# EDGAR Filing Document

**Accession Number:** 0001888997
**File Stem:** 0001398344-25-011526
**Filing Date:** 2025-6
**Character Count:** 263886
**Document Hash:** 2a34da21a0480674e39bf21d63a4805c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011526.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001398344-25-011526

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEI Exchange Traded Funds
- **CENTRAL INDEX KEY:** 0001888997

**ORGANIZATION NAME:**
- **EIN:** 876679400
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23754
- **FILM NUMBER:** 251030770

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 610-676-1000

**MAIL ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### SEI Enhanced Low Volatility U.S. Large Cap ETF (Series ID: S000075036)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000233738 | SEI Enhanced Low Volatility U.S. Large Cap ETF | SELV            |

### SEI Enhanced U.S. Large Cap Momentum Factor ETF (Series ID: S000075037)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000233739 | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEIM            |

### SEI Enhanced U.S. Large Cap Quality Factor ETF (Series ID: S000075038)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000233740 | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEIQ            |

### SEI Enhanced U.S. Large Cap Value Factor ETF (Series ID: S000075039)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000233741 | SEI Enhanced U.S. Large Cap Value Factor ETF | SEIV            |

### SEI Select Emerging Markets Equity ETF (Series ID: S000085974)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000251374 | SEI Select Emerging Markets Equity ETF | SEEM            |

### SEI Select International Equity ETF (Series ID: S000085975)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000251375 | SEI Select International Equity ETF | SEIE            |

### SEI Select Small Cap ETF (Series ID: S000085976)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000251376 | SEI Select Small Cap ETF | SEIS            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-23754**

**SEI EXCHANGE TRADED FUNDS**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

Timothy D. Barto, Esq.

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: 610-676-1000**

**Date of fiscal year end: March 31, 2025**

**Date of reporting period: March 31, 2025**

**Item 1. Reports to Stockholders.**

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

**# Annual Shareholder Report: March 31, 2025
![Image](i333b87b8698c284651ed29bd.jpg)

## SEI Enhanced U.S. Large Cap Quality Factor ETF

## SEI Exchange Traded Funds - SEIQ

## Principal Listing Exchange: Cboe BZX Exchange

## Fund Overview
This annual shareholder report contains important information about the SEI Enhanced U.S. Large Cap Quality Factor ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Enhanced U.S. Large Cap Quality Factor ETF | $16 | 0.15% |

---

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![Growth Chart](ia657c64fea86617eb8395d86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | SEI Enhanced U.S. Large Cap Quality Factor ETF - $14436 | S&P 500 Index (TR) - $14949 | Russell 1000 Index (USD) - $14866 |
| May/22 | $10000 | $10000 | $10000 |
| Mar/23 | $11008 | $10632 | $10617 |
| Mar/24 | $13166 | $13809 | $13787 |
| Mar/25 | $14436 | $14949 | $14866 |

---

## How did the Fund perform in the last year?
The Fund outperformed its primary benchmark, the Russell 1000 Index, for the 12-month period ending March 31, 2025.

Quality factors outperformed within the U.S. large-cap equity universe over the reporting period, driven by strong stock-level contributors and exposure to low volatility characteristics. This positioning benefited Fund performance in an environment of decelerating economic growth, elevated geopolitical risk, and persistent inflation uncertainty.

While the Fund underperformed its benchmark early in the period—due in part to a structural underweight allocation to expensive, artificial intelligence (AI)-driven mega-cap technology stocks—performance subsequently rebounded as investor sentiment rotated toward more defensive areas of the market. This shift was rewarded through the Fund's primary quality factor exposure and provided a meaningful tailwind to the relative performance. Regarding sector allocation, Fund performance was bolstered by an overweight to consumer staples (tobacco companies Philip Morris International and Altria Group), an underweight to materials, and stock selection within industrials. Conversely, stock selection within the information technology sector and an underweight to financials detracted from Fund performance for the period.

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| Fund/Index Name | 1 Year | Annualized Since Inception |
| SEI Enhanced U.S. Large Cap Quality Factor ETF | 9.65% | 13.64% |
| S&P 500 Index (TR) | 8.25% | 15.03% |
| Russell 1000 Index (USD) | 7.82% | 14.81% |

---

Since its inception on May 18, 2022. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $279166 | 58 | $377 | 40% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ia78feabd2ab5a826bdffb29f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Health Care | 6.0% |
| Financials | 9.3% |
| Industrials | 9.4% |
| Communication Services | 11.3% |
| Consumer Staples | 16.2% |
| Consumer Discretionary | 16.6% |
| Information Technology | 30.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| Apple | 7.3% |
| Microsoft | 5.5% |
| Meta Platforms, Cl A | 4.4% |
| Alphabet, Cl C | 4.1% |
| Visa, Cl A | 3.4% |
| Philip Morris International | 3.4% |
| O'Reilly Automotive | 3.3% |
| Booking Holdings | 3.0% |
| Johnson & Johnson | 3.0% |
| Procter & Gamble | 2.8% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## SEI Enhanced U.S. Large Cap Quality Factor ETF

## SEI Exchange Traded Funds - SEIQ

## Principal Listing Exchange: Cboe BZX Exchange

## Annual Shareholder Report: March 31, 2025

## SEIQ-AR-2025
![Image](i333b87b8698c284651ed29bd.jpg)

# Annual Shareholder Report: March 31, 2025
![Image](i333b87b8698c284651ed29bd.jpg)

## SEI Enhanced U.S. Large Cap Momentum Factor ETF

## SEI Exchange Traded Funds - SEIM

## Principal Listing Exchange: Cboe BZX Exchange

## Fund Overview
This annual shareholder report contains important information about the SEI Enhanced U.S. Large Cap Momentum Factor ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Enhanced U.S. Large Cap Momentum Factor ETF | $16 | 0.15% |

---

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![Growth Chart](ie47165c557849fea49bdcad0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | SEI Enhanced U.S. Large Cap Momentum Factor ETF - $14750 | S&P 500 Index (TR) - $14949 | Russell 1000 Index (USD) - $14866 |
| May/22 | $10000 | $10000 | $10000 |
| Mar/23 | $10274 | $10632 | $10617 |
| Mar/24 | $13056 | $13809 | $13787 |
| Mar/25 | $14750 | $14949 | $14866 |

---

## How did the Fund perform in the last year?
The Fund outperformed its primary benchmark, the Russell 1000 Index, for the 12-month period ending March 31, 2025.

Momentum factors outperformed within the U.S. large-cap equity universe over the reporting period due to the persistence of previously established market leadership from mega-cap technology stocks and other artificial intelligence (AI)-related names. The contribution from momentum factors was hampered by the Fund's inherent underweight exposure to the low volatility factor, which held up firmly when the market went through a rotation away from mega-cap stocks in mid-2024 and the first quarter of 2025. Positioning in recent months to steer the Fund away from being overweight in extremely expensive momentum stocks helped to limit a decline in the Fund's net asset value.

While the overall contribution from factors during the reporting period was not significant, Fund performance benefited primarily from an overweight allocation to AppLovin Corp., as investors' enthusiasm in the AI-powered app monetization company continued throughout 2024, on the back of strong earnings reports. Fund performance also was enhanced by an overweight to Howmet Aerospace, as investors took a favorable view of the stock's performance and profitability guidance amid a recovery in commercial aircraft production, and Axon Enterprise, which experienced strong earnings growth after adding new products and services to its law enforcement technology business.

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| Fund/Index Name | 1 Year | Annualized Since Inception |
| SEI Enhanced U.S. Large Cap Momentum Factor ETF | 12.97% | 14.49% |
| S&P 500 Index (TR) | 8.25% | 15.03% |
| Russell 1000 Index (USD) | 7.82% | 14.81% |

---

Since its inception on May 18, 2022. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $516041 | 65 | $757 | 78% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](iee78dc3f624ae6b6b8078d56.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Energy | 0.5% |
| Materials | 1.8% |
| Utilities | 2.6% |
| Consumer Staples | 3.5% |
| Consumer Discretionary | 10.1% |
| Communication Services | 11.0% |
| Industrials | 12.8% |
| Financials | 15.0% |
| Health Care | 16.3% |
| Information Technology | 25.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| NVIDIA | 6.8% |
| Apple | 6.1% |
| Meta Platforms, Cl A | 4.8% |
| Walmart | 3.0% |
| Microsoft | 3.0% |
| Alphabet, Cl A | 3.0% |
| Howmet Aerospace | 2.9% |
| Boston Scientific | 2.7% |
| Entergy | 2.6% |
| Cencora | 2.5% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## SEI Enhanced U.S. Large Cap Momentum Factor ETF

## SEI Exchange Traded Funds - SEIM

## Principal Listing Exchange: Cboe BZX Exchange

## Annual Shareholder Report: March 31, 2025

## SEIM-AR-2025
![Image](i333b87b8698c284651ed29bd.jpg)

# Annual Shareholder Report: March 31, 2025
![Image](i333b87b8698c284651ed29bd.jpg)

## SEI Enhanced U.S. Large Cap Value Factor ETF

## SEI Exchange Traded Funds - SEIV

## Principal Listing Exchange: Cboe BZX Exchange

## Fund Overview
This annual shareholder report contains important information about the SEI Enhanced U.S. Large Cap Value Factor ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Enhanced U.S. Large Cap Value Factor ETF | $15 | 0.15% |

---

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![Growth Chart](ic7b3fd8371f956acc9d55e7e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | SEI Enhanced U.S. Large Cap Value Factor ETF - $13770 | S&P 500 Index (TR) - $14949 | Russell 1000 Index (USD) - $14866 |
| May/22 | $10000 | $10000 | $10000 |
| Mar/23 | $9848 | $10632 | $10617 |
| Mar/24 | $12912 | $13809 | $13787 |
| Mar/25 | $13770 | $14949 | $14866 |

---

## How did the Fund perform in the last year?
The Fund underperformed its primary benchmark, the Russell 1000 Index, for the 12-month period ending March 31, 2025.

Value factors lagged within the U.S. large-cap equity universe over the reporting period, weighed down by a slowing U.S. macroeconomic backdrop, elevated market volatility driven by concerns about the Trump administration's imposition of tariffs on imported goods, and the concentrated outperformance of expensive, artificial intelligence (AI)-related mega-cap technology stocks. This environment proved unfavorable for value-focused strategies, and the primary headwind to the Fund's relative performance for the period resulted from sustained value factor underperformance. Despite these challenges, stock-level active risk controls contributed positively to Fund performance. In addition, secondary quality factors provided some support to Fund performance, particularly through exposure to defensive stocks.

Sector allocation effects modestly enhanced the Fund's relative performance for the reporting period. A small overweight allocation to the communication services sector and an underweight to the consumer discretionary sector bolstered performance. At the stock level, key detractors included structural underweights to shares of mega-cap companies such as Tesla Inc., Apple Inc., and Nvidia Corp., which benefited from strong investor enthusiasm around AI. Exposure to wireless chip-maker Skyworks Solutions weighed on Fund performance, reflecting investors' concerns over its competitive positioning and loss of its major customer, Apple. These detractors were partially offset by positive contributions from positions in telecommunications company AT&T Corp. and tobacco company Altria Group, which benefited from a market rotation into defensive stocks amid shifting investor sentiment.

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| Fund/Index Name | 1 Year | Annualized Since Inception |
| SEI Enhanced U.S. Large Cap Value Factor ETF | 6.65% | 11.79% |
| S&P 500 Index (TR) | 8.25% | 15.03% |
| Russell 1000 Index (USD) | 7.82% | 14.81% |

---

Since its inception on May 18, 2022. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $526127 | 118 | $740 | 60% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](id4586b0827749165ce267c9e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Energy | 0.9% |
| Materials | 1.6% |
| Utilities | 2.2% |
| Industrials | 5.7% |
| Consumer Discretionary | 7.6% |
| Consumer Staples | 9.7% |
| Health Care | 11.1% |
| Communication Services | 13.0% |
| Financials | 17.6% |
| Information Technology | 29.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| Apple | 3.5% |
| AT&T | 3.1% |
| Microsoft | 2.9% |
| International Business Machines | 2.9% |
| Verizon Communications | 2.7% |
| Altria Group | 2.7% |
| Citigroup | 2.3% |
| Kroger | 2.3% |
| QUALCOMM | 2.3% |
| Alphabet, Cl C | 2.1% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## SEI Enhanced U.S. Large Cap Value Factor ETF

## SEI Exchange Traded Funds - SEIV

## Principal Listing Exchange: Cboe BZX Exchange

## Annual Shareholder Report: March 31, 2025

## SEIV-AR-2025
![Image](i333b87b8698c284651ed29bd.jpg)

# Annual Shareholder Report: March 31, 2025
![Image](i333b87b8698c284651ed29bd.jpg)

## SEI Enhanced Low Volatility U.S. Large Cap ETF

## SEI Exchange Traded Funds - SELV

## Principal Listing Exchange: Cboe BZX Exchange

## Fund Overview
This annual shareholder report contains important information about the SEI Enhanced Low Volatility U.S. Large Cap ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Enhanced Low Volatility U.S. Large Cap ETF | $16 | 0.15% |

---

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![Growth Chart](i8fa7b0b65776d2fb650db332.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | SEI Enhanced Low Volatility U.S. Large Cap ETF - $13038 | S&P 500 Index (TR) - $14949 | Russell 1000 Index (USD) - $14866 |
| May/22 | $10000 | $10000 | $10000 |
| Mar/23 | $10302 | $10632 | $10617 |
| Mar/24 | $11586 | $13809 | $13787 |
| Mar/25 | $13038 | $14949 | $14866 |

---

## How did the Fund perform in the last year?
The Fund outperformed its primary benchmark, the Russell 1000 Index, for the 12-month period ending March 31, 2025.

Low volatility factors outperformed within the U.S. large-cap equity universe over the reporting period, with gains particularly pronounced in the first quarter of 2025. This outperformance was driven by a slowing U.S. macroeconomic backdrop and heightened trade tensions related to the Trump administration's tariffs on imported goods—an environment that favored defensive, low-beta stocks. (Beta is a quantitative measure of the volatility of a security relative to a benchmark.) The sustained exposure to the low volatility factor served as the primary driver of the Fund's outperformance for the period.

Sector allocation also contributed positively to Fund performance during the reporting period, attributable mainly to overweight positions in traditionally defensive sectors and underweights to more cyclical areas of the market. At the stock level, notable contributors to performance included defensive names such as AT&T Corp. (telecommunications), Walmart Inc. (consumer staples), Gilead Sciences Inc. (health care), and Duke Energy Corp. (utilities), which benefited from the broad rotation into relatively lower-risk stocks amid increased market uncertainty and growing investor demand for downside protection.

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| Fund/Index Name | 1 Year | Annualized Since Inception |
| SEI Enhanced Low Volatility U.S. Large Cap ETF | 12.53% | 9.68% |
| S&P 500 Index (TR) | 8.25% | 15.03% |
| Russell 1000 Index (USD) | 7.82% | 14.81% |

---

Since its inception on May 18, 2022. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $145715 | 79 | $200 | 16% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](iee74976071864fa34946e742.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 1.1% |
| Energy | 3.0% |
| Consumer Discretionary | 4.2% |
| Utilities | 6.0% |
| Industrials | 9.3% |
| Financials | 10.3% |
| Consumer Staples | 10.7% |
| Communication Services | 14.6% |
| Health Care | 16.1% |
| Information Technology | 24.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| Microsoft | 5.0% |
| Apple | 4.0% |
| Walmart | 3.3% |
| AT&T | 3.2% |
| Republic Services, Cl A | 2.9% |
| Johnson & Johnson | 2.8% |
| Procter & Gamble | 2.5% |
| Gilead Sciences | 2.4% |
| Cisco Systems | 2.4% |
| Cardinal Health | 2.4% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

## SEI Enhanced Low Volatility U.S. Large Cap ETF

## SEI Exchange Traded Funds - SELV

## Principal Listing Exchange: Cboe BZX Exchange

## Annual Shareholder Report: March 31, 2025

## SELV-AR-2025
![Image](i333b87b8698c284651ed29bd.jpg)

# Annual Shareholder Report: March 31, 2025
![Image](i74e928a011f9c144a5bf4241.jpg)

# SEI Select Emerging Markets Equity ETF

## SEI Exchange Traded Funds - SEEM

#### Principal Listing Exchange: NASDAQ

## Fund Overview
This annual shareholder report contains important information about the SEI Select Emerging Markets Equity ETF (the "Fund") for the period from October 8, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by calling 610-676-1000.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment<sup>Footnote Reference\*</sup> | Costs paid as a percentage of a $10,000 investment |
| SEI Select Emerging Markets Equity ETF | $28 | 0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

# Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $206065 | 241 | $509 | 34% |

---

# Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i37c9fdc2b65964cbef05a81b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 9.1% |
| Poland | 1.4% |
| Indonesia | 1.5% |
| Thailand | 1.7% |
| Mexico | 1.9% |
| Hungary | 2.8% |
| United Arab Emirates | 3.1% |
| South Africa | 5.1% |
| Brazil | 5.8% |
| South Korea | 10.5% |
| India | 13.0% |
| Taiwan | 13.7% |
| China | 29.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| Taiwan Semiconductor Manufacturing | 8.2% |
| Tencent Holdings | 5.0% |
| Alibaba Group Holding | 3.8% |
| Samsung Electronics | 1.9% |
| Petroleo Brasileiro, Preference | 1.7% |
| Emaar Properties PJSC | 1.5% |
| OTP Bank Nyrt | 1.5% |
| ICICI Bank ADR | 1.4% |
| Meituan, Cl B | 1.3% |
| Xiaomi, Cl B | 1.3% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

#### SEI Select Emerging Markets Equity ETF

#### SEI Exchange Traded Funds - SEEM

#### Principal Listing Exchange: NASDAQ

#### Annual Shareholder Report: March 31, 2025

#### SEEM-AR-2025
![Image](i74e928a011f9c144a5bf4241.jpg)

# Annual Shareholder Report: March 31, 2025
![Image](i74e928a011f9c144a5bf4241.jpg)

# SEI Select International Equity ETF

## SEI Exchange Traded Funds - SEIE

#### Principal Listing Exchange: NASDAQ

## Fund Overview
This annual shareholder report contains important information about the SEI Select International Equity ETF (the "Fund") for the period from October 8, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by calling 610-676-1000.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment<sup>Footnote Reference\*</sup> | Costs paid as a percentage of a $10,000 investment |
| SEI Select International Equity ETF | $24 | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

# Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $543113 | 320 | $1099 | 31% |

---

# Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ib1a0288d41e375276d7e8310.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 11.6% |
| Norway | 1.7% |
| Sweden | 2.2% |
| Australia | 3.4% |
| Italy | 3.8% |
| Spain | 3.8% |
| Switzerland | 4.0% |
| Netherlands | 4.2% |
| United States | 8.2% |
| France | 9.3% |
| Germany | 11.3% |
| United Kingdom | 15.5% |
| Japan | 19.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| Roche Holding | 2.1% |
| SAP | 1.4% |
| Barclays | 1.3% |
| Novartis | 1.3% |
| Deutsche Boerse | 1.3% |
| GSK | 1.0% |
| ING Groep | 1.0% |
| NatWest Group | 1.0% |
| CaixaBank | 1.0% |
| Equinor | 1.0% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

#### SEI Select International Equity ETF

#### SEI Exchange Traded Funds - SEIE

#### Principal Listing Exchange: NASDAQ

#### Annual Shareholder Report: March 31, 2025

#### SEIE-AR-2025
![Image](i74e928a011f9c144a5bf4241.jpg)

# Annual Shareholder Report: March 31, 2025
![Image](i74e928a011f9c144a5bf4241.jpg)

# SEI Select Small Cap ETF

## SEI Exchange Traded Funds - SEIS

#### Principal Listing Exchange: NASDAQ

## Fund Overview
This annual shareholder report contains important information about the SEI Select Small Cap ETF (the "Fund") for the period from October 8, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment<sup>Footnote Reference\*</sup> | Costs paid as a percentage of a $10,000 investment |
| SEI Select Small Cap ETF | $26 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

# Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $217858 | 358 | $535 | 24% |

---

# Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ibb57b54ae516c909dc285ac7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Utilities | 1.0% |
| Communication Services | 2.9% |
| Energy | 4.1% |
| Real Estate | 5.0% |
| Consumer Staples | 5.0% |
| Materials | 5.5% |
| Consumer Discretionary | 12.5% |
| Information Technology | 12.6% |
| Health Care | 13.6% |
| Industrials | 15.9% |
| Financials | 21.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| Sprouts Farmers Market | 1.4% |
| CNO Financial Group | 1.4% |
| Urban Outfitters | 1.4% |
| Corcept Therapeutics | 1.3% |
| ExlService Holdings | 1.3% |
| Old National Bancorp | 1.1% |
| Commercial Metals | 1.0% |
| Jackson Financial, Cl A | 1.0% |
| Stride | 0.9% |
| Columbia Banking System | 0.9% |

---

#### Material Fund Changes
There were no material changes during the reporting period.

#### Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 610-676-1000 

* https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports 

* https://www.seic.com/mutual-fund-documentation/proxy-voting 

#### SEI Select Small Cap ETF

#### SEI Exchange Traded Funds - SEIS

#### Principal Listing Exchange: NASDAQ

#### Annual Shareholder Report: March 31, 2025

#### SEIS-AR-2025
![Image](i74e928a011f9c144a5bf4241.jpg)**

(b) Not applicable.

**Item 2. Code of Ethics.**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

**Item 3. Audit Committee Financial Expert.**

(a) (1) The Registrant's Board of Trustees has determined that the Registrant has one audit committee financial expert serving on the audit committee.

(a) (2) The audit committee financial expert is Susan C. Cote. Ms. Cote is independent as defined in Form N-CSR Item 3 (a) (2).

**Item 4. Principal Accountant Fees and Services.**

Fees billed by KPMG LLP ("KPMG") related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2025 and 2024 as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Fiscal Year 2025** | **Fiscal Year 2025** | **Fiscal Year 2025** | **Fiscal Year 2024** | **Fiscal Year 2024** | **Fiscal Year 2024** |
| | | All fees and services to the Registrant that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Registrant that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees(1) | $90000 | N/A | $0 | $60000 | N/A | $0 |
| (b) | Audit-Related Fees | $0 | $0 | $0 | $0 | $0 | $0 |
| (c) | Tax Fees (2) | $0 | $0 | $0 | $0 | $0 | $0 |
| (d) | All Other Fees(3) | $0 | $245112 | $0 | $0 | $315759 | $0 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees include amounts related to the audit of the Registrant's annual financial statements and services normally provided by
 the accountant in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Tax fees include amounts related to tax compliance and consulting services.

&nbsp;&nbsp;&nbsp;&nbsp;(3) See Item 4(g) for a description of the services comprising the fees disclosed under this category.

(e)(1) The Registrant's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC's rules on auditor independence and whether the provision of such services would compromise the auditor's independence.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor's annual engagement letter for the applicable year or otherwise.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | **Fiscal 2025** | **Fiscal 2024** |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not Applicable.

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2025 and 2024 were $245,112 and $315,759, respectively. Non-audit fees consist of a SSAE No. 16 review of fund accounting and administration operations.

(h) During the past fiscal year, the Registrant's principal accountant provided certain non-audit services to the Registrant's investment adviser or to entities controlling, controlled by, or under common control with the Registrant's investment adviser that provide ongoing services to the Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of the Registrant's Board of Trustees reviewed and considered these non-audit services provided by the Registrant's principal accountant to the Registrant's affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not Applicable.

(j) Not Applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Schedule of Investments.**

(a) The Schedules of Investments are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial Statements and Financial Highlights filed herein.

![](fp0093125-1_i.jpg)

March 31, 2025

**ANNUAL FINANCIALS AND OTHER INFORMATION** 

SEI Exchange Traded Funds

---

| | |
|:---|:---|
| **❯** | SEI Enhanced U.S. Large Cap Quality Factor ETF  |

---

---

| | |
|:---|:---|
| **❯** | SEI Enhanced U.S. Large Cap Momentum Factor ETF  |

---

---

| | |
|:---|:---|
| **❯** | SEI Enhanced U.S. Large Cap Value Factor ETF  |

---

---

| | |
|:---|:---|
| **❯** | SEI Enhanced Low Volatility U.S. Large Cap ETF  |

---

---

| | |
|:---|:---|
| **❯** | SEI Select Emerging Markets Equity ETF  |

---

---

| | |
|:---|:---|
| **❯** | SEI Select International Equity ETF  |

---

---

| | |
|:---|:---|
| **❯** | SEI Select Small Cap ETF  |

---

**seic.com**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp; Schedules of Investments  | &nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Statements of Assets and Liabilities  | &nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Statements of Operations  | &nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets  | &nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Financial Highlights  | &nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Notes to Financial Statements  | &nbsp;&nbsp;&nbsp; 33 |
|  Report of Independent Registered Public Accounting Firm  | 43 |
|  Notice to Shareholders (Unaudited)  | 44 |
|  Other Information - (Form N-CSR Items 8-11) (Unaudited)  | 45 |

---

------

 

**SCHEDULE OF INVESTMENTS** 

March 31, 2025

**SEI Enhanced U.S. Large Cap Quality Factor ETF** 

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>†</sup><sup>†</sup> — 99.3%** | **COMMON STOCK<sup>†</sup><sup>†</sup> — 99.3%** | **COMMON STOCK<sup>†</sup><sup>†</sup> — 99.3%** |
| **Communication Services — 11.3%** | **Communication Services — 11.3%** |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A  | 13634 | $2108 |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl C  | 73219 | 11439 |
| &nbsp;&nbsp;&nbsp; Electronic Arts  | 38947 | 5629 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A  | 21351 | 12306 |
|  |  | 31482 |
| **Consumer Discretionary — 16.6%** | **Consumer Discretionary — 16.6%** |  |
| &nbsp;&nbsp;&nbsp; Airbnb, Cl A <sup>\*</sup> | 7144 | 853 |
| &nbsp;&nbsp;&nbsp; Amazon.com <sup>\*</sup> | 7697 | 1464 |
| &nbsp;&nbsp;&nbsp; Booking Holdings  | 1840 | 8477 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza  | 9446 | 4340 |
| &nbsp;&nbsp;&nbsp; H&R Block  | 39851 | 2188 |
| &nbsp;&nbsp;&nbsp; Home Depot  | 1406 | 515 |
| &nbsp;&nbsp;&nbsp; McDonald's  | 10643 | 3325 |
| &nbsp;&nbsp;&nbsp; NVR <sup>\*</sup> | 318 | 2304 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive <sup>\*</sup> | 6446 | 9234 |
| &nbsp;&nbsp;&nbsp; TJX  | 51490 | 6272 |
| &nbsp;&nbsp;&nbsp; Wingstop  | 1553 | 350 |
| &nbsp;&nbsp;&nbsp; Yum! Brands  | 45747 | 7199 |
|  |  | 46521 |
| **Consumer Staples — 16.2%** | **Consumer Staples — 16.2%** |  |
| &nbsp;&nbsp;&nbsp; Altria Group  | 117451 | 7049 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive  | 70422 | 6599 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark  | 45055 | 6408 |
| &nbsp;&nbsp;&nbsp; Monster Beverage <sup>\*</sup> | 112701 | 6595 |
| &nbsp;&nbsp;&nbsp; PepsiCo  | 8724 | 1308 |
| &nbsp;&nbsp;&nbsp; Philip Morris International  | 59216 | 9399 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble  | 46299 | 7890 |
|  |  | 45248 |
| **Financials — 9.3%** | **Financials — 9.3%** |  |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems  | 4185 | 1903 |
| &nbsp;&nbsp;&nbsp; Mastercard, Cl A  | 13260 | 7268 |
| &nbsp;&nbsp;&nbsp; Moody's  | 8881 | 4136 |
| &nbsp;&nbsp;&nbsp; MSCI, Cl A  | 5375 | 3039 |
| &nbsp;&nbsp;&nbsp; Visa, Cl A  | 27395 | 9601 |
|  |  | 25947 |
| **Health Care — 6.0%** | **Health Care — 6.0%** |  |
| &nbsp;&nbsp;&nbsp; Gilead Sciences  | 2390 | 268 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories <sup>\*</sup> | 2359 | 991 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson  | 49973 | 8287 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International <sup>\*</sup> | 1991 | 2351 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals <sup>\*</sup> | 10009 | 4853 |
|  |  | 16750 |
| **Industrials — 9.4%** | **Industrials — 9.4%** |  |
| &nbsp;&nbsp;&nbsp; Cintas  | 8031 | 1651 |
| &nbsp;&nbsp;&nbsp; Fastenal  | 21169 | 1642 |
| &nbsp;&nbsp;&nbsp; Graco  | 38247 | 3194 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works  | 23011 | 5707 |
| &nbsp;&nbsp;&nbsp; Lennox International  | 669 | 375 |
| &nbsp;&nbsp;&nbsp; Paychex  | 19368 | 2988 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** | **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** | **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** |
| &nbsp;&nbsp;&nbsp; Robert Half  | 28136 | $1535 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Cl A  | 11493 | 3420 |
| &nbsp;&nbsp;&nbsp; WW Grainger  | 5751 | 5681 |
|  |  | 26193 |
| **Information Technology — 30.5%** | **Information Technology — 30.5%** |  |
| &nbsp;&nbsp;&nbsp; Adobe <sup>\*</sup> | 11983 | 4596 |
| &nbsp;&nbsp;&nbsp; Apple  | 91749 | 20380 |
| &nbsp;&nbsp;&nbsp; Autodesk <sup>\*</sup> | 3297 | 863 |
| &nbsp;&nbsp;&nbsp; Cisco Systems  | 45177 | 2788 |
| &nbsp;&nbsp;&nbsp; F5 <sup>\*</sup> | 15347 | 4087 |
| &nbsp;&nbsp;&nbsp; Fair Isaac <sup>\*</sup> | 973 | 1794 |
| &nbsp;&nbsp;&nbsp; Fortinet <sup>\*</sup> | 5878 | 566 |
| &nbsp;&nbsp;&nbsp; Gartner <sup>\*</sup> | 10456 | 4389 |
| &nbsp;&nbsp;&nbsp; Intuit  | 4940 | 3033 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates <sup>\*</sup> | 5108 | 884 |
| &nbsp;&nbsp;&nbsp; Microsoft  | 41037 | 15405 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions  | 12664 | 5544 |
| &nbsp;&nbsp;&nbsp; NetApp  | 10737 | 943 |
| &nbsp;&nbsp;&nbsp; NVIDIA  | 66905 | 7251 |
| &nbsp;&nbsp;&nbsp; QUALCOMM  | 42299 | 6498 |
| &nbsp;&nbsp;&nbsp; VeriSign <sup>\*</sup> | 24203 | 6144 |
|  |  | 85165 |
|  Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $257,706) ($ Thousands) |  | 277306 |
| Total Investments in Securities — 99.3% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $257,706) ($ Thousands)  | &nbsp;&nbsp;&nbsp; (Cost $257,706) ($ Thousands)  | $277306 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $279,166 ($ Thousands). |
| \* | Non-income producing security. |
| <sup>†</sup><sup>†</sup> | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |

---

As of March 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.<br>

See "Glossary" for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

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

------

SEI Exchange Traded Funds

**SCHEDULE OF INVESTMENTS** 

March 31, 2025

**SEI Enhanced U.S. Large Cap Momentum Factor ETF** 

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>†</sup><sup>†</sup> — 99.2%** | **COMMON STOCK<sup>†</sup><sup>†</sup> — 99.2%** | **COMMON STOCK<sup>†</sup><sup>†</sup> — 99.2%** |
| **Communication Services — 11.0%** | **Communication Services — 11.0%** |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A  | 98482 | $15229 |
| &nbsp;&nbsp;&nbsp; Fox, Cl A  | 113941 | 6449 |
| &nbsp;&nbsp;&nbsp; Fox, Cl B  | 68153 | 3593 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A  | 43131 | 24859 |
| &nbsp;&nbsp;&nbsp; Netflix <sup>\*</sup> | 6804 | 6345 |
|  |  | 56475 |
| **Consumer Discretionary — 10.1%** | **Consumer Discretionary — 10.1%** |  |
| &nbsp;&nbsp;&nbsp; Amazon.com <sup>\*</sup> | 13655 | 2598 |
| &nbsp;&nbsp;&nbsp; Booking Holdings  | 1420 | 6542 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor <sup>\*</sup> | 66588 | 7445 |
| &nbsp;&nbsp;&nbsp; Garmin  | 58352 | 12670 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren, Cl A  | 20569 | 4540 |
| &nbsp;&nbsp;&nbsp; SharkNinja <sup>\*</sup> | 31514 | 2629 |
| &nbsp;&nbsp;&nbsp; Tapestry  | 116314 | 8190 |
| &nbsp;&nbsp;&nbsp; TJX  | 35467 | 4320 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma  | 21097 | 3335 |
|  |  | 52269 |
| **Consumer Staples — 3.5%** | **Consumer Staples — 3.5%** |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola  | 37592 | 2692 |
| &nbsp;&nbsp;&nbsp; Walmart  | 177378 | 15572 |
|  |  | 18264 |
| **Energy — 0.5%** | **Energy — 0.5%** |  |
| &nbsp;&nbsp;&nbsp; TechnipFMC  | 76801 | 2434 |
| **Financials — 15.0%** | **Financials — 15.0%** |  |
| &nbsp;&nbsp;&nbsp; Aflac  | 8413 | 935 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon  | 137325 | 11517 |
| &nbsp;&nbsp;&nbsp; Brown & Brown  | 89664 | 11154 |
| &nbsp;&nbsp;&nbsp; Citigroup  | 25192 | 1788 |
| &nbsp;&nbsp;&nbsp; East West Bancorp  | 63823 | 5729 |
| &nbsp;&nbsp;&nbsp; Erie Indemnity, Cl A  | 10480 | 4392 |
| &nbsp;&nbsp;&nbsp; Fiserv <sup>\*</sup> | 13348 | 2948 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group  | 21091 | 11522 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange  | 69114 | 11922 |
| &nbsp;&nbsp;&nbsp; Janus Henderson Group  | 59773 | 2161 |
| &nbsp;&nbsp;&nbsp; Nasdaq  | 24509 | 1859 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial  | 174316 | 9228 |
| &nbsp;&nbsp;&nbsp; Toast, Cl A <sup>\*</sup> | 65497 | 2173 |
|  |  | 77328 |
| **Health Care — 16.3%** | **Health Care — 16.3%** |  |
| &nbsp;&nbsp;&nbsp; AbbVie  | 10416 | 2182 |
| &nbsp;&nbsp;&nbsp; Boston Scientific <sup>\*</sup> | 138701 | 13992 |
| &nbsp;&nbsp;&nbsp; Cencora  | 46044 | 12804 |
| &nbsp;&nbsp;&nbsp; Doximity, Cl A <sup>\*</sup> | 60916 | 3535 |
| &nbsp;&nbsp;&nbsp; Eli Lilly  | 3969 | 3278 |
| &nbsp;&nbsp;&nbsp; Exelixis <sup>\*</sup> | 144767 | 5345 |
| &nbsp;&nbsp;&nbsp; Insulet <sup>\*</sup> | 34724 | 9119 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical <sup>\*</sup> | 7809 | 3868 |
| &nbsp;&nbsp;&nbsp; ResMed  | 48413 | 10837 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** | **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** | **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** |
| &nbsp;&nbsp;&nbsp; Stryker  | 28217 | $10504 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare <sup>\*</sup> | 26880 | 3615 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Cl B  | 26784 | 5033 |
|  |  | 84112 |
| **Industrials — 12.8%** | **Industrials — 12.8%** |  |
| &nbsp;&nbsp;&nbsp; Acuity Brands  | 15755 | 4149 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise <sup>\*</sup> | 7809 | 4107 |
| &nbsp;&nbsp;&nbsp; CACI International, Cl A <sup>\*</sup> | 9215 | 3381 |
| &nbsp;&nbsp;&nbsp; Cummins  | 29759 | 9328 |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright  | 19671 | 6241 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace  | 113744 | 14756 |
| &nbsp;&nbsp;&nbsp; Trane Technologies  | 29096 | 9803 |
| &nbsp;&nbsp;&nbsp; Vertiv Holdings, Cl A  | 64362 | 4647 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies  | 22057 | 4000 |
| &nbsp;&nbsp;&nbsp; Woodward  | 30119 | 5497 |
|  |  | 65909 |
| **Information Technology — 25.6%** | **Information Technology — 25.6%** |  |
| &nbsp;&nbsp;&nbsp; Amphenol, Cl A  | 169511 | 11118 |
| &nbsp;&nbsp;&nbsp; Apple  | 140999 | 31320 |
| &nbsp;&nbsp;&nbsp; AppLovin, Cl A <sup>\*</sup> | 34511 | 9144 |
| &nbsp;&nbsp;&nbsp; Arista Networks <sup>\*</sup> | 145673 | 11287 |
| &nbsp;&nbsp;&nbsp; Atlassian, Cl A <sup>\*</sup> | 4265 | 905 |
| &nbsp;&nbsp;&nbsp; Fair Isaac <sup>\*</sup> | 1350 | 2490 |
| &nbsp;&nbsp;&nbsp; Guidewire Software <sup>\*</sup> | 34748 | 6510 |
| &nbsp;&nbsp;&nbsp; Microsoft  | 41002 | 15392 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions  | 7844 | 3434 |
| &nbsp;&nbsp;&nbsp; NVIDIA  | 321725 | 34869 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks <sup>\*</sup> | 32011 | 5462 |
|  |  | 131931 |
| **Materials — 1.8%** | **Materials — 1.8%** |  |
| &nbsp;&nbsp;&nbsp; International Paper  | 178289 | 9512 |
| **Utilities — 2.6%** | **Utilities — 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Entergy  | 159003 | 13593 |
|  Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $474,247) ($ Thousands) |  | 511827 |
| Total Investments in Securities — 99.2% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $474,247) ($ Thousands)  | &nbsp;&nbsp;&nbsp; (Cost $474,247) ($ Thousands)  | $511827 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $516,041 ($ Thousands). |
| \* | Non-income producing security. |
| <sup>†</sup><sup>†</sup> | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |

---

As of March 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.<br>

------

SEI Exchange Traded Funds

See "Glossary" for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

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

------

SEI Exchange Traded Funds

**SCHEDULE OF INVESTMENTS** 

March 31, 2025

**SEI Enhanced U.S. Large Cap Value Factor ETF** 

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>†</sup><sup>†</sup> — 99.3%** | **COMMON STOCK<sup>†</sup><sup>†</sup> — 99.3%** | **COMMON STOCK<sup>†</sup><sup>†</sup> — 99.3%** |
| **Communication Services — 13.0%** | **Communication Services — 13.0%** |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A  | 68243 | $10553 |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl C  | 72248 | 11287 |
| &nbsp;&nbsp;&nbsp; AT&T  | 576038 | 16291 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Cl A <sup>\*</sup> | 8290 | 3055 |
| &nbsp;&nbsp;&nbsp; Comcast, Cl A  | 178346 | 6581 |
| &nbsp;&nbsp;&nbsp; Fox  | 27610 | 1455 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A  | 4503 | 2595 |
| &nbsp;&nbsp;&nbsp; Omnicom Group  | 23528 | 1951 |
| &nbsp;&nbsp;&nbsp; Verizon Communications  | 317018 | 14380 |
|  |  | 68148 |
| **Consumer Discretionary — 7.6%** | **Consumer Discretionary — 7.6%** |  |
| &nbsp;&nbsp;&nbsp; ADT  | 166122 | 1352 |
| &nbsp;&nbsp;&nbsp; Amazon.com <sup>\*</sup> | 13167 | 2505 |
| &nbsp;&nbsp;&nbsp; Carnival <sup>\*</sup> | 268031 | 5235 |
| &nbsp;&nbsp;&nbsp; Expedia Group  | 43542 | 7320 |
| &nbsp;&nbsp;&nbsp; Ford Motor  | 378665 | 3798 |
| &nbsp;&nbsp;&nbsp; General Motors  | 222159 | 10448 |
| &nbsp;&nbsp;&nbsp; H&R Block  | 78038 | 4285 |
| &nbsp;&nbsp;&nbsp; Kohl's  | 47631 | 390 |
| &nbsp;&nbsp;&nbsp; PulteGroup  | 12967 | 1333 |
| &nbsp;&nbsp;&nbsp; PVH  | 31295 | 2023 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure  | 33361 | 1544 |
|  |  | 40233 |
| **Consumer Staples — 9.7%** | **Consumer Staples — 9.7%** |  |
| &nbsp;&nbsp;&nbsp; Albertsons, Cl A  | 212707 | 4677 |
| &nbsp;&nbsp;&nbsp; Altria Group  | 235568 | 14139 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland  | 25104 | 1205 |
| &nbsp;&nbsp;&nbsp; Bunge Global  | 42476 | 3246 |
| &nbsp;&nbsp;&nbsp; Ingredion  | 33749 | 4563 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz  | 120907 | 3679 |
| &nbsp;&nbsp;&nbsp; Kroger  | 180677 | 12230 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride <sup>\*</sup> | 21967 | 1197 |
| &nbsp;&nbsp;&nbsp; Post Holdings <sup>\*</sup> | 15405 | 1793 |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products  | 28542 | 681 |
| &nbsp;&nbsp;&nbsp; Seaboard  | 77 | 208 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands Holdings  | 7374 | 528 |
| &nbsp;&nbsp;&nbsp; US Foods Holding <sup>\*</sup> | 40456 | 2648 |
|  |  | 50794 |
| **Energy — 0.9%** | **Energy — 0.9%** |  |
| &nbsp;&nbsp;&nbsp; Exxon Mobil  | 6166 | 733 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum  | 9659 | 1407 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum  | 800 | 40 |
| &nbsp;&nbsp;&nbsp; Valero Energy  | 19320 | 2552 |
|  |  | 4732 |
| **Financials — 17.6%** | **Financials — 17.6%** |  |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group  | 741 | 125 |
| &nbsp;&nbsp;&nbsp; Ally Financial  | 138567 | 5054 |
| &nbsp;&nbsp;&nbsp; American International Group  | 99273 | 8631 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group  | 45844 | 4409 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** | **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** | **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings  | 30903 | $3098 |
| &nbsp;&nbsp;&nbsp; Bank OZK  | 54098 | 2351 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B <sup>\*</sup> | 16789 | 8941 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial <sup>\*</sup> | 31405 | 1821 |
| &nbsp;&nbsp;&nbsp; Citigroup  | 172754 | 12264 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial  | 129068 | 4075 |
| &nbsp;&nbsp;&nbsp; Janus Henderson Group  | 41921 | 1515 |
| &nbsp;&nbsp;&nbsp; Popular  | 35904 | 3316 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America  | 32363 | 6372 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings  | 18318 | 4396 |
| &nbsp;&nbsp;&nbsp; Rithm Capital <sup>‡</sup> | 254134 | 2910 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial  | 177747 | 9410 |
| &nbsp;&nbsp;&nbsp; T Rowe Price Group  | 23957 | 2201 |
| &nbsp;&nbsp;&nbsp; Unum Group  | 96374 | 7851 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp  | 73295 | 3654 |
|  |  | 92394 |
| **Health Care — 11.1%** | **Health Care — 11.1%** |  |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb  | 1697 | 103 |
| &nbsp;&nbsp;&nbsp; Cardinal Health  | 75793 | 10442 |
| &nbsp;&nbsp;&nbsp; Cencora  | 12095 | 3363 |
| &nbsp;&nbsp;&nbsp; DaVita <sup>\*</sup> | 21070 | 3223 |
| &nbsp;&nbsp;&nbsp; Exelixis <sup>\*</sup> | 4015 | 148 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies  | 80312 | 6482 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences  | 68762 | 7705 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare  | 17782 | 6145 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals <sup>\*</sup> | 5015 | 623 |
| &nbsp;&nbsp;&nbsp; McKesson  | 10037 | 6755 |
| &nbsp;&nbsp;&nbsp; Medtronic  | 6497 | 584 |
| &nbsp;&nbsp;&nbsp; Merck  | 15574 | 1398 |
| &nbsp;&nbsp;&nbsp; Pfizer  | 107240 | 2717 |
| &nbsp;&nbsp;&nbsp; Solventum <sup>\*</sup> | 12740 | 969 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare <sup>\*</sup> | 41941 | 5641 |
| &nbsp;&nbsp;&nbsp; United Therapeutics <sup>\*</sup> | 5469 | 1686 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Cl B  | 2417 | 454 |
| &nbsp;&nbsp;&nbsp; Viatris, Cl W  | 13267 | 116 |
|  |  | 58554 |
| **Industrials — 5.7%** | **Industrials — 5.7%** |  |
| &nbsp;&nbsp;&nbsp; Acuity Brands  | 1934 | 509 |
| &nbsp;&nbsp;&nbsp; Alaska Air Group <sup>\*</sup> | 9663 | 476 |
| &nbsp;&nbsp;&nbsp; American Airlines Group <sup>\*</sup> | 273775 | 2888 |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding, Cl A  | 19751 | 2066 |
| &nbsp;&nbsp;&nbsp; Concentrix  | 23695 | 1318 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines  | 204822 | 8930 |
| &nbsp;&nbsp;&nbsp; EMCOR Group  | 1205 | 446 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings  | 50449 | 6808 |
| &nbsp;&nbsp;&nbsp; PACCAR  | 4386 | 427 |
| &nbsp;&nbsp;&nbsp; Science Applications International  | 15455 | 1735 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings  | 46680 | 3899 |
| &nbsp;&nbsp;&nbsp; Textron  | 7394 | 534 |
|  |  | 30036 |

---

------

SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** | **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** | **COMMON STOCK<sup>†</sup><sup>†</sup> (continued)** |
| **Information Technology — 29.9%** | **Information Technology — 29.9%** |  |
| &nbsp;&nbsp;&nbsp; Amdocs  | 33245 | $3042 |
| &nbsp;&nbsp;&nbsp; Amkor Technology  | 58851 | 1063 |
| &nbsp;&nbsp;&nbsp; Apple  | 82393 | 18302 |
| &nbsp;&nbsp;&nbsp; Arrow Electronics <sup>\*</sup> | 34846 | 3618 |
| &nbsp;&nbsp;&nbsp; Avnet  | 48171 | 2316 |
| &nbsp;&nbsp;&nbsp; Ciena <sup>\*</sup> | 50580 | 3056 |
| &nbsp;&nbsp;&nbsp; Cirrus Logic <sup>\*</sup> | 27564 | 2747 |
| &nbsp;&nbsp;&nbsp; Cisco Systems  | 159034 | 9814 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions, Cl A  | 74036 | 5664 |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Cl C  | 23475 | 2140 |
| &nbsp;&nbsp;&nbsp; Dropbox, Cl A <sup>\*</sup> | 103774 | 2772 |
| &nbsp;&nbsp;&nbsp; DXC Technology <sup>\*</sup> | 91218 | 1555 |
| &nbsp;&nbsp;&nbsp; F5 <sup>\*</sup> | 15509 | 4130 |
| &nbsp;&nbsp;&nbsp; Gen Digital  | 135496 | 3596 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise  | 349299 | 5390 |
| &nbsp;&nbsp;&nbsp; HP  | 315108 | 8725 |
| &nbsp;&nbsp;&nbsp; International Business Machines  | 61059 | 15183 |
| &nbsp;&nbsp;&nbsp; Micron Technology  | 71235 | 6190 |
| &nbsp;&nbsp;&nbsp; Microsoft  | 41047 | 15409 |
| &nbsp;&nbsp;&nbsp; MKS Instruments  | 33617 | 2694 |
| &nbsp;&nbsp;&nbsp; NetApp  | 88723 | 7793 |
| &nbsp;&nbsp;&nbsp; NVIDIA  | 101544 | 11005 |
| &nbsp;&nbsp;&nbsp; QUALCOMM  | 77789 | 11949 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions  | 77577 | 5014 |
| &nbsp;&nbsp;&nbsp; Teradata <sup>\*</sup> | 28445 | 639 |
| &nbsp;&nbsp;&nbsp; Vontier  | 53961 | 1773 |
| &nbsp;&nbsp;&nbsp; Zoom Video Communications, Cl A <sup>\*</sup> | 24251 | 1789 |
|  |  | 157368 |
| **Materials — 1.6%** | **Materials — 1.6%** |  |
| &nbsp;&nbsp;&nbsp; Berry Global Group  | 50297 | 3511 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries, Cl A  | 59434 | 4184 |
| &nbsp;&nbsp;&nbsp; Sonoco Products  | 20272 | 958 |
|  |  | 8653 |
| **Utilities — 2.2%** | **Utilities — 2.2%** |  |
| &nbsp;&nbsp;&nbsp; FirstEnergy  | 40813 | 1650 |
| &nbsp;&nbsp;&nbsp; NRG Energy  | 105158 | 10038 |
|  |  | 11688 |
|  Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $494,189) ($ Thousands) |  | 522600 |
| Total Investments in Securities — 99.3% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $494,189) ($ Thousands)  | &nbsp;&nbsp;&nbsp; (Cost $494,189) ($ Thousands)  | $522600 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $526,127 ($ Thousands). |
| \* | Non-income producing security. |
| <sup>†</sup><sup>†</sup> | Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |

---

As of March 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.<br>

See "Glossary" for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

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

------

SEI Exchange Traded Funds

**SCHEDULE OF INVESTMENTS** 

March 31, 2025

**SEI Enhanced Low Volatility U.S. Large Cap ETF** 

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK — 99.3%** | **COMMON STOCK — 99.3%** | **COMMON STOCK — 99.3%** |
| **Communication Services — 14.6%** | **Communication Services — 14.6%** |  |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl A  | 12561 | $1942 |
| &nbsp;&nbsp;&nbsp; Alphabet, Cl C  | 12342 | 1928 |
| &nbsp;&nbsp;&nbsp; AT&T  | 166474 | 4708 |
| &nbsp;&nbsp;&nbsp; Comcast, Cl A  | 53265 | 1965 |
| &nbsp;&nbsp;&nbsp; Electronic Arts  | 6060 | 876 |
| &nbsp;&nbsp;&nbsp; Fox, Cl A  | 29025 | 1643 |
| &nbsp;&nbsp;&nbsp; Fox, Cl C  | 17196 | 906 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Cl A  | 645 | 372 |
| &nbsp;&nbsp;&nbsp; Omnicom Group  | 28042 | 2325 |
| &nbsp;&nbsp;&nbsp; T-Mobile US  | 4033 | 1076 |
| &nbsp;&nbsp;&nbsp; Verizon Communications  | 77378 | 3510 |
|  |  | 21251 |
| **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** |  |
| &nbsp;&nbsp;&nbsp; Amazon.com <sup>\*</sup> | 573 | 109 |
| &nbsp;&nbsp;&nbsp; Booking Holdings  | 525 | 2419 |
| &nbsp;&nbsp;&nbsp; H&R Block  | 23057 | 1266 |
| &nbsp;&nbsp;&nbsp; McDonald's  | 5992 | 1872 |
| &nbsp;&nbsp;&nbsp; Service Corp International  | 1075 | 86 |
| &nbsp;&nbsp;&nbsp; Yum! Brands  | 2141 | 337 |
|  |  | 6089 |
| **Consumer Staples — 10.7%** | **Consumer Staples — 10.7%** |  |
| &nbsp;&nbsp;&nbsp; Altria Group  | 39432 | 2367 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive  | 27144 | 2543 |
| &nbsp;&nbsp;&nbsp; General Mills  | 25318 | 1514 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Cl A  | 5895 | 400 |
| &nbsp;&nbsp;&nbsp; Philip Morris International  | 931 | 148 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble  | 21595 | 3680 |
| &nbsp;&nbsp;&nbsp; Walmart  | 55576 | 4879 |
|  |  | 15531 |
| **Energy — 3.0%** | **Energy — 3.0%** |  |
| &nbsp;&nbsp;&nbsp; Chevron  | 18025 | 3016 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan  | 45575 | 1300 |
|  |  | 4316 |
| **Financials — 10.3%** | **Financials — 10.3%** |  |
| &nbsp;&nbsp;&nbsp; Allstate  | 4772 | 988 |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Cl B <sup>\*</sup> | 4749 | 2529 |
| &nbsp;&nbsp;&nbsp; Chubb  | 7733 | 2335 |
| &nbsp;&nbsp;&nbsp; Loews  | 4128 | 380 |
| &nbsp;&nbsp;&nbsp; Markel Group <sup>\*</sup> | 1028 | 1922 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan  | 1454 | 355 |
| &nbsp;&nbsp;&nbsp; Travelers  | 5082 | 1344 |
| &nbsp;&nbsp;&nbsp; Visa, Cl A  | 3701 | 1297 |
| &nbsp;&nbsp;&nbsp; W R Berkley  | 47709 | 3395 |
| &nbsp;&nbsp;&nbsp; White Mountains Insurance Group  | 239 | 460 |
|  |  | 15005 |
| **Health Care — 16.1%** | **Health Care — 16.1%** |  |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb  | 30697 | 1872 |
| &nbsp;&nbsp;&nbsp; Cardinal Health  | 25526 | 3517 |
| &nbsp;&nbsp;&nbsp; Cencora  | 6399 | 1780 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Chemed  | 548 | $337 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences  | 31586 | 3539 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson  | 24762 | 4107 |
| &nbsp;&nbsp;&nbsp; McKesson  | 4901 | 3298 |
| &nbsp;&nbsp;&nbsp; Merck  | 32790 | 2943 |
| &nbsp;&nbsp;&nbsp; Pfizer  | 27348 | 693 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics  | 8529 | 1443 |
|  |  | 23529 |
| **Industrials — 9.3%** | **Industrials — 9.3%** |  |
| &nbsp;&nbsp;&nbsp; 3M  | 2408 | 353 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington  | 18966 | 2281 |
| &nbsp;&nbsp;&nbsp; Genpact  | 7011 | 353 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin  | 851 | 380 |
| &nbsp;&nbsp;&nbsp; Republic Services, Cl A  | 17351 | 4202 |
| &nbsp;&nbsp;&nbsp; Snap-on  | 1267 | 427 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Cl A  | 9622 | 2864 |
| &nbsp;&nbsp;&nbsp; Waste Management  | 11672 | 2702 |
|  |  | 13562 |
| **Information Technology — 24.0%** | **Information Technology — 24.0%** |  |
| &nbsp;&nbsp;&nbsp; Accenture, Cl A  | 6043 | 1886 |
| &nbsp;&nbsp;&nbsp; Amdocs  | 18572 | 1699 |
| &nbsp;&nbsp;&nbsp; Amphenol, Cl A  | 15151 | 994 |
| &nbsp;&nbsp;&nbsp; Apple  | 26499 | 5886 |
| &nbsp;&nbsp;&nbsp; Arrow Electronics <sup>\*</sup> | 9550 | 992 |
| &nbsp;&nbsp;&nbsp; Avnet  | 12914 | 621 |
| &nbsp;&nbsp;&nbsp; Cisco Systems  | 57129 | 3526 |
| &nbsp;&nbsp;&nbsp; Dolby Laboratories, Cl A  | 9217 | 740 |
| &nbsp;&nbsp;&nbsp; Dropbox, Cl A <sup>\*</sup> | 31046 | 829 |
| &nbsp;&nbsp;&nbsp; F5 <sup>\*</sup> | 7666 | 2041 |
| &nbsp;&nbsp;&nbsp; Microsoft  | 19362 | 7268 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions  | 5683 | 2488 |
| &nbsp;&nbsp;&nbsp; Roper Technologies  | 5561 | 3279 |
| &nbsp;&nbsp;&nbsp; VeriSign <sup>\*</sup> | 10938 | 2777 |
|  |  | 35026 |
| **Materials — 1.1%** | **Materials — 1.1%** |  |
| &nbsp;&nbsp;&nbsp; NewMarket  | 835 | 473 |
| &nbsp;&nbsp;&nbsp; Reliance  | 1806 | 521 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings  | 12772 | 653 |
|  |  | 1647 |
| **Utilities — 6.0%** | **Utilities — 6.0%** |  |
| &nbsp;&nbsp;&nbsp; Atmos Energy  | 6350 | 982 |
| &nbsp;&nbsp;&nbsp; CMS Energy  | 1252 | 94 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison  | 27280 | 3017 |
| &nbsp;&nbsp;&nbsp; DTE Energy  | 3699 | 511 |
| &nbsp;&nbsp;&nbsp; Duke Energy  | 23090 | 2816 |
| &nbsp;&nbsp;&nbsp; FirstEnergy  | 3973 | 161 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas  | 12676 | 1004 |

---

------

SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; NiSource  | 3997 | $160 |
|  |  | 8745 |
|  Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $126,560) ($ Thousands) |  | 144701 |
| Total Investments in Securities — 99.3% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $126,560) ($ Thousands)  | &nbsp;&nbsp;&nbsp; (Cost $126,560) ($ Thousands)  | $144701 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $145,715 ($ Thousands). |
| \* | Non-income producing security. |

---

As of March 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.<br>

See "Glossary" for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

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

------

SEI Exchange Traded Funds

**SCHEDULE OF INVESTMENTS** 

March 31, 2025

**SEI Select Emerging Markets Equity ETF** 

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK — 94.9%** | **COMMON STOCK — 94.9%** | **COMMON STOCK — 94.9%** |
| **Brazil — 2.9%** | **Brazil — 2.9%** | **Brazil — 2.9%** |
| &nbsp;&nbsp;&nbsp; Ambev  | 176300 | $417 |
| &nbsp;&nbsp;&nbsp; BB Seguridade Participacoes  | 91965 | 648 |
| &nbsp;&nbsp;&nbsp; CPFL Energia  | 71578 | 474 |
| &nbsp;&nbsp;&nbsp; Embraer <sup>\*</sup> | 38900 | 447 |
| &nbsp;&nbsp;&nbsp; Natura & Holding  | 159305 | 280 |
| &nbsp;&nbsp;&nbsp; PRIO <sup>\*</sup> | 57700 | 402 |
| &nbsp;&nbsp;&nbsp; Telefonica Brasil  | 39210 | 342 |
| &nbsp;&nbsp;&nbsp; TIM  | 116255 | 365 |
| &nbsp;&nbsp;&nbsp; TOTVS  | 68800 | 403 |
| &nbsp;&nbsp;&nbsp; Vale  | 90634 | 901 |
| &nbsp;&nbsp;&nbsp; Vibra Energia  | 315304 | 983 |
| &nbsp;&nbsp;&nbsp; WEG  | 50100 | 396 |
|  |  | 6058 |
| **Chile — 0.8%** | **Chile — 0.8%** | **Chile — 0.8%** |
| &nbsp;&nbsp;&nbsp; Banco de Chile  | 4794487 | 632 |
| &nbsp;&nbsp;&nbsp; Empresas Copec  | 64800 | 446 |
| &nbsp;&nbsp;&nbsp; Falabella  | 120447 | 501 |
|  |  | 1579 |
| **China — 29.6%** | **China — 29.6%** | **China — 29.6%** |
| &nbsp;&nbsp;&nbsp; 3SBio  | 342000 | 526 |
| &nbsp;&nbsp;&nbsp; AAC Technologies Holdings  | 108470 | 657 |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding  | 476554 | 7840 |
| &nbsp;&nbsp;&nbsp; Anhui Conch Cement, Cl H  | 298510 | 844 |
| &nbsp;&nbsp;&nbsp; Baidu, Cl A <sup>\*</sup> | 48823 | 564 |
| &nbsp;&nbsp;&nbsp; Bosideng International Holdings  | 949475 | 487 |
| &nbsp;&nbsp;&nbsp; BYD, Cl H  | 16329 | 824 |
| &nbsp;&nbsp;&nbsp; Centre Testing International Group, Cl A  | 197000 | 350 |
| &nbsp;&nbsp;&nbsp; China CITIC Bank, Cl A  | 399200 | 391 |
| &nbsp;&nbsp;&nbsp; China CITIC Bank, Cl H  | 866300 | 678 |
| &nbsp;&nbsp;&nbsp; China Communications Services, Cl H  | 741007 | 406 |
| &nbsp;&nbsp;&nbsp; China Construction Bank, Cl H  | 517035 | 457 |
| &nbsp;&nbsp;&nbsp; China Feihe  | 531429 | 401 |
| &nbsp;&nbsp;&nbsp; China Hongqiao Group  | 292595 | 602 |
| &nbsp;&nbsp;&nbsp; China Life Insurance, Cl H  | 514405 | 992 |
| &nbsp;&nbsp;&nbsp; China Merchants Bank, Cl H  | 64716 | 382 |
| &nbsp;&nbsp;&nbsp; China Merchants Port Holdings  | 232005 | 400 |
| &nbsp;&nbsp;&nbsp; China Pacific Insurance Group, Cl A  | 89100 | 395 |
| &nbsp;&nbsp;&nbsp; China Pacific Insurance Group, Cl H  | 148565 | 467 |
| &nbsp;&nbsp;&nbsp; China Resources Land  | 144030 | 478 |
| &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology, Cl A  | 25100 | 875 |
| &nbsp;&nbsp;&nbsp; CRRC, Cl A  | 345300 | 336 |
| &nbsp;&nbsp;&nbsp; Eastroc Beverage Group, Cl A  | 10700 | 367 |
| &nbsp;&nbsp;&nbsp; Far East Horizon  | 589430 | 483 |
| &nbsp;&nbsp;&nbsp; Foshan Haitian Flavouring & Food, Cl A  | 108300 | 606 |
| &nbsp;&nbsp;&nbsp; Fufeng Group  | 523600 | 411 |
| &nbsp;&nbsp;&nbsp; Geely Automobile Holdings  | 557520 | 1192 |
| &nbsp;&nbsp;&nbsp; Giant Biogene Holding  | 89081 | 807 |
| &nbsp;&nbsp;&nbsp; Gree Electric Appliances of Zhuhai, Cl A  | 67900 | 426 |
| &nbsp;&nbsp;&nbsp; Guotai Junan Securities, Cl A  | 152700 | 362 |
| &nbsp;&nbsp;&nbsp; Haier Smart Home, Cl H  | 189919 | 610 |
| &nbsp;&nbsp;&nbsp; Hangzhou Robam Appliances, Cl A  | 124000 | 388 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Hello Group ADR  | 59700 | $| 377 |
| &nbsp;&nbsp;&nbsp; Huatai Securities, Cl A  | 157300 |  | 359 |
| &nbsp;&nbsp;&nbsp; Hygon Information Technology, Cl A  | 19000 |  | 370 |
| &nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China, Cl H  | 1546917 |  | 1101 |
| &nbsp;&nbsp;&nbsp; JD.com, Cl A  | 90805 |  | 1877 |
| &nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals, Cl A  | 125200 |  | 849 |
| &nbsp;&nbsp;&nbsp; Kingsoft  | 73000 |  | 353 |
| &nbsp;&nbsp;&nbsp; Kunlun Energy  | 722446 |  | 705 |
| &nbsp;&nbsp;&nbsp; Luxshare Precision Industry, Cl A  | 74500 |  | 420 |
| &nbsp;&nbsp;&nbsp; Meituan, Cl B <sup>\*</sup> | 135085 |  | 2705 |
| &nbsp;&nbsp;&nbsp; NetEase  | 78664 |  | 1597 |
| &nbsp;&nbsp;&nbsp; PDD Holdings ADR <sup>\*</sup> | 7160 |  | 847 |
| &nbsp;&nbsp;&nbsp; People's Insurance Group of China, Cl H  | 2315765 |  | 1197 |
| &nbsp;&nbsp;&nbsp; PetroChina, Cl H  | 1136045 |  | 918 |
| &nbsp;&nbsp;&nbsp; PICC Property & Casualty, Cl H  | 269048 |  | 497 |
| &nbsp;&nbsp;&nbsp; Ping An Insurance Group of China, Cl H  | 380817 |  | 2266 |
| &nbsp;&nbsp;&nbsp; Pop Mart International Group  | 66995 |  | 1348 |
| &nbsp;&nbsp;&nbsp; Qifu Technology ADR  | 19785 |  | 889 |
| &nbsp;&nbsp;&nbsp; SF Holding, Cl A  | 74300 |  | 442 |
| &nbsp;&nbsp;&nbsp; Shenwan Hongyuan Group, Cl A  | 657300 |  | 447 |
| &nbsp;&nbsp;&nbsp; Shenzhen Envicool Technology, Cl A  | 86890 |  | 466 |
| &nbsp;&nbsp;&nbsp; Sinopec Engineering Group, Cl H  | 537440 |  | 381 |
| &nbsp;&nbsp;&nbsp; Tencent Holdings  | 160342 |  | 10243 |
| &nbsp;&nbsp;&nbsp; Trip.com Group  | 10030 |  | 637 |
| &nbsp;&nbsp;&nbsp; Vipshop Holdings ADR  | 68655 |  | 1077 |
| &nbsp;&nbsp;&nbsp; Xiaomi, Cl B <sup>\*</sup> | 408311 |  | 2582 |
| &nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings  | 324095 |  | 571 |
| &nbsp;&nbsp;&nbsp; Zoomlion Heavy Industry Science and Technology  | 502700 |  | 370 |
|  |  |  | 60895 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| &nbsp;&nbsp;&nbsp; Bancolombia ADR  | 9800 |  | 394 |
| **Czech Republic — 0.3%** | **Czech Republic — 0.3%** | **Czech Republic — 0.3%** | **Czech Republic — 0.3%** |
| &nbsp;&nbsp;&nbsp; Komercni Banka  | 11000 |  | 531 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| &nbsp;&nbsp;&nbsp; Commercial International Bank  | 252595 |  | 412 |
| **Greece — 1.3%** | **Greece — 1.3%** | **Greece — 1.3%** | **Greece — 1.3%** |
| &nbsp;&nbsp;&nbsp; Alpha Services and Holdings  | 164900 |  | 392 |
| &nbsp;&nbsp;&nbsp; Danaos  | 5300 |  | 413 |
| &nbsp;&nbsp;&nbsp; Eurobank Ergasias Services and Holdings  | 247902 |  | 661 |
| &nbsp;&nbsp;&nbsp; Hellenic Telecommunications Organization  | 39150 |  | 634 |
| &nbsp;&nbsp;&nbsp; Piraeus Financial Holdings  | 101175 |  | 552 |
|  |  |  | 2652 |
| **Hong Kong — 0.8%** | **Hong Kong — 0.8%** | **Hong Kong — 0.8%** | **Hong Kong — 0.8%** |
| &nbsp;&nbsp;&nbsp; United Laboratories International Holdings  | 301165 |  | 566 |
| &nbsp;&nbsp;&nbsp; WH Group  | 1072840 |  | 985 |
|  |  |  | 1551 |
| **Hungary — 2.8%** | **Hungary — 2.8%** | **Hungary — 2.8%** | **Hungary — 2.8%** |
| &nbsp;&nbsp;&nbsp; Magyar Telekom Telecommunications  | 120100 |  | 523 |
| &nbsp;&nbsp;&nbsp; MOL Hungarian Oil & Gas  | 134732 |  | 1058 |

---

------

SEI Exchange Traded Funds

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; OTP Bank Nyrt  | 46496 | $| 3115 |
| &nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt  | 38539 |  | 1060 |
|  |  |  | 5756 |
| **India — 13.0%** | **India — 13.0%** | **India — 13.0%** | **India — 13.0%** |
| &nbsp;&nbsp;&nbsp; Bharat Petroleum  | 166944 |  | 544 |
| &nbsp;&nbsp;&nbsp; Bharti Airtel  | 20395 |  | 413 |
| &nbsp;&nbsp;&nbsp; Britannia Industries  | 7700 |  | 445 |
| &nbsp;&nbsp;&nbsp; Chambal Fertilisers and Chemicals  | 64200 |  | 470 |
| &nbsp;&nbsp;&nbsp; Coromandel International  | 28800 |  | 668 |
| &nbsp;&nbsp;&nbsp; Divi's Laboratories  | 9500 |  | 642 |
| &nbsp;&nbsp;&nbsp; Dr Reddy's Laboratories  | 24500 |  | 328 |
| &nbsp;&nbsp;&nbsp; General Insurance  | 80200 |  | 395 |
| &nbsp;&nbsp;&nbsp; Great Eastern Shipping  | 40700 |  | 444 |
| &nbsp;&nbsp;&nbsp; HCL Technologies  | 58021 |  | 1081 |
| &nbsp;&nbsp;&nbsp; HDFC Bank  | 67456 |  | 1443 |
| &nbsp;&nbsp;&nbsp; Hero MotoCorp  | 9500 |  | 414 |
| &nbsp;&nbsp;&nbsp; Hindalco Industries  | 48075 |  | 384 |
| &nbsp;&nbsp;&nbsp; ICICI Bank ADR  | 93200 |  | 2938 |
| &nbsp;&nbsp;&nbsp; Infosys ADR  | 92764 |  | 1693 |
| &nbsp;&nbsp;&nbsp; ITC Hotels <sup>\*</sup> | 6923 |  | 16 |
| &nbsp;&nbsp;&nbsp; L&T Finance  | 248249 |  | 445 |
| &nbsp;&nbsp;&nbsp; Mahindra & Mahindra  | 14385 |  | 449 |
| &nbsp;&nbsp;&nbsp; Marico  | 65410 |  | 499 |
| &nbsp;&nbsp;&nbsp; Maruti Suzuki India  | 2800 |  | 377 |
| &nbsp;&nbsp;&nbsp; Muthoot Finance  | 43283 |  | 1207 |
| &nbsp;&nbsp;&nbsp; National Aluminium  | 164000 |  | 337 |
| &nbsp;&nbsp;&nbsp; Nippon Life India Asset Management  | 42200 |  | 286 |
| &nbsp;&nbsp;&nbsp; NMDC  | 474945 |  | 383 |
| &nbsp;&nbsp;&nbsp; Oil & Natural Gas  | 567667 |  | 1636 |
| &nbsp;&nbsp;&nbsp; Petronet LNG  | 327539 |  | 1125 |
| &nbsp;&nbsp;&nbsp; Power Grid  | 141860 |  | 482 |
| &nbsp;&nbsp;&nbsp; Redington  | 152200 |  | 432 |
| &nbsp;&nbsp;&nbsp; Reliance Industries  | 24930 |  | 372 |
| &nbsp;&nbsp;&nbsp; Shriram Finance  | 169475 |  | 1301 |
| &nbsp;&nbsp;&nbsp; Sun Pharmaceutical Industries  | 28359 |  | 575 |
| &nbsp;&nbsp;&nbsp; Tata Consultancy Services  | 28605 |  | 1207 |
| &nbsp;&nbsp;&nbsp; Tech Mahindra  | 25025 |  | 415 |
| &nbsp;&nbsp;&nbsp; UltraTech Cement  | 3100 |  | 417 |
| &nbsp;&nbsp;&nbsp; United Spirits  | 29000 |  | 475 |
| &nbsp;&nbsp;&nbsp; Vedanta  | 303865 |  | 1647 |
| &nbsp;&nbsp;&nbsp; Wipro ADR  | 112500 |  | 344 |
|  |  |  | 26729 |
| **Indonesia — 1.5%** | **Indonesia — 1.5%** | **Indonesia — 1.5%** | **Indonesia — 1.5%** |
| &nbsp;&nbsp;&nbsp; Astra International  | 3297630 |  | 980 |
| &nbsp;&nbsp;&nbsp; Bank Central Asia  | 783562 |  | 402 |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero  | 2368963 |  | 579 |
| &nbsp;&nbsp;&nbsp; Indofood Sukses Makmur  | 1462761 |  | 627 |
| &nbsp;&nbsp;&nbsp; Kalbe Farma  | 3490745 |  | 239 |
| &nbsp;&nbsp;&nbsp; Perusahaan Gas Negara  | 3797100 |  | 357 |
|  |  |  | 3184 |
| **Malaysia — 1.0%** | **Malaysia — 1.0%** | **Malaysia — 1.0%** | **Malaysia — 1.0%** |
| &nbsp;&nbsp;&nbsp; IHH Healthcare  | 234680 |  | 366 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; IJM  | 519115 | $| 246 |
| &nbsp;&nbsp;&nbsp; Public Bank  | 377620 |  | 376 |
| &nbsp;&nbsp;&nbsp; Tenaga Nasional  | 197090 |  | 594 |
| &nbsp;&nbsp;&nbsp; Westports Holdings  | 400700 |  | 434 |
|  |  |  | 2016 |
| **Mexico — 1.9%** | **Mexico — 1.9%** | **Mexico — 1.9%** | **Mexico — 1.9%** |
| &nbsp;&nbsp;&nbsp; America Movil  | 494975 |  | 353 |
| &nbsp;&nbsp;&nbsp; Arca Continental  | 40000 |  | 418 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Femsa  | 116295 |  | 1068 |
| &nbsp;&nbsp;&nbsp; El Puerto de Liverpool  | 67375 |  | 316 |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano  | 103567 |  | 1008 |
| &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte, Cl O  | 98065 |  | 681 |
|  |  |  | 3844 |
| **Philippines — 0.7%** | **Philippines — 0.7%** | **Philippines — 0.7%** | **Philippines — 0.7%** |
| &nbsp;&nbsp;&nbsp; BDO Unibank  | 157538 |  | 422 |
| &nbsp;&nbsp;&nbsp; GT Capital Holdings  | 32643 |  | 291 |
| &nbsp;&nbsp;&nbsp; Manila Electric  | 74820 |  | 719 |
|  |  |  | 1432 |
| **Poland — 1.4%** | **Poland — 1.4%** | **Poland — 1.4%** | **Poland — 1.4%** |
| &nbsp;&nbsp;&nbsp; CD Projekt  | 8800 |  | 480 |
| &nbsp;&nbsp;&nbsp; Enea <sup>\*</sup> | 110400 |  | 436 |
| &nbsp;&nbsp;&nbsp; KRUK  | 3800 |  | 370 |
| &nbsp;&nbsp;&nbsp; PGE Polska Grupa Energetyczna <sup>\*</sup> | 270700 |  | 554 |
| &nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen  | 68047 |  | 983 |
|  |  |  | 2823 |
| **Qatar — 0.6%** | **Qatar — 0.6%** | **Qatar — 0.6%** | **Qatar — 0.6%** |
| &nbsp;&nbsp;&nbsp; Barwa Real Estate  | 505800 |  | 367 |
| &nbsp;&nbsp;&nbsp; Ooredoo QPSC  | 259240 |  | 840 |
|  |  |  | 1207 |
| **Romania — 0.5%** | **Romania — 0.5%** | **Romania — 0.5%** | **Romania — 0.5%** |
| &nbsp;&nbsp;&nbsp; NEPI Rockcastle  | 152545 |  | 1099 |
| **Saudi Arabia — 1.1%** | **Saudi Arabia — 1.1%** | **Saudi Arabia — 1.1%** | **Saudi Arabia — 1.1%** |
| &nbsp;&nbsp;&nbsp; Etihad Etisalat  | 87871 |  | 1429 |
| &nbsp;&nbsp;&nbsp; Riyad Bank  | 52900 |  | 465 |
| &nbsp;&nbsp;&nbsp; United Electronics  | 16400 |  | 412 |
|  |  |  | 2306 |
| **South Africa — 5.1%** | **South Africa — 5.1%** | **South Africa — 5.1%** | **South Africa — 5.1%** |
| &nbsp;&nbsp;&nbsp; AVI  | 131142 |  | 632 |
| &nbsp;&nbsp;&nbsp; Bid  | 25050 |  | 598 |
| &nbsp;&nbsp;&nbsp; Capitec Bank Holdings  | 3430 |  | 579 |
| &nbsp;&nbsp;&nbsp; Clicks Group  | 22703 |  | 418 |
| &nbsp;&nbsp;&nbsp; FirstRand  | 96500 |  | 377 |
| &nbsp;&nbsp;&nbsp; Foschini Group  | 43940 |  | 297 |
| &nbsp;&nbsp;&nbsp; Kumba Iron Ore  | 20325 |  | 345 |
| &nbsp;&nbsp;&nbsp; Momentum Group  | 365128 |  | 620 |
| &nbsp;&nbsp;&nbsp; Mr Price Group  | 71448 |  | 861 |
| &nbsp;&nbsp;&nbsp; Naspers, Cl N  | 6160 |  | 1513 |
| &nbsp;&nbsp;&nbsp; Nedbank Group  | 85990 |  | 1203 |
| &nbsp;&nbsp;&nbsp; Old Mutual  | 534465 |  | 346 |
| &nbsp;&nbsp;&nbsp; Pepkor Holdings  | 248600 |  | 345 |

---

------

SEI Exchange Traded Funds

**SCHEDULE OF INVESTMENTS** 

March 31, 2025

**SEI Select Emerging Markets Equity ETF** (Concluded)

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Redefine Properties <sup>‡</sup> | 1478720 | $| 336 |
| &nbsp;&nbsp;&nbsp; Resilient REIT <sup>‡</sup> | 130500 |  | 403 |
| &nbsp;&nbsp;&nbsp; Sanlam  | 128860 |  | 580 |
| &nbsp;&nbsp;&nbsp; Vodacom Group  | 102380 |  | 698 |
| &nbsp;&nbsp;&nbsp; Vukile Property Fund <sup>‡</sup> | 446100 |  | 423 |
|  |  |  | 10574 |
| **South Korea — 10.1%** | **South Korea — 10.1%** | **South Korea — 10.1%** | **South Korea — 10.1%** |
| &nbsp;&nbsp;&nbsp; Coway  | 17965 |  | 988 |
| &nbsp;&nbsp;&nbsp; Hana Financial Group  | 29194 |  | 1182 |
| &nbsp;&nbsp;&nbsp; Hankook Tire & Technology  | 25330 |  | 679 |
| &nbsp;&nbsp;&nbsp; Hyundai Glovis  | 8950 |  | 683 |
| &nbsp;&nbsp;&nbsp; Hyundai Mobis  | 4865 |  | 861 |
| &nbsp;&nbsp;&nbsp; Hyundai Rotem  | 5504 |  | 392 |
| &nbsp;&nbsp;&nbsp; Industrial Bank of Korea  | 59015 |  | 570 |
| &nbsp;&nbsp;&nbsp; KB Financial Group  | 7000 |  | 376 |
| &nbsp;&nbsp;&nbsp; Kia  | 39234 |  | 2459 |
| &nbsp;&nbsp;&nbsp; Korea Investment Holdings  | 7675 |  | 381 |
| &nbsp;&nbsp;&nbsp; Korean Air Lines  | 36335 |  | 526 |
| &nbsp;&nbsp;&nbsp; Krafton <sup>\*</sup> | 2242 |  | 509 |
| &nbsp;&nbsp;&nbsp; KT  | 12976 |  | 437 |
| &nbsp;&nbsp;&nbsp; KT&G  | 6214 |  | 427 |
| &nbsp;&nbsp;&nbsp; LG  | 6164 |  | 270 |
| &nbsp;&nbsp;&nbsp; LG Electronics  | 8965 |  | 470 |
| &nbsp;&nbsp;&nbsp; LG Uplus  | 83915 |  | 587 |
| &nbsp;&nbsp;&nbsp; NAVER  | 5600 |  | 726 |
| &nbsp;&nbsp;&nbsp; NH Investment & Securities  | 40400 |  | 385 |
| &nbsp;&nbsp;&nbsp; Samsung Biologics <sup>\*</sup> | 536 |  | 369 |
| &nbsp;&nbsp;&nbsp; Samsung Electronics  | 102290 |  | 4015 |
| &nbsp;&nbsp;&nbsp; SK Hynix  | 13555 |  | 1756 |
| &nbsp;&nbsp;&nbsp; SK Square <sup>\*</sup> | 8433 |  | 535 |
| &nbsp;&nbsp;&nbsp; SK Telecom  | 10200 |  | 384 |
| &nbsp;&nbsp;&nbsp; Woori Financial Group  | 67500 |  | 756 |
|  |  |  | 20723 |
| **Taiwan — 13.7%** | **Taiwan — 13.7%** | **Taiwan — 13.7%** | **Taiwan — 13.7%** |
|  | 38500 |  | 404 |
| &nbsp;&nbsp;&nbsp; Accton Technology  | 27100 |  | 470 |
| &nbsp;&nbsp;&nbsp; Advantech  | 68530 |  | 774 |
| &nbsp;&nbsp;&nbsp; Cathay Financial Holding  | 298500 |  | 550 |
| &nbsp;&nbsp;&nbsp; CTBC Financial Holding  | 435842 |  | 518 |
| &nbsp;&nbsp;&nbsp; Delta Electronics  | 36638 |  | 397 |
| &nbsp;&nbsp;&nbsp; Eva Airways  | 641700 |  | 784 |
| &nbsp;&nbsp;&nbsp; Fubon Financial Holding  | 210192 |  | 540 |
| &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry  | 108229 |  | 476 |
| &nbsp;&nbsp;&nbsp; King Slide Works  | 7000 |  | 348 |
| &nbsp;&nbsp;&nbsp; Largan Precision  | 19589 |  | 1390 |
| &nbsp;&nbsp;&nbsp; MediaTek  | 58553 |  | 2451 |
| &nbsp;&nbsp;&nbsp; Micro-Star International  | 71525 |  | 349 |
| &nbsp;&nbsp;&nbsp; Pou Chen  | 472800 |  | 503 |
| &nbsp;&nbsp;&nbsp; Realtek Semiconductor  | 23800 |  | 375 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing  | 615562 |  | 16871 |
| &nbsp;&nbsp;&nbsp; Uni-President Enterprises  | 419621 |  | 1017 |
|  |  |  | 28217 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Thailand — 1.7%** | **Thailand — 1.7%** | **Thailand — 1.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Info Service  | 112600 | $913 |
| &nbsp;&nbsp;&nbsp; Kasikornbank NVDR  | 200654 | 955 |
| &nbsp;&nbsp;&nbsp; Krung Thai Bank NVDR  | 664100 | 472 |
| &nbsp;&nbsp;&nbsp; PTT Exploration & Production NVDR  | 204552 | 702 |
| &nbsp;&nbsp;&nbsp; Thai Beverage  | 1428900 | 542 |
|  |  | 3584 |
| **Turkey — 0.5%** | **Turkey — 0.5%** | **Turkey — 0.5%** |
| &nbsp;&nbsp;&nbsp; Akbank  | 231400 | 318 |
| &nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri  | 166236 | 420 |
| &nbsp;&nbsp;&nbsp; Turkiye Garanti Bankasi  | 113000 | 351 |
|  |  | 1089 |
| **United Arab Emirates — 3.0%** | **United Arab Emirates — 3.0%** | **United Arab Emirates — 3.0%** |
| &nbsp;&nbsp;&nbsp; Air Arabia PJSC  | 454701 | 384 |
| &nbsp;&nbsp;&nbsp; Aldar Properties PJSC  | 278800 | 639 |
| &nbsp;&nbsp;&nbsp; Dubai Islamic Bank PJSC  | 241689 | 472 |
| &nbsp;&nbsp;&nbsp; Emaar Development PJSC  | 114530 | 382 |
| &nbsp;&nbsp;&nbsp; Emaar Properties PJSC  | 861177 | 3130 |
| &nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC  | 65920 | 362 |
| &nbsp;&nbsp;&nbsp; Emirates Telecommunications Group PJSC  | 199648 | 919 |
|  |  | 6288 |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| &nbsp;&nbsp;&nbsp; Titan Cement International  | 11135 | 511 |
|  Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $194,981) ($ Thousands) |  | 195454 |
| **PREFERRED STOCK — 3.3%** | **PREFERRED STOCK — 3.3%** | **PREFERRED STOCK — 3.3%** |
| **Brazil — 2.9%** | **Brazil — 2.9%** | **Brazil — 2.9%** |
| &nbsp;&nbsp;&nbsp; Banco Bradesco (A) | 145685 | 321 |
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding (A) | 221799 | 1217 |
| &nbsp;&nbsp;&nbsp; Itausa (A) | 670703 | 1107 |
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro (A) | 532227 | 3459 |
|  |  | 6104 |
| **South Korea — 0.4%** | **South Korea — 0.4%** | **South Korea — 0.4%** |
| &nbsp;&nbsp;&nbsp; Hyundai Motor (A) | 4400 | 440 |
| &nbsp;&nbsp;&nbsp; Samsung Electronics (A) | 11130 | 357 |
|  |  | 797 |
|  Total Preferred Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,977) ($ Thousands) |  | 6901 |
| **EXCHANGE TRADED FUND — 0.9%** | **EXCHANGE TRADED FUND — 0.9%** | **EXCHANGE TRADED FUND — 0.9%** |
| **United States — 0.9%** | **United States — 0.9%** | **United States — 0.9%** |
| &nbsp;&nbsp;&nbsp; iShares Core MSCI Emerging Markets ETF  | 34890 | 1883 |
|  Total Exchange Traded Fund  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,894) ($ Thousands) |  | 1883 |

---

------

SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
| Description | Number of<br> Rights | Market Value<br> ($ Thousands) |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| **Brazil — 0.0%** | **Brazil — 0.0%** |  |
| &nbsp;&nbsp;&nbsp; Itausa, Expires 04/14/2025 \* | 9233 | $5 |
|  Total Rights |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) ($ Thousands) |  | 5 |
| Total Investments in Securities — 99.1% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $203,852) ($ Thousands)  | &nbsp;&nbsp;&nbsp; (Cost $203,852) ($ Thousands)  | $204243 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $206,065 ($ Thousands). |
| \* | Non-income producing security. |
| <sup><sup>‡</sup></sup> | Real Estate Investment Trust. |
| <sup>(A)</sup> | No interest Rate Available. |

---

As of March 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.<br>

See "Glossary" for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

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

------

SEI Exchange Traded Funds

**SCHEDULE OF INVESTMENTS** 

March 31, 2025

**SEI Select International Equity ETF** 

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK — 97.9%** | **COMMON STOCK — 97.9%** | **COMMON STOCK — 97.9%** |
| **Australia — 3.4%** | **Australia — 3.4%** | **Australia — 3.4%** |
| &nbsp;&nbsp;&nbsp; AGL Energy  | 180876 | $1186 |
| &nbsp;&nbsp;&nbsp; Aristocrat Leisure  | 25884 | 1035 |
| &nbsp;&nbsp;&nbsp; Aurizon Holdings  | 422300 | 816 |
| &nbsp;&nbsp;&nbsp; Bendigo & Adelaide Bank  | 99501 | 659 |
| &nbsp;&nbsp;&nbsp; Brambles  | 65981 | 824 |
| &nbsp;&nbsp;&nbsp; Charter Hall Group <sup>‡</sup> | 93763 | 945 |
| &nbsp;&nbsp;&nbsp; Cochlear  | 4453 | 728 |
| &nbsp;&nbsp;&nbsp; Computershare  | 47920 | 1168 |
| &nbsp;&nbsp;&nbsp; Dexus <sup>‡</sup> | 179900 | 794 |
| &nbsp;&nbsp;&nbsp; Evolution Mining  | 392935 | 1741 |
| &nbsp;&nbsp;&nbsp; GPT Group <sup>‡</sup> | 268806 | 730 |
| &nbsp;&nbsp;&nbsp; HUB24  | 19846 | 844 |
| &nbsp;&nbsp;&nbsp; JB Hi-Fi  | 24949 | 1443 |
| &nbsp;&nbsp;&nbsp; Lottery  | 251038 | 745 |
| &nbsp;&nbsp;&nbsp; Northern Star Resources  | 203223 | 2320 |
| &nbsp;&nbsp;&nbsp; Qantas Airways  | 166770 | 940 |
| &nbsp;&nbsp;&nbsp; Qube Holdings  | 366271 | 897 |
| &nbsp;&nbsp;&nbsp; Stockland <sup>‡</sup> | 265053 | 809 |
|  |  | 18624 |
| **Austria — 1.3%** | **Austria — 1.3%** | **Austria — 1.3%** |
| &nbsp;&nbsp;&nbsp; ANDRITZ  | 11967 | 668 |
| &nbsp;&nbsp;&nbsp; BAWAG Group  | 17360 | 1781 |
| &nbsp;&nbsp;&nbsp; Erste Group Bank  | 42725 | 2941 |
| &nbsp;&nbsp;&nbsp; OMV  | 20477 | 1051 |
| &nbsp;&nbsp;&nbsp; voestalpine  | 30000 | 729 |
|  |  | 7170 |
| **Belgium — 1.1%** | **Belgium — 1.1%** | **Belgium — 1.1%** |
| &nbsp;&nbsp;&nbsp; Ageas  | 19438 | 1162 |
| &nbsp;&nbsp;&nbsp; KBC Group  | 32642 | 2962 |
| &nbsp;&nbsp;&nbsp; UCB  | 9044 | 1590 |
|  |  | 5714 |
| **China — 0.9%** | **China — 0.9%** | **China — 0.9%** |
| &nbsp;&nbsp;&nbsp; ANTA Sports Products  | 74605 | 819 |
| &nbsp;&nbsp;&nbsp; Prosus  | 18288 | 841 |
| &nbsp;&nbsp;&nbsp; SITC International Holdings  | 339463 | 922 |
| &nbsp;&nbsp;&nbsp; Wilmar International  | 345801 | 862 |
| &nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings  | 845539 | 1491 |
|  |  | 4935 |
| **Denmark — 1.5%** | **Denmark — 1.5%** | **Denmark — 1.5%** |
| &nbsp;&nbsp;&nbsp; Danske Bank  | 87321 | 2846 |
| &nbsp;&nbsp;&nbsp; Genmab <sup>\*</sup> | 3741 | 726 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk, Cl B  | 27131 | 1846 |
| &nbsp;&nbsp;&nbsp; Pandora  | 11849 | 1808 |
| &nbsp;&nbsp;&nbsp; Sydbank  | 14339 | 896 |
|  |  | 8122 |
| **Finland — 1.7%** | **Finland — 1.7%** | **Finland — 1.7%** |
| &nbsp;&nbsp;&nbsp; Kone, Cl B  | 42206 | 2318 |
| &nbsp;&nbsp;&nbsp; Konecranes  | 14035 | 892 |
| &nbsp;&nbsp;&nbsp; Nokia  | 674593 | 3527 |
| &nbsp;&nbsp;&nbsp; Nordea Bank Abp  | 70584 | 897 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Orion, Cl B  | 24014 | $| 1423 |
|  |  |  | 9057 |
| **France — 9.3%** | **France — 9.3%** | **France — 9.3%** | **France — 9.3%** |
| &nbsp;&nbsp;&nbsp; Accor  | 43660 |  | 1976 |
| &nbsp;&nbsp;&nbsp; Airbus  | 8732 |  | 1535 |
| &nbsp;&nbsp;&nbsp; Amundi  | 26538 |  | 2064 |
| &nbsp;&nbsp;&nbsp; Arkema  | 19231 |  | 1463 |
| &nbsp;&nbsp;&nbsp; AXA  | 42933 |  | 1827 |
| &nbsp;&nbsp;&nbsp; BNP Paribas  | 31080 |  | 2582 |
| &nbsp;&nbsp;&nbsp; Bureau Veritas  | 65904 |  | 1989 |
| &nbsp;&nbsp;&nbsp; Carrefour  | 80043 |  | 1143 |
| &nbsp;&nbsp;&nbsp; Cie de Saint-Gobain  | 26092 |  | 2585 |
| &nbsp;&nbsp;&nbsp; Cie Generale des Etablissements Michelin SCA  | 102183 |  | 3577 |
| &nbsp;&nbsp;&nbsp; Dassault Systemes  | 19534 |  | 737 |
| &nbsp;&nbsp;&nbsp; Engie  | 48005 |  | 935 |
| &nbsp;&nbsp;&nbsp; EssilorLuxottica  | 10291 |  | 2950 |
| &nbsp;&nbsp;&nbsp; Ipsen  | 6193 |  | 712 |
| &nbsp;&nbsp;&nbsp; Klepierre <sup>‡</sup> | 45219 |  | 1510 |
| &nbsp;&nbsp;&nbsp; Legrand  | 30047 |  | 3156 |
| &nbsp;&nbsp;&nbsp; L'Oreal  | 2054 |  | 761 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton  | 4888 |  | 3019 |
| &nbsp;&nbsp;&nbsp; Orange  | 82537 |  | 1069 |
| &nbsp;&nbsp;&nbsp; Publicis Groupe  | 21932 |  | 2055 |
| &nbsp;&nbsp;&nbsp; Rexel  | 83368 |  | 2232 |
| &nbsp;&nbsp;&nbsp; Safran  | 11745 |  | 3070 |
| &nbsp;&nbsp;&nbsp; SCOR  | 29613 |  | 852 |
| &nbsp;&nbsp;&nbsp; Societe Generale  | 35656 |  | 1594 |
| &nbsp;&nbsp;&nbsp; Sodexo  | 9871 |  | 633 |
| &nbsp;&nbsp;&nbsp; Technip Energies  | 26808 |  | 873 |
| &nbsp;&nbsp;&nbsp; Teleperformance  | 23806 |  | 2378 |
| &nbsp;&nbsp;&nbsp; Unibail-Rodamco-Westfield <sup>‡</sup> | 13616 |  | 1146 |
|  |  |  | 50423 |
| **Germany — 10.9%** | **Germany — 10.9%** | **Germany — 10.9%** | **Germany — 10.9%** |
| &nbsp;&nbsp;&nbsp; adidas  | 3221 |  | 754 |
| &nbsp;&nbsp;&nbsp; Auto1 Group <sup>\*</sup> | 41478 |  | 909 |
| &nbsp;&nbsp;&nbsp; BASF  | 86282 |  | 4277 |
| &nbsp;&nbsp;&nbsp; Bayer  | 55522 |  | 1324 |
| &nbsp;&nbsp;&nbsp; Commerzbank  | 127964 |  | 2899 |
| &nbsp;&nbsp;&nbsp; Continental  | 29937 |  | 2088 |
| &nbsp;&nbsp;&nbsp; CTS Eventim & KGaA  | 30352 |  | 3023 |
| &nbsp;&nbsp;&nbsp; Daimler Truck Holding  | 86801 |  | 3480 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank  | 39277 |  | 926 |
| &nbsp;&nbsp;&nbsp; Deutsche Boerse  | 24138 |  | 7095 |
| &nbsp;&nbsp;&nbsp; Deutsche Lufthansa  | 119439 |  | 864 |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom  | 113621 |  | 4200 |
| &nbsp;&nbsp;&nbsp; Evonik Industries  | 156030 |  | 3360 |
| &nbsp;&nbsp;&nbsp; Fresenius Medical Care  | 38877 |  | 1917 |
| &nbsp;&nbsp;&nbsp; GEA Group  | 31080 |  | 1877 |
| &nbsp;&nbsp;&nbsp; Heidelberg Materials  | 16841 |  | 2866 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group  | 28453 |  | 1665 |
| &nbsp;&nbsp;&nbsp; MTU Aero Engines  | 3948 |  | 1366 |

---

------

SEI Exchange Traded Funds

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft in Muenchen  | 1455 | $| 915 |
| &nbsp;&nbsp;&nbsp; Rheinmetall  | 581 |  | 828 |
| &nbsp;&nbsp;&nbsp; RWE  | 40124 |  | 1431 |
| &nbsp;&nbsp;&nbsp; SAP  | 27870 |  | 7358 |
| &nbsp;&nbsp;&nbsp; Siemens Energy <sup>\*</sup> | 43972 |  | 2557 |
| &nbsp;&nbsp;&nbsp; Talanx  | 10083 |  | 1053 |
|  |  |  | 59032 |
| **Hong Kong — 1.2%** | **Hong Kong — 1.2%** | **Hong Kong — 1.2%** | **Hong Kong — 1.2%** |
| &nbsp;&nbsp;&nbsp; AIA Group  | 242831 |  | 1829 |
| &nbsp;&nbsp;&nbsp; CK Asset Holdings  | 202722 |  | 819 |
| &nbsp;&nbsp;&nbsp; Jardine Matheson Holdings  | 22548 |  | 955 |
| &nbsp;&nbsp;&nbsp; Link <sup>‡</sup> | 168536 |  | 789 |
| &nbsp;&nbsp;&nbsp; United Laboratories International Holdings  | 522357 |  | 982 |
| &nbsp;&nbsp;&nbsp; WH Group  | 1084161 |  | 995 |
|  |  |  | 6369 |
| **Ireland — 0.8%** | **Ireland — 0.8%** | **Ireland — 0.8%** | **Ireland — 0.8%** |
| &nbsp;&nbsp;&nbsp; AIB Group  | 124792 |  | 802 |
| &nbsp;&nbsp;&nbsp; Bank of Ireland Group  | 222205 |  | 2603 |
| &nbsp;&nbsp;&nbsp; Kerry Group, Cl A  | 8416 |  | 880 |
|  |  |  | 4285 |
| **Israel — 1.1%** | **Israel — 1.1%** | **Israel — 1.1%** | **Israel — 1.1%** |
| &nbsp;&nbsp;&nbsp; Bank Leumi Le-Israel  | 199690 |  | 2669 |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies <sup>\*</sup> | 4385 |  | 1000 |
| &nbsp;&nbsp;&nbsp; Mizrahi Tefahot Bank  | 18400 |  | 822 |
| &nbsp;&nbsp;&nbsp; Nova <sup>\*</sup> | 4255 |  | 784 |
| &nbsp;&nbsp;&nbsp; Plus500  | 24834 |  | 880 |
|  |  |  | 6155 |
| **Italy — 3.8%** | **Italy — 3.8%** | **Italy — 3.8%** | **Italy — 3.8%** |
| &nbsp;&nbsp;&nbsp; A2A  | 367310 |  | 883 |
| &nbsp;&nbsp;&nbsp; Coca-Cola HBC  | 49063 |  | 2219 |
| &nbsp;&nbsp;&nbsp; Enel  | 452085 |  | 3661 |
| &nbsp;&nbsp;&nbsp; Eni  | 60785 |  | 939 |
| &nbsp;&nbsp;&nbsp; Ferrari  | 2494 |  | 1056 |
| &nbsp;&nbsp;&nbsp; Generali  | 73701 |  | 2578 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo  | 307969 |  | 1575 |
| &nbsp;&nbsp;&nbsp; Moncler  | 12600 |  | 770 |
| &nbsp;&nbsp;&nbsp; Recordati Industria Chimica e Farmaceutica  | 13092 |  | 740 |
| &nbsp;&nbsp;&nbsp; Reply  | 4780 |  | 779 |
| &nbsp;&nbsp;&nbsp; UniCredit  | 63514 |  | 3535 |
| &nbsp;&nbsp;&nbsp; Unipol Gruppo  | 59508 |  | 946 |
| &nbsp;&nbsp;&nbsp; Webuild  | 245220 |  | 839 |
|  |  |  | 20520 |
| **Japan — 19.4%** | **Japan — 19.4%** | **Japan — 19.4%** | **Japan — 19.4%** |
| &nbsp;&nbsp;&nbsp; Aisin  | 68500 |  | 744 |
| &nbsp;&nbsp;&nbsp; Amada  | 79592 |  | 770 |
| &nbsp;&nbsp;&nbsp; Amano  | 30029 |  | 800 |
| &nbsp;&nbsp;&nbsp; Asahi Kasei  | 246987 |  | 1729 |
| &nbsp;&nbsp;&nbsp; Asics  | 134514 |  | 2829 |
| &nbsp;&nbsp;&nbsp; Bridgestone  | 59358 |  | 2380 |
| &nbsp;&nbsp;&nbsp; Brother Industries  | 43433 |  | 783 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Canon  | 99274 | $3084 |
| &nbsp;&nbsp;&nbsp; Central Japan Railway  | 58003 | 1107 |
| &nbsp;&nbsp;&nbsp; Chugai Pharmaceutical  | 54367 | 2472 |
| &nbsp;&nbsp;&nbsp; Credit Saison  | 33562 | 791 |
| &nbsp;&nbsp;&nbsp; Daiwa House Industry  | 76195 | 2516 |
| &nbsp;&nbsp;&nbsp; Daiwa Securities Group  | 116583 | 775 |
| &nbsp;&nbsp;&nbsp; ENEOS Holdings  | 153782 | 805 |
| &nbsp;&nbsp;&nbsp; Fast Retailing  | 4034 | 1189 |
| &nbsp;&nbsp;&nbsp; Fujikura  | 58731 | 2120 |
| &nbsp;&nbsp;&nbsp; Fujitec  | 20989 | 829 |
| &nbsp;&nbsp;&nbsp; Fukuoka Financial Group  | 26808 | 705 |
| &nbsp;&nbsp;&nbsp; Haseko  | 64318 | 845 |
| &nbsp;&nbsp;&nbsp; Hikari Tsushin  | 4260 | 1098 |
| &nbsp;&nbsp;&nbsp; Hirose Electric  | 6754 | 779 |
| &nbsp;&nbsp;&nbsp; Hitachi  | 136488 | 3156 |
| &nbsp;&nbsp;&nbsp; Hoya  | 8001 | 898 |
| &nbsp;&nbsp;&nbsp; Iida Group Holdings  | 64761 | 988 |
| &nbsp;&nbsp;&nbsp; Inpex  | 122086 | 1680 |
| &nbsp;&nbsp;&nbsp; Japan Post Holdings  | 128899 | 1287 |
| &nbsp;&nbsp;&nbsp; Japan Post Insurance  | 41978 | 852 |
| &nbsp;&nbsp;&nbsp; Japan Tobacco  | 29717 | 818 |
| &nbsp;&nbsp;&nbsp; JFE Holdings  | 62656 | 767 |
| &nbsp;&nbsp;&nbsp; Kakaku.com  | 48317 | 689 |
| &nbsp;&nbsp;&nbsp; Kansai Electric Power  | 65800 | 780 |
| &nbsp;&nbsp;&nbsp; Keyence  | 4364 | 1707 |
| &nbsp;&nbsp;&nbsp; Kobe Steel  | 70137 | 811 |
| &nbsp;&nbsp;&nbsp; Komatsu  | 114140 | 3287 |
| &nbsp;&nbsp;&nbsp; Konami Group  | 23910 | 2811 |
| &nbsp;&nbsp;&nbsp; Kuraray  | 82433 | 1010 |
| &nbsp;&nbsp;&nbsp; Kyushu Electric Power  | 82492 | 720 |
| &nbsp;&nbsp;&nbsp; Mazda Motor  | 110972 | 699 |
| &nbsp;&nbsp;&nbsp; MINEBEA MITSUMI  | 109262 | 1588 |
| &nbsp;&nbsp;&nbsp; Mitsubishi Heavy Industries  | 90126 | 1522 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group  | 133267 | 1792 |
| &nbsp;&nbsp;&nbsp; Miura  | 32043 | 634 |
| &nbsp;&nbsp;&nbsp; MS&AD Insurance Group Holdings  | 36367 | 784 |
| &nbsp;&nbsp;&nbsp; NGK Insulators  | 63903 | 784 |
| &nbsp;&nbsp;&nbsp; Nintendo  | 15594 | 1054 |
| &nbsp;&nbsp;&nbsp; Nippon Paint Holdings  | 194800 | 1460 |
| &nbsp;&nbsp;&nbsp; Nippon Steel  | 54782 | 1171 |
| &nbsp;&nbsp;&nbsp; Nippon Telegraph & Telephone  | 802886 | 777 |
| &nbsp;&nbsp;&nbsp; Nitto Denko  | 48856 | 894 |
| &nbsp;&nbsp;&nbsp; NSK  | 185000 | 789 |
| &nbsp;&nbsp;&nbsp; Obayashi  | 130457 | 1731 |
| &nbsp;&nbsp;&nbsp; Olympus  | 164658 | 2144 |
| &nbsp;&nbsp;&nbsp; Ono Pharmaceutical  | 70489 | 755 |
| &nbsp;&nbsp;&nbsp; Panasonic Holdings  | 96468 | 1143 |
| &nbsp;&nbsp;&nbsp; Recruit Holdings  | 15481 | 793 |
| &nbsp;&nbsp;&nbsp; Resona Holdings  | 479415 | 4126 |
| &nbsp;&nbsp;&nbsp; Ryohin Keikaku  | 50314 | 1366 |
| &nbsp;&nbsp;&nbsp; Sankyo  | 76195 | 1108 |
| &nbsp;&nbsp;&nbsp; Sankyu  | 21405 | 878 |
| &nbsp;&nbsp;&nbsp; Sanrio  | 28066 | 1289 |

---

------

SEI Exchange Traded Funds

**SCHEDULE OF INVESTMENTS** 

March 31, 2025

**SEI Select International Equity ETF** (Concluded)

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Santen Pharmaceutical  | 68330 | $| 648 |
| &nbsp;&nbsp;&nbsp; Sanwa Holdings  | 31080 |  | 991 |
| &nbsp;&nbsp;&nbsp; Seiko Epson  | 62683 |  | 1000 |
| &nbsp;&nbsp;&nbsp; Sekisui House  | 37510 |  | 838 |
| &nbsp;&nbsp;&nbsp; Shimano  | 5611 |  | 787 |
| &nbsp;&nbsp;&nbsp; Shimizu  | 89000 |  | 788 |
| &nbsp;&nbsp;&nbsp; Shionogi  | 83784 |  | 1258 |
| &nbsp;&nbsp;&nbsp; Sohgo Security Services  | 103849 |  | 779 |
| &nbsp;&nbsp;&nbsp; Sojitz  | 35224 |  | 773 |
| &nbsp;&nbsp;&nbsp; Subaru  | 49771 |  | 880 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group  | 82528 |  | 2094 |
| &nbsp;&nbsp;&nbsp; Suntory Beverage & Food  | 59878 |  | 1981 |
| &nbsp;&nbsp;&nbsp; Suzuken  | 25400 |  | 839 |
| &nbsp;&nbsp;&nbsp; Takeda Pharmaceutical  | 69975 |  | 2065 |
| &nbsp;&nbsp;&nbsp; TDK  | 132635 |  | 1371 |
| &nbsp;&nbsp;&nbsp; Terumo  | 132020 |  | 2469 |
| &nbsp;&nbsp;&nbsp; Toho Holdings  | 24320 |  | 725 |
| &nbsp;&nbsp;&nbsp; Tokyo Electric Power Holdings <sup>\*</sup> | 183174 |  | 526 |
| &nbsp;&nbsp;&nbsp; Toray Industries  | 242416 |  | 1647 |
| &nbsp;&nbsp;&nbsp; Tosoh  | 56837 |  | 781 |
| &nbsp;&nbsp;&nbsp; Toyo Suisan Kaisha  | 13300 |  | 782 |
| &nbsp;&nbsp;&nbsp; ZOZO  | 86034 |  | 825 |
|  |  |  | 105539 |
| **Luxembourg — 0.7%** | **Luxembourg — 0.7%** | **Luxembourg — 0.7%** | **Luxembourg — 0.7%** |
| &nbsp;&nbsp;&nbsp; ArcelorMittal  | 139501 |  | 3989 |
| **Macao — 0.3%** | **Macao — 0.3%** | **Macao — 0.3%** | **Macao — 0.3%** |
| &nbsp;&nbsp;&nbsp; Galaxy Entertainment Group  | 367574 |  | 1436 |
| **Netherlands — 4.2%** | **Netherlands — 4.2%** | **Netherlands — 4.2%** | **Netherlands — 4.2%** |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank  | 48440 |  | 1013 |
| &nbsp;&nbsp;&nbsp; Argenx <sup>\*</sup> | 1186 |  | 693 |
| &nbsp;&nbsp;&nbsp; ASML Holding  | 3325 |  | 2177 |
| &nbsp;&nbsp;&nbsp; ING Groep  | 291583 |  | 5666 |
| &nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize  | 102495 |  | 3826 |
| &nbsp;&nbsp;&nbsp; Koninklijke Philips <sup>\*</sup> | 39292 |  | 992 |
| &nbsp;&nbsp;&nbsp; Koninklijke Vopak  | 17976 |  | 779 |
| &nbsp;&nbsp;&nbsp; NN Group  | 24949 |  | 1382 |
| &nbsp;&nbsp;&nbsp; Randstad  | 31720 |  | 1309 |
| &nbsp;&nbsp;&nbsp; Universal Music Group  | 71153 |  | 1954 |
| &nbsp;&nbsp;&nbsp; Wolters Kluwer  | 20166 |  | 3127 |
|  |  |  | 22918 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| &nbsp;&nbsp;&nbsp; Fisher & Paykel Healthcare  | 52081 |  | 989 |
| **Norway — 1.7%** | **Norway — 1.7%** | **Norway — 1.7%** | **Norway — 1.7%** |
| &nbsp;&nbsp;&nbsp; Equinor  | 195786 |  | 5179 |
| &nbsp;&nbsp;&nbsp; Kongsberg Gruppen  | 18678 |  | 2721 |
| &nbsp;&nbsp;&nbsp; Orkla  | 116836 |  | 1279 |
|  |  |  | 9179 |
| **Singapore — 0.8%** | **Singapore — 0.8%** | **Singapore — 0.8%** | **Singapore — 0.8%** |
| &nbsp;&nbsp;&nbsp; DBS Group Holdings  | 27639 |  | 956 |
| &nbsp;&nbsp;&nbsp; Keppel DC REIT <sup>‡</sup> | 518909 |  | 830 |

---

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Oversea-Chinese Banking  | 69617 | $| 896 |
| &nbsp;&nbsp;&nbsp; Singapore Airlines  | 165004 |  | 833 |
| &nbsp;&nbsp;&nbsp; United Overseas Bank  | 32627 |  | 925 |
|  |  |  | 4440 |
| **Spain — 3.8%** | **Spain — 3.8%** | **Spain — 3.8%** | **Spain — 3.8%** |
| &nbsp;&nbsp;&nbsp; ACS Actividades de Construccion y Servicios  | 22975 |  | 1309 |
| &nbsp;&nbsp;&nbsp; Aena SME  | 4156 |  | 972 |
| &nbsp;&nbsp;&nbsp; Amadeus IT Group  | 48890 |  | 3723 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria  | 280017 |  | 3795 |
| &nbsp;&nbsp;&nbsp; Banco Santander  | 435493 |  | 2915 |
| &nbsp;&nbsp;&nbsp; CaixaBank  | 680362 |  | 5272 |
| &nbsp;&nbsp;&nbsp; Iberdrola  | 55174 |  | 890 |
| &nbsp;&nbsp;&nbsp; Industria de Diseno Textil  | 15274 |  | 757 |
| &nbsp;&nbsp;&nbsp; Repsol  | 91581 |  | 1217 |
|  |  |  | 20850 |
| **Sweden — 2.2%** | **Sweden — 2.2%** | **Sweden — 2.2%** | **Sweden — 2.2%** |
| &nbsp;&nbsp;&nbsp; AAK  | 37214 |  | 1037 |
| &nbsp;&nbsp;&nbsp; Assa Abloy, Cl B  | 27200 |  | 812 |
| &nbsp;&nbsp;&nbsp; Atlas Copco, Cl A  | 49300 |  | 782 |
| &nbsp;&nbsp;&nbsp; Atlas Copco, Cl B  | 143869 |  | 2010 |
| &nbsp;&nbsp;&nbsp; Avanza Bank Holding  | 25457 |  | 774 |
| &nbsp;&nbsp;&nbsp; Betsson, Cl B  | 52057 |  | 806 |
| &nbsp;&nbsp;&nbsp; Evolution  | 8540 |  | 634 |
| &nbsp;&nbsp;&nbsp; Industrivarden, Cl A  | 23379 |  | 856 |
| &nbsp;&nbsp;&nbsp; Loomis, Cl B  | 21405 |  | 866 |
| &nbsp;&nbsp;&nbsp; Skandinaviska Enskilda Banken, Cl A  | 70272 |  | 1151 |
| &nbsp;&nbsp;&nbsp; SSAB, Cl B  | 177551 |  | 1077 |
| &nbsp;&nbsp;&nbsp; Swedbank  | 39500 |  | 896 |
|  |  |  | 11701 |
| **Switzerland — 4.0%** | **Switzerland — 4.0%** | **Switzerland — 4.0%** | **Switzerland — 4.0%** |
| &nbsp;&nbsp;&nbsp; Accelleron Industries  | 22663 |  | 1045 |
| &nbsp;&nbsp;&nbsp; Belimo Holding  | 1974 |  | 1207 |
| &nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli  | 100 |  | 1349 |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont, Cl A  | 29209 |  | 5049 |
| &nbsp;&nbsp;&nbsp; Geberit  | 1455 |  | 904 |
| &nbsp;&nbsp;&nbsp; Givaudan  | 209 |  | 897 |
| &nbsp;&nbsp;&nbsp; Helvetia Holding  | 6634 |  | 1370 |
| &nbsp;&nbsp;&nbsp; Julius Baer Group  | 33474 |  | 2297 |
| &nbsp;&nbsp;&nbsp; Logitech International  | 9871 |  | 825 |
| &nbsp;&nbsp;&nbsp; Lonza Group  | 1351 |  | 828 |
| &nbsp;&nbsp;&nbsp; Schindler Holding  | 2909 |  | 907 |
| &nbsp;&nbsp;&nbsp; Sulzer  | 4600 |  | 779 |
| &nbsp;&nbsp;&nbsp; UBS Group  | 68978 |  | 2095 |
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group  | 3100 |  | 2155 |
|  |  |  | 21707 |
| **United Kingdom — 15.4%** | **United Kingdom — 15.4%** | **United Kingdom — 15.4%** | **United Kingdom — 15.4%** |
| &nbsp;&nbsp;&nbsp; AJ Bell  | 128138 |  | 665 |
| &nbsp;&nbsp;&nbsp; AstraZeneca  | 14243 |  | 2069 |
| &nbsp;&nbsp;&nbsp; Auto Trader Group  | 70729 |  | 679 |
| &nbsp;&nbsp;&nbsp; Balfour Beatty  | 141300 |  | 792 |
| &nbsp;&nbsp;&nbsp; Barclays  | 1952829 |  | 7254 |

---

------

SEI Exchange Traded Funds

---

| | | | |
|:---|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Berkeley Group Holdings  | 16937 | $| 784 |
| &nbsp;&nbsp;&nbsp; Breedon Group  | 133312 |  | 772 |
| &nbsp;&nbsp;&nbsp; British Land <sup>‡</sup> | 216012 |  | 1030 |
| &nbsp;&nbsp;&nbsp; Centrica  | 526098 |  | 1014 |
| &nbsp;&nbsp;&nbsp; CK Hutchison Holdings  | 180876 |  | 1017 |
| &nbsp;&nbsp;&nbsp; Compass Group  | 46570 |  | 1535 |
| &nbsp;&nbsp;&nbsp; ConvaTec Group  | 481191 |  | 1597 |
| &nbsp;&nbsp;&nbsp; Cranswick  | 13508 |  | 855 |
| &nbsp;&nbsp;&nbsp; Diageo  | 66839 |  | 1738 |
| &nbsp;&nbsp;&nbsp; Halma  | 46881 |  | 1562 |
| &nbsp;&nbsp;&nbsp; Hill & Smith  | 32315 |  | 728 |
| &nbsp;&nbsp;&nbsp; Howden Joinery Group  | 233060 |  | 2163 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings  | 404915 |  | 4567 |
| &nbsp;&nbsp;&nbsp; IMI  | 32500 |  | 792 |
| &nbsp;&nbsp;&nbsp; Imperial Brands  | 96676 |  | 3575 |
| &nbsp;&nbsp;&nbsp; Inchcape  | 82596 |  | 714 |
| &nbsp;&nbsp;&nbsp; Intertek Group  | 12573 |  | 812 |
| &nbsp;&nbsp;&nbsp; Investec  | 112946 |  | 699 |
| &nbsp;&nbsp;&nbsp; J Sainsbury  | 884939 |  | 2687 |
| &nbsp;&nbsp;&nbsp; JET2  | 37159 |  | 594 |
| &nbsp;&nbsp;&nbsp; Johnson Matthey  | 44368 |  | 758 |
| &nbsp;&nbsp;&nbsp; Just Group  | 411782 |  | 781 |
| &nbsp;&nbsp;&nbsp; Kingfisher  | 253532 |  | 829 |
| &nbsp;&nbsp;&nbsp; Land Securities Group <sup>‡</sup> | 104634 |  | 743 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group  | 18607 |  | 2752 |
| &nbsp;&nbsp;&nbsp; Marks & Spencer Group  | 670694 |  | 3078 |
| &nbsp;&nbsp;&nbsp; Morgan Sindall Group  | 15134 |  | 645 |
| &nbsp;&nbsp;&nbsp; NatWest Group  | 949389 |  | 5537 |
| &nbsp;&nbsp;&nbsp; Next  | 21828 |  | 3123 |
| &nbsp;&nbsp;&nbsp; Premier Foods  | 312948 |  | 743 |
| &nbsp;&nbsp;&nbsp; Quilter  | 532232 |  | 1013 |
| &nbsp;&nbsp;&nbsp; Reckitt Benckiser Group  | 53639 |  | 3621 |
| &nbsp;&nbsp;&nbsp; RELX  | 17248 |  | 862 |
| &nbsp;&nbsp;&nbsp; Rentokil Initial  | 356808 |  | 1601 |
| &nbsp;&nbsp;&nbsp; Rolls-Royce Holdings <sup>\*</sup> | 421231 |  | 4072 |
| &nbsp;&nbsp;&nbsp; Sage Group  | 62136 |  | 968 |
| &nbsp;&nbsp;&nbsp; Standard Chartered  | 330786 |  | 4865 |
| &nbsp;&nbsp;&nbsp; Tesco  | 1038892 |  | 4456 |
| &nbsp;&nbsp;&nbsp; Unilever  | 25988 |  | 1546 |
| &nbsp;&nbsp;&nbsp; Vodafone Group  | 1308746 |  | 1232 |
|  |  |  | 83919 |
| **United States — 8.2%** | **United States — 8.2%** | **United States — 8.2%** | **United States — 8.2%** |
| &nbsp;&nbsp;&nbsp; BP  | 165033 |  | 929 |
| &nbsp;&nbsp;&nbsp; CyberArk Software <sup>\*</sup> | 2074 |  | 701 |
| &nbsp;&nbsp;&nbsp; Experian  | 46050 |  | 2121 |
| &nbsp;&nbsp;&nbsp; GSK  | 300583 |  | 5672 |
| &nbsp;&nbsp;&nbsp; Holcim  | 7689 |  | 821 |
| &nbsp;&nbsp;&nbsp; Monday.com <sup>\*</sup> | 2571 |  | 625 |
| &nbsp;&nbsp;&nbsp; Nestle  | 15490 |  | 1564 |
| &nbsp;&nbsp;&nbsp; Novartis  | 64242 |  | 7104 |
| &nbsp;&nbsp;&nbsp; Roche Holding  | 34667 |  | 11383 |
| &nbsp;&nbsp;&nbsp; Sanofi  | 46066 |  | 5072 |
| &nbsp;&nbsp;&nbsp; Shell  | 127756 |  | 4658 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Stellantis  | 56837 | $630 |
| &nbsp;&nbsp;&nbsp; Swiss Re  | 7173 | 1216 |
| &nbsp;&nbsp;&nbsp; Tenaris  | 102910 | 2008 |
|  |  | 44504 |
|  Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $508,072) ($ Thousands) |  | 531577 |
| **PREFERRED STOCK — 0.4%** | **PREFERRED STOCK — 0.4%** | **PREFERRED STOCK — 0.4%** |
| **Germany — 0.4%** | **Germany — 0.4%** | **Germany — 0.4%** |
| &nbsp;&nbsp;&nbsp; Porsche Automobil Holding (A) | 21301 | 795 |
| &nbsp;&nbsp;&nbsp; Volkswagen (A) | 13304 | 1345 |
|  Total Preferred Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,162) ($ Thousands) |  | 2140 |
| Total Investments in Securities — 98.3% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $510,234) ($ Thousands)  | &nbsp;&nbsp;&nbsp; (Cost $510,234) ($ Thousands)  | $533717 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $543,113 ($ Thousands). |
| <sup>‡</sup> | Real Estate Investment Trust. |
| \* | Non-income producing security. |
| <sup>(A)</sup> | No interest rate available.  |

---

As of March 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.<br>

See "Glossary" for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

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

------

SEI Exchange Traded Funds

**SCHEDULE OF INVESTMENTS** 

March 31, 2025

**SEI Select Small Cap ETF** 

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK — 99.6%** | **COMMON STOCK — 99.6%** | **COMMON STOCK — 99.6%** |
| **Communication Services — 2.9%** | **Communication Services — 2.9%** |  |
| &nbsp;&nbsp;&nbsp; Bandwidth, Cl A <sup>\*</sup> | 12338 | $162 |
| &nbsp;&nbsp;&nbsp; Cargurus, Cl A <sup>\*</sup> | 28387 | 827 |
| &nbsp;&nbsp;&nbsp; Cinemark Holdings  | 23702 | 590 |
| &nbsp;&nbsp;&nbsp; EverQuote, Cl A <sup>\*</sup> | 12363 | 324 |
| &nbsp;&nbsp;&nbsp; IDT, Cl B  | 7089 | 364 |
| &nbsp;&nbsp;&nbsp; Liberty Latin America, Cl A <sup>\*</sup> | 24185 | 153 |
| &nbsp;&nbsp;&nbsp; Liberty Latin America, Cl C <sup>\*</sup> | 49123 | 305 |
| &nbsp;&nbsp;&nbsp; MediaAlpha, Cl A <sup>\*</sup> | 12414 | 115 |
| &nbsp;&nbsp;&nbsp; QuinStreet <sup>\*</sup> | 16611 | 296 |
| &nbsp;&nbsp;&nbsp; Scholastic  | 16463 | 311 |
| &nbsp;&nbsp;&nbsp; Shutterstock  | 16327 | 304 |
| &nbsp;&nbsp;&nbsp; Sinclair  | 13893 | 221 |
| &nbsp;&nbsp;&nbsp; TEGNA  | 19621 | 357 |
| &nbsp;&nbsp;&nbsp; Thryv Holdings <sup>\*</sup> | 8070 | 103 |
| &nbsp;&nbsp;&nbsp; Yelp, Cl A <sup>\*</sup> | 42488 | 1573 |
| &nbsp;&nbsp;&nbsp; Ziff Davis <sup>\*</sup> | 8801 | 331 |
|  |  | 6336 |
| **Consumer Discretionary — 12.5%** | **Consumer Discretionary — 12.5%** |  |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch, Cl A <sup>\*</sup> | 8813 | 673 |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education <sup>\*</sup> | 12338 | 1242 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings <sup>\*</sup> | 84932 | 346 |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands  | 63224 | 453 |
| &nbsp;&nbsp;&nbsp; Boot Barn Holdings <sup>\*</sup> | 2839 | 305 |
| &nbsp;&nbsp;&nbsp; Brinker International <sup>\*</sup> | 10762 | 1604 |
| &nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Cl A  | 6317 | 235 |
| &nbsp;&nbsp;&nbsp; Burlington Stores <sup>\*</sup> | 3061 | 729 |
| &nbsp;&nbsp;&nbsp; Carter's  | 7864 | 322 |
| &nbsp;&nbsp;&nbsp; Cavco Industries <sup>\*</sup> | 2416 | 1255 |
| &nbsp;&nbsp;&nbsp; Champion Homes <sup>\*</sup> | 5939 | 563 |
| &nbsp;&nbsp;&nbsp; Cricut, Cl A  | 35577 | 183 |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment <sup>\*</sup> | 19253 | 338 |
| &nbsp;&nbsp;&nbsp; Ethan Allen Interiors  | 16520 | 458 |
| &nbsp;&nbsp;&nbsp; Frontdoor <sup>\*</sup> | 30800 | 1183 |
| &nbsp;&nbsp;&nbsp; Funko, Cl A <sup>\*</sup> | 19238 | 132 |
| &nbsp;&nbsp;&nbsp; GigaCloud Technology, Cl A <sup>\*</sup> | 13869 | 197 |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group <sup>\*</sup> | 25332 | 693 |
| &nbsp;&nbsp;&nbsp; Haverty Furniture  | 9230 | 182 |
| &nbsp;&nbsp;&nbsp; KB Home  | 8607 | 500 |
| &nbsp;&nbsp;&nbsp; Kontoor Brands  | 6406 | 411 |
| &nbsp;&nbsp;&nbsp; La-Z-Boy, Cl Z  | 25698 | 1004 |
| &nbsp;&nbsp;&nbsp; M/I Homes <sup>\*</sup> | 6540 | 747 |
| &nbsp;&nbsp;&nbsp; Meritage Homes  | 18740 | 1328 |
| &nbsp;&nbsp;&nbsp; Modine Manufacturing <sup>\*</sup> | 6123 | 470 |
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort  | 6096 | 474 |
| &nbsp;&nbsp;&nbsp; Movado Group  | 12095 | 202 |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings <sup>\*</sup> | 6346 | 738 |
| &nbsp;&nbsp;&nbsp; Perdoceo Education  | 18693 | 471 |
| &nbsp;&nbsp;&nbsp; Pool  | 2091 | 666 |
| &nbsp;&nbsp;&nbsp; Standard Motor Products  | 14843 | 370 |
| &nbsp;&nbsp;&nbsp; Steven Madden  | 17673 | 471 |
| &nbsp;&nbsp;&nbsp; Stride <sup>\*</sup> | 16189 | 2048 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Super Group SGHC  | 45158 | $291 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home, Cl A <sup>\*</sup> | 25327 | 1521 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters <sup>\*</sup> | 56405 | 2956 |
| &nbsp;&nbsp;&nbsp; Whirlpool  | 16235 | 1463 |
|  |  | 27224 |
| **Consumer Staples — 5.0%** | **Consumer Staples — 5.0%** |  |
| &nbsp;&nbsp;&nbsp; Andersons  | 8720 | 374 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods  | 6819 | 620 |
| &nbsp;&nbsp;&nbsp; Church & Dwight  | 4557 | 502 |
| &nbsp;&nbsp;&nbsp; Dole  | 45463 | 657 |
| &nbsp;&nbsp;&nbsp; Herbalife <sup>\*</sup> | 27407 | 237 |
| &nbsp;&nbsp;&nbsp; Ingles Markets, Cl A  | 6377 | 415 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride <sup>\*</sup> | 21655 | 1180 |
| &nbsp;&nbsp;&nbsp; PriceSmart  | 2682 | 236 |
| &nbsp;&nbsp;&nbsp; PRIMO BRANDS  | 51720 | 1836 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market <sup>\*</sup> | 20455 | 3122 |
| &nbsp;&nbsp;&nbsp; Turning Point Brands  | 11039 | 656 |
| &nbsp;&nbsp;&nbsp; USANA Health Sciences <sup>\*</sup> | 6679 | 180 |
| &nbsp;&nbsp;&nbsp; Vita Coco <sup>\*</sup> | 9324 | 286 |
| &nbsp;&nbsp;&nbsp; Vital Farms <sup>\*</sup> | 21272 | 648 |
|  |  | 10949 |
| **Energy — 4.1%** | **Energy — 4.1%** |  |
| &nbsp;&nbsp;&nbsp; Ardmore Shipping  | 35160 | 344 |
| &nbsp;&nbsp;&nbsp; CNX Resources <sup>\*</sup> | 34952 | 1100 |
| &nbsp;&nbsp;&nbsp; CONSOL Energy  | 4749 | 366 |
| &nbsp;&nbsp;&nbsp; CVR Energy  | 24213 | 470 |
| &nbsp;&nbsp;&nbsp; Delek US Holdings  | 55152 | 831 |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne  | 37432 | 978 |
| &nbsp;&nbsp;&nbsp; HF Sinclair  | 19958 | 656 |
| &nbsp;&nbsp;&nbsp; Murphy Oil  | 13002 | 369 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas  | 14478 | 438 |
| &nbsp;&nbsp;&nbsp; Par Pacific Holdings <sup>\*</sup> | 27512 | 392 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Cl A  | 22814 | 436 |
| &nbsp;&nbsp;&nbsp; REX American Resources <sup>\*</sup> | 4421 | 166 |
| &nbsp;&nbsp;&nbsp; SandRidge Energy  | 21049 | 241 |
| &nbsp;&nbsp;&nbsp; Scorpio Tankers  | 17116 | 643 |
| &nbsp;&nbsp;&nbsp; Teekay  | 49912 | 328 |
| &nbsp;&nbsp;&nbsp; Teekay Tankers, Cl A  | 8907 | 341 |
| &nbsp;&nbsp;&nbsp; Veren  | 135074 | 894 |
|  |  | 8993 |
| **Financials — 21.4%** | **Financials — 21.4%** |  |
| &nbsp;&nbsp;&nbsp; Amalgamated Financial  | 14925 | 429 |
| &nbsp;&nbsp;&nbsp; Axos Financial <sup>\*</sup> | 13091 | 845 |
| &nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son  | 27368 | 1065 |
| &nbsp;&nbsp;&nbsp; BankUnited  | 15210 | 524 |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Cl A <sup>‡</sup> | 24584 | 492 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings  | 30938 | 1549 |
| &nbsp;&nbsp;&nbsp; Bridgewater Bancshares <sup>\*</sup> | 15950 | 221 |
| &nbsp;&nbsp;&nbsp; Brightsphere Investment Group  | 16129 | 417 |
| &nbsp;&nbsp;&nbsp; Camden National  | 5995 | 243 |
| &nbsp;&nbsp;&nbsp; Central Pacific Financial  | 16037 | 434 |

---

------

SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Chimera Investment <sup>‡</sup> | 13313 | $171 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group  | 71154 | 2963 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System  | 75265 | 1877 |
| &nbsp;&nbsp;&nbsp; Comerica  | 24213 | 1430 |
| &nbsp;&nbsp;&nbsp; Community Trust Bancorp  | 4499 | 227 |
| &nbsp;&nbsp;&nbsp; ConnectOne Bancorp  | 28062 | 682 |
| &nbsp;&nbsp;&nbsp; Customers Bancorp <sup>\*</sup> | 19203 | 964 |
| &nbsp;&nbsp;&nbsp; Dave <sup>\*</sup> | 5335 | 441 |
| &nbsp;&nbsp;&nbsp; Enova International <sup>\*</sup> | 13638 | 1317 |
| &nbsp;&nbsp;&nbsp; First Busey  | 37514 | 810 |
| &nbsp;&nbsp;&nbsp; First Commonwealth Financial  | 74495 | 1158 |
| &nbsp;&nbsp;&nbsp; First Financial  | 5537 | 271 |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp  | 18404 | 460 |
| &nbsp;&nbsp;&nbsp; FNB  | 78809 | 1060 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney  | 33489 | 1756 |
| &nbsp;&nbsp;&nbsp; Independent Bank  | 21953 | 941 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Cl A  | 25419 | 2130 |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group  | 975 | 474 |
| &nbsp;&nbsp;&nbsp; Lemonade <sup>\*</sup> | 12605 | 396 |
| &nbsp;&nbsp;&nbsp; LendingClub <sup>\*</sup> | 48565 | 501 |
| &nbsp;&nbsp;&nbsp; LendingTree <sup>\*</sup> | 3896 | 196 |
| &nbsp;&nbsp;&nbsp; Lincoln National  | 51858 | 1862 |
| &nbsp;&nbsp;&nbsp; Marqeta, Cl A <sup>\*</sup> | 93559 | 385 |
| &nbsp;&nbsp;&nbsp; Mercantile Bank  | 3850 | 167 |
| &nbsp;&nbsp;&nbsp; Merchants Bancorp  | 11642 | 431 |
| &nbsp;&nbsp;&nbsp; Metropolitan Bank Holding <sup>\*</sup> | 4655 | 261 |
| &nbsp;&nbsp;&nbsp; Navient  | 55013 | 695 |
| &nbsp;&nbsp;&nbsp; NBT Bancorp  | 27182 | 1166 |
| &nbsp;&nbsp;&nbsp; Nelnet, Cl A  | 2093 | 232 |
| &nbsp;&nbsp;&nbsp; NerdWallet, Cl A <sup>\*</sup> | 27443 | 248 |
| &nbsp;&nbsp;&nbsp; New York Community Bancorp  | 43979 | 511 |
| &nbsp;&nbsp;&nbsp; Northrim BanCorp  | 3442 | 252 |
| &nbsp;&nbsp;&nbsp; OFG Bancorp  | 29316 | 1173 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp  | 109515 | 2321 |
| &nbsp;&nbsp;&nbsp; Pathward Financial  | 15678 | 1144 |
| &nbsp;&nbsp;&nbsp; Perella Weinberg Partners, Cl A  | 14326 | 264 |
| &nbsp;&nbsp;&nbsp; Piper Sandler  | 2597 | 643 |
| &nbsp;&nbsp;&nbsp; PJT Partners  | 4918 | 678 |
| &nbsp;&nbsp;&nbsp; Preferred Bank  | 8582 | 718 |
| &nbsp;&nbsp;&nbsp; PROG Holdings  | 26115 | 695 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Cl A  | 12060 | 891 |
| &nbsp;&nbsp;&nbsp; Sierra Bancorp  | 8488 | 237 |
| &nbsp;&nbsp;&nbsp; Towne Bank  | 10317 | 353 |
| &nbsp;&nbsp;&nbsp; TPG RE Finance Trust <sup>‡</sup> | 27934 | 228 |
| &nbsp;&nbsp;&nbsp; UMB Financial  | 8165 | 825 |
| &nbsp;&nbsp;&nbsp; Unity Bancorp  | 6190 | 252 |
| &nbsp;&nbsp;&nbsp; Universal Insurance Holdings  | 17162 | 407 |
| &nbsp;&nbsp;&nbsp; Upstart Holdings <sup>\*</sup> | 6474 | 298 |
| &nbsp;&nbsp;&nbsp; Victory Capital Holdings, Cl A  | 13251 | 767 |
| &nbsp;&nbsp;&nbsp; World Acceptance <sup>\*</sup> | 2002 | 253 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp  | 35577 | 1774 |
|  |  | 46575 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| **Health Care — 13.6%** | **Health Care — 13.6%** |  |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals <sup>\*</sup> | 35022 | $582 |
| &nbsp;&nbsp;&nbsp; Addus HomeCare <sup>\*</sup> | 3540 | 350 |
| &nbsp;&nbsp;&nbsp; ADMA Biologics <sup>\*</sup> | 44882 | 890 |
| &nbsp;&nbsp;&nbsp; Akebia Therapeutics <sup>\*</sup> | 171022 | 328 |
| &nbsp;&nbsp;&nbsp; Alignment Healthcare <sup>\*</sup> | 28156 | 524 |
| &nbsp;&nbsp;&nbsp; Alkermes <sup>\*</sup> | 29177 | 963 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals <sup>\*</sup> | 27645 | 232 |
| &nbsp;&nbsp;&nbsp; Anavex Life Sciences <sup>\*</sup> | 41929 | 360 |
| &nbsp;&nbsp;&nbsp; ANI Pharmaceuticals <sup>\*</sup> | 8766 | 587 |
| &nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics <sup>\*</sup> | 28203 | 441 |
| &nbsp;&nbsp;&nbsp; Avanos Medical <sup>\*</sup> | 22126 | 317 |
| &nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings <sup>\*</sup> | 44622 | 242 |
| &nbsp;&nbsp;&nbsp; Bio-Techne  | 8953 | 525 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines <sup>\*</sup> | 3852 | 341 |
| &nbsp;&nbsp;&nbsp; CareDx <sup>\*</sup> | 16732 | 297 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals <sup>\*</sup> | 69439 | 1684 |
| &nbsp;&nbsp;&nbsp; Certara <sup>\*</sup> | 28346 | 281 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical <sup>\*</sup> | 28295 | 845 |
| &nbsp;&nbsp;&nbsp; Corcept Therapeutics <sup>\*</sup> | 25327 | 2893 |
| &nbsp;&nbsp;&nbsp; Ensign Group  | 4965 | 643 |
| &nbsp;&nbsp;&nbsp; Evolus <sup>\*</sup> | 9926 | 119 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Cl A <sup>\*</sup> | 8536 | 625 |
| &nbsp;&nbsp;&nbsp; Haemonetics <sup>\*</sup> | 6494 | 413 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics <sup>\*</sup> | 25140 | 1604 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings <sup>\*</sup> | 26040 | 864 |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health <sup>\*</sup> | 15307 | 452 |
| &nbsp;&nbsp;&nbsp; ICU Medical <sup>\*</sup> | 4918 | 683 |
| &nbsp;&nbsp;&nbsp; Inmode <sup>\*</sup> | 20368 | 361 |
| &nbsp;&nbsp;&nbsp; Innoviva <sup>\*</sup> | 36552 | 663 |
| &nbsp;&nbsp;&nbsp; Intellia Therapeutics <sup>\*</sup> | 44622 | 317 |
| &nbsp;&nbsp;&nbsp; iRadimed  | 5125 | 269 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech <sup>\*</sup> | 2738 | 494 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings <sup>\*</sup> | 11039 | 1077 |
| &nbsp;&nbsp;&nbsp; LeMaitre Vascular  | 7098 | 596 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals <sup>\*</sup> | 4691 | 493 |
| &nbsp;&nbsp;&nbsp; LivaNova <sup>\*</sup> | 11584 | 455 |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals <sup>\*</sup> | 1021 | 338 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems <sup>\*</sup> | 8488 | 897 |
| &nbsp;&nbsp;&nbsp; Omnicell <sup>\*</sup> | 4731 | 165 |
| &nbsp;&nbsp;&nbsp; Option Care Health <sup>\*</sup> | 18408 | 643 |
| &nbsp;&nbsp;&nbsp; OraSure Technologies <sup>\*</sup> | 63325 | 213 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group <sup>\*</sup> | 18474 | 268 |
| &nbsp;&nbsp;&nbsp; Phibro Animal Health, Cl A  | 11433 | 244 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics <sup>\*</sup> | 10933 | 529 |
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Cl A <sup>\*</sup> | 33718 | 178 |
| &nbsp;&nbsp;&nbsp; Repligen <sup>\*</sup> | 3583 | 456 |
| &nbsp;&nbsp;&nbsp; SIGA Technologies <sup>\*</sup> | 34047 | 187 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics <sup>\*</sup> | 11921 | 470 |
| &nbsp;&nbsp;&nbsp; Travere Therapeutics <sup>\*</sup> | 12895 | 231 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience <sup>\*</sup> | 5148 | 202 |
| &nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals <sup>\*</sup> | 49540 | 227 |
| &nbsp;&nbsp;&nbsp; Varex Imaging <sup>\*</sup> | 22810 | 265 |

---

------

SEI Exchange Traded Funds

**SCHEDULE OF INVESTMENTS** 

March 31, 2025

**SEI Select Small Cap ETF** (Concluded)

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Veracyte <sup>\*</sup> | 27140 | $805 |
| &nbsp;&nbsp;&nbsp; Verve Therapeutics <sup>\*</sup> | 47498 | 217 |
| &nbsp;&nbsp;&nbsp; Waystar Holding <sup>\*</sup> | 9278 | 347 |
|  |  | 29692 |
| **Industrials — 15.9%** | **Industrials — 15.9%** |  |
| &nbsp;&nbsp;&nbsp; AAON  | 7236 | 565 |
| &nbsp;&nbsp;&nbsp; ABM Industries  | 25836 | 1224 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems  | 3496 | 380 |
| &nbsp;&nbsp;&nbsp; American Superconductor <sup>\*</sup> | 21013 | 381 |
| &nbsp;&nbsp;&nbsp; Apogee Enterprises  | 12984 | 602 |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies  | 1441 | 325 |
| &nbsp;&nbsp;&nbsp; Argan  | 7995 | 1049 |
| &nbsp;&nbsp;&nbsp; Astec Industries  | 17990 | 620 |
| &nbsp;&nbsp;&nbsp; Atkore  | 9649 | 579 |
| &nbsp;&nbsp;&nbsp; Atmus Filtration Technologies  | 16235 | 596 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise <sup>\*</sup> | 2042 | 1074 |
| &nbsp;&nbsp;&nbsp; AZZ  | 2088 | 175 |
| &nbsp;&nbsp;&nbsp; Barrett Business Services  | 6376 | 262 |
| &nbsp;&nbsp;&nbsp; Blue Bird <sup>\*</sup> | 8674 | 281 |
| &nbsp;&nbsp;&nbsp; Brink's  | 1441 | 124 |
| &nbsp;&nbsp;&nbsp; Brookfield Business, Cl A  | 7585 | 202 |
| &nbsp;&nbsp;&nbsp; Conduent <sup>\*</sup> | 121564 | 328 |
| &nbsp;&nbsp;&nbsp; Copart <sup>\*</sup> | 13294 | 752 |
| &nbsp;&nbsp;&nbsp; Costamare  | 30938 | 304 |
| &nbsp;&nbsp;&nbsp; DNOW <sup>\*</sup> | 25698 | 439 |
| &nbsp;&nbsp;&nbsp; DXP Enterprises <sup>\*</sup> | 6515 | 536 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings <sup>\*</sup> | 59235 | 2796 |
| &nbsp;&nbsp;&nbsp; Exponent  | 10900 | 884 |
| &nbsp;&nbsp;&nbsp; Federal Signal  | 3736 | 275 |
| &nbsp;&nbsp;&nbsp; Franklin Covey <sup>\*</sup> | 5798 | 160 |
| &nbsp;&nbsp;&nbsp; FTAI Aviation  | 3104 | 345 |
| &nbsp;&nbsp;&nbsp; GEO Group <sup>\*</sup> | 11711 | 342 |
| &nbsp;&nbsp;&nbsp; Graham <sup>\*</sup> | 8175 | 236 |
| &nbsp;&nbsp;&nbsp; Heidrick & Struggles International  | 14126 | 605 |
| &nbsp;&nbsp;&nbsp; Huron Consulting Group <sup>\*</sup> | 2272 | 326 |
| &nbsp;&nbsp;&nbsp; Insteel Industries  | 12687 | 334 |
| &nbsp;&nbsp;&nbsp; Interface, Cl A  | 36644 | 727 |
| &nbsp;&nbsp;&nbsp; Janus International Group <sup>\*</sup> | 89106 | 642 |
| &nbsp;&nbsp;&nbsp; Kelly Services, Cl A  | 22771 | 300 |
| &nbsp;&nbsp;&nbsp; Korn Ferry  | 7752 | 526 |
| &nbsp;&nbsp;&nbsp; LSI Industries  | 14325 | 243 |
| &nbsp;&nbsp;&nbsp; Masterbrand <sup>\*</sup> | 25269 | 330 |
| &nbsp;&nbsp;&nbsp; Miller Industries  | 3920 | 166 |
| &nbsp;&nbsp;&nbsp; Mueller Industries  | 16307 | 1242 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Cl A  | 68140 | 1732 |
| &nbsp;&nbsp;&nbsp; NEXTracker, Cl A <sup>\*</sup> | 20317 | 856 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes  | 33393 | 302 |
| &nbsp;&nbsp;&nbsp; Powell Industries  | 3805 | 648 |
| &nbsp;&nbsp;&nbsp; Primoris Services  | 11458 | 658 |
| &nbsp;&nbsp;&nbsp; RBC Bearings <sup>\*</sup> | 3334 | 1073 |
| &nbsp;&nbsp;&nbsp; Resources Connection  | 27805 | 182 |
| &nbsp;&nbsp;&nbsp; REV Group  | 11362 | 359 |
| &nbsp;&nbsp;&nbsp; Rocket Lab USA <sup>\*</sup> | 18575 | 332 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Rollins  | 19157 | $1035 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding  | 6591 | 160 |
| &nbsp;&nbsp;&nbsp; SkyWest <sup>\*</sup> | 13451 | 1175 |
| &nbsp;&nbsp;&nbsp; SPX Technologies <sup>\*</sup> | 2873 | 370 |
| &nbsp;&nbsp;&nbsp; Steelcase, Cl A  | 36798 | 403 |
| &nbsp;&nbsp;&nbsp; Sterling Infrastructure <sup>\*</sup> | 2893 | 327 |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings <sup>\*</sup> | 22706 | 280 |
| &nbsp;&nbsp;&nbsp; Tennant  | 4125 | 329 |
| &nbsp;&nbsp;&nbsp; Terex  | 14194 | 536 |
| &nbsp;&nbsp;&nbsp; Titan International <sup>\*</sup> | 32567 | 273 |
| &nbsp;&nbsp;&nbsp; Trex <sup>\*</sup> | 8153 | 474 |
| &nbsp;&nbsp;&nbsp; Watsco  | 1858 | 944 |
| &nbsp;&nbsp;&nbsp; WESCO International  | 2282 | 354 |
| &nbsp;&nbsp;&nbsp; Willdan Group <sup>\*</sup> | 6791 | 276 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions  | 6356 | 210 |
|  |  | 34565 |
| **Information Technology — 12.7%** | **Information Technology — 12.7%** |  |
| &nbsp;&nbsp;&nbsp; ACI Worldwide <sup>\*</sup> | 17921 | 980 |
| &nbsp;&nbsp;&nbsp; ACM Research, Cl A <sup>\*</sup> | 11735 | 274 |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings <sup>\*</sup> | 8280 | 461 |
| &nbsp;&nbsp;&nbsp; Aurora Innovation, Cl A <sup>\*</sup> | 54688 | 368 |
| &nbsp;&nbsp;&nbsp; AvePoint <sup>\*</sup> | 19695 | 284 |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies <sup>\*</sup> | 2559 | 127 |
| &nbsp;&nbsp;&nbsp; Badger Meter  | 5194 | 988 |
| &nbsp;&nbsp;&nbsp; Belden  | 11321 | 1135 |
| &nbsp;&nbsp;&nbsp; Benchmark Electronics  | 5102 | 194 |
| &nbsp;&nbsp;&nbsp; Braze, Cl A <sup>\*</sup> | 4731 | 171 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Cl A  | 45088 | 1168 |
| &nbsp;&nbsp;&nbsp; Clearfield <sup>\*</sup> | 9392 | 279 |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Cl A <sup>\*</sup> | 26672 | 715 |
| &nbsp;&nbsp;&nbsp; CommScope Holding <sup>\*</sup> | 39707 | 211 |
| &nbsp;&nbsp;&nbsp; CommVault Systems <sup>\*</sup> | 11039 | 1742 |
| &nbsp;&nbsp;&nbsp; Consensus Cloud Solutions <sup>\*</sup> | 11179 | 258 |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding <sup>\*</sup> | 13439 | 540 |
| &nbsp;&nbsp;&nbsp; Descartes Systems Group <sup>\*</sup> | 4505 | 454 |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings <sup>\*</sup> | 14380 | 480 |
| &nbsp;&nbsp;&nbsp; Diodes <sup>\*</sup> | 8128 | 351 |
| &nbsp;&nbsp;&nbsp; EPAM Systems <sup>\*</sup> | 1482 | 250 |
| &nbsp;&nbsp;&nbsp; Fabrinet <sup>\*</sup> | 7050 | 1392 |
| &nbsp;&nbsp;&nbsp; Fair Isaac <sup>\*</sup> | 509 | 939 |
| &nbsp;&nbsp;&nbsp; Hackett Group  | 9237 | 270 |
| &nbsp;&nbsp;&nbsp; Intapp <sup>\*</sup> | 8000 | 467 |
| &nbsp;&nbsp;&nbsp; InterDigital  | 2971 | 614 |
| &nbsp;&nbsp;&nbsp; IonQ <sup>\*</sup> | 14713 | 325 |
| &nbsp;&nbsp;&nbsp; Itron <sup>\*</sup> | 2088 | 219 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies <sup>\*</sup> | 7375 | 1105 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings <sup>\*</sup> | 16301 | 426 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems  | 1300 | 754 |
| &nbsp;&nbsp;&nbsp; NetScout Systems <sup>\*</sup> | 25419 | 534 |
| &nbsp;&nbsp;&nbsp; Novanta <sup>\*</sup> | 2506 | 320 |
| &nbsp;&nbsp;&nbsp; Olo, Cl A <sup>\*</sup> | 60781 | 367 |
| &nbsp;&nbsp;&nbsp; Onto Innovation <sup>\*</sup> | 2472 | 300 |
| &nbsp;&nbsp;&nbsp; Open Text  | 22529 | 569 |

---

------

SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; PC Connection  | 2968 | $185 |
| &nbsp;&nbsp;&nbsp; Photronics <sup>\*</sup> | 62991 | 1308 |
| &nbsp;&nbsp;&nbsp; Q2 Holdings <sup>\*</sup> | 6346 | 508 |
| &nbsp;&nbsp;&nbsp; Qualys <sup>\*</sup> | 1901 | 239 |
| &nbsp;&nbsp;&nbsp; Sanmina <sup>\*</sup> | 4314 | 329 |
| &nbsp;&nbsp;&nbsp; ScanSource <sup>\*</sup> | 4918 | 167 |
| &nbsp;&nbsp;&nbsp; Silicon Motion Technology ADR  | 26192 | 1324 |
| &nbsp;&nbsp;&nbsp; SPS Commerce <sup>\*</sup> | 3163 | 420 |
| &nbsp;&nbsp;&nbsp; TTM Technologies <sup>\*</sup> | 14657 | 301 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies <sup>\*</sup> | 1717 | 998 |
| &nbsp;&nbsp;&nbsp; Unisys <sup>\*</sup> | 54443 | 250 |
| &nbsp;&nbsp;&nbsp; Verint Systems <sup>\*</sup> | 15122 | 270 |
| &nbsp;&nbsp;&nbsp; Vertex, Cl A <sup>\*</sup> | 11596 | 406 |
| &nbsp;&nbsp;&nbsp; Viasat <sup>\*</sup> | 40262 | 420 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings  | 80849 | 390 |
|  |  | 27546 |
| **Materials — 5.5%** | **Materials — 5.5%** |  |
| &nbsp;&nbsp;&nbsp; AdvanSix  | 19197 | 435 |
| &nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources <sup>\*</sup> | 3943 | 494 |
| &nbsp;&nbsp;&nbsp; Balchem  | 4870 | 809 |
| &nbsp;&nbsp;&nbsp; Cabot  | 8686 | 722 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology  | 1485 | 269 |
| &nbsp;&nbsp;&nbsp; Chemours  | 22202 | 300 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs <sup>\*</sup> | 186377 | 1532 |
| &nbsp;&nbsp;&nbsp; Commercial Metals  | 47591 | 2190 |
| &nbsp;&nbsp;&nbsp; FMC  | 33026 | 1393 |
| &nbsp;&nbsp;&nbsp; Hudbay Minerals  | 67630 | 513 |
| &nbsp;&nbsp;&nbsp; Knife River <sup>\*</sup> | 2461 | 222 |
| &nbsp;&nbsp;&nbsp; LSB Industries <sup>\*</sup> | 31079 | 205 |
| &nbsp;&nbsp;&nbsp; Rayonier Advanced Materials <sup>\*</sup> | 47186 | 271 |
| &nbsp;&nbsp;&nbsp; SSR Mining <sup>\*</sup> | 126546 | 1269 |
| &nbsp;&nbsp;&nbsp; SunCoke Energy  | 29250 | 269 |
| &nbsp;&nbsp;&nbsp; Sylvamo  | 6261 | 420 |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal  | 13510 | 645 |
|  |  | 11958 |
| **Real Estate — 5.0%** | **Real Estate — 5.0%** |  |
| &nbsp;&nbsp;&nbsp; Acadia Realty Trust <sup>‡</sup> | 9702 | 203 |
| &nbsp;&nbsp;&nbsp; American Assets Trust <sup>‡</sup> | 29960 | 603 |
| &nbsp;&nbsp;&nbsp; American Healthcare <sup>‡</sup> | 16977 | 514 |
| &nbsp;&nbsp;&nbsp; Armada Hoffler Properties <sup>‡</sup> | 50893 | 382 |
| &nbsp;&nbsp;&nbsp; Compass, Cl A <sup>\*</sup> | 35681 | 312 |
| &nbsp;&nbsp;&nbsp; CoStar Group <sup>\*</sup> | 9603 | 761 |
| &nbsp;&nbsp;&nbsp; CTO Realty Growth <sup>‡</sup> | 12060 | 233 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield <sup>\*</sup> | 49693 | 508 |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality <sup>‡</sup> | 99649 | 769 |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust <sup>‡</sup> | 49819 | 120 |
| &nbsp;&nbsp;&nbsp; Highwoods Properties <sup>‡</sup> | 59652 | 1768 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust <sup>‡</sup> | 12114 | 257 |
| &nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust <sup>‡</sup> | 57080 | 196 |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings  | 35393 | 307 |
| &nbsp;&nbsp;&nbsp; Newmark Group, Cl A  | 99497 | 1211 |
| &nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Cl A <sup>‡</sup> | 63966 | 471 |

---

---

| | | |
|:---|:---|:---|
| Description | Shares | Market Value<br> ($ Thousands) |
| **COMMON STOCK (continued)** | **COMMON STOCK (continued)** | **COMMON STOCK (continued)** |
| &nbsp;&nbsp;&nbsp; Real Brokerage <sup>\*</sup> | 37637 | $153 |
| &nbsp;&nbsp;&nbsp; RMR Group, Cl A  | 9455 | 157 |
| &nbsp;&nbsp;&nbsp; Safehold <sup>‡</sup> | 7100 | 133 |
| &nbsp;&nbsp;&nbsp; Saul Centers <sup>‡</sup> | 5890 | 213 |
| &nbsp;&nbsp;&nbsp; Service Properties Trust <sup>‡</sup> | 131664 | 344 |
| &nbsp;&nbsp;&nbsp; SL Green Realty <sup>‡</sup> | 8421 | 486 |
| &nbsp;&nbsp;&nbsp; Terreno Realty <sup>‡</sup> | 12350 | 781 |
|  |  | 10882 |
| **Utilities — 1.0%** | **Utilities — 1.0%** |  |
| &nbsp;&nbsp;&nbsp; BROOKFIELD INFRASTRUCTURE  | 47081 | 1704 |
| &nbsp;&nbsp;&nbsp; Consolidated Water  | 13245 | 324 |
| &nbsp;&nbsp;&nbsp; Unitil  | 3954 | 228 |
|  |  | 2256 |
|  Total Common Stock  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $230,868) ($ Thousands) |  | 216976 |
| Total Investments in Securities — 99.6% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $230,868) ($ Thousands)  | &nbsp;&nbsp;&nbsp; (Cost $230,868) ($ Thousands)  | $216976 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $217,858 ($ Thousands). |
| \* | Non-income producing security. |
| <sup>‡</sup> | Real Estate Investment Trust. |

---

As of March 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.<br>

See "Glossary" for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

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

------

SEI Exchange Traded Funds

**Glossary: (abbreviations which may be used in the preceding Schedules of Investments)** 

**Portfolio Abbreviations** 

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

NVDR — Non-voting Depository Receipt

PJSC — Public Joint Stock Company

REIT — Real Estate Investment Trust

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

------

SEI Exchange Traded Funds

**STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)** 

March 31, 2025

---

| | | |
|:---|:---|:---|
| | **SEI Enhanced U.S. Large Cap Quality Factor ETF** | **SEI Enhanced U.S. Large Cap Momentum Factor ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at value<sup>†</sup> | $277306 | $511827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1606 | 4175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value <sup>†</sup><sup>†</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 319 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain on foreign spot currency contracts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaim receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 279231 | 516159 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | 65 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 65 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $279166 | $516041 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup> Cost of investments | $257706 | $474247 |
| &nbsp;&nbsp;&nbsp;&nbsp; <sup>†</sup><sup>†</sup> Cost of foreign currency |  |  |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital — (unlimited authorization — no par value) | $264190 | $499417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 14976 | 16624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $279166 | $516041 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $34.90 | $36.09 |
|  | ($279,166,449 ÷<br> 8,000,000 shares) | ($516,041,318 ÷<br> 14,300,000 shares) |

---

Amounts designated as "—" are $0 or have been rounded to $0.

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

------

SEI Exchange Traded Funds

**STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)** 

March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SEI Enhanced U.S. Large Cap Value Factor ETF** | **SEI Enhanced Low Volatility U.S. Large Cap ETF** | **SEI Select Emerging Markets Equity ETF** | **SEI Select International Equity ETF** | **SEI Select Small Cap ETF** |
| $522600 | $144701 | $204243 | $533717 | $216976 |
| 3035 | 894 | 911 | 6797 | 831 |
|  |  | 106 | 586 |  |
| 604 | 156 | 889 | 2294 | 173 |
|  |  |  | 1 |  |
| 1 | 1 | 5 |  | 9 |
| 526240 | 145752 | 206153 | 543395 | 217989 |
| 113 | 37 | 88 | 282 | 131 |
| 113 | 37 | 88 | 282 | 131 |
| $526127 | $145715 | $206065 | $543113 | $217858 |
| $494189 | $126560 | $203852 | $510234 | $230868 |
|  |  | 106 | 583 |  |
| $512385 | $129006 | $207134 | $524046 | $240695 |
| 13742 | 16709 | (1069) | 19067 | (22837) |
| $526127 | $145715 | $206065 | $543113 | $217858 |
| $32.48 | $30.68 | $24.39 | $26.02 | $23.74 |
| ($526,127,316 ÷<br> 16,200,000 shares) | ($145,715,106 ÷<br> 4,750,000 shares) | ($206,065,045 ÷<br> 8,450,000 shares) | ($543,113,288 ÷<br> 20,875,000 shares) | ($217,857,785 ÷<br> 9,175,000 shares) |

---

------

SEI Exchange Traded Funds

**STATEMENTS OF OPERATIONS ($ Thousands)** 

For the period or year ended March 31, 2025

---

| | | |
|:---|:---|:---|
| | **SEI Enhanced U.S. Large Cap Quality Factor ETF** | **SEI Enhanced U.S. Large Cap Momentum Factor ETF** |
| | **4/1/2024 <br> to 3/31/2025** | **4/1/2024 <br> to 3/31/2025** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends | $3145 | $3919 |
| &nbsp;&nbsp;&nbsp; Less: foreign taxes withheld |  | (21) |
| &nbsp;&nbsp;&nbsp; Total investment income | 3145 | 3898 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | 377 | 757 |
| &nbsp;&nbsp;&nbsp; Trustee fees | 6 | 13 |
| &nbsp;&nbsp;&nbsp; Proxy fees | 2 | 5 |
| &nbsp;&nbsp;&nbsp; Total expenses | 385 | 775 |
| **Net investment income** | 2760 | 3123 |
| &nbsp;&nbsp;&nbsp; **Net realized gain (loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments<sup>(2)</sup> | 7747 | 55416 |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  |
| &nbsp;&nbsp;&nbsp; **Net realized gain (loss)** | 7747 | 55416 |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 11090 | 1987 |
| &nbsp;&nbsp;&nbsp; Foreign currency and translation of other assets and liabilities denominated in foreign currency |  |  |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation)** | 11090 | 1987 |
| &nbsp;&nbsp;&nbsp; **Net realized and unrealized gain (loss)** | 18837 | 57403 |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $21597 | $60526 |

---

<sup>(1)</sup> Commenced operations on October 8, 2024 <br> <sup>(2)</sup> Includes realized gains (losses) as a result of in-kind redemptions (see Note 4 in Notes to Financial Statements).

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

------

SEI Exchange Traded Funds

**STATEMENTS OF OPERATIONS ($ Thousands)** 

For the period or year ended March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SEI Enhanced U.S. Large Cap Value Factor ETF** | **SEI Enhanced Low Volatility U.S. Large Cap ETF** | **SEI Select Emerging Markets Equity ETF** | **SEI Select International Equity ETF** | **SEI Select Small Cap ETF** |
| **4/1/2024 <br> to 3/31/2025** | **4/1/2024 <br> to 3/31/2025** | **10/8/2024 <br> to 3/31/2025** **<sup>(1)</sup>** | **10/8/2024 <br> to 3/31/2025** **<sup>(1)</sup>** | **10/8/2024 <br> to 3/31/2025** **<sup>(1)</sup>** |
| $10132 | $2799 | $2635 | $5657 | $1601 |
| (3) |  | (353) | (642) | (13) |
| 10129 | 2799 | 2282 | 5015 | 1588 |
| 740 | 200 | 509 | 1099 | 535 |
| 12 | 3 | 1 | 2 | 1 |
| 4 | 1 | 2 | 4 | 2 |
| 756 | 204 | 512 | 1105 | 538 |
| 9373 | 2595 | 1770 | 3910 | 1050 |
| 32730 | 1673 | (2527) | 1053 | (5622) |
|  |  | (87) | (101) |  |
| 32730 | 1673 | (2614) | 952 | (5622) |
| (12949) | 11479 | 391 | 23483 | (13892) |
|  |  | (4) | 12 |  |
| (12949) | 11479 | 387 | 23495 | (13892) |
| 19781 | 13152 | (2227) | 24447 | (19514) |
| $29154 | $15747 | $(457) | $28357 | $(18464) |

---

------

SEI Exchange Traded Funds

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)** 

For the year ended March 31, 2025 and the year ended March 31, 2024

---

| | | |
|:---|:---|:---|
| | **SEI Enhanced U.S. Large Cap Quality Factor ETF** | **SEI Enhanced U.S. Large Cap Quality Factor ETF** |
| | **4/1/2024 to 3/31/2025** | **4/1/2023 to 3/31/2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2760 | $607 |
| &nbsp;&nbsp;&nbsp; Net realized gain | 7747 | 773 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 11090 | 7479 |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 21597 | 8859 |
|  **Distributions** | (2474) | (184) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 107848 | 212940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (73624) | (9389) |
| &nbsp;&nbsp;&nbsp; Net increase in net assets derived from capital share transactions | 34224 | 203551 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets** | 53347 | 212226 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 225819 | 13593 |
| &nbsp;&nbsp;&nbsp; End of year | $279166 | $225819 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued | 3100 | 6825 |
| &nbsp;&nbsp;&nbsp; Shares issued in lieu of dividends and distributions |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2125) | (300) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from share transactions | 975 | 6525 |

---

<br> The accompanying notes are an integral part of the financial statements.

------

SEI Exchange Traded Funds

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)** 

For the year ended March 31, 2025 and the year ended March 31, 2024

---

| | | |
|:---|:---|:---|
| | **SEI Enhanced U.S. Large Cap Momentum Factor ETF** | **SEI Enhanced U.S. Large Cap Momentum Factor ETF** |
| | **4/1/2024 to 3/31/2025** | **4/1/2023 to 3/31/2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3123 | $559 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 55416 | (1702) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 1987 | 34409 |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 60526 | 33266 |
|  **Distributions** | (2603) | (238) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 285882 | 409639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (290149) | (1329) |
| &nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets derived from capital share transactions | (4267) | 408310 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets** | 53656 | 441338 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 462385 | 21047 |
| &nbsp;&nbsp;&nbsp; End of year | $516041 | $462385 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued | 7575 | 13625 |
| &nbsp;&nbsp;&nbsp; Shares issued in lieu of dividends and distributions |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (7675) | (50) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from share transactions | (100) | 13575 |

---

<br> The accompanying notes are an integral part of the financial statements.

------

SEI Exchange Traded Funds

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)** 

For the year ended March 31, 2025 and the year ended March 31, 2024

---

| | | |
|:---|:---|:---|
| | **SEI Enhanced U.S. Large Cap Value Factor ETF** | **SEI Enhanced U.S. Large Cap Value Factor ETF** |
| | **4/1/2024 to 3/31/2025** | **4/1/2023 to 3/31/2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $9373 | $1948 |
| &nbsp;&nbsp;&nbsp; Net realized gain | 32730 | 695 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (12949) | 41526 |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 29154 | 44169 |
|  **Distributions** | (8298) | (593) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 257274 | 423105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (219014) | (20214) |
| &nbsp;&nbsp;&nbsp; Net increase in net assets derived from capital share transactions | 38260 | 402891 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets** | 59116 | 446467 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 467011 | 20544 |
| &nbsp;&nbsp;&nbsp; End of year | $526127 | $467011 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued | 7900 | 14925 |
| &nbsp;&nbsp;&nbsp; Shares issued in lieu of dividends and distributions |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6775) | (700) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from share transactions | 1125 | 14225 |

---

<br> The accompanying notes are an integral part of the financial statements.

------

SEI Exchange Traded Funds

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)** 

For the year ended March 31, 2025 and the year ended March 31, 2024

---

| | | |
|:---|:---|:---|
| | **SEI Enhanced Low Volatility U.S. Large Cap ETF** | **SEI Enhanced Low Volatility U.S. Large Cap ETF** |
| | **4/1/2024 to 3/31/2025** | **4/1/2023 to 3/31/2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2595 | $600 |
| &nbsp;&nbsp;&nbsp; Net realized gain | 1673 | 755 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 11479 | 6305 |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 15747 | 7660 |
|  **Distributions** | (2359) | (263) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 18998 | 118168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (15079) | (9134) |
| &nbsp;&nbsp;&nbsp; Net increase in net assets derived from capital share transactions | 3919 | 109034 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets** | 17307 | 116431 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 128408 | 11977 |
| &nbsp;&nbsp;&nbsp; End of year | $145715 | $128408 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued | 625 | 4500 |
| &nbsp;&nbsp;&nbsp; Shares issued in lieu of dividends and distributions |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (500) | (350) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from share transactions | 125 | 4150 |

---

<br> The accompanying notes are an integral part of the financial statements.

------

SEI Exchange Traded Funds

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)** 

For the period ended March 31, 2025

---

| | |
|:---|:---|
| | **SEI Select Emerging Markets Equity ETF** |
| | **10/8/2024<sup>(1)</sup> to 3/31/2025** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1770 |
| &nbsp;&nbsp;&nbsp; Net realized loss | (2614) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 387 |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (457) |
|  **Distributions** | (612) |
| **Capital share transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 207134 |
| &nbsp;&nbsp;&nbsp; Net increase in net assets derived from capital share transactions | 207134 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets** | 206065 |
| **Net assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of year |  |
| &nbsp;&nbsp;&nbsp; End of year | $206065 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Shares issued | 8450 |
| &nbsp;&nbsp;&nbsp; Shares issued in lieu of dividends and distributions |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from share transactions | 8450 |

---

---

| |
|:---|
| (1) Commenced operations October, 8, 2024. |
| Amounts designated as "—" are $0 or have been rounded to $0. |
| The accompanying notes are an integral part of the financial statements. |

---

------

SEI Exchange Traded Funds

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)** 

For the period ended March 31, 2025

---

| | |
|:---|:---|
| | **SEI Select International Equity ETF** |
| | **10/8/2024<sup>(1)</sup> to 3/31/2025** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3910 |
| &nbsp;&nbsp;&nbsp; Net realized gain | 952 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 23495 |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 28357 |
|  **Distributions** | (844) |
| **Capital share transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 579417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (63817) |
| &nbsp;&nbsp;&nbsp; Net increase in net assets derived from capital share transactions | 515600 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets** | 543113 |
| **Net assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of year |  |
| &nbsp;&nbsp;&nbsp; End of year | $543113 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Shares issued | 23325 |
| &nbsp;&nbsp;&nbsp; Shares issued in lieu of dividends and distributions |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2450) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from share transactions | 20875 |

---

---

| |
|:---|
| (1) Commenced operations October, 8, 2024. |
| Amounts designated as "—" are $0 or have been rounded to $0. |
| The accompanying notes are an integral part of the financial statements. |

---

------

SEI Exchange Traded Funds

**STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)** 

For the period ended March 31, 2025

---

| | |
|:---|:---|
| | **SEI Select Small Cap ETF** |
| | **10/8/2024<sup>(1)</sup> to 3/31/2025** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1050 |
| &nbsp;&nbsp;&nbsp; Net realized loss | (5622) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (13892) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (18464) |
|  **Distributions** | (516) |
| **Capital share transactions:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | 266529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (29691) |
| &nbsp;&nbsp;&nbsp; Net increase in net assets derived from capital share transactions | 236838 |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets** | 217858 |
| **Net assets:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of year |  |
| &nbsp;&nbsp;&nbsp; End of year | $217858 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp; Shares issued | 10325 |
| &nbsp;&nbsp;&nbsp; Shares issued in lieu of dividends and distributions |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1150) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets derived from share transactions | 9175 |

---

---

| |
|:---|
| (1) Commenced operations October, 8, 2024. |
| Amounts designated as "—" are $0 or have been rounded to $0. |
| The accompanying notes are an integral part of the financial statements. |

---

------

SEI Exchange Traded Funds

**FINANCIAL HIGHLIGHTS** 

For the year or period ended March 31, 2025 and the years or periods ended March 31,

For a Share Outstanding Throughout Each Year/Period

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net asset value, beginning of year or period | Net <br> investment <br> income<sup>(1)</sup> | Net realized and unrealized gains (losses) on securities | Total from <br> operations | Distributions from net investment income | Distributions from realized gains | Total dividends <br> and distributions | Net asset value, <br> end of year or period | Total Return<sup>†</sup> | Net assets,<br> end of year or period<br> ($ Thousands) | Ratio of <br> net expenses <br> to average <br> net assets | Ratio of net investment income to average net assets | Portfolio turnover<sup>†</sup> |
| SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF |
| 2025 | $32.15 | $0.37 | $2.72 | $3.09 | $(0.34) | $– | $(0.34) | $34.90 | 9.65% | $279166 | 0.15% | 1.10% | 40% |
| 2024 | 27.19 | 0.44 | 4.85 | 5.29 | (0.33) |  | (0.33) | 32.15 | 19.60 | 225819 | 0.15 | 1.44 | 23 |
| 2023<sup>(2)</sup> | 24.91 | 0.30 | 2.19 | 2.49 | (0.21) |  | (0.21) | 27.19 | 10.08 | 13593 | 0.15 | 1.35 | 40 |
| SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF |
| 2025 | $32.11 | $0.22 | $3.94 | $4.16 | $(0.18) | $– | $(0.18) | $36.09 | 12.97% | $516041 | 0.15% | 0.62% | 78% |
| 2024 | 25.51 | 0.21 | 6.64 | 6.85 | (0.25) |  | (0.25) | 32.11 | 27.08 | 462385 | 0.15 | 0.70 | 40 |
| 2023<sup>(2)</sup> | 26.35 | 0.33 | (0.92) | (0.59) | (0.25) |  | (0.25) | 25.51 | 2.74 | 21047 | 0.15 | 1.52 | 63 |
| SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF |
| 2025 | $30.98 | $0.61 | $1.44 | $2.05 | $(0.55) | $– | $(0.55) | $32.48 | 6.65% | $526127 | 0.15% | 1.90% | 60% |
| 2024 | 24.17 | 0.69 | 6.70 | 7.39 | (0.58) |  | (0.58) | 30.98 | 31.11 | 467011 | 0.15 | 2.44 | 32 |
| 2023<sup>(2)</sup> | 24.95 | 0.58 | (0.97) | (0.39) | (0.39) |  | (0.39) | 24.17 | (1.52) | 20544 | 0.15 | 2.74 | 43 |
| SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF |
| 2025 | $27.76 | $0.56 | $2.87 | $3.43 | $(0.51) | $– | $(0.51) | $30.68 | 12.53% | $145715 | 0.15% | 1.95% | 16% |
| 2024 | 25.21 | 0.54 | 2.54 | 3.08 | (0.53) |  | (0.53) | 27.76 | 12.47 | 128408 | 0.15 | 2.04 | 13 |
| 2023<sup>(2)</sup> | 24.79 | 0.48 | 0.25 | 0.73 | (0.31) |  | (0.31) | 25.21 | 3.02 | 11977 | 0.15 | 2.24 | 24 |
| SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF |
| 2025<sup>(3)</sup> | $25.00 | $0.24 | $(0.78) | $(0.54) | $(0.07) | $– | $(0.07) | $24.39 | (2.14)% | $206065 | 0.60% | 2.07% | 34% |
| SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF |
| 2025<sup>(3)</sup> | $25.00 | $0.21 | $0.85 | $1.06 | $(0.04) | $– | $(0.04) | $26.02 | 4.25% | $543113 | 0.50% | 1.77% | 31% |
| SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF |
| 2025<sup>(3)</sup> | $25.30 | $0.13 | $(1.63) | $(1.50) | $(0.06) | $– | $(0.06) | $23.74 | (5.96)% | $217858 | 0.55% | 1.07% | 24% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
| (1) | Per share calculated using average shares. |
| (2) | Commenced operations on May 18, 2022. All ratios for the period have been annualized. |
| (3) | Commenced operations on October 8, 2024. All ratios for the period have been annualized.  |

---

Amounts designated as "—" are either $0 or have been rounded to $0.

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

------

SEI Exchange Traded Funds

**NOTES TO FINANCIAL STATEMENTS** 

March 31, 2025

1. ORGANIZATION

SEI Exchange Traded Funds (the "Trust") was organized as a Delaware statutory trust under a Declaration of Trust dated October 7, 2021.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with seven funds: SEI Enhanced U.S. Large Cap Quality Factor ETF, SEI Enhanced U.S. Large Cap Momentum Factor ETF, SEI Enhanced U.S. Large Cap Value Factor ETF, SEI Enhanced Low Volatility U.S. Large Cap ETF, SEI Select Emerging Markets Equity ETF, SEI Select International Equity ETF and SEI Select Small Cap ETF (each a "Fund" and together the "Funds") each of which are diversified Funds. Each Fund's prospectus provides a description of its investment goal, principal investment strategies and risks. The SEI Enhanced U.S. Large Cap Quality Factor ETF, SEI Enhanced U.S. Large Cap Momentum Factor ETF, SEI Enhanced U.S. Large Cap Value Factor ETF, SEI Enhanced Low Volatility U.S. Large Cap ETF commenced operations on May 18, 2022. The SEI Select Emerging Markets Equity ETF, SEI Select International Equity ETF and SEI Select Small Cap ETF commenced operations on October 8, 2024. The assets of each Fund are segregated, and an Authorized Participant's interest is limited to the Fund in which shares are held.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

**Use of Estimates** — The Funds are investment companies in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Therefore, the Funds follow the accounting and reporting guidelines for investment companies. The preparation of financial statements, in conformity 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 as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Security Valuation** — Pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the "Board"), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds' Valuation

and Pricing Policy. The Trust's Board of Trustees has designated SEI Investments Management Corporation ("SIMC") as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the "Rule") under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC has appointed a Valuation Committee (the "Committee") and has established a Valuation and Pricing Policy to implement the Rule and the Funds' Valuation and Pricing Policy (together the "Policy"). Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. Redeemable securities issued by open-end investment companies are valued at the investment company's applicable Net Asset Value ("NAV") per share, with the exception of ETFs, which are priced as equity securities. These open-end investment companies' shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company's NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security's price cannot be obtained, as noted above, a Fund will value the securities using a bid price from at least one independent broker.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service's prices will be reliable. SIMC will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds' administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds' administrator, in turn, will notify SIMC, as Valuation Designee, if the Funds' administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Policy provides that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund's net assets or involve a material departure in pricing methodology from that of a Fund's existing pricing agent or pricing methodology,

------

SEI Exchange Traded Funds

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

March 31, 2025

ratification may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Policy.

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available. As of March 31, 2025, there were no fair valued securities held by the Funds.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing

the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

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

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

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

The valuation techniques used by the Funds to measure fair value during the year ended March 31, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended March 31, 2025, there have been no significant changes to the inputs or the Trust's fair valuation methodologies.

**Security Transactions and Investment Income** — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/ or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

------

SEI Exchange Traded Funds

**Cash and Cash Equivalents** — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash and cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

**Expenses** — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Funds on the basis of relative daily net assets.

**Foreign Currency Translation** — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in investment securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of investment securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

**Dividends and Distributions to Shareholders** — The Funds will distribute substantially all of their net investment income and all net realized capital gains, if any, at least annually. All dividends and distributions are recorded on ex-dividend date.

**Investments in Real Estate Investment Trusts ("REITs")** — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by

each REIT after its fiscal year-end, and may differ from the estimated amounts.

**Creation Units** — The Funds issue and redeem their shares ("Shares") on a continuous basis at NAV and only in large blocks of Shares referred to as "Creation Units". Purchasers of Creation Units ("Authorized Participants") at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

3. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, AND OTHER TRANSACTIONS WITH AFFILIATES

**Investment Advisory, Administration and Distribution Agreements** — SIMC serves as investment adviser (the "Adviser") to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of each fund. Pursuant to the Investment Advisory Agreement entered into with the Trust, SIMC has agreed to pay all Fund expenses, except for the fees paid to SIMC for advisory services, interest expenses, dividend and other expenses on securities sold short, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions (including brokerage commissions), acquired fund fees and expenses, distribution fees or expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (if any), fees and expenses of the Board of Trustees, litigation expenses and any extraordinary expenses.

SEI Investments Global Funds Services (the "Administrator") is the administrator for the Funds.

SEI Investments Distribution Co. (the "Distributor") is the distributor of creation units. The Funds have adopted a Distribution and Servicing Plan (the Plan). The Plan permits each Fund to pay the Distributor, or its designee, a fee for the sale and distribution and/or shareholder servicing of the shares at an annual rate of up to 0.25% of average daily net assets of the shares of the Fund ("12b-1 fee"). However, payment of a 12b-1 fee has not been authorized at this time.

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SEI Exchange Traded Funds

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

March 31, 2025

The following table reflects each Fund's contractual Advisory Fee (expressed as an annual rate). The rates shown are fixed rates based on each Fund's daily net assets.

---

| | |
|:---|:---|
| | Advisory Fee |
| **SEI Enhanced U.S. Large Cap Quality Factor ETF** | 0.150% |
| **SEI Enhanced U.S. Large Cap Momentum Factor ETF** | 0.150% |
| **SEI Enhanced U.S. Large Cap Value Factor ETF** | 0.150% |
| **SEI Enhanced Low Volatility U.S. Large Cap ETF** | 0.150% |
| **SEI Select Emerging Markets Equity ETF** | 0.600% |
| **SEI Select International Equity ETF** | 0.500% |
| **SEI Select Small Cap ETF** | 0.550% |

---

**Brokerage Commissions Paid to Affiliates** — The Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission ("SEC"). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions.

There were no such commissions for the year ended March 31, 2025.

**Payment to Affiliates** — Certain Officers and Trustees of the Trust are also Officers and/or Directors of the Administrator, Adviser and/or the Distributor.

The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.

A portion of the services provided by the Chief Compliance Officer ("CCO") and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Adviser, sub-advisers and service providers.

**Interfund Lending** — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program ("the Program") with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the "SEI Funds"). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements ("Repo Rate"), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings ("Bank Loan Rate"). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds' Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.

As of, and during the year ended March 31, 2025, the Trust had not participated in the Program.

4. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, excluding in-kind transactions and short-term securities during the year ended March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SEI Enhanced U.S. Large Cap Quality Factor ETF**<br> ($ Thousands) | **SEI Enhanced U.S. Large Cap Momentum Factor ETF**<br> ($ Thousands) | **SEI Enhanced U.S. Large Cap Value Factor ETF**<br> ($ Thousands) | **SEI Enhanced Low Volatility U.S. Large Cap ETF**<br> ($ Thousands) |
| **Purchases** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 102903 | 391375 | 306047 | 20991 |
| **Sales** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 101344 | 392121 | 296404 | 22827 |

---

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SEI Exchange Traded Funds

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| | | | |
|:---|:---|:---|:---|
| | **SEI Select Emerging Markets Equity ETF**<br> ($ Thousands) | **SEI Select International Equity ETF**<br> ($ Thousands) | **SEI Select Small Cap ETF**<br> ($ Thousands) |
| **Purchases** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 236144 | 190289 | 54491 |
| **Sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 68194 | 159977 | 56028 |

---

For the year ended March 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** <br> **($ Thousands)**  | **Sales** <br> **($ Thousands)**  | **Realized** <br> **Gain** <br> **($ Thousands)**  |
| **SEI Enhanced U.S. Large Cap Quality Factor ETF**  | $104168 | $71784 | $12654 |
| **SEI Enhanced U.S. Large Cap Momentum Factor ETF**  | 283149 | 288629 | 75744 |
| **SEI Enhanced U.S. Large Cap Value Factor ETF**  | 244912 | 216199 | 48038 |
| **SEI Enhanced Low Volatility U.S. Large Cap ETF**  | 18953 | 13293 | 3070 |
| **SEI Select Emerging Markets Equity ETF** | 38437 |  |  |
| **SEI Select International Equity ETF ETF** | 539139 | 60270 | 8453 |
| **SEI Select Small Cap ETF** | 266182 | 28140 | 3884 |

---

5. FEDERAL TAX INFORMATION:

It is each Fund's intention to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income (including net capital gains). Accordingly, no provision for Federal income taxes is required.

Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that as of March 31, 2025, no provision for income tax is required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

The Funds may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations, which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital

and distributable earnings, as appropriate, in the period that the differences arise. The permanent differences are primarily attributable to non-taxable in-kind redemptions.

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SEI Exchange Traded Funds

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

March 31, 2025

---

| | | |
|:---|:---|:---|
| | Paid-in-<br> Capital<br> ($ Thousands) | Distributable <br> Earnings <br> (Accumulated Loss)<br> ($ Thousands) |
|  **SEI Enhanced U.S. Large Cap Quality Factor ETF** | $12639 | $(12639) |
|  **SEI Enhanced U.S. Large Cap Momentum Factor ETF** | 74489 | (74489) |
|  **SEI Enhanced U.S. Large Cap Value Factor ETF** | 47953 | (47953) |
|  **SEI Enhanced Low Volatility U.S. Large Cap ETF** | 3071 | (3071) |
|  **SEI Select International Equity ETF** | 8446 | (8446) |
|  **SEI Select Small Cap ETF** | 3857 | (3857) |

---

The tax character of dividends and distributions paid during the fiscal years ended March 31, 2025 and March 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Ordinary<br> Income <br> ($ Thousands) | Long-Term <br> Capital Gain <br> ($ Thousands) | Total<br> ($ Thousands) |
|  **SEI Enhanced U.S. Large Cap Quality Factor ETF**  | **SEI Enhanced U.S. Large Cap Quality Factor ETF**  | **SEI Enhanced U.S. Large Cap Quality Factor ETF**  | **SEI Enhanced U.S. Large Cap Quality Factor ETF**  |
| 2025 | $2474 | $— | $2474 |
| 2024 | 184 |  | 184 |
|  **SEI Enhanced U.S. Large Cap Momentum Factor ETF**  | **SEI Enhanced U.S. Large Cap Momentum Factor ETF**  | **SEI Enhanced U.S. Large Cap Momentum Factor ETF**  | **SEI Enhanced U.S. Large Cap Momentum Factor ETF**  |
| 2025 | 2603 |  | 2603 |
| 2024 | 238 |  | 238 |
|  **SEI Enhanced U.S. Large Cap Value Factor ETF**  | **SEI Enhanced U.S. Large Cap Value Factor ETF**  | **SEI Enhanced U.S. Large Cap Value Factor ETF**  | **SEI Enhanced U.S. Large Cap Value Factor ETF**  |
| 2025 | 8298 |  | 8298 |
| 2024 | 593 |  | 593 |
|  **SEI Enhanced Low Volatility U.S. Large Cap ETF**  | **SEI Enhanced Low Volatility U.S. Large Cap ETF**  | **SEI Enhanced Low Volatility U.S. Large Cap ETF**  | **SEI Enhanced Low Volatility U.S. Large Cap ETF**  |
| 2025 | 2359 |  | 2359 |
| 2024 | 263 |  | 263 |
|  **SEI Select Emerging Markets Equity ETF**  | **SEI Select Emerging Markets Equity ETF**  | **SEI Select Emerging Markets Equity ETF**  | **SEI Select Emerging Markets Equity ETF**  |
| 2025 | 612 |  | 612 |
|  **SEI Select International Equity ETF**  | **SEI Select International Equity ETF**  | **SEI Select International Equity ETF**  | **SEI Select International Equity ETF**  |
| 2025 | 844 |  | 844 |
|  **SEI Select Small Cap ETF**  | **SEI Select Small Cap ETF**  | **SEI Select Small Cap ETF**  | **SEI Select Small Cap ETF**  |
| 2025 | 516 |  | 516 |

---

As of March 31, 2025, the components of Distributable Earnings/(Accumulated Losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Undistributed<br> Ordinary<br> Income<br> ($ Thousands) | Capital<br> Loss<br> Carryforwards<br> ($ Thousands) | Unrealized<br> Appreciation<br> (Depreciation)<br> ($ Thousands) | Other<br> Temporary<br> Differences<br> ($ Thousands) | Total<br> Distributable Earnings<br> (Accumulated <br> Losses)<br> ($ Thousands) |
|  SEI Enhanced U.S. Large Cap Quality Factor ETF | $749 | $(4590) | $18818 | $(1) | $14976 |
|  SEI Enhanced U.S. Large Cap Momentum Factor ETF | 903 | (21800) | 37521 |  | 16624 |
|  SEI Enhanced U.S. Large Cap Value Factor ETF | 2564 | (16785) | 27964 | (1) | 13742 |
|  SEI Enhanced Low Volatility U.S. Large Cap ETF | 640 | (2065) | 18136 | (2) | 16709 |
|  SEI Select Emerging Markets Equity ETF | 1797 | (2451) | (415) |  | (1069) |
|  SEI Select International Equity ETF | 3083 | (7018) | 23001 | 1 | 19067 |
|  SEI Select Small Cap ETF | 544 | (9247) | (14133) | (1) | (22837) |

---

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SEI Exchange Traded Funds

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Losses carried forward are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | Short-Term | Long-Term | Total<br> Capital Loss<br> Carryforwards<br> ($ Thousands) |
|  **SEI Enhanced U.S. Large Cap Quality Factor ETF** | $4161 | $429 | $4590 |
|  **SEI Enhanced U.S. Large Cap Momentum Factor ETF** | 21763 | 37 | 21800 |
|  **SEI Enhanced U.S. Large Cap Value Factor ETF** | 15240 | 1545 | 16785 |
|  **SEI Enhanced Low Volatility U.S. Large Cap ETF** | 1141 | 924 | 2065 |
|  **SEI Select Emerging Markets Equity ETF** | 2451 |  | 2451 |
|  **SEI Select International Equity ETF** | 7018 |  | 7018 |
|  **SEI Select Small Cap ETF** | 9247 |  | 9247 |

---

For Federal income tax purposes, the cost of securities owned at March 31, 2025, and the net realized gains or losses on securities sold for the period were different from amounts reported for financial reporting purposes. These differences are primarily due to wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at March 31, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Federal<br> Tax Cost<br> ($ Thousands) | Appreciated<br> Securities<br> ($ Thousands) | Depreciated<br> Securities<br> ($ Thousands) | Net<br> Unrealized<br> Appreciation/<br> (Depreciation)<br> ($ Thousands) |
|  **SEI Enhanced U.S. Large Cap Quality Factor ETF** | $258488 | $27283 | $(8465) | $18818 |
|  **SEI Enhanced U.S. Large Cap Momentum Factor ETF** | 474306 | 57386 | (19865) | 37521 |
|  **SEI Enhanced U.S. Large Cap Value Factor ETF** | 494636 | 53647 | (25683) | 27964 |
|  **SEI Enhanced Low Volatility U.S. Large Cap ETF** | 126565 | 21139 | (3003) | 18136 |
|  **SEI Select Emerging Markets Equity ETF** | 204654 | 12968 | (13383) | (415) |
|  **SEI Select International Equity ETF** | 510728 | 39766 | (16765) | 23001 |
|  **SEI Select Small Cap ETF** | 231109 | 11461 | (25594) | (14133) |

---

6. CONCENTRATION/RISKS

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.

To the extent consistent with its Investment Strategy, a Fund may have one of more of the following principal risks:

**Equity Securities Risk** — Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes.

**Quality Securities Risk** — There is no guarantee that the past performance of stocks that SIMC determines are quality will continue. Companies that issue these stocks may experience lower than expected returns or may experience negative growth, as well as increased leverage, resulting in lower than expected or negative returns to Fund shareholders. Many factors can affect a stock's quality

and performance, and the impact of these factors on a stock or its price can be difficult to predict.

**Momentum Securities Risk** — Stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole.

**Value Securities Risk** — Securities issued by companies that may be perceived as undervalued may fail to appreciate for long periods of time and may never realize their full potential value. SIMC may be unsuccessful in identifying undervalued securities. Value securities have generally performed better than non-value securities during periods of economic recovery (although there is no assurance that they will continue to do so). Value securities may go in and out of favor over time.

**Volatility Risk** — Although SIMC seeks to construct a portfolio with lower volatility than the broad U.S. large cap equity market, there is no guarantee that SIMC will be

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SEI Exchange Traded Funds

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

March 31, 2025

successful. As a result, the Fund may not be any less volatile than the market as a whole, and could be more volatile.

**Quantitative Investing Risk** — Due to the significant role technology plays in quantitative strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. Utility interruptions or other key systems outages also can impair the performance of quantitative investment strategies.

**Large-Capitalization Companies Risk** — Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions, may be more mature and may be subject to more limited growth potential compared with smaller capitalization companies.

**Market Risk** — The market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. The Funds' market price may deviate from the value of the Funds' underlying portfolio holdings, particularly in times of market stress, with the result that investors may pay significantly more or receive significantly less than the underlying value of the Fund shares bought or sold. This can be reflected as a spread between the bid and ask prices for a Fund quoted during the day or a premium or discount in the closing price from the Funds' NAV.

**Risk of Investing in the U.S.** — Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Funds have exposure.

**Issuer Risk** — The performance of the Funds depends on the performance of individual securities to which the Funds have exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the Funds to decline.

**Market Trading Risk** — The Funds face numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Active trading markets for the Funds' shares may not be developed or maintained by market makers or Authorized Participants (as defined below). Authorized Participants are not obligated to make a market in the Funds' shares or to submit purchase or redemption orders for Creation Units (as defined below). In times of market stress, market makers or Authorized Participants may step away from their respective roles, which could lead to variances between the market price of the Funds' shares and its underlying NAV. Trading in shares

on an exchange may be halted in certain circumstances. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Funds. Any of these factors could lead the Funds' shares to trade at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Funds in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market, particularly during times of market stress. SIMC cannot predict whether shares will trade above (premium), below (discount) or at NAV or whether the spread between bid and ask prices will widen. In addition, there can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the Funds will continue to be met.

**Convertible and Preferred Securities Risk** — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible bonds may be more sensitive to changes in interest rates than stocks. Convertible bonds may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

**Depositary Receipts Risk** — Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environment.

**Warrants and Rights Risk** — Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Funds will lose any amount paid for the warrant or right.

**Liquidity Risk** — In stressed market conditions, the market for a Funds' shares may become less liquid in response to deteriorating liquidity in the markets for the Funds' underlying portfolio holdings. This adverse effect on liquidity for the Funds' shares in turn could lead to differences between the market price of the Funds' shares

------

SEI Exchange Traded Funds

and its underlying NAV and/or widening the spread between bid and ask prices.

**Management Risk** — SIMC may not successfully implement the Funds' investment strategies and, as a result, the Funds may not meet their investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.

**Operational Risk** — The Funds are exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Funds' service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures.

**Authorized Participant Concentration Risk** — Only broker-dealers (referred to as "Authorized Participants" or "APs") that have executed authorized participation agreements with respect to the Trust may engage in creation or redemption transactions directly with the Funds, and no AP is obligated to engage in creation and/or redemption transactions. To the extent that APs exit the business or are unable to proceed with orders, Fund shares may be more likely to trade at a premium or discount to NAV, have wider spreads between bid and ask prices or face trading halts or delisting.

**Cybersecurity Risk** — Failures or breaches of the electronic systems of the Funds, SIMC, the Fund's distributor, and other service providers, market makers, APs or the issuers of securities in which the Funds invest have the ability to cause disruptions, negatively impact the Funds' business operations and/or potentially result in financial losses to the Funds and their shareholders.

**Foreign Investment/Emerging Markets Risk** — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government

restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

**Country Concentration Risk** — The Fund's concentration of its assets in issuers located in a single country or a limited number of countries will increase the impact of, and potential losses associated with, the risks set forth in the Foreign Investment/Emerging Markets Risk.

**Risk of Investing in China** — China is an emerging market, and as a result, investments in securities of companies organized and listed in China may be subject to liquidity constraints and significantly higher volatility, from time to time, than investments in securities of more developed markets. China may be subject to considerable government intervention and varying degrees of economic, political and social instability. Internal social unrest or confrontations with other neighboring countries could have a significant impact on the economy of China. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. There also is no guarantee that the Chinese government will not revert from its current open-market economy to an economic policy of central planning. These factors may result in, among other things, a greater risk of stock market, interest rate, and currency fluctuations, as well as inflation. Accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, disclosure of certain material information may not be made, may be less available, or may be less reliable. It may also be difficult or impossible for the Fund, U.S. authorities and regulators to obtain or enforce a judgment in a Chinese court. In addition, periodic U.S. Government restrictions on investments in Chinese companies may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. The Fund may also be subject to additional risks related to investments in VIEs. Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company. The Fund may, directly or indirectly, purchase China A-Shares through

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SEI Exchange Traded Funds

**NOTES TO FINANCIAL STATEMENTS (Concluded)** 

March 31, 2025

Stock Connect or that may be available in the future through additional stock connect programs, a mutual market access program designed to, among other things, enable foreign investment in the People's Republic of China (PRC) via brokers in Hong Kong. There are significant risks inherent in investing in China A-Shares through Stock Connect. The underdeveloped state of PRC's investment and banking systems subjects the settlement, clearing, and registration of China A-Shares transactions to heightened risks. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if either or both markets are closed on a U.S. trading day, the Fund may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Fund's performance.

**Small and Medium Capitalization Risk** — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.

7. RECENT ACCOUNTING PRONOUNCEMENT

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023- 07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.The management of each Fund's Adviser acts as each Fund's CODM.Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with each Fund's single investment objective which is executed by each Fund's portfolio managers. The financial information in the form of each Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets

resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

8. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements.

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SEI Exchange Traded Funds

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of the Funds and Board of Trustees SEI Exchange Traded Funds:

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of the SEI Enhanced U.S. Large Cap Quality Factor ETF, SEI Enhanced U.S. Large Cap Momentum Factor ETF, SEI Enhanced U.S. Large Cap Value Factor ETF and SEI Enhanced Low Volatility U.S. Large Cap ETF (four of the funds comprising SEI Exchange Traded Funds (the Trust)), including the schedules of investments, as of March 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the related notes (collectively, the financial statements) and the financial highlights for the each of the years in the two-year period then ended and for the period from May 18, 2022 (commencement of operations) to March 31, 2023. We have also audited the accompanying statements of assets and liabilities of the SEI Select Emerging Markets Equity ETF, SEI Select International Equity ETF and SEI Select Small Cap ETF (three of the funds comprising the Trust) (the seven funds collectively, the Funds), including the schedules of investments, as of March 31, 2025, the related statements of operations and changes in net assets for the period from October 8, 2024 (commencement of operations) to March 31, 2025, and the related notes (collectively, the financial statements) and the financial highlights for the period from October 8, 2024 to March 31, 2025. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of March 31, 2025, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Philadelphia, Pennsylvania May 28, 2025

------

SEI Exchange Traded Funds

**NOTICE TO SHAREHOLDERS (Unaudited)** 

For shareholders who do not have a March 31, 2025, taxable year end, this notice is for informational purposes only. For shareholders with a March 31, 2025, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended March 31, 2025, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | (A)<br> Return of<br> Capital | (B)<br> Long Term<br> Capital Gains<br> Distributions<br> (Tax Basis) | (C)<br> Ordinary<br> Income<br> Distributions<br> (Tax Basis) | (D)<br> Total<br> Distributions<br> (Tax Basis) | (E)<br> Dividends<br> Qualifying<br> for Corporate<br> Dividends Rec.<br> Deduction<sup>(1)</sup> | (F)<br> Qualifying<br> Dividend Income<br> (15% Tax Rate<br> for QDI)<sup>(2)</sup> | (G)<br> U.S. Government<br> Interest<sup>(3)</sup> | (H)<br> Interest<br> Related<br> Dividends<sup>(4)</sup> | (I)<br> Short-Term<br> Capital Gain<br> Dividends<sup>(5)</sup> | (J)<br> Qualifying Business Income<sup>(6)</sup> | FTC |
|  SEI Enhanced U.S. Large Cap Quality Factor ETF | 0.00% | 0.00% | 100.00% | 100.00% | 100.00% | 98.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  SEI Enhanced U.S. Large Cap Momentum Factor ETF | 0.00% | 0.00% | 100.00% | 100.00% | 96.24% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  SEI Enhanced U.S. Large Cap Value Factor ETF | 0.00% | 0.00% | 100.00% | 100.00% | 96.95% | 97.85% | 0.00% | 0.00% | 0.00% | 1.88% | 0.00% |
|  SEI Enhanced Low Volatility U.S. Large Cap ETF | 0.00% | 0.00% | 100.00% | 100.00% | 99.88% | 99.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  SEI Select Emerging Markets Equity ETF | 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 37.13% | 0.00% | 0.00% | 0.00% | 0.00% | 35.95% |
|  SEI Select International Equity ETF | 0.00% | 0.00% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 40.71% |
|  SEI Select Emerging Markets Equity ETF | 0.00% | 0.00% | 100.00% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

(1) "Dividends Received Deduction" represent dividends which qualify for the corporate dividends received deduction.

(3) "U.S. Government Interest" represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of "Interest Related Dividend" is reflected as a percentage of ordinary income distribution. Interest related dividends is exempted from U.S. withholding tax when paid to foreign investors.

(5) The percentage of this column represents the amount of "Short Term Capital Gain Dividend" is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

(6) The percentage of this column represents the amount of ordinary dividend income that qualifies for 20% Business Income Deduction.

Items (A), (B), (C) and (D) are based on the percentage of each fund's total distribution.

Items (E), (F) and (J) are based on the percentage of "Ordinary Income Distributions."

Item (G) is based on the percentage of gross income of each Fund.

Item (H) is based on the percentage of net investment income distributions.

Item (I) is based on the percentage of short-term capital gains distributions.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

------

SEI Exchange Traded Funds

**OTHER INFORMATION - (FORM N-CSR ITEMS 8-11) (Unaudited)** 

**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.** 

At a Special Meeting of Shareholders held on October 16, 2024, shareholders of the SEI Exchange Traded Funds elected Trustees. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. In addition to the Trustees elected below, William M. Doran continued to serve as a Trustee until his retirement on May 31, 2025.

Proposal 1-To elect a Board of Trustees.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u><u>Director</u></u> | <u><u>Votes For</u></u> | <u><u>Votes Withheld</u></u> | <u><u>Abstained</u></u> | <u><u>Broker Non-Votes</u></u> |
| Robert A. Nesher | 37668841 | 598097 | N/A | N/A |
| Nina Lesavoy | 37659415 | 607527 | N/A | N/A |
| James M. Williams | 37591919 | 675019 | N/A | N/A |
| James B. Taylor | 37700455 | 566483 | N/A | N/A |
| Susan C. Cote | 37781807 | 485135 | N/A | N/A |
| Christine Reynolds | 37797615 | 469327 | N/A | N/A |
| Thomas Melendez | 37655120 | 611818 | N/A | N/A |
| Dennis J. McGonigle | 37714177 | 552761 | N/A | N/A |
| Eli Powell Niepoky | 37668841 | 598097 | N/A | N/A |
| Kimberly Walker | 37797615 | 469327 | N/A | N/A |

---

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included within the Statement(s) of Operations of the financial statements.

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

SEI Exchange Traded Funds (the "Trust") and SEI Investments Management Corporation ("SIMC") have entered into an investment advisory agreement (the "Advisory Agreement"), pursuant to which SIMC provides investment advisory services to the series of the Trust (the "Funds"). Pursuant to separate sub-advisory agreements with SIMC (the "Sub-Advisory Agreements" and, together with the Advisory Agreement, the "Investment Advisory Agreements"), and under the supervision of SIMC and the Trust's Board of Trustees (each member, a "Trustee" and, collectively, the "Trustees" or the "Board"), the sub-advisers (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers' skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the "1940 Act"), requires that the initial approval of a Fund's Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or "interested persons" of any party (the "Independent Trustees") cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission. In connection with their consideration of such initial approvals and renewals, the Funds' Trustees

------

SEI Exchange Traded Funds

**OTHER INFORMATION - (FORM N-CSR ITEMS 8-11) (Unaudited) (Continued)**

must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund's fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve or renew an Investment Advisory Agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to proposed new and existing Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC's and the Sub-Advisers' affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve or renew the Trust's Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the course of the Trust's fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC's and the Sub-Advisers' investment management and other services; (ii) SIMC's and the Sub-Advisers' investment management personnel; (iii) SIMC's and the Sub-Advisers' operations and financial condition; (iv) SIMC's and the Sub-Advisers' brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges or proposes to charge the Funds and the level of the sub-advisory fees that SIMC pays or proposes to pay the Sub-Advisers compared with fees each charge to comparable accounts; (vi) the advisory fees charged or proposed to be charged by SIMC and the Funds' overall or estimated fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data that was engaged to prepare an assessment of the Funds in connection with the renewal or approval of the Investment Advisory Agreements (the "Broadridge Report"); (vii) the level or estimated level of SIMC's and the Sub-Advisers' profitability from their Fund-related operations; (viii) SIMC's and the Sub-Advisers' compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC's potential economies of scale; (x) SIMC's and the Sub-Advisers' policies on and compliance procedures for personal securities transactions; (xi) SIMC's and the Sub-Advisers' expertise and resources in domestic and/or international financial markets; and (xii) the Funds' (with the exception of the Select ETFs) performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds' benchmark indexes.

At the December 2–4, 2024 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved a brief extension of the Advisory Agreement to accommodate a revised Spring meeting schedule. Typically, the Trustees renew the Advisory Agreement at the first quarterly in-person meeting of the calendar year in March. Agreements regularly renewed at the March meeting expire on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2024 was held on April 1-3, the Advisory Agreement would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 2-4, 2024 meeting to extend the Advisory Agreement until the April 1-3, 2025 meeting. In evaluating whether to approve the extension of the Advisory Agreement, the Board considered the information made available to it throughout the course of the year by representatives of the SEI investment and compliance teams. At the April 1-3, 2025 meeting, the Board evaluated the Advisory Agreement in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. Although outside the scope of the period covered by this report, the Board's renewal of the Advisory Agreement at the April 1-3, 2025 meeting of the Board is discussed herein, consistent with prior shareholder reports of the Funds. The Board's approval was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings, such as the December 2-4, 2024 meeting. Additionally, at meetings held on June 24-26, 2024 and September 9-11, 2024, the Board approved an amended fee schedule to the Advisory Agreement and a new Sub-Advisory Agreements for three new series of the Trust, SEI Select Small Cap ETF, SEI Select International Equity ETF and SEI Select Emerging

------

SEI Exchange Traded Funds

Markets Equity ETF (the "Select ETFs").The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided or proposed to be provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated or proposed to be dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC's and each Sub-Adviser's personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by or proposed to be provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated or proposed to be dedicated to the Funds were sufficient to support the initial approval or renewal of the Investment Advisory Agreements.

**Performance.** In determining whether to renew SIMC's Advisory Agreement, the Trustees considered the Funds' (with the exception of the Select ETFs) performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund's performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered the Broadridge Report. The Broadridge Report included metrics on net total return for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support the renewal and approval of SIMC's Advisory Agreement, and the information provided for the Sub-Advisers was sufficient to support the approval of each Sub-Advisory Agreement.

With respect to the Select ETFs, because the Select ETFs were new and had not commenced operations, it did not yet have an investment performance record to evaluate when approving the Advisory Agreement and Sub-Advisory Agreements.

**Fees.** With respect to the Funds' expenses or estimated expenses under the Investment Advisory Agreement, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements, noting that SIMC, in addition to providing advisory services to the Funds, pays all of the operating expenses of the Funds, except the management fees, interest expenses, dividend and other expenses on securities sold short, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions (including brokerage commissions), acquired fund fees and expenses, distribution fees or expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (if any), fees and expenses of the Board, litigation expenses and any extraordinary expenses. Based on discussion at the meeting, the Trustees determined that the fees and expenses were below the average for the respective comparison peer group. With respect to the Select ETFs, the Trustees also considered a Broadridge Report, which included various metrics related to the estimated fund expenses, including, but not limited to the proposed contractual management fee as compared to a universe of comparable funds. When considering fees estimated to be paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers would be compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser would reflect an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses or estimated expenses of the Funds are reasonable and supported the approval or renewal of the Investment Advisory Agreements.

**Profitability.** With regard to profitability, the Trustees considered the compensation flowing or estimated to flow to SIMC and its affiliates, directly or indirectly. The Trustees considered whether the levels or estimated levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser would reflect an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees proposed to be paid to the Sub-Adviser would have on SIMC's advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability or estimated profitability of SIMC is reasonable and supported the approval or renewal of the Investment Advisory Agreements.

**Economies of Scale.** With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized (or in the case of the Select ETFs, could be realized) by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along (or in the case of the Select ETFs, could be passed along) to the Funds' shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

------

SEI Exchange Traded Funds

**OTHER INFORMATION - (FORM N-CSR ITEMS 8-11) (Unaudited) (Concluded)**

Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously approved the approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

------

SEI Exchange Traded Funds

**SEI Exchange Traded Funds / Annual Financials and Other Information / March 31, 2025** 

#### Trustees
Robert A. Nesher, Chairman

Dennis J. McGonigle

Nina Lesavoy

James M. Williams

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Eli Powell Niepoky

Kimberly Walker

#### Officers
Robert A. Nesher

*President and Chief Executive Officer* 

Glenn R. Kurdziel

*Controller and Chief Financial Officer* 

Stephen Panner

*Chief Compliance Officer* 

Timothy D. Barto

*Vice President, Secretary* 

David F. McCann

*Vice President, Assistant Secretary* 

Katherine Mason

*Vice President, Assistant Secretary* 

Stephen G. MacRae

*Vice President* 

Bridget Sudall

*Anti-Money Laundering Compliance Officer* 

*Privacy Officer* 

**Investment Adviser** 

SEI Investments Management Corporation

#### Administrator
SEI Investments Global Funds Services

#### Distributor
SEI Investments Distribution Co.

#### Legal Counsel
Morgan, Lewis & Bockius LLP

#### Independent Registered Public Accounting Firm
KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

#### For more information call

#### 1 800 DIAL SEI

#### (1 800 342 5734)

---

| | |
|:---|:---|
| ![](fp0093125-1_50.jpg) | 1 Freedom Valley Drive <br>P.O. Box 1100 <br>Oaks, Pennsylvania 19456 |

---

SEI-ETF (3/25)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

 **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 shareholders may recommend nominees to the Registrant's Board of Trustees (the "Board"). The Registrant has a standing Governance Committee (the "Committee") currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee's Charter, adopted on June 18, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant's office.

 **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 Investment Company Act of 1940 (the "1940 Act")) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics attached hereto.](fp0093125-1_ex99code.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, are filed herewith.](fp0093125-1_ex99cert.htm)

[(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended also accompany this filing as exhibits.](fp0093125-1_ex99906cert.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.

---

| | |
|:---|:---|
|  | SEI Exchange Traded Funds |
| By | /s/ Robert A. Nesher |
|  | Robert A. Nesher |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |

---

Date: June 6, 2025

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

---

| | |
|:---|:---|
| By | /s/ Robert A. Nesher |
|  | Robert A. Nesher |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: June 6, 2025 |  |
| By | /s/ Glenn Kurdziel |
|  | Glenn Kurdziel |
|  | Controller and Chief Financial Officer |
|  | (Principal Financial Officer) |

---

Date: June 6, 2025

## Ex-99.Code

**SEI TAX EXEMPT TRUST**

**SEI DAILY INCOME TRUST**

**SEI INSTITUTIONAL MANAGED TRUST**

**SEI INSTITUTIONAL INTERNATIONAL TRUST**

**SEI ASSET ALLOCATION TRUST**

**SEI INSTITUTIONAL INVESTMENTS TRUST**

**ADVISER MANAGED TRUST**

**NEW COVENANT FUNDS**

**SEI CATHOLIC VALUES TRUST**

**SEI EXCHANGE TRADED FUNDS**

**SEI CAYMAN FOREIGN CORPORATIONS**

**Financial Officer Code of Ethics**

1. <u>Introduction</u> 

The reputation and integrity of SEI Tax Exempt Trust, SEI Daily Income Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Asset Allocation Trust, SEI Institutional Investments Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds and SEI Cayman Foreign Corporations (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

2. <u>Purposes of the Code</u> 

The purposes of this Code are:

To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

To promote compliance with applicable laws, rules and regulations;

To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

To establish accountability for adherence to this Code.

3. <u>Questions about this Code</u> 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

4. <u>Conduct Guidelines</u> 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with honesty
and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in
personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must disclose
to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected
to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or
personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, it should
be disclosed to the Trust's Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition to disclosing
any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts' SFOs have an obligation to report
any other actual or apparent conflicts which they discover or of which they otherwise become aware. If you are unsure whether a particular
fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," you
should bring the matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) **Standards for quality of information shared with service providers of the Trusts.** Each Trust's
SFOs must at all times seek to provide information to the Trust's service providers (adviser, administrator, outside auditor, outside
counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) **Standards for quality of information included in periodic reports.** Each Trust's SFOs must
at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and
other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due care,
competence and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust's
SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
of information acquired in the course of their professional duties, except when authorized by the Trust to disclose it or where disclosure
is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) **Sharing of information and educational standards.** Each Trust's SFOs should share information
with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant
to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) **Promote ethical conduct.** Each Trust's SFOs should at all times proactively promote ethical
behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
the Trust's financial books and records are thoroughly and accurately maintained to the best of their knowledge in a manner consistent
with applicable laws and this Code.

5. <u>Waivers of this Code</u> 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules.

6. <u>Affirmation of the Code</u> 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

7. <u>Reporting Violations</u> 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO must immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

<u>8.</u> <u>Violations of the Code</u> 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

Dated: October 2022

## Ex-99.Cert

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302

of the Sarbanes-Oxley Act of 2002

I, Robert A. Nesher, certify that:

1. I have reviewed this report on Form N-CSR of SEI Exchange Traded Funds (Registrant);

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;(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;(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;(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;(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;(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;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: June 6, 2025

/s/ Robert A. Nesher

Robert A. Nesher

President and Chief Executive Officer<br> (Principal Executive Officer)

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302

of the Sarbanes-Oxley Act of 2002

I, Glenn Kurdziel, certify that:

1. I have reviewed this report on Form N-CSR of SEI Exchange Traded Funds (Registrant);

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;(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;(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;(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;(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;(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;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: June 6, 2025

/s/ Glenn Kurdziel

Glenn Kurdziel

Controller and Chief Financial Officer<br> (Principal Financial Officer)

## Exhibit 99.906

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President and Chief Executive Officer of the SEI Exchange Traded Funds (the "Trust"), with respect to the Trust's Report on Form N-CSR for the period ended March 31, 2025 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: June 6, 2025

---

| |
|:---|
| /s/ Robert A. Nesher |
| Robert A. Nesher |
| President and Chief Executive Officer |
| (Principal Executive Officer) |

---

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Controller and Chief Financial Officer of the SEI Exchange Traded Funds (the "Trust"), with respect to the Trust's Report on Form N-CSR for the period ended March 31, 2025 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Dated: June 6, 2025

---

| |
|:---|
| /s/ Glenn Kurdziel |
| Glenn Kurdziel |
| Controller and Chief Financial Officer |
| (Principal Financial Officer) |

---