# EDGAR Filing Document

**Accession Number:** 0001611331
**File Stem:** 0001193125-25-295651
**Filing Date:** 2025-11
**Character Count:** 212466
**Document Hash:** 36b2e70929095a681fe070ac9d04fda5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-295651.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-295651

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**EFFECTIVENESS DATE**: 20251125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING EXCHANGE-TRADED FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001611331

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23597
- **FILM NUMBER:** 251516533

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4255

**MAIL ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Allspring Exchange-Traded Funds Trust
- **DATE OF NAME CHANGE:** 20211206

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Wells Fargo Exchange-Traded Funds Trust
- **DATE OF NAME CHANGE:** 20140619

## Series and Classes Contracts Data

### Allspring Income Plus ETF (Series ID: S000088478)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000254755 | Allspring Income Plus ETF | AINP            |

### Allspring SMID Core ETF (Series ID: S000093515)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000261803 | Allspring SMID Core ETF | ASCE            |

?xml version='1.0' encoding='ASCII'? N-CSR

![LOGO](g774285g1122074810224.jpg)

### 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: 811-23597

## Allspring Exchange-Traded Funds Trust

#### (Exact name of registrant as specified in charter)

#### 1415 Vantage Park Drive, 3<sup>rd</sup> Floor, Charlotte, NC 28203

#### (Address of principal executive offices) (Zip code)

#### Matthew Prasse

#### Allspring Funds Management, LLC

#### 1415 Vantage Park Drive, 3<sup>rd</sup> Floor, Charlotte, NC 28203

#### (Name and address of agent for service)

#### Registrant's telephone number, including area code: 800-222-8222

#### Date of fiscal year end: September 30
**Registrant is making a filing for 2 of its series:** Allspring Income Plus ETF and Allspring SMID Core ETF.

#### Date of reporting period: September 30, 2025

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g774285ib12c14352878c9708adc.jpg)

Annual Shareholder Report

# September 30, 2025

# Income Plus ETF (AINP)

# Principal Listing Exchange: NYSE Arca, Inc.
This annual shareholder report contains important information about Income Plus ETF for the period from December 4, 2024 (commencement of operations) to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-866-701-2575.

#### This report describes changes to the Fund that occurred either during or after the reporting period.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Income Plus ETF | $30 | 0.35%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

Pursuant to a unitary fee arrangement between the Fund and the Manager, the Manager has agreed to pay all expenses incurred by, and appropriately allocated to, the Fund, excluding only: the management fee payable to the Manager and certain other expenses. Please see the prospectus for the annual unitary fee and more details on excluded expenses.

## How did the Fund perform last year and what affected its performance?
Treasury yields were volatile throughout the 12-month period that ended September 30, 2025. After peaking in January, yields fell as U.S. economic, trade, and immigration policy uncertainty rose. The U.S. Federal Reserve (Fed) cut rates a total of 75 basis points (bps; 100 bps equal 1.00%) during the period. At period-end, markets priced in two more rate cuts in 2025.

Credit spreads narrowed and remained subdued for much of the period, near the tightest levels in 20 years for many credit sectors. Duration exposure was near the Fund's strategic neutral of 4.0 years before being extended in March 2025 and tactically extended in August 2025. Duration was brought back to the strategic neutral at period-end.

The Fund's credit exposure was higher in quality and credit exposure was reduced as valuations became more extreme. The portfolio was positioned to benefit from a variety of securitized exposures.

The top contributors to performance were curve exposure, sector allocation, credit-quality allocation, and security selection.

The main detractors were duration and allocations to non-agency collateralized mortgage obligations.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774285i46414cb91b9b7207dd9f.jpg)

---

| | | |
|:---|:---|:---|
| | **Income Plus ETF** | **Bloomberg U.S. Aggregate Bond Index** |
| **12/4/2024** | $10000 | $10000 |
| **12/31/2024** | $9899 | $9816 |
| **1/31/2025** | $9986 | $9868 |
| **2/28/2025** | $10109 | $10085 |
| **3/31/2025** | $10084 | $10089 |
| **4/30/2025** | $10060 | $10128 |
| **5/31/2025** | $10115 | $10056 |
| **6/30/2025** | $10272 | $10211 |
| **7/31/2025** | $10320 | $10184 |
| **8/31/2025** | $10433 | $10305 |
| **9/30/2025** | $10525 | $10418 |

---

# Income Plus ETF
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | |
|:---|:---|
| AATR | **Since Inception (12/4/24)** |
| Income Plus ETF | 5.25 |
| Bloomberg U.S. Aggregate Bond Index | 4.18 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $205470211 |
| # of portfolio holdings | 395 |
| Portfolio turnover rate | 375% |
| Total advisory fees paid | $513638 |

---

## What did the Fund invest in?

### CREDIT QUALITY (% OF LONG-TERM FIXED INCOME INVESTMENTS)<sup>Footnote Reference \*</sup>

---

| | |
|:---|:---|
| AAA/Aaa | 2.1 |
| AA/Aa | 47.3 |
| A/A | 10.4 |
| BBB/Baa | 16.4 |
| BB/Ba | 13.0 |
| B/B | 5.9 |
| CCC/Caa and below | 2.5 |
| Not rated | 2.4 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The ratings indicated are from Standard & Poor's, Fitch Ratings Ltd., and/or Moody's Investors Service. The percentage of the Fund's portfolio with the ratings depicted in the chart are calculated based on long-term fixed income investments of the Fund. If the security was rated by all three ratings agencies, the middle rating was used. If rated by two out of the three ratings agencies, the lower was used, and if rated by one of the agencies, that rating was used. Credit quality is subject to change and may have changed since the date specified. |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| GNMA, 5.50%, 10-15-2054 | 9.0 |
| U.S. Treasury Notes, 3.88%, 7-31-2027 | 8.1 |
| FNMA, 5.00%, 10-14-2055 | 6.4 |
| FNMA, 6.00%, 10-15-2054 | 6.0 |
| GNMA, 6.00%, 10-15-2054 | 5.8 |
| U.S. Treasury Notes, 3.63%, 8-31-2027 | 3.5 |
| U.S. Treasury Bonds, 4.75%, 5-15-2055 | 3.5 |
| FHLMC, 5.50%, 10-1-2054 | 2.6 |
| U.K. Gilts, 3.75%, 3-7-2027 | 2.5 |
| U.S. Treasury Notes, 4.25%, 8-15-2035 | 2.4 |

---

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Agency securities | 28.3 |
| Corporate bonds and notes | 19.0 |
| U.S. Treasury securities | 14.3 |
| Foreign government bonds | 10.7 |
| Foreign corporate bonds and notes | 9.1 |
| Yankee corporate bonds and notes | 8.0 |
| Asset-backed securities | 4.7 |
| Non-agency mortgage-backed securities | 3.1 |
| Yankee government bonds | 1.7 |
| Loans | 0.7 |
| Investment companies | 0.4 |

---

Significant fund changes

This is a summary of certain changes and planned changes to the Fund since December 4, 2024.

At a meeting held on August 19-20, 2025, the Board of Trustees of the Fund approved the appointment of Allspring Global Investments (UK) Limited as an additional sub-adviser for the Fund, effective November 3, 2025. On the same date, Sarah Harrison, became a portfolio manager to the Fund.

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### ARAINP 09-25
![Image](g774285ib12c14352878c9708adc.jpg)

Annual Shareholder Report

# SMID Core ETF (ASCE)

# September 30, 2025

# Principal Listing Exchange: NYSE Arca, Inc.
This annual shareholder report contains important information about SMID Core ETF for the period from July 7, 2025 (commencement of operations) to September 30, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-866-701-2575.

## What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| SMID Core ETF | $9 | 0.38%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

Pursuant to a unitary fee arrangement between the Fund and the Manager, the Manager has agreed to pay all expenses incurred by, and appropriately allocated to, the Fund, excluding only: the management fee payable to the Manager and certain other expenses. Please see the prospectus for the annual unitary fee and more details on excluded expenses.

## How did the Fund perform last year and what affected its performance?
During the less-than-three-month period from the Fund's inception in early July 2025, the U.S. equity market performed positively. Among domestic stocks, small caps outperformed large caps.

Changes to the portfolio were minimal. The portfolio seeks to invest in companies with an attractive valuation, earnings consistency, profitability, and improving market sentiment.

Stock selection was the main contributor to outperformance, adding value in 6 of 11 sectors. Adding to results were stock selection within the information technology, real estate, and consumer staples sectors. The largest individual contributors were Credo Technology Group Holding Ltd.; Wildan Group, Inc. (This security was no longer held at the end of the reporting period.); and Powell Industries, Inc. A modest underweight to consumer staples contributed modestly. However, variations in sector weights versus the index were relatively small, as is typical for the strategy.

Negative stock selection within health care, energy, and consumer discretionary detracted from relative performance. The three largest detractors were Lantheus Holdings, Inc.; Brinker International, Inc.; and Virtu Financial, Inc.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g774285i5d0817d18bfb998c91d1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SMID Core ETF** | **Russell 2500™ Index** | **Russell 3000<sup>®</sup> Index** |
| **7/7/2025** | $10000 | $10000 | $10000 |
| **7/31/2025** | $10057 | $10022 | $10167 |
| **8/31/2025** | $10697 | $10548 | $10402 |
| **9/30/2025** | $10681 | $10717 | $10761 |

---

# SMID Core ETF
Annual Shareholder Report \| September 30, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | |
|:---|:---|
| AATR | **Since Inception (7/7/25)** |
| SMID Core ETF | 6.81 |
| Russell 2500™ Index | 7.17 |
| Russell 3000<sup>®</sup> Index | 7.61 |

---

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $23250470 |
| # of portfolio holdings | 51 |
| Portfolio turnover rate | 7% |
| Total advisory fees paid | $14298 |

---

## What did the Fund invest in?

### PORTFOLIO COMPOSITION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Industrials | 22.0 |
| Financials | 19.2 |
| Health care | 15.3 |
| Consumer discretionary | 13.2 |
| Information technology | 10.6 |
| Real estate | 6.1 |
| Energy | 4.2 |
| Communication services | 3.0 |
| Materials | 2.2 |
| Utilities | 2.2 |
| Consumer staples | 2.0 |

---

### TOP TEN HOLDINGS (% OF NET ASSETS)

---

| | |
|:---|:---|
| Powell Industries, Inc. | 2.9 |
| Blue Bird Corp. | 2.8 |
| Credo Technology Group Holding Ltd. | 2.8 |
| EMCOR Group, Inc. | 2.7 |
| Fabrinet | 2.7 |
| Acadian Asset Management, Inc. | 2.6 |
| Exelixis, Inc. | 2.5 |
| StoneX Group, Inc. | 2.5 |
| Applied Industrial Technologies, Inc. | 2.3 |
| Tenet Healthcare Corp. | 2.3 |

---

## For more information
You can find additional information on the Fund's website at allspringglobal.com, including its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **-** Prospectus **-** Financial Information **-** Fund holdings **-** Proxy voting information

#### ARASCE 09-25

------

<u>ITEM 2. CODE OF ETHICS</u> 

(a) As of the end of the period covered by the report, Allspring Exchange-Traded Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

<u>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT</u> 

The Board of Trustees of Allspring Exchange-Traded Funds Trust has determined that Jane A. Freeman is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Freeman is independent for purposes of Item 3 of Form N-CSR.

<u>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u> 

(a), (b), (c), (d) The following table presents aggregate fees billed in the last fiscal year for services rendered to the registrant by the registrant's principal accountant. These fees were billed to the registrant and were approved by the registrant's audit committee.

---

| | |
|:---|:---|
|  | **Fiscal year ended**<br>**September 30, 2025** |
|  Audit fees | $69900 |
|  Audit-related fees |  |
|  Tax fees <sup>(1)</sup> | 2250 |
|  All other fees |  |
|  | $72150 |

---

<sup>(1)</sup> Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e)(1) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Exchange-Traded Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors ("Auditors") if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund's investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.

If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(e)(2) Not applicable.

------

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

<u>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS</u> 

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

(a) The registrant's Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

<u>ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

![](g774285imgf0de24f21.jpg)

Allspring Income Plus ETF (AINP)

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_POI-PageBlank-1024_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_FS-PageBlank-1024_1)** |  |
| [Statement of assets and liabilities](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_FS-PageBlank-1024_1) | 20 |
| [Statement of operations](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_FS-PageBlank-1024_2) | 21 |
| [Statement of changes in net assets](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_FS-PageBlank-1024_3) | 22 |
| [Financial highlights](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_FIHI-PageBlank-1024_1) | 23 |
| **[Notes to financial statements](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_NTF-PageBlank-1024_1)** | 24 |
| **[Report of independent registered public accounting firm](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_AUD-PageBlank-1024_1)** | 32 |
| **[Other information](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_OI-PageBlank-1024_1)** | 33 |
| [Item 8. Changes in and disagreements with accountants](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_OI-PageBlank-1024_2) | 34 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_OI-PageBlank-1024_2) | 34 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_OI-PageBlank-1024_2) | 34 |
| [Item 11. Statement regarding basis for board](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_OI-PageBlank-1024_2)['](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_OI-PageBlank-1024_2)[s approval of investment](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_OI-PageBlank-1024_2)<br> [advisory contract](#xx_6fdbe1fd-fa07-4d7a-9135-1aa0dd8cb72b_OI-PageBlank-1024_2)<br>| 34 |

---

Allspring Income Plus ETF \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 35.62%** |  |  |  |  |
| FHLMC | 5.50<br> %<br>| &nbsp;&nbsp; 10-1-2054 | $5252529 | &nbsp;&nbsp; $5299517 |
| FHLMC | 5.50 | &nbsp;&nbsp; 11-1-2054 | 403668 | &nbsp;&nbsp; 407277 |
| FHLMC | 5.50 | &nbsp;&nbsp; 6-1-2055 | 2237616 | &nbsp;&nbsp; 2257533 |
| FNMA%% | 5.00 | &nbsp;&nbsp; 10-14-2055 | 13275000 | &nbsp;&nbsp; 13164249 |
| FNMA%% | 5.50 | &nbsp;&nbsp; 10-15-2054 | 1695000 | &nbsp;&nbsp; 1708963 |
| FNMA%% | 6.00 | &nbsp;&nbsp; 10-15-2054 | 12085000 | &nbsp;&nbsp; 12345887 |
| GNMA%% | 5.00 | &nbsp;&nbsp; 10-15-2054 | 2185000 | &nbsp;&nbsp; 2173243 |
| GNMA | 5.00 | &nbsp;&nbsp; 12-20-2054 | 1851009 | &nbsp;&nbsp; 1843281 |
| GNMA%% | 5.50 | &nbsp;&nbsp; 10-15-2054 | 18385000 | &nbsp;&nbsp; 18521826 |
| GNMA | 5.50 | &nbsp;&nbsp; 12-20-2054 | 3479560 | &nbsp;&nbsp; 3510197 |
| GNMA%% | 6.00 | &nbsp;&nbsp; 10-15-2054 | 11745000 | &nbsp;&nbsp; 11944824 |
| **Total agency securities (Cost $73,099,060)** |  |  |  | &nbsp;&nbsp; **73176797** |
| **Asset-backed securities: 5.88%** |  |  |  |  |
| &nbsp;&nbsp; Aligned Data Centers Issuer LLC Series 2021-1A <br> Class B144A<br>| 2.48 | &nbsp;&nbsp; 8-15-2046 | 160000 | &nbsp;&nbsp; 155922 |
| Avant Loans Funding Trust Series 2024-REV1 Class B144A | 6.17 | &nbsp;&nbsp; 10-15-2033 | 1000000 | &nbsp;&nbsp; 1016777 |
| Centersquare Issuer LLC Series 2025-1A Class A2144A | 5.50 | &nbsp;&nbsp; 3-26-2055 | 300000 | &nbsp;&nbsp; 293042 |
| &nbsp;&nbsp; ClickLease Equipment Receivables Trust Series 2024-1 <br> Class C144A<br>| 8.40 | &nbsp;&nbsp; 2-15-2030 | 500000 | &nbsp;&nbsp; 507840 |
| &nbsp;&nbsp; Consolidated Communications LLC/Fidium Fiber Finance <br> Holdco LLC Series 2025-1A Class A2144A<br>| 6.00 | &nbsp;&nbsp; 5-20-2055 | 850000 | &nbsp;&nbsp; 871103 |
| DI Issuer LLC Series 2024-1A Class A2144A | 5.81 | &nbsp;&nbsp; 9-15-2054 | 225000 | &nbsp;&nbsp; 225173 |
| FIGRE Trust Series 2025-HE1 Class C144A±± | 6.03 | &nbsp;&nbsp; 1-25-2055 | 858971 | &nbsp;&nbsp; 867962 |
| Five Guys Holdings, Inc. Series 2023-1A Class A2144A | 7.55 | &nbsp;&nbsp; 1-26-2054 | 347375 | &nbsp;&nbsp; 361314 |
| FREED ABS Trust Series 2022-3FP Class D144A | 7.36 | &nbsp;&nbsp; 8-20-2029 | 81905 | &nbsp;&nbsp; 82416 |
| Hipgnosis Music Assets LP Series 2022-1 Class A144A | 5.00 | &nbsp;&nbsp; 5-16-2062 | 499404 | &nbsp;&nbsp; 498072 |
| Jack in the Box Funding LLC Series 2019-1A Class A23144A | 4.97 | &nbsp;&nbsp; 8-25-2049 | 1002750 | &nbsp;&nbsp; 968565 |
| Jersey Mike's Funding LLC Series 2024-1A Class A2144A | 5.64 | &nbsp;&nbsp; 2-15-2055 | 338300 | &nbsp;&nbsp; 344755 |
| &nbsp;&nbsp; LoanCore Issuer LLC Series 2025-CRE8 Class C (U.S. SOFR 1 <br> Month+2.14%)144A±<br>| 6.28 | &nbsp;&nbsp; 8-17-2042 | 1000000 | &nbsp;&nbsp; 992577 |
| &nbsp;&nbsp; MF1 Ltd. Series 2021-FL7 Class E (U.S. SOFR 1 <br> Month+2.91%)144A±<br>| 7.05 | &nbsp;&nbsp; 10-16-2036 | 270000 | &nbsp;&nbsp; 263699 |
| &nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC Series 2021-1 <br> Class B1144A<br>| 2.41 | &nbsp;&nbsp; 10-20-2061 | 200000 | &nbsp;&nbsp; 132829 |
| NMEF Funding LLC Series 2025-A Class B144A | 5.18 | &nbsp;&nbsp; 7-15-2032 | 560000 | &nbsp;&nbsp; 565699 |
| Sabey Data Center Issuer LLC Series 2022-1 Class A2144A | 5.00 | &nbsp;&nbsp; 6-20-2047 | 500000 | &nbsp;&nbsp; 495879 |
| SEB Funding LLC Series 2021-1A Class A2144A | 4.97 | &nbsp;&nbsp; 1-30-2052 | 498750 | &nbsp;&nbsp; 493282 |
| Sotheby's ArtFi Master Trust Series 2024-1A Class A1144A | 6.43 | &nbsp;&nbsp; 12-22-2031 | 1000000 | &nbsp;&nbsp; 1006478 |
| Subway Funding LLC Series 2024-3A Class A23144A | 5.91 | &nbsp;&nbsp; 7-30-2054 | 1091750 | &nbsp;&nbsp; 1087433 |
| Switch ABS Issuer LLC Series 2024-1A Class A2144A | 6.28 | &nbsp;&nbsp; 3-25-2054 | 100000 | &nbsp;&nbsp; 101945 |
| TierPoint Issuer LLC Series 2023-1A Class A2144A | 6.00 | &nbsp;&nbsp; 6-25-2053 | 33333 | &nbsp;&nbsp; 33376 |
| &nbsp;&nbsp; Towd Point Mortgage Trust Series 2024-CES1 <br> Class A2144A±±<br>| 6.44 | &nbsp;&nbsp; 1-25-2064 | 285000 | &nbsp;&nbsp; 288371 |
| Uniti Fiber ABS Issuer LLC Series 2025-1A Class A2144A | 5.88 | &nbsp;&nbsp; 4-20-2055 | 420000 | &nbsp;&nbsp; 430087 |
| **Total asset-backed securities (Cost $12,080,911)** |  |  |  | &nbsp;&nbsp; **12084596** |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring Income Plus ETF

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Corporate bonds and notes: 23.91%** |  |  |  |  |
| **Basic materials: 0.54%** |  |  |  |  |
| **Chemicals: 0.18%** |  |  |  |  |
| Chemours Co.144A | 8.00<br> %<br>| &nbsp;&nbsp; 1-15-2033 | $320000 | &nbsp;&nbsp; $318293 |
| LYB International Finance III LLC | 5.50 | &nbsp;&nbsp; 3-1-2034 | 55000 | &nbsp;&nbsp; 55318 |
|  |  |  |  | &nbsp;&nbsp; **373611** |
| **Iron/steel: 0.36%** |  |  |  |  |
| Cleveland-Cliffs, Inc.144A | 4.88 | &nbsp;&nbsp; 3-1-2031 | 80000 | &nbsp;&nbsp; 74688 |
| Cleveland-Cliffs, Inc.144A | 7.00 | &nbsp;&nbsp; 3-15-2032 | 385000 | &nbsp;&nbsp; 388837 |
| Nucor Corp. | 5.10 | &nbsp;&nbsp; 6-1-2035 | 270000 | &nbsp;&nbsp; 274509 |
|  |  |  |  | &nbsp;&nbsp; **738034** |
| **Communications: 3.22%** |  |  |  |  |
| **Advertising: 0.02%** |  |  |  |  |
| Clear Channel Outdoor Holdings, Inc.144A | 7.50 | &nbsp;&nbsp; 3-15-2033 | 40000 | &nbsp;&nbsp; 41823 |
| &nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.144A<br>| 4.63 | &nbsp;&nbsp; 3-15-2030 | 5000 | &nbsp;&nbsp; 4805 |
|  |  |  |  | &nbsp;&nbsp; **46628** |
| **Internet: 0.60%** |  |  |  |  |
| Arches Buyer, Inc.144A | 6.13 | &nbsp;&nbsp; 12-1-2028 | 250000 | &nbsp;&nbsp; 245072 |
| Booking Holdings, Inc. | 4.13 | &nbsp;&nbsp; 5-12-2033 | 635000 | &nbsp;&nbsp; 781895 |
| Cablevision Lightpath LLC144A | 5.63 | &nbsp;&nbsp; 9-15-2028 | 203000 | &nbsp;&nbsp; 199686 |
|  |  |  |  | &nbsp;&nbsp; **1226653** |
| **Media: 1.75%** |  |  |  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | &nbsp;&nbsp; 1-15-2034 | 716000 | &nbsp;&nbsp; 619027 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 3.90 | &nbsp;&nbsp; 6-1-2052 | 70000 | &nbsp;&nbsp; 47410 |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 6.10 | &nbsp;&nbsp; 6-1-2029 | 205000 | &nbsp;&nbsp; 215126 |
| Comcast Corp. | 2.94 | &nbsp;&nbsp; 11-1-2056 | 155000 | &nbsp;&nbsp; 91978 |
| CSC Holdings LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 186000 | &nbsp;&nbsp; 176538 |
| CSC Holdings LLC144A | 11.25 | &nbsp;&nbsp; 5-15-2028 | 350000 | &nbsp;&nbsp; 324015 |
| DISH Network Corp.144A | 11.75 | &nbsp;&nbsp; 11-15-2027 | 229000 | &nbsp;&nbsp; 242341 |
| Gray Media, Inc.144A | 9.63 | &nbsp;&nbsp; 7-15-2032 | 425000 | &nbsp;&nbsp; 434196 |
| News Corp.144A | 3.88 | &nbsp;&nbsp; 5-15-2029 | 370000 | &nbsp;&nbsp; 357365 |
| News Corp.144A | 5.13 | &nbsp;&nbsp; 2-15-2032 | 325000 | &nbsp;&nbsp; 323179 |
| Paramount Global (U.S. SOFR 3 Month+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 560000 | &nbsp;&nbsp; 551981 |
| Time Warner Cable LLC | 5.50 | &nbsp;&nbsp; 9-1-2041 | 230000 | &nbsp;&nbsp; 210782 |
|  |  |  |  | &nbsp;&nbsp; **3593938** |
| **Telecommunications: 0.85%** |  |  |  |  |
| AT&T, Inc. | 3.55 | &nbsp;&nbsp; 9-15-2055 | 280000 | &nbsp;&nbsp; 192953 |
| AT&T, Inc. | 5.70 | &nbsp;&nbsp; 11-1-2054 | 615000 | &nbsp;&nbsp; 607845 |
| EchoStar Corp. (PIK at 6.75%)¥ | 6.75 | &nbsp;&nbsp; 11-30-2030 | 483562 | &nbsp;&nbsp; 498528 |
| Level 3 Financing, Inc.144A | 3.75 | &nbsp;&nbsp; 7-15-2029 | 54000 | &nbsp;&nbsp; 46031 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 3

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Telecommunications**(continued) |  |  |  |  |
| Level 3 Financing, Inc.144A | 4.50<br> %<br>| &nbsp;&nbsp; 4-1-2030 | $114000 | &nbsp;&nbsp; $104167 |
| Level 3 Financing, Inc.144A | 7.00 | &nbsp;&nbsp; 3-31-2034 | 290000 | &nbsp;&nbsp; 295020 |
|  |  |  |  | &nbsp;&nbsp; **1744544** |
| **Consumer, cyclical: 3.61%** |  |  |  |  |
| **Airlines: 0.38%** |  |  |  |  |
| American Airlines Pass-Through Trust Series 2015-1 Class A | 3.38 | &nbsp;&nbsp; 5-1-2027 | 462056 | &nbsp;&nbsp; 454438 |
| JetBlue Airways Corp./JetBlue Loyalty LP144A | 9.88 | &nbsp;&nbsp; 9-20-2031 | 200000 | &nbsp;&nbsp; 202854 |
| United Airlines Pass-Through Trust Series 2020-1 Class B | 4.88 | &nbsp;&nbsp; 1-15-2026 | 64572 | &nbsp;&nbsp; 64575 |
| United Airlines Pass-Through Trust Series 2020-1 Class A | 5.88 | &nbsp;&nbsp; 10-15-2027 | 49785 | &nbsp;&nbsp; 51173 |
|  |  |  |  | &nbsp;&nbsp; **773040** |
| **Apparel: 0.43%** |  |  |  |  |
| Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥ | 10.00 | &nbsp;&nbsp; 7-15-2033 | 625000 | &nbsp;&nbsp; 674164 |
| Crocs, Inc.144A | 4.13 | &nbsp;&nbsp; 8-15-2031 | 230000 | &nbsp;&nbsp; 210714 |
|  |  |  |  | &nbsp;&nbsp; **884878** |
| **Auto manufacturers: 0.34%** |  |  |  |  |
| Daimler Truck Finance North America LLC144A | 4.65 | &nbsp;&nbsp; 10-12-2030 | 220000 | &nbsp;&nbsp; 220311 |
| Ford Motor Credit Co. LLC | 5.73 | &nbsp;&nbsp; 9-5-2030 | 470000 | &nbsp;&nbsp; 473869 |
|  |  |  |  | &nbsp;&nbsp; **694180** |
| **Entertainment: 0.33%** |  |  |  |  |
| WarnerMedia Holdings, Inc. | 4.28 | &nbsp;&nbsp; 3-15-2032 | 259000 | &nbsp;&nbsp; 237309 |
| WarnerMedia Holdings, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2042 | 480000 | &nbsp;&nbsp; 383193 |
| WarnerMedia Holdings, Inc. | 5.14 | &nbsp;&nbsp; 3-15-2052 | 88000 | &nbsp;&nbsp; 65560 |
|  |  |  |  | &nbsp;&nbsp; **686062** |
| **Home builders: 0.34%** |  |  |  |  |
| Century Communities, Inc.144A | 6.63 | &nbsp;&nbsp; 9-15-2033 | 445000 | &nbsp;&nbsp; 448898 |
| K Hovnanian Enterprises, Inc.144A | 8.38 | &nbsp;&nbsp; 10-1-2033 | 220000 | &nbsp;&nbsp; 225555 |
| LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 33000 | &nbsp;&nbsp; 34644 |
|  |  |  |  | &nbsp;&nbsp; **709097** |
| **Housewares: 0.03%** |  |  |  |  |
| Newell Brands, Inc. | 6.38 | &nbsp;&nbsp; 5-15-2030 | 65000 | &nbsp;&nbsp; **64402** |
| **Leisure time: 0.36%** |  |  |  |  |
| Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 560000 | &nbsp;&nbsp; 541183 |
| Sabre Global, Inc.144A | 11.13 | &nbsp;&nbsp; 7-15-2030 | 200000 | &nbsp;&nbsp; 193690 |
|  |  |  |  | &nbsp;&nbsp; **734873** |
| **Lodging: 0.35%** |  |  |  |  |
| Las Vegas Sands Corp. | 6.00 | &nbsp;&nbsp; 6-14-2030 | 395000 | &nbsp;&nbsp; 411330 |
| Las Vegas Sands Corp. | 6.20 | &nbsp;&nbsp; 8-15-2034 | 285000 | &nbsp;&nbsp; 298243 |
|  |  |  |  | &nbsp;&nbsp; **709573** |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring Income Plus ETF

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Retail: 0.78%** |  |  |  |  |
| Macy's Retail Holdings LLC144A | 6.13<br> %<br>| &nbsp;&nbsp; 3-15-2032 | $303000 | &nbsp;&nbsp; $303292 |
| Michaels Cos., Inc.144A | 7.88 | &nbsp;&nbsp; 5-1-2029 | 253000 | &nbsp;&nbsp; 211255 |
| PetSmart LLC/PetSmart Finance Corp.144A | 7.50 | &nbsp;&nbsp; 9-15-2032 | 510000 | &nbsp;&nbsp; 510758 |
| PetSmart LLC/PetSmart Finance Corp.144A | 10.00 | &nbsp;&nbsp; 9-15-2033 | 580000 | &nbsp;&nbsp; 585312 |
|  |  |  |  | &nbsp;&nbsp; **1610617** |
| **Toys/games/hobbies: 0.27%** |  |  |  |  |
| Hasbro, Inc. | 6.05 | &nbsp;&nbsp; 5-14-2034 | 295000 | &nbsp;&nbsp; 308542 |
| Mattel, Inc.144A | 5.88 | &nbsp;&nbsp; 12-15-2027 | 240000 | &nbsp;&nbsp; 240547 |
|  |  |  |  | &nbsp;&nbsp; **549089** |
| **Consumer, non-cyclical: 2.46%** |  |  |  |  |
| **Agriculture: 0.32%** |  |  |  |  |
| BAT Capital Corp. | 5.63 | &nbsp;&nbsp; 8-15-2035 | 360000 | &nbsp;&nbsp; 374041 |
| BAT Capital Corp. | 6.25 | &nbsp;&nbsp; 8-15-2055 | 275000 | &nbsp;&nbsp; 287547 |
|  |  |  |  | &nbsp;&nbsp; **661588** |
| **Biotechnology: 0.11%** |  |  |  |  |
| Biogen, Inc. | 6.45 | &nbsp;&nbsp; 5-15-2055 | 205000 | &nbsp;&nbsp; **219812** |
| **Commercial services: 0.97%** |  |  |  |  |
| GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 125000 | &nbsp;&nbsp; 137540 |
| Global Payments, Inc. | 4.88 | &nbsp;&nbsp; 3-17-2031 | 735000 | &nbsp;&nbsp; 906601 |
| Global Payments, Inc. | 5.95 | &nbsp;&nbsp; 8-15-2052 | 70000 | &nbsp;&nbsp; 68688 |
| Hertz Corp.144A | 12.63 | &nbsp;&nbsp; 7-15-2029 | 380000 | &nbsp;&nbsp; 402856 |
| Sotheby's/BidFair Holdings, Inc.144A | 5.88 | &nbsp;&nbsp; 6-1-2029 | 425000 | &nbsp;&nbsp; 387252 |
| Upbound Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 85000 | &nbsp;&nbsp; 83883 |
|  |  |  |  | &nbsp;&nbsp; **1986820** |
| **Food: 0.29%** |  |  |  |  |
| Kroger Co. | 5.50 | &nbsp;&nbsp; 9-15-2054 | 625000 | &nbsp;&nbsp; **609163** |
| **Healthcare-services: 0.63%** |  |  |  |  |
| CHS/Community Health Systems, Inc.144A | 10.88 | &nbsp;&nbsp; 1-15-2032 | 253000 | &nbsp;&nbsp; 267951 |
| Radiology Partners, Inc.144A | 8.50 | &nbsp;&nbsp; 7-15-2032 | 215000 | &nbsp;&nbsp; 222490 |
| Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 319000 | &nbsp;&nbsp; 337245 |
| UnitedHealth Group, Inc. | 4.65 | &nbsp;&nbsp; 1-15-2031 | 400000 | &nbsp;&nbsp; 405365 |
| UnitedHealth Group, Inc. | 5.95 | &nbsp;&nbsp; 6-15-2055 | 60000 | &nbsp;&nbsp; 62556 |
|  |  |  |  | &nbsp;&nbsp; **1295607** |
| **Pharmaceuticals: 0.14%** |  |  |  |  |
| AbbVie, Inc. | 5.60 | &nbsp;&nbsp; 3-15-2055 | 280000 | &nbsp;&nbsp; **286492** |
| **Energy: 2.68%** |  |  |  |  |
| **Energy-alternate sources: 0.10%** |  |  |  |  |
| TerraForm Power Operating LLC144A | 4.75 | &nbsp;&nbsp; 1-15-2030 | 205000 | &nbsp;&nbsp; **198135** |
| **Oil & gas: 1.03%** |  |  |  |  |
| APA Corp. | 5.25 | &nbsp;&nbsp; 2-1-2042 | 112000 | &nbsp;&nbsp; 90400 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 5

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas**(continued) |  |  |  |  |
| BP Capital Markets America, Inc. | 5.23<br> %<br>| &nbsp;&nbsp; 11-17-2034 | $500000 | &nbsp;&nbsp; $516441 |
| California Resources Corp.144A | 8.25 | &nbsp;&nbsp; 6-15-2029 | 174000 | &nbsp;&nbsp; 181455 |
| Civitas Resources, Inc.144A | 9.63 | &nbsp;&nbsp; 6-15-2033 | 190000 | &nbsp;&nbsp; 200679 |
| ConocoPhillips Co. | 5.50 | &nbsp;&nbsp; 1-15-2055 | 395000 | &nbsp;&nbsp; 386961 |
| ConocoPhillips Co. | 5.65 | &nbsp;&nbsp; 1-15-2065 | 75000 | &nbsp;&nbsp; 73567 |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00 | &nbsp;&nbsp; 2-1-2031 | 246000 | &nbsp;&nbsp; 236913 |
| Nabors Industries, Inc.144A | 8.88 | &nbsp;&nbsp; 8-15-2031 | 180000 | &nbsp;&nbsp; 167636 |
| Nabors Industries, Inc.144A | 9.13 | &nbsp;&nbsp; 1-31-2030 | 253000 | &nbsp;&nbsp; 263120 |
|  |  |  |  | &nbsp;&nbsp; **2117172** |
| **Oil & gas services: 0.46%** |  |  |  |  |
| Bristow Group, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2028 | 208000 | &nbsp;&nbsp; 209146 |
| Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 172000 | &nbsp;&nbsp; 174127 |
| Schlumberger Holdings Corp.144A | 4.85 | &nbsp;&nbsp; 5-15-2033 | 230000 | &nbsp;&nbsp; 231037 |
| SESI LLC144A%% | 7.88 | &nbsp;&nbsp; 9-30-2030 | 330000 | &nbsp;&nbsp; 329835 |
|  |  |  |  | &nbsp;&nbsp; **944145** |
| **Pipelines: 1.09%** |  |  |  |  |
| Buckeye Partners LP | 5.85 | &nbsp;&nbsp; 11-15-2043 | 40000 | &nbsp;&nbsp; 37307 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 7.50 | &nbsp;&nbsp; 12-15-2033 | 290000 | &nbsp;&nbsp; 314708 |
| &nbsp;&nbsp; Energy Transfer LP (5 Year Treasury Constant <br> Maturity+4.02%)±<br>| 8.00 | &nbsp;&nbsp; 5-15-2054 | 78000 | &nbsp;&nbsp; 83352 |
| MPLX LP | 6.20 | &nbsp;&nbsp; 9-15-2055 | 180000 | &nbsp;&nbsp; 182096 |
| Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 465000 | &nbsp;&nbsp; 484114 |
| Rockies Express Pipeline LLC144A | 6.88 | &nbsp;&nbsp; 4-15-2040 | 120000 | &nbsp;&nbsp; 123504 |
| &nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.144A<br>| 6.00 | &nbsp;&nbsp; 12-31-2030 | 357000 | &nbsp;&nbsp; 352548 |
| Venture Global LNG, Inc.144A | 8.38 | &nbsp;&nbsp; 6-1-2031 | 168000 | &nbsp;&nbsp; 176395 |
| &nbsp;&nbsp; Venture Global LNG, Inc. (5 Year Treasury Constant <br> Maturity+5.44%)144Aʊ±<br>| 9.00 | &nbsp;&nbsp; 9-30-2029 | 486000 | &nbsp;&nbsp; 481665 |
|  |  |  |  | &nbsp;&nbsp; **2235689** |
| **Financial: 7.57%** |  |  |  |  |
| **Banks: 2.72%** |  |  |  |  |
| Bank of America Corp. (U.S. SOFR+1.74%)± | 5.52 | &nbsp;&nbsp; 10-25-2035 | 215000 | &nbsp;&nbsp; 220224 |
| Bank of America Corp. (U.S. SOFR+1.91%)± | 5.43 | &nbsp;&nbsp; 8-15-2035 | 475000 | &nbsp;&nbsp; 484552 |
| &nbsp;&nbsp; Bank of America Corp. Series DD (U.S. SOFR 3 <br> Month+4.81%)ʊ±<br>| 6.30 | &nbsp;&nbsp; 3-10-2026 | 215000 | &nbsp;&nbsp; 216204 |
| &nbsp;&nbsp; Bank of America Corp. Series OO (5 Year Treasury Constant <br> Maturity+2.68%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 5-1-2030 | 175000 | &nbsp;&nbsp; 182086 |
| Citigroup, Inc. (U.S. SOFR+1.49%)± | 5.17 | &nbsp;&nbsp; 9-11-2036 | 255000 | &nbsp;&nbsp; 257588 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. Series T (5 Year Treasury <br> Constant Maturity+2.97%)ʊ±<br>| 3.80 | &nbsp;&nbsp; 5-10-2026 | 325000 | &nbsp;&nbsp; 321052 |
| JPMorgan Chase & Co. (U.S. SOFR+1.55%)± | 5.53 | &nbsp;&nbsp; 11-29-2045 | 290000 | &nbsp;&nbsp; 298229 |
| JPMorgan Chase & Co. (U.S. SOFR+1.64%)± | 5.58 | &nbsp;&nbsp; 7-23-2036 | 940000 | &nbsp;&nbsp; 974481 |
| Morgan Stanley (U.S. SOFR+1.29%)± | 2.94 | &nbsp;&nbsp; 1-21-2033 | 605000 | &nbsp;&nbsp; 550038 |
| Morgan Stanley (U.S. SOFR+1.71%)± | 5.52 | &nbsp;&nbsp; 11-19-2055 | 455000 | &nbsp;&nbsp; 459927 |
| Santander Holdings USA, Inc. (U.S. SOFR+3.28%)± | 7.66 | &nbsp;&nbsp; 11-9-2031 | 80000 | &nbsp;&nbsp; 89604 |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring Income Plus ETF

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| U.S. Bancorp (U.S. SOFR+1.86%)± | 5.68<br> %<br>| &nbsp;&nbsp; 1-23-2035 | $455000 | &nbsp;&nbsp; $479066 |
| U.S. Bancorp (U.S. SOFR+2.26%)± | 5.84 | &nbsp;&nbsp; 6-12-2034 | 345000 | &nbsp;&nbsp; 367628 |
| Wells Fargo & Co. (U.S. SOFR+2.06%)± | 6.49 | &nbsp;&nbsp; 10-23-2034 | 610000 | &nbsp;&nbsp; 677767 |
|  |  |  |  | &nbsp;&nbsp; **5578446** |
| **Diversified financial services: 0.86%** |  |  |  |  |
| Aircastle Ltd.144A | 5.95 | &nbsp;&nbsp; 2-15-2029 | 185000 | &nbsp;&nbsp; 192937 |
| Aircastle Ltd./Aircastle Ireland DAC144A | 5.25 | &nbsp;&nbsp; 3-15-2030 | 395000 | &nbsp;&nbsp; 402951 |
| Ares Finance Co. II LLC144A | 3.25 | &nbsp;&nbsp; 6-15-2030 | 285000 | &nbsp;&nbsp; 269190 |
| Citadel LP144A | 6.38 | &nbsp;&nbsp; 1-23-2032 | 250000 | &nbsp;&nbsp; 264604 |
| Computershare U.S., Inc. | 1.13 | &nbsp;&nbsp; 10-7-2031 | 415000 | &nbsp;&nbsp; 424065 |
| PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 170000 | &nbsp;&nbsp; 157876 |
| United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 60000 | &nbsp;&nbsp; 59175 |
|  |  |  |  | &nbsp;&nbsp; **1770798** |
| **Insurance: 2.06%** |  |  |  |  |
| Athene Global Funding144A | 5.03 | &nbsp;&nbsp; 7-17-2030 | 320000 | &nbsp;&nbsp; 325117 |
| Athene Global Funding144A | 5.54 | &nbsp;&nbsp; 8-22-2035 | 520000 | &nbsp;&nbsp; 526965 |
| Broadstreet Partners Group LLC144A | 5.88 | &nbsp;&nbsp; 4-15-2029 | 268000 | &nbsp;&nbsp; 267219 |
| Brown & Brown, Inc. | 4.90 | &nbsp;&nbsp; 6-23-2030 | 255000 | &nbsp;&nbsp; 258426 |
| Equitable America Global Funding144A | 4.95 | &nbsp;&nbsp; 6-9-2030 | 440000 | &nbsp;&nbsp; 448793 |
| Guardian Life Insurance Co. of America144A | 4.85 | &nbsp;&nbsp; 1-24-2077 | 155000 | &nbsp;&nbsp; 130519 |
| Jackson Financial, Inc. | 4.00 | &nbsp;&nbsp; 11-23-2051 | 335000 | &nbsp;&nbsp; 241686 |
| MetLife, Inc. | 6.40 | &nbsp;&nbsp; 12-15-2036 | 430000 | &nbsp;&nbsp; 452495 |
| New York Life Insurance Co.144A | 5.88 | &nbsp;&nbsp; 5-15-2033 | 265000 | &nbsp;&nbsp; 280721 |
| Northwestern Mutual Life Insurance Co.144A | 6.17 | &nbsp;&nbsp; 5-29-2055 | 290000 | &nbsp;&nbsp; 311969 |
| Omnis Funding Trust144A | 6.72 | &nbsp;&nbsp; 5-15-2055 | 470000 | &nbsp;&nbsp; 506964 |
| &nbsp;&nbsp; PartnerRe Finance B LLC (5 Year Treasury Constant <br> Maturity+3.82%)±<br>| 4.50 | &nbsp;&nbsp; 10-1-2050 | 45000 | &nbsp;&nbsp; 42459 |
| &nbsp;&nbsp; Prudential Financial, Inc. (5 Year Treasury Constant <br> Maturity+3.04%)±<br>| 3.70 | &nbsp;&nbsp; 10-1-2050 | 85000 | &nbsp;&nbsp; 79397 |
| RGA Global Funding144A | 5.05 | &nbsp;&nbsp; 12-6-2031 | 350000 | &nbsp;&nbsp; 356888 |
|  |  |  |  | &nbsp;&nbsp; **4229618** |
| **Investment Companies: 0.86%** |  |  |  |  |
| Ares Capital Corp. BDC | 5.10 | &nbsp;&nbsp; 1-15-2031 | 410000 | &nbsp;&nbsp; 407043 |
| Ares Capital Corp. BDC | 5.50 | &nbsp;&nbsp; 9-1-2030 | 240000 | &nbsp;&nbsp; 242924 |
| Ares Capital Corp. BDC | 5.88 | &nbsp;&nbsp; 3-1-2029 | 125000 | &nbsp;&nbsp; 128607 |
| Blue Owl Capital Corp. BDC | 2.63 | &nbsp;&nbsp; 1-15-2027 | 1025000 | &nbsp;&nbsp; 997243 |
|  |  |  |  | &nbsp;&nbsp; **1775817** |
| **REITs: 1.07%** |  |  |  |  |
| Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 50000 | &nbsp;&nbsp; 54268 |
| EPR Properties | 3.75 | &nbsp;&nbsp; 8-15-2029 | 190000 | &nbsp;&nbsp; 182915 |
| Essential Properties LP | 2.95 | &nbsp;&nbsp; 7-15-2031 | 255000 | &nbsp;&nbsp; 229819 |
| Essential Properties LP | 5.40 | &nbsp;&nbsp; 12-1-2035 | 405000 | &nbsp;&nbsp; 406520 |
| &nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 412000 | &nbsp;&nbsp; 431934 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 7

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **REITs**(continued) |  |  |  |  |
| Piedmont Operating Partnership LP | 9.25<br> %<br>| &nbsp;&nbsp; 7-20-2028 | $135000 | &nbsp;&nbsp; $149903 |
| Realty Income Corp. | 5.13 | &nbsp;&nbsp; 7-6-2034 | 415000 | &nbsp;&nbsp; 538946 |
| &nbsp;&nbsp; WEA Finance LLC/Westfield U.K. & Europe <br> Finance PLC144A<br>| 4.75 | &nbsp;&nbsp; 9-17-2044 | 235000 | &nbsp;&nbsp; 204302 |
|  |  |  |  | &nbsp;&nbsp; **2198607** |
| **Industrial: 0.76%** |  |  |  |  |
| **Building materials: 0.36%** |  |  |  |  |
| Camelot Return Merger Sub, Inc.144A | 8.75 | &nbsp;&nbsp; 8-1-2028 | 355000 | &nbsp;&nbsp; 343464 |
| CP Atlas Buyer, Inc.144A | 9.75 | &nbsp;&nbsp; 7-15-2030 | 380000 | &nbsp;&nbsp; 397974 |
|  |  |  |  | &nbsp;&nbsp; **741438** |
| **Engineering & construction: 0.16%** |  |  |  |  |
| MasTec, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 335000 | &nbsp;&nbsp; **334101** |
| **Packaging & containers: 0.24%** |  |  |  |  |
| Clydesdale Acquisition Holdings, Inc.144A | 8.75 | &nbsp;&nbsp; 4-15-2030 | 480000 | &nbsp;&nbsp; **493077** |
| **Technology: 1.63%** |  |  |  |  |
| **Computers: 0.12%** |  |  |  |  |
| Kyndryl Holdings, Inc. | 4.10 | &nbsp;&nbsp; 10-15-2041 | 295000 | &nbsp;&nbsp; **239340** |
| **Semiconductors: 0.51%** |  |  |  |  |
| Entegris, Inc.144A | 4.75 | &nbsp;&nbsp; 4-15-2029 | 205000 | &nbsp;&nbsp; 203242 |
| Foundry JV Holdco LLC144A | 5.88 | &nbsp;&nbsp; 1-25-2034 | 200000 | &nbsp;&nbsp; 208353 |
| Foundry JV Holdco LLC144A | 6.20 | &nbsp;&nbsp; 1-25-2037 | 375000 | &nbsp;&nbsp; 400009 |
| Intel Corp. | 2.80 | &nbsp;&nbsp; 8-12-2041 | 255000 | &nbsp;&nbsp; 178365 |
| Intel Corp. | 3.25 | &nbsp;&nbsp; 11-15-2049 | 85000 | &nbsp;&nbsp; 56481 |
|  |  |  |  | &nbsp;&nbsp; **1046450** |
| **Software: 1.00%** |  |  |  |  |
| AthenaHealth Group, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2030 | 649000 | &nbsp;&nbsp; 643690 |
| Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 438000 | &nbsp;&nbsp; 464610 |
| Cloud Software Group, Inc.144A | 9.00 | &nbsp;&nbsp; 9-30-2029 | 177000 | &nbsp;&nbsp; 183586 |
| Oracle Corp. | 4.45 | &nbsp;&nbsp; 9-26-2030 | 305000 | &nbsp;&nbsp; 304850 |
| Oracle Corp. | 5.95 | &nbsp;&nbsp; 9-26-2055 | 470000 | &nbsp;&nbsp; 468554 |
|  |  |  |  | &nbsp;&nbsp; **2065290** |
| **Utilities: 1.44%** |  |  |  |  |
| **Electric: 1.44%** |  |  |  |  |
| AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 40000 | &nbsp;&nbsp; 41434 |
| &nbsp;&nbsp; Dominion Energy, Inc. (5 Year Treasury Constant <br> Maturity+2.21%)±<br>| 6.63 | &nbsp;&nbsp; 5-15-2055 | 125000 | &nbsp;&nbsp; 129366 |
| Duke Energy Corp. | 3.10 | &nbsp;&nbsp; 6-15-2028 | 245000 | &nbsp;&nbsp; 290212 |
| Duke Energy Corp. | 3.85 | &nbsp;&nbsp; 6-15-2034 | 300000 | &nbsp;&nbsp; 352527 |
| &nbsp;&nbsp; EUSHI Finance, Inc. (5 Year Treasury Constant <br> Maturity+3.14%)±<br>| 7.63 | &nbsp;&nbsp; 12-15-2054 | 235000 | &nbsp;&nbsp; 246376 |
| Evergy, Inc. (5 Year Treasury Constant Maturity+2.56%)± | 6.65 | &nbsp;&nbsp; 6-1-2055 | 120000 | &nbsp;&nbsp; 122892 |
| Niagara Mohawk Power Corp.144A | 6.00 | &nbsp;&nbsp; 7-3-2055 | 360000 | &nbsp;&nbsp; 371499 |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Income Plus ETF

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Electric**(continued) |  |  |  |  |
| NRG Energy, Inc.144A%% | 5.41<br> %<br>| &nbsp;&nbsp; 10-15-2035 | $200000 | &nbsp;&nbsp; $200680 |
| Oglethorpe Power Corp. | 4.25 | &nbsp;&nbsp; 4-1-2046 | 140000 | &nbsp;&nbsp; 111126 |
| PG&E Corp. | 5.25 | &nbsp;&nbsp; 7-1-2030 | 60000 | &nbsp;&nbsp; 59169 |
| PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± | 7.38 | &nbsp;&nbsp; 3-15-2055 | 595000 | &nbsp;&nbsp; 611273 |
| Sempra (5 Year Treasury Constant Maturity+2.35%)± | 6.63 | &nbsp;&nbsp; 4-1-2055 | 315000 | &nbsp;&nbsp; 319869 |
| &nbsp;&nbsp; Southern Co. Series B (5 Year Treasury Constant <br> Maturity+3.73%)±<br>| 4.00 | &nbsp;&nbsp; 1-15-2051 | 100000 | &nbsp;&nbsp; 99637 |
|  |  |  |  | &nbsp;&nbsp; **2956060** |
| **Total corporate bonds and notes (Cost $47,517,425)** |  |  |  | &nbsp;&nbsp; **49122884** |
| **Foreign corporate bonds and notes: 11.43%** |  |  |  |  |
| **Communications: 2.97%** |  |  |  |  |
| **Telecommunications: 2.97%** |  |  |  |  |
| British Telecommunications PLC (UK Gilts 5 Year+3.82%)± | 8.38 | &nbsp;&nbsp; 12-20-2083 | 265000 | &nbsp;&nbsp; 382421 |
| Chorus Ltd. | 3.63 | &nbsp;&nbsp; 9-7-2029 | 365000 | &nbsp;&nbsp; 439005 |
| Fibercop SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 390000 | &nbsp;&nbsp; 427861 |
| Koninklijke KPN NV | 3.88 | &nbsp;&nbsp; 7-3-2031 | 600000 | &nbsp;&nbsp; 731512 |
| Lorca Telecom Bondco SA | 4.00 | &nbsp;&nbsp; 9-18-2027 | 500000 | &nbsp;&nbsp; 586978 |
| SES SA (EURIBOR ICE Swap Rate 11:00am+3.23%)± | 5.50 | &nbsp;&nbsp; 9-12-2054 | 215000 | &nbsp;&nbsp; 257269 |
| TDC Net AS | 5.00 | &nbsp;&nbsp; 8-9-2032 | 255000 | &nbsp;&nbsp; 309721 |
| Telecom Italia SpA | 1.63 | &nbsp;&nbsp; 1-18-2029 | 250000 | &nbsp;&nbsp; 280612 |
| Telefonica Emisiones SA | 4.18 | &nbsp;&nbsp; 11-21-2033 | 600000 | &nbsp;&nbsp; 727992 |
| &nbsp;&nbsp; Telefonica Europe BV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 7 Year+3.35%)ʊ±<br>| 6.14 | &nbsp;&nbsp; 2-3-2030 | 200000 | &nbsp;&nbsp; 253306 |
| VMED O2 U.K. Financing I PLC | 5.63 | &nbsp;&nbsp; 4-15-2032 | 485000 | &nbsp;&nbsp; 583712 |
| &nbsp;&nbsp; Vodafone Group PLC (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.48%)±<br>| 3.00 | &nbsp;&nbsp; 8-27-2080 | 320000 | &nbsp;&nbsp; 362150 |
| Vodafone Group PLC (UK Gilts 5 Year+3.84%)± | 8.00 | &nbsp;&nbsp; 8-30-2086 | 150000 | &nbsp;&nbsp; 219824 |
| Zegona Finance PLC144A | 6.75 | &nbsp;&nbsp; 7-15-2029 | 436500 | &nbsp;&nbsp; 542542 |
|  |  |  |  | &nbsp;&nbsp; **6104905** |
| **Consumer, cyclical: 1.47%** |  |  |  |  |
| **Entertainment: 0.36%** |  |  |  |  |
| Cirsa Finance International Sarl144A | 10.38 | &nbsp;&nbsp; 11-30-2027 | 47700 | &nbsp;&nbsp; 57735 |
| Universal Music Group NV | 4.00 | &nbsp;&nbsp; 6-13-2031 | 560000 | &nbsp;&nbsp; 682313 |
|  |  |  |  | &nbsp;&nbsp; **740048** |
| **Leisure time: 0.52%** |  |  |  |  |
| Pinnacle Bidco PLC144A | 10.00 | &nbsp;&nbsp; 10-11-2028 | 200000 | &nbsp;&nbsp; 283781 |
| TUI AG | 5.88 | &nbsp;&nbsp; 3-15-2029 | 650000 | &nbsp;&nbsp; 792818 |
|  |  |  |  | &nbsp;&nbsp; **1076599** |
| **Lodging: 0.31%** |  |  |  |  |
| Essendi SA | 6.38 | &nbsp;&nbsp; 10-15-2029 | 515000 | &nbsp;&nbsp; **638107** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 9

------

Portfolio of investments—September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Retail: 0.12%** |  |  |  |  |  |
| Dufry One BV | 4.50<br> %<br>| &nbsp;&nbsp; 5-23-2032 | EUR | 101000 | &nbsp;&nbsp; $121847 |
| Fressnapf Holding SE | 5.25 | &nbsp;&nbsp; 10-31-2031 | EUR | 100000 | &nbsp;&nbsp; 118985 |
|  |  |  |  |  | &nbsp;&nbsp; **240832** |
| **Toys/games/hobbies: 0.16%** |  |  |  |  |  |
| Asmodee Group AB | 5.75 | &nbsp;&nbsp; 12-15-2029 | EUR | 266667 | &nbsp;&nbsp; **328698** |
| **Consumer, non-cyclical: 1.40%** |  |  |  |  |  |
| **Commercial services: 0.78%** |  |  |  |  |  |
| Amber Finco PLC | 6.63 | &nbsp;&nbsp; 7-15-2029 | EUR | 380000 | &nbsp;&nbsp; 468917 |
| Nexi SpA | 2.13 | &nbsp;&nbsp; 4-30-2029 | EUR | 250000 | &nbsp;&nbsp; 283515 |
| Transurban Finance Co. Pty. Ltd. | 4.23 | &nbsp;&nbsp; 4-26-2033 | EUR | 450000 | &nbsp;&nbsp; 554319 |
| Worldline SA | 4.13 | &nbsp;&nbsp; 9-12-2028 | EUR | 300000 | &nbsp;&nbsp; 287016 |
|  |  |  |  |  | &nbsp;&nbsp; **1593767** |
| **Food: 0.32%** |  |  |  |  |  |
| Iceland Bondco PLC | 4.38 | &nbsp;&nbsp; 5-15-2028 | GBP | 500000 | &nbsp;&nbsp; **655167** |
| **Healthcare-services: 0.30%** |  |  |  |  |  |
| Eurofins Scientific SE (3 Month EURIBOR+4.24%)ʊ± | 6.75 | &nbsp;&nbsp; 4-24-2028 | EUR | 490000 | &nbsp;&nbsp; **614822** |
| **Energy: 0.88%** |  |  |  |  |  |
| **Oil & gas: 0.58%** |  |  |  |  |  |
| Aker BP ASA | 1.13 | &nbsp;&nbsp; 5-12-2029 | EUR | 450000 | &nbsp;&nbsp; 494055 |
| &nbsp;&nbsp; Var Energi ASA (EURIBOR ICE Swap Rate <br> 11:00am+4.77%)±<br>| 7.86 | &nbsp;&nbsp; 11-15-2083 | EUR | 100000 | &nbsp;&nbsp; 130184 |
| &nbsp;&nbsp; Wintershall Dea Finance 2 BV Series NC8 (EUR Swap Annual <br> (vs. 6 Month EURIBOR) 5 Year+3.32%)ʊ±<br>| 3.00 | &nbsp;&nbsp; 7-20-2028 | EUR | 500000 | &nbsp;&nbsp; 565746 |
|  |  |  |  |  | &nbsp;&nbsp; **1189985** |
| **Oil & gas services: 0.30%** |  |  |  |  |  |
| OEG Finance PLC | 7.25 | &nbsp;&nbsp; 9-27-2029 | EUR | 500000 | &nbsp;&nbsp; **613546** |
| **Financial: 2.62%** |  |  |  |  |  |
| **Banks: 1.68%** |  |  |  |  |  |
| &nbsp;&nbsp; ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month <br> EURIBOR) 5 Year+3.90%)ʊ±<br>| 4.75 | &nbsp;&nbsp; 9-22-2027 | EUR | 600000 | &nbsp;&nbsp; 707600 |
| &nbsp;&nbsp; BAWAG Group AG (EURIBOR ICE Swap Rate <br> 11:00am+5.05%)ʊ±<br>| 7.25 | &nbsp;&nbsp; 9-18-2029 | EUR | 600000 | &nbsp;&nbsp; 750888 |
| &nbsp;&nbsp; CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.55%)±<br>| 6.25 | &nbsp;&nbsp; 2-23-2033 | EUR | 400000 | &nbsp;&nbsp; 502549 |
| Deutsche Bank AG (3 Month EURIBOR+2.95%)± | 5.00 | &nbsp;&nbsp; 9-5-2030 | EUR | 400000 | &nbsp;&nbsp; 501060 |
| &nbsp;&nbsp; KBC Group NV (EURIBOR ICE Swap Rate <br> 11:00am+4.93%)ʊ±<br>| 8.00 | &nbsp;&nbsp; 9-5-2028 | EUR | 200000 | &nbsp;&nbsp; 260933 |
| &nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+1.60%)±<br>| 1.38 | &nbsp;&nbsp; 6-17-2033 | EUR | 200000 | &nbsp;&nbsp; 223896 |
| &nbsp;&nbsp; Raiffeisen Bank International AG (EURIBOR ICE Swap Rate <br> 11:00am+5.20%)±<br>| 7.38 | &nbsp;&nbsp; 12-20-2032 | EUR | 400000 | &nbsp;&nbsp; 506410 |
|  |  |  |  |  | &nbsp;&nbsp; **3453336** |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Income Plus ETF

------

Portfolio of investments—September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Insurance: 0.51%** |  |  |  |  |  |
| NN Group NV (3 Month EURIBOR+4.20%)± | 5.25<br> %<br>| &nbsp;&nbsp; 3-1-2043 | EUR | 440000 | &nbsp;&nbsp; $558240 |
| Sampo Oyj (3 Month EURIBOR+3.60%)± | 2.50 | &nbsp;&nbsp; 9-3-2052 | EUR | 440000 | &nbsp;&nbsp; 478708 |
|  |  |  |  |  | &nbsp;&nbsp; **1036948** |
| **Real estate: 0.43%** |  |  |  |  |  |
| Aedas Homes Opco SL144A | 4.00 | &nbsp;&nbsp; 8-15-2026 | EUR | 265000 | &nbsp;&nbsp; 311075 |
| &nbsp;&nbsp; Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5 <br> Year+3.45%)ʊ±<br>| 3.13 | &nbsp;&nbsp; 12-2-2026 | EUR | 500000 | &nbsp;&nbsp; 580731 |
|  |  |  |  |  | &nbsp;&nbsp; **891806** |
| **Government securities: 0.30%** |  |  |  |  |  |
| **Multi-national: 0.30%** |  |  |  |  |  |
| Banque Ouest Africaine de Developpement | 2.75 | &nbsp;&nbsp; 1-22-2033 | EUR | 600000 | &nbsp;&nbsp; **610194** |
| **Industrial: 0.29%** |  |  |  |  |  |
| **Environmental control: 0.29%** |  |  |  |  |  |
| Luna 2.5 Sarl144A | 5.50 | &nbsp;&nbsp; 7-1-2032 | EUR | 500000 | &nbsp;&nbsp; **597224** |
| **Technology: 0.40%** |  |  |  |  |  |
| **Computers: 0.40%** |  |  |  |  |  |
| Almaviva-The Italian Innovation Co. SpA144A | 5.00 | &nbsp;&nbsp; 10-30-2030 | EUR | 265000 | &nbsp;&nbsp; 316050 |
| Teleperformance SE | 5.75 | &nbsp;&nbsp; 11-22-2031 | EUR | 400000 | &nbsp;&nbsp; 509135 |
|  |  |  |  |  | &nbsp;&nbsp; **825185** |
| **Utilities: 1.10%** |  |  |  |  |  |
| **Electric: 0.50%** |  |  |  |  |  |
| Energia Group Roi Financeco DAC144A | 6.88 | &nbsp;&nbsp; 7-31-2028 | EUR | 235000 | &nbsp;&nbsp; 285560 |
| Vattenfall AB (UK Gilts 5 Year+1.90%)± | 2.50 | &nbsp;&nbsp; 6-29-2083 | GBP | 600000 | &nbsp;&nbsp; 743829 |
|  |  |  |  |  | &nbsp;&nbsp; **1029389** |
| **Gas: 0.34%** |  |  |  |  |  |
| APA Infrastructure Ltd. | 2.00 | &nbsp;&nbsp; 7-15-2030 | EUR | 635000 | &nbsp;&nbsp; **707487** |
| **Water: 0.26%** |  |  |  |  |  |
| &nbsp;&nbsp; Holding d'Infrastructures des Metiers de l'Environnement <br> SAS<br>| 4.88 | &nbsp;&nbsp; 10-24-2029 | EUR | 435000 | &nbsp;&nbsp; **529706** |
| **Total foreign corporate bonds and notes (Cost $21,108,372)** |  |  |  |  | &nbsp;&nbsp; **23477751** |
| **Foreign government bonds: 13.42%** |  |  |  |  |  |
| **Australia: 1.02%** |  |  |  |  |  |
| New South Wales Treasury Corp. | 3.00 | &nbsp;&nbsp; 4-20-2029 | AUD | 1620000 | &nbsp;&nbsp; 1042250 |
| Queensland Treasury Corp.144A | 3.50 | &nbsp;&nbsp; 8-21-2030 | AUD | 1615000 | &nbsp;&nbsp; 1041406 |
|  |  |  |  |  | &nbsp;&nbsp; **2083656** |
| **Belgium: 1.01%** |  |  |  |  |  |
| European Union## | 2.63 | &nbsp;&nbsp; 7-4-2028 | EUR | 1755000 | &nbsp;&nbsp; **2080425** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 11

------

Portfolio of investments—September 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Principal | Value |
| **Brazil: 1.84%** |  |  |  |  |  |
| Brazil## | 10.00<br> %<br>| &nbsp;&nbsp; 1-1-2027 | BRL | 21000000 | &nbsp;&nbsp; **$3782110** |
| **Colombia: 1.97%** |  |  |  |  |  |
| Colombia TES## | 5.75 | &nbsp;&nbsp; 11-3-2027 | COP | 17000000000 | &nbsp;&nbsp; **4051813** |
| **Czech Republic: 1.00%** |  |  |  |  |  |
| Czech Republic## | 5.00 | &nbsp;&nbsp; 9-30-2030 | CZK | 40940000 | &nbsp;&nbsp; **2055727** |
| **France: 1.98%** |  |  |  |  |  |
| French Republic144A## | 2.70 | &nbsp;&nbsp; 2-25-2031 | EUR | 3485000 | &nbsp;&nbsp; **4065700** |
| **South Africa: 0.78%** |  |  |  |  |  |
| Republic of South Africa | 8.00 | &nbsp;&nbsp; 1-31-2030 | ZAR | 27595000 | &nbsp;&nbsp; **1603378** |
| **United Kingdom: 3.82%** |  |  |  |  |  |
| U.K. Gilts## | 3.75 | &nbsp;&nbsp; 3-7-2027 | GBP | 3835000 | &nbsp;&nbsp; 5140237 |
| U.K. Gilts## | 4.38 | &nbsp;&nbsp; 3-7-2030 | GBP | 2000000 | &nbsp;&nbsp; 2715046 |
|  |  |  |  |  | &nbsp;&nbsp; **7855283** |
| **Total foreign government bonds (Cost $26,968,329)** |  |  |  |  | &nbsp;&nbsp; **27578092** |

---

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

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Investment companies: 0.48%** |  |  |
| **Exchange-traded funds: 0.48%** |  |  |
| SPDR Portfolio High Yield Bond ETF | 41231 | &nbsp;&nbsp; **987070** |
| **Total investment companies (Cost $962,332)** |  | &nbsp;&nbsp; **987070** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Loans: 0.82%** |  |  |  |  |
| **Communications: 0.15%** |  |  |  |  |
| **Media: 0.00%** |  |  |  |  |
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)± | 9.57 | &nbsp;&nbsp; 8-2-2027 | $6569 | &nbsp;&nbsp; **6571** |
| **Telecommunications: 0.15%** |  |  |  |  |
| CommScope, Inc. (U.S. SOFR 1 Month+4.75%)± | 8.91 | &nbsp;&nbsp; 12-17-2029 | 200000 | &nbsp;&nbsp; 202250 |
| Lumen Technologies, Inc. (U.S. SOFR 1 Month+2.35%)± | 6.63 | &nbsp;&nbsp; 4-15-2030 | 99492 | &nbsp;&nbsp; 98759 |
|  |  |  |  | &nbsp;&nbsp; **301009** |
| **Consumer, cyclical: 0.49%** |  |  |  |  |
| **Airlines: 0.02%** |  |  |  |  |
| &nbsp;&nbsp; Vista Management Holding, Inc. (U.S. SOFR 3 <br> Month+3.75%)±<br>| 8.04 | &nbsp;&nbsp; 4-1-2031 | 44550 | &nbsp;&nbsp; **44792** |
| **Entertainment: 0.26%** |  |  |  |  |
| Crown Finance U.S., Inc. (U.S. SOFR 1 Month+4.50%)± | 8.78 | &nbsp;&nbsp; 12-2-2031 | 530994 | &nbsp;&nbsp; **529470** |
| **Housewares: 0.08%** |  |  |  |  |
| American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± | 9.91 | &nbsp;&nbsp; 10-30-2029 | 161867 | &nbsp;&nbsp; **161867** |

---

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Income Plus ETF

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Retail: 0.13%** |  |  |  |  |
| &nbsp;&nbsp; Petco Health & Wellness Co., Inc. (U.S. SOFR 3 <br> Month+3.25%)±<br>| 7.51<br> %<br>| &nbsp;&nbsp; 3-3-2028 | $285000 | &nbsp;&nbsp; **$277328** |
| **Financial: 0.12%** |  |  |  |  |
| **Insurance: 0.12%** |  |  |  |  |
| Asurion LLC (U.S. SOFR 1 Month+5.25%)± | 9.53 | &nbsp;&nbsp; 1-31-2028 | 245000 | &nbsp;&nbsp; **238262** |
| **Technology: 0.06%** |  |  |  |  |
| **Software: 0.06%** |  |  |  |  |
| Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)± | 7.91 | &nbsp;&nbsp; 11-28-2028 | 133851 | &nbsp;&nbsp; **134056** |
| **Total loans (Cost $1,703,896)** |  |  |  | &nbsp;&nbsp; **1693355** |
| **Non-agency mortgage-backed securities: 3.88%** |  |  |  |  |
| A&D Mortgage Trust Series 2024-NQM5 Class A1144A | 5.70 | &nbsp;&nbsp; 11-25-2069 | 432136 | &nbsp;&nbsp; 434940 |
| Ajax Mortgage Loan Trust Series 2021-E Class A1144A±± | 1.74 | &nbsp;&nbsp; 12-25-2060 | 542004 | &nbsp;&nbsp; 476495 |
| BAHA Trust Series 2024-MAR Class B144A±± | 7.07 | &nbsp;&nbsp; 12-10-2041 | 500000 | &nbsp;&nbsp; 520907 |
| Bank Series 2019-BN19 Class A3 | 3.18 | &nbsp;&nbsp; 8-15-2061 | 250000 | &nbsp;&nbsp; 236163 |
| &nbsp;&nbsp; BRAVO Residential Funding Trust Series 2023-NQM1 <br> Class A1144A±±<br>| 5.76 | &nbsp;&nbsp; 1-25-2063 | 721718 | &nbsp;&nbsp; 721288 |
| &nbsp;&nbsp; BX Trust Series 2021-ARIA Class D (U.S. SOFR 1 <br> Month+2.01%)144A±<br>| 6.16 | &nbsp;&nbsp; 10-15-2036 | 680000 | &nbsp;&nbsp; 680000 |
| CSMC Trust Series 2018-RPL9 Class A144A±± | 3.85 | &nbsp;&nbsp; 9-25-2057 | 371206 | &nbsp;&nbsp; 358583 |
| &nbsp;&nbsp; Fontainebleau Miami Beach Mortgage Trust Series 2024-<br> FBLU Class D (U.S. SOFR 1 Month+2.60%)144A±<br>| 6.75 | &nbsp;&nbsp; 12-15-2039 | 360000 | &nbsp;&nbsp; 360450 |
| &nbsp;&nbsp; JPMorgan Mortgage Trust Series 2025-CES1 <br> Class A3144A±±<br>| 6.07 | &nbsp;&nbsp; 5-25-2055 | 1000000 | &nbsp;&nbsp; 1010861 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust Series 2014-150E <br> Class A144A<br>| 3.91 | &nbsp;&nbsp; 9-9-2032 | 405000 | &nbsp;&nbsp; 367419 |
| &nbsp;&nbsp; New Residential Mortgage Loan Trust Series 2019-RPL3 <br> Class M1144A±±<br>| 3.25 | &nbsp;&nbsp; 7-25-2059 | 275000 | &nbsp;&nbsp; 247324 |
| &nbsp;&nbsp; One New York Plaza Trust Series 2020-1NYP Class A <br> (U.S. SOFR 1 Month+1.06%)144A±<br>| 5.22 | &nbsp;&nbsp; 1-15-2036 | 360000 | &nbsp;&nbsp; 354246 |
| RCKT Mortgage Trust Series 2024-CES9 Class A1A144A±± | 5.58 | &nbsp;&nbsp; 12-25-2044 | 215137 | &nbsp;&nbsp; 217422 |
| ROCK Trust Series 2024-CNTR Class B144A | 5.93 | &nbsp;&nbsp; 11-13-2041 | 360000 | &nbsp;&nbsp; 372095 |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust Series 2015-<br> 5AVE Class B144A±±<br>| 4.53 | &nbsp;&nbsp; 1-5-2043 | 500000 | &nbsp;&nbsp; 427370 |
| &nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust Series 2015-<br> 5AVE Class D144A±±<br>| 4.53 | &nbsp;&nbsp; 1-5-2043 | 300000 | &nbsp;&nbsp; 226122 |
| Verus Securitization Trust Series 2024-9 Class M1144A±± | 6.20 | &nbsp;&nbsp; 11-25-2069 | 960000 | &nbsp;&nbsp; 968105 |
| &nbsp;&nbsp; **Total non-agency mortgage-backed securities** <br> **(Cost $7,957,159)**<br>|  |  |  | &nbsp;&nbsp; **7979790** |
| **U.S. Treasury securities: 17.95%** |  |  |  |  |
| U.S. Treasury Bonds## | 4.63 | &nbsp;&nbsp; 11-15-2044 | 145000 | &nbsp;&nbsp; 143652 |
| U.S. Treasury Bonds## | 4.75 | &nbsp;&nbsp; 2-15-2045 | 60000 | &nbsp;&nbsp; 60375 |
| U.S. Treasury Bonds## | 4.75 | &nbsp;&nbsp; 5-15-2055 | 7120000 | &nbsp;&nbsp; 7142250 |
| U.S. Treasury Notes## | 3.63 | &nbsp;&nbsp; 8-31-2027 | 7155000 | &nbsp;&nbsp; 7154721 |
| U.S. Treasury Notes## | 3.88 | &nbsp;&nbsp; 7-31-2027 | 16585000 | &nbsp;&nbsp; 16653024 |
| U.S. Treasury Notes## | 3.88 | &nbsp;&nbsp; 3-15-2028 | 685000 | &nbsp;&nbsp; 689308 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 13

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **U.S. Treasury securities**(continued) |  |  |  |  |
| U.S. Treasury Notes## | 4.25<br> %<br>| &nbsp;&nbsp; 1-15-2028 | $140000 | &nbsp;&nbsp; $141909 |
| U.S. Treasury Notes## | 4.25 | &nbsp;&nbsp; 8-15-2035 | 4860000 | &nbsp;&nbsp; 4899487 |
| **Total U.S. Treasury securities (Cost $36,662,635)** |  |  |  | &nbsp;&nbsp; **36884726** |
| **Yankee corporate bonds and notes: 10.05%** |  |  |  |  |
| **Basic materials: 0.33%** |  |  |  |  |
| **Chemicals: 0.17%** |  |  |  |  |
| Braskem Netherlands Finance BV144A | 8.00 | &nbsp;&nbsp; 10-15-2034 | 380000 | &nbsp;&nbsp; 141930 |
| Orbia Advance Corp. SAB de CV144A | 7.50 | &nbsp;&nbsp; 5-13-2035 | 205000 | &nbsp;&nbsp; 215660 |
|  |  |  |  | &nbsp;&nbsp; **357590** |
| **Mining: 0.16%** |  |  |  |  |
| Rio Tinto Finance USA PLC | 5.88 | &nbsp;&nbsp; 3-14-2065 | 305000 | &nbsp;&nbsp; **317735** |
| **Communications: 0.86%** |  |  |  |  |
| **Media: 0.04%** |  |  |  |  |
| Virgin Media Secured Finance PLC144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 90000 | &nbsp;&nbsp; **84856** |
| **Telecommunications: 0.82%** |  |  |  |  |
| NTT Finance Corp.144A | 4.88 | &nbsp;&nbsp; 7-16-2030 | 680000 | &nbsp;&nbsp; 690929 |
| NTT Finance Corp.144A | 5.17 | &nbsp;&nbsp; 7-16-2032 | 200000 | &nbsp;&nbsp; 204834 |
| &nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13 | &nbsp;&nbsp; 4-15-2055 | 547000 | &nbsp;&nbsp; 579909 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.71%)± | 7.00 | &nbsp;&nbsp; 10-15-2055 | 190000 | &nbsp;&nbsp; 200339 |
|  |  |  |  | &nbsp;&nbsp; **1676011** |
| **Consumer, cyclical: 0.43%** |  |  |  |  |
| **Apparel: 0.07%** |  |  |  |  |
| Gildan Activewear, Inc.144A%% | 5.40 | &nbsp;&nbsp; 10-7-2035 | 145000 | &nbsp;&nbsp; **145020** |
| **Leisure time: 0.36%** |  |  |  |  |
| Carnival Corp.144A | 6.13 | &nbsp;&nbsp; 2-15-2033 | 255000 | &nbsp;&nbsp; 261384 |
| Royal Caribbean Cruises Ltd.144A | 5.63 | &nbsp;&nbsp; 9-30-2031 | 95000 | &nbsp;&nbsp; 96870 |
| Royal Caribbean Cruises Ltd.144A | 6.00 | &nbsp;&nbsp; 2-1-2033 | 380000 | &nbsp;&nbsp; 389683 |
|  |  |  |  | &nbsp;&nbsp; **747937** |
| **Consumer, non-cyclical: 0.82%** |  |  |  |  |
| **Beverages: 0.30%** |  |  |  |  |
| Coca-Cola Icecek AS144A | 4.50 | &nbsp;&nbsp; 1-20-2029 | 635000 | &nbsp;&nbsp; **624218** |
| **Pharmaceuticals: 0.52%** |  |  |  |  |
| 1261229 BC Ltd.144A | 10.00 | &nbsp;&nbsp; 4-15-2032 | 730000 | &nbsp;&nbsp; 748288 |
| Bausch Health Cos., Inc.144A | 11.00 | &nbsp;&nbsp; 9-30-2028 | 200000 | &nbsp;&nbsp; 208004 |
| Teva Pharmaceutical Finance Netherlands III BV | 8.13 | &nbsp;&nbsp; 9-15-2031 | 95000 | &nbsp;&nbsp; 108620 |
|  |  |  |  | &nbsp;&nbsp; **1064912** |
| **Energy: 1.14%** |  |  |  |  |
| **Oil & gas: 0.93%** |  |  |  |  |
| Aker BP ASA144A | 5.80 | &nbsp;&nbsp; 10-1-2054 | 325000 | &nbsp;&nbsp; 301311 |

---

The accompanying notes are an integral part of these financial statements.

14 \| Allspring Income Plus ETF

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas**(continued) |  |  |  |  |
| Borr IHC Ltd./Borr Finance LLC144A | 10.00<br> %<br>| &nbsp;&nbsp; 11-15-2028 | $178049 | &nbsp;&nbsp; $176439 |
| &nbsp;&nbsp; BP Capital Markets PLC (5 Year Treasury Constant <br> Maturity+4.40%)ʊ±<br>| 4.88 | &nbsp;&nbsp; 3-22-2030 | 760000 | &nbsp;&nbsp; 754629 |
| Eni SpA144A | 5.95 | &nbsp;&nbsp; 5-15-2054 | 485000 | &nbsp;&nbsp; 484840 |
| TotalEnergies Capital SA | 5.43 | &nbsp;&nbsp; 9-10-2064 | 200000 | &nbsp;&nbsp; 192572 |
|  |  |  |  | &nbsp;&nbsp; **1909791** |
| **Pipelines: 0.21%** |  |  |  |  |
| &nbsp;&nbsp; Enbridge, Inc. Series 20-A (5 Year Treasury Constant <br> Maturity+5.31%)±<br>| 5.75 | &nbsp;&nbsp; 7-15-2080 | 355000 | &nbsp;&nbsp; 358412 |
| &nbsp;&nbsp; South Bow Canadian Infrastructure Holdings Ltd. (5 Year <br> Treasury Constant Maturity+3.95%)±<br>| 7.63 | &nbsp;&nbsp; 3-1-2055 | 80000 | &nbsp;&nbsp; 83583 |
|  |  |  |  | &nbsp;&nbsp; **441995** |
| **Financial: 5.35%** |  |  |  |  |
| **Banks: 3.76%** |  |  |  |  |
| AIB Group PLC (U.S. SOFR+1.65%)144A± | 5.32 | &nbsp;&nbsp; 5-15-2031 | 200000 | &nbsp;&nbsp; 205914 |
| &nbsp;&nbsp; Banco Industrial SA (5 Year Treasury Constant <br> Maturity+4.44%)144A±<br>| 4.88 | &nbsp;&nbsp; 1-29-2031 | 195000 | &nbsp;&nbsp; 194220 |
| &nbsp;&nbsp; Banco Mercantil del Norte SA (5 Year Treasury Constant <br> Maturity+4.07%)144Aʊ±<br>| 8.38 | &nbsp;&nbsp; 5-20-2031 | 695000 | &nbsp;&nbsp; 731800 |
| &nbsp;&nbsp; Banco Nacional de Comercio Exterior SNC (5 Year Treasury <br> Constant Maturity+2.00%)144A±<br>| 2.72 | &nbsp;&nbsp; 8-11-2031 | 410000 | &nbsp;&nbsp; 399565 |
| &nbsp;&nbsp; Bancolombia SA (5 Year Treasury Constant <br> Maturity+4.32%)±<br>| 8.63 | &nbsp;&nbsp; 12-24-2034 | 200000 | &nbsp;&nbsp; 215972 |
| Barclays PLC (U.S. SOFR+1.23%)± | 5.37 | &nbsp;&nbsp; 2-25-2031 | 550000 | &nbsp;&nbsp; 567134 |
| Barclays PLC (U.S. SOFR+1.59%)± | 5.79 | &nbsp;&nbsp; 2-25-2036 | 635000 | &nbsp;&nbsp; 662695 |
| &nbsp;&nbsp; BBVA Mexico SA Institucion De Banca Multiple Grupo <br> Financiero (5 Year Treasury Constant <br> Maturity+4.31%)144A±<br>| 5.88 | &nbsp;&nbsp; 9-13-2034 | 535000 | &nbsp;&nbsp; 536121 |
| &nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+4.90%)144Aʊ±<br>| 7.75 | &nbsp;&nbsp; 8-16-2029 | 225000 | &nbsp;&nbsp; 238251 |
| &nbsp;&nbsp; Commonwealth Bank of Australia (1 Year Treasury Constant <br> Maturity+1.32%)144A±<br>| 5.93 | &nbsp;&nbsp; 3-14-2046 | 440000 | &nbsp;&nbsp; 456485 |
| &nbsp;&nbsp; Danske Bank AS (1 Year Treasury Constant <br> Maturity+1.75%)144A±<br>| 4.30 | &nbsp;&nbsp; 4-1-2028 | 620000 | &nbsp;&nbsp; 620576 |
| HSBC Holdings PLC (U.S. SOFR+1.57%)± | 5.24 | &nbsp;&nbsp; 5-13-2031 | 485000 | &nbsp;&nbsp; 499090 |
| &nbsp;&nbsp; Lloyds Banking Group PLC (5 Year Treasury Constant <br> Maturity+4.82%)ʊ±<br>| 6.75 | &nbsp;&nbsp; 6-27-2026 | 200000 | &nbsp;&nbsp; 202110 |
| &nbsp;&nbsp; National Australia Bank Ltd. (5 Year Treasury Constant <br> Maturity+1.70%)144A±<br>| 3.35 | &nbsp;&nbsp; 1-12-2037 | 940000 | &nbsp;&nbsp; 851865 |
| &nbsp;&nbsp; NatWest Group PLC (5 Year Treasury Constant <br> Maturity+5.63%)ʊ±<br>| 6.00 | &nbsp;&nbsp; 12-29-2025 | 320000 | &nbsp;&nbsp; 320371 |
| &nbsp;&nbsp; UBS Group AG (1 Year Treasury Constant <br> Maturity+1.77%)144A±<br>| 5.70 | &nbsp;&nbsp; 2-8-2035 | 550000 | &nbsp;&nbsp; 579430 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 15

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| &nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant <br> Maturity+3.40%)144Aʊ±<br>| 4.88<br> %<br>| &nbsp;&nbsp; 2-12-2027 | $235000 | &nbsp;&nbsp; $231384 |
| &nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+3.63%)144Aʊ±<br>| 6.85 | &nbsp;&nbsp; 9-10-2029 | 200000 | &nbsp;&nbsp; 206237 |
|  |  |  |  | &nbsp;&nbsp; **7719220** |
| **Diversified financial services: 0.92%** |  |  |  |  |
| &nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5 <br> Year Treasury Constant Maturity+2.72%)±<br>| 6.95 | &nbsp;&nbsp; 3-10-2055 | 510000 | &nbsp;&nbsp; 533816 |
| Avolon Holdings Funding Ltd.144A | 2.75 | &nbsp;&nbsp; 2-21-2028 | 195000 | &nbsp;&nbsp; 187269 |
| Avolon Holdings Funding Ltd.144A | 5.75 | &nbsp;&nbsp; 11-15-2029 | 455000 | &nbsp;&nbsp; 472679 |
| Brookfield Asset Management Ltd. | 6.08 | &nbsp;&nbsp; 9-15-2055 | 120000 | &nbsp;&nbsp; 124517 |
| Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 370000 | &nbsp;&nbsp; 382261 |
| Macquarie AirFinance Holdings Ltd.144A | 6.40 | &nbsp;&nbsp; 3-26-2029 | 180000 | &nbsp;&nbsp; 189561 |
|  |  |  |  | &nbsp;&nbsp; **1890103** |
| **Insurance: 0.67%** |  |  |  |  |
| Aspen Insurance Holdings Ltd. | 5.75 | &nbsp;&nbsp; 7-1-2030 | 240000 | &nbsp;&nbsp; 251192 |
| Intact Financial Corp.144A | 5.46 | &nbsp;&nbsp; 9-22-2032 | 625000 | &nbsp;&nbsp; 643848 |
| RenaissanceRe Holdings Ltd. | 5.80 | &nbsp;&nbsp; 4-1-2035 | 465000 | &nbsp;&nbsp; 487564 |
|  |  |  |  | &nbsp;&nbsp; **1382604** |
| **Government securities: 0.13%** |  |  |  |  |
| **Multi-national: 0.13%** |  |  |  |  |
| African Export-Import Bank144A | 3.80 | &nbsp;&nbsp; 5-17-2031 | 290000 | &nbsp;&nbsp; **261008** |
| **Industrial: 0.42%** |  |  |  |  |
| **Engineering & construction: 0.02%** |  |  |  |  |
| CIMIC Finance USA Pty. Ltd.144A | 7.00 | &nbsp;&nbsp; 3-25-2034 | 45000 | &nbsp;&nbsp; **49001** |
| **Packaging & containers: 0.30%** |  |  |  |  |
| Trivium Packaging Finance BV144A | 12.25 | &nbsp;&nbsp; 1-15-2031 | 560000 | &nbsp;&nbsp; **606111** |
| **Trucking & leasing: 0.10%** |  |  |  |  |
| SMBC Aviation Capital Finance DAC144A | 5.45 | &nbsp;&nbsp; 5-3-2028 | 200000 | &nbsp;&nbsp; **205029** |
| **Utilities: 0.57%** |  |  |  |  |
| **Electric: 0.57%** |  |  |  |  |
| Comision Federal de Electricidad144A | 3.88 | &nbsp;&nbsp; 7-26-2033 | 730000 | &nbsp;&nbsp; 644974 |
| Emera, Inc. Series 16-A (U.S. SOFR 3 Month+5.44%)± | 6.75 | &nbsp;&nbsp; 6-15-2076 | 115000 | &nbsp;&nbsp; 115589 |
| Enel Finance International NV144A | 4.38 | &nbsp;&nbsp; 9-30-2030 | 415000 | &nbsp;&nbsp; 412178 |
|  |  |  |  | &nbsp;&nbsp; **1172741** |
| **Total yankee corporate bonds and notes (Cost $20,114,947)** |  |  |  | &nbsp;&nbsp; **20655882** |
| **Yankee government bonds: 2.20%** |  |  |  |  |
| **Argentina: 0.24%** |  |  |  |  |
| Argentinaøø | 4.13 | &nbsp;&nbsp; 7-9-2035 | 275000 | &nbsp;&nbsp; 142863 |

---

The accompanying notes are an integral part of these financial statements.

16 \| Allspring Income Plus ETF

------

Portfolio of investments—September 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Argentina**(continued) |  |  |  |  |
| Provincia de Cordoba144Aøø | 6.88<br> %<br>| &nbsp;&nbsp; 12-10-2025 | $25001 | &nbsp;&nbsp; $25188 |
| Provincia de Cordoba144Aøø | 6.88 | &nbsp;&nbsp; 2-1-2029 | 355000 | &nbsp;&nbsp; 326600 |
|  |  |  |  | &nbsp;&nbsp; **494651** |
| **Benin: 0.18%** |  |  |  |  |
| Benin144A | 7.96 | &nbsp;&nbsp; 2-13-2038 | 350000 | &nbsp;&nbsp; **358184** |
| **Dominican Republic: 0.40%** |  |  |  |  |
| Dominican Republic144A | 4.50 | &nbsp;&nbsp; 1-30-2030 | 160000 | &nbsp;&nbsp; 156536 |
| Dominican Republic144A | 4.88 | &nbsp;&nbsp; 9-23-2032 | 175000 | &nbsp;&nbsp; 167002 |
| Dominican Republic144A | 5.50 | &nbsp;&nbsp; 2-22-2029 | 215000 | &nbsp;&nbsp; 219139 |
| Dominican Republic144A | 7.05 | &nbsp;&nbsp; 2-3-2031 | 260000 | &nbsp;&nbsp; 280163 |
|  |  |  |  | &nbsp;&nbsp; **822840** |
| **Israel: 0.18%** |  |  |  |  |
| Israel | 5.75 | &nbsp;&nbsp; 3-12-2054 | 390000 | &nbsp;&nbsp; **368918** |
| **Ivory Coast: 0.10%** |  |  |  |  |
| Ivory Coast144A | 8.25 | &nbsp;&nbsp; 1-30-2037 | 200000 | &nbsp;&nbsp; **208572** |
| **Mexico: 0.65%** |  |  |  |  |
| Mexico | 5.63 | &nbsp;&nbsp; 9-22-2035 | 555000 | &nbsp;&nbsp; 552258 |
| Mexico | 6.35 | &nbsp;&nbsp; 2-9-2035 | 535000 | &nbsp;&nbsp; 564971 |
| Mexico | 3.77 | &nbsp;&nbsp; 5-24-2061 | 350000 | &nbsp;&nbsp; 220132 |
|  |  |  |  | &nbsp;&nbsp; **1337361** |
| **Panama: 0.11%** |  |  |  |  |
| Panama | 4.50 | &nbsp;&nbsp; 1-19-2063 | 320000 | &nbsp;&nbsp; **231818** |
| **Peru: 0.34%** |  |  |  |  |
| Corp. Financiera de Desarrollo SA144A | 5.95 | &nbsp;&nbsp; 4-30-2029 | 665000 | &nbsp;&nbsp; **694925** |
| **Total yankee government bonds (Cost $4,382,564)** |  |  |  | &nbsp;&nbsp; **4517269** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 1.60%** |  |  |  |  |
| **Investment companies: 1.60%** |  |  |  |  |
| &nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class♠∞##<br>|  | 4.07 | 3273144 | &nbsp;&nbsp; **3273144** |
| **Total short-term investments (Cost $3,273,144)** |  |  |  | &nbsp;&nbsp; **3273144** |
| **Total investments in securities (Cost $255,830,774)** | 127.24<br> %<br>|  |  | &nbsp;&nbsp; 261431356 |
| Other assets and liabilities, net | (27.24)<br>|  |  | &nbsp;&nbsp; (55961145)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$205470211** |

---

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

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 17

------

Portfolio of investments—September 30, 2025

---

| |
|:---|
| The security is purchased on a when-issued basis. |
| The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| Variable rate investment. The rate shown is the rate in effect at period end. |
| ¥A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. <br> The rate shown is the rate in effect at period end.<br>|
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| All or a portion of this security is segregated as collateral for when-issued securities. |
| The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
| The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| The rate represents the 7-day annualized yield at period end. |

---

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

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| AUD | Australian dollar |
| BDC | Business Development Company |
| BRL | Brazilian real |
| COP | Colombian peso |
| CZK | Czech Republic koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | Great British pound |
| GNMA | Government National Mortgage Association |
| REIT | Real estate investment trust |
| SOFR | Secured Overnight Financing Rate |
| ZAR | South African rand |

---

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $0 | $275203844 | $(271930700)<br>| $0 | $0 | $3273144 | 3273144 | $354939 |

---

**Forward foreign currency contracts** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be <br>received | Currency to be <br>received | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | &nbsp;&nbsp;&nbsp; Currency to be <br>delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement <br>date<br>| &nbsp;&nbsp; Unrealized <br>gains<br>| &nbsp;&nbsp; Unrealized <br>losses<br>|
| USD | 4201900 | COP | 16587000000 | Morgan Stanley, Inc. | 12-30-2025 | &nbsp;&nbsp;&nbsp; $22071 | &nbsp;&nbsp;&nbsp; $0 |
| JPY | 309000000 | USD | 2128051 | Morgan Stanley, Inc. | 12-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (19761)<br>|
| USD | 2108236 | JPY | 309000000 | Morgan Stanley, Inc. | 12-30-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (54)<br>|
| USD | 4082784 | AUD | 6111000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 35028 | &nbsp;&nbsp;&nbsp; 0 |
| AUD | 2911000 | USD | 1936004 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (7839)<br>|
| USD | 3885060 | BRL | 21085000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 6364 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 2051305 | CZK | 42680000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (11913)<br>|
| EUR | 260000 | USD | 306474 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 30781062 | EUR | 25905000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 209987 | &nbsp;&nbsp;&nbsp; 0 |
| EUR | 150000 | USD | 178830 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (1811)<br>|
| USD | 564339 | GBP | 420000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (545)<br>|
| USD | 8343666 | GBP | 6111000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 124603 | &nbsp;&nbsp;&nbsp; 0 |

---

The accompanying notes are an integral part of these financial statements.

18 \| Allspring Income Plus ETF

------

Portfolio of investments—September 30, 2025

**Forward foreign currency contracts** (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Currency to be<br> received | Currency to be<br> received | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | &nbsp;&nbsp;&nbsp; Currency to be<br> delivered | Counterparty | &nbsp;&nbsp;&nbsp; Settlement<br> date<br>| &nbsp;&nbsp; Unrealized<br> gains<br>| &nbsp;&nbsp; Unrealized<br> losses<br>|
| USD | 1283418 | GBP | 950000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; $5704 | &nbsp;&nbsp;&nbsp; $0 |
| USD | 148593 | GBP | 110000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp; 0 |
| USD | 1507960 | ZAR | 26400000 | Morgan Stanley, Inc. | 12-31-2025 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; (10827)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **$404761** | &nbsp;&nbsp;&nbsp; **$(52750)**<br>|

---

**Futures contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Number of <br>contracts<br>| Expiration <br>date<br>| Notional <br>cost<br>| Notional <br>value<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Long** |  |  |  |  |  |  |
| 2-Year U.S. Treasury Notes | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; $15412342 | &nbsp;&nbsp; $15421484 | &nbsp;&nbsp; $9142 | &nbsp;&nbsp; $0 |
| **Short** |  |  |  |  |  |  |
| 10-Year Euro BUND Index | &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; (8120655)<br>| &nbsp;&nbsp; (8151175)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (30520)<br>|
| 5-Year Euro-BOBL Futures | &nbsp;&nbsp; (63)<br>| &nbsp;&nbsp; 12-8-2025 | &nbsp;&nbsp; (8719653)<br>| &nbsp;&nbsp; (8713839)<br>| &nbsp;&nbsp; 5814 | &nbsp;&nbsp; 0 |
| Ultra 10-Year U.S. Treasury Notes | &nbsp;&nbsp; (88)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (10033314)<br>| &nbsp;&nbsp; (10126875)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (93561)<br>|
| Ultra Long Term U.S. Treasury Bond | &nbsp;&nbsp; (8)<br>| &nbsp;&nbsp; 12-19-2025 | &nbsp;&nbsp; (930764)<br>| &nbsp;&nbsp; (960500)<br>| &nbsp;&nbsp; 0 | &nbsp;&nbsp; (29736)<br>|
| 5-Year U.S. Treasury Notes | &nbsp;&nbsp; (221)<br>| &nbsp;&nbsp; 12-31-2025 | &nbsp;&nbsp; (24242929)<br>| &nbsp;&nbsp; (24132164)<br>| &nbsp;&nbsp; 110765 | &nbsp;&nbsp; 0 |
|  |  |  |  |  | &nbsp;&nbsp; **$125721** | &nbsp;&nbsp; **$(153817)**<br>|

---

**Centrally cleared credit default swap contracts** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference index | Fixed rate | &nbsp;&nbsp; Payment <br>frequency<br>| &nbsp;&nbsp; Maturity <br>date<br>| Notional <br>amount | Notional <br>amount | Value | Premiums <br>paid <br>(received)<br>| Unrealized <br>gains<br>| Unrealized <br>losses<br>|
| **Buy Protection** |  |  |  |  |  |  |  |  |  |
| Markit CDX Emerging Markets Index S42  | 5.00% | Quarterly | 6-20-2029 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; $18637 | &nbsp;&nbsp; $6504 | &nbsp;&nbsp; $12133 | &nbsp;&nbsp; $0 |
| Markit CDX North American High Yield <br> Series 43 <br>| 5.00 | Quarterly | 12-20-2029 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1720000 | &nbsp;&nbsp; 132236 | &nbsp;&nbsp; 117924 | &nbsp;&nbsp; 14312 | &nbsp;&nbsp; 0 |
| Markit CDX North American High Yield <br> Series 44 <br>| 5.00 | Quarterly | 6-20-2030 | &nbsp;&nbsp; USD | &nbsp;&nbsp; 1915000 | &nbsp;&nbsp; 152751 | &nbsp;&nbsp; 132390 | &nbsp;&nbsp; 20361 | &nbsp;&nbsp; 0 |
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; **$46806** | &nbsp;&nbsp; **$0** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 19

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $252,557,630) | $258158212 |
| Investments in affiliated securities, at value (cost $3,273,144) | 3273144 |
| Cash | 2512 |
| Cash at broker segregated for futures contracts | 829000 |
| Segregated cash for forward foreign currency contracts | 960000 |
| Segregated cash for swap contracts | 260992 |
| Segregated cash for when-issued securities | 30000 |
| Foreign currency, at value (cost $2,066,475) | 2066473 |
| Receivable for interest | 2494581 |
| Unrealized gains on forward foreign currency contracts | 404761 |
| Receivable for daily variation margin on open futures contracts | 19996 |
| Receivable for investments sold | 12606 |
| **Total assets** | **268512277** |
| Liabilities |  |
| Payable for when-issued transactions | 60851040 |
| Payable for investments purchased | 2064046 |
| Management fee payable | 59553 |
| Unrealized losses on forward foreign currency contracts | 52750 |
| Payable for daily variation margin on open futures contracts | 10112 |
| Payable for daily variation margin on centrally cleared swap contracts | 3906 |
| Contingent tax liability | 605 |
| Accrued expenses and other liabilities | 54 |
| **Total liabilities** | **63042066** |
| **Total net assets**  | **$205470211** |
| Net assets consist of |  |
| Paid-in capital | $202327119 |
| Total distributable earnings | 3143092 |
| **Total net assets** | **$205470211** |
| Net asset value per share |  |
| Based on $205,470,211 divided by 8,100,000 shares issued and outstanding (unlimited number of shares authorized) | $25.37 |

---

The accompanying notes are an integral part of these financial statements.

20 \| Allspring Income Plus ETF

------

Statement of operations—year ended September 30, 2025<sup>1</sup>

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $26,708) | $7828114 |
| Income from affiliated securities | 354939 |
| Dividends | 132130 |
| **Total investment income** | **8315183** |
| Expenses |  |
| Management fee | 513638 |
| Interest expense | 252 |
| **Total expenses** | **513890** |
| **Net investment income** | **7801293** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities (net of foreign capital gains tax of $10,793) | 1340080 |
| Unaffiliated in-kind redemptions | 1391989 |
| Foreign currency and foreign currency translations | (142091)<br>|
| Forward foreign currency contracts | (5428977)<br>|
| Futures contracts | (37123)<br>|
| Swap contracts | 73546 |
| **Net realized losses on investments**  | **(2802576)**<br>|
| Net change in unrealized gains (losses) on |  |
| Unaffiliated securities (net of deferred foreign capital gains tax of $605) | 5599977 |
| Foreign currency and foreign currency translations | 5870 |
| Forward foreign currency contracts | 352011 |
| Futures contracts | (28096)<br>|
| Swap contracts | 46806 |
| **Net change in unrealized gains (losses) on investments** | **5976568** |
| **Net realized and unrealized gains (losses) on investments** | **3173992** |
| **Net increase in net assets resulting from operations** | **$10975285** |

---

<sup>1</sup> For the period from December 4, 2024 (commencement of operations) to September 30, 2025

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 21

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | Year ended<br> September 30, 2025<sup>1</sup> | Year ended<br> September 30, 2025<sup>1</sup> |
| Operations |  |  |
| Net investment income |  | &nbsp;&nbsp; $7801293 |
| Net realized losses on investments |  | &nbsp;&nbsp; (2802576)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 5976568 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **10975285** |
| Distributions to shareholders from |  |  |
| Net investment income and net realized gains |  | &nbsp;&nbsp; (6532378)<br>|
| Capital share transactions | Shares |  |
| Proceeds from shares sold | 11900001 | &nbsp;&nbsp; 295957424 |
| Payment for shares redeemed | (3800001)<br>| &nbsp;&nbsp; (94930120)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **201027304** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **205470211** |
| Net assets |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **0** |
| **End of period** |  | &nbsp;&nbsp; **$205470211** |

---

<sup>1</sup> For the period from December 4, 2024 (commencement of operations) to September 30, 2025

The accompanying notes are an integral part of these financial statements.

22 \| Allspring Income Plus ETF

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | |
|:---|:---|
|  | Year ended September 30 |
|  | 2025<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$25.00** |
| Net investment income | 1.09 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.19 |
| Total from investment operations | 1.28 |
| **Distributions to shareholders from** |  |
| Net investment income | (0.91)<br>|
| **Net asset value, end of period** | **$25.37** |
| **Total return**<sup>3</sup> <br>| **5.25%**<br>|
| **Ratios to average net assets (annualized)** |  |
| Expenses | 0.35<br> %<br>|
| Net investment income | 5.30<br> %<br>|
| **Supplemental data** |  |
| Portfolio turnover rate<sup>4</sup> <br>| 375<br> %<br>|
| Net assets, end of period (000s omitted) | $205470 |

---

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

<sup>1</sup> For the period from December 4, 2024 (commencement of operations) to September 30, 2025

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions, if any.

The accompanying notes are an integral part of these financial statements.

Allspring Income Plus ETF \| 23

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Exchange-Traded Funds Trust (the "Trust"), a Delaware statutory trust organized on June 19, 2014, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. These financial statements report on the Allspring Income Plus ETF (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC ("Allspring Funds Management").

Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.

Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value ("NAV").

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

24 \| Allspring Income Plus ETF

------

Notes to financial statements

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any unrealized gains or losses are recorded in the Statement of assets and liabilities.

Forward foreign currency contracts

A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.

Futures contracts

Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange's clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.

Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable) in the Statement of assets and liabilities. Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund's payment obligations. When the contracts are closed, a realized gain or loss is recorded in the Statement of operations.

Swap contracts

Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund that are entered into as bilateral contracts in the over-the-counter market or centrally cleared ("centrally cleared swaps") with a central clearinghouse.

The Fund entered into centrally cleared swaps. In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of investments and cash deposited is shown as cash segregated for centrally cleared swaps in the Statement of assets and liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). The variation margin is recorded as an unrealized gain (or loss) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of assets and liabilities. Payments received from (paid to) the counterparty are recorded as realized gains (losses) in the Statement of operations when the contract is closed.

***Credit default swaps***

The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name's weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).

Allspring Income Plus ETF \| 25

------

Notes to financial statements

The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.

By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.

Mortgage dollar roll transactions

The Fund may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Paydown gains and losses are included in interest income.

Income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Dividend income is recognized on the ex-dividend date.

Interest earned on cash balances held at the custodian is recorded as interest income.

Income dividends and capital gain distributions from investment companies are recorded on the ex-dividend date. Capital gain distributions from investment companies are treated as realized gains.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the fiscal year since commencement of operations will be subject to examination by the federal and Delaware revenue authorities. The Fund is not subject to examination by federal and state tax authorities for taxes before 2024, the year the Fund commenced operations.

26 \| Allspring Income Plus ETF

------

Notes to financial statements

For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund's tax year. These reclassifications have no effect on net assets or NAV per share.

As of September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $260,055,042 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $2628608 |
| Gross unrealized losses | &nbsp;&nbsp; (624755)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$2003853** |

---

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary difference causing such reclassification is due to redemptions in-kind. At September 30, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $1299815 | &nbsp;&nbsp; $(1299815)<br>|

---

Capital share transactions

The Fund issues and redeems its shares, at NAV, only in aggregations of a specified number of shares or multiples thereof ("Creation Units"). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of changes in net assets. The consideration for the purchase of Creation Units of a Fund may be for cash or consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Authorized participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Proceeds from shares sold" and "Payments for shares redeemed" in the Statement of changes in net assets.

When an authorized participant fails to deliver one or more of the securities within a designated basket (in the case of a subscription), fails to deliver the Fund shares (in the case of a redemption), or is required by the Fund, prior to settlement, to accommodate the trading of foreign securities in local markets, the Fund may require the authorized participant to deliver and maintain cash collateral in accordance with the authorized participant agreement. In the event that the authorized participant fails to deliver all or a portion of the applicable deposit securities or Fund securities, the Fund may exercise control over such collateral pursuant to the agreement with the authorized participant in order to purchase the applicable securities.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Allspring Income Plus ETF \| 27

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $73176797 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $73176797 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12084596 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12084596 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 49122884 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 49122884 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23477751 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23477751 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27578092 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 27578092 |
| **Investment companies** | &nbsp;&nbsp; 987070 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 987070 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1693355 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1693355 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7979790 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7979790 |
| **U.S. Treasury securities** | &nbsp;&nbsp; 36884726 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 36884726 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20655882 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 20655882 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4517269 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4517269 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 3273144 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3273144 |
|  | &nbsp;&nbsp; 41144940 | &nbsp;&nbsp;&nbsp; 220286416 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 261431356 |
| **Forward foreign currency contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 404761 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 404761 |
| **Futures contracts** | &nbsp;&nbsp; 125721 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 125721 |
| **Swap contracts** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 46806 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 46806 |
| **Total assets** | &nbsp;&nbsp; **$41270661** | &nbsp;&nbsp;&nbsp; **$220737983** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$262008644** |
| **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Forward foreign currency contracts** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $52750 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $52750 |
| **Futures contracts** | &nbsp;&nbsp; 153817 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 153817 |
| **Total liabilities** | &nbsp;&nbsp; **$153817** | &nbsp;&nbsp;&nbsp; **$52750** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$206567** |

---

Futures contracts, forward foreign currency contracts and swap contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, the current day's variation margin is reported on the Statement of assets and liabilities. All other assets and liabilities are reported at their market value at measurement date.

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At September 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Allspring Funds Management is entitled to receive an annual unitary management fee, generally payable monthly, in an amount equal to 0.35% of the average daily net assets of the Fund. Pursuant to the unitary management fee arrangement, Allspring Funds Management has agreed to pay all expenses incurred by, and appropriately allocated to, the Fund, excluding only: the management fee payable to Allspring Funds Management, brokerage expenses and other expenses incurred in connection with the execution of portfolio transactions; interest charges on any borrowings, dividends and other expenses on securities sold short; taxes; payments under the Fund's Rule 12b-1 plan; proxy and shareholder meeting expenses; litigation expenses; extraordinary expenses; and acquired fund fees and expenses.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

For the period from December 4, 2024 (commencement of operations) to September 30, 2025, the management fee was equivalent to an annual rate of 0.35% of the Fund's average daily net assets.

28 \| Allspring Income Plus ETF

------

Notes to financial statements

Distribution fee

Allspring Funds Distributor, LLC (the "Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, serves as the exclusive distributor of the Fund's shares. The Distributor does not maintain a secondary market in the Fund's shares. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act pursuant to which the Fund is authorized to pay fees at an annual rate of up to 0.25% of the Fund's average daily net assets for the sale and distribution of the Fund's shares. The Fund's Board of Trustees has determined not to implement a distribution fee pursuant to the distribution plan at this time. The distribution fee may only be imposed after approval by the Fund's Board of Trustees.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions for the period from December 4, 2024 (commencement of operations) to September 30, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the period from December 4, 2024 (commencement of operations) to September 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| IN-KIND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. <br>government<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| IN-KIND |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $861969202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $303965540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7370719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $719218002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $144073351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $61294422 |

---

6. DERIVATIVE TRANSACTIONS

During the period from December 4, 2024 (commencement of operations) to September 30, 2025, the Fund entered into futures contracts to speculate on interest rates and to help manage the duration of the portfolio and forward foreign currency contracts for economic hedging purposes and entered into swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Fund's total return.

The volume of the Fund's derivative activity during the period from December 4, 2024 (commencement of operations) to September 30, 2025 was as follows:

---

| | |
|:---|:---|
| **Forward foreign currency contracts** |  |
| Average contract amounts to buy | &nbsp;&nbsp; $3225920 |
| Average contract amounts to sell | &nbsp;&nbsp; 38638444 |
| **Futures contracts** |  |
| Average notional balance on long futures | &nbsp;&nbsp; $11756363 |
| Average notional balance on short futures | &nbsp;&nbsp; 26666854 |
| **Swap contracts** |  |
| Average notional balance | &nbsp;&nbsp; $2864361 |

---

The credit default swap transactions may contain provisions for early termination in the event the net assets of the Fund declines below specific levels identified by the counterparty. If these levels are triggered, the counterparty may terminate the transaction and seek payment or request full collateralization of the derivative transactions in net liability positions.

A summary of the location of derivative instruments on the financial statements by primary risk exposure is outlined in the following tables.

The fair value of derivative instruments as of September 30, 2025 by primary risk type on the Statement of assets and liabilities was as follows for the Fund:

Allspring Income Plus ETF \| 29

------

Notes to financial statements

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest rate <br>risk<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| Total |
| **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** | **Asset derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $404761 | $404761 |
| Futures contracts | &nbsp;&nbsp; 125,721 <br>\*<br>| 0 | 0 | 125721 |
| Swap contracts | &nbsp;&nbsp; 0 | 46,806 <br>\*<br>| 0 | 46806 |
|  | &nbsp;&nbsp; $125721 | $46806 | $404761 | $577288 |
| **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** | **Liability derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $52750 | $52750 |
| Futures contracts | &nbsp;&nbsp; 153,817 <br>\*<br>| 0 | 0 | 153817 |
|  | &nbsp;&nbsp; $153817 | $0 | $52750 | $206567 |

---

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

\* Amount represents the cumulative unrealized gains (losses) as reported in the table following the Portfolio of investments. For futures contracts and centrally cleared swap contracts, only the current day's variation margin as of September 30, 2025 is reported separately on the Statement of assets and liabilities. 

The effect of derivative instruments on the Statement of operations for the period from December 4, 2024 (commencement of operations) to September 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | INTEREST RATE <br>RISK<br>| Credit <br>risk<br>| Foreign currency <br>risk<br>| TOTAL |
| **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** | **Net realized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $(5428977)<br>| $(5428977)<br>|
| Futures contracts | &nbsp;&nbsp; (37123)<br>| 0 | 0 | (37123)<br>|
| Swap contracts | &nbsp;&nbsp; 0 | 73546 | 0 | 73546 |
|  | &nbsp;&nbsp; $(37123)<br>| $73546 | $(5428977)<br>| $(5392554)<br>|
| **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** | **Net change in unrealized gains (losses) on derivatives** |
| Forward foreign currency contracts | &nbsp;&nbsp; $0 | $0 | $352011 | $352011 |
| Futures contracts | &nbsp;&nbsp; (28096)<br>| 0 | 0 | (28096)<br>|
| Swap contracts | &nbsp;&nbsp; 0 | 46806 | 0 | 46806 |
|  | &nbsp;&nbsp; $(28096)<br>| $46806 | $352011 | $370721 |

---

For certain types of derivative transactions, the Fund has entered into International Swaps and Derivatives Association, Inc. master agreements ("ISDA Master Agreements") or similar agreements with approved counterparties. The ISDA Master Agreements or similar agreements may have requirements to deliver/deposit securities or cash to/with an exchange or broker-dealer as collateral and allows the Fund to offset, with each counterparty, certain derivative financial instrument's assets and/or liabilities with collateral held or pledged. Collateral requirements differ by type of derivative. Collateral or margin requirements are set by the broker or exchange clearinghouse for exchange traded derivatives while collateral terms are contract specific for over-the-counter traded derivatives. Cash collateral that has been pledged to cover obligations of the Fund under ISDA Master Agreements or similar agreements, if any, are reported separately in the Statement of assets and liabilities. Securities pledged as collateral, if any, are noted in the Portfolio of investments. With respect to balance sheet offsetting, absent an event of default by the counterparty or a termination of the agreement, the reported amounts of financial assets and financial liabilities in the Statement of assets and liabilities are not offset across transactions between the Fund and the applicable counterparty. A reconciliation of the gross amounts on the Statement of assets and liabilities to the net amounts by counterparty, including any collateral exposure, for OTC derivatives is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of assets in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>received<br>| Net amount <br>of assets<br>|
| Morgan Stanley, Inc. | &nbsp;&nbsp; $404761 | $(52750)<br>| $0 | $352011 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross amounts <br>of liabilities in the <br>Statement of <br>Assets and <br>Liabilities<br>| Amounts <br>subject to <br>netting <br>agreements<br>| Collateral <br>pledged<sup>1</sup> <br>| Net amount <br>of liabilities<br>|
| Morgan Stanley, Inc. | &nbsp;&nbsp; $52750 | $(52750)<br>| $0 | $0 |

---

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

<sup>1</sup> Collateral pledged within this table is limited to the collateral for the net transaction with the counterparty.

30 \| Allspring Income Plus ETF

------

Notes to financial statements

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

7. BANK BORROWINGS

The Fund, together with certain other registered Allspring Funds is party to a $275,000,000 revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.

For the period from December 4, 2024 (commencement of operations) to September 30, 2025, there were no borrowings by the Fund under the agreement.

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid for the period from December 4, 2024 (commencement of operations) to September 30, 2025 was $6,532,378 of ordinary income.

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>|
| &nbsp;&nbsp;&nbsp; $1133974 | &nbsp;&nbsp; $2003853 |

---

9. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, 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 public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

11. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of the ASU on the Fund's financial statements.

Allspring Income Plus ETF \| 31

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Exchange-Traded Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Income Plus ETF (the Fund), one of the funds constituting Allspring Exchange-Traded Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statements of operations and changes in net assets for the period from December 4, 2024 (commencement of operations) to September 30, 2025, and the related notes (collectively, the financial statements) and the financial highlights for the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations, the changes in its net assets, and the financial highlights for the period from December 4, 2024 to September 30, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian, transfer agent, agent banks and brokers, or by other appropriate 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 and financial highlights. We believe that our audit provides a reasonable basis for our opinion.

![](g774285img6a0b53e72.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

32 \| Allspring Income Plus ETF

------

Other information (unaudited)

Other information

Tax information

For the fiscal year ended September 30, 2025, $3,905,709 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

Pursuant to Section 852 of the Internal Revenue Code, 0% of distributions paid from net investment income is designated as exempt-interest dividends for the fiscal year ended September 30, 2025.

For the fiscal year ended September 30, 2025, 12% of the ordinary income distributed was derived from interest on U.S. government securities.

For corporate shareholders, pursuant to Section 163(j) of the Internal Revenue Code, 93% of ordinary income dividends qualify as interest dividends for the fiscal year ended September 30, 2025.

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring Income Plus ETF \| 33

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not Applicable

34 \| Allspring Income Plus ETF

------

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------

*This page is intentionally left blank.*

------

![](g774285imgf0de24f21.jpg)

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds Distributor, LLC

1415 Vantage Park Drive, 3rd Floor

Charlotte, NC 28203

Website: **allspringglobal.com**

Telephone:1-866-701-2575

![](g774285img64097ef83.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-866-701-2575*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRAINP 09-25**

------

![](g774285img16ab577b1.jpg)

Allspring SMID Core ETF (ASCE)

Long Form Financial Statements

Annual Report

September 30, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_POI-PageBlank-1096_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_FS-PageBlank-1096_1)** |  |
| [Statement of assets and liabilities](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_FS-PageBlank-1096_1) | 6 |
| [Statement of operations](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_FS-PageBlank-1096_2) | 7 |
| [Statement of changes in net assets](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_FS-PageBlank-1096_3) | 8 |
| [Financial highlights](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_FIHI-PageBlank-1096_1) | 9 |
| **[Notes to financial statements](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_NTF-PageBlank-1096_1)** | 10 |
| **[Report of independent registered public accounting firm](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_AUD-PageBlank-1096_1)** | 14 |
| **[Other information](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_OI-PageBlank-1096_1)** | 15 |
| [Item 8. Changes in and disagreements with accountants](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_OI-PageBlank-1096_2) | 16 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_OI-PageBlank-1096_2) | 16 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_OI-PageBlank-1096_2) | 16 |
| [Item 11. Statement regarding basis for board](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_OI-PageBlank-1096_2)['](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_OI-PageBlank-1096_2)[s approval of investment](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_OI-PageBlank-1096_2)<br> [advisory contract](#xx_5e0a8b64-d28c-4ab3-a584-b90bac0f65b0_OI-PageBlank-1096_2)<br>| 16 |

---

Allspring SMID Core ETF \| 1

------

Portfolio of investments—September 30, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.61%** |  |  |
| **Communication services: 3.03%** |  |  |
| **Interactive media & services: 1.90%** |  |  |
| EverQuote, Inc. Class A† | 19362 | &nbsp;&nbsp; **$442809** |
| **Media: 1.13%** |  |  |
| AMC Networks, Inc. Class A† | 31836 | &nbsp;&nbsp; **262329** |
| **Consumer discretionary: 13.14%** |  |  |
| **Hotels, restaurants & leisure: 3.44%** |  |  |
| Brinker International, Inc.† | 2914 | &nbsp;&nbsp; 369146 |
| Norwegian Cruise Line Holdings Ltd.† | 17472 | &nbsp;&nbsp; 430335 |
|  |  | &nbsp;&nbsp; **799481** |
| **Household durables: 3.83%** |  |  |
| PulteGroup, Inc. | 3296 | &nbsp;&nbsp; 435500 |
| SharkNinja, Inc.† | 4410 | &nbsp;&nbsp; 454892 |
|  |  | &nbsp;&nbsp; **890392** |
| **Specialty retail: 3.67%** |  |  |
| Abercrombie & Fitch Co. Class A† | 4032 | &nbsp;&nbsp; 344938 |
| Urban Outfitters, Inc.† | 7101 | &nbsp;&nbsp; 507224 |
|  |  | &nbsp;&nbsp; **852162** |
| **Textiles, apparel & luxury goods: 2.20%** |  |  |
| Kontoor Brands, Inc. | 6426 | &nbsp;&nbsp; **512602** |
| **Consumer staples: 2.03%** |  |  |
| **Personal care products: 2.03%** |  |  |
| e.l.f. Beauty, Inc.† | 3570 | &nbsp;&nbsp; **472954** |
| **Energy: 4.14%** |  |  |
| **Oil, gas & consumable fuels: 4.14%** |  |  |
| Chord Energy Corp. | 2100 | &nbsp;&nbsp; 208677 |
| Northern Oil & Gas, Inc. | 10626 | &nbsp;&nbsp; 263525 |
| Teekay Corp. Ltd. | 59841 | &nbsp;&nbsp; 489499 |
|  |  | &nbsp;&nbsp; **961701** |
| **Financials: 19.11%** |  |  |
| **Banks: 7.82%** |  |  |
| Axos Financial, Inc.† | 5487 | &nbsp;&nbsp; 464474 |
| Bank OZK | 9114 | &nbsp;&nbsp; 464632 |
| Customers Bancorp, Inc.† | 7686 | &nbsp;&nbsp; 502434 |
| Pathward Financial, Inc. | 5208 | &nbsp;&nbsp; 385444 |
|  |  | &nbsp;&nbsp; **1816984** |
| **Capital markets: 7.02%** |  |  |
| Acadian Asset Management, Inc. | 12642 | &nbsp;&nbsp; 608839 |

---

The accompanying notes are an integral part of these financial statements.

2 \| Allspring SMID Core ETF

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets**(continued) |  |  |
| StoneX Group, Inc.† | 5645 | &nbsp;&nbsp; $569693 |
| Virtu Financial, Inc. Class A | 12810 | &nbsp;&nbsp; 454755 |
|  |  | &nbsp;&nbsp; **1633287** |
| **Consumer finance: 2.01%** |  |  |
| OneMain Holdings, Inc. | 8274 | &nbsp;&nbsp; **467150** |
| **Insurance: 2.26%** |  |  |
| HCI Group, Inc. | 2743 | &nbsp;&nbsp; **526464** |
| **Health care: 15.22%** |  |  |
| **Biotechnology: 6.47%** |  |  |
| ACADIA Pharmaceuticals, Inc.† | 20118 | &nbsp;&nbsp; 429318 |
| Exelixis, Inc.† | 14070 | &nbsp;&nbsp; 581091 |
| United Therapeutics Corp.† | 1177 | &nbsp;&nbsp; 493410 |
|  |  | &nbsp;&nbsp; **1503819** |
| **Health care equipment & supplies: 1.08%** |  |  |
| Lantheus Holdings, Inc.† | 4914 | &nbsp;&nbsp; **252039** |
| **Health care providers & services: 3.50%** |  |  |
| Molina Healthcare, Inc.† | 1470 | &nbsp;&nbsp; 281299 |
| Tenet Healthcare Corp.† | 2624 | &nbsp;&nbsp; 532777 |
|  |  | &nbsp;&nbsp; **814076** |
| **Pharmaceuticals: 4.17%** |  |  |
| Amneal Pharmaceuticals, Inc.† | 48637 | &nbsp;&nbsp; 486856 |
| Corcept Therapeutics, Inc.† | 5796 | &nbsp;&nbsp; 481706 |
|  |  | &nbsp;&nbsp; **968562** |
| **Industrials: 21.89%** |  |  |
| **Construction & engineering: 2.72%** |  |  |
| EMCOR Group, Inc. | 973 | &nbsp;&nbsp; **632003** |
| **Electrical equipment: 4.75%** |  |  |
| Array Technologies, Inc.† | 52167 | &nbsp;&nbsp; 425161 |
| Powell Industries, Inc. | 2226 | &nbsp;&nbsp; 678507 |
|  |  | &nbsp;&nbsp; **1103668** |
| **Machinery: 2.84%** |  |  |
| Blue Bird Corp.† | 11466 | &nbsp;&nbsp; **659868** |
| **Passenger airlines: 1.80%** |  |  |
| SkyWest, Inc.† | 4158 | &nbsp;&nbsp; **418378** |
| **Professional services: 7.44%** |  |  |
| Concentrix Corp. | 8694 | &nbsp;&nbsp; 401228 |
| ExlService Holdings, Inc.† | 9450 | &nbsp;&nbsp; 416084 |

---

The accompanying notes are an integral part of these financial statements.

Allspring SMID Core ETF \| 3

------

Portfolio of investments—September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Professional services**(continued) |  |  |
| Science Applications International Corp. | 4116 | &nbsp;&nbsp; $409007 |
| Willdan Group, Inc.† | 5212 | &nbsp;&nbsp; 503948 |
|  |  | &nbsp;&nbsp; **1730267** |
| **Trading companies & distributors: 2.34%** |  |  |
| Applied Industrial Technologies, Inc. | 2086 | &nbsp;&nbsp; **544550** |
| **Information technology: 10.57%** |  |  |
| **Electronic equipment, instruments & components: 2.70%** |  |  |
| Fabrinet† | 1722 | &nbsp;&nbsp; **627876** |
| **IT services: 1.71%** |  |  |
| DigitalOcean Holdings, Inc.† | 11634 | &nbsp;&nbsp; **397417** |
| **Semiconductors & semiconductor equipment: 4.15%** |  |  |
| Credo Technology Group Holding Ltd.† | 4394 | &nbsp;&nbsp; 639810 |
| Onto Innovation, Inc.† | 2520 | &nbsp;&nbsp; 325635 |
|  |  | &nbsp;&nbsp; **965445** |
| **Software: 2.01%** |  |  |
| Dynatrace, Inc.† | 9631 | &nbsp;&nbsp; **466622** |
| **Materials: 2.19%** |  |  |
| **Metals & mining: 2.19%** |  |  |
| Carpenter Technology Corp. | 2073 | &nbsp;&nbsp; **509004** |
| **Real estate: 6.11%** |  |  |
| **Health care REITs: 2.03%** |  |  |
| CareTrust REIT, Inc. | 13608 | &nbsp;&nbsp; **471925** |
| **Hotel & resort REITs: 1.89%** |  |  |
| Xenia Hotels & Resorts, Inc. | 31996 | &nbsp;&nbsp; **438985** |
| **Specialized REITs: 2.19%** |  |  |
| EPR Properties | 8785 | &nbsp;&nbsp; **509618** |
| **Utilities: 2.18%** |  |  |
| **Gas utilities: 2.18%** |  |  |
| National Fuel Gas Co. | 5502 | &nbsp;&nbsp; **508220** |
| **Total common stocks (Cost $22,670,298)** |  | &nbsp;&nbsp; **23160657** |

---

The accompanying notes are an integral part of these financial statements.

4 \| Allspring SMID Core ETF

------

Portfolio of investments—September 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 0.33%** |  |  |  |  |
| **Investment companies: 0.33%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.07<br> %<br>| 76131 | &nbsp;&nbsp; **$76131** |
| **Total short-term investments (Cost $76,131)** |  |  |  | &nbsp;&nbsp; **76131** |
| **Total investments in securities (Cost $22,746,429)** | 99.94<br> %<br>|  |  | &nbsp;&nbsp; 23236788 |
| Other assets and liabilities, net | 0.06 |  |  | &nbsp;&nbsp; 13682 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$23250470** |

---

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

† Non-income-earning security <br> ♠ The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. <br> ∞ The rate represents the 7-day annualized yield at period end.

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

Abbreviations: <br> REIT Real estate investment trust

**Investments in affiliates**

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | $0 | $1422866 | $(1346735)<br>| $0 | $0 | $76131 | 76131 | $812 |

---

The accompanying notes are an integral part of these financial statements.

Allspring SMID Core ETF \| 5

------

Statement of assets and liabilities—September 30, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $22,670,298) | $23160657 |
| Investments in affiliated securities, at value (cost $76,131) | 76131 |
| Cash | 53 |
| Receivable for dividends | 20916 |
| **Total assets** | **23257757** |
| Liabilities |  |
| Management fee payable | 7287 |
| **Total liabilities** | **7287** |
| **Total net assets**  | **$23250470** |
| Net assets consist of |  |
| Paid-in capital | $22805158 |
| Total distributable earnings | 445312 |
| **Total net assets** | **$23250470** |
| Net asset value per share |  |
| Based on $23,250,470 divided by 882,000 shares issued and outstanding (unlimited number of shares authorized) | $26.36 |

---

The accompanying notes are an integral part of these financial statements.

6 \| Allspring SMID Core ETF

------

Statement of operations—year ended September 30, 2025<sup>1</sup>

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends | $40040 |
| Income from affiliated securities | 812 |
| Interest | 53 |
| **Total investment income** | **40905** |
| Expenses |  |
| Management fee | 14298 |
| **Total expenses** | **14298** |
| **Net investment income** | **26607** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | (71654)<br>|
| Unaffiliated in-kind redemptions | 596903 |
| **Net realized gains on investments**  | **525249** |
| **Net change in unrealized gains (losses) on investments** | **490359** |
| **Net realized and unrealized gains (losses) on investments** | **1015608** |
| **Net increase in net assets resulting from operations** | **$1042215** |

---

<sup>1</sup> For the period from July 7, 2025 (commencement of operations) to September 30, 2025

The accompanying notes are an integral part of these financial statements.

Allspring SMID Core ETF \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | Year ended<br> September 30, 2025<sup>1</sup> | Year ended<br> September 30, 2025<sup>1</sup> |
| Operations |  |  |
| Net investment income |  | &nbsp;&nbsp; $26607 |
| Net realized gains on investments |  | &nbsp;&nbsp; 525249 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 490359 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **1042215** |
| Capital share transactions | Shares |  |
| Proceeds from shares sold | 1050001 | &nbsp;&nbsp; 26718843 |
| Payment for shares redeemed | (168001)<br>| &nbsp;&nbsp; (4510588)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **22208255** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **23250470** |
| Net assets |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **0** |
| **End of period** |  | &nbsp;&nbsp; **$23250470** |

---

<sup>1</sup> For the period from July 7, 2025 (commencement of operations) to September 30, 2025

The accompanying notes are an integral part of these financial statements.

8 \| Allspring SMID Core ETF

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | |
|:---|:---|
|  | Year ended September 30 |
|  | 2025<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$24.68** |
| Net investment income | 0.04 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.64 |
| Total from investment operations | 1.68 |
| **Net asset value, end of period** | **$26.36** |
| **Total return**<sup>3</sup> <br>| **6.81%**<br>|
| **Ratios to average net assets (annualized)** |  |
| Expenses | 0.38<br> %<br>|
| Net investment income | 0.71<br> %<br>|
| **Supplemental data** |  |
| Portfolio turnover rate<sup>4</sup> <br>| 7<br> %<br>|
| Net assets, end of period (000s omitted) | $23250 |

---

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

<sup>1</sup> For the period from July 7, 2025 (commencement of operations) to September 30, 2025

<sup>2</sup> Calculated based upon average shares outstanding

<sup>3</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions, if any.

Allspring SMID Core ETF \| 9

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

Allspring Exchange-Traded Funds Trust (the "Trust"), a Delaware statutory trust organized on June 19, 2014, is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies*. These financial statements report on the Allspring SMID Core ETF (the "Fund") which is a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.

Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value ("NAV").

Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.

Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to qualify as a regulated investment company by distributing substantially all of its investment company taxable and tax-exempt income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the fiscal year since commencement of operations will be subject to examination by the federal and Delaware revenue authorities. The Fund is not subject to examination by federal and state tax authorities for taxes before 2025, the year the Fund commenced operations.

For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund's tax year. These reclassifications have no effect on net assets or NAV per share.

10 \| Allspring SMID Core ETF

------

Notes to financial statements

As of September 30, 2025, the aggregate cost of all investments for federal income tax purposes was $22,746,429 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $1431498 |
| Gross unrealized losses | &nbsp;&nbsp; (941139)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$490359** |

---

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary difference causing such reclassification is due to redemptions in-kind. At September 30, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $596903 | &nbsp;&nbsp; $(596903)<br>|

---

As of September 30, 2025, the Fund had capital loss carryforwards which consist of $71,654 in short-term capital losses.

Capital share transactions

The Fund issues and redeems its shares, at NAV, only in aggregations of a specified number of shares or multiples thereof ("Creation Units"). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statement of changes in net assets. The consideration for the purchase of Creation Units of a Fund may be for cash or consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Authorized participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Proceeds from shares sold" and "Payments for shares redeemed" in the Statement of changes in net assets.

When an authorized participant fails to deliver one or more of the securities within a designated basket (in the case of a subscription), fails to deliver the Fund shares (in the case of a redemption), or is required by the Fund, prior to settlement, to accommodate the trading of foreign securities in local markets, the Fund may require the authorized participant to deliver and maintain cash collateral in accordance with the authorized participant agreement. In the event that the authorized participant fails to deliver all or a portion of the applicable deposit securities or Fund securities, the Fund may exercise control over such collateral pursuant to the agreement with the authorized participant in order to purchase the applicable securities.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

• Level 1—quoted prices in active markets for identical securities

• Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

Allspring SMID Core ETF \| 11

------

Notes to financial statements

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $705138 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $705138 |
| *Consumer discretionary* | &nbsp;&nbsp; 3054637 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3054637 |
| *Consumer staples* | &nbsp;&nbsp; 472954 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 472954 |
| *Energy* | &nbsp;&nbsp; 961701 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 961701 |
| *Financials* | &nbsp;&nbsp; 4443885 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 4443885 |
| *Health care* | &nbsp;&nbsp; 3538496 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3538496 |
| *Industrials* | &nbsp;&nbsp; 5088734 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 5088734 |
| *Information technology* | &nbsp;&nbsp; 2457360 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2457360 |
| *Materials* | &nbsp;&nbsp; 509004 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 509004 |
| *Real estate* | &nbsp;&nbsp; 1420528 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1420528 |
| *Utilities* | &nbsp;&nbsp; 508220 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 508220 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 76131 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 76131 |
| **Total assets** | &nbsp;&nbsp; **$23236788** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$23236788** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At September 30, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Allspring Funds Management is entitled to receive an annual unitary management fee, generally payable monthly, in an amount equal to 0.38% of the average daily net assets of the Fund. Pursuant to the unitary management fee arrangement, Allspring Funds Management has agreed to pay all expenses incurred by, and appropriately allocated to, the Fund, excluding only: the management fee payable to Allspring Funds Management, brokerage expenses and other expenses incurred in connection with the execution of portfolio transactions; interest charges on any borrowings, dividends and other expenses on securities sold short; taxes; payments under the Fund's Rule 12b-1 plan; proxy and shareholder meeting expenses; litigation expenses; extraordinary expenses; and acquired fund fees and expenses.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

For the period from July 7, 2025 (commencement of operations) to September 30, 2025, the management fee was equivalent to an annual rate of 0.38% of the Fund's average daily net assets.

Distribution fee

Allspring Funds Distributor, LLC (the "Distributor"), the principal underwriter, an affiliate of Allspring Funds Management, serves as the exclusive distributor of the Fund's shares. The Distributor does not maintain a secondary market in the Fund's shares. The Fund has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act pursuant to which the Fund is authorized to pay fees at an annual rate of up to 0.25% of the Fund's average daily net assets for the sale and distribution of the Fund's shares. The Fund's Board of Trustees has determined not to implement a distribution fee pursuant to the distribution plan at this time. The distribution fee may only be imposed after approval by the Fund's Board of Trustees.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions for the period from July 7, 2025 (commencement of operations) to September 30, 2025.

12 \| Allspring SMID Core ETF

------

Notes to financial statements

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

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the period from July 7, 2025 (commencement of operations) to September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| IN-KIND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| IN-KIND |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2900616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24963100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1321032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4397635 |

---

6. DISTRIBUTIONS TO SHAREHOLDERS

For the period from July 7, 2025 (commencement of operations) to September 30, 2025, the Fund did not have any distributions paid to shareholders.

As of September 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $26607 | &nbsp;&nbsp; $490359 | &nbsp;&nbsp;&nbsp; $(71654)<br>|

---

7. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

8. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined in *Segment Reporting (Topic 280)*, 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 public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

9. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU requires public entities, on an annual basis, to provide income tax disclosures, including income taxes paid disaggregated by jurisdiction. This ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no impact of the ASU on the Fund's financial statements.

Allspring SMID Core ETF \| 13

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Exchange-Traded Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring SMID Core ETF (the Fund), one of the funds constituting Allspring Exchange-Traded Funds Trust, including the portfolio of investments, as of September 30, 2025, the related statements of operations and changes in net assets for the period from July 7, 2025 (commencement of operations) to September 30, 2025, and the related notes (collectively, the financial statements) and the financial highlights for the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of September 30, 2025, the results of its operations, the changes in its net assets, and the financial highlights for the period from July 7, 2025 to September 30, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and transfer agent. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audit provides a reasonable basis for our opinion.

![](g774285img399119022.jpg)

We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.

Boston, Massachusetts

November 20, 2025

14 \| Allspring SMID Core ETF

------

Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov. The Fund's portfolio holdings information is also available on our website at **allspringglobal.com**.

Allspring SMID Core ETF \| 15

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

Item 11. Statement regarding basis for the board's approval of investment advisory contract

Not applicable

16 \| Allspring SMID Core ETF

------

![](g774285img16ab577b1.jpg)

For more information

More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund's website, or call:

Allspring Funds Distributor, LLC

1415 Vantage Park Drive, 3rd Floor

Charlotte, NC 28203

Website: **allspringglobal.com**

Telephone:1-866-701-2575

![](g774285imgf5d291a03.gif)

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call* ***1-866-701-2575*** *or visit the Fund's website at* ***allspringglobal.com****. Read the prospectus carefully before you invest or send money.*

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**NCSRASCE 09-25**

------

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

------

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u> 

The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u> 

Not applicable.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that have been implemented since the registrant's last provided disclosure in response to the requirements of this Item.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Exchange-Traded Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | [Code of Ethics.](d774285dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d774285dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d774285dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

---

------

#### 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.

---

| | |
|:---|:---|
| Allspring Exchange-Traded Funds Trust | Allspring Exchange-Traded Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: November 20, 2025 | Date: November 20, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| Allspring Exchange-Traded Funds Trust | Allspring Exchange-Traded Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: November 20, 2025 | Date: November 20, 2025 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  Date: November 20, 2025 | Date: November 20, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

**<u>Joint Code of Ethics for Principal Executive Officer and Senior Financial Officers</u>**

**I.** **Covered Officers / Purpose of the Code** 

This Code of Ethics ("Code") of Allspring Funds Trust, Allspring Master Trust, Allspring Variable Trust, Allspring Exchange-Traded Funds Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities and High Income Fund (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting:

&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;• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&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;• accountability for adherence to the Code.

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.

**II.** **Covered Officers Should Handle Ethically Both Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Allspring Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

\* \* \* \*

Each Covered Officer must:

&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 by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made or
contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports
of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not engage in personal, business or professional relationships or dealings that would impair his or her
independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders.

------

There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the "Chief Legal Officer") if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Allspring) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring a financial interest in any company that provides services to the Trust (provided, however, that a
Covered Officer who is employed by another company (e.g., Allspring) may have an ownership interest in his or her employer or the employer's parent company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or gifts from any person or company with which the Trust has current or
prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any consulting or employment relationship with any of the Trust's service providers, other than with the
primary employer of the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for
effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's primary employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance** 

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust's auditors, and to governmental regulators and self-regulatory organizations.

Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner.

Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate.

------

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts.

A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form
attached to this Code) to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has
complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to
do so is itself a violation of this Code.

The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him
or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation will be reported to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Adviser; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a
situation that is expressly prohibited by this Code); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts 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 Trusts or the Adviser 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 codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

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.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**IX.** **Disclosure of Code of Ethics to the Public** 

Pursuant to Item 2(f) of Form N-CSR the registrant is required to disclose the Code of Ethics per one of the methods listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) File with the Commission, pursuant to Item 13(a)(1), a copy of its code of ethics that applies to the
registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Post the text of such code of ethics on its Internet website and disclose, in its most recent report on this
Form N- CSR, its Internet address and the fact that it has posted such code of ethics on its Internet website; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics and explain the manner in which such request may be made.

------

**X.** **Interpretation of Code** 

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Officer as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Officer from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Officer does not need prior authorization of the Trust or Adviser before taking any such action and is not required to inform the Trust or Adviser if he or she chooses to take such action.

Amended: January 7, 2025

------

**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g774285g1122074810224.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Income Plus ETF and Allspring SMID Core ETF;

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

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

4. The registrant's other certifying officers 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;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;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;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 of this report based on such evaluation; and

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

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&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;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: November 20, 2025 |
|  /s/ John Kenney |
|  John Kenney |
|  President (Principal Executive Officer) |
|  Allspring Exchange-Traded Funds Trust |

---

------

![LOGO](g774285g1122074810224.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring Income Plus ETF and Allspring SMID Core ETF;

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

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

4. The registrant's other certifying officers 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;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;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;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 of this report based on such evaluation; and

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

------

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&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;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: November 20, 2025 |
|  /s/ Jeremy DePalma |
|  Jeremy DePalma |
|  Treasurer (Principal Financial Officer) |
|  Allspring Exchange-Traded Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g774285g1122074810224.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Exchange-Traded Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 20, 2025

---

| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Exchange-Traded Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

------

![LOGO](g774285g1122074810224.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Exchange-Traded Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended September 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: November 20, 2025

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Exchange-Traded Funds Trust |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.