# EDGAR Filing Document

**Accession Number:** 0002018846
**File Stem:** 0001193125-26-184598
**Filing Date:** 2026-4
**Character Count:** 579139
**Document Hash:** a14a7de2525a378b61bc38348d52a281
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-184598.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-184598

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**EFFECTIVENESS DATE**: 20260428

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23953
- **FILM NUMBER:** 26904185

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

### MFS Active Mid Cap ETF (Series ID: S000094824)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000263368 | MFS Active Mid Cap ETF | MMID            |

### MFS Blended Research Core Equity ETF (Series ID: S000095645)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000264376 | MFS Blended Research Core Equity ETF | BRCE            |

### MFS Blended Research International Equity ETF (Series ID: S000095646)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000264377 | MFS Blended Research International Equity ETF | BRIE            |

?xml version='1.0' encoding='ASCII'? 5ae75501-ffd1-4f7a-b90e-95493ccf4c5c

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-23953

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

------

111 Huntington Avenue, Boston, Massachusetts 02199

(Address of principal executive offices) (Zip code)

Christopher R. Bohane

Massachusetts Financial Services Company

111 Huntington Avenue

Boston, Massachusetts 02199

(Name and address of agents for service)

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

#### Date of fiscal year end:

#### February 28

#### Date of reporting period:

#### February 28, 2026
This Form N-CSR pertains to the following series of the Registrant: MFS Active Core Plus Bond ETF, MFS Active Growth ETF, MFS Active Intermediate Muni Bond ETF, MFS Active International ETF, MFS Active Value ETF, MFS Active Mid Cap ETF, MFS Blended Research International Equity ETF, and MFS Blended Research Core Equity ETF. MFS Active Mid Cap ETF commenced investment operations on September 24, 2025. MFS Blended Research International Equity ETF and MFS Blended Research Core Equity ETF commenced investment operations on October 22, 2025.

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

![MFSLOGO_RED.EPS](images_1212.jpg)

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

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1218.jpg)

MFSB

Annual Shareholder Report

This annual shareholder report contains important information about MFS Active Core Plus Bond ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| MFS Active Core Plus Bond ETF | $35 | 0.34% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended February 28, 2026, shares of the MFS Active Core Plus Bond ETF (fund) provided a total return of 6.81%, at net asset value. This compares with a return of 6.26% for the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event rattled markets at the end of the period as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, a pro-growth tax and spending bill was signed into law in the US, while in Europe, renewed focus on defense and infrastructure spending brightened the economic outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high, though enthusiasm moderated near the end of the period.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. While the US Supreme Court struck down part of the Trump administration's tariff strategy, the administration deployed other authorities to largely replace the ones that were ruled unconstitutional. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September and delivered quarter-point rate cuts in October and December before pausing.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Bloomberg U.S. Aggregate Bond Index:

From a quality perspective, the fund's exposure to BB-rated bonds, for which the benchmark has no exposure, benefited relative returns. Security selection within BBB-rated bonds also helped the fund's relative performance.

The fund's underweight exposure to the treasury sector, coupled with its exposure to collateralized mortgage obligations (CMOs), for which the benchmark has no exposure, further contributed to relative results.

* Top detractors from performance relative to the Bloomberg U.S. Aggregate Bond Index:

An underweight allocation to the mortgage backed security (MBS) agency fixed rate sector weakened the fund's relative performance.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in the fund over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2323419.jpg)

#### Average Annual Total Returns through 2/28/26
This table shows the average annual total returns of the fund for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | |
|:---|:---|:---|
| **Fund Name** | **1-yr** | **Life\*** |
| MFS Active Core Plus Bond ETF | 6.81% | 6.19% |
| **Comparative Benchmark(s)** |  |  |
| Bloomberg U.S. Aggregate Bond Index ∆ | 6.26% | 5.76% |

---

<sup>\*</sup> For the period from the commencement of the fund's investment operations, December 5, 2024 through February 28, 2026. <br> <sup>∆</sup> Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the fund has less than 10 years of performance history and represent the average annual total return from the fund inception date to the stated period end. Returns less than one year are cumulative, not annualized.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/etfs for more recent performance information.

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 232677145 | Average Effective Maturity (yrs): | 9.0 |
| Total Number of Holdings: | 358 | Average Effective Duration (yrs): | 5.8 |
| Total Management Fee ($): | 341881 |  |  |
| Portfolio Turnover Rate (%): | 49 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income | 96.8% |
| Money Market Funds | 3.2% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 10.9% |
| AA | 4.6% |
| A | 13.8% |
| BBB | 26.4% |
| BB | 7.1% |
| B | 3.7% |
| CCC | 0.4% |
| U.S. Government | 22.0% |
| Federal Agencies | 7.9% |
| Money Market Funds | 3.2% |

---

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

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

ECP-ANN

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Active Growth ETF

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1218.jpg)

MFSG

Annual Shareholder Report

This annual shareholder report contains important information about MFS Active Growth ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| MFS Active Growth ETF | $52 | 0.49% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended February 28, 2026, shares of the MFS Active Growth ETF (fund) provided a total return of 10.25%, at net asset value. This compares with a return of 17.02% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Growth Index, generated a return of 14.78%.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event rattled markets at the end of the period as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, a pro-growth tax and spending bill was signed into law in the US, while in Europe, renewed focus on defense and infrastructure spending brightened the economic outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high, though enthusiasm moderated near the end of the period.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. While the US Supreme Court struck down part of the Trump administration's tariff strategy, the administration deployed other authorities to largely replace the ones that were ruled unconstitutional. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September and delivered quarter-point rate cuts in October and December before pausing.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Growth Index:

The combination of stock selection and, to a lesser extent, an overweight position in the industrials sector benefited the fund's relative performance.

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Growth Index:

Stock selection within the health care sector, and the combination of stock selection and an overweight position in the financials sector, held back relative returns.

Stock selection within the communication services sector also weighed on the fund's relative results.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in the fund over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2323278.jpg)

#### Average Annual Total Returns through 2/28/26
This table shows the average annual total returns of the fund for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Fund Name** | **1-yr** | **Life\*** |
| MFS Active Growth ETF | 10.25% | 5.32% |
| **Comparative Benchmark(s)** |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.02% | 10.99% |
| Russell 1000<sup>®</sup> Growth Index ∆ | 14.78% | 8.51% |

---

<sup>\*</sup> For the period from the commencement of the fund's investment operations, December 5, 2024 through February 28, 2026. <br> <sup>∆</sup> Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the fund has less than 10 years of performance history and represent the average annual total return from the fund inception date to the stated period end. Returns less than one year are cumulative, not annualized.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/etfs for more recent performance information.

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 192452300 | Total Management Fee ($): | 627807 |
| Total Number of Holdings: | 55 | Portfolio Turnover Rate (%): | 50 |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 49.6% |
| Communication Services | 12.3% |
| Industrials | 10.3% |
| Consumer Discretionary | 9.6% |
| Financials | 7.8% |
| Health Care | 7.0% |
| Consumer Staples | 2.1% |
| Materials | 0.7% |
| Utilities | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 13.6% |
| Microsoft Corp. | 9.4% |
| Apple, Inc. | 9.0% |
| Alphabet, Inc., "A" | 7.9% |
| Amazon.com, Inc. | 5.9% |
| Meta Platforms, Inc., "A" | 3.1% |
| Visa, Inc., "A" | 3.1% |
| GE Vernova, Inc. | 3.0% |
| Broadcom, Inc. | 3.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2.5% |

---

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

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

EGO-ANN

![MFSLOGO_RED.EPS](images_1212.jpg)

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

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1218.jpg)

MFSM

Annual Shareholder Report

This annual shareholder report contains important information about MFS Active Intermediate Muni Bond ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| MFS Active Intermediate Muni Bond ETF | $35 | 0.34% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended February 28, 2026, shares of the MFS Active Intermediate Muni Bond ETF (fund) provided a total return of 5.76%, at net asset value. This compares with a return of 4.96% for the fund's benchmark, the Bloomberg Municipal Bond Index. The fund's other benchmark, the Bloomberg Municipal 1-15 Year Index, generated a return of 5.61%.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. While the US Supreme Court struck down part of the Trump administration's tariff strategy, the administration deployed other authorities to largely replace the ones that were ruled unconstitutional. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September and delivered quarter-point rate cuts in October and December before pausing.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* The municipal market produced positive returns over the trailing year, having rebounded strongly following volatility early in the period. Following a spike in April 2025, bond yield volatility generally trended lower, and the resumption of Fed rate cuts bolstered the outlook for fixed income assets, including municipals. The investment grade and high yield municipal markets delivered 5.0% and 3.1% returns, respectively, over the period. The fund's benchmark, the Bloomberg Municipal 1-15 Year Index, generated a return of 5.6%. Across the curve, bonds with maturities in the seven to 15-year range performed best while short and long maturity bonds lagged. The yield (yield-to-worst) of the benchmark index ended the period at 2.79%, roughly in line with the five-year average of 2.77%.

* Top contributors to performance relative to the Bloomberg Municipal 1-15 Year Index:

The fund's longer duration stance helped relative performance as interest rates generally declined over the reporting period.

From a sector perspective, the fund's overweight allocation and favorable bond selection within the housing sector strengthened relative returns. Security selection within AA-rated bonds further aided relative performance.

* Top detractors from performance relative to the Bloomberg Municipal 1-15 Year Index:

Yield curve positioning, particularly the fund's greater exposure to shifts in the long end (centered around maturities of 20 or more years) of the yield curve, weighed on relative performance.

Bond selection within A and BBB-rated bonds also detracted from the fund's relative results.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in the fund over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2323231.jpg)

#### Average Annual Total Returns through 2/28/26
This table shows the average annual total returns of the fund for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Fund Name** | **1-yr** | **Life\*** |
| MFS Active Intermediate Muni Bond ETF | 5.76% | 4.97% |
| **Comparative Benchmark(s)** |  |  |
| Bloomberg Municipal Bond Index ∆ | 4.96% | 3.77% |
| Bloomberg Municipal 1-15 Year Index ∆ | 5.61% | 4.83% |

---

<sup>\*</sup> For the period from the commencement of the fund's investment operations, December 5, 2024 through February 28, 2026. <br> <sup>∆</sup> Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the fund has less than 10 years of performance history and represent the average annual total return from the fund inception date to the stated period end. Returns less than one year are cumulative, not annualized.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/etfs for more recent performance information.

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 78167681 | Average Effective Maturity (yrs): | 11.9 |
| Total Number of Holdings: | 312 | Average Effective Duration (yrs): | 6.0 |
| Total Management Fee ($): | 160182 |  |  |
| Portfolio Turnover Rate (%): | 12 |  |  |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Fixed Income ~ | 95.7% |
| Money Market Funds | 4.3% |

---

**Composition including fixed income credit quality**

---

| | |
|:---|:---|
| AAA | 3.0% |
| AA | 33.4% |
| A | 27.8% |
| BBB | 16.0% |
| BB | 2.7% |
| B | 0.6% |
| CCC | 0.2% |
| Not Rated | 12.0% |
| Money Market Funds | 4.3% |

---

**Industries**

---

| | |
|:---|:---|
| Utilities - Other | 9.9% |
| Fixed Income ETFs | 9.7% |
| Airport Revenue | 9.5% |
| Healthcare Revenue - Hospitals | 7.3% |
| Multi-Family Housing Revenue | 6.3% |
| Healthcare Revenue - Long Term Care | 6.1% |
| General Obligations - Schools | 5.0% |
| Universities - Colleges | 4.6% |
| General Obligations - General Purpose | 4.1% |
| Miscellaneous Revenue - Other | 3.2% |
| Other Industries | 30.0% |

---

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

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

~ The fund invests a portion of its assets in Exchange-Traded Funds (ETFs) or Options on ETFs to gain fixed income exposure. Percentages include the direct exposure from investing in ETFs or Options on ETFs and not the indirect exposure to the underlying holdings.

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

EMU-ANN

![MFSLOGO_RED.EPS](images_1212.jpg)

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

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1218.jpg)

MFSI

Annual Shareholder Report

This annual shareholder report contains important information about MFS Active International ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| MFS Active International ETF | $67 | 0.59% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended February 28, 2026, shares of the MFS Active International ETF (fund) provided a total return of 27.31%, at net asset value. This compares with a return of 39.71% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div).

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event rattled markets at the end of the period as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, a pro-growth tax and spending bill was signed into law in the US, while in Europe, renewed focus on defense and infrastructure spending brightened the economic outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high, though enthusiasm moderated near the end of the period.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. While the US Supreme Court struck down part of the Trump administration's tariff strategy, the administration deployed other authorities to largely replace the ones that were ruled unconstitutional. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September and delivered quarter-point rate cuts in October and December before pausing.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

Favorable stock selection within the utilities sector benefited the fund's relative performance.

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

Stock selection within the information technology, industrials, materials, consumer discretionary, and consumer staples sectors held back relative results.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in the fund over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2323090.jpg)

#### Average Annual Total Returns through 2/28/26
This table shows the average annual total returns of the fund for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | | |
|:---|:---|:---|
| **Fund Name** | **1-yr** | **Life\*** |
| MFS Active International ETF | 27.31% | 23.67% |
| **Comparative Benchmark(s)** |  |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 39.71% | 33.24% |

---

<sup>\*</sup> For the period from the commencement of the fund's investment operations, December 5, 2024 through February 28, 2026. <br> <sup>∆</sup> Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the fund has less than 10 years of performance history and represent the average annual total return from the fund inception date to the stated period end. Returns less than one year are cumulative, not annualized.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/etfs for more recent performance information.

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 873138188 | Total Management Fee ($): | 2630957 |
| Total Number of Holdings: | 94 | Portfolio Turnover Rate (%): | 10 |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7.3% |
| Samsung Electronics Co. Ltd. | 3.5% |
| Tencent Holdings Ltd., ADR | 2.5% |
| Air Liquide S.A. | 2.1% |
| Schneider Electric SE | 2.1% |
| Hitachi Ltd. | 2.1% |
| Rolls-Royce Holdings PLC | 2.0% |
| Mitsubishi Electric Corp. | 2.0% |
| Roche Holding AG | 1.9% |
| Compagnie Financiere Richemont S.A. | 1.8% |

---

**Issuer country weightings**

---

| | |
|:---|:---|
| Japan | 14.7% |
| United Kingdom | 12.2% |
| France | 12.2% |
| Switzerland | 8.8% |
| Taiwan | 8.3% |
| Germany | 6.3% |
| Canada | 6.0% |
| China | 5.6% |
| South Korea | 3.5% |
| Other Countries | 22.4% |

---

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

EIE-ANN

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Active Value ETF

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1218.jpg)

MFSV

Annual Shareholder Report

This annual shareholder report contains important information about MFS Active Value ETF for the period of March 1, 2025 to February 28, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| MFS Active Value ETF | $47 | 0.44% |

---

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the twelve months ended February 28, 2026, shares of the MFS Active Value ETF (fund) provided a total return of 12.54%, at net asset value. This compares with a return of 17.02% for the fund's benchmark, the Russell 3000<sup>®</sup> Index. The fund's other benchmark, the Russell 1000<sup>®</sup> Value Index, generated a return of 18.36%.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event rattled markets at the end of the period as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, a pro-growth tax and spending bill was signed into law in the US, while in Europe, renewed focus on defense and infrastructure spending brightened the economic outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high, though enthusiasm moderated near the end of the period.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. While the US Supreme Court struck down part of the Trump administration's tariff strategy, the administration deployed other authorities to largely replace the ones that were ruled unconstitutional. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September and delivered quarter-point rate cuts in October and December before pausing.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection within the health care sector, and an underweight position in the consumer discretionary sector, strengthened relative performance.

An underweight position and stock selection in the real estate sector further benefited the fund's relative results.

* Top detractors from performance relative to the Russell 1000<sup>®</sup> Value Index:

Stock selection and an overweight position in the financials sector held back relative performance.

Stock selection and an underweight position in the information technology sector also weakened the fund's relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in the fund over a ten year period or since inception, if shorter, in comparison to (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests.

![Fund Performance - Growth of 10K](chartimages_2323043.jpg)

#### Average Annual Total Returns through 2/28/26
This table shows the average annual total returns of the fund for the periods shown. It also shows the average annual total returns of (i) a broad measure of market performance and (ii) an additional index that MFS believes more closely reflects the market segments in which the fund invests, over the same periods.

---

| | | |
|:---|:---|:---|
| **Fund Name** | **1-yr** | **Life\*** |
| MFS Active Value ETF | 12.54% | 11.73% |
| **Comparative Benchmark(s)** |  |  |
| Russell 3000<sup>®</sup> Index ∆ | 17.02% | 10.99% |
| Russell 1000<sup>®</sup> Value Index ∆ | 18.36% | 13.72% |

---

<sup>\*</sup> For the period from the commencement of the fund's investment operations, December 5, 2024 through February 28, 2026. <br> <sup>∆</sup> Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the fund has less than 10 years of performance history and represent the average annual total return from the fund inception date to the stated period end. Returns less than one year are cumulative, not annualized.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/etfs for more recent performance information.

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 285771051 | Total Management Fee ($): | 510070 |
| Total Number of Holdings: | 62 | Portfolio Turnover Rate (%): | 10 |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.1% |
| Money Market Funds | 0.9% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 25.4% |
| Industrials | 18.3% |
| Health Care | 15.6% |
| Utilities | 10.3% |
| Information Technology | 9.9% |
| Energy | 7.4% |
| Consumer Staples | 4.9% |
| Consumer Discretionary | 3.3% |
| Real Estate | 3.1% |
| Materials | 0.9% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| JPMorgan Chase & Co. | 4.3% |
| McKesson Corp. | 3.7% |
| Exxon Mobil Corp. | 3.2% |
| Progressive Corp. | 3.2% |
| Cigna Group | 2.9% |
| KLA Corp. | 2.7% |
| Duke Energy Corp. | 2.5% |
| Chevron Corp. | 2.4% |
| Union Pacific Corp. | 2.3% |
| Travelers Cos., Inc. | 2.3% |

---

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

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

EVE-ANN

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Blended Research<sup>®</sup> International Equity ETF

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1218.jpg)

BRIE

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research International Equity ETF for the period of October 22, 2025 to February 28, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year<sup>#</sup>?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Blended Research International Equity ETF | $13 | 0.34% |

---

# For the period from the commencement of the fund's investment operations, October 22, 2025 through February 28, 2026. Expenses for a full 12 month annual period would have been higher.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the period from October 22, 2025 to February 28, 2026, shares of the MFS Blended Research International Equity ETF (fund) provided a total return of 18.37%, at net asset value. This compares with a return of 15.04% for the fund's benchmark, the MSCI All Country World (ex-US) Index (net div).

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event rattled markets at the end of the period as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, a pro-growth tax and spending bill was signed into law in the US, while in Europe, renewed focus on defense and infrastructure spending brightened the economic outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high, though enthusiasm moderated near the end of the period.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. While the US Supreme Court struck down part of the Trump administration's tariff strategy, the administration deployed other authorities to largely replace the ones that were ruled unconstitutional. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September and delivered quarter-point rate cuts in October and December before pausing.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the MSCI All Country World (ex-US) Index:

Security selection within the financials, industrials, health care, energy, and consumer staples sectors strengthened the fund's relative performance.

* Top detractors from performance relative to the MSCI All Country World (ex-US) Index:

Security selection within the communication services, information technology, and real estate sectors was a primary detractor from relative results.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in the fund over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2322728.jpg)

#### Average Annual Total Returns through 2/28/26
This table shows the average annual total returns of the fund for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | |
|:---|:---|
| **Fund Name** | **Life\*** |
| MFS Blended Research International Equity ETF | 18.37% |
| **Comparative Benchmark(s)** |  |
| MSCI All Country World (ex-US) Index (net div) ∆ | 15.04% |

---

<sup>\*</sup> For the period from the commencement of the fund's investment operations, October 22, 2025 through February 28, 2026. <br> <sup>∆</sup> Source: FactSet Research Systems Inc.

If the fund life return included adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles, the return would be 18.38%.

#### Notes to Fund Performance
Life returns are presented where the fund has less than 10 years of performance history and represent the average annual total return from the fund inception date to the stated period end. Returns less than one year are cumulative, not annualized.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/etfs for more recent performance information.

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 146101912 | Total Management Fee ($): | 77247 |
| Total Number of Holdings: | 160 | Portfolio Turnover Rate (%): | 8 |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 97.6% |
| Money Market Funds | 2.4% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Financials | 22.5% |
| Information Technology | 16.4% |
| Industrials | 14.7% |
| Consumer Discretionary | 8.0% |
| Health Care | 7.8% |
| Materials | 6.6% |
| Consumer Staples | 6.5% |
| Energy | 4.8% |
| Communication Services | 4.6% |
| Utilities | 3.7% |
| Real Estate | 2.0% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4.8% |
| ASML Holding N.V. | 2.4% |
| Novartis AG | 2.0% |
| Samsung Electronics Co. Ltd. | 1.9% |
| Rio Tinto PLC | 1.9% |
| Toyota Tsusho Corp. | 1.8% |
| BNP Paribas S.A. | 1.7% |
| Kinross Gold Corp. | 1.6% |
| British American Tobacco PLC | 1.6% |
| Toronto-Dominion Bank | 1.5% |

---

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

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

EBI-ANN

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Blended Research<sup>®</sup> Core Equity ETF

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1218.jpg)

BRCE

Annual Shareholder Report

This annual shareholder report contains important information about MFS Blended Research Core Equity ETF for the period of October 22, 2025 to February 28, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year<sup>#</sup>?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Blended Research Core Equity ETF | $9 | 0.24% |

---

# For the period from the commencement of the fund's investment operations, October 22, 2025 through February 28, 2026. Expenses for a full 12 month annual period would have been higher.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the period from October 22, 2025 to February 28, 2026, shares of the MFS Blended Research Core Equity ETF (fund) provided a total return of 4.48%, at net asset value. This compares with a return of 2.58% for the fund's benchmark, the Standard & Poor's 500 Stock Index.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event rattled markets at the end of the period as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, a pro-growth tax and spending bill was signed into law in the US, while in Europe, renewed focus on defense and infrastructure spending brightened the economic outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high, though enthusiasm moderated near the end of the period.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. While the US Supreme Court struck down part of the Trump administration's tariff strategy, the administration deployed other authorities to largely replace the ones that were ruled unconstitutional. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September and delivered quarter-point rate cuts in October and December before pausing.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Standard & Poor's 500 Stock Index:

Favorable stock selection within the information technology, financials, consumer staples, and utilities sectors benefited the fund's relative performance.

* Top detractors from performance relative to the Standard & Poor's 500 Stock Index:

Stock selection within the communication services sector held back relative results.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in the fund over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2322855.jpg)

#### Average Annual Total Returns through 2/28/26
This table shows the average annual total returns of the fund for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | |
|:---|:---|
| **Fund Name** | **Life\*** |
| MFS Blended Research Core Equity ETF | 4.48% |
| **Comparative Benchmark(s)** |  |
| Standard & Poor's 500 Stock Index ∆ | 2.58% |

---

<sup>\*</sup> For the period from the commencement of the fund's investment operations, October 22, 2025 through February 28, 2026. <br> <sup>∆</sup> Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the fund has less than 10 years of performance history and represent the average annual total return from the fund inception date to the stated period end. Returns less than one year are cumulative, not annualized.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/etfs for more recent performance information.

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 30507245 | Total Management Fee ($): | 23928 |
| Total Number of Holdings: | 100 | Portfolio Turnover Rate (%): | 5 |

---

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

| | |
|:---|:---|
| Equities | 99.7% |
| Money Market Funds | 0.3% |

---

**Equity sectors**

---

| | |
|:---|:---|
| Information Technology | 31.5% |
| Financials | 12.2% |
| Health Care | 10.6% |
| Communication Services | 10.1% |
| Consumer Discretionary | 10.1% |
| Industrials | 8.9% |
| Consumer Staples | 5.9% |
| Energy | 4.0% |
| Utilities | 3.6% |
| Real Estate | 1.5% |
| Materials | 1.3% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.4% |
| Apple, Inc. | 5.6% |
| Microsoft Corp. | 4.6% |
| Amazon.com, Inc. | 4.0% |
| Meta Platforms, Inc., "A" | 3.3% |
| Alphabet, Inc., "A" | 2.5% |
| Broadcom, Inc. | 2.1% |
| Johnson & Johnson | 2.1% |
| General Electric Co. | 2.1% |
| Lam Research Corp. | 2.1% |

---

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

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

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

EBC-ANN

![MFSLOGO_RED.EPS](images_1212.jpg)

## MFS<sup>®</sup> Active Mid Cap ETF

#### Principal Listing Exchange: NYSE
![TSR_Ribbon_red](images_1218.jpg)

MMID

Annual Shareholder Report

This annual shareholder report contains important information about MFS Active Mid Cap ETF for the period of September 24, 2025 to February 28, 2026. You can find additional information about the fund at etfs.mfs.com. You can also request this information by contacting us at 1-800-225-2606 or by sending an e-mail request to orderliterature@mfs.com.

FUND EXPENSES

What were the fund costs for the last year<sup>#</sup>?

---

| | | |
|:---|:---|:---|
| *(based on a hypothetical $10,000 investment)* |  |  |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment (annualized) |
| MFS Active Mid Cap ETF | $26 | 0.59% |

---

# For the period from the commencement of the fund's investment operations, September 24, 2025 through February 28, 2026. Expenses for a full 12 month annual period would have been higher.

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

* For the period from September 24, 2025 to February 28, 2026, shares of the MFS Active Mid Cap ETF (fund) provided a total return of 5.00%, at net asset value. This compares with a return of 7.30% for the fund's benchmark, the Russell Midcap<sup>®</sup> Index.

* Global equity markets reached record levels during the period, withstanding considerable volatility amid tariffs, geopolitical conflict and high levels of uncertainty. A new geopolitical event rattled markets at the end of the period as US and Israeli forces launched strikes against Iran, disrupting Mideast oil and natural gas exports. During the period, a pro-growth tax and spending bill was signed into law in the US, while in Europe, renewed focus on defense and infrastructure spending brightened the economic outlook. In Japan, the election of a pro-growth prime minister sent stocks to new highs. Optimism over artificial intelligence remained high, though enthusiasm moderated near the end of the period.

* Considerable progress was made in trade talks between the US and many major trading partners, with a fragile truce between the US and China extended through late 2026. While the US Supreme Court struck down part of the Trump administration's tariff strategy, the administration deployed other authorities to largely replace the ones that were ruled unconstitutional. 

* Moderating inflation pressures allowed many global central banks to ease monetary policy during the period. Amid a difficult policymaking environment and slower job growth, the Federal Reserve resumed easing policy in September and delivered quarter-point rate cuts in October and December before pausing.

* In fixed income markets, global bond yields peaked near the start of the reporting period, then gradually declined, ending the reporting period marginally lower than at the start of the period, while experiencing waves of volatility in between. Both credit spreads and US bond market volatility (as measured by the Merrill Lynch Option Volatility Estimate (MOVE) Index), ended near session lows after rising in April and May due to tariff concerns.

* Top contributors to performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within the consumer discretionary and health care sectors strengthened relative performance.

The combination of an underweight position and favorable stock selection within the communication services sector also supported relative results.

* Top detractors from performance relative to the Russell Midcap<sup>®</sup> Index:

Stock selection within the information technology and industrials sectors held back relative performance.

Stock selection within the real estate and consumer staples sectors also detracted from relative returns.

#### FUND PERFORMANCE
 ***The fund's past performance is not a good predictor of the fund's future performance.*** The graph and table below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The graph and table below assume reinvestment of dividends and capital gain distributions.

Growth of a Hypothetical $10,000 Investment\*

This graph shows the performance of a hypothetical $10,000 investment in the fund over a ten year period or since inception, if shorter, in comparison to a broad measure of market performance.

![Fund Performance - Growth of 10K](chartimages_2322902.jpg)

#### Average Annual Total Returns through 2/28/26
This table shows the average annual total returns of the fund for the periods shown. It also shows the average annual total returns of a broad measure of market performance over the same periods.

---

| | |
|:---|:---|
| **Fund Name** | **Life\*** |
| MFS Active Mid Cap ETF | 5.00% |
| **Comparative Benchmark(s)** |  |
| Russell Midcap<sup>®</sup> Index ∆ | 7.30% |

---

<sup>\*</sup> For the period from the commencement of the fund's investment operations, September 24, 2025 through February 28, 2026. <br> <sup>∆</sup> Source: FactSet Research Systems Inc.

#### Notes to Fund Performance
Life returns are presented where the fund has less than 10 years of performance history and represent the average annual total return from the fund inception date to the stated period end. Returns less than one year are cumulative, not annualized.

From time to time the fund may receive proceeds from litigation settlements, without which performance would be lower.

Visit mfs.com/perf/etfs for more recent performance information.

FUND STATISTICS AS OF 2/28/26

---

| | | | |
|:---|:---|:---|:---|
| Net Assets ($): | 33683995 | Total Management Fee ($): | 76730 |
| Total Number of Holdings: | 104 | Portfolio Turnover Rate (%): | 8 |

---

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

PORTFOLIO COMPOSITION (BASED ON TOTAL INVESTMENTS AS OF 2/28/26)

**Portfolio structure**

---

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

---

**Equity sectors**

---

| | |
|:---|:---|
| Industrials | 19.1% |
| Financials | 14.9% |
| Consumer Discretionary | 11.4% |
| Information Technology | 10.4% |
| Health Care | 8.5% |
| Real Estate | 8.3% |
| Utilities | 7.1% |
| Materials | 6.7% |
| Energy | 6.3% |
| Consumer Staples | 4.8% |
| Communication Services | 1.5% |

---

**Top ten holdings**

---

| | |
|:---|:---|
| Ross Stores, Inc. | 1.7% |
| Wabtec Corp. | 1.5% |
| Diamondback Energy, Inc. | 1.5% |
| Cheniere Energy, Inc. | 1.4% |
| Global Payments, Inc. | 1.4% |
| nVent Electric PLC | 1.4% |
| Littlefuse, Inc. | 1.4% |
| Nordson Corp. | 1.4% |
| Element Solutions, Inc. | 1.3% |
| Alliant Energy Corp. | 1.3% |

---

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

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

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

ECM-ANN

------

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

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 2. CODE OF ETHICS.
The Registrant has adopted a Code of Ethics (the "Code") pursuant to Section 406 of the Sarbanes-Oxley Act and as defined in Form N-CSR that applies to the Registrant's principal executive officer and principal financial and accounting officer. During the period covered by this report, the Registrant has not amended any provision in the Code that relates to an element of the Code's definition enumerated in paragraph (b) of Item 2 of this Form N-CSR. During the period covered by this report, the Registrant did not grant a waiver, including an implicit waiver, from any provision of the Code. A copy of the Code is attached hereto as EX-99.COE.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Messrs. Steven E. Buller and Clarence Otis, Jr. and Ms. Paula E. Smith, members of the Audit Committee, have been determined by the Board of Trustees in their reasonable business judgment to meet the definition of "audit committee financial expert" as such term is defined in Form N-CSR. In addition, Messrs. Buller and Otis and Ms. Smith are "independent" members of the Audit Committee (as such term has been defined by the Securities and Exchange Commission in regulations implementing Section 407 of the Sarbanes-Oxley Act of 2002). The Securities and Exchange Commission has stated that the designation of a person as an audit committee financial expert pursuant to this Item 3 on the Form N-CSR does not impose on such a person any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

------

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

**Items 4(a) through 4(d) and 4(g):**

The Board of Trustees has appointed Ernst & Young LLP ("E&Y") to serve as independent accountants to the series of the Registrant (each a "Fund" and collectively the "Funds"). The tables below set forth the audit fees billed to each Fund as well as fees for non-audit services provided to each Fund and/or to each Fund's investment adviser, Massachusetts Financial Services Company ("MFS") and to various entities either controlling, controlled by, or under common control with MFS that provide ongoing services to the Fund ("MFS Related Entities").

For the fiscal years ended February 28, 2026 and February 28, 2025, audit fees billed to each Fund by E&Y were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fees billed by E&Y:** |  | &nbsp;&nbsp;&nbsp;**Audit Fees** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2026** | **2025** |
| &nbsp;&nbsp;MFS Active Core Plus Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34750 | 25900 |
| &nbsp;&nbsp;MFS Active Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | 23400 |
| &nbsp;&nbsp;MFS Active International ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34750 | 25900 |
| &nbsp;&nbsp;MFS Active Intermediate Muni Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | 23400 |
| &nbsp;&nbsp;MFS Active Mid Cap ETF\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A\*\* |
| &nbsp;&nbsp;MFS Active Value ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | 23400 |
| &nbsp;&nbsp;MFS Blended Research Core Equity ETF\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A\*\* |
| &nbsp;&nbsp;MFS Blended Research International Equity ETF\*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A\*\* |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**224900** | **122000** |

---

For the fiscal years ended February 28, 2026 and February 28, 2025, fees billed by E&Y for audit-related, tax and other services provided to each Fund and for audit-related, tax and other services provided to MFS and MFS Related Entities were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
| &nbsp;&nbsp;**Fees billed by E&Y:**<br>| **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;To MFS Active Core Plus | 0 | 0 | 259 | 0 | 0 | 0 |
| &nbsp;&nbsp;Bond ETF |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Active Growth ETF | 0 | 0 | 259 | 0 | 0 | 0 |
| &nbsp;&nbsp;To MFS Active International | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;ETF |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Active Intermediate | 0 | 0 | 632 | 0 | 0 | 0 |
| &nbsp;&nbsp;Muni Bond ETF |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Active Mid Cap ETF\*\* | 0 | &nbsp;&nbsp;&nbsp;N/A\*\* | 0 | &nbsp;&nbsp;&nbsp;N/A\*\* | 0 | &nbsp;&nbsp;&nbsp;&nbsp;N/A\*\* |
| &nbsp;&nbsp;To MFS Active Value ETF | 0 | 0 | 259 | 0 | 0 | 0 |
| &nbsp;&nbsp;To MFS Blended Research Core | 0 | &nbsp;&nbsp;&nbsp;N/A\*\* | 0 | &nbsp;&nbsp;&nbsp;N/A\*\* | 0 | &nbsp;&nbsp;&nbsp;&nbsp;N/A\*\* |
| &nbsp;&nbsp;Equity ETF\*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Blended Research | 0 | &nbsp;&nbsp;&nbsp;N/A\*\* | 0 | &nbsp;&nbsp;&nbsp;N/A\*\* | 0 | &nbsp;&nbsp;&nbsp;&nbsp;N/A\*\* |
| &nbsp;&nbsp;International Equity ETF\*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;**Total fees billed by E&Y** | **0** | **0** | **1409** | **0** | **0** | **0** |
| &nbsp;&nbsp;**To above Funds** |  |  |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by E&Y:** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;**Audit-Related Fees<sup>1</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tax Fees<sup>2</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**All Other Fees<sup>3</sup>** |
|  | **2026** | **2025** | **2026** | **2025** | **2026** | **2025** |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Active Core | 0 | 0 | 0 | 0 | 245568 | 3600 |
| &nbsp;&nbsp;Plus Bond ETF<sup>\*</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Active | 0 | 0 | 0 | 0 | 245568 | 3600 |
| &nbsp;&nbsp;Growth ETF<sup>\*</sup> |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Active | 0 | &nbsp;&nbsp;&nbsp;0 | 0 | 0 | 245568 | 3600 |
| &nbsp;&nbsp;International ETF<sup>\*</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Active | 0 | &nbsp;&nbsp;&nbsp;0 | 0 | 0 | 245568 | 3600 |
| &nbsp;&nbsp;Intermediate Muni Bond |  |  |  |  |  |  |
| &nbsp;&nbsp;ETF<sup>\*</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Active Mid | 0 | N/A\*\* | 0 | N/A\*\* | 245568 | N/A\*\* |
| &nbsp;&nbsp;Cap ETF<sup>\*</sup> \*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Related |  |  |  |  |  |  |
| &nbsp;&nbsp;Entities of MFS Active Value | 0 | &nbsp;&nbsp;&nbsp;0 | 0 | 0 | 245568 | 3600 |
| &nbsp;&nbsp;ETF<sup>\*</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Blended | 0 | N/A\*\* | 0 | N/A\*\* | 245568 | N/A\*\* |
| &nbsp;&nbsp;Research Core Equity ETF<sup>\*</sup> \*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS and MFS Blended | 0 | N/A\*\* | 0 | N/A\*\* | 245568 | N/A\*\* |
| &nbsp;&nbsp;Research International Equity |  |  |  |  |  |  |
| &nbsp;&nbsp;ETF<sup>\*</sup> \*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;**Fees billed by E&Y:** |  |  | **Aggregate fees for non-audit services:** | **Aggregate fees for non-audit services:** | **Aggregate fees for non-audit services:** | **Aggregate fees for non-audit services:** |
|  |  |  |  | **2026** |  | **2025** |
| &nbsp;&nbsp;To MFS Active Core Plus Bond ETF, MFS and | &nbsp;&nbsp;To MFS Active Core Plus Bond ETF, MFS and |  | 392305 | 392305 |  | 333591 |
| &nbsp;&nbsp;MFS Related Entities<sup>#</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Active Growth ETF, MFS and MFS | &nbsp;&nbsp;To MFS Active Growth ETF, MFS and MFS |  | 392305 | 392305 |  | 333591 |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Active International ETF, MFS and MFS | &nbsp;&nbsp;To MFS Active International ETF, MFS and MFS | &nbsp;&nbsp;To MFS Active International ETF, MFS and MFS | 392046 | 392046 |  | 333591 |
| &nbsp;&nbsp;Related Entities<sup>#</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Active Intermediate Muni Bond ETF, MFS | &nbsp;&nbsp;To MFS Active Intermediate Muni Bond ETF, MFS | &nbsp;&nbsp;To MFS Active Intermediate Muni Bond ETF, MFS | 392678 | 392678 |  | 333591 |
| &nbsp;&nbsp;and MFS Related Entities<sup>#</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Active Mid Cap ETF, MFS and MFS | &nbsp;&nbsp;To MFS Active Mid Cap ETF, MFS and MFS |  | 392046 | 392046 |  | N/A\*\* |
| &nbsp;&nbsp;Related Entities<sup>#</sup> \*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Active Value ETF, MFS and MFS Related | &nbsp;&nbsp;To MFS Active Value ETF, MFS and MFS Related | &nbsp;&nbsp;To MFS Active Value ETF, MFS and MFS Related | 392305 | 392305 |  | 333591 |
| &nbsp;&nbsp;Entities<sup>#</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Blended Research Core Equity ETF, MFS | &nbsp;&nbsp;To MFS Blended Research Core Equity ETF, MFS | &nbsp;&nbsp;To MFS Blended Research Core Equity ETF, MFS | 392046 | 392046 |  | N/A\*\* |
| &nbsp;&nbsp;and MFS Related Entities<sup>#</sup> \*\* |  |  |  |  |  |  |
| &nbsp;&nbsp;To MFS Blended Research International Equity ETF, | &nbsp;&nbsp;To MFS Blended Research International Equity ETF, | &nbsp;&nbsp;To MFS Blended Research International Equity ETF, | 392046 | 392046 |  | N/A\*\* |
| &nbsp;&nbsp;MFS and MFS Related Entities<sup>#</sup> \*\* |  |  |  |  |  |  |

---

\*\*MFS Active Mid Cap ETF commenced investment operations on September 24, 2025. MFS Blended Research Core Equity ETF and MFS Blended Research International Equity ETF commenced investment operations on October 22, 2025

\*This amount reflects the fees billed to MFS and MFS Related Entities for non-audit services relating directly to the operations and financial reporting of the Fund (portions of which services also related to the operations and financial reporting of other funds within the MFS Funds complex).

# This amount reflects the aggregate fees billed by E&Y for non-audit services rendered to the Fund and for non- audit services rendered to MFS and the MFS Related Entities. If applicable the fees are converted to USD as of the payment date.

<sup>1</sup> The fees included under "Audit-Related Fees" are fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under ''Audit Fees,'' including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews.

<sup>2</sup> The fees included under "Tax Fees" are fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis.

3The fees included under "All Other Fees" are fees for products and services provided by E&Y other than those reported under "Audit Fees," "Audit-Related Fees" and "Tax Fees".

**Item 4(e)(1):**

Set forth below are the policies and procedures established by the Audit Committee of the Board of Trustees relating to the pre-approval of audit and non-audit related services:

To the extent required by applicable law, pre-approval by the Audit Committee of the Board is needed for all audit and permissible non-audit services rendered to the Funds and all permissible non-audit services rendered to MFS or MFS Related Entities if the services relate directly to the operations and financial reporting of the Registrant. Pre- approval is currently on an engagement-by-engagement basis. In the event pre-approval of such services is necessary between regular meetings of the Audit Committee and it is not practical to wait to seek pre-approval at the next regular meeting of the Audit Committee, pre-approval of such services may be referred to the Chair of the Audit Committee for approval; provided that the Chair may not pre-approve any individual engagement for such services exceeding $50,000 or multiple engagements for such services in the aggregate exceeding $100,000 in each period between regular meetings of the Audit Committee. Any engagement pre-approved by the Chair between

regularmeet ings of the Audit Committee shall be presented for ratification by the entire Audit Committee at its next regularly scheduled meeting.

**Item 4(e)(2):**

None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Fund and MFS and MFS Related Entities relating directly to the operations and financial reporting of the Registrant disclosed above were approved by the audit committee pursuant to paragraphs (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit, review or attest services, if certain conditions are satisfied).

**Item 4(f):**

Not applicable.

**Item 4(h):**

The Registrant's Audit Committee has considered whether the provision by a Registrant's independent registered public accounting firm of non-audit services to MFS and MFS Related Entities that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the Registrant) was compatible with maintaining the independence of the independent registered public accounting firm as the Registrant's principal auditors.

**Item 4(j):**

Not applicable.

**Item 4(i):**

Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The Registrant has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. Effective January 1, 2026, the members of the Audit Committee are Messrs. Steven E. Buller, John A. Caroselli, Peter D. Jones, and Clarence Otis, Jr, and Ms. Paula E. Smith.

------

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

------

MFS Active Core Plus Bond ETF

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

MFS Active Core Plus Bond ETF

**Portfolio of Investments - 2/28/26** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – 97.9% | Bonds – 97.9% | Bonds – 97.9% |
| Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% | Aerospace & Defense – 1.5% |
| Boeing Co., 6.528%, 5/01/2034  | $1226000 | &nbsp;&nbsp; $1374563 |
| Boeing Co., 5.805%, 5/01/2050  | 159000 | &nbsp;&nbsp; 159642 |
| Bombardier, Inc., 6.75%, 6/15/2033 (n) | 900000 | &nbsp;&nbsp; 948369 |
| TransDigm, Inc., 4.625%, 1/15/2029  | 330000 | &nbsp;&nbsp; 329017 |
| TransDigm, Inc., 6.375%, 5/31/2033 (n) | 605000 | &nbsp;&nbsp; 617483 |
|  |  | &nbsp;&nbsp; $3429074 |
| Asset-Backed & Securitized – 24.4% | Asset-Backed & Securitized – 24.4% | Asset-Backed & Securitized – 24.4% |
| ACORE Issuer LLC, 2026-FL1, "C", FLR, 5.8% (SOFR - 1mo. + 2.1%), 8/20/2043 (n) | $692000 | &nbsp;&nbsp; $693295 |
| ACREC 2025-FL3 LLC, "AS", FLR, 5.304% (SOFR - 1mo. + 1.64%), 8/18/2042 (n) | 97500 | &nbsp;&nbsp; 97230 |
| Acres PLC, 2026-FL4, "AS", FLR, 5.45% (SOFR - 1mo. + 1.7%), 8/18/2044 (n) | 551500 | &nbsp;&nbsp; 553216 |
| Affirm Master Trust, 2025-2A, "A", 4.67%, 7/15/2033 (n) | 100000 | &nbsp;&nbsp; 100704 |
| Affirm, Inc., 2025-X1, "A", 5.08%, 4/15/2030 (n) | 18861 | &nbsp;&nbsp; 18885 |
| American Credit Acceptance Receivables Trust, 2025-4, "A", 4.42%, 5/14/2029 (n) | 489847 | &nbsp;&nbsp; 490694 |
| AmeriCredit Automobile Receivables Trust, 2025-1, "A2A", 4.22%, 3/19/2029 (n) | 135000 | &nbsp;&nbsp; 135276 |
| AmeriCredit Automobile Receivables Trust, 2026-1, "A", 4.16%, 7/12/2029 (n) | 769000 | &nbsp;&nbsp; 769006 |
| Angel Oak Mortgage Trust, 2024-9, "A1", 5.138%, 9/25/2069 (n) | 176125 | &nbsp;&nbsp; 176753 |
| Angel Oak Mortgage Trust, 2025-10, "A1", 4.96%, 9/25/2070 (n) | 170714 | &nbsp;&nbsp; 171265 |
| Arbor Realty Trust, Inc., CLO, 2021-FL4, "AS", FLR, 5.474% ((SOFR - 1mo. + 0.11448%) + 1.7%), 11/15/2036 (n) | 250000 | &nbsp;&nbsp; 249997 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "A", FLR, 5.108% (SOFR - 1mo. + 1.45%), 1/15/2037 (n) | 112799 | &nbsp;&nbsp; 112802 |
| Arbor Realty Trust, Inc., CLO, 2022-FL1, "C", FLR, 5.958% (SOFR - 30 day + 2.3%), 1/15/2037 (n) | 327000 | &nbsp;&nbsp; 327273 |
| ARDN Mortgage Trust, 2025-ARCP, "C", FLR, 6.009% (SOFR - 1mo. + 2.35%), 6/15/2035 (n) | 100000 | &nbsp;&nbsp; 99899 |
| AREIT 2025-CRE10 Ltd., "AS", FLR, 5.201% (SOFR - 1mo. + 1.5421%), 1/17/2030 (n) | 120332 | &nbsp;&nbsp; 120032 |
| ARI Fleet Lease Trust, 2026-A, "A2", 3.96%, 11/15/2034 (n) | 141000 | &nbsp;&nbsp; 141332 |
| Babson CLO Ltd., 2021-3A, "B1R", FLR, 5.298% (SOFR - 3mo. + 1.63%), 1/18/2035 (n) | 350000 | &nbsp;&nbsp; 350761 |
| Bain Capital Credit CLO Ltd., 2020-3A, "DRR", FLR , 6.771% (SOFR - 3mo. + 3.1%), 10/23/2034 (n) | 935000 | &nbsp;&nbsp; 913775 |
| Bain Capital Credit CLO Ltd., 2020-4A, "BRR", FLR, 5.267% (SOFR - 3mo. + 1.6%), 10/20/2036 (n) | 803892 | &nbsp;&nbsp; 804849 |
| Bain Capital Credit CLO Ltd., 2021-4A, "CRR", FLR, 5.218% (SOFR - 3mo. + 1.55%), 10/20/2034 (n) | 1300000 | &nbsp;&nbsp; 1300000 |
| Bain Capital Credit CLO Ltd., 2022-1A, "CR", FLR, 5.517% (SOFR - 3mo. + 1.85%), 10/18/2038 (n) | 800000 | &nbsp;&nbsp; 801697 |
| Bain Capital Credit CLO Ltd., 2022-3A, "CR", FLR, 5.569% (SOFR - 3mo. + 1.9%), 7/17/2035 (n) | 500000 | &nbsp;&nbsp; 500009 |
| Bank5, 2025-5YR17, "AS", 5.626%, 11/15/2058  | 188139 | &nbsp;&nbsp; 195932 |
| Bank5, 2026-5YR20, "A3", 5.104%, 2/15/2059  | 75609 | &nbsp;&nbsp; 78462 |
| Bank5, 2026-5YR20, "AS", 5.336%, 2/15/2059  | 232069 | &nbsp;&nbsp; 240828 |
| Bardot CLO Ltd., 2019-2A, "BRR", FLR, 5.019% (SOFR - 3mo. + 1.35%), 10/22/2032 (n) | 250000 | &nbsp;&nbsp; 249459 |
| Bardot CLO Ltd., 2019-2A, "CRR", FLR, 5.219% (SOFR - 3mo. + 1.55%), 10/22/2032 (n) | 250000 | &nbsp;&nbsp; 250099 |
| BBCMS Mortgage Trust, 2025-C39, "A5", 5.297%, 12/15/2058  | 157895 | &nbsp;&nbsp; 165882 |
| BDS 2021-FL10 Ltd., "AS", FLR, 5.43% ((SOFR - 1mo. + 11.448%) + 1.7645%), 12/16/2036 (n) | 500000 | &nbsp;&nbsp; 500045 |
| BDS 2025-FL14 Ltd., "B", FLR, 5.359% (SOFR - 1mo. + 1.6926%), 10/17/2042 (n) | 134096 | &nbsp;&nbsp; 134070 |
| BDS 2025-FL16 Ltd., "B", FLR, 5.516% (SOFR - 1mo. + 1.85%), 7/19/2043 (n) | 496505 | &nbsp;&nbsp; 497430 |
| Benchmark 2025-V18 Mortgage Trust, "AS", 5.592%, 10/15/2058  | 133186 | &nbsp;&nbsp; 139566 |
| Black Diamond CLO Ltd., 2021-1A, "BR", FLR, 5.869% (SOFR - 3mo. + 2.2%), 11/22/2034 (n) | 400000 | &nbsp;&nbsp; 400218 |
| BMP Commercial Mortgage Trust, 2024-MF23, "B", 5.301% (SOFR - 1mo. + 1.6416%), 6/15/2041 (n) | 250000 | &nbsp;&nbsp; 250156 |
| BRSP 2026-FL3 Ltd., "AS", FLR, 5.4%, 8/19/2043 (n) | 667000 | &nbsp;&nbsp; 667828 |
| BRSP 2026-FL3 Ltd., "C", FLR, 5.8% (SOFR - 1mo. + 2.1%), 8/19/2043 (n) | 484000 | &nbsp;&nbsp; 484601 |
| BSPRT 2024-FL11 Issuer Ltd., "AS", FLR, 5.754% (SOFR - 1mo. + 2.095%), 7/15/2039 (n) | 150000 | &nbsp;&nbsp; 150750 |
| BX Trust, 2025-BCAT, "A", FLR, 5.039% (SOFR - 1mo. + 1.38%), 8/15/2042 (n) | 450394 | &nbsp;&nbsp; 450535 |
| BX Trust, 2025-BCAT, "C", FLR, 5.559% (SOFR - 1mo. + 1.9%), 8/15/2042 (n) | 95828 | &nbsp;&nbsp; 95948 |
| BX Trust, 2025-BCAT, "D", FLR, 6.309% (SOFR - 1mo. + 2.65%), 8/15/2042 (n) | 958285 | &nbsp;&nbsp; 960082 |
| BX Trust, 2026-CSMO, "A", FLR, 5.06% (SOFR - 1mo. + 1.4%), 2/15/2042 (n) | 380000 | &nbsp;&nbsp; 380000 |

---

ECPFS-ANN

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| BXMT 2020-FL2 Ltd., "A", FLR, 4.928% ((SOFR - 1mo. + 0.11448%) + 0.9%), 2/15/2038 (n) | $28002 | &nbsp;&nbsp; $27982 |
| BXMT 2021-FL4 Ltd., "A", FLR, 4.828% ((SOFR - 1mo. + 0.11448%) + 1.05%), 5/15/2038 (n) | 311821 | &nbsp;&nbsp; 311234 |
| CarMax Select Receivables Trust, 2025-B, "A2", 4.19%, 3/15/2029  | 202000 | &nbsp;&nbsp; 202259 |
| Cathedral Lake VI Ltd., FLR, 5.518% (SOFR - 3mo. + 1.85%), 4/25/2034 (n) | 287716 | &nbsp;&nbsp; 287703 |
| CIP Commercial Mortgage Trust, 2025-SBAY, "A", FLR, 5.059% (SOFR - 1mo. + 1.4%), 10/15/2037 (n) | 169000 | &nbsp;&nbsp; 169535 |
| Colt Funding LLC, 2025-1, "A1", 5.699%, 1/25/2070 (n) | 79613 | &nbsp;&nbsp; 80529 |
| Colt Funding LLC, 2024-3, "A1", 6.393%, 6/25/2069 (n) | 142375 | &nbsp;&nbsp; 144394 |
| Colt Funding LLC, 2024-6, "A1", 5.39%, 11/25/2069 (n) | 188517 | &nbsp;&nbsp; 189853 |
| Columbia Cent CLO Ltd., 2020-30A, "CR2", FLR, 5.567% (SOFR - 3mo. + 1.9%), 1/20/2034 (n) | 387755 | &nbsp;&nbsp; 383749 |
| Columbia Cent CLO Ltd., 2021-31A, "CR", FLR, 5.517% (SOFR - 3mo. + 1.85%), 4/20/2034 (n) | 300000 | &nbsp;&nbsp; 298069 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "A4", 5.745%, 8/15/2056  | 250000 | &nbsp;&nbsp; 269074 |
| Commercial Mortgage Pass-Through Certificates, 2023-BNK46, "AS", 6.385%, 8/15/2056  | 500000 | &nbsp;&nbsp; 542941 |
| Commercial Mortgage Pass-Through Certificates, 2024-CBM, "B", 6.511%, 12/10/2041 (n) | 200000 | &nbsp;&nbsp; 206061 |
| Dryden Senior Loan Fund, 2016-43A, "CR3", FLR, 5.417% (SOFR - 3mo. + 1.75%), 4/20/2034 (n) | 250000 | &nbsp;&nbsp; 248736 |
| Dryden Senior Loan Fund, 2020-86A, "CR2", FLR, 5.567% (SOFR - 3mo. + 1.9%), 7/17/2034 (n) | 999128 | &nbsp;&nbsp; 999927 |
| Dryden Senior Loan Fund, 2022-98A, "CR", FLR, 5.576% (SOFR - 3mo. + 1.9%), 4/20/2035 (n)(w) | 1250000 | &nbsp;&nbsp; 1250000 |
| Dwight 2025-FL1 Issuer LLC, "A", FLR, 5.326% (SOFR - 1mo. + 1.662%), 6/18/2042 (n) | 206500 | &nbsp;&nbsp; 207300 |
| ELM Trust, 2024-ELM, "C15", 6.395%, 6/10/2039 (n) | 1100000 | &nbsp;&nbsp; 1105208 |
| ELM Trust, 2024-ELM, "D10", 6.846%, 6/10/2039 (n) | 221000 | &nbsp;&nbsp; 221380 |
| Elmwood CLO Ltd., 2022-2A, "CR", FLR, 5.519% (SOFR - 3mo. + 1.85%), 4/22/2035 (n) | 500000 | &nbsp;&nbsp; 500255 |
| Enterprise Fleet Financing 2025-4 LLC, "A2", 4.05%, 8/20/2028 (n) | 176000 | &nbsp;&nbsp; 176480 |
| Enterprise Fleet Financing 2026-1 LLC, "A2", 4%, 10/20/2028 (n) | 568000 | &nbsp;&nbsp; 569530 |
| General Motors Co., FLR, 4.208% (SOFR - 1mo. + 0.55%), 11/15/2029 (n) | 250000 | &nbsp;&nbsp; 250125 |
| GLS Auto Select Receivables Trust, 2025-2A, "A2", 4.75%, 3/15/2028 (n) | 14992 | &nbsp;&nbsp; 15021 |
| GLS Auto Select Receivables Trust, 2026-1A, "A2", 4.04%, 11/15/2028 (n) | 409000 | &nbsp;&nbsp; 408987 |
| GoldenTree Loan Management CLO Ltd., 2023-17A, "CR", FLR, 5.467% (SOFR - 3mo. + 1.8%), 1/20/2039 (n) | 600000 | &nbsp;&nbsp; 600827 |
| Greystone Commercial Real Estate Notes, 2025-FL4, "B", FLR, 6.248% (SOFR - 1mo. + 2.5887%), 1/15/2043 (n) | 100000 | &nbsp;&nbsp; 100168 |
| Harbor Park CLO Ltd., 2018-1A, "DR2", FLR, 6.167% (SOFR - 3mo. + 2.5%), 1/20/2031 (n) | 486979 | &nbsp;&nbsp; 485528 |
| Hyundai Auto Lease Securitization Trust, 2025-B, "A2A", 4.58%, 9/15/2027 (n) | 81121 | &nbsp;&nbsp; 81414 |
| ILPT Commercial Mortgage Trust, 2025-LPF2, "A", 5.292%, 7/13/2042 (n) | 109000 | &nbsp;&nbsp; 112216 |
| Jersey Mikes Funding LLC, 2026-1A, "A2I", 4.952%, 2/15/2056 (n) | 406000 | &nbsp;&nbsp; 410694 |
| JP Morgan Trust, 2026-NQM1, "A1", 4.745%, 6/25/2066 (n) | 163115 | &nbsp;&nbsp; 163621 |
| LoanCore 2025-CRE8 Ltd., "B", FLR, 5.5% (SOFR - 1mo. + 1.8412%), 8/17/2042 (n) | 147000 | &nbsp;&nbsp; 147091 |
| LoanCore 2025-CRE9 Ltd., "AS", FLR, 5.364% (SOFR - 1mo. + 1.7%), 8/18/2042 (n) | 489000 | &nbsp;&nbsp; 489153 |
| LRECS 2025-CRE1 LLC, "B", FLR, 6% (SOFR - 1mo. + 2%), 8/19/2043 (n) | 687327 | &nbsp;&nbsp; 687928 |
| Magnetite CLO Ltd., 2019-21A, "BR", 5.279% ((SOFR - 3mo. + 26.161%) + 1.35%), 4/20/2034 (n) | 250000 | &nbsp;&nbsp; 250532 |
| Marble Point CLO, 2021-2A, "CR", FLR, 5.718% (SOFR - 3mo. + 2.05%), 7/25/2034 (n) | 394872 | &nbsp;&nbsp; 395574 |
| MF1 2021-FL7 Ltd., "AS", FLR, 5.23% ((SOFR - 1mo. + 0.11448%) + 1.45%), 10/16/2036 (n) | 1000000 | &nbsp;&nbsp; 998924 |
| MF1 2022-FL8 Ltd., "A", FLR, 5.017% (SOFR - 1mo. + 1.35%), 2/19/2037 (n) | 95350 | &nbsp;&nbsp; 95349 |
| MF1 2024-FL14 LLC, "AS", FLR, 5.899% (SOFR - 1mo. + 2.24%), 3/19/2039 (n) | 100000 | &nbsp;&nbsp; 100106 |
| MF1 2024-FL14 LLC, "C", FLR, 6.948% (SOFR - 1mo. + 3.289%), 3/19/2039 (n) | 150000 | &nbsp;&nbsp; 150243 |
| MF1 2024-FL16 LLC, "C", FLR, 6.206% (SOFR - 1mo. + 2.542%), 11/18/2039 (n) | 350000 | &nbsp;&nbsp; 351731 |
| MF1 2025-FL17 LLC, "A", FLR, 4.984% (SOFR - 1mo. + 1.32%), 2/18/2040 (n) | 500000 | &nbsp;&nbsp; 500091 |
| MF1 2025-FL17 LLC, "B", FLR, 5.456% (SOFR - 1mo. + 1.792%), 2/18/2040 (n) | 500000 | &nbsp;&nbsp; 500295 |
| MF1 2025-FL17 LLC, "C", FLR, 5.756% (SOFR - 1mo. + 2.092%), 2/18/2040 (n) | 888889 | &nbsp;&nbsp; 889412 |
| MF1 2025-FL19 LLC, "A", FLR, 5.236% (SOFR - 1mo. + 1.572%), 2/18/2040 (n) | 250000 | &nbsp;&nbsp; 250079 |
| MF1 2025-FL19 LLC, "AS", FLR, 6.005% (SOFR - 1mo. + 2.3414%), 5/18/2042 (n) | 572121 | &nbsp;&nbsp; 574613 |
| MF1 2025-FL19 LLC, "B", FLR, 5.655% (SOFR - 1mo. + 1.9917%), 5/18/2042 (n) | 715568 | &nbsp;&nbsp; 718690 |
| MF1 2026-FL21 LLC, "AS", FLR, 5.214% (SOFR - 1mo. + 1.55%), 2/18/2041 (n) | 527037 | &nbsp;&nbsp; 527530 |
| MF1 2026-FL21 LLC, "C", FLR, 5.614% (SOFR - 1mo. + 1.95%), 2/18/2041 (n) | 446186 | &nbsp;&nbsp; 446720 |
| MF1 Multi-Family Housing Mortgage Loan Trust, 2025-FL20, "C", FLR, 5.814% (SOFR - 1mo. + 2.15%), 2/18/2043 (n) | 1404267 | &nbsp;&nbsp; 1409937 |
| Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM1, "A1", 4.809%, 12/25/2070 (n) | 227081 | &nbsp;&nbsp; 227336 |
| Morgan Stanley Residential Mortgage Loan Trust, 2024-NQM1, "A1", 6.152%, 12/25/2068 (n) | 128860 | &nbsp;&nbsp; 129975 |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM6, "A1", 5.152%, 7/25/2070 (n) | 187555 | &nbsp;&nbsp; 188504 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued | Asset-Backed & Securitized – continued |
| Morgan Stanley Residential Mortgage Loan Trust, 2025-NQM9, "A1", 5.016%, 9/25/2070 (n) | $398058 | &nbsp;&nbsp; $400369 |
| Morgan Stanley Residential Mortgage Loan Trust, 2026-NQM2, "A1", 4.734%, 12/28/2065 (n) | 945190 | &nbsp;&nbsp; 945771 |
| New Residential Mortgage Loan Trust, 2025-NQM2, "A1", 5.566%, 4/25/2065 (n) | 83011 | &nbsp;&nbsp; 84327 |
| New Residential Mortgage Loan Trust, 2025-NQM4, "A1", 5.35%, 7/25/2065 (n) | 316066 | &nbsp;&nbsp; 320035 |
| New Residential Mortgage Loan Trust, 2025-NQM6, "A1", 5.085%, 10/25/2065 (n) | 1448392 | &nbsp;&nbsp; 1458760 |
| New Residential Mortgage Loan Trust, 2026-NQM2, "A1", 4.743%, 12/25/2065 (n) | 640530 | &nbsp;&nbsp; 640782 |
| New Residential Mortgage Loan Trust, 2026-NQM3, "A1", 4.833%, 2/25/2066 (n) | 1314169 | &nbsp;&nbsp; 1315195 |
| OBX Trust, 2024-NQM6, "A1", 6.447%, 2/25/2064 (n) | 138970 | &nbsp;&nbsp; 140918 |
| OBX Trust, 2025-NQM1, "A1", 5.547%, 12/25/2064 (n) | 79028 | &nbsp;&nbsp; 79811 |
| OBX Trust, 2025-NQM13, "A1", 5.441%, 5/25/2065 (n) | 80679 | &nbsp;&nbsp; 81557 |
| OBX Trust, 2025-NQM14, "A1", 5.162%, 7/25/2065 (n) | 83989 | &nbsp;&nbsp; 84590 |
| OBX Trust, 2025-NQM15, "A1B", 5.143%, 7/27/2065 (n) | 84542 | &nbsp;&nbsp; 85057 |
| OBX Trust, 2025-NQM16, "A1", 4.905%, 8/25/2065 (n) | 273348 | &nbsp;&nbsp; 274472 |
| OBX Trust, 2025-NQM20, "A1", 5.021%, 10/25/2065 (n) | 185262 | &nbsp;&nbsp; 186416 |
| Octagon 57 Ltd., 2021-1A, "CR", FLR, 5.522% (SOFR - 3mo. + 1.85%), 10/15/2034 (n) | 750000 | &nbsp;&nbsp; 750327 |
| Palmer Square Loan Funding 2024-1A Ltd., "A1R", FLR, 4.479% (SOFR - 3mo. + 0.82%), 10/15/2032 (n) | 290000 | &nbsp;&nbsp; 290044 |
| Palmer Square Loan Funding 2024-1A Ltd., "BR", FLR, 5.109% (SOFR - 3mo. + 1.45%), 10/15/2032 (n) | 120000 | &nbsp;&nbsp; 120021 |
| Palmer Square Loan Funding 2025-2A Ltd., "B", FLR, 5.372% (SOFR - 3mo. + 1.7%), 7/15/2033 (n) | 500000 | &nbsp;&nbsp; 500648 |
| Parallel Ltd., 2023-1A, "A2R", FLR, 5.467% (SOFR - 3mo. + 1.8%), 7/20/2036 (n) | 250000 | &nbsp;&nbsp; 250326 |
| Park Avenue Institutional Advisers CLO Ltd., 2019-2, FLR, 7.062% (SOFR - 3mo. + 3.4%), 10/15/2034 (n) | 992908 | &nbsp;&nbsp; 993050 |
| PFP III 2025-12 Ltd., "B", FLR, 5.708% (SOFR - 1mo. + 2.0421%), 12/18/2042 (n) | 100000 | &nbsp;&nbsp; 99827 |
| PFP III 2026-13 Ltd., "AS", FLR, 5.316% (SOFR - 1mo. + 1.65%), 8/18/2043 (n) | 1000000 | &nbsp;&nbsp; 1004041 |
| PFP III 2026-13 Ltd., "B", FLR, 5.516% (SOFR - 1mo. + 1.85%), 8/18/2043 (n) | 950000 | &nbsp;&nbsp; 953259 |
| PLYM Commercial Mortgage Trust, 2026-IND, "C", FLR, 5.323% (SOFR - 1mo. + 1.65%), 3/15/2043 (n)(w) | 175000 | &nbsp;&nbsp; 175000 |
| PMT Loan Trust, 2025-CNF2, "A26", FLR, 5.067% (SOFR - 1mo. + 1.4%), 1/25/2057 (n) | 399890 | &nbsp;&nbsp; 401925 |
| PMT Loan Trust, 2025-INV10, "A36", FLR, 5.017% (SOFR - 1mo. + 1.35%), 10/01/2056 (n) | 225596 | &nbsp;&nbsp; 227022 |
| PMT Loan Trust, 2025-INV12, "A35", FLR, 4.967% (SOFR - 1mo. + 1.3%), 12/25/2056 (n) | 285003 | &nbsp;&nbsp; 286624 |
| PMT Loan Trust, 2026-CNF1, "A26", FLR, 4.867% (SOFR - 1mo. + 1.2%), 1/25/2057 (n) | 233911 | &nbsp;&nbsp; 233896 |
| PMT Loan Trust, 2026-INV2, "A35", FLR, 4.81% (SOFR - 1mo. + 1.15%), 1/25/2057 (n) | 1349877 | &nbsp;&nbsp; 1349850 |
| PRM Loan Trust, 2025-PRM6, "A", 4.48%, 7/05/2033 (n) | 123326 | &nbsp;&nbsp; 123819 |
| Provident Funding Mortgage Trust, 2025-1, "A", 5.5%, 2/25/2055 (n) | 183905 | &nbsp;&nbsp; 185817 |
| Provident Funding Mortgage Trust, 2025-2, "A4", 5.5%, 6/25/2055 (n) | 121744 | &nbsp;&nbsp; 123035 |
| Provident Funding Mortgage Trust, 2025-5, "A4", 5.5%, 11/25/2055 (n) | 671713 | &nbsp;&nbsp; 677346 |
| Rate Mortgage Trust, 2025-J3, "A27", FLR, 5.217% (SOFR - 1mo. + 1.55%), 11/25/2055 (n) | 623905 | &nbsp;&nbsp; 628431 |
| Santander Drive Auto Receivables Trust, 2025-1, "A3", 4.74%, 1/16/2029  | 87905 | &nbsp;&nbsp; 88129 |
| Shackleton 2019-14A CLO Ltd., "BRR", FLR, 5.217% (SOFR - 3mo. + 1.55%), 7/20/2034 (n) | 270916 | &nbsp;&nbsp; 271005 |
| Speak CLO Ltd., 2014-1A, "BR4", FLR, 5.267% (SOFR - 3mo. + 1.6%), 4/17/2034 (n) | 650000 | &nbsp;&nbsp; 651351 |
| Speak CLO Ltd., 2014-1A, "CR4", FLR, 5.617% (SOFR - 3mo. + 1.95%), 4/17/2034 (n) | 250000 | &nbsp;&nbsp; 249341 |
| Stellantis Finance US, Inc., 4.63%, 7/20/2027 (n) | 63336 | &nbsp;&nbsp; 63516 |
| STORE Master Funding LLC, 2025-1A, "A2", 4.98%, 10/20/2055 (n) | 517323 | &nbsp;&nbsp; 520421 |
| Taco Bell Funding LLC, 2025-1A, "A2I", 4.821%, 8/25/2055 (n) | 262427 | &nbsp;&nbsp; 265346 |
| TCW Gem Ltd., 2020-1A, "BR3", FLR, 5.268% (SOFR - 3mo. + 1.6%), 4/20/2034 (n) | 300000 | &nbsp;&nbsp; 298551 |
| TPG Real Estate Finance, 2025-FL7, "B" , FLR, 5.614% (SOFR - 1mo. + 1.95%), 6/18/2043 (n) | 356790 | &nbsp;&nbsp; 356790 |
| Trinitas CLO Ltd., 2017-6A, "B1R4", FLR, 5.318% (SOFR - 3mo. + 1.65%), 1/25/2034 (n) | 700000 | &nbsp;&nbsp; 699733 |
| Unity-Peace Park CLO Ltd., 2022-1A, "CR", FLR, 5.313% (SOFR - 3mo. + 1.65%), 4/20/2035 (n) | 1242757 | &nbsp;&nbsp; 1243068 |
| Verus Securitization Trust, 2024-3, "A2", 6.642%, 4/25/2069 (n) | 123229 | &nbsp;&nbsp; 124832 |
| Verus Securitization Trust, 2025-9, "A1", 4.935%, 10/27/2070 (n) | 118881 | &nbsp;&nbsp; 119365 |
|  |  | &nbsp;&nbsp; $56695070 |
| Automotive – 0.7% | Automotive – 0.7% | Automotive – 0.7% |
| Ford Motor Credit Co. LLC, 5.73%, 9/05/2030  | $487000 | &nbsp;&nbsp; $500811 |
| Ford Motor Credit Co. LLC, 6.05%, 3/05/2031  | 200000 | &nbsp;&nbsp; 208124 |
| Hyundai Capital America, 5.3%, 1/08/2030 (n) | 246000 | &nbsp;&nbsp; 255881 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Automotive – continued | Automotive – continued | Automotive – continued |
| Hyundai Capital America, 6.375%, 4/08/2030 (n) | $656000 | &nbsp;&nbsp; $705379 |
|  |  | &nbsp;&nbsp; $1670195 |
| Brokerage & Asset Managers – 2.9% | Brokerage & Asset Managers – 2.9% | Brokerage & Asset Managers – 2.9% |
| Charles Schwab Corp., 4.914% to 11/14/2035, FLR (SOFR - 1 day + 1.23%) to 11/14/2036  | $1080000 | &nbsp;&nbsp; $1080324 |
| Charles Schwab Corp., 5% to 6/01/2027, FLR (CMT - 5yr. + 3.256%) to 6/01/2170  | 992000 | &nbsp;&nbsp; 992426 |
| Jane Street Group/JSG Finance, Inc., 6.75%, 5/01/2033 (n) | 900000 | &nbsp;&nbsp; 923566 |
| Jefferies Financial Group, Inc., 5.5%, 2/15/2036  | 1196000 | &nbsp;&nbsp; 1176260 |
| LPL Holdings, Inc., 4%, 3/15/2029 (n) | 139000 | &nbsp;&nbsp; 137110 |
| LPL Holdings, Inc., 4.375%, 5/15/2031 (n) | 231000 | &nbsp;&nbsp; 226025 |
| LPL Holdings, Inc., 6%, 5/20/2034  | 192000 | &nbsp;&nbsp; 200071 |
| LPL Holdings, Inc., 5.75%, 6/15/2035  | 772000 | &nbsp;&nbsp; 788602 |
| Nomura Holdings, Inc., 5.043%, 6/10/2036  | 800000 | &nbsp;&nbsp; 801633 |
| Nomura Holdings, Inc., 7% to 1/15/2031, FLR (CMT - 5yr. + 3.084%) to 1/15/2174  | 400000 | &nbsp;&nbsp; 418579 |
|  |  | &nbsp;&nbsp; $6744596 |
| Building – 1.6% | Building – 1.6% | Building – 1.6% |
| Ferguson Enterprises, Inc., 5%, 10/03/2034  | $1079000 | &nbsp;&nbsp; $1096162 |
| JH North America Holdings, Inc., 6.125%, 7/31/2032 (n) | 733000 | &nbsp;&nbsp; 752317 |
| Patrick Industries, Inc., 4.75%, 5/01/2029 (n) | 641000 | &nbsp;&nbsp; 639296 |
| Patrick Industries, Inc., 6.375%, 11/01/2032 (n) | 300000 | &nbsp;&nbsp; 308137 |
| Quikrete Holdings, Inc., 6.375%, 3/01/2032 (n) | 890000 | &nbsp;&nbsp; 924975 |
|  |  | &nbsp;&nbsp; $3720887 |
| Business Services – 0.4% | Business Services – 0.4% | Business Services – 0.4% |
| Global Payments, Inc., 2.9%, 11/15/2031  | $1079000 | &nbsp;&nbsp; $971622 |
| Cable TV – 0.2% | Cable TV – 0.2% | Cable TV – 0.2% |
| Charter Communications Operating LLC/Charter Communications Operating Capital Corp., 6.384%, 10/23/2035  | $544000 | &nbsp;&nbsp; $568245 |
| Computer Software – 0.5% | Computer Software – 0.5% | Computer Software – 0.5% |
| Oracle Corp., 5.2%, 9/26/2035  | $336000 | &nbsp;&nbsp; $324695 |
| Oracle Corp., 5.7%, 2/04/2036  | 732000 | &nbsp;&nbsp; 732410 |
| Oracle Corp., 5.95%, 9/26/2055  | 95000 | &nbsp;&nbsp; 83599 |
|  |  | &nbsp;&nbsp; $1140704 |
| Conglomerates – 0.4% | Conglomerates – 0.4% | Conglomerates – 0.4% |
| Regal Rexnord Corp., 6.3%, 2/15/2030  | $271000 | &nbsp;&nbsp; $289364 |
| Regal Rexnord Corp., 6.4%, 4/15/2033  | 682000 | &nbsp;&nbsp; 741556 |
|  |  | &nbsp;&nbsp; $1030920 |
| Consumer Services – 0.5% | Consumer Services – 0.5% | Consumer Services – 0.5% |
| CBRE Group, Inc., 5.95%, 8/15/2034  | $1188000 | &nbsp;&nbsp; $1270578 |
| Electrical Equipment – 0.4% | Electrical Equipment – 0.4% | Electrical Equipment – 0.4% |
| Arrow Electronics, Inc., 5.875%, 4/10/2034  | $870000 | &nbsp;&nbsp; $916644 |
| Electronics – 0.6% | Electronics – 0.6% | Electronics – 0.6% |
| Broadcom, Inc., 5.2%, 4/15/2032  | $248000 | &nbsp;&nbsp; $259397 |
| Broadcom, Inc., 3.137%, 11/15/2035 (n) | 303000 | &nbsp;&nbsp; 264929 |
| Broadcom, Inc., 4.8%, 2/15/2036  | 755000 | &nbsp;&nbsp; 756864 |
|  |  | &nbsp;&nbsp; $1281190 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Emerging Market Quasi-Sovereign – 0.4% | Emerging Market Quasi-Sovereign – 0.4% | Emerging Market Quasi-Sovereign – 0.4% |
| OCP S.A. (Kingdom of Morocco), 6.75%, 5/02/2034 (n) | $400000 | &nbsp;&nbsp; $433251 |
| Petroleos Mexicanos, 5.95%, 1/28/2031  | 100000 | &nbsp;&nbsp; 98001 |
| Petroleos Mexicanos, 6.35%, 2/12/2048  | 443000 | &nbsp;&nbsp; 355118 |
|  |  | &nbsp;&nbsp; $886370 |
| Emerging Market Sovereign – 3.2% | Emerging Market Sovereign – 3.2% | Emerging Market Sovereign – 3.2% |
| Commonwealth of Bahamas, 8.95%, 10/15/2032  | $200000 | &nbsp;&nbsp; $226788 |
| Dominican Republic, 4.875%, 9/23/2032  | 200000 | &nbsp;&nbsp; 192194 |
| Republic of Colombia, 7.75%, 11/07/2036  | 800000 | &nbsp;&nbsp; 831600 |
| Republic of Cote d'Ivoire, 7.625%, 1/30/2033  | 800000 | &nbsp;&nbsp; 856874 |
| Republic of Guatemala, 6.6%, 6/13/2036  | 600000 | &nbsp;&nbsp; 651126 |
| Republic of Panama, 6.7%, 1/26/2036  | 150000 | &nbsp;&nbsp; 163275 |
| Republic of Romania, 6%, 5/25/2034  | 900000 | &nbsp;&nbsp; 929944 |
| Republic of Serbia, 6%, 6/12/2034  | 400000 | &nbsp;&nbsp; 422357 |
| Republic of South Africa, 7.1%, 11/19/2036  | 600000 | &nbsp;&nbsp; 645541 |
| Republic of South Africa, 7.25%, 12/11/2055 (n) | 700000 | &nbsp;&nbsp; 700339 |
| Republic of Turkey, 5.95%, 1/15/2031  | 200000 | &nbsp;&nbsp; 200646 |
| Republic of Turkey, 6.875%, 1/14/2038  | 300000 | &nbsp;&nbsp; 298562 |
| United Mexican States, 6%, 5/07/2036  | 200000 | &nbsp;&nbsp; 204750 |
| United Mexican States, 6.875%, 5/13/2037  | 600000 | &nbsp;&nbsp; 646650 |
| United Mexican States, 6.625%, 1/29/2038  | 500000 | &nbsp;&nbsp; 528250 |
|  |  | &nbsp;&nbsp; $7498896 |
| Energy - Independent – 1.5% | Energy - Independent – 1.5% | Energy - Independent – 1.5% |
| EQT Corp., 5%, 1/15/2029  | $328000 | &nbsp;&nbsp; $334297 |
| EQT Corp., 4.75%, 1/15/2031  | 429000 | &nbsp;&nbsp; 435078 |
| Occidental Petroleum Corp., 6.625%, 9/01/2030  | 133000 | &nbsp;&nbsp; 143936 |
| Occidental Petroleum Corp., 5.55%, 10/01/2034  | 421000 | &nbsp;&nbsp; 438825 |
| Santos Finance Ltd., 6.875%, 9/19/2033 (n) | 571000 | &nbsp;&nbsp; 634198 |
| Santos Finance Ltd., 5.75%, 11/13/2035 (n) | 1493000 | &nbsp;&nbsp; 1526656 |
|  |  | &nbsp;&nbsp; $3512990 |
| Energy - Integrated – 0.5% | Energy - Integrated – 0.5% | Energy - Integrated – 0.5% |
| BP Capital Markets PLC, 6.45% to 3/01/2034, FLR ((CMT - 5yr. + 2.153%) + 0.25%) to 3/01/2054, FLR ((CMT - 5yr. + 2.153%) + <br> 1%) to 9/01/2172 <br>| $394000 | &nbsp;&nbsp; $419953 |
| Eni S.p.A., 5.5%, 5/15/2034 (n) | 600000 | &nbsp;&nbsp; 628934 |
|  |  | &nbsp;&nbsp; $1048887 |
| Entertainment – 0.8% | Entertainment – 0.8% | Entertainment – 0.8% |
| NCL Corp. Ltd., 6.75%, 2/01/2032 (n) | $880000 | &nbsp;&nbsp; $906255 |
| Six Flags Entertainment Corp., 6.625%, 5/01/2032 (n) | 875000 | &nbsp;&nbsp; 889603 |
|  |  | &nbsp;&nbsp; $1795858 |
| Financial Institutions – 1.0% | Financial Institutions – 1.0% | Financial Institutions – 1.0% |
| Avolon Holdings Funding Ltd., 4.95%, 10/15/2032 (n) | $1205000 | &nbsp;&nbsp; $1207884 |
| Macquarie AirFinance Holdings Ltd., 6.4%, 3/26/2029 (n) | 174000 | &nbsp;&nbsp; 183491 |
| SMBC Aviation Capital Finance DAC, 5.55%, 4/03/2034 (n) | 400000 | &nbsp;&nbsp; 418243 |
| SMBC Aviation Capital Finance DAC, 5.25%, 11/26/2035 (n) | 518000 | &nbsp;&nbsp; 526956 |
|  |  | &nbsp;&nbsp; $2336574 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Food & Beverages – 1.6% | Food & Beverages – 1.6% | Food & Beverages – 1.6% |
| Bacardi Ltd., 5.15%, 5/15/2038 (n) | $147000 | &nbsp;&nbsp; $141100 |
| Constellation Brands, Inc., 4.8%, 5/01/2030  | 62000 | &nbsp;&nbsp; 63575 |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 5.75%, 4/01/2033  | 658000 | &nbsp;&nbsp; 691963 |
| JBS N.V./JBS USA Foods Group Holdings, Inc./JBS USA Food Co., 5.95%, 4/20/2035  | 895000 | &nbsp;&nbsp; 948943 |
| Performance Food Group Co., 6.125%, 9/15/2032 (n) | 893000 | &nbsp;&nbsp; 916662 |
| Post Holdings, Inc., 6.25%, 10/15/2034 (n) | 901000 | &nbsp;&nbsp; 920218 |
|  |  | &nbsp;&nbsp; $3682461 |
| Gaming & Lodging – 0.4% | Gaming & Lodging – 0.4% | Gaming & Lodging – 0.4% |
| Las Vegas Sands Corp., 5.625%, 6/15/2028  | $418000 | &nbsp;&nbsp; $428244 |
| Marriott International, Inc., 2.85%, 4/15/2031  | 278000 | &nbsp;&nbsp; 260293 |
| Marriott International, Inc., 5.25%, 10/15/2035  | 211000 | &nbsp;&nbsp; 216220 |
|  |  | &nbsp;&nbsp; $904757 |
| Industrial – 0.3% | Industrial – 0.3% | Industrial – 0.3% |
| Booz Allen Hamilton, Inc., 5.95%, 4/15/2035  | $752000 | &nbsp;&nbsp; $762843 |
| Insurance – 1.2% | Insurance – 1.2% | Insurance – 1.2% |
| Corebridge Financial, Inc., 5.75%, 1/15/2034  | $941000 | &nbsp;&nbsp; $973378 |
| MetLife, Inc., 6.35% to 3/15/2035, FLR (CMT - 5yr. + 2.078%) to 3/15/2055  | 185000 | &nbsp;&nbsp; 192151 |
| Nippon Life Insurance Co., 6.5% to 4/30/2035, FLR (CMT - 5yr. + 3.189%) to 4/30/2055 (n) | 600000 | &nbsp;&nbsp; 644837 |
| Sammons Financial Group, Inc., 6.875%, 4/15/2034 (n) | 913000 | &nbsp;&nbsp; 992654 |
|  |  | &nbsp;&nbsp; $2803020 |
| Insurance - Property & Casualty – 2.8% | Insurance - Property & Casualty – 2.8% | Insurance - Property & Casualty – 2.8% |
| Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.875%, 11/01/2029 (n) | $935000 | &nbsp;&nbsp; $912289 |
| Arthur J. Gallagher & Co., 5.45%, 7/15/2034  | 294000 | &nbsp;&nbsp; 304911 |
| Arthur J. Gallagher & Co., 5.15%, 2/15/2035  | 709000 | &nbsp;&nbsp; 718704 |
| Brown & Brown, Inc., 5.65%, 6/11/2034  | 235000 | &nbsp;&nbsp; 241878 |
| Brown & Brown, Inc., 5.55%, 6/23/2035  | 1019000 | &nbsp;&nbsp; 1039642 |
| Fairfax Financial Holdings Ltd., 6%, 12/07/2033  | 882000 | &nbsp;&nbsp; 942782 |
| Fairfax Financial Holdings Ltd., 5.75%, 5/20/2035  | 450000 | &nbsp;&nbsp; 469323 |
| Hub International Ltd., 7.25%, 6/15/2030 (n) | 912000 | &nbsp;&nbsp; 940686 |
| Panther Escrow Issuer, 7.125%, 6/01/2031 (n) | 892000 | &nbsp;&nbsp; 907473 |
|  |  | &nbsp;&nbsp; $6477688 |
| Interactive Media Services – 0.4% | Interactive Media Services – 0.4% | Interactive Media Services – 0.4% |
| Snap, Inc., 6.875%, 3/01/2033 (n) | $905000 | &nbsp;&nbsp; $901398 |
| International Market Quasi-Sovereign – 0.1% | International Market Quasi-Sovereign – 0.1% | International Market Quasi-Sovereign – 0.1% |
| Electricite de France S.A., 6.9%, 5/23/2053 (n) | $200000 | &nbsp;&nbsp; $224112 |
| Machinery & Tools – 0.5% | Machinery & Tools – 0.5% | Machinery & Tools – 0.5% |
| Ashtead Capital, Inc., 5.5%, 8/11/2032 (n) | $200000 | &nbsp;&nbsp; $209573 |
| Ashtead Capital, Inc., 5.8%, 4/15/2034 (n) | 1000000 | &nbsp;&nbsp; 1058262 |
|  |  | &nbsp;&nbsp; $1267835 |
| Major Banks – 5.7% | Major Banks – 5.7% | Major Banks – 5.7% |
| Bank of America Corp., 5.288% to 4/25/2033, FLR (SOFR - 1 day + 1.630%) to 4/25/2034  | $337000 | &nbsp;&nbsp; $349754 |
| Bank of America Corp., 5.744% to 2/12/2035, FLR (SOFR - 1 day + 1.697%) to 2/12/2036  | 884000 | &nbsp;&nbsp; 923881 |
| Bank of America Corp., 3.846% to 3/08/2032, FLR (CMT - 1yr. + 2%) to 3/08/2037  | 247000 | &nbsp;&nbsp; 233757 |
| Bank of America Corp., 6.25% to 7/26/2030, FLR (CMT - 5yr. + 2.351%) to 10/26/2173  | 49000 | &nbsp;&nbsp; 50419 |
| Barclays PLC, 7.437% to 11/02/2032, FLR (CMT - 1yr. + 3.5%) to 11/02/2033  | 600000 | &nbsp;&nbsp; 688657 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Major Banks – continued | Major Banks – continued | Major Banks – continued |
| Capital One Financial Corp., 7.624% to 10/30/2030, FLR (SOFR - 1 day + 3.07%) to 10/30/2031  | $328000 | &nbsp;&nbsp; $369705 |
| Capital One Financial Corp., 6.7%, 11/29/2032  | 245000 | &nbsp;&nbsp; 272210 |
| Capital One Financial Corp., 6.377% to 6/08/2033, FLR (SOFR - 1 day + 2.86%) to 6/08/2034  | 183000 | &nbsp;&nbsp; 198397 |
| Capital One Financial Corp., 6.051% to 2/01/2034, FLR (SOFR - 1 day + 2.26%) to 2/01/2035  | 100000 | &nbsp;&nbsp; 106239 |
| Capital One Financial Corp., 5.197% to 9/11/2035, FLR (SOFR - 1 day + 1.63%) to 9/11/2036  | 436000 | &nbsp;&nbsp; 434793 |
| Citigroup, Inc., 6.875% to 8/15/2030, FLR (CMT - 5yr. + 2.89%) to 11/15/2173  | 1214000 | &nbsp;&nbsp; 1244738 |
| Deutsche Bank AG, 5.403% to 9/11/2034, FLR (SOFR - 1 day + 2.05%) to 9/11/2035  | 754000 | &nbsp;&nbsp; 773102 |
| Goldman Sachs Group, Inc., 2.65% to 10/21/2031, FLR (SOFR - 1 day + 1.264%) to 10/21/2032  | 439000 | &nbsp;&nbsp; 399788 |
| Goldman Sachs Group, Inc., 3.102% to 2/24/2032, FLR (SOFR - 1 day + 1.41%) to 2/24/2033  | 975000 | &nbsp;&nbsp; 904659 |
| JPMorgan Chase & Co., 4.851% to 7/25/2027, FLR (SOFR - 1 day + 1.99%) to 7/25/2028  | 289000 | &nbsp;&nbsp; 292348 |
| JPMorgan Chase & Co., 5.766%, 4/22/2035  | 602000 | &nbsp;&nbsp; 644822 |
| JPMorgan Chase & Co., 4.946% to 10/22/2034, FLR (SOFR - 1 day + 1.34%) to 10/22/2035  | 1046000 | &nbsp;&nbsp; 1062244 |
| Morgan Stanley, 5.449% to 7/20/2028, FLR (SOFR - 1 day + 1.63%) to 7/20/2029  | 283000 | &nbsp;&nbsp; 291822 |
| Morgan Stanley, 5.32% to 7/19/2034, FLR (SOFR - 1 day + 1.555%) to 7/19/2035  | 450000 | &nbsp;&nbsp; 465953 |
| Morgan Stanley, 5.664% to 4/17/2035, FLR (SOFR - 1 day + 1.757%) to 4/17/2036  | 541000 | &nbsp;&nbsp; 571727 |
| Morgan Stanley, 5.942% to 2/07/2034, FLR (CMT - 5yr. + 1.8%) to 2/07/2039  | 238000 | &nbsp;&nbsp; 250837 |
| UBS Group AG, 5.699% to 2/08/2034, FLR (CMT - 1yr. + 1.77%) to 2/08/2035 (n) | 600000 | &nbsp;&nbsp; 634518 |
| UBS Group AG, 4.375% to 2/10/2031, FLR (CMT - 1yr. + 3.313%) to 8/10/2171 (n) | 400000 | &nbsp;&nbsp; 363987 |
| Wells Fargo & Co., 3.35% to 3/02/2032, FLR (SOFR - 1 day + 1.5%) to 3/02/2033  | 409000 | &nbsp;&nbsp; 384078 |
| Wells Fargo & Co., 4.892% to 9/15/2035, FLR (SOFR - 1 day + 1.34%) to 9/15/2036  | 1006000 | &nbsp;&nbsp; 1008925 |
| Wells Fargo & Co., 3.9% to 3/15/2026, FLR (CMT - 1yr. + 3.453%) to 3/15/2171  | 432000 | &nbsp;&nbsp; 431560 |
|  |  | &nbsp;&nbsp; $13352920 |
| Metals & Mining – 0.8% | Metals & Mining – 0.8% | Metals & Mining – 0.8% |
| Anglo American Capital PLC, 5.5%, 5/02/2033 (n) | $450000 | &nbsp;&nbsp; $471245 |
| FMG Resources (August 2006) Pty Ltd., 4.375%, 4/01/2031 (n) | 582000 | &nbsp;&nbsp; 564129 |
| FMG Resources (August 2006) Pty Ltd., 6.125%, 4/15/2032 (n) | 562000 | &nbsp;&nbsp; 588531 |
| Samarco Mineracao S.A., 9% (4% Cash + 5% PIK) to 12/30/2026, (5.5% Cash + 3.5% PIK) to 12/30/2027, 9.25% Cash to <br> 12/30/29, 9.5% Cash to 6/30/2031 (n)(p)<br>| 245234 | &nbsp;&nbsp; 246061 |
|  |  | &nbsp;&nbsp; $1869966 |
| Midstream – 2.4% | Midstream – 2.4% | Midstream – 2.4% |
| DCP Midstream Operating LP, 3.25%, 2/15/2032  | $753000 | &nbsp;&nbsp; $701179 |
| Energy Transfer LP, 5.35%, 1/15/2036  | 1324000 | &nbsp;&nbsp; 1346106 |
| Plains All American Pipeline LP, 5.7%, 9/15/2034  | 238000 | &nbsp;&nbsp; 248564 |
| Plains All American Pipeline LP, 5.6%, 1/15/2036  | 866000 | &nbsp;&nbsp; 887805 |
| Targa Resources Corp., 6.125%, 3/15/2033  | 993000 | &nbsp;&nbsp; 1074369 |
| Targa Resources Partners LP/Targa Resources Finance Corp., 4%, 1/15/2032  | 425000 | &nbsp;&nbsp; 412352 |
| Venture Global LNG, Inc., 7%, 1/15/2030 (n) | 900000 | &nbsp;&nbsp; 912918 |
|  |  | &nbsp;&nbsp; $5583293 |
| Mortgage-Backed – 8.0% | Mortgage-Backed – 8.0% |  |
| Fannie Mae, 4.667%, 2/25/2045 (n) | $51115 | &nbsp;&nbsp; $51163 |
| Fannie Mae, 4%, 12/01/2054  | 664219 | &nbsp;&nbsp; 645873 |
| Fannie Mae, 5.067%, 12/25/2054  | 121162 | &nbsp;&nbsp; 122536 |
| Fannie Mae, 6%, 4/01/2055 - 6/01/2055  | 1638536 | &nbsp;&nbsp; 1680877 |
| Fannie Mae, UMBS, 2%, 3/01/2052  | 1341458 | &nbsp;&nbsp; 1114861 |
| Fannie Mae, UMBS, 2.5%, 4/01/2052  | 184118 | &nbsp;&nbsp; 160528 |
| Fannie Mae, UMBS, 3%, 6/01/2052 - 8/01/2052  | 647737 | &nbsp;&nbsp; 587351 |
| Fannie Mae, UMBS, 5%, 12/01/2054  | 2189793 | &nbsp;&nbsp; 2201799 |
| Freddie Mac, 2%, 8/01/2052  | 819593 | &nbsp;&nbsp; 679578 |
| Freddie Mac, 5.117%, 2/25/2055  | 227177 | &nbsp;&nbsp; 229892 |
| Freddie Mac, 4.5%, 11/01/2055 - 2/01/2056  | 946793 | &nbsp;&nbsp; 936837 |
| Freddie Mac, UMBS, 2%, 3/01/2052  | 1568780 | &nbsp;&nbsp; 1305235 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Mortgage-Backed – continued | Mortgage-Backed – continued |  |
| Freddie Mac, UMBS, 2.5%, 5/01/2052 - 9/01/2052  | $2500487 | &nbsp;&nbsp; $2178504 |
| Freddie Mac, UMBS, 3%, 5/01/2052  | 1421931 | &nbsp;&nbsp; 1288747 |
| Freddie Mac, UMBS, 5.5%, 8/01/2054 - 10/01/2054  | 1101056 | &nbsp;&nbsp; 1119724 |
| Freddie Mac, UMBS, 6.5%, 9/01/2054 - 11/01/2054  | 240237 | &nbsp;&nbsp; 252798 |
| Freddie Mac, UMBS, 6%, 2/01/2055  | 109583 | &nbsp;&nbsp; 114365 |
| Ginnie Mae, 2%, 4/20/2052  | 353040 | &nbsp;&nbsp; 299136 |
| Ginnie Mae, 2.5%, 4/20/2052  | 505694 | &nbsp;&nbsp; 446540 |
| Ginnie Mae, 5.5%, 4/20/2055  | 210343 | &nbsp;&nbsp; 213226 |
| Ginnie Mae, 7.612%, 5/20/2055  | 236599 | &nbsp;&nbsp; 242770 |
| Ginnie Mae, 6.083%, 6/20/2055  | 83581 | &nbsp;&nbsp; 85795 |
| Ginnie Mae, 6.157%, 6/20/2055  | 69111 | &nbsp;&nbsp; 69397 |
| Ginnie Mae, 2.177%, 3/20/2066 (i) | 285124 | &nbsp;&nbsp; 7449 |
| UMBS, TBA, 6%, 9/01/2055  | 400000 | &nbsp;&nbsp; 410275 |
| UMBS, TBA, 3.5%, 3/12/2056  | 1825000 | &nbsp;&nbsp; 1719662 |
| UMBS, TBA, 5.5%, 3/12/2056  | 400000 | &nbsp;&nbsp; 406413 |
|  |  | &nbsp;&nbsp; $18571331 |
| Municipals – 0.2% | Municipals – 0.2% | Municipals – 0.2% |
| Massachusetts Development Finance Agency Rev., Taxable (Middlesex Sustainable Energy Partners), "B", 7.375%, 10/01/2035  | $400000 | &nbsp;&nbsp; $412336 |
| Natural Gas - Distribution – 0.1% | Natural Gas - Distribution – 0.1% | Natural Gas - Distribution – 0.1% |
| Boston Gas Co., 3.757%, 3/16/2032 (n) | $270000 | &nbsp;&nbsp; $259126 |
| Network & Telecom – 0.6% | Network & Telecom – 0.6% | Network & Telecom – 0.6% |
| NTT Finance Corp., 5.502%, 7/16/2035 (n) | $1225000 | &nbsp;&nbsp; $1279829 |
| Other Banks & Diversified Financials – 0.4% | Other Banks & Diversified Financials – 0.4% | Other Banks & Diversified Financials – 0.4% |
| Industrial Subordinated Trust 2.0, 6.55% to 4/15/2031, FLR (CMT - 5yr. + 2.864%) to 4/15/2036 (n) | $400000 | &nbsp;&nbsp; $411140 |
| Macquarie Bank Ltd. of London, 6.125% to 3/08/2027, FLR (Swap Rate - 5yr. + 4.332%) to 12/31/2165 (n) | 445000 | &nbsp;&nbsp; 450351 |
|  |  | &nbsp;&nbsp; $861491 |
| Precious Metals & Minerals – 0.7% | Precious Metals & Minerals – 0.7% | Precious Metals & Minerals – 0.7% |
| IAMGOLD Corp., 5.75%, 10/15/2028 (n) | $897000 | &nbsp;&nbsp; $899121 |
| Northern Star Resources Ltd. Co., 6.125%, 4/11/2033 (n) | 673000 | &nbsp;&nbsp; 721761 |
|  |  | &nbsp;&nbsp; $1620882 |
| Real Estate - Office – 1.9% | Real Estate - Office – 1.9% | Real Estate - Office – 1.9% |
| Boston Properties LP, REIT, 6.5%, 1/15/2034  | $259000 | &nbsp;&nbsp; $277725 |
| Boston Properties LP, REIT, 5.75%, 1/15/2035  | 1473000 | &nbsp;&nbsp; 1500622 |
| Highwoods Realty LP, 5.35%, 1/15/2033  | 1339000 | &nbsp;&nbsp; 1347035 |
| Vornado Realty LP, 5.75%, 2/01/2033  | 1278000 | &nbsp;&nbsp; 1296675 |
|  |  | &nbsp;&nbsp; $4422057 |
| Real Estate - Other – 0.5% | Real Estate - Other – 0.5% | Real Estate - Other – 0.5% |
| First Industrial LP, 5.25%, 1/15/2031  | $1068000 | &nbsp;&nbsp; $1098187 |
| Real Estate - Retail – 0.7% | Real Estate - Retail – 0.7% | Real Estate - Retail – 0.7% |
| STORE Capital Corp., REIT, 4.5%, 3/15/2028  | $291000 | &nbsp;&nbsp; $292074 |
| STORE Capital Corp., REIT, 4.625%, 3/15/2029  | 278000 | &nbsp;&nbsp; 279283 |
| STORE Capital Corp., REIT, 4.95%, 2/11/2031 (n) | 141000 | &nbsp;&nbsp; 142256 |
| STORE Capital Corp., REIT, 2.7%, 12/01/2031  | 957000 | &nbsp;&nbsp; 856136 |
|  |  | &nbsp;&nbsp; $1569749 |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Bonds – continued | Bonds – continued | Bonds – continued |
| Retailers – 0.9% | Retailers – 0.9% | Retailers – 0.9% |
| Alimentation Couche-Tard, Inc., 5.267%, 2/12/2034 (n) | $270000 | &nbsp;&nbsp; $280095 |
| Alimentation Couche-Tard, Inc., 5.077%, 9/29/2035 (n) | 35000 | &nbsp;&nbsp; 35545 |
| AutoNation, Inc., 5.89%, 3/15/2035  | 980000 | &nbsp;&nbsp; 1022804 |
| Beach Acquisition Bidco LLC, 10% (10% Cash or 10.75% PIK), 7/15/2033 (n)(p) | 724321 | &nbsp;&nbsp; 800377 |
|  |  | &nbsp;&nbsp; $2138821 |
| Specialty Stores – 0.5% | Specialty Stores – 0.5% | Specialty Stores – 0.5% |
| DICK'S Sporting Goods, 3.15%, 1/15/2032  | $1197000 | &nbsp;&nbsp; $1113529 |
| Telecommunications - Wireless – 1.0% | Telecommunications - Wireless – 1.0% | Telecommunications - Wireless – 1.0% |
| American Tower Corp., 5.4%, 1/31/2035  | $452000 | &nbsp;&nbsp; $470723 |
| Rogers Communications, Inc., 3.8%, 3/15/2032  | 1206000 | &nbsp;&nbsp; 1154366 |
| T-Mobile USA, Inc., 2.55%, 2/15/2031  | 256000 | &nbsp;&nbsp; 236976 |
| T-Mobile USA, Inc., 4.95%, 11/15/2035  | 216000 | &nbsp;&nbsp; 217987 |
| Vodafone Group PLC, 5.625%, 2/10/2053  | 369000 | &nbsp;&nbsp; 358854 |
|  |  | &nbsp;&nbsp; $2438906 |
| Tobacco – 1.3% | Tobacco – 1.3% | Tobacco – 1.3% |
| B.A.T. Capital Corp., 6.343%, 8/02/2030  | $227000 | &nbsp;&nbsp; $246824 |
| B.A.T. Capital Corp., 4.742%, 3/16/2032  | 252000 | &nbsp;&nbsp; 256561 |
| B.A.T. Capital Corp., 4.625%, 3/22/2033  | 636000 | &nbsp;&nbsp; 638675 |
| Japan Tobacco, Inc., 5.85%, 6/15/2035 (n) | 1051000 | &nbsp;&nbsp; 1137384 |
| Philip Morris International, Inc., 5.375%, 2/15/2033  | 434000 | &nbsp;&nbsp; 458261 |
| Philip Morris International, Inc., 5.25%, 2/13/2034  | 174000 | &nbsp;&nbsp; 182258 |
| Philip Morris International, Inc., 4.875%, 4/30/2035  | 215000 | &nbsp;&nbsp; 218346 |
|  |  | &nbsp;&nbsp; $3138309 |
| Transportation - Services – 0.1% | Transportation - Services – 0.1% | Transportation - Services – 0.1% |
| Yinson Bergenia Production B.V., 8.498%, 1/31/2045 (n) | $197340 | &nbsp;&nbsp; $209591 |
| U.S. Treasury Obligations – 22.2% | U.S. Treasury Obligations – 22.2% | U.S. Treasury Obligations – 22.2% |
| U.S. Treasury Bonds, 4.5%, 2/15/2044  | $1900000 | &nbsp;&nbsp; $1893988 |
| U.S. Treasury Bonds, 4.625%, 11/15/2044 (f) | 5450000 | &nbsp;&nbsp; 5501307 |
| U.S. Treasury Bonds, 4.875%, 8/15/2045  | 5100000 | &nbsp;&nbsp; 5304797 |
| U.S. Treasury Bonds, 4.625%, 11/15/2045  | 11945000 | &nbsp;&nbsp; 12023389 |
| U.S. Treasury Bonds, 4.25%, 2/15/2054  | 3460000 | &nbsp;&nbsp; 3241182 |
| U.S. Treasury Bonds, 4.5%, 11/15/2054  | 5409000 | &nbsp;&nbsp; 5284339 |
| U.S. Treasury Bonds, 4.75%, 8/15/2055  | 1500000 | &nbsp;&nbsp; 1527422 |
| U.S. Treasury Bonds, 4.625%, 11/15/2055  | 3625000 | &nbsp;&nbsp; 3618770 |
| U.S. Treasury Notes, 4.125%, 10/31/2029  | 2845000 | &nbsp;&nbsp; 2911235 |
| U.S. Treasury Notes, 3.875%, 7/31/2030  | 10280000 | &nbsp;&nbsp; 10441428 |
|  |  | &nbsp;&nbsp; $51747857 |
| Utilities - Electric Power – 1.1% | Utilities - Electric Power – 1.1% | Utilities - Electric Power – 1.1% |
| Colbun S.A., 5.375%, 9/11/2035 (n) | $205000 | &nbsp;&nbsp; $206845 |
| Enel Finance International N.V., 7.5%, 10/14/2032 (n) | 1025000 | &nbsp;&nbsp; 1186557 |
| Pacific Gas & Electric Co., 6.95%, 3/15/2034  | 220000 | &nbsp;&nbsp; 247627 |
| XPLR Infrastructure Operating Partners LP, 7.25%, 1/15/2029 (n) | 895000 | &nbsp;&nbsp; 928966 |
|  |  | &nbsp;&nbsp; $2569995 |
| **Total Bonds (Identified Cost, $225,040,903)** |  | &nbsp;&nbsp; **$227801589** |

---

------

MFS Active Core Plus Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds – 3.2% | Mutual Funds – 3.2% | Mutual Funds – 3.2% |
| Money Market Funds – 3.2% | Money Market Funds – 3.2% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.63% (j) (Identified Cost, $7,478,945) | 7478945 | &nbsp;&nbsp; $7478945 |
| Other Assets, Less Liabilities – (1.1)% |  | &nbsp;&nbsp; (2603389) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$232677145** |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $91,082,034, representing 39.1% of net assets.

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

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

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Contracts at 2/28/26** | **Derivative Contracts at 2/28/26** | **Derivative Contracts at 2/28/26** | **Derivative Contracts at 2/28/26** | **Derivative Contracts at 2/28/26** | **Derivative Contracts at 2/28/26** | **Derivative Contracts at 2/28/26** |
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp; **Long/** <br>**Short**<br>| **Currency** | **Contracts** | &nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp; **Value/Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Note 2 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; $24694266 | June – 2026 | &nbsp;&nbsp;&nbsp; $29301 |
| U.S. Treasury Ultra Bond 30 yr | &nbsp;&nbsp;&nbsp; Long | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1215937 | June – 2026 | &nbsp;&nbsp;&nbsp; 17066 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; $46367 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** | ***Interest Rate Futures*** |  |  |
| U.S. Treasury Ultra Note 10 yr | &nbsp;&nbsp;&nbsp; Short | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; $4435906 | June – 2026 | &nbsp;&nbsp;&nbsp; $(46814)<br>|

---

At February 28, 2026, the fund had liquid securities collateral with an aggregate value of $165,543 to cover any collateral or margin obligations for certain derivative contracts.

**See Notes to Financial Statements**

------

MFS Active Core Plus Bond ETF

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

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

---

| | |
|:---|:---|
| **At 2/28/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $232,519,848) | &nbsp;&nbsp; $235280534 |
| Foreign currency, at value (identified cost, $8) | &nbsp;&nbsp; 8 |
| Receivables for |  |
| Net daily variation margin on open futures contracts | &nbsp;&nbsp; 20191 |
| Interest | &nbsp;&nbsp; 2165933 |
| Total assets | &nbsp;&nbsp; $237466666 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $850035 |
| When-issued investments purchased | &nbsp;&nbsp; 1425000 |
| TBA purchase commitments | &nbsp;&nbsp; 2507984 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 6502 |
| Total liabilities | &nbsp;&nbsp; $4789521 |
| Net assets | &nbsp;&nbsp; $232677145 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $230188579 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 2488566 |
| Net assets | &nbsp;&nbsp; $232677145 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 9150000 |
| Net asset value per share (net assets of $232,677,145 / 9,150,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $25.43 |

---

**See Notes to Financial Statements**

------

MFS Active Core Plus Bond ETF

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

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

---

| | |
|:---|:---|
| **Year ended 2/28/26** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $5114811 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 69616 |
| Other | &nbsp;&nbsp; 450 |
| Foreign taxes withheld | &nbsp;&nbsp; (208)<br>|
| Total investment income | &nbsp;&nbsp; $5184669 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $341881 |
| Miscellaneous | &nbsp;&nbsp; 235 |
| Total expenses | &nbsp;&nbsp; $342116 |
| Net investment income (loss) | &nbsp;&nbsp; $4842553 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(133598)<br>|
| Futures contracts | &nbsp;&nbsp; 18089 |
| Net realized gain (loss) | &nbsp;&nbsp; $(115509)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $2699927 |
| Futures contracts | &nbsp;&nbsp; (19954)<br>|
| Net unrealized gain (loss) | &nbsp;&nbsp; $2679973 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $2564464 |
| Change in net assets from operations | &nbsp;&nbsp; $7407017 |

---

**See Notes to Financial Statements**

------

MFS Active Core Plus Bond ETF

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

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/25 (c)** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $4842553 | &nbsp;&nbsp; $387056 |
| Net realized gain (loss) | (115509)<br>| &nbsp;&nbsp; 926 |
| Net unrealized gain (loss) | 2679973 | &nbsp;&nbsp; 80266 |
| Change in net assets from operations | $7407017 | &nbsp;&nbsp; $468248 |
| Total distributions to shareholders | $(4986995)<br>| &nbsp;&nbsp; $(399704)<br>|
| Change in net assets from fund share transactions | $188953700 | &nbsp;&nbsp; $41049198 |
| Miscellaneous capital | $161607 | &nbsp;&nbsp; $24074 |
| Total change in net assets | $191535329 | &nbsp;&nbsp; $41141816 |
| **Net assets** |  |  |
| At beginning of period | 41141816 |  |
| At end of period | $232677145 | &nbsp;&nbsp; $41141816 |

---

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

**See Notes to Financial Statements**

------

MFS Active Core Plus Bond ETF

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

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

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/25 (c)** |
| Net asset value, beginning of period | $24.93 | &nbsp;&nbsp; $25.00 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d) | $1.21 | &nbsp;&nbsp; $0.29 |
| Net realized and unrealized gain (loss) | 0.41 | &nbsp;&nbsp; (0.10)(g)<br>|
| Total from investment operations | $1.62 | &nbsp;&nbsp; $0.19 |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $(1.15)<br>| &nbsp;&nbsp; $(0.28)<br>|
| From net realized gain | (0.01)<br>|  |
| Total distributions declared to shareholders | $(1.16)<br>| &nbsp;&nbsp; $(0.28)<br>|
| Miscellaneous capital (d) | $0.04 | &nbsp;&nbsp; $0.02 |
| Net asset value, end of period (x) | $25.43 | &nbsp;&nbsp; $24.93 |
| Total return (%) (s)(x) | 6.81 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |
| Expenses | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (a)<br>|
| Net investment income (loss) | 4.82 | &nbsp;&nbsp;&nbsp;&nbsp; 4.98<br> (a)<br>|
| Portfolio turnover rate (e) | 49 | &nbsp;&nbsp; 10<br> (n)<br>|
| Net assets at end of period (000 omitted) | $232677 | &nbsp;&nbsp; $41142 |

---

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

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Active Core Plus Bond ETF

**Notes to Financial Statements**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

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

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

------

MFS Active Core Plus Bond ETF

*Notes to Financial Statements - continued* 

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments, such as futures contracts. The following is a summary of the levels used as of February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bonds & U.S. Government <br> Agencies & Equivalents<br>| $— | $51747857 | $— | $51747857 |
| Non - U.S. Sovereign Debt |  | 8609378 |  | 8609378 |
| Municipal Bonds |  | 412336 |  | 412336 |
| U.S. Corporate Bonds |  | 67201068 |  | 67201068 |
| Residential Mortgage-Backed Securities |  | 30499764 |  | 30499764 |
| Commercial Mortgage-Backed Securities |  | 6321740 |  | 6321740 |
| Asset-Backed Securities (including CDOs) |  | 38444897 |  | 38444897 |
| Foreign Bonds |  | 24564549 |  | 24564549 |
| Investment Companies | 7478945 |  |  | 7478945 |
| Total | $7478945 | $227801589 | $— | $235280534 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other Financial Instruments** |  |  |  |
| Futures Contracts – Assets | $46367 | $— | $46367 |
| Futures Contracts – Liabilities | (46814)<br>|  | (46814)<br>|

---

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

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

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

------

MFS Active Core Plus Bond ETF

*Notes to Financial Statements - continued* 

The following table presents, by major type of derivative contract, the fair value, on a gross basis, of the asset and liability components of derivatives held by the fund at February 28, 2026 as reported in the Statement of Assets and Liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Fair Value (a)** | **Fair Value (a)** |
| **Risk** | **Derivative Contracts** | **Asset Derivatives** | **Liability Derivatives** |
| Interest Rate | Futures Contracts | $46367 | $(46814) |

---

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

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended February 28, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $18089 |

---

The following table presents, by major type of derivative contract, the change in unrealized appreciation or depreciation on derivatives held by the fund for the year ended February 28, 2026 as reported in the Statement of Operations:

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $(19954)<br>|

---

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

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

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

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

------

MFS Active Core Plus Bond ETF

*Notes to Financial Statements - continued* 

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

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

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

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

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

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

The fund may purchase or sell mortgage-backed securities on a To Be Announced ("TBA") basis. A TBA transaction is subject to extended settlement and typically does not designate the actual security to be delivered, but instead includes an approximate principal amount. The price of the TBA security and the date that it will be settled are fixed at the time the transaction is negotiated. The value of the security varies with market fluctuations and no interest accrues to the fund until settlement takes place. TBA purchase and sale commitments are held at carrying amount, which approximates fair value and are categorized as level 2 within the fair value hierarchy and included in TBA purchase and TBA sale commitments in the Statement of Assets and Liabilities, as applicable. Losses may arise as a result of changes in the value of the TBA investment prior to settlement date or due to counterparty non-performance.

The fund may also enter into mortgage dollar rolls, typically TBA dollar rolls, in which the fund sells TBA mortgage-backed securities to financial institutions and simultaneously agrees to repurchase similar (same issuer, type and coupon) securities at a later date at an agreed-upon price. During the period between the sale and repurchase, the fund will not be entitled to receive interest and principal payments on the securities sold. The fund accounts for dollar roll transactions as purchases and sales and realizes gains and losses on these transactions. Dollar roll transactions involve the risk that the market value of the securities that the fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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

To mitigate the counterparty credit risk on To Be Announced ("TBA") transactions, mortgage dollar rolls, and other types of forward settling mortgage-backed and asset-backed security transactions, the fund whenever possible enters into a Master Securities Forward Transaction Agreement ("MSFTA") on a bilateral basis with each of the counterparties with whom it undertakes a significant volume of transactions. The MSFTA gives each party to the agreement the right to terminate all transactions traded under such agreement if

------

MFS Active Core Plus Bond ETF

*Notes to Financial Statements - continued* 

there is a specified deterioration in the credit quality of the other party. Upon an event of default or a termination of the MSFTA, the non-defaulting party has the right to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the MSFTA could result in a reduction of the fund's credit risk to such counterparty equal to any amounts payable by the fund under the applicable transactions, if any.

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

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

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

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

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**2/28/26**<br>| &nbsp;&nbsp; **Year ended** <br>**2/28/25 (c)**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $4965985 | &nbsp;&nbsp; $399704 |
| Long-term capital gains | &nbsp;&nbsp; 21010 |  |
| Total distributions | &nbsp;&nbsp; $4986995 | &nbsp;&nbsp; $399704 |

---

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

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

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $232664420 |
| Gross appreciation | &nbsp;&nbsp; 2887566 |
| Gross depreciation | &nbsp;&nbsp; (271899)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $2615667 |
| Undistributed ordinary income | &nbsp;&nbsp; 899700 |
| Capital loss carryforwards | &nbsp;&nbsp; (176766)<br>|
| Other temporary differences | &nbsp;&nbsp; (850035)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $2488566 |

---

As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(176766)<br>|

---

------

MFS Active Core Plus Bond ETF

*Notes to Financial Statements - continued* 

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

**(3) Transactions with Affiliates**

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

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

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

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the year ended February 28, 2026.

**(4) Portfolio Securities**

For the year ended February 28, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| U.S. Government securities | $56759231 | &nbsp;&nbsp; $42468557 |
| Non-U.S. Government securities | 82208558 | &nbsp;&nbsp; 7982339 |

---

Securities received and delivered in-kind through subscriptions and redemptions aggregated $96,139,245 and $0, respectively.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**2/28/26** | **Year ended** <br>**2/28/26** | **Year ended** <br>**2/28/25 (c)** | **Year ended** <br>**2/28/25 (c)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 7500000 | &nbsp;&nbsp; $188953700 | &nbsp;&nbsp; 1650000 | &nbsp;&nbsp; $41049198 |

---

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

------

MFS Active Core Plus Bond ETF

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of MFS Active Core Plus Bond ETF and the Board of Trustees of MFS Active Exchange Traded Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of MFS Active Core Plus Bond ETF (the "Fund") (one of the funds constituting MFS Active Exchange Traded Funds Trust (the "Trust")), including the portfolio of investments, as of February 28, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended February 28, 2026 and the period from December 5, 2024 (commencement of operations) through February 28, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Active Exchange Traded Funds Trust) at February 28, 2026, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year ended February 28, 2026 and the period from December 5, 2024 (commencement of operations) through February 28, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements 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 Trust 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 are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's 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 Trust'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, 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. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

April 15, 2026

------

MFS Active Core Plus Bond ETF

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

The fund designates $24,000 as capital gain dividends paid during the fiscal year.

------

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

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

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

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

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

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

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

Not Applicable.

------

MFS Active Growth ETF

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

MFS Active Growth ETF

**Portfolio of Investments - 2/28/26** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.7% | Common Stocks – 99.7% | Common Stocks – 99.7% |
| Aerospace & Defense – 1.9% | Aerospace & Defense – 1.9% |  |
| General Electric Co. | 10548 | &nbsp;&nbsp; $3610159 |
| Biotechnology – 1.0% | Biotechnology – 1.0% |  |
| Gilead Sciences, Inc. | 13095 | &nbsp;&nbsp; $1950500 |
| Broadcasting – 1.2% | Broadcasting – 1.2% |  |
| Spotify Technology S.A. (a) | 2361 | &nbsp;&nbsp; $1215773 |
| TKO Group Holdings, Inc. | 5100 | &nbsp;&nbsp; 1141737 |
|  |  | &nbsp;&nbsp; $2357510 |
| Brokerage & Asset Managers – 2.8% | Brokerage & Asset Managers – 2.8% |  |
| Brookfield Asset Management Ltd. | 16712 | &nbsp;&nbsp; $781286 |
| Intercontinental Exchange, Inc. | 8730 | &nbsp;&nbsp; 1432855 |
| KKR & Co., Inc. | 14420 | &nbsp;&nbsp; 1264346 |
| NASDAQ, Inc. | 22319 | &nbsp;&nbsp; 1954698 |
|  |  | &nbsp;&nbsp; $5433185 |
| Computer Software – 12.6% | Computer Software – 12.6% |  |
| Autodesk, Inc. (a) | 10715 | &nbsp;&nbsp; $2634497 |
| Cadence Design Systems, Inc. (a) | 5097 | &nbsp;&nbsp; 1536236 |
| Microsoft Corp. | 45965 | &nbsp;&nbsp; 18052294 |
| SAP SE | 4500 | &nbsp;&nbsp; 906885 |
| Snowflake, Inc., "A" (a) | 6418 | &nbsp;&nbsp; 1080855 |
|  |  | &nbsp;&nbsp; $24210767 |
| Computer Software - Systems – 11.3% | Computer Software - Systems – 11.3% |  |
| Apple, Inc. | 65376 | &nbsp;&nbsp; $17271032 |
| Arista Networks, Inc. (a) | 11131 | &nbsp;&nbsp; 1485988 |
| Shopify, Inc. (a) | 13809 | &nbsp;&nbsp; 1667161 |
| Western Digital Corp. | 4772 | &nbsp;&nbsp; 1334728 |
|  |  | &nbsp;&nbsp; $21758909 |
| Construction – 0.7% | Construction – 0.7% |  |
| CRH PLC | 11544 | &nbsp;&nbsp; $1385049 |
| Consumer Services – 1.2% | Consumer Services – 1.2% |  |
| Airbnb, Inc., "A" (a) | 7328 | &nbsp;&nbsp; $990086 |
| Uber Technologies, Inc. (a) | 17581 | &nbsp;&nbsp; 1325959 |
|  |  | &nbsp;&nbsp; $2316045 |
| Electrical Equipment – 4.6% | Electrical Equipment – 4.6% |  |
| AMETEK, Inc. | 8961 | &nbsp;&nbsp; $2143650 |
| Amphenol Corp., "A" | 27483 | &nbsp;&nbsp; 4014167 |
| Eaton Corp. PLC | 4719 | &nbsp;&nbsp; 1773966 |
| W.W. Grainger, Inc. | 824 | &nbsp;&nbsp; 943258 |
|  |  | &nbsp;&nbsp; $8875041 |

---

EGOFS-ANN

------

MFS Active Growth ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Electronics – 22.8% | Electronics – 22.8% |  |
| ASM International N.V. | 1175 | &nbsp;&nbsp; $991581 |
| Broadcom, Inc. | 17940 | &nbsp;&nbsp; 5732727 |
| KLA Corp. | 2212 | &nbsp;&nbsp; 3372305 |
| Lam Research Corp. | 12077 | &nbsp;&nbsp; 2824689 |
| NVIDIA Corp. | 147976 | &nbsp;&nbsp; 26219867 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 12791 | &nbsp;&nbsp; 4791253 |
|  |  | &nbsp;&nbsp; $43932422 |
| Energy - Renewables – 3.0% | Energy - Renewables – 3.0% |  |
| GE Vernova, Inc. | 6591 | &nbsp;&nbsp; $5757898 |
| Food & Beverages – 0.9% | Food & Beverages – 0.9% |  |
| Monster Beverage Corp. (a) | 19890 | &nbsp;&nbsp; $1696617 |
| Gaming & Lodging – 1.0% | Gaming & Lodging – 1.0% |  |
| Marriott International, Inc., "A" | 5656 | &nbsp;&nbsp; $1932825 |
| Interactive Media Services – 11.9% | Interactive Media Services – 11.9% |  |
| Alphabet, Inc., "A" | 48587 | &nbsp;&nbsp; $15147483 |
| AppLovin Corp. (a) | 3574 | &nbsp;&nbsp; 1553868 |
| Meta Platforms, Inc., "A" | 9400 | &nbsp;&nbsp; 6092892 |
|  |  | &nbsp;&nbsp; $22794243 |
| Machinery & Tools – 2.2% | Machinery & Tools – 2.2% |  |
| Caterpillar, Inc. | 1890 | &nbsp;&nbsp; $1403949 |
| Parker Hannifin Corp. | 1194 | &nbsp;&nbsp; 1204961 |
| Trane Technologies PLC | 3684 | &nbsp;&nbsp; 1703187 |
|  |  | &nbsp;&nbsp; $4312097 |
| Major Banks – 1.0% | Major Banks – 1.0% |  |
| Morgan Stanley | 11297 | &nbsp;&nbsp; $1881064 |
| Medical Equipment – 6.0% | Medical Equipment – 6.0% |  |
| Abbott Laboratories | 15306 | &nbsp;&nbsp; $1780853 |
| Boston Scientific Corp. (a) | 9370 | &nbsp;&nbsp; 720085 |
| Danaher Corp. | 6786 | &nbsp;&nbsp; 1429403 |
| Medtronic PLC | 26131 | &nbsp;&nbsp; 2551953 |
| Thermo Fisher Scientific, Inc. | 5085 | &nbsp;&nbsp; 2649844 |
| Waters Corp. (a) | 7397 | &nbsp;&nbsp; 2362454 |
|  |  | &nbsp;&nbsp; $11494592 |
| Other Banks & Diversified Financials – 4.0% | Other Banks & Diversified Financials – 4.0% |  |
| Fifth Third Bancorp | 21617 | &nbsp;&nbsp; $1069393 |
| Moody's Corp. | 1284 | &nbsp;&nbsp; 613226 |
| Visa, Inc., "A" | 18630 | &nbsp;&nbsp; 5964208 |
|  |  | &nbsp;&nbsp; $7646827 |
| Restaurants – 0.9% | Restaurants – 0.9% |  |
| Starbucks Corp. | 16715 | &nbsp;&nbsp; $1638404 |

---

------

MFS Active Growth ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Stores – 7.2% | Specialty Stores – 7.2% |  |
| Amazon.com, Inc. (a) | 53630 | &nbsp;&nbsp; $11262300 |
| TJX Cos., Inc. | 16413 | &nbsp;&nbsp; 2653326 |
|  |  | &nbsp;&nbsp; $13915626 |
| Tobacco – 1.2% | Tobacco – 1.2% |  |
| Philip Morris International, Inc. | 12548 | &nbsp;&nbsp; $2344343 |
| Utilities - Electric Power – 0.3% | Utilities - Electric Power – 0.3% |  |
| Constellation Energy | 1839 | &nbsp;&nbsp; $606649 |
| **Total Common Stocks (Identified Cost, $176,676,971)** |  | &nbsp;&nbsp; **$191850772** |
| Mutual Funds – 0.3% | Mutual Funds – 0.3% | Mutual Funds – 0.3% |
| Money Market Funds – 0.3% | Money Market Funds – 0.3% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.63% (j) (Identified Cost, $531,605) | 531605 | &nbsp;&nbsp; $531605 |
| Other Assets, Less Liabilities – 0.0% |  | &nbsp;&nbsp; 69923 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$192452300** |

---

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

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

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

**See Notes to Financial Statements**

------

MFS Active Growth ETF

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

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

---

| | |
|:---|:---|
| **At 2/28/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $177,208,576) | &nbsp;&nbsp; $192382377 |
| Foreign currency, at value (identified cost, $7) | &nbsp;&nbsp; 7 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 677685 |
| Interest and dividends | &nbsp;&nbsp; 79847 |
| Total assets | &nbsp;&nbsp; $193139916 |
| **Liabilities** |  |
| Payable to custodian | &nbsp;&nbsp; $2953 |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; 676827 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 7836 |
| Total liabilities | &nbsp;&nbsp; $687616 |
| Net assets | &nbsp;&nbsp; $192452300 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $184169054 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 8283246 |
| Net assets | &nbsp;&nbsp; $192452300 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 7100000 |
| Net asset value per share (net assets of $192,452,300 / 7,100,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $27.11 |

---

**See Notes to Financial Statements**

------

MFS Active Growth ETF

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

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

---

| | |
|:---|:---|
| **Year ended 2/28/26** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $686893 |
| Interest | &nbsp;&nbsp; 41051 |
| Other | &nbsp;&nbsp; 2872 |
| Income on securities loaned | &nbsp;&nbsp; 532 |
| Foreign taxes withheld | &nbsp;&nbsp; (7235)<br>|
| Total investment income | &nbsp;&nbsp; $724113 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $627807 |
| Miscellaneous | &nbsp;&nbsp; 434 |
| Total expenses | &nbsp;&nbsp; $628241 |
| Net investment income (loss) | &nbsp;&nbsp; $95872 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(6647163)<br>|
| Foreign currency | &nbsp;&nbsp; 230 |
| In-kind redemptions – unaffiliated issuers | &nbsp;&nbsp; 1688799 |
| Net realized gain (loss) | &nbsp;&nbsp; $(4958134)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $16272973 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $11314839 |
| Change in net assets from operations | &nbsp;&nbsp; $11410711 |

---

**See Notes to Financial Statements**

------

MFS Active Growth ETF

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

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/25 (c)** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $95872 | &nbsp;&nbsp; $10463 |
| Net realized gain (loss) | (4958134)<br>| &nbsp;&nbsp; (243392)<br>|
| Net unrealized gain (loss) | 16272973 | &nbsp;&nbsp; (1099172)<br>|
| Change in net assets from operations | $11410711 | &nbsp;&nbsp; $(1332101)<br>|
| Total distributions to shareholders | $(126553)<br>| $— |
| Change in net assets from fund share transactions | $138730003 | &nbsp;&nbsp; $43779264 |
| Miscellaneous capital | $(9024)<br>| $— |
| Total change in net assets | $150005137 | &nbsp;&nbsp; $42447163 |
| **Net assets** |  |  |
| At beginning of period | 42447163 |  |
| At end of period | $192452300 | &nbsp;&nbsp; $42447163 |

---

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

**See Notes to Financial Statements**

------

MFS Active Growth ETF

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

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

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/25 (c)** |
| Net asset value, beginning of period | $24.61 | &nbsp;&nbsp; $25.44 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d) | $0.02 | &nbsp;&nbsp; $0.01 |
| Net realized and unrealized gain (loss) | 2.50 | &nbsp;&nbsp; (0.84)<br>|
| Total from investment operations | $2.52 | &nbsp;&nbsp; $(0.83)<br>|
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $(0.02)<br>| $— |
| Miscellaneous capital | $(0.00)(w)<br>| $— |
| Net asset value, end of period (x) | $27.11 | &nbsp;&nbsp; $24.61 |
| Total return (%) (s)(x) | 10.25 | &nbsp;&nbsp; (3.28)(n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |
| Expenses | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> (a)<br>|
| Net investment income (loss) | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (a)<br>|
| Portfolio turnover rate (e) | 50 | &nbsp;&nbsp; 4<br> (n)<br>|
| Net assets at end of period (000 omitted) | $192452 | &nbsp;&nbsp; $42447 |

---

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

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Active Growth ETF

**Notes to Financial Statements**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

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

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

------

MFS Active Growth ETF

*Notes to Financial Statements - continued* 

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $191850772 | $— | $— | $191850772 |
| Investment Companies | 531605 |  |  | 531605 |
| Total | $192382377 | $— | $— | $192382377 |

---

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

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

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income. At February 28, 2026, there were no securities on loan or collateral outstanding.

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

------

MFS Active Growth ETF

*Notes to Financial Statements - continued* 

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

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

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

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

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

Book/tax differences primarily relate to wash sale loss deferrals and redemptions in-kind.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**2/28/26**<br>| &nbsp;&nbsp; **Year ended** <br>**2/28/25 (c)**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $126553 | $— |

---

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

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

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $177284069 |
| Gross appreciation | &nbsp;&nbsp; 23666695 |
| Gross depreciation | &nbsp;&nbsp; (8568387)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $15098308 |
| Capital loss carryforwards | &nbsp;&nbsp; (6815062)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $8283246 |

---

As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(6723257)<br>|
| Long-Term | (91805)<br>|
| Total | $(6815062)<br>|

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an Investment Management Agreement ("Management Agreement") with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.49% of the fund's average daily net assets. Under the Management Agreement, MFS will

------

MFS Active Growth ETF

*Notes to Financial Statements - continued* 

pay substantially all the fund's operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund's Board of Trustees.

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

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

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the year ended February 28, 2026.

**Other** — The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For theyear ended February 28, 2026, this reimbursement amounted to $2,866, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended February 28, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $70,478,153 and $64,299,657, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $138,164,407 and $5,854,580, respectively.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**2/28/26** | **Year ended** <br>**2/28/26** | **Year ended** <br>**2/28/25 (c)** | **Year ended** <br>**2/28/25 (c)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 5600000 | &nbsp;&nbsp; $144941412 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp; $43779264 |
| Shares reacquired | (225000)<br>| &nbsp;&nbsp; (6211409)<br>|  |  |
| Net change | 5375000 | &nbsp;&nbsp; $138730003 | &nbsp;&nbsp; 1725000 | &nbsp;&nbsp; $43779264 |

---

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

------

MFS Active Growth ETF

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of MFS Active Growth ETF and the Board of Trustees of MFS Active Exchange Traded Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of MFS Active Growth ETF (the "Fund") (one of the funds constituting MFS Active Exchange Traded Funds Trust (the "Trust")), including the portfolio of investments, as of February 28, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended February 28, 2026 and the period from December 5, 2024 (commencement of operations) through February 28, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Active Exchange Traded Funds Trust) at February 28, 2026, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year ended February 28, 2026 and the period from December 5, 2024 (commencement of operations) through February 28, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements 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 Trust 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 are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's 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 Trust'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, 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. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

April 15, 2026

------

MFS Active Growth ETF

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

For corporate shareholders, 100.00% of the ordinary income dividends paid during the prior calendar year qualify for the corporate dividends received deduction.

------

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

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

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

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

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

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

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

Not Applicable.

------

MFS Active Intermediate Muni Bond ETF

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

MFS Active Intermediate Muni Bond ETF

**Portfolio of Investments - 2/28/26** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – 85.0% | Municipal Bonds – 85.0% | Municipal Bonds – 85.0% |
| Alabama – 4.8% | Alabama – 4.8% | Alabama – 4.8% |
| Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), "A", 5%, <br> 6/01/2055 (Put Date 6/01/2032)<br>| $100000 | &nbsp;&nbsp; $104669 |
| Baldwin County, AL, Industrial Development Authority, Solid Waste Disposal Rev. (Novelis Corp. Project), "A", 4.3%, <br> 3/01/2056 (Put Date 3/01/2033) (w)<br>| 100000 | &nbsp;&nbsp; 100785 |
| Black Belt Energy Gas District, AL, Gas Project Rev. (Project No. 8), "A", 4%, 12/01/2052 (Put Date 12/01/2029) | 165000 | &nbsp;&nbsp; 169445 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "A", 5.25%, 5/01/2056 (Put Date 5/01/2032) | 110000 | &nbsp;&nbsp; 115056 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "B", 5%, 12/01/2033  | 425000 | &nbsp;&nbsp; 469192 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "B", 5%, 12/01/2034  | 100000 | &nbsp;&nbsp; 110423 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "B", 5%, 10/01/2055 (Put Date 9/01/2032) | 250000 | &nbsp;&nbsp; 272752 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "D", 5%, 3/01/2055 (Put Date 11/01/2034) | 250000 | &nbsp;&nbsp; 275783 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "F", 5%, 12/01/2034  | 150000 | &nbsp;&nbsp; 165236 |
| Black Belt Energy Gas District, AL, Gas Project Rev., "F", 5%, 12/01/2035  | 190000 | &nbsp;&nbsp; 208894 |
| Coffee County, AL, Board of Education Special Tax School Warrants, AGM, 5%, 2/01/2042 (w) | 500000 | &nbsp;&nbsp; 552567 |
| Energy Southeast, AL, Cooperative District Energy Supply Rev., "B", 5%, 9/01/2033  | 250000 | &nbsp;&nbsp; 264883 |
| Jacksonville, AL, Public Educational Building Authority, Higher Education Facilities Rev. (Jacksonville State University Foundation), "A", <br> BAM, 5.125%, 8/01/2044 <br>| 250000 | &nbsp;&nbsp; 266767 |
| Lower Alabama Gas District, Gas Project Rev., "A", 5%, 9/01/2034  | 210000 | &nbsp;&nbsp; 230701 |
| Mobile, AL, Industrial Development Board, Pollution Control Rev. (Alabama Power Co.), 3.3%, 7/15/2034 (Put Date 3/12/2026) | 150000 | &nbsp;&nbsp; 150028 |
| Southeast Alabama Energy Authority, "A", 5%, 11/01/2035  | 250000 | &nbsp;&nbsp; 268877 |
| Southeast Alabama Energy Authority, "C", 5%, 5/01/2055 (Put Date 2/01/2031) | 5000 | &nbsp;&nbsp; 5416 |
|  |  | &nbsp;&nbsp; $3731474 |
| Alaska – 0.6% | Alaska – 0.6% | Alaska – 0.6% |
| Alaska Municipal Bond Bank Authority, General Obligation & Refunding, "2", 5%, 12/01/2028  | $260000 | &nbsp;&nbsp; $275223 |
| Alaska Railroad Corp., Cruise Port Rev., AGM, 5.5%, 10/01/2039  | 200000 | &nbsp;&nbsp; 229188 |
|  |  | &nbsp;&nbsp; $504411 |
| Arizona – 1.8% | Arizona – 1.8% | Arizona – 1.8% |
| Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev. (Equitable School Revolving Fund LLC), <br> "A", 5%, 11/01/2037 <br>| $135000 | &nbsp;&nbsp; $149259 |
| Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev. (Equitable School Revolving Fund LLC), <br> "A", 5%, 11/01/2038 <br>| 190000 | &nbsp;&nbsp; 198192 |
| Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Rev. (Equitable School Revolving Fund LLC), <br> "A", 5%, 11/01/2039 <br>| 175000 | &nbsp;&nbsp; 190954 |
| Arizona Industrial Development Authority, Student Housing Rev. (Provident Group-NCCU Properties LLC-North Carolina Central <br> University Project), "A", BAM, 5%, 6/01/2049 <br>| 250000 | &nbsp;&nbsp; 252852 |
| Maricopa County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", 4.15%, 9/01/2040  | 245000 | &nbsp;&nbsp; 249984 |
| Phoenix, AZ, Industrial Development Authority, Solid Waste Disposal Rev. (Republic Services, Inc. Project), VRDN, 3%, <br> 12/01/2035 (Put Date 5/01/2026)<br>| 100000 | &nbsp;&nbsp; 100010 |
| Pima County, AZ, Industrial Development Authority, Single Family Mortgage Rev., "A", GNMA, 6%, 7/01/2055  | 245000 | &nbsp;&nbsp; 273725 |
|  |  | &nbsp;&nbsp; $1414976 |
| Arkansas – 0.1% | Arkansas – 0.1% | Arkansas – 0.1% |
| Arkansas Development Finance Authority, Resource Recovery Rev. (Weyerhaeuser Co. Project) , 3.875%, <br> 10/15/2065 (Put Date 10/15/2032)<br>| $100000 | &nbsp;&nbsp; $100626 |

---

EMUFS-ANN

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| California – 4.4% | California – 4.4% | California – 4.4% |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "B", 5%, 3/01/2036  | $155000 | &nbsp;&nbsp; $168911 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, <br> 8/01/2055 (Put Date 10/01/2032)<br>| 250000 | &nbsp;&nbsp; 270465 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "C", 5%, <br> 12/01/2055 (Put Date 10/01/2033)<br>| 450000 | &nbsp;&nbsp; 488218 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "D", 5%, <br> 2/01/2055 (Put Date 9/01/2032)<br>| 250000 | &nbsp;&nbsp; 276592 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "E", 5%, <br> 10/01/2056 (Put Date 5/01/2035)<br>| 250000 | &nbsp;&nbsp; 279985 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "F", 5%, <br> 2/01/2055 (Put Date 11/01/2032)<br>| 500000 | &nbsp;&nbsp; 548867 |
| California Community Choice Financing Authority, Clean Energy Project Rev. (Green Bonds), "H", 5%, <br> 1/01/2056 (Put Date 8/01/2033)<br>| 245000 | &nbsp;&nbsp; 273309 |
| California Municipal Finance Authority, COP (Palomar Health), "A", AGM, 5%, 11/01/2033  | 170000 | &nbsp;&nbsp; 183096 |
| California Municipal Finance Authority, Refunding Rev. (California Baptist University), "A", 5%, 11/01/2035  | 250000 | &nbsp;&nbsp; 269708 |
| California Statewide Communities Development Authority, Infrastructure Program Rev., "C-2", 5%, 9/02/2028  | 85000 | &nbsp;&nbsp; 89419 |
| California Statewide Communities Development Authority, Infrastructure Program Rev., "C-2", 5%, 9/02/2029  | 100000 | &nbsp;&nbsp; 106922 |
| Central Valley, CA, Energy Authority, Commodity Supply Rev., 5%, 12/01/2055 (Put Date 8/01/2035) | 100000 | &nbsp;&nbsp; 110985 |
| Los Angeles, CA, Department of Airports Rev. (Los Angeles International), "A", 5.25%, 5/15/2038  | 350000 | &nbsp;&nbsp; 365361 |
|  |  | &nbsp;&nbsp; $3431838 |
| Colorado – 4.7% | Colorado – 4.7% | Colorado – 4.7% |
| Adams & Arapahoe Counties, CO, Joint School District No. 28J, Certificates of Participation, BAM, 5.25%, 12/01/2043  | $110000 | &nbsp;&nbsp; $121427 |
| Adams County, CO, Bromley Park Metropolitan District No. 3, General Obligation, AGM, 5%, 12/01/2039  | 225000 | &nbsp;&nbsp; 246247 |
| Arapahoe County, CO, Cherry Creek School District No. 5, General Obligation, 5.25%, 12/15/2042  | 500000 | &nbsp;&nbsp; 575707 |
| Bennett, CO, Wastewater Rev., AGM, 5%, 12/01/2044  | 250000 | &nbsp;&nbsp; 270032 |
| Boulder County, CO, STC Metropolitan District No. 2, Limited Tax General Obligation & First Lien Special Refunding Rev., "A-1", AGM, <br> 5%, 12/01/2036 <br>| 215000 | &nbsp;&nbsp; 236150 |
| Colorado Educational & Cultural Facilities Authority, Charter School Rev. (Stargate Charter School Project), "A", 5.25%, 12/01/2045  | 100000 | &nbsp;&nbsp; 102143 |
| Colorado Health Facilities Authority Refunding Rev. (Frasier Meadows Manor), "A", 5%, 5/15/2040  | 100000 | &nbsp;&nbsp; 107455 |
| Colorado Health Facilities Authority Rev. (Covenant Living Communities & Services), "A", 5%, 12/01/2035  | 245000 | &nbsp;&nbsp; 271247 |
| Denver, CO, City & County Board of Water Commissioners, Water Rev., "A", 5%, 9/15/2047  | 210000 | &nbsp;&nbsp; 213455 |
| Denver, CO, City & County Housing Authority, Multi-Family Housing Rev. (4965 Washington Street Project), "A", 5%, 12/01/2045  | 10000 | &nbsp;&nbsp; 10333 |
| Denver, CO, Department of Aviation Airport System Rev., "A", 5%, 11/15/2029  | 110000 | &nbsp;&nbsp; 114468 |
| Douglas County, CO, Lanterns Metropolitan District No. 1, Limited Tax General Obligation Refunding & Improvement, AGM, 5%, <br> 12/01/2034 <br>| 250000 | &nbsp;&nbsp; 269388 |
| Douglas County, CO, Mirabelle Metropolitan District No. 2, Limited Tax General Obligation Refunding, "A", AGM, 5%, 12/01/2040  | 105000 | &nbsp;&nbsp; 113031 |
| Grand River, CO, Hospital District, Garfield & Mesa Counties, General Obligation, AGM, 6%, 12/01/2043  | 250000 | &nbsp;&nbsp; 294956 |
| Park Creek Metropolitan District, CO, Senior Limited Property Tax Supported Improvement & Refunding Rev., AGM, 5%, 12/01/2044  | 300000 | &nbsp;&nbsp; 321070 |
| Rampart Range Metropolitan District No. 1, Limited Tax Supported & Special Rev., AGM, 5%, 12/01/2044  | 300000 | &nbsp;&nbsp; 317773 |
| Weld County, CO, Greeley City Center West Residential Metropolitan District No. 2, General Obligation Refunding Rev., AGM, 5.5%, <br> 12/01/2045 <br>| 100000 | &nbsp;&nbsp; 107969 |
|  |  | &nbsp;&nbsp; $3692851 |
| Connecticut – 0.5% | Connecticut – 0.5% | Connecticut – 0.5% |
| Connecticut Higher Education Supplemental Loan Authority, State Supported Rev. (CHESLA Loan Program), "B-1", 5.25%, <br> 11/15/2034 <br>| $250000 | &nbsp;&nbsp; $279135 |
| Stamford, CT, Housing Authority Rev. (Mozaic Concierge Living Project), "D", 4.25%, 10/01/2030  | 100000 | &nbsp;&nbsp; 101571 |
|  |  | &nbsp;&nbsp; $380706 |
| Delaware – 0.3% | Delaware – 0.3% | Delaware – 0.3% |
| Delaware Housing Authority, Senior Single Family Rev., "A", GNMA, 5.75%, 1/01/2055  | $230000 | &nbsp;&nbsp; $254250 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| District of Columbia – 0.6% | District of Columbia – 0.6% | District of Columbia – 0.6% |
| District of Columbia, Housing Finance Agency, Collateralized Multi-Family Housing Mortgage Rev. (Belmont Crossing Phase II), 5%, <br> 3/01/2029 (Put Date 2/01/2028)<br>| $100000 | &nbsp;&nbsp; $104198 |
| District of Columbia, Housing Finance Agency, Multi-Family Housing Rev. (2911 Rhode Island Avenue Apartments Project), "A", FHA, <br> 5%, 3/01/2028 <br>| 250000 | &nbsp;&nbsp; 261096 |
| Metropolitan Washington, D.C., Airports Authority System Refunding Rev., "A", 5%, 10/01/2036  | 115000 | &nbsp;&nbsp; 120266 |
|  |  | &nbsp;&nbsp; $485560 |
| Florida – 5.5% | Florida – 5.5% | Florida – 5.5% |
| Charlotte County, FL, Industrial Development Authority, Utility System Rev. (Town & Country Utilities Project), 5.125%, 10/01/2035  | $100000 | &nbsp;&nbsp; $104921 |
| Daytona Beach, FL, Halifax Hospital Medical Center Rev., 5%, 6/01/2036  | 125000 | &nbsp;&nbsp; 125502 |
| Florida Capital Trust Authority, Educational Facilities Rev. (Madrone-Florida Tech Student Housing I LLC-Florida Institute of Technology <br> Project), "A", 4.75%, 7/01/2040 <br>| 100000 | &nbsp;&nbsp; 102452 |
| Florida Development Finance Corp. Rev. (Brightline Florida Passenger Rail Project), AGM, 5%, 7/01/2044  | 175000 | &nbsp;&nbsp; 173500 |
| Florida Development Finance Corp., Educational Facilities Rev. (Renaissance Charter School, Inc. Projects), "A", 4.9%, 6/15/2035  | 250000 | &nbsp;&nbsp; 266970 |
| Florida Higher Educational Facilities Financing Authority Rev. (Nova Southeastern University Project), 5%, 4/01/2036  | 105000 | &nbsp;&nbsp; 105137 |
| Florida Housing Finance Corp, Multi-Family Mortgage Rev. (The Enclave at Canopy Park), "I", 3.3%, 7/01/2058 (Put Date 1/01/2028) | 250000 | &nbsp;&nbsp; 251727 |
| Florida Local Government Finance Commission, Senior Living Rev. (Fleet Landing at Nocatee Project), "B-2", 4.45%, 11/15/2031  | 200000 | &nbsp;&nbsp; 202724 |
| Florida Pompano Beach Rev. (John Knox Village Project), 5%, 9/01/2039  | 150000 | &nbsp;&nbsp; 150106 |
| Greater Orlando, FL, Aviation Authority, Airport Facilities Rev., 5.25%, 10/01/2042  | 250000 | &nbsp;&nbsp; 278004 |
| Hillsborough County, FL, Aviation Authority, Tampa International Airport Rev., "A", 5%, 10/01/2035  | 180000 | &nbsp;&nbsp; 197919 |
| Lee County, FL, Airport Rev., "A-1", 5.25%, 10/01/2044 (w) | 150000 | &nbsp;&nbsp; 165432 |
| Lee County, FL, Airport Rev., "B", 4%, 10/01/2038  | 250000 | &nbsp;&nbsp; 253688 |
| Lee County, FL, Industrial Development Authority, Healthcare Facilities Rev. (Shell Point Obligated Group), "C", 5%, 11/15/2044  | 200000 | &nbsp;&nbsp; 206884 |
| Miami-Dade County, FL, Aviation Rev., "A", 5%, 10/01/2038  | 250000 | &nbsp;&nbsp; 250605 |
| Miami-Dade County, FL, Seaport Refunding Rev., "A", 5%, 10/01/2036  | 250000 | &nbsp;&nbsp; 273668 |
| Palm Beach County, FL, Airport System Rev., "B", 5.25%, 10/01/2043  | 175000 | &nbsp;&nbsp; 191645 |
| Pasco County, FL, Solid Waste Disposal & Resource Recovery System Rev., "A", 5%, 10/01/2038  | 665000 | &nbsp;&nbsp; 751058 |
| Pensacola, FL, Airport Rev., 5.25%, 10/01/2043  | 200000 | &nbsp;&nbsp; 219349 |
|  |  | &nbsp;&nbsp; $4271291 |
| Georgia – 3.0% | Georgia – 3.0% | Georgia – 3.0% |
| Atlanta, GA, Urban Residential Finance Authority, Multi-Family Housing Rev. (North Block), 3.4%, 2/01/2029 (Put Date 2/01/2028) | $100000 | &nbsp;&nbsp; $101216 |
| Commerce, GA, School District General Obligation, 6%, 8/01/2043  | 250000 | &nbsp;&nbsp; 300068 |
| DeKalb County, GA, Housing Authority, Affordable Multi-Family Housing Refunding Rev. (The Avenues of North Decatur), 4.125%, <br> 12/01/2034 <br>| 120000 | &nbsp;&nbsp; 122502 |
| Fulton County, GA, Development Authority Rev. (Georgia Tech Facilities, Inc.), 5%, 6/15/2044  | 430000 | &nbsp;&nbsp; 447687 |
| Georgia Main Street Energy, Inc., Energy Project Rev., "D", 5%, 12/01/2033  | 250000 | &nbsp;&nbsp; 272891 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 5/01/2054 (Put Date 9/01/2031) | 210000 | &nbsp;&nbsp; 229096 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "A", 5%, 6/01/2055 (Put Date 6/01/2032) | 345000 | &nbsp;&nbsp; 378781 |
| Georgia Main Street Natural Gas, Inc., Gas Supply Rev., "E", 5%, 5/01/2055 (Put Date 12/01/2032) | 250000 | &nbsp;&nbsp; 273370 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel First Tier), "A", 5.25%, 6/01/2040  | 100000 | &nbsp;&nbsp; 109842 |
| Savannah, GA, Convention Center Authority Rev. (Convention Center Hotel Second Tier), "B", 5.5%, 6/01/2040  | 135000 | &nbsp;&nbsp; 141085 |
|  |  | &nbsp;&nbsp; $2376538 |
| Hawaii – 0.6% | Hawaii – 0.6% | Hawaii – 0.6% |
| Hawaii Airports System Rev., "C", 5%, 7/01/2043  | $200000 | &nbsp;&nbsp; $216364 |
| Hawaii Harbor System Rev., "A", 4%, 7/01/2036  | 215000 | &nbsp;&nbsp; 220378 |
|  |  | &nbsp;&nbsp; $436742 |
| Idaho – 0.1% | Idaho – 0.1% | Idaho – 0.1% |
| Idaho Health Facilities Authority Rev. (St. Luke's Health System Project), "C", 5%, 3/01/2060 (Put Date 3/01/2035) | $70000 | &nbsp;&nbsp; $78663 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Illinois – 4.5% | Illinois – 4.5% | Illinois – 4.5% |
| Chicago, IL, Board of Education, Dedicated Capital Improvement, 5.25%, 4/01/2033  | $100000 | &nbsp;&nbsp; $113281 |
| Chicago, IL, Board of Education, Unlimited Tax General Obligation Refunding Dedicated Rev., "B", 7%, 12/01/2042 (n) | 250000 | &nbsp;&nbsp; 259120 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2028  | 130000 | &nbsp;&nbsp; 133441 |
| Chicago, IL, General Obligation, "A", 5%, 1/01/2041  | 100000 | &nbsp;&nbsp; 103642 |
| Chicago, IL, Midway Airport Refunding Rev., "A", 5%, 1/01/2028  | 250000 | &nbsp;&nbsp; 260906 |
| Cook County, IL, Community College District No. 152 1/2 (Hazel Crest), AGM, 5%, 12/01/2036  | 300000 | &nbsp;&nbsp; 344323 |
| Illinois Finance Authority Rev. (The Moorings of Arlington Heights), "A", 5%, 11/01/2036  | 130000 | &nbsp;&nbsp; 143743 |
| Illinois Finance Authority Rev. (University of Chicago), "A", 5.25%, 4/01/2043  | 100000 | &nbsp;&nbsp; 110671 |
| Illinois Finance Authority, Graduate & Professional Student Loan Program Rev. (Midwestern University Foundation), "A", 4.25%, <br> 7/01/2041 <br>| 100000 | &nbsp;&nbsp; 103757 |
| Illinois Finance Authority, Student Housing & Academic Facility Rev. (CHF - Chicago LLC - University of Illinois at Chicago Project), <br> "A", 5%, 2/15/2037 <br>| 200000 | &nbsp;&nbsp; 202211 |
| Illinois Finance Authority, Surface Freight Transfer Facilities Rev. (Centerpoint Joliet Terminal Railroad Project), 4.8%, <br> 12/01/2043 (Put Date 7/02/2035)<br>| 200000 | &nbsp;&nbsp; 209959 |
| Illinois Sales Tax Securitization Corp., "A", 5%, 1/01/2044  | 270000 | &nbsp;&nbsp; 278576 |
| Illinois State Toll Highway Authority, Senior Rev., "A", 5.25%, 1/01/2045  | 150000 | &nbsp;&nbsp; 163073 |
| Lake County, IL, Mundelein Park & Recreation District, General Obligation Park Bonds (Alternate Rev. Source), "B", 5%, 3/01/2039  | 205000 | &nbsp;&nbsp; 231701 |
| Northeastern, IL, Board of Trustees, University Certificates of Participation (Capital Improvement Projects), BAM, 5.25%, 7/01/2037  | 100000 | &nbsp;&nbsp; 112060 |
| State of Illinois, General Obligation, 5.5%, 5/01/2039  | 250000 | &nbsp;&nbsp; 270413 |
| Tazewell County, IL, School District No. 52, General Obligation, BAM, 6.5%, 12/01/2042  | 100000 | &nbsp;&nbsp; 120521 |
| Trustees of the University of Illinois, Housing and Auxiliary Facilities System Rev., "A" , BAM, 5%, 4/01/2039  | 310000 | &nbsp;&nbsp; 333782 |
|  |  | &nbsp;&nbsp; $3495180 |
| Indiana – 1.6% | Indiana – 1.6% | Indiana – 1.6% |
| Gary/Chicago, IN, International Airport Authority, Development Zone Rev., AGM, 5.25%, 2/01/2042  | $100000 | &nbsp;&nbsp; $111980 |
| Indiana Finance Authority Rev. (Greenwood Village South Project), "C-2", 3.75%, 5/15/2032  | 100000 | &nbsp;&nbsp; 100420 |
| Indiana Finance Authority Rev. (Marquette Project), "A", 5%, 3/01/2036  | 120000 | &nbsp;&nbsp; 131917 |
| Indiana Finance Authority, Health System Rev. (Franciscan Alliance, Inc. Obligated Group), "B", 5%, 11/01/2041  | 250000 | &nbsp;&nbsp; 250364 |
| Indiana Finance Authority, Senior Living Rev. (Indiana Masonic Home Project), "A", 4.3%, 5/01/2029  | 100000 | &nbsp;&nbsp; 102610 |
| Indiana Secondary Market for Education Loans, Inc., Student Loan Program Rev., "1A", 4%, 6/01/2046  | 160000 | &nbsp;&nbsp; 158130 |
| Lawrence County, IN, North Lawrence Community School Buildings Corp., Ad Valorem Property Tax First Mortgage, 5%, 7/15/2038  | 100000 | &nbsp;&nbsp; 112443 |
| Westfield Washington, IN, Multi-School Building Corp. (Hamilton County), "A", BAM, 5.25%, 7/15/2043  | 250000 | &nbsp;&nbsp; 276057 |
|  |  | &nbsp;&nbsp; $1243921 |
| Iowa – 0.4% | Iowa – 0.4% | Iowa – 0.4% |
| Iowa Student Loan Liquidity Corp. Rev., "B", 5%, 12/01/2033  | $250000 | &nbsp;&nbsp; $274872 |
| Kansas – 0.5% | Kansas – 0.5% | Kansas – 0.5% |
| Garden City, KS, Sales Tax Special Obligation Rev. (Sports of the World Star Bond Project-Phase II), 4.25%, 6/01/2033  | $100000 | &nbsp;&nbsp; $101114 |
| Miami County, KS, Osawatomie Unified School District No. 367, General Obligation, BAM, 5.25%, 9/01/2042  | 300000 | &nbsp;&nbsp; 328438 |
|  |  | &nbsp;&nbsp; $429552 |
| Kentucky – 1.6% | Kentucky – 1.6% | Kentucky – 1.6% |
| Kentucky Bond Development Corp., Hospital Rev. (Baptist Healthcare System Obligated Group), "A", AGM, 5%, <br> 8/15/2055 (Put Date 8/15/2035)<br>| $500000 | &nbsp;&nbsp; $575936 |
| Kentucky Economic Development Finance Authority Rev. (CommonSpirit Health), "A-2", 5%, 8/01/2032  | 125000 | &nbsp;&nbsp; 134427 |
| Kentucky Economic Development Finance Authority Rev. (CommonSpirit Health), "A-2", 5%, 8/01/2035  | 125000 | &nbsp;&nbsp; 132965 |
| Kentucky Public Energy Authority, Gas Supply Rev., "B", 5%, 12/01/2033  | 370000 | &nbsp;&nbsp; 394265 |
|  |  | &nbsp;&nbsp; $1237593 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Louisiana – 1.2% | Louisiana – 1.2% | Louisiana – 1.2% |
| Juban Crossing, LA, Economic Development District Refunding Rev. (General Infrastructure Projects), "C", 5%, 9/15/2036  | $250000 | &nbsp;&nbsp; $280508 |
| Louisiana Local Government, Environmental Facilities & Community Development Authority Rev. (Calcasieu Parish School Project), <br> BAM, 5%, 12/01/2039 <br>| 250000 | &nbsp;&nbsp; 278365 |
| New Orleans, LA, Aviation Board General Airport Rev. (North Terminal Project), "B", 5%, 1/01/2036  | 355000 | &nbsp;&nbsp; 360165 |
|  |  | &nbsp;&nbsp; $919038 |
| Maine – 0.8% | Maine – 0.8% | Maine – 0.8% |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), 4.625%, 12/01/2047 (Put Date 6/01/2035) | $100000 | &nbsp;&nbsp; $104507 |
| Maine Finance Authority, Solid Waste Disposal Rev. (Casella Waste Systems, Inc. Project), "R-3", 5%, 8/01/2035  | 100000 | &nbsp;&nbsp; 108258 |
| Maine Finance Authority, Student Loan Rev. (Supplemental Education Loan Program), "A-1", AGM, 5%, 12/01/2037  | 70000 | &nbsp;&nbsp; 74462 |
| Maine Health & Higher Educational Facilities Authority Rev. (University of New England), "B", 4%, 7/01/2037  | 300000 | &nbsp;&nbsp; 302356 |
|  |  | &nbsp;&nbsp; $589583 |
| Maryland – 0.5% | Maryland – 0.5% | Maryland – 0.5% |
| Maryland Health & Higher Educational Facilities Authority Rev. (Kennedy Krieger Institute, Inc.), "A", 5.25%, 7/01/2044  | $100000 | &nbsp;&nbsp; $107047 |
| Maryland Health & Higher Educational Facilities Authority Rev. (Maryland Institute College of Art), 4%, 6/01/2042  | 210000 | &nbsp;&nbsp; 188217 |
| Maryland Health & Higher Educational Facilities Authority Rev. (TidalHealth, Inc.), "C", AGM, 5%, 7/01/2042  | 100000 | &nbsp;&nbsp; 110485 |
|  |  | &nbsp;&nbsp; $405749 |
| Massachusetts – 2.9% | Massachusetts – 2.9% | Massachusetts – 2.9% |
| Dover, MA, General Obligation Municipal Purpose Loan, 5%, 6/15/2039  | $115000 | &nbsp;&nbsp; $131770 |
| Massachusetts Development Finance Agency Refunding Rev. (Mass General Brigham), "A", 5%, 7/01/2041 (w) | 250000 | &nbsp;&nbsp; 282729 |
| Massachusetts Development Finance Agency Refunding Rev. (Middlesex Sustainable Energy Partners), "A", 5.5%, 10/01/2039  | 250000 | &nbsp;&nbsp; 280096 |
| Massachusetts Development Finance Agency Refunding Rev. (Suffolk University), "A", 5%, 7/01/2036  | 250000 | &nbsp;&nbsp; 255840 |
| Massachusetts Development Finance Agency Rev. (Boston Medical Center), "D", 5%, 7/01/2044  | 235000 | &nbsp;&nbsp; 235122 |
| Massachusetts Development Finance Agency Rev. (Newbridge on the Charles, Inc.), 5%, 10/01/2037 (n) | 125000 | &nbsp;&nbsp; 126888 |
| Massachusetts Development Finance Agency Rev. (UMass Memorial Health Care Obligated Group), "I", 5%, 7/01/2041  | 165000 | &nbsp;&nbsp; 165603 |
| Massachusetts Development Finance Agency Rev. (Wentworth Institute of Technology), 5%, 10/01/2046  | 125000 | &nbsp;&nbsp; 122063 |
| Massachusetts Development Finance Agency, Refunding Rev. (Lasell Village, Inc.), 5%, 7/01/2034  | 195000 | &nbsp;&nbsp; 218031 |
| Massachusetts Educational Financing Authority, Education Loan Rev., "B", 5%, 7/01/2029  | 300000 | &nbsp;&nbsp; 317098 |
| Massachusetts Port Authority Rev., "A", 5%, 7/01/2039  | 105000 | &nbsp;&nbsp; 110163 |
|  |  | &nbsp;&nbsp; $2245403 |
| Michigan – 1.4% | Michigan – 1.4% | Michigan – 1.4% |
| Ionia, MI, Public Schools General Obligation Unlimited Tax Building Site Bonds, "I", 5%, 5/01/2044 (w) | $500000 | &nbsp;&nbsp; $545210 |
| Kent County, MI, Wyoming Public Schools, Unlimited Tax General Obligation Building & Site Bonds, BAM, 5%, 5/01/2040 (w) | 250000 | &nbsp;&nbsp; 283500 |
| Wayne County, MI, Airport Authority Rev. (Detroit Metropolitan Wayne County Airport), "B", 5%, 12/01/2042  | 250000 | &nbsp;&nbsp; 254997 |
|  |  | &nbsp;&nbsp; $1083707 |
| Minnesota – 2.1% | Minnesota – 2.1% | Minnesota – 2.1% |
| Duluth, MN, Economic Development Authority, Health Care Facilities Rev. (Essentia Health), "A", 5%, 2/15/2037  | $150000 | &nbsp;&nbsp; $155370 |
| Edina, MN, General Obligation Capital Improvement Plan and Sales Tax Rev., "B", 4%, 2/01/2042  | 250000 | &nbsp;&nbsp; 259499 |
| Minneapolis, MN, Health Care Systems Rev. (Fairview Health Services), "A", 5%, 11/15/2035  | 160000 | &nbsp;&nbsp; 166416 |
| Minnesota General Obligation State Trunk Highway Rev., "B", 4%, 8/01/2041  | 500000 | &nbsp;&nbsp; 519783 |
| Minnesota Housing Finance Agency, Residential Housing Finance Rev., "F", 5.75%, 7/01/2053  | 210000 | &nbsp;&nbsp; 226398 |
| Minnetonka, MN, Independent School District No. 276, General Obligation School Building, Capital Appreciation Bonds, "A", 0%, <br> 2/01/2043 <br>| 200000 | &nbsp;&nbsp; 100171 |
| Saint Paul, MN, Metropolitan Airports Commission Subordinate Rev., "B", 5.25%, 1/01/2042  | 190000 | &nbsp;&nbsp; 208861 |
|  |  | &nbsp;&nbsp; $1636498 |
| Missouri – 0.3% | Missouri – 0.3% | Missouri – 0.3% |
| Sikeston, MO, Board of Municipal Utilities Lessee, Certificates of Participation, 5%, 9/01/2041 (w) | $220000 | &nbsp;&nbsp; $237293 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Nebraska – 0.4% | Nebraska – 0.4% | Nebraska – 0.4% |
| Omaha, NE, Airport Authority, Airport Facilities Rev., AGM, 5.25%, 12/15/2040  | $300000 | &nbsp;&nbsp; $337127 |
| New Hampshire – 1.3% | New Hampshire – 1.3% | New Hampshire – 1.3% |
| National Finance Authority, NH, Affordable Housing Certificates, "A-1", 4.75%, 6/20/2041 (Put Date 6/01/2035) | $249454 | &nbsp;&nbsp; $263811 |
| New Hampshire Business Finance Authority, Water Facility Rev. (Pennichuck Water Works, Inc. Project), "A", 5.75%, 4/01/2035  | 105000 | &nbsp;&nbsp; 120822 |
| New Hampshire Health & Education Facilities Authority Rev. (Dartmouth Hitchcock Obligated Group), "A", 5%, 8/01/2038  | 250000 | &nbsp;&nbsp; 257820 |
| New Hampshire Health & Education Facilities Authority, Education Loan Rev. (Granite Advance Corp. Issue), "B", 5%, 10/01/2035  | 125000 | &nbsp;&nbsp; 139703 |
| New Hampshire National Finance Authority, Municipal Certificates, "A-1", 4.168%, 1/20/2041  | 99192 | &nbsp;&nbsp; 100239 |
| New Hampshire National Finance Authority, Municipal Certificates, "A-2", 4.167%, 1/20/2041  | 99192 | &nbsp;&nbsp; 98879 |
|  |  | &nbsp;&nbsp; $981274 |
| New Jersey – 1.5% | New Jersey – 1.5% | New Jersey – 1.5% |
| New Jersey Economic Development Authority, Dock & Wharf Facility Rev. (Repauno Port & Rail Terminal Project), 6.375%, 1/01/2035  | $100000 | &nbsp;&nbsp; $105392 |
| New Jersey Tobacco Settlement Financing Corp., "A", 5.25%, 6/01/2046  | 215000 | &nbsp;&nbsp; 216511 |
| New Jersey Transportation Trust Fund Authority, "A", 4.25%, 6/15/2040  | 210000 | &nbsp;&nbsp; 219233 |
| New Jersey Transportation Trust Fund Authority, "CC", 5%, 6/15/2042  | 250000 | &nbsp;&nbsp; 278424 |
| Passaic County, NJ, Improvement Authority, Charter School Rev. (Paterson Charter School for Science & Technology, Inc. Project), <br> 4.125%, 7/01/2033 <br>| 100000 | &nbsp;&nbsp; 103279 |
| South Jersey, NJ, Port Corp. Subordinated Marine Terminal Rev., "B", 5%, 1/01/2042  | 260000 | &nbsp;&nbsp; 264609 |
|  |  | &nbsp;&nbsp; $1187448 |
| New Mexico – 0.8% | New Mexico – 0.8% | New Mexico – 0.8% |
| New Mexico Municipal Energy Acquisition Authority, Gas Supply Refunding Rev., 5%, 6/01/2054 (Put Date 11/01/2030) | $100000 | &nbsp;&nbsp; $108362 |
| Santa Fe County, NM, Multi-Family Housing Rev. (Cresta Ranch Apartments), 3.29%, 12/10/2049 (Put Date 6/01/2028) | 500000 | &nbsp;&nbsp; 504510 |
|  |  | &nbsp;&nbsp; $612872 |
| New York – 4.0% | New York – 4.0% | New York – 4.0% |
| New York Dormitory Authority Rev. (New School), "A", 5%, 7/01/2042  | $250000 | &nbsp;&nbsp; $263806 |
| New York Dormitory Authority Rev. (White Plains Hospital Obligated Group), AGM, 5.25%, 10/01/2044  | 175000 | &nbsp;&nbsp; 188596 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 5%, 1/01/2029 <br>| 120000 | &nbsp;&nbsp; 124499 |
| New York Transportation Development Corp., Special Facilities Rev. (Delta Airlines, Inc. LaGuardia Airport Terminals C&D <br> Redevelopment Project), 6%, 4/01/2035 <br>| 250000 | &nbsp;&nbsp; 278975 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project), <br> AGM, 5.5%, 6/30/2042 <br>| 245000 | &nbsp;&nbsp; 264004 |
| New York Transportation Development Corp., Special Facilities Rev. (John F. Kennedy International Airport New Terminal One Project, <br> Green Bonds), 6%, 6/30/2040 <br>| 250000 | &nbsp;&nbsp; 289841 |
| New York Transportation Development Corp., Special Facilities Rev. (Terminal 4 John F. Kennedy International Airport Project), 5%, <br> 12/01/2032 <br>| 200000 | &nbsp;&nbsp; 224681 |
| New York, NY, City Housing Development Corp., Multi-Family Housing Rev., "F-2", 3.4%, 11/01/2064 (Put Date 1/02/2029) | 500000 | &nbsp;&nbsp; 505958 |
| New York, NY, City Housing Development Corp., Multi-Family Mortgage Rev. (8 Spruce Street), "E", 4.375%, 12/15/2031  | 100000 | &nbsp;&nbsp; 103283 |
| New York, NY, Transitional Finance Authority Rev., "D", 5%, 5/01/2042  | 250000 | &nbsp;&nbsp; 278642 |
| New York, NY, Transitional Finance Authority Rev., "D-1", 4%, 11/01/2042  | 250000 | &nbsp;&nbsp; 251623 |
| Rockland County, NY, Solid Waste Management Authority, Special Obligation Rev. (Animal Shelter Project), "A", 5.5%, 12/15/2044  | 340000 | &nbsp;&nbsp; 381497 |
|  |  | &nbsp;&nbsp; $3155405 |
| North Carolina – 1.7% | North Carolina – 1.7% | North Carolina – 1.7% |
| Greater Asheville, NC, Regional Airport Authority System Rev., "A", AGM, 5.25%, 7/01/2038  | $500000 | &nbsp;&nbsp; $549841 |
| North Carolina Medical Care Commission, Health Care Facilities First Mortgage Rev. (Lutheran Services for the Aging), "A", 4%, <br> 3/01/2030 <br>| 125000 | &nbsp;&nbsp; 129193 |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Refunding Rev. (Pennybyrn at Maryfield), 5.25%, <br> 10/01/2037 <br>| 100000 | &nbsp;&nbsp; 107334 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| North Carolina – continued | North Carolina – continued | North Carolina – continued |
| North Carolina Medical Care Commission, Retirement Facilities First Mortgage Rev. (Deerfield Episcopal Retirement Community <br> Project), "A", 5.25%, 11/01/2046 <br>| $250000 | &nbsp;&nbsp; $261515 |
| Raleigh, NC, Housing Authority, Multi-Family Housing Rev. (919 at Cross Link), "B", 5%, 8/01/2028 (Put Date 8/01/2027) | 250000 | &nbsp;&nbsp; 258254 |
|  |  | &nbsp;&nbsp; $1306137 |
| North Dakota – 0.3% | North Dakota – 0.3% | North Dakota – 0.3% |
| Grand Forks, ND, Health Care Systems Rev. (Altru Health System), 5%, 12/01/2030  | $120000 | &nbsp;&nbsp; $128803 |
| Horace, ND, Refunding Improvement, "C", 5.5%, 5/01/2038  | 125000 | &nbsp;&nbsp; 135209 |
|  |  | &nbsp;&nbsp; $264012 |
| Ohio – 2.0% | Ohio – 2.0% | Ohio – 2.0% |
| Buckeye, OH, Tobacco Settlement Financing Authority, Senior Asset-Backed Refunding, 2020 A-2, "1", 5%, 6/01/2033  | $250000 | &nbsp;&nbsp; $270910 |
| Columbus, OH, Metropolitan Housing Authority, General Rev. (Orchards Project & Eden Park Project), 5%, 12/01/2034  | 250000 | &nbsp;&nbsp; 267571 |
| Columbus, OH, Regional Airport Authority Rev. (John Glenn Columbus International Airport), "A", AGM, 5%, 1/01/2035  | 100000 | &nbsp;&nbsp; 115219 |
| Cuyahoga County, OH, Hospital Rev. (MetroHealth System), 5.5%, 2/15/2052  | 350000 | &nbsp;&nbsp; 346519 |
| Erie & Sandusky Counties, OH, Margaretta Local School District (Ohio Certificates of Participation School Facilities Project), BAM, <br> 5.5%, 10/01/2037 <br>| 145000 | &nbsp;&nbsp; 164424 |
| Ohio State Healthcare Facility Rev. (Otterbein Homes Obligated Group), 4%, 7/01/2036  | 240000 | &nbsp;&nbsp; 248499 |
| Shelby & Darke Counties, OH, Fort Loramie Local School District, Certificates of Participation, 5.25%, 12/01/2045  | 115000 | &nbsp;&nbsp; 119318 |
|  |  | &nbsp;&nbsp; $1532460 |
| Oklahoma – 1.3% | Oklahoma – 1.3% | Oklahoma – 1.3% |
| Cleveland County, OK, Home Loan Authority, Single Family Mortgage Rev., "A", GNMA, 5.75%, 1/01/2056  | $250000 | &nbsp;&nbsp; $279410 |
| Lawton, OK, Industrial Development Authority, Sales Tax Rev., "A", 5%, 7/01/2044 (w) | 300000 | &nbsp;&nbsp; 320865 |
| Tulsa County, OK, Home Finance Authority, Single Family Mortgage Rev., "A", GNMA, 5.75%, 7/01/2056  | 125000 | &nbsp;&nbsp; 139236 |
| Tulsa, OK, Airport Improvement Trust General Rev., "A", BAM, 5%, 6/01/2028  | 245000 | &nbsp;&nbsp; 257091 |
|  |  | &nbsp;&nbsp; $996602 |
| Oregon – 0.4% | Oregon – 0.4% | Oregon – 0.4% |
| Union County, OR, Hospital Facility Authority Rev. (Grande Ronde Hospital Project), 5%, 7/01/2040  | $150000 | &nbsp;&nbsp; $156490 |
| Washington, Clackamas, and Yamhill Counties, OR, Sherwood School District No. 88, General Obligation, Capital Appreciation, "A", <br> 0%, 6/15/2034 <br>| 250000 | &nbsp;&nbsp; 178095 |
|  |  | &nbsp;&nbsp; $334585 |
| Pennsylvania – 7.4% | Pennsylvania – 7.4% | Pennsylvania – 7.4% |
| Adams County, PA, General Authority Rev. (Brethren Home Community Project), "A", 5%, 6/01/2034  | $125000 | &nbsp;&nbsp; $134695 |
| Allegheny County, PA, Airport Authority Rev. (Pittsburgh International Airport), "A", AGM, 5%, 1/01/2036  | 215000 | &nbsp;&nbsp; 244639 |
| Allegheny County, PA, Hospital Development Authority Rev. (Allegheny Health Network Obligated Group), "A", 5%, 4/01/2036  | 245000 | &nbsp;&nbsp; 255374 |
| Allegheny County, PA, North Allegheny School District, General Obligation (Limited Tax), 4%, 5/01/2035  | 500000 | &nbsp;&nbsp; 517393 |
| Chester County, PA, Health & Education Facilities Authority Rev. (Tel Hai Retirement Community Project), 5.125%, 6/01/2046  | 195000 | &nbsp;&nbsp; 200999 |
| DuBois, PA, Hospital Rev. (Penn Highlands Healthcare), 5%, 7/15/2036  | 140000 | &nbsp;&nbsp; 143188 |
| Erie County, PA, Sewer Authority Rev., BAM, 5%, 12/01/2042  | 165000 | &nbsp;&nbsp; 177946 |
| Erie, PA, Higher Education Building Authority Rev. (AICUP Financing Program-Gannon University Project), "XX1", 4%, 5/01/2033  | 100000 | &nbsp;&nbsp; 100482 |
| Lancaster, PA, Municipal Authority, Healthcare Facilities Rev. (Luthercare Project), "A", 4%, 12/01/2035  | 240000 | &nbsp;&nbsp; 249923 |
| Luzerne County, PA, Hanover Area School District, General Obligation, BAM, 5%, 6/01/2043  | 100000 | &nbsp;&nbsp; 107777 |
| Northampton County, PA, General Purpose Authority, Hospital Rev. (St. Luke's University Health Network Project), "A-1", 5%, <br> 8/15/2044 <br>| 140000 | &nbsp;&nbsp; 147261 |
| Pennsylvania Economic Development Financing Authority Rev. (University of Pittsburg Medical Center), "A", 5%, <br> 3/15/2060 (Put Date 3/15/2035)<br>| 280000 | &nbsp;&nbsp; 310812 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), 5.25%, <br> 6/30/2036 <br>| 165000 | &nbsp;&nbsp; 183786 |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (PennDOT Major Bridges Package One Project), AGM, <br> 5.5%, 6/30/2042 <br>| 500000 | &nbsp;&nbsp; 545506 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Pennsylvania – continued | Pennsylvania – continued | Pennsylvania – continued |
| Pennsylvania Economic Development Financing Authority, Private Activity Rev. (Pennsylvania Rapid Bridge Replacement Project), 5%, <br> 12/31/2034 <br>| $500000 | &nbsp;&nbsp; $502492 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 4.125%, 6/01/2045  | 124000 | &nbsp;&nbsp; 124759 |
| Pennsylvania Higher Educational Assistance Agency, Education Loan Rev., "1A", 4.75%, 6/01/2046  | 97000 | &nbsp;&nbsp; 98610 |
| Pennsylvania Housing Finance Agency, Multi-Family Housing Development (Country Commons Apartments), FNMA, 3.6%, 8/01/2035  | 180349 | &nbsp;&nbsp; 183326 |
| Pennsylvania Public School Building Authority, College Rev. (Delaware County Community College Project), BAM, 5.25%, 10/01/2044  | 265000 | &nbsp;&nbsp; 281121 |
| Pennsylvania School District Authority Rev. (William Penn School District Project), "B", BAM, 5%, 3/15/2043  | 100000 | &nbsp;&nbsp; 106052 |
| Pennsylvania Turnpike Commission Rev., "A", 5%, 12/01/2045 (w) | 500000 | &nbsp;&nbsp; 548836 |
| Pennsylvania Turnpike Commission Rev., "A-1", 5%, 12/01/2046 (Prerefunded 6/01/2026) | 110000 | &nbsp;&nbsp; 110743 |
| Philadelphia, PA, Hospitals and Higher Education Facilities Authority Rev. (Temple University Health System Obligated Group), AGM, <br> 5%, 7/01/2036 <br>| 115000 | &nbsp;&nbsp; 128044 |
| Philadelphia, PA, Housing Authority, General Rev. (PHA Headquarters Project), 5%, 5/01/2039  | 250000 | &nbsp;&nbsp; 257857 |
| Southeastern Pennsylvania Transportation Authority Rev. (Asset Improvement Program), 5.25%, 6/01/2047  | 135000 | &nbsp;&nbsp; 142901 |
|  |  | &nbsp;&nbsp; $5804522 |
| Puerto Rico – 1.3% | Puerto Rico – 1.3% | Puerto Rico – 1.3% |
| Commonwealth of Puerto Rico, General Obligation Restructured, "A-1", 5.625%, 7/01/2027  | $300000 | &nbsp;&nbsp; $306984 |
| Puerto Rico Electric Power Authority Rev., "VV", NPFG, 5.25%, 7/01/2030  | 325000 | &nbsp;&nbsp; 332263 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., "A-2", 4.329%, 7/01/2040  | 250000 | &nbsp;&nbsp; 250435 |
| Puerto Rico Sales Tax Financing Corp., Restructured Sales Tax Rev., Capital Appreciation, "A-1", 0%, 7/01/2033  | 201000 | &nbsp;&nbsp; 155962 |
|  |  | &nbsp;&nbsp; $1045644 |
| Rhode Island – 1.1% | Rhode Island – 1.1% | Rhode Island – 1.1% |
| Providence, RI, Public Buildings Authority Rev. (Capital Improvement Program Projects), "A", AGM, 5%, 9/15/2035  | $375000 | &nbsp;&nbsp; $385263 |
| Rhode Island Health & Educational Building Corp., Hospital Financing Rev. (Lifespan Obligated Group), 4%, 5/15/2036  | 125000 | &nbsp;&nbsp; 125440 |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 5%, 12/01/2033  | 250000 | &nbsp;&nbsp; 274516 |
| Rhode Island Student Loan Authority, Education Loan Rev., "B", 4.125%, 12/01/2043  | 65000 | &nbsp;&nbsp; 63767 |
|  |  | &nbsp;&nbsp; $848986 |
| South Carolina – 1.3% | South Carolina – 1.3% | South Carolina – 1.3% |
| Charleston, SC, Housing Authority Rev. (1800 Ashley West), 4.5%, 9/01/2035  | $100000 | &nbsp;&nbsp; $103352 |
| South Carolina Jobs & Economic Development Authority, Economic Development Rev. (Foothill Affordable Housing Foundation - <br> Paddock Club and Fairway Projects), FHLMC, 4%, 3/01/2062 (Put Date 3/01/2035)<br>| 100000 | &nbsp;&nbsp; 104263 |
| South Carolina Jobs & Economic Development Authority, Health Care Facilities Rev. (Novant Health Obligated Group), "A", 5.5%, <br> 11/01/2045 <br>| 260000 | &nbsp;&nbsp; 286177 |
| South Carolina Jobs & Economic Development Authority, Residential Development Rev. (Latitude at Wescott), 4%, 11/01/2035  | 200000 | &nbsp;&nbsp; 202854 |
| South Carolina Jobs & Economic Development Authority, Solid Waste Disposal Rev. (Enerra South Carolina Project), 3.7%, <br> 12/15/2027 (Put Date 12/01/2026)<br>| 105000 | &nbsp;&nbsp; 105286 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "A", 5%, 12/01/2038  | 125000 | &nbsp;&nbsp; 125567 |
| South Carolina Public Service Authority Rev. (Santee Cooper), "B", 5%, 12/01/2032  | 125000 | &nbsp;&nbsp; 127314 |
|  |  | &nbsp;&nbsp; $1054813 |
| Tennessee – 0.5% | Tennessee – 0.5% | Tennessee – 0.5% |
| Nashville, TN, Metropolitan Airport Authority, Improvement Rev., "B", 5%, 7/01/2046  | $250000 | &nbsp;&nbsp; $262571 |
| Rutherford County, Tennessee, Health & Educational Facilities Board, Student Housing Rev. (Madrone - MTSU Student Housing I, LLC <br> Project), "A-1", BAM, 5%, 7/01/2040 <br>| 100000 | &nbsp;&nbsp; 109404 |
|  |  | &nbsp;&nbsp; $371975 |
| Texas – 8.1% | Texas – 8.1% | Texas – 8.1% |
| Arlington, TX, Higher Education Finance Corp. Refunding Rev. (Basis Texas Charter Schools, Inc.), 5.125%, 6/15/2040  | $130000 | &nbsp;&nbsp; $135636 |
| Arlington, TX, Higher Education Finance Corp., Education Rev. (Riverwalk Education Foundation, Inc.), 5%, 8/15/2042  | 250000 | &nbsp;&nbsp; 268260 |
| Celina, TX, Special Assessment Refunding & Improvement Rev. (The Lakes at Mustang Ranch Public Improvement District Major <br> Improvement Area and Phases #2-7 Project), AGM, 5%, 9/01/2035 <br>| 250000 | &nbsp;&nbsp; 276330 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Texas – continued | Texas – continued | Texas – continued |
| Central Texas Regional Mobility Authority, Senior Lien Rev., "A", 5%, 1/01/2044  | $320000 | &nbsp;&nbsp; $333300 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Home Essential Function Housing Program), 4%, 12/01/2034  | 250000 | &nbsp;&nbsp; 257025 |
| EP Cimarron Ventanas, TX, Residential Development Rev. (Lifestyles at Los Paseos), 4.125%, 12/01/2039  | 20000 | &nbsp;&nbsp; 20381 |
| Fort Worth, TX, Chaparral PFC Residential Development Rev. (Chaparral Ranch Project), 4%, 10/01/2035  | 130000 | &nbsp;&nbsp; 131679 |
| Fort Worth, TX, Special Tax Rev. (Convention Center Venue Project), 5.5%, 3/01/2043  | 100000 | &nbsp;&nbsp; 110264 |
| FW Ramble Public Facility Corp., Texas Residential Development Rev. (Ramble & Rose Project), 4%, 10/01/2035  | 110000 | &nbsp;&nbsp; 110759 |
| Galveston, TX, Wharves & Terminal, First Lien Rev., 5.25%, 8/01/2037  | 250000 | &nbsp;&nbsp; 273478 |
| Galveston, TX, Wharves & Terminal, First Lien Rev., 5.25%, 8/01/2039  | 100000 | &nbsp;&nbsp; 108151 |
| Godley, TX, Combination Tax & Rev., Certificates of Obligation, BAM, 5.25%, 8/15/2042  | 135000 | &nbsp;&nbsp; 148531 |
| Houston, TX, Airport System Refunding Rev., "A", 5.25%, 7/01/2038  | 385000 | &nbsp;&nbsp; 444150 |
| Houston, TX, Airport System Special Facilities Rev. (United Airlines, Inc. Terminal Improvement Projects), "B", 5.25%, 7/15/2034  | 150000 | &nbsp;&nbsp; 166168 |
| Houston, TX, Redevelopment Authority Tax Increment Contract Rev., AGM, 5%, 9/01/2037  | 150000 | &nbsp;&nbsp; 169310 |
| Las Varas, TX, Public Facility Corp. Essential Function Housing Development (Amara Apartments), 4.25%, 10/01/2035  | 105000 | &nbsp;&nbsp; 106727 |
| Lower Colorado River Authority, Transmission Contract Refunding Rev. (LCRA Transmission Services Corp. Project), 5%, 5/15/2046  | 230000 | &nbsp;&nbsp; 239585 |
| Mission, TX, Economic Development Corp., Solid Waste Disposal Rev. (Graphic Packaging International LLC Project), 5%, <br> 12/01/2064 (Put Date 6/01/2030)<br>| 100000 | &nbsp;&nbsp; 104812 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Bella Vida Forefront Living Project), "B-3", 4.25%, <br> 10/01/2030 <br>| 100000 | &nbsp;&nbsp; 100124 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Brazos Presbyterian Homes, Inc. Project), 5.25%, <br> 1/01/2040 <br>| 130000 | &nbsp;&nbsp; 140465 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Morningside Ministries Project), "A", 5%, <br> 1/01/2035 <br>| 150000 | &nbsp;&nbsp; 149955 |
| New Hope, TX, Cultural Education Facilities Finance Corp., Retirement Facility Rev. (Westminster Project), 5%, 11/01/2035  | 160000 | &nbsp;&nbsp; 178214 |
| North Central Texas Housing Finance Corp., Single Family Mortgage Rev. (Guaranteed Mortgage-Backed Securities Program), "A", <br> GNMA, 4.15%, 7/01/2041 (w)<br>| 500000 | &nbsp;&nbsp; 500331 |
| North Texas Higher Education Authority, Inc., Tax-Exempt Education Loan Rev., "A", 5%, 6/01/2033  | 100000 | &nbsp;&nbsp; 108818 |
| Tarrant County, TX, Cultural Education Facilities Finance Refunding Rev. (Trinity Terrace Project), 5%, 10/01/2038  | 135000 | &nbsp;&nbsp; 146481 |
| Texas Department of Housing & Community Affairs, Residential Mortgage Rev., GNMA, 5.75%, 1/01/2056  | 250000 | &nbsp;&nbsp; 280647 |
| Texas Grand Parkway Transportation Corp., Grand Parkway System, Subordinate Tier Toll Rev. (TELA Supported), "A", 5%, 10/01/2043  | 300000 | &nbsp;&nbsp; 310066 |
| Texas Metrocare Services Rev., 5%, 11/01/2044  | 275000 | &nbsp;&nbsp; 296999 |
| Texas Municipal Gas Acquisition & Supply Corp. V, Gas Supply Rev., 5%, 1/01/2055 (Put Date 1/01/2034) | 250000 | &nbsp;&nbsp; 273565 |
| Texas Private Activity Surface Transportation Corp. Rev. (NTE Mobility Partners Segments 3 LLC), 5.375%, 6/30/2038  | 160000 | &nbsp;&nbsp; 170573 |
| Texas Public Finance Authority Rev. (Texas Southern University), BAM, 5.25%, 5/01/2039  | 210000 | &nbsp;&nbsp; 233486 |
|  |  | &nbsp;&nbsp; $6294270 |
| Utah – 1.2% | Utah – 1.2% | Utah – 1.2% |
| Salt Lake City, UT, Downtown Revitalization Public Infrastructure District, Sales Tax Rev. (SEG Redevelopment Project), "C", 5%, <br> 7/15/2035 <br>| $100000 | &nbsp;&nbsp; $100969 |
| Salt Lake City, UT, Airport Rev. (Salt Lake City International Airport), "A", 5%, 7/01/2042  | 295000 | &nbsp;&nbsp; 299715 |
| Utah Charter School Finance Authority, Charter School Refunding Rev. (Voyage Academy Project), 5%, 4/15/2040  | 100000 | &nbsp;&nbsp; 107095 |
| Utah Charter School Finance Authority, Charter School Rev. (Lakeview Academy), 5%, 4/15/2040  | 150000 | &nbsp;&nbsp; 164358 |
| Utah Intermountain Power Agency, Power Supply Rev., "A", 5%, 7/01/2038  | 245000 | &nbsp;&nbsp; 272641 |
|  |  | &nbsp;&nbsp; $944778 |
| Vermont – 0.3% | Vermont – 0.3% | Vermont – 0.3% |
| Vermont Student Assistance Corp., Education Loan Rev., "A", 5%, 6/15/2033  | $250000 | &nbsp;&nbsp; $272268 |
| Virginia – 0.8% | Virginia – 0.8% | Virginia – 0.8% |
| Chesapeake, VA, Hospital Authority Facility Rev. (Chesapeake Regional Medical Center), 4%, 7/01/2036  | $320000 | &nbsp;&nbsp; $325168 |
| Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2038  | 125000 | &nbsp;&nbsp; 133336 |
| Virginia Small Business Financing Authority Rev. (I-495 HOT Lanes Project), 5%, 12/31/2040  | 125000 | &nbsp;&nbsp; 132099 |
|  |  | &nbsp;&nbsp; $590603 |

---

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Municipal Bonds – continued | Municipal Bonds – continued | Municipal Bonds – continued |
| Washington – 2.1% | Washington – 2.1% | Washington – 2.1% |
| Kenmore, WA, Limited Tax General Obligation, 5%, 12/01/2044  | $250000 | &nbsp;&nbsp; $271918 |
| King County, WA, Housing Authority, Pooled Housing Refunding Rev., 5%, 7/01/2040  | 170000 | &nbsp;&nbsp; 181840 |
| Pasco, WA, Local Improvement District No. 152, 5.375%, 8/01/2042  | 65000 | &nbsp;&nbsp; 73037 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "A", 5%, 5/01/2033  | 250000 | &nbsp;&nbsp; 256292 |
| Seattle, WA, Port Intermediate Lien Refunding Rev., "A", 5%, 5/01/2036  | 250000 | &nbsp;&nbsp; 255425 |
| Vancouver, WA, Housing Authority, Multi-Family Rev. (Battle Ground Portfolio), "A", 4.625%, 2/01/2044  | 100000 | &nbsp;&nbsp; 99490 |
| Vancouver, WA, Housing Authority, Multi-Family Rev. (Cascara Project), "A", 5%, 12/01/2042  | 125000 | &nbsp;&nbsp; 140402 |
| Washington State Housing Finance Commission, Nonprofit Housing Refunding Rev. (Horizon House Project), 5%, 1/01/2038 (n) | 250000 | &nbsp;&nbsp; 250451 |
| Washington Various Purpose General Obligation, "A", 5%, 8/01/2046  | 100000 | &nbsp;&nbsp; 106548 |
|  |  | &nbsp;&nbsp; $1635403 |
| West Virginia – 0.4% | West Virginia – 0.4% | West Virginia – 0.4% |
| Ohio County, WV, Special District Excise Tax, Improvement Refunding Rev. (Fort Henry Economic Opportunity Development <br> District-The Highland Project), "A", AGM, 5%, 6/01/2040 <br>| $100000 | &nbsp;&nbsp; $109640 |
| West Virginia Economic Development Authority, University Facilities Refunding Rev. (Provident Group - Marshall Properties LLC - <br> Marshall University Project), "A-1", AGM, 5%, 7/01/2042 <br>| 210000 | &nbsp;&nbsp; 227597 |
|  |  | &nbsp;&nbsp; $337237 |
| Wisconsin – 2.0% | Wisconsin – 2.0% | Wisconsin – 2.0% |
| Wisconsin Health & Educational Facilities Authority Rev. (Ascension Senior Credit Group), "A", 4%, 11/15/2032  | $175000 | &nbsp;&nbsp; $175385 |
| Wisconsin Public Finance Authority Rev. (Kahala Nui Project), 5%, 11/15/2037  | 150000 | &nbsp;&nbsp; 165003 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5%, 7/01/2033  | 310000 | &nbsp;&nbsp; 337076 |
| Wisconsin Public Finance Authority, Air Cargo Obligated Group Rev. (AFCO Airport Real Estate Group), 5.5%, 7/01/2037  | 100000 | &nbsp;&nbsp; 108205 |
| Wisconsin Public Finance Authority, Education Rev. (Mater Academy of Nevada-Cactus Park Campus Project), "A", 5%, 12/15/2035  | 105000 | &nbsp;&nbsp; 112181 |
| Wisconsin Public Finance Authority, Education Rev. (Pinecrest Academy of Nevada - Pinecrest Academy Springs Campus Project), "A", <br> 4%, 7/15/2033 <br>| 250000 | &nbsp;&nbsp; 252520 |
| Wisconsin Public Finance Authority, Education Rev. (Triad Educational Services, Inc.), 5%, 6/15/2032  | 125000 | &nbsp;&nbsp; 131551 |
| Wisconsin Public Finance Authority, Student Housing Facilities Rev. (Campus Real Estate Holding Corp. LLC Project), "A", 5%, <br> 6/01/2035 <br>| 145000 | &nbsp;&nbsp; 158626 |
| Wisconsin Public Finance Authority, Student Housing Rev. (KSU Bixby Real Estate Foundation LLC Project), "B", 5.25%, 6/15/2035  | 100000 | &nbsp;&nbsp; 110268 |
|  |  | &nbsp;&nbsp; $1550815 |
| **Total Municipal Bonds (Identified Cost, $65,197,836)** |  | &nbsp;&nbsp; **$66417551** |
| Mutual Funds – 4.3% | Mutual Funds – 4.3% | Mutual Funds – 4.3% |
| Money Market Funds – 4.3% | Money Market Funds – 4.3% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.63% (j) (Identified Cost, $3,348,853) | 3348853 | &nbsp;&nbsp; $3348853 |
| Exchange-Traded Funds – 9.5% |  |  |
| Fixed Income ETFs – 9.5% |  |  |
| iShares National Muni Bond ETF | 34242 | &nbsp;&nbsp; $3729639 |
| Vanguard Tax-Exempt Bond ETF | 72915 | &nbsp;&nbsp; 3729602 |
| **Total Exchange-Traded Funds (Identified Cost, $7,451,187)** |  | &nbsp;&nbsp; **$7459241** |
| Other Assets, Less Liabilities – 1.2% |  | &nbsp;&nbsp; 942036 |
| **Net Assets – 100.0%** |  | &nbsp;&nbsp; **$78167681** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $636,459, representing 0.8% of net assets.

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

The following abbreviations are used in this report and are defined:<br>

------

MFS Active Intermediate Muni Bond ETF

*Portfolio of Investments – continued*

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal |
| BAM | Build America Mutual |
| COP | Certificate of Participation |
| ETF | Exchange-Traded Fund |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Assn. |
| GNMA | Government National Mortgage Assn. |
| NPFG | National Public Finance Guarantee Corp. |
| VRDN | Variable rate demand note that may be puttable to the issuer at the option of the holder. The stated interest rate, which generally resets either <br> daily or weekly, represents the rate in effect at period end and may not be the current rate.<br>|

---

**See Notes to Financial Statements**

------

MFS Active Intermediate Muni Bond ETF

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

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

---

| | |
|:---|:---|
| **At 2/28/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $75,997,876) | &nbsp;&nbsp; $77225645 |
| Cash | &nbsp;&nbsp; 39175 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 5048 |
| Fund shares sold | &nbsp;&nbsp; 5719416 |
| Interest | &nbsp;&nbsp; 728642 |
| Total assets | &nbsp;&nbsp; $83717926 |
| **Liabilities** |  |
| Payables for |  |
| Distributions | &nbsp;&nbsp; $180006 |
| Investments purchased | &nbsp;&nbsp; 1845373 |
| When-issued investments purchased | &nbsp;&nbsp; 3522850 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 2016 |
| Total liabilities | &nbsp;&nbsp; $5550245 |
| Net assets | &nbsp;&nbsp; $78167681 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $76970424 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 1197257 |
| Net assets | &nbsp;&nbsp; $78167681 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 3075000 |
| Net asset value per share (net assets of $78,167,681 / 3,075,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $25.42 |

---

**See Notes to Financial Statements**

------

MFS Active Intermediate Muni Bond ETF

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

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

---

| | |
|:---|:---|
| **Year ended 2/28/26** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Interest | &nbsp;&nbsp; $1885253 |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; 50128 |
| Total investment income | &nbsp;&nbsp; $1935381 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $160182 |
| Total expenses | &nbsp;&nbsp; $160182 |
| Net investment income (loss) | &nbsp;&nbsp; $1775199 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(79255)<br>|
| Futures contracts | &nbsp;&nbsp; 4439 |
| Net realized gain (loss) | &nbsp;&nbsp; $(74816)<br>|
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $1251609 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $1176793 |
| Change in net assets from operations | &nbsp;&nbsp; $2951992 |

---

**See Notes to Financial Statements**

------

MFS Active Intermediate Muni Bond ETF

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

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/25 (c)** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $1775199 | &nbsp;&nbsp; $280638 |
| Net realized gain (loss) | (74816)<br>| &nbsp;&nbsp; 488 |
| Net unrealized gain (loss) | 1251609 | &nbsp;&nbsp; (23840)<br>|
| Change in net assets from operations | $2951992 | &nbsp;&nbsp; $257286 |
| Total distributions to shareholders | $(1746009)<br>| &nbsp;&nbsp; $(266012)<br>|
| Change in net assets from fund share transactions | $38323174 | &nbsp;&nbsp; $38611794 |
| Miscellaneous capital | $27289 | &nbsp;&nbsp; $8167 |
| Total change in net assets | $39556446 | &nbsp;&nbsp; $38611235 |
| **Net assets** |  |  |
| At beginning of period | 38611235 |  |
| At end of period | $78167681 | &nbsp;&nbsp; $38611235 |

---

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

**See Notes to Financial Statements**

------

MFS Active Intermediate Muni Bond ETF

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

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

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/25 (c)** |
| Net asset value, beginning of period | $24.91 | &nbsp;&nbsp; $25.00 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d) | $0.93 | &nbsp;&nbsp; $0.22 |
| Net realized and unrealized gain (loss) | 0.45 | &nbsp;&nbsp; (0.13)<br>|
| Total from investment operations | $1.38 | &nbsp;&nbsp; $0.09 |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $(0.88)<br>| &nbsp;&nbsp; $(0.19)<br>|
| Miscellaneous capital (d) | $0.01 | &nbsp;&nbsp; $0.01 |
| Net asset value, end of period (x) | $25.42 | &nbsp;&nbsp; $24.91 |
| Total return (%) (s)(x) | 5.76 | &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |
| Expenses | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (a)<br>|
| Net investment income (loss) | 3.77 | &nbsp;&nbsp;&nbsp;&nbsp; 3.72<br> (a)<br>|
| Portfolio turnover rate (e) | 12 | &nbsp;&nbsp; 7<br> (n)<br>|
| Net assets at end of period (000 omitted) | $78168 | &nbsp;&nbsp; $38611 |

---

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Active Intermediate Muni Bond ETF

**Notes to Financial Statements**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

------

MFS Active Intermediate Muni Bond ETF

*Notes to Financial Statements - continued* 

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

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $— | $66417551 | $— | $66417551 |
| Investment Companies | 10808094 |  |  | 10808094 |
| Total | $10808094 | $66417551 | $— | $77225645 |

---

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

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

The derivative instruments used by the fund during the period were futures contracts. Depending on the type of derivative, a fund may exit a derivative position by entering into an offsetting transaction with a counterparty or exchange, negotiating an agreement with the derivative counterparty, or novating the position to a third party. At February 28, 2026, the fund did not have any outstanding derivative instruments.

The following table presents, by major type of derivative contract, the realized gain (loss) on derivatives held by the fund for the year ended February 28, 2026 as reported in the Statement of Operations:

------

MFS Active Intermediate Muni Bond ETF

*Notes to Financial Statements - continued* 

---

| | |
|:---|:---|
| **Risk** | **Futures** <br>**Contracts**<br>|
| Interest Rate | $4439 |

---

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

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

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

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

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

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

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

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

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

------

MFS Active Intermediate Muni Bond ETF

*Notes to Financial Statements - continued* 

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

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

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

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

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**2/28/26**<br>| &nbsp;&nbsp; **Year ended** <br>**2/28/25 (c)**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $54481 | &nbsp;&nbsp; $12726 |
| Tax-exempt income | &nbsp;&nbsp; 1691528 | &nbsp;&nbsp; 253286 |
| Total distributions | &nbsp;&nbsp; $1746009 | &nbsp;&nbsp; $266012 |

---

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

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

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $75962073 |
| Gross appreciation | &nbsp;&nbsp; 1323539 |
| Gross depreciation | &nbsp;&nbsp; (59967)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $1263572 |
| Undistributed ordinary income | &nbsp;&nbsp; 6628 |
| Undistributed tax-exempt income | &nbsp;&nbsp; 175306 |
| Capital loss carryforwards | &nbsp;&nbsp; (68243)<br>|
| Other temporary differences | &nbsp;&nbsp; (180006)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $1197257 |

---

As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(68243)<br>|

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an Investment Management Agreement ("Management Agreement") with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.34% of the fund's average daily net assets. Under the Management Agreement, MFS will

------

MFS Active Intermediate Muni Bond ETF

*Notes to Financial Statements - continued* 

pay substantially all the fund's operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund's Board of Trustees.

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

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

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the year ended February 28, 2026.

**(4) Portfolio Securities**

For the year ended February 28, 2026, purchases and sales of investments, other than short-term obligations, aggregated $40,690,679 and $5,663,385, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $733,700 and $0, respectively.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**2/28/26** | **Year ended** <br>**2/28/26** | **Year ended** <br>**2/28/25 (c)** | **Year ended** <br>**2/28/25 (c)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 1525000 | &nbsp;&nbsp; $38323174 | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp; $38611794 |

---

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

------

MFS Active Intermediate Muni Bond ETF

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of MFS Active Intermediate Muni Bond ETF and the Board of Trustees of MFS Active Exchange Traded Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of MFS Active Intermediate Muni Bond ETF (the "Fund") (one of the funds constituting MFS Active Exchange Traded Funds Trust (the "Trust")), including the portfolio of investments, as of February 28, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended February 28, 2026 and the period from December 5, 2024 (commencement of operations) through February 28, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Active Exchange Traded Funds Trust) at February 28, 2026, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year ended February 28, 2026 and the period from December 5, 2024 (commencement of operations) through February 28, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements 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 Trust 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 are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's 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 Trust'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, 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. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

April 15, 2026

------

MFS Active Intermediate Muni Bond ETF

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund intends to pass through the maximum amount allowable as Section 163(j) Interest Dividends as defined in Treasury Regulation §1.163(j)-1(b).

Of the dividends paid from net investment income during the fiscal year, 96.88% is designated as exempt interest dividends for federal income tax purposes. If the fund has earned income on private activity bonds, a portion of the dividends paid may be considered a tax preference item for purposes of computing a shareholder's alternative minimum tax.

------

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

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

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

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

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

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

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

Not Applicable.

------

MFS Active International ETF

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

MFS Active International ETF

**PORTFOLIO OF INVESTMENTS - 2/28/26**

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.6% |  |  |
| Aerospace & Defense – 2.5% |  |  |
| MTU Aero Engines Holding AG | 9711 | $4192789 |
| Rolls-Royce Holdings PLC | 987426 | 17744957 |
|  |  | $21937746 |
| Airlines – 1.6% |  |  |
| Ryanair Holdings PLC, ADR | 209294 | $14125252 |
| Alcoholic Beverages – 2.1% |  |  |
| China Resources Beer Holdings Co. Ltd. | 1360717 | $4800444 |
| Heineken N.V. | 26860 | 2493320 |
| Kweichow Moutai Co. Ltd., "A" | 24500 | 5199759 |
| Pernod Ricard S.A. | 60300 | 5576063 |
|  |  | $18069586 |
| Apparel Manufacturers – 2.8% |  |  |
| Compagnie Financiere Richemont S.A. | 76601 | $15666915 |
| LVMH Moet Hennessy Louis Vuitton SE | 14027 | 9018079 |
|  |  | $24684994 |
| Automotive – 2.6% |  |  |
| Bridgestone Corp. | 191974 | $4666432 |
| BYD Co. Ltd., ADR | 225376 | 2706766 |
| DENSO Corp. | 429402 | 6186754 |
| Mahindra & Mahindra Ltd. | 92769 | 3464348 |
| Suzuki Motor Corp. | 387359 | 5879899 |
|  |  | $22904199 |
| Brokerage & Asset Managers – 3.5% |  |  |
| B3 S.A. - Brasil Bolsa Balcao | 2532631 | $8843089 |
| Deutsche Boerse AG | 46621 | 12802307 |
| Hong Kong Exchanges & Clearing Ltd. | 53632 | 2872384 |
| London Stock Exchange Group PLC | 49634 | 5926392 |
|  |  | $30444172 |
| Business Services – 3.5% |  |  |
| CGI, Inc. | 80917 | $5917877 |
| Compass Group PLC | 412123 | 12651964 |
| Edenred | 139322 | 3226608 |
| Experian PLC | 237237 | 8907194 |
| Tata Consultancy Services Ltd. | 792 | 22960 |
|  |  | $30726603 |
| Chemicals – 0.5% |  |  |
| FUJIFILM Holdings Corp. | 218056 | $4529656 |

---

EIEFS-ANN 1

MFS Active International ETF

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued |  |  |
| Computer Software – 3.2% |  |  |
| Check Point Software Technologies Ltd. (a) | 85248 | $12963663 |
| Dassault Systemes SE | 139251 | 3052198 |
| SAP SE | 60484 | 12218153 |
|  |  | $28234014 |
| Computer Software - Systems – 7.5% |  |  |
| Amadeus IT Group S.A. | 134799 | $8400349 |
| Hitachi Ltd. | 535344 | 17915075 |
| Hon Hai Precision Industry Co. Ltd. | 1103650 | 8592706 |
| Samsung Electronics Co. Ltd. | 203537 | 30633132 |
|  |  | $65541262 |
| Construction – 1.0% |  |  |
| Compagnie de Saint-Gobain S.A. | 85233 | $8685345 |
| Consumer Products – 1.3% |  |  |
| Beiersdorf AG | 88512 | $11258660 |
| Electrical Equipment – 4.0% |  |  |
| Mitsubishi Electric Corp. | 445547 | $17092640 |
| Schneider Electric SE | 55289 | 18076669 |
|  |  | $35169309 |
| Electronics – 7.9% |  |  |
| Hoya Corp. | 26044 | $4713820 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 170472 | 63855402 |
|  |  | $68569222 |
| Energy - Independent – 1.5% |  |  |
| Reliance Industries Ltd. | 415253 | $6362332 |
| Woodside Energy Group Ltd. | 329055 | 6629410 |
|  |  | $12991742 |
| Energy - Integrated – 2.7% |  |  |
| Eni S.p.A. | 530818 | $12328531 |
| TotalEnergies SE | 140031 | 11132192 |
|  |  | $23460723 |
| Food & Beverages – 1.3% |  |  |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | 1075800 | $4092487 |
| Nestle S.A. | 67123 | 7331716 |
|  |  | $11424203 |
| Food & Drug Stores – 2.1% |  |  |
| Seven & I Holdings Co. Ltd. | 595346 | $8369879 |
| Tesco PLC | 1565459 | 10139180 |
|  |  | $18509059 |
| Gaming & Lodging – 0.4% |  |  |
| Sands China Ltd. | 1538564 | $3482881 |

---

MFS Active International ETF

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued |  |  |
| Insurance – 5.1% |  |  |
| AIA Group Ltd., ADR | 293410 | $12959920 |
| Intact Financial Corp. | 35607 | 6874457 |
| Prudential PLC | 278350 | 4266974 |
| Sompo Holdings, Inc. | 272133 | 10882532 |
| Zurich Insurance Group AG | 13104 | 9895535 |
|  |  | $44879418 |
| Interactive Media Services – 0.5% |  |  |
| LY Corp. | 1618353 | $4031245 |
| Leisure & Toys – 4.3% |  |  |
| NetEase, Inc., ADR | 55029 | $6326684 |
| Sony Group Corp. | 407822 | 9513627 |
| Tencent Holdings Ltd., ADR | 325895 | 21411302 |
|  |  | $37251613 |
| Machinery & Tools – 1.8% |  |  |
| Daikin Industries Ltd. | 57187 | $7292793 |
| KONE Oyj, "B" | 112513 | 8511163 |
|  |  | $15803956 |
| Major Banks – 12.0% |  |  |
| Banco Bradesco S.A., ADR | 2011317 | $8226287 |
| Bank of Ireland Group PLC | 561993 | 10980083 |
| BNP Paribas S.A. | 127394 | 14375497 |
| DBS Group Holdings Ltd. | 179124 | 8088831 |
| ING Groep N.V. | 475789 | 13846797 |
| NatWest Group PLC | 1428398 | 11915637 |
| Royal Bank of Canada | 30212 | 5052353 |
| Sumitomo Mitsui Financial Group, Inc. | 265468 | 10194420 |
| Toronto-Dominion Bank | 133788 | 13025600 |
| UBS Group AG | 221996 | 9197294 |
|  |  | $104902799 |
| Medical Equipment – 1.7% |  |  |
| Olympus Corp. | 370128 | $3621526 |
| QIAGEN N.V. | 89126 | 4438475 |
| Sonova Holding AG | 9711 | 2550109 |
| Terumo Corp. | 304170 | 4109747 |
|  |  | $14719857 |
| Metals & Mining – 1.9% |  |  |
| Gerdau S.A., ADR | 1516912 | $6128324 |
| Glencore PLC | 538371 | 3874363 |
| Rio Tinto PLC | 67969 | 6718748 |
|  |  | $16721435 |
| Natural Gas - Distribution – 1.7% |  |  |
| ENGIE S.A. | 428323 | $14641661 |

---

MFS Active International ETF

Portfolio of Investments – continued

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued |  |  |
| Other Banks & Diversified Financials – 4.1% |  |  |
| Credicorp Ltd. | 29133 | $10091088 |
| HDFC Bank Ltd., ADR | 293782 | 9356957 |
| Intesa Sanpaolo S.p.A. | 1454493 | 10028201 |
| Kotak Mahindra Bank Ltd. | 1429084 | 6522094 |
|  |  | $35998340 |
| Pharmaceuticals – 6.2% |  |  |
| GSK PLC | 292402 | $8673168 |
| Merck KGaA | 67885 | 10291318 |
| Novartis AG | 91343 | 15504014 |
| Novo Nordisk A.S., "B" | 72285 | 2719432 |
| Roche Holding AG | 35163 | 16784576 |
|  |  | $53972508 |
| Precious Metals & Minerals – 1.1% |  |  |
| Franco-Nevada Corp. | 33331 | $9353012 |
| Printing & Publishing – 0.9% |  |  |
| RELX PLC | 172472 | $6006043 |
| Wolters Kluwer N.V. | 26104 | 2100510 |
|  |  | $8106553 |
| Railroad & Shipping – 1.4% |  |  |
| Canadian National Railway Co. | 55029 | $6173704 |
| Canadian Pacific Kansas City Ltd. | 65811 | 5764385 |
|  |  | $11938089 |
| Restaurants – 0.6% |  |  |
| Yum China Holdings, Inc. | 86421 | $4745377 |
| Specialty Chemicals – 3.2% |  |  |
| Air Liquide S.A. | 88470 | $18632526 |
| Shin-Etsu Chemical Co. Ltd. | 239550 | 9461431 |
|  |  | $28093957 |
| Tobacco – 1.1% |  |  |
| British American Tobacco PLC, ADR | 158419 | $9924950 |
| **Total Common Stocks (Identified Cost, $757,039,404)** |  | **$869833398** |
| Mutual Funds – 0.3% |  |  |
| Money Market Funds – 0.3% |  |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.63% (j) (Identified Cost, $2,379,180) | 2379180 | $2379180 |
| Other Assets, Less Liabilities – 0.1% |  | 925610 |
| **Net Assets – 100.0%** |  | **$873138188** |

---

(a) Non-income producing security.

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

The following abbreviations are used in this report and are defined:

ADR American Depositary Receipt

**See Notes to Financial Statements**

MFS Active International ETF

---

| | | |
|:---|:---|:---|
| **FINANCIAL STATEMENTS** | &nbsp;&nbsp;**STATEMENT OF ASSETS AND LIABILITIES** |  |
| This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund. | This statement represents your fund's balance sheet, which details the assets and liabilities comprising the total value of the fund. |  |
| **At 2/28/26** |  |  |
| **Assets** |  |  |
| Investments in unaffiliated issuers, at value (identified cost, $759,418,584) | Investments in unaffiliated issuers, at value (identified cost, $759,418,584) | $872212578 |
| Foreign currency, at value (identified cost, $97,028) |  | 97004 |
| Receivables for |  |  |
| &nbsp;&nbsp;&nbsp;Interest and dividends |  | 967755 |
| Total assets |  | $873277337 |
| **Liabilities** |  |  |
| Payables for |  |  |
| &nbsp;&nbsp;&nbsp;Investments purchased |  | $97002 |
| Payable to affiliates |  |  |
| &nbsp;&nbsp;&nbsp;Investment adviser |  | 42147 |
| Total liabilities |  | $139149 |
| Net assets |  | $873138188 |
| **Net assets consist of** |  |  |
| Paid-in capital |  | $762586860 |
| Total distributable earnings (loss) |  | 110551328 |
| Net assets |  | $873138188 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | Shares of beneficial interest outstanding (unlimited number of shares authorized) | 26975000 |
| Net asset value per share (net assets of $873,138,188 / 26,975,000 shares of beneficial interest outstanding) | Net asset value per share (net assets of $873,138,188 / 26,975,000 shares of beneficial interest outstanding) | $32.37 |

---

**See Notes to Financial Statements**

![](gxzfayo3cdv1d2hhvykpk.jpg)

MFS Active International ETF

**FINANCIAL STATEMENTS STATEMENT OF OPERATIONS**

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

**Year ended 2/28/26**

**Net investment income (loss)**

---

| | |
|:---|:---|
| Income |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated issuers | $9179941 |
| &nbsp;&nbsp;&nbsp;Interest | 167816 |
| &nbsp;&nbsp;&nbsp;Other | 4833 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld | (912706) |
| Total investment income | $8439884 |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;Management fee | $2630957 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1645 |
| Total expenses | $2632602 |
| Net investment income (loss) | $5807282 |
| **Realized and unrealized gain (loss)** |  |
| Realized gain (loss) (identified cost basis) |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $(2476413) |
| &nbsp;&nbsp;&nbsp;Foreign currency | (34781) |
| &nbsp;&nbsp;&nbsp;In-kind redemptions – unaffiliated issuers | 1254147 |
| Net realized gain (loss) | $(1257047) |
| Change in unrealized appreciation or depreciation |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | $109889640 |
| &nbsp;&nbsp;&nbsp;Translation of assets and liabilities in foreign currencies | 20429 |
| Net unrealized gain (loss) | $109910069 |
| Net realized and unrealized gain (loss) | $108653022 |
| Change in net assets from operations | $114460304 |

---

**See Notes to Financial Statements**

![](gdg9ere83sw94f8w5ny5x.jpg)

MFS Active International ETF

**FINANCIAL STATEMENTS STATEMENTS OF CHANGES IN NET ASSETS**

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
| <br>**Change in net assets**<br>**From operations** | **Year ended**<br>**2/28/26**<br>| **Year ended**<br>**2/28/25 (c)**<br>|
| Net investment income (loss) | $5807282 | $40488 |
| Net realized gain (loss) | (1257047) | (114715) |
| Net unrealized gain (loss) | 109910069 | 2904158 |
| Change in net assets from operations | $114460304 | $2829931 |
| Total distributions to shareholders | $(5484760) | $— |
| Change in net assets from fund share transactions | $603125983 | $158013787 |
| Miscellaneous capital | $173450 | $19493 |
| Total change in net assets | $712274977 | $160863211 |
| **Net assets** |  |  |
| At beginning of period | 160863211 |  |
| At end of period | $873138188 | $160863211 |

---

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

**See Notes to Financial Statements**

![](gxmjmsgawwqzncqhhq1jj.jpg)

MFS Active International ETF

**FINANCIAL STATEMENTS FINANCIAL HIGHLIGHTS**

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

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/25 (c)** |
| Net asset value, beginning of period | $25.64 | $25.08 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d) | $0.38 | $0.01 |
| Net realized and unrealized gain (loss) | 6.59 | 0.54 |
| Total from investment operations | $6.97 | $0.55 |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $(0.25) | $— |
| Miscellaneous capital (d) | $0.01 | $0.01 |
| Net asset value, end of period (x) | $32.37 | $25.64 |
| Total return (%) (s)(x) | 27.31 | 2.21(n) |
| **Ratios (%) (to average net assets)** |  |  |
| **and Supplemental data:** |  |  |
| Expenses | 0.59 | 0.59(a) |
| Net investment income (loss) | 1.30 | 0.19(a) |
| Portfolio turnover rate (e) | 10 | 2(n) |
| Net assets at end of period (000 omitted) | $873138 | $160863 |

---

(a) Annualized.

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

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

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

(n) Not annualized.

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

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

**See Notes to Financial Statements**

MFS Active International ETF

**NOTES TO FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Business and Organization

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Significant Accounting Policies

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

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

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

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

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

MFS Active International ETF

Notes to Financial Statements - continued

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $869833398 | $— | $— | $869833398 |
| Investment Companies | 2379180 |  |  | 2379180 |
| Total | $872212578 | $— | $— | $872212578 |

---

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

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

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

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

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

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

MFS Active International ETF

Notes to Financial Statements - continued

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

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

Book/tax differences primarily relate to wash sale loss deferrals and redemptions in-kind.

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/25 (c)** |
| Ordinary income (including any short-term capital gains) | $5484760 | $— |

---

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

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

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | $759558838 |
| Gross appreciation | 149457337 |
| Gross depreciation | (36803597) |
| Net unrealized appreciation (depreciation) | $112653740 |
| Undistributed ordinary income | 433152 |
| Capital loss carryforwards | (2498249) |
| Other temporary differences | (37315) |
| Total distributable earnings (loss) | $110551328 |

---

As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(2178404) |
| Long-Term | (319845) |
| Total | $(2498249) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Transactions with Affiliates

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

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

MFS Active International ETF

Notes to Financial Statements - continued

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

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the year ended February 28, 2026.

(4) Portfolio Securities

For the year ended February 28, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $113,421,771 and $46,021,310, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $540,016,467 and $5,297,334, respectively.

(5) Purchase and Sales of Fund Shares

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** | **Year ended** | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/26** | **2/28/25 (c)** | **2/28/25 (c)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 20950000 | $610111983 | 6275000 | $158013787 |
| Shares reacquired | (250000) | (6986000) |  |  |
| Net change | 20700000 | $603125983 | 6275000 | $158013787 |

---

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

MFS Active International ETF

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders of MFS Active International ETF and the Board of Trustees of MFS Active Exchange Traded Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of MFS Active International ETF (the "Fund") (one of the funds constituting MFS Active Exchange Traded Funds Trust (the "Trust")), including the portfolio of investments, as of February 28, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended February, 28, 2026 and the period from December 5, 2024 (commencement of operations) through February 28, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Active Exchange Traded Funds Trust) at February 28, 2026, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year ended February 28, 2026 and the period from December 5, 2024 (commencement of operations) through February 28, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements 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 Trust 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 are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's 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 Trust'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, 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. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

April 15, 2026

MFS Active International ETF

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

Income derived from foreign sources was $9,139,062. The fund intends to pass through foreign tax credits of $855,580 for the fiscal year.

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

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

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

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

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

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

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

Not Applicable.

------

MFS Active Value ETF

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

MFS Active Value ETF

**Portfolio of Investments - 2/28/26** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 98.9% | Common Stocks – 98.9% | Common Stocks – 98.9% |
| Aerospace & Defense – 7.8% | Aerospace & Defense – 7.8% |  |
| Boeing Co. (a) | 25795 | &nbsp;&nbsp; $5869136 |
| General Dynamics Corp. | 14214 | &nbsp;&nbsp; 5075109 |
| Northrop Grumman Corp. | 6542 | &nbsp;&nbsp; 4738894 |
| RTX Corp. | 32100 | &nbsp;&nbsp; 6504102 |
|  |  | &nbsp;&nbsp; $22187241 |
| Brokerage & Asset Managers – 5.8% | Brokerage & Asset Managers – 5.8% |  |
| Citigroup, Inc. | 49243 | &nbsp;&nbsp; $5426086 |
| KKR & Co., Inc. | 46815 | &nbsp;&nbsp; 4104739 |
| LPL Financial Holdings, Inc. | 7852 | &nbsp;&nbsp; 2358584 |
| NASDAQ, Inc. | 51711 | &nbsp;&nbsp; 4528850 |
|  |  | &nbsp;&nbsp; $16418259 |
| Business Services – 2.7% | Business Services – 2.7% |  |
| Accenture PLC, "A" | 19572 | &nbsp;&nbsp; $4085068 |
| Equifax, Inc. | 17559 | &nbsp;&nbsp; 3669128 |
|  |  | &nbsp;&nbsp; $7754196 |
| Computer Software – 1.0% | Computer Software – 1.0% |  |
| Microsoft Corp. | 3534 | &nbsp;&nbsp; $1387943 |
| Salesforce, Inc. | 7387 | &nbsp;&nbsp; 1438914 |
|  |  | &nbsp;&nbsp; $2826857 |
| Conglomerates – 1.1% | Conglomerates – 1.1% |  |
| Honeywell International, Inc. | 12628 | &nbsp;&nbsp; $3076055 |
| Construction – 1.8% | Construction – 1.8% |  |
| CRH PLC | 22360 | &nbsp;&nbsp; $2682753 |
| Mid-America Apartment Communities, Inc., REIT | 17923 | &nbsp;&nbsp; 2399173 |
|  |  | &nbsp;&nbsp; $5081926 |
| Consumer Products – 2.3% | Consumer Products – 2.3% |  |
| Kimberly-Clark Corp. | 22524 | &nbsp;&nbsp; $2510074 |
| Procter & Gamble Co. | 24039 | &nbsp;&nbsp; 4019321 |
|  |  | &nbsp;&nbsp; $6529395 |
| Electrical Equipment – 1.3% | Electrical Equipment – 1.3% |  |
| Eaton Corp. PLC | 10143 | &nbsp;&nbsp; $3812957 |
| Electronics – 7.5% | Electronics – 7.5% |  |
| Analog Devices, Inc. | 18607 | &nbsp;&nbsp; $6620185 |
| KLA Corp. | 4988 | &nbsp;&nbsp; 7604455 |
| NXP Semiconductors N.V. | 19909 | &nbsp;&nbsp; 4519542 |
| Texas Instruments, Inc. | 12631 | &nbsp;&nbsp; 2679161 |
|  |  | &nbsp;&nbsp; $21423343 |

---

EVEFS-ANN

------

MFS Active Value ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Energy - Independent – 1.8% | Energy - Independent – 1.8% |  |
| ConocoPhillips | 44732 | &nbsp;&nbsp; $5075293 |
| Energy - Integrated – 5.5% | Energy - Integrated – 5.5% |  |
| Chevron Corp. | 36239 | &nbsp;&nbsp; $6767996 |
| Exxon Mobil Corp. | 59416 | &nbsp;&nbsp; 9060940 |
|  |  | &nbsp;&nbsp; $15828936 |
| Food & Beverages – 1.6% | Food & Beverages – 1.6% |  |
| Coca-Cola Europacific Partners PLC | 14664 | &nbsp;&nbsp; $1619346 |
| Mondelez International, Inc. | 46756 | &nbsp;&nbsp; 2879234 |
|  |  | &nbsp;&nbsp; $4498580 |
| Gaming & Lodging – 1.6% | Gaming & Lodging – 1.6% |  |
| Hilton Worldwide Holdings, Inc. | 15035 | &nbsp;&nbsp; $4687612 |
| Health Maintenance Organizations – 4.8% | Health Maintenance Organizations – 4.8% |  |
| Cigna Group | 28107 | &nbsp;&nbsp; $8145971 |
| Elevance Health, Inc. | 11023 | &nbsp;&nbsp; 3527360 |
| Humana, Inc. | 10448 | &nbsp;&nbsp; 1990762 |
|  |  | &nbsp;&nbsp; $13664093 |
| Insurance – 8.5% | Insurance – 8.5% |  |
| Aon PLC | 11804 | &nbsp;&nbsp; $3959888 |
| Marsh & McLennan Cos., Inc. | 24853 | &nbsp;&nbsp; 4641049 |
| Progressive Corp. | 42306 | &nbsp;&nbsp; 9039100 |
| Travelers Cos., Inc. | 21594 | &nbsp;&nbsp; 6664772 |
|  |  | &nbsp;&nbsp; $24304809 |
| Machinery & Tools – 4.4% | Machinery & Tools – 4.4% |  |
| Caterpillar, Inc. | 2880 | &nbsp;&nbsp; $2139350 |
| Illinois Tool Works, Inc. | 12631 | &nbsp;&nbsp; 3670948 |
| Ingersoll Rand, Inc. | 25342 | &nbsp;&nbsp; 2385696 |
| PACCAR, Inc. | 35361 | &nbsp;&nbsp; 4458668 |
|  |  | &nbsp;&nbsp; $12654662 |
| Major Banks – 9.4% | Major Banks – 9.4% |  |
| Bank of America Corp. | 83388 | &nbsp;&nbsp; $4155224 |
| JPMorgan Chase & Co. | 40720 | &nbsp;&nbsp; 12228216 |
| Morgan Stanley | 39843 | &nbsp;&nbsp; 6634258 |
| Wells Fargo & Co. | 46811 | &nbsp;&nbsp; 3812756 |
|  |  | &nbsp;&nbsp; $26830454 |
| Medical & Health Technology & Services – 3.7% | Medical & Health Technology & Services – 3.7% |  |
| McKesson Corp. | 10611 | &nbsp;&nbsp; $10476983 |
| Medical Equipment – 2.0% | Medical Equipment – 2.0% |  |
| Abbott Laboratories | 46304 | &nbsp;&nbsp; $5387470 |
| Medline, Inc., "A" (a) | 6646 | &nbsp;&nbsp; 315752 |
|  |  | &nbsp;&nbsp; $5703222 |
| Other Banks & Diversified Financials – 1.8% | Other Banks & Diversified Financials – 1.8% |  |
| American Express Co. | 16118 | &nbsp;&nbsp; $4978850 |

---

------

MFS Active Value ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Pharmaceuticals – 5.1% | Pharmaceuticals – 5.1% |  |
| AbbVie, Inc. | 21536 | &nbsp;&nbsp; $4998075 |
| Johnson & Johnson | 18335 | &nbsp;&nbsp; 4554964 |
| Merck & Co., Inc. | 18335 | &nbsp;&nbsp; 2270240 |
| Pfizer, Inc. | 102593 | &nbsp;&nbsp; 2836696 |
|  |  | &nbsp;&nbsp; $14659975 |
| Railroad & Shipping – 2.3% | Railroad & Shipping – 2.3% |  |
| Union Pacific Corp. | 25257 | &nbsp;&nbsp; $6692600 |
| Real Estate - Storage – 2.2% | Real Estate - Storage – 2.2% |  |
| Prologis, Inc., REIT | 44302 | &nbsp;&nbsp; $6316136 |
| Specialty Stores – 1.7% | Specialty Stores – 1.7% |  |
| Home Depot, Inc. | 13042 | &nbsp;&nbsp; $4965350 |
| Tobacco – 1.0% | Tobacco – 1.0% |  |
| Philip Morris International, Inc. | 15836 | &nbsp;&nbsp; $2958640 |
| Utilities - Electric Power – 10.2% | Utilities - Electric Power – 10.2% |  |
| Alliant Energy Corp. | 61865 | &nbsp;&nbsp; $4475314 |
| CMS Energy Corp. | 40333 | &nbsp;&nbsp; 3148797 |
| Dominion Energy, Inc. | 76481 | &nbsp;&nbsp; 4829010 |
| Duke Energy Corp. | 55322 | &nbsp;&nbsp; 7238884 |
| Southern Co. | 61027 | &nbsp;&nbsp; 5942809 |
| Xcel Energy, Inc. | 43563 | &nbsp;&nbsp; 3631412 |
|  |  | &nbsp;&nbsp; $29266226 |
| **Total Common Stocks (Identified Cost, $262,579,041)** |  | &nbsp;&nbsp; **$282672650** |
| Mutual Funds – 0.9% | Mutual Funds – 0.9% | Mutual Funds – 0.9% |
| Money Market Funds – 0.9% | Money Market Funds – 0.9% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.63% (j) (Identified Cost, $2,579,619) | 2579619 | &nbsp;&nbsp; $2579619 |
| Other Assets, Less Liabilities – 0.2% |  | &nbsp;&nbsp; 518782 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$285771051** |

---

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

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

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

**See Notes to Financial Statements**

------

MFS Active Value ETF

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

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

---

| | |
|:---|:---|
| **At 2/28/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $265,158,660) | &nbsp;&nbsp; $285252269 |
| Receivables for |  |
| Fund shares sold | &nbsp;&nbsp; 2106420 |
| Dividends | &nbsp;&nbsp; 505000 |
| Total assets | &nbsp;&nbsp; $287863689 |
| **Liabilities** |  |
| Payables for |  |
| Investments purchased | &nbsp;&nbsp; $2082399 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 10239 |
| Total liabilities | &nbsp;&nbsp; $2092638 |
| Net assets | &nbsp;&nbsp; $285771051 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $265318580 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 20452471 |
| Net assets | &nbsp;&nbsp; $285771051 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 10175000 |
| Net asset value per share (net assets of $285,771,051 / 10,175,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $28.09 |

---

**See Notes to Financial Statements**

------

MFS Active Value ETF

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

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

---

| | |
|:---|:---|
| **Year ended 2/28/26** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $3031044 |
| Other | &nbsp;&nbsp; 527 |
| Foreign taxes withheld | &nbsp;&nbsp; (11509)<br>|
| Total investment income | &nbsp;&nbsp; $3020062 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $510070 |
| Total expenses | &nbsp;&nbsp; $510070 |
| Net investment income (loss) | &nbsp;&nbsp; $2509992 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(737441)<br>|
| In-kind redemptions – unaffiliated issuers | &nbsp;&nbsp; 1151097 |
| Net realized gain (loss) | &nbsp;&nbsp; $413656 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $18867271 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $19280927 |
| Change in net assets from operations | &nbsp;&nbsp; $21790919 |

---

**See Notes to Financial Statements**

------

MFS Active Value ETF

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

These statements describe the increases and/or decreases in net assets resulting from operations, any distributions, and any shareholder transactions.

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/25 (c)** |
| **Change in net assets** |  |  |
| **From operations** |  |  |
| Net investment income (loss) | $2509992 | &nbsp;&nbsp; $191529 |
| Net realized gain (loss) | 413656 | &nbsp;&nbsp; 7437 |
| Net unrealized gain (loss) | 18867271 | &nbsp;&nbsp; 1226338 |
| Change in net assets from operations | $21790919 | &nbsp;&nbsp; $1425304 |
| Total distributions to shareholders | $(1551608)<br>| &nbsp;&nbsp; $(34710)<br>|
| Change in net assets from fund share transactions | $216085287 | &nbsp;&nbsp; $48055859 |
| Total change in net assets | $236324598 | &nbsp;&nbsp; $49446453 |
| **Net assets** |  |  |
| At beginning of period | 49446453 |  |
| At end of period | $285771051 | &nbsp;&nbsp; $49446453 |

---

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

**See Notes to Financial Statements**

------

MFS Active Value ETF

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

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

---

| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **2/28/26** | **2/28/25 (c)** |
| Net asset value, beginning of period | $25.36 | &nbsp;&nbsp; $24.90 |
| **Income (loss) from investment operations** |  |  |
| Net investment income (loss) (d) | $0.57 | &nbsp;&nbsp; $0.13 |
| Net realized and unrealized gain (loss) | 2.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations | $3.14 | &nbsp;&nbsp; $0.49 |
| **Less distributions declared to shareholders** |  |  |
| From net investment income | $(0.41)<br>| &nbsp;&nbsp; $(0.03)<br>|
| Net asset value, end of period (x) | $28.09 | &nbsp;&nbsp; $25.36 |
| Total return (%) (s)(x) | 12.54 | &nbsp;&nbsp;&nbsp;&nbsp; 1.96<br> (n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |  |
| Expenses | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (a)<br>|
| Net investment income (loss) | 2.16 | &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> (a)<br>|
| Portfolio turnover rate (e) | 10 | &nbsp;&nbsp; 2<br> (n)<br>|
| Net assets at end of period (000 omitted) | $285771 | &nbsp;&nbsp; $49446 |

---

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

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

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Active Value ETF

**Notes to Financial Statements**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

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

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

------

MFS Active Value ETF

*Notes to Financial Statements - continued* 

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $282672650 | $— | $— | $282672650 |
| Investment Companies | 2579619 |  |  | 2579619 |
| Total | $285252269 | $— | $— | $285252269 |

---

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

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

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

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

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

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

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

------

MFS Active Value ETF

*Notes to Financial Statements - continued* 

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

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

The tax character of distributions declared to shareholders for the last two fiscal years is as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**2/28/26**<br>| &nbsp;&nbsp; **Year ended** <br>**2/28/25 (c)**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $1551608 | &nbsp;&nbsp; $34710 |

---

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

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

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $265160638 |
| Gross appreciation | &nbsp;&nbsp; 28946637 |
| Gross depreciation | &nbsp;&nbsp; (8855006)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $20091631 |
| Undistributed ordinary income | &nbsp;&nbsp; 1115203 |
| Capital loss carryforwards | &nbsp;&nbsp; (754363)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $20452471 |

---

As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(754363)<br>|

---

**(3) Transactions with Affiliates**

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

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

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

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the year ended February 28, 2026.

------

MFS Active Value ETF

*Notes to Financial Statements - continued* 

**Other** — The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the year ended February 28, 2026, this reimbursement amounted to $527, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended February 28, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $17,815,533 and $12,254,576, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $213,481,656 and $4,530,692, respectively.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended** <br>**2/28/26** | **Year ended** <br>**2/28/26** | **Year ended** <br>**2/28/25 (c)** | **Year ended** <br>**2/28/25 (c)** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| Shares sold | 8500000 | &nbsp;&nbsp; $223442758 | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp; $48676466 |
| Shares reacquired | (275000)<br>| &nbsp;&nbsp; (7357471)<br>| &nbsp;&nbsp; (25000)<br>| &nbsp;&nbsp; (620607)<br>|
| Net change | 8225000 | &nbsp;&nbsp; $216085287 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp; $48055859 |

---

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

------

MFS Active Value ETF

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of MFS Active Value ETF and the Board of Trustees of MFS Active Exchange Traded Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of MFS Active Value ETF (the "Fund") (one of the funds constituting MFS Active Exchange Traded Funds Trust (the "Trust")), including the portfolio of investments, as of February 28, 2026, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year ended February 28, 2026 and the period from December 5, 2024 (commencement of operations) through February 28, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Active Exchange Traded Funds Trust) at February 28, 2026, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year ended February 28, 2026 and the period from December 5, 2024 (commencement of operations) through February 28, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements 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 Trust 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 are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's 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 Trust'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, 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. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

April 15, 2026

------

MFS Active Value ETF

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

For corporate shareholders, 97.84% of the ordinary income dividends paid during the prior calendar year qualify for the corporate dividends received deduction.

The fund designates the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

------

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

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

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

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

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

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

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

Not Applicable.

------

MFS Active Mid Cap ETF

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

MFS Active Mid Cap ETF

**Portfolio of Investments - 2/28/26** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.3% | Common Stocks – 99.3% | Common Stocks – 99.3% |
| Aerospace & Defense – 2.7% | Aerospace & Defense – 2.7% |  |
| KBR, Inc. | 6971 | &nbsp;&nbsp; $294385 |
| Melrose Industries PLC | 39990 | &nbsp;&nbsp; 304924 |
| Standard Aero, Inc. (a) | 9675 | &nbsp;&nbsp; 297990 |
|  |  | &nbsp;&nbsp; $897299 |
| Airlines – 0.8% | Airlines – 0.8% |  |
| Southwest Airlines Co. | 5163 | &nbsp;&nbsp; $254329 |
| Alcoholic Beverages – 1.6% | Alcoholic Beverages – 1.6% |  |
| Brown-Forman Corp., " B" | 10126 | &nbsp;&nbsp; $292236 |
| Pernod Ricard S.A. (l) | 12353 | &nbsp;&nbsp; 228901 |
|  |  | &nbsp;&nbsp; $521137 |
| Apparel Manufacturers – 1.6% | Apparel Manufacturers – 1.6% |  |
| Birkenstock Holding PLC (a) | 6648 | &nbsp;&nbsp; $276889 |
| Columbia Sportswear Co. | 4319 | &nbsp;&nbsp; 267519 |
|  |  | &nbsp;&nbsp; $544408 |
| Automotive – 1.9% | Automotive – 1.9% |  |
| Aptiv PLC (a) | 4386 | &nbsp;&nbsp; $322547 |
| LKQ Corp. | 9546 | &nbsp;&nbsp; 316068 |
|  |  | &nbsp;&nbsp; $638615 |
| Broadcasting – 1.5% | Broadcasting – 1.5% |  |
| TKO Group Holdings, Inc. | 1161 | &nbsp;&nbsp; $259913 |
| Warner Music Group Corp.  | 8127 | &nbsp;&nbsp; 232432 |
|  |  | &nbsp;&nbsp; $492345 |
| Brokerage & Asset Managers – 2.0% | Brokerage & Asset Managers – 2.0% |  |
| LPL Financial Holdings, Inc. | 645 | &nbsp;&nbsp; $193745 |
| Raymond James Financial, Inc. | 2322 | &nbsp;&nbsp; 355452 |
| TPG, Inc. | 2838 | &nbsp;&nbsp; 123226 |
|  |  | &nbsp;&nbsp; $672423 |
| Business Services – 7.8% | Business Services – 7.8% |  |
| Cognizant Technology Solutions Corp., "A" | 5215 | &nbsp;&nbsp; $336002 |
| Corpay, Inc. (a) | 456 | &nbsp;&nbsp; 148246 |
| CoStar Group, Inc. (a) | 6709 | &nbsp;&nbsp; 299423 |
| Fidelity National Information Services, Inc. | 7138 | &nbsp;&nbsp; 363753 |
| Global Payments, Inc. | 6144 | &nbsp;&nbsp; 469770 |
| Morningstar, Inc. | 1626 | &nbsp;&nbsp; 297786 |
| MSCI, Inc. | 645 | &nbsp;&nbsp; 368830 |
| TransUnion | 4233 | &nbsp;&nbsp; 332502 |
|  |  | &nbsp;&nbsp; $2616312 |
| Chemicals – 1.3% | Chemicals – 1.3% |  |
| Element Solutions, Inc. | 12771 | &nbsp;&nbsp; $448134 |

---

ECMFS-ANN

------

MFS Active Mid Cap ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software – 2.3% | Computer Software – 2.3% |  |
| HubSpot, Inc. (a) | 742 | &nbsp;&nbsp; $196267 |
| Kinaxis, Inc. (a) | 2914 | &nbsp;&nbsp; 276670 |
| nCino, Inc. (a) | 10062 | &nbsp;&nbsp; 162401 |
| Pegasystems, Inc. | 3225 | &nbsp;&nbsp; 141029 |
|  |  | &nbsp;&nbsp; $776367 |
| Computer Software - Systems – 3.4% | Computer Software - Systems – 3.4% |  |
| CDW Corp. | 1635 | &nbsp;&nbsp; $200516 |
| Descartes Systems Group, Inc. (a) | 3722 | &nbsp;&nbsp; 246583 |
| EPAM Systems, Inc. (a) | 1494 | &nbsp;&nbsp; 210654 |
| Seagate Technology Holdings PLC | 690 | &nbsp;&nbsp; 281410 |
| Wix.com Ltd. (a) | 2968 | &nbsp;&nbsp; 209125 |
|  |  | &nbsp;&nbsp; $1148288 |
| Construction – 9.8% | Construction – 9.8% |  |
| Allegion PLC | 2193 | &nbsp;&nbsp; $353402 |
| Equity Lifestyle Properties, Inc., REIT | 6321 | &nbsp;&nbsp; 424518 |
| James Hardie Industries PLC (a) | 14577 | &nbsp;&nbsp; 354950 |
| Mid-America Apartment Communities, Inc., REIT | 2187 | &nbsp;&nbsp; 292752 |
| Otis Worldwide Corp. | 3741 | &nbsp;&nbsp; 346267 |
| Pool Corp. | 922 | &nbsp;&nbsp; 209460 |
| Pulte Homes, Inc. | 1677 | &nbsp;&nbsp; 230085 |
| SiteOne Landscape Supply, Inc. (a) | 2954 | &nbsp;&nbsp; 422097 |
| Sun Communities, Inc., REIT | 2322 | &nbsp;&nbsp; 316860 |
| Vulcan Materials Co. | 1161 | &nbsp;&nbsp; 359910 |
|  |  | &nbsp;&nbsp; $3310301 |
| Consumer Products – 1.3% | Consumer Products – 1.3% |  |
| Kenvue, Inc. | 23349 | &nbsp;&nbsp; $446433 |
| Consumer Services – 0.7% | Consumer Services – 0.7% |  |
| Phoenix Education Partners, Inc. | 8263 | &nbsp;&nbsp; $244585 |
| Containers – 2.5% | Containers – 2.5% |  |
| Avery Dennison Corp. | 2193 | &nbsp;&nbsp; $430595 |
| Ball Corp. | 6321 | &nbsp;&nbsp; 424329 |
|  |  | &nbsp;&nbsp; $854924 |
| Electrical Equipment – 5.0% | Electrical Equipment – 5.0% |  |
| Hubbell, Inc. | 645 | &nbsp;&nbsp; $330001 |
| Littlefuse, Inc. | 1290 | &nbsp;&nbsp; 454673 |
| nVent Electric PLC | 3870 | &nbsp;&nbsp; 458053 |
| W.W. Grainger, Inc. | 387 | &nbsp;&nbsp; 443011 |
|  |  | &nbsp;&nbsp; $1685738 |
| Electronics – 2.4% | Electronics – 2.4% |  |
| Entegris, Inc. | 2967 | &nbsp;&nbsp; $392979 |
| Microchip Technology, Inc. | 5547 | &nbsp;&nbsp; 414028 |
|  |  | &nbsp;&nbsp; $807007 |

---

------

MFS Active Mid Cap ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Energy - Independent – 5.0% | Energy - Independent – 5.0% |  |
| Diamondback Energy, Inc. | 2838 | &nbsp;&nbsp; $494039 |
| EQT Corp. | 6450 | &nbsp;&nbsp; 396159 |
| Permian Resources Corp. | 23607 | &nbsp;&nbsp; 431772 |
| Valero Energy Corp. | 1677 | &nbsp;&nbsp; 343181 |
|  |  | &nbsp;&nbsp; $1665151 |
| Engineering - Construction – 0.9% | Engineering - Construction – 0.9% |  |
| Jacobs Solutions, Inc. | 2265 | &nbsp;&nbsp; $312253 |
| Gaming & Lodging – 2.1% | Gaming & Lodging – 2.1% |  |
| Hyatt Hotels Corp. | 2385 | &nbsp;&nbsp; $385177 |
| Viking Holdings Ltd. (a) | 4034 | &nbsp;&nbsp; 314733 |
|  |  | &nbsp;&nbsp; $699910 |
| Insurance – 5.2% | Insurance – 5.2% |  |
| Assurant, Inc. | 1548 | &nbsp;&nbsp; $355406 |
| Brown & Brown, Inc. | 2949 | &nbsp;&nbsp; 211797 |
| Hartford Insurance Group, Inc. | 2322 | &nbsp;&nbsp; 327007 |
| Selective Insurance Group, Inc. | 4128 | &nbsp;&nbsp; 346917 |
| Voya Financial, Inc. | 2189 | &nbsp;&nbsp; 146400 |
| Willis Towers Watson PLC | 1161 | &nbsp;&nbsp; 354303 |
|  |  | &nbsp;&nbsp; $1741830 |
| Machinery & Tools – 3.9% | Machinery & Tools – 3.9% |  |
| Nordson Corp. | 1548 | &nbsp;&nbsp; $454245 |
| Pentair PLC | 3612 | &nbsp;&nbsp; 358275 |
| Wabtec Corp. | 1935 | &nbsp;&nbsp; 510743 |
|  |  | &nbsp;&nbsp; $1323263 |
| Medical & Health Technology & Services – 1.0% | Medical & Health Technology & Services – 1.0% |  |
| Cencora, Inc. | 457 | &nbsp;&nbsp; $170068 |
| ICON PLC (a) | 1369 | &nbsp;&nbsp; 148044 |
|  |  | &nbsp;&nbsp; $318112 |
| Medical Equipment – 7.5% | Medical Equipment – 7.5% |  |
| Agilent Technologies, Inc. | 3105 | &nbsp;&nbsp; $376885 |
| Align Technology, Inc. (a) | 1840 | &nbsp;&nbsp; 349784 |
| Becton, Dickinson and Co. | 1935 | &nbsp;&nbsp; 341489 |
| Bio-Techne Corp. | 6192 | &nbsp;&nbsp; 365328 |
| DexCom, Inc. (a) | 4080 | &nbsp;&nbsp; 299594 |
| STERIS PLC | 1548 | &nbsp;&nbsp; 390638 |
| Waters Corp. (a) | 1304 | &nbsp;&nbsp; 416471 |
|  |  | &nbsp;&nbsp; $2540189 |
| Natural Gas - Distribution – 1.2% | Natural Gas - Distribution – 1.2% |  |
| Atmos Energy Corp. | 2193 | &nbsp;&nbsp; $409630 |
| Natural Gas - Pipeline – 1.5% | Natural Gas - Pipeline – 1.5% |  |
| Cheniere Energy, Inc. | 2064 | &nbsp;&nbsp; $486547 |

---

------

MFS Active Mid Cap ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Other Banks & Diversified Financials – 2.8% | Other Banks & Diversified Financials – 2.8% |  |
| M&T Bank Corp. | 1935 | &nbsp;&nbsp; $419856 |
| Prosperity Bancshares, Inc. | 4903 | &nbsp;&nbsp; 345024 |
| SLM Corp. | 10129 | &nbsp;&nbsp; 189818 |
|  |  | &nbsp;&nbsp; $954698 |
| Pollution Control – 0.9% | Pollution Control – 0.9% |  |
| GFL Environmental, Inc. | 6955 | &nbsp;&nbsp; $307355 |
| Real Estate – 2.7% | Real Estate – 2.7% |  |
| CBRE Group, Inc., "A" (a) | 2015 | &nbsp;&nbsp; $297535 |
| NNN REIT, Inc. | 6192 | &nbsp;&nbsp; 280621 |
| Regency Centers Corp., REIT | 4128 | &nbsp;&nbsp; 326112 |
|  |  | &nbsp;&nbsp; $904268 |
| Real Estate - Storage – 1.6% | Real Estate - Storage – 1.6% |  |
| Extra Space Storage, Inc., REIT | 2032 | &nbsp;&nbsp; $306893 |
| Rexford Industrial Realty, Inc., REIT | 6438 | &nbsp;&nbsp; 241232 |
|  |  | &nbsp;&nbsp; $548125 |
| Restaurants – 2.1% | Restaurants – 2.1% |  |
| Aramark | 7482 | &nbsp;&nbsp; $313122 |
| U.S. Foods Holding Corp. (a) | 4128 | &nbsp;&nbsp; 398806 |
|  |  | &nbsp;&nbsp; $711928 |
| Specialty Chemicals – 0.7% | Specialty Chemicals – 0.7% |  |
| Symrise AG, ADR (l) | 10494 | &nbsp;&nbsp; $239473 |
| Specialty Stores – 3.6% | Specialty Stores – 3.6% |  |
| BJ's Wholesale Club Holdings, Inc. (a) | 2322 | &nbsp;&nbsp; $229390 |
| Burlington Stores, Inc. (a) | 1419 | &nbsp;&nbsp; 435449 |
| Ross Stores, Inc. | 2709 | &nbsp;&nbsp; 557079 |
|  |  | &nbsp;&nbsp; $1221918 |
| Trucking – 2.1% | Trucking – 2.1% |  |
| C.H. Robinson Worldwide, Inc. | 1654 | &nbsp;&nbsp; $306404 |
| Saia, Inc. (a) | 941 | &nbsp;&nbsp; 381472 |
|  |  | &nbsp;&nbsp; $687876 |
| Utilities - Electric Power – 4.9% | Utilities - Electric Power – 4.9% |  |
| Alliant Energy Corp. | 6192 | &nbsp;&nbsp; $447929 |
| Ameren Corp. | 3741 | &nbsp;&nbsp; 423780 |
| PG&E Corp. | 18576 | &nbsp;&nbsp; 352944 |
| PPL Corp. | 10965 | &nbsp;&nbsp; 427416 |
|  |  | &nbsp;&nbsp; $1652069 |
| Utilities - Water – 1.0% | Utilities - Water – 1.0% |  |
| American Water Works Co., Inc. | 2580 | &nbsp;&nbsp; $350957 |
| **Total Common Stocks (Identified Cost, $31,842,110)** |  | &nbsp;&nbsp; **$33434197** |

---

------

MFS Active Mid Cap ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Mutual Funds – 0.4% | Mutual Funds – 0.4% | Mutual Funds – 0.4% |
| Money Market Funds – 0.4% | Money Market Funds – 0.4% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.63% (j) (Identified Cost, $148,709) | 148708 | &nbsp;&nbsp; $148709 |
| Collateral for Securities Loaned – 0.5% | Collateral for Securities Loaned – 0.5% | Collateral for Securities Loaned – 0.5% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.61% (j) (Identified Cost, $177,900) | 177900 | &nbsp;&nbsp; $177900 |
| Other Assets, Less Liabilities – (0.2)% |  | &nbsp;&nbsp; (76811) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$33683995** |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(l) A portion of this security is on loan. See Note 2 for additional information.

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

**See Notes to Financial Statements**

------

MFS Active Mid Cap ETF

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

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

---

| | |
|:---|:---|
| **At 2/28/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $176,928 of securities on loan (identified cost, $32,168,719) | &nbsp;&nbsp; $33760806 |
| Cash | &nbsp;&nbsp; 284 |
| Receivables for |  |
| Investments sold | &nbsp;&nbsp; 74839 |
| Interest and dividends | &nbsp;&nbsp; 27599 |
| Total assets | &nbsp;&nbsp; $33863528 |
| **Liabilities** |  |
| Collateral for securities loaned, at value | &nbsp;&nbsp; $177900 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 1633 |
| Total liabilities | &nbsp;&nbsp; $179533 |
| Net assets | &nbsp;&nbsp; $33683995 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $32299646 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 1384349 |
| Net assets | &nbsp;&nbsp; $33683995 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 1290000 |
| Net asset value per share (net assets of $33,683,995 / 1,290,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $26.11 |

---

**See Notes to Financial Statements**

------

MFS Active Mid Cap ETF

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

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

---

| | |
|:---|:---|
| **Year ended 2/28/26 (c)** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $169201 |
| Interest | &nbsp;&nbsp; 5706 |
| Other | &nbsp;&nbsp; 212 |
| Income on securities loaned | &nbsp;&nbsp; 139 |
| Foreign taxes withheld | &nbsp;&nbsp; (24)<br>|
| Total investment income | &nbsp;&nbsp; $175234 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $76730 |
| Total expenses | &nbsp;&nbsp; $76730 |
| Net investment income (loss) | &nbsp;&nbsp; $98504 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(214131)<br>|
| Foreign currency | &nbsp;&nbsp; (108)<br>|
| In-kind redemptions – unaffiliated issuers | &nbsp;&nbsp; 252830 |
| Net realized gain (loss) | &nbsp;&nbsp; $38591 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $1592087 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $1630678 |
| Change in net assets from operations | &nbsp;&nbsp; $1729182 |
| (c) For the period from the commencement of the fund's investment operations, September 24, 2025, through the stated period end. |  |

---

**See Notes to Financial Statements**

------

MFS Active Mid Cap ETF

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

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

---

| | |
|:---|:---|
|  | **Year ended** |
|  | **2/28/26 (c)** |
| **Change in net assets** |  |
| **From operations** |  |
| Net investment income (loss) | $98504 |
| Net realized gain (loss) | 38591 |
| Net unrealized gain (loss) | 1592087 |
| Change in net assets from operations | $1729182 |
| Total distributions to shareholders | $(92003)<br>|
| Change in net assets from fund share transactions | $32046816 |
| Total change in net assets | $33683995 |
| **Net assets** |  |
| At beginning of period |  |
| At end of period | $33683995 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, September 24, 2025, through the stated period end.

**See Notes to Financial Statements**

------

MFS Active Mid Cap ETF

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

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

---

| | |
|:---|:---|
|  | **Year ended** |
|  | **2/28/26 (c)** |
| Net asset value, beginning of period | $24.94 |
| **Income (loss) from investment operations** |  |
| Net investment income (loss) (d) | $0.08 |
| Net realized and unrealized gain (loss) | 1.16 |
| Total from investment operations | $1.24 |
| **Less distributions declared to shareholders** |  |
| From net investment income | $(0.07)<br>|
| Net asset value, end of period (x) | $26.11 |
| Total return (%) (s)(x) | 5.00<br> (n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |
| Expenses | 0.59<br> (a)<br>|
| Net investment income (loss) | 0.76<br> (a)<br>|
| Portfolio turnover rate (e) | 8<br> (n)<br>|
| Net assets at end of period (000 omitted) | $33684 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, September 24, 2025, through the stated period end.

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Active Mid Cap ETF

**Notes to Financial Statements**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

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

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

------

MFS Active Mid Cap ETF

*Notes to Financial Statements - continued* 

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $33434197 | $— | $— | $33434197 |
| Investment Companies | 326609 |  |  | 326609 |
| Total | $33760806 | $— | $— | $33760806 |

---

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

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

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $176,928. The fair value of the fund's investment securities on loan and a related liability of $177,900 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral on securities loaned exceeded the value of securities on loan at period end. The liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

------

MFS Active Mid Cap ETF

*Notes to Financial Statements - continued* 

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

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

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

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

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

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

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

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**2/28/26 (c)**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $92003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, September 24, 2025, through the stated period end.

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

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $32168719 |
| Gross appreciation | &nbsp;&nbsp; 3433030 |
| Gross depreciation | &nbsp;&nbsp; (1840943)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $1592087 |
| Undistributed ordinary income | &nbsp;&nbsp; 6393 |
| Capital loss carryforwards | &nbsp;&nbsp; (214131)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $1384349 |

---

As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(214131)<br>|

---

------

MFS Active Mid Cap ETF

*Notes to Financial Statements - continued* 

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

**(3) Transactions with Affiliates**

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

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

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

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the period ended February 28, 2026.

**Other** — At February 28, 2026, MFS held approximately 92% of the outstanding shares of the fund.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the period ended February 28, 2026, this reimbursement amounted to $212, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the period ended February 28, 2026, purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $3,420,911 and $2,309,062, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $31,741,341 and $1,044,892, respectively.

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**2/28/26 (c)** | **Year ended** <br>**2/28/26 (c)** |
|  | **Shares** | **Amount** |
| Shares sold | 1350000 | &nbsp;&nbsp; $33553414 |
| Shares reacquired | (60000)<br>| &nbsp;&nbsp; (1506598)<br>|
| Net change | 1290000 | &nbsp;&nbsp; $32046816 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, September 24, 2025, through the stated period end.

------

MFS Active Mid Cap ETF

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of MFS Active Mid Cap ETF and the Board of Trustees of MFS Active Exchange Traded Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of MFS Active Mid Cap ETF (the "Fund") (one of the funds constituting MFS Active Exchange Traded Funds Trust (the "Trust")), including the portfolio of investments, as of February 28, 2026, and the related statements of operations and changes in net assets and the financial highlights for the period from September 24, 2025 (commencement of operations) through February 28, 2026 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Active Exchange Traded Funds Trust) at February 28, 2026, the results of its operations, the changes in its net assets and its financial highlights for the period from September 24, 2025 (commencement of operations) through February 28, 2026, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

April 15, 2026

------

MFS Active Mid Cap ETF

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

For corporate shareholders, 90.99% of the ordinary income dividends paid during the prior calendar year qualify for the corporate dividends received deduction.

The fund designates the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

------

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

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

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

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

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

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

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

------

MFS Active Mid Cap ETF

**Board Approval of Investment Management Agreement**

**MFS Active Mid Cap ETF**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, initially approve the Fund's investment management agreement with MFS (the "Agreement") and, beginning on the second anniversary of the initial effective date of the Agreement, annually approve the continuation of the Agreement. In June and July 2025, the Board met to consider the initial approval of the Agreement ("the initial review meetings"). The independent Trustees were assisted in their evaluation of the Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS.

In connection with their deliberations regarding the initial approval of the Agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services to be performed by MFS under the Agreement and other arrangements with the Fund. The independent Trustees observed that with respect to this Fund, MFS was proposing a unitary management fee structure, pursuant to which MFS would receive a fee covering investment management and administrative services, with MFS paying the Fund's ordinary, recurring operating expenses (the "Unitary Fee"), subject to certain exceptions.

In connection with their initial review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions Inc. ("Broadridge"), an independent third party, on the Fund's proposed Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (ii) information provided by MFS on the total expense ratios for Class R6 shares of MFS mutual funds in the same Morningstar category as the Fund, and (iii) the Unitary Fees for certain fully transparent actively-managed exchange-traded funds ("ETFs") in similar Morningstar categories that MFS believes will be key competitors to the Fund. In addition, in connection with the independent Trustees' May, June, and July 2025 meetings for the purpose of considering whether to approve the continuation of the investment advisory agreements for the MFS-advised mutual funds that the Board oversees (the "MFS Funds"), the independent Trustees received: (i) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (ii) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the MFS Funds as a whole, and compared to MFS' institutional business, (iii) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (iv) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (v) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel that would provide investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the initial approval of the Agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Because the Fund is newly organized and had not yet commenced investment operations at the time of the initial review meetings, the Fund had no investment performance for the Trustees to review.

The Trustees considered the proposed Unitary Fee structure to which the Fund would be subject, observing that many of the competitors of the Fund have adopted similar unitary fee structures. In assessing the reasonableness of the Fund's proposed Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the Agreement and descriptions of various services to be performed or procured by MFS under the Agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses which would be excluded from the Unitary Fee and therefore would be payable by the Fund. The Trustees also considered the Fund's proposed Unitary Fee as compared with the advisory fee and total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund's proposed Unitary Fee and proposed total expense ratio would each be approximately at the median total expense ratio of the Broadridge expense group.

The Trustees considered that the Agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS' observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.

The Trustees did not consider MFS' costs and profits with respect to the Fund because the Fund had not yet commenced operations. The Trustees considered information prepared by MFS relating to MFS' costs and profits with respect to the MFS Funds considered as a group, and other investment companies and institutional accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds and other accounts and products for purposes of estimating profitability.

------

MFS Active Mid Cap ETF

*Board Approval of Investment Management Agreement - continued*

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the Unitary Fee to be charged to the Fund represents reasonable compensation in light of the services to be provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services to be provided to the Fund by MFS and its affiliates under agreements and plans other than the Agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services to be provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's Agreement with MFS should be approved for an initial two-year period, commencing upon its effective date, as set forth in the Agreement.

------

MFS Blended Research Core Equity ETF

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

MFS Blended Research Core Equity ETF

**Portfolio of Investments - 2/28/26** 

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 99.6% | Common Stocks – 99.6% | Common Stocks – 99.6% |
| Aerospace & Defense – 4.1% | Aerospace & Defense – 4.1% |  |
| BWX Technologies, Inc. | 1464 | &nbsp;&nbsp; $301555 |
| Curtiss-Wright Corp. | 123 | &nbsp;&nbsp; 86140 |
| General Dynamics Corp. | 616 | &nbsp;&nbsp; 219943 |
| General Electric Co. | 1891 | &nbsp;&nbsp; 647214 |
|  |  | &nbsp;&nbsp; $1254852 |
| Automotive – 1.9% | Automotive – 1.9% |  |
| Aptiv PLC (a) | 3735 | &nbsp;&nbsp; $274672 |
| Tesla, Inc. (a) | 720 | &nbsp;&nbsp; 289807 |
|  |  | &nbsp;&nbsp; $564479 |
| Biotechnology – 1.1% | Biotechnology – 1.1% |  |
| Gilead Sciences, Inc. | 2311 | &nbsp;&nbsp; $344223 |
| Broadcasting – 2.1% | Broadcasting – 2.1% |  |
| Netflix, Inc. (a) | 3778 | &nbsp;&nbsp; $363594 |
| Spotify Technology S.A. (a) | 188 | &nbsp;&nbsp; 96809 |
| TKO Group Holdings, Inc. | 824 | &nbsp;&nbsp; 184469 |
|  |  | &nbsp;&nbsp; $644872 |
| Brokerage & Asset Managers – 3.2% | Brokerage & Asset Managers – 3.2% |  |
| Charles Schwab Corp. | 401 | &nbsp;&nbsp; $38175 |
| Citigroup, Inc. | 4591 | &nbsp;&nbsp; 505883 |
| Interactive Brokers Group, Inc. | 6053 | &nbsp;&nbsp; 430913 |
|  |  | &nbsp;&nbsp; $974971 |
| Business Services – 0.4% | Business Services – 0.4% |  |
| Accenture PLC, "A" | 251 | &nbsp;&nbsp; $52389 |
| Cognizant Technology Solutions Corp., "A" | 517 | &nbsp;&nbsp; 33310 |
| Verisk Analytics, Inc., "A" | 185 | &nbsp;&nbsp; 38400 |
|  |  | &nbsp;&nbsp; $124099 |
| Computer Software – 8.4% | Computer Software – 8.4% |  |
| Autodesk, Inc. (a) | 94 | &nbsp;&nbsp; $23112 |
| Cadence Design Systems, Inc. (a) | 94 | &nbsp;&nbsp; 28332 |
| Datadog, Inc., "A" (a) | 376 | &nbsp;&nbsp; 42097 |
| Intuit, Inc. | 517 | &nbsp;&nbsp; 211469 |
| Microsoft Corp. | 3602 | &nbsp;&nbsp; 1414649 |
| Okta, Inc. (a) | 4220 | &nbsp;&nbsp; 305950 |
| Salesforce, Inc. | 1703 | &nbsp;&nbsp; 331727 |
| Zoom Communications, Inc. (a) | 2794 | &nbsp;&nbsp; 206588 |
|  |  | &nbsp;&nbsp; $2563924 |

---

EBCFS-ANN

------

MFS Blended Research Core Equity ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Computer Software - Systems – 7.0% | Computer Software - Systems – 7.0% |  |
| Apple, Inc. | 6434 | &nbsp;&nbsp; $1699734 |
| Arista Networks, Inc. (a) | 2314 | &nbsp;&nbsp; 308919 |
| Seagate Technology Holdings PLC | 329 | &nbsp;&nbsp; 134179 |
|  |  | &nbsp;&nbsp; $2142832 |
| Construction – 0.3% | Construction – 0.3% |  |
| CRH PLC | 657 | &nbsp;&nbsp; $78827 |
| Consumer Products – 1.7% | Consumer Products – 1.7% |  |
| Colgate-Palmolive Co. | 5202 | &nbsp;&nbsp; $515726 |
| Consumer Services – 0.4% | Consumer Services – 0.4% |  |
| Airbnb, Inc., "A" (a) | 230 | &nbsp;&nbsp; $31075 |
| Uber Technologies, Inc. (a) | 1202 | &nbsp;&nbsp; 90655 |
|  |  | &nbsp;&nbsp; $121730 |
| Containers – 0.5% | Containers – 0.5% |  |
| Smurfit Westrock PLC | 3457 | &nbsp;&nbsp; $162514 |
| Electrical Equipment – 1.6% | Electrical Equipment – 1.6% |  |
| Amphenol Corp., "A" | 1703 | &nbsp;&nbsp; $248740 |
| Eaton Corp. PLC | 94 | &nbsp;&nbsp; 35336 |
| nVent Electric PLC | 1821 | &nbsp;&nbsp; 215534 |
|  |  | &nbsp;&nbsp; $499610 |
| Electronics – 14.9% | Electronics – 14.9% |  |
| Broadcom, Inc. | 2032 | &nbsp;&nbsp; $649326 |
| Flex Ltd. (a) | 1227 | &nbsp;&nbsp; 77326 |
| KLA Corp. | 368 | &nbsp;&nbsp; 561034 |
| Lam Research Corp. | 2734 | &nbsp;&nbsp; 639455 |
| Micron Technology, Inc. | 145 | &nbsp;&nbsp; 59794 |
| NVIDIA Corp. | 14508 | &nbsp;&nbsp; 2570672 |
|  |  | &nbsp;&nbsp; $4557607 |
| Energy - Independent – 1.8% | Energy - Independent – 1.8% |  |
| Phillips 66 | 3029 | &nbsp;&nbsp; $467465 |
| Valero Energy Corp. | 470 | &nbsp;&nbsp; 96181 |
|  |  | &nbsp;&nbsp; $563646 |
| Energy - Integrated – 0.8% | Energy - Integrated – 0.8% |  |
| Chevron Corp. | 1185 | &nbsp;&nbsp; $221311 |
| Exxon Mobil Corp. | 188 | &nbsp;&nbsp; 28670 |
|  |  | &nbsp;&nbsp; $249981 |
| Energy - Renewables – 0.6% | Energy - Renewables – 0.6% |  |
| AES Corp. | 2126 | &nbsp;&nbsp; $36737 |
| GE Vernova, Inc. | 114 | &nbsp;&nbsp; 99590 |
| Generac Holdings, Inc. (a) | 188 | &nbsp;&nbsp; 42370 |
|  |  | &nbsp;&nbsp; $178697 |

---

------

MFS Blended Research Core Equity ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Food & Beverages – 1.2% | Food & Beverages – 1.2% |  |
| Monster Beverage Corp. (a) | 4001 | &nbsp;&nbsp; $341285 |
| PepsiCo, Inc. | 141 | &nbsp;&nbsp; 23934 |
|  |  | &nbsp;&nbsp; $365219 |
| Gaming & Lodging – 1.4% | Gaming & Lodging – 1.4% |  |
| Viking Holdings Ltd. (a) | 5532 | &nbsp;&nbsp; $431607 |
| General Merchandise – 1.3% | General Merchandise – 1.3% |  |
| Dollar General Corp. | 2569 | &nbsp;&nbsp; $401381 |
| Health Maintenance Organizations – 1.5% | Health Maintenance Organizations – 1.5% |  |
| Cigna Group | 995 | &nbsp;&nbsp; $288371 |
| Humana, Inc. | 950 | &nbsp;&nbsp; 181013 |
|  |  | &nbsp;&nbsp; $469384 |
| Insurance – 3.8% | Insurance – 3.8% |  |
| Ameriprise Financial, Inc. | 799 | &nbsp;&nbsp; $375626 |
| Berkshire Hathaway, Inc., "B" (a) | 329 | &nbsp;&nbsp; 166128 |
| Chubb Ltd. | 423 | &nbsp;&nbsp; 144184 |
| Equitable Holdings, Inc. | 7526 | &nbsp;&nbsp; 302696 |
| Everest Group Ltd. | 47 | &nbsp;&nbsp; 15768 |
| Hartford Insurance Group, Inc. | 1044 | &nbsp;&nbsp; 147026 |
|  |  | &nbsp;&nbsp; $1151428 |
| Interactive Media Services – 7.7% | Interactive Media Services – 7.7% |  |
| Alphabet, Inc., "A" | 2408 | &nbsp;&nbsp; $750718 |
| Alphabet, Inc., "C" | 1844 | &nbsp;&nbsp; 574277 |
| Meta Platforms, Inc., "A" | 1562 | &nbsp;&nbsp; 1012457 |
|  |  | &nbsp;&nbsp; $2337452 |
| Leisure & Toys – 0.3% | Leisure & Toys – 0.3% |  |
| Roblox Corp., "A" (a) | 1374 | &nbsp;&nbsp; $94339 |
| Machinery & Tools – 1.8% | Machinery & Tools – 1.8% |  |
| Caterpillar, Inc. | 432 | &nbsp;&nbsp; $320903 |
| Trane Technologies PLC | 188 | &nbsp;&nbsp; 86916 |
| Wabtec Corp. | 517 | &nbsp;&nbsp; 136462 |
|  |  | &nbsp;&nbsp; $544281 |
| Major Banks – 0.8% | Major Banks – 0.8% |  |
| Bank of America Corp. | 947 | &nbsp;&nbsp; $47189 |
| JPMorgan Chase & Co. | 376 | &nbsp;&nbsp; 112913 |
| PNC Financial Services Group, Inc. | 348 | &nbsp;&nbsp; 73898 |
|  |  | &nbsp;&nbsp; $234000 |
| Medical & Health Technology & Services – 0.9% | Medical & Health Technology & Services – 0.9% |  |
| McKesson Corp. | 283 | &nbsp;&nbsp; $279426 |
| Medical Equipment – 1.4% | Medical Equipment – 1.4% |  |
| Align Technology, Inc. (a) | 287 | &nbsp;&nbsp; $54559 |
| Boston Scientific Corp. (a) | 1609 | &nbsp;&nbsp; 123651 |
| Medtronic PLC | 1730 | &nbsp;&nbsp; 168952 |

---

------

MFS Blended Research Core Equity ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Medical Equipment – continued | Medical Equipment – continued |  |
| Thermo Fisher Scientific, Inc. | 174 | &nbsp;&nbsp; $90673 |
|  |  | &nbsp;&nbsp; $437835 |
| Natural Gas - Distribution – 1.0% | Natural Gas - Distribution – 1.0% |  |
| Atmos Energy Corp. | 1597 | &nbsp;&nbsp; $298304 |
| Oil Services – 1.4% | Oil Services – 1.4% |  |
| TechnipFMC PLC | 6294 | &nbsp;&nbsp; $417355 |
| Other Banks & Diversified Financials – 4.4% | Other Banks & Diversified Financials – 4.4% |  |
| Mastercard, Inc., "A" | 1091 | &nbsp;&nbsp; $564276 |
| Northern Trust Corp. | 2982 | &nbsp;&nbsp; 426694 |
| Visa, Inc., "A" | 1076 | &nbsp;&nbsp; 344471 |
|  |  | &nbsp;&nbsp; $1335441 |
| Pharmaceuticals – 5.7% | Pharmaceuticals – 5.7% |  |
| AbbVie, Inc. | 956 | &nbsp;&nbsp; $221868 |
| Bristol-Myers Squibb Co. | 4262 | &nbsp;&nbsp; 265821 |
| Eli Lilly & Co. | 124 | &nbsp;&nbsp; 130447 |
| Incyte Corp. (a) | 976 | &nbsp;&nbsp; 98839 |
| Johnson & Johnson | 2606 | &nbsp;&nbsp; 647409 |
| Pfizer, Inc. | 10780 | &nbsp;&nbsp; 298067 |
| Vertex Pharmaceuticals, Inc. (a) | 152 | &nbsp;&nbsp; 75518 |
|  |  | &nbsp;&nbsp; $1737969 |
| Precious Metals & Minerals – 0.3% | Precious Metals & Minerals – 0.3% |  |
| Newmont Corp. | 684 | &nbsp;&nbsp; $88920 |
| Railroad & Shipping – 1.3% | Railroad & Shipping – 1.3% |  |
| Union Pacific Corp. | 1468 | &nbsp;&nbsp; $388991 |
| Real Estate – 1.0% | Real Estate – 1.0% |  |
| W.P. Carey, Inc., REIT | 3962 | &nbsp;&nbsp; $295763 |
| Restaurants – 1.3% | Restaurants – 1.3% |  |
| Aramark | 9652 | &nbsp;&nbsp; $403936 |
| Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% |  |
| RPM International, Inc. | 551 | &nbsp;&nbsp; $62880 |
| Specialty Stores – 5.4% | Specialty Stores – 5.4% |  |
| Amazon.com, Inc. (a) | 5728 | &nbsp;&nbsp; $1202880 |
| O'Reilly Automotive, Inc. (a) | 4262 | &nbsp;&nbsp; 400117 |
| TJX Cos., Inc. | 188 | &nbsp;&nbsp; 30392 |
|  |  | &nbsp;&nbsp; $1633389 |
| Telecom - Infrastructure – 0.5% | Telecom - Infrastructure – 0.5% |  |
| American Tower Corp., REIT | 856 | &nbsp;&nbsp; $164232 |
| Tobacco – 1.7% | Tobacco – 1.7% |  |
| Philip Morris International, Inc. | 2794 | &nbsp;&nbsp; $522003 |

---

------

MFS Blended Research Core Equity ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Utilities - Electric Power – 2.5% | Utilities - Electric Power – 2.5% |  |
| Edison International | 6248 | &nbsp;&nbsp; $466976 |
| PG&E Corp. | 15165 | &nbsp;&nbsp; 288135 |
|  |  | &nbsp;&nbsp; $755111 |
| **Total Common Stocks (Identified Cost, $29,500,976)** |  | &nbsp;&nbsp; **$30393236** |
| Mutual Funds – 0.3% | Mutual Funds – 0.3% | Mutual Funds – 0.3% |
| Money Market Funds – 0.3% | Money Market Funds – 0.3% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.63% (j) (Identified Cost, $87,561) | 87561 | &nbsp;&nbsp; $87561 |
| Other Assets, Less Liabilities – 0.1% |  | &nbsp;&nbsp; 26448 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$30507245** |

---

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

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

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

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity ETF

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

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

---

| | |
|:---|:---|
| **At 2/28/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value (identified cost, $29,588,537) | &nbsp;&nbsp; $30480797 |
| Receivables for |  |
| Interest and dividends | &nbsp;&nbsp; 27054 |
| Total assets | &nbsp;&nbsp; $30507851 |
| **Liabilities** |  |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; $606 |
| Total liabilities | &nbsp;&nbsp; $606 |
| Net assets | &nbsp;&nbsp; $30507245 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $29603084 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 904161 |
| Net assets | &nbsp;&nbsp; $30507245 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 1150000 |
| Net asset value per share (net assets of $30,507,245 / 1,150,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $26.53 |

---

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity ETF

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

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

---

| | |
|:---|:---|
| **Year ended 2/28/26 (c)** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $107531 |
| Interest | &nbsp;&nbsp; 1260 |
| Other | &nbsp;&nbsp; 130 |
| Total investment income | &nbsp;&nbsp; $108921 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $23928 |
| Total expenses | &nbsp;&nbsp; $23928 |
| Net investment income (loss) | &nbsp;&nbsp; $84993 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(19194)<br>|
| In-kind redemptions – unaffiliated issuers | &nbsp;&nbsp; 306456 |
| Net realized gain (loss) | &nbsp;&nbsp; $287262 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers | &nbsp;&nbsp; $892260 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $1179522 |
| Change in net assets from operations | &nbsp;&nbsp; $1264515 |
| (c) For the period from the commencement of the fund's investment operations, October 22, 2025, through the stated period end. |  |

---

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity ETF

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

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

---

| | |
|:---|:---|
|  | **Year ended** |
|  | **2/28/26 (c)** |
| **Change in net assets** |  |
| **From operations** |  |
| Net investment income (loss) | $84993 |
| Net realized gain (loss) | 287262 |
| Net unrealized gain (loss) | 892260 |
| Change in net assets from operations | $1264515 |
| Total distributions to shareholders | $(54000)<br>|
| Change in net assets from fund share transactions | $29296730 |
| Total change in net assets | $30507245 |
| **Net assets** |  |
| At beginning of period |  |
| At end of period | $30507245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, October 22, 2025, through the stated period end.

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity ETF

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

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

---

| | |
|:---|:---|
|  | **Year ended** |
|  | **2/28/26 (c)** |
| Net asset value, beginning of period | $25.44 |
| **Income (loss) from investment operations** |  |
| Net investment income (loss) (d) | $0.08 |
| Net realized and unrealized gain (loss) | 1.06 |
| Total from investment operations | $1.14 |
| **Less distributions declared to shareholders** |  |
| From net investment income | $(0.05)<br>|
| Net asset value, end of period (x) | $26.53 |
| Total return (%) (s)(x) | 4.48<br> (n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |
| Expenses | 0.24<br> (a)<br>|
| Net investment income (loss) | 0.85<br> (a)<br>|
| Portfolio turnover rate (e) | 5<br> (n)<br>|
| Net assets at end of period (000 omitted) | $30507 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, October 22, 2025, through the stated period end.

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Blended Research Core Equity ETF

**Notes to Financial Statements**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

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

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

------

MFS Blended Research Core Equity ETF

*Notes to Financial Statements - continued* 

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $30393236 | $— | $— | $30393236 |
| Investment Companies | 87561 |  |  | 87561 |
| Total | $30480797 | $— | $— | $30480797 |

---

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

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

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

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

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

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

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

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

------

MFS Blended Research Core Equity ETF

*Notes to Financial Statements - continued* 

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**2/28/26 (c)**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $54000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, October 22, 2025, through the stated period end.

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

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $29590544 |
| Gross appreciation | &nbsp;&nbsp; 2680448 |
| Gross depreciation | &nbsp;&nbsp; (1790195)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $890253 |
| Undistributed ordinary income | &nbsp;&nbsp; 30993 |
| Capital loss carryforwards | &nbsp;&nbsp; (17085)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $904161 |

---

As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(17085)<br>|

---

**(3) Transactions with Affiliates**

**Investment Adviser** — The fund has an Investment Management Agreement ("Management Agreement") with MFS to provide overall investment management and related administrative services and facilities to the fund. The management fee is computed daily and paid monthly at an annual rate of 0.24% of the fund's average daily net assets. Under the Management Agreement, MFS will pay substantially all the fund's operating expenses, excluding interest, taxes, extraordinary expenses, brokerage and transaction costs, certain tax reclaim recovery expenses (including contingency fees and closing agreement expenses), investment-related expenses (such as fees and expenses associated with investments in investment companies and other similar investment vehicles), litigation expenses, the cost of proxy solicitations and shareholder meetings, the fee paid to MFS pursuant to this agreement, and such other expenses as approved by a majority of the fund's Board of Trustees.

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

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

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the period ended February 28, 2026.

**Other** — At February 28, 2026, MFS held approximately 90% of the outstanding shares of the fund.

The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the period ended February 28, 2026, this reimbursement amounted to $130, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the year ended February 28, 2026, purchases and sales of investments, other than in-kind transactions and short-term obligations, aggregated $3,238,244 and $1,405,480, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $29,435,355 and $2,054,256, respectively.

------

MFS Blended Research Core Equity ETF

*Notes to Financial Statements - continued* 

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**2/28/26 (c)** | **Year ended** <br>**2/28/26 (c)** |
|  | **Shares** | **Amount** |
| Shares sold | 1250002 | &nbsp;&nbsp; $31954868 |
| Shares reacquired | (100002)<br>| &nbsp;&nbsp; (2658138)<br>|
| Net change | 1150000 | &nbsp;&nbsp; $29296730 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, October 22, 2025, through the stated period end.

------

MFS Blended Research Core Equity ETF

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of MFS Blended Research Core Equity ETF and the Board of Trustees of MFS Active Exchange Traded Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of MFS Blended Research Core Equity ETF (the "Fund") (one of the funds constituting MFS Active Exchange Traded Funds Trust (the "Trust")), including the portfolio of investments, as of February 28, 2026, and the related statements of operations and changes in net assets and the financial highlights for the period from October 22, 2025 (commencement of operations) through February 28, 2026 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Active Exchange Traded Funds Trust) at February 28, 2026, the results of its operations, the changes in its net assets and its financial highlights for the period from October 22, 2025 (commencement of operations) through February 28, 2026, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

April 15, 2026

------

MFS Blended Research Core Equity ETF

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

For corporate shareholders, 84.23% of the ordinary income dividends paid during the prior calendar year qualify for the corporate dividends received deduction.

The fund designates the maximum amount allowable as Section 199A dividends as defined in Proposed Treasury Regulation §1.199A-3(d).

------

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

There is nothing to report for this item for MFS Blended Research Core Equity ETF.

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

There is nothing to report for this item for MFS Blended Research Core Equity ETF.

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

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

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

------

MFS Blended Research Core Equity ETF

**Board Approval of Investment Management Agreement**

**MFS Blended Research Core Equity ETF**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, initially approve the Fund's investment management agreement with MFS (the "Agreement") and, beginning on the second anniversary of the initial effective date of the Agreement, annually approve the continuation of the Agreement. In July and September 2025, the Board met to consider the initial approval of the Agreement ("the initial review meetings"). The independent Trustees were assisted in their evaluation of the Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS.

In connection with their deliberations regarding the initial approval of the Agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services to be performed by MFS under the Agreement and other arrangements with the Fund. The independent Trustees observed that with respect to this Fund, MFS was proposing a unitary management fee structure, pursuant to which MFS would receive a fee covering investment management and administrative services, with MFS paying the Fund's ordinary, recurring operating expenses (the "Unitary Fee"), subject to certain exceptions.

In connection with their initial review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions Inc. ("Broadridge"), an independent third party, on the Fund's proposed Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (ii) information provided by MFS on the total expense ratios for Class R6 shares of MFS mutual funds in the same Morningstar category as the Fund, and (iii) the Unitary Fees for certain fully transparent actively-managed exchange-traded funds ("ETFs") in similar Morningstar categories that MFS believes will be key competitors to the Fund. In addition, in connection with the independent Trustees' May, June, and July 2025 meetings for the purpose of considering whether to approve the continuation of the investment advisory agreements for the MFS-advised mutual funds that the Board oversees (the "MFS Funds"), the independent Trustees received: (i) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (ii) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the MFS Funds as a whole, and compared to MFS' institutional business, (iii) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (iv) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (v) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel that would provide investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the initial approval of the Agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Because the Fund is newly organized and had not yet commenced investment operations at the time of the initial review meetings, the Fund had no investment performance for the Trustees to review.

The Trustees considered the proposed Unitary Fee structure to which the Fund would be subject, observing that many of the competitors of the Fund have adopted similar unitary fee structures. In assessing the reasonableness of the Fund's proposed Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the Agreement and descriptions of various services to be performed or procured by MFS under the Agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses which would be excluded from the Unitary Fee and therefore would be payable by the Fund. The Trustees also considered the Fund's proposed Unitary Fee as compared with the advisory fee and total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund's proposed Unitary Fee and proposed total expense ratio would each be lower than the applicable Broadridge expense group median.

The Trustees considered that the Agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS' observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.

The Trustees did not consider MFS' costs and profits with respect to the Fund because the Fund had not yet commenced operations. The Trustees considered information prepared by MFS relating to MFS' costs and profits with respect to the MFS Funds considered as a group, and other investment companies and institutional accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds and other accounts and products for purposes of estimating profitability.

------

MFS Blended Research Core Equity ETF

*Board Approval of Investment Management Agreement - continued*

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the Unitary Fee to be charged to the Fund represents reasonable compensation in light of the services to be provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services to be provided to the Fund by MFS and its affiliates under agreements and plans other than the Agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services to be provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's Agreement with MFS should be approved for an initial two-year period, commencing upon its effective date, as set forth in the Agreement.

------

MFS Blended Research International Equity ETF

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

MFS Blended Research International Equity ETF

**Portfolio of Investments - 2/28/26** 

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

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| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – 97.0% | Common Stocks – 97.0% | Common Stocks – 97.0% |
| Aerospace & Defense – 0.9% | Aerospace & Defense – 0.9% |  |
| MTU Aero Engines Holding AG | 2401 | &nbsp;&nbsp; $1036648 |
| Rolls-Royce Holdings PLC | 13281 | &nbsp;&nbsp; 238672 |
|  |  | &nbsp;&nbsp; $1275320 |
| Airlines – 0.8% | Airlines – 0.8% |  |
| Ryanair Holdings PLC | 35159 | &nbsp;&nbsp; $1139133 |
| Alcoholic Beverages – 1.5% | Alcoholic Beverages – 1.5% |  |
| Ambev S.A., ADR (l) | 395533 | &nbsp;&nbsp; $1249884 |
| Pernod Ricard S.A. | 9915 | &nbsp;&nbsp; 916860 |
|  |  | &nbsp;&nbsp; $2166744 |
| Apparel Manufacturers – 1.5% | Apparel Manufacturers – 1.5% |  |
| Burberry Group PLC (a) | 32575 | &nbsp;&nbsp; $510554 |
| Christian Dior S.A. | 820 | &nbsp;&nbsp; 500928 |
| Compagnie Financiere Richemont S.A. | 2401 | &nbsp;&nbsp; 491067 |
| LVMH Moet Hennessy Louis Vuitton SE | 1126 | &nbsp;&nbsp; 723915 |
|  |  | &nbsp;&nbsp; $2226464 |
| Automotive – 2.4% | Automotive – 2.4% |  |
| Compagnie Generale des Etablissements Michelin | 10131 | &nbsp;&nbsp; $411795 |
| Mahindra & Mahindra Ltd. | 15965 | &nbsp;&nbsp; 596194 |
| Maruti Suzuki India Ltd. | 1790 | &nbsp;&nbsp; 292318 |
| Mercedes-Benz Group AG | 2801 | &nbsp;&nbsp; 195270 |
| PT Astra International Tbk | 1987856 | &nbsp;&nbsp; 791467 |
| Suzuki Motor Corp. | 80174 | &nbsp;&nbsp; 1216998 |
|  |  | &nbsp;&nbsp; $3504042 |
| Broadcasting – 0.5% | Broadcasting – 0.5% |  |
| Spotify Technology S.A. (a) | 470 | &nbsp;&nbsp; $242022 |
| Tencent Music Entertainment Group, ADR | 35580 | &nbsp;&nbsp; 519468 |
|  |  | &nbsp;&nbsp; $761490 |
| Brokerage & Asset Managers – 2.4% | Brokerage & Asset Managers – 2.4% |  |
| Barclays PLC | 301261 | &nbsp;&nbsp; $1838547 |
| Brookfield Corp. | 16892 | &nbsp;&nbsp; 740545 |
| IG Group Holdings PLC | 34055 | &nbsp;&nbsp; 597084 |
| Nomura Holdings, Inc. | 40130 | &nbsp;&nbsp; 373252 |
|  |  | &nbsp;&nbsp; $3549428 |
| Business Services – 3.4% | Business Services – 3.4% |  |
| CGI, Inc. | 5397 | &nbsp;&nbsp; $395924 |
| Infosys Technologies Ltd., ADR (l) | 59816 | &nbsp;&nbsp; 863743 |
| ISS A/S | 29458 | &nbsp;&nbsp; 1048145 |
| Kanzhun Ltd., ADR | 18067 | &nbsp;&nbsp; 290517 |
| Otsuka Corp. | 20074 | &nbsp;&nbsp; 404784 |
| Recruit Holdings Co. Ltd. | 5136 | &nbsp;&nbsp; 225811 |
| Scout24 AG | 10944 | &nbsp;&nbsp; 934296 |

---

EBIFS-ANN

------

MFS Blended Research International Equity ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Business Services – continued | Business Services – continued |  |
| Tata Consultancy Services Ltd. | 27484 | &nbsp;&nbsp; $796761 |
|  |  | &nbsp;&nbsp; $4959981 |
| Chemicals – 0.6% | Chemicals – 0.6% |  |
| FUJIFILM Holdings Corp. | 13113 | &nbsp;&nbsp; $272395 |
| UPL Ltd. | 76617 | &nbsp;&nbsp; 536796 |
|  |  | &nbsp;&nbsp; $809191 |
| Computer Software – 0.7% | Computer Software – 0.7% |  |
| Check Point Software Technologies Ltd. (a) | 6397 | &nbsp;&nbsp; $972792 |
| Computer Software - Systems – 1.7% | Computer Software - Systems – 1.7% |  |
| Hon Hai Precision Industry Co. Ltd. | 39800 | &nbsp;&nbsp; $309872 |
| Lenovo Group Ltd. | 622227 | &nbsp;&nbsp; 773867 |
| NEC Corp. | 20074 | &nbsp;&nbsp; 557108 |
| Samsung Electronics Co. Ltd. | 2610 | &nbsp;&nbsp; 392815 |
| Shopify, Inc. (a) | 1600 | &nbsp;&nbsp; 193168 |
| Wix.com Ltd. (a) | 3542 | &nbsp;&nbsp; 249569 |
|  |  | &nbsp;&nbsp; $2476399 |
| Construction – 2.0% | Construction – 2.0% |  |
| Anhui Conch Cement Co. Ltd. | 299712 | &nbsp;&nbsp; $938587 |
| Compagnie de Saint-Gobain S.A. | 10580 | &nbsp;&nbsp; 1078115 |
| LIXIL Corp. | 20074 | &nbsp;&nbsp; 235877 |
| Techtronic Industries Co. Ltd. | 38769 | &nbsp;&nbsp; 632324 |
|  |  | &nbsp;&nbsp; $2884903 |
| Consumer Products – 0.2% | Consumer Products – 0.2% |  |
| Hengan International Group Co. Ltd. | 84500 | &nbsp;&nbsp; $315171 |
| Electrical Equipment – 0.8% | Electrical Equipment – 0.8% |  |
| Legrand S.A. | 1800 | &nbsp;&nbsp; $327221 |
| Siemens Energy AG | 2000 | &nbsp;&nbsp; 393355 |
| Signify N.V. | 18278 | &nbsp;&nbsp; 425898 |
|  |  | &nbsp;&nbsp; $1146474 |
| Electronics – 11.1% | Electronics – 11.1% |  |
| Advantest Corp. | 1240 | &nbsp;&nbsp; $213197 |
| ASML Holding N.V. | 2401 | &nbsp;&nbsp; 3499183 |
| Dai Nippon Printing Co. Ltd. | 80174 | &nbsp;&nbsp; 1668527 |
| Innolux Display Corp. | 615880 | &nbsp;&nbsp; 528839 |
| SK hynix, Inc. | 2616 | &nbsp;&nbsp; 1929493 |
| SK Square Co. Ltd. (a) | 1779 | &nbsp;&nbsp; 797675 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 18571 | &nbsp;&nbsp; 6956325 |
| Tokyo Electron Ltd. | 1992 | &nbsp;&nbsp; 561380 |
|  |  | &nbsp;&nbsp; $16154619 |
| Energy - Independent – 0.5% | Energy - Independent – 0.5% |  |
| Bharat Petroleum Corp. Ltd. | 81218 | &nbsp;&nbsp; $344061 |
| Orlen S.A. | 13081 | &nbsp;&nbsp; 419761 |
|  |  | &nbsp;&nbsp; $763822 |

---

------

MFS Blended Research International Equity ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Energy - Integrated – 3.2% | Energy - Integrated – 3.2% |  |
| Cenovus Energy, Inc. | 68614 | &nbsp;&nbsp; $1530779 |
| MOL Hungarian Oil & Gas PLC | 66013 | &nbsp;&nbsp; 730279 |
| PetroChina Co. Ltd. | 1231961 | &nbsp;&nbsp; 1502276 |
| TotalEnergies SE | 12176 | &nbsp;&nbsp; 967968 |
|  |  | &nbsp;&nbsp; $4731302 |
| Engineering - Construction – 2.1% | Engineering - Construction – 2.1% |  |
| Doosan Bobcat, Inc. (a) | 6720 | &nbsp;&nbsp; $303649 |
| Eiffage S.A. | 7598 | &nbsp;&nbsp; 1312554 |
| VINCI S.A. | 8580 | &nbsp;&nbsp; 1426942 |
|  |  | &nbsp;&nbsp; $3043145 |
| Food & Beverages – 0.5% | Food & Beverages – 0.5% |  |
| Arca Continental S.A.B. de C.V. | 19078 | &nbsp;&nbsp; $229618 |
| Inner Mongolia Yili Industrial Group Co. Ltd., "A" | 62600 | &nbsp;&nbsp; 238139 |
| JBS N.V., "A" (a) | 18059 | &nbsp;&nbsp; 305017 |
|  |  | &nbsp;&nbsp; $772774 |
| Food & Drug Stores – 2.3% | Food & Drug Stores – 2.3% |  |
| Jeronimo Martins SGPS S.A. | 42951 | &nbsp;&nbsp; $1129715 |
| Sugi Holdings Co. Ltd. | 20074 | &nbsp;&nbsp; 461471 |
| Tesco PLC | 280383 | &nbsp;&nbsp; 1815988 |
|  |  | &nbsp;&nbsp; $3407174 |
| Gaming & Lodging – 0.5% | Gaming & Lodging – 0.5% |  |
| Aristocrat Leisure Ltd. | 6797 | &nbsp;&nbsp; $232567 |
| OPAP S.A. | 27063 | &nbsp;&nbsp; 505247 |
|  |  | &nbsp;&nbsp; $737814 |
| General Merchandise – 1.1% | General Merchandise – 1.1% |  |
| Dollarama, Inc. | 10980 | &nbsp;&nbsp; $1616512 |
| Insurance – 3.9% | Insurance – 3.9% |  |
| AIA Group Ltd. | 171968 | &nbsp;&nbsp; $1907971 |
| Manulife Financial Corp. | 44735 | &nbsp;&nbsp; 1589882 |
| Sompo Holdings, Inc. | 40130 | &nbsp;&nbsp; 1604789 |
| Zurich Insurance Group AG | 800 | &nbsp;&nbsp; 604123 |
|  |  | &nbsp;&nbsp; $5706765 |
| Leisure & Toys – 3.8% | Leisure & Toys – 3.8% |  |
| Naspers Ltd. | 5197 | &nbsp;&nbsp; $288927 |
| NetEase, Inc., ADR | 7798 | &nbsp;&nbsp; 896536 |
| Sankyo Co. Ltd. | 20074 | &nbsp;&nbsp; 283439 |
| Sony Group Corp. | 60100 | &nbsp;&nbsp; 1402006 |
| Tencent Holdings Ltd., ADR | 28609 | &nbsp;&nbsp; 1879611 |
| Yamaha Corp. | 100248 | &nbsp;&nbsp; 777385 |
|  |  | &nbsp;&nbsp; $5527904 |

---

------

MFS Blended Research International Equity ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Machinery & Tools – 1.6% | Machinery & Tools – 1.6% |  |
| Finning International, Inc. | 5397 | &nbsp;&nbsp; $363849 |
| GEA Group AG | 21478 | &nbsp;&nbsp; 1672437 |
| KONE Oyj, "B" | 4597 | &nbsp;&nbsp; 347745 |
|  |  | &nbsp;&nbsp; $2384031 |
| Major Banks – 12.3% | Major Banks – 12.3% |  |
| ABN AMRO Group N.V., GDR | 13288 | &nbsp;&nbsp; $445283 |
| ABSA Group Ltd. | 16477 | &nbsp;&nbsp; 280726 |
| Banco Bilbao Vizcaya Argentaria S.A. | 75220 | &nbsp;&nbsp; 1755379 |
| Bank of Montreal | 2601 | &nbsp;&nbsp; 374362 |
| BNP Paribas S.A. | 21678 | &nbsp;&nbsp; 2446207 |
| BPER Banca S.p.A. | 114802 | &nbsp;&nbsp; 1629157 |
| Erste Group Bank AG | 4792 | &nbsp;&nbsp; 570186 |
| Industrial & Commercial Bank of China, "H" | 285775 | &nbsp;&nbsp; 235607 |
| ING Groep N.V. | 50218 | &nbsp;&nbsp; 1461485 |
| Itau Unibanco Holding S.A., ADR | 99173 | &nbsp;&nbsp; 897516 |
| Mizuho Financial Group, Inc. | 20074 | &nbsp;&nbsp; 919215 |
| NatWest Group PLC | 243628 | &nbsp;&nbsp; 2032335 |
| Oversea-Chinese Banking Corp. Ltd. | 40130 | &nbsp;&nbsp; 679885 |
| Société Générale S.A. | 4185 | &nbsp;&nbsp; 365237 |
| Toronto-Dominion Bank | 22079 | &nbsp;&nbsp; 2149611 |
| UBS Group AG | 42739 | &nbsp;&nbsp; 1779379 |
|  |  | &nbsp;&nbsp; $18021570 |
| Medical & Health Technology & Services – 0.5% | Medical & Health Technology & Services – 0.5% |  |
| Fresenius Medical Care AG | 11976 | &nbsp;&nbsp; $558251 |
| Rede D'Or Sao Luiz S.A. (n) | 26429 | &nbsp;&nbsp; 207761 |
|  |  | &nbsp;&nbsp; $766012 |
| Medical Equipment – 1.9% | Medical Equipment – 1.9% |  |
| Demant A.S. (a) | 22679 | &nbsp;&nbsp; $705805 |
| Fisher & Paykel Healthcare Corp. Ltd. | 34260 | &nbsp;&nbsp; 840530 |
| Shandong Weigao Group Medical Polymer Co. Ltd., "H" | 302503 | &nbsp;&nbsp; 196812 |
| Smith & Nephew PLC | 55515 | &nbsp;&nbsp; 1026086 |
|  |  | &nbsp;&nbsp; $2769233 |
| Metals & Mining – 5.4% | Metals & Mining – 5.4% |  |
| Marubeni Corp. | 20074 | &nbsp;&nbsp; $772290 |
| Rio Tinto PLC | 27658 | &nbsp;&nbsp; 2733998 |
| Sojitz Corp. | 15512 | &nbsp;&nbsp; 703262 |
| Sumitomo Corp. | 9774 | &nbsp;&nbsp; 417022 |
| Toyota Tsusho Corp. | 60100 | &nbsp;&nbsp; 2689327 |
| Vale S.A., ADR | 33255 | &nbsp;&nbsp; 571321 |
|  |  | &nbsp;&nbsp; $7887220 |
| Natural Gas - Distribution – 0.8% | Natural Gas - Distribution – 0.8% |  |
| ENGIE S.A. | 34759 | &nbsp;&nbsp; $1188191 |
| Natural Gas - Pipeline – 1.0% | Natural Gas - Pipeline – 1.0% |  |
| APA Group | 213569 | &nbsp;&nbsp; $1398275 |

---

------

MFS Blended Research International Equity ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Network & Telecom – 0.9% | Network & Telecom – 0.9% |  |
| Accton Technology Corp. | 10512 | &nbsp;&nbsp; $471526 |
| LM Ericsson Telephone Co., "B" | 70414 | &nbsp;&nbsp; 815475 |
|  |  | &nbsp;&nbsp; $1287001 |
| Oil Services – 1.3% | Oil Services – 1.3% |  |
| Samsung E&A Co. Ltd. | 11538 | &nbsp;&nbsp; $291959 |
| Tenaris S.A. | 60861 | &nbsp;&nbsp; 1662637 |
|  |  | &nbsp;&nbsp; $1954596 |
| Other Banks & Diversified Financials – 4.1% | Other Banks & Diversified Financials – 4.1% |  |
| Banco de Chile | 1596559 | &nbsp;&nbsp; $329293 |
| China Construction Bank Corp. | 1199133 | &nbsp;&nbsp; 1224669 |
| China Merchants Bank Co. Ltd. | 117205 | &nbsp;&nbsp; 731689 |
| Credicorp Ltd. | 2000 | &nbsp;&nbsp; 692760 |
| Grupo Financiero Banorte S.A. de C.V. | 94571 | &nbsp;&nbsp; 1078434 |
| Kasikornbank PLC | 60312 | &nbsp;&nbsp; 391926 |
| KB Financial Group, Inc., ADR | 4201 | &nbsp;&nbsp; 462110 |
| Shinhan Financial Group Co. Ltd., ADR | 15951 | &nbsp;&nbsp; 1065686 |
|  |  | &nbsp;&nbsp; $5976567 |
| Pharmaceuticals – 5.5% | Pharmaceuticals – 5.5% |  |
| Astellas Pharma, Inc. | 53502 | &nbsp;&nbsp; $891272 |
| Bayer AG | 9380 | &nbsp;&nbsp; 465614 |
| GSK PLC | 14680 | &nbsp;&nbsp; 435435 |
| Novartis AG | 16912 | &nbsp;&nbsp; 2870542 |
| Roche Holding AG | 3647 | &nbsp;&nbsp; 1740845 |
| Sanofi S.A. | 15877 | &nbsp;&nbsp; 1542094 |
|  |  | &nbsp;&nbsp; $7945802 |
| Precious Metals & Minerals – 3.5% | Precious Metals & Minerals – 3.5% |  |
| Agnico Eagle Mines Ltd. | 3401 | &nbsp;&nbsp; $855692 |
| Evolution Mining Ltd. | 25257 | &nbsp;&nbsp; 298011 |
| Gold Fields Ltd., ADR | 10580 | &nbsp;&nbsp; 622527 |
| Kinross Gold Corp. | 64613 | &nbsp;&nbsp; 2390035 |
| OceanaGold Corp. | 23231 | &nbsp;&nbsp; 987962 |
|  |  | &nbsp;&nbsp; $5154227 |
| Railroad & Shipping – 0.5% | Railroad & Shipping – 0.5% |  |
| Yangzijian Shipbuilding Holdings Ltd. | 220522 | &nbsp;&nbsp; $756633 |
| Real Estate – 2.1% | Real Estate – 2.1% |  |
| Charter Hall Group, REIT | 35159 | &nbsp;&nbsp; $552211 |
| Emaar Properties PJSC | 169187 | &nbsp;&nbsp; 746200 |
| Industrial & Infrastructure Fund Investment Corp. | 386 | &nbsp;&nbsp; 375705 |
| Scentre Group Ltd., REIT | 503155 | &nbsp;&nbsp; 1367829 |
|  |  | &nbsp;&nbsp; $3041945 |
| Specialty Chemicals – 0.2% | Specialty Chemicals – 0.2% |  |
| Sime Darby Berhad | 502500 | &nbsp;&nbsp; $315112 |

---

------

MFS Blended Research International Equity ETF

*Portfolio of Investments – continued*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Shares/Par** | **Value ($)** |
| Common Stocks – continued | Common Stocks – continued | Common Stocks – continued |
| Specialty Stores – 1.4% | Specialty Stores – 1.4% |  |
| Alibaba Group Holding Ltd., ADR | 3544 | &nbsp;&nbsp; $510726 |
| PDD Holdings, Inc., ADR (a) | 3201 | &nbsp;&nbsp; 332040 |
| Shimamura Co. Ltd. | 36960 | &nbsp;&nbsp; 851075 |
| Vipshop Holdings Ltd., ADR | 16477 | &nbsp;&nbsp; 287029 |
|  |  | &nbsp;&nbsp; $1980870 |
| Telecom Services – 1.6% | Telecom Services – 1.6% |  |
| Hellenic Telecommunications Organization S.A. | 10180 | &nbsp;&nbsp; $210502 |
| KDDI Corp. | 60100 | &nbsp;&nbsp; 1027932 |
| LG Uplus Corp. | 45347 | &nbsp;&nbsp; 521404 |
| PT Telkom Indonesia (Persero) Tbk | 26474 | &nbsp;&nbsp; 563102 |
|  |  | &nbsp;&nbsp; $2322940 |
| Tobacco – 2.0% | Tobacco – 2.0% |  |
| British American Tobacco PLC | 37556 | &nbsp;&nbsp; $2348414 |
| Imperial Brands PLC | 13281 | &nbsp;&nbsp; 595113 |
|  |  | &nbsp;&nbsp; $2943527 |
| Utilities - Electric Power – 2.0% | Utilities - Electric Power – 2.0% |  |
| CLP Holdings Ltd. | 78436 | &nbsp;&nbsp; $743916 |
| E.ON SE | 71993 | &nbsp;&nbsp; 1674117 |
| Enel Chile S.A. | 5898944 | &nbsp;&nbsp; 493764 |
|  |  | &nbsp;&nbsp; $2911797 |
| **Total Common Stocks (Identified Cost, $131,153,301)** |  | &nbsp;&nbsp; **$141654912** |
| Preferred Stocks – 1.9% | Preferred Stocks – 1.9% | Preferred Stocks – 1.9% |
| Computer Software - Systems – 1.9% |  |  |
| Samsung Electronics Co. Ltd. (Identified Cost, $1,873,164) | 27690 | &nbsp;&nbsp; $2768038 |
| Mutual Funds – 1.0% | Mutual Funds – 1.0% | Mutual Funds – 1.0% |
| Money Market Funds – 1.0% | Money Market Funds – 1.0% |  |
| State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.63% (j) (Identified Cost, $1,531,692) | 1531692 | &nbsp;&nbsp; $1531692 |
| Collateral for Securities Loaned – 1.4% | Collateral for Securities Loaned – 1.4% | Collateral for Securities Loaned – 1.4% |
| JPMorgan U.S. Government Money Market Fund - Class IM Shares, 3.61% (j) (Identified Cost, $2,052,650) | 2052650 | &nbsp;&nbsp; $2052650 |
| Other Assets, Less Liabilities – (1.3)% |  | &nbsp;&nbsp; (1905380) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | &nbsp;&nbsp; **$146101912** |

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(l) A portion of this security is on loan. See Note 2 for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Securities exempt from registration under Rule 144A of the Securities Act of 1933.
 These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers.
 At period end, the aggregate value of these securities was $207,761, representing 0.1% of net assets.

---

| | |
|:---|:---|
| The following abbreviations are used in this report and are defined: | The following abbreviations are used in this report and are defined: |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

**See Notes to Financial Statements**

------

MFS Blended Research International Equity ETF

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

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

---

| | |
|:---|:---|
| **At 2/28/26** <br> **Assets**<br>|  |
| Investments in unaffiliated issuers, at value, including $1,901,516 of securities on loan (identified cost, $136,610,807) | &nbsp;&nbsp; $148007292 |
| Cash | &nbsp;&nbsp; 1789 |
| Foreign currency, at value (identified cost, $26,023) | &nbsp;&nbsp; 25996 |
| Receivables for |  |
| Interest and dividends | &nbsp;&nbsp; 127317 |
| Total assets | &nbsp;&nbsp; $148162394 |
| **Liabilities** |  |
| Collateral for securities loaned, at value | &nbsp;&nbsp; $2052650 |
| Payable to affiliates |  |
| Investment adviser | &nbsp;&nbsp; 4087 |
| Deferred foreign capital gains tax expense payable | &nbsp;&nbsp; 3745 |
| Total liabilities | &nbsp;&nbsp; $2060482 |
| Net assets | &nbsp;&nbsp; $146101912 |
| **Net assets consist of** |  |
| Paid-in capital | &nbsp;&nbsp; $134818554 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 11283358 |
| Net assets | &nbsp;&nbsp; $146101912 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized) | &nbsp;&nbsp; 4975000 |
| Net asset value per share (net assets of $146,101,912 / 4,975,000 shares of beneficial interest outstanding) | &nbsp;&nbsp; $29.37 |

---

**See Notes to Financial Statements**

------

MFS Blended Research International Equity ETF

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

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

---

| | |
|:---|:---|
| **Year ended 2/28/26 (c)** <br> **Net investment income (loss)**<br>|  |
| Income |  |
| Dividends from unaffiliated issuers | &nbsp;&nbsp; $336696 |
| Income on securities loaned | &nbsp;&nbsp; 9407 |
| Interest | &nbsp;&nbsp; 7472 |
| Other | &nbsp;&nbsp; 1976 |
| Foreign taxes withheld | &nbsp;&nbsp; (27495)<br>|
| Total investment income | &nbsp;&nbsp; $328056 |
| Expenses |  |
| Management fee | &nbsp;&nbsp; $77247 |
| Miscellaneous | &nbsp;&nbsp; 55 |
| Total expenses | &nbsp;&nbsp; $77302 |
| Net investment income (loss) | &nbsp;&nbsp; $250754 |
| **Realized and unrealized gain (loss)** | **Realized and unrealized gain (loss)** |
| Realized gain (loss) (identified cost basis) |  |
| Unaffiliated issuers | &nbsp;&nbsp; $(174211)<br>|
| Foreign currency | &nbsp;&nbsp; (17155)<br>|
| In-kind redemptions – unaffiliated issuers | &nbsp;&nbsp; 671313 |
| Net realized gain (loss) | &nbsp;&nbsp; $479947 |
| Change in unrealized appreciation or depreciation |  |
| Unaffiliated issuers (includes $3,745 increase in deferred foreign capital gains tax) | &nbsp;&nbsp; $11392740 |
| Translation of assets and liabilities in foreign currencies | &nbsp;&nbsp; 1202 |
| Net unrealized gain (loss) | &nbsp;&nbsp; $11393942 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; $11873889 |
| Change in net assets from operations | &nbsp;&nbsp; $12124643 |
| (c) For the period from the commencement of the fund's investment operations, October 22, 2025, through the stated period end. |  |

---

**See Notes to Financial Statements**

------

MFS Blended Research International Equity ETF

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

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

---

| | |
|:---|:---|
|  | **Year ended** |
|  | **2/28/26 (c)** |
| **Change in net assets** |  |
| **From operations** |  |
| Net investment income (loss) | $250754 |
| Net realized gain (loss) | 479947 |
| Net unrealized gain (loss) | 11393942 |
| Change in net assets from operations | $12124643 |
| Total distributions to shareholders | $(170002)<br>|
| Change in net assets from fund share transactions | $134084953 |
| Miscellaneous capital | $62318 |
| Total change in net assets | $146101912 |
| **Net assets** |  |
| At beginning of period |  |
| At end of period | $146101912 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, October 22, 2025, through the stated period end.

**See Notes to Financial Statements**

------

MFS Blended Research International Equity ETF

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

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

---

| | |
|:---|:---|
|  | **Year ended** |
|  | **2/28/26 (c)** |
| Net asset value, beginning of period | $24.88 |
| **Income (loss) from investment operations** |  |
| Net investment income (loss) (d) | $0.11 |
| Net realized and unrealized gain (loss) | 4.42 |
| Total from investment operations | $4.53 |
| **Less distributions declared to shareholders** |  |
| From net investment income | $(0.07)<br>|
| Miscellaneous capital (d) | $0.03 |
| Net asset value, end of period (x) | $29.37 |
| Total return (%) (s)(x) | 18.38<br> (n)<br>|
| **Ratios (%) (to average net assets)** <br>**and Supplemental data:**<br>|  |
| Expenses | 0.34<br> (a)<br>|
| Net investment income (loss) | 1.10<br> (a)<br>|
| Portfolio turnover rate (e) | 8<br> (n)<br>|
| Net assets at end of period (000 omitted) | $146102 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, October 22, 2025, through the stated period end.

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

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

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

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

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

**See Notes to Financial Statements**

------

MFS Blended Research International Equity ETF

**Notes to Financial Statements**

**(1) Business and Organization**

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

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

**(2) Significant Accounting Policies**

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

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

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

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

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

------

MFS Blended Research International Equity ETF

*Notes to Financial Statements - continued* 

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

Various inputs are used in determining the value of the fund's assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk). Level 3 includes significant unobservable inputs, which may include the adviser's own assumptions in determining the fair value of investments. The following is a summary of the levels used as of February 28, 2026 in valuing the fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Equity Securities | $144422950 | $— | $— | $144422950 |
| Investment Companies | 3584342 |  |  | 3584342 |
| Total | $148007292 | $— | $— | $148007292 |

---

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

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

**Security Loans** — Under its Securities Lending Agency Agreement with the fund, Goldman Sachs Agency Lending, as lending agent, loans the securities of the fund to certain qualified institutions (the "Borrowers") approved by the fund. Security loans can be terminated at the discretion of either the lending agent or the fund and the related securities must be returned within the earlier of the standard trade settlement period for such securities or within five business days. The loans are collateralized by cash and/or U.S. government securities in an amount typically at least equal to the market value of the securities loaned. On loans collateralized by cash, the cash collateral is invested in a money market fund. The market value of the loaned securities is determined at the close of business of the fund and any additional required collateral is delivered to the fund on the next business day. The lending agent provides the fund with indemnification against Borrower default. In the event of Borrower default, the lending agent will, for the benefit of the fund, either purchase securities identical to those loaned or pay the fund the market value of the loaned securities. In return, the lending agent assumes the fund's rights to the related collateral. If the collateral value is less than the cost to purchase identical securities or the cash needed to pay their market value, the lending agent is responsible for the shortfall, but only to the extent that such shortfall is not due to a decline in collateral value resulting from collateral reinvestment for which the fund bears the risk of loss. At period end, the fund had investment securities on loan, all of which were classified as equity securities in the fund's Portfolio of Investments, with a fair value of $1,901,516. The fair value of the fund's investment securities on loan and a related liability of $2,052,650 for the obligation to return cash collateral received on securities loaned are both presented gross in the Statement of Assets and Liabilities. The collateral on securities loaned exceeded the value of securities on loan at period end. The

------

MFS Blended Research International Equity ETF

*Notes to Financial Statements - continued* 

liability for cash collateral for securities loaned is carried at fair value, which is categorized as level 2 within the fair value hierarchy. A portion of the income generated upon investment of the collateral is remitted to the Borrowers, and the remainder is allocated between the fund and the lending agent. On loans collateralized by U.S. government securities, a fee is received from the Borrower, and is allocated between the fund and the lending agent. Income from securities lending is separately reported in the Statement of Operations. The dividend and interest income earned on the securities loaned is accounted for in the same manner as other dividend and interest income.

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

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

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

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

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

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

Book/tax differences primarily relate to passive foreign investment companies and redemptions in-kind.

The tax character of distributions declared to shareholders for the last fiscal year is as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **Year ended** <br>**2/28/26 (c)**<br>|
| Ordinary income (including any short-term capital gains) | &nbsp;&nbsp; $170002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, October 22, 2025, through the stated period end.

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

------

MFS Blended Research International Equity ETF

*Notes to Financial Statements - continued* 

---

| | |
|:---|:---|
| **As of 2/28/26** |  |
| Cost of investments | &nbsp;&nbsp; $137030500 |
| Gross appreciation | &nbsp;&nbsp; 14290827 |
| Gross depreciation | &nbsp;&nbsp; (3314035)<br>|
| Net unrealized appreciation (depreciation) | &nbsp;&nbsp; $10976792 |
| Undistributed ordinary income | &nbsp;&nbsp; 493681 |
| Capital loss carryforwards | &nbsp;&nbsp; (176274)<br>|
| Other temporary differences | &nbsp;&nbsp; (10841)<br>|
| Total distributable earnings (loss) | &nbsp;&nbsp; $11283358 |

---

As of February 28, 2026, the fund had capital loss carryforwards available to offset future realized gains. These net capital losses may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Such losses are characterized as follows:

---

| | |
|:---|:---|
| Short-Term | $(176274)<br>|

---

**(3) Transactions with Affiliates**

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

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

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

**Trustees' and Officers' Compensation** — Under the Management Agreement, MFS pays compensation to independent Trustees in the form of a retainer, attendance fees, and additional compensation to Board and Committee chairpersons. MFS also pays compensation to Trustees or officers of the fund who are also officers of the investment adviser for their services to the fund. Certain officers and Trustees of the fund are officers or directors of MFS and MFD. The fund did not pay any compensation to the independent Trustees for the period ended February 28, 2026.

**Other** — The adviser has voluntarily undertaken to reimburse the fund from its own resources on a quarterly basis for the cost of investment research embedded in the cost of the fund's securities trades. This agreement may be rescinded at any time. For the period ended February 28, 2026, this reimbursement amounted to $1,776, which is included in "Other" income in the Statement of Operations.

**(4) Portfolio Securities**

For the period ended February 28, 2026, purchases and sales of investments, other than short-term obligations, aggregated $27,966,974 and $5,766,704, respectively. Securities received and delivered in-kind through subscriptions and redemptions aggregated $114,723,048 and $4,393,955, respectively.

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

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

------

MFS Blended Research International Equity ETF

*Notes to Financial Statements - continued* 

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

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br>**2/28/26 (c)** | **Year ended** <br>**2/28/26 (c)** |
|  | **Shares** | **Amount** |
| Shares sold | 5125002 | &nbsp;&nbsp; $138345981 |
| Shares reacquired | (150002)<br>| &nbsp;&nbsp; (4261028)<br>|
| Net change | 4975000 | &nbsp;&nbsp; $134084953 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(c) For the period from the commencement of the fund's investment operations, October 22, 2025, through the stated period end.

------

MFS Blended Research International Equity ETF

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of MFS Blended Research International Equity ETF and the Board of Trustees of MFS Active Exchange Traded Funds Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of MFS Blended Research International Equity ETF (the "Fund") (one of the funds constituting MFS Active Exchange Traded Funds Trust (the "Trust")), including the portfolio of investments, as of February 28, 2026, and the related statements of operations and changes in net assets and the financial highlights for the period from October 22, 2025 (commencement of operations) through February 28, 2026 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting MFS Active Exchange Traded Funds Trust) at February 28, 2026, the results of its operations, the changes in its net assets and its financial highlights for the period from October 22, 2025 (commencement of operations) through February 28, 2026, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, 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. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more MFS investment companies since 1993.

Boston, Massachusetts

April 15, 2026

------

MFS Blended Research International Equity ETF

Federal Tax Information (unaudited)

The fund will notify shareholders of amounts for use in preparing 2026 income tax forms in January 2027. The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund designates the maximum amount allowable as qualified dividend income eligible to be taxed at the same rate as long-term capital gain.

Income derived from foreign sources was $336,696. The fund intends to pass through foreign tax credits of $13,683 for the fiscal year.

------

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

There is nothing to report for this item for MFS Blended Research International Equity ETF.

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

There is nothing to report for this item for MFS Blended Research International Equity ETF.

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

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

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

------

MFS Blended Research International Equity ETF

**Board Approval of Investment Management Agreement**

**MFS Blended Research International Equity ETF**

The Investment Company Act of 1940 requires that both the full Board of Trustees and a majority of the non-interested ("independent") Trustees, voting separately, initially approve the Fund's investment management agreement with MFS (the "Agreement") and, beginning on the second anniversary of the initial effective date of the Agreement, annually approve the continuation of the Agreement. In July and September 2025, the Board met to consider the initial approval of the Agreement ("the initial review meetings"). The independent Trustees were assisted in their evaluation of the Agreement by independent legal counsel, from whom they received separate legal advice and with whom they met separately from MFS.

In connection with their deliberations regarding the initial approval of the Agreement, the Trustees, including the independent Trustees, considered such information and factors as they believed, in light of the legal advice furnished to them and their own business judgment, to be relevant. As described below, the Trustees considered the nature, quality, and extent of the various investment advisory, administrative, and shareholder services to be performed by MFS under the Agreement and other arrangements with the Fund. The independent Trustees observed that with respect to this Fund, MFS was proposing a unitary management fee structure, pursuant to which MFS would receive a fee covering investment management and administrative services, with MFS paying the Fund's ordinary, recurring operating expenses (the "Unitary Fee"), subject to certain exceptions.

In connection with their initial review meetings, the Trustees received and relied upon materials that included, among other items: (i) information provided by Broadridge Financial Solutions Inc. ("Broadridge"), an independent third party, on the Fund's proposed Unitary Fee and the advisory fees and other expenses of comparable funds identified by Broadridge, as well as all other funds in the same investment classification/category (the "Broadridge expense group and universe"), (ii) information provided by MFS on the total expense ratios for Class R6 shares of MFS mutual funds in the same Morningstar category as the Fund, and (iii) the Unitary Fees for certain fully transparent actively-managed exchange-traded funds ("ETFs") in similar Morningstar categories that MFS believes will be key competitors to the Fund. In addition, in connection with the independent Trustees' May, June, and July 2025 meetings for the purpose of considering whether to approve the continuation of the investment advisory agreements for the MFS-advised mutual funds that the Board oversees (the "MFS Funds"), the independent Trustees received: (i) information provided by MFS on the advisory fees of portfolios of other clients of MFS, including institutional separate accounts and other clients, (ii) information regarding MFS' financial results and financial condition, including MFS' and certain of its affiliates' estimated profitability from services performed for the MFS Funds as a whole, and compared to MFS' institutional business, (iii) MFS' views regarding the outlook for the mutual fund industry and the strategic business plans of MFS, (iv) descriptions of various functions performed by MFS for the MFS Funds, such as compliance monitoring and portfolio trading practices, and (v) information regarding the overall organization of MFS, including information about MFS' senior management and other personnel that would provide investment advisory, administrative and other services to the Fund and the other MFS Funds. The comparative fee and expense information prepared and provided by Broadridge was not independently verified and the independent Trustees did not independently verify any information provided to them by MFS.

The Trustees' conclusion as to the initial approval of the Agreement was based on a comprehensive consideration of all information provided to the Trustees and not the result of any single factor. Some of the factors that figured particularly in the Trustees' deliberations are described below, although individual Trustees may have evaluated the information presented differently from one another, giving different weights to various factors. Because the Fund is newly organized and had not yet commenced investment operations at the time of the initial review meetings, the Fund had no investment performance for the Trustees to review.

The Trustees considered the proposed Unitary Fee structure to which the Fund would be subject, observing that many of the competitors of the Fund have adopted similar unitary fee structures. In assessing the reasonableness of the Fund's proposed Unitary Fee, the Trustees considered, among other things, information on unitary fee structures generally, as well as the terms of the Agreement and descriptions of various services to be performed or procured by MFS under the Agreement, including portfolio management and portfolio trading practices and administrative services. The Trustees considered the categories of expenses which would be excluded from the Unitary Fee and therefore would be payable by the Fund. The Trustees also considered the Fund's proposed Unitary Fee as compared with the advisory fee and total expense ratios of peer groups of funds based on information provided by Broadridge. The Trustees considered that, according to the data provided by Broadridge, the Fund's proposed Unitary Fee and proposed total expense ratio would each be lower than the applicable Broadridge expense group median.

The Trustees considered that the Agreement provides for a unitary fee level that does not include pre-established breakpoints, and considered MFS' observation that while fee waivers, breakpoints, and expense caps are common for mutual funds, these arrangements are not typically used by ETFs.

The Trustees did not consider MFS' costs and profits with respect to the Fund because the Fund had not yet commenced operations. The Trustees considered information prepared by MFS relating to MFS' costs and profits with respect to the MFS Funds considered as a group, and other investment companies and institutional accounts advised by MFS, as well as MFS' methodologies used to determine and allocate its costs to the MFS Funds and other accounts and products for purposes of estimating profitability.

------

MFS Blended Research International Equity ETF

*Board Approval of Investment Management Agreement - continued*

After reviewing these and other factors described herein, the Trustees concluded, within the context of their overall conclusions regarding the Agreement, that the Unitary Fee to be charged to the Fund represents reasonable compensation in light of the services to be provided by MFS to the Fund.

In addition, the Trustees considered MFS' resources and related efforts to continue to retain, attract and motivate capable personnel to serve the Fund. The Trustees also considered current and developing conditions in the financial services industry, including the presence of large and well-capitalized companies which are spending, and appear to be prepared to continue to spend, substantial sums to engage personnel and to provide services to competing investment companies. In this regard, the Trustees also considered the financial resources of MFS and its ultimate parent, Sun Life Financial Inc. The Trustees also considered the advantages and possible disadvantages to the Fund of having an adviser that also serves other investment companies as well as other accounts.

The Trustees also considered the nature, quality, cost, and extent of administrative, transfer agency, and distribution services to be provided to the Fund by MFS and its affiliates under agreements and plans other than the Agreement. The Trustees also considered the nature, extent and quality of certain other services MFS may perform or arrange for on the Fund's behalf, which may include securities lending programs, directed expense payment programs, class action recovery programs, and MFS' interaction with third-party service providers, principally custodians and sub-custodians. The Trustees concluded that the various non-advisory services to be provided by MFS and its affiliates on behalf of the Fund were satisfactory.

The Trustees considered so-called "fall-out benefits" to MFS such as reputational value derived from serving as investment manager to the MFS Funds. The Trustees also considered that MFS discontinued its historic practice of obtaining investment research from portfolio brokerage commissions paid by certain MFS Funds effective January 2018, and directly pays or voluntarily reimburses a Fund, if applicable, for the costs of external research acquired through the use of the Fund's portfolio brokerage commissions.

Based on their evaluation of factors that they deemed to be material, including those factors described above, the Board of Trustees, including the independent Trustees, concluded that the Fund's Agreement with MFS should be approved for an initial two-year period, commencing upon its effective date, as set forth in the Agreement.

------

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

------

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

------

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

------

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

------

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

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

------

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

------

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

------

#### ITEM 19. EXHIBITS.
* Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto as [EX-99.COE](Code_of_Ethics.htm).

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

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

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

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

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

------

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

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MFS ACTIVE EXCHANGE TRADED FUNDS TRUST

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President

Date: April 15, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)\*

/S/ DAVID L. DILORENZO

David L. DiLorenzo, President (Principal Executive Officer)

Date: April 15, 2026

By (Signature and Title)\*

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

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

Date: April 15, 2026

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

------

## Ex-99

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

**MFS ACTIVE EXCHANGE TRADED FUNDS TRUST**

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

I, David L. DiLorenzo, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: April 15, 2026

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

David L. DiLorenzo

President (Principal Executive Officer)

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

**MFS ACTIVE EXCHANGE TRADED FUNDS TRUST**

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

I, Kasey L. Phillips, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: April 15, 2026

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

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

------

## Exhibit 99.906

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

**MFS ACTIVE EXCHANGE TRADED FUNDS TRUST**

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

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

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

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

Date: April 15, 2026

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

David L. DiLorenzo

President (Principal Executive Officer)

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

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

**MFS ACTIVE EXCHANGE TRADED FUNDS TRUST**

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

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

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

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

Date: April 15, 2026

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

Kasey L. Phillips

Treasurer (Principal Financial Officer and Accounting Officer)

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

------

## Ex-99.Code

![Image is missing](gaynjt993240aepjfl746.jpg)

<u>EX-99.COE</u>

**Code of Ethics for Principal Executive and Principal Financial Officers**

**Effective April 1, 2024**

**Policy Purpose and Summary**

Section 406 of the Sarbanes-Oxley Act requires that each MFS Fund registered under the Investment Company Act of 1940 disclose whether or not it has adopted a code of ethics for senior financial officers, applicable to its principal financial officer and principal accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.Overview**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Covered Officers/Purpose of the Code

This code of ethics (this "Code") has been adopted by the funds (collectively, "Funds" and each, "Fund") under supervision of the MFS Funds Board (the "Board") and applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•compliance by the Funds with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conduct Guidelines

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. In addition, each Covered Officer should not place his or her personal interests ahead of the Funds' interests and should endeavor to act honestly and ethically. In furtherance of the foregoing, each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting for any Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund.

The following activities, which could create the appearance of a conflict of interest, are permitted only with the approval of the Funds' Chief Legal Officer ("CLO"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•service as a director on the board of any "for profit" company other than the board of the Funds' investment adviser or its subsidiaries or board of a pooled investment vehicle sponsored by the Funds' investment adviser or its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•running for political office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the receipt of any Fund business-related gift or any entertainment from any company with which a Fund has current or prospective business dealings unless such gift or entertainment is permitted by the gifts and entertainment policy of the Funds' investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any material ownership interest in, or any consulting or employment relationship with, any Fund service providers (e.g., custodian banks, audit firms), other than the Funds' investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment or securities ownership.

**C.Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund, including to the Fund's trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•each Covered Officer should, to the extent appropriate within his or her area of Fund responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is the responsibility of each Covered Officer to promote compliance within his or her area of Fund responsibility with the standards and restrictions imposed by applicable laws, rules and regulations.

**D.Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•annually report to the CLO affiliations and relationships which are or may raise the appearance of a conflict of interest with the Covered Officer's duties to the Funds, as identified in the annual Trustee and Officer Questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•not retaliate against any other Covered Officer or any officer or employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith; 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;•notify the CLO promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The CLO is responsible for applying this Code to specific situations in which questions are presented under it, granting waivers upon consultation with the Board or its designee, investigating violations, and has the authority to interpret this Code in any particular situation. The CLO will report requests for waivers to the Board (or a designee thereof) promptly upon receipt of a waiver request and will periodically report to the Board any approvals granted since the last report.

The CLO will take all appropriate action to investigate any potential violations reported to him or her and to report any violations to the Board. If the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer.

Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Confidentiality

All reports and records prepared or maintained pursuant to this Code and under the direction of the CLO will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds' Board, its counsel, counsel to the Board's independent trustees and senior management and the board of directors of the Fund's investment adviser and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**II.Supervision**

The Board of Trustees of the Funds, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Funds, shall review no less frequently than annually, a report from the CLO regarding the affirmations of the principal executive officer and the principal financial officer as to compliance with this Code.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.Interpretation and Escalation**

Breaches of the Code are reviewed by the CLO and communicated to the Board of Trustees of the affected Fund(s). Interpretations of this Policy shall be made from time to time by the CLO, as needed, and questions regarding the application of this Policy to a specific set of facts are escalated to the CLO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Authority

Section 406 of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.Monitoring**

Adherence to this policy is monitored by the CLO.

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| | |
|:---|:---|
| VI. | **Related Policies** |
|  | This Code shall be the sole code of ethics adopted by the Funds for purposes of |
|  | Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to |
|  | registered investment companies thereunder. Insofar as other policies or procedures |
|  | of the Funds, the Funds' adviser, principal underwriter, or other service providers |
|  | govern or purport to govern the behavior or activities of the Covered Officers who |
|  | are subject to this Code, they are superseded by this Code to the extent that they |
|  | overlap or conflict with the provisions of this Code. The Funds' and their investment |
|  | adviser's codes of ethics under Rule 17j-1 under the Investment Company Act and |
|  | any other codes or policies or procedures adopted by the Funds or their investment |
|  | adviser or other service providers are separate requirements and are not part of this |
|  | Code. |
| VII. | **Amendment** |
|  | Any amendments to this Code, other than amendments to Exhibit A, must be |
|  | approved or ratified by a majority vote of the Board, including a majority of |
|  | independent trustees. |
| VIII. | **Recordkeeping** |
|  | All required books, records and other documentation shall be retained in accordance |
|  | with MFS' related record retention policy. |

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**Additional procedures may need to be implemented by departments to properly comply with this policy.**

**<u>Exhibit A</u>**

**<u>As of April 1, 2024</u>**

**Persons Covered by this Code of Ethics**

Funds' Principal Executive Officer: David L. DiLorenzo

Funds' Principal Financial Officer: Kasey L. Phillips

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