp. | 10300 | 3926803 |
| KH Neochem Co. Ltd. | 17600 | 333517 |
| Kibun Foods, Inc. | 700 | 5379 |
| Kikkoman Corp. | 50900 | 436855 |
| Kintetsu Group Holdings Co. Ltd. | 64500 | 1294053 |
| Kirin Holdings Co. Ltd. | 329800 | 4787567 |
| Kitz Corp. | 54400 | 552353 |
| Kiyo Bank Ltd. | 39200 | 767233 |
| Koa Corp. | 8900 | 69396 |
| Kobe Bussan Co. Ltd. | 21700 | 610331 |
| Kobe Steel Ltd. | 500700 | 6144508 |
| Koei Tecmo Holdings Co. Ltd. | 4200 | 55073 |
| Kohnan Shoji Co. Ltd. | 171800 | 4640459 |
| Kohsoku Corp. | 1500 | 29451 |
| Koito Manufacturing Co. Ltd. | 8600 | 122319 |
| Komatsu Ltd. | 256300 | 8676869 |
| Komatsu Wall Industry Co. Ltd. | 2400 | 42537 |
| KOMEDA Holdings Co. Ltd. | 8700 | 179263 |
| Komeri Co. Ltd. | 17100 | 385949 |
| Komori Corp. | 10400 | 108155 |
| Konami Group Corp. | 32600 | 4917331 |
| Konica Minolta, Inc.<sup>(1)</sup> | 1249300 | 4244576 |
| Konishi Co. Ltd. | 3400 | 29817 |
| Konoike Transport Co. Ltd. | 31200 | 718757 |
| Konoshima Chemical Co. Ltd. | 2200 | 20020 |
| Koshidaka Holdings Co. Ltd. | 29300 | 273930 |
| Kotobuki Spirits Co. Ltd. | 39200 | 483425 |
| KPP Group Holdings Co. Ltd. | 27100 | 150214 |
| Krosaki Harima Corp. | 7000 | 195254 |
| KRS Corp.<sup>(2)</sup> | 7100 | 163338 |
| K's Holdings Corp. | 202900 | 2067693 |
| Kubota Corp. | 133100 | 1538909 |
| Kumagai Gumi Co. Ltd. | 39500 | 1266583 |
| Kumiai Chemical Industry Co. Ltd. | 20000 | 113852 |
| Kurabo Industries Ltd. | 7000 | 360556 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kuraray Co. Ltd. | 99500 | $1185515 |
| Kureha Corp. | 46700 | 1209041 |
| Kurimoto Ltd. | 6900 | 365460 |
| Kurita Water Industries Ltd. | 49400 | 1671686 |
| Kuriyama Holdings Corp. | 2200 | 23004 |
| Kusuri No. Aoki Holdings Co. Ltd. | 33700 | 894368 |
| KYB Corp. | 34600 | 891053 |
| Kyocera Corp. | 58400 | 776702 |
| Kyoei Steel Ltd. | 11300 | 174247 |
| Kyokuto Securities Co. Ltd.<sup>(2)</sup> | 19400 | 209667 |
| Kyokuyo Co. Ltd. | 9300 | 294423 |
| Kyorin Pharmaceutical Co. Ltd. | 4800 | 49456 |
| Kyoritsu Maintenance Co. Ltd.<sup>(2)</sup> | 47200 | 1073033 |
| Kyoto Financial Group, Inc. | 17200 | 339574 |
| Kyowa Kirin Co. Ltd. | 50300 | 868700 |
| Kyushu Electric Power Co., Inc. | 165600 | 1741999 |
| Kyushu Financial Group, Inc. | 115800 | 684033 |
| Kyushu Leasing Service Co. Ltd. | 1400 | 13428 |
| Kyushu Railway Co. | 21100 | 582806 |
| Lasertec Corp. | 4600 | 477573 |
| Leopalace21 Corp. | 150900 | 710043 |
| Life Corp. | 30400 | 507354 |
| Lifedrink Co., Inc. | 14400 | 256121 |
| Lintec Corp. | 7800 | 181513 |
| Lion Corp. | 126400 | 1349716 |
| LITALICO, Inc. | 4000 | 36450 |
| Lixil Corp.<sup>(2)</sup> | 103800 | 1350383 |
| LY Corp. | 77800 | 246313 |
| M&A Capital Partners Co. Ltd. | 10900 | 230822 |
| M3, Inc. | 32100 | 470763 |
| Mabuchi Motor Co. Ltd. | 22800 | 390154 |
| Macbee Planet, Inc. | 2000 | 34814 |
| Maeda Kosen Co. Ltd. | 32300 | 391516 |
| Maezawa Industries, Inc. | 3300 | 44887 |
| Makino Milling Machine Co. Ltd. | 66200 | 5169842 |
| Makita Corp. | 39400 | 1330199 |
| MarkLines Co. Ltd. | 1900 | 26648 |
| Mars Group Holdings Corp. | 7400 | 158138 |
| Marubeni Corp. | 680800 | 15450891 |
| Marubun Corp. | 10300 | 82009 |
| Maruchiyo Yamaokaya Corp. | 11000 | 259844 |
| Marudai Food Co. Ltd. | 5500 | 73096 |
| Maruha Nichiro Corp. | 84500 | 1887827 |
| Marui Group Co. Ltd. | 86700 | 1863540 |
| Maruichi Steel Tube Ltd. | 17500 | 450754 |
| MARUKA FURUSATO Corp. | 34300 | 527568 |
| Maruwa Co. Ltd. | 3700 | 998373 |
| Maruzen Showa Unyu Co. Ltd. | 9200 | 453700 |
| Matsui Securities Co. Ltd. | 19000 | 100135 |
| MatsukiyoCocokara & Co. | 23560 | 486658 |
| Matsuyafoods Holdings Co. Ltd. | 3900 | 184354 |
| Max Co. Ltd. | 3700 | 141733 |
| Maxell Ltd. | 22400 | 312925 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Maxvalu Tokai Co. Ltd. | 700 | $15648 |
| Mazda Motor Corp. | 768700 | 5128653 |
| McDonald's Holdings Co. Japan Ltd. | 18700 | 831702 |
| MCJ Co. Ltd. | 53600 | 516926 |
| Mebuki Financial Group, Inc. | 1824600 | 11216049 |
| Medipal Holdings Corp. | 66200 | 1172957 |
| Megachips Corp. | 8300 | 322472 |
| Megmilk Snow Brand Co. Ltd. | 40300 | 776712 |
| Meidensha Corp. | 20300 | 797546 |
| MEIJI Holdings Co. Ltd. | 341700 | 7107203 |
| MEITEC Group Holdings, Inc. | 48200 | 1068072 |
| Meiwa Corp. | 3300 | 18293 |
| Menicon Co. Ltd. | 45600 | 370504 |
| Mercari, Inc.<sup>(1)(2)</sup> | 64900 | 1093597 |
| METAWATER Co. Ltd. | 26100 | 530756 |
| Micronics Japan Co. Ltd.<sup>(2)</sup> | 66100 | 2054281 |
| Midac Holdings Co. Ltd. | 3400 | 45840 |
| Mie Kotsu Group Holdings, Inc. | 8000 | 28871 |
| MIMAKI ENGINEERING Co. Ltd. | 15400 | 184054 |
| Minebea Mitsumi, Inc. | 394900 | 6729583 |
| Ministop Co. Ltd. | 1400 | 19000 |
| Mirait One Corp. | 36300 | 698146 |
| Mirarth Holdings, Inc. | 99000 | 264262 |
| Miroku Jyoho Service Co. Ltd. | 5500 | 68383 |
| MISUMI Group, Inc. | 36300 | 550542 |
| Mito Securities Co. Ltd. | 8300 | 30837 |
| Mitsuba Corp. | 21400 | 135071 |
| Mitsubishi Chemical Group Corp. | 1462600 | 8310950 |
| Mitsubishi Corp. | 737300 | 16645924 |
| Mitsubishi Electric Corp. | 290400 | 6932727 |
| Mitsubishi Estate Co. Ltd. | 105900 | 2255938 |
| Mitsubishi Gas Chemical Co., Inc. | 51100 | 921958 |
| Mitsubishi HC Capital, Inc. | 752340 | 6171617 |
| Mitsubishi Heavy Industries Ltd. | 938300 | 23675372 |
| Mitsubishi Kakoki Kaisha Ltd. | 17200 | 313821 |
| Mitsubishi Logisnext Co. Ltd.<sup>(2)</sup> | 15500 | 193428 |
| Mitsubishi Logistics Corp. | 615900 | 5107483 |
| Mitsubishi Materials Corp. | 45000 | 770971 |
| Mitsubishi Motors Corp.<sup>(2)</sup> | 548600 | 1494415 |
| Mitsubishi UFJ Financial Group, Inc., ADR | 2201714 | 33664207 |
| Mitsui & Co. Ltd. | 56600 | 1303010 |
| Mitsui Chemicals, Inc. | 239100 | 5854458 |
| Mitsui E&S Co. Ltd. | 32700 | 1007272 |
| Mitsui Fudosan Co. Ltd. | 742500 | 7849881 |
| Mitsui High-Tec, Inc.<sup>(2)</sup> | 56600 | 324286 |
| Mitsui Mining & Smelting Co. Ltd. | 197500 | 13925785 |
| Mitsui OSK Lines Ltd. | 22400 | 718799 |
| Mitsui-Soko Holdings Co. Ltd. | 450800 | 12780146 |
| Mitsuuroko Group Holdings Co. Ltd. | 3600 | 52604 |
| MIXI, Inc. | 16600 | 367878 |
| Miyaji Engineering Group, Inc.<sup>(2)</sup> | 18500 | 255637 |
| Miyazaki Bank Ltd. | 7000 | 207826 |
| Mizuho Financial Group, Inc., ADR | 2933849 | 19363403 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mizuho Leasing Co. Ltd. | 102000 | $882930 |
| Mizuho Medy Co. Ltd. | 1900 | 20191 |
| Mochida Pharmaceutical Co. Ltd. | 2300 | 48391 |
| Modec, Inc. | 18700 | 999808 |
| Monogatari Corp. | 122000 | 3461310 |
| MonotaRO Co. Ltd. | 58400 | 1006266 |
| Morinaga & Co. Ltd. | 51600 | 936361 |
| Morinaga Milk Industry Co. Ltd. | 38600 | 866345 |
| Morita Holdings Corp. | 18800 | 280339 |
| MOS Food Services, Inc. | 1800 | 48576 |
| MS&AD Insurance Group Holdings, Inc. | 715400 | 16641525 |
| m-up Holdings, Inc. | 27400 | 459378 |
| Murata Manufacturing Co. Ltd. | 360600 | 5821368 |
| Musashi Seimitsu Industry Co. Ltd. | 45900 | 1011613 |
| Musashino Bank Ltd. | 37000 | 961621 |
| Nachi-Fujikoshi Corp. | 11800 | 275081 |
| Nafco Co. Ltd. | 3500 | 46528 |
| Nagase & Co. Ltd. | 44400 | 949317 |
| Nagoya Railroad Co. Ltd. | 66100 | 754834 |
| Nakayama Steel Works Ltd.<sup>(2)</sup> | 14800 | 68346 |
| Namura Shipbuilding Co. Ltd.<sup>(2)</sup> | 39700 | 938824 |
| Nankai Electric Railway Co. Ltd. | 36400 | 651789 |
| Nanto Bank Ltd. | 22300 | 746834 |
| NEC Capital Solutions Ltd.<sup>(2)</sup> | 3300 | 86459 |
| NEC Corp. | 505200 | 15383698 |
| Net Protections Holdings, Inc.<sup>(1)</sup> | 36200 | 212698 |
| Neturen Co. Ltd. | 8400 | 69772 |
| Nexon Co. Ltd. | 26200 | 592885 |
| NGK Insulators Ltd. | 68500 | 1081195 |
| NH Foods Ltd. | 56100 | 2119767 |
| NHK Spring Co. Ltd. | 493100 | 6162385 |
| Nichias Corp. | 23500 | 904749 |
| Nichicon Corp. | 18900 | 175746 |
| Nichiha Corp. | 13500 | 265547 |
| Nichirei Corp. | 184600 | 2129230 |
| Nichirin Co. Ltd. | 2400 | 60627 |
| NIDEC Corp. | 43036 | 928814 |
| Nifco, Inc. | 53300 | 1530086 |
| Nihon Chouzai Co. Ltd. | 13900 | 368258 |
| Nihon Dempa Kogyo Co. Ltd. | 13000 | 81086 |
| Nihon Dengi Co. Ltd. | 2100 | 75064 |
| Nihon M&A Center Holdings, Inc. | 28300 | 144052 |
| Nihon Parkerizing Co. Ltd. | 33600 | 322852 |
| Nikkiso Co. Ltd. | 46400 | 466632 |
| Nikkon Holdings Co. Ltd. | 21500 | 463976 |
| Nikon Corp. | 17700 | 198695 |
| Nintendo Co. Ltd. | 171200 | 15269141 |
| Nippn Corp. | 35000 | 540287 |
| Nippon Air Conditioning Services Co. Ltd. | 3600 | 31391 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 1200 | 22077 |
| Nippon Carbon Co. Ltd. | 3300 | 92986 |
| Nippon Chemical Industrial Co. Ltd.<sup>(2)</sup> | 500 | 9955 |
| Nippon Chemi-Con Corp.<sup>(1)(2)</sup> | 4300 | 40701 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nippon Coke & Engineering Co. Ltd.<sup>(1)</sup> | 116900 | $82407 |
| Nippon Denko Co. Ltd. | 44300 | 98875 |
| Nippon Densetsu Kogyo Co. Ltd. | 15500 | 285088 |
| Nippon Electric Glass Co. Ltd. | 26700 | 813079 |
| NIPPON EXPRESS HOLDINGS, Inc. | 242200 | 5298607 |
| Nippon Gas Co. Ltd. | 19200 | 368842 |
| Nippon Kayaku Co. Ltd. | 26900 | 260654 |
| Nippon Light Metal Holdings Co. Ltd. | 39420 | 548674 |
| Nippon Paint Holdings Co. Ltd. | 3500 | 25326 |
| Nippon Paper Industries Co. Ltd. | 100200 | 823012 |
| Nippon Parking Development Co. Ltd. | 156500 | 308703 |
| Nippon Sanso Holdings Corp. | 5000 | 181239 |
| Nippon Seiki Co. Ltd. | 5100 | 61388 |
| Nippon Seisen Co. Ltd. | 2500 | 19004 |
| Nippon Sheet Glass Co. Ltd.<sup>(1)</sup> | 55800 | 199097 |
| Nippon Shokubai Co. Ltd. | 44800 | 563234 |
| Nippon Signal Co. Ltd. | 1800 | 14862 |
| Nippon Soda Co. Ltd. | 31400 | 748783 |
| Nippon Steel Corp. | 530800 | 11180229 |
| Nippon Thompson Co. Ltd. | 12000 | 50898 |
| Nippon Yakin Kogyo Co. Ltd. | 10100 | 301172 |
| Nippon Yusen KK | 41300 | 1488756 |
| Nipro Corp. | 123700 | 1261835 |
| Nishi-Nippon Financial Holdings, Inc. | 54900 | 917977 |
| Nishi-Nippon Railroad Co. Ltd. | 21200 | 320844 |
| Nishio Holdings Co. Ltd. | 39400 | 1116106 |
| Nissan Chemical Corp. | 21300 | 751399 |
| Nissan Motor Co. Ltd.<sup>(1)(2)</sup> | 736700 | 1652250 |
| Nissan Shatai Co. Ltd. | 32400 | 249597 |
| Nissei ASB Machine Co. Ltd. | 6400 | 304088 |
| Nissha Co. Ltd. | 6700 | 61289 |
| Nisshin Oillio Group Ltd. | 19500 | 685266 |
| Nisshin Seifun Group, Inc. | 115600 | 1405608 |
| Nisshinbo Holdings, Inc. | 70600 | 553181 |
| Nissin Foods Holdings Co. Ltd.<sup>(2)</sup> | 8700 | 163831 |
| Nisso Holdings Co. Ltd. | 100 | 442 |
| Nissui Corp. | 464000 | 3151048 |
| Niterra Co. Ltd. | 200500 | 7141899 |
| Nitori Holdings Co. Ltd. | 4500 | 415279 |
| Nitta Corp. | 2800 | 77935 |
| Nittetsu Mining Co. Ltd. | 6300 | 360632 |
| Nitto Denko Corp. | 750100 | 16883718 |
| Noevir Holdings Co. Ltd. | 3800 | 118383 |
| NOF Corp. | 38400 | 713236 |
| Nohmi Bosai Ltd. | 3100 | 85401 |
| Nojima Corp. | 53600 | 1203432 |
| NOK Corp. | 31700 | 551727 |
| Nomura Co. Ltd. | 30700 | 215753 |
| Nomura Micro Science Co. Ltd.<sup>(2)</sup> | 34500 | 740901 |
| Noritake Co. Ltd. | 8000 | 243986 |
| Noritsu Koki Co. Ltd. | 2700 | 30565 |
| Noritz Corp. | 15700 | 207331 |
| North Pacific Bank Ltd. | 126900 | 595093 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NPR-RIKEN Corp. | 9200 | $183300 |
| NS Solutions Corp. | 600 | 14211 |
| NS United Kaiun Kaisha Ltd. | 7000 | 235778 |
| NSD Co. Ltd. | 19200 | 432269 |
| NSK Ltd. | 87400 | 458656 |
| NTN Corp. | 486700 | 1079226 |
| NTT, Inc. | 8392000 | 8876007 |
| Obayashi Corp. | 492500 | 7988909 |
| Obic Co. Ltd. | 17500 | 618785 |
| Odakyu Electric Railway Co. Ltd.<sup>(2)</sup> | 82700 | 946284 |
| Ogaki Kyoritsu Bank Ltd. | 7400 | 156633 |
| Oiles Corp. | 4500 | 68555 |
| Oisix ra daichi, Inc.<sup>(1)</sup> | 14500 | 159855 |
| Oji Holdings Corp. | 817900 | 4507332 |
| Okamoto Industries, Inc. | 300 | 10320 |
| Okamoto Machine Tool Works Ltd. | 1800 | 56890 |
| Okasan Securities Group, Inc. | 58800 | 270474 |
| Oki Electric Industry Co. Ltd. | 190100 | 1971714 |
| Okinawa Cellular Telephone Co. | 13900 | 474313 |
| Okinawa Electric Power Co., Inc. | 35500 | 238425 |
| Okinawa Financial Group, Inc. | 8600 | 215477 |
| OKUMA Corp. | 8300 | 195237 |
| Okumura Corp.<sup>(2)</sup> | 150600 | 4935720 |
| Okura Industrial Co. Ltd. | 2800 | 93363 |
| Okuwa Co. Ltd.<sup>(2)</sup> | 9500 | 60847 |
| Olympus Corp. | 119700 | 1387448 |
| Omron Corp.<sup>(2)</sup> | 6600 | 168243 |
| Ono Pharmaceutical Co. Ltd. | 240700 | 2711061 |
| Onoken Co. Ltd. | 1400 | 13538 |
| Onward Holdings Co. Ltd. | 3700 | 16086 |
| Open House Group Co. Ltd. | 31400 | 1604600 |
| Open Up Group, Inc. | 7200 | 89183 |
| Optex Group Co. Ltd. | 20400 | 266086 |
| Oracle Corp. | 2200 | 227705 |
| Organo Corp. | 5900 | 445702 |
| Orient Corp. | 52320 | 357185 |
| Oriental Land Co. Ltd. | 134100 | 3192699 |
| Oriental Shiraishi Corp. | 80900 | 227848 |
| ORIX Corp., ADR | 482667 | 12510729 |
| Oro Co. Ltd. | 900 | 16648 |
| Osaka Gas Co. Ltd. | 19600 | 557798 |
| Osaka Organic Chemical Industry Ltd. | 3200 | 64729 |
| Osaka Steel Co. Ltd.<sup>(2)</sup> | 3100 | 55157 |
| OSAKA Titanium Technologies Co. Ltd.<sup>(2)</sup> | 2600 | 44786 |
| Osaki Electric Co. Ltd. | 10400 | 94500 |
| OSG Corp. | 63900 | 874174 |
| Otsuka Corp. | 56900 | 1168581 |
| Otsuka Holdings Co. Ltd. | 50600 | 2655108 |
| Oyo Corp. | 2100 | 41764 |
| Pacific Industrial Co. Ltd. | 24800 | 384290 |
| Pacific Metals Co. Ltd. | 14000 | 199136 |
| Pack Corp. | 9900 | 79435 |
| PAL GROUP Holdings Co. Ltd. | 29700 | 1041879 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| PALTAC Corp. | 8700 | $267013 |
| Pan Pacific International Holdings Corp. | 230300 | 8306776 |
| Panasonic Holdings Corp. | 774600 | 7840717 |
| Paramount Bed Holdings Co. Ltd. | 27400 | 485110 |
| Park24 Co. Ltd. | 127800 | 1753019 |
| Pasona Group, Inc. | 4200 | 59091 |
| PCA Corp. | 300 | 3971 |
| Pegasus Co. Ltd. | 4300 | 18936 |
| Penta-Ocean Construction Co. Ltd. | 344100 | 2483779 |
| PeptiDream, Inc.<sup>(1)</sup> | 70500 | 713060 |
| Persol Holdings Co. Ltd. | 464900 | 867039 |
| Pharma Foods International Co. Ltd. | 20400 | 132186 |
| Pigeon Corp. | 62600 | 764919 |
| PILLAR Corp.<sup>(2)</sup> | 2500 | 67977 |
| Pilot Corp. | 17300 | 529309 |
| Piolax, Inc. | 7700 | 95517 |
| Plus Alpha Consulting Co. Ltd. | 3200 | 53048 |
| Pole To Win Holdings, Inc. | 2400 | 6084 |
| Premium Group Co. Ltd. | 20000 | 303626 |
| Press Kogyo Co. Ltd. | 53200 | 236175 |
| Prestige International, Inc.<sup>(2)</sup> | 21900 | 101644 |
| Prima Meat Packers Ltd. | 25400 | 406977 |
| Procrea Holdings, Inc. | 6200 | 71647 |
| PS Construction Co. Ltd. | 16100 | 202259 |
| Qol Holdings Co. Ltd. | 15100 | 209534 |
| Quick Co. Ltd. | 1500 | 23989 |
| Raito Kogyo Co. Ltd. | 54400 | 1218735 |
| Raiznext Corp. | 8800 | 113112 |
| Rakus Co. Ltd. | 5200 | 92290 |
| Rakuten Bank Ltd.<sup>(1)</sup> | 1300 | 73090 |
| Rakuten Group, Inc.<sup>(1)</sup> | 77500 | 477048 |
| Rasa Industries Ltd. | 1100 | 33632 |
| Recruit Holdings Co. Ltd. | 227600 | 13024019 |
| Relo Group, Inc. | 86000 | 1013987 |
| Renesas Electronics Corp. | 259500 | 3029052 |
| Rengo Co. Ltd. | 125000 | 779814 |
| RENOVA, Inc.<sup>(1)</sup> | 50900 | 291059 |
| Resona Holdings, Inc. | 1154756 | 11581550 |
| Resonac Holdings Corp. | 38800 | 1008399 |
| Resorttrust, Inc. | 133600 | 1706041 |
| Restar Corp. | 11600 | 204421 |
| Retail Partners Co. Ltd. | 9000 | 86509 |
| Ricoh Co. Ltd. | 766200 | 6772452 |
| Ricoh Leasing Co. Ltd. | 10600 | 404581 |
| Riken Technos Corp. | 2700 | 21459 |
| Riken Vitamin Co. Ltd. | 10800 | 214356 |
| Rinnai Corp. | 10000 | 247792 |
| Riso Kyoiku Group Corp.<sup>(2)</sup> | 35300 | 51383 |
| Rohm Co. Ltd.<sup>(2)</sup> | 49000 | 717252 |
| Rohto Pharmaceutical Co. Ltd. | 206400 | 3515137 |
| Rorze Corp. | 23000 | 280773 |
| Round One Corp. | 187700 | 1915153 |
| Royal Holdings Co. Ltd.<sup>(2)</sup> | 18900 | 342468 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ryobi Ltd. | 21200 | $380279 |
| RYODEN Corp. | 4400 | 91620 |
| Ryohin Keikaku Co. Ltd. | 406000 | 8732035 |
| S Foods, Inc. | 14500 | 265570 |
| S&B Foods, Inc. | 4400 | 101764 |
| Saizeriya Co. Ltd. | 17000 | 614087 |
| Sakai Chemical Industry Co. Ltd. | 5900 | 117570 |
| Sakai Moving Service Co. Ltd. | 13700 | 271198 |
| Sakata INX Corp. | 32000 | 487202 |
| Sakura Internet, Inc.<sup>(2)</sup> | 36400 | 733807 |
| Sala Corp. | 20800 | 142304 |
| San Holdings, Inc. | 800 | 7947 |
| San ju San Financial Group, Inc. | 10900 | 264719 |
| San-A Co. Ltd. | 31100 | 602018 |
| San-Ai Obbli Co. Ltd. | 12600 | 177822 |
| Sangetsu Corp. | 42800 | 893890 |
| San-In Godo Bank Ltd. | 49700 | 450548 |
| Sanken Electric Co. Ltd.<sup>(1)</sup> | 16200 | 896706 |
| Sanki Engineering Co. Ltd. | 36300 | 1226665 |
| Sankyo Co. Ltd. | 504900 | 10163381 |
| Sankyu, Inc. | 24500 | 1361220 |
| Sanoh Industrial Co. Ltd. | 15600 | 85316 |
| Sanrio Co. Ltd. | 58400 | 3021688 |
| Sansan, Inc.<sup>(1)</sup> | 16300 | 211124 |
| Sanshin Electronics Co. Ltd. | 6600 | 125503 |
| Santec Holdings Corp. | 5300 | 280594 |
| Santen Pharmaceutical Co. Ltd. | 85500 | 905897 |
| Sanwa Holdings Corp. | 262000 | 8435284 |
| Sanyo Chemical Industries Ltd. | 3300 | 95787 |
| Sanyo Denki Co. Ltd. | 6900 | 465820 |
| Sanyo Electric Railway Co. Ltd. | 2700 | 39351 |
| Sanyo Trading Co. Ltd. | 100 | 1088 |
| Sato Corp. | 17800 | 271258 |
| Satori Electric Co. Ltd. | 1600 | 20439 |
| SBI Holdings, Inc. | 230600 | 10834918 |
| SBS Holdings, Inc. | 8400 | 202364 |
| SCREEN Holdings Co. Ltd. | 82300 | 6221157 |
| Scroll Corp. | 14100 | 105086 |
| SCSK Corp. | 23100 | 735831 |
| SEC Carbon Ltd. | 2500 | 37035 |
| Secom Co. Ltd. | 70300 | 2595509 |
| Sega Sammy Holdings, Inc. | 73400 | 1527138 |
| Seibu Holdings, Inc. | 100900 | 3661191 |
| Seika Corp. | 6500 | 257132 |
| Seikagaku Corp. | 7200 | 32198 |
| Seikitokyu Kogyo Co. Ltd. | 13000 | 135382 |
| Seiko Epson Corp. | 82300 | 1046565 |
| Seiko Group Corp. | 22900 | 994688 |
| Seino Holdings Co. Ltd.<sup>(2)</sup> | 53100 | 828595 |
| Seiren Co. Ltd. | 21100 | 434626 |
| Sekisui Chemical Co. Ltd. | 514400 | 9762439 |
| Sekisui House Ltd. | 67900 | 1528039 |
| Sekisui Jushi Corp. | 3000 | 44342 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Senko Group Holdings Co. Ltd. | 45800 | $628879 |
| Senshu Electric Co. Ltd. | 6100 | 185192 |
| Senshu Ikeda Holdings, Inc. | 199500 | 870975 |
| Septeni Holdings Co. Ltd. | 14400 | 40420 |
| Seria Co. Ltd. | 12900 | 264224 |
| Seven & i Holdings Co. Ltd. | 570500 | 7384024 |
| Seven Bank Ltd. | 274900 | 541125 |
| SG Holdings Co. Ltd.<sup>(2)</sup> | 79500 | 855952 |
| Sharingtechnology, Inc. | 25900 | 197478 |
| Sharp Corp.<sup>(1)</sup> | 19200 | 115038 |
| Shibaura Electronics Co. Ltd. | 3300 | 158211 |
| Shibaura Machine Co. Ltd.<sup>(2)</sup> | 45100 | 1269010 |
| Shibaura Mechatronics Corp. | 9000 | 664366 |
| Shibuya Corp. | 4000 | 96384 |
| SHIFT, Inc.<sup>(1)</sup> | 4500 | 46471 |
| Shiga Bank Ltd. | 16900 | 747566 |
| Shikoku Bank Ltd. | 19900 | 191273 |
| Shikoku Kasei Holdings Corp. | 5500 | 80289 |
| Shimadzu Corp. | 57700 | 1412894 |
| Shimamura Co. Ltd. | 6600 | 487213 |
| Shimano, Inc. | 2400 | 266143 |
| Shimizu Corp. | 404500 | 5434171 |
| Shin Nippon Air Technologies Co. Ltd. | 8300 | 173822 |
| Shinagawa Refractories Co. Ltd. | 10600 | 138832 |
| Shindengen Electric Manufacturing Co. Ltd. | 300 | 6475 |
| Shin-Etsu Chemical Co. Ltd. | 385600 | 11744373 |
| Shin-Etsu Polymer Co. Ltd. | 1900 | 23976 |
| Shinmaywa Industries Ltd. | 56100 | 670708 |
| Shinnihon Corp. | 4700 | 59995 |
| Shinnihonseiyaku Co. Ltd. | 3200 | 52734 |
| Shinsho Corp. | 7200 | 110469 |
| Shinwa Co. Ltd. | 3200 | 71390 |
| Shionogi & Co. Ltd. | 160200 | 2771094 |
| Ship Healthcare Holdings, Inc. | 65200 | 985390 |
| Shiseido Co. Ltd. | 23732 | 385152 |
| Shizuoka Financial Group, Inc. | 97400 | 1292836 |
| SHO-BOND Holdings Co. Ltd. | 2300 | 79680 |
| Shoei Co. Ltd.<sup>(2)</sup> | 40900 | 512701 |
| Showa Sangyo Co. Ltd. | 14200 | 288577 |
| SIGMAXYZ Holdings, Inc. | 55100 | 361637 |
| Siix Corp. | 33400 | 294336 |
| Sinfonia Technology Co. Ltd. | 17200 | 913961 |
| Sinko Industries Ltd. | 4500 | 38287 |
| Sintokogio Ltd. | 13300 | 88168 |
| SK-Electronics Co. Ltd. | 7100 | 142608 |
| SKY Perfect JSAT Holdings, Inc. | 165900 | 1573525 |
| Skylark Holdings Co. Ltd. | 4900 | 98186 |
| SMC Corp. | 1895 | 579982 |
| SMS Co. Ltd. | 7800 | 83225 |
| Sodick Co. Ltd. | 24000 | 138866 |
| SoftBank Corp. | 5240700 | 8106739 |
| SoftBank Group Corp. | 18400 | 1975867 |
| Softcreate Holdings Corp. | 4000 | 62377 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Software Service, Inc. | 900 | $89818 |
| Sojitz Corp. | 274680 | 7236074 |
| Soken Chemical & Engineering Co. Ltd. | 1000 | 11383 |
| Soliton Systems KK | 200 | 1879 |
| Sompo Holdings, Inc. | 345800 | 11051576 |
| Sony Group Corp., ADR<sup>(2)</sup> | 1579779 | 43475518 |
| Sotetsu Holdings, Inc. | 31800 | 559280 |
| Sparx Group Co. Ltd. | 4840 | 50632 |
| S-Pool, Inc. | 15200 | 33360 |
| Square Enix Holdings Co. Ltd. | 7900 | 542628 |
| SRA Holdings | 1000 | 31610 |
| SRS Holdings Co. Ltd. | 9800 | 85701 |
| Stanley Electric Co. Ltd. | 51900 | 1051164 |
| Star Micronics Co. Ltd. | 8600 | 98159 |
| Starts Corp., Inc. | 20900 | 706056 |
| Starzen Co. Ltd. | 29300 | 237251 |
| Stella Chemifa Corp. | 3000 | 84232 |
| Strike Co. Ltd. | 3600 | 104937 |
| Studio Alice Co. Ltd.<sup>(2)</sup> | 2000 | 28753 |
| Subaru Corp. | 451200 | 8850898 |
| Sugi Holdings Co. Ltd. | 76600 | 1936149 |
| SUMCO Corp. | 694600 | 5779208 |
| Sumida Corp. | 31200 | 221657 |
| Sumitomo Bakelite Co. Ltd. | 14000 | 468493 |
| Sumitomo Chemical Co. Ltd. | 2095200 | 6284804 |
| Sumitomo Corp. | 225800 | 6323618 |
| Sumitomo Densetsu Co. Ltd. | 9300 | 422158 |
| Sumitomo Electric Industries Ltd. | 413200 | 11573302 |
| Sumitomo Forestry Co. Ltd. | 122400 | 1388173 |
| Sumitomo Heavy Industries Ltd. | 33600 | 742622 |
| Sumitomo Metal Mining Co. Ltd. | 44200 | 1196047 |
| Sumitomo Mitsui Financial Group, Inc., ADR | 1538655 | 25264715 |
| Sumitomo Mitsui Trust Group, Inc. | 313400 | 8919044 |
| Sumitomo Osaka Cement Co. Ltd. | 190300 | 5066454 |
| Sumitomo Realty & Development Co. Ltd. | 48600 | 1996474 |
| Sumitomo Riko Co. Ltd. | 19900 | 296287 |
| Sumitomo Rubber Industries Ltd. | 124600 | 1455762 |
| Sumitomo Seika Chemicals Co. Ltd.<sup>(2)</sup> | 5400 | 167370 |
| Sumitomo Warehouse Co. Ltd. | 15200 | 317348 |
| Sundrug Co. Ltd. | 30300 | 952495 |
| Suntory Beverage & Food Ltd. | 34000 | 1052524 |
| Sun-Wa Technos Corp.<sup>(2)</sup> | 4000 | 70578 |
| SUNWELS Co. Ltd.<sup>(1)</sup> | 6000 | 31733 |
| Suruga Bank Ltd. | 76900 | 768504 |
| Suzuken Co. Ltd. | 1600 | 63279 |
| Suzuki Co. Ltd. | 2900 | 41909 |
| Suzuki Motor Corp. | 734400 | 9718138 |
| SWCC Corp. | 27500 | 1520216 |
| Sysmex Corp. | 103400 | 1298489 |
| Systena Corp. | 157200 | 527685 |
| Syuppin Co. Ltd. | 11400 | 94412 |
| T RAD Co. Ltd. | 900 | 41090 |
| T&D Holdings, Inc. | 214100 | 5543010 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tachibana Eletech Co. Ltd. | 12000 | $236027 |
| Tachi-S Co. Ltd. | 29400 | 388344 |
| Tadano Ltd. | 17200 | 120736 |
| Taiheiyo Cement Corp. | 228100 | 6169518 |
| Taisei Corp. | 203300 | 13763376 |
| Taisei Lamick Group Head Quarter & Innovation Co. Ltd. | 100 | 1748 |
| Taiyo Holdings Co. Ltd. | 7600 | 396682 |
| Taiyo Yuden Co. Ltd. | 22800 | 462186 |
| Takamatsu Construction Group Co. Ltd. | 4500 | 99786 |
| Takaoka Toko Co. Ltd. | 2800 | 59162 |
| Takara & Co. Ltd. | 2300 | 61674 |
| Takara Standard Co. Ltd. | 52900 | 948052 |
| Takasago International Corp. | 13000 | 747237 |
| Takasago Thermal Engineering Co. Ltd. | 400 | 24247 |
| Takashimaya Co. Ltd. | 375900 | 3311511 |
| Takeda Pharmaceutical Co. Ltd., ADR<sup>(2)</sup> | 368694 | 5526723 |
| Tama Home Co. Ltd. | 5600 | 136596 |
| Tamron Co. Ltd. | 134400 | 919584 |
| Tamura Corp. | 16100 | 55534 |
| Tanseisha Co. Ltd. | 53600 | 501603 |
| Tayca Corp. | 200 | 1728 |
| Tazmo Co. Ltd. | 10800 | 163624 |
| TBS Holdings, Inc. | 12600 | 460032 |
| TDC Soft, Inc. | 2800 | 26049 |
| TDK Corp. | 1069800 | 13814599 |
| TechMatrix Corp. | 32500 | 438149 |
| Techno Ryowa Ltd. | 10100 | 339352 |
| TechnoPro Holdings, Inc. | 18300 | 597466 |
| Teijin Ltd. | 777300 | 6611706 |
| Teikoku Electric Manufacturing Co. Ltd. | 4400 | 99872 |
| Tekken Corp. | 2600 | 59404 |
| Tera Probe, Inc. | 2900 | 91534 |
| Terasaki Electric Co. Ltd. | 2700 | 75476 |
| Terumo Corp. | 27000 | 484133 |
| Tess Holdings Co. Ltd. | 27000 | 66472 |
| THK Co. Ltd. | 24700 | 664334 |
| TIS, Inc. | 248200 | 8263216 |
| TKC Corp. | 4300 | 128654 |
| TKP Corp.<sup>(1)</sup> | 4400 | 59589 |
| Toa Corp. | 83800 | 1227502 |
| TOA ROAD Corp. | 3800 | 41546 |
| Toagosei Co. Ltd. | 46200 | 481343 |
| TOBISHIMA HOLDINGS, Inc. | 6900 | 98680 |
| Tobu Railway Co. Ltd. | 59100 | 1072709 |
| TOC Co. Ltd. | 600 | 3216 |
| Tocalo Co. Ltd. | 23300 | 333714 |
| Tochigi Bank Ltd. | 18200 | 58830 |
| Toda Corp. | 300 | 2128 |
| Toei Animation Co. Ltd. | 1000 | 21262 |
| Toenec Corp. | 41100 | 396344 |
| Toho Bank Ltd. | 24600 | 65949 |
| Toho Co. Ltd. | 2400 | 152347 |
| Toho Co. Ltd. | 12800 | 305986 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Toho Titanium Co. Ltd. | 12900 | $155108 |
| Tohoku Electric Power Co., Inc. | 114600 | 880185 |
| Tokai Carbon Co. Ltd. | 66400 | 455939 |
| Tokai Corp. | 800 | 11752 |
| TOKAI Holdings Corp. | 104600 | 744609 |
| Tokai Rika Co. Ltd. | 33100 | 589402 |
| Tokai Tokyo Financial Holdings, Inc. | 55900 | 220308 |
| Token Corp. | 2800 | 269512 |
| Tokio Marine Holdings, Inc. | 511600 | 21941471 |
| Tokushu Tokai Paper Co. Ltd. | 100 | 2883 |
| Tokuyama Corp.<sup>(2)</sup> | 31400 | 715633 |
| Tokyo Century Corp. | 18800 | 235032 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(1)</sup> | 1312100 | 6650148 |
| Tokyo Electron Device Ltd.<sup>(2)</sup> | 15300 | 298111 |
| Tokyo Electron Ltd. | 66600 | 9069993 |
| Tokyo Gas Co. Ltd. | 110300 | 4214004 |
| Tokyo Kiraboshi Financial Group, Inc.<sup>(2)</sup> | 37700 | 1790466 |
| Tokyo Ohka Kogyo Co. Ltd. | 21800 | 692427 |
| Tokyo Seimitsu Co. Ltd. | 9000 | 502857 |
| Tokyo Steel Manufacturing Co. Ltd. | 38900 | 437579 |
| Tokyo Tatemono Co. Ltd. | 70400 | 1323345 |
| Tokyo Tekko Co. Ltd. | 3300 | 133797 |
| Tokyu Construction Co. Ltd. | 118700 | 904764 |
| Tokyu Corp. | 65900 | 831779 |
| Tokyu Fudosan Holdings Corp. | 655500 | 5258071 |
| Tomoku Co. Ltd. | 4000 | 89677 |
| TOMONY Holdings, Inc. | 143200 | 614306 |
| Tomy Co. Ltd. | 106300 | 2429112 |
| TOPPAN Holdings, Inc. | 97700 | 2518835 |
| Topre Corp. | 24800 | 364763 |
| Topy Industries Ltd. | 6300 | 124965 |
| Toray Industries, Inc. | 1012100 | 6761253 |
| Toridoll Holdings Corp. | 154200 | 5174456 |
| Toshiba TEC Corp. | 9300 | 181049 |
| Tosoh Corp. | 146400 | 2307911 |
| Totech Corp. | 35200 | 761708 |
| Totetsu Kogyo Co. Ltd. | 29100 | 862681 |
| TOTO Ltd. | 10200 | 263392 |
| Towa Corp. | 61700 | 718618 |
| Towa Pharmaceutical Co. Ltd.<sup>(2)</sup> | 1200 | 23534 |
| Toyo Gosei Co. Ltd.<sup>(2)</sup> | 2300 | 80676 |
| Toyo Kanetsu KK | 3400 | 100774 |
| Toyo Seikan Group Holdings Ltd. | 79400 | 1929353 |
| Toyo Suisan Kaisha Ltd. | 88500 | 6087526 |
| Toyo Tanso Co. Ltd. | 12600 | 331146 |
| Toyo Tire Corp. | 116600 | 2962324 |
| Toyobo Co. Ltd. | 65400 | 481275 |
| Toyoda Gosei Co. Ltd. | 35200 | 852147 |
| Toyota Boshoku Corp. | 23400 | 381664 |
| Toyota Motor Corp., ADR<sup>(2)</sup> | 237666 | 46242674 |
| Toyota Tsusho Corp. | 258700 | 6885401 |
| TPR Co. Ltd. | 12900 | 206228 |
| Traders Holdings Co. Ltd. | 15200 | 104090 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Transaction Co. Ltd. | 11200 | $94479 |
| Transcosmos, Inc. | 14500 | 353935 |
| TRE Holdings Corp. | 45496 | 473115 |
| Trend Micro, Inc. | 203600 | 10790584 |
| Trusco Nakayama Corp. | 33100 | 543238 |
| TS Tech Co. Ltd. | 58500 | 735640 |
| Tsubakimoto Chain Co. | 139800 | 2086869 |
| Tsugami Corp. | 49500 | 712739 |
| Tsukishima Holdings Co. Ltd.<sup>(2)</sup> | 6700 | 138874 |
| Tsukuba Bank Ltd.<sup>(2)</sup> | 33500 | 66252 |
| Tsuruha Holdings, Inc. | 194500 | 3000725 |
| Tsuzuki Denki Co. Ltd. | 4900 | 105894 |
| TV Asahi Holdings Corp. | 600 | 12598 |
| UACJ Corp. | 11500 | 490857 |
| UBE Corp. | 40100 | 633055 |
| Uchida Yoko Co. Ltd. | 10700 | 777554 |
| U-Next Holdings Co. Ltd. | 30000 | 422840 |
| Unicharm Corp. | 556800 | 3715675 |
| Union Tool Co.<sup>(2)</sup> | 6100 | 369508 |
| Unipres Corp. | 16500 | 130602 |
| United Arrows Ltd. | 18100 | 255660 |
| United Super Markets Holdings, Inc. | 31700 | 206970 |
| UNITED, Inc.<sup>(2)</sup> | 400 | 1729 |
| Universal Entertainment Corp.<sup>(1)</sup> | 8000 | 56193 |
| Ushio, Inc. | 17300 | 251652 |
| USS Co. Ltd. | 615400 | 7455156 |
| UT Group Co. Ltd. | 20700 | 379343 |
| V Technology Co. Ltd. | 1600 | 32258 |
| Valor Holdings Co. Ltd. | 40400 | 771888 |
| ValueCommerce Co. Ltd. | 16500 | 89310 |
| Vector, Inc. | 37900 | 291412 |
| Vertex Corp. | 8400 | 94094 |
| Vision, Inc. | 41400 | 350595 |
| Visional, Inc.<sup>(1)</sup> | 4800 | 382013 |
| Vital KSK Holdings, Inc. | 10900 | 92498 |
| VT Holdings Co. Ltd. | 18700 | 61679 |
| Wacom Co. Ltd. | 114000 | 558611 |
| Wakita & Co. Ltd. | 17800 | 222108 |
| Warabeya Nichiyo Holdings Co. Ltd. | 12000 | 229627 |
| WATAMI Co. Ltd. | 1600 | 10598 |
| WDB Holdings Co. Ltd. | 800 | 9490 |
| Welcia Holdings Co. Ltd. | 25100 | 441815 |
| Wellnet Corp. | 7000 | 36111 |
| West Holdings Corp. | 13400 | 146242 |
| West Japan Railway Co. | 121400 | 2713343 |
| Will Group, Inc. | 200 | 1318 |
| Xebio Holdings Co. Ltd. | 6900 | 52031 |
| Yakult Honsha Co. Ltd.<sup>(2)</sup> | 47000 | 767796 |
| YAKUODO Holdings Co. Ltd. | 500 | 7731 |
| YAMABIKO Corp. | 23100 | 362873 |
| Yamada Holdings Co. Ltd. | 305700 | 963948 |
| Yamae Group Holdings Co. Ltd. | 7300 | 133102 |
| Yamagata Bank Ltd. | 1400 | 15095 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Yamaguchi Financial Group, Inc. | 86000 | $1028365 |
| Yamaha Corp. | 11700 | 76983 |
| Yamaha Motor Co. Ltd. | 749000 | 5428131 |
| Yamaichi Electronics Co. Ltd. | 20800 | 448837 |
| Yamami Co. | 4000 | 127974 |
| Yamanashi Chuo Bank Ltd. | 1900 | 39631 |
| Yamatane Corp.<sup>(2)</sup> | 10900 | 220228 |
| Yamato Holdings Co. Ltd. | 25200 | 425186 |
| Yamato Kogyo Co. Ltd. | 3900 | 255420 |
| Yamazaki Baking Co. Ltd. | 83500 | 1937712 |
| Yamazen Corp. | 24900 | 231386 |
| Yaoko Co. Ltd. | 9500 | 591487 |
| Yaskawa Electric Corp. | 14100 | 279149 |
| Yokogawa Bridge Holdings Corp. | 23000 | 433318 |
| Yokogawa Electric Corp. | 45700 | 1334006 |
| Yokohama Rubber Co. Ltd. | 74400 | 2737586 |
| Yokorei Co. Ltd. | 31600 | 250333 |
| Yokowo Co. Ltd. | 1900 | 18058 |
| Yonex Co. Ltd. | 30400 | 859349 |
| Yoshinoya Holdings Co. Ltd. | 20400 | 440473 |
| Yossix Holdings Co. Ltd. | 1500 | 26803 |
| Yotai Refractories Co. Ltd. | 100 | 1164 |
| Yuasa Trading Co. Ltd. | 76700 | 2555451 |
| Yurtec Corp. | 33100 | 592266 |
| Zacros Corp. | 7800 | 220870 |
| Zenkoku Hosho Co. Ltd. | 16400 | 375040 |
| Zenrin Co. Ltd. | 18300 | 130065 |
| Zensho Holdings Co. Ltd. | 25567 | 1612907 |
| Zeon Corp. | 28100 | 322651 |
| ZERIA Pharmaceutical Co. Ltd. | 17200 | 235918 |
| ZIGExN Co. Ltd. | 11900 | 42701 |
| ZOZO, Inc. | 26400 | 245315 |
|  |  | 1842877898 |
| **Netherlands — 3.6%** |  |  |
| Aalberts NV | 135644 | 4752033 |
| ABN AMRO Bank NV, CVA | 401230 | 11572940 |
| Adyen NV<sup>(1)</sup> | 7137 | 11984236 |
| Aegon Ltd. | 1091695 | 8504304 |
| AerCap Holdings NV | 129237 | 15960769 |
| Akzo Nobel NV<sup>(2)</sup> | 115234 | 7965519 |
| Alfen NV<sup>(1)(2)</sup> | 12232 | 141440 |
| Allfunds Group PLC | 305 | 2140 |
| AMG Critical Materials NV | 33349 | 1025331 |
| Arcadis NV | 20641 | 952322 |
| ASM International NV | 19321 | 9277363 |
| ASML Holding NV, NY Shares | 62690 | 46554848 |
| ASR Nederland NV | 190984 | 13250025 |
| Basic-Fit NV<sup>(1)(2)</sup> | 59770 | 1749519 |
| BE Semiconductor Industries NV | 37681 | 5075536 |
| Brunel International NV<sup>(2)</sup> | 15425 | 156071 |
| Coca-Cola Europacific Partners PLC | 80096 | 7117331 |
| Constellium SE<sup>(1)</sup> | 141648 | 2052480 |
| Corbion NV | 24063 | 485230 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DSM-Firmenich AG | 71172 | $6963886 |
| Ferrari Group PLC | 4435 | 45590 |
| Flow Traders Ltd.<sup>(1)</sup> | 10254 | 303852 |
| ForFarmers NV | 18669 | 102357 |
| Fugro NV | 90889 | 1253519 |
| Heineken Holding NV<sup>(2)</sup> | 6855 | 486756 |
| Heineken NV | 57021 | 4624969 |
| IMCD NV | 2932 | 329251 |
| ING Groep NV, ADR | 1350371 | 32179341 |
| InPost SA<sup>(1)</sup> | 129882 | 1887870 |
| Just Eat Takeaway.com NV<sup>(1)</sup> | 184427 | 4355640 |
| Kendrion NV | 2008 | 30564 |
| Koninklijke Ahold Delhaize NV | 576199 | 23089906 |
| Koninklijke BAM Groep NV | 377460 | 3364570 |
| Koninklijke Heijmans NV, CVA | 45250 | 3110432 |
| Koninklijke KPN NV | 3152452 | 15043989 |
| Koninklijke Philips NV, NY Shares<sup>(2)</sup> | 254577 | 7021234 |
| Koninklijke Vopak NV | 137244 | 6636614 |
| Nedap NV | 1604 | 169634 |
| NN Group NV | 260796 | 17951134 |
| OCI NV<sup>(1)</sup> | 99199 | 566813 |
| PostNL NV<sup>(2)</sup> | 169743 | 191608 |
| Prosus NV<sup>(1)</sup> | 211491 | 13082718 |
| Randstad NV<sup>(2)</sup> | 16006 | 757155 |
| SBM Offshore NV | 39252 | 1073128 |
| SIF Holding NV<sup>(1)</sup> | 702 | 6350 |
| Signify NV | 9852 | 260164 |
| Sligro Food Group NV | 16644 | 211476 |
| Universal Music Group NV<sup>(2)</sup> | 318128 | 8993251 |
| Van Lanschot Kempen NV | 12602 | 770090 |
| Wolters Kluwer NV | 87147 | 10978223 |
|  |  | 314421521 |
| **New Zealand — 0.2%** |  |  |
| Air New Zealand Ltd. | 574197 | 199866 |
| Auckland International Airport Ltd. | 346950 | 1545274 |
| Chorus Ltd.<sup>(2)</sup> | 356402 | 2064047 |
| Contact Energy Ltd. | 366978 | 1955101 |
| EBOS Group Ltd. | 22838 | 439054 |
| Fisher & Paykel Healthcare Corp. Ltd. | 133525 | 2880915 |
| Fletcher Building Ltd.<sup>(1)</sup> | 446949 | 830488 |
| Freightways Group Ltd. | 53083 | 380475 |
| Genesis Energy Ltd. | 55742 | 77608 |
| Hallenstein Glasson Holdings Ltd. | 249 | 1278 |
| Infratil Ltd. | 46844 | 313688 |
| KMD Brands Ltd.<sup>(1)</sup> | 94852 | 13427 |
| Mercury NZ Ltd. | 132269 | 511492 |
| Meridian Energy Ltd. | 344118 | 1158563 |
| NZX Ltd. | 4193 | 3435 |
| Oceania Healthcare Ltd.<sup>(1)</sup> | 83326 | 30985 |
| Restaurant Brands New Zealand Ltd. | 933 | 1581 |
| Ryman Healthcare Ltd.<sup>(1)(2)</sup> | 362179 | 509482 |
| Skellerup Holdings Ltd. | 5129 | 15124 |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 281947 | 116311 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Spark New Zealand Ltd. | 2939561 | $4472134 |
| TOWER Ltd. | 26812 | 26734 |
| Vista Group International Ltd.<sup>(1)</sup> | 6 | 11 |
|  |  | 17547073 |
| **Norway — 0.8%** |  |  |
| 2020 Bulkers Ltd. | 13747 | 184989 |
| ABG Sundal Collier Holding ASA | 4553 | 3142 |
| Aker BP ASA | 26304 | 665437 |
| Aker Solutions ASA | 133385 | 413299 |
| AMSC ASA<sup>(1)</sup> | 204 | 30 |
| Austevoll Seafood ASA | 34317 | 318317 |
| Axactor ASA<sup>(1)</sup> | 598 | 523 |
| Bakkafrost P | 6241 | 271109 |
| Bluenord ASA<sup>(1)</sup> | 12388 | 606948 |
| Bonheur ASA | 3589 | 82106 |
| Borregaard ASA | 5634 | 117130 |
| BW LPG Ltd. | 38640 | 603096 |
| BW Offshore Ltd. | 32091 | 119909 |
| Cadeler AS<sup>(1)</sup> | 10 | 52 |
| DNB Bank ASA | 275441 | 7257363 |
| DNO ASA | 228622 | 348323 |
| DOF Group ASA | 52690 | 514036 |
| Elmera Group ASA | 13316 | 45244 |
| Entra ASA<sup>(1)</sup> | 8571 | 103720 |
| Equinor ASA, ADR | 281728 | 6933326 |
| Europris ASA | 31127 | 301145 |
| Frontline PLC | 68482 | 1431274 |
| Gjensidige Forsikring ASA | 23511 | 653137 |
| Grieg Seafood ASA<sup>(1)</sup> | 6083 | 43026 |
| Hoegh Autoliners ASA | 44092 | 506722 |
| Kid ASA | 15994 | 234614 |
| Kitron ASA | 91515 | 531810 |
| Kongsberg Automotive ASA<sup>(1)</sup> | 89738 | 15853 |
| Kongsberg Gruppen ASA | 141285 | 4219655 |
| Leroy Seafood Group ASA | 10584 | 51859 |
| Mowi ASA | 53440 | 1099492 |
| MPC Container Ships ASA | 379213 | 677385 |
| Multiconsult ASA | 239 | 4248 |
| Nordic Semiconductor ASA<sup>(1)</sup> | 30659 | 507574 |
| Norsk Hydro ASA | 725975 | 4705614 |
| Norske Skog ASA<sup>(1)</sup> | 1618 | 3511 |
| Norwegian Air Shuttle ASA | 480768 | 814818 |
| Odfjell Drilling Ltd. | 26851 | 216670 |
| Odfjell Technology Ltd. | 2866 | 16129 |
| Orkla ASA | 34028 | 380471 |
| Panoro Energy ASA<sup>(1)</sup> | 14083 | 33513 |
| Pareto Bank ASA | 2473 | 22250 |
| Petronor E&P ASA<sup>(1)</sup> | 898 | 949 |
| Protector Forsikring ASA | 12108 | 585276 |
| Rana Gruber ASA | 8236 | 54378 |
| Salmar ASA | 6484 | 332051 |
| SATS ASA<sup>(1)</sup> | 85664 | 319408 |
| Scatec ASA<sup>(1)</sup> | 76436 | 804582 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Solstad Maritime Holding AS | 194 | $490 |
| SpareBank 1 Nord Norge | 76607 | 1044463 |
| Sparebank 1 Oestlandet | 6666 | 124225 |
| SpareBank 1 SMN | 57794 | 1103819 |
| SpareBank 1 Sor-Norge ASA | 9930 | 174367 |
| Sparebanken Norge | 6101 | 103070 |
| Stolt-Nielsen Ltd. | 13236 | 430271 |
| Storebrand ASA | 629018 | 9678618 |
| Subsea 7 SA | 270346 | 5654667 |
| Telenor ASA | 117721 | 1964001 |
| TGS ASA | 79529 | 608028 |
| TOMRA Systems ASA | 67017 | 1020131 |
| Veidekke ASA | 1460 | 23126 |
| Vend Marketplaces ASA, B Shares | 142120 | 5193539 |
| Vend Marketplaces ASA, Class A | 15181 | 587719 |
| Wallenius Wilhelmsen ASA | 24995 | 233907 |
| Yara International ASA | 39114 | 1423894 |
|  |  | 66523848 |
| **Portugal — 0.2%** |  |  |
| Banco Comercial Portugues SA, R Shares | 1425618 | 1207618 |
| CTT-Correios de Portugal SA | 22989 | 197418 |
| EDP Renovaveis SA | 31862 | 374219 |
| EDP SA | 1127351 | 4992944 |
| Galp Energia SGPS SA | 406957 | 7910324 |
| Jeronimo Martins SGPS SA | 17890 | 442551 |
| Navigator Co. SA<sup>(2)</sup> | 13250 | 51413 |
| NOS SGPS SA | 38483 | 175874 |
| REN - Redes Energeticas Nacionais SGPS SA | 180409 | 631088 |
| Semapa-Sociedade de Investimento e Gestao | 1627 | 33616 |
| Sonae SGPS SA | 124809 | 186624 |
|  |  | 16203689 |
| **Singapore — 1.6%** |  |  |
| Aztech Global Ltd. | 33900 | 17704 |
| Bumitama Agri Ltd. | 141800 | 131487 |
| Capitaland India Trust | 581489 | 534699 |
| CapitaLand Investment Ltd.<sup>(2)</sup> | 857600 | 1843297 |
| Centurion Corp. Ltd. | 295300 | 404856 |
| China Aviation Oil Singapore Corp. Ltd. | 217100 | 230000 |
| City Developments Ltd. | 123700 | 655595 |
| CNMC Goldmine Holdings Ltd. | 160400 | 78647 |
| ComfortDelGro Corp. Ltd. | 3961700 | 4475832 |
| CSE Global Ltd. | 226829 | 121878 |
| DBS Group Holdings Ltd. | 555823 | 21878794 |
| Far East Orchard Ltd. | 10200 | 9612 |
| First Resources Ltd. | 616600 | 821600 |
| Frencken Group Ltd. | 236700 | 263046 |
| Geo Energy Resources Ltd. | 744400 | 208795 |
| Golden Agri-Resources Ltd. | 4148200 | 906164 |
| Grab Holdings Ltd., Class A<sup>(1)</sup> | 342934 | 1711241 |
| GuocoLand Ltd. | 16800 | 24357 |
| Hafnia Ltd. | 76103 | 465405 |
| Hong Fok Corp. Ltd. | 75300 | 46371 |
| Hong Leong Asia Ltd. | 82800 | 164321 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hour Glass Ltd. | 52500 | $82214 |
| Hutchison Port Holdings Trust, U Shares | 4210600 | 905115 |
| iFAST Corp. Ltd. | 54500 | 358776 |
| Indofood Agri Resources Ltd. | 80500 | 22567 |
| ISDN Holdings Ltd. | 26800 | 8029 |
| Jardine Cycle & Carriage Ltd. | 37400 | 823848 |
| Keppel Infrastructure Trust | 1369565 | 474824 |
| Keppel Ltd. | 1020700 | 6956087 |
| LHN Ltd. | 134400 | 84843 |
| Mandarin Oriental International Ltd. | 11500 | 23218 |
| Marco Polo Marine Ltd. | 1056800 | 58442 |
| Mewah International, Inc. | 26100 | 6320 |
| Micro-Mechanics Holdings Ltd. | 3100 | 4374 |
| Netlink NBN Trust | 684100 | 495724 |
| Olam Group Ltd. | 123300 | 97115 |
| OUE Ltd. | 21900 | 19792 |
| Oversea-Chinese Banking Corp. Ltd. | 1132431 | 14766299 |
| Oxley Holdings Ltd.<sup>(1)</sup> | 19100 | 1519 |
| Pan-United Corp. Ltd. | 69200 | 64710 |
| QAF Ltd. | 19700 | 13671 |
| Rex International Holding Ltd.<sup>(1)</sup> | 1510500 | 210092 |
| Riverstone Holdings Ltd.<sup>(2)</sup> | 250700 | 140631 |
| Samudera Shipping Line Ltd. | 282600 | 226780 |
| SATS Ltd. | 107198 | 276427 |
| Sea Ltd., ADR<sup>(1)</sup> | 63256 | 11799774 |
| Seatrium Ltd. | 160768 | 292865 |
| Sembcorp Industries Ltd. | 227200 | 1074238 |
| Sheng Siong Group Ltd. | 532800 | 842942 |
| Sing Investments & Finance Ltd. | 1500 | 1694 |
| Singapore Airlines Ltd.<sup>(2)</sup> | 953750 | 4890150 |
| Singapore Exchange Ltd. | 751100 | 9696473 |
| Singapore Technologies Engineering Ltd. | 908700 | 5438200 |
| Singapore Telecommunications Ltd. | 2528200 | 8496720 |
| Stamford Land Corp. Ltd. | 18400 | 5946 |
| StarHub Ltd. | 185200 | 161609 |
| Straits Trading Co. Ltd. | 3700 | 4443 |
| Super Hi International Holding Ltd.<sup>(1)</sup> | 67000 | 128725 |
| Tuan Sing Holdings Ltd. | 135695 | 29605 |
| United Overseas Bank Ltd. | 624000 | 17089274 |
| UOL Group Ltd. | 935300 | 5430467 |
| Venture Corp. Ltd. | 72400 | 766193 |
| Wee Hur Holdings Ltd. | 893700 | 511817 |
| Wilmar International Ltd. | 1194600 | 2745479 |
| Wing Tai Holdings Ltd. | 5400 | 5850 |
| Yangzijiang Financial Holding Ltd. | 2542500 | 2080106 |
| Yangzijiang Shipbuilding Holdings Ltd. | 4245500 | 9619507 |
| Yanlord Land Group Ltd.<sup>(1)</sup> | 685800 | 379043 |
| Yoma Strategic Holdings Ltd.<sup>(1)</sup> | 478000 | 33159 |
|  |  | 142639397 |
| **South Africa — 0.0%** |  |  |
| Anglogold Ashanti PLC (New York) | 973 | 55130 |
| Valterra Platinum Ltd. | 45680 | 2076247 |
|  |  | 2131377 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Spain — 2.9%** | | |
| Acciona SA | 22684 | $4496221 |
| Acerinox SA | 318376 | 3928053 |
| ACS Actividades de Construccion y Servicios SA | 112234 | 8483394 |
| Aena SME SA | 415625 | 12046687 |
| Almirall SA | 15050 | 196817 |
| Amadeus IT Group SA | 81218 | 6812417 |
| Atresmedia Corp. de Medios de Comunicacion SA | 28283 | 172511 |
| Audax Renovables SA<sup>(1)(2)</sup> | 28268 | 47357 |
| Banco Bilbao Vizcaya Argentaria SA, ADR | 1998280 | 36228816 |
| Banco de Sabadell SA | 4741247 | 18008279 |
| Banco Santander SA, ADR<sup>(2)</sup> | 3739719 | 35639522 |
| Bankinter SA | 473655 | 7068906 |
| CaixaBank SA | 977695 | 9762307 |
| Cellnex Telecom SA<sup>(1)</sup> | 136397 | 4855337 |
| CIE Automotive SA | 7394 | 233353 |
| Construcciones y Auxiliar de Ferrocarriles SA | 14190 | 859096 |
| Ebro Foods SA | 6389 | 131331 |
| Enagas SA | 340541 | 5306861 |
| Ence Energia y Celulosa SA<sup>(2)</sup> | 25400 | 83668 |
| Endesa SA | 218217 | 6646129 |
| Ercros SA<sup>(1)</sup> | 19852 | 63743 |
| Faes Farma SA | 59181 | 291409 |
| Ferrovial SE<sup>(2)</sup> | 153200 | 8379148 |
| Gestamp Automocion SA | 167967 | 679238 |
| Grenergy Renovables SA<sup>(1)</sup> | 8443 | 645833 |
| Grupo Catalana Occidente SA | 3270 | 187361 |
| Iberdrola SA | 1107633 | 20879877 |
| Industria de Diseno Textil SA<sup>(2)</sup> | 252703 | 12498521 |
| Laboratorios Farmaceuticos Rovi SA<sup>(2)</sup> | 6852 | 465735 |
| Logista Integral SA | 14043 | 460287 |
| Mapfre SA | 254714 | 1116328 |
| Melia Hotels International SA | 86994 | 809083 |
| Metrovacesa SA<sup>(1)</sup> | 5539 | 67127 |
| Naturgy Energy Group SA | 29431 | 933304 |
| Neinor Homes SA<sup>(1)</sup> | 11637 | 231861 |
| Prosegur Cia de Seguridad SA | 28741 | 89243 |
| Redeia Corp. SA | 312920 | 6083281 |
| Repsol SA | 1118454 | 18338282 |
| Sacyr SA | 939101 | 3963593 |
| Solaria Energia y Medio Ambiente SA<sup>(1)</sup> | 22003 | 356428 |
| Tecnicas Reunidas SA<sup>(1)</sup> | 47562 | 1262898 |
| Telefonica SA, ADR<sup>(2)</sup> | 1762644 | 9430145 |
| Tubacex SA<sup>(2)</sup> | 18497 | 79582 |
| Unicaja Banco SA | 764710 | 2120390 |
| Vidrala SA | 3470 | 374354 |
| Viscofan SA | 27862 | 1951900 |
|  |  | 252766013 |
| **Sweden — 3.4%** |  |  |
| AAK AB<sup>(2)</sup> | 35108 | 1010410 |
| AcadeMedia AB | 75018 | 735397 |
| AddLife AB, B Shares<sup>(2)</sup> | 6029 | 112948 |
| AddTech AB, B Shares | 128422 | 4503458 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Alfa Laval AB | 97606 | $4443590 |
| Alleima AB | 84923 | 627642 |
| Alligo AB, Class B | 4297 | 47980 |
| Ambea AB | 27867 | 375641 |
| AQ Group AB | 50118 | 1029667 |
| Arjo AB, B Shares | 189397 | 692551 |
| Asmodee Group AB, Class B<sup>(1)</sup> | 53475 | 647689 |
| Assa Abloy AB, Class B | 158080 | 5585712 |
| Atlas Copco AB, A Shares<sup>(2)</sup> | 505121 | 8064239 |
| Atlas Copco AB, B Shares | 476681 | 6778502 |
| Atrium Ljungberg AB, B Shares<sup>(2)</sup> | 49845 | 166051 |
| Attendo AB | 26666 | 186264 |
| Avanza Bank Holding AB | 308668 | 11665901 |
| Axfood AB<sup>(2)</sup> | 231651 | 7306896 |
| Beijer Ref AB | 148431 | 2524921 |
| BICO Group AB<sup>(1)</sup> | 17241 | 42994 |
| Bilia AB, A Shares | 85772 | 1057560 |
| Billerud Aktiebolag | 487946 | 4662332 |
| BioGaia AB, B Shares | 25683 | 285027 |
| Bjorn Borg AB | 175 | 1149 |
| Boliden AB<sup>(1)</sup> | 170726 | 5884575 |
| Bonava AB, B Shares<sup>(1)</sup> | 21773 | 25688 |
| Boozt AB<sup>(1)(2)</sup> | 15428 | 149976 |
| Bufab AB | 89255 | 884956 |
| Bulten AB | 2940 | 17099 |
| Bure Equity AB | 27009 | 809453 |
| Byggmax Group AB | 49827 | 307039 |
| Castellum AB<sup>(2)</sup> | 417291 | 4732436 |
| Catena AB | 8626 | 396373 |
| Cibus Nordic Real Estate AB publ | 53763 | 968198 |
| Cint Group AB<sup>(1)</sup> | 100573 | 74931 |
| Clas Ohlson AB, B Shares | 114672 | 4055473 |
| Cloetta AB, B Shares | 116489 | 399367 |
| Coor Service Management Holding AB | 8924 | 44089 |
| Corem Property Group AB, B Shares | 611060 | 297364 |
| CTT Systems AB | 1584 | 38275 |
| Dios Fastigheter AB | 60766 | 412409 |
| Dynavox Group AB<sup>(1)</sup> | 113186 | 1503832 |
| Elanders AB, B Shares | 1867 | 11462 |
| Electrolux AB, B Shares<sup>(1)</sup> | 156427 | 929394 |
| Electrolux Professional AB, B Shares | 54258 | 352419 |
| Elekta AB, B Shares | 117214 | 582849 |
| Embracer Group AB<sup>(1)</sup> | 67703 | 605380 |
| Enad Global 7 AB<sup>(1)</sup> | 27915 | 34638 |
| Eolus Vind AB, B Shares | 914 | 4235 |
| Epiroc AB, A Shares<sup>(2)</sup> | 295750 | 6180503 |
| Epiroc AB, B Shares<sup>(2)</sup> | 78308 | 1457415 |
| EQT AB<sup>(2)</sup> | 54863 | 1973429 |
| Essity AB, B Shares | 241740 | 6535877 |
| Evolution AB | 4085 | 353898 |
| Fabege AB<sup>(2)</sup> | 54307 | 467725 |
| Fastighets AB Balder, B Shares<sup>(1)</sup> | 265318 | 1888884 |
| Fastighetsbolaget Emilshus AB, Class B<sup>(1)</sup> | 173 | 911 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| G5 Entertainment AB | 429 | $4216 |
| Getinge AB, B Shares | 170209 | 3729518 |
| GomSpace Group AB<sup>(1)</sup> | 79893 | 135825 |
| Granges AB | 50476 | 740410 |
| H & M Hennes & Mauritz AB, B Shares<sup>(2)</sup> | 367813 | 5405285 |
| Hanza AB | 1195 | 14358 |
| Heba Fastighets AB, Class B | 23171 | 75183 |
| Hemnet Group AB | 23275 | 605882 |
| Hexagon AB, B Shares | 131835 | 1469133 |
| Hexatronic Group AB<sup>(1)(2)</sup> | 170539 | 416065 |
| Hexpol AB<sup>(2)</sup> | 59393 | 534866 |
| Hoist Finance AB | 5367 | 57012 |
| Holmen AB, B Shares<sup>(2)</sup> | 12732 | 495723 |
| Hufvudstaden AB, A Shares<sup>(2)</sup> | 30340 | 395500 |
| Humble Group AB<sup>(1)</sup> | 36065 | 30034 |
| Husqvarna AB, B Shares | 126256 | 716665 |
| Industrivarden AB, A Shares | 29378 | 1169241 |
| Indutrade AB<sup>(2)</sup> | 147494 | 3671063 |
| Instalco AB<sup>(2)</sup> | 31779 | 83914 |
| Intea Fastigheter AB | 3033 | 23422 |
| Investment AB Latour, B Shares<sup>(2)</sup> | 23902 | 606953 |
| INVISIO AB | 6973 | 229545 |
| Inwido AB | 6499 | 125856 |
| JM AB | 101582 | 1468858 |
| Kabe Group AB, Class B | 216 | 5205 |
| Kopparbergs Bryggeri AB, B Shares | 1831 | 21834 |
| Lifco AB, B Shares | 46514 | 1652988 |
| Lime Technologies AB<sup>(2)</sup> | 677 | 24401 |
| Lindab International AB<sup>(2)</sup> | 6746 | 149872 |
| Logistea AB, Class B | 35383 | 56263 |
| Loomis AB | 175995 | 7803133 |
| Maha Capital AB<sup>(1)(2)</sup> | 36118 | 27356 |
| Medcap AB<sup>(1)</sup> | 3148 | 204449 |
| Medicover AB, B Shares | 9320 | 261044 |
| MEKO AB | 24341 | 210391 |
| Millicom International Cellular SA | 29000 | 1400990 |
| Modern Times Group MTG AB, B Shares<sup>(1)</sup> | 13190 | 136417 |
| Momentum Group AB | 643 | 10494 |
| Mycronic AB | 162766 | 3649121 |
| NCC AB, B Shares | 88316 | 1813022 |
| Neobo Fastigheter AB<sup>(1)</sup> | 104295 | 180725 |
| Net Insight AB, B Shares<sup>(1)(2)</sup> | 69092 | 32888 |
| New Wave Group AB, B Shares | 56416 | 629931 |
| Nibe Industrier AB, B Shares<sup>(2)</sup> | 187038 | 768433 |
| Nilorngruppen AB, B Shares | 49 | 289 |
| Nobia AB<sup>(1)</sup> | 149775 | 74870 |
| Nolato AB, B Shares | 88242 | 541438 |
| Nordnet AB publ | 23372 | 680453 |
| Norion Bank AB<sup>(1)</sup> | 13975 | 102390 |
| Note AB | 5922 | 117596 |
| NP3 Fastigheter AB | 12371 | 330216 |
| Nyfosa AB | 76554 | 663924 |
| Orron Energy AB<sup>(1)(2)</sup> | 71093 | 32219 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ovzon AB<sup>(1)</sup> | 26658 | $103544 |
| Pandox AB | 26160 | 473485 |
| Paradox Interactive AB | 30751 | 562894 |
| Peab AB, Class B | 69650 | 543415 |
| Platzer Fastigheter Holding AB, B Shares | 25339 | 182878 |
| Profoto Holding AB<sup>(1)</sup> | 290 | 538 |
| RaySearch Laboratories AB | 35966 | 1009526 |
| Rusta AB | 39073 | 305946 |
| Rvrc Holding AB | 19493 | 95858 |
| Saab AB, Class B | 316658 | 17894517 |
| Sagax AB, B Shares<sup>(2)</sup> | 3456 | 74942 |
| Sagax AB, D Shares | 2138 | 7739 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(1)(2)</sup> | 469048 | 237076 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares<sup>(1)(2)</sup> | 47848 | 41930 |
| Sandvik AB | 276374 | 6989556 |
| Scandi Standard AB | 15320 | 157979 |
| Scandic Hotels Group AB | 108703 | 1008830 |
| Sectra AB, B Shares | 30651 | 1074446 |
| Securitas AB, B Shares<sup>(2)</sup> | 51842 | 793345 |
| Sinch AB<sup>(1)</sup> | 206551 | 646004 |
| Skandinaviska Enskilda Banken AB, A Shares | 499161 | 9230743 |
| Skanska AB, B Shares | 273275 | 6786545 |
| SKF AB, B Shares | 243487 | 6251895 |
| SkiStar AB | 46563 | 772838 |
| Solid Forsakring AB | 1553 | 12174 |
| Spotify Technology SA<sup>(1)</sup> | 34547 | 23556908 |
| SSAB AB, A Shares | 38295 | 222899 |
| SSAB AB, B Shares | 861622 | 4889983 |
| Storytel AB | 54897 | 457299 |
| Sveafastigheter AB<sup>(1)</sup> | 18837 | 75458 |
| Svenska Cellulosa AB SCA, B Shares<sup>(2)</sup> | 330587 | 4497603 |
| Svenska Handelsbanken AB, A Shares | 554508 | 7135344 |
| Sweco AB, B Shares | 19273 | 325310 |
| Swedbank AB, A Shares | 353805 | 9957085 |
| Swedish Orphan Biovitrum AB<sup>(1)(2)</sup> | 9753 | 296253 |
| Synsam AB | 12223 | 76231 |
| Tele2 AB, B Shares | 376806 | 6636355 |
| Telefonaktiebolaget LM Ericsson, ADR | 827733 | 6514259 |
| Telia Co. AB | 1850926 | 6909896 |
| TF Bank AB | 2064 | 34496 |
| Thule Group AB<sup>(2)</sup> | 45924 | 1288008 |
| Trelleborg AB, B Shares | 154828 | 5991439 |
| Troax Group AB | 9675 | 144300 |
| Truecaller AB, B Shares | 188413 | 893261 |
| VBG Group AB, B Shares | 6649 | 209912 |
| Viaplay Group AB, B Shares<sup>(1)(2)</sup> | 1257279 | 177058 |
| Vitec Software Group AB, B Shares<sup>(2)</sup> | 6408 | 246175 |
| Vitrolife AB<sup>(2)</sup> | 3780 | 54589 |
| Volvo AB, A Shares | 23450 | 720321 |
| Volvo AB, B Shares | 435660 | 13404385 |
| Volvo Car AB, Class B<sup>(1)(2)</sup> | 480665 | 1001339 |
| Wallenstam AB, B Shares | 27044 | 126156 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Wihlborgs Fastigheter AB | 56076 | $557106 |
|  |  | 300380023 |
| **Switzerland — 7.8%** |  |  |
| ABB Ltd. | 271237 | 18203014 |
| Accelleron Industries AG | 86008 | 7401070 |
| Alcon AG | 168696 | 13443881 |
| Allreal Holding AG | 5687 | 1288248 |
| ALSO Holding AG | 7982 | 2529252 |
| Amrize Ltd.<sup>(1)</sup> | 262083 | 13671617 |
| ams-OSRAM AG<sup>(1)</sup> | 42036 | 525283 |
| Arbonia AG | 57618 | 418114 |
| Aryzta AG<sup>(1)</sup> | 17202 | 1584554 |
| Ascom Holding AG | 18654 | 107169 |
| Autoneum Holding AG | 3877 | 769632 |
| Avolta AG<sup>(1)</sup> | 86760 | 4983029 |
| Baloise Holding AG | 35771 | 9277021 |
| Banque Cantonale Vaudoise<sup>(2)</sup> | 15265 | 1774436 |
| Barry Callebaut AG<sup>(2)</sup> | 2629 | 3560258 |
| Basellandschaftliche Kantonalbank<sup>(2)</sup> | 14 | 15889 |
| Basilea Pharmaceutica Ag Allschwil<sup>(1)</sup> | 13863 | 817299 |
| Belimo Holding AG | 6283 | 6918462 |
| Bell Food Group AG | 420 | 132375 |
| Bellevue Group AG | 1552 | 14474 |
| BKW AG | 5581 | 1161805 |
| Bossard Holding AG, Class A | 3260 | 690679 |
| Bucher Industries AG | 7873 | 3740537 |
| Burckhardt Compression Holding AG | 7498 | 6751482 |
| Burkhalter Holding AG | 4957 | 904781 |
| Bystronic AG | 324 | 142552 |
| Calida Holding AG | 169 | 3073 |
| Cembra Money Bank AG | 58930 | 6684661 |
| Chocoladefabriken Lindt & Spruengli AG | 8 | 1198087 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificate | 87 | 1326792 |
| Cicor Technologies Ltd.<sup>(1)</sup> | 4325 | 1000484 |
| Cie Financiere Richemont SA, Class A | 98451 | 17237063 |
| Clariant AG<sup>(1)</sup> | 182245 | 1872456 |
| Coltene Holding AG<sup>(1)</sup> | 899 | 58797 |
| COSMO Pharmaceuticals NV | 2518 | 198069 |
| CPH Group AG | 46 | 3946 |
| Daetwyler Holding AG, Bearer Shares | 2548 | 430848 |
| DKSH Holding AG | 72280 | 5315780 |
| dormakaba Holding AG | 3665 | 3409886 |
| EFG International AG<sup>(1)</sup> | 30458 | 605456 |
| Emmi AG | 7654 | 7140349 |
| EMS-Chemie Holding AG | 7723 | 5926635 |
| Feintool International Holding AG<sup>(1)</sup> | 829 | 11345 |
| Flughafen Zurich AG | 17733 | 5418196 |
| Forbo Holding AG | 803 | 796208 |
| Geberit AG | 12759 | 9355761 |
| Georg Fischer AG<sup>(2)</sup> | 81363 | 6506469 |
| Givaudan SA | 1643 | 6919619 |
| Gurit Holding AG, Bearer Shares<sup>(1)</sup> | 530 | 9463 |
| Helvetia Holding AG | 37554 | 9665466 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hiag Immobilien Holding AG | 611 | $80811 |
| Holcim AG<sup>(1)</sup> | 249948 | 20950296 |
| Huber & Suhner AG | 7657 | 1158771 |
| Hypothekarbank Lenzburg AG | 1 | 5024 |
| Implenia AG | 22325 | 1781580 |
| Inficon Holding AG | 30654 | 3641951 |
| Interroll Holding AG | 201 | 564168 |
| Intershop Holding AG | 1219 | 235054 |
| Julius Baer Group Ltd. | 159953 | 11549534 |
| Komax Holding AG<sup>(1)(2)</sup> | 1913 | 204308 |
| Kuehne & Nagel International AG | 33787 | 6887942 |
| LEM Holding SA<sup>(1)(2)</sup> | 285 | 186534 |
| Leonteq AG<sup>(2)</sup> | 2830 | 57898 |
| Liechtensteinische Landesbank AG | 1502 | 153368 |
| Logitech International SA | 91609 | 9459335 |
| Lonza Group AG | 18609 | 13206594 |
| Medacta Group SA<sup>(2)</sup> | 1500 | 273095 |
| Medmix AG | 15488 | 207985 |
| Metall Zug AG, B Shares | 13 | 15592 |
| Mikron Holding AG | 1720 | 39768 |
| Mobilezone Holding AG | 35436 | 482217 |
| Mobimo Holding AG<sup>(1)</sup> | 3442 | 1359876 |
| Molecular Partners AG<sup>(1)</sup> | 12 | 43 |
| Montana Aerospace AG<sup>(1)</sup> | 8275 | 261838 |
| Nestle SA | 341907 | 32252273 |
| Novartis AG, ADR | 490427 | 62063537 |
| OC Oerlikon Corp. AG Pfaffikon | 72485 | 266833 |
| Partners Group Holding AG | 12578 | 17273481 |
| Peach Property Group AG<sup>(1)</sup> | 3406 | 28009 |
| Perlen Industrieholding AG<sup>(1)</sup> | 46 | 966 |
| PolyPeptide Group AG<sup>(1)(2)</sup> | 8220 | 278484 |
| PSP Swiss Property AG | 42167 | 7014879 |
| R&S Group Holding AG<sup>(1)</sup> | 6074 | 279362 |
| Rieter Holding AG<sup>(2)</sup> | 1349 | 95493 |
| Roche Holding AG | 201769 | 65792465 |
| Roche Holding AG, Bearer Shares | 6910 | 2373142 |
| Schindler Holding AG | 10177 | 3639709 |
| Schindler Holding AG, Bearer Participation Certificate | 19082 | 7092822 |
| Schweiter Technologies AG | 557 | 219188 |
| Schweizerische Nationalbank<sup>(2)</sup> | 8 | 32901 |
| SFS Group AG | 12825 | 1764653 |
| SGS SA | 80611 | 8223143 |
| Siegfried Holding AG<sup>(1)</sup> | 51556 | 5410979 |
| SIG Group AG<sup>(1)(2)</sup> | 19460 | 308258 |
| Sika AG | 29550 | 6857267 |
| SKAN Group AG | 3548 | 272514 |
| Softwareone Holding AG | 55424 | 478379 |
| Softwareone Holding AG | 10518 | 90362 |
| Sonova Holding AG | 2316 | 674622 |
| St. Galler Kantonalbank AG | 331 | 208528 |
| Stadler Rail AG | 59770 | 1590875 |
| Straumann Holding AG | 33213 | 3891875 |
| Sulzer AG | 6594 | 1235678 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Swatch Group AG | 16585 | $612097 |
| Swatch Group AG, Bearer Shares<sup>(2)</sup> | 16583 | 2998457 |
| Swiss Life Holding AG | 21090 | 22791057 |
| Swiss Prime Site AG<sup>(1)(2)</sup> | 57467 | 7992685 |
| Swiss Re AG | 146811 | 26608623 |
| Swisscom AG | 19247 | 13915099 |
| Swissquote Group Holding SA | 13055 | 8561058 |
| Temenos AG | 24619 | 2189071 |
| TX Group AG | 2017 | 493647 |
| u-blox Holding AG<sup>(1)</sup> | 2054 | 348049 |
| UBS Group AG | 1207989 | 48947714 |
| Valiant Holding AG | 7540 | 1245900 |
| VAT Group AG<sup>(2)</sup> | 12825 | 4194191 |
| Vetropack Holding AG | 12329 | 400923 |
| Vontobel Holding AG | 14741 | 1124484 |
| V-ZUG Holding AG | 430 | 24440 |
| Ypsomed Holding AG | 629 | 308703 |
| Zehnder Group AG | 7350 | 657530 |
| Zurich Insurance Group AG | 59904 | 43775163 |
|  |  | 681584972 |
| **United Kingdom — 12.7%** |  |  |
| 3i Group PLC | 600142 | 32604949 |
| 4imprint Group PLC | 18181 | 827517 |
| Aberdeen Group PLC | 1053503 | 2772848 |
| Admiral Group PLC | 140947 | 6906871 |
| AG Barr PLC | 23175 | 213751 |
| Airtel Africa PLC | 338291 | 1013851 |
| AJ Bell PLC | 222554 | 1536391 |
| Anglo American PLC | 454041 | 13982157 |
| Anglo Asian Mining PLC<sup>(1)</sup> | 79724 | 199002 |
| Antofagasta PLC | 181928 | 5278880 |
| Ashmore Group PLC | 125678 | 303073 |
| Ashtead Group PLC | 252541 | 18606728 |
| ASOS PLC<sup>(1)(2)</sup> | 34820 | 130534 |
| Associated British Foods PLC | 114698 | 3351895 |
| Aston Martin Lagonda Global Holdings PLC<sup>(1)(2)</sup> | 194718 | 192309 |
| AstraZeneca PLC, ADR | 468095 | 37400790 |
| Atalaya Mining Copper SA | 145329 | 1057008 |
| Auto Trader Group PLC | 559037 | 6070802 |
| Aviva PLC | 1157903 | 10196435 |
| B&M European Value Retail SA | 759282 | 2469606 |
| Babcock International Group PLC | 192568 | 2643747 |
| BAE Systems PLC | 563770 | 13361826 |
| Balfour Beatty PLC | 329415 | 2643120 |
| Barclays PLC, ADR | 1935833 | 38000402 |
| Barratt Redrow PLC | 847716 | 4121224 |
| Beazley PLC | 393560 | 4166315 |
| Begbies Traynor Group PLC | 48728 | 78362 |
| Bellway PLC | 95428 | 3006122 |
| Berkeley Group Holdings PLC | 70188 | 3415667 |
| Bloomsbury Publishing PLC | 47964 | 316610 |
| Bodycote PLC | 147520 | 1248051 |
| boohoo Group PLC<sup>(1)(2)</sup> | 948334 | 195414 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BP PLC, ADR | 1148660 | $40467292 |
| Breedon Group PLC | 60090 | 298574 |
| BT Group PLC | 5769579 | 16892112 |
| Bunzl PLC | 61070 | 2063971 |
| Burberry Group PLC<sup>(1)</sup> | 374719 | 6505328 |
| Burford Capital Ltd. (London) | 109507 | 1518159 |
| Bytes Technology Group PLC | 278764 | 1520065 |
| Canal & SA | 364312 | 1110877 |
| Capita PLC<sup>(1)</sup> | 480 | 1555 |
| Capital Ltd. | 81148 | 100739 |
| Capricorn Energy PLC<sup>(1)</sup> | 173549 | 500833 |
| Carnival PLC, ADR<sup>(1)</sup> | 111122 | 3230317 |
| Central Asia Metals PLC | 224919 | 515664 |
| Centrica PLC | 5710267 | 12417028 |
| Cerillion PLC | 4324 | 81233 |
| Chemring Group PLC | 170377 | 1236508 |
| Clarkson PLC | 6701 | 316524 |
| Close Brothers Group PLC<sup>(1)</sup> | 118822 | 738469 |
| CMC Markets PLC | 157013 | 465739 |
| Coats Group PLC | 1611038 | 1670945 |
| Coca-Cola HBC AG<sup>(1)</sup> | 157069 | 7945223 |
| Cohort PLC<sup>(2)</sup> | 12776 | 221421 |
| Compass Group PLC | 400167 | 13600756 |
| Computacenter PLC | 66960 | 2081099 |
| Conduit Holdings Ltd. | 22386 | 90756 |
| Convatec Group PLC | 121173 | 387390 |
| Costain Group PLC | 73130 | 132719 |
| Cranswick PLC | 8935 | 615856 |
| Crest Nicholson Holdings PLC | 305211 | 620364 |
| Croda International PLC | 25436 | 861677 |
| CVS Group PLC | 51526 | 855488 |
| DCC PLC | 28527 | 1814171 |
| DFS Furniture PLC<sup>(1)</sup> | 85752 | 180788 |
| Diageo PLC, ADR<sup>(2)</sup> | 119894 | 13407746 |
| Diversified Energy Co. PLC | 17762 | 289390 |
| Domino's Pizza Group PLC | 91900 | 242929 |
| dotdigital group PLC | 114117 | 106103 |
| Dowlais Group PLC | 1026952 | 1082896 |
| Dr. Martens PLC | 25033 | 30690 |
| Drax Group PLC | 614169 | 5394662 |
| Dunelm Group PLC | 129780 | 2106620 |
| easyJet PLC | 420097 | 2786062 |
| Ecora Resources PLC | 134802 | 130284 |
| Elementis PLC | 104474 | 229572 |
| Endeavour Mining PLC | 66596 | 2315476 |
| Energean PLC | 39752 | 512729 |
| EnQuest PLC | 2727328 | 466426 |
| Experian PLC | 222096 | 11512460 |
| FDM Group Holdings PLC | 33309 | 57276 |
| Ferrexpo PLC<sup>(1)</sup> | 284243 | 212122 |
| Firstgroup PLC | 1258256 | 3780013 |
| Forterra PLC | 172550 | 446426 |
| Foxtons Group PLC | 53080 | 40189 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Frasers Group PLC<sup>(1)</sup> | 203163 | $1856196 |
| Fresnillo PLC | 18484 | 447794 |
| Frontier Developments PLC<sup>(1)</sup> | 1032 | 5214 |
| Funding Circle Holdings PLC<sup>(1)</sup> | 102226 | 201028 |
| Games Workshop Group PLC | 42797 | 8934764 |
| Gamma Communications PLC | 39647 | 566003 |
| Gateley Holdings PLC | 17693 | 30372 |
| Genel Energy PLC<sup>(1)(2)</sup> | 145762 | 127929 |
| Georgia Capital PLC<sup>(1)</sup> | 47865 | 1472669 |
| Glencore PLC<sup>(1)</sup> | 2086678 | 8243518 |
| Grafton Group PLC | 212072 | 2505254 |
| Grainger PLC | 454325 | 1194644 |
| Greggs PLC | 139622 | 2977791 |
| GSK PLC, ADR<sup>(2)</sup> | 754942 | 29948549 |
| Gulf Keystone Petroleum Ltd. | 404235 | 1057871 |
| Gym Group PLC<sup>(1)</sup> | 56524 | 105848 |
| Haleon PLC, ADR | 860223 | 8430185 |
| Halfords Group PLC | 244726 | 453371 |
| Halma PLC | 78197 | 3476421 |
| Harbour Energy PLC | 152841 | 471514 |
| Hays PLC | 1178924 | 993262 |
| Helios Towers PLC<sup>(1)</sup> | 641231 | 1137084 |
| Hikma Pharmaceuticals PLC | 148459 | 3586461 |
| Hill & Smith PLC | 61694 | 1764648 |
| Hilton Food Group PLC | 13195 | 148212 |
| Hiscox Ltd. | 173270 | 3054811 |
| Hochschild Mining PLC | 496432 | 1889021 |
| Hollywood Bowl Group PLC | 135118 | 460699 |
| Howden Joinery Group PLC | 693910 | 7850865 |
| HSBC Holdings PLC, ADR<sup>(2)</sup> | 931808 | 60073662 |
| Hunting PLC | 141630 | 628888 |
| hVIVO PLC<sup>(2)</sup> | 120693 | 16152 |
| Ibstock PLC | 396812 | 741172 |
| ICG PLC | 174076 | 5133099 |
| IG Group Holdings PLC | 311924 | 4765173 |
| IMI PLC | 173007 | 5316399 |
| Impax Asset Management Group PLC | 87066 | 216053 |
| Inchcape PLC | 205755 | 1856351 |
| Indivior PLC<sup>(1)</sup> | 131149 | 3186182 |
| Informa PLC | 50213 | 591483 |
| IntegraFin Holdings PLC | 40345 | 190505 |
| InterContinental Hotels Group PLC | 28102 | 3411323 |
| International Personal Finance PLC | 228694 | 629254 |
| International Workplace Group PLC | 584281 | 1601087 |
| Intertek Group PLC | 83619 | 5303712 |
| Investec PLC | 394004 | 2883787 |
| IP Group PLC<sup>(1)</sup> | 998925 | 810720 |
| IQE PLC<sup>(1)(2)</sup> | 238011 | 29110 |
| ITV PLC | 1551 | 1711 |
| J D Wetherspoon PLC | 142873 | 1340713 |
| J Sainsbury PLC | 1905555 | 7710819 |
| JD Sports Fashion PLC | 1913586 | 2483901 |
| JET2 PLC | 275816 | 6073910 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Johnson Matthey PLC | 155062 | $4004639 |
| Johnson Service Group PLC | 264610 | 497372 |
| Jubilee Metals Group PLC<sup>(1)(2)</sup> | 1814110 | 84354 |
| Jupiter Fund Management PLC | 348389 | 589396 |
| Just Group PLC | 998955 | 2848978 |
| Kainos Group PLC | 66747 | 637150 |
| Keller Group PLC | 104282 | 1881443 |
| Kier Group PLC | 1028 | 2638 |
| Kingfisher PLC | 1570230 | 5469276 |
| Lancashire Holdings Ltd. | 130222 | 1075336 |
| Legal & General Group PLC | 2392554 | 8007617 |
| Lion Finance Group PLC | 50936 | 5049468 |
| Liontrust Asset Management PLC | 53835 | 250851 |
| Lloyds Banking Group PLC, ADR<sup>(2)</sup> | 6578366 | 28418541 |
| London Stock Exchange Group PLC | 35994 | 4460845 |
| Luceco PLC | 50697 | 82169 |
| M&C Saatchi PLC<sup>(2)</sup> | 51493 | 111246 |
| M&G PLC | 1097261 | 3930434 |
| Man Group PLC | 415235 | 917538 |
| Marks & Spencer Group PLC | 2420290 | 11303890 |
| Marshalls PLC | 68883 | 166334 |
| Marston's PLC<sup>(1)</sup> | 725762 | 377886 |
| Mears Group PLC | 89259 | 414061 |
| Metals Exploration PLC<sup>(1)</sup> | 362609 | 62751 |
| Mitchells & Butlers PLC<sup>(1)</sup> | 286458 | 997431 |
| Mitie Group PLC | 1373773 | 2600278 |
| Mobico Group PLC<sup>(1)</sup> | 130899 | 58154 |
| Molten Ventures PLC<sup>(1)</sup> | 127590 | 617685 |
| Mondi PLC | 169309 | 2383414 |
| MONY Group PLC | 240058 | 648674 |
| Moonpig Group PLC | 114229 | 307066 |
| Morgan Advanced Materials PLC | 224870 | 641460 |
| Morgan Sindall Group PLC | 35653 | 2013527 |
| Mortgage Advice Bureau Holdings Ltd. | 26397 | 253466 |
| Motorpoint group PLC | 32884 | 77292 |
| MP Evans Group PLC | 4805 | 86355 |
| National Grid PLC, ADR<sup>(2)</sup> | 191072 | 13483951 |
| NatWest Group PLC, ADR | 1459778 | 20378501 |
| Next 15 Group PLC | 6237 | 22359 |
| Next PLC | 95924 | 15501093 |
| Ninety One PLC | 256977 | 659017 |
| Norcros PLC | 9406 | 34868 |
| Ocado Group PLC<sup>(1)</sup> | 34788 | 158322 |
| OSB Group PLC | 432912 | 3085744 |
| Oxford Biomedica PLC<sup>(1)(2)</sup> | 498 | 3803 |
| Pagegroup PLC | 452051 | 1448862 |
| Pan African Resources PLC | 3692482 | 3158641 |
| Pantheon Resources PLC<sup>(1)(2)</sup> | 232766 | 95392 |
| Paragon Banking Group PLC | 209745 | 2463448 |
| PayPoint PLC | 4179 | 40274 |
| Pearson PLC, ADR | 59103 | 861131 |
| Pennon Group PLC | 476841 | 3050860 |
| Persimmon PLC | 185037 | 2658634 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Petra Diamonds Ltd.<sup>(1)(2)</sup> | 225864 | $55234 |
| Phoenix Group Holdings PLC | 204710 | 1885532 |
| Playtech PLC | 149853 | 830258 |
| Plus500 Ltd. | 142390 | 5834893 |
| Polar Capital Holdings PLC | 9092 | 56476 |
| Prax Exploration & Production PLC<sup>(1)</sup> | 747023 | 24475 |
| Premier Foods PLC | 432581 | 1103662 |
| Prudential PLC, ADR<sup>(2)</sup> | 285005 | 7581133 |
| PZ Cussons PLC | 187002 | 174589 |
| QinetiQ Group PLC | 181603 | 1167389 |
| Quilter PLC | 1999015 | 4435165 |
| Rathbones Group PLC | 45021 | 1119843 |
| Reach PLC | 354542 | 329623 |
| Reckitt Benckiser Group PLC | 332837 | 24885352 |
| RELX PLC, ADR | 477813 | 22299533 |
| Renew Holdings PLC | 22498 | 243497 |
| Renishaw PLC | 2400 | 104750 |
| Renold PLC<sup>(1)</sup> | 24437 | 26691 |
| Rentokil Initial PLC | 188634 | 932660 |
| Restore PLC | 4320 | 15357 |
| RHI Magnesita NV | 1060 | 29255 |
| Ricardo PLC | 20638 | 117948 |
| Rightmove PLC | 902934 | 9060991 |
| Rio Tinto PLC, ADR | 326162 | 20456881 |
| Rolls-Royce Holdings PLC | 1242105 | 17911571 |
| RS Group PLC | 164825 | 1259118 |
| RWS Holdings PLC | 1733 | 2067 |
| S4 Capital PLC<sup>(2)</sup> | 157157 | 44164 |
| Sabre Insurance Group PLC | 1510 | 2933 |
| Sage Group PLC | 78019 | 1144472 |
| Savannah Energy PLC<sup>(1)</sup> | 183379 | 17846 |
| Savills PLC | 49696 | 611323 |
| Schroders PLC | 309187 | 1588438 |
| Secure Trust Bank PLC | 2078 | 31177 |
| Senior PLC | 335279 | 908824 |
| Serco Group PLC | 220418 | 651150 |
| Serica Energy PLC | 463719 | 1129524 |
| Severn Trent PLC | 109813 | 3835968 |
| Shell PLC, ADR | 928265 | 68580218 |
| SIG PLC<sup>(1)</sup> | 246015 | 34938 |
| Smith & Nephew PLC, ADR<sup>(2)</sup> | 163642 | 6128393 |
| Smiths Group PLC | 50584 | 1610620 |
| Softcat PLC | 123052 | 2679178 |
| Speedy Hire PLC | 535816 | 192805 |
| Spirax Group PLC | 14987 | 1477567 |
| Spire Healthcare Group PLC | 163555 | 480207 |
| Spirent Communications PLC | 89713 | 237660 |
| SSE PLC | 554473 | 12957101 |
| SSP Group PLC | 551022 | 1146188 |
| St. James's Place PLC | 422511 | 7245056 |
| Standard Chartered PLC | 1314742 | 24635076 |
| SThree PLC | 160678 | 423316 |
| Strix Group PLC<sup>(1)</sup> | 205060 | 127603 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Synthomer PLC<sup>(1)</sup> | 69858 | $57236 |
| Taylor Wimpey PLC | 2614932 | 3382923 |
| TBC Bank Group PLC | 59619 | 3526241 |
| Telecom Plus PLC | 13377 | 327407 |
| Tesco PLC | 4564940 | 26093403 |
| TP ICAP Group PLC | 513130 | 1926252 |
| Travis Perkins PLC | 135049 | 1086406 |
| Treatt PLC | 3043 | 9139 |
| TUI AG<sup>(1)</sup> | 161421 | 1655030 |
| Tullow Oil PLC<sup>(1)(2)</sup> | 467920 | 68075 |
| Unilever PLC, ADR | 348690 | 22037208 |
| United Utilities Group PLC | 485518 | 7543029 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 376816 | 580609 |
| Vertu Motors PLC | 516199 | 414991 |
| Vesuvius PLC | 144116 | 728550 |
| Victrex PLC | 41963 | 404989 |
| Vistry Group PLC<sup>(1)</sup> | 239218 | 1975515 |
| Vodafone Group PLC, ADR | 1586482 | 18974325 |
| Volex PLC | 16564 | 77827 |
| Watkin Jones PLC<sup>(1)(2)</sup> | 190803 | 72821 |
| Weir Group PLC | 74709 | 2488105 |
| WH Smith PLC | 70984 | 662252 |
| Whitbread PLC | 122347 | 5208723 |
| Wickes Group PLC | 451095 | 1217585 |
| WPP PLC, ADR<sup>(2)</sup> | 17232 | 457337 |
| XP Power Ltd.<sup>(1)</sup> | 1707 | 20598 |
| Yellow Cake PLC<sup>(1)</sup> | 218152 | 1523168 |
| Young & Co.'s Brewery PLC, Class A | 4127 | 46600 |
| Zigup PLC | 340217 | 1447573 |
|  |  | 1115222652 |
| **United States — 0.1%** |  |  |
| Coeur Mining, Inc.<sup>(1)</sup> | 130060 | 1710289 |
| Ferguson Enterprises, Inc. | 15200 | 3527786 |
| Viemed Healthcare, Inc.<sup>(1)</sup> | 1648 | 12146 |
|  |  | 5250221 |
| **TOTAL COMMON STOCKS**<br>(Cost $6,910,523,746) |  | **8720787287** |
| **WARRANTS — 0.0%** |  |  |
| **Australia — 0.0%** |  |  |
| Magellan Financial Group Ltd.<sup>(1)(2)</sup> | 1432 | 44 |
| **Canada — 0.0%** |  |  |
| Constellation Software, Inc.<sup>(1)</sup> | 1886 | 14 |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)</sup> | 9846 | 26493 |
| Webuild SpA<sup>(1)(2)</sup> | 3662 | 16496 |
|  |  | 42989 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **43047** |
| **RIGHTS — 0.0%** |  |  |
| **Italy — 0.0%** |  |  |
| Telecom Italia SpA<sup>(1)</sup> | 743208 | 8695 |

---

------

Schedule of Investments - Avantis International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **New Zealand — 0.0%** | | |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 84163 | $496 |
| **United States — 0.0%** |  |  |
| Resolute Forest Products, Inc.<sup>(1)</sup> | 20752 | 19286 |
| **TOTAL RIGHTS**<br>(Cost $22,827) |  | **28477** |
| **SHORT-TERM INVESTMENTS — 1.3%** |  |  |
| **Money Market Funds — 1.3%** |  |  |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup><br>(Cost $111,777,459) | 111777459 | **111777459** |
| **TOTAL INVESTMENT SECURITIES — 100.9%**<br>(Cost $7,022,324,032) |  | **8832636270** |
| **OTHER ASSETS AND LIABILITIES — (0.9)%** |  | **(76394476)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**8756241794** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Financials | 24.7% |
| Industrials | 19.9% |
| Consumer Discretionary | 10.6% |
| Materials | 10.5% |
| Energy | 6.1% |
| Health Care | 6.0% |
| Consumer Staples | 6.0% |
| Information Technology | 5.8% |
| Communication Services | 4.4% |
| Utilities | 3.9% |
| Real Estate | 1.7% |
| Short-Term Investments | 1.3% |
| Other Assets and Liabilities | (0.9)% |

---

---

| | | |
|:---|:---|:---|
| **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 $291,075,378. 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 $304,198,538, which includes securities collateral of $192,421,079.

------

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 | $37140874 | $536602989 |  |
| &nbsp;&nbsp;&nbsp;Belgium | 16071118 | 70607062 |  |
| &nbsp;&nbsp;&nbsp;Canada | 3600831 | 1001244948 |  |
| &nbsp;&nbsp;&nbsp;Denmark | 43248532 | 121558691 |  |
| &nbsp;&nbsp;&nbsp;Finland | 5928109 | 76448052 |  |
| &nbsp;&nbsp;&nbsp;France | 86555230 | 663184153 |  |
| &nbsp;&nbsp;&nbsp;Germany | 66657264 | 652594912 |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 261522 | 157372926 |  |
| &nbsp;&nbsp;&nbsp;Israel | 18955021 | 89922497 |  |
| &nbsp;&nbsp;&nbsp;Italy | 14924884 | 239647012 |  |
| &nbsp;&nbsp;&nbsp;Japan | 202784509 | 1640093389 |  |
| &nbsp;&nbsp;&nbsp;Netherlands | 119390307 | 195031214 |  |
| &nbsp;&nbsp;&nbsp;Norway | 8364600 | 58159248 |  |
| &nbsp;&nbsp;&nbsp;Singapore | 13511015 | 129128382 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 55130 | 2076247 |  |
| &nbsp;&nbsp;&nbsp;Spain | 81298483 | 171467530 |  |
| &nbsp;&nbsp;&nbsp;Sweden | 31472157 | 268907866 |  |
| &nbsp;&nbsp;&nbsp;Switzerland | 111011251 | 570573721 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 460616095 | 654606557 |  |
| &nbsp;&nbsp;&nbsp;United States | 1722435 | 3527786 |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 94462738 |  |
| Warrants |  | 43047 |  |
| Rights | 19286 | 9191 |  |
| Short-Term Investments | 111777459 |  |  |
|  | $1435366112 | $7397270158 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Large Cap Value ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.6%** | **Shares** | **Value** |
| **Australia — 6.6%** | | |
| ANZ Group Holdings Ltd. | 306544 | $6736039 |
| Aurizon Holdings Ltd. | 436843 | 925126 |
| Bendigo & Adelaide Bank Ltd. | 1788 | 15576 |
| BHP Group Ltd., ADR | 223716 | 12476641 |
| BlueScope Steel Ltd. | 1188 | 17798 |
| Brambles Ltd. | 228888 | 3878997 |
| Challenger Ltd. | 184769 | 1005868 |
| Coles Group Ltd. | 207788 | 3243780 |
| Endeavour Group Ltd. | 317345 | 791838 |
| Evolution Mining Ltd. | 539035 | 3092378 |
| Fortescue Ltd. | 183367 | 2312840 |
| James Hardie Industries PLC<sup>(1)</sup> | 34294 | 696478 |
| James Hardie Industries PLC<sup>(1)</sup> | 822 | 16547 |
| Mineral Resources Ltd.<sup>(1)</sup> | 27287 | 662367 |
| National Australia Bank Ltd. | 6724 | 187657 |
| New Hope Corp. Ltd. | 116032 | 335432 |
| Northern Star Resources Ltd. | 192260 | 2399360 |
| Perseus Mining Ltd. | 41585 | 104222 |
| Qantas Airways Ltd. | 141190 | 1081830 |
| QBE Insurance Group Ltd. | 296338 | 4186883 |
| Rio Tinto Ltd. | 27368 | 2067298 |
| Santos Ltd. | 714120 | 3738661 |
| Telstra Group Ltd. | 592598 | 1895887 |
| Whitehaven Coal Ltd. | 326415 | 1408412 |
| Woodside Energy Group Ltd. | 23712 | 408735 |
| Woodside Energy Group Ltd., ADR | 10782 | 185235 |
| Woolworths Group Ltd. | 33518 | 630938 |
| Yancoal Australia Ltd. | 157349 | 559314 |
|  |  | 55062137 |
| **Austria — 0.4%** |  |  |
| ANDRITZ AG | 128 | 9012 |
| CPI Europe AG<sup>(1)</sup> | 3240 | 70699 |
| Erste Group Bank AG | 9450 | 899502 |
| OMV AG | 15869 | 874058 |
| Raiffeisen Bank International AG | 13156 | 437069 |
| voestalpine AG | 14272 | 472841 |
| Wienerberger AG | 8667 | 302026 |
|  |  | 3065207 |
| **Belgium — 0.9%** |  |  |
| Ackermans & van Haaren NV | 1920 | 498084 |
| Bekaert SA | 876 | 39365 |
| Colruyt Group NV<sup>(2)</sup> | 6116 | 269016 |
| D'ieteren Group | 4493 | 973631 |
| KBC Group NV | 14457 | 1704094 |
| Lotus Bakeries NV<sup>(2)</sup> | 14 | 137290 |
| Melexis NV | 807 | 63891 |
| Proximus SADP | 659 | 5713 |
| Solvay SA | 13931 | 457570 |
| Syensqo SA<sup>(2)</sup> | 6316 | 558295 |
| UCB SA<sup>(2)</sup> | 8927 | 2094085 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Umicore SA | 15468 | $241410 |
|  |  | 7042444 |
| **Canada — 12.7%** |  |  |
| Agnico Eagle Mines Ltd. | 44109 | 6359648 |
| Alamos Gold, Inc., Class A | 86837 | 2645546 |
| Alimentation Couche-Tard, Inc. | 8056 | 408329 |
| ARC Resources Ltd. | 135867 | 2614748 |
| Aritzia, Inc.<sup>(1)</sup> | 15676 | 938494 |
| B2Gold Corp. | 40769 | 168319 |
| Bank of Nova Scotia | 84195 | 5258241 |
| Barrick Mining Corp. | 202843 | 5410230 |
| BCE, Inc. | 5573 | 139066 |
| Brookfield Wealth Solutions Ltd.<sup>(1)</sup> | 1500 | 98431 |
| Canadian Imperial Bank of Commerce | 79142 | 6113645 |
| Canadian National Railway Co. | 37850 | 3664148 |
| Canadian Natural Resources Ltd. | 206884 | 6551415 |
| Canadian Tire Corp. Ltd., Class A<sup>(2)</sup> | 9990 | 1245704 |
| Capital Power Corp. | 38274 | 1596062 |
| Celestica, Inc. (Toronto)<sup>(1)</sup> | 17097 | 3330140 |
| Cenovus Energy, Inc. | 162752 | 2706707 |
| Element Fleet Management Corp. | 73591 | 1961212 |
| Empire Co. Ltd., Class A | 27099 | 1051915 |
| Fairfax Financial Holdings Ltd. | 1300 | 2238043 |
| iA Financial Corp., Inc. | 19745 | 2124239 |
| Imperial Oil Ltd. | 19949 | 1810205 |
| Keyera Corp. | 56471 | 1819523 |
| Kinross Gold Corp. | 258707 | 5408292 |
| Loblaw Cos. Ltd. | 51840 | 2117236 |
| Lundin Gold, Inc. | 25866 | 1590551 |
| Lundin Mining Corp. | 196973 | 2279026 |
| Magna International, Inc. | 55127 | 2530459 |
| MEG Energy Corp. | 49201 | 1012071 |
| National Bank of Canada | 35851 | 3768486 |
| Nutrien Ltd. | 55412 | 3193548 |
| Onex Corp. | 8 | 684 |
| Pan American Silver Corp. | 82018 | 2782407 |
| Parkland Corp. | 318 | 8998 |
| Royal Bank of Canada | 70269 | 10211736 |
| South Bow Corp. | 1209 | 33505 |
| Sun Life Financial, Inc. | 1660 | 96964 |
| Suncor Energy, Inc. | 122998 | 5084353 |
| Tourmaline Oil Corp. | 60199 | 2556381 |
| Whitecap Resources, Inc. | 304934 | 2295859 |
|  |  | 105224566 |
| **Denmark — 0.6%** |  |  |
| AP Moller - Maersk AS, A Shares | 48 | 98675 |
| AP Moller - Maersk AS, B Shares | 77 | 158661 |
| Danske Bank AS | 14148 | 582306 |
| Genmab AS, ADR<sup>(1)</sup> | 17483 | 434802 |
| H Lundbeck AS | 16380 | 103650 |
| Jyske Bank AS | 2195 | 235686 |
| NKT AS<sup>(1)</sup> | 2403 | 228894 |
| Novo Nordisk AS, ADR | 20451 | 1154663 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Novonesis Novozymes B, B Shares | 9597 | $610488 |
| Orsted AS<sup>(1)</sup> | 6561 | 198939 |
| Pandora AS | 36 | 4977 |
| Ringkjoebing Landbobank AS | 1290 | 291494 |
| Rockwool AS, B Shares | 3540 | 133788 |
| Vestas Wind Systems AS | 31693 | 630927 |
|  |  | 4867950 |
| **Finland — 1.3%** |  |  |
| Hiab OYJ, B Shares<sup>(2)</sup> | 23318 | 1536749 |
| Huhtamaki OYJ | 41265 | 1465850 |
| Kemira OYJ<sup>(2)</sup> | 45850 | 1059992 |
| Kesko OYJ, B Shares<sup>(2)</sup> | 121566 | 2696372 |
| Kojamo OYJ<sup>(1)(2)</sup> | 789 | 9670 |
| Nordea Bank Abp | 90082 | 1377182 |
| Stora Enso OYJ, R Shares<sup>(2)</sup> | 65937 | 770227 |
| UPM-Kymmene OYJ<sup>(2)</sup> | 68535 | 1951758 |
|  |  | 10867800 |
| **France — 8.2%** |  |  |
| Aeroports de Paris SA<sup>(2)</sup> | 4762 | 626777 |
| Airbus SE | 336 | 70247 |
| ArcelorMittal SA, NY Shares | 76526 | 2552907 |
| Ayvens SA | 9391 | 104050 |
| Bouygues SA | 60 | 2573 |
| Carrefour SA | 53911 | 780515 |
| Cie de Saint-Gobain SA | 51733 | 5585051 |
| Cie Generale des Etablissements Michelin SCA | 125388 | 4540745 |
| Dassault Aviation SA | 33 | 10417 |
| Eiffage SA | 18745 | 2358973 |
| FDJ UNITED | 876 | 28196 |
| Gaztransport Et Technigaz SA | 11234 | 2096636 |
| Hermes International SCA | 1019 | 2495691 |
| Ipsen SA | 6458 | 878008 |
| JCDecaux SE | 23344 | 401931 |
| Kering SA | 12478 | 3343656 |
| LVMH Moet Hennessy Louis Vuitton SE | 10434 | 6160584 |
| Nexans SA | 9092 | 1386259 |
| Orange SA | 295988 | 4824359 |
| Renault SA | 48308 | 1901195 |
| Safran SA | 23745 | 7891134 |
| SEB SA<sup>(2)</sup> | 93 | 6779 |
| TotalEnergies SE, ADR | 153568 | 9636392 |
| Ubisoft Entertainment SA<sup>(1)</sup> | 7784 | 85163 |
| Valeo SE | 21284 | 258301 |
| Vallourec SACA | 62735 | 1126265 |
| Verallia SA | 8496 | 243633 |
| Vinci SA | 59642 | 8089328 |
| VusionGroup | 2376 | 596371 |
|  |  | 68082136 |
| **Germany — 8.6%** |  |  |
| Aurubis AG | 268 | 30427 |
| BASF SE | 104156 | 5532865 |
| Bayer AG | 144570 | 4756434 |
| Bayerische Motoren Werke AG | 23878 | 2498126 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bayerische Motoren Werke AG, Preference Shares | 4438 | $424926 |
| Bechtle AG | 18530 | 842281 |
| Beiersdorf AG | 100 | 11517 |
| Commerzbank AG | 12 | 458 |
| Continental AG | 18263 | 1601393 |
| Daimler Truck Holding AG | 57614 | 2710097 |
| Deutsche Bank AG | 72745 | 2555532 |
| Deutsche Lufthansa AG | 160437 | 1495722 |
| Deutsche Post AG | 81295 | 3705237 |
| Deutsche Telekom AG | 226329 | 8282506 |
| Dr. Ing hc F Porsche AG, Preference Shares | 4831 | 256249 |
| Evonik Industries AG | 879 | 16961 |
| Fielmann Group AG | 1903 | 115587 |
| FUCHS SE, Preference Shares | 16456 | 790017 |
| Hannover Rueck SE | 5482 | 1596043 |
| Heidelberg Materials AG | 19517 | 4616713 |
| HUGO BOSS AG | 7428 | 365977 |
| Infineon Technologies AG | 133723 | 5473797 |
| KION Group AG | 11676 | 760283 |
| Knorr-Bremse AG | 12383 | 1293560 |
| Krones AG | 3184 | 489692 |
| Mercedes-Benz Group AG | 45509 | 2848172 |
| MTU Aero Engines AG | 8876 | 3955742 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3233 | 2062336 |
| Rational AG | 190 | 141628 |
| RENK Group AG | 339 | 24759 |
| RWE AG | 126538 | 5067548 |
| Schaeffler AG | 19610 | 135684 |
| Schott Pharma AG & Co. KGaA | 841 | 22476 |
| Symrise AG | 12005 | 1162463 |
| Talanx AG | 13714 | 1891018 |
| thyssenkrupp AG | 201258 | 2129839 |
| United Internet AG | 19234 | 614825 |
| Volkswagen AG | 1576 | 188615 |
| Volkswagen AG, Preference Shares | 10851 | 1264440 |
| Zalando SE<sup>(1)</sup> | 1341 | 37371 |
|  |  | 71769316 |
| **Hong Kong — 1.7%** |  |  |
| Bank of East Asia Ltd. | 228757 | 377274 |
| BOC Hong Kong Holdings Ltd. | 309500 | 1405169 |
| CK Asset Holdings Ltd. | 91500 | 432932 |
| CK Hutchison Holdings Ltd. | 240500 | 1591195 |
| DFI Retail Group Holdings Ltd. | 57500 | 182844 |
| Hang Lung Group Ltd. | 35000 | 61335 |
| Hang Lung Properties Ltd. | 263910 | 269434 |
| Hang Seng Bank Ltd. | 50800 | 728420 |
| Henderson Land Development Co. Ltd. | 117000 | 406007 |
| Hong Kong Exchanges & Clearing Ltd. | 51400 | 3011432 |
| Hysan Development Co. Ltd. | 33000 | 62062 |
| Johnson Electric Holdings Ltd. | 107000 | 393155 |
| Kerry Properties Ltd. | 6500 | 16858 |
| Man Wah Holdings Ltd. | 262800 | 159754 |
| New World Development Co. Ltd.<sup>(1)(2)</sup> | 14000 | 11990 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pacific Basin Shipping Ltd. | 38000 | $10678 |
| Sands China Ltd. | 39600 | 104292 |
| Sino Land Co. Ltd. | 13075 | 15577 |
| SITC International Holdings Co. Ltd. | 253000 | 893470 |
| Sun Hung Kai Properties Ltd. | 81500 | 962709 |
| SUNeVision Holdings Ltd. | 8000 | 7860 |
| Swire Pacific Ltd., Class A | 39000 | 334294 |
| Swire Properties Ltd. | 8000 | 21706 |
| United Energy Group Ltd.<sup>(2)</sup> | 1056000 | 74361 |
| United Laboratories International Holdings Ltd. | 284000 | 560356 |
| WH Group Ltd. | 1213000 | 1303490 |
| Wharf Real Estate Investment Co. Ltd. | 148000 | 432292 |
| Xinyi Glass Holdings Ltd.<sup>(2)</sup> | 331251 | 363558 |
| Yue Yuen Industrial Holdings Ltd. | 123500 | 218309 |
|  |  | 14412813 |
| **Ireland — 0.3%** |  |  |
| AIB Group PLC | 116664 | 947880 |
| Bank of Ireland Group PLC | 111537 | 1649725 |
| Dalata Hotel Group PLC | 25316 | 188770 |
| Kingspan Group PLC | 513 | 39579 |
|  |  | 2825954 |
| **Israel — 1.0%** |  |  |
| Bank Hapoalim BM | 65950 | 1288914 |
| Bank Leumi Le-Israel BM | 88207 | 1695078 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 312767 | 575125 |
| Delek Group Ltd. | 761 | 167909 |
| First International Bank Of Israel Ltd. | 7539 | 534564 |
| Harel Insurance Investments & Financial Services Ltd. | 19255 | 641089 |
| Israel Corp. Ltd. | 87 | 28177 |
| Israel Discount Bank Ltd., A Shares | 127139 | 1259520 |
| Mizrahi Tefahot Bank Ltd. | 12899 | 842393 |
| Phoenix Financial Ltd. | 31639 | 1118770 |
|  |  | 8151539 |
| **Italy — 3.7%** |  |  |
| Banca Mediolanum SpA | 59401 | 1201538 |
| Brunello Cucinelli SpA | 1454 | 168189 |
| Eni SpA, ADR | 166189 | 5944581 |
| Ferrari NV | 247 | 117544 |
| Fincantieri SpA<sup>(1)</sup> | 21786 | 519297 |
| FinecoBank Banca Fineco SpA | 164690 | 3615247 |
| Intesa Sanpaolo SpA | 873671 | 5500239 |
| Iveco Group NV | 112300 | 2414661 |
| Saipem SpA<sup>(2)</sup> | 554911 | 1559301 |
| Stellantis NV | 14654 | 140316 |
| Tenaris SA, ADR | 162 | 5863 |
| UniCredit SpA | 126067 | 9750616 |
|  |  | 30937392 |
| **Japan — 19.1%** |  |  |
| Aeon Co. Ltd. | 241365 | 2928011 |
| AGC, Inc. | 37300 | 1169625 |
| Air Water, Inc. | 39500 | 686723 |
| Aisin Corp. | 85700 | 1410320 |
| Amada Co. Ltd. | 55600 | 706520 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ANA Holdings, Inc. | 27400 | $552416 |
| Asahi Kasei Corp. | 191400 | 1561934 |
| Astellas Pharma, Inc. | 164100 | 1801436 |
| BIPROGY, Inc. | 13900 | 598573 |
| Bridgestone Corp. | 39600 | 1788947 |
| Brother Industries Ltd. | 44900 | 756601 |
| Calbee, Inc. | 300 | 5453 |
| Canon Marketing Japan, Inc. | 13000 | 503942 |
| Central Japan Railway Co. | 63100 | 1678342 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 200 | 3502 |
| Credit Saison Co. Ltd. | 300 | 7618 |
| Daicel Corp. | 29400 | 270582 |
| Daido Steel Co. Ltd. | 9300 | 79566 |
| Dai-ichi Life Holdings, Inc. | 375300 | 3079550 |
| Daito Trust Construction Co. Ltd. | 4900 | 521418 |
| Denso Corp. | 11700 | 167656 |
| Dexerials Corp. | 7600 | 102326 |
| DMG Mori Co. Ltd. | 300 | 6239 |
| East Japan Railway Co. | 113000 | 2772507 |
| Ebara Corp. | 59600 | 1225514 |
| Electric Power Development Co. Ltd. | 37400 | 713033 |
| ENEOS Holdings, Inc. | 330000 | 1954060 |
| EXEO Group, Inc. | 30400 | 448457 |
| Fujikura Ltd. | 22600 | 1917358 |
| Fukuoka Financial Group, Inc. | 27600 | 827010 |
| Furukawa Electric Co. Ltd. | 16200 | 1009828 |
| GMO Payment Gateway, Inc. | 300 | 17175 |
| Gunma Bank Ltd. | 60500 | 632282 |
| Hachijuni Bank Ltd. | 68200 | 664229 |
| Hakuhodo DY Holdings, Inc. | 2000 | 16031 |
| Hitachi Construction Machinery Co. Ltd. | 22400 | 688628 |
| Hitachi Ltd. | 197700 | 5326712 |
| Honda Motor Co. Ltd., ADR<sup>(2)</sup> | 102486 | 3423032 |
| Horiba Ltd. | 8200 | 608868 |
| Idemitsu Kosan Co. Ltd. | 115600 | 766920 |
| IHI Corp. | 24300 | 2525305 |
| Inpex Corp. | 127400 | 2164801 |
| Internet Initiative Japan, Inc. | 21700 | 408328 |
| Isuzu Motors Ltd. | 90500 | 1185425 |
| Iyogin Holdings, Inc. | 35800 | 494229 |
| J Front Retailing Co. Ltd. | 62400 | 966117 |
| Japan Airlines Co. Ltd. | 28200 | 599687 |
| Japan Airport Terminal Co. Ltd. | 12000 | 411266 |
| Japan Petroleum Exploration Co. Ltd. | 1000 | 8203 |
| Japan Post Holdings Co. Ltd. | 8000 | 81635 |
| JFE Holdings, Inc.<sup>(2)</sup> | 110200 | 1369982 |
| JTEKT Corp. | 38900 | 380018 |
| Kandenko Co. Ltd. | 22700 | 611773 |
| Kawasaki Heavy Industries Ltd. | 29800 | 1802578 |
| KDDI Corp. | 223700 | 3866277 |
| Keihan Holdings Co. Ltd. | 14500 | 316393 |
| Kintetsu Group Holdings Co. Ltd. | 2400 | 48151 |
| Kobe Steel Ltd. | 58100 | 712994 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Koito Manufacturing Co. Ltd. | 200 | $2845 |
| Komatsu Ltd. | 36200 | 1225527 |
| Kubota Corp. | 85300 | 986243 |
| Kuraray Co. Ltd. | 61000 | 726798 |
| Kurita Water Industries Ltd. | 21100 | 714020 |
| Kyushu Railway Co. | 200 | 5524 |
| Lixil Corp. | 54400 | 707715 |
| Marui Group Co. Ltd. | 32500 | 698559 |
| Mazda Motor Corp. | 115100 | 767930 |
| Medipal Holdings Corp. | 18600 | 329562 |
| MEIJI Holdings Co. Ltd. | 900 | 18720 |
| Mercari, Inc.<sup>(1)(2)</sup> | 17800 | 299939 |
| MISUMI Group, Inc. | 8300 | 125882 |
| Mitsubishi Chemical Group Corp. | 188000 | 1068275 |
| Mitsubishi Gas Chemical Co., Inc. | 27800 | 501574 |
| Mitsubishi Motors Corp.<sup>(2)</sup> | 122600 | 333969 |
| Mitsui Chemicals, Inc. | 24600 | 602341 |
| Miura Co. Ltd. | 11100 | 212474 |
| Modec, Inc. | 15000 | 801985 |
| MS&AD Insurance Group Holdings, Inc. | 101100 | 2351773 |
| Nagase & Co. Ltd. | 400 | 8552 |
| Nagoya Railroad Co. Ltd. | 17900 | 204410 |
| NGK Insulators Ltd. | 47600 | 751312 |
| NH Foods Ltd. | 8100 | 306063 |
| NHK Spring Co. Ltd. | 42900 | 536131 |
| Nichirei Corp. | 29600 | 341415 |
| NIDEC Corp.<sup>(2)</sup> | 3000 | 64747 |
| Nifco, Inc. | 9600 | 275588 |
| NIPPON EXPRESS HOLDINGS, Inc. | 50000 | 1093850 |
| Nippon Steel Corp. | 100100 | 2108404 |
| Nippon Yusen KK | 1000 | 36047 |
| Nissan Chemical Corp. | 20700 | 730232 |
| Nissan Motor Co. Ltd.<sup>(1)(2)</sup> | 293500 | 658254 |
| Nisshin Seifun Group, Inc. | 3700 | 44989 |
| Niterra Co. Ltd. | 27100 | 965314 |
| Nitto Denko Corp. | 83800 | 1886223 |
| NOF Corp. | 40900 | 759671 |
| NOK Corp. | 900 | 15664 |
| NTT, Inc. | 1935600 | 2047235 |
| Oji Holdings Corp. | 144400 | 795768 |
| Open House Group Co. Ltd. | 14900 | 761419 |
| ORIX Corp., ADR | 72616 | 1882207 |
| PAL GROUP Holdings Co. Ltd. | 10900 | 382373 |
| Panasonic Holdings Corp. | 44700 | 452466 |
| Park24 Co. Ltd. | 600 | 8230 |
| Persol Holdings Co. Ltd. | 293700 | 547751 |
| Resonac Holdings Corp. | 28800 | 748502 |
| Resorttrust, Inc. | 15300 | 195377 |
| Ricoh Co. Ltd. | 48900 | 432228 |
| Round One Corp. | 10000 | 102033 |
| Sankyo Co. Ltd. | 13200 | 265709 |
| Sankyu, Inc. | 8200 | 455592 |
| Santen Pharmaceutical Co. Ltd. | 10700 | 113369 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SBI Holdings, Inc. | 44500 | $2090867 |
| SCREEN Holdings Co. Ltd. | 5400 | 408193 |
| Seibu Holdings, Inc. | 2300 | 83456 |
| Seiko Epson Corp. | 22300 | 283577 |
| Seven Bank Ltd. | 66400 | 130705 |
| SG Holdings Co. Ltd.<sup>(2)</sup> | 55900 | 601858 |
| Sharp Corp.<sup>(1)</sup> | 300 | 1797 |
| SKY Perfect JSAT Holdings, Inc. | 1000 | 9485 |
| Socionext, Inc.<sup>(2)</sup> | 42300 | 801627 |
| SoftBank Group Corp. | 35200 | 3779919 |
| Sony Group Corp., ADR<sup>(2)</sup> | 349970 | 9631174 |
| Stanley Electric Co. Ltd. | 16200 | 328109 |
| Subaru Corp. | 74700 | 1465342 |
| Sugi Holdings Co. Ltd. | 18500 | 467608 |
| Sumitomo Bakelite Co. Ltd. | 16800 | 562191 |
| Sumitomo Chemical Co. Ltd. | 295300 | 885788 |
| Sumitomo Electric Industries Ltd. | 83700 | 2344350 |
| Sumitomo Mitsui Financial Group, Inc., ADR | 242744 | 3985856 |
| Sumitomo Mitsui Trust Group, Inc. | 68400 | 1946594 |
| Sumitomo Rubber Industries Ltd. | 49700 | 580669 |
| Suzuki Motor Corp. | 190900 | 2526134 |
| Taiheiyo Cement Corp. | 27700 | 749214 |
| Taiyo Yuden Co. Ltd. | 1000 | 20271 |
| Takashimaya Co. Ltd. | 47700 | 420216 |
| TDK Corp. | 182300 | 2354086 |
| Tobu Railway Co. Ltd. | 1500 | 27226 |
| Toho Holdings Co. Ltd.<sup>(2)</sup> | 400 | 14779 |
| Tokio Marine Holdings, Inc. | 143600 | 6158708 |
| Tokyo Metro Co. Ltd.<sup>(2)</sup> | 13000 | 150913 |
| Tokyo Tatemono Co. Ltd. | 32600 | 612799 |
| Tokyu Corp. | 2000 | 25244 |
| Tokyu Fudosan Holdings Corp. | 111000 | 890383 |
| Tomy Co. Ltd. | 200 | 4570 |
| Toray Industries, Inc. | 2500 | 16701 |
| Tosoh Corp. | 48200 | 759845 |
| Toyo Seikan Group Holdings Ltd. | 24700 | 600189 |
| Toyo Tire Corp. | 28900 | 734229 |
| Toyoda Gosei Co. Ltd. | 9700 | 234825 |
| Toyota Boshoku Corp. | 18800 | 306636 |
| Toyota Motor Corp., ADR<sup>(2)</sup> | 49927 | 9714296 |
| Toyota Tsusho Corp. | 57400 | 1527723 |
| Unicharm Corp. | 87200 | 581909 |
| Welcia Holdings Co. Ltd. | 24900 | 438295 |
| West Japan Railway Co. | 62800 | 1403608 |
| Yamada Holdings Co. Ltd. | 68200 | 215051 |
| Yamaha Motor Co. Ltd. | 148900 | 1079104 |
| Yaoko Co. Ltd. | 4600 | 286404 |
| Yokogawa Electric Corp. | 33700 | 983720 |
| Yokohama Rubber Co. Ltd. | 27400 | 1008197 |
| Zensho Holdings Co. Ltd.<sup>(2)</sup> | 7000 | 441598 |
|  |  | 158486924 |
| **Netherlands — 3.1%** |  |  |
| ABN AMRO Bank NV, CVA | 54236 | 1564364 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| AerCap Holdings NV | 19846 | $2450981 |
| Akzo Nobel NV | 19674 | 1359960 |
| ASM International NV | 2781 | 1335353 |
| ASML Holding NV, NY Shares | 8080 | 6000370 |
| ASR Nederland NV | 20757 | 1440072 |
| Coca-Cola Europacific Partners PLC | 601 | 53405 |
| Heineken NV | 72 | 5840 |
| ING Groep NV, ADR | 151017 | 3598735 |
| InPost SA<sup>(1)</sup> | 16175 | 235108 |
| Koninklijke Ahold Delhaize NV | 60418 | 2421118 |
| Koninklijke KPN NV | 503980 | 2405071 |
| NN Group NV | 38036 | 2618097 |
| OCI NV<sup>(1)</sup> | 2227 | 12725 |
| Wolters Kluwer NV | 138 | 17384 |
|  |  | 25518583 |
| **New Zealand — 0.2%** |  |  |
| Air New Zealand Ltd. | 50725 | 17656 |
| Auckland International Airport Ltd. | 257 | 1145 |
| Chorus Ltd.<sup>(2)</sup> | 22363 | 129512 |
| Fisher & Paykel Healthcare Corp. Ltd. | 24583 | 530399 |
| Fletcher Building Ltd.<sup>(1)</sup> | 161502 | 300091 |
| Meridian Energy Ltd. | 78690 | 264931 |
| Ryman Healthcare Ltd.<sup>(1)(2)</sup> | 48565 | 68317 |
| Spark New Zealand Ltd. | 89942 | 136834 |
|  |  | 1448885 |
| **Norway — 0.7%** |  |  |
| Aker Solutions ASA | 496 | 1537 |
| BW LPG Ltd. | 17496 | 273079 |
| DNB Bank ASA | 345 | 9090 |
| DOF Group ASA | 609 | 5941 |
| Equinor ASA, ADR | 59557 | 1465698 |
| Frontline PLC<sup>(2)</sup> | 434 | 9071 |
| Kongsberg Gruppen ASA | 16231 | 484759 |
| Norsk Hydro ASA | 94930 | 615316 |
| Stolt-Nielsen Ltd. | 298 | 9687 |
| Storebrand ASA | 67877 | 1044414 |
| Subsea 7 SA | 30414 | 636152 |
| TGS ASA | 2682 | 20505 |
| Vend Marketplaces ASA, B Shares | 30 | 1096 |
| Wallenius Wilhelmsen ASA | 25170 | 235545 |
| Yara International ASA | 27680 | 1007655 |
|  |  | 5819545 |
| **Portugal — 0.1%** |  |  |
| Banco Comercial Portugues SA, R Shares | 630359 | 533967 |
| Galp Energia SGPS SA | 30565 | 594114 |
| NOS SGPS SA | 54 | 247 |
|  |  | 1128328 |
| **Singapore — 1.4%** |  |  |
| ComfortDelGro Corp. Ltd. | 408300 | 461287 |
| DBS Group Holdings Ltd. | 100950 | 3973683 |
| Golden Agri-Resources Ltd. | 37500 | 8192 |
| Hafnia Ltd. | 63879 | 390649 |
| Jardine Cycle & Carriage Ltd.<sup>(2)</sup> | 5700 | 125560 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Keppel Ltd. | 200200 | $1364366 |
| Oversea-Chinese Banking Corp. Ltd. | 11700 | 152562 |
| Singapore Airlines Ltd.<sup>(2)</sup> | 142700 | 731664 |
| United Overseas Bank Ltd. | 106600 | 2919417 |
| Venture Corp. Ltd. | 21800 | 230705 |
| Wilmar International Ltd. | 32600 | 74923 |
| Yangzijiang Shipbuilding Holdings Ltd. | 694500 | 1573607 |
|  |  | 12006615 |
| **Spain — 3.4%** |  |  |
| Banco Bilbao Vizcaya Argentaria SA, ADR | 703074 | 12746732 |
| Ferrovial SE<sup>(2)</sup> | 92697 | 5069986 |
| International Consolidated Airlines Group SA | 94207 | 487060 |
| Repsol SA | 521266 | 8546729 |
| Telefonica SA, ADR<sup>(2)</sup> | 191109 | 1022433 |
|  |  | 27872940 |
| **Sweden — 2.0%** |  |  |
| AAK AB<sup>(2)</sup> | 1092 | 31428 |
| Avanza Bank Holding AB | 21531 | 813750 |
| Axfood AB<sup>(2)</sup> | 12630 | 398384 |
| Boliden AB<sup>(1)</sup> | 34764 | 1198244 |
| Electrolux AB, B Shares<sup>(1)(2)</sup> | 42920 | 255005 |
| Elekta AB, B Shares | 1732 | 8612 |
| Embracer Group AB<sup>(1)(2)</sup> | 26549 | 237393 |
| Epiroc AB, A Shares<sup>(2)</sup> | 1169 | 24430 |
| Epiroc AB, B Shares<sup>(2)</sup> | 686 | 12767 |
| Essity AB, B Shares | 33484 | 905300 |
| H & M Hennes & Mauritz AB, B Shares<sup>(2)</sup> | 47024 | 691053 |
| Husqvarna AB, B Shares | 68437 | 388468 |
| Loomis AB | 13092 | 580463 |
| Nordnet AB publ | 21726 | 632531 |
| Paradox Interactive AB | 4076 | 74611 |
| Peab AB, Class B | 20402 | 159178 |
| Sinch AB<sup>(1)</sup> | 10 | 31 |
| SKF AB, B Shares<sup>(2)</sup> | 41158 | 1056794 |
| Spotify Technology SA<sup>(1)</sup> | 7815 | 5328892 |
| SSAB AB, A Shares | 11156 | 64934 |
| SSAB AB, B Shares | 12583 | 71413 |
| Svenska Handelsbanken AB, A Shares | 1098 | 14129 |
| Swedbank AB, A Shares | 39353 | 1107506 |
| Telefonaktiebolaget LM Ericsson, ADR | 176880 | 1392046 |
| Telia Co. AB | 262300 | 979221 |
| Trelleborg AB, B Shares<sup>(2)</sup> | 66 | 2554 |
| Volvo AB, A Shares | 224 | 6881 |
| Volvo AB, B Shares | 76 | 2338 |
| Volvo Car AB, Class B<sup>(1)(2)</sup> | 36514 | 76067 |
|  |  | 16514423 |
| **Switzerland — 7.7%** |  |  |
| Accelleron Industries AG | 18008 | 1549605 |
| Amrize Ltd.<sup>(1)</sup> | 3917 | 204331 |
| Banque Cantonale Vaudoise<sup>(2)</sup> | 1569 | 182384 |
| DKSH Holding AG | 5800 | 426557 |
| EFG International AG<sup>(1)</sup> | 693 | 13776 |
| Emmi AG<sup>(2)</sup> | 128 | 119410 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Flughafen Zurich AG | 5058 | $1545437 |
| Geberit AG | 245 | 179650 |
| Georg Fischer AG<sup>(2)</sup> | 7626 | 609839 |
| Helvetia Holding AG | 6034 | 1553001 |
| Holcim AG<sup>(1)</sup> | 76585 | 6419249 |
| Julius Baer Group Ltd. | 32500 | 2346688 |
| Kuehne & Nagel International AG | 2620 | 534123 |
| Novartis AG, ADR | 3312 | 419134 |
| Roche Holding AG | 47023 | 15333173 |
| Roche Holding AG, Bearer Shares | 2142 | 735640 |
| SFS Group AG | 4744 | 652750 |
| Siegfried Holding AG<sup>(1)(2)</sup> | 160 | 16792 |
| Sika AG | 1898 | 440443 |
| Stadler Rail AG<sup>(2)</sup> | 3143 | 83656 |
| Sulzer AG | 193 | 36167 |
| Swatch Group AG | 376 | 13877 |
| Swiss Life Holding AG | 4034 | 4359370 |
| Swiss Re AG | 22342 | 4049355 |
| Swisscom AG | 4966 | 3590294 |
| Swissquote Group Holding SA | 1898 | 1244649 |
| UBS Group AG | 195734 | 7931142 |
| Vontobel Holding AG | 587 | 44778 |
| Zurich Insurance Group AG | 13129 | 9594086 |
|  |  | 64229356 |
| **United Kingdom — 15.9%** |  |  |
| 3i Group PLC | 210682 | 11446084 |
| Aberdeen Group PLC | 236586 | 622701 |
| Admiral Group PLC | 79809 | 3910906 |
| Ashtead Group PLC | 79809 | 5880172 |
| AstraZeneca PLC, ADR | 1 | 80 |
| Beazley PLC | 139897 | 1480981 |
| BP PLC, ADR | 203719 | 7177020 |
| BT Group PLC | 1609483 | 4712227 |
| Burberry Group PLC<sup>(1)</sup> | 59408 | 1031356 |
| Carnival PLC, ADR<sup>(1)</sup> | 19921 | 579103 |
| Coca-Cola HBC AG<sup>(1)</sup> | 1834 | 92772 |
| easyJet PLC | 146480 | 971448 |
| Games Workshop Group PLC | 6951 | 1451166 |
| GSK PLC, ADR<sup>(2)</sup> | 179521 | 7121598 |
| Hikma Pharmaceuticals PLC | 220 | 5315 |
| Howden Joinery Group PLC | 202871 | 2295273 |
| HSBC Holdings PLC, ADR<sup>(2)</sup> | 222184 | 14324203 |
| J Sainsbury PLC | 278329 | 1126257 |
| JD Sports Fashion PLC | 767359 | 996058 |
| JET2 PLC | 37879 | 834156 |
| Kingfisher PLC | 378704 | 1319066 |
| Legal & General Group PLC | 965884 | 3232708 |
| Lion Finance Group PLC | 2049 | 203125 |
| Marks & Spencer Group PLC | 904098 | 4222562 |
| NatWest Group PLC, ADR | 77896 | 1087428 |
| Next PLC | 33594 | 5428711 |
| Reckitt Benckiser Group PLC | 109854 | 8213496 |
| Rightmove PLC | 256749 | 2576490 |

---

------

Schedule of Investments - Avantis International Large Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rolls-Royce Holdings PLC | 541298 | $7805699 |
| Shell PLC, ADR | 257340 | 19012279 |
| Softcat PLC | 24714 | 538091 |
| St. James's Place PLC | 128844 | 2209367 |
| Standard Chartered PLC | 258982 | 4852695 |
| Tesco PLC | 921262 | 5265975 |
| Wise PLC, Class A<sup>(1)</sup> | 37296 | 531317 |
|  |  | 132557885 |
| **TOTAL COMMON STOCKS**<br>(Cost $700,957,975) |  | **827892738** |
| **SHORT-TERM INVESTMENTS — 2.2%** |  |  |
| **Money Market Funds — 2.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 903508 | 903508 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 17532251 | 17532251 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $18,435,759) |  | **18435759** |
| **TOTAL INVESTMENT SECURITIES — 101.8%**<br>(Cost $719,393,734) |  | **846328497** |
| **OTHER ASSETS AND LIABILITIES — (1.8)%** |  | **(14804047)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**831524450** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Financials | 27.0% |
| Industrials | 16.3% |
| Materials | 13.0% |
| Energy | 11.8% |
| Consumer Discretionary | 11.3% |
| Communication Services | 5.8% |
| Consumer Staples | 5.1% |
| Health Care | 4.4% |
| Information Technology | 3.3% |
| Utilities | 1.0% |
| Real Estate | 0.6% |
| Short-Term Investments | 2.2% |
| Other Assets and Liabilities | (1.8)% |

---

---

| | | |
|:---|:---|:---|
| **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 $37,996,221. 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 $39,758,994, which includes securities collateral of $22,226,743.

------

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 | $12678423 | $42383714 |  |
| &nbsp;&nbsp;&nbsp;Denmark | 1589465 | 3278485 |  |
| &nbsp;&nbsp;&nbsp;France | 12189299 | 55892837 |  |
| &nbsp;&nbsp;&nbsp;Germany | 2555532 | 69213784 |  |
| &nbsp;&nbsp;&nbsp;Italy | 5950444 | 24986948 |  |
| &nbsp;&nbsp;&nbsp;Japan | 28636565 | 129850359 |  |
| &nbsp;&nbsp;&nbsp;Netherlands | 12103491 | 13415092 |  |
| &nbsp;&nbsp;&nbsp;Norway | 1474769 | 4344776 |  |
| &nbsp;&nbsp;&nbsp;Spain | 13769165 | 14103775 |  |
| &nbsp;&nbsp;&nbsp;Sweden | 6720938 | 9793485 |  |
| &nbsp;&nbsp;&nbsp;Switzerland | 8350276 | 55879080 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 49301711 | 83256174 |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 166174151 |  |
| Short-Term Investments | 18435759 |  |  |
|  | $173755837 | $672572660 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Small Cap Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.7%** | **Shares** | **Value** |
| **Australia — 9.5%** | | |
| 29Metals Ltd.<sup>(1)</sup> | 23557 | $5195 |
| Accent Group Ltd. | 22592 | 20959 |
| Adairs Ltd. | 11615 | 20739 |
| Aeris Resources Ltd.<sup>(1)(2)</sup> | 11862 | 1748 |
| AGL Energy Ltd. | 11987 | 64453 |
| Alkane Resources Ltd.<sup>(1)(2)</sup> | 32610 | 22518 |
| Alkane Resources Ltd.<sup>(1)</sup> | 23787 | 16800 |
| Amotiv Ltd. | 7289 | 46538 |
| AMP Ltd. | 152913 | 170672 |
| Amplitude Energy Ltd.<sup>(1)</sup> | 189715 | 31043 |
| Ansell Ltd. | 9433 | 209143 |
| Antipa Minerals Ltd.<sup>(1)</sup> | 37135 | 14999 |
| Appen Ltd.<sup>(1)</sup> | 6655 | 3737 |
| ARB Corp. Ltd. | 4348 | 113464 |
| Audinate Group Ltd.<sup>(1)</sup> | 4671 | 14393 |
| Aurelia Metals Ltd.<sup>(1)</sup> | 103591 | 14556 |
| Aurizon Holdings Ltd. | 124296 | 263228 |
| Aussie Broadband Ltd. | 15239 | 51512 |
| Austal Ltd.<sup>(1)</sup> | 29170 | 148187 |
| Australian Clinical Labs Ltd. | 11103 | 20667 |
| Australian Ethical Investment Ltd. | 6964 | 34169 |
| Australian Finance Group Ltd. | 14075 | 25751 |
| Baby Bunting Group Ltd.<sup>(1)</sup> | 2869 | 5062 |
| Ballard Mining Ltd.<sup>(1)</sup> | 2081 | 565 |
| Bank of Queensland Ltd. | 45605 | 216588 |
| Bannerman Energy Ltd.<sup>(1)</sup> | 412 | 769 |
| Bapcor Ltd. | 22694 | 59018 |
| Beach Energy Ltd. | 108888 | 85330 |
| Bega Cheese Ltd. | 17118 | 65159 |
| Bellevue Gold Ltd.<sup>(1)</sup> | 92913 | 53017 |
| Bendigo & Adelaide Bank Ltd. | 23222 | 202297 |
| Berkeley Energia Ltd.<sup>(1)</sup> | 32300 | 11168 |
| Black Cat Syndicate Ltd.<sup>(1)</sup> | 46278 | 27217 |
| Boss Energy Ltd.<sup>(1)(2)</sup> | 22283 | 28392 |
| Bravura Solutions Ltd. | 21671 | 31714 |
| Breville Group Ltd.<sup>(2)</sup> | 5754 | 126524 |
| Brickworks Ltd. | 5613 | 131005 |
| Brightstar Resources Ltd.<sup>(1)</sup> | 15720 | 4148 |
| Capricorn Metals Ltd.<sup>(1)</sup> | 29128 | 197329 |
| Catalyst Metals Ltd.<sup>(1)</sup> | 19532 | 93073 |
| Cettire Ltd.<sup>(1)(2)</sup> | 10306 | 2117 |
| Chalice Mining Ltd.<sup>(1)</sup> | 102 | 119 |
| Challenger Ltd. | 40597 | 221007 |
| Champion Iron Ltd. | 26417 | 77554 |
| Civmec Australia Ltd. | 14500 | 10982 |
| Clinuvel Pharmaceuticals Ltd. | 3004 | 20892 |
| Coast Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 6184 | 1618 |
| Cobram Estate Olives Ltd. | 15640 | 32823 |
| Collins Foods Ltd. | 7287 | 46272 |
| Core Lithium Ltd.<sup>(1)(2)</sup> | 101175 | 7260 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Coronado Global Resources, Inc. | 27262 | $6493 |
| Credit Corp. Group Ltd. | 2881 | 30996 |
| Data#3 Ltd. | 9927 | 59633 |
| Deep Yellow Ltd.<sup>(1)</sup> | 73908 | 87335 |
| Delta Lithium Ltd.<sup>(1)</sup> | 23437 | 2757 |
| Deterra Royalties Ltd. | 4122 | 11280 |
| Develop Global Ltd.<sup>(1)</sup> | 16126 | 40805 |
| DGL Group Ltd.<sup>(1)</sup> | 2187 | 629 |
| Dicker Data Ltd.<sup>(2)</sup> | 6099 | 36380 |
| Domino's Pizza Enterprises Ltd. | 4402 | 43346 |
| Downer EDI Ltd. | 42992 | 202859 |
| Dyno Nobel Ltd. | 106585 | 212232 |
| Elders Ltd. | 12045 | 58560 |
| Electro Optic Systems Holdings Ltd.<sup>(1)(2)</sup> | 10350 | 39180 |
| Emerald Resources NL<sup>(1)</sup> | 37898 | 94573 |
| EML Payments Ltd.<sup>(1)</sup> | 26431 | 19516 |
| EQT Holdings Ltd. | 1290 | 24828 |
| EVT Ltd. | 7343 | 67244 |
| FireFly Metals Ltd.<sup>(1)</sup> | 30364 | 24619 |
| FleetPartners Group Ltd.<sup>(1)</sup> | 13600 | 25074 |
| Flight Centre Travel Group Ltd.<sup>(2)</sup> | 7379 | 62734 |
| G8 Education Ltd. | 645 | 358 |
| Genesis Minerals Ltd.<sup>(1)</sup> | 79114 | 236674 |
| Gold Road Resources Ltd. | 86109 | 189802 |
| GrainCorp Ltd., A Shares | 14401 | 75186 |
| Grange Resources Ltd. | 21519 | 2816 |
| GWA Group Ltd. | 7782 | 12823 |
| Hansen Technologies Ltd. | 11801 | 45954 |
| Harvey Norman Holdings Ltd. | 25016 | 112552 |
| Healius Ltd. | 41755 | 23432 |
| Helia Group Ltd. | 20311 | 73639 |
| Helloworld Travel Ltd. | 4101 | 5090 |
| IDP Education Ltd. | 11100 | 40696 |
| IGO Ltd. | 39998 | 136167 |
| Iluka Resources Ltd. | 23654 | 97630 |
| Imdex Ltd. | 32405 | 63899 |
| Immutep Ltd.<sup>(1)</sup> | 23299 | 3574 |
| Inghams Group Ltd. | 25816 | 45724 |
| ioneer Ltd.<sup>(1)(2)</sup> | 81771 | 6107 |
| IPH Ltd. | 15740 | 46954 |
| IRESS Ltd. | 11462 | 65248 |
| Johns Lyng Group Ltd. | 12703 | 32341 |
| Judo Capital Holdings Ltd.<sup>(1)</sup> | 47807 | 53139 |
| Jumbo Interactive Ltd. | 3212 | 25637 |
| Jupiter Mines Ltd. | 90563 | 13939 |
| Karoon Energy Ltd. | 62184 | 71464 |
| Kelly Partners Group Holdings Ltd.<sup>(1)</sup> | 1380 | 9561 |
| Kelsian Group Ltd. | 11916 | 38738 |
| Kingsgate Consolidated Ltd.<sup>(1)</sup> | 16372 | 30794 |
| Kogan.com Ltd. | 5108 | 13449 |
| Lendlease Corp. Ltd. | 41908 | 151804 |
| Lifestyle Communities Ltd.<sup>(2)</sup> | 6399 | 23717 |
| Lindian Resources Ltd.<sup>(1)</sup> | 27459 | 4938 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lindsay Australia Ltd. | 10981 | $4882 |
| Liontown Resources Ltd.<sup>(1)(2)</sup> | 16535 | 10120 |
| Lotus Resources Ltd.<sup>(1)(2)</sup> | 133601 | 17406 |
| Lovisa Holdings Ltd. | 4258 | 119688 |
| Maas Group Holdings Ltd. | 9908 | 28959 |
| MAC Copper Ltd.<sup>(1)</sup> | 1484 | 17924 |
| Macquarie Technology Group Ltd.<sup>(1)</sup> | 850 | 33896 |
| Magellan Financial Group Ltd. | 11952 | 79633 |
| Mayne Pharma Group Ltd.<sup>(1)</sup> | 3199 | 10815 |
| McMillan Shakespeare Ltd. | 3534 | 45224 |
| Meeka Metals Ltd.<sup>(1)</sup> | 16862 | 1605 |
| Megaport Ltd.<sup>(1)</sup> | 12721 | 136200 |
| Metals X Ltd.<sup>(1)</sup> | 13256 | 5532 |
| Metcash Ltd. | 56765 | 155774 |
| Metro Mining Ltd.<sup>(1)</sup> | 229540 | 11409 |
| Mineral Resources Ltd.<sup>(1)</sup> | 10131 | 245921 |
| Monadelphous Group Ltd. | 6591 | 92308 |
| Mount Gibson Iron Ltd.<sup>(1)</sup> | 13585 | 3421 |
| Myer Holdings Ltd. | 57502 | 24969 |
| MyState Ltd. | 1660 | 4653 |
| Nanosonics Ltd.<sup>(1)</sup> | 15539 | 45491 |
| Neuren Pharmaceuticals Ltd.<sup>(1)</sup> | 2126 | 26311 |
| New Hope Corp. Ltd. | 35129 | 101553 |
| nib holdings Ltd. | 35333 | 177223 |
| Nick Scali Ltd.<sup>(2)</sup> | 5390 | 85460 |
| Nickel Industries Ltd. | 95401 | 43500 |
| Nine Entertainment Co. Holdings Ltd. | 92545 | 100834 |
| Novonix Ltd.<sup>(1)(2)</sup> | 19525 | 7239 |
| NRW Holdings Ltd. | 30689 | 76829 |
| Nufarm Ltd.<sup>(1)</sup> | 21795 | 34537 |
| Nuix Ltd.<sup>(1)</sup> | 12724 | 22021 |
| Objective Corp. Ltd. | 1660 | 22733 |
| OFX Group Ltd.<sup>(1)</sup> | 9408 | 4980 |
| Omni Bridgeway Ltd.<sup>(1)</sup> | 6045 | 6383 |
| oOh!media Ltd. | 46611 | 51162 |
| Ora Banda Mining Ltd.<sup>(1)(2)</sup> | 96325 | 54103 |
| Orora Ltd. | 77350 | 105011 |
| Paladin Energy Ltd.<sup>(1)(2)</sup> | 1712 | 8751 |
| Paladin Energy Ltd.<sup>(1)(2)</sup> | 1538 | 7772 |
| Pantoro Gold Ltd.<sup>(1)</sup> | 26763 | 82086 |
| Perenti Ltd. | 61025 | 94204 |
| Perpetual Ltd. | 6556 | 92991 |
| Perseus Mining Ltd. | 102368 | 256560 |
| PEXA Group Ltd.<sup>(1)</sup> | 8656 | 86641 |
| Pilbara Minerals Ltd.<sup>(1)(2)</sup> | 109981 | 175672 |
| Platinum Asset Management Ltd. | 27315 | 14298 |
| Praemium Ltd. | 27858 | 14541 |
| Premier Investments Ltd. | 5364 | 78153 |
| PWR Holdings Ltd.<sup>(2)</sup> | 5209 | 26514 |
| Ramelius Resources Ltd. | 106832 | 224530 |
| Redox Ltd. | 11313 | 18014 |
| Regal Partners Ltd. | 7318 | 12851 |
| Regis Resources Ltd.<sup>(1)</sup> | 59344 | 178754 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Reliance Worldwide Corp. Ltd. | 42588 | $116319 |
| Renascor Resources Ltd.<sup>(1)(2)</sup> | 53258 | 2443 |
| Resolute Mining Ltd.<sup>(1)</sup> | 154128 | 65709 |
| Ricegrowers Ltd. | 3925 | 41030 |
| Ridley Corp. Ltd.<sup>(2)</sup> | 19611 | 39753 |
| RPMGlobal Holdings Ltd.<sup>(1)</sup> | 10179 | 25114 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 31537 | 258077 |
| Sayona Mining Ltd.<sup>(1)(2)</sup> | 719596 | 12183 |
| Select Harvests Ltd.<sup>(1)</sup> | 10504 | 26383 |
| Service Stream Ltd. | 41950 | 56994 |
| Silex Systems Ltd.<sup>(1)(2)</sup> | 12426 | 33573 |
| Silver Mines Ltd.<sup>(1)</sup> | 7535 | 593 |
| Sims Ltd. | 11252 | 104438 |
| SiteMinder Ltd.<sup>(1)</sup> | 13491 | 60765 |
| SmartGroup Corp. Ltd. | 8352 | 49307 |
| Southern Cross Electrical Engineering Ltd. | 16552 | 21194 |
| SRG Global Ltd. | 33786 | 43353 |
| St Barbara Ltd.<sup>(1)</sup> | 5668 | 1310 |
| Stanmore Resources Ltd. | 22756 | 27703 |
| Star Entertainment Group Ltd.<sup>(1)(2)</sup> | 135780 | 9311 |
| Strandline Resources Ltd.<sup>(1)</sup> | 970 | 6 |
| Strike Energy Ltd.<sup>(1)</sup> | 138593 | 10409 |
| Super Retail Group Ltd. | 9076 | 111428 |
| Superloop Ltd.<sup>(1)</sup> | 20383 | 38367 |
| Syrah Resources Ltd.<sup>(1)(2)</sup> | 69070 | 13552 |
| Tasmea Ltd. | 6834 | 18110 |
| Telix Pharmaceuticals Ltd.<sup>(1)</sup> | 27 | 257 |
| Temple & Webster Group Ltd.<sup>(1)</sup> | 3364 | 52383 |
| Terracom Ltd.<sup>(2)</sup> | 14208 | 679 |
| Tuas Ltd.<sup>(1)</sup> | 12187 | 62318 |
| Tyro Payments Ltd.<sup>(1)</sup> | 33489 | 27068 |
| Universal Store Holdings Ltd. | 3826 | 21863 |
| Vault Minerals Ltd.<sup>(1)</sup> | 469825 | 166728 |
| Ventia Services Group Pty. Ltd. | 51466 | 182852 |
| Viva Energy Group Ltd.<sup>(2)</sup> | 78030 | 109947 |
| Vulcan Energy Resources Ltd.<sup>(1)(2)</sup> | 8782 | 23756 |
| WEB Travel Group Ltd.<sup>(1)</sup> | 6291 | 18111 |
| Webjet Group Ltd.<sup>(1)</sup> | 7183 | 4243 |
| West African Resources Ltd.<sup>(1)</sup> | 86850 | 172790 |
| Westgold Resources Ltd.<sup>(1)</sup> | 25996 | 59254 |
| Whitehaven Coal Ltd. | 60162 | 259586 |
| Wildcat Resources Ltd.<sup>(1)</sup> | 34113 | 3896 |
| Zip Co. Ltd.<sup>(1)</sup> | 81810 | 225467 |
|  |  | 11945072 |
| **Austria — 1.0%** |  |  |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | 5755 | 137132 |
| CA Immobilien Anlagen AG | 6745 | 185110 |
| DO & Co. AG | 1401 | 372334 |
| Lenzing AG<sup>(1)</sup> | 3551 | 109970 |
| Oesterreichische Post AG | 6445 | 217067 |
| Palfinger AG | 2798 | 120849 |
| Porr AG | 3487 | 121016 |
| SBO AG | 1354 | 43266 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Semperit AG Holding | 311 | $4878 |
| Zumtobel Group AG<sup>(1)</sup> | 2050 | 10314 |
|  |  | 1321936 |
| **Belgium — 1.4%** |  |  |
| AGFA-Gevaert NV<sup>(1)</sup> | 1801 | 2256 |
| Barco NV | 10448 | 171413 |
| Bekaert SA | 4155 | 186715 |
| bpost SA<sup>(1)</sup> | 7397 | 18489 |
| EVS Broadcast Equipment SA | 1466 | 59720 |
| Galapagos NV, ADR<sup>(1)(2)</sup> | 2870 | 90233 |
| Kinepolis Group NV<sup>(2)</sup> | 1657 | 66131 |
| Melexis NV | 2377 | 188190 |
| Ontex Group NV<sup>(1)(2)</sup> | 10977 | 83678 |
| Proximus SADP | 14578 | 126369 |
| Solvay SA | 6266 | 205809 |
| Tessenderlo Group SA<sup>(2)</sup> | 1617 | 49308 |
| Umicore SA | 18497 | 288683 |
| VGP NV<sup>(2)</sup> | 1560 | 178109 |
|  |  | 1715103 |
| **Canada — 9.7%** |  |  |
| Acadian Timber Corp. | 223 | 2887 |
| ADENTRA, Inc. | 600 | 15016 |
| Advantage Energy Ltd.<sup>(1)</sup> | 7199 | 58238 |
| Aecon Group, Inc. | 2869 | 42638 |
| AGF Management Ltd., Class B | 2822 | 25192 |
| Air Canada<sup>(1)</sup> | 7780 | 110467 |
| Alamos Gold, Inc., Class A | 13232 | 403121 |
| Algoma Steel Group, Inc. | 3587 | 17447 |
| Algonquin Power & Utilities Corp. | 31945 | 185155 |
| Allied Gold Corp.<sup>(1)</sup> | 2981 | 41784 |
| Altius Minerals Corp. | 1422 | 31042 |
| Altus Group Ltd. | 2089 | 93715 |
| Americas Gold & Silver Corp.<sup>(1)</sup> | 7760 | 20907 |
| Andean Precious Metals Corp.<sup>(1)</sup> | 2235 | 9488 |
| Andlauer Healthcare Group, Inc. | 643 | 24960 |
| Aris Mining Corp.<sup>(1)</sup> | 8014 | 69733 |
| Aritzia, Inc.<sup>(1)</sup> | 3535 | 211634 |
| Arizona Metals Corp.<sup>(1)</sup> | 218 | 124 |
| Atco Ltd., Class I | 3314 | 121354 |
| Athabasca Oil Corp.<sup>(1)</sup> | 23064 | 101100 |
| Atrium Mortgage Investment Corp. | 1422 | 12011 |
| AutoCanada, Inc.<sup>(1)</sup> | 1005 | 24339 |
| Avino Silver & Gold Mines Ltd.<sup>(1)(2)</sup> | 5279 | 23486 |
| B2Gold Corp. | 63141 | 260683 |
| Badger Infrastructure Solutions Ltd. | 1622 | 68064 |
| Ballard Power Systems, Inc.<sup>(1)(2)</sup> | 6664 | 13344 |
| Baytex Energy Corp. | 27438 | 60936 |
| Birchcliff Energy Ltd. | 12001 | 55140 |
| Bird Construction, Inc. | 2443 | 40220 |
| Bitfarms Ltd.<sup>(1)(2)</sup> | 7913 | 10544 |
| Black Diamond Group Ltd. | 2388 | 20118 |
| Boralex, Inc., A Shares | 3500 | 73601 |
| Boston Pizza Royalties Income Fund | 393 | 6184 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Boyd Group Services, Inc. | 825 | $135451 |
| BRP, Inc. | 1322 | 83198 |
| Canada Goose Holdings, Inc.<sup>(1)</sup> | 1982 | 25689 |
| Canfor Corp.<sup>(1)</sup> | 1422 | 13481 |
| Capital Power Corp. | 5758 | 240114 |
| Capstone Copper Corp.<sup>(1)</sup> | 22289 | 159375 |
| Cardinal Energy Ltd. | 5653 | 30007 |
| Cargojet, Inc. | 288 | 21147 |
| Cascades, Inc. | 2869 | 20535 |
| Centerra Gold, Inc. | 7199 | 58762 |
| CES Energy Solutions Corp. | 8641 | 52160 |
| Chorus Aviation, Inc. | 496 | 7339 |
| Cineplex, Inc.<sup>(1)(2)</sup> | 61 | 525 |
| Cogeco Communications, Inc. | 598 | 27990 |
| Cogeco, Inc. | 188 | 8252 |
| Computer Modelling Group Ltd. | 2869 | 12994 |
| Defi Technologies, Inc.<sup>(1)(2)</sup> | 16059 | 32741 |
| Definity Financial Corp. | 2686 | 138842 |
| Docebo, Inc.<sup>(1)</sup> | 866 | 26982 |
| Doman Building Materials Group Ltd. | 895 | 6360 |
| DREAM Unlimited Corp., Class A | 1422 | 21878 |
| Dundee Precious Metals, Inc. | 7208 | 133626 |
| Dynacor Group, Inc. | 949 | 3234 |
| ECN Capital Corp. | 158 | 336 |
| Eldorado Gold Corp.<sup>(1)</sup> | 9128 | 226314 |
| Endeavour Silver Corp.<sup>(1)(2)</sup> | 10908 | 68148 |
| Enerflex Ltd. | 6311 | 63599 |
| Enghouse Systems Ltd. | 1422 | 23680 |
| Ensign Energy Services, Inc.<sup>(1)(2)</sup> | 2869 | 4638 |
| EQB, Inc. | 1422 | 93654 |
| Equinox Gold Corp.<sup>(1)(2)</sup> | 27811 | 243208 |
| ERO Copper Corp.<sup>(1)</sup> | 4331 | 62189 |
| Exchange Income Corp. | 1071 | 55977 |
| Extendicare, Inc. | 2143 | 20317 |
| Fiera Capital Corp. | 3868 | 18955 |
| Finning International, Inc. | 6516 | 270158 |
| Firm Capital Mortgage Investment Corp. | 1616 | 14167 |
| First Majestic Silver Corp. | 11538 | 105605 |
| First National Financial Corp. | 14 | 492 |
| Fortuna Mining Corp.<sup>(1)</sup> | 14490 | 111733 |
| Freehold Royalties Ltd. | 5929 | 57764 |
| Frontera Energy Corp. | 1222 | 5419 |
| G Mining Ventures Corp.<sup>(1)</sup> | 3800 | 56972 |
| Galiano Gold, Inc.<sup>(1)</sup> | 6465 | 13981 |
| Gibson Energy, Inc. | 6473 | 122687 |
| goeasy Ltd. | 500 | 77562 |
| GoGold Resources, Inc.<sup>(1)</sup> | 14260 | 25232 |
| Hammond Power Solutions, Inc. | 168 | 14474 |
| Headwater Exploration, Inc.<sup>(2)</sup> | 9884 | 49012 |
| Hudbay Minerals, Inc. | 17076 | 204909 |
| Hut 8 Corp.<sup>(1)</sup> | 1715 | 45817 |
| IAMGOLD Corp.<sup>(1)</sup> | 24622 | 229304 |
| Interfor Corp.<sup>(1)</sup> | 2172 | 20022 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| International Petroleum Corp.<sup>(1)</sup> | 3587 | $66576 |
| Journey Energy, Inc.<sup>(1)</sup> | 1422 | 3044 |
| K92 Mining, Inc.<sup>(1)</sup> | 11280 | 127227 |
| K-Bro Linen, Inc. | 500 | 13256 |
| Kelt Exploration Ltd.<sup>(1)(2)</sup> | 7199 | 35226 |
| Labrador Iron Ore Royalty Corp. | 2475 | 48406 |
| Laurentian Bank of Canada | 1922 | 42685 |
| Leon's Furniture Ltd. | 1040 | 22612 |
| Lightspeed Commerce, Inc.<sup>(1)</sup> | 1468 | 18150 |
| Linamar Corp. | 1633 | 89156 |
| Lithium Americas Corp.<sup>(1)</sup> | 7072 | 21164 |
| Lithium Argentina AG<sup>(1)(2)</sup> | 2143 | 7318 |
| Lotus Creek Exploration, Inc.<sup>(1)</sup> | 431 | 436 |
| Lundin Gold, Inc. | 4308 | 264907 |
| Magellan Aerospace Corp. | 670 | 7776 |
| Major Drilling Group International, Inc.<sup>(1)(2)</sup> | 3322 | 23415 |
| Maple Leaf Foods, Inc. | 2869 | 75457 |
| Martinrea International, Inc. | 2869 | 21663 |
| Mattr Corp.<sup>(1)</sup> | 2869 | 23961 |
| MCAN Mortgage Corp. | 1401 | 22351 |
| MDA Space Ltd.<sup>(1)</sup> | 6263 | 202527 |
| Medical Facilities Corp. | 910 | 9674 |
| MEG Energy Corp. | 11082 | 227958 |
| Meren Energy, Inc. | 18753 | 24306 |
| Methanex Corp. | 2518 | 89437 |
| Mullen Group Ltd. | 3669 | 36787 |
| Neo Performance Materials, Inc. | 1422 | 18192 |
| New Gold, Inc.<sup>(1)</sup> | 40591 | 239405 |
| New Pacific Metals Corp.<sup>(1)</sup> | 2143 | 3761 |
| NexGen Energy Ltd.<sup>(1)(2)</sup> | 15516 | 122130 |
| North American Construction Group Ltd. | 1422 | 19435 |
| North West Co., Inc. | 2042 | 75028 |
| Northern Dynasty Minerals Ltd.<sup>(1)(2)</sup> | 25290 | 23203 |
| Northland Power, Inc. | 12686 | 205529 |
| NuVista Energy Ltd.<sup>(1)</sup> | 6473 | 68814 |
| Obsidian Energy Ltd.<sup>(1)(2)</sup> | 2869 | 17694 |
| OceanaGold Corp. | 11853 | 216631 |
| Onex Corp. | 2570 | 219882 |
| Orezone Gold Corp.<sup>(1)(2)</sup> | 17900 | 14859 |
| Orla Mining Ltd.<sup>(1)(2)</sup> | 11284 | 124561 |
| Paramount Resources Ltd., A Shares | 3874 | 57602 |
| Parex Resources, Inc. | 3844 | 48423 |
| Parkland Corp. | 4308 | 121898 |
| Pason Systems, Inc. | 2781 | 23793 |
| Pet Valu Holdings Ltd. | 2652 | 75311 |
| PetroTal Corp. | 28841 | 14280 |
| Peyto Exploration & Development Corp. | 9091 | 123720 |
| PHX Energy Services Corp. | 2143 | 12124 |
| Pine Cliff Energy Ltd. | 8641 | 3712 |
| Pizza Pizza Royalty Corp. | 1422 | 16567 |
| PrairieSky Royalty Ltd. | 4392 | 76976 |
| Precision Drilling Corp.<sup>(1)(2)</sup> | 696 | 40290 |
| Premium Brands Holdings Corp. | 1614 | 111012 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Propel Holdings, Inc. | 52 | $1220 |
| Quebecor, Inc., Class B | 1792 | 54451 |
| Quipt Home Medical Corp.<sup>(1)</sup> | 696 | 1824 |
| Real Matters, Inc.<sup>(1)(2)</sup> | 2869 | 13391 |
| Richelieu Hardware Ltd. | 2048 | 54535 |
| Rogers Sugar, Inc. | 2869 | 13245 |
| Russel Metals, Inc. | 2422 | 73365 |
| Sandstorm Gold Ltd. | 12810 | 143085 |
| Saturn Oil & Gas, Inc.<sup>(1)</sup> | 5035 | 9276 |
| Savaria Corp. | 25 | 379 |
| Seabridge Gold, Inc.<sup>(1)(2)</sup> | 1410 | 24620 |
| Secure Waste Infrastructure Corp. | 9364 | 111753 |
| Silvercorp Metals, Inc.<sup>(2)</sup> | 10559 | 51052 |
| South Bow Corp. | 6710 | 185956 |
| Spartan Delta Corp.<sup>(1)(2)</sup> | 8003 | 28437 |
| Spin Master Corp., VTG Shares | 1201 | 19773 |
| Sprott, Inc. | 1085 | 71491 |
| SSR Mining, Inc.<sup>(1)</sup> | 10005 | 193055 |
| Stella-Jones, Inc. | 1900 | 108216 |
| StorageVault Canada, Inc. | 8681 | 30215 |
| Strathcona Resources Ltd. | 60 | 1668 |
| SunOpta, Inc.<sup>(1)(2)</sup> | 2543 | 15887 |
| Superior Plus Corp. | 9994 | 52832 |
| Surge Energy, Inc. | 3587 | 18100 |
| Talon Metals Corp.<sup>(1)</sup> | 48566 | 14145 |
| Tamarack Valley Energy Ltd. | 20982 | 82348 |
| Taseko Mines Ltd.<sup>(1)</sup> | 14880 | 48540 |
| TerraVest Industries, Inc. | 665 | 69810 |
| Timbercreek Financial Corp. | 3615 | 20374 |
| Topaz Energy Corp. | 1155 | 21067 |
| Torex Gold Resources, Inc.<sup>(1)</sup> | 4209 | 140397 |
| Total Energy Services, Inc. | 1422 | 13802 |
| TransAlta Corp. | 12256 | 150551 |
| Transcontinental, Inc., Class A | 2143 | 31770 |
| Trican Well Service Ltd. | 7199 | 31242 |
| Trilogy Metals, Inc.<sup>(1)</sup> | 5910 | 9984 |
| Triple Flag Precious Metals Corp. | 2565 | 70151 |
| Trisura Group Ltd.<sup>(1)</sup> | 696 | 20267 |
| Uranium Royalty Corp.<sup>(1)</sup> | 306 | 963 |
| Valeura Energy, Inc.<sup>(1)</sup> | 5034 | 29471 |
| Vermilion Energy, Inc. | 5399 | 40767 |
| Wajax Corp. | 1422 | 24643 |
| Wesdome Gold Mines Ltd.<sup>(1)</sup> | 5839 | 77507 |
| West Fraser Timber Co. Ltd. | 1600 | 116550 |
| Westshore Terminals Investment Corp.<sup>(2)</sup> | 1522 | 28526 |
| Whitecap Resources, Inc. | 52032 | 391751 |
| Winpak Ltd.<sup>(2)</sup> | 1422 | 43301 |
|  |  | 12197739 |
| **Denmark — 1.7%** |  |  |
| ALK-Abello AS<sup>(1)</sup> | 288 | 9092 |
| Alm Brand AS | 53063 | 148040 |
| Bavarian Nordic AS<sup>(1)</sup> | 2738 | 101494 |
| cBrain AS | 471 | 13804 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chemometec AS | 907 | $74061 |
| D/S Norden AS | 933 | 33318 |
| Dfds AS<sup>(1)</sup> | 1462 | 22907 |
| FLSmidth & Co. AS | 2091 | 142861 |
| GN Store Nord AS<sup>(1)</sup> | 3845 | 69635 |
| Green Hydrogen Systems AS<sup>(1)</sup> | 1379 | 89 |
| H&H International AS, B Shares<sup>(1)</sup> | 644 | 9762 |
| Harboes Bryggeri AS, Class B | 60 | 1248 |
| ISS AS | 6439 | 188315 |
| Netcompany Group AS<sup>(1)</sup> | 2139 | 81554 |
| Nilfisk Holding AS<sup>(1)</sup> | 529 | 8905 |
| NKT AS<sup>(1)</sup> | 3422 | 325957 |
| NTG Nordic Transport Group AS<sup>(1)</sup> | 616 | 17734 |
| Per Aarsleff Holding AS | 1202 | 117849 |
| Ringkjoebing Landbobank AS | 818 | 184839 |
| Royal Unibrew AS | 2760 | 213297 |
| Schouw & Co. AS | 569 | 52792 |
| Skjern Bank | 96 | 3688 |
| Solar AS, B Shares | 219 | 7448 |
| SP Group AS | 474 | 20225 |
| Sparekassen Sjaelland-Fyn AS | 555 | 28621 |
| Sydbank AS | 3198 | 243155 |
| TORM PLC, Class A | 2564 | 55019 |
|  |  | 2175709 |
| **Finland — 1.0%** |  |  |
| Anora Group OYJ | 2434 | 9333 |
| Citycon OYJ<sup>(2)</sup> | 8196 | 34551 |
| Endomines Finland OYJ<sup>(1)</sup> | 391 | 12927 |
| Finnair OYJ<sup>(1)(2)</sup> | 8801 | 32349 |
| F-Secure OYJ | 5759 | 11161 |
| Harvia OYJ<sup>(2)</sup> | 1109 | 49883 |
| Incap OYJ<sup>(1)</sup> | 856 | 10182 |
| Kalmar OYJ, B Shares | 3347 | 154063 |
| Kemira OYJ | 7670 | 177320 |
| Kojamo OYJ<sup>(1)</sup> | 3535 | 43326 |
| Mandatum OYJ | 21355 | 146788 |
| Marimekko OYJ | 2434 | 34141 |
| Metsa Board OYJ, Class B<sup>(2)</sup> | 5535 | 20312 |
| Nokian Renkaat OYJ | 8847 | 83243 |
| Outokumpu OYJ | 31265 | 128633 |
| Puuilo OYJ | 7043 | 109857 |
| QT Group OYJ<sup>(1)(2)</sup> | 1390 | 76606 |
| Raisio OYJ, V Shares | 3659 | 10712 |
| Revenio Group OYJ | 1149 | 32080 |
| TietoEVRY OYJ<sup>(2)</sup> | 1641 | 30652 |
| Tokmanni Group Corp.<sup>(2)</sup> | 3275 | 35498 |
| WithSecure OYJ<sup>(1)</sup> | 5914 | 11725 |
| YIT OYJ<sup>(1)</sup> | 9289 | 35182 |
|  |  | 1290524 |
| **France — 3.0%** |  |  |
| Alten SA | 1842 | 142235 |
| Antin Infrastructure Partners SA | 2263 | 30190 |
| Aperam SA | 3411 | 103557 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Aramis Group SAS<sup>(1)</sup> | 1837 | $11822 |
| Assystem SA | 392 | 20601 |
| Atos SE<sup>(1)</sup> | 174 | 8901 |
| Beneteau SACA | 2975 | 29109 |
| Boiron SA | 351 | 8670 |
| Carbios SACA<sup>(1)</sup> | 350 | 4150 |
| Catana Group<sup>(2)</sup> | 1325 | 5299 |
| Cie des Alpes | 1675 | 43415 |
| Clariane SE<sup>(1)</sup> | 20212 | 101345 |
| Coface SA | 7881 | 148418 |
| Derichebourg SA | 9244 | 64704 |
| Elior Group SA<sup>(1)</sup> | 8166 | 23992 |
| Equasens | 389 | 20831 |
| Eramet SA<sup>(2)</sup> | 662 | 39522 |
| Esso SA Francaise<sup>(2)</sup> | 248 | 28256 |
| Etablissements Maurel et Prom SA | 6183 | 36799 |
| Euroapi SA<sup>(1)</sup> | 2087 | 7362 |
| Eutelsat Communications SACA<sup>(1)(2)</sup> | 8980 | 32677 |
| Exosens SAS | 1431 | 65871 |
| Fnac Darty SA | 1036 | 35706 |
| Forvia SE<sup>(1)</sup> | 8490 | 113292 |
| Genfit SA<sup>(1)(2)</sup> | 2731 | 11031 |
| GL Events SACA | 158 | 5646 |
| ID Logistics Group SACA<sup>(1)</sup> | 227 | 109033 |
| Imerys SA | 2720 | 69492 |
| IPSOS SA | 2415 | 100342 |
| Kaufman & Broad SA | 978 | 32800 |
| La Francaise De L'energie SACA<sup>(1)</sup> | 253 | 8584 |
| Louis Hachette Group | 57063 | 109761 |
| Lumibird<sup>(1)</sup> | 879 | 16598 |
| Maisons du Monde SA<sup>(1)(2)</sup> | 1401 | 3213 |
| Manitou BF SA | 677 | 14920 |
| Mersen SA | 1368 | 38825 |
| Metropole Television SA | 1931 | 29748 |
| Nexans SA | 1328 | 202480 |
| Nexity SA<sup>(1)(2)</sup> | 3501 | 35372 |
| Opmobility | 4915 | 79268 |
| OVH Groupe SA<sup>(1)(2)</sup> | 2555 | 30479 |
| Pluxee NV | 981 | 19981 |
| Pullup Entertainment<sup>(1)</sup> | 405 | 10748 |
| Quadient SA | 662 | 12385 |
| Remy Cointreau SA<sup>(2)</sup> | 1580 | 96996 |
| ReWorld Media SA | 1153 | 2462 |
| Seche Environnement SACA | 131 | 14336 |
| SES SA | 34691 | 242488 |
| SMCP SA<sup>(1)</sup> | 3413 | 25401 |
| Societe BIC SA | 2011 | 125671 |
| SOITEC<sup>(1)</sup> | 485 | 20143 |
| Solutions 30 SE<sup>(1)</sup> | 7114 | 14278 |
| STIF SA | 213 | 20794 |
| Sword Group | 479 | 19789 |
| Television Francaise 1 SA | 3495 | 34506 |
| Trigano SA | 774 | 136555 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ubisoft Entertainment SA<sup>(1)</sup> | 6267 | $68566 |
| Valeo SE | 18788 | 228009 |
| Vallourec SACA | 17230 | 309326 |
| Valneva SE<sup>(1)(2)</sup> | 8204 | 36831 |
| Vicat SACA | 1443 | 101017 |
| Viridien<sup>(1)</sup> | 400 | 26163 |
| Vivendi SE<sup>(1)</sup> | 20370 | 72905 |
| Voltalia SA<sup>(1)(2)</sup> | 3581 | 28520 |
| VusionGroup | 390 | 97889 |
| X-Fab Silicon Foundries SE<sup>(1)(2)</sup> | 4776 | 38954 |
|  |  | 3829029 |
| **Germany — 3.8%** |  |  |
| 1&1 AG | 2117 | 50668 |
| 2G Energy AG | 521 | 22417 |
| 7C Solarparken AG<sup>(1)</sup> | 2009 | 4255 |
| Adesso SE | 162 | 16496 |
| Adtran Networks SE | 527 | 12950 |
| AIXTRON SE | 5565 | 81726 |
| All for One Group SE | 124 | 6574 |
| AlzChem Group AG | 317 | 53784 |
| Amadeus Fire AG | 252 | 17811 |
| Atoss Software SE | 489 | 58702 |
| Aumann AG | 271 | 3546 |
| Aurubis AG | 1447 | 164283 |
| Basler AG<sup>(1)</sup> | 212 | 4167 |
| BayWa AG<sup>(1)</sup> | 27 | 306 |
| Bechtle AG | 1760 | 80001 |
| Befesa SA | 1702 | 54677 |
| Bijou Brigitte AG | 155 | 7146 |
| Bilfinger SE | 2125 | 220206 |
| Bitcoin Group SE | 247 | 11244 |
| Borussia Dortmund GmbH & Co. KGaA | 3961 | 17006 |
| BRANICKS Group AG<sup>(1)</sup> | 740 | 1696 |
| CANCOM SE | 1236 | 33202 |
| Ceconomy AG<sup>(1)</sup> | 7417 | 38630 |
| Cewe Stiftung & Co. KGaA | 241 | 27129 |
| Clearvise AG | 478 | 923 |
| Datagroup SE | 102 | 7271 |
| Dermapharm Holding SE | 274 | 10542 |
| Deutsche Beteiligungs AG | 523 | 15457 |
| Deutsche Pfandbriefbank AG | 6198 | 38338 |
| Deutsche Rohstoff AG | 257 | 12170 |
| Deutz AG | 7269 | 75660 |
| Douglas AG<sup>(1)</sup> | 817 | 11634 |
| Draegerwerk AG & Co. KGaA | 61 | 3959 |
| Draegerwerk AG & Co. KGaA, Preference Shares | 268 | 20789 |
| Duerr AG | 2133 | 52946 |
| Eckert & Ziegler SE | 1719 | 34733 |
| Einhell Germany AG, Preference Shares | 224 | 20567 |
| Elmos Semiconductor SE | 211 | 20148 |
| ElringKlinger AG | 933 | 5187 |
| Fielmann Group AG | 1307 | 79386 |
| flatexDEGIRO AG | 4751 | 157199 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(1)</sup> | 1232 | $105575 |
| Freenet AG | 4571 | 152669 |
| Friedrich Vorwerk Group SE | 395 | 33304 |
| FUCHS SE, Preference Shares | 1953 | 93759 |
| GFT Technologies SE | 649 | 13325 |
| Grand City Properties SA | 3566 | 45996 |
| Grenke AG | 1099 | 21695 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 15409 | 36295 |
| HelloFresh SE<sup>(1)</sup> | 7399 | 65460 |
| Hornbach Holding AG & Co. KGaA | 487 | 59276 |
| HUGO BOSS AG | 2151 | 105980 |
| Indus Holding AG | 833 | 21887 |
| Instone Real Estate Group SE | 527 | 5706 |
| IONOS Group SE<sup>(1)</sup> | 1026 | 45803 |
| Jenoptik AG | 2209 | 43968 |
| JOST Werke SE | 599 | 36718 |
| Jungheinrich AG, Preference Shares | 2417 | 85016 |
| K&S AG | 9842 | 132993 |
| Kloeckner & Co. SE | 2872 | 19802 |
| Koenig & Bauer AG<sup>(1)</sup> | 529 | 9542 |
| Kontron AG | 1959 | 56022 |
| Krones AG | 645 | 99200 |
| Lang & Schwarz AG | 433 | 10393 |
| Lanxess AG | 3826 | 108552 |
| LPKF Laser & Electronics SE<sup>(1)</sup> | 902 | 8356 |
| MBB SE | 93 | 17917 |
| Medios AG<sup>(1)</sup> | 130 | 2303 |
| Mutares SE & Co. KGaA | 739 | 24699 |
| Nagarro SE | 307 | 18905 |
| Nordex SE<sup>(1)</sup> | 7040 | 172264 |
| Norma Group SE | 1583 | 29445 |
| Patrizia SE | 1760 | 15317 |
| Pentixapharm Holding AG<sup>(1)</sup> | 39 | 79 |
| Pfeiffer Vacuum Technology AG | 143 | 26296 |
| Platform Group AG<sup>(1)</sup> | 354 | 4059 |
| ProCredit Holding AG | 1232 | 13286 |
| ProSiebenSat.1 Media SE<sup>(1)</sup> | 5069 | 50522 |
| Puma SE | 3177 | 80068 |
| RENK Group AG | 1889 | 137966 |
| SAF-Holland SE | 2336 | 43521 |
| Salzgitter AG | 1242 | 32393 |
| Schaeffler AG | 5659 | 39155 |
| Schott Pharma AG & Co. KGaA | 1796 | 47999 |
| Secunet Security Networks AG | 94 | 21258 |
| SGL Carbon SE<sup>(1)</sup> | 3123 | 12382 |
| Siltronic AG | 776 | 32233 |
| Sixt SE | 661 | 65387 |
| Sixt SE, Preference Shares | 792 | 55231 |
| SMA Solar Technology AG<sup>(1)</sup> | 721 | 19140 |
| Steico SE | 258 | 7431 |
| STO SE & Co. KGaA, Preference Shares | 113 | 16424 |
| STRATEC SE | 174 | 5537 |
| Stroeer SE & Co. KGaA | 1368 | 66439 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Suedzucker AG | 2905 | $34062 |
| SUSS MicroTec SE | 612 | 18234 |
| TAG Immobilien AG | 8560 | 153361 |
| TeamViewer SE<sup>(1)</sup> | 5272 | 55953 |
| thyssenkrupp AG | 19535 | 206732 |
| United Internet AG | 4331 | 138443 |
| Verbio SE | 1170 | 14536 |
| VIB Vermoegen AG | 170 | 1624 |
| Vossloh AG | 524 | 51665 |
| Wacker Chemie AG | 685 | 52271 |
| Wacker Neuson SE | 1487 | 43675 |
| Wuestenrot & Wuerttembergische AG | 1020 | 16663 |
|  |  | 4817698 |
| **Hong Kong — 1.5%** |  |  |
| Bright Smart Securities & Commodities Group Ltd.<sup>(1)(2)</sup> | 36000 | 54022 |
| Cafe de Coral Holdings Ltd. | 24000 | 21656 |
| China Beststudy Education Group | 5000 | 3428 |
| Chow Sang Sang Holdings International Ltd. | 17000 | 29302 |
| CITIC Telecom International Holdings Ltd. | 102000 | 33805 |
| Comba Telecom Systems Holdings Ltd.<sup>(1)</sup> | 146000 | 45881 |
| Cowell e Holdings, Inc.<sup>(1)(2)</sup> | 4000 | 17811 |
| Crypto Flow Technology Ltd.<sup>(1)</sup> | 24000 | 11060 |
| Dah Sing Banking Group Ltd. | 22400 | 30101 |
| Dah Sing Financial Holdings Ltd. | 9600 | 43674 |
| Deep Source Holdings Ltd.<sup>(1)(2)</sup> | 160000 | 17086 |
| Dream International Ltd. | 14000 | 25692 |
| EC Healthcare | 1000 | 104 |
| E-Commodities Holdings Ltd. | 40000 | 4317 |
| Emperor Watch & Jewellery Ltd. | 240000 | 9870 |
| First Pacific Co. Ltd. | 80000 | 68565 |
| Giordano International Ltd. | 30000 | 6004 |
| Guotai Junan International Holdings Ltd.<sup>(2)</sup> | 98000 | 74809 |
| Hang Lung Group Ltd. | 54000 | 94631 |
| Hao Tian International Construction Investment Group Ltd.<sup>(1)</sup> | 88000 | 2427 |
| Health & Happiness H&H International Holdings Ltd.<sup>(2)</sup> | 6500 | 12308 |
| HKBN Ltd. | 64000 | 41510 |
| Hong Kong Technology Venture Co. Ltd. | 4000 | 740 |
| Hong Kong Zcloud Technology Construction Ltd.<sup>(1)</sup> | 64000 | 17898 |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 24000 | 3416 |
| Hysan Development Co. Ltd. | 37000 | 69584 |
| IGG, Inc. | 41000 | 24976 |
| Impro Precision Industries Ltd. | 29000 | 13817 |
| Johnson Electric Holdings Ltd. | 24500 | 90021 |
| JS Global Lifestyle Co. Ltd.<sup>(1)(2)</sup> | 72000 | 20269 |
| Luk Fook Holdings International Ltd. | 19000 | 59337 |
| Man Wah Holdings Ltd. | 107600 | 65409 |
| Melco International Development Ltd.<sup>(1)(2)</sup> | 62000 | 42556 |
| Mobvista, Inc.<sup>(1)</sup> | 38000 | 68893 |
| New World Development Co. Ltd.<sup>(1)(2)</sup> | 52000 | 44534 |
| Pacific Basin Shipping Ltd. | 348000 | 97785 |
| Pacific Textiles Holdings Ltd. | 15000 | 2872 |
| PAX Global Technology Ltd. | 48000 | 40001 |
| PC Partner Group Ltd. | 20000 | 17648 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Plover Bay Technologies Ltd.<sup>(2)</sup> | 14000 | $11805 |
| Singamas Container Holdings Ltd. | 78000 | 7322 |
| SJM Holdings Ltd.<sup>(1)(2)</sup> | 62000 | 23120 |
| Stella International Holdings Ltd.<sup>(2)</sup> | 43500 | 94099 |
| SUNeVision Holdings Ltd. | 49000 | 48140 |
| Television Broadcasts Ltd.<sup>(1)</sup> | 22900 | 11057 |
| Texhong International Group Ltd. | 2000 | 1206 |
| Time Interconnect Technology Ltd. | 6000 | 10227 |
| Truly International Holdings Ltd. | 46000 | 7110 |
| United Energy Group Ltd.<sup>(2)</sup> | 440000 | 30984 |
| United Laboratories International Holdings Ltd. | 32000 | 63139 |
| Value Partners Group Ltd. | 62000 | 22871 |
| Vitasoy International Holdings Ltd. | 40000 | 46907 |
| VSTECS Holdings Ltd. | 20000 | 28048 |
| VTech Holdings Ltd. | 12500 | 100980 |
| Yue Yuen Industrial Holdings Ltd. | 48500 | 85733 |
|  |  | 1920567 |
| **Ireland — 0.2%** |  |  |
| Cairn Homes PLC | 2226 | 5743 |
| Dalata Hotel Group PLC | 13139 | 97971 |
| Glenveagh Properties PLC<sup>(1)</sup> | 37901 | 86562 |
| Origin Enterprises PLC | 6273 | 27863 |
| Uniphar PLC | 20315 | 96309 |
|  |  | 314448 |
| **Israel — 3.7%** |  |  |
| Ackerstein Group Ltd. | 4238 | 11596 |
| Africa Israel Residences Ltd. | 262 | 18876 |
| Airport City Ltd.<sup>(1)</sup> | 2847 | 51727 |
| Alony Hetz Properties & Investments Ltd. | 6841 | 77740 |
| Altshuler Shaham Finance Ltd. | 2303 | 4576 |
| Amot Investments Ltd. | 11069 | 79079 |
| Analyst IMS Investment Management Services Ltd. | 10 | 367 |
| Argo Properties NV<sup>(1)</sup> | 839 | 26382 |
| Aryt Industries Ltd. | 2608 | 30224 |
| Ashdod Refinery Ltd.<sup>(1)</sup> | 308 | 5204 |
| Ashtrom Group Ltd. | 2094 | 42740 |
| AudioCodes Ltd. | 464 | 4473 |
| Aura Investments Ltd. | 6796 | 42050 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 76353 | 140400 |
| Big Shopping Centers Ltd. | 711 | 139565 |
| Blue Square Real Estate Ltd. | 260 | 29372 |
| Caesarstone Ltd.<sup>(1)</sup> | 506 | 719 |
| Carasso Motors Ltd. | 1328 | 15886 |
| Cellcom Israel Ltd.<sup>(1)</sup> | 5844 | 52987 |
| Ceragon Networks Ltd.<sup>(1)</sup> | 2342 | 4754 |
| Clal Insurance Enterprises Holdings Ltd. | 2806 | 143979 |
| Danel Adir Yeoshua Ltd. | 196 | 27792 |
| Danya Cebus Ltd. | 130 | 5071 |
| Delek Automotive Systems Ltd. | 1578 | 12278 |
| Delek Group Ltd. | 391 | 86271 |
| Delta Galil Ltd. | 473 | 24691 |
| Direct Finance of Direct Group 2006 Ltd. | 62 | 9123 |
| Doral Group Renewable Energy Resources Ltd.<sup>(1)</sup> | 4240 | 20351 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| El Al Israel Airlines<sup>(1)</sup> | 15493 | $61912 |
| Electra Consumer Products 1970 Ltd. | 557 | 19670 |
| Electra Ltd. | 88 | 52512 |
| Energix-Renewable Energies Ltd. | 9447 | 36570 |
| Enlight Renewable Energy Ltd.<sup>(1)</sup> | 5303 | 150295 |
| Equital Ltd.<sup>(1)</sup> | 1060 | 46570 |
| Fattal Holdings 1998 Ltd.<sup>(1)</sup> | 349 | 56883 |
| FIBI Holdings Ltd. | 857 | 64961 |
| Fox Wizel Ltd. | 389 | 36414 |
| G City Ltd. | 3702 | 14072 |
| Gilat Satellite Networks Ltd.<sup>(1)</sup> | 1874 | 18099 |
| Hagag Group Real Estate Development<sup>(1)</sup> | 725 | 4612 |
| Harel Insurance Investments & Financial Services Ltd. | 4428 | 147429 |
| Hilan Ltd. | 697 | 55182 |
| IDI Insurance Co. Ltd. | 312 | 22065 |
| IES Holdings Ltd.<sup>(1)</sup> | 3 | 256 |
| Inmode Ltd.<sup>(1)</sup> | 1929 | 28819 |
| Inrom Construction Industries Ltd. | 5754 | 35258 |
| Isracard Ltd. | 8624 | 34720 |
| Israel Canada TR Ltd. | 2039 | 8780 |
| Israel Corp. Ltd. | 173 | 56030 |
| Isras Holdings Ltd.<sup>(1)</sup> | 133 | 15411 |
| Isras Investment Co. Ltd. | 56 | 14721 |
| Ituran Location & Control Ltd. | 729 | 24582 |
| Kenon Holdings Ltd. | 962 | 45366 |
| Kornit Digital Ltd.<sup>(1)</sup> | 1024 | 15299 |
| Kvutzat Acro Ltd. | 527 | 7231 |
| Land Development Nimrodi Group Ltd. | 311 | 3225 |
| M Yochananof & Sons Ltd. | 227 | 19841 |
| Magic Software Enterprises Ltd. | 1182 | 24368 |
| Malam-Team Holding Ltd.<sup>(1)</sup> | 133 | 8261 |
| Matrix IT Ltd. | 1626 | 57217 |
| Max Stock Ltd. | 3826 | 22022 |
| Maytronics Ltd. | 1246 | 1599 |
| Mega Or Holdings Ltd. | 1000 | 48755 |
| Melisron Ltd. | 15 | 1758 |
| Menora Mivtachim Holdings Ltd. | 1192 | 115555 |
| Meshek Energy Renewable Energies Ltd.<sup>(1)</sup> | 14492 | 18505 |
| Meshulam Levinstein Contracting & Engineering Ltd. | 102 | 13919 |
| Migdal Insurance & Financial Holdings Ltd. | 16297 | 58705 |
| Mivne Real Estate KD Ltd. | 27947 | 102393 |
| Mivtach Shamir Holdings Ltd. | 10 | 830 |
| Nano-X Imaging Ltd.<sup>(1)</sup> | 98 | 379 |
| Nayax Ltd.<sup>(1)</sup> | 765 | 38041 |
| Neto Malinda Trading Ltd. | 577 | 22137 |
| Next Vision Stabilized Systems Ltd. | 3387 | 140949 |
| Nexxen International Ltd.<sup>(1)</sup> | 881 | 8841 |
| Nexxen International Ltd.<sup>(1)</sup> | 250 | 2508 |
| Novolog Ltd. | 10043 | 4402 |
| Oddity Tech Ltd., Class A<sup>(1)</sup> | 2639 | 158894 |
| Oil Refineries Ltd. | 159013 | 39408 |
| One Software Technologies Ltd. | 2175 | 53088 |
| OPC Energy Ltd.<sup>(1)</sup> | 5520 | 87215 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Orbit Technologies Ltd. | 726 | $8731 |
| OY Nofar Energy Ltd.<sup>(1)</sup> | 928 | 29362 |
| Palram Industries 1990 Ltd. | 528 | 10954 |
| Partner Communications Co. Ltd. | 5833 | 54677 |
| Paz Retail & Energy Ltd. | 428 | 80733 |
| Perion Network Ltd.<sup>(1)</sup> | 1577 | 14513 |
| Phoenix Financial Ltd. | 9626 | 340380 |
| Polyram Plastic Industries Ltd. | 990 | 3426 |
| Prashkovsky Investments & Construction Ltd. | 212 | 8466 |
| Priortech Ltd.<sup>(1)</sup> | 145 | 7303 |
| Qualitau Ltd. | 164 | 19230 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 425 | 38710 |
| Retailors Ltd. | 811 | 14955 |
| Sapiens International Corp. NV | 1110 | 47505 |
| Scope Metals Group Ltd. | 235 | 10334 |
| Shapir Engineering & Industry Ltd. | 51 | 403 |
| Shikun & Binui Ltd.<sup>(1)</sup> | 17050 | 75476 |
| Shufersal Ltd. | 12472 | 154821 |
| SimilarWeb Ltd.<sup>(1)</sup> | 1020 | 10598 |
| Strauss Group Ltd. | 2546 | 67044 |
| Summit Real Estate Holdings Ltd. | 80 | 1554 |
| Tadiran Group Ltd. | 15 | 836 |
| Tamar Petroleum Ltd. | 2109 | 26344 |
| Tel Aviv Stock Exchange Ltd. | 4170 | 96794 |
| Telsys Ltd. | 157 | 9836 |
| Tower Semiconductor Ltd.<sup>(1)</sup> | 2171 | 129815 |
| YH Dimri Construction & Development Ltd. | 417 | 45579 |
| ZIM Integrated Shipping Services Ltd. | 5440 | 74038 |
|  |  | 4617224 |
| **Italy — 3.0%** |  |  |
| ACEA SpA | 4158 | 98353 |
| Ariston Holding NV | 5362 | 28001 |
| Arnoldo Mondadori Editore SpA | 7492 | 18196 |
| Avio SpA | 1427 | 59440 |
| Azimut Holding SpA | 9120 | 327200 |
| Banca IFIS SpA | 2426 | 65585 |
| Banca Sistema SpA<sup>(1)(2)</sup> | 5327 | 10126 |
| Banco di Desio e della Brianza SpA | 2568 | 22031 |
| BFF Bank SpA<sup>(1)</sup> | 4055 | 53096 |
| Biesse SpA | 430 | 3749 |
| Brembo NV<sup>(2)</sup> | 9216 | 102025 |
| Cairo Communication SpA<sup>(1)</sup> | 4000 | 12542 |
| Cembre SpA | 99 | 7241 |
| Cementir Holding NV | 4231 | 69514 |
| CIR SpA-Compagnie Industriali<sup>(1)</sup> | 50692 | 37357 |
| Credito Emiliano SpA | 5784 | 90940 |
| d'Amico International Shipping SA | 2594 | 12068 |
| Danieli & C Officine Meccaniche SpA | 966 | 45225 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 3277 | 110082 |
| Datalogic SpA | 725 | 3791 |
| De' Longhi SpA | 4334 | 151797 |
| Digital Bros SpA<sup>(1)</sup> | 212 | 3049 |
| Digital Value SpA<sup>(2)</sup> | 333 | 12725 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| doValue SpA<sup>(1)</sup> | 7060 | $22967 |
| El.En. SpA | 3784 | 52288 |
| Enav SpA | 20853 | 102642 |
| Equita Group SpA | 1765 | 10253 |
| ERG SpA | 4285 | 103576 |
| Esprinet SpA<sup>(2)</sup> | 1153 | 6131 |
| Eurogroup Laminations SpA<sup>(2)</sup> | 2893 | 12121 |
| Ferretti SpA | 7207 | 22710 |
| Fila SpA | 1932 | 19713 |
| Fincantieri SpA<sup>(1)(2)</sup> | 5058 | 120564 |
| GVS SpA<sup>(1)(2)</sup> | 1593 | 8420 |
| Intercos SpA | 3533 | 49370 |
| Iren SpA | 43795 | 132307 |
| Italian Sea Group SpA | 812 | 4701 |
| Iveco Group NV | 14876 | 319862 |
| Juventus Football Club SpA<sup>(1)(2)</sup> | 9260 | 31778 |
| Maire SpA | 10957 | 158261 |
| MARR SpA(2) | 3061 | 34641 |
| MFE-MediaForEurope NV, Class A<sup>(2)</sup> | 12817 | 46692 |
| MFE-MediaForEurope NV, Class B<sup>(2)</sup> | 4136 | 21995 |
| NewPrinces SpA<sup>(1)</sup> | 1105 | 32454 |
| OVS SpA | 13404 | 64636 |
| Pharmanutra SpA<sup>(2)</sup> | 203 | 11591 |
| Piaggio & C SpA<sup>(2)</sup> | 9229 | 21575 |
| RAI Way SpA | 6049 | 42769 |
| Reply SpA | 69 | 9942 |
| Safilo Group SpA<sup>(1)</sup> | 12845 | 22732 |
| Saipem SpA<sup>(2)</sup> | 50666 | 142372 |
| Salvatore Ferragamo SpA<sup>(1)(2)</sup> | 4725 | 25998 |
| Sanlorenzo SpA<sup>(2)</sup> | 778 | 29755 |
| Sesa SpA(2) | 532 | 46182 |
| Sogefi SpA | 4504 | 14297 |
| SOL SpA | 3416 | 206670 |
| Tamburi Investment Partners SpA | 7528 | 72069 |
| Technogym SpA | 8335 | 142343 |
| Webuild SpA<sup>(2)</sup> | 37802 | 170339 |
| Wiit SpA<sup>(2)</sup> | 604 | 13217 |
| Zignago Vetro SpA<sup>(2)</sup> | 2398 | 23012 |
|  |  | 3717078 |
| **Japan — 32.0%** |  |  |
| & ST HD Co. Ltd. | 1100 | 22508 |
| 77 Bank Ltd. | 4100 | 157284 |
| A&D HOLON Holdings Co. Ltd. | 1300 | 17433 |
| Access Co. Ltd.<sup>(1)</sup> | 500 | 2128 |
| Achilles Corp. | 200 | 1500 |
| AD Works Group Co. Ltd. | 5500 | 17004 |
| ADEKA Corp. | 4100 | 91226 |
| Ad-sol Nissin Corp. | 1200 | 11235 |
| Advanced Media, Inc. | 700 | 4916 |
| Adventure, Inc. | 100 | 2091 |
| Aeon Fantasy Co. Ltd.<sup>(1)(2)</sup> | 600 | 15452 |
| AEON Financial Service Co. Ltd. | 7400 | 74370 |
| Aeon Hokkaido Corp. | 2400 | 14892 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ahresty Corp. | 200 | $1262 |
| Ai Holdings Corp. | 120 | 2096 |
| Ai Robotics, Inc.<sup>(1)</sup> | 400 | 22186 |
| Aica Kogyo Co. Ltd. | 3600 | 92506 |
| Aichi Corp. | 1100 | 9836 |
| Aichi Electric Co. Ltd. | 100 | 3903 |
| Aichi Financial Group, Inc. | 2100 | 41406 |
| Aichi Steel Corp. | 2400 | 46914 |
| Aichi Tokei Denki Co. Ltd. | 100 | 1788 |
| Aida Engineering Ltd. | 2100 | 13066 |
| Aidma Holdings, Inc. | 400 | 7385 |
| Aiful Corp. | 27300 | 86600 |
| Ain Holdings, Inc. | 1700 | 70380 |
| Aiphone Co. Ltd. | 200 | 3789 |
| Airport Facilities Co. Ltd. | 1300 | 9111 |
| Airtrip Corp. | 600 | 4044 |
| Aisan Industry Co. Ltd. | 2400 | 31688 |
| AIT Corp. | 200 | 2590 |
| Aizawa Securities Group Co. Ltd. | 1300 | 12416 |
| Akatsuki, Inc. | 500 | 10146 |
| Akebono Brake Industry Co. Ltd.<sup>(1)</sup> | 9700 | 7439 |
| Akita Bank Ltd. | 1500 | 35735 |
| Albis Co. Ltd. | 100 | 2119 |
| Alconix Corp. | 2000 | 29347 |
| Alfresa Holdings Corp. | 10600 | 159514 |
| Alinco, Inc. | 300 | 2220 |
| Alleanza Holdings Co. Ltd. | 300 | 2090 |
| Allied Telesis Holdings KK | 4900 | 6452 |
| Alpen Co. Ltd.<sup>(2)</sup> | 1000 | 16102 |
| Alpha Systems, Inc. | 100 | 2516 |
| AlphaPolis Co. Ltd. | 700 | 6820 |
| Alps Alpine Co. Ltd. | 10900 | 132991 |
| Altech Corp. | 300 | 5907 |
| Amano Corp. | 3200 | 91412 |
| Amiya Corp.<sup>(1)</sup> | 200 | 5075 |
| Amiyaki Tei Co. Ltd. | 600 | 6156 |
| Amuse, Inc. | 100 | 1348 |
| Amvis Holdings, Inc. | 1300 | 5590 |
| Anabuki Kosan, Inc. | 100 | 1427 |
| Anest Iwata Corp. | 1800 | 19243 |
| Anicom Holdings, Inc. | 3900 | 23739 |
| Anritsu Corp. | 10200 | 119693 |
| Anycolor, Inc. | 2500 | 80472 |
| AnyMind Group, Inc.<sup>(1)</sup> | 1000 | 5169 |
| Aohata Corp. | 100 | 2537 |
| AOKI Holdings, Inc. | 2200 | 26657 |
| Aoyama Trading Co. Ltd.<sup>(2)</sup> | 2700 | 44819 |
| Aozora Bank Ltd.<sup>(2)</sup> | 7300 | 113253 |
| Appier Group, Inc. | 3200 | 33372 |
| Arakawa Chemical Industries Ltd. | 300 | 2286 |
| Arata Corp. | 1100 | 22729 |
| Araya Industrial Co. Ltd. | 300 | 10488 |
| ARCLANDS Corp. | 2887 | 35433 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Arcs Co. Ltd. | 2400 | $49178 |
| ARE Holdings, Inc. | 6200 | 86097 |
| Arealink Co. Ltd. | 1200 | 20700 |
| Argo Graphics, Inc. | 200 | 6377 |
| Arisawa Manufacturing Co. Ltd. | 2000 | 21815 |
| Artience Co. Ltd. | 2200 | 45643 |
| Artnature, Inc. | 300 | 1662 |
| Artner Co. Ltd. | 100 | 1322 |
| As One Corp. | 1300 | 22221 |
| Asahi Co. Ltd. | 800 | 7472 |
| Asahi Diamond Industrial Co. Ltd. | 2200 | 12064 |
| Asahi Kogyosha Co. Ltd. | 1200 | 25233 |
| Asahi Net, Inc. | 400 | 1902 |
| Asahi Printing Co. Ltd. | 300 | 1841 |
| Asahi Yukizai Corp.<sup>(2)</sup> | 500 | 15123 |
| Asanuma Corp. | 5000 | 28984 |
| Asax Co. Ltd. | 300 | 1718 |
| Ascentech KK | 600 | 6731 |
| Asia Pile Holdings Corp. | 2000 | 16817 |
| ASKA Pharmaceutical Holdings Co. Ltd. | 900 | 14944 |
| ASKUL Corp. | 2100 | 21498 |
| Atom Corp.<sup>(1)</sup> | 100 | 444 |
| Atrae, Inc. | 500 | 2639 |
| Aucnet, Inc. | 600 | 7836 |
| Autobacs Seven Co. Ltd. | 4000 | 42433 |
| Avant Group Corp. | 1500 | 15499 |
| Avex, Inc. | 1800 | 15492 |
| Awa Bank Ltd. | 1900 | 44409 |
| Axial Retailing, Inc. | 4700 | 36762 |
| Axyz Co. Ltd. | 100 | 2078 |
| AZ-COM MARUWA Holdings, Inc. | 2800 | 22495 |
| AZOOM Co. Ltd. | 100 | 6386 |
| Bando Chemical Industries Ltd. | 600 | 8114 |
| Bank of Iwate Ltd. | 900 | 22635 |
| Bank of Nagoya Ltd. | 800 | 54553 |
| Bank of Saga Ltd. | 1000 | 19664 |
| Bank of the Ryukyus Ltd.<sup>(2)</sup> | 2200 | 19655 |
| Baroque Japan Ltd. | 400 | 2096 |
| Base Co. Ltd. | 400 | 9799 |
| baudroie, Inc.<sup>(1)</sup> | 800 | 16688 |
| Beauty Garage, Inc. | 400 | 4730 |
| Belc Co. Ltd. | 700 | 34989 |
| Bell System24 Holdings, Inc. | 2000 | 17926 |
| Belluna Co. Ltd. | 2800 | 19044 |
| Bengo4.com, Inc.<sup>(1)</sup> | 400 | 8876 |
| Bewith, Inc. | 100 | 1009 |
| Bic Camera, Inc. | 5700 | 61115 |
| BML, Inc. | 1600 | 38506 |
| Bookoff Group Holdings Ltd. | 100 | 1023 |
| Bourbon Corp. | 200 | 3438 |
| Br Holdings Corp. | 800 | 1859 |
| BrainPad, Inc. | 800 | 6828 |
| Broadleaf Co. Ltd. | 4800 | 24506 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BRONCO BILLY Co. Ltd. | 100 | $2569 |
| Buffalo, Inc. | 100 | 2498 |
| Bushiroad, Inc. | 2700 | 13038 |
| Business Brain Showa-Ota, Inc. | 200 | 3829 |
| Business Engineering Corp. | 100 | 4186 |
| BuySell Technologies Co. Ltd. | 700 | 16525 |
| C Uyemura & Co. Ltd. | 500 | 35401 |
| Calbee, Inc. | 1900 | 34535 |
| Canon Electronics, Inc. | 1200 | 21226 |
| Carenet, Inc. | 1500 | 11647 |
| Carlit Co. Ltd. | 500 | 4557 |
| Carta Holdings, Inc. | 600 | 8513 |
| Casio Computer Co. Ltd. | 100 | 819 |
| Cawachi Ltd. | 1000 | 19004 |
| Celsys, Inc. | 1800 | 21041 |
| Central Automotive Products Ltd. | 600 | 7639 |
| Central Glass Co. Ltd. | 1200 | 27351 |
| Central Security Patrols Co. Ltd. | 200 | 3367 |
| Central Sports Co. Ltd. | 100 | 1758 |
| Change Holdings, Inc.<sup>(2)</sup> | 2200 | 17522 |
| Charm Care Corp. KK | 500 | 3577 |
| Chiba Kogyo Bank Ltd.<sup>(2)</sup> | 2500 | 25402 |
| Chikaranomoto Holdings Co. Ltd. | 800 | 8082 |
| Chiyoda Co. Ltd. | 1500 | 12166 |
| Chiyoda Integre Co. Ltd. | 200 | 4267 |
| Chofu Seisakusho Co. Ltd. | 1100 | 13804 |
| Chori Co. Ltd. | 100 | 2626 |
| Choushimaru Co. Ltd. | 200 | 2124 |
| Chubu Shiryo Co. Ltd. | 1600 | 18819 |
| Chubu Steel Plate Co. Ltd. | 700 | 10546 |
| Chudenko Corp. | 1700 | 44562 |
| Chuetsu Pulp & Paper Co. Ltd. | 100 | 1172 |
| Chugai Ro Co. Ltd. | 500 | 13187 |
| Chugin Financial Group, Inc. | 9800 | 139576 |
| Chugoku Electric Power Co., Inc. | 15200 | 91169 |
| Chugoku Marine Paints Ltd. | 2800 | 66850 |
| Chuo Spring Co. Ltd. | 600 | 13101 |
| Chuo Warehouse Co. Ltd. | 300 | 2903 |
| Citizen Watch Co. Ltd. | 11400 | 78121 |
| CKD Corp. | 3600 | 59067 |
| CK-San-Etsu Co. Ltd. | 100 | 2802 |
| Cleanup Corp. | 500 | 2552 |
| CMK Corp. | 5700 | 13938 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 3800 | 66544 |
| COLOPL, Inc. | 100 | 354 |
| Colowide Co. Ltd. | 6100 | 80779 |
| Computer Engineering & Consulting Ltd. | 1700 | 26628 |
| Comture Corp. | 1500 | 17448 |
| Copro-Holdings Co. Ltd. | 900 | 13554 |
| Core Concept Technologies, Inc.<sup>(1)</sup> | 500 | 3678 |
| Corona Corp. | 300 | 1901 |
| Cosel Co. Ltd. | 800 | 6656 |
| Cover Corp.<sup>(1)(2)</sup> | 2500 | 35969 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Create Restaurants Holdings, Inc. | 14400 | $77731 |
| Creek & River Co. Ltd. | 500 | 4980 |
| Cresco Ltd. | 2000 | 23215 |
| Cross Cat Co. Ltd. | 200 | 1537 |
| CrowdWorks, Inc. | 400 | 2750 |
| CTI Engineering Co. Ltd. | 1000 | 19918 |
| CTS Co. Ltd. | 500 | 3166 |
| CUC, Inc.<sup>(1)</sup> | 500 | 3938 |
| Curves Holdings Co. Ltd. | 3500 | 19686 |
| Cyber Security Cloud, Inc. | 400 | 4922 |
| Cybozu, Inc. | 1600 | 41352 |
| Dai Nippon Toryo Co. Ltd. | 400 | 3475 |
| Daicel Corp. | 14700 | 135291 |
| Dai-Dan Co. Ltd. | 1700 | 66242 |
| Daido Metal Co. Ltd. | 3200 | 19785 |
| Daido Steel Co. Ltd. | 8100 | 69299 |
| Daiei Kankyo Co. Ltd. | 2400 | 54732 |
| Daihatsu Infinearth Mfg Co. Ltd. | 1200 | 25953 |
| Daihen Corp. | 700 | 36812 |
| Dai-Ichi Cutter Kogyo KK | 200 | 1764 |
| Daiichi Jitsugyo Co. Ltd. | 400 | 7328 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 300 | 1401 |
| Daiichikosho Co. Ltd. | 4200 | 48094 |
| Daiki Aluminium Industry Co. Ltd. | 1400 | 10924 |
| Daikoku Denki Co. Ltd. | 200 | 3494 |
| Daikokutenbussan Co. Ltd. | 400 | 20261 |
| Daikyonishikawa Corp. | 2000 | 10239 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 700 | 18145 |
| Daio Paper Corp. | 5600 | 33131 |
| Daiseki Co. Ltd. | 2000 | 48312 |
| Daiseki Eco. Solution Co. Ltd. | 100 | 829 |
| Daishi Hokuetsu Financial Group, Inc. | 5300 | 141688 |
| Daishinku Corp. | 900 | 3528 |
| Daisue Construction Co. Ltd. | 500 | 8596 |
| Daito Pharmaceutical Co. Ltd. | 220 | 1830 |
| Daitron Co. Ltd. | 600 | 16705 |
| Daiwabo Holdings Co. Ltd. | 4900 | 103890 |
| DCM Holdings Co. Ltd. | 6000 | 60106 |
| Demae-Can Co. Ltd.<sup>(1)</sup> | 400 | 455 |
| DeNA Co. Ltd. | 4900 | 74185 |
| Denka Co. Ltd. | 5200 | 78644 |
| Dentsu Soken, Inc. | 700 | 31345 |
| Dexerials Corp. | 11300 | 152142 |
| DIC Corp. | 5000 | 115635 |
| Digital Arts, Inc. | 700 | 36593 |
| Digital Hearts Holdings Co. Ltd. | 300 | 1980 |
| Digital Holdings, Inc. | 100 | 1240 |
| Digital Information Technologies Corp. | 700 | 10952 |
| Dip Corp. | 2600 | 41350 |
| DKK Co. Ltd. | 100 | 1438 |
| DKS Co. Ltd. | 700 | 26534 |
| DMG Mori Co. Ltd. | 8000 | 166367 |
| Doshisha Co. Ltd. | 1800 | 31891 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Double Standard, Inc. | 200 | $2406 |
| Doutor Nichires Holdings Co. Ltd. | 1800 | 31385 |
| Dowa Holdings Co. Ltd. | 3100 | 108841 |
| DTS Corp. | 2300 | 81096 |
| Duskin Co. Ltd. | 2200 | 58734 |
| DyDo Group Holdings, Inc.<sup>(2)</sup> | 900 | 15072 |
| Dynapac Co. Ltd. | 100 | 1470 |
| Eagle Industry Co. Ltd. | 1100 | 18737 |
| Earth Corp. | 800 | 28175 |
| EAT&HOLDINGS Co. Ltd. | 100 | 1393 |
| Ebara Foods Industry, Inc. | 100 | 1740 |
| Ebase Co. Ltd. | 500 | 1670 |
| Eco's Co. Ltd. | 100 | 1850 |
| EDION Corp. | 4700 | 64610 |
| eGuarantee, Inc. | 1100 | 11046 |
| Ehime Bank Ltd. | 2000 | 16318 |
| Eiken Chemical Co. Ltd. | 200 | 3298 |
| Eizo Corp. | 1700 | 25759 |
| EJ Holdings, Inc. | 300 | 3581 |
| Elan Corp. | 100 | 556 |
| Elecom Co. Ltd. | 2500 | 31217 |
| EM Systems Co. Ltd. | 400 | 2045 |
| en Japan, Inc. | 900 | 10743 |
| Endo Lighting Corp. | 800 | 12084 |
| Enigmo, Inc. | 200 | 404 |
| Enplas Corp. | 200 | 6965 |
| Enshu Truck Co. Ltd. | 100 | 2138 |
| eRex Co. Ltd. | 2800 | 13472 |
| ES-Con Japan Ltd. | 200 | 1373 |
| ESPEC Corp. | 1200 | 27627 |
| Eternal Hospitality Group Co. Ltd. | 500 | 10359 |
| eWeLL Co. Ltd. | 400 | 7688 |
| Exedy Corp. | 1600 | 57574 |
| EXEO Group, Inc. | 11700 | 172597 |
| FALCO HOLDINGS Co. Ltd. | 200 | 3383 |
| Fast Accounting Co. Ltd. | 200 | 2024 |
| FCC Co. Ltd. | 2300 | 48881 |
| f-code, Inc.<sup>(1)</sup> | 400 | 6601 |
| Feed One Co. Ltd. | 1700 | 13005 |
| Ferrotec Corp. | 3300 | 86252 |
| FFRI Security, Inc. | 400 | 18418 |
| Fibergate, Inc. | 300 | 1459 |
| FIDEA Holdings Co. Ltd. | 400 | 4297 |
| Financial Partners Group Co. Ltd. | 3700 | 61461 |
| Finatext Holdings Ltd.<sup>(1)</sup> | 800 | 6939 |
| FINDEX, Inc. | 300 | 1720 |
| Fintech Global, Inc. | 10400 | 7925 |
| First Bank of Toyama Ltd.<sup>(2)</sup> | 3500 | 30638 |
| First Juken Co. Ltd. | 200 | 1549 |
| Fixstars Corp.<sup>(2)</sup> | 1600 | 20477 |
| FJ Next Holdings Co. Ltd. | 400 | 3932 |
| Food & Life Cos. Ltd. | 5100 | 294166 |
| Forum Engineering, Inc. | 1500 | 13550 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Forval Corp. | 200 | $1968 |
| Foster Electric Co. Ltd. | 1500 | 21975 |
| FP Corp. | 3100 | 55248 |
| FP Partner, Inc. | 400 | 5721 |
| France Bed Holdings Co. Ltd. | 100 | 859 |
| Freebit Co. Ltd. | 800 | 8772 |
| Fronteo, Inc.<sup>(1)</sup> | 1700 | 9368 |
| Fudo Tetra Corp. | 900 | 16048 |
| Fuji Co. Ltd. | 2000 | 27265 |
| Fuji Corp. /Aichi | 5600 | 104240 |
| Fuji Corp. Ltd. | 500 | 2669 |
| Fuji Kyuko Co. Ltd. | 1000 | 14467 |
| Fuji Oil Co. Ltd. | 800 | 19790 |
| Fuji Oil Co. Ltd. | 2500 | 5639 |
| Fuji Pharma Co. Ltd. | 200 | 2042 |
| Fuji Seal International, Inc. | 2400 | 46915 |
| Fujibo Holdings, Inc. | 500 | 21614 |
| Fujicco Co. Ltd. | 1000 | 11033 |
| Fujii Sangyo Corp. | 100 | 2272 |
| Fujikura Composites, Inc. | 1200 | 14982 |
| Fujimi, Inc. | 3300 | 46317 |
| Fujio Food Group, Inc. | 600 | 4604 |
| Fujishoji Co. Ltd. | 100 | 737 |
| Fujita Kanko, Inc. | 500 | 39610 |
| Fujiya Co. Ltd. | 600 | 10360 |
| FuKoKu Co. Ltd. | 300 | 3830 |
| Fukuda Corp. | 100 | 3980 |
| Fukuda Denshi Co. Ltd. | 500 | 22852 |
| Fukui Bank Ltd. | 1000 | 13412 |
| Fukui Computer Holdings, Inc. | 700 | 15714 |
| Fukuyama Transporting Co. Ltd. | 1000 | 23779 |
| FULLCAST Holdings Co. Ltd. | 1500 | 17970 |
| Fumakilla Ltd. | 200 | 1607 |
| Funai Soken Holdings, Inc. | 2300 | 39428 |
| Furukawa Battery Co. Ltd.<sup>(1)</sup> | 900 | 8552 |
| Furukawa Co. Ltd. | 1500 | 28511 |
| Furukawa Electric Co. Ltd. | 5100 | 317909 |
| Furuno Electric Co. Ltd. | 1900 | 72031 |
| Furyu Corp. | 800 | 5764 |
| Fuso Chemical Co. Ltd. | 1100 | 34705 |
| Fuso Pharmaceutical Industries Ltd. | 100 | 1464 |
| Futaba Corp. | 2400 | 10600 |
| Futaba Industrial Co. Ltd. | 3500 | 22423 |
| Future Corp. | 3000 | 46472 |
| Fuyo General Lease Co. Ltd. | 3500 | 103658 |
| G-7 Holdings, Inc. | 400 | 3643 |
| GA Technologies Co. Ltd.<sup>(1)</sup> | 2000 | 29167 |
| Gakken Holdings Co. Ltd. | 700 | 4933 |
| Gakkyusha Co. Ltd. | 100 | 1565 |
| Gakujo Co. Ltd. | 200 | 2526 |
| Galilei Co. Ltd. | 1900 | 47076 |
| GENDA, Inc.<sup>(1)(2)</sup> | 2700 | 15141 |
| Geniee, Inc.<sup>(1)</sup> | 700 | 6244 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Genki Global Dining Concepts Corp.<sup>(2)</sup> | 700 | $16239 |
| Genky DrugStores Co. Ltd. | 900 | 27636 |
| GENOVA, Inc. | 200 | 888 |
| Geo Holdings Corp. | 1700 | 19087 |
| Gift Holdings, Inc. | 600 | 12396 |
| giftee, Inc. | 1200 | 11239 |
| Global Security Experts, Inc. | 400 | 9129 |
| GLOBERIDE, Inc. | 1100 | 17675 |
| Glory Ltd. | 2400 | 62223 |
| GLtechno Holdings, Inc. | 310 | 6459 |
| GMO Financial Gate, Inc. | 100 | 4272 |
| GMO Financial Holdings, Inc. | 2600 | 17531 |
| GMO internet group, Inc. | 2500 | 66892 |
| Godo Steel Ltd. | 700 | 19622 |
| Goldcrest Co. Ltd. | 600 | 13697 |
| Goldwin, Inc. | 1200 | 58857 |
| Good Com Asset Co. Ltd. | 1200 | 12261 |
| Gourmet Kineya Co. Ltd. | 300 | 2037 |
| Grandy House Corp. | 300 | 1156 |
| GREE Holdings, Inc. | 100 | 301 |
| Greens Co. Ltd. | 500 | 9059 |
| grems, Inc. | 600 | 10290 |
| GS Yuasa Corp. | 4700 | 105358 |
| GSI Creos Corp. | 200 | 3215 |
| G-Tekt Corp. | 1300 | 17386 |
| Gun-Ei Chemical Industry Co. Ltd. | 100 | 2154 |
| GungHo Online Entertainment, Inc. | 100 | 1878 |
| Gunma Bank Ltd. | 13300 | 138998 |
| Gunze Ltd. | 2400 | 60921 |
| H.U. Group Holdings, Inc. | 4000 | 99473 |
| H2O Retailing Corp. | 6100 | 85827 |
| Hachijuni Bank Ltd. | 3900 | 37984 |
| Hagihara Industries, Inc. | 300 | 3331 |
| Hagiwara Electric Holdings Co. Ltd. | 700 | 16962 |
| Hagoromo Foods Corp. | 100 | 2275 |
| Halows Co. Ltd. | 700 | 24320 |
| Hamakyorex Co. Ltd. | 3900 | 39792 |
| Hanwa Co. Ltd. | 2400 | 103038 |
| Happinet Corp. | 900 | 42143 |
| Harima Chemicals Group, Inc. | 300 | 1785 |
| Hashimoto Sogyo Holdings Co. Ltd. | 200 | 1761 |
| Hazama Ando Corp. | 9800 | 113999 |
| HEALIOS KK<sup>(1)</sup> | 4400 | 15981 |
| Heiwa Corp. | 3400 | 50314 |
| Heiwado Co. Ltd. | 2000 | 38598 |
| Helios Techno Holding Co. Ltd. | 600 | 3539 |
| Hennge KK<sup>(2)</sup> | 1100 | 13587 |
| Hibino Corp. | 100 | 1780 |
| Hiday Hidaka Corp. | 2000 | 50551 |
| HI-LEX Corp. | 1700 | 32839 |
| Hino Motors Ltd.<sup>(1)</sup> | 17800 | 46152 |
| Hioki EE Corp. | 400 | 16374 |
| Hirano Tecseed Co. Ltd. | 200 | 2194 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hirata Corp. | 1900 | $23316 |
| Hirogin Holdings, Inc. | 16700 | 158689 |
| Hirose Tusyo, Inc. | 100 | 2758 |
| Hiroshima Electric Railway Co. Ltd. | 300 | 1320 |
| HIS Co. Ltd. | 3100 | 31366 |
| Hisaka Works Ltd. | 1100 | 10178 |
| Hisamitsu Pharmaceutical Co., Inc. | 300 | 8565 |
| Hochiki Corp. | 900 | 21759 |
| Hodogaya Chemical Co. Ltd. | 400 | 4123 |
| Hogy Medical Co. Ltd. | 1000 | 35896 |
| Hokkaido Coca-Cola Bottling Co. Ltd. | 100 | 2356 |
| Hokkaido Electric Power Co., Inc.<sup>(2)</sup> | 11200 | 88027 |
| Hokkan Holdings Ltd. | 200 | 2831 |
| Hokko Chemical Industry Co. Ltd. | 1600 | 17321 |
| Hokkoku Financial Holdings, Inc.<sup>(2)</sup> | 1300 | 53989 |
| Hokuetsu Corp. | 5500 | 38102 |
| Hokuhoku Financial Group, Inc. | 8600 | 216624 |
| Hokuriku Electric Power Co.<sup>(2)</sup> | 9800 | 60024 |
| Hokuriku Electrical Construction Co. Ltd. | 100 | 993 |
| Hokuto Corp. | 1100 | 14010 |
| H-One Co. Ltd. | 1200 | 11991 |
| Honeys Holdings Co. Ltd. | 1000 | 10246 |
| Horiba Ltd. | 500 | 37126 |
| Hosokawa Micron Corp. | 1000 | 38405 |
| Hotland Holdings Co. Ltd. | 700 | 9403 |
| House Foods Group, Inc. | 3300 | 63517 |
| Howa Machinery Ltd. | 400 | 3851 |
| HS Holdings Co. Ltd. | 2100 | 15053 |
| Hyakugo Bank Ltd. | 14100 | 78956 |
| Hyakujushi Bank Ltd. | 1800 | 60472 |
| IBJ, Inc. | 1200 | 6517 |
| Ichibanya Co. Ltd. | 4700 | 31002 |
| Ichigo, Inc. | 5500 | 16191 |
| Ichikoh Industries Ltd. | 300 | 896 |
| Ichinen Holdings Co. Ltd. | 500 | 6077 |
| Ichiyoshi Securities Co. Ltd. | 600 | 3284 |
| Icom, Inc. | 100 | 1946 |
| Idec Corp. | 1600 | 26400 |
| IDOM, Inc. | 600 | 4078 |
| IG Port, Inc. | 600 | 6101 |
| Iino Kaiun Kaisha Ltd.<sup>(2)</sup> | 4700 | 38082 |
| IKK Holdings, Inc. | 300 | 1633 |
| I'll, Inc. | 600 | 11443 |
| i-mobile Co. Ltd. | 1800 | 7820 |
| Imuraya Group Co. Ltd. | 200 | 3420 |
| IMV Corp. | 500 | 5909 |
| Inaba Denki Sangyo Co. Ltd. | 3100 | 87170 |
| Inaba Seisakusho Co. Ltd. | 200 | 2294 |
| Inabata & Co. Ltd. | 2500 | 58570 |
| Ines Corp. | 400 | 4828 |
| I-Net Corp. | 700 | 8378 |
| Infomart Corp. | 15500 | 38799 |
| Inforich, Inc.<sup>(1)</sup> | 300 | 5045 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Information Planning Co. | 100 | $3962 |
| INFRONEER Holdings, Inc. | 12200 | 121757 |
| Insource Co. Ltd. | 3600 | 23153 |
| Institute for Q-shu Pioneers of Space, Inc.<sup>(1)</sup> | 2300 | 29286 |
| Intage Holdings, Inc. | 100 | 1202 |
| Integral Corp. | 600 | 15430 |
| Inui Global Logistics Co. Ltd. | 900 | 9807 |
| Iriso Electronics Co. Ltd. | 1200 | 23604 |
| ISB Corp. | 100 | 1151 |
| Ise Chemicals Corp. | 100 | 18273 |
| Iseki & Co. Ltd. | 1600 | 21915 |
| Ishihara Chemical Co. Ltd. | 200 | 2595 |
| Ishihara Sangyo Kaisha Ltd. | 2100 | 34916 |
| Istyle, Inc. | 4900 | 20620 |
| Itfor, Inc. | 1400 | 13725 |
| ITmedia, Inc. | 600 | 6735 |
| Ito En Ltd. | 3200 | 73484 |
| Ito En Ltd., Preference Shares | 1400 | 17122 |
| Itochu Enex Co. Ltd. | 3000 | 39351 |
| Itoham Yonekyu Holdings, Inc. | 360 | 13814 |
| Itoki Corp. | 3000 | 47423 |
| IwaiCosmo Holdings, Inc. | 1400 | 24967 |
| Iwatani Corp. | 10400 | 113324 |
| Iwatsuka Confectionery Co. Ltd. | 100 | 2103 |
| Iyogin Holdings, Inc. | 6100 | 84212 |
| Izumi Co. Ltd. | 1600 | 35186 |
| J Front Retailing Co. Ltd. | 9600 | 148633 |
| J Trust Co. Ltd. | 4800 | 14367 |
| JAC Recruitment Co. Ltd. | 5900 | 43832 |
| Jaccs Co. Ltd. | 1600 | 46403 |
| Jade Group, Inc.<sup>(1)</sup> | 300 | 3066 |
| JAFCO Group Co. Ltd. | 4000 | 69842 |
| JALCO Holdings, Inc. | 100 | 235 |
| Japan Aviation Electronics Industry Ltd. | 2600 | 44333 |
| Japan Business Systems, Inc. | 900 | 9521 |
| Japan Cash Machine Co. Ltd. | 1200 | 8149 |
| Japan Communications, Inc.<sup>(1)</sup> | 8300 | 8751 |
| Japan Data Science Consortium Co. Ltd.<sup>(1)</sup> | 400 | 2740 |
| Japan Electronic Materials Corp.<sup>(2)</sup> | 600 | 11290 |
| Japan Elevator Service Holdings Co. Ltd. | 5600 | 146680 |
| Japan Engine Corp. | 400 | 28936 |
| Japan Eyewear Holdings Co. Ltd. | 300 | 4220 |
| Japan Lifeline Co. Ltd. | 3400 | 33318 |
| Japan Material Co. Ltd. | 3300 | 33080 |
| Japan Petroleum Exploration Co. Ltd. | 9700 | 79569 |
| Japan Property Management Center Co. Ltd. | 300 | 2630 |
| Japan Pulp & Paper Co. Ltd. | 6000 | 28219 |
| Japan Securities Finance Co. Ltd. | 300 | 3728 |
| Japan System Techniques Co. Ltd. | 400 | 5494 |
| Japan Transcity Corp. | 2600 | 20817 |
| Japan Wool Textile Co. Ltd. | 2700 | 29222 |
| JBCC Holdings, Inc. | 3700 | 34350 |
| JCU Corp. | 1100 | 31756 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| JDC Corp. | 2400 | $7980 |
| Jeol Ltd. | 2000 | 62562 |
| JFE Systems, Inc. | 200 | 2950 |
| JGC Holdings Corp. | 10300 | 98108 |
| JINS Holdings, Inc. | 700 | 37881 |
| JINUSHI Co. Ltd. | 100 | 2090 |
| JK Holdings Co. Ltd. | 300 | 2505 |
| J-Lease Co. Ltd. | 300 | 3431 |
| JM Holdings Co. Ltd. | 400 | 7749 |
| JMDC, Inc. | 100 | 2806 |
| J-Oil Mills, Inc. | 700 | 9660 |
| Joshin Denki Co. Ltd. | 1500 | 25467 |
| Joyful Honda Co. Ltd. | 1100 | 15905 |
| JP-Holdings, Inc. | 2600 | 10914 |
| JSB Co. Ltd. | 700 | 18531 |
| JSP Corp. | 600 | 7916 |
| JTEKT Corp. | 12500 | 122114 |
| Juki Corp.<sup>(1)</sup> | 100 | 286 |
| Juroku Financial Group, Inc. | 1900 | 69774 |
| Justsystems Corp. | 1600 | 50024 |
| JVCKenwood Corp. | 8800 | 73446 |
| Kadoya Sesame Mills, Inc. | 100 | 2533 |
| Kaga Electronics Co. Ltd. | 2100 | 49105 |
| Kagome Co. Ltd. | 5300 | 103534 |
| Kakaku.com, Inc. | 1500 | 27885 |
| Kaken Pharmaceutical Co. Ltd. | 1600 | 41322 |
| Kamakura Shinsho Ltd. | 600 | 2449 |
| Kameda Seika Co. Ltd. | 800 | 22514 |
| Kamei Corp. | 1400 | 26815 |
| Kamigumi Co. Ltd. | 4700 | 140978 |
| Kanaden Corp. | 300 | 3966 |
| Kanadevia Corp. | 11300 | 75443 |
| Kanagawa Chuo Kotsu Co. Ltd. | 100 | 2499 |
| Kanamic Network Co. Ltd. | 600 | 2086 |
| Kanamoto Co. Ltd. | 1800 | 42737 |
| Kandenko Co. Ltd. | 3900 | 105106 |
| Kaneka Corp. | 2600 | 76049 |
| Kaneko Seeds Co. Ltd. | 200 | 1916 |
| Kanematsu Corp. | 4800 | 101024 |
| Kanemi Co. Ltd. | 100 | 2208 |
| Kanro, Inc. | 1600 | 22899 |
| Kansai Paint Co. Ltd. | 8700 | 146531 |
| Kanto Denka Kogyo Co. Ltd. | 2500 | 14386 |
| Kappa Create Co. Ltd. | 1600 | 17258 |
| Katitas Co. Ltd. | 100 | 1824 |
| Kato Works Co. Ltd. | 100 | 933 |
| Kawada Technologies, Inc. | 1200 | 32971 |
| Kawai Musical Instruments Manufacturing Co. Ltd. | 100 | 1747 |
| KeePer Technical Laboratory Co. Ltd. | 700 | 15935 |
| Keihan Holdings Co. Ltd. | 6100 | 133103 |
| Keihanshin Building Co. Ltd. | 1900 | 20169 |
| Keikyu Corp. | 3200 | 33668 |
| KEIWA, Inc. | 300 | 2251 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Keiyo Bank Ltd. | 8000 | $65299 |
| Kenko Mayonnaise Co. Ltd. | 200 | 2533 |
| KH Neochem Co. Ltd. | 2100 | 39795 |
| Kibun Foods, Inc. | 300 | 2305 |
| Kidswell Bio Corp.<sup>(1)</sup> | 5300 | 9154 |
| Kimura Kohki Co. Ltd. | 100 | 7683 |
| Kinjiro Co. Ltd. | 500 | 4332 |
| Kintetsu Department Store Co. Ltd. | 100 | 1294 |
| Kissei Pharmaceutical Co. Ltd. | 1800 | 52864 |
| Kita-Nippon Bank Ltd. | 200 | 5118 |
| Kitanotatsujin Corp. | 4000 | 4013 |
| Kitz Corp. | 3100 | 31476 |
| Kiyo Bank Ltd. | 3800 | 74375 |
| KNT-CT Holdings Co. Ltd.<sup>(1)</sup> | 200 | 2069 |
| Koa Corp. | 1100 | 8577 |
| Koatsu Gas Kogyo Co. Ltd. | 600 | 4342 |
| Kobe Electric Railway Co. Ltd. | 100 | 1689 |
| Kohnan Shoji Co. Ltd. | 1100 | 29712 |
| Kohoku Kogyo Co. Ltd. | 600 | 12117 |
| Kohsoku Corp. | 300 | 5890 |
| Koike-ya, Inc. | 100 | 3263 |
| Kojima Co. Ltd. | 1200 | 9114 |
| Komatsu Matere Co. Ltd. | 500 | 2616 |
| Komatsu Wall Industry Co. Ltd. | 1000 | 17724 |
| KOMEDA Holdings Co. Ltd. | 2700 | 55634 |
| Komeri Co. Ltd. | 1800 | 40626 |
| Komori Corp. | 3200 | 33278 |
| Kondotec, Inc. | 400 | 4378 |
| Konica Minolta, Inc.<sup>(1)</sup> | 31700 | 107703 |
| Konishi Co. Ltd. | 2900 | 25432 |
| Konoike Transport Co. Ltd. | 1600 | 36859 |
| Kosaido Holdings Co. Ltd. | 3200 | 9582 |
| Kose Corp. | 1900 | 73220 |
| Koshidaka Holdings Co. Ltd. | 2900 | 27113 |
| Kotobuki Spirits Co. Ltd. | 6700 | 82626 |
| Kourakuen Corp.<sup>(1)</sup> | 300 | 2104 |
| KPP Group Holdings Co. Ltd. | 1900 | 10532 |
| Krosaki Harima Corp. | 1100 | 30683 |
| KRS Corp. | 600 | 13803 |
| K's Holdings Corp. | 8000 | 81526 |
| KU Holdings Co. Ltd. | 300 | 2367 |
| kubell Co. Ltd.<sup>(1)</sup> | 900 | 2796 |
| Kumagai Gumi Co. Ltd. | 1900 | 60924 |
| Kumiai Chemical Industry Co. Ltd. | 4700 | 26755 |
| Kura Sushi, Inc. | 700 | 17939 |
| Kurabo Industries Ltd.<sup>(2)</sup> | 800 | 41206 |
| Kureha Corp. | 2100 | 54368 |
| Kurimoto Ltd. | 500 | 26483 |
| Kuriyama Holdings Corp. | 400 | 4183 |
| Kusuri No. Aoki Holdings Co. Ltd. | 2900 | 76963 |
| KYB Corp. | 2400 | 61807 |
| Kyoei Steel Ltd. | 1400 | 21588 |
| Kyokuto Boeki Kaisha Ltd. | 200 | 2271 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 2000 | $37215 |
| Kyokuto Securities Co. Ltd. | 1500 | 16211 |
| Kyokuyo Co. Ltd. | 700 | 22161 |
| Kyorin Pharmaceutical Co. Ltd. | 2500 | 25758 |
| Kyoritsu Maintenance Co. Ltd.<sup>(2)</sup> | 4000 | 90935 |
| Kyosan Electric Manufacturing Co. Ltd. | 900 | 3224 |
| Kyowa Leather Cloth Co. Ltd. | 300 | 1814 |
| Kyushu Financial Group, Inc. | 22200 | 131136 |
| Kyushu Leasing Service Co. Ltd. | 200 | 1918 |
| LEC, Inc. | 600 | 4840 |
| Leopalace21 Corp. | 10900 | 51289 |
| Life Corp. | 2400 | 40054 |
| Lifedrink Co., Inc. | 2300 | 40908 |
| LIKE, Inc. | 100 | 1011 |
| Link & Motivation, Inc. | 1800 | 6880 |
| Lintec Corp. | 2600 | 60504 |
| LITALICO, Inc. | 1500 | 13669 |
| Look Holdings, Inc. | 100 | 1740 |
| M&A Capital Partners Co. Ltd. | 900 | 19059 |
| M&A Research Institute Holdings, Inc.<sup>(1)(2)</sup> | 600 | 5521 |
| Mabuchi Motor Co. Ltd. | 5300 | 90694 |
| Macbee Planet, Inc. | 500 | 8703 |
| Macnica Holdings, Inc. | 8700 | 118362 |
| Maeda Kosen Co. Ltd. | 2600 | 31515 |
| Maezawa Industries, Inc. | 1100 | 14962 |
| Maezawa Kasei Industries Co. Ltd. | 300 | 4397 |
| Maezawa Kyuso Industries Co. Ltd. | 300 | 2922 |
| Makino Milling Machine Co. Ltd. | 500 | 39047 |
| Mamezo Digital Holdings Co. Ltd. | 400 | 4751 |
| Mamiya-Op Co. Ltd. | 200 | 2584 |
| Mammy Mart Corp. | 100 | 4658 |
| Mandom Corp. | 2400 | 23114 |
| Mani, Inc. | 1500 | 12537 |
| MarkLines Co. Ltd. | 200 | 2805 |
| Mars Group Holdings Corp. | 600 | 12822 |
| Marubun Corp. | 200 | 1592 |
| Maruchiyo Yamaokaya Corp. | 800 | 18898 |
| Marudai Food Co. Ltd. | 400 | 5316 |
| Maruha Nichiro Corp. | 2600 | 58087 |
| Maruichi Steel Tube Ltd. | 3600 | 92726 |
| MARUKA FURUSATO Corp. | 700 | 10767 |
| Marusan Securities Co. Ltd. | 2300 | 14949 |
| Maruwa Co. Ltd. | 100 | 26983 |
| Maruzen CHI Holdings Co. Ltd. | 500 | 1146 |
| Maruzen Showa Unyu Co. Ltd. | 800 | 39452 |
| Marvelous, Inc. | 500 | 1922 |
| Matsuda Sangyo Co. Ltd. | 800 | 20751 |
| Matsui Securities Co. Ltd. | 6300 | 33203 |
| Matsuoka Corp. | 100 | 1319 |
| Matsuyafoods Holdings Co. Ltd. | 700 | 33089 |
| Max Co. Ltd. | 1600 | 61290 |
| Maxell Ltd. | 2500 | 34925 |
| Maxvalu Tokai Co. Ltd. | 200 | 4471 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MCJ Co. Ltd. | 5000 | $48221 |
| MEC Co. Ltd. | 600 | 12084 |
| Media Do Co. Ltd. | 200 | 2470 |
| Medical Data Vision Co. Ltd. | 100 | 372 |
| Medikit Co. Ltd. | 100 | 1718 |
| Megachips Corp. | 800 | 31082 |
| Megmilk Snow Brand Co. Ltd. | 2800 | 53965 |
| Meidensha Corp. | 2100 | 82505 |
| Meiji Shipping Group Co. Ltd. | 200 | 982 |
| Meiko Construction Co. Ltd. | 200 | 2092 |
| Meiko Electronics Co. Ltd. | 1300 | 84644 |
| Meisei Industrial Co. Ltd. | 2200 | 24197 |
| MEITEC Group Holdings, Inc. | 4900 | 108580 |
| Meito Co. Ltd. | 200 | 2896 |
| Meiwa Corp. | 700 | 3880 |
| Meiwa Estate Co. Ltd. | 200 | 1466 |
| Menicon Co. Ltd. | 2800 | 22750 |
| Mercari, Inc.<sup>(1)</sup> | 5000 | 84253 |
| METAWATER Co. Ltd. | 1300 | 26436 |
| Micronics Japan Co. Ltd. | 2400 | 74588 |
| Midac Holdings Co. Ltd. | 400 | 5393 |
| Mie Kotsu Group Holdings, Inc. | 1000 | 3609 |
| Milbon Co. Ltd. | 1600 | 27110 |
| MIMAKI ENGINEERING Co. Ltd. | 900 | 10756 |
| Mirai Industry Co. Ltd. | 100 | 2603 |
| Miraial Co. Ltd. | 100 | 760 |
| Mirait One Corp. | 4900 | 94240 |
| Mirarth Holdings, Inc. | 4100 | 10944 |
| Miroku Jyoho Service Co. Ltd. | 400 | 4973 |
| Mitani Sangyo Co. Ltd. | 600 | 1645 |
| Mito Securities Co. Ltd. | 1200 | 4458 |
| Mitsuba Corp. | 700 | 4418 |
| Mitsubishi Kakoki Kaisha Ltd.<sup>(2)</sup> | 1500 | 27368 |
| Mitsubishi Logisnext Co. Ltd.<sup>(2)</sup> | 1800 | 22463 |
| Mitsubishi Materials Corp. | 7700 | 131922 |
| Mitsubishi Paper Mills Ltd.<sup>(2)</sup> | 1700 | 7843 |
| Mitsubishi Pencil Co. Ltd. | 100 | 1342 |
| Mitsubishi Research Institute, Inc. | 500 | 16217 |
| Mitsubishi Steel Manufacturing Co. Ltd. | 500 | 5884 |
| Mitsuboshi Belting Ltd. | 1100 | 27920 |
| Mitsui DM Sugar Co. Ltd. | 900 | 19835 |
| Mitsui E&S Co. Ltd. | 7800 | 240267 |
| Mitsui High-Tec, Inc. | 4900 | 28074 |
| Mitsui Matsushima Holdings Co. Ltd. | 100 | 4229 |
| Mitsui Mining & Smelting Co. Ltd. | 3100 | 218582 |
| Mitsui-Soko Holdings Co. Ltd. | 4400 | 124740 |
| Mitsuuroko Group Holdings Co. Ltd. | 1600 | 23379 |
| Miura Co. Ltd. | 3100 | 59340 |
| MIXI, Inc. | 2100 | 46539 |
| Miyaji Engineering Group, Inc. | 1000 | 13818 |
| Miyazaki Bank Ltd. | 1000 | 29689 |
| Miyoshi Oil & Fat Co. Ltd. | 300 | 4261 |
| Mizuho Leasing Co. Ltd. | 9600 | 83099 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mizuho Medy Co. Ltd. | 700 | $7439 |
| Mizuno Corp. | 900 | 15697 |
| Mochida Pharmaceutical Co. Ltd. | 200 | 4208 |
| Modec, Inc. | 3300 | 176437 |
| Monogatari Corp. | 2300 | 65254 |
| Morinaga & Co. Ltd. | 3800 | 68957 |
| Morinaga Milk Industry Co. Ltd. | 2700 | 60599 |
| Moriroku Co. Ltd. | 800 | 13276 |
| Morita Holdings Corp. | 2000 | 29823 |
| Morito Co. Ltd. | 400 | 4173 |
| Moriya Transportation Engineering & Manufacturing Co. Ltd. | 400 | 13688 |
| Morozoff Ltd. | 800 | 8278 |
| Mory Industries, Inc. | 500 | 3050 |
| MOS Food Services, Inc. | 1700 | 45877 |
| MrMax Holdings Ltd. | 500 | 2938 |
| Mugen Estate Co. Ltd. | 1000 | 13747 |
| m-up Holdings, Inc. | 2400 | 40238 |
| Musashi Seimitsu Industry Co. Ltd. | 3000 | 66119 |
| Musashino Bank Ltd. | 1500 | 38985 |
| Muto Seiko Co. | 100 | 1155 |
| Nabtesco Corp. | 5500 | 115662 |
| Nachi-Fujikoshi Corp. | 1000 | 23312 |
| Nafco Co. Ltd. | 300 | 3988 |
| Nagano Keiki Co. Ltd. | 100 | 1385 |
| Nagase & Co. Ltd. | 5400 | 115457 |
| Nagase Brothers, Inc. | 200 | 2646 |
| Nagawa Co. Ltd. | 100 | 4402 |
| Nagoya Railroad Co. Ltd. | 11700 | 133609 |
| Nakamuraya Co. Ltd. | 100 | 2118 |
| Nakanishi, Inc. | 2000 | 28459 |
| Nakano Corp. | 800 | 4230 |
| Nakayama Steel Works Ltd. | 2500 | 11545 |
| Namura Shipbuilding Co. Ltd.<sup>(2)</sup> | 3200 | 75673 |
| Nankai Electric Railway Co. Ltd. | 6500 | 116391 |
| Nanto Bank Ltd. | 1700 | 56934 |
| Nareru Group, Inc. | 200 | 3213 |
| Natori Co. Ltd. | 300 | 4067 |
| NCD Co. Ltd./Shinagawa | 300 | 5320 |
| NEC Capital Solutions Ltd.<sup>(2)</sup> | 500 | 13100 |
| Needs Well, Inc. | 1300 | 4591 |
| NEOJAPAN, Inc. | 100 | 1363 |
| Net Protections Holdings, Inc.<sup>(1)</sup> | 4800 | 28203 |
| Neturen Co. Ltd. | 2000 | 16612 |
| New Art Holdings Co. Ltd. | 220 | 2336 |
| New Cosmos Electric Co. Ltd. | 100 | 2071 |
| NexTone, Inc.<sup>(1)</sup> | 200 | 2602 |
| NHK Spring Co. Ltd. | 10400 | 129971 |
| Nicca Chemical Co. Ltd. | 200 | 1860 |
| Nice Corp. | 100 | 1288 |
| Nichias Corp. | 3700 | 142450 |
| Nichiban Co. Ltd. | 200 | 2640 |
| Nichicon Corp. | 2600 | 24177 |
| Nichiden Corp. | 300 | 5690 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nichiha Corp. | 1400 | $27538 |
| Nichimo Co. Ltd. | 100 | 1793 |
| Nichireki Group Co. Ltd. | 500 | 9483 |
| Nichirin Co. Ltd. | 200 | 5052 |
| Nifco, Inc. | 5200 | 149277 |
| Nihon Chouzai Co. Ltd. | 600 | 15896 |
| Nihon Dempa Kogyo Co. Ltd. | 500 | 3119 |
| Nihon Dengi Co. Ltd. | 700 | 25021 |
| Nihon Denkei Co. Ltd. | 100 | 1405 |
| Nihon Flush Co. Ltd. | 400 | 2166 |
| Nihon M&A Center Holdings, Inc. | 18000 | 91623 |
| Nihon Nohyaku Co. Ltd. | 2000 | 13207 |
| Nihon Parkerizing Co. Ltd. | 5300 | 50926 |
| Nihon Suido Consultants Co. Ltd. | 400 | 8196 |
| Nihon Trim Co. Ltd. | 100 | 3131 |
| Nihon Yamamura Glass Co. Ltd. | 100 | 1995 |
| Nikkiso Co. Ltd. | 2800 | 28159 |
| Nikko Co. Ltd. | 600 | 3298 |
| Nippn Corp. | 2900 | 44767 |
| Nippon Air Conditioning Services Co. Ltd. | 600 | 5232 |
| Nippon Aqua Co. Ltd. | 100 | 629 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 200 | 3680 |
| Nippon Carbon Co. Ltd. | 500 | 14089 |
| Nippon Ceramic Co. Ltd. | 1100 | 24164 |
| Nippon Chemical Industrial Co. Ltd. | 200 | 3982 |
| Nippon Chemi-Con Corp.<sup>(1)</sup> | 1100 | 10412 |
| Nippon Coke & Engineering Co. Ltd.<sup>(1)</sup> | 9700 | 6838 |
| Nippon Concept Corp. | 500 | 10310 |
| Nippon Concrete Industries Co. Ltd. | 400 | 840 |
| Nippon Denko Co. Ltd. | 6000 | 13392 |
| Nippon Densetsu Kogyo Co. Ltd. | 2600 | 47821 |
| Nippon Dry-Chemical Co. Ltd. | 300 | 12731 |
| Nippon Electric Glass Co. Ltd. | 3900 | 118764 |
| Nippon Fine Chemical Co. Ltd. | 200 | 3607 |
| Nippon Gas Co. Ltd. | 7400 | 142158 |
| Nippon Kayaku Co. Ltd. | 9700 | 93990 |
| Nippon Kodoshi Corp. | 200 | 2907 |
| Nippon Light Metal Holdings Co. Ltd. | 3300 | 45932 |
| Nippon Paper Industries Co. Ltd. | 7500 | 61603 |
| Nippon Parking Development Co. Ltd. | 16100 | 31758 |
| Nippon Rietec Co. Ltd. | 900 | 11941 |
| Nippon Seiki Co. Ltd. | 3900 | 46943 |
| Nippon Seisen Co. Ltd. | 300 | 2280 |
| Nippon Sharyo Ltd. | 100 | 1815 |
| Nippon Sheet Glass Co. Ltd.<sup>(1)</sup> | 6000 | 21408 |
| Nippon Shinyaku Co. Ltd. | 2900 | 61429 |
| Nippon Shokubai Co. Ltd. | 6400 | 80462 |
| Nippon Signal Co. Ltd. | 3100 | 25596 |
| Nippon Soda Co. Ltd. | 2700 | 64386 |
| Nippon Thompson Co. Ltd. | 1100 | 4666 |
| Nippon Yakin Kogyo Co. Ltd. | 700 | 20873 |
| Nipro Corp. | 9800 | 99968 |
| Nishikawa Rubber Co. Ltd. | 1300 | 27630 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nishimatsu Construction Co. Ltd. | 200 | $6927 |
| Nishimatsuya Chain Co. Ltd. | 2100 | 30318 |
| Nishi-Nippon Financial Holdings, Inc. | 8100 | 135439 |
| Nishi-Nippon Railroad Co. Ltd. | 3400 | 51456 |
| Nishio Holdings Co. Ltd. | 1100 | 31160 |
| Nissan Shatai Co. Ltd. | 4000 | 30814 |
| Nissan Tokyo Sales Holdings Co. Ltd. | 1100 | 3801 |
| Nissei ASB Machine Co. Ltd. | 600 | 28508 |
| Nissei Plastic Industrial Co. Ltd. | 200 | 1183 |
| Nissha Co. Ltd. | 2300 | 21040 |
| Nisshin Group Holdings Co. Ltd. | 600 | 2316 |
| Nisshin Oillio Group Ltd. | 1500 | 52713 |
| Nisshinbo Holdings, Inc. | 9700 | 76004 |
| Nisso Holdings Co. Ltd. | 100 | 442 |
| Nissui Corp. | 18100 | 122918 |
| Nitta Corp. | 1000 | 27834 |
| Nitto Boseki Co. Ltd. | 1800 | 64700 |
| Nitto Fuji Flour Milling Co. Ltd. | 100 | 4749 |
| Nitto Kogyo Corp. | 1400 | 33392 |
| Nitto Kohki Co. Ltd. | 200 | 2424 |
| Nitto Seiko Co. Ltd. | 600 | 2566 |
| Nittoc Construction Co. Ltd. | 1100 | 9331 |
| Nittoku Co. Ltd. | 600 | 9047 |
| Noevir Holdings Co. Ltd. | 1000 | 31153 |
| Nohmi Bosai Ltd. | 1500 | 41323 |
| Nojima Corp. | 5200 | 116751 |
| NOK Corp. | 1200 | 20886 |
| Nomura Co. Ltd. | 5300 | 37247 |
| Nomura Micro Science Co. Ltd.<sup>(2)</sup> | 1600 | 34361 |
| Noritake Co. Ltd. | 1400 | 42698 |
| Noritsu Koki Co. Ltd. | 3000 | 33961 |
| Noritz Corp. | 2100 | 27732 |
| North Pacific Bank Ltd. | 20200 | 94727 |
| NPR-RIKEN Corp. | 1200 | 23909 |
| NS United Kaiun Kaisha Ltd. | 800 | 26946 |
| NSD Co. Ltd. | 3700 | 83302 |
| NSK Ltd. | 25200 | 132244 |
| NSW, Inc. | 200 | 3552 |
| NTN Corp. | 29200 | 64749 |
| Oat Agrio Co. Ltd. | 100 | 1616 |
| Obara Group, Inc. | 600 | 17166 |
| Ochi Holdings Co. Ltd. | 200 | 1920 |
| Oenon Holdings, Inc. | 800 | 3210 |
| Ogaki Kyoritsu Bank Ltd. | 2900 | 61383 |
| Ohashi Technica, Inc. | 200 | 3061 |
| Ohba Co. Ltd. | 200 | 1454 |
| Ohsho Food Service Corp. | 2200 | 56878 |
| OIE Sangyo Co. Ltd. | 100 | 1491 |
| Oiles Corp. | 1200 | 18281 |
| Oisix ra daichi, Inc.<sup>(1)</sup> | 2000 | 22049 |
| Oita Bank Ltd. | 1100 | 36330 |
| Okabe Co. Ltd. | 700 | 4467 |
| Okamoto Industries, Inc. | 200 | 6880 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Okamoto Machine Tool Works Ltd. | 400 | $12642 |
| Okamura Corp. | 1200 | 19384 |
| Okasan Securities Group, Inc. | 8300 | 38179 |
| Oki Electric Industry Co. Ltd. | 7100 | 73641 |
| Okinawa Cellular Telephone Co. | 1400 | 47773 |
| Okinawa Electric Power Co., Inc. | 2800 | 18805 |
| Okinawa Financial Group, Inc. | 1500 | 37583 |
| OKUMA Corp. | 2200 | 51750 |
| Okumura Corp. | 2000 | 65547 |
| Okura Industrial Co. Ltd. | 500 | 16672 |
| Okuwa Co. Ltd. | 600 | 3843 |
| One Career, Inc. | 400 | 7678 |
| Onoken Co. Ltd. | 400 | 3868 |
| Onward Holdings Co. Ltd. | 6700 | 29129 |
| Ootoya Holdings Co. Ltd. | 100 | 3711 |
| Open Up Group, Inc. | 3000 | 37159 |
| Optex Group Co. Ltd. | 1700 | 22174 |
| Optorun Co. Ltd. | 1400 | 15735 |
| Organo Corp. | 1200 | 90651 |
| Orient Corp. | 5600 | 38231 |
| Oriental Consultants Holdings Co. Ltd. | 100 | 4755 |
| Oriental Shiraishi Corp. | 6700 | 18870 |
| Oro Co. Ltd. | 500 | 9249 |
| Osaka Organic Chemical Industry Ltd. | 600 | 12137 |
| Osaka Steel Co. Ltd.<sup>(2)</sup> | 600 | 10676 |
| OSAKA Titanium Technologies Co. Ltd.<sup>(2)</sup> | 1100 | 18948 |
| Osaki Electric Co. Ltd. | 2000 | 18173 |
| OSG Corp. | 3600 | 49249 |
| Oxide Corp.<sup>(1)</sup> | 500 | 6015 |
| Oyo Corp. | 1200 | 23865 |
| Pacific Industrial Co. Ltd. | 2200 | 34090 |
| Pacific Metals Co. Ltd. | 1000 | 14224 |
| Pack Corp. | 1800 | 14443 |
| PAL GROUP Holdings Co. Ltd. | 2900 | 101732 |
| PALTAC Corp. | 1200 | 36829 |
| Paramount Bed Holdings Co. Ltd. | 2500 | 44262 |
| Paris Miki Holdings, Inc. | 200 | 629 |
| Park24 Co. Ltd. | 8500 | 116594 |
| Pasona Group, Inc. | 1300 | 18290 |
| PCA Corp. | 300 | 3971 |
| Penta-Ocean Construction Co. Ltd. | 20600 | 148695 |
| People Dreams & Technologies Group Co. Ltd. | 100 | 1235 |
| PeptiDream, Inc.<sup>(1)</sup> | 500 | 5057 |
| Pharma Foods International Co. Ltd. | 100 | 648 |
| PHC Holdings Corp. | 1700 | 11308 |
| PIA Corp.<sup>(1)</sup> | 300 | 7035 |
| Pigeon Corp. | 8500 | 103863 |
| PILLAR Corp. | 1200 | 32629 |
| Pilot Corp. | 1900 | 58132 |
| Pixel Companyz, Inc.<sup>(1)</sup> | 5800 | 6532 |
| PKSHA Technology, Inc.<sup>(1)</sup> | 600 | 14791 |
| Plaid, Inc.<sup>(1)</sup> | 1100 | 8302 |
| Plus Alpha Consulting Co. Ltd. | 2100 | 34813 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pluszero, Inc.<sup>(1)</sup> | 200 | $5413 |
| Polaris Holdings Co. Ltd. | 300 | 417 |
| Port, Inc. | 500 | 7479 |
| PR Times Corp. | 700 | 13900 |
| Premium Group Co. Ltd. | 2100 | 31881 |
| Premium Water Holdings, Inc. | 100 | 2359 |
| Press Kogyo Co. Ltd. | 3800 | 16870 |
| Prestige International, Inc. | 5200 | 24135 |
| Prima Meat Packers Ltd. | 1500 | 24034 |
| Procrea Holdings, Inc. | 600 | 6934 |
| Pronexus, Inc. | 300 | 2241 |
| Pro-Ship, Inc. | 700 | 15011 |
| PS Construction Co. Ltd. | 1200 | 15075 |
| QB Net Holdings Co. Ltd. | 100 | 898 |
| Qol Holdings Co. Ltd. | 1700 | 23590 |
| Quick Co. Ltd. | 300 | 4798 |
| Raccoon Holdings, Inc. | 1000 | 4903 |
| Raito Kogyo Co. Ltd. | 2700 | 60489 |
| Raiznext Corp. | 1600 | 20566 |
| Raksul, Inc. | 3800 | 34841 |
| Rakumachi, Inc. | 600 | 4644 |
| Rakus Co. Ltd. | 3800 | 67442 |
| Rasa Industries Ltd. | 500 | 15287 |
| Relo Group, Inc. | 6400 | 75460 |
| Renaissance, Inc. | 300 | 2504 |
| Rengo Co. Ltd. | 10500 | 65504 |
| RENOVA, Inc.<sup>(1)</sup> | 4000 | 22873 |
| Resorttrust, Inc. | 10200 | 130252 |
| Restar Corp. | 1400 | 24671 |
| Retail Partners Co. Ltd. | 1700 | 16341 |
| REZIL, Inc. | 200 | 3707 |
| Rheon Automatic Machinery Co. Ltd. | 100 | 945 |
| Rhythm Co. Ltd. | 100 | 2251 |
| Ricoh Leasing Co. Ltd. | 900 | 34351 |
| Rigaku Holdings Corp.<sup>(2)</sup> | 7100 | 39654 |
| Riken Keiki Co. Ltd. | 2000 | 44214 |
| Riken Technos Corp. | 600 | 4769 |
| Riken Vitamin Co. Ltd. | 1300 | 25802 |
| Ringer Hut Co. Ltd. | 1200 | 18415 |
| Rion Co. Ltd. | 100 | 1762 |
| Rise Consulting Group, Inc. | 1100 | 7946 |
| Riso Kagaku Corp. | 1200 | 9766 |
| Riso Kyoiku Group Corp.<sup>(2)</sup> | 1500 | 2183 |
| Rokko Butter Co. Ltd. | 300 | 2485 |
| Rorze Corp. | 6300 | 76907 |
| Round One Corp. | 13500 | 137744 |
| Royal Holdings Co. Ltd.<sup>(2)</sup> | 2100 | 38052 |
| RS Technologies Co. Ltd. | 700 | 17081 |
| Ryobi Ltd. | 1300 | 23319 |
| RYODEN Corp.<sup>(2)</sup> | 700 | 14576 |
| Ryoyo Ryosan Holdings, Inc. | 1800 | 36034 |
| Ryoyu Systems Co. Ltd. | 100 | 4976 |
| S Foods, Inc. | 1000 | 18315 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| S&B Foods, Inc. | 1000 | $23128 |
| Sac's Bar Holdings, Inc. | 400 | 2140 |
| Sagami Holdings Corp. | 1600 | 20471 |
| Saibu Gas Holdings Co. Ltd. | 1600 | 21173 |
| Saizeriya Co. Ltd. | 1300 | 46960 |
| Sakai Chemical Industry Co. Ltd. | 900 | 17934 |
| Sakai Moving Service Co. Ltd. | 1600 | 31673 |
| Sakata INX Corp. | 2600 | 39585 |
| Sakura Internet, Inc.<sup>(2)</sup> | 1300 | 26207 |
| Sala Corp. | 200 | 1368 |
| Samco, Inc. | 300 | 5765 |
| San Holdings, Inc. | 400 | 3973 |
| San ju San Financial Group, Inc. | 1500 | 36429 |
| San-A Co. Ltd. | 2400 | 46458 |
| San-Ai Obbli Co. Ltd. | 2900 | 40927 |
| Sangetsu Corp. | 3100 | 64744 |
| San-In Godo Bank Ltd. | 9700 | 87934 |
| SANIX HOLDINGS, Inc.<sup>(1)</sup> | 100 | 161 |
| Sanken Electric Co. Ltd.<sup>(1)</sup> | 1400 | 77493 |
| Sanki Engineering Co. Ltd. | 2400 | 81102 |
| Sanko Gosei Ltd. | 500 | 3074 |
| Sanko Metal Industrial Co. Ltd. | 200 | 10423 |
| Sankyo Frontier Co. Ltd. | 200 | 2810 |
| Sankyo Seiko Co. Ltd. | 600 | 2526 |
| Sankyo Tateyama, Inc. | 200 | 850 |
| Sankyu, Inc. | 2800 | 155568 |
| Sanoh Industrial Co. Ltd. | 900 | 4922 |
| Sansan, Inc.<sup>(1)</sup> | 4700 | 60876 |
| Sansei Technologies, Inc. | 300 | 4344 |
| Sanshin Electronics Co. Ltd. | 700 | 13311 |
| Santec Holdings Corp. | 200 | 10588 |
| Sanyo Chemical Industries Ltd. | 700 | 20318 |
| Sanyo Denki Co. Ltd. | 500 | 33755 |
| Sanyo Electric Railway Co. Ltd. | 300 | 4372 |
| Sanyo Shokai Ltd. | 600 | 12767 |
| Sanyo Trading Co. Ltd. | 600 | 6525 |
| Sato Corp. | 1400 | 21335 |
| Sato Shoji Corp. | 300 | 3513 |
| Satori Electric Co. Ltd. | 100 | 1277 |
| Sawai Group Holdings Co. Ltd. | 5500 | 69837 |
| SBI Insurance Group Co. Ltd. | 200 | 2142 |
| SBS Holdings, Inc. | 1000 | 24091 |
| Scroll Corp. | 1000 | 7453 |
| SEC Carbon Ltd. | 200 | 2963 |
| Segue Group Co. Ltd. | 500 | 2286 |
| Seibu Electric & Machinery Co. Ltd. | 200 | 2897 |
| Seika Corp. | 500 | 19779 |
| Seikagaku Corp. | 800 | 3578 |
| Seikitokyu Kogyo Co. Ltd. | 1400 | 14580 |
| Seiko Group Corp. | 1700 | 73841 |
| Seikoh Giken Co. Ltd. | 300 | 17176 |
| Seino Holdings Co. Ltd. | 6200 | 96747 |
| Seiren Co. Ltd. | 2400 | 49436 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sekisui Jushi Corp. | 1700 | $25127 |
| Sekisui Kasei Co. Ltd. | 600 | 1499 |
| Senko Group Holdings Co. Ltd. | 10400 | 142802 |
| Senshu Electric Co. Ltd. | 600 | 18216 |
| Senshu Ikeda Holdings, Inc. | 19900 | 86879 |
| Senshukai Co. Ltd.<sup>(1)</sup> | 200 | 320 |
| Septeni Holdings Co. Ltd. | 5000 | 14035 |
| SERAKU Co. Ltd. | 400 | 4446 |
| Seria Co. Ltd. | 2600 | 53254 |
| Seven Bank Ltd. | 39300 | 77360 |
| SFP Holdings Co. Ltd. | 200 | 2998 |
| Sharingtechnology, Inc. | 1400 | 10674 |
| Shibaura Electronics Co. Ltd. | 1000 | 47943 |
| Shibaura Machine Co. Ltd.<sup>(2)</sup> | 1300 | 36579 |
| Shibaura Mechatronics Corp. | 900 | 66437 |
| Shibusawa Logistics Corp. | 200 | 6060 |
| Shibuya Corp. | 700 | 16867 |
| SHIFT, Inc.<sup>(1)</sup> | 13400 | 138381 |
| Shiga Bank Ltd. | 2500 | 110587 |
| Shikoku Bank Ltd. | 2300 | 22107 |
| Shikoku Electric Power Co., Inc. | 11000 | 103007 |
| Shikoku Kasei Holdings Corp. | 1600 | 23357 |
| Shima Seiki Manufacturing Ltd. | 1900 | 13782 |
| Shimadaya Corp. | 100 | 1171 |
| Shimizu Bank Ltd. | 200 | 2566 |
| Shimojima Co. Ltd. | 200 | 1734 |
| Shin Nippon Air Technologies Co. Ltd. | 1800 | 37696 |
| Shin Nippon Biomedical Laboratories Ltd. | 1300 | 14824 |
| Shinagawa Refractories Co. Ltd. | 1400 | 18336 |
| Shindengen Electric Manufacturing Co. Ltd. | 300 | 6475 |
| Shin-Etsu Polymer Co. Ltd. | 2000 | 25238 |
| Shinko Shoji Co. Ltd. | 300 | 1963 |
| Shinmaywa Industries Ltd. | 3700 | 44236 |
| Shinnihon Corp. | 1400 | 17871 |
| Shinnihonseiyaku Co. Ltd. | 600 | 9888 |
| Shinsho Corp. | 800 | 12274 |
| Ship Healthcare Holdings, Inc. | 4700 | 71033 |
| Shizuoka Gas Co. Ltd. | 300 | 2295 |
| SHO-BOND Holdings Co. Ltd. | 1000 | 34643 |
| Shoei Co. Ltd. | 1700 | 21310 |
| Showa Sangyo Co. Ltd. | 1200 | 24387 |
| SIGMAXYZ Holdings, Inc. | 5700 | 37411 |
| Siix Corp. | 2200 | 19387 |
| Simplex Holdings, Inc. | 3600 | 111242 |
| Sinanen Holdings Co. Ltd. | 200 | 8889 |
| Sinfonia Technology Co. Ltd. | 1900 | 100961 |
| Sinko Industries Ltd. | 1500 | 12762 |
| Sintokogio Ltd. | 1300 | 8618 |
| SK-Electronics Co. Ltd. | 100 | 2009 |
| SKY Perfect JSAT Holdings, Inc. | 12500 | 118560 |
| Smaregi, Inc. | 600 | 13766 |
| SMK Corp. | 100 | 1529 |
| SMS Co. Ltd. | 800 | 8536 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Socionext, Inc.<sup>(2)</sup> | 6000 | $113706 |
| Soda Nikka Co. Ltd. | 400 | 3001 |
| Sodick Co. Ltd. | 4300 | 24880 |
| Soft99 Corp. | 200 | 3338 |
| Softcreate Holdings Corp. | 300 | 4678 |
| Software Service, Inc. | 100 | 9980 |
| Solasto Corp. | 1300 | 4206 |
| Sotetsu Holdings, Inc. | 4600 | 80902 |
| Sourcenext Corp.<sup>(1)</sup> | 400 | 463 |
| Sparx Group Co. Ltd. | 400 | 4184 |
| SPK Corp. | 200 | 3158 |
| S-Pool, Inc. | 2500 | 5487 |
| SRA Holdings | 300 | 9483 |
| SRE Holdings Corp. | 600 | 13381 |
| SRS Holdings Co. Ltd. | 1800 | 15741 |
| St. Marc Holdings Co. Ltd. | 700 | 12275 |
| Star Micronics Co. Ltd. | 1700 | 19404 |
| Startia Holdings, Inc. | 300 | 5356 |
| Starts Corp., Inc. | 2200 | 74322 |
| Starzen Co. Ltd. | 2700 | 21863 |
| Stella Chemifa Corp. | 500 | 14039 |
| STI Foods Holdings, Inc. | 300 | 2607 |
| Strike Co. Ltd. | 600 | 17490 |
| Subaru Enterprise Co. Ltd. | 100 | 2371 |
| Sugimoto & Co. Ltd. | 400 | 4870 |
| SUMCO Corp. | 22900 | 190532 |
| Sumida Corp. | 1700 | 12077 |
| Sumiseki Holdings, Inc. | 200 | 826 |
| Sumitomo Bakelite Co. Ltd. | 4900 | 163973 |
| Sumitomo Densetsu Co. Ltd. | 1200 | 54472 |
| Sumitomo Heavy Industries Ltd. | 6900 | 152503 |
| Sumitomo Osaka Cement Co. Ltd. | 2000 | 53247 |
| Sumitomo Riko Co. Ltd. | 2000 | 29778 |
| Sumitomo Seika Chemicals Co. Ltd. | 500 | 15497 |
| Sumitomo Warehouse Co. Ltd. | 3300 | 68898 |
| Sun Frontier Fudousan Co. Ltd. | 1900 | 30151 |
| Sun\*, Inc.<sup>(1)</sup> | 100 | 314 |
| Sun-Wa Technos Corp.<sup>(2)</sup> | 500 | 8822 |
| SUNWELS Co. Ltd.<sup>(1)</sup> | 200 | 1058 |
| Suruga Bank Ltd. | 10200 | 101934 |
| Suzuken Co. Ltd. | 700 | 27685 |
| Suzuki Co. Ltd. | 500 | 7226 |
| SWCC Corp. | 1800 | 99505 |
| Synchro Food Co. Ltd. | 1300 | 5171 |
| System Support Holdings, Inc. | 100 | 2014 |
| Systems Engineering Consultants Co. Ltd. | 200 | 6211 |
| Systena Corp. | 16700 | 56058 |
| Syuppin Co. Ltd. | 1100 | 9110 |
| T Hasegawa Co. Ltd. | 1900 | 38341 |
| T RAD Co. Ltd. | 100 | 4566 |
| Tachibana Eletech Co. Ltd. | 300 | 5901 |
| Tachikawa Corp. | 200 | 2462 |
| Tachi-S Co. Ltd. | 1900 | 25097 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tadano Ltd. | 6400 | $44925 |
| Taiheiyo Cement Corp. | 5500 | 148761 |
| Taiho Kogyo Co. Ltd. | 300 | 1388 |
| Taikisha Ltd. | 3100 | 61100 |
| Taisei Lamick Group Head Quarter & Innovation Co. Ltd. | 100 | 1748 |
| Taiyo Holdings Co. Ltd. | 3000 | 156585 |
| Taiyo Kagaku Co. Ltd. | 200 | 2865 |
| Taiyo Yuden Co. Ltd. | 8000 | 162170 |
| Takachiho Koheki Co. Ltd. | 900 | 11869 |
| Takamatsu Construction Group Co. Ltd. | 900 | 19957 |
| Takamiya Co. Ltd. | 500 | 1228 |
| Takaoka Toko Co. Ltd. | 700 | 14790 |
| Takara & Co. Ltd. | 700 | 18770 |
| Takara Bio, Inc. | 2200 | 13534 |
| Takara Holdings, Inc. | 6000 | 69092 |
| Takara Standard Co. Ltd. | 3100 | 55557 |
| Takasago International Corp. | 800 | 45984 |
| Takashimaya Co. Ltd. | 15900 | 140072 |
| TAKEBISHI Corp. | 200 | 2626 |
| Takeuchi Manufacturing Co. Ltd. | 1900 | 65709 |
| Taki Chemical Co. Ltd. | 100 | 2431 |
| Tama Home Co. Ltd. | 900 | 21953 |
| Tamron Co. Ltd. | 6500 | 44474 |
| Tamura Corp. | 3800 | 13107 |
| Tanabe Engineering Corp. | 200 | 3315 |
| Tanseisha Co. Ltd. | 3000 | 28075 |
| Tauns Laboratories, Inc. | 1300 | 5008 |
| Tayca Corp. | 300 | 2593 |
| Tazmo Co. Ltd.<sup>(2)</sup> | 300 | 4545 |
| TDC Soft, Inc. | 1800 | 16746 |
| TechMatrix Corp. | 2100 | 28311 |
| Techno Ryowa Ltd. | 600 | 20160 |
| TechnoPro Holdings, Inc. | 6900 | 225274 |
| Teijin Ltd. | 11400 | 96968 |
| Teikoku Electric Manufacturing Co. Ltd. | 700 | 15889 |
| Teikoku Tsushin Kogyo Co. Ltd. | 200 | 3333 |
| Tekken Corp. | 600 | 13709 |
| Tenpos Holdings Co. Ltd. | 100 | 2363 |
| Tenryu Saw Manufacturing Co. Ltd. | 100 | 1393 |
| Tential, Inc.<sup>(1)</sup> | 200 | 6881 |
| Tera Probe, Inc. | 100 | 3156 |
| Terasaki Electric Co. Ltd. | 600 | 16773 |
| TerraSky Co. Ltd.<sup>(1)</sup> | 300 | 4478 |
| Tess Holdings Co. Ltd. | 2400 | 5909 |
| Tigers Polymer Corp. | 200 | 1273 |
| Timee, Inc.<sup>(1)</sup> | 3200 | 50149 |
| TKC Corp. | 1500 | 44879 |
| TKP Corp.<sup>(1)</sup> | 1100 | 14897 |
| Toa Corp. | 500 | 3917 |
| Toa Corp. | 4700 | 68846 |
| TOA ROAD Corp. | 800 | 8747 |
| Toagosei Co. Ltd. | 4900 | 51052 |
| TOBISHIMA HOLDINGS, Inc. | 1100 | 15732 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TOC Co. Ltd. | 1300 | $6969 |
| Tocalo Co. Ltd. | 3300 | 47264 |
| Tochigi Bank Ltd. | 7100 | 22950 |
| Toda Corp. | 14700 | 104276 |
| Toenec Corp. | 2800 | 27002 |
| Toho Bank Ltd. | 12600 | 33779 |
| Toho Co. Ltd. | 200 | 4781 |
| Toho System Science Co. Ltd. | 200 | 1660 |
| Toho Titanium Co. Ltd. | 1800 | 21643 |
| Tohokushinsha Film Corp. | 1400 | 6456 |
| Tokai Carbon Co. Ltd. | 13300 | 91325 |
| Tokai Corp. | 400 | 5876 |
| TOKAI Holdings Corp. | 6300 | 44847 |
| Tokai Rika Co. Ltd. | 3000 | 53420 |
| Tokai Tokyo Financial Holdings, Inc. | 12800 | 50446 |
| Token Corp. | 400 | 38502 |
| Tokushu Tokai Paper Co. Ltd. | 200 | 5767 |
| Tokuyama Corp. | 3800 | 86605 |
| Tokyo Base Co. Ltd. | 1700 | 5689 |
| Tokyo Electron Device Ltd. | 1300 | 25330 |
| Tokyo Energy & Systems, Inc. | 1200 | 13949 |
| Tokyo Individualized Educational Institute, Inc. | 400 | 937 |
| Tokyo Kiraboshi Financial Group, Inc. | 2000 | 94985 |
| Tokyo Rope Manufacturing Co. Ltd. | 300 | 3046 |
| Tokyo Sangyo Co. Ltd. | 400 | 2464 |
| Tokyo Seimitsu Co. Ltd. | 2500 | 139682 |
| Tokyo Steel Manufacturing Co. Ltd. | 3400 | 38246 |
| Tokyo Tekko Co. Ltd. | 500 | 20272 |
| Tokyotokeiba Co. Ltd. | 800 | 28721 |
| Tokyu Construction Co. Ltd. | 6600 | 50307 |
| Toli Corp. | 2500 | 9900 |
| Tomen Devices Corp. | 100 | 4210 |
| Tomoe Corp. | 1500 | 15448 |
| Tomoe Engineering Co. Ltd. | 1200 | 13729 |
| Tomoku Co. Ltd. | 800 | 17935 |
| TOMONY Holdings, Inc. | 12100 | 51907 |
| Tomy Co. Ltd. | 5200 | 118828 |
| Topcon Corp. | 400 | 8889 |
| Topre Corp. | 2100 | 30887 |
| Topy Industries Ltd. | 500 | 9918 |
| Toridoll Holdings Corp. | 2400 | 80536 |
| Torigoe Co. Ltd. | 300 | 2011 |
| Toshiba TEC Corp. | 1600 | 31148 |
| Tosho Co. Ltd. | 100 | 475 |
| Totech Corp. | 2000 | 43279 |
| Totetsu Kogyo Co. Ltd. | 1600 | 47433 |
| Tow Co. Ltd. | 100 | 254 |
| Towa Bank Ltd. | 2400 | 15218 |
| Towa Corp.<sup>(2)</sup> | 1900 | 22129 |
| Towa Pharmaceutical Co. Ltd.<sup>(2)</sup> | 1700 | 33340 |
| Toyo Engineering Corp.<sup>(2)</sup> | 2300 | 26179 |
| Toyo Gosei Co. Ltd.<sup>(2)</sup> | 200 | 7015 |
| Toyo Kanetsu KK | 400 | 11856 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Toyo Securities Co. Ltd. | 3500 | $12794 |
| Toyo Tanso Co. Ltd. | 1000 | 26281 |
| Toyo Tire Corp. | 5100 | 129570 |
| Toyobo Co. Ltd. | 5500 | 40474 |
| Toyoda Gosei Co. Ltd. | 3300 | 79889 |
| Toyokumo, Inc. | 300 | 6637 |
| Toyota Boshoku Corp. | 4900 | 79921 |
| TPR Co. Ltd. | 1200 | 19184 |
| Traders Holdings Co. Ltd. | 800 | 5478 |
| Transaction Co. Ltd. | 2000 | 16871 |
| Transcosmos, Inc. | 1600 | 39055 |
| TRE Holdings Corp. | 2200 | 22878 |
| Treasure Factory Co. Ltd. | 900 | 10881 |
| Tri Chemical Laboratories, Inc. | 1600 | 34860 |
| Trinity Industrial Corp. | 200 | 1622 |
| tripla Co. Ltd.<sup>(1)</sup> | 200 | 2894 |
| Trusco Nakayama Corp. | 2900 | 47595 |
| TS Tech Co. Ltd. | 5000 | 62875 |
| TSI Holdings Co. Ltd. | 3300 | 24060 |
| Tsubaki Nakashima Co. Ltd. | 1400 | 3388 |
| Tsubakimoto Chain Co. | 5100 | 76130 |
| Tsubakimoto Kogyo Co. Ltd. | 200 | 4006 |
| Tsuburaya Fields Holdings, Inc. | 2500 | 35630 |
| Tsugami Corp. | 2600 | 37437 |
| Tsukada Global Holdings, Inc. | 500 | 2470 |
| Tsukishima Holdings Co. Ltd.<sup>(2)</sup> | 2300 | 47673 |
| Tsukuba Bank Ltd. | 5000 | 9888 |
| Tsumura & Co. | 3300 | 79359 |
| Tsurumi Manufacturing Co. Ltd. | 100 | 2657 |
| Tsutsumi Jewelry Co. Ltd. | 100 | 1526 |
| Tsuzuki Denki Co. Ltd. | 500 | 10805 |
| TV Asahi Holdings Corp. | 1400 | 29395 |
| Tv Tokyo Holdings Corp. | 300 | 9199 |
| TWOSTONE&Sons | 600 | 3514 |
| UACJ Corp. | 2100 | 89635 |
| UBE Corp. | 6600 | 104194 |
| Uchida Yoko Co. Ltd. | 500 | 36334 |
| Ukai Co. Ltd. | 100 | 2545 |
| ULS Group, Inc. | 200 | 10537 |
| Ulvac, Inc. | 2700 | 108884 |
| U-Next Holdings Co. Ltd. | 4800 | 67654 |
| Union Tool Co.<sup>(2)</sup> | 600 | 36345 |
| Unipres Corp. | 1900 | 15039 |
| UNIRITA, Inc. | 100 | 1317 |
| United Arrows Ltd. | 1100 | 15537 |
| United Super Markets Holdings, Inc. | 5438 | 35505 |
| Universal Entertainment Corp.<sup>(1)</sup> | 2000 | 14048 |
| User Local, Inc. | 400 | 5659 |
| Ushio, Inc. | 4000 | 58185 |
| UT Group Co. Ltd. | 1100 | 20158 |
| V Technology Co. Ltd. | 200 | 4032 |
| Valor Holdings Co. Ltd. | 2500 | 47765 |
| Valqua Ltd. | 1100 | 28434 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Value HR Co. Ltd. | 300 | $3113 |
| ValueCommerce Co. Ltd. | 2600 | 14073 |
| Vector, Inc. | 1700 | 13071 |
| Vega Corp. Co. Ltd. | 300 | 4627 |
| Vertex Corp. | 800 | 8961 |
| Vision, Inc. | 2200 | 18631 |
| Visional, Inc.<sup>(1)</sup> | 1200 | 95503 |
| Vital KSK Holdings, Inc. | 2400 | 20366 |
| VRAIN Solution, Inc.<sup>(1)</sup> | 100 | 1818 |
| VT Holdings Co. Ltd. | 4700 | 15502 |
| Wacom Co. Ltd. | 7200 | 35281 |
| Wakita & Co. Ltd. | 2000 | 24956 |
| Warabeya Nichiyo Holdings Co. Ltd. | 1100 | 21049 |
| Waseda Academy Co. Ltd. | 600 | 11253 |
| WATAMI Co. Ltd. | 1600 | 10598 |
| WDI Corp. | 100 | 2044 |
| Weathernews, Inc. | 1100 | 33698 |
| West Holdings Corp. | 1700 | 18553 |
| Will Group, Inc. | 200 | 1318 |
| WingArc1st, Inc. | 1200 | 27181 |
| WIN-Partners Co. Ltd. | 1000 | 9072 |
| World Co. Ltd. | 1600 | 32810 |
| World Holdings Co. Ltd. | 400 | 7050 |
| Wowow, Inc. | 200 | 2376 |
| W-Scope Corp.<sup>(1)</sup> | 700 | 1196 |
| Xebio Holdings Co. Ltd. | 1400 | 10557 |
| YAC Holdings Co. Ltd. | 200 | 1122 |
| Yagi & Co. Ltd. | 100 | 2197 |
| Yahagi Construction Co. Ltd. | 1400 | 20812 |
| YAKUODO Holdings Co. Ltd. | 200 | 3092 |
| YAMABIKO Corp. | 1600 | 25134 |
| Yamae Group Holdings Co. Ltd. | 1100 | 20056 |
| Yamagata Bank Ltd. | 1600 | 17251 |
| Yamaguchi Financial Group, Inc. | 11100 | 132731 |
| Yamaichi Electronics Co. Ltd. | 1200 | 25894 |
| Yamami Co. | 200 | 6399 |
| Yamanashi Chuo Bank Ltd. | 2300 | 47974 |
| Yamashin-Filter Corp. | 1700 | 7509 |
| Yamatane Corp. | 1000 | 20204 |
| Yamaura Corp. | 200 | 1866 |
| Yamaya Corp. | 100 | 1629 |
| Yamazen Corp. | 2600 | 24161 |
| Yaoko Co. Ltd. | 1000 | 62262 |
| Yellow Hat Ltd. | 4900 | 55095 |
| Yodogawa Steel Works Ltd. | 7300 | 67845 |
| Yokogawa Bridge Holdings Corp. | 1900 | 35796 |
| Yokorei Co. Ltd. | 2700 | 21389 |
| Yokowo Co. Ltd. | 1000 | 9504 |
| Yonex Co. Ltd. | 4600 | 130033 |
| Yonkyu Co. Ltd. | 100 | 1727 |
| Yorozu Corp. | 400 | 2677 |
| Yoshimura Food Holdings KK<sup>(1)</sup> | 600 | 3630 |
| Yoshinoya Holdings Co. Ltd. | 4500 | 97163 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Yossix Holdings Co. Ltd. | 100 | $1787 |
| Yotai Refractories Co. Ltd. | 600 | 6985 |
| Yuasa Trading Co. Ltd. | 1000 | 33318 |
| Yukiguni Factory Co. Ltd. | 1100 | 8018 |
| Yurtec Corp. | 3200 | 57258 |
| Yushin Co. | 400 | 1681 |
| Yushiro, Inc. | 100 | 1556 |
| Yutaka Giken Co. Ltd. | 100 | 2053 |
| Zacros Corp. | 800 | 22653 |
| Zenhoren Co. Ltd. | 600 | 3615 |
| Zenitaka Corp. | 100 | 4448 |
| Zenkoku Hosho Co. Ltd. | 200 | 4574 |
| Zenrin Co. Ltd. | 2100 | 14926 |
| Zeon Corp. | 8600 | 98747 |
| ZERIA Pharmaceutical Co. Ltd. | 1300 | 17831 |
| ZIGExN Co. Ltd. | 3300 | 11842 |
| Zojirushi Corp. | 2300 | 26287 |
|  |  | 40257610 |
| **Netherlands — 1.2%** |  |  |
| Aalberts NV | 3519 | 123282 |
| Acomo NV | 829 | 21246 |
| Alfen NV<sup>(1)(2)</sup> | 525 | 6071 |
| AMG Critical Materials NV | 1492 | 45872 |
| Arcadis NV | 2005 | 92506 |
| Avantium NV<sup>(1)(2)</sup> | 119 | 1936 |
| Basic-Fit NV<sup>(1)(2)</sup> | 1505 | 44053 |
| Brunel International NV<sup>(2)</sup> | 643 | 6506 |
| Constellium SE<sup>(1)</sup> | 5280 | 76507 |
| Corbion NV | 1584 | 31941 |
| Ferrari Group PLC | 896 | 9211 |
| Fugro NV<sup>(2)</sup> | 3495 | 48202 |
| IMCD NV | 382 | 42897 |
| InPost SA<sup>(1)</sup> | 7398 | 107532 |
| Just Eat Takeaway.com NV<sup>(1)(2)</sup> | 4646 | 109725 |
| Koninklijke BAM Groep NV | 12582 | 112152 |
| Koninklijke Heijmans NV, CVA | 1176 | 80837 |
| Koninklijke Vopak NV | 2335 | 112912 |
| Nedap NV | 129 | 13643 |
| OCI NV<sup>(1)</sup> | 4025 | 22998 |
| Pharming Group NV<sup>(1)(2)</sup> | 21000 | 30882 |
| PostNL NV<sup>(2)</sup> | 9870 | 11141 |
| SBM Offshore NV | 5581 | 152581 |
| SIF Holding NV<sup>(1)</sup> | 311 | 2813 |
| Signify NV | 3825 | 101008 |
| Sligro Food Group NV | 604 | 7674 |
| TKH Group NV, CVA<sup>(2)</sup> | 955 | 38675 |
| Van Lanschot Kempen NV | 896 | 54753 |
|  |  | 1509556 |
| **New Zealand — 0.5%** |  |  |
| Air New Zealand Ltd. | 239083 | 83220 |
| Eroad Ltd.<sup>(1)</sup> | 16784 | 24253 |
| Fletcher Building Ltd.<sup>(1)</sup> | 63342 | 117697 |
| Freightways Group Ltd. | 12718 | 91157 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KMD Brands Ltd.<sup>(1)(2)</sup> | 83240 | $11784 |
| Ryman Healthcare Ltd.<sup>(1)</sup> | 23705 | 33346 |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 118364 | 48829 |
| Summerset Group Holdings Ltd. | 25391 | 164569 |
| Tourism Holdings Ltd. | 1244 | 1657 |
|  |  | 576512 |
| **Norway — 1.9%** |  |  |
| 2020 Bulkers Ltd. | 956 | 12865 |
| Aker Horizons ASA<sup>(1)</sup> | 1790 | 344 |
| Aker Solutions ASA | 22579 | 69962 |
| AMSC ASA<sup>(1)</sup> | 4055 | 593 |
| Atea ASA<sup>(1)</sup> | 5078 | 70753 |
| Austevoll Seafood ASA | 5702 | 52890 |
| Avance Gas Holding Ltd.<sup>(1)</sup> | 1285 | 31 |
| B2 Impact ASA | 13550 | 22948 |
| Bakkafrost P | 423 | 18375 |
| Bluenord ASA<sup>(1)</sup> | 1632 | 79960 |
| Borregaard ASA | 2515 | 52286 |
| Bouvet ASA | 5186 | 35192 |
| BW LPG Ltd. | 5617 | 87671 |
| BW Offshore Ltd. | 5193 | 19404 |
| Cadeler AS<sup>(1)</sup> | 9201 | 48326 |
| Cool Co. Ltd. | 1323 | 10929 |
| DNO ASA | 31126 | 47423 |
| DOF Group ASA | 11413 | 111344 |
| Elmera Group ASA | 5712 | 19408 |
| Endur ASA<sup>(1)</sup> | 1386 | 12237 |
| Europris ASA | 10671 | 103239 |
| FLEX LNG Ltd.<sup>(1)</sup> | 1493 | 40829 |
| Grieg Seafood ASA<sup>(1)</sup> | 2045 | 14464 |
| Himalaya Shipping Ltd.<sup>(1)</sup> | 1164 | 8816 |
| Hoegh Autoliners ASA | 7062 | 81159 |
| Kid ASA | 2125 | 31171 |
| Kitron ASA | 14325 | 83245 |
| Klaveness Combination Carriers ASA | 389 | 2903 |
| Morrow Bank ASA | 4232 | 5792 |
| MPC Container Ships ASA | 21445 | 38307 |
| NEL ASA<sup>(1)</sup> | 57846 | 13322 |
| Noram Drilling AS<sup>(1)</sup> | 605 | 1639 |
| Norbit ASA | 2698 | 54769 |
| Norconsult Norge AS | 5831 | 26781 |
| Nordic Mining ASA<sup>(1)</sup> | 3110 | 5619 |
| Nordic Semiconductor ASA<sup>(1)</sup> | 1246 | 20628 |
| Norske Skog ASA<sup>(1)</sup> | 4973 | 10791 |
| Norwegian Air Shuttle ASA | 40530 | 68691 |
| Odfjell Drilling Ltd. | 6806 | 54920 |
| OKEA ASA<sup>(1)</sup> | 2890 | 5467 |
| Panoro Energy ASA<sup>(1)</sup> | 3236 | 7701 |
| Protector Forsikring ASA | 3160 | 152748 |
| Public Property Invest AS | 8031 | 19397 |
| Rana Gruber ASA | 1462 | 9653 |
| Salmon Evolution ASA<sup>(1)</sup> | 11824 | 6213 |
| SATS ASA<sup>(1)</sup> | 10916 | 40701 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Scatec ASA<sup>(1)</sup> | 9285 | $97736 |
| Sea1 offshore, Inc. | 3160 | 8026 |
| Solstad Maritime Holding AS | 3871 | 9776 |
| Solstad Offshore ASA | 1285 | 7219 |
| SpareBank 1 Nord Norge | 7564 | 103128 |
| Sparebank 1 Oestlandet | 2763 | 51490 |
| SpareBank 1 SMN | 8095 | 154608 |
| Sparebanken Norge | 2900 | 48992 |
| Stolt-Nielsen Ltd. | 1539 | 50029 |
| TGS ASA | 11668 | 89206 |
| Veidekke ASA | 6223 | 98569 |
| Wilh Wilhelmsen Holding ASA, Class A | 739 | 37865 |
|  |  | 2438550 |
| **Portugal — 0.4%** |  |  |
| Altri SGPS SA<sup>(2)</sup> | 3815 | 22452 |
| Corticeira Amorim SGPS SA<sup>(2)</sup> | 2471 | 21831 |
| CTT-Correios de Portugal SA | 8160 | 70074 |
| Mota-Engil SGPS SA<sup>(2)</sup> | 7421 | 43910 |
| NOS SGPS SA | 18859 | 86189 |
| REN - Redes Energeticas Nacionais SGPS SA | 50009 | 174936 |
| Semapa-Sociedade de Investimento e Gestao | 1681 | 34732 |
| Sonae SGPS SA | 26254 | 39257 |
| Teixeira Duarte SA<sup>(1)(2)</sup> | 26757 | 12806 |
|  |  | 506187 |
| **Singapore — 1.9%** |  |  |
| AEM Holdings Ltd.<sup>(1)</sup> | 5551 | 6604 |
| Aztech Global Ltd. | 26800 | 13996 |
| Banyan Tree Holdings Ltd. | 45900 | 21450 |
| Capitaland India Trust | 150800 | 138666 |
| Centurion Corp. Ltd. | 35600 | 48807 |
| China Aviation Oil Singapore Corp. Ltd. | 32400 | 34325 |
| China Sunsine Chemical Holdings Ltd. | 28400 | 16248 |
| CNMC Goldmine Holdings Ltd. | 40800 | 20005 |
| ComfortDelGro Corp. Ltd. | 304900 | 344469 |
| COSCO Shipping International Singapore Co. Ltd.<sup>(1)(2)</sup> | 21200 | 1999 |
| CSE Global Ltd. | 84300 | 45295 |
| First Resources Ltd. | 77000 | 102600 |
| Frencken Group Ltd. | 48400 | 53787 |
| Geo Energy Resources Ltd. | 102600 | 28778 |
| Golden Agri-Resources Ltd. | 989400 | 216132 |
| Hong Leong Asia Ltd. | 33100 | 65689 |
| Hutchison Port Holdings Trust, U Shares | 600600 | 129106 |
| iFAST Corp. Ltd. | 13000 | 85579 |
| ISDN Holdings Ltd. | 17000 | 5093 |
| Keppel Infrastructure Trust | 626700 | 217275 |
| LHN Ltd. | 23500 | 14835 |
| Marco Polo Marine Ltd. | 344800 | 19068 |
| Nanofilm Technologies International Ltd.<sup>(2)</sup> | 43800 | 24878 |
| Oiltek International Ltd. | 15300 | 11911 |
| Pan-United Corp. Ltd. | 36300 | 33945 |
| Propnex Ltd. | 20800 | 38915 |
| Raffles Medical Group Ltd. | 123700 | 97382 |
| Rex International Holding Ltd.<sup>(1)</sup> | 99700 | 13867 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| RH PetroGas Ltd.<sup>(1)</sup> | 26900 | $3829 |
| Riverstone Holdings Ltd.<sup>(2)</sup> | 90800 | 50935 |
| Samudera Shipping Line Ltd. | 24600 | 19741 |
| Sheng Siong Group Ltd. | 110500 | 174822 |
| StarHub Ltd. | 92900 | 81066 |
| Super Hi International Holding Ltd.<sup>(1)</sup> | 26000 | 49953 |
| Wee Hur Holdings Ltd. | 58200 | 33331 |
| Yanlord Land Group Ltd.<sup>(1)(2)</sup> | 103500 | 57205 |
| Yoma Strategic Holdings Ltd.<sup>(1)</sup> | 255900 | 17752 |
|  |  | 2339338 |
| **South Africa — 0.2%** |  |  |
| Anglogold Ashanti PLC (New York) | 4565 | 258653 |
| **Spain — 1.6%** |  |  |
| Acerinox SA | 7316 | 90263 |
| Aedas Homes SA | 116 | 2872 |
| Almirall SA | 2898 | 37899 |
| Amper SA<sup>(1)(2)</sup> | 91224 | 13902 |
| Atresmedia Corp. de Medios de Comunicacion SA | 3276 | 19982 |
| Bankinter SA | 29430 | 439218 |
| CIE Automotive SA | 1367 | 43142 |
| Construcciones y Auxiliar de Ferrocarriles SA | 725 | 43893 |
| Ebro Foods SA | 2264 | 46538 |
| Enagas SA | 8805 | 137214 |
| Ence Energia y Celulosa SA<sup>(2)</sup> | 5506 | 18137 |
| Ercros SA<sup>(1)</sup> | 3021 | 9700 |
| Faes Farma SA | 10306 | 50747 |
| Fluidra SA | 3237 | 92296 |
| Gestamp Automocion SA | 6183 | 25003 |
| Grenergy Renovables SA<sup>(1)</sup> | 638 | 48803 |
| Indra Sistemas SA<sup>(2)</sup> | 2126 | 85862 |
| Laboratorios Farmaceuticos Rovi SA<sup>(2)</sup> | 860 | 58455 |
| Logista Integral SA | 2386 | 78206 |
| Melia Hotels International SA | 3807 | 35407 |
| Neinor Homes SA<sup>(1)</sup> | 995 | 19825 |
| Obrascon Huarte Lain SA<sup>(1)</sup> | 38090 | 18023 |
| Prosegur Cash SA | 7277 | 6048 |
| Prosegur Cia de Seguridad SA | 5376 | 16693 |
| Sacyr SA | 21902 | 92440 |
| Solaria Energia y Medio Ambiente SA<sup>(1)</sup> | 1465 | 23732 |
| Soltec Power Holdings SA<sup>(1)(2)</sup> | 357 | 167 |
| Tecnicas Reunidas SA<sup>(1)</sup> | 1974 | 52415 |
| Tubacex SA<sup>(2)</sup> | 5015 | 21577 |
| Tubos Reunidos SA<sup>(1)</sup> | 1758 | 1051 |
| Unicaja Banco SA | 44497 | 123381 |
| Vidrala SA | 817 | 88140 |
| Viscofan SA | 1663 | 116503 |
|  |  | 1957534 |
| **Sweden — 4.5%** |  |  |
| AcadeMedia AB | 6846 | 67111 |
| AddLife AB, B Shares | 8120 | 152122 |
| Addnode Group AB | 8181 | 97791 |
| AFRY AB | 555 | 8770 |
| Alimak Group AB | 5100 | 84868 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Alleima AB | 12232 | $90403 |
| Ambea AB | 5454 | 73519 |
| AQ Group AB | 4011 | 82405 |
| Arjo AB, B Shares | 14098 | 51551 |
| Atrium Ljungberg AB, B Shares<sup>(2)</sup> | 15587 | 51926 |
| Attendo AB | 6941 | 48483 |
| Beijer Alma AB | 1539 | 40932 |
| Bergman & Beving AB | 1719 | 59602 |
| Better Collective AS<sup>(1)(2)</sup> | 2244 | 28021 |
| BICO Group AB<sup>(1)</sup> | 679 | 1693 |
| Bilia AB, A Shares | 4203 | 51823 |
| Billerud Aktiebolag | 13020 | 124406 |
| BioGaia AB, B Shares | 5907 | 65555 |
| Bonava AB, B Shares<sup>(1)</sup> | 9077 | 10709 |
| BoneSupport Holding AB<sup>(1)</sup> | 1043 | 34245 |
| Boozt AB<sup>(1)(2)</sup> | 2905 | 28239 |
| Bredband2 i Skandinavien AB | 54874 | 18907 |
| Bufab AB | 8510 | 84376 |
| Bulten AB | 1111 | 6461 |
| Bure Equity AB | 4470 | 133965 |
| Byggmax Group AB | 4115 | 25357 |
| Catena AB | 1966 | 90339 |
| Cibus Nordic Real Estate AB publ | 4620 | 83200 |
| Cint Group AB<sup>(1)</sup> | 17146 | 12774 |
| Clas Ohlson AB, B Shares | 3237 | 114479 |
| Cloetta AB, B Shares | 13987 | 47953 |
| Coor Service Management Holding AB | 7916 | 39109 |
| Corem Property Group AB, B Shares<sup>(2)</sup> | 38793 | 18878 |
| Dios Fastigheter AB | 7924 | 53779 |
| Dynavox Group AB<sup>(1)</sup> | 8284 | 110064 |
| Electrolux AB, B Shares<sup>(1)</sup> | 11879 | 70578 |
| Electrolux Professional AB, B Shares | 14345 | 93174 |
| Elekta AB, B Shares | 18048 | 89744 |
| Embracer Group AB<sup>(1)(2)</sup> | 3917 | 35025 |
| Enad Global 7 AB<sup>(1)</sup> | 3276 | 4065 |
| Fastighetsbolaget Emilshus AB, Class B<sup>(1)</sup> | 171 | 900 |
| FastPartner AB, Class A | 2027 | 10507 |
| G5 Entertainment AB | 312 | 3066 |
| GomSpace Group AB<sup>(1)(2)</sup> | 2932 | 4985 |
| Granges AB | 7785 | 114195 |
| Hanza AB | 1578 | 18959 |
| Haypp Group AB<sup>(1)</sup> | 1010 | 16268 |
| Heba Fastighets AB, Class B | 4519 | 14663 |
| Hemnet Group AB | 5035 | 131068 |
| Hexatronic Group AB<sup>(1)(2)</sup> | 6924 | 16893 |
| Hufvudstaden AB, A Shares | 7088 | 92396 |
| Humana AB | 3584 | 15293 |
| Humble Group AB<sup>(1)</sup> | 25231 | 21012 |
| IAR Systems Group AB | 955 | 18012 |
| Instalco AB | 13620 | 35964 |
| Intea Fastigheter AB | 4388 | 33885 |
| Intellego Technologies AB<sup>(1)(2)</sup> | 2315 | 50191 |
| INVISIO AB | 2735 | 90034 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Inwido AB | 3081 | $59665 |
| JM AB | 4198 | 60702 |
| KNOW IT AB | 1205 | 13706 |
| Lindab International AB | 5191 | 115325 |
| Logistea AB, Class B | 12993 | 20660 |
| Loomis AB | 3493 | 154870 |
| Medcap AB<sup>(1)</sup> | 937 | 60854 |
| Medicover AB, B Shares | 506 | 14173 |
| MEKO AB | 2570 | 22214 |
| Mildef Group AB<sup>(2)</sup> | 2053 | 33349 |
| MIPS AB | 1557 | 66066 |
| Modern Times Group MTG AB, B Shares<sup>(1)</sup> | 245 | 2534 |
| Munters Group AB | 7229 | 98832 |
| Mycronic AB | 1083 | 24280 |
| NCAB Group AB<sup>(1)</sup> | 7027 | 36554 |
| NCC AB, B Shares | 6167 | 126601 |
| Neobo Fastigheter AB<sup>(1)</sup> | 8560 | 14833 |
| Net Insight AB, B Shares<sup>(1)(2)</sup> | 11141 | 5303 |
| New Wave Group AB, B Shares | 5624 | 62797 |
| Nobia AB<sup>(1)</sup> | 31883 | 15938 |
| Nolato AB, B Shares | 13477 | 82693 |
| Note AB | 1224 | 24306 |
| NP3 Fastigheter AB | 2360 | 62995 |
| Nyfosa AB | 10425 | 90412 |
| Orron Energy AB<sup>(1)(2)</sup> | 7529 | 3412 |
| Ovzon AB<sup>(1)</sup> | 4913 | 19083 |
| Pandox AB | 5755 | 104163 |
| Paradox Interactive AB | 2335 | 42742 |
| Peab AB, Class B | 11241 | 87703 |
| Platzer Fastigheter Holding AB, B Shares | 3744 | 27021 |
| PowerCell Sweden AB<sup>(1)</sup> | 1110 | 3210 |
| Prevas AB, B Shares | 130 | 969 |
| Proact IT Group AB | 1245 | 12042 |
| RaySearch Laboratories AB | 2225 | 62453 |
| Rusta AB | 3786 | 29645 |
| Rvrc Holding AB | 5910 | 29063 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(1)</sup> | 32243 | 16297 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares<sup>(1)</sup> | 6223 | 5453 |
| Scandi Standard AB | 2281 | 23522 |
| Scandic Hotels Group AB | 10127 | 93985 |
| Sedana Medical AB<sup>(1)(2)</sup> | 3924 | 6137 |
| Sinch AB<sup>(1)</sup> | 42294 | 132278 |
| SkiStar AB | 2700 | 44814 |
| Smart Eye AB<sup>(1)(2)</sup> | 2118 | 18006 |
| Stillfront Group AB<sup>(1)</sup> | 321 | 170 |
| Storytel AB | 2930 | 24407 |
| Surgical Science Sweden AB<sup>(1)(2)</sup> | 995 | 10141 |
| Sveafastigheter AB<sup>(1)(2)</sup> | 4852 | 19436 |
| SwedenCare AB<sup>(2)</sup> | 2554 | 10796 |
| Synsam AB | 6738 | 42023 |
| Teqnion AB<sup>(1)</sup> | 432 | 6474 |
| Troax Group AB | 2335 | 34826 |
| Truecaller AB, B Shares<sup>(2)</sup> | 20317 | 96322 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| VBG Group AB, B Shares | 1192 | $37632 |
| Viaplay Group AB, B Shares<sup>(1)(2)</sup> | 110414 | 15549 |
| Vitec Software Group AB, B Shares | 1899 | 72954 |
| Vitrolife AB | 2734 | 39483 |
| Wihlborgs Fastigheter AB | 8293 | 82390 |
| Zinzino AB, Class B<sup>(2)</sup> | 1634 | 32550 |
|  |  | 5631505 |
| **Switzerland — 4.3%** |  |  |
| Accelleron Industries AG | 4818 | 414593 |
| Allreal Holding AG | 803 | 181900 |
| ALSO Holding AG | 389 | 123262 |
| ams-OSRAM AG<sup>(1)</sup> | 6865 | 85785 |
| Arbonia AG | 2518 | 18272 |
| Aryzta AG<sup>(1)</sup> | 1427 | 131447 |
| Ascom Holding AG | 1659 | 9531 |
| Autoneum Holding AG<sup>(2)</sup> | 210 | 41688 |
| Bachem Holding AG, Class B | 1506 | 119902 |
| Basilea Pharmaceutica Ag Allschwil<sup>(1)</sup> | 529 | 31187 |
| Bell Food Group AG | 83 | 26160 |
| Bossard Holding AG, Class A | 274 | 58051 |
| Bucher Industries AG | 344 | 163438 |
| Burckhardt Compression Holding AG | 177 | 159377 |
| Burkhalter Holding AG | 368 | 67170 |
| Bystronic AG | 50 | 21999 |
| Cembra Money Bank AG | 1717 | 194766 |
| Cicor Technologies Ltd.<sup>(1)</sup> | 167 | 38631 |
| Clariant AG<sup>(1)</sup> | 10595 | 108857 |
| Comet Holding AG | 72 | 15425 |
| COSMO Pharmaceuticals NV | 350 | 27531 |
| Daetwyler Holding AG, Bearer Shares | 308 | 52080 |
| DKSH Holding AG | 1763 | 129659 |
| dormakaba Holding AG | 189 | 175844 |
| Dottikon Es Holding AG<sup>(1)</sup> | 106 | 37798 |
| EFG International AG<sup>(1)</sup> | 3894 | 77406 |
| Emmi AG | 121 | 112880 |
| Forbo Holding AG | 52 | 51560 |
| Galenica AG | 1852 | 198411 |
| Georg Fischer AG | 1022 | 81728 |
| Gurit Holding AG, Bearer Shares<sup>(1)(2)</sup> | 60 | 1071 |
| Hiag Immobilien Holding AG | 319 | 42191 |
| Huber & Suhner AG | 648 | 98065 |
| Implenia AG | 826 | 65916 |
| Inficon Holding AG | 803 | 95403 |
| Interroll Holding AG | 33 | 92625 |
| Intershop Holding AG | 315 | 60740 |
| Kardex Holding AG | 339 | 141805 |
| Komax Holding AG<sup>(1)(2)</sup> | 226 | 24137 |
| LEM Holding SA<sup>(1)</sup> | 24 | 15708 |
| Leonteq AG<sup>(2)</sup> | 392 | 8020 |
| Medacta Group SA | 353 | 64268 |
| Medmix AG | 1192 | 16007 |
| Mobilezone Holding AG | 312 | 4246 |
| Mobimo Holding AG<sup>(1)</sup> | 416 | 164355 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Montana Aerospace AG<sup>(1)</sup> | 1579 | $49963 |
| Novavest Real Estate AG<sup>(1)</sup> | 307 | 15312 |
| OC Oerlikon Corp. AG Pfaffikon | 9356 | 34442 |
| PolyPeptide Group AG<sup>(1)</sup> | 526 | 17820 |
| Rieter Holding AG<sup>(2)</sup> | 60 | 4247 |
| Schweiter Technologies AG | 40 | 15741 |
| Sensirion Holding AG<sup>(1)</sup> | 296 | 24480 |
| SFS Group AG | 981 | 134980 |
| Siegfried Holding AG<sup>(1)</sup> | 1965 | 206234 |
| SKAN Group AG | 495 | 38020 |
| Softwareone Holding AG | 6282 | 54222 |
| Softwareone Holding AG | 3370 | 28952 |
| St. Galler Kantonalbank AG | 101 | 63629 |
| Stadler Rail AG | 2651 | 70561 |
| Sulzer AG | 384 | 71959 |
| Tecan Group AG | 408 | 84257 |
| Temenos AG | 2222 | 197576 |
| TX Group AG | 173 | 42341 |
| u-blox Holding AG<sup>(1)</sup> | 467 | 79133 |
| Valiant Holding AG | 814 | 134504 |
| Vetropack Holding AG | 689 | 22405 |
| Vontobel Holding AG | 1489 | 113585 |
| Warteck Invest AG | 3 | 7388 |
| Zehnder Group AG | 572 | 51171 |
|  |  | 5413817 |
| **United Kingdom — 11.3%** |  |  |
| 4imprint Group PLC | 1193 | 54300 |
| Aberdeen Group PLC | 97290 | 256070 |
| Advanced Medical Solutions Group PLC | 4797 | 13118 |
| AFC Energy PLC<sup>(1)</sup> | 5112 | 656 |
| AG Barr PLC | 6045 | 55755 |
| AJ Bell PLC | 12290 | 84843 |
| Alpha Group International PLC | 1577 | 89021 |
| Ashmore Group PLC | 22808 | 55002 |
| Ashtead Technology Holdings PLC<sup>(2)</sup> | 539 | 2699 |
| ASOS PLC<sup>(1)(2)</sup> | 1504 | 5638 |
| Aston Martin Lagonda Global Holdings PLC<sup>(1)(2)</sup> | 8728 | 8620 |
| Atalaya Mining Copper SA | 6116 | 44483 |
| Auction Technology Group PLC<sup>(1)</sup> | 9 | 41 |
| Aviva PLC | 16409 | 144497 |
| Avon Technologies PLC | 1639 | 42231 |
| B&M European Value Retail SA | 51709 | 168186 |
| Babcock International Group PLC | 10267 | 140955 |
| Balfour Beatty PLC | 21738 | 174419 |
| Barratt Redrow PLC | 16767 | 81514 |
| Beazley PLC | 26796 | 283669 |
| Bellway PLC | 6218 | 195876 |
| Bloomsbury Publishing PLC | 2765 | 18252 |
| Bodycote PLC | 7453 | 63054 |
| boohoo Group PLC<sup>(1)(2)</sup> | 26756 | 5513 |
| BP Marsh & Partners PLC | 396 | 3720 |
| Breedon Group PLC | 5917 | 29400 |
| Burberry Group PLC<sup>(1)</sup> | 20333 | 352992 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Burford Capital Ltd. | 3106 | $43484 |
| Burford Capital Ltd. (London) | 8937 | 123899 |
| Bytes Technology Group PLC | 13030 | 71051 |
| Capricorn Energy PLC<sup>(1)</sup> | 2092 | 6037 |
| Card Factory PLC | 12349 | 17388 |
| Carr's Group PLC | 1164 | 2148 |
| Central Asia Metals PLC | 7354 | 16860 |
| Ceres Power Holdings PLC<sup>(1)</sup> | 3021 | 4815 |
| Cerillion PLC<sup>(2)</sup> | 778 | 14616 |
| Chemring Group PLC | 11668 | 84680 |
| Chesnara PLC | 10594 | 40438 |
| Churchill China PLC | 178 | 1035 |
| Clarkson PLC | 1559 | 73640 |
| Close Brothers Group PLC<sup>(1)</sup> | 10146 | 63057 |
| CMC Markets PLC | 5831 | 17296 |
| Coats Group PLC | 82799 | 85878 |
| Cohort PLC<sup>(2)</sup> | 2178 | 37747 |
| Computacenter PLC | 3880 | 120589 |
| Conduit Holdings Ltd. | 7607 | 30840 |
| Costain Group PLC | 17133 | 31094 |
| Craneware PLC | 975 | 28157 |
| Cranswick PLC | 2746 | 189272 |
| Crest Nicholson Holdings PLC | 13303 | 27039 |
| CVS Group PLC | 4306 | 71493 |
| Deliveroo PLC<sup>(1)</sup> | 42988 | 103665 |
| Diversified Energy Co. PLC | 2610 | 42524 |
| Dowlais Group PLC | 55112 | 58114 |
| Dr. Martens PLC | 18594 | 22796 |
| Drax Group PLC | 20882 | 183421 |
| Duke Capital Ltd. | 15621 | 6228 |
| Dunelm Group PLC | 7827 | 127050 |
| easyJet PLC | 12250 | 81241 |
| Ecora Resources PLC | 6127 | 5922 |
| Elementis PLC | 18385 | 40399 |
| Energean PLC<sup>(2)</sup> | 8136 | 104940 |
| EnQuest PLC | 98922 | 16918 |
| Essentra PLC | 1845 | 2508 |
| Everplay Group PLC | 6986 | 37299 |
| FDM Group Holdings PLC | 6103 | 10494 |
| Ferrexpo PLC<sup>(1)</sup> | 17229 | 12858 |
| Fevertree Drinks PLC | 6347 | 69561 |
| Firstgroup PLC | 35816 | 107597 |
| Fonix PLC | 2640 | 7562 |
| Foresight Group Holdings Ltd. | 2262 | 14095 |
| Forterra PLC | 11696 | 30260 |
| Foxtons Group PLC | 13357 | 10113 |
| Frasers Group PLC<sup>(1)</sup> | 5806 | 53046 |
| Frontier Developments PLC<sup>(1)</sup> | 488 | 2465 |
| FRP Advisory Group PLC | 13415 | 24661 |
| Fuller Smith & Turner PLC, Class A | 1414 | 11079 |
| Funding Circle Holdings PLC<sup>(1)</sup> | 12478 | 24538 |
| Future PLC | 409 | 4014 |
| Galliford Try Holdings PLC | 5092 | 29474 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Games Workshop Group PLC | 1532 | $319837 |
| Gamma Communications PLC | 4589 | 65513 |
| GB Group PLC | 285 | 850 |
| Genel Energy PLC<sup>(1)(2)</sup> | 4719 | 4142 |
| Genuit Group PLC | 5501 | 25068 |
| Genus PLC | 3304 | 116469 |
| Georgia Capital PLC<sup>(1)</sup> | 1746 | 53719 |
| Grafton Group PLC | 9294 | 109792 |
| Grainger PLC | 31129 | 81853 |
| Greencore Group PLC | 18208 | 61309 |
| Greggs PLC | 4781 | 101967 |
| Gulf Keystone Petroleum Ltd. | 12856 | 33644 |
| Gulf Marine Services PLC<sup>(1)</sup> | 31740 | 8152 |
| Gym Group PLC<sup>(1)</sup> | 6771 | 12680 |
| Halfords Group PLC | 12600 | 23342 |
| Harbour Energy PLC | 16007 | 49382 |
| Harworth Group PLC | 4728 | 11268 |
| Hays PLC | 80711 | 68000 |
| Helios Towers PLC<sup>(1)</sup> | 46206 | 81936 |
| Henry Boot PLC | 2182 | 6994 |
| Hill & Smith PLC | 4378 | 125225 |
| Hilton Food Group PLC | 3413 | 38336 |
| Hochschild Mining PLC | 20372 | 77519 |
| Hollywood Bowl Group PLC | 8433 | 28753 |
| Hostelworld Group PLC | 3317 | 5168 |
| Hunting PLC | 8004 | 35541 |
| Ibstock PLC | 19533 | 36484 |
| IG Group Holdings PLC | 16198 | 247452 |
| Impax Asset Management Group PLC | 2445 | 6067 |
| Inchcape PLC | 18242 | 164582 |
| Indivior PLC<sup>(1)</sup> | 1924 | 46742 |
| IntegraFin Holdings PLC | 11712 | 55303 |
| International Workplace Group PLC | 37041 | 101502 |
| IP Group PLC<sup>(1)</sup> | 50924 | 41330 |
| IQE PLC<sup>(1)</sup> | 48144 | 5888 |
| ITM Power PLC<sup>(1)(2)</sup> | 23050 | 20672 |
| ITV PLC | 182043 | 200812 |
| J D Wetherspoon PLC | 4429 | 41562 |
| JET2 PLC | 8510 | 187404 |
| John Wood Group PLC<sup>(1)</sup> | 2585 | 482 |
| Johnson Matthey PLC | 10058 | 259758 |
| Johnson Service Group PLC | 20665 | 38843 |
| JTC PLC | 1258 | 19664 |
| Jubilee Metals Group PLC<sup>(1)(2)</sup> | 128301 | 5966 |
| Judges Scientific PLC | 17 | 1517 |
| Jupiter Fund Management PLC | 28612 | 48405 |
| Just Group PLC | 60090 | 171374 |
| Kainos Group PLC | 4301 | 41056 |
| Keller Group PLC | 3742 | 67513 |
| Keystone Law Group PLC | 1020 | 8275 |
| Kier Group PLC | 16978 | 43573 |
| Kitwave Group PLC | 617 | 1893 |
| Lancashire Holdings Ltd. | 12132 | 100183 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lion Finance Group PLC | 2409 | $238813 |
| Liontrust Asset Management PLC | 3188 | 14855 |
| M&C Saatchi PLC<sup>(2)</sup> | 4188 | 9048 |
| Macfarlane Group PLC | 5232 | 6719 |
| Man Group PLC | 45108 | 99674 |
| Marshalls PLC | 12250 | 29581 |
| Marston's PLC<sup>(1)</sup> | 33821 | 17610 |
| Me Group International PLC | 10357 | 27984 |
| Mears Group PLC | 5285 | 24516 |
| Metals Exploration PLC<sup>(1)</sup> | 90313 | 15629 |
| Midwich Group PLC<sup>(2)</sup> | 2083 | 6307 |
| Mitchells & Butlers PLC<sup>(1)</sup> | 13884 | 48343 |
| Mitie Group PLC | 78151 | 147924 |
| MJ Gleeson PLC | 1890 | 8682 |
| Mobico Group PLC<sup>(1)</sup> | 8655 | 3845 |
| Molten Ventures PLC<sup>(1)</sup> | 8166 | 39533 |
| MONY Group PLC | 28306 | 76487 |
| Moonpig Group PLC | 14297 | 38433 |
| Morgan Advanced Materials PLC | 10988 | 31344 |
| Morgan Sindall Group PLC | 2008 | 113403 |
| Mortgage Advice Bureau Holdings Ltd. | 1911 | 18350 |
| MP Evans Group PLC | 1584 | 28468 |
| NCC Group PLC | 11881 | 23313 |
| Next 15 Group PLC | 4340 | 15559 |
| Nichols PLC | 1376 | 21662 |
| Ninety One PLC | 15064 | 38632 |
| Norcros PLC | 2693 | 9983 |
| Ocado Group PLC<sup>(1)</sup> | 15974 | 72699 |
| On the Beach Group PLC | 8988 | 35256 |
| OSB Group PLC | 18238 | 129998 |
| Oxford Biomedica PLC<sup>(1)(2)</sup> | 1652 | 12614 |
| Oxford Nanopore Technologies PLC<sup>(1)(2)</sup> | 20080 | 49201 |
| Pagegroup PLC | 15452 | 49525 |
| Pan African Resources PLC | 118871 | 101685 |
| Pantheon Resources PLC<sup>(1)(2)</sup> | 10781 | 4418 |
| Paragon Banking Group PLC | 9074 | 106574 |
| PayPoint PLC | 2808 | 27061 |
| Pennon Group PLC | 27096 | 173362 |
| Persimmon PLC | 5799 | 83321 |
| Pets at Home Group PLC | 5257 | 15912 |
| Phoenix Spree Deutschland Ltd.<sup>(1)</sup> | 386 | 851 |
| Pinewood Technologies Group PLC<sup>(1)</sup> | 2091 | 14532 |
| Plus500 Ltd. | 4123 | 168953 |
| Polar Capital Holdings PLC | 3496 | 21716 |
| Pollen Street Group Ltd. | 1275 | 15166 |
| PPHE Hotel Group Ltd. | 1034 | 18001 |
| Premier Foods PLC | 31293 | 79839 |
| Pulsar Group PLC<sup>(1)</sup> | 1507 | 804 |
| PureTech Health PLC<sup>(1)</sup> | 7021 | 11741 |
| PZ Cussons PLC | 5331 | 4977 |
| QinetiQ Group PLC | 26910 | 172984 |
| Quilter PLC | 90592 | 200994 |
| Raspberry PI Holdings PLC<sup>(1)</sup> | 87 | 497 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rathbones Group PLC | 2812 | $69945 |
| Reach PLC | 17876 | 16620 |
| Renew Holdings PLC | 2650 | 28681 |
| Renishaw PLC | 1706 | 74460 |
| Restore PLC | 5535 | 19676 |
| RHI Magnesita NV | 1153 | 31822 |
| Rockhopper Exploration PLC<sup>(1)</sup> | 24540 | 26548 |
| Rotork PLC | 44256 | 205944 |
| RS Group PLC | 20544 | 156938 |
| RWS Holdings PLC | 10634 | 12683 |
| S&U PLC<sup>(2)</sup> | 84 | 2076 |
| S4 Capital PLC<sup>(2)</sup> | 24799 | 6969 |
| Sabre Insurance Group PLC | 12116 | 23532 |
| Saga PLC<sup>(1)(2)</sup> | 6631 | 19249 |
| Savills PLC | 3809 | 46856 |
| Secure Trust Bank PLC | 1073 | 16099 |
| Senior PLC | 20986 | 56886 |
| Serabi Gold PLC<sup>(1)</sup> | 2376 | 6552 |
| Serco Group PLC | 59613 | 176106 |
| Serica Energy PLC | 14128 | 34413 |
| Severfield PLC | 12977 | 5704 |
| SIG PLC<sup>(1)</sup> | 18941 | 2690 |
| Sigmaroc PLC<sup>(1)</sup> | 56705 | 88147 |
| Softcat PLC | 7708 | 167824 |
| SolGold PLC<sup>(1)(2)</sup> | 59620 | 12104 |
| Spectris PLC | 235 | 12859 |
| Spire Healthcare Group PLC | 16448 | 48292 |
| Spirent Communications PLC | 16043 | 42500 |
| SSP Group PLC | 43633 | 90762 |
| SThree PLC | 6595 | 17375 |
| Strix Group PLC<sup>(1)(2)</sup> | 8546 | 5318 |
| Supreme PLC | 2646 | 6435 |
| Synthomer PLC<sup>(1)</sup> | 6338 | 5193 |
| Tate & Lyle PLC | 18167 | 130629 |
| TBC Bank Group PLC | 2264 | 133907 |
| Team Internet Group PLC<sup>(1)</sup> | 4269 | 3559 |
| Telecom Plus PLC | 3953 | 96751 |
| THG PLC<sup>(1)(2)</sup> | 30870 | 11920 |
| TP ICAP Group PLC | 41861 | 157143 |
| Travis Perkins PLC | 9877 | 79456 |
| Treatt PLC | 2341 | 7031 |
| Trustpilot Group PLC<sup>(1)</sup> | 13904 | 38718 |
| TT Electronics PLC | 6911 | 9429 |
| TUI AG<sup>(1)</sup> | 27700 | 284005 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 8543 | 13163 |
| Vertu Motors PLC | 14636 | 11766 |
| Vesuvius PLC | 10125 | 51185 |
| Victorian Plumbing Group PLC | 8021 | 6788 |
| Victrex PLC | 4210 | 40631 |
| Vistry Group PLC<sup>(1)</sup> | 18085 | 149350 |
| Volex PLC | 5802 | 27261 |
| Volution Group PLC | 9862 | 84264 |
| Warpaint London PLC | 64 | 275 |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Watches of Switzerland Group PLC<sup>(1)</sup> | 13149 | $58033 |
| Watkin Jones PLC<sup>(1)(2)</sup> | 5540 | 2114 |
| WH Smith PLC | 4974 | 46405 |
| Wickes Group PLC | 14155 | 38207 |
| XP Power Ltd.<sup>(1)</sup> | 644 | 7771 |
| XPS Pensions Group PLC | 8741 | 41119 |
| Yellow Cake PLC<sup>(1)</sup> | 11782 | 82264 |
| YouGov PLC | 2106 | 9892 |
| Young & Co.'s Brewery PLC, Class A | 766 | 8649 |
| Zigup PLC | 11922 | 50726 |
| Zotefoams PLC | 2381 | 13351 |
|  |  | 14293078 |
| **United States — 0.4%** |  |  |
| Alcoa Corp. | 301 | 9540 |
| Coeur Mining, Inc.<sup>(1)</sup> | 8084 | 106305 |
| Golar LNG Ltd. | 4253 | 186366 |
| Kingsway Financial Services, Inc.<sup>(1)</sup> | 272 | 3903 |
| Lion Electric Co.<sup>(1)</sup> | 1425 | 10 |
| Luxfer Holdings PLC | 384 | 5153 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 637 | 23493 |
| Primo Brands Corp., Class A | 4581 | 115029 |
| Quanex Building Products Corp. | 124 | 2638 |
| Quanex Building Products Corp. (London) | 34 | 722 |
| Viemed Healthcare, Inc.<sup>(1)</sup> | 15 | 111 |
|  |  | 453270 |
| **TOTAL COMMON STOCKS**<br>(Cost $107,717,765) |  | **125497737** |
| **WARRANTS — 0.0%** |  |  |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)(2)</sup><br>(Cost $—) | 531 | **1429** |
| **RIGHTS — 0.0%** |  |  |
| **New Zealand — 0.0%** |  |  |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup><br>(Cost $—) | 35332 | **208** |
| **SHORT-TERM INVESTMENTS — 1.0%** |  |  |
| **Money Market Funds — 1.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 213275 | 213275 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1088444 | 1088444 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,301,719) |  | **1301719** |
| **TOTAL INVESTMENT SECURITIES — 100.7%**<br>(Cost $109,019,484) |  | **126801093** |
| **OTHER ASSETS AND LIABILITIES — (0.7)%** |  | **(870552)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**125930541** |

---

------

Schedule of Investments - Avantis International Small Cap Equity ETF

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Industrials | 23.8% |
| Materials | 15.7% |
| Consumer Discretionary | 13.1% |
| Financials | 12.7% |
| Information Technology | 9.5% |
| Consumer Staples | 5.5% |
| Energy | 5.5% |
| Health Care | 4.1% |
| Communication Services | 3.6% |
| Real Estate | 3.5% |
| Utilities | 2.7% |
| Short-Term Investments | 1.0% |
| Other Assets and Liabilities | (0.7)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CVA | – | Certificaten Van Aandelen |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,802,948. 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 $5,154,866, which includes securities collateral of $4,066,422.

**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 | $1236938 | $124260799 |  |
| Warrants |  | 1429 |  |
| Rights |  | 208 |  |
| Short-Term Investments | 1301719 |  |  |
|  | $2538657 | $124262436 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Small Cap Value ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.7%** | **Shares** | **Value** |
| **Australia — 9.3%** | | |
| Adairs Ltd. | 169265 | $302236 |
| Aeris Resources Ltd.<sup>(1)(2)</sup> | 781679 | 115206 |
| Alkane Resources Ltd.<sup>(1)(2)</sup> | 2548519 | 1759823 |
| Alliance Aviation Services Ltd.<sup>(1)</sup> | 48226 | 72791 |
| Appen Ltd.<sup>(1)</sup> | 318 | 179 |
| ARN Media Ltd. | 1042 | 313 |
| Aurelia Metals Ltd.<sup>(1)</sup> | 2699349 | 379288 |
| Aurizon Holdings Ltd. | 4412751 | 9345120 |
| Austal Ltd.<sup>(1)</sup> | 1698383 | 8627993 |
| Australian Agricultural Co. Ltd.<sup>(1)</sup> | 232563 | 214664 |
| Australian Finance Group Ltd. | 355586 | 650556 |
| Bank of Queensland Ltd. | 9178082 | 43588635 |
| Beach Energy Ltd. | 42859229 | 33586467 |
| Bega Cheese Ltd. | 93996 | 357791 |
| Bendigo & Adelaide Bank Ltd. | 2289697 | 19946601 |
| Bravura Solutions Ltd. | 521629 | 763374 |
| Capricorn Metals Ltd.<sup>(1)</sup> | 1849406 | 12528884 |
| Catalyst Metals Ltd.<sup>(1)</sup> | 948330 | 4518952 |
| Cedar Woods Properties Ltd. | 9410 | 46069 |
| Challenger Ltd. | 2752402 | 14983858 |
| Champion Iron Ltd.<sup>(2)</sup> | 8666374 | 25442512 |
| Coast Entertainment Holdings Ltd.<sup>(1)</sup> | 13124 | 3434 |
| Coronado Global Resources, Inc. | 10100758 | 2405612 |
| Credit Corp. Group Ltd. | 271746 | 2923665 |
| Dyno Nobel Ltd. | 5954322 | 11856240 |
| Elders Ltd. | 214574 | 1043202 |
| Emeco Holdings Ltd.<sup>(1)(2)</sup> | 576877 | 403489 |
| Emerald Resources NL<sup>(1)(2)</sup> | 242184 | 604362 |
| EVT Ltd. | 767170 | 7025416 |
| Findi Ltd.<sup>(1)</sup> | 1352 | 3304 |
| FleetPartners Group Ltd.<sup>(1)</sup> | 3720123 | 6858568 |
| GenusPlus Group Ltd. | 24129 | 82933 |
| Gold Road Resources Ltd. | 6869867 | 15142589 |
| GrainCorp Ltd., A Shares | 4003518 | 20902037 |
| Grange Resources Ltd. | 4529711 | 592826 |
| GWA Group Ltd. | 169728 | 279679 |
| Harvey Norman Holdings Ltd. | 4723939 | 21254002 |
| Helia Group Ltd. | 8627566 | 31279886 |
| Humm Group Ltd. | 547656 | 225541 |
| Iluka Resources Ltd. | 9955929 | 41092236 |
| Infomedia Ltd. | 454108 | 497275 |
| Inghams Group Ltd. | 8718482 | 15441694 |
| Insignia Financial Ltd.<sup>(1)</sup> | 1549984 | 4558991 |
| JB Hi-Fi Ltd. | 237171 | 18136439 |
| Karoon Energy Ltd. | 22462220 | 25814293 |
| Lindsay Australia Ltd. | 43815 | 19481 |
| MAC Copper Ltd.<sup>(1)</sup> | 65020 | 785326 |
| MAC Copper Ltd., Class A<sup>(1)</sup> | 63361 | 769203 |
| Macmahon Holdings Ltd. | 809023 | 230962 |
| Magellan Financial Group Ltd. | 3624282 | 24147550 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mayne Pharma Group Ltd.<sup>(1)(2)</sup> | 28748 | $97191 |
| McMillan Shakespeare Ltd. | 290350 | 3715562 |
| Metals X Ltd.<sup>(1)</sup> | 895033 | 373524 |
| Metcash Ltd. | 1527148 | 4190792 |
| Mineral Resources Ltd.<sup>(1)</sup> | 691398 | 16783065 |
| Monadelphous Group Ltd. | 652169 | 9133759 |
| Myer Holdings Ltd. | 12645000 | 5490815 |
| MyState Ltd. | 26465 | 74188 |
| New Hope Corp. Ltd. | 11386347 | 32916335 |
| nib holdings Ltd. | 1147612 | 5756175 |
| Nickel Industries Ltd. | 3473038 | 1583613 |
| NRW Holdings Ltd. | 11507298 | 28808313 |
| Nufarm Ltd.<sup>(1)</sup> | 2212180 | 3505481 |
| OFX Group Ltd.<sup>(1)(2)</sup> | 103793 | 54944 |
| Ora Banda Mining Ltd.<sup>(1)</sup> | 158575 | 89068 |
| Orora Ltd. | 4612182 | 6261519 |
| Perenti Ltd. | 23001107 | 35506807 |
| Perseus Mining Ltd. | 33531105 | 84037321 |
| Platinum Asset Management Ltd.<sup>(2)</sup> | 10058881 | 5265327 |
| Premier Investments Ltd. | 637322 | 9285743 |
| Qube Holdings Ltd. | 425309 | 1165806 |
| Ramelius Resources Ltd. | 27453816 | 57700086 |
| Regis Resources Ltd.<sup>(1)</sup> | 20223002 | 60915163 |
| Resimac Group Ltd. | 17380 | 11819 |
| Resolute Mining Ltd.<sup>(1)</sup> | 59156366 | 25219953 |
| Ridley Corp. Ltd.<sup>(2)</sup> | 2972577 | 6025591 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 2833890 | 23190565 |
| Servcorp Ltd. | 21643 | 96297 |
| Seven West Media Ltd.<sup>(1)</sup> | 3136102 | 287546 |
| Sims Ltd. | 2388628 | 22170590 |
| Southern Cross Electrical Engineering Ltd. | 291871 | 373723 |
| SRG Global Ltd. | 1076938 | 1381887 |
| Stanmore Resources Ltd. | 4452417 | 5420339 |
| Star Entertainment Group Ltd.<sup>(1)(2)</sup> | 23641358 | 1621227 |
| Super Retail Group Ltd. | 3591679 | 44095797 |
| Terracom Ltd.<sup>(2)</sup> | 3476272 | 166240 |
| Tyro Payments Ltd.<sup>(1)</sup> | 2046874 | 1654430 |
| Vault Minerals Ltd.<sup>(1)</sup> | 31725626 | 11258562 |
| Viva Energy Group Ltd.<sup>(2)</sup> | 12821840 | 18066389 |
| West African Resources Ltd.<sup>(1)</sup> | 25167203 | 50070842 |
| Westgold Resources Ltd.<sup>(1)</sup> | 2632022 | 5999292 |
| Westgold Resources Ltd. (Toronto)<sup>(1)</sup> | 192598 | 436145 |
| Whitehaven Coal Ltd. | 15293273 | 65987257 |
|  |  | 1087856635 |
| **Austria — 0.9%** |  |  |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | 1762862 | 42006161 |
| FACC AG<sup>(1)</sup> | 5448 | 53257 |
| Lenzing AG<sup>(1)</sup> | 658335 | 20387799 |
| Oesterreichische Post AG | 135514 | 4564108 |
| Porr AG | 602244 | 20900760 |
| Semperit AG Holding | 80753 | 1266565 |
| UNIQA Insurance Group AG | 777115 | 11261595 |
|  |  | 100440245 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Belgium — 1.3%** | | |
| Bekaert SA | 838790 | $37693123 |
| bpost SA<sup>(1)(2)</sup> | 2240466 | 5600020 |
| Cie d'Entreprises CFE<sup>(2)</sup> | 26716 | 276907 |
| Deceuninck NV<sup>(2)</sup> | 130781 | 323720 |
| EVS Broadcast Equipment SA | 13656 | 556301 |
| Gimv NV | 22288 | 1149197 |
| KBC Ancora | 236360 | 18305991 |
| Kinepolis Group NV<sup>(2)</sup> | 62260 | 2484790 |
| Melexis NV | 43382 | 3434612 |
| Ontex Group NV<sup>(1)(2)</sup> | 515 | 3926 |
| Proximus SADP | 1499731 | 13000347 |
| Solvay SA | 591445 | 19426260 |
| Tessenderlo Group SA<sup>(2)</sup> | 171319 | 5224148 |
| Umicore SA | 2769743 | 43227451 |
|  |  | 150706793 |
| **Canada — 10.3%** |  |  |
| ADENTRA, Inc. | 47855 | 1197638 |
| ADF Group, Inc.<sup>(2)</sup> | 33224 | 209260 |
| Advantage Energy Ltd.<sup>(1)</sup> | 2568213 | 20776092 |
| Aecon Group, Inc. | 46589 | 692381 |
| Amerigo Resources Ltd. | 7300 | 11907 |
| Aris Mining Corp.<sup>(1)</sup> | 1789937 | 15574870 |
| Athabasca Oil Corp.<sup>(1)</sup> | 2078635 | 9111576 |
| AutoCanada, Inc.<sup>(1)(2)</sup> | 2418 | 58560 |
| B2Gold Corp. | 23962065 | 98929558 |
| Badger Infrastructure Solutions Ltd. | 6000 | 251779 |
| Baytex Energy Corp.<sup>(2)</sup> | 13051607 | 28985620 |
| Birchcliff Energy Ltd. | 2109149 | 9690705 |
| Black Diamond Group Ltd. | 9210 | 77591 |
| Bonterra Energy Corp.<sup>(1)(2)</sup> | 29334 | 73690 |
| Boralex, Inc., A Shares | 400 | 8412 |
| Brookfield Wealth Solutions Ltd.<sup>(1)</sup> | 21985 | 1442668 |
| Calfrac Well Services Ltd.<sup>(1)</sup> | 28265 | 69564 |
| Canacol Energy Ltd.<sup>(1)(2)</sup> | 17903 | 33372 |
| Canfor Corp.<sup>(1)</sup> | 7955 | 75417 |
| Capital Power Corp. | 1172587 | 48897992 |
| Cardinal Energy Ltd. | 1603650 | 8512476 |
| Cargojet, Inc. | 7500 | 550697 |
| Cascades, Inc. | 937096 | 6707433 |
| Centerra Gold, Inc. | 3074716 | 25097438 |
| CES Energy Solutions Corp. | 1806028 | 10901789 |
| Chorus Aviation, Inc. | 164018 | 2426800 |
| Doman Building Materials Group Ltd. | 17440 | 123941 |
| Dorel Industries, Inc., Class B<sup>(1)</sup> | 59305 | 52251 |
| Dundee Precious Metals, Inc. | 875143 | 16223935 |
| Eldorado Gold Corp.<sup>(1)</sup> | 777252 | 19270711 |
| Enerflex Ltd. | 66803 | 673210 |
| Ensign Energy Services, Inc.<sup>(1)(2)</sup> | 1969169 | 3183133 |
| Equinox Gold Corp.<sup>(1)(2)</sup> | 2623987 | 22946870 |
| ERO Copper Corp.<sup>(1)</sup> | 34730 | 498690 |
| Evertz Technologies Ltd. | 300 | 2645 |
| Finning International, Inc. | 484139 | 20072723 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fortuna Mining Corp.<sup>(1)</sup> | 5595703 | $43148866 |
| Freehold Royalties Ltd. | 188286 | 1834395 |
| Frontera Energy Corp. | 480751 | 2131848 |
| goeasy Ltd. | 6100 | 946258 |
| Greenfire Resources Ltd.<sup>(1)(2)</sup> | 7540 | 39310 |
| Headwater Exploration, Inc. | 2731889 | 13546557 |
| High Liner Foods, Inc. | 4 | 47 |
| Hudbay Minerals, Inc. | 3691701 | 44299874 |
| IAMGOLD Corp.<sup>(1)</sup> | 5984472 | 55733351 |
| InPlay Oil Corp. | 14455 | 120200 |
| International Petroleum Corp.<sup>(1)(2)</sup> | 876485 | 16267960 |
| Jaguar Mining, Inc.<sup>(1)</sup> | 16300 | 57920 |
| Journey Energy, Inc.<sup>(1)</sup> | 73676 | 157722 |
| Kelt Exploration Ltd.<sup>(1)(2)</sup> | 1466230 | 7174475 |
| Keyera Corp. | 10 | 322 |
| Laurentian Bank of Canada | 176935 | 3929455 |
| Linamar Corp. | 55175 | 3012358 |
| Lithium Argentina AG<sup>(1)(2)</sup> | 100200 | 342184 |
| Lotus Creek Exploration, Inc.<sup>(1)</sup> | 105740 | 107022 |
| Lundin Gold, Inc. | 710209 | 43672152 |
| Major Drilling Group International, Inc.<sup>(1)</sup> | 4380 | 30872 |
| Martinrea International, Inc. | 1504676 | 11361627 |
| MDA Space Ltd.<sup>(1)</sup> | 36800 | 1190001 |
| MEG Energy Corp. | 1895115 | 38982778 |
| Mullen Group Ltd. | 326494 | 3273617 |
| National Bank of Canada | 1 | 105 |
| Neo Performance Materials, Inc. | 13947 | 178431 |
| New Gold, Inc.<sup>(1)</sup> | 12493639 | 73687316 |
| North American Construction Group Ltd. | 408584 | 5584244 |
| North West Co., Inc. | 464 | 17048 |
| Northland Power, Inc. | 79310 | 1284922 |
| NuVista Energy Ltd.<sup>(1)</sup> | 2974875 | 31625715 |
| Obsidian Energy Ltd.<sup>(1)(2)</sup> | 935351 | 5768685 |
| OceanaGold Corp. | 3956584 | 72312417 |
| Paramount Resources Ltd., A Shares | 613743 | 9125592 |
| Parex Resources, Inc. | 2091935 | 26351968 |
| Pason Systems, Inc. | 82433 | 705274 |
| PetroTal Corp. | 660311 | 326946 |
| Peyto Exploration & Development Corp. | 3387209 | 46096724 |
| PHX Energy Services Corp. | 10940 | 61895 |
| Pine Cliff Energy Ltd. | 102156 | 43887 |
| Pizza Pizza Royalty Corp. | 27393 | 319138 |
| Polaris Renewable Energy, Inc. | 1870 | 17252 |
| Precision Drilling Corp.<sup>(1)(2)</sup> | 105520 | 6108305 |
| Quipt Home Medical Corp.<sup>(1)</sup> | 12720 | 33343 |
| Real Matters, Inc.<sup>(1)(2)</sup> | 190973 | 891351 |
| Russel Metals, Inc. | 405047 | 12269236 |
| South Bow Corp.<sup>(2)</sup> | 548484 | 15200277 |
| Spartan Delta Corp.<sup>(1)(2)</sup> | 2131486 | 7573926 |
| SunOpta, Inc.<sup>(1)</sup> | 104336 | 651839 |
| Surge Energy, Inc.<sup>(2)</sup> | 1980170 | 9992047 |
| Tamarack Valley Energy Ltd. | 9963049 | 39102075 |
| Taseko Mines Ltd.<sup>(1)</sup> | 1780978 | 5809722 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Torex Gold Resources, Inc.<sup>(1)</sup> | 1239232 | $41336308 |
| Total Energy Services, Inc. | 19150 | 185874 |
| Transcontinental, Inc., Class A | 101404 | 1503321 |
| Trican Well Service Ltd. | 2544580 | 11042849 |
| Valeura Energy, Inc.<sup>(1)</sup> | 346404 | 2027952 |
| Vermilion Energy, Inc. | 3551066 | 26813671 |
| Wajax Corp. | 6600 | 114377 |
| West Fraser Timber Co. Ltd. | 47 | 3424 |
| Western Forest Products, Inc.<sup>(1)</sup> | 58627 | 535321 |
| Whitecap Resources, Inc. | 12860434 | 96826656 |
|  |  | 1216303998 |
| **China — 0.0%** |  |  |
| CIFI Holdings Group Co. Ltd.<sup>(1)</sup> | 2024000 | 58559 |
| Ever Sunshine Services Group Ltd. | 182000 | 45607 |
|  |  | 104166 |
| **Denmark — 1.7%** |  |  |
| Bang & Olufsen AS<sup>(1)</sup> | 58438 | 140143 |
| cBrain AS | 459 | 13452 |
| D/S Norden AS | 724736 | 25880852 |
| Dfds AS<sup>(1)</sup> | 509389 | 7981362 |
| FLSmidth & Co. AS | 34722 | 2372263 |
| H&H International AS, B Shares<sup>(1)</sup> | 19764 | 299604 |
| Jyske Bank AS | 17204 | 1847262 |
| Nilfisk Holding AS<sup>(1)</sup> | 1198 | 20166 |
| NKT AS<sup>(1)</sup> | 576057 | 54871363 |
| NNIT AS<sup>(1)</sup> | 38015 | 368220 |
| Per Aarsleff Holding AS | 239800 | 23511070 |
| Schouw & Co. AS | 6127 | 568470 |
| Solar AS, B Shares | 21345 | 725932 |
| Sparekassen Sjaelland-Fyn AS | 3291 | 169712 |
| Sydbank AS | 866178 | 65858435 |
| TORM PLC, Class A | 929389 | 19942915 |
|  |  | 204571221 |
| **Finland — 1.0%** |  |  |
| Bittium OYJ | 16141 | 225865 |
| Citycon OYJ | 288129 | 1214624 |
| Finnair OYJ<sup>(1)(2)</sup> | 3275122 | 12037876 |
| Kalmar OYJ, B Shares | 264977 | 12196902 |
| Kemira OYJ | 202203 | 4674671 |
| Lassila & Tikanoja OYJ | 61252 | 748451 |
| Marimekko OYJ | 199443 | 2797549 |
| Nokian Renkaat OYJ<sup>(2)</sup> | 3474570 | 32692767 |
| Outokumpu OYJ | 2968068 | 12211485 |
| Puuilo OYJ | 1495167 | 23321580 |
| Suominen OYJ<sup>(1)(2)</sup> | 37420 | 81864 |
| Tokmanni Group Corp.<sup>(2)</sup> | 948676 | 10282764 |
| Verkkokauppa.com OYJ<sup>(1)(2)</sup> | 49734 | 219388 |
|  |  | 112705786 |
| **France — 2.9%** |  |  |
| AKWEL SADIR | 3304 | 30967 |
| Antin Infrastructure Partners SA | 3365 | 44892 |
| Aperam SA | 217826 | 6613107 |
| Ayvens SA | 110701 | 1226536 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Beneteau SACA<sup>(2)</sup> | 233003 | $2279820 |
| Catana Group<sup>(2)</sup> | 31465 | 125848 |
| Cie des Alpes | 590535 | 15306403 |
| Clariane SE<sup>(1)</sup> | 183146 | 918317 |
| Coface SA | 833937 | 15704976 |
| Derichebourg SA | 2784199 | 19488074 |
| Emeis SA<sup>(1)</sup> | 261592 | 3739171 |
| Esso SA Francaise<sup>(2)</sup> | 36189 | 4123275 |
| Etablissements Maurel et Prom SA | 1906747 | 11348187 |
| Euroapi SA<sup>(1)</sup> | 566846 | 1999625 |
| Guillemot Corp.<sup>(1)</sup> | 967 | 6451 |
| Imerys SA | 104884 | 2679623 |
| Jacquet Metals SACA | 61360 | 1410152 |
| Kaufman & Broad SA | 183444 | 6152322 |
| La Francaise De L'energie SACA<sup>(1)</sup> | 456 | 15471 |
| Maisons du Monde SA<sup>(1)(2)</sup> | 233729 | 535953 |
| Manitou BF SA | 36370 | 801524 |
| Mersen SA | 181321 | 5146111 |
| Metropole Television SA | 322719 | 4971594 |
| Nexans SA | 91203 | 13905743 |
| Nexity SA<sup>(1)</sup> | 29387 | 296909 |
| Opmobility | 1007539 | 16249401 |
| OVH Groupe SA<sup>(1)(2)</sup> | 80505 | 960373 |
| Pullup Entertainment<sup>(1)</sup> | 15960 | 423540 |
| SES SA | 7551067 | 52781435 |
| SMCP SA<sup>(1)</sup> | 301044 | 2240468 |
| Solutions 30 SE<sup>(1)</sup> | 1327070 | 2663415 |
| STIF SA | 20515 | 2002788 |
| Television Francaise 1 SA | 1746260 | 17240789 |
| Ubisoft Entertainment SA<sup>(1)</sup> | 1540249 | 16851447 |
| Valeo SE | 3563450 | 43245715 |
| Vallourec SACA | 2329158 | 41814751 |
| Vicat SACA | 170938 | 11966514 |
| VusionGroup | 11104 | 2787083 |
| X-Fab Silicon Foundries SE<sup>(1)(2)</sup> | 1309796 | 10683075 |
|  |  | 340781845 |
| **Germany — 3.8%** |  |  |
| 2G Energy AG | 55907 | 2405458 |
| 7C Solarparken AG<sup>(1)</sup> | 68320 | 144692 |
| AlzChem Group AG | 32967 | 5593399 |
| Aurubis AG | 176399 | 20027198 |
| Baader Bank AG | 7082 | 43504 |
| BayWa AG<sup>(1)(2)</sup> | 70830 | 803664 |
| Bijou Brigitte AG | 3600 | 165971 |
| Borussia Dortmund GmbH & Co. KGaA | 532313 | 2285436 |
| CANCOM SE | 659 | 17702 |
| Cewe Stiftung & Co. KGaA | 55598 | 6258562 |
| Deutsche Pfandbriefbank AG | 780124 | 4825432 |
| Deutsche Rohstoff AG | 46334 | 2194195 |
| Deutz AG | 1461717 | 15214435 |
| Draegerwerk AG & Co. KGaA | 981 | 63674 |
| Draegerwerk AG & Co. KGaA, Preference Shares | 16490 | 1279161 |
| Duerr AG | 213637 | 5302943 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Elmos Semiconductor SE | 90920 | $8681889 |
| flatexDEGIRO AG | 1614074 | 53405761 |
| Friedrich Vorwerk Group SE | 29612 | 2496708 |
| Grand City Properties SA | 427695 | 5516634 |
| Grenke AG | 8701 | 171764 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 3103476 | 7310056 |
| HelloFresh SE<sup>(1)</sup> | 206160 | 1823940 |
| Hornbach Holding AG & Co. KGaA | 186103 | 22651702 |
| HUGO BOSS AG | 666143 | 32820826 |
| Indus Holding AG | 96809 | 2543635 |
| Instone Real Estate Group SE | 68031 | 736615 |
| JOST Werke SE | 175676 | 10768809 |
| Jungheinrich AG, Preference Shares | 1042623 | 36673417 |
| K&S AG | 21842 | 295146 |
| Kloeckner & Co. SE | 552792 | 3811407 |
| Koenig & Bauer AG<sup>(1)</sup> | 14871 | 268242 |
| Kontron AG | 97281 | 2781954 |
| Krones AG | 146626 | 22550743 |
| Lang & Schwarz AG | 32486 | 779773 |
| Lanxess AG | 1000252 | 28379362 |
| Mutares SE & Co. KGaA<sup>(2)</sup> | 304144 | 10165360 |
| Norma Group SE | 87160 | 1621226 |
| ProCredit Holding AG | 80857 | 871961 |
| SAF-Holland SE | 871682 | 16239810 |
| Salzgitter AG | 72089 | 1880150 |
| Schaeffler AG | 811102 | 5612112 |
| SGL Carbon SE<sup>(1)(2)</sup> | 276794 | 1097431 |
| Siltronic AG | 227088 | 9432651 |
| Sixt SE | 166303 | 16450953 |
| Sixt SE, Preference Shares | 128487 | 8960188 |
| SMA Solar Technology AG<sup>(1)</sup> | 67298 | 1786483 |
| Steico SE | 6262 | 180365 |
| STO SE & Co. KGaA, Preference Shares | 10539 | 1531816 |
| Suedzucker AG<sup>(2)</sup> | 614231 | 7201944 |
| TAG Immobilien AG | 1291890 | 23145463 |
| thyssenkrupp AG | 2277586 | 24102853 |
| Wacker Neuson SE | 293882 | 8631713 |
| Wuestenrot & Wuerttembergische AG | 46393 | 757909 |
|  |  | 450764197 |
| **Hong Kong — 1.5%** |  |  |
| AustAsia Group Ltd.<sup>(1)</sup> | 564732 | 166959 |
| Bank of East Asia Ltd. | 88640 | 146188 |
| Bright Smart Securities & Commodities Group Ltd.<sup>(1)(2)</sup> | 11426000 | 17146050 |
| Cafe de Coral Holdings Ltd. | 4934000 | 4452033 |
| Chow Sang Sang Holdings International Ltd. | 861000 | 1484041 |
| Citychamp Watch & Jewellery Group Ltd.<sup>(1)</sup> | 1194000 | 49742 |
| Comba Telecom Systems Holdings Ltd.<sup>(1)</sup> | 258000 | 81078 |
| Crystal International Group Ltd. | 34500 | 30538 |
| Dah Sing Banking Group Ltd. | 753200 | 1012142 |
| Dah Sing Financial Holdings Ltd. | 844800 | 3843337 |
| Deep Source Holdings Ltd.<sup>(1)</sup> | 1510000 | 161251 |
| Dream International Ltd. | 304000 | 557876 |
| E-Commodities Holdings Ltd.<sup>(2)</sup> | 23746000 | 2562567 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Emperor Watch & Jewellery Ltd. | 970000 | $39890 |
| FSE Lifestyle Services Ltd. | 19000 | 14660 |
| Giordano International Ltd. | 108000 | 21615 |
| G-Resources Group Ltd. | 74000 | 101906 |
| Hang Lung Group Ltd. | 4515000 | 7912230 |
| Hong Kong Technology Venture Co. Ltd. | 580000 | 107311 |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 278000 | 39569 |
| IGG, Inc. | 1334000 | 812631 |
| Impro Precision Industries Ltd. | 468000 | 222972 |
| Johnson Electric Holdings Ltd. | 7047820 | 25896110 |
| JS Global Lifestyle Co. Ltd.<sup>(1)(2)</sup> | 15997500 | 4503542 |
| K Wah International Holdings Ltd. | 2583000 | 734057 |
| Oriental Watch Holdings | 1104000 | 493035 |
| Pacific Basin Shipping Ltd. | 162307000 | 45607091 |
| Pacific Textiles Holdings Ltd. | 65000 | 12445 |
| PAX Global Technology Ltd. | 3916000 | 3263392 |
| PC Partner Group Ltd.<sup>(2)</sup> | 900000 | 794142 |
| Regina Miracle International Holdings Ltd. | 194000 | 48151 |
| Shun Tak Holdings Ltd.<sup>(1)(2)</sup> | 4544000 | 432208 |
| Singamas Container Holdings Ltd. | 4060000 | 381118 |
| SmarTone Telecommunications Holdings Ltd. | 218000 | 130646 |
| Soundwill Holdings Ltd.<sup>(1)</sup> | 500 | 385 |
| Stella International Holdings Ltd.<sup>(2)</sup> | 724500 | 1567232 |
| Sun Hung Kai & Co. Ltd. | 484000 | 257800 |
| SUNeVision Holdings Ltd. | 95000 | 93333 |
| Tai Hing Group Holdings Ltd. | 245000 | 32739 |
| Ten Pao Group Holdings Ltd. | 412000 | 117105 |
| Texhong International Group Ltd. | 1187000 | 715839 |
| Texwinca Holdings Ltd. | 440000 | 45323 |
| TradeGo Fintech Ltd.<sup>(1)</sup> | 652000 | 183535 |
| Truly International Holdings Ltd. | 718000 | 110984 |
| United Energy Group Ltd.<sup>(2)</sup> | 169596000 | 11942578 |
| United Laboratories International Holdings Ltd. | 16258000 | 32078391 |
| Yue Yuen Industrial Holdings Ltd. | 3359500 | 5938526 |
|  |  | 176346293 |
| **Ireland — 0.2%** |  |  |
| Dalata Hotel Group PLC | 2333377 | 17398918 |
| Glenveagh Properties PLC<sup>(1)</sup> | 4663136 | 10650102 |
| Uniphar PLC | 120092 | 569329 |
|  |  | 28618349 |
| **Israel — 4.0%** |  |  |
| Adgar Investment & Development Ltd.<sup>(1)</sup> | 1910 | 3087 |
| AFI Properties Ltd.<sup>(1)</sup> | 293 | 18477 |
| Airport City Ltd.<sup>(1)</sup> | 58449 | 1061948 |
| Alony Hetz Properties & Investments Ltd. | 486287 | 5526110 |
| Big Shopping Centers Ltd. | 44457 | 8726658 |
| Clal Insurance Enterprises Holdings Ltd. | 1316013 | 67526252 |
| Delek Group Ltd. | 209573 | 46240798 |
| Delta Galil Ltd. | 5775 | 301461 |
| Direct Finance of Direct Group 2006 Ltd. | 486 | 71510 |
| Doral Group Renewable Energy Resources Ltd.<sup>(1)</sup> | 5006 | 24028 |
| El Al Israel Airlines<sup>(1)</sup> | 980161 | 3916849 |
| Energix-Renewable Energies Ltd. | 68704 | 265958 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Equital Ltd.<sup>(1)</sup> | 104622 | $4596475 |
| Fattal Holdings 1998 Ltd.<sup>(1)</sup> | 56086 | 9141297 |
| FIBI Holdings Ltd. | 360139 | 27298525 |
| First International Bank Of Israel Ltd. | 35323 | 2504627 |
| Fox Wizel Ltd. | 5561 | 520557 |
| G City Ltd. | 364803 | 1386711 |
| Harel Insurance Investments & Financial Services Ltd. | 1863428 | 62042207 |
| IDI Insurance Co. Ltd. | 8077 | 571219 |
| Ilex Medical Ltd. | 657 | 12059 |
| Isracard Ltd. | 2671090 | 10753772 |
| Israel Corp. Ltd. | 45949 | 14881727 |
| Isras Investment Co. Ltd. | 2006 | 527328 |
| Ituran Location & Control Ltd. | 25 | 843 |
| M Yochananof & Sons Ltd. | 3959 | 346032 |
| Menora Mivtachim Holdings Ltd. | 382314 | 37062318 |
| Migdal Insurance & Financial Holdings Ltd. | 5893606 | 21229872 |
| Naphtha Israel Petroleum Corp. Ltd. | 10408 | 80987 |
| Nawi Group Ltd. | 5241 | 87700 |
| Nexxen International Ltd.<sup>(1)</sup> | 20821 | 208952 |
| Oil Refineries Ltd. | 57278519 | 14195349 |
| Partner Communications Co. Ltd. | 2284581 | 21415001 |
| Paz Retail & Energy Ltd. | 19664 | 3709185 |
| Phoenix Financial Ltd. | 712564 | 25196601 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 5508 | 501687 |
| Shikun & Binui Ltd.<sup>(1)</sup> | 3754101 | 16618434 |
| Shufersal Ltd. | 1530648 | 19000704 |
| Tera Light Ltd.<sup>(1)</sup> | 19433 | 62038 |
| Victory Supermarket Chain Ltd. | 1418 | 20564 |
| ZIM Integrated Shipping Services Ltd. | 2687362 | 36574997 |
|  |  | 464230904 |
| **Italy — 3.0%** |  |  |
| Arnoldo Mondadori Editore SpA | 17972 | 43649 |
| Azimut Holding SpA | 153853 | 5519820 |
| Banca IFIS SpA | 315538 | 8530300 |
| Banco di Desio e della Brianza SpA | 100970 | 866213 |
| BFF Bank SpA<sup>(1)</sup> | 210636 | 2758042 |
| Brembo NV<sup>(2)</sup> | 60288 | 667414 |
| Credito Emiliano SpA | 33066 | 519884 |
| d'Amico International Shipping SA | 2319340 | 10790599 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 117743 | 3955267 |
| Digital Bros SpA<sup>(1)(2)</sup> | 124288 | 1787628 |
| Digital Value SpA<sup>(2)</sup> | 369 | 14101 |
| Enav SpA | 769 | 3785 |
| ERG SpA | 91841 | 2219960 |
| Esprinet SpA<sup>(2)</sup> | 11117 | 59115 |
| Fila SpA | 17701 | 180615 |
| Fincantieri SpA<sup>(1)</sup> | 1829557 | 43609802 |
| FNM SpA<sup>(2)</sup> | 63993 | 36472 |
| Gas Plus SpA | 9975 | 65388 |
| Geox SpA<sup>(1)(2)</sup> | 92709 | 33926 |
| Iveco Group NV | 3820661 | 82151377 |
| MFE-MediaForEurope NV, Class A<sup>(2)</sup> | 4363223 | 15895157 |
| MFE-MediaForEurope NV, Class B<sup>(2)</sup> | 1445276 | 7685861 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NewPrinces SpA<sup>(1)</sup> | 4375 | $128494 |
| Orsero SpA | 4623 | 87286 |
| OVS SpA | 9293492 | 44814510 |
| RAI Way SpA | 90198 | 637745 |
| Saipem SpA<sup>(2)</sup> | 14440616 | 40578166 |
| Sesa SpA<sup>(2)</sup> | 2354 | 204349 |
| Webuild SpA<sup>(2)</sup> | 17446249 | 78614397 |
|  |  | 352459322 |
| **Japan — 32.6%** |  |  |
| & ST HD Co. Ltd. | 95000 | 1943835 |
| 77 Bank Ltd. | 610400 | 23416123 |
| Abalance Corp.<sup>(2)</sup> | 69600 | 512294 |
| AD Works Group Co. Ltd. | 74800 | 231256 |
| ADEKA Corp. | 55900 | 1243783 |
| AEON Financial Service Co. Ltd. | 2797400 | 28113744 |
| Aeon Hokkaido Corp. | 52400 | 325142 |
| AFC-HD AMS Life Science Co. Ltd. | 15500 | 91263 |
| Ahresty Corp. | 95600 | 603373 |
| Aichi Corp. | 278100 | 2486619 |
| Aichi Steel Corp. | 461800 | 9027040 |
| Aiful Corp. | 617600 | 1959132 |
| Aiphone Co. Ltd. | 500 | 9473 |
| Air Water, Inc. | 136200 | 2367890 |
| Airman Corp.<sup>(2)</sup> | 67900 | 963800 |
| Airport Facilities Co. Ltd. | 39400 | 276140 |
| Aisan Industry Co. Ltd. | 1055500 | 13935967 |
| Akebono Brake Industry Co. Ltd.<sup>(1)</sup> | 16500 | 12655 |
| Akita Bank Ltd. | 18200 | 433585 |
| Alconix Corp. | 427000 | 6265672 |
| Allied Telesis Holdings KK | 116500 | 153397 |
| Alps Alpine Co. Ltd. | 4315500 | 52653504 |
| Amuse, Inc. | 300 | 4045 |
| Amvis Holdings, Inc. | 65000 | 279509 |
| AOKI Holdings, Inc. | 636700 | 7714812 |
| Aoyama Trading Co. Ltd. | 361800 | 6005742 |
| Arata Corp. | 491600 | 10157808 |
| ARCLANDS Corp. | 808500 | 9922926 |
| Arcs Co. Ltd. | 590900 | 12107971 |
| ARE Holdings, Inc. | 455800 | 6329487 |
| Artience Co. Ltd. | 319700 | 6632720 |
| Asahi Co. Ltd.<sup>(2)</sup> | 51700 | 482865 |
| Asahi Yukizai Corp. | 93300 | 2821911 |
| Asanuma Corp. | 861700 | 4995184 |
| Asia Pile Holdings Corp. | 184500 | 1551403 |
| ASKUL Corp. | 16000 | 163797 |
| Autobacs Seven Co. Ltd. | 28000 | 297030 |
| Avex, Inc. | 153500 | 1321089 |
| Awa Bank Ltd. | 255400 | 5969513 |
| Axial Retailing, Inc. | 846900 | 6624226 |
| Bando Chemical Industries Ltd. | 356000 | 4814507 |
| Bank of Nagoya Ltd. | 132300 | 9021647 |
| Bank of Saga Ltd. | 65300 | 1284059 |
| Bank of the Ryukyus Ltd.<sup>(2)</sup> | 389000 | 3475337 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Belc Co. Ltd. | 40300 | $2014392 |
| Belluna Co. Ltd. | 105400 | 716855 |
| BML, Inc. | 117700 | 2832632 |
| Bookoff Group Holdings Ltd. | 16500 | 168733 |
| Buffalo, Inc. | 6000 | 149865 |
| Bunka Shutter Co. Ltd. | 433100 | 7634542 |
| Canon Electronics, Inc. | 339400 | 6003466 |
| Carlit Co. Ltd.<sup>(2)</sup> | 107200 | 977066 |
| Cawachi Ltd. | 40600 | 771555 |
| Central Glass Co. Ltd. | 282700 | 6443348 |
| Charm Care Corp. KK | 3200 | 22895 |
| Chiba Kogyo Bank Ltd. | 550100 | 5589470 |
| Chori Co. Ltd. | 22200 | 582894 |
| Chubu Shiryo Co. Ltd. | 46500 | 546935 |
| Chubu Steel Plate Co. Ltd. | 103800 | 1563795 |
| Chuetsu Pulp & Paper Co. Ltd. | 10800 | 126569 |
| Chugoku Marine Paints Ltd. | 45600 | 1088700 |
| Citizen Watch Co. Ltd. | 90300 | 618804 |
| CKD Corp. | 413300 | 6781248 |
| CMK Corp. | 508500 | 1243399 |
| Cosmo Energy Holdings Co. Ltd. | 325500 | 15642837 |
| Create SD Holdings Co. Ltd. | 18700 | 436270 |
| Credit Saison Co. Ltd. | 552400 | 14027521 |
| CTI Engineering Co. Ltd. | 98200 | 1955931 |
| Daicel Corp. | 2505000 | 23054667 |
| Daido Metal Co. Ltd. | 12800 | 79142 |
| Daido Steel Co. Ltd. | 1731900 | 14817209 |
| Daihatsu Infinearth Mfg Co. Ltd. | 83900 | 1814577 |
| Daiichi Jitsugyo Co. Ltd. | 83100 | 1522352 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 300 | 1401 |
| Daiichikosho Co. Ltd. | 36600 | 419104 |
| Daiki Aluminium Industry Co. Ltd. | 61700 | 481449 |
| Daikoku Denki Co. Ltd.<sup>(2)</sup> | 128100 | 2238062 |
| Daikokutenbussan Co. Ltd. | 2200 | 111437 |
| Daikyonishikawa Corp. | 2600 | 13311 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 45000 | 1166484 |
| Daio Paper Corp. | 1337200 | 7911221 |
| Daishi Hokuetsu Financial Group, Inc. | 649000 | 17350150 |
| Daishinku Corp. | 39600 | 155218 |
| Daito Pharmaceutical Co. Ltd. | 63800 | 530828 |
| Daitron Co. Ltd. | 77600 | 2160515 |
| Daiwabo Holdings Co. Ltd. | 1217100 | 25804935 |
| DCM Holdings Co. Ltd. | 45100 | 451797 |
| Denka Co. Ltd. | 884500 | 13376965 |
| DIC Corp. | 1538400 | 35578561 |
| DKS Co. Ltd.<sup>(2)</sup> | 61000 | 2312207 |
| Doshisha Co. Ltd. | 4400 | 77955 |
| Dowa Holdings Co. Ltd. | 669700 | 23513080 |
| DyDo Group Holdings, Inc. | 8800 | 147374 |
| Eagle Industry Co. Ltd. | 244700 | 4168208 |
| Ebara Jitsugyo Co. Ltd. | 200 | 5508 |
| Eco's Co. Ltd. | 14100 | 260878 |
| EDION Corp. | 634300 | 8719598 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ehime Bank Ltd. | 39700 | $323906 |
| Eizo Corp. | 54900 | 831850 |
| Elecom Co. Ltd. | 8900 | 111133 |
| Electric Power Development Co. Ltd. | 550300 | 10491499 |
| Endo Lighting Corp. | 41900 | 632879 |
| Enplas Corp. | 13500 | 470170 |
| eRex Co. Ltd. | 430200 | 2069829 |
| ERI Holdings Co. Ltd. | 3200 | 62423 |
| Exedy Corp. | 553900 | 19931368 |
| EXEO Group, Inc. | 25300 | 373222 |
| Fast Fitness Japan, Inc. | 5100 | 64943 |
| FCC Co. Ltd. | 847200 | 18005190 |
| Feed One Co. Ltd. | 45900 | 351129 |
| Ferrotec Corp. | 1212600 | 31693846 |
| FIDEA Holdings Co. Ltd. | 31110 | 334197 |
| First Bank of Toyama Ltd.<sup>(2)</sup> | 676900 | 5925445 |
| Foster Electric Co. Ltd. | 332300 | 4868304 |
| France Bed Holdings Co. Ltd. | 18000 | 154654 |
| Fudo Tetra Corp. | 63500 | 1132262 |
| Fuji Co. Ltd. | 371100 | 5058953 |
| Fuji Oil Co. Ltd. | 388000 | 875178 |
| Fuji Seal International, Inc. | 371500 | 7262061 |
| Fujibo Holdings, Inc. | 53800 | 2325630 |
| Fujikura Composites, Inc. | 22100 | 275918 |
| FuKoKu Co. Ltd. | 97300 | 1242122 |
| Fukuyama Transporting Co. Ltd. | 169600 | 4032968 |
| Furukawa Battery Co. Ltd.<sup>(1)</sup> | 12900 | 122575 |
| Furukawa Co. Ltd. | 549500 | 10444366 |
| Furukawa Electric Co. Ltd. | 690900 | 43067303 |
| Furuno Electric Co. Ltd. | 546900 | 20733630 |
| Fuso Chemical Co. Ltd. | 153600 | 4846125 |
| Futaba Industrial Co. Ltd. | 1373400 | 8798650 |
| Fuyo General Lease Co. Ltd. | 762800 | 22591611 |
| G-7 Holdings, Inc. | 1400 | 12751 |
| Gakken Holdings Co. Ltd. | 2600 | 18324 |
| Gamecard-Joyco Holdings, Inc. | 1900 | 37921 |
| Gecoss Corp. | 1000 | 9363 |
| Genky DrugStores Co. Ltd. | 34300 | 1053236 |
| Geo Holdings Corp. | 449600 | 5047899 |
| GLOBERIDE, Inc. | 13400 | 215316 |
| Glory Ltd. | 863100 | 22376878 |
| GMO Financial Holdings, Inc. | 1600 | 10788 |
| Godo Steel Ltd. | 197300 | 5530685 |
| Good Com Asset Co. Ltd.<sup>(2)</sup> | 45800 | 467970 |
| Greens Co. Ltd. | 14000 | 253639 |
| GS Yuasa Corp. | 1509400 | 33835561 |
| GSI Creos Corp. | 16700 | 268430 |
| G-Tekt Corp. | 659700 | 8822865 |
| Gunma Bank Ltd. | 1915700 | 20020872 |
| Gunze Ltd. | 58900 | 1495113 |
| H.U. Group Holdings, Inc. | 89800 | 2233164 |
| H2O Retailing Corp. | 2081400 | 29285274 |
| Hagihara Industries, Inc. | 2300 | 25538 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hagiwara Electric Holdings Co. Ltd. | 125100 | $3031271 |
| Halows Co. Ltd. | 67400 | 2341631 |
| Hamakyorex Co. Ltd. | 626200 | 6389094 |
| Hanwa Co. Ltd. | 356000 | 15283990 |
| Happinet Corp. | 122100 | 5717410 |
| Hazama Ando Corp. | 1616500 | 18804092 |
| Heiwa Corp. | 74100 | 1096545 |
| Heiwa Real Estate Co. Ltd. | 69000 | 1061581 |
| Heiwado Co. Ltd. | 711200 | 13725465 |
| HI-LEX Corp. | 158700 | 3065651 |
| Hino Motors Ltd.<sup>(1)</sup> | 5765300 | 14948418 |
| Hirano Tecseed Co. Ltd. | 2000 | 21938 |
| Hirogin Holdings, Inc. | 570600 | 5422038 |
| HIS Co. Ltd. | 509900 | 5159140 |
| Hochiki Corp. | 13000 | 314297 |
| Hodogaya Chemical Co. Ltd. | 11600 | 119567 |
| Hokkoku Financial Holdings, Inc. | 113800 | 4726144 |
| Hokuetsu Corp.<sup>(2)</sup> | 94100 | 651898 |
| Hokuhoku Financial Group, Inc. | 1028200 | 25899218 |
| Hokuriku Electric Industry Co. Ltd. | 3700 | 50952 |
| Hokuto Corp. | 144700 | 1843007 |
| H-One Co. Ltd. | 125500 | 1254060 |
| Honeys Holdings Co. Ltd. | 32200 | 329920 |
| Hosiden Corp. | 173200 | 2690217 |
| Hosokawa Micron Corp. | 7000 | 268836 |
| HS Holdings Co. Ltd. | 75600 | 541890 |
| Hyakugo Bank Ltd. | 1248000 | 6988430 |
| Hyakujushi Bank Ltd. | 113300 | 3806351 |
| Ichikoh Industries Ltd. | 26600 | 79481 |
| Ichinen Holdings Co. Ltd. | 40300 | 489801 |
| IDEA Consultants, Inc. | 200 | 4390 |
| IDOM, Inc. | 240800 | 1636713 |
| Iino Kaiun Kaisha Ltd.<sup>(2)</sup> | 1954000 | 15832350 |
| i-mobile Co. Ltd. | 165600 | 719412 |
| Inabata & Co. Ltd. | 512900 | 12016200 |
| Ines Corp. | 200 | 2414 |
| I-Net Corp. | 5900 | 70616 |
| INFRONEER Holdings, Inc. | 2328800 | 23241596 |
| Integral Corp. | 8400 | 216015 |
| Inter Action Corp.<sup>(2)</sup> | 20000 | 192927 |
| Inui Global Logistics Co. Ltd.<sup>(2)</sup> | 152400 | 1660720 |
| IPS, Inc. | 1200 | 24277 |
| Iriso Electronics Co. Ltd. | 196300 | 3861146 |
| Iseki & Co. Ltd. | 99600 | 1364195 |
| Ishihara Sangyo Kaisha Ltd. | 490600 | 8157142 |
| Ito En Ltd. | 685600 | 15743907 |
| Ito En Ltd., Preference Shares | 107800 | 1318365 |
| Itochu Enex Co. Ltd. | 697900 | 9154431 |
| Itochu-Shokuhin Co. Ltd. | 3900 | 265971 |
| IwaiCosmo Holdings, Inc. | 200600 | 3577348 |
| Iwatani Corp. | 1001800 | 10916125 |
| Izumi Co. Ltd. | 634500 | 13953462 |
| J Front Retailing Co. Ltd. | 1325400 | 20520698 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| J Trust Co. Ltd. | 868200 | $2598608 |
| Jaccs Co. Ltd. | 518300 | 15031614 |
| JAFCO Group Co. Ltd. | 213200 | 3722595 |
| JANOME Corp. | 11500 | 89463 |
| Japan Aviation Electronics Industry Ltd. | 310200 | 5289236 |
| Japan Cash Machine Co. Ltd. | 102800 | 698072 |
| Japan Electronic Materials Corp.<sup>(2)</sup> | 128200 | 2412287 |
| Japan Engine Corp.<sup>(2)</sup> | 31800 | 2300446 |
| Japan Lifeline Co. Ltd. | 98100 | 961335 |
| Japan Petroleum Exploration Co. Ltd. | 3481500 | 28558747 |
| Japan Pulp & Paper Co. Ltd. | 734300 | 3453539 |
| Japan Transcity Corp. | 206700 | 1654926 |
| JCR Pharmaceuticals Co. Ltd. | 382700 | 1600752 |
| JGC Holdings Corp. | 346800 | 3303277 |
| JK Holdings Co. Ltd. | 3700 | 30894 |
| JM Holdings Co. Ltd. | 19500 | 377776 |
| J-Oil Mills, Inc. | 124600 | 1719413 |
| Joshin Denki Co. Ltd. | 88700 | 1505921 |
| JSB Co. Ltd. | 22200 | 587685 |
| JSP Corp. | 42500 | 560741 |
| JTEKT Corp. | 2874100 | 28077392 |
| Juroku Financial Group, Inc. | 394500 | 14487187 |
| JVCKenwood Corp. | 5323100 | 44427403 |
| Kaga Electronics Co. Ltd. | 724100 | 16931726 |
| Kamei Corp. | 298700 | 5721133 |
| Kanadevia Corp. | 3245500 | 21668240 |
| Kanamoto Co. Ltd. | 977100 | 23199039 |
| Kaneka Corp. | 963800 | 28190823 |
| Kanematsu Corp. | 1393000 | 29317930 |
| Kanto Denka Kogyo Co. Ltd. | 1416000 | 8148483 |
| Kato Sangyo Co. Ltd. | 250800 | 9763818 |
| Kawada Technologies, Inc. | 141700 | 3893280 |
| Keihan Holdings Co. Ltd. | 117500 | 2563878 |
| KEIWA, Inc. | 53300 | 399912 |
| Keiyo Bank Ltd. | 632300 | 5161106 |
| Kenko Mayonnaise Co. Ltd. | 2900 | 36731 |
| KH Neochem Co. Ltd. | 363100 | 6880690 |
| Kimura Chemical Plants Co. Ltd. | 6400 | 42094 |
| Kitz Corp. | 1020600 | 10362708 |
| Kiyo Bank Ltd. | 345900 | 6770051 |
| Koa Corp. | 45000 | 350879 |
| Koa Shoji Holdings Co. Ltd. | 12800 | 66534 |
| Kobe Steel Ltd. | 450700 | 5530916 |
| Kohnan Shoji Co. Ltd. | 299400 | 8087039 |
| Kojima Co. Ltd. | 35000 | 265824 |
| Komeri Co. Ltd. | 357200 | 8062042 |
| Komori Corp. | 356700 | 3709510 |
| Konica Minolta, Inc.<sup>(1)</sup> | 691000 | 2347716 |
| Konishi Co. Ltd. | 12300 | 107866 |
| Konoike Transport Co. Ltd. | 601300 | 13852189 |
| Koshidaka Holdings Co. Ltd. | 21500 | 201007 |
| KPP Group Holdings Co. Ltd. | 388200 | 2151771 |
| Krosaki Harima Corp. | 32000 | 892591 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KRS Corp.<sup>(2)</sup> | 83300 | $1916346 |
| K's Holdings Corp. | 1052300 | 10723673 |
| Kumagai Gumi Co. Ltd. | 279200 | 8952660 |
| Kurabo Industries Ltd. | 84200 | 4336968 |
| Kuraray Co. Ltd. | 1123400 | 13384995 |
| Kureha Corp. | 450900 | 11673588 |
| Kurimoto Ltd. | 25700 | 1361207 |
| Kusurinomadoguchi, Inc. | 2900 | 77309 |
| KYB Corp. | 839600 | 21622204 |
| Kyodo Printing Co. Ltd. | 10800 | 113094 |
| Kyoei Steel Ltd. | 473000 | 7293691 |
| Kyokuto Securities Co. Ltd.<sup>(2)</sup> | 28800 | 311258 |
| Kyokuyo Co. Ltd. | 42600 | 1348647 |
| Kyudenko Corp. | 87600 | 4216255 |
| Kyushu Leasing Service Co. Ltd. | 5000 | 47957 |
| Lacto Japan Co. Ltd. | 37100 | 1001848 |
| Life Corp. | 974000 | 16255361 |
| Lintec Corp. | 69900 | 1626635 |
| Macnica Holdings, Inc. | 128300 | 1745501 |
| Maezawa Industries, Inc. | 8100 | 110177 |
| Mamiya-Op Co. Ltd. | 10100 | 130489 |
| Mars Group Holdings Corp. | 7300 | 156001 |
| Marudai Food Co. Ltd. | 10100 | 134231 |
| Maruha Nichiro Corp. | 955500 | 21346964 |
| MARUKA FURUSATO Corp. | 26700 | 410672 |
| Maruzen Showa Unyu Co. Ltd. | 70300 | 3466857 |
| Matsuda Sangyo Co. Ltd. | 21600 | 560275 |
| Maxell Ltd. | 18900 | 264031 |
| MCJ Co. Ltd. | 397200 | 3830655 |
| Mebuki Financial Group, Inc. | 626800 | 3853020 |
| Megachips Corp. | 21500 | 835319 |
| Megmilk Snow Brand Co. Ltd. | 842600 | 16239645 |
| Meidensha Corp. | 73900 | 2903383 |
| Meiji Shipping Group Co. Ltd. | 35500 | 174335 |
| Meiko Electronics Co. Ltd. | 30500 | 1985890 |
| Meisei Industrial Co. Ltd. | 190000 | 2089754 |
| METAWATER Co. Ltd. | 197700 | 4020322 |
| Mie Kotsu Group Holdings, Inc. | 10800 | 38976 |
| Mikuni Corp. | 22300 | 58007 |
| MIMAKI ENGINEERING Co. Ltd. | 201900 | 2413016 |
| Miraial Co. Ltd. | 22700 | 172619 |
| Mirait One Corp. | 544000 | 10462577 |
| Mitsuba Corp. | 808000 | 5099894 |
| Mitsubishi Kakoki Kaisha Ltd. | 282300 | 5150671 |
| Mitsubishi Logisnext Co. Ltd.<sup>(2)</sup> | 581200 | 7252936 |
| Mitsubishi Materials Corp. | 56000 | 959431 |
| Mitsubishi Paper Mills Ltd.<sup>(2)</sup> | 259700 | 1198075 |
| Mitsubishi Research Institute, Inc. | 26500 | 859481 |
| Mitsubishi Steel Manufacturing Co. Ltd. | 34300 | 403631 |
| Mitsui E&S Co. Ltd. | 1398100 | 43066269 |
| Mitsui High-Tec, Inc.<sup>(2)</sup> | 785500 | 4500472 |
| Mitsui Matsushima Holdings Co. Ltd.<sup>(2)</sup> | 224000 | 9473016 |
| Mitsui Mining & Smelting Co. Ltd. | 1620100 | 114233741 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mitsui-Soko Holdings Co. Ltd. | 778700 | $22076087 |
| Mitsuuroko Group Holdings Co. Ltd. | 85600 | 1250801 |
| Miyaji Engineering Group, Inc. | 363900 | 5028453 |
| Miyazaki Bank Ltd. | 173300 | 5145175 |
| Miyoshi Oil & Fat Co. Ltd. | 4300 | 61069 |
| Mizuho Leasing Co. Ltd. | 2415800 | 20911581 |
| Mizuho Medy Co. Ltd. | 60500 | 642937 |
| Modec, Inc. | 789600 | 42216502 |
| Morinaga Milk Industry Co. Ltd. | 752100 | 16880266 |
| Moriroku Co. Ltd. | 6600 | 109529 |
| Morita Holdings Corp. | 166100 | 2476825 |
| MrMax Holdings Ltd. | 3100 | 18216 |
| Mugen Estate Co. Ltd. | 17200 | 236456 |
| Musashi Seimitsu Industry Co. Ltd. | 710600 | 15661268 |
| Musashino Bank Ltd. | 524500 | 13631623 |
| Muto Seiko Co. | 2300 | 26555 |
| Nachi-Fujikoshi Corp. | 335500 | 7821145 |
| Nafco Co. Ltd. | 2400 | 31905 |
| Nagano Keiki Co. Ltd. | 28700 | 397525 |
| Nagase & Co. Ltd. | 494300 | 10568635 |
| Nagoya Railroad Co. Ltd. | 1960000 | 22382362 |
| Nakayama Steel Works Ltd.<sup>(2)</sup> | 432100 | 1995428 |
| Namura Shipbuilding Co. Ltd.<sup>(2)</sup> | 1603500 | 37919485 |
| Nankai Electric Railway Co. Ltd. | 164900 | 2952748 |
| Nanto Bank Ltd. | 335400 | 11232647 |
| NEC Capital Solutions Ltd. | 81000 | 2122182 |
| NHK Spring Co. Ltd. | 603100 | 7537080 |
| Nichicon Corp. | 509100 | 4733995 |
| Nichimo Co. Ltd. | 900 | 16139 |
| Nichireki Group Co. Ltd.<sup>(2)</sup> | 13000 | 246553 |
| Nichirin Co. Ltd. | 6300 | 159145 |
| Nihon Chouzai Co. Ltd. | 78700 | 2085031 |
| Nihon Dempa Kogyo Co. Ltd. | 910200 | 5677300 |
| Nihon House Holdings Co. Ltd. | 6000 | 13206 |
| Nihon Nohyaku Co. Ltd. | 197900 | 1306799 |
| Nihon Yamamura Glass Co. Ltd. | 12700 | 253335 |
| Nikkiso Co. Ltd. | 996000 | 10016500 |
| Nikkon Holdings Co. Ltd. | 1034200 | 22318331 |
| Nippn Corp. | 387800 | 5986380 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 10800 | 198697 |
| Nippon Carbide Industries Co., Inc. | 3400 | 48414 |
| Nippon Chemical Industrial Co. Ltd.<sup>(2)</sup> | 47600 | 947727 |
| Nippon Chemi-Con Corp.<sup>(1)(2)</sup> | 42500 | 402281 |
| Nippon Coke & Engineering Co. Ltd.<sup>(1)</sup> | 1140800 | 804191 |
| Nippon Concrete Industries Co. Ltd. | 4500 | 9450 |
| Nippon Denko Co. Ltd. | 375600 | 838314 |
| Nippon Densetsu Kogyo Co. Ltd. | 54500 | 1002407 |
| Nippon Dry-Chemical Co. Ltd. | 14000 | 594091 |
| Nippon Kayaku Co. Ltd. | 85500 | 828472 |
| Nippon Light Metal Holdings Co. Ltd. | 1250210 | 17401275 |
| Nippon Paper Industries Co. Ltd. | 2288000 | 18792917 |
| Nippon Seiki Co. Ltd. | 17400 | 209440 |
| Nippon Seisen Co. Ltd. | 1800 | 13683 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nippon Shinyaku Co. Ltd. | 9700 | $205468 |
| Nippon Shokubai Co. Ltd. | 1656500 | 20825832 |
| Nippon Signal Co. Ltd. | 140500 | 1160078 |
| Nippon Soda Co. Ltd. | 65800 | 1569105 |
| Nippon Thompson Co. Ltd. | 23900 | 101373 |
| Nippon Yakin Kogyo Co. Ltd.<sup>(2)</sup> | 333700 | 9950607 |
| Nipro Corp. | 2607000 | 26593399 |
| Nishikawa Rubber Co. Ltd. | 32900 | 699256 |
| Nishi-Nippon Financial Holdings, Inc. | 1261900 | 21100089 |
| Nishi-Nippon Railroad Co. Ltd. | 741500 | 11221959 |
| Nishio Holdings Co. Ltd. | 416700 | 11804101 |
| Nissan Shatai Co. Ltd. | 531200 | 4092163 |
| Nissan Tokyo Sales Holdings Co. Ltd. | 66200 | 228751 |
| Nissei ASB Machine Co. Ltd. | 43600 | 2071602 |
| Nissha Co. Ltd. | 800 | 7318 |
| Nisshin Oillio Group Ltd. | 287200 | 10092745 |
| Nissui Corp. | 3742800 | 25417548 |
| Nittetsu Mining Co. Ltd. | 261200 | 14951915 |
| Nitto Kogyo Corp. | 22600 | 539045 |
| Nittoc Construction Co. Ltd. | 100 | 848 |
| Nojima Corp. | 1221800 | 27431971 |
| NOK Corp. | 1161700 | 20218965 |
| Nomura Micro Science Co. Ltd.<sup>(2)</sup> | 189900 | 4078178 |
| Noritsu Koki Co. Ltd. | 270500 | 3062138 |
| Noritz Corp. | 16100 | 212614 |
| North Pacific Bank Ltd. | 2761500 | 12949955 |
| NPR-RIKEN Corp. | 17600 | 350662 |
| NS United Kaiun Kaisha Ltd. | 325900 | 10977168 |
| NSK Ltd. | 474100 | 2487972 |
| NTN Corp. | 10313700 | 22869967 |
| Ogaki Kyoritsu Bank Ltd. | 201400 | 4262966 |
| Okasan Securities Group, Inc. | 18100 | 83258 |
| Oki Electric Industry Co. Ltd. | 2772600 | 28757367 |
| Okinawa Cellular Telephone Co. | 120300 | 4105028 |
| Okinawa Financial Group, Inc. | 119800 | 3001645 |
| Okura Industrial Co. Ltd. | 52300 | 1743887 |
| Okuwa Co. Ltd.<sup>(2)</sup> | 37200 | 238266 |
| Onward Holdings Co. Ltd. | 61000 | 265200 |
| Orient Corp. | 1483240 | 10125988 |
| Oriental Shiraishi Corp. | 543700 | 1531287 |
| Osaka Steel Co. Ltd.<sup>(2)</sup> | 165900 | 2951809 |
| Osaki Electric Co. Ltd. | 93900 | 853226 |
| OSG Corp. | 802100 | 10973008 |
| Pacific Industrial Co. Ltd. | 1036000 | 16053418 |
| Pack Corp. | 7500 | 60178 |
| Penta-Ocean Construction Co. Ltd. | 6896600 | 49780970 |
| Pharma Foods International Co. Ltd. | 10200 | 66093 |
| PILLAR Corp.<sup>(2)</sup> | 78300 | 2129026 |
| Press Kogyo Co. Ltd. | 2793500 | 12401385 |
| Prima Meat Packers Ltd. | 359200 | 5755362 |
| PS Construction Co. Ltd. | 271600 | 3412023 |
| Raito Kogyo Co. Ltd. | 44900 | 1005904 |
| Rasa Industries Ltd. | 62100 | 1898673 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rengo Co. Ltd. | 5157800 | $32177005 |
| RENOVA, Inc.<sup>(1)</sup> | 441300 | 2523464 |
| Resorttrust, Inc. | 1591000 | 20316702 |
| Restar Corp. | 217600 | 3834650 |
| Retail Partners Co. Ltd. | 6900 | 66323 |
| Ricoh Leasing Co. Ltd. | 364200 | 13900803 |
| Riken Technos Corp. | 161600 | 1284377 |
| Riken Vitamin Co. Ltd. | 18900 | 375123 |
| Round One Corp. | 1533200 | 15643646 |
| Ryobi Ltd. | 644900 | 11568022 |
| RYODEN Corp. | 6400 | 133266 |
| Ryoyo Ryosan Holdings, Inc. | 80660 | 1614731 |
| S Foods, Inc. | 21100 | 386451 |
| Sakai Chemical Industry Co. Ltd. | 171200 | 3411513 |
| Sakata INX Corp. | 516800 | 7868310 |
| Sala Corp. | 118400 | 810037 |
| San ju San Financial Group, Inc. | 246800 | 5993829 |
| San-A Co. Ltd. | 57100 | 1105312 |
| San-Ai Obbli Co. Ltd. | 499200 | 7045157 |
| Sangetsu Corp. | 337400 | 7046691 |
| San-In Godo Bank Ltd. | 809400 | 7337496 |
| Sanken Electric Co. Ltd.<sup>(1)</sup> | 25600 | 1417018 |
| Sanki Engineering Co. Ltd. | 534100 | 18048531 |
| Sanko Gosei Ltd. | 29100 | 178907 |
| Sanko Metal Industrial Co. Ltd. | 5700 | 297064 |
| Sankyo Tateyama, Inc. | 43500 | 184816 |
| Sankyu, Inc. | 350500 | 19473778 |
| Sanoh Industrial Co. Ltd. | 155100 | 848240 |
| Sanshin Electronics Co. Ltd. | 109100 | 2074599 |
| Sanyo Chemical Industries Ltd. | 32100 | 931742 |
| Sanyo Denki Co. Ltd. | 17100 | 1154424 |
| Sanyo Shokai Ltd. | 31200 | 663906 |
| Sanyo Trading Co. Ltd. | 14500 | 157693 |
| Sato Corp. | 407000 | 6202356 |
| Satori Electric Co. Ltd. | 12100 | 154570 |
| SBS Holdings, Inc. | 87400 | 2105549 |
| Scroll Corp. | 279300 | 2081600 |
| SEC Carbon Ltd. | 21400 | 317018 |
| Seed Co. Ltd. | 5000 | 18595 |
| Seika Corp. | 86100 | 3406004 |
| Seikitokyu Kogyo Co. Ltd. | 13800 | 143713 |
| Seiko Group Corp. | 357500 | 15528424 |
| Senko Group Holdings Co. Ltd. | 2640300 | 36253924 |
| Senshu Electric Co. Ltd. | 32800 | 995788 |
| Senshu Ikeda Holdings, Inc. | 4793800 | 20928716 |
| Seven Bank Ltd. | 1765100 | 3474500 |
| Shibaura Machine Co. Ltd. | 289000 | 8131792 |
| Shibuya Corp. | 49300 | 1187936 |
| Shikoku Bank Ltd. | 113400 | 1089970 |
| Shikoku Kasei Holdings Corp. | 194300 | 2836406 |
| Shin Nippon Air Technologies Co. Ltd. | 27600 | 578011 |
| Shinagawa Refractories Co. Ltd. | 179100 | 2345745 |
| Shindengen Electric Manufacturing Co. Ltd. | 3400 | 73384 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shinmaywa Industries Ltd. | 988600 | $11819288 |
| Shinnihon Corp. | 265800 | 3392914 |
| Shinsho Corp. | 44300 | 679689 |
| Shinwa Co. Ltd. | 900 | 20078 |
| Ship Healthcare Holdings, Inc. | 488500 | 7382870 |
| Showa Sangyo Co. Ltd. | 95000 | 1930621 |
| Siix Corp. | 923300 | 8136553 |
| Sintokogio Ltd. | 15900 | 105404 |
| SK-Electronics Co. Ltd. | 86200 | 1731383 |
| SKY Perfect JSAT Holdings, Inc. | 1608100 | 15252475 |
| Sodick Co. Ltd. | 485800 | 2810871 |
| Soken Chemical & Engineering Co. Ltd. | 25600 | 291417 |
| Sotetsu Holdings, Inc. | 169200 | 2975789 |
| S-Pool, Inc. | 80400 | 176459 |
| Star Micronics Co. Ltd. | 800 | 9131 |
| Starts Corp., Inc. | 392300 | 13252900 |
| St-Care Holding Corp. | 11200 | 60042 |
| Studio Alice Co. Ltd.<sup>(2)</sup> | 11800 | 169643 |
| Sumida Corp. | 1141800 | 8111795 |
| Sumiseki Holdings, Inc. | 262100 | 1083118 |
| Sumitomo Heavy Industries Ltd. | 65800 | 1454302 |
| Sumitomo Mitsui Construction Co. Ltd. | 436100 | 1766310 |
| Sumitomo Osaka Cement Co. Ltd. | 638600 | 17001773 |
| Sumitomo Riko Co. Ltd. | 1052300 | 15667452 |
| Sumitomo Seika Chemicals Co. Ltd. | 62300 | 1930959 |
| Sumitomo Warehouse Co. Ltd. | 122000 | 2547134 |
| Sun-Wa Technos Corp. | 2200 | 38818 |
| SUNWELS Co. Ltd.<sup>(1)</sup> | 16700 | 88323 |
| Suzuken Co. Ltd. | 243300 | 9622391 |
| Suzuki Co. Ltd. | 77200 | 1115638 |
| T RAD Co. Ltd. | 4600 | 210016 |
| Tachibana Eletech Co. Ltd. | 4000 | 78676 |
| Tachi-S Co. Ltd. | 535800 | 7077363 |
| Taihei Dengyo Kaisha Ltd. | 500 | 21301 |
| Taiheiyo Cement Corp. | 579300 | 15668574 |
| Taiho Kogyo Co. Ltd. | 22800 | 105482 |
| Taikisha Ltd. | 425200 | 8380530 |
| Taisei Oncho Co. Ltd. | 3400 | 98435 |
| Taiyo Yuden Co. Ltd. | 219200 | 4443469 |
| Takamiya Co. Ltd. | 1600 | 3928 |
| Takaoka Toko Co. Ltd. | 24600 | 519776 |
| Takara Holdings, Inc. | 507400 | 5842905 |
| Takara Standard Co. Ltd. | 724600 | 12985983 |
| Takasago International Corp. | 176000 | 10116441 |
| Takashimaya Co. Ltd. | 3331400 | 29348143 |
| Take & Give Needs Co. Ltd. | 14700 | 85230 |
| Tamura Corp. | 277500 | 957190 |
| Tanseisha Co. Ltd. | 409700 | 3834085 |
| Tazmo Co. Ltd.<sup>(2)</sup> | 99600 | 1508974 |
| Techno Ryowa Ltd. | 43600 | 1464927 |
| Teijin Ltd. | 4115000 | 35002149 |
| Tekken Corp. | 12100 | 276458 |
| Tera Probe, Inc. | 33600 | 1060528 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Terasaki Electric Co. Ltd.<sup>(2)</sup> | 16000 | $447268 |
| Tess Holdings Co. Ltd. | 176600 | 434779 |
| Toa Corp. | 1049700 | 15375995 |
| Toagosei Co. Ltd. | 235200 | 2450475 |
| TOBISHIMA HOLDINGS, Inc. | 13700 | 195931 |
| Toenec Corp. | 712100 | 6867077 |
| Toho Bank Ltd. | 205700 | 551451 |
| Toho Co. Ltd. | 56000 | 1338689 |
| Toho Holdings Co. Ltd.<sup>(2)</sup> | 421000 | 15555110 |
| Toho Titanium Co. Ltd. | 226400 | 2722204 |
| Tokai Carbon Co. Ltd. | 4433500 | 30442828 |
| TOKAI Holdings Corp. | 1807100 | 12864078 |
| Tokai Rika Co. Ltd. | 1233400 | 21962786 |
| Tokuyama Corp.<sup>(2)</sup> | 1693100 | 38587179 |
| Tokyo Kiraboshi Financial Group, Inc. | 644200 | 30594652 |
| Tokyo Steel Manufacturing Co. Ltd. | 1192300 | 13411975 |
| Tokyo Tekko Co. Ltd. | 205200 | 8319730 |
| Tokyotokeiba Co. Ltd. | 78100 | 2803867 |
| Tokyu Construction Co. Ltd. | 1607200 | 12250518 |
| Tomen Devices Corp. | 1700 | 71578 |
| Tomoku Co. Ltd. | 76000 | 1703871 |
| TOMONY Holdings, Inc. | 3415500 | 14651962 |
| Topre Corp. | 888100 | 13062332 |
| Topy Industries Ltd. | 154500 | 3064628 |
| Torishima Pump Manufacturing Co. Ltd.<sup>(2)</sup> | 47500 | 642540 |
| Toshiba TEC Corp. | 101200 | 1970123 |
| Totech Corp. | 82500 | 1785253 |
| Totetsu Kogyo Co. Ltd. | 3600 | 106723 |
| Towa Bank Ltd. | 48500 | 307531 |
| Towa Pharmaceutical Co. Ltd.<sup>(2)</sup> | 79700 | 1563056 |
| Toyo Construction Co. Ltd. | 215500 | 2548182 |
| Toyo Gosei Co. Ltd.<sup>(2)</sup> | 1200 | 42092 |
| Toyo Kanetsu KK | 31800 | 942537 |
| Toyo Seikan Group Holdings Ltd. | 16400 | 398506 |
| Toyo Tanso Co. Ltd. | 153800 | 4042085 |
| Toyo Tire Corp. | 1369800 | 34800955 |
| Toyobo Co. Ltd. | 1416600 | 10424683 |
| Toyoda Gosei Co. Ltd. | 1206600 | 29210247 |
| Toyota Boshoku Corp. | 1082600 | 17657655 |
| TPR Co. Ltd. | 558800 | 8933364 |
| Traders Holdings Co. Ltd. | 102000 | 698500 |
| Transaction Media Networks, Inc.<sup>(1)</sup> | 1200 | 3394 |
| Transcosmos, Inc. | 66300 | 1618335 |
| TRE Holdings Corp. | 897340 | 9331481 |
| Trusco Nakayama Corp. | 430100 | 7058812 |
| TS Tech Co. Ltd. | 311600 | 3918384 |
| Tsubakimoto Chain Co. | 751700 | 11221027 |
| Tsugami Corp. | 488700 | 7036675 |
| Tsukuba Bank Ltd.<sup>(2)</sup> | 303900 | 601016 |
| Tsuzuki Denki Co. Ltd. | 8100 | 175049 |
| UACJ Corp. | 831100 | 35474051 |
| UBE Corp. | 213400 | 3368926 |
| Uchida Yoko Co. Ltd. | 117400 | 8531294 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Unipres Corp. | 1143100 | $9047949 |
| United Arrows Ltd. | 84600 | 1194964 |
| UNITED, Inc.<sup>(2)</sup> | 3900 | 16856 |
| Ushio, Inc. | 52100 | 757864 |
| V Technology Co. Ltd. | 65800 | 1326608 |
| Valor Holdings Co. Ltd. | 1052600 | 20111124 |
| Vital KSK Holdings, Inc. | 62000 | 526134 |
| VT Holdings Co. Ltd. | 610800 | 2014639 |
| Wacom Co. Ltd. | 150500 | 737464 |
| Wakita & Co. Ltd. | 206900 | 2581689 |
| Warabeya Nichiyo Holdings Co. Ltd. | 70300 | 1345230 |
| Wellnet Corp. | 13000 | 67063 |
| Xebio Holdings Co. Ltd. | 53100 | 400413 |
| Yahagi Construction Co. Ltd. | 23500 | 349350 |
| YAMABIKO Corp. | 406100 | 6379342 |
| Yamae Group Holdings Co. Ltd. | 372900 | 6799150 |
| Yamagata Bank Ltd. | 900 | 9704 |
| Yamaichi Electronics Co. Ltd. | 345600 | 7457598 |
| Yamax Corp. | 10100 | 141468 |
| Yashima Denki Co. Ltd. | 2500 | 36636 |
| YE DIGITAL Corp. | 2500 | 11456 |
| Yellow Hat Ltd. | 244800 | 2752487 |
| Yokogawa Bridge Holdings Corp. | 556700 | 10488187 |
| Yokorei Co. Ltd. | 148000 | 1172446 |
| Yokowo Co. Ltd. | 31400 | 298434 |
| Yorozu Corp. | 4500 | 30113 |
| Yuasa Trading Co. Ltd. | 310400 | 10341748 |
| Yurtec Corp. | 653900 | 11700388 |
| Yushiro, Inc. | 10200 | 158705 |
| Zacros Corp. | 116900 | 3310220 |
| Zenrin Co. Ltd. | 181600 | 1290704 |
| Zeon Corp. | 82200 | 943841 |
|  |  | 3830632193 |
| **Netherlands — 1.2%** |  |  |
| Alfen NV<sup>(1)(2)</sup> | 259638 | 3002229 |
| AMG Critical Materials NV | 328754 | 10107697 |
| ASR Nederland NV | 326694 | 22665269 |
| Basic-Fit NV<sup>(1)(2)</sup> | 458350 | 13416298 |
| Brunel International NV<sup>(2)</sup> | 57248 | 579239 |
| Constellium SE<sup>(1)</sup> | 785573 | 11382953 |
| Corbion NV<sup>(2)</sup> | 115088 | 2320749 |
| Ferrari Group PLC | 11662 | 119880 |
| Flow Traders Ltd.<sup>(1)</sup> | 279 | 8267 |
| ForFarmers NV | 76161 | 417571 |
| Fugro NV | 1385057 | 19102369 |
| InPost SA<sup>(1)</sup> | 197223 | 2866689 |
| Koninklijke BAM Groep NV | 742470 | 6618165 |
| Koninklijke Heijmans NV, CVA | 441482 | 30346958 |
| Koninklijke Vopak NV | 415848 | 20108876 |
| Nedap NV | 2971 | 314204 |
| SBM Offshore NV<sup>(2)</sup> | 54623 | 1493362 |
| SIF Holding NV<sup>(1)(2)</sup> | 8083 | 73120 |
| Sligro Food Group NV | 26234 | 333325 |
|  |  | 145277220 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **New Zealand — 0.2%** | | |
| Air New Zealand Ltd.<sup>(2)</sup> | 40076559 | $13949846 |
| Fletcher Building Ltd.<sup>(1)(2)</sup> | 3710651 | 6894859 |
| KMD Brands Ltd.<sup>(1)(2)</sup> | 431191 | 61040 |
| Oceania Healthcare Ltd.<sup>(1)</sup> | 3297560 | 1226214 |
| SKYCITY Entertainment Group Ltd.<sup>(1)(2)</sup> | 11135100 | 4593558 |
| Warehouse Group Ltd.<sup>(1)</sup> | 8816 | 4214 |
|  |  | 26729731 |
| **Norway — 2.0%** |  |  |
| 2020 Bulkers Ltd. | 46204 | 621751 |
| ABG Sundal Collier Holding ASA | 66471 | 45868 |
| Aker Solutions ASA | 916104 | 2838588 |
| Avance Gas Holding Ltd.<sup>(1)</sup> | 44441 | 1061 |
| Bluenord ASA<sup>(1)</sup> | 89177 | 4369211 |
| Bonheur ASA | 4389 | 100408 |
| BW LPG Ltd. | 1939495 | 30271810 |
| BW Offshore Ltd. | 2175976 | 8130627 |
| Cool Co. Ltd. | 43961 | 363150 |
| DNO ASA | 13523388 | 20603921 |
| Grieg Seafood ASA<sup>(1)</sup> | 20821 | 147269 |
| Hoegh Autoliners ASA | 2539932 | 29189894 |
| Kid ASA | 64929 | 952434 |
| Klaveness Combination Carriers ASA | 33900 | 253031 |
| Kongsberg Automotive ASA<sup>(1)</sup> | 94622 | 16716 |
| Morrow Bank ASA | 16501 | 22583 |
| MPC Container Ships ASA | 10441877 | 18652240 |
| Nordic Mining ASA<sup>(1)</sup> | 65283 | 117950 |
| Norske Skog ASA<sup>(1)</sup> | 1457995 | 3163837 |
| Norwegian Air Shuttle ASA | 18279630 | 30980774 |
| Odfjell Drilling Ltd. | 781260 | 6304271 |
| Odfjell SE, Class A | 16430 | 194990 |
| Odfjell Technology Ltd. | 45 | 253 |
| OKEA ASA<sup>(1)</sup> | 12819 | 24249 |
| Panoro Energy ASA<sup>(1)</sup> | 244215 | 581159 |
| Petronor E&P ASA<sup>(1)</sup> | 26297 | 27793 |
| Rana Gruber ASA | 128760 | 850139 |
| Scatec ASA<sup>(1)</sup> | 728183 | 7665018 |
| Sea1 offshore, Inc. | 155087 | 393888 |
| Shelf Drilling Ltd.<sup>(1)</sup> | 84794 | 117341 |
| SpareBank 1 Nord Norge | 2162204 | 29479567 |
| SpareBank 1 SMN | 360790 | 6890797 |
| Sparebanken Norge | 51061 | 862619 |
| Stolt-Nielsen Ltd. | 347511 | 11296750 |
| TGS ASA | 2734603 | 20907025 |
| Wallenius Wilhelmsen ASA | 418233 | 3913890 |
|  |  | 240352872 |
| **Portugal — 0.4%** |  |  |
| Corticeira Amorim SGPS SA | 7383 | 65228 |
| CTT-Correios de Portugal SA | 3642368 | 31278781 |
| Mota-Engil SGPS SA<sup>(2)</sup> | 1557664 | 9216673 |
| Semapa-Sociedade de Investimento e Gestao | 38397 | 793345 |
| Teixeira Duarte SA<sup>(1)</sup> | 1458317 | 697930 |
|  |  | 42051957 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Singapore — 1.6%** | | |
| Aztech Global Ltd. | 1134700 | $592583 |
| Banyan Tree Holdings Ltd. | 39500 | 18459 |
| BRC Asia Ltd. | 3800 | 11999 |
| Bumitama Agri Ltd. | 1652200 | 1532039 |
| China Aviation Oil Singapore Corp. Ltd. | 1221900 | 1294506 |
| China Sunsine Chemical Holdings Ltd. | 1364200 | 780482 |
| CNMC Goldmine Holdings Ltd. | 1675400 | 821483 |
| CSE Global Ltd. | 4895065 | 2630177 |
| First Resources Ltd. | 15517000 | 20675910 |
| Food Empire Holdings Ltd. | 334200 | 622631 |
| Geo Energy Resources Ltd.<sup>(2)</sup> | 36961500 | 10367224 |
| Golden Agri-Resources Ltd. | 43442000 | 9489797 |
| Hafnia Ltd. | 1183306 | 7236460 |
| Hong Fok Corp. Ltd. | 100 | 62 |
| Hong Leong Asia Ltd. | 1121200 | 2225084 |
| Hour Glass Ltd. | 112800 | 176643 |
| Hutchison Port Holdings Trust, U Shares | 56979900 | 12248456 |
| Indofood Agri Resources Ltd. | 178900 | 50151 |
| InnoTek Ltd. | 87700 | 26996 |
| ISDN Holdings Ltd. | 1490164 | 446419 |
| Keppel Infrastructure Trust | 6825500 | 2366381 |
| LHN Ltd. | 1369489 | 864523 |
| Marco Polo Marine Ltd.<sup>(2)</sup> | 12682000 | 701330 |
| Pan-United Corp. Ltd. | 251000 | 234714 |
| QAF Ltd. | 42700 | 29632 |
| Raffles Medical Group Ltd. | 1431400 | 1126858 |
| Rex International Holding Ltd.<sup>(1)(2)(3)</sup> | 73546500 | 10229389 |
| RH PetroGas Ltd.<sup>(1)</sup> | 9989000 | 1421839 |
| Riverstone Holdings Ltd.<sup>(2)</sup> | 19900 | 11163 |
| Samudera Shipping Line Ltd. | 14106000 | 11319760 |
| Tuan Sing Holdings Ltd. | 53716 | 11719 |
| Wee Hur Holdings Ltd.<sup>(2)</sup> | 22934900 | 13134686 |
| Yangzijiang Financial Holding Ltd. | 88584200 | 72473764 |
| Yanlord Land Group Ltd.<sup>(1)(2)</sup> | 7611000 | 4206615 |
|  |  | 189379934 |
| **South Africa — 0.0%** |  |  |
| Anglogold Ashanti PLC (New York) | 3354 | 190038 |
| **Spain — 1.6%** |  |  |
| Acerinox SA | 2574134 | 31759094 |
| Amper SA<sup>(1)(2)</sup> | 97950 | 14927 |
| Atresmedia Corp. de Medios de Comunicacion SA<sup>(2)</sup> | 821744 | 5012207 |
| Audax Renovables SA<sup>(1)(2)</sup> | 35565 | 59582 |
| Bankinter SA | 3449342 | 51478552 |
| Construcciones y Auxiliar de Ferrocarriles SA | 71597 | 4334652 |
| Ence Energia y Celulosa SA<sup>(2)</sup> | 413204 | 1361094 |
| Ercros SA<sup>(1)</sup> | 119724 | 384421 |
| Gestamp Automocion SA | 3742438 | 15133959 |
| Grenergy Renovables SA<sup>(1)</sup> | 22454 | 1717581 |
| Grupo Catalana Occidente SA | 32582 | 1866851 |
| Melia Hotels International SA | 929311 | 8643010 |
| Miquel y Costas & Miquel SA | 215 | 3612 |
| Obrascon Huarte Lain SA<sup>(1)</sup> | 2233256 | 1056703 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Prosegur Cia de Seguridad SA | 29554 | $91768 |
| Sacyr SA | 6107109 | 25775813 |
| Solaria Energia y Medio Ambiente SA<sup>(1)</sup> | 67838 | 1098911 |
| Tecnicas Reunidas SA<sup>(1)</sup> | 247117 | 6561617 |
| Tubacex SA<sup>(2)</sup> | 94596 | 406990 |
| Tubos Reunidos SA<sup>(1)(2)</sup> | 29396 | 17579 |
| Unicaja Banco SA | 8666792 | 24031308 |
| Vidrala SA | 60817 | 6561127 |
| Viscofan SA | 10109 | 708196 |
|  |  | 188079554 |
| **Sweden — 4.5%** |  |  |
| AcadeMedia AB | 510330 | 5002733 |
| Alleima AB | 3010515 | 22249880 |
| Alligo AB, Class B | 31826 | 355369 |
| AQ Group AB | 287936 | 5915601 |
| Arjo AB, B Shares | 971568 | 3552644 |
| Avanza Bank Holding AB | 92809 | 3507654 |
| Bahnhof AB, B Shares | 2322 | 15307 |
| Beijer Alma AB | 66874 | 1778602 |
| BICO Group AB<sup>(1)</sup> | 762 | 1900 |
| Bilia AB, A Shares | 1553283 | 19151812 |
| Billerud Aktiebolag | 2710196 | 25895966 |
| Bonava AB, B Shares<sup>(1)</sup> | 1875333 | 2212498 |
| Boozt AB<sup>(1)(2)</sup> | 385 | 3743 |
| Bufab AB | 874382 | 8669430 |
| Bulten AB | 2600 | 15121 |
| Bure Equity AB | 378595 | 11346403 |
| Byggmax Group AB | 142408 | 877533 |
| Cibus Nordic Real Estate AB publ | 286804 | 5164947 |
| Cint Group AB<sup>(1)</sup> | 3189019 | 2375942 |
| Clas Ohlson AB, B Shares | 1539027 | 54429003 |
| Cloetta AB, B Shares | 428679 | 1469669 |
| Corem Property Group AB, B Shares | 15096988 | 7346755 |
| CTT Systems AB | 5014 | 121155 |
| Dios Fastigheter AB | 1245201 | 8450977 |
| Dynavox Group AB<sup>(1)</sup> | 1303483 | 17318567 |
| Electrolux AB, B Shares<sup>(1)</sup> | 1633504 | 9705289 |
| Elekta AB, B Shares | 472058 | 2347317 |
| Embracer Group AB<sup>(1)(2)</sup> | 326500 | 2919467 |
| Enad Global 7 AB<sup>(1)</sup> | 170157 | 211136 |
| G5 Entertainment AB<sup>(2)</sup> | 33668 | 330838 |
| GomSpace Group AB<sup>(1)(2)</sup> | 889805 | 1512745 |
| Granges AB | 1628961 | 23894503 |
| Hanza AB | 65190 | 783248 |
| Haypp Group AB<sup>(1)</sup> | 8433 | 135828 |
| Hexatronic Group AB<sup>(1)(2)</sup> | 2293081 | 5594439 |
| Hoist Finance AB | 256700 | 2726829 |
| IAR Systems Group AB | 8134 | 153409 |
| INVISIO AB | 7597 | 250087 |
| JM AB | 670928 | 9701502 |
| Kopparbergs Bryggeri AB, B Shares | 11841 | 141197 |
| Loomis AB | 1160032 | 51432620 |
| Medcap AB<sup>(1)</sup> | 8572 | 556714 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MEKO AB | 167666 | $1449219 |
| NCC AB, B Shares | 1976566 | 40576538 |
| Net Insight AB, B Shares<sup>(1)(2)</sup> | 407993 | 194206 |
| New Wave Group AB, B Shares | 777526 | 8681714 |
| Nobia AB<sup>(1)</sup> | 2527820 | 1263623 |
| Nolato AB, B Shares | 43888 | 269289 |
| Norion Bank AB<sup>(1)</sup> | 213077 | 1561146 |
| Note AB | 177542 | 3525546 |
| NP3 Fastigheter AB | 59737 | 1594543 |
| Nyfosa AB<sup>(2)</sup> | 2108739 | 18288308 |
| Pandox AB | 674091 | 12200759 |
| Paradox Interactive AB | 700612 | 12824630 |
| Peab AB, Class B | 4541474 | 35432952 |
| Platzer Fastigheter Holding AB, B Shares<sup>(2)</sup> | 150164 | 1083773 |
| Plejd AB<sup>(1)</sup> | 28666 | 2665337 |
| RaySearch Laboratories AB<sup>(2)</sup> | 468606 | 13153248 |
| Rottneros AB<sup>(1)</sup> | 12445 | 4712 |
| Rusta AB | 219266 | 1716877 |
| Rvrc Holding AB | 80633 | 396516 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares<sup>(1)(2)</sup> | 14624 | 12815 |
| Saniona AB<sup>(1)</sup> | 179726 | 250551 |
| Scandi Standard AB | 753029 | 7765209 |
| SkiStar AB | 1111190 | 18443190 |
| Storytel AB | 16472 | 137214 |
| TF Bank AB | 8721 | 145756 |
| Troax Group AB<sup>(2)</sup> | 90971 | 1356811 |
| Truecaller AB, B Shares<sup>(2)</sup> | 2796160 | 13256519 |
| VBG Group AB, B Shares<sup>(2)</sup> | 2146 | 67750 |
| Viaplay Group AB, B Shares<sup>(1)(2)</sup> | 4689611 | 660422 |
| Wihlborgs Fastigheter AB<sup>(2)</sup> | 368778 | 3663749 |
| Zinzino AB, Class B<sup>(2)</sup> | 81445 | 1622402 |
|  |  | 523891703 |
| **Switzerland — 4.2%** |  |  |
| ALSO Holding AG<sup>(2)</sup> | 79702 | 25255129 |
| Arbonia AG | 220958 | 1603416 |
| Ascom Holding AG | 26445 | 151929 |
| Autoneum Holding AG<sup>(2)</sup> | 126188 | 25049858 |
| Basilea Pharmaceutica Ag Allschwil<sup>(1)</sup> | 94747 | 5585851 |
| Bell Food Group AG | 12597 | 3970291 |
| Bossard Holding AG, Class A | 39111 | 8286238 |
| Bucher Industries AG | 87278 | 41466604 |
| Burckhardt Compression Holding AG | 18095 | 16293421 |
| Burkhalter Holding AG | 12691 | 2316437 |
| Bystronic AG<sup>(2)</sup> | 1493 | 656884 |
| Cembra Money Bank AG | 127608 | 14475077 |
| Cicor Technologies Ltd.<sup>(1)</sup> | 26034 | 6022334 |
| Clariant AG<sup>(1)</sup> | 1127243 | 11581735 |
| Coltene Holding AG<sup>(1)(2)</sup> | 5446 | 356183 |
| COSMO Pharmaceuticals NV | 18057 | 1420387 |
| Daetwyler Holding AG, Bearer Shares | 38502 | 6510400 |
| DKSH Holding AG | 82445 | 6063358 |
| dormakaba Holding AG | 8097 | 7533383 |
| EFG International AG<sup>(1)</sup> | 1640520 | 32610893 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Emmi AG | 4967 | $4633670 |
| Forbo Holding AG<sup>(2)</sup> | 9727 | 9644728 |
| Gurit Holding AG, Bearer Shares<sup>(1)(2)</sup> | 7556 | 134909 |
| Huber & Suhner AG | 1567 | 237142 |
| Implenia AG | 181547 | 14487819 |
| Interroll Holding AG | 263 | 738190 |
| Komax Holding AG<sup>(1)(2)</sup> | 21623 | 2309330 |
| Leonteq AG<sup>(2)</sup> | 198162 | 4054096 |
| Medmix AG<sup>(2)</sup> | 20915 | 280863 |
| Metall Zug AG, B Shares | 13 | 15592 |
| Mobimo Holding AG<sup>(1)</sup> | 2058 | 813081 |
| Montana Aerospace AG<sup>(1)</sup> | 30415 | 962394 |
| OC Oerlikon Corp. AG Pfaffikon<sup>(2)</sup> | 162925 | 599763 |
| PolyPeptide Group AG<sup>(1)(2)</sup> | 14815 | 501915 |
| Schweiter Technologies AG | 2271 | 893672 |
| SFS Group AG | 66892 | 9203991 |
| Siegfried Holding AG<sup>(1)</sup> | 134609 | 14127677 |
| Stadler Rail AG | 1122154 | 29867933 |
| Swiss Steel Holding AG<sup>(1)(2)</sup> | 9470 | 17753 |
| Swissquote Group Holding SA | 156232 | 102452024 |
| u-blox Holding AG<sup>(1)</sup> | 73696 | 12487731 |
| Valiant Holding AG | 247227 | 40851464 |
| Vetropack Holding AG | 53417 | 1737051 |
| Vontobel Holding AG | 151508 | 11557446 |
| V-ZUG Holding AG | 347 | 19722 |
| Zehnder Group AG | 125376 | 11216118 |
|  |  | 491055882 |
| **United Kingdom — 11.5%** |  |  |
| 4imprint Group PLC | 21546 | 980676 |
| Alpha Group International PLC | 35939 | 2028738 |
| Anglo Asian Mining PLC<sup>(1)(2)</sup> | 586267 | 1463402 |
| ASOS PLC<sup>(1)(2)</sup> | 110022 | 412452 |
| Aston Martin Lagonda Global Holdings PLC<sup>(1)(2)</sup> | 758 | 749 |
| Atalaya Mining Copper SA | 668504 | 4862167 |
| Aviva PLC | 528108 | 4650492 |
| Barratt Redrow PLC | 1700817 | 8268628 |
| Bellway PLC | 458015 | 14428145 |
| Berkeley Group Holdings PLC | 120584 | 5868166 |
| Bodycote PLC | 107422 | 908814 |
| boohoo Group PLC<sup>(1)(2)</sup> | 9134851 | 1882335 |
| Burberry Group PLC<sup>(1)</sup> | 453636 | 7875370 |
| Burford Capital Ltd. (London) | 2371 | 32871 |
| Central Asia Metals PLC | 2106131 | 4828655 |
| Clarkson PLC | 13012 | 614626 |
| Close Brothers Group PLC<sup>(1)</sup> | 1879544 | 11681217 |
| CMC Markets PLC | 1486926 | 4410591 |
| Coats Group PLC | 17529371 | 18181204 |
| Computacenter PLC | 1060376 | 32956208 |
| Conduit Holdings Ltd. | 1580 | 6406 |
| Costain Group PLC | 35925 | 65198 |
| DFS Furniture PLC<sup>(1)</sup> | 172256 | 363161 |
| Diversified Energy Co. PLC | 485321 | 7907169 |
| Dowlais Group PLC | 584582 | 616428 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dr. Martens PLC | 201879 | $247502 |
| Drax Group PLC | 6967162 | 61197297 |
| Dunelm Group PLC | 592376 | 9615588 |
| easyJet PLC | 4063189 | 26946866 |
| Ecora Resources PLC | 282576 | 273105 |
| Endeavour Mining PLC | 3291 | 114425 |
| Energean PLC | 903103 | 11648397 |
| EnQuest PLC | 24407868 | 4174216 |
| FDM Group Holdings PLC | 17337 | 29811 |
| Ferrexpo PLC<sup>(1)</sup> | 2739763 | 2044605 |
| Firstgroup PLC | 13345186 | 40091185 |
| Foresight Group Holdings Ltd. | 39884 | 248526 |
| Forterra PLC | 1099967 | 2845866 |
| Foxtons Group PLC | 348800 | 264090 |
| Frasers Group PLC<sup>(1)</sup> | 1086686 | 9928490 |
| Funding Circle Holdings PLC<sup>(1)</sup> | 102109 | 200798 |
| Genel Energy PLC<sup>(1)(2)</sup> | 302770 | 265729 |
| Georgia Capital PLC<sup>(1)</sup> | 51768 | 1592753 |
| Grafton Group PLC | 1386550 | 16379624 |
| Greggs PLC | 1244622 | 26544697 |
| Gulf Keystone Petroleum Ltd. | 2994668 | 7836961 |
| Gulf Marine Services PLC<sup>(1)</sup> | 275351 | 70722 |
| Gym Group PLC<sup>(1)</sup> | 241227 | 451726 |
| Halfords Group PLC | 1429877 | 2648944 |
| Hays PLC | 7987384 | 6729496 |
| Hikma Pharmaceuticals PLC | 1309123 | 31625695 |
| Hill & Smith PLC | 86574 | 2476296 |
| Hilton Food Group PLC | 572523 | 6430833 |
| Hiscox Ltd. | 45959 | 810273 |
| Hochschild Mining PLC | 5494600 | 20908026 |
| Howden Joinery Group PLC | 4700120 | 53176933 |
| Hunting PLC | 305140 | 1354931 |
| Ibstock PLC | 4093909 | 7646670 |
| ICG PLC | 935163 | 27575795 |
| IG Group Holdings PLC | 1910331 | 29183576 |
| Impax Asset Management Group PLC | 127134 | 315482 |
| Inchcape PLC | 2418185 | 21817215 |
| Indivior PLC<sup>(1)</sup> | 119173 | 2895233 |
| IntegraFin Holdings PLC | 1349 | 6370 |
| International Personal Finance PLC | 319987 | 880448 |
| Investec PLC | 2863562 | 20958930 |
| IP Group PLC<sup>(1)</sup> | 479153 | 388877 |
| IQE PLC<sup>(1)(2)</sup> | 1078 | 132 |
| J D Wetherspoon PLC | 957541 | 8985518 |
| J Sainsbury PLC | 430165 | 1740661 |
| JET2 PLC | 2886707 | 63569914 |
| Johnson Matthey PLC | 2109887 | 54490045 |
| Johnson Service Group PLC | 3502507 | 6583457 |
| Jubilee Metals Group PLC<sup>(1)(2)</sup> | 2066616 | 96096 |
| Just Group PLC | 604753 | 1724730 |
| Keller Group PLC | 1009467 | 18212682 |
| Lancashire Holdings Ltd. | 743572 | 6140204 |
| Lion Finance Group PLC | 565176 | 56027924 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Liontrust Asset Management PLC | 490362 | $2284904 |
| Luceco PLC | 10183 | 16504 |
| Man Group PLC | 13570868 | 29987318 |
| Marex Group PLC | 261671 | 9252687 |
| Marks & Spencer Group PLC | 23755513 | 110949391 |
| Marston's PLC<sup>(1)</sup> | 1476566 | 768812 |
| McBride PLC<sup>(1)</sup> | 76452 | 121721 |
| Mears Group PLC | 720572 | 3342640 |
| Mitchells & Butlers PLC<sup>(1)</sup> | 1969922 | 6859161 |
| Mitie Group PLC | 5904813 | 11176633 |
| Molten Ventures PLC<sup>(1)</sup> | 2087 | 10103 |
| Morgan Advanced Materials PLC | 516086 | 1472178 |
| Morgan Sindall Group PLC | 138927 | 7845996 |
| MP Evans Group PLC | 39379 | 707717 |
| Ninety One PLC | 3451265 | 8850768 |
| OSB Group PLC | 5038486 | 35913711 |
| Pagegroup PLC | 4370955 | 14009288 |
| Pan African Resources PLC | 21549309 | 18433813 |
| Paragon Banking Group PLC | 2975692 | 34949403 |
| Petra Diamonds Ltd.<sup>(1)(2)</sup> | 100026 | 24461 |
| Pinewood Technologies Group PLC<sup>(1)</sup> | 391751 | 2722564 |
| Plus500 Ltd. | 1303334 | 53408347 |
| Polar Capital Holdings PLC | 92474 | 574412 |
| Prax Exploration & Production PLC<sup>(1)</sup> | 1669848 | 54709 |
| PZ Cussons PLC | 488739 | 456297 |
| QinetiQ Group PLC | 1547719 | 9949123 |
| Quilter PLC | 14858397 | 32965959 |
| Rathbones Group PLC | 91133 | 2266823 |
| Reach PLC | 3661225 | 3403897 |
| RHI Magnesita NV | 61374 | 1693864 |
| Ricardo PLC | 9024 | 51573 |
| S4 Capital PLC<sup>(2)</sup> | 769383 | 216211 |
| Savills PLC | 156292 | 1922588 |
| Senior PLC | 907955 | 2461149 |
| Serabi Gold PLC<sup>(1)</sup> | 58393 | 161030 |
| Serica Energy PLC | 4574595 | 11142769 |
| SIG PLC<sup>(1)</sup> | 480719 | 68270 |
| Sigmaroc PLC<sup>(1)</sup> | 1362042 | 2117267 |
| Speedy Hire PLC | 4732950 | 1703075 |
| Spire Healthcare Group PLC | 1777026 | 5217447 |
| St. James's Place PLC | 1008927 | 17300692 |
| SThree PLC | 1379290 | 3633826 |
| Synthomer PLC<sup>(1)</sup> | 662 | 542 |
| TBC Bank Group PLC | 532702 | 31507334 |
| TP ICAP Group PLC | 1772822 | 6655041 |
| Travis Perkins PLC | 570160 | 4586671 |
| Treatt PLC | 13301 | 39946 |
| TT Electronics PLC | 104994 | 143242 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 2537602 | 3910011 |
| Vertu Motors PLC | 1960142 | 1575831 |
| Vesuvius PLC | 1942640 | 9820629 |
| Victrex PLC | 39191 | 378236 |
| Volex PLC<sup>(2)</sup> | 130056 | 611075 |

---

------

Schedule of Investments - Avantis International Small Cap Value ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Watches of Switzerland Group PLC<sup>(1)</sup> | 25706 | $113454 |
| Wickes Group PLC | 2508409 | 6770637 |
| Yellow Cake PLC<sup>(1)</sup> | 857528 | 5987383 |
| Yu Group PLC | 26601 | 584277 |
| Zigup PLC | 3782900 | 16095681 |
|  |  | 1352957324 |
| **TOTAL COMMON STOCKS**<br>(Cost $9,226,861,754) |  | **11716488162** |
| **WARRANTS — 0.0%** |  |  |
| **Australia — 0.0%** |  |  |
| Magellan Financial Group Ltd.<sup>(1)(2)</sup> | 7122 | 219 |
| **Hong Kong — 0.0%** |  |  |
| CSI Properties Ltd.<sup>(1)</sup> | 4000 | 10 |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)(2)</sup> | 637623 | 1715697 |
| Geox SpA<sup>(1)</sup> | 27265 | 1739 |
| Webuild SpA<sup>(1)(2)</sup> | 35053 | 157903 |
|  |  | 1875339 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **1875568** |
| **RIGHTS — 0.0%** |  |  |
| **New Zealand — 0.0%** |  |  |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 2400260 | 14161 |
| **United States — 0.0%** |  |  |
| Resolute Forest Products, Inc.<sup>(1)</sup> | 212429 | 197421 |
| **TOTAL RIGHTS**<br>(Cost $233,672) |  | **211582** |
| **SHORT-TERM INVESTMENTS — 0.8%** |  |  |
| **Money Market Funds — 0.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 4993489 | 4993489 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 89312457 | 89312457 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $94,305,946) |  | **94305946** |
| **TOTAL INVESTMENT SECURITIES — 100.5%**<br>(Cost $9,321,401,372) |  | **11812881258** |
| **OTHER ASSETS AND LIABILITIES — (0.5)%** |  | **(54967399)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**11757913859** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Industrials | 23.7% |
| Materials | 20.7% |
| Financials | 16.9% |
| Consumer Discretionary | 13.4% |
| Energy | 10.4% |
| Consumer Staples | 4.4% |
| Information Technology | 4.3% |
| Communication Services | 1.8% |
| Health Care | 1.7% |
| Real Estate | 1.2% |
| Utilities | 1.2% |
| Short-Term Investments | 0.8% |
| Other Assets and Liabilities | (0.5)% |

---

------

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 $226,988,706. 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 $242,287,745, which includes securities collateral of $152,975,288.

**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 August 31, 2025 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** |
| Rex International Holding Ltd.<sup>(1)(2)</sup> | $1572 | $7037 | $257 | $1877 | $10229 | 73547 | $(10) |  |

---

(1)Security, or a portion thereof, is on loan.

(2)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 | $58170721 | $11658317441 |  |
| Warrants |  | 1875568 |  |
| Rights | 197421 | 14161 |  |
| Short-Term Investments | 94305946 |  |  |
|  | $152674088 | $11660207170 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 100.2%** | **Shares** | **Value** |
| **Brazil — 4.7%** | | |
| Allos SA | 20404 | $90357 |
| Alpargatas SA, Preference Shares | 8100 | 14178 |
| Ambev SA, ADR | 98753 | 221207 |
| Americanas SA<sup>(1)</sup> | 92 | 112 |
| Anima Holding SA | 500 | 310 |
| Armac Locacao Logistica E Servicos SA | 100 | 74 |
| Auren Energia SA | 11500 | 23035 |
| Automob Participacoes SA<sup>(1)</sup> | 299 | 709 |
| Azzas 2154 SA | 3228 | 20594 |
| B3 SA - Brasil Bolsa Balcao | 38700 | 92934 |
| Banco ABC Brasil SA, Preference Shares | 8526 | 34533 |
| Banco BMG SA, Preference Shares | 11600 | 7980 |
| Banco Bradesco SA | 47170 | 125628 |
| Banco Bradesco SA, ADR | 161576 | 502501 |
| Banco BTG Pactual SA | 19600 | 162964 |
| Banco do Brasil SA | 80800 | 318768 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 10200 | 21578 |
| Banco Pan SA, Preference Shares | 20900 | 29836 |
| Banco Santander Brasil SA, ADR<sup>(2)</sup> | 10245 | 54298 |
| BB Seguridade Participacoes SA | 22400 | 134933 |
| Bemobi Mobile Tech SA | 2600 | 9620 |
| Blau Farmaceutica SA | 500 | 1196 |
| BR Advisory Partners Participacoes SA | 6500 | 19961 |
| C&A Modas SA | 12000 | 37448 |
| Caixa Seguridade Participacoes SA | 4000 | 10616 |
| Centrais Eletricas Brasileiras SA, ADR<sup>(2)</sup> | 10710 | 88250 |
| Centrais Eletricas Brasileiras SA, Class B Preference Shares | 4600 | 40707 |
| Cia Brasileira de Distribuicao<sup>(1)</sup> | 21500 | 14157 |
| Cia de Saneamento de Minas Gerais Copasa MG | 7200 | 39892 |
| Cia De Sanena Do Parana | 4300 | 27227 |
| Cia De Sanena Do Parana, Preference Shares | 45400 | 55935 |
| Cia Energetica de Minas Gerais, ADR | 101490 | 206025 |
| Cia Paranaense de Energia - Copel | 3600 | 7530 |
| Cia Paranaense de Energia - Copel, ADR<sup>(2)</sup> | 1791 | 14901 |
| Cia Paranaense de Energia - Copel, Preference Shares | 35500 | 79946 |
| Cia Paranaense de Energia - Copel, Preference Shares, ADR | 7181 | 65060 |
| Construtora Tenda SA | 5200 | 22567 |
| CPFL Energia SA | 1800 | 13041 |
| Cruzeiro do Sul Educacional SA | 200 | 173 |
| Cury Construtora e Incorporadora SA | 11700 | 74406 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 15400 | 80269 |
| Desktop SA | 100 | 157 |
| Dexco SA | 19690 | 20954 |
| Dexxos Participacoes SA | 100 | 154 |
| Dimed SA Distribuidora da Medicamentos | 800 | 1509 |
| Direcional Engenharia SA | 15600 | 44655 |
| EcoRodovias Infraestrutura e Logistica SA | 49100 | 72900 |
| Empreendimentos Pague Menos SA | 3200 | 2196 |
| Energisa SA | 6500 | 58768 |
| Equatorial Energia SA | 16696 | 112336 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Even Construtora e Incorporadora SA | 3600 | $5099 |
| Ez Tec Empreendimentos e Participacoes SA | 8900 | 24261 |
| Fras-Le SA | 4700 | 20181 |
| Gerdau SA, ADR | 34944 | 107628 |
| GPS Participacoes e Empreendimentos SA | 2400 | 7693 |
| Grendene SA | 22000 | 21911 |
| Grupo Mateus SA | 5600 | 7519 |
| Grupo Multi SA<sup>(1)</sup> | 4500 | 863 |
| Grupo SBF SA | 7700 | 16105 |
| Guararapes Confeccoes SA | 2400 | 4161 |
| Hapvida Participacoes e Investimentos SA<sup>(1)</sup> | 900 | 6940 |
| Hidrovias do Brasil SA<sup>(1)</sup> | 34529 | 22735 |
| Hospital Mater Dei SA | 100 | 85 |
| Iguatemi SA | 12400 | 53974 |
| Inter & Co., Inc., Class A | 12178 | 104609 |
| Iochpe Maxion SA | 15100 | 39297 |
| Irani Papel e Embalagem SA | 16000 | 23136 |
| Isa Energia Brasil SA, Preference Shares | 15200 | 65012 |
| Itau Unibanco Holding SA, ADR | 49751 | 355222 |
| JHSF Participacoes SA | 30400 | 31903 |
| Klabin SA | 36220 | 123387 |
| Lavvi Empreendimentos Imobiliarios SA | 3700 | 8865 |
| Light SA<sup>(1)</sup> | 10400 | 10953 |
| Localiza Rent a Car SA | 9196 | 61161 |
| LOG Commercial Properties e Participacoes SA | 1100 | 4311 |
| Log-in Logistica Intermodal SA<sup>(1)</sup> | 1000 | 4432 |
| Lojas Quero-Quero SA | 1900 | 904 |
| Lojas Renner SA | 55470 | 166251 |
| M Dias Branco SA | 3500 | 19030 |
| Magazine Luiza SA | 8130 | 12386 |
| Mahle Metal Leve SA | 5600 | 28796 |
| Marcopolo SA | 6060 | 8237 |
| Marcopolo SA, Preference Shares | 40760 | 69389 |
| Marisa Lojas SA<sup>(1)</sup> | 8286 | 1849 |
| Mills Locacao Servicos e Logistica SA | 6000 | 13789 |
| Motiva Infraestrutura de Mobilidade SA | 34200 | 91085 |
| Moura Dubeux Engenharia SA | 8600 | 41669 |
| Movida Participacoes SA | 26100 | 33986 |
| MRV Engenharia e Participacoes SA<sup>(1)</sup> | 22800 | 31960 |
| Multiplan Empreendimentos Imobiliarios SA | 2900 | 14891 |
| Natura Cosmeticos SA<sup>(1)</sup> | 6200 | 10280 |
| Oceanpact Servicos Maritimos SA<sup>(1)</sup> | 200 | 254 |
| Odontoprev SA | 17320 | 41880 |
| Orizon Valorizacao de Residuos SA<sup>(1)</sup> | 100 | 1013 |
| Pagseguro Digital Ltd., Class A | 12416 | 111247 |
| PBG SA<sup>(1)</sup> | 2400 | 1810 |
| Pet Center Comercio e Participacoes SA | 38200 | 27760 |
| Plano & Plano Desenvolvimento Imobiliario SA | 7400 | 19599 |
| Positivo Tecnologia SA | 2300 | 1896 |
| Raia Drogasil SA | 31928 | 104467 |
| Randon SA Implementos e Participacoes, Preference Shares | 11400 | 14151 |
| Rede D'Or Sao Luiz SA | 4655 | 33784 |
| Romi SA | 1282 | 1866 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rumo SA | 27400 | $73732 |
| Santos Brasil Participacoes SA | 40000 | 104835 |
| Sao Martinho SA | 12300 | 40063 |
| Sendas Distribuidora SA, ADR<sup>(2)</sup> | 5944 | 59321 |
| Ser Educacional SA | 1100 | 1812 |
| Serena Energia SA<sup>(1)</sup> | 22300 | 49932 |
| Simpar SA | 4300 | 4132 |
| Smartfit Escola de Ginastica e Danca SA | 10000 | 45169 |
| StoneCo Ltd., A Shares<sup>(1)</sup> | 3145 | 51798 |
| Suzano SA, ADR<sup>(2)</sup> | 28470 | 277013 |
| SYN prop e tech SA | 500 | 612 |
| Tegma Gestao Logistica SA | 600 | 4030 |
| Telefonica Brasil SA, ADR | 9787 | 122044 |
| TIM SA, ADR<sup>(2)</sup> | 7435 | 157250 |
| TOTVS SA | 2300 | 18313 |
| Transmissora Alianca de Energia Eletrica SA | 7100 | 45545 |
| Trisul SA | 3200 | 3836 |
| Tupy SA | 5300 | 14164 |
| Unifique Telecomunicacoes SA | 200 | 167 |
| Vale SA, ADR | 14991 | 154107 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 4200 | 16237 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 54100 | 43604 |
| Vivara Participacoes SA | 900 | 4824 |
| VTEX, Class A<sup>(1)</sup> | 921 | 3758 |
| Vulcabras SA | 1700 | 6732 |
| WEG SA | 15700 | 109312 |
| Wilson Sons SA | 16100 | 53421 |
| Wiz Co. | 900 | 1393 |
| XP, Inc., Class A | 16568 | 300543 |
| YDUQS Participacoes SA | 14000 | 34136 |
| Zamp SA<sup>(1)</sup> | 5219 | 3369 |
|  |  | 6919961 |
| **Chile — 0.6%** |  |  |
| Aguas Andinas SA, A Shares | 36888 | 13048 |
| Banco de Chile | 630440 | 90337 |
| Banco de Credito e Inversiones SA | 1077 | 43555 |
| Banco Santander Chile, ADR | 3159 | 75942 |
| CAP SA<sup>(1)</sup> | 2791 | 14968 |
| Cencosud SA | 13128 | 41562 |
| Cencosud Shopping SA | 5339 | 10823 |
| Cia Cervecerias Unidas SA, ADR<sup>(2)</sup> | 4641 | 57409 |
| Embotelladora Andina SA, Class B Preference Shares | 12263 | 48578 |
| Empresa Nacional de Telecomunicaciones SA | 8237 | 28463 |
| Empresas CMPC SA | 30298 | 47507 |
| Enel Americas SA | 406388 | 42243 |
| Falabella SA | 15473 | 88068 |
| Parque Arauco SA | 21404 | 49147 |
| Ripley Corp. SA | 90223 | 43113 |
| SMU SA | 56251 | 9614 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(1)</sup> | 2026 | 92203 |
| Vina Concha y Toro SA | 33369 | 38586 |
|  |  | 835166 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **China — 26.8%** | | |
| 361 Degrees International Ltd. | 42000 | $34380 |
| 3SBio, Inc.<sup>(1)(2)</sup> | 185000 | 695913 |
| AAC Technologies Holdings, Inc. | 74000 | 412723 |
| Agile Group Holdings Ltd.<sup>(1)</sup> | 160000 | 9436 |
| Agora, Inc., ADR<sup>(1)</sup> | 6233 | 21504 |
| AK Medical Holdings Ltd. | 2000 | 1446 |
| Alibaba Group Holding Ltd., ADR | 18542 | 2503170 |
| Alibaba Health Information Technology Ltd.<sup>(1)(2)</sup> | 20000 | 14181 |
| A-Living Smart City Services Co. Ltd.<sup>(2)</sup> | 75750 | 29962 |
| ANE Cayman, Inc.<sup>(1)</sup> | 58000 | 62555 |
| Anhui Expressway Co. Ltd., H Shares | 28000 | 42266 |
| ANTA Sports Products Ltd. | 56000 | 696777 |
| Anton Oilfield Services Group | 206000 | 35288 |
| Ascletis Pharma, Inc.<sup>(1)(2)</sup> | 43000 | 75744 |
| AsiaInfo Technologies Ltd.<sup>(2)</sup> | 30000 | 39859 |
| Autohome, Inc., ADR | 2288 | 66077 |
| BAIC Motor Corp. Ltd., H Shares<sup>(1)</sup> | 154000 | 40626 |
| Baidu, Inc., ADR<sup>(1)(2)</sup> | 616 | 58705 |
| Bairong, Inc.<sup>(1)</sup> | 4500 | 7135 |
| Bank of China Ltd., H Shares | 590000 | 323836 |
| Bank of Chongqing Co. Ltd., H Shares | 38500 | 36938 |
| Bank of Communications Co. Ltd., H Shares | 136000 | 117921 |
| Beijing Capital International Airport Co. Ltd., H Shares<sup>(1)</sup> | 56000 | 21271 |
| Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares<sup>(2)</sup> | 250 | 478 |
| Beijing Tong Ren Tang Chinese Medicine Co. Ltd.<sup>(2)</sup> | 8000 | 9425 |
| BeOne Medicines Ltd., ADR<sup>(1)</sup> | 186 | 56925 |
| BeOne Medicines Ltd., Class H<sup>(1)</sup> | 2900 | 68988 |
| Bilibili, Inc., ADR<sup>(1)(2)</sup> | 49 | 1140 |
| Blue Moon Group Holdings Ltd. | 61000 | 26099 |
| BOC Aviation Ltd. | 18200 | 163360 |
| BOE Varitronix Ltd. | 35000 | 27391 |
| Bosideng International Holdings Ltd. | 262000 | 151640 |
| Brii Biosciences Ltd.<sup>(1)</sup> | 50500 | 12098 |
| Brilliance China Automotive Holdings Ltd. | 266000 | 136257 |
| BYD Co. Ltd., H Shares | 27000 | 380911 |
| BYD Electronic International Co. Ltd.<sup>(2)</sup> | 4500 | 23923 |
| C&D International Investment Group Ltd.<sup>(2)</sup> | 52339 | 124827 |
| Cango, Inc., ADR<sup>(1)(2)</sup> | 741 | 3535 |
| Cathay Group Holdings, Inc. | 1000 | 233 |
| Central China New Life Ltd.<sup>(1)</sup> | 13000 | 1718 |
| CGN Mining Co. Ltd. | 75000 | 26749 |
| Cheerwin Group Ltd. | 500 | 161 |
| China Automotive Systems, Inc.<sup>(1)</sup> | 1093 | 4503 |
| China Bohai Bank Co. Ltd., H Shares<sup>(1)</sup> | 8500 | 1115 |
| China Chunlai Education Group Co. Ltd. | 26000 | 14596 |
| China Cinda Asset Management Co. Ltd., H Shares<sup>(2)</sup> | 414000 | 87234 |
| China CITIC Bank Corp. Ltd., H Shares | 257000 | 229801 |
| China Communications Services Corp. Ltd., H Shares | 212000 | 126444 |
| China Conch Environment Protection Holdings Ltd.<sup>(1)</sup> | 4500 | 405 |
| China Conch Venture Holdings Ltd. | 56500 | 75085 |
| China Construction Bank Corp., H Shares | 1829000 | 1770110 |
| China Datang Corp. Renewable Power Co. Ltd., H Shares | 201000 | 61787 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Dongxiang Group Co. Ltd.<sup>(1)</sup> | 16000 | $1002 |
| China East Education Holdings Ltd.<sup>(1)</sup> | 60500 | 62787 |
| China Education Group Holdings Ltd. | 74088 | 27207 |
| China Everbright Bank Co. Ltd., H Shares | 93000 | 41816 |
| China Everbright Ltd.<sup>(2)</sup> | 4000 | 4589 |
| China Foods Ltd. | 2000 | 1023 |
| China Galaxy Securities Co. Ltd., H Shares | 105000 | 151576 |
| China Glass Holdings Ltd.<sup>(1)</sup> | 2000 | 64 |
| China Hanking Holdings Ltd. | 79000 | 28714 |
| China High Speed Transmission Equipment Group Co. Ltd.<sup>(1)(2)</sup> | 10000 | 1685 |
| China International Capital Corp. Ltd., H Shares | 5600 | 15362 |
| China Kepei Education Group Ltd. | 18000 | 3613 |
| China Lesso Group Holdings Ltd. | 68000 | 42235 |
| China Life Insurance Co. Ltd., Class H | 221555 | 689194 |
| China Literature Ltd.<sup>(1)(2)</sup> | 3600 | 18884 |
| China Medical System Holdings Ltd. | 86000 | 144418 |
| China Meidong Auto Holdings Ltd. | 76000 | 20901 |
| China Merchants Bank Co. Ltd., H Shares | 97000 | 602921 |
| China Merchants Port Holdings Co. Ltd. | 62000 | 119293 |
| China Minsheng Banking Corp. Ltd., H Shares | 244500 | 139421 |
| China New Higher Education Group Ltd.<sup>(1)</sup> | 65354 | 9151 |
| China Pacific Insurance Group Co. Ltd., H Shares | 66400 | 304773 |
| China Rare Earth Holdings Ltd.<sup>(1)</sup> | 2000 | 180 |
| China Resources Beer Holdings Co. Ltd. | 18000 | 65207 |
| China Resources Land Ltd. | 119500 | 472672 |
| China Resources Medical Holdings Co. Ltd. | 21000 | 9849 |
| China Resources Mixc Lifestyle Services Ltd. | 13800 | 69221 |
| China Sanjiang Fine Chemicals Co. Ltd.<sup>(1)</sup> | 2000 | 491 |
| China Shineway Pharmaceutical Group Ltd. | 28000 | 31094 |
| China South City Holdings Ltd.<sup>(1)(2)</sup> | 122000 | 1675 |
| China Starch Holdings Ltd. | 35000 | 911 |
| China Sunshine Paper Holdings Co. Ltd.<sup>(1)</sup> | 2000 | 466 |
| China Taiping Insurance Holdings Co. Ltd. | 10400 | 21729 |
| China Tower Corp. Ltd., H Shares | 225500 | 340654 |
| China Vanke Co. Ltd., H Shares<sup>(1)(2)</sup> | 109800 | 75253 |
| China Yongda Automobiles Services Holdings Ltd. | 87000 | 24315 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(2)</sup> | 78600 | 147699 |
| CITIC Securities Co. Ltd., H Shares | 18500 | 68521 |
| CMGE Technology Group Ltd.<sup>(1)</sup> | 14000 | 859 |
| CMOC Group Ltd., H Shares | 36000 | 55385 |
| Concord New Energy Group Ltd. | 660000 | 33502 |
| Consun Pharmaceutical Group Ltd. | 28000 | 53648 |
| Contemporary Amperex Technology Co. Ltd., Class H<sup>(2)</sup> | 500 | 27189 |
| COSCO SHIPPING Holdings Co. Ltd., Class H<sup>(2)</sup> | 36500 | 63600 |
| COSCO SHIPPING International Hong Kong Co. Ltd. | 16000 | 13326 |
| COSCO SHIPPING Ports Ltd. | 91967 | 66772 |
| Country Garden Services Holdings Co. Ltd. | 92000 | 77014 |
| CSPC Pharmaceutical Group Ltd. | 452000 | 587573 |
| Damai Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 840000 | 125890 |
| Digital China Holdings Ltd. | 25000 | 10382 |
| Dongfeng Motor Group Co. Ltd., Class H | 72000 | 82717 |
| DPC Dash Ltd.<sup>(1)</sup> | 3300 | 37701 |
| Dynagreen Environmental Protection Group Co. Ltd., H Shares | 1000 | 606 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| East Buy Holding Ltd.<sup>(1)</sup> | 6000 | $20934 |
| Edvantage Group Holdings Ltd. | 20725 | 4265 |
| Ever Sunshine Services Group Ltd. | 84000 | 21049 |
| Evergrande Property Services Group Ltd.<sup>(1)</sup> | 410000 | 47005 |
| Excellence Commercial Property & Facilities Management Group Ltd. | 13000 | 2027 |
| FIH Mobile Ltd.<sup>(1)</sup> | 35500 | 69894 |
| FinVolution Group, ADR | 13189 | 108809 |
| First Tractor Co. Ltd., H Shares<sup>(2)</sup> | 14000 | 13442 |
| Fu Shou Yuan International Group Ltd. | 84000 | 35970 |
| Fuyao Glass Industry Group Co. Ltd., H Shares | 15600 | 137670 |
| Ganfeng Lithium Group Co. Ltd., H Shares<sup>(2)</sup> | 5080 | 20544 |
| Geely Automobile Holdings Ltd. | 346000 | 872731 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(1)(2)</sup> | 696000 | 22933 |
| Genertec Universal Medical Group Co. Ltd. | 76500 | 59666 |
| Genscript Biotech Corp.<sup>(1)(2)</sup> | 30000 | 66624 |
| GF Securities Co. Ltd., H Shares | 38000 | 90756 |
| Goldpac Group Ltd. | 1000 | 161 |
| Goldwind Science & Technology Co. Ltd., H Shares | 6800 | 7717 |
| Grand Pharmaceutical Group Ltd.<sup>(2)</sup> | 4000 | 4842 |
| Great Wall Motor Co. Ltd., H Shares | 42000 | 100702 |
| Greentown China Holdings Ltd. | 94000 | 118752 |
| Greentown Management Holdings Co. Ltd.<sup>(2)</sup> | 89000 | 33081 |
| Guangdong Investment Ltd. | 54000 | 50790 |
| Guangzhou R&F Properties Co. Ltd., H Shares<sup>(1)(2)</sup> | 202800 | 19409 |
| Guoquan Food Shanghai Co. Ltd. | 90400 | 38100 |
| Guotai Haitong Securities Co. Ltd., H Shares | 59616 | 125196 |
| H World Group Ltd., ADR | 9041 | 333161 |
| Haidilao International Holding Ltd. | 13000 | 23218 |
| Haier Smart Home Co. Ltd., H Shares | 25600 | 86931 |
| Hainan Meilan International Airport Co. Ltd., H Shares<sup>(1)(2)</sup> | 13000 | 17427 |
| Haitian International Holdings Ltd. | 34000 | 96385 |
| Hangzhou Tigermed Consulting Co. Ltd., H Shares | 500 | 2995 |
| Hansoh Pharmaceutical Group Co. Ltd. | 10000 | 46452 |
| Harbin Electric Co. Ltd., H Shares | 16000 | 16605 |
| Hello Group, Inc., ADR | 6128 | 50862 |
| Hengan International Group Co. Ltd. | 42000 | 133996 |
| Hisense Home Appliances Group Co. Ltd., H Shares | 4000 | 12406 |
| Huatai Securities Co. Ltd., H Shares | 33600 | 85690 |
| Industrial & Commercial Bank of China Ltd., H Shares | 1403000 | 1043696 |
| Ingdan, Inc.<sup>(1)</sup> | 73000 | 24079 |
| Inkeverse Group Ltd.<sup>(1)</sup> | 136000 | 28204 |
| Innovent Biologics, Inc.<sup>(1)</sup> | 35000 | 437428 |
| iQIYI, Inc., ADR<sup>(1)(2)</sup> | 30734 | 81445 |
| JD Health International, Inc.<sup>(1)</sup> | 16600 | 135274 |
| JD Logistics, Inc.<sup>(1)</sup> | 109900 | 182599 |
| Jiangsu Expressway Co. Ltd., H Shares | 20000 | 23609 |
| Jiayin Group, Inc., ADR | 1101 | 13851 |
| Jinxin Fertility Group Ltd.<sup>(1)(2)</sup> | 81000 | 30131 |
| Jiumaojiu International Holdings Ltd. | 92000 | 28630 |
| JNBY Design Ltd. | 17500 | 45333 |
| JOYY, Inc., ADR | 1382 | 74711 |
| Kangji Medical Holdings Ltd. | 24500 | 27276 |
| Kanzhun Ltd., ADR<sup>(1)</sup> | 2961 | 69939 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KE Holdings, Inc., ADR | 8564 | $150555 |
| Kingboard Laminates Holdings Ltd. | 8000 | 13640 |
| Kingdee International Software Group Co. Ltd.<sup>(1)</sup> | 22000 | 46483 |
| Kingsoft Corp. Ltd. | 84600 | 372643 |
| Kuaishou Technology<sup>(1)</sup> | 124400 | 1219286 |
| KWG Living Group Holdings Ltd.<sup>(1)(2)</sup> | 34000 | 1160 |
| Lenovo Group Ltd. | 154000 | 221080 |
| Leoch International Technology Ltd. | 29000 | 6985 |
| LexinFintech Holdings Ltd., ADR | 12496 | 78975 |
| Li Auto, Inc., ADR<sup>(1)</sup> | 4573 | 106780 |
| Li Ning Co. Ltd. | 12500 | 30609 |
| Lingbao Gold Group Co. Ltd., Class H<sup>(2)</sup> | 47000 | 87010 |
| Linklogis, Inc., Class B | 21500 | 7197 |
| Logan Group Co. Ltd.<sup>(1)</sup> | 72000 | 7894 |
| Longfor Group Holdings Ltd. | 86058 | 118006 |
| Lonking Holdings Ltd. | 7000 | 2434 |
| Lufax Holding Ltd., ADR<sup>(1)</sup> | 1784 | 5245 |
| Luye Pharma Group Ltd.<sup>(1)</sup> | 24000 | 11143 |
| LVGEM China Real Estate Investment Co. Ltd.<sup>(1)</sup> | 30000 | 1088 |
| Meitu, Inc.<sup>(1)(2)</sup> | 35500 | 54090 |
| Meituan, Class B<sup>(1)</sup> | 49450 | 658621 |
| Midea Group Co. Ltd. | 1800 | 18974 |
| Midea Real Estate Holding Ltd.<sup>(1)</sup> | 57400 | 35272 |
| MINISO Group Holding Ltd., ADR<sup>(2)</sup> | 3643 | 90529 |
| Minth Group Ltd. | 72000 | 305878 |
| NetDragon Websoft Holdings Ltd. | 15000 | 20125 |
| NetEase Cloud Music, Inc.<sup>(1)</sup> | 3400 | 122611 |
| NetEase, Inc., ADR | 6778 | 923096 |
| New China Life Insurance Co. Ltd., H Shares | 67000 | 416869 |
| Newborn Town, Inc.<sup>(1)</sup> | 48000 | 76194 |
| Nexteer Automotive Group Ltd. | 87000 | 76919 |
| NIO, Inc., ADR<sup>(1)</sup> | 12247 | 78136 |
| Niu Technologies, ADR<sup>(1)</sup> | 33 | 144 |
| Noah Holdings Ltd., ADR | 4389 | 54643 |
| Nongfu Spring Co. Ltd., H Shares | 45400 | 293653 |
| Onewo, Inc., Class H | 21000 | 67972 |
| Orient Overseas International Ltd. | 9000 | 157702 |
| PDD Holdings, Inc., ADR<sup>(1)</sup> | 8039 | 966449 |
| People's Insurance Co. Group of China Ltd., H Shares | 272000 | 244585 |
| Perennial Energy Holdings Ltd.<sup>(1)</sup> | 15000 | 1498 |
| Pharmaron Beijing Co. Ltd., H Shares | 375 | 1007 |
| PICC Property & Casualty Co. Ltd., H Shares | 12000 | 29001 |
| Ping An Healthcare & Technology Co. Ltd.<sup>(2)</sup> | 74535 | 199066 |
| Ping An Insurance Group Co. of China Ltd., H Shares | 139000 | 1012009 |
| Poly Property Group Co. Ltd. | 244000 | 50314 |
| Poly Property Services Co. Ltd., Class H | 29200 | 132118 |
| Pop Mart International Group Ltd. | 18800 | 781467 |
| Postal Savings Bank of China Co. Ltd., H Shares | 271000 | 188726 |
| Precision Tsugami China Corp. Ltd. | 14000 | 50603 |
| Q Technology Group Co. Ltd. | 16000 | 33141 |
| Qfin Holdings, Inc., ADR | 10703 | 311671 |
| Radiance Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 31000 | 10831 |
| Seazen Group Ltd.<sup>(1)(2)</sup> | 184000 | 58925 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 82800 | $62568 |
| Shanghai Chicmax Cosmetic Co. Ltd.<sup>(2)</sup> | 5000 | 58329 |
| Shanghai Conant Optical Co. Ltd., Class H | 20000 | 123738 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares<sup>(2)</sup> | 500 | 1399 |
| Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 9500 | 15080 |
| Shenzhen Expressway Corp. Ltd., H Shares<sup>(2)</sup> | 12000 | 11025 |
| Shenzhen International Holdings Ltd. | 110298 | 111277 |
| Shenzhen Investment Ltd.<sup>(1)(2)</sup> | 254000 | 27414 |
| Shenzhou International Group Holdings Ltd. | 20000 | 159139 |
| Shimao Services Holdings Ltd.<sup>(1)</sup> | 28000 | 2710 |
| Shoucheng Holdings Ltd. | 70000 | 17026 |
| Shui On Land Ltd. | 358500 | 35020 |
| Sichuan Expressway Co. Ltd., Class H<sup>(2)</sup> | 62000 | 38273 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(2)</sup> | 419000 | 78777 |
| Sino Biopharmaceutical Ltd. | 114000 | 119582 |
| Sino-Ocean Group Holding Ltd.<sup>(1)(2)</sup> | 338500 | 5382 |
| Sinopharm Group Co. Ltd., H Shares | 38800 | 93501 |
| Sinotruk Hong Kong Ltd. | 23500 | 68517 |
| Skyworth Group Ltd.<sup>(1)(2)</sup> | 61013 | 27200 |
| SOHO China Ltd.<sup>(1)</sup> | 60000 | 4651 |
| Sohu.com Ltd., ADR<sup>(1)</sup> | 2071 | 33291 |
| Sun Art Retail Group Ltd. | 243000 | 63432 |
| Sun King Technology Group Ltd.<sup>(1)</sup> | 2000 | 431 |
| Sunac Services Holdings Ltd. | 187000 | 40214 |
| Sunny Optical Technology Group Co. Ltd. | 12500 | 134635 |
| Sunshine Lake Pharma Co. Ltd.<sup>(1)(2)</sup> | 52 | 347 |
| SY Holdings Group Ltd.<sup>(2)</sup> | 52500 | 80340 |
| TAL Education Group, ADR<sup>(1)</sup> | 405 | 4301 |
| TCL Electronics Holdings Ltd. | 2000 | 2770 |
| Tencent Holdings Ltd. | 60800 | 4708623 |
| Tencent Music Entertainment Group, ADR | 7804 | 191354 |
| Tianli International Holdings Ltd. | 112000 | 54633 |
| Tianneng Power International Ltd.<sup>(2)</sup> | 20000 | 20842 |
| Tomson Group Ltd. | 48000 | 19249 |
| Tong Ren Tang Technologies Co. Ltd., H Shares | 2000 | 1274 |
| Tongcheng Travel Holdings Ltd. | 35200 | 99588 |
| Topsports International Holdings Ltd. | 216000 | 89847 |
| TravelSky Technology Ltd., H Shares | 17000 | 23788 |
| Trip.com Group Ltd., ADR | 4422 | 326123 |
| Tsaker New Energy Tech Co. Ltd. | 4000 | 406 |
| Tsingtao Brewery Co. Ltd., H Shares | 26000 | 169078 |
| Tuya, Inc., ADR | 1338 | 3559 |
| Up Fintech Holding Ltd., ADR<sup>(1)</sup> | 126 | 1575 |
| Vipshop Holdings Ltd., ADR | 23764 | 397809 |
| Viva Biotech Holdings<sup>(1)</sup> | 54500 | 18718 |
| Vnet Group, Inc., ADR<sup>(1)(2)</sup> | 4761 | 41230 |
| Wasion Holdings Ltd. | 50000 | 74294 |
| Weibo Corp., ADR<sup>(2)</sup> | 8633 | 98934 |
| Weichai Power Co. Ltd., H Shares | 33000 | 69372 |
| Wuling Motors Holdings Ltd. | 10000 | 876 |
| WuXi AppTec Co. Ltd., H Shares | 5100 | 71068 |
| Wuxi Biologics Cayman, Inc.<sup>(1)</sup> | 43500 | 187131 |
| XD, Inc. | 22200 | 231700 |

---

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Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Xinhua Winshare Publishing & Media Co. Ltd., H Shares | 18000 | $27539 |
| Xinyi Energy Holdings Ltd. | 176837 | 28864 |
| XJ International Holdings Co. Ltd.<sup>(1)</sup> | 212000 | 5449 |
| XPeng, Inc., Class A, ADR<sup>(1)</sup> | 868 | 18245 |
| Xtep International Holdings Ltd. | 149907 | 128130 |
| Yadea Group Holdings Ltd. | 38000 | 66282 |
| Yeahka Ltd.<sup>(1)(2)</sup> | 2800 | 4287 |
| Yidu Tech, Inc.<sup>(1)</sup> | 12800 | 9995 |
| Yixin Group Ltd.<sup>(2)</sup> | 184500 | 75702 |
| Youdao, Inc., ADR<sup>(1)</sup> | 36 | 323 |
| Yuexiu Property Co. Ltd. | 71000 | 45287 |
| Yuexiu Services Group Ltd. | 16000 | 5784 |
| Yuexiu Transport Infrastructure Ltd. | 80000 | 44025 |
| Yum China Holdings, Inc. | 19790 | 885009 |
| Zengame Technology Holding Ltd. | 28000 | 9306 |
| Zhejiang Expressway Co. Ltd., H Shares | 35880 | 31709 |
| Zhejiang Leapmotor Technology Co. Ltd.<sup>(1)</sup> | 29600 | 247064 |
| ZhongAn Online P&C Insurance Co. Ltd., H Shares<sup>(1)(2)</sup> | 24100 | 61448 |
| Zhongsheng Group Holdings Ltd. | 80500 | 167014 |
| Zhuguang Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 2000 | 16 |
| Zonqing Environmental Ltd.<sup>(1)(2)</sup> | 12000 | 7302 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | 7800 | 6481 |
| ZTO Express Cayman, Inc., ADR | 10042 | 182764 |
|  |  | 39567300 |
| **Colombia — 0.2%** |  |  |
| Cementos Argos SA | 11376 | 28261 |
| Grupo Cibest SA | 2627 | 38713 |
| Grupo Cibest SA, ADR | 1329 | 67061 |
| Grupo de Inversiones Suramericana SA | 250 | 2885 |
| Interconexion Electrica SA ESP | 17794 | 97447 |
| Mineros SA | 3056 | 7759 |
|  |  | 242126 |
| **Czech Republic — 0.2%** |  |  |
| Komercni Banka AS | 2453 | 119849 |
| Moneta Money Bank AS | 16383 | 120127 |
|  |  | 239976 |
| **Egypt — 0.1%** |  |  |
| Commercial International Bank - Egypt (CIB), GDR | 81466 | 158120 |
| **Greece — 0.7%** |  |  |
| Aegean Airlines SA | 4354 | 73105 |
| Aktor SA Holding Co. Technical & Energy Projects<sup>(1)</sup> | 2451 | 22330 |
| Alpha Bank SA | 76891 | 305036 |
| Athens International Airport SA | 2481 | 30838 |
| Eurobank Ergasias Services & Holdings SA, Class A | 28556 | 104945 |
| GEK TERNA SA | 1399 | 36674 |
| Hellenic Telecommunications Organization SA | 2656 | 49433 |
| Jumbo SA | 2572 | 91763 |
| LAMDA Development SA<sup>(1)</sup> | 4548 | 39345 |
| National Bank of Greece SA | 11080 | 153445 |
| Piraeus Financial Holdings SA<sup>(1)</sup> | 27530 | 213055 |
|  |  | 1119969 |
| **Hong Kong — 0.0%** |  |  |
| China General Education Group Ltd.<sup>(1)</sup> | 1000 | 273 |

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------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| EVA Precision Industrial Holdings Ltd. | 10000 | $1157 |
| Jiayuan International Group Ltd.<sup>(1)</sup> | 18000 | 23 |
| Jinchuan Group International Resources Co. Ltd.<sup>(1)(2)</sup> | 203000 | 12499 |
| Mobvista, Inc.<sup>(1)</sup> | 3000 | 5439 |
| New Horizon Health Ltd.<sup>(1)(2)</sup> | 7500 | 10 |
| Redco Properties Group Ltd.<sup>(1)</sup> | 10000 | 122 |
| Untrade.China Dili<sup>(1)</sup> | 6000 | 8 |
|  |  | 19531 |
| **Hungary — 0.3%** |  |  |
| Magyar Telekom Telecommunications PLC | 18815 | 106888 |
| OTP Bank Nyrt | 3850 | 335813 |
| Richter Gedeon Nyrt | 2171 | 65854 |
|  |  | 508555 |
| **India — 19.2%** |  |  |
| 360 ONE WAM Ltd. | 2310 | 26691 |
| 3M India Ltd. | 99 | 34499 |
| 63 Moons Technologies Ltd. | 2692 | 27612 |
| Aadhar Housing Finance Ltd.<sup>(1)</sup> | 4796 | 27349 |
| Aarti Pharmalabs Ltd. | 98 | 935 |
| Aavas Financiers Ltd.<sup>(1)</sup> | 2382 | 41059 |
| ABB India Ltd. | 811 | 46004 |
| Accelya Solutions India Ltd. | 256 | 4059 |
| Action Construction Equipment Ltd. | 844 | 10067 |
| Adani Green Energy Ltd.<sup>(1)</sup> | 1456 | 15092 |
| Aditya Birla Capital Ltd.<sup>(1)</sup> | 15565 | 49051 |
| Aditya Birla Fashion & Retail Ltd.<sup>(1)</sup> | 168 | 147 |
| Aditya Birla Lifestyle Brands Ltd.<sup>(1)</sup> | 168 | 257 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 3433 | 32511 |
| Advent Hotels International Pvt Ltd.<sup>(1)</sup> | 718 | 2138 |
| Affle 3i Ltd.<sup>(1)</sup> | 8 | 173 |
| AIA Engineering Ltd.<sup>(1)</sup> | 190 | 6580 |
| Ajanta Pharma Ltd. | 1835 | 51563 |
| Akzo Nobel India Ltd. | 725 | 28048 |
| Alivus Life Sciences Ltd.<sup>(1)</sup> | 1731 | 18549 |
| Allcargo Logistics Ltd. | 12708 | 4502 |
| Allcargo Terminals Ltd.<sup>(1)</sup> | 3177 | 974 |
| Alok Industries Ltd.<sup>(1)</sup> | 2218 | 439 |
| Amara Raja Energy & Mobility Ltd. | 7413 | 83348 |
| Amber Enterprises India Ltd.<sup>(1)</sup> | 859 | 70748 |
| Ambika Cotton Mills Ltd. | 30 | 479 |
| Anand Rathi Wealth Ltd. | 1106 | 35032 |
| Anant Raj Ltd. | 6542 | 38342 |
| Andhra Paper Ltd. | 1875 | 1652 |
| Andhra Sugars Ltd. | 371 | 317 |
| Apcotex Industries Ltd. | 9 | 40 |
| Apex Frozen Foods Ltd. | 40 | 96 |
| APL Apollo Tubes Ltd. | 2941 | 53529 |
| Apollo Hospitals Enterprise Ltd. | 1205 | 104059 |
| Apollo Pipes Ltd. | 3771 | 17326 |
| Apollo Tyres Ltd. | 15692 | 82196 |
| Aptech Ltd. | 2258 | 3324 |
| Aptus Value Housing Finance India Ltd. | 8172 | 29446 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Arman Financial Services Ltd.<sup>(1)</sup> | 924 | $14236 |
| Arvind Fashions Ltd. | 6767 | 39860 |
| Arvind Ltd. | 10599 | 33793 |
| Asahi India Glass Ltd.<sup>(1)</sup> | 3701 | 35129 |
| Ashapura Minechem Ltd.<sup>(1)</sup> | 143 | 836 |
| Ashok Leyland Ltd. | 167196 | 240563 |
| Asian Granito India Ltd.<sup>(1)</sup> | 544 | 363 |
| Asian Paints Ltd. | 8058 | 230181 |
| Associated Alcohols & Breweries Ltd. | 285 | 3379 |
| Aster DM Healthcare Ltd. | 21920 | 149415 |
| Astra Microwave Products Ltd.<sup>(1)</sup> | 1301 | 15098 |
| Astral Ltd. | 914 | 14104 |
| AU Small Finance Bank Ltd. | 15587 | 126916 |
| AurionPro Solutions Ltd. | 1212 | 18217 |
| Aurobindo Pharma Ltd. | 9075 | 105736 |
| Avadh Sugar & Energy Ltd. | 127 | 593 |
| Avenue Supermarts Ltd.<sup>(1)</sup> | 585 | 31556 |
| Awfis Space Solutions Ltd.<sup>(1)</sup> | 3413 | 21929 |
| Axis Bank Ltd., GDR | 9694 | 576006 |
| Bajaj Auto Ltd. | 1338 | 130946 |
| Bajaj Consumer Care Ltd.<sup>(1)</sup> | 4128 | 10977 |
| Bajaj Finance Ltd. | 50410 | 502170 |
| Bajaj Finserv Ltd. | 4449 | 96574 |
| Bajaj Healthcare Ltd. | 2301 | 11004 |
| Bajaj Hindusthan Sugar Ltd.<sup>(1)</sup> | 81563 | 18706 |
| Bajel Projects Ltd.<sup>(1)</sup> | 1643 | 3757 |
| Balaji Amines Ltd. | 542 | 8963 |
| Balaji Telefilms Ltd.<sup>(1)</sup> | 116 | 125 |
| Balkrishna Industries Ltd. | 2857 | 74257 |
| Balrampur Chini Mills Ltd. | 8145 | 49543 |
| Banco Products India Ltd. | 3496 | 22864 |
| Bandhan Bank Ltd. | 46631 | 85566 |
| Bank of Baroda | 30126 | 79584 |
| BASF India Ltd. | 271 | 14147 |
| Bata India Ltd. | 2119 | 26379 |
| Bayer CropScience Ltd. | 1136 | 67410 |
| BEML Ltd. | 1330 | 57882 |
| Berger Paints India Ltd. | 1530 | 9258 |
| Best Agrolife Ltd. | 419 | 1705 |
| BF Utilities Ltd.<sup>(1)</sup> | 24 | 219 |
| Bhansali Engineering Polymers Ltd. | 10475 | 12312 |
| Bharat Bijlee Ltd.<sup>(1)</sup> | 1028 | 34667 |
| Bharat Electronics Ltd. | 111263 | 466225 |
| Bharat Forge Ltd. | 6564 | 82400 |
| Bharat Heavy Electricals Ltd. | 28271 | 66702 |
| Bharat Rasayan Ltd. | 9 | 1026 |
| Biocon Ltd. | 5650 | 22320 |
| BirlaNu Ltd. | 34 | 723 |
| Birlasoft Ltd. | 10359 | 43206 |
| BLS International Services Ltd. | 2730 | 11362 |
| Blue Dart Express Ltd. | 381 | 24225 |
| Blue Star Ltd. | 620 | 13240 |
| Bluspring Enterprises Ltd.<sup>(1)</sup> | 2161 | 1948 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bodal Chemicals Ltd.<sup>(1)</sup> | 231 | $169 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 8414 | 16207 |
| Brigade Enterprises Ltd. | 4742 | 49655 |
| Brightcom Group Ltd.<sup>(1)</sup> | 76861 | 14131 |
| Britannia Industries Ltd. | 2078 | 137163 |
| BSE Ltd. | 12249 | 291363 |
| Butterfly Gandhimathi Appliances Ltd.<sup>(1)</sup> | 2 | 16 |
| Camlin Fine Sciences Ltd.<sup>(1)</sup> | 1734 | 4011 |
| Can Fin Homes Ltd. | 4574 | 37259 |
| Canara Bank | 71303 | 83971 |
| Cantabil Retail India Ltd. | 55 | 157 |
| Capacit'e Infraprojects Ltd.<sup>(1)</sup> | 1314 | 4200 |
| Caplin Point Laboratories Ltd. | 162 | 3856 |
| Carborundum Universal Ltd. | 2547 | 26357 |
| Care Ratings Ltd. | 319 | 5648 |
| Carysil Ltd. | 145 | 1414 |
| Ceat Ltd. | 2512 | 89259 |
| Central Depository Services India Ltd. | 2642 | 42692 |
| Centum Electronics Ltd. | 769 | 23957 |
| Century Enka Ltd. | 40 | 227 |
| Century Plyboards India Ltd. | 2473 | 20935 |
| Cera Sanitaryware Ltd. | 121 | 8666 |
| CG Power & Industrial Solutions Ltd. | 1647 | 12982 |
| Chalet Hotels Ltd.<sup>(1)</sup> | 3447 | 39469 |
| Chemcon Speciality Chemicals Ltd.<sup>(1)</sup> | 474 | 1122 |
| Cholamandalam Financial Holdings Ltd. | 1312 | 25671 |
| Cholamandalam Investment & Finance Co. Ltd. | 13612 | 219564 |
| CIE Automotive India Ltd. | 6470 | 28242 |
| Cigniti Technologies Ltd.<sup>(1)</sup> | 1795 | 33141 |
| Cipla Ltd. | 6172 | 111252 |
| City Union Bank Ltd. | 28874 | 64200 |
| CMS Info Systems Ltd. | 18984 | 88322 |
| Cochin Shipyard Ltd. | 9019 | 164549 |
| Coffee Day Enterprises Ltd.<sup>(1)</sup> | 3695 | 2101 |
| Coforge Ltd. | 3468 | 67758 |
| Cohance Lifesciences Ltd.<sup>(1)</sup> | 2202 | 21958 |
| Colgate-Palmolive India Ltd. | 2675 | 70760 |
| Computer Age Management Services Ltd. | 1181 | 49659 |
| Confidence Petroleum India Ltd. | 5136 | 2758 |
| Coromandel International Ltd. | 3801 | 99501 |
| Cosmo First Ltd. | 1971 | 22127 |
| Craftsman Automation Ltd. | 421 | 33021 |
| CreditAccess Grameen Ltd.<sup>(1)</sup> | 6855 | 108776 |
| CRISIL Ltd. | 423 | 23913 |
| Crompton Greaves Consumer Electricals Ltd. | 11144 | 41713 |
| CSB Bank Ltd.<sup>(1)</sup> | 5637 | 23185 |
| Cummins India Ltd. | 958 | 41540 |
| Cyient Ltd. | 4174 | 55313 |
| Dabur India Ltd. | 6440 | 38057 |
| Dalmia Bharat Sugar & Industries Ltd. | 176 | 749 |
| Datamatics Global Services Ltd.<sup>(1)</sup> | 138 | 1583 |
| DB Corp. Ltd. | 3495 | 10597 |
| DCB Bank Ltd. | 4946 | 6870 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DCM Shriram Ltd. | 2490 | $35018 |
| DCW Ltd.<sup>(1)</sup> | 23865 | 19665 |
| Deepak Nitrite Ltd. | 2121 | 43073 |
| DEN Networks Ltd.<sup>(1)</sup> | 481 | 191 |
| Devyani International Ltd.<sup>(1)</sup> | 13765 | 27218 |
| Digitide Solutions Ltd.<sup>(1)</sup> | 2161 | 4919 |
| Dish TV India Ltd.<sup>(1)</sup> | 43324 | 2512 |
| Dishman Carbogen Amcis Ltd.<sup>(1)</sup> | 1053 | 3162 |
| Divi's Laboratories Ltd. | 1034 | 71863 |
| Dixon Technologies India Ltd. | 325 | 61569 |
| DLF Ltd. | 6193 | 51922 |
| D-Link India Ltd. | 647 | 3475 |
| Dollar Industries Ltd. | 80 | 320 |
| Dr. Lal PathLabs Ltd. | 727 | 27273 |
| Dr. Reddy's Laboratories Ltd., ADR | 6597 | 93677 |
| Dredging Corp. of India Ltd.<sup>(1)</sup> | 199 | 1327 |
| eClerx Services Ltd. | 1747 | 83634 |
| Edelweiss Financial Services Ltd. | 21459 | 26069 |
| Eicher Motors Ltd. | 1446 | 100067 |
| EIH Ltd. | 281 | 1273 |
| Elecon Engineering Co. Ltd. | 7044 | 44145 |
| Elgi Equipments Ltd. | 9077 | 48578 |
| Emami Ltd. | 11541 | 75138 |
| Embassy Developments Ltd.<sup>(1)</sup> | 10505 | 11157 |
| Endurance Technologies Ltd. | 1979 | 64390 |
| Engineers India Ltd. | 8267 | 18598 |
| Epack Durable Ltd.<sup>(1)</sup> | 5005 | 21543 |
| Epigral Ltd. | 1093 | 22469 |
| EPL Ltd. | 17228 | 43891 |
| Equitas Small Finance Bank Ltd.<sup>(1)</sup> | 10360 | 5907 |
| Escorts Kubota Ltd. | 625 | 25305 |
| Eternal Ltd.<sup>(1)</sup> | 40253 | 143422 |
| Eveready Industries India Ltd. | 4637 | 22174 |
| Everest Industries Ltd.<sup>(1)</sup> | 196 | 1490 |
| Everest Kanto Cylinder Ltd. | 75 | 117 |
| Excel Industries Ltd. | 24 | 336 |
| Exide Industries Ltd. | 15288 | 68743 |
| Fairchem Organics Ltd. | 46 | 409 |
| FDC Ltd. | 1017 | 5277 |
| Federal Bank Ltd. | 59695 | 129835 |
| FIEM Industries Ltd. | 1062 | 25326 |
| Filatex India Ltd. | 32934 | 19382 |
| Fine Organic Industries Ltd. | 763 | 40641 |
| Finolex Cables Ltd. | 6440 | 59938 |
| Finolex Industries Ltd. | 13028 | 31344 |
| Firstsource Solutions Ltd. | 332 | 1321 |
| Five-Star Business Finance Ltd. | 10293 | 63641 |
| Force Motors Ltd.<sup>(1)</sup> | 544 | 120180 |
| Fortis Healthcare Ltd. | 3119 | 32231 |
| Fusion Finance Ltd.<sup>(1)</sup> | 8891 | 17201 |
| Gabriel India Ltd. | 5665 | 74080 |
| Galaxy Surfactants Ltd. | 65 | 1668 |
| Ganesh Housing Ltd. | 109 | 1062 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ganesha Ecosphere Ltd. | 327 | $4938 |
| Garden Reach Shipbuilders & Engineers Ltd. | 1194 | 31825 |
| Garware Hi-Tech Films Ltd. | 1181 | 36131 |
| Gateway Distriparks Ltd. | 19885 | 14516 |
| Genus Power Infrastructures Ltd. | 942 | 3503 |
| Geojit Financial Services Ltd. | 339 | 274 |
| GHCL Textiles Ltd. | 2488 | 2245 |
| GIC Housing Finance Ltd. | 2493 | 4867 |
| Gillette India Ltd. | 248 | 28390 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 848 | 26776 |
| Glenmark Pharmaceuticals Ltd. | 7830 | 170732 |
| Global Health Ltd. | 1771 | 27582 |
| Globus Spirits Ltd. | 434 | 5927 |
| GMM Pfaudler Ltd. | 3289 | 43934 |
| GMR Airports Ltd.<sup>(1)</sup> | 33366 | 32600 |
| GNA Axles Ltd. | 138 | 469 |
| Godrej Consumer Products Ltd. | 1996 | 28132 |
| Godrej Properties Ltd.<sup>(1)</sup> | 1043 | 23040 |
| Gokaldas Exports Ltd.<sup>(1)</sup> | 3229 | 24697 |
| Gokul Agro Resources Ltd.<sup>(1)</sup> | 5647 | 20897 |
| Goodluck India Ltd. | 231 | 3118 |
| Greenply Industries Ltd. | 546 | 1910 |
| GTL Infrastructure Ltd.<sup>(1)</sup> | 37531 | 630 |
| Gufic Biosciences Ltd. | 77 | 320 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 4509 | 26720 |
| Gujarat Pipavav Port Ltd. | 16587 | 28048 |
| Hathway Cable & Datacom Ltd.<sup>(1)</sup> | 5258 | 871 |
| Havells India Ltd. | 2428 | 42047 |
| HBL Engineering Ltd. | 6132 | 56217 |
| HCL Technologies Ltd. | 16863 | 278047 |
| HDFC Asset Management Co. Ltd. | 3128 | 193789 |
| HDFC Bank Ltd. | 112072 | 1209641 |
| HDFC Life Insurance Co. Ltd. | 6057 | 53057 |
| HealthCare Global Enterprises Ltd.<sup>(1)</sup> | 1599 | 12203 |
| HEG Ltd. | 4849 | 25399 |
| Hero MotoCorp Ltd. | 6326 | 364792 |
| HFCL Ltd. | 11203 | 8923 |
| HG Infra Engineering Ltd. | 1134 | 12491 |
| Himadri Speciality Chemical Ltd., ADR | 10859 | 54907 |
| Himatsingka Seide Ltd. | 231 | 305 |
| Hinduja Global Solutions Ltd. | 241 | 1400 |
| Hindustan Aeronautics Ltd. | 4733 | 232720 |
| Hindustan Oil Exploration Co. Ltd.<sup>(1)</sup> | 687 | 1299 |
| Hindustan Unilever Ltd. | 4532 | 136665 |
| Hindware Home Innovation Ltd.<sup>(1)</sup> | 2181 | 7665 |
| Hitachi Energy India Ltd. | 14 | 3038 |
| Honda India Power Products Ltd. | 209 | 6629 |
| Hubtown Ltd.<sup>(1)</sup> | 5143 | 20577 |
| ICICI Bank Ltd. | 15305 | 242506 |
| ICICI Bank Ltd., ADR | 42382 | 1345205 |
| ICICI Lombard General Insurance Co. Ltd. | 2755 | 57521 |
| ICICI Prudential Life Insurance Co. Ltd. | 1582 | 10759 |
| IDFC First Bank Ltd. | 143650 | 110729 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| IFCI Ltd.<sup>(1)</sup> | 33486 | $19415 |
| IIFL Capital Services Ltd. | 17671 | 59413 |
| IIFL Finance Ltd.<sup>(1)</sup> | 22490 | 109003 |
| India Glycols Ltd.<sup>(1)</sup> | 3106 | 28744 |
| IndiaMart InterMesh Ltd. | 2741 | 80750 |
| Indian Energy Exchange Ltd. | 22813 | 36178 |
| Indian Hotels Co. Ltd. | 9956 | 85677 |
| Indian Metals & Ferro Alloys Ltd. | 35 | 342 |
| Indian Railway Catering & Tourism Corp. Ltd. | 1720 | 13503 |
| Indo Count Industries Ltd. | 6323 | 16589 |
| Indo Rama Synthetics India Ltd. | 481 | 276 |
| IndoStar Capital Finance Ltd.<sup>(1)</sup> | 5181 | 15179 |
| Indraprastha Medical Corp. Ltd. | 1432 | 7123 |
| IndusInd Bank Ltd.<sup>(1)</sup> | 25783 | 216081 |
| Infibeam Avenues Ltd.<sup>(1)</sup> | 10565 | 1874 |
| Infibeam Avenues Ltd.<sup>(1)</sup> | 2651 | 291 |
| Info Edge India Ltd. | 5195 | 79999 |
| Infosys Ltd., ADR<sup>(2)</sup> | 43640 | 734025 |
| Ingersoll Rand India Ltd. | 118 | 5098 |
| Inox Wind Ltd.<sup>(1)</sup> | 5270 | 8263 |
| Insecticides India Ltd.<sup>(1)</sup> | 135 | 1264 |
| Intellect Design Arena Ltd. | 3093 | 34283 |
| IOL Chemicals & Pharmaceuticals Ltd. | 1290 | 1327 |
| ION Exchange India Ltd. | 1470 | 6963 |
| Ipca Laboratories Ltd. | 3566 | 55975 |
| IRB Infrastructure Developers Ltd. | 31598 | 15377 |
| ISGEC Heavy Engineering Ltd.<sup>(1)</sup> | 33 | 367 |
| ITD Cementation India Ltd. | 8363 | 67221 |
| Jai Corp. Ltd. | 1548 | 2103 |
| Jain Irrigation Systems Ltd.<sup>(1)</sup> | 8727 | 4917 |
| Jammu & Kashmir Bank Ltd. | 41038 | 46050 |
| Jamna Auto Industries Ltd. | 29537 | 34775 |
| Jana Small Finance Bank Ltd.<sup>(1)</sup> | 3707 | 20637 |
| JB Chemicals & Pharmaceuticals Ltd. | 2513 | 49130 |
| Jindal Poly Films Ltd. | 165 | 1125 |
| Jio Financial Services Ltd. | 44244 | 156525 |
| JK Tyre & Industries Ltd. | 10760 | 39156 |
| JM Financial Ltd. | 23843 | 47953 |
| Jubilant Foodworks Ltd. | 5680 | 40435 |
| Jubilant Pharmova Ltd. | 2883 | 33456 |
| Just Dial Ltd.<sup>(1)</sup> | 2151 | 19720 |
| Jyothy Labs Ltd. | 831 | 3208 |
| Kansai Nerolac Paints Ltd. | 8884 | 24182 |
| Karnataka Bank Ltd. | 13192 | 25669 |
| Karur Vysya Bank Ltd. | 43513 | 105614 |
| KCP Ltd. | 7300 | 16322 |
| KEC International Ltd. | 6780 | 62077 |
| KEI Industries Ltd. | 970 | 41967 |
| Kellton Tech Solutions Ltd.<sup>(1)</sup> | 595 | 173 |
| Kennametal India Ltd. | 93 | 2320 |
| Kiri Industries Ltd.<sup>(1)</sup> | 1143 | 6878 |
| Kirloskar Brothers Ltd. | 1810 | 39833 |
| Kirloskar Oil Engines Ltd. | 5917 | 60440 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kitex Garments Ltd. | 903 | $1828 |
| Kolte-Patil Developers Ltd.<sup>(1)</sup> | 1063 | 5640 |
| Kotak Mahindra Bank Ltd. | 24684 | 549003 |
| KPI Green Energy Ltd. | 5979 | 32631 |
| KPIT Technologies Ltd. | 3906 | 52711 |
| KPR Mill Ltd. | 1319 | 14775 |
| KRBL Ltd. | 4113 | 20108 |
| Krishna Institute of Medical Sciences Ltd.<sup>(1)</sup> | 2163 | 17752 |
| KRN Heat Exchanger & Refrigeration Ltd.<sup>(1)</sup> | 2005 | 19598 |
| KSB Ltd. | 825 | 7738 |
| LA Opala RG Ltd. | 598 | 1644 |
| Lemon Tree Hotels Ltd.<sup>(1)</sup> | 409 | 769 |
| LG Balakrishnan & Bros Ltd. | 1041 | 15000 |
| LIC Housing Finance Ltd. | 22960 | 144624 |
| Lodha Developers Ltd. | 2446 | 33112 |
| Lumax Auto Technologies Ltd. | 732 | 9761 |
| Lupin Ltd. | 6741 | 144979 |
| LUX Industries Ltd. | 48 | 694 |
| Maharashtra Scooters Ltd. | 188 | 33811 |
| Mahindra & Mahindra Financial Services Ltd. | 30925 | 89074 |
| Mahindra & Mahindra Ltd. | 18065 | 655466 |
| Mahindra Holidays & Resorts India Ltd.<sup>(1)</sup> | 1372 | 5445 |
| Mahindra Lifespace Developers Ltd. | 302 | 1199 |
| Mahindra Logistics Ltd. | 6930 | 24940 |
| Maithan Alloys Ltd. | 69 | 815 |
| Man Industries India Ltd.<sup>(1)</sup> | 316 | 1371 |
| Manali Petrochemicals Ltd. | 1472 | 1076 |
| Manappuram Finance Ltd. | 54375 | 161153 |
| Mangalore Chemicals & Fertilizers Ltd. | 7613 | 29815 |
| Marico Ltd. | 5018 | 41280 |
| Maruti Suzuki India Ltd. | 2481 | 416380 |
| MAS Financial Services Ltd. | 6505 | 22879 |
| Mastek Ltd. | 113 | 3108 |
| Max Financial Services Ltd.<sup>(1)</sup> | 7072 | 128451 |
| Max Healthcare Institute Ltd. | 3221 | 42173 |
| Mayur Uniquoters Ltd. | 1297 | 7698 |
| Mazagon Dock Shipbuilders Ltd. | 1722 | 50774 |
| Meghmani Organics Ltd.<sup>(1)</sup> | 1526 | 1419 |
| Metropolis Healthcare Ltd.<sup>(1)</sup> | 468 | 11621 |
| Minda Corp. Ltd. | 5462 | 30930 |
| Mirza International Ltd.<sup>(1)</sup> | 663 | 241 |
| Mishra Dhatu Nigam Ltd. | 621 | 2547 |
| Mold-Tek Packaging Ltd. | 61 | 542 |
| Monte Carlo Fashions Ltd. | 87 | 565 |
| Motherson Sumi Wiring India Ltd. | 154119 | 72744 |
| Motilal Oswal Financial Services Ltd. | 3728 | 36266 |
| Mphasis Ltd. | 5412 | 170754 |
| MRF Ltd. | 92 | 147023 |
| MSTC Ltd. | 182 | 931 |
| Multi Commodity Exchange of India Ltd. | 1119 | 93864 |
| Muthoot Finance Ltd. | 5696 | 170569 |
| Narayana Hrudayalaya Ltd. | 4268 | 84837 |
| Natco Pharma Ltd. | 3355 | 32803 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| National Fertilizers Ltd. | 712 | $778 |
| Navkar Corp. Ltd.<sup>(1)</sup> | 1587 | 2106 |
| Navneet Education Ltd. | 1113 | 1948 |
| NELCO Ltd. | 265 | 2419 |
| NESCO Ltd. | 1967 | 31325 |
| Nestle India Ltd. | 8622 | 113089 |
| Network18 Media & Investments Ltd.<sup>(1)</sup> | 68622 | 41121 |
| Neuland Laboratories Ltd. | 563 | 85888 |
| Newgen Software Technologies Ltd. | 262 | 2623 |
| NHPC Ltd. | 54561 | 47811 |
| NIIT Learning Systems Ltd. | 4357 | 16211 |
| NIIT Ltd. | 525 | 639 |
| Nippon Life India Asset Management Ltd. | 5288 | 47068 |
| NMDC Ltd. | 181952 | 142134 |
| Nuvama Wealth Management Ltd. | 1210 | 87589 |
| Oberoi Realty Ltd. | 2503 | 45742 |
| Olectra Greentech Ltd. | 242 | 4235 |
| Omaxe Ltd.<sup>(1)</sup> | 298 | 296 |
| One 97 Communications Ltd.<sup>(1)</sup> | 6461 | 88478 |
| Onesource Specialty Pharma Ltd.<sup>(1)</sup> | 1979 | 42427 |
| OnMobile Global Ltd.<sup>(1)</sup> | 473 | 272 |
| Optiemus Infracom Ltd.<sup>(1)</sup> | 173 | 1092 |
| Oracle Financial Services Software Ltd. | 776 | 72989 |
| Orient Electric Ltd. | 8140 | 19839 |
| Orient Paper & Industries Ltd.<sup>(1)</sup> | 2680 | 837 |
| Page Industries Ltd. | 230 | 115693 |
| Paisalo Digital Ltd. | 31562 | 10772 |
| Panama Petrochem Ltd. | 251 | 840 |
| Patel Engineering Ltd.<sup>(1)</sup> | 19479 | 8191 |
| PB Fintech Ltd.<sup>(1)</sup> | 1499 | 30103 |
| PC Jeweller Ltd.<sup>(1)</sup> | 30550 | 4547 |
| PDS Ltd. | 771 | 2818 |
| Pearl Global Industries Ltd. | 1683 | 23613 |
| Pennar Industries Ltd.<sup>(1)</sup> | 6819 | 18509 |
| Persistent Systems Ltd. | 3021 | 181525 |
| PG Electroplast Ltd. | 560 | 3391 |
| Phoenix Mills Ltd. | 2421 | 41329 |
| PI Industries Ltd. | 2794 | 117130 |
| Pidilite Industries Ltd. | 803 | 27771 |
| Piramal Enterprises Ltd. | 4812 | 61148 |
| Piramal Pharma Ltd. | 956 | 1988 |
| Pitti Engineering Ltd. | 2368 | 24957 |
| PNB Housing Finance Ltd. | 4528 | 38698 |
| Pokarna Ltd. | 1018 | 10205 |
| Polycab India Ltd. | 286 | 23017 |
| Polyplex Corp. Ltd. | 991 | 11368 |
| Pondy Oxides & Chemicals Ltd. | 1854 | 22114 |
| Poonawalla Fincorp Ltd.<sup>(1)</sup> | 10214 | 50008 |
| Power Finance Corp. Ltd. | 56655 | 243983 |
| Power Grid Corp. of India Ltd. | 107185 | 334954 |
| Power Mech Projects Ltd. | 616 | 20994 |
| Praj Industries Ltd. | 5232 | 23233 |
| Prakash Industries Ltd. | 8059 | 14324 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Prestige Estates Projects Ltd. | 1708 | $30271 |
| Pricol Ltd.<sup>(1)</sup> | 4251 | 22161 |
| Prince Pipes & Fittings Ltd. | 312 | 1128 |
| Procter & Gamble Health Ltd. | 253 | 18273 |
| PSP Projects Ltd.<sup>(1)</sup> | 400 | 3112 |
| Quess Corp. Ltd. | 7678 | 23346 |
| Radico Khaitan Ltd. | 866 | 28025 |
| Railtel Corp. of India Ltd. | 9487 | 35306 |
| Rainbow Children's Medicare Ltd. | 2449 | 41701 |
| Rajesh Exports Ltd.<sup>(1)</sup> | 1830 | 3635 |
| Rallis India Ltd. | 2626 | 10366 |
| Ramco Systems Ltd.<sup>(1)</sup> | 27 | 129 |
| Ramky Infrastructure Ltd.<sup>(1)</sup> | 3862 | 23899 |
| Raymond Lifestyle Ltd.<sup>(1)</sup> | 1248 | 15676 |
| Raymond Ltd.<sup>(1)</sup> | 1561 | 10625 |
| Raymond Realty Ltd.<sup>(1)</sup> | 1561 | 10734 |
| RBL Bank Ltd.<sup>(1)</sup> | 38825 | 115032 |
| REC Ltd. | 61979 | 246213 |
| Redington Ltd. | 25460 | 69558 |
| Redtape Ltd. | 2652 | 3676 |
| Reliance Industrial Infrastructure Ltd. | 30 | 299 |
| Religare Enterprises Ltd.<sup>(1)</sup> | 7629 | 20543 |
| Repco Home Finance Ltd. | 6156 | 24210 |
| Restaurant Brands Asia Ltd.<sup>(1)</sup> | 5972 | 5412 |
| Rico Auto Industries Ltd. | 5876 | 5975 |
| RITES Ltd. | 5048 | 13974 |
| RPG Life Sciences Ltd. | 383 | 10081 |
| RSWM Ltd.<sup>(1)</sup> | 288 | 480 |
| Rupa & Co. Ltd. | 235 | 504 |
| Safari Industries India Ltd. | 472 | 11475 |
| Saksoft Ltd. | 653 | 1572 |
| SAMHI Hotels Ltd.<sup>(1)</sup> | 17613 | 42271 |
| Sammaan Capital Ltd. | 33385 | 46911 |
| Samvardhana Motherson International Ltd. | 185695 | 195147 |
| Sandhar Technologies Ltd. | 2807 | 13810 |
| Sanghvi Movers Ltd.<sup>(1)</sup> | 3320 | 12288 |
| Sanofi India Ltd. | 283 | 16501 |
| Sansera Engineering Ltd. | 2407 | 34671 |
| Sapphire Foods India Ltd.<sup>(1)</sup> | 8456 | 31385 |
| Satia Industries Ltd. | 1711 | 1584 |
| Satin Creditcare Network Ltd.<sup>(1)</sup> | 3993 | 6123 |
| SBFC Finance Ltd.<sup>(1)</sup> | 40389 | 48400 |
| SBI Cards & Payment Services Ltd. | 9479 | 86454 |
| SBI Life Insurance Co. Ltd. | 2373 | 48570 |
| Schaeffler India Ltd. | 307 | 13473 |
| Schneider Electric Infrastructure Ltd.<sup>(1)</sup> | 2097 | 20400 |
| SEAMEC Ltd.<sup>(1)</sup> | 1176 | 13174 |
| Sequent Scientific Ltd.<sup>(1)</sup> | 193 | 371 |
| Servotech Renewable Power System Ltd. | 14134 | 19674 |
| Seshasayee Paper & Boards Ltd. | 951 | 2865 |
| Shakti Pumps India Ltd. | 294 | 2687 |
| Shankara Building Products Ltd. | 97 | 1017 |
| Shanthi Gears Ltd. | 393 | 2496 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shipping Corp. of India Land & Assets Ltd. | 3065 | $1695 |
| Shoppers Stop Ltd.<sup>(1)</sup> | 706 | 4320 |
| Shriram Finance Ltd. | 63071 | 415392 |
| Shriram Pistons & Rings Ltd. | 1443 | 41049 |
| Siemens Energy India Ltd.<sup>(1)</sup> | 499 | 19089 |
| Siemens Ltd. | 1557 | 54092 |
| Siyaram Silk Mills Ltd. | 139 | 970 |
| SKF India Ltd. | 1559 | 78502 |
| Sobha Ltd. | 3603 | 58514 |
| SOM Distilleries & Breweries Ltd.<sup>(1)</sup> | 1480 | 2303 |
| Sona Blw Precision Forgings Ltd. | 5599 | 28144 |
| Sonata Software Ltd. | 8056 | 32071 |
| South Indian Bank Ltd. | 16624 | 5522 |
| Southern Petrochemical Industries Corp. Ltd. | 22193 | 27174 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 269 | 743 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 65 | 83 |
| Speciality Restaurants Ltd. | 716 | 1000 |
| SRF Ltd. | 893 | 28723 |
| State Bank of India, GDR | 2863 | 262225 |
| Steel Strips Wheels Ltd. | 1280 | 3140 |
| Sterlite Technologies Ltd.<sup>(1)</sup> | 1461 | 1899 |
| STL Networks Ltd.<sup>(1)</sup> | 1461 | 372 |
| Stove Kraft Ltd. | 129 | 935 |
| Strides Pharma Science Ltd. | 3755 | 36770 |
| Sudarshan Chemical Industries Ltd.<sup>(1)</sup> | 2315 | 39215 |
| Sumitomo Chemical India Ltd. | 255 | 1637 |
| Sun Pharmaceutical Industries Ltd. | 12205 | 220799 |
| Sun TV Network Ltd. | 8765 | 54020 |
| Sundaram Finance Ltd. | 138 | 7038 |
| Sundram Fasteners Ltd. | 1507 | 17422 |
| Sunflag Iron & Steel Co. Ltd.<sup>(1)</sup> | 4345 | 13098 |
| Sunteck Realty Ltd. | 4389 | 18936 |
| Suprajit Engineering Ltd. | 837 | 4292 |
| Supreme Industries Ltd. | 1952 | 98957 |
| Supreme Petrochem Ltd. | 3650 | 31631 |
| Suzlon Energy Ltd.<sup>(1)</sup> | 69387 | 44487 |
| Swaraj Engines Ltd. | 636 | 28933 |
| Syngene International Ltd. | 6604 | 46890 |
| Tamil Nadu Newsprint & Papers Ltd. | 2474 | 4562 |
| Tamilnad Mercantile Bank Ltd. | 3283 | 15761 |
| Tamilnadu Petroproducts Ltd. | 713 | 855 |
| Tanla Platforms Ltd. | 5493 | 38474 |
| Tata Communications Ltd. | 3532 | 62023 |
| Tata Consultancy Services Ltd. | 9831 | 343805 |
| Tata Consumer Products Ltd. | 1997 | 24128 |
| Tata Elxsi Ltd. | 1195 | 70916 |
| Tata Investment Corp. Ltd. | 429 | 33112 |
| Tata Motors Ltd. | 7541 | 57221 |
| Tata Technologies Ltd. | 3192 | 23791 |
| Tata Teleservices Maharashtra Ltd.<sup>(1)</sup> | 1227 | 781 |
| TCI Express Ltd. | 160 | 1239 |
| TeamLease Services Ltd.<sup>(1)</sup> | 66 | 1334 |
| Tech Mahindra Ltd. | 12674 | 212704 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Technocraft Industries India Ltd. | 45 | $1257 |
| Tega Industries Ltd.<sup>(1)</sup> | 962 | 20152 |
| Tejas Networks Ltd. | 62 | 410 |
| Texmaco Rail & Engineering Ltd. | 4065 | 6311 |
| Thanga Mayil Jewellery Ltd. | 698 | 17858 |
| Thermax Ltd. | 276 | 10043 |
| Thirumalai Chemicals Ltd.<sup>(1)</sup> | 663 | 2187 |
| Thomas Cook India Ltd. | 9872 | 19896 |
| Thyrocare Technologies Ltd. | 317 | 4552 |
| Time Technoplast Ltd. | 4005 | 20739 |
| Timken India Ltd. | 1005 | 32898 |
| Tips Music Ltd. | 2733 | 18033 |
| Titagarh Rail System Ltd.<sup>(1)</sup> | 4401 | 41184 |
| Titan Co. Ltd. | 1912 | 78707 |
| Torrent Pharmaceuticals Ltd. | 1521 | 61367 |
| Tourism Finance Corp. of India Ltd. | 8960 | 30576 |
| TransIndia Real Estate Ltd.<sup>(1)</sup> | 3177 | 1147 |
| Transport Corp. of India Ltd. | 729 | 9422 |
| Transrail Lighting Ltd.<sup>(1)</sup> | 2589 | 21787 |
| Trent Ltd. | 1523 | 91539 |
| Triveni Turbine Ltd. | 2044 | 12040 |
| TTK Prestige Ltd. | 440 | 3278 |
| Tube Investments of India Ltd. | 908 | 30485 |
| TV Today Network Ltd. | 140 | 234 |
| TVS Motor Co. Ltd. | 1206 | 44818 |
| TVS Motor Co. Ltd., Preference Shares<sup>(1)</sup> | 4824 | 547 |
| TVS Srichakra Ltd. | 149 | 4795 |
| TVS Supply Chain Solutions Ltd.<sup>(1)</sup> | 13217 | 18378 |
| Uflex Ltd. | 2752 | 16103 |
| Ugar Sugar Works Ltd.<sup>(1)</sup> | 5572 | 2616 |
| Ujjivan Small Finance Bank Ltd.<sup>(1)</sup> | 103405 | 50042 |
| Unichem Laboratories Ltd.<sup>(1)</sup> | 1194 | 6825 |
| Union Bank of India Ltd. | 50445 | 71426 |
| United Spirits Ltd. | 4049 | 60220 |
| UNO Minda Ltd. | 1849 | 26777 |
| UPL Ltd. | 17849 | 144925 |
| UPL Ltd. | 2015 | 12236 |
| UTI Asset Management Co. Ltd. | 2244 | 32813 |
| VA Tech Wabag Ltd. | 485 | 8019 |
| Vadilal Industries Ltd. | 384 | 22146 |
| Vaibhav Global Ltd. | 295 | 684 |
| Valiant Organics Ltd.<sup>(1)</sup> | 107 | 405 |
| Valor Estate Ltd.<sup>(1)</sup> | 7177 | 13776 |
| Vardhman Textiles Ltd. | 4955 | 23873 |
| Varroc Engineering Ltd. | 1311 | 7945 |
| Varun Beverages Ltd. | 13850 | 76551 |
| Vedant Fashions Ltd. | 1119 | 9412 |
| Venky's India Ltd. | 65 | 1081 |
| Vinati Organics Ltd. | 1041 | 20194 |
| VIP Industries Ltd.<sup>(1)</sup> | 2951 | 14037 |
| Visaka Industries Ltd. | 1090 | 1010 |
| Vishnu Chemicals Ltd. | 520 | 2900 |
| VL E-Governance & IT Solutions Ltd.<sup>(1)</sup> | 1063 | 410 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| V-Mart Retail Ltd.<sup>(1)</sup> | 2608 | $21974 |
| Voltamp Transformers Ltd. | 388 | 34381 |
| Voltas Ltd. | 1511 | 23542 |
| VRL Logistics Ltd. | 8992 | 26919 |
| Welspun Corp. Ltd. | 5887 | 56362 |
| Welspun Enterprises Ltd. | 4869 | 25819 |
| Welspun Living Ltd. | 11785 | 14629 |
| Westlife Foodworld Ltd. | 866 | 7051 |
| Whirlpool of India Ltd. | 24 | 354 |
| Windlas Biotech Ltd. | 436 | 4940 |
| Wipro Ltd., ADR | 27833 | 76819 |
| Wonderla Holidays Ltd. | 85 | 591 |
| Yes Bank Ltd.<sup>(1)</sup> | 360729 | 78170 |
| Zee Entertainment Enterprises Ltd. | 46637 | 61313 |
| Zee Media Corp. Ltd.<sup>(1)</sup> | 1302 | 182 |
| Zen Technologies Ltd. | 88 | 1458 |
| Zensar Technologies Ltd. | 7355 | 64023 |
|  |  | 28429509 |
| **Indonesia — 1.4%** |  |  |
| Adi Sarana Armada Tbk. PT | 31800 | 1696 |
| Aspirasi Hidup Indonesia Tbk. PT | 351200 | 9720 |
| Astra Otoparts Tbk. PT | 61200 | 9017 |
| Bank BTPN Syariah Tbk. PT | 193400 | 17486 |
| Bank Central Asia Tbk. PT | 582100 | 285176 |
| Bank Jago Tbk. PT<sup>(1)</sup> | 5600 | 771 |
| Bank KB Indonesia Tbk. PT<sup>(1)</sup> | 53500 | 262 |
| Bank Mandiri Persero Tbk. PT | 809700 | 232062 |
| Bank Negara Indonesia Persero Tbk. PT | 346400 | 91964 |
| Bank Pan Indonesia Tbk. PT | 102300 | 7164 |
| Bank Pembangunan Daerah Jawa Timur Tbk. PT | 52800 | 1648 |
| Bank Rakyat Indonesia Persero Tbk. PT | 1275600 | 313137 |
| Bank Tabungan Negara Persero Tbk. PT | 518978 | 40863 |
| BFI Finance Indonesia Tbk. PT | 487600 | 22467 |
| Blue Bird Tbk. PT | 34800 | 3799 |
| Buana Lintas Lautan Tbk. PT<sup>(1)</sup> | 257700 | 2310 |
| Bukalapak.com Tbk. PT<sup>(1)</sup> | 3747900 | 39539 |
| Bumi Serpong Damai Tbk. PT<sup>(1)</sup> | 246600 | 16219 |
| Chandra Asri Pacific Tbk. PT | 20000 | 9986 |
| Ciputra Development Tbk. PT | 483500 | 29779 |
| Cisarua Mountain Dairy Tbk. PT | 68200 | 20683 |
| Clipan Finance Indonesia Tbk. PT | 275200 | 5339 |
| Darma Henwa Tbk. PT<sup>(1)</sup> | 2727100 | 37082 |
| Dharma Polimetal Tbk. PT | 121800 | 7351 |
| Elang Mahkota Teknologi Tbk. PT | 657100 | 48413 |
| Erajaya Swasembada Tbk. PT | 942100 | 25144 |
| Gajah Tunggal Tbk. PT | 182300 | 11151 |
| Global Mediacom Tbk. PT<sup>(1)</sup> | 394100 | 3394 |
| GoTo Gojek Tokopedia Tbk. PT<sup>(1)</sup> | 1312000 | 4609 |
| Indosat Tbk. PT | 101700 | 12464 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 385000 | 12141 |
| Jasa Marga Persero Tbk. PT | 128600 | 26204 |
| Kawasan Industri Jababeka Tbk. PT | 1810600 | 22833 |
| Kencana Energi Lestari Tbk. PT | 65100 | 3158 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kino Indonesia Tbk. PT | 3700 | $260 |
| Lippo Cikarang Tbk. PT<sup>(1)</sup> | 18600 | 689 |
| Lippo Karawaci Tbk. PT<sup>(1)</sup> | 206300 | 1302 |
| Map Aktif Adiperkasa PT | 1003200 | 38230 |
| Mark Dynamics Indonesia Tbk. PT | 12400 | 481 |
| Matahari Department Store Tbk. PT | 214100 | 20642 |
| MD Entertainment Tbk. PT<sup>(1)</sup> | 19140 | 3821 |
| Media Nusantara Citra Tbk. PT<sup>(1)</sup> | 773100 | 11904 |
| Medikaloka Hermina Tbk. PT | 461400 | 46386 |
| Mitra Adiperkasa Tbk. PT | 698000 | 50955 |
| Mitra Keluarga Karyasehat Tbk. PT | 58200 | 7763 |
| Mitra Pinasthika Mustika Tbk. PT | 31900 | 1846 |
| Pakuwon Jati Tbk. PT | 283400 | 6396 |
| Panin Financial Tbk. PT<sup>(1)</sup> | 448200 | 7063 |
| Petrosea Tbk. PT | 192800 | 44304 |
| Puradelta Lestari Tbk. PT | 101400 | 848 |
| Samator Indo Gas Tbk. PT | 19300 | 1008 |
| Samudera Indonesia Tbk. PT | 322700 | 6690 |
| Sarana Menara Nusantara Tbk. PT | 753700 | 28097 |
| Sariguna Primatirta Tbk. PT | 193400 | 6745 |
| Steel Pipe Industry of Indonesia PT | 18300 | 459 |
| Sumber Alfaria Trijaya Tbk. PT | 113300 | 15116 |
| Summarecon Agung Tbk. PT | 571500 | 15544 |
| Surya Citra Media Tbk. PT | 1370000 | 26407 |
| Telkom Indonesia Persero Tbk. PT, ADR<sup>(2)</sup> | 16876 | 327226 |
| Temas Tbk. PT | 297100 | 2466 |
| Tower Bersama Infrastructure Tbk. PT | 37500 | 4369 |
| Unilever Indonesia Tbk. PT | 126000 | 12995 |
| Wijaya Karya Persero Tbk. PT<sup>(1)</sup> | 131100 | 811 |
| XLSMART Telecom Sejahtera Tbk. PT | 387700 | 64658 |
|  |  | 2130512 |
| **Malaysia — 1.6%** |  |  |
| Aeon Co. M Bhd. | 42800 | 13164 |
| AEON Credit Service M Bhd. | 1000 | 1158 |
| AFFIN Bank Bhd.<sup>(1)</sup> | 30083 | 15964 |
| Alliance Bank Malaysia Bhd. | 40682 | 43393 |
| AMMB Holdings Bhd. | 107200 | 136826 |
| Ann Joo Resources Bhd.<sup>(1)</sup> | 300 | 48 |
| Astro Malaysia Holdings Bhd.<sup>(1)</sup> | 35300 | 1255 |
| Axiata Group Bhd. | 130800 | 74926 |
| Bank Islam Malaysia Bhd. | 22800 | 12354 |
| Berjaya Food Bhd.<sup>(1)</sup> | 31108 | 2137 |
| Bermaz Auto Bhd. | 45500 | 7165 |
| Bursa Malaysia Bhd. | 18600 | 34306 |
| Carlsberg Brewery Malaysia Bhd. | 2500 | 9563 |
| CELCOMDIGI Bhd. | 91200 | 79444 |
| CIMB Group Holdings Bhd. | 145331 | 255308 |
| Cypark Resources Bhd.<sup>(1)</sup> | 24100 | 4818 |
| D&O Green Technologies Bhd. | 100 | 31 |
| Dayang Enterprise Holdings Bhd. | 5400 | 2195 |
| DRB-Hicom Bhd. | 1700 | 352 |
| Dufu Technology Corp. Bhd. | 2100 | 549 |
| Eco World Development Group Bhd. | 7800 | 3876 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ekovest Bhd.<sup>(1)</sup> | 137000 | $12160 |
| Fraser & Neave Holdings Bhd. | 1000 | 6385 |
| Frontken Corp. Bhd. | 13400 | 13562 |
| Gamuda Bhd. | 113440 | 149116 |
| Greatech Technology Bhd.<sup>(1)</sup> | 2200 | 1083 |
| Hartalega Holdings Bhd. | 61400 | 17122 |
| Heineken Malaysia Bhd. | 6500 | 31110 |
| Hengyuan Refining Co. Bhd.<sup>(1)</sup> | 5300 | 1543 |
| Hiap Teck Venture Bhd. | 7600 | 503 |
| Hong Leong Bank Bhd. | 11100 | 52743 |
| Hong Leong Capital Bhd. | 600 | 480 |
| Hong Leong Financial Group Bhd. | 2000 | 8111 |
| IHH Healthcare Bhd. | 23300 | 37441 |
| Inari Amertron Bhd. | 24900 | 11920 |
| IOI Properties Group Bhd. | 54400 | 28723 |
| Iskandar Waterfront City Bhd.<sup>(1)</sup> | 76500 | 5611 |
| Johor Plantations Group Bhd. | 85500 | 27483 |
| Kelington Group Bhd. | 21700 | 26496 |
| Kossan Rubber Industries Bhd. | 59000 | 16881 |
| KPJ Healthcare Bhd. | 83600 | 51414 |
| KSL Holdings Bhd. | 26375 | 10551 |
| Lingkaran Trans Kota Holdings Bhd.<sup>(1)</sup> | 10400 | 10 |
| Lotte Chemical Titan Holding Bhd.<sup>(1)</sup> | 2000 | 253 |
| Mah Sing Group Bhd. | 108000 | 29412 |
| Malayan Banking Bhd. | 76000 | 178081 |
| Malaysian Pacific Industries Bhd. | 7300 | 46287 |
| Malaysian Resources Corp. Bhd. | 70200 | 7892 |
| Maxis Bhd. | 32200 | 26678 |
| MBSB Bhd. | 55700 | 9222 |
| Mieco Chipboard Bhd.<sup>(1)</sup> | 700 | 109 |
| Mr. DIY Group M Bhd. | 83700 | 29297 |
| Nationgate Holdings Bhd. | 22800 | 6991 |
| Nestle Malaysia Bhd. | 900 | 20247 |
| NEXG Bhd. | 150000 | 17394 |
| Pecca Group Bhd. | 32400 | 10880 |
| Pentamaster Corp. Bhd.<sup>(1)</sup> | 1100 | 935 |
| Perak Transit Bhd. | 11250 | 1838 |
| Petron Malaysia Refining & Marketing Bhd. | 500 | 429 |
| Press Metal Aluminium Holdings Bhd. | 16800 | 22114 |
| Public Bank Bhd. | 151600 | 153125 |
| Ranhill Utilities Bhd.<sup>(1)</sup> | 90125 | 34338 |
| RHB Bank Bhd. | 62914 | 97364 |
| Scientex Bhd. | 3300 | 2437 |
| Shin Yang Group Bhd. | 22500 | 4182 |
| Signature International Bhd. | 3300 | 1071 |
| Sime Darby Bhd. | 143700 | 70412 |
| Sime Darby Property Bhd. | 170100 | 59569 |
| Southern Cable Group Bhd. | 38200 | 18397 |
| SP Setia Bhd. Group | 119500 | 29685 |
| Sunway Bhd. | 23400 | 27259 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 79360 | 8719 |
| Swift Haulage Bhd. | 2100 | 209 |
| Syarikat Takaful Malaysia Keluarga Bhd. | 500 | 359 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Telekom Malaysia Bhd. | 21300 | $35408 |
| TIME dotCom Bhd. | 47300 | 57998 |
| Top Glove Corp. Bhd.<sup>(1)</sup> | 32000 | 4433 |
| UEM Sunrise Bhd. | 56400 | 9889 |
| Unisem M Bhd. | 5800 | 3649 |
| UWC Bhd.<sup>(1)</sup> | 5800 | 3879 |
| Velesto Energy Bhd. | 700600 | 33161 |
| ViTrox Corp. Bhd. | 3600 | 3332 |
| VS Industry Bhd. | 163296 | 25679 |
| Westports Holdings Bhd. | 2000 | 2646 |
| Zetrix Ai Bhd. | 187276 | 38064 |
|  |  | 2342603 |
| **Mexico — 2.0%** |  |  |
| Alsea SAB de CV<sup>(1)</sup> | 15158 | 43758 |
| America Movil SAB de CV, ADR | 11203 | 223948 |
| Arca Continental SAB de CV | 3762 | 38439 |
| Banco del Bajio SA | 84237 | 200703 |
| Becle SAB de CV | 2283 | 2660 |
| Bolsa Mexicana de Valores SAB de CV | 9200 | 18790 |
| Coca-Cola Femsa SAB de CV | 4700 | 39840 |
| Corp. Inmobiliaria Vesta SAB de CV | 34191 | 94048 |
| Fomento Economico Mexicano SAB de CV, ADR | 1374 | 119043 |
| Genomma Lab Internacional SAB de CV, Class B<sup>(2)</sup> | 37665 | 45042 |
| Gentera SAB de CV | 112137 | 274928 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 1476 | 150862 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 957 | 230637 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR | 291 | 94782 |
| Grupo Bimbo SAB de CV, Series A<sup>(2)</sup> | 22698 | 70631 |
| Grupo Comercial Chedraui SA de CV | 187 | 1506 |
| Grupo Financiero Banorte SAB de CV, Class O | 58158 | 529746 |
| Grupo Mexico SAB de CV, Series B | 18985 | 124532 |
| Grupo Televisa SAB, ADR<sup>(2)</sup> | 24878 | 69410 |
| Grupo Traxion SAB de CV<sup>(1)</sup> | 22770 | 18421 |
| Kimberly-Clark de Mexico SAB de CV, A Shares<sup>(2)</sup> | 48208 | 90762 |
| La Comer SAB de CV<sup>(2)</sup> | 36005 | 81542 |
| Megacable Holdings SAB de CV | 25120 | 72677 |
| Nemak SAB de CV<sup>(1)</sup> | 151393 | 31066 |
| Orbia Advance Corp. SAB de CV | 43188 | 33968 |
| Promotora y Operadora de Infraestructura SAB de CV | 9093 | 114122 |
| Qualitas Controladora SAB de CV<sup>(2)</sup> | 8155 | 73495 |
| Regional SAB de CV | 204 | 1585 |
| Wal-Mart de Mexico SAB de CV | 42805 | 127880 |
|  |  | 3018823 |
| **Peru — 0.3%** |  |  |
| Credicorp Ltd. | 1314 | 337961 |
| Intercorp Financial Services, Inc. | 163 | 6474 |
| Southern Copper Corp. | 1289 | 123849 |
|  |  | 468284 |
| **Philippines — 0.6%** |  |  |
| Apex Mining Co., Inc. | 193900 | 23129 |
| Ayala Land, Inc. | 125100 | 61297 |
| Bank of the Philippine Islands | 31178 | 61633 |
| BDO Unibank, Inc. | 47346 | 111902 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Century Pacific Food, Inc. | 32600 | $20935 |
| Converge Information & Communications Technology Solutions, Inc. | 78600 | 19258 |
| Globe Telecom, Inc. | 516 | 13602 |
| GT Capital Holdings, Inc. | 3500 | 42271 |
| International Container Terminal Services, Inc. | 16680 | 140982 |
| JG Summit Holdings, Inc. | 67500 | 28089 |
| Jollibee Foods Corp. | 10640 | 43179 |
| LT Group, Inc. | 24300 | 5962 |
| Manila Water Co., Inc. | 65100 | 47851 |
| Megaworld Corp. | 460000 | 16596 |
| Metropolitan Bank & Trust Co. | 65250 | 79869 |
| Monde Nissin Corp. | 25900 | 3199 |
| PLDT, Inc., ADR | 1240 | 25395 |
| Puregold Price Club, Inc. | 40300 | 29101 |
| Robinsons Land Corp. | 54000 | 13882 |
| Robinsons Retail Holdings, Inc. | 840 | 521 |
| Security Bank Corp. | 3640 | 4774 |
| SM Investments Corp. | 1410 | 18623 |
| SM Prime Holdings, Inc. | 75800 | 30647 |
| Wilcon Depot, Inc. | 23900 | 3844 |
|  |  | 846541 |
| **Poland — 1.3%** |  |  |
| Alior Bank SA | 7591 | 216264 |
| Allegro.eu SA<sup>(1)</sup> | 4674 | 46970 |
| AmRest Holdings SE | 2512 | 10015 |
| Asseco Poland SA | 607 | 31506 |
| Bank Handlowy w Warszawie SA | 1390 | 39332 |
| Bank Millennium SA<sup>(1)</sup> | 38153 | 147798 |
| Bank Polska Kasa Opieki SA | 4687 | 236078 |
| Benefit Systems SA | 133 | 119038 |
| Budimex SA | 250 | 36569 |
| CCC SA<sup>(1)</sup> | 2071 | 95017 |
| CD Projekt SA | 769 | 53238 |
| Cyfrowy Polsat SA<sup>(1)</sup> | 851 | 3345 |
| Dino Polska SA<sup>(1)</sup> | 7150 | 89214 |
| KRUK SA | 226 | 28239 |
| LPP SA | 21 | 99494 |
| mBank SA<sup>(1)</sup> | 239 | 57732 |
| Orange Polska SA | 57319 | 145914 |
| Pepco Group NV | 8936 | 52595 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 8947 | 174518 |
| Powszechny Zaklad Ubezpieczen SA | 9149 | 152270 |
| Santander Bank Polska SA | 193 | 26866 |
| TEN Square Games SA | 34 | 774 |
| Text SA | 472 | 6648 |
| Warsaw Stock Exchange | 147 | 2357 |
| XTB SA | 274 | 5795 |
|  |  | 1877586 |
| **South Africa — 3.7%** |  |  |
| Absa Group Ltd. | 22330 | 239099 |
| AECI Ltd. | 10179 | 62000 |
| Aspen Pharmacare Holdings Ltd. | 11712 | 70293 |
| Astral Foods Ltd. | 159 | 1893 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| AVI Ltd. | 13114 | $69562 |
| Barloworld Ltd. | 5300 | 35296 |
| Bid Corp. Ltd. | 3408 | 88992 |
| Capitec Bank Holdings Ltd. | 852 | 172339 |
| Clicks Group Ltd. | 5771 | 121958 |
| Coronation Fund Managers Ltd. | 15371 | 37981 |
| Curro Holdings Ltd. | 15555 | 10402 |
| DataTec Ltd. | 15906 | 56779 |
| Dis-Chem Pharmacies Ltd. | 20763 | 40168 |
| Discovery Ltd. | 6801 | 83438 |
| FirstRand Ltd. | 44582 | 187914 |
| Fortress Real Estate Investments Ltd., Class B | 36623 | 46760 |
| Foschini Group Ltd. | 15598 | 96113 |
| Gold Fields Ltd., ADR | 14620 | 489478 |
| Grindrod Ltd. | 38956 | 33928 |
| Impala Platinum Holdings Ltd.<sup>(1)</sup> | 24717 | 224285 |
| Investec Ltd. | 4546 | 33712 |
| JSE Ltd. | 2876 | 20640 |
| Kumba Iron Ore Ltd.<sup>(2)</sup> | 1973 | 36203 |
| Life Healthcare Group Holdings Ltd. | 31708 | 24455 |
| Merafe Resources Ltd. | 31725 | 1961 |
| Momentum Group Ltd. | 81870 | 165790 |
| Motus Holdings Ltd. | 8411 | 49224 |
| Mr. Price Group Ltd. | 3083 | 36293 |
| MTN Group Ltd. | 42084 | 357502 |
| MultiChoice Group<sup>(1)</sup> | 8589 | 59782 |
| Naspers Ltd., N Shares | 123 | 40580 |
| Nedbank Group Ltd. | 10816 | 138617 |
| NEPI Rockcastle NV<sup>(1)</sup> | 17622 | 146365 |
| Netcare Ltd. | 78829 | 61983 |
| Ninety One Ltd. | 10821 | 27158 |
| Northam Platinum Holdings Ltd. | 10369 | 116182 |
| Nutun Ltd.<sup>(1)</sup> | 2029 | 135 |
| Oceana Group Ltd. | 69 | 199 |
| Old Mutual Ltd. | 217713 | 171328 |
| Omnia Holdings Ltd. | 8971 | 37322 |
| OUTsurance Group Ltd. | 19736 | 85058 |
| Pepkor Holdings Ltd. | 15487 | 22280 |
| Pick n Pay Stores Ltd.<sup>(1)(2)</sup> | 10029 | 15660 |
| PPC Ltd. | 120786 | 34863 |
| PSG Financial Services Ltd. | 7859 | 10031 |
| Raubex Group Ltd. | 11186 | 27820 |
| Remgro Ltd. | 18227 | 175341 |
| Reunert Ltd. | 2725 | 8555 |
| Sanlam Ltd. | 21764 | 112204 |
| Santam Ltd. | 1536 | 38109 |
| Sappi Ltd. | 11060 | 18173 |
| Shoprite Holdings Ltd. | 8388 | 125177 |
| Sibanye Stillwater Ltd., ADR<sup>(1)</sup> | 39307 | 297554 |
| SPAR Group Ltd.<sup>(1)</sup> | 10107 | 62069 |
| Standard Bank Group Ltd. | 19011 | 267466 |
| Telkom SA SOC Ltd. | 25690 | 73804 |
| Tiger Brands Ltd. | 4690 | 82750 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Truworths International Ltd. | 11826 | $40306 |
| Valterra Platinum Ltd. | 2235 | 102493 |
| Vodacom Group Ltd. | 13498 | 109003 |
| Woolworths Holdings Ltd.<sup>(2)</sup> | 3861 | 11363 |
| Zeda Ltd. | 6460 | 4661 |
|  |  | 5418849 |
| **South Korea — 12.5%** |  |  |
| Aekyung Chemical Co. Ltd. | 845 | 6387 |
| Aekyung Industrial Co. Ltd. | 22 | 255 |
| Agabang & Co.<sup>(1)</sup> | 104 | 379 |
| Ahnlab, Inc. | 19 | 825 |
| Aju IB Investment Co. Ltd. | 40 | 63 |
| Alteogen, Inc.<sup>(1)</sup> | 164 | 51578 |
| Amorepacific Corp. | 461 | 39772 |
| Amorepacific Holdings Corp. | 1312 | 25625 |
| APR Corp.<sup>(1)</sup> | 448 | 73074 |
| BGF Co. Ltd. | 183 | 523 |
| BGF retail Co. Ltd. | 552 | 46538 |
| BH Co. Ltd. | 1386 | 18276 |
| Binggrae Co. Ltd. | 682 | 34591 |
| BNK Financial Group, Inc. | 12589 | 130174 |
| Byucksan Corp. | 247 | 380 |
| C&C International Co. Ltd. | 137 | 4297 |
| Celltrion, Inc. | 973 | 117068 |
| Cheil Worldwide, Inc. | 4766 | 67792 |
| Cheryong Electric Co. Ltd. | 359 | 8838 |
| CJ CGV Co. Ltd.<sup>(1)</sup> | 3809 | 12658 |
| CJ CheilJedang Corp. | 463 | 76147 |
| CJ ENM Co. Ltd.<sup>(1)</sup> | 1079 | 55312 |
| CJ Logistics Corp. | 755 | 45246 |
| Classys, Inc. | 220 | 8237 |
| Com2uSCorp | 75 | 2114 |
| Coreana Cosmetics Co. Ltd.<sup>(1)</sup> | 63 | 122 |
| Cosmax, Inc. | 362 | 56216 |
| CosmoAM&T Co. Ltd.<sup>(1)</sup> | 66 | 2022 |
| Coway Co. Ltd. | 3292 | 245770 |
| COWELL FASHION Co. Ltd.<sup>(1)</sup> | 408 | 632 |
| CS Wind Corp. | 1304 | 39006 |
| Cuckoo Homesys Co. Ltd. | 229 | 4449 |
| Daeduck Electronics Co. Ltd. | 1634 | 28057 |
| Daewoong Co. Ltd. | 334 | 5929 |
| Danal Co. Ltd.<sup>(1)</sup> | 122 | 689 |
| Daou Data Corp. | 1042 | 12288 |
| DB HiTek Co. Ltd. | 1837 | 60257 |
| DB Insurance Co. Ltd. | 2427 | 229461 |
| DI Dong Il Corp. | 457 | 13486 |
| DL E&C Co. Ltd. | 1079 | 32887 |
| DN Automotive Corp. | 430 | 8194 |
| Dong-A Socio Holdings Co. Ltd. | 158 | 12633 |
| DongKook Pharmaceutical Co. Ltd. | 41 | 500 |
| Dongwha Enterprise Co. Ltd.<sup>(1)</sup> | 1097 | 7367 |
| Dongwon Development Co. Ltd. | 33 | 68 |
| Doosan Bobcat, Inc.<sup>(1)</sup> | 1157 | 44200 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Doosan Co. Ltd. | 6 | $2381 |
| Doosan Enerbility Co. Ltd.<sup>(1)</sup> | 2829 | 124405 |
| Doosan Fuel Cell Co. Ltd.<sup>(1)</sup> | 1131 | 23180 |
| DoubleUGames Co. Ltd. | 272 | 10282 |
| Douzone Bizon Co. Ltd. | 413 | 23554 |
| Dreamtech Co. Ltd. | 427 | 1948 |
| Echo Marketing, Inc. | 508 | 5013 |
| Ecopro BM Co. Ltd.<sup>(1)</sup> | 38 | 3298 |
| Ecopro HN Co. Ltd. | 72 | 1276 |
| E-MART, Inc. | 1183 | 60738 |
| Eo Technics Co. Ltd. | 220 | 32362 |
| Eugene Technology Co. Ltd. | 90 | 3074 |
| F&F Co. Ltd. | 776 | 37041 |
| FutureCore Co. Ltd.<sup>(1)</sup> | 436 |  |
| Genexine, Inc.<sup>(1)</sup> | 113 | 418 |
| GOLFZON Co. Ltd. | 202 | 9154 |
| GS P&L Co. Ltd.<sup>(1)</sup> | 232 | 8166 |
| GS Retail Co. Ltd. | 1031 | 11998 |
| Hana Financial Group, Inc. | 8428 | 496843 |
| Hana Tour Service, Inc. | 324 | 11970 |
| Handsome Co. Ltd. | 153 | 1656 |
| Hanjin Logistics Corp. | 134 | 1954 |
| Hankook & Co. Co. Ltd. | 1873 | 32759 |
| Hankook Tire & Technology Co. Ltd. | 3929 | 113257 |
| Hanmi Semiconductor Co. Ltd. | 839 | 51769 |
| Hanon Systems<sup>(1)</sup> | 8967 | 22944 |
| Hansae Co. Ltd. | 851 | 5679 |
| Hansol Chemical Co. Ltd. | 404 | 51199 |
| Hansol Technics Co. Ltd. | 4044 | 15439 |
| Hanssem Co. Ltd. | 358 | 10846 |
| Hanwha Engine<sup>(1)</sup> | 2569 | 87290 |
| Hanwha Galleria Corp.<sup>(1)</sup> | 853 | 690 |
| Hanwha General Insurance Co. Ltd.<sup>(1)</sup> | 3225 | 13175 |
| Hanwha Investment & Securities Co. Ltd.<sup>(1)</sup> | 5448 | 21685 |
| Hanwha Life Insurance Co. Ltd.<sup>(1)</sup> | 13083 | 29422 |
| Hanwha Solutions Corp. | 3337 | 67776 |
| Hanwha Systems Co. Ltd. | 548 | 20024 |
| Hanwha Vision Co. Ltd.<sup>(1)</sup> | 466 | 17713 |
| HD Hyundai Construction Equipment Co. Ltd. | 265 | 16559 |
| HD Hyundai Electric Co. Ltd. | 624 | 218820 |
| HD Hyundai Infracore Co. Ltd.<sup>(1)</sup> | 2501 | 25124 |
| HD HYUNDAI MIPO | 188 | 27637 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 2503 | 35683 |
| HD-Hyundai Marine Engine<sup>(1)</sup> | 1221 | 80427 |
| Helixmith Co. Ltd.<sup>(1)</sup> | 119 | 509 |
| Hite Jinro Co. Ltd. | 2565 | 35193 |
| HL Holdings Corp.<sup>(1)</sup> | 51 | 1446 |
| HL Mando Co. Ltd. | 1606 | 41001 |
| HLB, Inc.<sup>(1)</sup> | 471 | 12720 |
| HMM Co. Ltd. | 4863 | 77236 |
| Hotel Shilla Co. Ltd.<sup>(1)</sup> | 863 | 29045 |
| HPSP Co. Ltd. | 1143 | 21738 |
| HS Hyosung Advanced Materials Corp. | 280 | 38207 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| HS Hyosung Corp.<sup>(1)</sup> | 15 | $639 |
| Hugel, Inc.<sup>(1)</sup> | 52 | 11757 |
| Humedix Co. Ltd. | 72 | 2801 |
| Hwaseung Enterprise Co. Ltd. | 36 | 174 |
| HYBE Co. Ltd.<sup>(1)</sup> | 148 | 30529 |
| Hyosung Chemical Corp.<sup>(1)</sup> | 3 | 63 |
| Hyosung Corp. | 918 | 57138 |
| Hyosung Heavy Industries Corp. | 87 | 77129 |
| Hyosung TNC Corp. | 348 | 54642 |
| Hyundai Autoever Corp. | 262 | 32923 |
| HYUNDAI Corp. | 447 | 7118 |
| Hyundai Department Store Co. Ltd. | 1415 | 75463 |
| Hyundai Elevator Co. Ltd. | 416 | 23432 |
| Hyundai Engineering & Construction Co. Ltd. | 1996 | 88781 |
| Hyundai Futurenet Co. Ltd. | 86 | 201 |
| Hyundai GF Holdings | 506 | 2802 |
| Hyundai Glovis Co. Ltd. | 2001 | 264631 |
| Hyundai Green Food | 269 | 3113 |
| Hyundai Home Shopping Network Corp. | 59 | 2359 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(1)</sup> | 2817 | 56415 |
| Hyundai Motor Co. | 2563 | 403488 |
| Hyundai Rotem Co. Ltd. | 2128 | 293554 |
| Hyundai Wia Corp. | 1815 | 65347 |
| Iljin Electric Co. Ltd. | 1031 | 26500 |
| iM Financial Group Co. Ltd. | 8428 | 82944 |
| iMarketKorea, Inc. | 319 | 1904 |
| Industrial Bank of Korea | 7623 | 104216 |
| Innocean Worldwide, Inc. | 1147 | 15126 |
| Innox Advanced Materials Co. Ltd. | 492 | 8374 |
| Insun ENT Co. Ltd.<sup>(1)</sup> | 304 | 1018 |
| Interflex Co. Ltd.<sup>(1)</sup> | 83 | 520 |
| INTOPS Co. Ltd. | 605 | 6728 |
| iNtRON Biotechnology, Inc. | 184 | 504 |
| IS Dongseo Co. Ltd. | 786 | 11056 |
| ISU Chemical Co. Ltd.<sup>(1)</sup> | 305 | 1202 |
| ISU Specialty Chemical<sup>(1)</sup> | 1190 | 37976 |
| IsuPetasys Co. Ltd. | 1936 | 91449 |
| JB Financial Group Co. Ltd. | 5346 | 90240 |
| Jusung Engineering Co. Ltd. | 1633 | 31871 |
| JYP Entertainment Corp. | 1061 | 55481 |
| K Car Co. Ltd. | 629 | 7192 |
| Kakao Corp. | 2307 | 103297 |
| Kakao Games Corp.<sup>(1)</sup> | 78 | 907 |
| KakaoBank Corp. | 1971 | 34832 |
| Kakaopay Corp.<sup>(1)</sup> | 951 | 40854 |
| KB Financial Group, Inc., ADR | 7640 | 600962 |
| KC Co. Ltd. | 71 | 1132 |
| KC Tech Co. Ltd. | 77 | 1831 |
| KCC Corp. | 202 | 57628 |
| KCC Glass Corp. | 147 | 3139 |
| KEPCO Engineering & Construction Co., Inc. | 21 | 1388 |
| KEPCO Plant Service & Engineering Co. Ltd. | 643 | 23179 |
| KG Eco Solution Co. Ltd. | 1102 | 4593 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KH Vatec Co. Ltd. | 267 | $2438 |
| Kia Corp. | 5924 | 448230 |
| KIWOOM Securities Co. Ltd. | 427 | 62893 |
| Koh Young Technology, Inc. | 681 | 7107 |
| Kolmar Korea Co. Ltd.<sup>(1)</sup> | 335 | 18667 |
| Kolon Industries, Inc. | 850 | 22442 |
| KONA I Co. Ltd. | 820 | 29955 |
| Korea Investment Holdings Co. Ltd. | 1967 | 189770 |
| Korea Petrochemical Ind Co. Ltd. | 256 | 22398 |
| Korea Real Estate Investment & Trust Co. Ltd. | 1631 | 1420 |
| Korean Air Lines Co. Ltd. | 4073 | 69328 |
| Korean Reinsurance Co. | 8007 | 62341 |
| Krafton, Inc.<sup>(1)</sup> | 469 | 110279 |
| KT Corp. | 1216 | 47297 |
| KT Skylife Co. Ltd. | 319 | 1199 |
| Kum Yang Co. Ltd.<sup>(1)</sup> | 480 | 2564 |
| Kumho Petrochemical Co. Ltd. | 518 | 40736 |
| Kumho Tire Co., Inc.<sup>(1)</sup> | 8646 | 30791 |
| LEENO Industrial, Inc. | 1668 | 55821 |
| LF Corp. | 203 | 2762 |
| LG Display Co. Ltd., ADR<sup>(1)</sup> | 27792 | 122563 |
| LG Electronics, Inc. | 3252 | 172319 |
| LG Energy Solution Ltd.<sup>(1)</sup> | 278 | 70110 |
| LG H&H Co. Ltd. | 227 | 48193 |
| LG Innotek Co. Ltd. | 826 | 99829 |
| LG Uplus Corp. | 15453 | 164810 |
| Lotte Chemical Corp. | 377 | 17180 |
| Lotte Chilsung Beverage Co. Ltd. | 304 | 26111 |
| LOTTE Fine Chemical Co. Ltd. | 1282 | 38371 |
| LOTTE Himart Co. Ltd. | 6 | 36 |
| Lotte Innovate Co. Ltd. | 27 | 412 |
| Lotte Rental Co. Ltd. | 1523 | 31515 |
| Lotte Shopping Co. Ltd. | 544 | 25828 |
| Lotte Wellfood Co. Ltd. | 117 | 9773 |
| LS Corp. | 194 | 24549 |
| LS Electric Co. Ltd. | 171 | 34575 |
| LVMC Holdings<sup>(1)</sup> | 3944 | 5152 |
| LX Hausys Ltd. | 49 | 998 |
| LX Semicon Co. Ltd. | 824 | 31735 |
| Maeil Dairies Co. Ltd. | 36 | 930 |
| Mcnex Co. Ltd. | 268 | 5757 |
| MegaStudyEdu Co. Ltd. | 330 | 10927 |
| Meritz Financial Group, Inc. | 3251 | 295748 |
| Mirae Asset Securities Co. Ltd. | 6681 | 91841 |
| Misto Holdings Corp. | 1310 | 39247 |
| NAVER Corp. | 1332 | 204760 |
| NCSoft Corp. | 188 | 27362 |
| Neowiz<sup>(1)</sup> | 704 | 12238 |
| Netmarble Corp. | 676 | 29048 |
| Nexen Tire Corp. | 499 | 2099 |
| NEXTIN, Inc. | 149 | 4546 |
| NH Investment & Securities Co. Ltd. | 5514 | 77012 |
| NHN Corp. | 602 | 11238 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NHN KCP Corp. | 879 | $8576 |
| NICE Information Service Co. Ltd. | 459 | 5202 |
| OCI Holdings Co. Ltd. | 1205 | 75497 |
| Otoki Corp. | 114 | 31424 |
| Pan Ocean Co. Ltd. | 10419 | 29142 |
| Partron Co. Ltd. | 1043 | 4801 |
| Pearl Abyss Corp.<sup>(1)</sup> | 43 | 1010 |
| PharmaResearch Co. Ltd. | 43 | 20921 |
| PI Advanced Materials Co. Ltd. | 615 | 7488 |
| Pond Group Co. Ltd. | 235 | 1606 |
| PSK, Inc. | 981 | 17138 |
| Pulmuone Co. Ltd. | 21 | 210 |
| RFHIC Corp. | 31 | 585 |
| S&S Tech Corp. | 167 | 6485 |
| S-1 Corp. | 658 | 37828 |
| Sam Young Electronics Co. Ltd. | 51 | 380 |
| Samsung Biologics Co. Ltd.<sup>(1)</sup> | 130 | 93292 |
| Samsung C&T Corp. | 812 | 97734 |
| Samsung Electro-Mechanics Co. Ltd. | 1188 | 136290 |
| Samsung Electronics Co. Ltd., GDR | 2603 | 3219554 |
| Samsung Fire & Marine Insurance Co. Ltd. | 942 | 299811 |
| Samsung Heavy Industries Co. Ltd.<sup>(1)</sup> | 33947 | 518926 |
| Samsung Life Insurance Co. Ltd. | 836 | 85885 |
| Samsung SDI Co. Ltd. | 520 | 77062 |
| Samsung SDS Co. Ltd. | 634 | 66982 |
| Samsung Securities Co. Ltd. | 3523 | 173919 |
| Samwha Capacitor Co. Ltd. | 47 | 859 |
| SD Biosensor, Inc. | 1269 | 9136 |
| SeAH Steel Corp. | 248 | 23756 |
| Sebang Co. Ltd. | 290 | 2910 |
| Sebang Global Battery Co. Ltd. | 282 | 12565 |
| Seegene, Inc. | 882 | 16447 |
| Seobu T&D | 1016 | 6868 |
| Seojin System Co. Ltd.<sup>(1)</sup> | 300 | 4144 |
| SFA Engineering Corp. | 338 | 5579 |
| SFA Semicon Co. Ltd.<sup>(1)</sup> | 644 | 1591 |
| Shinhan Financial Group Co. Ltd., ADR | 9972 | 470978 |
| Shinsegae International, Inc. | 226 | 1664 |
| Shinsegae, Inc. | 625 | 74148 |
| SK Biopharmaceuticals Co. Ltd.<sup>(1)</sup> | 313 | 22115 |
| SK Bioscience Co. Ltd.<sup>(1)</sup> | 159 | 5387 |
| SK Chemicals Co. Ltd. | 548 | 23414 |
| SK D&D Co. Ltd. | 317 | 2301 |
| SK Eternix Co. Ltd.<sup>(1)</sup> | 568 | 8350 |
| SK Hynix, Inc. | 11151 | 2124682 |
| SK IE Technology Co. Ltd.<sup>(1)</sup> | 301 | 5990 |
| SK Networks Co. Ltd. | 4954 | 15587 |
| SK Telecom Co. Ltd., ADR | 3381 | 72827 |
| SKC Co. Ltd.<sup>(1)</sup> | 118 | 7912 |
| SL Corp. | 1197 | 29046 |
| SM Entertainment Co. Ltd. | 416 | 41472 |
| SNT Dynamics Co. Ltd. | 1015 | 45467 |
| Soop Co. Ltd. | 354 | 19798 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ST Pharm Co. Ltd. | 36 | $2390 |
| STIC Investments, Inc. | 42 | 307 |
| Studio Dragon Corp.<sup>(1)</sup> | 518 | 16754 |
| Sun Kwang Co. Ltd. | 52 | 721 |
| Sungwoo Hitech Co. Ltd. | 1622 | 7004 |
| Taewoong Co. Ltd.<sup>(1)</sup> | 105 | 2824 |
| Taihan Electric Wire Co. Ltd.<sup>(1)</sup> | 304 | 3399 |
| TES Co. Ltd. | 1545 | 33106 |
| TKG Huchems Co. Ltd. | 432 | 5460 |
| Tongyang Life Insurance Co. Ltd.<sup>(1)</sup> | 1401 | 7497 |
| Value Added Technology Co. Ltd. | 33 | 492 |
| Vidente Co. Ltd.<sup>(1)</sup> | 312 |  |
| VT Co. Ltd.<sup>(1)</sup> | 910 | 23933 |
| Webzen, Inc. | 98 | 1000 |
| WONIK IPS Co. Ltd. | 501 | 14530 |
| Wonik QnC Corp. | 562 | 7138 |
| Woongjin Thinkbig Co. Ltd. | 2718 | 3501 |
| Woori Financial Group, Inc. | 21084 | 376129 |
| Woori Technology Investment Co. Ltd.<sup>(1)</sup> | 1267 | 9745 |
| W-Scope Chungju Plant Co. Ltd.<sup>(1)</sup> | 317 | 1696 |
| YG Entertainment, Inc. | 232 | 16943 |
| Youngone Corp. | 1572 | 66129 |
| Youngone Holdings Co. Ltd. | 418 | 39678 |
| Yuhan Corp. | 452 | 36816 |
| Zinus, Inc. | 262 | 3158 |
|  |  | 18444988 |
| **Taiwan — 21.6%** |  |  |
| Abico Avy Co. Ltd. | 10450 | 13733 |
| Ability Enterprise Co. Ltd.<sup>(1)</sup> | 1000 | 2572 |
| AcBel Polytech, Inc. | 1299 | 1212 |
| Accton Technology Corp. | 10000 | 329224 |
| Acer, Inc. | 51000 | 49047 |
| ACES Electronic Co. Ltd.<sup>(1)</sup> | 13000 | 31822 |
| Acon Holding, Inc.<sup>(1)</sup> | 5000 | 1633 |
| Acter Group Corp. Ltd. | 4000 | 115990 |
| Advanced International Multitech Co. Ltd. | 4000 | 7771 |
| Advanced Wireless Semiconductor Co. | 5000 | 18261 |
| Advancetek Enterprise Co. Ltd. | 19000 | 31045 |
| Advantech Co. Ltd. | 1099 | 12281 |
| AIC, Inc. | 1000 | 8773 |
| Allied Supreme Corp. | 1000 | 9341 |
| Alltek Technology Corp. | 21080 | 22109 |
| Alltop Technology Co. Ltd. | 1000 | 8190 |
| Alpha Networks, Inc. | 8000 | 7499 |
| Altek Corp. | 23561 | 38510 |
| Amazing Microelectronic Corp. | 3040 | 7323 |
| Ambassador Hotel | 6000 | 8555 |
| Ampak Technology, Inc. | 2000 | 5455 |
| Ampire Co. Ltd. | 1000 | 850 |
| AMPOC Far-East Co. Ltd.<sup>(1)</sup> | 5000 | 27936 |
| AmTRAN Technology Co. Ltd. | 27456 | 12276 |
| Anpec Electronics Corp. | 1000 | 5808 |
| Aopen, Inc. | 1000 | 1544 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Apacer Technology, Inc. | 1000 | $2081 |
| Apex International Co. Ltd.<sup>(1)</sup> | 7995 | 6990 |
| Arcadyan Technology Corp. | 9000 | 69425 |
| Ardentec Corp. | 36000 | 86998 |
| Argosy Research, Inc. | 1000 | 5621 |
| ASE Technology Holding Co. Ltd., ADR | 24180 | 239624 |
| Asia Optical Co., Inc. | 10000 | 53534 |
| Asia Polymer Corp. | 9000 | 3535 |
| Asia Tech Image, Inc. | 3000 | 8706 |
| Asia Vital Components Co. Ltd. | 6382 | 208338 |
| ASROCK, Inc. | 2000 | 18085 |
| Asustek Computer, Inc. | 10000 | 205723 |
| AUO Corp.<sup>(1)</sup> | 137600 | 57489 |
| AURAS Technology Co. Ltd. | 1000 | 22225 |
| Avermedia Technologies | 1000 | 1476 |
| Axiomtek Co. Ltd. | 4000 | 11313 |
| Azurewave Technologies, Inc. | 12000 | 39162 |
| Bafang Yunji International Co. Ltd. | 1000 | 6236 |
| Bank of Kaohsiung Co. Ltd. | 64719 | 24624 |
| BenQ Materials Corp. | 3000 | 2352 |
| Bin Chuan Enterprise Co. Ltd.<sup>(1)</sup> | 5000 | 9404 |
| Bioteque Corp. | 1000 | 3872 |
| Bizlink Holding, Inc. | 3029 | 105418 |
| Brillian Network & Automation Integrated System Co. Ltd. | 2000 | 18750 |
| Capital Securities Corp. | 56000 | 39797 |
| Career Technology MFG. Co. Ltd.<sup>(1)</sup> | 10000 | 5010 |
| Caswell, Inc. | 3000 | 8695 |
| Catcher Technology Co. Ltd. | 14000 | 86025 |
| Cathay Financial Holding Co. Ltd. | 199611 | 399718 |
| Cenra, Inc. | 1000 | 1115 |
| Center Laboratories, Inc.<sup>(1)</sup> | 2198 | 2669 |
| Central Reinsurance Co. Ltd. | 13000 | 9994 |
| Chailease Holding Co. Ltd. | 53174 | 201801 |
| Chang Hwa Commercial Bank Ltd. | 131036 | 82139 |
| Chang Wah Electromaterials, Inc. | 3000 | 4245 |
| Chang Wah Technology Co. Ltd. | 1000 | 1101 |
| Channel Well Technology Co. Ltd.<sup>(1)</sup> | 17000 | 52069 |
| CHC Healthcare Group | 7000 | 11220 |
| CHC Resources Corp. | 5000 | 11736 |
| Chenbro Micom Co. Ltd. | 3000 | 59316 |
| Cheng Mei Materials Technology Corp.<sup>(1)</sup> | 30892 | 14180 |
| Cheng Shin Rubber Industry Co. Ltd. | 57000 | 70628 |
| Cheng Uei Precision Industry Co. Ltd. | 6000 | 9302 |
| Chenming Electronic Technology Corp. | 6000 | 25312 |
| Chicony Electronics Co. Ltd. | 28000 | 125793 |
| Chicony Power Technology Co. Ltd. | 7000 | 23913 |
| China Bills Finance Corp. | 11000 | 5968 |
| China Container Terminal Corp. | 1000 | 887 |
| China General Plastics Corp. | 3000 | 1149 |
| China Man-Made Fiber Corp.<sup>(1)</sup> | 47000 | 10167 |
| China Metal Products | 10000 | 7998 |
| China Motor Corp. | 4000 | 7571 |
| China Steel Chemical Corp. | 1000 | 2678 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Wire & Cable Co. Ltd. | 1000 | $1279 |
| Chinese Maritime Transport Ltd. | 2000 | 3510 |
| Chin-Poon Industrial Co. Ltd. | 13000 | 17204 |
| Chipbond Technology Corp. | 13000 | 22730 |
| ChipMOS Technologies, Inc. | 23000 | 18221 |
| Chlitina Holding Ltd. | 1000 | 3671 |
| Chong Hong Construction Co. Ltd. | 6000 | 14801 |
| Chroma ATE, Inc. | 9000 | 170482 |
| Chunghwa Chemical Synthesis & Biotech Co. Ltd. | 1000 | 916 |
| Chunghwa Precision Test Tech Co. Ltd. | 1000 | 40398 |
| Chunghwa Telecom Co. Ltd., ADR | 1699 | 73923 |
| Cleanaway Co. Ltd. | 2000 | 13002 |
| Clevo Co. | 23000 | 31460 |
| CMC Magnetics Corp. | 42400 | 12398 |
| Collins Co. Ltd. | 1000 | 490 |
| Compal Electronics, Inc. | 219000 | 196985 |
| Compeq Manufacturing Co. Ltd. | 34000 | 89576 |
| Compucase Enterprise | 7000 | 25241 |
| Concord International Securities Co. Ltd. | 16963 | 7888 |
| Concord Securities Co. Ltd. | 48400 | 19282 |
| Contrel Technology Co. Ltd. | 6000 | 8627 |
| Coremax Corp. | 2000 | 3638 |
| Coretronic Corp. | 10000 | 39919 |
| Co-Tech Development Corp. | 6000 | 42433 |
| Creative Sensor, Inc. | 5400 | 10618 |
| CSBC Corp. Taiwan<sup>(1)</sup> | 1000 | 672 |
| CTBC Financial Holding Co. Ltd. | 374000 | 501653 |
| CyberPower Systems, Inc. | 2000 | 14545 |
| Da-Li Development Co. Ltd. | 7188 | 9939 |
| Darfon Electronics Corp. | 6000 | 7084 |
| Darwin Precisions Corp. | 1000 | 366 |
| Daxin Materials Corp. | 3000 | 37207 |
| Delpha Construction Co. Ltd. | 1000 | 1005 |
| Delta Electronics, Inc. | 6000 | 138227 |
| Depo Auto Parts Ind Co. Ltd. | 6000 | 28152 |
| Dimerco Data System Corp. | 4000 | 16266 |
| Dimerco Express Corp. | 6300 | 16280 |
| D-Link Corp. | 3000 | 1771 |
| Dynamic Holding Co. Ltd. | 13000 | 48244 |
| Dynapack International Technology Corp. | 7000 | 82533 |
| E Ink Holdings, Inc. | 1000 | 8532 |
| E.Sun Financial Holding Co. Ltd. | 290410 | 316952 |
| Eastech Holding Ltd. | 6000 | 21883 |
| Eclat Textile Co. Ltd. | 4000 | 52137 |
| Edom Technology Co. Ltd.<sup>(1)</sup> | 11000 | 13678 |
| Elan Microelectronics Corp. | 4000 | 15544 |
| Elite Advanced Laser Corp. | 2000 | 13107 |
| Elite Material Co. Ltd. | 5000 | 197909 |
| Elitegroup Computer Systems Co. Ltd. | 11000 | 6944 |
| eMemory Technology, Inc. | 1000 | 67028 |
| Emerging Display Technologies Corp. | 1000 | 710 |
| Ennostar, Inc.<sup>(1)</sup> | 28000 | 35460 |
| Eson Precision Ind Co. Ltd. | 5000 | 12906 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Eternal Materials Co. Ltd. | 24850 | $35469 |
| Evergreen International Storage & Transport Corp. | 28000 | 31185 |
| Evergreen Marine Corp. Taiwan Ltd. | 28800 | 174062 |
| EVERGREEN Steel Corp. | 7000 | 20412 |
| Everlight Chemical Industrial Corp. | 18000 | 10829 |
| Everlight Electronics Co. Ltd. | 15000 | 33373 |
| Excelsior Medical Co. Ltd. | 5567 | 15857 |
| Far Eastern Department Stores Ltd. | 45000 | 30620 |
| Far Eastern International Bank<sup>(1)</sup> | 87716 | 38641 |
| Far Eastern New Century Corp. | 85000 | 76584 |
| Far EasTone Telecommunications Co. Ltd. | 24934 | 68521 |
| Faraday Technology Corp. | 3000 | 15344 |
| Farglory F T Z Investment Holding Co. Ltd. | 2423 | 4046 |
| Farglory Land Development Co. Ltd. | 11000 | 22072 |
| Favite, Inc. | 5000 | 11471 |
| Feedback Technology Corp. | 1080 | 4143 |
| Feng TAY Enterprise Co. Ltd. | 6120 | 23416 |
| First Financial Holding Co. Ltd. | 317169 | 293473 |
| First Hi-Tec Enterprise Co. Ltd. | 3000 | 31417 |
| First Steamship Co. Ltd.<sup>(1)</sup> | 16000 | 3118 |
| FIT Holding Co. Ltd. | 9000 | 10562 |
| Fitipower Integrated Technology, Inc. | 1950 | 11266 |
| FLEXium Interconnect, Inc.<sup>(1)</sup> | 12000 | 26585 |
| Flytech Technology Co. Ltd. | 5000 | 18056 |
| FocalTech Systems Co. Ltd.<sup>(1)</sup> | 11000 | 24580 |
| Forcecon Tech Co. Ltd.<sup>(1)</sup> | 3085 | 12933 |
| Formosa Advanced Technologies Co. Ltd. | 8000 | 6786 |
| Formosa Chemicals & Fibre Corp. | 41000 | 40189 |
| Formosa International Hotels Corp. | 2000 | 12546 |
| Formosa Laboratories, Inc. | 2000 | 4389 |
| Formosan Union Chemical Corp. | 13000 | 7187 |
| Foxconn Technology Co. Ltd. | 47000 | 108329 |
| Foxsemicon Integrated Technology, Inc. | 2000 | 18809 |
| Franbo Lines Corp. | 1000 | 672 |
| Froch Enterprise Co. Ltd. | 4000 | 1842 |
| FSP Technology, Inc. | 7000 | 12948 |
| Fu Hua Innovation Co. Ltd. | 41850 | 28661 |
| Fubon Financial Holding Co. Ltd. | 144144 | 393836 |
| Fulgent Sun International Holding Co. Ltd. | 3118 | 10812 |
| Fulltech Fiber Glass Corp.<sup>(1)</sup> | 8892 | 22090 |
| Fusheng Precision Co. Ltd. | 5000 | 43263 |
| G Shank Enterprise Co. Ltd. | 3176 | 10563 |
| Gamania Digital Entertainment Co. Ltd. | 3000 | 5877 |
| Gemtek Technology Corp. | 15000 | 12290 |
| General Interface Solution GIS Holding Ltd.<sup>(1)</sup> | 7000 | 14340 |
| Genius Electronic Optical Co. Ltd. | 2000 | 29569 |
| GeoVision, Inc. | 4450 | 7606 |
| Getac Holdings Corp. | 10000 | 49859 |
| Giant Manufacturing Co. Ltd. | 7000 | 23957 |
| Gigabyte Technology Co. Ltd. | 13000 | 116888 |
| Global Brands Manufacture Ltd. | 26057 | 121704 |
| Global Mixed Mode Technology, Inc. | 2000 | 15156 |
| Global Unichip Corp. | 2000 | 86252 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Globaltek Fabrication Co. Ltd. | 4000 | $8637 |
| Globalwafers Co. Ltd. | 7000 | 84671 |
| Gloria Material Technology Corp. | 13000 | 16223 |
| Gold Circuit Electronics Ltd. | 8800 | 144220 |
| Golden Long Teng Development Co. Ltd. | 8000 | 7219 |
| Gordon Auto Body Parts | 1000 | 949 |
| Gourmet Master Co. Ltd. | 2000 | 5333 |
| Grand Fortune Securities Co. Ltd. | 2200 | 822 |
| Grand Pacific Petrochemical<sup>(1)</sup> | 38352 | 12285 |
| Grand Process Technology Corp. | 1000 | 48958 |
| Grape King Bio Ltd. | 4000 | 16842 |
| Greatek Electronics, Inc. | 26000 | 50726 |
| Group Up Industrial Co. Ltd. | 4000 | 33681 |
| GTM Holdings Corp. | 1000 | 983 |
| Hai Kwang Enterprise Corp.<sup>(1)</sup> | 1071 | 528 |
| Hannstar Board Corp. | 25120 | 73291 |
| HannStar Display Corp.<sup>(1)</sup> | 43000 | 10618 |
| HannsTouch Holdings Co.<sup>(1)</sup> | 12000 | 2576 |
| HD Renewable Energy Co. Ltd. | 2284 | 11153 |
| Highwealth Construction Corp. | 34351 | 46848 |
| Hiroca Holdings Ltd. | 1000 | 723 |
| Hitron Technology, Inc.<sup>(1)</sup> | 5000 | 3846 |
| Hiwin Technologies Corp. | 2030 | 14067 |
| Hiyes International Co. Ltd. | 3000 | 8376 |
| Ho Tung Chemical Corp. | 43000 | 11055 |
| Hocheng Corp. | 8000 | 5730 |
| Holy Stone Enterprise Co. Ltd. | 5050 | 14077 |
| Hon Hai Precision Industry Co. Ltd. | 201000 | 1326992 |
| Hong Pu Real Estate Development Co. Ltd. | 10000 | 8997 |
| Hong TAI Electric Industrial | 1000 | 1232 |
| Horizon Securities Co. Ltd. | 1060 | 382 |
| Hotai Finance Co. Ltd. | 7920 | 17869 |
| Hotai Motor Co. Ltd. | 6020 | 107971 |
| HTC Corp.<sup>(1)</sup> | 49000 | 112184 |
| Hu Lane Associate, Inc. | 5125 | 25157 |
| Hua Nan Financial Holdings Co. Ltd. | 136716 | 124523 |
| Huaku Development Co. Ltd. | 5775 | 18856 |
| Huang Hsiang Construction Corp. | 1000 | 1320 |
| Hung Sheng Construction Ltd. | 10000 | 7006 |
| Hwang Chang General Contractor Co. Ltd. | 27353 | 75104 |
| Ibase Technology, Inc. | 1000 | 1776 |
| IBF Financial Holdings Co. Ltd. | 38601 | 19521 |
| Ichia Technologies, Inc. | 7000 | 13891 |
| I-Chiun Precision Industry Co. Ltd. | 8324 | 21243 |
| IEI Integration Corp. | 3000 | 6869 |
| Infortrend Technology, Inc. | 6000 | 4200 |
| Innodisk Corp. | 2120 | 20048 |
| Innolux Corp. | 221248 | 101024 |
| Inpaq Technology Co. Ltd. | 5000 | 11137 |
| Insyde Software Corp. | 2400 | 18323 |
| Integrated Service Technology, Inc. | 2000 | 8572 |
| International Games System Co. Ltd. | 5000 | 124632 |
| Inventec Corp. | 39000 | 52163 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Iron Force Industrial Co. Ltd. | 4148 | $16819 |
| ITE Technology, Inc. | 12000 | 52313 |
| ITEQ Corp. | 16000 | 71059 |
| Jarllytec Co. Ltd.<sup>(1)</sup> | 1000 | 4066 |
| Jetwell Computer Co. Ltd. | 2240 | 14201 |
| Johnson Health Tech Co. Ltd. | 3000 | 14047 |
| JPC connectivity, Inc. | 3000 | 17429 |
| JPP Holding Co. Ltd. | 3000 | 26700 |
| Kaimei Electronic Corp. | 5800 | 11210 |
| Kaori Heat Treatment Co. Ltd. | 1000 | 12533 |
| KEE TAI Properties Co. Ltd. | 9135 | 3446 |
| Kenda Rubber Industrial Co. Ltd. | 2100 | 1411 |
| Kenmec Mechanical Engineering Co. Ltd.<sup>(1)</sup> | 5160 | 13363 |
| Kerry TJ Logistics Co. Ltd. | 1000 | 1118 |
| Keystone Microtech Corp. | 1000 | 14630 |
| Kindom Development Co. Ltd. | 29700 | 34144 |
| King Yuan Electronics Co. Ltd. | 48000 | 242873 |
| King's Town Bank Co. Ltd.<sup>(1)</sup> | 30000 | 54181 |
| Kinik Co. | 1000 | 11276 |
| Kinpo Electronics | 57000 | 34895 |
| Kinsus Interconnect Technology Corp. | 6000 | 22081 |
| KMC Kuei Meng International, Inc. | 1000 | 3034 |
| KNH Enterprise Co. Ltd. | 2000 | 1109 |
| Ko Ja Cayman Co. Ltd. | 1000 | 1134 |
| KS Terminals, Inc. | 4000 | 6822 |
| Kwong Lung Enterprise Co. Ltd. | 1000 | 1634 |
| Lanner Electronics, Inc.<sup>(1)</sup> | 3180 | 9106 |
| Largan Precision Co. Ltd. | 1000 | 78180 |
| Lealea Enterprise Co. Ltd.<sup>(1)</sup> | 8320 | 1836 |
| LEE CHI Enterprises Co. Ltd. | 1000 | 338 |
| Lelon Electronics Corp. | 4000 | 11475 |
| Lien Hwa Industrial Holdings Corp. | 2486 | 4023 |
| Lingsen Precision Industries Ltd.<sup>(1)</sup> | 22000 | 13278 |
| Lintes Technology Co. Ltd. | 2000 | 7374 |
| Lite-On Technology Corp. | 44000 | 186140 |
| Long Bon International Co. Ltd.<sup>(1)</sup> | 17000 | 8459 |
| Longchen Paper & Packaging Co. Ltd.<sup>(1)</sup> | 11000 | 3586 |
| Longwell Co. | 5000 | 18113 |
| Lotes Co. Ltd. | 1025 | 48188 |
| Lotus Pharmaceutical Co. Ltd. | 3000 | 18916 |
| Lumax International Corp. Ltd. | 7000 | 26064 |
| Lung Yen Life Service Corp.<sup>(1)</sup> | 7000 | 12341 |
| Macroblock, Inc. | 1000 | 2213 |
| Macronix International Co. Ltd.<sup>(1)</sup> | 39000 | 25514 |
| Makalot Industrial Co. Ltd. | 8160 | 71366 |
| Marketech International Corp. | 7000 | 60032 |
| Materials Analysis Technology, Inc. | 1051 | 6674 |
| MediaTek, Inc. | 29000 | 1288644 |
| Mega Financial Holding Co. Ltd. | 207967 | 271908 |
| Mercuries Life Insurance Co. Ltd.<sup>(1)</sup> | 87000 | 15788 |
| Merida Industry Co. Ltd. | 5000 | 18450 |
| Merry Electronics Co. Ltd. | 5075 | 17756 |
| Micro-Star International Co. Ltd. | 18000 | 79068 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mildef Crete, Inc. | 4000 | $15278 |
| MIN AIK Technology Co. Ltd. | 12000 | 8133 |
| Mitac Holdings Corp. | 31900 | 100559 |
| momo.com, Inc. | 1050 | 8656 |
| MOSA Industrial Corp.<sup>(1)</sup> | 13331 | 8168 |
| Mosel Vitelic, Inc. | 2000 | 1375 |
| MPI Corp. | 3000 | 134863 |
| MSSCORPS Co. Ltd. | 3000 | 16936 |
| My Humble House Hospitality Management Consulting | 3000 | 3612 |
| Myson Century, Inc. | 40000 | 101951 |
| Namchow Holdings Co. Ltd. | 12000 | 15525 |
| Nan Pao Resins Chemical Co. Ltd. | 2000 | 26496 |
| Nan Ya Printed Circuit Board Corp. | 4000 | 28471 |
| Nanya Technology Corp.<sup>(1)</sup> | 17000 | 25953 |
| Netronix, Inc. | 3000 | 11938 |
| Nexcom International Co. Ltd. | 8000 | 26760 |
| Nichidenbo Corp. | 6000 | 13720 |
| Nidec Chaun-Choung Technology Corp. | 1000 | 4746 |
| Nien Hsing Textile Co. Ltd. | 2000 | 1159 |
| Nien Made Enterprise Co. Ltd. | 4000 | 56306 |
| Nova Technology Corp. | 4000 | 28925 |
| Novatek Microelectronics Corp. | 9000 | 127552 |
| Nuvoton Technology Corp. | 8000 | 16298 |
| O-Bank Co. Ltd. | 22000 | 6466 |
| Oneness Biotech Co. Ltd.<sup>(1)</sup> | 143 | 326 |
| Optimax Technology Corp. | 8000 | 6072 |
| Orient Semiconductor Electronics Ltd. | 23000 | 33226 |
| Oriental Union Chemical Corp.<sup>(1)</sup> | 3000 | 1200 |
| O-TA Precision Industry Co. Ltd. | 3000 | 6013 |
| Pan Jit International, Inc. | 15000 | 31370 |
| Pan-International Industrial Corp. | 17000 | 32441 |
| PCL Technologies, Inc. | 3000 | 11662 |
| Pegatron Corp. | 80000 | 182995 |
| Pegavision Corp. | 2000 | 20774 |
| Phison Electronics Corp. | 3000 | 47551 |
| Phoenix Silicon International Corp. | 6275 | 32780 |
| Pixart Imaging, Inc. | 2000 | 12799 |
| Planet Technology Corp. | 2000 | 9392 |
| Pou Chen Corp. | 85000 | 79909 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(1)</sup> | 63000 | 32555 |
| Powertech Technology, Inc. | 27000 | 104188 |
| Poya International Co. Ltd. | 1030 | 15719 |
| President Chain Store Corp. | 20000 | 166173 |
| President Securities Corp. | 35200 | 23940 |
| Primax Electronics Ltd. | 18000 | 48676 |
| Prince Housing & Development Corp. | 33000 | 9887 |
| Promate Electronic Co. Ltd. | 19199 | 32267 |
| Prosperity Dielectrics Co. Ltd. | 7000 | 9380 |
| Qisda Corp. | 15000 | 15501 |
| Quanta Computer, Inc. | 28000 | 238431 |
| Quanta Storage, Inc. | 9000 | 36224 |
| Quintain Steel Co. Ltd.<sup>(1)</sup> | 23327 | 7612 |
| Radiant Opto-Electronics Corp. | 15000 | 70121 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Radium Life Tech Co. Ltd.<sup>(1)</sup> | 34947 | $12646 |
| Realtek Semiconductor Corp. | 14000 | 243237 |
| Rechi Precision Co. Ltd. | 13000 | 10315 |
| Rich Development Co. Ltd. | 33990 | 9595 |
| Ritek Corp.<sup>(1)</sup> | 29000 | 10307 |
| Rodex Fasteners Corp. | 1000 | 1007 |
| Roo Hsing Co. Ltd.<sup>(1)</sup> | 263 | 91 |
| Ruentex Development Co. Ltd. | 4050 | 3982 |
| Ruentex Industries Ltd. | 18000 | 31781 |
| San Fang Chemical Industry Co. Ltd. | 14000 | 14260 |
| San Far Property Ltd. | 8000 | 4877 |
| Sanyang Motor Co. Ltd. | 10000 | 21244 |
| Savior Lifetec Corp. | 5000 | 3052 |
| Scientech Corp. | 1000 | 12598 |
| ScinoPharm Taiwan Ltd. | 1000 | 580 |
| SDI Corp. | 1000 | 2887 |
| Senao Networks, Inc. | 3000 | 16824 |
| Sercomm Corp. | 13000 | 44597 |
| Shanghai Commercial & Savings Bank Ltd. | 161905 | 216688 |
| Sharehope Medicine Co. Ltd. | 1146 | 966 |
| Sheng Yu Steel Co. Ltd. | 1000 | 745 |
| ShenMao Technology, Inc. | 4000 | 16894 |
| Shih Her Technologies, Inc. | 3000 | 17191 |
| Shih Wei Navigation Co. Ltd.<sup>(1)</sup> | 8000 | 4615 |
| Shin Foong Specialty & Applied Materials Co. Ltd. | 1000 | 1070 |
| Shin Ruenn Development Co. Ltd. | 13000 | 28755 |
| Shin Zu Shing Co. Ltd. | 4127 | 35315 |
| Shinkong Insurance Co. Ltd. | 12000 | 42285 |
| Shinkong Synthetic Fibers Corp. | 27000 | 13094 |
| Shiny Chemical Industrial Co. Ltd. | 3600 | 16469 |
| Sigurd Microelectronics Corp. | 37000 | 101800 |
| Simplo Technology Co. Ltd. | 8000 | 102916 |
| Sinbon Electronics Co. Ltd. | 4000 | 30281 |
| Sino-American Silicon Products, Inc. | 1000 | 3361 |
| Sinon Corp. | 11000 | 15193 |
| SinoPac Financial Holdings Co. Ltd. | 294866 | 225025 |
| Sinphar Pharmaceutical Co. Ltd. | 1080 | 1145 |
| Sitronix Technology Corp. | 3000 | 20504 |
| Siward Crystal Technology Co. Ltd. | 3000 | 2142 |
| Soft-World International Corp. | 4000 | 13373 |
| Solar Applied Materials Technology Corp. | 1000 | 1913 |
| Solomon Technology Corp. | 2000 | 10192 |
| Sonix Technology Co. Ltd. | 1000 | 1193 |
| Sporton International, Inc. | 1050 | 6039 |
| Sports Gear Co. Ltd. | 1000 | 3399 |
| St. Shine Optical Co. Ltd. | 3000 | 14253 |
| Standard Foods Corp. | 21000 | 20674 |
| Stark Technology, Inc. | 4000 | 22567 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 5000 | 22117 |
| Sunplus Innovation Technology, Inc. | 2053 | 9013 |
| Sunrex Technology Corp. | 2000 | 2729 |
| Supreme Electronics Co. Ltd. | 28843 | 40619 |
| Symtek Automation Asia Co. Ltd. | 2080 | 13975 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Syncmold Enterprise Corp. | 5000 | $11552 |
| Synnex Technology International Corp. | 45000 | 96536 |
| Systex Corp. | 4000 | 15330 |
| T3EX Global Holdings Corp. | 1000 | 2327 |
| TAI Roun Products Co. Ltd. | 1000 | 426 |
| Taichung Commercial Bank Co. Ltd. | 123792 | 86091 |
| TaiDoc Technology Corp. | 2000 | 9277 |
| Taiflex Scientific Co. Ltd. | 7000 | 12951 |
| Tainan Spinning Co. Ltd. | 31000 | 13757 |
| Tai-Saw Technology Co. Ltd. | 1000 | 624 |
| Taisun Enterprise Co. Ltd. | 1000 | 609 |
| Taita Chemical Co. Ltd. | 1050 | 395 |
| TAI-TECH Advanced Electronics Co. Ltd. | 3000 | 12097 |
| Taiwan Business Bank | 190931 | 94041 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 38482 | 29786 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 19000 | 20565 |
| Taiwan FU Hsing Industrial Co. Ltd. | 12000 | 17339 |
| Taiwan Glass Industry Corp.<sup>(1)</sup> | 5000 | 5745 |
| Taiwan High Speed Rail Corp. | 43000 | 38768 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 10222 | 46184 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 9000 | 10134 |
| Taiwan Mask Corp. | 7000 | 9599 |
| Taiwan Mobile Co. Ltd. | 3000 | 10436 |
| Taiwan Navigation Co. Ltd. | 4000 | 3621 |
| Taiwan Paiho Ltd. | 6000 | 10491 |
| Taiwan PCB Techvest Co. Ltd. | 6000 | 7147 |
| Taiwan Sakura Corp. | 4000 | 11329 |
| Taiwan Secom Co. Ltd. | 1000 | 3652 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 42224 | 9748255 |
| Taiwan Steel Union Co. Ltd. | 1000 | 3554 |
| Taiwan Styrene Monomer<sup>(1)</sup> | 1000 | 297 |
| Taiwan Surface Mounting Technology Corp. | 7000 | 24464 |
| Taiwan TEA Corp.<sup>(1)</sup> | 9000 | 4283 |
| Taiwan Union Technology Corp. | 6000 | 71610 |
| Tatung Co. Ltd. | 16150 | 20901 |
| Tatung System Technologies, Inc.<sup>(1)</sup> | 4000 | 9348 |
| TBI Motion Technology Co. Ltd.<sup>(1)</sup> | 14000 | 21143 |
| TCI Co. Ltd.<sup>(1)</sup> | 3000 | 13315 |
| Team Group, Inc.<sup>(1)</sup> | 3000 | 7284 |
| Teco Electric & Machinery Co. Ltd. | 30000 | 66523 |
| Test Research, Inc. | 5000 | 34916 |
| Tex-Ray Industrial Co. Ltd.<sup>(1)</sup> | 1000 | 243 |
| Thinking Electronic Industrial Co. Ltd. | 1000 | 4926 |
| Thye Ming Industrial Co. Ltd.<sup>(1)</sup> | 6000 | 11039 |
| Ton Yi Industrial Corp. | 17000 | 10174 |
| Tong Hsing Electronic Industries Ltd. | 3770 | 13827 |
| Tong Yang Industry Co. Ltd. | 7000 | 23128 |
| Tong-Tai Machine & Tool Co. Ltd.<sup>(1)</sup> | 15000 | 18890 |
| Topco Scientific Co. Ltd. | 6086 | 57815 |
| Topkey Corp. | 6000 | 37128 |
| Topoint Technology Co. Ltd. | 9000 | 26455 |
| TPK Holding Co. Ltd. | 14000 | 18471 |
| Transcend Information, Inc. | 6000 | 19687 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tripod Technology Corp. | 25000 | $261437 |
| TS Financial Holding Co. Ltd. | 819553 | 434503 |
| TS Financial Holding Co. Ltd., Preference Shares<sup>(1)</sup> | 97335 | 28975 |
| Tsann Kuen Enterprise Co. Ltd. | 4000 | 3217 |
| TSRC Corp. | 13000 | 7253 |
| TTY Biopharm Co. Ltd. | 7000 | 17562 |
| Tung Ho Steel Enterprise Corp. | 12000 | 24884 |
| Tung Thih Electronic Co. Ltd. | 1144 | 2518 |
| TXC Corp. | 6000 | 17239 |
| TYC Brother Industrial Co. Ltd. | 7000 | 9414 |
| Tycoons Group Enterprise<sup>(1)</sup> | 702 | 189 |
| Tyntek Corp. | 1000 | 621 |
| TZE Shin International Co. Ltd. | 1100 | 576 |
| UDE Corp. | 4000 | 14206 |
| Unimicron Technology Corp. | 28000 | 130671 |
| Union Bank of Taiwan | 37957 | 20567 |
| Uni-President Enterprises Corp. | 108000 | 272651 |
| Unitech Printed Circuit Board Corp. | 21000 | 20968 |
| United Microelectronics Corp. | 177000 | 232876 |
| United Orthopedic Corp. | 3000 | 11301 |
| United Renewable Energy Co. Ltd.<sup>(1)</sup> | 3000 | 624 |
| Univacco Technology, Inc. | 6000 | 9469 |
| Universal Cement Corp. | 10200 | 9836 |
| UPC Technology Corp.<sup>(1)</sup> | 28000 | 9271 |
| USI Corp. | 15000 | 5090 |
| Utechzone Co. Ltd. | 1000 | 3320 |
| UVAT Technology Co. Ltd. | 3000 | 6974 |
| Vanguard International Semiconductor Corp. | 32464 | 96388 |
| Ventec International Group Co. Ltd. | 2000 | 7122 |
| VIA Labs, Inc. | 2000 | 5996 |
| Visco Vision, Inc. | 2000 | 13348 |
| VisEra Technologies Co. Ltd. | 3000 | 25636 |
| Vizionfocus, Inc. | 2000 | 12260 |
| Voltronic Power Technology Corp. | 1000 | 32132 |
| Wafer Works Corp.<sup>(1)</sup> | 14000 | 10931 |
| Wah Lee Industrial Corp. | 1000 | 3241 |
| Walsin Lihwa Corp. | 43627 | 32318 |
| Walsin Technology Corp. | 5000 | 13374 |
| Walton Advanced Engineering, Inc. | 1000 | 451 |
| Wan Hai Lines Ltd. | 25150 | 67902 |
| We & Win Development Co. Ltd.<sup>(1)</sup> | 1000 | 342 |
| Weikeng Industrial Co. Ltd. | 14000 | 12840 |
| Win Semiconductors Corp. | 8000 | 24042 |
| Winbond Electronics Corp.<sup>(1)</sup> | 75228 | 48055 |
| Winmate, Inc. | 2000 | 12549 |
| Winstek Semiconductor Co. Ltd. | 2000 | 6645 |
| Wisdom Marine Lines Co. Ltd. | 10000 | 19743 |
| Wistron Corp. | 88000 | 322757 |
| WITS Corp. | 2131 | 7740 |
| Wiwynn Corp. | 2000 | 191955 |
| WNC Corp. | 15071 | 62229 |
| Wowprime Corp. | 7398 | 53039 |
| WPG Holdings Ltd. | 7000 | 15261 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WT Microelectronics Co. Ltd. | 13395 | $53566 |
| WUS Printed Circuit Co. Ltd. | 7000 | 25892 |
| XinTec, Inc. | 4000 | 17761 |
| Xxentria Technology Materials Corp. | 5450 | 7327 |
| Yageo Corp. | 3796 | 17189 |
| Yang Ming Marine Transport Corp. | 53000 | 99649 |
| Yem Chio Co. Ltd.<sup>(1)</sup> | 2000 | 1031 |
| Yeong Guan Energy Technology Group Co. Ltd.<sup>(1)</sup> | 1000 | 725 |
| YFY, Inc. | 26000 | 21196 |
| Young Fast Optoelectronics Co. Ltd. | 6000 | 10845 |
| Youngtek Electronics Corp. | 6000 | 11579 |
| Yuanta Financial Holding Co. Ltd. | 290545 | 307561 |
| Yulon Finance Corp.<sup>(1)</sup> | 7477 | 25840 |
| Yulon Motor Co. Ltd. | 17952 | 19261 |
| Zenitron Corp. | 11000 | 11178 |
| Zhen Ding Technology Holding Ltd. | 23000 | 146752 |
| Zippy Technology Corp. | 12000 | 21963 |
| Zyxel Group Corp. | 6898 | 7617 |
|  |  | 31860950 |
| **Thailand — 1.4%** |  |  |
| AAPICO Hitech PCL, NVDR | 10400 | 4629 |
| Advanced Info Service PCL, NVDR | 19700 | 179139 |
| Advanced Information Technology PCL, NVDR | 17000 | 2560 |
| AEON Thana Sinsap Thailand PCL, NVDR | 4200 | 14197 |
| Airports of Thailand PCL, NVDR | 48700 | 54228 |
| Amata Corp. PCL, NVDR | 50800 | 24787 |
| AP Thailand PCL, NVDR | 169100 | 38417 |
| Asia Plus Group Holdings PCL, NVDR | 12400 | 958 |
| Asset World Corp. PCL, NVDR | 51900 | 3564 |
| Bangkok Aviation Fuel Services PCL, NVDR | 4000 | 1044 |
| Bangkok Chain Hospital PCL, NVDR | 49300 | 19784 |
| Bangkok Dusit Medical Services PCL, NVDR | 125000 | 79907 |
| Bangkok Expressway & Metro PCL, NVDR | 124900 | 20462 |
| Bangkok Life Assurance PCL, NVDR | 8700 | 4701 |
| BCPG PCL, NVDR | 59300 | 15668 |
| BEC World PCL, NVDR | 21300 | 1380 |
| Berli Jucker PCL, NVDR | 5600 | 2979 |
| BTS Group Holdings PCL, NVDR<sup>(1)</sup> | 96300 | 9410 |
| Bumrungrad Hospital PCL, NVDR | 16100 | 88418 |
| Cal-Comp Electronics Thailand PCL, NVDR | 372300 | 66670 |
| Carabao Group PCL, NVDR | 15900 | 25156 |
| Central Pattana PCL, NVDR | 47500 | 75647 |
| Central Plaza Hotel PCL, NVDR | 39500 | 35095 |
| Central Retail Corp. PCL, NVDR | 43600 | 28707 |
| Charoen Pokphand Foods PCL, NVDR | 37500 | 25370 |
| Chularat Hospital PCL, NVDR | 161700 | 7885 |
| Com7 PCL, NVDR | 38600 | 30437 |
| Country Group Holdings PCL, NVDR<sup>(1)</sup> | 32800 | 546 |
| CP ALL PCL, NVDR | 26700 | 36322 |
| CP Axtra PCL, NVDR | 28462 | 15756 |
| Delta Electronics Thailand PCL, NVDR | 28700 | 132843 |
| Ditto Thailand PCL, NVDR | 3580 | 1469 |
| Dohome PCL, NVDR | 1492 | 167 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Eastern Water Resources Development & Management PCL, NVDR | 1400 | $98 |
| Erawan Group PCL, NVDR | 169400 | 12561 |
| Forth Corp. PCL, NVDR<sup>(1)</sup> | 1500 | 317 |
| G J Steel PCL, NVDR<sup>(1)</sup> | 238500 | 960 |
| Gulf Development PCL, NVDR<sup>(1)</sup> | 22860 | 33164 |
| Gunkul Engineering PCL, NVDR | 391800 | 21800 |
| Hana Microelectronics PCL, NVDR | 15400 | 11508 |
| Home Product Center PCL, NVDR | 253100 | 55524 |
| Humanica PCL, NVDR | 1500 | 333 |
| Indorama Ventures PCL, NVDR | 28000 | 18738 |
| Interlink Communication PCL, NVDR | 6900 | 1036 |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 4424 | 205 |
| Jaymart Group Holdings PCL, NVDR | 28900 | 7370 |
| JMT Network Services PCL, NVDR | 4700 | 1701 |
| Kasikornbank PCL, NVDR | 13500 | 70222 |
| KCE Electronics PCL, NVDR | 29900 | 23558 |
| KGI Securities Thailand PCL, NVDR | 21200 | 2538 |
| Kiatnakin Phatra Bank PCL, NVDR | 15000 | 27543 |
| Krung Thai Bank PCL, NVDR | 67200 | 51106 |
| Krungthai Card PCL, NVDR | 19800 | 16695 |
| Land & Houses PCL, NVDR | 230500 | 27755 |
| LPN Development PCL, NVDR | 4900 | 260 |
| Major Cineplex Group PCL, NVDR | 57000 | 13635 |
| MBK PCL, NVDR | 21100 | 11206 |
| MC Group PCL, NVDR | 18400 | 5972 |
| MCS Steel PCL, NVDR | 10300 | 2658 |
| Mega Lifesciences PCL, NVDR | 22100 | 19081 |
| Minor International PCL, NVDR | 138500 | 100180 |
| MK Restaurants Group PCL, NVDR | 12500 | 8330 |
| Muangthai Capital PCL, NVDR | 23400 | 26950 |
| Origin Property PCL, NVDR | 4800 | 323 |
| Osotspa PCL, NVDR | 58600 | 29734 |
| Plan B Media PCL, NVDR | 112500 | 15268 |
| Polyplex Thailand PCL, NVDR | 5900 | 1729 |
| POSCO-Thainox PCL, NVDR | 14600 | 186 |
| Praram 9 Hospital PCL, NVDR | 19600 | 13680 |
| PRG Corp. PCL, NVDR | 1810 | 431 |
| Pruksa Holding PCL, NVDR | 31500 | 3990 |
| Quality Houses PCL, NVDR | 256100 | 10751 |
| Rajthanee Hospital PCL, NVDR | 5900 | 2440 |
| Ramkhamhaeng Hospital PCL, NVDR | 4200 | 2240 |
| Ratchthani Leasing PCL, NVDR | 68270 | 3559 |
| RS PCL, NVDR<sup>(1)</sup> | 10460 | 91 |
| S Hotels & Resorts PCL, NVDR | 24300 | 1103 |
| S Kijchai Enterprise PCL, R Shares, NVDR | 11000 | 1940 |
| Sabina PCL, NVDR | 13600 | 6517 |
| Samart Corp. PCL, NVDR | 107500 | 21439 |
| Sansiri PCL, NVDR | 353900 | 15737 |
| Sappe PCL, NVDR | 4000 | 4011 |
| SC Asset Corp. PCL, NVDR | 44500 | 2503 |
| SCB X PCL, NVDR | 5000 | 19840 |
| Sena Development PCL, NVDR | 1800 | 103 |
| Sermsang Power Corp. Co. Ltd., NVDR | 39497 | 4847 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Siam Global House PCL, NVDR | 49387 | $10848 |
| SISB PCL, NVDR | 9400 | 4273 |
| Somboon Advance Technology PCL, NVDR | 11300 | 4503 |
| Sri Trang Agro-Industry PCL, NVDR | 42200 | 15788 |
| Srisawad Corp. PCL, NVDR | 18882 | 14620 |
| Srithai Superware PCL, NVDR | 89900 | 2915 |
| Stecon Group PCL, NVDR<sup>(1)</sup> | 102300 | 24226 |
| Stella X PCL, NVDR<sup>(1)</sup> | 16500 | 107 |
| STP & I PCL, NVDR<sup>(1)</sup> | 26900 | 3376 |
| Supalai PCL, NVDR | 62500 | 29557 |
| Super Energy Corp. PCL, NVDR<sup>(1)</sup> | 510600 | 2226 |
| Tata Steel Thailand PCL, NVDR<sup>(1)</sup> | 6100 | 143 |
| Thai Vegetable Oil PCL, NVDR | 1240 | 946 |
| Thai Wah PCL, NVDR | 17900 | 1226 |
| Thaicom PCL, NVDR<sup>(1)</sup> | 41900 | 12103 |
| Thanachart Capital PCL, NVDR | 5400 | 8467 |
| TIDLOR Holdings PCL, NVDR | 54844 | 31936 |
| Tisco Financial Group PCL, NVDR | 5100 | 15907 |
| TKS Technologies PCL, NVDR | 7900 | 1441 |
| TMBThanachart Bank PCL, NVDR | 552300 | 32433 |
| TOA Paint Thailand PCL, NVDR | 8700 | 3705 |
| True Corp. PCL, NVDR<sup>(1)</sup> | 159169 | 56126 |
| TTW PCL, NVDR | 8800 | 2472 |
| VGI PCL, NVDR | 133400 | 8661 |
| WHA Corp. PCL, NVDR | 111600 | 12407 |
| Workpoint Entertainment PCL, NVDR<sup>(1)</sup> | 200 | 26 |
| Xspring Capital PCL, NVDR<sup>(1)</sup> | 19300 | 316 |
|  |  | 2084522 |
| **Turkey — 0.8%** |  |  |
| Akbank TAS | 52011 | 86342 |
| Akfen Yenilenebilir Enerji AS<sup>(1)</sup> | 40264 | 17914 |
| Aksigorta AS<sup>(1)</sup> | 7090 | 1160 |
| Alarko Holding AS | 3850 | 8214 |
| Albaraka Turk Katilim Bankasi AS | 127302 | 26774 |
| Alkim Alkali Kimya AS | 2294 | 963 |
| Anadolu Anonim Turk Sigorta Sirketi | 43656 | 23703 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 40650 | 16726 |
| Anadolu Hayat Emeklilik AS | 1936 | 4186 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 8722 | 38872 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS | 8305 | 23855 |
| BIM Birlesik Magazalar AS | 6364 | 81998 |
| Bogazici Beton Sanayi Ve Ticaret AS | 596 | 306 |
| Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 476 | 916 |
| Bursa Cimento Fabrikasi AS | 29409 | 5270 |
| Cemas Dokum Sanayi AS<sup>(1)</sup> | 39306 | 6464 |
| Coca-Cola Icecek AS | 11120 | 13331 |
| Dogus Otomotiv Servis ve Ticaret AS | 2414 | 11102 |
| EGE Gubre Sanayii AS | 377 | 1043 |
| EGE Seramik Sanayi ve Ticaret AS<sup>(1)</sup> | 2218 | 195 |
| Enerjisa Enerji AS | 2296 | 4409 |
| Enerya Enerji AS | 25826 | 6915 |
| Esenboga Elektrik Uretim AS<sup>(1)</sup> | 12355 | 3025 |
| Europap Tezol Kagit Sanayi VE Ticaret AS | 1977 | 742 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Europen Endustri Insaat Sanayi VE Ticaret AS<sup>(1)</sup> | 133264 | $28674 |
| Fenerbahce Futbol AS<sup>(1)</sup> | 805 | 259 |
| Ford Otomotiv Sanayi AS | 7829 | 21277 |
| Galata Wind Enerji AS<sup>(1)</sup> | 2740 | 1778 |
| Gipta Ofis Kirtasiye VE Promosyon Urunleri Imalat Sanayi AS | 7694 | 27490 |
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS | 924 | 7768 |
| Goodyear Lastikleri TAS<sup>(1)</sup> | 1190 | 551 |
| Gozde Girisim Sermayesi Yatirim Ortakligi AS<sup>(1)</sup> | 17584 | 9710 |
| GSD Holding AS<sup>(1)</sup> | 17144 | 2151 |
| Hektas Ticaret TAS<sup>(1)</sup> | 1 |  |
| Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS<sup>(1)</sup> | 20085 | 3980 |
| Is Finansal Kiralama AS<sup>(1)</sup> | 9497 | 4388 |
| Is Yatirim Menkul Degerler AS | 23172 | 24558 |
| Isiklar Enerji ve Yapi Holding AS<sup>(1)</sup> | 39033 | 13612 |
| Jantsa Jant Sanayi Ve Ticaret AS | 1061 | 604 |
| Karsan Otomotiv Sanayii Ve Ticaret AS<sup>(1)</sup> | 1394 | 412 |
| Konya Kagit Sanayi VE Ticaret AS<sup>(1)</sup> | 590 | 626 |
| Kordsa Teknik Tekstil AS<sup>(1)</sup> | 348 | 580 |
| Logo Yazilim Sanayi Ve Ticaret AS | 5380 | 23847 |
| Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 21110 | 22939 |
| MLP Saglik Hizmetleri AS<sup>(1)</sup> | 2359 | 20513 |
| Naturel Yenilenebilir Enerji Ticaret AS | 5795 | 1430 |
| Netas Telekomunikasyon AS<sup>(1)</sup> | 611 | 1188 |
| Parsan Makina Parcalari Sanayii AS<sup>(1)</sup> | 96 | 220 |
| Penta Teknoloji Urunleri Dagitim Ticaret AS<sup>(1)</sup> | 734 | 296 |
| Polisan Holding AS | 191187 | 21468 |
| Qua Granite Hayal<sup>(1)</sup> | 13408 | 2438 |
| Ral Yatirim Holding AS<sup>(1)</sup> | 4516 | 14366 |
| Sasa Polyester Sanayi AS<sup>(1)(2)</sup> | 290860 | 33164 |
| Segmen Kardesler Gida Uretim Ve Ambalaj Sanayi AS/Turkey | 6131 | 3624 |
| Sekerbank Turk AS | 209325 | 40922 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 6254 | 13165 |
| Sok Marketler Ticaret AS | 9023 | 8849 |
| TAB Gida Sanayi Ve Ticaret AS, Class A | 2125 | 11137 |
| TAV Havalimanlari Holding AS<sup>(1)</sup> | 9484 | 58444 |
| Tekfen Holding AS | 6942 | 17631 |
| Teknosa Ic Ve Dis Ticaret AS<sup>(1)</sup> | 554 | 383 |
| Tofas Turk Otomobil Fabrikasi AS | 1867 | 11371 |
| Turcas Petrol AS | 942 | 828 |
| Turk Traktor ve Ziraat Makineleri AS | 1021 | 15349 |
| Turkcell Iletisim Hizmetleri AS, ADR | 9206 | 54131 |
| Turkiye Halk Bankasi AS<sup>(1)</sup> | 13239 | 8615 |
| Turkiye Is Bankasi AS, C Shares | 169793 | 62156 |
| Turkiye Sigorta AS | 55020 | 13374 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(1)</sup> | 64155 | 22637 |
| Turkiye Vakiflar Bankasi TAO, D Shares<sup>(1)</sup> | 50512 | 35381 |
| Ulker Biskuvi Sanayi AS | 7483 | 20635 |
| Usak Seramik Sanayii AS<sup>(1)</sup> | 233484 | 22760 |
| Vakif Finansal Kiralama AS<sup>(1)</sup> | 87205 | 5811 |
| Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 6906 | 10587 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 22519 | 7345 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(1)</sup> | 7788 | 8012 |
| Yapi ve Kredi Bankasi AS<sup>(1)</sup> | 84785 | 67802 |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Yigit Aku Malzemeleri Nakliyat Turizm Ins San Ve Tic AS<sup>(1)</sup> | 3211 | $2228 |
| Yunsa Yunlu Sanayi VE Ticare AS | 14664 | 3244 |
|  |  | 1201133 |
| **United States — 0.2%** |  |  |
| Coupang, Inc.<sup>(1)</sup> | 9265 | 264794 |
| **TOTAL COMMON STOCKS**<br>(Cost $118,594,651) |  | **147999798** |
| **WARRANTS — 0.0%** |  |  |
| **Brazil — 0.0%** |  |  |
| Marisa Lojas SA<sup>(1)</sup> | 1657 | 61 |
| **Malaysia — 0.0%** |  |  |
| Eco World Development Group Bhd.<sup>(1)</sup> | 360 | 82 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 3768 | 142 |
| Top Glove Corp. Bhd.<sup>(1)</sup> | 1600 | 59 |
| VS Industry Bhd.<sup>(1)</sup> | 15360 | 73 |
|  |  | 356 |
| **Thailand — 0.0%** |  |  |
| Buriram Sugar PCL, NVDR<sup>(1)</sup> | 950 | 3 |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 2212 | 31 |
| Kiatnakin Phatra Bank PCL, NVDR<sup>(1)</sup> | 450 | 23 |
| Origin Property PCL, NVDR<sup>(1)</sup> | 1025 | 14 |
| Roctec Global PCL, NVDR<sup>(1)</sup> | 5800 | 4 |
| RS PCL, NVDR<sup>(1)</sup> | 418 | 2 |
| TEAM Consulting Engineering & Management PCL, NVDR<sup>(1)</sup> | 3120 | 20 |
| VGI PCL, NVDR<sup>(1)</sup> | 5330 | 102 |
|  |  | 199 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **616** |
| **RIGHTS — 0.0%** |  |  |
| **China — 0.0%** |  |  |
| XJ International Holdings Co. Ltd.<sup>(1)(2)</sup><br>(Cost $—) | 17666 | **22** |
| **SHORT-TERM INVESTMENTS — 1.3%** |  |  |
| **Money Market Funds — 1.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 194092 | 194092 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1707705 | 1707705 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,901,797) |  | **1901797** |
| **TOTAL INVESTMENT SECURITIES — 101.5%**<br>(Cost $120,496,448) |  | **149902233** |
| **OTHER ASSETS AND LIABILITIES — (1.5)%** |  | **(2282197)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**147620036** |

---

------

Schedule of Investments - Avantis Responsible Emerging Markets Equity ETF

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Financials | 26.9% |
| Information Technology | 23.1% |
| Consumer Discretionary | 15.2% |
| Communication Services | 9.2% |
| Industrials | 8.8% |
| Health Care | 4.6% |
| Materials | 4.2% |
| Consumer Staples | 4.0% |
| Real Estate | 2.7% |
| Utilities | 1.4% |
| Energy | 0.1% |
| Short-Term Investments | 1.3% |
| 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 |
| 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 $3,732,885. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,947,599, which includes securities collateral of $2,239,894.

**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 | $2956782 | $3963179 |  |
| &nbsp;&nbsp;&nbsp;Chile | 225554 | 609612 |  |
| &nbsp;&nbsp;&nbsp;China | 8399077 | 31168223 |  |
| &nbsp;&nbsp;&nbsp;Colombia | 67061 | 175065 |  |
| &nbsp;&nbsp;&nbsp;India | 2249726 | 26179783 |  |
| &nbsp;&nbsp;&nbsp;Indonesia | 327226 | 1803286 |  |
| &nbsp;&nbsp;&nbsp;Mexico | 888682 | 2130141 |  |
| &nbsp;&nbsp;&nbsp;Peru | 468284 |  |  |
| &nbsp;&nbsp;&nbsp;Philippines | 25395 | 821146 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 787032 | 4631817 |  |
| &nbsp;&nbsp;&nbsp;South Korea | 1267330 | 17177658 |  |
| &nbsp;&nbsp;&nbsp;Taiwan | 10061802 | 21799148 |  |
| &nbsp;&nbsp;&nbsp;Turkey | 54131 | 1147002 |  |
| &nbsp;&nbsp;&nbsp;United States | 264794 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 8350862 |  |
| Warrants |  | 616 |  |
| Rights |  | 22 |  |
| Short-Term Investments | 1901797 |  |  |
|  | $29944673 | $119957560 |  |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Responsible International Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.6%** | **Shares** | **Value** |
| **Australia — 6.5%** | | |
| Accent Group Ltd. | 15587 | $14460 |
| Acrow Ltd. | 22581 | 15300 |
| Adairs Ltd. | 3476 | 6207 |
| Aeris Resources Ltd.<sup>(1)(2)</sup> | 7465 | 1100 |
| ALS Ltd. | 4919 | 59666 |
| Amotiv Ltd. | 2816 | 17979 |
| AMP Ltd. | 96734 | 107968 |
| Ansell Ltd. | 1271 | 28180 |
| ANZ Group Holdings Ltd. | 40306 | 885689 |
| ARB Corp. Ltd. | 1869 | 48773 |
| ASX Ltd. | 552 | 22549 |
| Atlas Arteria Ltd. | 18532 | 64544 |
| Aurizon Holdings Ltd. | 80575 | 170638 |
| Australian Clinical Labs Ltd. | 3194 | 5945 |
| Australian Ethical Investment Ltd. | 1635 | 8022 |
| Australian Finance Group Ltd. | 4286 | 7841 |
| Baby Bunting Group Ltd.<sup>(1)</sup> | 2449 | 4321 |
| Bank of Queensland Ltd. | 17207 | 81720 |
| Bapcor Ltd. | 7051 | 18337 |
| Bega Cheese Ltd. | 6534 | 24871 |
| Bendigo & Adelaide Bank Ltd. | 15338 | 133616 |
| Brambles Ltd. | 36950 | 626197 |
| Bravura Solutions Ltd. | 15899 | 23267 |
| Breville Group Ltd. | 2156 | 47408 |
| CAR Group Ltd. | 3055 | 80585 |
| Catalyst Metals Ltd.<sup>(1)</sup> | 12817 | 61075 |
| Cedar Woods Properties Ltd. | 897 | 4391 |
| Cettire Ltd.<sup>(1)</sup> | 6562 | 1348 |
| Challenger Ltd. | 28776 | 156654 |
| Champion Iron Ltd.<sup>(2)</sup> | 11566 | 33955 |
| Cleanaway Waste Management Ltd. | 11990 | 21774 |
| Cochlear Ltd. | 462 | 90975 |
| Coles Group Ltd. | 34558 | 539485 |
| Commonwealth Bank of Australia | 10899 | 1211402 |
| Computershare Ltd. | 3187 | 79311 |
| Credit Corp. Group Ltd. | 2219 | 23874 |
| CSL Ltd. | 1329 | 184874 |
| Data#3 Ltd. | 5771 | 34667 |
| Deterra Royalties Ltd. | 7299 | 19973 |
| Develop Global Ltd.<sup>(1)</sup> | 3593 | 9092 |
| Dicker Data Ltd. | 3428 | 20448 |
| Domino's Pizza Enterprises Ltd. | 391 | 3850 |
| DroneShield Ltd.<sup>(1)</sup> | 6366 | 13695 |
| Eagers Automotive Ltd.<sup>(2)</sup> | 198 | 3573 |
| Elders Ltd. | 4331 | 21056 |
| Emeco Holdings Ltd.<sup>(1)</sup> | 14154 | 9900 |
| EML Payments Ltd.<sup>(1)</sup> | 15143 | 11181 |
| Endeavour Group Ltd. | 54587 | 136205 |
| Evolution Mining Ltd. | 61937 | 355325 |
| EVT Ltd. | 5156 | 47216 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Firefinch Ltd.<sup>(1)</sup> | 1565 | $10 |
| FleetPartners Group Ltd.<sup>(1)</sup> | 7440 | 13717 |
| Flight Centre Travel Group Ltd.<sup>(2)</sup> | 2604 | 22139 |
| Fortescue Ltd. | 26417 | 333202 |
| GenusPlus Group Ltd. | 3709 | 12748 |
| Gold Road Resources Ltd. | 53508 | 117943 |
| GWA Group Ltd. | 460 | 758 |
| Hansen Technologies Ltd. | 2025 | 7886 |
| Harvey Norman Holdings Ltd. | 21096 | 94915 |
| Healius Ltd. | 33131 | 18593 |
| Helia Group Ltd. | 18048 | 65434 |
| HUB24 Ltd. | 1064 | 75942 |
| Humm Group Ltd. | 7799 | 3212 |
| IDP Education Ltd. | 3776 | 13844 |
| Imdex Ltd. | 13408 | 26439 |
| Infomedia Ltd. | 9198 | 10072 |
| Insurance Australia Group Ltd. | 32843 | 186841 |
| IPH Ltd. | 2960 | 8830 |
| IRESS Ltd. | 1758 | 10033 |
| James Hardie Industries PLC<sup>(1)</sup> | 5115 | 103881 |
| James Hardie Industries PLC<sup>(1)(2)</sup> | 2372 | 47748 |
| JB Hi-Fi Ltd. | 4275 | 326909 |
| Kelsian Group Ltd. | 12654 | 41137 |
| Kogan.com Ltd. | 3571 | 9403 |
| Lendlease Corp. Ltd. | 7541 | 27316 |
| Lifestyle Communities Ltd.<sup>(2)</sup> | 1575 | 5838 |
| Lovisa Holdings Ltd. | 2202 | 61896 |
| Lycopodium Ltd. | 1848 | 14369 |
| Lynas Rare Earths Ltd.<sup>(1)</sup> | 10582 | 95849 |
| Maas Group Holdings Ltd. | 7281 | 21281 |
| Macquarie Group Ltd. | 2387 | 350095 |
| Magellan Financial Group Ltd. | 12243 | 81572 |
| Mayne Pharma Group Ltd.<sup>(1)</sup> | 4351 | 14710 |
| McMillan Shakespeare Ltd. | 3568 | 45659 |
| Medibank Pvt Ltd. | 71225 | 237285 |
| Megaport Ltd.<sup>(1)</sup> | 2491 | 26801 |
| Metals X Ltd.<sup>(1)</sup> | 32351 | 13501 |
| Mineral Resources Ltd.<sup>(1)</sup> | 7426 | 180260 |
| Myer Holdings Ltd. | 56660 | 24603 |
| MyState Ltd. | 3804 | 10680 |
| National Australia Bank Ltd. | 28524 | 796064 |
| Netwealth Group Ltd. | 2315 | 51955 |
| nib holdings Ltd. | 19402 | 97316 |
| Nick Scali Ltd. | 3584 | 56825 |
| Nine Entertainment Co. Holdings Ltd. | 81425 | 88718 |
| Nuix Ltd.<sup>(1)</sup> | 2980 | 5157 |
| OFX Group Ltd.<sup>(1)</sup> | 7105 | 3761 |
| Omni Bridgeway Ltd.<sup>(1)</sup> | 5497 | 5804 |
| oOh!media Ltd. | 21480 | 23577 |
| Ora Banda Mining Ltd.<sup>(1)</sup> | 58098 | 32632 |
| Orora Ltd. | 30733 | 41723 |
| Pantoro Gold Ltd.<sup>(1)</sup> | 77 | 236 |
| Pepper Money Ltd. | 2156 | 3031 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Perpetual Ltd. | 2281 | $32354 |
| Perseus Mining Ltd. | 40276 | 100942 |
| Platinum Asset Management Ltd. | 18594 | 9733 |
| Praemium Ltd. | 6320 | 3299 |
| Premier Investments Ltd. | 3694 | 53821 |
| Pro Medicus Ltd. | 775 | 150532 |
| PWR Holdings Ltd.<sup>(2)</sup> | 1167 | 5940 |
| QBE Insurance Group Ltd. | 30005 | 423933 |
| Qube Holdings Ltd. | 11861 | 32512 |
| Ramsay Health Care Ltd. | 1424 | 31518 |
| REA Group Ltd. | 571 | 93512 |
| Reece Ltd. | 1956 | 14230 |
| Reliance Worldwide Corp. Ltd. | 18734 | 51168 |
| Renascor Resources Ltd.<sup>(1)(2)</sup> | 891 | 41 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 16142 | 132095 |
| SEEK Ltd. | 2290 | 41412 |
| Seven West Media Ltd.<sup>(1)</sup> | 26177 | 2400 |
| SGH Ltd. | 5059 | 166590 |
| Sigma Healthcare Ltd.<sup>(2)</sup> | 50429 | 102750 |
| Silver Mines Ltd.<sup>(1)</sup> | 6386 | 502 |
| Sims Ltd. | 8225 | 76342 |
| SiteMinder Ltd.<sup>(1)</sup> | 8771 | 39506 |
| SmartGroup Corp. Ltd. | 3145 | 18567 |
| Solvar Ltd. | 1497 | 1727 |
| Sonic Healthcare Ltd. | 949 | 14906 |
| Southern Cross Electrical Engineering Ltd. | 11113 | 14230 |
| Southern Cross Media Group Ltd.<sup>(1)</sup> | 4878 | 2553 |
| SRG Global Ltd. | 32826 | 42121 |
| Steadfast Group Ltd. | 11045 | 43859 |
| Suncorp Group Ltd. | 10456 | 145309 |
| Super Retail Group Ltd. | 7241 | 88899 |
| Technology One Ltd. | 4370 | 113807 |
| Telix Pharmaceuticals Ltd.<sup>(1)</sup> | 168 | 1599 |
| Telstra Group Ltd. | 79122 | 253133 |
| Transurban Group | 9533 | 90927 |
| Treasury Wine Estates Ltd. | 14280 | 73012 |
| Webjet Group Ltd.<sup>(1)</sup> | 3763 | 2223 |
| Wesfarmers Ltd. | 8419 | 504286 |
| Westpac Banking Corp. | 36642 | 922978 |
| WiseTech Global Ltd. | 864 | 57242 |
| Woolworths Group Ltd. | 13391 | 252070 |
| Xero Ltd.<sup>(1)</sup> | 1181 | 125933 |
| Zip Co. Ltd.<sup>(1)</sup> | 3206 | 8836 |
|  |  | 13913981 |
| **Austria — 0.3%** |  |  |
| ANDRITZ AG | 586 | 41256 |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | 1378 | 32836 |
| BAWAG Group AG<sup>(1)</sup> | 888 | 114815 |
| CA Immobilien Anlagen AG | 533 | 14628 |
| DO & Co. AG | 131 | 34815 |
| Erste Group Bank AG | 2013 | 191608 |
| Eurotelesites AG<sup>(1)</sup> | 260 | 1528 |
| Oesterreichische Post AG | 1103 | 37149 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Porr AG | 353 | $12251 |
| Raiffeisen Bank International AG | 2875 | 95513 |
| Semperit AG Holding | 97 | 1521 |
| Telekom Austria AG | 1097 | 12014 |
| UNIQA Insurance Group AG | 2719 | 39402 |
| Verbund AG | 564 | 40222 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 467 | 24218 |
| Wienerberger AG | 351 | 12232 |
|  |  | 706008 |
| **Belgium — 1.0%** |  |  |
| Ackermans & van Haaren NV | 585 | 151760 |
| Ageas SA | 2770 | 195168 |
| AGFA-Gevaert NV<sup>(1)</sup> | 2374 | 2974 |
| Anheuser-Busch InBev SA, ADR<sup>(2)</sup> | 3340 | 209318 |
| Argenx SE, ADR<sup>(1)</sup> | 278 | 197992 |
| Azelis Group NV<sup>(2)</sup> | 250 | 3729 |
| Barco NV | 3284 | 53878 |
| Bekaert SA | 1214 | 54554 |
| bpost SA<sup>(1)</sup> | 3375 | 8436 |
| Cie d'Entreprises CFE | 203 | 2104 |
| Colruyt Group NV<sup>(2)</sup> | 1184 | 52079 |
| Deceuninck NV | 384 | 951 |
| D'ieteren Group | 681 | 147572 |
| Elia Group SA | 707 | 80899 |
| Fagron | 2361 | 57314 |
| Galapagos NV, ADR<sup>(1)(2)</sup> | 1018 | 32006 |
| Gimv NV | 545 | 28101 |
| KBC Group NV | 3193 | 376369 |
| Kinepolis Group NV<sup>(2)</sup> | 473 | 18877 |
| Lotus Bakeries NV<sup>(2)</sup> | 2 | 19613 |
| Melexis NV | 326 | 25810 |
| Ontex Group NV<sup>(1)(2)</sup> | 2838 | 21634 |
| Proximus SADP | 2761 | 23934 |
| Syensqo SA<sup>(2)</sup> | 145 | 12817 |
| UCB SA<sup>(2)</sup> | 1125 | 263901 |
| Umicore SA | 4728 | 73790 |
| VGP NV<sup>(2)</sup> | 275 | 31397 |
|  |  | 2146977 |
| **Canada — 11.2%** |  |  |
| ADENTRA, Inc. | 1423 | 35613 |
| ADF Group, Inc. | 1820 | 11463 |
| AGF Management Ltd., Class B | 3288 | 29352 |
| Agnico Eagle Mines Ltd. | 6312 | 910066 |
| Aimia, Inc.<sup>(1)(2)</sup> | 1057 | 2386 |
| Altus Group Ltd. | 1392 | 62447 |
| Amerigo Resources Ltd. | 3870 | 6312 |
| Andlauer Healthcare Group, Inc. | 826 | 32063 |
| Aritzia, Inc.<sup>(1)</sup> | 3047 | 182418 |
| Ascot Resources Ltd.<sup>(1)</sup> | 2923 | 106 |
| Atrium Mortgage Investment Corp. | 585 | 4941 |
| AutoCanada, Inc.<sup>(1)</sup> | 1344 | 32549 |
| B2Gold Corp. | 47253 | 195088 |
| Ballard Power Systems, Inc.<sup>(1)(2)</sup> | 2620 | 5246 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bank of Montreal | 5892 | $712995 |
| Bank of Nova Scotia | 14325 | 894641 |
| BCE, Inc. | 585 | 14598 |
| Bitfarms Ltd.<sup>(1)(2)</sup> | 10787 | 14374 |
| Black Diamond Group Ltd. | 2948 | 24836 |
| Bonterra Energy Corp.<sup>(1)</sup> | 932 | 2341 |
| Boralex, Inc., A Shares | 2978 | 62624 |
| Boston Pizza Royalties Income Fund | 244 | 3839 |
| Boyd Group Services, Inc. | 576 | 94569 |
| Brookfield Asset Management Ltd., Class A | 1403 | 84434 |
| Brookfield Asset Management Ltd., Class A | 808 | 48609 |
| Brookfield Corp. | 2079 | 136652 |
| Brookfield Renewable Corp. | 1704 | 57435 |
| Brookfield Renewable Corp. (New York) | 1238 | 41721 |
| Brookfield Wealth Solutions Ltd.<sup>(1)</sup> | 508 | 33335 |
| BRP, Inc. | 903 | 56829 |
| CAE, Inc.<sup>(1)</sup> | 4670 | 125918 |
| Cameco Corp. | 1525 | 117971 |
| Canaccord Genuity Group, Inc. | 828 | 6132 |
| Canada Goose Holdings, Inc.<sup>(1)</sup> | 3023 | 39181 |
| Canadian Imperial Bank of Commerce | 14256 | 1101263 |
| Canadian National Railway Co. | 3151 | 305039 |
| Canadian Pacific Kansas City Ltd. | 5201 | 396168 |
| Canadian Tire Corp. Ltd., Class A<sup>(2)</sup> | 1035 | 129059 |
| Canfor Corp.<sup>(1)</sup> | 1389 | 13168 |
| Cascades, Inc. | 3847 | 27536 |
| CCL Industries, Inc., Class B | 2503 | 149941 |
| Celestica, Inc. (Toronto)<sup>(1)</sup> | 5237 | 1020059 |
| CGI, Inc. | 1668 | 161972 |
| Cineplex, Inc.<sup>(1)</sup> | 585 | 5035 |
| Cogeco Communications, Inc. | 888 | 41563 |
| Colliers International Group, Inc. | 352 | 58118 |
| Computer Modelling Group Ltd. | 3251 | 14724 |
| Definity Financial Corp. | 1478 | 76400 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 886 | 88545 |
| Docebo, Inc.<sup>(1)</sup> | 366 | 11404 |
| Dollarama, Inc. | 3661 | 499187 |
| Dorel Industries, Inc., Class B<sup>(1)</sup> | 1171 | 1032 |
| DREAM Unlimited Corp., Class A | 352 | 5416 |
| Dundee Precious Metals, Inc. | 430 | 7972 |
| Eldorado Gold Corp.<sup>(1)</sup> | 5633 | 139661 |
| Element Fleet Management Corp. | 8998 | 239798 |
| Empire Co. Ltd., Class A | 5176 | 200919 |
| Enghouse Systems Ltd. | 522 | 8693 |
| EQB, Inc. | 1440 | 94840 |
| Exchange Income Corp. | 751 | 39252 |
| Fairfax Financial Holdings Ltd. | 428 | 736833 |
| Finning International, Inc. | 7187 | 297978 |
| First National Financial Corp. | 585 | 20540 |
| FirstService Corp. (Toronto) | 391 | 78718 |
| Fortuna Mining Corp.<sup>(1)</sup> | 17129 | 132083 |
| George Weston Ltd. | 2318 | 149273 |
| Gildan Activewear, Inc. | 4122 | 225047 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| goeasy Ltd. | 610 | $94626 |
| Great-West Lifeco, Inc. | 3584 | 141966 |
| Hammond Power Solutions, Inc. | 44 | 3791 |
| Hudbay Minerals, Inc. | 18529 | 222345 |
| Hydro One Ltd. | 8498 | 309451 |
| iA Financial Corp., Inc. | 3477 | 374068 |
| IAMGOLD Corp.<sup>(1)</sup> | 27400 | 255176 |
| InPlay Oil Corp. | 202 | 1680 |
| Intact Financial Corp. | 2360 | 472619 |
| Interfor Corp.<sup>(1)</sup> | 1522 | 14030 |
| Journey Energy, Inc.<sup>(1)</sup> | 1478 | 3164 |
| K-Bro Linen, Inc. | 407 | 10790 |
| Kinaxis, Inc.<sup>(1)</sup> | 536 | 73987 |
| Kinross Gold Corp. | 35907 | 750639 |
| Labrador Iron Ore Royalty Corp. | 2244 | 43888 |
| Laurentian Bank of Canada | 1021 | 22675 |
| Linamar Corp. | 2209 | 120604 |
| Loblaw Cos. Ltd. | 9898 | 404252 |
| Lotus Creek Exploration, Inc.<sup>(1)</sup> | 616 | 624 |
| Lundin Gold, Inc. | 1900 | 116835 |
| Lundin Mining Corp. | 16169 | 187079 |
| Magna International, Inc. | 5823 | 267289 |
| Manulife Financial Corp. | 26685 | 820942 |
| Martinrea International, Inc. | 2722 | 20554 |
| MCAN Mortgage Corp. | 352 | 5616 |
| MDA Space Ltd.<sup>(1)</sup> | 6880 | 222479 |
| Medical Facilities Corp. | 893 | 9493 |
| Metro, Inc. | 3032 | 217330 |
| Mullen Group Ltd. | 4592 | 46042 |
| National Bank of Canada | 6759 | 710474 |
| Neo Performance Materials, Inc. | 352 | 4503 |
| North West Co., Inc. | 2461 | 90423 |
| Nutrien Ltd. | 7300 | 420719 |
| Open Text Corp. | 3559 | 117705 |
| Pan American Silver Corp. | 11782 | 399697 |
| Pason Systems, Inc. | 4924 | 42128 |
| PHX Energy Services Corp. | 1932 | 10931 |
| Pizza Pizza Royalty Corp. | 585 | 6815 |
| Polaris Renewable Energy, Inc. | 542 | 5000 |
| Power Corp. of Canada | 2366 | 100146 |
| Propel Holdings, Inc. | 644 | 15104 |
| Quebecor, Inc., Class B | 1989 | 60437 |
| RB Global, Inc. | 1436 | 164486 |
| Real Matters, Inc.<sup>(1)(2)</sup> | 3272 | 15272 |
| Restaurant Brands International, Inc. | 2561 | 162180 |
| Restaurant Brands International, Inc. | 2513 | 159148 |
| Richelieu Hardware Ltd. | 2571 | 68461 |
| Rogers Communications, Inc., Class B | 4261 | 152681 |
| Royal Bank of Canada | 10743 | 1561210 |
| Russel Metals, Inc. | 2881 | 87268 |
| Sandstorm Gold Ltd. | 6378 | 71241 |
| Saturn Oil & Gas, Inc.<sup>(1)</sup> | 7218 | 13297 |
| Shopify, Inc., Class A<sup>(1)</sup> | 2563 | 362013 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Silvercorp Metals, Inc.<sup>(2)</sup> | 9961 | $48160 |
| South Bow Corp. | 3400 | 94225 |
| Spin Master Corp., VTG Shares | 826 | 13599 |
| Stantec, Inc. | 1446 | 157177 |
| Stella-Jones, Inc. | 1284 | 73131 |
| STEP Energy Services Ltd.<sup>(1)</sup> | 241 | 758 |
| StorageVault Canada, Inc. | 3976 | 13839 |
| Sun Life Financial, Inc. | 7829 | 457307 |
| Teck Resources Ltd., Class B | 6362 | 217541 |
| TELUS Corp. | 7918 | 130530 |
| TELUS Corp.<sup>(1)</sup> | 106 | 1747 |
| TFI International, Inc. | 1272 | 120517 |
| Thomson Reuters Corp. | 685 | 121658 |
| TMX Group Ltd. | 5436 | 217108 |
| Torex Gold Resources, Inc.<sup>(1)</sup> | 5142 | 171519 |
| Toromont Industries Ltd. | 1712 | 178997 |
| Toronto-Dominion Bank | 9804 | 736148 |
| Total Energy Services, Inc. | 1057 | 10259 |
| TransAlta Corp. | 10500 | 128980 |
| Transcontinental, Inc., Class A | 4465 | 66194 |
| Triple Flag Precious Metals Corp. | 856 | 23411 |
| Trisura Group Ltd.<sup>(1)</sup> | 18 | 524 |
| Valeura Energy, Inc.<sup>(1)</sup> | 6319 | 36993 |
| Wajax Corp. | 1171 | 20293 |
| West Fraser Timber Co. Ltd. | 1522 | 110868 |
| Western Forest Products, Inc.<sup>(1)</sup> | 325 | 2968 |
| Westshore Terminals Investment Corp. | 1978 | 37073 |
| Wheaton Precious Metals Corp. | 1692 | 169921 |
| Winpak Ltd. | 1208 | 36785 |
| WSP Global, Inc. | 932 | 189800 |
|  |  | 24183723 |
| **China — 0.0%** |  |  |
| Chow Tai Fook Jewellery Group Ltd.<sup>(2)</sup> | 7200 | 13530 |
| **Denmark — 1.8%** |  |  |
| Alm Brand AS | 22167 | 61843 |
| Bavarian Nordic AS<sup>(1)</sup> | 520 | 19276 |
| Carlsberg AS, B Shares | 178 | 21772 |
| cBrain AS | 139 | 4074 |
| Chemometec AS | 406 | 33152 |
| Coloplast AS, B Shares | 147 | 14141 |
| Danske Bank AS | 10511 | 432614 |
| Demant AS<sup>(1)</sup> | 291 | 11133 |
| DSV AS | 452 | 100212 |
| FLSmidth & Co. AS | 294 | 20087 |
| Genmab AS, ADR<sup>(1)</sup> | 3100 | 77097 |
| H Lundbeck AS | 6754 | 42738 |
| H Lundbeck AS, A Shares | 659 | 3443 |
| ISS AS | 724 | 21174 |
| Jyske Bank AS | 1443 | 154941 |
| Nilfisk Holding AS<sup>(1)</sup> | 813 | 13685 |
| NKT AS<sup>(1)</sup> | 1591 | 151548 |
| Novo Nordisk AS, ADR | 17547 | 990704 |
| Novonesis Novozymes B, B Shares | 4105 | 261129 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Orsted AS<sup>(1)</sup> | 3663 | $111067 |
| Pandora AS | 1715 | 237091 |
| Ringkjoebing Landbobank AS | 812 | 183483 |
| Rockwool AS, B Shares | 2197 | 83032 |
| Royal Unibrew AS | 588 | 45442 |
| Solar AS, B Shares | 164 | 5578 |
| SP Group AS | 394 | 16812 |
| Sparekassen Sjaelland-Fyn AS | 238 | 12273 |
| Sydbank AS | 2731 | 207647 |
| Tryg AS | 1691 | 44440 |
| Vestas Wind Systems AS | 21437 | 426756 |
|  |  | 3808384 |
| **Finland — 0.9%** |  |  |
| Aktia Bank OYJ | 1725 | 21163 |
| Anora Group OYJ | 165 | 633 |
| Bittium OYJ | 1709 | 23914 |
| Citycon OYJ<sup>(2)</sup> | 4350 | 18338 |
| Elisa OYJ | 1200 | 63971 |
| Hiab OYJ, B Shares<sup>(2)</sup> | 1897 | 125020 |
| Huhtamaki OYJ | 1219 | 43302 |
| Kalmar OYJ, B Shares | 1647 | 75812 |
| Kemira OYJ<sup>(2)</sup> | 3839 | 88753 |
| Kesko OYJ, B Shares | 4743 | 105201 |
| Kojamo OYJ<sup>(1)(2)</sup> | 2588 | 31719 |
| Kone OYJ, B Shares<sup>(2)</sup> | 2000 | 125795 |
| Konecranes OYJ | 686 | 56549 |
| Lassila & Tikanoja OYJ | 234 | 2859 |
| Mandatum OYJ | 5216 | 35853 |
| Marimekko OYJ | 680 | 9538 |
| Metso OYJ<sup>(2)</sup> | 6842 | 88559 |
| Nokia OYJ, ADR<sup>(2)</sup> | 12764 | 54885 |
| Nokian Renkaat OYJ<sup>(2)</sup> | 5091 | 47902 |
| Nordea Bank Abp | 19447 | 297308 |
| Orion OYJ, Class B | 341 | 27241 |
| Puuilo OYJ | 2635 | 41101 |
| Raisio OYJ, V Shares | 467 | 1367 |
| Sampo OYJ, A Shares<sup>(2)</sup> | 12448 | 142839 |
| Sampo OYJ (XCSE), A Shares | 8344 | 95988 |
| Sanoma OYJ | 345 | 4329 |
| Stora Enso OYJ, R Shares<sup>(2)</sup> | 8418 | 98333 |
| Taaleri PLC<sup>(2)</sup> | 220 | 1918 |
| TietoEVRY OYJ<sup>(2)</sup> | 159 | 2970 |
| Tokmanni Group Corp.<sup>(2)</sup> | 1932 | 20941 |
| UPM-Kymmene OYJ<sup>(2)</sup> | 4537 | 129206 |
| Valmet OYJ | 523 | 18178 |
| Wartsila OYJ Abp<sup>(2)</sup> | 3766 | 110392 |
| YIT OYJ<sup>(1)(2)</sup> | 1419 | 5375 |
|  |  | 2017252 |
| **France — 8.6%** |  |  |
| Aeroports de Paris SA<sup>(2)</sup> | 1690 | 222439 |
| Airbus SE | 3529 | 737804 |
| Alstom SA<sup>(1)(2)</sup> | 3722 | 89484 |
| Alten SA | 37 | 2857 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Amundi SA | 1376 | $101714 |
| Antin Infrastructure Partners SA | 4 | 53 |
| Aperam SA | 1522 | 46207 |
| Arkema SA | 1500 | 106428 |
| Aubay | 44 | 2342 |
| AXA SA | 18234 | 849297 |
| Ayvens SA | 3783 | 41915 |
| Beneteau SACA | 707 | 6918 |
| BioMerieux<sup>(2)</sup> | 850 | 118204 |
| BNP Paribas SA | 9358 | 840954 |
| Bollore SE | 9262 | 54075 |
| Bureau Veritas SA | 6726 | 202900 |
| Caisse Regionale de Credit Agricole Mutuel Nord de France | 455 | 12687 |
| Capgemini SE | 505 | 71826 |
| Carrefour SA | 3990 | 57767 |
| Cie de Saint-Gobain SA | 10756 | 1161209 |
| Cie des Alpes | 712 | 18455 |
| Cie Generale des Etablissements Michelin SCA | 17529 | 634787 |
| Coface SA | 3987 | 75085 |
| Credit Agricole SA | 8792 | 160823 |
| Danone SA | 2720 | 227031 |
| Dassault Systemes SE | 1908 | 59339 |
| Derichebourg SA | 4546 | 31820 |
| Edenred SE<sup>(2)</sup> | 994 | 28754 |
| Elior Group SA<sup>(1)</sup> | 3473 | 10204 |
| Elis SA | 3373 | 92428 |
| Equasens | 257 | 13755 |
| EssilorLuxottica SA | 953 | 290699 |
| Eurazeo SE | 414 | 27092 |
| Euroapi SA<sup>(1)</sup> | 576 | 2032 |
| Eurofins Scientific SE | 1266 | 96134 |
| Euronext NV | 312 | 51505 |
| Eutelsat Communications SACA<sup>(1)(2)</sup> | 8068 | 29358 |
| Forvia SE<sup>(1)</sup> | 1594 | 21271 |
| Genfit SA<sup>(1)(2)</sup> | 566 | 2286 |
| Getlink SE | 9888 | 187048 |
| GL Events SACA | 271 | 9685 |
| Groupe LDLC | 46 | 608 |
| Guerbet<sup>(1)</sup> | 52 | 1248 |
| Hermes International SCA | 194 | 475136 |
| ID Logistics Group SACA<sup>(1)</sup> | 128 | 61481 |
| Interparfums SA<sup>(2)</sup> | 25 | 923 |
| Ipsen SA | 1459 | 198361 |
| IPSOS SA | 316 | 13130 |
| Jacquet Metals SACA | 101 | 2321 |
| JCDecaux SE | 3790 | 65255 |
| Kaufman & Broad SA | 610 | 20458 |
| Kering SA | 1337 | 358268 |
| Legrand SA | 2701 | 411325 |
| LISI SA | 865 | 45942 |
| L'Oreal SA | 1011 | 472021 |
| Louis Hachette Group | 10152 | 19527 |
| Lumibird<sup>(1)</sup> | 480 | 9064 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LVMH Moet Hennessy Louis Vuitton SE | 1569 | $926390 |
| Maisons du Monde SA<sup>(1)</sup> | 722 | 1656 |
| Manitou BF SA | 98 | 2160 |
| Mersen SA | 1223 | 34710 |
| Metropole Television SA | 1305 | 20104 |
| Nacon SA<sup>(1)</sup> | 13 | 13 |
| Nexans SA | 2073 | 316071 |
| Nexity SA<sup>(1)(2)</sup> | 1066 | 10770 |
| Opmobility | 2855 | 46045 |
| Orange SA | 49491 | 806662 |
| Pernod Ricard SA | 2437 | 277612 |
| Planisware SA | 819 | 17599 |
| Pluxee NV | 1865 | 37985 |
| Publicis Groupe SA | 1159 | 107020 |
| Pullup Entertainment<sup>(1)</sup> | 365 | 9686 |
| Remy Cointreau SA<sup>(2)</sup> | 195 | 11971 |
| Renault SA | 6031 | 237354 |
| ReWorld Media SA | 145 | 310 |
| Rexel SA | 6001 | 194289 |
| Safran SA | 4345 | 1443966 |
| Sanofi SA, ADR | 9408 | 465508 |
| Sartorius Stedim Biotech | 241 | 49423 |
| Schneider Electric SE | 1367 | 335853 |
| SCOR SE | 3818 | 125065 |
| SEB SA<sup>(2)</sup> | 412 | 30030 |
| SES SA | 23415 | 163669 |
| SMCP SA<sup>(1)</sup> | 1210 | 9005 |
| Societe BIC SA | 733 | 45806 |
| Societe Generale SA | 15171 | 936185 |
| SOITEC<sup>(1)(2)</sup> | 872 | 36216 |
| Solutions 30 SE<sup>(1)</sup> | 5983 | 12008 |
| Sopra Steria Group | 100 | 18568 |
| SPIE SA | 3557 | 197148 |
| STIF SA | 159 | 15522 |
| STMicroelectronics NV, NY Shares | 12431 | 335513 |
| Sword Group | 251 | 10370 |
| Teleperformance SE<sup>(2)</sup> | 766 | 59104 |
| Television Francaise 1 SA | 2203 | 21750 |
| Thales SA | 1464 | 385090 |
| Ubisoft Entertainment SA<sup>(1)</sup> | 4321 | 47275 |
| Valeo SE | 10834 | 131480 |
| Valneva SE<sup>(1)</sup> | 5454 | 24400 |
| Vinci SA | 10917 | 1480688 |
| Vivendi SE<sup>(1)</sup> | 10152 | 36334 |
| Voltalia SA<sup>(1)</sup> | 2216 | 17649 |
| VusionGroup | 374 | 93873 |
| X-Fab Silicon Foundries SE<sup>(1)(2)</sup> | 3292 | 26851 |
|  |  | 18564495 |
| **Germany — 8.2%** |  |  |
| 2G Energy AG | 315 | 13553 |
| Adesso SE | 154 | 15681 |
| adidas AG | 1343 | 261289 |
| Allianz SE | 1826 | 772001 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Amadeus Fire AG | 79 | $5583 |
| Aroundtown SA<sup>(1)</sup> | 1959 | 7775 |
| Atoss Software SE | 260 | 31212 |
| Aurubis AG | 507 | 57562 |
| Auto1 Group SE<sup>(1)</sup> | 3225 | 109138 |
| BASF SE | 8566 | 455034 |
| Bayer AG | 5698 | 187467 |
| Bayerische Motoren Werke AG | 3049 | 318988 |
| Bayerische Motoren Werke AG, Preference Shares | 463 | 44331 |
| BayWa AG<sup>(1)</sup> | 83 | 942 |
| Bechtle AG | 2595 | 117956 |
| Beiersdorf AG | 1150 | 132441 |
| Bertrandt AG | 40 | 924 |
| Bijou Brigitte AG | 214 | 9866 |
| Borussia Dortmund GmbH & Co. KGaA | 2640 | 11335 |
| Brenntag SE | 2563 | 158593 |
| CANCOM SE | 555 | 14909 |
| Carl Zeiss Meditec AG, Bearer Shares | 15 | 758 |
| Ceconomy AG<sup>(1)</sup> | 2434 | 12677 |
| Cewe Stiftung & Co. KGaA | 250 | 28142 |
| Commerzbank AG | 14368 | 548406 |
| Continental AG | 3232 | 283398 |
| Covestro AG<sup>(1)</sup> | 3613 | 251072 |
| CTS Eventim AG & Co. KGaA | 1278 | 119798 |
| Daimler Truck Holding AG | 8192 | 385342 |
| Datagroup SE | 20 | 1426 |
| Delivery Hero SE<sup>(1)</sup> | 1213 | 32180 |
| Dermapharm Holding SE | 314 | 12081 |
| Deutsche Bank AG | 19652 | 690375 |
| Deutsche Boerse AG | 1148 | 337895 |
| Deutsche Pfandbriefbank AG | 3463 | 21420 |
| Deutsche Post AG | 11635 | 530296 |
| Deutsche Telekom AG | 30062 | 1100118 |
| Deutz AG | 3992 | 41551 |
| Dr. Ing hc F Porsche AG, Preference Shares | 660 | 35008 |
| Duerr AG | 2019 | 50116 |
| E.ON SE | 22235 | 396480 |
| Elmos Semiconductor SE | 151 | 14419 |
| ElringKlinger AG | 413 | 2296 |
| Evonik Industries AG | 5991 | 115601 |
| Fielmann Group AG | 754 | 45797 |
| flatexDEGIRO AG | 3071 | 101612 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(1)</sup> | 665 | 56986 |
| Freenet AG | 1906 | 63659 |
| Fresenius Medical Care AG, ADR | 2946 | 75712 |
| Fresenius SE & Co. KGaA | 2582 | 140394 |
| GEA Group AG | 3091 | 224984 |
| GFT Technologies SE | 377 | 7740 |
| Grand City Properties SA | 925 | 11931 |
| Grenke AG | 856 | 16898 |
| Hannover Rueck SE | 802 | 233496 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 10390 | 24473 |
| HelloFresh SE<sup>(1)</sup> | 4637 | 41025 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Henkel AG & Co. KGaA | 560 | $43039 |
| Henkel AG & Co. KGaA, Preference Shares | 892 | 75294 |
| Hensoldt AG | 1144 | 118587 |
| HOCHTIEF AG | 239 | 60497 |
| Hornbach Holding AG & Co. KGaA | 410 | 49904 |
| HUGO BOSS AG | 1493 | 73560 |
| Infineon Technologies AG | 17816 | 729278 |
| Instone Real Estate Group SE | 863 | 9344 |
| Jenoptik AG | 967 | 19247 |
| JOST Werke SE | 354 | 21700 |
| Jungheinrich AG, Preference Shares | 2120 | 74569 |
| K&S AG | 2879 | 38903 |
| KION Group AG | 1142 | 74361 |
| Kloeckner & Co. SE | 1815 | 12514 |
| Knorr-Bremse AG | 1650 | 172363 |
| Koenig & Bauer AG<sup>(1)</sup> | 132 | 2381 |
| Kontron AG | 1730 | 49473 |
| Krones AG | 506 | 77822 |
| Lang & Schwarz AG | 423 | 10153 |
| Lanxess AG | 1199 | 34018 |
| LEG Immobilien SE | 986 | 82652 |
| Mercedes-Benz Group AG | 4671 | 292334 |
| Merck KGaA | 240 | 30472 |
| MTU Aero Engines AG | 1339 | 596748 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 840 | 535837 |
| Mutares SE & Co. KGaA | 431 | 14405 |
| Nagarro SE | 95 | 5850 |
| Nemetschek SE | 496 | 68522 |
| Nordex SE<sup>(1)</sup> | 3795 | 92861 |
| Norma Group SE | 1013 | 18842 |
| Patrizia SE | 289 | 2515 |
| Pfeiffer Vacuum Technology AG | 174 | 31997 |
| Porsche Automobil Holding SE, Preference Shares | 2911 | 124033 |
| ProCredit Holding AG | 1008 | 10870 |
| Puma SE | 1405 | 35410 |
| PVA TePla AG<sup>(1)</sup> | 257 | 7967 |
| Qiagen NV<sup>(2)</sup> | 3100 | 144150 |
| Rational AG | 65 | 48452 |
| RENK Group AG | 2456 | 179377 |
| Rheinmetall AG | 662 | 1284115 |
| RTL Group SA | 731 | 30133 |
| SAF-Holland SE | 1989 | 37056 |
| SAP SE, ADR | 2702 | 735376 |
| Sartorius AG, Preference Shares | 141 | 32754 |
| Schaeffler AG | 2845 | 19685 |
| Schott Pharma AG & Co. KGaA | 639 | 17078 |
| Scout24 SE | 1212 | 157033 |
| Secunet Security Networks AG | 67 | 15152 |
| SGL Carbon SE<sup>(1)</sup> | 1615 | 6403 |
| Siemens AG | 1635 | 453231 |
| Siemens Energy AG<sup>(1)</sup> | 4843 | 515195 |
| Siemens Healthineers AG | 946 | 52384 |
| Siltronic AG | 555 | 23053 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sixt SE | 504 | $49856 |
| Sixt SE, Preference Shares | 619 | 43167 |
| SMA Solar Technology AG<sup>(1)</sup> | 415 | 11017 |
| Stroeer SE & Co. KGaA | 565 | 27440 |
| Symrise AG | 1283 | 124235 |
| TAG Immobilien AG | 6811 | 122026 |
| Talanx AG | 1706 | 235240 |
| TeamViewer SE<sup>(1)</sup> | 2684 | 28486 |
| thyssenkrupp AG | 10608 | 112261 |
| United Internet AG | 2848 | 91038 |
| Verbio SE | 291 | 3615 |
| Volkswagen AG | 184 | 22021 |
| Volkswagen AG, Preference Shares | 1245 | 145077 |
| Vonovia SE | 7433 | 240705 |
| Vossloh AG | 287 | 28297 |
| Wacker Chemie AG | 176 | 13430 |
| Wacker Neuson SE | 1254 | 36832 |
| Wuestenrot & Wuerttembergische AG | 755 | 12334 |
| Zalando SE<sup>(1)</sup> | 5712 | 159180 |
|  |  | 17737348 |
| **Hong Kong — 1.8%** |  |  |
| AIA Group Ltd. | 59200 | 562658 |
| ASMPT Ltd. | 5000 | 45318 |
| Bank of East Asia Ltd. | 44317 | 73089 |
| BOC Hong Kong Holdings Ltd. | 46000 | 208846 |
| Budweiser Brewing Co. APAC Ltd. | 2100 | 2277 |
| Cafe de Coral Holdings Ltd. | 18000 | 16242 |
| Chow Sang Sang Holdings International Ltd. | 17000 | 29302 |
| CITIC Telecom International Holdings Ltd. | 3000 | 994 |
| CK Asset Holdings Ltd. | 36000 | 170334 |
| CK Hutchison Holdings Ltd. | 29000 | 191870 |
| Comba Telecom Systems Holdings Ltd.<sup>(1)</sup> | 124000 | 38967 |
| Cowell e Holdings, Inc.<sup>(1)(2)</sup> | 8000 | 35621 |
| Deep Source Holdings Ltd.<sup>(1)</sup> | 30000 | 3204 |
| DFI Retail Group Holdings Ltd. | 14200 | 45154 |
| Dream International Ltd. | 8000 | 14681 |
| EC Healthcare | 3000 | 312 |
| Futu Holdings Ltd., ADR | 93 | 17261 |
| Giordano International Ltd. | 66000 | 13209 |
| Hang Lung Group Ltd. | 35000 | 61335 |
| Hang Lung Properties Ltd. | 50852 | 51916 |
| Hang Seng Bank Ltd. | 7000 | 100373 |
| HKBN Ltd. | 3500 | 2270 |
| HKT Trust & HKT Ltd. | 79000 | 119835 |
| Hong Kong Exchanges & Clearing Ltd. | 8000 | 468705 |
| Hongkong Land Holdings Ltd. | 25900 | 160588 |
| Hysan Development Co. Ltd. | 34000 | 63942 |
| IGG, Inc. | 43000 | 26194 |
| Johnson Electric Holdings Ltd. | 16000 | 58789 |
| JS Global Lifestyle Co. Ltd.<sup>(1)</sup> | 58000 | 16328 |
| K Wah International Holdings Ltd. | 7000 | 1989 |
| Kerry Properties Ltd. | 18500 | 47981 |
| Luk Fook Holdings International Ltd. | 5000 | 15615 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Man Wah Holdings Ltd. | 45600 | $27720 |
| Modern Dental Group Ltd. | 15000 | 10224 |
| MTR Corp. Ltd. | 5000 | 16952 |
| New World Development Co. Ltd.<sup>(1)(2)</sup> | 48000 | 41108 |
| Oriental Watch Holdings | 8000 | 3573 |
| PAX Global Technology Ltd. | 25000 | 20834 |
| PC Partner Group Ltd. | 2000 | 1765 |
| Perfect Medical Health Management Ltd. | 1000 | 202 |
| Sino Land Co. Ltd. | 13988 | 16665 |
| Stella International Holdings Ltd.<sup>(2)</sup> | 30000 | 64896 |
| Sun Hung Kai Properties Ltd. | 17000 | 200811 |
| Swire Properties Ltd. | 15800 | 42870 |
| Techtronic Industries Co. Ltd. | 24000 | 310377 |
| Television Broadcasts Ltd.<sup>(1)</sup> | 7300 | 3525 |
| Texhong International Group Ltd. | 3500 | 2111 |
| Time Interconnect Technology Ltd. | 29000 | 49433 |
| United Laboratories International Holdings Ltd. | 54000 | 106546 |
| Vitasoy International Holdings Ltd. | 40000 | 46907 |
| VTech Holdings Ltd. | 5300 | 42816 |
| Wharf Real Estate Investment Co. Ltd. | 60000 | 175253 |
| Yue Yuen Industrial Holdings Ltd. | 34000 | 60101 |
|  |  | 3909888 |
| **Ireland — 0.5%** |  |  |
| AIB Group PLC | 27492 | 223369 |
| Bank of Ireland Group PLC | 20997 | 310563 |
| Cairn Homes PLC | 23153 | 59736 |
| Dalata Hotel Group PLC | 10575 | 78853 |
| Glanbia PLC | 1453 | 24167 |
| Glenveagh Properties PLC<sup>(1)</sup> | 18526 | 42312 |
| Kerry Group PLC, A Shares | 578 | 52924 |
| Kingspan Group PLC | 1813 | 139879 |
| Origin Enterprises PLC | 4698 | 20867 |
| Uniphar PLC | 4370 | 20717 |
|  |  | 973387 |
| **Israel — 1.2%** |  |  |
| AFI Properties Ltd.<sup>(1)</sup> | 23 | 1450 |
| Africa Israel Residences Ltd. | 2 | 144 |
| Airport City Ltd.<sup>(1)</sup> | 1074 | 19513 |
| Alony Hetz Properties & Investments Ltd. | 3140 | 35683 |
| Amos Luzon Development & Energy Group Ltd. | 3256 | 2900 |
| Amot Investments Ltd. | 3951 | 28227 |
| Argo Properties NV<sup>(1)</sup> | 47 | 1478 |
| Aura Investments Ltd. | 3957 | 24484 |
| Azrieli Group Ltd. | 386 | 36999 |
| Bank Hapoalim BM | 12307 | 240526 |
| Bank Leumi Le-Israel BM | 12641 | 242923 |
| Bet Shemesh Engines Holdings 1997 Ltd.<sup>(1)</sup> | 124 | 23260 |
| Big Shopping Centers Ltd. | 220 | 43185 |
| Blue Square Real Estate Ltd. | 116 | 13104 |
| Ceragon Networks Ltd.<sup>(1)</sup> | 1385 | 2811 |
| Check Point Software Technologies Ltd.<sup>(1)</sup> | 633 | 122258 |
| CyberArk Software Ltd.<sup>(1)</sup> | 83 | 37621 |
| Danel Adir Yeoshua Ltd. | 331 | 46934 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Delek Automotive Systems Ltd. | 1594 | $12403 |
| Delta Galil Ltd. | 375 | 19575 |
| Direct Finance of Direct Group 2006 Ltd. | 108 | 15891 |
| Electra Consumer Products 1970 Ltd. | 95 | 3355 |
| Energix-Renewable Energies Ltd. | 6286 | 24333 |
| Enlight Renewable Energy Ltd.<sup>(1)</sup> | 1572 | 44553 |
| First International Bank Of Israel Ltd. | 815 | 57789 |
| Formula Systems 1985 Ltd. | 163 | 20811 |
| Fox Wizel Ltd. | 256 | 23964 |
| G City Ltd. | 4225 | 16060 |
| Gilat Satellite Networks Ltd.<sup>(1)</sup> | 369 | 3564 |
| Hilan Ltd. | 342 | 27076 |
| ICL Group Ltd. | 9380 | 60972 |
| IDI Insurance Co. Ltd. | 361 | 25530 |
| Inmode Ltd.<sup>(1)</sup> | 777 | 11608 |
| Isracard Ltd. | 7541 | 30360 |
| Israel Discount Bank Ltd., A Shares | 21029 | 208327 |
| Isras Investment Co. Ltd. | 40 | 10515 |
| Ituran Location & Control Ltd. | 533 | 17973 |
| Land Development Nimrodi Group Ltd. | 650 | 6741 |
| Magic Software Enterprises Ltd. | 219 | 4515 |
| Matrix IT Ltd. | 307 | 10803 |
| Max Stock Ltd. | 2703 | 15558 |
| Mega Or Holdings Ltd. | 242 | 11799 |
| Melisron Ltd. | 21 | 2461 |
| Mivne Real Estate KD Ltd. | 11162 | 40896 |
| Mivtach Shamir Holdings Ltd. | 172 | 14274 |
| Mizrahi Tefahot Bank Ltd. | 1944 | 126956 |
| Monday.com Ltd.<sup>(1)</sup> | 165 | 31845 |
| Neto Malinda Trading Ltd. | 83 | 3184 |
| Nexxen International Ltd.<sup>(1)</sup> | 508 | 5098 |
| Nexxen International Ltd.<sup>(1)</sup> | 1011 | 10140 |
| Nice Ltd., ADR<sup>(1)</sup> | 585 | 82690 |
| Norstar Holdings, Inc. | 193 | 650 |
| Nova Ltd.<sup>(1)</sup> | 326 | 86641 |
| Oddity Tech Ltd., Class A<sup>(1)</sup> | 572 | 34440 |
| One Software Technologies Ltd. | 1069 | 26092 |
| OY Nofar Energy Ltd.<sup>(1)</sup> | 8 | 253 |
| Perion Network Ltd.<sup>(1)</sup> | 759 | 6985 |
| Phoenix Financial Ltd. | 4159 | 147064 |
| Prashkovsky Investments & Construction Ltd. | 87 | 3474 |
| Qualitau Ltd. | 153 | 17940 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 292 | 26596 |
| Retailors Ltd. | 858 | 15822 |
| Sapiens International Corp. NV | 76 | 3253 |
| Shufersal Ltd. | 6891 | 85541 |
| Strauss Group Ltd. | 203 | 5346 |
| Summit Real Estate Holdings Ltd. | 1136 | 22068 |
| Tamar Petroleum Ltd. | 637 | 7957 |
| Tel Aviv Stock Exchange Ltd. | 1645 | 38184 |
| Telsys Ltd. | 169 | 10588 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 6107 | 112247 |
| Wix.com Ltd.<sup>(1)</sup> | 172 | 24266 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ZIM Integrated Shipping Services Ltd. | 3064 | $41701 |
|  |  | 2642227 |
| **Italy — 2.9%** |  |  |
| A2A SpA | 52524 | 131975 |
| ACEA SpA | 2307 | 54570 |
| Amplifon SpA<sup>(2)</sup> | 682 | 12421 |
| Arnoldo Mondadori Editore SpA | 6946 | 16870 |
| Azimut Holding SpA | 4410 | 158219 |
| Banca Generali SpA | 1491 | 86824 |
| Banca IFIS SpA | 941 | 25439 |
| Banca Mediolanum SpA | 3562 | 72051 |
| Banca Monte dei Paschi di Siena SpA | 5216 | 47864 |
| Banco BPM SpA | 8712 | 119521 |
| BFF Bank SpA<sup>(1)(2)</sup> | 9269 | 121367 |
| BPER Banca SpA | 32948 | 342233 |
| Brembo NV<sup>(2)</sup> | 681 | 7539 |
| Brunello Cucinelli SpA | 696 | 80509 |
| Cairo Communication SpA<sup>(1)</sup> | 2862 | 8973 |
| Cembre SpA | 169 | 12360 |
| Credito Emiliano SpA | 1991 | 31304 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 441 | 14814 |
| Davide Campari-Milano NV<sup>(2)</sup> | 1031 | 7766 |
| De' Longhi SpA | 1750 | 61293 |
| DiaSorin SpA | 40 | 4035 |
| Digital Bros SpA<sup>(1)</sup> | 188 | 2704 |
| doValue SpA<sup>(1)</sup> | 1351 | 4395 |
| Enav SpA | 1714 | 8437 |
| Enel SpA | 34859 | 321684 |
| ERG SpA<sup>(2)</sup> | 880 | 21271 |
| Esprinet SpA | 46 | 245 |
| Ferrari NV | 651 | 309803 |
| Fiera Milano SpA | 1221 | 9899 |
| Fila SpA | 2320 | 23672 |
| Fincantieri SpA<sup>(1)(2)</sup> | 8029 | 191381 |
| FinecoBank Banca Fineco SpA | 11489 | 252205 |
| Generali | 4630 | 180742 |
| Geox SpA<sup>(1)</sup> | 1394 | 510 |
| Haiki Cobat SpA Societa' Benefit<sup>(1)</sup> | 683 | 608 |
| Infrastrutture Wireless Italiane SpA<sup>(2)</sup> | 433 | 5250 |
| Intesa Sanpaolo SpA | 79634 | 501340 |
| Iveco Group NV | 7703 | 165629 |
| Juventus Football Club SpA<sup>(1)(2)</sup> | 5807 | 19928 |
| Leonardo SpA | 1125 | 63909 |
| Maire SpA | 3819 | 55161 |
| MARR SpA<sup>(2)</sup> | 957 | 10830 |
| Mediobanca Banca di Credito Finanziario SpA | 3708 | 89817 |
| MFE-MediaForEurope NV, Class A<sup>(2)</sup> | 8369 | 30488 |
| MFE-MediaForEurope NV, Class B<sup>(2)</sup> | 3081 | 16385 |
| Moncler SpA | 1388 | 80788 |
| Nexi SpA | 402 | 2551 |
| Orsero SpA | 228 | 4305 |
| OVS SpA | 8432 | 40660 |
| Piaggio & C SpA<sup>(2)</sup> | 2732 | 6387 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Poste Italiane SpA | 9173 | $214846 |
| Prysmian SpA | 2912 | 254139 |
| RAI Way SpA | 2568 | 18157 |
| Recordati Industria Chimica e Farmaceutica SpA | 1163 | 71906 |
| Safilo Group SpA<sup>(1)</sup> | 560 | 991 |
| Salvatore Ferragamo SpA<sup>(1)(2)</sup> | 1343 | 7389 |
| Sanlorenzo SpA<sup>(2)</sup> | 67 | 2562 |
| Sesa SpA<sup>(2)</sup> | 143 | 12414 |
| SOL SpA | 897 | 54269 |
| Stellantis NV | 14991 | 143543 |
| Technogym SpA | 2741 | 46810 |
| Terna - Rete Elettrica Nazionale | 3046 | 30619 |
| UniCredit SpA | 18774 | 1452070 |
| Unipol Assicurazioni SpA | 3661 | 76489 |
| Webuild SpA<sup>(2)</sup> | 19056 | 85868 |
| Wiit SpA | 103 | 2254 |
|  |  | 6313257 |
| **Japan — 21.1%** |  |  |
| & ST HD Co. Ltd. | 1200 | 24554 |
| 77 Bank Ltd. | 1800 | 69051 |
| A&D HOLON Holdings Co. Ltd. | 1200 | 16092 |
| AD Works Group Co. Ltd. | 5100 | 15767 |
| ADEKA Corp. | 1800 | 40050 |
| Advantest Corp. | 4400 | 336466 |
| Aeon Co. Ltd. | 27875 | 338153 |
| Aeon Hokkaido Corp. | 1700 | 10548 |
| Aica Kogyo Co. Ltd. | 1000 | 25696 |
| Aichi Financial Group, Inc. | 700 | 13947 |
| Ain Holdings, Inc. | 200 | 8280 |
| Air Water, Inc. | 6200 | 107789 |
| Airport Facilities Co. Ltd. | 1800 | 12616 |
| Aisan Industry Co. Ltd. | 3400 | 44891 |
| Aisin Corp. | 15100 | 248493 |
| Ajinomoto Co., Inc. | 7000 | 189834 |
| Akatsuki, Inc. | 100 | 2029 |
| Akebono Brake Industry Co. Ltd.<sup>(1)</sup> | 3400 | 2608 |
| Alfresa Holdings Corp. | 5600 | 84272 |
| Alpen Co. Ltd. | 100 | 1610 |
| Alps Alpine Co. Ltd. | 3600 | 43924 |
| ALSOK Co. Ltd. | 5500 | 42075 |
| Altech Corp. | 700 | 13783 |
| Amano Corp. | 500 | 14283 |
| Amvis Holdings, Inc. | 500 | 2150 |
| Anest Iwata Corp. | 1100 | 11760 |
| Anycolor, Inc. | 800 | 25751 |
| AOKI Holdings, Inc. | 1700 | 20599 |
| Aoyama Trading Co. Ltd.<sup>(2)</sup> | 3300 | 54779 |
| Aozora Bank Ltd.<sup>(2)</sup> | 3400 | 52748 |
| Arata Corp. | 1000 | 20663 |
| ARCLANDS Corp. | 3200 | 39274 |
| Arealink Co. Ltd. | 800 | 13800 |
| Argo Graphics, Inc. | 300 | 9566 |
| Arisawa Manufacturing Co. Ltd. | 300 | 3272 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| As One Corp. | 600 | $10256 |
| Asahi Co. Ltd. | 1300 | 12142 |
| Asahi Group Holdings Ltd. | 900 | 11310 |
| Asahi Intecc Co. Ltd. | 1900 | 32527 |
| Asahi Kasei Corp. | 23900 | 195038 |
| Asics Corp. | 12800 | 344084 |
| ASKUL Corp. | 1100 | 11261 |
| Astellas Pharma, Inc. | 22500 | 246998 |
| Atrae, Inc. | 100 | 528 |
| Aucnet, Inc. | 200 | 2612 |
| Autobacs Seven Co. Ltd. | 3400 | 36068 |
| Avant Group Corp. | 400 | 4133 |
| Axial Retailing, Inc. | 3300 | 25812 |
| Azbil Corp. | 400 | 4003 |
| AZ-COM MARUWA Holdings, Inc. | 1500 | 12051 |
| Bandai Namco Holdings, Inc. | 4000 | 137528 |
| Bando Chemical Industries Ltd. | 500 | 6762 |
| Base Co. Ltd. | 100 | 2450 |
| BayCurrent, Inc. | 2400 | 136171 |
| Belc Co. Ltd. | 400 | 19994 |
| Bell System24 Holdings, Inc. | 2000 | 17926 |
| Belluna Co. Ltd. | 1700 | 11562 |
| Bengo4.com, Inc.<sup>(1)</sup> | 500 | 11095 |
| Bic Camera, Inc. | 2100 | 22516 |
| BIPROGY, Inc. | 1900 | 81819 |
| B-Lot Co. Ltd. | 1100 | 13516 |
| BML, Inc. | 400 | 9627 |
| Bookoff Group Holdings Ltd. | 1000 | 10226 |
| Bridgestone Corp. | 6300 | 284605 |
| Brother Industries Ltd. | 7000 | 117956 |
| Business Engineering Corp. | 300 | 12616 |
| Canon Electronics, Inc. | 900 | 15920 |
| Canon Marketing Japan, Inc. | 1500 | 58147 |
| Capcom Co. Ltd. | 4400 | 118734 |
| Cawachi Ltd. | 100 | 1900 |
| Celsys, Inc. | 300 | 3507 |
| Central Automotive Products Ltd. | 2100 | 26737 |
| Chiba Bank Ltd. | 5200 | 53196 |
| Chiba Kogyo Bank Ltd.<sup>(2)</sup> | 4400 | 44708 |
| Chori Co. Ltd. | 700 | 18380 |
| Chugai Pharmaceutical Co. Ltd. | 4100 | 181184 |
| Chugai Ro Co. Ltd. | 400 | 10549 |
| Chugin Financial Group, Inc. | 4900 | 69788 |
| Chuo Spring Co. Ltd. | 700 | 15284 |
| Citizen Watch Co. Ltd. | 7800 | 53452 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 3400 | 59539 |
| Computer Engineering & Consulting Ltd. | 200 | 3133 |
| Comture Corp. | 100 | 1163 |
| Concordia Financial Group Ltd. | 20300 | 153171 |
| Cosmos Pharmaceutical Corp. | 1000 | 60578 |
| Cover Corp.<sup>(1)(2)</sup> | 1100 | 15827 |
| Credit Saison Co. Ltd. | 300 | 7618 |
| Creek & River Co. Ltd. | 100 | 996 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cross Cat Co. Ltd. | 100 | $769 |
| CyberAgent, Inc. | 5300 | 64084 |
| Cybozu, Inc. | 600 | 15507 |
| Daiei Kankyo Co. Ltd. | 1300 | 29646 |
| Daifuku Co. Ltd. | 4000 | 125897 |
| Daihatsu Infinearth Mfg Co. Ltd. | 800 | 17302 |
| Daiichi Jitsugyo Co. Ltd. | 300 | 5496 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 100 | 467 |
| Dai-ichi Life Holdings, Inc. | 39100 | 320838 |
| Daiichi Sankyo Co. Ltd. | 12400 | 296505 |
| Daiichikosho Co. Ltd. | 3300 | 37788 |
| Daikin Industries Ltd. | 1700 | 212388 |
| Daikokutenbussan Co. Ltd. | 300 | 15196 |
| Daiseki Co. Ltd. | 1000 | 24156 |
| Daishinku Corp. | 3400 | 13327 |
| Daito Trust Construction Co. Ltd. | 1000 | 106412 |
| Daitron Co. Ltd. | 100 | 2784 |
| Daiwa House Industry Co. Ltd. | 9600 | 339194 |
| Daiwa Securities Group, Inc. | 15300 | 118611 |
| Daiwabo Holdings Co. Ltd. | 3400 | 72087 |
| DCM Holdings Co. Ltd. | 3400 | 34060 |
| Denso Corp. | 12500 | 179119 |
| Dentsu Group, Inc. | 200 | 3949 |
| Dentsu Soken, Inc. | 200 | 8956 |
| Dexerials Corp. | 9800 | 131947 |
| DIC Corp. | 2600 | 60130 |
| Digital Arts, Inc. | 100 | 5228 |
| Digital Hearts Holdings Co. Ltd. | 100 | 660 |
| Digital Holdings, Inc. | 100 | 1240 |
| Digital Information Technologies Corp. | 100 | 1565 |
| Dip Corp. | 1700 | 27037 |
| Disco Corp. | 600 | 164163 |
| Doshisha Co. Ltd. | 1300 | 23032 |
| Double Standard, Inc. | 100 | 1203 |
| DTS Corp. | 1200 | 42311 |
| Duskin Co. Ltd. | 300 | 8009 |
| Eagle Industry Co. Ltd. | 1000 | 17034 |
| Ebara Corp. | 16200 | 333109 |
| EDION Corp. | 3400 | 46739 |
| Eisai Co. Ltd.<sup>(2)</sup> | 1100 | 33630 |
| Eizo Corp. | 1200 | 18183 |
| Elan Corp. | 100 | 556 |
| Elecom Co. Ltd. | 1900 | 23725 |
| en Japan, Inc. | 300 | 3581 |
| Endo Lighting Corp. | 700 | 10651 |
| Envipro Holdings, Inc. | 100 | 328 |
| ESPEC Corp. | 700 | 16116 |
| F&M Co. Ltd. | 100 | 1877 |
| FANUC Corp. | 1000 | 27800 |
| Fast Retailing Co. Ltd. | 1100 | 343837 |
| FCC Co. Ltd. | 1400 | 29754 |
| Ferrotec Corp. | 2300 | 60115 |
| First Bank of Toyama Ltd.<sup>(2)</sup> | 2700 | 23635 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fixstars Corp. | 100 | $1280 |
| Foster Electric Co. Ltd. | 1000 | 14650 |
| FP Corp. | 1100 | 19604 |
| Freebit Co. Ltd. | 1000 | 10965 |
| Fuji Corp. /Aichi | 1400 | 26060 |
| Fuji Electric Co. Ltd. | 3400 | 214103 |
| Fuji Media Holdings, Inc. | 700 | 15734 |
| Fuji Oil Co. Ltd. | 400 | 902 |
| Fuji Seal International, Inc. | 500 | 9774 |
| Fujibo Holdings, Inc. | 400 | 17291 |
| FUJIFILM Holdings Corp. | 4000 | 94763 |
| Fujikura Composites, Inc. | 900 | 11236 |
| Fujikura Ltd. | 7800 | 661743 |
| Fujitsu Ltd. | 15100 | 363369 |
| Fukui Computer Holdings, Inc. | 200 | 4490 |
| Fukuyama Transporting Co. Ltd. | 700 | 16646 |
| FULLCAST Holdings Co. Ltd. | 300 | 3594 |
| Funai Soken Holdings, Inc. | 1000 | 17143 |
| Furukawa Battery Co. Ltd.<sup>(1)</sup> | 1200 | 11402 |
| Furuno Electric Co. Ltd. | 1400 | 53076 |
| Futaba Industrial Co. Ltd. | 3500 | 22423 |
| Future Corp. | 1600 | 24785 |
| Fuyo General Lease Co. Ltd. | 1800 | 53310 |
| G-7 Holdings, Inc. | 300 | 2732 |
| GA Technologies Co. Ltd.<sup>(1)</sup> | 1100 | 16042 |
| Gakken Holdings Co. Ltd. | 600 | 4229 |
| Gakujo Co. Ltd. | 100 | 1263 |
| Genki Global Dining Concepts Corp.<sup>(2)</sup> | 800 | 18559 |
| Genky DrugStores Co. Ltd. | 1000 | 30707 |
| Geo Holdings Corp. | 800 | 8982 |
| Gift Holdings, Inc. | 200 | 4132 |
| giftee, Inc. | 900 | 8429 |
| Glory Ltd. | 3200 | 82964 |
| GMO Payment Gateway, Inc. | 1000 | 57249 |
| Goldwin, Inc. | 400 | 19619 |
| Greens Co. Ltd. | 700 | 12682 |
| grems, Inc. | 600 | 10290 |
| GS Yuasa Corp. | 2300 | 51558 |
| G-Tekt Corp. | 1000 | 13374 |
| Gunze Ltd. | 400 | 10154 |
| H.U. Group Holdings, Inc. | 3400 | 84552 |
| H2O Retailing Corp. | 4800 | 67536 |
| Hachijuni Bank Ltd. | 10100 | 98368 |
| Hakuhodo DY Holdings, Inc. | 1200 | 9619 |
| Hamakyorex Co. Ltd. | 2300 | 23467 |
| Hamamatsu Photonics KK | 2000 | 20991 |
| Hankyu Hanshin Holdings, Inc.<sup>(2)</sup> | 2600 | 76978 |
| Hanwa Co. Ltd. | 700 | 30053 |
| Happinet Corp. | 600 | 28095 |
| Haseko Corp. | 5400 | 89248 |
| HI-LEX Corp. | 800 | 15454 |
| Hioki EE Corp. | 300 | 12392 |
| Hirose Electric Co. Ltd. | 500 | 64739 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hitachi Construction Machinery Co. Ltd. | 3400 | $104524 |
| Hitachi Ltd. | 3800 | 102385 |
| Hochiki Corp. | 500 | 12088 |
| Hogy Medical Co. Ltd. | 100 | 3590 |
| Hokko Chemical Industry Co. Ltd. | 100 | 1083 |
| Honda Motor Co. Ltd., ADR<sup>(2)</sup> | 14189 | 473913 |
| H-One Co. Ltd. | 1400 | 13990 |
| Honeys Holdings Co. Ltd. | 100 | 1025 |
| Horiba Ltd. | 1000 | 74252 |
| Hosiden Corp. | 1000 | 15532 |
| Hotland Holdings Co. Ltd. | 100 | 1343 |
| Hoya Corp. | 1400 | 180777 |
| HS Holdings Co. Ltd. | 3400 | 24371 |
| Hulic Co. Ltd. | 7000 | 75086 |
| Hyakujushi Bank Ltd. | 300 | 10079 |
| Ibiden Co. Ltd. | 3200 | 153678 |
| Ichigo, Inc. | 5400 | 15897 |
| Idec Corp. | 500 | 8250 |
| IHI Corp. | 1000 | 103922 |
| Iida Group Holdings Co. Ltd. | 3400 | 53330 |
| I'll, Inc. | 100 | 1907 |
| i-mobile Co. Ltd. | 300 | 1303 |
| Inaba Denki Sangyo Co. Ltd. | 1200 | 33743 |
| Inabata & Co. Ltd. | 1500 | 35142 |
| Ines Corp. | 200 | 2414 |
| INFRONEER Holdings, Inc. | 2500 | 24950 |
| Insource Co. Ltd. | 400 | 2573 |
| Integral Corp. | 600 | 15430 |
| Internet Initiative Japan, Inc. | 4100 | 77149 |
| Inui Global Logistics Co. Ltd. | 200 | 2179 |
| Iriso Electronics Co. Ltd. | 300 | 5901 |
| Isetan Mitsukoshi Holdings Ltd. | 6200 | 103142 |
| Istyle, Inc. | 2600 | 10941 |
| Isuzu Motors Ltd. | 1400 | 18338 |
| ITmedia, Inc. | 100 | 1122 |
| Itoki Corp. | 1800 | 28760 |
| IwaiCosmo Holdings, Inc. | 800 | 14267 |
| Izumi Co. Ltd. | 900 | 19792 |
| J Front Retailing Co. Ltd. | 10000 | 154826 |
| JAC Recruitment Co. Ltd. | 800 | 5943 |
| Jaccs Co. Ltd. | 1200 | 34802 |
| Japan Airport Terminal Co. Ltd. | 2400 | 82253 |
| Japan Aviation Electronics Industry Ltd. | 3400 | 57974 |
| Japan Electronic Materials Corp. | 700 | 13172 |
| Japan Engine Corp. | 200 | 14468 |
| Japan Exchange Group, Inc. | 14600 | 152601 |
| Japan Lifeline Co. Ltd. | 4200 | 41158 |
| Japan Material Co. Ltd. | 1800 | 18044 |
| Japan Post Bank Co. Ltd. | 300 | 3771 |
| Japan Post Holdings Co. Ltd. | 28200 | 287764 |
| Japan Post Insurance Co. Ltd. | 4100 | 114796 |
| Japan Pulp & Paper Co. Ltd. | 3600 | 16931 |
| Japan Wool Textile Co. Ltd. | 1600 | 17317 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| JBCC Holdings, Inc. | 400 | $3713 |
| JCR Pharmaceuticals Co. Ltd. | 3500 | 14640 |
| Jeol Ltd. | 800 | 25025 |
| JINS Holdings, Inc. | 500 | 27058 |
| JINUSHI Co. Ltd. | 100 | 2090 |
| J-Lease Co. Ltd. | 200 | 2288 |
| J-Oil Mills, Inc. | 800 | 11040 |
| Joshin Denki Co. Ltd. | 800 | 13582 |
| Joyful Honda Co. Ltd. | 300 | 4338 |
| JSB Co. Ltd. | 600 | 15883 |
| JTEKT Corp. | 5900 | 57638 |
| Juroku Financial Group, Inc. | 1000 | 36723 |
| Justsystems Corp. | 700 | 21886 |
| JVCKenwood Corp. | 9900 | 82627 |
| Kaga Electronics Co. Ltd. | 1600 | 37413 |
| Kakaku.com, Inc. | 3500 | 65065 |
| Kaken Pharmaceutical Co. Ltd. | 900 | 23244 |
| Kamigumi Co. Ltd. | 900 | 26996 |
| Kanamoto Co. Ltd. | 2000 | 47486 |
| Kanematsu Corp. | 3400 | 71558 |
| Kanro, Inc. | 1500 | 21468 |
| Kao Corp. | 3400 | 154482 |
| KDDI Corp. | 37600 | 649853 |
| Keihanshin Building Co. Ltd. | 300 | 3185 |
| Keiyo Bank Ltd. | 4000 | 32650 |
| Keyence Corp. | 200 | 76249 |
| KH Neochem Co. Ltd. | 3400 | 64430 |
| Kibun Foods, Inc. | 100 | 768 |
| Kirin Holdings Co. Ltd. | 6700 | 97261 |
| Kitz Corp. | 3500 | 35537 |
| Kiyo Bank Ltd. | 900 | 17615 |
| Koa Corp. | 1500 | 11696 |
| Kohnan Shoji Co. Ltd. | 700 | 18908 |
| Koito Manufacturing Co. Ltd. | 3900 | 55470 |
| Kojima Co. Ltd. | 200 | 1519 |
| Komatsu Ltd. | 14500 | 490888 |
| Komatsu Wall Industry Co. Ltd. | 700 | 12407 |
| KOMEDA Holdings Co. Ltd. | 200 | 4121 |
| Komeri Co. Ltd. | 900 | 20313 |
| Konica Minolta, Inc.<sup>(1)</sup> | 13400 | 45527 |
| Konoike Transport Co. Ltd. | 1700 | 39163 |
| KPP Group Holdings Co. Ltd. | 1200 | 6652 |
| KRS Corp. | 700 | 16104 |
| K's Holdings Corp. | 3800 | 38725 |
| Kubota Corp. | 15800 | 182680 |
| Kuraray Co. Ltd. | 6800 | 81020 |
| Kureha Corp. | 1100 | 28478 |
| Kurita Water Industries Ltd. | 2300 | 77832 |
| Kusuri No. Aoki Holdings Co. Ltd. | 1200 | 31847 |
| KYB Corp. | 1000 | 25753 |
| Kyocera Corp. | 5200 | 69158 |
| Kyowa Kirin Co. Ltd. | 1300 | 22451 |
| Kyushu Financial Group, Inc. | 1200 | 7088 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kyushu Railway Co. | 2000 | $55242 |
| Lasertec Corp.<sup>(2)</sup> | 400 | 41528 |
| Leopalace21 Corp. | 6000 | 28232 |
| Life Corp. | 1800 | 30041 |
| Lifedrink Co., Inc. | 1600 | 28458 |
| Link & Motivation, Inc. | 100 | 382 |
| Lintec Corp. | 300 | 6981 |
| Lion Corp. | 3700 | 39509 |
| Lixil Corp. | 7800 | 101474 |
| LY Corp. | 3600 | 11398 |
| M3, Inc. | 1000 | 14666 |
| Mabuchi Motor Co. Ltd. | 3400 | 58181 |
| Macbee Planet, Inc. | 400 | 6963 |
| Macnica Holdings, Inc. | 5900 | 81461 |
| Maeda Kosen Co. Ltd. | 1000 | 12121 |
| Maezawa Industries, Inc. | 800 | 10882 |
| Mani, Inc. | 1000 | 8358 |
| MarkLines Co. Ltd. | 100 | 1403 |
| Marui Group Co. Ltd. | 6100 | 131114 |
| Maruwa Co. Ltd. | 200 | 53966 |
| Maruzen Showa Unyu Co. Ltd. | 500 | 24658 |
| Matsuda Sangyo Co. Ltd. | 600 | 15563 |
| MatsukiyoCocokara & Co. | 5300 | 109478 |
| Maxell Ltd. | 3400 | 47498 |
| McDonald's Holdings Co. Japan Ltd. | 1400 | 62266 |
| MCJ Co. Ltd. | 3600 | 34719 |
| Mebuki Financial Group, Inc. | 16800 | 103272 |
| Medipal Holdings Corp. | 4200 | 74417 |
| Meidensha Corp. | 1100 | 43217 |
| MEIJI Holdings Co. Ltd. | 1900 | 39519 |
| Meiko Electronics Co. Ltd. | 500 | 33344 |
| MEITEC Group Holdings, Inc. | 2300 | 50966 |
| Meiwa Corp. | 300 | 1663 |
| Menicon Co. Ltd. | 500 | 4063 |
| Mercari, Inc.<sup>(1)</sup> | 2700 | 45496 |
| Micronics Japan Co. Ltd. | 3400 | 105667 |
| MIMAKI ENGINEERING Co. Ltd. | 900 | 10756 |
| Minebea Mitsumi, Inc. | 4900 | 83502 |
| Mirarth Holdings, Inc. | 6700 | 17884 |
| Miroku Jyoho Service Co. Ltd. | 200 | 2487 |
| Mitsuba Corp. | 2700 | 17042 |
| Mitsubishi Electric Corp. | 10000 | 238730 |
| Mitsubishi Estate Co. Ltd. | 11600 | 247109 |
| Mitsubishi Gas Chemical Co., Inc. | 3000 | 54127 |
| Mitsubishi HC Capital, Inc. | 5300 | 43477 |
| Mitsubishi Heavy Industries Ltd. | 34700 | 875557 |
| Mitsubishi Logistics Corp. | 5900 | 48927 |
| Mitsubishi Motors Corp.<sup>(2)</sup> | 7600 | 20703 |
| Mitsubishi UFJ Financial Group, Inc., ADR | 55084 | 842234 |
| Mitsui Chemicals, Inc. | 4500 | 110184 |
| Mitsui Fudosan Co. Ltd. | 21200 | 224131 |
| Mitsui-Soko Holdings Co. Ltd. | 4000 | 113400 |
| MIXI, Inc. | 1200 | 26594 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Miyaji Engineering Group, Inc. | 1100 | $15200 |
| Mizuho Financial Group, Inc., ADR | 83083 | 548348 |
| Mizuno Corp. | 900 | 15697 |
| MonotaRO Co. Ltd. | 3300 | 56861 |
| Morinaga & Co. Ltd. | 1600 | 29034 |
| Morinaga Milk Industry Co. Ltd. | 300 | 6733 |
| Moriya Transportation Engineering & Manufacturing Co. Ltd. | 300 | 10371 |
| MS&AD Insurance Group Holdings, Inc. | 17100 | 397778 |
| Mugen Estate Co. Ltd. | 700 | 9623 |
| m-up Holdings, Inc. | 1200 | 20119 |
| Murata Manufacturing Co. Ltd. | 9700 | 156593 |
| Musashi Seimitsu Industry Co. Ltd. | 1300 | 28651 |
| Nagase & Co. Ltd. | 3400 | 72695 |
| Namura Shipbuilding Co. Ltd.<sup>(2)</sup> | 2700 | 63849 |
| Nankai Electric Railway Co. Ltd. | 3800 | 68044 |
| NEC Corp. | 24600 | 749087 |
| Net Protections Holdings, Inc.<sup>(1)</sup> | 300 | 1763 |
| Nexon Co. Ltd. | 500 | 11315 |
| NGK Insulators Ltd. | 8100 | 127849 |
| NHK Spring Co. Ltd. | 5200 | 64986 |
| Nichicon Corp. | 3200 | 29756 |
| NIDEC Corp.<sup>(2)</sup> | 800 | 17266 |
| Nifco, Inc. | 3400 | 97604 |
| Nihon Chouzai Co. Ltd. | 200 | 5299 |
| Nihon Dempa Kogyo Co. Ltd. | 400 | 2495 |
| Nihon Dengi Co. Ltd. | 500 | 17872 |
| Nihon House Holdings Co. Ltd. | 200 | 440 |
| Nihon M&A Center Holdings, Inc. | 11400 | 58028 |
| Nikkon Holdings Co. Ltd. | 300 | 6474 |
| Nikon Corp. | 3400 | 38167 |
| Nintendo Co. Ltd. | 1800 | 160540 |
| Nippon Carbon Co. Ltd. | 100 | 2818 |
| Nippon Chemi-Con Corp.<sup>(1)</sup> | 300 | 2840 |
| NIPPON EXPRESS HOLDINGS, Inc. | 8100 | 177204 |
| Nippon Parking Development Co. Ltd. | 8600 | 16964 |
| Nippon Seiki Co. Ltd. | 300 | 3611 |
| Nippon Soda Co. Ltd. | 1500 | 35770 |
| Nippon Television Holdings, Inc. | 700 | 18325 |
| Nipro Corp. | 6700 | 68345 |
| Nishikawa Rubber Co. Ltd. | 900 | 19129 |
| Nishimatsuya Chain Co. Ltd. | 300 | 4331 |
| Nishio Holdings Co. Ltd. | 1000 | 28328 |
| Nissan Chemical Corp. | 500 | 17638 |
| Nissan Motor Co. Ltd.<sup>(1)(2)</sup> | 48800 | 109447 |
| Nissha Co. Ltd. | 3400 | 31102 |
| Nisshin Seifun Group, Inc. | 4600 | 55932 |
| Nissin Foods Holdings Co. Ltd.<sup>(2)</sup> | 300 | 5649 |
| Niterra Co. Ltd. | 5000 | 178102 |
| Nitori Holdings Co. Ltd. | 200 | 18457 |
| Nitta Corp. | 600 | 16842 |
| Nitto Boseki Co. Ltd. | 700 | 25161 |
| Nitto Denko Corp. | 13000 | 292612 |
| Nohmi Bosai Ltd. | 200 | 5510 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nojima Corp. | 4100 | $92054 |
| NOK Corp. | 1800 | 31328 |
| Noritsu Koki Co. Ltd. | 300 | 3396 |
| Noritz Corp. | 1800 | 23770 |
| NPR-RIKEN Corp. | 600 | 11954 |
| NS Solutions Corp. | 1000 | 23685 |
| NSD Co. Ltd. | 400 | 9006 |
| NSK Ltd. | 10400 | 54577 |
| NTN Corp. | 22300 | 49449 |
| NTT, Inc. | 325200 | 343956 |
| Oat Agrio Co. Ltd. | 100 | 1616 |
| Obic Co. Ltd. | 500 | 17680 |
| Oisix ra daichi, Inc.<sup>(1)</sup> | 1100 | 12127 |
| Oji Holdings Corp. | 18900 | 104155 |
| Okamoto Machine Tool Works Ltd. | 100 | 3161 |
| Oki Electric Industry Co. Ltd. | 5000 | 51860 |
| Olympus Corp. | 3500 | 40569 |
| Omron Corp.<sup>(2)</sup> | 400 | 10197 |
| Ono Pharmaceutical Co. Ltd. | 4300 | 48432 |
| Open House Group Co. Ltd. | 2500 | 127755 |
| Open Up Group, Inc. | 1900 | 23534 |
| Oracle Corp. | 500 | 51751 |
| Orient Corp. | 3600 | 24577 |
| Oriental Land Co. Ltd. | 500 | 11904 |
| ORIX Corp., ADR | 8608 | 223119 |
| OSG Corp. | 3900 | 53353 |
| Otsuka Corp. | 3600 | 73935 |
| Otsuka Holdings Co. Ltd. | 3200 | 167912 |
| Oyo Corp. | 100 | 1989 |
| Pacific Industrial Co. Ltd. | 3400 | 52685 |
| Pack Corp. | 300 | 2407 |
| PAL GROUP Holdings Co. Ltd. | 1200 | 42096 |
| PALTAC Corp. | 200 | 6138 |
| Pan Pacific International Holdings Corp. | 4100 | 147884 |
| Park24 Co. Ltd. | 3400 | 46637 |
| Pasona Group, Inc. | 200 | 2814 |
| Persol Holdings Co. Ltd. | 30400 | 56696 |
| Pigeon Corp. | 1100 | 13441 |
| PILLAR Corp.<sup>(2)</sup> | 400 | 10876 |
| Pilot Corp. | 1300 | 39775 |
| Piolax, Inc. | 200 | 2481 |
| Premium Group Co. Ltd. | 300 | 4554 |
| Press Kogyo Co. Ltd. | 1200 | 5327 |
| Prestige International, Inc. | 3400 | 15780 |
| Pro-Ship, Inc. | 500 | 10786 |
| PS Construction Co. Ltd. | 1100 | 13819 |
| Qol Holdings Co. Ltd. | 1000 | 13876 |
| Quick Co. Ltd. | 100 | 1599 |
| Raccoon Holdings, Inc. | 100 | 490 |
| Rakus Co. Ltd. | 300 | 5324 |
| Rakuten Group, Inc.<sup>(1)</sup> | 5600 | 34471 |
| Rasa Industries Ltd. | 100 | 3057 |
| Recruit Holdings Co. Ltd. | 6800 | 389118 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Relo Group, Inc. | 2300 | $27118 |
| Renesas Electronics Corp. | 3400 | 39687 |
| Rengo Co. Ltd. | 7300 | 45541 |
| Resona Holdings, Inc. | 24500 | 245721 |
| Resonac Holdings Corp. | 3300 | 85766 |
| Resorttrust, Inc. | 5600 | 71511 |
| Ricoh Co. Ltd. | 12600 | 111372 |
| Ricoh Leasing Co. Ltd. | 800 | 30534 |
| Rion Co. Ltd. | 100 | 1762 |
| Riso Kyoiku Group Corp.<sup>(2)</sup> | 3400 | 4949 |
| Rohm Co. Ltd.<sup>(2)</sup> | 5800 | 84899 |
| RYODEN Corp. | 100 | 2082 |
| Ryohin Keikaku Co. Ltd. | 15700 | 337667 |
| Sakai Moving Service Co. Ltd. | 800 | 15836 |
| Sakura Internet, Inc.<sup>(2)</sup> | 500 | 10080 |
| San-A Co. Ltd. | 1400 | 27100 |
| Sangetsu Corp. | 1200 | 25062 |
| Sanko Gosei Ltd. | 1800 | 11066 |
| Sankyu, Inc. | 1800 | 100008 |
| Sansei Technologies, Inc. | 700 | 10232 |
| Sanshin Electronics Co. Ltd. | 600 | 11409 |
| Santec Holdings Corp. | 300 | 15883 |
| Santen Pharmaceutical Co. Ltd. | 9200 | 97477 |
| Sanwa Holdings Corp. | 4500 | 144881 |
| Sanyo Denki Co. Ltd. | 400 | 27004 |
| Sapporo Holdings Ltd. | 1000 | 51172 |
| Sato Corp. | 1500 | 22859 |
| SBS Holdings, Inc. | 500 | 12045 |
| SCREEN Holdings Co. Ltd. | 1000 | 75591 |
| Scroll Corp. | 3400 | 25340 |
| SCSK Corp. | 600 | 19112 |
| Secom Co. Ltd. | 1400 | 51689 |
| Seibu Holdings, Inc. | 4800 | 174170 |
| Seika Corp. | 400 | 15823 |
| Seiko Epson Corp. | 4800 | 61039 |
| Seiko Group Corp. | 1000 | 43436 |
| Seino Holdings Co. Ltd.<sup>(2)</sup> | 3900 | 60857 |
| Seiren Co. Ltd. | 1300 | 26778 |
| Sekisui Chemical Co. Ltd. | 6900 | 130950 |
| Sekisui House Ltd. | 3400 | 76514 |
| Sekisui Jushi Corp. | 100 | 1478 |
| Senko Group Holdings Co. Ltd. | 5600 | 76894 |
| Senshu Electric Co. Ltd. | 200 | 6072 |
| Seria Co. Ltd. | 500 | 10241 |
| SG Holdings Co. Ltd.<sup>(2)</sup> | 5200 | 55987 |
| Sharingtechnology, Inc. | 1400 | 10674 |
| Sharp Corp.<sup>(1)</sup> | 5300 | 31755 |
| Shibaura Electronics Co. Ltd. | 200 | 9589 |
| Shibaura Mechatronics Corp. | 500 | 36909 |
| SHIFT, Inc.<sup>(1)</sup> | 1500 | 15490 |
| Shimadzu Corp. | 700 | 17141 |
| Shimamura Co. Ltd. | 800 | 59056 |
| Shimano, Inc. | 200 | 22179 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shin Nippon Air Technologies Co. Ltd. | 1100 | $23279 |
| Shindengen Electric Manufacturing Co. Ltd. | 100 | 2158 |
| Shin-Etsu Chemical Co. Ltd. | 8700 | 264979 |
| Shinsho Corp. | 300 | 4603 |
| Shionogi & Co. Ltd. | 5000 | 86489 |
| Ship Healthcare Holdings, Inc. | 3400 | 51385 |
| Shiseido Co. Ltd.<sup>(2)</sup> | 600 | 9738 |
| Shizuoka Financial Group, Inc. | 5100 | 67695 |
| Shoei Co. Ltd. | 1800 | 22564 |
| SIGMAXYZ Holdings, Inc. | 2400 | 15752 |
| Siix Corp. | 2300 | 20269 |
| Sinfonia Technology Co. Ltd. | 700 | 37196 |
| SK-Electronics Co. Ltd. | 600 | 12051 |
| SKY Perfect JSAT Holdings, Inc. | 6600 | 62600 |
| Skylark Holdings Co. Ltd.<sup>(2)</sup> | 3400 | 68129 |
| SMS Co. Ltd. | 500 | 5335 |
| Socionext, Inc.<sup>(2)</sup> | 3300 | 62538 |
| SoftBank Corp. | 96400 | 149119 |
| SoftBank Group Corp. | 10000 | 1073841 |
| Softcreate Holdings Corp. | 200 | 3119 |
| Solasto Corp. | 400 | 1294 |
| Sompo Holdings, Inc. | 13600 | 434648 |
| Sony Group Corp., ADR<sup>(2)</sup> | 51894 | 1428123 |
| S-Pool, Inc. | 3400 | 7462 |
| Square Enix Holdings Co. Ltd. | 1600 | 109899 |
| Stanley Electric Co. Ltd. | 1500 | 30380 |
| Star Micronics Co. Ltd. | 3400 | 38807 |
| Starts Corp., Inc. | 1400 | 47296 |
| Studio Alice Co. Ltd. | 100 | 1438 |
| Subaru Corp. | 16700 | 327593 |
| Sugi Holdings Co. Ltd. | 2700 | 68245 |
| Sumida Corp. | 1200 | 8525 |
| Sumitomo Chemical Co. Ltd. | 51600 | 154780 |
| Sumitomo Electric Industries Ltd. | 16500 | 462148 |
| Sumitomo Forestry Co. Ltd. | 9800 | 111145 |
| Sumitomo Mitsui Financial Group, Inc., ADR | 41808 | 686487 |
| Sumitomo Mitsui Trust Group, Inc. | 9300 | 264669 |
| Sumitomo Realty & Development Co. Ltd. | 4600 | 188967 |
| Sumitomo Riko Co. Ltd. | 3700 | 55088 |
| Sumitomo Rubber Industries Ltd. | 8000 | 93468 |
| Sumitomo Warehouse Co. Ltd. | 700 | 14615 |
| Sundrug Co. Ltd. | 1000 | 31435 |
| Suntory Beverage & Food Ltd. | 3400 | 105252 |
| Suzuken Co. Ltd. | 1800 | 71189 |
| Suzuki Motor Corp. | 22100 | 292444 |
| Sysmex Corp.<sup>(2)</sup> | 4000 | 50232 |
| System Support Holdings, Inc. | 500 | 10153 |
| Systena Corp. | 9700 | 32561 |
| Syuppin Co. Ltd. | 100 | 828 |
| T&D Holdings, Inc. | 5600 | 144983 |
| Tachibana Eletech Co. Ltd. | 700 | 13768 |
| Tachi-S Co. Ltd. | 1300 | 17172 |
| Taiyo Yuden Co. Ltd. | 4000 | 81085 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Takaoka Toko Co. Ltd. | 600 | $12677 |
| Takara & Co. Ltd. | 200 | 5363 |
| Takashimaya Co. Ltd. | 8000 | 70476 |
| Takeda Pharmaceutical Co. Ltd., ADR<sup>(2)</sup> | 8843 | 132557 |
| Tama Home Co. Ltd. | 600 | 14635 |
| Tamron Co. Ltd. | 9600 | 65685 |
| Tanseisha Co. Ltd. | 2500 | 23396 |
| Tazmo Co. Ltd. | 800 | 12120 |
| TBS Holdings, Inc. | 400 | 14604 |
| TDK Corp. | 29000 | 374484 |
| TechMatrix Corp. | 1100 | 14830 |
| Techno Ryowa Ltd. | 500 | 16800 |
| TechnoPro Holdings, Inc. | 3400 | 111005 |
| Teijin Ltd. | 7000 | 59542 |
| Tera Probe, Inc. | 400 | 12625 |
| Terasaki Electric Co. Ltd. | 400 | 11182 |
| Terumo Corp. | 1000 | 17931 |
| Tess Holdings Co. Ltd. | 3800 | 9355 |
| TIS, Inc. | 3500 | 116524 |
| TKC Corp. | 200 | 5984 |
| TOA ROAD Corp. | 2000 | 21866 |
| TOBISHIMA HOLDINGS, Inc. | 900 | 12871 |
| Tocalo Co. Ltd. | 1900 | 27213 |
| Toho Bank Ltd. | 8400 | 22519 |
| Toho Co. Ltd. | 300 | 19043 |
| Toho Co. Ltd. | 300 | 7172 |
| Tokai Corp. | 100 | 1469 |
| Tokai Rika Co. Ltd. | 1300 | 23149 |
| Token Corp. | 100 | 9625 |
| Tokio Marine Holdings, Inc. | 22700 | 973556 |
| Tokyo Century Corp. | 300 | 3751 |
| Tokyo Electron Device Ltd. | 300 | 5845 |
| Tokyo Electron Ltd. | 3600 | 490270 |
| Tokyo Individualized Educational Institute, Inc. | 200 | 468 |
| Tokyo Metro Co. Ltd.<sup>(2)</sup> | 4100 | 47596 |
| Tokyo Ohka Kogyo Co. Ltd. | 1000 | 31763 |
| Tokyo Tatemono Co. Ltd. | 6500 | 122184 |
| Tokyo Tekko Co. Ltd. | 700 | 28381 |
| Tokyu Corp. | 4000 | 50487 |
| Tokyu Fudosan Holdings Corp. | 19900 | 159627 |
| Toli Corp. | 2600 | 10350 |
| Tomy Co. Ltd. | 3700 | 84550 |
| Topcon Corp. | 400 | 8889 |
| TOPPAN Holdings, Inc. | 900 | 23203 |
| Topre Corp. | 1400 | 20591 |
| Topy Industries Ltd. | 700 | 13885 |
| Toray Industries, Inc. | 22200 | 148305 |
| Torex Semiconductor Ltd. | 100 | 1176 |
| Toshiba TEC Corp. | 1100 | 21414 |
| Totech Corp. | 1200 | 25967 |
| TOTO Ltd. | 3100 | 80051 |
| Towa Corp.<sup>(2)</sup> | 2700 | 31447 |
| Toyo Seikan Group Holdings Ltd. | 4300 | 104486 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Toyo Tanso Co. Ltd. | 700 | $18397 |
| Toyo Tire Corp. | 5500 | 139732 |
| Toyobo Co. Ltd. | 3400 | 25020 |
| Toyoda Gosei Co. Ltd. | 3400 | 82310 |
| Toyota Boshoku Corp. | 3200 | 52193 |
| Toyota Motor Corp., ADR<sup>(2)</sup> | 6316 | 1228904 |
| TPR Co. Ltd. | 300 | 4796 |
| Transaction Co. Ltd. | 1200 | 10123 |
| Transcosmos, Inc. | 600 | 14646 |
| TRE Holdings Corp. | 1800 | 18718 |
| Treasure Factory Co. Ltd. | 800 | 9672 |
| Trend Micro, Inc. | 2000 | 105998 |
| Trial Holdings, Inc. | 700 | 13132 |
| Trusco Nakayama Corp. | 1700 | 27900 |
| TS Tech Co. Ltd. | 3400 | 42755 |
| TSI Holdings Co. Ltd. | 3400 | 24789 |
| Tsukuba Bank Ltd. | 3400 | 6724 |
| Tsuruha Holdings, Inc. | 5600 | 86396 |
| TV Asahi Holdings Corp. | 400 | 8399 |
| Tv Tokyo Holdings Corp. | 100 | 3066 |
| Uchida Yoko Co. Ltd. | 400 | 29067 |
| Ulvac, Inc. | 700 | 28229 |
| Unicharm Corp. | 16000 | 106772 |
| Unipres Corp. | 3400 | 26912 |
| United Arrows Ltd. | 900 | 12712 |
| Ushio, Inc. | 1300 | 18910 |
| USS Co. Ltd. | 9800 | 118720 |
| UT Group Co. Ltd. | 700 | 12828 |
| V Technology Co. Ltd. | 100 | 2016 |
| Valor Holdings Co. Ltd. | 2000 | 38212 |
| Valqua Ltd. | 300 | 7755 |
| ValueCommerce Co. Ltd. | 1900 | 10284 |
| Vector, Inc. | 2100 | 16147 |
| Vital KSK Holdings, Inc. | 2400 | 20366 |
| Wacom Co. Ltd. | 5800 | 28421 |
| Wakachiku Construction Co. Ltd. | 400 | 15438 |
| Wakita & Co. Ltd. | 1100 | 13726 |
| Welcia Holdings Co. Ltd. | 4000 | 70409 |
| West Japan Railway Co.<sup>(2)</sup> | 12700 | 283851 |
| Will Group, Inc. | 100 | 659 |
| World Co. Ltd. | 1300 | 26658 |
| Xebio Holdings Co. Ltd. | 100 | 754 |
| YAKUODO Holdings Co. Ltd. | 100 | 1546 |
| YAMABIKO Corp. | 1200 | 18851 |
| Yamada Holdings Co. Ltd. | 16500 | 52029 |
| Yamae Group Holdings Co. Ltd. | 600 | 10940 |
| Yamaguchi Financial Group, Inc. | 4900 | 58593 |
| Yamaha Corp. | 300 | 1974 |
| Yamaha Motor Co. Ltd. | 22900 | 165960 |
| Yamaichi Electronics Co. Ltd. | 1100 | 23737 |
| Yamami Co. | 300 | 9598 |
| Yamato Holdings Co. Ltd. | 2900 | 48930 |
| Yaskawa Electric Corp. | 2100 | 41575 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Yellow Hat Ltd. | 2100 | $23612 |
| Yokogawa Electric Corp. | 1000 | 29191 |
| Yokohama Rubber Co. Ltd. | 4800 | 176618 |
| Yokorei Co. Ltd. | 600 | 4753 |
| Yonex Co. Ltd. | 1700 | 48056 |
| Yuasa Trading Co. Ltd. | 400 | 13327 |
| Zenkoku Hosho Co. Ltd. | 2900 | 66318 |
| Zenrin Co. Ltd. | 1800 | 12793 |
| Zeon Corp. | 600 | 6889 |
| ZIGExN Co. Ltd. | 600 | 2153 |
| ZOZO, Inc. | 2700 | 25089 |
|  |  | 45537081 |
| **Netherlands — 3.5%** |  |  |
| Aalberts NV<sup>(2)</sup> | 2372 | 83099 |
| ABN AMRO Bank NV, CVA | 11840 | 341509 |
| Acomo NV | 567 | 14532 |
| Adyen NV<sup>(1)(2)</sup> | 263 | 441622 |
| Aegon Ltd. | 12078 | 94088 |
| AerCap Holdings NV | 3596 | 444106 |
| Akzo Nobel NV<sup>(2)</sup> | 2246 | 155254 |
| Alfen NV<sup>(1)(2)</sup> | 1138 | 13159 |
| Allfunds Group PLC | 2259 | 15853 |
| Arcadis NV<sup>(2)</sup> | 612 | 28236 |
| ASM International NV<sup>(2)</sup> | 493 | 236724 |
| ASML Holding NV, NY Shares | 1636 | 1214926 |
| ASR Nederland NV | 4699 | 326006 |
| B&S Group SARL | 537 | 3706 |
| BE Semiconductor Industries NV | 511 | 68830 |
| Brunel International NV<sup>(2)</sup> | 79 | 799 |
| Coca-Cola Europacific Partners PLC | 1403 | 124671 |
| Constellium SE<sup>(1)</sup> | 3839 | 55627 |
| Corbion NV<sup>(2)</sup> | 1531 | 30873 |
| DSM-Firmenich AG | 1043 | 102053 |
| Ferrari Group PLC | 1090 | 11205 |
| Flow Traders Ltd.<sup>(1)</sup> | 712 | 21098 |
| ForFarmers NV | 2349 | 12879 |
| Heineken Holding NV<sup>(2)</sup> | 130 | 9231 |
| Heineken NV | 1238 | 100414 |
| IMCD NV<sup>(2)</sup> | 146 | 16395 |
| ING Groep NV, ADR | 31333 | 746665 |
| InPost SA<sup>(1)</sup> | 6300 | 91572 |
| Just Eat Takeaway.com NV<sup>(1)</sup> | 4834 | 114165 |
| Koninklijke Ahold Delhaize NV | 11401 | 456870 |
| Koninklijke BAM Groep NV | 8491 | 75686 |
| Koninklijke Heijmans NV, CVA | 1216 | 83586 |
| Koninklijke KPN NV<sup>(2)</sup> | 79884 | 381219 |
| Koninklijke Philips NV, NY Shares<sup>(2)</sup> | 5960 | 164377 |
| NN Group NV | 7178 | 494077 |
| PostNL NV | 9581 | 10815 |
| Prosus NV<sup>(1)</sup> | 5696 | 352351 |
| Randstad NV<sup>(2)</sup> | 761 | 35999 |
| SIF Holding NV<sup>(1)</sup> | 819 | 7409 |
| Signify NV<sup>(2)</sup> | 182 | 4806 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TKH Group NV, CVA | 1099 | $44507 |
| Universal Music Group NV<sup>(2)</sup> | 4638 | 131113 |
| Van Lanschot Kempen NV<sup>(2)</sup> | 761 | 46504 |
| Wolters Kluwer NV<sup>(2)</sup> | 3028 | 381448 |
|  |  | 7590064 |
| **New Zealand — 0.2%** |  |  |
| Auckland International Airport Ltd. | 10868 | 48405 |
| Chorus Ltd.<sup>(2)</sup> | 9880 | 57219 |
| EBOS Group Ltd. | 516 | 9920 |
| Eroad Ltd.<sup>(1)</sup> | 8608 | 12442 |
| Fisher & Paykel Healthcare Corp. Ltd. | 3885 | 83822 |
| Fletcher Building Ltd.<sup>(1)</sup> | 37946 | 70509 |
| Freightways Group Ltd. | 1969 | 14113 |
| Infratil Ltd. | 2924 | 19580 |
| KMD Brands Ltd.<sup>(1)(2)</sup> | 7809 | 1105 |
| Mercury NZ Ltd. | 11207 | 43338 |
| Meridian Energy Ltd. | 11431 | 38485 |
| Ryman Healthcare Ltd.<sup>(1)</sup> | 8951 | 12621 |
| Spark New Zealand Ltd. | 31030 | 47208 |
|  |  | 458767 |
| **Norway — 0.7%** |  |  |
| 2020 Bulkers Ltd. | 619 | 8330 |
| Atea ASA<sup>(1)</sup> | 803 | 11188 |
| B2 Impact ASA | 2617 | 4432 |
| Bakkafrost P | 421 | 18288 |
| Borregaard ASA | 1388 | 28856 |
| DNB Bank ASA | 7302 | 192394 |
| Elopak ASA | 1668 | 7808 |
| Europris ASA | 2899 | 28047 |
| Gjensidige Forsikring ASA | 889 | 24696 |
| Grieg Seafood ASA<sup>(1)</sup> | 2444 | 17287 |
| Kid ASA | 402 | 5897 |
| Kitron ASA | 6168 | 35843 |
| Kongsberg Automotive ASA<sup>(1)</sup> | 18153 | 3207 |
| Kongsberg Gruppen ASA | 2784 | 83148 |
| Leroy Seafood Group ASA | 1074 | 5262 |
| Mowi ASA | 3423 | 70426 |
| Nordic Semiconductor ASA<sup>(1)</sup> | 1913 | 31671 |
| Norsk Hydro ASA | 14901 | 96585 |
| OKEA ASA<sup>(1)</sup> | 1127 | 2132 |
| Orkla ASA | 3065 | 34270 |
| Petronor E&P ASA<sup>(1)</sup> | 120 | 127 |
| Protector Forsikring ASA | 2539 | 122730 |
| Rana Gruber ASA | 617 | 4074 |
| Salmar ASA | 682 | 34926 |
| Scatec ASA<sup>(1)</sup> | 5221 | 54957 |
| Sea1 offshore, Inc. | 40 | 102 |
| Solstad Offshore ASA | 458 | 2573 |
| SpareBank 1 Nord Norge | 5382 | 73378 |
| Sparebank 1 Oestlandet | 369 | 6877 |
| SpareBank 1 SMN | 2980 | 56916 |
| SpareBank 1 Sor-Norge ASA | 5057 | 88799 |
| Storebrand ASA | 11280 | 173564 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Telenor ASA | 5580 | $93094 |
| TGS ASA | 2824 | 21591 |
| TOMRA Systems ASA | 596 | 9072 |
| Veidekke ASA | 29 | 459 |
| Vend Marketplaces ASA, B Shares | 2062 | 75352 |
| Vend Marketplaces ASA, Class A | 1451 | 56174 |
| Wilh Wilhelmsen Holding ASA, Class A | 197 | 10093 |
|  |  | 1594625 |
| **Portugal — 0.2%** |  |  |
| Banco Comercial Portugues SA, R Shares | 280814 | 237873 |
| Corticeira Amorim SGPS SA<sup>(2)</sup> | 1902 | 16804 |
| CTT-Correios de Portugal SA | 380 | 3263 |
| EDP Renovaveis SA<sup>(2)</sup> | 1835 | 21552 |
| Jeronimo Martins SGPS SA | 2587 | 63995 |
| Navigator Co. SA<sup>(2)</sup> | 8061 | 31279 |
| NOS SGPS SA | 3872 | 17696 |
| Sonae SGPS SA | 26373 | 39435 |
|  |  | 431897 |
| **Singapore — 1.6%** |  |  |
| Aztech Global Ltd. | 7100 | 3708 |
| Capitaland India Trust | 16092 | 14797 |
| CapitaLand Investment Ltd.<sup>(2)</sup> | 39900 | 85760 |
| Centurion Corp. Ltd. | 15400 | 21113 |
| China Sunsine Chemical Holdings Ltd. | 18800 | 10756 |
| City Developments Ltd. | 7100 | 37629 |
| ComfortDelGro Corp. Ltd. | 122900 | 138849 |
| CSE Global Ltd. | 50200 | 26973 |
| DBS Group Holdings Ltd. | 23610 | 929358 |
| Grab Holdings Ltd., Class A<sup>(1)</sup> | 6398 | 31926 |
| Hafnia Ltd. | 6457 | 39488 |
| Hong Fok Corp. Ltd. | 18300 | 11269 |
| Hutchison Port Holdings Trust, U Shares | 204000 | 43852 |
| iFAST Corp. Ltd. | 2700 | 17774 |
| Netlink NBN Trust | 48400 | 35072 |
| Oversea-Chinese Banking Corp. Ltd. | 36400 | 474637 |
| Pan-United Corp. Ltd. | 21500 | 20105 |
| Propnex Ltd. | 6600 | 12348 |
| Samudera Shipping Line Ltd. | 18500 | 14846 |
| SATS Ltd. | 26280 | 67767 |
| Sea Ltd., ADR<sup>(1)</sup> | 1968 | 367111 |
| Sheng Siong Group Ltd. | 31300 | 49520 |
| Singapore Exchange Ltd. | 17500 | 225920 |
| Singapore Telecommunications Ltd. | 40600 | 136448 |
| Stamford Land Corp. Ltd. | 4700 | 1519 |
| StarHub Ltd. | 17300 | 15096 |
| UMS Integration Ltd. | 9800 | 10539 |
| United Overseas Bank Ltd. | 19000 | 520346 |
| UOL Group Ltd. | 10700 | 62125 |
| Venture Corp. Ltd. | 6400 | 67730 |
| Wee Hur Holdings Ltd. | 30100 | 17238 |
| Yanlord Land Group Ltd.<sup>(1)(2)</sup> | 17100 | 9451 |
| Yoma Strategic Holdings Ltd.<sup>(1)</sup> | 35200 | 2442 |
|  |  | 3523512 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **South Africa — 0.0%** | | |
| Valterra Platinum Ltd. | 1494 | $67905 |
| **Spain — 2.9%** |  |  |
| Acciona SA<sup>(2)</sup> | 726 | 143901 |
| Acerinox SA | 5064 | 62479 |
| Aena SME SA | 10895 | 315786 |
| Amadeus IT Group SA | 2116 | 177486 |
| Atresmedia Corp. de Medios de Comunicacion SA | 2167 | 13218 |
| Banco Bilbao Vizcaya Argentaria SA, ADR | 54363 | 985601 |
| Banco de Sabadell SA | 87351 | 331778 |
| Banco Santander SA, ADR<sup>(2)</sup> | 91206 | 869193 |
| Bankinter SA | 18288 | 272933 |
| CaixaBank SA | 19063 | 190345 |
| Cellnex Telecom SA<sup>(1)(2)</sup> | 1194 | 42503 |
| CIE Automotive SA | 65 | 2051 |
| Construcciones y Auxiliar de Ferrocarriles SA | 610 | 36931 |
| Corp. ACCIONA Energias Renovables SA | 458 | 12323 |
| eDreams ODIGEO SA<sup>(1)</sup> | 229 | 2302 |
| Ence Energia y Celulosa SA<sup>(2)</sup> | 2684 | 8841 |
| Endesa SA | 7394 | 225195 |
| Ercros SA<sup>(1)</sup> | 1270 | 4078 |
| Ferrovial SE<sup>(2)</sup> | 7182 | 392814 |
| Fluidra SA<sup>(2)</sup> | 262 | 7470 |
| Gestamp Automocion SA | 6635 | 26831 |
| Grenergy Renovables SA<sup>(1)</sup> | 574 | 43907 |
| Grifols SA | 650 | 9200 |
| Grupo Catalana Occidente SA | 446 | 25554 |
| Iberdrola SA | 34207 | 644833 |
| Industria de Diseno Textil SA<sup>(2)</sup> | 9373 | 463582 |
| Laboratorios Farmaceuticos Rovi SA<sup>(2)</sup> | 234 | 15905 |
| Mapfre SA | 12783 | 56024 |
| Melia Hotels International SA | 4520 | 42038 |
| Neinor Homes SA<sup>(1)</sup> | 1031 | 20542 |
| Prosegur Cash SA | 4094 | 3403 |
| Redeia Corp. SA | 12335 | 239797 |
| Sacyr SA | 22471 | 94842 |
| Solaria Energia y Medio Ambiente SA<sup>(1)</sup> | 2834 | 45908 |
| Telefonica SA, ADR<sup>(2)</sup> | 61028 | 326500 |
| Viscofan SA | 732 | 51281 |
|  |  | 6207375 |
| **Sweden — 3.4%** |  |  |
| AcadeMedia AB | 218 | 2137 |
| AddLife AB, B Shares<sup>(2)</sup> | 298 | 5583 |
| Addnode Group AB | 906 | 10817 |
| AddTech AB, B Shares | 2834 | 99382 |
| Alfa Laval AB | 2350 | 106986 |
| Ambea AB | 639 | 8614 |
| AQ Group AB | 2397 | 49246 |
| Arjo AB, B Shares | 5010 | 18320 |
| Asmodee Group AB, Class B<sup>(1)</sup> | 4763 | 57689 |
| Assa Abloy AB, Class B | 3071 | 108513 |
| Atlas Copco AB, A Shares<sup>(2)</sup> | 11320 | 180723 |
| Atlas Copco AB, B Shares<sup>(2)</sup> | 6584 | 93626 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Atrium Ljungberg AB, B Shares<sup>(2)</sup> | 2620 | $8728 |
| Avanza Bank Holding AB | 3518 | 132960 |
| Axfood AB<sup>(2)</sup> | 1523 | 48040 |
| Beijer Alma AB | 42 | 1117 |
| Beijer Ref AB | 1035 | 17606 |
| Bilia AB, A Shares | 2914 | 35929 |
| Billerud Aktiebolag | 5232 | 49992 |
| BioGaia AB, B Shares<sup>(2)</sup> | 1113 | 12352 |
| Boliden AB<sup>(1)</sup> | 5716 | 197019 |
| Bonava AB, B Shares<sup>(1)</sup> | 2327 | 2745 |
| Boozt AB<sup>(1)(2)</sup> | 2567 | 24954 |
| Bufab AB | 4214 | 41782 |
| Byggmax Group AB | 3498 | 21555 |
| Camurus AB<sup>(1)(2)</sup> | 310 | 23664 |
| Castellum AB<sup>(2)</sup> | 4317 | 48958 |
| Catena AB | 607 | 27892 |
| Cibus Nordic Real Estate AB publ | 1301 | 23429 |
| Cint Group AB<sup>(1)</sup> | 53 | 40 |
| Clas Ohlson AB, B Shares | 2461 | 87035 |
| Cloetta AB, B Shares | 4318 | 14804 |
| Coor Service Management Holding AB | 1023 | 5054 |
| Corem Property Group AB, B Shares | 5706 | 2777 |
| Dios Fastigheter AB | 1560 | 10587 |
| Dynavox Group AB<sup>(1)</sup> | 4522 | 60081 |
| Electrolux AB, B Shares<sup>(1)(2)</sup> | 3145 | 18686 |
| Electrolux Professional AB, B Shares | 925 | 6008 |
| Elekta AB, B Shares | 6196 | 30810 |
| Embracer Group AB<sup>(1)(2)</sup> | 4763 | 42589 |
| Engcon AB | 1116 | 9013 |
| Epiroc AB, A Shares<sup>(2)</sup> | 8701 | 181831 |
| Epiroc AB, B Shares<sup>(2)</sup> | 4600 | 85612 |
| EQT AB<sup>(2)</sup> | 2239 | 80537 |
| Essity AB, B Shares | 9467 | 255957 |
| Fabege AB<sup>(2)</sup> | 4642 | 39980 |
| Fastighets AB Balder, B Shares<sup>(1)</sup> | 9313 | 66302 |
| Fastighetsbolaget Emilshus AB, Class B<sup>(1)</sup> | 107 | 563 |
| G5 Entertainment AB | 195 | 1916 |
| Getinge AB, B Shares<sup>(2)</sup> | 3896 | 85367 |
| GomSpace Group AB<sup>(1)(2)</sup> | 8942 | 15202 |
| Granges AB | 4526 | 66390 |
| H & M Hennes & Mauritz AB, B Shares<sup>(2)</sup> | 11497 | 168957 |
| Hanza AB | 1288 | 15475 |
| Haypp Group AB<sup>(1)</sup> | 667 | 10743 |
| Hemnet Group AB | 1308 | 34049 |
| Hexagon AB, B Shares<sup>(2)</sup> | 4475 | 49868 |
| Hexatronic Group AB<sup>(1)(2)</sup> | 6151 | 15007 |
| Hexpol AB<sup>(2)</sup> | 1796 | 16174 |
| Holmen AB, B Shares<sup>(2)</sup> | 506 | 19701 |
| Hufvudstaden AB, A Shares<sup>(2)</sup> | 1165 | 15186 |
| Husqvarna AB, B Shares | 12301 | 69824 |
| IAR Systems Group AB | 576 | 10864 |
| Industrivarden AB, A Shares | 706 | 28099 |
| Indutrade AB<sup>(2)</sup> | 3283 | 81712 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Instalco AB<sup>(2)</sup> | 925 | $2443 |
| Investment AB Latour, B Shares<sup>(2)</sup> | 533 | 13535 |
| INVISIO AB<sup>(2)</sup> | 1095 | 36046 |
| Inwido AB<sup>(2)</sup> | 1941 | 37588 |
| JM AB<sup>(2)</sup> | 3267 | 47240 |
| Loomis AB | 2874 | 127425 |
| Medcap AB<sup>(1)</sup> | 436 | 28316 |
| MEKO AB | 586 | 5065 |
| Millicom International Cellular SA | 1868 | 90243 |
| MIPS AB<sup>(2)</sup> | 397 | 16845 |
| Modern Times Group MTG AB, B Shares<sup>(1)</sup> | 254 | 2627 |
| Mycronic AB | 3155 | 70733 |
| NCC AB, B Shares | 1867 | 38327 |
| Neobo Fastigheter AB<sup>(1)</sup> | 824 | 1428 |
| New Wave Group AB, B Shares<sup>(2)</sup> | 2641 | 29489 |
| Nibe Industrier AB, B Shares<sup>(2)</sup> | 2527 | 10382 |
| Nobia AB<sup>(1)</sup> | 30769 | 15381 |
| Nordnet AB publ | 1113 | 32404 |
| Note AB | 1138 | 22598 |
| NP3 Fastigheter AB | 850 | 22689 |
| Nyfosa AB<sup>(2)</sup> | 3905 | 33867 |
| Pandox AB | 1454 | 26317 |
| Paradox Interactive AB<sup>(2)</sup> | 1609 | 29453 |
| Platzer Fastigheter Holding AB, B Shares<sup>(2)</sup> | 775 | 5593 |
| Plejd AB<sup>(1)</sup> | 288 | 26778 |
| RaySearch Laboratories AB<sup>(2)</sup> | 1638 | 45977 |
| Rusta AB | 1661 | 13006 |
| Rvrc Holding AB | 3740 | 18392 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(1)(2)</sup> | 18956 | 9581 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares<sup>(1)</sup> | 1214 | 1064 |
| Sandvik AB | 10440 | 264030 |
| Scandic Hotels Group AB | 2132 | 19786 |
| Sectra AB, B Shares | 1800 | 63098 |
| Securitas AB, B Shares<sup>(2)</sup> | 1692 | 25893 |
| Sinch AB<sup>(1)</sup> | 12122 | 37913 |
| Skandinaviska Enskilda Banken AB, A Shares<sup>(2)</sup> | 13937 | 257730 |
| Skanska AB, B Shares | 5038 | 125114 |
| SKF AB, B Shares<sup>(2)</sup> | 8343 | 214219 |
| SkiStar AB | 2378 | 39469 |
| Spotify Technology SA<sup>(1)</sup> | 1299 | 885762 |
| Storytel AB | 2102 | 17510 |
| Svenska Cellulosa AB SCA, B Shares<sup>(2)</sup> | 3596 | 48923 |
| Svenska Handelsbanken AB, A Shares | 21043 | 270779 |
| Sweco AB, B Shares<sup>(2)</sup> | 663 | 11191 |
| Swedbank AB, A Shares | 8169 | 229899 |
| Synsam AB | 595 | 3711 |
| Tele2 AB, B Shares | 2926 | 51533 |
| Telefonaktiebolaget LM Ericsson, ADR<sup>(2)</sup> | 33048 | 260088 |
| Telia Co. AB | 47480 | 177253 |
| Thule Group AB<sup>(2)</sup> | 994 | 27878 |
| Troax Group AB<sup>(2)</sup> | 1019 | 15198 |
| Truecaller AB, B Shares<sup>(2)</sup> | 6253 | 29645 |
| VBG Group AB, B Shares<sup>(2)</sup> | 383 | 12092 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Viaplay Group AB, B Shares<sup>(1)(2)</sup> | 331 | $47 |
| Vitec Software Group AB, B Shares<sup>(2)</sup> | 537 | 20630 |
| Volvo Car AB, Class B<sup>(1)(2)</sup> | 12886 | 26845 |
| Wallenstam AB, B Shares<sup>(2)</sup> | 2629 | 12264 |
| Wihlborgs Fastigheter AB<sup>(2)</sup> | 5291 | 52565 |
| Zinzino AB, Class B<sup>(2)</sup> | 1319 | 26275 |
|  |  | 7251330 |
| **Switzerland — 7.8%** |  |  |
| ABB Ltd. | 6817 | 457496 |
| Accelleron Industries AG | 3826 | 329231 |
| Adecco Group AG | 184 | 5894 |
| Alcon AG | 4310 | 343477 |
| Allreal Holding AG | 236 | 53460 |
| ALSO Holding AG<sup>(2)</sup> | 9 | 2852 |
| ams-OSRAM AG<sup>(1)</sup> | 2873 | 35901 |
| Arbonia AG<sup>(2)</sup> | 2320 | 16835 |
| Ascom Holding AG | 1315 | 7555 |
| Autoneum Holding AG<sup>(2)</sup> | 166 | 32953 |
| Bachem Holding AG, Class B<sup>(2)</sup> | 576 | 45859 |
| Baloise Holding AG | 681 | 176614 |
| Banque Cantonale Vaudoise<sup>(2)</sup> | 453 | 52658 |
| Barry Callebaut AG<sup>(2)</sup> | 39 | 52815 |
| Belimo Holding AG | 133 | 146452 |
| Bossard Holding AG, Class A | 156 | 33051 |
| Bucher Industries AG | 253 | 120203 |
| Burckhardt Compression Holding AG | 58 | 52225 |
| Bystronic AG<sup>(2)</sup> | 32 | 14079 |
| Calida Holding AG | 84 | 1527 |
| Cembra Money Bank AG | 1462 | 165840 |
| Chocoladefabriken Lindt & Spruengli AG | 1 | 149761 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificate<sup>(2)</sup> | 5 | 76252 |
| Cie Financiere Richemont SA, Class A | 4135 | 723967 |
| Clariant AG<sup>(1)</sup> | 6334 | 65078 |
| COSMO Pharmaceuticals NV | 140 | 11013 |
| Daetwyler Holding AG, Bearer Shares | 211 | 35678 |
| DKSH Holding AG | 963 | 70823 |
| dormakaba Holding AG | 137 | 127464 |
| EFG International AG<sup>(1)</sup> | 4476 | 88976 |
| Flughafen Zurich AG | 473 | 144522 |
| Forbo Holding AG<sup>(2)</sup> | 45 | 44619 |
| Galenica AG | 765 | 81935 |
| Geberit AG | 677 | 496422 |
| Georg Fischer AG<sup>(2)</sup> | 1335 | 106758 |
| Givaudan SA | 16 | 67385 |
| Helvetia Holding AG | 904 | 232667 |
| Huber & Suhner AG | 498 | 75365 |
| Idorsia Ltd.<sup>(1)</sup> | 281 | 971 |
| Implenia AG | 405 | 32320 |
| Inficon Holding AG<sup>(2)</sup> | 536 | 63681 |
| Interroll Holding AG | 17 | 47716 |
| Intershop Holding AG | 34 | 6556 |
| Julius Baer Group Ltd. | 5096 | 367961 |
| Kardex Holding AG | 81 | 33862 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kuehne & Nagel International AG | 790 | $161052 |
| LEM Holding SA<sup>(1)(2)</sup> | 15 | 9818 |
| Leonteq AG<sup>(2)</sup> | 234 | 4787 |
| Logitech International SA | 3524 | 363880 |
| Lonza Group AG | 520 | 369038 |
| Medacta Group SA | 115 | 20897 |
| Medmix AG<sup>(2)</sup> | 832 | 11173 |
| Mobilezone Holding AG | 994 | 13526 |
| Mobimo Holding AG<sup>(1)</sup> | 87 | 34372 |
| Montana Aerospace AG<sup>(1)</sup> | 998 | 31579 |
| Nestle SA | 7182 | 677482 |
| Novartis AG, ADR | 14602 | 1847883 |
| OC Oerlikon Corp. AG Pfaffikon<sup>(2)</sup> | 3076 | 11323 |
| Partners Group Holding AG | 404 | 554817 |
| Peach Property Group AG<sup>(1)</sup> | 200 | 1645 |
| PolyPeptide Group AG<sup>(1)(2)</sup> | 300 | 10164 |
| PSP Swiss Property AG | 597 | 99317 |
| Roche Holding AG | 5125 | 1671151 |
| Roche Holding AG, Bearer Shares | 230 | 78990 |
| Schindler Holding AG | 248 | 88695 |
| Schindler Holding AG, Bearer Participation Certificate | 418 | 155371 |
| Schweiter Technologies AG | 6 | 2361 |
| SGS SA | 1347 | 137408 |
| Siegfried Holding AG<sup>(1)(2)</sup> | 954 | 100126 |
| SIG Group AG<sup>(1)</sup> | 40 | 634 |
| Sika AG | 968 | 224631 |
| SKAN Group AG | 227 | 17435 |
| Softwareone Holding AG | 1549 | 13370 |
| Sonova Holding AG | 139 | 40489 |
| St. Galler Kantonalbank AG | 56 | 35280 |
| Stadler Rail AG | 1487 | 39579 |
| Straumann Holding AG | 632 | 74057 |
| Sulzer AG | 497 | 93135 |
| Swatch Group AG | 783 | 28898 |
| Swatch Group AG, Bearer Shares<sup>(2)</sup> | 431 | 77931 |
| Swiss Life Holding AG | 532 | 574909 |
| Swiss Prime Site AG<sup>(1)(2)</sup> | 1130 | 157164 |
| Swiss Re AG | 3182 | 576719 |
| Swisscom AG | 488 | 352812 |
| Swissquote Group Holding SA | 177 | 116071 |
| Tecan Group AG | 134 | 27649 |
| Temenos AG | 828 | 73624 |
| TX Group AG | 99 | 24229 |
| u-blox Holding AG<sup>(1)</sup> | 133 | 22537 |
| UBS Group AG | 26498 | 1073699 |
| Vontobel Holding AG | 1384 | 105575 |
| Zehnder Group AG | 479 | 42851 |
| Zurich Insurance Group AG | 1638 | 1196977 |
|  |  | 16745839 |
| **United Kingdom — 12.9%** |  |  |
| 3i Group PLC | 21112 | 1146988 |
| 4imprint Group PLC | 1322 | 60171 |
| Aberdeen Group PLC | 21997 | 57897 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Admiral Group PLC | 6468 | $316953 |
| Advanced Medical Solutions Group PLC | 128 | 350 |
| AG Barr PLC | 1693 | 15615 |
| Airtel Africa PLC | 8333 | 24974 |
| AJ Bell PLC | 13229 | 91326 |
| Anglo American PLC | 11141 | 343086 |
| Antofagasta PLC | 4568 | 132547 |
| Ashmore Group PLC | 6619 | 15962 |
| Ashtead Group PLC | 7439 | 548091 |
| ASOS PLC<sup>(1)(2)</sup> | 505 | 1893 |
| AstraZeneca PLC, ADR | 13833 | 1105257 |
| Auto Trader Group PLC | 19812 | 215146 |
| Aviva PLC | 24643 | 217005 |
| B&M European Value Retail SA | 16549 | 53827 |
| BAE Systems PLC | 12803 | 303442 |
| Barclays PLC, ADR | 57471 | 1128156 |
| Barratt Redrow PLC | 13845 | 67308 |
| Beazley PLC | 15797 | 167231 |
| Bellway PLC | 1895 | 59695 |
| Berkeley Group Holdings PLC | 1274 | 61999 |
| Bloomsbury Publishing PLC | 3015 | 19902 |
| Bodycote PLC | 4773 | 40381 |
| BT Group PLC | 172890 | 506186 |
| Bunzl PLC | 1274 | 43057 |
| Burberry Group PLC<sup>(1)</sup> | 2295 | 39842 |
| Bytes Technology Group PLC | 5692 | 31038 |
| Canal & SA | 9479 | 28904 |
| Central Asia Metals PLC | 8434 | 19336 |
| Centrica PLC | 157281 | 342009 |
| Chemring Group PLC | 7441 | 54003 |
| Clarkson PLC | 554 | 26168 |
| Close Brothers Group PLC<sup>(1)</sup> | 3752 | 23318 |
| CMC Markets PLC | 7104 | 21072 |
| Coats Group PLC | 67117 | 69613 |
| Coca-Cola HBC AG<sup>(1)</sup> | 4419 | 223532 |
| Cohort PLC | 1031 | 17868 |
| Compass Group PLC | 10419 | 354118 |
| Computacenter PLC | 2730 | 84848 |
| Convatec Group PLC | 9780 | 31267 |
| Crest Nicholson Holdings PLC | 6666 | 13549 |
| Croda International PLC | 947 | 32081 |
| Deliveroo PLC<sup>(1)</sup> | 7740 | 18665 |
| DFS Furniture PLC<sup>(1)</sup> | 11570 | 24393 |
| Diageo PLC, ADR<sup>(2)</sup> | 4011 | 448550 |
| Domino's Pizza Group PLC | 1615 | 4269 |
| dotdigital group PLC<sup>(2)</sup> | 2400 | 2231 |
| Dowlais Group PLC | 10980 | 11578 |
| Dr. Martens PLC | 27910 | 34217 |
| Drax Group PLC | 16052 | 140996 |
| Dunelm Group PLC | 4166 | 67623 |
| Elementis PLC | 12751 | 28019 |
| Experian PLC | 5626 | 291627 |
| FDM Group Holdings PLC | 6053 | 10408 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Firstgroup PLC | 33053 | $99297 |
| Foresight Group Holdings Ltd. | 3729 | 23236 |
| Forterra PLC | 7443 | 19257 |
| Foxtons Group PLC | 12919 | 9781 |
| Frasers Group PLC<sup>(1)</sup> | 3468 | 31685 |
| Frontier Developments PLC<sup>(1)</sup> | 159 | 803 |
| Funding Circle Holdings PLC<sup>(1)</sup> | 17227 | 33877 |
| Games Workshop Group PLC | 1267 | 264513 |
| Gamma Communications PLC | 2121 | 30280 |
| Genus PLC | 48 | 1692 |
| Georgia Capital PLC<sup>(1)</sup> | 1123 | 34551 |
| Grafton Group PLC | 6075 | 71765 |
| Grainger PLC | 15457 | 40644 |
| Greggs PLC | 3662 | 78101 |
| GSK PLC, ADR<sup>(2)</sup> | 27033 | 1072399 |
| Gym Group PLC<sup>(1)</sup> | 1480 | 2771 |
| Haleon PLC, ADR | 18109 | 177468 |
| Halfords Group PLC | 3907 | 7238 |
| Halma PLC | 169 | 7513 |
| Hays PLC | 41323 | 34815 |
| Helios Towers PLC<sup>(1)</sup> | 18645 | 33063 |
| Hikma Pharmaceuticals PLC | 5383 | 130042 |
| Hiscox Ltd. | 8234 | 145168 |
| Hollywood Bowl Group PLC | 7282 | 24829 |
| Howden Joinery Group PLC | 19364 | 219083 |
| HSBC Holdings PLC, ADR<sup>(2)</sup> | 29835 | 1923462 |
| Ibstock PLC | 9891 | 18475 |
| ICG PLC | 4659 | 137383 |
| IG Group Holdings PLC | 8707 | 133014 |
| IMI PLC | 3045 | 93571 |
| Impax Asset Management Group PLC | 3609 | 8956 |
| Inchcape PLC | 6982 | 62993 |
| Informa PLC | 962 | 11332 |
| IntegraFin Holdings PLC | 7252 | 34243 |
| InterContinental Hotels Group PLC | 662 | 80361 |
| International Workplace Group PLC | 14796 | 40545 |
| Intertek Group PLC | 1902 | 120638 |
| Investec PLC | 10086 | 73821 |
| IP Group PLC<sup>(1)</sup> | 35008 | 28412 |
| ITV PLC | 81705 | 90129 |
| J D Wetherspoon PLC | 3014 | 28283 |
| J Sainsbury PLC | 56796 | 229825 |
| JD Sports Fashion PLC | 52489 | 68133 |
| Johnson Matthey PLC | 3248 | 83883 |
| Johnson Service Group PLC | 24205 | 45497 |
| Jubilee Metals Group PLC<sup>(1)(2)</sup> | 8478 | 394 |
| Jupiter Fund Management PLC | 3955 | 6691 |
| Just Group PLC | 17550 | 50052 |
| Kainos Group PLC | 2847 | 27177 |
| Kingfisher PLC | 42469 | 147924 |
| Lancashire Holdings Ltd. | 10195 | 84187 |
| Legal & General Group PLC | 115258 | 385756 |
| Lion Finance Group PLC | 1265 | 125404 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Liontrust Asset Management PLC | 2867 | $13359 |
| Lloyds Banking Group PLC, ADR<sup>(2)</sup> | 204894 | 885142 |
| London Stock Exchange Group PLC | 915 | 113399 |
| M&G PLC | 24042 | 86119 |
| Man Group PLC | 34418 | 76053 |
| Marex Group PLC | 2542 | 89885 |
| Marks & Spencer Group PLC | 63666 | 297350 |
| Marshalls PLC | 1302 | 3144 |
| Marston's PLC<sup>(1)</sup> | 12893 | 6713 |
| Me Group International PLC | 5482 | 14812 |
| Mears Group PLC | 4104 | 19038 |
| Metro Bank Holdings PLC<sup>(1)</sup> | 960 | 1531 |
| Mitchells & Butlers PLC<sup>(1)</sup> | 5167 | 17991 |
| Molten Ventures PLC<sup>(1)</sup> | 4560 | 22076 |
| Mondi PLC | 3325 | 46807 |
| MONY Group PLC | 10547 | 28500 |
| Morgan Advanced Materials PLC | 6799 | 19395 |
| Morgan Sindall Group PLC | 1499 | 84657 |
| NatWest Group PLC, ADR | 40733 | 568633 |
| Next 15 Group PLC | 2476 | 8876 |
| Next PLC | 2832 | 457645 |
| Ninety One PLC | 5467 | 14020 |
| Ocado Group PLC<sup>(1)</sup> | 6284 | 28599 |
| OSB Group PLC | 10660 | 75983 |
| Oxford Nanopore Technologies PLC<sup>(1)(2)</sup> | 3948 | 9674 |
| Pagegroup PLC | 11579 | 37112 |
| Paragon Banking Group PLC | 5807 | 68203 |
| PayPoint PLC | 2546 | 24536 |
| Pearson PLC, ADR<sup>(2)</sup> | 6529 | 95128 |
| Pennon Group PLC | 7729 | 49451 |
| Persimmon PLC | 3256 | 46783 |
| Phoenix Group Holdings PLC | 12385 | 114075 |
| Pinewood Technologies Group PLC<sup>(1)</sup> | 535 | 3718 |
| Plus500 Ltd. | 3408 | 139654 |
| Polar Capital Holdings PLC | 2512 | 15604 |
| Pollen Street Group Ltd. | 1150 | 13680 |
| Prax Exploration & Production PLC<sup>(1)</sup> | 44885 | 1471 |
| Premier Foods PLC | 8854 | 22590 |
| Prudential PLC, ADR | 11676 | 310582 |
| QinetiQ Group PLC | 22297 | 143331 |
| Quilter PLC | 70124 | 155582 |
| Rathbones Group PLC | 974 | 24227 |
| Reach PLC | 20555 | 19110 |
| Reckitt Benckiser Group PLC | 9826 | 734664 |
| RELX PLC, ADR | 9764 | 455686 |
| Renishaw PLC | 200 | 8729 |
| Renold PLC<sup>(1)</sup> | 12027 | 13136 |
| Rentokil Initial PLC | 4282 | 21171 |
| Ricardo PLC | 2158 | 12333 |
| Rightmove PLC | 28988 | 290896 |
| Rockhopper Exploration PLC<sup>(1)</sup> | 22861 | 24732 |
| Rolls-Royce Holdings PLC | 49129 | 708457 |
| RS Group PLC | 4151 | 31710 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| RWS Holdings PLC | 2155 | $2570 |
| Sage Group PLC | 5453 | 79991 |
| Schroders PLC | 6593 | 33871 |
| Senior PLC | 1126 | 3052 |
| Severn Trent PLC | 2868 | 100184 |
| SIG PLC<sup>(1)</sup> | 51480 | 7311 |
| Smith & Nephew PLC, ADR<sup>(2)</sup> | 4423 | 165641 |
| Smiths Group PLC | 2069 | 65878 |
| Softcat PLC | 4248 | 92491 |
| Spectris PLC | 1387 | 75893 |
| Speedy Hire PLC | 8262 | 2973 |
| Spirax Group PLC | 288 | 28394 |
| Spire Healthcare Group PLC | 7096 | 20834 |
| Spirent Communications PLC | 3143 | 8326 |
| SSE PLC | 12348 | 288552 |
| SSP Group PLC | 17496 | 36394 |
| St. James's Place PLC | 11836 | 202959 |
| Standard Chartered PLC | 35484 | 664884 |
| SThree PLC | 2432 | 6407 |
| Strix Group PLC<sup>(1)</sup> | 3014 | 1876 |
| Synthomer PLC<sup>(1)</sup> | 4739 | 3883 |
| Tatton Asset Management PLC | 1057 | 10310 |
| Taylor Wimpey PLC | 48330 | 62524 |
| TBC Bank Group PLC | 1481 | 87596 |
| Tesco PLC | 160729 | 918734 |
| THG PLC<sup>(1)</sup> | 24557 | 9482 |
| TP ICAP Group PLC | 8423 | 31619 |
| Travis Perkins PLC | 4100 | 32983 |
| TUI AG<sup>(1)</sup> | 9879 | 101288 |
| Unilever PLC, ADR | 9000 | 568800 |
| United Utilities Group PLC | 15852 | 246277 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 10425 | 16063 |
| Vertu Motors PLC | 10366 | 8334 |
| Vesuvius PLC | 5852 | 29584 |
| Vistry Group PLC<sup>(1)</sup> | 5505 | 45462 |
| Vodafone Group PLC, ADR | 46270 | 553389 |
| Watkin Jones PLC<sup>(1)(2)</sup> | 1519 | 580 |
| Weir Group PLC | 5913 | 196926 |
| WH Smith PLC | 1741 | 16243 |
| Whitbread PLC | 2213 | 94215 |
| Wickes Group PLC | 16401 | 44269 |
| Wise PLC, Class A<sup>(1)</sup> | 18186 | 259077 |
| WPP PLC, ADR<sup>(2)</sup> | 362 | 9607 |
| XP Power Ltd.<sup>(1)</sup> | 680 | 8205 |
| Yellow Cake PLC<sup>(1)</sup> | 5714 | 39896 |
| Zigup PLC | 11733 | 49922 |
|  |  | 27883500 |
| **United States — 0.4%** |  |  |
| Atlassian Corp., Class A<sup>(1)</sup> | 568 | 100979 |
| Gen Digital, Inc. | 2 | 61 |
| Golar LNG Ltd. | 3038 | 133125 |
| Newmont Corp. | 4220 | 313350 |
| Primo Brands Corp., Class A | 2500 | 62775 |

---

------

Schedule of Investments - Avantis Responsible International Equity ETF

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Quanex Building Products Corp. | 32 | $681 |
| Smurfit WestRock PLC | 4081 | 193276 |
|  |  | 804247 |
| **TOTAL COMMON STOCKS**<br>(Cost $161,551,442) |  | **215026599** |
| **WARRANTS — 0.0%** |  |  |
| **Australia — 0.0%** |  |  |
| Magellan Financial Group Ltd.<sup>(1)(2)</sup> | 4 |  |
| **Canada — 0.0%** |  |  |
| Constellation Software, Inc.<sup>(1)</sup> | 144 | 1 |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)</sup> | 3546 | 9542 |
| Haiki Cobat SpA Societa' Benefit<sup>(1)</sup> | 18 | 2 |
| Innovatec SpA<sup>(1)</sup> | 18 | 1 |
|  |  | 9545 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **9546** |
| **RIGHTS — 0.0%** |  |  |
| **United States — 0.0%** |  |  |
| Resolute Forest Products, Inc.<sup>(1)</sup><br>(Cost $1,342) | 1220 | **1134** |
| **SHORT-TERM INVESTMENTS — 2.1%** |  |  |
| **Money Market Funds — 2.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 315850 | 315850 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 4252459 | 4252459 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $4,568,309) |  | **4568309** |
| **TOTAL INVESTMENT SECURITIES — 101.7%**<br>(Cost $166,121,093) |  | **219605588** |
| **OTHER ASSETS AND LIABILITIES — (1.7)%** |  | **(3724141)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**215881447** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | |
| **(as a % of net assets)** | |
| Financials | 30.1% |
| Industrials | 19.7% |
| Consumer Discretionary | 12.7% |
| Information Technology | 7.3% |
| Health Care | 7.0% |
| Materials | 6.5% |
| Communication Services | 5.9% |
| Consumer Staples | 5.7% |
| Real Estate | 2.3% |
| Utilities | 2.1% |
| Energy | 0.3% |
| Short-Term Investments | 2.1% |
| Other Assets and Liabilities | (1.7)% |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |
| CVA | – | Certificaten Van Aandelen |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $13,445,582. 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 $14,200,602, which includes securities collateral of $9,948,143.

------

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 | $47748 | $13866233 |  |
| &nbsp;&nbsp;&nbsp;Belgium | 439316 | 1707661 |  |
| &nbsp;&nbsp;&nbsp;Canada | 249478 | 23934245 |  |
| &nbsp;&nbsp;&nbsp;Denmark | 1067801 | 2740583 |  |
| &nbsp;&nbsp;&nbsp;Finland | 54885 | 1962367 |  |
| &nbsp;&nbsp;&nbsp;France | 801021 | 17763474 |  |
| &nbsp;&nbsp;&nbsp;Germany | 1645613 | 16091735 |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 17261 | 3892627 |  |
| &nbsp;&nbsp;&nbsp;Israel | 529600 | 2112627 |  |
| &nbsp;&nbsp;&nbsp;Japan | 5563685 | 39973396 |  |
| &nbsp;&nbsp;&nbsp;Netherlands | 2844460 | 4745604 |  |
| &nbsp;&nbsp;&nbsp;Singapore | 399037 | 3124475 |  |
| &nbsp;&nbsp;&nbsp;Spain | 2181294 | 4026081 |  |
| &nbsp;&nbsp;&nbsp;Sweden | 1236093 | 6015237 |  |
| &nbsp;&nbsp;&nbsp;Switzerland | 2921582 | 13824257 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 9557785 | 18325715 |  |
| &nbsp;&nbsp;&nbsp;United States | 490836 | 313411 |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 10559376 |  |
| Warrants |  | 9546 |  |
| Rights | 1134 |  |  |
| Short-Term Investments | 4568309 |  |  |
|  | $34616938 | $184988650 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** |
| **Assets** | **Assets** | |
| Investment securities, at value | $12036476096 | $159446668 |
| Investment made with cash collateral received for securities on loan, at value | 128016556 | 1944336 |
| Cash |  | 2667 |
| Foreign currency holdings, at value | 21780950 | 103462 |
| Dividends and interest receivable | 29428993 | 448797 |
| Securities lending receivable | 1282212 | 1400 |
| Other assets | 8803 |  |
|  | 12216993610 | 161947330 |
| **Liabilities** |  |  |
| Disbursements in excess of demand deposit cash | 4670606 |  |
| Payable for collateral received for securities on loan | 128016556 | 1944336 |
| Payable for investments purchased | 19068882 | 51306 |
| Accrued management fees | 3308223 | 46075 |
| Accrued foreign taxes | 50582642 |  |
|  | 205646909 | 2041717 |
| **Net Assets** | $12011346701 | $159905613 |
| Shares outstanding (unlimited number of shares authorized) | 169250000 | 2820000 |
| **Net Asset Value Per Share** | $70.97 | $56.70 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $9905315189 | $149511682 |
| Distributable earnings (loss) | 2106031512 | 10393931 |
|  | $12011346701 | $159905613 |
| Investment securities, at cost | $9795123066 | $149891072 |
| Investment securities on loan, at value | $794755295 | $2397271 |
| Investment made with cash collateral received for securities on loan, at cost | $128016556 | $1944336 |
| Foreign currency holdings, at cost | $21786517 | $103653 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Value ETF** |
| **Assets** | **Assets** | **Assets** |
| Investment securities, at value | $53249240 | $778512065 |
| Investment made with cash collateral received for securities on loan, at value | 441920 | 6205844 |
| Foreign currency holdings, at value | 52548 | 2932050 |
| Dividends and interest receivable | 102992 | 3413792 |
| Securities lending receivable | 5280 | 85567 |
|  | 53851980 | 791149318 |
| **Liabilities** |  |  |
| Disbursements in excess of demand deposit cash |  | 94030 |
| Payable for collateral received for securities on loan | 441920 | 6205844 |
| Payable for investments purchased | 19078 | 2556449 |
| Accrued management fees | 19360 | 235319 |
| Accrued foreign taxes | 76149 | 5596015 |
|  | 556507 | 14687657 |
| **Net Assets** | $53295473 | $776461661 |
| Shares outstanding (unlimited number of shares authorized) | 850000 | 14000000 |
| **Net Asset Value Per Share** | $62.70 | $55.46 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $49220986 | $690648223 |
| Distributable earnings (loss) | 4074487 | 85813438 |
|  | $53295473 | $776461661 |
| Investment securities, at cost | $48923554 | $639562486 |
| Investment securities on loan, at value | $2029839 | $58935969 |
| Investment made with cash collateral received for securities on loan, at cost | $441920 | $6205844 |
| Foreign currency holdings, at cost | $52699 | $2932398 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis International Equity ETF** | **Avantis International Large Cap Value ETF** |
| **Assets** | | |
| Investment securities, at value | $8720858811 | $828796246 |
| Investment made with cash collateral received for securities on loan, at value | 111777459 | 17532251 |
| Cash | 8793293 |  |
| Foreign currency holdings, at value | 967746 | 19 |
| Receivable for investments sold | 442380 |  |
| Receivable for capital shares sold | 30876288 |  |
| Dividends and interest receivable | 27293769 | 2904515 |
| Securities lending receivable | 177317 | 11871 |
|  | 8901187063 | 849244902 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 111777459 | 17532251 |
| Payable for investments purchased | 31319732 |  |
| Accrued management fees | 1665124 | 174495 |
| Accrued other expenses | 182954 | 13706 |
|  | 144945269 | 17720452 |
| **Net Assets** | $8756241794 | $831524450 |
| Shares outstanding (unlimited number of shares authorized) | 114050000 | 12660000 |
| **Net Asset Value Per Share** | $76.78 | $65.68 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $7027234259 | $732404453 |
| Distributable earnings (loss) | 1729007535 | 99119997 |
|  | $8756241794 | $831524450 |
| Investment securities, at cost | $6910546573 | $701861483 |
| Investment securities on loan, at value | $291075378 | $37996221 |
| Investment made with cash collateral received for securities on loan, at cost | $111777459 | $17532251 |
| Foreign currency holdings, at cost | $967766 | $19 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Value ETF** |
| **Assets** | | |
| Investment securities, at value | $125712649 | $11713339412 |
| Investment securities - affiliated, at value |  | 10229389 |
| Investment made with cash collateral received for securities on loan, at value | 1088444 | 89312457 |
| Cash |  | 4482593 |
| Foreign currency holdings, at value | 116998 | 1448020 |
| Receivable for investments sold | 34278 |  |
| Receivable for capital shares sold |  | 33488330 |
| Dividends and interest receivable | 245977 | 31919783 |
| Securities lending receivable | 8998 | 207487 |
|  | 127207344 | 11884427471 |
| **Liabilities** |  |  |
| Disbursements in excess of demand deposit cash | 277 |  |
| Payable for collateral received for securities on loan | 1088444 | 89312457 |
| Payable for investments purchased | 157813 | 33729871 |
| Accrued management fees | 30269 | 3471284 |
|  | 1276803 | 126513612 |
| **Net Assets** | $125930541 | $11757913859 |
| Shares outstanding (unlimited number of shares authorized) | 1920000 | 137400000 |
| **Net Asset Value Per Share** | $65.59 | $85.57 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $108265899 | $9615430581 |
| Distributable earnings (loss) | 17664642 | 2142483278 |
|  | $125930541 | $11757913859 |
| Investment securities, at cost | $107931040 | $9222869258 |
| Investment securities on loan, at value | $4802948 | $226498049 |
| Investment securities - affiliated, at cost |  | $9219657 |
| Investment securities on loan - affiliated, at value |  | $490657 |
| Investment made with cash collateral received for securities on loan, at cost | $1088444 | $89312457 |
| Foreign currency holdings, at cost | $117013 | $1447697 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | **AUGUST 31, 2025** | |
| | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible International Equity ETF** |
| **Assets** | **Assets** | |
| Investment securities, at value | $148194528 | $215353129 |
| Investment made with cash collateral received for securities on loan, at value | 1707705 | 4252459 |
| Cash | 4015 |  |
| Foreign currency holdings, at value | 63833 | 35191 |
| Receivable for investments sold |  | 46816 |
| Receivable for capital shares sold |  | 6964410 |
| Dividends and interest receivable | 267292 | 616457 |
| Securities lending receivable | 4015 | 4196 |
|  | 150241388 | 227272658 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 1707705 | 4252459 |
| Payable for investments purchased |  | 7098863 |
| Accrued management fees | 41270 | 39889 |
| Accrued foreign taxes | 872377 |  |
|  | 2621352 | 11391211 |
| **Net Assets** | $147620036 | $215881447 |
| Shares outstanding (unlimited number of shares authorized) | 2450000 | 3100000 |
| **Net Asset Value Per Share** | $60.25 | $69.64 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $120557204 | $163426783 |
| Distributable earnings (loss) | 27062832 | 52454664 |
|  | $147620036 | $215881447 |
| Investment securities, at cost | $118788743 | $161868634 |
| Investment securities on loan, at value | $3732885 | $13445582 |
| Investment made with cash collateral received for securities on loan, at cost | $1707705 | $4252459 |
| Foreign currency holdings, at cost | $64037 | $35146 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $291592556 | $3200140 |
| Securities lending, net | 6652781 | 7776 |
| Interest | 460407 | 9715 |
| Less foreign taxes withheld | (37595299) | (511808) |
|  | 261110445 | 2705823 |
| **Expenses:** |  |  |
| Management fees | 27564200 | 283184 |
| Trustees' fees and expenses |  | 1711 |
| Other expenses | 104 | 604 |
|  | 27564304 | 285499 |
| **Net investment income (loss)** | 233546141 | 2420324 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions\* | 39931781 | 1024820 |
| Foreign currency translation transactions | (4402885) | (157948) |
|  | 35528896 | 866872 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments\*\* | 1450657419 | 8809924 |
| Translation of assets and liabilities in foreign currencies | (284561) | (1818) |
|  | 1450372858 | 8808106 |
| **Net realized and unrealized gain (loss)** | 1485901754 | 9674978 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1719447895 | $12095302 |
| \*Net of foreign tax expenses paid (refunded) | $180882 |  |
| \*\*Includes (increase) decrease in accrued foreign taxes | $26357304 | $79395 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $1155816 | $26012621 |
| Securities lending, net | 38367 | 369387 |
| Interest | 4793 | 44830 |
| Less foreign taxes withheld | (134631) | (3686722) |
|  | 1064345 | 22740116 |
| **Expenses:** |  |  |
| Management fees | 140100 | 2147216 |
| Trustees' fees and expenses | 662 |  |
| Other expenses |  | 6303 |
|  | 140762 | 2153519 |
| **Net investment income (loss)** | 923583 | 20586597 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions\* | 2040731 | 7269881 |
| Foreign currency translation transactions | (46157) | (339290) |
|  | 1994574 | 6930591 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments\*\* | 3546006 | 83983245 |
| Translation of assets and liabilities in foreign currencies | 134 | (55237) |
|  | 3546140 | 83928008 |
| **Net realized and unrealized gain (loss)** | 5540714 | 90858599 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $6464297 | $111445196 |
| \*Net of foreign tax expenses paid (refunded) | $268 | $96441 |
| \*\*Includes (increase) decrease in accrued foreign taxes | $78180 | $1282347 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis International Equity ETF** | **Avantis International Large Cap Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $222413742 | $23006459 |
| Securities lending, net | 1528813 | 163552 |
| Interest | 278267 | 56230 |
| Less foreign taxes withheld | (22018311) | (2326251) |
|  | 202202511 | 20899990 |
| **Expenses:** |  |  |
| Management fees | 14238392 | 1493702 |
| Other expenses | 193866 | 19075 |
|  | 14432258 | 1512777 |
| **Net investment income (loss)** | 187770253 | 19387213 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 66671300 | 43579658 |
| Foreign currency translation transactions | (136866) | 96436 |
|  | 66534434 | 43676094 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 1010203697 | 86323481 |
| Translation of assets and liabilities in foreign currencies | 386588 | 42060 |
|  | 1010590285 | 86365541 |
| **Net realized and unrealized gain (loss)** | 1077124719 | 130041635 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1264894972 | $149428848 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis International Small Cap Equity ETF** | **Avantis International Small Cap Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $2403614 | $342386807 |
| Securities lending, net | 45822 | 2548330 |
| Interest | 9044 | 574981 |
| Less foreign taxes withheld | (264133) | (35268724) |
|  | 2194347 | 310241394 |
| **Expenses:** |  |  |
| Management fees | 201332 | 28367818 |
| Trustees' fees and expenses | 1337 |  |
| Other expenses | 400 | 162914 |
|  | 203069 | 28530732 |
| **Net investment income (loss)** | 1991278 | 281710662 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 2574391 | 480405840 |
| Investments transactions - affiliated |  | (9516) |
| Foreign currency translation transactions | 6504 | (469928) |
|  | 2580895 | 479926396 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 15317534 | 1597042059 |
| Investments - affiliated |  | 1877165 |
| Translation of assets and liabilities in foreign currencies | (862) | 196379 |
|  | 15316672 | 1599115603 |
| **Net realized and unrealized gain (loss)** | 17897567 | 2079041999 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $19888845 | $2360752661 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Responsible Emerging Markets Equity ETF** | **Avantis Responsible International Equity ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Dividends | $3415394 | $5556826 |
| Securities lending, net | 29168 | 44262 |
| Interest | 11966 | 20191 |
| Less foreign taxes withheld | (469238) | (594418) |
|  | 2987290 | 5026861 |
| **Expenses:** |  |  |
| Management fees | 341232 | 378325 |
| Other expenses |  | 125 |
|  | 341232 | 378450 |
| **Net investment income (loss)** | 2646058 | 4648411 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions\* | 1603890 | 4267179 |
| Foreign currency translation transactions | (57231) | 14018 |
|  | 1546659 | 4281197 |
| **Change in net unrealized appreciation (depreciation) on:** | **Change in net unrealized appreciation (depreciation) on:** | **Change in net unrealized appreciation (depreciation) on:** |
| Investments\*\* | 16304785 | 24570506 |
| Translation of assets and liabilities in foreign currencies | (1396) | 9149 |
|  | 16303389 | 24579655 |
| **Net realized and unrealized gain (loss)** | 17850048 | 28860852 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $20496106 | $33509263 |
| \*Net of foreign tax expenses paid (refunded) | $249 |  |
| \*\*Includes (increase) decrease in accrued foreign taxes | $103780 |  |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** |
| | **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** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024**<sup>(1)</sup> |
| **Operations** | **Operations** | **Operations** | | |
| Net investment income (loss) | $233546141 | $139816123 | $2420324 | $162317 |
| Net realized gain (loss) | 35528896 | (29127887) | 866872 | (57747) |
| Change in net unrealized appreciation (depreciation) | 1450372858 | 701246799 | 8808106 | 745665 |
| Net increase (decrease) in net assets resulting from operations | 1719447895 | 811935035 | 12095302 | 850235 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (262858235) | (144404580) | (1398594) | (33024) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 4378385613 | 1813823350 | 126879263 | 24897258 |
| Payments for shares redeemed | (106768560) | (9194430) | (3440964) |  |
| Other capital | 108903 | 66571 | 43788 | 12349 |
| Net increase (decrease) in net assets from capital share transactions | 4271725956 | 1804695491 | 123482087 | 24909607 |
| **Net increase (decrease) in net assets** | 5728315616 | 2472225946 | 134178795 | 25726818 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 6283031085 | 3810805139 | 25726818 |  |
| End of period | $12011346701 | $6283031085 | $159905613 | $25726818 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 68600000 | 31750000 | 2400000 | 480000 |
| Redeemed | (1550000) | (150000) | (60000) |  |
| Net increase (decrease) in shares of the funds | 67050000 | 31600000 | 2340000 | 480000 |

---

(1)March 19, 2024 (fund inception) through August 31, 2024.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** |
| | **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** | **August 31, 2025** | **August 31, 2024**<sup>(1)</sup> | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $923583 | $358705 | $20586597 | $13569528 |
| Net realized gain (loss) | 1994574 | (28634) | 6930591 | (742145) |
| Change in net unrealized appreciation (depreciation) | 3546140 | 703349 | 83928008 | 48647546 |
| Net increase (decrease) in net assets resulting from operations | 6464297 | 1033420 | 111445196 | 61474929 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (924500) | (153180) | (25106776) | (14181360) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 31263274 | 21475758 | 282419162 | 204383774 |
| Payments for shares redeemed | (5907075) |  | (93077868) | (40503072) |
| Other capital | 25341 | 18138 | 151171 | 196948 |
| Net increase (decrease) in net assets from capital share transactions | 25381540 | 21493896 | 189492465 | 164077650 |
| **Net increase (decrease) in net assets** | 30921337 | 22374136 | 275830885 | 211371219 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 22374136 |  | 500630776 | 289259557 |
| End of period | $53295473 | $22374136 | $776461661 | $500630776 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 550000 | 400000 | 5680000 | 4360000 |
| Redeemed | (100000) |  | (1800000) | (840000) |
| Net increase (decrease) in shares of the funds | 450000 | 400000 | 3880000 | 3520000 |

---

(1)November 7, 2023 (fund inception) through August 31, 2024.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **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** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $187770253 | $121513671 | $19387213 | $11376899 |
| Net realized gain (loss) | 66534434 | (2555526) | 43676094 | 21419119 |
| Change in net unrealized appreciation (depreciation) | 1010590285 | 628126558 | 86365541 | 24347720 |
| Net increase (decrease) in net assets resulting from operations | 1264894972 | 747084703 | 149428848 | 57143738 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (195347485) | (130956450) | (19163223) | (12584892) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 2670405509 | 1445540134 | 516780943 | 242726111 |
| Payments for shares redeemed | (210743977) | (40340045) | (237226296) | (117531000) |
| Other capital | 11042 | 22197 | 73692 | 20466 |
| Net increase (decrease) in net assets from capital share transactions | 2459672574 | 1405222286 | 279628339 | 125215577 |
| **Net increase (decrease) in net assets** | 3529220061 | 2021350539 | 409893964 | 169774423 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 5227021733 | 3205671194 | 421630486 | 251856063 |
| End of period | $8756241794 | $5227021733 | $831524450 | $421630486 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 38250000 | 23800000 | 8970000 | 4680000 |
| Redeemed | (3200000) | (650000) | (3930000) | (2220000) |
| Net increase (decrease) in shares of the funds | 35050000 | 23150000 | 5040000 | 2460000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **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** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $1991278 | $392392 | $281710662 | $161928595 |
| Net realized gain (loss) | 2580895 | (87085) | 479926396 | 98004528 |
| Change in net unrealized appreciation (depreciation) | 15316672 | 2603571 | 1599115603 | 857796821 |
| Net increase (decrease) in net assets resulting from operations | 19888845 | 2908878 | 2360752661 | 1117729944 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (1870028) | (306696) | (326691165) | (175482258) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 80076442 | 30966760 | 4334297880 | 2780473656 |
| Payments for shares redeemed | (9661768) |  | (1218375153) | (566885106) |
| Other capital | 23436 | 8178 | 8912 | 7896 |
| Net increase (decrease) in net assets from capital share transactions | 70438110 | 30974938 | 3115931639 | 2213596446 |
| **Net increase (decrease) in net assets** | 88456927 | 33577120 | 5149993135 | 3155844132 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 37473614 | 3896494 | 6607920724 | 3452076592 |
| End of period | $125930541 | $37473614 | $11757913859 | $6607920724 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1400000 | 600000 | 59190000 | 46080000 |
| Redeemed | (160000) |  | (17280000) | (9060000) |
| Net increase (decrease) in shares of the funds | 1240000 | 600000 | 41910000 | 37020000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **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** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $2646058 | $1722987 | $4648411 | $3691231 |
| Net realized gain (loss) | 1546659 | 912996 | 4281197 | 1084223 |
| Change in net unrealized appreciation (depreciation) | 16303389 | 8795464 | 24579655 | 21674506 |
| Net increase (decrease) in net assets resulting from operations | 20496106 | 11431447 | 33509263 | 26449960 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (3257760) | (2117050) | (5101190) | (3921780) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 54669855 | 17343870 | 51471481 | 27958155 |
| Payments for shares redeemed | (5783385) | (2617900) | (13098875) | (2968205) |
| Other capital | 28549 | 22271 | 24048 | 7775 |
| Net increase (decrease) in net assets from capital share transactions | 48915019 | 14748241 | 38396654 | 24997725 |
| **Net increase (decrease) in net assets** | 66153365 | 24062638 | 66804727 | 47525905 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 81466671 | 57404033 | 149076720 | 101550815 |
| End of period | $147620036 | $81466671 | $215881447 | $149076720 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1000000 | 350000 | 800000 | 550000 |
| Redeemed | (100000) | (50000) | (200000) | (50000) |
| Net increase (decrease) in shares of the funds | 900000 | 300000 | 600000 | 500000 |

---

See Notes to Financial Statements.

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Notes to Financial Statements

**AUGUST 31, 2025**

**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 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

------

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 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.

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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 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% |

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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 Emerging Markets Small Cap Equity ETF | American Century ETF Trust | 12% |
| Avantis Emerging Markets Value ETF | American Century ETF Trust | 11% |
| Avantis International Large Cap Value ETF | American Century ETF Trust | 17% |
| Avantis International Small Cap Equity ETF | American Century ETF Trust | 5% |

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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 August 31, 2025 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $3085894181 | $89688710 | $29766536 | $328751014 | $650524825 |
| Sales | $25568587 | $775816 | $1155938 | $71504560 | $179500704 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $382806826 | $43188526 | $1567978076 | $46578266 | $42999099 |
| Sales | $63104698 | $3804981 | $347850993 | $2187117 | $4332014 |

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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 August 31, 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| | **In kind Subscriptions** | **In kind Redemptions** | **In kind Net Realized<br>Gain/(Loss)\*** |
| Avantis Emerging Markets Equity ETF | $1271880389 | $108322464 | $51724642 |
| Avantis Emerging Markets ex-China Equity ETF | $38435362 | $3396659 | $1096492 |
| Avantis Emerging Markets Small Cap Equity ETF | $2488121 | $5772872 | $2287870 |
| Avantis Emerging Markets Value ETF | $17734770 | $92611155 | $27218300 |
| Avantis International Equity ETF | $2189972689 | $209296822 | $93681640 |
| Avantis International Large Cap Value ETF | $197579415 | $238368265 | $54517849 |
| Avantis International Small Cap Equity ETF | $41052085 | $9560385 | $2739988 |
| Avantis International Small Cap Value ETF | $3119949065 | $1202816770 | $530955519 |
| Avantis Responsible Emerging Markets Equity ETF | $9492214 | $5879312 | $2166480 |
| Avantis Responsible International Equity ETF | $12852307 | $13010299 | $4807044 |

---

\*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 tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Avantis Emerging Markets Equity ETF | $262858235 |  | $144404580 |  |
| Avantis Emerging Markets ex-China Equity ETF | $1398594 |  | $33024<sup>(1)</sup> | —<sup>(1)</sup> |
| Avantis Emerging Markets Small Cap Equity ETF | $924500 |  | $153180<sup>(2)</sup> | —<sup>(2)</sup> |
| Avantis Emerging Markets Value ETF | $25106776 |  | $14181360 |  |
| Avantis International Equity ETF | $195347485 |  | $130956450 |  |
| Avantis International Large Cap Value ETF | $19163223 |  | $12584892 |  |
| Avantis International Small Cap Equity ETF | $1870028 |  | $306696 |  |
| Avantis International Small Cap Value ETF | $326691165 |  | $175482258 |  |
| Avantis Responsible Emerging Markets Equity ETF | $3257760 |  | $2117050 |  |
| Avantis Responsible International Equity ETF | $5101190 |  | $3921780 |  |

---

(1)March 19, 2024 (fund inception) through August 31, 2024.

(2)November 7, 2023 (fund inception) through August 31, 2024.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Avantis Emerging Markets Equity ETF** | **Avantis Emerging Markets ex-China Equity ETF** | **Avantis Emerging Markets Small Cap Equity ETF** | **Avantis Emerging Markets Value ETF** | **Avantis International Equity ETF** |
| Capital paid in | $49539703 | $1119988 | $2345550 | $27018655 | $90025399 |
| Distributable earnings (loss) | $(49539703) | $(1119988) | $(2345550) | $(27018655) | $(90025399) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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** |
| Capital paid in | $56472521 | $2823334 | $518959517 | $2197791 | $5005898 |
| Distributable earnings (loss) | $(56472521) | $(2823334) | $(518959517) | $(2197791) | $(5005898) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Avantis Emerging Markets Equity 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 | $10056981533 | $152517929 | $49861837 | $656225829 | $7062796459 |
| Gross tax appreciation of investments | $2682538127 | $16491512 | $7750097 | $162206800 | $2019037832 |
| Gross tax depreciation of investments | (575027008) | (7618437) | (3920774) | (33714720) | (249198021) |
| Net tax appreciation (depreciation) of investments | 2107511119 | 8873075 | 3829323 | 128492080 | 1769839811 |
| Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies | (50823205) | (1825) | (76197) | (5645920) | 773049 |
| Net tax appreciation (depreciation) | $2056687914 | $8871250 | $3753126 | $122846160 | $1770612860 |
| Undistributed ordinary income | $123752433 | $1599308 | $580509 | $8198300 | $43257847 |
| Accumulated short-term capital losses | $(20024856) | $(76627) | $(191607) | $(20978024) | $(36820084) |
| Accumulated long-term capital losses | $(54383979) |  | $(67541) | $(24252998) | $(48043088) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **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 | $726140002 | $109667720 | $9470001526 | $122587939 | $167457751 |
| Gross tax appreciation of investments | $133672326 | $19991889 | $2698904758 | $33757724 | $58439309 |
| Gross tax depreciation of investments | (13483831) | (2858516) | (356025026) | (6443430) | (6291472) |
| Net tax appreciation (depreciation) of investments | 120188495 | 17133373 | 2342879732 | 27314294 | 52147837 |
| Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies | 75112 | 346 | 573909 | (873709) | 19696 |
| Net tax appreciation (depreciation) | $120263607 | $17133719 | $2343453641 | $26440585 | $52167533 |
| Undistributed ordinary income | $3428187 | $746178 | $121635035 | $1607511 | $957820 |
| Accumulated short-term capital losses | $(15634177) | $(125173) | $(143628061) | $(338551) | $(99256) |
| Accumulated long-term capital losses | $(8937620) | $(90082) | $(178977337) | $(646713) | $(571433) |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation), if any, is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.

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

------

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** |
| 2025 | $61.48 | 1.77 | 9.74 | 11.51 | (2.02) | 0.00<sup>(4)</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>(4)</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>(4)</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)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** |
| 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>(4)</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)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** |
| 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>(4)</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)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** |
| 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>(4)</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)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** |
| 2025 | $66.16 | 2.06 | 10.66 | 12.72 | (2.10) | 0.00<sup>(4)</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>(4)</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>(4)</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)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** |
| 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>(4)</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>(5)</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)Per-share amount was less than $0.005.

(5)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** |
| 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>(4)</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)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** |
| 2025 | $69.20 | 2.58 | 16.86 | 19.44 | (3.07) | 0.00<sup>(4)</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>(4)</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>(4)</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)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** |
| 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>(4)</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)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** |
| 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>(4)</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>(5)</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)Per-share amount was less than $0.005.

(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.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis<sup>®</sup> Emerging Markets Equity ETF, Avantis<sup>®</sup> Emerging Markets ex-China Equity ETF, Avantis<sup>®</sup> Emerging Markets Small Cap Equity ETF, Avantis<sup>®</sup> Emerging Markets Value ETF, Avantis<sup>®</sup> International Equity ETF, Avantis<sup>®</sup> International Large Cap Value ETF, Avantis<sup>®</sup> International Small Cap Equity ETF, Avantis<sup>®</sup> International Small Cap Value ETF, Avantis<sup>®</sup> Responsible Emerging Markets Equity ETF, and Avantis<sup>®</sup> Responsible International Equity ETF (the "Funds"), ten of the funds constituting the American Century ETF Trust, as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting the American Century ETF Trust** | **Statement of**<br>**Operations** | **Statements of Changes in Net Assets** | **Financial Highlights** |
| Avantis® Emerging Markets Equity ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| Avantis® Emerging Markets ex-China Equity ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025, and the period from March 19, 2024 (fund inception) through August 31, 2024 | For the year ended August 31, 2025, and the period from March 19, 2024 (fund inception) through August 31, 2024 |
| Avantis® Emerging Markets Small Cap Equity ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025, and the period from November 7, 2023 (fund inception) through August 31, 2024 | For the year ended August 31, 2025, and the period from November 7, 2023 (fund inception) through August 31, 2024 |
| Avantis® Emerging Markets Value ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, and 2023, and the period from September 28, 2021 (fund inception) through August 31, 2022 |
| Avantis® International Equity ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| Avantis® International Large Cap Value ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, and 2023, and the period from September 28, 2021 (fund inception) through August 31, 2022 |
| Avantis® International Small Cap Equity ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025 and 2024, and the period from July 18, 2023 (fund inception) through August 31, 2023 |
| Avantis® International Small Cap Value ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| Avantis® Responsible Emerging Markets Equity ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, and 2023, and the period from March 28, 2022 (fund inception) through August 31, 2022 |
| Avantis® Responsible International Equity ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, and 2023, and the period from March 15, 2022 (fund inception) through August 31, 2022 |

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**Basis for Opinion**

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

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

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 16, 2025

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

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Approval of Management Agreements

At a meeting held on June 11, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the renewal of the management agreements pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each 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 those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

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

**Factors Considered** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans, if applicable)

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

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

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

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

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

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

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

------

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

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

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

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**Avantis Emerging Markets Equity ETF** - The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis Emerging Markets ex-China Equity ETF** - The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group.

**Avantis Emerging Markets Small Cap Equity ETF** - The Fund's performance was below its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group.

**Avantis Emerging Markets Value ETF** - The Fund's performance was above its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**Avantis International Equity ETF** - The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis International Large Cap Value ETF** - The Fund's performance was below its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis International Small Cap Equity ETF** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group.

**Avantis International Small Cap Value ETF** - The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was within the range of its peer expense group.

**Avantis Responsible Emerging Markets Equity ETF** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis Responsible International Equity ETF** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group.

------

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

------

**Other Tax Information**

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2025.

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended August 31, 2025.

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| | |
|:---|:---|
| | **Corporate Dividends Received Deduction** |
| Avantis Emerging Markets Equity ETF | $566195 |
| Avantis Emerging Markets ex-China Equity ETF | $2501 |
| Avantis Emerging Markets Small Cap Equity ETF |  |
| Avantis Emerging Markets Value ETF | $602 |
| Avantis International Equity ETF | $167175 |
| Avantis International Large Cap Value ETF |  |
| Avantis International Small Cap Equity ETF | $3494 |
| Avantis International Small Cap Value ETF | $613094 |
| Avantis Responsible Emerging Markets Equity ETF | $11320 |
| Avantis Responsible International Equity ETF | $6950 |

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For the fiscal year ended August 31, 2025, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Foreign Tax Credit** | **Foreign Tax Credit** | **Foreign Source Income** | **Foreign Source Income** |
| | **Amount** | **Per Outstanding Share** | **Amount** | **Per Outstanding Share** |
| Avantis Emerging Markets Equity ETF | $32629989 | $0.1928 | $261028889 | $1.5423 |
| Avantis Emerging Markets ex-China Equity ETF | $509416 | $0.1806 | $3168164 | $1.1235 |
| Avantis Emerging Markets Small Cap Equity ETF | $134899 | $0.1587 | $1140878 | $1.3422 |
| Avantis Emerging Markets Value ETF | $3511553 | $0.2508 | $24403526 | $1.7431 |
| Avantis International Equity ETF | $21224600 | $0.1861 | $220527643 | $1.9336 |
| Avantis International Large Cap Value ETF | $2274982 | $0.1797 | $22891968 | $1.8082 |
| Avantis International Small Cap Equity ETF | $262904 | $0.1369 | $2390498 | $1.2451 |
| Avantis International Small Cap Value ETF | $34514900 | $0.2512 | $339215293 | $2.4688 |
| Avantis Responsible Emerging Markets Equity ETF | $467008 | $0.1906 | $3372981 | $1.3767 |
| Avantis Responsible International Equity ETF | $592817 | $0.1912 | $5534531 | $1.7853 |

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The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization) during the period ended August 31, 2025.

---

| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| Avantis Emerging Markets Equity ETF | $92489 |
| Avantis Emerging Markets ex-China Equity ETF | $30699 |
| Avantis Emerging Markets Small Cap Equity ETF | $140164 |
| Avantis Emerging Markets Value ETF |  |
| Avantis International Equity ETF | $444981 |
| Avantis International Large Cap Value ETF | $2473567 |
| Avantis International Small Cap Equity ETF | $155386 |
| Avantis International Small Cap Value ETF | $7287083 |
| Avantis Responsible Emerging Markets Equity ETF | $35412 |
| Avantis Responsible International Equity ETF | $261517 |

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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 |
| **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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-97506 2510** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-97506 2510** |

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![AI_lockup_blk_rgb (002).jpg](ck0001710607-20250831_g67.jpg)

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| |
|:---|
| Annual Financial Statements and Other Information |
| August 31, 2025 |
| 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) |

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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_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) |
| Report of Independent Registered Public Accounting Firm | [68](#iba273e868b7e4566bd70f1811bd23032_613) |
| Approval of Management Agreements | [69](#iba273e868b7e4566bd70f1811bd23032_619) |
| Other Tax Information | <br>[73](#iba273e868b7e4566bd70f1811bd23032_12374) |

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Schedule of Investments - Avantis Core Fixed Income ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**CORPORATE BONDS — 62.3%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.2%** |  |  |
| General Dynamics Corp., 4.25%, 4/1/40 | $1657000 | $1497041 |
| Howmet Aerospace, Inc., 5.90%, 2/1/27 | 300000 | 306688 |
| Lockheed Martin Corp., 4.70%, 12/15/31 | 2122000 | 2167850 |
| Lockheed Martin Corp., 3.90%, 6/15/32 | 1038000 | 1007856 |
| Lockheed Martin Corp., 5.25%, 1/15/33 | 2243000 | 2338494 |
| Lockheed Martin Corp., 4.75%, 2/15/34 | 575000 | 575596 |
| Lockheed Martin Corp., 4.80%, 8/15/34 | 1028000 | 1031836 |
| Lockheed Martin Corp., 4.50%, 5/15/36 | 1800000 | 1737007 |
| RTX Corp., 5.15%, 2/27/33 | 215000 | 220956 |
| RTX Corp., 6.10%, 3/15/34 | 181000 | 196573 |
| RTX Corp., 6.05%, 6/1/36 | 971000 | 1051257 |
| RTX Corp., 4.45%, 11/16/38 | 376000 | 348194 |
| Textron, Inc., 3.90%, 9/17/29 | 1307000 | 1289960 |
| Textron, Inc., 2.45%, 3/15/31 | 691000 | 622480 |
|  |  | 14391788 |
| **Air Freight and Logistics — 0.3%** |  |  |
| United Parcel Service, Inc., 4.875%, 3/3/33 | 1208000 | 1234612 |
| United Parcel Service, Inc., 6.20%, 1/15/38 | 1737000 | 1895530 |
|  |  | 3130142 |
| **Automobiles — 0.8%** |  |  |
| American Honda Finance Corp., 4.80%, 3/5/30 | 1018000 | 1039350 |
| American Honda Finance Corp., 5.05%, 7/10/31 | 4422000 | 4538477 |
| American Honda Finance Corp., 4.90%, 1/10/34 | 240000 | 239611 |
| Toyota Motor Credit Corp., 4.80%, 1/5/34 | 392000 | 395088 |
| Toyota Motor Credit Corp., 5.35%, 1/9/35 | 3000000 | 3099392 |
|  |  | 9311918 |
| **Banks — 6.0%** |  |  |
| African Development Bank, 0.875%, 3/23/26 | 1859000 | 1826789 |
| African Development Bank, 4.375%, 11/3/27 | 955000 | 968748 |
| African Development Bank, 3.50%, 9/18/29 | 860000 | 853932 |
| Asian Development Bank, 1.00%, 4/14/26 | 496000 | 486970 |
| Asian Development Bank, 2.00%, 4/24/26 | 600000 | 592393 |
| Asian Development Bank, 3.625%, 8/28/29 | 1494000 | 1492200 |
| Asian Development Bank, 3.875%, 9/28/32 | 1000000 | 993109 |
| Asian Development Bank, 4.375%, 3/22/35 | 860000 | 869361 |
| Asian Infrastructure Investment Bank, 3.75%, 9/14/27 | 791000 | 792285 |
| Asian Infrastructure Investment Bank, 4.00%, 1/18/28 | 1049000 | 1057841 |
| Asian Infrastructure Investment Bank, 4.50%, 1/16/30 | 1523000 | 1571485 |
| Banco Santander SA, 3.80%, 2/23/28 | 400000 | 396357 |
| Bank of America Corp., 5.875%, 2/7/42 | 2075000 | 2168819 |
| Bank of America Corp., VRN, 3.59%, 7/21/28 | 800000 | 791493 |
| Bank of America Corp., VRN, 5.20%, 4/25/29 | 996000 | 1021429 |
| Bank of America Corp., VRN, 4.27%, 7/23/29 | 415000 | 416086 |
| Bank of Montreal, 5.51%, 6/4/31 | 3056000 | 3215757 |
| Bank of Nova Scotia, 5.45%, 8/1/29 | 2000000 | 2086814 |
| Bank of Nova Scotia, 2.15%, 8/1/31 | 1574000 | 1393740 |
| Bank of Nova Scotia, 5.65%, 2/1/34 | 709000 | 747216 |
| Canadian Imperial Bank of Commerce, 3.60%, 4/7/32 | 1939000 | 1826765 |
| Canadian Imperial Bank of Commerce, 6.09%, 10/3/33<sup>(1)</sup> | 413000 | 446021 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Capital One NA, 4.65%, 9/13/28 | $700000 | $708766 |
| Citibank NA, 5.57%, 4/30/34 | 1774000 | 1858444 |
| Citigroup, Inc., 8.125%, 7/15/39 | 794000 | 1003167 |
| Citigroup, Inc., VRN, 3.52%, 10/27/28 | 800000 | 787990 |
| Citigroup, Inc., VRN, 4.79%, 3/4/29 | 210000 | 212776 |
| Citigroup, Inc., VRN, 4.91%, 5/24/33 | 600000 | 602897 |
| Citizens Financial Group, Inc., 3.25%, 4/30/30 | 1624000 | 1536247 |
| Cooperatieve Rabobank UA, 5.25%, 5/24/41 | 2150000 | 2123471 |
| Council of Europe Development Bank, 0.875%, 9/22/26 | 1023000 | 991592 |
| Council of Europe Development Bank, 4.125%, 1/24/29 | 1321000 | 1340640 |
| Council of Europe Development Bank, 4.50%, 1/15/30 | 1021000 | 1053090 |
| European Bank for Reconstruction & Development, 0.50%, 11/25/25 | 250000 | 247805 |
| European Investment Bank, 4.375%, 3/19/27 | 550000 | 555352 |
| European Investment Bank, 4.75%, 6/15/29 | 1518000 | 1576993 |
| European Investment Bank, 0.75%, 9/23/30 | 925000 | 799660 |
| European Investment Bank, 4.625%, 2/12/35 | 750000 | 773513 |
| Fifth Third Bancorp, VRN, 6.34%, 7/27/29 | 900000 | 950158 |
| HSBC Holdings PLC, VRN, 6.16%, 3/9/29 | 1300000 | 1356507 |
| Inter-American Development Bank, 4.00%, 1/12/28 | 150000 | 151233 |
| Inter-American Development Bank, 3.125%, 9/18/28 | 564000 | 555800 |
| Inter-American Development Bank, 1.125%, 1/13/31 | 1354000 | 1180667 |
| Inter-American Investment Corp., 4.75%, 9/19/28 | 65000 | 66874 |
| International Bank for Reconstruction & Development, 1.75%, 10/23/29 | 1745000 | 1616665 |
| International Bank for Reconstruction & Development, 0.875%, 5/14/30 | 1812000 | 1591855 |
| International Finance Corp., 0.75%, 10/8/26 | 320000 | 309357 |
| JPMorgan Chase & Co., 5.50%, 10/15/40 | 3119000 | 3189392 |
| JPMorgan Chase & Co., VRN, 4.98%, 7/22/28 | 800000 | 811648 |
| JPMorgan Chase & Co., VRN, 4.01%, 4/23/29 | 1018000 | 1014301 |
| Kreditanstalt fuer Wiederaufbau, 3.625%, 4/1/26 | 597000 | 595789 |
| Kreditanstalt fuer Wiederaufbau, 4.375%, 2/28/34 | 350000 | 355948 |
| Landwirtschaftliche Rentenbank, 0.875%, 3/30/26 | 610000 | 599189 |
| Landwirtschaftliche Rentenbank, Series 44, 3.875%, 6/14/28 | 830000 | 836435 |
| Lloyds Banking Group PLC, 4.55%, 8/16/28 | 1000000 | 1010379 |
| Lloyds Banking Group PLC, VRN, 5.46%, 1/5/28 | 615000 | 623983 |
| Mitsubishi UFJ Financial Group, Inc., 2.05%, 7/17/30 | 120000 | 108044 |
| Nordic Investment Bank, 5.00%, 10/15/25 | 250000 | 250159 |
| Oesterreichische Kontrollbank AG, 0.375%, 9/17/25 | 913000 | 911467 |
| Oesterreichische Kontrollbank AG, 4.50%, 1/24/30 | 1168000 | 1205365 |
| Royal Bank of Canada, 4.95%, 2/1/29 | 841000 | 865941 |
| Royal Bank of Canada, 3.875%, 5/4/32 | 354000 | 340982 |
| Royal Bank of Canada, 5.00%, 2/1/33 | 1271000 | 1303460 |
| Royal Bank of Canada, 5.00%, 5/2/33 | 1072000 | 1098229 |
| Royal Bank of Canada, 5.15%, 2/1/34 | 2050000 | 2119569 |
| Santander Holdings USA, Inc., VRN, 6.50%, 3/9/29 | 414000 | 433511 |
| Sumitomo Mitsui Financial Group, Inc., 5.85%, 7/13/30 | 270000 | 287844 |
| Toronto-Dominion Bank, 3.20%, 3/10/32 | 1295000 | 1191290 |
| Toronto-Dominion Bank, 4.46%, 6/8/32 | 1362000 | 1348753 |
| Truist Financial Corp., VRN, 4.87%, 1/26/29 | 1099000 | 1116112 |
| Wells Fargo & Co., VRN, 4.97%, 4/23/29 | 1112000 | 1133238 |
|  |  | 72718157 |
| **Beverages — 0.6%** |  |  |
| Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36 | 2311000 | 2256584 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Anheuser-Busch InBev Finance, Inc., 4.70%, 2/1/36 | $614000 | $599543 |
| Anheuser-Busch InBev Worldwide, Inc., 4.90%, 1/23/31 | 395000 | 409546 |
| Anheuser-Busch InBev Worldwide, Inc., 5.00%, 6/15/34 | 118000 | 120725 |
| Anheuser-Busch InBev Worldwide, Inc., 4.375%, 4/15/38 | 886000 | 833816 |
| Anheuser-Busch InBev Worldwide, Inc., 8.20%, 1/15/39 | 663000 | 846013 |
| Anheuser-Busch InBev Worldwide, Inc., 5.45%, 1/23/39 | 461000 | 470787 |
| Brown-Forman Corp., 4.75%, 4/15/33 | 1641000 | 1651506 |
| Keurig Dr. Pepper, Inc., 3.20%, 5/1/30 | 649000 | 611824 |
|  |  | 7800344 |
| **Biotechnology — 0.8%** |  |  |
| AbbVie, Inc., 4.875%, 3/15/30 | 1067000 | 1099559 |
| AbbVie, Inc., 4.55%, 3/15/35 | 1961000 | 1920714 |
| AbbVie, Inc., 5.20%, 3/15/35 | 1722000 | 1763319 |
| AbbVie, Inc., 4.50%, 5/14/35 | 2737000 | 2653197 |
| AbbVie, Inc., 4.30%, 5/14/36 | 330000 | 312846 |
| Amgen, Inc., 5.15%, 11/15/41 | 425000 | 401934 |
| Biogen, Inc., 5.05%, 1/15/31 | 1782000 | 1829392 |
| Gilead Sciences, Inc., 5.65%, 12/1/41 | 375000 | 383288 |
|  |  | 10364249 |
| **Broadline Retail — 0.1%** |  |  |
| eBay, Inc., 6.30%, 11/22/32 | 1040000 | 1140536 |
| **Building Products — 0.1%** |  |  |
| Carrier Global Corp., 5.90%, 3/15/34 | 236000 | 251722 |
| Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 9/15/30 | 470000 | 416572 |
|  |  | 668294 |
| **Capital Markets — 3.6%** |  |  |
| Affiliated Managers Group, Inc., 5.50%, 8/20/34 | 2630000 | 2669281 |
| Ameriprise Financial, Inc., 4.50%, 5/13/32 | 1825000 | 1824652 |
| Ameriprise Financial, Inc., 5.15%, 5/15/33 | 1445000 | 1486152 |
| BlackRock Funding, Inc., 5.00%, 3/14/34 | 1500000 | 1541530 |
| Brookfield Finance, Inc., 4.35%, 4/15/30 | 966000 | 965729 |
| Brookfield Finance, Inc., 2.72%, 4/15/31 | 4275000 | 3906335 |
| Cboe Global Markets, Inc., 3.00%, 3/16/32 | 1989000 | 1818016 |
| Credit Suisse USA LLC, 7.125%, 7/15/32 | 1417000 | 1620168 |
| Deutsche Bank AG, VRN, 6.72%, 1/18/29 | 1150000 | 1210154 |
| Franklin Resources, Inc., 1.60%, 10/30/30 | 412000 | 361988 |
| Goldman Sachs Group, Inc., 2.60%, 2/7/30 | 1111000 | 1039205 |
| Goldman Sachs Group, Inc., 3.80%, 3/15/30 | 1154000 | 1134223 |
| Goldman Sachs Group, Inc., VRN, 5.73%, 4/25/30 | 531000 | 556284 |
| Intercontinental Exchange, Inc., 4.35%, 6/15/29 | 281000 | 283313 |
| Intercontinental Exchange, Inc., 5.25%, 6/15/31 | 4492000 | 4700002 |
| Intercontinental Exchange, Inc., 4.60%, 3/15/33 | 416000 | 416054 |
| Jefferies Financial Group, Inc., 5.875%, 7/21/28 | 350000 | 364980 |
| Lazard Group LLC, 6.00%, 3/15/31 | 565000 | 598480 |
| LPL Holdings, Inc., 6.75%, 11/17/28 | 518000 | 554678 |
| LPL Holdings, Inc., 5.75%, 6/15/35 | 5728000 | 5819537 |
| Morgan Stanley, 3.125%, 7/27/26 | 279000 | 276498 |
| Morgan Stanley, 7.25%, 4/1/32 | 4157000 | 4791336 |
| Morgan Stanley, VRN, 1.51%, 7/20/27 | 632000 | 616505 |
| Morgan Stanley, VRN, 5.16%, 4/20/29 | 665000 | 679984 |
| Nasdaq, Inc., 5.55%, 2/15/34 | 2035000 | 2123081 |
| Northern Trust Corp., 1.95%, 5/1/30 | 327000 | 297500 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| State Street Corp., 4.83%, 4/24/30 | $1392000 | $1430011 |
| TPG Operating Group II LP, 5.875%, 3/5/34 | 880000 | 922424 |
|  |  | 44008100 |
| **Chemicals — 0.9%** |  |  |
| CF Industries, Inc., 5.15%, 3/15/34 | 2140000 | 2139379 |
| DuPont de Nemours, Inc., 5.32%, 11/15/38 | 991000 | 1034850 |
| Eastman Chemical Co., 5.625%, 2/20/34 | 342000 | 347839 |
| EIDP, Inc., 5.125%, 5/15/32 | 1782000 | 1829664 |
| EIDP, Inc., 4.80%, 5/15/33 | 1890000 | 1891917 |
| Mosaic Co., 5.375%, 11/15/28 | 400000 | 412699 |
| Mosaic Co., 5.45%, 11/15/33 | 1716000 | 1764051 |
| Nutrien Ltd., 2.95%, 5/13/30 | 622000 | 585664 |
| RPM International, Inc., 4.55%, 3/1/29 | 1149000 | 1155526 |
|  |  | 11161589 |
| **Commercial Services and Supplies — 0.7%** |  |  |
| Eaton Capital ULC, 4.45%, 5/9/30 | 1800000 | 1818623 |
| Republic Services, Inc., 4.75%, 7/15/30 | 1297000 | 1332790 |
| Republic Services, Inc., 5.00%, 4/1/34 | 1097000 | 1116966 |
| Waste Management, Inc., 4.80%, 3/15/32 | 2470000 | 2521167 |
| Waste Management, Inc., 4.875%, 2/15/34 | 1183000 | 1202157 |
|  |  | 7991703 |
| **Communications Equipment — 0.3%** |  |  |
| Cisco Systems, Inc., 5.90%, 2/15/39 | 489000 | 526837 |
| Cisco Systems, Inc., 5.50%, 1/15/40 | 2823000 | 2922711 |
|  |  | 3449548 |
| **Construction and Engineering — 0.2%** |  |  |
| Quanta Services, Inc., 2.90%, 10/1/30 | 2088000 | 1946777 |
| Quanta Services, Inc., 2.35%, 1/15/32 | 550000 | 477152 |
|  |  | 2423929 |
| **Consumer Finance — 1.0%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 2.45%, 10/29/26 | 250000 | 244946 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.15%, 9/30/30 | 3700000 | 3968842 |
| American Express Co., VRN, 5.02%, 4/25/31 | 610000 | 626958 |
| Capital One Financial Corp., 6.70%, 11/29/32 | 4860000 | 5351093 |
| Capital One Financial Corp., VRN, 6.31%, 6/8/29 | 900000 | 944804 |
| Capital One Financial Corp., VRN, 5.27%, 5/10/33 | 900000 | 915810 |
|  |  | 12052453 |
| **Consumer Staples Distribution & Retail — 1.2%** |  |  |
| Kroger Co., 7.50%, 4/1/31 | 1663000 | 1910985 |
| Sysco Corp., 5.375%, 9/21/35 | 5079000 | 5169399 |
| Target Corp., 4.50%, 9/15/32<sup>(1)</sup> | 743000 | 743713 |
| Target Corp., 6.50%, 10/15/37 | 5245000 | 5938924 |
| Walmart, Inc., 5.25%, 9/1/35 | 775000 | 811030 |
|  |  | 14574051 |
| **Containers and Packaging — 0.0%** |  |  |
| Packaging Corp. of America, 3.00%, 12/15/29 | 175000 | 167035 |
| Sonoco Products Co., 2.85%, 2/1/32<sup>(1)</sup> | 494000 | 440531 |
|  |  | 607566 |
| **Diversified Consumer Services — 0.2%** |  |  |
| Novant Health, Inc., 2.64%, 11/1/36 | 536000 | 422694 |
| Trustees of Princeton University, 5.70%, 3/1/39 | 1588000 | 1700715 |
|  |  | 2123409 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| **Diversified REITs — 1.4%** |  |  |
| Boston Properties LP, 2.75%, 10/1/26 | $273000 | $268334 |
| Brixmor Operating Partnership LP, 5.20%, 4/1/32 | 2190000 | 2239054 |
| ERP Operating LP, 2.50%, 2/15/30 | 1083000 | 1009453 |
| Essex Portfolio LP, 5.375%, 4/1/35 | 3470000 | 3548845 |
| Invitation Homes Operating Partnership LP, 2.70%, 1/15/34 | 680000 | 570583 |
| Prologis LP, 2.25%, 4/15/30 | 2087000 | 1920091 |
| Prologis LP, 4.75%, 1/15/31 | 2447000 | 2498083 |
| Prologis LP, 1.625%, 3/15/31 | 980000 | 853220 |
| Simon Property Group LP, 5.50%, 3/8/33 | 721000 | 756942 |
| Simon Property Group LP, 6.25%, 1/15/34 | 456000 | 499234 |
| Simon Property Group LP, 6.75%, 2/1/40 | 2208000 | 2512128 |
|  |  | 16675967 |
| **Diversified Telecommunication Services — 0.6%** |  |  |
| AT&T, Inc., 2.25%, 2/1/32 | 200000 | 173272 |
| AT&T, Inc., 4.90%, 8/15/37 | 200000 | 192842 |
| Deutsche Telekom International Finance BV, 8.75%, 6/15/30 | 732000 | 865420 |
| Sprint Capital Corp., 8.75%, 3/15/32 | 616000 | 747258 |
| Telefonica Europe BV, 8.25%, 9/15/30 | 384000 | 444445 |
| Verizon Communications, Inc., 2.55%, 3/21/31 | 1042000 | 945302 |
| Verizon Communications, Inc., 2.36%, 3/15/32 | 128000 | 111161 |
| Verizon Communications, Inc., 5.05%, 5/9/33 | 100000 | 101871 |
| Verizon Communications, Inc., 4.50%, 8/10/33 | 414000 | 405140 |
| Verizon Communications, Inc., 6.40%, 9/15/33 | 1402000 | 1543881 |
| Verizon Communications, Inc., 4.40%, 11/1/34 | 1295000 | 1237250 |
|  |  | 6767842 |
| **Electric Utilities — 4.1%** |  |  |
| AEP Texas, Inc., 5.40%, 6/1/33 | 1862000 | 1899253 |
| AEP Texas, Inc., 5.70%, 5/15/34 | 375000 | 386383 |
| Alabama Power Co., 5.85%, 11/15/33 | 500000 | 534591 |
| Alabama Power Co., 6.00%, 3/1/39 | 299000 | 321031 |
| American Electric Power Co., Inc., 2.30%, 3/1/30 | 484000 | 443884 |
| American Electric Power Co., Inc., 5.95%, 11/1/32 | 1001000 | 1069167 |
| Berkshire Hathaway Energy Co., 5.95%, 5/15/37 | 615000 | 655156 |
| CenterPoint Energy Houston Electric LLC, 6.95%, 3/15/33 | 2021000 | 2290269 |
| Commonwealth Edison Co., 5.90%, 3/15/36 | 2621000 | 2813735 |
| Connecticut Light & Power Co., 4.95%, 8/15/34 | 1852000 | 1864746 |
| Constellation Energy Generation LLC, 6.125%, 1/15/34 | 568000 | 616565 |
| DTE Electric Co., 3.00%, 3/1/32 | 328000 | 302329 |
| DTE Electric Co., Series C, 2.625%, 3/1/31 | 812000 | 745450 |
| Duke Energy Ohio, Inc., 2.125%, 6/1/30 | 310000 | 281767 |
| Duke Energy Ohio, Inc., 5.25%, 4/1/33 | 250000 | 257747 |
| Entergy Louisiana LLC, 5.15%, 9/15/34 | 292000 | 295715 |
| Eversource Energy, 5.50%, 1/1/34 | 200000 | 204605 |
| Eversource Energy, 5.95%, 7/15/34 | 1312000 | 1377194 |
| Exelon Corp., 5.125%, 3/15/31 | 1792000 | 1851249 |
| Exelon Corp., 4.95%, 6/15/35 | 1213000 | 1183412 |
| Florida Power & Light Co., 2.45%, 2/3/32 | 400000 | 356919 |
| Florida Power & Light Co., 5.10%, 4/1/33 | 1125000 | 1154383 |
| Florida Power & Light Co., 5.30%, 6/15/34 | 1253000 | 1296420 |
| Georgia Power Co., 4.70%, 5/15/32 | 1391000 | 1397605 |
| Louisville Gas & Electric Co., 5.45%, 4/15/33 | 200000 | 208672 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| MidAmerican Energy Co., 6.75%, 12/30/31 | $1548000 | $1754042 |
| MidAmerican Energy Co., 5.35%, 1/15/34 | 170000 | 176782 |
| Nevada Power Co., Series N, 6.65%, 4/1/36 | 2356000 | 2614363 |
| NextEra Energy Capital Holdings, Inc., 2.25%, 6/1/30 | 1781000 | 1624344 |
| NextEra Energy Capital Holdings, Inc., 5.00%, 7/15/32 | 150000 | 152569 |
| Northern States Power Co., 6.25%, 6/1/36 | 1946000 | 2151156 |
| Ohio Power Co., 2.60%, 4/1/30 | 180000 | 167606 |
| Pacific Gas & Electric Co., 5.55%, 5/15/29 | 992000 | 1020428 |
| PacifiCorp, 2.70%, 9/15/30 | 890000 | 822875 |
| PacifiCorp, 7.70%, 11/15/31 | 684000 | 797226 |
| PPL Electric Utilities Corp., 5.00%, 5/15/33 | 1611000 | 1646423 |
| PPL Electric Utilities Corp., 6.25%, 5/15/39 | 2809000 | 3086168 |
| Public Service Co. of Colorado, 5.35%, 5/15/34 | 880000 | 895997 |
| Public Service Co. of Colorado, 6.25%, 9/1/37 | 542000 | 584872 |
| Public Service Electric & Gas Co., 4.90%, 12/15/32 | 730000 | 743243 |
| Southern Co., 5.70%, 3/15/34 | 1170000 | 1225879 |
| Southern Co. Gas Capital Corp., 5.15%, 9/15/32 | 400000 | 408041 |
| Virginia Electric & Power Co., 5.30%, 8/15/33 | 150000 | 154404 |
| Virginia Electric & Power Co., 5.15%, 3/15/35 | 250000 | 252215 |
| Virginia Electric & Power Co., Series B, 6.00%, 1/15/36 | 1208000 | 1285479 |
| Wisconsin Electric Power Co., 4.60%, 10/1/34 | 3420000 | 3375927 |
| Xcel Energy, Inc., 5.45%, 8/15/33 | 810000 | 828336 |
|  |  | 49576622 |
| **Electrical Equipment — 0.1%** |  |  |
| Emerson Electric Co., 5.00%, 3/15/35 | 1672000 | 1703971 |
| **Electronic Equipment, Instruments and Components — 0.0%** |  |  |
| Keysight Technologies, Inc., 3.00%, 10/30/29 | 250000 | 237464 |
| Tyco Electronics Group SA, 5.00%, 5/9/35 | 120000 | 119575 |
|  |  | 357039 |
| **Energy Equipment and Services — 0.5%** |  |  |
| Halliburton Co., 7.45%, 9/15/39 | 1426000 | 1672241 |
| Schlumberger Holdings Corp., 4.85%, 5/15/33<sup>(2)</sup> | 420000 | 419066 |
| Schlumberger Holdings Corp., 5.00%, 6/1/34<sup>(2)</sup> | 3779000 | 3781988 |
|  |  | 5873295 |
| **Entertainment — 0.6%** |  |  |
| TWDC Enterprises 18 Corp., Series B, 7.00%, 3/1/32 | 1873000 | 2137139 |
| Walt Disney Co., 6.55%, 3/15/33 | 1016000 | 1152841 |
| Walt Disney Co., 6.40%, 12/15/35 | 2386000 | 2690945 |
| Walt Disney Co., 6.65%, 11/15/37 | 1466000 | 1682447 |
|  |  | 7663372 |
| **Financial Services — 2.0%** |  |  |
| Apollo Global Management, Inc., 6.375%, 11/15/33 | 3512000 | 3874729 |
| Corebridge Financial, Inc., 3.90%, 4/5/32 | 1568000 | 1484196 |
| Corebridge Financial, Inc., 6.05%, 9/15/33 | 2792000 | 2963112 |
| Corebridge Financial, Inc., 5.75%, 1/15/34 | 1271000 | 1328779 |
| Equitable Holdings, Inc., 5.59%, 1/11/33 | 875000 | 911044 |
| Fidelity National Information Services, Inc., 5.10%, 7/15/32 | 435000 | 444397 |
| Global Payments, Inc., 2.90%, 5/15/30 | 555000 | 512537 |
| Mastercard, Inc., 2.00%, 11/18/31 | 1246000 | 1096138 |
| National Rural Utilities Cooperative Finance Corp., 8.00%, 3/1/32 | 830000 | 985021 |
| National Rural Utilities Cooperative Finance Corp., 5.80%, 1/15/33<sup>(1)</sup> | 3919000 | 4177649 |
| PayPal Holdings, Inc., 4.40%, 6/1/32 | 160000 | 159105 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Visa, Inc., 4.15%, 12/14/35 | $6254000 | $5982791 |
|  |  | 23919498 |
| **Food Products — 1.7%** |  |  |
| Archer-Daniels-Midland Co., 3.25%, 3/27/30 | 2623000 | 2524370 |
| Archer-Daniels-Midland Co., 2.90%, 3/1/32 | 650000 | 591934 |
| Archer-Daniels-Midland Co., 5.94%, 10/1/32 | 1371000 | 1486910 |
| Archer-Daniels-Midland Co., 4.50%, 8/15/33 | 992000 | 980931 |
| Bunge Ltd. Finance Corp., 2.75%, 5/14/31 | 180000 | 164536 |
| Conagra Brands, Inc., 8.25%, 9/15/30 | 615000 | 711511 |
| Conagra Brands, Inc., 5.30%, 11/1/38 | 3407000 | 3218075 |
| General Mills, Inc., 2.25%, 10/14/31 | 361000 | 317562 |
| General Mills, Inc., 4.95%, 3/29/33 | 100000 | 100741 |
| Hershey Co., 4.50%, 5/4/33 | 1548000 | 1546069 |
| Ingredion, Inc., 2.90%, 6/1/30 | 992000 | 928860 |
| J.M. Smucker Co., 4.25%, 3/15/35 | 994000 | 925289 |
| Kraft Heinz Foods Co., 4.25%, 3/1/31 | 375000 | 369630 |
| Kraft Heinz Foods Co., 5.20%, 3/15/32 | 1722000 | 1759971 |
| Kraft Heinz Foods Co., 6.875%, 1/26/39 | 680000 | 740523 |
| Kraft Heinz Foods Co., 5.00%, 6/4/42 | 1161000 | 1039456 |
| Mars, Inc., 5.00%, 3/1/32<sup>(2)</sup> | 2575000 | 2629935 |
| Mondelez International, Inc., 1.50%, 2/4/31 | 1116000 | 965003 |
|  |  | 21001306 |
| **Gas Utilities — 0.0%** |  |  |
| Southern California Gas Co., 2.55%, 2/1/30 | 554000 | 516823 |
| Southern California Gas Co., 5.20%, 6/1/33 | 100000 | 102189 |
|  |  | 619012 |
| **Ground Transportation — 1.7%** |  |  |
| Burlington Northern Santa Fe LLC, 5.75%, 5/1/40 | 932000 | 974753 |
| Burlington Northern Santa Fe LLC, 5.05%, 3/1/41 | 490000 | 469691 |
| Canadian National Railway Co., 3.85%, 8/5/32 | 1368000 | 1308547 |
| Canadian National Railway Co., 6.25%, 8/1/34 | 5662000 | 6271778 |
| Canadian Pacific Railway Co., 4.80%, 3/30/30 | 1622000 | 1662023 |
| Canadian Pacific Railway Co., 5.20%, 3/30/35 | 1672000 | 1704426 |
| CSX Corp., 4.10%, 11/15/32 | 741000 | 721436 |
| CSX Corp., 5.20%, 11/15/33 | 405000 | 419412 |
| CSX Corp., 4.75%, 5/30/42 | 270000 | 246781 |
| JB Hunt Transport Services, Inc., 4.90%, 3/15/30 | 2183000 | 2234937 |
| Uber Technologies, Inc., 4.80%, 9/15/34 | 2714000 | 2684664 |
| Union Pacific Corp., 2.80%, 2/14/32 | 1085000 | 984791 |
| Union Pacific Corp., 4.50%, 1/20/33 | 1626000 | 1617707 |
|  |  | 21300946 |
| **Health Care Equipment and Supplies — 0.9%** |  |  |
| Abbott Laboratories, 6.00%, 4/1/39 | 2162000 | 2380453 |
| Boston Scientific Corp., 6.50%, 11/15/35 | 750000 | 842960 |
| GE HealthCare Technologies, Inc., 5.86%, 3/15/30 | 795000 | 844537 |
| Medtronic Global Holdings SCA, 4.50%, 3/30/33 | 750000 | 745414 |
| Medtronic, Inc., 4.375%, 3/15/35 | 3135000 | 3050844 |
| Smith & Nephew PLC, 2.03%, 10/14/30 | 744000 | 663878 |
| Solventum Corp., 5.45%, 3/13/31 | 193000 | 202088 |
| Zimmer Biomet Holdings, Inc., 5.50%, 2/19/35 | 2585000 | 2668712 |
|  |  | 11398886 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| **Health Care Providers and Services — 1.7%** |  |  |
| Bon Secours Mercy Health, Inc., 3.46%, 6/1/30 | $480000 | $465169 |
| Cigna Group, 5.40%, 3/15/33 | 400000 | 414555 |
| Cigna Group, 5.25%, 2/15/34 | 400000 | 408534 |
| Cigna Group, 4.80%, 8/15/38 | 2086000 | 1959727 |
| CommonSpirit Health, 2.78%, 10/1/30 | 550000 | 509444 |
| Elevance Health, Inc., 5.35%, 10/15/25 | 300000 | 300067 |
| Elevance Health, Inc., 4.10%, 5/15/32 | 2344000 | 2257339 |
| Elevance Health, Inc., 6.375%, 6/15/37 | 2655000 | 2872276 |
| HCA, Inc., 4.125%, 6/15/29 | 1194000 | 1182884 |
| HCA, Inc., 5.45%, 4/1/31 | 543000 | 563784 |
| HCA, Inc., 3.625%, 3/15/32 | 1768000 | 1644792 |
| HCA, Inc., 5.60%, 4/1/34 | 135000 | 138820 |
| Humana, Inc., 4.875%, 4/1/30 | 992000 | 1005351 |
| Humana, Inc., 2.15%, 2/3/32 | 844000 | 715971 |
| Humana, Inc., 5.875%, 3/1/33 | 652000 | 681903 |
| Humana, Inc., 5.95%, 3/15/34 | 729000 | 763669 |
| Humana, Inc., 5.55%, 5/1/35 | 2919000 | 2952670 |
| McKesson Corp., 4.95%, 5/30/32 | 165000 | 168340 |
| UnitedHealth Group, Inc., 4.95%, 1/15/32 | 955000 | 974844 |
| UnitedHealth Group, Inc., 4.50%, 4/15/33 | 150000 | 147075 |
|  |  | 20127214 |
| **Health Care REITs — 1.0%** |  |  |
| Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30 | 860000 | 874774 |
| Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31 | 1504000 | 1409180 |
| Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32 | 950000 | 796148 |
| Alexandria Real Estate Equities, Inc., 2.95%, 3/15/34 | 964000 | 824738 |
| Alexandria Real Estate Equities, Inc., 5.25%, 5/15/36 | 1281000 | 1270901 |
| Healthpeak OP LLC, 5.25%, 12/15/32 | 450000 | 460667 |
| Healthpeak OP LLC, 5.375%, 2/15/35 | 120000 | 121384 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 2491000 | 2304740 |
| Welltower OP LLC, 4.50%, 7/1/30 | 3000000 | 3029015 |
| Welltower OP LLC, 5.125%, 7/1/35 | 670000 | 674327 |
|  |  | 11765874 |
| **Hotels, Restaurants and Leisure — 0.9%** |  |  |
| Darden Restaurants, Inc., 6.30%, 10/10/33 | 407000 | 437266 |
| Expedia Group, Inc., 3.25%, 2/15/30 | 2031000 | 1936564 |
| Expedia Group, Inc., 2.95%, 3/15/31 | 145000 | 134179 |
| Hyatt Hotels Corp., 5.75%, 3/30/32 | 1730000 | 1793087 |
| Marriott International, Inc., 5.55%, 10/15/28 | 1926000 | 2002334 |
| Marriott International, Inc., 5.10%, 4/15/32 | 2683000 | 2738746 |
| McDonald's Corp., 4.70%, 12/9/35 | 1265000 | 1246404 |
| McDonald's Corp., 6.30%, 3/1/38 | 974000 | 1069338 |
|  |  | 11357918 |
| **Household Durables — 0.5%** |  |  |
| PulteGroup, Inc., 6.375%, 5/15/33 | 5459000 | 5949149 |
| **Household Products — 0.1%** |  |  |
| Procter & Gamble Co., 5.55%, 3/5/37 | 1707000 | 1841589 |
| **Industrial Conglomerates — 1.2%** |  |  |
| 3M Co., 4.80%, 3/15/30 | 2082000 | 2130204 |
| 3M Co., 5.70%, 3/15/37 | 1255000 | 1321795 |
| Eaton Corp., 4.15%, 3/15/33 | 2732000 | 2669392 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Honeywell International, Inc., 5.00%, 2/15/33 | $1282000 | $1308164 |
| Honeywell International, Inc., 4.50%, 1/15/34 | 101000 | 99141 |
| Honeywell International, Inc., 5.00%, 3/1/35 | 1352000 | 1361667 |
| Honeywell International, Inc., 5.70%, 3/15/37 | 4392000 | 4627654 |
| Siemens Funding BV, 4.60%, 5/28/30<sup>(2)</sup> | 1000000 | 1018030 |
|  |  | 14536047 |
| **Insurance — 4.2%** |  |  |
| Allstate Corp., 5.25%, 3/30/33 | 2211000 | 2277681 |
| American International Group, Inc., 5.125%, 3/27/33 | 983000 | 1003965 |
| Aon Corp., 2.80%, 5/15/30 | 1825000 | 1712689 |
| Aon Corp./Aon Global Holdings PLC, 5.35%, 2/28/33 | 650000 | 673988 |
| Chubb Corp., Series 1, 6.50%, 5/15/38 | 1560000 | 1762468 |
| Chubb INA Holdings LLC, 5.00%, 3/15/34 | 1670000 | 1697161 |
| Cincinnati Financial Corp., 6.125%, 11/1/34 | 3645000 | 3900970 |
| Equitable Financial Life Global Funding, 5.00%, 3/27/30<sup>(2)</sup> | 5682000 | 5832738 |
| Hartford Insurance Group, Inc., 2.80%, 8/19/29 | 655000 | 621950 |
| Hartford Insurance Group, Inc., 6.10%, 10/1/41 | 2101000 | 2192497 |
| Marsh & McLennan Cos., Inc., 2.25%, 11/15/30 | 1418000 | 1287096 |
| Marsh & McLennan Cos., Inc., 4.75%, 3/15/39 | 3520000 | 3353920 |
| Principal Financial Group, Inc., 6.05%, 10/15/36 | 4677000 | 5020707 |
| Progressive Corp., 6.625%, 3/1/29 | 600000 | 648687 |
| Progressive Corp., 3.20%, 3/26/30 | 736000 | 709576 |
| Progressive Corp., 6.25%, 12/1/32 | 1941000 | 2153294 |
| Progressive Corp., 4.95%, 6/15/33 | 1744000 | 1780902 |
| Prudential Financial, Inc., 5.20%, 3/14/35 | 2450000 | 2494401 |
| Prudential Financial, Inc., 6.625%, 6/21/40 | 3207000 | 3616482 |
| Prudential Financial, Inc., Series D, 5.70%, 12/14/36 | 497000 | 524315 |
| Prudential Funding Asia PLC, 3.125%, 4/14/30 | 1494000 | 1428582 |
| RenaissanceRe Holdings Ltd., 5.75%, 6/5/33 | 540000 | 561543 |
| RenaissanceRe Holdings Ltd., 5.80%, 4/1/35 | 1000000 | 1038310 |
| Travelers Cos., Inc., 6.25%, 6/15/37 | 2877000 | 3172815 |
| Travelers Property Casualty Corp., 6.375%, 3/15/33 | 935000 | 1048472 |
|  |  | 50515209 |
| **Interactive Media and Services — 0.2%** |  |  |
| Alphabet, Inc., 4.50%, 5/15/35 | 170000 | 168688 |
| Meta Platforms, Inc., 3.85%, 8/15/32 | 2132000 | 2061292 |
|  |  | 2229980 |
| **IT Services — 0.9%** |  |  |
| International Business Machines Corp., 1.95%, 5/15/30 | 2225000 | 2010366 |
| International Business Machines Corp., 4.40%, 7/27/32<sup>(1)</sup> | 1857000 | 1846092 |
| International Business Machines Corp., 5.60%, 11/30/39 | 2194000 | 2265138 |
| Leidos, Inc., 4.375%, 5/15/30 | 2197000 | 2186893 |
| Leidos, Inc., 5.75%, 3/15/33 | 145000 | 152049 |
| VeriSign, Inc., 5.25%, 6/1/32 | 3037000 | 3098570 |
|  |  | 11559108 |
| **Life Sciences Tools and Services — 0.5%** |  |  |
| Agilent Technologies, Inc., 2.75%, 9/15/29 | 359000 | 340180 |
| Revvity, Inc., 3.30%, 9/15/29 | 1339000 | 1279846 |
| Thermo Fisher Scientific, Inc., 4.98%, 8/10/30 | 2565000 | 2655410 |
| Thermo Fisher Scientific, Inc., 4.95%, 11/21/32 | 522000 | 536269 |
| Thermo Fisher Scientific, Inc., 5.09%, 8/10/33 | 799000 | 822409 |
| Thermo Fisher Scientific, Inc., 5.20%, 1/31/34 | 207000 | 213636 |
|  |  | 5847750 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| **Machinery — 1.1%** |  |  |
| Caterpillar, Inc., 5.20%, 5/27/41 | $1426000 | $1411473 |
| Caterpillar, Inc., 5.20%, 5/15/35 | 1829000 | 1874992 |
| Cummins, Inc., 4.70%, 2/15/31 | 2625000 | 2668233 |
| Cummins, Inc., 5.15%, 2/20/34 | 953000 | 977509 |
| IDEX Corp., 3.00%, 5/1/30 | 337000 | 317215 |
| John Deere Capital Corp., 4.40%, 9/8/31 | 1864000 | 1874960 |
| John Deere Capital Corp., 3.90%, 6/7/32 | 719000 | 697623 |
| John Deere Capital Corp., Series 1, 5.05%, 6/12/34 | 288000 | 294144 |
| John Deere Capital Corp., Series I, 5.15%, 9/8/33 | 1180000 | 1224163 |
| Nordson Corp., 5.80%, 9/15/33 | 100000 | 106261 |
| PACCAR Financial Corp., 5.00%, 3/22/34 | 1633000 | 1671354 |
| Parker-Hannifin Corp., 4.20%, 11/21/34 | 698000 | 671732 |
|  |  | 13789659 |
| **Media — 0.4%** |  |  |
| Comcast Corp., 2.65%, 2/1/30 | 1069000 | 1002313 |
| Comcast Corp., 4.25%, 10/15/30 | 539000 | 539921 |
| Comcast Corp., 5.50%, 11/15/32 | 165000 | 173999 |
| Comcast Corp., 7.05%, 3/15/33 | 280000 | 320333 |
| Fox Corp., 5.48%, 1/25/39 | 1893000 | 1871268 |
| Interpublic Group of Cos., Inc., 4.75%, 3/30/30 | 560000 | 564917 |
| Interpublic Group of Cos., Inc., 5.375%, 6/15/33 | 410000 | 416530 |
|  |  | 4889281 |
| **Metals and Mining — 0.9%** |  |  |
| Barrick North America Finance LLC, 5.70%, 5/30/41 | 461000 | 465085 |
| BHP Billiton Finance USA Ltd., 5.25%, 9/8/26 | 76000 | 76804 |
| BHP Billiton Finance USA Ltd., 4.90%, 2/28/33 | 1924000 | 1947706 |
| Freeport-McMoRan, Inc., 4.625%, 8/1/30 | 200000 | 200592 |
| Kinross Gold Corp., 6.25%, 7/15/33 | 2850000 | 3085756 |
| Newmont Corp., 5.875%, 4/1/35 | 1623000 | 1735390 |
| Rio Tinto Finance USA PLC, 4.875%, 3/14/30 | 2215000 | 2271978 |
| Steel Dynamics, Inc., 3.25%, 1/15/31 | 904000 | 850872 |
|  |  | 10634183 |
| **Multi-Utilities — 0.8%** |  |  |
| Consolidated Edison Co. of New York, Inc., Series 2005-A, 5.30%, 3/1/35 | 650000 | 666698 |
| Consumers Energy Co., 4.625%, 5/15/33 | 3287000 | 3264705 |
| Dominion Energy, Inc., 5.375%, 11/15/32 | 475000 | 490589 |
| Dominion Energy, Inc., 5.95%, 6/15/35 | 1670000 | 1759126 |
| NiSource, Inc., 3.60%, 5/1/30 | 100000 | 96959 |
| San Diego Gas & Electric Co., 1.70%, 10/1/30 | 1430000 | 1258828 |
| San Diego Gas & Electric Co., 5.40%, 4/15/35 | 1768000 | 1813331 |
| Sempra, 6.00%, 10/15/39 | 415000 | 424756 |
|  |  | 9774992 |
| **Oil, Gas and Consumable Fuels — 4.1%** |  |  |
| Boardwalk Pipelines LP, 4.80%, 5/3/29 | 1008000 | 1023247 |
| BP Capital Markets America, Inc., 4.87%, 11/25/29 | 1897000 | 1949985 |
| BP Capital Markets America, Inc., 4.81%, 2/13/33 | 911000 | 914206 |
| BP Capital Markets America, Inc., 4.89%, 9/11/33 | 1281000 | 1288838 |
| BP Capital Markets America, Inc., 4.99%, 4/10/34 | 1048000 | 1058817 |
| Canadian Natural Resources Ltd., 5.85%, 2/1/35 | 2845000 | 2925280 |
| Cheniere Energy Partners LP, 5.95%, 6/30/33 | 100000 | 104748 |
| Chevron USA, Inc., 6.00%, 3/1/41 | 2761000 | 2957688 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| ConocoPhillips, 6.50%, 2/1/39 | $1523000 | $1701522 |
| ConocoPhillips Co., 6.80%, 3/15/32 | 225000 | 251761 |
| ConocoPhillips Co., 6.60%, 10/1/37 | 992000 | 1092322 |
| DCP Midstream Operating LP, 8.125%, 8/16/30 | 2734000 | 3139320 |
| Diamondback Energy, Inc., 5.40%, 4/18/34 | 376000 | 379953 |
| Diamondback Energy, Inc., 5.55%, 4/1/35 | 1872000 | 1893873 |
| Enbridge Energy Partners LP, Series B, 7.50%, 4/15/38 | 1008000 | 1183397 |
| Enbridge, Inc., 5.70%, 3/8/33 | 130000 | 135666 |
| Energy Transfer LP, 6.10%, 12/1/28 | 350000 | 368305 |
| Energy Transfer LP, 5.25%, 4/15/29 | 185000 | 190350 |
| Energy Transfer LP, 7.50%, 7/1/38 | 715000 | 825045 |
| EQT Corp., 7.00%, 2/1/30 | 1051000 | 1143794 |
| Equinor ASA, 1.75%, 1/22/26 | 746000 | 738543 |
| Equinor ASA, 7.25%, 9/23/27 | 1155000 | 1229489 |
| Equinor ASA, 3.125%, 4/6/30 | 1349000 | 1294025 |
| Exxon Mobil Corp., 4.23%, 3/19/40 | 505000 | 454707 |
| Hess Corp., 7.875%, 10/1/29 | 1212000 | 1379357 |
| Hess Corp., 7.30%, 8/15/31 | 950000 | 1095841 |
| Kinder Morgan, Inc., 7.80%, 8/1/31 | 118000 | 136701 |
| Kinder Morgan, Inc., 5.20%, 6/1/33 | 221000 | 223641 |
| Kinder Morgan, Inc., 5.30%, 12/1/34 | 2448000 | 2464833 |
| MPLX LP, 5.00%, 3/1/33 | 365000 | 361739 |
| Phillips 66 Co., 5.30%, 6/30/33 | 400000 | 409196 |
| Plains All American Pipeline LP/PAA Finance Corp., 6.65%, 1/15/37 | 2128000 | 2308126 |
| Sabine Pass Liquefaction LLC, 5.90%, 9/15/37 | 1068000 | 1125665 |
| Shell International Finance BV, 2.75%, 4/6/30 | 352000 | 333201 |
| Shell International Finance BV, 6.375%, 12/15/38 | 866000 | 966042 |
| Shell International Finance BV, 5.50%, 3/25/40 | 455000 | 464199 |
| Suncor Energy, Inc., 6.85%, 6/1/39 | 670000 | 735121 |
| Targa Resources Corp., 6.125%, 3/15/33 | 1002000 | 1060240 |
| Targa Resources Corp., 6.50%, 3/30/34 | 450000 | 486543 |
| TransCanada PipeLines Ltd., 6.20%, 10/15/37 | 715000 | 754477 |
| TransCanada PipeLines Ltd., 7.625%, 1/15/39 | 1021000 | 1200019 |
| Valero Energy Corp., 5.15%, 2/15/30 | 2265000 | 2334386 |
| Valero Energy Corp., 6.625%, 6/15/37 | 1043000 | 1138353 |
| Williams Cos., Inc., 4.00%, 9/15/25 | 1883000 | 1882662 |
| Williams Cos., Inc., 4.90%, 3/15/29 | 250000 | 254788 |
| Williams Cos., Inc., 5.65%, 3/15/33 | 350000 | 364505 |
|  |  | 49724516 |
| **Paper and Forest Products — 0.1%** |  |  |
| Georgia-Pacific LLC, 8.875%, 5/15/31 | 1509000 | 1837821 |
| **Passenger Airlines — 0.1%** |  |  |
| Southwest Airlines Co., 2.625%, 2/10/30 | 869000 | 799627 |
| United Airlines Pass-Through Trust, Class AA, 5.45%, 8/15/38 | 135173 | 138982 |
|  |  | 938609 |
| **Personal Care Products — 0.8%** |  |  |
| Estee Lauder Cos., Inc., 4.65%, 5/15/33 | 283000 | 281294 |
| Estee Lauder Cos., Inc., 5.00%, 2/14/34<sup>(1)</sup> | 2055000 | 2075113 |
| Estee Lauder Cos., Inc., 6.00%, 5/15/37 | 2140000 | 2293252 |
| Kenvue, Inc., 4.90%, 3/22/33 | 605000 | 614838 |
| Unilever Capital Corp., 5.90%, 11/15/32 | 2222000 | 2420848 |
| Unilever Capital Corp., 5.00%, 12/8/33 | 1050000 | 1087783 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Unilever Capital Corp., 4.625%, 8/12/34 | $750000 | $750309 |
|  |  | 9523437 |
| **Pharmaceuticals — 2.6%** |  |  |
| Astrazeneca Finance LLC, 2.25%, 5/28/31 | 1011000 | 914297 |
| Astrazeneca Finance LLC, 4.875%, 3/3/33 | 750000 | 765950 |
| Astrazeneca Finance LLC, 5.00%, 2/26/34 | 150000 | 153295 |
| AstraZeneca PLC, 1.375%, 8/6/30 | 245000 | 215061 |
| AstraZeneca PLC, 6.45%, 9/15/37 | 1006000 | 1136582 |
| Bristol-Myers Squibb Co., 5.75%, 2/1/31 | 506000 | 541452 |
| Bristol-Myers Squibb Co., 5.10%, 2/22/31 | 1800000 | 1873259 |
| Bristol-Myers Squibb Co., 2.95%, 3/15/32 | 937000 | 855183 |
| Bristol-Myers Squibb Co., 5.90%, 11/15/33 | 544000 | 586189 |
| Bristol-Myers Squibb Co., 5.20%, 2/22/34 | 3369000 | 3460199 |
| Eli Lilly & Co., 4.70%, 2/27/33 | 565000 | 573002 |
| Eli Lilly & Co., 4.70%, 2/9/34 | 400000 | 400931 |
| GlaxoSmithKline Capital, Inc., 4.50%, 4/15/30 | 2007000 | 2032246 |
| GlaxoSmithKline Capital, Inc., 5.375%, 4/15/34 | 983000 | 1029684 |
| GlaxoSmithKline Capital, Inc., 6.375%, 5/15/38 | 3116000 | 3470672 |
| Johnson & Johnson, 3.625%, 3/3/37 | 1105000 | 992815 |
| Johnson & Johnson, 5.85%, 7/15/38 | 3179000 | 3483029 |
| Merck & Co., Inc., 4.50%, 5/17/33 | 405000 | 405336 |
| Merck & Co., Inc., 6.50%, 12/1/33 | 1023000 | 1157542 |
| Novartis Capital Corp., 4.20%, 9/18/34 | 800000 | 775373 |
| Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/33 | 175000 | 175415 |
| Pfizer, Inc., 4.00%, 12/15/36 | 225000 | 207434 |
| Pfizer, Inc., 7.20%, 3/15/39 | 525000 | 622737 |
| Royalty Pharma PLC, 2.20%, 9/2/30 | 2446000 | 2193503 |
| Royalty Pharma PLC, 2.15%, 9/2/31 | 265000 | 230897 |
| Wyeth LLC, 6.50%, 2/1/34 | 1078000 | 1207724 |
| Wyeth LLC, 5.95%, 4/1/37 | 1572000 | 1677849 |
|  |  | 31137656 |
| **Professional Services — 0.6%** |  |  |
| Automatic Data Processing, Inc., 4.45%, 9/9/34 | 165000 | 162242 |
| Paychex, Inc., 5.35%, 4/15/32 | 2556000 | 2645141 |
| Paychex, Inc., 1, 5.60%, 4/15/35 | 1998000 | 2068869 |
| Verisk Analytics, Inc., 5.25%, 3/15/35 | 2661000 | 2685227 |
|  |  | 7561479 |
| **Real Estate Management and Development — 0.1%** |  |  |
| CBRE Services, Inc., 5.95%, 8/15/34 | 877000 | 932339 |
| **Residential REITs — 1.0%** |  |  |
| AvalonBay Communities, Inc., 5.00%, 2/15/33 | 3691000 | 3758623 |
| AvalonBay Communities, Inc., 5.35%, 6/1/34 | 2722000 | 2807913 |
| Camden Property Trust, 2.80%, 5/15/30 | 1329000 | 1247244 |
| UDR, Inc., 3.00%, 8/15/31 | 2032000 | 1866387 |
| UDR, Inc., 2.10%, 8/1/32 | 2001000 | 1690547 |
| UDR, Inc., 1.90%, 3/15/33 | 1704000 | 1383500 |
|  |  | 12754214 |
| **Retail REITs — 0.4%** |  |  |
| Kimco Realty OP LLC, 2.80%, 10/1/26 | 280000 | 275678 |
| Kimco Realty OP LLC, 6.40%, 3/1/34 | 160000 | 175169 |
| Realty Income Corp., 3.25%, 1/15/31 | 1218000 | 1151980 |
| Realty Income Corp., 5.625%, 10/13/32 | 725000 | 763229 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Realty Income Corp., 5.125%, 4/15/35 | $2113000 | $2129651 |
|  |  | 4495707 |
| **Semiconductors and Semiconductor Equipment — 1.5%** |  |  |
| Advanced Micro Devices, Inc., 3.92%, 6/1/32 | 550000 | 534991 |
| Analog Devices, Inc., 5.05%, 4/1/34 | 715000 | 735884 |
| Applied Materials, Inc., 5.85%, 6/15/41 | 2918000 | 3054820 |
| Broadcom, Inc., 4.30%, 11/15/32 | 1022000 | 996417 |
| Broadcom, Inc., 2.60%, 2/15/33<sup>(2)</sup> | 691000 | 597547 |
| Broadcom, Inc., 4.93%, 5/15/37<sup>(2)</sup> | 1495000 | 1454690 |
| KLA Corp., 4.65%, 7/15/32 | 2391000 | 2413666 |
| KLA Corp., 4.70%, 2/1/34 | 310000 | 309224 |
| Marvell Technology, Inc., 2.95%, 4/15/31 | 2158000 | 1985344 |
| Marvell Technology, Inc., 5.45%, 7/15/35 | 130000 | 132269 |
| Micron Technology, Inc., 6.75%, 11/1/29 | 2496000 | 2710785 |
| Micron Technology, Inc., 4.66%, 2/15/30 | 580000 | 583716 |
| Micron Technology, Inc., 5.875%, 2/9/33 | 550000 | 577671 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., 5.00%, 1/15/33 | 280000 | 280439 |
| QUALCOMM, Inc., 4.25%, 5/20/32 | 219000 | 217886 |
| QUALCOMM, Inc., 4.75%, 5/20/32 | 185000 | 188404 |
| QUALCOMM, Inc., 4.65%, 5/20/35 | 600000 | 598086 |
| Texas Instruments, Inc., 4.90%, 3/14/33 | 600000 | 616937 |
| Texas Instruments, Inc., 4.85%, 2/8/34 | 771000 | 786416 |
|  |  | 18775192 |
| **Software — 1.1%** |  |  |
| Atlassian Corp., 5.50%, 5/15/34 | 180000 | 184044 |
| Autodesk, Inc., 2.85%, 1/15/30 | 2069000 | 1953834 |
| Intuit, Inc., 5.20%, 9/15/33 | 491000 | 509401 |
| Microsoft Corp., 3.50%, 2/12/35 | 1107000 | 1040995 |
| Microsoft Corp., 4.20%, 11/3/35<sup>(1)</sup> | 590000 | 584927 |
| Microsoft Corp., 3.45%, 8/8/36 | 1841000 | 1661897 |
| Microsoft Corp., 4.10%, 2/6/37 | 499000 | 481030 |
| Oracle Corp., 4.65%, 5/6/30 | 237000 | 240487 |
| Oracle Corp., 2.875%, 3/25/31 | 1814000 | 1663863 |
| Oracle Corp., 3.90%, 5/15/35 | 1344000 | 1212728 |
| Oracle Corp., 3.85%, 7/15/36 | 920000 | 808909 |
| Oracle Corp., 3.80%, 11/15/37 | 147000 | 125483 |
| Oracle Corp., 6.50%, 4/15/38 | 2289000 | 2484068 |
|  |  | 12951666 |
| **Specialized REITs — 0.9%** |  |  |
| American Tower Corp., 2.90%, 1/15/30 | 1182000 | 1110085 |
| American Tower Corp., 4.90%, 3/15/30 | 940000 | 958557 |
| American Tower Corp., 2.10%, 6/15/30 | 171000 | 153892 |
| American Tower Corp., 5.65%, 3/15/33 | 160000 | 167199 |
| American Tower Corp., 5.55%, 7/15/33 | 1091000 | 1133557 |
| American Tower Corp., 5.35%, 3/15/35 | 2603000 | 2671791 |
| Crown Castle, Inc., 5.60%, 6/1/29 | 700000 | 727672 |
| Crown Castle, Inc., 3.10%, 11/15/29 | 345000 | 327453 |
| Crown Castle, Inc., 2.10%, 4/1/31 | 1906000 | 1663617 |
| Crown Castle, Inc., 5.10%, 5/1/33 | 258000 | 258835 |
| Public Storage Operating Co., 2.30%, 5/1/31 | 185000 | 166223 |
| Public Storage Operating Co., 2.25%, 11/9/31 | 249000 | 220613 |
| VICI Properties LP, 5.625%, 4/1/35 | 1189000 | 1203209 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| Weyerhaeuser Co., 4.00%, 11/15/29 | $200000 | $197797 |
|  |  | 10960500 |
| **Specialty Retail — 1.0%** |  |  |
| AutoZone, Inc., 4.75%, 2/1/33 | 435000 | 432797 |
| AutoZone, Inc., 5.20%, 8/1/33 | 1822000 | 1859774 |
| Home Depot, Inc., 4.85%, 6/25/31 | 800000 | 826376 |
| Home Depot, Inc., 4.95%, 6/25/34 | 2325000 | 2365987 |
| Home Depot, Inc., 5.875%, 12/16/36 | 2807000 | 3034615 |
| Home Depot, Inc., 5.95%, 4/1/41 | 1432000 | 1514958 |
| Lowe's Cos., Inc., 3.75%, 4/1/32 | 120000 | 114010 |
| Lowe's Cos., Inc., 5.50%, 10/15/35 | 1740000 | 1799993 |
|  |  | 11948510 |
| **Technology Hardware, Storage and Peripherals — 0.9%** |  |  |
| Apple, Inc., 4.50%, 2/23/36 | 565000 | 567435 |
| Dell International LLC/EMC Corp., 6.20%, 7/15/30 | 100000 | 107555 |
| Dell International LLC/EMC Corp., 5.75%, 2/1/33 | 1989000 | 2099683 |
| Dell, Inc., 6.50%, 4/15/38 | 1411000 | 1503437 |
| Hewlett Packard Enterprise Co., 6.20%, 10/15/35 | 2010000 | 2155601 |
| Hewlett Packard Enterprise Co., 4.85%, 10/15/31 | 285000 | 287547 |
| HP, Inc., 2.65%, 6/17/31 | 145000 | 130331 |
| HP, Inc., 4.20%, 4/15/32 | 486000 | 468797 |
| HP, Inc., 5.50%, 1/15/33 | 822000 | 844694 |
| NetApp, Inc., 5.50%, 3/17/32 | 2575000 | 2667373 |
|  |  | 10832453 |
| **Transportation Infrastructure — 0.0%** |  |  |
| Federal Express Corp. Pass-Through Trusts, Series 2020-1, Class AA, 1.875%, 8/20/35 | 740696 | 648329 |
| **Water Utilities — 0.3%** |  |  |
| American Water Capital Corp., 2.30%, 6/1/31 | 1460000 | 1303381 |
| American Water Capital Corp., 5.25%, 3/1/35 | 1970000 | 2005354 |
|  |  | 3308735 |
| **Wireless Telecommunication Services — 0.8%** |  |  |
| Rogers Communications, Inc., 5.30%, 2/15/34 | 800000 | 805988 |
| T-Mobile USA, Inc., 2.55%, 2/15/31 | 1226000 | 1110706 |
| T-Mobile USA, Inc., 2.25%, 11/15/31 | 1204000 | 1053961 |
| T-Mobile USA, Inc., 5.125%, 5/15/32 | 1730000 | 1773126 |
| Vodafone Group PLC, 6.25%, 11/30/32 | 550000 | 596071 |
| Vodafone Group PLC, 6.15%, 2/27/37 | 2635000 | 2839877 |
| Vodafone Group PLC, 5.00%, 5/30/38 | 1075000 | 1048670 |
|  |  | 9228399 |
| **TOTAL CORPORATE BONDS**<br>(Cost $750,721,015) |  | **757153047** |
| **U.S. TREASURY SECURITIES — 24.0%** |  |  |
| U.S. Treasury Bonds, 1.125%, 8/15/40 | 6484700 | 3993917 |
| U.S. Treasury Bonds, 1.375%, 11/15/40 | 9330000 | 5948786 |
| U.S. Treasury Bonds, 1.875%, 2/15/41 | 5974000 | 4107825 |
| U.S. Treasury Bonds, 2.25%, 5/15/41 | 5940000 | 4306500 |
| U.S. Treasury Bonds, 2.00%, 11/15/41 | 11685000 | 8015636 |
| U.S. Treasury Bonds, 2.75%, 8/15/42 | 11200000 | 8512000 |
| U.S. Treasury Bonds, 3.125%, 2/15/43 | 8490000 | 6773760 |
| U.S. Treasury Bonds, 2.875%, 5/15/43 | 6840000 | 5233134 |
| U.S. Treasury Bonds, 3.625%, 2/15/44 | 6938000 | 5887001 |
| U.S. Treasury Notes, 3.50%, 9/15/25 | 15280000 | 15276198 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| U.S. Treasury Notes, 0.25%, 9/30/25 | $11763400 | $11726914 |
| U.S. Treasury Notes, 5.00%, 9/30/25 | 10520000 | 10524368 |
| U.S. Treasury Notes, 0.25%, 10/31/25 | 15750000 | 15648802 |
| U.S. Treasury Notes, 2.25%, 11/15/25 | 14340000 | 14282461 |
| U.S. Treasury Notes, 0.375%, 11/30/25 | 14990000 | 14852179 |
| U.S. Treasury Notes, 0.375%, 12/31/25 | 9500000 | 9385160 |
| U.S. Treasury Notes, 0.375%, 1/31/26 | 7590000 | 7474888 |
| U.S. Treasury Notes, 4.25%, 1/31/26 | 7250000 | 7253680 |
| U.S. Treasury Notes, 3.875%, 5/31/27 | 9900000 | 9934031 |
| U.S. Treasury Notes, 3.875%, 7/15/28 | 14440000 | 14553377 |
| U.S. Treasury Notes, 1.25%, 9/30/28 | 5000000 | 4661523 |
| U.S. Treasury Notes, 1.375%, 12/31/28 | 15590000 | 14515143 |
| U.S. Treasury Notes, 4.50%, 5/31/29 | 11060000 | 11396336 |
| U.S. Treasury Notes, 1.50%, 2/15/30 | 10210000 | 9316426 |
| U.S. Treasury Notes, 0.625%, 5/15/30 | 9810000 | 8527036 |
| U.S. Treasury Notes, 4.125%, 8/31/30<sup>(3)</sup> | 9050000 | 9221102 |
| U.S. Treasury Notes, 3.75%, 12/31/30 | 10550000 | 10555563 |
| U.S. Treasury Notes, 4.25%, 2/28/31 | 10235000 | 10483878 |
| U.S. Treasury Notes, 2.75%, 8/15/32 | 11750000 | 10911206 |
| U.S. Treasury Notes, 3.50%, 2/15/33 | 3000000 | 2908242 |
| U.S. Treasury Notes, 4.625%, 2/15/35 | 2950000 | 3051406 |
| U.S. Treasury Notes, 4.25%, 5/15/35 | 8594400 | 8623272 |
| U.S. Treasury Notes, 4.25%, 8/15/35 | 3500000 | 3507383 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $291,896,227) |  | **291369133** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 18.9%** |  |  |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 18.9%** |  |  |
| GNMA, 3.50%, TBA<sup>(4)</sup> | 10000000 | 9066454 |
| GNMA, 3.50%, TBA<sup>(4)</sup> | 5000000 | 4540259 |
| GNMA, 3.50%, TBA<sup>(4)</sup> | 4000000 | 3641426 |
| GNMA, 4.50%, TBA<sup>(4)</sup> | 5000000 | 4813324 |
| GNMA, 5.00%, TBA<sup>(4)</sup> | 15000000 | 14838256 |
| GNMA, 5.00%, TBA<sup>(4)</sup> | 6000000 | 5940928 |
| GNMA, 5.50%, TBA<sup>(4)</sup> | 12000000 | 12091836 |
| GNMA, 5.50%, TBA<sup>(4)</sup> | 12000000 | 12078242 |
| GNMA, 5.50%, TBA<sup>(4)</sup> | 6000000 | 6033730 |
| GNMA, 6.00%, TBA<sup>(4)</sup> | 15500000 | 15812168 |
| GNMA, 6.00%, TBA<sup>(4)</sup> | 13500000 | 13758177 |
| UMBS, 2.00%, TBA<sup>(4)</sup> | 4000000 | 3671285 |
| UMBS, 2.00%, TBA | 3000000 | 2754167 |
| UMBS, 3.50%, TBA<sup>(4)</sup> | 8000000 | 7228135 |
| UMBS, 3.50%, TBA | 5000000 | 4841901 |
| UMBS, 3.50%, TBA<sup>(4)</sup> | 4000000 | 3612661 |
| UMBS, 4.00%, TBA<sup>(4)</sup> | 20000000 | 18657069 |
| UMBS, 4.00%, TBA<sup>(4)</sup> | 10000000 | 9332831 |
| UMBS, 4.00%, TBA<sup>(4)</sup> | 5000000 | 4663291 |
| UMBS, 4.00%, TBA | 3500000 | 3436836 |
| UMBS, 4.00%, TBA | 3500000 | 3434922 |
| UMBS, 4.50%, TBA<sup>(4)</sup> | 20000000 | 19220088 |
| UMBS, 4.50%, TBA<sup>(4)</sup> | 10000000 | 9619419 |
| UMBS, 4.50%, TBA<sup>(4)</sup> | 5000000 | 4990240 |
| UMBS, 4.50%, TBA | 3000000 | 2992035 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| UMBS, 5.00%, TBA<sup>(4)</sup> | $14500000 | $14289786 |
| UMBS, 5.00%, TBA<sup>(4)</sup> | 10000000 | 9863619 |
| UMBS, 5.50%, TBA | 4000000 | 4023144 |
| UMBS, 5.50%, TBA | 1000000 | 1004848 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $228,485,234) |  | **230251077** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 1.9%** |  |  |
| Federal Farm Credit Banks Funding Corp., 5.00%, 9/15/25 | 1500000 | 1500363 |
| FHLB, 4.00%, 10/9/26 | 450000 | 450857 |
| FHLB, 4.625%, 11/17/26 | 950000 | 959442 |
| FHLB, 1.25%, 12/21/26 | 1250000 | 1210215 |
| FHLB, 3.25%, 6/9/28 | 500000 | 495737 |
| FHLB, 3.25%, 11/16/28 | 820000 | 812617 |
| FHLMC, 0.375%, 9/23/25 | 2492000 | 2486319 |
| FHLMC, 0.65%, 10/27/25 | 690000 | 686209 |
| FHLMC, 4.50%, 7/9/27 | 1500000 | 1500381 |
| FHLMC, 6.75%, 9/15/29 | 260000 | 290697 |
| FHLMC, 6.75%, 3/15/31 | 1241000 | 1423170 |
| FHLMC, 6.25%, 7/15/32 | 949000 | 1081121 |
| FNMA, 0.50%, 11/7/25 | 1350000 | 1340942 |
| FNMA, 2.125%, 4/24/26 | 957000 | 945756 |
| FNMA, 1.875%, 9/24/26 | 500000 | 489534 |
| FNMA, 6.25%, 5/15/29 | 485000 | 528439 |
| FNMA, 7.25%, 5/15/30 | 610000 | 703610 |
| FNMA, 6.625%, 11/15/30 | 597000 | 677424 |
| FNMA, 5.625%, 7/15/37 | 1349000 | 1480730 |
| Tennessee Valley Authority, 3.875%, 3/15/28 | 850000 | 854941 |
| Tennessee Valley Authority, 7.125%, 5/1/30 | 1092000 | 1246672 |
| Tennessee Valley Authority, 1.50%, 9/15/31 | 500000 | 432592 |
| Tennessee Valley Authority, 4.875%, 5/15/35 | 1000000 | 1025358 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br>(Cost $22,469,289) |  | **22623126** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%** |  |  |
| **Canada — 0.2%** |  |  |
| Export Development Canada, 3.875%, 2/14/28 | 1000000 | 1006004 |
| Export Development Canada, 4.125%, 2/13/29 | 665000 | 675575 |
|  |  | 1681579 |
| **Sweden — 0.0%** |  |  |
| Svensk Exportkredit AB, 2.25%, 3/22/27 | 450000 | 439537 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $2,103,016) |  | **2121116** |
| **SHORT-TERM INVESTMENTS — 10.7%** |  |  |
| **Money Market Funds — 0.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<sup>(5)</sup> | 4614410 | 4614410 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(6)</sup> | 4529693 | 4529693 |
|  |  | 9144103 |
| **Treasury Bills**<sup>(7)</sup> **— 9.9%** |  |  |
| U.S. Treasury Bills, 4.39%, 9/2/25 | $10000000 | 10000000 |
| U.S. Treasury Bills, 4.38%, 9/9/25 | 10000000 | 9991746 |
| U.S. Treasury Bills, 4.36%, 9/11/25 | 10000000 | 9989417 |
| U.S. Treasury Bills, 4.38%, 9/16/25 | 25000000 | 24958578 |
| U.S. Treasury Bills, 4.40%, 9/18/25 | 18500000 | 18465055 |
| U.S. Treasury Bills, 4.37%, 9/23/25 | 15000000 | 14962848 |

---

------

Schedule of Investments - Avantis Core Fixed Income ETF

---

| | | |
|:---|:---|:---|
|  | **Principal**<br>**Amount/Shares** | **Value** |
| U.S. Treasury Bills, 4.37%, 9/25/25 | $20000000 | $19945934 |
| U.S. Treasury Bills, 4.34%, 9/30/25 | 1000000 | 996702 |
| U.S. Treasury Bills, 4.36%, 10/2/25 | 11000000 | 10961384 |
|  |  | 120271664 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $129,400,651) |  | **129415767** |
| **TOTAL INVESTMENT SECURITIES — 118.0%**<br>(Cost $1,425,075,432) |  | **1432933266** |
| **OTHER ASSETS AND LIABILITIES — (18.0)%** |  | **(218415644)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1214517622** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 30 | December 2025 | $3427500 | $11109 |

---

^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 44 | Sell | 1.00% | 6/20/30 | $24000000 | $417605 | $149311 | $566916 |

---

‡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 $4,402,184. 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 $15,733,994, 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 forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $879,316.

(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 $1,418,040.

(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 $71,765.

------

Schedule of Investments - Avantis Core Fixed Income ETF

(6)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,529,693.

(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 |  | $757153047 |  |
| U.S. Treasury Securities |  | 291369133 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 230251077 |  |
| U.S. Government Agency Securities |  | 22623126 |  |
| Sovereign Governments and Agencies |  | 2121116 |  |
| Short-Term Investments | $9144103 | 120271664 |  |
|  | $9144103 | $1423789163 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $11109 |  |  |
| Swap Agreements |  | $566916 |  |
|  | $11109 | $566916 |  |

---

**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 Risk** | **Interest Rate Risk** | **Total** |
| **Liability Derivatives:** | | | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* |  | $16875 | $16875 |
| &nbsp;&nbsp;Payable for variation margin on swap agreements\* | $9117 |  | 9117 |
|  |  |  | $25992 |

---

\*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 August 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit Risk** | **Interest Rate Risk** | **Total** |
| **Net realized gain (loss) on:** | | | |
| &nbsp;&nbsp;Futures contract transactions |  | $(168962) | $(168962) |
| &nbsp;&nbsp;Swap agreement transactions | $155482 |  | 155482 |
|  |  |  | $(13480) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |
| &nbsp;&nbsp;Futures contracts |  | $110831 | $110831 |
| &nbsp;&nbsp;Swap agreements | $84485 |  | 84485 |
|  |  |  | $195316 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**MUNICIPAL SECURITIES — 98.5%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| **Alabama — 1.1%** |  |  |
| Alabama Public School & College Authority Rev., 5.00%, 11/1/37 | $200000 | $211529 |
| Alabama Public School & College Authority Rev., 4.00%, 11/1/38 | 150000 | 145388 |
| Alabama Public School & College Authority Rev., 5.00%, 11/1/39 | 250000 | 260664 |
| Alabama Public School & College Authority Rev., 4.00%, 11/1/40 | 700000 | 659715 |
| Water Works Board of the City of Birmingham Rev., 4.00%, 1/1/41 | 300000 | 282108 |
|  |  | 1559404 |
| **Arizona — 0.3%** |  |  |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 | 60000 | 63200 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 | 70000 | 72635 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 | 40000 | 40551 |
| Salt River Project Agricultural Improvement & Power District Rev., 4.00%, 1/1/39 | 200000 | 198478 |
| Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/39 | 65000 | 66466 |
|  |  | 441330 |
| **California — 9.2%** |  |  |
| California Educational Facilities Authority Rev., (Chapman University), 4.00%, 4/1/47 (GA: Brandman University) | 445000 | 393847 |
| California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/42 | 500000 | 500205 |
| California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/42 | 160000 | 162860 |
| California State Public Works Board Rev., (State of California), 5.00%, 5/1/28 | 170000 | 170312 |
| California State University Rev., 5.00%, 11/1/36 | 200000 | 202130 |
| Coast Community College District GO, Capital Appreciation, 0.00%, 8/1/27 (AG)<sup>(1)</sup> | 50000 | 47845 |
| Eastern Municipal Water District Financing Authority Rev., (Eastern Municipal Water District), 4.00%, 7/1/38 | 60000 | 60104 |
| Fresno Unified School District GO, 4.00%, 8/1/41 | 300000 | 277472 |
| Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., 5.00%, 7/1/38 | 105000 | 107319 |
| Los Angeles County Public Works Financing Authority Rev., (County of Los Angeles CA), 4.00%, 12/1/40 | 210000 | 196319 |
| Los Angeles County Sanitation Districts Financing Authority Rev., (Los Angeles County Sanitation District No. 20), 4.00%, 10/1/42 | 300000 | 273783 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/39 | 200000 | 208825 |
| Los Angeles Department of Airports Rev., 4.00%, 5/15/40 | 75000 | 73216 |
| Los Angeles Department of Airports Rev., 5.00%, 5/15/40 | 65000 | 67441 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System Rev.), 5.00%, 7/1/28 | 275000 | 293210 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System Rev.), 5.00%, 7/1/31 | 170000 | 189293 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/31 | 205000 | 228266 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/32 | 650000 | 725429 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/40 | 215000 | 214577 |
| Los Angeles Department of Water & Power Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/46 | 385000 | 385763 |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/31 | 150000 | 167194 |
| Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/32 | 185000 | 206710 |
| Los Angeles Department of Water & Power System Rev., (Los Angeles Department of Water & Power Power System), 5.00%, 7/1/40 | 75000 | 76320 |
| Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/40 | 125000 | 129912 |
| Los Angeles Unified School District GO, 3.00%, 7/1/35 | 45000 | 42162 |
| Los Angeles Unified School District GO, 4.00%, 7/1/40 | 70000 | 68325 |
| Los Angeles Unified School District GO, 3.00%, 7/1/45 | 150000 | 111698 |
| Municipal Improvement Corp. of Los Angeles Rev., (City of Los Angeles CA), 5.00%, 11/1/31 | 180000 | 184599 |
| Municipal Improvement Corp. of Los Angeles Rev., (City of Los Angeles CA), 4.00%, 11/1/33 | 225000 | 225229 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Municipal Improvement Corp. of Los Angeles Rev., (City of Los Angeles CA), 4.00%, 11/1/35 | $100000 | $99352 |
| Riverside County Transportation Commission Rev., 4.00%, 6/1/40 | 150000 | 140611 |
| Riverside Unified School District GO, 4.00%, 8/1/42 | 675000 | 626588 |
| Sacramento Municipal Utility District Rev., 5.00%, 8/15/39 | 50000 | 52499 |
| San Francisco Bay Area Rapid Transit District GO, 4.00%, 8/1/34 | 125000 | 125037 |
| San Francisco Bay Area Rapid Transit District GO, 4.00%, 8/1/42 | 250000 | 231406 |
| Silicon Valley Clean Water Rev., 0.50%, 3/1/26 | 1000000 | 989386 |
| State of California GO, 5.00%, 4/1/26 | 120000 | 121989 |
| State of California GO, 5.00%, 4/1/27 | 265000 | 277132 |
| State of California GO, 5.00%, 8/1/27 | 200000 | 200318 |
| State of California GO, 5.00%, 9/1/28 | 400000 | 400748 |
| State of California GO, 5.00%, 8/1/29 | 110000 | 112671 |
| State of California GO, 3.00%, 9/1/29 | 260000 | 260043 |
| State of California GO, 5.00%, 4/1/31 | 90000 | 101970 |
| State of California GO, 5.00%, 9/1/31 | 50000 | 51204 |
| State of California GO, 4.00%, 9/1/32 | 110000 | 110851 |
| State of California GO, 3.50%, 8/1/33 | 285000 | 284999 |
| State of California GO, 4.00%, 9/1/33 | 60000 | 60360 |
| State of California GO, 4.00%, 9/1/33 | 300000 | 301798 |
| State of California GO, 4.00%, 9/1/33 | 455000 | 457727 |
| State of California GO, 5.00%, 8/1/34 | 435000 | 435558 |
| State of California GO, 4.00%, 10/1/34 | 40000 | 41321 |
| State of California GO, 3.00%, 10/1/35 | 300000 | 283030 |
| State of California GO, 4.00%, 10/1/35 | 200000 | 206816 |
| State of California GO, 4.00%, 3/1/36 | 140000 | 142840 |
| State of California GO, 4.00%, 10/1/36 | 50000 | 50607 |
| State of California GO, 4.00%, 8/1/37 | 100000 | 99920 |
| State of California GO, 4.00%, 10/1/39 | 200000 | 197765 |
| Sweetwater Union High School District GO, 4.00%, 8/1/42 | 505000 | 470112 |
| University of California Rev., 5.00%, 5/15/36 | 65000 | 66736 |
| University of California Rev., 4.00%, 5/15/40 | 310000 | 302959 |
| Vernon Electric System Rev., 5.00%, 4/1/28 | 275000 | 290038 |
|  |  | 13584756 |
| **Colorado — 1.2%** |  |  |
| Colorado Springs Utilities System Rev., 5.00%, 11/15/25 | 100000 | 100525 |
| E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/30 (NPFG)<sup>(1)</sup> | 80000 | 69448 |
| State of Colorado COP, 5.00%, 12/15/32 | 50000 | 54696 |
| State of Colorado COP, 4.00%, 12/15/35 | 50000 | 50385 |
| State of Colorado COP, 4.00%, 12/15/37 | 40000 | 39454 |
| State of Colorado COP, 4.00%, 12/15/40 | 1500000 | 1405366 |
| University of Colorado Rev., 4.00%, 6/1/43 | 80000 | 73291 |
|  |  | 1793165 |
| **Connecticut — 2.3%** |  |  |
| Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 4.125%, 7/1/41 | 275000 | 256883 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/42 | 400000 | 401535 |
| Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 4.00%, 7/1/45 | 350000 | 298168 |
| State of Connecticut GO, 5.00%, 10/15/34 | 50000 | 50931 |
| State of Connecticut GO, 4.00%, 1/15/37 | 75000 | 75590 |
| State of Connecticut GO, 4.00%, 1/15/38 | 170000 | 170305 |
| State of Connecticut GO, 4.00%, 4/15/38 | 225000 | 222095 |
| State of Connecticut, Special Tax Rev., 5.00%, 9/1/28 | 55000 | 56417 |
| State of Connecticut, Special Tax Rev., 5.00%, 5/1/32 | 90000 | 100182 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| State of Connecticut, Special Tax Rev., 5.00%, 10/1/33 | $60000 | $63275 |
| State of Connecticut, Special Tax Rev., 4.00%, 5/1/36 | 665000 | 669840 |
| State of Connecticut, Special Tax Rev., 5.00%, 5/1/37 | 75000 | 79066 |
| State of Connecticut, Special Tax Rev., 4.00%, 11/1/39 | 70000 | 68762 |
| State of Connecticut, Special Tax Rev., 3.125%, 5/1/40 | 75000 | 62355 |
| State of Connecticut, Special Tax Rev., 4.00%, 5/1/40 | 500000 | 486031 |
| State of Connecticut, Special Tax Rev., 5.00%, 5/1/41 | 210000 | 218098 |
| University of Connecticut Rev., 4.00%, 4/15/38 | 95000 | 94978 |
|  |  | 3374511 |
| **District of Columbia — 3.2%** |  |  |
| District of Columbia GO, 5.00%, 6/1/35 | 265000 | 271579 |
| District of Columbia GO, 5.00%, 6/1/36 | 100000 | 102134 |
| District of Columbia GO, 4.00%, 6/1/37 | 100000 | 98485 |
| District of Columbia GO, 5.00%, 6/1/37 | 100000 | 101862 |
| District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34 | 450000 | 461117 |
| District of Columbia Rev., (Income Tax), 4.00%, 3/1/37 | 360000 | 360696 |
| District of Columbia Rev., (Income Tax), 5.00%, 3/1/38 | 100000 | 104394 |
| District of Columbia Rev., (Income Tax), 4.00%, 3/1/40 | 1315000 | 1236866 |
| Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/36 | 200000 | 204429 |
| Washington Metropolitan Area Transit Authority Rev., 3.00%, 7/15/36 | 125000 | 111463 |
| Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/37 | 85000 | 89498 |
| Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/38 | 480000 | 479202 |
| Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/39 | 165000 | 161687 |
| Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/40 | 390000 | 374655 |
| Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/42 | 585000 | 589865 |
|  |  | 4747932 |
| **Florida — 7.2%** |  |  |
| Broward County Airport System Rev., 4.00%, 10/1/42 | 700000 | 642882 |
| Broward County Water & Sewer Utility Rev., 4.00%, 10/1/42 | 480000 | 455372 |
| Cape Coral Water & Sewer Rev., 5.00%, 10/1/39 | 105000 | 106742 |
| Central Florida Expressway Authority Rev., 4.00%, 7/1/31 | 100000 | 100668 |
| Central Florida Expressway Authority Rev., 3.25%, 7/1/36 | 60000 | 55559 |
| Central Florida Expressway Authority Rev., 4.00%, 7/1/37 | 150000 | 149955 |
| Central Florida Expressway Authority Rev., 4.00%, 7/1/38 | 65000 | 63797 |
| Central Florida Expressway Authority Rev., 4.00%, 7/1/39 | 250000 | 238002 |
| Central Florida Expressway Authority Rev., 4.00%, 7/1/41 | 135000 | 126629 |
| Florida Municipal Power Agency Rev., (Florida Municipal Power Agency All-Requirements Power Supply Project), 5.00%, 10/1/28 | 160000 | 164274 |
| Fort Lauderdale Water & Sewer Rev., 4.00%, 9/1/43 | 275000 | 255324 |
| Gainesville Utilities System Rev., 5.00%, 10/1/37 | 55000 | 56397 |
| Hillsborough County School Board COP, 5.00%, 7/1/26 | 105000 | 105172 |
| JEA Water & Sewer System Rev., 4.00%, 10/1/39 | 300000 | 296388 |
| Miami Beach Rev., 5.00%, 9/1/40 | 2820000 | 2822901 |
| Miami-Dade County GO, 5.00%, 7/1/38 | 100000 | 100861 |
| Miami-Dade County GO, 4.00%, 7/1/42 | 500000 | 464904 |
| Miami-Dade County Aviation Rev., 5.00%, 10/1/28 | 135000 | 138404 |
| Miami-Dade County Educational Facilities Authority Rev., (University of Miami), 4.00%, 4/1/45 | 485000 | 431046 |
| Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/39 | 250000 | 250039 |
| Miami-Dade County Transit System Rev., 4.00%, 7/1/38 | 295000 | 282402 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35 | 920000 | 921666 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/36 | 500000 | 495732 |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/38 | 140000 | 137652 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/46 | $650000 | $570615 |
| Orange County Convention Center/Orlando Rev., 4.00%, 10/1/34 | 115000 | 115092 |
| Orange County Convention Center/Orlando Rev., 4.00%, 10/1/36 | 50000 | 49749 |
| Orange County Convention Center/Orlando Rev., 4.00%, 10/1/36 | 150000 | 149248 |
| Port State Lucie Utility System Rev., 4.00%, 9/1/36 | 130000 | 130158 |
| School Board of Miami-Dade County COP, 5.00%, 2/1/27 | 80000 | 80740 |
| School Board of Miami-Dade County COP, 5.00%, 2/1/29 | 60000 | 60557 |
| Tampa-Hillsborough County Expressway Authority Rev., 4.00%, 7/1/42 | 650000 | 595694 |
|  |  | 10614621 |
| **Georgia — 2.3%** |  |  |
| Atlanta Water & Wastewater Rev., 5.00%, 11/1/40 | 1150000 | 1149981 |
| DeKalb County Water & Sewerage Rev., 5.25%, 10/1/32 (AG) | 75000 | 76508 |
| Fulton County Water & Sewerage Rev., 3.00%, 1/1/40 | 150000 | 123267 |
| Gwinnett County School District GO, 4.00%, 2/1/37 | 200000 | 202277 |
| Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37 | 45000 | 41869 |
| Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/39 | 260000 | 230859 |
| Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/33 | 120000 | 135462 |
| Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/38 | 250000 | 247540 |
| Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 10/1/38 | 110000 | 108811 |
| Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/39 | 50000 | 49181 |
| Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/41 | 235000 | 222500 |
| State of Georgia GO, 4.00%, 7/1/36 | 855000 | 859994 |
|  |  | 3448249 |
| **Hawaii — 0.3%** |  |  |
| City & County Honolulu Wastewater System Rev., 3.00%, 7/1/41 | 90000 | 72343 |
| City & County Honolulu Wastewater System Rev., 4.00%, 7/1/42 | 160000 | 149801 |
| State of Hawaii GO, 5.00%, 10/1/30 | 60000 | 62955 |
| State of Hawaii GO, 5.00%, 1/1/36 | 35000 | 36169 |
| State of Hawaii GO, 5.00%, 1/1/38 | 75000 | 76834 |
| State of Hawaii Airports System Rev., 5.00%, 7/1/33 | 35000 | 37962 |
|  |  | 436064 |
| **Idaho — 0.1%** |  |  |
| Idaho Housing & Finance Association Rev., 4.00%, 7/15/38 | 160000 | 155517 |
| Idaho Housing & Finance Association Rev., 4.00%, 7/15/39 | 25000 | 23726 |
|  |  | 179243 |
| **Illinois — 6.4%** |  |  |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/35 | 90000 | 91560 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/36 | 115000 | 115384 |
| Chicago O'Hare International Airport Rev., 4.00%, 1/1/37 | 100000 | 98803 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/37 | 160000 | 162101 |
| Chicago O'Hare International Airport Rev., 5.00%, 1/1/41 | 300000 | 300102 |
| City of Chicago GO, 5.00%, 1/1/33 | 375000 | 391029 |
| Cook County GO, 5.00%, 11/15/25 | 55000 | 55273 |
| Cook County Sales Tax Rev., 4.00%, 11/15/39 | 1000000 | 934598 |
| Cook County Sales Tax Rev., 4.00%, 11/15/40 | 865000 | 797791 |
| Cook County Sales Tax Rev., 4.00%, 11/15/41 | 100000 | 90827 |
| Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/40 | 135000 | 127457 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/37 | 225000 | 223223 |
| Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/38 | 90000 | 87622 |
| Illinois Municipal Electric Agency Rev., 5.00%, 2/1/26 | 150000 | 150070 |
| Illinois Municipal Electric Agency Rev., 5.00%, 2/1/27 | 250000 | 250117 |
| Illinois Municipal Electric Agency Rev., 5.00%, 2/1/29 | 140000 | 140066 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Illinois Municipal Electric Agency Rev., 4.00%, 2/1/33 | $510000 | $510141 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/38 | 655000 | 655026 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/40 | 135000 | 135082 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/41 | 75000 | 75166 |
| Illinois State Toll Highway Authority Rev., 4.00%, 1/1/42 | 135000 | 125863 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/43 | 190000 | 193184 |
| Illinois State Toll Highway Authority Rev., 4.00%, 1/1/46 | 845000 | 741633 |
| Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46 | 575000 | 577998 |
| Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), 4.00%, 12/15/42 | 570000 | 508169 |
| Metropolitan Pier & Exposition Authority Rev., (State of Illinois McCormick Place Expansion Project Fund), 4.00%, 12/15/47 | 255000 | 213166 |
| Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/25 | 205000 | 206254 |
| Northern Illinois Municipal Power Agency Rev., 4.00%, 12/1/41 | 100000 | 90879 |
| Sales Tax Securitization Corp. Rev., 5.00%, 1/1/27 | 55000 | 56551 |
| Sales Tax Securitization Corp. Rev., 5.00%, 1/1/35 | 215000 | 240297 |
| Sales Tax Securitization Corp. Rev., 5.00%, 1/1/37 (BAM) | 150000 | 156006 |
| Sales Tax Securitization Corp. Rev., 4.00%, 1/1/40 (BAM) | 355000 | 331363 |
| Sales Tax Securitization Corp. Rev., 5.00%, 1/1/43 | 220000 | 220533 |
| State of Illinois GO, 5.00%, 12/1/25 | 115000 | 115663 |
| State of Illinois GO, 5.00%, 3/1/27 | 100000 | 103469 |
| State of Illinois GO, 5.00%, 10/1/31 | 100000 | 108946 |
|  |  | 9381412 |
| **Indiana — 0.4%** |  |  |
| Indiana Finance Authority Rev., (CWA Authority, Inc.), 4.00%, 10/1/36 | 390000 | 394056 |
| Indiana Municipal Power Agency Rev., 5.00%, 1/1/33 | 50000 | 50747 |
| Indiana Municipal Power Agency Rev., 4.00%, 1/1/42 | 200000 | 185827 |
|  |  | 630630 |
| **Kansas — 0.9%** |  |  |
| State of Kansas Department of Transportation Rev., 5.00%, 9/1/33  | 1300000 | 1300000 |
| **Louisiana — 0.7%** |  |  |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Louisiana Insurance Guaranty Association), 5.00%, 8/15/28 | 560000 | 584124 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Louisiana Insurance Guaranty Association), 5.00%, 8/15/29 | 115000 | 119706 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Louisiana Insurance Guaranty Association), 5.00%, 8/15/30 | 120000 | 124554 |
| Louisiana Local Government Environmental Facilities & Community Development Authority Rev., (Louisiana Insurance Guaranty Association), 5.00%, 8/15/31 | 145000 | 149926 |
| State of Louisiana GO, 5.00%, 8/1/27 | 75000 | 76747 |
|  |  | 1055057 |
| **Maryland — 0.7%** |  |  |
| State of Maryland GO, 5.00%, 3/15/27 | 305000 | 317532 |
| State of Maryland Department of Transportation Rev., 2.125%, 10/1/31 | 70000 | 64795 |
| State of Maryland Department of Transportation Rev., 4.00%, 10/1/32 | 690000 | 700490 |
|  |  | 1082817 |
| **Massachusetts — 2.9%** |  |  |
| Massachusetts GO, 5.00%, 2/1/35 | 50000 | 51134 |
| Massachusetts GO, 3.00%, 7/1/35 | 100000 | 95062 |
| Massachusetts GO, 5.00%, 9/1/37 | 50000 | 51842 |
| Massachusetts GO, 4.00%, 12/1/39 | 50000 | 48185 |
| Massachusetts GO, 4.00%, 11/1/40 | 275000 | 262079 |
| Massachusetts GO, 5.00%, 11/1/41 | 55000 | 55780 |
| Massachusetts GO, 4.00%, 4/1/42 | 645000 | 599019 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Massachusetts GO, 5.00%, 11/1/45 | $75000 | $76190 |
| Massachusetts GO, 5.00%, 1/1/49 | 445000 | 452857 |
| Massachusetts GO, 5.00%, 11/1/50 | 75000 | 75561 |
| Massachusetts Bay Transportation Authority Rev., Capital Appreciation, 0.00%, 7/1/31<sup>(1)</sup> | 500000 | 413100 |
| Massachusetts Development Finance Agency Rev., (Emerson College), 5.00%, 1/1/47 | 225000 | 210477 |
| Massachusetts Development Finance Agency Rev., (Northeastern University), 5.00%, 10/1/41 | 135000 | 140244 |
| Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 5.00%, 2/15/33 | 500000 | 572306 |
| Massachusetts Development Finance Agency Rev., (Suffolk University), 4.00%, 7/1/39 | 105000 | 93960 |
| Massachusetts School Building Authority Rev., 5.00%, 8/15/37 | 60000 | 60001 |
| Massachusetts Water Resources Authority Rev., 4.00%, 8/1/40 | 1000000 | 955688 |
|  |  | 4213485 |
| **Michigan — 4.2%** |  |  |
| Michigan Finance Authority Rev., (Detroit Public Lighting Authority Utility Users Tax), 5.00%, 7/1/39 | 165000 | 165465 |
| Michigan State Building Authority Rev., (State of Michigan), 5.00%, 4/15/30 | 30000 | 30090 |
| Michigan State Building Authority Rev., (State of Michigan), 5.00%, 4/15/32 | 450000 | 451353 |
| Michigan State University Rev., 4.00%, 2/15/44 | 1280000 | 1158832 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/36 | 910000 | 910225 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/37 | 75000 | 74726 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/39 | 500000 | 480996 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/40 | 100000 | 95494 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/41 | 945000 | 882865 |
| State of Michigan Trunk Line Rev., 4.00%, 11/15/46 | 475000 | 421133 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/40 | 200000 | 200000 |
| Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/46 | 525000 | 527315 |
| Wayne State University Rev., 4.00%, 11/15/48 | 900000 | 775257 |
|  |  | 6173751 |
| **Minnesota — 0.2%** |  |  |
| Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/31 | 100000 | 102915 |
| State of Minnesota GO, 4.00%, 9/1/39 | 15000 | 14817 |
| State of Minnesota Rev., 5.00%, 3/1/29 | 215000 | 233477 |
|  |  | 351209 |
| **Mississippi — 0.9%** |  |  |
| State of Mississippi GO, 5.00%, 10/1/29  | 1180000 | 1242008 |
| **Nebraska — 0.7%** |  |  |
| Omaha Public Power District Rev., 4.00%, 2/1/42 | 295000 | 274057 |
| Omaha Public Power District Rev., 4.00%, 2/1/49 | 900000 | 779036 |
|  |  | 1053093 |
| **Nevada — 0.8%** |  |  |
| Clark County GO, 5.00%, 6/1/43 | 180000 | 182317 |
| Clark County Passenger Facility Charge Rev., 5.00%, 7/1/33 | 55000 | 58542 |
| Clark County School District GO, 5.00%, 6/15/27 | 265000 | 266877 |
| Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax), 5.00%, 7/1/43 | 500000 | 500590 |
| State of Nevada Highway Improvement Rev., 5.00%, 12/1/27 | 50000 | 50795 |
| State of Nevada Highway Improvement Rev., 5.00%, 12/1/31 | 105000 | 108839 |
|  |  | 1167960 |
| **New Jersey — 3.2%** |  |  |
| Hudson County Improvement Authority Rev., (County of Hudson NJ), 4.00%, 10/1/46 | 100000 | 91160 |
| Hudson County Improvement Authority Rev., (County of Hudson NJ), 4.00%, 10/1/51 | 150000 | 131411 |
| New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/26 | 50000 | 51429 |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26 | 95000 | 95050 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.375%, 6/15/27 | $25000 | $25015 |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 6/15/42 | 645000 | 648213 |
| New Jersey Economic Development Authority Rev., (State of New Jersey), 4.00%, 6/15/46 | 950000 | 815679 |
| New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/36 | 55000 | 55578 |
| New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 680000 | 690531 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 5.00%, 12/15/27 | 35000 | 36978 |
| New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 4.25%, 6/15/40 | 850000 | 809652 |
| New Jersey Turnpike Authority Rev., 5.00%, 1/1/27 | 470000 | 485813 |
| New Jersey Turnpike Authority Rev., 4.00%, 1/1/35 | 95000 | 95571 |
| New Jersey Turnpike Authority Rev., 4.00%, 1/1/43 | 200000 | 182903 |
| South Jersey Transportation Authority Rev., 4.625%, 11/1/47 | 250000 | 233633 |
| State of New Jersey GO, 4.00%, 6/1/30 | 100000 | 106539 |
| State of New Jersey GO, 3.00%, 6/1/32 | 110000 | 109007 |
|  |  | 4664162 |
| **New Mexico — 0.0%** |  |  |
| State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/31  | 45000 | 50466 |
| **New York — 19.2%** |  |  |
| Dutchess County Local Development Corp. Rev., (Vassar College), 5.00%, 7/1/42 | 20000 | 20048 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 9/15/25, Prerefunded at 100% of Par<sup>(2)</sup> | 65000 | 65063 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/31 | 50000 | 50613 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/34 | 150000 | 152124 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/36 | 50000 | 51732 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/37 | 65000 | 64981 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/37 | 85000 | 84389 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/38 | 200000 | 209008 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/39 | 60000 | 61212 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/41 | 100000 | 93185 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 5.00%, 3/15/41 | 400000 | 408414 |
| Empire State Development Corp. Rev., (State of New York Personal Income Tax), 4.00%, 3/15/47 | 170000 | 147088 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 5.00%, 3/15/36 | 140000 | 150076 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 5.00%, 3/15/38 | 140000 | 145363 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 4.00%, 3/15/39 | 1390000 | 1339434 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 5.00%, 3/15/39 | 70000 | 72313 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 5.00%, 3/15/41 | 110000 | 112383 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 4.00%, 3/15/43 | 75000 | 67901 |
| Empire State Development Corp. Rev., (State of New York Sales Tax), 4.00%, 3/15/43 | 900000 | 810139 |
| Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/35 | 100000 | 102363 |
| Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37 | 160000 | 163045 |
| Hudson Yards Infrastructure Corp. Rev., 4.00%, 2/15/44 | 610000 | 539181 |
| Long Island Power Authority Rev., 5.00%, 9/1/33 | 55000 | 58011 |
| Long Island Power Authority Rev., 5.00%, 9/1/38 | 100000 | 103002 |
| Long Island Power Authority Rev., 5.00%, 9/1/41 | 165000 | 166117 |
| Long Island Power Authority Rev., 5.00%, 9/1/42 | 195000 | 196878 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/25 | 110000 | 110486 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 200000 | 208810 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/35 | 365000 | 370364 |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/41 (AG) | 220000 | 199953 |
| Metropolitan Transportation Authority Rev., 5.00%, 11/15/41 | 100000 | 100243 |
| Metropolitan Transportation Authority Rev., 4.00%, 11/15/42 | 100000 | 87998 |
| Metropolitan Transportation Authority Dedicated Tax Fund Rev., 5.00%, 11/15/47 | 600000 | 601220 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Metropolitan Transportation Authority Dedicated Tax Fund Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.00%, 11/15/35 | $510000 | $521118 |
| Metropolitan Transportation Authority Dedicated Tax Fund Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.00%, 11/15/42 | 810000 | 815590 |
| Metropolitan Transportation Authority Dedicated Tax Fund Rev., Capital Appreciation, 0.00%, 11/15/30<sup>(1)</sup> | 145000 | 123819 |
| New York City GO, 5.25%, 10/1/30 | 50000 | 52680 |
| New York City GO, 5.00%, 8/1/32 | 1630000 | 1825343 |
| New York City GO, 5.00%, 8/1/33 | 230000 | 259055 |
| New York City GO, 4.00%, 8/1/35 | 250000 | 248780 |
| New York City GO, 5.00%, 8/1/37 | 105000 | 106128 |
| New York City GO, 4.00%, 8/1/39 | 360000 | 339155 |
| New York City GO, 4.00%, 8/1/40 | 650000 | 609005 |
| New York City GO, 4.00%, 8/1/41 | 400000 | 368943 |
| New York City GO, 5.00%, 12/1/41 | 80000 | 80673 |
| New York City GO, 5.00%, 9/1/42 | 185000 | 189942 |
| New York City GO, 4.00%, 3/1/44 | 465000 | 414357 |
| New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 4.00%, 3/1/45 (AG) | 100000 | 89518 |
| New York City Transitional Finance Authority Building Aid Rev., (State of New York), 4.00%, 7/15/36 (ST AID WITHHLDG) | 330000 | 329912 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/36 | 155000 | 153202 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/37 | 130000 | 126929 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/38 | 615000 | 586197 |
| New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 8/1/41 | 75000 | 69270 |
| New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee), 5.00%, 11/15/40 | 75000 | 75042 |
| New York State Dormitory Authority Rev., (Fordham University), 5.00%, 7/1/41 | 1285000 | 1290321 |
| New York State Dormitory Authority Rev., (Icahn School of Medicine at Mount Sinai), 5.00%, 7/1/40 | 115000 | 114991 |
| New York State Dormitory Authority Rev., (New School), 4.00%, 7/1/43 | 425000 | 368487 |
| New York State Dormitory Authority Rev., (New School), 4.00%, 7/1/47 | 1075000 | 882693 |
| New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/36 | 50000 | 50054 |
| New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/36 | 100000 | 101419 |
| New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/40 | 285000 | 280497 |
| New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/41 | 1420000 | 1313971 |
| New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/43 | 400000 | 358608 |
| New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/45 | 500000 | 443131 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/30 | 500000 | 534610 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/32 | 40000 | 42407 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/32 | 100000 | 106404 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 2/15/37 | 75000 | 74376 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/37 | 145000 | 143766 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 2/15/38 | 65000 | 63917 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 2/15/39 | 200000 | 194757 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/39 | 145000 | 140768 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 2/15/40 | 560000 | 569546 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/40 | 100000 | 94438 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 2/15/41 | 125000 | 127664 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 3.00%, 3/15/41 | 530000 | 426020 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 2/15/42 | 100000 | 100543 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/42 | 550000 | 570493 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/43 | 160000 | 144232 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/43 | 250000 | 225362 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/44 | 200000 | 178424 |
| New York State Dormitory Authority Rev., (State of New York Personal Income Tax), 4.00%, 2/15/47 | 225000 | 195713 |
| New York State Dormitory Authority Rev., (State of New York Sales Tax), 5.00%, 3/15/33 | 60000 | 61277 |

---

------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

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| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| New York State Dormitory Authority Rev., (State of New York Sales Tax), 5.00%, 3/15/34 | $165000 | $165228 |
| New York State Dormitory Authority Rev., (State of New York Sales Tax), 5.00%, 3/15/36 | 50000 | 51878 |
| New York State Dormitory Authority Rev., (State of New York Sales Tax), 5.00%, 3/15/40 | 105000 | 107645 |
| New York State Dormitory Authority Rev., (State of New York Sales Tax), 4.00%, 3/15/43 | 235000 | 212968 |
| New York State Dormitory Authority Rev., (Trustees of Columbia University in the City of New York), 5.00%, 10/1/38 | 70000 | 71820 |
| New York State Thruway Authority Rev., 4.00%, 1/1/38 | 100000 | 97678 |
| New York State Thruway Authority Rev., 4.00%, 1/1/39 | 100000 | 96320 |
| New York State Thruway Authority Rev., 4.00%, 1/1/40 | 35000 | 32949 |
| New York State Thruway Authority Rev., 4.00%, 1/1/42 | 700000 | 639265 |
| New York State Thruway Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/37 | 100000 | 98697 |
| New York State Thruway Authority Rev., (State of New York Personal Income Tax), 5.00%, 3/15/40 | 120000 | 125784 |
| New York State Thruway Authority Rev., (State of New York Personal Income Tax), 4.00%, 3/15/44 | 225000 | 202812 |
| Port Authority of New York & New Jersey Rev., 5.00%, 7/15/34 | 425000 | 446396 |
| Port Authority of New York & New Jersey Rev., 5.00%, 10/15/35 | 70000 | 70115 |
| Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37 | 100000 | 100296 |
| Port Authority of New York & New Jersey Rev., 4.00%, 7/15/41 | 1000000 | 945121 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 | 60000 | 62584 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/30 | 150000 | 155870 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/33 | 105000 | 108308 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/34 | 95000 | 97788 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/37 | 200000 | 204575 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/38 | 50000 | 51008 |
| Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/41 | 100000 | 100467 |
| Triborough Bridge & Tunnel Authority Rev., 3.00%, 11/15/47 | 100000 | 71563 |
| Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax), 4.00%, 11/15/31 | 125000 | 133915 |
| Triborough Bridge & Tunnel Authority Rev., Capital Appreciation, 0.00%, 11/15/32<sup>(1)</sup> | 85000 | 66930 |
| Utility Debt Securitization Authority Rev., 5.00%, 12/15/32 | 85000 | 85499 |
| Utility Debt Securitization Authority Rev., 5.00%, 12/15/36 | 50000 | 50207 |
|  |  | 28350370 |
| **North Carolina — 0.3%** |  |  |
| North Carolina Municipal Power Agency No. 1 Rev., 5.00%, 1/1/31 | 50000 | 50354 |
| North Carolina Turnpike Authority Rev., Capital Appreciation, 0.00%, 1/1/41<sup>(1)</sup> | 500000 | 236134 |
| State of North Carolina Rev., 5.00%, 3/1/33 | 115000 | 122703 |
|  |  | 409191 |
| **Ohio — 2.1%** |  |  |
| American Municipal Power, Inc. Rev., (American Municipal Power AMP Fremont Energy Center), 4.00%, 2/15/36 | 175000 | 175454 |
| American Municipal Power, Inc. Rev., (American Municipal Power AMP Fremont Energy Center), 4.00%, 2/15/37 | 435000 | 430804 |
| American Municipal Power, Inc. Rev., (American Municipal Power AMP Fremont Energy Center), 4.00%, 2/15/38 | 50000 | 48577 |
| American Municipal Power, Inc. Rev., (American Municipal Power Prairie State Energy Campus), 5.00%, 2/15/33 | 90000 | 97147 |
| American Municipal Power, Inc. Rev., (American Municipal Power Prairie State Energy Campus), 5.00%, 2/15/35 | 100000 | 106288 |
| American Municipal Power, Inc. Rev., (American Municipal Power Prairie State Energy Campus), 4.00%, 2/15/36 | 325000 | 325674 |
| Cincinnati City School District GO, 5.25%, 12/1/30 (NPFG) | 30000 | 33881 |
| Franklin Sales Tax Rev., 5.00%, 6/1/43 | 100000 | 100901 |
| Hamilton County Sales Tax Rev., 4.00%, 12/1/31 | 200000 | 202202 |
| Hamilton County Sales Tax Rev., 4.00%, 12/1/32 | 505000 | 509619 |
| Ohio State University Rev., 4.00%, 12/1/43 | 700000 | 641884 |
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/36 | 75000 | 78974 |
| Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/39 | 100000 | 104031 |
| Rickenbacker Port Authority Rev., 5.375%, 1/1/32 | 40000 | 44154 |
| State of Ohio GO, 5.00%, 5/1/26 | 150000 | 152691 |
|  |  | 3052281 |

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------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

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| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **Oklahoma — 0.3%** |  |  |
| Cleveland County Educational Facilities Authority Rev., (Cleveland County Independent School District No. 2 Moore), 4.00%, 6/1/31 | $80000 | $83007 |
| Oklahoma Turnpike Authority Rev., 5.00%, 1/1/37 | 375000 | 378091 |
|  |  | 461098 |
| **Oregon — 0.1%** |  |  |
| Deschutes Public Library District GO, 3.00%, 12/1/41  | 100000 | 79869 |
| **Pennsylvania — 5.0%** |  |  |
| Commonwealth Financing Authority Rev., (Commonwealth of Pennsylvania), 5.00%, 6/1/35 | 210000 | 210187 |
| Delaware River Port Authority Rev., 5.00%, 1/1/40 | 715000 | 734428 |
| Delaware Valley Regional Finance Authority Rev., 5.75%, 7/1/32 | 275000 | 318602 |
| Northampton County General Purpose Authority Rev., (Lafayette College), 5.00%, 11/1/34 | 265000 | 273664 |
| Pennsylvania COP, 5.00%, 7/1/43 | 100000 | 100807 |
| Pennsylvania COP, 4.00%, 7/1/46 | 850000 | 749095 |
| Pennsylvania GO, 4.00%, 9/15/32 | 330000 | 332421 |
| Pennsylvania GO, 4.00%, 5/1/33 | 220000 | 227004 |
| Pennsylvania GO, 4.00%, 3/15/34 | 50000 | 50018 |
| Pennsylvania GO, 3.00%, 9/15/36 | 80000 | 70292 |
| Pennsylvania Higher Educational Facilities Authority Rev., (Trustees of the University of Pennsylvania), 4.00%, 8/15/41 | 1000000 | 944983 |
| Pennsylvania Higher Educational Facilities Authority Rev., (Trustees of the University of Pennsylvania), 4.00%, 2/15/43 | 210000 | 191310 |
| Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/40 | 1675000 | 1685160 |
| Philadelphia Authority for Industrial Development Rev., (St. Joseph's University), 4.00%, 11/1/45 | 795000 | 645783 |
| Philadelphia Gas Works Co. Rev., 5.00%, 8/1/50 (AG) | 100000 | 100077 |
| Philadelphia Water & Wastewater Rev., 5.00%, 10/1/42 | 690000 | 693087 |
|  |  | 7326918 |
| **Rhode Island — 0.8%** |  |  |
| Rhode Island Health & Educational Building Corp. Rev., (Brown University), 4.00%, 9/1/37 | 1000000 | 992420 |
| Rhode Island Health & Educational Building Corp. Rev., (University of Rhode Island), 4.00%, 9/15/47 | 215000 | 182928 |
|  |  | 1175348 |
| **South Carolina — 0.7%** |  |  |
| South Carolina Public Service Authority Rev., 5.00%, 12/1/30 | 120000 | 121669 |
| South Carolina Public Service Authority Rev., 5.00%, 12/1/34 | 445000 | 449210 |
| South Carolina Public Service Authority Rev., 5.00%, 12/1/37 | 100000 | 100828 |
| South Carolina Public Service Authority Rev., 3.00%, 12/1/41 | 50000 | 37046 |
| South Carolina Public Service Authority Rev., 4.00%, 12/1/42 | 60000 | 53953 |
| South Carolina Public Service Authority Rev., 5.00%, 12/1/46 | 235000 | 234807 |
|  |  | 997513 |
| **Texas — 15.0%** |  |  |
| Austin Community College District GO, 4.00%, 8/1/45 | 425000 | 372708 |
| Bexar County GO, 4.00%, 6/15/41 | 75000 | 71871 |
| Bexar County GO, 5.00%, 6/15/42 | 400000 | 403134 |
| Board of Regents of the University of Texas System Rev., 5.00%, 8/15/38 | 445000 | 461761 |
| Central Texas Turnpike System Rev., 5.00%, 8/15/32 | 150000 | 168510 |
| Central Texas Turnpike System Rev., 5.00%, 8/15/39 | 90000 | 93229 |
| Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/47 (PSF-GTD) | 850000 | 739907 |
| Dallas Area Rapid Transit Rev., 5.00%, 12/1/33 | 240000 | 257289 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33 | 50000 | 54310 |
| Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33 | 65000 | 70603 |
| Dallas Fort Worth International Airport Rev., 4.00%, 11/1/41 | 330000 | 314318 |
| Dallas Fort Worth International Airport Rev., 4.00%, 11/1/45 | 535000 | 482669 |
| Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/27 | 80000 | 80150 |

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------

Schedule of Investments - Avantis Core Municipal Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Dallas Waterworks & Sewer System Rev., 4.00%, 10/1/41 | $100000 | $93349 |
| El Paso GO, 4.00%, 8/15/26, Prerefunded at 100% of Par<sup>(2)</sup> | 10000 | 10144 |
| El Paso GO, 4.00%, 8/15/41 | 40000 | 36361 |
| El Paso GO, 4.00%, 8/15/42 | 590000 | 530389 |
| El Paso GO, 4.00%, 8/15/47 | 675000 | 586661 |
| El Paso GO, 4.00%, 8/15/47 | 735000 | 639816 |
| Grand Parkway Transportation Corp. Rev., 4.00%, 10/1/45 | 1730000 | 1509410 |
| Harris Toll Road Rev., 4.00%, 8/15/48 | 410000 | 356049 |
| Hidalgo County GO, 4.00%, 8/15/43 | 500000 | 461581 |
| Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 5.00%, 5/15/44 | 1000000 | 991837 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/30 | 65000 | 65520 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/37 | 50000 | 50210 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/43 | 400000 | 402684 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/44 | 500000 | 449160 |
| North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AG)<sup>(1)</sup> | 100000 | 87766 |
| San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/29 | 130000 | 132952 |
| San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/30 | 230000 | 234898 |
| San Antonio Electric & Gas Systems Rev., 4.00%, 2/1/34 | 1050000 | 1054312 |
| San Antonio Public Facilities Corp. Rev., (City of San Antonio TX), 4.00%, 9/15/42 | 3845000 | 3399700 |
| San Jacinto Community College District GO, 4.00%, 2/15/41 | 2850000 | 2633068 |
| State of Texas GO, 5.00%, 10/1/30 | 55000 | 57649 |
| State of Texas GO, 5.00%, 10/1/33 | 100000 | 103828 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/29 | 45000 | 45117 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/34 | 105000 | 105044 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/34 | 540000 | 543929 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/35 | 125000 | 125636 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 4/15/38 | 220000 | 214544 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/38 | 400000 | 397496 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/38 | 285000 | 293738 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/40 | 500000 | 476142 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 5.00%, 10/15/40 | 75000 | 75087 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/41 | 650000 | 601266 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.75%, 10/15/43 | 500000 | 506770 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.00%, 10/15/45 | 450000 | 399302 |
| Texas Water Development Board Rev., (State Water Implementation Fund for Texas), 4.125%, 10/15/47 | 900000 | 819400 |
|  |  | 22061274 |
| **Utah — 0.1%** |  |  |
| Salt Lake City Airport Rev., 5.00%, 7/1/42 | 150000 | 150432 |
| Utah Transit Authority Rev., 5.25%, 6/15/32 (AG) | 40000 | 44602 |
|  |  | 195034 |
| **Vermont — 0.5%** |  |  |
| University of Vermont & State Agricultural College Rev., 4.00%, 10/1/40  | 825000 | 783607 |
| **Virginia — 1.1%** |  |  |
| Virginia College Building Authority Rev., (Commonwealth of Virginia), 5.00%, 2/1/30 | 75000 | 79231 |
| Virginia College Building Authority Rev., (Commonwealth of Virginia), 5.00%, 2/1/31 | 70000 | 72173 |
| Virginia College Building Authority Rev., (Commonwealth of Virginia), 3.00%, 2/1/35 | 80000 | 74243 |
| Virginia Commonwealth Transportation Board Rev., (Commonwealth of Virginia), 5.00%, 5/15/33 | 50000 | 52087 |
| Virginia Public Building Authority Rev., (Commonwealth of Virginia), 5.00%, 8/1/27 | 110000 | 115624 |
| Virginia Resources Authority Rev., 4.00%, 11/1/41 | 150000 | 146604 |
| Virginia Small Business Financing Authority Rev., (Hampton University), 4.00%, 10/1/38 | 1160000 | 1089394 |
|  |  | 1629356 |

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Schedule of Investments - Avantis Core Municipal Fixed Income ETF

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| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **Washington — 3.8%** |  |  |
| 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 | $54157 |
| 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 | 146956 |
| Central Puget Sound Regional Transit Authority Rev., (Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes), 5.00%, 11/1/25, Prerefunded at 100% of Par<sup>(2)</sup> | 50000 | 50220 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | 510000 | 577905 |
| Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/38 | 125000 | 129283 |
| Energy Northwest Rev., (Bonneville Power Administration), 4.00%, 7/1/42 | 1105000 | 1040530 |
| King County Sewer Rev., 4.00%, 7/1/31 | 125000 | 126092 |
| Seattle Municipal Light & Power Rev., 4.00%, 7/1/41 | 640000 | 607037 |
| Seattle Municipal Light & Power Rev., 4.00%, 7/1/43 | 1000000 | 914747 |
| State of Washington GO, 5.00%, 8/1/27 | 135000 | 141954 |
| State of Washington GO, 5.00%, 8/1/28 | 50000 | 51200 |
| State of Washington GO, 5.00%, 7/1/29 | 250000 | 252132 |
| State of Washington GO, 5.00%, 8/1/32 | 255000 | 265314 |
| State of Washington GO, 5.00%, 8/1/36 | 55000 | 55739 |
| State of Washington GO, 5.00%, 2/1/40 | 40000 | 41395 |
| State of Washington GO, 5.00%, 2/1/40 | 100000 | 101170 |
| State of Washington GO, 5.00%, 8/1/40 | 265000 | 273257 |
| University of Washington Rev., 4.00%, 12/1/41 | 875000 | 792713 |
|  |  | 5621801 |
| **West Virginia — 0.2%** |  |  |
| State of West Virginia GO, 5.00%, 12/1/41 | 70000 | 71296 |
| State of West Virginia GO, 4.00%, 12/1/42 | 210000 | 191648 |
|  |  | 262944 |
| **Wisconsin — 0.1%** |  |  |
| Wisconsin Health & Educational Facilities Authority Rev., (Medical College of Wisconsin, Inc.), 5.00%, 12/1/41  | 135000 | 135831 |
| **TOTAL MUNICIPAL SECURITIES**<br>(Cost $150,976,339) |  | **145087760** |
| **SHORT-TERM INVESTMENTS — 0.2%** |  |  |
| **Money Market Funds — 0.2%** |  |  |
| BlackRock Liquidity Funds MuniCash<br>(Cost $358,364) | 358329 | **358365** |
| **TOTAL INVESTMENT SECURITIES — 98.7%**<br>(Cost $151,334,703) |  | **145446125** |
| **OTHER ASSETS AND LIABILITIES — 1.3%** |  | **1883951** |
| **TOTAL NET ASSETS — 100.0%** |  | $**147330076** |

---

---

| | | |
|:---|:---|:---|
| **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 |

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(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.

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Schedule of Investments - Avantis Core Municipal Fixed Income ETF

**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 |  | $145087760 |  |
| Short-Term Investments | $358365 |  |  |
|  | $358365 | $145087760 |  |

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See Notes to Financial Statements.

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Schedule of Investments - Avantis Credit ETF

**AUGUST 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|<br>**CORPORATE BONDS — 94.9%** | | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.7%** | |  |  |
| Airbus SE, 1.375%, 5/13/31 | EUR | 100000 | $108347 |
| General Electric Co., 6.75%, 3/15/32 |  | $100000 | 113225 |
|  |  |  | 221572 |
| **Automobiles — 3.3%** |  |  |  |
| American Honda Finance Corp., 4.80%, 3/5/30 |  | 100000 | 102097 |
| BMW U.S. Capital LLC, 3.375%, 2/2/34 | EUR | 90000 | 103418 |
| Mercedes-Benz International Finance BV, 3.25%, 11/15/30 | EUR | 100000 | 118370 |
| Toyota Motor Credit Corp., 5.10%, 3/21/31 |  | $100000 | 103733 |
|  |  |  | 427618 |
| **Banks — 12.1%** |  |  |  |
| Bank of Montreal, 2.65%, 3/8/27 |  | 150000 | 147131 |
| Bank of Montreal, 4.42%, 7/17/29 | CAD | 100000 | 75282 |
| BNP Paribas SA, 1.25%, 7/13/31 | GBP | 100000 | 108908 |
| BPCE SA, 4.375%, 7/13/28 | EUR | 100000 | 122260 |
| Canadian Imperial Bank of Commerce, 3.45%, 4/7/27 |  | $150000 | 148778 |
| Credit Agricole SA, VRN, 3.125%, 1/26/29 | EUR | 100000 | 117853 |
| HSBC Holdings PLC, VRN, 3.02%, 6/15/27 | EUR | 100000 | 117564 |
| ING Bank NV, 4.125%, 10/2/26 | EUR | 100000 | 119475 |
| Lloyds Banking Group PLC, VRN, 3.875%, 5/14/32 | EUR | 100000 | 119990 |
| Royal Bank of Canada, 5.15%, 2/1/34 |  | $100000 | 103394 |
| Sumitomo Mitsui Financial Group, Inc., 3.45%, 1/11/27 |  | 150000 | 148788 |
| Toronto-Dominion Bank, 5.30%, 1/30/32 |  | 100000 | 104039 |
| UniCredit SpA, 4.00%, 3/5/34 | EUR | 100000 | 120263 |
|  |  |  | 1553725 |
| **Beverages — 0.8%** |  |  |  |
| Coca-Cola Co., 3.45%, 3/25/30 |  | $110000 | 107240 |
| **Biotechnology — 2.4%** |  |  |  |
| AbbVie, Inc., 4.95%, 3/15/31 |  | 200000 | 206692 |
| Amgen, Inc., 5.25%, 3/2/33 |  | 100000 | 102692 |
|  |  |  | 309384 |
| **Broadline Retail — 0.8%** |  |  |  |
| eBay, Inc., 1.40%, 5/10/26 |  | 100000 | 98071 |
| **Capital Markets — 6.2%** |  |  |  |
| Charles Schwab Corp., 3.30%, 4/1/27 |  | 150000 | 148415 |
| Goldman Sachs Group, Inc., VRN, 3.50%, 1/23/33 | EUR | 90000 | 106200 |
| Intercontinental Exchange, Inc., 3.625%, 9/1/28 |  | $150000 | 148104 |
| Jefferies Financial Group, Inc., 6.20%, 4/14/34 |  | 125000 | 131951 |
| LPL Holdings, Inc., 5.75%, 6/15/35 |  | 50000 | 50799 |
| Morgan Stanley, VRN, 0.50%, 2/7/31 | EUR | 100000 | 104669 |
| Nasdaq, Inc., 5.55%, 2/15/34 |  | $100000 | 104328 |
|  |  |  | 794466 |
| **Chemicals — 1.9%** |  |  |  |
| BASF SE, 3.125%, 6/29/28 | EUR | 200000 | 238813 |
| **Commercial Services and Supplies — 0.7%** |  |  |  |
| Waste Management, Inc., 1.15%, 3/15/28 |  | $100000 | 93415 |
| **Communications Equipment — 1.6%** |  |  |  |
| Cisco Systems, Inc., 5.05%, 2/26/34 |  | 200000 | 205655 |
| **Construction and Engineering — 1.7%** |  |  |  |
| Bouygues SA, 1.125%, 7/24/28 | EUR | 100000 | 112906 |

---

------

Schedule of Investments - Avantis Credit ETF

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal**<br>**Amount/Shares** | **Value** |
| Vinci SA, 1.75%, 9/26/30 | EUR | 100000 | $110589 |
|  |  |  | 223495 |
| **Consumer Finance — 1.1%** |  |  |  |
| Andrew W Mellon Foundation, 0.95%, 8/1/27 |  | $150000 | 141945 |
| **Consumer Staples Distribution & Retail — 0.8%** |  |  |  |
| Tesco Corporate Treasury Services PLC, 0.375%, 7/27/29 | EUR | 100000 | 106607 |
| **Diversified REITs — 4.4%** |  |  |  |
| Boston Properties LP, 4.50%, 12/1/28 |  | $100000 | 100115 |
| Mid-America Apartments LP, 1.10%, 9/15/26 |  | 110000 | 106653 |
| Prologis LP, 5.00%, 3/15/34 |  | 100000 | 101079 |
| Simon Property Group LP, 4.75%, 9/26/34 |  | 110000 | 108191 |
| Ventas Realty LP, 4.00%, 3/1/28 |  | 150000 | 149334 |
|  |  |  | 565372 |
| **Diversified Telecommunication Services — 2.3%** |  |  |  |
| AT&T, Inc., 2.60%, 12/17/29 | EUR | 100000 | 115732 |
| Bell Telephone Co. of Canada or Bell Canada, 4.55%, 2/9/30 | CAD | 140000 | 105209 |
| British Telecommunications PLC, 5.75%, 12/7/28 | GBP | 50000 | 70283 |
|  |  |  | 291224 |
| **Electric Utilities — 1.7%** |  |  |  |
| Enel Finance International NV, 3.875%, 3/9/29 | EUR | 100000 | 121616 |
| Southern Co., 3.70%, 4/30/30 |  | $100000 | 97648 |
|  |  |  | 219264 |
| **Electrical Equipment — 0.7%** |  |  |  |
| Emerson Electric Co., 1.80%, 10/15/27 |  | 100000 | 95828 |
| **Financial Services — 2.8%** |  |  |  |
| Berkshire Hathaway, Inc., 1.125%, 3/16/27 | EUR | 100000 | 114967 |
| Global Payments, Inc., 2.90%, 5/15/30 |  | $135000 | 124671 |
| Nykredit Realkredit AS, 4.00%, 7/17/28 | EUR | 100000 | 121323 |
|  |  |  | 360961 |
| **Food Products — 3.2%** |  |  |  |
| Conagra Brands, Inc., 5.30%, 10/1/26 |  | $100000 | 100963 |
| Hershey Co., 4.95%, 2/24/32 |  | 100000 | 102913 |
| Kraft Heinz Foods Co., 3.75%, 4/1/30 |  | 110000 | 106766 |
| Mars, Inc., 4.55%, 4/20/28<sup>(1)</sup> |  | 100000 | 101360 |
|  |  |  | 412002 |
| **Health Care Equipment and Supplies — 1.9%** |  |  |  |
| Becton Dickinson Euro Finance SARL, 3.55%, 9/13/29 | EUR | 100000 | 120063 |
| Medtronic Global Holdings SCA, 3.00%, 10/15/28 | EUR | 100000 | 118411 |
|  |  |  | 238474 |
| **Health Care Providers and Services — 4.2%** |  |  |  |
| Elevance Health, Inc., 4.75%, 2/15/30 |  | $100000 | 101662 |
| HCA, Inc., 5.25%, 6/15/26 |  | 100000 | 100183 |
| Humana, Inc., 5.375%, 4/15/31 |  | 125000 | 129061 |
| UnitedHealth Group, Inc., 4.90%, 4/15/31 |  | 100000 | 102320 |
| Universal Health Services, Inc., 4.625%, 10/15/29 |  | 100000 | 99854 |
|  |  |  | 533080 |
| **Health Care REITs — 0.6%** |  |  |  |
| Alexandria Real Estate Equities, Inc., 4.75%, 4/15/35 |  | 75000 | 72450 |
| **Household Durables — 0.8%** |  |  |  |
| Lennar Corp., 5.25%, 6/1/26 |  | 100000 | 100129 |
| **Industrial Conglomerates — 1.9%** |  |  |  |
| Siemens Financieringsmaatschappij NV, 3.00%, 11/22/28 | EUR | 200000 | 238365 |

---

------

Schedule of Investments - Avantis Credit ETF

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal**<br>**Amount/Shares** | **Value** |
| **Insurance — 4.7%** |  |  |  |
| Athene Global Funding, 5.58%, 1/9/29<sup>(1)</sup> |  | $100000 | $103535 |
| Chubb INA Holdings LLC, 4.65%, 8/15/29 |  | 200000 | 204052 |
| Fairfax Financial Holdings Ltd., 3.95%, 3/3/31 | CAD | 150000 | 109596 |
| MetLife, Inc., 5.70%, 6/15/35 |  | $55000 | 58312 |
| Prudential Financial, Inc., 5.20%, 3/14/35 |  | 125000 | 127265 |
|  |  |  | 602760 |
| **Machinery — 1.2%** |  |  |  |
| Caterpillar Financial Services Corp., 4.40%, 10/15/27 |  | 50000 | 50520 |
| Caterpillar Financial Services Corp., 4.70%, 11/15/29 |  | 100000 | 102491 |
|  |  |  | 153011 |
| **Metals and Mining — 0.8%** |  |  |  |
| Freeport-McMoRan, Inc., 4.625%, 8/1/30 |  | 100000 | 100296 |
| **Multi-Utilities — 0.9%** |  |  |  |
| Engie SA, 1.375%, 2/28/29 | EUR | 100000 | 112223 |
| **Oil, Gas and Consumable Fuels — 8.2%** |  |  |  |
| BP Capital Markets America, Inc., 4.70%, 4/10/29 |  | $100000 | 101901 |
| Chevron USA, Inc., 4.69%, 4/15/30 |  | 100000 | 102252 |
| ConocoPhillips Co., 5.00%, 1/15/35 |  | 100000 | 100041 |
| Enbridge, Inc., 5.30%, 4/5/29 |  | 100000 | 103265 |
| Energy Transfer LP, 5.25%, 4/15/29 |  | 100000 | 102892 |
| Exxon Mobil Corp., 2.61%, 10/15/30 |  | 150000 | 139969 |
| Inter Pipeline Ltd./AB, 5.76%, 2/17/28 | CAD | 130000 | 99253 |
| Kinder Morgan, Inc., 5.40%, 2/1/34 |  | $100000 | 101874 |
| TotalEnergies Capital International SA, 0.75%, 7/12/28 | EUR | 100000 | 111754 |
| Williams Cos., Inc., 2.60%, 3/15/31 |  | $100000 | 90526 |
|  |  |  | 1053727 |
| **Personal Care Products — 0.8%** |  |  |  |
| Unilever Finance Netherlands BV, 1.625%, 2/12/33 | EUR | 100000 | 105919 |
| **Pharmaceuticals — 5.1%** |  |  |  |
| AstraZeneca PLC, 3.75%, 3/3/32 | EUR | 100000 | 121714 |
| Bayer AG, 4.625%, 5/26/33 | EUR | 75000 | 93162 |
| GlaxoSmithKline Capital, Inc., 3.875%, 5/15/28 |  | $200000 | 199957 |
| Novo Nordisk Finance Netherlands BV, 3.375%, 5/21/34 | EUR | 200000 | 234551 |
|  |  |  | 649384 |
| **Semiconductors and Semiconductor Equipment — 0.9%** |  |  |  |
| Infineon Technologies AG, 1.625%, 6/24/29 | EUR | 100000 | 112507 |
| **Software — 1.2%** |  |  |  |
| Microsoft Corp., 3.30%, 2/6/27 |  | $150000 | 148960 |
| **Specialized REITs — 3.3%** |  |  |  |
| American Tower Corp., 3.80%, 8/15/29 |  | 100000 | 98031 |
| Equinix, Inc., 3.20%, 11/18/29 |  | 110000 | 105137 |
| VICI Properties LP, 5.125%, 5/15/32 |  | 100000 | 100391 |
| Weyerhaeuser Co., 7.375%, 3/15/32 |  | 100000 | 114146 |
|  |  |  | 417705 |
| **Specialty Retail — 1.8%** |  |  |  |
| AutoZone, Inc., 4.00%, 4/15/30 |  | 125000 | 123389 |
| Richemont International Holding SA, 1.50%, 3/26/30 | EUR | 100000 | 110695 |
|  |  |  | 234084 |
| **Technology Hardware, Storage and Peripherals — 2.1%** |  |  |  |
| Apple, Inc., 3.35%, 2/9/27 |  | $50000 | 49669 |
| Dell International LLC/EMC Corp., 6.02%, 6/15/26 |  | 100000 | 100892 |

---

------

Schedule of Investments - Avantis Credit ETF

---

| | | | |
|:---|:---|:---|:---|
| | | **Principal**<br>**Amount/Shares** | **Value** |
| Hewlett Packard Enterprise Co., 4.55%, 10/15/29 |  | $125000 | $125792 |
|  |  |  | 276353 |
| **Textiles, Apparel and Luxury Goods — 1.7%** |  |  |  |
| LVMH Moet Hennessy Louis Vuitton SE, 3.50%, 9/7/33 | EUR | 100000 | 118868 |
| NIKE, Inc., 2.85%, 3/27/30 |  | $110000 | 104467 |
|  |  |  | 223335 |
| **Trading Companies and Distributors — 0.8%** |  |  |  |
| Air Lease Corp., 5.40%, 6/1/28 (Acquired 4/28/25, Cost $97,966)<sup>(2)</sup> | CAD | 130000 | 98922 |
| **Water Utilities — 1.0%** |  |  |  |
| American Water Capital Corp., 4.45%, 6/1/32 |  | $125000 | 124411 |
| **Wireless Telecommunication Services — 0.8%** |  |  |  |
| Vodafone Group PLC, 1.625%, 11/24/30 | EUR | 100000 | 109265 |
| **TOTAL CORPORATE BONDS**<br>(Cost $11,959,596) |  |  | **12172017** |
| **SHORT-TERM INVESTMENTS — 4.4%** |  |  |  |
| **Money Market Funds — 0.5%** |  |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class |  | 62604 | 62604 |
| **Treasury Bills**<sup>(3)</sup> **— 3.9%** |  |  |  |
| U.S. Treasury Bills, 4.38%, 9/4/25<sup>(4)</sup> |  | $450000 | 449947 |
| U.S. Treasury Bills, 4.04%, 1/15/26 |  | 50000 | 49269 |
|  |  |  | 499216 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $561,764) |  |  | **561820** |
| **TOTAL INVESTMENT SECURITIES — 99.3%**<br>(Cost $12,521,360) |  |  | **12733837** |
| **OTHER ASSETS AND LIABILITIES — 0.7%** |  |  | **94527** |
| **TOTAL NET ASSETS — 100.0%** |  |  | $**12828364** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | 492672 | CAD | 679172 | Goldman Sachs & Co. | 10/31/25 | $(3248) |
| USD | 4068082 | EUR | 3472838 | Bank of America N.A. | 10/31/25 | (9841) |
| USD | 180720 | GBP | 134528 | Bank of America N.A. | 10/31/25 | (1187) |
|  |  |  |  |  |  | $(14276) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 5-Year Notes | 5 | December 2025 | $547344 | $1607 |

---

^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 44 | Sell | 5.00% | 6/20/30 | $500000 | $20011 | $21134 | $41145 |

---

‡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 $204,895, which represented 1.6% of total net assets.

(2)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $98,922, which represented 0.8% of total net assets.

(3)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

(4)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 $292,931.

**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 |  | $12172017 |  |
| Short-Term Investments | $62604 | 499216 |  |
|  | $62604 | $12671233 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $1607 |  |  |
| Swap Agreements |  | $41145 |  |
|  | $1607 | $41145 |  |
| **Liabilities** |  |  |  |
| **Other Financial Instruments** |  |  |  |
| Forward Foreign Currency Exchange Contracts |  | $14276 |  |

---

------

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 Risk** | **Foreign Currency Risk** | **Interest Rate Risk** | **Total** |
| **Liability Derivatives:** | | | | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* |  |  | $39 | $39 |
| &nbsp;&nbsp;Payable for variation margin on swap agreements\* | $898 |  |  | 898 |
| &nbsp;&nbsp;Unrealized depreciation on forward foreign currency exchange contracts |  | $14276 |  | 14276 |
|  |  |  |  | $15213 |

---

\*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 August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit Risk** | **Foreign Currency Risk** | **Interest Rate Risk** | **Total** |
| **Net realized gain (loss) on:** | | | | |
| &nbsp;&nbsp;Forward foreign currency exchange transactions |  | $(28144) |  | $(28144) |
| &nbsp;&nbsp;Futures contract transactions |  |  | $295 | 295 |
| &nbsp;&nbsp;Swap agreement transactions | $1890 |  |  | 1890 |
|  |  |  |  | $(25959) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |  |
| &nbsp;&nbsp;Forward foreign currency exchange contracts |  | $(14276) |  | $(14276) |
| &nbsp;&nbsp;Futures contracts |  |  | $1607 | 1607 |
| &nbsp;&nbsp;Swap agreements | $21134 |  |  | 21134 |
|  |  |  |  | $8465 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 78.4%** | **Principal**<br>**Amount/Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.1%** |  |  |
| Howmet Aerospace, Inc., 6.75%, 1/15/28 | $447000 | $470763 |
| Howmet Aerospace, Inc., 3.00%, 1/15/29 | 477000 | 459205 |
| L3Harris Technologies, Inc., 4.40%, 6/15/28 | 725000 | 729298 |
| L3Harris Technologies, Inc., 5.05%, 6/1/29 | 2193000 | 2253011 |
| Lockheed Martin Corp., 4.50%, 2/15/29 | 1978000 | 2007001 |
| Northrop Grumman Corp., 3.25%, 1/15/28 | 291000 | 285855 |
| Northrop Grumman Corp., 4.60%, 2/1/29 | 100000 | 101623 |
| RTX Corp., 4.125%, 11/16/28 | 332000 | 332425 |
| RTX Corp., 5.75%, 1/15/29 | 396000 | 415901 |
|  |  | 7055082 |
| **Air Freight and Logistics — 0.0%** |  |  |
| FedEx Corp., 3.10%, 8/5/29<sup>(1)</sup> | 125000 | 119370 |
| United Parcel Service, Inc., 3.40%, 3/15/29 | 190000 | 186675 |
|  |  | 306045 |
| **Automobiles — 2.0%** |  |  |
| American Honda Finance Corp., 4.55%, 3/3/28 | 1965000 | 1983365 |
| American Honda Finance Corp., 4.90%, 3/13/29 | 976000 | 998798 |
| American Honda Finance Corp., 4.80%, 3/5/30 | 1916000 | 1956184 |
| General Motors Co., 5.00%, 10/1/28 | 400000 | 406731 |
| General Motors Financial Co., Inc., 5.00%, 4/9/27 | 100000 | 100856 |
| General Motors Financial Co., Inc., 2.70%, 8/20/27 | 975000 | 946463 |
| Hyundai Capital America, 4.85%, 3/25/27<sup>(1)</sup> | 1984000 | 1999503 |
| Toyota Motor Corp., 2.76%, 7/2/29 | 1157000 | 1105924 |
| Toyota Motor Credit Corp., 4.35%, 10/8/27 | 250000 | 251976 |
| Toyota Motor Credit Corp., 5.25%, 9/11/28 | 492000 | 509622 |
| Toyota Motor Credit Corp., 5.05%, 5/16/29 | 1172000 | 1211238 |
| Toyota Motor Credit Corp., 4.55%, 8/9/29 | 2144000 | 2181661 |
|  |  | 13652321 |
| **Banks — 11.9%** |  |  |
| African Development Bank, 0.875%, 7/22/26 | 829000 | 807128 |
| Asian Development Bank, 4.375%, 1/14/28 | 250000 | 254266 |
| Asian Infrastructure Investment Bank, 3.75%, 9/14/27 | 777000 | 778263 |
| Australia & New Zealand Banking Group Ltd., 3.70%, 11/16/25 | 600000 | 599097 |
| Banco Bilbao Vizcaya Argentaria SA, 5.38%, 3/13/29 | 460000 | 476011 |
| Banco Santander SA, 3.49%, 5/28/30 | 1400000 | 1345998 |
| Bank of America Corp., VRN, 5.20%, 4/25/29 | 1520000 | 1558808 |
| Bank of America Corp., VRN, 4.62%, 5/9/29 | 505000 | 510770 |
| Bank of America NA, 5.53%, 8/18/26 | 1000000 | 1012758 |
| Bank of Montreal, 5.92%, 9/25/25 | 100000 | 100089 |
| Bank of Montreal, 5.30%, 6/5/26 | 408000 | 411056 |
| Bank of Montreal, 5.27%, 12/11/26 | 265000 | 268785 |
| Bank of Montreal, 5.72%, 9/25/28 | 3755000 | 3925935 |
| Bank of Nova Scotia, 5.40%, 6/4/27 | 115000 | 117744 |
| Bank of Nova Scotia, 5.45%, 8/1/29 | 4360000 | 4549255 |
| Bank of Nova Scotia, 4.85%, 2/1/30 | 225000 | 230555 |
| Canadian Imperial Bank of Commerce, 5.26%, 4/8/29<sup>(2)</sup> | 3835000 | 3971205 |
| Citibank NA, 4.84%, 8/6/29 | 1300000 | 1332915 |
| Citigroup, Inc., 3.40%, 5/1/26 | 401000 | 398645 |
| Citigroup, Inc., 3.20%, 10/21/26 | 544000 | 538000 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Citigroup, Inc., VRN, 4.54%, 9/19/30 | $1323000 | $1329503 |
| Citizens Financial Group, Inc., 3.25%, 4/30/30 | 675000 | 638526 |
| Commonwealth Bank of Australia, 5.32%, 3/13/26 | 3000000 | 3018887 |
| Cooperatieve Rabobank UA, 4.80%, 1/9/29 | 2717000 | 2781251 |
| European Bank for Reconstruction & Development, 0.50%, 11/25/25 | 732000 | 725573 |
| European Investment Bank, 1.375%, 3/15/27 | 179000 | 172792 |
| European Investment Bank, 4.375%, 3/19/27 | 70000 | 70681 |
| Fifth Third Bancorp, VRN, 6.34%, 7/27/29 | 900000 | 950158 |
| HSBC Holdings PLC, 4.95%, 3/31/30 | 2150000 | 2204746 |
| HSBC Holdings PLC, VRN, 4.76%, 6/9/28 | 225000 | 226722 |
| HSBC Holdings PLC, VRN, 2.21%, 8/17/29 | 580000 | 546475 |
| HSBC Holdings PLC, VRN, 2.85%, 6/4/31 | 300000 | 278448 |
| Huntington National Bank, 5.65%, 1/10/30 | 1500000 | 1572705 |
| Inter-American Development Bank, 3.125%, 9/18/28 | 154000 | 151761 |
| International Bank for Reconstruction & Development, 0.50%, 10/28/25 | 209000 | 207765 |
| JPMorgan Chase & Co., VRN, 4.20%, 7/23/29 | 645000 | 645673 |
| JPMorgan Chase & Co., VRN, 5.58%, 4/22/30 | 585000 | 610884 |
| JPMorgan Chase & Co., VRN, 3.70%, 5/6/30 | 492000 | 482448 |
| JPMorgan Chase & Co., VRN, 4.60%, 10/22/30 | 720000 | 728066 |
| JPMorgan Chase & Co., VRN, 4.01%, 4/23/29 | 1000000 | 996367 |
| KeyCorp, 4.10%, 4/30/28 | 176000 | 175756 |
| KeyCorp, 2.55%, 10/1/29 | 1675000 | 1567167 |
| Kreditanstalt fuer Wiederaufbau, 3.50%, 8/27/27 | 1000000 | 997637 |
| Lloyds Banking Group PLC, 4.55%, 8/16/28 | 1500000 | 1515569 |
| Mitsubishi UFJ Financial Group, Inc., 3.96%, 3/2/28 | 582000 | 581066 |
| Mitsubishi UFJ Financial Group, Inc., 2.56%, 2/25/30 | 2255000 | 2100905 |
| Mitsubishi UFJ Financial Group, Inc., 2.05%, 7/17/30 | 560000 | 504206 |
| Mizuho Financial Group, Inc., 3.66%, 2/28/27 | 1000000 | 994705 |
| National Australia Bank Ltd., 4.90%, 6/13/28 | 4050000 | 4153033 |
| National Bank of Canada, 4.50%, 10/10/29 | 1650000 | 1660501 |
| NatWest Group PLC, VRN, 4.89%, 5/18/29 | 1000000 | 1016313 |
| Nordic Investment Bank, 5.00%, 10/15/25 | 750000 | 750476 |
| Oesterreichische Kontrollbank AG, 4.00%, 5/28/28 | 1000000 | 1010245 |
| PNC Financial Services Group, Inc., 3.45%, 4/23/29 | 1279000 | 1251888 |
| PNC Financial Services Group, Inc., 2.55%, 1/22/30 | 1300000 | 1216123 |
| PNC Financial Services Group, Inc., VRN, 5.22%, 1/29/31 | 345000 | 356616 |
| Royal Bank of Canada, 1.40%, 11/2/26 | 165000 | 160058 |
| Royal Bank of Canada, 4.24%, 8/3/27 | 629000 | 632259 |
| Royal Bank of Canada, 6.00%, 11/1/27 | 1727000 | 1797490 |
| Royal Bank of Canada, 4.95%, 2/1/29 | 1021000 | 1051280 |
| Santander Holdings USA, Inc., VRN, 6.50%, 3/9/29 | 300000 | 314138 |
| Santander Holdings USA, Inc., VRN, 6.17%, 1/9/30 | 290000 | 304637 |
| Santander Holdings USA, Inc., VRN, 5.35%, 9/6/30 | 360000 | 370017 |
| Sumitomo Mitsui Financial Group, Inc., 2.63%, 7/14/26 | 1085000 | 1070732 |
| Sumitomo Mitsui Financial Group, Inc., 3.94%, 7/19/28 | 330000 | 328900 |
| Sumitomo Mitsui Financial Group, Inc., 5.72%, 9/14/28 | 1190000 | 1243832 |
| Sumitomo Mitsui Financial Group, Inc., 4.31%, 10/16/28 | 226000 | 227774 |
| Sumitomo Mitsui Financial Group, Inc., 2.47%, 1/14/29 | 500000 | 474008 |
| Toronto-Dominion Bank, 5.53%, 7/17/26 | 465000 | 470243 |
| Toronto-Dominion Bank, 1.25%, 9/10/26 | 169000 | 164248 |
| Toronto-Dominion Bank, 2.80%, 3/10/27 | 445000 | 436883 |
| Toronto-Dominion Bank, 4.98%, 4/5/27 | 370000 | 374963 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Toronto-Dominion Bank, 5.52%, 7/17/28 | $250000 | $259553 |
| Toronto-Dominion Bank, 4.99%, 4/5/29 | 2855000 | 2929222 |
| Truist Bank, 4.05%, 11/3/25 | 253000 | 252808 |
| Truist Financial Corp., 1.125%, 8/3/27 | 255000 | 241394 |
| Truist Financial Corp., VRN, 4.87%, 1/26/29 | 1000000 | 1015570 |
| Wells Fargo & Co., 4.15%, 1/24/29 | 1511000 | 1510276 |
| Wells Fargo Bank NA, 5.45%, 8/7/26 | 315000 | 318378 |
| Westpac Banking Corp., 5.51%, 11/17/25 | 2393000 | 2399003 |
|  |  | 79726586 |
| **Beverages — 0.5%** |  |  |
| Constellation Brands, Inc., 4.40%, 11/15/25 | 1356000 | 1354876 |
| Constellation Brands, Inc., 4.35%, 5/9/27 | 210000 | 210623 |
| Constellation Brands, Inc., 4.65%, 11/15/28 | 894000 | 905388 |
| Constellation Brands, Inc., 3.15%, 8/1/29 | 455000 | 436766 |
| Keurig Dr. Pepper, Inc., 3.95%, 4/15/29 | 406000 | 399366 |
| Pepsico Singapore Financing I Pte. Ltd., 4.55%, 2/16/29 | 280000 | 284932 |
|  |  | 3591951 |
| **Biotechnology — 0.7%** |  |  |
| AbbVie, Inc., 4.65%, 3/15/28 | 1722000 | 1750723 |
| AbbVie, Inc., 4.25%, 11/14/28 | 824000 | 831107 |
| AbbVie, Inc., 4.80%, 3/15/29 | 209000 | 214030 |
| AbbVie, Inc., 4.875%, 3/15/30 | 1722000 | 1774545 |
|  |  | 4570405 |
| **Building Products — 0.7%** |  |  |
| Owens Corning, 3.95%, 8/15/29 | 2954000 | 2923677 |
| Trane Technologies Financing Ltd., 3.80%, 3/21/29 | 1473000 | 1459423 |
|  |  | 4383100 |
| **Capital Markets — 5.4%** |  |  |
| Ameriprise Financial, Inc., 5.70%, 12/15/28 | 2354000 | 2468194 |
| Ares Management Corp., 6.375%, 11/10/28 | 1007000 | 1067713 |
| Blackrock, Inc., 3.25%, 4/30/29 | 1192000 | 1167586 |
| Brookfield Finance, Inc., 3.90%, 1/25/28 | 1566000 | 1555463 |
| Charles Schwab Corp., 5.875%, 8/24/26 | 652000 | 661777 |
| Charles Schwab Corp., 3.25%, 5/22/29 | 678000 | 659813 |
| Deutsche Bank AG, 4.10%, 1/13/26 | 135000 | 134765 |
| Deutsche Bank AG, VRN, 6.72%, 1/18/29 | 1050000 | 1104923 |
| Goldman Sachs Group, Inc., 3.50%, 11/16/26 | 2342000 | 2323193 |
| Goldman Sachs Group, Inc., VRN, 5.05%, 7/23/30 | 500000 | 512014 |
| Goldman Sachs Group, Inc., 3.80%, 3/15/30 | 500000 | 491431 |
| Intercontinental Exchange, Inc., 4.00%, 9/15/27 | 1000000 | 998992 |
| Intercontinental Exchange, Inc., 3.625%, 9/1/28 | 367000 | 362362 |
| Intercontinental Exchange, Inc., 4.35%, 6/15/29 | 804000 | 810618 |
| Intercontinental Exchange, Inc., 2.10%, 6/15/30 | 2925000 | 2655869 |
| Jefferies Financial Group, Inc., 4.85%, 1/15/27 | 200000 | 201524 |
| Jefferies Financial Group, Inc., 5.875%, 7/21/28 | 2605000 | 2716497 |
| Lazard Group LLC, 4.50%, 9/19/28 | 3245000 | 3262133 |
| LPL Holdings, Inc., 5.70%, 5/20/27 | 2000000 | 2039480 |
| LPL Holdings, Inc., 5.20%, 3/15/30 | 1690000 | 1730011 |
| Morgan Stanley, VRN, 2.70%, 1/22/31 | 236000 | 220010 |
| Morgan Stanley, VRN, 5.16%, 4/20/29 | 1000000 | 1022532 |
| Nasdaq, Inc., 3.85%, 6/30/26 | 2490000 | 2484851 |
| Northern Trust Corp., 3.65%, 8/3/28 | 365000 | 362613 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| S&P Global, Inc., 2.50%, 12/1/29 | $2360000 | $2214976 |
| State Street Corp., 4.54%, 2/28/28 | 1005000 | 1019421 |
| UBS Group AG, 4.55%, 4/17/26 | 2000000 | 2003257 |
|  |  | 36252018 |
| **Chemicals — 0.8%** |  |  |
| DuPont de Nemours, Inc., 4.49%, 11/15/25 | 200000 | 199831 |
| Eastman Chemical Co., 5.00%, 8/1/29 | 1751000 | 1784824 |
| Mosaic Co., 5.375%, 11/15/28 | 2089000 | 2155322 |
| Nutrien Ltd., 4.90%, 3/27/28 | 294000 | 299155 |
| Nutrien Ltd., 4.20%, 4/1/29 | 379000 | 378423 |
| RPM International, Inc., 4.55%, 3/1/29 | 430000 | 432442 |
|  |  | 5249997 |
| **Commercial Services and Supplies — 0.6%** |  |  |
| Eaton Capital ULC, 4.45%, 5/9/30 | 1000000 | 1010346 |
| Republic Services, Inc., 4.75%, 7/15/30 | 738000 | 758365 |
| Waste Connections, Inc., 3.50%, 5/1/29 | 291000 | 286567 |
| Waste Management, Inc., 4.875%, 2/15/29 | 1977000 | 2034491 |
| Waste Management, Inc., 4.65%, 3/15/30 | 160000 | 163257 |
|  |  | 4253026 |
| **Communications Equipment — 0.4%** |  |  |
| Cisco Systems, Inc., 4.85%, 2/26/29 | 1788000 | 1836898 |
| Motorola Solutions, Inc., 5.00%, 4/15/29 | 786000 | 804929 |
|  |  | 2641827 |
| **Construction Materials — 0.5%** |  |  |
| Vulcan Materials Co., 4.95%, 12/1/29 | 2960000 | 3039804 |
| **Consumer Finance — 1.1%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26 | 2000000 | 1998683 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.75%, 6/6/28 | 1400000 | 1453004 |
| American Express Co., 4.05%, 5/3/29 | 264000 | 264727 |
| American Express Co., VRN, 5.10%, 2/16/28 | 1000000 | 1012222 |
| Capital One Financial Corp., 3.75%, 3/9/27 | 303000 | 301247 |
| Capital One Financial Corp., VRN, 5.47%, 2/1/29 | 399000 | 409639 |
| Capital One Financial Corp., VRN, 6.31%, 6/8/29 | 1320000 | 1385713 |
| Capital One Financial Corp., VRN, 5.25%, 7/26/30 | 260000 | 267466 |
|  |  | 7092701 |
| **Consumer Staples Distribution & Retail — 0.4%** |  |  |
| Dollar Tree, Inc., 4.20%, 5/15/28 | 206000 | 205533 |
| Kroger Co., 4.50%, 1/15/29 | 306000 | 309920 |
| Sysco Corp., 5.75%, 1/17/29 | 151000 | 158335 |
| Target Corp., 3.375%, 4/15/29 | 2015000 | 1974939 |
|  |  | 2648727 |
| **Containers and Packaging — 0.3%** |  |  |
| Amcor Flexibles North America, Inc., 4.80%, 3/17/28 | 1946000 | 1970275 |
| WRKCo, Inc., 4.90%, 3/15/29 | 181000 | 184952 |
|  |  | 2155227 |
| **Diversified REITs — 6.3%** |  |  |
| Boston Properties LP, 2.75%, 10/1/26 | 1250000 | 1228634 |
| Boston Properties LP, 4.50%, 12/1/28 | 2284000 | 2286624 |
| Brixmor Operating Partnership LP, 3.90%, 3/15/27 | 340000 | 338181 |
| Brixmor Operating Partnership LP, 4.125%, 5/15/29 | 3012000 | 2986982 |
| Digital Realty Trust LP, 4.45%, 7/15/28 | 1971000 | 1987412 |
| Digital Realty Trust LP, 3.60%, 7/1/29 | 1000000 | 976210 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| ERP Operating LP, 2.50%, 2/15/30 | $896000 | $835152 |
| Essex Portfolio LP, 3.375%, 4/15/26 | 693000 | 688424 |
| Essex Portfolio LP, 3.625%, 5/1/27 | 734000 | 728064 |
| Essex Portfolio LP, 3.00%, 1/15/30 | 2194000 | 2074868 |
| Federal Realty OP LP, 3.25%, 7/15/27 | 1688000 | 1660152 |
| Federal Realty OP LP, 5.375%, 5/1/28 | 155000 | 159507 |
| Host Hotels & Resorts LP, 4.50%, 2/1/26 | 2960000 | 2956402 |
| Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 | 3041000 | 2871438 |
| Mid-America Apartments LP, 4.00%, 11/15/25 | 2593000 | 2589198 |
| Mid-America Apartments LP, 2.75%, 3/15/30 | 2800000 | 2624819 |
| Prologis LP, 4.00%, 9/15/28 | 683000 | 683059 |
| Prologis LP, 4.375%, 2/1/29 | 3080000 | 3108754 |
| Rexford Industrial Realty LP, 5.00%, 6/15/28 | 1038000 | 1053892 |
| Simon Property Group LP, 3.50%, 9/1/25 | 360000 | 360000 |
| Simon Property Group LP, 3.30%, 1/15/26 | 250000 | 248961 |
| Simon Property Group LP, 2.45%, 9/13/29 | 4756000 | 4463788 |
| Ventas Realty LP, 3.25%, 10/15/26 | 1500000 | 1482717 |
| Ventas Realty LP, 3.85%, 4/1/27 | 836000 | 832084 |
| Ventas Realty LP, 4.40%, 1/15/29 | 1806000 | 1812450 |
| WP Carey, Inc., 4.25%, 10/1/26 | 1142000 | 1140974 |
|  |  | 42178746 |
| **Diversified Telecommunication Services — 0.3%** |  |  |
| AT&T, Inc., 4.10%, 2/15/28 | 165000 | 164836 |
| AT&T, Inc., 4.35%, 3/1/29 | 254000 | 255130 |
| Sprint Capital Corp., 6.875%, 11/15/28 | 1434000 | 1542956 |
| Verizon Communications, Inc., 2.10%, 3/22/28 | 291000 | 277116 |
|  |  | 2240038 |
| **Electric Utilities — 4.2%** |  |  |
| AEP Texas, Inc., 5.45%, 5/15/29 | 1788000 | 1856942 |
| American Electric Power Co., Inc., 5.20%, 1/15/29 | 803000 | 828558 |
| American Electric Power Co., Inc., Series J, 4.30%, 12/1/28 | 155000 | 155892 |
| CenterPoint Energy Houston Electric LLC, 5.20%, 10/1/28 | 140000 | 144543 |
| Commonwealth Edison Co., 2.95%, 8/15/27 | 2460000 | 2415313 |
| Constellation Energy Generation LLC, 5.60%, 3/1/28 | 521000 | 540370 |
| Duke Energy Carolinas LLC, 3.95%, 11/15/28 | 231000 | 230950 |
| Duke Energy Corp., 0.90%, 9/15/25 | 169000 | 168781 |
| Duke Energy Corp., 5.00%, 12/8/27 | 338000 | 344479 |
| Duke Energy Corp., 4.30%, 3/15/28 | 178000 | 178982 |
| Duke Energy Florida LLC, 3.80%, 7/15/28 | 300000 | 299092 |
| Duke Energy Progress LLC, 4.35%, 3/6/27 | 1916000 | 1928809 |
| Emera U.S. Finance LP, 3.55%, 6/15/26 | 2960000 | 2935969 |
| Entergy Corp., 0.90%, 9/15/25 | 154000 | 153799 |
| Entergy Texas, Inc., 4.00%, 3/30/29 | 392000 | 390540 |
| Florida Power & Light Co., 5.15%, 6/15/29 | 255000 | 264748 |
| Interstate Power & Light Co., 4.10%, 9/26/28 | 150000 | 150147 |
| Interstate Power & Light Co., 3.60%, 4/1/29 | 465000 | 456580 |
| Nevada Power Co., 3.70%, 5/1/29 | 1543000 | 1519741 |
| NextEra Energy Capital Holdings, Inc., 5.75%, 9/1/25 | 364000 | 364000 |
| NextEra Energy Capital Holdings, Inc., 1.875%, 1/15/27 | 116000 | 112470 |
| NextEra Energy Capital Holdings, Inc., 1.90%, 6/15/28 | 165000 | 155676 |
| NextEra Energy Capital Holdings, Inc., 3.50%, 4/1/29 | 977000 | 955242 |
| NSTAR Electric Co., 4.85%, 3/1/30 | 2205000 | 2259723 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Oncor Electric Delivery Co. LLC, 5.75%, 3/15/29 | $1932000 | $2025611 |
| Pacific Gas & Electric Co., 3.15%, 1/1/26 | 103000 | 102390 |
| Pacific Gas & Electric Co., 6.10%, 1/15/29 | 32000 | 33414 |
| Pacific Gas & Electric Co., 5.55%, 5/15/29 | 984000 | 1012199 |
| PacifiCorp, 5.10%, 2/15/29 | 295000 | 302327 |
| Public Service Electric & Gas Co., 3.20%, 5/15/29 | 1415000 | 1374949 |
| Southern California Edison Co., 5.25%, 3/15/30 | 788000 | 806777 |
| Southern Co., 5.15%, 10/6/25 | 151000 | 151052 |
| Southern Co., 5.50%, 3/15/29 | 105000 | 109515 |
| Wisconsin Electric Power Co., 5.00%, 5/15/29 | 572000 | 590203 |
| Wisconsin Public Service Corp., 5.35%, 11/10/25 | 65000 | 65031 |
| Wisconsin Public Service Corp., 4.55%, 12/1/29 | 2210000 | 2252131 |
| Xcel Energy, Inc., 3.35%, 12/1/26 | 250000 | 247269 |
|  |  | 27884214 |
| **Electrical Equipment — 0.0%** |  |  |
| Hubbell, Inc., 3.35%, 3/1/26 | 196000 | 194893 |
| **Electronic Equipment, Instruments and Components — 0.4%** |  |  |
| Avnet, Inc., 4.625%, 4/15/26 | 715000 | 714993 |
| Jabil, Inc., 1.70%, 4/15/26 | 1218000 | 1198210 |
| Jabil, Inc., 3.95%, 1/12/28 | 200000 | 198375 |
| Jabil, Inc., 5.45%, 2/1/29 | 335000 | 344724 |
| Trimble, Inc., 4.90%, 6/15/28 | 382000 | 387619 |
|  |  | 2843921 |
| **Energy Equipment and Services — 0.1%** |  |  |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 3.14%, 11/7/29 | 35000 | 33672 |
| Schlumberger Holdings Corp., 4.50%, 5/15/28<sup>(1)</sup> | 320000 | 322533 |
|  |  | 356205 |
| **Entertainment — 0.2%** |  |  |
| Netflix, Inc., 4.875%, 4/15/28 | 110000 | 112523 |
| Netflix, Inc., 5.875%, 11/15/28 | 761000 | 803919 |
| TWDC Enterprises 18 Corp., 1.85%, 7/30/26 | 177000 | 173590 |
|  |  | 1090032 |
| **Financial Services — 1.8%** |  |  |
| Block Financial LLC, 2.50%, 7/15/28 | 109000 | 103264 |
| Equitable Holdings, Inc., 4.35%, 4/20/28 | 2465000 | 2475172 |
| Fiserv, Inc., 4.20%, 10/1/28 | 186000 | 185975 |
| Global Payments, Inc., 4.95%, 8/15/27 | 488000 | 493621 |
| Global Payments, Inc., 4.45%, 6/1/28 | 853000 | 855357 |
| Global Payments, Inc., 5.30%, 8/15/29 | 1484000 | 1521030 |
| Mastercard, Inc., 2.95%, 6/1/29 | 1911000 | 1850186 |
| National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29 | 1155000 | 1139914 |
| National Rural Utilities Cooperative Finance Corp., 5.15%, 6/15/29 | 1960000 | 2034251 |
| UBS AG, 5.65%, 9/11/28 | 1000000 | 1045238 |
| Voya Financial, Inc., 3.65%, 6/15/26 | 359000 | 357299 |
|  |  | 12061307 |
| **Food Products — 0.9%** |  |  |
| Conagra Brands, Inc., 4.60%, 11/1/25 | 200000 | 199911 |
| Conagra Brands, Inc., 7.00%, 10/1/28 | 1066000 | 1139639 |
| Conagra Brands, Inc., 4.85%, 11/1/28 | 287000 | 290166 |
| General Mills, Inc., 5.50%, 10/17/28 | 200000 | 208117 |
| J.M. Smucker Co., 5.90%, 11/15/28 | 150000 | 157543 |
| Kraft Heinz Foods Co., 4.625%, 1/30/29 | 656000 | 662401 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Mars, Inc., 4.80%, 3/1/30<sup>(1)</sup> | $1897000 | $1933822 |
| Tyson Foods, Inc., 4.35%, 3/1/29 | 750000 | 750646 |
| Tyson Foods, Inc., 5.40%, 3/15/29 | 852000 | 883175 |
|  |  | 6225420 |
| **Gas Utilities — 0.0%** |  |  |
| Spire, Inc., 5.30%, 3/1/26 | 100000 | 100381 |
| **Ground Transportation — 0.5%** |  |  |
| JB Hunt Transport Services, Inc., 4.90%, 3/15/30 | 2435000 | 2492932 |
| Ryder System, Inc., 3.35%, 9/1/25 | 729000 | 729000 |
|  |  | 3221932 |
| **Health Care Equipment and Supplies — 1.1%** |  |  |
| Baxter International, Inc., 2.27%, 12/1/28 | 2948000 | 2767107 |
| Becton Dickinson & Co., 5.08%, 6/7/29 | 640000 | 658127 |
| Solventum Corp., 5.45%, 2/25/27 | 315000 | 321135 |
| Solventum Corp., 5.40%, 3/1/29 | 130000 | 135575 |
| Stryker Corp., 3.375%, 11/1/25 | 200000 | 199568 |
| Zimmer Biomet Holdings, Inc., 5.05%, 2/19/30 | 2845000 | 2929107 |
|  |  | 7010619 |
| **Health Care Providers and Services — 1.8%** |  |  |
| Cardinal Health, Inc., 5.125%, 2/15/29 | 1342000 | 1381657 |
| Cigna Group, 4.375%, 10/15/28 | 811000 | 815526 |
| Cigna Group, 5.00%, 5/15/29 | 279000 | 286729 |
| CVS Health Corp., 5.00%, 1/30/29 | 408000 | 415897 |
| Elevance Health, Inc., 4.10%, 3/1/28 | 465000 | 464758 |
| Elevance Health, Inc., 5.15%, 6/15/29 | 1604000 | 1652490 |
| HCA, Inc., 5.20%, 6/1/28 | 545000 | 558345 |
| Humana, Inc., 5.75%, 3/1/28 | 100000 | 103524 |
| Humana, Inc., 5.75%, 12/1/28 | 1214000 | 1265957 |
| Humana, Inc., 3.70%, 3/23/29 | 912000 | 894158 |
| IQVIA, Inc., 6.25%, 2/1/29 | 2219000 | 2337406 |
| Laboratory Corp. of America Holdings, 3.60%, 9/1/27 | 250000 | 248034 |
| McKesson Corp., 4.90%, 7/15/28 | 1063000 | 1086187 |
| UnitedHealth Group, Inc., 5.15%, 10/15/25 | 200000 | 200164 |
| UnitedHealth Group, Inc., 3.375%, 4/15/27 | 230000 | 227628 |
| UnitedHealth Group, Inc., 4.60%, 4/15/27 | 252000 | 254166 |
|  |  | 12192626 |
| **Health Care REITs — 1.3%** |  |  |
| Alexandria Real Estate Equities, Inc., 3.95%, 1/15/27 | 150000 | 149370 |
| Alexandria Real Estate Equities, Inc., 4.70%, 7/1/30 | 1150000 | 1160143 |
| Omega Healthcare Investors, Inc., 4.75%, 1/15/28 | 610000 | 615285 |
| Omega Healthcare Investors, Inc., 3.625%, 10/1/29 | 2518000 | 2412769 |
| Welltower OP LLC, 4.25%, 4/15/28 | 753000 | 757555 |
| Welltower OP LLC, 4.50%, 7/1/30 | 3250000 | 3281432 |
|  |  | 8376554 |
| **Hotels, Restaurants and Leisure — 1.1%** |  |  |
| Booking Holdings, Inc., 3.60%, 6/1/26 | 2050000 | 2042226 |
| Booking Holdings, Inc., 3.55%, 3/15/28 | 752000 | 743713 |
| Expedia Group, Inc., 5.00%, 2/15/26 | 200000 | 200150 |
| Expedia Group, Inc., 3.80%, 2/15/28 | 1448000 | 1434646 |
| Hyatt Hotels Corp., 4.375%, 9/15/28 | 250000 | 250445 |
| Hyatt Hotels Corp., 5.25%, 6/30/29 | 177000 | 181853 |
| Marriott International, Inc., 5.45%, 9/15/26 | 150000 | 151829 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Marriott International, Inc., 5.55%, 10/15/28 | $200000 | $207927 |
| McDonald's Corp., 4.60%, 5/15/30 | 1722000 | 1752746 |
| Starbucks Corp., 3.55%, 8/15/29 | 522000 | 512155 |
|  |  | 7477690 |
| **Household Durables — 0.3%** |  |  |
| Mohawk Industries, Inc., 5.85%, 9/18/28 | 767000 | 802008 |
| PulteGroup, Inc., 5.00%, 1/15/27 | 1278000 | 1288604 |
|  |  | 2090612 |
| **Industrial Conglomerates — 0.7%** |  |  |
| 3M Co., 4.80%, 3/15/30 | 960000 | 982227 |
| Honeywell International, Inc., 2.70%, 8/15/29 | 564000 | 536616 |
| Pentair Finance SARL, 4.50%, 7/1/29 | 2157000 | 2169706 |
| Siemens Funding BV, 4.60%, 5/28/30<sup>(1)</sup> | 1000000 | 1018030 |
|  |  | 4706579 |
| **Insurance — 4.6%** |  |  |
| Allstate Corp., 0.75%, 12/15/25 | 1458000 | 1442580 |
| Aon Corp., 3.75%, 5/2/29 | 464000 | 457789 |
| Aon Global Ltd., 3.875%, 12/15/25 | 200000 | 199666 |
| Assurant, Inc., 4.90%, 3/27/28 | 2653000 | 2691004 |
| AXIS Specialty Finance LLC, 3.90%, 7/15/29 | 1386000 | 1360973 |
| Brighthouse Financial, Inc., 3.70%, 6/22/27 | 145000 | 143065 |
| Chubb INA Holdings LLC, 4.65%, 8/15/29 | 1964000 | 2003791 |
| Equitable Financial Life Global Funding, 5.00%, 3/27/30<sup>(1)</sup> | 2134000 | 2190613 |
| Fairfax Financial Holdings Ltd., 4.85%, 4/17/28 | 1596000 | 1619009 |
| Fidelity National Financial, Inc., 3.40%, 6/15/30 | 3000000 | 2850274 |
| Lincoln National Corp., 3.80%, 3/1/28 | 973000 | 962207 |
| Marsh & McLennan Cos., Inc., 3.75%, 3/14/26 | 4460000 | 4447063 |
| Pacific Life Global Funding II, 4.45%, 5/1/28<sup>(1)</sup> | 2000000 | 2025652 |
| Principal Financial Group, Inc., 3.70%, 5/15/29 | 1690000 | 1660116 |
| Progressive Corp., 4.00%, 3/1/29 | 1242000 | 1242834 |
| Progressive Corp., 6.625%, 3/1/29 | 3832000 | 4142945 |
| Reinsurance Group of America, Inc., 3.90%, 5/15/29 | 105000 | 103714 |
| RenaissanceRe Finance, Inc., 3.45%, 7/1/27 | 1035000 | 1020701 |
|  |  | 30563996 |
| **Interactive Media and Services — 0.6%** |  |  |
| Meta Platforms, Inc., 4.30%, 8/15/29 | 3670000 | 3719501 |
| **IT Services — 0.5%** |  |  |
| CDW LLC/CDW Finance Corp., 4.25%, 4/1/28 | 496000 | 492975 |
| IBM International Capital Pte. Ltd., 4.60%, 2/5/29 | 1100000 | 1116866 |
| International Business Machines Corp., 3.50%, 5/15/29 | 1650000 | 1618004 |
|  |  | 3227845 |
| **Life Sciences Tools and Services — 0.5%** |  |  |
| Thermo Fisher Scientific, Inc., 5.00%, 1/31/29 | 3349000 | 3449849 |
| **Machinery — 2.7%** |  |  |
| CNH Industrial Capital LLC, 4.75%, 3/21/28 | 1488000 | 1505102 |
| CNH Industrial Capital LLC, 5.50%, 1/12/29 | 2319000 | 2405743 |
| Cummins, Inc., 4.90%, 2/20/29 | 4052000 | 4166546 |
| Deere & Co., 5.375%, 10/16/29 | 375000 | 394282 |
| IDEX Corp., 4.95%, 9/1/29 | 644000 | 658548 |
| Ingersoll Rand, Inc., 5.18%, 6/15/29 | 1724000 | 1781451 |
| John Deere Capital Corp., 4.95%, 7/14/28 | 856000 | 879754 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| John Deere Capital Corp., 4.50%, 1/16/29 | $345000 | $350584 |
| John Deere Capital Corp., 2.80%, 7/18/29 | 250000 | 239138 |
| Otis Worldwide Corp., 5.25%, 8/16/28 | 143000 | 147492 |
| PACCAR Financial Corp., 4.95%, 8/10/28 | 175000 | 180252 |
| PACCAR Financial Corp., 4.60%, 1/31/29 | 684000 | 697518 |
| PACCAR Financial Corp., 4.00%, 9/26/29 | 2880000 | 2885075 |
| PACCAR Financial Corp., 4.55%, 5/8/30 | 1500000 | 1529510 |
|  |  | 17820995 |
| **Media — 0.3%** |  |  |
| Comcast Corp., 4.15%, 10/15/28 | 1300000 | 1304335 |
| Fox Corp., 4.71%, 1/25/29 | 446000 | 451183 |
|  |  | 1755518 |
| **Metals and Mining — 0.8%** |  |  |
| ArcelorMittal SA, 4.25%, 7/16/29<sup>(2)</sup> | 177000 | 176443 |
| BHP Billiton Finance USA Ltd., 5.10%, 9/8/28 | 195000 | 200919 |
| Freeport-McMoRan, Inc., 4.25%, 3/1/30 | 2460000 | 2431829 |
| Rio Tinto Finance USA Ltd., 7.125%, 7/15/28 | 242000 | 262090 |
| Rio Tinto Finance USA PLC, 4.375%, 3/12/27 | 1916000 | 1928113 |
|  |  | 4999394 |
| **Multi-Utilities — 1.4%** |  |  |
| Ameren Corp., 5.00%, 1/15/29 | 1517000 | 1551580 |
| Black Hills Corp., 3.15%, 1/15/27 | 292000 | 287641 |
| CenterPoint Energy, Inc., 5.40%, 6/1/29 | 2479000 | 2569971 |
| Consumers Energy Co., 4.60%, 5/30/29 | 1791000 | 1822964 |
| Consumers Energy Co., 4.70%, 1/15/30 | 1476000 | 1507833 |
| Dominion Energy, Inc., 3.90%, 10/1/25 | 200000 | 199869 |
| National Grid PLC, 5.60%, 6/12/28 | 120000 | 124258 |
| Sempra, 5.40%, 8/1/26 | 1488000 | 1500294 |
|  |  | 9564410 |
| **Oil, Gas and Consumable Fuels — 5.9%** |  |  |
| Boardwalk Pipelines LP, 4.45%, 7/15/27 | 900000 | 902452 |
| BP Capital Markets America, Inc., 3.94%, 9/21/28 | 646000 | 644129 |
| BP Capital Markets America, Inc., 4.70%, 4/10/29 | 1773000 | 1806700 |
| BP Capital Markets America, Inc., 4.87%, 11/25/29 | 1948000 | 2002410 |
| Cheniere Energy, Inc., 4.625%, 10/15/28 | 700000 | 699676 |
| Chevron USA, Inc., 4.69%, 4/15/30 | 2610000 | 2668783 |
| ConocoPhillips Co., 4.70%, 1/15/30 | 4000000 | 4077279 |
| DCP Midstream Operating LP, 5.625%, 7/15/27 | 590000 | 602660 |
| DCP Midstream Operating LP, 5.125%, 5/15/29 | 1365000 | 1395493 |
| Devon Energy Corp., 5.25%, 10/15/27 | 430000 | 430623 |
| Devon Energy Corp., 4.50%, 1/15/30 | 224000 | 224165 |
| Enbridge, Inc., 4.25%, 12/1/26 | 1004000 | 1004486 |
| Enbridge, Inc., 6.00%, 11/15/28 | 170000 | 179215 |
| Enbridge, Inc., 5.30%, 4/5/29 | 505000 | 521491 |
| Energy Transfer LP, 5.95%, 12/1/25 | 200000 | 200180 |
| Energy Transfer LP, 4.75%, 1/15/26 | 463000 | 463154 |
| Energy Transfer LP, 6.05%, 12/1/26 | 403000 | 410882 |
| Energy Transfer LP, 5.50%, 6/1/27 | 577000 | 587031 |
| Energy Transfer LP, 4.00%, 10/1/27 | 195000 | 194004 |
| Energy Transfer LP, 5.55%, 2/15/28 | 852000 | 877169 |
| Energy Transfer LP, 4.95%, 5/15/28 | 431000 | 438409 |
| Enterprise Products Operating LLC, 4.15%, 10/16/28 | 342000 | 343633 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Equinor ASA, 7.25%, 9/23/27 | $722000 | $768564 |
| Kinder Morgan, Inc., 4.30%, 3/1/28 | 472000 | 473874 |
| Kinder Morgan, Inc., 5.00%, 2/1/29 | 981000 | 1001925 |
| Kinder Morgan, Inc., 5.15%, 6/1/30 | 611000 | 628534 |
| MPLX LP, 1.75%, 3/1/26 | 150000 | 148003 |
| MPLX LP, 4.25%, 12/1/27 | 213000 | 213070 |
| MPLX LP, 4.80%, 2/15/29 | 1308000 | 1325469 |
| ONEOK, Inc., 5.00%, 3/1/26 | 200000 | 200163 |
| ONEOK, Inc., 4.55%, 7/15/28 | 575000 | 579296 |
| ONEOK, Inc., 5.65%, 11/1/28 | 1035000 | 1075602 |
| Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 | 1346000 | 1297418 |
| Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | 160000 | 160643 |
| Sabine Pass Liquefaction LLC, 4.20%, 3/15/28 | 1072000 | 1071953 |
| Shell International Finance BV, 3.875%, 11/13/28 | 227000 | 226777 |
| Targa Resources Corp., 5.20%, 7/1/27 | 816000 | 830005 |
| Targa Resources Corp., 6.15%, 3/1/29 | 470000 | 496218 |
| Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 1/15/28 | 486000 | 486540 |
| Tennessee Gas Pipeline Co. LLC, 7.00%, 3/15/27 | 249000 | 258742 |
| Tennessee Gas Pipeline Co. LLC, 7.00%, 10/15/28 | 201000 | 216649 |
| TotalEnergies Capital International SA, 3.46%, 2/19/29 | 628000 | 618701 |
| Transcontinental Gas Pipe Line Co. LLC, 7.85%, 2/1/26 | 606000 | 609827 |
| Valero Energy Corp., 5.15%, 2/15/30 | 2463000 | 2538452 |
| Williams Cos., Inc., 4.00%, 9/15/25 | 1496000 | 1495731 |
| Williams Cos., Inc., 5.30%, 8/15/28 | 300000 | 309599 |
| Woodside Finance Ltd., 4.90%, 5/19/28 | 1500000 | 1519635 |
|  |  | 39225414 |
| **Paper and Forest Products — 0.2%** |  |  |
| Georgia-Pacific LLC, 7.75%, 11/15/29 | 1184000 | 1347584 |
| **Passenger Airlines — 0.0%** |  |  |
| American Airlines Pass-Through Trust, Class AA, 3.58%, 7/15/29 | 191598 | 187830 |
| United Airlines Pass-Through Trust, Class A, 5.875%, 4/15/29 | 40565 | 41559 |
|  |  | 229389 |
| **Personal Care Products — 0.1%** |  |  |
| Estee Lauder Cos., Inc., 4.375%, 5/15/28 | 150000 | 151072 |
| Kenvue, Inc., 5.05%, 3/22/28 | 539000 | 552790 |
|  |  | 703862 |
| **Pharmaceuticals — 2.8%** |  |  |
| Astrazeneca Finance LLC, 4.85%, 2/26/29 | 1964000 | 2017362 |
| Bristol-Myers Squibb Co., 4.90%, 2/22/29 | 371000 | 381162 |
| Bristol-Myers Squibb Co., 3.40%, 7/26/29 | 2297000 | 2240255 |
| Eli Lilly & Co., 4.50%, 2/9/29 | 469000 | 476953 |
| Eli Lilly & Co., 3.375%, 3/15/29 | 280000 | 274847 |
| Eli Lilly & Co., 4.20%, 8/14/29 | 2191000 | 2211099 |
| GlaxoSmithKline Capital PLC, 3.375%, 6/1/29 | 1645000 | 1605534 |
| GlaxoSmithKline Capital, Inc., 4.50%, 4/15/30 | 1526000 | 1545196 |
| Johnson & Johnson, 4.80%, 6/1/29 | 1422000 | 1468300 |
| Merck & Co., Inc., 1.90%, 12/10/28 | 576000 | 540911 |
| Pfizer Investment Enterprises Pte. Ltd., 4.45%, 5/19/28 | 1235000 | 1250155 |
| Pharmacia LLC, 6.60%, 12/1/28 | 3000000 | 3229305 |
| Royalty Pharma PLC, 1.20%, 9/2/25 | 1616000 | 1616000 |
|  |  | 18857079 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **Professional Services — 0.3%** |  |  |
| Paychex, Inc., 5.10%, 4/15/30 | $1992000 | $2050855 |
| **Real Estate Management and Development — 0.5%** |  |  |
| CBRE Services, Inc., 5.50%, 4/1/29 | 2209000 | 2292061 |
| CBRE Services, Inc., 4.80%, 6/15/30 | 224000 | 227324 |
| Jones Lang LaSalle, Inc., 6.875%, 12/1/28 | 451000 | 485065 |
|  |  | 3004450 |
| **Residential REITs — 2.1%** |  |  |
| AvalonBay Communities, Inc., 2.95%, 5/11/26 | 1244000 | 1233867 |
| AvalonBay Communities, Inc., 3.30%, 6/1/29 | 2095000 | 2035540 |
| AvalonBay Communities, Inc., 2.30%, 3/1/30 | 1800000 | 1658001 |
| Camden Property Trust, 4.10%, 10/15/28<sup>(2)</sup> | 1400000 | 1401865 |
| Camden Property Trust, 2.80%, 5/15/30 | 3500000 | 3284691 |
| UDR, Inc., 3.50%, 7/1/27 | 820000 | 810566 |
| UDR, Inc., 4.40%, 1/26/29 | 2041000 | 2047380 |
| UDR, Inc., 3.20%, 1/15/30 | 1722000 | 1649291 |
|  |  | 14121201 |
| **Retail REITs — 0.2%** |  |  |
| NNN REIT, Inc., 3.50%, 10/15/27 | 799000 | 788909 |
| Realty Income Corp., 2.10%, 3/15/28 | 250000 | 238353 |
| Realty Income Corp., 3.25%, 6/15/29 | 613000 | 594255 |
|  |  | 1621517 |
| **Semiconductors and Semiconductor Equipment — 1.7%** |  |  |
| Broadcom, Inc., 3.15%, 11/15/25 | 100000 | 99753 |
| Broadcom, Inc., 5.05%, 7/12/29 | 849000 | 873165 |
| Broadcom, Inc., 4.35%, 2/15/30 | 1284000 | 1287983 |
| Intel Corp., 5.125%, 2/10/30 | 322000 | 329908 |
| KLA Corp., 4.10%, 3/15/29 | 2050000 | 2056639 |
| Marvell Technology, Inc., 1.65%, 4/15/26 | 363000 | 356778 |
| Marvell Technology, Inc., 4.875%, 6/22/28 | 165000 | 167296 |
| Marvell Technology, Inc., 5.75%, 2/15/29 | 2393000 | 2497784 |
| Micron Technology, Inc., 5.375%, 4/15/28 | 483000 | 498115 |
| Micron Technology, Inc., 5.33%, 2/6/29 | 327000 | 336287 |
| Micron Technology, Inc., 4.66%, 2/15/30 | 2114000 | 2127544 |
| QUALCOMM, Inc., 4.50%, 5/20/30 | 1000000 | 1017086 |
| Texas Instruments, Inc., 4.60%, 2/8/29 | 25000 | 25556 |
|  |  | 11673894 |
| **Software — 0.1%** |  |  |
| Atlassian Corp., 5.25%, 5/15/29 | 309000 | 318366 |
| Intuit, Inc., 5.125%, 9/15/28 | 175000 | 180857 |
| Roper Technologies, Inc., 3.85%, 12/15/25 | 435000 | 434404 |
|  |  | 933627 |
| **Specialized REITs — 2.1%** |  |  |
| American Tower Corp., 3.65%, 3/15/27 | 829000 | 822928 |
| American Tower Corp., 3.55%, 7/15/27 | 953000 | 943214 |
| American Tower Corp., 5.50%, 3/15/28 | 123000 | 126772 |
| American Tower Corp., 5.25%, 7/15/28 | 100000 | 102899 |
| American Tower Corp., 5.80%, 11/15/28 | 100000 | 104565 |
| American Tower Corp., 3.95%, 3/15/29 | 604000 | 598083 |
| American Tower Corp., 5.00%, 1/31/30 | 105000 | 107511 |
| American Tower Corp., 4.90%, 3/15/30 | 1122000 | 1144150 |
| Crown Castle, Inc., 4.45%, 2/15/26 | 528000 | 526982 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Crown Castle, Inc., 4.00%, 3/1/27 | $230000 | $228909 |
| Crown Castle, Inc., 5.00%, 1/11/28 | 115000 | 116611 |
| Crown Castle, Inc., 4.80%, 9/1/28 | 309000 | 312791 |
| Crown Castle, Inc., 5.60%, 6/1/29 | 2051000 | 2132078 |
| Equinix, Inc., 1.45%, 5/15/26 | 782000 | 766039 |
| Public Storage Operating Co., 1.85%, 5/1/28 | 252000 | 238395 |
| Public Storage Operating Co., 5.125%, 1/15/29 | 1169000 | 1210612 |
| VICI Properties LP, 4.75%, 4/1/28 | 1488000 | 1504621 |
| Weyerhaeuser Co., 4.00%, 11/15/29 | 2960000 | 2927397 |
|  |  | 13914557 |
| **Specialty Retail — 1.3%** |  |  |
| AutoZone, Inc., 6.25%, 11/1/28 | 572000 | 607801 |
| Home Depot, Inc., 4.90%, 4/15/29 | 1528000 | 1575047 |
| Home Depot, Inc., 2.95%, 6/15/29 | 1632000 | 1573427 |
| Home Depot, Inc., 4.75%, 6/25/29 | 1452000 | 1486898 |
| Lowe's Cos., Inc., 4.40%, 9/8/25 | 109000 | 108997 |
| Lowe's Cos., Inc., 3.375%, 9/15/25 | 180000 | 179924 |
| Lowe's Cos., Inc., 1.70%, 9/15/28 | 665000 | 620022 |
| Lowe's Cos., Inc., 3.65%, 4/5/29 | 398000 | 390875 |
| TJX Cos., Inc., 3.875%, 4/15/30 | 2000000 | 1987241 |
|  |  | 8530232 |
| **Technology Hardware, Storage and Peripherals — 1.1%** |  |  |
| Dell International LLC/EMC Corp., 6.02%, 6/15/26 | 820000 | 827316 |
| Dell International LLC/EMC Corp., 4.90%, 10/1/26 | 488000 | 490152 |
| Dell International LLC/EMC Corp., 4.75%, 4/1/28 | 992000 | 1006197 |
| Dell International LLC/EMC Corp., 5.30%, 10/1/29 | 734000 | 760137 |
| Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | 1646000 | 1646104 |
| HP, Inc., 3.00%, 6/17/27 | 325000 | 318585 |
| HP, Inc., 4.00%, 4/15/29 | 2012000 | 1987894 |
|  |  | 7036385 |
| **Textiles, Apparel and Luxury Goods — 0.5%** |  |  |
| Ralph Lauren Corp., 3.75%, 9/15/25 | 1611000 | 1610058 |
| Ralph Lauren Corp., 2.95%, 6/15/30 | 2100000 | 1983467 |
|  |  | 3593525 |
| **Trading Companies and Distributors — 0.4%** |  |  |
| Air Lease Corp., 1.875%, 8/15/26 | 2595000 | 2535650 |
| **Transportation Infrastructure — 0.1%** |  |  |
| Aon North America, Inc., 5.15%, 3/1/29 | 430000 | 442791 |
| **Water Utilities — 0.0%** |  |  |
| American Water Capital Corp., 2.95%, 9/1/27 | 325000 | 318564 |
| **Wireless Telecommunication Services — 0.2%** |  |  |
| Rogers Communications, Inc., 3.625%, 12/15/25 | 184000 | 183477 |
| Sprint LLC, 7.625%, 3/1/26 | 475000 | 477385 |
| T-Mobile USA, Inc., 4.80%, 7/15/28 | 383000 | 390231 |
| T-Mobile USA, Inc., 2.40%, 3/15/29 | 643000 | 605026 |
|  |  | 1656119 |
| **TOTAL CORPORATE BONDS**<br>(Cost $516,560,391) |  | **523768789** |
| **U.S. TREASURY SECURITIES — 18.4%** |  |  |
| U.S. Treasury Notes, 0.25%, 9/30/25 | 5530000 | 5512848 |
| U.S. Treasury Notes, 0.25%, 10/31/25 | 5145000 | 5111942 |
| U.S. Treasury Notes, 2.25%, 11/15/25 | 5000000 | 4979937 |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| U.S. Treasury Notes, 0.375%, 11/30/25 | $5500000 | $5449432 |
| U.S. Treasury Notes, 0.375%, 1/31/26 | 4260000 | 4195392 |
| U.S. Treasury Notes, 3.75%, 8/31/26 | 4650000 | 4644854 |
| U.S. Treasury Notes, 3.875%, 7/31/27 | 3500000 | 3514766 |
| U.S. Treasury Notes, 0.625%, 11/30/27 | 5083700 | 4761401 |
| U.S. Treasury Notes, 0.75%, 1/31/28 | 5312000 | 4965682 |
| U.S. Treasury Notes, 1.125%, 2/29/28 | 5979800 | 5631757 |
| U.S. Treasury Notes, 1.25%, 4/30/28 | 5930000 | 5582192 |
| U.S. Treasury Notes, 1.25%, 6/30/28 | 4312800 | 4044429 |
| U.S. Treasury Notes, 1.00%, 7/31/28 | 4609200 | 4282685 |
| U.S. Treasury Notes, 3.125%, 11/15/28 | 5224700 | 5151126 |
| U.S. Treasury Notes, 1.375%, 12/31/28 | 4952000 | 4610583 |
| U.S. Treasury Notes, 1.75%, 1/31/29<sup>(3)</sup> | 5898300 | 5550508 |
| U.S. Treasury Notes, 1.875%, 2/28/29 | 6759800 | 6379165 |
| U.S. Treasury Notes, 2.75%, 5/31/29 | 7677000 | 7445191 |
| U.S. Treasury Notes, 2.625%, 7/31/29 | 7000000 | 6745840 |
| U.S. Treasury Notes, 3.50%, 9/30/29 | 7000000 | 6963769 |
| U.S. Treasury Notes, 3.875%, 9/30/29 | 7110000 | 7173879 |
| U.S. Treasury Notes, 4.00%, 7/31/30 | 8000000 | 8106250 |
| U.S. Treasury Notes, 4.125%, 8/31/30 | 2000000 | 2037812 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $121,715,644) |  | **122841440** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 0.8%** |  |  |
| Federal Farm Credit Banks Funding Corp., 4.50%, 3/2/26 | 197000 | 197412 |
| FHLB, 4.625%, 11/17/26 | 480000 | 484771 |
| FHLB, 3.25%, 6/9/28 | 500000 | 495737 |
| FHLB, 4.00%, 6/30/28 | 100000 | 101172 |
| FHLB, 3.25%, 11/16/28 | 150000 | 148649 |
| FHLMC, 0.375%, 9/23/25 | 957000 | 954819 |
| FHLMC, 0.65%, 10/27/25 | 100000 | 99451 |
| FNMA, 0.50%, 11/7/25 | 1246000 | 1237640 |
| FNMA, 1.875%, 9/24/26 | 500000 | 489534 |
| Tennessee Valley Authority, Series A, 2.875%, 2/1/27 | 100000 | 98846 |
| Tennessee Valley Authority, 3.875%, 3/15/28 | 948000 | 953510 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br>(Cost $5,236,996) |  | **5261541** |
| **SOVEREIGN GOVERNMENTS AND AGENCIES — 0.3%** |  |  |
| **Canada — 0.2%** |  |  |
| Export Development Canada, 3.75%, 9/7/27 | 1000000 | 1001916 |
| Export Development Canada, 3.875%, 2/14/28 | 300000 | 301801 |
|  |  | 1303717 |
| **Sweden — 0.1%** |  |  |
| Svensk Exportkredit AB, 2.25%, 3/22/27 | 350000 | 341862 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $1,632,886) |  | **1645579** |
| **SHORT-TERM INVESTMENTS — 0.9%** |  |  |
| **Money Market Funds — 0.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3005208 | 3005208 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 3264985 | 3264985 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $6,270,193) |  | **6270193** |
| **TOTAL INVESTMENT SECURITIES — 98.8%**<br>(Cost $651,416,110) |  | **659787542** |
| **OTHER ASSETS AND LIABILITIES — 1.2%** |  | **8157790** |
| **TOTAL NET ASSETS — 100.0%** |  | $**667945332** |

---

------

Schedule of Investments - Avantis Short-Term Fixed Income ETF

---

| | | |
|:---|:---|:---|
| **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 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 $9,609,523, which represented 1.4% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,139,769. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $167,504.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,264,985.

**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 |  | $523768789 |  |
| U.S. Treasury Securities |  | 122841440 |  |
| U.S. Government Agency Securities |  | 5261541 |  |
| Sovereign Governments and Agencies |  | 1645579 |  |
| Short-Term Investments | $6270193 |  |  |
|  | $6270193 | $653517349 |  |

---

**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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Interest Rate Risk** |
| **Net realized gain (loss) on:** | |
| &nbsp;&nbsp;Futures contract transactions | $(156633) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $13637 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | **AUGUST 31, 2025** | |
| | **Avantis Core Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** |
| **Assets** | **Assets** | |
| Investment securities, at value | $1428403573 | $145446125 |
| Investment made with cash collateral received for securities on loan, at value | 4529693 |  |
| Cash | 450442 | 203447 |
| Receivable for investments sold | 92311324 |  |
| Receivable for capital shares sold | 4181200 |  |
| Interest receivable | 13544370 | 1699223 |
| Securities lending receivable | 1689 |  |
|  | 1543422291 | 147348795 |
| **Liabilities** |  |  |
| Payable for collateral received for forward commitments | 71765 |  |
| Payable for collateral received for securities on loan | 4529693 |  |
| Payable for investments purchased | 324129205 |  |
| Payable for variation margin on futures contracts | 16875 |  |
| Payable for variation margin on swap agreements | 9117 |  |
| Accrued management fees | 148014 | 18719 |
|  | 328904669 | 18719 |
| **Net Assets** | $1214517622 | $147330076 |
| Shares outstanding (unlimited number of shares authorized) | 29050000 | 3300000 |
| **Net Asset Value Per Share** | $41.81 | $44.65 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $1228275036 | $153436990 |
| Distributable earnings (loss) | (13757414) | (6106914) |
|  | $1214517622 | $147330076 |
| Investment securities, at cost | $1420545739 | $151334703 |
| Investment securities on loan, at value | $4402184 |  |
| Investment made with cash collateral received for securities on loan, at cost | $4529693 |  |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis Credit ETF** | **Avantis Short-Term Fixed Income ETF** |
| **Assets** | | |
| Investment securities, at value | $12733837 | $656522557 |
| Investment made with cash collateral received for securities on loan, at value |  | 3264985 |
| Cash |  | 236327 |
| Receivable for investments sold |  | 9300000 |
| Interest receivable | 161024 | 7086579 |
| Securities lending receivable |  | 691 |
|  | 12894861 | 676411139 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan |  | 3264985 |
| Payable for investments purchased | 49267 | 5116759 |
| Payable for variation margin on futures contracts | 39 |  |
| Payable for variation margin on swap agreements | 898 |  |
| Unrealized depreciation on forward foreign currency exchange contracts | 14276 |  |
| Accrued management fees | 2017 | 84063 |
|  | 66497 | 8465807 |
| **Net Assets** | $12828364 | $667945332 |
| Shares outstanding (unlimited number of shares authorized) | 250000 | 14150000 |
| **Net Asset Value Per Share** | $51.31 | $47.20 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $12538966 | $660702597 |
| Distributable earnings (loss) | 289398 | 7242735 |
|  | $12828364 | $667945332 |
| Investment securities, at cost | $12521360 | $648151125 |
| Investment securities on loan, at value |  | $3139769 |
| Investment made with cash collateral received for securities on loan, at cost |  | $3264985 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Core Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Interest | $47798827 | $5525602 |
| Securities lending, net | 30921 |  |
|  | 47829748 | 5525602 |
| **Expenses:** |  |  |
| Management fees | 1518199 | 221582 |
| Interest expenses | 21931 |  |
| Other expenses | 19900 |  |
|  | 1560030 | 221582 |
| **Net investment income (loss)** | 46269718 | 5304020 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | (5282873) | (183837) |
| Futures contract transactions | (168962) |  |
| Swap agreement transactions | 155482 |  |
|  | (5296353) | (183837) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 2253230 | (6253846) |
| Futures contracts | 110831 |  |
| Swap agreements | 84485 |  |
|  | 2448546 | (6253846) |
| **Net realized and unrealized gain (loss)** | (2847807) | (6437683) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $43421911 | $(1133663) |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** | **YEAR ENDED AUGUST 31, 2025 (EXCEPT AS NOTED)** |
| | **Avantis Credit ETF**<sup>(1)</sup> | **Avantis Short-Term Fixed Income ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | | |
| Interest | $177590 | $26467967 |
| Securities lending, net |  | 31278 |
|  | 177590 | 26499245 |
| **Expenses:** |  |  |
| Management fees | 7619 | 870766 |
| Interest expenses | 529 | 105 |
| Trustees' fees and expenses | 75 |  |
|  | 8223 | 870871 |
| **Net investment income (loss)** | 169367 | 25628374 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 714 | 209372 |
| Forward foreign currency exchange contract transactions | (28144) |  |
| Futures contract transactions | 295 | (156633) |
| Swap agreement transactions | 1890 |  |
| Foreign currency translation transactions | 1263 |  |
|  | (23982) | 52739 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 212477 | 4832776 |
| Forward foreign currency exchange contracts | (14276) |  |
| Futures contracts | 1607 | 13637 |
| Swap agreements | 21134 |  |
| Translation of assets and liabilities in foreign currencies | 591 |  |
|  | 221533 | 4846413 |
| **Net realized and unrealized gain (loss)** | 197551 | 4899152 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $366918 | $30527526 |

---

(1)April 15, 2025 (fund inception) through August 31, 2025.

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **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** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $46269718 | $30932682 | $5304020 | $4194627 |
| Net realized gain (loss) | (5296353) | (1261680) | (183837) | (580460) |
| Change in net unrealized appreciation (depreciation) | 2448546 | 23819991 | (6253846) | 3319440 |
| Net increase (decrease) in net assets resulting from operations | 43421911 | 53490993 | (1133663) | 6933607 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (44957870) | (29881175) | (5183560) | (3932875) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 521099100 | 293065165 | 11595570 | 54454379 |
| Payments for shares redeemed | (92680290) | (43273525) | (2237810) |  |
| Other capital | 9845 | 6017 | 28786 | 60133 |
| Net increase (decrease) in net assets from capital share transactions | 428428655 | 249797657 | 9386546 | 54514512 |
| **Net increase (decrease) in net assets** | 426892696 | 273407475 | 3069323 | 57515244 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 787624926 | 514217451 | 144260753 | 86745509 |
| End of period | $1214517622 | $787624926 | $147330076 | $144260753 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 12550000 | 7200000 | 250000 | 1200000 |
| Redeemed | (2250000) | (1050000) | (50000) |  |
| Net increase (decrease) in shares of the funds | 10300000 | 6150000 | 200000 | 1200000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** |
| | **Avantis Credit ETF** | **Avantis Short-Term Fixed Income ETF** | **Avantis Short-Term Fixed Income ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025**<sup>(1)</sup> | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | |
| Net investment income (loss) | $169367 | $25628374 | $13834577 |
| Net realized gain (loss) | (23982) | 52739 | (478154) |
| Change in net unrealized appreciation (depreciation) | 221533 | 4846413 | 7438884 |
| Net increase (decrease) in net assets resulting from operations | 366918 | 30527526 | 20795307 |
| **Distributions to Shareholders** |  |  |  |
| From earnings | (77520) | (24656640) | (13193380) |
| **Capital Share Transactions** |  |  |  |
| Proceeds from shares sold | 12538700 | 273045985 | 161826835 |
| Payments for shares redeemed |  | (18625150) | (9335270) |
| Other capital | 266 | 4037 | 2423 |
| Net increase (decrease) in net assets from capital share transactions | 12538966 | 254424872 | 152493988 |
| **Net increase (decrease) in net assets** | 12828364 | 260295758 | 160095915 |
| **Net Assets** |  |  |  |
| Beginning of period |  | 407649574 | 247553659 |
| End of period | $12828364 | $667945332 | $407649574 |
| **Transactions in Shares of the Funds** |  |  |  |
| Sold | 250000 | 5850000 | 3500000 |
| Redeemed |  | (400000) | (200000) |
| Net increase (decrease) in shares of the funds | 250000 | 5450000 | 3300000 |

---

(1)April 15, 2025 (fund inception) through August 31, 2025.

See Notes to Financial Statements.

------

Notes to Financial Statements

**AUGUST 31, 2025**

**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. |

---

Avantis Credit ETF incepted on April 15, 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.

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.

------

• 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 |

---

**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** |
| 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% |

---

**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 Credit ETF | American Century Investment Management, Inc. (ACIM) | 66% |

---

**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 August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis Core Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Credit ETF**<sup>(1)</sup> | **Avantis Short-Term Fixed Income ETF** |
| Purchases of U.S. Treasury and Government Agency obligations | $3015440848 |  |  | $56608752 |
| Purchases of other investment securities | $255736455 | $31545668 | $3242346 | $253945809 |
| Total Purchases | $3271177303 | $31545668 | $3242346 | $310554561 |
| Sales of U.S. Treasury and Government Agency obligations | $2884502806 |  |  | $59460936 |
| Sales of other investment securities | $279796514 | $22945296 | $149326 | $239921658 |
| Total Sales | $3164299320 | $22945296 | $149326 | $299382594 |

---

(1)April 15, 2025 (fund inception) through August 31, 2025.

------

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **In kind**<br>**Subscriptions** | **In kind**<br>**Redemptions** | **In kind Net Realized**<br>**Gain/(Loss)\*** |
| Avantis Core Fixed Income ETF | $489789115 | $78113954 | $982025 |
| Avantis Credit ETF<sup>(1)</sup> | $11819194 |  |  |
| Avantis Short-Term Fixed Income ETF | $264771751 | $18019355 | $149291 |

---

\*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

(1)April 15, 2025 (fund inception) through August 31, 2025.

**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:

---

| | |
|:---|:---|
| Avantis Core Fixed Income ETF | $21833333 |
| Avantis Credit ETF | $450000 |

---

**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:

---

| | |
|:---|:---|
| Avantis Credit ETF | $3674137 |

---

**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:

---

| | | |
|:---|:---|:---|
| | **Futures Contracts Purchased** | **Futures Contracts Sold** |
| Avantis Core Fixed Income ETF | $3143797 | $3207695 |
| Avantis Credit ETF | $328708 |  |
| Avantis Short-Term Fixed Income ETF | $5427930 | $1063906 |

---

**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 tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Exempt<br>Income** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Exempt<br>Income** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Avantis Core Fixed Income ETF |  | $44957870 |  |  | $29881175 |  |
| Avantis Core Municipal Fixed Income ETF | $5183560 |  |  | $3932875 |  |  |
| Avantis Credit ETF | —<sup>(1)</sup> | $77520<sup>(1)</sup> | —<sup>(1)</sup> | N/A | N/A | N/A |
| Avantis Short-Term Fixed Income ETF |  | $24656640 |  |  | $13193380 |  |

---

(1)April 15, 2025 (fund inception) through August 31, 2025.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis Core Fixed Income ETF** | **Avantis Core Municipal Fixed Income ETF** | **Avantis Credit ETF** | **Avantis Short-Term Fixed Income ETF** |
| Federal tax cost of investments | $1426124230 | $151334703 | $12521360 | $651416110 |
| Gross tax appreciation of investments | $12708102 | $318632 | $218265 | $8410070 |
| Gross tax depreciation of investments | (5899066) | (6207210) | (5788) | (38638) |
| Net tax appreciation (depreciation) of investments | 6809036 | (5888578) | 212477 | 8371432 |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies | 100644 |  | 16586 |  |
| Net tax appreciation (depreciation) | $6909680 | $(5888578) | $229063 | $8371432 |
| Other book-to-tax adjustments | $(7520) |  |  | $(9953) |
| Undistributed ordinary income | $4666414 |  | $59194 | $2557474 |
| Undistributed exempt income |  | $473019 |  |  |
| Accumulated short-term capital losses | $(12589150) | $(2886) |  | $(1471362) |
| Accumulated long-term capital losses | $(12736838) | $(688469) |  | $(2204856) |
| Accumulated long-term gains |  |  | $1141 |  |

---

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 for tax purposes of unrealized gains (losses) on certain foreign currency exchange contracts. Other book-to-tax adjustments are attributable primarily to the tax deferral of losses on straddle positions.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The

capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal

Revenue Code limitations.

------

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)** |
| **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** |
| 2025 | $42.01 | 1.88 | (0.22) | 1.66 | (1.86) | 0.00<sup>(4)</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>(4)</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>(4)</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>(4)</sup> | $42.59 | (12.86)% | 0.15% | 2.09% | 382% | 31% | $249132 |
| 2021<sup>(5)</sup> | $50.00 | 0.51 | (0.43) | 0.08 | (0.41) | 0.00<sup>(4)</sup> | $49.67 | 0.15% | 0.15% | 1.17% | 185% | 23% | $69534 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Per-share amount was less than $0.005.

(5)October 13, 2020 (fund inception) through August 31, 2021.

\*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 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** |
| 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>(4)</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)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 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** | | | | | **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** |
| 2025<sup>(4)</sup> | $50.00 | 0.77 | 0.93 | 1.70 | (0.39) | 0.00<sup>(5)</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)April 15, 2025 (fund inception) through August 31, 2025.

(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** | | | | | **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** |
| 2025 | $46.86 | 2.06 | 0.29 | 2.35 | (2.01) | 0.00<sup>(4)</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>(4)</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>(4)</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>(4)</sup> | $46.60 | (5.92)% | 0.15% | 1.18% | 38% | $86202 |
| 2021<sup>(5)</sup> | $50.00 | 0.18 | (0.02) | 0.16 | (0.16) | 0.00<sup>(4)</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)Per-share amount was less than $0.005.

(5)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.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis<sup>®</sup> Core Fixed Income ETF, Avantis<sup>®</sup> Core Municipal Fixed Income ETF, Avantis<sup>®</sup> Short-Term Fixed Income ETF, and Avantis<sup>®</sup> Credit ETF (the "Funds"), four of the funds constituting the American Century ETF Trust, as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund <br>Constituting the <br>American Century ETF <br>Trust** | **Statement of <br>Operations** | **Statements of <br>Changes in Net <br>Assets** | **Financial Highlights** |
| Avantis<sup>®</sup> Core Fixed Income ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, and 2022, and the period from October 13, 2020 (fund inception) through August 31, 2021 |
| Avantis<sup>®</sup> Core Municipal Fixed Income ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, and 2022, and the period from December 8, 2020 (fund inception) through August 31, 2021 |
| Avantis<sup>®</sup> Short-Term Fixed Income ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, and 2022, and the period from October 13, 2020 (fund inception) through August 31, 2021 |
| Avantis<sup>®</sup> Credit ETF | For the period from April 15, 2025 (fund inception) through August 31, 2025 | For the period from April 15, 2025 (fund inception) through August 31, 2025 | For the period from April 15, 2025 (fund inception) through August 31, 2025 |

---

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 16, 2025

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

------

Approval of Management Agreements

At a meeting held on June 11, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the renewal of the management agreements pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each 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 those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

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

**Factors Considered** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans, if applicable)

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

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

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

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

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

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

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

------

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

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

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

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**Avantis Core Fixed Income ETF** - The Fund's performance was above its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group.

**Avantis Core Municipal Fixed Income ETF** - The Fund's performance was above its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis Short-Term Fixed Income ETF** - The Fund's performance was above its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group.

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

------

**Avantis Credit ETF**

At a meeting held on September 21, 2023, 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 Credit 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.

------

**Other Tax Information**

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

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended August 31, 2025.

---

| | | |
|:---|:---|:---|
| | **Exempt Interest Dividends** | **Qualified Interest Income** |
| Avantis Core Fixed Income ETF |  | $40498154 |
| Avantis Core Municipal Fixed Income ETF | $5183560 |  |
| Avantis Credit ETF |  | $55383 |
| Avantis Short-Term Fixed Income ETF |  | $21104803 |

---

------

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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 |
| **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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-96956 2510** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-96956 2510** |

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![AI_lockup_blk_rgb (002).jpg](ck0001710607-20250831_g67.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| August 31, 2025 |
| 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 | [84](#iba273e868b7e4566bd70f1811bd23032_685) |
| Statements of Operations | [86](#iba273e868b7e4566bd70f1811bd23032_688) |
| Statements of Changes in Net Assets | [88](#iba273e868b7e4566bd70f1811bd23032_691) |
| Notes to Financial Statements | [90](#iba273e868b7e4566bd70f1811bd23032_694) |
| Financial Highlights | [96](#iba273e868b7e4566bd70f1811bd23032_697) |
| Report of Independent Registered Public Accounting Firm | [100](#iba273e868b7e4566bd70f1811bd23032_700) |
| Approval of Management Agreements | [101](#iba273e868b7e4566bd70f1811bd23032_706) |
| Other Tax Information | [104](#iba273e868b7e4566bd70f1811bd23032_12433) |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>**COMMON STOCKS — 99.7%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 1.4%** | | |
| AerSale Corp.<sup>(1)</sup> | 635 | $5480 |
| Astronics Corp.<sup>(1)</sup> | 2685 | 97653 |
| ATI, Inc.<sup>(1)</sup> | 8600 | 666844 |
| Axon Enterprise, Inc.<sup>(1)</sup> | 458 | 342259 |
| Boeing Co.<sup>(1)</sup> | 6781 | 1591365 |
| BWX Technologies, Inc. | 6070 | 983583 |
| Curtiss-Wright Corp. | 474 | 226643 |
| Ducommun, Inc.<sup>(1)</sup> | 89 | 8119 |
| General Dynamics Corp. | 1834 | 595261 |
| General Electric Co. | 7726 | 2126195 |
| Hexcel Corp. | 1272 | 80327 |
| Howmet Aerospace, Inc. | 3812 | 663669 |
| Huntington Ingalls Industries, Inc. | 493 | 133500 |
| Lockheed Martin Corp. | 3392 | 1545497 |
| National Presto Industries, Inc. | 103 | 10796 |
| Northrop Grumman Corp. | 1367 | 806585 |
| RTX Corp. | 12837 | 2035948 |
| Textron, Inc. | 3994 | 320159 |
| TransDigm Group, Inc. | 499 | 698041 |
| Woodward, Inc. | 1167 | 288039 |
|  |  | 13225963 |
| **Air Freight and Logistics — 0.5%** |  |  |
| CH Robinson Worldwide, Inc. | 999 | 128571 |
| Expeditors International of Washington, Inc. | 8450 | 1018563 |
| FedEx Corp. | 7667 | 1771614 |
| Hub Group, Inc., Class A | 2866 | 107246 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 3821 | 24722 |
| United Parcel Service, Inc., Class B | 15712 | 1373857 |
|  |  | 4424573 |
| **Automobile Components — 0.5%** |  |  |
| American Axle & Manufacturing Holdings, Inc.<sup>(1)</sup> | 10320 | 60062 |
| Aptiv PLC<sup>(1)</sup> | 11750 | 934477 |
| Autoliv, Inc. | 4573 | 567372 |
| BorgWarner, Inc. | 14322 | 612409 |
| Dana, Inc. | 12070 | 243331 |
| Dorman Products, Inc.<sup>(1)</sup> | 1328 | 214857 |
| Gentex Corp. | 7073 | 198115 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 22093 | 187349 |
| LCI Industries | 1525 | 160765 |
| Lear Corp. | 3674 | 404140 |
| Modine Manufacturing Co.<sup>(1)</sup> | 1220 | 166079 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 233 | 3472 |
| Patrick Industries, Inc. | 1596 | 178513 |
| Phinia, Inc. | 2489 | 145557 |
| QuantumScape Corp.<sup>(1)</sup> | 2508 | 19888 |
| Standard Motor Products, Inc. | 889 | 34502 |
| Stoneridge, Inc.<sup>(1)</sup> | 1089 | 9039 |
| Visteon Corp. | 1888 | 234036 |
| XPEL, Inc.<sup>(1)</sup> | 479 | 17800 |
|  |  | 4391763 |

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------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Automobiles — 1.3%** |  |  |
| Ford Motor Co. | 196007 | $2307002 |
| General Motors Co. | 42887 | 2512749 |
| Harley-Davidson, Inc. | 4686 | 136456 |
| Lucid Group, Inc.<sup>(1)(2)</sup> | 4717 | 9340 |
| Rivian Automotive, Inc., Class A<sup>(1)(2)</sup> | 13766 | 186805 |
| Tesla, Inc.<sup>(1)</sup> | 19607 | 6546189 |
| Thor Industries, Inc. | 1921 | 210542 |
| Winnebago Industries, Inc. | 550 | 19789 |
|  |  | 11928872 |
| **Banks — 5.4%** |  |  |
| 1st Source Corp. | 704 | 45352 |
| ACNB Corp. | 274 | 12418 |
| Amalgamated Financial Corp. | 1351 | 39030 |
| Amerant Bancorp, Inc. | 864 | 18576 |
| Ameris Bancorp | 1895 | 138866 |
| Arrow Financial Corp. | 634 | 18849 |
| Associated Banc-Corp. | 5383 | 145180 |
| Atlantic Union Bankshares Corp. | 5137 | 183545 |
| Axos Financial, Inc.<sup>(1)</sup> | 2485 | 226657 |
| Banc of California, Inc. | 5109 | 86444 |
| BancFirst Corp. | 807 | 107307 |
| Bancorp, Inc.<sup>(1)</sup> | 3873 | 295278 |
| Bank First Corp. | 345 | 44822 |
| Bank of America Corp. | 91868 | 4661382 |
| Bank of Hawaii Corp. | 1388 | 94551 |
| Bank of Marin Bancorp | 324 | 7951 |
| Bank of NT Butterfield & Son Ltd. | 3572 | 161169 |
| Bank OZK | 5320 | 279140 |
| BankUnited, Inc. | 2650 | 103853 |
| Banner Corp. | 1157 | 77554 |
| Bar Harbor Bankshares | 500 | 16135 |
| BayCom Corp. | 385 | 11650 |
| BCB Bancorp, Inc. | 593 | 5278 |
| Berkshire Hills Bancorp, Inc. | 1551 | 40528 |
| Blue Foundry Bancorp<sup>(1)</sup> | 1039 | 9652 |
| BOK Financial Corp. | 625 | 69631 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 809 | 13251 |
| Brookline Bancorp, Inc. | 3642 | 39880 |
| Burke & Herbert Financial Services Corp. | 98 | 6229 |
| Business First Bancshares, Inc. | 1148 | 28711 |
| Byline Bancorp, Inc. | 1198 | 34634 |
| Cadence Bank | 5647 | 212553 |
| Camden National Corp. | 451 | 18441 |
| Capital City Bank Group, Inc. | 375 | 16447 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 1318 | 25648 |
| Cathay General Bancorp | 2366 | 118087 |
| Central Pacific Financial Corp. | 1144 | 35830 |
| ChoiceOne Financial Services, Inc. | 439 | 13548 |
| Citigroup, Inc. | 30471 | 2942584 |
| Citizens & Northern Corp. | 211 | 4262 |
| Citizens Financial Group, Inc. | 10986 | 574348 |
| City Holding Co. | 499 | 64112 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Civista Bancshares, Inc. | 218 | $4619 |
| CNB Financial Corp. | 770 | 20259 |
| Coastal Financial Corp.<sup>(1)</sup> | 338 | 38701 |
| Columbia Banking System, Inc. | 9863 | 264033 |
| Columbia Financial, Inc.<sup>(1)</sup> | 962 | 14459 |
| Comerica, Inc. | 6549 | 462228 |
| Commerce Bancshares, Inc. | 3614 | 223851 |
| Community Financial System, Inc. | 868 | 51985 |
| Community Trust Bancorp, Inc. | 566 | 33066 |
| Community West Bancshares | 384 | 8187 |
| ConnectOne Bancorp, Inc. | 2022 | 51763 |
| Cullen/Frost Bankers, Inc. | 1998 | 257802 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 2451 | 175712 |
| CVB Financial Corp. | 3862 | 77742 |
| Dime Community Bancshares, Inc. | 1799 | 55337 |
| Eagle Bancorp, Inc. | 926 | 17983 |
| East West Bancorp, Inc. | 7903 | 830921 |
| Eastern Bankshares, Inc. | 6170 | 105569 |
| Enterprise Financial Services Corp. | 1483 | 90819 |
| Equity Bancshares, Inc., Class A | 592 | 23994 |
| Esquire Financial Holdings, Inc. | 648 | 63569 |
| Farmers & Merchants Bancorp, Inc. | 511 | 13521 |
| Farmers National Banc Corp. | 1110 | 16850 |
| FB Financial Corp. | 1499 | 80466 |
| Fifth Third Bancorp | 21967 | 1005430 |
| Financial Institutions, Inc. | 648 | 17930 |
| First BanCorp | 12702 | 282365 |
| First Bancorp, Inc. | 69 | 1875 |
| First Bancorp/Southern Pines NC | 1391 | 75935 |
| First Busey Corp. | 2671 | 65974 |
| First Business Financial Services, Inc. | 296 | 15487 |
| First Citizens BancShares, Inc., Class A | 277 | 549543 |
| First Commonwealth Financial Corp. | 4663 | 82768 |
| First Community Bankshares, Inc. | 569 | 21611 |
| First Financial Bancorp | 2588 | 68530 |
| First Financial Bankshares, Inc. | 2602 | 96716 |
| First Financial Corp. | 358 | 21122 |
| First Foundation, Inc.<sup>(1)</sup> | 1202 | 7152 |
| First Hawaiian, Inc. | 4378 | 113609 |
| First Horizon Corp. | 13829 | 312535 |
| First Internet Bancorp | 270 | 6781 |
| First Interstate BancSystem, Inc., Class A | 2212 | 72377 |
| First Merchants Corp. | 1566 | 65020 |
| First Mid Bancshares, Inc. | 1377 | 55686 |
| Five Star Bancorp | 297 | 9733 |
| Flushing Financial Corp. | 915 | 12590 |
| FNB Corp. | 12513 | 208842 |
| FS Bancorp, Inc. | 140 | 5979 |
| Fulton Financial Corp. | 7181 | 141178 |
| German American Bancorp, Inc. | 1247 | 52100 |
| Glacier Bancorp, Inc. | 1729 | 84980 |
| Great Southern Bancorp, Inc. | 358 | 22658 |
| Hancock Whitney Corp. | 2440 | 153525 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Hanmi Financial Corp. | 1345 | $33840 |
| HBT Financial, Inc. | 763 | 20212 |
| Heritage Commerce Corp. | 3367 | 34781 |
| Heritage Financial Corp. | 1917 | 46851 |
| Hilltop Holdings, Inc. | 1799 | 63109 |
| Hingham Institution For Savings | 30 | 8524 |
| Home Bancorp, Inc. | 231 | 12997 |
| Home BancShares, Inc. | 5235 | 155794 |
| HomeStreet, Inc.<sup>(1)</sup> | 686 | 9515 |
| HomeTrust Bancshares, Inc. | 196 | 8107 |
| Hope Bancorp, Inc. | 5537 | 61627 |
| Horizon Bancorp, Inc. | 1083 | 18259 |
| Huntington Bancshares, Inc. | 44188 | 786988 |
| Independent Bank Corp. | 1447 | 103475 |
| Independent Bank Corp. (Michigan) | 1490 | 49006 |
| International Bancshares Corp. | 2586 | 185002 |
| JPMorgan Chase & Co. | 45966 | 13855072 |
| Kearny Financial Corp. | 2765 | 18664 |
| KeyCorp | 53972 | 1044898 |
| Lakeland Financial Corp. | 832 | 56950 |
| Live Oak Bancshares, Inc. | 1607 | 62175 |
| M&T Bank Corp. | 3206 | 646522 |
| Mercantile Bank Corp. | 1121 | 55209 |
| Metrocity Bankshares, Inc. | 862 | 25808 |
| Metropolitan Bank Holding Corp. | 397 | 31518 |
| Mid Penn Bancorp, Inc. | 311 | 9374 |
| Midland States Bancorp, Inc. | 1052 | 19378 |
| MidWestOne Financial Group, Inc. | 488 | 14757 |
| MVB Financial Corp. | 145 | 3538 |
| National Bank Holdings Corp., Class A | 985 | 38632 |
| NB Bancorp, Inc. | 2923 | 55215 |
| NBT Bancorp, Inc. | 1226 | 54275 |
| Nicolet Bankshares, Inc. | 535 | 73985 |
| Northeast Bank | 563 | 62245 |
| Northfield Bancorp, Inc. | 1268 | 15026 |
| Northrim BanCorp, Inc. | 128 | 12036 |
| Northwest Bancshares, Inc. | 3527 | 44617 |
| OceanFirst Financial Corp. | 1395 | 25654 |
| OFG Bancorp | 3234 | 144721 |
| Old National Bancorp | 10977 | 251264 |
| Old Second Bancorp, Inc. | 3160 | 58334 |
| Orange County Bancorp, Inc. | 134 | 3575 |
| Origin Bancorp, Inc. | 1250 | 48612 |
| Orrstown Financial Services, Inc. | 418 | 14567 |
| Pacific Premier Bancorp, Inc. | 6638 | 162565 |
| Park National Corp. | 449 | 77125 |
| Parke Bancorp, Inc. | 239 | 5389 |
| Pathward Financial, Inc. | 1920 | 152582 |
| PCB Bancorp | 619 | 13680 |
| Peapack-Gladstone Financial Corp. | 790 | 22918 |
| Peoples Bancorp, Inc. | 1838 | 56868 |
| Peoples Financial Services Corp. | 302 | 15828 |
| Pinnacle Financial Partners, Inc. | 1949 | 189482 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PNC Financial Services Group, Inc. | 7372 | $1529248 |
| Popular, Inc. | 2246 | 282187 |
| Preferred Bank | 914 | 86282 |
| Primis Financial Corp. | 314 | 3595 |
| Prosperity Bancshares, Inc. | 1463 | 101137 |
| Provident Financial Services, Inc. | 3815 | 75690 |
| QCR Holdings, Inc. | 1010 | 79164 |
| RBB Bancorp | 596 | 12057 |
| Red River Bancshares, Inc. | 207 | 13538 |
| Regions Financial Corp. | 25420 | 696254 |
| Renasant Corp. | 2962 | 115903 |
| Republic Bancorp, Inc., Class A | 412 | 31617 |
| S&T Bancorp, Inc. | 1058 | 41802 |
| Seacoast Banking Corp. of Florida | 3037 | 94481 |
| ServisFirst Bancshares, Inc. | 1848 | 162901 |
| Shore Bancshares, Inc. | 441 | 7581 |
| Sierra Bancorp | 568 | 17415 |
| Simmons First National Corp., Class A | 4534 | 94217 |
| SmartFinancial, Inc. | 582 | 21447 |
| South Plains Financial, Inc. | 709 | 28807 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 222 | 10012 |
| Southern Missouri Bancorp, Inc. | 393 | 22611 |
| Southside Bancshares, Inc. | 1340 | 41862 |
| SouthState Corp. | 2992 | 305364 |
| Stellar Bancorp, Inc. | 1191 | 36826 |
| Stock Yards Bancorp, Inc. | 1242 | 100242 |
| Synovus Financial Corp. | 2842 | 146676 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 1212 | 104923 |
| TFS Financial Corp. | 577 | 8113 |
| Timberland Bancorp, Inc. | 313 | 10470 |
| Tompkins Financial Corp. | 301 | 21112 |
| Towne Bank | 2861 | 104970 |
| TriCo Bancshares | 1187 | 53914 |
| Triumph Financial, Inc.<sup>(1)</sup> | 318 | 19554 |
| Truist Financial Corp. | 27333 | 1279731 |
| TrustCo Bank Corp. | 1026 | 40825 |
| Trustmark Corp. | 1450 | 58391 |
| U.S. Bancorp | 29401 | 1435651 |
| UMB Financial Corp. | 2555 | 311454 |
| United Bankshares, Inc. | 2235 | 85690 |
| United Community Banks, Inc. | 3168 | 105811 |
| Unity Bancorp, Inc. | 332 | 17380 |
| Univest Financial Corp. | 963 | 30498 |
| Valley National Bancorp | 15277 | 159797 |
| Veritex Holdings, Inc. | 1610 | 55303 |
| WaFd, Inc. | 2781 | 87462 |
| Washington Trust Bancorp, Inc. | 493 | 14953 |
| Webster Financial Corp. | 6178 | 384395 |
| Wells Fargo & Co. | 46156 | 3793100 |
| WesBanco, Inc. | 3940 | 129232 |
| West BanCorp, Inc. | 500 | 9980 |
| Westamerica Bancorporation | 1781 | 89068 |
| Western Alliance Bancorp | 4275 | 382826 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Wintrust Financial Corp. | 2729 | $374664 |
| WSFS Financial Corp. | 2703 | 157558 |
| Zions Bancorp NA | 8137 | 472027 |
|  |  | 50661743 |
| **Beverages — 0.9%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 191 | 42228 |
| Brown-Forman Corp., Class A | 472 | 14325 |
| Brown-Forman Corp., Class B | 2853 | 85419 |
| Celsius Holdings, Inc.<sup>(1)</sup> | 10782 | 677972 |
| Coca-Cola Co. | 30119 | 2077910 |
| Coca-Cola Consolidated, Inc. | 3360 | 393926 |
| Constellation Brands, Inc., Class A | 2243 | 363231 |
| Keurig Dr. Pepper, Inc. | 5458 | 158773 |
| Molson Coors Beverage Co., Class B | 8750 | 441788 |
| Monster Beverage Corp.<sup>(1)</sup> | 17087 | 1066400 |
| National Beverage Corp. | 1738 | 73083 |
| PepsiCo, Inc. | 18310 | 2721782 |
|  |  | 8116837 |
| **Biotechnology — 1.9%** |  |  |
| AbbVie, Inc. | 23993 | 5048127 |
| Alkermes PLC<sup>(1)</sup> | 9332 | 270348 |
| Amgen, Inc. | 8361 | 2405543 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 17 | 159 |
| Arcus Biosciences, Inc.<sup>(1)</sup> | 711 | 7529 |
| Biogen, Inc.<sup>(1)</sup> | 1885 | 249235 |
| BioMarin Pharmaceutical, Inc.<sup>(1)</sup> | 2528 | 147307 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 8290 | 170691 |
| CRISPR Therapeutics AG<sup>(1)(2)</sup> | 1163 | 60278 |
| Cullinan Therapeutics, Inc.<sup>(1)</sup> | 2086 | 15728 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 843 | 12873 |
| Dynavax Technologies Corp.<sup>(1)</sup> | 4847 | 49052 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 1311 | 10881 |
| Enanta Pharmaceuticals, Inc.<sup>(1)</sup> | 212 | 1781 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | 1531 | 8375 |
| Exelixis, Inc.<sup>(1)</sup> | 17191 | 643287 |
| Gilead Sciences, Inc. | 42756 | 4830145 |
| GRAIL, Inc.<sup>(1)</sup> | 2186 | 71679 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 4701 | 343878 |
| Incyte Corp.<sup>(1)</sup> | 2121 | 179458 |
| iTeos Therapeutics, Inc.<sup>(1)</sup> | 1269 | 12880 |
| Kura Oncology, Inc.<sup>(1)</sup> | 1022 | 8074 |
| MiMedx Group, Inc.<sup>(1)</sup> | 3049 | 21648 |
| Moderna, Inc.<sup>(1)</sup> | 2809 | 67669 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 3151 | 15125 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 2255 | 314798 |
| Nkarta, Inc.<sup>(1)(2)</sup> | 785 | 1664 |
| Organogenesis Holdings, Inc.<sup>(1)(2)</sup> | 778 | 4007 |
| ORIC Pharmaceuticals, Inc.<sup>(1)</sup> | 2271 | 23232 |
| PDL BioPharma, Inc.<sup>(1)(2)</sup> | 752 | 7 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | 3628 | 18285 |
| Regeneron Pharmaceuticals, Inc. | 1476 | 857113 |
| REGENXBIO, Inc.<sup>(1)</sup> | 1606 | 14342 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 1875 | 6731 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Replimune Group, Inc.<sup>(1)</sup> | 1200 | $6480 |
| Roivant Sciences Ltd.<sup>(1)</sup> | 6006 | 71652 |
| United Therapeutics Corp.<sup>(1)</sup> | 1463 | 445864 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 982 | 4645 |
| Vaxcyte, Inc.<sup>(1)</sup> | 1926 | 59302 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 3738 | 1461633 |
| Vir Biotechnology, Inc.<sup>(1)</sup> | 5556 | 27447 |
| Voyager Therapeutics, Inc.<sup>(1)(2)</sup> | 3109 | 10446 |
| Xencor, Inc.<sup>(1)</sup> | 1200 | 9756 |
| Zenas Biopharma, Inc.<sup>(1)(2)</sup> | 1584 | 25344 |
| Zymeworks, Inc.<sup>(1)</sup> | 83 | 1229 |
|  |  | 18015727 |
| **Broadline Retail — 4.0%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 151066 | 34594114 |
| Dillard's, Inc., Class A<sup>(2)</sup> | 218 | 116168 |
| eBay, Inc. | 9088 | 823464 |
| Kohl's Corp. | 5840 | 87950 |
| Macy's, Inc. | 10794 | 142804 |
| MercadoLibre, Inc.<sup>(1)</sup> | 693 | 1713727 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>(1)</sup> | 1401 | 177703 |
|  |  | 37655930 |
| **Building Products — 0.8%** |  |  |
| A.O. Smith Corp. | 4916 | 350462 |
| AAON, Inc.<sup>(2)</sup> | 1363 | 113061 |
| Advanced Drainage Systems, Inc. | 3482 | 501304 |
| Allegion PLC | 1119 | 190006 |
| American Woodmark Corp.<sup>(1)</sup> | 543 | 35062 |
| Apogee Enterprises, Inc. | 1806 | 79419 |
| Armstrong World Industries, Inc. | 2917 | 571061 |
| AZZ, Inc. | 770 | 86925 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 3010 | 417427 |
| Carlisle Cos., Inc. | 1114 | 429881 |
| Carrier Global Corp. | 4528 | 295226 |
| Fortune Brands Innovations, Inc. | 1184 | 69288 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 1771 | 110847 |
| Griffon Corp. | 1768 | 134651 |
| Hayward Holdings, Inc.<sup>(1)</sup> | 2247 | 36132 |
| Insteel Industries, Inc. | 1317 | 50546 |
| Janus International Group, Inc.<sup>(1)</sup> | 2570 | 26599 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 6209 | 39675 |
| Johnson Controls International PLC | 3907 | 417619 |
| Lennox International, Inc. | 1467 | 818381 |
| Masterbrand, Inc.<sup>(1)</sup> | 3300 | 41943 |
| Owens Corning | 4736 | 711205 |
| Quanex Building Products Corp. | 2877 | 61194 |
| Simpson Manufacturing Co., Inc. | 1707 | 326242 |
| Tecnoglass, Inc. | 1964 | 142547 |
| Trane Technologies PLC | 2997 | 1245553 |
| Trex Co., Inc.<sup>(1)</sup> | 3888 | 239617 |
| UFP Industries, Inc. | 2517 | 254141 |
| Zurn Elkay Water Solutions Corp. | 2749 | 124695 |
|  |  | 7920709 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets — 3.8%** |  |  |
| Affiliated Managers Group, Inc. | 122 | $27428 |
| Ameriprise Financial, Inc. | 4391 | 2260531 |
| Ares Management Corp., Class A | 886 | 158771 |
| Artisan Partners Asset Management, Inc., Class A | 4535 | 212193 |
| Bank of New York Mellon Corp. | 16513 | 1743773 |
| BGC Group, Inc., Class A | 5615 | 55083 |
| Blackrock, Inc. | 1558 | 1756084 |
| Blackstone, Inc. | 6231 | 1067993 |
| Carlyle Group, Inc. | 5733 | 370123 |
| Cboe Global Markets, Inc. | 899 | 212119 |
| Charles Schwab Corp. | 31342 | 3003817 |
| CME Group, Inc. | 6021 | 1604657 |
| Cohen & Steers, Inc. | 934 | 68985 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | 2217 | 675165 |
| Diamond Hill Investment Group, Inc. | 178 | 25945 |
| Evercore, Inc., Class A | 743 | 238912 |
| FactSet Research Systems, Inc. | 609 | 227352 |
| Federated Hermes, Inc. | 2049 | 108802 |
| Franklin Resources, Inc. | 6296 | 161555 |
| Goldman Sachs Group, Inc. | 5361 | 3995285 |
| Hamilton Lane, Inc., Class A | 1037 | 160051 |
| Houlihan Lokey, Inc. | 893 | 177930 |
| Interactive Brokers Group, Inc., Class A | 2696 | 167799 |
| Intercontinental Exchange, Inc. | 3075 | 543045 |
| Invesco Ltd. | 7777 | 170239 |
| Janus Henderson Group PLC | 4060 | 179939 |
| Jefferies Financial Group, Inc. | 4168 | 270295 |
| KKR & Co., Inc. | 8731 | 1217887 |
| LPL Financial Holdings, Inc. | 3110 | 1133533 |
| MarketAxess Holdings, Inc. | 1172 | 215461 |
| Moody's Corp. | 1829 | 932351 |
| Morgan Stanley | 24080 | 3623558 |
| MSCI, Inc. | 456 | 258880 |
| Nasdaq, Inc. | 1113 | 105446 |
| Northern Trust Corp. | 10555 | 1385660 |
| Oppenheimer Holdings, Inc., Class A | 408 | 29609 |
| Piper Sandler Cos. | 523 | 174572 |
| Raymond James Financial, Inc. | 6777 | 1148295 |
| Robinhood Markets, Inc., Class A<sup>(1)</sup> | 15662 | 1629318 |
| S&P Global, Inc. | 1727 | 947156 |
| SEI Investments Co. | 3977 | 351090 |
| State Street Corp. | 7691 | 884234 |
| Stifel Financial Corp. | 3125 | 360281 |
| StoneX Group, Inc.<sup>(1)</sup> | 2593 | 264927 |
| T. Rowe Price Group, Inc. | 7649 | 823185 |
| Tradeweb Markets, Inc., Class A | 1390 | 171470 |
| Victory Capital Holdings, Inc., Class A | 933 | 66504 |
| Virtu Financial, Inc., Class A | 2704 | 113352 |
| Virtus Investment Partners, Inc. | 407 | 81982 |
| WisdomTree, Inc.<sup>(2)</sup> | 7481 | 101816 |
|  |  | 35664438 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Chemicals — 1.4%** |  |  |
| AdvanSix, Inc. | 1534 | $32920 |
| Air Products & Chemicals, Inc. | 5229 | 1537901 |
| Albemarle Corp.<sup>(2)</sup> | 2126 | 180540 |
| American Vanguard Corp.<sup>(1)</sup> | 1244 | 6718 |
| Ashland, Inc. | 1009 | 56655 |
| Avient Corp. | 1988 | 74351 |
| Axalta Coating Systems Ltd.<sup>(1)</sup> | 2653 | 82933 |
| Balchem Corp. | 254 | 41171 |
| Cabot Corp. | 3388 | 276325 |
| CF Industries Holdings, Inc. | 10221 | 885445 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 728 | 13978 |
| Corteva, Inc. | 14787 | 1097048 |
| Dow, Inc. | 23103 | 569027 |
| DuPont de Nemours, Inc. | 6534 | 502595 |
| Eastman Chemical Co. | 2938 | 206659 |
| Ecolab, Inc. | 1490 | 412790 |
| Ecovyst, Inc.<sup>(1)</sup> | 4030 | 36633 |
| FMC Corp. | 4185 | 163634 |
| Hawkins, Inc. | 743 | 124326 |
| HB Fuller Co. | 1047 | 63919 |
| Huntsman Corp. | 6131 | 68422 |
| Ingevity Corp.<sup>(1)</sup> | 2655 | 154999 |
| Innospec, Inc. | 729 | 63853 |
| International Flavors & Fragrances, Inc. | 2462 | 166210 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 310 | 9433 |
| Koppers Holdings, Inc. | 734 | 21271 |
| Kronos Worldwide, Inc. | 903 | 5761 |
| Linde PLC | 4538 | 2170480 |
| LSB Industries, Inc.<sup>(1)</sup> | 4030 | 33530 |
| LyondellBasell Industries NV, Class A | 9664 | 544566 |
| Mativ Holdings, Inc. | 2970 | 37333 |
| Minerals Technologies, Inc. | 1020 | 66759 |
| Mosaic Co. | 12135 | 405309 |
| NewMarket Corp. | 668 | 552409 |
| Olin Corp. | 4800 | 113568 |
| Orion SA | 2618 | 27620 |
| PPG Industries, Inc. | 6143 | 683286 |
| Quaker Chemical Corp. | 354 | 51355 |
| RPM International, Inc. | 4572 | 572917 |
| Sherwin-Williams Co. | 3239 | 1184923 |
| Stepan Co. | 581 | 29067 |
| Tronox Holdings PLC, Class A | 5103 | 21841 |
| Valhi, Inc. | 232 | 3784 |
| Westlake Corp. | 1649 | 144815 |
|  |  | 13499079 |
| **Commercial Services and Supplies — 0.5%** |  |  |
| ACCO Brands Corp. | 7467 | 30017 |
| Brady Corp., Class A | 1152 | 89948 |
| Brink's Co. | 1003 | 112376 |
| Cintas Corp. | 5429 | 1140253 |
| Civeo Corp. | 1036 | 24605 |
| Clean Harbors, Inc.<sup>(1)</sup> | 1107 | 268127 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Copart, Inc.<sup>(1)</sup> | 14194 | $692809 |
| Ennis, Inc. | 1413 | 25816 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 6440 | 100528 |
| HNI Corp. | 2868 | 128888 |
| Interface, Inc. | 4478 | 119652 |
| MSA Safety, Inc. | 707 | 120614 |
| Quad/Graphics, Inc. | 1703 | 11342 |
| Republic Services, Inc. | 1221 | 285677 |
| Rollins, Inc. | 4622 | 261328 |
| Steelcase, Inc., Class A | 5857 | 98046 |
| UniFirst Corp. | 453 | 80553 |
| Veralto Corp. | 1307 | 138790 |
| Waste Connections, Inc. | 937 | 173167 |
| Waste Management, Inc. | 5160 | 1168173 |
|  |  | 5070709 |
| **Communications Equipment — 0.5%** |  |  |
| Arista Networks, Inc.<sup>(1)</sup> | 11576 | 1580703 |
| Aviat Networks, Inc.<sup>(1)</sup> | 963 | 22111 |
| BK Technologies Corp.<sup>(1)</sup> | 198 | 14014 |
| Ciena Corp.<sup>(1)</sup> | 2194 | 206170 |
| Cisco Systems, Inc. | 19904 | 1375167 |
| F5, Inc.<sup>(1)</sup> | 730 | 228592 |
| Motorola Solutions, Inc. | 3011 | 1422577 |
| NETGEAR, Inc.<sup>(1)</sup> | 2524 | 68577 |
| Ubiquiti, Inc. | 105 | 55454 |
| Viasat, Inc.<sup>(1)</sup> | 9019 | 291584 |
|  |  | 5264949 |
| **Construction and Engineering — 0.7%** |  |  |
| Argan, Inc. | 1186 | 270669 |
| Centuri Holdings, Inc.<sup>(1)(2)</sup> | 2294 | 48724 |
| Comfort Systems USA, Inc. | 2063 | 1451073 |
| Dycom Industries, Inc.<sup>(1)</sup> | 1979 | 499638 |
| EMCOR Group, Inc. | 2448 | 1517760 |
| Fluor Corp.<sup>(1)</sup> | 2497 | 102427 |
| Granite Construction, Inc. | 2892 | 311613 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 5098 | 59443 |
| IES Holdings, Inc.<sup>(1)</sup> | 458 | 159984 |
| Limbach Holdings, Inc.<sup>(1)</sup> | 840 | 96230 |
| MasTec, Inc.<sup>(1)</sup> | 1138 | 206763 |
| Matrix Service Co.<sup>(1)</sup> | 2159 | 32666 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 260 | 13770 |
| Primoris Services Corp. | 3145 | 372840 |
| Quanta Services, Inc. | 1630 | 616075 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 1957 | 545083 |
| Tutor Perini Corp.<sup>(1)</sup> | 1023 | 60296 |
| Valmont Industries, Inc. | 1123 | 412276 |
| WillScot Holdings Corp. | 3489 | 84573 |
|  |  | 6861903 |
| **Construction Materials — 0.4%** |  |  |
| CRH PLC | 13728 | 1550578 |
| Eagle Materials, Inc. | 2221 | 512829 |
| Martin Marietta Materials, Inc. | 1071 | 660164 |
| U.S. Lime & Minerals, Inc. | 695 | 87514 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Vulcan Materials Co. | 2947 | $858049 |
|  |  | 3669134 |
| **Consumer Finance — 1.2%** |  |  |
| Ally Financial, Inc. | 16147 | 662834 |
| American Express Co. | 12500 | 4141000 |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 447 | 29815 |
| Bread Financial Holdings, Inc. | 1829 | 121062 |
| Capital One Financial Corp. | 10655 | 2421029 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | 792 | 6328 |
| EZCORP, Inc., Class A<sup>(1)(2)</sup> | 1486 | 24772 |
| FirstCash Holdings, Inc. | 655 | 96462 |
| Green Dot Corp., Class A<sup>(1)</sup> | 3970 | 55262 |
| LendingClub Corp.<sup>(1)</sup> | 3059 | 52554 |
| Medallion Financial Corp. | 2454 | 25914 |
| Navient Corp. | 2414 | 33096 |
| Nelnet, Inc., Class A | 486 | 62504 |
| OneMain Holdings, Inc. | 7260 | 449104 |
| PRA Group, Inc.<sup>(1)</sup> | 1218 | 20816 |
| PROG Holdings, Inc. | 863 | 30412 |
| Regional Management Corp. | 404 | 17711 |
| SLM Corp. | 16787 | 525097 |
| SoFi Technologies, Inc.<sup>(1)</sup> | 21334 | 544870 |
| Synchrony Financial | 20996 | 1602835 |
| World Acceptance Corp.<sup>(1)</sup> | 184 | 31543 |
|  |  | 10955020 |
| **Consumer Staples Distribution & Retail — 2.5%** |  |  |
| Albertsons Cos., Inc., Class A | 2681 | 52172 |
| Andersons, Inc. | 2358 | 96442 |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 8088 | 790036 |
| Casey's General Stores, Inc. | 1283 | 634469 |
| Costco Wholesale Corp. | 8530 | 8046520 |
| Dollar General Corp. | 14030 | 1525903 |
| Dollar Tree, Inc.<sup>(1)</sup> | 11446 | 1249560 |
| Grocery Outlet Holding Corp.<sup>(1)</sup> | 2072 | 37524 |
| Ingles Markets, Inc., Class A | 923 | 62478 |
| Kroger Co. | 29364 | 1992054 |
| Natural Grocers by Vitamin Cottage, Inc. | 1130 | 43448 |
| Performance Food Group Co.<sup>(1)</sup> | 3103 | 314644 |
| PriceSmart, Inc. | 1629 | 174727 |
| SpartanNash Co. | 2334 | 62551 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 6165 | 866429 |
| Sysco Corp. | 4631 | 372657 |
| Target Corp. | 17469 | 1676675 |
| United Natural Foods, Inc.<sup>(1)</sup> | 4732 | 133821 |
| Village Super Market, Inc., Class A | 707 | 25650 |
| Walmart, Inc. | 55924 | 5423509 |
| Weis Markets, Inc. | 1042 | 74659 |
|  |  | 23655928 |
| **Containers and Packaging — 0.4%** |  |  |
| AptarGroup, Inc. | 2584 | 359874 |
| Avery Dennison Corp. | 1398 | 239967 |
| Ball Corp. | 5347 | 281466 |
| Crown Holdings, Inc. | 887 | 88150 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Graphic Packaging Holding Co. | 17197 | $382977 |
| International Paper Co. | 13283 | 659900 |
| Packaging Corp. of America | 4340 | 945946 |
| Sealed Air Corp. | 2260 | 73382 |
| Smurfit WestRock PLC | 12517 | 592805 |
| TriMas Corp. | 840 | 32483 |
|  |  | 3656950 |
| **Distributors — 0.1%** |  |  |
| A-Mark Precious Metals, Inc. | 1133 | 26524 |
| Genuine Parts Co. | 2221 | 309452 |
| LKQ Corp. | 1931 | 62989 |
| Pool Corp. | 1566 | 486572 |
|  |  | 885537 |
| **Diversified Consumer Services — 0.2%** |  |  |
| ADT, Inc. | 1430 | 12455 |
| Adtalem Global Education, Inc.<sup>(1)</sup> | 1717 | 224841 |
| American Public Education, Inc.<sup>(1)</sup> | 1206 | 36397 |
| Frontdoor, Inc.<sup>(1)</sup> | 1798 | 109229 |
| Graham Holdings Co., Class B | 84 | 91228 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 1874 | 377742 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 5849 | 160731 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 1942 | 36529 |
| OneSpaWorld Holdings Ltd. | 2674 | 60352 |
| Perdoceo Education Corp. | 3723 | 121891 |
| Service Corp. International | 1681 | 133219 |
| Strategic Education, Inc. | 276 | 22453 |
| Stride, Inc.<sup>(1)</sup> | 3135 | 511601 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 4651 | 123670 |
|  |  | 2022338 |
| **Diversified Telecommunication Services — 1.2%** |  |  |
| AT&T, Inc. | 190425 | 5577548 |
| ATN International, Inc. | 438 | 7446 |
| Cogent Communications Holdings, Inc. | 3009 | 115034 |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | 14710 | 545447 |
| Globalstar, Inc.<sup>(1)</sup> | 3747 | 112148 |
| IDT Corp., Class B | 973 | 62340 |
| Iridium Communications, Inc. | 7198 | 179158 |
| Shenandoah Telecommunications Co. | 1954 | 25890 |
| Verizon Communications, Inc. | 118286 | 5231790 |
|  |  | 11856801 |
| **Electric Utilities — 1.6%** |  |  |
| ALLETE, Inc. | 1332 | 85448 |
| Alliant Energy Corp. | 1733 | 112766 |
| American Electric Power Co., Inc. | 13756 | 1527191 |
| Constellation Energy Corp. | 5046 | 1554067 |
| Duke Energy Corp. | 7757 | 950155 |
| Edison International | 9354 | 525040 |
| Entergy Corp. | 13912 | 1225508 |
| Evergy, Inc. | 7368 | 525044 |
| Eversource Energy | 13044 | 835729 |
| Exelon Corp. | 29585 | 1292273 |
| FirstEnergy Corp. | 11305 | 493124 |
| IDACORP, Inc. | 1471 | 184022 |
| NextEra Energy, Inc. | 9581 | 690311 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| NRG Energy, Inc. | 4466 | $650071 |
| OGE Energy Corp. | 7390 | 330037 |
| Otter Tail Corp. | 1477 | 124053 |
| PG&E Corp. | 52855 | 807625 |
| Pinnacle West Capital Corp. | 4802 | 429107 |
| Portland General Electric Co. | 4191 | 179291 |
| PPL Corp. | 19325 | 704783 |
| Southern Co. | 7997 | 738123 |
| Xcel Energy, Inc. | 12592 | 911535 |
|  |  | 14875303 |
| **Electrical Equipment — 1.0%** |  |  |
| Acuity, Inc. | 1246 | 406782 |
| AMETEK, Inc. | 2396 | 442781 |
| Atkore, Inc. | 2471 | 143787 |
| Eaton Corp. PLC | 3968 | 1385387 |
| Emerson Electric Co. | 4216 | 556512 |
| GE Vernova, Inc. | 5968 | 3658205 |
| Generac Holdings, Inc.<sup>(1)</sup> | 825 | 152831 |
| Hubbell, Inc. | 657 | 283160 |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 11787 | 792794 |
| nVent Electric PLC | 1051 | 95000 |
| Powell Industries, Inc.<sup>(2)</sup> | 763 | 203080 |
| Preformed Line Products Co. | 289 | 55219 |
| Rockwell Automation, Inc. | 429 | 147331 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 5154 | 33553 |
| Sunrun, Inc.<sup>(1)</sup> | 2181 | 34831 |
| Vertiv Holdings Co., Class A | 9314 | 1188001 |
|  |  | 9579254 |
| **Electronic Equipment, Instruments and Components — 1.0%** |  |  |
| Amphenol Corp., Class A | 8548 | 930535 |
| Arrow Electronics, Inc.<sup>(1)</sup> | 3363 | 424848 |
| Avnet, Inc. | 5533 | 301936 |
| Badger Meter, Inc. | 447 | 81765 |
| Belden, Inc. | 287 | 37367 |
| Benchmark Electronics, Inc. | 2659 | 107929 |
| CDW Corp. | 1624 | 267570 |
| Cognex Corp. | 3015 | 132479 |
| Corning, Inc. | 18295 | 1226314 |
| CTS Corp. | 953 | 40493 |
| Daktronics, Inc.<sup>(1)</sup> | 3388 | 58782 |
| ePlus, Inc. | 1577 | 114127 |
| Fabrinet<sup>(1)</sup> | 572 | 189498 |
| Flex Ltd.<sup>(1)</sup> | 21795 | 1168648 |
| Ingram Micro Holding Corp.<sup>(2)</sup> | 458 | 8963 |
| IPG Photonics Corp.<sup>(1)</sup> | 863 | 70611 |
| Itron, Inc.<sup>(1)</sup> | 125 | 15368 |
| Jabil, Inc. | 5462 | 1118781 |
| Keysight Technologies, Inc.<sup>(1)</sup> | 2353 | 384551 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 1852 | 53467 |
| Knowles Corp.<sup>(1)</sup> | 1227 | 26196 |
| Littelfuse, Inc. | 623 | 161874 |
| Methode Electronics, Inc. | 1181 | 9129 |
| nLight, Inc.<sup>(1)</sup> | 1984 | 57139 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| PC Connection, Inc. | 728 | $46745 |
| Plexus Corp.<sup>(1)</sup> | 1717 | 235246 |
| Rogers Corp.<sup>(1)</sup> | 410 | 32169 |
| Sanmina Corp.<sup>(1)</sup> | 1835 | 215649 |
| ScanSource, Inc.<sup>(1)</sup> | 1546 | 67483 |
| TD SYNNEX Corp. | 1851 | 274078 |
| TE Connectivity PLC | 6758 | 1395527 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | 182 | 97947 |
| TTM Technologies, Inc.<sup>(1)</sup> | 5043 | 224767 |
| Vishay Intertechnology, Inc. | 3883 | 60031 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 533 | 15148 |
| Vontier Corp. | 2603 | 111695 |
|  |  | 9764855 |
| **Energy Equipment and Services — 0.7%** |  |  |
| Archrock, Inc. | 11861 | 293678 |
| Aris Water Solutions, Inc., Class A | 400 | 9708 |
| Baker Hughes Co. | 28606 | 1298712 |
| Bristow Group, Inc.<sup>(1)</sup> | 1506 | 57996 |
| Cactus, Inc., Class A | 323 | 13550 |
| Core Laboratories, Inc.<sup>(2)</sup> | 835 | 9611 |
| DMC Global, Inc.<sup>(1)</sup> | 1056 | 7075 |
| Expro Group Holdings NV<sup>(1)</sup> | 3432 | 42797 |
| Halliburton Co. | 32948 | 748908 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 6329 | 41708 |
| Helmerich & Payne, Inc. | 6616 | 138208 |
| Innovex International, Inc.<sup>(1)</sup> | 967 | 16691 |
| Kodiak Gas Services, Inc. | 3054 | 109303 |
| Liberty Energy, Inc., Class A | 13237 | 148916 |
| Nabors Industries Ltd.<sup>(1)(2)</sup> | 766 | 28557 |
| Noble Corp. PLC | 2474 | 71301 |
| NOV, Inc. | 15137 | 201171 |
| Oceaneering International, Inc.<sup>(1)</sup> | 9016 | 219990 |
| Oil States International, Inc.<sup>(1)</sup> | 3362 | 18827 |
| Patterson-UTI Energy, Inc. | 22409 | 130196 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | 2124 | 8496 |
| ProPetro Holding Corp.<sup>(1)</sup> | 8945 | 45620 |
| Ranger Energy Services, Inc. | 1723 | 24587 |
| RPC, Inc. | 7862 | 37502 |
| Schlumberger NV | 26837 | 988675 |
| SEACOR Marine Holdings, Inc.<sup>(1)</sup> | 300 | 1923 |
| Select Water Solutions, Inc., Class A | 3647 | 31073 |
| TechnipFMC PLC | 23799 | 874851 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 7639 | 35903 |
| Tidewater, Inc.<sup>(1)</sup> | 3293 | 198239 |
| Transocean Ltd.<sup>(1)</sup> | 21847 | 66196 |
| Valaris Ltd.<sup>(1)</sup> | 2148 | 106691 |
| Weatherford International PLC | 5299 | 337573 |
|  |  | 6364232 |
| **Entertainment — 1.3%** |  |  |
| Cinemark Holdings, Inc. | 2622 | 67648 |
| Electronic Arts, Inc. | 2887 | 496420 |
| IMAX Corp.<sup>(1)</sup> | 2725 | 77826 |
| Liberty Media Corp.-Liberty Formula One, Class A<sup>(1)</sup> | 388 | 34966 |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | 4018 | 401398 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Liberty Media Corp.-Liberty Live, Class A<sup>(1)</sup> | 293 | $27724 |
| Liberty Media Corp.-Liberty Live, Class C<sup>(1)</sup> | 686 | 66803 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 2346 | 390585 |
| Marcus Corp. | 1509 | 23299 |
| Netflix, Inc.<sup>(1)</sup> | 5672 | 6853194 |
| ROBLOX Corp., Class A<sup>(1)</sup> | 102 | 12708 |
| Roku, Inc.<sup>(1)</sup> | 2180 | 210501 |
| Sphere Entertainment Co.<sup>(1)</sup> | 1119 | 50702 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | 2922 | 681615 |
| Walt Disney Co. | 22005 | 2604952 |
| Warner Bros Discovery, Inc.<sup>(1)</sup> | 42102 | 490067 |
|  |  | 12490408 |
| **Financial Services — 3.3%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 2587 | 8822 |
| Affirm Holdings, Inc.<sup>(1)</sup> | 3848 | 340394 |
| Alerus Financial Corp. | 452 | 10066 |
| Apollo Global Management, Inc. | 9223 | 1256449 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 14904 | 7496414 |
| Block, Inc.<sup>(1)</sup> | 2995 | 238522 |
| Cannae Holdings, Inc. | 2822 | 52771 |
| Cass Information Systems, Inc. | 732 | 31564 |
| Corebridge Financial, Inc. | 17997 | 625756 |
| Corpay, Inc.<sup>(1)</sup> | 745 | 242624 |
| Enact Holdings, Inc. | 1680 | 63252 |
| Equitable Holdings, Inc. | 17470 | 930452 |
| Essent Group Ltd. | 3550 | 222727 |
| Euronet Worldwide, Inc.<sup>(1)</sup> | 659 | 61412 |
| Federal Agricultural Mortgage Corp., Class C | 664 | 139154 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | 696 | 18590 |
| Fiserv, Inc.<sup>(1)</sup> | 3665 | 506430 |
| International Money Express, Inc.<sup>(1)</sup> | 1482 | 21489 |
| Jack Henry & Associates, Inc. | 1679 | 274114 |
| Jackson Financial, Inc., Class A | 5617 | 554960 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 5494 | 34969 |
| Mastercard, Inc., Class A | 11460 | 6822023 |
| Merchants Bancorp | 1085 | 35176 |
| MGIC Investment Corp. | 15433 | 429500 |
| Mr. Cooper Group, Inc.<sup>(1)</sup> | 1796 | 338600 |
| NewtekOne, Inc. | 2601 | 32174 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 5173 | 203558 |
| Onity Group, Inc.<sup>(1)</sup> | 422 | 17458 |
| Payoneer Global, Inc.<sup>(1)</sup> | 23536 | 163575 |
| PayPal Holdings, Inc.<sup>(1)</sup> | 16460 | 1155327 |
| PennyMac Financial Services, Inc. | 1046 | 115165 |
| Radian Group, Inc. | 5193 | 181132 |
| Visa, Inc., Class A | 24229 | 8523278 |
| Voya Financial, Inc. | 2531 | 190053 |
| Waterstone Financial, Inc. | 1058 | 15859 |
| Western Union Co. | 7370 | 63898 |
|  |  | 31417707 |
| **Food Products — 0.6%** |  |  |
| Archer-Daniels-Midland Co. | 12242 | 766839 |
| B&G Foods, Inc.<sup>(2)</sup> | 4627 | 20868 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bunge Global SA | 5140 | $432891 |
| Calavo Growers, Inc. | 1219 | 33340 |
| Cal-Maine Foods, Inc. | 3262 | 377218 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 4528 | 153771 |
| Dole PLC | 1821 | 26805 |
| Flowers Foods, Inc. | 8140 | 122425 |
| Fresh Del Monte Produce, Inc. | 779 | 28262 |
| Hershey Co. | 5912 | 1086330 |
| Hormel Foods Corp. | 2240 | 56986 |
| Ingredion, Inc. | 4293 | 556115 |
| J&J Snack Foods Corp. | 391 | 43624 |
| John B Sanfilippo & Son, Inc. | 530 | 34397 |
| Kraft Heinz Co. | 13962 | 390517 |
| Lamb Weston Holdings, Inc. | 3863 | 222238 |
| Lifeway Foods, Inc.<sup>(1)</sup> | 293 | 8928 |
| Marzetti Co. | 297 | 54232 |
| Mission Produce, Inc.<sup>(1)</sup> | 437 | 5467 |
| Mondelez International, Inc., Class A | 9284 | 570409 |
| Pilgrim's Pride Corp. | 2867 | 127438 |
| Seaboard Corp. | 6 | 23815 |
| Seneca Foods Corp., Class A<sup>(1)(2)</sup> | 387 | 43808 |
| Tootsie Roll Industries, Inc.<sup>(2)</sup> | 615 | 24729 |
| Tyson Foods, Inc., Class A | 5324 | 302297 |
| Vital Farms, Inc.<sup>(1)</sup> | 125 | 6386 |
| WK Kellogg Co. | 5130 | 117580 |
|  |  | 5637715 |
| **Gas Utilities — 0.2%** |  |  |
| Atmos Energy Corp. | 3330 | 553213 |
| MDU Resources Group, Inc. | 12777 | 208137 |
| National Fuel Gas Co. | 4388 | 380615 |
| New Jersey Resources Corp. | 2629 | 124326 |
| Northwest Natural Holding Co. | 1795 | 74546 |
| ONE Gas, Inc. | 2175 | 166388 |
| Southwest Gas Holdings, Inc. | 2222 | 177493 |
| Spire, Inc. | 1443 | 110534 |
| UGI Corp. | 6806 | 235760 |
|  |  | 2031012 |
| **Ground Transportation — 1.8%** |  |  |
| ArcBest Corp. | 1595 | 117647 |
| Covenant Logistics Group, Inc. | 1302 | 31417 |
| CSX Corp. | 82777 | 2691080 |
| Heartland Express, Inc. | 2232 | 19173 |
| JB Hunt Transport Services, Inc. | 4253 | 616642 |
| Knight-Swift Transportation Holdings, Inc. | 3702 | 162518 |
| Landstar System, Inc. | 2333 | 308726 |
| Lyft, Inc., Class A<sup>(1)</sup> | 30264 | 490882 |
| Marten Transport Ltd. | 3846 | 45537 |
| Norfolk Southern Corp. | 8552 | 2394389 |
| Old Dominion Freight Line, Inc. | 8521 | 1286415 |
| PAMT Corp.<sup>(1)</sup> | 3 | 37 |
| Ryder System, Inc. | 3453 | 647507 |
| Saia, Inc.<sup>(1)</sup> | 1290 | 382433 |
| Schneider National, Inc., Class B | 2359 | 58314 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Uber Technologies, Inc.<sup>(1)</sup> | 31274 | $2931937 |
| U-Haul Holding Co.<sup>(1)(2)</sup> | 273 | 15711 |
| U-Haul Holding Co. | 3653 | 190833 |
| Union Pacific Corp. | 19252 | 4304170 |
| Universal Logistics Holdings, Inc. | 451 | 11699 |
| Werner Enterprises, Inc. | 4223 | 121834 |
| XPO, Inc.<sup>(1)</sup> | 1820 | 236054 |
|  |  | 17064955 |
| **Health Care Equipment and Supplies — 1.7%** |  |  |
| Abbott Laboratories | 20830 | 2763308 |
| Align Technology, Inc.<sup>(1)</sup> | 1186 | 168364 |
| AngioDynamics, Inc.<sup>(1)</sup> | 722 | 7408 |
| Avanos Medical, Inc.<sup>(1)</sup> | 657 | 7845 |
| Baxter International, Inc. | 9147 | 225839 |
| Becton Dickinson & Co. | 1516 | 292558 |
| Bioventus, Inc., Class A<sup>(1)</sup> | 3111 | 23021 |
| Boston Scientific Corp.<sup>(1)</sup> | 12112 | 1277816 |
| Cooper Cos., Inc.<sup>(1)</sup> | 3372 | 227256 |
| Dentsply Sirona, Inc. | 3002 | 42929 |
| Dexcom, Inc.<sup>(1)</sup> | 11926 | 898505 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 9803 | 797376 |
| Electromed, Inc.<sup>(1)</sup> | 394 | 9744 |
| Globus Medical, Inc., Class A<sup>(1)</sup> | 5636 | 345318 |
| Haemonetics Corp.<sup>(1)</sup> | 989 | 53940 |
| Hologic, Inc.<sup>(1)</sup> | 3341 | 224248 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 2784 | 1801498 |
| Inogen, Inc.<sup>(1)</sup> | 174 | 1390 |
| Insulet Corp.<sup>(1)</sup> | 516 | 175378 |
| Integra LifeSciences Holdings Corp.<sup>(1)</sup> | 5416 | 81944 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 3400 | 1609203 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 4642 | 254846 |
| LivaNova PLC<sup>(1)</sup> | 4254 | 239798 |
| Masimo Corp.<sup>(1)</sup> | 3071 | 429049 |
| Medtronic PLC | 11718 | 1087548 |
| Novocure Ltd.<sup>(1)</sup> | 4866 | 59998 |
| Omnicell, Inc.<sup>(1)</sup> | 939 | 30602 |
| OraSure Technologies, Inc.<sup>(1)</sup> | 1749 | 5789 |
| Orthofix Medical, Inc.<sup>(1)</sup> | 1348 | 20193 |
| Penumbra, Inc.<sup>(1)</sup> | 198 | 53983 |
| QuidelOrtho Corp.<sup>(1)</sup> | 4311 | 123683 |
| ResMed, Inc. | 1919 | 526785 |
| STERIS PLC | 1616 | 396017 |
| Stryker Corp. | 2633 | 1030582 |
| Teleflex, Inc. | 801 | 101254 |
| Utah Medical Products, Inc. | 113 | 7030 |
| Varex Imaging Corp.<sup>(1)</sup> | 658 | 7600 |
| Zimmer Biomet Holdings, Inc. | 3441 | 365090 |
| Zimvie, Inc.<sup>(1)</sup> | 1329 | 25091 |
|  |  | 15799826 |
| **Health Care Providers and Services — 1.1%** |  |  |
| Acadia Healthcare Co., Inc.<sup>(1)</sup> | 915 | 21008 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 1552 | 32251 |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | 22416 | 172603 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Cardinal Health, Inc. | 871 | $129587 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 388 | 9316 |
| Cencora, Inc. | 3925 | 1144569 |
| Centene Corp.<sup>(1)</sup> | 27049 | 785503 |
| Chemed Corp. | 240 | 109908 |
| Cigna Group | 1312 | 394741 |
| CorVel Corp.<sup>(1)</sup> | 1326 | 118080 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 2581 | 34534 |
| CVS Health Corp. | 7943 | 581031 |
| Elevance Health, Inc. | 4685 | 1492875 |
| Encompass Health Corp. | 3085 | 375630 |
| Ensign Group, Inc. | 1908 | 327756 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 945 | 20951 |
| HCA Healthcare, Inc. | 1526 | 616443 |
| Hims & Hers Health, Inc.<sup>(1)(2)</sup> | 5683 | 240675 |
| Humana, Inc. | 1403 | 426035 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 278 | 2997 |
| Joint Corp.<sup>(1)</sup> | 325 | 3491 |
| Labcorp Holdings, Inc. | 1087 | 302175 |
| McKesson Corp. | 1233 | 846627 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 1427 | 258044 |
| National HealthCare Corp. | 378 | 42895 |
| National Research Corp. | 717 | 10533 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 416 | 34857 |
| Owens & Minor, Inc.<sup>(1)</sup> | 2443 | 11971 |
| Premier, Inc., Class A<sup>(2)</sup> | 5447 | 141077 |
| UnitedHealth Group, Inc. | 4270 | 1323145 |
| Universal Health Services, Inc., Class B | 3015 | 547464 |
|  |  | 10558772 |
| **Health Care Technology — 0.1%** |  |  |
| Doximity, Inc., Class A<sup>(1)</sup> | 387 | 26293 |
| HealthStream, Inc. | 242 | 6795 |
| Teladoc Health, Inc.<sup>(1)</sup> | 1837 | 14200 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 1876 | 505019 |
|  |  | 552307 |
| **Hotels, Restaurants and Leisure — 1.9%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 4019 | 46580 |
| Airbnb, Inc., Class A<sup>(1)</sup> | 5759 | 751722 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 1440 | 48326 |
| Bloomin' Brands, Inc. | 5396 | 39661 |
| Booking Holdings, Inc. | 258 | 1444555 |
| Boyd Gaming Corp. | 4429 | 380274 |
| Brightstar Lottery PLC | 277 | 4609 |
| Brinker International, Inc. | 705 | 109966 |
| Carnival Corp.<sup>(1)</sup> | 48982 | 1562036 |
| Cheesecake Factory, Inc. | 3573 | 219597 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 32900 | 1386406 |
| Churchill Downs, Inc. | 1550 | 160781 |
| Cracker Barrel Old Country Store, Inc.<sup>(2)</sup> | 2026 | 121195 |
| Darden Restaurants, Inc. | 3661 | 757607 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 1232 | 31625 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 3816 | 935874 |
| Dutch Bros, Inc., Class A<sup>(1)</sup> | 1191 | 85550 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Expedia Group, Inc. | 1152 | $247450 |
| Golden Entertainment, Inc. | 1527 | 37976 |
| Hilton Worldwide Holdings, Inc. | 1485 | 409949 |
| Las Vegas Sands Corp. | 13254 | 763828 |
| Life Time Group Holdings, Inc.<sup>(1)</sup> | 5099 | 142364 |
| Light & Wonder, Inc., Class A<sup>(1)</sup> | 443 | 40964 |
| Marriott International, Inc., Class A | 1793 | 480273 |
| McDonald's Corp. | 5184 | 1625391 |
| MGM Resorts International<sup>(1)</sup> | 1037 | 41159 |
| Monarch Casino & Resort, Inc. | 574 | 59885 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 32527 | 807971 |
| ONE Group Hospitality, Inc.<sup>(1)</sup> | 584 | 1629 |
| Potbelly Corp.<sup>(1)</sup> | 2608 | 33748 |
| RCI Hospitality Holdings, Inc. | 492 | 18307 |
| Red Rock Resorts, Inc., Class A | 2092 | 129432 |
| Royal Caribbean Cruises Ltd. | 9421 | 3421896 |
| Shake Shack, Inc., Class A<sup>(1)</sup> | 952 | 100912 |
| Starbucks Corp. | 8652 | 763020 |
| Super Group SGHC Ltd. | 11228 | 130582 |
| Target Hospitality Corp.<sup>(1)</sup> | 2028 | 18394 |
| Texas Roadhouse, Inc. | 4225 | 729024 |
| Vail Resorts, Inc. | 443 | 72563 |
| Wendy's Co. | 3218 | 34143 |
| Wyndham Hotels & Resorts, Inc. | 865 | 74918 |
| Yum! Brands, Inc. | 1213 | 178275 |
|  |  | 18450417 |
| **Household Durables — 0.8%** |  |  |
| Bassett Furniture Industries, Inc. | 229 | 3852 |
| Cavco Industries, Inc.<sup>(1)</sup> | 356 | 188854 |
| Century Communities, Inc. | 595 | 39199 |
| Cricut, Inc., Class A | 2500 | 14250 |
| DR Horton, Inc. | 5168 | 875873 |
| Ethan Allen Interiors, Inc. | 1647 | 48603 |
| Garmin Ltd. | 3506 | 847821 |
| Green Brick Partners, Inc.<sup>(1)</sup> | 458 | 31987 |
| Helen of Troy Ltd.<sup>(1)</sup> | 1113 | 27324 |
| Hooker Furnishings Corp. | 146 | 1459 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 429 | 60214 |
| Installed Building Products, Inc. | 1286 | 336701 |
| KB Home | 2039 | 129578 |
| La-Z-Boy, Inc. | 1983 | 73311 |
| Legacy Housing Corp.<sup>(1)</sup> | 977 | 27302 |
| Lennar Corp., B Shares | 222 | 28234 |
| Lennar Corp., Class A | 6019 | 801370 |
| LGI Homes, Inc.<sup>(1)</sup> | 457 | 28293 |
| Lifetime Brands, Inc.<sup>(2)</sup> | 361 | 1426 |
| M/I Homes, Inc.<sup>(1)</sup> | 941 | 138572 |
| Meritage Homes Corp. | 1486 | 115447 |
| Mohawk Industries, Inc.<sup>(1)</sup> | 2331 | 309300 |
| NVR, Inc.<sup>(1)</sup> | 153 | 1242000 |
| PulteGroup, Inc. | 8575 | 1132071 |
| SharkNinja, Inc.<sup>(1)</sup> | 1509 | 176493 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 1956 | 131776 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Toll Brothers, Inc. | 4452 | $618828 |
| TopBuild Corp.<sup>(1)</sup> | 313 | 131698 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 4253 | 150258 |
| Universal Electronics, Inc.<sup>(1)</sup> | 86 | 418 |
|  |  | 7712512 |
| **Household Products — 0.7%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 610 | 22222 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 3347 | 110551 |
| Church & Dwight Co., Inc. | 3546 | 330345 |
| Colgate-Palmolive Co. | 17488 | 1470216 |
| Energizer Holdings, Inc. | 1482 | 40844 |
| Kimberly-Clark Corp. | 7673 | 990891 |
| Oil-Dri Corp. of America | 804 | 47742 |
| Procter & Gamble Co. | 21042 | 3304436 |
| Reynolds Consumer Products, Inc. | 84 | 1950 |
| Spectrum Brands Holdings, Inc. | 482 | 27469 |
| WD-40 Co. | 452 | 97650 |
|  |  | 6444316 |
| **Independent Power and Renewable Electricity Producers — 0.4%** |  |  |
| AES Corp. | 32408 | 438804 |
| Clearway Energy, Inc., Class A | 894 | 25202 |
| Clearway Energy, Inc., Class C | 2406 | 71723 |
| Hallador Energy Co.<sup>(1)</sup> | 1673 | 27287 |
| Montauk Renewables, Inc.<sup>(1)(2)</sup> | 1924 | 4137 |
| Ormat Technologies, Inc. | 1105 | 101538 |
| Talen Energy Corp.<sup>(1)</sup> | 3689 | 1397836 |
| Vistra Corp. | 8821 | 1668139 |
| XPLR Infrastructure LP | 1382 | 14649 |
|  |  | 3749315 |
| **Industrial Conglomerates — 0.3%** |  |  |
| 3M Co. | 6105 | 949511 |
| Honeywell International, Inc. | 7209 | 1582375 |
|  |  | 2531886 |
| **Insurance — 3.8%** |  |  |
| Aflac, Inc. | 13831 | 1477981 |
| Allstate Corp. | 9833 | 2000524 |
| Ambac Financial Group, Inc.<sup>(1)</sup> | 3049 | 27532 |
| American Coastal Insurance Corp., Class C | 1759 | 19437 |
| American Financial Group, Inc. | 3800 | 516268 |
| American International Group, Inc. | 23301 | 1894837 |
| AMERISAFE, Inc. | 751 | 34681 |
| Aon PLC, Class A | 1454 | 533618 |
| Arch Capital Group Ltd. | 11908 | 1089939 |
| Arthur J Gallagher & Co. | 3060 | 926415 |
| Assurant, Inc. | 3349 | 722078 |
| Assured Guaranty Ltd. | 1731 | 142288 |
| Axis Capital Holdings Ltd. | 5990 | 590494 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 4531 | 214135 |
| Chubb Ltd. | 5274 | 1450719 |
| Cincinnati Financial Corp. | 2676 | 411034 |
| CNA Financial Corp. | 370 | 18333 |
| CNO Financial Group, Inc. | 7126 | 281263 |
| Employers Holdings, Inc. | 1202 | 51998 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Erie Indemnity Co., Class A | 360 | $127577 |
| Everest Group Ltd. | 1278 | 436923 |
| F&G Annuities & Life, Inc. | 985 | 34051 |
| Fidelis Insurance Holdings Ltd. | 224 | 3916 |
| Fidelity National Financial, Inc. | 8926 | 534400 |
| First American Financial Corp. | 3297 | 217602 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 11546 | 98949 |
| Globe Life, Inc. | 5227 | 731519 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 801 | 10325 |
| Hamilton Insurance Group Ltd., Class B<sup>(1)</sup> | 1942 | 46297 |
| Hanover Insurance Group, Inc. | 1641 | 284681 |
| Hartford Insurance Group, Inc. | 16901 | 2236171 |
| HCI Group, Inc. | 886 | 147705 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 2041 | 46474 |
| Horace Mann Educators Corp. | 1128 | 51865 |
| Investors Title Co. | 48 | 11916 |
| James River Group Holdings Ltd. | 743 | 4176 |
| Kemper Corp. | 1325 | 71086 |
| Kinsale Capital Group, Inc. | 647 | 295970 |
| Lincoln National Corp. | 4246 | 182281 |
| Loews Corp. | 5356 | 518461 |
| Markel Group, Inc.<sup>(1)</sup> | 387 | 758156 |
| Marsh & McLennan Cos., Inc. | 3696 | 760674 |
| Mercury General Corp. | 1929 | 149170 |
| MetLife, Inc. | 21053 | 1712872 |
| Old Republic International Corp. | 8530 | 340944 |
| Oscar Health, Inc., Class A<sup>(1)(2)</sup> | 17033 | 283770 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 1836 | 225865 |
| Primerica, Inc. | 2205 | 593895 |
| Principal Financial Group, Inc. | 9161 | 737552 |
| ProAssurance Corp.<sup>(1)</sup> | 1341 | 31929 |
| Progressive Corp. | 17105 | 4225961 |
| Prudential Financial, Inc. | 15029 | 1648080 |
| Reinsurance Group of America, Inc. | 2084 | 405942 |
| RenaissanceRe Holdings Ltd. | 2997 | 728241 |
| RLI Corp. | 1962 | 132886 |
| Safety Insurance Group, Inc. | 413 | 30566 |
| Selective Insurance Group, Inc. | 1590 | 124386 |
| Selectquote, Inc.<sup>(1)</sup> | 7700 | 17402 |
| SiriusPoint Ltd.<sup>(1)</sup> | 9684 | 181284 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 1702 | 82207 |
| Travelers Cos., Inc. | 11205 | 3042270 |
| United Fire Group, Inc. | 765 | 23516 |
| Universal Insurance Holdings, Inc. | 1633 | 39829 |
| Unum Group | 9739 | 680367 |
| W.R. Berkley Corp. | 8330 | 597178 |
| White Mountains Insurance Group Ltd. | 67 | 122622 |
|  |  | 36173483 |
| **Interactive Media and Services — 6.7%** |  |  |
| Alphabet, Inc., Class A | 84130 | 17912118 |
| Alphabet, Inc., Class C | 67913 | 14501463 |
| Angi, Inc.<sup>(1)</sup> | 1081 | 19155 |
| Cargurus, Inc.<sup>(1)</sup> | 3620 | 125252 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Cars.com, Inc.<sup>(1)</sup> | 4211 | $54954 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 1782 | 41432 |
| IAC, Inc.<sup>(1)</sup> | 2059 | 75401 |
| Match Group, Inc. | 1 | 37 |
| Meta Platforms, Inc., Class A | 40663 | 30037758 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 5735 | 210073 |
| Yelp, Inc.<sup>(1)</sup> | 3960 | 125215 |
| Ziff Davis, Inc.<sup>(1)</sup> | 666 | 25448 |
|  |  | 63128306 |
| **IT Services — 0.8%** |  |  |
| Accenture PLC, Class A | 5991 | 1557480 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 2636 | 208587 |
| Amdocs Ltd. | 1298 | 111070 |
| Cloudflare, Inc., Class A<sup>(1)</sup> | 1426 | 297621 |
| Cognizant Technology Solutions Corp., Class A | 11007 | 795256 |
| DXC Technology Co.<sup>(1)</sup> | 14939 | 215869 |
| EPAM Systems, Inc.<sup>(1)</sup> | 860 | 151670 |
| Gartner, Inc.<sup>(1)</sup> | 1190 | 298916 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 3100 | 459761 |
| Hackett Group, Inc. | 243 | 5059 |
| International Business Machines Corp. | 9794 | 2384741 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 17017 | 540970 |
| Snowflake, Inc., Class A<sup>(1)</sup> | 1195 | 285199 |
| TSS, Inc.<sup>(1)(2)</sup> | 461 | 6419 |
| Twilio, Inc., Class A<sup>(1)</sup> | 2522 | 266348 |
| VeriSign, Inc. | 247 | 67522 |
|  |  | 7652488 |
| **Leisure Products — 0.1%** |  |  |
| Acushnet Holdings Corp.<sup>(2)</sup> | 1710 | 131071 |
| American Outdoor Brands, Inc.<sup>(1)</sup> | 305 | 3184 |
| Brunswick Corp. | 1942 | 123492 |
| Clarus Corp. | 253 | 918 |
| Hasbro, Inc. | 1489 | 120862 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 1042 | 34594 |
| Marine Products Corp. | 990 | 8643 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 673 | 14766 |
| Mattel, Inc.<sup>(1)</sup> | 17910 | 327753 |
| Polaris, Inc.<sup>(2)</sup> | 3347 | 189373 |
| Smith & Wesson Brands, Inc. | 2127 | 17378 |
| Sturm Ruger & Co., Inc. | 1010 | 35017 |
| Topgolf Callaway Brands Corp.<sup>(1)</sup> | 7601 | 72666 |
| YETI Holdings, Inc.<sup>(1)</sup> | 5816 | 204490 |
|  |  | 1284207 |
| **Life Sciences Tools and Services — 0.4%** |  |  |
| AbCellera Biologics, Inc.<sup>(1)(2)</sup> | 9145 | 38226 |
| Agilent Technologies, Inc. | 1858 | 233476 |
| Azenta, Inc.<sup>(1)</sup> | 675 | 20614 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 331 | 98598 |
| Bio-Techne Corp. | 1414 | 77247 |
| Bruker Corp. | 1515 | 51480 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | 433 | 70713 |
| Cytek Biosciences, Inc.<sup>(1)</sup> | 2488 | 10300 |
| Danaher Corp. | 4281 | 881115 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| IQVIA Holdings, Inc.<sup>(1)</sup> | 828 | $157991 |
| MaxCyte, Inc.<sup>(1)</sup> | 1890 | 2627 |
| Medpace Holdings, Inc.<sup>(1)</sup> | 601 | 285782 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 68 | 88471 |
| OmniAb, Inc.<sup>(1)</sup> | 182 | 2 |
| OmniAb, Inc.<sup>(1)</sup> | 182 | 1 |
| Quanterix Corp.<sup>(1)</sup> | 1365 | 6211 |
| Repligen Corp.<sup>(1)</sup> | 533 | 65197 |
| Revvity, Inc. | 466 | 41991 |
| Seer, Inc.<sup>(1)(2)</sup> | 2342 | 4801 |
| Sotera Health Co.<sup>(1)</sup> | 1121 | 18351 |
| Thermo Fisher Scientific, Inc. | 1560 | 768643 |
| Waters Corp.<sup>(1)</sup> | 1092 | 329566 |
| West Pharmaceutical Services, Inc. | 1179 | 291154 |
|  |  | 3542557 |
| **Machinery — 2.5%** |  |  |
| Aebi Schmidt Holding AG | 1350 | 16592 |
| AGCO Corp. | 3756 | 406362 |
| Alamo Group, Inc. | 139 | 29393 |
| Albany International Corp., Class A | 1088 | 69099 |
| Allison Transmission Holdings, Inc. | 1321 | 115337 |
| Astec Industries, Inc. | 1652 | 76471 |
| Atmus Filtration Technologies, Inc. | 5558 | 247442 |
| Blue Bird Corp.<sup>(1)</sup> | 2610 | 152398 |
| Caterpillar, Inc. | 13719 | 5748810 |
| Crane Co. | 711 | 131748 |
| Cummins, Inc. | 3030 | 1207273 |
| Deere & Co. | 8047 | 3851616 |
| Donaldson Co., Inc. | 6021 | 479693 |
| Douglas Dynamics, Inc. | 1297 | 43670 |
| Dover Corp. | 987 | 176535 |
| Enerpac Tool Group Corp. | 1645 | 69649 |
| Enpro, Inc. | 485 | 106103 |
| Esab Corp. | 283 | 32650 |
| ESCO Technologies, Inc. | 700 | 140637 |
| Flowserve Corp. | 2379 | 127657 |
| Franklin Electric Co., Inc. | 1155 | 113028 |
| Gates Industrial Corp. PLC<sup>(1)</sup> | 2322 | 59350 |
| Gorman-Rupp Co. | 652 | 27886 |
| Graco, Inc. | 5179 | 442235 |
| Graham Corp.<sup>(1)</sup> | 450 | 22073 |
| Greenbrier Cos., Inc. | 2180 | 101653 |
| Hillman Solutions Corp.<sup>(1)</sup> | 5781 | 57116 |
| Hyster-Yale, Inc. | 559 | 20963 |
| Illinois Tool Works, Inc. | 4856 | 1285140 |
| Ingersoll Rand, Inc. | 1772 | 140750 |
| ITT, Inc. | 1586 | 270016 |
| JBT Marel Corp. | 873 | 125092 |
| Kadant, Inc. | 239 | 77264 |
| Kennametal, Inc. | 4930 | 105650 |
| Lincoln Electric Holdings, Inc. | 1979 | 480165 |
| Lindsay Corp. | 547 | 75065 |
| Luxfer Holdings PLC | 2129 | 28571 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Manitowoc Co., Inc.<sup>(1)</sup> | 1586 | $15701 |
| Middleby Corp.<sup>(1)</sup> | 347 | 47487 |
| Miller Industries, Inc. | 663 | 27906 |
| Mueller Industries, Inc. | 4896 | 469722 |
| Mueller Water Products, Inc., Class A | 11670 | 307621 |
| NN, Inc.<sup>(1)</sup> | 691 | 1776 |
| Omega Flex, Inc. | 78 | 2753 |
| Oshkosh Corp. | 2158 | 300760 |
| Otis Worldwide Corp. | 1700 | 146846 |
| PACCAR, Inc. | 13842 | 1383923 |
| Parker-Hannifin Corp. | 1229 | 933241 |
| Park-Ohio Holdings Corp. | 1204 | 24321 |
| Proto Labs, Inc.<sup>(1)</sup> | 403 | 20073 |
| RBC Bearings, Inc.<sup>(1)</sup> | 319 | 124397 |
| REV Group, Inc. | 4079 | 217044 |
| Snap-on, Inc. | 1769 | 575350 |
| Tennant Co. | 1189 | 97546 |
| Terex Corp. | 4519 | 225679 |
| Timken Co. | 2574 | 198790 |
| Titan International, Inc.<sup>(1)</sup> | 4030 | 35545 |
| Toro Co. | 6460 | 523648 |
| Trinity Industries, Inc. | 5852 | 166314 |
| Watts Water Technologies, Inc., Class A | 795 | 220136 |
| Westinghouse Air Brake Technologies Corp. | 692 | 133902 |
| Worthington Enterprises, Inc. | 2855 | 187859 |
| Xylem, Inc. | 1888 | 267265 |
|  |  | 23316757 |
| **Marine Transportation — 0.1%** |  |  |
| Costamare, Inc. | 1893 | 21656 |
| Genco Shipping & Trading Ltd. | 1967 | 33124 |
| Kirby Corp.<sup>(1)</sup> | 2606 | 253303 |
| Matson, Inc. | 2698 | 280727 |
| Pangaea Logistics Solutions Ltd. | 2021 | 10772 |
| Safe Bulkers, Inc.<sup>(2)</sup> | 2798 | 11892 |
|  |  | 611474 |
| **Media — 0.7%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)</sup> | 1769 | 12489 |
| Boston Omaha Corp., Class A<sup>(1)</sup> | 279 | 3722 |
| Cable One, Inc. | 326 | 52642 |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 1442 | 382966 |
| Comcast Corp., Class A | 101408 | 3444830 |
| EchoStar Corp., Class A<sup>(1)</sup> | 7183 | 443838 |
| Entravision Communications Corp., Class A | 2377 | 6156 |
| Fox Corp., Class A | 6797 | 405781 |
| Fox Corp., Class B | 4247 | 231674 |
| Gambling.com Group Ltd.<sup>(1)</sup> | 1426 | 12449 |
| Gannett Co., Inc.<sup>(1)</sup> | 4211 | 17307 |
| Liberty Broadband Corp., Class A<sup>(1)</sup> | 453 | 27484 |
| Liberty Broadband Corp., Class C<sup>(1)</sup> | 2780 | 169191 |
| New York Times Co., Class A | 3873 | 231760 |
| News Corp., Class A | 8739 | 257014 |
| News Corp., Class B | 2644 | 89552 |
| Nexstar Media Group, Inc., Class A | 505 | 103288 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Paramount Skydance Corp., Class B<sup>(1)(2)</sup> | 9526 | $140032 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 2210 | 19161 |
| Scholastic Corp. | 1060 | 27200 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 568 | 7304 |
| Trade Desk, Inc., Class A<sup>(1)</sup> | 2732 | 149331 |
| WideOpenWest, Inc.<sup>(1)</sup> | 2553 | 12995 |
|  |  | 6248166 |
| **Metals and Mining — 0.9%** |  |  |
| Alcoa Corp. | 4206 | 135391 |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 976 | 145609 |
| Caledonia Mining Corp. PLC | 301 | 7700 |
| Carpenter Technology Corp. | 1412 | 340123 |
| Century Aluminum Co.<sup>(1)</sup> | 1342 | 29967 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 18770 | 201778 |
| Coeur Mining, Inc.<sup>(1)</sup> | 4989 | 65605 |
| Commercial Metals Co. | 7427 | 428315 |
| Compass Minerals International, Inc.<sup>(1)</sup> | 4197 | 79953 |
| Freeport-McMoRan, Inc. | 52995 | 2352978 |
| Hecla Mining Co. | 11425 | 97227 |
| Kaiser Aluminum Corp. | 1261 | 98194 |
| Materion Corp. | 317 | 35124 |
| McEwen, Inc.<sup>(1)</sup> | 2899 | 33484 |
| Metallus, Inc.<sup>(1)</sup> | 2117 | 34782 |
| Newmont Corp. | 16433 | 1222615 |
| Nucor Corp. | 9344 | 1389733 |
| Olympic Steel, Inc. | 801 | 27002 |
| Ramaco Resources, Inc., Class A<sup>(1)</sup> | 1527 | 39595 |
| Ramaco Resources, Inc., Class B | 370 | 6013 |
| Reliance, Inc. | 1832 | 541649 |
| Royal Gold, Inc. | 1681 | 301874 |
| Ryerson Holding Corp. | 2254 | 51391 |
| Steel Dynamics, Inc. | 5673 | 742709 |
| SunCoke Energy, Inc. | 6206 | 47910 |
| Tredegar Corp.<sup>(1)</sup> | 1180 | 9239 |
| Warrior Met Coal, Inc. | 1680 | 102715 |
| Worthington Steel, Inc. | 1930 | 64269 |
|  |  | 8632944 |
| **Multi-Utilities — 0.6%** |  |  |
| Ameren Corp. | 3677 | 366891 |
| Avista Corp. | 2365 | 86417 |
| Black Hills Corp. | 1885 | 112742 |
| CenterPoint Energy, Inc. | 21203 | 799565 |
| CMS Energy Corp. | 8912 | 637832 |
| Consolidated Edison, Inc. | 8483 | 833285 |
| Dominion Energy, Inc. | 21550 | 1290845 |
| DTE Energy Co. | 4995 | 682567 |
| NiSource, Inc. | 8591 | 363142 |
| Northwestern Energy Group, Inc. | 2028 | 116630 |
| Public Service Enterprise Group, Inc. | 2962 | 243862 |
| Sempra | 6720 | 554803 |
| Unitil Corp. | 689 | 32355 |
|  |  | 6120936 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas and Consumable Fuels — 5.2%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 2878 | $11713 |
| Antero Midstream Corp. | 18211 | 323974 |
| Antero Resources Corp.<sup>(1)</sup> | 8867 | 283035 |
| APA Corp. | 20685 | 480306 |
| Ardmore Shipping Corp. | 2985 | 34686 |
| Berry Corp. | 3422 | 11429 |
| California Resources Corp. | 5588 | 277612 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 1380 | 278387 |
| Cheniere Energy, Inc. | 10628 | 2570063 |
| Chevron Corp. | 28530 | 4581918 |
| Chord Energy Corp. | 2427 | 266703 |
| Civitas Resources, Inc. | 5776 | 212441 |
| CNX Resources Corp.<sup>(1)</sup> | 4925 | 143810 |
| Comstock Resources, Inc.<sup>(1)(2)</sup> | 5198 | 83844 |
| ConocoPhillips | 40241 | 3982652 |
| Core Natural Resources, Inc. | 2264 | 168125 |
| Coterra Energy, Inc. | 35476 | 867033 |
| Crescent Energy Co., Class A | 4639 | 44256 |
| CVR Energy, Inc.<sup>(1)</sup> | 2893 | 88208 |
| Devon Energy Corp. | 37814 | 1365085 |
| DHT Holdings, Inc. | 11259 | 131955 |
| Diamondback Energy, Inc. | 6235 | 927519 |
| Dorian LPG Ltd. | 2695 | 86186 |
| DT Midstream, Inc. | 3544 | 369214 |
| EOG Resources, Inc. | 22941 | 2863496 |
| EQT Corp. | 13408 | 695071 |
| Evolution Petroleum Corp. | 3532 | 18225 |
| Expand Energy Corp. | 4919 | 476061 |
| Exxon Mobil Corp. | 84902 | 9703450 |
| FutureFuel Corp. | 1729 | 6708 |
| Granite Ridge Resources, Inc. | 5812 | 32315 |
| Green Plains, Inc.<sup>(1)</sup> | 1545 | 17165 |
| Gulfport Energy Corp.<sup>(1)</sup> | 550 | 95716 |
| Hess Midstream LP, Class A | 9492 | 391070 |
| HF Sinclair Corp. | 4569 | 232471 |
| HighPeak Energy, Inc.<sup>(2)</sup> | 808 | 6222 |
| International Seaways, Inc. | 3462 | 157244 |
| Kimbell Royalty Partners LP | 5915 | 82633 |
| Kinder Morgan, Inc. | 34231 | 923552 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 36452 | 65249 |
| Magnolia Oil & Gas Corp., Class A | 13695 | 340732 |
| Marathon Petroleum Corp. | 7853 | 1411263 |
| Matador Resources Co. | 6753 | 340081 |
| Murphy Oil Corp. | 9725 | 241763 |
| Nordic American Tankers Ltd. | 12540 | 38999 |
| Northern Oil & Gas, Inc. | 7237 | 189320 |
| Occidental Petroleum Corp. | 35331 | 1682109 |
| ONEOK, Inc. | 15681 | 1197715 |
| Ovintiv, Inc. | 17253 | 726696 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 1283 | 44443 |
| PBF Energy, Inc., Class A | 3913 | 106903 |
| Peabody Energy Corp. | 7802 | 135755 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Permian Resources Corp. | 42118 | $601866 |
| Phillips 66 | 6840 | 913687 |
| Plains GP Holdings LP, Class A<sup>(1)</sup> | 5373 | 103699 |
| Range Resources Corp. | 14504 | 497052 |
| REX American Resources Corp.<sup>(1)</sup> | 564 | 35289 |
| Riley Exploration Permian, Inc. | 588 | 17205 |
| SandRidge Energy, Inc. | 2068 | 24485 |
| Scorpio Tankers, Inc. | 3151 | 158810 |
| SFL Corp. Ltd. | 8144 | 66211 |
| SM Energy Co. | 9441 | 269541 |
| Talos Energy, Inc.<sup>(1)</sup> | 9425 | 93119 |
| Targa Resources Corp. | 10637 | 1784463 |
| Teekay Corp. Ltd. | 4643 | 38073 |
| Teekay Tankers Ltd., Class A | 2220 | 109157 |
| Texas Pacific Land Corp. | 573 | 534884 |
| VAALCO Energy, Inc. | 7061 | 27397 |
| Valero Energy Corp. | 7869 | 1196167 |
| Vital Energy, Inc.<sup>(1)</sup> | 1814 | 32325 |
| Vitesse Energy, Inc. | 1680 | 44705 |
| Williams Cos., Inc. | 48841 | 2826917 |
| World Kinect Corp. | 969 | 25979 |
|  |  | 49213612 |
| **Paper and Forest Products — 0.0%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 1234 | 26617 |
| Louisiana-Pacific Corp. | 3853 | 366459 |
| Mercer International, Inc. | 2526 | 8412 |
| Sylvamo Corp. | 2010 | 92721 |
|  |  | 494209 |
| **Passenger Airlines — 0.6%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 7918 | 497092 |
| Allegiant Travel Co.<sup>(1)</sup> | 1156 | 72435 |
| Delta Air Lines, Inc. | 32517 | 2008900 |
| JetBlue Airways Corp.<sup>(1)</sup> | 7877 | 42142 |
| SkyWest, Inc.<sup>(1)</sup> | 3102 | 376583 |
| Southwest Airlines Co. | 11762 | 386970 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 4442 | 58856 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 19335 | 2030175 |
|  |  | 5473153 |
| **Personal Care Products — 0.1%** |  |  |
| Edgewell Personal Care Co. | 654 | 15709 |
| Estee Lauder Cos., Inc., Class A | 1959 | 179699 |
| Interparfums, Inc. | 799 | 91837 |
| Kenvue, Inc. | 13456 | 278674 |
| Lifevantage Corp.<sup>(2)</sup> | 819 | 10729 |
| Medifast, Inc.<sup>(1)(2)</sup> | 515 | 7225 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 1149 | 19361 |
| Nu Skin Enterprises, Inc., Class A | 4012 | 48826 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 442 | 14104 |
|  |  | 666164 |
| **Pharmaceuticals — 2.1%** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 855 | 26180 |
| Atea Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 3630 | 12197 |
| BioAge Labs, Inc.<sup>(1)</sup> | 1752 | 8637 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Bristol-Myers Squibb Co. | 29025 | $1369399 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 2313 | 89744 |
| Corcept Therapeutics, Inc.<sup>(1)</sup> | 2917 | 203373 |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 23158 | 424949 |
| Eli Lilly & Co. | 7292 | 5341973 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 3085 | 113806 |
| Innoviva, Inc.<sup>(1)</sup> | 4733 | 96695 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 4101 | 523903 |
| Johnson & Johnson | 28783 | 5099484 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 480 | 77621 |
| Maze Therapeutics, Inc.<sup>(1)</sup> | 235 | 3405 |
| Merck & Co., Inc. | 17373 | 1461417 |
| Organon & Co. | 1514 | 14262 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 914 | 24376 |
| Perrigo Co. PLC | 1973 | 46839 |
| Pfizer, Inc. | 75939 | 1880250 |
| Prestige Consumer Healthcare, Inc.<sup>(1)</sup> | 1185 | 80627 |
| Royalty Pharma PLC, Class A | 8864 | 318927 |
| SIGA Technologies, Inc. | 2227 | 18685 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 1246 | 56220 |
| Theravance Biopharma, Inc.<sup>(1)</sup> | 88 | 1221 |
| Viatris, Inc. | 59374 | 626396 |
| Zoetis, Inc. | 11649 | 1821904 |
|  |  | 19742490 |
| **Professional Services — 0.7%** |  |  |
| Automatic Data Processing, Inc. | 6387 | 1941967 |
| Booz Allen Hamilton Holding Corp. | 2263 | 246033 |
| Broadridge Financial Solutions, Inc. | 1351 | 345343 |
| Clarivate PLC<sup>(1)</sup> | 10685 | 46480 |
| Conduent, Inc.<sup>(1)</sup> | 13746 | 38214 |
| CRA International, Inc. | 443 | 85836 |
| CSG Systems International, Inc. | 812 | 52098 |
| ExlService Holdings, Inc.<sup>(1)</sup> | 1680 | 73550 |
| Exponent, Inc. | 2374 | 169456 |
| Franklin Covey Co.<sup>(1)</sup> | 585 | 11443 |
| FTI Consulting, Inc.<sup>(1)</sup> | 197 | 33222 |
| Genpact Ltd. | 1411 | 63975 |
| Heidrick & Struggles International, Inc. | 1277 | 64884 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 816 | 24096 |
| Insperity, Inc. | 1539 | 84984 |
| KBR, Inc. | 1263 | 63731 |
| Kelly Services, Inc., Class A | 1355 | 19282 |
| Kforce, Inc. | 916 | 29862 |
| Korn Ferry | 2010 | 149021 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 2616 | 28985 |
| ManpowerGroup, Inc. | 1108 | 46979 |
| Paychex, Inc. | 6864 | 957219 |
| Paycom Software, Inc. | 2275 | 516766 |
| Paylocity Holding Corp.<sup>(1)</sup> | 757 | 135677 |
| Resources Connection, Inc. | 1465 | 7486 |
| Robert Half, Inc. | 6002 | 223995 |
| TaskUS, Inc., Class A<sup>(1)</sup> | 952 | 16679 |
| TriNet Group, Inc. | 700 | 50694 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| TrueBlue, Inc.<sup>(1)</sup> | 1245 | $7433 |
| Upwork, Inc.<sup>(1)</sup> | 7017 | 107992 |
| Verisk Analytics, Inc. | 3035 | 813744 |
| Verra Mobility Corp.<sup>(1)</sup> | 2671 | 66374 |
| WNS Holdings Ltd.<sup>(1)</sup> | 1498 | 113024 |
|  |  | 6636524 |
| **Real Estate Management and Development — 0.1%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 2746 | 445182 |
| CoStar Group, Inc.<sup>(1)</sup> | 4258 | 381048 |
| Forestar Group, Inc.<sup>(1)</sup> | 1094 | 30271 |
| FRP Holdings, Inc.<sup>(1)</sup> | 40 | 1028 |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 1759 | 134159 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 593 | 181203 |
| Kennedy-Wilson Holdings, Inc. | 3861 | 33977 |
| Marcus & Millichap, Inc. | 1365 | 44485 |
| RE/MAX Holdings, Inc., Class A<sup>(1)</sup> | 648 | 6104 |
| Seaport Entertainment Group, Inc.<sup>(1)(2)</sup> | 156 | 3894 |
| Zillow Group, Inc., Class A<sup>(1)</sup> | 365 | 29740 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 1503 | 126718 |
|  |  | 1417809 |
| **Semiconductors and Semiconductor Equipment — 9.0%** |  |  |
| ACM Research, Inc., Class A<sup>(1)</sup> | 1253 | 35360 |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 10071 | 1637847 |
| Alpha & Omega Semiconductor Ltd.<sup>(1)</sup> | 643 | 18499 |
| Amkor Technology, Inc. | 6018 | 145575 |
| Analog Devices, Inc. | 4914 | 1234937 |
| Applied Materials, Inc. | 17962 | 2887571 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 1807 | 144632 |
| Broadcom, Inc. | 31606 | 9399308 |
| CEVA, Inc.<sup>(1)</sup> | 370 | 8221 |
| Cirrus Logic, Inc.<sup>(1)</sup> | 2053 | 234432 |
| Cohu, Inc.<sup>(1)</sup> | 1725 | 34327 |
| Diodes, Inc.<sup>(1)</sup> | 896 | 48774 |
| First Solar, Inc.<sup>(1)</sup> | 2673 | 521743 |
| GLOBALFOUNDRIES, Inc.<sup>(1)</sup> | 1927 | 64343 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 663 | 11172 |
| Intel Corp.<sup>(1)</sup> | 79888 | 1945273 |
| KLA Corp. | 3492 | 3045024 |
| Kulicke & Soffa Industries, Inc. | 631 | 23663 |
| Lam Research Corp. | 42143 | 4220621 |
| MACOM Technology Solutions Holdings, Inc.<sup>(1)</sup> | 251 | 32166 |
| Magnachip Semiconductor Corp.<sup>(1)</sup> | 601 | 1893 |
| Marvell Technology, Inc. | 5435 | 341671 |
| Micron Technology, Inc. | 33157 | 3946015 |
| Monolithic Power Systems, Inc. | 404 | 337647 |
| NVE Corp. | 259 | 16726 |
| NVIDIA Corp. | 268800 | 46819584 |
| NXP Semiconductors NV | 1383 | 324798 |
| ON Semiconductor Corp.<sup>(1)</sup> | 12663 | 627958 |
| Onto Innovation, Inc.<sup>(1)</sup> | 731 | 77486 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 4206 | 101491 |
| Photronics, Inc.<sup>(1)</sup> | 4785 | 108476 |
| Qorvo, Inc.<sup>(1)</sup> | 2270 | 205889 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| QUALCOMM, Inc. | 16976 | $2728552 |
| Rambus, Inc.<sup>(1)</sup> | 1432 | 105639 |
| SkyWater Technology, Inc.<sup>(1)</sup> | 997 | 11954 |
| Skyworks Solutions, Inc. | 6135 | 459757 |
| Synaptics, Inc.<sup>(1)</sup> | 508 | 35489 |
| Teradyne, Inc. | 2138 | 252797 |
| Texas Instruments, Inc. | 12110 | 2452033 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 589 | 14148 |
| Universal Display Corp. | 902 | 125008 |
|  |  | 84788499 |
| **Software — 7.7%** |  |  |
| A10 Networks, Inc. | 5326 | 94323 |
| Adeia, Inc. | 7177 | 107942 |
| Adobe, Inc.<sup>(1)</sup> | 4334 | 1545938 |
| Appfolio, Inc., Class A<sup>(1)</sup> | 271 | 75170 |
| AppLovin Corp., Class A<sup>(1)</sup> | 5237 | 2506376 |
| Atlassian Corp., Class A<sup>(1)</sup> | 794 | 141157 |
| Autodesk, Inc.<sup>(1)</sup> | 2917 | 917980 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 3537 | 1239471 |
| Clear Secure, Inc., Class A | 3791 | 137651 |
| Commvault Systems, Inc.<sup>(1)</sup> | 1271 | 237226 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 2161 | 915616 |
| Datadog, Inc., Class A<sup>(1)</sup> | 1457 | 199143 |
| Docusign, Inc.<sup>(1)</sup> | 1998 | 153167 |
| Dolby Laboratories, Inc., Class A | 1524 | 109240 |
| Fair Isaac Corp.<sup>(1)</sup> | 161 | 244984 |
| Fortinet, Inc.<sup>(1)</sup> | 16817 | 1324675 |
| InterDigital, Inc. | 1441 | 391534 |
| Intuit, Inc. | 1891 | 1261297 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 1449 | 40456 |
| Manhattan Associates, Inc.<sup>(1)</sup> | 1370 | 295153 |
| Microsoft Corp. | 90298 | 45753094 |
| Olo, Inc., Class A<sup>(1)</sup> | 2445 | 25061 |
| OneSpan, Inc. | 2110 | 31914 |
| Oracle Corp. | 16620 | 3758281 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 3839 | 141582 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | 15825 | 2479936 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | 8000 | 1524160 |
| Pegasystems, Inc. | 5722 | 310190 |
| Progress Software Corp.<sup>(1)</sup> | 642 | 29718 |
| Qualys, Inc.<sup>(1)</sup> | 2341 | 317931 |
| Riot Platforms, Inc.<sup>(1)</sup> | 6474 | 89082 |
| Roper Technologies, Inc. | 348 | 183156 |
| Salesforce, Inc. | 6021 | 1542881 |
| ServiceNow, Inc.<sup>(1)</sup> | 1803 | 1654180 |
| Strategy, Inc., Class A<sup>(1)</sup> | 3652 | 1221265 |
| Synopsys, Inc.<sup>(1)</sup> | 1490 | 899245 |
| UiPath, Inc., Class A<sup>(1)</sup> | 6067 | 67465 |
| Workday, Inc., Class A<sup>(1)</sup> | 1453 | 335381 |
| Xperi, Inc.<sup>(1)</sup> | 1053 | 6318 |
| Zoom Communications, Inc., Class A<sup>(1)</sup> | 3435 | 279678 |
| Zscaler, Inc.<sup>(1)</sup> | 299 | 82838 |
|  |  | 72671855 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Specialty Retail — 2.8%** |  |  |
| 1-800-Flowers.com, Inc., Class A<sup>(1)(2)</sup> | 849 | $4754 |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 3611 | 337737 |
| Academy Sports & Outdoors, Inc. | 3804 | 203704 |
| Advance Auto Parts, Inc.<sup>(2)</sup> | 1908 | 116369 |
| American Eagle Outfitters, Inc. | 14010 | 181289 |
| America's Car-Mart, Inc.<sup>(1)</sup> | 283 | 12681 |
| Arhaus, Inc.<sup>(1)</sup> | 2009 | 23566 |
| Arko Corp. | 3379 | 16895 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 721 | 181360 |
| AutoNation, Inc. | 398 | 87194 |
| AutoZone, Inc.<sup>(1)</sup> | 122 | 512221 |
| Best Buy Co., Inc. | 8529 | 628076 |
| Buckle, Inc. | 2375 | 134401 |
| Build-A-Bear Workshop, Inc. | 1114 | 67742 |
| Burlington Stores, Inc.<sup>(1)</sup> | 3547 | 1031042 |
| Caleres, Inc. | 3007 | 45105 |
| CarMax, Inc. | 6206 | 380738 |
| Carvana Co.<sup>(1)</sup> | 694 | 258112 |
| Cato Corp., Class A<sup>(2)</sup> | 608 | 2499 |
| Chewy, Inc., Class A<sup>(1)</sup> | 4763 | 195092 |
| Citi Trends, Inc.<sup>(1)</sup> | 310 | 11045 |
| Designer Brands, Inc., Class A<sup>(2)</sup> | 3573 | 13256 |
| Dick's Sporting Goods, Inc. | 3294 | 700963 |
| Five Below, Inc.<sup>(1)</sup> | 3323 | 482167 |
| Floor & Decor Holdings, Inc., Class A<sup>(1)</sup> | 3617 | 296305 |
| Foot Locker, Inc.<sup>(1)</sup> | 4733 | 116905 |
| GameStop Corp., Class A<sup>(1)</sup> | 144 | 3227 |
| Gap, Inc. | 16876 | 371441 |
| Genesco, Inc.<sup>(1)</sup> | 669 | 21395 |
| Group 1 Automotive, Inc. | 192 | 89238 |
| Guess?, Inc. | 2340 | 39335 |
| Haverty Furniture Cos., Inc. | 552 | 12448 |
| Home Depot, Inc. | 13733 | 5586172 |
| Lands' End, Inc.<sup>(1)</sup> | 165 | 2369 |
| Lithia Motors, Inc. | 631 | 212445 |
| Lowe's Cos., Inc. | 4185 | 1079981 |
| MarineMax, Inc.<sup>(1)</sup> | 860 | 22661 |
| Murphy USA, Inc. | 1174 | 442011 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 585 | 13420 |
| ODP Corp.<sup>(1)</sup> | 2447 | 49576 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 7299 | 756760 |
| Penske Automotive Group, Inc. | 466 | 85935 |
| PetMed Express, Inc.<sup>(1)</sup> | 282 | 866 |
| Ross Stores, Inc. | 15144 | 2228591 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 1334 | 18489 |
| Shoe Carnival, Inc. | 492 | 10283 |
| Signet Jewelers Ltd. | 2853 | 251207 |
| Sonic Automotive, Inc., Class A | 509 | 41835 |
| TJX Cos., Inc. | 29762 | 4065787 |
| Tractor Supply Co. | 25766 | 1591308 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 2697 | 1328893 |
| Upbound Group, Inc. | 517 | 13137 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Urban Outfitters, Inc.<sup>(1)</sup> | 3710 | $248867 |
| Valvoline, Inc.<sup>(1)</sup> | 3124 | 121149 |
| Victoria's Secret & Co.<sup>(1)</sup> | 6057 | 139432 |
| Williams-Sonoma, Inc. | 6630 | 1247700 |
| Zumiez, Inc.<sup>(1)</sup> | 640 | 11002 |
|  |  | 26148178 |
| **Technology Hardware, Storage and Peripherals — 4.7%** |  |  |
| Apple, Inc. | 181611 | 42159178 |
| Dell Technologies, Inc., Class C | 2087 | 254927 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 1740 | 106331 |
| Eastman Kodak Co.<sup>(1)</sup> | 2017 | 11900 |
| Hewlett Packard Enterprise Co. | 30838 | 696014 |
| HP, Inc. | 3489 | 99576 |
| Immersion Corp. | 1954 | 13795 |
| NetApp, Inc. | 3602 | 406270 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 4957 | 384713 |
| Sandisk Corp.<sup>(1)</sup> | 4311 | 226198 |
| Seagate Technology Holdings PLC | 558 | 93409 |
| Super Micro Computer, Inc.<sup>(1)(2)</sup> | 5250 | 218085 |
| Western Digital Corp. | 560 | 44990 |
|  |  | 44715386 |
| **Textiles, Apparel and Luxury Goods — 0.7%** |  |  |
| Carter's, Inc. | 2586 | 73856 |
| Columbia Sportswear Co. | 1698 | 94613 |
| Crocs, Inc.<sup>(1)</sup> | 3963 | 345574 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 7190 | 860140 |
| G-III Apparel Group Ltd.<sup>(1)</sup> | 2315 | 62505 |
| Hanesbrands, Inc.<sup>(1)</sup> | 4693 | 29613 |
| Kontoor Brands, Inc. | 4021 | 310622 |
| Lakeland Industries, Inc.<sup>(2)</sup> | 124 | 1884 |
| Levi Strauss & Co., Class A | 6635 | 148425 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 5840 | 1180848 |
| Movado Group, Inc. | 613 | 11199 |
| NIKE, Inc., Class B | 19512 | 1509643 |
| Oxford Industries, Inc. | 933 | 41099 |
| PVH Corp. | 2090 | 176229 |
| Ralph Lauren Corp. | 1933 | 573966 |
| Rocky Brands, Inc. | 110 | 3347 |
| Skechers USA, Inc., Class A<sup>(1)</sup> | 4168 | 262917 |
| Tapestry, Inc. | 7010 | 713758 |
| Under Armour, Inc., Class A<sup>(1)</sup> | 13064 | 65320 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 8517 | 41904 |
| Unifi, Inc.<sup>(1)</sup> | 394 | 1741 |
| VF Corp. | 30702 | 464521 |
|  |  | 6973724 |
| **Trading Companies and Distributors — 1.0%** |  |  |
| Air Lease Corp. | 6550 | 394376 |
| Alta Equipment Group, Inc.<sup>(2)</sup> | 676 | 5638 |
| Applied Industrial Technologies, Inc. | 1330 | 350561 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 680 | 56175 |
| Boise Cascade Co. | 3013 | 262131 |
| DNOW, Inc.<sup>(1)</sup> | 4992 | 79872 |
| Fastenal Co. | 27940 | 1387500 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| FTAI Aviation Ltd. | 4761 | $732480 |
| GATX Corp. | 2235 | 376173 |
| Global Industrial Co. | 653 | 24377 |
| GMS, Inc.<sup>(1)</sup> | 1838 | 202051 |
| Herc Holdings, Inc. | 2484 | 324882 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 2646 | 26883 |
| Karat Packaging, Inc. | 634 | 16028 |
| McGrath RentCorp | 431 | 52362 |
| MRC Global, Inc.<sup>(1)</sup> | 5846 | 88158 |
| MSC Industrial Direct Co., Inc., Class A | 1550 | 139857 |
| NPK International, Inc.<sup>(1)</sup> | 4951 | 51490 |
| QXO, Inc.<sup>(1)</sup> | 6762 | 136119 |
| Rush Enterprises, Inc., Class A | 2743 | 157448 |
| Rush Enterprises, Inc., Class B | 22 | 1277 |
| SiteOne Landscape Supply, Inc.<sup>(1)</sup> | 1006 | 144099 |
| Titan Machinery, Inc.<sup>(1)</sup> | 1987 | 39740 |
| United Rentals, Inc. | 2210 | 2113511 |
| Watsco, Inc. | 590 | 237404 |
| WESCO International, Inc. | 2508 | 551359 |
| WW Grainger, Inc. | 1848 | 1872948 |
|  |  | 9824899 |
| **Transportation Infrastructure — 0.0%** |  |  |
| Sky Harbour Group Corp.<sup>(1)(2)</sup> | 1152 | 12142 |
| **Water Utilities — 0.0%** |  |  |
| Artesian Resources Corp., Class A | 194 | 6431 |
| Middlesex Water Co. | 729 | 39031 |
|  |  | 45462 |
| **Wireless Telecommunication Services — 0.3%** |  |  |
| Array Digital Infrastructure, Inc. | 828 | 44571 |
| Gogo, Inc.<sup>(1)</sup> | 5034 | 55274 |
| Telephone & Data Systems, Inc. | 3302 | 132377 |
| T-Mobile U.S., Inc. | 10515 | 2649675 |
|  |  | 2881897 |
| **TOTAL COMMON STOCKS**<br>(Cost $673,547,104) |  | **942847016** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Chinook Therapeutics, Inc.<sup>(1)</sup> | 1501 | 15 |
| Mirati Therapeutics, Inc.<sup>(1)</sup> | 667 | 467 |
| Sage Therapeutics, Inc.<sup>(1)</sup> | 1513 | 272 |
| Verve Therapeutics, Inc.<sup>(1)</sup> | 1431 | 901 |
|  |  | 1655 |
| **Health Care Equipment and Supplies — 0.0%** |  |  |
| ABIOMED, Inc.<sup>(1)</sup> | 443 | 452 |
| **TOTAL RIGHTS**<br>(Cost $2,093) |  | **2107** |
| **ESCROW INTERESTS**<sup>(3)</sup> **— 0.0%** |  |  |
| **Diversified Telecommunication Services — 0.0%** |  |  |
| GCI Liberty, Inc.<sup>(1)</sup><br>(Cost $—) | 210 | **2** |
| **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| **Money Market Funds — 0.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3942945 | 3942945 |

---

------

Schedule of Investments - Avantis U.S. Equity Fund

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 1486466 | $1486466 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $5,429,411) |  | **5429411** |
| **TOTAL INVESTMENT SECURITIES — 100.3%**<br>(Cost $678,978,608) |  | **948278536** |
| **OTHER ASSETS AND LIABILITIES — (0.3)%** |  | **(2746746)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**945531790** |

---

**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 $3,311,642. 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)Escrow interests represent beneficial interests in bankruptcy reorganizations or liquidation proceedings and may be subject to resale, redemption, or transferability restrictions. The amount and timing of future payments, if any, cannot be predicted with certainty.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,430,517, which includes securities collateral of $1,944,051.

**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 | $942847016 |  |  |
| Rights | 2107 |  |  |
| Escrow Interests |  | $2 |  |
| Short-Term Investments | 5429411 |  |  |
|  | $948278534 | $2 |  |

---

**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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity Risk** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $(30559) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.1%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.8%** | | |
| ATI, Inc.<sup>(1)</sup> | 16820 | $1304223 |
| BWX Technologies, Inc. | 10552 | 1709846 |
|  |  | 3014069 |
| **Air Freight and Logistics — 1.3%** |  |  |
| Expeditors International of Washington, Inc. | 6771 | 816176 |
| FedEx Corp. | 5846 | 1350835 |
| United Parcel Service, Inc., Class B | 28152 | 2461611 |
|  |  | 4628622 |
| **Automobile Components — 0.4%** |  |  |
| Aptiv PLC<sup>(1)</sup> | 1323 | 105218 |
| Autoliv, Inc. | 3802 | 471714 |
| BorgWarner, Inc. | 16548 | 707593 |
| Lear Corp. | 2267 | 249370 |
|  |  | 1533895 |
| **Automobiles — 1.9%** |  |  |
| Ford Motor Co. | 269295 | 3169602 |
| General Motors Co. | 60741 | 3558815 |
| Thor Industries, Inc. | 1695 | 185772 |
|  |  | 6914189 |
| **Banks — 3.9%** |  |  |
| East West Bancorp, Inc. | 11076 | 1164531 |
| First Citizens BancShares, Inc., Class A | 462 | 916566 |
| JPMorgan Chase & Co. | 38233 | 11524191 |
| Zions Bancorp NA | 12338 | 715727 |
|  |  | 14321015 |
| **Beverages — 0.0%** |  |  |
| National Beverage Corp. | 1234 | 51890 |
| **Biotechnology — 1.8%** |  |  |
| Exelixis, Inc.<sup>(1)</sup> | 26716 | 999713 |
| Gilead Sciences, Inc. | 50887 | 5748704 |
|  |  | 6748417 |
| **Broadline Retail — 3.4%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 52632 | 12052728 |
| Dillard's, Inc., Class A<sup>(2)</sup> | 377 | 200896 |
| Macy's, Inc. | 18401 | 243445 |
|  |  | 12497069 |
| **Building Products — 0.8%** |  |  |
| Armstrong World Industries, Inc. | 4407 | 862758 |
| Lennox International, Inc. | 2011 | 1121857 |
| Owens Corning | 5518 | 828638 |
|  |  | 2813253 |
| **Capital Markets — 2.0%** |  |  |
| Ameriprise Financial, Inc. | 5856 | 3014727 |
| LPL Financial Holdings, Inc. | 2903 | 1058085 |
| Northern Trust Corp. | 15197 | 1995062 |
| Raymond James Financial, Inc. | 8233 | 1395000 |
|  |  | 7462874 |
| **Chemicals — 0.9%** |  |  |
| Cabot Corp. | 4495 | 366612 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CF Industries Holdings, Inc. | 15453 | $1338693 |
| LyondellBasell Industries NV, Class A | 12915 | 727760 |
| NewMarket Corp. | 1239 | 1024604 |
|  |  | 3457669 |
| **Communications Equipment — 0.0%** |  |  |
| Ubiquiti, Inc. | 315 | 166361 |
| **Construction and Engineering — 1.2%** |  |  |
| Comfort Systems USA, Inc. | 1957 | 1376515 |
| Dycom Industries, Inc.<sup>(1)</sup> | 1658 | 418595 |
| EMCOR Group, Inc. | 3077 | 1907740 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 2646 | 207552 |
| Valmont Industries, Inc. | 1615 | 592899 |
|  |  | 4503301 |
| **Construction Materials — 0.2%** |  |  |
| Eagle Materials, Inc. | 3665 | 846249 |
| **Consumer Finance — 1.8%** |  |  |
| Ally Financial, Inc. | 30064 | 1234127 |
| American Express Co. | 4532 | 1501361 |
| OneMain Holdings, Inc. | 13730 | 849338 |
| SLM Corp. | 29510 | 923073 |
| Synchrony Financial | 26891 | 2052859 |
|  |  | 6560758 |
| **Consumer Staples Distribution & Retail — 5.7%** |  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | 13351 | 1304126 |
| Costco Wholesale Corp. | 9000 | 8489880 |
| Dollar General Corp. | 20174 | 2194124 |
| Dollar Tree, Inc.<sup>(1)</sup> | 20485 | 2236347 |
| Kroger Co. | 43521 | 2952465 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 9778 | 1374200 |
| Target Corp. | 26069 | 2502103 |
|  |  | 21053245 |
| **Containers and Packaging — 0.5%** |  |  |
| Graphic Packaging Holding Co. | 34421 | 766556 |
| Packaging Corp. of America | 4651 | 1013732 |
|  |  | 1780288 |
| **Distributors — 0.1%** |  |  |
| Pool Corp. | 1479 | 459540 |
| **Diversified Consumer Services — 0.3%** |  |  |
| Stride, Inc.<sup>(1)</sup> | 5907 | 963963 |
| **Diversified Telecommunication Services — 3.5%** |  |  |
| AT&T, Inc. | 203047 | 5947247 |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | 19319 | 716348 |
| Verizon Communications, Inc. | 136636 | 6043410 |
|  |  | 12707005 |
| **Electrical Equipment — 0.3%** |  |  |
| NEXTracker, Inc., Class A<sup>(1)</sup> | 15380 | 1034459 |
| **Electronic Equipment, Instruments and Components — 1.2%** |  |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | 5126 | 647568 |
| Flex Ltd.<sup>(1)</sup> | 32918 | 1765063 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 2128 | 276980 |
| Jabil, Inc. | 8267 | 1693330 |
|  |  | 4382941 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Energy Equipment and Services — 0.7%** | | |
| Halliburton Co. | 24149 | $548907 |
| NOV, Inc. | 2970 | 39471 |
| TechnipFMC PLC | 41797 | 1536458 |
| Weatherford International PLC | 5643 | 359487 |
|  |  | 2484323 |
| **Financial Services — 0.9%** |  |  |
| Corebridge Financial, Inc. | 28942 | 1006313 |
| Equitable Holdings, Inc. | 15209 | 810031 |
| Jackson Financial, Inc., Class A | 9132 | 902242 |
| MGIC Investment Corp. | 18747 | 521729 |
|  |  | 3240315 |
| **Food Products — 1.2%** |  |  |
| Bunge Global SA | 6287 | 529491 |
| Hershey Co. | 9505 | 1746544 |
| Ingredion, Inc. | 7548 | 977768 |
| Lamb Weston Holdings, Inc. | 14104 | 811403 |
| Pilgrim's Pride Corp. | 5214 | 231762 |
|  |  | 4296968 |
| **Ground Transportation — 4.3%** |  |  |
| CSX Corp. | 99904 | 3247879 |
| JB Hunt Transport Services, Inc. | 4080 | 591559 |
| Landstar System, Inc. | 2223 | 294170 |
| Lyft, Inc., Class A<sup>(1)</sup> | 26856 | 435604 |
| Norfolk Southern Corp. | 11653 | 3262607 |
| Old Dominion Freight Line, Inc. | 11471 | 1731777 |
| Ryder System, Inc. | 4110 | 770707 |
| Saia, Inc.<sup>(1)</sup> | 1637 | 485305 |
| Schneider National, Inc., Class B | 2178 | 53840 |
| Union Pacific Corp. | 22622 | 5057601 |
|  |  | 15931049 |
| **Health Care Equipment and Supplies — 0.5%** |  |  |
| Dexcom, Inc.<sup>(1)</sup> | 15718 | 1184194 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 26 | 16824 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 5759 | 316169 |
| Masimo Corp.<sup>(1)</sup> | 3078 | 430028 |
|  |  | 1947215 |
| **Health Care Providers and Services — 0.5%** |  |  |
| Centene Corp.<sup>(1)</sup> | 35687 | 1036350 |
| Universal Health Services, Inc., Class B | 4239 | 769718 |
|  |  | 1806068 |
| **Hotels, Restaurants and Leisure — 3.4%** |  |  |
| Boyd Gaming Corp. | 8219 | 705683 |
| Carnival Corp.<sup>(1)</sup> | 42521 | 1355995 |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | 57676 | 2430467 |
| Las Vegas Sands Corp. | 24839 | 1431472 |
| Norwegian Cruise Line Holdings Ltd.<sup>(1)</sup> | 54073 | 1343173 |
| Royal Caribbean Cruises Ltd. | 11494 | 4174851 |
| Texas Roadhouse, Inc. | 6979 | 1204226 |
|  |  | 12645867 |
| **Household Durables — 0.8%** |  |  |
| Installed Building Products, Inc. | 1425 | 373094 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NVR, Inc.<sup>(1)</sup> | 134 | $1087765 |
| PulteGroup, Inc. | 10657 | 1406937 |
|  |  | 2867796 |
| **Independent Power and Renewable Electricity Producers — 0.6%** |  |  |
| Talen Energy Corp.<sup>(1)</sup> | 5490 | 2080271 |
| **Insurance — 7.9%** |  |  |
| Allstate Corp. | 12973 | 2639357 |
| American Financial Group, Inc. | 5125 | 696283 |
| American International Group, Inc. | 25810 | 2098869 |
| Arch Capital Group Ltd. | 12225 | 1118954 |
| Assurant, Inc. | 6137 | 1323199 |
| Axis Capital Holdings Ltd. | 11179 | 1102026 |
| Globe Life, Inc. | 7367 | 1031012 |
| Hartford Insurance Group, Inc. | 17430 | 2306163 |
| MetLife, Inc. | 28482 | 2317296 |
| Primerica, Inc. | 4220 | 1136615 |
| Principal Financial Group, Inc. | 8081 | 650601 |
| Progressive Corp. | 20454 | 5053365 |
| Prudential Financial, Inc. | 13396 | 1469005 |
| RenaissanceRe Holdings Ltd. | 5561 | 1351267 |
| Travelers Cos., Inc. | 14304 | 3883679 |
| Unum Group | 14692 | 1026383 |
|  |  | 29204074 |
| **Interactive Media and Services — 6.4%** |  |  |
| Alphabet, Inc., Class A | 29531 | 6287445 |
| Alphabet, Inc., Class C | 24099 | 5145860 |
| Meta Platforms, Inc., Class A | 16463 | 12161218 |
|  |  | 23594523 |
| **IT Services — 0.3%** |  |  |
| DXC Technology Co.<sup>(1)</sup> | 10265 | 148329 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | 28556 | 907795 |
|  |  | 1056124 |
| **Leisure Products — 0.2%** |  |  |
| Mattel, Inc.<sup>(1)</sup> | 32174 | 588784 |
| **Machinery — 3.3%** |  |  |
| Caterpillar, Inc. | 15214 | 6375275 |
| Deere & Co. | 9688 | 4637064 |
| Lincoln Electric Holdings, Inc. | 2905 | 704840 |
| Toro Co. | 4061 | 329185 |
|  |  | 12046364 |
| **Media — 1.1%** |  |  |
| Comcast Corp., Class A | 115812 | 3934134 |
| **Metals and Mining — 0.6%** |  |  |
| Commercial Metals Co. | 11374 | 655939 |
| Freeport-McMoRan, Inc. | 3989 | 177112 |
| Nucor Corp. | 10213 | 1518979 |
|  |  | 2352030 |
| **Oil, Gas and Consumable Fuels — 12.2%** |  |  |
| Antero Midstream Corp. | 40729 | 724569 |
| APA Corp. | 23459 | 544718 |
| Cheniere Energy, Inc. | 13467 | 3256590 |
| Chevron Corp. | 19316 | 3102150 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chord Energy Corp. | 3203 | $351978 |
| Civitas Resources, Inc. | 6913 | 254260 |
| ConocoPhillips | 36916 | 3653576 |
| Coterra Energy, Inc. | 60878 | 1487858 |
| Devon Energy Corp. | 49416 | 1783918 |
| Diamondback Energy, Inc. | 6711 | 998328 |
| EOG Resources, Inc. | 29150 | 3638503 |
| Exxon Mobil Corp. | 80265 | 9173487 |
| Hess Midstream LP, Class A | 16733 | 689400 |
| Magnolia Oil & Gas Corp., Class A | 11204 | 278755 |
| Matador Resources Co. | 12970 | 653169 |
| Murphy Oil Corp. | 9577 | 238084 |
| Occidental Petroleum Corp. | 47215 | 2247906 |
| Ovintiv, Inc. | 29892 | 1259051 |
| Permian Resources Corp. | 73895 | 1055960 |
| Range Resources Corp. | 23337 | 799759 |
| SM Energy Co. | 6800 | 194140 |
| Targa Resources Corp. | 14243 | 2389406 |
| Valero Energy Corp. | 16495 | 2507405 |
| Williams Cos., Inc. | 58400 | 3380192 |
|  |  | 44663162 |
| **Paper and Forest Products — 0.2%** |  |  |
| Louisiana-Pacific Corp. | 7886 | 750037 |
| **Passenger Airlines — 1.9%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 17170 | 1077932 |
| Delta Air Lines, Inc. | 48406 | 2990523 |
| United Airlines Holdings, Inc.<sup>(1)</sup> | 26538 | 2786490 |
|  |  | 6854945 |
| **Personal Care Products — 0.4%** |  |  |
| Estee Lauder Cos., Inc., Class A | 17499 | 1605183 |
| **Pharmaceuticals — 2.9%** |  |  |
| Elanco Animal Health, Inc.<sup>(1)</sup> | 2735 | 50187 |
| Jazz Pharmaceuticals PLC<sup>(1)</sup> | 6275 | 801631 |
| Merck & Co., Inc. | 66488 | 5592971 |
| Viatris, Inc. | 109186 | 1151912 |
| Zoetis, Inc. | 19722 | 3084521 |
|  |  | 10681222 |
| **Semiconductors and Semiconductor Equipment — 3.4%** |  |  |
| Amkor Technology, Inc. | 9491 | 229587 |
| Applied Materials, Inc. | 10933 | 1757589 |
| Lam Research Corp. | 34780 | 3483217 |
| Micron Technology, Inc. | 12964 | 1542846 |
| NVIDIA Corp. | 28841 | 5023526 |
| Skyworks Solutions, Inc. | 5929 | 444319 |
|  |  | 12481084 |
| **Software — 0.6%** |  |  |
| Fortinet, Inc.<sup>(1)</sup> | 17189 | 1353977 |
| Pegasystems, Inc. | 8424 | 456665 |
| Qualys, Inc.<sup>(1)</sup> | 1860 | 252607 |
|  |  | 2063249 |
| **Specialty Retail — 5.1%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 4263 | 398718 |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Academy Sports & Outdoors, Inc. | 4257 | $227962 |
| Best Buy Co., Inc. | 8340 | 614158 |
| Burlington Stores, Inc.<sup>(1)</sup> | 3648 | 1060401 |
| Dick's Sporting Goods, Inc. | 2589 | 550939 |
| Five Below, Inc.<sup>(1)</sup> | 364 | 52816 |
| Gap, Inc. | 29563 | 650682 |
| Lithia Motors, Inc. | 811 | 273047 |
| Murphy USA, Inc. | 2031 | 764672 |
| Ross Stores, Inc. | 16653 | 2450655 |
| TJX Cos., Inc. | 38983 | 5325468 |
| Tractor Supply Co. | 38154 | 2356391 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 4005 | 1973384 |
| Williams-Sonoma, Inc. | 10725 | 2018338 |
|  |  | 18717631 |
| **Technology Hardware, Storage and Peripherals — 3.0%** |  |  |
| Apple, Inc. | 47999 | 11142488 |
| **Textiles, Apparel and Luxury Goods — 2.2%** |  |  |
| Crocs, Inc.<sup>(1)</sup> | 4081 | 355863 |
| Deckers Outdoor Corp.<sup>(1)</sup> | 10990 | 1314734 |
| Levi Strauss & Co., Class A | 4959 | 110933 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | 8096 | 1637011 |
| NIKE, Inc., Class B | 38611 | 2987333 |
| Ralph Lauren Corp. | 3351 | 995012 |
| VF Corp. | 51104 | 773204 |
|  |  | 8174090 |
| **Trading Companies and Distributors — 1.5%** |  |  |
| Air Lease Corp. | 5865 | 353132 |
| Boise Cascade Co. | 2993 | 260391 |
| FTAI Aviation Ltd. | 6607 | 1016487 |
| Herc Holdings, Inc. | 4105 | 536893 |
| MSC Industrial Direct Co., Inc., Class A | 2570 | 231891 |
| United Rentals, Inc. | 1036 | 990768 |
| WW Grainger, Inc. | 2081 | 2109093 |
|  |  | 5498655 |
| **Wireless Telecommunication Services — 1.0%** |  |  |
| T-Mobile U.S., Inc. | 14601 | 3679306 |
| **TOTAL COMMON STOCKS** <br>(Cost $310,092,365) |  | **364288029** |
| **SHORT-TERM INVESTMENTS — 0.9%** |  |  |
| **Money Market Funds — 0.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 2972096 | 2972096 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 204994 | 204994 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $3,177,090) |  | **3177090** |
| **TOTAL INVESTMENT SECURITIES — 100.0%** <br>(Cost $313,269,455) |  | **367465119** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(60970)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**367404149** |

---

------

Schedule of Investments - Avantis U.S. Large Cap Value 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**<br>**Appreciation**<br>**(Depreciation)^** |
| S&P 500 E-Mini | 4 | September 2025 | $1294550 | $79194 |

---

^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 $200,896. 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 $204,994.

**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 Risk** |
| **Liability Derivatives:** | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $9019 |

---

\*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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity Risk** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $86553 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $63397 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.9%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.9%** | | |
| AerSale Corp.<sup>(1)</sup> | 2509 | $21653 |
| Astronics Corp.<sup>(1)</sup> | 3599 | 130896 |
| Cadre Holdings, Inc. | 2894 | 89164 |
| Ducommun, Inc.<sup>(1)</sup> | 1701 | 155165 |
| Innovative Solutions & Support, Inc.<sup>(1)</sup> | 1295 | 16770 |
| Mercury Systems, Inc.<sup>(1)</sup> | 5037 | 340249 |
| National Presto Industries, Inc. | 705 | 73898 |
| Park Aerospace Corp. | 2220 | 41603 |
| V2X, Inc.<sup>(1)</sup> | 2074 | 119255 |
| Virgin Galactic Holdings, Inc.<sup>(1)(2)</sup> | 2627 | 8170 |
|  |  | 996823 |
| **Air Freight and Logistics — 0.3%** |  |  |
| Hub Group, Inc., Class A | 7102 | 265757 |
| Radiant Logistics, Inc.<sup>(1)</sup> | 4471 | 28927 |
|  |  | 294684 |
| **Automobile Components — 2.3%** |  |  |
| Adient PLC<sup>(1)</sup> | 4045 | 100316 |
| American Axle & Manufacturing Holdings, Inc.<sup>(1)</sup> | 12174 | 70853 |
| Dana, Inc. | 20688 | 417070 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 1916 | 55430 |
| Gentherm, Inc.<sup>(1)</sup> | 2005 | 73724 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 35068 | 297376 |
| Holley, Inc.<sup>(1)</sup> | 5181 | 21087 |
| LCI Industries | 3169 | 334076 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 2547 | 37950 |
| Patrick Industries, Inc. | 1158 | 129522 |
| Phinia, Inc. | 5098 | 298131 |
| Standard Motor Products, Inc. | 1995 | 77426 |
| Stoneridge, Inc.<sup>(1)</sup> | 554 | 4598 |
| Strattec Security Corp.<sup>(1)</sup> | 418 | 27534 |
| Visteon Corp. | 3537 | 438446 |
| XPEL, Inc.<sup>(1)</sup> | 2642 | 98177 |
|  |  | 2481716 |
| **Automobiles — 0.1%** |  |  |
| Winnebago Industries, Inc. | 1711 | 61562 |
| **Banks — 18.3%** |  |  |
| 1st Source Corp. | 2010 | 129484 |
| ACNB Corp. | 1021 | 46272 |
| Amalgamated Financial Corp. | 2274 | 65696 |
| Amerant Bancorp, Inc. | 4841 | 104082 |
| Arrow Financial Corp. | 1515 | 45041 |
| Banc of California, Inc. | 17196 | 290956 |
| Bancorp, Inc.<sup>(1)</sup> | 5987 | 456449 |
| Bank First Corp. | 1288 | 167337 |
| Bank of Hawaii Corp. | 4917 | 334946 |
| Bank of Marin Bancorp | 1815 | 44540 |
| Bank of NT Butterfield & Son Ltd. | 5692 | 256823 |
| Bank7 Corp. | 538 | 26690 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| BankUnited, Inc. | 9463 | $370855 |
| Banner Corp. | 3791 | 254111 |
| Bar Harbor Bankshares | 1832 | 59119 |
| BayCom Corp. | 118 | 3571 |
| Berkshire Hills Bancorp, Inc. | 5782 | 151084 |
| Blue Ridge Bankshares, Inc.<sup>(1)(2)</sup> | 8878 | 35601 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 2209 | 36183 |
| Brookline Bancorp, Inc. | 11516 | 126100 |
| Burke & Herbert Financial Services Corp. | 1700 | 108052 |
| Business First Bancshares, Inc. | 3092 | 77331 |
| Byline Bancorp, Inc. | 3269 | 94507 |
| C&F Financial Corp. | 459 | 33039 |
| California BanCorp<sup>(1)</sup> | 2955 | 49762 |
| Camden National Corp. | 2038 | 83334 |
| Capital Bancorp, Inc. | 1612 | 54792 |
| Capital City Bank Group, Inc. | 1687 | 73992 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 2227 | 43337 |
| Central Pacific Financial Corp. | 3419 | 107083 |
| Chemung Financial Corp. | 547 | 29494 |
| ChoiceOne Financial Services, Inc. | 1741 | 53727 |
| Citizens & Northern Corp. | 1456 | 29411 |
| Citizens Financial Services, Inc. | 426 | 25543 |
| City Holding Co. | 1765 | 226767 |
| Civista Bancshares, Inc. | 1592 | 33734 |
| CNB Financial Corp. | 2671 | 70274 |
| Coastal Financial Corp.<sup>(1)</sup> | 1817 | 208046 |
| Colony Bankcorp, Inc. | 2128 | 36559 |
| Columbia Financial, Inc.<sup>(1)</sup> | 3074 | 46202 |
| Community Trust Bancorp, Inc. | 2032 | 118709 |
| Community West Bancshares | 2074 | 44218 |
| ConnectOne Bancorp, Inc. | 5618 | 143821 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 3990 | 286043 |
| CVB Financial Corp. | 17454 | 351349 |
| Dime Community Bancshares, Inc. | 5599 | 172225 |
| Eagle Bancorp, Inc. | 3822 | 74223 |
| Enterprise Financial Services Corp. | 4490 | 274968 |
| Equity Bancshares, Inc., Class A | 2110 | 85518 |
| Esquire Financial Holdings, Inc. | 989 | 97021 |
| Farmers National Banc Corp. | 4466 | 67794 |
| FB Bancorp, Inc.<sup>(1)(2)</sup> | 2178 | 26092 |
| FB Financial Corp. | 4321 | 231951 |
| Financial Institutions, Inc. | 2213 | 61234 |
| First Bancorp, Inc. | 690 | 18754 |
| First Bancorp/Southern Pines NC | 5025 | 274315 |
| First Bank | 2735 | 46003 |
| First Busey Corp. | 10821 | 267279 |
| First Business Financial Services, Inc. | 1022 | 53471 |
| First Commonwealth Financial Corp. | 12489 | 221680 |
| First Community Bankshares, Inc. | 1937 | 73567 |
| First Community Corp. | 732 | 19962 |
| First Financial Bancorp | 11394 | 301713 |
| First Financial Corp. | 1389 | 81951 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| First Financial Northwest, Inc.<sup>(1)</sup> | 257 | $144 |
| First Foundation, Inc.<sup>(1)</sup> | 8322 | 49516 |
| First Internet Bancorp | 809 | 20318 |
| First Merchants Corp. | 7262 | 301518 |
| First Mid Bancshares, Inc. | 2586 | 104578 |
| First United Corp. | 670 | 25038 |
| Firstsun Capital Bancorp<sup>(1)</sup> | 1406 | 53442 |
| Five Star Bancorp | 1922 | 62984 |
| Flushing Financial Corp. | 3248 | 44692 |
| FS Bancorp, Inc. | 102 | 4356 |
| German American Bancorp, Inc. | 4333 | 181033 |
| Great Southern Bancorp, Inc. | 1214 | 76834 |
| Greene County Bancorp, Inc. | 22 | 528 |
| Guaranty Bancshares, Inc. | 951 | 46732 |
| Hanmi Financial Corp. | 4475 | 112591 |
| HarborOne Bancorp, Inc. | 3866 | 49717 |
| HBT Financial, Inc. | 1749 | 46331 |
| Heritage Commerce Corp. | 7431 | 76762 |
| Heritage Financial Corp. | 4175 | 102037 |
| Hilltop Holdings, Inc. | 4900 | 171892 |
| Hingham Institution For Savings | 165 | 46883 |
| Home Bancorp, Inc. | 904 | 50864 |
| HomeTrust Bancshares, Inc. | 1863 | 77054 |
| Hope Bancorp, Inc. | 14568 | 162142 |
| Horizon Bancorp, Inc. | 5518 | 93033 |
| Independent Bank Corp. | 6186 | 442361 |
| Independent Bank Corp. (Michigan) | 2609 | 85810 |
| Kearny Financial Corp. | 5689 | 38401 |
| Lakeland Financial Corp. | 3148 | 215481 |
| Live Oak Bancshares, Inc. | 3539 | 136924 |
| Mercantile Bank Corp. | 2012 | 99091 |
| Meridian Corp. | 1436 | 22603 |
| Metrocity Bankshares, Inc. | 2337 | 69970 |
| Metropolitan Bank Holding Corp. | 1444 | 114639 |
| Mid Penn Bancorp, Inc. | 2262 | 68177 |
| Midland States Bancorp, Inc. | 2667 | 49126 |
| MidWestOne Financial Group, Inc. | 1880 | 56851 |
| MVB Financial Corp. | 898 | 21911 |
| National Bank Holdings Corp., Class A | 4689 | 183903 |
| NB Bancorp, Inc. | 4797 | 90615 |
| NBT Bancorp, Inc. | 6309 | 279299 |
| Nicolet Bankshares, Inc.<sup>(2)</sup> | 1812 | 250581 |
| Northeast Bank | 978 | 108128 |
| Northfield Bancorp, Inc. | 3767 | 44639 |
| Northrim BanCorp, Inc. | 621 | 58393 |
| Northwest Bancshares, Inc. | 15736 | 199060 |
| OceanFirst Financial Corp. | 7164 | 131746 |
| OFG Bancorp | 5748 | 257223 |
| Old Second Bancorp, Inc. | 6049 | 111665 |
| Orange County Bancorp, Inc. | 200 | 5336 |
| Origin Bancorp, Inc. | 3898 | 151593 |
| Orrstown Financial Services, Inc. | 2275 | 79284 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pacific Premier Bancorp, Inc. | 11876 | $290843 |
| Park National Corp. | 1804 | 309873 |
| Pathward Financial, Inc. | 3276 | 260344 |
| Peapack-Gladstone Financial Corp. | 2120 | 61501 |
| Peoples Bancorp, Inc. | 4429 | 137033 |
| Peoples Financial Services Corp. | 1124 | 58909 |
| Ponce Financial Group, Inc.<sup>(1)</sup> | 805 | 11946 |
| Preferred Bank | 1682 | 158781 |
| Primis Financial Corp. | 2396 | 27434 |
| Provident Financial Services, Inc. | 15882 | 315099 |
| QCR Holdings, Inc. | 2055 | 161071 |
| RBB Bancorp | 1432 | 28969 |
| Renasant Corp. | 5727 | 224098 |
| Republic Bancorp, Inc., Class A | 1147 | 88021 |
| S&T Bancorp, Inc. | 4771 | 188502 |
| Seacoast Banking Corp. of Florida | 10414 | 323980 |
| Shore Bancshares, Inc. | 3990 | 68588 |
| Sierra Bancorp | 1643 | 50374 |
| Simmons First National Corp., Class A | 15499 | 322069 |
| SmartFinancial, Inc. | 1646 | 60655 |
| South Plains Financial, Inc. | 1498 | 60864 |
| Southern Missouri Bancorp, Inc. | 1198 | 68927 |
| Southside Bancshares, Inc. | 3634 | 113526 |
| Stellar Bancorp, Inc. | 5658 | 174945 |
| Stock Yards Bancorp, Inc. | 3835 | 309523 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 144 | 12466 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 1576 | 62772 |
| Tompkins Financial Corp. | 1672 | 117274 |
| Towne Bank | 8408 | 308490 |
| TriCo Bancshares | 3370 | 153065 |
| Triumph Financial, Inc.<sup>(1)</sup> | 777 | 47778 |
| TrustCo Bank Corp. | 2321 | 92353 |
| Trustmark Corp. | 7081 | 285152 |
| Unity Bancorp, Inc. | 1091 | 57114 |
| Univest Financial Corp. | 3536 | 111985 |
| Veritex Holdings, Inc. | 6593 | 226470 |
| WaFd, Inc. | 8130 | 255688 |
| Washington Trust Bancorp, Inc. | 2346 | 71154 |
| WesBanco, Inc. | 9951 | 326393 |
| Westamerica Bancorporation | 3339 | 166983 |
| WSFS Financial Corp. | 2222 | 129520 |
|  |  | 19518148 |
| **Beverages — 0.4%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 896 | 198097 |
| MGP Ingredients, Inc. | 566 | 16737 |
| Vita Coco Co., Inc.<sup>(1)</sup> | 5503 | 196677 |
| Zevia PBC, Class A<sup>(1)</sup> | 4368 | 12230 |
|  |  | 423741 |
| **Biotechnology — 3.0%** |  |  |
| 4D Molecular Therapeutics, Inc.<sup>(1)(2)</sup> | 249 | 1534 |
| 89bio, Inc.<sup>(1)</sup> | 18828 | 170017 |
| Absci Corp.<sup>(1)(2)</sup> | 2777 | 6637 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 10884 | $282875 |
| Adverum Biotechnologies, Inc.<sup>(1)(2)</sup> | 103 | 317 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | 5874 | 221509 |
| Aligos Therapeutics, Inc.<sup>(1)(2)</sup> | 332 | 3503 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 845 | 7926 |
| Annexon, Inc.<sup>(1)</sup> | 7714 | 15891 |
| Arcturus Therapeutics Holdings, Inc.<sup>(1)</sup> | 2285 | 38868 |
| Arcus Biosciences, Inc.<sup>(1)</sup> | 6675 | 70688 |
| Astria Therapeutics, Inc.<sup>(1)</sup> | 1853 | 11452 |
| Aurinia Pharmaceuticals, Inc.<sup>(1)</sup> | 11332 | 135871 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 14433 | 297175 |
| Celldex Therapeutics, Inc.<sup>(1)</sup> | 1551 | 34246 |
| Compass Therapeutics, Inc.<sup>(1)(2)</sup> | 9496 | 33141 |
| Cullinan Therapeutics, Inc.<sup>(1)</sup> | 1728 | 13029 |
| Day One Biopharmaceuticals, Inc.<sup>(1)</sup> | 7689 | 57744 |
| Denali Therapeutics, Inc.<sup>(1)</sup> | 6986 | 106676 |
| Design Therapeutics, Inc.<sup>(1)(2)</sup> | 2109 | 11663 |
| Dianthus Therapeutics, Inc.<sup>(1)(2)</sup> | 1753 | 41318 |
| Dynavax Technologies Corp.<sup>(1)</sup> | 16992 | 171959 |
| Eledon Pharmaceuticals, Inc.<sup>(1)(2)</sup> | 7314 | 18943 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 6826 | 56656 |
| Enanta Pharmaceuticals, Inc.<sup>(1)</sup> | 354 | 2974 |
| Entrada Therapeutics, Inc.<sup>(1)</sup> | 3003 | 16426 |
| Ideaya Biosciences, Inc.<sup>(1)</sup> | 3281 | 80549 |
| Instil Bio, Inc.<sup>(1)(2)</sup> | 404 | 10908 |
| Intellia Therapeutics, Inc.<sup>(1)(2)</sup> | 2478 | 28138 |
| Iovance Biotherapeutics, Inc.<sup>(1)(2)</sup> | 2445 | 5452 |
| iTeos Therapeutics, Inc.<sup>(1)</sup> | 1232 | 12505 |
| Janux Therapeutics, Inc.<sup>(1)</sup> | 2754 | 62571 |
| Jasper Therapeutics, Inc.<sup>(1)</sup> | 47 | 132 |
| Kodiak Sciences, Inc.<sup>(1)</sup> | 3752 | 33918 |
| Korro Bio, Inc.<sup>(1)(2)</sup> | 744 | 17172 |
| Kura Oncology, Inc.<sup>(1)</sup> | 371 | 2931 |
| Larimar Therapeutics, Inc.<sup>(1)</sup> | 1554 | 5625 |
| MiMedx Group, Inc.<sup>(1)</sup> | 16863 | 119727 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 7037 | 33778 |
| Nkarta, Inc.<sup>(1)(2)</sup> | 404 | 856 |
| Organogenesis Holdings, Inc.<sup>(1)(2)</sup> | 8063 | 41524 |
| ORIC Pharmaceuticals, Inc.<sup>(1)</sup> | 5283 | 54045 |
| Praxis Precision Medicines, Inc.<sup>(1)</sup> | 662 | 30147 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | 6343 | 374554 |
| Protara Therapeutics, Inc.<sup>(1)</sup> | 3240 | 10109 |
| Prothena Corp. PLC<sup>(1)</sup> | 5452 | 44706 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | 6469 | 32604 |
| REGENXBIO, Inc.<sup>(1)</sup> | 381 | 3402 |
| Relay Therapeutics, Inc.<sup>(1)</sup> | 5914 | 21231 |
| Replimune Group, Inc.<sup>(1)</sup> | 6358 | 34333 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sagimet Biosciences, Inc., Class A<sup>(1)(2)</sup> | 3012 | $22620 |
| Solid Biosciences, Inc.<sup>(1)</sup> | 423 | 2318 |
| Tourmaline Bio, Inc.<sup>(1)</sup> | 2600 | 60840 |
| Tyra Biosciences, Inc.<sup>(1)</sup> | 731 | 9262 |
| Upstream Bio, Inc.<sup>(1)</sup> | 5295 | 90703 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 7009 | 33153 |
| Vir Biotechnology, Inc.<sup>(1)</sup> | 12219 | 60362 |
| Voyager Therapeutics, Inc.<sup>(1)(2)</sup> | 2141 | 7194 |
| Xencor, Inc.<sup>(1)</sup> | 7453 | 60593 |
|  |  | 3237000 |
| **Broadline Retail — 0.2%** |  |  |
| 1stdibs.com, Inc.<sup>(1)</sup> | 113 | 310 |
| Contextlogic Holdings, Inc.<sup>(1)(2)</sup> | 2618 | 19425 |
| Groupon, Inc.<sup>(1)</sup> | 3094 | 80753 |
| Kohl's Corp. | 3746 | 56415 |
| Savers Value Village, Inc.<sup>(1)</sup> | 2745 | 33187 |
|  |  | 190090 |
| **Building Products — 1.6%** |  |  |
| American Woodmark Corp.<sup>(1)</sup> | 1509 | 97436 |
| Apogee Enterprises, Inc. | 1994 | 87686 |
| AZZ, Inc. | 2472 | 279064 |
| Gibraltar Industries, Inc.<sup>(1)</sup> | 3117 | 195093 |
| Insteel Industries, Inc. | 2291 | 87929 |
| Janus International Group, Inc.<sup>(1)</sup> | 9404 | 97331 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 1023 | 6537 |
| Masterbrand, Inc.<sup>(1)</sup> | 15323 | 194755 |
| Quanex Building Products Corp. | 2881 | 61279 |
| Resideo Technologies, Inc.<sup>(1)</sup> | 16253 | 553415 |
|  |  | 1660525 |
| **Capital Markets — 1.1%** |  |  |
| Acadian Asset Management, Inc. | 3474 | 177070 |
| Diamond Hill Investment Group, Inc. | 348 | 50725 |
| Donnelley Financial Solutions, Inc.<sup>(1)</sup> | 3343 | 189782 |
| Federated Hermes, Inc. | 259 | 13753 |
| Oppenheimer Holdings, Inc., Class A | 1453 | 105444 |
| P10, Inc., Class A | 7969 | 98337 |
| StoneX Group, Inc.<sup>(1)</sup> | 1564 | 159794 |
| Virtus Investment Partners, Inc. | 845 | 170208 |
| WisdomTree, Inc.<sup>(2)</sup> | 16554 | 225300 |
|  |  | 1190413 |
| **Chemicals — 2.7%** |  |  |
| AdvanSix, Inc. | 2607 | 55946 |
| American Vanguard Corp.<sup>(1)</sup> | 2260 | 12204 |
| Arq, Inc.<sup>(1)</sup> | 3275 | 25283 |
| Ashland, Inc. | 2190 | 122969 |
| Aspen Aerogels, Inc.<sup>(1)</sup> | 1026 | 7018 |
| Chemours Co. | 15624 | 240610 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 751 | 14419 |
| Ecovyst, Inc.<sup>(1)</sup> | 11012 | 100099 |
| Flotek Industries, Inc.<sup>(1)(2)</sup> | 3134 | 37890 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hawkins, Inc. | 2018 | $337672 |
| Huntsman Corp. | 8544 | 95351 |
| Ingevity Corp.<sup>(1)</sup> | 4944 | 288631 |
| Innospec, Inc. | 3174 | 278011 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 1306 | 39742 |
| Koppers Holdings, Inc. | 1426 | 41325 |
| Kronos Worldwide, Inc. | 1629 | 10393 |
| LSB Industries, Inc.<sup>(1)</sup> | 5241 | 43605 |
| Mativ Holdings, Inc. | 2112 | 26548 |
| Minerals Technologies, Inc. | 3362 | 220043 |
| Northern Technologies International Corp. | 28 | 207 |
| Orion SA | 4868 | 51357 |
| Quaker Chemical Corp. | 956 | 138687 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | 6698 | 37308 |
| Sensient Technologies Corp. | 4300 | 487878 |
| Stepan Co. | 1515 | 75795 |
| Tronox Holdings PLC, Class A | 8357 | 35768 |
| Valhi, Inc. | 85 | 1386 |
|  |  | 2826145 |
| **Commercial Services and Supplies — 1.9%** |  |  |
| ACCO Brands Corp. | 9125 | 36683 |
| Acme United Corp. | 9 | 387 |
| BrightView Holdings, Inc.<sup>(1)</sup> | 7176 | 103334 |
| Civeo Corp. | 1156 | 27455 |
| Deluxe Corp. | 5374 | 105653 |
| Driven Brands Holdings, Inc.<sup>(1)</sup> | 7104 | 130856 |
| Ennis, Inc. | 3189 | 58263 |
| Enviri Corp.<sup>(1)</sup> | 8923 | 100830 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 9248 | 144361 |
| HNI Corp. | 5514 | 247799 |
| Interface, Inc. | 7616 | 203500 |
| Liquidity Services, Inc.<sup>(1)</sup> | 3297 | 87667 |
| MillerKnoll, Inc. | 7987 | 168606 |
| OPENLANE, Inc.<sup>(1)</sup> | 13921 | 402595 |
| Quad/Graphics, Inc. | 4346 | 28944 |
| Steelcase, Inc., Class A | 8779 | 146960 |
| Vestis Corp. | 13307 | 62277 |
| Virco Mfg. Corp.<sup>(2)</sup> | 583 | 5020 |
|  |  | 2061190 |
| **Communications Equipment — 1.8%** |  |  |
| ADTRAN Holdings, Inc.<sup>(1)</sup> | 10497 | 98462 |
| Aviat Networks, Inc.<sup>(1)</sup> | 1479 | 33958 |
| BK Technologies Corp.<sup>(1)</sup> | 411 | 29091 |
| Calix, Inc.<sup>(1)</sup> | 7338 | 436244 |
| Clearfield, Inc.<sup>(1)</sup> | 1221 | 39829 |
| Digi International, Inc.<sup>(1)</sup> | 4809 | 166969 |
| Harmonic, Inc.<sup>(1)</sup> | 6862 | 66012 |
| Lantronix, Inc.<sup>(1)</sup> | 3140 | 15590 |
| NETGEAR, Inc.<sup>(1)</sup> | 4025 | 109359 |
| NetScout Systems, Inc.<sup>(1)</sup> | 8789 | 218758 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ribbon Communications, Inc.<sup>(1)</sup> | 8714 | $35553 |
| Viasat, Inc.<sup>(1)</sup> | 9465 | 306003 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 31059 | 350346 |
|  |  | 1906174 |
| **Construction and Engineering — 1.9%** |  |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | 3185 | 80995 |
| Argan, Inc. | 1960 | 447311 |
| Centuri Holdings, Inc.<sup>(1)(2)</sup> | 2315 | 49171 |
| Concrete Pumping Holdings, Inc. | 2795 | 19453 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 5934 | 465463 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 7763 | 90517 |
| Limbach Holdings, Inc.<sup>(1)</sup> | 1412 | 161759 |
| Matrix Service Co.<sup>(1)</sup> | 3052 | 46177 |
| MYR Group, Inc.<sup>(1)</sup> | 1331 | 249256 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 1021 | 54072 |
| Orion Group Holdings, Inc.<sup>(1)</sup> | 3733 | 27624 |
| Tutor Perini Corp.<sup>(1)</sup> | 5641 | 332480 |
|  |  | 2024278 |
| **Construction Materials — 0.2%** |  |  |
| Smith-Midland Corp.<sup>(1)(2)</sup> | 8 | 345 |
| U.S. Lime & Minerals, Inc. | 1265 | 159289 |
|  |  | 159634 |
| **Consumer Finance — 1.6%** |  |  |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 804 | 53627 |
| Bread Financial Holdings, Inc. | 6453 | 427124 |
| Encore Capital Group, Inc.<sup>(1)</sup> | 2756 | 115311 |
| EZCORP, Inc., Class A<sup>(1)(2)</sup> | 6171 | 102871 |
| Green Dot Corp., Class A<sup>(1)</sup> | 5053 | 70338 |
| LendingClub Corp.<sup>(1)</sup> | 14817 | 254556 |
| LendingTree, Inc.<sup>(1)</sup> | 1011 | 68697 |
| Navient Corp. | 9161 | 125597 |
| NerdWallet, Inc., Class A<sup>(1)</sup> | 4889 | 50552 |
| Oportun Financial Corp.<sup>(1)</sup> | 4402 | 29097 |
| OppFi, Inc. | 3015 | 30783 |
| PRA Group, Inc.<sup>(1)</sup> | 4882 | 83433 |
| PROG Holdings, Inc. | 4761 | 167778 |
| Regional Management Corp. | 1045 | 45813 |
| World Acceptance Corp.<sup>(1)</sup> | 441 | 75601 |
|  |  | 1701178 |
| **Consumer Staples Distribution & Retail — 1.6%** |  |  |
| Andersons, Inc. | 4183 | 171085 |
| Chefs' Warehouse, Inc.<sup>(1)</sup> | 5551 | 350490 |
| Grocery Outlet Holding Corp.<sup>(1)</sup> | 5342 | 96744 |
| Ingles Markets, Inc., Class A | 1829 | 123805 |
| Natural Grocers by Vitamin Cottage, Inc. | 1840 | 70748 |
| PriceSmart, Inc. | 3203 | 343554 |
| SpartanNash Co. | 4453 | 119340 |
| United Natural Foods, Inc.<sup>(1)</sup> | 9452 | 267303 |
| Village Super Market, Inc., Class A | 1208 | 43826 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Weis Markets, Inc. | 1788 | $128110 |
|  |  | 1715005 |
| **Containers and Packaging — 0.6%** |  |  |
| Greif, Inc., Class A | 2520 | 164581 |
| Greif, Inc., Class B | 266 | 18163 |
| Myers Industries, Inc. | 4032 | 67496 |
| O-I Glass, Inc.<sup>(1)</sup> | 18665 | 242458 |
| TriMas Corp. | 3775 | 145979 |
|  |  | 638677 |
| **Distributors — 0.0%** |  |  |
| A-Mark Precious Metals, Inc. | 1031 | 24136 |
| **Diversified Consumer Services — 1.8%** |  |  |
| American Public Education, Inc.<sup>(1)</sup> | 2207 | 66607 |
| Carriage Services, Inc. | 1449 | 63437 |
| Coursera, Inc.<sup>(1)</sup> | 13645 | 156918 |
| European Wax Center, Inc., Class A<sup>(1)</sup> | 3069 | 13166 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 12314 | 338389 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 4149 | 78043 |
| Matthews International Corp., Class A | 3639 | 89410 |
| Mister Car Wash, Inc.<sup>(1)</sup> | 13797 | 78781 |
| OneSpaWorld Holdings Ltd. | 13923 | 314242 |
| Perdoceo Education Corp. | 8350 | 273379 |
| Strategic Education, Inc. | 2844 | 231359 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 7442 | 197883 |
|  |  | 1901614 |
| **Diversified Telecommunication Services — 0.6%** |  |  |
| ATN International, Inc. | 219 | 3723 |
| Globalstar, Inc.<sup>(1)</sup> | 3789 | 113405 |
| IDT Corp., Class B | 2685 | 172028 |
| Iridium Communications, Inc. | 10978 | 273242 |
| Liberty Latin America Ltd., Class A<sup>(1)</sup> | 1271 | 10244 |
| Liberty Latin America Ltd., Class C<sup>(1)</sup> | 5257 | 43318 |
| Shenandoah Telecommunications Co. | 4681 | 62023 |
|  |  | 677983 |
| **Electric Utilities — 0.1%** |  |  |
| Hawaiian Electric Industries, Inc.<sup>(1)</sup> | 6103 | 79095 |
| **Electrical Equipment — 1.1%** |  |  |
| Allient, Inc. | 1914 | 86857 |
| Atkore, Inc. | 2994 | 174221 |
| Fluence Energy, Inc.<sup>(1)(2)</sup> | 6380 | 47212 |
| FuelCell Energy, Inc.<sup>(1)</sup> | 986 | 4141 |
| LSI Industries, Inc. | 3830 | 87822 |
| Powell Industries, Inc.<sup>(2)</sup> | 1308 | 348137 |
| Preformed Line Products Co. | 399 | 76237 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 17532 | 114133 |
| Sunrun, Inc.<sup>(1)</sup> | 8641 | 137997 |
| Thermon Group Holdings, Inc.<sup>(1)</sup> | 4061 | 107698 |
| Ultralife Corp.<sup>(1)</sup> | 37 | 257 |
|  |  | 1184712 |
| **Electronic Equipment, Instruments and Components — 3.0%** |  |  |
| 908 Devices, Inc.<sup>(1)</sup> | 623 | 3894 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bel Fuse, Inc., Class A<sup>(2)</sup> | 203 | $23229 |
| Bel Fuse, Inc., Class B | 1293 | 173986 |
| Benchmark Electronics, Inc. | 4412 | 179083 |
| Climb Global Solutions, Inc. | 573 | 70800 |
| CTS Corp. | 3619 | 153771 |
| Daktronics, Inc.<sup>(1)</sup> | 5912 | 102573 |
| ePlus, Inc. | 2070 | 149806 |
| Frequency Electronics, Inc.<sup>(1)</sup> | 858 | 27671 |
| IPG Photonics Corp.<sup>(1)</sup> | 3902 | 319262 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 2611 | 75380 |
| Knowles Corp.<sup>(1)</sup> | 10610 | 226523 |
| Methode Electronics, Inc. | 4197 | 32443 |
| M-Tron Industries, Inc.<sup>(1)</sup> | 298 | 13404 |
| Napco Security Technologies, Inc. | 1248 | 47486 |
| nLight, Inc.<sup>(1)</sup> | 5637 | 162346 |
| OSI Systems, Inc.<sup>(1)</sup> | 477 | 109734 |
| Ouster, Inc.<sup>(1)</sup> | 4768 | 136031 |
| PC Connection, Inc. | 1252 | 80391 |
| Richardson Electronics Ltd. | 1498 | 14725 |
| Rogers Corp.<sup>(1)</sup> | 1897 | 148839 |
| ScanSource, Inc.<sup>(1)</sup> | 2333 | 101835 |
| TTM Technologies, Inc.<sup>(1)</sup> | 12824 | 571566 |
| Vishay Intertechnology, Inc. | 15584 | 240929 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 1425 | 40498 |
|  |  | 3206205 |
| **Energy Equipment and Services — 2.8%** |  |  |
| Aris Water Solutions, Inc., Class A | 4042 | 98099 |
| Atlas Energy Solutions, Inc.<sup>(2)</sup> | 8333 | 97580 |
| Bristow Group, Inc.<sup>(1)</sup> | 3178 | 122385 |
| Core Laboratories, Inc.<sup>(2)</sup> | 5771 | 66424 |
| DMC Global, Inc.<sup>(1)</sup> | 266 | 1782 |
| Energy Services of America Corp.<sup>(2)</sup> | 1327 | 13522 |
| Expro Group Holdings NV<sup>(1)</sup> | 3994 | 49805 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | 1135 | 30021 |
| Geospace Technologies Corp.<sup>(1)</sup> | 16 | 317 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 13846 | 91245 |
| Helmerich & Payne, Inc. | 9704 | 202717 |
| Innovex International, Inc.<sup>(1)</sup> | 5761 | 99435 |
| Kodiak Gas Services, Inc. | 1308 | 46813 |
| Liberty Energy, Inc., Class A | 17508 | 196965 |
| Nabors Industries Ltd.<sup>(1)(2)</sup> | 597 | 22256 |
| Natural Gas Services Group, Inc. | 1632 | 42693 |
| Oceaneering International, Inc.<sup>(1)</sup> | 13801 | 336744 |
| Oil States International, Inc.<sup>(1)</sup> | 6004 | 33622 |
| Patterson-UTI Energy, Inc. | 18086 | 105080 |
| ProFrac Holding Corp., Class A<sup>(1)</sup> | 1579 | 6316 |
| ProPetro Holding Corp.<sup>(1)</sup> | 10221 | 52127 |
| Ranger Energy Services, Inc. | 1811 | 25843 |
| RPC, Inc. | 12430 | 59291 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SEACOR Marine Holdings, Inc.<sup>(1)</sup> | 810 | $5192 |
| Seadrill Ltd.<sup>(1)</sup> | 5627 | 179558 |
| Select Water Solutions, Inc., Class A | 13165 | 112166 |
| Solaris Energy Infrastructure, Inc., Class A | 4222 | 133373 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 14881 | 69941 |
| Tidewater, Inc.<sup>(1)</sup> | 2531 | 152366 |
| Transocean Ltd.<sup>(1)</sup> | 98284 | 297801 |
| Valaris Ltd.<sup>(1)</sup> | 5254 | 260966 |
|  |  | 3012445 |
| **Entertainment — 0.4%** |  |  |
| Cinemark Holdings, Inc. | 367 | 9468 |
| IMAX Corp.<sup>(1)</sup> | 5421 | 154824 |
| Marcus Corp. | 3411 | 52666 |
| Skillz, Inc.<sup>(1)(2)</sup> | 213 | 1879 |
| Sphere Entertainment Co.<sup>(1)</sup> | 3289 | 149024 |
| Starz Entertainment Corp.<sup>(1)</sup> | 1765 | 22539 |
|  |  | 390400 |
| **Financial Services — 2.6%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 1380 | 4706 |
| Alerus Financial Corp. | 2738 | 60975 |
| AvidXchange Holdings, Inc.<sup>(1)</sup> | 11536 | 114668 |
| Cannae Holdings, Inc. | 6986 | 130638 |
| Cass Information Systems, Inc. | 1371 | 59118 |
| EVERTEC, Inc. | 7744 | 276306 |
| Federal Agricultural Mortgage Corp., Class C | 1149 | 240796 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | 871 | 23264 |
| Flywire Corp.<sup>(1)</sup> | 12148 | 159746 |
| International Money Express, Inc.<sup>(1)</sup> | 2887 | 41862 |
| Marqeta, Inc., Class A<sup>(1)</sup> | 56907 | 362213 |
| Merchants Bancorp | 3509 | 113762 |
| NCR Atleos Corp.<sup>(1)</sup> | 8937 | 354084 |
| NewtekOne, Inc. | 3016 | 37308 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 8061 | 317200 |
| Onity Group, Inc.<sup>(1)</sup> | 789 | 32641 |
| Payoneer Global, Inc.<sup>(1)</sup> | 41752 | 290176 |
| Paysafe Ltd.<sup>(1)</sup> | 3968 | 55988 |
| Repay Holdings Corp.<sup>(1)</sup> | 9129 | 54044 |
| Velocity Financial, Inc.<sup>(1)</sup> | 1080 | 20606 |
| Waterstone Financial, Inc. | 1419 | 21271 |
|  |  | 2771372 |
| **Food Products — 1.3%** |  |  |
| Alico, Inc. | 694 | 23485 |
| B&G Foods, Inc.<sup>(2)</sup> | 6070 | 27376 |
| Calavo Growers, Inc. | 1709 | 46741 |
| Fresh Del Monte Produce, Inc. | 5154 | 186987 |
| Hain Celestial Group, Inc.<sup>(1)</sup> | 5989 | 10780 |
| J&J Snack Foods Corp. | 1067 | 119045 |
| John B Sanfilippo & Son, Inc. | 947 | 61460 |
| Lifeway Foods, Inc.<sup>(1)</sup> | 604 | 18404 |
| Limoneira Co. | 1908 | 30070 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mama's Creations, Inc.<sup>(1)</sup> | 4133 | $32981 |
| Mission Produce, Inc.<sup>(1)</sup> | 5542 | 69330 |
| Seaboard Corp. | 16 | 63507 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | 733 | 82976 |
| Tootsie Roll Industries, Inc.<sup>(2)</sup> | 1964 | 78973 |
| TreeHouse Foods, Inc.<sup>(1)</sup> | 3274 | 60045 |
| Utz Brands, Inc. | 6223 | 83513 |
| Vital Farms, Inc.<sup>(1)</sup> | 3950 | 201806 |
| WK Kellogg Co. | 8476 | 194270 |
|  |  | 1391749 |
| **Gas Utilities — 0.1%** |  |  |
| Northwest Natural Holding Co. | 3502 | 145438 |
| Star Group LP | 45 | 524 |
|  |  | 145962 |
| **Ground Transportation — 0.6%** |  |  |
| ArcBest Corp. | 2702 | 199300 |
| Covenant Logistics Group, Inc. | 1609 | 38825 |
| Heartland Express, Inc. | 4804 | 41266 |
| Hertz Global Holdings, Inc.<sup>(1)(2)</sup> | 16123 | 92385 |
| Marten Transport Ltd. | 5390 | 63818 |
| Universal Logistics Holdings, Inc. | 646 | 16757 |
| Werner Enterprises, Inc. | 7567 | 218308 |
|  |  | 670659 |
| **Health Care Equipment and Supplies — 2.4%** |  |  |
| AngioDynamics, Inc.<sup>(1)</sup> | 4841 | 49669 |
| Avanos Medical, Inc.<sup>(1)</sup> | 1865 | 22268 |
| Bioventus, Inc., Class A<sup>(1)</sup> | 4466 | 33048 |
| CONMED Corp. | 3565 | 193793 |
| Electromed, Inc.<sup>(1)</sup> | 681 | 16841 |
| Enovis Corp.<sup>(1)</sup> | 7000 | 216300 |
| Inogen, Inc.<sup>(1)</sup> | 2116 | 16907 |
| Integra LifeSciences Holdings Corp.<sup>(1)</sup> | 7743 | 117152 |
| iRadimed Corp. | 921 | 66717 |
| Kewaunee Scientific Corp.<sup>(1)</sup> | 340 | 19275 |
| LeMaitre Vascular, Inc. | 2556 | 243753 |
| LENSAR, Inc.<sup>(1)</sup> | 1069 | 13127 |
| LivaNova PLC<sup>(1)</sup> | 6563 | 369956 |
| Neogen Corp.<sup>(1)</sup> | 6900 | 39675 |
| Novocure Ltd.<sup>(1)</sup> | 15121 | 186442 |
| Omnicell, Inc.<sup>(1)</sup> | 5689 | 185405 |
| OraSure Technologies, Inc.<sup>(1)</sup> | 8199 | 27139 |
| Orthofix Medical, Inc.<sup>(1)</sup> | 4727 | 70810 |
| OrthoPediatrics Corp.<sup>(1)</sup> | 1466 | 31314 |
| Pro-Dex, Inc.<sup>(1)(2)</sup> | 109 | 5110 |
| Pulmonx Corp.<sup>(1)</sup> | 35 | 60 |
| QuidelOrtho Corp.<sup>(1)</sup> | 8093 | 232188 |
| Sensus Healthcare, Inc.<sup>(1)(2)</sup> | 1242 | 4210 |
| SI-BONE, Inc.<sup>(1)</sup> | 3970 | 66180 |
| Sight Sciences, Inc.<sup>(1)</sup> | 94 | 382 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| STAAR Surgical Co.<sup>(1)</sup> | 503 | $13762 |
| Tactile Systems Technology, Inc.<sup>(1)</sup> | 2597 | 34566 |
| UFP Technologies, Inc.<sup>(1)</sup> | 485 | 101928 |
| Utah Medical Products, Inc. | 395 | 24573 |
| Varex Imaging Corp.<sup>(1)</sup> | 5274 | 60915 |
| Zimvie, Inc.<sup>(1)</sup> | 3559 | 67194 |
| Zynex, Inc.<sup>(1)(2)</sup> | 182 | 298 |
|  |  | 2530957 |
| **Health Care Providers and Services — 1.8%** |  |  |
| AdaptHealth Corp.<sup>(1)</sup> | 13025 | 123607 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 994 | 20655 |
| Ardent Health, Inc.<sup>(1)</sup> | 2330 | 29568 |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | 25143 | 193601 |
| Castle Biosciences, Inc.<sup>(1)</sup> | 2626 | 63050 |
| Concentra Group Holdings Parent, Inc. | 9992 | 237810 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 765 | 10236 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 1243 | 27557 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 2562 | 27619 |
| Joint Corp.<sup>(1)</sup> | 41 | 440 |
| National HealthCare Corp. | 988 | 112118 |
| National Research Corp. | 883 | 12971 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 524 | 43906 |
| Owens & Minor, Inc.<sup>(1)</sup> | 6991 | 34256 |
| Pediatrix Medical Group, Inc.<sup>(1)</sup> | 11966 | 205935 |
| Premier, Inc., Class A<sup>(2)</sup> | 11706 | 303186 |
| Progyny, Inc.<sup>(1)</sup> | 11002 | 260417 |
| RadNet, Inc.<sup>(1)</sup> | 194 | 13922 |
| Select Medical Holdings Corp. | 13513 | 175804 |
| Talkspace, Inc.<sup>(1)</sup> | 4173 | 11100 |
|  |  | 1907758 |
| **Health Care Technology — 0.4%** |  |  |
| American Well Corp., Class A<sup>(1)</sup> | 1413 | 9750 |
| Claritev Corp.<sup>(1)</sup> | 1022 | 70426 |
| GoodRx Holdings, Inc., Class A<sup>(1)</sup> | 937 | 4076 |
| Health Catalyst, Inc.<sup>(1)</sup> | 5627 | 19075 |
| HealthStream, Inc. | 2989 | 83931 |
| Teladoc Health, Inc.<sup>(1)</sup> | 26019 | 201127 |
| TruBridge, Inc.<sup>(1)(2)</sup> | 2185 | 43613 |
|  |  | 431998 |
| **Hotels, Restaurants and Leisure — 2.2%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 7589 | 87957 |
| Biglari Holdings, Inc., Class A<sup>(1)(2)</sup> | 6 | 9370 |
| Biglari Holdings, Inc., Class B<sup>(1)</sup> | 75 | 23315 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 3057 | 102593 |
| Bloomin' Brands, Inc. | 2145 | 15766 |
| Cheesecake Factory, Inc.<sup>(2)</sup> | 7149 | 439378 |
| Cracker Barrel Old Country Store, Inc.<sup>(2)</sup> | 3188 | 190706 |
| Dave & Buster's Entertainment, Inc.<sup>(1)</sup> | 2523 | 64765 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| El Pollo Loco Holdings, Inc.<sup>(1)</sup> | 2325 | $24715 |
| First Watch Restaurant Group, Inc.<sup>(1)</sup> | 5521 | 104016 |
| Full House Resorts, Inc.<sup>(1)(2)</sup> | 3479 | 12733 |
| Golden Entertainment, Inc. | 2067 | 51406 |
| Marriott Vacations Worldwide Corp. | 3914 | 305879 |
| Monarch Casino & Resort, Inc. | 1755 | 183099 |
| Portillo's, Inc., Class A<sup>(1)(2)</sup> | 7395 | 52357 |
| Potbelly Corp.<sup>(1)</sup> | 3981 | 51514 |
| Pursuit Attractions & Hospitality, Inc.<sup>(1)</sup> | 2601 | 97017 |
| RCI Hospitality Holdings, Inc. | 1019 | 37917 |
| Rush Street Interactive, Inc.<sup>(1)</sup> | 12447 | 277568 |
| Super Group SGHC Ltd. | 5749 | 66861 |
| Target Hospitality Corp.<sup>(1)</sup> | 3133 | 28416 |
| Wendy's Co. | 14760 | 156604 |
|  |  | 2383952 |
| **Household Durables — 1.4%** |  |  |
| Beazer Homes USA, Inc.<sup>(1)</sup> | 3065 | 77115 |
| Century Communities, Inc. | 1442 | 94999 |
| Cricut, Inc., Class A | 5030 | 28671 |
| Dream Finders Homes, Inc., Class A<sup>(1)(2)</sup> | 1204 | 33459 |
| Ethan Allen Interiors, Inc. | 3105 | 91629 |
| Flexsteel Industries, Inc.<sup>(2)</sup> | 423 | 19619 |
| Green Brick Partners, Inc.<sup>(1)</sup> | 1769 | 123547 |
| Hamilton Beach Brands Holding Co., Class A | 575 | 8476 |
| Helen of Troy Ltd.<sup>(1)</sup> | 2851 | 69992 |
| Hooker Furnishings Corp. | 966 | 9650 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 198 | 27791 |
| La-Z-Boy, Inc. | 5279 | 195165 |
| Legacy Housing Corp.<sup>(1)</sup> | 1101 | 30767 |
| Leggett & Platt, Inc. | 11954 | 114878 |
| LGI Homes, Inc.<sup>(1)</sup> | 1374 | 85064 |
| Lifetime Brands, Inc.<sup>(2)</sup> | 51 | 201 |
| Lovesac Co.<sup>(1)(2)</sup> | 1540 | 29460 |
| Newell Brands, Inc. | 52256 | 309356 |
| Sonos, Inc.<sup>(1)</sup> | 10475 | 145812 |
| Universal Electronics, Inc.<sup>(1)</sup> | 491 | 2384 |
|  |  | 1498035 |
| **Household Products — 0.7%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 743 | 27067 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 6536 | 215884 |
| Energizer Holdings, Inc. | 8873 | 244540 |
| Oil-Dri Corp. of America | 1457 | 86517 |
| Spectrum Brands Holdings, Inc. | 2985 | 170115 |
|  |  | 744123 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| Hallador Energy Co.<sup>(1)</sup> | 3754 | 61228 |
| Montauk Renewables, Inc.<sup>(1)(2)</sup> | 2452 | 5272 |
| XPLR Infrastructure LP | 4237 | 44912 |
|  |  | 111412 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Insurance — 3.5%** | | |
| Ambac Financial Group, Inc.<sup>(1)</sup> | 4664 | $42116 |
| American Coastal Insurance Corp., Class C | 3136 | 34653 |
| AMERISAFE, Inc. | 2329 | 107553 |
| Donegal Group, Inc., Class A | 2334 | 41755 |
| eHealth, Inc.<sup>(1)</sup> | 3328 | 12879 |
| Employers Holdings, Inc. | 3028 | 130991 |
| Fidelis Insurance Holdings Ltd. | 7515 | 131362 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 42008 | 360008 |
| GoHealth, Inc., Class A<sup>(1)</sup> | 614 | 3137 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 2521 | 32496 |
| HCI Group, Inc. | 1305 | 217556 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 4565 | 103945 |
| Hippo Holdings, Inc.<sup>(1)</sup> | 2400 | 81144 |
| Horace Mann Educators Corp. | 5794 | 266408 |
| Investors Title Co. | 134 | 33267 |
| James River Group Holdings Ltd. | 4185 | 23520 |
| Kingstone Cos., Inc.<sup>(2)</sup> | 1743 | 23461 |
| Mercury General Corp. | 2611 | 201909 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 2434 | 299431 |
| ProAssurance Corp.<sup>(1)</sup> | 6397 | 152313 |
| Root, Inc., Class A<sup>(1)</sup> | 1385 | 127725 |
| Safety Insurance Group, Inc. | 1778 | 131590 |
| Selectquote, Inc.<sup>(1)</sup> | 21465 | 48511 |
| SiriusPoint Ltd.<sup>(1)</sup> | 13468 | 252121 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 4506 | 217640 |
| Stewart Information Services Corp. | 3434 | 250133 |
| Tiptree, Inc. | 2781 | 65214 |
| Trupanion, Inc.<sup>(1)</sup> | 4006 | 185718 |
| United Fire Group, Inc. | 2691 | 82721 |
| Universal Insurance Holdings, Inc. | 3248 | 79219 |
|  |  | 3740496 |
| **Interactive Media and Services — 1.0%** |  |  |
| Cargurus, Inc.<sup>(1)</sup> | 256 | 8858 |
| Cars.com, Inc.<sup>(1)</sup> | 7615 | 99376 |
| EverQuote, Inc., Class A<sup>(1)</sup> | 3108 | 72261 |
| Getty Images Holdings, Inc.<sup>(1)</sup> | 7381 | 13581 |
| Shutterstock, Inc. | 672 | 14065 |
| Taboola.com Ltd.<sup>(1)</sup> | 23896 | 79813 |
| TripAdvisor, Inc.<sup>(1)</sup> | 14771 | 257311 |
| Webtoon Entertainment, Inc.<sup>(1)(2)</sup> | 5760 | 83347 |
| Yelp, Inc.<sup>(1)</sup> | 7559 | 239015 |
| Ziff Davis, Inc.<sup>(1)</sup> | 5207 | 198959 |
|  |  | 1066586 |
| **IT Services — 0.5%** |  |  |
| Applied Digital Corp.<sup>(1)</sup> | 22978 | 367189 |
| CSP, Inc.<sup>(2)</sup> | 324 | 3907 |
| Fastly, Inc., Class A<sup>(1)</sup> | 15010 | 114226 |
| Hackett Group, Inc. | 3261 | 67894 |
| TSS, Inc.<sup>(1)(2)</sup> | 1756 | 24452 |
|  |  | 577668 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Leisure Products — 0.5%** | | |
| American Outdoor Brands, Inc.<sup>(1)</sup> | 1754 | $18312 |
| Clarus Corp. | 1628 | 5910 |
| Funko, Inc., Class A<sup>(1)</sup> | 3907 | 13518 |
| JAKKS Pacific, Inc. | 1079 | 19174 |
| Johnson Outdoors, Inc., Class A | 489 | 19716 |
| Latham Group, Inc.<sup>(1)</sup> | 4022 | 32297 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 2438 | 80941 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 2093 | 45920 |
| Polaris, Inc. | 1584 | 89623 |
| Smith & Wesson Brands, Inc. | 4134 | 33775 |
| Sturm Ruger & Co., Inc. | 2139 | 74159 |
| Topgolf Callaway Brands Corp.<sup>(1)</sup> | 3260 | 31166 |
| YETI Holdings, Inc.<sup>(1)</sup> | 1087 | 38219 |
|  |  | 502730 |
| **Life Sciences Tools and Services — 0.4%** |  |  |
| Azenta, Inc.<sup>(1)</sup> | 5004 | 152822 |
| CryoPort, Inc.<sup>(1)</sup> | 4331 | 38373 |
| Cytek Biosciences, Inc.<sup>(1)</sup> | 12847 | 53187 |
| Ginkgo Bioworks Holdings, Inc.<sup>(1)</sup> | 3726 | 47208 |
| Inotiv, Inc.<sup>(1)(2)</sup> | 3353 | 5666 |
| MaxCyte, Inc.<sup>(1)</sup> | 3301 | 4588 |
| Mesa Laboratories, Inc.<sup>(2)</sup> | 655 | 44376 |
| Niagen Bioscience, Inc.<sup>(1)</sup> | 9352 | 92585 |
| Personalis, Inc.<sup>(1)(2)</sup> | 3492 | 17076 |
| Quanterix Corp.<sup>(1)</sup> | 2354 | 10711 |
|  |  | 466592 |
| **Machinery — 4.6%** |  |  |
| Aebi Schmidt Holding AG | 3952 | 48570 |
| AirJoule Technologies Corp.<sup>(1)</sup> | 1682 | 7737 |
| Alamo Group, Inc. | 1290 | 272783 |
| Albany International Corp., Class A | 3714 | 235876 |
| Astec Industries, Inc. | 2842 | 131556 |
| Atmus Filtration Technologies, Inc. | 289 | 12866 |
| Blue Bird Corp.<sup>(1)</sup> | 2447 | 142880 |
| Columbus McKinnon Corp. | 3317 | 49689 |
| Douglas Dynamics, Inc. | 2796 | 94141 |
| Eastern Co.<sup>(2)</sup> | 3 | 71 |
| Energy Recovery, Inc.<sup>(1)</sup> | 5984 | 85033 |
| Enerpac Tool Group Corp. | 6613 | 279994 |
| Gorman-Rupp Co. | 2532 | 108294 |
| Graham Corp.<sup>(1)</sup> | 1267 | 62146 |
| Greenbrier Cos., Inc. | 4486 | 209182 |
| Helios Technologies, Inc. | 4099 | 222330 |
| Hillenbrand, Inc. | 9099 | 231024 |
| Hillman Solutions Corp.<sup>(1)</sup> | 24264 | 239728 |
| Hyster-Yale, Inc. | 1059 | 39713 |
| Kennametal, Inc. | 8290 | 177655 |
| L.B. Foster Co., Class A<sup>(1)</sup> | 1189 | 30950 |
| Lindsay Corp. | 1348 | 184986 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Luxfer Holdings PLC | 2853 | $38287 |
| Manitowoc Co., Inc.<sup>(1)</sup> | 3553 | 35175 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 871 | 12717 |
| Miller Industries, Inc. | 1191 | 50129 |
| NN, Inc.<sup>(1)</sup> | 4139 | 10637 |
| Omega Flex, Inc. | 263 | 9284 |
| Park-Ohio Holdings Corp. | 342 | 6908 |
| Proto Labs, Inc.<sup>(1)</sup> | 3347 | 166714 |
| REV Group, Inc. | 6693 | 356135 |
| Standex International Corp. | 1451 | 296106 |
| Taylor Devices, Inc.<sup>(1)(2)</sup> | 246 | 12054 |
| Tennant Co. | 2346 | 192466 |
| Terex Corp. | 5693 | 284308 |
| Titan International, Inc.<sup>(1)</sup> | 5067 | 44691 |
| Trinity Industries, Inc. | 10490 | 298126 |
| Wabash National Corp. | 1241 | 13763 |
| Worthington Enterprises, Inc. | 3309 | 217732 |
|  |  | 4912436 |
| **Marine Transportation — 0.1%** |  |  |
| Costamare Bulkers Holdings Ltd.<sup>(1)</sup> | 726 | 7667 |
| Costamare, Inc. | 3634 | 41573 |
| Genco Shipping & Trading Ltd. | 4499 | 75763 |
| Pangaea Logistics Solutions Ltd. | 2782 | 14828 |
| Safe Bulkers, Inc.<sup>(2)</sup> | 2321 | 9864 |
|  |  | 149695 |
| **Media — 1.6%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)</sup> | 3828 | 27026 |
| Boston Omaha Corp., Class A<sup>(1)</sup> | 2824 | 37672 |
| Cable One, Inc. | 480 | 77510 |
| DoubleVerify Holdings, Inc.<sup>(1)</sup> | 17160 | 279193 |
| Emerald Holding, Inc.<sup>(2)</sup> | 2670 | 13751 |
| EW Scripps Co., Class A<sup>(1)</sup> | 6573 | 19653 |
| Gambling.com Group Ltd.<sup>(1)</sup> | 1719 | 15007 |
| Gannett Co., Inc.<sup>(1)</sup> | 17306 | 71128 |
| Gray Media, Inc. | 8951 | 54870 |
| Ibotta, Inc., Class A<sup>(1)</sup> | 1789 | 48196 |
| Integral Ad Science Holding Corp.<sup>(1)</sup> | 11812 | 106190 |
| John Wiley & Sons, Inc., Class A | 4723 | 191659 |
| Magnite, Inc.<sup>(1)</sup> | 19850 | 515107 |
| National CineMedia, Inc. | 7316 | 32117 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 4935 | 42786 |
| Scholastic Corp. | 1017 | 26096 |
| Sinclair, Inc.<sup>(2)</sup> | 3896 | 56375 |
| Stagwell, Inc.<sup>(1)</sup> | 8468 | 47760 |
| TechTarget, Inc.<sup>(1)</sup> | 75 | 443 |
| Thryv Holdings, Inc.<sup>(1)</sup> | 4969 | 63901 |
| WideOpenWest, Inc.<sup>(1)</sup> | 4300 | 21887 |
|  |  | 1748327 |
| **Metals and Mining — 2.1%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 1325 | 197677 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Caledonia Mining Corp. PLC | 647 | $16550 |
| Century Aluminum Co.<sup>(1)</sup> | 7205 | 160888 |
| Coeur Mining, Inc.<sup>(1)</sup> | 30800 | 405020 |
| Compass Minerals International, Inc.<sup>(1)</sup> | 4210 | 80200 |
| Dakota Gold Corp.<sup>(1)</sup> | 7167 | 29886 |
| Kaiser Aluminum Corp. | 1614 | 125682 |
| Materion Corp. | 2566 | 284313 |
| McEwen, Inc.<sup>(1)(2)</sup> | 4501 | 51986 |
| Metallus, Inc.<sup>(1)</sup> | 5220 | 85765 |
| Olympic Steel, Inc.<sup>(2)</sup> | 1242 | 41868 |
| Piedmont Lithium, Inc.<sup>(1)</sup> | 1783 | 12927 |
| Ramaco Resources, Inc., Class A<sup>(1)(2)</sup> | 1974 | 51186 |
| Ramaco Resources, Inc., Class B | 410 | 6662 |
| Ryerson Holding Corp. | 2757 | 62860 |
| SunCoke Energy, Inc. | 8822 | 68106 |
| Tredegar Corp.<sup>(1)</sup> | 3086 | 24163 |
| Warrior Met Coal, Inc. | 6576 | 402057 |
| Worthington Steel, Inc. | 4688 | 156110 |
|  |  | 2263906 |
| **Multi-Utilities — 0.4%** |  |  |
| Avista Corp. | 8422 | 307740 |
| Unitil Corp. | 1623 | 76216 |
|  |  | 383956 |
| **Oil, Gas and Consumable Fuels — 3.3%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 3055 | 12434 |
| Ardmore Shipping Corp. | 1672 | 19429 |
| Berry Corp. | 3553 | 11867 |
| BKV Corp.<sup>(1)</sup> | 1852 | 43170 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 2359 | 475881 |
| Crescent Energy Co., Class A | 319 | 3043 |
| CVR Energy, Inc.<sup>(1)</sup> | 3125 | 95281 |
| DHT Holdings, Inc. | 16134 | 189090 |
| Dorian LPG Ltd. | 1591 | 50880 |
| Evolution Petroleum Corp. | 3007 | 15516 |
| Excelerate Energy, Inc., Class A | 643 | 15702 |
| FutureFuel Corp. | 2720 | 10554 |
| Gran Tierra Energy, Inc.<sup>(1)(2)</sup> | 3739 | 15367 |
| Granite Ridge Resources, Inc. | 6652 | 36985 |
| Green Plains, Inc.<sup>(1)</sup> | 1539 | 17098 |
| HighPeak Energy, Inc.<sup>(2)</sup> | 2325 | 17903 |
| International Seaways, Inc. | 4399 | 199803 |
| Kimbell Royalty Partners LP | 10641 | 148655 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 33589 | 60124 |
| New Fortress Energy, Inc. | 23775 | 58487 |
| Nordic American Tankers Ltd. | 8072 | 25104 |
| Northern Oil & Gas, Inc. | 12210 | 319414 |
| Par Pacific Holdings, Inc.<sup>(1)</sup> | 5373 | 186121 |
| PBF Energy, Inc., Class A | 8065 | 220336 |
| Peabody Energy Corp. | 10669 | 185641 |
| PrimeEnergy Resources Corp.<sup>(1)(2)</sup> | 266 | 40238 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| REX American Resources Corp.<sup>(1)</sup> | 1976 | $123638 |
| Riley Exploration Permian, Inc. | 2263 | 66215 |
| SandRidge Energy, Inc. | 3287 | 38918 |
| Scorpio Tankers, Inc. | 1686 | 84974 |
| SFL Corp. Ltd. | 4773 | 38804 |
| Summit Midstream Corp.<sup>(1)</sup> | 2135 | 49148 |
| Talos Energy, Inc.<sup>(1)</sup> | 13104 | 129468 |
| Teekay Corp. Ltd. | 6066 | 49741 |
| Teekay Tankers Ltd., Class A | 1667 | 81966 |
| VAALCO Energy, Inc. | 3024 | 11733 |
| Vital Energy, Inc.<sup>(1)</sup> | 4038 | 71957 |
| Vitesse Energy, Inc. | 3876 | 103140 |
| World Kinect Corp. | 6823 | 182925 |
|  |  | 3506750 |
| **Paper and Forest Products — 0.2%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 1361 | 29357 |
| Mercer International, Inc. | 4446 | 14805 |
| Sylvamo Corp. | 3652 | 168467 |
|  |  | 212629 |
| **Passenger Airlines — 0.5%** |  |  |
| Allegiant Travel Co.<sup>(1)</sup> | 2253 | 141173 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | 14113 | 69154 |
| JetBlue Airways Corp.<sup>(1)</sup> | 38038 | 203503 |
| Strata Critical Medical, Inc.<sup>(1)</sup> | 6337 | 27693 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 7812 | 103509 |
|  |  | 545032 |
| **Personal Care Products — 0.3%** |  |  |
| Edgewell Personal Care Co. | 5980 | 143639 |
| Honest Co., Inc.<sup>(1)</sup> | 12483 | 49433 |
| Lifevantage Corp.<sup>(2)</sup> | 1530 | 20043 |
| Medifast, Inc.<sup>(1)(2)</sup> | 892 | 12515 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 36 | 607 |
| Nu Skin Enterprises, Inc., Class A | 6462 | 78642 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 890 | 28400 |
|  |  | 333279 |
| **Pharmaceuticals — 1.8%** |  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(1)</sup> | 3318 | 101597 |
| Amylyx Pharmaceuticals, Inc.<sup>(1)</sup> | 7112 | 66711 |
| ANI Pharmaceuticals, Inc.<sup>(1)</sup> | 680 | 63580 |
| Arvinas, Inc.<sup>(1)</sup> | 4045 | 31268 |
| Atea Pharmaceuticals, Inc.<sup>(1)</sup> | 6599 | 22173 |
| Collegium Pharmaceutical, Inc.<sup>(1)</sup> | 3206 | 124393 |
| EyePoint Pharmaceuticals, Inc.<sup>(1)</sup> | 6382 | 73840 |
| Fulcrum Therapeutics, Inc.<sup>(1)</sup> | 3621 | 23464 |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 5534 | 204149 |
| Innoviva, Inc.<sup>(1)</sup> | 7900 | 161397 |
| Ligand Pharmaceuticals, Inc.<sup>(1)</sup> | 2452 | 396513 |
| Nuvation Bio, Inc.<sup>(1)(2)</sup> | 26142 | 77642 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 7041 | 187783 |
| SIGA Technologies, Inc. | 4736 | 39735 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 6890 | $310877 |
| Terns Pharmaceuticals, Inc.<sup>(1)</sup> | 3017 | 20998 |
| Theravance Biopharma, Inc.<sup>(1)</sup> | 3256 | 45193 |
| Third Harmonic Bio, Inc.<sup>(1)</sup> | 544 | 16 |
|  |  | 1951329 |
| **Professional Services — 2.9%** |  |  |
| Acuren Corp.<sup>(1)</sup> | 6058 | 68274 |
| Asure Software, Inc.<sup>(1)</sup> | 3217 | 27023 |
| BlackSky Technology, Inc.<sup>(1)(2)</sup> | 2748 | 48255 |
| Concentrix Corp. | 1473 | 77715 |
| Conduent, Inc.<sup>(1)</sup> | 16724 | 46493 |
| CRA International, Inc. | 776 | 150358 |
| CSG Systems International, Inc. | 3841 | 246439 |
| Franklin Covey Co.<sup>(1)</sup> | 1387 | 27130 |
| Heidrick & Struggles International, Inc. | 2578 | 130988 |
| Huron Consulting Group, Inc.<sup>(1)</sup> | 2056 | 281590 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 1338 | 39511 |
| ICF International, Inc. | 1307 | 128374 |
| Innodata, Inc.<sup>(1)(2)</sup> | 4597 | 174594 |
| Insperity, Inc. | 1829 | 100997 |
| Kelly Services, Inc., Class A | 1043 | 14842 |
| Kforce, Inc. | 1476 | 48118 |
| Legalzoom.com, Inc.<sup>(1)</sup> | 22834 | 253001 |
| ManpowerGroup, Inc. | 2358 | 99979 |
| Mistras Group, Inc.<sup>(1)</sup> | 2154 | 20592 |
| Planet Labs PBC<sup>(1)</sup> | 30758 | 218074 |
| RCM Technologies, Inc.<sup>(1)</sup> | 6 | 163 |
| Resources Connection, Inc. | 2593 | 13250 |
| Skillsoft Corp.<sup>(1)</sup> | 523 | 8038 |
| TaskUS, Inc., Class A<sup>(1)</sup> | 2418 | 42363 |
| TrueBlue, Inc.<sup>(1)</sup> | 2959 | 17665 |
| Upwork, Inc.<sup>(1)</sup> | 18498 | 284684 |
| Willdan Group, Inc.<sup>(1)</sup> | 1632 | 179291 |
| WNS Holdings Ltd.<sup>(1)</sup> | 4884 | 368498 |
|  |  | 3116299 |
| **Real Estate Management and Development — 0.9%** |  |  |
| Cushman & Wakefield PLC<sup>(1)</sup> | 25640 | 404343 |
| Douglas Elliman, Inc.<sup>(1)</sup> | 4572 | 12436 |
| eXp World Holdings, Inc.<sup>(2)</sup> | 7764 | 84084 |
| Five Point Holdings LLC, Class A<sup>(1)</sup> | 8138 | 46224 |
| Forestar Group, Inc.<sup>(1)</sup> | 1642 | 45434 |
| FRP Holdings, Inc.<sup>(1)</sup> | 1170 | 30069 |
| Kennedy-Wilson Holdings, Inc. | 11688 | 102854 |
| Marcus & Millichap, Inc. | 2977 | 97020 |
| RMR Group, Inc., Class A | 1095 | 18484 |
| Seritage Growth Properties, Class A<sup>(1)(2)</sup> | 2270 | 8331 |
| St. Joe Co. | 1922 | 96984 |
| Tejon Ranch Co.<sup>(1)</sup> | 1950 | 33950 |
|  |  | 980213 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Semiconductors and Semiconductor Equipment — 1.9%** | | |
| ACM Research, Inc., Class A<sup>(1)</sup> | 7009 | $197794 |
| Aehr Test Systems<sup>(1)(2)</sup> | 2867 | 71532 |
| Alpha & Omega Semiconductor Ltd.<sup>(1)</sup> | 3010 | 86598 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 940 | 75238 |
| CEVA, Inc.<sup>(1)</sup> | 3067 | 68149 |
| Cohu, Inc.<sup>(1)</sup> | 5076 | 101012 |
| Diodes, Inc.<sup>(1)</sup> | 4667 | 254048 |
| FormFactor, Inc.<sup>(1)</sup> | 5475 | 159815 |
| Ichor Holdings Ltd.<sup>(1)</sup> | 4071 | 68596 |
| inTEST Corp.<sup>(1)</sup> | 20 | 140 |
| Kulicke & Soffa Industries, Inc. | 6234 | 233775 |
| Magnachip Semiconductor Corp.<sup>(1)</sup> | 1295 | 4079 |
| Navitas Semiconductor Corp.<sup>(1)</sup> | 16325 | 95665 |
| NVE Corp. | 593 | 38296 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 6085 | 146831 |
| Photronics, Inc.<sup>(1)</sup> | 7811 | 177075 |
| QuickLogic Corp.<sup>(1)</sup> | 35 | 180 |
| SolarEdge Technologies, Inc.<sup>(1)</sup> | 2710 | 91652 |
| Ultra Clean Holdings, Inc.<sup>(1)</sup> | 4311 | 103550 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 4123 | 101096 |
|  |  | 2075121 |
| **Software — 3.3%** |  |  |
| 8x8, Inc.<sup>(1)</sup> | 18346 | 36325 |
| A10 Networks, Inc. | 10616 | 188009 |
| Adeia, Inc. | 12929 | 194452 |
| Agilysys, Inc.<sup>(1)</sup> | 2669 | 291241 |
| Alarm.com Holdings, Inc.<sup>(1)</sup> | 3965 | 232468 |
| Bit Digital, Inc.<sup>(1)(2)</sup> | 17200 | 44204 |
| Cipher Mining, Inc.<sup>(1)(2)</sup> | 31484 | 240538 |
| Clear Secure, Inc., Class A | 132 | 4793 |
| CoreCard Corp.<sup>(1)(2)</sup> | 445 | 12313 |
| CS Disco, Inc.<sup>(1)</sup> | 55 | 301 |
| Daily Journal Corp.<sup>(1)</sup> | 137 | 64006 |
| EverCommerce, Inc.<sup>(1)(2)</sup> | 1877 | 21679 |
| Expensify, Inc., Class A<sup>(1)</sup> | 7744 | 15178 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 7144 | 199461 |
| Mitek Systems, Inc.<sup>(1)</sup> | 5799 | 58976 |
| N-able, Inc.<sup>(1)</sup> | 6131 | 49416 |
| Olo, Inc., Class A<sup>(1)</sup> | 15068 | 154447 |
| ON24, Inc.<sup>(1)</sup> | 4291 | 24545 |
| OneSpan, Inc. | 4869 | 73644 |
| Pagaya Technologies Ltd., Class A<sup>(1)(2)</sup> | 5872 | 216559 |
| Progress Software Corp.<sup>(1)</sup> | 5263 | 243624 |
| Rapid7, Inc.<sup>(1)</sup> | 7722 | 159923 |
| Red Violet, Inc. | 1487 | 74707 |
| ReposiTrak, Inc. | 1427 | 23117 |
| Riot Platforms, Inc.<sup>(1)</sup> | 25838 | 355531 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SEMrush Holdings, Inc., Class A<sup>(1)</sup> | 5029 | $39729 |
| Silvaco Group, Inc.<sup>(1)(2)</sup> | 145 | 774 |
| Sprinklr, Inc., Class A<sup>(1)</sup> | 13373 | 115543 |
| Telos Corp.<sup>(1)</sup> | 6198 | 38304 |
| Teradata Corp.<sup>(1)</sup> | 11501 | 241291 |
| Xperi, Inc.<sup>(1)</sup> | 5286 | 31716 |
| Yext, Inc.<sup>(1)</sup> | 12743 | 115834 |
|  |  | 3562648 |
| **Specialty Retail — 2.9%** |  |  |
| 1-800-Flowers.com, Inc., Class A<sup>(1)(2)</sup> | 1947 | 10903 |
| Advance Auto Parts, Inc.<sup>(2)</sup> | 7289 | 444556 |
| American Eagle Outfitters, Inc. | 7202 | 93194 |
| America's Car-Mart, Inc.<sup>(1)</sup> | 885 | 39657 |
| Arhaus, Inc.<sup>(1)</sup> | 5588 | 65547 |
| Arko Corp. | 6055 | 30275 |
| Barnes & Noble Education, Inc.<sup>(1)</sup> | 1785 | 15405 |
| Buckle, Inc. | 4002 | 226473 |
| Build-A-Bear Workshop, Inc. | 1769 | 107573 |
| Caleres, Inc.<sup>(2)</sup> | 1358 | 20370 |
| Camping World Holdings, Inc., Class A | 7389 | 129381 |
| Citi Trends, Inc.<sup>(1)</sup> | 644 | 22946 |
| Designer Brands, Inc., Class A<sup>(2)</sup> | 1877 | 6964 |
| Foot Locker, Inc.<sup>(1)</sup> | 5261 | 129947 |
| Genesco, Inc.<sup>(1)</sup> | 1527 | 48833 |
| Guess?, Inc. | 513 | 8624 |
| Haverty Furniture Cos., Inc. | 1749 | 39440 |
| J Jill, Inc. | 919 | 15402 |
| Lands' End, Inc.<sup>(1)</sup> | 1005 | 14432 |
| MarineMax, Inc.<sup>(1)</sup> | 1964 | 51751 |
| Monro, Inc. | 2396 | 39726 |
| National Vision Holdings, Inc.<sup>(1)</sup> | 9416 | 216003 |
| ODP Corp.<sup>(1)</sup> | 3063 | 62056 |
| OneWater Marine, Inc., Class A<sup>(1)(2)</sup> | 270 | 4544 |
| Petco Health & Wellness Co., Inc.<sup>(1)</sup> | 188 | 750 |
| PetMed Express, Inc.<sup>(1)(2)</sup> | 2230 | 6846 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 10493 | 145433 |
| Shoe Carnival, Inc. | 1366 | 28549 |
| Signet Jewelers Ltd. | 4264 | 375445 |
| Sonic Automotive, Inc., Class A | 1834 | 150737 |
| Stitch Fix, Inc., Class A<sup>(1)</sup> | 11282 | 59682 |
| Tile Shop Holdings, Inc.<sup>(1)</sup> | 1488 | 9241 |
| Upbound Group, Inc. | 6055 | 153858 |
| Victoria's Secret & Co.<sup>(1)</sup> | 11072 | 254877 |
| Zumiez, Inc.<sup>(1)</sup> | 726 | 12480 |
|  |  | 3041900 |
| **Technology Hardware, Storage and Peripherals — 0.4%** |  |  |
| Corsair Gaming, Inc.<sup>(1)</sup> | 6400 | 57152 |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 3158 | 192985 |
| Eastman Kodak Co.<sup>(1)</sup> | 10153 | 59903 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Immersion Corp. | 3497 | $24689 |
| Xerox Holdings Corp. | 10910 | 43422 |
|  |  | 378151 |
| **Textiles, Apparel and Luxury Goods — 1.4%** |  |  |
| Carter's, Inc. | 3219 | 91935 |
| Figs, Inc., Class A<sup>(1)</sup> | 14900 | 105045 |
| G-III Apparel Group Ltd.<sup>(1)</sup> | 5037 | 135999 |
| Hanesbrands, Inc.<sup>(1)</sup> | 41899 | 264383 |
| Lakeland Industries, Inc.<sup>(2)</sup> | 886 | 13458 |
| Movado Group, Inc. | 1917 | 35024 |
| Oxford Industries, Inc. | 1635 | 72022 |
| Rocky Brands, Inc. | 394 | 11989 |
| Steven Madden Ltd. | 5839 | 169564 |
| Superior Group of Cos., Inc. | 1464 | 19237 |
| Under Armour, Inc., Class A<sup>(1)</sup> | 20004 | 100020 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 13606 | 66941 |
| Vera Bradley, Inc.<sup>(1)</sup> | 67 | 139 |
| Wolverine World Wide, Inc. | 11233 | 358782 |
|  |  | 1444538 |
| **Trading Companies and Distributors — 1.0%** |  |  |
| Alta Equipment Group, Inc.<sup>(2)</sup> | 3504 | 29223 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 841 | 69475 |
| Custom Truck One Source, Inc.<sup>(1)</sup> | 8502 | 52202 |
| DNOW, Inc.<sup>(1)</sup> | 13149 | 210384 |
| DXP Enterprises, Inc.<sup>(1)</sup> | 1900 | 237272 |
| Global Industrial Co. | 533 | 19897 |
| Herc Holdings, Inc. | 65 | 8501 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 833 | 8463 |
| Karat Packaging, Inc. | 772 | 19516 |
| MRC Global, Inc.<sup>(1)</sup> | 10582 | 159577 |
| NPK International, Inc.<sup>(1)</sup> | 8159 | 84854 |
| Titan Machinery, Inc.<sup>(1)</sup> | 2928 | 58560 |
| Willis Lease Finance Corp. | 341 | 50700 |
|  |  | 1008624 |
| **Transportation Infrastructure — 0.0%** |  |  |
| Sky Harbour Group Corp.<sup>(1)(2)</sup> | 2442 | 25739 |
| **Water Utilities — 0.4%** |  |  |
| Artesian Resources Corp., Class A | 539 | 17868 |
| California Water Service Group | 5292 | 248353 |
| H2O America | 888 | 44729 |
| Middlesex Water Co. | 1331 | 71262 |
|  |  | 382212 |
| **Wireless Telecommunication Services — 0.1%** |  |  |
| Gogo, Inc.<sup>(1)</sup> | 7935 | 87126 |
| Spok Holdings, Inc. | 2115 | 38409 |
|  |  | 125535 |
| **TOTAL COMMON STOCKS** <br>(Cost $99,733,046) |  | **106653941** |
| **RIGHTS — 0.0%** |  |  |
| **Biotechnology — 0.0%** |  |  |
| Cargo Therapeutics, Inc.<sup>(1)(2)</sup> | 3540 | 322 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sage Therapeutics, Inc.<sup>(1)</sup> | 6879 | $1238 |
| Verve Therapeutics, Inc.<sup>(1)</sup> | 10456 | 6588 |
|  |  | 8148 |
| **Software — 0.0%** |  |  |
| Gen Digital, Inc.<sup>(1)</sup> | 1147 | 10655 |
| **TOTAL RIGHTS** <br>(Cost $12,621) |  | **18803** |
| **SHORT-TERM INVESTMENTS — 2.7%** |  |  |
| **Money Market Funds — 2.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 23431 | 23431 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 2897522 | 2897522 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $2,920,953) |  | **2920953** |
| **TOTAL INVESTMENT SECURITIES — 102.6%** <br>(Cost $102,666,620) |  | **109593697** |
| **OTHER ASSETS AND LIABILITIES — (2.6)%** |  | **(2777267)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**106816430** |

---

**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 $4,987,547. 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 $5,113,524, which includes securities collateral of $2,216,002.

**FAIR VALUE MEASUREMENTS**

As of period end, the fund's investment securities were classified as Level 1.

**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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity Risk** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $60514 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.1%** | **Shares**<br> | **Value**<br> |
| **Aerospace and Defense — 0.2%** | | |
| Astronics Corp.<sup>(1)</sup> | 65131 | $2368814 |
| Eve Holding, Inc.<sup>(1)(2)</sup> | 5246 | 20617 |
|  |  | 2389431 |
| **Air Freight and Logistics — 0.1%** |  |  |
| Hub Group, Inc., Class A | 26298 | 984071 |
| **Automobile Components — 3.8%** |  |  |
| American Axle & Manufacturing Holdings, Inc.<sup>(1)</sup> | 168659 | 981595 |
| Dana, Inc. | 305488 | 6158638 |
| Fox Factory Holding Corp.<sup>(1)</sup> | 4886 | 141352 |
| Gentex Corp. | 206915 | 5795689 |
| Gentherm, Inc.<sup>(1)</sup> | 18942 | 696497 |
| Goodyear Tire & Rubber Co.<sup>(1)</sup> | 627664 | 5322591 |
| LCI Industries | 36071 | 3802605 |
| Lear Corp. | 98570 | 10842700 |
| Motorcar Parts of America, Inc.<sup>(1)</sup> | 27082 | 403522 |
| Phinia, Inc. | 78209 | 4573662 |
| Standard Motor Products, Inc. | 14079 | 546406 |
| Stoneridge, Inc.<sup>(1)</sup> | 12530 | 103999 |
| Strattec Security Corp.<sup>(1)</sup> | 6119 | 403059 |
| Visteon Corp. | 48805 | 6049868 |
|  |  | 45822183 |
| **Automobiles — 1.2%** |  |  |
| Harley-Davidson, Inc. | 175945 | 5123519 |
| Thor Industries, Inc. | 85637 | 9385815 |
|  |  | 14509334 |
| **Banks — 14.9%** |  |  |
| 1st Source Corp. | 23254 | 1498023 |
| ACNB Corp. | 3083 | 139722 |
| Amalgamated Financial Corp. | 22215 | 641791 |
| Ameris Bancorp | 33118 | 2426887 |
| Ames National Corp. | 1518 | 30330 |
| Arrow Financial Corp. | 6524 | 193958 |
| Associated Banc-Corp. | 174742 | 4712792 |
| Axos Financial, Inc.<sup>(1)</sup> | 68784 | 6273789 |
| Banc of California, Inc. | 132272 | 2238042 |
| BancFirst Corp. | 4390 | 583738 |
| Bancorp, Inc.<sup>(1)</sup> | 62166 | 4739536 |
| Bank First Corp. | 2579 | 335064 |
| Bank of Hawaii Corp. | 23989 | 1634131 |
| Bank of NT Butterfield & Son Ltd. | 79669 | 3594665 |
| Bank OZK | 140772 | 7386307 |
| Bank7 Corp. | 1106 | 54869 |
| BankFinancial Corp.<sup>(2)</sup> | 377 | 4667 |
| BankUnited, Inc. | 78794 | 3087937 |
| Banner Corp. | 30990 | 2077260 |
| Bar Harbor Bankshares | 4080 | 131662 |
| BayCom Corp. | 2322 | 70264 |
| BCB Bancorp, Inc. | 3352 | 29833 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Berkshire Hills Bancorp, Inc. | 58009 | $1515775 |
| Bridgewater Bancshares, Inc.<sup>(1)</sup> | 17901 | 293218 |
| Brookline Bancorp, Inc. | 91005 | 996505 |
| Burke & Herbert Financial Services Corp. | 13498 | 857933 |
| Business First Bancshares, Inc. | 22141 | 553746 |
| Byline Bancorp, Inc. | 27381 | 791585 |
| C&F Financial Corp. | 1032 | 74283 |
| Cadence Bank | 18301 | 688850 |
| Camden National Corp. | 1686 | 68941 |
| Capital Bancorp, Inc. | 4733 | 160875 |
| Capital City Bank Group, Inc. | 10235 | 448907 |
| Carter Bankshares, Inc.<sup>(1)</sup> | 7658 | 149025 |
| Cathay General Bancorp | 57380 | 2863836 |
| CB Financial Services, Inc. | 235 | 7823 |
| Central Pacific Financial Corp. | 28056 | 878714 |
| Chemung Financial Corp. | 842 | 45401 |
| Citizens Financial Services, Inc. | 191 | 11452 |
| City Holding Co. | 6514 | 836919 |
| Civista Bancshares, Inc. | 2482 | 52594 |
| CNB Financial Corp. | 20275 | 533435 |
| Colony Bankcorp, Inc. | 7128 | 122459 |
| Columbia Banking System, Inc. | 294803 | 7891876 |
| Community Trust Bancorp, Inc. | 16176 | 945002 |
| Community West Bancshares | 576 | 12280 |
| ConnectOne Bancorp, Inc. | 17999 | 460774 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 41010 | 2940007 |
| Dime Community Bancshares, Inc. | 12233 | 376287 |
| Eagle Bancorp Montana, Inc. | 3158 | 55360 |
| Eagle Bancorp, Inc. | 23658 | 459438 |
| Enterprise Financial Services Corp. | 41225 | 2524619 |
| Equity Bancshares, Inc., Class A | 10292 | 417135 |
| Esquire Financial Holdings, Inc. | 10934 | 1072625 |
| Farmers National Banc Corp. | 4458 | 67672 |
| FB Financial Corp. | 4242 | 227711 |
| First BanCorp | 218577 | 4858967 |
| First Bancorp, Inc. | 553 | 15031 |
| First Bancorp/Southern Pines NC | 233 | 12719 |
| First Bank | 9928 | 166989 |
| First Busey Corp. | 60013 | 1482321 |
| First Business Financial Services, Inc. | 7904 | 413537 |
| First Commonwealth Financial Corp. | 79216 | 1406084 |
| First Community Corp. | 85 | 2318 |
| First Financial Bancorp | 11779 | 311908 |
| First Financial Corp. | 9892 | 583628 |
| First Internet Bancorp | 3003 | 75420 |
| First Merchants Corp. | 22940 | 952469 |
| First Mid Bancshares, Inc. | 19161 | 774871 |
| First Savings Financial Group, Inc. | 562 | 15410 |
| First United Corp. | 1471 | 54971 |
| First Western Financial, Inc.<sup>(1)</sup> | 900 | 21024 |
| Firstsun Capital Bancorp<sup>(1)</sup> | 3113 | 118325 |
| Five Star Bancorp | 8180 | 268059 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| FNB Corp. | 256580 | $4282320 |
| Franklin Financial Services Corp. | 146 | 6818 |
| FS Bancorp, Inc. | 2284 | 97550 |
| Fulton Financial Corp. | 205101 | 4032286 |
| FVCBankcorp, Inc. | 737 | 9997 |
| Great Southern Bancorp, Inc. | 10907 | 690304 |
| Greene County Bancorp, Inc. | 120 | 2879 |
| Guaranty Bancshares, Inc. | 456 | 22408 |
| Hancock Whitney Corp. | 108783 | 6844626 |
| Hanmi Financial Corp. | 34422 | 866057 |
| Hawthorn Bancshares, Inc. | 617 | 20626 |
| HBT Financial, Inc. | 7700 | 203973 |
| Heritage Commerce Corp. | 29509 | 304828 |
| Heritage Financial Corp. | 2364 | 57776 |
| Hilltop Holdings, Inc. | 23313 | 817820 |
| Hingham Institution For Savings | 234 | 66489 |
| Home Bancorp, Inc. | 3134 | 176334 |
| HomeStreet, Inc.<sup>(1)</sup> | 4663 | 64676 |
| HomeTrust Bancshares, Inc. | 17140 | 708910 |
| Hope Bancorp, Inc. | 150363 | 1673540 |
| Horizon Bancorp, Inc. | 12179 | 205338 |
| Independent Bank Corp. (Michigan) | 24469 | 804785 |
| International Bancshares Corp. | 69792 | 4992920 |
| Investar Holding Corp. | 2251 | 52763 |
| Kearny Financial Corp. | 17555 | 118496 |
| Landmark Bancorp, Inc. | 224 | 5952 |
| LCNB Corp. | 1307 | 21147 |
| Live Oak Bancshares, Inc. | 1720 | 66547 |
| Mercantile Bank Corp. | 19513 | 961015 |
| Meridian Corp. | 3066 | 48259 |
| Metrocity Bankshares, Inc. | 19645 | 588171 |
| Metropolitan Bank Holding Corp. | 13657 | 1084229 |
| Mid Penn Bancorp, Inc. | 4603 | 138734 |
| Midland States Bancorp, Inc. | 13122 | 241707 |
| MVB Financial Corp. | 2840 | 69296 |
| National Bank Holdings Corp., Class A | 11640 | 456521 |
| NBT Bancorp, Inc. | 11570 | 512204 |
| Northeast Bank | 9137 | 1010187 |
| Northfield Bancorp, Inc. | 17511 | 207505 |
| Northrim BanCorp, Inc. | 7403 | 696104 |
| Northwest Bancshares, Inc. | 84474 | 1068596 |
| Oak Valley Bancorp | 1226 | 34929 |
| OceanFirst Financial Corp. | 50153 | 922314 |
| OFG Bancorp | 68773 | 3077592 |
| Old National Bancorp | 77499 | 1773952 |
| Old Second Bancorp, Inc. | 57081 | 1053715 |
| OP Bancorp | 1343 | 19527 |
| Orange County Bancorp, Inc. | 2461 | 65659 |
| Origin Bancorp, Inc. | 29484 | 1146633 |
| Orrstown Financial Services, Inc. | 12923 | 450367 |
| Parke Bancorp, Inc. | 2104 | 47445 |
| Pathward Financial, Inc. | 36192 | 2876178 |
| PCB Bancorp | 3694 | 81637 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Peapack-Gladstone Financial Corp. | 8435 | $244699 |
| Peoples Bancorp of North Carolina, Inc. | 588 | 18628 |
| Peoples Bancorp, Inc. | 37882 | 1172069 |
| Plumas Bancorp | 642 | 27856 |
| Popular, Inc. | 35223 | 4425418 |
| Preferred Bank | 17733 | 1673995 |
| Provident Financial Services, Inc. | 89884 | 1783299 |
| QCR Holdings, Inc. | 16626 | 1303146 |
| RBB Bancorp | 7610 | 153950 |
| Red River Bancshares, Inc. | 327 | 21386 |
| Renasant Corp. | 28063 | 1098105 |
| Republic Bancorp, Inc., Class A | 11147 | 855421 |
| Riverview Bancorp, Inc. | 2994 | 15150 |
| S&T Bancorp, Inc. | 36810 | 1454363 |
| SB Financial Group, Inc. | 134 | 2814 |
| Shore Bancshares, Inc. | 36496 | 627366 |
| Sierra Bancorp | 10292 | 315553 |
| SmartFinancial, Inc. | 5563 | 204997 |
| South Plains Financial, Inc. | 11252 | 457169 |
| Southern First Bancshares, Inc.<sup>(1)</sup> | 1448 | 65305 |
| Southern Missouri Bancorp, Inc. | 10360 | 596063 |
| Southside Bancshares, Inc. | 16249 | 507619 |
| Stellar Bancorp, Inc. | 32689 | 1010744 |
| Stock Yards Bancorp, Inc. | 15063 | 1215735 |
| Synovus Financial Corp. | 84679 | 4370283 |
| Texas Capital Bancshares, Inc.<sup>(1)</sup> | 8823 | 763807 |
| Third Coast Bancshares, Inc.<sup>(1)</sup> | 10208 | 406585 |
| Timberland Bancorp, Inc. | 1932 | 64625 |
| Tompkins Financial Corp. | 6770 | 474848 |
| Towne Bank | 21496 | 788688 |
| TriCo Bancshares | 22503 | 1022086 |
| TrustCo Bank Corp. | 13184 | 524591 |
| Trustmark Corp. | 30721 | 1237135 |
| UMB Financial Corp. | 29879 | 3642250 |
| Union Bankshares, Inc. | 156 | 4082 |
| United Community Banks, Inc. | 276 | 9218 |
| United Security Bancshares | 700 | 6664 |
| Unity Bancorp, Inc. | 8224 | 430526 |
| Univest Financial Corp. | 22316 | 706748 |
| Valley National Bancorp | 291484 | 3048923 |
| Veritex Holdings, Inc. | 32715 | 1123760 |
| WaFd, Inc. | 73005 | 2296007 |
| West BanCorp, Inc. | 3824 | 76327 |
| Westamerica Bancorporation | 37053 | 1853021 |
| Western Alliance Bancorp | 15121 | 1354086 |
| Wintrust Financial Corp. | 26648 | 3658504 |
| WSFS Financial Corp. | 36741 | 2141633 |
| Zions Bancorp NA | 28824 | 1672080 |
|  |  | 179600348 |
| **Beverages — 0.2%** |  |  |
| Boston Beer Co., Inc., Class A<sup>(1)</sup> | 7404 | 1636950 |
| Coca-Cola Consolidated, Inc. | 280 | 32827 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MGP Ingredients, Inc. | 7096 | $209829 |
|  |  | 1879606 |
| **Biotechnology — 1.0%** |  |  |
| ACADIA Pharmaceuticals, Inc.<sup>(1)</sup> | 22246 | 578174 |
| Alkermes PLC<sup>(1)</sup> | 180395 | 5226043 |
| Anika Therapeutics, Inc.<sup>(1)</sup> | 2971 | 27868 |
| Catalyst Pharmaceuticals, Inc.<sup>(1)</sup> | 128172 | 2639061 |
| Emergent BioSolutions, Inc.<sup>(1)</sup> | 133507 | 1108108 |
| Kura Oncology, Inc.<sup>(1)</sup> | 19840 | 156736 |
| Monte Rosa Therapeutics, Inc.<sup>(1)(2)</sup> | 66981 | 321509 |
| Protagonist Therapeutics, Inc.<sup>(1)</sup> | 25840 | 1525852 |
| Puma Biotechnology, Inc.<sup>(1)</sup> | 50946 | 256768 |
| XBiotech, Inc.<sup>(1)(2)</sup> | 282 | 891 |
|  |  | 11841010 |
| **Broadline Retail — 1.0%** |  |  |
| Dillard's, Inc., Class A<sup>(2)</sup> | 2962 | 1578390 |
| Kohl's Corp. | 181918 | 2739685 |
| Macy's, Inc. | 546834 | 7234614 |
|  |  | 11552689 |
| **Building Products — 0.4%** |  |  |
| Apogee Enterprises, Inc. | 37048 | 1629186 |
| Insteel Industries, Inc. | 15083 | 578886 |
| JELD-WEN Holding, Inc.<sup>(1)</sup> | 123672 | 790264 |
| Tecnoglass, Inc. | 32542 | 2361898 |
|  |  | 5360234 |
| **Capital Markets — 1.0%** |  |  |
| Diamond Hill Investment Group, Inc. | 3089 | 450253 |
| Oppenheimer Holdings, Inc., Class A | 13490 | 978969 |
| StoneX Group, Inc.<sup>(1)</sup> | 64961 | 6637065 |
| Virtus Investment Partners, Inc. | 8922 | 1797158 |
| WisdomTree, Inc.<sup>(2)</sup> | 172032 | 2341356 |
|  |  | 12204801 |
| **Chemicals — 2.7%** |  |  |
| AdvanSix, Inc. | 35731 | 766787 |
| American Vanguard Corp.<sup>(1)</sup> | 4294 | 23188 |
| Aspen Aerogels, Inc.<sup>(1)</sup> | 4486 | 30684 |
| Cabot Corp. | 94482 | 7705952 |
| Chemours Co. | 95356 | 1468482 |
| Core Molding Technologies, Inc.<sup>(1)</sup> | 7002 | 134438 |
| FMC Corp. | 165343 | 6464911 |
| Hawkins, Inc. | 14181 | 2372907 |
| Intrepid Potash, Inc.<sup>(1)</sup> | 10095 | 307191 |
| Koppers Holdings, Inc. | 12688 | 367698 |
| Kronos Worldwide, Inc. | 1953 | 12460 |
| LSB Industries, Inc.<sup>(1)</sup> | 74633 | 620947 |
| Mativ Holdings, Inc. | 71012 | 892621 |
| NewMarket Corp. | 8482 | 7014275 |
| Orion SA | 73325 | 773579 |
| Quaker Chemical Corp. | 6155 | 892906 |
| Rayonier Advanced Materials, Inc.<sup>(1)</sup> | 121472 | 676599 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Stepan Co. | 26077 | $1304632 |
| Tronox Holdings PLC, Class A | 51691 | 221238 |
| Valhi, Inc. | 749 | 12216 |
|  |  | 32063711 |
| **Commercial Services and Supplies — 0.8%** |  |  |
| ACCO Brands Corp. | 129281 | 519710 |
| Acme United Corp. | 1973 | 84879 |
| Civeo Corp.<sup>(2)</sup> | 17829 | 423439 |
| Ennis, Inc. | 38164 | 697256 |
| Healthcare Services Group, Inc.<sup>(1)</sup> | 154816 | 2416678 |
| Interface, Inc. | 114293 | 3053909 |
| Steelcase, Inc., Class A | 157572 | 2637755 |
| Virco Mfg. Corp. | 25345 | 218220 |
|  |  | 10051846 |
| **Communications Equipment — 0.8%** |  |  |
| Aviat Networks, Inc.<sup>(1)</sup> | 3568 | 81921 |
| BK Technologies Corp.<sup>(1)</sup> | 229 | 16209 |
| NETGEAR, Inc.<sup>(1)</sup> | 48788 | 1325570 |
| Viasat, Inc.<sup>(1)</sup> | 237907 | 7691533 |
|  |  | 9115233 |
| **Construction and Engineering — 3.0%** |  |  |
| Argan, Inc. | 25132 | 5735625 |
| Everus Construction Group, Inc.<sup>(1)</sup> | 46748 | 3666913 |
| Granite Construction, Inc. | 70238 | 7568145 |
| Great Lakes Dredge & Dock Corp.<sup>(1)</sup> | 116423 | 1357492 |
| IES Holdings, Inc.<sup>(1)</sup> | 9389 | 3279672 |
| Matrix Service Co.<sup>(1)</sup> | 41103 | 621888 |
| NWPX Infrastructure, Inc.<sup>(1)</sup> | 8363 | 442904 |
| Orion Group Holdings, Inc.<sup>(1)</sup> | 11110 | 82214 |
| Primoris Services Corp. | 70198 | 8321973 |
| Tutor Perini Corp.<sup>(1)</sup> | 79457 | 4683196 |
|  |  | 35760022 |
| **Consumer Finance — 2.1%** |  |  |
| Atlanticus Holdings Corp.<sup>(1)</sup> | 7071 | 471636 |
| Bread Financial Holdings, Inc. | 58327 | 3860664 |
| Consumer Portfolio Services, Inc.<sup>(1)</sup> | 6386 | 51024 |
| Credit Acceptance Corp.<sup>(1)</sup> | 2314 | 1191085 |
| EZCORP, Inc., Class A<sup>(1)</sup> | 34763 | 579499 |
| Green Dot Corp., Class A<sup>(1)</sup> | 112292 | 1563105 |
| LendingClub Corp.<sup>(1)</sup> | 132691 | 2279631 |
| Medallion Financial Corp. | 1917 | 20244 |
| Navient Corp. | 88171 | 1208824 |
| Nelnet, Inc., Class A | 6183 | 795196 |
| OneMain Holdings, Inc. | 67236 | 4159219 |
| PRA Group, Inc.<sup>(1)</sup> | 24094 | 411767 |
| PROG Holdings, Inc. | 9696 | 341687 |
| Regional Management Corp. | 6409 | 280971 |
| SLM Corp. | 245998 | 7694817 |
| World Acceptance Corp.<sup>(1)</sup> | 4001 | 685891 |
|  |  | 25595260 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Consumer Staples Distribution & Retail — 1.2%** | | |
| HF Foods Group, Inc.<sup>(1)</sup> | 1687 | $5533 |
| Ingles Markets, Inc., Class A | 23865 | 1615422 |
| Natural Grocers by Vitamin Cottage, Inc. | 21172 | 814063 |
| PriceSmart, Inc. | 38706 | 4151606 |
| SpartanNash Co. | 62480 | 1674464 |
| United Natural Foods, Inc.<sup>(1)</sup> | 144361 | 4082529 |
| Village Super Market, Inc., Class A | 11935 | 433002 |
| Weis Markets, Inc. | 28491 | 2041380 |
|  |  | 14817999 |
| **Distributors — 0.0%** |  |  |
| A-Mark Precious Metals, Inc. | 6131 | 143527 |
| Weyco Group, Inc. | 419 | 12695 |
|  |  | 156222 |
| **Diversified Consumer Services — 1.5%** |  |  |
| American Public Education, Inc.<sup>(1)</sup> | 27063 | 816761 |
| Grand Canyon Education, Inc.<sup>(1)</sup> | 30 | 6047 |
| Laureate Education, Inc., Class A<sup>(1)</sup> | 132 | 3627 |
| Lincoln Educational Services Corp.<sup>(1)</sup> | 57864 | 1088422 |
| Perdoceo Education Corp. | 109706 | 3591775 |
| Stride, Inc.<sup>(1)</sup> | 59443 | 9700503 |
| Universal Technical Institute, Inc.<sup>(1)</sup> | 89898 | 2390388 |
|  |  | 17597523 |
| **Diversified Telecommunication Services — 1.0%** |  |  |
| ATN International, Inc. | 10524 | 178908 |
| Frontier Communications Parent, Inc.<sup>(1)</sup> | 78993 | 2929060 |
| Globalstar, Inc.<sup>(1)</sup> | 12760 | 381907 |
| Iridium Communications, Inc. | 143859 | 3580651 |
| Liberty Global Ltd., Class A<sup>(1)</sup> | 186988 | 2195239 |
| Liberty Global Ltd., Class C<sup>(1)</sup> | 182423 | 2179955 |
| Shenandoah Telecommunications Co. | 32023 | 424305 |
|  |  | 11870025 |
| **Electrical Equipment — 0.5%** |  |  |
| Atkore, Inc. | 55655 | 3238564 |
| Preformed Line Products Co. | 3683 | 703711 |
| Shoals Technologies Group, Inc., Class A<sup>(1)</sup> | 349615 | 2275994 |
|  |  | 6218269 |
| **Electronic Equipment, Instruments and Components — 3.5%** |  |  |
| Arrow Electronics, Inc.<sup>(1)</sup> | 36776 | 4645912 |
| Avnet, Inc. | 166432 | 9082194 |
| Bel Fuse, Inc., Class A | 1157 | 132396 |
| Bel Fuse, Inc., Class B | 10297 | 1385564 |
| Benchmark Electronics, Inc. | 59417 | 2411736 |
| Daktronics, Inc.<sup>(1)</sup> | 71128 | 1234071 |
| ePlus, Inc. | 43716 | 3163727 |
| Ingram Micro Holding Corp. | 3879 | 75912 |
| Insight Enterprises, Inc.<sup>(1)</sup> | 9120 | 1187059 |
| IPG Photonics Corp.<sup>(1)</sup> | 10669 | 872938 |
| Kimball Electronics, Inc.<sup>(1)</sup> | 39305 | 1134735 |
| Knowles Corp.<sup>(1)</sup> | 8205 | 175177 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Methode Electronics, Inc. | 33901 | $262055 |
| PC Connection, Inc. | 9488 | 609224 |
| Plexus Corp.<sup>(1)</sup> | 42427 | 5812923 |
| Sanmina Corp.<sup>(1)</sup> | 18931 | 2224771 |
| ScanSource, Inc.<sup>(1)</sup> | 38869 | 1696632 |
| TTM Technologies, Inc.<sup>(1)</sup> | 88194 | 3930807 |
| Vishay Intertechnology, Inc. | 158422 | 2449204 |
| Vishay Precision Group, Inc.<sup>(1)</sup> | 14160 | 402427 |
|  |  | 42889464 |
| **Energy Equipment and Services — 5.2%** |  |  |
| Archrock, Inc. | 325942 | 8070324 |
| Bristow Group, Inc.<sup>(1)</sup> | 40052 | 1542402 |
| Expro Group Holdings NV<sup>(1)</sup> | 50760 | 632977 |
| Forum Energy Technologies, Inc.<sup>(1)</sup> | 12616 | 333693 |
| Helix Energy Solutions Group, Inc.<sup>(1)</sup> | 215420 | 1419618 |
| Helmerich & Payne, Inc. | 146911 | 3068971 |
| KLX Energy Services Holdings, Inc.<sup>(1)(2)</sup> | 3329 | 6525 |
| Kodiak Gas Services, Inc. | 77581 | 2776624 |
| Liberty Energy, Inc., Class A | 287473 | 3234071 |
| Nabors Industries Ltd.<sup>(1)(2)</sup> | 13794 | 514240 |
| Natural Gas Services Group, Inc. | 16617 | 434701 |
| Noble Corp. PLC | 218436 | 6295325 |
| NOV, Inc. | 617844 | 8211147 |
| Oceaneering International, Inc.<sup>(1)</sup> | 171092 | 4174645 |
| Oil States International, Inc.<sup>(1)</sup> | 76679 | 429402 |
| Patterson-UTI Energy, Inc. | 690885 | 4014042 |
| ProFrac Holding Corp., Class A<sup>(1)(2)</sup> | 34444 | 137776 |
| ProPetro Holding Corp.<sup>(1)</sup> | 164251 | 837680 |
| Ranger Energy Services, Inc. | 23514 | 335545 |
| RPC, Inc. | 189612 | 904449 |
| Seadrill Ltd.<sup>(1)</sup> | 76360 | 2436648 |
| Select Water Solutions, Inc., Class A | 186392 | 1588060 |
| TETRA Technologies, Inc.<sup>(1)</sup> | 203914 | 958396 |
| Tidewater, Inc.<sup>(1)</sup> | 54659 | 3290472 |
| Transocean Ltd.<sup>(1)</sup> | 355414 | 1076904 |
| Valaris Ltd.<sup>(1)</sup> | 78525 | 3900337 |
| Weatherford International PLC | 38407 | 2446718 |
|  |  | 63071692 |
| **Entertainment — 0.1%** |  |  |
| Marcus Corp. | 40269 | 621753 |
| **Financial Services — 3.2%** |  |  |
| Acacia Research Corp.<sup>(1)</sup> | 6117 | 20859 |
| Cass Information Systems, Inc. | 54 | 2329 |
| Enact Holdings, Inc. | 31639 | 1191208 |
| Essent Group Ltd. | 71291 | 4472797 |
| Federal Agricultural Mortgage Corp., Class C | 13967 | 2927064 |
| Finance of America Cos., Inc., Class A<sup>(1)(2)</sup> | 8131 | 217179 |
| International Money Express, Inc.<sup>(1)</sup> | 19132 | 277414 |
| Jackson Financial, Inc., Class A | 80253 | 7928996 |
| Merchants Bancorp | 29468 | 955353 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MGIC Investment Corp. | 164333 | $4573387 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 105958 | 4169447 |
| Onity Group, Inc.<sup>(1)</sup> | 7447 | 308082 |
| Payoneer Global, Inc.<sup>(1)</sup> | 344518 | 2394400 |
| PennyMac Financial Services, Inc. | 23818 | 2622362 |
| Radian Group, Inc. | 185137 | 6457579 |
| Velocity Financial, Inc.<sup>(1)</sup> | 6620 | 126310 |
| Waterstone Financial, Inc. | 5837 | 87497 |
|  |  | 38732263 |
| **Food Products — 1.6%** |  |  |
| Cal-Maine Foods, Inc. | 81890 | 9469760 |
| Darling Ingredients, Inc.<sup>(1)</sup> | 18453 | 626664 |
| Dole PLC | 120088 | 1767695 |
| Fresh Del Monte Produce, Inc. | 70361 | 2552697 |
| Mission Produce, Inc.<sup>(1)</sup> | 47836 | 598428 |
| Pilgrim's Pride Corp. | 5 | 222 |
| Seaboard Corp. | 248 | 984362 |
| Seneca Foods Corp., Class A<sup>(1)</sup> | 5868 | 664258 |
| WK Kellogg Co. | 99518 | 2280952 |
|  |  | 18945038 |
| **Gas Utilities — 0.1%** |  |  |
| MDU Resources Group, Inc. | 84941 | 1383689 |
| **Ground Transportation — 1.5%** |  |  |
| ArcBest Corp. | 32023 | 2362016 |
| Covenant Logistics Group, Inc. | 20992 | 506537 |
| Heartland Express, Inc. | 84388 | 724893 |
| Marten Transport Ltd. | 103627 | 1226944 |
| PAMT Corp.<sup>(1)</sup> | 17 | 208 |
| Ryder System, Inc. | 43886 | 8229503 |
| Schneider National, Inc., Class B | 55464 | 1371070 |
| Universal Logistics Holdings, Inc. | 9525 | 247078 |
| Werner Enterprises, Inc. | 109009 | 3144910 |
|  |  | 17813159 |
| **Health Care Equipment and Supplies — 0.7%** |  |  |
| Bioventus, Inc., Class A<sup>(1)</sup> | 57062 | 422259 |
| FONAR Corp.<sup>(1)(2)</sup> | 475 | 7591 |
| Kewaunee Scientific Corp.<sup>(1)</sup> | 3650 | 206919 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 52736 | 2895206 |
| Novocure Ltd.<sup>(1)</sup> | 88397 | 1089935 |
| Pro-Dex, Inc.<sup>(1)(2)</sup> | 100 | 4688 |
| QuidelOrtho Corp.<sup>(1)</sup> | 95621 | 2743367 |
| Utah Medical Products, Inc. | 197 | 12255 |
| Varex Imaging Corp.<sup>(1)</sup> | 40715 | 470258 |
| Zimvie, Inc.<sup>(1)</sup> | 38755 | 731694 |
|  |  | 8584172 |
| **Health Care Providers and Services — 0.6%** |  |  |
| Brookdale Senior Living, Inc.<sup>(1)</sup> | 321102 | 2472485 |
| Cross Country Healthcare, Inc.<sup>(1)</sup> | 46771 | 625796 |
| InfuSystem Holdings, Inc.<sup>(1)</sup> | 2215 | 23878 |
| Nutex Health, Inc.<sup>(1)(2)</sup> | 7245 | 607058 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Premier, Inc., Class A | 155714 | $4032993 |
|  |  | 7762210 |
| **Hotels, Restaurants and Leisure — 1.3%** |  |  |
| Accel Entertainment, Inc.<sup>(1)</sup> | 45122 | 522964 |
| BJ's Restaurants, Inc.<sup>(1)</sup> | 44946 | 1508388 |
| Bloomin' Brands, Inc. | 56593 | 415958 |
| Cheesecake Factory, Inc.<sup>(2)</sup> | 83910 | 5157109 |
| Cracker Barrel Old Country Store, Inc.<sup>(2)</sup> | 46684 | 2792637 |
| Monarch Casino & Resort, Inc. | 23489 | 2450607 |
| ONE Group Hospitality, Inc.<sup>(1)(2)</sup> | 4532 | 12644 |
| Potbelly Corp.<sup>(1)</sup> | 33039 | 427525 |
| RCI Hospitality Holdings, Inc. | 10689 | 397738 |
| Super Group SGHC Ltd. | 196863 | 2289517 |
| Target Hospitality Corp.<sup>(1)</sup> | 32691 | 296507 |
|  |  | 16271594 |
| **Household Durables — 1.2%** |  |  |
| Bassett Furniture Industries, Inc. | 2036 | 34246 |
| Cricut, Inc., Class A | 77653 | 442622 |
| Ethan Allen Interiors, Inc. | 34281 | 1011632 |
| Flexsteel Industries, Inc. | 2695 | 124994 |
| Hamilton Beach Brands Holding Co., Class A | 3933 | 57972 |
| Hovnanian Enterprises, Inc., Class A<sup>(1)</sup> | 1885 | 264579 |
| La-Z-Boy, Inc. | 63834 | 2359943 |
| Legacy Housing Corp.<sup>(1)</sup> | 3900 | 108985 |
| Lifetime Brands, Inc. | 1029 | 4065 |
| M/I Homes, Inc.<sup>(1)</sup> | 29150 | 4292629 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 23500 | 1583195 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 132105 | 4667270 |
| Universal Electronics, Inc.<sup>(1)</sup> | 3515 | 17065 |
|  |  | 14969197 |
| **Household Products — 0.3%** |  |  |
| Central Garden & Pet Co.<sup>(1)</sup> | 13656 | 497488 |
| Central Garden & Pet Co., Class A<sup>(1)</sup> | 84810 | 2801274 |
| Oil-Dri Corp. of America | 12881 | 764874 |
|  |  | 4063636 |
| **Independent Power and Renewable Electricity Producers — 0.1%** |  |  |
| Hallador Energy Co.<sup>(1)</sup> | 71411 | 1164713 |
| Montauk Renewables, Inc.<sup>(1)</sup> | 44200 | 95030 |
| XPLR Infrastructure LP | 18220 | 193132 |
|  |  | 1452875 |
| **Insurance — 4.8%** |  |  |
| American Coastal Insurance Corp., Class C | 17574 | 194193 |
| Assured Guaranty Ltd. | 50362 | 4139756 |
| Axis Capital Holdings Ltd. | 49411 | 4870936 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | 106124 | 5015420 |
| CNO Financial Group, Inc. | 148255 | 5851625 |
| Donegal Group, Inc., Class A | 19555 | 349839 |
| Employers Holdings, Inc. | 29743 | 1286682 |
| F&G Annuities & Life, Inc. | 12692 | 438762 |
| Fidelis Insurance Holdings Ltd. | 89599 | 1566191 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 441973 | $3787709 |
| Greenlight Capital Re Ltd., Class A<sup>(1)</sup> | 11602 | 149550 |
| Hanover Insurance Group, Inc. | 13413 | 2326887 |
| HCI Group, Inc. | 17715 | 2953268 |
| Heritage Insurance Holdings, Inc.<sup>(1)</sup> | 45914 | 1045462 |
| Horace Mann Educators Corp. | 64911 | 2984608 |
| James River Group Holdings Ltd. | 23949 | 134593 |
| Kingstone Cos., Inc. | 9960 | 134062 |
| Mercury General Corp. | 28383 | 2194857 |
| NI Holdings, Inc.<sup>(1)</sup> | 1243 | 16644 |
| Oscar Health, Inc., Class A<sup>(1)(2)</sup> | 340175 | 5667315 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 30755 | 3783480 |
| Primerica, Inc. | 1586 | 427173 |
| ProAssurance Corp.<sup>(1)</sup> | 30735 | 731800 |
| Selective Insurance Group, Inc. | 11711 | 916152 |
| Selectquote, Inc.<sup>(1)</sup> | 159960 | 361510 |
| SiriusPoint Ltd.<sup>(1)</sup> | 161060 | 3015043 |
| Skyward Specialty Insurance Group, Inc.<sup>(1)</sup> | 35075 | 1694123 |
| United Fire Group, Inc. | 20095 | 617720 |
| Universal Insurance Holdings, Inc. | 43465 | 1060111 |
| White Mountains Insurance Group Ltd. | 145 | 265376 |
|  |  | 57980847 |
| **Interactive Media and Services — 0.2%** |  |  |
| Cargurus, Inc.<sup>(1)</sup> | 157 | 5432 |
| Cars.com, Inc.<sup>(1)</sup> | 71605 | 934446 |
| Yelp, Inc.<sup>(1)</sup> | 58521 | 1850434 |
|  |  | 2790312 |
| **IT Services — 0.4%** |  |  |
| DXC Technology Co.<sup>(1)</sup> | 314310 | 4541780 |
| **Leisure Products — 1.4%** |  |  |
| Acushnet Holdings Corp. | 14916 | 1143311 |
| American Outdoor Brands, Inc.<sup>(1)</sup> | 786 | 8206 |
| Brunswick Corp. | 56287 | 3579290 |
| Clarus Corp. | 15909 | 57750 |
| Escalade, Inc. | 413 | 5204 |
| Funko, Inc., Class A<sup>(1)</sup> | 34972 | 121003 |
| JAKKS Pacific, Inc. | 6972 | 123893 |
| Latham Group, Inc.<sup>(1)</sup> | 3492 | 28041 |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 27262 | 905098 |
| MasterCraft Boat Holdings, Inc.<sup>(1)</sup> | 20643 | 452908 |
| Polaris, Inc. | 66590 | 3767662 |
| Sturm Ruger & Co., Inc. | 3517 | 121934 |
| Topgolf Callaway Brands Corp.<sup>(1)</sup> | 233081 | 2228254 |
| YETI Holdings, Inc.<sup>(1)</sup> | 125369 | 4407974 |
|  |  | 16950528 |
| **Life Sciences Tools and Services — 0.0%** |  |  |
| OmniAb, Inc.<sup>(1)</sup> | 2677 | 28 |
| OmniAb, Inc.<sup>(1)</sup> | 2677 | 16 |
|  |  | 44 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Machinery — 4.4%** | | |
| Alamo Group, Inc. | 14563 | $3079492 |
| Albany International Corp., Class A | 44794 | 2844867 |
| Astec Industries, Inc. | 47954 | 2219791 |
| Blue Bird Corp.<sup>(1)</sup> | 51593 | 3012515 |
| Douglas Dynamics, Inc. | 12881 | 433703 |
| Graham Corp.<sup>(1)</sup> | 16136 | 791471 |
| Greenbrier Cos., Inc. | 71880 | 3351764 |
| Hyster-Yale, Inc. | 14543 | 545363 |
| Kennametal, Inc. | 136852 | 2932738 |
| Lindsay Corp. | 12540 | 1720864 |
| Luxfer Holdings PLC | 41690 | 559480 |
| Manitowoc Co., Inc.<sup>(1)</sup> | 15749 | 155915 |
| Mayville Engineering Co., Inc.<sup>(1)</sup> | 12678 | 185099 |
| Mueller Industries, Inc. | 62277 | 5974855 |
| Mueller Water Products, Inc., Class A | 187579 | 4944583 |
| Park-Ohio Holdings Corp. | 10456 | 211211 |
| Perma-Pipe International Holdings, Inc.<sup>(1)</sup> | 1168 | 34795 |
| REV Group, Inc. | 94344 | 5020044 |
| Taylor Devices, Inc.<sup>(1)</sup> | 921 | 45129 |
| Tennant Co. | 29575 | 2426333 |
| Terex Corp. | 83339 | 4161950 |
| Titan International, Inc.<sup>(1)</sup> | 70644 | 623080 |
| Trinity Industries, Inc. | 126677 | 3600160 |
| Worthington Enterprises, Inc. | 58948 | 3878779 |
|  |  | 52753981 |
| **Marine Transportation — 0.6%** |  |  |
| Costamare Bulkers Holdings Ltd.<sup>(1)</sup> | 1294 | 13665 |
| Costamare, Inc. | 56751 | 649231 |
| Genco Shipping & Trading Ltd. | 70257 | 1183128 |
| Matson, Inc. | 53677 | 5585092 |
| Pangaea Logistics Solutions Ltd. | 6017 | 32070 |
| Safe Bulkers, Inc. | 59963 | 254843 |
|  |  | 7718029 |
| **Media — 1.1%** |  |  |
| AMC Networks, Inc., Class A<sup>(1)</sup> | 38285 | 270292 |
| Cable One, Inc. | 7887 | 1273593 |
| EchoStar Corp., Class A<sup>(1)</sup> | 175421 | 10839264 |
| Gambling.com Group Ltd.<sup>(1)</sup> | 16027 | 139916 |
| PubMatic, Inc., Class A<sup>(1)</sup> | 50 | 433 |
| Scholastic Corp. | 24323 | 624128 |
| WideOpenWest, Inc.<sup>(1)</sup> | 144 | 733 |
|  |  | 13148359 |
| **Metals and Mining — 2.7%** |  |  |
| Alpha Metallurgical Resources, Inc.<sup>(1)</sup> | 14113 | 2105518 |
| Ascent Industries Co.<sup>(1)</sup> | 2200 | 26884 |
| Caledonia Mining Corp. PLC | 12689 | 324585 |
| Century Aluminum Co.<sup>(1)</sup> | 10145 | 226538 |
| Coeur Mining, Inc.<sup>(1)</sup> | 275303 | 3620234 |
| Commercial Metals Co. | 152126 | 8773106 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Compass Minerals International, Inc.<sup>(1)</sup> | 78926 | $1503540 |
| Ferroglobe PLC | 17377 | 72636 |
| Kaiser Aluminum Corp. | 27853 | 2168913 |
| Materion Corp. | 21401 | 2371231 |
| Metallus, Inc.<sup>(1)</sup> | 60781 | 998632 |
| Olympic Steel, Inc. | 12024 | 405329 |
| Ramaco Resources, Inc., Class A<sup>(1)(2)</sup> | 46787 | 1213187 |
| Ramaco Resources, Inc., Class B | 6547 | 106389 |
| Ryerson Holding Corp. | 53985 | 1230858 |
| SunCoke Energy, Inc. | 169758 | 1310532 |
| Tredegar Corp.<sup>(1)</sup> | 7112 | 55687 |
| Warrior Met Coal, Inc. | 82658 | 5053710 |
| Worthington Steel, Inc. | 38193 | 1271827 |
|  |  | 32839336 |
| **Oil, Gas and Consumable Fuels — 8.5%** |  |  |
| Amplify Energy Corp.<sup>(1)</sup> | 52838 | 215051 |
| Antero Midstream Corp. | 138405 | 2462225 |
| Ardmore Shipping Corp. | 67977 | 789893 |
| Berry Corp. | 83635 | 279341 |
| California Resources Corp. | 136696 | 6791057 |
| Centrus Energy Corp., Class A<sup>(1)(2)</sup> | 23659 | 4772730 |
| Civitas Resources, Inc. | 161214 | 5929451 |
| CNX Resources Corp.<sup>(1)</sup> | 136743 | 3992896 |
| Comstock Resources, Inc.<sup>(1)</sup> | 89694 | 1446764 |
| Core Natural Resources, Inc. | 43966 | 3264915 |
| Crescent Energy Co., Class A | 322745 | 3078987 |
| CVR Energy, Inc.<sup>(1)</sup> | 42414 | 1293203 |
| DHT Holdings, Inc. | 276061 | 3235435 |
| Dorian LPG Ltd. | 89405 | 2859172 |
| DT Midstream, Inc. | 8174 | 851567 |
| Epsilon Energy Ltd. | 3955 | 23176 |
| Evolution Petroleum Corp. | 14420 | 74407 |
| FutureFuel Corp. | 27471 | 106587 |
| Gran Tierra Energy, Inc.<sup>(1)(2)</sup> | 58223 | 239297 |
| Granite Ridge Resources, Inc. | 110787 | 615976 |
| HighPeak Energy, Inc.<sup>(2)</sup> | 41225 | 317433 |
| International Seaways, Inc. | 110610 | 5023906 |
| Kimbell Royalty Partners LP | 151938 | 2122574 |
| Kosmos Energy Ltd.<sup>(1)</sup> | 655787 | 1173859 |
| Magnolia Oil & Gas Corp., Class A | 327240 | 8141731 |
| Matador Resources Co. | 47256 | 2379812 |
| Murphy Oil Corp. | 198929 | 4945375 |
| NACCO Industries, Inc., Class A | 2354 | 92088 |
| Nordic American Tankers Ltd. | 446899 | 1389856 |
| Northern Oil & Gas, Inc. | 177093 | 4632753 |
| Peabody Energy Corp. | 170508 | 2966839 |
| PrimeEnergy Resources Corp.<sup>(1)(2)</sup> | 1894 | 286505 |
| Range Resources Corp. | 7443 | 255072 |
| REX American Resources Corp.<sup>(1)</sup> | 18666 | 1167932 |
| Riley Exploration Permian, Inc. | 29969 | 876893 |
| SandRidge Energy, Inc. | 44285 | 524334 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Scorpio Tankers, Inc. | 93758 | $4725403 |
| SFL Corp. Ltd. | 247353 | 2010980 |
| SM Energy Co. | 203682 | 5815121 |
| Talos Energy, Inc.<sup>(1)</sup> | 278474 | 2751323 |
| Teekay Corp. Ltd. | 117906 | 966829 |
| Teekay Tankers Ltd., Class A | 55787 | 2743047 |
| VAALCO Energy, Inc. | 184385 | 715414 |
| Vital Energy, Inc.<sup>(1)</sup> | 63516 | 1131855 |
| Vitesse Energy, Inc.<sup>(2)</sup> | 50568 | 1345615 |
| World Kinect Corp. | 83820 | 2247214 |
|  |  | 103071893 |
| **Paper and Forest Products — 0.3%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 17859 | 385219 |
| Louisiana-Pacific Corp. | 1226 | 116605 |
| Mercer International, Inc. | 41831 | 139297 |
| Sylvamo Corp. | 54852 | 2530323 |
|  |  | 3171444 |
| **Passenger Airlines — 2.1%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 176039 | 11051728 |
| Allegiant Travel Co.<sup>(1)</sup> | 33481 | 2097920 |
| Frontier Group Holdings, Inc.<sup>(1)(2)</sup> | 194215 | 951654 |
| JetBlue Airways Corp.<sup>(1)</sup> | 101007 | 540387 |
| SkyWest, Inc.<sup>(1)</sup> | 77043 | 9353020 |
| Sun Country Airlines Holdings, Inc.<sup>(1)</sup> | 96115 | 1273524 |
|  |  | 25268233 |
| **Personal Care Products — 0.1%** |  |  |
| Medifast, Inc.<sup>(1)</sup> | 10077 | 141380 |
| Nature's Sunshine Products, Inc.<sup>(1)</sup> | 9251 | 155879 |
| Nu Skin Enterprises, Inc., Class A | 48673 | 592351 |
| USANA Health Sciences, Inc.<sup>(1)</sup> | 9646 | 307804 |
|  |  | 1197414 |
| **Pharmaceuticals — 0.9%** |  |  |
| Harmony Biosciences Holdings, Inc.<sup>(1)</sup> | 93004 | 3430918 |
| Innoviva, Inc.<sup>(1)</sup> | 132888 | 2714902 |
| Pacira BioSciences, Inc.<sup>(1)</sup> | 89817 | 2395419 |
| SIGA Technologies, Inc. | 73359 | 615482 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 42844 | 1933121 |
|  |  | 11089842 |
| **Professional Services — 0.6%** |  |  |
| Alight, Inc., Class A | 580435 | 2252088 |
| Clarivate PLC<sup>(1)</sup> | 418376 | 1819936 |
| Conduent, Inc.<sup>(1)</sup> | 194120 | 539654 |
| Heidrick & Struggles International, Inc. | 36829 | 1871281 |
| IBEX Holdings Ltd.<sup>(1)</sup> | 17260 | 509688 |
| Kelly Services, Inc., Class A | 26133 | 371872 |
| TrueBlue, Inc.<sup>(1)</sup> | 14314 | 85454 |
|  |  | 7449973 |
| **Real Estate Management and Development — 0.4%** |  |  |
| AMREP Corp.<sup>(1)</sup> | 100 | 2147 |
| Forestar Group, Inc.<sup>(1)</sup> | 25474 | 704866 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Howard Hughes Holdings, Inc.<sup>(1)</sup> | 48433 | $3693985 |
|  |  | 4400998 |
| **Semiconductors and Semiconductor Equipment — 0.7%** |  |  |
| Amkor Technology, Inc. | 122877 | 2972395 |
| Axcelis Technologies, Inc.<sup>(1)</sup> | 14145 | 1132166 |
| Diodes, Inc.<sup>(1)</sup> | 11100 | 604228 |
| Penguin Solutions, Inc.<sup>(1)</sup> | 63397 | 1529770 |
| Photronics, Inc.<sup>(1)</sup> | 105012 | 2380622 |
|  |  | 8619181 |
| **Software — 1.1%** |  |  |
| Cipher Mining, Inc.<sup>(1)(2)</sup> | 148409 | 1133845 |
| InterDigital, Inc.<sup>(2)</sup> | 11170 | 3035001 |
| MARA Holdings, Inc.<sup>(1)(2)</sup> | 464329 | 7419977 |
| Pagaya Technologies Ltd., Class A<sup>(1)</sup> | 60331 | 2225007 |
|  |  | 13813830 |
| **Specialty Retail — 5.4%** |  |  |
| Abercrombie & Fitch Co., Class A<sup>(1)</sup> | 69097 | 6462642 |
| Academy Sports & Outdoors, Inc. | 112733 | 6036852 |
| Advance Auto Parts, Inc.<sup>(2)</sup> | 96801 | 5903893 |
| American Eagle Outfitters, Inc. | 237237 | 3069847 |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 11409 | 2869820 |
| Buckle, Inc. | 48258 | 2730920 |
| Build-A-Bear Workshop, Inc. | 22469 | 1366340 |
| Caleres, Inc. | 47972 | 719580 |
| Designer Brands, Inc., Class A | 41874 | 155353 |
| Duluth Holdings, Inc., Class B<sup>(1)</sup> | 5416 | 12294 |
| Five Below, Inc.<sup>(1)</sup> | 75571 | 10965352 |
| Foot Locker, Inc.<sup>(1)</sup> | 153076 | 3780977 |
| Gap, Inc. | 146287 | 3219777 |
| Guess?, Inc. | 42516 | 714694 |
| Haverty Furniture Cos., Inc. | 17133 | 386349 |
| Lands' End, Inc.<sup>(1)</sup> | 15354 | 220484 |
| ODP Corp.<sup>(1)</sup> | 39210 | 794395 |
| Sally Beauty Holdings, Inc.<sup>(1)</sup> | 104562 | 1449229 |
| Shoe Carnival, Inc. | 26998 | 564258 |
| Signet Jewelers Ltd. | 72573 | 6390053 |
| Tile Shop Holdings, Inc.<sup>(1)</sup> | 13719 | 85195 |
| Urban Outfitters, Inc.<sup>(1)</sup> | 103129 | 6917893 |
|  |  | 64816197 |
| **Technology Hardware, Storage and Peripherals — 0.1%** |  |  |
| Diebold Nixdorf, Inc.<sup>(1)</sup> | 19127 | 1168851 |
| **Textiles, Apparel and Luxury Goods — 2.0%** |  |  |
| Carter's, Inc. | 64621 | 1845576 |
| Columbia Sportswear Co. | 50706 | 2825338 |
| Crocs, Inc.<sup>(1)</sup> | 47903 | 4177142 |
| Ermenegildo Zegna NV<sup>(2)</sup> | 10439 | 88105 |
| G-III Apparel Group Ltd.<sup>(1)</sup> | 81569 | 2202363 |
| Movado Group, Inc. | 18561 | 339110 |
| Oxford Industries, Inc. | 25344 | 1116403 |
| PVH Corp. | 75529 | 6368605 |

---

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Rocky Brands, Inc. | 8769 | $266841 |
| Steven Madden Ltd. | 18634 | 541131 |
| Superior Group of Cos., Inc. | 14433 | 189650 |
| Under Armour, Inc., Class A<sup>(1)</sup> | 304278 | 1521390 |
| Under Armour, Inc., Class C<sup>(1)</sup> | 204746 | 1007350 |
| Unifi, Inc.<sup>(1)</sup> | 4426 | 19563 |
| Vera Bradley, Inc.<sup>(1)</sup> | 9946 | 20588 |
| VF Corp. | 97686 | 1477989 |
|  |  | 24007144 |
| **Trading Companies and Distributors — 3.8%** |  |  |
| Air Lease Corp. | 167880 | 10108055 |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 14196 | 1172731 |
| Boise Cascade Co. | 59985 | 5218695 |
| DNOW, Inc.<sup>(1)</sup> | 167367 | 2677872 |
| GATX Corp. | 53924 | 9075948 |
| Global Industrial Co. | 32 | 1195 |
| Herc Holdings, Inc. | 51240 | 6701680 |
| Hudson Technologies, Inc.<sup>(1)</sup> | 71176 | 723148 |
| Karat Packaging, Inc. | 6112 | 154511 |
| MRC Global, Inc.<sup>(1)</sup> | 141640 | 2135931 |
| NPK International, Inc.<sup>(1)</sup> | 147274 | 1531650 |
| Rush Enterprises, Inc., Class A | 92319 | 5299111 |
| Rush Enterprises, Inc., Class B | 7783 | 451725 |
| Titan Machinery, Inc.<sup>(1)</sup> | 43597 | 871940 |
|  |  | 46124192 |
| **Wireless Telecommunication Services — 0.7%** |  |  |
| Array Digital Infrastructure, Inc. | 22773 | 1225871 |
| Telephone & Data Systems, Inc. | 173035 | 6936973 |
|  |  | 8162844 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,017,043,830) |  | **1197035811** |
| **RIGHTS — 0.0%** |  |  |
| **Software — 0.0%** |  |  |
| Gen Digital, Inc.(1) (Cost $46,543) | 11934 | **110867** |
| **SHORT-TERM INVESTMENTS — 1.9%** |  |  |
| **Money Market Funds — 1.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 4986856 | 4986856 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 18245260 | 18245260 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $23,232,116) |  | **23232116** |
| **TOTAL INVESTMENT SECURITIES — 101.0%** <br>(Cost $1,040,322,489) |  | **1220378794** |
| **OTHER ASSETS AND LIABILITIES — (1.0)%** |  | **(11608311)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1208770483** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 23 | September 2025 | $2725270 | $289304 |

---

^Amount represents value and unrealized appreciation (depreciation).

------

Schedule of Investments - Avantis U.S. Small Cap Value Fund

**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 $33,058,145. 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 $33,831,735, which includes securities collateral of $15,586,475.

**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 Risk** |
| **Liability Derivatives:** | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $14370 |

---

\*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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity Risk** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $(354468) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $200909 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis U.S. Equity Fund** | **Avantis U.S. Large Cap Value Fund** |
| **Assets** | **Assets** | |
| Investment securities, at value | $946792070 | $367260125 |
| Investment made with cash collateral received for securities on loan, at value | 1486466 | 204994 |
| Deposits with broker for futures contracts |  | 85315 |
| Receivable for investments sold | 5176 |  |
| Receivable for capital shares sold | 148603 | 205711 |
| Dividends and interest receivable | 1088146 | 548453 |
| Securities lending receivable | 1085 | 40 |
|  | 949521546 | 368304638 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 1486466 | 204994 |
| Payable for capital shares redeemed | 2415554 | 642571 |
| Payable for variation margin on futures contracts |  | 9019 |
| Accrued management fees | 87736 | 43905 |
|  | 3989756 | 900489 |
| **Net Assets** | $945531790 | $367404149 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $664976077 | $296315981 |
| Distributable earnings (loss) | 280555713 | 71088168 |
|  | $945531790 | $367404149 |
| Investment securities, at cost | $677492142 | $313064461 |
| Investment securities on loan, at value | $3311642 | $200896 |
| Investment made with cash collateral received for securities on loan, at cost | $1486466 | $204994 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $695745294 | 34324107 | $20.27 |
| G Class | $249786496 | 12304761 | $20.30 |
| **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 | $349300099 | 22961652 | $15.21 |
| G Class | $18104050 | 1189083 | $15.23 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Value Fund** |
| **Assets** | | |
| Investment securities, at value | $106696175 | $1202133534 |
| Investment made with cash collateral received for securities on loan, at value | 2897522 | 18245260 |
| Deposits with broker for futures contracts |  | 211897 |
| Receivable for investments sold |  | 27784 |
| Receivable for capital shares sold | 58720 | 7331627 |
| Dividends and interest receivable | 82025 | 1179411 |
| Securities lending receivable | 1858 | 9333 |
|  | 109736300 | 1229138846 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 2897522 | 18245260 |
| Payable for capital shares redeemed |  | 1871050 |
| Payable for variation margin on futures contracts |  | 14370 |
| Accrued management fees | 22348 | 237683 |
|  | 2919870 | 20368363 |
| **Net Assets** | $106816430 | $1208770483 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $98979535 | $992163138 |
| Distributable earnings (loss) | 7836895 | 216607345 |
|  | $106816430 | $1208770483 |
| Investment securities, at cost | $99769098 | $1022077229 |
| Investment securities on loan, at value | $4987547 | $33058145 |
| Investment made with cash collateral received for securities on loan, at cost | $2897522 | $18245260 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $106227230 | 9084656 | $11.69 |
| G Class | $589200 | 50296 | $11.71 |
| **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 | $1186126600 | 66011366 | $17.97 |
| G Class | $22643883 | 1258097 | $18.00 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | |
| | **Avantis U.S. Equity Fund** | **Avantis U.S. Large Cap Value Fund** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Dividends | $11964101 | $7065659 |
| Interest | 100594 | 113145 |
| Securities lending, net | 15711 | 700 |
| Less foreign taxes withheld | (2780) | (397) |
|  | 12077626 | 7179107 |
| **Expenses:** |  |  |
| Management fees | 1227639 | 553916 |
| Other expenses | 2659 | 1683 |
|  | 1230298 | 555599 |
| Fees waived - G Class | (219432) | (25207) |
|  | 1010866 | 530392 |
| **Net investment income (loss)** | 11066760 | 6648715 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 7157473 | 16835874 |
| Futures contract transactions | (30559) | 86553 |
|  | 7126914 | 16922427 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 93902248 | 9981593 |
| Futures contracts |  | 63397 |
|  | 93902248 | 10044990 |
| **Net realized and unrealized gain (loss)** | 101029162 | 26967417 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $112095922 | $33616132 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | | |
| | **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Value Fund** |
| **Investment Income (Loss)** | | |
| **Income:** | | |
| Dividends | $1018091 | $20803227 |
| Interest | 23587 | 279781 |
| Securities lending, net | 23368 | 109380 |
| Less foreign taxes withheld | (570) | (31549) |
|  | 1064476 | 21160839 |
| **Expenses:** |  |  |
| Management fees | 159530 | 2533504 |
| Trustees' fees and expenses | 1236 |  |
| Other expenses | 562 | 2755 |
|  | 161328 | 2536259 |
| Fees waived - G Class | (1342) | (32085) |
|  | 159986 | 2504174 |
| **Net investment income (loss)** | 904490 | 18656665 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions | 104116 | 27856606 |
| Futures contract transactions | 60514 | (354468) |
|  | 164630 | 27502138 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments | 6725430 | 27813849 |
| Futures contracts |  | 200909 |
|  | 6725430 | 28014758 |
| **Net realized and unrealized gain (loss)** | 6890060 | 55516896 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $7794550 | $74173561 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **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** | **August 31,<br>2025** | **August 31, 2024** | **August 31,<br>2025** | **August 31, 2024** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $11066760 | $9777834 | $6648715 | $4383364 |
| Net realized gain (loss) | 7126914 | 2122932 | 16922427 | 861635 |
| Change in net unrealized appreciation (depreciation) | 93902248 | 133671882 | 10044990 | 38499409 |
| Net increase (decrease) in net assets resulting from operations | 112095922 | 145572648 | 33616132 | 43744408 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (9401422) | (7245772) | (4696440) | (2459990) |
| &nbsp;&nbsp;&nbsp;G Class | (844462) | (629491) | (274779) | (242863) |
| Decrease in net assets from distributions | (10245884) | (7875263) | (4971219) | (2702853) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 97852441 | (11985026) | 40185733 | 102906114 |
| **Net increase (decrease) in net assets** | 199702479 | 125712359 | 68830646 | 143947669 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 745829311 | 620116952 | 298573503 | 154625834 |
| End of period | $945531790 | $745829311 | $367404149 | $298573503 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024 (EXCEPT AS NOTED)** |
| | **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** | **August 31, 2025** | **August 31, 2024**<sup>(1)</sup> | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $904490 | $6161 | $18656665 | $11213390 |
| Net realized gain (loss) | 164630 | (755) | 27502138 | 29351725 |
| Change in net unrealized appreciation (depreciation) | 6725430 | 201647 | 28014758 | 71161965 |
| Net increase (decrease) in net assets resulting from operations | 7794550 | 207053 | 74173561 | 111727080 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (128687) |  | (38207104) | (7826929) |
| &nbsp;&nbsp;&nbsp;G Class | (3465) |  | (214273) | (81348) |
| Decrease in net assets from distributions | (132152) |  | (38421377) | (7908277) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 96946979 | 2000000 | 311798428 | 326957185 |
| **Net increase (decrease) in net assets** | 104609377 | 2207053 | 347550612 | 430775988 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 2207053 |  | 861219871 | 430443883 |
| End of period | $106816430 | $2207053 | $1208770483 | $861219871 |

---

(1)June 20, 2024 (fund inception) through August 31, 2024.

See Notes to Financial Statements.

------

Notes to Financial Statements

**AUGUST 31, 2025**

**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 August 31, 2025 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. | 16% |

---

**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 August 31, 2025 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 | $229190892 | $244852097 | $108102535 | $511550217 |
| Sales | $129191296 | $204466979 | $8836655 | $201880963 |

---

------

**5. Capital Share Transactions** 

Transactions in shares of the funds were as follows (unlimited number of shares authorized):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2024** | **Year ended**<br>**August 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis U.S. Equity Fund** | **Avantis U.S. Equity Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 3761067 | $67124002 | 7030468 | $111375940 |
| Issued in reinvestment of distributions | 485916 | 9378192 | 491967 | 7226999 |
| Redeemed | (8281500) | (153861214) | (8883939) | (140083884) |
|  | (4034517) | (77359020) | (1361504) | (21480945) |
| **G Class** |  |  |  |  |
| Sold | 12512695 | 237016743 | 1501091 | 22829720 |
| Issued in reinvestment of distributions | 43732 | 844462 | 42852 | 629491 |
| Redeemed | (3308366) | (62649744) | (837480) | (13963292) |
|  | 9248061 | 175211461 | 706463 | 9495919 |
| Net increase (decrease) | 5213544 | $97852441 | (655041) | $(11985026) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2024** | **Year ended**<br>**August 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis U.S. Large Cap Value Fund** | **Avantis U.S. Large Cap Value Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 15911377 | $226765092 | 10618674 | $135851337 |
| Issued in reinvestment of distributions | 313531 | 4693551 | 212068 | 2459990 |
| Redeemed | (13407952) | (191536276) | (2762434) | (35736603) |
|  | 2816956 | 39922367 | 8068308 | 102574724 |
| **G Class** |  |  |  |  |
| Sold | 356454 | 5098016 | 243837 | 3099239 |
| Issued in reinvestment of distributions | 18355 | 274779 | 20955 | 242863 |
| Redeemed | (356218) | (5109429) | (234837) | (3010712) |
|  | 18591 | 263366 | 29955 | 331390 |
| Net increase (decrease) | 2835547 | $40185733 | 8098263 | $102906114 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** | **Period ended**<br>**August 31, 2024**<sup>(1)</sup> | **Period ended**<br>**August 31, 2024**<sup>(1)</sup> |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis U.S. Small Cap Equity Fund** | **Avantis U.S. Small Cap Equity Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 10301002 | $111384332 | 150000 | $1500000 |
| Issued in reinvestment of distributions | 10980 | 128687 |  |  |
| Redeemed | (1377326) | (14569505) |  |  |
|  | 8934656 | 96943514 | 150000 | 1500000 |
| **G Class** |  |  |  |  |
| Sold |  |  | 50000 | 500000 |
| Issued in reinvestment of distributions | 296 | 3465 |  |  |
|  | 296 | 3465 | 50000 | 500000 |
| Net increase (decrease) | 8934952 | $96946979 | 200000 | $2000000 |

---

(1)June 20, 2024 (fund inception) through August 31, 2024.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2024** | **Year ended**<br>**August 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis U.S. Small Cap Value Fund** | **Avantis U.S. Small Cap Value Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 33523247 | $562660075 | 28384981 | $458314871 |
| Issued in reinvestment of distributions | 2013603 | 36828797 | 528670 | 7824311 |
| Redeemed | (18371858) | (304359917) | (8751084) | (140196193) |
|  | 17164992 | 295128955 | 20162567 | 325942989 |
| **G Class** |  |  |  |  |
| Sold | 1249180 | 21401215 | 134455 | 2051841 |
| Issued in reinvestment of distributions | 11722 | 214273 | 5500 | 81348 |
| Redeemed | (289340) | (4946015) | (67886) | (1118993) |
|  | 971562 | 16669473 | 72069 | 1014196 |
| Net increase (decrease) | 18136554 | $311798428 | 20234636 | $326957185 |

---

**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 | $1252897 |
| Avantis U.S. Large Cap Value Fund | $853594 |
| Avantis U.S. Small Cap Equity Fund | $349918 |
| Avantis U.S. Small Cap Value Fund | $1931885 |

---

**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 tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 (except as noted) were as follows: |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Avantis U.S. Equity Fund | $10245884 |  | $7875263 |  |
| Avantis U.S. Large Cap Value Fund | $4971219 |  | $2702853 |  |
| Avantis U.S. Small Cap Equity Fund | $132152 |  | —<sup>(1)</sup> | —<sup>(1)</sup> |
| Avantis U.S. Small Cap Value Fund | $13018702 | $25402675 | $7908277 |  |

---

(1)June 20, 2024 (fund inception) through August 31, 2024.

------

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

The reclassifications, which are primarily due to tax equalization, 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** |
| Capital paid in | $592716 | $5016618 | $32556 | $4468839 |
| Distributable earnings (loss) | $(592716) | $(5016618) | $(32556) | $(4468839) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Avantis U.S. Equity 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 | $679775842 | $313290055 | $102826896 | 1041055292 |
| Gross tax appreciation of investments | $301463385 | $69589419 | $14911376 | $263894156 |
| Gross tax depreciation of investments | (32960691) | (15414355) | (8144575) | (84570654) |
| Net tax appreciation (depreciation) of investments | 268502694 | 54175064 | 6766801 | 179323502 |
| Net tax appreciation (depreciation) on derivatives |  |  |  |  |
| Net tax appreciation (depreciation) | $268502694 | $54175064 | $6766801 | 179323502 |
| Undistributed ordinary income | $7042990 | $7924074 | $998425 | $12100961 |
| Accumulated long-term gains | $5010029 | $8989030 | $71669 | $25182882 |

---

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, return of capital dividends received and the realization for tax purposes of unrealized gains (losses) on futures contracts and investments in passive foreign investment companies.

------

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** |
| 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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 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>(3)</sup> | $12.80 | 0.14 | 2.01 | 2.15 |  |  |  | $14.95 | 16.80% | 0.00% | 0.15% | 1.55% | 1.40% | 3%<sup>(4)</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)January 20, 2021 (commencement of sale) through August 31, 2021.

(4)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)** | | | |
| **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**<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** | **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** | |
| **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** |
| 2025 | $14.01 | 0.26 | 1.17 | 1.43 | (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) | $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) | $11.70 | 12.76% | 0.16% | 0.16% | 2.34% | 2.34% | 40% | $141271 |
| 2022<sup>(3)</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** |
| 2025 | $14.02 | 0.28 | 1.18 | 1.46 | (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) | $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) | $11.71 | 12.95% | 0.01% | 0.16% | 2.49% | 2.34% | 40% | $13355 |
| 2022<sup>(3)</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)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)** | | |
| **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** | **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** |
| **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** |
| 2025 | $11.03 | 0.15 | 0.56 | 0.71 | (0.05) | $11.69 | 6.47% | 0.25% | 0.25% | 1.43% | 1.43% | 15% | $106227 |
| 2024<sup>(3)</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** |
| 2025 | $11.04 | 0.17 | 0.57 | 0.74 | (0.07) | $11.71 | 6.70% | 0.00% | 0.25% | 1.68% | 1.43% | 15% | $589 |
| 2024<sup>(3)</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)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** |
| 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>(3)</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** |
| 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>(4)</sup> | $12.82 | 0.18 | 2.22 | 2.40 |  |  |  | $15.22 | 18.72% | 0.00% | 0.25% | 2.00% | 1.75% | 37%<sup>(5)</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)Per-share amount was less than $0.005.

(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.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis<sup>®</sup> U.S. Equity Fund, Avantis<sup>®</sup> U.S. Large Cap Value Fund, Avantis<sup>®</sup> U.S. Small Cap Equity Fund, and Avantis<sup>®</sup> U.S. Small Cap Value Fund (the "Funds"), four of the funds constituting the American Century ETF Trust, as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting the American Century ETF Trust** | **Statement of Operations** | **Statements of Changes in Net Assets** | **Financial Highlights** |
| Avantis<sup>®</sup> U.S. Equity Fund | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |
| Avantis<sup>®</sup> U.S. Large Cap Value Fund | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, and the period from June 21, 2022 (fund inception) through August 31, 2022 |
| Avantis<sup>®</sup> U.S. Small Cap Equity Fund  | For the year ended August 31, 2025 | For the year ended August 31, 2025, and the period from June 20, 2024 (fund inception) through August 31, 2024 | For the year ended August 31, 2025, and the period from June 20, 2024 (fund inception) through August 31, 2024 |
| Avantis<sup>®</sup> U.S. Small Cap Value Fund | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024, 2023, 2022, and 2021 |

---

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 16, 2025

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

------

Approval of Management Agreements

At a meeting held on June 11, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the renewal of the management agreements pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each 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 those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

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

**Factors Considered** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans, if applicable)

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

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

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

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

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

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

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

------

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

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

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

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**Avantis U.S. Equity Fund** - The Fund's performance was below its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis U.S. Large Cap Value Fund** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis U.S. Small Cap Equity Fund** - The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis U.S. Small Cap Value Fund** - The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

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

------

**Other Tax Information**

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2025.

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended August 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Corporate Dividends Received Deduction** | **Qualified Short-Term Capital Gain Distributions (IRC Section 871)** | **Long-Term Capital Gain Distributions <br>(20% Rate)** |
| Avantis U.S. Equity Fund | $10245884 |  | $190009 |
| Avantis U.S. Large Cap Value Fund | $4971219 | $464937 | $3943373 |
| Avantis U.S. Small Cap Equity Fund | $131953 | $2569 | $1951 |
| Avantis U.S. Small Cap Value Fund | $12706494 |  | $28033525 |

---

The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization) during the period ended August 31, 2025.

---

| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| Avantis U.S. Equity Fund | $592716 |
| Avantis U.S. Large Cap Value Fund | $5016618 |
| Avantis U.S. Small Cap Equity Fund | $32556 |
| Avantis U.S. Small Cap Value Fund | $4468839 |

---

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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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-97500 2510** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-97500 2510** |

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![AI_lockup_blk_rgb (002).jpg](ck0001710607-20250831_g67.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| August 31, 2025 |
| 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 | [152](#iba273e868b7e4566bd70f1811bd23032_781) |
| Statements of Operations | [154](#iba273e868b7e4566bd70f1811bd23032_784) |
| Statements of Changes in Net Assets | [156](#iba273e868b7e4566bd70f1811bd23032_787) |
| Notes to Financial Statements | [158](#iba273e868b7e4566bd70f1811bd23032_790) |
| Financial Highlights | [163](#iba273e868b7e4566bd70f1811bd23032_793) |
| Report of Independent Registered Public Accounting Firm | [166](#iba273e868b7e4566bd70f1811bd23032_796) |
| Approval of Management Agreement | [167](#iba273e868b7e4566bd70f1811bd23032_802) |
| Other Tax Information | [170](#iba273e868b7e4566bd70f1811bd23032_12488) |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.8%** | **Shares** | **Value** |
| **Brazil — 4.7%** | | |
| Allos SA | 65561 | $290329 |
| Ambev SA, ADR | 162318 | 363592 |
| Ambipar Participacoes e Empreendimentos SA<sup>(1)</sup> | 21000 | 53024 |
| Anima Holding SA | 600 | 372 |
| Auren Energia SA | 64902 | 129999 |
| Automob Participacoes SA<sup>(1)</sup> | 1984 | 4702 |
| Azzas 2154 SA | 30200 | 192668 |
| B3 SA - Brasil Bolsa Balcao | 133300 | 320106 |
| Banco ABC Brasil SA, Preference Shares | 19292 | 78138 |
| Banco Bradesco SA | 79659 | 212156 |
| Banco Bradesco SA, ADR | 264157 | 821528 |
| Banco BTG Pactual SA | 76100 | 632734 |
| Banco do Brasil SA | 107620 | 424577 |
| Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 53300 | 112757 |
| Banco Mercantil do Brasil SA, Preference Shares | 800 | 6708 |
| Banco Pan SA, Preference Shares | 28200 | 40257 |
| Banco Santander Brasil SA, ADR<sup>(2)</sup> | 28959 | 153483 |
| BB Seguridade Participacoes SA | 62200 | 374679 |
| Bemobi Mobile Tech SA | 6400 | 23679 |
| BR Advisory Partners Participacoes SA | 19100 | 58654 |
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 9400 | 36304 |
| Braskem SA, Class A, ADR<sup>(1)(2)</sup> | 13074 | 45498 |
| Brava Energia<sup>(1)</sup> | 58839 | 217589 |
| BRF SA, ADR<sup>(2)</sup> | 46430 | 177363 |
| C&A Modas SA | 33500 | 104544 |
| Caixa Seguridade Participacoes SA | 14000 | 37157 |
| Camil Alimentos SA | 13900 | 12511 |
| Centrais Eletricas Brasileiras SA, ADR | 90355 | 744525 |
| Centrais Eletricas Brasileiras SA, Class B Preference Shares | 17600 | 155749 |
| Cia Brasileira de Aluminio<sup>(1)</sup> | 42653 | 27534 |
| Cia Brasileira de Distribuicao<sup>(1)</sup> | 52900 | 34832 |
| Cia de Ferro Ligas da Bahia FERBASA, Preference Shares | 19200 | 22806 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR | 23951 | 542490 |
| Cia de Saneamento de Minas Gerais Copasa MG | 52100 | 288662 |
| Cia De Sanena Do Parana, Preference Shares | 182300 | 224603 |
| Cia Energetica de Minas Gerais, ADR | 241774 | 490801 |
| Cia Paranaense de Energia - Copel, Preference Shares | 103000 | 231956 |
| Cia Paranaense de Energia - Copel, Preference Shares, ADR | 6132 | 55556 |
| Cia Siderurgica Nacional SA, ADR<sup>(2)</sup> | 74734 | 105375 |
| CPFL Energia SA | 15800 | 114467 |
| Cristal Pigmentos do Brasil SA, Preference Shares<sup>(1)</sup> | 200 | 545 |
| Cury Construtora e Incorporadora SA | 44700 | 284268 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes | 57800 | 301268 |
| Dexco SA | 106938 | 113805 |
| Dexxos Participacoes SA | 3600 | 5544 |
| EcoRodovias Infraestrutura e Logistica SA | 146400 | 217365 |
| Embraer SA, ADR | 8220 | 463033 |
| Empreendimentos Pague Menos SA | 31164 | 21382 |
| Energisa SA | 30900 | 279373 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Eneva SA<sup>(1)</sup> | 42000 | $117204 |
| Engie Brasil Energia SA | 10600 | 78378 |
| Equatorial Energia SA | 81175 | 546172 |
| Eucatex SA Industria e Comercio, Preference Shares | 3000 | 9716 |
| Even Construtora e Incorporadora SA | 34800 | 49294 |
| Ez Tec Empreendimentos e Participacoes SA | 16300 | 44434 |
| Fleury SA | 12700 | 34714 |
| Fras-Le SA | 16400 | 70417 |
| Gerdau SA, ADR | 163664 | 504085 |
| Grazziotin SA, Preference Shares | 200 | 1014 |
| Grendene SA | 46400 | 46213 |
| Grupo Mateus SA | 33900 | 45518 |
| Grupo Multi SA<sup>(1)</sup> | 62800 | 12046 |
| Grupo SBF SA | 29300 | 61282 |
| Guararapes Confeccoes SA | 19100 | 33114 |
| Hapvida Participacoes e Investimentos SA<sup>(1)</sup> | 6115 | 47155 |
| Hypera SA | 22800 | 102607 |
| Iguatemi SA | 39437 | 171660 |
| Inter & Co., Inc., Class A | 47627 | 409116 |
| Iochpe Maxion SA | 40800 | 106179 |
| Irani Papel e Embalagem SA | 5300 | 7664 |
| IRB-Brasil Resseguros SA<sup>(1)</sup> | 14647 | 128995 |
| Isa Energia Brasil SA, Preference Shares | 58100 | 248502 |
| Itau Unibanco Holding SA, ADR | 205846 | 1469740 |
| Jalles Machado SA<sup>(1)</sup> | 18157 | 9946 |
| JBS NV, BDR<sup>(1)</sup> | 34900 | 564582 |
| JHSF Participacoes SA | 84900 | 89099 |
| Kepler Weber SA | 37300 | 54555 |
| Klabin SA | 104800 | 357010 |
| Light SA<sup>(1)</sup> | 15600 | 16429 |
| Localiza Rent a Car SA | 43248 | 287637 |
| LOG Commercial Properties e Participacoes SA | 4900 | 19205 |
| Log-in Logistica Intermodal SA<sup>(1)</sup> | 5558 | 24633 |
| Lojas Quero-Quero SA | 43536 | 20717 |
| Lojas Renner SA | 136587 | 409369 |
| M Dias Branco SA | 7800 | 42411 |
| Magazine Luiza SA | 108415 | 165166 |
| Mahle Metal Leve SA | 11600 | 59649 |
| Marcopolo SA | 18800 | 25555 |
| Marcopolo SA, Preference Shares | 111100 | 189133 |
| Marfrig Global Foods SA | 13043 | 60093 |
| Marisa Lojas SA<sup>(1)</sup> | 7757 | 1731 |
| Metalurgica Gerdau SA, Preference Shares | 87800 | 152707 |
| Mills Locacao Servicos e Logistica SA | 12849 | 29528 |
| Minerva SA<sup>(1)</sup> | 60100 | 66620 |
| Motiva Infraestrutura de Mobilidade SA | 138800 | 369666 |
| Moura Dubeux Engenharia SA | 9100 | 44091 |
| Movida Participacoes SA | 66600 | 86722 |
| MRV Engenharia e Participacoes SA<sup>(1)</sup> | 85800 | 120269 |
| Multiplan Empreendimentos Imobiliarios SA | 18400 | 94480 |
| Natura Cosmeticos SA<sup>(1)</sup> | 24178 | 40090 |
| NU Holdings Ltd., Class A<sup>(1)</sup> | 6751 | 99915 |
| Oceanpact Servicos Maritimos SA<sup>(1)</sup> | 13400 | 17004 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Odontoprev SA | 55660 | $134586 |
| Orizon Valorizacao de Residuos SA<sup>(1)</sup> | 3300 | 33445 |
| Pagseguro Digital Ltd., Class A | 28413 | 254580 |
| Patria Investments Ltd., Class A | 7279 | 98558 |
| PBG SA<sup>(1)</sup> | 18400 | 13880 |
| Pet Center Comercio e Participacoes SA | 93200 | 67727 |
| Petroleo Brasileiro SA - Petrobras, ADR | 92953 | 1152617 |
| Petroleo Brasileiro SA - Petrobras, ADR, Preference Shares | 115925 | 1329660 |
| Petroreconcavo SA | 27600 | 65769 |
| Plano & Plano Desenvolvimento Imobiliario SA | 18100 | 47939 |
| Porto Seguro SA | 3800 | 36410 |
| Positivo Tecnologia SA | 18500 | 15252 |
| PRIO SA<sup>(1)</sup> | 102800 | 718217 |
| Profarma Distribuidora de Produtos Farmaceuticos SA | 1200 | 1923 |
| Raia Drogasil SA | 142032 | 464721 |
| Raizen SA, Preference Shares<sup>(1)</sup> | 182400 | 38351 |
| Rede D'Or Sao Luiz SA | 17010 | 123453 |
| Romi SA | 7778 | 11319 |
| Rumo SA | 44500 | 119748 |
| Santos Brasil Participacoes SA | 85400 | 223823 |
| Sao Carlos Empreendimentos e Participacoes SA | 100 | 406 |
| Sao Martinho SA | 37100 | 120842 |
| Ser Educacional SA | 25500 | 42000 |
| Serena Energia SA<sup>(1)</sup> | 58700 | 131434 |
| Simpar SA | 59500 | 57175 |
| SLC Agricola SA | 25340 | 82304 |
| Smartfit Escola de Ginastica e Danca SA | 15994 | 72243 |
| StoneCo Ltd., A Shares<sup>(1)</sup> | 10828 | 178337 |
| Suzano SA, ADR<sup>(2)</sup> | 78919 | 767882 |
| SYN prop e tech SA | 7800 | 9552 |
| Taurus Armas SA, Preference Shares | 11660 | 9914 |
| Tegma Gestao Logistica SA | 4500 | 30228 |
| Telefonica Brasil SA, ADR<sup>(2)</sup> | 26079 | 325205 |
| TIM SA, ADR<sup>(2)</sup> | 18131 | 383471 |
| TOTVS SA | 12900 | 102713 |
| Transmissora Alianca de Energia Eletrica SA | 10400 | 66714 |
| Trisul SA | 15400 | 18462 |
| Tupy SA | 14700 | 39286 |
| Ultrapar Participacoes SA, ADR | 114990 | 419713 |
| Unipar Carbocloro SA, Class B Preference Shares | 3900 | 45791 |
| Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares<sup>(1)</sup> | 71700 | 57526 |
| Vale SA, ADR | 250865 | 2578892 |
| Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 17600 | 68039 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 153400 | 123640 |
| Vibra Energia SA | 214600 | 959433 |
| Vulcabras SA | 10900 | 43163 |
| WEG SA | 30900 | 215143 |
| Wilson Sons SA | 35500 | 117791 |
| Wiz Co. | 4600 | 7118 |
| XP, Inc., Class A | 29741 | 539502 |
| YDUQS Participacoes SA | 19100 | 46571 |
| Zamp SA<sup>(1)</sup> | 16028 | 10347 |
|  |  | 30137093 |

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------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Chile — 0.6%** | | |
| Banco de Chile | 2959390 | $424056 |
| Banco de Credito e Inversiones SA | 7079 | 286282 |
| Banco Itau Chile SA | 4740 | 67763 |
| Banco Santander Chile, ADR | 9745 | 234270 |
| Besalco SA | 2057 | 1862 |
| CAP SA<sup>(1)</sup> | 10432 | 55945 |
| Cencosud SA | 42171 | 133508 |
| Cencosud Shopping SA | 29082 | 58953 |
| Cia Cervecerias Unidas SA, ADR | 3927 | 48577 |
| Cia Sud Americana de Vapores SA | 1811817 | 90456 |
| Colbun SA | 1170058 | 175840 |
| Embotelladora Andina SA, Class B Preference Shares | 49724 | 196975 |
| Empresa Nacional de Telecomunicaciones SA | 24293 | 83944 |
| Empresas CMPC SA | 136824 | 214539 |
| Empresas Copec SA | 40808 | 304688 |
| Enel Americas SA | 1315806 | 136774 |
| Enel Chile SA | 1180958 | 82815 |
| Engie Energia Chile SA | 115380 | 144386 |
| Falabella SA | 69740 | 396942 |
| Ripley Corp. SA | 168455 | 80495 |
| Salfacorp SA | 2048 | 1875 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(1)(2)</sup> | 7270 | 330858 |
| SONDA SA | 1402 | 505 |
| Vina Concha y Toro SA | 72733 | 84104 |
|  |  | 3636412 |
| **China — 27.6%** |  |  |
| 361 Degrees International Ltd. | 194000 | 158801 |
| 3SBio, Inc.<sup>(1)(2)</sup> | 456000 | 1715331 |
| AAC Technologies Holdings, Inc. | 227000 | 1266057 |
| Agile Group Holdings Ltd.<sup>(1)</sup> | 766000 | 45175 |
| Agora, Inc., ADR<sup>(1)</sup> | 16639 | 57405 |
| Agricultural Bank of China Ltd., H Shares | 1706000 | 1153646 |
| Air China Ltd., H Shares<sup>(1)</sup> | 28000 | 18614 |
| Ajisen China Holdings Ltd. | 4000 | 514 |
| AK Medical Holdings Ltd. | 70000 | 50594 |
| Akeso, Inc.<sup>(1)(2)</sup> | 44000 | 886228 |
| Alibaba Group Holding Ltd., ADR | 65737 | 8874495 |
| Alibaba Health Information Technology Ltd.<sup>(1)(2)</sup> | 74000 | 52471 |
| A-Living Smart City Services Co. Ltd.<sup>(2)</sup> | 175250 | 69317 |
| Aluminum Corp. of China Ltd., H Shares | 532000 | 476612 |
| ANE Cayman, Inc.<sup>(1)</sup> | 198000 | 213549 |
| Angang Steel Co. Ltd., H Shares<sup>(1)</sup> | 4000 | 1104 |
| Anhui Conch Cement Co. Ltd., H Shares | 144000 | 454790 |
| Anhui Expressway Co. Ltd., H Shares | 102000 | 153968 |
| ANTA Sports Products Ltd. | 164000 | 2040562 |
| Anton Oilfield Services Group | 182000 | 31177 |
| AsiaInfo Technologies Ltd.<sup>(2)</sup> | 43600 | 57929 |
| Atour Lifestyle Holdings Ltd., ADR | 8541 | 332416 |
| Autohome, Inc., ADR | 5218 | 150696 |
| BAIC Motor Corp. Ltd., H Shares<sup>(1)</sup> | 648500 | 171078 |
| Baidu, Inc., ADR<sup>(1)</sup> | 6314 | 601724 |
| Bairong, Inc.<sup>(1)</sup> | 18500 | 29331 |

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------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bank of China Ltd., H Shares | 4856000 | $2665333 |
| Bank of Chongqing Co. Ltd., H Shares | 165500 | 158785 |
| Bank of Communications Co. Ltd., H Shares | 883000 | 765622 |
| BBMG Corp., H Shares | 541000 | 57771 |
| Beijing Capital International Airport Co. Ltd., H Shares<sup>(1)</sup> | 94000 | 35705 |
| Beijing Enterprises Holdings Ltd. | 54000 | 224862 |
| Beijing Jingneng Clean Energy Co. Ltd., H Shares | 424000 | 129662 |
| Beijing North Star Co. Ltd., H Shares<sup>(1)</sup> | 4000 | 459 |
| BeOne Medicines Ltd., ADR<sup>(1)</sup> | 885 | 270854 |
| Binjiang Service Group Co. Ltd. | 4500 | 14308 |
| BOC Aviation Ltd. | 26900 | 241450 |
| BOE Varitronix Ltd. | 138000 | 107997 |
| Bosideng International Holdings Ltd. | 1016000 | 588038 |
| Brilliance China Automotive Holdings Ltd.<sup>(2)</sup> | 984000 | 504048 |
| BYD Co. Ltd., H Shares | 156000 | 2200818 |
| BYD Electronic International Co. Ltd.<sup>(2)</sup> | 29000 | 154172 |
| C&D Property Management Group Co. Ltd. | 12000 | 4915 |
| Canadian Solar, Inc.<sup>(1)(2)</sup> | 621 | 6073 |
| Cango, Inc., ADR<sup>(1)(2)</sup> | 5200 | 24804 |
| Cathay Group Holdings, Inc. | 12000 | 2800 |
| Central China New Life Ltd.<sup>(1)</sup> | 62000 | 8195 |
| Chaowei Power Holdings Ltd. | 36000 | 6476 |
| Cheetah Mobile, Inc., ADR<sup>(1)</sup> | 61 | 367 |
| China Aircraft Leasing Group Holdings Ltd. | 1000 | 611 |
| China BlueChemical Ltd., H Shares | 358000 | 112256 |
| China Bohai Bank Co. Ltd., H Shares<sup>(1)</sup> | 215000 | 28214 |
| China Chunlai Education Group Co. Ltd. | 44000 | 24701 |
| China Cinda Asset Management Co. Ltd., H Shares<sup>(2)</sup> | 1306000 | 275187 |
| China CITIC Bank Corp. Ltd., H Shares | 707000 | 632175 |
| China Coal Energy Co. Ltd., H Shares<sup>(2)</sup> | 320000 | 388881 |
| China Communications Services Corp. Ltd., H Shares | 570000 | 339967 |
| China Conch Environment Protection Holdings Ltd.<sup>(1)</sup> | 5500 | 495 |
| China Conch Venture Holdings Ltd. | 342500 | 455158 |
| China Construction Bank Corp., H Shares | 5979000 | 5786488 |
| China Datang Corp. Renewable Power Co. Ltd., H Shares | 756000 | 232393 |
| China Dongxiang Group Co. Ltd.<sup>(1)</sup> | 210000 | 13156 |
| China East Education Holdings Ltd.<sup>(1)</sup> | 210000 | 217938 |
| China Eastern Airlines Corp. Ltd., H Shares<sup>(1)(2)</sup> | 14000 | 5483 |
| China Education Group Holdings Ltd. | 350841 | 128838 |
| China Energy Development Holdings Ltd.<sup>(1)</sup> | 48000 | 191 |
| China Everbright Bank Co. Ltd., H Shares | 462000 | 207731 |
| China Everbright Environment Group Ltd. | 676000 | 381215 |
| China Everbright Greentech Ltd. | 104000 | 12699 |
| China Everbright Ltd.<sup>(2)</sup> | 216000 | 247832 |
| China Feihe Ltd. | 811000 | 459023 |
| China Foods Ltd. | 32000 | 16366 |
| China Galaxy Securities Co. Ltd., H Shares | 480500 | 693641 |
| China Gas Holdings Ltd. | 182000 | 182268 |
| China Glass Holdings Ltd.<sup>(1)</sup> | 156000 | 5024 |
| China High Speed Transmission Equipment Group Co. Ltd.<sup>(1)(2)</sup> | 51000 | 8595 |
| China Hongqiao Group Ltd. | 610000 | 2007851 |
| China International Capital Corp. Ltd., H Shares | 79200 | 217259 |
| China Isotope & Radiation Corp. | 2200 | 4746 |

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Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Kepei Education Group Ltd.<sup>(2)</sup> | 68000 | $13651 |
| China Lesso Group Holdings Ltd. | 429000 | 266454 |
| China Life Insurance Co. Ltd., Class H | 784580 | 2440603 |
| China Lilang Ltd. | 24000 | 11679 |
| China Longyuan Power Group Corp. Ltd., H Shares | 617000 | 533754 |
| China Medical System Holdings Ltd.<sup>(2)</sup> | 344000 | 577671 |
| China Meidong Auto Holdings Ltd. | 294000 | 80854 |
| China Mengniu Dairy Co. Ltd. | 238000 | 468575 |
| China Merchants Bank Co. Ltd., H Shares | 302000 | 1877135 |
| China Merchants Land Ltd.<sup>(1)</sup> | 40000 | 1574 |
| China Merchants Port Holdings Co. Ltd. | 209814 | 403700 |
| China Minsheng Banking Corp. Ltd., H Shares | 876500 | 499804 |
| China Modern Dairy Holdings Ltd.<sup>(2)</sup> | 552000 | 92932 |
| China National Building Material Co. Ltd., H Shares | 788832 | 573179 |
| China New Higher Education Group Ltd.<sup>(1)</sup> | 299101 | 41882 |
| China Nonferrous Mining Corp. Ltd. | 411000 | 550367 |
| China Oriental Group Co. Ltd. | 26000 | 5571 |
| China Pacific Insurance Group Co. Ltd., H Shares | 301400 | 1383413 |
| China Petroleum & Chemical Corp., Class H | 2098300 | 1165366 |
| China Power International Development Ltd.<sup>(2)</sup> | 1240000 | 498499 |
| China Railway Group Ltd., H Shares | 339000 | 172444 |
| China Railway Signal & Communication Corp. Ltd., H Shares | 31000 | 13778 |
| China Rare Earth Holdings Ltd.<sup>(1)</sup> | 68000 | 6106 |
| China Resources Beer Holdings Co. Ltd. | 70000 | 253584 |
| China Resources Building Materials Technology Holdings Ltd. | 732000 | 174596 |
| China Resources Gas Group Ltd. | 18200 | 46976 |
| China Resources Land Ltd. | 427000 | 1688963 |
| China Resources Medical Holdings Co. Ltd. | 91000 | 42678 |
| China Resources Mixc Lifestyle Services Ltd. | 43000 | 215688 |
| China Resources Pharmaceutical Group Ltd. | 139500 | 87511 |
| China Resources Power Holdings Co. Ltd.<sup>(2)</sup> | 348000 | 803594 |
| China Sanjiang Fine Chemicals Co. Ltd.<sup>(1)</sup> | 48000 | 11772 |
| China Shenhua Energy Co. Ltd., H Shares | 205000 | 921233 |
| China Shineway Pharmaceutical Group Ltd. | 117000 | 129929 |
| China South City Holdings Ltd.<sup>(1)(2)</sup> | 148000 | 2031 |
| China Starch Holdings Ltd. | 515000 | 13401 |
| China Sunshine Paper Holdings Co. Ltd.<sup>(1)</sup> | 69000 | 16072 |
| China Suntien Green Energy Corp. Ltd., H Shares | 162000 | 90292 |
| China Taiping Insurance Holdings Co. Ltd. | 393200 | 821524 |
| China Tobacco International HK Co. Ltd.<sup>(2)</sup> | 5000 | 26344 |
| China Tower Corp. Ltd., H Shares | 861600 | 1301587 |
| China Traditional Chinese Medicine Holdings Co. Ltd. | 662000 | 186373 |
| China Travel International Investment Hong Kong Ltd.<sup>(2)</sup> | 318000 | 61766 |
| China Vanke Co. Ltd., H Shares<sup>(1)(2)</sup> | 97700 | 66960 |
| China Water Affairs Group Ltd.<sup>(2)</sup> | 120000 | 95845 |
| China Xinhua Education Group Ltd.<sup>(1)</sup> | 17000 | 1247 |
| China XLX Fertiliser Ltd. | 234000 | 221993 |
| China Yongda Automobiles Services Holdings Ltd. | 460500 | 128701 |
| China Youran Dairy Group Ltd.<sup>(1)(2)</sup> | 301000 | 150756 |
| Chongqing Rural Commercial Bank Co. Ltd., H Shares | 147000 | 108745 |
| Chow Tai Fook Jewellery Group Ltd.<sup>(2)</sup> | 214200 | 402509 |
| CIFI Holdings Group Co. Ltd.<sup>(1)</sup> | 282880 | 8184 |
| CIMC Enric Holdings Ltd. | 170000 | 157742 |

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------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CITIC Ltd. | 514000 | $737913 |
| CITIC Securities Co. Ltd., H Shares | 70825 | 262325 |
| CMGE Technology Group Ltd.<sup>(1)</sup> | 110000 | 6746 |
| CMOC Group Ltd., H Shares | 354000 | 544615 |
| COFCO Joycome Foods Ltd.<sup>(1)(2)</sup> | 974000 | 225257 |
| Concord New Energy Group Ltd. | 1440000 | 73096 |
| Consun Pharmaceutical Group Ltd. | 131000 | 250995 |
| Contemporary Amperex Technology Co. Ltd., Class H<sup>(2)</sup> | 2500 | 135943 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 48000 | 43012 |
| COSCO SHIPPING Holdings Co. Ltd., Class H<sup>(2)</sup> | 427549 | 744989 |
| COSCO SHIPPING International Hong Kong Co. Ltd. | 16000 | 13326 |
| COSCO SHIPPING Ports Ltd. | 292274 | 212204 |
| Country Garden Services Holdings Co. Ltd. | 613000 | 513147 |
| CSPC Pharmaceutical Group Ltd. | 1539200 | 2000870 |
| CSSC Hong Kong Shipping Co. Ltd. | 460000 | 117703 |
| Daqo New Energy Corp., ADR<sup>(1)(2)</sup> | 16280 | 412698 |
| Datang International Power Generation Co. Ltd., H Shares<sup>(2)</sup> | 6000 | 1705 |
| Digital China Holdings Ltd.<sup>(2)</sup> | 152000 | 63124 |
| Dongfeng Motor Group Co. Ltd., Class H<sup>(2)</sup> | 356000 | 408989 |
| Dongyue Group Ltd. | 133000 | 222261 |
| DPC Dash Ltd.<sup>(1)</sup> | 11400 | 130240 |
| Edvantage Group Holdings Ltd. | 92754 | 19089 |
| ENN Energy Holdings Ltd. | 39300 | 318098 |
| Essex Bio-technology Ltd. | 21000 | 14024 |
| Ever Sunshine Services Group Ltd. | 90000 | 22553 |
| Evergrande Property Services Group Ltd.<sup>(1)</sup> | 314500 | 36057 |
| Excellence Commercial Property & Facilities Management Group Ltd. | 65000 | 10136 |
| FIH Mobile Ltd.<sup>(1)</sup> | 28400 | 55915 |
| FinVolution Group, ADR | 45665 | 376736 |
| First Tractor Co. Ltd., H Shares<sup>(2)</sup> | 12000 | 11522 |
| Flat Glass Group Co. Ltd., H Shares<sup>(2)</sup> | 4000 | 5427 |
| Fosun International Ltd. | 320000 | 217975 |
| Fountain SET Holdings Ltd. | 6000 | 517 |
| Fu Shou Yuan International Group Ltd.<sup>(2)</sup> | 314000 | 134461 |
| Fufeng Group Ltd. | 517000 | 618523 |
| Fuyao Glass Industry Group Co. Ltd., H Shares | 40000 | 352999 |
| Ganfeng Lithium Group Co. Ltd., H Shares<sup>(2)</sup> | 16480 | 66647 |
| GCL Technology Holdings Ltd.<sup>(1)(2)</sup> | 2221000 | 357439 |
| GDS Holdings Ltd., Class A<sup>(1)(2)</sup> | 62400 | 270378 |
| Geely Automobile Holdings Ltd. | 1181000 | 2978887 |
| Gemdale Properties & Investment Corp. Ltd.<sup>(1)(2)</sup> | 1556000 | 51269 |
| Genertec Universal Medical Group Co. Ltd. | 209000 | 163010 |
| GF Securities Co. Ltd., H Shares | 111600 | 266536 |
| Giant Biogene Holding Co. Ltd.<sup>(2)</sup> | 53200 | 370545 |
| GOME Retail Holdings Ltd.<sup>(1)</sup> | 1993000 | 4881 |
| Goodbaby International Holdings Ltd. | 263000 | 49429 |
| Grand Pharmaceutical Group Ltd.<sup>(2)</sup> | 329500 | 398900 |
| Great Wall Motor Co. Ltd., H Shares | 133500 | 320089 |
| Greentown China Holdings Ltd. | 259500 | 327831 |
| Greentown Management Holdings Co. Ltd.<sup>(2)</sup> | 181000 | 67277 |
| Guangdong Investment Ltd. | 456000 | 428896 |
| Guangzhou Automobile Group Co. Ltd., H Shares<sup>(2)</sup> | 152000 | 69116 |
| Guangzhou R&F Properties Co. Ltd., H Shares<sup>(1)(2)</sup> | 754000 | 72162 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Guotai Haitong Securities Co. Ltd., H Shares<sup>(2)</sup> | 150648 | $316366 |
| H World Group Ltd., ADR | 29360 | 1081916 |
| Haichang Ocean Park Holdings Ltd.<sup>(1)(2)</sup> | 937000 | 89247 |
| Haidilao International Holding Ltd. | 247000 | 441147 |
| Haier Smart Home Co. Ltd., H Shares | 107200 | 364022 |
| Hainan Meilan International Airport Co. Ltd., H Shares<sup>(1)(2)</sup> | 88000 | 117965 |
| Haitian International Holdings Ltd. | 98000 | 277817 |
| Hangzhou Tigermed Consulting Co. Ltd., H Shares | 1700 | 10184 |
| Hansoh Pharmaceutical Group Co. Ltd. | 56000 | 260133 |
| Harbin Electric Co. Ltd., H Shares | 144000 | 149447 |
| Hello Group, Inc., ADR | 23901 | 198378 |
| Hengan International Group Co. Ltd. | 105000 | 334990 |
| Hisense Home Appliances Group Co. Ltd., H Shares | 39000 | 120962 |
| Hopson Development Holdings Ltd.<sup>(1)</sup> | 42163 | 19191 |
| Hua Hong Semiconductor Ltd.<sup>(1)(2)</sup> | 71000 | 491575 |
| Huabao International Holdings Ltd.<sup>(2)</sup> | 110000 | 59644 |
| Huadian Power International Corp. Ltd., H Shares | 30000 | 16488 |
| Huaneng Power International, Inc., H Shares | 700000 | 502970 |
| Huatai Securities Co. Ltd., H Shares | 126800 | 323379 |
| Hygeia Healthcare Holdings Co. Ltd.<sup>(1)(2)</sup> | 6000 | 11552 |
| iDreamSky Technology Holdings Ltd.<sup>(1)</sup> | 222400 | 32839 |
| Industrial & Commercial Bank of China Ltd., H Shares | 4449000 | 3309626 |
| Ingdan, Inc.<sup>(1)</sup> | 66000 | 21770 |
| Inkeverse Group Ltd.<sup>(1)</sup> | 578000 | 119869 |
| Innovent Biologics, Inc.<sup>(1)</sup> | 107000 | 1337281 |
| iQIYI, Inc., ADR<sup>(1)(2)</sup> | 82778 | 219362 |
| J&T Global Express Ltd.<sup>(1)</sup> | 345000 | 463406 |
| JD Health International, Inc.<sup>(1)</sup> | 75600 | 616066 |
| JD Logistics, Inc.<sup>(1)</sup> | 534400 | 887906 |
| JD.com, Inc., ADR | 21864 | 679314 |
| JD.com, Inc., Class A | 4138 | 64119 |
| Jiangsu Expressway Co. Ltd., H Shares | 78000 | 92075 |
| Jiangxi Copper Co. Ltd., H Shares | 119000 | 350407 |
| Jinke Smart Services Group Co. Ltd., H Shares<sup>(1)</sup> | 11000 | 9072 |
| Jinxin Fertility Group Ltd.<sup>(1)(2)</sup> | 391500 | 145634 |
| Jiumaojiu International Holdings Ltd.<sup>(2)</sup> | 431000 | 134127 |
| JNBY Design Ltd. | 70500 | 182628 |
| JOYY, Inc., ADR | 4883 | 263975 |
| Jutal Offshore Oil Services Ltd. | 38000 | 3081 |
| Kangji Medical Holdings Ltd. | 101000 | 112444 |
| Kanzhun Ltd., ADR<sup>(1)</sup> | 3034 | 71663 |
| KE Holdings, Inc., ADR | 19568 | 344005 |
| Kinetic Development Group Ltd.<sup>(2)</sup> | 616000 | 95161 |
| Kingboard Holdings Ltd. | 199500 | 734307 |
| Kingboard Laminates Holdings Ltd. | 228500 | 389580 |
| Kingsoft Cloud Holdings Ltd.<sup>(1)(2)</sup> | 102000 | 101536 |
| Kingsoft Corp. Ltd. | 210400 | 926762 |
| Kuaishou Technology<sup>(1)</sup> | 384400 | 3767634 |
| Kunlun Energy Co. Ltd. | 256000 | 238300 |
| KWG Group Holdings Ltd.<sup>(1)</sup> | 217000 | 6732 |
| KWG Living Group Holdings Ltd.<sup>(1)(2)</sup> | 143500 | 4894 |
| Lee & Man Paper Manufacturing Ltd.<sup>(2)</sup> | 218000 | 82633 |
| Legend Biotech Corp., ADR<sup>(1)</sup> | 725 | 25179 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lenovo Group Ltd. | 460000 | $660370 |
| LexinFintech Holdings Ltd., ADR | 10933 | 69097 |
| Li Auto, Inc., ADR<sup>(1)(2)</sup> | 21315 | 497705 |
| Li Ning Co. Ltd. | 45500 | 111417 |
| Linklogis, Inc., Class B<sup>(2)</sup> | 302500 | 101254 |
| Logan Group Co. Ltd.<sup>(1)(2)</sup> | 433000 | 47471 |
| Longfor Group Holdings Ltd.<sup>(2)</sup> | 391983 | 537504 |
| Lonking Holdings Ltd. | 645000 | 224251 |
| Luye Pharma Group Ltd.<sup>(1)(2)</sup> | 526500 | 244447 |
| LVGEM China Real Estate Investment Co. Ltd.<sup>(1)</sup> | 218000 | 7907 |
| Maanshan Iron & Steel Co. Ltd., H Shares<sup>(1)</sup> | 228000 | 70712 |
| Meituan, Class B<sup>(1)</sup> | 266410 | 3548297 |
| Metallurgical Corp. of China Ltd., H Shares | 5000 | 1461 |
| Microport Cardioflow Medtech Corp.<sup>(1)</sup> | 45000 | 7793 |
| Midea Group Co. Ltd. | 10800 | 113844 |
| Midea Real Estate Holding Ltd.<sup>(1)(2)</sup> | 119400 | 73371 |
| Ming Yuan Cloud Group Holdings Ltd.<sup>(1)(2)</sup> | 32000 | 16323 |
| MINISO Group Holding Ltd., ADR<sup>(2)</sup> | 11647 | 289428 |
| Minth Group Ltd. | 244000 | 1036585 |
| MMG Ltd.<sup>(1)</sup> | 1409600 | 941788 |
| NetDragon Websoft Holdings Ltd. | 59500 | 79829 |
| NetEase Cloud Music, Inc.<sup>(1)</sup> | 9500 | 342589 |
| NetEase, Inc., ADR | 33304 | 4535672 |
| New China Life Insurance Co. Ltd., H Shares | 179300 | 1115592 |
| New Oriental Education & Technology Group, Inc., ADR | 6226 | 298723 |
| Newborn Town, Inc.<sup>(1)</sup> | 262000 | 415895 |
| Nexteer Automotive Group Ltd. | 211000 | 186549 |
| Nine Dragons Paper Holdings Ltd.<sup>(1)</sup> | 331000 | 240679 |
| NIO, Inc., ADR<sup>(1)(2)</sup> | 17882 | 114087 |
| Noah Holdings Ltd., ADR | 16363 | 203719 |
| Nongfu Spring Co. Ltd., H Shares | 190800 | 1234117 |
| Onewo, Inc., Class H | 63800 | 206504 |
| Orient Overseas International Ltd. | 25000 | 438061 |
| PDD Holdings, Inc., ADR<sup>(1)</sup> | 30461 | 3662021 |
| People's Insurance Co. Group of China Ltd., H Shares | 1086000 | 976543 |
| Perennial Energy Holdings Ltd.<sup>(1)</sup> | 40000 | 3996 |
| PetroChina Co. Ltd., Class H | 1592400 | 1541933 |
| Pharmaron Beijing Co. Ltd., H Shares<sup>(2)</sup> | 5850 | 15703 |
| PICC Property & Casualty Co. Ltd., H Shares | 660000 | 1595067 |
| Ping An Healthcare & Technology Co. Ltd.<sup>(2)</sup> | 356559 | 952287 |
| Ping An Insurance Group Co. of China Ltd., H Shares | 551006 | 4011678 |
| Poly Property Group Co. Ltd. | 591362 | 121941 |
| Poly Property Services Co. Ltd., Class H | 56200 | 254282 |
| Pop Mart International Group Ltd. | 60400 | 2510669 |
| Postal Savings Bank of China Co. Ltd., H Shares | 876000 | 610050 |
| Powerlong Commercial Management Holdings Ltd.<sup>(1)</sup> | 8500 | 2465 |
| Precision Tsugami China Corp. Ltd. | 24000 | 86748 |
| PW Medtech Group Ltd. | 7000 | 1295 |
| Q Technology Group Co. Ltd. | 150000 | 310696 |
| Qfin Holdings, Inc., ADR | 20555 | 598562 |
| Qingling Motors Co. Ltd., H Shares<sup>(1)</sup> | 6000 | 563 |
| Qudian, Inc., ADR<sup>(1)</sup> | 37345 | 170293 |
| Radiance Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 182000 | 63589 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Road King Infrastructure Ltd.<sup>(1)</sup> | 5000 | $433 |
| Sany Heavy Equipment International Holdings Co. Ltd. | 60000 | 53058 |
| Scholar Education Group | 51000 | 15873 |
| Seazen Group Ltd.<sup>(1)</sup> | 936000 | 299749 |
| Shandong BoAn Biotechnology Co. Ltd., Class H<sup>(1)</sup> | 41800 | 74389 |
| Shandong Gold Mining Co. Ltd., H Shares<sup>(2)</sup> | 27000 | 103142 |
| Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 158800 | 119997 |
| Shanghai Chicmax Cosmetic Co. Ltd.<sup>(2)</sup> | 15000 | 174986 |
| Shanghai Conant Optical Co. Ltd., Class H | 36500 | 225822 |
| Shanghai Electric Group Co. Ltd., H Shares<sup>(1)</sup> | 40000 | 19048 |
| Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares<sup>(2)</sup> | 15500 | 43380 |
| Shanghai Haohai Biological Technology Co. Ltd., H Shares | 280 | 996 |
| Shanghai Henlius Biotech, Inc., Class H<sup>(1)</sup> | 17000 | 169949 |
| Shanghai Industrial Holdings Ltd. | 114000 | 211815 |
| Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 49200 | 78101 |
| Shenzhen Expressway Corp. Ltd., H Shares<sup>(2)</sup> | 72000 | 66150 |
| Shenzhen International Holdings Ltd. | 380580 | 383957 |
| Shenzhen Investment Ltd.<sup>(1)(2)</sup> | 268000 | 28925 |
| Shenzhou International Group Holdings Ltd. | 42800 | 340557 |
| Shimao Services Holdings Ltd.<sup>(1)</sup> | 49000 | 4743 |
| Shoucheng Holdings Ltd.<sup>(2)</sup> | 113200 | 27534 |
| Shougang Fushan Resources Group Ltd. | 392666 | 138927 |
| Shui On Land Ltd. | 909000 | 88795 |
| Sichuan Expressway Co. Ltd., Class H<sup>(2)</sup> | 74000 | 45680 |
| Sihuan Pharmaceutical Holdings Group Ltd.<sup>(2)</sup> | 424000 | 79717 |
| Simcere Pharmaceutical Group Ltd. | 132000 | 239382 |
| Sino Biopharmaceutical Ltd. | 1691000 | 1773802 |
| Sinopec Engineering Group Co. Ltd., H Shares | 235000 | 210348 |
| Sinopec Kantons Holdings Ltd. | 30000 | 16366 |
| Sinopec Shanghai Petrochemical Co. Ltd., Class H | 36500 | 6330 |
| Sinopharm Group Co. Ltd., H Shares | 117200 | 282432 |
| Sinotrans Ltd., H Shares | 4000 | 2360 |
| Sinotruk Hong Kong Ltd. | 87000 | 253659 |
| Skyworth Group Ltd.<sup>(1)</sup> | 241538 | 107681 |
| SOHO China Ltd.<sup>(1)</sup> | 54500 | 4224 |
| Sohu.com Ltd., ADR<sup>(1)</sup> | 6119 | 98363 |
| South Manganese Investment Ltd.<sup>(1)</sup> | 210000 | 10570 |
| SSY Group Ltd. | 320000 | 116872 |
| Sun Art Retail Group Ltd. | 1061500 | 277089 |
| Sun King Technology Group Ltd.<sup>(1)</sup> | 2000 | 431 |
| Sunac Services Holdings Ltd. | 632386 | 135994 |
| Sunny Optical Technology Group Co. Ltd. | 50100 | 539617 |
| Sunshine Lake Pharma Co. Ltd.<sup>(1)(2)</sup> | 24831 | 165476 |
| SY Holdings Group Ltd.<sup>(2)</sup> | 194000 | 296876 |
| TAL Education Group, ADR<sup>(1)</sup> | 27476 | 291795 |
| Tencent Holdings Ltd. | 271900 | 21057147 |
| Tencent Music Entertainment Group, ADR | 78938 | 1935560 |
| Tian Ge Interactive Holdings Ltd. | 5000 | 437 |
| Tiangong International Co. Ltd.<sup>(2)</sup> | 202000 | 65092 |
| Tianjin Port Development Holdings Ltd. | 12000 | 1129 |
| Tianli International Holdings Ltd.<sup>(2)</sup> | 405000 | 197557 |
| Tianneng Power International Ltd.<sup>(2)</sup> | 246000 | 256354 |
| Tingyi Cayman Islands Holding Corp. | 468000 | 665074 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tong Ren Tang Technologies Co. Ltd., H Shares | 71000 | $45237 |
| Tongcheng Travel Holdings Ltd. | 100400 | 284051 |
| Tongda Group Holdings Ltd.<sup>(1)</sup> | 745000 | 10543 |
| Tongdao Liepin Group | 12800 | 6969 |
| Topsports International Holdings Ltd. | 344000 | 143090 |
| TravelSky Technology Ltd., H Shares | 88000 | 123139 |
| Trip.com Group Ltd., ADR | 14698 | 1083977 |
| Tsaker New Energy Tech Co. Ltd. | 72500 | 7351 |
| Tsingtao Brewery Co. Ltd., H Shares | 36000 | 234108 |
| Tuhu Car, Inc.<sup>(1)</sup> | 62800 | 162325 |
| Uni-President China Holdings Ltd. | 173000 | 206650 |
| Vipshop Holdings Ltd., ADR | 84773 | 1419100 |
| Viva Biotech Holdings<sup>(1)</sup> | 74500 | 25587 |
| Want Want China Holdings Ltd. | 1249000 | 868397 |
| Wasion Holdings Ltd. | 208000 | 309062 |
| Weibo Corp., ADR<sup>(2)</sup> | 17184 | 196929 |
| Weichai Power Co. Ltd., H Shares | 103000 | 216524 |
| Weilong Delicious Global Holdings Ltd.<sup>(2)</sup> | 72600 | 127004 |
| West China Cement Ltd.<sup>(2)</sup> | 540000 | 184516 |
| Wuling Motors Holdings Ltd. | 160000 | 14023 |
| WuXi AppTec Co. Ltd., H Shares<sup>(2)</sup> | 48207 | 671762 |
| Wuxi Biologics Cayman, Inc.<sup>(1)</sup> | 55000 | 236603 |
| XD, Inc. | 70400 | 734760 |
| Xiabuxiabu Catering Management China Holdings Co. Ltd.<sup>(1)</sup> | 132500 | 13873 |
| Xin Point Holdings Ltd. | 12000 | 6364 |
| Xinhua Winshare Publishing & Media Co. Ltd., H Shares | 80000 | 122397 |
| Xinte Energy Co. Ltd., H Shares<sup>(1)(2)</sup> | 74400 | 65074 |
| Xinyi Energy Holdings Ltd.<sup>(2)</sup> | 481556 | 78602 |
| Xinyi Solar Holdings Ltd.<sup>(2)</sup> | 498541 | 217100 |
| XJ International Holdings Co. Ltd.<sup>(1)</sup> | 1008000 | 25908 |
| Xtep International Holdings Ltd. | 585871 | 500760 |
| Xunlei Ltd., ADR<sup>(1)(2)</sup> | 887 | 6413 |
| Yadea Group Holdings Ltd. | 32000 | 55816 |
| Yankuang Energy Group Co. Ltd., H Shares<sup>(2)</sup> | 193300 | 224857 |
| Yidu Tech, Inc.<sup>(1)(2)</sup> | 96500 | 75356 |
| Yihai International Holding Ltd.<sup>(2)</sup> | 192000 | 339003 |
| Yiren Digital Ltd., ADR | 6125 | 35647 |
| Yixin Group Ltd. | 462000 | 189563 |
| Youdao, Inc., ADR<sup>(1)(2)</sup> | 1984 | 17796 |
| Yuexiu Property Co. Ltd.<sup>(2)</sup> | 244800 | 156144 |
| Yuexiu Services Group Ltd. | 72500 | 26207 |
| Yuexiu Transport Infrastructure Ltd. | 198000 | 108962 |
| Yum China Holdings, Inc. | 24785 | 1108385 |
| Zengame Technology Holding Ltd. | 102000 | 33900 |
| Zhejiang Expressway Co. Ltd., H Shares | 248400 | 219523 |
| Zhihu, Inc., ADR<sup>(1)</sup> | 4484 | 21523 |
| Zhongsheng Group Holdings Ltd.<sup>(2)</sup> | 326000 | 676354 |
| Zhou Hei Ya International Holdings Co. Ltd.<sup>(2)</sup> | 177000 | 55688 |
| Zhuguang Holdings Group Co. Ltd.<sup>(1)(2)</sup> | 600000 | 4790 |
| Zijin Mining Group Co. Ltd., H Shares | 170000 | 564480 |
| ZMJ Group Co. Ltd., H Shares | 6400 | 14904 |
| Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | 114200 | 94894 |
| ZTO Express Cayman, Inc., ADR | 58473 | 1064209 |
|  |  | 177583670 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Colombia — 0.2%** | | |
| BAC Holding International Corp. | 3792 | $321 |
| Banco Davivienda SA, Preference Shares<sup>(1)</sup> | 2681 | 16097 |
| Cementos Argos SA | 43202 | 107326 |
| Corp. Financiera Colombiana SA<sup>(1)</sup> | 3119 | 14053 |
| Ecopetrol SA, ADR<sup>(2)</sup> | 7007 | 65866 |
| Grupo Argos SA | 38558 | 165855 |
| Grupo Aval Acciones y Valores SA, Preference Shares | 3792 | 628 |
| Grupo Cibest SA | 12549 | 184928 |
| Grupo Cibest SA, ADR | 5620 | 283585 |
| Grupo de Inversiones Suramericana SA | 6257 | 72207 |
| Interconexion Electrica SA ESP | 28344 | 155223 |
| Mineros SA | 7449 | 18913 |
|  |  | 1085002 |
| **Czech Republic — 0.2%** |  |  |
| CEZ AS | 11399 | 712824 |
| Komercni Banka AS | 5431 | 265350 |
| Moneta Money Bank AS | 33349 | 244528 |
|  |  | 1222702 |
| **Egypt — 0.1%** |  |  |
| Commercial International Bank - Egypt (CIB), GDR | 257275 | 499352 |
| **Greece — 0.8%** |  |  |
| Aegean Airlines SA | 9135 | 153380 |
| Alpha Bank SA | 241577 | 958364 |
| Athens International Airport SA | 7996 | 99389 |
| Eurobank Ergasias Services & Holdings SA, Class A | 90461 | 332450 |
| Fourlis Holdings SA | 301 | 1741 |
| GEK TERNA SA | 5934 | 155556 |
| Hellenic Telecommunications Organization SA | 7470 | 139030 |
| HELLENiQ ENERGY Holdings SA | 12550 | 126156 |
| Jumbo SA | 6071 | 216599 |
| LAMDA Development SA<sup>(1)</sup> | 1367 | 11826 |
| Metlen Energy & Metals PLC<sup>(1)</sup> | 3495 | 224066 |
| Metlen Energy & Metals PLC<sup>(1)</sup> | 4788 | 298559 |
| Motor Oil Hellas Corinth Refineries SA | 9679 | 285280 |
| National Bank of Greece SA | 29273 | 405397 |
| OPAP SA | 9531 | 213897 |
| Piraeus Financial Holdings SA<sup>(1)</sup> | 95849 | 741776 |
| Public Power Corp. SA | 15145 | 253239 |
| Titan SA | 5890 | 255778 |
| Viohalco SA | 2419 | 18476 |
|  |  | 4890959 |
| **Hong Kong — 0.1%** |  |  |
| Asia Cement China Holdings Corp.<sup>(1)</sup> | 43000 | 15236 |
| BAIOO Family Interactive Ltd.<sup>(1)</sup> | 74000 | 5987 |
| Baozun, Inc., ADR<sup>(1)</sup> | 1003 | 3400 |
| Baozun, Inc., Class A<sup>(1)</sup> | 1700 | 1902 |
| Central China Management Co. Ltd.<sup>(1)</sup> | 18000 | 23 |
| China Beststudy Education Group | 17000 | 11654 |
| China Harmony Auto Holding Ltd.<sup>(1)</sup> | 28500 | 8649 |
| China Maple Leaf Educational Systems Ltd.<sup>(1)</sup> | 42000 | 2267 |
| China Oil & Gas Group Ltd.<sup>(1)</sup> | 40000 | 863 |
| China Renaissance Holdings Ltd.<sup>(1)</sup> | 32700 | 34611 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Shengmu Organic Milk Ltd.<sup>(1)</sup> | 55000 | $2694 |
| China Shuifa Singyes Energy Holdings Ltd.<sup>(1)</sup> | 66000 | 2339 |
| China Yuhua Education Corp. Ltd.<sup>(1)</sup> | 328000 | 21463 |
| China Zhongwang Holdings Ltd.<sup>(1)(2)</sup> | 81088 | 104 |
| Coolpad Group Ltd.<sup>(1)</sup> | 9300 | 1192 |
| Dawnrays Pharmaceutical Holdings Ltd. | 7000 | 1134 |
| EVA Precision Industrial Holdings Ltd. | 114000 | 13192 |
| Hebei Construction Group Corp. Ltd., H Shares<sup>(1)(2)</sup> | 3000 | 205 |
| Hi Sun Technology China Ltd.<sup>(1)</sup> | 57000 | 3802 |
| Hilong Holding Ltd.<sup>(1)</sup> | 302000 | 6082 |
| Homeland Interactive Technology Ltd.<sup>(1)</sup> | 24000 | 2983 |
| Honliv Healthcare Management Group Co. Ltd.<sup>(1)</sup> | 20000 | 3854 |
| IMAX China Holding, Inc.<sup>(1)</sup> | 4700 | 5014 |
| JH Educational Technology, Inc.<sup>(1)</sup> | 14000 | 1580 |
| Jiayuan International Group Ltd.<sup>(1)</sup> | 52000 | 67 |
| Jinchuan Group International Resources Co. Ltd.<sup>(1)(2)</sup> | 703000 | 43286 |
| Lee & Man Chemical Co. Ltd. | 4000 | 2697 |
| Minsheng Education Group Co. Ltd.<sup>(1)</sup> | 34000 | 715 |
| Mobvista, Inc.<sup>(1)</sup> | 115000 | 208493 |
| Pacific Millennium Packaging Group Corp. | 2000 | 719 |
| Pou Sheng International Holdings Ltd. | 90000 | 6020 |
| Powerlong Real Estate Holdings Ltd.<sup>(1)</sup> | 62000 | 2555 |
| Prinx Chengshan Holdings Ltd. | 6000 | 5509 |
| Redco Properties Group Ltd.<sup>(1)(2)</sup> | 22000 | 269 |
| Shanghai Industrial Urban Development Group Ltd.<sup>(1)</sup> | 1600 | 70 |
| Shanghai Pioneer Holding Ltd. | 22000 | 5636 |
| Trigiant Group Ltd.<sup>(1)</sup> | 6000 | 249 |
| Truly International Holdings Ltd. | 256000 | 39571 |
| United Strength Power Holdings Ltd. | 2000 | 429 |
| Untrade Yincheng International<sup>(1)</sup> | 4000 |  |
| Venus MedTech Hangzhou, Inc., H Shares<sup>(1)</sup> | 9000 | 4268 |
| Viva Goods Co. Ltd.<sup>(1)</sup> | 24000 | 2289 |
| Wharf Holdings Ltd. | 73000 | 209509 |
| Youzan Technology Ltd.<sup>(1)</sup> | 80000 | 1758 |
|  |  | 684339 |
| **Hungary — 0.3%** |  |  |
| Magyar Telekom Telecommunications PLC | 52061 | 295760 |
| MOL Hungarian Oil & Gas PLC | 24955 | 214762 |
| OTP Bank Nyrt | 15590 | 1359826 |
| Richter Gedeon Nyrt | 6276 | 190372 |
|  |  | 2060720 |
| **India — 19.3%** |  |  |
| 20 Microns Ltd. | 5667 | 14830 |
| 360 ONE WAM Ltd. | 10948 | 126500 |
| 3M India Ltd. | 187 | 65164 |
| 63 Moons Technologies Ltd. | 4379 | 44915 |
| Aadhar Housing Finance Ltd.<sup>(1)</sup> | 21587 | 123101 |
| Aarti Drugs Ltd. | 4275 | 22776 |
| Aarti Industries Ltd. | 21152 | 90148 |
| Aarti Pharmalabs Ltd. | 8346 | 79655 |
| Aavas Financiers Ltd.<sup>(1)</sup> | 6784 | 116938 |
| ABB India Ltd. | 2252 | 127744 |
| ACC Ltd. | 6924 | 141478 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Accelya Solutions India Ltd. | 926 | $14681 |
| Action Construction Equipment Ltd. | 7994 | 95355 |
| Adani Energy Solutions Ltd.<sup>(1)</sup> | 13550 | 117584 |
| Adani Enterprises Ltd. | 8518 | 216823 |
| Adani Green Energy Ltd.<sup>(1)</sup> | 6990 | 72455 |
| Adani Ports & Special Economic Zone Ltd. | 23162 | 345060 |
| Adani Power Ltd.<sup>(1)</sup> | 54617 | 372391 |
| Adani Total Gas Ltd. | 8578 | 57533 |
| Aditya Birla Capital Ltd.<sup>(1)</sup> | 66865 | 210716 |
| Aditya Birla Sun Life Asset Management Co. Ltd. | 16335 | 154695 |
| Aegis Logistics Ltd. | 6658 | 50780 |
| Agarwal Industrial Corp. Ltd. | 1367 | 12163 |
| AGI Greenpac Ltd. | 7217 | 73095 |
| AIA Engineering Ltd.<sup>(1)</sup> | 2717 | 94096 |
| Ajanta Pharma Ltd. | 3028 | 85086 |
| Akzo Nobel India Ltd. | 800 | 30949 |
| Alembic Ltd. | 9345 | 10759 |
| Alembic Pharmaceuticals Ltd. | 8197 | 87081 |
| Alivus Life Sciences Ltd.<sup>(1)</sup> | 5884 | 63053 |
| Alkyl Amines Chemicals | 545 | 12390 |
| Allcargo Logistics Ltd. | 39128 | 13862 |
| Allcargo Terminals Ltd.<sup>(1)</sup> | 9782 | 2998 |
| Allied Digital Services Ltd.<sup>(1)</sup> | 9140 | 16993 |
| Alok Industries Ltd.<sup>(1)</sup> | 30788 | 6091 |
| Amara Raja Energy & Mobility Ltd. | 20664 | 232336 |
| Ambuja Cements Ltd. | 25656 | 163967 |
| Anand Rathi Wealth Ltd. | 1798 | 56951 |
| Andhra Paper Ltd. | 16070 | 14158 |
| Andhra Sugars Ltd. | 20345 | 17384 |
| Angel One Ltd. | 12556 | 314733 |
| Anup Engineering Ltd. | 2895 | 72595 |
| APL Apollo Tubes Ltd. | 12471 | 226985 |
| Apollo Hospitals Enterprise Ltd. | 5000 | 431781 |
| Apollo Tyres Ltd. | 65347 | 342292 |
| Aptus Value Housing Finance India Ltd. | 31655 | 114063 |
| Archean Chemical Industries Ltd. | 14564 | 108418 |
| Arvind Fashions Ltd. | 18421 | 108505 |
| Arvind Ltd. | 33494 | 106789 |
| Arvind SmartSpaces Ltd. | 2390 | 15994 |
| Asahi India Glass Ltd.<sup>(1)</sup> | 13935 | 132269 |
| Ashok Leyland Ltd. | 217826 | 313410 |
| Ashoka Buildcon Ltd.<sup>(1)</sup> | 52270 | 102473 |
| Asian Paints Ltd. | 17466 | 498925 |
| Aster DM Healthcare Ltd. | 66679 | 454508 |
| Astral Ltd. | 2185 | 33716 |
| Atul Ltd. | 1013 | 72102 |
| AU Small Finance Bank Ltd. | 28817 | 234641 |
| AurionPro Solutions Ltd. | 629 | 9454 |
| Aurobindo Pharma Ltd. | 22685 | 264310 |
| Aurum Proptech Ltd.<sup>(1)</sup> | 376 | 705 |
| Avanti Feeds Ltd. | 9135 | 66605 |
| Avenue Supermarts Ltd.<sup>(1)</sup> | 2943 | 158752 |
| Axis Bank Ltd., GDR | 34119 | 2027311 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bajaj Auto Ltd. | 4070 | $398319 |
| Bajaj Consumer Care Ltd.<sup>(1)</sup> | 15148 | 40281 |
| Bajaj Finance Ltd. | 178404 | 1777209 |
| Bajaj Finserv Ltd. | 21573 | 468285 |
| Bajaj Healthcare Ltd. | 4557 | 21792 |
| Bajaj Hindusthan Sugar Ltd.<sup>(1)</sup> | 221576 | 50817 |
| Bajel Projects Ltd.<sup>(1)</sup> | 5663 | 12949 |
| Balaji Amines Ltd. | 1730 | 28607 |
| Balkrishna Industries Ltd. | 8777 | 228124 |
| Balrampur Chini Mills Ltd. | 18717 | 113849 |
| Banco Products India Ltd. | 17849 | 116736 |
| Bandhan Bank Ltd. | 137932 | 253099 |
| Bank of Baroda | 110705 | 292450 |
| Bank of Maharashtra | 85420 | 50309 |
| BASF India Ltd. | 1301 | 67916 |
| Bata India Ltd. | 9595 | 119447 |
| Bayer CropScience Ltd. | 2286 | 135652 |
| BEML Ltd. | 1112 | 48394 |
| Berger Paints India Ltd. | 8059 | 48766 |
| Best Agrolife Ltd. | 1760 | 7164 |
| Bhansali Engineering Polymers Ltd. | 21758 | 25575 |
| Bharat Bijlee Ltd.<sup>(1)</sup> | 1734 | 58475 |
| Bharat Electronics Ltd. | 169255 | 709229 |
| Bharat Forge Ltd. | 21353 | 268051 |
| Bharat Heavy Electricals Ltd. | 73597 | 173644 |
| Bharat Petroleum Corp. Ltd. | 166500 | 582119 |
| Bharat Rasayan Ltd. | 217 | 24739 |
| Bharti Airtel Ltd. | 26351 | 564825 |
| Bharti Airtel Ltd. | 1882 | 30856 |
| Bikaji Foods International Ltd. | 7260 | 65075 |
| Biocon Ltd. | 11885 | 46951 |
| Birla Corp. Ltd.<sup>(1)</sup> | 2240 | 31800 |
| BirlaNu Ltd. | 531 | 11285 |
| Birlasoft Ltd. | 44349 | 184975 |
| Black Box Ltd. | 3855 | 19751 |
| Bliss Gvs Pharma Ltd. | 23549 | 41561 |
| BLS International Services Ltd. | 11482 | 47785 |
| Blue Dart Express Ltd. | 1074 | 68288 |
| Blue Jet Healthcare Ltd. | 5067 | 38418 |
| Bluspring Enterprises Ltd.<sup>(1)</sup> | 6356 | 5729 |
| Bombay Burmah Trading Co. | 4932 | 98151 |
| Bombay Dyeing & Manufacturing Co. Ltd. | 27868 | 53680 |
| Bosch Ltd. | 143 | 64834 |
| Brigade Enterprises Ltd. | 5777 | 60493 |
| Brightcom Group Ltd.<sup>(1)</sup> | 188567 | 34668 |
| Britannia Industries Ltd. | 8076 | 533076 |
| BSE Ltd. | 23545 | 560057 |
| Camlin Fine Sciences Ltd.<sup>(1)</sup> | 22666 | 52427 |
| Campus Activewear Ltd. | 17472 | 52400 |
| Can Fin Homes Ltd. | 21005 | 171102 |
| Canara Bank | 217684 | 256358 |
| Capacit'e Infraprojects Ltd.<sup>(1)</sup> | 13971 | 44658 |
| Carborundum Universal Ltd. | 4834 | 50024 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Care Ratings Ltd. | 1529 | $27072 |
| Carysil Ltd. | 1860 | 18144 |
| Castrol India Ltd. | 72396 | 161953 |
| Ceat Ltd. | 6233 | 221479 |
| Central Depository Services India Ltd. | 7705 | 124505 |
| Century Plyboards India Ltd. | 183 | 1549 |
| Cera Sanitaryware Ltd. | 402 | 28790 |
| CESC Ltd. | 62905 | 108587 |
| CG Power & Industrial Solutions Ltd. | 27275 | 214979 |
| Chalet Hotels Ltd.<sup>(1)</sup> | 11252 | 128839 |
| Chambal Fertilisers & Chemicals Ltd. | 40425 | 247580 |
| Chemcon Speciality Chemicals Ltd.<sup>(1)</sup> | 561 | 1328 |
| Chemplast Sanmar Ltd.<sup>(1)</sup> | 17320 | 83942 |
| Chennai Petroleum Corp. Ltd. | 12992 | 95105 |
| Cholamandalam Financial Holdings Ltd. | 8542 | 167134 |
| Cholamandalam Investment & Finance Co. Ltd. | 46829 | 755360 |
| CIE Automotive India Ltd. | 11356 | 49570 |
| Cigniti Technologies Ltd.<sup>(1)</sup> | 6204 | 114546 |
| Cipla Ltd. | 33201 | 598456 |
| City Union Bank Ltd. | 70886 | 157611 |
| CMS Info Systems Ltd. | 45867 | 213394 |
| Coal India Ltd. | 129719 | 551277 |
| Cochin Shipyard Ltd. | 5900 | 107644 |
| Coforge Ltd. | 14526 | 283808 |
| Cohance Lifesciences Ltd.<sup>(1)</sup> | 8004 | 79815 |
| Colgate-Palmolive India Ltd. | 11345 | 300103 |
| Computer Age Management Services Ltd. | 5764 | 242364 |
| Container Corp. of India Ltd. | 14748 | 88181 |
| Coromandel International Ltd. | 22622 | 592188 |
| Cosmo First Ltd. | 5636 | 63272 |
| Craftsman Automation Ltd. | 3000 | 235307 |
| CreditAccess Grameen Ltd.<sup>(1)</sup> | 5896 | 93558 |
| CRISIL Ltd. | 1033 | 58397 |
| Crompton Greaves Consumer Electricals Ltd. | 42692 | 159800 |
| Cummins India Ltd. | 7999 | 346848 |
| Cyient Ltd. | 12879 | 170669 |
| Dabur India Ltd. | 25853 | 152779 |
| Dalmia Bharat Ltd. | 5784 | 157599 |
| Dalmia Bharat Sugar & Industries Ltd. | 1638 | 6967 |
| Datamatics Global Services Ltd.<sup>(1)</sup> | 5211 | 59766 |
| DB Corp. Ltd. | 13014 | 39458 |
| DCB Bank Ltd. | 38727 | 53792 |
| DCM Shriram Industries Ltd. | 6912 | 12379 |
| DCM Shriram Ltd. | 6921 | 97333 |
| DCW Ltd.<sup>(1)</sup> | 38894 | 32050 |
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 4777 | 75179 |
| Deepak Nitrite Ltd. | 5774 | 117258 |
| Delta Corp. Ltd. | 3208 | 3087 |
| Devyani International Ltd.<sup>(1)</sup> | 51787 | 102399 |
| Dhani Services Ltd.<sup>(1)</sup> | 50141 | 35009 |
| Digitide Solutions Ltd.<sup>(1)</sup> | 6356 | 14469 |
| Dilip Buildcon Ltd. | 10399 | 54879 |
| Dish TV India Ltd.<sup>(1)</sup> | 221711 | 12856 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dishman Carbogen Amcis Ltd.<sup>(1)</sup> | 11349 | $34077 |
| Divi's Laboratories Ltd. | 3904 | 271329 |
| Dixon Technologies India Ltd. | 2520 | 477394 |
| DLF Ltd. | 25071 | 210193 |
| D-Link India Ltd. | 5282 | 28369 |
| Dr. Lal PathLabs Ltd. | 2456 | 92137 |
| Dr. Reddy's Laboratories Ltd., ADR | 29889 | 424424 |
| Dwarikesh Sugar Industries Ltd. | 31044 | 13882 |
| E2E Networks Ltd.<sup>(1)</sup> | 375 | 9760 |
| eClerx Services Ltd. | 7072 | 338557 |
| Edelweiss Financial Services Ltd. | 128351 | 155923 |
| Eicher Motors Ltd. | 5646 | 390718 |
| EID Parry India Ltd.<sup>(1)</sup> | 23743 | 303211 |
| EIH Ltd. | 23266 | 105372 |
| Elecon Engineering Co. Ltd. | 16414 | 102866 |
| Electrosteel Castings Ltd. | 36739 | 40631 |
| Emami Ltd. | 34735 | 226142 |
| Embassy Developments Ltd.<sup>(1)</sup> | 46013 | 48869 |
| Endurance Technologies Ltd. | 3250 | 105744 |
| Epack Durable Ltd.<sup>(1)</sup> | 14162 | 60958 |
| Epigral Ltd. | 2722 | 55957 |
| EPL Ltd. | 46019 | 117240 |
| Equitas Small Finance Bank Ltd.<sup>(1)</sup> | 112358 | 64063 |
| Escorts Kubota Ltd. | 1598 | 64699 |
| Ester Industries Ltd.<sup>(1)</sup> | 7600 | 9385 |
| Eternal Ltd.<sup>(1)</sup> | 91136 | 324719 |
| Eveready Industries India Ltd. | 9278 | 44367 |
| Everest Industries Ltd.<sup>(1)</sup> | 1312 | 9971 |
| Everest Kanto Cylinder Ltd. | 12621 | 19618 |
| Excel Industries Ltd. | 1451 | 20307 |
| Exicom Tele-Systems Ltd.<sup>(1)</sup> | 6178 | 9983 |
| Exide Industries Ltd. | 50863 | 228708 |
| FDC Ltd. | 1453 | 7540 |
| Federal Bank Ltd. | 249215 | 542035 |
| Federal-Mogul Goetze India Ltd.<sup>(1)</sup> | 5784 | 34777 |
| FIEM Industries Ltd. | 1560 | 37202 |
| Filatex India Ltd. | 43459 | 25575 |
| Fine Organic Industries Ltd. | 1901 | 101256 |
| Fineotex Chemical Ltd. | 5957 | 16109 |
| Finolex Cables Ltd. | 4004 | 37266 |
| Finolex Industries Ltd. | 51489 | 123879 |
| Five-Star Business Finance Ltd. | 27693 | 171224 |
| Force Motors Ltd.<sup>(1)</sup> | 1521 | 336018 |
| Fortis Healthcare Ltd. | 63195 | 653051 |
| G R Infraprojects Ltd. | 4953 | 70224 |
| Gabriel India Ltd. | 10034 | 131213 |
| GAIL India Ltd. | 118569 | 232840 |
| Galaxy Surfactants Ltd. | 260 | 6671 |
| Garware Technical Fibres Ltd. | 8469 | 73546 |
| Gateway Distriparks Ltd. | 25998 | 18979 |
| GE Vernova T&D India Ltd. | 6299 | 198292 |
| Geojit Financial Services Ltd. | 25322 | 20474 |
| GHCL Ltd. | 11424 | 71645 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| GHCL Textiles Ltd. | 5163 | $4659 |
| GIC Housing Finance Ltd. | 7865 | 15355 |
| Gillette India Ltd. | 1040 | 119054 |
| Gland Pharma Ltd. | 3180 | 67439 |
| GlaxoSmithKline Pharmaceuticals Ltd. | 1424 | 44964 |
| Glenmark Pharmaceuticals Ltd. | 32825 | 715745 |
| Global Health Ltd. | 6568 | 102290 |
| Globus Spirits Ltd. | 1530 | 20895 |
| GMM Pfaudler Ltd. | 5881 | 78558 |
| GMR Airports Ltd.<sup>(1)</sup> | 115370 | 112722 |
| GMR Power & Urban Infra Ltd.<sup>(1)</sup> | 12421 | 15528 |
| GNA Axles Ltd. | 1572 | 5340 |
| Go Fashion India Ltd.<sup>(1)</sup> | 1500 | 12008 |
| Godawari Power & Ispat Ltd. | 63770 | 168276 |
| Godrej Agrovet Ltd. | 8470 | 71164 |
| Godrej Consumer Products Ltd. | 6465 | 91119 |
| Godrej Properties Ltd.<sup>(1)</sup> | 3460 | 76431 |
| Gokul Agro Resources Ltd.<sup>(1)</sup> | 17054 | 63110 |
| Goldiam International Ltd. | 9189 | 37895 |
| Granules India Ltd. | 14660 | 81861 |
| Graphite India Ltd. | 10458 | 60605 |
| Grasim Industries Ltd. | 12195 | 383778 |
| Great Eastern Shipping Co. Ltd. | 25386 | 266897 |
| Greaves Cotton Ltd. | 35619 | 80144 |
| Greenpanel Industries Ltd. | 7398 | 22701 |
| Greenply Industries Ltd. | 13704 | 47936 |
| Grindwell Norton Ltd. | 1853 | 32857 |
| Gujarat Alkalies & Chemicals Ltd. | 3254 | 20819 |
| Gujarat Ambuja Exports Ltd. | 30364 | 35623 |
| Gujarat Fluorochemicals Ltd. | 757 | 29308 |
| Gujarat Industries Power Co. Ltd. | 9040 | 18224 |
| Gujarat Mineral Development Corp. Ltd. | 9795 | 44916 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 12684 | 75165 |
| Gujarat Pipavav Port Ltd. | 57229 | 96773 |
| Gujarat State Fertilizers & Chemicals Ltd. | 38670 | 86626 |
| Gujarat State Petronet Ltd. | 63517 | 208780 |
| Gulf Oil Lubricants India Ltd. | 5694 | 80746 |
| Hathway Cable & Datacom Ltd.<sup>(1)</sup> | 53179 | 8814 |
| Havells India Ltd. | 17068 | 295573 |
| HCL Technologies Ltd. | 63237 | 1042690 |
| HDFC Asset Management Co. Ltd. | 9741 | 603485 |
| HDFC Bank Ltd. | 406810 | 4390873 |
| HDFC Life Insurance Co. Ltd. | 28671 | 251147 |
| HealthCare Global Enterprises Ltd.<sup>(1)</sup> | 10614 | 81003 |
| HEG Ltd. | 12544 | 65704 |
| HeidelbergCement India Ltd. | 18473 | 43074 |
| Heritage Foods Ltd. | 14642 | 76655 |
| Hero MotoCorp Ltd. | 15685 | 904484 |
| Hexaware Technologies Ltd. | 13670 | 117433 |
| HFCL Ltd. | 55288 | 44036 |
| HG Infra Engineering Ltd. | 4795 | 52815 |
| Hikal Ltd. | 6930 | 20029 |
| Himadri Speciality Chemical Ltd., ADR | 30894 | 156210 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Himatsingka Seide Ltd. | 16480 | $21728 |
| Hindalco Industries Ltd. | 156150 | 1247852 |
| Hinduja Global Solutions Ltd. | 630 | 3661 |
| Hindustan Aeronautics Ltd. | 16700 | 821134 |
| Hindustan Construction Co. Ltd.<sup>(1)</sup> | 50687 | 14560 |
| Hindustan Oil Exploration Co. Ltd.<sup>(1)</sup> | 12291 | 23233 |
| Hindustan Petroleum Corp. Ltd. | 179760 | 766570 |
| Hindustan Unilever Ltd. | 29043 | 875811 |
| Hitachi Energy India Ltd. | 989 | 214629 |
| HI-Tech Pipes Ltd. | 26394 | 25780 |
| Honda India Power Products Ltd. | 797 | 25280 |
| Housing & Urban Development Corp. Ltd. | 16313 | 37838 |
| Huhtamaki India Ltd. | 5133 | 12553 |
| I G Petrochemicals Ltd. | 1499 | 7292 |
| ICICI Bank Ltd., ADR | 146987 | 4665367 |
| ICICI Lombard General Insurance Co. Ltd. | 7483 | 156237 |
| ICICI Prudential Life Insurance Co. Ltd. | 9480 | 64475 |
| IDFC First Bank Ltd. | 409345 | 315532 |
| IFCI Ltd.<sup>(1)</sup> | 52682 | 30544 |
| IIFL Capital Services Ltd. | 43723 | 147004 |
| IIFL Finance Ltd.<sup>(1)</sup> | 71101 | 344606 |
| India Cements Ltd.<sup>(1)</sup> | 19560 | 84720 |
| India Glycols Ltd.<sup>(1)</sup> | 9348 | 86510 |
| India Shelter Finance Corp. Ltd. | 2795 | 29834 |
| IndiaMart InterMesh Ltd. | 6771 | 199473 |
| Indian Bank | 32035 | 237367 |
| Indian Energy Exchange Ltd. | 51181 | 81166 |
| Indian Hotels Co. Ltd. | 34514 | 297011 |
| Indian Hume Pipe Co. Ltd. | 4662 | 19038 |
| Indian Metals & Ferro Alloys Ltd. | 3462 | 33858 |
| Indian Oil Corp. Ltd. | 229124 | 355051 |
| Indian Railway Catering & Tourism Corp. Ltd. | 9660 | 75835 |
| Indian Renewable Energy Development Agency Ltd.<sup>(1)</sup> | 32696 | 52132 |
| Indo Count Industries Ltd. | 10682 | 28024 |
| Indraprastha Gas Ltd. | 55046 | 129119 |
| Indraprastha Medical Corp. Ltd. | 16933 | 84223 |
| Indus Towers Ltd.<sup>(1)</sup> | 176045 | 676356 |
| IndusInd Bank Ltd.<sup>(1)</sup> | 14815 | 124161 |
| Info Edge India Ltd. | 19177 | 295312 |
| Infosys Ltd., ADR<sup>(2)</sup> | 174831 | 2940657 |
| Ingersoll Rand India Ltd. | 307 | 13264 |
| INOX India Ltd. | 3112 | 39521 |
| Intellect Design Arena Ltd. | 9903 | 109765 |
| InterGlobe Aviation Ltd. | 13896 | 890891 |
| IOL Chemicals & Pharmaceuticals Ltd. | 29965 | 30832 |
| ION Exchange India Ltd. | 5549 | 26284 |
| IRB Infrastructure Developers Ltd. | 335640 | 163339 |
| IRCON International Ltd. | 39977 | 72784 |
| ISGEC Heavy Engineering Ltd.<sup>(1)</sup> | 8502 | 94517 |
| ITD Cementation India Ltd. | 23620 | 189856 |
| J Kumar Infraprojects Ltd. | 6357 | 44546 |
| Jagran Prakashan Ltd. | 9956 | 8102 |
| Jai Balaji Industries Ltd.<sup>(1)</sup> | 26950 | 31635 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Jai Corp. Ltd. | 9007 | $12237 |
| Jain Irrigation Systems Ltd.<sup>(1)</sup> | 59660 | 33616 |
| Jaiprakash Associates Ltd.<sup>(1)</sup> | 47432 | 2012 |
| Jaiprakash Power Ventures Ltd.<sup>(1)</sup> | 699678 | 145906 |
| Jammu & Kashmir Bank Ltd. | 107723 | 120878 |
| Jamna Auto Industries Ltd. | 52330 | 61610 |
| Jash Engineering Ltd. | 5310 | 31237 |
| JB Chemicals & Pharmaceuticals Ltd. | 9914 | 193823 |
| Jindal Drilling & Industries Ltd. | 2127 | 14606 |
| Jindal Poly Films Ltd. | 1475 | 10053 |
| Jindal Saw Ltd. | 53281 | 119318 |
| Jindal Stainless Ltd. | 56432 | 488563 |
| Jindal Steel Ltd. | 37888 | 406446 |
| Jio Financial Services Ltd. | 191278 | 676695 |
| JK Cement Ltd. | 4664 | 367703 |
| JK Lakshmi Cement Ltd. | 14332 | 149818 |
| JK Paper Ltd. | 25337 | 107699 |
| JK Tyre & Industries Ltd. | 22186 | 80736 |
| JM Financial Ltd. | 103344 | 207844 |
| Johnson Controls-Hitachi Air Conditioning India Ltd. | 2120 | 41595 |
| JSW Energy Ltd. | 42000 | 232717 |
| JSW Steel Ltd. | 21879 | 255047 |
| Jubilant Foodworks Ltd. | 22574 | 160702 |
| Jubilant Ingrevia Ltd. | 12275 | 100761 |
| Jubilant Pharmova Ltd. | 7752 | 89960 |
| Just Dial Ltd.<sup>(1)</sup> | 979 | 8975 |
| Jyoti Structures Ltd.<sup>(1)</sup> | 168125 | 28713 |
| Kajaria Ceramics Ltd. | 9194 | 126329 |
| Kalpataru Projects International Ltd. | 13804 | 195853 |
| Kalyan Jewellers India Ltd.<sup>(1)</sup> | 4962 | 28394 |
| Kalyani Steels Ltd. | 2407 | 22710 |
| Kansai Nerolac Paints Ltd. | 14918 | 40606 |
| Karnataka Bank Ltd. | 37244 | 72470 |
| Karur Vysya Bank Ltd. | 129112 | 313378 |
| Kaveri Seed Co. Ltd. | 5784 | 76482 |
| KCP Ltd. | 19748 | 44153 |
| KEC International Ltd. | 37089 | 339581 |
| Kellton Tech Solutions Ltd.<sup>(1)</sup> | 38405 | 11172 |
| Kennametal India Ltd. | 279 | 6961 |
| Kfin Technologies Ltd. | 7063 | 81921 |
| Kiri Industries Ltd.<sup>(1)</sup> | 8250 | 49647 |
| Kirloskar Brothers Ltd. | 2915 | 64151 |
| Kirloskar Ferrous Industries Ltd. | 11193 | 69706 |
| Kirloskar Oil Engines Ltd. | 20773 | 212189 |
| KNR Constructions Ltd. | 38774 | 83897 |
| Kolte-Patil Developers Ltd.<sup>(1)</sup> | 1397 | 7412 |
| Kopran Ltd. | 1454 | 2552 |
| Kotak Mahindra Bank Ltd. | 67926 | 1510760 |
| KPIT Technologies Ltd. | 15137 | 204273 |
| KPR Mill Ltd. | 5470 | 61272 |
| KRBL Ltd. | 8855 | 43291 |
| Krishna Institute of Medical Sciences Ltd.<sup>(1)</sup> | 15587 | 127921 |
| L&T Finance Ltd. | 138701 | 341659 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| L&T Technology Services Ltd. | 955 | $45738 |
| LA Opala RG Ltd. | 4256 | 11700 |
| Larsen & Toubro Ltd. | 24156 | 986267 |
| Laxmi Organic Industries Ltd. | 22759 | 52171 |
| LG Balakrishnan & Bros Ltd. | 4509 | 64972 |
| LIC Housing Finance Ltd. | 48332 | 304442 |
| Lincoln Pharmaceuticals Ltd. | 1473 | 8997 |
| Linde India Ltd. | 348 | 25201 |
| Lloyds Metals & Energy Ltd. | 10764 | 157512 |
| Lodha Developers Ltd. | 10590 | 143358 |
| LT Foods Ltd. | 21706 | 103820 |
| LTIMindtree Ltd. | 3714 | 216064 |
| Lupin Ltd. | 17797 | 382761 |
| LUX Industries Ltd. | 1558 | 22535 |
| Mahanagar Gas Ltd. | 15132 | 214754 |
| Maharashtra Scooters Ltd. | 356 | 64024 |
| Maharashtra Seamless Ltd. | 14871 | 108227 |
| Mahindra & Mahindra Financial Services Ltd. | 85818 | 247183 |
| Mahindra & Mahindra Ltd. | 52245 | 1895645 |
| Mahindra Holidays & Resorts India Ltd.<sup>(1)</sup> | 11646 | 46223 |
| Mahindra Logistics Ltd. | 4485 | 16141 |
| Maithan Alloys Ltd. | 2266 | 26771 |
| Man Infraconstruction Ltd. | 17927 | 32043 |
| Manali Petrochemicals Ltd. | 9199 | 6724 |
| Manappuram Finance Ltd. | 161805 | 479545 |
| Mangalam Cement Ltd. | 4384 | 35063 |
| Mangalore Chemicals & Fertilizers Ltd. | 11470 | 44920 |
| Mankind Pharma Ltd. | 8430 | 236441 |
| Marico Ltd. | 34196 | 281309 |
| Marksans Pharma Ltd. | 42291 | 80896 |
| Maruti Suzuki India Ltd. | 9553 | 1603255 |
| MAS Financial Services Ltd. | 4887 | 17188 |
| Matrimony.com Ltd. | 690 | 3982 |
| Max Financial Services Ltd.<sup>(1)</sup> | 12661 | 229966 |
| Max Healthcare Institute Ltd. | 18740 | 245366 |
| Mayur Uniquoters Ltd. | 3364 | 19967 |
| Mazagon Dock Shipbuilders Ltd. | 4276 | 126080 |
| Medplus Health Services Ltd.<sup>(1)</sup> | 3363 | 32105 |
| Meghmani Organics Ltd.<sup>(1)</sup> | 29589 | 27504 |
| Metropolis Healthcare Ltd.<sup>(1)</sup> | 1019 | 25304 |
| Minda Corp. Ltd. | 8086 | 45790 |
| Mirza International Ltd.<sup>(1)</sup> | 9808 | 3570 |
| MOIL Ltd. | 7182 | 26936 |
| Monarch Networth Capital Ltd. | 3201 | 11519 |
| Motherson Sumi Wiring India Ltd. | 235813 | 111304 |
| Motilal Oswal Financial Services Ltd. | 33965 | 330410 |
| Mphasis Ltd. | 14664 | 462663 |
| MRF Ltd. | 329 | 525767 |
| Mrs Bectors Food Specialities Ltd. | 1497 | 23402 |
| Muthoot Finance Ltd. | 15724 | 470861 |
| Narayana Hrudayalaya Ltd. | 15781 | 313686 |
| Natco Pharma Ltd. | 16139 | 157797 |
| National Aluminium Co. Ltd. | 175175 | 370404 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| National Fertilizers Ltd. | 10348 | $11305 |
| Nava Ltd. | 43208 | 336817 |
| Navin Fluorine International Ltd. | 7125 | 378538 |
| NCC Ltd. | 106551 | 247304 |
| NESCO Ltd. | 1414 | 22518 |
| Nestle India Ltd. | 16628 | 218099 |
| Network18 Media & Investments Ltd.<sup>(1)</sup> | 48250 | 28913 |
| Neuland Laboratories Ltd. | 759 | 115789 |
| Newgen Software Technologies Ltd. | 7611 | 76187 |
| NHPC Ltd. | 154547 | 135427 |
| NIIT Learning Systems Ltd. | 7767 | 28899 |
| NIIT Ltd. | 9326 | 11346 |
| Nippon Life India Asset Management Ltd. | 20520 | 182647 |
| Nitin Spinners Ltd. | 3812 | 15067 |
| NLC India Ltd. | 40252 | 102705 |
| NMDC Ltd. | 537979 | 420249 |
| NOCIL Ltd. | 17520 | 35175 |
| NTPC Ltd. | 279631 | 1039074 |
| Nucleus Software Exports Ltd. | 1557 | 17922 |
| Nuvama Wealth Management Ltd. | 3120 | 225849 |
| Oberoi Realty Ltd. | 9619 | 175787 |
| Oil & Natural Gas Corp. Ltd. | 270546 | 717043 |
| Oil India Ltd. | 83692 | 370551 |
| One 97 Communications Ltd.<sup>(1)</sup> | 18464 | 252850 |
| Onesource Specialty Pharma Ltd.<sup>(1)</sup> | 1741 | 37325 |
| OnMobile Global Ltd.<sup>(1)</sup> | 3493 | 2007 |
| Oracle Financial Services Software Ltd. | 2888 | 271641 |
| Orient Cement Ltd. | 10027 | 24677 |
| Orient Electric Ltd. | 31070 | 75726 |
| Orient Green Power Co. Ltd.<sup>(1)</sup> | 182034 | 28124 |
| Page Industries Ltd. | 613 | 308347 |
| Paisalo Digital Ltd. | 72148 | 24624 |
| Panama Petrochem Ltd. | 4381 | 14662 |
| Paradeep Phosphates Ltd. | 118047 | 290954 |
| Patel Engineering Ltd.<sup>(1)</sup> | 50264 | 21137 |
| PB Fintech Ltd.<sup>(1)</sup> | 6905 | 138668 |
| PC Jeweller Ltd.<sup>(1)</sup> | 244100 | 36333 |
| Pearl Global Industries Ltd. | 1777 | 24932 |
| Pennar Industries Ltd.<sup>(1)</sup> | 21103 | 57280 |
| Persistent Systems Ltd. | 4868 | 292507 |
| Petronet LNG Ltd. | 149699 | 457356 |
| Phoenix Mills Ltd. | 9365 | 159869 |
| PI Industries Ltd. | 8669 | 363421 |
| Pidilite Industries Ltd. | 7790 | 269407 |
| Piramal Enterprises Ltd. | 14151 | 179823 |
| Piramal Pharma Ltd. | 50878 | 105803 |
| PIX Transmissions Ltd. | 2307 | 36127 |
| PNB Housing Finance Ltd. | 22550 | 192721 |
| PNC Infratech Ltd. | 17907 | 61802 |
| Pokarna Ltd. | 3522 | 35306 |
| Polycab India Ltd. | 1929 | 155247 |
| Polyplex Corp. Ltd. | 3736 | 42856 |
| Pondy Oxides & Chemicals Ltd. | 3814 | 45492 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Poonawalla Fincorp Ltd.<sup>(1)</sup> | 8485 | $41543 |
| Power Finance Corp. Ltd. | 166731 | 718022 |
| Power Grid Corp. of India Ltd. | 301760 | 943004 |
| Power Mech Projects Ltd. | 1510 | 51463 |
| Prakash Industries Ltd. | 29875 | 53100 |
| Prakash Pipes Ltd. | 3503 | 12434 |
| Precision Camshafts Ltd. | 8326 | 16132 |
| Prestige Estates Projects Ltd. | 8021 | 142159 |
| Pricol Ltd.<sup>(1)</sup> | 15569 | 81162 |
| Prince Pipes & Fittings Ltd. | 10830 | 39143 |
| Prism Johnson Ltd.<sup>(1)</sup> | 20331 | 33690 |
| Privi Speciality Chemicals Ltd. | 2429 | 60913 |
| Prudent Corporate Advisory Services Ltd. | 1266 | 40266 |
| PSP Projects Ltd.<sup>(1)</sup> | 2983 | 23207 |
| PTC India Ltd. | 56480 | 112178 |
| Pudumjee Paper Products Ltd. | 10757 | 16195 |
| Punjab National Bank | 135752 | 155372 |
| Quess Corp. Ltd. | 12884 | 39175 |
| R Systems International Ltd. | 4643 | 24294 |
| Railtel Corp. of India Ltd. | 23973 | 89215 |
| Rain Industries Ltd. | 50160 | 77312 |
| Rainbow Children's Medicare Ltd. | 10147 | 172782 |
| Rajesh Exports Ltd.<sup>(1)</sup> | 5055 | 10042 |
| Rallis India Ltd. | 2331 | 9202 |
| Ramco Cements Ltd. | 28996 | 344324 |
| Ramco Industries Ltd. | 5549 | 19287 |
| Ramkrishna Forgings Ltd. | 14795 | 95102 |
| Ramky Infrastructure Ltd.<sup>(1)</sup> | 5433 | 33620 |
| Rashtriya Chemicals & Fertilizers Ltd. | 39385 | 66531 |
| Ratnamani Metals & Tubes Ltd.<sup>(1)</sup> | 2566 | 69528 |
| RattanIndia Power Ltd.<sup>(1)</sup> | 123095 | 17170 |
| Raymond Lifestyle Ltd.<sup>(1)</sup> | 1 | 13 |
| Raymond Ltd.<sup>(1)</sup> | 7599 | 51722 |
| Raymond Realty Ltd.<sup>(1)</sup> | 7599 | 52253 |
| RBL Bank Ltd.<sup>(1)</sup> | 83585 | 247648 |
| REC Ltd. | 148289 | 589082 |
| Redington Ltd. | 87916 | 240191 |
| Relaxo Footwears Ltd. | 466 | 2528 |
| Reliance Industrial Infrastructure Ltd. | 626 | 6249 |
| Reliance Industries Ltd., GDR | 72587 | 4362649 |
| Reliance Infrastructure Ltd.<sup>(1)</sup> | 38258 | 115263 |
| Reliance Power Ltd.<sup>(1)</sup> | 508308 | 253589 |
| Religare Enterprises Ltd.<sup>(1)</sup> | 31562 | 84990 |
| Repco Home Finance Ltd. | 8841 | 34769 |
| Restaurant Brands Asia Ltd.<sup>(1)</sup> | 32620 | 29560 |
| Rico Auto Industries Ltd. | 24063 | 24469 |
| RITES Ltd. | 18982 | 52545 |
| RPG Life Sciences Ltd. | 1162 | 30584 |
| Rupa & Co. Ltd. | 2495 | 5350 |
| Safari Industries India Ltd. | 562 | 13664 |
| SAMHI Hotels Ltd.<sup>(1)</sup> | 20812 | 49949 |
| Sammaan Capital Ltd. | 107910 | 151631 |
| Samvardhana Motherson International Ltd. | 357282 | 375467 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sandhar Technologies Ltd. | 3964 | $19502 |
| Sanghvi Movers Ltd.<sup>(1)</sup> | 7262 | 26878 |
| Sanofi India Ltd. | 976 | 56907 |
| Sansera Engineering Ltd. | 13129 | 189113 |
| Sapphire Foods India Ltd.<sup>(1)</sup> | 33682 | 125013 |
| Sarda Energy & Minerals Ltd. | 24382 | 165382 |
| Saregama India Ltd. | 1980 | 10822 |
| SBFC Finance Ltd.<sup>(1)</sup> | 95684 | 114663 |
| SBI Cards & Payment Services Ltd. | 35104 | 320167 |
| SBI Life Insurance Co. Ltd. | 11654 | 238532 |
| Schaeffler India Ltd. | 875 | 38399 |
| Schneider Electric Infrastructure Ltd.<sup>(1)</sup> | 4184 | 40704 |
| SEAMEC Ltd.<sup>(1)</sup> | 2359 | 26427 |
| Selan Exploration Technology Ltd.<sup>(1)</sup> | 1229 | 7331 |
| Servotech Renewable Power System Ltd. | 30777 | 42839 |
| Sharda Cropchem Ltd. | 4645 | 49985 |
| Share India Securities Ltd. | 16719 | 27591 |
| Shipping Corp. of India Land & Assets Ltd. | 5563 | 3076 |
| Shipping Corp. of India Ltd. | 36362 | 87154 |
| Shoppers Stop Ltd.<sup>(1)</sup> | 2091 | 12793 |
| Shree Cement Ltd. | 961 | 318975 |
| Shree Renuka Sugars Ltd.<sup>(1)</sup> | 13699 | 4405 |
| Shriram Finance Ltd. | 162950 | 1073206 |
| Shriram Pistons & Rings Ltd. | 2729 | 77632 |
| Shyam Metalics & Energy Ltd. | 15545 | 159661 |
| Siemens Energy India Ltd.<sup>(1)</sup> | 2965 | 113423 |
| Siemens Ltd. | 2965 | 103007 |
| Siyaram Silk Mills Ltd. | 3903 | 27235 |
| SJS Enterprises Ltd. | 232 | 3408 |
| SKF India Ltd. | 3332 | 167779 |
| SMC Global Securities Ltd. | 10364 | 15321 |
| Sobha Ltd. | 9655 | 156801 |
| Solar Industries India Ltd. | 1815 | 283701 |
| Solara Active Pharma Sciences Ltd.<sup>(1)</sup> | 3164 | 22004 |
| Sona Blw Precision Forgings Ltd. | 30331 | 152464 |
| South Indian Bank Ltd. | 308995 | 102634 |
| Southern Petrochemical Industries Corp. Ltd. | 17726 | 21704 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 2425 | 6695 |
| Spandana Sphoorty Financial Ltd.<sup>(1)</sup> | 591 | 753 |
| SpiceJet Ltd.<sup>(1)</sup> | 31227 | 13068 |
| SRF Ltd. | 8805 | 283210 |
| Star Cement Ltd. | 27251 | 88149 |
| State Bank of India, GDR | 13077 | 1197736 |
| Steel Strips Wheels Ltd. | 10643 | 26107 |
| Sterling Tools Ltd. | 6076 | 20917 |
| Sterlite Technologies Ltd.<sup>(1)</sup> | 13985 | 18181 |
| STL Networks Ltd.<sup>(1)</sup> | 13985 | 3562 |
| Stove Kraft Ltd. | 4034 | 29234 |
| Strides Pharma Science Ltd. | 20743 | 203120 |
| Stylam Industries Ltd.<sup>(1)</sup> | 2525 | 48299 |
| Sudarshan Chemical Industries Ltd.<sup>(1)</sup> | 8677 | 146984 |
| Sula Vineyards Ltd. | 5406 | 15300 |
| Sumitomo Chemical India Ltd. | 4396 | 28215 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sun Pharmaceutical Industries Ltd. | 30085 | $544264 |
| Sun TV Network Ltd. | 19960 | 123015 |
| Sundaram Finance Ltd. | 2903 | 148060 |
| Sundram Fasteners Ltd. | 6323 | 73096 |
| Sunflag Iron & Steel Co. Ltd.<sup>(1)</sup> | 6118 | 18443 |
| Sunteck Realty Ltd. | 3995 | 17236 |
| Supreme Industries Ltd. | 4667 | 236593 |
| Supreme Petrochem Ltd. | 13676 | 118515 |
| Surya Roshni Ltd. | 20466 | 65906 |
| Suryoday Small Finance Bank Ltd.<sup>(1)</sup> | 13374 | 18488 |
| Suzlon Energy Ltd.<sup>(1)</sup> | 310060 | 198795 |
| Swan Energy Ltd. | 3528 | 17792 |
| Swaraj Engines Ltd. | 1257 | 57184 |
| Syngene International Ltd. | 24696 | 175349 |
| TAJGVK Hotels & Resorts Ltd.<sup>(1)</sup> | 4746 | 22015 |
| Tamil Nadu Newsprint & Papers Ltd. | 7235 | 13341 |
| Tamilnadu Petroproducts Ltd. | 7021 | 8420 |
| Tanla Platforms Ltd. | 11719 | 82082 |
| Tata Chemicals Ltd. | 18243 | 190621 |
| Tata Communications Ltd. | 12690 | 222839 |
| Tata Consultancy Services Ltd. | 45686 | 1597708 |
| Tata Consumer Products Ltd. | 10750 | 129884 |
| Tata Elxsi Ltd. | 2746 | 162958 |
| Tata Investment Corp. Ltd. | 1603 | 123728 |
| Tata Motors Ltd. | 132439 | 1004941 |
| Tata Power Co. Ltd. | 66073 | 280532 |
| Tata Steel Ltd. | 787907 | 1381372 |
| Tata Teleservices Maharashtra Ltd.<sup>(1)</sup> | 18159 | 11552 |
| TCI Express Ltd. | 457 | 3540 |
| TeamLease Services Ltd.<sup>(1)</sup> | 1073 | 21691 |
| Tech Mahindra Ltd. | 18662 | 313199 |
| Tega Industries Ltd.<sup>(1)</sup> | 2921 | 61189 |
| Thanga Mayil Jewellery Ltd. | 1052 | 26915 |
| Thermax Ltd. | 2239 | 81476 |
| Thirumalai Chemicals Ltd.<sup>(1)</sup> | 10204 | 33657 |
| Thomas Cook India Ltd. | 37139 | 74849 |
| Thyrocare Technologies Ltd. | 3170 | 45520 |
| Time Technoplast Ltd. | 12032 | 62304 |
| Tips Music Ltd. | 8489 | 56012 |
| Titan Co. Ltd. | 9629 | 396373 |
| Torrent Pharmaceuticals Ltd. | 9046 | 364972 |
| Torrent Power Ltd. | 13079 | 182097 |
| Tourism Finance Corp. of India Ltd. | 16582 | 56586 |
| TransIndia Real Estate Ltd.<sup>(1)</sup> | 9782 | 3533 |
| Transport Corp. of India Ltd. | 1642 | 21222 |
| Trent Ltd. | 5307 | 318975 |
| Trident Ltd. | 188086 | 58428 |
| Triveni Engineering & Industries Ltd. | 12778 | 50970 |
| Triveni Turbine Ltd. | 13896 | 81854 |
| TTK Prestige Ltd. | 2696 | 20084 |
| Tube Investments of India Ltd. | 4500 | 151081 |
| TV Today Network Ltd. | 2282 | 3815 |
| TVS Motor Co. Ltd. | 3946 | 146642 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TVS Motor Co. Ltd., Preference Shares<sup>(1)</sup> | 15784 | $1789 |
| Uflex Ltd. | 10549 | 61725 |
| Ujjivan Small Finance Bank Ltd.<sup>(1)</sup> | 138471 | 67011 |
| UltraTech Cement Ltd. | 3742 | 536380 |
| Union Bank of India Ltd. | 193333 | 273743 |
| United Spirits Ltd. | 15196 | 226009 |
| UNO Minda Ltd. | 9825 | 142285 |
| UPL Ltd. | 36979 | 300251 |
| UPL Ltd. | 8625 | 52377 |
| Usha Martin Ltd. | 23690 | 102635 |
| UTI Asset Management Co. Ltd. | 9790 | 143156 |
| Vaibhav Global Ltd. | 1025 | 2376 |
| Valiant Organics Ltd.<sup>(1)</sup> | 1671 | 6331 |
| Vardhman Textiles Ltd. | 23963 | 115453 |
| Varroc Engineering Ltd. | 8583 | 52018 |
| Varun Beverages Ltd. | 62524 | 345580 |
| Vedant Fashions Ltd. | 5139 | 43224 |
| Vedanta Ltd. | 164536 | 785450 |
| Veedol Corporation Ltd. | 360 | 6748 |
| Venky's India Ltd. | 238 | 3958 |
| V-Guard Industries Ltd. | 15534 | 64017 |
| Vijaya Diagnostic Centre Ltd. | 7454 | 85197 |
| Vimta Labs Ltd. | 4634 | 34907 |
| Vinati Organics Ltd. | 654 | 12686 |
| VIP Industries Ltd.<sup>(1)</sup> | 11408 | 54264 |
| Vishnu Chemicals Ltd. | 3320 | 18515 |
| VL E-Governance & IT Solutions Ltd.<sup>(1)</sup> | 10240 | 3951 |
| V-Mart Retail Ltd.<sup>(1)</sup> | 8056 | 67875 |
| Vodafone Idea Ltd.<sup>(1)</sup> | 232783 | 17163 |
| Voltamp Transformers Ltd. | 484 | 42888 |
| Voltas Ltd. | 5043 | 78571 |
| VRL Logistics Ltd. | 12044 | 36056 |
| Waaree Renewable Technologies Ltd. | 3549 | 41235 |
| Welspun Corp. Ltd. | 23565 | 225611 |
| Welspun Enterprises Ltd. | 9136 | 48446 |
| Welspun Living Ltd. | 41434 | 51435 |
| West Coast Paper Mills Ltd. | 5873 | 33225 |
| Westlife Foodworld Ltd. | 3809 | 31012 |
| Windlas Biotech Ltd. | 2099 | 23783 |
| Wipro Ltd., ADR<sup>(2)</sup> | 128256 | 353987 |
| Wonderla Holidays Ltd. | 1940 | 13481 |
| Yes Bank Ltd.<sup>(1)</sup> | 673890 | 146031 |
| Zee Entertainment Enterprises Ltd. | 108618 | 142800 |
| Zensar Technologies Ltd. | 22776 | 198257 |
| Zydus Lifesciences Ltd. | 9481 | 105596 |
|  |  | 123967920 |
| **Indonesia — 1.5%** |  |  |
| ABM Investama Tbk. PT | 109100 | 19519 |
| Adaro Andalan Indonesia PT<sup>(1)</sup> | 480633 | 201599 |
| Adhi Karya Persero Tbk. PT<sup>(1)</sup> | 245413 | 4018 |
| Adi Sarana Armada Tbk. PT | 73600 | 3925 |
| Agung Podomoro Land Tbk. PT<sup>(1)</sup> | 80200 | 506 |
| Alam Sutera Realty Tbk. PT<sup>(1)</sup> | 2581000 | 26790 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Alamtri Minerals Indonesia Tbk. PT | 1405900 | $85737 |
| Alamtri Resources Indonesia Tbk. PT | 2428500 | 258597 |
| Amman Mineral Internasional PT<sup>(1)</sup> | 313800 | 149560 |
| Aneka Tambang Tbk. PT | 921400 | 170788 |
| Astra Agro Lestari Tbk. PT | 40600 | 17994 |
| Astra International Tbk. PT | 1890700 | 630764 |
| Astra Otoparts Tbk. PT | 140800 | 20745 |
| Bank BTPN Syariah Tbk. PT | 433300 | 39177 |
| Bank Central Asia Tbk. PT | 1546200 | 757498 |
| Bank China Construction Bank Indonesia Tbk. PT<sup>(1)</sup> | 357900 | 1650 |
| Bank Mandiri Persero Tbk. PT | 2793500 | 800625 |
| Bank Negara Indonesia Persero Tbk. PT | 1089600 | 289274 |
| Bank Pan Indonesia Tbk. PT | 266100 | 18634 |
| Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT | 248200 | 11888 |
| Bank Pembangunan Daerah Jawa Timur Tbk. PT | 113500 | 3542 |
| Bank Rakyat Indonesia Persero Tbk. PT | 3417397 | 838911 |
| Bank Syariah Indonesia Tbk. PT | 68639 | 11283 |
| Bank Tabungan Negara Persero Tbk. PT | 736545 | 57994 |
| Barito Pacific Tbk. PT<sup>(1)</sup> | 799015 | 106052 |
| BFI Finance Indonesia Tbk. PT | 1086800 | 50075 |
| Blue Bird Tbk. PT | 139500 | 15229 |
| Buana Lintas Lautan Tbk. PT<sup>(1)</sup> | 553700 | 4962 |
| Bukalapak.com Tbk. PT<sup>(1)</sup> | 8500100 | 89674 |
| Bukit Asam Tbk. PT | 883100 | 128489 |
| Buma Internasional Grup Tbk. PT<sup>(1)</sup> | 1482300 | 31443 |
| Bumi Resources Minerals Tbk. PT<sup>(1)</sup> | 5563500 | 159389 |
| Bumi Resources Tbk. PT<sup>(1)</sup> | 6997500 | 46269 |
| Bumi Serpong Damai Tbk. PT<sup>(1)</sup> | 732100 | 48152 |
| Buyung Poetra Sembada PT | 68000 | 318 |
| Chandra Asri Pacific Tbk. PT | 151800 | 75796 |
| Charoen Pokphand Indonesia Tbk. PT | 239100 | 61896 |
| Ciputra Development Tbk. PT | 1125200 | 69302 |
| Cisarua Mountain Dairy Tbk. PT | 64600 | 19591 |
| Dharma Polimetal Tbk. PT | 280300 | 16917 |
| Dharma Satya Nusantara Tbk. PT | 1502300 | 148044 |
| Elnusa Tbk. PT | 960900 | 28626 |
| Energi Mega Persada Tbk. PT<sup>(1)</sup> | 3988800 | 133941 |
| Erajaya Swasembada Tbk. PT | 1716300 | 45806 |
| ESSA Industries Indonesia Tbk. PT | 1274800 | 43644 |
| Gajah Tunggal Tbk. PT | 529400 | 32381 |
| Global Mediacom Tbk. PT<sup>(1)</sup> | 881800 | 7594 |
| GoTo Gojek Tokopedia Tbk. PT<sup>(1)</sup> | 9758100 | 34280 |
| Indah Kiat Pulp & Paper Tbk. PT | 444500 | 206104 |
| Indo Tambangraya Megah Tbk. PT | 88900 | 119211 |
| Indofood CBP Sukses Makmur Tbk. PT | 52300 | 28474 |
| Indofood Sukses Makmur Tbk. PT | 147200 | 66527 |
| Indosat Tbk. PT | 412000 | 50495 |
| Industri Jamu Dan Farmasi Sido Muncul Tbk. PT | 1000352 | 31547 |
| Japfa Comfeed Indonesia Tbk. PT | 1115500 | 110861 |
| Jasa Marga Persero Tbk. PT | 201300 | 41017 |
| Kalbe Farma Tbk. PT | 887100 | 65471 |
| Kawasan Industri Jababeka Tbk. PT | 2945700 | 37148 |
| Lippo Karawaci Tbk. PT<sup>(1)</sup> | 5142600 | 32448 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Malindo Feedmill Tbk. PT | 13400 | $524 |
| Map Aktif Adiperkasa PT | 1832300 | 69825 |
| Mark Dynamics Indonesia Tbk. PT | 299900 | 11631 |
| Matahari Department Store Tbk. PT | 145500 | 14028 |
| Medco Energi Internasional Tbk. PT | 1380640 | 97434 |
| Media Nusantara Citra Tbk. PT<sup>(1)</sup> | 1273900 | 19616 |
| Medikaloka Hermina Tbk. PT | 1322600 | 132964 |
| Merdeka Copper Gold Tbk. PT<sup>(1)</sup> | 237551 | 35810 |
| Mitra Adiperkasa Tbk. PT | 1722400 | 125738 |
| Mitra Keluarga Karyasehat Tbk. PT | 115400 | 15392 |
| Mitra Pinasthika Mustika Tbk. PT | 157800 | 9133 |
| Pabrik Kertas Tjiwi Kimia Tbk. PT | 201400 | 87804 |
| Pakuwon Jati Tbk. PT | 1083400 | 24450 |
| Panin Financial Tbk. PT<sup>(1)</sup> | 1773800 | 27952 |
| Perusahaan Gas Negara Tbk. PT | 899200 | 93244 |
| Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 609500 | 49710 |
| PP Persero Tbk. PT<sup>(1)</sup> | 159800 | 3703 |
| Puradelta Lestari Tbk. PT | 105100 | 879 |
| Rimo International Lestari Tbk. PT<sup>(1)</sup> | 329900 |  |
| Rukun Raharja Tbk. PT | 256800 | 40948 |
| Salim Ivomas Pratama Tbk. PT | 44700 | 1733 |
| Samator Indo Gas Tbk. PT | 86700 | 4527 |
| Samudera Indonesia Tbk. PT | 1064000 | 22059 |
| Sarana Menara Nusantara Tbk. PT | 1772400 | 66072 |
| Sawit Sumbermas Sarana Tbk. PT | 1100 | 98 |
| Selamat Sempurna Tbk. PT | 231100 | 26463 |
| Semen Indonesia Persero Tbk. PT | 508407 | 81616 |
| Siloam International Hospitals Tbk. PT<sup>(1)</sup> | 246200 | 33143 |
| Sri Rejeki Isman Tbk. PT<sup>(1)</sup> | 54600 |  |
| Steel Pipe Industry of Indonesia PT | 274200 | 6885 |
| Sumber Alfaria Trijaya Tbk. PT | 1598700 | 213286 |
| Sumber Tani Agung Resources Tbk. PT | 174800 | 10604 |
| Telkom Indonesia Persero Tbk. PT, ADR<sup>(2)</sup> | 47167 | 914568 |
| Temas Tbk. PT | 1259000 | 10450 |
| Timah Tbk. PT | 751000 | 46538 |
| Triputra Agro Persada PT | 1607900 | 138575 |
| Tunas Baru Lampung Tbk. PT | 24900 | 1132 |
| Unilever Indonesia Tbk. PT | 696500 | 71833 |
| United Tractors Tbk. PT | 215300 | 318454 |
| Vale Indonesia Tbk. PT | 352064 | 79960 |
| Waskita Karya Persero Tbk. PT<sup>(1)</sup> | 384292 |  |
| Wijaya Karya Persero Tbk. PT<sup>(1)</sup> | 437400 | 2706 |
| XLSMART Telecom Sejahtera Tbk. PT | 1036895 | 172926 |
|  |  | 9692604 |
| **Malaysia — 1.7%** |  |  |
| 7-Eleven Malaysia Holdings Bhd., Class B | 3000 | 1407 |
| Aeon Co. M Bhd. | 118600 | 36479 |
| AEON Credit Service M Bhd. | 1000 | 1158 |
| AFFIN Bank Bhd.<sup>(1)</sup> | 91305 | 48452 |
| Alliance Bank Malaysia Bhd. | 196705 | 209813 |
| AMMB Holdings Bhd. | 334300 | 426687 |
| Ann Joo Resources Bhd.<sup>(1)</sup> | 20750 | 3342 |
| Astro Malaysia Holdings Bhd.<sup>(1)</sup> | 23800 | 846 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Axiata Group Bhd. | 287200 | $164515 |
| Bank Islam Malaysia Bhd. | 90700 | 49145 |
| Berjaya Corp. Bhd.<sup>(1)</sup> | 871449 | 56750 |
| Berjaya Food Bhd.<sup>(1)</sup> | 32373 | 2224 |
| Bermaz Auto Bhd. | 158400 | 24943 |
| Bumi Armada Bhd. | 545900 | 47145 |
| Bursa Malaysia Bhd. | 83600 | 154194 |
| Cahya Mata Sarawak Bhd. | 168500 | 43844 |
| Capital A Bhd.<sup>(1)</sup> | 33100 | 6574 |
| Carlsberg Brewery Malaysia Bhd. | 7800 | 29836 |
| CELCOMDIGI Bhd. | 257700 | 224482 |
| CIMB Group Holdings Bhd. | 530850 | 932561 |
| Coastal Contracts Bhd. | 3400 | 965 |
| CSC Steel Holdings Bhd. | 18100 | 4544 |
| Cypark Resources Bhd.<sup>(1)</sup> | 15400 | 3079 |
| Dagang NeXchange Bhd.<sup>(1)</sup> | 779600 | 45200 |
| Dayang Enterprise Holdings Bhd. | 67300 | 27362 |
| Dialog Group Bhd. | 69000 | 30523 |
| DRB-Hicom Bhd. | 87800 | 18174 |
| Dufu Technology Corp. Bhd. | 43100 | 11275 |
| Eastern & Oriental Bhd. | 140400 | 27911 |
| Eco World Development Group Bhd. | 95100 | 47257 |
| Econpile Holdings Bhd.<sup>(1)</sup> | 5500 | 476 |
| Ekovest Bhd.<sup>(1)</sup> | 323900 | 28749 |
| Farm Fresh Bhd. | 57300 | 27392 |
| Fraser & Neave Holdings Bhd. | 5300 | 33842 |
| Frontken Corp. Bhd. | 54000 | 54652 |
| Gamuda Bhd. | 143269 | 188326 |
| Gas Malaysia Bhd. | 23000 | 23942 |
| Genting Bhd. | 189800 | 128402 |
| Genting Malaysia Bhd. | 484100 | 233657 |
| Genting Plantations Bhd. | 6300 | 7224 |
| Globetronics Technology Bhd.<sup>(1)</sup> | 12200 | 879 |
| HAP Seng Consolidated Bhd. | 16900 | 9832 |
| Hartalega Holdings Bhd. | 202400 | 56440 |
| Heineken Malaysia Bhd. | 11600 | 55519 |
| Hengyuan Refining Co. Bhd.<sup>(1)</sup> | 5300 | 1543 |
| Hextar Global Bhd. | 92620 | 19615 |
| Hiap Teck Venture Bhd. | 125000 | 8276 |
| Hibiscus Petroleum Bhd. | 121720 | 42854 |
| Hong Leong Bank Bhd. | 35500 | 168683 |
| Hong Leong Financial Group Bhd. | 8500 | 34473 |
| Hong Leong Industries Bhd. | 400 | 1315 |
| IHH Healthcare Bhd. | 59000 | 94809 |
| IJM Corp. Bhd. | 232100 | 157608 |
| Inari Amertron Bhd. | 54200 | 25946 |
| IOI Corp. Bhd. | 75900 | 69408 |
| IOI Properties Group Bhd. | 165800 | 87542 |
| JAKS Resources Bhd. | 11180 | 237 |
| Jaya Tiasa Holdings Bhd. | 303800 | 82761 |
| Johor Plantations Group Bhd. | 217700 | 69977 |
| Kelington Group Bhd. | 88800 | 108428 |
| Kossan Rubber Industries Bhd. | 136100 | 38940 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KPJ Healthcare Bhd. | 246800 | $151782 |
| KSL Holdings Bhd. | 5500 | 2200 |
| Kuala Lumpur Kepong Bhd. | 48201 | 224610 |
| Land & General Bhd. | 29900 | 848 |
| LBS Bina Group Bhd. | 8961 | 933 |
| Leong Hup International Bhd. | 220000 | 31509 |
| Lii Hen Industries Bhd. | 4200 | 378 |
| Lotte Chemical Titan Holding Bhd.<sup>(1)</sup> | 20000 | 2530 |
| Luxchem Corp. Bhd. | 20900 | 1901 |
| Mah Sing Group Bhd. | 346700 | 94418 |
| Malakoff Corp. Bhd. | 213500 | 47957 |
| Malayan Banking Bhd. | 247549 | 580050 |
| Malayan Flour Mills Bhd. | 143700 | 19240 |
| Malaysia Marine & Heavy Engineering Holdings Bhd.<sup>(1)</sup> | 4700 | 373 |
| Malaysian Pacific Industries Bhd. | 8600 | 54530 |
| Malaysian Resources Corp. Bhd. | 281800 | 31679 |
| Maxis Bhd. | 190700 | 157996 |
| MBM Resources Bhd. | 13400 | 16273 |
| MBSB Bhd. | 316800 | 52449 |
| Media Prima Bhd. | 58500 | 4989 |
| Mega First Corp. Bhd. | 58900 | 47188 |
| MISC Bhd. | 64900 | 113975 |
| MKH Bhd. | 2900 | 691 |
| MKH Oil Palm East Kalimantan Bhd. | 414 | 62 |
| Mr. DIY Group M Bhd. | 192500 | 67379 |
| Muhibbah Engineering M Bhd. | 2000 | 263 |
| Naim Holdings Bhd.<sup>(1)</sup> | 4300 | 855 |
| Nestle Malaysia Bhd. | 3400 | 76487 |
| NEXG Bhd. | 216300 | 25082 |
| OCK Group Bhd. | 7100 | 690 |
| OSK Holdings Bhd. | 9900 | 2999 |
| Padini Holdings Bhd. | 9450 | 4255 |
| Paramount Corp. Bhd. | 3400 | 861 |
| Pecca Group Bhd. | 59800 | 20081 |
| Pentamaster Corp. Bhd.<sup>(1)</sup> | 2000 | 1700 |
| Perak Transit Bhd. | 8349 | 1364 |
| Petronas Chemicals Group Bhd. | 100800 | 103104 |
| Petronas Dagangan Bhd. | 26700 | 133829 |
| Petronas Gas Bhd. | 48400 | 213514 |
| Poh Huat Resources Holdings Bhd. | 2800 | 524 |
| PPB Group Bhd. | 25800 | 57125 |
| Press Metal Aluminium Holdings Bhd. | 188200 | 247727 |
| Public Bank Bhd. | 617000 | 623207 |
| QL Resources Bhd. | 80325 | 77963 |
| Ranhill Utilities Bhd.<sup>(1)</sup> | 83848 | 31947 |
| RHB Bank Bhd. | 164575 | 254692 |
| Sam Engineering & Equipment M Bhd. | 2400 | 2138 |
| Sarawak Oil Palms Bhd. | 31800 | 26013 |
| Scientex Bhd. | 22400 | 16545 |
| SD Guthrie Bhd. | 140700 | 168362 |
| Sime Darby Bhd. | 293900 | 144009 |
| Sime Darby Property Bhd. | 421600 | 147644 |
| SKP Resources Bhd. | 150100 | 31980 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SP Setia Bhd. Group | 356100 | $88460 |
| Sports Toto Bhd. | 7686 | 2583 |
| Sunway Bhd. | 83400 | 97154 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 249651 | 27430 |
| Ta Ann Holdings Bhd. | 26400 | 25784 |
| Telekom Malaysia Bhd. | 97300 | 161747 |
| Tenaga Nasional Bhd. | 297500 | 928910 |
| Thong Guan Industries Bhd. | 2400 | 629 |
| TIME dotCom Bhd. | 58200 | 71363 |
| Tiong NAM Logistics Holdings Bhd.<sup>(1)</sup> | 27572 | 4828 |
| Top Glove Corp. Bhd.<sup>(1)</sup> | 246700 | 34178 |
| Tropicana Corp. Bhd.<sup>(1)</sup> | 4807 | 1295 |
| TSH Resources Bhd. | 77200 | 20815 |
| Uchi Technologies Bhd. | 7500 | 5782 |
| UEM Sunrise Bhd. | 100000 | 17535 |
| Unisem M Bhd. | 51700 | 32526 |
| United Plantations Bhd. | 26250 | 141355 |
| Vantris Energy Bhd.<sup>(1)</sup> | 2160 | 308 |
| Velesto Energy Bhd. | 1303300 | 61688 |
| ViTrox Corp. Bhd. | 8000 | 7405 |
| VS Industry Bhd. | 573652 | 90208 |
| Wasco Bhd. | 16200 | 3713 |
| WCT Holdings Bhd.<sup>(1)</sup> | 295846 | 61192 |
| Westports Holdings Bhd. | 38900 | 51455 |
| Yinson Holdings Bhd. | 164400 | 95327 |
| YTL Corp. Bhd. | 99696 | 60425 |
| YTL Power International Bhd. | 196800 | 187674 |
| Zetrix Ai Bhd. | 810274 | 164689 |
|  |  | 11109792 |
| **Mexico — 2.1%** |  |  |
| Alfa SAB de CV, Class A<sup>(2)</sup> | 505598 | 380326 |
| Alpek SAB de CV<sup>(2)</sup> | 45690 | 21542 |
| America Movil SAB de CV, ADR<sup>(2)</sup> | 49125 | 982009 |
| Arca Continental SAB de CV<sup>(2)</sup> | 6800 | 69481 |
| Banco del Bajio SA<sup>(2)</sup> | 227077 | 541033 |
| Becle SAB de CV<sup>(2)</sup> | 4400 | 5127 |
| Cemex SAB de CV, ADR | 102939 | 935715 |
| Coca-Cola Femsa SAB de CV<sup>(2)</sup> | 15045 | 127529 |
| Consorcio ARA SAB de CV | 4900 | 851 |
| Controladora Alpek SAB de CV<sup>(1)(2)</sup> | 792969 | 110462 |
| Controladora Vuela Cia de Aviacion SAB de CV, ADR<sup>(1)(2)</sup> | 29112 | 179330 |
| Corp. Inmobiliaria Vesta SAB de CV | 130600 | 359238 |
| Fomento Economico Mexicano SAB de CV, ADR | 3506 | 303760 |
| GCC SAB de CV | 30855 | 288936 |
| Gentera SAB de CV | 306649 | 751815 |
| Gruma SAB de CV, B Shares | 26332 | 452671 |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 5632 | 575647 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 2296 | 553336 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR | 788 | 256659 |
| Grupo Bimbo SAB de CV, Series A<sup>(2)</sup> | 43000 | 133807 |
| Grupo Carso SAB de CV, Series A1<sup>(2)</sup> | 23000 | 152927 |
| Grupo Comercial Chedraui SA de CV<sup>(2)</sup> | 29017 | 233666 |
| Grupo Financiero Banorte SAB de CV, Class O | 193496 | 1762504 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Grupo Financiero Inbursa SAB de CV, Class O<sup>(2)</sup> | 162050 | $426125 |
| Grupo GICSA SAB de CV<sup>(1)</sup> | 8000 | 1286 |
| Grupo Industrial Saltillo SAB de CV | 1789 | 1533 |
| Grupo Mexico SAB de CV, Series B | 143394 | 940595 |
| Grupo Televisa SAB, ADR<sup>(2)</sup> | 72247 | 201569 |
| Industrias Penoles SAB de CV<sup>(1)</sup> | 23820 | 773032 |
| Kimberly-Clark de Mexico SAB de CV, A Shares<sup>(2)</sup> | 161800 | 304624 |
| La Comer SAB de CV<sup>(2)</sup> | 66456 | 150505 |
| Megacable Holdings SAB de CV | 268213 | 775992 |
| Nemak SAB de CV<sup>(1)</sup> | 615840 | 126372 |
| Ollamani SAB<sup>(1)(2)</sup> | 13476 | 34873 |
| Promotora de Hoteles Norte 19 SAB de CV<sup>(1)</sup> | 1300 | 338 |
| Promotora y Operadora de Infraestructura SAB de CV | 12615 | 158325 |
| Qualitas Controladora SAB de CV<sup>(2)</sup> | 35900 | 323541 |
| Wal-Mart de Mexico SAB de CV | 131797 | 393742 |
|  |  | 13790823 |
| **Peru — 0.3%** |  |  |
| Cia de Minas Buenaventura SAA, ADR | 40860 | 782060 |
| Credicorp Ltd. | 3329 | 856219 |
| Intercorp Financial Services, Inc. | 910 | 36145 |
| Southern Copper Corp. | 4491 | 431531 |
|  |  | 2105955 |
| **Philippines — 0.5%** |  |  |
| Aboitiz Equity Ventures, Inc. | 79690 | 40573 |
| Aboitiz Power Corp. | 12100 | 8978 |
| ACEN Corp. | 44822 | 1741 |
| Alliance Global Group, Inc. | 166000 | 21202 |
| Ayala Corp. | 13920 | 132671 |
| Ayala Land, Inc. | 224700 | 110099 |
| AyalaLand Logistics Holdings Corp.<sup>(1)</sup> | 17000 | 417 |
| Bank of the Philippine Islands | 81108 | 160335 |
| BDO Unibank, Inc. | 181937 | 430009 |
| Cebu Air, Inc.<sup>(1)</sup> | 6390 | 3914 |
| Century Pacific Food, Inc. | 133700 | 85860 |
| Converge Information & Communications Technology Solutions, Inc. | 468000 | 114666 |
| Cosco Capital, Inc. | 51700 | 6613 |
| DigiPlus Interactive Corp. | 187600 | 75508 |
| DMCI Holdings, Inc. | 574500 | 108142 |
| DoubleDragon Corp. | 2700 | 463 |
| East West Banking Corp. | 5400 | 1122 |
| Filinvest Land, Inc. | 41000 | 596 |
| First Gen Corp. | 22000 | 6314 |
| Ginebra San Miguel, Inc. | 1300 | 6477 |
| Global Ferronickel Holdings, Inc.<sup>(1)</sup> | 171000 | 3736 |
| Globe Telecom, Inc. | 1865 | 49164 |
| International Container Terminal Services, Inc. | 55840 | 471968 |
| JG Summit Holdings, Inc. | 230403 | 95877 |
| Jollibee Foods Corp. | 36470 | 148000 |
| Manila Electric Co. | 22390 | 209617 |
| Manila Water Co., Inc. | 32900 | 24183 |
| Megaworld Corp. | 712000 | 25688 |
| Metropolitan Bank & Trust Co. | 254700 | 311766 |
| Monde Nissin Corp. | 76200 | 9411 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nickel Asia Corp. | 273100 | $13325 |
| Petron Corp. | 75000 | 3269 |
| PLDT, Inc., ADR | 8087 | 165622 |
| Puregold Price Club, Inc. | 153300 | 110699 |
| Robinsons Land Corp. | 81300 | 20900 |
| Robinsons Retail Holdings, Inc. | 22090 | 13698 |
| Security Bank Corp. | 57680 | 75655 |
| Semirara Mining & Power Corp. | 165900 | 95454 |
| Shell Pilipinas Corp.<sup>(1)</sup> | 1600 | 162 |
| SM Investments Corp. | 5725 | 75616 |
| SM Prime Holdings, Inc. | 211500 | 85512 |
| Synergy Grid & Development Phils, Inc.<sup>(1)</sup> | 162300 | 42596 |
| Universal Robina Corp. | 39490 | 55934 |
| Vista Land & Lifescapes, Inc. | 62800 | 1494 |
| Wilcon Depot, Inc. | 81300 | 13076 |
|  |  | 3438122 |
| **Poland — 1.3%** |  |  |
| Alior Bank SA | 16584 | 472470 |
| Allegro.eu SA<sup>(1)</sup> | 23007 | 231201 |
| AmRest Holdings SE | 2830 | 11283 |
| Asseco Poland SA | 3041 | 157842 |
| Bank Handlowy w Warszawie SA | 1613 | 45642 |
| Bank Millennium SA<sup>(1)</sup> | 111365 | 431408 |
| Bank Polska Kasa Opieki SA | 15293 | 770289 |
| Benefit Systems SA | 132 | 118143 |
| Budimex SA | 1197 | 175091 |
| CD Projekt SA | 1805 | 124959 |
| Cyfrowy Polsat SA<sup>(1)</sup> | 7422 | 29173 |
| Diagnostyka SA | 2028 | 112857 |
| Dino Polska SA<sup>(1)</sup> | 31380 | 391544 |
| Enea SA | 14256 | 71754 |
| Eurocash SA<sup>(1)</sup> | 8571 | 18839 |
| Grupa Azoty SA<sup>(1)</sup> | 11398 | 57081 |
| Grupa Kety SA | 1963 | 496541 |
| Jastrzebska Spolka Weglowa SA<sup>(1)</sup> | 7794 | 48487 |
| KGHM Polska Miedz SA<sup>(1)</sup> | 9408 | 330480 |
| KRUK SA | 1759 | 219792 |
| LPP SA | 96 | 454830 |
| Lubelski Wegiel Bogdanka SA<sup>(1)</sup> | 109 | 687 |
| mBank SA<sup>(1)</sup> | 502 | 121261 |
| Mercator Medical SA<sup>(1)</sup> | 146 | 1772 |
| Orange Polska SA | 157116 | 399963 |
| ORLEN SA | 50183 | 1072363 |
| Pepco Group NV | 24002 | 141270 |
| PGE Polska Grupa Energetyczna SA<sup>(1)</sup> | 110971 | 345857 |
| PKP Cargo SA<sup>(1)</sup> | 196 | 866 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 27570 | 537775 |
| Powszechny Zaklad Ubezpieczen SA | 33069 | 550377 |
| Santander Bank Polska SA | 1307 | 181935 |
| Tauron Polska Energia SA<sup>(1)</sup> | 68486 | 158968 |
| Text SA | 2426 | 34168 |
| XTB SA | 14796 | 312927 |
|  |  | 8629895 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Russia**<sup>(3)</sup> **— 0.0%** | | |
| Gazprom PJSC<sup>(1)</sup> | 309544 | $1 |
| Globaltrans Investment PLC, GDR<sup>(1)</sup> | 19562 | 2 |
| GMK Norilskiy Nickel PAO<sup>(1)</sup> | 84900 | 1 |
| LUKOIL PJSC<sup>(1)</sup> | 14461 |  |
| Magnit PJSC<sup>(1)</sup> | 1613 |  |
| Mechel PJSC<sup>(1)</sup> | 7372 |  |
| MMC Norilsk Nickel PJSC, ADR<sup>(1)</sup> | 3 |  |
| Mobile TeleSystems PJSC, ADR<sup>(1)</sup> | 11495 | 1 |
| Novatek PJSC | 8700 |  |
| Novolipetsk Steel PJSC<sup>(1)</sup> | 60580 |  |
| O'Key Group SA, GDR<sup>(1)</sup> | 1578 |  |
| PhosAgro PJSC | 2275 |  |
| PhosAgro PJSC, GDR<sup>(1)</sup> | 44 |  |
| PhosAgro PJSC, GDR<sup>(1)</sup> | 2 |  |
| Ros Agro PLC, GDR<sup>(1)</sup> | 3053 |  |
| Rosneft Oil Co. PJSC<sup>(1)</sup> | 36427 |  |
| Severstal PAO, GDR<sup>(1)</sup> | 6837 | 1 |
| Tatneft PJSC | 61368 |  |
| VK IPJSC, GDR<sup>(1)</sup> | 87 |  |
| VTB Bank PJSC<sup>(1)</sup> | 77279 |  |
| X5 Retail Group NV, GDR<sup>(1)</sup> | 2570 |  |
|  |  | 6 |
| **Singapore — 0.0%** |  |  |
| Super Hi International Holding Ltd.<sup>(1)</sup> | 7200 | 13833 |
| **South Africa — 3.8%** |  |  |
| Absa Group Ltd. | 99028 | 1060346 |
| Adcock Ingram Holdings Ltd.<sup>(2)</sup> | 305 | 1241 |
| AECI Ltd.<sup>(2)</sup> | 24752 | 150763 |
| African Rainbow Minerals Ltd.<sup>(2)</sup> | 20993 | 217891 |
| Alexander Forbes Group Holdings Ltd. | 4775 | 2275 |
| Anglogold Ashanti PLC (New York) | 12830 | 726948 |
| Aspen Pharmacare Holdings Ltd. | 26280 | 157726 |
| Astral Foods Ltd. | 7387 | 87965 |
| AVI Ltd. | 49814 | 264234 |
| Barloworld Ltd. | 24004 | 159858 |
| Bid Corp. Ltd. | 14383 | 375580 |
| Bidvest Group Ltd. | 15569 | 209190 |
| Capitec Bank Holdings Ltd. | 3282 | 663868 |
| City Lodge Hotels Ltd.<sup>(2)</sup> | 2646 | 600 |
| Clicks Group Ltd. | 23186 | 489986 |
| Coronation Fund Managers Ltd. | 43348 | 107110 |
| Curro Holdings Ltd. | 45943 | 30723 |
| DataTec Ltd. | 43710 | 156031 |
| Dis-Chem Pharmacies Ltd. | 70189 | 135789 |
| Discovery Ltd. | 27565 | 338182 |
| Exxaro Resources Ltd. | 40015 | 438376 |
| Famous Brands Ltd. | 293 | 963 |
| FirstRand Ltd. | 202729 | 854507 |
| Fortress Real Estate Investments Ltd., Class B | 203722 | 260111 |
| Foschini Group Ltd. | 66389 | 409079 |
| Gold Fields Ltd., ADR | 49504 | 1657394 |
| Grindrod Ltd. | 88464 | 77047 |
| Harmony Gold Mining Co. Ltd., ADR | 49229 | 653761 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Impala Platinum Holdings Ltd.<sup>(1)</sup> | 93635 | $849655 |
| Investec Ltd. | 18763 | 139140 |
| KAL Group Ltd. | 177 | 416 |
| KAP Ltd.<sup>(1)</sup> | 178079 | 20824 |
| Kumba Iron Ore Ltd.<sup>(2)</sup> | 10085 | 185054 |
| Lewis Group Ltd. | 508 | 2099 |
| Life Healthcare Group Holdings Ltd. | 77566 | 59824 |
| Metair Investments Ltd.<sup>(1)</sup> | 1914 | 680 |
| Momentum Group Ltd. | 221197 | 447933 |
| Motus Holdings Ltd. | 28124 | 164592 |
| Mpact Ltd. | 965 | 1470 |
| Mr. Price Group Ltd. | 27419 | 322778 |
| MTN Group Ltd. | 163741 | 1390975 |
| MultiChoice Group<sup>(1)</sup> | 21390 | 148880 |
| Naspers Ltd., N Shares | 3233 | 1066635 |
| Nedbank Group Ltd. | 39590 | 507381 |
| NEPI Rockcastle NV<sup>(1)</sup> | 67474 | 560428 |
| Netcare Ltd. | 295935 | 232692 |
| Ninety One Ltd. | 25549 | 64120 |
| Northam Platinum Holdings Ltd. | 42883 | 480492 |
| Oceana Group Ltd. | 464 | 1339 |
| Old Mutual Ltd. | 883166 | 695002 |
| Omnia Holdings Ltd. | 38217 | 158994 |
| OUTsurance Group Ltd. | 74531 | 321213 |
| Pepkor Holdings Ltd. | 56274 | 80958 |
| PPC Ltd. | 125428 | 36203 |
| Raubex Group Ltd. | 2320 | 5770 |
| Reinet Investments SCA | 19998 | 607861 |
| Remgro Ltd. | 45201 | 434826 |
| RFG Holdings Ltd. | 1040 | 950 |
| Sanlam Ltd. | 102134 | 526552 |
| Santam Ltd. | 4100 | 101722 |
| Sappi Ltd. | 171105 | 281146 |
| Sasol Ltd., ADR<sup>(1)(2)</sup> | 52940 | 356816 |
| Shoprite Holdings Ltd. | 38318 | 571831 |
| Sibanye Stillwater Ltd., ADR<sup>(1)</sup> | 118379 | 896129 |
| Southern Sun Ltd. | 3866 | 1906 |
| SPAR Group Ltd.<sup>(1)</sup> | 42312 | 259847 |
| Standard Bank Group Ltd.<sup>(2)</sup> | 71922 | 1011869 |
| Sun International Ltd. | 37424 | 98949 |
| Telkom SA SOC Ltd. | 97821 | 281028 |
| Thungela Resources Ltd. | 38104 | 201135 |
| Tiger Brands Ltd. | 11296 | 199305 |
| Tsogo Sun Ltd. | 3616 | 1381 |
| Valterra Platinum Ltd. | 12591 | 577400 |
| Vodacom Group Ltd. | 50427 | 407224 |
| Woolworths Holdings Ltd. | 18050 | 53119 |
| Zeda Ltd. | 24857 | 17935 |
| Zeder Investments Ltd.<sup>(2)</sup> | 8750 | 632 |
|  |  | 24522654 |
| **South Korea — 11.9%** |  |  |
| Able C&C Co. Ltd. | 5008 | 49320 |
| Advanced Process Systems Corp. | 1624 | 20554 |
| Aekyung Industrial Co. Ltd. | 1099 | 12742 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Agabang & Co.<sup>(1)</sup> | 2113 | $7693 |
| Alteogen, Inc.<sup>(1)</sup> | 691 | 217320 |
| Amorepacific Corp. | 893 | 77043 |
| Amorepacific Holdings Corp. | 1483 | 28964 |
| Ananti, Inc.<sup>(1)</sup> | 12188 | 81281 |
| APR Corp.<sup>(1)</sup> | 2215 | 361293 |
| Aprogen, Inc.<sup>(1)</sup> | 145 | 71 |
| Asiana Airlines, Inc.<sup>(1)</sup> | 11655 | 79394 |
| BGF Co. Ltd. | 616 | 1762 |
| BGF retail Co. Ltd. | 2080 | 175359 |
| BH Co. Ltd. | 7962 | 104991 |
| Binggrae Co. Ltd. | 616 | 31244 |
| BNK Financial Group, Inc. | 42164 | 435987 |
| Boditech Med, Inc. | 953 | 9870 |
| Bukwang Pharmaceutical Co. Ltd.<sup>(1)</sup> | 694 | 1656 |
| Byucksan Corp. | 2612 | 4024 |
| Caregen Co. Ltd. | 845 | 33778 |
| Celltrion Pharm, Inc.<sup>(1)</sup> | 290 | 10765 |
| Celltrion, Inc. | 3944 | 474530 |
| Cheil Worldwide, Inc. | 9040 | 128585 |
| Cheryong Electric Co. Ltd. | 636 | 15657 |
| Chong Kun Dang Pharmaceutical Corp. | 1678 | 96179 |
| Chongkundang Holdings Corp. | 42 | 1458 |
| Chunbo Co. Ltd.<sup>(1)</sup> | 75 | 2308 |
| CJ CGV Co. Ltd.<sup>(1)</sup> | 16596 | 55152 |
| CJ CheilJedang Corp. | 1797 | 295540 |
| CJ Corp. | 2466 | 282717 |
| CJ ENM Co. Ltd.<sup>(1)</sup> | 3381 | 173318 |
| CJ Logistics Corp. | 2468 | 147904 |
| Classys, Inc. | 1624 | 60807 |
| CMG Pharmaceutical Co. Ltd.<sup>(1)</sup> | 803 | 1084 |
| Com2uSCorp | 114 | 3213 |
| Cosmax, Inc. | 1243 | 193028 |
| COSON Co. Ltd.<sup>(1)</sup> | 179 | 1 |
| Coway Co. Ltd. | 7144 | 533347 |
| COWELL FASHION Co. Ltd.<sup>(1)</sup> | 549 | 850 |
| CrystalGenomics Invites Co. Ltd.<sup>(1)</sup> | 1166 | 1425 |
| Cuckoo Homesys Co. Ltd. | 704 | 13677 |
| Daea TI Co. Ltd.<sup>(1)</sup> | 824 | 2841 |
| Daeduck Electronics Co. Ltd. | 6484 | 111333 |
| Daesang Corp. | 6004 | 97318 |
| Daewon Pharmaceutical Co. Ltd. | 395 | 3720 |
| Daewoo Engineering & Construction Co. Ltd.<sup>(1)</sup> | 26080 | 69431 |
| Daewoong Co. Ltd. | 2806 | 49811 |
| Daewoong Pharmaceutical Co. Ltd. | 323 | 31542 |
| Daishin Securities Co. Ltd. | 4161 | 83515 |
| Daol Investment & Securities Co. Ltd. | 5885 | 14952 |
| Daou Data Corp. | 2016 | 23773 |
| Daou Technology, Inc. | 4238 | 103954 |
| Dawonsys Co. Ltd.<sup>(1)</sup> | 62 | 320 |
| DB HiTek Co. Ltd. | 4981 | 163387 |
| DB Insurance Co. Ltd. | 3829 | 362013 |
| DB Securities Co. Ltd. | 1678 | 10633 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dentium Co. Ltd. | 478 | $19695 |
| DI Dong Il Corp. | 1429 | 42168 |
| DIO Corp.<sup>(1)</sup> | 562 | 6555 |
| DL E&C Co. Ltd. | 3996 | 121795 |
| DL Holdings Co. Ltd. | 2862 | 80119 |
| Dong-A Socio Holdings Co. Ltd. | 125 | 9995 |
| Dong-A ST Co. Ltd. | 235 | 7471 |
| Dongjin Semichem Co. Ltd. | 4044 | 86547 |
| DongKook Pharmaceutical Co. Ltd. | 415 | 5059 |
| Dongkuk CM Co. Ltd. | 3531 | 13677 |
| Dongkuk Holdings Co. Ltd. | 1881 | 10100 |
| Dongkuk Steel Mill Co. Ltd. | 5859 | 39048 |
| Dongsuh Cos., Inc. | 1309 | 25634 |
| Dongwha Enterprise Co. Ltd.<sup>(1)</sup> | 1985 | 13330 |
| Dongwha Pharm Co. Ltd. | 1215 | 5441 |
| Dongwon Development Co. Ltd. | 641 | 1314 |
| Dongwon Industries Co. Ltd. | 2097 | 65876 |
| Dongwon Systems Corp. | 1115 | 22891 |
| Doosan Bobcat, Inc.<sup>(1)</sup> | 5079 | 194030 |
| Doosan Co. Ltd. | 193 | 76595 |
| Doosan Enerbility Co. Ltd.<sup>(1)</sup> | 11514 | 506328 |
| Doosan Tesna, Inc. | 1960 | 51061 |
| DoubleUGames Co. Ltd. | 1011 | 38219 |
| Douzone Bizon Co. Ltd. | 1500 | 85548 |
| Dreamtech Co. Ltd. | 3650 | 16647 |
| Echo Marketing, Inc. | 366 | 3612 |
| Ecopro BM Co. Ltd.<sup>(1)</sup> | 3490 | 302932 |
| Ecopro Co. Ltd. | 1652 | 59877 |
| E-MART, Inc. | 4052 | 208038 |
| ENF Technology Co. Ltd. | 240 | 6576 |
| Eo Technics Co. Ltd. | 446 | 65607 |
| Eoflow Co. Ltd.<sup>(1)</sup> | 486 | 391 |
| Eugene Corp. | 3001 | 7421 |
| Eugene Investment & Securities Co. Ltd. | 12570 | 31203 |
| Eugene Technology Co. Ltd. | 502 | 17145 |
| F&F Co. Ltd. | 3455 | 164920 |
| F&F Holdings Co. Ltd. | 27 | 373 |
| Foosung Co. Ltd.<sup>(1)</sup> | 4155 | 17835 |
| Genexine, Inc.<sup>(1)</sup> | 105 | 388 |
| Giantstep, Inc.<sup>(1)</sup> | 170 | 732 |
| GOLFZON Co. Ltd. | 964 | 43687 |
| Gradiant Corp. | 604 | 6340 |
| Grand Korea Leisure Co. Ltd. | 2462 | 29561 |
| Green Cross Holdings Corp. | 435 | 4733 |
| GS Engineering & Construction Corp. | 9964 | 133368 |
| GS Holdings Corp. | 10616 | 346880 |
| GS P&L Co. Ltd.<sup>(1)</sup> | 1215 | 42766 |
| GS Retail Co. Ltd. | 5125 | 59639 |
| HAESUNG DS Co. Ltd. | 1458 | 23423 |
| Han Kuk Carbon Co. Ltd. | 9743 | 230430 |
| Hana Financial Group, Inc. | 33391 | 1968448 |
| Hana Materials, Inc. | 919 | 17697 |
| Hana Tour Service, Inc. | 2000 | 73890 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Handsome Co. Ltd. | 2251 | $24362 |
| Hanil Cement Co. Ltd. | 4766 | 66210 |
| Hanjin Kal Corp. | 1137 | 91342 |
| Hanjin Logistics Corp. | 337 | 4915 |
| Hankook & Co. Co. Ltd. | 5320 | 93048 |
| Hankook Shell Oil Co. Ltd. | 40 | 12420 |
| Hankook Tire & Technology Co. Ltd. | 10703 | 308522 |
| Hanmi Pharm Co. Ltd. | 392 | 85211 |
| Hanmi Science Co. Ltd.<sup>(1)</sup> | 1621 | 47754 |
| Hanmi Semiconductor Co. Ltd. | 2620 | 161662 |
| Hanon Systems<sup>(1)</sup> | 32794 | 83910 |
| Hansae Co. Ltd. | 3078 | 20542 |
| Hansol Chemical Co. Ltd. | 375 | 47524 |
| Hansol Paper Co. Ltd. | 1067 | 6570 |
| Hansol Technics Co. Ltd. | 1045 | 3990 |
| Hanwha Aerospace Co. Ltd. | 1807 | 1145949 |
| Hanwha Corp. | 7191 | 431463 |
| Hanwha Corp., Preference Shares | 729 | 18453 |
| Hanwha Galleria Corp.<sup>(1)</sup> | 4395 | 3556 |
| Hanwha General Insurance Co. Ltd.<sup>(1)</sup> | 20132 | 82242 |
| Hanwha Investment & Securities Co. Ltd.<sup>(1)</sup> | 17784 | 70785 |
| Hanwha Life Insurance Co. Ltd.<sup>(1)</sup> | 50857 | 114372 |
| Hanwha Ocean Co. Ltd.<sup>(1)</sup> | 1566 | 125858 |
| Hanwha Solutions Corp. | 7663 | 155640 |
| Hanwha Systems Co. Ltd. | 2295 | 83861 |
| Hanwha Vision Co. Ltd.<sup>(1)</sup> | 2045 | 77733 |
| Harim Holdings Co. Ltd. | 7758 | 46530 |
| HD Hyundai Co. Ltd. | 8290 | 816324 |
| HD Hyundai Construction Equipment Co. Ltd. | 1040 | 64985 |
| HD Hyundai Electric Co. Ltd. | 2052 | 719580 |
| HD Hyundai Heavy Industries Co. Ltd. | 1469 | 548009 |
| HD Hyundai Infracore Co. Ltd.<sup>(1)</sup> | 30296 | 304347 |
| HD HYUNDAI MIPO | 1282 | 188458 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 3919 | 1142106 |
| HDC Holdings Co. Ltd. | 1750 | 27004 |
| HDC Hyundai Development Co-Engineering & Construction, E Shares | 8404 | 119807 |
| Hite Jinro Co. Ltd. | 7717 | 105880 |
| HK inno N Corp.<sup>(1)</sup> | 809 | 27884 |
| HL Holdings Corp.<sup>(1)</sup> | 590 | 16732 |
| HL Mando Co. Ltd. | 7097 | 181187 |
| HLB Global Co. Ltd.<sup>(1)</sup> | 807 | 1234 |
| HLB, Inc.<sup>(1)</sup> | 2476 | 66866 |
| HMM Co. Ltd. | 32234 | 511951 |
| HPSP Co. Ltd. | 3911 | 74379 |
| HS Hyosung Advanced Materials Corp. | 537 | 73276 |
| HS Hyosung Corp.<sup>(1)</sup> | 149 | 6351 |
| HS Industries Co. Ltd. | 1315 | 4033 |
| Hugel, Inc.<sup>(1)</sup> | 376 | 85010 |
| Humasis Co. Ltd.<sup>(1)</sup> | 24352 | 23054 |
| Humedix Co. Ltd. | 1466 | 57038 |
| Huons Co. Ltd. | 129 | 2781 |
| Huons Global Co. Ltd. | 141 | 4561 |
| Hwa Shin Co. Ltd. | 3147 | 19614 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hwaseung Enterprise Co. Ltd. | 315 | $1523 |
| HYBE Co. Ltd.<sup>(1)</sup> | 1078 | 222365 |
| Hyosung Chemical Corp.<sup>(1)</sup> | 216 | 4533 |
| Hyosung Corp. | 2581 | 160646 |
| Hyosung Heavy Industries Corp. | 343 | 304085 |
| Hyosung TNC Corp. | 842 | 132208 |
| Hyundai Autoever Corp. | 426 | 53531 |
| HYUNDAI Corp. | 337 | 5367 |
| Hyundai Department Store Co. Ltd. | 3666 | 195512 |
| Hyundai Elevator Co. Ltd. | 1340 | 75476 |
| Hyundai Engineering & Construction Co. Ltd. | 6782 | 301661 |
| Hyundai Futurenet Co. Ltd. | 2521 | 5889 |
| Hyundai GF Holdings | 8292 | 45915 |
| Hyundai Glovis Co. Ltd. | 7479 | 989091 |
| Hyundai Home Shopping Network Corp. | 644 | 25751 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(1)</sup> | 11766 | 235631 |
| Hyundai Mobis Co. Ltd. | 2842 | 649001 |
| Hyundai Motor Co. | 11254 | 1771694 |
| Hyundai Rotem Co. Ltd. | 2746 | 378806 |
| Hyundai Steel Co. | 17352 | 398775 |
| Hyundai Wia Corp. | 4198 | 151145 |
| ICD Co. Ltd.<sup>(1)</sup> | 1590 | 4335 |
| Iljin Diamond Co. Ltd. | 93 | 859 |
| Ilyang Pharmaceutical Co. Ltd. | 2125 | 19046 |
| iM Financial Group Co. Ltd. | 25554 | 251490 |
| iMarketKorea, Inc. | 2108 | 12584 |
| Industrial Bank of Korea | 43024 | 588190 |
| Innocean Worldwide, Inc. | 2711 | 35751 |
| Innox Advanced Materials Co. Ltd. | 2944 | 50108 |
| Inscobee, Inc.<sup>(1)</sup> | 756 | 454 |
| Insun ENT Co. Ltd.<sup>(1)</sup> | 1650 | 5526 |
| Interflex Co. Ltd.<sup>(1)</sup> | 276 | 1730 |
| INTOPS Co. Ltd. | 2663 | 29613 |
| IS Dongseo Co. Ltd. | 2292 | 32241 |
| IsuPetasys Co. Ltd. | 3959 | 187008 |
| JB Financial Group Co. Ltd. | 18874 | 318590 |
| Jeil Pharmaceutical Co. Ltd.<sup>(1)</sup> | 24 | 232 |
| Jin Air Co. Ltd.<sup>(1)</sup> | 3532 | 21554 |
| Jusung Engineering Co. Ltd. | 6544 | 127719 |
| JW Holdings Corp. | 418 | 998 |
| JW Pharmaceutical Corp. | 2496 | 38444 |
| JYP Entertainment Corp. | 1575 | 82359 |
| Kakao Corp. | 10091 | 451829 |
| Kakao Games Corp.<sup>(1)</sup> | 699 | 8126 |
| KakaoBank Corp. | 10319 | 182359 |
| Kakaopay Corp.<sup>(1)</sup> | 1481 | 63622 |
| Kangwon Land, Inc. | 4323 | 56034 |
| KB Financial Group, Inc., ADR | 20888 | 1643050 |
| KC Co. Ltd. | 435 | 6937 |
| KC Tech Co. Ltd. | 493 | 11722 |
| KCC Corp. | 631 | 180015 |
| KCC Glass Corp. | 1172 | 25026 |
| KEPCO Engineering & Construction Co., Inc. | 229 | 15132 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KEPCO Plant Service & Engineering Co. Ltd. | 1697 | $61174 |
| KG Dongbusteel | 14012 | 53521 |
| KG Eco Solution Co. Ltd. | 2450 | 10210 |
| Kginicis Co. Ltd. | 1731 | 12512 |
| KH FEELUX Co. Ltd.<sup>(1)</sup> | 670 |  |
| KH Vatec Co. Ltd. | 1906 | 17401 |
| Kia Corp. | 21827 | 1651506 |
| KISCO Corp.<sup>(1)</sup> | 1358 | 9720 |
| KIWOOM Securities Co. Ltd. | 2424 | 357033 |
| KMW Co. Ltd.<sup>(1)</sup> | 276 | 2471 |
| Koh Young Technology, Inc. | 2505 | 26142 |
| Kolmar BNH Co. Ltd. | 169 | 1863 |
| Kolmar Korea Co. Ltd.<sup>(1)</sup> | 626 | 34882 |
| Kolon Industries, Inc. | 4414 | 116542 |
| Komipharm International Co. Ltd.<sup>(1)</sup> | 203 | 871 |
| Korea Aerospace Industries Ltd. | 3982 | 272069 |
| Korea Circuit Co. Ltd.<sup>(1)</sup> | 1642 | 14652 |
| Korea Electric Power Corp., ADR | 20470 | 270409 |
| Korea Electric Terminal Co. Ltd. | 1846 | 83374 |
| Korea Gas Corp. | 4155 | 118120 |
| Korea Investment Holdings Co. Ltd. | 8268 | 797671 |
| Korea Line Corp.<sup>(1)</sup> | 28143 | 34623 |
| Korea Petrochemical Ind Co. Ltd. | 318 | 27823 |
| Korea Real Estate Investment & Trust Co. Ltd. | 3951 | 3440 |
| Korea United Pharm, Inc. | 247 | 3651 |
| Korean Air Lines Co. Ltd. | 34122 | 580805 |
| Korean Reinsurance Co. | 41775 | 325250 |
| Krafton, Inc.<sup>(1)</sup> | 1412 | 332013 |
| KT Skylife Co. Ltd. | 1686 | 6336 |
| Kum Yang Co. Ltd.<sup>(1)</sup> | 2158 | 11525 |
| Kumho Petrochemical Co. Ltd. | 2434 | 191414 |
| Kumho Tire Co., Inc.<sup>(1)</sup> | 23563 | 83915 |
| Kwang Dong Pharmaceutical Co. Ltd. | 671 | 2926 |
| Kyobo Securities Co. Ltd. | 138 | 863 |
| Kyung Dong Navien Co. Ltd. | 1521 | 84381 |
| LB Semicon, Inc.<sup>(1)</sup> | 1686 | 4890 |
| LEENO Industrial, Inc. | 3190 | 106755 |
| LF Corp. | 3890 | 52921 |
| LG Chem Ltd. | 2669 | 530112 |
| LG Corp. | 5769 | 308461 |
| LG Display Co. Ltd., ADR<sup>(1)</sup> | 83618 | 368755 |
| LG Electronics, Inc. | 14467 | 766588 |
| LG Energy Solution Ltd.<sup>(1)</sup> | 1763 | 444618 |
| LG H&H Co. Ltd. | 1026 | 217826 |
| LG HelloVision Co. Ltd.<sup>(1)</sup> | 1238 | 2618 |
| LG Innotek Co. Ltd. | 2555 | 308792 |
| LG Uplus Corp. | 45598 | 486313 |
| LIG Nex1 Co. Ltd. | 1606 | 564444 |
| LigaChem Biosciences, Inc.<sup>(1)</sup> | 1071 | 113460 |
| Lotte Chemical Corp. | 1486 | 67717 |
| Lotte Chilsung Beverage Co. Ltd. | 1206 | 103587 |
| Lotte Corp. | 6249 | 131079 |
| Lotte Energy Materials Corp.<sup>(1)</sup> | 319 | 5920 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LOTTE Fine Chemical Co. Ltd. | 4744 | $141992 |
| LOTTE Himart Co. Ltd. | 116 | 696 |
| Lotte Innovate Co. Ltd. | 464 | 7084 |
| Lotte Rental Co. Ltd. | 4409 | 91235 |
| Lotte Shopping Co. Ltd. | 2429 | 115326 |
| Lotte Wellfood Co. Ltd. | 557 | 46525 |
| LS Corp. | 813 | 102876 |
| LS Electric Co. Ltd. | 817 | 165191 |
| LVMC Holdings<sup>(1)</sup> | 14008 | 18299 |
| LX Hausys Ltd. | 634 | 12916 |
| LX Holdings Corp. | 3787 | 21449 |
| LX International Corp. | 9238 | 196984 |
| LX Semicon Co. Ltd. | 2539 | 97786 |
| Maeil Dairies Co. Ltd. | 252 | 6512 |
| Mcnex Co. Ltd. | 2204 | 47344 |
| MegaStudyEdu Co. Ltd. | 1482 | 49072 |
| Meritz Financial Group, Inc. | 6354 | 578033 |
| Mirae Asset Life Insurance Co. Ltd.<sup>(1)</sup> | 2237 | 11391 |
| Mirae Asset Securities Co. Ltd. | 26938 | 370306 |
| Misto Holdings Corp. | 4154 | 124450 |
| Miwon Commercial Co. Ltd. | 26 | 2751 |
| Myoung Shin Industrial Co. Ltd.<sup>(1)</sup> | 9928 | 63039 |
| Namhae Chemical Corp. | 960 | 4833 |
| Namsun Aluminum Co. Ltd.<sup>(1)</sup> | 4341 | 3576 |
| NAVER Corp. | 4855 | 746329 |
| NCSoft Corp. | 813 | 118326 |
| Neowiz<sup>(1)</sup> | 1144 | 19887 |
| NEPES Corp.<sup>(1)</sup> | 2001 | 18434 |
| Netmarble Corp. | 1462 | 62822 |
| Nexen Tire Corp. | 6561 | 27603 |
| NH Investment & Securities Co. Ltd. | 21461 | 299738 |
| NHN Corp. | 2154 | 40210 |
| NHN KCP Corp. | 1223 | 11932 |
| NICE Holdings Co. Ltd.<sup>(1)</sup> | 1626 | 15944 |
| NICE Information Service Co. Ltd. | 1931 | 21886 |
| NongShim Co. Ltd. | 507 | 149435 |
| OCI Co. Ltd. | 124 | 4764 |
| OCI Holdings Co. Ltd. | 3336 | 209010 |
| OptoElectronics Solutions Co. Ltd.<sup>(1)</sup> | 81 | 546 |
| Orion Corp. | 2206 | 170735 |
| Orion Holdings Corp. | 4385 | 65295 |
| Otoki Corp. | 415 | 114394 |
| Pan Ocean Co. Ltd. | 74389 | 208069 |
| Paradise Co. Ltd. | 5924 | 89383 |
| Park Systems Corp. | 544 | 99855 |
| Partron Co. Ltd. | 7816 | 35981 |
| People & Technology, Inc. | 3121 | 85801 |
| Peptron, Inc.<sup>(1)</sup> | 542 | 120725 |
| PI Advanced Materials Co. Ltd. | 1520 | 18508 |
| Pond Group Co. Ltd. | 316 | 2160 |
| Poongsan Corp. | 1383 | 117761 |
| Posco DX Co. Ltd. | 5814 | 93312 |
| POSCO Future M Co. Ltd.<sup>(1)</sup> | 2385 | 241257 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| POSCO Holdings, Inc., ADR<sup>(2)</sup> | 19012 | $980829 |
| Posco International Corp. | 6485 | 223456 |
| PSK, Inc. | 3362 | 58736 |
| Pulmuone Co. Ltd. | 627 | 6274 |
| Rainbow Robotics<sup>(1)</sup> | 75 | 14714 |
| S-1 Corp. | 2950 | 169594 |
| Sam Chun Dang Pharm Co. Ltd. | 485 | 66940 |
| Samchully Co. Ltd. | 65 | 5950 |
| Samjin Pharmaceutical Co. Ltd. | 249 | 3396 |
| Samsung Biologics Co. Ltd.<sup>(1)</sup> | 489 | 350923 |
| Samsung C&T Corp. | 2826 | 340144 |
| Samsung Card Co. Ltd. | 448 | 16250 |
| Samsung E&A Co. Ltd. | 16379 | 341556 |
| Samsung Electro-Mechanics Co. Ltd. | 3938 | 451776 |
| Samsung Electronics Co. Ltd., GDR | 8452 | 10453964 |
| Samsung Fire & Marine Insurance Co. Ltd. | 2082 | 662639 |
| Samsung Heavy Industries Co. Ltd.<sup>(1)</sup> | 20694 | 316336 |
| Samsung Life Insurance Co. Ltd. | 6365 | 653896 |
| Samsung Pharmaceutical Co. Ltd.<sup>(1)</sup> | 723 | 812 |
| Samsung SDI Co. Ltd. | 2380 | 352708 |
| Samsung SDS Co. Ltd. | 3082 | 325615 |
| Samsung Securities Co. Ltd. | 13295 | 656330 |
| Samwha Capacitor Co. Ltd. | 200 | 3655 |
| Samyang Corp. | 176 | 6184 |
| Samyang Foods Co. Ltd. | 392 | 438926 |
| Samyang Holdings Corp.<sup>(1)</sup> | 195 | 12044 |
| SD Biosensor, Inc. | 3414 | 24578 |
| SeAH Besteel Holdings Corp. | 5352 | 106753 |
| SeAH Steel Corp. | 339 | 32472 |
| SeAH Steel Holdings Corp. | 253 | 33467 |
| Sebang Global Battery Co. Ltd. | 1135 | 50573 |
| Seegene, Inc. | 4156 | 77497 |
| Seobu T&D | 2019 | 13648 |
| Seoul Semiconductor Co. Ltd.<sup>(1)</sup> | 5788 | 27791 |
| Seoul Viosys Co. Ltd.<sup>(1)</sup> | 377 | 783 |
| Seoyon E-Hwa Co. Ltd. | 2819 | 23652 |
| SFA Engineering Corp. | 912 | 15054 |
| SFA Semicon Co. Ltd.<sup>(1)</sup> | 6325 | 15628 |
| Shin Poong Pharmaceutical Co. Ltd.<sup>(1)</sup> | 78 | 689 |
| Shinhan Financial Group Co. Ltd., ADR<sup>(2)</sup> | 28632 | 1352289 |
| Shinsegae International, Inc. | 1719 | 12658 |
| Shinsegae, Inc. | 2080 | 246766 |
| Shinyoung Securities Co. Ltd. | 132 | 14146 |
| SK Biopharmaceuticals Co. Ltd.<sup>(1)</sup> | 1017 | 71855 |
| SK Bioscience Co. Ltd.<sup>(1)</sup> | 1157 | 39201 |
| SK Chemicals Co. Ltd. | 1075 | 45931 |
| SK D&D Co. Ltd. | 306 | 2221 |
| SK Discovery Co. Ltd. | 1593 | 60494 |
| SK Gas Ltd. | 126 | 23319 |
| SK Hynix, Inc. | 33941 | 6467027 |
| SK IE Technology Co. Ltd.<sup>(1)</sup> | 232 | 4617 |
| SK Innovation Co. Ltd. | 3859 | 279293 |
| SK Networks Co. Ltd. | 27148 | 85417 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SK oceanplant Co. Ltd.<sup>(1)</sup> | 1905 | $28523 |
| SK Securities Co. Ltd. | 31975 | 14918 |
| SK Telecom Co. Ltd., ADR<sup>(2)</sup> | 12034 | 259212 |
| SK, Inc. | 3032 | 449637 |
| SKC Co. Ltd.<sup>(1)</sup> | 731 | 49016 |
| SL Corp. | 4538 | 110116 |
| SM Entertainment Co. Ltd. | 586 | 58420 |
| SNT Dynamics Co. Ltd. | 3449 | 154497 |
| SNT Motiv Co. Ltd. | 2310 | 61641 |
| S-Oil Corp.<sup>(1)</sup> | 7969 | 344663 |
| Songwon Industrial Co. Ltd. | 1219 | 9051 |
| Soop Co. Ltd. | 1455 | 81372 |
| Soulbrain Co. Ltd. | 444 | 69536 |
| Soulbrain Holdings Co. Ltd. | 101 | 2844 |
| SPC Samlip Co. Ltd. | 100 | 3857 |
| STIC Investments, Inc. | 700 | 5114 |
| Studio Dragon Corp.<sup>(1)</sup> | 3366 | 108866 |
| Suheung Co. Ltd. | 280 | 5993 |
| Sun Kwang Co. Ltd. | 157 | 2177 |
| Sung Kwang Bend Co. Ltd. | 2419 | 58007 |
| Sungwoo Hitech Co. Ltd. | 10589 | 45721 |
| Synopex, Inc.<sup>(1)</sup> | 9545 | 43722 |
| Taeyoung Engineering & Construction Co. Ltd.<sup>(1)</sup> | 572 | 738 |
| Taihan Electric Wire Co. Ltd.<sup>(1)</sup> | 2248 | 25133 |
| TechWing, Inc. | 1227 | 28403 |
| TES Co. Ltd. | 1403 | 30063 |
| TK Corp.<sup>(1)</sup> | 3338 | 60211 |
| TKG Huchems Co. Ltd. | 3057 | 38636 |
| Tokai Carbon Korea Co. Ltd. | 493 | 38650 |
| Tongyang Life Insurance Co. Ltd.<sup>(1)</sup> | 13306 | 71205 |
| Toptec Co. Ltd. | 247 | 858 |
| TY Holdings Co. Ltd.<sup>(1)</sup> | 1322 | 3056 |
| Unid Co. Ltd. | 981 | 53484 |
| Value Added Technology Co. Ltd. | 1055 | 15724 |
| Vieworks Co. Ltd. | 344 | 5046 |
| VT Co. Ltd.<sup>(1)</sup> | 4098 | 107779 |
| Webzen, Inc. | 5817 | 59351 |
| WiSoL Co. Ltd. | 935 | 3820 |
| Wonik Holdings Co. Ltd.<sup>(1)</sup> | 908 | 5638 |
| WONIK IPS Co. Ltd. | 1371 | 39762 |
| Wonik Materials Co. Ltd. | 174 | 2996 |
| Wonik QnC Corp. | 1985 | 25211 |
| Woongjin Thinkbig Co. Ltd. | 2317 | 2984 |
| Woori Financial Group, Inc. | 100671 | 1795926 |
| Woori Technology Investment Co. Ltd.<sup>(1)</sup> | 6780 | 52147 |
| Youngone Corp. | 3736 | 157162 |
| Youngone Holdings Co. Ltd. | 1095 | 103942 |
| Yuanta Securities Korea Co. Ltd. | 8160 | 20233 |
| Yuhan Corp. | 2263 | 184326 |
| Zinus, Inc. | 380 | 4581 |
|  |  | 76556818 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Taiwan — 20.4%** | | |
| Abico Avy Co. Ltd. | 35550 | $46720 |
| Accton Technology Corp. | 16000 | 526758 |
| Acer Cyber Security, Inc. | 3000 | 18063 |
| Acer E-Enabling Service Business, Inc. | 2000 | 17166 |
| Acer, Inc. | 62000 | 59625 |
| ACES Electronic Co. Ltd.<sup>(1)</sup> | 16514 | 40424 |
| Acon Holding, Inc.<sup>(1)</sup> | 69000 | 22539 |
| Acter Group Corp. Ltd. | 16000 | 463960 |
| ADATA Technology Co. Ltd. | 96000 | 320193 |
| Advanced Analog Technology, Inc. | 2000 | 2867 |
| Advanced Ceramic X Corp. | 4000 | 16996 |
| Advanced International Multitech Co. Ltd. | 22000 | 42740 |
| Advanced Power Electronics Corp. | 16000 | 44763 |
| Advanced Wireless Semiconductor Co.<sup>(2)</sup> | 27000 | 98608 |
| Advancetek Enterprise Co. Ltd. | 69000 | 112742 |
| Advantech Co. Ltd. | 6708 | 74958 |
| AGV Products Corp. | 14000 | 5052 |
| AIC, Inc. | 6000 | 52639 |
| Airtac International Group | 12046 | 308574 |
| Alchip Technologies Ltd.<sup>(2)</sup> | 4000 | 523491 |
| Alcor Micro Corp.<sup>(1)</sup> | 3196 | 10565 |
| Alltek Technology Corp. | 34000 | 35659 |
| Alltop Technology Co. Ltd. | 5500 | 45044 |
| Alpha Networks, Inc. | 26773 | 25098 |
| Altek Corp. | 29654 | 48469 |
| Ambassador Hotel | 11000 | 15685 |
| Ampak Technology, Inc. | 11000 | 30003 |
| Ampire Co. Ltd. | 2000 | 1699 |
| AMPOC Far-East Co. Ltd.<sup>(1)</sup> | 3000 | 16762 |
| AmTRAN Technology Co. Ltd. | 76726 | 34305 |
| Anji Technology Co. Ltd.<sup>(1)</sup> | 25099 | 35662 |
| Anpec Electronics Corp. | 11000 | 63893 |
| Apacer Technology, Inc. | 1000 | 2081 |
| APAQ Technology Co. Ltd. | 7000 | 41173 |
| APCB, Inc. | 2000 | 953 |
| Apex International Co. Ltd.<sup>(1)</sup> | 15990 | 13980 |
| Arcadyan Technology Corp. | 27000 | 208274 |
| Ardentec Corp. | 128000 | 309325 |
| Argosy Research, Inc. | 10155 | 57076 |
| ASE Technology Holding Co. Ltd., ADR | 156747 | 1553363 |
| Asia Cement Corp. | 189000 | 228474 |
| Asia Optical Co., Inc. | 41000 | 219490 |
| Asia Polymer Corp. | 74353 | 29207 |
| Asia Tech Image, Inc. | 10000 | 29019 |
| Asia Vital Components Co. Ltd. | 11910 | 388798 |
| ASPEED Technology, Inc. | 1000 | 162545 |
| Asustek Computer, Inc. | 26000 | 534880 |
| Aten International Co. Ltd. | 2000 | 3853 |
| Audix Corp. | 1000 | 2101 |
| AUO Corp.<sup>(1)(2)</sup> | 701640 | 293143 |
| AURAS Technology Co. Ltd. | 5000 | 111123 |
| Avalue Technology, Inc. | 8000 | 30078 |
| Axiomtek Co. Ltd. | 7000 | 19798 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Azurewave Technologies, Inc. | 32000 | $104432 |
| Bafang Yunji International Co. Ltd. | 10000 | 62356 |
| Bank of Kaohsiung Co. Ltd. | 74389 | 28303 |
| Basso Industry Corp. | 17000 | 17944 |
| BES Engineering Corp.<sup>(1)</sup> | 164000 | 59930 |
| Bioteque Corp. | 8000 | 30977 |
| Bizlink Holding, Inc. | 13128 | 456892 |
| Bonny Worldwide Ltd. | 5000 | 28719 |
| Bora Pharmaceuticals Co. Ltd. | 3943 | 93500 |
| Brave C&H Supply Co. Ltd. | 5000 | 14267 |
| Brighton-Best International Taiwan, Inc. | 31000 | 34730 |
| Brillian Network & Automation Integrated System Co. Ltd. | 6000 | 56250 |
| C Sun Manufacturing Ltd. | 354 | 2335 |
| Capital Futures Corp. | 13801 | 22175 |
| Capital Securities Corp. | 272000 | 193302 |
| Career Technology MFG. Co. Ltd.<sup>(1)</sup> | 55023 | 27569 |
| Catcher Technology Co. Ltd. | 60000 | 368678 |
| Cathay Financial Holding Co. Ltd. | 1014893 | 2032309 |
| Cayman Engley Industrial Co. Ltd.<sup>(1)</sup> | 2000 | 2008 |
| Celxpert Energy Corp. | 18000 | 22968 |
| Cenra, Inc. | 14500 | 16164 |
| Central Reinsurance Co. Ltd. | 84975 | 65327 |
| Century Iron & Steel Industrial Co. Ltd. | 23000 | 137548 |
| Chailease Holding Co. Ltd. | 16278 | 61777 |
| Chain Chon Industrial Co. Ltd. | 41000 | 13441 |
| ChainQui Construction Development Co. Ltd.<sup>(1)</sup> | 2200 | 998 |
| Chaintech Technology Corp. | 17000 | 18519 |
| Champion Building Materials Co. Ltd. | 22500 | 7253 |
| Chang Hwa Commercial Bank Ltd. | 863984 | 541585 |
| Chang Wah Electromaterials, Inc. | 78000 | 110370 |
| Chang Wah Technology Co. Ltd. | 62000 | 68274 |
| Channel Well Technology Co. Ltd.<sup>(1)</sup> | 24000 | 73509 |
| Charoen Pokphand Enterprise | 24000 | 104306 |
| CHC Healthcare Group | 9000 | 14426 |
| CHC Resources Corp. | 17000 | 39901 |
| Chen Full International Co. Ltd. | 4000 | 5736 |
| Chenbro Micom Co. Ltd. | 15000 | 296582 |
| Cheng Loong Corp. | 71000 | 41477 |
| Cheng Mei Materials Technology Corp.<sup>(1)</sup> | 93789 | 43052 |
| Cheng Shin Rubber Industry Co. Ltd. | 199000 | 246578 |
| Cheng Uei Precision Industry Co. Ltd. | 13000 | 20153 |
| Chia Chang Co. Ltd. | 5000 | 5885 |
| Chia Hsin Cement Corp. | 2040 | 889 |
| Chicony Electronics Co. Ltd. | 63000 | 283034 |
| Chicony Power Technology Co. Ltd. | 8000 | 27329 |
| Chien Kuo Construction Co. Ltd. | 26400 | 20305 |
| China Airlines Ltd. | 602000 | 415770 |
| China Bills Finance Corp. | 46000 | 24956 |
| China Electric Manufacturing Corp. | 28000 | 12007 |
| China General Plastics Corp. | 26805 | 10265 |
| China Man-Made Fiber Corp.<sup>(1)</sup> | 82000 | 17739 |
| China Metal Products | 44000 | 35190 |
| China Motor Corp. | 29000 | 54888 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| China Petrochemical Development Corp.<sup>(1)</sup> | 464690 | $108393 |
| China Steel Chemical Corp. | 8000 | 21425 |
| China Steel Corp.<sup>(2)</sup> | 937000 | 614471 |
| China Wire & Cable Co. Ltd. | 22000 | 28141 |
| Chinese Maritime Transport Ltd. | 26000 | 45632 |
| Ching Feng Home Fashions Co. Ltd. | 1025 | 688 |
| Chin-Poon Industrial Co. Ltd. | 58000 | 76755 |
| Chipbond Technology Corp. | 74000 | 129385 |
| ChipMOS Technologies, Inc. | 76000 | 60208 |
| Chlitina Holding Ltd. | 4120 | 15125 |
| Chong Hong Construction Co. Ltd.<sup>(2)</sup> | 37000 | 91270 |
| Chroma ATE, Inc. | 18000 | 340963 |
| Chun Yuan Steel Industry Co. Ltd. | 122000 | 82998 |
| Chung Hwa Pulp Corp.<sup>(1)</sup> | 19000 | 7525 |
| Chung-Hsin Electric & Machinery Manufacturing Corp. | 95000 | 530207 |
| Chunghwa Telecom Co. Ltd., ADR | 19679 | 856233 |
| Cleanaway Co. Ltd. | 11000 | 71509 |
| Clevo Co. | 73000 | 99850 |
| CMC Magnetics Corp. | 163280 | 47745 |
| Compal Electronics, Inc. | 929000 | 835612 |
| Compeq Manufacturing Co. Ltd. | 217000 | 571707 |
| Compucase Enterprise | 25000 | 90146 |
| Concord International Securities Co. Ltd. | 65135 | 30287 |
| Concord Securities Co. Ltd. | 140721 | 56062 |
| Continental Holdings Corp. | 56000 | 42596 |
| Contrel Technology Co. Ltd. | 4000 | 5751 |
| Coremax Corp. | 8731 | 15880 |
| Coretronic Corp. | 17000 | 67863 |
| Creative Sensor, Inc. | 6000 | 11798 |
| Cryomax Cooling System Corp. | 1578 | 1680 |
| CTBC Financial Holding Co. Ltd. | 990000 | 1327906 |
| CviLux Corp. | 14000 | 25674 |
| CyberPower Systems, Inc. | 12000 | 87269 |
| DA CIN Construction Co. Ltd. | 20000 | 38797 |
| Darfon Electronics Corp. | 36000 | 42502 |
| Darwin Precisions Corp. | 23000 | 8414 |
| Daxin Materials Corp. | 2000 | 24805 |
| De Licacy Industrial Co. Ltd. | 34452 | 12361 |
| Delta Electronics, Inc. | 55000 | 1267076 |
| Depo Auto Parts Ind Co. Ltd. | 20000 | 93839 |
| DFI, Inc. | 10000 | 25570 |
| Dimerco Express Corp. | 13102 | 33857 |
| DingZing Advanced Materials, Inc. | 4000 | 14401 |
| D-Link Corp. | 42000 | 24793 |
| DONPON PRECISION, Inc.<sup>(1)</sup> | 7000 | 8329 |
| Dyaco International, Inc. | 1050 | 725 |
| Dynamic Holding Co. Ltd. | 63274 | 234815 |
| Dynapack International Technology Corp. | 18000 | 212229 |
| E Ink Holdings, Inc. | 24000 | 204780 |
| E.Sun Financial Holding Co. Ltd. | 838544 | 915184 |
| Eastech Holding Ltd. | 12000 | 43765 |
| Eastern Media International Corp. | 8815 | 5163 |
| Eclat Textile Co. Ltd. | 16000 | 208549 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ECOVE Environment Corp. | 3000 | $28193 |
| Edimax Technology Co. Ltd.<sup>(1)</sup> | 43000 | 30906 |
| Edom Technology Co. Ltd.<sup>(1)</sup> | 5000 | 6217 |
| Elan Microelectronics Corp. | 49000 | 190416 |
| E-Lead Electronic Co. Ltd. | 8000 | 13676 |
| Elite Advanced Laser Corp. | 8000 | 52429 |
| Elite Material Co. Ltd. | 11000 | 435400 |
| Elitegroup Computer Systems Co. Ltd. | 35000 | 22095 |
| eMemory Technology, Inc. | 4000 | 268112 |
| Emerging Display Technologies Corp. | 25000 | 17747 |
| Ennostar, Inc.<sup>(1)</sup> | 124325 | 157448 |
| EOI Investment Holdings Co. Ltd. | 2000 | 1286 |
| Eson Precision Ind Co. Ltd. | 36000 | 92922 |
| Eternal Materials Co. Ltd. | 128100 | 182838 |
| Eva Airways Corp. | 489000 | 619294 |
| Evergreen International Storage & Transport Corp. | 122000 | 135878 |
| Evergreen Marine Corp. Taiwan Ltd. | 171800 | 1038331 |
| EVERGREEN Steel Corp. | 23000 | 67068 |
| Everlight Chemical Industrial Corp. | 65000 | 39106 |
| Everlight Electronics Co. Ltd. | 25000 | 55622 |
| Excelsior Medical Co. Ltd. | 22711 | 64691 |
| Far Eastern Department Stores Ltd. | 148000 | 100704 |
| Far Eastern International Bank<sup>(1)</sup> | 439258 | 193504 |
| Far Eastern New Century Corp. | 585000 | 527080 |
| Far EasTone Telecommunications Co. Ltd. | 158674 | 436050 |
| Faraday Technology Corp. | 14540 | 74367 |
| Farglory Land Development Co. Ltd. | 27000 | 54177 |
| Feedback Technology Corp. | 1240 | 4757 |
| Feng Hsin Steel Co. Ltd. | 54000 | 117807 |
| Feng TAY Enterprise Co. Ltd. | 43344 | 165843 |
| Firich Enterprises Co. Ltd. | 9918 | 8402 |
| First Financial Holding Co. Ltd. | 785875 | 727161 |
| First Insurance Co. Ltd. | 50000 | 42910 |
| First Steamship Co. Ltd.<sup>(1)</sup> | 79350 | 15461 |
| FIT Holding Co. Ltd. | 6000 | 7041 |
| Fitipower Integrated Technology, Inc. | 10693 | 61776 |
| Fittech Co. Ltd.<sup>(1)</sup> | 253 | 511 |
| FLEXium Interconnect, Inc.<sup>(1)</sup> | 48000 | 106342 |
| Flytech Technology Co. Ltd. | 10000 | 36112 |
| FocalTech Systems Co. Ltd.<sup>(1)</sup> | 30000 | 67037 |
| Forcecon Tech Co. Ltd.<sup>(1)</sup> | 5000 | 20960 |
| Forest Water Environment Engineering Co. Ltd. | 16512 | 19898 |
| Formosa Advanced Technologies Co. Ltd. | 5000 | 4241 |
| Formosa Chemicals & Fibre Corp. | 110000 | 107824 |
| Formosa International Hotels Corp. | 7000 | 43909 |
| Formosa Laboratories, Inc. | 12000 | 26336 |
| Formosa Petrochemical Corp. | 10000 | 13088 |
| Formosa Plastics Corp. | 106000 | 134610 |
| Formosa Sumco Technology Corp. | 10000 | 27276 |
| Formosa Taffeta Co. Ltd. | 87000 | 44684 |
| Formosan Rubber Group, Inc. | 11700 | 9225 |
| Formosan Union Chemical Corp. | 54000 | 29852 |
| Fortune Electric Co. Ltd. | 13200 | 276535 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Founding Construction & Development Co. Ltd. | 26000 | $13598 |
| Foxconn Technology Co. Ltd. | 111000 | 255840 |
| Foxsemicon Integrated Technology, Inc. | 7000 | 65833 |
| Franbo Lines Corp. | 12966 | 8712 |
| Froch Enterprise Co. Ltd. | 33000 | 15194 |
| FSP Technology, Inc. | 13000 | 24047 |
| Fu Hua Innovation Co. Ltd. | 148319 | 101578 |
| Fubon Financial Holding Co. Ltd. | 822120 | 2246229 |
| Fulgent Sun International Holding Co. Ltd. | 9437 | 32724 |
| Full Wang International Development Co. Ltd. | 1552 | 1007 |
| Fusheng Precision Co. Ltd. | 19000 | 164400 |
| Galaxy Software Services Corp. | 5250 | 25123 |
| GEM Services, Inc. | 16000 | 39979 |
| Gemtek Technology Corp. | 82000 | 67188 |
| General Interface Solution GIS Holding Ltd.<sup>(1)</sup> | 40000 | 81942 |
| Genesys Logic, Inc. | 3000 | 12694 |
| Genius Electronic Optical Co. Ltd. | 23000 | 340040 |
| GeoVision, Inc. | 11570 | 19776 |
| Getac Holdings Corp. | 43000 | 214393 |
| Giant Manufacturing Co. Ltd. | 48217 | 165020 |
| Giantplus Technology Co. Ltd. | 41000 | 18109 |
| Gigabyte Technology Co. Ltd. | 22000 | 197811 |
| Global Brands Manufacture Ltd. | 85677 | 400171 |
| Global Lighting Technologies, Inc. | 5000 | 6891 |
| Global Mixed Mode Technology, Inc. | 6000 | 45467 |
| Global PMX Co. Ltd. | 13000 | 71138 |
| Global Unichip Corp. | 4000 | 172505 |
| Globalwafers Co. Ltd.<sup>(2)</sup> | 38000 | 459642 |
| Globe Union Industrial Corp. | 53000 | 17456 |
| Gloria Material Technology Corp. | 89000 | 111062 |
| Gold Circuit Electronics Ltd. | 42100 | 689961 |
| Golden Long Teng Development Co. Ltd. | 19000 | 17146 |
| Goldsun Building Materials Co. Ltd. | 75990 | 92419 |
| Gordon Auto Body Parts | 33000 | 31331 |
| Gourmet Master Co. Ltd. | 33000 | 87990 |
| Grand Fortune Securities Co. Ltd. | 54269 | 20280 |
| Grand Pacific Petrochemical<sup>(1)(2)</sup> | 134857 | 43196 |
| Grand Process Technology Corp. | 1000 | 48959 |
| Grape King Bio Ltd. | 17000 | 71577 |
| Great Tree Pharmacy Co. Ltd. | 5290 | 24159 |
| Great Wall Enterprise Co. Ltd. | 74304 | 128860 |
| Greatek Electronics, Inc. | 81000 | 158032 |
| GTM Holdings Corp. | 2000 | 1966 |
| Hai Kwang Enterprise Corp.<sup>(1)(2)</sup> | 48552 | 23942 |
| Hannstar Board Corp. | 81076 | 236551 |
| HannStar Display Corp.<sup>(1)</sup> | 252000 | 62224 |
| HannsTouch Holdings Co.<sup>(1)</sup> | 113000 | 24258 |
| Hanpin Electron Co. Ltd. | 15000 | 24352 |
| Harmony Electronics Corp. | 5000 | 4146 |
| Heran Co. Ltd.<sup>(1)</sup> | 2000 | 4836 |
| Highwealth Construction Corp. | 89964 | 122693 |
| Hi-Lai Foods Co. Ltd. | 4000 | 21166 |
| HIM International Music, Inc. | 8000 | 26387 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Hiroca Holdings Ltd. | 4000 | $2892 |
| Hitron Technology, Inc.<sup>(1)</sup> | 11000 | 8460 |
| Hiwin Technologies Corp. | 18675 | 129408 |
| Ho Tung Chemical Corp. | 146000 | 37534 |
| Hocheng Corp. | 66140 | 47370 |
| Holy Stone Enterprise Co. Ltd. | 38500 | 107322 |
| Hon Hai Precision Industry Co. Ltd. | 902000 | 5954958 |
| Hong Ho Precision Textile Co. Ltd. | 21000 | 13837 |
| Hong Pu Real Estate Development Co. Ltd. | 40000 | 35989 |
| Hong TAI Electric Industrial | 19000 | 23412 |
| Horizon Securities Co. Ltd. | 19080 | 6882 |
| Hota Industrial Manufacturing Co. Ltd. | 2147 | 4795 |
| Hotai Finance Co. Ltd. | 21780 | 49139 |
| Hotai Motor Co. Ltd. | 29180 | 523356 |
| Hsin Ba Ba Corp. | 10207 | 23827 |
| Hsing TA Cement Co. | 2000 | 1028 |
| HTC Corp.<sup>(1)</sup> | 34000 | 77842 |
| Hu Lane Associate, Inc. | 5150 | 25280 |
| Hua Nan Financial Holdings Co. Ltd.<sup>(2)</sup> | 659819 | 600971 |
| Huang Hsiang Construction Corp. | 15777 | 20824 |
| Hung Ching Development & Construction Co. Ltd. | 2000 | 1556 |
| Hung Sheng Construction Ltd. | 82920 | 58093 |
| Hwang Chang General Contractor Co. Ltd.<sup>(2)</sup> | 26084 | 71620 |
| IBF Financial Holdings Co. Ltd. | 250710 | 126790 |
| Ichia Technologies, Inc. | 17000 | 33735 |
| IEI Integration Corp. | 5000 | 11449 |
| IKKA Holdings Cayman Ltd. | 7334 | 23733 |
| In Win Development, Inc. | 6000 | 17932 |
| Infortrend Technology, Inc. | 23000 | 16101 |
| Innolux Corp.<sup>(2)</sup> | 1490524 | 680587 |
| Inpaq Technology Co. Ltd. | 6853 | 15265 |
| Integrated Service Technology, Inc. | 14000 | 60001 |
| Interactive Digital Technologies, Inc. | 8000 | 19281 |
| International CSRC Investment Holdings Co.<sup>(1)</sup> | 89000 | 32200 |
| International Games System Co. Ltd. | 17000 | 423750 |
| Inventec Corp. | 79000 | 105664 |
| Iron Force Industrial Co. Ltd. | 8296 | 33638 |
| I-Sheng Electric Wire & Cable Co. Ltd. | 1000 | 1525 |
| ITE Technology, Inc. | 18000 | 78469 |
| ITEQ Corp. | 63000 | 279794 |
| Jarllytec Co. Ltd.<sup>(1)(2)</sup> | 7000 | 28462 |
| Jean Co. Ltd. | 24538 | 22460 |
| Jentech Precision Industrial Co. Ltd. | 2000 | 135518 |
| Jih Lin Technology Co. Ltd. | 2000 | 3081 |
| Jinan Acetate Chemical Co. Ltd.<sup>(2)</sup> | 134170 | 318269 |
| Johnson Health Tech Co. Ltd. | 18000 | 84281 |
| Joinsoon Electronics Manufacturing Co. Ltd. | 1549 | 764 |
| JPC connectivity, Inc. | 9000 | 52288 |
| K Laser Technology, Inc. | 2000 | 1108 |
| Kaimei Electronic Corp. | 28400 | 54892 |
| Kedge Construction Co. Ltd. | 14840 | 38092 |
| KEE TAI Properties Co. Ltd. | 42630 | 16081 |
| Kenda Rubber Industrial Co. Ltd. | 37892 | 25459 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kenturn Nano Tec Co. Ltd. | 7000 | $10496 |
| Kerry TJ Logistics Co. Ltd. | 23000 | 25722 |
| Keystone Microtech Corp. | 5000 | 73152 |
| KGI Financial Holding Co. Ltd. | 683527 | 339392 |
| KGI Financial Holding Co. Ltd., Preference Shares | 80081 | 20340 |
| KHGEARS International Ltd. | 1000 | 6305 |
| Kindom Development Co. Ltd. | 98340 | 113055 |
| King Polytechnic Engineering Co. Ltd. | 23793 | 36465 |
| King Slide Works Co. Ltd.<sup>(2)</sup> | 2000 | 196051 |
| King Yuan Electronics Co. Ltd.<sup>(2)</sup> | 196000 | 991733 |
| King's Town Bank Co. Ltd.<sup>(1)</sup> | 81000 | 146289 |
| Kinik Co. | 10000 | 112758 |
| Kinpo Electronics | 230000 | 140805 |
| Kinsus Interconnect Technology Corp. | 53000 | 195047 |
| KMC Kuei Meng International, Inc. | 2000 | 6068 |
| KNH Enterprise Co. Ltd. | 4000 | 2218 |
| KS Terminals, Inc. | 3000 | 5117 |
| Kuang Hong Arts Management, Inc. | 6000 | 33503 |
| Kung Long Batteries Industrial Co. Ltd. | 11000 | 46840 |
| Kung Sing Engineering Corp.<sup>(1)</sup> | 71400 | 32875 |
| Kuo Toong International Co. Ltd. | 9000 | 16303 |
| Kuo Yang Construction Co. Ltd.<sup>(1)</sup> | 25000 | 15332 |
| L&K Engineering Co. Ltd.<sup>(2)</sup> | 39918 | 456819 |
| Lanner Electronics, Inc.<sup>(1)</sup> | 18180 | 52061 |
| Largan Precision Co. Ltd. | 3000 | 234539 |
| Lealea Enterprise Co. Ltd.<sup>(1)</sup> | 23920 | 5278 |
| Lelon Electronics Corp. | 12000 | 34425 |
| Lemtech Holdings Co. Ltd. | 9450 | 24285 |
| Li Peng Enterprise Co. Ltd.<sup>(1)</sup> | 126000 | 23613 |
| Lien Hwa Industrial Holdings Corp. | 1623 | 2627 |
| Life Travel & Tourist Service Co. Ltd.<sup>(1)</sup> | 7000 | 25829 |
| Lingsen Precision Industries Ltd.<sup>(1)</sup> | 32000 | 19313 |
| Lintes Technology Co. Ltd. | 4000 | 14749 |
| Lion Travel Service Co. Ltd. | 19000 | 98876 |
| Lite-On Technology Corp. | 136000 | 575341 |
| Liton Technology Corp. | 14000 | 18708 |
| Long Bon International Co. Ltd.<sup>(1)</sup> | 101000 | 50256 |
| Long Da Construction & Development Corp. | 2000 | 1812 |
| Longchen Paper & Packaging Co. Ltd.<sup>(1)</sup> | 70591 | 23014 |
| Lotes Co. Ltd. | 6142 | 288754 |
| Lotus Pharmaceutical Co. Ltd. | 8000 | 50443 |
| Loyalty Founder Enterprise Co. Ltd. | 14000 | 17283 |
| Lucky Cement Corp. | 9000 | 4510 |
| Lung Yen Life Service Corp.<sup>(1)</sup> | 23000 | 40548 |
| Macauto Industrial Co. Ltd. | 2000 | 4080 |
| Macroblock, Inc. | 3000 | 6639 |
| Macronix International Co. Ltd.<sup>(1)</sup> | 75000 | 49065 |
| Makalot Industrial Co. Ltd. | 13320 | 116495 |
| Marketech International Corp. | 13000 | 111487 |
| Materials Analysis Technology, Inc. | 8414 | 53428 |
| MediaTek, Inc. | 31000 | 1377516 |
| Mega Financial Holding Co. Ltd. | 615247 | 804408 |
| Meiloon Industrial Co. | 25600 | 22353 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mercuries & Associates Holding Ltd.<sup>(1)</sup> | 70504 | $28868 |
| Mercuries Life Insurance Co. Ltd.<sup>(1)</sup> | 547870 | 99423 |
| Merida Industry Co. Ltd. | 34000 | 125459 |
| Micro-Star International Co. Ltd. | 19000 | 83461 |
| Mildef Crete, Inc. | 9000 | 34376 |
| MIN AIK Technology Co. Ltd. | 36000 | 24398 |
| Mitac Holdings Corp.<sup>(2)</sup> | 99924 | 314993 |
| Mobiletron Electronics Co. Ltd.<sup>(1)</sup> | 1000 | 976 |
| momo.com, Inc. | 8191 | 67525 |
| MOSA Industrial Corp.<sup>(1)</sup> | 41834 | 25634 |
| Motech Industries, Inc. | 45000 | 26146 |
| MPI Corp. | 1000 | 44954 |
| MSSCORPS Co. Ltd. | 6480 | 36582 |
| My Humble House Hospitality Management Consulting | 13000 | 15654 |
| Nak Sealing Technologies Corp. | 6000 | 21558 |
| Namchow Holdings Co. Ltd. | 27000 | 34932 |
| Nan Ren Lake Leisure Amusement Co. Ltd.<sup>(1)</sup> | 2000 | 717 |
| Nan Ya Plastics Corp. | 160000 | 225213 |
| Nan Ya Printed Circuit Board Corp. | 19000 | 135238 |
| Nantex Industry Co. Ltd. | 29000 | 23785 |
| Nanya Technology Corp.<sup>(1)(2)</sup> | 77000 | 117554 |
| Netronix, Inc. | 18000 | 71626 |
| Nexcom International Co. Ltd. | 19000 | 63554 |
| Nidec Chaun-Choung Technology Corp. | 3000 | 14237 |
| Nien Made Enterprise Co. Ltd. | 14000 | 197071 |
| Niko Semiconductor Co. Ltd. | 5876 | 8328 |
| Nishoku Technology, Inc. | 2000 | 7532 |
| Nova Technology Corp. | 2000 | 14463 |
| Novatek Microelectronics Corp. | 38000 | 538553 |
| O-Bank Co. Ltd. | 149000 | 43792 |
| Ocean Plastics Co. Ltd. | 9000 | 10588 |
| Optimax Technology Corp. | 16000 | 12143 |
| Orient Semiconductor Electronics Ltd. | 67000 | 96790 |
| Oriental Union Chemical Corp.<sup>(1)</sup> | 36000 | 14395 |
| O-TA Precision Industry Co. Ltd. | 10000 | 20043 |
| Pacific Construction Co. | 57000 | 18394 |
| Pacific Hospital Supply Co. Ltd. | 3000 | 8872 |
| PADAUK Technology Co. Ltd. | 2662 | 3813 |
| Paiho Shih Holdings Corp. | 48300 | 32705 |
| Pan Jit International, Inc. | 46000 | 96200 |
| Pan-International Industrial Corp. | 31000 | 59157 |
| Parade Technologies Ltd. | 1000 | 25347 |
| PCL Technologies, Inc. | 8000 | 31098 |
| Pegatron Corp. | 263000 | 601596 |
| Pegavision Corp. | 7171 | 74487 |
| PharmaEssentia Corp. | 4000 | 64692 |
| Phison Electronics Corp. | 3000 | 47551 |
| Phoenix Silicon International Corp. | 8449 | 44136 |
| Phoenix Tours International, Inc. | 11550 | 21034 |
| Pixart Imaging, Inc. | 17000 | 108793 |
| Planet Technology Corp. | 5000 | 23481 |
| Podak Co. Ltd. | 10500 | 13357 |
| Posiflex Technology, Inc. | 1000 | 8926 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pou Chen Corp. | 230000 | $216223 |
| Power Wind Health Industry, Inc. | 1050 | 5809 |
| Powerchip Semiconductor Manufacturing Corp.<sup>(1)</sup> | 158000 | 81646 |
| Powertech Technology, Inc. | 160000 | 617412 |
| Poya International Co. Ltd. | 7191 | 109740 |
| President Chain Store Corp. | 43000 | 357271 |
| President Securities Corp. | 211696 | 143979 |
| Primax Electronics Ltd. | 121000 | 327212 |
| Prince Housing & Development Corp. | 180000 | 53930 |
| Promate Electronic Co. Ltd. | 43199 | 72602 |
| Prosperity Dielectrics Co. Ltd. | 21000 | 28141 |
| Qisda Corp. | 59000 | 60971 |
| Qualipoly Chemical Corp. | 2000 | 9302 |
| Quang Viet Enterprise Co. Ltd. | 1000 | 2306 |
| Quanta Computer, Inc. | 84000 | 715293 |
| Quanta Storage, Inc. | 22000 | 88548 |
| Radiant Opto-Electronics Corp. | 29000 | 135567 |
| Radium Life Tech Co. Ltd.<sup>(1)</sup> | 128601 | 46535 |
| Raydium Semiconductor Corp. | 17000 | 164391 |
| Realtek Semiconductor Corp. | 38000 | 660214 |
| Rechi Precision Co. Ltd. | 62000 | 49195 |
| Rexon Industrial Corp. Ltd. | 24000 | 24639 |
| Rich Development Co. Ltd. | 165430 | 46699 |
| RiTdisplay Corp.<sup>(1)</sup> | 4738 | 6455 |
| Ritek Corp.<sup>(1)</sup> | 16000 | 5687 |
| Roo Hsing Co. Ltd.<sup>(1)</sup> | 790 | 273 |
| Ruentex Development Co. Ltd. | 220880 | 217187 |
| Ruentex Engineering & Construction Co. | 18806 | 93431 |
| Ruentex Industries Ltd. | 108235 | 191103 |
| Ruentex Materials Co. Ltd. | 1000 | 841 |
| Sampo Corp. | 9000 | 7263 |
| San Fang Chemical Industry Co. Ltd. | 52000 | 52967 |
| San Far Property Ltd. | 2316 | 1412 |
| San Shing Fastech Corp. | 3000 | 5096 |
| Sanyang Motor Co. Ltd. | 62000 | 131713 |
| Scientech Corp. | 2000 | 25196 |
| SDI Corp. | 4000 | 11546 |
| Senao Networks, Inc. | 3000 | 16824 |
| Sensortek Technology Corp. | 1000 | 6135 |
| Sercomm Corp. | 47000 | 161236 |
| Sesoda Corp. | 55000 | 56929 |
| Shanghai Commercial & Savings Bank Ltd. | 294001 | 393480 |
| Shan-Loong Transportation Co. Ltd. | 2000 | 938 |
| Sheng Yu Steel Co. Ltd. | 2000 | 1490 |
| Shih Her Technologies, Inc. | 4000 | 22921 |
| Shih Wei Navigation Co. Ltd.<sup>(1)</sup> | 16457 | 9495 |
| Shin Foong Specialty & Applied Materials Co. Ltd. | 3000 | 3210 |
| Shin Zu Shing Co. Ltd. | 19829 | 169680 |
| Shining Building Business Co. Ltd.<sup>(1)</sup> | 22000 | 6637 |
| Shinkong Insurance Co. Ltd. | 35000 | 123331 |
| Shinkong Synthetic Fibers Corp. | 163000 | 79050 |
| Shiny Chemical Industrial Co. Ltd. | 21332 | 97587 |
| Shuttle, Inc. | 27000 | 16847 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sigurd Microelectronics Corp. | 132000 | $363178 |
| Silergy Corp. | 4000 | 39986 |
| Silicon Integrated Systems Corp. | 9174 | 16687 |
| Simplo Technology Co. Ltd. | 43000 | 553173 |
| Sinbon Electronics Co. Ltd. | 16000 | 121126 |
| Sincere Navigation Corp. | 55000 | 41039 |
| Singatron Enterprise Co. Ltd. | 8000 | 7179 |
| Sino-American Silicon Products, Inc. | 24000 | 80657 |
| Sinon Corp. | 70000 | 96685 |
| SinoPac Financial Holdings Co. Ltd. | 867080 | 661707 |
| Sinopower Semiconductor, Inc. | 6000 | 18399 |
| Sinyi Realty, Inc. | 6000 | 4722 |
| Sirtec International Co. Ltd. | 1000 | 839 |
| Sitronix Technology Corp. | 3000 | 20504 |
| Siward Crystal Technology Co. Ltd. | 26000 | 18560 |
| Solteam, Inc. | 5332 | 9658 |
| Sonix Technology Co. Ltd. | 12000 | 14314 |
| Speed Tech Corp. | 40000 | 56487 |
| Sporton International, Inc. | 7402 | 42570 |
| Sports Gear Co. Ltd. | 5000 | 16995 |
| St. Shine Optical Co. Ltd. | 8000 | 38009 |
| Standard Foods Corp. | 20000 | 19690 |
| Stark Technology, Inc. | 13000 | 73341 |
| Sunjuice Holdings Co. Ltd. | 1000 | 3890 |
| Sunny Friend Environmental Technology Co. Ltd. | 2248 | 5468 |
| Sunonwealth Electric Machine Industry Co. Ltd. | 26000 | 115007 |
| Sunplus Innovation Technology, Inc. | 5133 | 22534 |
| Sunrex Technology Corp. | 24000 | 32747 |
| Sunspring Metal Corp. | 39000 | 29386 |
| Superalloy Industrial Co. Ltd. | 14000 | 22505 |
| Swancor Holding Co. Ltd. | 8000 | 37472 |
| Sweeten Real Estate Development Co. Ltd. | 2595 | 2465 |
| Symtek Automation Asia Co. Ltd. | 8643 | 58072 |
| Syncmold Enterprise Corp. | 9000 | 20794 |
| Synnex Technology International Corp. | 110000 | 235976 |
| Syscom Computer Engineering Co. | 17000 | 33938 |
| Systex Corp. | 4000 | 15330 |
| T3EX Global Holdings Corp. | 3121 | 7264 |
| TA Chen Stainless Pipe | 206490 | 262172 |
| Ta Ya Electric Wire & Cable | 78155 | 108029 |
| Tah Hsin Industrial Corp. | 2145 | 4659 |
| TA-I Technology Co. Ltd. | 19000 | 26885 |
| Tai Tung Communication Co. Ltd.<sup>(2)</sup> | 47000 | 36353 |
| Taichung Commercial Bank Co. Ltd. | 630716 | 438633 |
| TaiDoc Technology Corp. | 9000 | 41747 |
| Taiflex Scientific Co. Ltd. | 23103 | 42742 |
| Taimide Tech, Inc. | 22000 | 52831 |
| Tainan Spinning Co. Ltd. | 160000 | 71002 |
| Tai-Saw Technology Co. Ltd. | 20000 | 12476 |
| Taisun Enterprise Co. Ltd. | 2000 | 1217 |
| Taita Chemical Co. Ltd. | 9343 | 3517 |
| TAI-TECH Advanced Electronics Co. Ltd. | 7000 | 28225 |
| Taiwan Business Bank | 1346990 | 663447 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Taiwan Cooperative Financial Holding Co. Ltd. | 543586 | $420754 |
| Taiwan FamilyMart Co. Ltd. | 1000 | 6325 |
| Taiwan Fertilizer Co. Ltd.<sup>(1)</sup> | 72000 | 125344 |
| Taiwan Fire & Marine Insurance Co. Ltd. | 22000 | 23812 |
| Taiwan FU Hsing Industrial Co. Ltd. | 33000 | 47682 |
| Taiwan Glass Industry Corp.<sup>(1)</sup> | 103000 | 118348 |
| Taiwan High Speed Rail Corp. | 298000 | 268672 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | 36067 | 162955 |
| Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 35000 | 39410 |
| Taiwan Land Development Corp.<sup>(1)</sup> | 21000 | 7 |
| Taiwan Mobile Co. Ltd. | 51000 | 177411 |
| Taiwan Navigation Co. Ltd. | 37000 | 33497 |
| Taiwan Paiho Ltd. | 73000 | 127642 |
| Taiwan PCB Techvest Co. Ltd. | 38000 | 45265 |
| Taiwan Sakura Corp. | 17000 | 48149 |
| Taiwan Secom Co. Ltd. | 37000 | 135136 |
| Taiwan Semiconductor Co. Ltd. | 15000 | 25050 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 187655 | 43323910 |
| Taiwan Shin Kong Security Co. Ltd. | 1010 | 1347 |
| Taiwan Styrene Monomer<sup>(1)</sup> | 2000 | 593 |
| Taiwan Surface Mounting Technology Corp. | 24000 | 83876 |
| Taiwan Takisawa Technology Co. Ltd. | 10000 | 12930 |
| Taiwan TEA Corp.<sup>(1)</sup> | 29000 | 13800 |
| Taiyen Biotech Co. Ltd. | 6000 | 6309 |
| Tatung Co. Ltd. | 108300 | 140157 |
| Tatung System Technologies, Inc.<sup>(1)</sup> | 13000 | 30381 |
| TBI Motion Technology Co. Ltd.<sup>(1)</sup> | 22000 | 33225 |
| TCC Group Holdings Co. Ltd. | 627858 | 459885 |
| Te Chang Construction Co. Ltd. | 1000 | 1985 |
| Team Group, Inc.<sup>(1)</sup> | 5000 | 12140 |
| Teco Electric & Machinery Co. Ltd. | 69000 | 153002 |
| Teco Image Systems Co. Ltd. | 19000 | 13139 |
| Tera Autotech Corp.<sup>(1)</sup> | 1081 | 964 |
| Test Research, Inc. | 32000 | 223465 |
| Test Rite International Co. Ltd. | 2000 | 1307 |
| Tex-Ray Industrial Co. Ltd.<sup>(1)</sup> | 12000 | 2921 |
| Thinking Electronic Industrial Co. Ltd. | 9000 | 44338 |
| Thye Ming Industrial Co. Ltd.<sup>(1)</sup> | 25800 | 47466 |
| Ton Yi Industrial Corp. | 112000 | 67031 |
| Tong Hsing Electronic Industries Ltd. | 19890 | 72950 |
| Tong Yang Industry Co. Ltd. | 73000 | 241187 |
| Top Union Electronics Corp. | 11733 | 11841 |
| Topco Scientific Co. Ltd. | 31000 | 294489 |
| Topkey Corp. | 16000 | 99009 |
| Topoint Technology Co. Ltd. | 28000 | 82305 |
| TPK Holding Co. Ltd. | 41000 | 54092 |
| Tripod Technology Corp. | 89000 | 930717 |
| Trusval Technology Co. Ltd. | 4299 | 42074 |
| TS Financial Holding Co. Ltd. | 2887706 | 1530978 |
| TS Financial Holding Co. Ltd., Preference Shares<sup>(1)</sup> | 284013 | 84546 |
| Tsann Kuen Enterprise Co. Ltd. | 8419 | 6770 |
| TSEC Corp.<sup>(1)</sup> | 81000 | 40812 |
| TSRC Corp. | 103000 | 57463 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ttet Union Corp. | 2000 | $9742 |
| TTFB Co. Ltd. | 3633 | 22838 |
| TTY Biopharm Co. Ltd. | 17000 | 42652 |
| Tung Ho Steel Enterprise Corp.<sup>(2)</sup> | 97770 | 202744 |
| Tung Thih Electronic Co. Ltd. | 16536 | 36399 |
| TXC Corp. | 50000 | 143655 |
| TYC Brother Industrial Co. Ltd. | 44000 | 59173 |
| Tyntek Corp. | 14000 | 8692 |
| UDE Corp. | 27000 | 95893 |
| U-Ming Marine Transport Corp. | 63000 | 115603 |
| Unimicron Technology Corp. | 56000 | 261342 |
| Union Bank of Taiwan | 260149 | 140961 |
| Union Insurance Co. Ltd. | 16100 | 13710 |
| Uni-President Enterprises Corp. | 347000 | 876016 |
| Unitech Printed Circuit Board Corp. | 91497 | 91360 |
| United Integrated Services Co. Ltd. | 4000 | 160008 |
| United Microelectronics Corp.<sup>(2)</sup> | 867000 | 1140696 |
| United Renewable Energy Co. Ltd.<sup>(1)</sup> | 76285 | 15878 |
| Univacco Technology, Inc. | 18000 | 28407 |
| Universal Cement Corp. | 73759 | 71128 |
| Universal Vision Biotechnology Co. Ltd. | 3339 | 19769 |
| UPC Technology Corp.<sup>(1)</sup> | 63000 | 20859 |
| Userjoy Technology Co. Ltd. | 4851 | 12922 |
| USI Corp. | 105000 | 35627 |
| Utechzone Co. Ltd. | 10000 | 33195 |
| UVAT Technology Co. Ltd. | 8000 | 18596 |
| Vanguard International Semiconductor Corp.<sup>(2)</sup> | 225733 | 670219 |
| Ventec International Group Co. Ltd. | 10000 | 35611 |
| Visual Photonics Epitaxy Co. Ltd. | 9000 | 45621 |
| Voltronic Power Technology Corp. | 4000 | 128528 |
| Wafer Works Corp.<sup>(1)</sup> | 74139 | 57889 |
| Wah Hong Industrial Corp. | 16000 | 22133 |
| Wah Lee Industrial Corp. | 12100 | 39222 |
| Walsin Lihwa Corp. | 213461 | 158126 |
| Walsin Technology Corp. | 39000 | 104321 |
| Walton Advanced Engineering, Inc. | 49000 | 22077 |
| Wan Hai Lines Ltd.<sup>(2)</sup> | 141785 | 382801 |
| WEI Chih Steel Industrial Co. Ltd. | 13000 | 7666 |
| Wei Chuan Foods Corp. | 9000 | 4587 |
| Weikeng Industrial Co. Ltd. | 36000 | 33018 |
| Well Shin Technology Co. Ltd. | 18000 | 32152 |
| Wholetech System Hitech Ltd. | 13000 | 59629 |
| Win Semiconductors Corp. | 26000 | 78136 |
| Winbond Electronics Corp.<sup>(1)</sup> | 257428 | 164444 |
| Winmate, Inc.<sup>(2)</sup> | 6000 | 37646 |
| Winstek Semiconductor Co. Ltd. | 9000 | 29901 |
| Wisdom Marine Lines Co. Ltd. | 82047 | 161988 |
| Wistron Corp. | 158000 | 579495 |
| WITS Corp. | 2000 | 7264 |
| Wiwynn Corp. | 4000 | 383911 |
| WNC Corp. | 78000 | 322068 |
| Wowprime Corp. | 21293 | 152659 |
| WPG Holdings Ltd. | 78000 | 170048 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WT Microelectronics Co. Ltd. | 59058 | $236172 |
| WUS Printed Circuit Co. Ltd. | 27800 | 102828 |
| XAVi Technologies Corp. | 8000 | 20132 |
| XinTec, Inc. | 6000 | 26642 |
| Xxentria Technology Materials Corp. | 9810 | 13189 |
| Yageo Corp. | 59320 | 268619 |
| Yang Ming Marine Transport Corp.<sup>(2)</sup> | 287000 | 539611 |
| Yankey Engineering Co. Ltd. | 5396 | 86337 |
| YC INOX Co. Ltd.<sup>(1)</sup> | 49668 | 33396 |
| YCC Parts Manufacturing Co. Ltd.<sup>(1)</sup> | 1000 | 1544 |
| Yea Shin International Development Co. Ltd. | 6646 | 5432 |
| Yem Chio Co. Ltd.<sup>(1)</sup> | 13771 | 7100 |
| Yen Sun Technology Corp. | 14000 | 21175 |
| Yeong Guan Energy Technology Group Co. Ltd.<sup>(1)</sup> | 13371 | 9696 |
| YFY, Inc. | 82000 | 66850 |
| Yi Jinn Industrial Co. Ltd. | 7350 | 4045 |
| Yieh Phui Enterprise Co. Ltd.<sup>(1)</sup> | 177228 | 87064 |
| Yonyu Plastics Co. Ltd. | 1000 | 644 |
| Young Fast Optoelectronics Co. Ltd. | 20000 | 36149 |
| Youngtek Electronics Corp. | 22000 | 42457 |
| Yuanta Financial Holding Co. Ltd. | 556583 | 589180 |
| Yuanta Futures Co. Ltd. | 11910 | 33600 |
| Yulon Finance Corp.<sup>(1)</sup> | 32244 | 111432 |
| Yulon Motor Co. Ltd. | 66784 | 71655 |
| Zeng Hsing Industrial Co. Ltd. | 2148 | 6757 |
| Zenitron Corp. | 24000 | 24388 |
| Zhen Ding Technology Holding Ltd.<sup>(2)</sup> | 152000 | 969841 |
| Zig Sheng Industrial Co. Ltd.<sup>(1)</sup> | 22000 | 6544 |
| Zinwell Corp.<sup>(1)</sup> | 18000 | 7799 |
| Zippy Technology Corp.<sup>(2)</sup> | 22000 | 40265 |
| Zyxel Group Corp. | 17947 | 19817 |
|  |  | 131501001 |
| **Thailand — 1.5%** |  |  |
| AAPICO Hitech PCL, NVDR | 31090 | 13837 |
| Advanced Info Service PCL, NVDR | 78400 | 712919 |
| Advanced Information Technology PCL, NVDR | 17900 | 2696 |
| AEON Thana Sinsap Thailand PCL, NVDR | 9800 | 33126 |
| Airports of Thailand PCL, NVDR | 191000 | 212680 |
| Amata Corp. PCL, NVDR | 128300 | 62601 |
| AP Thailand PCL, NVDR | 293500 | 66678 |
| Asia Aviation PCL, NVDR<sup>(1)</sup> | 902600 | 34302 |
| Asia Plus Group Holdings PCL, NVDR | 240200 | 18549 |
| Asia Sermkij Leasing PCL, NVDR | 2400 | 541 |
| Asian Sea Corp. PCL, NVDR | 9900 | 2185 |
| Asset World Corp. PCL, NVDR | 171600 | 11784 |
| B Grimm Power PCL, NVDR | 40900 | 16069 |
| Bangchak Corp. PCL, NVDR | 155500 | 154948 |
| Bangkok Airways PCL, NVDR | 120000 | 50117 |
| Bangkok Aviation Fuel Services PCL, NVDR | 1000 | 261 |
| Bangkok Bank PCL, NVDR | 9600 | 46107 |
| Bangkok Chain Hospital PCL, NVDR | 154200 | 61881 |
| Bangkok Dusit Medical Services PCL, NVDR | 398100 | 254488 |
| Bangkok Expressway & Metro PCL, NVDR | 764000 | 125163 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Bangkok Land PCL, NVDR | 666800 | $10072 |
| Bangkok Life Assurance PCL, NVDR | 79500 | 42961 |
| Banpu PCL, NVDR | 1140366 | 167722 |
| Banpu Power PCL, NVDR | 35200 | 9291 |
| BEC World PCL, NVDR | 74300 | 4814 |
| Berli Jucker PCL, NVDR | 15100 | 8032 |
| BG Container Glass PCL, NVDR | 20000 | 2961 |
| BTS Group Holdings PCL, NVDR<sup>(1)</sup> | 410900 | 40150 |
| Bumrungrad Hospital PCL, NVDR | 37700 | 207042 |
| Cal-Comp Electronics Thailand PCL, NVDR | 129096 | 23118 |
| Carabao Group PCL, NVDR | 37100 | 58697 |
| Central Pattana PCL, NVDR | 119900 | 190949 |
| Central Plaza Hotel PCL, NVDR | 71800 | 63793 |
| Central Retail Corp. PCL, NVDR | 183341 | 120713 |
| CH Karnchang PCL, NVDR | 247100 | 110600 |
| Charoen Pokphand Foods PCL, NVDR | 333200 | 225426 |
| Chularat Hospital PCL, NVDR | 762900 | 37202 |
| CK Power PCL, NVDR | 141800 | 12084 |
| Com7 PCL, NVDR | 199100 | 156994 |
| CP ALL PCL, NVDR | 138800 | 188819 |
| CP Axtra PCL, NVDR | 29863 | 16532 |
| Delta Electronics Thailand PCL, NVDR | 115800 | 535999 |
| Dhipaya Group Holdings PCL, NVDR | 5900 | 3680 |
| Diamond Building Products PCL, NVDR | 5000 | 849 |
| Dohome PCL, NVDR | 5293 | 592 |
| Dynasty Ceramic PCL, NVDR | 269300 | 11641 |
| Eastern Polymer Group PCL, NVDR | 42400 | 3923 |
| Eastern Water Resources Development & Management PCL, NVDR | 2900 | 202 |
| Electricity Generating PCL, NVDR | 34400 | 125437 |
| Energy Absolute PCL, NVDR<sup>(1)</sup> | 325700 | 25371 |
| Erawan Group PCL, NVDR | 480760 | 35647 |
| GFPT PCL, NVDR | 87200 | 26232 |
| Global Power Synergy PCL, NVDR | 23400 | 30457 |
| Gulf Development PCL, NVDR<sup>(1)</sup> | 146445 | 212454 |
| Gunkul Engineering PCL, NVDR | 800100 | 44518 |
| Haad Thip PCL, NVDR | 2800 | 1305 |
| Home Product Center PCL, NVDR | 518100 | 113659 |
| Ichitan Group PCL, NVDR | 112900 | 39748 |
| Indorama Ventures PCL, NVDR | 77100 | 51597 |
| Interlink Communication PCL, NVDR | 21100 | 3167 |
| IRPC PCL, NVDR | 722000 | 22955 |
| Italian-Thai Development PCL, NVDR<sup>(1)</sup> | 149800 | 1110 |
| Kasikornbank PCL, NVDR | 46000 | 239274 |
| KCE Electronics PCL, NVDR | 141600 | 111565 |
| KGI Securities Thailand PCL, NVDR | 97400 | 11659 |
| Khon Kaen Sugar Industry PCL, NVDR | 55500 | 2380 |
| Kiatnakin Phatra Bank PCL, NVDR | 41800 | 76753 |
| Krung Thai Bank PCL, NVDR | 328900 | 250132 |
| Krungthai Card PCL, NVDR | 88700 | 74791 |
| Land & Houses PCL, NVDR | 776400 | 93489 |
| LPN Development PCL, NVDR | 37300 | 1981 |
| Major Cineplex Group PCL, NVDR | 139000 | 33250 |
| MBK PCL, NVDR | 86252 | 45808 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| MC Group PCL, NVDR | 79500 | $25803 |
| MCS Steel PCL, NVDR | 9400 | 2426 |
| Mega Lifesciences PCL, NVDR | 61600 | 53184 |
| Minor International PCL, NVDR | 318366 | 230282 |
| MK Restaurants Group PCL, NVDR | 26500 | 17661 |
| Muangthai Capital PCL, NVDR | 94400 | 108720 |
| Noble Development PCL, Class C, NVDR | 40800 | 2594 |
| Osotspa PCL, NVDR | 92900 | 47138 |
| Plan B Media PCL, NVDR | 261604 | 35504 |
| Polyplex Thailand PCL, NVDR | 13000 | 3809 |
| Precious Shipping PCL, NVDR | 121600 | 23794 |
| Premier Marketing PCL, NVDR | 3900 | 1421 |
| PRG Corp. PCL, NVDR | 8530 | 2033 |
| Prima Marine PCL, NVDR | 238400 | 46739 |
| Pruksa Holding PCL, NVDR | 61600 | 7802 |
| PTG Energy PCL, NVDR | 241000 | 57658 |
| PTT Exploration & Production PCL, NVDR | 85000 | 293943 |
| PTT Global Chemical PCL, NVDR | 349300 | 283313 |
| PTT Oil & Retail Business PCL, NVDR | 199100 | 81893 |
| PTT PCL, NVDR | 642000 | 614707 |
| Quality Houses PCL, NVDR | 618800 | 25977 |
| R&B Food Supply PCL, NVDR | 8900 | 1132 |
| Rajthanee Hospital PCL, NVDR | 10300 | 4259 |
| Ratch Group PCL, NVDR | 119200 | 99444 |
| Ratchthani Leasing PCL, NVDR | 189915 | 9900 |
| Regional Container Lines PCL, NVDR | 105400 | 89498 |
| Rojana Industrial Park PCL, NVDR | 102000 | 14822 |
| RS PCL, NVDR<sup>(1)</sup> | 85580 | 743 |
| S Hotels & Resorts PCL, NVDR | 188700 | 8567 |
| Sabina PCL, NVDR | 22900 | 10973 |
| Sansiri PCL, NVDR | 1852500 | 82377 |
| Sappe PCL, NVDR | 15800 | 15844 |
| SC Asset Corp. PCL, NVDR | 164100 | 9229 |
| SCB X PCL, NVDR | 25300 | 100392 |
| Sermsang Power Corp. Co. Ltd., NVDR | 99915 | 12262 |
| Siam Cement PCL, NVDR | 21000 | 139786 |
| Siam Global House PCL, NVDR | 99858 | 21935 |
| Siamgas & Petrochemicals PCL, NVDR | 27100 | 5431 |
| Singha Estate PCL, NVDR | 20100 | 335 |
| Somboon Advance Technology PCL, NVDR | 36500 | 14546 |
| SPCG PCL, NVDR | 13200 | 3505 |
| Sri Trang Agro-Industry PCL, NVDR | 120000 | 44894 |
| Srisawad Capital 1969 PCL, NVDR | 22889 | 1007 |
| Srisawad Corp. PCL, NVDR | 77077 | 59678 |
| Srivichai Vejvivat PCL, NVDR | 17100 | 3985 |
| Star Petroleum Refining PCL, NVDR | 115900 | 16017 |
| STP & I PCL, NVDR<sup>(1)</sup> | 59900 | 7517 |
| Supalai PCL, NVDR | 169500 | 80159 |
| Super Energy Corp. PCL, NVDR<sup>(1)</sup> | 1374500 | 5991 |
| Susco PCL, NVDR | 160100 | 12466 |
| Taokaenoi Food & Marketing PCL, Class R, NVDR | 75200 | 13017 |
| Thai Airways International PCL, NVDR<sup>(1)</sup> | 6800 | 2603 |
| Thai Oil PCL, NVDR | 104300 | 103166 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Thai Union Group PCL, NVDR | 474800 | $180558 |
| Thai Vegetable Oil PCL, NVDR | 36960 | 28185 |
| Thaifoods Group PCL, NVDR | 231210 | 36080 |
| Thanachart Capital PCL, NVDR | 35000 | 54878 |
| Thonburi Healthcare Group PCL, NVDR<sup>(1)</sup> | 8700 | 1935 |
| Thoresen Thai Agencies PCL, NVDR | 181300 | 23736 |
| TIDLOR Holdings PCL, NVDR | 207059 | 120572 |
| Tipco Asphalt PCL, NVDR | 108900 | 48074 |
| Tisco Financial Group PCL, NVDR | 19600 | 61133 |
| TKS Technologies PCL, NVDR | 15200 | 2772 |
| TMBThanachart Bank PCL, NVDR | 1760700 | 103395 |
| TOA Paint Thailand PCL, NVDR | 35000 | 14907 |
| TPI Polene PCL, NVDR | 546000 | 12469 |
| TPI Polene Power PCL, NVDR | 54800 | 3757 |
| True Corp. PCL, NVDR<sup>(1)</sup> | 712158 | 251120 |
| TTW PCL, NVDR | 14400 | 4045 |
| Unique Engineering & Construction PCL, NVDR | 4000 | 390 |
| Univanich Palm Oil PCL, NVDR | 80500 | 25358 |
| VGI PCL, NVDR | 508360 | 33006 |
| WHA Corp. PCL, NVDR | 451300 | 50173 |
| Workpoint Entertainment PCL, NVDR<sup>(1)</sup> | 14600 | 1902 |
|  |  | 9830855 |
| **Turkey — 0.9%** |  |  |
| Afyon Cimento Sanayi TAS | 45120 | 15502 |
| AG Anadolu Grubu Holding AS | 18630 | 13002 |
| Agesa Hayat ve Emeklilik AS | 4804 | 19848 |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS<sup>(1)</sup> | 67543 | 56145 |
| Akbank TAS | 233060 | 386895 |
| Akcansa Cimento AS | 3799 | 12544 |
| Akenerji Elektrik Uretim AS<sup>(1)</sup> | 46296 | 12531 |
| Akfen Yenilenebilir Enerji AS<sup>(1)</sup> | 37132 | 16521 |
| Aksa Enerji Uretim AS<sup>(1)</sup> | 15862 | 14892 |
| Aksigorta AS<sup>(1)</sup> | 126861 | 20752 |
| Alarko Holding AS<sup>(2)</sup> | 21181 | 45191 |
| Albaraka Turk Katilim Bankasi AS | 433395 | 91150 |
| Anadolu Anonim Turk Sigorta Sirketi | 133464 | 72463 |
| Anadolu Efes Biracilik Ve Malt Sanayii AS<sup>(2)</sup> | 133670 | 55001 |
| Anadolu Hayat Emeklilik AS | 8394 | 18152 |
| Arcelik AS<sup>(1)</sup> | 3320 | 11059 |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 40599 | 180942 |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS<sup>(2)</sup> | 19911 | 57191 |
| Bera Holding AS<sup>(1)</sup> | 107853 | 47222 |
| Besler Gida Ve Kimya Sanayi Ve Ticaret AS<sup>(1)</sup> | 41113 | 14895 |
| BIM Birlesik Magazalar AS | 17069 | 219928 |
| Bursa Cimento Fabrikasi AS | 149295 | 26755 |
| Cemtas Celik Makina Sanayi Ve Ticaret AS | 3609 | 1131 |
| Cimsa Cimento Sanayi VE Ticaret AS | 15955 | 18784 |
| Coca-Cola Icecek AS | 36117 | 43297 |
| Dogan Sirketler Grubu Holding AS<sup>(1)</sup> | 109048 | 51034 |
| Doganlar Mobilya Grubu Imalat Sanayi ve Ticaret AS | 40181 | 6838 |
| Dogus Otomotiv Servis ve Ticaret AS<sup>(2)</sup> | 6500 | 29893 |
| EGE Gubre Sanayii AS | 10306 | 28500 |
| EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 17191 | 26671 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Enerya Enerji AS | 254606 | $68176 |
| Eregli Demir ve Celik Fabrikalari TAS<sup>(2)</sup> | 277374 | 201417 |
| Europen Endustri Insaat Sanayi VE Ticaret AS<sup>(1)</sup> | 147561 | 31750 |
| Ford Otomotiv Sanayi AS<sup>(2)</sup> | 23800 | 64681 |
| Gipta Ofis Kirtasiye VE Promosyon Urunleri Imalat Sanayi AS | 10698 | 38223 |
| Girsim Elektrik Sanayi Taahut Ve Ticaret AS<sup>(1)</sup> | 7372 | 8543 |
| Goltas Goller Bolgesi Cimento Sanayi ve Ticaret AS | 2699 | 22692 |
| Gozde Girisim Sermayesi Yatirim Ortakligi AS<sup>(1)</sup> | 26414 | 14586 |
| GSD Holding AS<sup>(1)</sup> | 140853 | 17670 |
| Gubre Fabrikalari TAS<sup>(1)(2)</sup> | 8699 | 61635 |
| Haci Omer Sabanci Holding AS | 110982 | 254278 |
| HUN Yenilenebilir Enerji Uretim AS<sup>(1)</sup> | 176704 | 17563 |
| Ihlas Holding AS<sup>(1)</sup> | 241740 | 25274 |
| Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS<sup>(1)</sup> | 21180 | 30696 |
| Is Finansal Kiralama AS<sup>(1)</sup> | 109545 | 50611 |
| Is Yatirim Menkul Degerler AS | 67687 | 71736 |
| Isiklar Enerji ve Yapi Holding AS<sup>(1)</sup> | 84719 | 29544 |
| Jantsa Jant Sanayi Ve Ticaret AS | 27439 | 15610 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A<sup>(1)</sup> | 17876 | 17226 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B<sup>(1)</sup> | 11042 | 7818 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D<sup>(1)</sup> | 25765 | 18431 |
| Kartonsan Karton Sanayi ve Ticaret AS<sup>(1)</sup> | 321 | 720 |
| Katilimevim Tasarruf Finansman AS | 203423 | 54509 |
| KOC Holding AS | 46188 | 205911 |
| Koza Anadolu Metal Madencilik Isletmeleri AS<sup>(1)</sup> | 10865 | 20876 |
| Logo Yazilim Sanayi Ve Ticaret AS | 13289 | 58904 |
| Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 47368 | 51472 |
| Menderes Tekstil Sanayi ve Ticaret AS<sup>(1)</sup> | 29472 | 10891 |
| MIA Teknoloji AS<sup>(1)(2)</sup> | 13107 | 13267 |
| MLP Saglik Hizmetleri AS<sup>(1)</sup> | 6501 | 56531 |
| Naturelgaz Sanayi ve Ticaret AS | 27106 | 6887 |
| NET Holding AS<sup>(1)</sup> | 51653 | 63601 |
| Nuh Cimento Sanayi AS | 3524 | 20303 |
| ODAS Elektrik Uretim ve Sanayi Ticaret AS<sup>(1)(2)</sup> | 104778 | 15720 |
| Osmanli Yatirim Menkul Degerler AS | 26147 | 6295 |
| Oyak Cimento Fabrikalari AS<sup>(1)</sup> | 80783 | 48030 |
| Pegasus Hava Tasimaciligi AS<sup>(1)</sup> | 22424 | 135734 |
| Petkim Petrokimya Holding AS<sup>(1)(2)</sup> | 96883 | 47108 |
| Platform Turizm Tasimacilik Gida Insaat Temizlik Hizmetleri Sanayi VE Ticaret AS | 28008 | 19373 |
| Polisan Holding AS | 366006 | 41099 |
| Qua Granite Hayal<sup>(1)</sup> | 133792 | 24329 |
| Sasa Polyester Sanayi AS<sup>(1)(2)</sup> | 249144 | 28407 |
| Segmen Kardesler Gida Uretim Ve Ambalaj Sanayi AS/Turkey | 26925 | 15915 |
| Sekerbank Turk AS | 362719 | 70909 |
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 15486 | 32598 |
| Sok Marketler Ticaret AS | 20100 | 19713 |
| TAB Gida Sanayi Ve Ticaret AS, Class A | 6809 | 35686 |
| TAV Havalimanlari Holding AS<sup>(1)(2)</sup> | 28580 | 176120 |
| Tekfen Holding AS | 5305 | 13474 |
| Tofas Turk Otomobil Fabrikasi AS<sup>(2)</sup> | 4881 | 29727 |
| Tukas Gida Sanayi ve Ticaret AS<sup>(1)</sup> | 265975 | 22704 |
| Turk Altin Isletmeleri AS<sup>(1)(2)</sup> | 38142 | 22330 |
| Turk Hava Yollari AO | 31589 | 257307 |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Turkcell Iletisim Hizmetleri AS, ADR | 43376 | $255051 |
| Turkiye Halk Bankasi AS<sup>(1)(2)</sup> | 30178 | 19638 |
| Turkiye Is Bankasi AS, C Shares<sup>(2)</sup> | 474504 | 173703 |
| Turkiye Petrol Rafinerileri AS<sup>(2)</sup> | 55685 | 233154 |
| Turkiye Sigorta AS | 247282 | 60108 |
| Turkiye Sinai Kalkinma Bankasi AS<sup>(1)</sup> | 232812 | 82148 |
| Turkiye Sise ve Cam Fabrikalari AS<sup>(2)</sup> | 106325 | 105265 |
| Turkiye Vakiflar Bankasi TAO, D Shares<sup>(1)</sup> | 198741 | 139208 |
| Usak Seramik Sanayii AS<sup>(1)</sup> | 188760 | 18400 |
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 34840 | 11364 |
| Vestel Elektronik Sanayi ve Ticaret AS<sup>(1)</sup> | 23545 | 24221 |
| Yapi ve Kredi Bankasi AS<sup>(1)(2)</sup> | 248820 | 198979 |
| YEO Teknoloji Enerji VE Endustri AS<sup>(1)</sup> | 9363 | 8666 |
| Yigit Aku Malzemeleri Nakliyat Turizm Ins San Ve Tic AS<sup>(1)</sup> | 19027 | 13202 |
| Zorlu Enerji Elektrik Uretim AS<sup>(1)</sup> | 118717 | 10968 |
|  |  | 5663414 |
| **United States — 0.0%** |  |  |
| Powerfleet, Inc. NJ<sup>(1)</sup> | 264 | 1233 |
| **TOTAL COMMON STOCKS**<br>(Cost $524,274,546) |  | **642625174** |
| **WARRANTS — 0.0%** |  |  |
| **Brazil — 0.0%** |  |  |
| Gol Linhas Aereas Inteligentes SA<sup>(1)</sup> | 11284 | 11 |
| Marisa Lojas SA<sup>(1)</sup> | 3891 | 143 |
|  |  | 154 |
| **Malaysia — 0.0%** |  |  |
| Ann Joo Resources Bhd.<sup>(1)</sup> | 4150 | 177 |
| Dagang NeXchange Bhd.<sup>(1)</sup> | 259866 | 3690 |
| NEXG Bhd.<sup>(1)</sup> | 108150 | 7807 |
| Perak Transit Bhd.<sup>(1)</sup> | 2086 | 84 |
| PESTEC International Bhd.<sup>(1)</sup> | 2962 | 39 |
| Supermax Corp. Bhd.<sup>(1)</sup> | 12482 | 473 |
| Top Glove Corp. Bhd.<sup>(1)</sup> | 12335 | 453 |
| VS Industry Bhd.<sup>(1)</sup> | 56910 | 269 |
| YTL Corp. Bhd.<sup>(1)</sup> | 19939 | 6013 |
| YTL Power International Bhd.<sup>(1)</sup> | 39360 | 17230 |
|  |  | 36235 |
| **Thailand — 0.0%** |  |  |
| Energy Absolute PCL, NVDR<sup>(1)</sup> | 10533 | 248 |
| Jasmine International PCL, NVDR<sup>(1)</sup> | 185337 | 2580 |
| Kiatnakin Phatra Bank PCL, NVDR<sup>(1)</sup> | 2092 | 108 |
| Noble Development PCL, NVDR<sup>(1)</sup> | 20400 | 195 |
| Roctec Global PCL, NVDR<sup>(1)</sup> | 149200 | 93 |
| RS PCL, NVDR<sup>(1)</sup> | 4279 | 24 |
| VGI PCL, NVDR<sup>(1)</sup> | 6660 | 6 |
| VGI PCL, NVDR<sup>(1)</sup> | 2886 | 55 |
|  |  | 3309 |
| **TOTAL WARRANTS**<br>(Cost $13,276) |  | **39698** |
| **RIGHTS — 0.0%** |  |  |
| **China — 0.0%** |  |  |
| XJ International Holdings Co. Ltd.<sup>(1)</sup> | 84000 | 108 |
| **Thailand — 0.0%** |  |  |

---

------

Schedule of Investments - Avantis Emerging Markets Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Thonburi Healthcare Group PCL, NVDR<sup>(1)</sup> | 3480 | $147 |
| **TOTAL RIGHTS**<br>(Cost $—) |  | **255** |
| **SHORT-TERM INVESTMENTS — 2.2%** |  |  |
| **Money Market Funds — 2.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 4269089 | 4269089 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 9898251 | 9898251 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $14,167,340) |  | **14167340** |
| **TOTAL INVESTMENT SECURITIES — 102.0%**<br>(Cost $538,455,162) |  | **656832467** |
| **OTHER ASSETS AND LIABILITIES — (2.0)%** |  | **(13072632)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**643759835** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Financials | 21.7% |
| Information Technology | 19.9% |
| Consumer Discretionary | 12.8% |
| Industrials | 9.9% |
| Materials | 9.2% |
| Communication Services | 8.5% |
| Consumer Staples | 4.6% |
| Health Care | 4.4% |
| Energy | 3.9% |
| Utilities | 3.0% |
| Real Estate | 1.9% |
| Short-Term Investments | 2.2% |
| Other Assets and Liabilities | (2.0)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 5 | September 2025 | $1618188 | $48242 |

---

^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)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $37,968,205. 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 $39,990,513, which includes securities collateral of $30,092,262.

------

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 | $14474517 | $15662576 |  |
| &nbsp;&nbsp;&nbsp;Chile | 613705 | 3022707 |  |
| &nbsp;&nbsp;&nbsp;China | 31711064 | 145872606 |  |
| &nbsp;&nbsp;&nbsp;Colombia | 349451 | 735551 |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 3400 | 680939 |  |
| &nbsp;&nbsp;&nbsp;India | 8384435 | 115583485 |  |
| &nbsp;&nbsp;&nbsp;Indonesia | 914568 | 8778036 |  |
| &nbsp;&nbsp;&nbsp;Mexico | 3988025 | 9802798 |  |
| &nbsp;&nbsp;&nbsp;Peru | 2105955 |  |  |
| &nbsp;&nbsp;&nbsp;Philippines | 165622 | 3272500 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 4291048 | 20231606 |  |
| &nbsp;&nbsp;&nbsp;South Korea | 4874544 | 71682274 |  |
| &nbsp;&nbsp;&nbsp;Taiwan | 45733506 | 85767495 |  |
| &nbsp;&nbsp;&nbsp;Turkey | 255051 | 5408363 |  |
| &nbsp;&nbsp;&nbsp;United States | 1233 |  |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 38258114 |  |
| Warrants |  | 39698 |  |
| Rights |  | 255 |  |
| Short-Term Investments | 14167340 |  |  |
|  | $132033464 | $524799003 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $48242 |  |  |

---

**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 Risk** |
| **Liability Derivatives:** | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $11273 |

---

\*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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity Risk** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $40487 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $43340 |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Equity Fund

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.3%** | **Shares** | **Value** |
| **Australia — 6.5%** | | |
| 29Metals Ltd.<sup>(1)(2)</sup> | 18383 | $4054 |
| Accent Group Ltd. | 11453 | 10625 |
| Adairs Ltd.<sup>(2)</sup> | 13144 | 23470 |
| Aeris Resources Ltd.<sup>(1)(2)</sup> | 42009 | 6191 |
| AGL Energy Ltd. | 6468 | 34778 |
| Alkane Resources Ltd.<sup>(1)(2)</sup> | 15781 | 10897 |
| Alkane Resources Ltd.<sup>(1)</sup> | 30712 | 21692 |
| Alliance Aviation Services Ltd.<sup>(1)</sup> | 1918 | 2895 |
| ALS Ltd. | 3419 | 41472 |
| Amotiv Ltd.<sup>(2)</sup> | 2813 | 17960 |
| AMP Ltd. | 105215 | 117434 |
| Amplitude Energy Ltd.<sup>(1)</sup> | 77024 | 12604 |
| Ampol Ltd. | 6760 | 129786 |
| Ansell Ltd. | 814 | 18048 |
| ANZ Group Holdings Ltd. | 50463 | 1108881 |
| APA Group | 21611 | 124460 |
| Appen Ltd.<sup>(1)(2)</sup> | 340 | 191 |
| Aristocrat Leisure Ltd. | 5719 | 271175 |
| ARN Media Ltd. | 1854 | 557 |
| ASX Ltd. | 1086 | 44362 |
| Atlas Arteria Ltd. | 11695 | 40732 |
| Aurelia Metals Ltd.<sup>(1)</sup> | 145919 | 20503 |
| Aurizon Holdings Ltd. | 61698 | 130661 |
| Austal Ltd.<sup>(1)</sup> | 18666 | 94826 |
| Australian Agricultural Co. Ltd.<sup>(1)</sup> | 2182 | 2014 |
| Australian Clinical Labs Ltd.<sup>(2)</sup> | 12589 | 23433 |
| Australian Ethical Investment Ltd. | 5963 | 29257 |
| Australian Finance Group Ltd.<sup>(2)</sup> | 17166 | 31406 |
| Baby Bunting Group Ltd.<sup>(1)</sup> | 1932 | 3409 |
| Bank of Queensland Ltd. | 24284 | 115330 |
| Bapcor Ltd. | 13328 | 34661 |
| Beach Energy Ltd. | 106159 | 83191 |
| Bega Cheese Ltd. | 7118 | 27094 |
| Bendigo & Adelaide Bank Ltd. | 13647 | 118885 |
| BHP Group Ltd., ADR<sup>(2)</sup> | 39748 | 2216746 |
| BlueScope Steel Ltd. | 15101 | 226239 |
| Brambles Ltd. | 38032 | 644534 |
| Bravura Solutions Ltd. | 19562 | 28628 |
| Breville Group Ltd.<sup>(2)</sup> | 1595 | 35072 |
| Brickworks Ltd. | 1087 | 25370 |
| Capricorn Metals Ltd.<sup>(1)</sup> | 15040 | 101889 |
| CAR Group Ltd. | 3074 | 81086 |
| Catalyst Metals Ltd.<sup>(1)</sup> | 12702 | 60527 |
| Cedar Woods Properties Ltd. | 1766 | 8646 |
| Cettire Ltd.<sup>(1)(2)</sup> | 10014 | 2057 |
| Challenger Ltd. | 24834 | 135194 |
| Champion Iron Ltd.<sup>(2)</sup> | 15914 | 46720 |
| Cleanaway Waste Management Ltd. | 35519 | 64502 |
| Coast Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 1272 | 333 |
| Cochlear Ltd. | 509 | 100230 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Codan Ltd. | 230 | $4634 |
| Coles Group Ltd. | 42490 | 663312 |
| Collins Foods Ltd. | 1103 | 7004 |
| Commonwealth Bank of Australia | 13128 | 1459151 |
| Computershare Ltd. | 10130 | 252094 |
| Coronado Global Resources, Inc. | 22324 | 5317 |
| Credit Corp. Group Ltd.<sup>(2)</sup> | 1437 | 15460 |
| CSL Ltd. | 1931 | 268617 |
| Data#3 Ltd. | 8468 | 50868 |
| Deep Yellow Ltd.<sup>(1)(2)</sup> | 23459 | 27721 |
| Deterra Royalties Ltd. | 20705 | 56658 |
| Dicker Data Ltd.<sup>(2)</sup> | 3802 | 22678 |
| Domino's Pizza Enterprises Ltd. | 834 | 8212 |
| Downer EDI Ltd. | 8094 | 38192 |
| Dyno Nobel Ltd. | 37058 | 73790 |
| Elders Ltd. | 5267 | 25607 |
| Emeco Holdings Ltd.<sup>(1)(2)</sup> | 5966 | 4173 |
| Emerald Resources NL<sup>(1)</sup> | 26176 | 65321 |
| Endeavour Group Ltd. | 62968 | 157117 |
| Evolution Mining Ltd. | 85743 | 491897 |
| EVT Ltd. | 5522 | 50568 |
| FleetPartners Group Ltd.<sup>(1)(2)</sup> | 5402 | 9959 |
| Flight Centre Travel Group Ltd.<sup>(2)</sup> | 1652 | 14045 |
| Fortescue Ltd. | 26120 | 329456 |
| Genesis Minerals Ltd.<sup>(1)</sup> | 18534 | 55445 |
| Gold Road Resources Ltd. | 72989 | 160883 |
| GrainCorp Ltd., A Shares | 14695 | 76721 |
| Grange Resources Ltd.<sup>(2)</sup> | 38316 | 5015 |
| GWA Group Ltd. | 2433 | 4009 |
| Hansen Technologies Ltd. | 2687 | 10463 |
| Harvey Norman Holdings Ltd. | 25322 | 113929 |
| Healius Ltd. | 2245 | 1260 |
| Helia Group Ltd. | 25201 | 91368 |
| HUB24 Ltd. | 1022 | 72616 |
| Humm Group Ltd. | 743 | 306 |
| IDP Education Ltd.<sup>(2)</sup> | 2177 | 7981 |
| IGO Ltd. | 10398 | 35398 |
| Iluka Resources Ltd.<sup>(2)</sup> | 11247 | 46421 |
| Imdex Ltd. | 11942 | 23548 |
| Infomedia Ltd. | 4782 | 5237 |
| Inghams Group Ltd. | 26376 | 46716 |
| Insurance Australia Group Ltd. | 50853 | 289299 |
| James Hardie Industries PLC<sup>(1)</sup> | 5516 | 112025 |
| JB Hi-Fi Ltd. | 3824 | 292421 |
| Johns Lyng Group Ltd. | 4602 | 11717 |
| Judo Capital Holdings Ltd.<sup>(1)</sup> | 27847 | 30953 |
| Jumbo Interactive Ltd. | 936 | 7471 |
| Jupiter Mines Ltd.<sup>(2)</sup> | 20273 | 3120 |
| Karoon Energy Ltd.<sup>(2)</sup> | 67581 | 77666 |
| Kingsgate Consolidated Ltd.<sup>(1)</sup> | 13740 | 25844 |
| Lendlease Corp. Ltd. | 13960 | 50568 |
| Leo Lithium Ltd.<sup>(2)</sup> | 33200 | 217 |
| Lifestyle Communities Ltd.<sup>(2)</sup> | 6150 | 22794 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lovisa Holdings Ltd.<sup>(2)</sup> | 3347 | $94081 |
| Lynas Rare Earths Ltd.<sup>(1)(2)</sup> | 10025 | 90804 |
| Maas Group Holdings Ltd.<sup>(2)</sup> | 6414 | 18747 |
| MAC Copper Ltd.<sup>(1)</sup> | 1631 | 19700 |
| MAC Copper Ltd., Class A<sup>(1)</sup> | 3264 | 39625 |
| Macmahon Holdings Ltd. | 6093 | 1739 |
| Macquarie Group Ltd. | 2946 | 432082 |
| Magellan Financial Group Ltd. | 11176 | 74462 |
| Mayne Pharma Group Ltd.<sup>(1)(2)</sup> | 2120 | 7167 |
| McMillan Shakespeare Ltd. | 4196 | 53696 |
| Medibank Pvt Ltd. | 110559 | 368325 |
| Megaport Ltd.<sup>(1)</sup> | 3680 | 39401 |
| Metals X Ltd.<sup>(1)</sup> | 46533 | 19420 |
| Metcash Ltd. | 32632 | 89549 |
| Mineral Resources Ltd.<sup>(1)</sup> | 4859 | 117948 |
| Monadelphous Group Ltd. | 5760 | 80670 |
| Mount Gibson Iron Ltd.<sup>(1)(2)</sup> | 15532 | 3911 |
| Myer Holdings Ltd. | 55715 | 24193 |
| MyState Ltd. | 613 | 1718 |
| National Australia Bank Ltd. | 40392 | 1127283 |
| Netwealth Group Ltd. | 4015 | 90107 |
| New Hope Corp. Ltd. | 28128 | 81314 |
| NEXTDC Ltd.<sup>(1)(2)</sup> | 9465 | 101698 |
| nib holdings Ltd. | 15340 | 76942 |
| Nick Scali Ltd.<sup>(2)</sup> | 4213 | 66798 |
| Nickel Industries Ltd. | 65572 | 29899 |
| Nine Entertainment Co. Holdings Ltd. | 80268 | 87457 |
| Northern Star Resources Ltd. | 42814 | 534309 |
| NRW Holdings Ltd. | 21026 | 52638 |
| Nufarm Ltd.<sup>(1)</sup> | 19284 | 30558 |
| OFX Group Ltd.<sup>(1)(2)</sup> | 3710 | 1964 |
| Omni Bridgeway Ltd.<sup>(1)</sup> | 6182 | 6527 |
| oOh!media Ltd. | 23654 | 25964 |
| Ora Banda Mining Ltd.<sup>(1)</sup> | 81137 | 45573 |
| Orica Ltd. | 16148 | 231743 |
| Origin Energy Ltd. | 40440 | 341170 |
| Orora Ltd. | 16835 | 22855 |
| Pacific Current Group Ltd. | 220 | 1606 |
| Paladin Energy Ltd.<sup>(1)(2)</sup> | 1291 | 6524 |
| Pantoro Gold Ltd.<sup>(1)</sup> | 20228 | 62042 |
| Peet Ltd.<sup>(2)</sup> | 1161 | 1295 |
| Perenti Ltd. | 59823 | 92349 |
| Perpetual Ltd. | 2367 | 33574 |
| Perseus Mining Ltd. | 97216 | 243648 |
| Pilbara Minerals Ltd.<sup>(1)(2)</sup> | 87326 | 139485 |
| Platinum Asset Management Ltd.<sup>(2)</sup> | 17853 | 9345 |
| Premier Investments Ltd. | 2657 | 38712 |
| Pro Medicus Ltd. | 1033 | 200644 |
| PWR Holdings Ltd.<sup>(2)</sup> | 1505 | 7660 |
| Qantas Airways Ltd. | 26065 | 199716 |
| QBE Insurance Group Ltd. | 45520 | 643140 |
| Qube Holdings Ltd. | 39527 | 108347 |
| Ramelius Resources Ltd. | 97009 | 203885 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Ramsay Health Care Ltd. | 1299 | $28752 |
| REA Group Ltd.<sup>(2)</sup> | 1012 | 165734 |
| Reece Ltd.<sup>(2)</sup> | 610 | 4438 |
| Regis Resources Ltd.<sup>(1)</sup> | 50280 | 151452 |
| Reliance Worldwide Corp. Ltd. | 12146 | 33174 |
| Resimac Group Ltd. | 2359 | 1604 |
| Resolute Mining Ltd.<sup>(1)</sup> | 180162 | 76808 |
| Ridley Corp. Ltd.<sup>(2)</sup> | 11048 | 22395 |
| Rio Tinto Ltd. | 4758 | 359405 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 22233 | 181939 |
| Santos Ltd. | 116053 | 607577 |
| SEEK Ltd. | 1698 | 30706 |
| Select Harvests Ltd.<sup>(1)</sup> | 1691 | 4247 |
| Service Stream Ltd. | 23939 | 32524 |
| Seven West Media Ltd.<sup>(1)</sup> | 35885 | 3290 |
| SGH Ltd. | 4190 | 137975 |
| Silex Systems Ltd.<sup>(1)(2)</sup> | 5455 | 14739 |
| Sims Ltd. | 8726 | 80992 |
| SiteMinder Ltd.<sup>(1)</sup> | 7630 | 34367 |
| SmartGroup Corp. Ltd. | 213 | 1257 |
| Solvar Ltd.<sup>(2)</sup> | 3577 | 4127 |
| Sonic Healthcare Ltd. | 6932 | 108884 |
| South32 Ltd. | 127795 | 225648 |
| Southern Cross Media Group Ltd.<sup>(1)</sup> | 4053 | 2121 |
| SRG Global Ltd. | 27622 | 35444 |
| St Barbara Ltd.<sup>(1)(2)</sup> | 9352 | 2162 |
| Stanmore Resources Ltd. | 13354 | 16257 |
| Star Entertainment Group Ltd.<sup>(1)(2)</sup> | 134376 | 9215 |
| Steadfast Group Ltd. | 4527 | 17976 |
| Suncorp Group Ltd. | 21121 | 293522 |
| Super Retail Group Ltd. | 7016 | 86137 |
| Syrah Resources Ltd.<sup>(1)(2)</sup> | 10036 | 1969 |
| Technology One Ltd. | 6041 | 157324 |
| Telix Pharmaceuticals Ltd.<sup>(1)</sup> | 3648 | 34730 |
| Telstra Group Ltd. | 89477 | 286262 |
| TPG Telecom Ltd.<sup>(2)</sup> | 527 | 1821 |
| Transurban Group | 17713 | 168948 |
| Treasury Wine Estates Ltd. | 8166 | 41752 |
| Tuas Ltd.<sup>(1)</sup> | 517 | 2644 |
| Tyro Payments Ltd.<sup>(1)</sup> | 35551 | 28735 |
| Universal Store Holdings Ltd. | 3867 | 22097 |
| Vault Minerals Ltd.<sup>(1)</sup> | 277012 | 98304 |
| Ventia Services Group Pty. Ltd. | 26235 | 93210 |
| Viva Energy Group Ltd.<sup>(2)</sup> | 31180 | 43934 |
| Washington H Soul Pattinson & Co. Ltd.<sup>(2)</sup> | 3245 | 92760 |
| Webjet Group Ltd.<sup>(1)</sup> | 4563 | 2695 |
| Wesfarmers Ltd. | 17147 | 1027080 |
| West African Resources Ltd.<sup>(1)</sup> | 58822 | 117028 |
| Westgold Resources Ltd.<sup>(1)(2)</sup> | 31395 | 71560 |
| Westgold Resources Ltd. (Toronto)<sup>(1)</sup> | 14134 | 32007 |
| Westpac Banking Corp. | 47297 | 1191367 |
| Whitehaven Coal Ltd.<sup>(2)</sup> | 34611 | 149339 |
| WiseTech Global Ltd. | 468 | 31006 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Woodside Energy Group Ltd. | 14051 | $242204 |
| Woodside Energy Group Ltd., ADR<sup>(2)</sup> | 5413 | 92995 |
| Woolworths Group Ltd.<sup>(2)</sup> | 23859 | 449118 |
| Worley Ltd. | 1148 | 11001 |
| Xero Ltd.<sup>(1)</sup> | 1742 | 185754 |
| Yancoal Australia Ltd.<sup>(2)</sup> | 19069 | 67783 |
| Zip Co. Ltd.<sup>(1)(2)</sup> | 59985 | 165318 |
|  |  | 26527591 |
| **Austria — 0.3%** |  |  |
| ANDRITZ AG | 554 | 39004 |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | 1130 | 26926 |
| BAWAG Group AG<sup>(1)</sup> | 552 | 71371 |
| CA Immobilien Anlagen AG | 255 | 6998 |
| CPI Europe AG<sup>(1)</sup> | 996 | 21733 |
| DO & Co. AG | 426 | 113215 |
| Erste Group Bank AG | 2736 | 260427 |
| EVN AG | 1107 | 30307 |
| Lenzing AG<sup>(1)</sup> | 740 | 22917 |
| Oesterreichische Post AG | 1258 | 42369 |
| OMV AG | 2662 | 146622 |
| Porr AG | 1269 | 44040 |
| Raiffeisen Bank International AG | 3020 | 100331 |
| Semperit AG Holding | 239 | 3749 |
| Telekom Austria AG | 2467 | 27017 |
| UNIQA Insurance Group AG | 4528 | 65618 |
| Verbund AG | 551 | 39295 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 861 | 44651 |
| voestalpine AG | 3344 | 110789 |
| Wienerberger AG | 3342 | 116462 |
|  |  | 1333841 |
| **Belgium — 1.0%** |  |  |
| Ackermans & van Haaren NV | 617 | 160061 |
| Ageas SA | 4617 | 325303 |
| AGFA-Gevaert NV<sup>(1)</sup> | 2083 | 2609 |
| Anheuser-Busch InBev SA, ADR<sup>(2)</sup> | 5877 | 368312 |
| Argenx SE, ADR<sup>(1)</sup> | 521 | 371056 |
| Azelis Group NV<sup>(2)</sup> | 3705 | 55260 |
| Barco NV | 4545 | 74567 |
| Bekaert SA | 1481 | 66552 |
| bpost SA<sup>(1)</sup> | 3655 | 9136 |
| Cie d'Entreprises CFE<sup>(2)</sup> | 208 | 2156 |
| CMB Tech NV<sup>(1)</sup> | 2083 | 17935 |
| CMB Tech NV<sup>(1)</sup> | 2633 | 22766 |
| Colruyt Group NV | 1857 | 81681 |
| Deceuninck NV | 1645 | 4072 |
| Deme Group NV | 208 | 31711 |
| D'ieteren Group | 910 | 197197 |
| Elia Group SA | 1224 | 140057 |
| EVS Broadcast Equipment SA | 842 | 34300 |
| Galapagos NV, ADR<sup>(1)(2)</sup> | 1419 | 44613 |
| Gimv NV | 812 | 41868 |
| KBC Ancora | 1501 | 116252 |
| KBC Group NV | 5708 | 672821 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kinepolis Group NV<sup>(2)</sup> | 579 | $23108 |
| Lotus Bakeries NV | 10 | 98065 |
| Melexis NV | 1269 | 100468 |
| Ontex Group NV<sup>(1)(2)</sup> | 4593 | 35012 |
| Proximus SADP | 5194 | 45024 |
| Recticel SA<sup>(2)</sup> | 118 | 1296 |
| Solvay SA | 3592 | 117981 |
| Syensqo SA<sup>(2)</sup> | 1856 | 164059 |
| Tessenderlo Group SA<sup>(2)</sup> | 1257 | 38331 |
| UCB SA | 1981 | 464701 |
| Umicore SA<sup>(2)</sup> | 8986 | 140245 |
| VGP NV | 640 | 73070 |
|  |  | 4141645 |
| **Canada — 11.2%** |  |  |
| ADENTRA, Inc. | 1000 | 25026 |
| Advantage Energy Ltd.<sup>(1)</sup> | 9400 | 76043 |
| Aecon Group, Inc. | 4160 | 61824 |
| AGF Management Ltd., Class B | 3600 | 32137 |
| Agnico Eagle Mines Ltd.<sup>(2)</sup> | 8175 | 1178674 |
| Air Canada<sup>(1)</sup> | 3900 | 55376 |
| Alamos Gold, Inc., Class A | 12794 | 389778 |
| Algoma Steel Group, Inc.<sup>(2)</sup> | 3600 | 17510 |
| Alimentation Couche-Tard, Inc. | 7200 | 364941 |
| Allied Gold Corp.<sup>(1)</sup> | 5000 | 70084 |
| AltaGas Ltd. | 4600 | 136357 |
| Altius Minerals Corp. | 500 | 10915 |
| Altus Group Ltd. | 1400 | 62806 |
| Americas Gold & Silver Corp.<sup>(1)(2)</sup> | 10160 | 27372 |
| Andlauer Healthcare Group, Inc. | 1149 | 44601 |
| ARC Resources Ltd. | 23788 | 457798 |
| Aris Mining Corp.<sup>(1)</sup> | 11900 | 103546 |
| Aritzia, Inc.<sup>(1)</sup> | 3200 | 191578 |
| Atco Ltd., Class I | 3400 | 124503 |
| Athabasca Oil Corp.<sup>(1)</sup> | 23500 | 103011 |
| AtkinsRealis Group, Inc. | 2300 | 158162 |
| Atrium Mortgage Investment Corp.<sup>(2)</sup> | 700 | 5913 |
| AutoCanada, Inc.<sup>(1)</sup> | 2200 | 53280 |
| B2Gold Corp. | 69943 | 288766 |
| Badger Infrastructure Solutions Ltd. | 2500 | 104908 |
| Ballard Power Systems, Inc.<sup>(1)(2)</sup> | 2100 | 4205 |
| Bank of Montreal | 8341 | 1009350 |
| Bank of Nova Scotia | 16750 | 1046090 |
| Barrick Mining Corp. | 23751 | 633487 |
| Bausch Health Cos., Inc.<sup>(1)</sup> | 3520 | 26041 |
| Baytex Energy Corp.<sup>(2)</sup> | 19550 | 43418 |
| BCE, Inc.<sup>(2)</sup> | 600 | 14972 |
| Birchcliff Energy Ltd. | 12327 | 56638 |
| Bird Construction, Inc.<sup>(2)</sup> | 2700 | 44451 |
| Bitfarms Ltd.<sup>(1)(2)</sup> | 6900 | 9194 |
| Black Diamond Group Ltd. | 2000 | 16849 |
| Bombardier, Inc., Class B<sup>(1)</sup> | 584 | 68276 |
| Bonterra Energy Corp.<sup>(1)(2)</sup> | 1100 | 2763 |
| Boralex, Inc., A Shares<sup>(2)</sup> | 3000 | 63087 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Boyd Group Services, Inc. | 299 | $49091 |
| Brookfield Asset Management Ltd., Class A | 1715 | 103211 |
| Brookfield Corp. | 6150 | 404238 |
| Brookfield Infrastructure Corp., Class A<sup>(2)</sup> | 553 | 22242 |
| Brookfield Infrastructure Corp. (Toronto), Class A | 600 | 24160 |
| Brookfield Renewable Corp. | 3600 | 121341 |
| Brookfield Renewable Corp. (New York)<sup>(2)</sup> | 2106 | 70972 |
| Brookfield Wealth Solutions Ltd.<sup>(1)</sup> | 811 | 53218 |
| BRP, Inc. | 600 | 37760 |
| CAE, Inc.<sup>(1)</sup> | 6100 | 164476 |
| Calfrac Well Services Ltd.<sup>(1)</sup> | 1600 | 3938 |
| Cameco Corp. | 3000 | 232075 |
| Canacol Energy Ltd.<sup>(1)(2)</sup> | 319 | 595 |
| Canada Goose Holdings, Inc.<sup>(1)</sup> | 2900 | 37587 |
| Canadian Imperial Bank of Commerce | 15375 | 1187704 |
| Canadian National Railway Co. | 6932 | 671067 |
| Canadian Natural Resources Ltd. | 33800 | 1070348 |
| Canadian Pacific Kansas City Ltd. | 6900 | 525583 |
| Canadian Tire Corp. Ltd., Class A | 2500 | 311738 |
| Canadian Utilities Ltd., A Shares | 5600 | 155887 |
| Canfor Corp.<sup>(1)</sup> | 1800 | 17065 |
| Capital Power Corp. | 6500 | 271056 |
| Capstone Copper Corp.<sup>(1)</sup> | 9500 | 67929 |
| Cardinal Energy Ltd.<sup>(2)</sup> | 8900 | 47243 |
| Cargojet, Inc.<sup>(2)</sup> | 300 | 22028 |
| Cascades, Inc. | 4200 | 30062 |
| CCL Industries, Inc., Class B | 1800 | 107828 |
| Celestica, Inc. (Toronto)<sup>(1)</sup> | 3300 | 642771 |
| Cenovus Energy, Inc. | 23538 | 391457 |
| Centerra Gold, Inc. | 15500 | 126519 |
| CES Energy Solutions Corp. | 13800 | 83301 |
| CGI, Inc. | 2200 | 213632 |
| Chorus Aviation, Inc.<sup>(2)</sup> | 1471 | 21765 |
| Cineplex, Inc.<sup>(1)(2)</sup> | 2300 | 19795 |
| Cogeco Communications, Inc. | 700 | 32764 |
| Colliers International Group, Inc. | 600 | 99064 |
| Computer Modelling Group Ltd.<sup>(2)</sup> | 2700 | 12228 |
| Constellation Software, Inc. | 200 | 662663 |
| Defi Technologies, Inc.<sup>(1)(2)</sup> | 14100 | 28747 |
| Definity Financial Corp. | 1800 | 93044 |
| Descartes Systems Group, Inc.<sup>(1)</sup> | 900 | 89944 |
| Docebo, Inc.<sup>(1)</sup> | 400 | 12463 |
| Dollarama, Inc. | 3900 | 531776 |
| Dorel Industries, Inc., Class B<sup>(1)</sup> | 500 | 441 |
| DREAM Unlimited Corp., Class A<sup>(2)</sup> | 400 | 6154 |
| Eldorado Gold Corp.<sup>(1)</sup> | 10400 | 257851 |
| Element Fleet Management Corp. | 9700 | 258507 |
| Emera, Inc. | 8100 | 385787 |
| Empire Co. Ltd., Class A | 6200 | 240668 |
| Enbridge, Inc. | 14000 | 677395 |
| Enerflex Ltd. | 7800 | 78605 |
| Enghouse Systems Ltd.<sup>(2)</sup> | 1100 | 18318 |
| Ensign Energy Services, Inc.<sup>(1)(2)</sup> | 8600 | 13902 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| EQB, Inc.<sup>(2)</sup> | 1100 | $72447 |
| Equinox Gold Corp.<sup>(1)(2)</sup> | 36683 | 320794 |
| ERO Copper Corp.<sup>(1)</sup> | 6000 | 86154 |
| Evertz Technologies Ltd. | 400 | 3527 |
| Exchange Income Corp.<sup>(2)</sup> | 1100 | 57493 |
| Exco Technologies Ltd. | 100 | 497 |
| Extendicare, Inc.<sup>(2)</sup> | 3500 | 33182 |
| Fairfax Financial Holdings Ltd. | 500 | 860786 |
| Fiera Capital Corp.<sup>(2)</sup> | 3000 | 14701 |
| Finning International, Inc. | 6600 | 273640 |
| Firan Technology Group Corp.<sup>(1)</sup> | 2000 | 17199 |
| Firm Capital Mortgage Investment Corp. | 600 | 5260 |
| First Mining Gold Corp.<sup>(1)</sup> | 6000 | 874 |
| First National Financial Corp.<sup>(2)</sup> | 1100 | 38622 |
| First Quantum Minerals Ltd.<sup>(1)</sup> | 16700 | 292692 |
| FirstService Corp. (Toronto) | 500 | 100663 |
| Fortis, Inc. | 4728 | 235307 |
| Fortuna Mining Corp.<sup>(1)</sup> | 23799 | 183516 |
| Franco-Nevada Corp. | 1200 | 226159 |
| Frontera Energy Corp. | 1277 | 5663 |
| Galiano Gold, Inc.<sup>(1)</sup> | 10050 | 21734 |
| George Weston Ltd. | 3000 | 193192 |
| GFL Environmental, Inc. | 1600 | 80038 |
| Gibson Energy, Inc. | 3900 | 73919 |
| Gildan Activewear, Inc. | 4100 | 223845 |
| goeasy Ltd. | 400 | 62050 |
| Great-West Lifeco, Inc.<sup>(2)</sup> | 2600 | 102989 |
| Headwater Exploration, Inc.<sup>(2)</sup> | 10500 | 52066 |
| High Liner Foods, Inc. | 100 | 1177 |
| Hudbay Minerals, Inc. | 21462 | 257541 |
| Hut 8 Corp.<sup>(1)</sup> | 1899 | 50733 |
| Hydro One Ltd. | 6100 | 222129 |
| iA Financial Corp., Inc. | 4100 | 441093 |
| IAMGOLD Corp.<sup>(1)</sup> | 33900 | 315710 |
| IGM Financial, Inc. | 2800 | 100391 |
| Imperial Oil Ltd.<sup>(2)</sup> | 3873 | 351442 |
| Intact Financial Corp. | 2700 | 540708 |
| Interfor Corp.<sup>(1)</sup> | 1700 | 15671 |
| International Petroleum Corp.<sup>(1)(2)</sup> | 3727 | 69175 |
| Ivanhoe Mines Ltd., Class A<sup>(1)(2)</sup> | 2400 | 21215 |
| K92 Mining, Inc.<sup>(1)</sup> | 16400 | 184975 |
| Kelt Exploration Ltd.<sup>(1)(2)</sup> | 10100 | 49421 |
| Keyera Corp.<sup>(2)</sup> | 9800 | 315761 |
| Kinross Gold Corp. | 42700 | 892647 |
| Knight Therapeutics, Inc.<sup>(1)</sup> | 2400 | 11359 |
| Labrador Iron Ore Royalty Corp. | 3800 | 74320 |
| Largo, Inc.<sup>(1)(2)</sup> | 600 | 922 |
| Laurentian Bank of Canada | 2000 | 44417 |
| Leon's Furniture Ltd. | 1100 | 23917 |
| Lightspeed Commerce, Inc.<sup>(1)</sup> | 600 | 7418 |
| Linamar Corp. | 2100 | 114652 |
| Loblaw Cos. Ltd. | 10400 | 424754 |
| Lotus Creek Exploration, Inc.<sup>(1)</sup> | 1286 | 1302 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lumine Group, Inc.<sup>(1)</sup> | 300 | $10568 |
| Lundin Gold, Inc. | 5100 | 313609 |
| Lundin Mining Corp. | 29700 | 343636 |
| Magna International, Inc. | 9900 | 454433 |
| Major Drilling Group International, Inc.<sup>(1)</sup> | 3271 | 23056 |
| Manulife Financial Corp. | 19500 | 599902 |
| Maple Leaf Foods, Inc. | 4300 | 113093 |
| Martinrea International, Inc. | 2900 | 21898 |
| Mattr Corp.<sup>(1)</sup> | 2800 | 23385 |
| MCAN Mortgage Corp.<sup>(2)</sup> | 1900 | 30312 |
| MDA Space Ltd.<sup>(1)</sup> | 6000 | 194022 |
| Medical Facilities Corp. | 1800 | 19136 |
| MEG Energy Corp. | 13700 | 281811 |
| Meren Energy, Inc.<sup>(2)</sup> | 24400 | 31625 |
| Methanex Corp. | 2100 | 74590 |
| Metro, Inc.<sup>(2)</sup> | 2900 | 207868 |
| MTY Food Group, Inc. | 200 | 5607 |
| Mullen Group Ltd.<sup>(2)</sup> | 4700 | 47125 |
| National Bank of Canada | 8755 | 920284 |
| Neo Performance Materials, Inc.<sup>(2)</sup> | 2500 | 31984 |
| New Gold, Inc.<sup>(1)</sup> | 44900 | 264820 |
| North American Construction Group Ltd.<sup>(2)</sup> | 1300 | 17768 |
| North West Co., Inc. | 2700 | 99204 |
| Northern Dynasty Minerals Ltd.<sup>(1)(2)</sup> | 27400 | 25139 |
| Northland Power, Inc.<sup>(2)</sup> | 15980 | 258896 |
| Nutrien Ltd. | 12000 | 691594 |
| NuVista Energy Ltd.<sup>(1)</sup> | 6900 | 73353 |
| Obsidian Energy Ltd.<sup>(1)(2)</sup> | 3300 | 20352 |
| OceanaGold Corp. | 15433 | 282061 |
| Onex Corp. | 1500 | 128336 |
| Open Text Corp.<sup>(2)</sup> | 3000 | 99217 |
| Orezone Gold Corp.<sup>(1)(2)</sup> | 27700 | 22993 |
| Orla Mining Ltd.<sup>(1)</sup> | 12800 | 141295 |
| Pan American Silver Corp.<sup>(2)</sup> | 11662 | 395626 |
| Paramount Resources Ltd., A Shares<sup>(2)</sup> | 4400 | 65423 |
| Parex Resources, Inc. | 4600 | 57946 |
| Parkland Corp. | 4000 | 113183 |
| Pembina Pipeline Corp. | 10400 | 392797 |
| Pet Valu Holdings Ltd. | 2700 | 76674 |
| PetroTal Corp.<sup>(2)</sup> | 18500 | 9160 |
| Peyto Exploration & Development Corp.<sup>(2)</sup> | 12000 | 163309 |
| PHX Energy Services Corp.<sup>(2)</sup> | 3300 | 18670 |
| Pine Cliff Energy Ltd. | 6700 | 2878 |
| Polaris Renewable Energy, Inc. | 400 | 3690 |
| Power Corp. of Canada | 2705 | 114495 |
| Precision Drilling Corp.<sup>(1)(2)</sup> | 800 | 46310 |
| Premium Brands Holdings Corp. | 2300 | 158196 |
| Propel Holdings, Inc.<sup>(2)</sup> | 1400 | 32835 |
| Quarterhill, Inc.<sup>(1)(2)</sup> | 400 | 315 |
| Quebecor, Inc., Class B | 4300 | 130658 |
| RB Global, Inc. | 2800 | 320725 |
| Real Matters, Inc.<sup>(1)(2)</sup> | 3450 | 16103 |
| Restaurant Brands International, Inc. | 3100 | 196313 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Restaurant Brands International, Inc. | 2152 | $136286 |
| Richelieu Hardware Ltd.<sup>(2)</sup> | 1300 | 34617 |
| Rogers Communications, Inc., Class B<sup>(2)</sup> | 4500 | 161244 |
| Rogers Sugar, Inc.<sup>(2)</sup> | 4800 | 22159 |
| Royal Bank of Canada | 13400 | 1947335 |
| Russel Metals, Inc. | 3000 | 90873 |
| Sandstorm Gold Ltd. | 7300 | 81539 |
| Saputo, Inc. | 4900 | 122665 |
| Secure Waste Infrastructure Corp. | 11300 | 134858 |
| Shopify, Inc., Class A<sup>(1)</sup> | 5600 | 790977 |
| Silvercorp Metals, Inc.<sup>(2)</sup> | 18000 | 87028 |
| South Bow Corp.<sup>(2)</sup> | 10857 | 300883 |
| Spartan Delta Corp.<sup>(1)(2)</sup> | 4800 | 17056 |
| SSR Mining, Inc.<sup>(1)</sup> | 5309 | 102442 |
| Stantec, Inc. | 2000 | 217395 |
| Stella-Jones, Inc. | 1100 | 62651 |
| Strathcona Resources Ltd. | 271 | 7534 |
| Sun Life Financial, Inc. | 9100 | 531548 |
| Suncor Energy, Inc.<sup>(2)</sup> | 27366 | 1131225 |
| SunOpta, Inc.<sup>(1)(2)</sup> | 4100 | 25615 |
| Superior Plus Corp. | 7100 | 37533 |
| Surge Energy, Inc.<sup>(2)</sup> | 5700 | 28763 |
| Tamarack Valley Energy Ltd. | 30100 | 118134 |
| Taseko Mines Ltd.<sup>(1)</sup> | 20700 | 67525 |
| TC Energy Corp. | 8386 | 436718 |
| Teck Resources Ltd., Class B | 8300 | 283808 |
| TELUS Corp. | 9585 | 158011 |
| TELUS Corp.<sup>(1)</sup> | 134 | 2209 |
| TerraVest Industries, Inc. | 500 | 52488 |
| TFI International, Inc. | 1000 | 94746 |
| Thomson Reuters Corp. | 700 | 124322 |
| Timbercreek Financial Corp.<sup>(2)</sup> | 5400 | 30434 |
| TMX Group Ltd. | 5200 | 207682 |
| Torex Gold Resources, Inc.<sup>(1)</sup> | 6138 | 204742 |
| Toromont Industries Ltd. | 1800 | 188198 |
| Toronto-Dominion Bank | 14765 | 1108652 |
| Total Energy Services, Inc. | 1600 | 15530 |
| Tourmaline Oil Corp.<sup>(2)</sup> | 11387 | 483555 |
| TransAlta Corp.<sup>(2)</sup> | 10300 | 126523 |
| Transcontinental, Inc., Class A | 3960 | 58707 |
| Trican Well Service Ltd. | 13400 | 58153 |
| Triple Flag Precious Metals Corp.<sup>(2)</sup> | 1200 | 32819 |
| Valeura Energy, Inc.<sup>(1)</sup> | 8900 | 52103 |
| Vermilion Energy, Inc.<sup>(2)</sup> | 6933 | 52350 |
| VersaBank | 200 | 2182 |
| Wajax Corp. | 1700 | 29461 |
| Wesdome Gold Mines Ltd.<sup>(1)</sup> | 10500 | 139378 |
| West Fraser Timber Co. Ltd.<sup>(2)</sup> | 1572 | 114510 |
| Western Forest Products, Inc.<sup>(1)(2)</sup> | 166 | 1516 |
| Westshore Terminals Investment Corp.<sup>(2)</sup> | 1900 | 35611 |
| Wheaton Precious Metals Corp. | 3600 | 361533 |
| Whitecap Resources, Inc.<sup>(2)</sup> | 51653 | 388897 |
| Winpak Ltd.<sup>(2)</sup> | 500 | 15226 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WSP Global, Inc. | 1500 | $305472 |
|  |  | 45777291 |
| **Denmark — 1.8%** |  |  |
| ALK-Abello AS<sup>(1)</sup> | 1729 | 54581 |
| Alm Brand AS | 36227 | 101069 |
| AP Moller - Maersk AS, A Shares | 101 | 207629 |
| AP Moller - Maersk AS, B Shares | 148 | 304958 |
| Bang & Olufsen AS<sup>(1)</sup> | 1614 | 3871 |
| Bavarian Nordic AS<sup>(1)</sup> | 1131 | 41925 |
| Carlsberg AS, B Shares | 563 | 68864 |
| cBrain AS | 582 | 17057 |
| Chemometec AS | 181 | 14780 |
| Coloplast AS, B Shares | 598 | 57526 |
| D/S Norden AS | 1677 | 59887 |
| Danske Bank AS | 17115 | 704423 |
| Demant AS<sup>(1)</sup> | 632 | 24180 |
| Dfds AS<sup>(1)</sup> | 2528 | 39610 |
| DSV AS | 1217 | 269818 |
| FLSmidth & Co. AS | 554 | 37850 |
| Genmab AS, ADR<sup>(1)</sup> | 17015 | 423163 |
| GN Store Nord AS<sup>(1)</sup> | 283 | 5125 |
| H Lundbeck AS, A Shares | 981 | 5126 |
| H&H International AS, B Shares<sup>(1)</sup> | 331 | 5018 |
| ISS AS | 744 | 21759 |
| Jyske Bank AS | 2327 | 249859 |
| Nilfisk Holding AS<sup>(1)</sup> | 257 | 4326 |
| NKT AS<sup>(1)</sup> | 3304 | 314717 |
| Novo Nordisk AS, ADR | 30244 | 1707576 |
| Novonesis Novozymes B, B Shares | 4001 | 254513 |
| Orsted AS<sup>(1)</sup> | 6369 | 193117 |
| Pandora AS | 1437 | 198659 |
| Per Aarsleff Holding AS | 1623 | 159126 |
| Ringkjoebing Landbobank AS | 1426 | 322225 |
| Rockwool AS, B Shares | 4780 | 180652 |
| Royal Unibrew AS | 767 | 59275 |
| Schouw & Co. AS | 638 | 59194 |
| Solar AS, B Shares | 136 | 4625 |
| SP Group AS | 565 | 24108 |
| Sydbank AS | 3195 | 242927 |
| TORM PLC, Class A<sup>(2)</sup> | 4437 | 95210 |
| Tryg AS | 4181 | 109878 |
| Vestas Wind Systems AS | 29755 | 592346 |
|  |  | 7240552 |
| **Finland — 0.9%** |  |  |
| Aktia Bank OYJ<sup>(2)</sup> | 500 | 6134 |
| Anora Group OYJ | 109 | 418 |
| Citycon OYJ<sup>(2)</sup> | 7220 | 30436 |
| Elisa OYJ | 2390 | 127410 |
| Finnair OYJ<sup>(1)(2)</sup> | 8875 | 32621 |
| Fortum OYJ | 6246 | 108080 |
| Harvia OYJ<sup>(2)</sup> | 182 | 8186 |
| Hiab OYJ, B Shares | 2146 | 141430 |
| Huhtamaki OYJ | 3015 | 107101 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kalmar OYJ, B Shares | 2072 | $95374 |
| Kemira OYJ | 4309 | 99619 |
| Kesko OYJ, B Shares<sup>(2)</sup> | 7564 | 167772 |
| Kojamo OYJ<sup>(1)(2)</sup> | 4915 | 60240 |
| Kone OYJ, B Shares | 4084 | 256873 |
| Konecranes OYJ | 1934 | 159426 |
| Mandatum OYJ | 13826 | 95036 |
| Marimekko OYJ | 1820 | 25529 |
| Metsa Board OYJ, Class B<sup>(2)</sup> | 4677 | 17164 |
| Metso OYJ<sup>(2)</sup> | 24485 | 316920 |
| Neste OYJ | 4663 | 85699 |
| Nokia OYJ, ADR<sup>(2)</sup> | 40666 | 174864 |
| Nokian Renkaat OYJ<sup>(2)</sup> | 6290 | 59184 |
| Nordea Bank Abp | 31702 | 484663 |
| Oriola OYJ, B Shares | 441 | 604 |
| Orion OYJ, Class B<sup>(2)</sup> | 2295 | 183339 |
| Outokumpu OYJ<sup>(2)</sup> | 13599 | 55950 |
| Puuilo OYJ | 3266 | 50943 |
| Sampo OYJ, A Shares | 8970 | 102929 |
| Sanoma OYJ | 490 | 6148 |
| Stora Enso OYJ, R Shares<sup>(2)</sup> | 10462 | 122209 |
| TietoEVRY OYJ<sup>(2)</sup> | 97 | 1812 |
| Tokmanni Group Corp.<sup>(2)</sup> | 2347 | 25439 |
| UPM-Kymmene OYJ<sup>(2)</sup> | 5640 | 160617 |
| Valmet OYJ<sup>(2)</sup> | 3712 | 129020 |
| Wartsila OYJ Abp | 10411 | 305176 |
| YIT OYJ<sup>(1)(2)</sup> | 5343 | 20237 |
|  |  | 3824602 |
| **France — 8.4%** |  |  |
| ABC arbitrage | 396 | 2752 |
| Accor SA | 5042 | 250116 |
| Aeroports de Paris SA<sup>(2)</sup> | 1451 | 190981 |
| Air France-KLM<sup>(1)</sup> | 2062 | 32445 |
| Air Liquide SA | 6408 | 1320287 |
| Airbus SE | 4077 | 852374 |
| AKWEL SADIR | 46 | 431 |
| Alstom SA<sup>(1)(2)</sup> | 8959 | 215392 |
| Alten SA | 482 | 37219 |
| Amundi SA | 1162 | 85895 |
| Aperam SA<sup>(2)</sup> | 1478 | 44872 |
| ArcelorMittal SA, NY Shares | 15294 | 510208 |
| Arkema SA | 2469 | 175180 |
| Aubay | 27 | 1437 |
| AXA SA | 32074 | 1493931 |
| Ayvens SA<sup>(2)</sup> | 4580 | 50745 |
| Beneteau SACA<sup>(2)</sup> | 1248 | 12211 |
| BioMerieux<sup>(2)</sup> | 1011 | 140594 |
| BNP Paribas SA | 15576 | 1399733 |
| Bollore SE | 17334 | 101201 |
| Bonduelle SCA | 188 | 1748 |
| Bouygues SA | 4662 | 199920 |
| Bureau Veritas SA | 9852 | 297201 |
| Capgemini SE | 1784 | 253737 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Carrefour SA | 25141 | $363988 |
| Cie de Saint-Gobain SA | 13541 | 1461875 |
| Cie des Alpes | 1031 | 26723 |
| Cie Generale des Etablissements Michelin SCA | 28995 | 1050012 |
| Clariane SE<sup>(1)</sup> | 6274 | 31459 |
| Coface SA | 5277 | 99378 |
| Credit Agricole SA | 19596 | 358450 |
| Danone SA | 5110 | 426518 |
| Dassault Aviation SA | 753 | 237703 |
| Dassault Systemes SE | 5892 | 183242 |
| Derichebourg SA | 7052 | 49361 |
| Edenred SE<sup>(2)</sup> | 1558 | 45069 |
| Eiffage SA | 4843 | 609470 |
| Elis SA | 4222 | 115693 |
| Engie SA | 35246 | 729357 |
| Eramet SA<sup>(2)</sup> | 355 | 21194 |
| EssilorLuxottica SA | 2360 | 719883 |
| Esso SA Francaise<sup>(2)</sup> | 282 | 32130 |
| Etablissements Maurel et Prom SA | 4068 | 24211 |
| Eurazeo SE | 1694 | 110856 |
| Euroapi SA<sup>(1)</sup> | 956 | 3372 |
| Eurofins Scientific SE | 790 | 59989 |
| Euronext NV | 633 | 104496 |
| Eutelsat Communications SACA<sup>(1)(2)</sup> | 11276 | 41032 |
| FDJ UNITED | 5776 | 185916 |
| Fnac Darty SA | 114 | 3929 |
| Gaztransport Et Technigaz SA | 2172 | 405367 |
| Getlink SE | 12478 | 236042 |
| GL Events SACA | 554 | 19800 |
| Hermes International SCA | 301 | 737196 |
| ID Logistics Group SACA<sup>(1)</sup> | 128 | 61481 |
| Imerys SA | 1514 | 38680 |
| Infotel SA | 51 | 2494 |
| Interparfums SA<sup>(2)</sup> | 319 | 11782 |
| Ipsen SA | 1641 | 223105 |
| IPSOS SA | 488 | 20276 |
| Jacquet Metals SACA | 231 | 5309 |
| JCDecaux SE | 4831 | 83179 |
| Kaufman & Broad SA | 830 | 27836 |
| Kering SA | 3053 | 818094 |
| La Francaise De L'energie SACA<sup>(1)</sup> | 281 | 9534 |
| Legrand SA | 2928 | 445893 |
| LISI SA | 253 | 13437 |
| L'Oreal SA | 2025 | 945444 |
| Louis Hachette Group | 15829 | 30447 |
| Lumibird<sup>(1)</sup> | 910 | 17183 |
| LVMH Moet Hennessy Louis Vuitton SE | 2092 | 1235187 |
| Maisons du Monde SA<sup>(1)</sup> | 672 | 1541 |
| Manitou BF SA | 1011 | 22281 |
| Mersen SA | 1007 | 28580 |
| Metropole Television SA | 937 | 14435 |
| Nacon SA<sup>(1)</sup> | 39 | 39 |
| Nexans SA | 1997 | 304483 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nexity SA<sup>(1)(2)</sup> | 2710 | $27380 |
| Opmobility | 4423 | 71333 |
| Orange SA | 73887 | 1204297 |
| Pernod Ricard SA | 2532 | 288434 |
| Pluxee NV | 1206 | 24563 |
| Publicis Groupe SA | 2144 | 197973 |
| Pullup Entertainment<sup>(1)</sup> | 53 | 1407 |
| Remy Cointreau SA<sup>(2)</sup> | 170 | 10436 |
| Renault SA | 8757 | 344638 |
| Rexel SA | 5860 | 189724 |
| Rubis SCA | 1660 | 54960 |
| Safran SA | 6379 | 2119922 |
| Sanofi SA, ADR | 15113 | 747791 |
| Sartorius Stedim Biotech | 148 | 30351 |
| Schneider Electric SE | 2227 | 547144 |
| SCOR SE | 5834 | 191103 |
| SEB SA<sup>(2)</sup> | 778 | 56707 |
| SES SA | 28917 | 202128 |
| SMCP SA<sup>(1)</sup> | 707 | 5262 |
| Societe BIC SA | 889 | 55555 |
| Societe Generale SA | 21536 | 1328961 |
| Sodexo SA | 985 | 59145 |
| SOITEC<sup>(1)(2)</sup> | 672 | 27910 |
| Solutions 30 SE<sup>(1)</sup> | 9666 | 19400 |
| Sopra Steria Group | 213 | 39549 |
| SPIE SA | 5555 | 307888 |
| STIF SA | 211 | 20599 |
| STMicroelectronics NV, NY Shares | 12003 | 323961 |
| Technip Energies NV | 5577 | 257762 |
| Teleperformance SE<sup>(2)</sup> | 1784 | 137652 |
| Television Francaise 1 SA | 3355 | 33124 |
| Thales SA | 290 | 76281 |
| TotalEnergies SE, ADR | 33993 | 2133061 |
| Trigano SA | 115 | 20289 |
| Ubisoft Entertainment SA<sup>(1)</sup> | 5384 | 58905 |
| Valeo SE | 14882 | 180607 |
| Vallourec SACA | 12564 | 225558 |
| Veolia Environnement SA | 6411 | 211728 |
| Vicat SACA | 827 | 57894 |
| Vinci SA | 14694 | 1992968 |
| Virbac SACA | 6 | 2353 |
| Vivendi SE<sup>(1)</sup> | 15829 | 56652 |
| VusionGroup | 341 | 85590 |
| X-Fab Silicon Foundries SE<sup>(1)(2)</sup> | 3679 | 30007 |
|  |  | 34583993 |
| **Germany — 8.0%** |  |  |
| 2G Energy AG | 727 | 31280 |
| 7C Solarparken AG<sup>(1)</sup> | 2864 | 6066 |
| Adesso SE | 275 | 28003 |
| adidas AG | 2173 | 422770 |
| AIXTRON SE | 3083 | 45276 |
| Allianz SE | 3341 | 1412516 |
| AlzChem Group AG | 429 | 72787 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Amadeus Fire AG | 60 | $4241 |
| Aroundtown SA<sup>(1)</sup> | 32838 | 130321 |
| Atoss Software SE | 212 | 25450 |
| Aurubis AG | 1022 | 116031 |
| Auto1 Group SE<sup>(1)</sup> | 3489 | 118072 |
| BASF SE | 15914 | 845367 |
| Bayer AG | 28416 | 934902 |
| Bayerische Motoren Werke AG | 3778 | 395256 |
| Bayerische Motoren Werke AG, Preference Shares | 926 | 88662 |
| BayWa AG<sup>(1)</sup> | 414 | 4697 |
| Bechtle AG | 3984 | 181093 |
| Befesa SA | 1810 | 58147 |
| Beiersdorf AG | 936 | 107795 |
| Bertrandt AG | 99 | 2287 |
| Bijou Brigitte AG | 397 | 18303 |
| Bilfinger SE | 2244 | 232537 |
| Borussia Dortmund GmbH & Co. KGaA | 4118 | 17680 |
| BRANICKS Group AG<sup>(1)</sup> | 312 | 715 |
| Brenntag SE | 3293 | 203764 |
| CANCOM SE | 1139 | 30596 |
| Ceconomy AG<sup>(1)</sup> | 4325 | 22526 |
| Cewe Stiftung & Co. KGaA | 242 | 27241 |
| Commerzbank AG | 23833 | 909671 |
| Continental AG | 5425 | 475692 |
| Covestro AG<sup>(1)</sup> | 5389 | 374488 |
| CTS Eventim AG & Co. KGaA | 1657 | 155325 |
| Daimler Truck Holding AG | 14147 | 665459 |
| Delivery Hero SE<sup>(1)</sup> | 1180 | 31304 |
| Dermapharm Holding SE | 489 | 18815 |
| Deutsche Bank AG | 34693 | 1218765 |
| Deutsche Beteiligungs AG | 216 | 6384 |
| Deutsche Boerse AG | 2597 | 764385 |
| Deutsche Lufthansa AG | 19192 | 178923 |
| Deutsche Pfandbriefbank AG | 6123 | 37874 |
| Deutsche Post AG | 21053 | 959547 |
| Deutsche Telekom AG | 48975 | 1792239 |
| Deutz AG | 6477 | 67417 |
| Dr. Ing hc F Porsche AG, Preference Shares | 625 | 33152 |
| Draegerwerk AG & Co. KGaA | 78 | 5063 |
| Draegerwerk AG & Co. KGaA, Preference Shares | 416 | 32270 |
| Duerr AG | 1507 | 37407 |
| E.ON SE | 32455 | 578716 |
| Elmos Semiconductor SE | 204 | 19480 |
| ElringKlinger AG | 121 | 673 |
| Evonik Industries AG | 8171 | 157666 |
| Fielmann Group AG | 995 | 60435 |
| flatexDEGIRO AG | 6110 | 202165 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(1)</sup> | 927 | 79438 |
| Fresenius Medical Care AG, ADR | 1743 | 44795 |
| Fresenius SE & Co. KGaA | 2364 | 128540 |
| Friedrich Vorwerk Group SE | 744 | 62730 |
| FUCHS SE, Preference Shares | 2604 | 125012 |
| GEA Group AG | 4744 | 345301 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Grand City Properties SA | 1895 | $24443 |
| Grenke AG | 746 | 14727 |
| Hannover Rueck SE | 959 | 279206 |
| Heidelberg Materials AG | 3813 | 901959 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 19780 | 46591 |
| Henkel AG & Co. KGaA | 1015 | 78007 |
| Henkel AG & Co. KGaA, Preference Shares | 1655 | 139699 |
| Hensoldt AG | 1461 | 151448 |
| HOCHTIEF AG | 490 | 124031 |
| Hornbach Holding AG & Co. KGaA | 641 | 78020 |
| HUGO BOSS AG | 2448 | 120613 |
| Indus Holding AG | 1246 | 32738 |
| Infineon Technologies AG | 21220 | 868616 |
| Init Innovation in Traffic Systems SE | 40 | 2107 |
| Instone Real Estate Group SE | 786 | 8511 |
| JOST Werke SE | 365 | 22374 |
| Jungheinrich AG, Preference Shares | 3067 | 107879 |
| K&S AG | 7359 | 99440 |
| KION Group AG | 3776 | 245874 |
| Kloeckner & Co. SE | 2886 | 19898 |
| Knorr-Bremse AG | 2665 | 278393 |
| Koenig & Bauer AG<sup>(1)</sup> | 246 | 4437 |
| Kontron AG | 2169 | 62027 |
| Krones AG | 709 | 109043 |
| KSB SE & Co. KGaA, Preference Shares | 15 | 15238 |
| KWS Saat SE & Co. KGaA | 122 | 9262 |
| Lang & Schwarz AG | 141 | 3384 |
| Lanxess AG | 2893 | 82081 |
| LEG Immobilien SE | 1908 | 159940 |
| Leifheit AG | 4 | 71 |
| Mercedes-Benz Group AG | 9309 | 582602 |
| Merck KGaA | 511 | 64880 |
| MLP SE | 786 | 6440 |
| MTU Aero Engines AG | 2287 | 1019241 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1618 | 1032125 |
| Mutares SE & Co. KGaA | 990 | 33089 |
| Nagarro SE | 105 | 6466 |
| Nemetschek SE | 1240 | 171305 |
| Norma Group SE | 783 | 14564 |
| Patrizia SE | 274 | 2385 |
| Porsche Automobil Holding SE, Preference Shares | 4047 | 172436 |
| ProCredit Holding AG | 1811 | 19530 |
| Puma SE | 2183 | 55017 |
| Qiagen NV<sup>(2)</sup> | 1921 | 89326 |
| Rational AG | 158 | 117775 |
| RENK Group AG | 2405 | 175653 |
| Rheinmetall AG | 935 | 1813667 |
| RTL Group SA | 47 | 1937 |
| RWE AG | 25083 | 1004515 |
| SAF-Holland SE | 2776 | 51718 |
| Salzgitter AG | 1459 | 38052 |
| SAP SE, ADR | 5262 | 1432106 |
| Sartorius AG, Preference Shares | 245 | 56913 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Schaeffler AG | 4079 | $28223 |
| Schott Pharma AG & Co. KGaA | 1526 | 40783 |
| Scout24 SE | 1923 | 249153 |
| Secunet Security Networks AG | 91 | 20579 |
| SGL Carbon SE<sup>(1)</sup> | 2080 | 8247 |
| Siemens AG | 4788 | 1327258 |
| Siemens Energy AG<sup>(1)</sup> | 11033 | 1173683 |
| Siemens Healthineers AG | 1492 | 82619 |
| Siltronic AG | 860 | 35722 |
| Sixt SE | 687 | 67959 |
| Sixt SE, Preference Shares | 830 | 57881 |
| SMA Solar Technology AG<sup>(1)</sup> | 886 | 23520 |
| Steico SE | 77 | 2218 |
| STO SE & Co. KGaA, Preference Shares | 157 | 22820 |
| Stroeer SE & Co. KGaA | 604 | 29334 |
| Suedzucker AG | 3288 | 38552 |
| Symrise AG | 2624 | 254086 |
| TAG Immobilien AG | 4674 | 83739 |
| Talanx AG | 2661 | 366924 |
| TeamViewer SE<sup>(1)</sup> | 3705 | 39322 |
| thyssenkrupp AG | 34378 | 363810 |
| UmweltBank AG<sup>(1)</sup> | 260 | 1544 |
| Uniper SE<sup>(1)</sup> | 92 | 3984 |
| United Internet AG | 3698 | 118208 |
| Villeroy & Boch AG, Preference Shares | 155 | 3083 |
| Volkswagen AG | 355 | 42486 |
| Volkswagen AG, Preference Shares | 2716 | 316489 |
| Vonovia SE | 13298 | 430633 |
| Vossloh AG | 567 | 55904 |
| Wacker Chemie AG | 657 | 50135 |
| Wacker Neuson SE | 2074 | 60916 |
| Washtec AG | 108 | 4587 |
| Wuestenrot & Wuerttembergische AG | 218 | 3561 |
| Zalando SE<sup>(1)</sup> | 9672 | 269536 |
|  |  | 32882809 |
| **Hong Kong — 1.8%** |  |  |
| AIA Group Ltd. | 67868 | 645042 |
| ASMPT Ltd. | 7100 | 64351 |
| AustAsia Group Ltd.<sup>(1)</sup> | 2080 | 615 |
| Bank of East Asia Ltd. | 49382 | 81443 |
| BOC Hong Kong Holdings Ltd. | 71500 | 324619 |
| Bright Smart Securities & Commodities Group Ltd.<sup>(1)(2)</sup> | 84000 | 126052 |
| Budweiser Brewing Co. APAC Ltd.<sup>(2)</sup> | 14200 | 15399 |
| Cafe de Coral Holdings Ltd. | 16000 | 14437 |
| Chow Sang Sang Holdings International Ltd. | 24000 | 41367 |
| CITIC Telecom International Holdings Ltd. | 25000 | 8285 |
| CK Asset Holdings Ltd. | 31906 | 150963 |
| CK Hutchison Holdings Ltd. | 45500 | 301037 |
| CK Infrastructure Holdings Ltd. | 11500 | 77217 |
| CLP Holdings Ltd. | 34000 | 287752 |
| Comba Telecom Systems Holdings Ltd.<sup>(1)</sup> | 126000 | 39596 |
| Cowell e Holdings, Inc.<sup>(1)(2)</sup> | 11000 | 48979 |
| Dah Sing Banking Group Ltd. | 16800 | 22576 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dah Sing Financial Holdings Ltd. | 8400 | $38215 |
| Deep Source Holdings Ltd.<sup>(1)</sup> | 320000 | 34172 |
| DFI Retail Group Holdings Ltd. | 18400 | 58510 |
| Dream International Ltd. | 16000 | 29362 |
| E-Commodities Holdings Ltd. | 82000 | 8849 |
| Emperor Watch & Jewellery Ltd. | 300000 | 12337 |
| Fairwood Holdings Ltd. | 2000 | 1448 |
| Far East Consortium International Ltd. | 16500 | 1629 |
| First Pacific Co. Ltd. | 24000 | 20570 |
| Futu Holdings Ltd., ADR | 705 | 130848 |
| Galaxy Entertainment Group Ltd. | 8000 | 42412 |
| Giordano International Ltd. | 52000 | 10407 |
| G-Resources Group Ltd. | 18000 | 24788 |
| Guotai Junan International Holdings Ltd.<sup>(2)</sup> | 40000 | 30534 |
| Hang Lung Group Ltd. | 28000 | 49068 |
| Hang Lung Properties Ltd. | 52176 | 53268 |
| Hang Seng Bank Ltd. | 13100 | 187841 |
| Hao Tian International Construction Investment Group Ltd.<sup>(1)</sup> | 192000 | 5296 |
| Henderson Land Development Co. Ltd. | 35000 | 121455 |
| HK Electric Investments & HK Electric Investments Ltd. | 28500 | 21938 |
| HKT Trust & HKT Ltd. | 41000 | 62193 |
| Hong Kong & China Gas Co. Ltd. | 52332 | 47189 |
| Hong Kong Exchanges & Clearing Ltd. | 13600 | 796799 |
| Hong Kong Technology Venture Co. Ltd. | 27000 | 4996 |
| Hongkong & Shanghai Hotels Ltd.<sup>(1)</sup> | 1000 | 746 |
| Hongkong Land Holdings Ltd. | 30100 | 186630 |
| Hutchison Telecommunications Hong Kong Holdings Ltd. | 20000 | 2847 |
| Hysan Development Co. Ltd. | 32000 | 60181 |
| IGG, Inc. | 43000 | 26194 |
| Impro Precision Industries Ltd. | 51000 | 24298 |
| Jardine Matheson Holdings Ltd. | 5500 | 333017 |
| Johnson Electric Holdings Ltd. | 27500 | 101044 |
| JS Global Lifestyle Co. Ltd.<sup>(1)</sup> | 82500 | 23225 |
| K Wah International Holdings Ltd. | 11000 | 3126 |
| Kerry Properties Ltd. | 23000 | 59652 |
| KLN Logistics Group Ltd. | 728 | 750 |
| Luk Fook Holdings International Ltd. | 12000 | 37476 |
| Man Wah Holdings Ltd. | 44400 | 26990 |
| Melco Resorts & Entertainment Ltd., ADR<sup>(1)</sup> | 2192 | 21789 |
| MGM China Holdings Ltd. | 800 | 1643 |
| Modern Dental Group Ltd. | 6000 | 4089 |
| MTR Corp. Ltd. | 23000 | 77979 |
| New World Development Co. Ltd.<sup>(1)(2)</sup> | 29000 | 24836 |
| Oriental Watch Holdings<sup>(2)</sup> | 24828 | 11088 |
| Pacific Basin Shipping Ltd. | 281000 | 78959 |
| Pacific Textiles Holdings Ltd. | 12000 | 2298 |
| PAX Global Technology Ltd. | 25000 | 20834 |
| PC Partner Group Ltd. | 8000 | 7059 |
| PCCW Ltd. | 27024 | 18250 |
| Perfect Medical Health Management Ltd. | 7000 | 1411 |
| Power Assets Holdings Ltd. | 19500 | 127152 |
| Sa Sa International Holdings Ltd.<sup>(2)</sup> | 4000 | 319 |
| Sands China Ltd. | 29200 | 76902 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shangri-La Asia Ltd. | 10000 | $5863 |
| Shun Tak Holdings Ltd.<sup>(1)(2)</sup> | 58000 | 5517 |
| Singamas Container Holdings Ltd. | 96000 | 9012 |
| Sino Land Co. Ltd. | 76408 | 91032 |
| SITC International Holdings Co. Ltd. | 62000 | 218953 |
| SJM Holdings Ltd.<sup>(1)(2)</sup> | 17500 | 6526 |
| Stella International Holdings Ltd.<sup>(2)</sup> | 15000 | 32448 |
| Sun Hung Kai & Co. Ltd. | 10000 | 5326 |
| Sun Hung Kai Properties Ltd. | 25500 | 301216 |
| Swire Pacific Ltd., Class A | 13500 | 115717 |
| Swire Properties Ltd. | 12600 | 34187 |
| Techtronic Industries Co. Ltd. | 22500 | 290979 |
| Texhong International Group Ltd. | 4000 | 2412 |
| Texwinca Holdings Ltd. | 4000 | 412 |
| United Energy Group Ltd.<sup>(2)</sup> | 340000 | 23942 |
| United Laboratories International Holdings Ltd. | 54000 | 106547 |
| Value Partners Group Ltd. | 10000 | 3689 |
| Vitasoy International Holdings Ltd. | 44000 | 51598 |
| VTech Holdings Ltd. | 10000 | 80784 |
| WH Group Ltd. | 302423 | 324984 |
| Wharf Real Estate Investment Co. Ltd. | 36000 | 105152 |
| Wynn Macau Ltd. | 7600 | 7028 |
| Xinyi Glass Holdings Ltd.<sup>(2)</sup> | 32446 | 35610 |
| Yue Yuen Industrial Holdings Ltd. | 30000 | 53030 |
|  |  | 7316602 |
| **Ireland — 0.4%** |  |  |
| AIB Group PLC | 38449 | 312393 |
| Bank of Ireland Group PLC | 42160 | 623581 |
| Cairn Homes PLC | 18229 | 47032 |
| Dalata Hotel Group PLC | 10417 | 77675 |
| FBD Holdings PLC | 510 | 8589 |
| Glanbia PLC<sup>(2)</sup> | 4457 | 74131 |
| Glenveagh Properties PLC<sup>(1)</sup> | 13499 | 30830 |
| Kerry Group PLC, A Shares | 888 | 81309 |
| Kingspan Group PLC | 2598 | 200445 |
| Origin Enterprises PLC | 6048 | 26864 |
| Uniphar PLC | 8040 | 38116 |
|  |  | 1520965 |
| **Israel — 1.2%** |  |  |
| AFI Properties Ltd.<sup>(1)</sup> | 174 | 10967 |
| Africa Israel Residences Ltd. | 154 | 11095 |
| Airport City Ltd.<sup>(1)</sup> | 1966 | 35720 |
| Alony Hetz Properties & Investments Ltd. | 3723 | 42308 |
| Amot Investments Ltd. | 5569 | 39786 |
| Aryt Industries Ltd. | 3302 | 38267 |
| Ashdod Refinery Ltd.<sup>(1)</sup> | 298 | 5035 |
| Ashtrom Group Ltd. | 462 | 9430 |
| Aura Investments Ltd. | 4878 | 30182 |
| Azrieli Group Ltd. | 424 | 40642 |
| Bank Hapoalim BM | 13673 | 267223 |
| Bank Leumi Le-Israel BM | 18595 | 357341 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 61767 | 113579 |
| Big Shopping Centers Ltd. | 257 | 50448 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Blue Square Real Estate Ltd. | 143 | $16155 |
| Caesarstone Ltd.<sup>(1)</sup> | 67 | 95 |
| Camtek Ltd.<sup>(1)</sup> | 233 | 19977 |
| Carasso Motors Ltd. | 1555 | 18602 |
| Cellcom Israel Ltd.<sup>(1)</sup> | 5911 | 53594 |
| Check Point Software Technologies Ltd.<sup>(1)</sup> | 666 | 128631 |
| Clal Insurance Enterprises Holdings Ltd. | 2064 | 105906 |
| CyberArk Software Ltd.<sup>(1)</sup> | 220 | 99717 |
| Danel Adir Yeoshua Ltd. | 230 | 32613 |
| Delek Automotive Systems Ltd. | 1513 | 11773 |
| Delek Group Ltd. | 352 | 77666 |
| Delta Galil Ltd. | 312 | 16287 |
| Direct Finance of Direct Group 2006 Ltd. | 93 | 13684 |
| Doral Group Renewable Energy Resources Ltd.<sup>(1)</sup> | 4213 | 20222 |
| El Al Israel Airlines<sup>(1)</sup> | 14276 | 57049 |
| Elbit Systems Ltd. | 306 | 148853 |
| Electra Consumer Products 1970 Ltd. | 158 | 5580 |
| Electra Ltd. | 28 | 16708 |
| Electra Real Estate Ltd.<sup>(1)</sup> | 1367 | 18765 |
| Energix-Renewable Energies Ltd. | 6389 | 24732 |
| Enlight Renewable Energy Ltd.<sup>(1)</sup> | 1102 | 31232 |
| Equital Ltd.<sup>(1)</sup> | 507 | 22275 |
| Fattal Holdings 1998 Ltd.<sup>(1)</sup> | 231 | 37650 |
| FIBI Holdings Ltd. | 572 | 43358 |
| First International Bank Of Israel Ltd. | 1212 | 85939 |
| FMS Enterprises Migun Ltd. | 27 | 1442 |
| Fox Wizel Ltd. | 263 | 24619 |
| G City Ltd. | 5721 | 21747 |
| Gav-Yam Lands Corp. Ltd. | 433 | 5100 |
| Global-e Online Ltd.<sup>(1)</sup> | 527 | 17633 |
| Harel Insurance Investments & Financial Services Ltd. | 2182 | 72649 |
| Hilan Ltd. | 534 | 42277 |
| ICL Group Ltd. | 16500 | 107253 |
| IDI Insurance Co. Ltd. | 676 | 47808 |
| Inmode Ltd.<sup>(1)</sup> | 1128 | 16852 |
| Inrom Construction Industries Ltd. | 1146 | 7022 |
| Isracard Ltd. | 4656 | 18743 |
| Israel Corp. Ltd. | 71 | 22995 |
| Israel Discount Bank Ltd., A Shares | 22658 | 224465 |
| Isras Holdings Ltd.<sup>(1)</sup> | 133 | 15411 |
| Isras Investment Co. Ltd. | 46 | 12092 |
| Ituran Location & Control Ltd. | 946 | 31899 |
| Kamada Ltd. | 160 | 1111 |
| Kenon Holdings Ltd. | 648 | 30558 |
| Land Development Nimrodi Group Ltd. | 808 | 8379 |
| M Yochananof & Sons Ltd. | 315 | 27532 |
| Malam-Team Holding Ltd.<sup>(1)</sup> | 104 | 6459 |
| Matrix IT Ltd. | 1075 | 37828 |
| Max Stock Ltd. | 3759 | 21637 |
| Mediterranean Towers Ltd. | 327 | 1244 |
| Mega Or Holdings Ltd. | 162 | 7898 |
| Melisron Ltd. | 469 | 54961 |
| Menora Mivtachim Holdings Ltd. | 483 | 46823 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Migdal Insurance & Financial Holdings Ltd. | 14966 | $53910 |
| Mivne Real Estate KD Ltd. | 11516 | 42193 |
| Mivtach Shamir Holdings Ltd. | 231 | 19170 |
| Mizrahi Tefahot Bank Ltd. | 2395 | 156410 |
| Monday.com Ltd.<sup>(1)</sup> | 252 | 48636 |
| Neto Malinda Trading Ltd. | 370 | 14195 |
| Next Vision Stabilized Systems Ltd. | 1827 | 76030 |
| Nexxen International Ltd.<sup>(1)</sup> | 2395 | 24035 |
| Nice Ltd., ADR<sup>(1)</sup> | 610 | 86224 |
| Nova Ltd.<sup>(1)</sup> | 378 | 100461 |
| Novolog Ltd. | 5599 | 2454 |
| Oddity Tech Ltd., Class A<sup>(1)</sup> | 853 | 51359 |
| Oil Refineries Ltd. | 133147 | 32998 |
| One Software Technologies Ltd. | 1687 | 41177 |
| Partner Communications Co. Ltd. | 6437 | 60339 |
| Paz Retail & Energy Ltd. | 298 | 56211 |
| Perion Network Ltd.<sup>(1)</sup> | 533 | 4905 |
| Phoenix Financial Ltd. | 6095 | 215522 |
| Qualitau Ltd. | 214 | 25092 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 494 | 44995 |
| Retailors Ltd. | 194 | 3577 |
| Sapiens International Corp. NV | 45 | 1926 |
| Scope Metals Group Ltd. | 181 | 7959 |
| Shapir Engineering & Industry Ltd. | 1813 | 14331 |
| Shikun & Binui Ltd.<sup>(1)</sup> | 12876 | 56998 |
| Shufersal Ltd. | 7233 | 89787 |
| Strauss Group Ltd. | 1465 | 38578 |
| Summit Real Estate Holdings Ltd. | 420 | 8159 |
| Tamar Petroleum Ltd. | 2297 | 28692 |
| Tel Aviv Stock Exchange Ltd. | 2723 | 63206 |
| Tera Light Ltd.<sup>(1)</sup> | 69 | 220 |
| Teva Pharmaceutical Industries Ltd., ADR<sup>(1)</sup> | 9970 | 183249 |
| Tower Semiconductor Ltd.<sup>(1)</sup> | 1869 | 111757 |
| Wix.com Ltd.<sup>(1)</sup> | 297 | 41901 |
| ZIM Integrated Shipping Services Ltd. | 3993 | 54345 |
|  |  | 4954524 |
| **Italy — 2.9%** |  |  |
| A2A SpA | 76876 | 193163 |
| ACEA SpA<sup>(2)</sup> | 3191 | 75480 |
| Amplifon SpA<sup>(2)</sup> | 1006 | 18322 |
| Arnoldo Mondadori Editore SpA | 10118 | 24574 |
| Ascopiave SpA | 1761 | 6481 |
| Azimut Holding SpA | 5962 | 213900 |
| Banca Generali SpA | 2979 | 173474 |
| Banca IFIS SpA | 1277 | 34523 |
| Banca Mediolanum SpA | 9832 | 198878 |
| Banca Monte dei Paschi di Siena SpA | 32339 | 296753 |
| Banco BPM SpA | 25745 | 353198 |
| BPER Banca SpA | 65750 | 682949 |
| Brembo NV<sup>(2)</sup> | 1664 | 18421 |
| Brunello Cucinelli SpA | 889 | 102834 |
| Buzzi SpA | 1417 | 71954 |
| Carel Industries SpA<sup>(2)</sup> | 333 | 9079 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Cementir Holding NV | 699 | $11484 |
| CIR SpA-Compagnie Industriali<sup>(1)</sup> | 10844 | 7991 |
| Credito Emiliano SpA | 1683 | 26461 |
| d'Amico International Shipping SA | 4527 | 21062 |
| Danieli & C Officine Meccaniche SpA<sup>(2)</sup> | 239 | 11189 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 1586 | 53278 |
| Davide Campari-Milano NV<sup>(2)</sup> | 2453 | 18478 |
| De' Longhi SpA | 2128 | 74532 |
| DiaSorin SpA<sup>(2)</sup> | 42 | 4237 |
| Digital Value SpA<sup>(2)</sup> | 81 | 3095 |
| doValue SpA<sup>(1)</sup> | 805 | 2619 |
| Enav SpA | 4093 | 20146 |
| Enel SpA | 74758 | 689878 |
| Eni SpA, ADR<sup>(2)</sup> | 24894 | 890458 |
| ERG SpA | 3879 | 93762 |
| Ferrari NV | 1072 | 510152 |
| Fila SpA | 2447 | 24968 |
| Fincantieri SpA<sup>(1)</sup> | 6802 | 162134 |
| FinecoBank Banca Fineco SpA | 19138 | 420114 |
| Generali | 5487 | 214196 |
| Hera SpA | 39266 | 168771 |
| Infrastrutture Wireless Italiane SpA<sup>(2)</sup> | 943 | 11433 |
| Interpump Group SpA | 205 | 9742 |
| Intesa Sanpaolo SpA | 156201 | 983371 |
| Iren SpA | 45547 | 137600 |
| Italgas SpA | 30994 | 278591 |
| Iveco Group NV | 12972 | 278922 |
| Juventus Football Club SpA<sup>(1)(2)</sup> | 6111 | 20972 |
| Leonardo SpA | 4135 | 234903 |
| Maire SpA | 6298 | 90967 |
| MARR SpA<sup>(2)</sup> | 1757 | 19884 |
| Mediobanca Banca di Credito Finanziario SpA | 5481 | 132763 |
| MFE-MediaForEurope NV, Class A<sup>(2)</sup> | 13397 | 48805 |
| MFE-MediaForEurope NV, Class B<sup>(2)</sup> | 5676 | 30185 |
| Moncler SpA<sup>(2)</sup> | 2625 | 152788 |
| NewPrinces SpA<sup>(1)</sup> | 1192 | 35009 |
| Nexi SpA | 1732 | 10991 |
| OVS SpA | 9129 | 44021 |
| Piaggio & C SpA<sup>(2)</sup> | 5336 | 12474 |
| Poste Italiane SpA | 7484 | 175287 |
| Prysmian SpA | 2699 | 235550 |
| RAI Way SpA | 6420 | 45393 |
| Recordati Industria Chimica e Farmaceutica SpA | 641 | 39632 |
| Reply SpA | 416 | 59941 |
| Saipem SpA<sup>(2)</sup> | 56299 | 158200 |
| Salvatore Ferragamo SpA<sup>(1)(2)</sup> | 1517 | 8347 |
| Sanlorenzo SpA<sup>(2)</sup> | 180 | 6884 |
| Snam SpA | 55574 | 338293 |
| SOL SpA | 1627 | 98435 |
| Stellantis NV | 20661 | 197835 |
| Technogym SpA | 5742 | 98060 |
| Telecom Italia SpA<sup>(1)</sup> | 49767 | 23868 |
| Telecom Italia SpA, Preference Shares<sup>(1)</sup> | 37591 | 20309 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tenaris SA, ADR | 1830 | $66228 |
| Terna - Rete Elettrica Nazionale | 9784 | 98350 |
| TREVI - Finanziaria Industriale SpA<sup>(1)</sup> | 35154 | 20173 |
| UniCredit SpA | 18070 | 1397619 |
| Unipol Assicurazioni SpA | 5271 | 110127 |
| Webuild SpA<sup>(2)</sup> | 33093 | 149120 |
|  |  | 11784060 |
| **Japan — 21.4%** |  |  |
| & ST HD Co. Ltd. | 1100 | 22508 |
| 77 Bank Ltd. | 2200 | 84396 |
| A&D HOLON Holdings Co. Ltd. | 2000 | 26820 |
| ABC-Mart, Inc.<sup>(2)</sup> | 2000 | 39729 |
| Acom Co. Ltd.<sup>(2)</sup> | 12500 | 39084 |
| ADEKA Corp. | 3000 | 66750 |
| Advantest Corp. | 10200 | 779989 |
| Adventure, Inc. | 200 | 4182 |
| Aeon Co. Ltd.<sup>(2)</sup> | 45330 | 549900 |
| AEON Financial Service Co. Ltd.<sup>(2)</sup> | 3500 | 35175 |
| Aeon Hokkaido Corp. | 3200 | 19856 |
| AGC, Inc. | 7400 | 232044 |
| Aica Kogyo Co. Ltd. | 1300 | 33405 |
| Aichi Corp. | 2100 | 18777 |
| Aichi Financial Group, Inc. | 1966 | 38764 |
| Aichi Steel Corp. | 3600 | 70371 |
| Aida Engineering Ltd. | 200 | 1244 |
| Aiful Corp. | 16300 | 51706 |
| Ain Holdings, Inc. | 400 | 16560 |
| Air Water, Inc. | 8700 | 151253 |
| Aisan Industry Co. Ltd. | 2700 | 35649 |
| Aisin Corp. | 18500 | 304445 |
| Ajinomoto Co., Inc. | 7200 | 195258 |
| Akatsuki, Inc. | 100 | 2029 |
| Akita Bank Ltd. | 1000 | 23823 |
| Alconix Corp. | 1900 | 27880 |
| Alfresa Holdings Corp. | 5900 | 88786 |
| Alpen Co. Ltd.<sup>(2)</sup> | 400 | 6441 |
| Alps Alpine Co. Ltd. | 8100 | 98828 |
| ALSOK Co. Ltd. | 8500 | 65025 |
| Altech Corp. | 300 | 5907 |
| Amada Co. Ltd. | 6300 | 80055 |
| Amano Corp. | 1300 | 37136 |
| Amvis Holdings, Inc. | 400 | 1720 |
| ANA Holdings, Inc. | 5800 | 116935 |
| Anicom Holdings, Inc. | 4100 | 24956 |
| Anritsu Corp. | 4300 | 50459 |
| Anycolor, Inc. | 1000 | 32189 |
| AOKI Holdings, Inc. | 2600 | 31504 |
| Aoyama Trading Co. Ltd.<sup>(2)</sup> | 1700 | 28219 |
| Aozora Bank Ltd.<sup>(2)</sup> | 2800 | 43439 |
| Appier Group, Inc. | 1900 | 19814 |
| ARCLANDS Corp. | 2022 | 24817 |
| Arcs Co. Ltd.<sup>(2)</sup> | 1400 | 28687 |
| Arealink Co. Ltd. | 1300 | 22425 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Argo Graphics, Inc. | 700 | $22321 |
| Arisawa Manufacturing Co. Ltd. | 200 | 2182 |
| Artience Co. Ltd. | 1300 | 26971 |
| As One Corp. | 400 | 6837 |
| Asahi Co. Ltd.<sup>(2)</sup> | 300 | 2802 |
| Asahi Diamond Industrial Co. Ltd. | 1700 | 9322 |
| Asahi Group Holdings Ltd. | 4800 | 60320 |
| Asahi Intecc Co. Ltd. | 1400 | 23967 |
| Asahi Kasei Corp. | 35300 | 288068 |
| Asahi Yukizai Corp.<sup>(2)</sup> | 500 | 15123 |
| Asanuma Corp. | 5000 | 28984 |
| Asics Corp. | 14000 | 376342 |
| ASKA Pharmaceutical Holdings Co. Ltd. | 500 | 8302 |
| ASKUL Corp. | 1100 | 11261 |
| Astellas Pharma, Inc. | 25600 | 281028 |
| Astena Holdings Co. Ltd. | 1500 | 5272 |
| Aucnet, Inc. | 2000 | 26120 |
| Autobacs Seven Co. Ltd. | 2500 | 26521 |
| Avant Group Corp. | 1200 | 12399 |
| Awa Bank Ltd. | 1500 | 35060 |
| Axial Retailing, Inc. | 5100 | 39891 |
| Azbil Corp. | 3200 | 32028 |
| AZ-COM MARUWA Holdings, Inc. | 3300 | 26512 |
| Bandai Namco Holdings, Inc. | 10300 | 354136 |
| Bando Chemical Industries Ltd. | 2300 | 31105 |
| Bank of Iwate Ltd. | 200 | 5030 |
| Bank of Nagoya Ltd. | 600 | 40914 |
| Bank of the Ryukyus Ltd.<sup>(2)</sup> | 900 | 8041 |
| Base Co. Ltd. | 300 | 7349 |
| BayCurrent, Inc. | 2800 | 158866 |
| Belc Co. Ltd.<sup>(2)</sup> | 400 | 19994 |
| Belluna Co. Ltd. | 800 | 5441 |
| Bic Camera, Inc.<sup>(2)</sup> | 3100 | 33238 |
| BIPROGY, Inc. | 3300 | 142107 |
| BML, Inc. | 800 | 19253 |
| Bridgestone Corp. | 11000 | 496930 |
| Brother Industries Ltd. | 7800 | 131436 |
| C Uyemura & Co. Ltd. | 400 | 28321 |
| Calbee, Inc. | 1300 | 23629 |
| Canon Electronics, Inc. | 1300 | 22995 |
| Canon Marketing Japan, Inc. | 2400 | 93036 |
| Canon, Inc.<sup>(2)</sup> | 6100 | 178517 |
| Capcom Co. Ltd. | 3600 | 97146 |
| Carenet, Inc. | 800 | 6212 |
| Cawachi Ltd. | 200 | 3801 |
| Celsys, Inc. | 900 | 10520 |
| Central Automotive Products Ltd. | 1800 | 22917 |
| Central Glass Co. Ltd. | 1000 | 22792 |
| Central Japan Railway Co. | 16700 | 444189 |
| Chiba Bank Ltd. | 9600 | 98208 |
| Chiba Kogyo Bank Ltd.<sup>(2)</sup> | 3100 | 31499 |
| Chori Co. Ltd. | 300 | 7877 |
| Chubu Electric Power Co., Inc. | 8900 | 122551 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chubu Shiryo Co. Ltd. | 400 | $4705 |
| Chubu Steel Plate Co. Ltd.<sup>(2)</sup> | 1400 | 21092 |
| Chudenko Corp. | 1100 | 28834 |
| Chugai Pharmaceutical Co. Ltd. | 4900 | 216537 |
| Chugin Financial Group, Inc. | 5200 | 74061 |
| Chugoku Electric Power Co., Inc. | 5800 | 34788 |
| Chugoku Marine Paints Ltd. | 1300 | 31037 |
| Citizen Watch Co. Ltd. | 6900 | 47284 |
| CKD Corp. | 3500 | 57426 |
| CMK Corp. | 4300 | 10514 |
| Coca-Cola Bottlers Japan Holdings, Inc. | 4900 | 85807 |
| Colowide Co. Ltd. | 1200 | 15891 |
| Computer Engineering & Consulting Ltd. | 300 | 4699 |
| COMSYS Holdings Corp. | 4500 | 112720 |
| Comture Corp. | 1600 | 18611 |
| Concordia Financial Group Ltd. | 21300 | 160716 |
| Cosmo Energy Holdings Co. Ltd. | 2400 | 115339 |
| Cosmos Pharmaceutical Corp. | 1000 | 60578 |
| Cover Corp.<sup>(1)(2)</sup> | 1100 | 15827 |
| Create Restaurants Holdings, Inc. | 4800 | 25910 |
| Credit Saison Co. Ltd. | 5200 | 132048 |
| Creek & River Co. Ltd. | 500 | 4980 |
| Cresco Ltd. | 1700 | 19733 |
| CTI Engineering Co. Ltd. | 1600 | 31869 |
| Curves Holdings Co. Ltd. | 3800 | 21373 |
| CyberAgent, Inc. | 7700 | 93103 |
| Cybozu, Inc. | 700 | 18091 |
| Dai Nippon Printing Co. Ltd. | 4400 | 73698 |
| Daicel Corp. | 7700 | 70867 |
| Dai-Dan Co. Ltd. | 400 | 15586 |
| Daido Steel Co. Ltd. | 5000 | 42777 |
| Daiei Kankyo Co. Ltd. | 1500 | 34207 |
| Daifuku Co. Ltd. | 6300 | 198288 |
| Daihatsu Infinearth Mfg Co. Ltd. | 1400 | 30279 |
| Daiichi Jitsugyo Co. Ltd. | 600 | 10992 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 200 | 934 |
| Dai-ichi Life Holdings, Inc. | 58800 | 482487 |
| Daiichi Sankyo Co. Ltd. | 17400 | 416063 |
| Daiichikosho Co. Ltd. | 3200 | 36643 |
| Daikin Industries Ltd. | 2700 | 337323 |
| Daikoku Denki Co. Ltd.<sup>(2)</sup> | 600 | 10483 |
| Daikokutenbussan Co. Ltd. | 200 | 10131 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 400 | 10369 |
| Daio Paper Corp. | 5500 | 32539 |
| Daiseki Co. Ltd.<sup>(2)</sup> | 660 | 15943 |
| Daishi Hokuetsu Financial Group, Inc. | 2900 | 77528 |
| Daishinku Corp. | 1400 | 5488 |
| Daito Pharmaceutical Co. Ltd. | 440 | 3661 |
| Daito Trust Construction Co. Ltd. | 1600 | 170259 |
| Daitron Co. Ltd. | 800 | 22273 |
| Daiwa House Industry Co. Ltd. | 11400 | 402793 |
| Daiwa Securities Group, Inc. | 18400 | 142643 |
| Daiwabo Holdings Co. Ltd. | 3800 | 80568 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| DCM Holdings Co. Ltd.<sup>(2)</sup> | 3600 | $36064 |
| Denka Co. Ltd. | 2300 | 34785 |
| Denso Corp. | 22500 | 322415 |
| Dentsu Group, Inc. | 1900 | 37517 |
| Dentsu Soken, Inc. | 400 | 17911 |
| Denyo Co. Ltd. | 200 | 3834 |
| Dexerials Corp. | 8300 | 111751 |
| DIC Corp. | 3800 | 87883 |
| Digital Arts, Inc. | 300 | 15683 |
| Digital Garage, Inc. | 900 | 22306 |
| Dip Corp.<sup>(2)</sup> | 1600 | 25446 |
| Disco Corp. | 700 | 191524 |
| DKS Co. Ltd. | 600 | 22743 |
| DMG Mori Co. Ltd. | 3600 | 74865 |
| Doshisha Co. Ltd. | 400 | 7087 |
| Doutor Nichires Holdings Co. Ltd. | 1400 | 24410 |
| Dowa Holdings Co. Ltd. | 1500 | 52665 |
| DTS Corp. | 700 | 24681 |
| Duskin Co. Ltd. | 800 | 21358 |
| DyDo Group Holdings, Inc.<sup>(2)</sup> | 1300 | 21771 |
| Eagle Industry Co. Ltd. | 200 | 3407 |
| East Japan Railway Co. | 20800 | 510338 |
| Ebara Corp. | 13000 | 267310 |
| EDION Corp. | 2400 | 32992 |
| Eisai Co. Ltd.<sup>(2)</sup> | 1400 | 42802 |
| Eizo Corp. | 1200 | 18183 |
| Elecom Co. Ltd. | 2100 | 26222 |
| Electric Power Development Co. Ltd. | 6500 | 123923 |
| en Japan, Inc. | 1300 | 15517 |
| ENEOS Holdings, Inc. | 70000 | 414498 |
| Enplas Corp. | 300 | 10448 |
| eRex Co. Ltd. | 3700 | 17802 |
| ESPEC Corp. | 200 | 4605 |
| Exedy Corp. | 1200 | 43180 |
| EXEO Group, Inc. | 7200 | 106213 |
| FANUC Corp. | 4200 | 116758 |
| Fast Retailing Co. Ltd. | 1500 | 468869 |
| FCC Co. Ltd. | 2500 | 53131 |
| Ferrotec Corp. | 3000 | 78411 |
| First Bank of Toyama Ltd.<sup>(2)</sup> | 3100 | 27137 |
| Fixstars Corp.<sup>(2)</sup> | 800 | 10239 |
| Food & Life Cos. Ltd. | 2000 | 115359 |
| Foster Electric Co. Ltd. | 100 | 1465 |
| FP Corp. | 1300 | 23169 |
| France Bed Holdings Co. Ltd. | 200 | 1718 |
| Fudo Tetra Corp. | 1500 | 26746 |
| Fuji Co. Ltd.<sup>(2)</sup> | 1600 | 21812 |
| Fuji Corp. /Aichi<sup>(2)</sup> | 2900 | 53982 |
| Fuji Electric Co. Ltd. | 3000 | 188914 |
| Fuji Kyuko Co. Ltd. | 200 | 2893 |
| Fuji Media Holdings, Inc. | 1600 | 35964 |
| Fuji Oil Co. Ltd. | 1300 | 32159 |
| Fuji Seal International, Inc. | 1400 | 27367 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fujibo Holdings, Inc. | 700 | $30259 |
| Fujicco Co. Ltd. | 200 | 2207 |
| FUJIFILM Holdings Corp. | 9800 | 232169 |
| Fujikura Composites, Inc. | 700 | 8739 |
| Fujikura Ltd. | 8100 | 687195 |
| Fujita Kanko, Inc. | 400 | 31688 |
| Fujitsu Ltd. | 26100 | 628075 |
| Fujiya Co. Ltd. | 300 | 5180 |
| Fukuda Corp. | 200 | 7960 |
| Fukuda Denshi Co. Ltd. | 500 | 22852 |
| Fukui Computer Holdings, Inc. | 500 | 11224 |
| Fukuoka Financial Group, Inc. | 3300 | 98882 |
| Fukuyama Transporting Co. Ltd. | 1000 | 23779 |
| FULLCAST Holdings Co. Ltd. | 700 | 8386 |
| Funai Soken Holdings, Inc. | 800 | 13714 |
| Furukawa Co. Ltd. | 1900 | 36113 |
| Furukawa Electric Co. Ltd. | 2800 | 174538 |
| Furuno Electric Co. Ltd.<sup>(2)</sup> | 2100 | 79613 |
| Furyu Corp. | 700 | 5044 |
| Fuso Chemical Co. Ltd. | 900 | 28395 |
| Futaba Industrial Co. Ltd. | 4100 | 26267 |
| Future Corp. | 600 | 9294 |
| Fuyo General Lease Co. Ltd. | 2400 | 71080 |
| G-7 Holdings, Inc. | 200 | 1822 |
| GA Technologies Co. Ltd.<sup>(1)</sup> | 1800 | 26250 |
| Gakken Holdings Co. Ltd. | 1500 | 10571 |
| Galilei Co. Ltd. | 400 | 9911 |
| Genki Global Dining Concepts Corp.<sup>(2)</sup> | 1200 | 27839 |
| Genky DrugStores Co. Ltd. | 1300 | 39919 |
| Geo Holdings Corp. | 1900 | 21332 |
| GLOBERIDE, Inc. | 400 | 6427 |
| Glory Ltd. | 3100 | 80371 |
| GMO Financial Holdings, Inc.<sup>(2)</sup> | 1200 | 8091 |
| GMO internet group, Inc. | 2400 | 64217 |
| GMO Payment Gateway, Inc. | 1100 | 62974 |
| Godo Steel Ltd. | 700 | 19622 |
| Goldcrest Co. Ltd.<sup>(2)</sup> | 500 | 11414 |
| Goldwin, Inc. | 600 | 29429 |
| GS Yuasa Corp. | 3200 | 71733 |
| G-Tekt Corp. | 900 | 12037 |
| Gunma Bank Ltd. | 8300 | 86743 |
| Gunze Ltd. | 800 | 20307 |
| H.U. Group Holdings, Inc.<sup>(2)</sup> | 1800 | 44763 |
| H2O Retailing Corp. | 4800 | 67536 |
| Hachijuni Bank Ltd. | 8200 | 79863 |
| Hagiwara Electric Holdings Co. Ltd. | 700 | 16962 |
| Hakuhodo DY Holdings, Inc. | 5500 | 44086 |
| Halows Co. Ltd. | 600 | 20845 |
| Hamakyorex Co. Ltd. | 4000 | 40812 |
| Hamamatsu Photonics KK | 2600 | 27288 |
| Hankyu Hanshin Holdings, Inc. | 1900 | 56253 |
| Hanwa Co. Ltd. | 1300 | 55812 |
| Happinet Corp. | 600 | 28095 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Haseko Corp. | 5200 | $85942 |
| Hazama Ando Corp. | 9000 | 104693 |
| Heiwa Corp.<sup>(2)</sup> | 2000 | 29596 |
| Heiwado Co. Ltd.<sup>(2)</sup> | 1000 | 19299 |
| Hikari Tsushin, Inc. | 200 | 53257 |
| Hino Motors Ltd.<sup>(1)</sup> | 19800 | 51338 |
| Hirata Corp. | 1600 | 19635 |
| Hirogin Holdings, Inc. | 6800 | 64616 |
| Hirose Electric Co. Ltd. | 600 | 77687 |
| HIS Co. Ltd. | 3300 | 33389 |
| Hitachi Construction Machinery Co. Ltd. | 4500 | 138340 |
| Hitachi Ltd. | 51000 | 1374114 |
| Hogy Medical Co. Ltd. | 100 | 3590 |
| Hokkaido Electric Power Co., Inc.<sup>(2)</sup> | 5300 | 41656 |
| Hokko Chemical Industry Co. Ltd. | 200 | 2165 |
| Hokkoku Financial Holdings, Inc.<sup>(2)</sup> | 700 | 29071 |
| Hokuetsu Corp. | 3800 | 26325 |
| Hokuhoku Financial Group, Inc. | 4300 | 108312 |
| Hokuriku Electric Power Co.<sup>(2)</sup> | 2600 | 15925 |
| Hokuto Corp. | 200 | 2547 |
| Honda Motor Co. Ltd., ADR<sup>(2)</sup> | 26556 | 886970 |
| H-One Co. Ltd. | 2300 | 22983 |
| Hoosiers Holdings Co. Ltd.<sup>(2)</sup> | 200 | 1742 |
| Horiba Ltd. | 1700 | 126229 |
| Hoshizaki Corp. | 600 | 23068 |
| Hosiden Corp. | 800 | 12426 |
| Hosokawa Micron Corp. | 200 | 7681 |
| House Foods Group, Inc. | 600 | 11548 |
| Hoya Corp. | 1884 | 243275 |
| HS Holdings Co. Ltd. | 200 | 1434 |
| Hulic Co. Ltd. | 3900 | 41834 |
| Hyakugo Bank Ltd. | 8800 | 49277 |
| Hyakujushi Bank Ltd. | 1000 | 33595 |
| Ibiden Co. Ltd. | 5500 | 264134 |
| Icom, Inc. | 200 | 3891 |
| Idec Corp. | 800 | 13200 |
| Idemitsu Kosan Co. Ltd. | 28000 | 185759 |
| IDOM, Inc. | 900 | 6117 |
| IHI Corp. | 5000 | 519610 |
| Iida Group Holdings Co. Ltd. | 5200 | 81564 |
| Iino Kaiun Kaisha Ltd.<sup>(2)</sup> | 3000 | 24308 |
| Inaba Denki Sangyo Co. Ltd. | 1800 | 50615 |
| Inabata & Co. Ltd. | 2300 | 53884 |
| Ines Corp. | 100 | 1207 |
| I-Net Corp. | 100 | 1197 |
| Infomart Corp. | 200 | 501 |
| INFRONEER Holdings, Inc. | 10084 | 100639 |
| Inpex Corp. | 25600 | 434999 |
| Insource Co. Ltd. | 1600 | 10290 |
| Intage Holdings, Inc. | 200 | 2404 |
| Integral Corp.<sup>(2)</sup> | 800 | 20573 |
| Internet Initiative Japan, Inc. | 3900 | 73386 |
| IR Japan Holdings Ltd. | 100 | 505 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Iriso Electronics Co. Ltd. | 1200 | $23604 |
| Iseki & Co. Ltd. | 500 | 6848 |
| Isetan Mitsukoshi Holdings Ltd. | 3400 | 56562 |
| Ishihara Sangyo Kaisha Ltd. | 2500 | 41567 |
| Isuzu Motors Ltd. | 17700 | 231846 |
| Ito En Ltd. | 3600 | 82669 |
| ITOCHU Corp. | 6100 | 344581 |
| Itochu Enex Co. Ltd. | 3700 | 48533 |
| Itochu-Shokuhin Co. Ltd. | 400 | 27279 |
| Itoham Yonekyu Holdings, Inc. | 520 | 19953 |
| IwaiCosmo Holdings, Inc. | 1500 | 26750 |
| Iwatani Corp. | 7000 | 76276 |
| Iyogin Holdings, Inc. | 9100 | 125628 |
| Izumi Co. Ltd. | 1300 | 28589 |
| J Front Retailing Co. Ltd.<sup>(2)</sup> | 11700 | 181147 |
| J Trust Co. Ltd. | 1200 | 3592 |
| JAC Recruitment Co. Ltd. | 1200 | 8915 |
| Jaccs Co. Ltd.<sup>(2)</sup> | 900 | 26102 |
| JAFCO Group Co. Ltd. | 2100 | 36667 |
| Japan Airlines Co. Ltd. | 5200 | 110581 |
| Japan Airport Terminal Co. Ltd. | 2200 | 75399 |
| Japan Aviation Electronics Industry Ltd. | 2300 | 39217 |
| Japan Electronic Materials Corp.<sup>(2)</sup> | 1300 | 24462 |
| Japan Elevator Service Holdings Co. Ltd. | 1800 | 47147 |
| Japan Exchange Group, Inc. | 10600 | 110793 |
| Japan Lifeline Co. Ltd. | 2400 | 23519 |
| Japan Material Co. Ltd. | 500 | 5012 |
| Japan Petroleum Exploration Co. Ltd. | 6500 | 53319 |
| Japan Post Bank Co. Ltd. | 16200 | 203636 |
| Japan Post Holdings Co. Ltd. | 31900 | 325520 |
| Japan Post Insurance Co. Ltd. | 3400 | 95196 |
| Japan Pulp & Paper Co. Ltd. | 2000 | 9406 |
| Japan Steel Works Ltd. | 600 | 36070 |
| Japan Wool Textile Co. Ltd. | 700 | 7576 |
| JBCC Holdings, Inc. | 2100 | 19496 |
| JCU Corp. | 1000 | 28869 |
| JDC Corp. | 200 | 665 |
| Jeol Ltd. | 1400 | 43794 |
| JFE Holdings, Inc. | 20700 | 257338 |
| JGC Holdings Corp. | 4900 | 46673 |
| JINS Holdings, Inc.<sup>(2)</sup> | 600 | 32469 |
| J-Oil Mills, Inc. | 1500 | 20699 |
| Joshin Denki Co. Ltd. | 300 | 5093 |
| Joyful Honda Co. Ltd. | 900 | 13013 |
| JSB Co. Ltd.<sup>(2)</sup> | 400 | 10589 |
| JTEKT Corp. | 7500 | 73268 |
| Juki Corp.<sup>(1)</sup> | 1000 | 2864 |
| Juroku Financial Group, Inc. | 1000 | 36723 |
| Justsystems Corp. | 600 | 18759 |
| JVCKenwood Corp. | 9700 | 80958 |
| Kadokawa Corp. | 400 | 9189 |
| Kaga Electronics Co. Ltd. | 2300 | 53781 |
| Kajima Corp. | 4200 | 124893 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kakaku.com, Inc. | 3800 | $70642 |
| Kameda Seika Co. Ltd. | 800 | 22514 |
| Kamei Corp. | 1600 | 30646 |
| Kamigumi Co. Ltd. | 2800 | 83987 |
| Kanadevia Corp. | 7700 | 51408 |
| Kanamoto Co. Ltd. | 2200 | 52234 |
| Kandenko Co. Ltd. | 4500 | 121277 |
| Kaneka Corp. | 2500 | 73124 |
| Kanematsu Corp. | 4500 | 94710 |
| Kansai Electric Power Co., Inc. | 14400 | 199795 |
| Kansai Paint Co. Ltd. | 3100 | 52212 |
| Kanto Denka Kogyo Co. Ltd. | 1200 | 6905 |
| Kao Corp. | 4000 | 181744 |
| Kawada Technologies, Inc. | 1200 | 32971 |
| Kawasaki Heavy Industries Ltd. | 5100 | 308495 |
| Kawasaki Kisen Kaisha Ltd.<sup>(2)</sup> | 5400 | 82524 |
| KDDI Corp. | 45200 | 781206 |
| KeePer Technical Laboratory Co. Ltd.<sup>(2)</sup> | 300 | 6829 |
| Keihan Holdings Co. Ltd. | 4500 | 98191 |
| Keihanshin Building Co. Ltd. | 300 | 3184 |
| Keikyu Corp. | 7200 | 75753 |
| Keio Corp. | 3000 | 75365 |
| Keisei Electric Railway Co. Ltd. | 1500 | 13803 |
| KEIWA, Inc. | 400 | 3001 |
| Keiyo Bank Ltd. | 4500 | 36731 |
| Kewpie Corp. | 1900 | 53404 |
| Keyence Corp. | 800 | 304994 |
| KH Neochem Co. Ltd. | 1200 | 22740 |
| Kikkoman Corp.<sup>(2)</sup> | 2500 | 21457 |
| Kinden Corp. | 2300 | 82037 |
| Kintetsu Group Holdings Co. Ltd. | 6600 | 132415 |
| Kirin Holdings Co. Ltd. | 5600 | 81293 |
| Kissei Pharmaceutical Co. Ltd. | 400 | 11747 |
| Kitanotatsujin Corp.<sup>(2)</sup> | 200 | 201 |
| Kitz Corp. | 2700 | 27415 |
| Kiyo Bank Ltd. | 2900 | 56760 |
| Koa Corp. | 2100 | 16374 |
| Koatsu Gas Kogyo Co. Ltd. | 200 | 1447 |
| Kobe Bussan Co. Ltd.<sup>(2)</sup> | 1200 | 33751 |
| Kobe Steel Ltd.<sup>(2)</sup> | 11700 | 143580 |
| Koei Tecmo Holdings Co. Ltd. | 1020 | 13375 |
| Kohnan Shoji Co. Ltd.<sup>(2)</sup> | 1100 | 29712 |
| Koito Manufacturing Co. Ltd. | 3500 | 49781 |
| Kojima Co. Ltd.<sup>(2)</sup> | 1100 | 8354 |
| Kokuyo Co. Ltd. | 2000 | 12398 |
| Komatsu Ltd. | 13300 | 450263 |
| KOMEDA Holdings Co. Ltd.<sup>(2)</sup> | 800 | 16484 |
| Komeri Co. Ltd. | 1100 | 24827 |
| Komori Corp. | 1500 | 15599 |
| Konami Group Corp. | 1100 | 165922 |
| Konica Minolta, Inc.<sup>(1)</sup> | 24300 | 82561 |
| Konishi Co. Ltd. | 800 | 7016 |
| Konoike Transport Co. Ltd. | 1400 | 32252 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Koshidaka Holdings Co. Ltd.<sup>(2)</sup> | 1800 | $16828 |
| Kotobuki Spirits Co. Ltd. | 3300 | 40696 |
| KPP Group Holdings Co. Ltd. | 2100 | 11640 |
| Krosaki Harima Corp. | 1200 | 33472 |
| KRS Corp.<sup>(2)</sup> | 900 | 20705 |
| K's Holdings Corp. | 5300 | 54011 |
| Kubota Corp. | 11700 | 135276 |
| Kumiai Chemical Industry Co. Ltd. | 3700 | 21063 |
| Kura Sushi, Inc. | 1100 | 28190 |
| Kurabo Industries Ltd.<sup>(2)</sup> | 800 | 41206 |
| Kuraray Co. Ltd. | 10800 | 128679 |
| Kureha Corp. | 1500 | 38834 |
| Kurimoto Ltd. | 600 | 31779 |
| Kurita Water Industries Ltd. | 3400 | 115055 |
| Kusuri No. Aoki Holdings Co. Ltd. | 2100 | 55732 |
| KYB Corp. | 1800 | 46355 |
| Kyocera Corp. | 7600 | 101078 |
| Kyoei Steel Ltd. | 1500 | 23130 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. | 400 | 7443 |
| Kyokuyo Co. Ltd. | 900 | 28493 |
| Kyoritsu Maintenance Co. Ltd.<sup>(2)</sup> | 2800 | 63655 |
| Kyoto Financial Group, Inc. | 3600 | 71074 |
| Kyowa Kirin Co. Ltd. | 1500 | 25906 |
| Kyushu Electric Power Co., Inc. | 11100 | 116764 |
| Kyushu Financial Group, Inc. | 2500 | 14768 |
| Kyushu Railway Co. | 5200 | 143630 |
| Lacto Japan Co. Ltd. | 800 | 21603 |
| Lasertec Corp. | 800 | 83056 |
| LEC, Inc. | 400 | 3227 |
| Leopalace21 Corp. | 9300 | 43760 |
| Life Corp.<sup>(2)</sup> | 2000 | 33379 |
| Lifedrink Co., Inc. | 2400 | 42687 |
| Lintec Corp. | 1600 | 37233 |
| Lion Corp. | 2400 | 25628 |
| LITALICO, Inc. | 500 | 4556 |
| Lixil Corp. | 10400 | 135298 |
| LY Corp. | 25100 | 79466 |
| M&A Capital Partners Co. Ltd. | 1100 | 23294 |
| M3, Inc. | 3100 | 45463 |
| Mabuchi Motor Co. Ltd. | 3600 | 61603 |
| Macnica Holdings, Inc. | 4100 | 55780 |
| Maeda Kosen Co. Ltd. | 1700 | 20606 |
| Makino Milling Machine Co. Ltd. | 600 | 46857 |
| Makita Corp. | 5100 | 172183 |
| Mani, Inc.<sup>(2)</sup> | 200 | 1672 |
| MarkLines Co. Ltd. | 400 | 5610 |
| Marubeni Corp. | 7000 | 158866 |
| Marudai Food Co. Ltd. | 200 | 2658 |
| Maruha Nichiro Corp. | 2300 | 51385 |
| Marui Group Co. Ltd. | 6700 | 144011 |
| Maruichi Steel Tube Ltd. | 600 | 15454 |
| MARUKA FURUSATO Corp. | 500 | 7690 |
| Marusan Securities Co. Ltd. | 1100 | 7149 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Maruwa Co. Ltd. | 200 | $53966 |
| Maruzen Showa Unyu Co. Ltd. | 700 | 34521 |
| Matsuda Sangyo Co. Ltd. | 1200 | 31126 |
| Matsui Securities Co. Ltd. | 1500 | 7905 |
| MatsukiyoCocokara & Co. | 8300 | 171446 |
| Matsuyafoods Holdings Co. Ltd. | 500 | 23635 |
| Maxell Ltd. | 1400 | 19558 |
| Mazda Motor Corp. | 23600 | 157456 |
| McDonald's Holdings Co. Japan Ltd. | 2500 | 111190 |
| MCJ Co. Ltd. | 2900 | 27968 |
| Mebuki Financial Group, Inc. | 20300 | 124787 |
| Media Do Co. Ltd. | 200 | 2470 |
| Medipal Holdings Corp. | 3000 | 53155 |
| Megachips Corp. | 800 | 31082 |
| Megmilk Snow Brand Co. Ltd. | 2600 | 50110 |
| Meidensha Corp. | 2200 | 86434 |
| MEIJI Holdings Co. Ltd. | 4400 | 91518 |
| Meiko Electronics Co. Ltd. | 1400 | 91156 |
| Meisei Industrial Co. Ltd. | 2500 | 27497 |
| MEITEC Group Holdings, Inc. | 2600 | 57614 |
| Menicon Co. Ltd. | 1100 | 8938 |
| Mercari, Inc.<sup>(1)</sup> | 4700 | 79197 |
| METAWATER Co. Ltd. | 1600 | 32537 |
| Micronics Japan Co. Ltd.<sup>(2)</sup> | 2100 | 65265 |
| MIMAKI ENGINEERING Co. Ltd. | 1500 | 17927 |
| Minebea Mitsumi, Inc. | 2600 | 44307 |
| Mirait One Corp. | 3900 | 75007 |
| Mirarth Holdings, Inc. | 7600 | 20287 |
| Miroku Jyoho Service Co. Ltd. | 200 | 2487 |
| MISUMI Group, Inc. | 6300 | 95549 |
| Mitsuba Corp. | 200 | 1262 |
| Mitsubishi Chemical Group Corp. | 36700 | 208541 |
| Mitsubishi Corp.<sup>(2)</sup> | 20900 | 471857 |
| Mitsubishi Electric Corp. | 13300 | 317511 |
| Mitsubishi Estate Co. Ltd. | 17700 | 377055 |
| Mitsubishi Gas Chemical Co., Inc. | 3700 | 66756 |
| Mitsubishi HC Capital, Inc. | 24830 | 203686 |
| Mitsubishi Heavy Industries Ltd. | 39100 | 986579 |
| Mitsubishi Kakoki Kaisha Ltd.<sup>(2)</sup> | 1500 | 27368 |
| Mitsubishi Logisnext Co. Ltd.<sup>(2)</sup> | 2200 | 27454 |
| Mitsubishi Logistics Corp. | 5000 | 41464 |
| Mitsubishi Materials Corp. | 4200 | 71957 |
| Mitsubishi Motors Corp.<sup>(2)</sup> | 20900 | 56933 |
| Mitsubishi Research Institute, Inc. | 400 | 12973 |
| Mitsubishi UFJ Financial Group, Inc., ADR | 110438 | 1688597 |
| Mitsui & Co. Ltd. | 11000 | 253235 |
| Mitsui Chemicals, Inc. | 7100 | 173846 |
| Mitsui DM Sugar Co. Ltd. | 100 | 2204 |
| Mitsui E&S Co. Ltd. | 6200 | 190981 |
| Mitsui Fudosan Co. Ltd. | 27600 | 291794 |
| Mitsui High-Tec, Inc.<sup>(2)</sup> | 5200 | 29793 |
| Mitsui Matsushima Holdings Co. Ltd.<sup>(2)</sup> | 500 | 21145 |
| Mitsui Mining & Smelting Co. Ltd. | 3100 | 218582 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mitsui OSK Lines Ltd.<sup>(2)</sup> | 6900 | $221416 |
| Mitsui-Soko Holdings Co. Ltd. | 3000 | 85050 |
| Mitsuuroko Group Holdings Co. Ltd. | 1800 | 26302 |
| Miura Co. Ltd. | 3500 | 66996 |
| MIXI, Inc. | 300 | 6648 |
| Miyaji Engineering Group, Inc.<sup>(2)</sup> | 2000 | 27636 |
| Miyazaki Bank Ltd. | 300 | 8907 |
| Mizuho Financial Group, Inc., ADR | 151792 | 1001827 |
| Mizuho Leasing Co. Ltd. | 6700 | 57996 |
| Mizuho Medy Co. Ltd. | 600 | 6376 |
| Mochida Pharmaceutical Co. Ltd. | 100 | 2104 |
| Modec, Inc. | 2800 | 149704 |
| Monogatari Corp. | 1200 | 34046 |
| MonotaRO Co. Ltd. | 4400 | 75815 |
| Moriroku Co. Ltd. | 400 | 6638 |
| Morita Holdings Corp. | 2000 | 29823 |
| MrMax Holdings Ltd. | 400 | 2350 |
| MS&AD Insurance Group Holdings, Inc. | 23400 | 544327 |
| Mugen Estate Co. Ltd. | 1400 | 19246 |
| m-up Holdings, Inc. | 900 | 15089 |
| Murata Manufacturing Co. Ltd. | 6700 | 108162 |
| Musashi Seimitsu Industry Co. Ltd. | 2400 | 52895 |
| Musashino Bank Ltd. | 1500 | 38985 |
| Nachi-Fujikoshi Corp. | 500 | 11656 |
| Nagase & Co. Ltd. | 3900 | 83386 |
| Nagoya Railroad Co. Ltd. | 8700 | 99350 |
| Namura Shipbuilding Co. Ltd.<sup>(2)</sup> | 3600 | 85133 |
| Nankai Electric Railway Co. Ltd. | 3900 | 69835 |
| Nanto Bank Ltd. | 1300 | 43537 |
| NEC Corp. | 14000 | 426310 |
| Nexon Co. Ltd. | 1200 | 27155 |
| NGK Insulators Ltd. | 7200 | 113644 |
| NH Foods Ltd. | 2200 | 83128 |
| NHK Spring Co. Ltd. | 7500 | 93729 |
| Nichias Corp. | 1500 | 57750 |
| Nichicon Corp. | 1400 | 13018 |
| Nichiha Corp. | 1300 | 25571 |
| Nichirei Corp. | 5400 | 62285 |
| Nichireki Group Co. Ltd. | 100 | 1897 |
| NIDEC Corp. | 11546 | 249189 |
| Nifco, Inc. | 3000 | 86121 |
| Nihon Chouzai Co. Ltd. | 1000 | 26493 |
| Nihon Dempa Kogyo Co. Ltd. | 1000 | 6237 |
| Nihon Dengi Co. Ltd. | 700 | 25021 |
| Nihon Flush Co. Ltd. | 400 | 2166 |
| Nihon M&A Center Holdings, Inc. | 12500 | 63627 |
| Nihon Nohyaku Co. Ltd. | 3400 | 22451 |
| Nihon Parkerizing Co. Ltd. | 2300 | 22100 |
| Nikkiso Co. Ltd. | 3200 | 32182 |
| Nikkon Holdings Co. Ltd. | 2800 | 60425 |
| Nikon Corp. | 7200 | 80825 |
| Nintendo Co. Ltd. | 5200 | 463782 |
| Nippn Corp. | 1400 | 21611 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nippon Carbon Co. Ltd. | 400 | $11271 |
| Nippon Chemi-Con Corp.<sup>(1)(2)</sup> | 500 | 4733 |
| Nippon Coke & Engineering Co. Ltd.<sup>(1)</sup> | 7500 | 5287 |
| Nippon Denko Co. Ltd. | 2400 | 5357 |
| Nippon Densetsu Kogyo Co. Ltd. | 2100 | 38625 |
| Nippon Electric Glass Co. Ltd. | 1600 | 48724 |
| NIPPON EXPRESS HOLDINGS, Inc. | 9300 | 203456 |
| Nippon Gas Co. Ltd. | 1900 | 36500 |
| Nippon Kayaku Co. Ltd. | 4900 | 47480 |
| Nippon Light Metal Holdings Co. Ltd. | 2960 | 41199 |
| Nippon Paint Holdings Co. Ltd.<sup>(2)</sup> | 2500 | 18090 |
| Nippon Paper Industries Co. Ltd. | 6800 | 55853 |
| Nippon Parking Development Co. Ltd. | 3300 | 6509 |
| Nippon Sanso Holdings Corp. | 1100 | 39873 |
| Nippon Seiki Co. Ltd. | 400 | 4815 |
| Nippon Sheet Glass Co. Ltd.<sup>(1)</sup> | 3200 | 11418 |
| Nippon Shokubai Co. Ltd. | 3200 | 40231 |
| Nippon Signal Co. Ltd. | 3400 | 28073 |
| Nippon Soda Co. Ltd. | 1400 | 33385 |
| Nippon Steel Corp. | 26700 | 562382 |
| Nippon Television Holdings, Inc. | 800 | 20943 |
| Nippon Thompson Co. Ltd. | 2500 | 10604 |
| Nippon Yakin Kogyo Co. Ltd.<sup>(2)</sup> | 1000 | 29819 |
| Nippon Yusen KK | 9200 | 331636 |
| Nipro Corp. | 5600 | 57124 |
| Nishikawa Rubber Co. Ltd. | 1200 | 25505 |
| Nishimatsuya Chain Co. Ltd.<sup>(2)</sup> | 800 | 11550 |
| Nishi-Nippon Financial Holdings, Inc. | 4800 | 80260 |
| Nishi-Nippon Railroad Co. Ltd. | 2800 | 42376 |
| Nishio Holdings Co. Ltd. | 800 | 22662 |
| Nissan Chemical Corp. | 1100 | 38805 |
| Nissan Motor Co. Ltd.<sup>(1)(2)</sup> | 70200 | 157443 |
| Nissan Shatai Co. Ltd. | 4400 | 33896 |
| Nissei ASB Machine Co. Ltd. | 500 | 23757 |
| Nissha Co. Ltd. | 700 | 6403 |
| Nisshin Oillio Group Ltd. | 1100 | 38656 |
| Nisshin Seifun Group, Inc. | 6200 | 75387 |
| Nisshinbo Holdings, Inc. | 3200 | 25073 |
| Nissin Foods Holdings Co. Ltd.<sup>(2)</sup> | 900 | 16948 |
| Nissui Corp. | 14800 | 100508 |
| Niterra Co. Ltd. | 5400 | 192350 |
| Nitori Holdings Co. Ltd. | 600 | 55370 |
| Nittetsu Mining Co. Ltd.<sup>(2)</sup> | 900 | 51519 |
| Nitto Denko Corp. | 16100 | 362389 |
| Nittoc Construction Co. Ltd. | 200 | 1697 |
| Noevir Holdings Co. Ltd. | 100 | 3115 |
| NOF Corp. | 1800 | 33433 |
| Nohmi Bosai Ltd. | 800 | 22039 |
| Nojima Corp. | 2400 | 53885 |
| NOK Corp. | 1200 | 20886 |
| Nomura Co. Ltd. | 5000 | 35139 |
| Nomura Micro Science Co. Ltd.<sup>(2)</sup> | 1900 | 40803 |
| Noritake Co. Ltd. | 1100 | 33548 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Noritsu Koki Co. Ltd. | 3000 | $33961 |
| Noritz Corp. | 1900 | 25091 |
| North Pacific Bank Ltd. | 8100 | 37985 |
| NPR-RIKEN Corp. | 1300 | 25901 |
| NS Solutions Corp. | 2000 | 47369 |
| NS United Kaiun Kaisha Ltd. | 400 | 13473 |
| NSD Co. Ltd. | 1500 | 33771 |
| NSK Ltd. | 4700 | 24665 |
| NTN Corp. | 29700 | 65858 |
| NTT, Inc. | 408300 | 431849 |
| Obayashi Corp. | 20100 | 326045 |
| Obic Co. Ltd. | 500 | 17680 |
| Odakyu Electric Railway Co. Ltd.<sup>(2)</sup> | 7400 | 84674 |
| Ogaki Kyoritsu Bank Ltd. | 1700 | 35983 |
| Oiles Corp. | 400 | 6094 |
| Oita Bank Ltd. | 800 | 26422 |
| Oji Holdings Corp. | 29200 | 160917 |
| Okamoto Industries, Inc. | 600 | 20640 |
| Okamoto Machine Tool Works Ltd. | 200 | 6321 |
| Okasan Securities Group, Inc.<sup>(2)</sup> | 4600 | 21160 |
| Oki Electric Industry Co. Ltd. | 5900 | 61195 |
| Okinawa Cellular Telephone Co. | 1300 | 44360 |
| Okinawa Financial Group, Inc. | 400 | 10022 |
| OKUMA Corp. | 1400 | 32931 |
| Okumura Corp. | 1100 | 36051 |
| Okura Industrial Co. Ltd. | 400 | 13338 |
| Okuwa Co. Ltd. | 100 | 640 |
| Olympus Corp. | 5000 | 57955 |
| Omron Corp.<sup>(2)</sup> | 700 | 17844 |
| Ono Pharmaceutical Co. Ltd. | 7300 | 82222 |
| Open House Group Co. Ltd. | 2900 | 148196 |
| Open Up Group, Inc. | 1800 | 22296 |
| Optex Group Co. Ltd. | 1900 | 24782 |
| Optim Corp.<sup>(1)</sup> | 200 | 762 |
| Oracle Corp. | 700 | 72452 |
| Organo Corp. | 1200 | 90651 |
| Orient Corp. | 1540 | 10513 |
| Oriental Land Co. Ltd. | 2500 | 59521 |
| Oriental Shiraishi Corp. | 9700 | 27319 |
| ORIX Corp., ADR | 21678 | 561894 |
| Osaka Gas Co. Ltd. | 800 | 22767 |
| Osaka Organic Chemical Industry Ltd. | 1100 | 22251 |
| Osaka Steel Co. Ltd.<sup>(2)</sup> | 900 | 16013 |
| OSG Corp. | 4000 | 54721 |
| Otsuka Corp. | 4000 | 82150 |
| Otsuka Holdings Co. Ltd. | 3100 | 162665 |
| Oyo Corp. | 1000 | 19888 |
| Pacific Industrial Co. Ltd. | 2500 | 38739 |
| Pack Corp. | 300 | 2407 |
| PAL GROUP Holdings Co. Ltd. | 1600 | 56128 |
| PALTAC Corp. | 1000 | 30691 |
| Pan Pacific International Holdings Corp. | 6500 | 234451 |
| Panasonic Holdings Corp. | 37400 | 378573 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Paramount Bed Holdings Co. Ltd. | 1200 | $21246 |
| Park24 Co. Ltd. | 4700 | 64469 |
| Pasona Group, Inc.<sup>(2)</sup> | 800 | 11255 |
| Pegasus Co. Ltd. | 1200 | 5285 |
| Penta-Ocean Construction Co. Ltd. | 18500 | 133537 |
| Persol Holdings Co. Ltd. | 65100 | 121412 |
| Pigeon Corp. | 3300 | 40323 |
| Pilot Corp. | 700 | 21417 |
| Piolax, Inc. | 700 | 8683 |
| Pole To Win Holdings, Inc. | 100 | 253 |
| Premium Group Co. Ltd. | 1800 | 27326 |
| Press Kogyo Co. Ltd. | 2300 | 10211 |
| Prestige International, Inc.<sup>(2)</sup> | 2200 | 10211 |
| Prima Meat Packers Ltd. | 1800 | 28841 |
| PS Construction Co. Ltd. | 1700 | 21357 |
| Qol Holdings Co. Ltd. | 1600 | 22202 |
| Quick Co. Ltd. | 600 | 9596 |
| Raccoon Holdings, Inc. | 300 | 1471 |
| Raito Kogyo Co. Ltd. | 2400 | 53768 |
| Raiznext Corp. | 700 | 8998 |
| Rakus Co. Ltd. | 400 | 7099 |
| Rakuten Bank Ltd.<sup>(1)</sup> | 2400 | 134935 |
| Rakuten Group, Inc.<sup>(1)</sup> | 20400 | 125571 |
| Rasa Industries Ltd. | 500 | 15287 |
| Recruit Holdings Co. Ltd. | 11200 | 640901 |
| Relo Group, Inc. | 3700 | 43625 |
| Renesas Electronics Corp. | 5700 | 66534 |
| Rengo Co. Ltd. | 7000 | 43670 |
| RENOVA, Inc.<sup>(1)</sup> | 4200 | 24017 |
| Resona Holdings, Inc. | 36284 | 363908 |
| Resonac Holdings Corp. | 5000 | 129948 |
| Resorttrust, Inc. | 6800 | 86834 |
| Restar Corp. | 1700 | 29958 |
| Retail Partners Co. Ltd. | 500 | 4806 |
| Ricoh Co. Ltd. | 16400 | 144960 |
| Ricoh Leasing Co. Ltd. | 1000 | 38168 |
| Riken Vitamin Co. Ltd. | 500 | 9924 |
| Rinnai Corp. | 900 | 22301 |
| Riso Kyoiku Group Corp.<sup>(2)</sup> | 1600 | 2329 |
| Rohm Co. Ltd.<sup>(2)</sup> | 5900 | 86363 |
| Rohto Pharmaceutical Co. Ltd. | 1900 | 32358 |
| Rorze Corp. | 5500 | 67141 |
| Round One Corp. | 8500 | 86728 |
| Royal Holdings Co. Ltd.<sup>(2)</sup> | 1200 | 21744 |
| Ryobi Ltd. | 1200 | 21525 |
| Ryohin Keikaku Co. Ltd.<sup>(2)</sup> | 17600 | 378532 |
| S Foods, Inc. | 200 | 3663 |
| S&B Foods, Inc. | 1000 | 23128 |
| Saizeriya Co. Ltd.<sup>(2)</sup> | 700 | 25286 |
| Sakai Chemical Industry Co. Ltd. | 800 | 15942 |
| Sakai Moving Service Co. Ltd. | 1300 | 25734 |
| Sakata INX Corp. | 900 | 13703 |
| Sakura Internet, Inc.<sup>(2)</sup> | 900 | 18144 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sala Corp. | 2000 | $13683 |
| San ju San Financial Group, Inc. | 1600 | 38858 |
| San-A Co. Ltd. | 1600 | 30972 |
| San-Ai Obbli Co. Ltd. | 2000 | 28226 |
| Sangetsu Corp. | 2200 | 45948 |
| San-In Godo Bank Ltd. | 6200 | 56205 |
| Sanken Electric Co. Ltd.<sup>(1)</sup> | 900 | 49817 |
| Sanki Engineering Co. Ltd. | 2600 | 87860 |
| Sankyo Co. Ltd. | 7600 | 152984 |
| Sankyu, Inc. | 2600 | 144456 |
| Sanoh Industrial Co. Ltd. | 100 | 547 |
| Sanrio Co. Ltd. | 3300 | 170746 |
| Sansan, Inc.<sup>(1)</sup> | 700 | 9067 |
| Sanshin Electronics Co. Ltd. | 1300 | 24720 |
| Santen Pharmaceutical Co. Ltd. | 8300 | 87941 |
| Sanwa Holdings Corp. | 5400 | 173857 |
| Sanyo Chemical Industries Ltd. | 900 | 26124 |
| Sanyo Denki Co. Ltd. | 200 | 13502 |
| Sapporo Holdings Ltd. | 1700 | 86992 |
| Sato Corp. | 1900 | 28954 |
| SBI Holdings, Inc. | 11200 | 526241 |
| SBS Holdings, Inc. | 1000 | 24091 |
| SCREEN Holdings Co. Ltd. | 1500 | 113387 |
| Scroll Corp. | 1200 | 8943 |
| SCSK Corp. | 3400 | 108304 |
| Secom Co. Ltd. | 3000 | 110761 |
| Sega Sammy Holdings, Inc. | 3500 | 72820 |
| Seibu Holdings, Inc. | 5500 | 199569 |
| Seika Corp. | 700 | 27691 |
| Seikagaku Corp. | 700 | 3130 |
| Seikitokyu Kogyo Co. Ltd.<sup>(2)</sup> | 2200 | 22911 |
| Seiko Epson Corp. | 6500 | 82657 |
| Seiko Group Corp. | 900 | 39093 |
| Seino Holdings Co. Ltd. | 3900 | 60857 |
| Seiren Co. Ltd. | 1600 | 32957 |
| Sekisui Chemical Co. Ltd. | 6400 | 121461 |
| Sekisui House Ltd.<sup>(2)</sup> | 2500 | 56261 |
| Sekisui Jushi Corp. | 100 | 1478 |
| Senko Group Holdings Co. Ltd. | 6600 | 90625 |
| Senshu Electric Co. Ltd. | 400 | 12144 |
| Senshu Ikeda Holdings, Inc.<sup>(2)</sup> | 12600 | 55009 |
| Seria Co. Ltd. | 1100 | 22531 |
| Seven & i Holdings Co. Ltd.<sup>(2)</sup> | 20600 | 266627 |
| Seven Bank Ltd. | 24400 | 48030 |
| SG Holdings Co. Ltd.<sup>(2)</sup> | 9400 | 101207 |
| Sharp Corp.<sup>(1)</sup> | 3900 | 23367 |
| Shibaura Machine Co. Ltd.<sup>(2)</sup> | 900 | 25324 |
| Shibaura Mechatronics Corp.<sup>(2)</sup> | 600 | 44291 |
| Shibuya Corp. | 100 | 2410 |
| SHIFT, Inc.<sup>(1)</sup> | 1500 | 15490 |
| Shiga Bank Ltd. | 600 | 26541 |
| Shikoku Bank Ltd. | 3000 | 28835 |
| Shikoku Kasei Holdings Corp. | 1600 | 23357 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Shimadzu Corp.<sup>(2)</sup> | 1100 | $26936 |
| Shimamura Co. Ltd. | 800 | 59056 |
| Shimano, Inc. | 600 | 66536 |
| Shimizu Corp. | 12800 | 171959 |
| Shin-Etsu Chemical Co. Ltd. | 8800 | 268025 |
| Shin-Etsu Polymer Co. Ltd. | 200 | 2524 |
| Shinmaywa Industries Ltd. | 3900 | 46627 |
| Shinnihon Corp. | 1900 | 24253 |
| Shionogi & Co. Ltd. | 9900 | 171247 |
| Ship Healthcare Holdings, Inc.<sup>(2)</sup> | 2300 | 34761 |
| Shiseido Co. Ltd.<sup>(2)</sup> | 2000 | 32458 |
| Shizuoka Financial Group, Inc. | 9200 | 122116 |
| SHO-BOND Holdings Co. Ltd. | 500 | 17322 |
| Shoei Co. Ltd.<sup>(2)</sup> | 1600 | 20057 |
| Showa Sangyo Co. Ltd. | 1100 | 22355 |
| SIGMAXYZ Holdings, Inc. | 1800 | 11814 |
| Siix Corp. | 2900 | 25556 |
| Sinfonia Technology Co. Ltd. | 1600 | 85020 |
| Sinko Industries Ltd. | 600 | 5105 |
| Sintokogio Ltd. | 200 | 1326 |
| SK-Electronics Co. Ltd. | 800 | 16069 |
| SKY Perfect JSAT Holdings, Inc. | 7900 | 74930 |
| Skylark Holdings Co. Ltd. | 2200 | 44084 |
| SMC Corp. | 153 | 46827 |
| SMS Co. Ltd. | 1300 | 13871 |
| Socionext, Inc.<sup>(2)</sup> | 7500 | 142132 |
| Sodick Co. Ltd. | 2100 | 12151 |
| SoftBank Corp. | 271700 | 420288 |
| SoftBank Group Corp. | 10100 | 1084579 |
| Sojitz Corp. | 5940 | 156481 |
| Solasto Corp. | 100 | 324 |
| Sompo Holdings, Inc. | 17400 | 556094 |
| Sony Group Corp., ADR<sup>(2)</sup> | 74405 | 2047626 |
| Sotetsu Holdings, Inc. | 4100 | 72108 |
| Sparx Group Co. Ltd. | 420 | 4394 |
| S-Pool, Inc. | 1600 | 3512 |
| Square Enix Holdings Co. Ltd. | 1900 | 130505 |
| Stanley Electric Co. Ltd. | 3400 | 68862 |
| Star Micronics Co. Ltd. | 2100 | 23969 |
| Starts Corp., Inc. | 1000 | 33783 |
| Starzen Co. Ltd. | 600 | 4858 |
| Stella Chemifa Corp. | 200 | 5615 |
| Strike Co. Ltd. | 400 | 11660 |
| Subaru Corp. | 19600 | 384481 |
| Sugi Holdings Co. Ltd. | 4000 | 101104 |
| SUMCO Corp. | 12400 | 103170 |
| Sumida Corp. | 1500 | 10657 |
| Sumitomo Bakelite Co. Ltd. | 1000 | 33464 |
| Sumitomo Chemical Co. Ltd. | 65600 | 196775 |
| Sumitomo Corp. | 15000 | 420081 |
| Sumitomo Densetsu Co. Ltd. | 900 | 40854 |
| Sumitomo Electric Industries Ltd. | 18900 | 529369 |
| Sumitomo Forestry Co. Ltd. | 9600 | 108876 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sumitomo Heavy Industries Ltd. | 2500 | $55255 |
| Sumitomo Metal Mining Co. Ltd. | 5800 | 156947 |
| Sumitomo Mitsui Financial Group, Inc., ADR | 63174 | 1037317 |
| Sumitomo Mitsui Trust Group, Inc. | 9400 | 267514 |
| Sumitomo Osaka Cement Co. Ltd. | 1900 | 50585 |
| Sumitomo Pharma Co. Ltd.<sup>(1)</sup> | 800 | 8203 |
| Sumitomo Realty & Development Co. Ltd. | 4200 | 172535 |
| Sumitomo Riko Co. Ltd. | 3000 | 44666 |
| Sumitomo Rubber Industries Ltd. | 9200 | 107488 |
| Sumitomo Seika Chemicals Co. Ltd.<sup>(2)</sup> | 200 | 6199 |
| Sumitomo Warehouse Co. Ltd. | 1300 | 27142 |
| Sundrug Co. Ltd. | 1900 | 59727 |
| Suntory Beverage & Food Ltd. | 2000 | 61913 |
| Suruga Bank Ltd. | 2600 | 25983 |
| Suzuki Motor Corp. | 40000 | 529310 |
| SWCC Corp. | 1100 | 60809 |
| Sysmex Corp.<sup>(2)</sup> | 3600 | 45209 |
| Systena Corp. | 12000 | 40281 |
| Syuppin Co. Ltd. | 600 | 4969 |
| T Hasegawa Co. Ltd. | 200 | 4036 |
| T&D Holdings, Inc. | 8300 | 214885 |
| Tachibana Eletech Co. Ltd. | 1400 | 27536 |
| Tachi-S Co. Ltd. | 1000 | 13209 |
| Tadano Ltd. | 2200 | 15443 |
| Taihei Dengyo Kaisha Ltd. | 500 | 21301 |
| Taiheiyo Cement Corp. | 5400 | 146056 |
| Taisei Corp. | 4000 | 270799 |
| Taiyo Holdings Co. Ltd. | 1800 | 93951 |
| Taiyo Yuden Co. Ltd. | 1800 | 36488 |
| Takamatsu Construction Group Co. Ltd. | 100 | 2217 |
| Takara Standard Co. Ltd. | 2600 | 46596 |
| Takasago International Corp. | 900 | 51732 |
| Takasago Thermal Engineering Co. Ltd. | 1500 | 90926 |
| Takashimaya Co. Ltd.<sup>(2)</sup> | 13400 | 118048 |
| Takeda Pharmaceutical Co. Ltd., ADR<sup>(2)</sup> | 17330 | 259777 |
| Takuma Co. Ltd. | 500 | 7657 |
| Tama Home Co. Ltd. | 900 | 21953 |
| Tamron Co. Ltd. | 6400 | 43790 |
| Tamura Corp. | 6300 | 21731 |
| Tanseisha Co. Ltd. | 3400 | 31818 |
| Tazmo Co. Ltd. | 1400 | 21210 |
| TBS Holdings, Inc. | 600 | 21906 |
| TDK Corp. | 31500 | 406767 |
| TechMatrix Corp. | 2200 | 29659 |
| Techno Ryowa Ltd. | 800 | 26879 |
| TechnoPro Holdings, Inc. | 1500 | 48973 |
| Teijin Ltd. | 8200 | 69749 |
| Teikoku Electric Manufacturing Co. Ltd. | 400 | 9079 |
| Terumo Corp.<sup>(2)</sup> | 3800 | 68137 |
| THK Co. Ltd. | 2000 | 53792 |
| TIS, Inc. | 5600 | 186438 |
| TKC Corp. | 600 | 17952 |
| Toa Corp. | 4200 | 61522 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| TOA ROAD Corp. | 2000 | $21866 |
| Toagosei Co. Ltd. | 1300 | 13544 |
| TOBISHIMA HOLDINGS, Inc. | 1600 | 22882 |
| Tobu Railway Co. Ltd. | 4000 | 72603 |
| Tocalo Co. Ltd. | 1600 | 22916 |
| Toda Corp. | 4400 | 31212 |
| Toenec Corp. | 2500 | 24109 |
| Toho Bank Ltd. | 3300 | 8847 |
| Toho Co. Ltd.<sup>(2)</sup> | 700 | 44434 |
| Toho Gas Co. Ltd. | 1700 | 51602 |
| Toho Titanium Co. Ltd. | 2300 | 27655 |
| Tohoku Electric Power Co., Inc.<sup>(2)</sup> | 7900 | 60676 |
| Tokai Carbon Co. Ltd. | 13400 | 92012 |
| Tokai Corp. | 200 | 2938 |
| TOKAI Holdings Corp. | 6100 | 43424 |
| Tokai Rika Co. Ltd. | 1800 | 32052 |
| Tokai Tokyo Financial Holdings, Inc. | 4500 | 17735 |
| Token Corp. | 100 | 9625 |
| Tokio Marine Holdings, Inc. | 25100 | 1076487 |
| Tokushu Tokai Paper Co. Ltd. | 100 | 2883 |
| Tokuyama Corp. | 3900 | 88884 |
| Tokyo Century Corp. | 4400 | 55007 |
| Tokyo Electric Power Co. Holdings, Inc.<sup>(1)</sup> | 30700 | 155598 |
| Tokyo Electron Device Ltd.<sup>(2)</sup> | 1100 | 21433 |
| Tokyo Electron Ltd. | 5100 | 694549 |
| Tokyo Gas Co. Ltd. | 5400 | 206307 |
| Tokyo Kiraboshi Financial Group, Inc.<sup>(2)</sup> | 1100 | 52242 |
| Tokyo Metro Co. Ltd.<sup>(2)</sup> | 9400 | 109122 |
| Tokyo Ohka Kogyo Co. Ltd. | 2300 | 73054 |
| Tokyo Steel Manufacturing Co. Ltd. | 3600 | 40496 |
| Tokyo Tatemono Co. Ltd. | 7700 | 144741 |
| Tokyo Tekko Co. Ltd. | 800 | 32436 |
| Tokyotokeiba Co. Ltd. | 700 | 25131 |
| Tokyu Construction Co. Ltd. | 5700 | 43447 |
| Tokyu Corp. | 16800 | 212047 |
| Tokyu Fudosan Holdings Corp. | 23700 | 190109 |
| Tomoku Co. Ltd. | 1100 | 24661 |
| TOMONY Holdings, Inc. | 10600 | 45472 |
| Tomy Co. Ltd. | 2800 | 63984 |
| TOPPAN Holdings, Inc. | 4500 | 116016 |
| Topre Corp. | 2700 | 39712 |
| Topy Industries Ltd. | 1300 | 25787 |
| Toray Industries, Inc. | 30200 | 201749 |
| Toridoll Holdings Corp. | 1300 | 43624 |
| Toshiba TEC Corp. | 1600 | 31148 |
| Tosoh Corp. | 10200 | 160797 |
| Totech Corp. | 1800 | 38951 |
| Totetsu Kogyo Co. Ltd. | 1100 | 32610 |
| TOTO Ltd. | 1100 | 28405 |
| Towa Bank Ltd. | 200 | 1268 |
| Towa Corp.<sup>(2)</sup> | 3300 | 38435 |
| Towa Pharmaceutical Co. Ltd.<sup>(2)</sup> | 600 | 11767 |
| Toyo Engineering Corp.<sup>(2)</sup> | 1000 | 11382 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Toyo Gosei Co. Ltd. | 100 | $3508 |
| Toyo Kanetsu KK | 800 | 23712 |
| Toyo Seikan Group Holdings Ltd. | 3300 | 80187 |
| Toyo Suisan Kaisha Ltd. | 1900 | 130693 |
| Toyo Tanso Co. Ltd. | 800 | 21025 |
| Toyo Tire Corp. | 6300 | 160057 |
| Toyobo Co. Ltd. | 6100 | 44890 |
| Toyoda Gosei Co. Ltd. | 2300 | 55680 |
| Toyota Boshoku Corp. | 4300 | 70135 |
| Toyota Industries Corp. | 1500 | 165229 |
| Toyota Motor Corp., ADR<sup>(2)</sup> | 11354 | 2209148 |
| Toyota Tsusho Corp. | 14200 | 377938 |
| TPR Co. Ltd. | 1800 | 28776 |
| Transcosmos, Inc. | 1000 | 24409 |
| TRE Holdings Corp. | 2768 | 28785 |
| Trend Micro, Inc. | 3000 | 158997 |
| Trusco Nakayama Corp. | 2300 | 37748 |
| TS Tech Co. Ltd. | 3300 | 41498 |
| TSI Holdings Co. Ltd. | 2600 | 18956 |
| Tsubakimoto Chain Co. | 3600 | 53739 |
| Tsuburaya Fields Holdings, Inc. | 1200 | 17102 |
| Tsugami Corp. | 3400 | 48956 |
| Tsukishima Holdings Co. Ltd.<sup>(2)</sup> | 500 | 10364 |
| Tsuruha Holdings, Inc.<sup>(2)</sup> | 10000 | 154279 |
| TV Asahi Holdings Corp. | 400 | 8399 |
| UACJ Corp. | 2100 | 89635 |
| UBE Corp. | 2900 | 45782 |
| Uchida Yoko Co. Ltd. | 500 | 36334 |
| U-Next Holdings Co. Ltd.<sup>(2)</sup> | 1500 | 21142 |
| Unicharm Corp. | 24400 | 162828 |
| Unipres Corp. | 1100 | 8707 |
| United Arrows Ltd. | 1200 | 16950 |
| United Super Markets Holdings, Inc. | 900 | 5876 |
| Universal Entertainment Corp.<sup>(1)</sup> | 100 | 702 |
| Ushio, Inc. | 1200 | 17456 |
| USS Co. Ltd. | 9000 | 109029 |
| UT Group Co. Ltd. | 1400 | 25656 |
| Valor Holdings Co. Ltd. | 2400 | 45855 |
| ValueCommerce Co. Ltd. | 200 | 1083 |
| Vector, Inc. | 600 | 4613 |
| Vision, Inc. | 2400 | 20324 |
| Visional, Inc.<sup>(1)</sup> | 300 | 23876 |
| Vital KSK Holdings, Inc. | 400 | 3394 |
| VT Holdings Co. Ltd. | 6300 | 20780 |
| Wacom Co. Ltd. | 8900 | 43611 |
| Wakita & Co. Ltd. | 2300 | 28699 |
| Warabeya Nichiyo Holdings Co. Ltd.<sup>(2)</sup> | 1200 | 22963 |
| Welcia Holdings Co. Ltd.<sup>(2)</sup> | 4700 | 82730 |
| West Holdings Corp.<sup>(2)</sup> | 2300 | 25101 |
| West Japan Railway Co. | 11100 | 248090 |
| Xebio Holdings Co. Ltd. | 800 | 6033 |
| Yahagi Construction Co. Ltd. | 400 | 5946 |
| Yakult Honsha Co. Ltd.<sup>(2)</sup> | 1400 | 22871 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| YAKUODO Holdings Co. Ltd. | 200 | $3092 |
| YAMABIKO Corp. | 1700 | 26705 |
| Yamada Holdings Co. Ltd. | 19200 | 60542 |
| Yamae Group Holdings Co. Ltd. | 1200 | 21880 |
| Yamaguchi Financial Group, Inc. | 6600 | 78921 |
| Yamaha Corp. | 1500 | 9870 |
| Yamaha Motor Co. Ltd. | 30800 | 223213 |
| Yamaichi Electronics Co. Ltd. | 1000 | 21579 |
| Yamanashi Chuo Bank Ltd. | 1000 | 20858 |
| Yamato Holdings Co. Ltd. | 4500 | 75926 |
| Yamato Kogyo Co. Ltd. | 200 | 13098 |
| Yamazaki Baking Co. Ltd. | 3000 | 69618 |
| Yamazen Corp. | 1900 | 17656 |
| Yaoko Co. Ltd. | 500 | 31131 |
| Yaskawa Electric Corp.<sup>(2)</sup> | 1200 | 23757 |
| Yodogawa Steel Works Ltd. | 1000 | 9294 |
| Yokogawa Bridge Holdings Corp. | 2500 | 47100 |
| Yokogawa Electric Corp. | 8200 | 239362 |
| Yokohama Rubber Co. Ltd.<sup>(2)</sup> | 5200 | 191337 |
| Yokorei Co. Ltd. | 700 | 5545 |
| Yonex Co. Ltd. | 2300 | 65017 |
| Yoshinoya Holdings Co. Ltd.<sup>(2)</sup> | 1600 | 34547 |
| Yotai Refractories Co. Ltd. | 200 | 2328 |
| Yuasa Trading Co. Ltd. | 900 | 29986 |
| Yurtec Corp. | 2400 | 42944 |
| Zacros Corp. | 800 | 22653 |
| Zenkoku Hosho Co. Ltd. | 2800 | 64031 |
| Zenrin Co. Ltd. | 3200 | 22744 |
| Zensho Holdings Co. Ltd. | 2700 | 170331 |
| Zeon Corp. | 2700 | 31002 |
| ZERIA Pharmaceutical Co. Ltd. | 700 | 9601 |
| ZOZO, Inc. | 8800 | 81772 |
|  |  | 87411109 |
| **Netherlands — 3.6%** |  |  |
| Aalberts NV | 2661 | 93223 |
| ABN AMRO Bank NV, CVA | 13547 | 390745 |
| Acomo NV | 1083 | 27756 |
| Adyen NV<sup>(1)</sup> | 349 | 586030 |
| Aegon Ltd. | 30488 | 237502 |
| AerCap Holdings NV | 5506 | 679991 |
| Akzo Nobel NV<sup>(2)</sup> | 3527 | 243803 |
| Alfen NV<sup>(1)(2)</sup> | 1492 | 17252 |
| AMG Critical Materials NV | 1241 | 38155 |
| Arcadis NV | 1373 | 63347 |
| ASM International NV | 671 | 322194 |
| ASML Holding NV, NY Shares | 3612 | 2682343 |
| ASR Nederland NV | 6067 | 420914 |
| B&S Group SARL | 176 | 1215 |
| Basic-Fit NV<sup>(1)(2)</sup> | 2449 | 71684 |
| BE Semiconductor Industries NV | 1802 | 242725 |
| Brunel International NV<sup>(2)</sup> | 841 | 8509 |
| Coca-Cola Europacific Partners PLC | 5471 | 486153 |
| Constellium SE<sup>(1)</sup> | 8134 | 117862 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Corbion NV | 2955 | $59588 |
| CVC Capital Partners PLC | 4590 | 92652 |
| DSM-Firmenich AG | 2295 | 224556 |
| ForFarmers NV | 632 | 3465 |
| Fugro NV | 4982 | 68711 |
| Heineken Holding NV<sup>(2)</sup> | 291 | 20663 |
| Heineken NV | 2960 | 240085 |
| IMCD NV<sup>(2)</sup> | 405 | 45480 |
| ING Groep NV, ADR | 56208 | 1339437 |
| InPost SA<sup>(1)</sup> | 8780 | 127620 |
| JDE Peet's NV<sup>(2)</sup> | 810 | 29663 |
| Just Eat Takeaway.com NV<sup>(1)</sup> | 5993 | 141538 |
| Kendrion NV | 48 | 731 |
| Koninklijke Ahold Delhaize NV | 24653 | 987915 |
| Koninklijke BAM Groep NV | 18485 | 164770 |
| Koninklijke Heijmans NV, CVA | 1813 | 124623 |
| Koninklijke KPN NV | 148358 | 707987 |
| Koninklijke Philips NV, NY Shares<sup>(2)</sup> | 17304 | 477244 |
| Koninklijke Vopak NV | 3006 | 145359 |
| Nedap NV | 19 | 2009 |
| NN Group NV | 15313 | 1054026 |
| OCI NV<sup>(1)</sup> | 4456 | 25461 |
| PostNL NV<sup>(2)</sup> | 19547 | 22065 |
| Prosus NV<sup>(1)</sup> | 13408 | 829412 |
| SBM Offshore NV | 2618 | 71575 |
| SIF Holding NV<sup>(1)</sup> | 290 | 2623 |
| Signify NV | 2464 | 65067 |
| Sligro Food Group NV | 705 | 8958 |
| Universal Music Group NV<sup>(2)</sup> | 11924 | 337083 |
| Van Lanschot Kempen NV | 419 | 25605 |
| Wolters Kluwer NV | 3333 | 419870 |
|  |  | 14597244 |
| **New Zealand — 0.2%** |  |  |
| Air New Zealand Ltd. | 55807 | 19425 |
| Auckland International Airport Ltd. | 13195 | 58769 |
| Chorus Ltd.<sup>(2)</sup> | 10602 | 61400 |
| Contact Energy Ltd. | 21517 | 114633 |
| EBOS Group Ltd. | 1070 | 20571 |
| Fisher & Paykel Healthcare Corp. Ltd. | 5146 | 111029 |
| Fletcher Building Ltd.<sup>(1)</sup> | 57050 | 106006 |
| Freightways Group Ltd. | 6024 | 43177 |
| Genesis Energy Ltd. | 11169 | 15550 |
| Hallenstein Glasson Holdings Ltd. | 237 | 1216 |
| Infratil Ltd. | 5254 | 35183 |
| KMD Brands Ltd.<sup>(1)(2)</sup> | 10227 | 1448 |
| Mercury NZ Ltd. | 10385 | 40159 |
| Meridian Energy Ltd. | 21967 | 73958 |
| NZX Ltd. | 2074 | 1699 |
| Oceania Healthcare Ltd.<sup>(1)</sup> | 10328 | 3841 |
| Ryman Healthcare Ltd.<sup>(1)(2)</sup> | 31921 | 44904 |
| Sanford Ltd. | 585 | 1953 |
| Scales Corp. Ltd. | 162 | 483 |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 17623 | 7270 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Spark New Zealand Ltd. | 37792 | $57495 |
|  |  | 820169 |
| **Norway — 0.7%** |  |  |
| 2020 Bulkers Ltd. | 909 | 12232 |
| Aker BP ASA | 2681 | 67824 |
| Aker Solutions ASA | 12063 | 37378 |
| Atea ASA<sup>(1)</sup> | 1310 | 18253 |
| Austevoll Seafood ASA | 3307 | 30675 |
| Bakkafrost P | 196 | 8514 |
| Bluenord ASA<sup>(1)</sup> | 674 | 33022 |
| Bonheur ASA | 230 | 5262 |
| Bouvet ASA | 260 | 1764 |
| BW LPG Ltd. | 2550 | 39801 |
| BW Offshore Ltd. | 5561 | 20779 |
| Cadeler AS<sup>(1)</sup> | 4834 | 25343 |
| DNB Bank ASA | 8813 | 232206 |
| DNO ASA | 23076 | 35158 |
| DOF Group ASA | 5677 | 55384 |
| Elmera Group ASA | 637 | 2164 |
| Entra ASA<sup>(1)</sup> | 613 | 7418 |
| Equinor ASA, ADR | 10770 | 265050 |
| Europris ASA | 2542 | 24593 |
| FLEX LNG Ltd.<sup>(1)</sup> | 624 | 17064 |
| Frontline PLC<sup>(2)</sup> | 3623 | 75721 |
| Gjensidige Forsikring ASA | 1821 | 50587 |
| Grieg Seafood ASA<sup>(1)</sup> | 3615 | 25569 |
| Hoegh Autoliners ASA | 4760 | 54704 |
| Kid ASA | 1217 | 17852 |
| Kitron ASA | 5012 | 29126 |
| Kongsberg Automotive ASA<sup>(1)</sup> | 17100 | 3021 |
| Kongsberg Gruppen ASA | 6187 | 184783 |
| Leroy Seafood Group ASA | 2204 | 10799 |
| Mowi ASA | 3327 | 68451 |
| MPC Container Ships ASA | 19654 | 35108 |
| NEL ASA<sup>(1)</sup> | 85047 | 19544 |
| Norbit ASA | 935 | 18980 |
| Nordic Semiconductor ASA<sup>(1)</sup> | 1777 | 29419 |
| Norsk Hydro ASA | 18578 | 120419 |
| Norske Skog ASA<sup>(1)</sup> | 1236 | 2682 |
| Norwegian Air Shuttle ASA | 29749 | 50419 |
| Odfjell Drilling Ltd. | 3213 | 25927 |
| Orkla ASA | 3095 | 34606 |
| Panoro Energy ASA<sup>(1)</sup> | 3234 | 7696 |
| Petronor E&P ASA<sup>(1)</sup> | 206 | 218 |
| Protector Forsikring ASA | 851 | 41136 |
| Public Property Invest AS | 8161 | 19688 |
| Salmar ASA | 304 | 15568 |
| SATS ASA<sup>(1)</sup> | 6309 | 23524 |
| Scatec ASA<sup>(1)</sup> | 7543 | 79399 |
| SpareBank 1 Nord Norge | 4348 | 59281 |
| Sparebank 1 Oestlandet | 1588 | 29593 |
| SpareBank 1 SMN | 3834 | 73226 |
| SpareBank 1 Sor-Norge ASA | 2340 | 41089 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sparebanken More | 150 | $1577 |
| Sparebanken Norge | 955 | 16134 |
| Stolt-Nielsen Ltd. | 590 | 19179 |
| Storebrand ASA | 9920 | 152638 |
| Subsea 7 SA | 7057 | 147607 |
| Telenor ASA | 4840 | 80748 |
| TGS ASA | 6838 | 52279 |
| TOMRA Systems ASA | 3846 | 58544 |
| Veidekke ASA | 669 | 10597 |
| Vend Marketplaces ASA, B Shares | 1800 | 65778 |
| Vend Marketplaces ASA, Class A | 1112 | 43050 |
| Wallenius Wilhelmsen ASA | 4495 | 42065 |
| Wilh Wilhelmsen Holding ASA, Class A | 553 | 28335 |
| Yara International ASA | 3541 | 128905 |
|  |  | 3035455 |
| **Portugal — 0.2%** |  |  |
| Banco Comercial Portugues SA, R Shares | 177737 | 150558 |
| Corticeira Amorim SGPS SA | 399 | 3525 |
| CTT-Correios de Portugal SA | 3038 | 26089 |
| EDP Renovaveis SA | 5695 | 66888 |
| EDP SA | 27769 | 122987 |
| Galp Energia SGPS SA | 8760 | 170275 |
| Jeronimo Martins SGPS SA | 2058 | 50909 |
| Navigator Co. SA<sup>(2)</sup> | 7527 | 29207 |
| NOS SGPS SA | 9056 | 41387 |
| REN - Redes Energeticas Nacionais SGPS SA | 21215 | 74212 |
| Sonae SGPS SA | 23224 | 34726 |
|  |  | 770763 |
| **Singapore — 1.6%** |  |  |
| Bumitama Agri Ltd. | 8900 | 8253 |
| Capitaland India Trust | 38605 | 35499 |
| CapitaLand Investment Ltd.<sup>(2)</sup> | 38800 | 83395 |
| Centurion Corp. Ltd. | 22200 | 30436 |
| City Developments Ltd. | 12800 | 67838 |
| ComfortDelGro Corp. Ltd. | 73100 | 82587 |
| DBS Group Holdings Ltd. | 34367 | 1352784 |
| Far East Orchard Ltd. | 3900 | 3675 |
| First Resources Ltd. | 42200 | 56230 |
| Frencken Group Ltd. | 24500 | 27227 |
| Geo Energy Resources Ltd. | 28300 | 7938 |
| Golden Agri-Resources Ltd. | 230700 | 50396 |
| Grab Holdings Ltd., Class A<sup>(1)</sup> | 26809 | 133777 |
| Hafnia Ltd. | 7046 | 43089 |
| Haw Par Corp. Ltd. | 2700 | 29450 |
| Hong Fok Corp. Ltd. | 15800 | 9730 |
| Hour Glass Ltd. | 8700 | 13624 |
| Hutchison Port Holdings Trust, U Shares | 296000 | 63628 |
| iFAST Corp. Ltd. | 8300 | 54639 |
| Jardine Cycle & Carriage Ltd. | 2500 | 55070 |
| Keppel Infrastructure Trust | 46100 | 15983 |
| Keppel Ltd. | 42100 | 286912 |
| Mandarin Oriental International Ltd. | 3400 | 6864 |
| Netlink NBN Trust | 64700 | 46884 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Olam Group Ltd. | 24600 | $19376 |
| Oversea-Chinese Banking Corp. Ltd. | 46024 | 600128 |
| QAF Ltd. | 5200 | 3609 |
| Riverstone Holdings Ltd.<sup>(2)</sup> | 13900 | 7797 |
| Samudera Shipping Line Ltd. | 19300 | 15488 |
| SATS Ltd. | 23109 | 59590 |
| Sea Ltd., ADR<sup>(1)</sup> | 3809 | 710531 |
| Seatrium Ltd. | 39219 | 71444 |
| Sembcorp Industries Ltd. | 17500 | 82743 |
| Sheng Siong Group Ltd. | 33800 | 53475 |
| Singapore Airlines Ltd.<sup>(2)</sup> | 39800 | 204066 |
| Singapore Exchange Ltd. | 21300 | 274976 |
| Singapore Technologies Engineering Ltd. | 29500 | 176545 |
| Singapore Telecommunications Ltd. | 53600 | 180138 |
| StarHub Ltd. | 4500 | 3927 |
| Straits Trading Co. Ltd. | 6700 | 8046 |
| UMS Integration Ltd.<sup>(2)</sup> | 13400 | 14411 |
| United Overseas Bank Ltd. | 30900 | 846248 |
| UOL Group Ltd. | 15300 | 88834 |
| Venture Corp. Ltd. | 7000 | 74079 |
| Wee Hur Holdings Ltd. | 52200 | 29895 |
| Wilmar International Ltd. | 54100 | 124335 |
| Wing Tai Holdings Ltd. | 4300 | 4658 |
| Yangzijiang Financial Holding Ltd. | 163100 | 133438 |
| Yangzijiang Shipbuilding Holdings Ltd. | 111100 | 251732 |
| Yanlord Land Group Ltd.<sup>(1)</sup> | 14700 | 8125 |
|  |  | 6613542 |
| **South Africa — 0.0%** |  |  |
| Valterra Platinum Ltd. | 2157 | 98040 |
| **Spain — 2.9%** |  |  |
| Acciona SA<sup>(2)</sup> | 1989 | 394242 |
| Acerinox SA | 8308 | 102502 |
| ACS Actividades de Construccion y Servicios SA | 1658 | 125323 |
| Aedas Homes SA | 707 | 17504 |
| Aena SME SA | 18790 | 544619 |
| Almirall SA<sup>(2)</sup> | 2161 | 28261 |
| Amadeus IT Group SA | 2870 | 240730 |
| Atresmedia Corp. de Medios de Comunicacion SA<sup>(2)</sup> | 1279 | 7801 |
| Banco Bilbao Vizcaya Argentaria SA, ADR | 88299 | 1600861 |
| Banco de Sabadell SA<sup>(2)</sup> | 217278 | 825269 |
| Banco Santander SA, ADR<sup>(2)</sup> | 143095 | 1363695 |
| Bankinter SA | 20206 | 301558 |
| CaixaBank SA | 35862 | 358083 |
| Cellnex Telecom SA<sup>(1)(2)</sup> | 4384 | 156058 |
| Construcciones y Auxiliar de Ferrocarriles SA | 863 | 52248 |
| Corp. ACCIONA Energias Renovables SA<sup>(2)</sup> | 664 | 17866 |
| Ebro Foods SA | 526 | 10812 |
| Enagas SA | 13330 | 207730 |
| Endesa SA | 12324 | 375346 |
| Ercros SA<sup>(1)</sup> | 5101 | 16379 |
| Faes Farma SA | 4776 | 23517 |
| Ferrovial SE<sup>(2)</sup> | 12158 | 664972 |
| Gestamp Automocion SA | 6053 | 24478 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Grenergy Renovables SA<sup>(1)</sup> | 993 | $75958 |
| Grupo Catalana Occidente SA | 464 | 26586 |
| Grupo Empresarial San Jose SA | 2684 | 21191 |
| Iberdrola SA | 52500 | 989672 |
| Indra Sistemas SA | 1 | 40 |
| Industria de Diseno Textil SA | 11206 | 554241 |
| International Consolidated Airlines Group SA | 38814 | 200342 |
| Laboratorios Farmaceuticos Rovi SA<sup>(2)</sup> | 411 | 27936 |
| Logista Integral SA<sup>(2)</sup> | 613 | 20092 |
| Mapfre SA | 21179 | 92821 |
| Melia Hotels International SA | 4456 | 41443 |
| Miquel y Costas & Miquel SA | 78 | 1311 |
| Naturgy Energy Group SA | 2310 | 73254 |
| Neinor Homes SA<sup>(1)</sup> | 1125 | 22415 |
| Obrascon Huarte Lain SA<sup>(1)</sup> | 36761 | 17394 |
| Prosegur Cash SA | 3818 | 3173 |
| Prosegur Cia de Seguridad SA | 6467 | 20049 |
| Redeia Corp. SA<sup>(2)</sup> | 16942 | 329359 |
| Repsol SA | 51134 | 838398 |
| Sacyr SA | 34209 | 144383 |
| Solaria Energia y Medio Ambiente SA<sup>(1)</sup> | 4926 | 79797 |
| Tecnicas Reunidas SA<sup>(1)(2)</sup> | 2255 | 59876 |
| Telefonica SA, ADR<sup>(2)</sup> | 90518 | 484271 |
| Tubacex SA<sup>(2)</sup> | 5431 | 23366 |
| Unicaja Banco SA | 47295 | 131140 |
| Vidrala SA | 398 | 42937 |
| Viscofan SA<sup>(2)</sup> | 1711 | 119866 |
|  |  | 11901165 |
| **Sweden — 3.4%** |  |  |
| AAK AB<sup>(2)</sup> | 4570 | 131525 |
| AddLife AB, B Shares<sup>(2)</sup> | 743 | 13920 |
| Addnode Group AB<sup>(2)</sup> | 2443 | 29202 |
| AddTech AB, B Shares | 6749 | 236672 |
| Alfa Laval AB | 4790 | 218069 |
| Alleima AB<sup>(2)</sup> | 8508 | 62880 |
| Ambea AB | 451 | 6079 |
| Annehem Fastigheter AB, B Shares<sup>(1)</sup> | 226 | 451 |
| AQ Group AB | 3065 | 62970 |
| Arjo AB, B Shares | 10674 | 39031 |
| Asmodee Group AB, Class B<sup>(1)</sup> | 5426 | 65720 |
| Assa Abloy AB, Class B | 4174 | 147487 |
| Atlas Copco AB, A Shares | 18714 | 298768 |
| Atlas Copco AB, B Shares | 10874 | 154631 |
| Atrium Ljungberg AB, B Shares<sup>(2)</sup> | 4510 | 15024 |
| Avanza Bank Holding AB | 6461 | 244189 |
| Axfood AB<sup>(2)</sup> | 3984 | 125666 |
| Beijer Ref AB<sup>(2)</sup> | 7587 | 129060 |
| Better Collective AS<sup>(1)(2)</sup> | 847 | 10577 |
| Bilia AB, A Shares | 4482 | 55263 |
| Billerud Aktiebolag | 6836 | 65318 |
| BioGaia AB, B Shares | 2701 | 29975 |
| Boliden AB<sup>(1)</sup> | 10423 | 359259 |
| Bonava AB, B Shares<sup>(1)</sup> | 11151 | 13156 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Boozt AB<sup>(1)(2)</sup> | 1103 | $10722 |
| Bufab AB | 5405 | 53590 |
| Bure Equity AB<sup>(2)</sup> | 2072 | 62097 |
| Byggmax Group AB | 5694 | 35087 |
| Camurus AB<sup>(1)(2)</sup> | 400 | 30534 |
| Castellum AB<sup>(2)</sup> | 7340 | 83242 |
| Catena AB<sup>(2)</sup> | 954 | 43837 |
| Cibus Nordic Real Estate AB publ<sup>(2)</sup> | 949 | 17090 |
| Cint Group AB<sup>(1)</sup> | 3046 | 2269 |
| Clas Ohlson AB, B Shares | 2772 | 98034 |
| Cloetta AB, B Shares | 5697 | 19531 |
| Coor Service Management Holding AB | 784 | 3873 |
| Corem Property Group AB, B Shares<sup>(2)</sup> | 28690 | 13962 |
| CTT Systems AB | 656 | 15851 |
| Dios Fastigheter AB | 2413 | 16377 |
| Dynavox Group AB<sup>(1)</sup> | 6964 | 92526 |
| Electrolux AB, B Shares<sup>(1)(2)</sup> | 9317 | 55356 |
| Elekta AB, B Shares | 6921 | 34415 |
| Embracer Group AB<sup>(1)(2)</sup> | 7742 | 69227 |
| Eolus Vind AB, B Shares<sup>(2)</sup> | 472 | 2187 |
| Epiroc AB, A Shares | 14560 | 304271 |
| Epiroc AB, B Shares | 8615 | 160336 |
| EQT AB<sup>(2)</sup> | 2739 | 98522 |
| Essity AB, B Shares | 19079 | 515835 |
| Evolution AB | 379 | 32834 |
| Fabege AB<sup>(2)</sup> | 6109 | 52614 |
| Fastighets AB Balder, B Shares<sup>(1)</sup> | 9936 | 70738 |
| Fastighetsbolaget Emilshus AB, Class B<sup>(1)</sup> | 11 | 58 |
| G5 Entertainment AB | 124 | 1218 |
| GARO AB<sup>(1)</sup> | 383 | 789 |
| Getinge AB, B Shares<sup>(2)</sup> | 1811 | 39682 |
| GomSpace Group AB<sup>(1)(2)</sup> | 10781 | 18329 |
| Granges AB<sup>(2)</sup> | 4140 | 60728 |
| H & M Hennes & Mauritz AB, B Shares<sup>(2)</sup> | 10172 | 149485 |
| Haypp Group AB<sup>(1)</sup> | 1609 | 25916 |
| Hemnet Group AB | 2850 | 74190 |
| Hexagon AB, B Shares<sup>(2)</sup> | 10709 | 119338 |
| Hexatronic Group AB<sup>(1)(2)</sup> | 8370 | 20420 |
| Hexpol AB<sup>(2)</sup> | 5532 | 49819 |
| Hoist Finance AB | 1730 | 18377 |
| Holmen AB, B Shares<sup>(2)</sup> | 924 | 35976 |
| Hufvudstaden AB, A Shares<sup>(2)</sup> | 1835 | 23920 |
| Husqvarna AB, B Shares | 9019 | 51194 |
| Industrivarden AB, A Shares | 2398 | 95440 |
| Indutrade AB<sup>(2)</sup> | 5653 | 140701 |
| Investment AB Latour, B Shares<sup>(2)</sup> | 700 | 17775 |
| Inwido AB | 1443 | 27944 |
| JM AB<sup>(2)</sup> | 4625 | 66877 |
| Kopparbergs Bryggeri AB, B Shares | 454 | 5414 |
| Lifco AB, B Shares<sup>(2)</sup> | 2394 | 85077 |
| Lime Technologies AB<sup>(2)</sup> | 93 | 3352 |
| Logistea AB, Class B | 12080 | 19209 |
| Loomis AB | 3393 | 150436 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Maha Capital AB<sup>(1)(2)</sup> | 2600 | $1969 |
| Medcap AB<sup>(1)</sup> | 410 | 26628 |
| MEKO AB | 2220 | 19189 |
| Millicom International Cellular SA | 2808 | 135655 |
| Mycronic AB | 4728 | 105999 |
| NCAB Group AB<sup>(1)(2)</sup> | 4736 | 24637 |
| NCC AB, B Shares | 3441 | 70640 |
| Neobo Fastigheter AB<sup>(1)</sup> | 1126 | 1951 |
| Net Insight AB, B Shares<sup>(1)</sup> | 1 |  |
| New Wave Group AB, B Shares<sup>(2)</sup> | 6100 | 68112 |
| Nibe Industrier AB, B Shares<sup>(2)</sup> | 9878 | 40583 |
| Nobia AB<sup>(1)</sup> | 4660 | 2329 |
| Nolato AB, B Shares<sup>(2)</sup> | 7761 | 47620 |
| Nordnet AB publ | 6707 | 195268 |
| Note AB | 1207 | 23968 |
| NP3 Fastigheter AB<sup>(2)</sup> | 980 | 26159 |
| Nyfosa AB<sup>(2)</sup> | 5292 | 45896 |
| Orron Energy AB<sup>(1)(2)</sup> | 793 | 359 |
| Pandox AB | 2996 | 54226 |
| Paradox Interactive AB | 2170 | 39722 |
| Peab AB, Class B | 8706 | 67925 |
| Platzer Fastigheter Holding AB, B Shares<sup>(2)</sup> | 3306 | 23860 |
| Proact IT Group AB | 345 | 3337 |
| RaySearch Laboratories AB<sup>(2)</sup> | 2525 | 70874 |
| Rusta AB | 3135 | 24547 |
| Rvrc Holding AB | 3460 | 17015 |
| Saab AB, Class B | 7109 | 401734 |
| Sagax AB, B Shares | 507 | 10994 |
| Samhallsbyggnadsbolaget i Norden AB<sup>(1)(2)</sup> | 11270 | 5696 |
| Sandvik AB | 15934 | 402974 |
| Scandi Standard AB | 2398 | 24728 |
| Scandic Hotels Group AB | 3942 | 36584 |
| Sectra AB, B Shares | 2920 | 102358 |
| Securitas AB, B Shares | 6121 | 93671 |
| Sinch AB<sup>(1)</sup> | 21789 | 68147 |
| Skandinaviska Enskilda Banken AB, A Shares | 17240 | 318811 |
| Skanska AB, B Shares | 5643 | 140139 |
| SKF AB, B Shares<sup>(2)</sup> | 9338 | 239767 |
| SkiStar AB<sup>(2)</sup> | 2776 | 46075 |
| Solid Forsakring AB | 189 | 1482 |
| Spotify Technology SA<sup>(1)</sup> | 2435 | 1660378 |
| SSAB AB, A Shares | 6025 | 35069 |
| SSAB AB, B Shares | 22674 | 128682 |
| Svenska Cellulosa AB SCA, B Shares<sup>(2)</sup> | 13134 | 178687 |
| Svenska Handelsbanken AB, A Shares | 34450 | 443299 |
| Sweco AB, B Shares<sup>(2)</sup> | 2763 | 46637 |
| Swedbank AB, A Shares | 14212 | 399966 |
| Swedish Orphan Biovitrum AB<sup>(1)(2)</sup> | 1162 | 35296 |
| Tele2 AB, B Shares | 8339 | 146868 |
| Telefonaktiebolaget LM Ericsson, ADR | 62474 | 491670 |
| Telia Co. AB | 69287 | 258663 |
| TF Bank AB | 603 | 10078 |
| Trelleborg AB, B Shares<sup>(2)</sup> | 2260 | 87456 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Troax Group AB<sup>(2)</sup> | 1300 | $19389 |
| Truecaller AB, B Shares<sup>(2)</sup> | 11972 | 56759 |
| VBG Group AB, B Shares<sup>(2)</sup> | 560 | 17679 |
| Viaplay Group AB, B Shares<sup>(1)(2)</sup> | 422 | 59 |
| Vitec Software Group AB, B Shares<sup>(2)</sup> | 386 | 14829 |
| Vitrolife AB<sup>(2)</sup> | 318 | 4592 |
| Volvo AB, A Shares | 2916 | 89572 |
| Volvo AB, B Shares | 23132 | 711725 |
| Volvo Car AB, Class B<sup>(1)(2)</sup> | 13446 | 28011 |
| Wallenstam AB, B Shares<sup>(2)</sup> | 9251 | 43155 |
| Wihlborgs Fastigheter AB<sup>(2)</sup> | 4412 | 43833 |
| Zinzino AB, Class B<sup>(2)</sup> | 575 | 11454 |
|  |  | 13806947 |
| **Switzerland — 7.7%** |  |  |
| ABB Ltd. | 13481 | 904725 |
| Accelleron Industries AG | 5108 | 439548 |
| Alcon AG | 4874 | 388423 |
| Allreal Holding AG | 509 | 115301 |
| Amrize Ltd.<sup>(1)</sup> | 21544 | 1123847 |
| ams-OSRAM AG<sup>(1)</sup> | 1804 | 22543 |
| Arbonia AG | 3283 | 23824 |
| Aryzta AG<sup>(1)(2)</sup> | 777 | 71573 |
| Ascom Holding AG | 1979 | 11369 |
| Autoneum Holding AG | 218 | 43276 |
| Avolta AG<sup>(1)</sup> | 2115 | 121474 |
| Baloise Holding AG | 1669 | 432846 |
| Banque Cantonale Vaudoise<sup>(2)</sup> | 1023 | 118916 |
| Basilea Pharmaceutica Ag Allschwil<sup>(1)</sup> | 802 | 47282 |
| Belimo Holding AG | 307 | 338050 |
| Bell Food Group AG | 60 | 18911 |
| Bellevue Group AG | 89 | 830 |
| BKW AG | 289 | 60161 |
| Bossard Holding AG, Class A | 258 | 54661 |
| Bucher Industries AG | 259 | 123053 |
| Burckhardt Compression Holding AG | 116 | 104451 |
| Burkhalter Holding AG | 648 | 118277 |
| Bystronic AG | 14 | 6160 |
| Cembra Money Bank AG | 1639 | 185918 |
| Cham Swiss Properties AG | 20 | 572 |
| Chocoladefabriken Lindt & Spruengli AG | 2 | 299522 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificate | 17 | 259258 |
| Cicor Technologies Ltd.<sup>(1)</sup> | 187 | 43258 |
| Cie Financiere Richemont SA, Class A | 5052 | 884518 |
| Coltene Holding AG<sup>(1)</sup> | 73 | 4774 |
| COSMO Pharmaceuticals NV | 51 | 4012 |
| Daetwyler Holding AG, Bearer Shares | 197 | 33311 |
| DKSH Holding AG | 1332 | 97961 |
| dormakaba Holding AG | 210 | 195382 |
| EFG International AG<sup>(1)</sup> | 5092 | 101221 |
| Emmi AG | 115 | 107282 |
| EMS-Chemie Holding AG<sup>(2)</sup> | 218 | 167293 |
| Flughafen Zurich AG | 726 | 221824 |
| Forbo Holding AG | 58 | 57509 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fundamenta Real Estate AG<sup>(1)</sup> | 318 | $7074 |
| Galderma Group AG | 790 | 138358 |
| Geberit AG | 724 | 530886 |
| Georg Fischer AG<sup>(2)</sup> | 1940 | 155139 |
| Givaudan SA | 65 | 273752 |
| Gurit Holding AG, Bearer Shares<sup>(1)</sup> | 60 | 1071 |
| Helvetia Holding AG | 1529 | 393527 |
| Holcim AG<sup>(1)</sup> | 14704 | 1232469 |
| Huber & Suhner AG | 786 | 118949 |
| Idorsia Ltd.<sup>(1)(2)</sup> | 580 | 2005 |
| Implenia AG | 770 | 61448 |
| Inficon Holding AG<sup>(2)</sup> | 780 | 92670 |
| Intershop Holding AG | 130 | 25067 |
| Julius Baer Group Ltd. | 5302 | 382835 |
| Kardex Holding AG | 273 | 114197 |
| Komax Holding AG<sup>(1)</sup> | 62 | 6622 |
| Kuehne & Nagel International AG | 1048 | 213649 |
| LEM Holding SA<sup>(1)(2)</sup> | 23 | 15054 |
| Leonteq AG<sup>(2)</sup> | 434 | 8879 |
| Liechtensteinische Landesbank AG | 79 | 8067 |
| Logitech International SA | 4617 | 476741 |
| Lonza Group AG | 617 | 437878 |
| Medmix AG | 1702 | 22856 |
| Metall Zug AG, B Shares | 4 | 4798 |
| Mobilezone Holding AG | 1771 | 24100 |
| Mobimo Holding AG<sup>(1)</sup> | 231 | 91264 |
| Montana Aerospace AG<sup>(1)</sup> | 1067 | 33762 |
| Nestle SA | 18148 | 1711911 |
| Novartis AG, ADR | 26861 | 3399260 |
| OC Oerlikon Corp. AG Pfaffikon | 5237 | 19279 |
| Partners Group Holding AG | 420 | 576790 |
| Peach Property Group AG<sup>(1)</sup> | 336 | 2763 |
| PSP Swiss Property AG | 1240 | 206286 |
| R&S Group Holding AG<sup>(1)</sup> | 428 | 19684 |
| Rieter Holding AG<sup>(2)</sup> | 140 | 9910 |
| Roche Holding AG | 9368 | 3054700 |
| Roche Holding AG, Bearer Shares | 426 | 146304 |
| Sandoz Group AG | 1879 | 117906 |
| Schindler Holding AG | 438 | 156647 |
| Schindler Holding AG, Bearer Participation Certificate | 761 | 282865 |
| Schweiter Technologies AG | 24 | 9444 |
| Schweizerische Nationalbank<sup>(2)</sup> | 2 | 8225 |
| SFS Group AG | 653 | 89849 |
| SGS SA | 4095 | 417732 |
| Siegfried Holding AG<sup>(1)</sup> | 1380 | 144836 |
| SIG Group AG<sup>(1)(2)</sup> | 1594 | 25250 |
| Sika AG | 1437 | 333465 |
| Softwareone Holding AG | 1972 | 17021 |
| Sonova Holding AG | 196 | 57092 |
| St. Galler Kantonalbank AG | 94 | 59219 |
| Stadler Rail AG | 3749 | 99786 |
| Straumann Holding AG | 1262 | 147880 |
| Sulzer AG | 676 | 126678 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Swatch Group AG | 1119 | $41299 |
| Swatch Group AG, Bearer Shares | 653 | 118072 |
| Swiss Life Holding AG | 936 | 1011495 |
| Swiss Prime Site AG<sup>(1)(2)</sup> | 2233 | 310572 |
| Swiss Re AG | 6913 | 1252940 |
| Swisscom AG | 969 | 700563 |
| Swissquote Group Holding SA | 446 | 292473 |
| Temenos AG | 1560 | 138712 |
| TX Group AG | 184 | 45033 |
| UBS Group AG | 36803 | 1491258 |
| Valiant Holding AG | 582 | 96169 |
| VAT Group AG<sup>(2)</sup> | 345 | 112826 |
| Vetropack Holding AG | 591 | 19219 |
| Vontobel Holding AG | 1543 | 117704 |
| VP Bank AG, Class A | 24 | 2665 |
| VZ Holding AG | 197 | 44630 |
| V-ZUG Holding AG | 38 | 2160 |
| Ypsomed Holding AG | 108 | 53005 |
| Zehnder Group AG | 571 | 51082 |
| Zurich Insurance Group AG | 3158 | 2307725 |
|  |  | 31676617 |
| **United Kingdom — 12.8%** |  |  |
| 3i Group PLC | 13826 | 751149 |
| 4imprint Group PLC | 1463 | 66589 |
| Aberdeen Group PLC | 52440 | 138024 |
| Admiral Group PLC | 12029 | 589461 |
| AG Barr PLC | 685 | 6318 |
| Airtel Africa PLC | 37080 | 111128 |
| AJ Bell PLC | 18165 | 125401 |
| Alpha Group International PLC | 573 | 32346 |
| Anglo American PLC | 22370 | 688882 |
| Antofagasta PLC | 5887 | 170819 |
| Ashmore Group PLC | 8522 | 20551 |
| Ashtead Group PLC | 9701 | 714751 |
| ASOS PLC<sup>(1)(2)</sup> | 2037 | 7636 |
| Associated British Foods PLC | 8532 | 249336 |
| Aston Martin Lagonda Global Holdings PLC<sup>(1)(2)</sup> | 3975 | 3926 |
| AstraZeneca PLC, ADR | 22934 | 1832427 |
| Atalaya Mining Copper SA | 6022 | 43799 |
| Auto Trader Group PLC | 29504 | 320396 |
| Avation PLC | 285 | 610 |
| Aviva PLC | 31889 | 280813 |
| B&M European Value Retail SA | 27589 | 89735 |
| Babcock International Group PLC | 4076 | 55959 |
| BAE Systems PLC | 22575 | 535047 |
| Balfour Beatty PLC | 9632 | 77265 |
| Barclays PLC, ADR | 66755 | 1310401 |
| Barratt Redrow PLC | 28345 | 137801 |
| Beazley PLC | 26572 | 281297 |
| Bellway PLC | 3256 | 102569 |
| Berkeley Group Holdings PLC | 4379 | 213102 |
| Bloomsbury Publishing PLC | 3095 | 20430 |
| Bodycote PLC | 4049 | 34255 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| boohoo Group PLC<sup>(1)(2)</sup> | 39860 | $8214 |
| BP PLC, ADR | 38581 | 1359209 |
| Breedon Group PLC | 3554 | 17659 |
| BT Group PLC | 237285 | 694721 |
| Bunzl PLC | 1783 | 60260 |
| Burberry Group PLC<sup>(1)</sup> | 19285 | 334798 |
| Burford Capital Ltd. (London) | 4035 | 55940 |
| Bytes Technology Group PLC | 13031 | 71056 |
| Canal & SA | 15829 | 48267 |
| Capricorn Energy PLC<sup>(1)</sup> | 3073 | 8868 |
| Carnival PLC, ADR<sup>(1)</sup> | 4834 | 140524 |
| Central Asia Metals PLC | 15460 | 35445 |
| Centrica PLC | 237084 | 515541 |
| Cerillion PLC | 701 | 13169 |
| Chesnara PLC | 4818 | 18391 |
| Clarkson PLC | 707 | 33395 |
| Close Brothers Group PLC<sup>(1)</sup> | 5419 | 33679 |
| CMC Markets PLC | 4009 | 11892 |
| Coats Group PLC | 67782 | 70303 |
| Coca-Cola HBC AG<sup>(1)</sup> | 6732 | 340533 |
| Cohort PLC<sup>(2)</sup> | 2153 | 37314 |
| Compass Group PLC | 26385 | 896765 |
| Computacenter PLC | 4706 | 146261 |
| Conduit Holdings Ltd. | 5628 | 22817 |
| Convatec Group PLC | 13316 | 42571 |
| Costain Group PLC | 29754 | 53999 |
| Crest Nicholson Holdings PLC | 9099 | 18494 |
| Croda International PLC | 994 | 33673 |
| CVS Group PLC | 810 | 13448 |
| DCC PLC | 1496 | 95138 |
| DFS Furniture PLC<sup>(1)</sup> | 9527 | 20085 |
| Diageo PLC, ADR<sup>(2)</sup> | 4924 | 550651 |
| Diversified Energy Co. PLC<sup>(2)</sup> | 3644 | 59370 |
| Domino's Pizza Group PLC | 1387 | 3666 |
| Dowlais Group PLC | 66771 | 70408 |
| Drax Group PLC | 26750 | 234963 |
| Dunelm Group PLC | 7290 | 118333 |
| easyJet PLC | 13609 | 90254 |
| Ecora Resources PLC | 13738 | 13278 |
| Endeavour Mining PLC | 1938 | 67382 |
| Energean PLC | 10548 | 136050 |
| EnQuest PLC | 45716 | 7818 |
| Experian PLC | 5839 | 302668 |
| FDM Group Holdings PLC<sup>(2)</sup> | 2832 | 4870 |
| Ferrexpo PLC<sup>(1)</sup> | 15137 | 11296 |
| Fevertree Drinks PLC | 2653 | 29076 |
| Firstgroup PLC<sup>(2)</sup> | 49166 | 147703 |
| Foresight Group Holdings Ltd. | 3801 | 23685 |
| Forterra PLC | 7139 | 18470 |
| Frasers Group PLC<sup>(1)</sup> | 4199 | 38364 |
| Fresnillo PLC | 497 | 12040 |
| Frontier Developments PLC<sup>(1)</sup> | 65 | 328 |
| Galliford Try Holdings PLC | 4337 | 25104 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Games Workshop Group PLC | 1515 | $316288 |
| Gamma Communications PLC | 4919 | 70224 |
| Genel Energy PLC<sup>(1)(2)</sup> | 8674 | 7613 |
| Georgia Capital PLC<sup>(1)</sup> | 1769 | 54427 |
| Glencore PLC<sup>(1)</sup> | 170551 | 673770 |
| Grafton Group PLC | 6351 | 75026 |
| Grainger PLC | 18182 | 47809 |
| Greggs PLC | 6849 | 146072 |
| GSK PLC, ADR<sup>(2)</sup> | 41559 | 1648646 |
| Gulf Keystone Petroleum Ltd. | 10676 | 27939 |
| Gulf Marine Services PLC<sup>(1)</sup> | 41733 | 10719 |
| Gym Group PLC<sup>(1)</sup> | 3624 | 6786 |
| Haleon PLC, ADR | 32958 | 322988 |
| Halfords Group PLC | 14654 | 27148 |
| Halma PLC | 3448 | 153289 |
| Harbour Energy PLC | 8634 | 26636 |
| Hays PLC | 36679 | 30903 |
| Headlam Group PLC<sup>(1)</sup> | 1141 | 1086 |
| Helios Towers PLC<sup>(1)</sup> | 41329 | 73288 |
| Hikma Pharmaceuticals PLC | 4871 | 117673 |
| Hill & Smith PLC | 1870 | 53488 |
| Hilton Food Group PLC | 5159 | 57948 |
| Hiscox Ltd. | 7131 | 125722 |
| Hochschild Mining PLC | 25934 | 98684 |
| Hollywood Bowl Group PLC | 7163 | 24423 |
| Howden Joinery Group PLC | 18900 | 213834 |
| HSBC Holdings PLC, ADR<sup>(2)</sup> | 51760 | 3336967 |
| Hunting PLC | 2569 | 11407 |
| Ibstock PLC | 12744 | 23803 |
| ICG PLC | 3734 | 110107 |
| IG Group Holdings PLC | 13123 | 200476 |
| IMI PLC | 7397 | 227305 |
| Impax Asset Management Group PLC | 2916 | 7236 |
| Inchcape PLC | 19228 | 173478 |
| Indivior PLC<sup>(1)</sup> | 3418 | 83038 |
| Informa PLC | 6661 | 78463 |
| IntegraFin Holdings PLC | 8026 | 37898 |
| InterContinental Hotels Group PLC | 1161 | 140935 |
| International Personal Finance PLC | 14608 | 40194 |
| International Workplace Group PLC | 23879 | 65435 |
| Intertek Group PLC | 2502 | 158695 |
| Investec PLC | 14255 | 104335 |
| IP Group PLC<sup>(1)</sup> | 29947 | 24305 |
| ITM Power PLC<sup>(1)(2)</sup> | 20558 | 18437 |
| J D Wetherspoon PLC | 7527 | 70633 |
| J Sainsbury PLC | 98655 | 399207 |
| JD Sports Fashion PLC | 70820 | 91927 |
| JET2 PLC | 9165 | 201828 |
| Johnson Matthey PLC | 10348 | 267248 |
| Johnson Service Group PLC | 18744 | 35232 |
| Jubilee Metals Group PLC<sup>(1)</sup> | 28078 | 1306 |
| Jupiter Fund Management PLC | 7591 | 12842 |
| Just Group PLC | 27621 | 78774 |
| Kainos Group PLC | 2483 | 23702 |
| Keller Group PLC | 5819 | 104986 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Kingfisher PLC | 98652 | $343615 |
| Knights Group Holdings PLC | 237 | 548 |
| Lancashire Holdings Ltd. | 10748 | 88754 |
| Legal & General Group PLC | 193282 | 646894 |
| Lion Finance Group PLC | 2218 | 219878 |
| Liontrust Asset Management PLC | 2711 | 12632 |
| Lloyds Banking Group PLC, ADR<sup>(2)</sup> | 322278 | 1392241 |
| London Stock Exchange Group PLC | 2376 | 294465 |
| M&G PLC | 38031 | 136229 |
| Man Group PLC | 8385 | 18528 |
| Marks & Spencer Group PLC | 80444 | 375711 |
| Marshalls PLC | 1809 | 4368 |
| Marston's PLC<sup>(1)</sup> | 6983 | 3636 |
| McBride PLC<sup>(1)</sup> | 15056 | 23971 |
| Me Group International PLC<sup>(2)</sup> | 14615 | 39488 |
| Mears Group PLC | 5903 | 27383 |
| Melrose Industries PLC | 16865 | 133925 |
| Mitchells & Butlers PLC<sup>(1)</sup> | 16206 | 56428 |
| Mitie Group PLC | 71514 | 135362 |
| Molten Ventures PLC<sup>(1)</sup> | 2262 | 10951 |
| Mondi PLC | 4221 | 59420 |
| MONY Group PLC | 25741 | 69556 |
| Moonpig Group PLC | 12400 | 33333 |
| Morgan Advanced Materials PLC | 7472 | 21315 |
| Mortgage Advice Bureau Holdings Ltd. | 524 | 5032 |
| Motorpoint group PLC | 72 | 169 |
| National Grid PLC, ADR<sup>(2)</sup> | 16148 | 1139564 |
| NatWest Group PLC, ADR<sup>(2)</sup> | 114238 | 1594762 |
| Next 15 Group PLC | 1714 | 6145 |
| Next PLC | 4853 | 784233 |
| Ninety One PLC | 15000 | 38468 |
| Norcros PLC | 2404 | 8912 |
| Ocado Group PLC<sup>(1)</sup> | 886 | 4032 |
| On the Beach Group PLC | 5273 | 20684 |
| OSB Group PLC | 23326 | 166265 |
| Pagegroup PLC | 15349 | 49195 |
| Paragon Banking Group PLC | 13105 | 153918 |
| PayPoint PLC | 2613 | 25182 |
| Pearson PLC, ADR<sup>(2)</sup> | 5145 | 74963 |
| Pennon Group PLC | 16166 | 103431 |
| Persimmon PLC | 7471 | 107344 |
| Petra Diamonds Ltd.<sup>(1)(2)</sup> | 4880 | 1193 |
| Phoenix Group Holdings PLC | 7538 | 69431 |
| Playtech PLC | 3187 | 17658 |
| Plus500 Ltd. | 4204 | 172273 |
| Polar Capital Holdings PLC | 2875 | 17858 |
| Pollen Street Group Ltd. | 1861 | 22137 |
| Prax Exploration & Production PLC<sup>(1)</sup> | 154073 | 5048 |
| Premier Foods PLC | 10225 | 26087 |
| Prudential PLC, ADR<sup>(2)</sup> | 10326 | 274672 |
| PZ Cussons PLC | 7423 | 6930 |
| QinetiQ Group PLC | 29431 | 189190 |
| Quilter PLC | 87599 | 194354 |
| Rathbones Group PLC | 909 | 22610 |
| Reach PLC | 31263 | 29066 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Reckitt Benckiser Group PLC | 16902 | $1263718 |
| RELX PLC, ADR | 17682 | 825219 |
| Renishaw PLC | 80 | 3492 |
| Rentokil Initial PLC | 13762 | 68043 |
| RHI Magnesita NV | 599 | 16532 |
| Rightmove PLC | 34386 | 345065 |
| Rio Tinto PLC, ADR | 12830 | 804698 |
| Rolls-Royce Holdings PLC | 58314 | 840907 |
| Rotork PLC | 15697 | 73045 |
| RS Group PLC | 4273 | 32642 |
| Saga PLC<sup>(1)(2)</sup> | 108 | 314 |
| Sage Group PLC | 13946 | 204576 |
| Savannah Energy PLC<sup>(1)</sup> | 44665 | 4347 |
| Schroders PLC | 12666 | 65071 |
| Serco Group PLC | 42989 | 126996 |
| Serica Energy PLC | 17231 | 41971 |
| Severn Trent PLC | 11157 | 389734 |
| Shell PLC, ADR | 47101 | 3479822 |
| SIG PLC<sup>(1)</sup> | 1703 | 242 |
| Smith & Nephew PLC, ADR<sup>(2)</sup> | 4573 | 171259 |
| Smiths Group PLC | 2384 | 75908 |
| Softcat PLC | 7507 | 163448 |
| Spectris PLC | 676 | 36989 |
| Speedy Hire PLC | 6740 | 2425 |
| Spirax Group PLC | 569 | 56098 |
| Spire Healthcare Group PLC | 642 | 1885 |
| SSE PLC | 18521 | 432805 |
| SSP Group PLC | 30919 | 64315 |
| St. James's Place PLC | 33437 | 573365 |
| Standard Chartered PLC | 55207 | 1034445 |
| SThree PLC | 5787 | 15246 |
| Strix Group PLC<sup>(1)</sup> | 2672 | 1663 |
| Synthomer PLC<sup>(1)</sup> | 6745 | 5526 |
| Tatton Asset Management PLC | 821 | 8008 |
| Taylor Wimpey PLC | 77915 | 100798 |
| TBC Bank Group PLC | 2175 | 128643 |
| Telecom Plus PLC | 1425 | 34877 |
| Tesco PLC | 124823 | 713494 |
| THG PLC<sup>(1)(2)</sup> | 13796 | 5327 |
| Topps Tiles PLC | 1038 | 519 |
| TP ICAP Group PLC | 32066 | 120373 |
| Travis Perkins PLC | 5048 | 40609 |
| TUI AG<sup>(1)</sup> | 12237 | 125465 |
| Tullow Oil PLC<sup>(1)(2)</sup> | 13780 | 2005 |
| Unilever PLC, ADR | 15441 | 975871 |
| United Utilities Group PLC | 26308 | 408722 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 9000 | 13867 |
| Vertu Motors PLC | 18946 | 15231 |
| Vesuvius PLC | 8932 | 45154 |
| Victrex PLC | 813 | 7846 |
| Vistry Group PLC<sup>(1)</sup> | 11658 | 96274 |
| Vodafone Group PLC, ADR | 78649 | 940642 |
| Volex PLC | 5228 | 24564 |
| Vp PLC | 87 | 703 |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Watkin Jones PLC<sup>(1)(2)</sup> | 3373 | $1287 |
| Weir Group PLC | 4017 | 133782 |
| WH Smith PLC | 2791 | 26039 |
| Whitbread PLC | 6101 | 259740 |
| Wickes Group PLC | 24946 | 67334 |
| Wise PLC, Class A<sup>(1)</sup> | 15497 | 220769 |
| WPP PLC, ADR<sup>(2)</sup> | 2049 | 54380 |
| XP Power Ltd.<sup>(1)</sup> | 317 | 3825 |
| Yellow Cake PLC<sup>(1)</sup> | 9982 | 69696 |
| Zigup PLC | 18909 | 80455 |
|  |  | 52200604 |
| **United States — 0.4%** |  |  |
| Alcoa Corp. | 424 | 13439 |
| CRH PLC | 6618 | 747503 |
| Gen Digital, Inc. | 12 | 362 |
| Newmont Corp. | 6802 | 505073 |
| Primo Brands Corp., Class A | 1200 | 30132 |
| Seadrill Ltd.<sup>(1)</sup> | 869 | 27730 |
| Smurfit WestRock PLC | 6148 | 291169 |
| Viemed Healthcare, Inc.<sup>(1)</sup> | 200 | 1474 |
|  |  | 1616882 |
| **TOTAL COMMON STOCKS**<br>(Cost $305,868,084) |  | **406437012** |
| **WARRANTS — 0.0%** |  |  |
| **Australia — 0.0%** |  |  |
| Magellan Financial Group Ltd.<sup>(1)(2)</sup> | 79 | 2 |
| **Canada — 0.0%** |  |  |
| Constellation Software, Inc.<sup>(1)</sup> | 100 | 1 |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)(2)</sup> | 3222 | 8670 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **8673** |
| **RIGHTS — 0.0%** |  |  |
| **Italy — 0.0%** |  |  |
| Telecom Italia SpA<sup>(1)</sup> | 49767 | 582 |
| Telecom Italia SpA<sup>(1)</sup> | 37591 | 440 |
|  |  | 1022 |
| **New Zealand — 0.0%** |  |  |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 5260 | 31 |
| **United States — 0.0%** |  |  |
| Resolute Forest Products, Inc.<sup>(1)</sup> | 2300 | 2137 |
| **TOTAL RIGHTS**<br>(Cost $2,530) |  | **3190** |
| **SHORT-TERM INVESTMENTS — 5.3%** |  |  |
| **Money Market Funds — 5.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 3994138 | 3994138 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 17685367 | 17685367 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $21,679,505) |  | **21679505** |
| **TOTAL INVESTMENT SECURITIES — 104.6%**<br>(Cost $327,550,119) |  | **428128380** |
| **OTHER ASSETS AND LIABILITIES — (4.6)%** |  | **(18669821)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**409458559** |

---

------

Schedule of Investments - Avantis International Equity Fund

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Financials | 24.2% |
| Industrials | 19.9% |
| Consumer Discretionary | 10.6% |
| Materials | 10.5% |
| Information Technology | 6.0% |
| Health Care | 6.0% |
| Energy | 6.0% |
| Consumer Staples | 5.7% |
| Communication Services | 4.7% |
| Utilities | 4.0% |
| Real Estate | 1.7% |
| Short-Term Investments | 5.3% |
| Other Assets and Liabilities | (4.6)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | September 2025 | $970913 | $59395 |

---

^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 $41,890,168. 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 $44,221,875, which includes securities collateral of $26,536,508.

------

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 | $2349366 | $24178225 |  |
| &nbsp;&nbsp;&nbsp;Belgium | 801916 | 3339729 |  |
| &nbsp;&nbsp;&nbsp;Canada | 229500 | 45547791 |  |
| &nbsp;&nbsp;&nbsp;Denmark | 2130739 | 5109813 |  |
| &nbsp;&nbsp;&nbsp;Finland | 174864 | 3649738 |  |
| &nbsp;&nbsp;&nbsp;France | 3715021 | 30868972 |  |
| &nbsp;&nbsp;&nbsp;Germany | 2784992 | 30097817 |  |
| &nbsp;&nbsp;&nbsp;Hong Kong | 152637 | 7163965 |  |
| &nbsp;&nbsp;&nbsp;Israel | 760541 | 4193983 |  |
| &nbsp;&nbsp;&nbsp;Italy | 956686 | 10827374 |  |
| &nbsp;&nbsp;&nbsp;Japan | 9693156 | 77717953 |  |
| &nbsp;&nbsp;&nbsp;Netherlands | 6020532 | 8576712 |  |
| &nbsp;&nbsp;&nbsp;Norway | 340771 | 2694684 |  |
| &nbsp;&nbsp;&nbsp;Singapore | 844308 | 5769234 |  |
| &nbsp;&nbsp;&nbsp;Spain | 3448827 | 8452338 |  |
| &nbsp;&nbsp;&nbsp;Sweden | 2287703 | 11519244 |  |
| &nbsp;&nbsp;&nbsp;Switzerland | 4890518 | 26786099 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 22229906 | 29970698 |  |
| &nbsp;&nbsp;&nbsp;United States | 1098370 | 518512 |  |
| &nbsp;&nbsp;&nbsp;Other Countries |  | 4543778 |  |
| Warrants |  | 8673 |  |
| Rights | 2137 | 1053 |  |
| Short-Term Investments | 21679505 |  |  |
|  | $86591995 | $341536385 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $59395 |  |  |

---

**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 Risk** |
| **Liability Derivatives:** |  |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $6764 |

---

\*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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity Risk** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $(61809) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $(5086) |

---

See Notes to Financial Statements.

------

Schedule of Investments - Avantis International Small Cap Value Fund

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.4%** | **Shares** | **Value** |
| **Australia — 9.3%** |  |  |
| 29Metals Ltd.<sup>(1)(2)</sup> | 107289 | $23660 |
| Adairs Ltd.<sup>(2)</sup> | 47565 | 84931 |
| Aeris Resources Ltd.<sup>(1)(2)</sup> | 67237 | 9910 |
| Alkane Resources Ltd.<sup>(1)(2)</sup> | 225543 | 155744 |
| Alliance Aviation Services Ltd.<sup>(1)</sup> | 9551 | 14416 |
| Amplitude Energy Ltd.<sup>(1)</sup> | 574627 | 94027 |
| Aurelia Metals Ltd.<sup>(1)</sup> | 386629 | 54326 |
| Aurizon Holdings Ltd. | 142865 | 302553 |
| Australian Agricultural Co. Ltd.<sup>(1)</sup> | 38261 | 35316 |
| Australian Finance Group Ltd.<sup>(2)</sup> | 51743 | 94665 |
| Bank of Queensland Ltd. | 296192 | 1406678 |
| Beach Energy Ltd. | 1966156 | 1540770 |
| Bendigo & Adelaide Bank Ltd. | 106968 | 931847 |
| Bravura Solutions Ltd. | 87571 | 128155 |
| Capricorn Metals Ltd.<sup>(1)</sup> | 165176 | 1118992 |
| Catalyst Metals Ltd.<sup>(1)</sup> | 155650 | 741698 |
| Challenger Ltd. | 292257 | 1591024 |
| Champion Iron Ltd.<sup>(2)</sup> | 312036 | 916067 |
| Coast Entertainment Holdings Ltd.<sup>(1)(2)</sup> | 93560 | 24481 |
| Coronado Global Resources, Inc. | 260622 | 62070 |
| Dyno Nobel Ltd. | 470640 | 937138 |
| Elders Ltd. | 1239 | 6024 |
| Emeco Holdings Ltd.<sup>(1)(2)</sup> | 88013 | 61560 |
| Emerald Resources NL<sup>(1)(2)</sup> | 158000 | 394284 |
| EML Payments Ltd.<sup>(1)</sup> | 3043 | 2247 |
| EVT Ltd. | 35373 | 323931 |
| FleetPartners Group Ltd.<sup>(1)(2)</sup> | 76422 | 140895 |
| Gold Road Resources Ltd. | 618427 | 1363139 |
| GrainCorp Ltd., A Shares | 66605 | 347739 |
| Grange Resources Ltd. | 222445 | 29112 |
| GWA Group Ltd. | 3958 | 6522 |
| Harvey Norman Holdings Ltd. | 96292 | 433238 |
| Helia Group Ltd. | 326671 | 1184370 |
| HUB24 Ltd. | 126 | 8953 |
| Humm Group Ltd. | 50226 | 20685 |
| Iluka Resources Ltd.<sup>(2)</sup> | 242809 | 1002173 |
| Infomedia Ltd. | 30568 | 33474 |
| Inghams Group Ltd. | 374841 | 663898 |
| Insignia Financial Ltd.<sup>(1)</sup> | 129598 | 381188 |
| Karoon Energy Ltd.<sup>(2)</sup> | 994535 | 1142951 |
| Leo Lithium Ltd.<sup>(2)</sup> | 183575 | 1201 |
| Macmahon Holdings Ltd. | 201489 | 57522 |
| Magellan Financial Group Ltd. | 106014 | 706341 |
| McMillan Shakespeare Ltd. | 4913 | 62871 |
| Metals X Ltd.<sup>(1)</sup> | 302924 | 126419 |
| Mineral Resources Ltd.<sup>(1)</sup> | 35778 | 868479 |
| Monadelphous Group Ltd. | 84061 | 1177291 |
| Mount Gibson Iron Ltd.<sup>(1)(2)</sup> | 54215 | 13651 |
| Myer Holdings Ltd. | 436588 | 189579 |
| New Hope Corp. Ltd.<sup>(2)</sup> | 517600 | 1496309 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nickel Industries Ltd. | 515347 | $234985 |
| NRW Holdings Ltd. | 313797 | 785585 |
| Nufarm Ltd.<sup>(1)</sup> | 304793 | 482983 |
| OFX Group Ltd.<sup>(1)(2)</sup> | 32997 | 17467 |
| Ora Banda Mining Ltd.<sup>(1)</sup> | 332931 | 186999 |
| Orora Ltd. | 449104 | 609706 |
| Pacific Current Group Ltd. | 868 | 6335 |
| Pantoro Gold Ltd.<sup>(1)</sup> | 23867 | 73204 |
| Perenti Ltd. | 692924 | 1069667 |
| Perseus Mining Ltd. | 1322932 | 3315598 |
| Platinum Asset Management Ltd.<sup>(2)</sup> | 199755 | 104562 |
| Premier Investments Ltd. | 25224 | 367512 |
| Ramelius Resources Ltd. | 1164780 | 2448035 |
| Regis Resources Ltd.<sup>(1)</sup> | 906149 | 2729477 |
| Resimac Group Ltd. | 17203 | 11698 |
| Resolute Mining Ltd.<sup>(1)</sup> | 2465223 | 1050991 |
| Ridley Corp. Ltd.<sup>(2)</sup> | 62977 | 127658 |
| Sandfire Resources Ltd.<sup>(1)</sup> | 297867 | 2437534 |
| Seven West Media Ltd.<sup>(1)</sup> | 212976 | 19528 |
| Sims Ltd. | 122282 | 1134988 |
| SRG Global Ltd. | 201617 | 258707 |
| Stanmore Resources Ltd. | 221517 | 269673 |
| Star Entertainment Group Ltd.<sup>(1)(2)</sup> | 1258884 | 86329 |
| Super Retail Group Ltd. | 118177 | 1450884 |
| Ten Sixty Four Ltd.<sup>(1)</sup> | 4832 | 32 |
| Terracom Ltd.<sup>(2)</sup> | 194588 | 9305 |
| Tyro Payments Ltd.<sup>(1)</sup> | 106005 | 85681 |
| Universal Store Holdings Ltd. | 14729 | 84166 |
| Vault Minerals Ltd.<sup>(1)</sup> | 1736363 | 616188 |
| Viva Energy Group Ltd.<sup>(2)</sup> | 378133 | 532802 |
| West African Resources Ltd.<sup>(1)</sup> | 1198433 | 2384315 |
| Westgold Resources Ltd.<sup>(1)</sup> | 150223 | 342410 |
| Whitehaven Coal Ltd.<sup>(2)</sup> | 688535 | 2970884 |
|  |  | 48820402 |
| **Austria — 1.1%** |  |  |
| AT&S Austria Technologie & Systemtechnik AG<sup>(1)</sup> | 60122 | 1432610 |
| CPI Europe AG<sup>(1)</sup> | 21442 | 467877 |
| Lenzing AG<sup>(1)</sup> | 45878 | 1420783 |
| Oesterreichische Post AG | 2288 | 77060 |
| Porr AG | 43592 | 1512852 |
| Semperit AG Holding | 4585 | 71913 |
| UNIQA Insurance Group AG | 45653 | 661583 |
|  |  | 5644678 |
| **Belgium — 1.3%** |  |  |
| Bekaert SA | 30841 | 1385917 |
| bpost SA<sup>(1)</sup> | 1050 | 2625 |
| Cie d'Entreprises CFE | 3893 | 40350 |
| Deceuninck NV<sup>(2)</sup> | 1622 | 4015 |
| Deme Group NV | 1548 | 236004 |
| EVS Broadcast Equipment SA | 866 | 35278 |
| Gimv NV | 4146 | 213773 |
| Ion Beam Applications | 785 | 10997 |
| Jensen-Group NV | 250 | 17961 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| KBC Ancora | 10807 | $836998 |
| Kinepolis Group NV<sup>(2)</sup> | 8672 | 346099 |
| Proximus SADP | 95183 | 825089 |
| Solvay SA | 11672 | 383372 |
| Tessenderlo Group SA<sup>(2)</sup> | 9764 | 297740 |
| Umicore SA<sup>(2)</sup> | 137139 | 2140332 |
|  |  | 6776550 |
| **Canada — 9.7%** |  |  |
| ADENTRA, Inc. | 7330 | 183444 |
| Advantage Energy Ltd.<sup>(1)</sup> | 98100 | 793600 |
| Aecon Group, Inc. | 500 | 7431 |
| Alamos Gold, Inc., Class A | 629 | 19163 |
| Alaris Equity Partners Income | 1400 | 19022 |
| Algoma Central Corp. | 200 | 2519 |
| Aris Mining Corp.<sup>(1)</sup> | 47300 | 411574 |
| Athabasca Oil Corp.<sup>(1)</sup> | 270200 | 1184406 |
| AutoCanada, Inc.<sup>(1)</sup> | 100 | 2422 |
| B2Gold Corp. | 786052 | 3245287 |
| Badger Infrastructure Solutions Ltd. | 7800 | 327312 |
| Baytex Energy Corp.<sup>(2)</sup> | 314849 | 699231 |
| Birchcliff Energy Ltd. | 53215 | 244502 |
| Bonterra Energy Corp.<sup>(1)(2)</sup> | 5800 | 14570 |
| Brookfield Wealth Solutions Ltd.<sup>(1)</sup> | 6300 | 413410 |
| Calfrac Well Services Ltd.<sup>(1)</sup> | 4100 | 10091 |
| Canacol Energy Ltd.<sup>(1)(2)</sup> | 3101 | 5780 |
| Capital Power Corp. | 15300 | 638025 |
| Cardinal Energy Ltd.<sup>(2)</sup> | 76900 | 408200 |
| Cascades, Inc. | 32800 | 234772 |
| Centerra Gold, Inc. | 106187 | 866754 |
| CES Energy Solutions Corp. | 89620 | 540976 |
| Chorus Aviation, Inc.<sup>(2)</sup> | 4551 | 67336 |
| Doman Building Materials Group Ltd. | 2200 | 15635 |
| Dorel Industries, Inc., Class B<sup>(1)</sup> | 877 | 773 |
| Dundee Precious Metals, Inc. | 53400 | 989962 |
| Eldorado Gold Corp.<sup>(1)</sup> | 95700 | 2372727 |
| Enerflex Ltd. | 76086 | 766760 |
| Ensign Energy Services, Inc.<sup>(1)(2)</sup> | 30100 | 48656 |
| Evertz Technologies Ltd. | 200 | 1764 |
| Finning International, Inc. | 63900 | 2649336 |
| Fortuna Mining Corp.<sup>(1)</sup> | 173700 | 1339413 |
| Frontera Energy Corp. | 7694 | 34118 |
| Galiano Gold, Inc.<sup>(1)</sup> | 66 | 143 |
| goeasy Ltd.<sup>(2)</sup> | 4730 | 733738 |
| Headwater Exploration, Inc.<sup>(2)</sup> | 135510 | 671950 |
| Hudbay Minerals, Inc. | 171925 | 2063075 |
| Hut 8 Corp.<sup>(1)</sup> | 234 | 6252 |
| iA Financial Corp., Inc. | 75 | 8069 |
| International Petroleum Corp.<sup>(1)(2)</sup> | 33702 | 625524 |
| Jaguar Mining, Inc.<sup>(1)</sup> | 3200 | 11371 |
| Journey Energy, Inc.<sup>(1)</sup> | 520 | 1113 |
| K92 Mining, Inc.<sup>(1)</sup> | 33600 | 378974 |
| Kelt Exploration Ltd.<sup>(1)(2)</sup> | 29700 | 145326 |
| Laurentian Bank of Canada | 8327 | 184930 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Linamar Corp. | 14200 | $775269 |
| Lithium Argentina AG<sup>(1)(2)</sup> | 7900 | 26979 |
| Logan Energy Corp.<sup>(1)(2)</sup> | 71900 | 41359 |
| Lotus Creek Exploration, Inc.<sup>(1)</sup> | 1972 | 1996 |
| Lundin Gold, Inc. | 32100 | 1973892 |
| Martinrea International, Inc. | 29160 | 220184 |
| MDA Space Ltd.<sup>(1)</sup> | 3500 | 113179 |
| MEG Energy Corp. | 97000 | 1995303 |
| Meren Energy, Inc.<sup>(2)</sup> | 55200 | 71545 |
| Mullen Group Ltd.<sup>(2)</sup> | 22700 | 227603 |
| New Gold, Inc.<sup>(1)</sup> | 392670 | 2315962 |
| North American Construction Group Ltd.<sup>(2)</sup> | 14249 | 194746 |
| NuVista Energy Ltd.<sup>(1)</sup> | 87888 | 934332 |
| OceanaGold Corp. | 138933 | 2539206 |
| Paramount Resources Ltd., A Shares<sup>(2)</sup> | 53600 | 796965 |
| Parex Resources, Inc. | 54100 | 681494 |
| PetroTal Corp.<sup>(2)</sup> | 367500 | 181964 |
| Peyto Exploration & Development Corp.<sup>(2)</sup> | 113100 | 1539185 |
| PHX Energy Services Corp. | 3700 | 20934 |
| Pizza Pizza Royalty Corp.<sup>(2)</sup> | 1900 | 22136 |
| Precision Drilling Corp.<sup>(1)(2)</sup> | 5910 | 342116 |
| Real Matters, Inc.<sup>(1)</sup> | 13400 | 62543 |
| Saturn Oil & Gas, Inc.<sup>(1)</sup> | 4900 | 9027 |
| Secure Waste Infrastructure Corp. | 43286 | 516589 |
| South Bow Corp.<sup>(2)</sup> | 96700 | 2679872 |
| Spartan Delta Corp.<sup>(1)(2)</sup> | 40300 | 143200 |
| STEP Energy Services Ltd.<sup>(1)(2)</sup> | 3000 | 9437 |
| Surge Energy, Inc.<sup>(2)</sup> | 68800 | 347169 |
| Tamarack Valley Energy Ltd. | 346400 | 1359519 |
| Taseko Mines Ltd.<sup>(1)</sup> | 111000 | 362093 |
| Torex Gold Resources, Inc.<sup>(1)</sup> | 34000 | 1134117 |
| Total Energy Services, Inc. | 7000 | 67943 |
| Transcontinental, Inc., Class A | 800 | 11860 |
| Trican Well Service Ltd. | 99105 | 430091 |
| Valeura Energy, Inc.<sup>(1)</sup> | 65200 | 381700 |
| Vermilion Energy, Inc.<sup>(2)</sup> | 84200 | 635784 |
| Wajax Corp. | 2575 | 44624 |
| Wesdome Gold Mines Ltd.<sup>(1)</sup> | 25200 | 334508 |
| Western Forest Products, Inc.<sup>(1)</sup> | 1156 | 10555 |
| Westshore Terminals Investment Corp.<sup>(2)</sup> | 3800 | 71222 |
| Whitecap Resources, Inc.<sup>(2)</sup> | 541408 | 4076280 |
|  |  | 51093918 |
| **China — 0.0%** |  |  |
| China Gold International Resources Corp. Ltd.<sup>(2)</sup> | 2500 | 36480 |
| Ever Sunshine Services Group Ltd. | 266000 | 66656 |
| LK Technology Holdings Ltd.<sup>(2)</sup> | 250 | 173 |
|  |  | 103309 |
| **Denmark — 1.6%** |  |  |
| D/S Norden AS | 16899 | 603476 |
| Dfds AS<sup>(1)</sup> | 7382 | 115665 |
| H&H International AS, B Shares<sup>(1)</sup> | 1425 | 21602 |
| Harboes Bryggeri AS, Class B | 336 | 6987 |
| Jyske Bank AS | 5782 | 620836 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Nilfisk Holding AS<sup>(1)</sup> | 2671 | $44961 |
| NKT AS<sup>(1)</sup> | 29774 | 2836073 |
| NTG Nordic Transport Group AS<sup>(1)</sup> | 232 | 6679 |
| Per Aarsleff Holding AS | 10978 | 1076332 |
| Schouw & Co. AS | 297 | 27556 |
| Solar AS, B Shares | 3968 | 134950 |
| Sydbank AS | 31724 | 2412083 |
| TORM PLC, Class A<sup>(2)</sup> | 22581 | 484545 |
|  |  | 8391745 |
| **Finland — 1.0%** |  |  |
| Aspo OYJ | 1402 | 9351 |
| Atria OYJ | 343 | 5322 |
| Citycon OYJ<sup>(2)</sup> | 40011 | 168669 |
| Finnair OYJ<sup>(1)(2)</sup> | 153751 | 565120 |
| Harvia OYJ<sup>(2)</sup> | 5015 | 225577 |
| Incap OYJ<sup>(1)(2)</sup> | 1674 | 19911 |
| Kalmar OYJ, B Shares | 13030 | 599771 |
| Kemira OYJ | 1069 | 24714 |
| Lassila & Tikanoja OYJ | 14024 | 171362 |
| Marimekko OYJ | 10569 | 148249 |
| Nokian Renkaat OYJ<sup>(2)</sup> | 125915 | 1184754 |
| Outokumpu OYJ<sup>(2)</sup> | 205785 | 846659 |
| Puuilo OYJ | 81485 | 1271001 |
| Talenom OYJ | 3181 | 12731 |
| Tokmanni Group Corp.<sup>(2)</sup> | 3101 | 33612 |
| Verkkokauppa.com OYJ<sup>(1)(2)</sup> | 249 | 1098 |
| YIT OYJ<sup>(1)(2)</sup> | 6962 | 26369 |
|  |  | 5314270 |
| **France — 3.0%** |  |  |
| AKWEL SADIR | 113 | 1059 |
| Ayvens SA<sup>(2)</sup> | 13336 | 147759 |
| Beneteau SACA<sup>(2)</sup> | 5246 | 51330 |
| Catana Group<sup>(2)</sup> | 4546 | 18182 |
| Cie des Alpes | 21654 | 561262 |
| Clariane SE<sup>(1)</sup> | 70770 | 354850 |
| Coface SA | 70788 | 1333103 |
| Derichebourg SA | 112467 | 787216 |
| Esso SA Francaise<sup>(2)</sup> | 1404 | 159968 |
| Etablissements Maurel et Prom SA | 65205 | 388074 |
| Euroapi SA<sup>(1)</sup> | 30029 | 105931 |
| Genfit SA<sup>(1)(2)</sup> | 3937 | 15902 |
| Guerbet<sup>(1)</sup> | 63 | 1512 |
| ID Logistics Group SACA<sup>(1)</sup> | 30 | 14410 |
| Jacquet Metals SACA | 893 | 20523 |
| Kaufman & Broad SA | 11089 | 371901 |
| Maisons du Monde SA<sup>(1)(2)</sup> | 12783 | 29312 |
| Manitou BF SA | 4237 | 93375 |
| Mersen SA | 17622 | 500134 |
| Metropole Television SA | 9976 | 153684 |
| Nexans SA | 228 | 34763 |
| Opmobility | 50819 | 819599 |
| OVH Groupe SA<sup>(1)(2)</sup> | 4613 | 55030 |
| Pullup Entertainment<sup>(1)</sup> | 1787 | 47423 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| ReWorld Media SA | 1855 | $3961 |
| SES SA | 335272 | 2343528 |
| SMCP SA<sup>(1)</sup> | 28845 | 214674 |
| Solutions 30 SE<sup>(1)</sup> | 78252 | 157051 |
| Synergie SE | 96 | 3774 |
| Television Francaise 1 SA | 43894 | 433365 |
| Ubisoft Entertainment SA<sup>(1)</sup> | 79591 | 870784 |
| Valeo SE | 181489 | 2202534 |
| Vallourec SACA | 114415 | 2054062 |
| Vicat SACA | 10201 | 714121 |
| VusionGroup | 1464 | 367461 |
| X-Fab Silicon Foundries SE<sup>(1)(2)</sup> | 63659 | 519221 |
|  |  | 15950838 |
| **Germany — 3.8%** |  |  |
| 2G Energy AG | 6750 | 290426 |
| 7C Solarparken AG<sup>(1)</sup> | 5130 | 10865 |
| AlzChem Group AG | 4023 | 682569 |
| Aurubis AG | 5082 | 576977 |
| Baader Bank AG | 2427 | 14909 |
| Bijou Brigitte AG | 517 | 23835 |
| Borussia Dortmund GmbH & Co. KGaA | 45837 | 196797 |
| CANCOM SE | 320 | 8596 |
| Cewe Stiftung & Co. KGaA | 2659 | 299319 |
| Deutsche Rohstoff AG | 583 | 27609 |
| Draegerwerk AG & Co. KGaA | 622 | 40372 |
| Draegerwerk AG & Co. KGaA, Preference Shares | 2357 | 182837 |
| Einhell Germany AG, Preference Shares | 952 | 87409 |
| Elmos Semiconductor SE | 3370 | 321799 |
| flatexDEGIRO AG | 53325 | 1764394 |
| Friedrich Vorwerk Group SE | 5371 | 452851 |
| Gesco SE | 473 | 9494 |
| Grand City Properties SA | 12308 | 158755 |
| Grenke AG | 1244 | 24557 |
| Heidelberger Druckmaschinen AG<sup>(1)</sup> | 189120 | 445461 |
| Hornbach Holding AG & Co. KGaA | 6519 | 793466 |
| HUGO BOSS AG | 27144 | 1337383 |
| Indus Holding AG | 6340 | 166582 |
| Instone Real Estate Group SE | 1059 | 11467 |
| JOST Werke SE | 4048 | 248139 |
| Jungheinrich AG, Preference Shares | 35468 | 1247558 |
| Kloeckner & Co. SE | 38173 | 263196 |
| Koenig & Bauer AG<sup>(1)</sup> | 6503 | 117301 |
| Kontron AG | 25013 | 715299 |
| Krones AG | 3259 | 501227 |
| KSB SE & Co. KGaA | 1 | 1088 |
| KSB SE & Co. KGaA, Preference Shares | 69 | 70097 |
| Lang & Schwarz AG | 2492 | 59816 |
| Lanxess AG | 50171 | 1423462 |
| Multitude PLC | 937 | 7373 |
| Mutares SE & Co. KGaA | 10033 | 335332 |
| Norma Group SE | 18384 | 341953 |
| ProCredit Holding AG | 7223 | 77893 |
| SAF-Holland SE | 35384 | 659219 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Schaeffler AG | 76463 | $529057 |
| Sixt SE | 9709 | 960430 |
| Sixt SE, Preference Shares | 11804 | 823165 |
| SMA Solar Technology AG<sup>(1)</sup> | 8550 | 226967 |
| Steico SE | 2570 | 74024 |
| STO SE & Co. KGaA, Preference Shares | 1138 | 165405 |
| Suedzucker AG | 44896 | 526412 |
| thyssenkrupp AG | 222457 | 2354180 |
| Villeroy & Boch AG, Preference Shares | 195 | 3879 |
| Vossloh AG | 192 | 18931 |
| Wacker Neuson SE | 5013 | 147239 |
| Wuestenrot & Wuerttembergische AG | 829 | 13543 |
|  |  | 19840914 |
| **Hong Kong — 1.5%** |  |  |
| Analogue Holdings Ltd. | 12000 | 1356 |
| AustAsia Group Ltd.<sup>(1)</sup> | 7812 | 2310 |
| Bright Smart Securities & Commodities Group Ltd.<sup>(1)(2)</sup> | 838000 | 1257517 |
| Cafe de Coral Holdings Ltd. | 332000 | 299569 |
| Chow Sang Sang Holdings International Ltd. | 57000 | 98247 |
| Crystal International Group Ltd. | 15500 | 13720 |
| Dah Sing Banking Group Ltd. | 192800 | 259082 |
| Dah Sing Financial Holdings Ltd. | 86400 | 393069 |
| Dickson Concepts International Ltd. | 10000 | 6566 |
| Eagle Nice International Holdings Ltd. | 2000 | 996 |
| E-Commodities Holdings Ltd. | 1440000 | 155399 |
| Hang Lung Group Ltd. | 196000 | 343477 |
| IGG, Inc. | 102000 | 62135 |
| Impro Precision Industries Ltd. | 166000 | 79088 |
| International Housewares Retail Co. Ltd. | 10000 | 1095 |
| Johnson Electric Holdings Ltd. | 381906 | 1403254 |
| JS Global Lifestyle Co. Ltd.<sup>(1)</sup> | 65000 | 18298 |
| K Wah International Holdings Ltd. | 166000 | 47175 |
| Karrie International Holdings Ltd. | 74000 | 9094 |
| Minmetals Land Ltd.<sup>(1)</sup> | 4000 | 189 |
| Oriental Watch Holdings | 52000 | 23223 |
| Pacific Basin Shipping Ltd. | 3591000 | 1009045 |
| PAX Global Technology Ltd. | 39000 | 32501 |
| Regina Miracle International Holdings Ltd. | 25000 | 6205 |
| Shun Tak Holdings Ltd.<sup>(1)(2)</sup> | 406000 | 38617 |
| Singamas Container Holdings Ltd. | 274000 | 25721 |
| SmarTone Telecommunications Holdings Ltd. | 92000 | 55135 |
| Stella International Holdings Ltd.<sup>(2)</sup> | 89000 | 192524 |
| Sun Hung Kai & Co. Ltd. | 38000 | 20240 |
| Tai Hing Group Holdings Ltd. | 50000 | 6681 |
| Ten Pao Group Holdings Ltd. | 80000 | 22739 |
| Texhong International Group Ltd. | 102000 | 61513 |
| Texwinca Holdings Ltd. | 26000 | 2678 |
| Truly International Holdings Ltd. | 218000 | 33697 |
| United Energy Group Ltd.<sup>(2)</sup> | 6848000 | 482221 |
| United Laboratories International Holdings Ltd. | 674000 | 1329858 |
| Yue Yuen Industrial Holdings Ltd. | 59000 | 104293 |
|  |  | 7898527 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Ireland — 0.3%** |  |  |
| Dalata Hotel Group PLC | 160109 | $1193859 |
| FBD Holdings PLC | 2442 | 41127 |
| Origin Enterprises PLC | 11863 | 52692 |
| Permanent TSB Group Holdings PLC<sup>(1)</sup> | 4574 | 12464 |
| Uniphar PLC | 13961 | 66186 |
|  |  | 1366328 |
| **Israel — 3.6%** |  |  |
| Adgar Investment & Development Ltd.<sup>(1)</sup> | 786 | 1270 |
| Africa Israel Residences Ltd. | 533 | 38401 |
| Alony Hetz Properties & Investments Ltd. | 18505 | 210289 |
| Ashdod Refinery Ltd.<sup>(1)</sup> | 1929 | 32592 |
| Azorim-Investment Development & Construction Co. Ltd. | 8607 | 51862 |
| Bezeq The Israeli Telecommunication Corp. Ltd. | 191697 | 352498 |
| Big Shopping Centers Ltd. | 1720 | 337626 |
| Blue Square Real Estate Ltd. | 98 | 11071 |
| Caesarstone Ltd.<sup>(1)</sup> | 611 | 868 |
| Cellcom Israel Ltd.<sup>(1)</sup> | 11701 | 106091 |
| Clal Insurance Enterprises Holdings Ltd. | 35583 | 1825808 |
| Delek Automotive Systems Ltd. | 704 | 5478 |
| Delek Group Ltd. | 5943 | 1311281 |
| Delta Galil Ltd. | 2662 | 138959 |
| Direct Finance of Direct Group 2006 Ltd. | 354 | 52088 |
| Dor Alon Energy in Israel 1988 Ltd.<sup>(1)</sup> | 81 | 3320 |
| Doral Group Renewable Energy Resources Ltd.<sup>(1)</sup> | 33190 | 159305 |
| El Al Israel Airlines<sup>(1)</sup> | 96639 | 386182 |
| Elco Ltd. | 345 | 18417 |
| Energix-Renewable Energies Ltd. | 27614 | 106896 |
| Enlight Renewable Energy Ltd.<sup>(1)</sup> | 16763 | 475090 |
| Equital Ltd.<sup>(1)</sup> | 6646 | 292003 |
| Fattal Holdings 1998 Ltd.<sup>(1)</sup> | 3348 | 545681 |
| FIBI Holdings Ltd. | 9053 | 686217 |
| First International Bank Of Israel Ltd. | 4077 | 289085 |
| Fox Wizel Ltd. | 1553 | 145374 |
| G City Ltd. | 41479 | 157672 |
| Harel Insurance Investments & Financial Services Ltd. | 53063 | 1766715 |
| IDI Insurance Co. Ltd. | 3480 | 246112 |
| Isracard Ltd. | 81051 | 326310 |
| Israel Corp. Ltd. | 1752 | 567429 |
| Isras Holdings Ltd.<sup>(1)</sup> | 163 | 18888 |
| Isras Investment Co. Ltd. | 520 | 136695 |
| Land Development Nimrodi Group Ltd. | 2361 | 24485 |
| M Yochananof & Sons Ltd. | 273 | 23861 |
| Malam-Team Holding Ltd.<sup>(1)</sup> | 163 | 10124 |
| Menora Mivtachim Holdings Ltd. | 10208 | 989585 |
| Migdal Insurance & Financial Holdings Ltd. | 189271 | 681790 |
| Mivne Real Estate KD Ltd. | 34520 | 126475 |
| Mizrahi Tefahot Bank Ltd. | 1 | 33 |
| Naphtha Israel Petroleum Corp. Ltd. | 2351 | 18294 |
| Neto Malinda Trading Ltd. | 2221 | 85211 |
| Nexxen International Ltd.<sup>(1)</sup> | 28322 | 284229 |
| Norstar Holdings, Inc. | 1824 | 6145 |
| Oil Refineries Ltd. | 1783064 | 441897 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Partner Communications Co. Ltd. | 65087 | $610107 |
| Paz Retail & Energy Ltd. | 529 | 99784 |
| Perion Network Ltd.<sup>(1)</sup> | 573 | 5273 |
| Phoenix Financial Ltd. | 63537 | 2246698 |
| Property & Building Corp. Ltd. | 90 | 10133 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 92 | 8380 |
| Scope Metals Group Ltd. | 69 | 3034 |
| Shikun & Binui Ltd.<sup>(1)</sup> | 46124 | 204179 |
| Shufersal Ltd. | 112222 | 1393068 |
| Summit Real Estate Holdings Ltd. | 1418 | 27546 |
| Tadiran Group Ltd. | 102 | 5684 |
| Tamar Petroleum Ltd. | 4695 | 58646 |
| Tera Light Ltd.<sup>(1)</sup> | 1388 | 4431 |
| Victory Supermarket Chain Ltd. | 265 | 3843 |
| YH Dimri Construction & Development Ltd. | 541 | 59132 |
| ZIM Integrated Shipping Services Ltd. | 58921 | 801915 |
|  |  | 19037555 |
| **Italy — 2.9%** |  |  |
| Aquafil SpA<sup>(1)</sup> | 14237 | 28626 |
| Azimut Holding SpA | 34288 | 1230159 |
| Banca IFIS SpA | 10913 | 295024 |
| Banca Sistema SpA<sup>(1)(2)</sup> | 33424 | 63533 |
| Banco di Desio e della Brianza SpA | 10982 | 94214 |
| BasicNet SpA | 1033 | 7845 |
| BFF Bank SpA<sup>(1)(2)</sup> | 47705 | 624643 |
| Brembo NV<sup>(2)</sup> | 8316 | 92062 |
| Cementir Holding NV | 5529 | 90840 |
| Credito Emiliano SpA | 57026 | 896598 |
| d'Amico International Shipping SA | 78261 | 364105 |
| Danieli & C Officine Meccaniche SpA<sup>(2)</sup> | 445 | 20833 |
| Danieli & C Officine Meccaniche SpA, Preference Shares | 273 | 9171 |
| Emak SpA | 6148 | 6979 |
| ERG SpA | 38215 | 923724 |
| Eurogroup Laminations SpA<sup>(2)</sup> | 1972 | 8262 |
| Ferretti SpA<sup>(2)</sup> | 66348 | 209067 |
| Fila SpA | 13924 | 142076 |
| Fincantieri SpA<sup>(1)</sup> | 58816 | 1401954 |
| Gefran SpA | 300 | 3827 |
| Geox SpA<sup>(1)(2)</sup> | 48891 | 17891 |
| Iveco Group NV | 113849 | 2447967 |
| MFE-MediaForEurope NV, Class A<sup>(2)</sup> | 164999 | 601089 |
| MFE-MediaForEurope NV, Class B<sup>(2)</sup> | 58688 | 312098 |
| NewPrinces SpA<sup>(1)</sup> | 7298 | 214343 |
| Orsero SpA | 1264 | 23865 |
| OVS SpA | 184882 | 891527 |
| Safilo Group SpA<sup>(1)</sup> | 94773 | 167720 |
| Saipem SpA<sup>(2)</sup> | 579976 | 1629734 |
| Sanlorenzo SpA<sup>(2)</sup> | 2300 | 87964 |
| Sesa SpA<sup>(2)</sup> | 1374 | 119276 |
| Sogefi SpA<sup>(2)</sup> | 6632 | 21051 |
| TREVI - Finanziaria Industriale SpA<sup>(1)</sup> | 46222 | 26531 |
| Webuild SpA<sup>(2)</sup> | 519499 | 2340910 |
|  |  | 15415508 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Japan — 32.6%** |  |  |
| & ST HD Co. Ltd. | 7800 | $159599 |
| 77 Bank Ltd. | 21300 | 817109 |
| AD Works Group Co. Ltd. | 40300 | 124594 |
| ADEKA Corp. | 9200 | 204701 |
| AEON Financial Service Co. Ltd.<sup>(2)</sup> | 73000 | 733647 |
| Aeon Hokkaido Corp. | 6500 | 40332 |
| AFC-HD AMS Life Science Co. Ltd. | 1300 | 7654 |
| Ahresty Corp. | 9900 | 62483 |
| Aichi Corp. | 10600 | 94779 |
| Aichi Steel Corp. | 21600 | 422226 |
| Aiful Corp. | 26600 | 84380 |
| Air Water, Inc. | 2100 | 36509 |
| Airman Corp.<sup>(2)</sup> | 1000 | 14194 |
| Airport Facilities Co. Ltd. | 400 | 2803 |
| Aisan Industry Co. Ltd. | 43700 | 576979 |
| Akebono Brake Industry Co. Ltd.<sup>(1)</sup> | 6200 | 4755 |
| Alconix Corp. | 20700 | 303746 |
| Alinco, Inc. | 200 | 1480 |
| Allied Telesis Holdings KK | 43600 | 57409 |
| Alps Alpine Co. Ltd. | 150300 | 1833813 |
| Amuse, Inc. | 400 | 5393 |
| AOKI Holdings, Inc. | 25900 | 313827 |
| Aoyama Trading Co. Ltd.<sup>(2)</sup> | 3000 | 49799 |
| Arakawa Chemical Industries Ltd. | 1500 | 11432 |
| Arata Corp. | 18700 | 386393 |
| ARCLANDS Corp. | 48400 | 594026 |
| Arcs Co. Ltd.<sup>(2)</sup> | 29000 | 594231 |
| ARE Holdings, Inc. | 5800 | 80542 |
| Artience Co. Ltd. | 10400 | 215766 |
| Asahi Co. Ltd.<sup>(2)</sup> | 5500 | 51369 |
| Asahi Yukizai Corp.<sup>(2)</sup> | 2400 | 72589 |
| Asanuma Corp. | 59600 | 345495 |
| Asia Pile Holdings Corp. | 8700 | 73156 |
| ASKUL Corp. | 2900 | 29688 |
| Autobacs Seven Co. Ltd. | 200 | 2122 |
| Awa Bank Ltd. | 7900 | 184648 |
| Axial Retailing, Inc. | 55500 | 434106 |
| Bando Chemical Industries Ltd. | 9900 | 133887 |
| Bank of Nagoya Ltd. | 7000 | 477336 |
| Bank of Saga Ltd. | 6400 | 125850 |
| Bank of the Ryukyus Ltd.<sup>(2)</sup> | 12300 | 109889 |
| Belc Co. Ltd.<sup>(2)</sup> | 3700 | 184944 |
| Belluna Co. Ltd. | 6600 | 44888 |
| B-Lot Co. Ltd. | 1800 | 22117 |
| BML, Inc. | 700 | 16847 |
| Bookoff Group Holdings Ltd. | 2800 | 28634 |
| Bunka Shutter Co. Ltd. | 4100 | 72273 |
| Canon Electronics, Inc. | 16300 | 288322 |
| Carlit Co. Ltd.<sup>(2)</sup> | 6200 | 56509 |
| Cawachi Ltd. | 1600 | 30406 |
| Central Glass Co. Ltd. | 16600 | 378350 |
| Chiba Kogyo Bank Ltd.<sup>(2)</sup> | 2000 | 20322 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chori Co. Ltd. | 300 | $7877 |
| Chubu Shiryo Co. Ltd. | 1600 | 18819 |
| Chubu Steel Plate Co. Ltd.<sup>(2)</sup> | 4000 | 60262 |
| Chuetsu Pulp & Paper Co. Ltd. | 2700 | 31642 |
| Chuo Spring Co. Ltd. | 1300 | 28385 |
| Citizen Watch Co. Ltd. | 31100 | 213121 |
| CKD Corp. | 27900 | 457771 |
| CMK Corp. | 48200 | 117860 |
| Cosmo Energy Holdings Co. Ltd. | 13500 | 648781 |
| Credit Saison Co. Ltd. | 46300 | 1175732 |
| CTI Engineering Co. Ltd. | 3200 | 63737 |
| Daicel Corp. | 188500 | 1734852 |
| Daido Metal Co. Ltd. | 8100 | 50082 |
| Daido Steel Co. Ltd. | 89400 | 764859 |
| Daihatsu Infinearth Mfg Co. Ltd. | 3300 | 71372 |
| Daiichi Jitsugyo Co. Ltd. | 1400 | 25647 |
| Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 200 | 934 |
| Daiki Aluminium Industry Co. Ltd. | 1100 | 8583 |
| Daikoku Denki Co. Ltd.<sup>(2)</sup> | 3200 | 55908 |
| Daikokutenbussan Co. Ltd. | 1100 | 55718 |
| Daikyonishikawa Corp. | 5100 | 26109 |
| Daio Paper Corp. | 92600 | 547846 |
| Daishi Hokuetsu Financial Group, Inc. | 24000 | 641608 |
| Daishinku Corp. | 1500 | 5879 |
| Daito Pharmaceutical Co. Ltd. | 2100 | 17472 |
| Daitron Co. Ltd. | 4100 | 114151 |
| Daiwabo Holdings Co. Ltd. | 31000 | 657262 |
| DCM Holdings Co. Ltd.<sup>(2)</sup> | 4400 | 44078 |
| Denka Co. Ltd. | 61800 | 934648 |
| Densan System Holdings Co. Ltd. | 400 | 9355 |
| DIC Corp. | 70500 | 1630453 |
| DKS Co. Ltd.<sup>(2)</sup> | 3400 | 128877 |
| Doshisha Co. Ltd. | 1200 | 21261 |
| Dowa Holdings Co. Ltd. | 2000 | 70220 |
| Eagle Industry Co. Ltd. | 7100 | 120941 |
| Eco's Co. Ltd. | 100 | 1850 |
| EDION Corp. | 56000 | 769821 |
| Ehime Bank Ltd. | 8800 | 71798 |
| Eizo Corp. | 100 | 1515 |
| EJ Holdings, Inc. | 1100 | 13129 |
| Electric Power Development Co. Ltd. | 58800 | 1121025 |
| Endo Lighting Corp. | 8900 | 134430 |
| eRex Co. Ltd. | 26400 | 127019 |
| ERI Holdings Co. Ltd. | 400 | 7803 |
| Exedy Corp. | 13600 | 489378 |
| FCC Co. Ltd. | 30400 | 646079 |
| Feed One Co. Ltd. | 600 | 4590 |
| Ferrotec Corp. | 49700 | 1299014 |
| FIDEA Holdings Co. Ltd. | 3420 | 36739 |
| First Bank of Toyama Ltd.<sup>(2)</sup> | 35300 | 309009 |
| Foster Electric Co. Ltd. | 12100 | 177269 |
| France Bed Holdings Co. Ltd. | 3100 | 26635 |
| Fudo Tetra Corp. | 9500 | 169394 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Fuji Co. Ltd.<sup>(2)</sup> | 1800 | $24538 |
| Fuji Oil Co. Ltd. | 15900 | 35864 |
| Fuji Seal International, Inc. | 25200 | 492608 |
| Fujibo Holdings, Inc. | 5300 | 229105 |
| Fujikura Composites, Inc. | 4600 | 57431 |
| FuKoKu Co. Ltd.<sup>(2)</sup> | 2900 | 37021 |
| Fukuyama Transporting Co. Ltd. | 400 | 9512 |
| Furukawa Battery Co. Ltd.<sup>(1)</sup> | 2400 | 22805 |
| Furukawa Co. Ltd. | 20100 | 382041 |
| Furukawa Electric Co. Ltd. | 34500 | 2150560 |
| Furuno Electric Co. Ltd.<sup>(2)</sup> | 23900 | 906077 |
| Fuso Chemical Co. Ltd. | 16600 | 523735 |
| Futaba Industrial Co. Ltd. | 35900 | 229992 |
| Fuyo General Lease Co. Ltd. | 45300 | 1341636 |
| Gakken Holdings Co. Ltd. | 2000 | 14095 |
| Gamecard-Joyco Holdings, Inc. | 1700 | 33929 |
| Gecoss Corp. | 400 | 3745 |
| Genky DrugStores Co. Ltd. | 9100 | 279430 |
| Geo Holdings Corp. | 21500 | 241392 |
| GLOBERIDE, Inc. | 1100 | 17675 |
| Glory Ltd. | 43700 | 1132974 |
| Godo Steel Ltd. | 2100 | 58867 |
| Good Com Asset Co. Ltd.<sup>(2)</sup> | 3200 | 32697 |
| GS Yuasa Corp. | 81400 | 1824708 |
| G-Tekt Corp. | 13300 | 177875 |
| Gunma Bank Ltd. | 95200 | 994930 |
| Gunze Ltd. | 9600 | 243686 |
| H2O Retailing Corp. | 75300 | 1059470 |
| Hagihara Industries, Inc. | 4200 | 46635 |
| Hakudo Co. Ltd. | 1200 | 18810 |
| Halows Co. Ltd. | 4300 | 149392 |
| Hamakyorex Co. Ltd. | 22800 | 232628 |
| Hanwa Co. Ltd. | 11300 | 485138 |
| Hazama Ando Corp. | 167700 | 1950786 |
| Heiwa Corp.<sup>(2)</sup> | 15400 | 227892 |
| Heiwado Co. Ltd.<sup>(2)</sup> | 29700 | 573181 |
| HI-LEX Corp. | 1400 | 27044 |
| Hino Motors Ltd.<sup>(1)</sup> | 288700 | 748549 |
| Hirano Tecseed Co. Ltd. | 800 | 8775 |
| Hirogin Holdings, Inc. | 26700 | 253713 |
| Hodogaya Chemical Co. Ltd. | 4200 | 43291 |
| Hokko Chemical Industry Co. Ltd. | 1000 | 10826 |
| Hokuhoku Financial Group, Inc. | 53900 | 1357681 |
| H-One Co. Ltd. | 9300 | 92930 |
| Hoosiers Holdings Co. Ltd.<sup>(2)</sup> | 2300 | 20037 |
| HS Holdings Co. Ltd. | 900 | 6451 |
| Hyakugo Bank Ltd. | 59400 | 332622 |
| Hyakujushi Bank Ltd. | 4300 | 144460 |
| Ichikoh Industries Ltd. | 4500 | 13446 |
| Ichinen Holdings Co. Ltd. | 6900 | 83862 |
| Iino Kaiun Kaisha Ltd.<sup>(2)</sup> | 84700 | 686285 |
| i-mobile Co. Ltd. | 7500 | 32582 |
| Inabata & Co. Ltd. | 20600 | 482616 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| I-Net Corp. | 1500 | $17953 |
| INFRONEER Holdings, Inc. | 193100 | 1927152 |
| Innotech Corp. | 1800 | 18456 |
| Internet Initiative Japan, Inc. | 900 | 16935 |
| Inui Global Logistics Co. Ltd.<sup>(2)</sup> | 13700 | 149290 |
| Iriso Electronics Co. Ltd. | 17000 | 334384 |
| Ishihara Sangyo Kaisha Ltd. | 32200 | 535385 |
| Ito En Ltd. | 64500 | 1481158 |
| Ito En Ltd., Preference Shares | 15300 | 187115 |
| Itochu Enex Co. Ltd. | 22800 | 299070 |
| Itochu-Shokuhin Co. Ltd. | 2200 | 150035 |
| IwaiCosmo Holdings, Inc. | 11500 | 205082 |
| Iwatani Corp. | 55100 | 600398 |
| Iyogin Holdings, Inc. | 8400 | 115964 |
| Izumi Co. Ltd.<sup>(2)</sup> | 19100 | 420033 |
| J Trust Co. Ltd. | 15700 | 46992 |
| Jaccs Co. Ltd.<sup>(2)</sup> | 20100 | 582935 |
| JAFCO Group Co. Ltd. | 800 | 13968 |
| Japan Aviation Electronics Industry Ltd. | 18600 | 317150 |
| Japan Cash Machine Co. Ltd. | 7900 | 53646 |
| Japan Electronic Materials Corp.<sup>(2)</sup> | 8100 | 152414 |
| Japan Petroleum Exploration Co. Ltd. | 115900 | 950728 |
| Japan Pulp & Paper Co. Ltd. | 52600 | 247387 |
| Japan Transcity Corp. | 7000 | 56045 |
| Japan Wool Textile Co. Ltd. | 1300 | 14070 |
| JM Holdings Co. Ltd.<sup>(2)</sup> | 2900 | 56182 |
| J-Oil Mills, Inc. | 10800 | 149034 |
| Joshin Denki Co. Ltd. | 2300 | 39049 |
| JSB Co. Ltd.<sup>(2)</sup> | 2200 | 58239 |
| JSP Corp. | 5600 | 73886 |
| JTEKT Corp. | 171400 | 1674425 |
| Juroku Financial Group, Inc. | 11800 | 433330 |
| JVCKenwood Corp. | 123200 | 1028246 |
| Kaga Electronics Co. Ltd. | 37800 | 883882 |
| Kamei Corp. | 6600 | 126413 |
| Kanadevia Corp. | 133700 | 892634 |
| Kanamoto Co. Ltd. | 37000 | 878482 |
| Kaneka Corp. | 33300 | 974014 |
| Kanematsu Corp. | 77000 | 1620589 |
| Kanto Denka Kogyo Co. Ltd. | 31100 | 178967 |
| Kato Sangyo Co. Ltd. | 9700 | 377628 |
| Kawada Technologies, Inc. | 8500 | 233542 |
| Keihan Holdings Co. Ltd. | 28300 | 617513 |
| Keihanshin Building Co. Ltd. | 200 | 2123 |
| Keiyo Bank Ltd. | 19400 | 158351 |
| Kenko Mayonnaise Co. Ltd. | 2000 | 25332 |
| KH Neochem Co. Ltd. | 17600 | 333517 |
| Kitz Corp. | 56400 | 572660 |
| Kiyo Bank Ltd. | 24100 | 471692 |
| Koatsu Gas Kogyo Co. Ltd. | 3900 | 28224 |
| Koei Chemical Co. Ltd. | 200 | 3042 |
| Kohnan Shoji Co. Ltd.<sup>(2)</sup> | 17200 | 464586 |
| Kojima Co. Ltd.<sup>(2)</sup> | 7400 | 56203 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Komeri Co. Ltd. | 14000 | $315981 |
| Komori Corp. | 20400 | 212150 |
| Konica Minolta, Inc.<sup>(1)</sup> | 25600 | 86978 |
| Konishi Co. Ltd. | 8700 | 76296 |
| Konoike Transport Co. Ltd. | 20700 | 476867 |
| KPP Group Holdings Co. Ltd. | 34200 | 189569 |
| KRS Corp.<sup>(2)</sup> | 3100 | 71317 |
| K's Holdings Corp. | 66000 | 672586 |
| Kumagai Gumi Co. Ltd. | 5600 | 179566 |
| Kurabo Industries Ltd.<sup>(2)</sup> | 6600 | 339952 |
| Kuraray Co. Ltd. | 104500 | 1245088 |
| Kureha Corp. | 27100 | 701606 |
| KYB Corp. | 31100 | 800918 |
| Kyoei Steel Ltd. | 12700 | 195835 |
| Kyokuyo Co. Ltd. | 8300 | 262765 |
| Kyushu Leasing Service Co. Ltd. | 1800 | 17265 |
| Lacto Japan Co. Ltd. | 1600 | 43206 |
| Life Corp.<sup>(2)</sup> | 28300 | 472307 |
| Look Holdings, Inc. | 1000 | 17403 |
| Macnica Holdings, Inc. | 50800 | 691126 |
| Mamiya-Op Co. Ltd.<sup>(2)</sup> | 400 | 5168 |
| Mars Group Holdings Corp. | 4700 | 100439 |
| Marudai Food Co. Ltd. | 6400 | 85057 |
| Maruha Nichiro Corp. | 44400 | 991947 |
| Maruzen Showa Unyu Co. Ltd. | 2500 | 123288 |
| Matsuda Sangyo Co. Ltd. | 300 | 7782 |
| Maxell Ltd. | 3800 | 53086 |
| MCJ Co. Ltd. | 4200 | 40505 |
| Mebuki Financial Group, Inc. | 252400 | 1551535 |
| Megachips Corp. | 200 | 7770 |
| Megmilk Snow Brand Co. Ltd. | 29200 | 562779 |
| Meidensha Corp. | 500 | 19644 |
| Meiji Shipping Group Co. Ltd. | 4400 | 21608 |
| Meiko Electronics Co. Ltd. | 900 | 58600 |
| Meisei Industrial Co. Ltd. | 800 | 8799 |
| Meiwa Corp. | 1600 | 8870 |
| METAWATER Co. Ltd. | 2200 | 44738 |
| MIMAKI ENGINEERING Co. Ltd. | 13600 | 162541 |
| Ministop Co. Ltd. | 800 | 10857 |
| Miraial Co. Ltd. | 1700 | 12927 |
| Mirait One Corp. | 52900 | 1017409 |
| Mitsuba Corp. | 24600 | 155269 |
| Mitsubishi Kakoki Kaisha Ltd.<sup>(2)</sup> | 7900 | 144139 |
| Mitsubishi Paper Mills Ltd.<sup>(2)</sup> | 3300 | 15224 |
| Mitsubishi Research Institute, Inc. | 200 | 6487 |
| Mitsubishi Steel Manufacturing Co. Ltd. | 3400 | 40010 |
| Mitsui E&S Co. Ltd. | 29200 | 899460 |
| Mitsui High-Tec, Inc.<sup>(2)</sup> | 32100 | 183915 |
| Mitsui Mining & Smelting Co. Ltd. | 56000 | 3948577 |
| Mitsui-Soko Holdings Co. Ltd. | 22400 | 635038 |
| Miyaji Engineering Group, Inc.<sup>(2)</sup> | 18200 | 251492 |
| Miyazaki Bank Ltd. | 6400 | 190012 |
| Mizuho Leasing Co. Ltd. | 80000 | 692494 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Mizuho Medy Co. Ltd. | 2800 | $29756 |
| Modec, Inc. | 49600 | 2651898 |
| Moriroku Co. Ltd. | 6200 | 102891 |
| Morita Holdings Corp. | 5600 | 83505 |
| Mugen Estate Co. Ltd. | 6300 | 86609 |
| Musashi Seimitsu Industry Co. Ltd. | 33200 | 731711 |
| Musashino Bank Ltd. | 15700 | 408039 |
| Nachi-Fujikoshi Corp. | 12300 | 286736 |
| Nafco Co. Ltd. | 1100 | 14623 |
| Nagase & Co. Ltd. | 15000 | 320715 |
| Nagoya Railroad Co. Ltd. | 196600 | 2245088 |
| Namura Shipbuilding Co. Ltd.<sup>(2)</sup> | 59100 | 1397594 |
| Nankai Electric Railway Co. Ltd. | 52600 | 941871 |
| Nanto Bank Ltd. | 23600 | 790371 |
| Nasu Denki Tekko Co. Ltd. | 100 | 9909 |
| NEC Capital Solutions Ltd.<sup>(2)</sup> | 4200 | 110039 |
| NHK Spring Co. Ltd. | 55400 | 692347 |
| Nichicon Corp. | 700 | 6509 |
| Nichirin Co. Ltd. | 2700 | 68205 |
| Nihon Chouzai Co. Ltd. | 10800 | 286129 |
| Nihon Dempa Kogyo Co. Ltd. | 8800 | 54889 |
| Nihon Dengi Co. Ltd. | 200 | 7149 |
| Nihon Flush Co. Ltd. | 400 | 2166 |
| Nihon House Holdings Co. Ltd. | 7900 | 17388 |
| Nihon Nohyaku Co. Ltd. | 21400 | 141311 |
| Nihon Tokushu Toryo Co. Ltd. | 500 | 7283 |
| Nikkiso Co. Ltd. | 48600 | 488757 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | 200 | 3680 |
| Nippon Carbide Industries Co., Inc. | 2400 | 34174 |
| Nippon Chemical Industrial Co. Ltd.<sup>(2)</sup> | 2800 | 55749 |
| Nippon Chemi-Con Corp.<sup>(1)(2)</sup> | 2000 | 18931 |
| Nippon Coke & Engineering Co. Ltd.<sup>(1)</sup> | 122200 | 86143 |
| Nippon Concrete Industries Co. Ltd. | 2500 | 5250 |
| Nippon Denko Co. Ltd. | 29300 | 65396 |
| Nippon Densetsu Kogyo Co. Ltd. | 1600 | 29428 |
| Nippon Kayaku Co. Ltd. | 2300 | 22286 |
| Nippon Light Metal Holdings Co. Ltd. | 47200 | 656962 |
| Nippon Paper Industries Co. Ltd. | 134800 | 1107205 |
| Nippon Seiki Co. Ltd. | 7600 | 91480 |
| Nippon Shokubai Co. Ltd. | 73000 | 917770 |
| Nippon Signal Co. Ltd. | 1600 | 13211 |
| Nippon Yakin Kogyo Co. Ltd.<sup>(2)</sup> | 12400 | 369756 |
| Nipro Corp. | 78000 | 795660 |
| Nishikawa Rubber Co. Ltd. | 4900 | 104144 |
| Nishi-Nippon Financial Holdings, Inc. | 49700 | 831028 |
| Nishi-Nippon Railroad Co. Ltd. | 16500 | 249713 |
| Nishio Holdings Co. Ltd. | 19900 | 563719 |
| Nissan Shatai Co. Ltd. | 46400 | 357448 |
| Nissei ASB Machine Co. Ltd. | 500 | 23757 |
| Nisshin Oillio Group Ltd. | 700 | 24599 |
| Nissui Corp. | 156300 | 1061441 |
| Nittetsu Mining Co. Ltd.<sup>(2)</sup> | 11900 | 681194 |
| Nojima Corp. | 39300 | 882367 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NOK Corp. | 48700 | $847606 |
| Nomura Micro Science Co. Ltd.<sup>(2)</sup> | 9800 | 210459 |
| Noritsu Koki Co. Ltd. | 12300 | 139240 |
| North Pacific Bank Ltd. | 71300 | 334359 |
| NPR-RIKEN Corp. | 4800 | 95635 |
| NS United Kaiun Kaisha Ltd. | 11300 | 380614 |
| NTN Corp. | 558900 | 1239325 |
| Ogaki Kyoritsu Bank Ltd. | 3800 | 80433 |
| Oisix ra daichi, Inc.<sup>(1)</sup> | 9900 | 109143 |
| Oji Holdings Corp. | 11700 | 64477 |
| Oki Electric Industry Co. Ltd. | 127100 | 1318279 |
| Okinawa Cellular Telephone Co. | 7000 | 238863 |
| Okinawa Financial Group, Inc. | 5800 | 145322 |
| Okura Industrial Co. Ltd. | 5200 | 173388 |
| Okuwa Co. Ltd.<sup>(2)</sup> | 2200 | 14091 |
| Olympic Group Corp. | 500 | 1402 |
| Orient Corp. | 47370 | 323392 |
| Osaka Steel Co. Ltd.<sup>(2)</sup> | 14500 | 257994 |
| OSG Corp. | 76800 | 1050651 |
| Pacific Industrial Co. Ltd. | 28600 | 443174 |
| Pack Corp. | 1800 | 14443 |
| PAL GROUP Holdings Co. Ltd. | 10100 | 354309 |
| Penta-Ocean Construction Co. Ltd. | 368700 | 2661347 |
| PILLAR Corp.<sup>(2)</sup> | 200 | 5438 |
| Press Kogyo Co. Ltd. | 53100 | 235731 |
| Prima Meat Packers Ltd. | 7100 | 113761 |
| PS Construction Co. Ltd. | 20600 | 258791 |
| Raito Kogyo Co. Ltd. | 300 | 6721 |
| Raiznext Corp. | 700 | 8998 |
| Rasa Industries Ltd. | 2700 | 82551 |
| Rengo Co. Ltd. | 171900 | 1072400 |
| Resorttrust, Inc. | 21000 | 268165 |
| Restar Corp. | 10100 | 177987 |
| Retail Partners Co. Ltd. | 2700 | 25953 |
| Ricoh Leasing Co. Ltd. | 11600 | 442749 |
| Riken Technos Corp. | 12400 | 98554 |
| Ryobi Ltd. | 19800 | 355166 |
| RYODEN Corp.<sup>(2)</sup> | 1000 | 20823 |
| S Foods, Inc.<sup>(2)</sup> | 900 | 16484 |
| Sakai Chemical Industry Co. Ltd. | 10300 | 205249 |
| Sakata INX Corp. | 3000 | 45675 |
| Sakura Internet, Inc.<sup>(2)</sup> | 300 | 6048 |
| Sala Corp. | 13400 | 91677 |
| San Holdings, Inc. | 800 | 7947 |
| San ju San Financial Group, Inc. | 12700 | 308434 |
| San-A Co. Ltd. | 2700 | 52265 |
| San-Ai Obbli Co. Ltd. | 13600 | 191935 |
| San-In Godo Bank Ltd. | 43100 | 390717 |
| SANIX HOLDINGS, Inc.<sup>(1)</sup> | 1600 | 2581 |
| Sanki Engineering Co. Ltd. | 33900 | 1145563 |
| Sanko Gosei Ltd. | 1200 | 7378 |
| Sankyo Frontier Co. Ltd. | 400 | 5621 |
| Sankyo Tateyama, Inc. | 7600 | 32290 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sankyu, Inc. | 27600 | $1533456 |
| Sanoh Industrial Co. Ltd. | 16400 | 89691 |
| Sansha Electric Manufacturing Co. Ltd. | 2000 | 11652 |
| Sanshin Electronics Co. Ltd. | 7700 | 146420 |
| Sanyo Trading Co. Ltd. | 5800 | 63077 |
| Sato Corp. | 21000 | 320023 |
| SBI Leasing Services Co. Ltd. | 2000 | 69970 |
| SBS Holdings, Inc. | 11300 | 272228 |
| Scroll Corp. | 5900 | 43972 |
| SEC Carbon Ltd. | 2000 | 29628 |
| Seed Co. Ltd. | 1600 | 5951 |
| Seika Corp. | 4900 | 193838 |
| Seiko Electric Co. Ltd. | 1500 | 16256 |
| Seiko Group Corp. | 16800 | 729727 |
| Sekisui Kasei Co. Ltd. | 2100 | 5248 |
| SEMITEC Corp. | 800 | 13313 |
| Senko Group Holdings Co. Ltd. | 139500 | 1915473 |
| Senshu Electric Co. Ltd. | 400 | 12144 |
| Senshu Ikeda Holdings, Inc.<sup>(2)</sup> | 224600 | 980556 |
| Shibaura Electronics Co. Ltd. | 100 | 4794 |
| Shibaura Machine Co. Ltd.<sup>(2)</sup> | 16200 | 455831 |
| Shibusawa Logistics Corp. | 100 | 3030 |
| Shibuya Corp. | 3000 | 72288 |
| Shikoku Bank Ltd. | 11400 | 109574 |
| Shikoku Kasei Holdings Corp. | 5600 | 81749 |
| Shin Nippon Air Technologies Co. Ltd. | 800 | 16754 |
| Shin Nippon Biomedical Laboratories Ltd. | 1000 | 11403 |
| Shinagawa Refractories Co. Ltd.<sup>(2)</sup> | 8700 | 113947 |
| Shinmaywa Industries Ltd. | 62100 | 742442 |
| Shinnihon Corp. | 20500 | 261681 |
| Shinsho Corp. | 7500 | 115072 |
| Shinwa Co. Ltd. | 400 | 8924 |
| Ship Healthcare Holdings, Inc. | 33100 | 500252 |
| Showa Sangyo Co. Ltd. | 9700 | 197127 |
| Siix Corp. | 36400 | 320774 |
| SK-Electronics Co. Ltd. | 4600 | 92394 |
| SKY Perfect JSAT Holdings, Inc. | 112400 | 1066089 |
| Soda Nikka Co. Ltd. | 4000 | 30014 |
| Sodick Co. Ltd. | 34300 | 198462 |
| Soken Chemical & Engineering Co. Ltd. | 1600 | 18214 |
| Sotetsu Holdings, Inc. | 24100 | 423856 |
| Starts Corp., Inc. | 16100 | 543899 |
| St-Care Holding Corp. | 1900 | 10186 |
| Stella Chemifa Corp. | 500 | 14039 |
| Studio Alice Co. Ltd.<sup>(2)</sup> | 700 | 10064 |
| Subaru Enterprise Co. Ltd. | 500 | 11854 |
| Sumida Corp. | 35200 | 250075 |
| Sumitomo Osaka Cement Co. Ltd. | 27300 | 726822 |
| Sumitomo Riko Co. Ltd. | 37800 | 562796 |
| Sumitomo Seika Chemicals Co. Ltd.<sup>(2)</sup> | 5900 | 182868 |
| Sumitomo Warehouse Co. Ltd. | 600 | 12527 |
| Suzuki Co. Ltd. | 4100 | 59250 |
| T RAD Co. Ltd. | 1600 | 73049 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Tachibana Eletech Co. Ltd. | 200 | $3934 |
| Tachikawa Corp. | 400 | 4923 |
| Tachi-S Co. Ltd. | 3500 | 46231 |
| Taiheiyo Cement Corp. | 53300 | 1441628 |
| Taiho Kogyo Co. Ltd. | 1500 | 6940 |
| Taisei Oncho Co. Ltd. | 700 | 20266 |
| Takamatsu Construction Group Co. Ltd. | 400 | 8870 |
| Takamiya Co. Ltd. | 1000 | 2455 |
| Takaoka Toko Co. Ltd. | 5000 | 105646 |
| Takara Standard Co. Ltd. | 36200 | 648762 |
| Takasago International Corp. | 13100 | 752985 |
| Takashimaya Co. Ltd.<sup>(2)</sup> | 204100 | 1798030 |
| Take & Give Needs Co. Ltd. | 2600 | 15075 |
| Tamron Co. Ltd. | 12800 | 87579 |
| Tamura Corp. | 34600 | 119347 |
| Tanseisha Co. Ltd. | 10200 | 95454 |
| Tazmo Co. Ltd. | 4400 | 66662 |
| Techno Ryowa Ltd. | 1100 | 36959 |
| Teijin Ltd. | 155800 | 1325233 |
| Tekken Corp. | 200 | 4570 |
| Tera Probe, Inc. | 3600 | 113628 |
| Tess Holdings Co. Ltd. | 30900 | 76074 |
| Tigers Polymer Corp. | 900 | 5729 |
| Toa Corp. | 24300 | 355946 |
| TOA ROAD Corp. | 1400 | 15306 |
| Toagosei Co. Ltd. | 22000 | 229211 |
| Toenec Corp. | 49800 | 480242 |
| Toho Co. Ltd. | 2800 | 66934 |
| Toho Holdings Co. Ltd.<sup>(2)</sup> | 2800 | 103454 |
| Toho Titanium Co. Ltd. | 24900 | 299394 |
| Tokai Carbon Co. Ltd. | 214800 | 1474934 |
| TOKAI Holdings Corp. | 88300 | 628575 |
| Tokai Rika Co. Ltd. | 32000 | 569814 |
| Tokuyama Corp. | 69900 | 1593080 |
| Tokyo Kiraboshi Financial Group, Inc.<sup>(2)</sup> | 25600 | 1215807 |
| Tokyo Steel Manufacturing Co. Ltd. | 23700 | 266597 |
| Tokyo Tekko Co. Ltd. | 5700 | 231104 |
| Tokyotokeiba Co. Ltd. | 3400 | 122063 |
| Tokyu Construction Co. Ltd. | 91200 | 695151 |
| Toli Corp. | 1800 | 7128 |
| Tomoku Co. Ltd. | 4900 | 109855 |
| TOMONY Holdings, Inc. | 164700 | 706537 |
| Topre Corp. | 32200 | 473603 |
| Topy Industries Ltd. | 7900 | 156703 |
| Torishima Pump Manufacturing Co. Ltd.<sup>(2)</sup> | 400 | 5411 |
| Toshiba TEC Corp. | 7900 | 153794 |
| Totech Corp. | 10000 | 216394 |
| Totetsu Kogyo Co. Ltd. | 1100 | 32610 |
| Towa Pharmaceutical Co. Ltd.<sup>(2)</sup> | 5300 | 103942 |
| Toyo Seikan Group Holdings Ltd. | 28100 | 682806 |
| Toyo Tanso Co. Ltd. | 3300 | 86729 |
| Toyo Tire Corp. | 73500 | 1867331 |
| Toyobo Co. Ltd. | 72800 | 535731 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Toyoda Gosei Co. Ltd. | 54000 | $1307271 |
| Toyota Boshoku Corp. | 64700 | 1055284 |
| TPR Co. Ltd. | 11800 | 188643 |
| Traders Holdings Co. Ltd. | 4600 | 31501 |
| TRE Holdings Corp. | 41724 | 433890 |
| Trusco Nakayama Corp. | 19200 | 315111 |
| TS Tech Co. Ltd. | 11600 | 145871 |
| Tsubakimoto Chain Co. | 34400 | 513507 |
| Tsuburaya Fields Holdings, Inc. | 1200 | 17102 |
| Tsugami Corp. | 25600 | 368608 |
| Tsukuba Bank Ltd.<sup>(2)</sup> | 18800 | 37180 |
| Tsuzuki Denki Co. Ltd. | 300 | 6483 |
| Tv Tokyo Holdings Corp. | 1000 | 30665 |
| UACJ Corp. | 31500 | 1344522 |
| UBE Corp. | 18600 | 293637 |
| Uchida Yoko Co. Ltd. | 7700 | 559548 |
| UEX Ltd. | 3400 | 18847 |
| Unipres Corp. | 23400 | 185217 |
| United Arrows Ltd. | 7200 | 101699 |
| UNITED, Inc.<sup>(2)</sup> | 800 | 3458 |
| Valor Holdings Co. Ltd. | 42100 | 804369 |
| Vertex Corp. | 6000 | 67210 |
| Vital KSK Holdings, Inc. | 3500 | 29701 |
| VT Holdings Co. Ltd. | 41800 | 137871 |
| Wacom Co. Ltd. | 32500 | 159253 |
| Wakita & Co. Ltd. | 1200 | 14974 |
| Warabeya Nichiyo Holdings Co. Ltd.<sup>(2)</sup> | 8900 | 170307 |
| Wellnet Corp. | 5000 | 25794 |
| Xebio Holdings Co. Ltd. | 4400 | 33179 |
| YAMABIKO Corp. | 16200 | 254483 |
| Yamada Holdings Co. Ltd. | 3100 | 9775 |
| Yamae Group Holdings Co. Ltd. | 9600 | 175038 |
| Yamaichi Electronics Co. Ltd. | 16000 | 345259 |
| Yellow Hat Ltd. | 7800 | 87702 |
| Yokogawa Bridge Holdings Corp. | 37700 | 710265 |
| Yokohama Rubber Co. Ltd.<sup>(2)</sup> | 16200 | 596087 |
| Yokorei Co. Ltd. | 11100 | 87933 |
| Yorozu Corp. | 1600 | 10707 |
| Yuasa Trading Co. Ltd. | 11600 | 386483 |
| Yurtec Corp. | 40200 | 719308 |
| Yushiro, Inc. | 1500 | 23339 |
| Zacros Corp. | 8900 | 252018 |
| Zenrin Co. Ltd. | 32600 | 231701 |
|  |  | 171543020 |
| **Netherlands — 1.1%** |  |  |
| Alfen NV<sup>(1)(2)</sup> | 9550 | 110428 |
| AMG Critical Materials NV | 12066 | 370975 |
| ASR Nederland NV<sup>(2)</sup> | 24187 | 1678038 |
| Basic-Fit NV<sup>(1)(2)</sup> | 22750 | 665912 |
| Brunel International NV<sup>(2)</sup> | 6098 | 61700 |
| Constellium SE<sup>(1)</sup> | 58170 | 842883 |
| ForFarmers NV | 2391 | 13109 |
| Fugro NV<sup>(2)</sup> | 29380 | 405202 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Koninklijke BAM Groep NV | 24423 | $217700 |
| Koninklijke Heijmans NV, CVA | 12794 | 879445 |
| Koninklijke Vopak NV | 14496 | 700973 |
| Nedap NV | 63 | 6663 |
| SIF Holding NV<sup>(1)(2)</sup> | 1046 | 9462 |
| Sligro Food Group NV | 2450 | 31129 |
| Van Lanschot Kempen NV | 1172 | 71619 |
|  |  | 6065238 |
| **New Zealand — 0.3%** |  |  |
| Air New Zealand Ltd. | 2125454 | 739828 |
| Channel Infrastructure NZ Ltd. | 5917 | 8272 |
| Fletcher Building Ltd.<sup>(1)</sup> | 297216 | 552265 |
| KMD Brands Ltd.<sup>(1)(2)</sup> | 13702 | 1940 |
| Oceania Healthcare Ltd.<sup>(1)</sup> | 371672 | 138208 |
| PGG Wrightson Ltd. | 3178 | 4478 |
| SKY Network Television Ltd.<sup>(2)</sup> | 10714 | 20231 |
| SKYCITY Entertainment Group Ltd.<sup>(1)(2)</sup> | 729186 | 300811 |
| Warehouse Group Ltd.<sup>(1)</sup> | 4116 | 1967 |
|  |  | 1768000 |
| **Norway — 2.1%** |  |  |
| 2020 Bulkers Ltd. | 17002 | 228790 |
| ABG Sundal Collier Holding ASA | 52525 | 36245 |
| Aker Solutions ASA | 218942 | 678401 |
| AMSC ASA<sup>(1)</sup> | 5422 | 793 |
| Avance Gas Holding Ltd.<sup>(1)</sup> | 8412 | 201 |
| Bluenord ASA<sup>(1)</sup> | 2059 | 100880 |
| BW LPG Ltd. | 59792 | 933239 |
| BW Offshore Ltd. | 38296 | 143095 |
| Cool Co. Ltd. | 18018 | 148842 |
| DNO ASA | 417416 | 635965 |
| Grieg Seafood ASA<sup>(1)</sup> | 3641 | 25753 |
| Hoegh Autoliners ASA | 77662 | 892522 |
| Kid ASA | 6221 | 91255 |
| Klaveness Combination Carriers ASA | 4897 | 36551 |
| Kongsberg Automotive ASA<sup>(1)</sup> | 103514 | 18287 |
| MPC Container Ships ASA | 285447 | 509892 |
| Nordic Mining ASA<sup>(1)</sup> | 36884 | 66640 |
| Norske Skog ASA<sup>(1)</sup> | 38365 | 83252 |
| Norwegian Air Shuttle ASA | 793806 | 1345362 |
| Odfjell Drilling Ltd. | 15262 | 123155 |
| Odfjell SE, Class A | 16842 | 199879 |
| Odfjell Technology Ltd. | 6441 | 36248 |
| OKEA ASA<sup>(1)</sup> | 3401 | 6434 |
| Panoro Energy ASA<sup>(1)</sup> | 67352 | 160278 |
| Rana Gruber ASA | 14305 | 94449 |
| Scatec ASA<sup>(1)</sup> | 109258 | 1150074 |
| Sea1 offshore, Inc. | 27088 | 68798 |
| Shelf Drilling Ltd.<sup>(1)</sup> | 31247 | 43241 |
| Solstad Maritime Holding AS | 5177 | 13075 |
| SpareBank 1 Nord Norge | 59349 | 809166 |
| SpareBank 1 SMN | 16542 | 315939 |
| SpareBank 1 Sor-Norge ASA | 622 | 10922 |
| Sparebanken More | 1335 | 14039 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sparebanken Norge | 8006 | $135252 |
| Stolt-Nielsen Ltd. | 14441 | 469442 |
| TGS ASA | 123497 | 944179 |
| Wallenius Wilhelmsen ASA | 36719 | 343622 |
|  |  | 10914157 |
| **Portugal — 0.3%** |  |  |
| CTT-Correios de Portugal SA | 120989 | 1038991 |
| Ibersol SGPS SA | 9 | 100 |
| NOS SGPS SA | 19436 | 88826 |
| Semapa-Sociedade de Investimento e Gestao | 16865 | 348459 |
| Sonae SGPS SA | 6934 | 10368 |
| Teixeira Duarte SA<sup>(1)(2)</sup> | 143034 | 68454 |
|  |  | 1555198 |
| **Singapore — 2.1%** |  |  |
| Aztech Global Ltd. | 45100 | 23553 |
| BRC Asia Ltd. | 5500 | 17367 |
| Bumitama Agri Ltd. | 185600 | 172102 |
| Centurion Corp. Ltd. | 10500 | 14395 |
| China Sunsine Chemical Holdings Ltd. | 27500 | 15733 |
| CNMC Goldmine Holdings Ltd. | 147400 | 72273 |
| CSE Global Ltd. | 385167 | 206955 |
| First Resources Ltd. | 719700 | 958977 |
| Frencken Group Ltd. | 10000 | 11113 |
| Geo Energy Resources Ltd. | 1536800 | 431053 |
| Golden Agri-Resources Ltd. | 3588600 | 783921 |
| Hafnia Ltd. | 51317 | 313827 |
| Hong Fok Corp. Ltd. | 54400 | 33500 |
| Hong Leong Asia Ltd. | 89300 | 177221 |
| Hour Glass Ltd. | 33400 | 52304 |
| Hutchison Port Holdings Trust, U Shares | 4728500 | 1016443 |
| InnoTek Ltd. | 9200 | 2832 |
| ISDN Holdings Ltd. | 43305 | 12973 |
| Keppel Infrastructure Trust | 246500 | 85461 |
| OUE Ltd. | 15900 | 14370 |
| Rex International Holding Ltd.<sup>(1)</sup> | 2506100 | 348567 |
| RH PetroGas Ltd.<sup>(1)</sup> | 232700 | 33123 |
| Riverstone Holdings Ltd.<sup>(2)</sup> | 22600 | 12678 |
| Samudera Shipping Line Ltd. | 662200 | 531401 |
| Sing Holdings Ltd. | 11800 | 3813 |
| Singapore Post Ltd. | 10800 | 3912 |
| Tuan Sing Holdings Ltd. | 13487 | 2942 |
| Wee Hur Holdings Ltd. | 1296700 | 742613 |
| Yangzijiang Financial Holding Ltd. | 4556100 | 3727501 |
| Yangzijiang Shipbuilding Holdings Ltd. | 534300 | 1210624 |
| Yanlord Land Group Ltd.<sup>(1)</sup> | 316700 | 175041 |
|  |  | 11208588 |
| **Spain — 1.7%** |  |  |
| Aedas Homes SA | 1272 | 31493 |
| Atresmedia Corp. de Medios de Comunicacion SA<sup>(2)</sup> | 28212 | 172078 |
| Audax Renovables SA<sup>(1)(2)</sup> | 10126 | 16964 |
| Bankinter SA | 194540 | 2903347 |
| Construcciones y Auxiliar de Ferrocarriles SA | 6874 | 416168 |
| Ercros SA<sup>(1)</sup> | 14395 | 46221 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Gestamp Automocion SA | 76669 | $310040 |
| Grenergy Renovables SA<sup>(1)</sup> | 4861 | 371834 |
| Grupo Catalana Occidente SA | 4161 | 238413 |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 5557 | 8679 |
| Melia Hotels International SA | 29468 | 274066 |
| Miquel y Costas & Miquel SA | 1905 | 32007 |
| Neinor Homes SA<sup>(1)</sup> | 8045 | 160292 |
| Obrascon Huarte Lain SA<sup>(1)</sup> | 399698 | 189124 |
| Prosegur Cia de Seguridad SA | 23862 | 74094 |
| Sacyr SA | 272259 | 1149103 |
| Soltec Power Holdings SA<sup>(1)(2)</sup> | 5373 | 2511 |
| Tecnicas Reunidas SA<sup>(1)(2)</sup> | 25367 | 673562 |
| Unicaja Banco SA | 437668 | 1213567 |
| Vidrala SA | 4734 | 510719 |
|  |  | 8794282 |
| **Sweden — 4.6%** |  |  |
| AcadeMedia AB | 35822 | 351161 |
| Alleima AB<sup>(2)</sup> | 141154 | 1043230 |
| Alligo AB, Class B | 7388 | 82494 |
| Annehem Fastigheter AB, B Shares<sup>(1)</sup> | 682 | 1360 |
| AQ Group AB | 23090 | 474380 |
| Arjo AB, B Shares | 75364 | 275577 |
| Atrium Ljungberg AB, B Shares<sup>(2)</sup> | 2960 | 9861 |
| Avanza Bank Holding AB | 11533 | 435882 |
| Better Collective AS<sup>(1)(2)</sup> | 1154 | 14410 |
| BICO Group AB<sup>(1)</sup> | 291 | 726 |
| Bilia AB, A Shares | 47081 | 580504 |
| Billerud Aktiebolag | 118109 | 1128533 |
| Bonava AB, B Shares<sup>(1)</sup> | 81040 | 95610 |
| Bufab AB | 54086 | 536259 |
| Bulten AB | 1926 | 11201 |
| Bure Equity AB | 15973 | 478707 |
| Byggmax Group AB | 2920 | 17993 |
| Cibus Nordic Real Estate AB publ<sup>(2)</sup> | 1463 | 26347 |
| Cint Group AB<sup>(1)</sup> | 72221 | 53807 |
| Clas Ohlson AB, B Shares | 31976 | 1130859 |
| Cloetta AB, B Shares | 50672 | 173722 |
| Corem Property Group AB, B Shares<sup>(2)</sup> | 399010 | 194173 |
| Dios Fastigheter AB | 64110 | 435104 |
| Dynavox Group AB<sup>(1)</sup> | 83088 | 1103939 |
| Elanders AB, B Shares | 400 | 2456 |
| Electrolux AB, B Shares<sup>(1)(2)</sup> | 114410 | 679755 |
| Electrolux Professional AB, B Shares | 2474 | 16069 |
| Elekta AB, B Shares | 49660 | 246935 |
| Embracer Group AB<sup>(1)(2)</sup> | 82804 | 740409 |
| Fastighetsbolaget Emilshus AB, Class B<sup>(1)</sup> | 1161 | 6111 |
| G5 Entertainment AB | 3291 | 32339 |
| Granges AB<sup>(2)</sup> | 59716 | 875947 |
| Hanza AB | 7444 | 89438 |
| Haypp Group AB<sup>(1)</sup> | 2850 | 45904 |
| Hexatronic Group AB<sup>(1)(2)</sup> | 74057 | 180677 |
| Hoist Finance AB | 27835 | 295681 |
| Hufvudstaden AB, A Shares<sup>(2)</sup> | 437 | 5697 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| IAR Systems Group AB | 1381 | $26046 |
| INVISIO AB<sup>(2)</sup> | 8798 | 289623 |
| JM AB<sup>(2)</sup> | 53670 | 776059 |
| Loomis AB | 48084 | 2131912 |
| Maha Capital AB<sup>(1)(2)</sup> | 15860 | 12012 |
| Medcap AB<sup>(1)</sup> | 1302 | 84559 |
| MEKO AB | 14823 | 128122 |
| NCC AB, B Shares | 72236 | 1482919 |
| Net Insight AB, B Shares<sup>(1)(2)</sup> | 16083 | 7656 |
| New Wave Group AB, B Shares<sup>(2)</sup> | 58080 | 648511 |
| Nobia AB<sup>(1)</sup> | 94593 | 47286 |
| Nolato AB, B Shares | 11630 | 71360 |
| Norion Bank AB<sup>(1)</sup> | 18091 | 132547 |
| Note AB | 15303 | 303880 |
| NP3 Fastigheter AB<sup>(2)</sup> | 9293 | 248055 |
| Nyfosa AB<sup>(2)</sup> | 75900 | 658252 |
| Pandox AB | 36133 | 653992 |
| Paradox Interactive AB | 27158 | 497124 |
| Peab AB, Class B | 135931 | 1060545 |
| Platzer Fastigheter Holding AB, B Shares<sup>(2)</sup> | 10720 | 77369 |
| Plejd AB<sup>(1)</sup> | 2722 | 253089 |
| RaySearch Laboratories AB<sup>(2)</sup> | 28900 | 811191 |
| Rusta AB | 30213 | 236571 |
| Rvrc Holding AB | 2338 | 11497 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares<sup>(1)</sup> | 32269 | 28278 |
| Saniona AB<sup>(1)</sup> | 37262 | 51946 |
| Scandi Standard AB | 23842 | 245858 |
| SkiStar AB<sup>(2)</sup> | 35477 | 588836 |
| Solid Forsakring AB | 4180 | 32768 |
| Stendorren Fastigheter AB<sup>(1)</sup> | 511 | 10864 |
| Storytel AB | 715 | 5956 |
| TF Bank AB | 2223 | 37154 |
| Troax Group AB<sup>(2)</sup> | 726 | 10828 |
| Truecaller AB, B Shares<sup>(2)</sup> | 100404 | 476013 |
| Yubico AB<sup>(1)(2)</sup> | 1054 | 15226 |
| Zinzino AB, Class B<sup>(2)</sup> | 5663 | 112808 |
|  |  | 24139969 |
| **Switzerland — 4.2%** |  |  |
| ALSO Holding AG | 3134 | 993069 |
| Arbonia AG | 25598 | 185756 |
| Ascom Holding AG | 110 | 632 |
| Autoneum Holding AG<sup>(2)</sup> | 3138 | 622931 |
| Basilea Pharmaceutica Ag Allschwil<sup>(1)</sup> | 8868 | 522817 |
| Bell Food Group AG | 1040 | 327785 |
| Bellevue Group AG | 642 | 5987 |
| Bossard Holding AG, Class A | 1925 | 407839 |
| Bucher Industries AG | 4922 | 2338489 |
| Burckhardt Compression Holding AG | 1114 | 1003088 |
| Burkhalter Holding AG | 2286 | 417254 |
| Bystronic AG | 79 | 34758 |
| Cembra Money Bank AG | 9307 | 1055730 |
| Cicor Technologies Ltd.<sup>(1)</sup> | 2082 | 481620 |
| Clariant AG<sup>(1)</sup> | 508 | 5219 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Coltene Holding AG<sup>(1)</sup> | 353 | $23087 |
| COSMO Pharmaceuticals NV | 3568 | 280663 |
| Daetwyler Holding AG, Bearer Shares | 2829 | 478363 |
| DKSH Holding AG | 3002 | 220780 |
| dormakaba Holding AG | 1072 | 997380 |
| EFG International AG<sup>(1)</sup> | 65958 | 1311139 |
| Emmi AG | 375 | 349834 |
| Feintool International Holding AG<sup>(1)</sup> | 531 | 7267 |
| Forbo Holding AG | 677 | 671274 |
| Gurit Holding AG, Bearer Shares<sup>(1)</sup> | 8 | 143 |
| Implenia AG | 14383 | 1147793 |
| Komax Holding AG<sup>(1)(2)</sup> | 782 | 83517 |
| Leonteq AG<sup>(2)</sup> | 895 | 18310 |
| Medmix AG | 8628 | 115864 |
| Montana Aerospace AG<sup>(1)</sup> | 7007 | 221716 |
| Phoenix Mecano AG | 17 | 8970 |
| PolyPeptide Group AG<sup>(1)(2)</sup> | 3544 | 120067 |
| Schweiter Technologies AG | 388 | 152684 |
| Sensirion Holding AG<sup>(1)(2)</sup> | 128 | 10586 |
| SFS Group AG | 2304 | 317018 |
| St. Galler Kantonalbank AG | 370 | 233098 |
| Stadler Rail AG | 43629 | 1161256 |
| Swissquote Group Holding SA | 4047 | 2653895 |
| TX Group AG | 52 | 12727 |
| Valiant Holding AG | 9185 | 1517717 |
| Vetropack Holding AG | 1359 | 44193 |
| Vontobel Holding AG | 17918 | 1366834 |
| V-ZUG Holding AG | 209 | 11879 |
| Zehnder Group AG | 3167 | 283319 |
|  |  | 22224347 |
| **United Kingdom — 11.1%** |  |  |
| 4imprint Group PLC | 2849 | 129674 |
| Alpha Group International PLC | 3929 | 221790 |
| Anglo Asian Mining PLC<sup>(1)</sup> | 5959 | 14874 |
| ASOS PLC<sup>(1)(2)</sup> | 27269 | 102226 |
| Atalaya Mining Copper SA | 23171 | 168527 |
| Bodycote PLC | 29762 | 251793 |
| boohoo Group PLC<sup>(1)(2)</sup> | 370637 | 76374 |
| Capricorn Energy PLC<sup>(1)</sup> | 4539 | 13099 |
| Central Asia Metals PLC | 132783 | 304427 |
| Close Brothers Group PLC<sup>(1)</sup> | 86655 | 538554 |
| CMC Markets PLC | 41032 | 121711 |
| Coats Group PLC | 1045627 | 1084509 |
| Computacenter PLC | 53294 | 1656363 |
| DFS Furniture PLC<sup>(1)</sup> | 45978 | 96934 |
| Diversified Energy Co. PLC | 60930 | 992712 |
| Dowlais Group PLC | 18975 | 20009 |
| Dr. Martens PLC | 240023 | 294266 |
| Drax Group PLC | 346274 | 3041559 |
| Dunelm Group PLC | 59704 | 969129 |
| easyJet PLC | 125327 | 831162 |
| Ecora Resources PLC | 39689 | 38359 |
| Endeavour Mining PLC | 20 | 695 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Energean PLC | 124185 | $1601762 |
| EnQuest PLC | 910160 | 155655 |
| Essentra PLC | 7635 | 10378 |
| Everplay Group PLC | 14914 | 79627 |
| Ferrexpo PLC<sup>(1)</sup> | 83361 | 62210 |
| Firstgroup PLC<sup>(2)</sup> | 642963 | 1931569 |
| Forterra PLC | 14284 | 36956 |
| Frasers Group PLC<sup>(1)</sup> | 56102 | 512575 |
| Funding Circle Holdings PLC<sup>(1)</sup> | 4878 | 9593 |
| Games Workshop Group PLC | 267 | 55742 |
| Genel Energy PLC<sup>(1)(2)</sup> | 36022 | 31615 |
| Georgia Capital PLC<sup>(1)</sup> | 9131 | 280935 |
| Greggs PLC | 57585 | 1228145 |
| Gulf Keystone Petroleum Ltd. | 147251 | 385352 |
| Gulf Marine Services PLC<sup>(1)</sup> | 63232 | 16241 |
| Halfords Group PLC | 129115 | 239194 |
| Hikma Pharmaceuticals PLC | 51454 | 1243022 |
| Hilton Food Group PLC | 60580 | 680461 |
| Hochschild Mining PLC | 316553 | 1204546 |
| Howden Joinery Group PLC | 61533 | 696181 |
| Hunting PLC | 71533 | 317632 |
| IG Design Group PLC<sup>(1)</sup> | 4688 | 3802 |
| IG Group Holdings PLC | 72042 | 1100565 |
| Impax Asset Management Group PLC | 31269 | 77594 |
| Inchcape PLC | 197985 | 1786249 |
| Indivior PLC<sup>(1)</sup> | 809 | 19654 |
| International Personal Finance PLC | 57547 | 158341 |
| J D Wetherspoon PLC | 77815 | 730212 |
| JET2 PLC | 84976 | 1871308 |
| Johnson Matthey PLC | 132209 | 3414436 |
| Johnson Service Group PLC | 232144 | 436347 |
| Jubilee Metals Group PLC<sup>(1)</sup> | 2770 | 129 |
| Just Group PLC | 31975 | 91191 |
| Keller Group PLC | 66413 | 1198215 |
| Lancashire Holdings Ltd. | 116772 | 964270 |
| Lion Finance Group PLC | 21447 | 2126118 |
| Liontrust Asset Management PLC | 23587 | 109907 |
| Man Group PLC | 10984 | 24271 |
| Marks & Spencer Group PLC | 810134 | 3783706 |
| Marston's PLC<sup>(1)</sup> | 117354 | 61103 |
| McBride PLC<sup>(1)</sup> | 55566 | 88468 |
| Me Group International PLC<sup>(2)</sup> | 131339 | 354866 |
| Mears Group PLC | 63395 | 294081 |
| Mitchells & Butlers PLC<sup>(1)</sup> | 172854 | 601868 |
| Molten Ventures PLC<sup>(1)</sup> | 3195 | 15467 |
| Morgan Advanced Materials PLC | 119020 | 339514 |
| Motorpoint group PLC | 61 | 143 |
| MP Evans Group PLC | 5541 | 99582 |
| Ninety One PLC | 87765 | 225073 |
| OSB Group PLC | 226293 | 1612989 |
| Pagegroup PLC | 185937 | 595944 |
| Pan African Resources PLC | 710186 | 607511 |
| Paragon Banking Group PLC | 118539 | 1392237 |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Petra Diamonds Ltd.<sup>(1)(2)</sup> | 46129 | $11280 |
| Pinewood Technologies Group PLC<sup>(1)</sup> | 2852 | 19821 |
| Plus500 Ltd. | 52617 | 2156153 |
| Polar Capital Holdings PLC | 7602 | 47221 |
| PZ Cussons PLC | 4899 | 4574 |
| QinetiQ Group PLC | 102097 | 656305 |
| Quilter PLC | 999010 | 2216479 |
| Rathbones Group PLC | 383 | 9527 |
| Reach PLC | 256931 | 238873 |
| RHI Magnesita NV | 10717 | 295779 |
| S4 Capital PLC<sup>(2)</sup> | 99847 | 28059 |
| Secure Trust Bank PLC | 121 | 1815 |
| Senior PLC | 4464 | 12100 |
| Serica Energy PLC | 290293 | 707094 |
| SIG PLC<sup>(1)</sup> | 76887 | 10919 |
| Sigmaroc PLC<sup>(1)</sup> | 129847 | 201845 |
| Speedy Hire PLC | 138940 | 49995 |
| Spire Healthcare Group PLC | 67276 | 197526 |
| St. James's Place PLC | 32862 | 563505 |
| SThree PLC | 63429 | 167108 |
| Tate & Lyle PLC | 619 | 4451 |
| TBC Bank Group PLC | 27495 | 1626227 |
| TP ICAP Group PLC | 176138 | 661209 |
| Vanquis Banking Group PLC<sup>(1)</sup> | 20176 | 31088 |
| Vertu Motors PLC | 50582 | 40665 |
| Vesuvius PLC | 131198 | 663245 |
| Victrex PLC | 30715 | 296434 |
| Volex PLC | 9263 | 43523 |
| Vp PLC | 235 | 1897 |
| Watkin Jones PLC<sup>(1)(2)</sup> | 84435 | 32225 |
| Wickes Group PLC | 260740 | 703783 |
| Xaar PLC<sup>(1)</sup> | 533 | 851 |
| Yellow Cake PLC<sup>(1)</sup> | 7651 | 53420 |
| Young & Co.'s Brewery PLC, Class A | 1845 | 20833 |
| Yu Group PLC<sup>(2)</sup> | 2736 | 60095 |
| Zigup PLC | 177470 | 755109 |
|  |  | 58524331 |
| **United States — 0.2%** |  |  |
| Golar LNG Ltd. | 29554 | 1295056 |
| **TOTAL COMMON STOCKS**<br>(Cost $394,732,801) |  | **523686728** |
| **WARRANTS — 0.0%** |  |  |
| **Hong Kong — 0.0%** |  |  |
| CSI Properties Ltd.<sup>(1)</sup> | 17500 | 45 |
| **Italy — 0.0%** |  |  |
| Fincantieri SpA<sup>(1)(2)</sup> | 27855 | 74951 |
| Geox SpA<sup>(1)</sup> | 14380 | 917 |
| Webuild SpA<sup>(1)(2)</sup> | 6684 | 30110 |
|  |  | 105978 |
| **TOTAL WARRANTS**<br>(Cost $—) |  | **106023** |

---

------

Schedule of Investments - Avantis International Small Cap Value Fund

---

| | | |
|:---|:---|:---|
|<br>**RIGHTS — 0.0%** | **Shares** | **Value** |
| **New Zealand — 0.0%** |  |  |
| SKYCITY Entertainment Group Ltd.<sup>(1)</sup> | 204312 | $1205 |
| **United States — 0.0%** |  |  |
| Resolute Forest Products, Inc.<sup>(1)</sup> | 10100 | 9387 |
| **TOTAL RIGHTS**<br>(Cost $11,110) |  | **10592** |
| **SHORT-TERM INVESTMENTS — 2.9%** |  |  |
| **Money Market Funds — 2.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 1888321 | 1888321 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 13652756 | 13652756 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $15,541,077) |  | **15541077** |
| **TOTAL INVESTMENT SECURITIES — 102.3%**<br>(Cost $410,284,988) |  | **539344420** |
| **OTHER ASSETS AND LIABILITIES — (2.3)%** |  | **(12376727)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**526967693** |

---

---

| | |
|:---|:---|
| **MARKET SECTOR DIVERSIFICATION** | **MARKET SECTOR DIVERSIFICATION** |
| **(as a % of net assets)** | |
| Industrials | 23.3% |
| Materials | 20.6% |
| Financials | 16.9% |
| Consumer Discretionary | 12.8% |
| Energy | 10.9% |
| Consumer Staples | 4.3% |
| Information Technology | 4.2% |
| Communication Services | 2.2% |
| Utilities | 1.6% |
| Health Care | 1.5% |
| Real Estate | 1.1% |
| Short-Term Investments | 2.9% |
| Other Assets and Liabilities | (2.3)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)^** |
| Russell 2000 E-Mini Index | 13 | September 2025 | $1540370 | $53255 |

---

^Amount represents value and unrealized appreciation (depreciation).

---

| | | |
|:---|:---|:---|
| **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 $50,229,870. 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 $54,002,136, which includes securities collateral of $40,349,380.

------

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 | $2940722 | $520746006 |  |
| Warrants |  | 106023 |  |
| Rights | 9387 | 1205 |  |
| Short-Term Investments | 15541077 |  |  |
|  | $18491186 | $520853234 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $53255 |  |  |

---

**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 Risk** |
| **Liability Derivatives:** | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* | $8122 |

---

\*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 August 31, 2025.

---

| | |
|:---|:---|
| | **Type of Risk Exposure** |
| | **Equity Risk** |
| **Net realized gain (loss) on:** | **Net realized gain (loss) on:** |
| &nbsp;&nbsp;Futures contract transactions | $200464 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;Futures contracts | $(71194) |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | | |
| | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** |
| **Assets** | **Assets** | |
| Investment securities, at value | $646934216 | $410443013 |
| Investment made with cash collateral received for securities on loan, at value | 9898251 | 17685367 |
| Cash | 10927 | 8248 |
| Foreign currency holdings, at value | 306007 | 47016 |
| Deposits with broker for futures contracts | 106643 | 63986 |
| Receivable for investments sold |  | 27131 |
| Receivable for capital shares sold | 449180 | 71117 |
| Dividends and interest receivable | 1544609 | 1374342 |
| Securities lending receivable | 48407 | 24234 |
|  | 659298240 | 429744454 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 9898251 | 17685367 |
| Payable for investments purchased | 940169 | 1512340 |
| Payable for capital shares redeemed | 710696 | 1021504 |
| Payable for variation margin on futures contracts | 11273 | 6764 |
| Accrued management fees | 170194 | 59920 |
| Accrued foreign taxes | 3807822 |  |
|  | 15538405 | 20285895 |
| **Net Assets** | $643759835 | $409458559 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $524000940 | $302672597 |
| Distributable earnings (loss) | 119758895 | 106785962 |
|  | $643759835 | $409458559 |
| Investment securities, at cost | $528556911 | $309864752 |
| Investment securities on loan, at value | $37968205 | $41890168 |
| Investment made with cash collateral received for securities on loan, at cost | $9898251 | $17685367 |
| Foreign currency holdings, at cost | $306487 | $46967 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $610066217 | 43769047 | $13.94 |
| G Class | $33693618 | 2410854 | $13.98 |
| **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** |
| Institutional Class | $311057252 | 21095992 | $14.74 |
| G Class | $98401307 | 6664371 | $14.77 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **AUGUST 31, 2025** | |
| | **Avantis International Small Cap Value Fund** |
| **Assets** | **Assets** |
| Investment securities, at value | $525691664 |
| Investment made with cash collateral received for securities on loan, at value | 13652756 |
| Foreign currency holdings, at value | 8998 |
| Deposits with broker for futures contracts | 119768 |
| Receivable for capital shares sold | 113025 |
| Dividends and interest receivable | 1697484 |
| Securities lending receivable | 23436 |
|  | 541307131 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 13652756 |
| Payable for capital shares redeemed | 521558 |
| Payable for variation margin on futures contracts | 8122 |
| Accrued management fees | 157002 |
|  | 14339438 |
| **Net Assets** | $526967693 |
| **Net Assets Consist of:** |  |
| Capital paid in | $365948310 |
| Distributable earnings (loss) | 161019383 |
|  | $526967693 |
| Investment securities, at cost | $396632232 |
| Investment securities on loan, at value | $50229870 |
| Investment made with cash collateral received for securities on loan, at cost | $13652756 |
| Foreign currency holdings, at cost | $8991 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $526957903 | 32422425 | $16.25 |
| G Class | $9790 | 601 | $16.29 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | |
| | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Dividends | $18998847 | $10796211 |
| Securities lending, net | 403088 | 251992 |
| Interest | 159044 | 94378 |
| Less foreign taxes withheld | (2417790) | (1112655) |
|  | 17143189 | 10029926 |
| **Expenses:** |  |  |
| Management fees | 1905598 | 707182 |
| Other expenses | 26821 | 6436 |
|  | 1932419 | 713618 |
| Fees waived - G Class | (65617) | (133924) |
|  | 1866802 | 579694 |
| **Net investment income (loss)** | 15276387 | 9450232 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| **Net realized gain (loss) on:** |  |  |
| Investment transactions\* | 9058105 | 1776358 |
| Futures contract transactions | 40487 | (61809) |
| Foreign currency translation transactions | (226305) | (47344) |
|  | 8872287 | 1667205 |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |
| Investments\*\* | 79021673 | 50025842 |
| Futures contracts | 43340 | (5086) |
| Translation of assets and liabilities in foreign currencies | (4805) | 21677 |
|  | 79060208 | 50042433 |
| **Net realized and unrealized gain (loss)** | 87932495 | 51709638 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $103208882 | $61159870 |
| \*Net of foreign tax expenses paid (refunded) | $776592 |  |
| \*\*Includes (increase) decrease in accrued foreign taxes | $1881343 |  |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis International Small Cap Value Fund** |
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | |
| Dividends | $17975161 |
| Securities lending, net | 353425 |
| Interest | 154771 |
| Less foreign taxes withheld | (1829237) |
|  | 16654120 |
| **Expenses:** |  |
| Management fees | 1546131 |
| Other expenses | 14414 |
|  | 1560545 |
| Fees waived - G Class | (29) |
|  | 1560516 |
| **Net investment income (loss)** | 15093604 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 32659793 |
| Futures contract transactions | 200464 |
| Foreign currency translation transactions | (184617) |
|  | 32675640 |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 72208637 |
| Futures contracts | (71194) |
| Translation of assets and liabilities in foreign currencies | 10963 |
|  | 72148406 |
| **Net realized and unrealized gain (loss)** | 104824046 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $119917650 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** | **Avantis International Equity Fund** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | | | |
| Net investment income (loss) | $15276387 | $9953053 | $9450232 | $6927967 |
| Net realized gain (loss) | 8872287 | 1444151 | 1667205 | 1917711 |
| Change in net unrealized appreciation (depreciation) | 79060208 | 46552158 | 50042433 | 33340093 |
| Net increase (decrease) in net assets resulting from operations | 103208882 | 57949362 | 61159870 | 42185771 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (14085684) | (11313133) | (7720203) | (6383032) |
| &nbsp;&nbsp;&nbsp;G Class | (244005) | (228390) | (834565) | (613063) |
| Decrease in net assets from distributions | (14329689) | (11541523) | (8554768) | (6996095) |
| **Capital Share Transactions** |  |  |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 73097198 | 129660088 | 103222394 | 22620345 |
| **Net increase (decrease) in net assets** | 161976391 | 176067927 | 155827496 | 57810021 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 481783444 | 305715517 | 253631063 | 195821042 |
| End of period | $643759835 | $481783444 | $409458559 | $253631063 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | |
| Net investment income (loss) | $15093604 | $9995915 |
| Net realized gain (loss) | 32675640 | 9022757 |
| Change in net unrealized appreciation (depreciation) | 72148406 | 40640107 |
| Net increase (decrease) in net assets resulting from operations | 119917650 | 59658779 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (15522243) | (9485099) |
| &nbsp;&nbsp;&nbsp;G Class | (333) | (251) |
| Decrease in net assets from distributions | (15522576) | (9485350) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 54978904 | 84473078 |
| **Net increase (decrease) in net assets** | 159373978 | 134646507 |
| **Net Assets** |  |  |
| Beginning of period | 367593715 | 232947208 |
| End of period | $526967693 | $367593715 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**AUGUST 31, 2025**

**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 August 31, 2025 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. | 15% |

---

**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 August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** | **Avantis International Small Cap Value Fund** |
| Purchases | $196689767 | $124259555 | $193065666 |
| Sales | $123732113 | $19485989 | $132480674 |

---

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**5. Capital Share Transactions**

Transactions in shares of the funds were as follows (unlimited number of shares authorized):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2024** | **Year ended**<br>**August 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis Emerging Markets Equity Fund** | **Avantis Emerging Markets Equity Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 20309338 | $246218797 | 17128275 | $200260686 |
| Issued in reinvestment of distributions | 1171119 | 13971449 | 1064132 | 11184029 |
| Redeemed | (16613629) | (209789120) | (7386499) | (83526961) |
|  | 4866828 | 50401126 | 10805908 | 127917754 |
| **G Class** |  |  |  |  |
| Sold | 2350441 | 29329414 | 295704 | 3217814 |
| Issued in reinvestment of distributions | 20453 | 244005 | 21731 | 228390 |
| Redeemed | (551918) | (6877347) | (144602) | (1703870) |
|  | 1818976 | 22696072 | 172833 | 1742334 |
| Net increase (decrease) | 6685804 | $73097198 | 10978741 | $129660088 |
| **Avantis International Equity Fund** | **Avantis International Equity Fund** |  |  |  |
| **Institutional Class** |  |  |  |  |
| Sold | 5625052 | $72885463 | 5274184 | $58953927 |
| Issued in reinvestment of distributions | 634300 | 7713094 | 585157 | 6378213 |
| Redeemed | (3222599) | (41353809) | (4138446) | (47672912) |
|  | 3036753 | 39244748 | 1720895 | 17659228 |
| **G Class** |  |  |  |  |
| Sold | 7131737 | 91661100 | 847207 | 9498648 |
| Issued in reinvestment of distributions | 68632 | 834565 | 56245 | 613063 |
| Redeemed | (2219049) | (28518019) | (429187) | (5150594) |
|  | 4981320 | 63977646 | 474265 | 4961117 |
| Net increase (decrease) | 8018073 | $103222394 | 2195160 | $22620345 |
| **Avantis International Small Cap Value Fund** | **Avantis International Small Cap Value Fund** |  |  |  |
| **Institutional Class** |  |  |  |  |
| Sold | 15115381 | $205642685 | 12030165 | $142270840 |
| Issued in reinvestment of distributions | 1228632 | 15517621 | 856815 | 9484941 |
| Redeemed | (11649947) | (166181735) | (5605763) | (67282954) |
|  | 4694066 | 54978571 | 7281217 | 84472827 |
| **G Class** |  |  |  |  |
| Issued in reinvestment of distributions | 26 | 333 | 23 | 251 |
| Net increase (decrease) | 4694092 | $54978904 | 7281240 | $84473078 |

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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.

**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 | $1203984 |
| Avantis International Equity Fund | $730211 |
| Avantis International Small Cap Value Fund | $1171825 |

---

**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**

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| | | | | |
|:---|:---|:---|:---|:---|
| The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Avantis Emerging Markets Equity Fund | $14329689 |  | $11541523 |  |
| Avantis International Equity Fund | $8240167 | $314601 | $6996095 |  |
| Avantis International Small Cap Value Fund | $15289198 | $233378 | $9485350 |  |

---

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

The reclassifications, which are primarily due to tax equalization, were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** | **Avantis International Small Cap Value Fund** |
| Capital paid in | $876375 | $593527 | $5685578 |
| Distributable earnings (loss) | $(876375) | $(593527) | $(5685578) |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | **Avantis Emerging Markets Equity Fund** | **Avantis International Equity Fund** | **Avantis International Small Cap Value Fund** |
| Federal tax cost of investments | $550873615 | $331626265 | $419314477 |
| Gross tax appreciation of investments | $155527798 | $109574706 | $136954520 |
| Gross tax depreciation of investments | (49568946) | (13072591) | (16924577) |
| Net tax appreciation (depreciation) of investments | 105958852 | 96502115 | 120029943 |
| Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies | (3812949) | 46179 | 36025 |
| Net tax appreciation (depreciation) | $102145903 | $96548294 | $120065968 |
| Undistributed ordinary income | $17127176 | $9215118 | $15998240 |
| Accumulated long-term gains | $485816 | $1022550 | $24955175 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation), if any, is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.

------

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)** |
| **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 Net<br>Investment<br>Income** | **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** |
| 2025 | $12.20 | 0.33 | 1.75 | 2.08 | (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) | $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) | $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) | $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) | $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** |
| 2025 | $12.23 | 0.41 | 1.72 | 2.13 | (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) | $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) | $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) | $10.38 | (20.69)% | 0.00% | 0.33% | 4.17% | 3.84% | 4% | $2757 |
| 2021<sup>(3)</sup> | $13.16 | 0.31 | (0.09) | 0.22 |  | $13.38 | 1.67% | 0.00% | 0.33% | 3.75% | 3.42% | 9%<sup>(4)</sup> | $189 |

---

**Notes to Financial Highlights**

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

(3)January 20, 2021 (commencement of sale) through August 31, 2021.

(4)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** |
| 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** |
| 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>(3)</sup> | $11.35 | 0.21 | 0.96 | 1.17 |  |  |  | $12.52 | 10.31% | 0.00% | 0.23% | 2.79% | 2.56% | 13%<sup>(4)</sup> | $656 |

---

**Notes to Financial Highlights**<br>

(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)January 20, 2021 (commencement of sale) through August 31, 2021.

(4)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** |
| 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** |
| 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>(3)</sup> | $11.31 | 0.21 | 1.25 | 1.46 |  |  |  | $12.77 | 12.91% | 0.00% | 0.36% | 2.82% | 2.46% | 34%<sup>(4)</sup> | $6 |

---

**Notes to Financial Highlights**<br>

(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)January 20, 2021 (commencement of sale) through August 31, 2021.

(4)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.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis<sup>®</sup> Emerging Markets Equity Fund, Avantis<sup>®</sup> International Equity Fund, and Avantis<sup>®</sup> International Small Cap Value Fund (the "Funds"), three of the funds constituting the American Century ETF Trust, as of August 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 16, 2025

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

------

Approval of Management Agreement

At a meeting held on June 11, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each 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 those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

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

**Factors Considered** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans, if applicable)

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

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

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

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

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

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

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

------

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

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

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

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**Avantis Emerging Markets Equity Fund** - The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis International Equity Fund** - The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

**Avantis International Small Cap Value Fund** - The Fund's performance was above its benchmark for the one-, three-, and five-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group.

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

------

**Other Tax Information**

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2025.

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended August 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Corporate Dividends Received Deduction** | **Qualified Short-Term Capital Gain Distributions (IRC Section 871)** | **Long-Term Capital Gain Distributions <br>(20% Rate)** |
| Avantis Emerging Markets Equity Fund | $44157 |  | $18320 |
| Avantis International Equity Fund | $7475 | $18327 | $362933 |
| Avantis International Small Cap Value Fund | $21307 | $180870 | $3641272 |

---

For the fiscal year ended August 31, 2025, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Foreign Tax Credit** | **Foreign Tax Credit** | **Foreign Source Income** | **Foreign Source Income** |
| | **Amount** | **Per Outstanding Share** | **Amount** | **Per Outstanding Share** |
| Avantis Emerging Markets Equity Fund | $3004320 | $0.0651 | $17148615 | $0.3713 |
| Avantis International Equity Fund | $723169 | $0.0261 | $9265754 | $0.3338 |
| Avantis International Small Cap Value Fund | $1239233 | $0.0382 | $12763310 | $0.3936 |

---

The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization) during the period ended August 31, 2025.

---

| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| Avantis Emerging Markets Equity Fund | $876375 |
| Avantis International Equity Fund | $570569 |
| Avantis International Small Cap Value Fund | $5685578 |

---

------

---

| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-97502 2510** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-97502 2510** |

---

------

![AI_lockup_blk_rgb (002).jpg](ck0001710607-20250831_g67.jpg)

---

| |
|:---|
| Annual Financial Statements and Other Information |
| August 31, 2025 |
| 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 | [15](#iba273e868b7e4566bd70f1811bd23032_853) |
| Statement of Operations | [16](#iba273e868b7e4566bd70f1811bd23032_856) |
| Statement of Changes in Net Assets | [17](#iba273e868b7e4566bd70f1811bd23032_859) |
| Notes to Financial Statements | [18](#iba273e868b7e4566bd70f1811bd23032_862) |
| Financial Highlights | [23](#iba273e868b7e4566bd70f1811bd23032_865) |
| Report of Independent Registered Public Accounting Firm | [24](#iba273e868b7e4566bd70f1811bd23032_868) |
| Approval of Management Agreement | [25](#iba273e868b7e4566bd70f1811bd23032_874) |
| Other Tax Information | [28](#iba273e868b7e4566bd70f1811bd23032_12504) |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**CORPORATE BONDS — 61.3%** | **Principal**<br>**Amount/Shares**<br> | **Value** |
| **Aerospace and Defense — 1.0%** | | |
| Lockheed Martin Corp., 4.75%, 2/15/34 | $300000 | $300311 |
| Lockheed Martin Corp., 4.50%, 5/15/36 | 650000 | 627253 |
| RTX Corp., 5.15%, 2/27/33 | 250000 | 256925 |
| Textron, Inc., 5.50%, 5/15/35 | 450000 | 458519 |
|  |  | 1643008 |
| **Automobiles — 1.0%** |  |  |
| American Honda Finance Corp., 5.05%, 7/10/31 | 350000 | 359219 |
| Toyota Motor Credit Corp., 4.60%, 10/10/31 | 975000 | 984751 |
| Toyota Motor Credit Corp., 4.70%, 1/12/33 | 250000 | 251550 |
|  |  | 1595520 |
| **Banks — 5.8%** |  |  |
| African Development Bank, 0.875%, 3/23/26 | 100000 | 98267 |
| African Development Bank, 3.50%, 9/18/29 | 100000 | 99295 |
| Asian Development Bank, 2.00%, 4/24/26 | 200000 | 197464 |
| Asian Development Bank, 2.375%, 8/10/27 | 16000 | 15621 |
| Asian Development Bank, 3.625%, 8/28/29 | 100000 | 99880 |
| Asian Development Bank, 4.125%, 5/30/30 | 250000 | 254483 |
| Asian Development Bank, 4.375%, 3/22/35 | 250000 | 252721 |
| Asian Infrastructure Investment Bank, 4.50%, 1/16/30 | 100000 | 103184 |
| Banco Santander SA, 3.80%, 2/23/28 | 200000 | 198178 |
| Banco Santander SA, 4.38%, 4/12/28 | 600000 | 602835 |
| Bank of America Corp., VRN, 3.59%, 7/21/28 | 200000 | 197873 |
| Bank of America Corp., VRN, 2.97%, 2/4/33 | 300000 | 271041 |
| Bank of Montreal, 5.51%, 6/4/31 | 150000 | 157842 |
| Bank of Nova Scotia, 5.45%, 8/1/29 | 600000 | 626044 |
| Bank of Nova Scotia, 4.85%, 2/1/30 | 200000 | 204938 |
| Barclays PLC, VRN, 5.79%, 2/25/36 | 400000 | 412775 |
| Citibank NA, 5.57%, 4/30/34 | 300000 | 314280 |
| Citigroup, Inc., VRN, 3.52%, 10/27/28 | 200000 | 196997 |
| Citigroup, Inc., VRN, 4.91%, 5/24/33 | 100000 | 100483 |
| Council of Europe Development Bank, 4.125%, 1/24/29 | 100000 | 101487 |
| Council of Europe Development Bank, 4.50%, 1/15/30 | 100000 | 103143 |
| European Bank for Reconstruction & Development, 4.125%, 1/25/29 | 100000 | 101511 |
| European Investment Bank, 4.50%, 10/16/28 | 100000 | 102618 |
| European Investment Bank, 3.625%, 7/15/30 | 250000 | 249080 |
| European Investment Bank, 4.625%, 2/12/35 | 250000 | 257838 |
| Fifth Third Bancorp, VRN, 6.34%, 7/27/29 | 200000 | 211146 |
| HSBC Holdings PLC, VRN, 6.16%, 3/9/29 | 200000 | 208693 |
| Inter-American Development Bank, 4.00%, 1/12/28 | 350000 | 352878 |
| Inter-American Development Bank, 3.125%, 9/18/28 | 50000 | 49273 |
| Inter-American Development Bank, 1.125%, 1/13/31 | 150000 | 130798 |
| International Bank for Reconstruction & Development, 4.00%, 1/10/31 | 156000 | 157637 |
| International Bank for Reconstruction & Development, 4.625%, 1/15/32 | 250000 | 259737 |
| JPMorgan Chase & Co., VRN, 4.98%, 7/22/28 | 200000 | 202912 |
| JPMorgan Chase & Co., VRN, 2.96%, 1/25/33 | 250000 | 226878 |
| JPMorgan Chase & Co., VRN, 4.59%, 4/26/33 | 200000 | 199224 |
| Kreditanstalt fuer Wiederaufbau, 3.625%, 4/1/26 | 100000 | 99797 |
| Kreditanstalt fuer Wiederaufbau, 4.75%, 10/29/30 | 250000 | 262033 |
| Kreditanstalt fuer Wiederaufbau, 4.375%, 2/28/34 | 150000 | 152549 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Lloyds Banking Group PLC, 4.55%, 8/16/28 | $825000 | $833563 |
| Oesterreichische Kontrollbank AG, 0.375%, 9/17/25 | 100000 | 99832 |
| Toronto-Dominion Bank, 4.46%, 6/8/32 | 400000 | 396109 |
| Wells Fargo & Co., VRN, 3.35%, 3/2/33 | 300000 | 276707 |
|  |  | 9439644 |
| **Beverages — 0.9%** |  |  |
| Anheuser-Busch InBev Finance, Inc., 4.70%, 2/1/36 | 250000 | 244114 |
| Brown-Forman Corp., 4.75%, 4/15/33 | 500000 | 503201 |
| Constellation Brands, Inc., 4.90%, 5/1/33<sup>(1)</sup> | 300000 | 299432 |
| Pepsico Singapore Financing I Pte. Ltd., 4.70%, 2/16/34 | 500000 | 498272 |
|  |  | 1545019 |
| **Biotechnology — 1.4%** |  |  |
| AbbVie, Inc., 4.875%, 3/15/30 | 100000 | 103052 |
| AbbVie, Inc., 4.55%, 3/15/35 | 250000 | 244864 |
| AbbVie, Inc., 5.20%, 3/15/35 | 750000 | 767996 |
| Biogen, Inc., 2.25%, 5/1/30 | 78000 | 71038 |
| Biogen, Inc., 5.05%, 1/15/31 | 150000 | 153989 |
| Gilead Sciences, Inc., 5.10%, 6/15/35 | 1000000 | 1014512 |
|  |  | 2355451 |
| **Broadline Retail — 0.5%** |  |  |
| Amazon.com, Inc., 4.80%, 12/5/34 | 850000 | 870868 |
| **Building Products — 0.1%** |  |  |
| Owens Corning, 3.875%, 6/1/30 | 150000 | 146464 |
| **Capital Markets — 5.2%** |  |  |
| Ameriprise Financial, Inc., 5.20%, 4/15/35 | 625000 | 632711 |
| Ares Management Corp., 6.375%, 11/10/28 | 450000 | 477131 |
| Blackrock, Inc., 2.40%, 4/30/30 | 525000 | 488074 |
| Blackrock, Inc., 2.10%, 2/25/32 | 75000 | 65420 |
| Brookfield Finance I U.K. PLC/Brookfield Finance, Inc., 2.34%, 1/30/32 | 125000 | 108285 |
| Brookfield Finance, Inc., 2.72%, 4/15/31 | 300000 | 274129 |
| Charles Schwab Corp., 1.95%, 12/1/31 | 120000 | 103823 |
| CME Group, Inc., 4.40%, 3/15/30 | 250000 | 252663 |
| Deutsche Bank AG, VRN, 6.72%, 1/18/29 | 200000 | 210461 |
| Goldman Sachs Group, Inc., 3.80%, 3/15/30 | 150000 | 147429 |
| Goldman Sachs Group, Inc., VRN, 5.73%, 4/25/30 | 450000 | 471427 |
| Goldman Sachs Group, Inc., VRN, 3.10%, 2/24/33 | 150000 | 136439 |
| Intercontinental Exchange, Inc., 4.35%, 6/15/29 | 725000 | 730968 |
| Intercontinental Exchange, Inc., 2.10%, 6/15/30 | 100000 | 90799 |
| Intercontinental Exchange, Inc., 5.25%, 6/15/31 | 300000 | 313891 |
| Intercontinental Exchange, Inc., 4.60%, 3/15/33 | 100000 | 100013 |
| Jefferies Financial Group, Inc., 5.875%, 7/21/28 | 650000 | 677821 |
| Lazard Group LLC, 6.00%, 3/15/31 | 350000 | 370740 |
| LPL Holdings, Inc., 6.75%, 11/17/28 | 200000 | 214161 |
| LPL Holdings, Inc., 5.75%, 6/15/35 | 675000 | 685787 |
| Morgan Stanley, 7.25%, 4/1/32 | 200000 | 230519 |
| Nasdaq, Inc., 5.55%, 2/15/34 | 262000 | 273340 |
| Northern Trust Corp., 1.95%, 5/1/30 | 200000 | 181957 |
| S&P Global, Inc., 2.90%, 3/1/32 | 600000 | 548438 |
| S&P Global, Inc., 5.25%, 9/15/33 | 450000 | 469859 |
| State Street Corp., 4.83%, 4/24/30 | 200000 | 205461 |
|  |  | 8461746 |

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------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **Chemicals — 0.4%** | | |
| CF Industries, Inc., 5.15%, 3/15/34 | $138000 | $137960 |
| EIDP, Inc., 5.125%, 5/15/32 | 150000 | 154012 |
| Mosaic Co., 5.375%, 11/15/28 | 275000 | 283731 |
| Mosaic Co., 5.45%, 11/15/33 | 60000 | 61680 |
| RPM International, Inc., 4.55%, 3/1/29 | 64000 | 64363 |
|  |  | 701746 |
| **Commercial Services and Supplies — 1.0%** |  |  |
| Eaton Capital ULC, 4.45%, 5/9/30 | 200000 | 202069 |
| RELX Capital, Inc., 5.25%, 3/27/35 | 625000 | 638837 |
| Republic Services, Inc., 4.75%, 7/15/30 | 113000 | 116118 |
| Republic Services, Inc., 5.00%, 4/1/34 | 300000 | 305460 |
| Waste Management, Inc., 4.875%, 2/15/34 | 300000 | 304858 |
|  |  | 1567342 |
| **Communications Equipment — 0.1%** |  |  |
| Cisco Systems, Inc., 5.90%, 2/15/39 | 150000 | 161606 |
| **Construction Materials — 0.3%** |  |  |
| Vulcan Materials Co., 5.35%, 12/1/34 | 475000 | 486888 |
| **Consumer Finance — 0.9%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.75%, 6/6/28 | 400000 | 415144 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.15%, 9/30/30 | 300000 | 321798 |
| Capital One Financial Corp., 6.70%, 11/29/32 | 250000 | 275262 |
| Capital One Financial Corp., VRN, 6.31%, 6/8/29 | 100000 | 104978 |
| Capital One Financial Corp., VRN, 5.27%, 5/10/33 | 300000 | 305270 |
|  |  | 1422452 |
| **Consumer Staples Distribution & Retail — 0.8%** |  |  |
| Sysco Corp., 5.375%, 9/21/35 | 825000 | 839684 |
| Walmart, Inc., 5.25%, 9/1/35 | 400000 | 418596 |
|  |  | 1258280 |
| **Diversified REITs — 4.2%** |  |  |
| Boston Properties LP, 6.75%, 12/1/27 | 450000 | 473718 |
| Brixmor Operating Partnership LP, 5.20%, 4/1/32<sup>(1)</sup> | 200000 | 204480 |
| Brixmor Operating Partnership LP, 5.75%, 2/15/35 | 450000 | 466253 |
| ERP Operating LP, 3.00%, 7/1/29 | 825000 | 792016 |
| Essex Portfolio LP, 4.00%, 3/1/29 | 325000 | 321655 |
| Essex Portfolio LP, 5.375%, 4/1/35 | 500000 | 511361 |
| Federal Realty OP LP, 3.50%, 6/1/30 | 400000 | 385547 |
| Healthcare Realty Holdings LP, 3.75%, 7/1/27 | 800000 | 793604 |
| Invitation Homes Operating Partnership LP, 4.15%, 4/15/32 | 900000 | 861494 |
| Mid-America Apartments LP, 4.95%, 3/1/35 | 775000 | 777386 |
| Prologis LP, 2.25%, 4/15/30 | 115000 | 105803 |
| Prologis LP, 4.75%, 1/15/31 | 150000 | 153131 |
| Prologis LP, 5.125%, 1/15/34 | 150000 | 153353 |
| Prologis LP, 5.25%, 5/15/35 | 625000 | 637585 |
| Simon Property Group LP, 2.20%, 2/1/31 | 200000 | 179134 |
|  |  | 6816520 |
| **Diversified Telecommunication Services — 0.2%** |  |  |
| AT&T, Inc., 2.75%, 6/1/31 | 120000 | 113553 |
| Verizon Communications, Inc., 4.50%, 8/10/33 | 150000 | 146790 |
| Verizon Communications, Inc., 5.85%, 9/15/35 | 125000 | 132077 |
|  |  | 392420 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| **Electric Utilities — 4.5%** | | |
| Alabama Power Co., 5.10%, 4/2/35 | $625000 | $633162 |
| American Electric Power Co., Inc., 5.95%, 11/1/32 | 350000 | 373835 |
| Arizona Public Service Co., 5.70%, 8/15/34 | 250000 | 259187 |
| Baltimore Gas & Electric Co., 2.25%, 6/15/31 | 140000 | 125522 |
| CenterPoint Energy Houston Electric LLC, 6.95%, 3/15/33 | 120000 | 135988 |
| Constellation Energy Generation LLC, 6.25%, 10/1/39 | 200000 | 214973 |
| DTE Electric Co., Series C, 2.625%, 3/1/31 | 66000 | 60591 |
| Duke Energy Carolinas LLC, 6.10%, 6/1/37 | 100000 | 107368 |
| Duke Energy Corp., 4.50%, 8/15/32 | 125000 | 123438 |
| Duke Energy Corp., 5.45%, 6/15/34 | 650000 | 671388 |
| Duke Energy Florida LLC, 6.40%, 6/15/38 | 575000 | 637686 |
| Exelon Corp., 5.125%, 3/15/31 | 150000 | 154959 |
| Florida Power & Light Co., 5.30%, 6/15/34 | 100000 | 103465 |
| Georgia Power Co., 4.95%, 5/17/33 | 475000 | 481002 |
| Pacific Gas & Electric Co., 5.55%, 5/15/29 | 200000 | 205731 |
| PacifiCorp, 6.25%, 10/15/37 | 750000 | 794179 |
| PPL Electric Utilities Corp., 4.85%, 2/15/34 | 100000 | 100879 |
| Public Service Electric & Gas Co., 4.65%, 3/15/33 | 625000 | 624765 |
| Puget Energy, Inc., 4.22%, 3/15/32 | 400000 | 380096 |
| Southern Co., 3.70%, 4/30/30 | 150000 | 146472 |
| Southwestern Public Service Co., 5.30%, 5/15/35 | 650000 | 655995 |
| Virginia Electric & Power Co., 5.00%, 1/15/34 | 250000 | 251348 |
| Wisconsin Electric Power Co., 4.60%, 10/1/34 | 200000 | 197423 |
|  |  | 7439452 |
| **Electrical Equipment — 0.1%** |  |  |
| Emerson Electric Co., 5.00%, 3/15/35 | 200000 | 203824 |
| **Electronic Equipment, Instruments and Components — 0.1%** |  |  |
| TD SYNNEX Corp., 2.65%, 8/9/31 | 200000 | 178258 |
| **Energy Equipment and Services — 1.6%** |  |  |
| Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc., 4.49%, 5/1/30 | 800000 | 806818 |
| Halliburton Co., 4.85%, 11/15/35 | 825000 | 804413 |
| Schlumberger Holdings Corp., 4.85%, 5/15/33<sup>(2)</sup> | 600000 | 598665 |
| Schlumberger Holdings Corp., 5.00%, 6/1/34<sup>(2)</sup> | 350000 | 350277 |
|  |  | 2560173 |
| **Entertainment — 0.4%** |  |  |
| Take-Two Interactive Software, Inc., 4.00%, 4/14/32 | 400000 | 380751 |
| Walt Disney Co., 6.40%, 12/15/35 | 225000 | 253756 |
|  |  | 634507 |
| **Financial Services — 1.8%** |  |  |
| Corebridge Financial, Inc., 3.85%, 4/5/29 | 500000 | 493202 |
| Corebridge Financial, Inc., 5.75%, 1/15/34 | 250000 | 261365 |
| Fiserv, Inc., 5.45%, 3/15/34 | 625000 | 640691 |
| Global Payments, Inc., 4.45%, 6/1/28 | 100000 | 100276 |
| Global Payments, Inc., 2.90%, 11/15/31 | 275000 | 245968 |
| National Rural Utilities Cooperative Finance Corp., 4.02%, 11/1/32 | 500000 | 480856 |
| National Rural Utilities Cooperative Finance Corp., 5.00%, 8/15/34 | 200000 | 202212 |
| Visa, Inc., 4.15%, 12/14/35 | 500000 | 478317 |
|  |  | 2902887 |
| **Food Products — 1.6%** |  |  |
| Archer-Daniels-Midland Co., 3.25%, 3/27/30 | 66000 | 63518 |
| Archer-Daniels-Midland Co., 2.90%, 3/1/32 | 1100000 | 1001734 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Bunge Ltd. Finance Corp., 2.75%, 5/14/31 | $100000 | $91409 |
| Conagra Brands, Inc., 4.85%, 11/1/28 | 75000 | 75827 |
| General Mills, Inc., 4.95%, 3/29/33 | 200000 | 201482 |
| J.M. Smucker Co., 4.25%, 3/15/35 | 800000 | 744699 |
| Kraft Heinz Foods Co., 5.20%, 3/15/32 | 150000 | 153308 |
| Mars, Inc., 5.00%, 3/1/32<sup>(2)</sup> | 250000 | 255334 |
|  |  | 2587311 |
| **Ground Transportation — 2.0%** |  |  |
| Burlington Northern Santa Fe LLC, 5.75%, 5/1/40 | 450000 | 470643 |
| Canadian National Railway Co., 6.25%, 8/1/34 | 200000 | 221541 |
| Canadian National Railway Co., 4.375%, 9/18/34 | 650000 | 632443 |
| Canadian National Railway Co., 6.375%, 11/15/37 | 200000 | 223755 |
| Canadian Pacific Railway Co., 4.80%, 3/30/30 | 175000 | 179318 |
| CSX Corp., 6.15%, 5/1/37 | 75000 | 81867 |
| JB Hunt Transport Services, Inc., 4.90%, 3/15/30 | 200000 | 204758 |
| Ryder System, Inc., 6.60%, 12/1/33 | 250000 | 277012 |
| Uber Technologies, Inc., 4.80%, 9/15/34 | 150000 | 148379 |
| Union Pacific Corp., 2.80%, 2/14/32 | 450000 | 408439 |
| Union Pacific Corp., 4.50%, 1/20/33 | 475000 | 472577 |
|  |  | 3320732 |
| **Health Care Equipment and Supplies — 0.5%** |  |  |
| Medtronic Global Holdings SCA, 4.50%, 3/30/33 | 500000 | 496943 |
| Zimmer Biomet Holdings, Inc., 5.50%, 2/19/35 | 240000 | 247772 |
|  |  | 744715 |
| **Health Care Providers and Services — 1.2%** |  |  |
| Cardinal Health, Inc., 5.45%, 2/15/34 | 375000 | 385323 |
| Cigna Group, 5.40%, 3/15/33 | 100000 | 103639 |
| Elevance Health, Inc., 2.875%, 9/15/29 | 675000 | 640312 |
| HCA, Inc., 3.625%, 3/15/32 | 200000 | 186063 |
| HCA, Inc., 5.50%, 6/1/33 | 250000 | 256989 |
| Humana, Inc., 2.15%, 2/3/32 | 200000 | 169661 |
| Humana, Inc., 5.55%, 5/1/35 | 150000 | 151730 |
|  |  | 1893717 |
| **Health Care REITs — 1.1%** |  |  |
| Alexandria Real Estate Equities, Inc., 2.00%, 5/18/32 | 250000 | 209512 |
| Alexandria Real Estate Equities, Inc., 5.25%, 5/15/36 | 500000 | 496058 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 400000 | 370091 |
| Omega Healthcare Investors, Inc., 3.25%, 4/15/33 | 450000 | 391894 |
| Welltower OP LLC, 4.50%, 7/1/30 | 400000 | 403869 |
|  |  | 1871424 |
| **Hotels, Restaurants and Leisure — 0.2%** |  |  |
| Hyatt Hotels Corp., 5.75%, 3/30/32 | 150000 | 155470 |
| Marriott International, Inc., 4.625%, 6/15/30 | 75000 | 75549 |
| Marriott International, Inc., 5.10%, 4/15/32 | 150000 | 153117 |
|  |  | 384136 |
| **Household Durables — 0.8%** |  |  |
| PulteGroup, Inc., 6.00%, 2/15/35 | 500000 | 526881 |
| Toll Brothers Finance Corp., 5.60%, 6/15/35 | 750000 | 761927 |
|  |  | 1288808 |
| **Industrial Conglomerates — 1.6%** |  |  |
| 3M Co., 4.80%, 3/15/30 | 200000 | 204631 |
| Eaton Corp., 4.15%, 3/15/33 | 900000 | 879375 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Honeywell International, Inc., 4.75%, 2/1/32 | $125000 | $126986 |
| Honeywell International, Inc., 5.00%, 2/15/33 | 450000 | 459184 |
| Honeywell International, Inc., 4.50%, 1/15/34 | 500000 | 490796 |
| Pentair Finance SARL, 5.90%, 7/15/32 | 400000 | 421953 |
|  |  | 2582925 |
| **Insurance — 2.3%** |  |  |
| Arthur J Gallagher & Co., 6.50%, 2/15/34 | 350000 | 385026 |
| Chubb Corp., 6.00%, 5/11/37 | 725000 | 788246 |
| Equitable Financial Life Global Funding, 5.00%, 3/27/30<sup>(2)</sup> | 150000 | 153979 |
| Marsh & McLennan Cos., Inc., 4.75%, 3/15/39 | 400000 | 381127 |
| Prudential Financial, Inc., 5.20%, 3/14/35 | 150000 | 152719 |
| Prudential Financial, Inc., Series D, 5.70%, 12/14/36 | 575000 | 606602 |
| Prudential Funding Asia PLC, 3.625%, 3/24/32 | 250000 | 235326 |
| RenaissanceRe Holdings Ltd., 5.80%, 4/1/35 | 500000 | 519155 |
| Travelers Cos., Inc., 6.25%, 6/15/37 | 550000 | 606552 |
|  |  | 3828732 |
| **Interactive Media and Services — 0.2%** |  |  |
| Meta Platforms, Inc., 4.95%, 5/15/33 | 300000 | 308489 |
| **IT Services — 0.4%** |  |  |
| VeriSign, Inc., 2.70%, 6/15/31 | 450000 | 405889 |
| VeriSign, Inc., 5.25%, 6/1/32 | 250000 | 255069 |
|  |  | 660958 |
| **Life Sciences Tools and Services — 0.4%** |  |  |
| Thermo Fisher Scientific, Inc., 4.98%, 8/10/30 | 100000 | 103525 |
| Thermo Fisher Scientific, Inc., 5.20%, 1/31/34 | 500000 | 516028 |
|  |  | 619553 |
| **Machinery — 2.8%** |  |  |
| Caterpillar, Inc., 5.20%, 5/15/35 | 925000 | 948260 |
| CNH Industrial Capital LLC, 4.75%, 3/21/28 | 625000 | 632183 |
| Cummins, Inc., 4.70%, 2/15/31 | 925000 | 940235 |
| Cummins, Inc., 5.15%, 2/20/34 | 250000 | 256429 |
| Ingersoll Rand, Inc., 5.70%, 8/14/33 | 250000 | 263652 |
| Ingersoll Rand, Inc., 5.45%, 6/15/34 | 456000 | 472028 |
| John Deere Capital Corp., 3.90%, 6/7/32 | 625000 | 606418 |
| PACCAR Financial Corp., 4.00%, 9/26/29 | 500000 | 500881 |
|  |  | 4620086 |
| **Media — 0.4%** |  |  |
| Comcast Corp., 4.25%, 10/15/30 | 210000 | 210359 |
| Fox Corp., 6.50%, 10/13/33 | 450000 | 489999 |
|  |  | 700358 |
| **Metals and Mining — 1.4%** |  |  |
| Barrick Mining Corp., 6.45%, 10/15/35 | 100000 | 109942 |
| BHP Billiton Finance USA Ltd., 5.25%, 9/8/33 | 125000 | 128950 |
| BHP Billiton Finance USA Ltd., 5.30%, 2/21/35 | 775000 | 796729 |
| Kinross Gold Corp., 6.25%, 7/15/33 | 133000 | 144002 |
| Rio Tinto Finance USA PLC, 4.875%, 3/14/30 | 175000 | 179502 |
| Southern Copper Corp., 7.50%, 7/27/35 | 350000 | 406232 |
| Steel Dynamics, Inc., 3.25%, 1/15/31 | 100000 | 94123 |
| Steel Dynamics, Inc., 5.25%, 5/15/35 | 475000 | 481320 |
|  |  | 2340800 |
| **Multi-Utilities — 0.9%** |  |  |
| Ameren Corp., 5.375%, 3/15/35 | 475000 | 483004 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| Consumers Energy Co., 3.60%, 8/15/32 | $400000 | $376452 |
| Consumers Energy Co., 4.625%, 5/15/33 | 200000 | 198643 |
| Dominion Energy, Inc., 5.95%, 6/15/35 | 100000 | 105337 |
| DTE Energy Co., 5.85%, 6/1/34 | 200000 | 210215 |
| San Diego Gas & Electric Co., 5.40%, 4/15/35 | 150000 | 153846 |
|  |  | 1527497 |
| **Oil, Gas and Consumable Fuels — 2.6%** |  |  |
| Boardwalk Pipelines LP, 3.60%, 9/1/32 | 925000 | 848276 |
| BP Capital Markets America, Inc., 4.89%, 9/11/33 | 260000 | 261591 |
| Canadian Natural Resources Ltd., 5.85%, 2/1/35 | 110000 | 113104 |
| Chevron USA, Inc., 6.00%, 3/1/41 | 248000 | 265667 |
| ConocoPhillips Co., 6.60%, 10/1/37 | 100000 | 110113 |
| DCP Midstream Operating LP, 3.25%, 2/15/32 | 875000 | 787481 |
| Diamondback Energy, Inc., 5.55%, 4/1/35 | 200000 | 202337 |
| Energy Transfer LP, 5.25%, 4/15/29 | 650000 | 668798 |
| Enterprise Products Operating LLC, 4.85%, 1/31/34 | 300000 | 300085 |
| Equinor ASA, 1.75%, 1/22/26 | 70000 | 69300 |
| Kinder Morgan Energy Partners LP, 7.75%, 3/15/32 | 250000 | 290179 |
| ONEOK, Inc., 6.00%, 6/15/35 | 60000 | 62158 |
| Sabine Pass Liquefaction LLC, 4.50%, 5/15/30 | 68000 | 68224 |
| Valero Energy Corp., 5.15%, 2/15/30 | 175000 | 180361 |
| Williams Cos., Inc., 4.00%, 9/15/25 | 18000 | 17997 |
|  |  | 4245671 |
| **Personal Care Products — 0.7%** |  |  |
| Estee Lauder Cos., Inc., 4.65%, 5/15/33 | 300000 | 298192 |
| Kenvue, Inc., 4.90%, 3/22/33 | 600000 | 609756 |
| Unilever Capital Corp., 4.625%, 8/12/34 | 250000 | 250103 |
|  |  | 1158051 |
| **Pharmaceuticals — 1.9%** |  |  |
| AstraZeneca PLC, 6.45%, 9/15/37 | 775000 | 875598 |
| Bristol-Myers Squibb Co., 5.10%, 2/22/31 | 150000 | 156105 |
| Bristol-Myers Squibb Co., 2.95%, 3/15/32 | 225000 | 205354 |
| Eli Lilly & Co., 4.75%, 2/12/30 | 1000000 | 1028390 |
| GlaxoSmithKline Capital, Inc., 4.50%, 4/15/30 | 250000 | 253145 |
| GlaxoSmithKline Capital, Inc., 6.375%, 5/15/38 | 236000 | 262862 |
| Novartis Capital Corp., 4.20%, 9/18/34 | 250000 | 242304 |
| Royalty Pharma PLC, 2.20%, 9/2/30 | 73000 | 65464 |
|  |  | 3089222 |
| **Professional Services — 0.3%** |  |  |
| Paychex, Inc., 5.35%, 4/15/32 | 150000 | 155231 |
| Paychex, Inc., 1, 5.60%, 4/15/35 | 150000 | 155321 |
| Verisk Analytics, Inc., 5.25%, 3/15/35 | 250000 | 252276 |
|  |  | 562828 |
| **Real Estate Management and Development — 0.7%** |  |  |
| CBRE Services, Inc., 5.95%, 8/15/34 | 325000 | 345508 |
| First Industrial LP, 5.25%, 1/15/31 | 750000 | 766397 |
|  |  | 1111905 |
| **Residential REITs — 0.5%** |  |  |
| AvalonBay Communities, Inc., 3.30%, 6/1/29 | 75000 | 72871 |
| AvalonBay Communities, Inc., 5.35%, 6/1/34 | 200000 | 206313 |
| Camden Property Trust, 3.15%, 7/1/29 | 85000 | 81744 |
| UDR, Inc., 3.20%, 1/15/30 | 264000 | 252853 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| UDR, Inc., 3.00%, 8/15/31 | $100000 | $91850 |
| UDR, Inc., 5.125%, 9/1/34 | 200000 | 200952 |
|  |  | 906583 |
| **Retail REITs — 0.1%** |  |  |
| Kimco Realty OP LLC, 4.60%, 2/1/33 | 175000 | 172394 |
| Realty Income Corp., 5.125%, 4/15/35 | 75000 | 75591 |
|  |  | 247985 |
| **Semiconductors and Semiconductor Equipment — 1.3%** |  |  |
| Applied Materials, Inc., 5.10%, 10/1/35<sup>(1)</sup> | 150000 | 154421 |
| Broadcom, Inc., 4.30%, 11/15/32 | 760000 | 740976 |
| Broadcom, Inc., 3.47%, 4/15/34<sup>(2)</sup> | 90000 | 80767 |
| KLA Corp., 4.65%, 7/15/32 | 250000 | 252370 |
| Micron Technology, Inc., 6.75%, 11/1/29 | 200000 | 217210 |
| Micron Technology, Inc., 4.66%, 2/15/30 | 150000 | 150961 |
| NXP BV/NXP Funding LLC/NXP USA, Inc., 5.00%, 1/15/33 | 120000 | 120188 |
| Texas Instruments, Inc., 4.90%, 3/14/33 | 400000 | 411291 |
|  |  | 2128184 |
| **Software — 0.6%** |  |  |
| Autodesk, Inc., 2.85%, 1/15/30 | 150000 | 141651 |
| Oracle Corp., 6.50%, 4/15/38 | 725000 | 786784 |
|  |  | 928435 |
| **Specialized REITs — 0.8%** |  |  |
| American Tower Corp., 2.90%, 1/15/30 | 100000 | 93916 |
| American Tower Corp., 4.90%, 3/15/30 | 150000 | 152961 |
| American Tower Corp., 5.35%, 3/15/35<sup>(1)</sup> | 200000 | 205285 |
| Crown Castle, Inc., 5.60%, 6/1/29 | 150000 | 155930 |
| Crown Castle, Inc., 3.30%, 7/1/30 | 150000 | 141723 |
| VICI Properties LP, 5.75%, 4/1/34 | 500000 | 514564 |
| VICI Properties LP, 5.625%, 4/1/35 | 75000 | 75896 |
|  |  | 1340275 |
| **Specialty Retail — 0.1%** |  |  |
| AutoZone, Inc., 4.00%, 4/15/30 | 150000 | 148067 |
| **Technology Hardware, Storage and Peripherals — 0.5%** |  |  |
| Dell International LLC/EMC Corp., 5.75%, 2/1/33 | 150000 | 158347 |
| Dell International LLC/EMC Corp., 5.40%, 4/15/34 | 475000 | 485609 |
| NetApp, Inc., 5.50%, 3/17/32 | 250000 | 258968 |
|  |  | 902924 |
| **Trading Companies and Distributors — 0.4%** |  |  |
| Air Lease Corp., 4.625%, 10/1/28 | 625000 | 631934 |
| **Water Utilities — 0.1%** |  |  |
| American Water Capital Corp., 5.25%, 3/1/35 | 150000 | 152692 |
| **Wireless Telecommunication Services — 0.6%** |  |  |
| T-Mobile USA, Inc., 5.125%, 5/15/32 | 150000 | 153739 |
| T-Mobile USA, Inc., 5.20%, 1/15/33 | 80000 | 81473 |
| Vodafone Group PLC, 6.15%, 2/27/37 | 630000 | 678984 |
|  |  | 914196 |
| **TOTAL CORPORATE BONDS**<br>(Cost $99,136,544) |  | **100533268** |
| **U.S. TREASURY SECURITIES — 24.3%** |  |  |
| U.S. Treasury Bonds, 6.125%, 11/15/27 | 250000 | 263428 |
| U.S. Treasury Bonds, 5.25%, 11/15/28 | 250000 | 262324 |
| U.S. Treasury Bonds, 1.125%, 5/15/40 | 400000 | 249063 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| U.S. Treasury Bonds, 1.125%, 8/15/40 | $400000 | $246359 |
| U.S. Treasury Bonds, 1.375%, 11/15/40 | 700000 | 446318 |
| U.S. Treasury Bonds, 1.875%, 2/15/41 | 400000 | 275047 |
| U.S. Treasury Bonds, 1.75%, 8/15/41 | 1400000 | 927828 |
| U.S. Treasury Bonds, 2.00%, 11/15/41 | 800000 | 548781 |
| U.S. Treasury Bonds, 2.375%, 2/15/42 | 750000 | 543062 |
| U.S. Treasury Bonds, 3.375%, 8/15/42 | 300000 | 250301 |
| U.S. Treasury Bonds, 2.75%, 11/15/42 | 940000 | 710765 |
| U.S. Treasury Bonds, 3.125%, 2/15/43 | 550000 | 438818 |
| U.S. Treasury Bonds, 2.875%, 5/15/43 | 650000 | 497301 |
| U.S. Treasury Bonds, 3.625%, 2/15/44 | 740000 | 627902 |
| U.S. Treasury Bonds, 3.125%, 8/15/44 | 1050000 | 820887 |
| U.S. Treasury Bonds, 3.00%, 11/15/44 | 1125000 | 858647 |
| U.S. Treasury Bonds, 2.50%, 2/15/45 | 1000000 | 697031 |
| U.S. Treasury Bonds, 3.00%, 5/15/45 | 600000 | 455063 |
| U.S. Treasury Notes, 3.50%, 9/15/25 | 450000 | 449888 |
| U.S. Treasury Notes, 0.25%, 9/30/25 | 550000 | 548294 |
| U.S. Treasury Notes, 5.00%, 9/30/25 | 1550000 | 1550643 |
| U.S. Treasury Notes, 0.25%, 10/31/25 | 750000 | 745181 |
| U.S. Treasury Notes, 2.25%, 11/15/25 | 1000000 | 995987 |
| U.S. Treasury Notes, 0.375%, 11/30/25 | 1500000 | 1486209 |
| U.S. Treasury Notes, 0.375%, 1/31/26 | 855000 | 842033 |
| U.S. Treasury Notes, 4.25%, 1/31/26 | 1000000 | 1000508 |
| U.S. Treasury Notes, 1.50%, 8/15/26 | 635000 | 621040 |
| U.S. Treasury Notes, 3.75%, 8/31/26 | 800000 | 799115 |
| U.S. Treasury Notes, 4.625%, 10/15/26 | 750000 | 756606 |
| U.S. Treasury Notes, 3.875%, 5/31/27 | 750000 | 752578 |
| U.S. Treasury Notes, 0.75%, 1/31/28 | 800000 | 747844 |
| U.S. Treasury Notes, 1.125%, 2/29/28 | 800000 | 753438 |
| U.S. Treasury Notes, 1.25%, 6/30/28 | 1300000 | 1219105 |
| U.S. Treasury Notes, 3.875%, 7/15/28 | 1300000 | 1310207 |
| U.S. Treasury Notes, 1.125%, 8/31/28 | 1000000 | 930586 |
| U.S. Treasury Notes, 1.25%, 9/30/28 | 850000 | 792459 |
| U.S. Treasury Notes, 1.375%, 12/31/28 | 800000 | 744844 |
| U.S. Treasury Notes, 1.75%, 1/31/29 | 250000 | 235259 |
| U.S. Treasury Notes, 4.25%, 2/28/29 | 750000 | 765806 |
| U.S. Treasury Notes, 4.00%, 7/31/29 | 750000 | 760034 |
| U.S. Treasury Notes, 3.75%, 6/30/30 | 875000 | 877444 |
| U.S. Treasury Notes, 4.875%, 10/31/30 | 650000 | 684849 |
| U.S. Treasury Notes, 0.875%, 11/15/30 | 950000 | 823605 |
| U.S. Treasury Notes, 3.75%, 12/31/30<sup>(3)</sup> | 1620000 | 1620854 |
| U.S. Treasury Notes, 4.00%, 1/31/31 | 750000 | 759067 |
| U.S. Treasury Notes, 4.25%, 2/28/31 | 1150000 | 1177964 |
| U.S. Treasury Notes, 1.625%, 5/15/31 | 900000 | 801264 |
| U.S. Treasury Notes, 1.25%, 8/15/31 | 1250000 | 1080396 |
| U.S. Treasury Notes, 1.375%, 11/15/31 | 750000 | 648208 |
| U.S. Treasury Notes, 1.875%, 2/15/32 | 600000 | 531691 |
| U.S. Treasury Notes, 2.75%, 8/15/32 | 750000 | 696460 |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
| | **Principal**<br>**Amount/Shares** | **Value** |
| U.S. Treasury Notes, 3.875%, 8/15/33 | $350000 | $346418 |
| U.S. Treasury Notes, 4.625%, 2/15/35 | 950000 | 982656 |
| U.S. Treasury Notes, 4.25%, 5/15/35 | 900000 | 903023 |
| **TOTAL U.S. TREASURY SECURITIES**<br>(Cost $39,674,660) |  | **39860488** |
| **U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 18.9%** |  |  |
| **Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 18.9%** |  |  |
| GNMA, 3.50%, TBA | 1200000 | 1089662 |
| GNMA, 3.50%, TBA | 1000000 | 906645 |
| GNMA, 4.50%, TBA | 750000 | 721999 |
| GNMA, 5.00%, TBA | 1750000 | 1731130 |
| GNMA, 5.00%, TBA | 1250000 | 1237693 |
| GNMA, 5.50%, TBA | 1750000 | 1763393 |
| GNMA, 5.50%, TBA | 1750000 | 1761410 |
| GNMA, 5.50%, TBA | 750000 | 754216 |
| GNMA, 6.00%, TBA | 2200000 | 2244308 |
| GNMA, 6.00%, TBA | 1800000 | 1834424 |
| UMBS, 2.00%, TBA | 600000 | 550693 |
| UMBS, 2.00%, TBA | 400000 | 367222 |
| UMBS, 3.50%, TBA | 750000 | 677638 |
| UMBS, 3.50%, TBA | 500000 | 484190 |
| UMBS, 3.50%, TBA | 500000 | 451583 |
| UMBS, 4.00%, TBA | 3000000 | 2798560 |
| UMBS, 4.00%, TBA | 1500000 | 1399925 |
| UMBS, 4.00%, TBA | 750000 | 699494 |
| UMBS, 4.00%, TBA | 400000 | 392781 |
| UMBS, 4.00%, TBA | 400000 | 385572 |
| UMBS, 4.50%, TBA | 2500000 | 2402511 |
| UMBS, 4.50%, TBA | 1250000 | 1202427 |
| UMBS, 4.50%, TBA | 750000 | 748536 |
| UMBS, 4.50%, TBA | 500000 | 498673 |
| UMBS, 5.00%, TBA | 2150000 | 2118830 |
| UMBS, 5.00%, TBA | 1500000 | 1479543 |
| UMBS, 5.50%, TBA | 200000 | 201157 |
| **TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES**<br>(Cost $30,677,455) |  | **30904215** |
| **U.S. GOVERNMENT AGENCY SECURITIES — 2.0%** |  |  |
| Federal Farm Credit Banks Funding Corp., 4.50%, 8/14/26 | 235000 | 236474 |
| FHLB, 4.625%, 11/17/26 | 250000 | 252485 |
| FHLB, 1.25%, 12/21/26 | 250000 | 242043 |
| FHLB, 3.25%, 6/9/28 | 250000 | 247869 |
| FHLMC, 0.65%, 10/27/25 | 200000 | 198901 |
| FHLMC, 6.75%, 3/15/31 | 250000 | 286698 |
| FNMA, 0.50%, 11/7/25 | 150000 | 148994 |
| FNMA, 7.125%, 1/15/30 | 250000 | 284186 |
| FNMA, 0.875%, 8/5/30 | 250000 | 218604 |
| FNMA, 6.625%, 11/15/30 | 300000 | 340414 |
| FNMA, 5.625%, 7/15/37 | 100000 | 109765 |
| Tennessee Valley Authority, 3.875%, 3/15/28 | 250000 | 251453 |
| Tennessee Valley Authority, 4.875%, 5/15/35 | 500000 | 512679 |
| **TOTAL U.S. GOVERNMENT AGENCY SECURITIES**<br>(Cost $3,298,405) |  | **3330565** |

---

------

Schedule of Investments - Avantis Core Fixed Income Fund

---

| | | |
|:---|:---|:---|
|<br>**SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%** | **Principal**<br>**Amount/Shares**<br> | **Value** |
| **Canada — 0.1%** | | |
| Export Development Canada, 3.875%, 2/14/28 | $100000 | $100600 |
| Export Development Canada, 4.125%, 2/13/29 | 100000 | 101590 |
|  |  | 202190 |
| **Sweden — 0.1%** |  |  |
| Svensk Exportkredit AB, 2.25%, 3/22/27 | 200000 | 195350 |
| **TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES**<br>(Cost $395,713) |  | **397540** |
| **SHORT-TERM INVESTMENTS — 11.0%** |  |  |
| **Money Market Funds — 1.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 774223 | 774223 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(4)</sup> | 839315 | 839315 |
|  |  | 1613538 |
| **Treasury Bills**<sup>(5)</sup> **— 10.0%** |  |  |
| U.S. Treasury Bills, 4.39%, 9/2/25 | $1500000 | 1500000 |
| U.S. Treasury Bills, 4.38%, 9/9/25 | 3000000 | 2997524 |
| U.S. Treasury Bills, 4.41%, 9/11/25 | 1500000 | 1498412 |
| U.S. Treasury Bills, 4.37%, 9/16/25 | 3000000 | 2995029 |
| U.S. Treasury Bills, 4.41%, 9/18/25 | 1000000 | 998111 |
| U.S. Treasury Bills, 4.39%, 9/23/25 | 2500000 | 2493808 |
| U.S. Treasury Bills, 4.37%, 9/25/25 | 2000000 | 1994593 |
| U.S. Treasury Bills, 4.36%, 10/2/25 | 2000000 | 1992979 |
|  |  | 16470456 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $18,081,911) |  | **18083994** |
| **TOTAL INVESTMENT SECURITIES — 117.7%**<br>(Cost $191,264,688) |  | **193110070** |
| **OTHER ASSETS AND LIABILITIES — (17.7)%** |  | **(29102079)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**164007991** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 4 | December 2025 | $457000 | $1481 |

---

^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 44 | Sell | 1.00% | 6/20/30 | $3600000 | $71975 | $13163 | $85138 |

---

‡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 Fund

---

| | | |
|:---|:---|:---|
| **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 $806,138. 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 $1,439,022, which represented 0.9% 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 $328,173.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $839,315.

(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.

**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 |  | $100533268 |  |
| U.S. Treasury Securities |  | 39860488 |  |
| U.S. Government Agency Mortgage-Backed Securities |  | 30904215 |  |
| U.S. Government Agency Securities |  | 3330565 |  |
| Sovereign Governments and Agencies |  | 397540 |  |
| Short-Term Investments | $1613538 | 16470456 |  |
|  | $1613538 | $191496532 |  |
| **Other Financial Instruments** |  |  |  |
| Futures Contracts | $1481 |  |  |
| Swap Agreements |  | $85138 |  |
|  | $1481 | $85138 |  |

---

**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 Risk** | **Interest Rate Risk** | **Total** |
| **Liability Derivatives:** | | | |
| &nbsp;&nbsp;Payable for variation margin on futures contracts\* |  | $2250 | $2250 |
| &nbsp;&nbsp;Payable for variation margin on swap agreements\* | $1368 |  | 1368 |
|  |  |  | $3618 |

---

\*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 Fund

The following is a summary of the effect of derivative instruments on the Statement of Operations for the period ended August 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Type of Risk Exposure** | **Type of Risk Exposure** | **Type of Risk Exposure** |
| | **Credit Risk** | **Interest Rate Risk** | **Total** |
| **Net realized gain (loss) on:** | | | |
| &nbsp;&nbsp;Futures contract transactions |  | $(37814) | $(37814) |
| &nbsp;&nbsp;Swap agreement transactions | $8255 |  | 8255 |
|  |  |  | $(29559) |
| **Change in net unrealized appreciation (depreciation) on:** |  |  |  |
| &nbsp;&nbsp;Futures contracts |  | $1483 | $1483 |
| &nbsp;&nbsp;Swap agreements | $8039 |  | 8039 |
|  |  |  | $9522 |

---

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **AUGUST 31, 2025** | **AUGUST 31, 2025** |
| | **Avantis Core Fixed Income Fund** |
| **Assets** | **Assets** |
| Investment securities, at value | $192270755 |
| Investment made with cash collateral received for securities on loan, at value | 839315 |
| Cash | 204102 |
| Receivable for investments sold | 12141456 |
| Receivable for capital shares sold | 901366 |
| Interest receivable | 1833509 |
| Securities lending receivable | 316 |
|  | 208190819 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 839315 |
| Payable for investments purchased | 43177852 |
| Payable for capital shares redeemed | 160615 |
| Payable for variation margin on futures contracts | 2250 |
| Payable for variation margin on swap agreements | 1368 |
| Accrued management fees | 1428 |
|  | 44182828 |
| **Net Assets** | $164007991 |
| **Net Assets Consist of:** |  |
| Capital paid in | $166796391 |
| Distributable earnings (loss) | (2788400) |
|  | $164007991 |
| Investment securities, at cost | $190425373 |
| Investment securities on loan, at value | $806138 |
| Investment made with cash collateral received for securities on loan, at cost | $839315 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 | $10966290 | 1297980 | $8.45 |
| G Class | $153041701 | 18105051 | $8.45 |

---

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Core Fixed Income Fund** |
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | |
| Interest | $4270853 |
| Securities lending, net | 6356 |
|  | 4277209 |
| **Expenses:** |  |
| Management fees | 137173 |
| Interest expenses | 1929 |
|  | 139102 |
| Fees waived - G Class | (123474) |
|  | 15628 |
| **Net investment income (loss)** | 4261581 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (487554) |
| Futures contract transactions | (37814) |
| Swap agreement transactions | 8255 |
|  | (517113) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 1567184 |
| Futures contracts | 1483 |
| Swap agreements | 8039 |
|  | 1576706 |
| **Net realized and unrealized gain (loss)** | 1059593 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $5321174 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | **Operations** | **Operations** |
| Net investment income (loss) | $4261581 | $2720988 |
| Net realized gain (loss) | (517113) | (483774) |
| Change in net unrealized appreciation (depreciation) | 1576706 | 2540034 |
| Net increase (decrease) in net assets resulting from operations | 5321174 | 4777248 |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (415713) | (255832) |
| &nbsp;&nbsp;&nbsp;G Class | (3856783) | (2473085) |
| Decrease in net assets from distributions | (4272496) | (2728917) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 98686846 | 19145078 |
| **Net increase (decrease) in net assets** | 99735524 | 21193409 |
| **Net Assets** |  |  |
| Beginning of period | 64272467 | 43079058 |
| End of period | $164007991 | $64272467 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**AUGUST 31, 2025**

**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).

------

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 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 August 31, 2025 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% |

---

**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 Core Fixed Income Fund | American Century Asset Allocation Portfolios, Inc. | 83% |

---

**4. Investment Transactions**

Investment transactions, including TBA transactions and excluding short-term investments, for the period ended August 31, 2025 were as follows:

---

| | |
|:---|:---|
| | **Avantis Core Fixed Income Fund** |
| Purchases of U.S. Treasury and Government Agency obligations | $307231352 |
| Purchases of other investment securities | $87472472 |
| Total Purchases | $394703824 |
| Sales of U.S. Treasury and Government Agency obligations | $265356089 |
| Sales of other investment securities | $27535693 |
| Total Sales | $292891782 |

---

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows (unlimited number of shares authorized):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2025** | **Year ended**<br>**August 31, 2024** | **Year ended**<br>**August 31, 2024** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Avantis Core Fixed Income Fund** | **Avantis Core Fixed Income Fund** | | | |
| **Institutional Class** | | | | |
| Sold | 503234 | $4204562 | 543752 | $4463843 |
| Issued in reinvestment of distributions | 49648 | 415713 | 30893 | 255832 |
| Redeemed | (211360) | (1768591) | (155219) | (1288344) |
|  | 341522 | 2851684 | 419426 | 3431331 |
| **G Class** |  |  |  |  |
| Sold | 14867717 | 124047686 | 3721030 | 30598621 |
| Issued in reinvestment of distributions | 460012 | 3856783 | 298842 | 2473085 |
| Redeemed | (3828774) | (32069307) | (2093874) | (17357959) |
|  | 11498955 | 95835162 | 1925998 | 15713747 |
| Net increase (decrease) | 11840477 | $98686846 | 2345424 | $19145078 |

---

------

**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 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 | $1883333 |

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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 | $305098 | $232047 |

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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**

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| | | | | |
|:---|:---|:---|:---|:---|
| The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Avantis Core Fixed Income Fund | $4272496 |  | $2728917 |  |

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

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

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| | |
|:---|:---|
| | **Avantis Core Fixed Income Fund** |
| Federal tax cost of investments | $191303788 |
| Gross tax appreciation of investments | $2293704 |
| Gross tax depreciation of investments | (487422) |
| Net tax appreciation (depreciation) of investments | 1806282 |
| Net tax appreciation (depreciation) on derivatives | 5763 |
| Net tax appreciation (depreciation) | $1812045 |
| Undistributed ordinary income | $324 |
| Accumulated short-term capital losses | $(2421044) |
| Accumulated long-term capital losses | $(2179725) |

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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.

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

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Financial Highlights

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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** |
| 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>(3)</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** |
| 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>(3)</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)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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Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Avantis<sup>®</sup> Core Fixed Income Fund (the "Fund"), one of the funds constituting the American Century ETF Trust, as of August 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the period from February 24, 2021 (fund inception) through August 31, 2021, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and the period from February 24, 2021 (fund inception) through August 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 16, 2025

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

------

Approval of Management Agreement

At a meeting held on June 11, 2025, the Fund's Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for the Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to the Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Fund's investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning the 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 those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by the Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by the Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

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

**Factors Considered** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of the Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans, if applicable)

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

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

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

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

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

**Comparison to Other Funds' Fees.** The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1, and, for certain funds, fees and expenses of the Fund's independent Trustees (including their independent legal counsel). Under the unified fee structure, the Advisor is responsible for providing investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board's analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund's unified fee to the total expense ratios of its peers. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

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

------

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

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

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

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**Avantis Core Fixed Income Fund** - The Fund's performance was above its benchmark for the one- and three-year periods reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group.

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

------

**Other Tax Information**

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

The fund hereby designates the following, or up to the maximum amount allowable, for the fiscal year ended August 31, 2025.

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| | |
|:---|:---|
| | **Qualified Interest Income** |
| Avantis Core Fixed Income Fund | $3793152 |

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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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-96960 2510** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-96960 2510** |

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|:---|
| Annual Financial Statements and Other Information |
| August 31, 2025 |
| 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) |

---

***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_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) |
| Report of Independent Registered Public Accounting Firm | [28](#iba273e868b7e4566bd70f1811bd23032_1111) |
| Approval of Management Agreements | [29](#iba273e868b7e4566bd70f1811bd23032_1117) |
| Other Tax Information | [32](#iba273e868b7e4566bd70f1811bd23032_12561) |

---

------

Schedule of Investments - Avantis All Equity Markets ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 99.9%** | **Shares** | **Value** |
| **Domestic Equity Funds — 70.1%** | | |
| Avantis Real Estate ETF | 345244 | $15542885 |
| Avantis U.S. Equity ETF | 2439108 | 258862532 |
| Avantis U.S. Large Cap Value ETF | 1211219 | 86759617 |
| Avantis U.S. Mid Cap Equity ETF | 117352 | 8132141 |
| Avantis U.S. Mid Cap Value ETF | 118878 | 8223980 |
| Avantis U.S. Small Cap Equity ETF | 345281 | 19675838 |
| Avantis U.S. Small Cap Value ETF | 213414 | 21309388 |
|  |  | 418506381 |
| **International Equity Funds — 29.8%** |  |  |
| Avantis Emerging Markets Equity ETF | 528943 | 37602558 |
| Avantis Emerging Markets Small Cap Equity ETF | 94872 | 5963303 |
| Avantis Emerging Markets Value ETF<sup>(2)</sup> | 381850 | 21211767 |
| Avantis International Equity ETF | 856763 | 65842237 |
| Avantis International Large Cap Value ETF | 503446 | 33096540 |
| Avantis International Small Cap Equity ETF | 98853 | 6496619 |
| Avantis International Small Cap Value ETF | 87724 | 7524965 |
|  |  | 177737989 |
| **TOTAL UNDERLYING FUNDS**<br>(Cost $471,127,705) |  | **596244370** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 377128 | 377128 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 68100 | 68100 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $445,228) |  | **445228** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $471,572,933) |  | **596689598** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(77280)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**596612318** |

---

**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 $66,660. 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 $68,100.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis All Equity Markets Value ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 99.9%** | **Shares** | **Value** |
| **Domestic Equity Funds — 60.5%** |  |  |
| Avantis U.S. Large Cap Value ETF<sup>(2)</sup> | 790716 | $56638987 |
| Avantis U.S. Mid Cap Value ETF | 174407 | 12065476 |
| Avantis U.S. Small Cap Value ETF | 281655 | 28123252 |
|  |  | 96827715 |
| **International Equity Funds — 39.4%** |  |  |
| Avantis Emerging Markets Value ETF<sup>(2)</sup> | 307487 | 17080903 |
| Avantis International Large Cap Value ETF<sup>(2)</sup> | 456129 | 29985921 |
| Avantis International Small Cap Value ETF | 186645 | 16010408 |
|  |  | 63077232 |
| **TOTAL UNDERLYING FUNDS**<br>(Cost $141,864,611) |  | **159904947** |
| **SHORT-TERM INVESTMENTS — 0.8%** |  |  |
| **Money Market Funds — 0.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 106830 | 106830 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 1130725 | 1130725 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,237,555) |  | **1237555** |
| **TOTAL INVESTMENT SECURITIES — 100.7%**<br>(Cost $143,102,166) |  | **161142502** |
| **OTHER ASSETS AND LIABILITIES — (0.7)%** |  | **(1132053)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**160010449** |

---

**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 $1,105,816. 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 $1,130,725.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis All International Markets Equity ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 99.9%** | **Shares** | **Value** |
| **International Equity Funds — 99.9%** |  |  |
| Avantis Emerging Markets Equity ETF | 859591 | $61108324 |
| Avantis Emerging Markets Value ETF | 705680 | 39200524 |
| Avantis International Equity ETF | 1819125 | 139799756 |
| Avantis International Large Cap Value ETF<sup>(2)</sup> | 1069494 | 70308536 |
| Avantis International Small Cap Value ETF | 355840 | 30523955 |
|  |  | 340941095 |
| **TOTAL UNDERLYING FUNDS**<br>(Cost $290,548,012) |  | **340941095** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $241,387) | 241387 | **241387** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $290,789,399) |  | **341182482** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(7114)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**341175368** |

---

**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 $19,722. 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. At the period end, the aggregate value of the collateral held by the fund was $21,091, all of which is securities collateral.

See Notes to Financial Statements.

------

Schedule of Investments - Avantis All International Markets Value ETF

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 99.9%** | **Shares** | **Value** |
| **International Equity Funds — 99.9%** |  |  |
| Avantis Emerging Markets Value ETF | 102901 | $5716150 |
| Avantis International Large Cap Value ETF | 141121 | 9277295 |
| Avantis International Small Cap Value ETF | 58201 | 4992482 |
|  |  | 19985927 |
| **TOTAL UNDERLYING FUNDS**<br>(Cost $19,013,679) |  | **19985927** |
| **SHORT-TERM INVESTMENTS — 0.1%** |  |  |
| **Money Market Funds — 0.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>(Cost $15,063) | 15063 | **15063** |
| **TOTAL INVESTMENT SECURITIES — 100.0%**<br>(Cost $19,028,742) |  | **20000990** |
| **OTHER ASSETS AND LIABILITIES — 0.0%** |  | **(469)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**20000521** |

---

**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

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|<br>**UNDERLYING FUNDS**<sup>(1)</sup> **— 99.9%** | **Shares** | **Value** |
| **Domestic Equity Funds — 48.3%** |  |  |
| Avantis Real Estate ETF<sup>(2)</sup> | 16668 | $750393 |
| Avantis U.S. Equity ETF | 113016 | 11994388 |
| Avantis U.S. Large Cap Value ETF | 56565 | 4051751 |
| Avantis U.S. Mid Cap Equity ETF<sup>(2)</sup> | 5883 | 407674 |
| Avantis U.S. Mid Cap Value ETF | 5939 | 410860 |
| Avantis U.S. Small Cap Equity ETF | 17570 | 1001227 |
| Avantis U.S. Small Cap Value ETF | 9841 | 982624 |
|  |  | 19598917 |
| **Domestic Fixed Income Funds — 31.3%** |  |  |
| Avantis Core Fixed Income ETF | 204134 | 8534884 |
| Avantis Short-Term Fixed Income ETF | 87573 | 4133884 |
|  |  | 12668768 |
| **International Equity Funds — 20.3%** |  |  |
| Avantis Emerging Markets Equity ETF | 25220 | 1792890 |
| Avantis Emerging Markets Small Cap Equity ETF<sup>(2)</sup> | 4290 | 269654 |
| Avantis Emerging Markets Value ETF | 16773 | 931740 |
| Avantis International Equity ETF | 39690 | 3050176 |
| Avantis International Large Cap Value ETF | 23876 | 1569608 |
| Avantis International Small Cap Equity ETF<sup>(2)</sup> | 4190 | 275367 |
| Avantis International Small Cap Value ETF | 4130 | 354271 |
|  |  | 8243706 |
| **TOTAL UNDERLYING FUNDS**<br>(Cost $37,263,608) |  | **40511391** |
| **SHORT-TERM INVESTMENTS — 1.4%** |  |  |
| **Money Market Funds — 1.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 38405 | 38405 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 535315 | 535315 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $573,720) |  | **573720** |
| **TOTAL INVESTMENT SECURITIES — 101.3%**<br>(Cost $37,837,328) |  | **41085111** |
| **OTHER ASSETS AND LIABILITIES — (1.3)%** |  | **(531739)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**40553372** |

---

**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 $523,928. 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 $535,315.

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | **AUGUST 31, 2025** | |
| | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets Value ETF** |
| **Assets** | **Assets** | |
| Investment securities - affiliated, at value | $596244370 | $159904947 |
| Investment securities, at value | 377128 | 106830 |
| Investment made with cash collateral received for securities on loan, at value | 68100 | 1130725 |
| Receivable for capital shares sold | 203552 |  |
| Interest receivable | 1316 | 410 |
| Securities lending receivable | 3184 | 2217 |
|  | 596897650 | 161145129 |
| **Liabilities** |  |  |
| Payable for collateral received for securities on loan | 68100 | 1130725 |
| Payable for investments purchased | 202332 |  |
| Accrued management fees | 14900 | 3955 |
|  | 285332 | 1134680 |
| **Net Assets** | $596612318 | $160010449 |
| Shares outstanding (unlimited number of shares authorized) | 7327500 | 2312500 |
| **Net Asset Value Per Share** | $81.42 | $69.19 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $471861954 | $142090743 |
| Distributable earnings (loss) | 124750364 | 17919706 |
|  | $596612318 | $160010449 |
| Investment securities - affiliated, at cost | $471127705 | $141864611 |
| Investment securities on loan - affiliated, at value | $66660 | $1105816 |
| Investment securities, at cost | $377128 | $106830 |
| Investment made with cash collateral received for securities on loan, at cost | $68100 | $1130725 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | | |
|:---|:---|:---|
| **AUGUST 31, 2025** | **AUGUST 31, 2025** | |
| | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Value ETF** |
| **Assets** | **Assets** | |
| Investment securities - affiliated, at value | $340941095 | $19985927 |
| Investment securities, at value | 241387 | 15063 |
| Interest receivable | 861 | 58 |
| Securities lending receivable | 605 |  |
|  | 341183948 | 20001048 |
| **Liabilities** |  |  |
| Accrued management fees | 8580 | 527 |
| **Net Assets** | $341175368 | $20000521 |
| Shares outstanding (unlimited number of shares authorized) | 4997500 | 287500 |
| **Net Asset Value Per Share** | $68.27 | $69.57 |
| **Net Assets Consist of:** |  |  |
| Capital paid in | $290782285 | $19028273 |
| Distributable earnings (loss) | 50393083 | 972248 |
|  | $341175368 | $20000521 |
| Investment securities - affiliated, at cost | $290548012 | $19013679 |
| Investment securities on loan - affiliated, at value | $19722 |  |
| Investment securities, at cost | $241387 | $15063 |

---

See Notes to Financial Statements.

------

Statements of Assets and Liabilities

---

| | |
|:---|:---|
| **AUGUST 31, 2025** | **AUGUST 31, 2025** |
| | **Avantis Moderate Allocation ETF** |
| **Assets** | **Assets** |
| Investment securities - affiliated, at value | $40511391 |
| Investment securities, at value | 38405 |
| Investment made with cash collateral received for securities on loan, at value | 535315 |
| Interest receivable | 129 |
| Securities lending receivable | 4445 |
|  | 41089685 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 535315 |
| Accrued management fees | 998 |
|  | 536313 |
| **Net Assets** | $40553372 |
| Shares outstanding (unlimited number of shares authorized) | 635000 |
| **Net Asset Value Per Share** | $63.86 |
| **Net Assets Consist of:** |  |
| Capital paid in | $37270941 |
| Distributable earnings (loss) | 3282431 |
|  | $40553372 |
| Investment securities - affiliated, at cost | $37263608 |
| Investment securities on loan - affiliated, at value | $523928 |
| Investment securities, at cost | $38405 |
| Investment made with cash collateral received for securities on loan, at cost | $535315 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | |
| | **Avantis All Equity Markets ETF** | **Avantis All Equity Markets Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Income distributions from underlying funds | $9824667 | $3375501 |
| Securities lending, net | 54007 | 15334 |
| Interest | 22676 | 6315 |
|  | 9901350 | 3397150 |
| **Expenses:** |  |  |
| Management fees | 244058 | 64373 |
| Trustees' fees and expenses |  | 2517 |
|  | 244058 | 66890 |
| Fees waived | (97623) | (25749) |
|  | 146435 | 41141 |
| **Net investment income (loss)** | 9754915 | 3356009 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on sales of investments in underlying funds | 7433892 | 8687396 |
| Change in net unrealized appreciation (depreciation) on investments in underlying funds | 57531970 | 7830613 |
| **Net realized and unrealized gain (loss)** | 64965862 | 16518009 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $74720777 | $19874018 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | | |
|:---|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** | |
| | **Avantis All International Markets Equity ETF** | **Avantis All International Markets Value ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** | |
| **Income:** | | |
| Income distributions from underlying funds | $5991341 | $698937 |
| Securities lending, net | 26462 |  |
| Interest | 7499 | 852 |
|  | 6025302 | 699789 |
| **Expenses:** |  |  |
| Management fees | 77583 | 6445 |
| Trustees' fees and expenses | 3172 | 304 |
|  | 80755 | 6749 |
| Fees waived | (31033) | (2578) |
|  | 49722 | 4171 |
| **Net investment income (loss)** | 5975580 | 695618 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on sales of investments in underlying funds | 1222500 | 4880592 |
| Change in net unrealized appreciation (depreciation) on investments in underlying funds | 47403535 | 725603 |
| **Net realized and unrealized gain (loss)** | 48626035 | 5606195 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $54601615 | $6301813 |

---

See Notes to Financial Statements.

------

Statements of Operations

---

| | |
|:---|:---|
| **YEAR ENDED AUGUST 31, 2025** | **YEAR ENDED AUGUST 31, 2025** |
| | **Avantis Moderate Allocation ETF** |
| **Investment Income (Loss)** | **Investment Income (Loss)** |
| **Income:** | |
| Income distributions from underlying funds | $778117 |
| Securities lending, net | 28826 |
| Interest | 1741 |
|  | 808684 |
| **Expenses:** |  |
| Management fees | 14261 |
| Trustees' fees and expenses | 559 |
|  | 14820 |
| Fees waived | (5704) |
|  | 9116 |
| **Net investment income (loss)** | 799568 |
| **Realized and Unrealized Gain (Loss)** |  |
| Net realized gain (loss) on sales of investments in underlying funds | 519286 |
| Change in net unrealized appreciation (depreciation) on investments in underlying funds | 2111356 |
| **Net realized and unrealized gain (loss)** | 2630642 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $3430210 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **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** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $9754915 | $6266033 | $3356009 | $1360182 |
| Net realized gain (loss) | 7433892 | 2234145 | 8687396 | 28672 |
| Change in net unrealized appreciation (depreciation) | 57531970 | 54255211 | 7830613 | 10130107 |
| Net increase (decrease) in net assets resulting from operations | 74720777 | 62755389 | 19874018 | 11518961 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (9762351) | (6283638) | (3359528) | (1364789) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 138168777 | 153006289 | 97869464 | 68617444 |
| Payments for shares redeemed | (25355092) | (10446628) | (50546318) | (1004014) |
| Net increase (decrease) in net assets from capital share transactions | 112813685 | 142559661 | 47323146 | 67613430 |
| **Net increase (decrease) in net assets** | 177772111 | 199031412 | 63837636 | 77767602 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 418840207 | 219808795 | 96172813 | 18405211 |
| End of period | $596612318 | $418840207 | $160010449 | $96172813 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 1880000 | 2332500 | 1560000 | 1227500 |
| Redeemed | (335000) | (155000) | (807500) | (17500) |
| Net increase (decrease) in shares of the funds | 1545000 | 2177500 | 752500 | 1210000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **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** | **August 31, 2025** | **August 31, 2024** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | | | |
| Net investment income (loss) | $5975580 | $433994 | $695618 | $63973 |
| Net realized gain (loss) | 1222500 | 259440 | 4880592 | 17312 |
| Change in net unrealized appreciation (depreciation) | 47403535 | 2998171 | 725603 | 242994 |
| Net increase (decrease) in net assets resulting from operations | 54601615 | 3691605 | 6301813 | 324279 |
| **Distributions to Shareholders** |  |  |  |  |
| From earnings | (5985579) | (432922) | (696590) | (64123) |
| **Capital Share Transactions** |  |  |  |  |
| Proceeds from shares sold | 256995434 | 40975281 | 52591393 | 2593391 |
| Payments for shares redeemed | (6982049) | (2327815) | (41292696) | (143212) |
| Net increase (decrease) in net assets from capital share transactions | 250013385 | 38647466 | 11298697 | 2450179 |
| **Net increase (decrease) in net assets** | 298629421 | 41906149 | 16903920 | 2710335 |
| **Net Assets** |  |  |  |  |
| Beginning of period | 42545947 | 639798 | 3096601 | 386266 |
| End of period | $341175368 | $42545947 | $20000521 | $3096601 |
| **Transactions in Shares of the Funds** |  |  |  |  |
| Sold | 4382500 | 757500 | 865000 | 47500 |
| Redeemed | (112500) | (42500) | (630000) | (2500) |
| Net increase (decrease) in shares of the funds | 4270000 | 715000 | 235000 | 45000 |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** | **YEARS ENDED AUGUST 31, 2025 AND AUGUST 31, 2024** |
| | **Avantis Moderate Allocation ETF** | **Avantis Moderate Allocation ETF** |
| **Increase (Decrease) in Net Assets** | **August 31, 2025** | **August 31, 2024** |
| **Operations** | | |
| Net investment income (loss) | $799568 | $211739 |
| Net realized gain (loss) | 519286 | 119319 |
| Change in net unrealized appreciation (depreciation) | 2111356 | 1131647 |
| Net increase (decrease) in net assets resulting from operations | 3430210 | 1462705 |
| **Distributions to Shareholders** |  |  |
| From earnings | (729366) | (176663) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 26773961 | 14305868 |
| Payments for shares redeemed | (5083468) | (1487462) |
| Net increase (decrease) in net assets from capital share transactions | 21690493 | 12818406 |
| **Net increase (decrease) in net assets** | 24391337 | 14104448 |
| **Net Assets** |  |  |
| Beginning of period | 16162035 | 2057587 |
| End of period | $40553372 | $16162035 |
| **Transactions in Shares of the Funds** |  |  |
| Sold | 447500 | 262500 |
| Redeemed | (87500) | (27500) |
| Net increase (decrease) in shares of the funds | 360000 | 235000 |

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See Notes to Financial Statements.

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Notes to Financial Statements

**AUGUST 31, 2025**

**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.

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| | | |
|:---|:---|:---|
| **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. |

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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.

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 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 August 31, 2025, the investment advisor agreed to waive 0.02% of each fund's management fee. The investment advisor expects this waiver to continue until July 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 August 31, 2025 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 August 31, 2025 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 | $2867945 | $739805 |  | $4201 | $533103 |
| 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 August 31, 2025 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 | $135227643 | $25295505 | $7433892 |
| Avantis All Equity Markets Value ETF | $97043069 | $50504901 | $8687396 |
| Avantis All International Markets Equity ETF | $256767648 | $6976656 | $1222500 |
| Avantis All International Markets Value ETF | $52525704 | $41244211 | $4880592 |
| Avantis Moderate Allocation ETF | $26257168 | $5059602 | $519286 |

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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**

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| | | | | |
|:---|:---|:---|:---|:---|
| The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: | The tax character of distributions paid during the years ended August 31, 2025 and August 31, 2024 were as follows: |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary<br>Income** | **Long-term<br>Capital Gains** | **Ordinary<br>Income** | **Long-term<br>Capital Gains** |
| Avantis All Equity Markets ETF | $9762351 |  | $6283638 |  |
| Avantis All Equity Markets Value ETF | $3359528 |  | $1364789 |  |
| Avantis All International Markets Equity ETF | $5985579 |  | $432922 |  |
| Avantis All International Markets Value ETF | $696590 |  | $64123 |  |
| Avantis Moderate Allocation ETF | $729366 |  | $176663 |  |

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

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The reclassifications, which are primarily due to in-kind transactions, 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** |
| Capital paid in | $7426456 | $8683010 | $1212501 | $4879620 | $577839 |
| Distributable earnings (loss) | $(7426456) | $(8683010) | $(1212501) | $(4879620) | $(577839) |

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

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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 | $471664147 | $143102377 | $290789399 |
| Gross tax appreciation of investments | $125025451 | $18040125 | $50393083 |
| Gross tax depreciation of investments |  |  |  |
| Net tax appreciation (depreciation) of investments | $125025451 | $18040125 | $50393083 |
| Undistributed ordinary income |  |  |  |
| Accumulated short-term capital losses | $(275087) | $(120419) |  |

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| | | |
|:---|:---|:---|
| | **Avantis All International Markets Value ETF** | **Avantis Moderate Allocation ETF** |
| Federal tax cost of investments | $19028742 | $37837328 |
| Gross tax appreciation of investments | $972248 | $3247783 |
| Gross tax depreciation of investments |  |  |
| Net tax appreciation (depreciation) of investments | $972248 | $3247783 |
| Undistributed ordinary income |  | $34648 |
| Accumulated short-term capital losses |  |  |

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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.

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

**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 August 31, 2025 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 | $12396 | $4047 | $593 | $(307) | $15543 | 345 | $90 | $511 |
| Avantis U.S. Equity ETF | 182684 | 58259 | 7460 | 25380 | 258863 | 2439 | 3671 | 2746 |
| Avantis U.S. Large Cap Value ETF | 62322 | 20593 | 2686 | 6530 | 86759 | 1211 | 1073 | 1199 |
| Avantis U.S. Mid Cap Equity ETF | 5185 | 2567 | 261 | 641 | 8132 | 117 | 74 | 73 |
| Avantis U.S. Mid Cap Value ETF | 5204 | 2624 | 259 | 655 | 8224 | 119 | 74 | 86 |
| Avantis U.S. Small Cap Equity ETF | 14684 | 4739 | 652 | 905 | 19676 | 345 | 169 | 194 |
| Avantis U.S. Small Cap Value ETF | 16476 | 4722 | 688 | 799 | 21309 | 213 | 216 | 303 |
| Avantis Emerging Markets Equity ETF | 25383 | 8701 | 1123 | 4642 | 37603 | 529 | 439 | 948 |
| Avantis Emerging Markets Small Cap Equity ETF | 4188 | 1339 | 214 | 650 | 5963 | 95 | 31 | 138 |
| Avantis Emerging Markets Value ETF<sup>(2)</sup> | 15276 | 4443 | 673 | 2166 | 21212 | 382 | 215 | 741 |
| Avantis International Equity ETF | 43671 | 15708 | 1902 | 8365 | 65842 | 857 | 827 | 1668 |
| Avantis International Large Cap Value ETF | 21816 | 7477 | 943 | 4746 | 33096 | 503 | 413 | 830 |
| Avantis International Small Cap Equity ETF | 4263 | 1441 | 211 | 1004 | 6497 | 99 | 45 | 140 |
| Avantis International Small Cap Value ETF | 4930 | 1436 | 197 | 1356 | 7525 | 88 | 97 | 248 |
|  | $418478 | $138096 | $17862 | $57532 | $596244 | 7342 | $7434 | $9825 |

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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** | | | | | | | |
| **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> | $34836 | $35312 | $14738 | $1229 | $56639 | 791 | $3375 | $798 |
| Avantis U.S. Mid Cap Value ETF | 7367 | 7545 | 3125 | 279 | 12066 | 174 | 680 | 140 |
| Avantis U.S. Small Cap Value ETF | 17170 | 18279 | 7612 | 286 | 28123 | 282 | 933 | 392 |
| Avantis Emerging Markets Value ETF<sup>(2)</sup> | 10068 | 10576 | 4715 | 1152 | 17081 | 307 | 782 | 617 |
| Avantis International Large Cap Value ETF<sup>(2)</sup> | 17492 | 17394 | 7791 | 2891 | 29986 | 456 | 1790 | 851 |
| Avantis International Small Cap Value ETF | 9176 | 8677 | 3837 | 1994 | 16010 | 187 | 1127 | 578 |
|  | $96109 | $97783 | $41818 | $7831 | $159905 | 2197 | $8687 | $3376 |

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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 | $7702 | $45573 | $1038 | $8871 | $61108 | 860 | $227 | $840 |
| Avantis Emerging Markets Value ETF | 5094 | 29409 | 685 | 5383 | 39201 | 706 | 130 | 723 |
| Avantis International Equity ETF | 17522 | 106604 | 2368 | 18042 | 139800 | 1819 | 494 | 2515 |
| Avantis International Large Cap Value ETF<sup>(2)</sup> | 8623 | 53235 | 1187 | 9638 | 70309 | 1069 | 243 | 1294 |
| Avantis International Small Cap Value ETF | 3583 | 21947 | 477 | 5470 | 30523 | 356 | 128 | 619 |
|  | $42524 | $256768 | $5755 | $47404 | $340941 | 4810 | $1222 | $5991 |

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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 | $931 | $15054 | $10394 | $126 | $5717 | 103 | $1555 | $181 |
| Avantis International Large Cap Value ETF | 1428 | 24712 | 17196 | 333 | 9277 | 141 | 2024 | 332 |
| Avantis International Small Cap Value ETF | 735 | 12764 | 8774 | 267 | 4992 | 58 | 1302 | 186 |
|  | $3094 | $52530 | $36364 | $726 | $19986 | 302 | $4881 | $699 |

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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<sup>(2)</sup> | $331 | $524 | $89 | $(16) | $750 | 17 | $7 | $20 |
| Avantis U.S. Equity ETF | 4747 | 7602 | 1208 | 853 | 11994 | 113 | 256 | 106 |
| Avantis U.S. Large Cap Value ETF | 1623 | 2638 | 427 | 217 | 4051 | 57 | 76 | 47 |
| Avantis U.S. Mid Cap Equity ETF<sup>(2)</sup> | 159 | 269 | 44 | 24 | 408 | 6 | 5 | 3 |
| Avantis U.S. Mid Cap Value ETF | 159 | 272 | 44 | 24 | 411 | 6 | 5 | 4 |
| Avantis U.S. Small Cap Equity ETF | 431 | 636 | 111 | 45 | 1001 | 18 | 9 | 8 |
| Avantis U.S. Small Cap Value ETF | 423 | 631 | 105 | 34 | 983 | 10 | 11 | 11 |
| Avantis Core Fixed Income ETF | 3458 | 6170 | 1094 | 1 | 8535 | 204 | 20 | 265 |
| Avantis Short-Term Fixed Income ETF | 1695 | 2959 | 547 | 27 | 4134 | 88 | 9 | 127 |
| Avantis Emerging Markets Equity ETF | 676 | 1130 | 190 | 177 | 1793 | 25 | 24 | 38 |
| Avantis Emerging Markets Small Cap Equity ETF<sup>(2)</sup> | 103 | 172 | 29 | 24 | 270 | 4 | 2 | 5 |
| Avantis Emerging Markets Value ETF | 376 | 580 | 102 | 78 | 932 | 17 | 10 | 27 |
| Avantis International Equity ETF | 1150 | 1889 | 322 | 333 | 3050 | 40 | 50 | 67 |
| Avantis International Large Cap Value ETF | 594 | 944 | 166 | 198 | 1570 | 24 | 25 | 35 |
| Avantis International Small Cap Equity ETF<sup>(2)</sup> | 79 | 187 | 28 | 37 | 275 | 4 | 3 | 5 |
| Avantis International Small Cap Value ETF | 146 | 187 | 34 | 55 | 354 | 4 | 7 | 10 |
|  | $16150 | $26790 | $4540 | $2111 | $40511 | 637 | $519 | $778 |

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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** |
| 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>(5)</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)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** |
| 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>(5)</sup> | $50.62 | —<sup>(6)</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)June 27, 2023 (fund inception) through August 31, 2023.

(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)** | **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** |
| 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>(5)</sup> | $50.43 | —<sup>(6)</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)June 27, 2023 (fund inception) through August 31, 2023.

(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)** | **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** |
| 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>(5)</sup> | $50.37 | —<sup>(6)</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)June 27, 2023 (fund inception) through August 31, 2023.

(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)** | **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** |
| 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>(5)</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)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.

------

Report of Independent Registered Public Accounting Firm

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

**Opinion on the Financial Statements and Financial Highlights** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis<sup>®</sup> All Equity Markets ETF, Avantis<sup>®</sup> All Equity Markets Value ETF, Avantis<sup>®</sup> All International Markets Equity ETF, Avantis<sup>®</sup> All International Markets Value ETF, and Avantis<sup>®</sup> Moderate Allocation ETF, (the "Funds"), five of the funds constituting the American Century ETF Trust, as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting the American Century ETF Trust** | **Statement of Operations** | **Statements of Changes in Net Assets** | **Financial Highlights** |
| Avantis<sup>®</sup> All Equity Markets ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025 and 2024, and the period from September 27, 2022 (fund inception) through August 31, 2023 |
| Avantis<sup>®</sup> All Equity Markets Value ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025 and 2024, and the period from June 27, 2023 (fund inception) through August 31, 2023 |
| Avantis<sup>®</sup> All International Markets Equity ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025 and 2024, and the period from June 27, 2023 (fund inception) through August 31, 2023 |
| Avantis<sup>®</sup> All International Markets Value ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025 and 2024, and the period from June 27, 2023 (fund inception) through August 31, 2023 |
| Avantis<sup>®</sup> Moderate Allocation ETF | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025 and 2024, and the period from June 27, 2023 (fund inception) through August 31, 2023 |

---

**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

October 16, 2025

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

------

Approval of Management Agreements

At a meeting held on June 11, 2025, the Funds' Board of Trustees (the "Board") unanimously approved the renewal of the management agreements pursuant to which American Century Investment Management, Inc. (the "Advisor") acts as the investment advisor for each Fund. Under the Investment Company Act of 1940 (the "Investment Company Act"), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund's Trustees, including a majority of the independent Trustees.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the wide range of programs and services the Advisor and other service providers provide to each Fund and its shareholders on a routine and non-routine basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Fund's investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of owning each 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 those of certain other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's strategic plans, generally, and with respect to the Advisor's response to investment management industry challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advisor's business continuity plans, vendor management practices, and information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the Advisor's financial results of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible economies of scale associated with the Advisor's management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any collateral benefits derived by the Advisor from the management of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with any investment by each Fund in other funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments to intermediaries by each Fund and the Advisor and services provided by intermediaries in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services provided and charges to the Advisor's other investment management clients.

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

**Factors Considered** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing and designing each Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• portfolio research and security selection

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• initial capitalization/funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities trading

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fund administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custody of Fund assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daily valuation of each Fund's portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity monitoring and management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risk management, including information security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal services (except the independent Trustees' counsel)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans, if applicable)

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

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

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

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

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

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

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

------

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

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

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

Set forth below are certain of the Fund-specific factors that the Board considered in addition to the other factors described herein:

**Avantis All Equity Markets ETF** - The Fund's performance was below its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group. The Board and the Advisor agreed to continue the temporary reduction of the Fund's annual unified management fee of 0.02% for at least one year, beginning August 1, 2025.

**Avantis All Equity Markets Value ETF** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group. The Board and the Advisor agreed to continue the temporary reduction of the Fund's annual unified management fee of 0.02% for at least one year, beginning August 1, 2025.

**Avantis All International Markets Equity ETF** - The Fund's performance was above its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group. The Board and the Advisor agreed to continue the temporary reduction of the Fund's annual unified management fee of 0.02% for at least one year, beginning August 1, 2025.

**Avantis All International Markets Value ETF** - The Fund's performance was below its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund's peer expense universe and was the lowest of its peer expense group. The Board and the Advisor agreed to continue the temporary reduction of the Fund's annual unified management fee of 0.02% for at least one year, beginning August 1, 2025.

**Avantis Moderate Allocation ETF** - The Fund's performance was below its benchmark for the one-year period reviewed by the Board. The unified fee charged to shareholders of the Fund was the lowest of the total expense ratios of the Fund's peer expense universe and peer expense group. The Board and the Advisor agreed to continue the temporary reduction of the Fund's annual unified management fee of 0.02% for at least one year, beginning August 1, 2025.

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

------

**Other Tax Information**

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2025.

The funds hereby designate the following, or up to the maximum amount allowable, for the fiscal year ended August 31, 2025.

---

| | |
|:---|:---|
| | **Corporate Dividends Received Deduction** |
| Avantis All Equity Markets ETF | $4600417 |
| Avantis All Equity Markets Value ETF | $1330370 |
| Avantis All International Markets Equity ETF |  |
| Avantis All International Markets Value ETF |  |
| Avantis Moderate Allocation ETF | $178902 |

---

For the fiscal year ended August 31, 2025, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Foreign Tax Credit** | **Foreign Tax Credit** | **Foreign Source Income** | **Foreign Source Income** |
| | **Amount** | **Per Outstanding Share** | **Amount** | **Per Outstanding Share** |
| Avantis All Equity Markets ETF | $192119 | $0.0262 | $4424860 | $0.6039 |
| Avantis All Equity Markets Value ETF | $74981 | $0.0324 | $1925538 | $0.8327 |
| Avantis All International Markets Equity ETF | $95027 | $0.0190 | $5431999 | $1.0869 |
| Avantis All International Markets Value ETF | $5674 | $0.0197 | $636208 | $2.2129 |
| Avantis Moderate Allocation ETF | $7074 | $0.0111 | $175281 | $0.2760 |

---

The funds utilized the following earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization) during the period ended August 31, 2025.

---

| | |
|:---|:---|
| | **Dividends Paid Deduction (Tax Equalization)** |
| 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 | $58553 |

---

------

---

| | |
|:---|:---|
| 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.* |
| **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-98024 2510** | **©2025 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-ANN-98024 2510** |

---

------

(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.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; The proxy disclosures are included as part of the financial statements and other information filed under Item 7 of this Form.

**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 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) <u>[Registrant's Code of Ethics](https://www.sec.gov/Archives/edgar/data/1710607/000171060718000156/acetf8312018ex13a1.htm)</u> for Senior Financial Officers, which is the subject of the disclosure required by Item 2 of Form N-CSR, was filed as Exhibit 13(a)(1) to American Century ETF Trust's Certified Shareholder Report on Form N-CSR, File No. 811-21591, on File No. 811-23305, on October 25, 2018.

(a)(2) Not applicable.

(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: | October 29, 2025 | October 29, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | October 29, 2025 | October 29, 2025 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | October 29, 2025 | October 29, 2025 |

---

## 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.

---

| | |
|:---|:---|
| Date: | October 29, 2025 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

---

------

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.

---

| | |
|:---|:---|
| Date: | October 29, 2025 |
| /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) |

---

## 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 August 31, 2025 (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: | October 29, 2025 |  |  |
|  |  | 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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