# EDGAR Filing Document

**Accession Number:** 0001611331
**File Stem:** 0001193125-25-222769
**Filing Date:** 2025-9
**Character Count:** 176442
**Document Hash:** 079714ad2ba46eb8ff0e369b5f7c4dab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-222769.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001193125-25-222769

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**EFFECTIVENESS DATE**: 20250929

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23597
- **FILM NUMBER:** 251354702

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

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

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

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

## Series and Classes Contracts Data

### Allspring LT Large Core ETF (Series ID: S000088479)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000254756 | Allspring LT Large Core ETF | ALRG            |

### Allspring LT Large Growth ETF (Series ID: S000088480)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000254757 | Allspring LT Large Growth ETF | AGRW            |

### Allspring Special Large Value ETF (Series ID: S000088481)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000254758 | Allspring Special Large Value ETF | ASLV            |

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

![LOGO](g908288g89r36.jpg)

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-23597

## Allspring Exchange-Traded Funds Trust

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

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

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

#### Matthew Prasse

#### Allspring Funds Management, LLC

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

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

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

#### Date of fiscal year end: July 31
**Registrant is making a filing for 3 of its series:** Allspring LT Large Core ETF, Allspring LT Large Growth ETF, and Allspring Special Large Value ETF.

#### Date of reporting period: July 31, 2025

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u>![Image](g908288g80r91.jpg)

Annual Shareholder Report

# LT Large Core ETF (ALRG)

# July 31, 2025

# Principal Listing Exchange: NYSE Arca, Inc.
This annual shareholder report contains important information about LT Large Core ETF for the period from July 7, 2025 (commencement of operations) to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-866-701-2575.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| LT Large Core ETF | $2 | 0.28%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## How did the Fund perform last year and what affected its performance?
The ALRG ETF was launched on July 7, 2025. During the abbreviated period from launch through the end of July, U.S. equities advanced, particularly in the latter half of July. Market sentiment was buoyed by several positive developments, including President Trump's denial of any intention to dismiss the Federal Reserve chair and signs of easing trade tensions as the U.S. government assured NVIDIA that it would be permitted to resume sales of certain graphics processing units to China, while Chinese exports of rare earth magnets to the U.S. rebounded.

During the period, we exited one position in health care. Portfolio positioning at fiscal year-end remained broadly consistent with the beginning of the period, featuring overweights to industrials, information technology (IT), and financials, offset by underweights in health care, utilities, and consumer staples.

Positive performance was driven by strong stock selection in financials, health care, and communication services along with our underweight in health care. Conversely, stock selection in IT and energy as well as our underweight in utilities detracted from results.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g908288g82i22.jpg)

---

| | | |
|:---|:---|:---|
| | **LT Large Core ETF** | **S&P 500 Index** |
| **7/7/2025** | $10000 | $10000 |
| **7/31/2025** | $10250 | $10181 |

---

# LT Large Core ETF
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | |
|:---|:---|
| AATR | **Since Inception (7/7/25)** |
| LT Large Core ETF | 2.5 |
| S&P 500 Index | 1.81 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $8008387 |
| # of portfolio holdings | 50 |
| Portfolio turnover rate | 2% |
| Total advisory fees paid | $1420 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 35.9 |
| Financials | 15.9 |
| Industrials | 12.0 |
| Consumer discretionary | 12.0 |
| Communication services | 9.9 |
| Health care | 6.2 |
| Energy | 3.9 |
| Consumer staples | 3.0 |
| Materials | 1.2 |

---

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

---

| | |
|:---|:---|
| Microsoft Corp. | 9.7 |
| Apple, Inc. | 7.0 |
| Amazon.com, Inc. | 5.3 |
| Broadcom, Inc. | 4.9 |
| Meta Platforms, Inc. Class A | 4.6 |
| Alphabet, Inc. Class C | 3.9 |
| JPMorgan Chase & Co. | 3.2 |
| Eaton Corp. PLC | 2.3 |
| RTX Corp. | 2.2 |
| Eli Lilly & Co. | 2.2 |

---

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

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

#### ARALRG 07-25
![Image](g908288g80r91.jpg)

Annual Shareholder Report

# LT Large Growth ETF (AGRW)

# July 31, 2025

# Principal Listing Exchange: NYSE Arca, Inc.
This annual shareholder report contains important information about LT Large Growth ETF for the period from March 26, 2025 (commencement of operations) to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-866-701-2575.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| LT Large Growth ETF | $13 | 0.35%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## How did the Fund perform last year and what affected its performance?
The April–July 2025 period was marked by heightened volatility. U.S. equities initially declined following President Trump's "Liberation Day" tariff announcement but rebounded sharply after a 90-day postponement to facilitate negotiations with trading partners.

During the period, we initiated one new position and exited another position, both within consumer staples. Portfolio positioning at fiscal year-end remained broadly consistent with the beginning of the period, featuring overweight allocations to health care, communication services, and industrials, offset by underweights in information technology, consumer discretionary, and consumer staples.

The ETF remains underweight the Magnificent Seven. We remain constructive on the long-term fundamentals of this group, but we believe it is prudent to diversify beyond the largest benchmark names.

Positive performance was driven by strong stock selection in industrials and communication services along with our underweight in consumer staples. Conversely, stock selection in health care and financials as well as our overweight in health care detracted from results.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g908288g74l82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **LT Large Growth ETF** | **Russell 1000<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Index** |
| **3/26/2025** | $10000 | $10000 | $10000 |
| **3/31/2025** | $9640 | $9697 | $9806 |
| **4/30/2025** | $9818 | $9863 | $9740 |
| **5/31/2025** | $10647 | $10745 | $10357 |
| **6/30/2025** | $11403 | $11441 | $10883 |
| **7/31/2025** | $11778 | $11873 | $11123 |

---

# LT Large Growth ETF
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | |
|:---|:---|
| AATR | **Since Inception (3/26/25)** |
| LT Large Growth ETF | 17.78 |
| Russell 1000<sup>®</sup> Growth Index | 18.73 |
| Russell 3000<sup>®</sup> Index | 11.23 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $124835513 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 1% |
| Total advisory fees paid | $122084 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Information technology | 49.1 |
| Communication services | 14.2 |
| Consumer discretionary | 10.3 |
| Health care | 9.9 |
| Industrials | 7 |
| Financials | 6.5 |
| Materials | 1.1 |
| Real estate | 1 |
| Consumer staples | 0.9 |

---

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

---

| | |
|:---|:---|
| NVIDIA Corp. | 14.7 |
| Microsoft Corp. | 9.7 |
| Amazon.com, Inc. | 6.5 |
| Apple, Inc. | 6.0 |
| Alphabet, Inc. Class C | 5.7 |
| Meta Platforms, Inc. Class A | 5.2 |
| Broadcom, Inc. | 4.6 |
| Visa, Inc. Class A | 2.6 |
| Arista Networks, Inc. | 2.4 |
| Cadence Design Systems, Inc. | 2.0 |

---

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

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

#### ARAGRW 07-25
![Image](g908288g80r91.jpg)

Annual Shareholder Report

# Special Large Value ETF (ASLV)

# July 31, 2025

# Principal Listing Exchange: NYSE Arca, Inc.
This annual shareholder report contains important information about Special Large Value ETF for the period from March 26, 2025 (commencement of operations) to July 31, 2025. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-866-701-2575.

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

---

| | | |
|:---|:---|:---|
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
| Special Large Value ETF | $13 | 0.35%<sup>Footnote Reference1</sup> |

---

---

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

---

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

## How did the Fund perform last year and what affected its performance?
Over the four-month period, the Fund outperformed its strategy benchmark, driven by stock selection and sector positioning. The period began with fears around tariffs and a pause in rate cuts leading to a potential recession. However, a delay in tariff implementation caused a significant rally off the April 8 stock market lows.

Since its inception, the Fund made minor changes to sector positioning, adding to its consumer discretionary weighting while reducing weight in industrials. Citigroup, Inc. was the largest contributor, as it is in the process of exiting its less-profitable, non-core franchises and eliminating managerial layers to improve its return structure and reduce its capital needs, with a goal of creating a more durable and higher-growth cash flow. The largest detractor was Fiserv, Inc., a leading provider of merchant acceptance, financial technology, and related services to financial institutions. Shares underperformed on disappointing volumes affected by headwinds and management's more cautious guidance. We believe Fiserv's competitive position and growth opportunities remain largely unchanged, and we see an attractive reward/risk profile.

### Total return based on a $10,000 investment
![Growth of 10K Chart](g908288g15s76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Special Large Value ETF** | **Russell 1000<sup>®</sup> Value Index** | **Russell 3000<sup>®</sup> Index** |
| **3/26/2025** | $10000 | $10000 | $10000 |
| **3/31/2025** | $9899 | $9933 | $9806 |
| **4/30/2025** | $9771 | $9631 | $9740 |
| **5/31/2025** | $10157 | $9969 | $10357 |
| **6/30/2025** | $10551 | $10310 | $10883 |
| **7/31/2025** | $10595 | $10369 | $11123 |

---

# Special Large Value ETF
Annual Shareholder Report \| July 31, 2025

## AVERAGE ANNUAL TOTAL RETURNS (%)

---

| | |
|:---|:---|
| AATR | **Since Inception (3/26/25)** |
| Special Large Value ETF | 5.95 |
| Russell 1000<sup>®</sup> Value Index | 3.69 |
| Russell 3000<sup>®</sup> Index | 11.23 |

---

## KEY FUND STATISTICS

---

| | |
|:---|:---|
| Total net assets | $247296639 |
| # of portfolio holdings | 46 |
| Portfolio turnover rate | 6% |
| Total advisory fees paid | $203895 |

---

## What did the Fund invest in?

### SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)

---

| | |
|:---|:---|
| Financials | 21.1 |
| Industrials | 15.3 |
| Health care | 14.0 |
| Consumer discretionary | 10.3 |
| Information technology | 9.9 |
| Consumer staples | 7.7 |
| Energy | 5.8 |
| Materials | 4.8 |
| Communication services | 4.6 |
| Real estate | 3.5 |
| Utilities | 3.0 |

---

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

---

| | |
|:---|:---|
| Alphabet, Inc. Class C | 4.5 |
| Canadian Pacific Kansas City Ltd. | 4.4 |
| Bank of America Corp. | 3.9 |
| Intercontinental Exchange, Inc. | 3.8 |
| Citigroup, Inc. | 3.7 |
| Berkshire Hathaway, Inc. Class B | 3.2 |
| Mondelez International, Inc. Class A | 3.1 |
| D.R. Horton, Inc. | 3.0 |
| NextEra Energy, Inc. | 3.0 |
| Labcorp Holdings, Inc. | 2.9 |

---

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

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

#### ARASLV 07-25

------

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
|  | **Fiscal year ended**<br>**July 31, 2025** |
|  Audit fees | $75000 |
|  Audit-related fees |  |
|  Tax fees <sup>(1)</sup> |  |
|  All other fees |  |
|  | $75000 |

---

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

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

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

(e)(2) Not applicable.

------

(f) Not applicable.

(g) Not applicable.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

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

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

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

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

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

------

![](g908288imgf9d5d8c91.jpg)

Allspring LT Large Core ETF (ALRG)

Long Form Financial Statements

Annual Report

July 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_POI-PageBlank-1095_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_FS-PageBlank-1095_1)** |  |
| [Statement of assets and liabilities](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_FS-PageBlank-1095_1) | 6 |
| [Statement of operations](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_FS-PageBlank-1095_2) | 7 |
| [Statement of changes in net assets](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_FS-PageBlank-1095_3) | 8 |
| [Financial highlights](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_FIHI-PageBlank-1095_1) | 9 |
| **[Notes to financial statements](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_NTF-PageBlank-1095_1)** | 10 |
| **[Report of independent registered public accounting firm](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_AUD-PageBlank-1095_1)** | 14 |
| **[Other information](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_OI-PageBlank-1095_1)** | 15 |
| [Item 8. Changes in and disagreements with accountants](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_OI-PageBlank-1095_2) | 16 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_OI-PageBlank-1095_2) | 16 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_OI-PageBlank-1095_2) | 16 |
| [Item 11. Statement regarding basis for board](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_OI-PageBlank-1095_2)['](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_OI-PageBlank-1095_2)[s approval of investment](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_OI-PageBlank-1095_2)<br> [advisory contract](#xx_b8e4c48c-2873-46c5-9a0b-12d57c232426_OI-PageBlank-1095_2)<br>| 16 |

---

Allspring LT Large Core ETF \| 1

------

Portfolio of investments—July 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.20%** |  |  |
| **Communication services: 9.80%** |  |  |
| **Entertainment: 1.33%** |  |  |
| Netflix, Inc.† | 92 | &nbsp;&nbsp; **$106665** |
| **Interactive media & services: 8.47%** |  |  |
| Alphabet, Inc. Class C | 1620 | &nbsp;&nbsp; 312433 |
| Meta Platforms, Inc. Class A | 473 | &nbsp;&nbsp; 365837 |
|  |  | &nbsp;&nbsp; **678270** |
| **Consumer discretionary: 11.89%** |  |  |
| **Broadline retail: 5.28%** |  |  |
| Amazon.com, Inc.† | 1806 | &nbsp;&nbsp; **422802** |
| **Hotels, restaurants & leisure: 4.13%** |  |  |
| Hilton Worldwide Holdings, Inc. | 486 | &nbsp;&nbsp; 130287 |
| McDonald's Corp. | 410 | &nbsp;&nbsp; 123029 |
| Starbucks Corp. | 870 | &nbsp;&nbsp; 77569 |
|  |  | &nbsp;&nbsp; **330885** |
| **Household durables: 1.10%** |  |  |
| Garmin Ltd. | 405 | &nbsp;&nbsp; **88598** |
| **Specialty retail: 1.38%** |  |  |
| Home Depot, Inc. | 300 | &nbsp;&nbsp; **110253** |
| **Consumer staples: 3.04%** |  |  |
| **Consumer staples distribution & retail: 1.01%** |  |  |
| Walmart, Inc. | 825 | &nbsp;&nbsp; **80833** |
| **Food products: 0.99%** |  |  |
| Mondelez International, Inc. Class A | 1230 | &nbsp;&nbsp; **79569** |
| **Personal care products: 1.04%** |  |  |
| Unilever PLC ADR | 1425 | &nbsp;&nbsp; **83263** |
| **Energy: 3.86%** |  |  |
| **Oil, gas & consumable fuels: 3.86%** |  |  |
| Suncor Energy, Inc. | 3990 | &nbsp;&nbsp; 157445 |
| TotalEnergies SE ADR | 2550 | &nbsp;&nbsp; 151853 |
|  |  | &nbsp;&nbsp; **309298** |
| **Financials: 15.78%** |  |  |
| **Banks: 6.21%** |  |  |
| Citigroup, Inc. | 1725 | &nbsp;&nbsp; 161633 |
| JPMorgan Chase & Co. | 855 | &nbsp;&nbsp; 253285 |
| Regions Financial Corp. | 3270 | &nbsp;&nbsp; 82829 |
|  |  | &nbsp;&nbsp; **497747** |

---

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

2 \| Allspring LT Large Core ETF

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Capital markets: 3.66%** |  |  |
| BlackRock, Inc. | 122 | &nbsp;&nbsp; $134933 |
| Blackstone, Inc. | 915 | &nbsp;&nbsp; 158259 |
|  |  | &nbsp;&nbsp; **293192** |
| **Financial services: 3.33%** |  |  |
| Berkshire Hathaway, Inc. Class B† | 230 | &nbsp;&nbsp; 108532 |
| Visa, Inc. Class A | 457 | &nbsp;&nbsp; 157880 |
|  |  | &nbsp;&nbsp; **266412** |
| **Insurance: 2.58%** |  |  |
| Manulife Financial Corp. | 3540 | &nbsp;&nbsp; 109598 |
| Marsh & McLennan Cos., Inc. | 486 | &nbsp;&nbsp; 96811 |
|  |  | &nbsp;&nbsp; **206409** |
| **Health care: 6.16%** |  |  |
| **Biotechnology: 1.58%** |  |  |
| AbbVie, Inc. | 669 | &nbsp;&nbsp; **126455** |
| **Health care equipment & supplies: 1.34%** |  |  |
| Abbott Laboratories | 849 | &nbsp;&nbsp; **107135** |
| **Life sciences tools & services: 1.09%** |  |  |
| Thermo Fisher Scientific, Inc. | 186 | &nbsp;&nbsp; **86989** |
| **Pharmaceuticals: 2.15%** |  |  |
| Eli Lilly & Co. | 233 | &nbsp;&nbsp; **172436** |
| **Industrials: 11.90%** |  |  |
| **Aerospace & defense: 4.26%** |  |  |
| Boeing Co.† | 755 | &nbsp;&nbsp; 167489 |
| RTX Corp. | 1102 | &nbsp;&nbsp; 173642 |
|  |  | &nbsp;&nbsp; **341131** |
| **Commercial services & supplies: 1.24%** |  |  |
| Waste Management, Inc. | 435 | &nbsp;&nbsp; **99685** |
| **Electrical equipment: 2.29%** |  |  |
| Eaton Corp. PLC | 476 | &nbsp;&nbsp; **183127** |
| **Ground transportation: 2.78%** |  |  |
| Uber Technologies, Inc.† | 1413 | &nbsp;&nbsp; 123991 |
| Union Pacific Corp. | 445 | &nbsp;&nbsp; 98776 |
|  |  | &nbsp;&nbsp; **222767** |
| **Machinery: 1.33%** |  |  |
| Xylem, Inc. | 735 | &nbsp;&nbsp; **106296** |
| **Information technology: 35.60%** |  |  |
| **Communications equipment: 1.48%** |  |  |
| Motorola Solutions, Inc. | 270 | &nbsp;&nbsp; **118525** |

---

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

Allspring LT Large Core ETF \| 3

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Electronic equipment, instruments & components: 2.15%** |  |  |
| Keysight Technologies, Inc.† | 435 | &nbsp;&nbsp; $71301 |
| TE Connectivity PLC | 490 | &nbsp;&nbsp; 100817 |
|  |  | &nbsp;&nbsp; **172118** |
| **IT services: 0.85%** |  |  |
| Cognizant Technology Solutions Corp. Class A | 945 | &nbsp;&nbsp; **67813** |
| **Semiconductors & semiconductor equipment: 12.31%** |  |  |
| Advanced Micro Devices, Inc.† | 729 | &nbsp;&nbsp; 128530 |
| Analog Devices, Inc. | 435 | &nbsp;&nbsp; 97714 |
| ASML Holding NV | 103 | &nbsp;&nbsp; 71555 |
| Broadcom, Inc. | 1346 | &nbsp;&nbsp; 395320 |
| Lam Research Corp. | 1275 | &nbsp;&nbsp; 120921 |
| NVIDIA Corp. | 966 | &nbsp;&nbsp; 171823 |
|  |  | &nbsp;&nbsp; **985863** |
| **Software: 11.77%** |  |  |
| Adobe, Inc.† | 205 | &nbsp;&nbsp; 73326 |
| Microsoft Corp. | 1453 | &nbsp;&nbsp; 775176 |
| Salesforce, Inc. | 365 | &nbsp;&nbsp; 94290 |
|  |  | &nbsp;&nbsp; **942792** |
| **Technology hardware, storage & peripherals: 7.04%** |  |  |
| Apple, Inc. | 2715 | &nbsp;&nbsp; **563553** |
| **Materials: 1.17%** |  |  |
| **Chemicals: 1.17%** |  |  |
| Ecolab, Inc. | 357 | &nbsp;&nbsp; **93448** |
| **Total common stocks (Cost $7,742,759)** |  | &nbsp;&nbsp; **7944329** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.79%** |  |  |  |  |
| **Investment companies: 0.79%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.24<br> %<br>| 63115 | &nbsp;&nbsp; **63115** |
| **Total short-term investments (Cost $63,115)** |  |  |  | &nbsp;&nbsp; **63115** |
| **Total investments in securities (Cost $7,805,874)** | 99.99<br> %<br>|  |  | &nbsp;&nbsp; 8007444 |
| Other assets and liabilities, net | 0.01 |  |  | &nbsp;&nbsp; 943 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$8008387** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt

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

4 \| Allspring LT Large Core ETF

------

Portfolio of investments—July 31, 2025

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | $0 | $63140 | $(25)<br>| $0 | $0 | $63115 | 63115 | $167 |

---

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

Allspring LT Large Core ETF \| 5

------

Statement of assets and liabilities—July 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $7,742,759) | $7944329 |
| Investments in affiliated securities, at value (cost $63,115) | 63115 |
| Receivable for dividends | 2363 |
| **Total assets** | **8009807** |
| Liabilities |  |
| Management fee payable | 1420 |
| **Total liabilities** | **1420** |
| **Total net assets**  | **$8008387** |
| Net assets consist of |  |
| Paid-in capital | $7807308 |
| Total distributable earnings | 201079 |
| **Total net assets** | **$8008387** |
| Net asset value per share |  |
| Based on $8,008,387 divided by 315,000 shares issued and outstanding (unlimited number of shares authorized) | $25.42 |

---

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

6 \| Allspring LT Large Core ETF

------

Statement of operations—year ended July 31, 2025<sup>1</sup>

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $29) | $2196 |
| Income from affiliated securities | 167 |
| **Total investment income** | **2363** |
| Expenses |  |
| Management fee | 1420 |
| **Total expenses** | **1420** |
| **Net investment income** | **943** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized losses on investments**  | **(1434)**<br>|
| **Net change in unrealized gains (losses) on investments** | **201570** |
| **Net realized and unrealized gains (losses) on investments** | **200136** |
| **Net increase in net assets resulting from operations** | **$201079** |

---

<sup>1</sup> For the period from July 7, 2025 (commencement of operations) to July 31, 2025

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

Allspring LT Large Core ETF \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | YEAR ENDED<br> July 31, 2025<sup>1</sup> | YEAR ENDED<br> July 31, 2025<sup>1</sup> |
| Operations |  |  |
| Net investment income |  | &nbsp;&nbsp; $943 |
| Net realized losses on investments |  | &nbsp;&nbsp; (1434)<br>|
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 201570 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **201079** |
| Capital share transactions | Shares |  |
| Proceeds from shares sold | 315001 | &nbsp;&nbsp; 7807333 |
| Payment for shares redeemed | (1)<br>| &nbsp;&nbsp; (25)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **7807308** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **8008387** |
| Net assets |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **0** |
| **End of period** |  | &nbsp;&nbsp; **$8008387** |

---

<sup>1</sup> For the period from July 7, 2025 (commencement of operations) to July 31, 2025

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

8 \| Allspring LT Large Core ETF

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | |
|:---|:---|
|  | Year ended July 31 |
|  | 2025<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$24.80** |
| Net investment income | 0.00 <br><sup>23</sup><br>|
| Net realized and unrealized gains (losses) on investments | 0.62 |
| Total from investment operations | 0.62 |
| **Net asset value, end of period** | **$25.42** |
| **Total return**<sup>4</sup> <br>| **2.50%**<br>|
| **Ratios to average net assets (annualized)** |  |
| Expenses | 0.28<br> %<br>|
| Net investment income | 0.19<br> %<br>|
| **Supplemental data** |  |
| Portfolio turnover rate<sup>5</sup> <br>| 2<br> %<br>|
| Net assets, end of period (000s omitted) | $8008 |

---

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

<sup>1</sup> For the period from July 7, 2025 (commencement of operations) to July 31, 2025

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

<sup>3</sup> Amount is less than $0.005.

<sup>4</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions, if any.

\| 9

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

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

Federal and other taxes

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

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

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

10 \| Allspring LT Large Core ETF

------

Notes to financial statements

As of July 31, 2025, the aggregate cost of all investments for federal income tax purposes was $7,805,874 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $329180 |
| Gross unrealized losses | &nbsp;&nbsp; (127610)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$201570** |

---

As of July 31, 2025, the Fund had capital loss carryforwards which consist of $1,434 in short-term capital losses.

Capital share transactions

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

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $784935 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $784935 |
| *Consumer discretionary* | &nbsp;&nbsp; 952538 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 952538 |
| *Consumer staples* | &nbsp;&nbsp; 243665 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 243665 |
| *Energy* | &nbsp;&nbsp; 309298 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 309298 |
| *Financials* | &nbsp;&nbsp; 1263760 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1263760 |
| *Health care* | &nbsp;&nbsp; 493015 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 493015 |
| *Industrials* | &nbsp;&nbsp; 953006 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 953006 |
| *Information technology* | &nbsp;&nbsp; 2850664 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 2850664 |
| *Materials* | &nbsp;&nbsp; 93448 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 93448 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 63115 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 63115 |
| **Total assets** | &nbsp;&nbsp; **$8007444** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$8007444** |

---

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

Allspring LT Large Core ETF \| 11

------

Notes to financial statements

At July 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Allspring Funds Management is entitled to receive an annual unitary management fee, generally payable monthly, in an amount equal to 0.28% of the average daily net assets of the Fund. Pursuant to the unitary management fee arrangement, Allspring Funds Management has agreed to pay all expenses incurred by, and appropriately allocated to, the Fund, excluding only: the management fee payable to Allspring Funds Management, brokerage expenses and other expenses incurred in connection with the execution of portfolio transactions; interest charges on any borrowings, dividends and other expenses on securities sold short; taxes; payments under the Fund's Rule 12b-1 plan; proxy and shareholder meeting expenses; litigation expenses; extraordinary expenses; and acquired fund fees and expenses.

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

For the period from July 7, 2025 (commencement of operations) to July 31, 2025, the management fee was equivalent to an annual rate of 0.28% of the Fund's average daily net assets.

Distribution fee

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions for the period from July 7, 2025 (commencement of operations) to July 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the period from July 7, 2025 (commencement of operations) to July 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| IN-KIND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $151488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7750458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $157753 |

---

6. DISTRIBUTIONS TO SHAREHOLDERS

For the period from July 7, 2025 (commencement of operations) to July 31, 2025, the Fund did not have any distributions paid to shareholders.

As of July 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $943 | &nbsp;&nbsp; $201570 | &nbsp;&nbsp;&nbsp; $(1434)<br>|

---

7. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

12 \| Allspring LT Large Core ETF

------

Notes to financial statements

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

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

10. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Allspring LT Large Core ETF \| 13

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Exchange-Traded Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring LT Large Core ETF (the Fund), one of the funds constituting Allspring Exchange-Traded Funds Trust, including the portfolio of investments, as of July 31, 2025, the related statements of operations and changes in net assets for the period from July 7, 2025 (commencement of operations) to July 31, 2025, and the related notes (collectively, the financial statements) and the financial highlights for the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations, the changes in its net assets, and the financial highlights for the period from July 7, 2025 to July 31, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

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

![](g908288imgb47908c82.jpg)

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

Boston, Massachusetts

September 24, 2025

14 \| Allspring LT Large Core ETF

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring LT Large Core ETF \| 15

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

16 \| Allspring LT Large Core ETF

------

![](g908288imgf9d5d8c91.jpg)

For more information

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

Allspring Funds Distributor, LLC

1415 Vantage Park Drive, 3rd Floor

Charlotte, NC 28203

Website: **allspringglobal.com**

Telephone:1-866-701-2575

![](g908288img7fccb8af3.gif)

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

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

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

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

**NCSRALRG 07-25**

------

![](g908288imgeb0f8f351.jpg)

Allspring LT Large Growth ETF (AGRW)

Long Form Financial Statements

Annual Report

July 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_POI-PageBlank-1032_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_FS-PageBlank-1032_1)** |  |
| [Statement of assets and liabilities](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_FS-PageBlank-1032_1) | 5 |
| [Statement of operations](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_FS-PageBlank-1032_2) | 6 |
| [Statement of changes in net assets](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_FS-PageBlank-1032_3) | 7 |
| [Financial highlights](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_FIHI-PageBlank-1032_1) | 8 |
| **[Notes to financial statements](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_NTF-PageBlank-1032_1)** | 9 |
| **[Report of independent registered public accounting firm](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_AUD-PageBlank-1032_1)** | 14 |
| **[Other information](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_OI-PageBlank-1032_1)** | 15 |
| [Item 8. Changes in and disagreements with accountants](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_OI-PageBlank-1032_2) | 16 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_OI-PageBlank-1032_2) | 16 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_OI-PageBlank-1032_2) | 16 |
| [Item 11. Statement regarding basis for board](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_OI-PageBlank-1032_2)['](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_OI-PageBlank-1032_2)[s approval of investment](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_OI-PageBlank-1032_2)<br> [advisory contract](#xx_dda64297-beca-45ea-8e20-15aa71f6e841_OI-PageBlank-1032_2)<br>| 16 |

---

Allspring LT Large Growth ETF \| 1

------

Portfolio of investments—July 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 99.55%** |  |  |
| **Communication services: 14.16%** |  |  |
| **Entertainment: 1.71%** |  |  |
| Netflix, Inc.† | 1840 | &nbsp;&nbsp; **$2133296** |
| **Interactive media & services: 10.87%** |  |  |
| Alphabet, Inc. Class C | 36577 | &nbsp;&nbsp; 7054240 |
| Meta Platforms, Inc. Class A | 8420 | &nbsp;&nbsp; 6512365 |
|  |  | &nbsp;&nbsp; **13566605** |
| **Media: 1.58%** |  |  |
| Trade Desk, Inc. Class A† | 22743 | &nbsp;&nbsp; **1977731** |
| **Consumer discretionary: 10.27%** |  |  |
| **Broadline retail: 6.51%** |  |  |
| Amazon.com, Inc.† | 34709 | &nbsp;&nbsp; **8125724** |
| **Distributors: 0.53%** |  |  |
| Pool Corp. | 2144 | &nbsp;&nbsp; **660652** |
| **Hotels, restaurants & leisure: 1.15%** |  |  |
| Chipotle Mexican Grill, Inc. Class A† | 33431 | &nbsp;&nbsp; **1433521** |
| **Specialty retail: 2.08%** |  |  |
| Tractor Supply Co. | 20356 | &nbsp;&nbsp; 1159274 |
| Ulta Beauty, Inc.† | 2790 | &nbsp;&nbsp; 1436878 |
|  |  | &nbsp;&nbsp; **2596152** |
| **Consumer staples: 0.90%** |  |  |
| **Consumer staples distribution & retail: 0.90%** |  |  |
| Walmart, Inc. | 11446 | &nbsp;&nbsp; **1121479** |
| **Financials: 6.50%** |  |  |
| **Capital markets: 2.97%** |  |  |
| Intercontinental Exchange, Inc. | 6317 | &nbsp;&nbsp; 1167571 |
| Morgan Stanley | 8524 | &nbsp;&nbsp; 1214329 |
| S&P Global, Inc. | 2408 | &nbsp;&nbsp; 1327049 |
|  |  | &nbsp;&nbsp; **3708949** |
| **Financial services: 3.53%** |  |  |
| Corpay, Inc.† | 3613 | &nbsp;&nbsp; 1167180 |
| Visa, Inc. Class A | 9366 | &nbsp;&nbsp; 3235672 |
|  |  | &nbsp;&nbsp; **4402852** |
| **Health care: 9.79%** |  |  |
| **Biotechnology: 2.14%** |  |  |
| Neurocrine Biosciences, Inc.† | 9260 | &nbsp;&nbsp; 1187410 |
| Vertex Pharmaceuticals, Inc.† | 3248 | &nbsp;&nbsp; 1483913 |
|  |  | &nbsp;&nbsp; **2671323** |

---

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

2 \| Allspring LT Large Growth ETF

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Health care equipment & supplies: 4.62%** |  |  |
| Align Technology, Inc.† | 6154 | &nbsp;&nbsp; $793928 |
| Boston Scientific Corp.† | 17935 | &nbsp;&nbsp; 1881740 |
| DexCom, Inc.† | 17498 | &nbsp;&nbsp; 1413314 |
| Intuitive Surgical, Inc.† | 3482 | &nbsp;&nbsp; 1675155 |
|  |  | &nbsp;&nbsp; **5764137** |
| **Health care providers & services: 0.71%** |  |  |
| UnitedHealth Group, Inc. | 3560 | &nbsp;&nbsp; **888434** |
| **Life sciences tools & services: 0.74%** |  |  |
| Danaher Corp. | 4698 | &nbsp;&nbsp; **926258** |
| **Pharmaceuticals: 1.58%** |  |  |
| Eli Lilly & Co. | 2664 | &nbsp;&nbsp; **1971546** |
| **Industrials: 6.94%** |  |  |
| **Aerospace & defense: 1.58%** |  |  |
| TransDigm Group, Inc. | 1224 | &nbsp;&nbsp; **1968755** |
| **Electrical equipment: 1.64%** |  |  |
| Vertiv Holdings Co. Class A | 14119 | &nbsp;&nbsp; **2055727** |
| **Ground transportation: 3.72%** |  |  |
| Canadian Pacific Kansas City Ltd. | 19391 | &nbsp;&nbsp; 1426208 |
| Uber Technologies, Inc.† | 21921 | &nbsp;&nbsp; 1923568 |
| XPO, Inc.† | 10771 | &nbsp;&nbsp; 1295643 |
|  |  | &nbsp;&nbsp; **4645419** |
| **Information technology: 48.86%** |  |  |
| **Communications equipment: 2.42%** |  |  |
| Arista Networks, Inc.† | 24529 | &nbsp;&nbsp; **3022463** |
| **Electronic equipment, instruments & components: 0.94%** |  |  |
| Trimble, Inc.† | 14002 | &nbsp;&nbsp; **1174628** |
| **IT services: 1.06%** |  |  |
| Okta, Inc.† | 13533 | &nbsp;&nbsp; **1323528** |
| **Semiconductors & semiconductor equipment: 20.34%** |  |  |
| Analog Devices, Inc. | 5634 | &nbsp;&nbsp; 1265566 |
| Broadcom, Inc. | 19592 | &nbsp;&nbsp; 5754170 |
| NVIDIA Corp. | 103283 | &nbsp;&nbsp; 18370947 |
|  |  | &nbsp;&nbsp; **25390683** |
| **Software: 18.12%** |  |  |
| Adobe, Inc.† | 3300 | &nbsp;&nbsp; 1180377 |
| Cadence Design Systems, Inc.† | 6778 | &nbsp;&nbsp; 2471055 |
| Datadog, Inc. Class A† | 13947 | &nbsp;&nbsp; 1952301 |
| Microsoft Corp. | 22645 | &nbsp;&nbsp; 12081108 |
| Palo Alto Networks, Inc.† | 9239 | &nbsp;&nbsp; 1603890 |

---

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

Allspring LT Large Growth ETF \| 3

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software**(continued) |  |  |
| Salesforce, Inc. | 5575 | &nbsp;&nbsp; $1440190 |
| ServiceNow, Inc.† | 2005 | &nbsp;&nbsp; 1890956 |
|  |  | &nbsp;&nbsp; **22619877** |
| **Technology hardware, storage & peripherals: 5.98%** |  |  |
| Apple, Inc. | 35974 | &nbsp;&nbsp; **7467123** |
| **Materials: 1.11%** |  |  |
| **Chemicals: 1.11%** |  |  |
| Ecolab, Inc. | 5283 | &nbsp;&nbsp; **1382878** |
| **Real estate: 1.02%** |  |  |
| **Real estate management & development: 1.02%** |  |  |
| CoStar Group, Inc.† | 13386 | &nbsp;&nbsp; **1274213** |
| **Total common stocks (Cost $100,062,958)** |  | &nbsp;&nbsp; **124273953** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 0.47%** |  |  |  |  |
| **Investment companies: 0.47%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.24<br> %<br>| 584683 | &nbsp;&nbsp; **584683** |
| **Total short-term investments (Cost $584,683)** |  |  |  | &nbsp;&nbsp; **584683** |
| **Total investments in securities (Cost $100,647,641)** | 100.02<br> %<br>|  |  | &nbsp;&nbsp; 124858636 |
| Other assets and liabilities, net | (0.02)<br>|  |  | &nbsp;&nbsp; (23123)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$124835513** |

---

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

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

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select Class | $0 | $2189687 | $(1605004)<br>| $0 | $0 | $584683 | 584683 | $7433 |

---

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

4 \| Allspring LT Large Growth ETF

------

Statement of assets and liabilities—July 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $100,062,958) | $124273953 |
| Investments in affiliated securities, at value (cost $584,683) | 584683 |
| Cash | 2765 |
| Receivable for dividends | 10648 |
| **Total assets** | **124872049** |
| Liabilities |  |
| Management fee payable | 36536 |
| **Total liabilities** | **36536** |
| **Total net assets**  | **$124835513** |
| Net assets consist of |  |
| Paid-in capital | $100662811 |
| Total distributable earnings | 24172702 |
| **Total net assets** | **$124835513** |
| Net asset value per share |  |
| Based on $124,835,513 divided by 4,284,000 shares issued and outstanding (unlimited number of shares authorized) | $29.14 |

---

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

Allspring LT Large Growth ETF \| 5

------

Statement of operations—year ended July 31, 2025<sup>1</sup>

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $516) | $124526 |
| Income from affiliated securities | 7433 |
| Interest | 3 |
| **Total investment income** | **131962** |
| Expenses |  |
| Management fee | 122084 |
| **Total expenses** | **122084** |
| **Net investment income** | **9878** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | (48162)<br>|
| Unaffiliated in-kind redemptions | 1639056 |
| Foreign currency and foreign currency translations | (9)<br>|
| **Net realized gains on investments**  | **1590885** |
| **Net change in unrealized gains (losses) on investments** | **24210995** |
| **Net realized and unrealized gains (losses) on investments** | **25801880** |
| **Net increase in net assets resulting from operations** | **$25811758** |

---

<sup>1</sup> For the period from March 26, 2025 (commencement of operations) to July 31, 2025

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

6 \| Allspring LT Large Growth ETF

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | YEAR ENDED<br> July 31, 2025<sup>1</sup> | YEAR ENDED<br> July 31, 2025<sup>1</sup> |
| Operations |  |  |
| Net investment income |  | &nbsp;&nbsp; $9878 |
| Net realized gains on investments |  | &nbsp;&nbsp; 1590885 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 24210995 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **25811758** |
| Capital share transactions | Shares |  |
| Proceeds from shares sold | 4956001 | &nbsp;&nbsp; 116234721 |
| Payment for shares redeemed | (672001)<br>| &nbsp;&nbsp; (17210966)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **99023755** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **124835513** |
| Net assets |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **0** |
| **End of period** |  | &nbsp;&nbsp; **$124835513** |

---

<sup>1</sup> For the period from March 26, 2025 (commencement of operations) to July 31, 2025

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

Allspring LT Large Growth ETF \| 7

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | |
|:---|:---|
|  | Year ended July 31 |
|  | 2025<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$24.74** |
| Net investment income | 0.00 <br><sup>23</sup><br>|
| Net realized and unrealized gains (losses) on investments | 4.40 |
| Total from investment operations | 4.40 |
| **Net asset value, end of period** | **$29.14** |
| **Total return**<sup>4</sup> <br>| **17.78%**<br>|
| **Ratios to average net assets (annualized)** |  |
| Expenses | 0.35<br> %<br>|
| Net investment income | 0.03<br> %<br>|
| **Supplemental data** |  |
| Portfolio turnover rate<sup>5</sup> <br>| 1<br> %<br>|
| Net assets, end of period (000s omitted) | $124836 |

---

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

<sup>1</sup> For the period from March 26, 2025 (commencement of operations) to July 31, 2025

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

<sup>3</sup> Amount is less than $0.005.

<sup>4</sup> Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. 

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions, if any.

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

8 \| Allspring LT Large Growth ETF

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

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

Foreign currency translation

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

Distributions to shareholders

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

Allspring LT Large Growth ETF \| 9

------

Notes to financial statements

Federal and other taxes

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

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

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

As of July 31, 2025, the aggregate cost of all investments for federal income tax purposes was $100,647,676 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $26250879 |
| Gross unrealized losses | &nbsp;&nbsp; (2039919)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$24210960** |

---

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary difference causing such reclassification is due to redemptions in-kind. At July 31, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $1639056 | &nbsp;&nbsp; $(1639056)<br>|

---

As of July 31, 2025, the Fund had capital loss carryforwards which consist of $48,127 in short-term capital losses.

Capital share transactions

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

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

10 \| Allspring LT Large Growth ETF

------

Notes to financial statements

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $17677632 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $17677632 |
| *Consumer discretionary* | &nbsp;&nbsp; 12816049 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12816049 |
| *Consumer staples* | &nbsp;&nbsp; 1121479 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1121479 |
| *Financials* | &nbsp;&nbsp; 8111801 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8111801 |
| *Health care* | &nbsp;&nbsp; 12221698 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 12221698 |
| *Industrials* | &nbsp;&nbsp; 8669901 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8669901 |
| *Information technology* | &nbsp;&nbsp; 60998302 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 60998302 |
| *Materials* | &nbsp;&nbsp; 1382878 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1382878 |
| *Real estate* | &nbsp;&nbsp; 1274213 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 1274213 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 584683 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 584683 |
| **Total assets** | &nbsp;&nbsp; **$124858636** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$124858636** |

---

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

At July 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the period from March 26, 2025 (commencement of operations) to July 31, 2025, the management fee was equivalent to an annual rate of 0.35% of the Fund's average daily net assets.

Allspring LT Large Growth ETF \| 11

------

Notes to financial statements

Distribution fee

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions for the period from March 26, 2025 (commencement of operations) to July 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the period from March 26, 2025 (commencement of operations) to July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| IN-KIND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| IN-KIND |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3099782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $113267108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $911840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16982985 |

---

6. DISTRIBUTIONS TO SHAREHOLDERS

For the period from March 26, 2025 (commencement of operations) to July 31, 2025, the Fund did not have any distributions paid to shareholders.

As of July 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $9870 | &nbsp;&nbsp; $24210960 | &nbsp;&nbsp;&nbsp; $(48127)<br>|

---

7. CONCENTRATION RISKS

As of the end of the period, the Fund concentrated its portfolio of investments in the information technology sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

8. INDEMNIFICATION

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

9. NEW ACCOUNTING PRONOUNCEMENT

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

10. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be

12 \| Allspring LT Large Growth ETF

------

Notes to financial statements

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

Allspring LT Large Growth ETF \| 13

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Exchange-Traded Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring LT Large Growth ETF (the Fund), one of the funds constituting Allspring Exchange-Traded Funds Trust, including the portfolio of investments, as of July 31, 2025, the related statements of operations and changes in net assets for the period from March 26, 2025 (commencement of operations) to July 31, 2025, and the related notes (collectively, the financial statements) and the financial highlights for the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations, the changes in its net assets, and the financial highlights for the period from March 26, 2025 to July 31, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

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

![](g908288img7b92705a2.jpg)

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

Boston, Massachusetts

September 24, 2025

14 \| Allspring LT Large Growth ETF

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

Allspring LT Large Growth ETF \| 15

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

16 \| Allspring LT Large Growth ETF

------

![](g908288imgeb0f8f351.jpg)

For more information

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

Allspring Funds Distributor, LLC

1415 Vantage Park Drive, 3rd Floor

Charlotte, NC 28203

Website: **allspringglobal.com**

Telephone:1-866-701-2575

![](g908288img35a15c9a3.gif)

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

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

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

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

**NCSRAGRW 07-25**

------

![](g908288imge575a3da1.jpg)

Allspring Special Large Value ETF (ASLV)

Long Form Financial Statements

Annual Report

July 31, 2025

------

Contents

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

---

| | |
|:---|:---|
| **[Portfolio of investments](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_POI-PageBlank-1033_1)** | 2 |
| **[Item 7. Financial statements and financial highlights](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_FS-PageBlank-1033_1)** |  |
| [Statement of assets and liabilities](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_FS-PageBlank-1033_1) | 6 |
| [Statement of operations](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_FS-PageBlank-1033_2) | 7 |
| [Statement of changes in net assets](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_FS-PageBlank-1033_3) | 8 |
| [Financial highlights](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_FIHI-PageBlank-1033_1) | 9 |
| **[Notes to financial statements](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_NTF-PageBlank-1033_1)** | 10 |
| **[Report of independent registered public accounting firm](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_AUD-PageBlank-1033_1)** | 15 |
| **[Other information](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_OI-PageBlank-1033_1)** | 16 |
| [Item 8. Changes in and disagreements with accountants](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_OI-PageBlank-1033_2) | 17 |
| [Item 9. Matters submitted to fund shareholders for a vote](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_OI-PageBlank-1033_2) | 17 |
| [Item 10. Remuneration paid to directors, officers and others](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_OI-PageBlank-1033_2) | 17 |
| [Item 11. Statement regarding basis for board](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_OI-PageBlank-1033_2)['](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_OI-PageBlank-1033_2)[s approval of investment](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_OI-PageBlank-1033_2)<br> [advisory contract](#xx_141c31c9-8a45-4310-bd8b-aa386efc66f0_OI-PageBlank-1033_2)<br>| 17 |

---

Allspring Special Large Value ETF \| 1

------

Portfolio of investments—July 31, 2025

Portfolio of investments

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Common stocks: 97.98%** |  |  |
| **Communication services: 4.52%** |  |  |
| **Interactive media & services: 4.52%** |  |  |
| Alphabet, Inc. Class C | 57987 | &nbsp;&nbsp; **$11183373** |
| **Consumer discretionary: 10.06%** |  |  |
| **Automobiles: 2.40%** |  |  |
| General Motors Co. | 111092 | &nbsp;&nbsp; **5925647** |
| **Broadline retail: 2.45%** |  |  |
| Amazon.com, Inc.† | 25907 | &nbsp;&nbsp; **6065088** |
| **Household durables: 3.01%** |  |  |
| D.R. Horton, Inc. | 52117 | &nbsp;&nbsp; **7444392** |
| **Textiles, apparel & luxury goods: 2.20%** |  |  |
| NIKE, Inc. Class B | 72839 | &nbsp;&nbsp; **5440345** |
| **Consumer staples: 7.56%** |  |  |
| **Consumer staples distribution & retail: 1.89%** |  |  |
| Walmart, Inc. | 47679 | &nbsp;&nbsp; **4671588** |
| **Food products: 3.14%** |  |  |
| Mondelez International, Inc. Class A | 120243 | &nbsp;&nbsp; **7778520** |
| **Personal care products: 2.53%** |  |  |
| Unilever PLC ADR | 107037 | &nbsp;&nbsp; **6254172** |
| **Energy: 5.70%** |  |  |
| **Oil, gas & consumable fuels: 5.70%** |  |  |
| ConocoPhillips | 49581 | &nbsp;&nbsp; 4727053 |
| EOG Resources, Inc. | 25450 | &nbsp;&nbsp; 3054509 |
| Exxon Mobil Corp. | 56621 | &nbsp;&nbsp; 6321168 |
|  |  | &nbsp;&nbsp; **14102730** |
| **Financials: 20.65%** |  |  |
| **Banks: 8.72%** |  |  |
| Bank of America Corp. | 203500 | &nbsp;&nbsp; 9619445 |
| Citigroup, Inc. | 97606 | &nbsp;&nbsp; 9145682 |
| JPMorgan Chase & Co. | 9437 | &nbsp;&nbsp; 2795617 |
|  |  | &nbsp;&nbsp; **21560744** |
| **Capital markets: 3.80%** |  |  |
| Intercontinental Exchange, Inc. | 50896 | &nbsp;&nbsp; **9407108** |
| **Financial services: 6.59%** |  |  |
| Berkshire Hathaway, Inc. Class B† | 16945 | &nbsp;&nbsp; 7996007 |
| Fiserv, Inc.† | 33399 | &nbsp;&nbsp; 4640457 |
| Rocket Cos., Inc. Class A | 247641 | &nbsp;&nbsp; 3657657 |
|  |  | &nbsp;&nbsp; **16294121** |

---

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

2 \| Allspring Special Large Value ETF

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Insurance: 1.54%** |  |  |
| American International Group, Inc. | 48957 | &nbsp;&nbsp; **$3800532** |
| **Health care: 13.69%** |  |  |
| **Biotechnology: 1.50%** |  |  |
| Vertex Pharmaceuticals, Inc.† | 8125 | &nbsp;&nbsp; **3712069** |
| **Health care equipment & supplies: 2.52%** |  |  |
| Medtronic PLC | 69190 | &nbsp;&nbsp; **6243705** |
| **Health care providers & services: 5.33%** |  |  |
| Cigna Group | 22159 | &nbsp;&nbsp; 5924874 |
| Labcorp Holdings, Inc. | 27865 | &nbsp;&nbsp; 7247129 |
|  |  | &nbsp;&nbsp; **13172003** |
| **Life sciences tools & services: 2.37%** |  |  |
| Danaher Corp. | 29712 | &nbsp;&nbsp; **5858018** |
| **Pharmaceuticals: 1.97%** |  |  |
| Johnson & Johnson | 29537 | &nbsp;&nbsp; **4865925** |
| **Industrials: 15.02%** |  |  |
| **Aerospace & defense: 1.64%** |  |  |
| RTX Corp. | 25741 | &nbsp;&nbsp; **4056009** |
| **Electrical equipment: 1.01%** |  |  |
| Eaton Corp. PLC | 6517 | &nbsp;&nbsp; **2507220** |
| **Ground transportation: 4.36%** |  |  |
| Canadian Pacific Kansas City Ltd. | 146417 | &nbsp;&nbsp; **10768970** |
| **Industrial conglomerates: 2.54%** |  |  |
| 3M Co. | 6350 | &nbsp;&nbsp; 947547 |
| Honeywell International, Inc. | 23951 | &nbsp;&nbsp; 5325505 |
|  |  | &nbsp;&nbsp; **6273052** |
| **Machinery: 0.98%** |  |  |
| Caterpillar, Inc. | 5539 | &nbsp;&nbsp; **2426193** |
| **Trading companies & distributors: 4.49%** |  |  |
| AerCap Holdings NV | 56448 | &nbsp;&nbsp; 6054048 |
| Air Lease Corp. Class A | 91259 | &nbsp;&nbsp; 5055749 |
|  |  | &nbsp;&nbsp; **11109797** |
| **Information technology: 9.68%** |  |  |
| **IT services: 3.10%** |  |  |
| Accenture PLC Class A | 20539 | &nbsp;&nbsp; 5485967 |
| International Business Machines Corp. | 8609 | &nbsp;&nbsp; 2179368 |
|  |  | &nbsp;&nbsp; **7665335** |
| **Semiconductors & semiconductor equipment: 2.03%** |  |  |
| NXP Semiconductors NV | 23452 | &nbsp;&nbsp; **5013334** |

---

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

Allspring Special Large Value ETF \| 3

------

Portfolio of investments—July 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Software: 4.55%** |  |  |
| Cadence Design Systems, Inc.† | 12673 | &nbsp;&nbsp; $4620196 |
| Microsoft Corp. | 12457 | &nbsp;&nbsp; 6645809 |
|  |  | &nbsp;&nbsp; **11266005** |
| **Materials: 4.68%** |  |  |
| **Chemicals: 1.69%** |  |  |
| CF Industries Holdings, Inc. | 18295 | &nbsp;&nbsp; 1698325 |
| Sherwin-Williams Co. | 7495 | &nbsp;&nbsp; 2479945 |
|  |  | &nbsp;&nbsp; **4178270** |
| **Construction materials: 2.99%** |  |  |
| Amrize Ltd.† | 72995 | &nbsp;&nbsp; 3731505 |
| Vulcan Materials Co. | 13281 | &nbsp;&nbsp; 3647892 |
|  |  | &nbsp;&nbsp; **7379397** |
| **Real estate: 3.42%** |  |  |
| **Real estate management & development: 1.52%** |  |  |
| CBRE Group, Inc. Class A† | 24113 | &nbsp;&nbsp; **3755359** |
| **Specialized REITs: 1.90%** |  |  |
| Public Storage | 17277 | &nbsp;&nbsp; **4698307** |
| **Utilities: 3.00%** |  |  |
| **Electric utilities: 3.00%** |  |  |
| NextEra Energy, Inc. | 104424 | &nbsp;&nbsp; **7420370** |
| **Total common stocks (Cost $227,474,021)** |  | &nbsp;&nbsp; **242297698** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield |  |  |
| **Short-term investments: 1.57%** |  |  |  |  |
| **Investment companies: 1.57%** |  |  |  |  |
| Allspring Government Money Market Fund Select Class♠∞ |  | 4.24<br> %<br>| 3873742 | &nbsp;&nbsp; **3873742** |
| **Total short-term investments (Cost $3,873,742)** |  |  |  | &nbsp;&nbsp; **3873742** |
| **Total investments in securities (Cost $231,347,763)** | 99.55<br> %<br>|  |  | &nbsp;&nbsp; 246171440 |
| Other assets and liabilities, net | 0.45 |  |  | &nbsp;&nbsp; 1125199 |
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$247296639** |

---

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

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

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

Abbreviations: <br> ADR American depositary receipt <br> REIT Real estate investment trust

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

4 \| Allspring Special Large Value ETF

------

Portfolio of investments—July 31, 2025

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| Allspring Government Money Market Fund Select <br> Class<br>| $0 | $19331712 | $(15457970)<br>| $0 | $0 | $3873742 | 3873742 | $30024 |

---

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

Allspring Special Large Value ETF \| 5

------

Statement of assets and liabilities—July 31, 2025

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $227,474,021) | $242297698 |
| Investments in affiliated securities, at value (cost $3,873,742) | 3873742 |
| Cash | 389357 |
| Receivable for Fund shares sold | 1129482 |
| Receivable for investments sold | 1108890 |
| Receivable for dividends | 43865 |
| **Total assets** | **248843034** |
| Liabilities |  |
| Payable for Fund shares redeemed | 1106471 |
| Payable for investments purchased | 373590 |
| Management fee payable | 66332 |
| Accrued expenses and other liabilities | 2 |
| **Total liabilities** | **1546395** |
| **Total net assets**  | **$247296639** |
| Net assets consist of |  |
| Paid-in capital | $231889399 |
| Total distributable earnings | 15407240 |
| **Total net assets** | **$247296639** |
| Net asset value per share |  |
| Based on $247,296,639 divided by 9,387,000 shares issued and outstanding (unlimited number of shares authorized) | $26.34 |

---

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

6 \| Allspring Special Large Value ETF

------

Statement of operations—year ended July 31, 2025<sup>1</sup>

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Dividends (net of foreign withholdings taxes of $5,468) | $855433 |
| Income from affiliated securities | 30024 |
| Interest | 223 |
| **Total investment income** | **885680** |
| Expenses |  |
| Management fee | 203895 |
| **Total expenses** | **203895** |
| **Net investment income** | **681785** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized gains (losses) on |  |
| Unaffiliated securities | (98162)<br>|
| Unaffiliated in-kind redemptions | 4704996 |
| Foreign currency and foreign currency translations | (60)<br>|
| **Net realized gains on investments**  | **4606774** |
| **Net change in unrealized gains (losses) on investments** | **14823677** |
| **Net realized and unrealized gains (losses) on investments** | **19430451** |
| **Net increase in net assets resulting from operations** | **$20112236** |

---

<sup>1</sup> For the period from March 26, 2025 (commencement of operations) to July 31, 2025

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

Allspring Special Large Value ETF \| 7

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | YEAR ENDED<br> July 31, 2025<sup>1</sup> | YEAR ENDED<br> July 31, 2025<sup>1</sup> |
| Operations |  |  |
| Net investment income |  | &nbsp;&nbsp; $681785 |
| Net realized gains on investments |  | &nbsp;&nbsp; 4606774 |
| Net change in unrealized gains (losses) on investments |  | &nbsp;&nbsp; 14823677 |
| **Net increase in net assets resulting from operations** |  | &nbsp;&nbsp; **20112236** |
| Capital share transactions | Shares |  |
| Proceeds from shares sold | 10605001 | &nbsp;&nbsp; 258425247 |
| Payment for shares redeemed | (1218001)<br>| &nbsp;&nbsp; (31240844)<br>|
| **Net increase in net assets resulting from capital share transactions** |  | &nbsp;&nbsp; **227184403** |
| **Total increase in net assets** |  | &nbsp;&nbsp; **247296639** |
| Net assets |  |  |
| **Beginning of period** |  | &nbsp;&nbsp; **0** |
| **End of period** |  | &nbsp;&nbsp; **$247296639** |

---

<sup>1</sup> For the period from March 26, 2025 (commencement of operations) to July 31, 2025

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

8 \| Allspring Special Large Value ETF

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

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

---

| | |
|:---|:---|
|  | Year ended July 31 |
|  | 2025<sup>1</sup> <br>|
| **Net asset value, beginning of period** | **$24.86** |
| Net investment income | 0.10 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) on investments | 1.38 |
| Total from investment operations | 1.48 |
| **Net asset value, end of period** | **$26.34** |
| **Total return**<sup>3</sup> <br>| **5.95%**<br>|
| **Ratios to average net assets (annualized)** |  |
| Expenses | 0.35<br> %<br>|
| Net investment income | 1.17<br> %<br>|
| **Supplemental data** |  |
| Portfolio turnover rate<sup>4</sup> <br>| 6<br> %<br>|
| Net assets, end of period (000s omitted) | $247297 |

---

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

<sup>1</sup> For the period from March 26, 2025 (commencement of operations) to July 31, 2025

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

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

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

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

Allspring Special Large Value ETF \| 9

------

Notes to financial statements

Notes to financial statements

1. ORGANIZATION

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities valuation

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

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

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

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

Foreign currency translation

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

Security transactions and income recognition

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

Dividend income is recognized on the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

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

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

Distributions to shareholders

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

10 \| Allspring Special Large Value ETF

------

Notes to financial statements

Federal and other taxes

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

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

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

As of July 31, 2025, the aggregate cost of all investments for federal income tax purposes was $231,367,979 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $21445638 |
| Gross unrealized losses | &nbsp;&nbsp; (6642177)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$14803461** |

---

Reclassifications are made to the Fund's capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under federal income tax regulations. U.S. GAAP require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. The primary difference causing such reclassification is due to redemptions-in-kind. At July 31, 2025, as a result of permanent book-to-tax differences, the following reclassification adjustments were made on the Statement of assets and liabilities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Paid-in <br>capital<br>| Total distributable <br>earnings<br>|
| &nbsp;&nbsp;&nbsp; $4704996 | &nbsp;&nbsp; $(4704996)<br>|

---

As of July 31, 2025, the Fund had capital loss carryforwards which consist of $77,946 in short-term capital losses.

Capital share transactions

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

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

Allspring Special Large Value ETF \| 11

------

Notes to financial statements

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

3. FAIR VALUATION MEASUREMENTS

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

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

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

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

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

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; $11183373 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp; $11183373 |
| *Consumer discretionary* | &nbsp;&nbsp; 24875472 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 24875472 |
| *Consumer staples* | &nbsp;&nbsp; 18704280 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 18704280 |
| *Energy* | &nbsp;&nbsp; 14102730 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 14102730 |
| *Financials* | &nbsp;&nbsp; 51062505 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 51062505 |
| *Health care* | &nbsp;&nbsp; 33851720 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 33851720 |
| *Industrials* | &nbsp;&nbsp; 37141241 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 37141241 |
| *Information technology* | &nbsp;&nbsp; 23944674 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 23944674 |
| *Materials* | &nbsp;&nbsp; 11557667 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 11557667 |
| *Real estate* | &nbsp;&nbsp; 8453666 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 8453666 |
| *Utilities* | &nbsp;&nbsp; 7420370 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 7420370 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 3873742 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp; 3873742 |
| **Total assets** | &nbsp;&nbsp; **$246171440** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$246171440** |

---

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

At July 31, 2025, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Management fee

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

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

For the period from March 26, 2025 (commencement of operations) to July 31, 2025, the management fee was equivalent to an annual rate of 0.35% of the Fund's average daily net assets.

12 \| Allspring Special Large Value ETF

------

Notes to financial statements

Distribution fee

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

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions for the period from March 26, 2025 (commencement of operations) to July 31, 2025.

5. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding short-term securities, for the period from March 26, 2025 (commencement of operations) to July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Purchases at cost | Purchases at cost | Sales Proceeds | Sales Proceeds |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| IN-KIND | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-U.S. <br>government<br>| IN-KIND |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30709391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $231771423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9512112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30101514 |

---

6. DISTRIBUTIONS TO SHAREHOLDERS

For the period from March 26, 2025 (commencement of operations) to July 31, 2025, the Fund did not have any distributions paid to shareholders.

As of July 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Undistributed <br>ordinary <br>income<br>| Unrealized <br>gains<br>| &nbsp;&nbsp;&nbsp; Capital loss <br>carryforward<br>|
| &nbsp;&nbsp;&nbsp; $681725 | &nbsp;&nbsp; $14803461 | &nbsp;&nbsp;&nbsp; $(77946)<br>|

---

7. INDEMNIFICATION

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

8. NEW ACCOUNTING PRONOUNCEMENT

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

9. OPERATING SEGMENTS

The Fund has adopted FASB ASU 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures*. Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. For the periods presented, the Fund operated as a single operating segment. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenue is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This

Allspring Special Large Value ETF \| 13

------

Notes to financial statements

information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

14 \| Allspring Special Large Value ETF

------

Report of independent registered public accounting firm

To the Shareholders of the Fund and Board of Trustees

Allspring Exchange-Traded Funds Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Allspring Special Large Value ETF (the Fund), one of the funds constituting Allspring Exchange-Traded Funds Trust, including the portfolio of investments, as of July 31, 2025, the related statements of operations and changes in net assets for the period from March 26, 2025 (commencement of operations) to July 31, 2025, and the related notes (collectively, the financial statements) and the financial highlights for the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations, the changes in its net assets, and the financial highlights for the period from March 26, 2025 to July 31, 2025, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

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

![](g908288img1c37caa92.jpg)

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

Boston, Massachusetts

September 24, 2025

Allspring Special Large Value ETF \| 15

------

Other information (unaudited)

Other information

Proxy voting information

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

Quarterly portfolio holdings information

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

16 \| Allspring Special Large Value ETF

------

Other information (unaudited)

Item 8. Changes in and disagreements with accountants

Not applicable

Item 9. Matters submitted to fund shareholders for a vote

Not applicable

Item 10. Remuneration paid to directors, officers and others

Refer to information in the Statement of operations.

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

Not applicable

Allspring Special Large Value ETF \| 17

------

![](g908288imge575a3da1.jpg)

For more information

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

Allspring Funds Distributor, LLC

1415 Vantage Park Drive, 3rd Floor

Charlotte, NC 28203

Website: **allspringglobal.com**

Telephone:1-866-701-2575

![](g908288imgbfb6de603.gif)

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

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

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

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

**NCSRASLV 07-25**

------

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

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

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

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

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

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

------

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

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

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

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

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

Not applicable.

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

Not applicable.

------

<u>ITEM 19. EXHIBITS</u> 

(a)(1) [Code of Ethics.](d908288dex99code.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d908288dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d908288dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

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

---

| | |
|:---|:---|
| Allspring Exchange-Traded Funds Trust | Allspring Exchange-Traded Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: September 24, 2025 | Date: September 24, 2025 |

---

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

---

| | |
|:---|:---|
| Allspring Exchange-Traded Funds Trust | Allspring Exchange-Traded Funds Trust |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: September 24, 2025 | Date: September 24, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: September 24, 2025 | Date: September 24, 2025 |

---

## Ex-99.Code

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

**Allspring Funds Trust** 

**Allspring Master Trust** 

**Allspring Variable Trust** 

**Allspring Exchange-Traded Funds Trust** 

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High-Income Fund** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files
with, or submits to, the Securities and Exchange

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commission ("SEC") and in other public communications made by the Trust;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

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

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

------

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

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

\* \* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

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

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

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

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

------

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

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

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

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

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

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

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

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

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

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

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

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

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

------

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

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

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

Each Covered Officer must:

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review
of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer;

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

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

------

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

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees.

**VII.** **Confidentiality** 

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

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

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

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

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

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

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

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

------

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

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

Amended: January 7, 2025

------

**Exhibit A** 

**Persons Covered by the Code** 

John Kenney, President of each Trust

Jeremy DePalma, Treasurer of each Trust

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g908288g0926142245249.jpg)

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

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSR of Allspring LT Large Core ETF, Allspring LT Large Growth ETF, and Allspring Special Large Value ETF;

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

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

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

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

---

| |
|:---|
| Date: September 24, 2025 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Exchange-Traded Funds Trust |

---

------

![LOGO](g908288g0926142245249.jpg)

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

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSR of Allspring LT Large Core ETF, Allspring LT Large Growth ETF, and Allspring Special Large Value ETF;

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

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

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

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

---

| |
|:---|
| Date: September 24, 2025 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Exchange-Traded Funds Trust |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g908288g0926142245249.jpg)

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Exchange-Traded Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: September 24, 2025

---

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

---

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

------

![LOGO](g908288g0926142245249.jpg)

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

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Exchange-Traded Funds Trust, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSR for the year ended July 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: September 24, 2025

---

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

---

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