# EDGAR Filing Document

**Accession Number:** 0002065379
**File Stem:** 0001193125-26-210785
**Filing Date:** 2026-5
**Character Count:** 235884
**Document Hash:** efdc7cca964f6cb42015bc909391dfd4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-210785.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-210785

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Man ETF Series Trust
- **CENTRAL INDEX KEY:** 0002065379

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24097
- **FILM NUMBER:** 26951445

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS, 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** 212-649-6600

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF THE AMERICAS, 21ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

## Series and Classes Contracts Data

### Man Active High Yield ETF (Series ID: S000094833)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000263377 | Man Active High Yield ETF |  |

### Man Active Income ETF (Series ID: S000094834)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000263378 | Man Active Income ETF |  |

### Man Active Emerging Markets Alternative ETF (Series ID: S000097968)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000267519 | Man Active Emerging Markets Alternative ETF |  |

### Man Active Trend Enhanced ETF (Series ID: S000097969)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000267520 | Man Active Trend Enhanced ETF |  |

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

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 <u>811-24097</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Man ETF Series Trust</u> 

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas, 21<sup>st</sup> Floor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>New York, New York 10105</u> 

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street

Corporation Trust Center

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Wilmington, DE 19801</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(212) 649-6600</u>

Date of fiscal year end: <u>August</u> <u>31</u>

Date of reporting period: <u>February</u> <u>28, 2026</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### Item 1. Reports to Stockholders.
&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

![Image](g147595i7ab5c503c5445695b190.jpg)

#### Semi-Annual Shareholder Report

#### February 28, 2026

#### Man Active Income ETF
MANI - NYSE Arca, Inc.

This semi-annual shareholder report contains important information about the Man Active Income ETF (the "Fund") for the period of September 16, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at www.man.com/documents. You can also request this information by contacting us at 1-866-505-1108.

#### WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Man Active Income ETF | $39<sup>Footnote Reference(a)</sup> | 0.85%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period September 16, 2025 (commencement of operations) through February 28, 2026. Expenses would have been higher if based on the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Annualized. |

---

#### KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

* Fund net assets$21,181,794

* Total number of portfolio holdings64

* Period portfolio turnover rate51%

#### What did the Fund invest in?
The table below shows the investment makeup of the Fund, as a percentage of net asset value.

#### Sector Breakdown<sup>Footnote Reference 1</sup>

---

| | |
|:---|:---|
| **Sector** | **% Net Asset Value** |
| Other Financials | 27.8% |
| Consumer, Cyclical | 18.2% |
| Consumer, Non-cyclical | 17.6% |
| Banks | 10.6% |
| Basic Materials | 6.5% |
| Real Estate | 6.2% |
| Insurance | 5.5% |
| Energy | 4.4% |
| Industrial | 4.3% |
| Communications | 2.4% |
| Government | 2.0% |
| Technology | 1.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;All breakdowns show net positions and exclude: Bond and Equity Futures, Inflation and Interest Rate Swaps, Currency, Forward Foreign Exchange (used for hedging purposes), Repos and Duration and Cash Management Instruments. Accordingly, due to the exclusions noted and the potential use of leverage within the Fund's strategy, aggregate category weightings may not sum to 100%. |

---

#### Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

![Image](g147595i7ab5c503c5445695b190.jpg)

#### Semi-Annual Shareholder Report

#### February 28, 2026

#### Man Active High Yield ETF
MHY - NYSE Arca, Inc.

This semi-annual shareholder report contains important information about the Man Active High Yield ETF (the "Fund") for the period of September 16, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at www.man.com/documents. You can also request this information by contacting us at 1-866-505-1108.

#### WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Man Active High Yield ETF | $31<sup>Footnote Reference(a)</sup> | 0.69%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period September 16, 2025 (commencement of operations) through February 28, 2026. Expenses would have been higher if based on the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Annualized. |

---

#### KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

* Fund net assets$19,502,403

* Total number of portfolio holdings79

* Period portfolio turnover rate59%

#### What did the Fund invest in?
The table below shows the investment makeup of the Fund, as a percentage of net asset value.

#### Sector Breakdown<sup>Footnote Reference 1</sup>

---

| | |
|:---|:---|
| **Sector** | **% Net Asset Value** |
| Financials | 15.1% |
| Consumer Discretionary | 12.7% |
| Health Care | 10.3% |
| Communication Services | 10.3% |
| Energy | 9.9% |
| Industrials | 9.3% |
| Real Estate | 6.2% |
| Consumer Staples | 5.6% |
| Information Technology | 4.7% |
| Materials | 4.5% |
| Utilities | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;All breakdowns show net positions and exclude: Bond and Equity Futures, Inflation and Interest Rate Swaps, Currency, Forward Foreign Exchange (used for hedging purposes), Repos and Duration and Cash Management Instruments. Accordingly, due to the exclusions noted and the potential use of leverage within the Fund's strategy, aggregate category weightings may not sum to 100%. |

---

#### Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

![Image](g147595i7ab5c503c5445695b190.jpg)

#### Semi-Annual Shareholder Report

#### February 28, 2026

#### Man Active Emerging Markets Alternative ETF
MEMA - Nasdaq Stock Market LLC

This semi-annual shareholder report contains important information about the Man Active Emerging Markets Alternative ETF (the "Fund") for the period of December 16, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at www.man.com/documents. You can also request this information by contacting us at 1-866-505-1108.

#### WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Man Active Emerging Markets Alternative ETF | $19<sup>Footnote Reference(a)</sup> | 0.85%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period December 16, 2025 (commencement of operations) through February 28, 2026. Expenses would have been higher if based on the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Annualized. |

---

#### KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

* Fund net assets$11,860,399

* Total number of portfolio holdings278

* Period portfolio turnover rate4%

#### What did the Fund invest in?
The tables below show the investment makeup of the Fund, as a percentage of net asset value.

#### Sector Breakdown<sup>Footnote Reference 1</sup>

---

| | |
|:---|:---|
| **Sector** | **% Net Asset Value** |
| Information Technology | 36.9% |
| Financials | 22.6% |
| Materials | 9.0% |
| Communication Services | 7.5% |
| Industrials | 7.5% |
| Consumer Discretionary | 6.9% |
| Health Care | 4.9% |
| Consumer Staples | 1.4% |
| Energy | 1.3% |
| Utilities | 0.8% |
| Real Estate | 0.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;All breakdowns show net positions and exclude: Cash Management Instruments. Accordingly, due to the exclusions noted and the potential use of leverage within the Fund's strategy, aggregate category weightings may not sum to 100%. |

---

#### Top 10 Country Exposure<sup>1</sup>

---

| | |
|:---|:---|
| **Country** | **% Net Asset Value** |
| Taiwan | 24.0% |
| China | 23.8% |
| Korea (South) | 20.2% |
| India | 13.4% |
| Saudi Arabia | 5.1% |
| Brazil | 2.6% |
| Malaysia | 1.9% |
| Indonesia | 1.6% |
| Mexico | 1.4% |
| Poland | 1.3% |

---

#### Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

![Image](g147595i7ab5c503c5445695b190.jpg)

#### Semi-Annual Shareholder Report

#### February 28, 2026

#### Man Active Trend Enhanced ETF
MATE - Nasdaq Stock Market LLC

This semi-annual shareholder report contains important information about the Man Active Trend Enhanced ETF (the "Fund") for the period of December 16, 2025 to February 28, 2026 (the "Period"). You can find additional information about the Fund at www.man.com/documents. You can also request this information by contacting us at 1-866-505-1108.

#### WHAT WERE THE FUND COSTS FOR THE PERIOD?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a % of a $10,000 investment** |
| Man Active Trend Enhanced ETF | $20<sup>Footnote Reference(a)</sup> | 0.95%<sup>Footnote Reference(b)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(a)</sup> | &nbsp;&nbsp;Based on the period December 16, 2025 (commencement of operations) through February 28, 2026. Expenses would have been higher if based on the full reporting period. |
| &nbsp;&nbsp;Footnote<sup>(b)</sup> | &nbsp;&nbsp;Annualized. |

---

#### KEY FUND STATISTICS
The following table outlines key Fund statistics that you should pay attention to.

* Fund net assets$36,327,024

* Total number of portfolio holdings166

* Period portfolio turnover rate20%

#### What did the Fund invest in?
The table below shows the investment makeup of the Fund, as a percentage of net asset value.

#### Sector Breakdown<sup>Footnote Reference 1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Sector** | **Net Exposure** | **Short Exposure** | **Gross Exposure** |
| Beta - S&P 500 | 100.2% | 0.0% | 100.2% |
| Trend - Bonds and Rates | 67.3% | 0.0% | 67.3% |
| Trend - Stocks | 59.1% | 0.0% | 59.1% |
| Trend - Currencies | 0.0% | -39.6% | 39.6% |
| Trend - Commodities | 25.1% | 0.0% | 25.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;All breakdowns show net positions and exclude: Forward Foreign Exchange (used for hedging purposes) and Cash Management Instruments. Accordingly, due to the exclusions noted and the potential use of leverage within the Fund's strategy, aggregate category weightings may not sum to 100%. |

---

#### Availability of Additional Information
You can find additional information about the Fund, including its prospectus, financial information, Fund holdings and proxy voting information, at the website address or contact number included at the beginning of this shareholder report.

------

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7(a) of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The annual Financial Statements are attached herewith.

------

![LOGO](g147595g09g09.jpg)

Man ETF Series Trust Unaudited Semi-Annual Financial Statements and Other Information For the period from (commencement of operations) through February 28, 2026 Man Active Income ETF (MANI) Man Active High Yield ETF (MHY) Man Active Emerging Markets Alternative ETF (MEMA) Man Active Trend Enhanced ETF (MATE)

------

Man ETF Series Trust

**Table of Contents**

---

| | |
|:---|:---|
|  Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp; [Man Active Income ETF](#fin147595_2) | 3 |
| &nbsp;&nbsp;&nbsp; [Man Active High Yield ETF](#fin147595_3) | 9 |
| &nbsp;&nbsp;&nbsp; [Man Active Emerging Markets Alternative ETF](#fin147595_4) | 16 |
| &nbsp;&nbsp;&nbsp; [Man Active Trend Enhanced ETF](#fin147595_5) | 24 |
|  [Statements of Assets and Liabilities](#fin147595_6) | 30 |
|  [Statements of Operations](#fin147595_7) | 31 |
|  [Statements of Changes in Net Assets](#fin147595_8) | 32 |
|  [Financial Highlights](#fin147595_9) | 33 |
|  [Notes to Financial Statements](#fin147595_10) | 37 |
| [Board Considerations Regarding Approval of Investment Management Agreements and Sub-Advisory Agreements](#fin147595_11) | 54 |
|  [Additional Information](#fin147595_12) | 58 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

------

Man Active Income ETF

Schedule of Investments

February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount\*** | **Value** |
|  **ASSET-BACKED SECURITIES — 7.0%** |  |  |  |
|  **Automobiles — 1.1%** |  |  |  |
|  ECARAT DE SA Compartment Lease, (Germany)<br>Series 2025-1 F, 6.460%, 1-Month EURIBOR + 4.50%, due 5/25/34 | EUR | 200000 | $240509 |
|  **Other ABS — 5.9%** |  |  |  |
|  BBVA Consumo FTA, (Spain)<br>Series 2025-1 E, 8.024%, 3-Month EURIBOR + 6.00%, due 8/21/38 | EUR | 246910 | 299857 |
|  FTA Consumo Santander, (Spain)<br>6.983%, 3-Month EURIBOR + 4.95%, due 7/20/38 | EUR | 120000 | 144062 |
|  Santander Consumo 8 Fondo de Titulizacion, (Spain)<br>6.529%, 3-Month EURIBOR + 4.50%, due 1/21/40 | EUR | 300000 | 360010 |
|  SC Germany SA Compartment Consumer, (Germany)<br>Series 2023-1 F, 10.718%, 1-Month EURIBOR + 8.75%, due 9/15/37 | EUR | 350000 | 436899 |
|  |  |  | 1240828 |
|  **Total Asset-Backed Securities<br>(Cost $1,433,432)** |  |  | **1481337** |
|  **BANK LOANS — 13.9%** |  |  |  |
|  **Biotech — 4.7%** |  |  |  |
|  Genmab A/S, Term Loan B, (Denmark)<br>6.733%, SOFR + 3%, due 12/13/32 |  | 1000000 | 1005310 |
|  **Healthcare-Services — 4.5%** |  |  |  |
|  TEAM Services Holding, Inc. 0.000%, due 1/31/33<sup>(a)</sup> |  | 1000000 | 945000 |
|  **Retail — 4.7%** |  |  |  |
|  Men's Wearhouse LLC (The)<br>9.423%, SOFR + 5.75%, due 1/28/31 |  | 1000000 | 1000000 |
|  **Total Bank Loans<br>(Cost $2,970,251)** |  |  | **2950310** |
|  **CORPORATE BONDS — 71.0%** |  |  |  |
|  **Application Software — 1.0%** |  |  |  |
|  IPD 3 BV, (France)<br>5.500%, due 6/15/31 | EUR | 180000 | 202471 |
|  **Banks — 8.4%** |  |  |  |
|  Axos Financial, Inc.<br>7.000%, due 10/1/35 |  | 300000 | 306071 |
|  Banca Transilvania SA, (Romania)<br>7.125%<sup>(b)</sup> | EUR | 320000 | 395876 |
|  First Financial Bancorp<br>6.375%, due 12/1/35 |  | 213000 | 215677 |
|  ForteBank JSC, (Kazakhstan)<br>9.750%<sup>(b)</sup> |  | 400000 | 406837 |
|  Norion Bank AB, (Sweden)<br>7.944%, 3-Month STIBOR + 5.95%, due 1/25/35<sup>(c)</sup> | SEK | 3750000 | 458140 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782601 |

---

See accompanying notes to financial statements. 3

------

Man Active Income ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount\*** | **Value** |
|  **CORPORATE BONDS (continued)** |  |  |  |
|  **Base Metals — 2.5%** |  |  |  |
|  ACG Holdco 1 PLC, (United Kingdom)<br>14.750%, due 1/13/29 |  | 200000 | $222710 |
|  JW Aluminum Continuous Cast Co.<br>10.250%, due 4/1/30 |  | 300000 | 310668 |
|  |  |  | 533378 |
|  **Casinos & Gaming — 1.9%** |  |  |  |
|  Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC<br>11.875%, due 4/15/31 |  | 180000 | 191043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.875%, due 4/15/31<sup>(d)</sup> |  | 200000 | 212270 |
|  |  |  | 403313 |
|  **Consumer Finance — 2.3%** |  |  |  |
|  Bread Financial Holdings, Inc.<br>8.375%, due 6/15/35 |  | 275000 | 280659 |
|  LFS Topco LLC<br>8.750%, due 7/15/30<sup>(d)</sup> |  | 207000 | 201910 |
|  |  |  | 482569 |
|  **Homebuilding — 1.7%** |  |  |  |
|  New Home Co., Inc./The<br>9.250%, due 10/1/29 |  | 350000 | 369288 |
|  **Hotel Owners & Developers — 1.9%** |  |  |  |
|  Vivion Investments Sarl, (Luxembourg)<br>6.500% PIK, due 2/28/29 | EUR | 341000 | 405151 |
|  **Infrastructure Software — 0.0%†** |  |  |  |
|  Oracle Corp.<br>6.900%, due 11/9/52 |  | 5000 | 4944 |
|  **Internet Media & Services — 0.5%** |  |  |  |
|  Meta Platforms, Inc.<br>5.750%, due 11/15/65 |  | 101000 | 98397 |
|  **Investment Companies — 12.5%** |  |  |  |
|  Barings Private Credit Corp.<br>6.150%, due 6/11/30 |  | 100000 | 99283 |
|  Blue Owl Credit Income Corp.<br>6.500%, due 10/23/27 | AUD | 300000 | 212574 |
|  Fidus Investment Corp.<br>6.750%, due 3/19/30 |  | 700000 | 701023 |
|  Ittihad International II, Ltd., (United Arab Emirates)<br>7.375%, due 11/13/30 |  | 425000 | 439904 |
|  Main Street Capital Corp.<br>6.500%, due 6/4/27 |  | 500000 | 508368 |
|  North Haven Private Income Fund LLC<br>5.125%, due 9/25/28<sup>(d)</sup> |  | 371000 | 367570 |
|  PennantPark Floating Rate Capital, Ltd.<br>6.750%, due 3/4/29 |  | 106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105791 |

---

See accompanying notes to financial statements. 4

------

Man Active Income ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount\*** | **Value** |
|  **CORPORATE BONDS (continued)** |  |  |  |
|  **Investment Companies (continued)** |  |  |  |
|  Stellus Capital Investment Corp.<br>7.250%, due 4/1/30 |  | 200000 | $204794 |
|  |  |  | 2639307 |
|  **Life Insurance — 1.0%** |  |  |  |
|  Nassau Cos. of New York (The)<br>7.875%, due 7/15/30<sup>(d)</sup> |  | 220000 | 206065 |
|  **Marine Shipping — 1.9%** |  |  |  |
|  Ocean Yield AS, (Norway)<br>6.947%, SOFR + 3.25%, due 9/4/30<sup>(c),(d)</sup> |  | 400000 | 401367 |
|  **Midstream - Oil & Gas — 1.8%** |  |  |  |
|  Acu Petroleo Luxembourg Sarl, (Brazil)<br>7.500%, due 1/13/32 |  | 368669 | 379554 |
|  **Mineral & Precious Stone Mining — 2.0%** |  |  |  |
|  WE Soda Investments Holding PLC, (Turkey)<br>9.500%, due 10/6/28 |  | 400000 | 414048 |
|  **Multi Asset Class REIT — 1.5%** |  |  |  |
|  Fibra Soma Trust F/6185, (Mexico)<br>4.375%, due 7/22/31 |  | 350000 | 314654 |
|  **Office Owners & Developers — 0.6%** |  |  |  |
|  Globalworth Real Estate Investments, Ltd., (Poland)<br>6.250%, due 3/31/29 | EUR | 109720 | 132293 |
|  **Oilfield Services & Equipment — 4.3%** |  |  |  |
|  MV24 Capital BV, (Brazil)<br>6.748%, due 6/1/34 |  | 374776 | 382733 |
|  Yinson Production Financial Services Pte, Ltd., (Singapore)<br>9.625%, due 5/3/29<sup>(d)</sup> |  | 500000 | 531051 |
|  |  |  | 913784 |
|  **Other Financial Services — 5.7%** |  |  |  |
|  CPI CG, Inc.<br>10.000%, due 7/15/29<sup>(d)</sup> |  | 374000 | 397163 |
|  Jefferson Capital Holdings LLC<br>6.000%, due 8/15/26 |  | 500000 | 500227 |
|  PRA Group, Inc.<br>8.875%, due 1/31/30 |  | 300000 | 305400 |
|  |  |  | 1202790 |
|  **Other Machinery & Equipment — 0.5%** |  |  |  |
|  NIDEC CORP, (Japan)<br>0.046%, due 3/30/26 | EUR | 100000 | 116780 |
|  **Other Special Retail - Discretionary — 3.8%** |  |  |  |
|  Staples, Inc.<br>10.750%, due 9/1/29<sup>(d)</sup> |  | 300000 | 276541 |
|  WH Smith PLC, (United Kingdom)<br>1.625%, due 5/7/26 | GBP | 400000 | 534953 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811494 |

---

See accompanying notes to financial statements. 5

------

Man Active Income ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal**<br> **Amount\*** | **Value** |
|  **CORPORATE BONDS (continued)** |  |  |  |
|  **Other Wholesalers - Staples — 1.8%** |  |  |  |
|  Nexus Newco BV, (Netherlands)<br>8.531%, 3-Month EURIBOR + 6.50%, due 6/4/30<sup>(c)</sup> | EUR | 300000 | $371419 |
|  **Precious Metals — 1.9%** |  |  |  |
|  Aris Mining Corp., (Colombia)<br>8.000%, due 10/31/29 |  | 375000 | 393798 |
|  **Reinsurance — 3.1%** |  |  |  |
|  SiriusPoint Ltd.<br>5.855%, 3-Month STIBOR + 4.00%, due 9/22/47<sup>(c)</sup> | SEK | 6000000 | 656277 |
|  **Sovereign Government — 2.0%** |  |  |  |
|  Mexico Government International Bond, (Mexico)<br>5.375%, due 5/16/40 | EUR | 360000 | 430590 |
|  **Specialty & Generic Pharma — 2.8%** |  |  |  |
|  Cheplapharm Arzneimittel GmbH, (Germany)<br>7.125%, due 6/15/31 | EUR | 491000 | 601146 |
|  **Travel Services — 1.7%** |  |  |  |
|  Sabre GLBL, Inc.<br>11.125%, due 7/15/30 |  | 500000 | 363087 |
|  **Wireless Telecommunications — 1.9%** |  |  |  |
|  Digicel International Finance Ltd. / Difl US LLC, (Jamaica)<br>8.625%, due 8/1/32<sup>(d)</sup> |  | 386000 | 401178 |
|  **Total Corporate Bonds<br>(Cost $14,929,467)** |  |  | **15031743** |
|  **SHORT TERM INVESTMENTS — 1.4%** |  |  |  |
|  **Sovereign Government — 1.4%** |  |  |  |
|  United States Treasury Bill(e)<br>3.630%, due 7/16/26 |  | 150000 | 147996 |
|  3.639%, due 4/16/26 |  | 150000 | 149322 |
|  |  |  | 297318 |
|  **Total Short Term Investments<br>(Cost $297,299)** |  |  | **297318** |
|  **Total Investments — 93.3%<br>(Cost $19,630,449)** |  |  | $**19760708** |
|  **Other Assets and Liabilities,<br>Net — 6.7%** |  |  | **1421086** |
|  **Net Assets — 100.0%** |  |  | $**21181794** |

---

\* Par amount denominated in USD unless otherwise noted. 

† Less than 0.05%.

(a) All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.

(b) Perpetual security with no stated maturity date.

(c) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026.

(d) Exempt from registration under Rule 144A of the Securities Act of 1933. (e) Rate disclosed represents the discount rate at the time of purchase.

See accompanying notes to financial statements. 6

------

Man Active Income ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | |
|:---|:---|
| AUD | : Australian Dollar |
| EUR | : Euro |
| EURIBOR | : Euro Interbank Offered Rate |
| GBP | : Great British Pound |
| PIK | : Payment-in-kind, which may pay interest in the form of additional principal amount. |
| PLC | : Public Limited Company |
| SEK | : Swedish Krona |
| SOFR | : Secured Overnight Financing Rate |
| STIBOR | : Stockholm Interbank Offered Rate |
| USD | : United States Dollar |

---

#### Forward Foreign Currency Contracts Outstanding as of February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency To Deliver**  | **Currency To Deliver**  | **Currency To Receive**  | **Currency To Receive**  | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  The Bank of New York Mellon | 3/12/2026 | AUD | 362204 | USD | 257809 | $60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  The Bank of New York Mellon | 3/12/2026 | EUR | 173729 | USD | 205198 |  | (220) |
|  The Bank of New York Mellon | 3/12/2026 | EUR | 180132 | USD | 214305 | 1318 |  |
|  The Bank of New York Mellon | 3/12/2026 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3741344 | USD | 4462817 | 39052 |  |
|  The Bank of New York Mellon | 3/12/2026 | USD | 32567 | EUR | 27578 | 41 |  |
|  The Bank of New York Mellon | 3/12/2026 | USD | 76436 | EUR | 64345 |  | (355) |
|  The Bank of New York Mellon | 3/12/2026 | USD | 76538 | EUR | 64363 |  | (435) |
|  The Bank of New York Mellon | 3/12/2026 | USD | 491504 | EUR | 413321 |  | (2793) |
|  The Bank of New York Mellon | 3/12/2026 | GBP | 834470 | USD | 1143500 | 18880 |  |
|  The Bank of New York Mellon | 3/12/2026 | USD | 638023 | GBP | 470510 |  | (3914) |
|  The Bank of New York Mellon | 3/12/2026 | SEK | 276091 | USD | 31094 | 488 |  |
|  The Bank of New York Mellon | 3/12/2026 | SEK | 9877346 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117359 | 22422 |  |
|  The Bank of New York Mellon | 3/12/2026 | USD | 30930 | SEK | 274637 |  | (485) |
|  **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | $**82261** | $**(8202)** |

---

#### Open futures contracts outstanding as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Expiration Date**  | **Number of**<br> **Contracts**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased** <br> (Sold) | **Notional Value at<br>February 28, 2026** | **Unrealized<br>Appreciation<br> (Depreciation)** |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Ultra Bond Futures | 6/18/2026 | (2) | $(243188) | $(2328) |

---

#### Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Receive Positive Return/Pay Negative Return** | **Counterparty**  | **Expiration** <br> **Date** | **Payment**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frequency**  | **Currency**  | **Notional<br>Amount Long** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)**  |
| Aareal Bank AG, 9.875%, Perpetual | JPMorgan<br> Chase Bank | 5/07/2027 | Annual | USD | 200000 | $11893 |
| Chesnara plc, 8.50%, Perpetual | BNP Paribas | 12/14/2026 | Semi-Annual | GBP | 200000 | 8085 |
|  Globalworth Real Estate Investments Ltd, 6.25%, 3/31/30 | JPMorgan<br> Chase Bank | 5/07/2027 | Semi-Annual | EUR | 336520 | 22407 |
| Illimity Bank SpA, 4.375%, 10/7/31 | JPMorgan<br> Chase Bank | 5/07/2027 | Annual | EUR | 327000 | 6381 |
| Intralot Capital Luxembourg SA, 6.75%, 10/15/31 | JPMorgan<br> Chase Bank | 5/07/2027 | Semi-Annual | EUR | 400000 | 9214 |
| Metro Bank Holdings PLC, 13.875%, Perpetual | JPMorgan<br> Chase Bank | 5/07/2027 | Semi-Annual | GBP | 200000 | 16437 |

---

See accompanying notes to financial statements. 7

------

Man Active Income ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

#### Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026: (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Receive Positive Return/Pay Negative Return** | **Counterparty**  | **Expiration** <br> **Date** | **Payment**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frequency**  | **Currency**  | **Notional<br>Amount Long** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)**  |
| Vanquis Banking Group PLC, 8.875%, 1/13/32 | JPMorgan<br> Chase Bank | 5/07/2027 | Semi-Annual | GBP | 216000 | $2972 |
| Worldline SA/France, 0.875%, 6/30/27 | JPMorgan<br> Chase Bank | 5/07/2027 | Annual | EUR | 300000 | 9355 |
|  |  |  |  |  |  | **$86744** |

---

See accompanying notes to financial statements. 8

------

Man Active High Yield ETF

Schedule of Investments

February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount\*** | **Value** |
|  **BANK LOANS — 4.8%** |  |  |  |
|  **Healthcare-Services — 4.8%** |  |  |  |
|  TEAM Services Holding, Inc.<br>due 1/31/33<sup>(a)</sup><br>(Cost $975,000) |  | 1000000 | $945000 |
|  **CORPORATE BONDS — 81.7%** |  |  |  |
|  **Airlines — 1.5%** |  |  |  |
|  Grupo Aeromexico SAB de CV, (Mexico)<br>8.625%, due 11/15/31 |  | 291000 | 300046 |
|  **Application Software — 0.6%** |  |  |  |
|  Trustly AB, (Sweden)<br>8.776%, 3-Month EURIBOR + 6.75%, due 10/8/30<sup>(b)</sup> | EUR | 100000 | 110504 |
|  **Automotive Retailers — 2.2%** |  |  |  |
|  Global Auto Holdings Ltd/AAG FH UK Ltd., (United Kingdom)<br>8.375%, due 1/15/29<sup>(c)</sup> |  | 312000 | 298834 |
|  RAC Bond Co. PLC, (United Kingdom)<br>5.250%, due 11/4/27 | GBP | 100000 | 134043 |
|  |  |  | 432877 |
|  **Basic & Diversified Chemicals — 2.4%** |  |  |  |
|  Lenzing AG, (Austria)<br>9.000%<sup>(d)</sup> | EUR | 400000 | 472830 |
|  **Biofuels — 0.6%** |  |  |  |
|  Cullinan Holdco SCSP, (Luxembourg)<br>8.500%, due 10/15/29<sup>(c)</sup> | EUR | 111000 | 115666 |
|  **Casinos & Gaming — 2.4%** |  |  |  |
|  888 Acquisitions Ltd., (United Kingdom)<br>10.750%, due 5/15/30 | GBP | 288000 | 360294 |
|  888 Acquisitions, Ltd., (United Kingdom)<br>7.516%, due 7/15/28<sup>(b)</sup> | EUR | 100000 | 112963 |
|  |  |  | 473257 |
|  **Consumer Finance — 0.7%** |  |  |  |
|  Vanquis Banking Group PLC, (United Kingdom)<br>8.875%, due 1/13/32 | GBP | 100000 | 137577 |
|  **Cruise Lines — 0.7%** |  |  |  |
|  SP Cruises Intermediate Ltd., (Bermuda)<br>11.500%, due 3/14/30 |  | 125000 | 125496 |
|  **Electric Transmission & Dist — 1.0%** |  |  |  |
|  Energo - Pro as, (Czechia)<br>8.000%, due 5/27/30 | EUR | 156000 | 196183 |
|  **Entertainment Facilities — 1.0%** |  |  |  |
|  LifeFit Group MidCo GmbH, (Germany)<br>9.011%, 3-Month EURIBOR + 7.00%, due 8/29/29<sup>(b)</sup> | EUR | 163000 | 203090 |

---

See accompanying notes to financial statements. 9

------

Man Active High Yield ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount\*** | **Value** |
|  **CORPORATE BONDS (continued)** |  |  |  |
|  **Exploration & Production — 9.7%** |  |  |  |
|  Azule Energy Finance PLC, (Angola)<br>8.125%, due 1/23/30 |  | 400000 | $406128 |
|  Diversified Gas & Oil Corp.<br>9.750%, due 4/9/29<sup>(c)</sup> |  | 250000 | 248689 |
|  DNO ASA, (Norway)<br>8.500%, due 3/27/30<sup>(c)</sup> |  | 191000 | 199743 |
|  EnQuest PLC, (United Kingdom)<br>11.625%, due 11/1/27 |  | 200000 | 202685 |
|  Karoon USA Finance, Inc., (Brazil)<br>10.500%, due 5/14/29<sup>(c)</sup> |  | 200000 | 206973 |
|  Northern Oil & Gas, Inc.<br>7.875%, due 10/15/33 |  | 200000 | 204641 |
|  SierraCol Energy Andina LLC/SierraCol Energy Arauca/Colombia Energy Development, (Colombia)<br>9.000%, due 11/14/30 |  | 200000 | 203150 |
|  Trident Energy Finance PLC, (United Kingdom)<br>12.500%, due 11/30/29 |  | 200000 | 210009 |
|  |  |  | 1882018 |
|  **Food & Drug Stores — 3.4%** |  |  |  |
|  Bellis Acquisition Co. PLC, (United Kingdom)<br>8.125%, due 5/14/30 | GBP | 534000 | 661876 |
|  **Health Care Facilities — 3.1%** |  |  |  |
|  Auna SA, (Peru)<br>8.750%, due 11/6/32 |  | 300000 | 306164 |
|  Prime Healthcare Services, Inc.<br>9.375%, due 9/1/29<sup>(c)</sup> |  | 288000 | 301181 |
|  |  |  | 607345 |
|  **Health Care REIT — 2.3%** |  |  |  |
|  MPT Operating Partnership LP / MPT Finance Corp.<br>3.692%, due 6/5/28 | GBP | 369000 | 449705 |
|  **Health Care Services — 2.3%** |  |  |  |
|  CAB SELAS, (France)<br>3.375%, due 2/1/28 | EUR | 279000 | 325900 |
|  Laboratoire Eimer SELAS, (France)<br>5.000%, due 2/1/29 | EUR | 100000 | 112800 |
|  |  |  | 438700 |
|  **Health Care Supply Chain — 1.8%** |  |  |  |
|  Paradigm Parent LLC and Paradigm Parent CO-Issuer, Inc.<br>8.750%, due 4/17/32<sup>(c)</sup> |  | 308000 | 267404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.750%, due 4/17/32 |  | 100000 | 86819 |
|  |  |  | 354223 |
|  **Hotel Owners & Developers — 1.5%** |  |  |  |
|  Vivion Investments Sarl, (Luxembourg)<br>6.500%, due 2/28/29 | EUR | 228000 | 270893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.250% PIK, due 8/31/28 | EUR | 17478 | 20778 |
|  |  |  | 291671 |

---

See accompanying notes to financial statements. 10

------

Man Active High Yield ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount\*** | **Value** |
|  **CORPORATE BONDS (continued)** |  |  |  |
|  **Institutional Brokerage — 0.5%** |  |  |  |
|  Jane Street Group / JSG Finance, Inc.<br>6.125%, due 11/1/32<sup>(c)</sup> |  | 100000 | $100485 |
|  **Internet Media & Services — 1.4%** |  |  |  |
|  Future PLC, (United Kingdom)<br>6.750%, due 7/10/30 | GBP | 209000 | 265550 |
|  **Investment Companies — 1.1%** |  |  |  |
|  Ittihad International II, Ltd., (United Arab Emirates)<br>7.375%, due 11/13/30 |  | 200000 | 207014 |
|  **IT Services — 3.7%** |  |  |  |
|  Maticmind SpA, (Italy)<br>7.299%, 3-Month EURIBOR + 5.25%, due 12/31/32(b) | EUR | 100000 | 115566 |
|  PCC Global PLC, (United Kingdom)<br>8.250%, due 11/15/30 | EUR | 175000 | 180411 |
|  Unisys Corp.<br>10.625%, due 1/15/31<sup>(c)</sup> |  | 186000 | 156372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.625%, due 1/15/31 |  | 325000 | 273231 |
|  |  |  | 725580 |
|  **Life Insurance — 3.5%** |  |  |  |
|  Nassau Cos. of New York (The)<br>7.875%, due 7/15/30<sup>(c)</sup> |  | 194000 | 181712 |
|  Nassau Cos. of New York/The<br>7.875%, due 7/15/30 |  | 543000 | 508605 |
|  |  |  | 690317 |
|  **Local TV & Radio Broadcast — 1.2%** |  |  |  |
|  Arqiva Broadcast Finance PLC, (United Kingdom)<br>8.625%, due 7/1/30 | GBP | 209000 | 236542 |
|  **Lodging — 0.7%** |  |  |  |
|  TVL Finance PLC, (United Kingdom)<br>10.250%, due 4/28/28 | GBP | 100000 | 134290 |
|  **Marine Shipping — 1.1%** |  |  |  |
|  Navios South American Logistics, Inc., (Uruguay)<br>8.875%, due 7/14/30 |  | 200000 | 210345 |
|  **Mass Merchants — 0.7%** |  |  |  |
|  B&M European Value Retail SA, (United Kingdom)<br>8.125%, due 11/15/30 | GBP | 100000 | 141545 |
|  **Mineral & Precious Stone Mining — 1.1%** |  |  |  |
|  WE Soda Investments Holding PLC, (Turkey)<br>9.500%, due 10/6/28 |  | 200000 | 207024 |
|  **Mortgage Finance — 0.7%** |  |  |  |
|  Bracken MidCo1 PLC, (United Kingdom)<br>6.750% Cash or 7.500 % PIK, due 11/1/27 | GBP | 100000 | 134751 |

---

See accompanying notes to financial statements. 11

------

Man Active High Yield ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount\*** | **Value** |
|  **CORPORATE BONDS (continued)** |  |  |  |
|  **Multi Asset Class Own & Develop — 2.7%** |  |  |  |
|  CPI Property Group SA, (Czechia)<br>8.875%, 5-Year UK Gilt Bond + 5.65%<sup>(b),(d)</sup> | GBP | 155000 | $205808 |
|  GTC Aurora Luxembourg SA, (Poland)<br>2.250%, due 6/23/26 | EUR | 276000 | 324831 |
|  |  |  | 530639 |
|  **Oilfield Services & Equipment — 1.5%** |  |  |  |
|  CHC Group LLC<br>11.750%, due 9/1/30<sup>(c)</sup> |  | 300000 | 296635 |
|  **Other Financial Services — 2.2%** |  |  |  |
|  Goldcup 100865 AB, (Sweden)<br>7.447%, 3-Month STIBOR + 5.50%, due 7/11/28<sup>(b)</sup> | SEK | 1250000 | 142275 |
|  Jefferson Capital Holdings LLC<br>8.250%, due 5/15/30<sup>(c)</sup> |  | 277000 | 290615 |
|  |  |  | 432890 |
|  **Other Machinery & Equipment — 1.0%** |  |  |  |
|  EVOCA SpA, (Italy)<br>7.282%, 3-Month EURIBOR + 5.25%, due 4/9/29<sup>(b)</sup> | EUR | 177000 | 191913 |
|  **Other Spec Retail - Discr — 0.2%** |  |  |  |
|  Staples, Inc.<br>10.750%, due 9/1/29 |  | 33000 | 30420 |
|  **Packaged Food — 2.0%** |  |  |  |
|  Viking Baked Goods Acquisition Corp.<br>8.625%, due 11/1/31<sup>(c)</sup> |  | 293000 | 296987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 11/1/31 |  | 100000 | 101361 |
|  |  |  | 398348 |
|  **Printing Services — 1.5%** |  |  |  |
|  RR Donnelley & Sons Co.<br>9.500%, due 8/1/29<sup>(c)</sup> |  | 192000 | 197890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.875%, due 8/1/29<sup>(c)</sup> |  | 100000 | 102650 |
|  |  |  | 300540 |
|  **Professional Services — 0.7%** |  |  |  |
|  NES Fircroft Bondco AS, (United Kingdom)<br>8.000%, due 9/30/29<sup>(c)</sup> |  | 125000 | 127625 |
|  **Real Estate Services — 1.0%** |  |  |  |
|  Emeria SASU, (France)<br>7.750%, due 3/31/28 | EUR | 200000 | 201551 |
|  **Reinsurance — 1.7%** |  |  |  |
|  SiriusPoint Ltd.<br>5.855%, 3-Month STIBOR + 4.00%, due 9/22/47<sup>(b)</sup> | SEK | 3000000 | 328139 |
|  **Restaurants — 2.6%** |  |  |  |
|  BCPE Flavor Debt Merger Sub LLC and BCPE Flavor Issuer, Inc.<br>9.500%, due 7/1/32<sup>(c)</sup> |  | 283000 | 260969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.500%, due 7/1/32 |  | 125000 | 115269 |

---

See accompanying notes to financial statements. 12

------

Man Active High Yield ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | | **Principal**<br> **Amount\*** | **Value** |
|  **CORPORATE BONDS (continued)** |  |  |  |
|  **Restaurants (continued)** |  |  |  |
|  Wheel Bidco, Ltd., (United Kingdom)<br>9.875%, due 9/15/29 | GBP | 100000 | $121721 |
|  |  |  | 497959 |
|  **Specialty & Generic Pharma — 1.1%** |  |  |  |
|  1261229 BC Ltd.<br>10.000%, due 4/15/32<sup>(c)</sup> |  | 200000 | 207920 |
|  **Specialty Chemicals — 0.9%** |  |  |  |
|  Herens Holdco Sarl, (Luxembourg)<br>4.750%, due 5/15/28<sup>(c)</sup> |  | 200000 | 176289 |
|  **Transit Services — 1.0%** |  |  |  |
|  Mobico Group PLC, (United Kingdom)<br>4.875%, due 9/26/31 | EUR | 200000 | 202017 |
|  **Travel Services — 1.1%** |  |  |  |
|  Sabre GLBL, Inc.<br>11.125%, due 7/15/30<sup>(c)</sup> |  | 100000 | 72617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.125%, due 7/15/30 |  | 200000 | 145235 |
|  |  |  | 217852 |
|  **Wireless Telecommunications — 3.2%** |  |  |  |
|  C&W Senior Finance Ltd., (Panama)<br>9.000%, due 1/15/33<sup>(c)</sup> |  | 200000 | 207315 |
|  Digicel International Finance Ltd. / Difl US LLC, (Jamaica)<br>8.625%, due 8/1/32<sup>(c)</sup> |  | 200000 | 207864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.625%, due 8/1/32 |  | 200000 | 207864 |
|  |  |  | 623043 |
|  **Wireline Telecommunications — 4.4%** |  |  |  |
|  Sable International Finance Ltd., (Panama)<br>7.125%, due 10/15/32<sup>(c)</sup> |  | 200000 | 203204 |
|  Total Play Telecomunicaciones SA de CV, (Mexico)<br>11.125%, due 12/31/32 |  | 300000 | 286237 |
|  WOM Chile Holdco SpA, (Chile)<br>5.000% PIK, due 4/1/32 |  | 399260 | 365328 |
|  |  |  | 854769 |
|  **Total Corporate Bonds<br>(Cost $16,126,200)** |  |  | **15925056** |
|  **SHORT TERM INVESTMENTS — 2.0%** |  |  |  |
|  **Sovereign Government — 2.0%** |  |  |  |
|  United States Treasury Bill<sup>(e)</sup><br>3.642%, due 7/16/26<br>(Cost $394,606) |  | 400000 | 394657 |
|  **Total Investments — 88.5%<br>(Cost $17,495,806)** |  |  | $**17264713** |
|  **Other Assets and Liabilities,** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net — 11.5%** |  |  | **2237690** |
|  **Net Assets — 100.0%** |  |  | $**19502403** |

---

See accompanying notes to financial statements. 13

------

Man Active High Yield ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

\* Par amount denominated in USD unless otherwise noted. 

(a) All or a portion of this senior loan position has not settled. Rates do not take effect until settlement date. Rates shown, if any, are for the settled portion.

(b) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on February 28, 2026.

(c) Exempt from registration under Rule 144A of the Securities Act of 1933.

(d) Perpetual security with no stated maturity date.

(e) Rate disclosed represents the discount rate at the time of purchase.

---

| | |
|:---|:---|
| EUR | : Euro |
| EURIBOR | : Euro Interbank Offered Rate |
| GBP | : Great British Pound |
| PIK | : Payment-in-kind, which may pay interest in the form of additional principal amount. |
| PLC | : Public Limited Company |
| SEK | : Swedish Krona |
| STIBOR | : Stockholm Interbank Offered Rate |
| USD | : United States Dollar |

---

#### Forward Foreign Currency Contracts Outstanding as of February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency To Deliver** | **Currency To Deliver** | **Currency To Receive** | **Currency To Receive** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **Depreciation** |
|  The Bank of New York Mellon | 3/12/2026 | EUR | 126000 | USD | 148833 | $– | $(149) |
|  The Bank of New York Mellon | 3/12/2026 | USD | 565869 | EUR | 479008 | 510 |  |
|  The Bank of New York Mellon | 3/12/2026 | USD | 120181 | EUR | 101768 | 150 |  |
|  The Bank of New York Mellon | 3/12/2026 | USD | 200009 | EUR | 169308 | 181 |  |
|  The Bank of New York Mellon | 3/12/2026 | EUR | 3160893 | USD | 3770433 | 32993 |  |
|  The Bank of New York Mellon | 3/12/2026 | USD | 194848 | EUR | 164952 | 192 |  |
|  The Bank of New York Mellon | 3/12/2026 | EUR | 243322 | USD | 287496 |  | (208) |
|  The Bank of New York Mellon | 3/12/2026 | EUR | 33091 | USD | 39078 |  | (49) |
|  The Bank of New York Mellon | 3/12/2026 | EUR | 103982 | USD | 123276 | 327 |  |
|  The Bank of New York Mellon | 3/12/2026 | GBP | 95904 | USD | 130318 | 1068 |  |
|  The Bank of New York Mellon | 3/12/2026 | GBP | 197983 | USD | 270785 | 3962 |  |
|  The Bank of New York Mellon | 3/12/2026 | USD | 294658 | GBP | 218089 |  | (738) |
|  The Bank of New York Mellon | 3/12/2026 | USD | 148754 | GBP | 108915 |  | (1968) |
|  The Bank of New York Mellon | 3/12/2026 | GBP | 2304065 | USD | 3157330 | 52129 |  |
|  The Bank of New York Mellon | 3/12/2026 | SEK | 4512152 | USD | 510430 | 10243 |  |
|  The Bank of New York Mellon | 3/12/2026 | USD | 37502 | SEK | 337956 |  | (39) |
|  The Bank of New York Mellon | 3/12/2026 | SEK | 344757 | USD | 38069 |  | (148) |
|  **Total Unrealized Appreciation (Depreciation)** |  |  |  |  |  | $**101755** | $**(3299)** |

---

See accompanying notes to financial statements. 14

------

Man Active High Yield ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

#### Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Receive Positive Return/Pay Negative<br>Return** | **Counterparty** | **Expiration** <br>**Date** | **Payment**<br> **Frequency** | **Currency** | **Notional<br>Amount Long** | **Value/**<br> **Unrealized**<br> **Appreciation/**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)**  |
|  Almaviva-The Italian Innovation Co SpA, 5%,<br>10/30/30 | JPMorgan<br>Chase Bank | 5/07/2027 | Quarterly | EUR | 207000 | $5004 |
|  Jerrold Finco PLC, 7.50%, 6/15/31 | JPMorgan<br>Chase Bank | 5/07/2027 | Quarterly | GBP | 105000 | 1493 |
|  Jerrold Finco PLC, 7.875%, 4/15/30 | JPMorgan<br>Chase Bank | 5/07/2027 | Quarterly | GBP | 103000 | 4250 |
|  |  |  |  |  |  | **$10747** |

---

#### As of February 28, 2026, the Fund held the following centrally cleared credit default swap sell protection contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Expiration<br>Date** | **Buy/Sell<br>Protection<sup>(a)</sup>** | **Notional<br>Amount<sup>(b)</sup>** | **(Pay)/<br>Receive<br>Fixed Rate<sup>(c)</sup>** | **Payment<br>Frequency<br>Paid/<br>Received** | **Upfront<br>Premium<br>Paid/<br>(Received)** | **Value** | **Unrealized<br>Appreciation/**<br> (Depreciation)<sup>(d)</sup> |
|  Oracle Corp. (BBB)\* | 12/20/2030 | Sell | $176000 | 1.0% | Quarterly | $2037 | $4395 | $2358 |

---

<sup>(a)</sup> Sell - If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. 

<sup>(b)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(c)</sup> The annual fixed rate represents the interest received by the Fund (as a seller of protection) or paid by the Fund (as a buyer of protection) annually on the notional amount of the credit default swap contract. 

<sup>(d)</sup> Represents the difference between the value of the credit default swap contracts at the time they were opened and the value at February 28, 2026.

\* Credit rating is determined by the Investment Adviser using the lowest rating including debt class rating ascribed by relevant credit rating agencies (Moody's/S&P/Fitch), or, where no such ratings are available, using its own internal rating.

See accompanying notes to financial statements. 15

------

Man Active Emerging Markets Alternative ETF

Schedule of Investments

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 39.8%** |  |  |
|  **Australia — 0.9%** |  |  |
|  **Materials — 0.9%** |  |  |
|  Anglogold Ashanti PLC | 800 | $102216 |
|  **China — 29.9%** |  |  |
|  **Communication Services — 5.5%** |  |  |
|  Autohome, Inc., ADR | 700 | 13426 |
|  Bilibili, Inc., ADR<sup>(a)</sup> | 500 | 13950 |
|  Kingsoft Corp., Ltd. | 12000 | 39887 |
|  NetEase, Inc., ADR | 1200 | 137964 |
|  Tencent Holdings, Ltd. | 6400 | 423822 |
|  Tencent Music Entertainment Group, ADR | 1900 | 27740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 656789 |
|  **Consumer Discretionary — 7.3%** |  |  |
|  Alibaba Group Holding, Ltd., ADR | 800 | 115288 |
|  Fuyao Glass Industry Group Co., Ltd., Class H Shares(b) | 800 | 6648 |
|  Geely Automobile Holdings, Ltd. | 3000 | 6194 |
|  Great Wall Motor Co., Ltd., Class H Shares | 18500 | 30415 |
|  Haier Smart Home Co., Ltd., Class H Shares | 21200 | 72309 |
|  JD.com, Inc., ADR | 1800 | 47754 |
|  Li Ning Co., Ltd. | 30500 | 87810 |
|  Meituan, B Shares<sup>(a),(b)</sup> | 9300 | 96482 |
|  New Oriental Education & Technology Group, Inc., ADR | 700 | 38255 |
|  PDD Holdings, Inc.<sup>(a)</sup> | 1500 | 155595 |
|  Pop Mart International Group, Ltd.<sup>(b)</sup> | 4000 | 117512 |
|  TAL Education Group, ADR<sup>(a)</sup> | 3400 | 35802 |
|  TravelSky Technology, Ltd., Class H Shares | 4000 | 5487 |
|  Trip.com Group, Ltd., ADR | 600 | 31572 |
|  Zhejiang Leapmotor Technology Co., Ltd., H Shares<sup>(a),(b)</sup> | 2600 | 13628 |
|  Total Consumer Discretionary |  | 860751 |
|  **Consumer Staples — 1.3%** |  |  |
|  China Feihe, Ltd.<sup>(b)</sup> | 44000 | 21375 |
|  China Mengniu Dairy Co., Ltd. | 61000 | 126178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 147553 |
|  **Energy — 0.6%** |  |  |
|  China Shenhua Energy Co., Ltd., Class H Shares | 4000 | 22991 |
|  PetroChina Co., Ltd., H Shares | 34000 | 41467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 64458 |
|  **Financials — 5.2%** |  |  |
|  Agricultural Bank of China, Ltd., Class H Shares | 25000 | 16971 |
|  Bank of China, Ltd., Class H Shares | 55000 | 32625 |
|  China CITIC Bank Corp., Ltd., Class H Shares | 120000 | 110609 |
|  China Construction Bank Corp., Class H Shares | 55000 | 56180 |
|  China Life Insurance Co., Ltd., Class H Shares | 38000 | 153416 |
|  China Minsheng Banking Corp., Ltd., Class H Shares | 12000 | 6213 |
|  China Pacific Insurance Group Co., Ltd., Class H Shares | 20600 | 94650 |
|  China Taiping Insurance Holdings Co., Ltd. | 27600 | 80660 |
|  Industrial & Commercial Bank of China, Ltd., Class H Shares | 73000 | 60194 |

---

See accompanying notes to financial statements. 16

------

Man Active Emerging Markets Alternative ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Financials (continued)** |  |  |
|  Qfin Holdings, Inc., ADR | 400 | $5824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 617342 |
|  **Health Care — 3.6%** |  |  |
|  3SBio, Inc.<sup>(a),(b)</sup> | 6000 | 16829 |
|  China Resources Pharmaceutical Group, Ltd.<sup>(b)</sup> | 8500 | 4944 |
|  CSPC Pharmaceutical Group, Ltd. | 104000 | 131626 |
|  Innovent Biologics, Inc.<sup>(a),(b)</sup> | 4500 | 48957 |
|  Sino Biopharmaceutical, Ltd. | 156000 | 120657 |
|  Wuxi Biologics Cayman, Inc.<sup>(a),(b)</sup> | 22500 | 115691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 438704 |
|  **Industrials — 1.2%** |  |  |
|  China Communications Services Corp., Ltd., Class H Shares | 46000 | 26169 |
|  Contemporary Amperex Technology Co., Ltd., Class H Shares | 800 | 50728 |
|  Sinotruk Hong Kong, Ltd. | 6500 | 34203 |
|  Weichai Power Co., Ltd., H Shares | 9000 | 37532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 148632 |
|  **Information Technology — 1.6%** |  |  |
|  BYD Electronic International Co., Ltd. | 14000 | 57739 |
|  Sunny Optical Technology Group Co., Ltd. | 7800 | 58085 |
|  Xiaomi Corp., B Shares<sup>(a),(b)</sup> | 16600 | 74064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 189888 |
|  **Materials — 2.7%** |  |  |
|  Aluminum Corp. of China, Ltd., Class H Shares | 32000 | 57846 |
|  China Hongqiao Group, Ltd. | 5500 | 24933 |
|  CMOC Group, Ltd., Class H Shares | 24000 | 74128 |
|  Jiangxi Copper Co., Ltd., Class H Shares | 2000 | 11659 |
|  Shandong Gold Mining Co., Ltd., Class H Shares<sup>(b)</sup> | 6000 | 31618 |
|  Zijin Mining Group Co., Ltd., H Shares | 20000 | 115058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 315242 |
|  **Real Estate — 0.7%** |  |  |
|  China Resources Land, Ltd. | 11000 | 44691 |
|  China Resources Mixc Lifestyle Services, Ltd.<sup>(b)</sup> | 6600 | 40163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 84854 |
|  **Utilities — 0.2%** |  |  |
|  Kunlun Energy Co., Ltd. | 20000 | 21452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total China |  | 3545665 |
|  **Czechia — 0.2%** |  |  |
|  **Financials — 0.2%** |  |  |
|  Moneta Money Bank AS<sup>(b)</sup> | 2170 | 20835 |
|  **Hungary — 0.3%** |  |  |
|  **Health Care — 0.3%** |  |  |
|  Richter Gedeon Nyrt | 1057 | 39544 |
|  **India — 2.8%** |  |  |
|  **Financials — 2.8%** |  |  |
|  HDFC Bank, Ltd., ADR | 3100 | 98735 |
|  ICICI Bank, Ltd., ADR | 7700 | 234927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 333662 |

---

See accompanying notes to financial statements. 17

------

Man Active Emerging Markets Alternative ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS (continued)** |  |  |
|  **Information Technology — 0.0%†** |  |  |
|  Infosys, Ltd., ADR | 300 | $4332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total India |  | 337994 |
|  **Mexico — 2.0%** |  |  |
|  **Consumer Staples — 0.9%** |  |  |
|  Arca Continental SAB de CV | 4720 | 56862 |
|  Fomento Economico Mexicano SAB de CV, ADR | 200 | 22464 |
|  Sigma Foods SAB de CV | 16600 | 18668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 97994 |
|  **Financials — 0.1%** |  |  |
|  Grupo Financiero Banorte SAB de CV | 1100 | 12555 |
|  **Industrials — 0.1%** |  |  |
|  Promotora y Operadora de Infraestructura SAB de CV | 850 | 14018 |
|  **Materials — 0.9%** |  |  |
|  Grupo Mexico SAB de CV | 8600 | 109477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Mexico |  | 234044 |
|  **Peru — 0.2%** |  |  |
|  **Financials — 0.2%** |  |  |
|  Credicorp, Ltd. | 70 | 24247 |
|  **South Africa — 2.8%** |  |  |
|  **Communication Services — 0.6%** |  |  |
|  MTN Group, Ltd. | 5029 | 65580 |
|  **Consumer Staples — 0.1%** |  |  |
|  Clicks Group, Ltd. | 601 | 12015 |
|  **Financials — 0.5%** |  |  |
|  FirstRand, Ltd. | 4402 | 27431 |
|  Old Mutual, Ltd. | 27439 | 28512 |
|  Sanlam, Ltd. | 1454 | 9699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 65642 |
|  **Materials — 1.6%** |  |  |
|  Gold Fields, Ltd., ADR | 900 | 52956 |
|  Sasol, Ltd.<sup>(a)</sup> | 8418 | 76847 |
|  Sibanye Stillwater, Ltd., ADR<sup>(a)</sup> | 3500 | 61985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 191788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total South Africa |  | 335025 |
|  **Taiwan — 0.7%** |  |  |
|  **Information Technology — 0.7%** |  |  |
|  Taiwan Semiconductor Manufacturing Co., Ltd., ADR | 210 | 78662 |
|  **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **(Cost $4,460,243)** |  | **4718232** |
|  **EXCHANGE-TRADED FUNDS — 10.5%** |  |  |
|  iShares MSCI India ETF<sup>(a)</sup><br> **(Cost $1,263,653)** | 23900 | **1249253** |

---

See accompanying notes to financial statements. 18

------

Man Active Emerging Markets Alternative ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal**<br> **Amount\*** | **Value** |
|  **SHORT TERM INVESTMENTS — 40.5%** |  |  |
|  United States — 40.5% |  |  |
|  United States Treasury Bill(c) 3.609%, due 5/5/26 | 240000 | $238475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.616%, due 3/5/26 | 1000000 | 999696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.618%, due 3/31/26 | 1000000 | 997085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.619%, due 8/20/26 | 1085000 | 1066918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.645%, due 5/28/26 | 965000 | 956655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.651%, due 7/9/26 | 435000 | 429455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.662%, due 5/19/26 | 110000 | 109150 |
|  |  | 4797434 |
|  **Total Short Term Investments<br>(Cost $4,797,058)** |  | **4797434** |
|  **Total Investments — 90.8%<br>(Cost $10,520,954)** |  | $**10764919** |
|  **Other Assets and Liabilities, Net — 9.2%** |  | **1095480** |
|  **Net Assets — 100.0%** |  | $**11860399** |

---

---

| | |
|:---|:---|
| \* | Par amount denominated in USD unless otherwise noted. |
| † | Less than 0.05%. |
| (a) | Non-income producing securities. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Rate disclosed represents the discount rate at the time of purchase. |

---

---

| | |
|:---|:---|
| ADR | :American Depositary Receipt |
| PLC | :Public Limited Company |
| USD | :United States Dollar |

---

#### Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Receive Positive Return/Pay Negative Return** | **Counterparty** | **Expiration<br>Date** | **Payment<br>Frequency** | **Currency** | **Notional<br>Amount Long** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Accton Technology Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 92313 | $(2662) |
|  Al Rajhi Bank | Morgan Stanley | 12/23/2026 | Monthly | USD | 193269 | (9629) |
|  Alinma Bank | Morgan Stanley | 12/23/2026 | Monthly | USD | 72239 | (3222) |
|  Aluminum Corp. of China, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 54718 | 4890 |
|  Americana Restaurants International PLC | Morgan Stanley | 12/23/2026 | Monthly | USD | 13789 | (530) |
|  AMMB Holdings Bhd | Morgan Stanley | 12/24/2026 | Monthly | USD | 68158 | (450) |
|  Arab National Bank | Morgan Stanley | 12/23/2026 | Monthly | USD | 8337 | (72) |
|  Arabian Internet & Communications Services Co. | Morgan Stanley | 12/23/2026 | Monthly | USD | 26734 | (4317) |
|  Axia Energia | Morgan Stanley | 12/22/2026 | Monthly | USD | 186033 | 1461 |
|  Axia Energia | Morgan Stanley | 12/22/2026 | Monthly | USD | 10342 | 83 |
|  Axiata Group Berhad | Morgan Stanley | 12/24/2026 | Monthly | USD | 12900 | (13) |
|  Banco BTG Pactual SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 192192 | (1182) |
|  Banco De Chile | Morgan Stanley | 12/22/2026 | Monthly | USD | 517562 | (7276) |
|  Banco do Brasil SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 24506 | 181 |
|  Bank Al-Jazira | Morgan Stanley | 12/23/2026 | Monthly | USD | 17758 | (680) |
|  Bank Central Asia Tbk PT | Morgan Stanley | 12/23/2026 | Monthly | USD | 168800 | (19) |
|  Bank Mandiri Persero Tbk PT | Morgan Stanley | 12/23/2026 | Monthly | USD | 132900 | 1714 |
|  Bank of Beijing Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 75500 | 225 |

---

See accompanying notes to financial statements. 19

------

Man Active Emerging Markets Alternative ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

#### Over the counter Total Return Long Swap contracts outstanding as of February 28, 2026: (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Receive Positive Return/Pay Negative Return** | **Counterparty** | **Expiration<br>Date** | **Payment<br>Frequency** | **Currency** | **Notional<br>Amount Long** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Bank of Changsha Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 7177 | $(33) |
|  Bank of Hangzhou Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 55657 | 489 |
|  Bank of Jiangsu Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 70057 | 256 |
|  Bank of Ningbo Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 25281 | 264 |
|  Bank Polska Kasa Opieki SA | Morgan Stanley | 12/23/2026 | Monthly | USD | 45014 | (978) |
|  Bank Rakyat Indonesia Perser | Morgan Stanley | 12/23/2026 | Monthly | USD | 312800 | 2651 |
|  Baoshan Iron & Steel Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 11214 | 542 |
|  BIM Birlesik Magazalar AS | Morgan Stanley | 12/23/2026 | Monthly | USD | 18708 | (1044) |
|  BOE Technology Group Co. | Morgan Stanley | 12/24/2026 | Monthly | USD | 13000 | 628 |
|  Central Pattana PCL | Morgan Stanley | 12/23/2026 | Monthly | USD | 5884 | 643 |
|  China CSSC Holdings, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 62590 | 2902 |
|  China Minsheng Banking | Morgan Stanley | 12/24/2026 | Monthly | USD | 94800 | (285) |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | Morgan Stanley | 12/22/2026 | Monthly | USD | 194876 | 2750 |
|  Contemporary Amperex Technology Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 126871 | (7211) |
|  CP ALL PCL | Morgan Stanley | 12/23/2026 | Monthly | USD | 8882 | 434 |
|  CSC Financial Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 16683 | 7 |
|  CTBC Financial Holding Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 14955 | 1155 |
|  Delta Electronics Thailand PCL | Morgan Stanley | 12/23/2026 | Monthly | USD | 11826 | 3424 |
|  Delta Electronics, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 240649 | 34095 |
|  Doosan Bobcat, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 11328 | 96 |
|  Elm Co. | Morgan Stanley | 12/23/2026 | Monthly | USD | 5845 | (381) |
|  Etihad Etisalat Co. | Morgan Stanley | 12/23/2026 | Monthly | USD | 18894 | (1097) |
|  First Financial Holding Co. | Morgan Stanley | 12/24/2026 | Monthly | USD | 22000 | 438 |
|  Ford Otomotiv Sanayi AS | Morgan Stanley | 12/23/2026 | Monthly | USD | 9232 | (885) |
|  Fortune Electric Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 61563 | 6962 |
|  Fuyao Glass Industry Group Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 18043 | 448 |
|  Global Unichip Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 78784 | 9915 |
|  Guanghui Energy Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 10000 | 745 |
|  Hana Financial Group, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 76474 | (3199) |
|  Hanmi Semiconductor Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 77920 | 47066 |
|  Hanwha Aerospace Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 169771 | 14539 |
|  HD Hyundai Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 174688 | 25689 |
|  HD Hyundai Electric Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 61736 | 6836 |
|  HD Hyundai Heavy Industries Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 85680 | 9837 |
|  HD Korea Shipbuilding & Offshore Engineering Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 151303 | 20651 |
|  Hon Hai Precision Industry Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 158969 | 12212 |
|  Hua Nan Financial Holdings Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 62779 | 6761 |
|  Huaxia Bank Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 18400 | 28 |
|  Hyundai Mobis Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 72854 | 14073 |
|  Industrial and Commercial Bank of China | Morgan Stanley | 12/24/2026 | Monthly | USD | 9465 | (184) |
|  International Games System Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 21709 | 544 |
|  JUMBO SA | Morgan Stanley | 12/23/2026 | Monthly | USD | 24494 | (716) |
|  Kakao Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 80204 | 7184 |
|  Korea Electric Power Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 17672 | (318) |
|  Kuwait Finance House KSCP | Morgan Stanley | 12/23/2026 | Monthly | USD | 15473 | (376) |

---

See accompanying notes to financial statements. 20

------

Man Active Emerging Markets Alternative ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Receive Positive Return/Pay Negative Return** | **Counterparty** | **Expiration<br>Date** | **Payment<br>Frequency** | **Currency** | **Notional<br>Amount Long** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  LG Display Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 9096 | $2193 |
|  LG H&H Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 49681 | (1456) |
|  LG Uplus Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 71202 | (2352) |
|  Lotes Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 52364 | 4473 |
|  LS Electric Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 17841 | 3484 |
|  MediaTek, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 118096 | 6461 |
|  MISC Bhd | Morgan Stanley | 12/24/2026 | Monthly | USD | 17342 | 68 |
|  Nari Technology Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 6427 | 339 |
|  NAVER Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 13455 | 158 |
|  Novatek Microelectronics Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 119370 | 6469 |
|  ORLEN SA | Morgan Stanley | 12/23/2026 | Monthly | USD | 33932 | 1187 |
|  Petronas Dagangan Bhd | Morgan Stanley | 12/24/2026 | Monthly | USD | 11027 | 828 |
|  PharmaEssentia Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 23078 | 104 |
|  Ping An Insurance Group Co. of China, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 117144 | (3096) |
|  Powszechny Zaklad Ubezpieczen SA | Morgan Stanley | 12/23/2026 | Monthly | USD | 137790 | (3898) |
|  PTT Exploration & Production PCL | Morgan Stanley | 12/23/2026 | Monthly | USD | 44076 | 409 |
|  Public Bank Bhd | Morgan Stanley | 12/24/2026 | Monthly | USD | 88303 | (1697) |
|  Raia Drogasil SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 77252 | (3463) |
|  Realtek Semiconductor Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 45456 | 796 |
|  Samsung Electronics Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 835681 | 166726 |
|  Samsung Heavy Industries Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 60904 | 2994 |
|  Samsung SDS Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 24057 | 3581 |
|  Saudi Arabian Mining Co. | Morgan Stanley | 12/23/2026 | Monthly | USD | 43095 | (2195) |
|  Saudi Aramco Base Oil Co. | Morgan Stanley | 12/23/2026 | Monthly | USD | 39895 | (4511) |
|  Saudi Awwal Bank | Morgan Stanley | 12/23/2026 | Monthly | USD | 5677 | (71) |
|  Saudi Basic Industries Corp. | Morgan Stanley | 12/23/2026 | Monthly | USD | 26693 | (1772) |
|  Saudi National Bank/The | Morgan Stanley | 12/23/2026 | Monthly | USD | 89089 | (3013) |
|  Saudi Telecom Co. | Morgan Stanley | 12/23/2026 | Monthly | USD | 91953 | (6157) |
|  Seres Group Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 11062 | (111) |
|  Shanghai Rural Commercial Bank Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 17424 | (14) |
|  Shinhan Financial Group Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 140291 | (7075) |
|  SK hynix, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 193668 | 40753 |
|  SK Telecom Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 43700 | (3233) |
|  Suzano SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 83480 | 2433 |
|  Taiwan Semiconductor Manufacturing Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 1523954 | 73034 |
|  TIM SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 18770 | 806 |
|  Trina Solar Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 10722 | (286) |
|  True Corporation PCL | Morgan Stanley | 12/23/2026 | Monthly | USD | 20300 | 703 |
|  Turkiye IS Bankasi | Morgan Stanley | 12/23/2026 | Monthly | USD | 23513 | (738) |
|  Uni-President Enterprises Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 39720 | (257) |
|  WEG SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 79343 | (2821) |
|  Woori Financial Group, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 58737 | (4244) |
|  WuXi AppTec Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 20644 | (641) |
|  Yapi Kredi | Morgan Stanley | 12/23/2026 | Monthly | USD | 13313 | 106 |
|  YTL Power International BHD | Morgan Stanley | 12/24/2026 | Monthly | USD | 45600 | (2600) |
|  Yuanta Financial Holding Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 22792 | 2390 |

---

See accompanying notes to financial statements. 21

------

Man Active Emerging Markets Alternative ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Receive Positive Return/Pay Negative Return** | **Counterparty** | **Expiration<br>Date** | **Payment<br>Frequency** | **Currency** | **Notional<br>Amount Long** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Zhejiang Longsheng Group Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 8321 | $42 |
|  Zhejiang NHU Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 12349 | 969 |
|  Zhen Ding Technology Holding, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 84991 | 15398 |
|  |  |  |  |  |  | **$477262** |

---

#### Over the counter Total Return Short Swap contracts outstanding as of February 28, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Receive Negative Return/Pay Positive Return** | **Counterparty** | **Expiration<br>Date** | **Payment<br>Frequency** | **Currency** | **Notional<br>Amount Short** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Absa Group, Ltd. | Morgan Stanley | 12/23/2026 | Monthly | USD | 70094 | (1709) |
|  Allegro.eu SA | Morgan Stanley | 12/23/2026 | Monthly | USD | 10917 | 838 |
|  Ambev SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 22792 | (896) |
|  Asustek Computer, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 16648 | (390) |
|  BAIDU, Inc. | Morgan Stanley | 12/22/2026 | Monthly | USD | 95533 | 8458 |
|  Bank of China Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 76300 | (112) |
|  BOC Aviation, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 63256 | 935 |
|  Celltrion, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 19765 | (121) |
|  Chailease Holding Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 47684 | 1055 |
|  China Coal Energy Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 29507 | (2054) |
|  China Galaxy Securities Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 49602 | 2121 |
|  China Gas Holdings, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 27188 | (341) |
|  China Literature, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 55583 | 11169 |
|  China Longyuan Power Group | Morgan Stanley | 12/24/2026 | Monthly | USD | 66000 | (3978) |
|  China Merchants Bank Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 37456 | 14 |
|  China Merchants Port Holdings Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 41294 | (3377) |
|  China Power International | Morgan Stanley | 12/24/2026 | Monthly | USD | 65000 | (1382) |
|  China Railway Group Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 90000 | (8223) |
|  China Resources Beer Holdings Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 52981 | (1680) |
|  China Resources Gas Group, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 9273 | 159 |
|  China Resources Power Holdings Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 59735 | (2322) |
|  China Shenhua Energy Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 10196 | (279) |
|  China Tower Corp., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 23239 | (267) |
|  China Yangtze Power Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 12791 | (120) |
|  Chunghwa Telecom Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 8467 | (115) |
|  CITIC Securities Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 85678 | 3220 |
|  COSCO SHIPPING Holdings Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 52002 | (5222) |
|  DB Insurance Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 38690 | (366) |
|  Discovery, Ltd. | Morgan Stanley | 12/23/2026 | Monthly | USD | 96167 | (9114) |
|  Energisa S/A | Morgan Stanley | 12/22/2026 | Monthly | USD | 58679 | (1152) |
|  Equatorial | Morgan Stanley | 12/22/2026 | Monthly | USD | 77353 | (1447) |
|  Eva Airways Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 6183 | 98 |
|  Grupo Aeroportuario del Pacifico SAB de CV | Morgan Stanley | 12/22/2026 | Monthly | USD | 51175 | 3860 |
|  Grupo Bimbo SAB de CV | Morgan Stanley | 12/22/2026 | Monthly | USD | 27778 | 1588 |
|  Guangdong Investment Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 24000 | (64) |
|  Hankook Tire & Technology Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 16267 | (246) |
|  Hanwha Ocean Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 10959 | (1010) |

---

See accompanying notes to financial statements. 22

------

Man Active Emerging Markets Alternative ETF

**Schedule of Investments** (Continued)

February 28, 2026 (Unaudited)

#### Over the counter Total Return Short Swap contracts outstanding as of February 28, 2026: (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Receive Negative Return/Pay Positive Return** | **Counterparty** | **Expiration<br>Date** | **Payment<br>Frequency** | **Currency** | **Notional<br>Amount Short** | **Value/<br>Unrealized<br>Appreciation/<br>(Depreciation)** |
|  Huaneng Power International, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 68000 | $(4637) |
|  HYBE Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 29960 | 70 |
|  Hyundai Motor Co. | Morgan Stanley | 12/24/2026 | Monthly | USD | 32944 | (7742) |
|  Hyundai Motor Co. | Morgan Stanley | 12/24/2026 | Monthly | USD | 66996 | (23865) |
|  Innolux Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 33000 | (5267) |
|  JD Health International, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 68653 | 4122 |
|  Jiangsu Expressway Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 13189 | 177 |
|  KE Holdings, Inc. | Morgan Stanley | 12/22/2026 | Monthly | USD | 42552 | 3088 |
|  Klabin SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 777 | (22) |
|  Korea Investment Holdings Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 11762 | (93) |
|  KT&G Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 86843 | 5028 |
|  Lenovo Group Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 9477 | (469) |
|  Localiza Rent a Car SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 1084 | 28 |
|  Localiza Rent a Car SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 29597 | 903 |
|  Longfor Group Holdings, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 14755 | 134 |
|  LPP SA | Morgan Stanley | 12/23/2026 | Monthly | USD | 52584 | 538 |
|  Midea Group Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 6927 | (38) |
|  MINISO Group Holding, Ltd. | Morgan Stanley | 12/22/2026 | Monthly | USD | 9545 | 538 |
|  Nan Ya Plastics Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 32609 | (5615) |
|  Naspers Ltd. | Morgan Stanley | 12/23/2026 | Monthly | USD | 19105 | 150 |
|  NEPI Rockcastle NV | Morgan Stanley | 12/23/2026 | Monthly | USD | 9045 |  |
|  NetEase Cloud Music, Inc. | Morgan Stanley | 12/24/2026 | Monthly | USD | 44776 | 2308 |
|  NH Investment & Securities Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 69693 | (10696) |
|  Nongfu Spring Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 87205 | (6) |
|  NU Holdings, Ltd. | Morgan Stanley | 12/22/2026 | Monthly | USD | 51120 | 6200 |
|  Orient Overseas International, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 17359 | (1743) |
|  Pepkor Holdings, Ltd. | Morgan Stanley | 12/23/2026 | Monthly | USD | 6702 | (116) |
|  Petroleo Brasileiro SA - Petrobras | Morgan Stanley | 12/22/2026 | Monthly | USD | 68338 | (4778) |
|  Petroleo Brasileiro SA - Petrobras | Morgan Stanley | 12/22/2026 | Monthly | USD | 56425 | (6136) |
|  Ping An Insurance Group Co. of China, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 22499 | 778 |
|  Postal Savings Bank of China | Morgan Stanley | 12/24/2026 | Monthly | USD | 105000 | 2230 |
|  PRIO SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 150929 | 105 |
|  Samsung Life Insurance Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 25600 | (3167) |
|  Shanghai Commercial & Savings Bank, Ltd./The | Morgan Stanley | 12/24/2026 | Monthly | USD | 6390 | (39) |
|  Standard Bank Group, Ltd. | Morgan Stanley | 12/23/2026 | Monthly | USD | 100932 | (2716) |
|  Taiwan Mobile Co., Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 27121 | (419) |
|  Vibra Energia SA | Morgan Stanley | 12/22/2026 | Monthly | USD | 44887 | 2314 |
|  Wistron Corp. | Morgan Stanley | 12/24/2026 | Monthly | USD | 12558 | (511) |
|  Xinyi Solar Holdings Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 144000 | 1175 |
|  XPeng, Inc. | Morgan Stanley | 12/22/2026 | Monthly | USD | 53250 | 588 |
|  Yadea Group Holdings, Ltd. | Morgan Stanley | 12/24/2026 | Monthly | USD | 8735 | (13) |
|  ZTO Express Cayman, Inc. | Morgan Stanley | 12/22/2026 | Monthly | USD | 55990 | 2376 |
|  |  |  |  |  |  | **$(57710)** |

---

See accompanying notes to financial statements. 23

------

Man Active Trend Enhanced ETF

**Schedule of Investments** (Consolidated)

February 28, 2026 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE-TRADED FUNDS — 50.0%** |  |  |
|  iShares Core S&P 500 ETF<br>**(Cost $17,973,355)** | 26365 | $**18175504** |
|  | **Principal<br>Amount\*** |  |
|  **SHORT TERM INVESTMENTS — 29.1%** |  |  |
|  **Sovereign Government — 29.1%** |  |  |
|  United States Treasury Bill(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.574%, due 5/21/26 | 6016700 | 5968832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.590%, due 4/2/26 | 2000000 | 1993765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.598%, due 3/19/26 | 1300000 | 1297774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.609%, due 4/16/26 | 1300000 | 1294122 |
|  |  | 10554493 |
|  **Total Short Term Investments<br>(Cost $10,554,725)** |  | **10554493** |
|  **Total Investments — 79.1%<br>(Cost $28,528,080)** |  | $**28729997** |
|  **Other Assets and Liabilities,<br>Net — 20.9%** |  | **7597027** |
|  **Net Assets — 100.0%** |  | $**36327024** |

---

\* Par amount denominated in USD unless otherwise noted. 

(a) Rate disclosed represents the discount rate at the time of purchase.

---

| | |
|:---|:---|
| AUD | : Australian Dollar |
| CAD | : Canadian Dollar |
| CHF | : Swiss Franc |
| EUR | : Euro |
| GBP | : Great British Pound |
| JPY | : Japanese Yen |
| NZD | : New Zealand Dollar |
| USD | : United States Dollar |

---

#### Forward Foreign Currency Contracts Outstanding as of February 28, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency To Deliver** | **Currency To Deliver** | **Currency To Receive** | **Currency To Receive** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  HSBC Securities | 3/2/2026 | USD | 142338 | AUD | 200000 | $– | $(8) |
|  HSBC Securities | 3/2/2026 | AUD | 200000 | USD | 142400 | 71 |  |
|  HSBC Securities | 3/3/2026 | AUD | 100000 | USD | 71116 |  | (48) |
|  HSBC Securities | 4/14/2026 | USD | 665895 | AUD | 979692 | 31157 |  |
|  HSBC Securities | 4/14/2026 | USD | 71207 | AUD | 100000 |  | (57) |
|  HSBC Securities | 4/14/2026 | AUD | 500000 | USD | 349718 |  | (6033) |
|  HSBC Securities | 4/14/2026 | AUD | 100000 | USD | 71060 |  | (90) |
|  HSBC Securities | 4/14/2026 | AUD | 400000 | USD | 283522 |  | (1079) |
|  HSBC Securities | 4/14/2026 | USD | 142375 | AUD | 200000 |  | (75) |
|  HSBC Securities | 4/14/2026 | USD | 70683 | AUD | 100000 | 467 |  |
|  HSBC Securities | 4/14/2026 | USD | 140926 | AUD | 200000 | 1374 |  |
|  HSBC Securities | 4/14/2026 | USD | 212004 | AUD | 300000 | 1446 |  |
|  HSBC Securities | 4/14/2026 | USD | 209973 | AUD | 300000 | 3477 |  |
|  HSBC Securities | 4/14/2026 | USD | 276788 | AUD | 400000 | 7813 |  |
|  HSBC Securities | 4/14/2026 | USD | 273757 | AUD | 400000 | 10843 |  |

---

See accompanying notes to financial statements. 24

------

Man Active Trend Enhanced ETF

**Schedule of Investments** (Consolidated) (Continued)

February 28, 2026 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency To Deliver** | **Currency To Deliver** | **Currency To Receive** | **Currency To Receive** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  HSBC Securities | 4/14/2026 | USD | 987913 | AUD | 1451794 | $45040 | $– |
|  HSBC Securities | 4/14/2026 | USD | 709443 | AUD | 1043242 | 32824 |  |
|  HSBC Securities | 4/14/2026 | USD | 1198523 | AUD | 1763442 | 56167 |  |
|  HSBC Securities | 4/14/2026 | USD | 346296 | AUD | 509276 | 16054 |  |
|  HSBC Securities | 4/14/2026 | USD | 866533 | AUD | 1273759 | 39747 |  |
|  HSBC Securities | 4/14/2026 | USD | 691863 | AUD | 1016255 | 31203 |  |
|  HSBC Securities | 4/14/2026 | USD | 1419137 | AUD | 2086485 | 65398 |  |
|  HSBC Securities | 4/14/2026 | AUD | 900000 | USD | 634045 |  | (6305) |
|  HSBC Securities | 4/14/2026 | AUD | 200000 | USD | 139491 |  | (2809) |
|  HSBC Securities | 4/14/2026 | AUD | 300000 | USD | 210940 |  | (2510) |
|  HSBC Securities | 4/14/2026 | AUD | 100000 | USD | 69548 |  | (1602) |
|  HSBC Securities | 4/14/2026 | AUD | 400000 | USD | 281250 |  | (3350) |
|  HSBC Securities | 4/14/2026 | AUD | 300000 | USD | 213118 |  | (332) |
|  HSBC Securities | 4/14/2026 | AUD | 100000 | USD | 71181 | 31 |  |
|  HSBC Securities | 4/14/2026 | USD | 1300971 | AUD | 1912613 | 59855 |  |
|  HSBC Securities | 4/14/2026 | USD | 1198871 | AUD | 1763442 | 55819 |  |
|  HSBC Securities | 3/12/2026 | CAD | 100000 | USD | 73774 | 424 |  |
|  HSBC Securities | 3/12/2026 | CAD | 100000 | USD | 73521 | 172 |  |
|  HSBC Securities | 3/12/2026 | USD | 73774 | CAD | 100000 |  | (424) |
|  HSBC Securities | 4/22/2026 | CAD | 200000 | USD | 146591 |  | (374) |
|  HSBC Securities | 4/22/2026 | USD | 146942 | CAD | 200000 | 24 |  |
|  HSBC Securities | 4/22/2026 | USD | 220836 | CAD | 300000 |  | (388) |
|  HSBC Securities | 4/22/2026 | CAD | 200000 | USD | 146694 |  | (272) |
|  HSBC Securities | 4/22/2026 | USD | 296576 | CAD | 400000 |  | (2645) |
|  HSBC Securities | 4/22/2026 | USD | 221831 | CAD | 300000 |  | (1382) |
|  HSBC Securities | 4/22/2026 | USD | 73506 | CAD | 100000 |  | (23) |
|  HSBC Securities | 4/22/2026 | USD | 146552 | CAD | 200000 | 414 |  |
|  HSBC Securities | 4/22/2026 | USD | 220693 | CAD | 300000 |  | (245) |
|  HSBC Securities | 4/22/2026 | CAD | 300000 | USD | 219817 |  | (632) |
|  HSBC Securities | 4/22/2026 | USD | 440846 | CAD | 600000 | 51 |  |
|  HSBC Securities | 4/22/2026 | USD | 73293 | CAD | 100000 | 190 |  |
|  HSBC Securities | 4/22/2026 | USD | 295374 | CAD | 400000 |  | (1442) |
|  NatWest Markets Plc | 4/7/2026 | USD | 518196 | CHF | 400000 | 4445 |  |
|  NatWest Markets Plc | 4/7/2026 | USD | 130430 | CHF | 100000 | 231 |  |
|  BNP Paribas | 3/2/2026 | USD | 118007 | EUR | 100000 | 153 |  |
|  BNP Paribas | 3/2/2026 | EUR | 100000 | USD | 118039 |  | (121) |
|  BNP Paribas | 3/3/2026 | EUR | 100000 | USD | 117987 |  | (193) |
|  BNP Paribas | 3/23/2026 | EUR | 100000 | USD | 118157 |  | (156) |
|  BNP Paribas | 3/23/2026 | EUR | 100000 | USD | 118930 | 616 |  |
|  BNP Paribas | 3/23/2026 | EUR | 200000 | USD | 237695 | 1068 |  |
|  BNP Paribas | 3/23/2026 | EUR | 600000 | USD | 710444 | 564 |  |
|  BNP Paribas | 3/23/2026 | EUR | 100000 | USD | 117491 |  | (822) |
|  BNP Paribas | 3/23/2026 | EUR | 100000 | USD | 117921 |  | (393) |
|  BNP Paribas | 3/23/2026 | EUR | 100000 | USD | 118248 |  | (65) |
|  BNP Paribas | 3/23/2026 | EUR | 400000 | USD | 472590 |  | (664) |
|  BNP Paribas | 3/23/2026 | EUR | 300000 | USD | 351840 |  | (3100) |
|  BNP Paribas | 3/23/2026 | USD | 594220 | EUR | 500000 |  | (2653) |
|  BNP Paribas | 3/23/2026 | EUR | 1100000 | USD | 1282815 |  | (18631) |
|  BNP Paribas | 3/23/2026 | USD | 2556879 | EUR | 2195720 | 40951 |  |

---

See accompanying notes to financial statements. 25

------

Man Active Trend Enhanced ETF

**Schedule of Investments** (Consolidated) (Continued)

February 28, 2026 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency To Deliver** | **Currency To Deliver** | **Currency To Receive** | **Currency To Receive** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  BNP Paribas | 3/23/2026 | USD | 2567268 | EUR | 2204280 | $40689 | $– |
|  BNP Paribas | 3/23/2026 | USD | 118804 | EUR | 100000 |  | (491) |
|  BNP Paribas | 3/23/2026 | USD | 595093 | EUR | 500000 |  | (3527) |
|  BNP Paribas | 3/23/2026 | USD | 840185 | EUR | 700000 |  | (11991) |
|  BNP Paribas | 3/23/2026 | USD | 598165 | EUR | 500000 |  | (6598) |
|  BNP Paribas | 3/23/2026 | USD | 1562672 | EUR | 1300000 |  | (24598) |
|  BNP Paribas | 3/23/2026 | USD | 118561 | EUR | 100000 |  | (248) |
|  BNP Paribas | 3/23/2026 | USD | 238575 | EUR | 200000 |  | (1949) |
|  BNP Paribas | 3/23/2026 | EUR | 200000 | USD | 237483 | 857 |  |
|  BNP Paribas | 3/23/2026 | EUR | 300000 | USD | 355478 | 538 |  |
|  HSBC Securities | 3/2/2026 | GBP | 50000 | USD | 67493 | 111 |  |
|  HSBC Securities | 3/2/2026 | USD | 135416 | GBP | 100000 |  | (651) |
|  HSBC Securities | 3/2/2026 | GBP | 50000 | USD | 67740 | 357 |  |
|  HSBC Securities | 3/3/2026 | GBP | 50000 | USD | 67386 | 3 |  |
|  HSBC Securities | 3/3/2026 | GBP | 50000 | USD | 67482 | 98 |  |
|  HSBC Securities | 3/3/2026 | GBP | 50000 | USD | 67316 |  | (68) |
|  HSBC Securities | 3/3/2026 | GBP | 50000 | USD | 67279 |  | (104) |
|  HSBC Securities | 3/3/2026 | GBP | 50000 | USD | 67233 |  | (150) |
|  HSBC Securities | 3/3/2026 | GBP | 50000 | USD | 67407 | 23 |  |
|  HSBC Securities | 3/12/2026 | GBP | 205000 | USD | 280670 | 4390 |  |
|  HSBC Securities | 5/26/2026 | USD | 136700 | GBP | 100000 |  | (1894) |
|  HSBC Securities | 5/26/2026 | GBP | 200000 | USD | 270408 | 796 |  |
|  HSBC Securities | 5/26/2026 | USD | 587921 | GBP | 428283 |  | (10571) |
|  HSBC Securities | 5/26/2026 | USD | 273478 | GBP | 200000 |  | (3866) |
|  HSBC Securities | 5/26/2026 | GBP | 400000 | USD | 541418 | 2195 |  |
|  HSBC Securities | 5/26/2026 | GBP | 150000 | USD | 202231 | 22 |  |
|  HSBC Securities | 5/26/2026 | GBP | 400000 | USD | 538735 |  | (488) |
|  HSBC Securities | 5/26/2026 | GBP | 150000 | USD | 204780 | 2571 |  |
|  HSBC Securities | 5/26/2026 | GBP | 50000 | USD | 68180 | 777 |  |
|  HSBC Securities | 5/26/2026 | USD | 1316321 | GBP | 958658 |  | (23994) |
|  HSBC Securities | 5/26/2026 | GBP | 50000 | USD | 67853 | 450 |  |
|  HSBC Securities | 5/26/2026 | USD | 2191979 | GBP | 1597763 |  | (38102) |
|  HSBC Securities | 5/26/2026 | USD | 2438567 | GBP | 1778932 |  | (40464) |
|  HSBC Securities | 5/26/2026 | USD | 491316 | GBP | 358441 |  | (8117) |
|  HSBC Securities | 5/26/2026 | GBP | 150000 | USD | 203990 | 1782 |  |
|  HSBC Securities | 5/26/2026 | USD | 654780 | GBP | 477923 |  | (10512) |
|  HSBC Securities | 3/2/2026 | JPY | 10000000 | USD | 64153 | 118 |  |
|  HSBC Securities | 3/2/2026 | USD | 256224 | JPY | 40000000 |  | (85) |
|  HSBC Securities | 3/2/2026 | JPY | 10000000 | USD | 64089 | 54 |  |
|  HSBC Securities | 3/2/2026 | JPY | 10000000 | USD | 64090 | 55 |  |
|  HSBC Securities | 3/2/2026 | JPY | 10000000 | USD | 64125 | 90 |  |
|  HSBC Securities | 3/3/2026 | JPY | 10000000 | USD | 64058 | 6 |  |
|  HSBC Securities | 3/3/2026 | JPY | 10000000 | USD | 64115 | 64 |  |
|  HSBC Securities | 3/3/2026 | JPY | 10000000 | USD | 64160 | 108 |  |
|  HSBC Securities | 3/3/2026 | USD | 64147 | JPY | 10000000 |  | (95) |
|  HSBC Securities | 4/7/2026 | USD | 65328 | JPY | 10000000 |  | (1072) |
|  HSBC Securities | 4/7/2026 | USD | 64396 | JPY | 10000000 |  | (140) |
|  HSBC Securities | 4/7/2026 | JPY | 30000000 | USD | 192756 |  | (11) |
|  HSBC Securities | 4/7/2026 | JPY | 191593798 | USD | 1244359 | 13263 |  |

---

See accompanying notes to financial statements. 26

------

Man Active Trend Enhanced ETF

**Schedule of Investments** (Consolidated) (Continued)

February 28, 2026 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Date** | **Currency To Deliver** | **Currency To Deliver** | **Currency To Receive** | **Currency To Receive** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  HSBC Securities | 4/7/2026 | JPY | 40000000 | USD | 257019 | $– | $(3) |
|  HSBC Securities | 4/7/2026 | JPY | 30000000 | USD | 193687 | 920 |  |
|  HSBC Securities | 4/7/2026 | USD | 131248 | JPY | 20000000 |  | (2737) |
|  HSBC Securities | 4/7/2026 | USD | 393006 | JPY | 60000000 |  | (7472) |
|  HSBC Securities | 4/7/2026 | USD | 261519 | JPY | 40000000 |  | (4497) |
|  HSBC Securities | 4/7/2026 | JPY | 10000000 | USD | 65600 | 1345 |  |
|  HSBC Securities | 4/7/2026 | JPY | 295009303 | USD | 1914333 | 18735 |  |
|  HSBC Securities | 4/7/2026 | USD | 582138 | JPY | 90000000 |  | (3838) |
|  HSBC Securities | 4/7/2026 | JPY | 10000000 | USD | 64753 | 497 |  |
|  HSBC Securities | 4/7/2026 | JPY | 423396899 | USD | 2748012 | 27451 |  |
|  HSBC Securities | 4/7/2026 | USD | 192461 | JPY | 30000000 | 306 |  |
|  HSBC Securities | 3/2/2026 | USD | 59833 | NZD | 100000 | 152 |  |
|  HSBC Securities | 3/2/2026 | NZD | 100000 | USD | 59876 |  | (110) |
|  HSBC Securities | 4/15/2026 | USD | 120838 | NZD | 200000 |  | (648) |
|  HSBC Securities | 4/15/2026 | USD | 180643 | NZD | 300000 |  | (358) |
|  HSBC Securities | 4/15/2026 | USD | 121422 | NZD | 200000 |  | (1233) |
|  HSBC Securities | 4/15/2026 | USD | 120029 | NZD | 200000 | 161 |  |
|  HSBC Securities | 4/15/2026 | USD | 181700 | NZD | 300000 |  | (1415) |
|  HSBC Securities | 4/15/2026 | USD | 180988 | NZD | 300000 |  | (703) |
|  HSBC Securities | 4/15/2026 | USD | 60527 | NZD | 100000 |  | (432) |
|  HSBC Securities | 4/15/2026 | USD | 121413 | NZD | 200000 |  | (1224) |
|  HSBC Securities | 4/15/2026 | USD | 182066 | NZD | 300000 |  | (1781) |
|  HSBC Securities | 4/15/2026 | USD | 60408 | NZD | 100000 |  | (313) |
|  HSBC Securities | 4/15/2026 | USD | 60030 | NZD | 100000 | 64 |  |
|  HSBC Securities | 4/15/2026 | USD | 59973 | NZD | 100000 | 122 |  |
|  HSBC Securities | 4/15/2026 | USD | 242562 | NZD | 400000 |  | (2182) |
|  HSBC Securities | 4/15/2026 | USD | 59616 | NZD | 100000 | 479 |  |
|  **Total Unrealized Appreciation (Depreciation)** | **Total Unrealized Appreciation (Depreciation)** |  |  |  |  | $**627738** | $**(277655)** |

---

#### Open futures contracts outstanding as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Expiration Date** | **Number of <br>Contracts<br>Purchased<br>(Sold)** | **Notional Value at <br>February 28, 2026** | **Unrealized<br>Appreciation<br> (Depreciation)** |
|  Long position contracts: |  |  |  |  |
|  Brent Crude | 3/31/2026 | 30 | $2186100 | $121010 |
|  Copper | 5/27/2026 | 10 | 1514875 | 21675 |
|  DAX Index | 3/20/2026 | 4 | 2995002 | 50868 |
|  EURO STOXX 50 Index | 3/20/2026 | 54 | 3926008 | 190238 |
|  Euro-Bobl 5-Year | 3/6/2026 | 37 | 5135258 | 15372 |
|  Euro-Bobl 5-Year | 6/8/2026 | 6 | 837282 | 1170 |
|  Euro-Bund | 3/6/2026 | 11 | 1692678 | 7208 |
|  Euro-Bund | 6/8/2026 | 4 | 610651 | 1028 |
|  FTSE 100 Index | 3/20/2026 | 25 | 3674380 | 323681 |
|  Gold 100 Oz | 4/28/2026 | 5 | 2623950 | 168743 |
|  Long Gilt | 6/26/2026 | 28 | 3534951 | 35255 |
|  NASDAQ 100 E-Mini Index | 3/20/2026 | 3 | 1500285 | (41830) |
|  Russell 2000 E-Mini Index | 3/20/2026 | 20 | 2634700 | 42360 |
|  S&P 500 E-Mini Index | 3/20/2026 | 66 | 22733700 | (32858) |

---

See accompanying notes to financial statements. 27

------

Man Active Trend Enhanced ETF

**Schedule of Investments** (Consolidated) (Continued)

February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type** | **Expiration Date** | **Number of <br>Contracts<br>Purchased<br>(Sold)** | **Notional Value at <br>February 28, 2026** | **Unrealized<br>Appreciation<br> (Depreciation)** |
|  Silver | 5/27/2026 | 2 | $932910 | $88790 |
|  TOPIX Index | 3/12/2026 | 9 | 2279032 | 291102 |
|  U.S. Treasury 10-Year Note | 6/18/2026 | 69 | 7853062 | 43078 |
|  U.S. Treasury 5-Year Note | 6/30/2026 | 44 | 4846187 | 17711 |
|  U.S. Treasury Long Bond | 6/18/2026 | 32 | 3791000 | 31641 |
|  U.S. Treasury Ultra Long Term Bond | 6/18/2026 | 8 | 972750 | 6937 |
|  WTI Crude | 3/20/2026 | 28 | 1876560 | 72530 |
|  |  |  |  | $1455709 |

---

See accompanying notes to financial statements. 28

------

(This page intentionally left blank)

------

Man ETF Series Trust

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Man Active<br>Income ETF** | **Man Active High<br>Yield ETF** | **Man Active<br>Emerging<br>Markets<br>Alternative ETF** | **Man Active**<br>**Trend**<br>**Enhanced ETF<br>(Consolidated)** |
|  **Assets** |  |  |  |  |
|  Investments in securities, at fair value (Cost: $19,630,449, $17,495,806, $10,520,954 and $28,528,080, respectively) | $19760708 | $17264713 | $10764919 | $28729997 |
|  Cash | 1137827 | 1444896 | 632637 | 3268006 |
| Foreign currency (Cost: $168,933, $121,974, $– and $–, respectively) | 168566 | 121988 |  |  |
|  Due from broker |  | 977085 | 36360 |  |
|  Deposit at broker | 9892 | 10000 |  | 4095107 |
|  Upfront premium paid on swap contracts |  | 2037 |  |  |
|  Receivable for investments sold | 1182778 | 241553 |  |  |
|  Interest receivable | 317990 | 345932 |  |  |
|  Unrealized appreciation on swap transactions | 86744 | 13104 | 646087 |  |
|  Unrealized appreciation on forward foreign currency contracts | 82261 | 101755 |  | 627738 |
|  Reclaims receivable | 760 |  |  |  |
|  Dividend receivable |  |  | 15865 |  |
|  Variation margin receivable |  |  |  | 4686 |
|  **Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22747526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20523063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12095868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36725534 |
|  **Liabilities** |  |  |  |  |
|  Payable for investments purchased | 1503091 | 1007000 |  | 88058 |
|  Due to broker | 40638 |  |  | 6957 |
|  Investment advisory fees payable | 13801 | 10361 | 7461 | 25840 |
|  Unrealized depreciation on forward foreign currency contracts | 8202 | 3299 |  | 277655 |
|  Unrealized depreciation on swap transactions |  |  | 226535 |  |
|  Accrued expenses and other liabilities |  |  | 1473 |  |
|  **Total liabilities** | 1565732 | 1020660 | 235469 | 398510 |
|  **Net assets** | $**21181794** | $**19502403** | $**11860399** | $**36327024** |
|  **Composition of Net Assets** |  |  |  |  |
|  Paid-in capital | $21064017 | $19658500 | $10006100 | $32157821 |
|  Total distributable earnings/(accumulated loss) | 117777 | (156097) | 1854299 | 4169203 |
|  Net Assets | $21181794 | $19502403 | $11860399 | $36327024 |
|  **NET ASSET VALUE PER SHARE** |  |  |  |  |
|  Shares Outstanding (no par value, unlimited shares authorized) | 840001 | 784000 | 400004 | 1280004 |
|  Net Asset Value Per Share | $25.22 | $24.88 | $29.65 | $28.38 |

---

See Notes to Financial Statements. 30

------

Man ETF Series Trust

Statements of Operations

Period Ended February 28, 2026 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Man Active<br>Income ETF <sup>(a)</sup>** | **Man Active High<br>Yield ETF <sup>(a)</sup>** | **Man Active<br>Emerging Markets<br>Alternative ETF <sup>(b)</sup>** | **Man Active Trend<br>Enhanced ETF<br>(Consolidated)<sup>(b)</sup>** |
|  **Investment income** |  |  |  |  |
|  Interest income | $685413 | $702571 | $34842 | $100144 |
| Dividend income (net of withholding tax of $–, $–, $152 and $–, respectively) |  |  | 2077 |  |
|  **Total investment income** | 685413 | 702571 | 36919 | 100144 |
|  **Expenses** |  |  |  |  |
|  Investment advisory fees | $79617 | $60946 | $18621 | $65148 |
|  **Total expenses** | 79617 | 60946 | 18621 | 65148 |
|  **Net investment income** | 605796 | 641625 | 18298 | 34996 |
|  **Realized and Unrealized Gain / (Loss)** |  |  |  |  |
|  Net realized gain / (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | (8478) | 39895 | (2200) | (9477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | (45305) | (8159) | 1174617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4703 |  |  | 2126342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | (27082) | 30080 |  | 12091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (70232) | (75963) | 67 | (4369) |
|  Net realized gain / (loss) | (146394) | (14147) | 1172484 | 2124587 |
|  Net change in net unrealized appreciation / (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 130259 | (231093) | 243965 | 201917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions | 86744 | 13104 | 419552 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (2328) |  |  | 1455709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts | 74059 | 98456 |  | 350083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (123) | 499 |  | 1911 |
|  Net change in net unrealized appreciation / (depreciation) | 288611 | (119034) | 663517 | 2009620 |
|  **Net realized and unrealized gain / (loss)** | 142217 | (133181) | 1836001 | 4134207 |
|  **Net increase / (decrease) in net assets resulting from operations** | $**748013** | $**508444** | $**1854299** | $**4169203** |

---

<sup>(a)</sup> Commencement of operations September 16, 2025.

<sup>(b)</sup> Commencement of operations December 16, 2025.

See Notes to Financial Statements. 31

------

Man ETF Series Trust

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Man Active<br>Income ETF** | **Man Active<br>High Yield ETF** | **Man Active<br>Emerging<br>Markets<br>Alternative ETF** | **Man Active<br>Trend<br>Enhanced ETF<br>(Consolidated)** |
|  | **For the Period<br>September 16,<br>2025\* to<br>February 28,<br>2026<br>(unaudited)** | **For the Period<br>September 16,<br>2025\* to<br>February 28,<br>2026<br>(unaudited)** | **For the Period<br>December 16,<br>2025\* to<br>February 28,<br>2026<br>(unaudited)** | **For the Period<br>December 16,<br>2025\* to<br>February 28,<br>2026<br>(unaudited)** |
|  **Change in net assets resulting from operations** |  |  |  |  |
|  Net investment income | $605796 | $641625 | $18298 | $34996 |
|  Net realized gain / (loss) | (146394) | (14147) | 1172484 | 2124587 |
|  Net change in net unrealized appreciation / (depreciation) | 288611 | (119034) | 663517 | 2009620 |
|  **Net increase in net assets resulting from operations** | 748013 | 508444 | 1854299 | 4169203 |
|  Distributions to Shareholders | (630236) | (664541) |  |  |
|  **Capital Share Transactions** |  |  |  |  |
|  Proceeds from shares created | 21064017 | 19658500 | 10006100 | 32157821 |
|  Cost of shares redeemed |  |  |  |  |
|  Net increase from capital share transactions | 21064017 | 19658500 | 10006100 | 32157821 |
|  Total increase in net assets | 21181794 | 19502403 | 11860399 | 36327024 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period |  |  |  |  |
|  End of period | $**21181794** | $**19502403** | $**11860399** | $**36327024** |

---

\*Commencement of operations.

See Notes to Financial Statements. 32

------

Man ETF Series Trust

Financial Highlights

#### Man Active Income ETF
Selected Data for a Share of Capital Stock Outstanding

---

| | |
|:---|:---|
|  | **For the Period<br>September 16,<br>2025<sup>(a)</sup> to<br>February 28, 2026<br>(unaudited)** |
|  Net asset value per share, beginning of period | $25.00 |
|  **Income from Investment Operations** |  |
|  Net investment income<sup>(b)(c)</sup> | 0.73 |
|  Net realized and unrealized gain / (loss) | 0.24 |
|  Net increase / (decrease) in net assets resulting from investment operations | 0.97 |
|  **Distributions from:** |  |
|  Net investment income | (0.75) |
|  Net asset value per share, end of period | $25.22 |
|  Market price, end of period | $25.29 |
|  **Total Return** |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 3.93% |
|  Total investment return based on market price <sup>(e)</sup> | 4.22% |
|  **Ratios/Supplemental Data** |  |
|  Net assets, end of period (000's omitted) | $21182 |
|  Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.85% <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income / (loss)<sup>(c)</sup> | 6.47% <sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 51% |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(e) The market price returns are calculated using the official closing price of the Fund's shares on its primary listing exchange. Total investment returns calculated for a period less than one year are not annualized.

(f) Annualized.

(g) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

See Notes to Financial Statements. 33

------

Man ETF Series Trust

**Financial Highlights** (Continued)

#### Man Active High Yield ETF
Selected Data for a Share of Capital Stock Outstanding

---

| | |
|:---|:---|
|  | **For the Period<br>September 16,<br>2025<sup>(a)</sup> to<br>February 28, 2026<br>(unaudited)** |
|  Net asset value per share, beginning of period | $25.00 |
|  **Income from Investment Operations** |  |
|  Net investment income<sup>(b)(c)</sup> | 0.82 |
|  Net realized and unrealized gain / (loss) | (0.09) |
|  Net increase / (decrease) in net assets resulting from investment operations | 0.73 |
|  **Distributions from:** |  |
|  Net investment income | (0.85) |
|  Net asset value per share, end of period | $24.88 |
|  Market price, end of period | $24.95 |
|  **Total Return** |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 2.95% |
|  Total investment return based on market price <sup>(e)</sup> | 3.22% |
|  **Ratios/Supplemental Data** |  |
|  Net assets, end of period (000's omitted) | $19502 |
|  Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.69% <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income / (loss)<sup>(c)</sup> | 7.26% <sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 59% |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(e) The market price returns are calculated using the official closing price of the Fund's shares on its primary listing exchange. Total investment returns calculated for a period less than one year are not annualized.

(f) Annualized.

(g) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

See Notes to Financial Statements. 34

------

Man ETF Series Trust

**Financial Highlights** (Continued)

#### Man Active Emerging Markets Alternative ETF
Selected Data for a Share of Capital Stock Outstanding

---

| | |
|:---|:---|
|  | **For the Period<br>December 16, 2025<sup>(a)</sup><br>to February 28, 2026<br>(unaudited)** |
|  Net asset value per share, beginning of period | $25.00 |
|  **Income from Investment Operations** |  |
|  Net investment income<sup>(b)(c)</sup> | 0.05 |
|  Net realized and unrealized gain / (loss) | 4.60 |
|  Net increase / (decrease) in net assets resulting from investment operations | 4.65 |
|  Net asset value per share, end of period | $29.65 |
|  Market price, end of period | $29.52 |
|  **Total Return** |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 18.60% |
|  Total investment return based on market price <sup>(e)</sup> | 18.08% |
|  **Ratios/Supplemental Data** |  |
|  Net assets, end of period (000's omitted) | $11860 |
|  Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.85%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income / (loss)<sup>(c)</sup> | 0.84%<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 4% |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(e) The market price returns are calculated using the official closing price of the Fund's shares on its primary listing exchange. Total investment returns calculated for a period less than one year are not annualized.

(f) Annualized.

(g) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

See Notes to Financial Statements. 35

------

Man ETF Series Trust

**Financial Highlights** (Continued)

#### Man Active Trend Enhanced ETF (Consolidated)
Selected Data for a Share of Capital Stock Outstanding

---

| | |
|:---|:---|
|  | **For the Period<br>December<br>16, 2025<sup>(a)</sup> to<br>February 28, 2026<br>(unaudited)** |
|  Net asset value per share, beginning of period | $25.00 |
|  **Income from Investment Operations** |  |
|  Net investment income<sup>(b)(c)</sup> | 0.03 |
|  Net realized and unrealized gain / (loss) | 3.35 |
|  Net increase / (decrease) in net assets resulting from investment operations | 3.38 |
|  Net asset value per share, end of period | $28.38 |
|  Market price, end of period | $28.29 |
|  **Total Return** |  |
|  Total investment return based on net asset value<sup>(d)</sup> | 13.52% |
|  Total investment return based on market price <sup>(e)</sup> | 13.16% |
|  **Ratios/Supplemental Data** |  |
|  Net assets, end of period (000's omitted) | $36327 |
|  Ratio to average net assets of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.95%<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income / (loss)<sup>(c)</sup> | 0.51%<sup>(f)</sup> |
|  Portfolio turnover rate<sup>(g)</sup> | 20% |

---

(a) Commencement of operations.

(b) Based on average shares outstanding.

(c) Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the investment companies in which the Fund invests.

(d) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, if any, at net asset value during the period, and redemption on the last day of the period. Total return calculated for a period less than one year is not annualized.

(e) The market price returns are calculated using the official closing price of the Fund's shares on its primary listing exchange. Total investment returns calculated for a period less than one year are not annualized.

(f) Annualized.

(g) Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as in-kind creations or redemptions in connection with the Fund's capital share transactions.

See Notes to Financial Statements. 36

------

Man ETF Series Trust

**Notes to Financial Statements** 

For the period from commencement of operations through February 28, 2026

1. Organization

Man ETF Series Trust (the "Trust") was organized as a Delaware statutory trust on March 10, 2025 and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust consists of the Man Active Income ETF, the Man Active High Yield ETF, the Man Active Emerging Markets Alternative ETF, and the

Man Active Trend Enhanced ETF (individually a "Fund", collectively "the Funds'). Each Fund is a non-diversified series of the Trust. The following table provides information about the Funds' inception date and principal investment objectives:

---

| | | |
|:---|:---|:---|
| **ETF** | **Inception Date** | **Investment Objective** |
| Man Active Income ETF | 9/16/2025 | Provide Current Income |
| Man Active High Yield ETF | 9/16/2025 | Provide Income and Capital Growth over the medium to long term |
| Man Active Emerging Markets Alternative ETF | 12/16/2025 | Provide Capital Growth over the medium to long term |
| Man Active Trend Enhanced ETF | 12/16/2025 | Provide Capital Growth |

---

Man Solutions LLC (the "Adviser") serves as the investment adviser to the Funds pursuant to the Investment Advisory Agreement with the Trust (the "Advisory Agreement"). The Adviser has entered into an investment sub-advisory agreement (the "Sub-Advisory Agreement") with GLG Partners LP, Numeric Investors LLC and AHL Partners LLP (each a "Sub-Adviser" and together the "Sub-Advisers" or "the Sub-Adviser") to manage, on a daily basis, the assets of Man Active High Yield ETF & Man Active Income ETF, Man Active Emerging Markets Alternative ETF and Man Active Trend Enhanced ETF, respectively (each a "Sub-Adviser" and together the "Sub-Advisers" or "the Sub-Adviser").

2. Cayman Subsidiary

The Man Active Trend Enhanced ETF intends to gain exposure to the commodities futures markets by investing through a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary") that is advised by the Sub-Adviser. The Fund will invest in the Subsidiary in a manner as permitted under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). The Subsidiary will invest primarily in commodity-linked derivative instruments, such as commodity futures, forward and swaps, and other investments and cash instruments to serve as margin or collateral for the Subsidiary's derivative positions. The Subsidiary will generally invest in commodities futures contracts and other derivative instruments that do not generate "qualifying income" under the source of income test required to qualify as a regulated investment company ("RIC") under Subchapter M of the Code. Unlike the Fund, the Subsidiary may invest without limitation in commodity-linked derivatives; however, the Subsidiary will comply with the same 1940 Act requirements that are applicable to the Fund's transactions in derivatives. In addition, the Subsidiary will be subject to the same fundamental investment restrictions and will follow the same compliance policies and procedures as the Fund. Unlike the Fund, the Subsidiary will not seek to qualify as an RIC under the Code. The Fund is the sole investor in the Subsidiary and does not expect the shares of the Subsidiary to be offered or sold to other investors. The financial statements of the Subsidiary are consolidated with the Fund's financial statements.

3. Significant Accounting Policies

The Funds' financial statements have been prepared in conformity with United States generally accepted accounting principles ("U.S. GAAP") and are presented in U.S. Dollars.

Management has determined that each Fund is a management investment company in conformity with U.S. GAAP and follows the accounting and reporting guidance for investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 946, Financial Services – Investment Companies ("ASC 946").

#### Use of Accounting Judgements and Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Actual results could differ from those estimates.

#### Recently Issued Accounting Guidance
In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Management evaluated this ASU and has concluded that there was no impact on the Funds' financial statements.

#### Operating Segments
The Funds follow FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and to assess its potential future cash flows. The President of the Trust acts as the Funds' chief operating decision maker ("CODM") assessing performance and making decisions about resource allocation. The CODM has determined that each Fund has a single operating segment based on the fact that the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund's Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

37.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

#### Investment Transactions and Related Investment Income and Expenses
Securities transactions are accounted for in the financial statements on trade date. Throughout the reporting period, investment transactions are generally accounted for no later than one business day following the trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date or, if later, when the Funds are informed of the ex-dividend date. Interest income is recognized on an accrual basis. Withholding taxes and reclaims on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Expenses are recognized on an accrual basis.

#### Share Valuation
The net asset value ("NAV") per share of each Fund is computed by dividing the value of the net assets of each of the Funds (i.e., the value of its total assets less total liabilities and withholdings) by the total number of shares outstanding of each Fund, rounded to the nearest cent. The NAV per share of each Fund is determined as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally at 4:00 p.m. Eastern time.

#### Foreign Currency Translation
The fair value of investment securities and other assets and liabilities of the Funds denominated in foreign currencies are translated into U.S. dollars at the current exchange rate determined to be reasonable. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars based at the exchange rate on the date of the transaction.

The Funds do not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from the fluctuations arising from the changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

With respect to the Man Active Emerging Markets Alternative ETF, any assets and liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the foreign exchange rate in effect at 4:00 p.m. London time on the date of the valuation as quoted by one or more sources.

Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities other than investments in securities at the reporting period, resulting from changes in the exchange rate.

#### Realized Gains and Losses and Unrealized Appreciation and Depreciation
All realized gains and losses and changes in unrealized appreciation / (depreciation) on investments in securities, derivatives and foreign currency are included in net realized gain / (loss) and change in unrealized appreciation / (depreciation) on investments in securities, derivatives and foreign currency in the statements of operations. Unrealized appreciation and depreciation comprise of changes in the fair value of financial instruments for the year and from reversal of prior period's unrealized appreciation and depreciation for financial instruments which were realized in the financial period. Realized gains and losses represent the difference between an instrument's initial carrying amount and disposal amount, or cash payments or receipts made in respect of derivative contracts (excluding payments or receipts on collateral margin accounts for such instruments). The cost of securities sold is accounted for on a specific identification basis. Transaction costs or incremental costs directly attributable to the acquisition, issue or disposal of a financial asset or financial liability are included in net realized gain / (loss) and change in unrealized appreciation / (depreciation) on investments in securities, derivatives and foreign currency in the statements of operations.

#### Dividends and Distributions
Dividends from net investment income, if any, are declared and paid quarterly for the Man Active High Yield ETF and the Man Active Income ETF. The Man Active Emerging Markets Alternative ETF declares and pays dividends, if any, semi-annually and the Man Active Trend Enhanced ETF declares and pays dividends, if any, annually. Distributable net realized capital gains of the Funds, if any, are declared and distributed at least annually.

The amounts of dividends from net investment income and distributions from net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

#### Uninvested Cash
The Funds may maintain cash at their custodian which, at times, may exceed United States federally insured limits. The Funds maintain these balances with a high-quality financial institution in interest bearing accounts. The Funds may incur charges on cash overdrafts.

#### Federal Income Tax
Each Fund intends to qualify as a RIC under Subchapter M of the Code. If so qualified, each Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period ended February 28, 2026, the Funds did not incur any interest or penalties.

#### Indemnification
Under the Funds' organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In the normal course of business, the Funds shall enter into contracts that contain a variety of representations and that provide general indemnifications. The Funds' maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Funds. However, based on experience, management expects the risk of loss to be remote.

38.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

#### Offsetting of Financial Assets/Liabilities and Derivative Assets/Liabilities
The following tables present certain of the Funds' asset/liability derivatives available for offset under a master netting arrangement net of collateral pledged as of February 28, 2026:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Derivative**<br> **Assets**<br> **Subject**<br> **to Master**<br> **Netting**<br> **Agreement** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Received** | **Net<br>Amount of<br>Derivative<br>Assets** | **Derivative<br>Liabilities<br>Subject<br>to Master<br>Netting<br>Agreement** | **Derivatives<br>Available<br>for Offset** | **Collateral<br>Pledged** | **Net<br>Amount of**<br> **Derivatives<br>Liabilities** |
|  **Man Active Income ETF** | **Man Active Income ETF** | **Man Active Income ETF** |  |  |  |  |  |  |
|  BNP Paribas | $8085 | $— | $— | $8085 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  JPMorgan Chase Bank | 78659 |  | (40638) | 38021 |  |  |  |  |
|  The Bank of New York Mellon | 82261 | (8202) |  | 74059 | 8202 | (8202) |  |  |
|  | $169005 | $(8202) | $(40638) | $120165 | $8202 | $(8202) | $— | $— |
|  **Man Active High Yield ETF** | **Man Active High Yield ETF** | **Man Active High Yield ETF** |  |  |  |  |  |  |
|  JPMorgan Chase Bank | $10746 | $— | $— | $10746 | $— | $— | $— | $— |
|  The Bank of New York Mellon | 101755 | (3299) |  | 98456 | 3299 | (3299) |  |  |
|  | $112501 | $(3299) | $— | $109202 | $3299 | $(3299) | $— | $— |
|  **Man Active Emerging Markets Alternative ETF** | **Man Active Emerging Markets Alternative ETF** | **Man Active Emerging Markets Alternative ETF** |  |  |  |  |  |  |
|  Morgan Stanley | $646087 | $(226535) | $— | $419552 | $226535 | $(226535) | $— | $— |
|  **Man Active Trend Enhanced ETF** | **Man Active Trend Enhanced ETF** | **Man Active Trend Enhanced ETF** |  |  |  |  |  |  |
|  BNP Paribas | $85437 | $(76200) | $— | $9237 | $76200 | $(76200) | $— | $— |
|  HSBC Securities | 537626 | (201455) |  | 336171 | 201455 | (201455) |  |  |
|  NatWest Markets Plc | 4675 |  |  | 4675 |  |  |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;627738 | $(277655) | $— | $350083 | $277655 | $(277655) | $— | $— |

---

39.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

#### Impact of Derivatives on the Statements of Assets and Liabilities
The following table presents a summary of the location of derivative investments categorized by primary risk exposure on the Funds' Statements of Assets and Liabilities as of February 28, 2026:

#### Assets Derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Equity Risk** | **Commodity<br>Risk** | **Credit Risk** | **Interest Risk** | **Forward<br>Currency<br>Contract Risk** |
|  **Man Active Income ETF** |  |  |  |  |  |
|  Unrealized appreciation on forward foreign currency contracts | $– |  |  |  | 82261 |
|  Unrealized appreciation on swap transactions |  |  | 86744 |  |  |
|  **Man Active High Yield ETF** |  |  |  |  |  |
|  Unrealized appreciation on forward foreign currency contracts |  |  |  |  | 101755 |
|  Unrealized appreciation on swap transactions |  |  | 13104 |  |  |
|  **Man Active Emerging Markets Alternative ETF** |  |  |  |  |  |
|  Unrealized appreciation on swap transactions | 646087 |  |  |  |  |
|  **Man Active Trend Enhanced ETF** |  |  |  |  |  |
|  Unrealized appreciation on futures contracts\* | 823561 | 472748 |  | 159400 |  |
|  Unrealized appreciation on forward foreign currency contracts |  |  |  |  | 627738 |

---

#### Liability Derivatives

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Equity Risk** | **Commodity**<br> **Risk** | **Credit Risk** | **Interest Risk** | **Forward<br>Currency<br>Contract Risk** |
|  **Man Active Income ETF** |  |  |  |  |  |
|  Unrealized depreciation on futures contracts\* | $– |  |  | 2328 |  |
|  Unrealized depreciation on forward foreign currency contracts |  |  |  |  | 8202 |
|  **Man Active High Yield ETF** |  |  |  |  |  |
|  Unrealized depreciation on forward foreign currency contracts |  |  |  |  | 3299 |
|  **Man Active Emerging Markets Alternative ETF** |  |  |  |  |  |
|  Unrealized depreciation on swap transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226535 |  |  |  |  |
|  **Man Active Trend Enhanced ETF** |  |  |  |  |  |
|  Unrealized depreciation on forward foreign currency contracts |  |  |  |  | 277655 |

---

\* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only net variation margin is reported within the assets and/or liabilities on the Statements of Assets and Liabilities.

The notional value of the derivative instruments outstanding as of February 28, 2026, as disclosed in the Schedules of Investments, and the amounts of realized and unrealized gains and losses on derivative instruments during the year as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for the Funds.

40.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

4. Investment Advisory Agreement and Other Services

Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advisory services to the Funds. For such investment advisory services, the Funds have agreed to pay the Adviser a unitary advisory fee payable at the annual rate equal to the percentage of each of the respective Funds' average daily net assets set forth in the table below:

---

| | |
|:---|:---|
| **ETF** | **Unitary Fee** |
|  Man Active income ETF | 0.85% |
|  Man Active High Yield ETF | 0.69% |
|  Man Active Emerging Markets Alternative ETF | 0.85% |
|  Man Active Trend Enhanced ETF | 0.95% |

---

In addition, the Adviser has contractually agreed to pay all expenses incurred by, and appropriately allocated to, the Funds except for the advisory fee; investment-related costs (such as interest charges on any borrowings, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments); taxes; proxy and shareholder meeting expenses (unless the need for a shareholder meeting is caused by the Adviser, such as a change of control of the Adviser); fees and expenses related to the provision of securities lending services; acquired fund fees and expenses (other than management and shareholder service fees paid to the Adviser attributable to the Funds' investment in such acquired funds); legal fees or expenses in connection with any arbitration, litigation, or pending or threatened arbitration or litigation, including any settlements in connection therewith; legal fees incurred at the request or direction of a Fund service provider other than the Adviser; extraordinary (as mutually determined by the Board and the Adviser) or non-recurring expenses not incurred in the ordinary course of the Funds' business; and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. The Funds have adopted a Distribution (12b-1) Plan pursuant to which the Funds may incur and pay a Distribution (12b-1) Fee of up to a maximum of 0.25%. No such fee is currently incurred and paid by the Funds. The Funds will not incur and pay such a Distribution (12b-1) Fee until such time as approved by the Funds' Board of Trustees (the "Board").

The Bank of New York ("BNY") serves as administrator, custodian and transfer agent for the Funds. BNY maintains all necessary records of the Funds.

5. Fair Value of Financial Instruments

Securities listed on a securities exchange (i.e., exchange-traded equity securities), market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued by the Fund's independent pricing agents at the last reported sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at the time as of which the Fund's NAV is calculated if a security's exchange is normally open at that time). If there is no such reported sale, the Adviser will determine its fair value using appropriate fair value methodologies in accordance with the Trust's valuation policies and procedures approved by the Board of Trustees. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain bid and ask prices from two broker-dealers who make a market in the portfolio instrument and determines the average of the two.

Any investments in open-end investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end investment companies that trade on an exchange are valued in the same manner as other exchange-traded equity securities (described above).

Fixed-income securities (including convertible securities) normally are valued on the basis of prices provided by independent pricing services in accordance with the Trust's valuation policies and procedures approved by the Board of Trustees which will typically be at the mid price between the bid and ask for certain markets. Pricing services generally value fixed-income securities assuming orderly transactions of institutional round lot size, but the Fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly.

Securities for which market prices are not "readily available," or for which market prices are not deemed to reflect current market values, or that are debt securities where no evaluated price is available from the Trust's third-party pricing agents pursuant to established methodologies, are fair valued in accordance with the Trust's valuation policies and procedures approved by the Board of Trustees. Some of the more common reasons that may necessitate that a security be valued using "fair value" pricing may include, but are not limited to, the security's trading has been halted or suspended; the security's primary trading market is temporarily closed; or the security has not been traded for an extended period of time.

In addition, the Fund may fair value its securities if an event that may materially affect the value of the Fund's securities that trade outside of the United States (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, country or region. Events that may be Significant Events may include government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the Adviser or Sub-Adviser becomes aware of a Significant Event that has occurred with respect to a portfolio instrument or group of portfolio instruments after the closing of the exchange or market on which the portfolio instrument or portfolio instruments principally trade, but before the time at which the Fund calculates its NAV, it will notify the Fund's administrator and may request that an ad hoc meeting of the Valuation Committee be called. Fair value pricing involves subjective judgments, and it is possible that a fair value determination for a security may be materially different than the value that could actually be realized upon the sale of the security or than that of another fund that uses market quotations or its own fair value procedures to price the same securities.

Trading in securities on many foreign exchanges is normally completed before the close of business on each Business Day. In addition, securities trading in a particular country or countries may not take place on each Business Day or may take place on days that are not Business Days. Changes in valuations on certain securities may occur at times or on days on which the Fund's NAV is not calculated and on which Fund shares do not trade and sales and redemptions of shares do not occur. As a result, the value of the Fund's portfolio securities and the net asset value of its shares may change on days when share purchases or sales cannot occur.

41.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

The Board of Trustees has designated the Adviser as the valuation designee for the Fund under Rule 2a-5 of the 1940 Act, subject to its oversight. The Adviser has adopted procedures and methodologies to fair value Fund investments whose market prices are not readily available or are deemed to be unreliable. For example, such circumstances may arise when: (i) an investment has been delisted or has had its trading halted or suspended; (ii) an investment's primary pricing source is unable or unwilling to provide a price; (iii) an investment's primary trading market is closed during regular market hours; or (iv) an investment's value is materially affected by events occurring after the close of the investment's primary trading market. Generally, when fair valuing an investment, the Adviser will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the investment, general and/or specific market conditions, and the specific facts giving rise to the need to fair value the investment. Fair value determinations are made in good faith and in accordance with the fair value methodologies included in the Adviser-adopted valuation procedures. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the Adviser will be able to obtain the fair value assigned to the investment upon the sale of such investment.

Each Fund utilizes various methods to measure the fair value of all its investments on a recurring basis. US GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of February 28, 2026 for each Fund's investments measured at fair value:

---

| | |
|:---|:---|
|  | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |
| Man Active Income ETF |  |
| **Assets**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Investments |  |
|  Total Investments in Securities |  |
|  Other Financial Instruments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  |
|  Total Other Financial Instruments |  |
|  Total Investments in Securities and Other Financial Instruments |  |
|  **Liabilities**  |  |
|  Other Financial Instruments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts) | —) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts) | —) |
|  Total Other Financial Instruments) | —) |
|  TOTAL |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | $**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |
| Man Active High Yield ETF |  |  |  |  |
| **Assets**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Loans | $— | $945000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $945000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 15925056 |  | 15925056 |

---

42.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

---

| | |
|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Investments | $394657 |
|  Total Investments in Securities | 394657 |
|  Other Financial Instruments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swaps |  |
|  Total Other Financial Instruments |  |
|  Total Investments in Securities and Other Financial Instruments | 394657 |
|  **Liabilities** |  |
|  Other Financial Instruments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | —) |
|  TOTAL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394657 |

---

---

| | | |
|:---|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Man Active Emerging Markets Alternative ETF |  |  |
| **Assets**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $1249253 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Investments | 4797434 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 4718232 |  |
|  Total Investments in Securities | 10764919 |  |
|  Other Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps |  |  |
|  Total Investments in Securities and Other Financial Instruments | 10764919 |  |
|  **Liabilities** |  |  |
|  Other Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Return Swaps | —) | —) |
|  TOTAL | 10764919 |  |

---

---

| | |
|:---|:---|
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Man Active Trend Enhanced ETF |  |
| **Assets**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-Traded Funds | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Investments |  |
|  Total Investments in Securities |  |
|  Other Financial Instruments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  |
|  Total Other Financial Instruments |  |
|  Total Investments in Securities and Other Financial Instruments |  |
|  **Liabilities** |  |
|  Other Financial Instruments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts) | —) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts) | —) |
|  Total Other Financial Instruments) | —) |
|  TOTAL |  |

---

The Funds did not hold any Level 3 securities during the period ended February 28, 2026.

43.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

6. Derivative Financial Instruments

#### Forward Foreign Currency Contracts
As foreign securities are purchased, a Fund may enter into forward currency contracts in order to hedge against foreign currency exchange rate risks. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. The market value of the contract fluctuates with changes in currency exchange rates. The contract is marked-to-market daily and the change in market value is recorded by a Fund as an unrealized gain or loss. As foreign securities are sold, a portion of the contract is generally closed and a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Realized gains and losses from contract transactions are included as a component of net realized gains/(losses) from forward foreign currency contracts in the Statements of Operations.

The average market value of forward foreign currency exchange contracts bought and sold during the period ended February 28, 2026, was $990,974 and $8,059,238, respectively for the Man Active Income ETF, $869,764 and $7,919,183, respectively for the Man Active High Yield ETF, and $35,741,765 and $17,779,690, respectively for the Man Active Trend Enhanced ETF. Open forward foreign currency exchange contracts outstanding at February 28, 2026, are listed in the Schedule of Investments.

For the period ended February 28, 2026, realized gains/(losses) and the change in unrealized appreciation / (depreciation) on forward foreign currency contracts subject to currency risk, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **ETF** | **Risk Type** | **Realized<br>Gain / (Loss)** | **Change in Unrealized**<br> **Appreciation / (Depreciation)**  |
|  Man Active Income ETF | Foreign Exchange | $(27082) | $74059 |
|  Man Active High Yield ETF | Foreign Exchange | $30080 | $98456 |
|  Man Active Trend Enhanced ETF | Foreign Exchange | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12091 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350083 |

---

#### Futures Contracts
The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may sell futures contracts to hedge against market risk, foreign currency exchange rate risks and to reduce return volatility. Futures are standardized exchange-traded contracts that provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a securities index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold, and initial and variation margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. The Funds may also buy or sell hedge instruments based on one or more market indices in an attempt to maintain the Funds' volatility at a targeted level. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (the Fund's agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Fund recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Fund's basis in the contract. If a Fund were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Fund would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. These amounts are disclosed on the Statements of Assets and Liabilities as Deposits with Brokers when applicable. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to a Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The average notional values of long position and short position futures contracts open during the period ended February 28, 2026, were $0 and $362,461, respectively for the Man Active Income ETF, and $76,695,612 and $0, respectively for the Man Active Trend Enhanced ETF. Open futures contracts outstanding at February 28, 2026, are listed in the Schedule of Investments.

For the period ended February 28, 2026, realized gains/(losses) and the change in unrealized appreciation / (depreciation) on futures contracts by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **ETF** | **Risk Type** | **Realized<br>Gain / (Loss)** | **Change in Unrealized**<br> **Appreciation / (Depreciation)**  |
|  Man Active Income ETF | Interest Rate | $4703 | $(2328) |
|  Man Active Trend Enhanced ETF | Equity | $392022 | $823561 |
|  Man Active Trend Enhanced ETF | Commodity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206813 | $472748 |
|  Man Active Trend Enhanced ETF | Interest Rate | $(472493) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159400 |

---

#### Swap Agreements
Certain Funds are subject to equity price risk and/or interest rate risk in the normal course of pursuing their investment objectives. These Funds may enter into various swap transactions for investment purposes or to manage interest rate, equity, foreign exchange (currency) or credit risk. These are two-party contracts entered into primarily to exchange the returns (or differentials in rates of returns) earned or realized on particular pre-determined investments or instruments. In a standard over-the-counter ("OTC") swap, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" (i.e., the return or increase in value of a particular dollar amount invested in a "basket" of securities, representing a particular index or industry sectors) of predetermined investments or instruments.

44.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

The swaps in which a Fund may invest may be centrally cleared or bi-laterally traded. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a notional amount. Changes in the value of swap agreements are recognized as unrealized gains or losses in the Statements of Operations by "marking to market" on a daily basis to reflect the value of the swap agreement at the end of each trading day. Payments received or paid at the beginning of a swap agreement are reflected as such on the Statements of Assets and Liabilities and may be referred to as upfront payments. A Fund amortizes upfront payments and/or accrues for the fixed payment stream on swap agreements on a daily basis with the net amount recorded as a component of unrealized gain or loss on the Statements of Operations. Realized gains and losses from the decrease in notional value of the swap are recognized on the trade date. A liquidation payment received or made at the termination of the swap agreement is recorded as a realized gain or loss on the Statements of Operations. Swap agreements involve, to varying degrees, lack of liquidity and elements of credit, market and counterparty risk in excess of amounts recognized on the Statements of Assets and Liabilities. Each Fund's maximum risk of loss from the counterparty credit risk is the discounted net value of the cash flow to be received from the counterparty over the contract's remaining life, to the extent that amount is positive.

Swaps may involve greater risks than direct investments in securities because swaps may be leveraged and, when traded in the OTC markets, are subject to counterparty risk, credit risk and pricing risk, each of which individually and collectively, may have a considerable impact on the performance of a Fund. Swaps, especially those that are not exchange-traded, may also be considered illiquid. It may not be possible for a Portfolio to liquidate a swap position at an advantageous time or price, which may result in significant losses. Although central clearing and exchange-trading of swaps may decrease counterparty risk and increase market liquidity, exchange-trading and clearing do not make the contracts risk free, but rather, the primary credit risk on such contracts is the creditworthiness of the clearing broker or the clearinghouse.

The Funds use cash and certain securities as collateral to swap agreements as indicated on the Schedule of Investments and Statements of Assets and Liabilities. Such collateral is held for the benefit of the counterparty in a segregated account to prevent non-payment by the Funds. If the counterparty defaults, a Fund may seek return of this collateral and incur certain costs exercising their rights to the collateral.

The average notional values of long total return swaps open during the period ended February 28, 2026, were $1,788,471 for the Man Active Income ETF, $263,653 for the Man Active High Yield ETF, and $12,153,136 for the Man Active Emerging Markets Alternative ETF. The average notional values of credit default swaps sell protection open during the period ended February 28, 2026, were $88,000 for the Man Active High Yield ETF. Open swap contracts outstanding at February 28, 2026, are listed in the Schedule of Investments.

For the period ended February 28, 2026, realized gains/(losses) and the change in unrealized appreciation / (depreciation) on swap agreements by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **ETF** | **Risk Type** | **Realized<br>Gain / (Loss)** | **Change in Unrealized<br>Appreciation /<br>(Depreciation)** |
|  Man Active Income ETF | Credit | $(45305) | $86744 |
|  Man Active High Yield ETF | Credit | $(8159) | $13104 |
|  Man Active Emerging Markets Alternative ETF | Equity | $1174617 | $419552 |

---

7. Organizational Expenses and Offering Costs

All costs relating to the organization and initial registration of the Funds, are being borne by the Adviser. The Adviser has also agreed to pay all ongoing administrative costs of the Funds, excluding certain trading costs (see Note 4). These costs are not subject to recoupment from the Funds by the Adviser.

8. Investment Transactions

Purchases and sales of investments, excluding in-kind transactions and short-term investments, for the period ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** |
|  Man Active Income ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28309253 | $9095999 |
|  Man Active High Yield ETF | 26744207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10026177 |
|  Man Active Emerging Markets Alternative ETF | 5953985 | 227889 |
|  Man Active Trend Enhanced ETF | 20503057 | 3562499 |

---

Purchases and sales of in-kind transactions for the period ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Funds** | **Purchases In-Kind** | **Sales In-Kind** |
|  Man Active Trend Enhanced ETF | $1042259 | $– |

---

9. Principal Risks

The following chart identifies the principal risks associated with each Fund. Risks not marked for a particular Fund may, however, still apply to some extent to that Fund at various times.

45.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Principal Risk** | **Man Active High** <br> **Yield ETF** | **Man Active** <br> **Income ETF** | **Man Active<br>Emerging Markets <br>Alternative ETF** | **Man Active Trend<br>Enhanced ETF** |
| &nbsp;&nbsp;&nbsp; Bank Loan Risk | ● | ● |  |  |
| &nbsp;&nbsp;&nbsp; Cash Transactions Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Company Capitalization Risk |  |  | ● |  |
| &nbsp;&nbsp;&nbsp; Concentration Risk |  |  | ● |  |
| &nbsp;&nbsp;&nbsp; Counterparty Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Credit Risk | ● | ● |  | ● |
| &nbsp;&nbsp;&nbsp; Debt Securities Risk | ● | ● |  |  |
| &nbsp;&nbsp;&nbsp; Depositary Receipt Risk |  |  | ● |  |
| &nbsp;&nbsp;&nbsp; Derivatives Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Distressed and Defaulted Securities Risk | ● | ● |  |  |
| &nbsp;&nbsp;&nbsp; Emerging Markets Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Equity Securities Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; ETF Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Fixed-Income Securities Risk | ● | ● |  | ● |
| &nbsp;&nbsp;&nbsp; Foreign Currency Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Foreign Investment Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Government and Agency Securities Risk |  | ● |  | ● |
| &nbsp;&nbsp;&nbsp; High Yield Securities Risk | ● | ● |  |  |
| &nbsp;&nbsp;&nbsp; Interest Rate Risk | ● | ● |  | ● |
| &nbsp;&nbsp;&nbsp; Large-Cap Company Risk |  |  |  | ● |
| &nbsp;&nbsp;&nbsp; Large Shareholder Risk | ● | ● |  |  |
| &nbsp;&nbsp;&nbsp; Leverage Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Liquidity Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Management Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Market Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Mortgage- and Asset-Backed Securities Risk | ● | ● |  |  |
| &nbsp;&nbsp;&nbsp; New Fund Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Non-Diversification Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Other Investment Company Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Portfolio Turnover Risk |  |  |  | ● |
| &nbsp;&nbsp;&nbsp; Securitization Risk |  | ● |  |  |
| &nbsp;&nbsp;&nbsp; Sovereign Debt Risk |  | ● |  |  |

---

46.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Subordinated Debt Risk | ● |  |  |  |
| &nbsp;&nbsp;&nbsp; Subsidiary Risk |  |  |  | ● |
| &nbsp;&nbsp;&nbsp; Synthetic Short Exposure Risk |  |  | ● |  |
| &nbsp;&nbsp;&nbsp; Tax Risk | ● | ● | ● | ● |
| &nbsp;&nbsp;&nbsp; Variable and Floating Rate Instrument Risk | ● | ● |  |  |

---

The Funds are subject to a number of principal risks that may affect the value of its shares. The following risks of investing in the Funds are listed below are presented in alphabetical order and not in order of importance or potential exposure.

#### Bank Loan Risk
The market for bank loans may not be highly liquid and the Funds may have difficulty selling them. In connection with purchasing loan participations, the Funds generally will have no right to enforce compliance by borrowers with loan terms nor any set-off rights, and the Funds may not benefit directly from any posted collateral. As a result, the Funds may be subject to the credit risk of both the borrower and the lender selling the participation. Bank loan transactions may take more than seven days to settle, meaning that proceeds would be unavailable to make additional investments or meet redemptions.

#### Cash Transactions Risk
The Funds currently intend to typically effect creation and redemptions via cash transactions, but the Trust reserves the right to require creations and redemption be effected in whole or in part "in-kind. " To the extent creations and redemptions are effected in cash, the Funds may be less tax-efficient than an investment in an ETF that does not elect to effect all creations and redemptions principally for cash. To the extent the Funds sells securities to meet some or all of a redemption request with cash, the Funds may incur taxable gains or losses that it might not have incurred had it made redemptions entirely in-kind. As a result, the Funds may pay out higher annual capital gain distributions than if the in-kind redemption process were used. Additionally, the Funds may incur additional brokerage costs related to buying and selling securities if the Funds utilize cash as part of a creation or redemption transaction than it would if the Funds had transacted entirely in-kind.

#### Company Capitalization Risk
The Funds may invest in companies with market capitalizations of any size, including small-capitalization and mid-capitalization (or "small-cap" and "mid-cap") companies. The additional risks posed by small-cap and mid-cap companies could increase the volatility of the Funds' portfolio and performance. Shareholders should expect that the value of the Funds' shares will be more volatile than a fund that invests exclusively in large-cap companies.

#### Concentration Risk
If the Funds investments are focused in one or more industries or sectors of the economy, such as the financials and information technology sectors, such funds would be less broadly invested across industries or sectors than other funds. This means that concentrated funds tend to be more volatile than other funds, and the values of their investments tend to go up and down more rapidly. In addition, funds that invests in particular sectors is particularly susceptible to the impact of market, economic, political, regulatory, and other conditions and risks affecting those sectors. From time to time, a small number of companies may represent a large portion of a single sector.

#### Counterparty Risk
The Funds are subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Funds.

#### Credit Risk
Failure of an issuer of a security to make timely interest or principal payments when due, or a decline or perception of a decline in the credit quality of the security, can cause the security's price to fall. The lower a security's credit rating, the greater the chance that the issuer of the security will default or fail to meet its payment obligations.

#### Debt Securities Risk
Debt securities, including those rated investment grade, are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable or unwilling, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline, and the Funds could lose money. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by the Funds, the more the Funds are subject to this risk.

#### Depositary Receipt Risk
The Funds may hold the securities of non-U.S. companies in the form of depositary receipts. The underlying securities of the depositary receipts in the Funds' portfolio are subject to fluctuations in foreign currency exchange rates that may affect the value of the Funds' portfolio. In addition, the value of

47.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading. Investments in the underlying foreign securities also involve political and economic risks distinct from those associated with investing in the securities of U.S. issuers.

#### Derivatives Risk
The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets, and the Funds' use of derivatives may result in losses to the Funds. Derivatives in which the Funds may invest can be highly volatile, illiquid and difficult to value, and there is the risk that changes in the value of a derivative held by the Funds will not correlate with the underlying assets or the Funds' other investments in the manner intended. Non-centrally-cleared over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central trading clearing counterparty resides with the Funds' clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Funds' ability to invest in derivatives, limit the Funds' ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Funds' performance. In addition, the Funds' investments in derivatives are subject to the following risks:

• Futures Contracts Risk- Risks of futures contracts include that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract.

• Foreign Currency Forward Contracts Risk- Foreign currency forward contracts are a type of derivative contract whereby the Fund may agree to buy or sell a country's or region's currency at a specific price on a specific date in the future. These contracts are subject to the risk of political and economic factors applicable to the countries issuing the underlying currencies and may fall in value due to foreign market downswings or foreign currency value fluctuations. Derivative contracts ordinarily have leverage inherent in their terms and low margin deposits normally required in trading derivatives permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Funds. The use of leveraged derivatives can magnify the Funds' potential gain or loss and, therefore, amplify the effects of market volatility on the Funds' share price.

• Swaps Risk- Depending on their structure, swap agreements and options to enter into swap agreements ("swaptions"), both of which are types of derivatives, may increase or decrease the Funds' exposure to long- or short-term interest rates, foreign currency values, corporate borrowing rates, or credit events or other reference points such as security prices or inflation rates.

• Options Risk- The use of option contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of option contracts are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, changes in interest or currency exchange rates, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. There may at times be an imperfect correlation between the movement in values option contracts and the reference asset, and there may at times not be a liquid secondary market for certain option contracts. Options on single stocks may be cash- or physically-settled, depending upon the market in which they are traded.

#### Distressed and Defaulted Securities Risk
Distressed and defaulted securities are speculative and involve substantial risks in addition to the risks of investing in high yield securities. These securities may present a substantial risk of default or may be in default at the time of investment, requiring the Funds to incur additional costs.

#### Emerging Markets Risk
Emerging market securities typically present even greater exposure to the risks of foreign developed countries and may be particularly sensitive to global economic conditions. Emerging market securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly during a market downturn. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Certain emerging market or developing countries are among the largest debtors to commercial banks and foreign governments. The issuer or governmental authority that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when due in accordance with the terms of such obligations.

#### Equity Securities Risk
The value of the Funds' portfolio holdings may fluctuate in response to the risk that the prices of equity securities, including common stock, rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

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Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

#### ETF Risk
Like other ETFs, the Funds, and any ETFs that the Funds invests in, are subject to the following risks:

• Authorized Participants Concentration Risk- The Funds have a limited number of financial institutions that may act as authorized participants (i.e., large institutions that have entered into agreements with the distributor of the Funds' shares and are authorized to transact in Creation Units (described below) with the Funds) ("Authorized Participants"). To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Funds and no other Authorized Participant is able to step forward to create or redeem, shares of the Funds may be more likely to trade at a premium or discount to net asset value ("NAV") and possibly face trading halts or delisting. This, in turn, could lead to wider spreads between the bid price (i.e., the highest price a buyer is willing to pay to purchase shares) and the ask price (i.e., the lowest price a seller is willing to accept for shares) of the Funds.

• Premium/Discount Risk- There may be times when the market price of the Funds' shares is more than the NAV intra-day (at a premium to NAV) or less than the NAV intra-day (at a discount to NAV). As a result, shareholders of the Funds may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, bid-ask spreads (as defined below) may widen and market or stop loss orders to sell Fund shares may be executed at prices well below NAV.

• Secondary Market Trading Risk- Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed amount and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. In addition, secondary market investors will incur the cost of the difference between the price that an investor is willing to pay for shares (the bid price) and the price at which an investor is willing to sell shares (the ask price). This difference in bid and ask prices is often referred to as the "spread" or "bid-ask spread." Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Funds. In addition, although the Funds' shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Funds' shares will continue to be listed.

• Cash Transactions Risk- The Funds may effect creation and redemptions partly or wholly for cash, but the Funds reserve the right to require creations and redemptions be effected in whole or in part "in-kind." To the extent creations and redemptions are effected in cash, the Funds may be less tax-efficient than an investment in an ETF that does not elect to effect all creations and redemptions principally for cash. To the extent the Funds sell securities to meet some or all of a redemption request with cash, the Funds may incur taxable gains or losses that it might not have incurred had it made redemptions entirely in-kind. As a result, the Funds may pay out higher annual capital gain distributions than if the in-kind redemption process were used. Additionally, the Funds may incur additional brokerage costs related to buying and selling securities if it utilizes cash as part of a creation or redemption transaction than it would if the Funds had transacted entirely in-kind.

#### Fixed-Income Securities Risk
The market value of a fixed-income security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening. Increases in volatility and decreases in liquidity may be caused by a rise in interest rates (or the expectation of a rise in interest rates). An unexpected increase in Fund redemption requests, including requests from shareholders who may own a significant percentage of the Funds' shares, which may be triggered by market turmoil or an increase in interest rates, could cause the Funds to sell its holdings at a loss or at undesirable prices and adversely affect the Funds' share price and increase the Funds' liquidity risk, fund expenses and/or taxable distributions. Central Banks' policy in response to market conditions, including with respect to interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities. Policy and legislative changes worldwide are affecting many aspects of financial regulation. The impact of these changes on the markets and the practical implications for market participants may not be fully known for some time.

#### Foreign Currency Risk
Investments in foreign currencies are subject to the risk that those currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar will decline relative to the currency being hedged. Foreign currencies, particularly the currencies of emerging market countries, are also subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government intervention and controls.

#### Foreign Investment Risk
Investments in foreign markets entail special risks, such as currency, political (including geopolitical), economic and market risks, and heightened risks, that may result in losses to the Funds. There also may be greater market volatility, less reliable financial information, less stringent investor protections and disclosure standards, higher transaction and custody costs and risks, decreased market liquidity and less government and exchange regulation

49.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

associated with investments in foreign markets. Investing in foreign government obligations, debt obligations of supranational entities and the sovereign debt of foreign countries, including emerging market countries, creates exposure to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located. A governmental obligor may default on its obligations. Some sovereign obligors have been among the world's largest debtors to commercial banks, other governments, international financial organizations and other financial institutions. These obligors, in the past, have experienced substantial difficulties in servicing their external debt obligations, which led to defaults on certain obligations and the restructuring of certain indebtedness.

#### Government and Agency Securities Risk
U.S. government and agency securities (such as securities issued by Government National Mortgage Association ("Ginnie Mae"), Federal National Mortgage Association or Federal Home Loan Mortgage Corporation) are subject to market risk, interest rate risk credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury or Ginnie Mae, that are backed by the full-faith-and- credit of the United States, are guaranteed only as to the timely payment of interest and principal when held to maturity, but the market prices for such securities are not guaranteed and will fluctuate.

#### High Yield Securities Risk
High yield securities and unrated securities of similar credit quality (commonly known as 'junk bonds") are considered speculative and have a much greater risk of default or of not returning principal and their values tend to be more volatile than higher-rated securities with similar maturities.

#### Interest Rate Risk
Prices of fixed-income securities tend to move inversely with changes in interest rates. Typically, a rise in rates will adversely affect fixed-income securities and, accordingly, will cause the value of the Fund's investments in these securities to decline. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. When interest rates fall, the Funds' investments in new securities may be at lower yields and may reduce the Funds' income. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from fund performance. The magnitude of these fluctuations in the market price of fixed-income securities is generally greater for securities with longer effective maturities and durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. Unlike investment grade bonds, however, the prices of high yield ("junk") bonds may fluctuate unpredictably and not necessarily inversely with changes in interest rates.

#### Large-Cap Company Risk
The Funds may invest in large-capitalization (or "large-cap") companies. Large-cap companies may have fewer opportunities to expand the market for their products or services, may focus their competitive efforts on maintaining or expanding their market share, and may be less capable of responding quickly to competitive challenges. These factors could result in the share price of large companies not keeping pace with the overall stock market or growth in the general economy, and could have a negative effect on the Funds' portfolio, performance and share price.

#### Large Shareholder Risk
A significant percentage of the Funds shares may be owned or controlled by the Adviser and its affiliates, or one or more other large shareholders. Accordingly, the Funds are subject to the potential for large-scale inflows and outflows as a result of purchases and redemptions of its shares by such shareholders. These inflows and outflows could negatively affect the Funds' net asset value and performance.

#### Leverage Risk
Certain Fund transactions, for example, the Funds' principal strategy of using derivative instruments in the form of futures contracts, creates leverage. Leverage can result from exposure to an asset, index, rate, or underlying reference instrument. Leverage can increase both the risk and return potential of the Funds. The use of leverage may cause the Funds to maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. The loss on leveraged investments may substantially exceed the initial investment.

#### Liquidity Risk
When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. In such a market, the value of such securities and the Funds' share price may fall dramatically. The market for below investment grade securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Investments in foreign securities, particularly those of issuers located in emerging markets, tend to have greater exposure to liquidity risk than domestic securities.

#### Management Risk
The Funds are actively managed. Investment decisions, techniques, analyses or models implemented by the Funds' Adviser or Sub-Adviser in seeking to achieve the Funds' investment objective may not produce expected returns, may cause the Funds' shares to lose value or may cause the Funds to underperform other funds with similar investment objectives.

#### Market Risk
The values of, and/or the income generated by, securities held by the Funds may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments.

50.0 ------

Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

#### Mortgage- and Asset-Backed Securities Risk
Mortgage- and asset-backed securities may decline in value and become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are low, the prepayment of mortgages or assets underlying such securities can reduce a Funds' returns.

#### New Fund Risk
The Funds are new funds, with a limited or no operating history and a small asset base. There can be no assurance that the Funds will grow to or maintain a viable size. Due to the Funds' small asset base, certain of the Funds' expenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent that the Funds do not grow to or maintain a viable size, they may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to some shareholders.

#### Non-Diversification Risk
The Funds are non-diversified, which means that they may invest a greater percentage of its assets than a diversified fund in the securities of a limited number of issuers. The use of a non-diversified investment strategy may increase the volatility of the Funds' investment performance, as the Funds may be more susceptible to risks associated with a single economic, political or regulatory event.

#### Other Investment Company Risk
Investments in other investment companies (including ETFs and money market funds) are subject to market and selection risk. In addition, if the Funds acquire shares of investment companies, shareholders bear both their proportionate share of expenses in the Funds and, indirectly, the expenses of the investment companies.

#### Portfolio Turnover Risk
The Funds may actively and frequently trade all or a significant portion of the Funds' holdings. A high portfolio turnover rate increases transaction costs, which may increase the Funds' expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

#### Securitization Risk
The Funds may invest in securitized debt instruments which are bonds that are backed by pools of individual loans. The risks associated with securitized instruments are those associated with the underlying loan assets, including credit and interest rate risk, as well as prepayment and liquidity risks.

#### Sovereign Debt Risk
Investments in debt instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

#### Subordinated Debt Risk
The Funds may invest in debt securities that are subordinated to more senior securities of the issuer. Holders of debt securities that are subordinated or 'junior" to more senior securities are entitled to payment after holders of more senior securities. Subordinated debt securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer, may be disproportionately affected by a default, downgrade or perceived decline in creditworthiness, and may take longer to recover interest or principal.

#### Subsidiary Risk
By investing in the Subsidiary, the Man Active Trend Enhanced ETF is indirectly exposed to the risks associated with the Subsidiary's investments. The futures contracts and other investments held by the Subsidiary are subject to the same economic risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns. In addition, the Subsidiary is also subject to many of the risks to which the Fund is subject.

#### Synthetic Short Exposure Risk
The Funds may gain synthetic short exposure through a forward commitment through a swap agreement. Synthetic short exposures involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment.

#### Tax Risk
In order to qualify for the favorable tax treatment available to regulated investment companies, the Funds must satisfy certain income, asset diversification and distribution requirements each year. If the Funds were to fail the favorable tax treatment requirements, they would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance. The tax treatment of derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Funds' taxable income or gains and distributions.

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Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

#### Variable and Floating Rate Instrument Risk
During periods of rising interest rates, because changes in interest rates on adjustable rate securities may lag behind changes in market rates, the value of such securities may decline until their interest rates reset to market rates. During periods of declining interest rates, because the interest rates on adjustable rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed rate securities.

10. Capital Share Transactions

Shares of the Man Active High Yield ETF and the Man Active Income ETF are listed on the NYSE Arca, Inc. exchange and shares of the Man Active Emerging Markets Alternative ETF and the Man Active Trend Enhanced ETF are listed on the NASDAQ Stock Market LLC ("NASDAQ"). These exchanges are national securities exchanges and trades occur in the secondary market, where most investors may buy and sell them at market prices that change throughout the day. Such market prices may be lower, higher or equal to net asset value ("NAV"). Accordingly, when transacting in the secondary market, investors may pay more than NAV when purchasing shares and receive less than NAV when selling shares. They may also be subject to brokerage commissions and charges. The Funds issue and redeem shares at NAV only in aggregations of a specified number of shares ("Creation Units"), generally in exchange for a basket of securities ("Basket"), together with a specified cash payment or, in certain circumstances, for an all cash payment. Unlike mutual funds, shares are not individually redeemable.

A purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units. The Funds may adjust the creation transaction fee from time to time. In addition, a variable fee may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses related to the execution of trades resulting from such transaction. The Funds may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the deposit securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover.

For the periods shown in the table below, transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br><br>**Man Active**<br>**Income ETF** |<br><br>**Man Active**<br>**High Yield ETF** | **Man Active**<br>**Emerging**<br>**Markets**<br>**Alternative**<br>**ETF** |<br>**Man Active**<br>**Trend**<br>**Enhanced ETF**<br>**(Consolidated)** |
|  | **For the Period**<br>**September 16,**<br>**2025\* to**<br>**February 28,**<br>**2026** | **For the Period**<br>**September 16,**<br>**2025\* to**<br>**February 28,**<br>**2026** | **For the Period**<br>**December 16,**<br>**2025\* to**<br>**February 28,**<br>**2026** | **For the Period**<br>**December 16,**<br>**2025\* to**<br>**February 28,**<br>**2026** |
|  **Changes in Shares Outstanding** |  |  |  |  |
|  Shares outstanding, beginning of period |  |  |  |  |
|  Shares created | 840001 | 784000 | 400004 | 1280004 |
|  Shares redeemed |  |  |  |  |
|  Shares outstanding, end of period | **840001** | **784000** | **400004** | **1280004** |

---

A redemption transaction fee may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units. The Funds may adjust the redemption transaction fee from time to time. In addition, a variable fee, payable to the Funds, may be imposed for cash redemptions, non-standard orders, or partial cash redemptions for the Funds. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses related to the execution of trades resulting from such transaction. The Funds may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of the Funds' shareholders. Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the redemption transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Funds' securities to the account of the Trust.

11. Federal Income Taxes

At February 28, 2026, gross unrealized appreciation and depreciation of investments owned by each Fund, based on cost for federal income tax purposes were as follows:

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Man ETF Series Trust

**Notes to Financial Statements** (Continued)

For the period from commencement of operations through February 28, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Gross** | **Gross** | **Net Unrealized** |
|  | | **Unrealized** | **Unrealized** | **Appreciation/** |
| **Funds** | **Cost** | **Appreciation** | **Depreciation** | **(Depreciation)** |
|  Man Active Income ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19630449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326781 | $(196522) | $130259 |
|  Man Active High Yield ETF | 17495806 | 219305 | (450398) | (231093) |
|  Man Active Emerging Markets Alternative ETF | 10520954 | 467515 | (223550) | 243965 |
|  Man Active Trend Enhanced ETF | 28528080 | 202292 | (375) | 201917 |

---

The tax character of current year distributions will be determined at the end of the current fiscal year.

12. Subsequent Events

In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were available to be issued. The Trust has concluded that there are no subsequent events to note.

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Man ETF Series Trust

Board Considerations Regarding Approval of Investment Management Agreements and Sub-Advisory Agreements

#### Board Considerations Regarding Approval of Investment Advisory Agreement and Sub-Advisory Agreement for

#### Man Active High Yield ETF

#### Man Active Income ETF
At a meeting held on September 4, 2025, the Board of Trustees (the "Board") of Man ETF Series Trust (the "Trust"), which is comprised solely of trustees who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "Trustees"), approved the Investment Advisory Agreement (the "Advisory Agreement") between Man Solutions LLC (the "Adviser") and the Trust for Man Active High Yield ETF and Man Active Income ETF (each, a "Fund" and collectively, the "Funds") and the Sub-Advisory Agreement for each Fund between the Adviser and GLG Partners LP (the "Sub-Adviser") (the "Sub-Advisory Agreement").

#### Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided to each Fund, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser's relationship with each Fund.

*Nature, Extent and Quality of Services*. In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds. The Trustees considered information regarding each Fund's investment objective, strategies and process. The Trustees noted other information the Board received and considered describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Man Group plc. The Trustees reviewed information related to the Adviser's and Sub-Adviser's compliance policies and procedures. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds' distributor, administrator, custodian, transfer agent and the Sub-Adviser. They noted the significant amount of time, effort and resources that was expected to be provided for each Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Advisory Agreement were expected to be satisfactory.

Fees, Expenses and Profitability. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed unitary advisory fee, as compared to Adviser-identified select peer funds. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund, including the fees payable to the Sub-Adviser, except for acquired fund fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the select peer group as shown below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Unitary Fee** | **Select Peer Group** |
|  Man Active High Yield ETF | 0.69% | Lower than 2 of 3<br>peers |
|  Man Active Income ETF | 0.85% | Lower than 1 of 3<br>peers |

---

Based on all of the information provided, the Board concluded that each Fund's proposed unitary advisory fee was reasonable in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fees, the Trustees also considered the sub-advisory fees to be paid by the Adviser for each Fund. Because the Funds had not yet commenced operations, the Adviser provided projected profitability for each Fund at various asset levels.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale*. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that any reduction in fixed costs associated with

54.0 ------

Man ETF Series Trust

**Board Considerations Regarding Approval of Investment Management Agreements and Sub-Advisory Agreements** (Continued)

the management of each Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees also noted that it is not anticipated that either Fund will generate significant profit for the Adviser and/or its affiliates for some time.

*Fall-out Benefits*. The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.

Based on all of the information considered and the conclusions reached, the Board determined to approve the Advisory Agreement for each Fund for an initial two-year period. No single factor was determinative in the Board's analysis.

#### Sub-Advisory Agreements
As noted above, the Board approved the Sub-Advisory Agreement for each Fund at a meeting held on September 4, 2025. The review process followed by the Board is described in detail above. In connection with the review of the Sub-Advisory Agreement, the Board considered the factors described below, among others.

*Nature, Extent and Quality of Services*. The Trustees considered the nature, extent and quality of services to be provided to each Fund under the Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of the Sub-Adviser, the services to be provided by the Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel will manage the Funds, and the investment personnel who will be responsible for the day-to-day management of each Fund. The Board considered additional information it received regarding each Fund's investment strategy at the Board's September 4, 2025 meeting, as well as performance information for other fixed income accounts managed by the Sub-Adviser relative to each Fund's proposed benchmark index and the Adviser-identified select peer funds.

Based on its review, the Board concluded that the nature, extent and quality of services to be provided by the Sub-Adviser to each Fund under the Sub-Advisory Agreement were expected to be satisfactory.

*Fees and Expenses*. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Adviser on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each Fund and noted that the Adviser will compensate the Sub-Adviser from its fee. The Board further considered whether the sub-advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the sub-advisory fee rates were reasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale*. As part of their review of the Advisory Agreement for each Fund, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that it is not anticipated that either Fund will generate significant profit for the Adviser and/or its affiliates for some time.

*Fall-out Benefits*. The Trustees considered that the Sub-Adviser identified no additional benefits that it will receive from its relationship with the Funds, and noted that the Sub-Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.

Based on all of the information considered and the conclusions reached, the Board determined to approve the Sub-Advisory Agreement for each Fund for an initial two-year period. No single factor was determinative in the Board's analysis.

#### Board Considerations Regarding Approval of Investment Advisory Agreement and Sub-Advisory Agreements for

#### Man Active Emerging Markets Alternative ETF

#### Man Active Trend Enhanced ETF
At a meeting held on December 4, 2025, the Board of Trustees (the "Board") of Man ETF Series Trust (the "Trust"), which is comprised solely of trustees who are not "interested persons" as defined in the Investment Company Act of 1940, as amended (the "Trustees"), approved the Investment Advisory Agreement (the "Advisory Agreement") between Man Solutions LLC (the "Adviser") and the Trust for Man Active Emerging Markets Alternative ETF and Man Active Trend Enhanced ETF (each, a "Fund" and collectively, the "Funds") and the Sub-Advisory Agreement for each Fund between the Adviser and Numeric Investors LLC ("Numeric") with respect to Man Active Emerging Markets Alternative ETF and AHL Partners LP ("AHL") with respect to Man Active Trend Enhanced ETF (each, a "Sub-Advisory Agreement"). (Numeric and AHL are referred to herein as a "Sub-Adviser" and collectively, the "Subadvisers").

55.0 ------

Man ETF Series Trust

**Board Considerations Regarding Approval of Investment Management Agreements and Sub-Advisory Agreements** (Continued)

#### Advisory Agreement
The Trustees reviewed information from the Adviser describing: (i) the nature, extent and quality of services to be provided to each Fund, (ii) the proposed unitary advisory fee for each Fund and comparisons to amounts paid by other comparable registered investment companies, (iii) the extent to which economies of scale may be realized as each Fund grows and whether the fee levels reflect any possible economies of scale for the benefit of Fund shareholders, and (iv) any further benefits to be realized by the Adviser or its affiliates from the Adviser's relationship with each Fund.

*Nature, Extent and Quality of Services*. In evaluating the nature, extent and quality of the Adviser's services, the Trustees reviewed information concerning the functions to be performed by the Adviser for each Fund, including the persons who will be responsible for the day-to-day management of the Funds. The Trustees considered information regarding each Fund's investment objective, strategies and process. The Trustees noted other information the Board received and considered describing the Adviser's current organization and staffing, including operational support provided by the Adviser's parent organization, Man Group plc. The Trustees reviewed information related to the Adviser's and Sub-Advisers' compliance policies and procedures. Because the Funds had not yet commenced operations, the Trustees noted that no performance information for the Funds could be provided.

The Trustees considered the services to be provided by the Adviser in its oversight of the Funds' distributor, administrator, custodian, transfer agent and the Sub-Advisers. They noted the significant amount of time, effort and resources that was expected to be provided for each Fund.

Based on its review, the Board concluded that the nature, extent and quality of the services to be provided by the Adviser to each Fund under the Advisory Agreement were expected to be satisfactory.

*Fees, Expenses and Profitability*. The Trustees reviewed and discussed the information provided by the Adviser on each Fund's proposed unitary advisory fee, as compared to Adviser-identified select peer funds. The Trustees noted that the proposed annual advisory fee to be charged to each Fund was a unitary fee, and that the Adviser has agreed to pay all other operating expenses of each Fund, including the fees payable to the Sub-Adviser, except for acquired fund fees and expenses, brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses. The Trustees noted each Fund's proposed unitary advisory fee as compared to the select peer group as shown below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Unitary Fee** | **Select Peer Group** |
|  Man Active Emerging Markets Alternative ETF | 0.85% | Lower than 1 of 2<br>peers |
|  Man Active Trend Enhanced ETF | 0.95% | Lower than 3 of 3<br>peers |

---

Based on all of the information provided, the Board concluded that each Fund's proposed unitary advisory fee was reasonable in light of the services to be provided, the distinguishing factors of the Fund, and the administrative, operational and management oversight services to be provided by the Adviser and the related costs in providing such services.

In conjunction with their review of the unitary advisory fees, the Trustees also considered the sub-advisory fees to be paid by the Adviser for each Fund. Because the Funds had not yet commenced operations, the Adviser provided projected profitability for each Fund at various asset levels.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale*. The Trustees reviewed the information provided by the Adviser as to the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that any reduction in fixed costs associated with the management of each Fund would be enjoyed by the Adviser, but a unitary advisory fee provides a level of certainty in expenses for each Fund. The Trustees also noted that it is not anticipated that either Fund will generate significant profit for the Adviser and/or its affiliates for some time.

*Fall-out Benefits*. The Trustees considered that the Adviser identified no additional benefits that it will receive from its relationship with the Funds, and noted that the Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Funds.

Based on all of the information considered and the conclusions reached, the Board determined to approve the Advisory Agreement for each Fund for an initial two-year period. No single factor was determinative in the Board's analysis.

56.0 ------

Man ETF Series Trust

**Board Considerations Regarding Approval of Investment Management Agreements and Sub-Advisory Agreements** (Continued)

#### Sub-Advisory Agreements
As noted above, the Board approved the respective Sub-Advisory Agreement for each Fund at a meeting held on December 4, 2025. The review process followed by the Board is described in detail above. In connection with the review of each Sub-Advisory Agreement, the Board considered the factors described below, among others.

*Nature, Extent and Quality of Services*. The Trustees considered the nature, extent and quality of services to be provided to each Fund under the respective Sub-Advisory Agreement. The Trustees reviewed the qualifications and background of each Sub-Adviser with respect to the applicable Fund, the services to be provided by the Sub-Adviser, the investment approach of the Sub-Adviser whose investment personnel will manage the Fund, and the investment personnel who will be responsible for the day-to-day management of the Fund. The Board considered additional information it received regarding each Fund's investment strategy at the Board's December 4, 2025 meeting as provided by the portfolio managers for the Fund. For the Man Active Emerging Markets Alternative ETF, the Board noted that Numeric does not manage an existing investment strategy substantially similar to the Fund so considered performance of peer groups that the Sub-Adviser believes are most representative of the Fund's investment strategy. For the Man Active Trend Enhanced ETF, the Board considered performance information for trend following accounts managed by AHL relative to the Barclays BTOP50 Index and the Adviser-identified select peer funds.

Based on its review, the Board concluded that the nature, extent and quality of services to be provided by each Sub-Adviser with respect to the applicable Fund under the respective Sub-Advisory Agreement were expected to be satisfactory.

*Fees and Expenses*. The Trustees reviewed and discussed the information provided by the Adviser and the Sub-Advisers on the sub-advisory fee rates under the Sub-Advisory Agreement. The Trustees considered how the sub-advisory fees relate to the overall advisory fee for each Fund and noted that the Adviser will compensate each Sub-Adviser from its fee. The Board further considered whether the sub-advisory fee rate for each Fund was reasonable in relation to the proposed services and product strategy of the Fund, and they concluded that the sub-advisory fee rates were reasonable.

*Economies of Scale and Whether Fee Levels Reflect These Economies of Scale*. As part of their review of the Advisory Agreement for each Fund, the Trustees considered the extent to which economies of scale may be realized as each Fund grows and whether fee levels reflect economies of scale for the benefit of the Fund's shareholders. The Trustees noted that it is not anticipated that either Fund will generate significant profit for the Adviser and/or its affiliates for some time.

*Fall-out Benefits*. The Trustees considered that Numeric may be a party to soft-dollar arrangements with respect to the Man Active Emerging Markets Alternative ETF but will not be a party to any commission recapture or directed brokerage arrangements with respect to the Fund. The Trustees noted that AHL identified no additional benefits that it will receive from its relationship with the Man Active Trend Enhanced ETF, and noted that the Sub-Adviser will not be a party to any soft-dollar, commission recapture or directed brokerage arrangements with respect to the Fund.

Based on all of the information considered and the conclusions reached, the Board determined to approve the respective Sub-Advisory Agreement for each Fund for an initial two-year period. No single factor was determinative in the Board's analysis

57.0 ------

Man ETF Series Trust

**Additional Information** (Unaudited)

#### Proxy Voting Policies and Procedures
The Adviser votes proxies relating to the Funds' portfolio securities in accordance with procedures adopted by the Adviser. You may obtain a description of these procedures, free of charge, by calling toll-free 212-649-6600. This information is also available through the SEC's website at http://www.sec.gov.

Information regarding how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 212-649-6600. This information is also available through the SEC's website at http:// www.sec.gov.\*

\* Please be advised that due to the fact that the Funds commenced operations after June 30th, 2025, the first 12-month period to be made available will occur after June 30th, 2026.

#### Portfolio Holdings Information
The Trust files the Funds' complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Trust's Form N-PORT filings are available on the SEC website at http://www.sec.gov. Information regarding the Trust's Form N-PORT filings is also available, without charge, by calling toll-free, 212-649-6600.

#### Discount & Premium Information
Information regarding how often shares of each Fund traded on the NYSE Arca, Inc. or NASDAQ, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.man.com/etfs.

58.0 ------

(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

------

Included under Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

------

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d147595dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d147595dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Man ETF Series Trust |
| By (Signature and Title)  | <u>/s/ Michael Barrer</u>  |
|  | Michael Barrer |
|  | President and Principal Executive Officer |

---

Date May 5, 2026

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

---

| | |
|:---|:---|
| By (Signature and Title)  | <u>/s/ Michael Barrer</u>  |
|  | Michael Barrer |
|  | President and Principal Executive Officer |
| By (Signature and Title) | <u>/s/ Trent Statczar</u>  |
|  | Trent Statczar |
|  | Treasurer, Principal Financial Officer |

---

Date May 5, 2026

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Michael Barrer, certify that:

1. I have reviewed this report on Form N-CSR of Man ETF Series Trust;

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

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

4. The registrant's other certifying officer(s) 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;(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;(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;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: May 5, 2026  | <u>/s/ Michael Barrer</u>  |
|  | Michael Barrer |
|  | President and Principal Executive<br> Officer |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Trent Statczar, certify that:

1. I have reviewed this report on Form N-CSR of Man ETF Series Trust;

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

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

4. The registrant's other certifying officer(s) 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;(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;(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;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: May 5, 2026  | <u>/s/ Trent Statczar</u>  |
|  | Trent Statczar |
|  | Treasurer, Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Michael Barrer, President and Principal Executive Officer of Man ETF Series Trust (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant for the period ended
February 28, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

| | |
|:---|:---|
| Date: May 5, 2026  | <u>/s/ Michael Barrer</u>  |
|  | Michael Barrer |
|  | President and Principal Executive<br> Officer |

---

I, Trent Statczar, Treasurer, Principal Financial Officer of Man ETF Series Trust (the "Registrant"), certify that:

1. The Form N-CSR of the Registrant for the period ended
February 28, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

| | |
|:---|:---|
| Date: May 5, 2026  | <u>/s/ Trent Statczar</u>  |
|  | Trent Statczar |
|  | Treasurer, Principal Financial Officer |

---