# EDGAR Filing Document

**Accession Number:** 0001888997
**File Stem:** 0001398344-25-021642
**Filing Date:** 2025-12
**Character Count:** 220124
**Document Hash:** b1f6c5fc2b1fed7493f5e8a2247022df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021642.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001398344-25-021642

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23754
- **FILM NUMBER:** 251546728

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act file number 811-23754**

**SEI EXCHANGE TRADED FUNDS**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

Timothy D. Barto, Esq.

SEI Investments Co.

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

**Date of fiscal year end: March 31, 2026**

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

**Item 1. Reports to Stockholders.**

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

**# Semi-Annual Shareholder Report: September 30, 2025
![Image](ifcd7a3adc7de934e0eef5b49.jpg)

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

## SEI Exchange Traded Funds - SEIQ

## Fund Overview
This semi-annual shareholder report contains important information about the SEI Enhanced U.S. Large Cap Quality Factor ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Enhanced U.S. Large Cap Quality Factor ETF | $8 | 0.15% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $464105 | 61 | $257 | 18% |

---

# Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i492f266d386ab0d0e1dc31ae.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Health Care | 6.9% |
| Industrials | 8.1% |
| Financials | 8.6% |
| Consumer Staples | 12.8% |
| Communication Services | 13.4% |
| Consumer Discretionary | 14.4% |
| Information Technology | 35.4% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| Apple | 8.3% |
| Microsoft | 6.6% |
| Alphabet, Cl C | 6.3% |
| Meta Platforms, Cl A | 4.6% |
| NVIDIA | 4.5% |
| Visa, Cl A | 3.0% |
| Johnson & Johnson | 3.0% |
| Booking Holdings | 3.0% |
| Philip Morris International | 2.9% |
| Mastercard, Cl A | 2.7% |

---

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

* 610-676-1000 

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

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

![Image](ifcd7a3adc7de934e0eef5b49.jpg)

SEIQ-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](ifcd7a3adc7de934e0eef5b49.jpg)

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

## SEI Exchange Traded Funds - SEIM

## Fund Overview
This semi-annual shareholder report contains important information about the SEI Enhanced U.S. Large Cap Momentum Factor ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Enhanced U.S. Large Cap Momentum Factor ETF | $9 | 0.15% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $928274 | 73 | $504 | 37% |

---

# Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i00c191ecaa293cab3dfbf0f5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Real Estate | 0.6% |
| Utilities | 2.3% |
| Consumer Staples | 3.9% |
| Financials | 10.0% |
| Consumer Discretionary | 10.1% |
| Communication Services | 10.1% |
| Industrials | 10.1% |
| Health Care | 14.1% |
| Information Technology | 37.9% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| NVIDIA | 7.2% |
| Meta Platforms, Cl A | 4.9% |
| Microsoft | 4.6% |
| AppLovin, Cl A | 3.4% |
| Amphenol, Cl A | 3.2% |
| Apple | 3.1% |
| Walmart | 2.9% |
| Arista Networks | 2.7% |
| Goldman Sachs Group | 2.6% |
| Corning | 2.5% |

---

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

* 610-676-1000 

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

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

![Image](ifcd7a3adc7de934e0eef5b49.jpg)

SEIM-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](ifcd7a3adc7de934e0eef5b49.jpg)

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

## SEI Exchange Traded Funds - SEIV

## Fund Overview
This semi-annual shareholder report contains important information about the SEI Enhanced U.S. Large Cap Value Factor ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Enhanced U.S. Large Cap Value Factor ETF | $8 | 0.15% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $903782 | 117 | $487 | 27% |

---

# Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i0156e47b278b64737a693251.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 1.5% |
| Energy | 1.6% |
| Utilities | 3.2% |
| Industrials | 4.4% |
| Consumer Staples | 5.1% |
| Consumer Discretionary | 10.3% |
| Health Care | 11.7% |
| Communication Services | 14.9% |
| Financials | 18.6% |
| Information Technology | 28.1% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| NVIDIA | 3.5% |
| Microsoft | 3.4% |
| Apple | 3.2% |
| Alphabet, Cl C | 2.8% |
| AT&T | 2.6% |
| Alphabet, Cl A | 2.5% |
| Hewlett Packard Enterprise | 2.5% |
| Verizon Communications | 2.3% |
| General Motors | 2.3% |
| Synchrony Financial | 2.1% |

---

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

* 610-676-1000 

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

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

![Image](ifcd7a3adc7de934e0eef5b49.jpg)

SEIV-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](ifcd7a3adc7de934e0eef5b49.jpg)

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

## SEI Exchange Traded Funds - SELV

## Fund Overview
This semi-annual shareholder report contains important information about the SEI Enhanced Low Volatility U.S. Large Cap ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Enhanced Low Volatility U.S. Large Cap ETF | $8 | 0.15% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $169983 | 77 | $119 | 12% |

---

# Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i51e0fae4d19210663adec505.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 0.5% |
| Energy | 1.8% |
| Consumer Discretionary | 4.2% |
| Utilities | 5.8% |
| Industrials | 8.2% |
| Financials | 11.1% |
| Consumer Staples | 11.9% |
| Communication Services | 15.5% |
| Health Care | 16.4% |
| Information Technology | 23.9% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| Apple | 3.3% |
| Walmart | 3.0% |
| Microsoft | 3.0% |
| Johnson & Johnson | 3.0% |
| AT&T | 2.9% |
| Electronic Arts | 2.6% |
| Cardinal Health | 2.6% |
| Cisco Systems | 2.6% |
| Republic Services, Cl A | 2.5% |
| McKesson | 2.5% |

---

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

* 610-676-1000 

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

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

![Image](ifcd7a3adc7de934e0eef5b49.jpg)

SELV-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](ifcd7a3adc7de934e0eef5b49.jpg)

# SEI Select Emerging Markets Equity ETF

## SEI Exchange Traded Funds - SEEM

## Fund Overview
This semi-annual shareholder report contains important information about the SEI Select Emerging Markets Equity ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by calling 610-676-1000.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Select Emerging Markets Equity ETF | $34 | 0.60% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $304239 | 246 | $748 | 45% |

---

# Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](iecb0a3f21fe61376fd51badb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 8.5% |
| Saudi Arabia | 1.2% |
| Thailand | 1.3% |
| Greece | 1.4% |
| Mexico | 2.0% |
| Hungary | 2.3% |
| United Arab Emirates | 2.8% |
| South Africa | 3.9% |
| Brazil | 5.5% |
| India | 10.9% |
| South Korea | 12.8% |
| Taiwan | 17.0% |
| China | 29.3% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| Taiwan Semiconductor Manufacturing | 10.2% |
| Tencent Holdings | 5.4% |
| Alibaba Group Holding | 4.5% |
| Samsung Electronics | 3.2% |
| NetEase | 1.4% |
| SK Hynix | 1.4% |
| OTP Bank Nyrt | 1.4% |
| Delta Electronics | 1.2% |
| Xiaomi, Cl B | 1.2% |
| Emaar Properties PJSC | 1.2% |

---

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

* 610-676-1000 

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

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

![Image](ifcd7a3adc7de934e0eef5b49.jpg)

SEEM-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](ifcd7a3adc7de934e0eef5b49.jpg)

# SEI Select International Equity ETF

## SEI Exchange Traded Funds - SEIE

## Fund Overview
This semi-annual shareholder report contains important information about the SEI Select International Equity ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by calling 610-676-1000.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Select International Equity ETF | $27 | 0.50% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $722504 | 330 | $1563 | 34% |

---

# Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ic1f466d00d2d1d86789b4bb5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 13.3% |
| Belgium | 1.6% |
| Sweden | 1.7% |
| Australia | 3.2% |
| Spain | 4.0% |
| Italy | 4.4% |
| Switzerland | 4.6% |
| Netherlands | 4.7% |
| United States | 4.9% |
| France | 8.8% |
| Germany | 10.2% |
| United Kingdom | 15.8% |
| Japan | 22.0% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| HSBC Holdings | 1.6% |
| Barclays | 1.3% |
| Novartis | 1.2% |
| Standard Chartered | 1.1% |
| SAP | 1.1% |
| ING Groep | 1.0% |
| Tesco | 1.0% |
| Roche Holding | 0.9% |
| Deutsche Boerse | 0.9% |
| Bank of Ireland Group | 0.9% |

---

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

* 610-676-1000 

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

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

![Image](ifcd7a3adc7de934e0eef5b49.jpg)

SEIE-SAR-2025

# Semi-Annual Shareholder Report: September 30, 2025
![Image](ifcd7a3adc7de934e0eef5b49.jpg)

# SEI Select Small Cap ETF

## SEI Exchange Traded Funds - SEIS

## Fund Overview
This semi-annual shareholder report contains important information about the SEI Select Small Cap ETF (the "Fund") for the period from April 1, 2025 to September 30, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| SEI Select Small Cap ETF | $30 | 0.55% |

---

# Key Fund Statistics as of September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Total Net Assets (000's) | Number of Holdings | Total Advisory Fees Paid (000's) | Portfolio Turnover Rate |
| $338746 | 302 | $741 | 65% |

---

# Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i70d6f93e8d62ed41bfbdb02e.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Utilities | 0.2% |
| Communication Services | 1.0% |
| Consumer Staples | 2.6% |
| Energy | 2.9% |
| Real Estate | 3.1% |
| Materials | 4.6% |
| Information Technology | 13.2% |
| Consumer Discretionary | 14.8% |
| Health Care | 15.4% |
| Financials | 20.8% |
| Industrials | 21.2% |

---

---

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

---

# Top Ten Holdings

---

| | |
|:---|:---|
| Holding Name | Percentage of Total Net Assets |
| Adtalem Global Education | 1.9% |
| ExlService Holdings | 1.7% |
| Stride | 1.6% |
| SSR Mining | 1.5% |
| Bridgebio Pharma | 1.5% |
| Urban Outfitters | 1.5% |
| UMB Financial | 1.5% |
| CNO Financial Group | 1.4% |
| Credo Technology Group Holding | 1.3% |
| Old National Bancorp | 1.2% |

---

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

* 610-676-1000 

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

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

![Image](ifcd7a3adc7de934e0eef5b49.jpg)

SEIS-SAR-2025**

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

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

**Item 6. Schedule of Investments**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedules of Investments are included
 as part of the Financial Statements and Other Information filed under Item 7 of this form.

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

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

Financial Statements and Financial Highlights are filed herein.

![](fp0096337_01.jpg)

September 30, 2025

**SEMI-ANNUAL FINANCIALS AND OTHER INFORMATION**

SEI Exchange Traded Funds

---

| | |
|:---|:---|
| ![](fp0096337_02.jpg) | SEI Enhanced U.S. Large Cap Quality Factor ETF |

---

---

| | |
|:---|:---|
| ![](fp0096337_02.jpg) | SEI Enhanced U.S. Large Cap Momentum Factor ETF |

---

---

| | |
|:---|:---|
| ![](fp0096337_02.jpg) | SEI Enhanced U.S. Large Cap Value Factor ETF |

---

---

| | |
|:---|:---|
| ![](fp0096337_02.jpg) | SEI Enhanced Low Volatility U.S. Large Cap ETF |

---

---

| | |
|:---|:---|
| ![](fp0096337_02.jpg) | SEI Select Emerging Markets Equity ETF |

---

---

| | |
|:---|:---|
| ![](fp0096337_02.jpg) | SEI Select International Equity ETF |

---

---

| | |
|:---|:---|
| ![](fp0096337_02.jpg) | SEI Select Small Cap ETF |

---

**seic.com**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 26 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 28 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 30 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 37 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 38 |
| Other Information (Form N-CSRS Items 8-11) | 48 |

---

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> — 99.6%** |  |  |
| **Communication Services — 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 119386 | $29076 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 58292 | 11758 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 29053 | 21336 |
|  |  | 62170 |
| **Consumer Discretionary — 14.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A <sup>\*</sup> | 1952 | 237 |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 11459 | 2516 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 2552 | 13779 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza | 14019 | 6052 |
| &nbsp;&nbsp;&nbsp;eBay | 63471 | 5773 |
| &nbsp;&nbsp;&nbsp;Etsy <sup>\*</sup> | 22277 | 1479 |
| &nbsp;&nbsp;&nbsp;H&R Block | 59615 | 3015 |
| &nbsp;&nbsp;&nbsp;Home Depot | 2086 | 845 |
| &nbsp;&nbsp;&nbsp;McDonald's | 15879 | 4826 |
| &nbsp;&nbsp;&nbsp;NVR <sup>\*</sup> | 474 | 3808 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive <sup>\*</sup> | 26866 | 2896 |
| &nbsp;&nbsp;&nbsp;TJX | 76813 | 11103 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 68203 | 10367 |
|  |  | 66696 |
| **Consumer Staples — 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 174954 | 11558 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 113748 | 9093 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 24412 | 3035 |
| &nbsp;&nbsp;&nbsp;Monster Beverage <sup>\*</sup> | 168960 | 11373 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 83589 | 13558 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 69477 | 10675 |
|  |  | 59292 |
| **Financials — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 6246 | 1790 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 21701 | 12344 |
| &nbsp;&nbsp;&nbsp;Moody's | 19760 | 9415 |
| &nbsp;&nbsp;&nbsp;MSCI, Cl A | 4093 | 2322 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 41136 | 14043 |
|  |  | 39914 |
| **Health Care — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Exelixis <sup>\*</sup> | 12094 | 500 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories <sup>\*</sup> | 1281 | 818 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 74860 | 13881 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International <sup>\*</sup> | 1725 | 2118 |
| &nbsp;&nbsp;&nbsp;ResMed | 19623 | 5371 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals <sup>\*</sup> | 14849 | 5815 |
| &nbsp;&nbsp;&nbsp;Zoetis, Cl A | 26035 | 3809 |
|  |  | 32312 |
| **Industrials — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cintas | 5632 | 1156 |
| &nbsp;&nbsp;&nbsp;Fastenal | 38339 | 1880 |
| &nbsp;&nbsp;&nbsp;Graco | 66296 | 5633 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 36339 | 9476 |
| &nbsp;&nbsp;&nbsp;Lennox International | 3429 | 1815 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Paychex | 5810 | $736 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 35215 | 8857 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 8579 | 8175 |
|  |  | 37728 |
| **Information Technology — 35.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Adobe <sup>\*</sup> | 28650 | 10106 |
| &nbsp;&nbsp;&nbsp;Apple | 151671 | 38620 |
| &nbsp;&nbsp;&nbsp;Autodesk <sup>\*</sup> | 14672 | 4661 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems <sup>\*</sup> | 2500 | 878 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 166586 | 11398 |
| &nbsp;&nbsp;&nbsp;F5 <sup>\*</sup> | 22714 | 7341 |
| &nbsp;&nbsp;&nbsp;Fair Isaac <sup>\*</sup> | 1040 | 1556 |
| &nbsp;&nbsp;&nbsp;Fortinet <sup>\*</sup> | 13469 | 1133 |
| &nbsp;&nbsp;&nbsp;Gartner <sup>\*</sup> | 17474 | 4593 |
| &nbsp;&nbsp;&nbsp;Intuit | 4357 | 2976 |
| &nbsp;&nbsp;&nbsp;KLA | 1581 | 1705 |
| &nbsp;&nbsp;&nbsp;Lam Research | 10670 | 1429 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates <sup>\*</sup> | 5461 | 1119 |
| &nbsp;&nbsp;&nbsp;Microsoft | 58858 | 30486 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 4712 | 2155 |
| &nbsp;&nbsp;&nbsp;NetApp | 15433 | 1828 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 112816 | 21049 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 66910 | 11131 |
| &nbsp;&nbsp;&nbsp;VeriSign | 36113 | 10096 |
|  |  | 164260 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $408,854) ($ Thousands) |  | 462372 |
| Total Investments in Securities — 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $408,854) ($ Thousands) |  | $462372 |

---

Percentages are based on Net Assets of $464,105 ($ Thousands).

<sup>\*</sup> Non-income producing security.

<sup>††</sup> Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See "Glossary" for abbreviations.

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

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

SEI Exchange Traded Funds 1

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> — 99.1%** |  |  |
| **Communication Services — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 39833 | $9683 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 162163 | 10226 |
| &nbsp;&nbsp;&nbsp;Fox, Cl B | 97012 | 5558 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 61328 | 45038 |
| &nbsp;&nbsp;&nbsp;Netflix <sup>\*</sup> | 17374 | 20830 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A <sup>\*</sup> | 7573 | 1742 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A <sup>\*</sup> | 7261 | 1006 |
|  |  | 94083 |
| **Consumer Discretionary — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 19441 | 4269 |
| &nbsp;&nbsp;&nbsp;Amer Sports <sup>\*</sup> | 110556 | 3842 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 3532 | 19070 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A <sup>\*</sup> | 3419 | 930 |
| &nbsp;&nbsp;&nbsp;eBay | 206899 | 18817 |
| &nbsp;&nbsp;&nbsp;Garmin | 8203 | 2020 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings <sup>\*</sup> | 45152 | 5797 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 29234 | 9166 |
| &nbsp;&nbsp;&nbsp;SharkNinja <sup>\*</sup> | 32254 | 3327 |
| &nbsp;&nbsp;&nbsp;Tapestry | 165940 | 18788 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty <sup>\*</sup> | 13673 | 7476 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma | 2700 | 528 |
|  |  | 94030 |
| **Consumer Staples — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 6630 | 1075 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market <sup>\*</sup> | 72296 | 7866 |
| &nbsp;&nbsp;&nbsp;Walmart | 260875 | 26886 |
|  |  | 35827 |
| **Financials — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 195536 | 21306 |
| &nbsp;&nbsp;&nbsp;Citigroup | 35897 | 3643 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 14233 | 3846 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 29959 | 23858 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group | 85155 | 3790 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 34922 | 3089 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Cl A <sup>\*</sup> | 19695 | 2820 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies <sup>\*</sup> | 358048 | 9460 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 248155 | 17631 |
| &nbsp;&nbsp;&nbsp;Toast, Cl A <sup>\*</sup> | 92008 | 3359 |
|  |  | 92802 |
| **Health Care — 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 14886 | 3447 |
| &nbsp;&nbsp;&nbsp;Boston Scientific <sup>\*</sup> | 160421 | 15662 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 42434 | 6660 |
| &nbsp;&nbsp;&nbsp;Cencora | 65793 | 20562 |
| &nbsp;&nbsp;&nbsp;Exelixis <sup>\*</sup> | 205654 | 8493 |
| &nbsp;&nbsp;&nbsp;Insulet <sup>\*</sup> | 49881 | 15400 |
| &nbsp;&nbsp;&nbsp;ResMed | 68888 | 18857 |
| &nbsp;&nbsp;&nbsp;Stryker | 40161 | 14846 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare <sup>\*</sup> | 38242 | 7765 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Cl A <sup>\*</sup> | 62982 | $18763 |
|  |  | 130455 |
| **Industrials — 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Axon Enterprise <sup>\*</sup> | 11128 | 7986 |
| &nbsp;&nbsp;&nbsp;Cummins | 10704 | 4521 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright | 27947 | 15173 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace | 73300 | 14384 |
| &nbsp;&nbsp;&nbsp;Oshkosh | 47069 | 6105 |
| &nbsp;&nbsp;&nbsp;Paychex | 110267 | 13977 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation | 24426 | 8538 |
| &nbsp;&nbsp;&nbsp;Trane Technologies | 27375 | 11551 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 6762 | 1020 |
| &nbsp;&nbsp;&nbsp;Woodward | 42929 | 10849 |
|  |  | 94104 |
| **Information Technology — 37.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 241117 | 29838 |
| &nbsp;&nbsp;&nbsp;Apple | 114829 | 29239 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A <sup>\*</sup> | 43310 | 31120 |
| &nbsp;&nbsp;&nbsp;Arista Networks <sup>\*</sup> | 171607 | 25005 |
| &nbsp;&nbsp;&nbsp;Astera Labs <sup>\*</sup> | 14568 | 2852 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A <sup>\*</sup> | 6015 | 961 |
| &nbsp;&nbsp;&nbsp;Broadcom | 9922 | 3273 |
| &nbsp;&nbsp;&nbsp;Ciena <sup>\*</sup> | 104077 | 15161 |
| &nbsp;&nbsp;&nbsp;Corning | 282501 | 23174 |
| &nbsp;&nbsp;&nbsp;Guidewire Software <sup>\*</sup> | 49349 | 11343 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 74986 | 21158 |
| &nbsp;&nbsp;&nbsp;Intuit | 7686 | 5249 |
| &nbsp;&nbsp;&nbsp;Jabil | 78382 | 17022 |
| &nbsp;&nbsp;&nbsp;Microsoft | 81583 | 42256 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 11234 | 5137 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 357078 | 66624 |
| &nbsp;&nbsp;&nbsp;Oracle | 13079 | 3678 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A <sup>\*</sup> | 62452 | 11393 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A <sup>\*</sup> | 33798 | 7623 |
|  |  | 352106 |
| **Real Estate — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Welltower <sup>‡</sup> | 30981 | 5519 |
| **Utilities — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Entergy | 226770 | 21133 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $747,631) ($ Thousands) |  | 920059 |
| Total Investments in Securities — 99.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $747,631) ($ Thousands) |  | $920059 |

---

Percentages are based on Net Assets of $928,274 ($ Thousands).

\* Non-income producing security.

†† Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

2 SEI Exchange Traded Funds

<sup>‡</sup> Real Estate Investment Trust.

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See "Glossary" for abbreviations.

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

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

SEI Exchange Traded Funds 3

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> — 99.4%** |  |  |
| **Communication Services — 14.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 92793 | $22558 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 102823 | 25042 |
| &nbsp;&nbsp;&nbsp;AT&T | 816206 | 23050 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 553850 | 17402 |
| &nbsp;&nbsp;&nbsp;Fox | 212962 | 12874 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Cl A <sup>\*</sup> | 81735 | 937 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 3111 | 2285 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular | 73184 | 3552 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 10601 | 2096 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 45406 | 3702 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 476842 | 20957 |
|  |  | 134455 |
| **Consumer Discretionary — 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ADT | 374246 | 3260 |
| &nbsp;&nbsp;&nbsp;Amazon.com <sup>\*</sup> | 18124 | 3980 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 157350 | 6917 |
| &nbsp;&nbsp;&nbsp;Carnival <sup>\*</sup> | 378237 | 10935 |
| &nbsp;&nbsp;&nbsp;Expedia Group | 61785 | 13207 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 1489544 | 17815 |
| &nbsp;&nbsp;&nbsp;General Motors | 333686 | 20345 |
| &nbsp;&nbsp;&nbsp;H&R Block | 108057 | 5464 |
| &nbsp;&nbsp;&nbsp;Lear | 37961 | 3819 |
| &nbsp;&nbsp;&nbsp;Macy's | 197327 | 3538 |
| &nbsp;&nbsp;&nbsp;Toll Brothers | 8415 | 1162 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure | 47309 | 2814 |
|  |  | 93256 |
| **Consumer Staples — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons, Cl A | 295620 | 5176 |
| &nbsp;&nbsp;&nbsp;Altria Group | 14161 | 936 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 34986 | 2090 |
| &nbsp;&nbsp;&nbsp;Ingredion | 46738 | 5707 |
| &nbsp;&nbsp;&nbsp;Kroger | 284191 | 19157 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 67287 | 3045 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride | 30823 | 1255 |
| &nbsp;&nbsp;&nbsp;Post Holdings <sup>\*</sup> | 36706 | 3945 |
| &nbsp;&nbsp;&nbsp;Seaboard | 77 | 281 |
| &nbsp;&nbsp;&nbsp;US Foods Holding <sup>\*</sup> | 55173 | 4227 |
|  |  | 45819 |
| **Energy — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;APA | 261606 | 6352 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil | 8325 | 939 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 13217 | 2547 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 26446 | 4503 |
|  |  | 14341 |
| **Financials — 18.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group | 21659 | 5164 |
| &nbsp;&nbsp;&nbsp;Ally Financial | 189917 | 7445 |
| &nbsp;&nbsp;&nbsp;American International Group | 141248 | 11094 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 54034 | 5176 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Bank OZK | 74096 | $3777 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial <sup>\*</sup> | 43575 | 2313 |
| &nbsp;&nbsp;&nbsp;Citigroup | 163602 | 16606 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | 319757 | 16998 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial | 205151 | 6575 |
| &nbsp;&nbsp;&nbsp;Everest Group | 30665 | 10740 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group | 56997 | 2537 |
| &nbsp;&nbsp;&nbsp;Lincoln National | 123799 | 4993 |
| &nbsp;&nbsp;&nbsp;Old Republic International | 82647 | 3510 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Cl A | 82077 | 4634 |
| &nbsp;&nbsp;&nbsp;Popular | 49825 | 6328 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 42403 | 4399 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America | 45940 | 8826 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 34086 | 8656 |
| &nbsp;&nbsp;&nbsp;Rithm Capital ‡ | 345485 | 3935 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 271518 | 19291 |
| &nbsp;&nbsp;&nbsp;Unum Group | 136716 | 10634 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp | 82198 | 4651 |
|  |  | 168282 |
| **Health Care — 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 24461 | 1103 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 118896 | 18662 |
| &nbsp;&nbsp;&nbsp;Cencora | 16757 | 5237 |
| &nbsp;&nbsp;&nbsp;DaVita <sup>\*</sup> | 29296 | 3893 |
| &nbsp;&nbsp;&nbsp;Exelixis <sup>\*</sup> | 6205 | 256 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies | 12087 | 908 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 97695 | 10844 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare | 25204 | 10742 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals <sup>\*</sup> | 42635 | 5619 |
| &nbsp;&nbsp;&nbsp;McKesson | 14249 | 11008 |
| &nbsp;&nbsp;&nbsp;Medtronic | 9479 | 903 |
| &nbsp;&nbsp;&nbsp;Pfizer | 612040 | 15595 |
| &nbsp;&nbsp;&nbsp;Solventum <sup>\*</sup> | 17099 | 1248 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare <sup>\*</sup> | 59637 | 12109 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Cl B | 8663 | 1771 |
| &nbsp;&nbsp;&nbsp;Viatris, Cl W | 546269 | 5408 |
|  |  | 105306 |
| **Industrials — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alaska Air Group <sup>\*</sup> | 13680 | 681 |
| &nbsp;&nbsp;&nbsp;American Airlines Group <sup>\*</sup> | 464127 | 5217 |
| &nbsp;&nbsp;&nbsp;Concentrix | 32944 | 1520 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 136111 | 7724 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings | 71590 | 13528 |
| &nbsp;&nbsp;&nbsp;Ryder System | 15047 | 2838 |
| &nbsp;&nbsp;&nbsp;Textron | 10842 | 916 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings <sup>\*</sup> | 79145 | 7638 |
|  |  | 40062 |
| **Information Technology — 28.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs | 47195 | 3872 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 78743 | 2236 |
| &nbsp;&nbsp;&nbsp;Apple | 111943 | 28504 |

---

4 SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Arrow Electronics <sup>\*</sup> | 49474 | $5986 |
| &nbsp;&nbsp;&nbsp;Avnet | 65547 | 3427 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic <sup>\*</sup> | 13351 | 1673 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 277236 | 18968 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 174640 | 11713 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 98989 | 14034 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A <sup>\*</sup> | 141583 | 4277 |
| &nbsp;&nbsp;&nbsp;DXC Technology <sup>\*</sup> | 124345 | 1695 |
| &nbsp;&nbsp;&nbsp;F5 <sup>\*</sup> | 21545 | 6963 |
| &nbsp;&nbsp;&nbsp;Flex <sup>\*</sup> | 16644 | 965 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 187636 | 5327 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 917549 | 22535 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 106117 | 17756 |
| &nbsp;&nbsp;&nbsp;Microsoft | 58481 | 30290 |
| &nbsp;&nbsp;&nbsp;NetApp | 144660 | 17136 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 167117 | 31181 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 84813 | 14109 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 37058 | 2853 |
| &nbsp;&nbsp;&nbsp;Teradata <sup>\*</sup> | 42145 | 907 |
| &nbsp;&nbsp;&nbsp;Vontier | 105332 | 4421 |
| &nbsp;&nbsp;&nbsp;Zoom Video Communications, Cl A <sup>\*</sup> | 32944 | 2718 |
|  |  | 253546 |
| **Materials — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Crown Holdings | 84242 | 8137 |
| &nbsp;&nbsp;&nbsp;Mosaic | 53122 | 1842 |
| &nbsp;&nbsp;&nbsp;Newmont | 43523 | 3670 |
|  |  | 13649 |
| **Utilities — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 65206 | 6554 |
| &nbsp;&nbsp;&nbsp;Exelon | 88203 | 3970 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 56085 | 2570 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group | 147623 | 2629 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 51912 | 8407 |
| &nbsp;&nbsp;&nbsp;UGI | 157655 | 5244 |
|  |  | 29374 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $764,242) ($ Thousands) |  | 898090 |
| Total Investments in Securities — 99.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $764,242) ($ Thousands) |  | $898090 |

---

Percentages are based on Net Assets of $903,782 ($ Thousands).

<sup>\*</sup> Non-income producing security.

<sup>††</sup> Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

<sup>‡</sup> Real Estate Investment Trust.

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See "Glossary" for abbreviations.

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

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

SEI Exchange Traded Funds 5

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK — 99.3%** |  |  |
| **Communication Services — 15.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 10367 | $2520 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 13709 | 3339 |
| &nbsp;&nbsp;&nbsp;AT&T | 172361 | 4868 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 59158 | 1859 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 22273 | 4492 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 32226 | 2032 |
| &nbsp;&nbsp;&nbsp;Fox, Cl B | 19092 | 1094 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 16257 | 1325 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 4482 | 1073 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 85993 | 3779 |
|  |  | 26381 |
| **Consumer Discretionary — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 584 | 3153 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza | 372 | 161 |
| &nbsp;&nbsp;&nbsp;H&R Block | 25594 | 1294 |
| &nbsp;&nbsp;&nbsp;McDonald's | 6653 | 2022 |
| &nbsp;&nbsp;&nbsp;Service Corp International | 1305 | 109 |
| &nbsp;&nbsp;&nbsp;Yum! Brands | 2389 | 363 |
|  |  | 7102 |
| **Consumer Staples — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 54890 | 3626 |
| &nbsp;&nbsp;&nbsp;Clorox | 8857 | 1092 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 39536 | 3160 |
| &nbsp;&nbsp;&nbsp;General Mills | 28160 | 1420 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 6550 | 409 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 10127 | 1643 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 23999 | 3687 |
| &nbsp;&nbsp;&nbsp;Walmart | 50299 | 5184 |
|  |  | 20221 |
| **Energy — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 20023 | 3109 |
| **Financials — 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Allstate | 5303 | 1138 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Cl B <sup>\*</sup> | 636 | 320 |
| &nbsp;&nbsp;&nbsp;Chubb | 8592 | 2425 |
| &nbsp;&nbsp;&nbsp;Loews | 4350 | 437 |
| &nbsp;&nbsp;&nbsp;Markel Group <sup>\*</sup> | 1139 | 2177 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 1619 | 326 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 5649 | 3213 |
| &nbsp;&nbsp;&nbsp;Travelers | 5650 | 1578 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 9518 | 3249 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 53021 | 4063 |
|  |  | 18926 |
| **Health Care — 16.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 44600 | 2011 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 28346 | 4449 |
| &nbsp;&nbsp;&nbsp;Cencora | 7108 | 2222 |
| &nbsp;&nbsp;&nbsp;Chemed | 647 | 290 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 35052 | $3891 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 27499 | 5099 |
| &nbsp;&nbsp;&nbsp;McKesson | 5437 | 4200 |
| &nbsp;&nbsp;&nbsp;Merck | 36432 | 3058 |
| &nbsp;&nbsp;&nbsp;Pfizer | 30388 | 774 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 9467 | 1804 |
|  |  | 27798 |
| **Industrials — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington | 21055 | 2581 |
| &nbsp;&nbsp;&nbsp;Genpact | 7796 | 327 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 901 | 450 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 18402 | 4223 |
| &nbsp;&nbsp;&nbsp;Snap-on | 1406 | 487 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 12305 | 3095 |
| &nbsp;&nbsp;&nbsp;Waste Management | 12965 | 2863 |
|  |  | 14026 |
| **Information Technology — 23.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Accenture, Cl A | 6711 | 1655 |
| &nbsp;&nbsp;&nbsp;Amdocs | 20631 | 1693 |
| &nbsp;&nbsp;&nbsp;Apple | 21715 | 5529 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics <sup>\*</sup> | 10606 | 1283 |
| &nbsp;&nbsp;&nbsp;Avnet | 14346 | 750 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 63462 | 4342 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 46164 | 3096 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Cl A | 10234 | 741 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A <sup>\*</sup> | 34471 | 1041 |
| &nbsp;&nbsp;&nbsp;F5 <sup>\*</sup> | 8511 | 2751 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 60140 | 1707 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 3394 | 958 |
| &nbsp;&nbsp;&nbsp;Microsoft | 9890 | 5123 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions | 7796 | 3565 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 6178 | 3081 |
| &nbsp;&nbsp;&nbsp;VeriSign | 12141 | 3394 |
|  |  | 40709 |
| **Materials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;NewMarket | 927 | 768 |
| **Utilities — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 7054 | 1205 |
| &nbsp;&nbsp;&nbsp;CMS Energy | 1397 | 102 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 30307 | 3046 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 4109 | 581 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 25632 | 3172 |
| &nbsp;&nbsp;&nbsp;FirstEnergy | 4431 | 203 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 14107 | 1303 |

---

6 SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;NiSource | 4458 | $193 |
|  |  | 9805 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $147,745) ($ Thousands) |  | 168845 |
| Total Investments in Securities — 99.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $147,745) ($ Thousands) |  | $168845 |

---

Percentages are based on Net Assets of $169,983 ($ Thousands).

<sup>\*</sup> Non-income producing security.

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See "Glossary" for abbreviations.

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

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

SEI Exchange Traded Funds 7

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**SEI Select Emerging Markets Equity ETF**

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK — 95.2%** |  |  |
| **Brazil — 3.3%** |  |  |
| **Communication Services — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil | 185460 | $1184 |
| &nbsp;&nbsp;&nbsp;TIM | 209293 | 923 |
|  |  | 2107 |
| **Consumer Discretionary — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Cyrela Brazil Realty Empreendimentos e Participacoes | 101090 | 583 |
| &nbsp;&nbsp;&nbsp;Lojas Renner | 275986 | 776 |
| &nbsp;&nbsp;&nbsp;Vibra Energia | 357648 | 1655 |
|  |  | 3014 |
| **Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Natura Cosmeticos <sup>\*</sup> | 185395 | 326 |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;PRIO <sup>\*</sup> | 71950 | 515 |
| **Information Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;TOTVS | 115938 | 994 |
| **Materials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale | 105614 | 1142 |
| **Utilities — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 24488 | 608 |
| &nbsp;&nbsp;&nbsp;CPFL Energia | 121618 | 896 |
| &nbsp;&nbsp;&nbsp;Equatorial Energia | 86236 | 597 |
|  |  | 2101 |
| Total Brazil |  | 10199 |
| **Chile — 1.1%** |  |  |
| **Consumer Discretionary — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Falabella | 140293 | 832 |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 5550233 | 843 |
| **Utilities — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Colbun | 3265228 | 516 |
| &nbsp;&nbsp;&nbsp;Enel Americas | 5596664 | 564 |
| &nbsp;&nbsp;&nbsp;Enel Chile | 7719320 | 597 |
|  |  | 1677 |
| Total Chile |  | 3352 |
| **China — 29.3%** |  |  |
| **Communication Services — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A <sup>\*</sup> | 53323 | 913 |
| &nbsp;&nbsp;&nbsp;Hello Group ADR | 69667 | 517 |
| &nbsp;&nbsp;&nbsp;JOYY ADR | 10025 | 588 |
| &nbsp;&nbsp;&nbsp;NetEase | 142372 | 4333 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 193831 | 16517 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 23464 | $548 |
|  |  | 23416 |
| **Consumer Discretionary — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 606061 | 13788 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 58800 | 606 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 662420 | 1664 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl H | 394319 | 1284 |
| &nbsp;&nbsp;&nbsp;Hangzhou Robam Appliances, Cl A | 252100 | 676 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 105605 | 1880 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B <sup>\*</sup> | 47185 | 634 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 53200 | 543 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR <sup>\*</sup> | 10208 | 1349 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group | 51280 | 1758 |
| &nbsp;&nbsp;&nbsp;TCL Electronics Holdings | 455300 | 614 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 11830 | 906 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 95512 | 1876 |
|  |  | 27578 |
| **Consumer Staples — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Eastroc Beverage Group, Cl A | 12300 | 525 |
| &nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food, Cl A | 133800 | 732 |
| &nbsp;&nbsp;&nbsp;JD Health International <sup>\*</sup> | 66100 | 565 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding | 414600 | 555 |
| &nbsp;&nbsp;&nbsp;Uni-President China Holdings | 375900 | 397 |
| &nbsp;&nbsp;&nbsp;Want Want China Holdings | 1178300 | 801 |
|  |  | 3575 |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl H | 741400 | 675 |
| **Financials — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl H | 645900 | 555 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl H | 606235 | 583 |
| &nbsp;&nbsp;&nbsp;China Life Insurance, Cl H | 594605 | 1689 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl A | 104200 | 514 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl H | 172865 | 688 |
| &nbsp;&nbsp;&nbsp;China Reinsurance Group, Cl H | 3218300 | 641 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl H | 187900 | 744 |
| &nbsp;&nbsp;&nbsp;Far East Horizon | 688930 | 608 |
| &nbsp;&nbsp;&nbsp;FinVolution Group ADR | 51641 | 381 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl H | 1445817 | 1067 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance, Cl A | 63400 | 545 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance, Cl H | 137000 | 813 |
| &nbsp;&nbsp;&nbsp;People's Insurance Group of China, Cl H | 2269931 | 1987 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty, Cl H | 512948 | 1158 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 227571 | 1552 |
| &nbsp;&nbsp;&nbsp;Qifu Technology ADR | 23167 | 667 |
| &nbsp;&nbsp;&nbsp;Shenwan Hongyuan Group, Cl A | 765600 | 573 |
|  |  | 14765 |
| **Health Care — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 197600 | 916 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 146000 | 1467 |
|  |  | 2383 |

---

8 SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| **Industrials — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Centre Testing International Group, Cl A | 228900 | $413 |
| &nbsp;&nbsp;&nbsp;China Communications Services, Cl H | 862007 | 510 |
| &nbsp;&nbsp;&nbsp;CITIC | 491500 | 721 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 29400 | 1660 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 395400 | 797 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl H | 309700 | 482 |
| &nbsp;&nbsp;&nbsp;Qingdao Port International, Cl H | 583000 | 540 |
| &nbsp;&nbsp;&nbsp;Sany Heavy Industry, Cl A | 204200 | 667 |
| &nbsp;&nbsp;&nbsp;SF Holding, Cl A | 86300 | 489 |
| &nbsp;&nbsp;&nbsp;Sinopec Engineering Group, Cl H | 623240 | 541 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings | 245828 | 643 |
| &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science and Technology | 658100 | 617 |
|  |  | 8080 |
| **Information Technology — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AAC Technologies Holdings | 127670 | 751 |
| &nbsp;&nbsp;&nbsp;WUS Printed Circuit Kunshan, Cl A | 61600 | 636 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B <sup>\*</sup> | 520811 | 3615 |
|  |  | 5002 |
| **Materials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group | 341995 | 1161 |
| &nbsp;&nbsp;&nbsp;Fufeng Group | 613800 | 691 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl H | 190700 | 799 |
|  |  | 2651 |
| **Real Estate — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Land | 254630 | 994 |
| Total China |  | 89119 |
| **Colombia — 0.5%** |  |  |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;GRUPO CIBEST | 38268 | 591 |
| &nbsp;&nbsp;&nbsp;GRUPO CIBEST ADR | 17032 | 885 |
|  |  | 1476 |
| Total Colombia |  | 1476 |
| **Egypt — 0.6%** |  |  |
| **Financials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Commercial International Bank | 896661 | 1893 |
| **Greece — 1.4%** |  |  |
| **Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 28617 | 542 |
| **Consumer Discretionary — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;JUMBO | 32229 | 1107 |
| &nbsp;&nbsp;&nbsp;OPAP | 23819 | 556 |
|  |  | 1663 |
| **Financials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ALPHA BANK | 192512 | 817 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Eurobank Ergasias Services and Holdings | 287753 | $1110 |
|  |  | 1927 |
| Total Greece |  | 4132 |
| **Hong Kong — 0.9%** |  |  |
| **Consumer Staples — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;WH Group | 1247440 | 1352 |
| **Health Care — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 1469300 | 1537 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group | 543 | – |
| Total Hong Kong |  | 2889 |
| **Hungary — 2.3%** |  |  |
| **Communication Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Magyar Telekom Telecommunications | 140200 | 750 |
| **Energy — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 156571 | 1274 |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 49457 | 4280 |
| **Health Care — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 23879 | 728 |
| Total Hungary |  | 7032 |
| **India — 10.9%** |  |  |
| **Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 27695 | 586 |
| &nbsp;&nbsp;&nbsp;Indus Towers <sup>\*</sup> | 136576 | 527 |
|  |  | 1113 |
| **Consumer Discretionary — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra | 16741 | 646 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India | 11104 | 2005 |
| &nbsp;&nbsp;&nbsp;Vishal Mega Mart <sup>\*</sup> | 347484 | 583 |
|  |  | 3234 |
| **Consumer Staples — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Britannia Industries | 8398 | 567 |
| &nbsp;&nbsp;&nbsp;Marico | 178994 | 1406 |
|  |  | 1973 |
| **Energy — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum | 493998 | 1890 |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping | 47442 | 531 |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum | 109024 | 544 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 281572 | 475 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas | 833887 | 2249 |
| &nbsp;&nbsp;&nbsp;Petronet LNG | 381179 | 1197 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 43810 | 673 |
|  |  | 7559 |

---

SEI Exchange Traded Funds 9

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| **Financials — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Baroda | 200416 | $584 |
| &nbsp;&nbsp;&nbsp;Canara Bank | 600770 | 837 |
| &nbsp;&nbsp;&nbsp;General Insurance | 93104 | 386 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management | 13780 | 859 |
| &nbsp;&nbsp;&nbsp;HDFC Bank | 155680 | 1667 |
| &nbsp;&nbsp;&nbsp;ICICI Bank ADR | 93415 | 2824 |
| &nbsp;&nbsp;&nbsp;L&T Finance | 289229 | 812 |
| &nbsp;&nbsp;&nbsp;LIC Housing Finance | 110108 | 701 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance | 42391 | 1469 |
| &nbsp;&nbsp;&nbsp;REC | 101826 | 428 |
| &nbsp;&nbsp;&nbsp;SBI Cards & Payment Services | 44462 | 439 |
|  |  | 11006 |
| **Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories | 28378 | 391 |
| **Industrials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Ashok Leyland | 645746 | 1038 |
| &nbsp;&nbsp;&nbsp;Polycab India | 7144 | 586 |
|  |  | 1624 |
| **Information Technology — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 98884 | 1609 |
| **Materials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chambal Fertilisers and Chemicals | 72876 | 419 |
| &nbsp;&nbsp;&nbsp;Coromandel International | 42836 | 1085 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 56005 | 481 |
| &nbsp;&nbsp;&nbsp;National Aluminium | 313170 | 754 |
| &nbsp;&nbsp;&nbsp;NMDC | 553273 | 476 |
| &nbsp;&nbsp;&nbsp;Vedanta | 177495 | 931 |
|  |  | 4146 |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Power Grid | 165332 | 522 |
| Total India |  | 33177 |
| **Indonesia — 1.1%** |  |  |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur | 1706050 | 740 |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 914958 | 419 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 2864272 | 670 |
|  |  | 1089 |
| **Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kalbe Farma | 3958721 | 268 |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 2129859 | 738 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Perusahaan Gas Negara | 4306241 | $437 |
| Total Indonesia |  | 3272 |
| **Malaysia — 0.3%** |  |  |
| **Financials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Public Bank | 439398 | 452 |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;My EG Services | 2487444 | 502 |
| Total Malaysia |  | 954 |
| **Mexico — 2.0%** |  |  |
| **Consumer Staples — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano | 120367 | 1185 |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco del Bajio | 348374 | 877 |
| &nbsp;&nbsp;&nbsp;Gentera | 241132 | 627 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 214705 | 2154 |
| &nbsp;&nbsp;&nbsp;Regional | 64598 | 580 |
|  |  | 4238 |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Mexico | 90075 | 783 |
| Total Mexico |  | 6206 |
| **Philippines — 0.8%** |  |  |
| **Financials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 185173 | 423 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank & Trust | 678183 | 792 |
|  |  | 1215 |
| **Industrials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;GT Capital Holdings | 36998 | 366 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services | 105679 | 856 |
|  |  | 1222 |
| Total Philippines |  | 2437 |
| **Poland — 0.8%** |  |  |
| **Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt | 7551 | 563 |
| **Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 36155 | 542 |
| **Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Enea | 128880 | 627 |
| &nbsp;&nbsp;&nbsp;PGE Polska Grupa Energetyczna <sup>\*</sup> | 220221 | 652 |
|  |  | 1279 |
| Total Poland |  | 2384 |
| **Qatar — 0.5%** |  |  |
| **Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ooredoo QPSC | 301588 | 1132 |

---

10 SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| **Real Estate — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Barwa Real Estate | 587058 | $431 |
| Total Qatar |  | 1563 |
| **Saudi Arabia — 1.2%** |  |  |
| **Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Etihad Etisalat | 65681 | 1183 |
| **Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;United Electronics | 19164 | 458 |
| **Energy — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil | 210800 | 1384 |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients | 17352 | 552 |
| Total Saudi Arabia |  | 3577 |
| **South Africa — 3.9%** |  |  |
| **Communication Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Vodacom Group | 118972 | 919 |
| **Consumer Discretionary — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Mr Price Group | 37803 | 446 |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 9127 | 3309 |
| &nbsp;&nbsp;&nbsp;Pepkor Holdings | 281951 | 397 |
|  |  | 4152 |
| **Consumer Staples — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AVI | 152862 | 876 |
| &nbsp;&nbsp;&nbsp;Bid | 29267 | 733 |
| &nbsp;&nbsp;&nbsp;Clicks Group | 26517 | 542 |
| &nbsp;&nbsp;&nbsp;Tiger Brands | 31940 | 572 |
|  |  | 2723 |
| **Financials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 2682 | 540 |
| &nbsp;&nbsp;&nbsp;Nedbank Group | 47822 | 592 |
| &nbsp;&nbsp;&nbsp;Sanlam | 150385 | 729 |
|  |  | 1861 |
| **Materials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Gold Fields | 15512 | 656 |
| &nbsp;&nbsp;&nbsp;Kumba Iron Ore | 22936 | 432 |
|  |  | 1088 |
| **Real Estate — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Resilient REIT <sup>‡</sup> | 152291 | 565 |
| &nbsp;&nbsp;&nbsp;Vukile Property Fund <sup>‡</sup> | 520805 | 626 |
|  |  | 1191 |
| Total South Africa |  | 11934 |
| **South Korea — 12.3%** |  |  |
| **Communication Services — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Krafton <sup>\*</sup> | 2340 | 488 |
| &nbsp;&nbsp;&nbsp;KT ADR | 27652 | 539 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;LG Uplus | 69557 | $761 |
|  |  | 1788 |
| **Consumer Discretionary — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Coway | 20393 | 1432 |
| &nbsp;&nbsp;&nbsp;Hankook Tire & Technology | 29462 | 805 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 5617 | 1195 |
| &nbsp;&nbsp;&nbsp;Kia | 44550 | 3197 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 10233 | 551 |
|  |  | 7180 |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;KT&G | 7238 | 689 |
| &nbsp;&nbsp;&nbsp;Orion | 5452 | 403 |
|  |  | 1092 |
| **Financials — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 35814 | 2226 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 51415 | 713 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 8168 | 672 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 27552 | 1390 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 78656 | 1455 |
|  |  | 6456 |
| **Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Biologics <sup>\*</sup> | 554 | 394 |
| **Industrials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;GS Holdings | 15502 | 508 |
| &nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | 2198 | 644 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 7792 | 919 |
| &nbsp;&nbsp;&nbsp;Hyundai Rotem | 3874 | 605 |
| &nbsp;&nbsp;&nbsp;LG | 11894 | 610 |
| &nbsp;&nbsp;&nbsp;Samsung E&A | 29900 | 571 |
| &nbsp;&nbsp;&nbsp;Samsung Heavy Industries <sup>\*</sup> | 41790 | 652 |
| &nbsp;&nbsp;&nbsp;SK | 3572 | 535 |
| &nbsp;&nbsp;&nbsp;SK Square <sup>\*</sup> | 9615 | 1381 |
|  |  | 6425 |
| **Information Technology — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 162016 | 9688 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 17329 | 4292 |
|  |  | 13980 |
| Total South Korea |  | 37315 |
| **Taiwan — 17.0%** |  |  |
| **Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom | 280958 | 1231 |
| **Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;FuSheng Precision | 43726 | 374 |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Uni-President Enterprises | 381261 | 981 |

---

SEI Exchange Traded Funds 11

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| **Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding | 507708 | $715 |
| **Industrials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Acter Group | 21214 | 539 |
| &nbsp;&nbsp;&nbsp;China Airlines | 862836 | 590 |
| &nbsp;&nbsp;&nbsp;Eva Airways | 910586 | 1138 |
| &nbsp;&nbsp;&nbsp;Evergreen Marine Taiwan | 106616 | 626 |
|  |  | 2893 |
| **Information Technology — 15.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 33214 | 1139 |
| &nbsp;&nbsp;&nbsp;Advantech | 52198 | 546 |
| &nbsp;&nbsp;&nbsp;Asia Vital Components | 15304 | 493 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 32756 | 721 |
| &nbsp;&nbsp;&nbsp;Catcher Technology | 125054 | 749 |
| &nbsp;&nbsp;&nbsp;Delta Electronics | 133488 | 3740 |
| &nbsp;&nbsp;&nbsp;Elite Material | 16538 | 665 |
| &nbsp;&nbsp;&nbsp;King Slide Works | 8168 | 882 |
| &nbsp;&nbsp;&nbsp;Largan Precision | 17899 | 1380 |
| &nbsp;&nbsp;&nbsp;MediaTek | 66559 | 2872 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor | 47372 | 855 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 722285 | 30927 |
| &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holding | 113372 | 617 |
|  |  | 45586 |
| Total Taiwan |  | 51780 |
| **Thailand — 1.3%** |  |  |
| **Communication Services — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Info Service NVDR | 100654 | 904 |
| **Energy — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production NVDR | 397991 | 1418 |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank NVDR | 179088 | 926 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank NVDR | 775441 | 593 |
|  |  | 1519 |
| Total Thailand |  | 3841 |
| **Turkey — 0.7%** |  |  |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Turkiye Garanti Bankasi | 128591 | 432 |
| &nbsp;&nbsp;&nbsp;Turkiye Is Bankasi, Cl C | 1790329 | 609 |
| &nbsp;&nbsp;&nbsp;Yapi ve Kredi Bankasi <sup>\*</sup> | 682988 | 558 |
|  |  | 1599 |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO | 86914 | 658 |
| Total Turkey |  | 2257 |
| **United Arab Emirates — 2.8%** |  |  |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | 94400 | 560 |
| &nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | 281519 | 734 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | 206124 | $1364 |
|  |  | 2658 |
| **Industrials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Arabia PJSC | 529657 | 541 |
| **Real Estate — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 324374 | 837 |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | 219878 | 805 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 1002341 | 3561 |
|  |  | 5203 |
| Total United Arab Emirates |  | 8402 |
| **United Kingdom — 0.2%** |  |  |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Metlen Energy & Metals <sup>\*</sup> | 10025 | 558 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $242,214) ($ Thousands) |  | 289749 |
| **PREFERRED STOCK — 2.7%** |  |  |
| **Brazil — 2.2%** |  |  |
| **Energy — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro(A) | 433071 | 2549 |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco (A) | 292922 | 975 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding (A) | 201151 | 1474 |
| &nbsp;&nbsp;&nbsp;Itausa(A) | 780411 | 1690 |
|  |  | 4139 |
| Total Brazil |  | 6688 |
| **South Korea — 0.5%** |  |  |
| **Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Motor(A) | 5124 | 596 |
| **Information Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics(A) | 20866 | 987 |
| Total South Korea |  | 1583 |
| Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,318) ($ Thousands) |  | 8271 |
| **EXCHANGE-TRADED FUND — 1.0%** | **EXCHANGE-TRADED FUND — 1.0%** | **EXCHANGE-TRADED FUND — 1.0%** |
| **United States — 1.0%** |  |  |
| **International Equity — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | 43586 | 2873 |
| Total Exchange-Traded Fund |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,707) ($ Thousands) |  | 2873 |
| Total Investments in Securities — 98.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $252,239) ($ Thousands) |  | $300893 |

---

12 SEI Exchange Traded Funds

Percentages are based on Net Assets of $304,239 ($ Thousands).

<sup>\*</sup> Non-income producing security.

<sup>‡</sup> Real Estate Investment Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(A) No interest rate available.

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See "Glossary" for abbreviations.

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

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

SEI Exchange Traded Funds 13

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**SEI Select International Equity ETF**

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> — 98.8%** |  |  |
| **Australia — 3.2%** |  |  |
| **Consumer Discretionary — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure | 24692 | $1145 |
| &nbsp;&nbsp;&nbsp;Eagers Automotive | 61560 | 1196 |
| &nbsp;&nbsp;&nbsp;JB Hi-Fi | 27836 | 2140 |
| &nbsp;&nbsp;&nbsp;Lottery | 277372 | 1081 |
| &nbsp;&nbsp;&nbsp;Super Retail Group | 94100 | 1014 |
|  |  | 6576 |
| **Financials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Medibank Pvt | 657419 | 2100 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group | 78392 | 1070 |
|  |  | 3170 |
| **Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cochlear | 5238 | 970 |
| **Industrials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings | 471723 | 997 |
| &nbsp;&nbsp;&nbsp;Brambles | 72909 | 1198 |
| &nbsp;&nbsp;&nbsp;Qantas Airways | 184505 | 1335 |
| &nbsp;&nbsp;&nbsp;Qube Holdings | 404664 | 1102 |
|  |  | 4632 |
| **Materials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Northern Star Resources | 143674 | 2260 |
| &nbsp;&nbsp;&nbsp;Perseus Mining | 665126 | 2160 |
| &nbsp;&nbsp;&nbsp;Rio Tinto | 17778 | 1170 |
|  |  | 5590 |
| **Real Estate — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Charter Hall Group <sup>‡</sup> | 104394 | 1574 |
| &nbsp;&nbsp;&nbsp;Dexus <sup>‡</sup> | 200858 | 956 |
|  |  | 2530 |
| Total Australia |  | 23468 |
| **Austria — 1.5%** |  |  |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;OMV | 22829 | 1218 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BAWAG Group | 13289 | 1749 |
| &nbsp;&nbsp;&nbsp;Erste Group Bank | 47628 | 4656 |
| &nbsp;&nbsp;&nbsp;Raiffeisen Bank International | 30068 | 1036 |
|  |  | 7441 |
| **Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ANDRITZ | 13325 | 938 |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;voestalpine | 33469 | 1195 |
| Total Austria |  | 10792 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| **Belgium — 1.6%** |  |  |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ageas | 21648 | $1498 |
| &nbsp;&nbsp;&nbsp;KBC Group | 42895 | 5113 |
|  |  | 6611 |
| **Health Care — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;UCB | 14257 | 3937 |
| **Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Umicore | 57279 | 1017 |
| Total Belgium |  | 11565 |
| **Brazil — 0.2%** |  |  |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Yara International | 43791 | 1600 |
| **China — 0.9%** |  |  |
| **Consumer Discretionary — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 82885 | 996 |
| &nbsp;&nbsp;&nbsp;Prosus | 20199 | 1423 |
|  |  | 2419 |
| **Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Wilmar International | 380850 | 842 |
| **Industrials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;SITC International Holdings | 365568 | 1408 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings | 589253 | 1540 |
|  |  | 2948 |
| Total China |  | 6209 |
| **Denmark — 1.3%** |  |  |
| **Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Pandora | 6281 | 819 |
| **Financials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Danske Bank | 114371 | 4877 |
| &nbsp;&nbsp;&nbsp;Jyske Bank | 9840 | 1097 |
|  |  | 5974 |
| **Industrials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AP Moller - Maersk, Cl A | 923 | 1806 |
| &nbsp;&nbsp;&nbsp;Per Aarsleff Holding | 10182 | 1099 |
|  |  | 2905 |
| Total Denmark |  | 9698 |
| **Finland — 1.5%** |  |  |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 142102 | 2333 |
| **Health Care — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Orion, Cl B | 26754 | 2048 |

---

14 SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| **Industrials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Kone, Cl B | 47080 | $3209 |
| &nbsp;&nbsp;&nbsp;Konecranes | 15734 | 1298 |
|  |  | 4507 |
| **Information Technology — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Nokia | 372262 | 1784 |
| Total Finland |  | 10672 |
| **France — 8.8%** |  |  |
| **Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Orange | 92173 | 1496 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe | 13367 | 1283 |
|  |  | 2779 |
| **Consumer Discretionary — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Accor | 35609 | 1686 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | 113784 | 4083 |
| &nbsp;&nbsp;&nbsp;Hermes International SCA | 400 | 979 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | 5454 | 3336 |
| &nbsp;&nbsp;&nbsp;Renault | 21614 | 884 |
|  |  | 10968 |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrefour | 89437 | 1355 |
| &nbsp;&nbsp;&nbsp;L'Oreal | 2248 | 973 |
|  |  | 2328 |
| **Energy — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Technip Energies | 29789 | 1403 |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 18760 | 1140 |
|  |  | 2543 |
| **Financials — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Amundi | 14103 | 1117 |
| &nbsp;&nbsp;&nbsp;AXA | 47815 | 2283 |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 34548 | 3139 |
| &nbsp;&nbsp;&nbsp;SCOR | 32687 | 1152 |
|  |  | 7691 |
| **Health Care — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ipsen | 12166 | 1624 |
| **Industrials — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Airbus | 13498 | 3131 |
| &nbsp;&nbsp;&nbsp;Bouygues | 22752 | 1025 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas | 73323 | 2295 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain | 29078 | 3132 |
| &nbsp;&nbsp;&nbsp;Eiffage | 12928 | 1651 |
| &nbsp;&nbsp;&nbsp;Legrand | 29120 | 4811 |
| &nbsp;&nbsp;&nbsp;Rexel | 126615 | 4142 |
| &nbsp;&nbsp;&nbsp;Safran | 13003 | 4585 |
| &nbsp;&nbsp;&nbsp;Teleperformance | 32681 | 2432 |
| &nbsp;&nbsp;&nbsp;Thales | 3572 | 1119 |
|  |  | 28323 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** | **COMMON STOCK<sup>††</sup> (continued)** |
| **Information Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Dassault Systemes | 21515 | $721 |
| **Materials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Arkema | 30030 | 1891 |
| **Real Estate — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Covivio <sup>‡</sup> | 16008 | 1076 |
| &nbsp;&nbsp;&nbsp;Klepierre <sup>‡</sup> | 50463 | 1966 |
|  |  | 3042 |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Engie | 82212 | 1763 |
| Total France |  | 63673 |
| **Germany — 9.8%** |  |  |
| **Communication Services — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;CTS Eventim & KGaA | 15433 | 1512 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom | 126581 | 4315 |
|  |  | 5827 |
| **Consumer Discretionary — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Auto1 Group <sup>\*</sup> | 35353 | 1205 |
| &nbsp;&nbsp;&nbsp;Continental | 33306 | 2196 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group | 54804 | 3443 |
|  |  | 6844 |
| **Financials — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Commerzbank | 121291 | 4573 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank | 43363 | 1526 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse | 24336 | 6523 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft in Muenchen | 1649 | 1053 |
|  |  | 13675 |
| **Health Care — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bayer | 96102 | 3188 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care | 81307 | 4267 |
|  |  | 7455 |
| **Indusrtials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Aumovio <sup>\*</sup> | 16641 | 687 |
| **Industrials — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding | 82354 | 3389 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa | 133428 | 1130 |
| &nbsp;&nbsp;&nbsp;GEA Group | 34548 | 2551 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines | 4383 | 2013 |
| &nbsp;&nbsp;&nbsp;Rheinmetall | 728 | 1698 |
| &nbsp;&nbsp;&nbsp;Siemens Energy <sup>\*</sup> | 48940 | 5717 |
|  |  | 16498 |
| **Information Technology — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;SAP | 28846 | 7724 |

---

SEI Exchange Traded Funds 15

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| **Materials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BASF | 68437 | $3409 |
| &nbsp;&nbsp;&nbsp;Evonik Industries | 93504 | 1623 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials | 18781 | 4227 |
|  |  | 9259 |
| **Utilities — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON | 62870 | 1183 |
| &nbsp;&nbsp;&nbsp;RWE | 44586 | 1981 |
|  |  | 3164 |
| Total Germany |  | 71133 |
| **Hong Kong — 1.6%** |  |  |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;WH Group | 1203510 | 1304 |
| **Financials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 304067 | 2918 |
| &nbsp;&nbsp;&nbsp;Futu Holdings ADR | 8558 | 1488 |
|  |  | 4406 |
| **Industrials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings | 24894 | 1568 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Cl A | 112278 | 952 |
|  |  | 2520 |
| **Real Estate — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings | 218272 | 1058 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings | 162033 | 1026 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties | 86908 | 1041 |
|  |  | 3125 |
| Total Hong Kong |  | 11355 |
| **Ireland — 1.3%** |  |  |
| **Financials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AIB Group | 279154 | 2530 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group | 394886 | 6503 |
|  |  | 9033 |
| Total Ireland |  | 9033 |
| **Israel — 1.0%** |  |  |
| **Financials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel | 313403 | 6194 |
| **Information Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies <sup>\*</sup> | 4920 | 1018 |
| Total Israel |  | 7212 |
| **Italy — 4.4%** |  |  |
| **Consumer Discretionary — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Ferrari | 2735 | 1323 |
| &nbsp;&nbsp;&nbsp;Lottomatica Group Spa | 41687 | 1123 |
| &nbsp;&nbsp;&nbsp;Technogym | 62784 | 1065 |
|  |  | 3511 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| **Consumer Staples — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC | 54613 | $2576 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Eni | 111248 | 1943 |
| **Financials — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco | 46377 | 1003 |
| &nbsp;&nbsp;&nbsp;Generali | 100759 | 3956 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo | 355055 | 2342 |
| &nbsp;&nbsp;&nbsp;Poste Italiane | 78869 | 1871 |
| &nbsp;&nbsp;&nbsp;UniCredit | 70692 | 5355 |
| &nbsp;&nbsp;&nbsp;Unipol Gruppo | 72114 | 1547 |
|  |  | 16074 |
| **Health Care — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica | 14421 | 876 |
| **Utilities — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;A2A | 405858 | 1062 |
| &nbsp;&nbsp;&nbsp;Enel | 508985 | 4824 |
| &nbsp;&nbsp;&nbsp;Italgas | 133280 | 1227 |
|  |  | 7113 |
| Total Italy |  | 32093 |
| **Japan — 22.0%** |  |  |
| **Communication Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kakaku.com | 53342 | 917 |
| **Consumer Discretionary — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Aisin | 62384 | 1081 |
| &nbsp;&nbsp;&nbsp;Asics | 64785 | 1699 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings | 82017 | 2735 |
| &nbsp;&nbsp;&nbsp;Bridgestone | 66141 | 3067 |
| &nbsp;&nbsp;&nbsp;Food & Life | 27867 | 1460 |
| &nbsp;&nbsp;&nbsp;Haseko | 115505 | 1976 |
| &nbsp;&nbsp;&nbsp;Iida Group Holdings | 72310 | 1156 |
| &nbsp;&nbsp;&nbsp;Mazda Motor | 122635 | 898 |
| &nbsp;&nbsp;&nbsp;Niterra | 43604 | 1687 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings | 107803 | 1175 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku | 112216 | 2238 |
| &nbsp;&nbsp;&nbsp;Sankyo | 85034 | 1481 |
| &nbsp;&nbsp;&nbsp;Sanrio | 31341 | 1475 |
| &nbsp;&nbsp;&nbsp;Shimamura | 14892 | 997 |
| &nbsp;&nbsp;&nbsp;Shimano | 11250 | 1265 |
| &nbsp;&nbsp;&nbsp;Subaru | 89014 | 1826 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries | 126216 | 3605 |
| &nbsp;&nbsp;&nbsp;Toyo Tire | 42780 | 1139 |
| &nbsp;&nbsp;&nbsp;USS | 147050 | 1690 |
| &nbsp;&nbsp;&nbsp;Yokohama Rubber | 37620 | 1397 |
|  |  | 34047 |
| **Consumer Staples — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aeon | 284724 | 3461 |

---

16 SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Japan Tobacco | 32891 | $1083 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food | 66768 | 2091 |
|  |  | 6635 |
| **Energy — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings | 169880 | 1081 |
| &nbsp;&nbsp;&nbsp;Inpex | 127643 | 2310 |
| &nbsp;&nbsp;&nbsp;Nippon Mining <sup>\*</sup> | 144572 | 1919 |
|  |  | 5310 |
| **Financials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Fukuoka Financial Group | 29589 | 889 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings | 143505 | 1428 |
| &nbsp;&nbsp;&nbsp;Japan Post Insurance | 46405 | 1317 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group | 236081 | 3827 |
| &nbsp;&nbsp;&nbsp;Resona Holdings | 374334 | 3829 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group | 41556 | 1175 |
| &nbsp;&nbsp;&nbsp;T&D Holdings | 46817 | 1148 |
|  |  | 13613 |
| **Health Care — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical | 60528 | 2643 |
| &nbsp;&nbsp;&nbsp;Hoya | 8809 | 1221 |
| &nbsp;&nbsp;&nbsp;Olympus | 274731 | 3481 |
| &nbsp;&nbsp;&nbsp;Shionogi | 279182 | 4899 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical | 55741 | 1629 |
| &nbsp;&nbsp;&nbsp;Toho Holdings | 27212 | 1006 |
|  |  | 14879 |
| **Industrials — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Amada | 87972 | 1084 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway | 64708 | 1859 |
| &nbsp;&nbsp;&nbsp;COMSYS Holdings | 42080 | 1052 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing | 70102 | 1194 |
| &nbsp;&nbsp;&nbsp;Daikin Industries | 17355 | 2007 |
| &nbsp;&nbsp;&nbsp;EXEO Group | 79009 | 1146 |
| &nbsp;&nbsp;&nbsp;Fujikura | 23767 | 2326 |
| &nbsp;&nbsp;&nbsp;Furukawa Electric | 19783 | 1221 |
| &nbsp;&nbsp;&nbsp;Hikari Tsushin | 4695 | 1312 |
| &nbsp;&nbsp;&nbsp;Kajima | 56580 | 1653 |
| &nbsp;&nbsp;&nbsp;Kinden | 35133 | 1204 |
| &nbsp;&nbsp;&nbsp;Komatsu | 148577 | 5191 |
| &nbsp;&nbsp;&nbsp;MINEBEA MITSUMI | 121642 | 2298 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries | 100325 | 2635 |
| &nbsp;&nbsp;&nbsp;NGK Insulators | 70557 | 1185 |
| &nbsp;&nbsp;&nbsp;NSK | 206656 | 1070 |
| &nbsp;&nbsp;&nbsp;Obayashi | 145257 | 2389 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings | 17351 | 936 |
| &nbsp;&nbsp;&nbsp;Sankyu | 23609 | 1295 |
| &nbsp;&nbsp;&nbsp;Sanwa Holdings | 52765 | 1513 |
| &nbsp;&nbsp;&nbsp;Shimizu | 161130 | 2269 |
| &nbsp;&nbsp;&nbsp;Sumitomo | 36936 | 1072 |
| &nbsp;&nbsp;&nbsp;Taisei | 16832 | 1159 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho | 167783 | 4660 |
|  |  | 43730 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| **Information Technology — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Anritsu | 80109 | $1023 |
| &nbsp;&nbsp;&nbsp;BIPROGY | 26156 | 1069 |
| &nbsp;&nbsp;&nbsp;Brother Industries | 47815 | 802 |
| &nbsp;&nbsp;&nbsp;Canon | 61931 | 1819 |
| &nbsp;&nbsp;&nbsp;Keyence | 6303 | 2355 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing | 252447 | 4813 |
| &nbsp;&nbsp;&nbsp;SCSK | 41667 | 1250 |
| &nbsp;&nbsp;&nbsp;Seiko Epson | 70054 | 900 |
| &nbsp;&nbsp;&nbsp;TDK | 254010 | 3695 |
| &nbsp;&nbsp;&nbsp;TIS | 56839 | 1880 |
|  |  | 19606 |
| **Materials — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Asahi Kasei | 275026 | 2169 |
| &nbsp;&nbsp;&nbsp;JFE Holdings | 68996 | 849 |
| &nbsp;&nbsp;&nbsp;Kobe Steel | 77484 | 917 |
| &nbsp;&nbsp;&nbsp;Nippon Steel | 470855 | 1943 |
| &nbsp;&nbsp;&nbsp;Nitto Denko | 54506 | 1298 |
| &nbsp;&nbsp;&nbsp;Oji Holdings | 211649 | 1159 |
| &nbsp;&nbsp;&nbsp;Tosoh | 62748 | 930 |
|  |  | 9265 |
| **Real Estate — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry | 84834 | 3056 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development | 80727 | 3570 |
|  |  | 6626 |
| **Utilities — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power | 101073 | 1409 |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power | 85245 | 1223 |
| &nbsp;&nbsp;&nbsp;Kyushu Electric Power | 92228 | 924 |
| &nbsp;&nbsp;&nbsp;Tokyo Electric Power Holdings <sup>\*</sup> | 204620 | 962 |
|  |  | 4518 |
| Total Japan |  | 159146 |
| **Luxembourg — 0.8%** |  |  |
| **Materials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ArcelorMittal | 159917 | 5746 |
| **Macao — 0.5%** |  |  |
| **Consumer Discretionary — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group | 677527 | 3734 |
| **Netherlands — 4.7%** |  |  |
| **Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Universal Music Group | 58310 | 1683 |
| **Consumer Staples — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 73927 | 2992 |
| **Energy — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Vopak | 19892 | 912 |

---

SEI Exchange Traded Funds 17

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;SBM Offshore | 38881 | $994 |
|  |  | 1906 |
| **Financials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank | 53872 | 1725 |
| &nbsp;&nbsp;&nbsp;Aegon | 145818 | 1171 |
| &nbsp;&nbsp;&nbsp;Euronext | 14509 | 2172 |
| &nbsp;&nbsp;&nbsp;ING Groep | 267473 | 6938 |
| &nbsp;&nbsp;&nbsp;NN Group | 27836 | 1959 |
|  |  | 13965 |
| **Health Care — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Argenx <sup>\*</sup> | 1333 | 967 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips | 67559 | 1829 |
|  |  | 2796 |
| **Industrials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke BAM Groep | 155237 | 1466 |
| &nbsp;&nbsp;&nbsp;Randstad | 38124 | 1620 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer | 18622 | 2541 |
|  |  | 5627 |
| **Information Technology — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding | 5393 | 5248 |
| Total Netherlands |  | 34217 |
| **New Zealand — 0.2%** |  |  |
| **Health Care — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare | 58156 | 1251 |
| **Norway — 1.0%** |  |  |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Orkla | 204941 | 2140 |
| **Energy — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Equinor | 215440 | 5256 |
| Total Norway |  | 7396 |
| **Portugal — 0.3%** |  |  |
| **Consumer Staples — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS | 76720 | 1866 |
| **Singapore — 1.2%** |  |  |
| **Financials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 30467 | 1209 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking | 76872 | 980 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank | 71300 | 1912 |
|  |  | 4101 |
| **Industrials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Airlines | 182321 | 922 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering | 366366 | 2447 |
|  |  | 3369 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| **Real Estate — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Keppel DC REIT <sup>‡</sup> | 573338 | $1063 |
| Total Singapore |  | 8533 |
| **Spain — 4.0%** |  |  |
| **Consumer Discretionary — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group | 34376 | 2727 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil | 16820 | 928 |
|  |  | 3655 |
| **Energy — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Repsol | 248654 | 4402 |
| **Financials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria | 311842 | 5987 |
| &nbsp;&nbsp;&nbsp;Banco Santander | 381068 | 3973 |
| &nbsp;&nbsp;&nbsp;CaixaBank | 388917 | 4088 |
|  |  | 14048 |
| **Industrials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios | 26372 | 2107 |
| &nbsp;&nbsp;&nbsp;Aena SME | 45924 | 1256 |
|  |  | 3363 |
| **Information Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Indra Sistemas | 22952 | 1028 |
| **Utilities — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Enagas | 65687 | 1027 |
| &nbsp;&nbsp;&nbsp;Iberdrola | 60991 | 1154 |
|  |  | 2181 |
| Total Spain |  | 28677 |
| **Sweden — 1.7%** |  |  |
| **Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Evolution | 9510 | 782 |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AAK | 41606 | 1082 |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Avanza Bank Holding | 28096 | 1043 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken, Cl A | 78482 | 1535 |
| &nbsp;&nbsp;&nbsp;Swedbank | 44078 | 1327 |
|  |  | 3905 |
| **Industrials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Atlas Copco, Cl A | 55079 | 931 |
| &nbsp;&nbsp;&nbsp;Atlas Copco, Cl B | 160221 | 2401 |
| &nbsp;&nbsp;&nbsp;Loomis, Cl B | 23609 | 1008 |
| &nbsp;&nbsp;&nbsp;Saab, Cl B | 19878 | 1214 |
|  |  | 5554 |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;SSAB, Cl B | 198383 | 1152 |
| Total Sweden |  | 12475 |

---

18 SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| **Switzerland — 4.6%** |  |  |
| **Consumer Discretionary — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont, Cl A | 9629 | $1835 |
| **Financials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Helvetia Holding | 7540 | 1845 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group | 62866 | 4342 |
| &nbsp;&nbsp;&nbsp;Swiss Re | 7973 | 1474 |
| &nbsp;&nbsp;&nbsp;UBS Group | 106298 | 4343 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group | 3488 | 2484 |
|  |  | 14488 |
| **Health Care — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Galenica | 9520 | 1035 |
| &nbsp;&nbsp;&nbsp;Lonza Group | 1545 | 1024 |
| &nbsp;&nbsp;&nbsp;Sandoz Group | 56840 | 3370 |
| &nbsp;&nbsp;&nbsp;Sonova Holding | 3796 | 1033 |
|  |  | 6462 |
| **Industrials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Belimo Holding | 1512 | 1580 |
| &nbsp;&nbsp;&nbsp;Geberit | 1649 | 1238 |
| &nbsp;&nbsp;&nbsp;Kardex Holding | 2772 | 1077 |
| &nbsp;&nbsp;&nbsp;Schindler Holding | 3150 | 1192 |
| &nbsp;&nbsp;&nbsp;Sulzer | 5159 | 874 |
|  |  | 5961 |
| **Information Technology — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Logitech International | 38531 | 4202 |
| Total Switzerland |  | 32948 |
| **United Kingdom — 15.8%** |  |  |
| **Communication Services — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Auto Trader Group | 79007 | 838 |
| &nbsp;&nbsp;&nbsp;BT Group, Cl A | 375204 | 966 |
| &nbsp;&nbsp;&nbsp;Vodafone Group | 1457471 | 1691 |
|  |  | 3495 |
| **Consumer Discretionary — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Berkeley Group Holdings | 18677 | 965 |
| &nbsp;&nbsp;&nbsp;Compass Group | 96505 | 3286 |
| &nbsp;&nbsp;&nbsp;Inchcape | 91971 | 857 |
| &nbsp;&nbsp;&nbsp;Kingfisher | 280107 | 1164 |
| &nbsp;&nbsp;&nbsp;Next | 24250 | 4040 |
|  |  | 10312 |
| **Consumer Staples — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners | 10198 | 922 |
| &nbsp;&nbsp;&nbsp;Cranswick | 14860 | 1004 |
| &nbsp;&nbsp;&nbsp;Diageo | 53189 | 1271 |
| &nbsp;&nbsp;&nbsp;Imperial Brands | 33230 | 1413 |
| &nbsp;&nbsp;&nbsp;J Sainsbury | 985502 | 4431 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group | 746966 | 3665 |
| &nbsp;&nbsp;&nbsp;Premier Foods | 349547 | 904 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group | 74169 | 5709 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Tesco | 1148985 | $6891 |
| &nbsp;&nbsp;&nbsp;Unilever | 16600 | 983 |
|  |  | 27193 |
| **Financials — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AJ Bell | 143136 | 1044 |
| &nbsp;&nbsp;&nbsp;Barclays | 1868057 | 9547 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings | 810776 | 11406 |
| &nbsp;&nbsp;&nbsp;Investec | 124767 | 933 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group | 20670 | 2370 |
| &nbsp;&nbsp;&nbsp;NatWest Group | 820715 | 5763 |
| &nbsp;&nbsp;&nbsp;Paragon Banking Group | 80855 | 944 |
| &nbsp;&nbsp;&nbsp;Schroders | 210752 | 1067 |
| &nbsp;&nbsp;&nbsp;Standard Chartered | 419084 | 8099 |
|  |  | 41173 |
| **Health Care — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca | 23534 | 3543 |
| &nbsp;&nbsp;&nbsp;ConvaTec Group | 980766 | 3055 |
|  |  | 6598 |
| **Industrials — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Balfour Beatty | 249739 | 2175 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings | 196916 | 1297 |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group | 325249 | 3693 |
| &nbsp;&nbsp;&nbsp;IMI | 36310 | 1118 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group | 471722 | 2457 |
| &nbsp;&nbsp;&nbsp;JET2 | 41551 | 791 |
| &nbsp;&nbsp;&nbsp;RELX | 19073 | 913 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial | 397404 | 2011 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings | 223352 | 3578 |
|  |  | 18033 |
| **Information Technology — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Halma | 60805 | 2824 |
| &nbsp;&nbsp;&nbsp;Sage Group | 68596 | 1016 |
|  |  | 3840 |
| **Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hill & Smith | 35730 | 984 |
| **Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Centrica | 587656 | 1318 |
| &nbsp;&nbsp;&nbsp;Drax Group | 120332 | 1133 |
|  |  | 2451 |
| Total United Kingdom |  | 114079 |
| **United States — 4.9%** |  |  |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle | 17260 | 1585 |
| **Energy — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Shell | 153921 | 5484 |

---

SEI Exchange Traded Funds 19

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK<sup>††</sup> (continued)** |  |  |
| **Health Care — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;GSK | 298909 | $6336 |
| &nbsp;&nbsp;&nbsp;Novartis | 71567 | 9005 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 20526 | 6705 |
| &nbsp;&nbsp;&nbsp;Sanofi | 24310 | 2244 |
|  |  | 24290 |
| **Industrials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Experian | 66413 | 3328 |
| **Information Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Monday.com <sup>\*</sup> | 2812 | 545 |
| Total United States |  | 35232 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $611,754) ($ Thousands) |  | 713803 |
| **PREFERRED STOCK — 0.4%** |  |  |
| **Germany — 0.4%** |  |  |
| **Consumer Discretionary — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke (A) | 11188 | 1038 |
| &nbsp;&nbsp;&nbsp;Volkswagen(A) | 14756 | 1594 |
|  |  | 2632 |
| Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,526) ($ Thousands) |  | 2632 |

---

---

| | | |
|:---|:---|:---|
|  | Number of <br> Rights |  |
| **RIGHTS — 0.0%** |  |  |
| **Singapore — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Keppel DC REIT, Expires 10/16/2025 <sup>\*</sup> | 45286 | 5 |
| Total Rights |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) ($ Thousands) |  | 5 |
| Total Investments in Securities — 99.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $614,280) ($ Thousands) |  | $716440 |

---

Percentages are based on Net Assets of $722,504 ($ Thousands).

<sup>\*</sup> Non-income producing security.

<sup>††</sup> Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

<sup>‡</sup> Real Estate Investment Trust.

&nbsp;&nbsp;&nbsp;&nbsp;(A) No interest rate available.

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See "Glossary" for abbreviations.

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

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

20 SEI Exchange Traded Funds

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

**SEI Select Small Cap ETF**

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK — 99.8%** |  |  |
| **Communication Services — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Angi, Cl A <sup>\*</sup> | 29147 | $474 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Cl A <sup>\*</sup> | 16225 | 270 |
| &nbsp;&nbsp;&nbsp;Cargurus, Cl A <sup>\*</sup> | 27254 | 1015 |
| &nbsp;&nbsp;&nbsp;EverQuote, Cl A <sup>\*</sup> | 16220 | 371 |
| &nbsp;&nbsp;&nbsp;Gogo <sup>\*</sup> | 30060 | 258 |
| &nbsp;&nbsp;&nbsp;Scholastic | 19231 | 526 |
| &nbsp;&nbsp;&nbsp;Yelp, Cl A <sup>\*</sup> | 18673 | 583 |
|  |  | 3497 |
| **Consumer Discretionary — 14.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch, Cl A <sup>\*</sup> | 9379 | 802 |
| &nbsp;&nbsp;&nbsp;Adient <sup>\*</sup> | 28296 | 681 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education <sup>\*</sup> | 41367 | 6389 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings <sup>\*</sup> | 84717 | 509 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters | 66793 | 1143 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands | 83201 | 597 |
| &nbsp;&nbsp;&nbsp;Brinker International <sup>\*</sup> | 26875 | 3405 |
| &nbsp;&nbsp;&nbsp;Burlington Stores <sup>\*</sup> | 2438 | 620 |
| &nbsp;&nbsp;&nbsp;Cavco Industries <sup>\*</sup> | 2596 | 1508 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings <sup>\*</sup> | 20714 | 765 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors | 16092 | 474 |
| &nbsp;&nbsp;&nbsp;Frontdoor <sup>\*</sup> | 16936 | 1140 |
| &nbsp;&nbsp;&nbsp;Garrett Motion | 42890 | 584 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Cl A <sup>\*</sup> | 16935 | 481 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group <sup>\*</sup> | 21483 | 572 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber <sup>\*</sup> | 40941 | 306 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands | 47832 | 3816 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Cl Z | 15230 | 523 |
| &nbsp;&nbsp;&nbsp;Meritage Homes | 6394 | 463 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing <sup>\*</sup> | 20283 | 2883 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort | 5364 | 568 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings <sup>\*</sup> | 7130 | 915 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education | 14405 | 542 |
| &nbsp;&nbsp;&nbsp;Polaris | 8797 | 511 |
| &nbsp;&nbsp;&nbsp;Pool | 1568 | 486 |
| &nbsp;&nbsp;&nbsp;Solid Power <sup>\*</sup> | 176625 | 613 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products | 19505 | 796 |
| &nbsp;&nbsp;&nbsp;Steven Madden | 23214 | 777 |
| &nbsp;&nbsp;&nbsp;Stride <sup>\*</sup> | 37466 | 5580 |
| &nbsp;&nbsp;&nbsp;Super Group SGHC | 47243 | 624 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home, Cl A <sup>\*</sup> | 38017 | 2510 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters <sup>\*</sup> | 69379 | 4956 |
| &nbsp;&nbsp;&nbsp;Visteon | 8572 | 1027 |
| &nbsp;&nbsp;&nbsp;Whirlpool | 13891 | 1092 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide | 51600 | 1416 |
|  |  | 50074 |
| **Consumer Staples — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 4977 | 468 |
| &nbsp;&nbsp;&nbsp;Church & Dwight | 5285 | 463 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings | 59206 | 1474 |
| &nbsp;&nbsp;&nbsp;Herbalife <sup>\*</sup> | 99837 | 843 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Mission Produce <sup>\*</sup> | 42468 | $511 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride | 9640 | 393 |
| &nbsp;&nbsp;&nbsp;Seneca Foods, Cl A <sup>\*</sup> | 4635 | 500 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands | 16149 | 1597 |
| &nbsp;&nbsp;&nbsp;United Natural Foods <sup>\*</sup> | 27949 | 1051 |
| &nbsp;&nbsp;&nbsp;Vital Farms <sup>\*</sup> | 36754 | 1512 |
|  |  | 8812 |
| **Energy — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Archrock | 22894 | 602 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping | 42271 | 502 |
| &nbsp;&nbsp;&nbsp;California Resources | 9807 | 522 |
| &nbsp;&nbsp;&nbsp;Crescent Energy, Cl A | 61523 | 549 |
| &nbsp;&nbsp;&nbsp;CVR Energy | 19586 | 714 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings | 57079 | 1842 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Cl A | 19453 | 490 |
| &nbsp;&nbsp;&nbsp;Murphy Oil | 20880 | 593 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas | 14579 | 362 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings <sup>\*</sup> | 23557 | 834 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy | 27640 | 312 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers | 17244 | 967 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Cl A | 22650 | 905 |
| &nbsp;&nbsp;&nbsp;Teekay | 59592 | 487 |
|  |  | 9681 |
| **Financials — 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Axos Financial <sup>\*</sup> | 6997 | 592 |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior, Cl E | 16092 | 740 |
| &nbsp;&nbsp;&nbsp;Bancorp <sup>\*</sup> | 29869 | 2237 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son | 13852 | 595 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings | 10534 | 587 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares <sup>\*</sup> | 20919 | 368 |
| &nbsp;&nbsp;&nbsp;Brightsphere Investment Group | 31324 | 1509 |
| &nbsp;&nbsp;&nbsp;Camden National | 18293 | 706 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial | 21048 | 639 |
| &nbsp;&nbsp;&nbsp;Chimera Investment <sup>‡</sup> | 17546 | 232 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group | 122483 | 4844 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System | 62267 | 1603 |
| &nbsp;&nbsp;&nbsp;Comerica | 15878 | 1088 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp | 19287 | 1079 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp | 36903 | 916 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp <sup>\*</sup> | 10298 | 673 |
| &nbsp;&nbsp;&nbsp;Dave <sup>\*</sup> | 9057 | 1806 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group <sup>\*</sup> | 23604 | 985 |
| &nbsp;&nbsp;&nbsp;Enova International <sup>\*</sup> | 30584 | 3520 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial | 49262 | 840 |
| &nbsp;&nbsp;&nbsp;First Financial | 7261 | 410 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 34963 | 883 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 19425 | 3077 |
| &nbsp;&nbsp;&nbsp;FNB | 77408 | 1247 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp | 7696 | 471 |
| &nbsp;&nbsp;&nbsp;Green Dot, Cl A <sup>\*</sup> | 57993 | 779 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 14447 | 905 |

---

SEI Exchange Traded Funds 21

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Independent Bank | 17858 | $553 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Cl A | 18586 | 1881 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group | 1294 | 550 |
| &nbsp;&nbsp;&nbsp;Lemonade <sup>\*</sup> | 26787 | 1434 |
| &nbsp;&nbsp;&nbsp;LendingTree <sup>\*</sup> | 5046 | 327 |
| &nbsp;&nbsp;&nbsp;Lincoln National | 32103 | 1295 |
| &nbsp;&nbsp;&nbsp;Marqeta, Cl A <sup>\*</sup> | 471486 | 2489 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank | 5064 | 228 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 6090 | 456 |
| &nbsp;&nbsp;&nbsp;Navient | 32648 | 429 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp | 42342 | 1768 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 4743 | 475 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 17911 | 779 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 190239 | 4176 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings <sup>\*</sup> | 3652 | 426 |
| &nbsp;&nbsp;&nbsp;Pathward Financial | 12550 | 929 |
| &nbsp;&nbsp;&nbsp;Piper Sandler | 3584 | 1244 |
| &nbsp;&nbsp;&nbsp;PJT Partners | 3164 | 562 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | 5258 | 475 |
| &nbsp;&nbsp;&nbsp;PROG Holdings | 23814 | 771 |
| &nbsp;&nbsp;&nbsp;Remitly Global <sup>\*</sup> | 24980 | 407 |
| &nbsp;&nbsp;&nbsp;Root, Cl A <sup>\*</sup> | 3848 | 344 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Cl A | 7553 | 426 |
| &nbsp;&nbsp;&nbsp;Sezzle <sup>\*</sup> | 3951 | 314 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 11161 | 323 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp | 9464 | 497 |
| &nbsp;&nbsp;&nbsp;StoneX Group <sup>\*</sup> | 5300 | 535 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial | 11955 | 792 |
| &nbsp;&nbsp;&nbsp;Towne Bank | 13169 | 455 |
| &nbsp;&nbsp;&nbsp;UMB Financial | 41549 | 4917 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp | 8107 | 396 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings | 20008 | 526 |
| &nbsp;&nbsp;&nbsp;Univest Financial | 27114 | 814 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings <sup>\*</sup> | 8460 | 430 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Cl A | 30640 | 1984 |
| &nbsp;&nbsp;&nbsp;WisdomTree | 128334 | 1784 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp | 18474 | 1045 |
|  |  | 70567 |
| **Health Care — 15.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals <sup>\*</sup> | 26739 | 571 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies <sup>\*</sup> | 87623 | 1311 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare <sup>\*</sup> | 7854 | 927 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics <sup>\*</sup> | 32028 | 470 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics <sup>\*</sup> | 124518 | 340 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare <sup>\*</sup> | 152709 | 2665 |
| &nbsp;&nbsp;&nbsp;Alkermes <sup>\*</sup> | 21231 | 637 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals <sup>\*</sup> | 171381 | 1715 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals <sup>\*</sup> | 22294 | 2042 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics <sup>\*</sup> | 28201 | 532 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals <sup>\*</sup> | 33649 | 338 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals <sup>\*</sup> | 55145 | 609 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings <sup>\*</sup> | 58662 | 520 |
| &nbsp;&nbsp;&nbsp;Axogen <sup>\*</sup> | 23739 | 423 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 8844 | $492 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma <sup>\*</sup> | 98922 | 5138 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals <sup>\*</sup> | 37767 | 744 |
| &nbsp;&nbsp;&nbsp;Certara <sup>\*</sup> | 37209 | 455 |
| &nbsp;&nbsp;&nbsp;ChromaDex <sup>\*</sup> | 57415 | 536 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical <sup>\*</sup> | 17068 | 597 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics <sup>\*</sup> | 35028 | 2911 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings, Cl A <sup>\*</sup> | 4017 | 433 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A <sup>\*</sup> | 7826 | 448 |
| &nbsp;&nbsp;&nbsp;Haemonetics <sup>\*</sup> | 6526 | 318 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics <sup>\*</sup> | 54114 | 3969 |
| &nbsp;&nbsp;&nbsp;ICU Medical <sup>\*</sup> | 3898 | 468 |
| &nbsp;&nbsp;&nbsp;Inmode <sup>\*</sup> | 30139 | 449 |
| &nbsp;&nbsp;&nbsp;Innoviva <sup>\*</sup> | 65987 | 1204 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics <sup>\*</sup> | 121802 | 2103 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech <sup>\*</sup> | 3399 | 600 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular | 20595 | 1802 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals <sup>\*</sup> | 1350 | 619 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems <sup>\*</sup> | 7484 | 623 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare <sup>\*</sup> | 4932 | 944 |
| &nbsp;&nbsp;&nbsp;Novocure <sup>\*</sup> | 24943 | 322 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio <sup>\*</sup> | 205195 | 759 |
| &nbsp;&nbsp;&nbsp;Omnicell <sup>\*</sup> | 6239 | 190 |
| &nbsp;&nbsp;&nbsp;Option Care Health <sup>\*</sup> | 14630 | 406 |
| &nbsp;&nbsp;&nbsp;Pennant Group <sup>\*</sup> | 27714 | 699 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health, Cl A | 25040 | 1013 |
| &nbsp;&nbsp;&nbsp;Progyny <sup>\*</sup> | 22057 | 475 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics <sup>\*</sup> | 15009 | 921 |
| &nbsp;&nbsp;&nbsp;Repligen <sup>\*</sup> | 4707 | 629 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics <sup>\*</sup> | 25331 | 1712 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals <sup>\*</sup> | 51600 | 2466 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals <sup>\*</sup> | 48308 | 743 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals <sup>\*</sup> | 23757 | 1412 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics <sup>\*</sup> | 12198 | 441 |
| &nbsp;&nbsp;&nbsp;UFP Technologies <sup>\*</sup> | 2677 | 534 |
| &nbsp;&nbsp;&nbsp;Veracyte <sup>\*</sup> | 22855 | 785 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings <sup>\*</sup> | 91718 | 747 |
|  |  | 52207 |
| **Industrials — 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AAON | 6695 | 626 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 3622 | 502 |
| &nbsp;&nbsp;&nbsp;American Superconductor <sup>\*</sup> | 41924 | 2490 |
| &nbsp;&nbsp;&nbsp;Argan | 12728 | 3437 |
| &nbsp;&nbsp;&nbsp;Astec Industries | 23601 | 1136 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 54366 | 2451 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise <sup>\*</sup> | 1134 | 814 |
| &nbsp;&nbsp;&nbsp;AZZ | 5905 | 644 |
| &nbsp;&nbsp;&nbsp;Brink's | 5258 | 614 |
| &nbsp;&nbsp;&nbsp;Copart <sup>\*</sup> | 11905 | 535 |
| &nbsp;&nbsp;&nbsp;CoreCivic <sup>\*</sup> | 47090 | 958 |
| &nbsp;&nbsp;&nbsp;DNOW <sup>\*</sup> | 33772 | 515 |
| &nbsp;&nbsp;&nbsp;Dycom Industries <sup>\*</sup> | 7854 | 2292 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings <sup>\*</sup> | 128334 | 5651 |

---

22 SEI Exchange Traded Funds

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Exponent | 9015 | $626 |
| &nbsp;&nbsp;&nbsp;Federal Signal | 11456 | 1363 |
| &nbsp;&nbsp;&nbsp;Graham <sup>\*</sup> | 10727 | 589 |
| &nbsp;&nbsp;&nbsp;Greenbrier | 11028 | 509 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group <sup>\*</sup> | 30641 | 516 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International | 10354 | 515 |
| &nbsp;&nbsp;&nbsp;HNI | 18396 | 862 |
| &nbsp;&nbsp;&nbsp;Insteel Industries | 12972 | 497 |
| &nbsp;&nbsp;&nbsp;Interface, Cl A | 68856 | 1993 |
| &nbsp;&nbsp;&nbsp;Janus International Group <sup>\*</sup> | 164519 | 1624 |
| &nbsp;&nbsp;&nbsp;Kennametal | 33649 | 704 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 10186 | 713 |
| &nbsp;&nbsp;&nbsp;Lyft, Cl A <sup>\*</sup> | 53755 | 1183 |
| &nbsp;&nbsp;&nbsp;Matson | 3848 | 379 |
| &nbsp;&nbsp;&nbsp;Maximus | 5788 | 529 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 129853 | 3314 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Cl A <sup>\*</sup> | 33940 | 2511 |
| &nbsp;&nbsp;&nbsp;Powell Industries | 2326 | 709 |
| &nbsp;&nbsp;&nbsp;Power Solutions International <sup>\*</sup> | 8046 | 790 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 27535 | 3781 |
| &nbsp;&nbsp;&nbsp;RBC Bearings <sup>\*</sup> | 2491 | 972 |
| &nbsp;&nbsp;&nbsp;REV Group | 59102 | 3349 |
| &nbsp;&nbsp;&nbsp;Rollins | 14081 | 827 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Cl A | 21024 | 1124 |
| &nbsp;&nbsp;&nbsp;SkyWest <sup>\*</sup> | 26512 | 2668 |
| &nbsp;&nbsp;&nbsp;SPX Technologies <sup>\*</sup> | 3788 | 708 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure <sup>\*</sup> | 10541 | 3581 |
| &nbsp;&nbsp;&nbsp;Tecnoglass | 16329 | 1093 |
| &nbsp;&nbsp;&nbsp;Terex | 51732 | 2654 |
| &nbsp;&nbsp;&nbsp;Titan International <sup>\*</sup> | 43043 | 325 |
| &nbsp;&nbsp;&nbsp;Titan Machinery <sup>\*</sup> | 24789 | 415 |
| &nbsp;&nbsp;&nbsp;Trex <sup>\*</sup> | 10740 | 555 |
| &nbsp;&nbsp;&nbsp;Tutor Perini <sup>\*</sup> | 14690 | 964 |
| &nbsp;&nbsp;&nbsp;Watsco | 975 | 394 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Cl A | 5313 | 1484 |
| &nbsp;&nbsp;&nbsp;WESCO International | 4707 | 996 |
| &nbsp;&nbsp;&nbsp;Willdan Group <sup>\*</sup> | 15169 | 1467 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises | 33078 | 1836 |
|  |  | 71784 |
| **Information Technology — 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide <sup>\*</sup> | 40391 | 2131 |
| &nbsp;&nbsp;&nbsp;ACM Research, Cl A <sup>\*</sup> | 26484 | 1036 |
| &nbsp;&nbsp;&nbsp;Adeia | 32327 | 543 |
| &nbsp;&nbsp;&nbsp;Belden | 9626 | 1158 |
| &nbsp;&nbsp;&nbsp;Calix <sup>\*</sup> | 24303 | 1491 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Cl A | 90520 | 3022 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Cl A <sup>\*</sup> | 19034 | 343 |
| &nbsp;&nbsp;&nbsp;CommScope Holding <sup>\*</sup> | 31255 | 484 |
| &nbsp;&nbsp;&nbsp;CommVault Systems <sup>\*</sup> | 12916 | 2438 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding <sup>\*</sup> | 29365 | 4276 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group <sup>\*</sup> | 5904 | 556 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings <sup>\*</sup> | 16092 | 550 |
| &nbsp;&nbsp;&nbsp;Diodes <sup>\*</sup> | 9280 | 494 |

---

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;EPAM Systems <sup>\*</sup> | 1950 | $294 |
| &nbsp;&nbsp;&nbsp;Fabrinet <sup>\*</sup> | 4494 | 1639 |
| &nbsp;&nbsp;&nbsp;Fair Isaac <sup>\*</sup> | 319 | 477 |
| &nbsp;&nbsp;&nbsp;Five9 <sup>\*</sup> | 16290 | 394 |
| &nbsp;&nbsp;&nbsp;Freshworks, Cl A <sup>\*</sup> | 31158 | 367 |
| &nbsp;&nbsp;&nbsp;HubSpot <sup>\*</sup> | 656 | 307 |
| &nbsp;&nbsp;&nbsp;Intapp <sup>\*</sup> | 15842 | 648 |
| &nbsp;&nbsp;&nbsp;InterDigital | 3646 | 1259 |
| &nbsp;&nbsp;&nbsp;IonQ <sup>\*</sup> | 10545 | 649 |
| &nbsp;&nbsp;&nbsp;Itron <sup>\*</sup> | 2757 | 343 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies <sup>\*</sup> | 4763 | 833 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics <sup>\*</sup> | 16994 | 507 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings <sup>\*</sup> | 21408 | 581 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 807 | 743 |
| &nbsp;&nbsp;&nbsp;NetScout Systems <sup>\*</sup> | 32954 | 851 |
| &nbsp;&nbsp;&nbsp;Open Text | 18951 | 708 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Cl A <sup>\*</sup> | 15346 | 456 |
| &nbsp;&nbsp;&nbsp;PagerDuty <sup>\*</sup> | 30333 | 501 |
| &nbsp;&nbsp;&nbsp;PC Connection | 3909 | 242 |
| &nbsp;&nbsp;&nbsp;Photronics <sup>\*</sup> | 73425 | 1685 |
| &nbsp;&nbsp;&nbsp;Porch Group <sup>\*</sup> | 26989 | 453 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings <sup>\*</sup> | 28350 | 2052 |
| &nbsp;&nbsp;&nbsp;Rambus <sup>\*</sup> | 6821 | 711 |
| &nbsp;&nbsp;&nbsp;ScanSource <sup>\*</sup> | 6455 | 284 |
| &nbsp;&nbsp;&nbsp;Silicon Motion Technology ADR | 16092 | 1526 |
| &nbsp;&nbsp;&nbsp;SiTime <sup>\*</sup> | 3660 | 1103 |
| &nbsp;&nbsp;&nbsp;SMART Global Holdings <sup>\*</sup> | 22681 | 596 |
| &nbsp;&nbsp;&nbsp;TTM Technologies <sup>\*</sup> | 70116 | 4039 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies <sup>\*</sup> | 1214 | 635 |
| &nbsp;&nbsp;&nbsp;Vertex, Cl A <sup>\*</sup> | 15250 | 378 |
| &nbsp;&nbsp;&nbsp;Viasat <sup>\*</sup> | 18725 | 549 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings | 84946 | 319 |
|  |  | 44651 |
| **Materials — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;AdvanSix | 18558 | 360 |
| &nbsp;&nbsp;&nbsp;Balchem | 3732 | 560 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs <sup>\*</sup> | 125976 | 1537 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 32795 | 1879 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A <sup>\*</sup> | 34423 | 512 |
| &nbsp;&nbsp;&nbsp;FMC | 29683 | 998 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals | 51889 | 787 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Cl I <sup>\*</sup> | 109191 | 1416 |
| &nbsp;&nbsp;&nbsp;PERIMETER SOLUTIONS INC <sup>\*</sup> | 33864 | 758 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 17180 | 1612 |
| &nbsp;&nbsp;&nbsp;SSR Mining <sup>\*</sup> | 214358 | 5235 |
|  |  | 15654 |
| **Real Estate — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group <sup>\*</sup> | 6445 | 544 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield <sup>\*</sup> | 48233 | 768 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality <sup>‡</sup> | 56584 | 450 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust <sup>‡</sup> | 65594 | 289 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties <sup>‡</sup> | 31787 | 1012 |

---

SEI Exchange Traded Funds 23

**SCHEDULE OF INVESTMENTS (Unaudited)**

September 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | | Market Value |
| Description | Shares | ($ Thousands) |
| **COMMON STOCK (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings | 46565 | $388 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Cl A | 155935 | 2908 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Cl A <sup>‡</sup> | 84041 | 756 |
| &nbsp;&nbsp;&nbsp;Real Brokerage <sup>\*</sup> | 49242 | 206 |
| &nbsp;&nbsp;&nbsp;Safehold <sup>‡</sup> | 9320 | 144 |
| &nbsp;&nbsp;&nbsp;SL Green Realty <sup>‡</sup> | 35802 | 2141 |
| &nbsp;&nbsp;&nbsp;Terreno Realty <sup>‡</sup> | 16205 | 920 |
|  |  | 10526 |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;TXNM Energy | 8476 | 479 |
| Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $293,550) ($ Thousands) |  | 337932 |
| Total Investments in Securities — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $293,550) ($ Thousands) |  | $337932 |

---

Percentages are based on Net Assets of $338,746 ($ Thousands).

<sup>\*</sup> Non-income producing security.

<sup>‡</sup> Real Estate Investment Trust.

As of September 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See "Glossary" for abbreviations.

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

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

24 SEI Exchange Traded Funds

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

**Portfolio Abbreviations**

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

NVDR — Non-voting Depository Receipt

PJSC — Public Joint Stock Company

REIT — Real Estate Investment Trust

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

SEI Exchange Traded Funds 25

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

September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SEI Enhanced<br> U.S. Large Cap<br> Quality Factor<br> ETF** | **SEI Enhanced<br> U.S. Large Cap<br> Momentum Factor<br> ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>†</sup> | $462372 | $920059 |
| &nbsp;&nbsp;&nbsp;Cash | 1518 | 8224 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value <sup>††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1934 | 2270 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 299 | 122 |
| &nbsp;&nbsp;&nbsp;Receivable for investment securities sold |  |  |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaim receivable |  | 7 |
| &nbsp;&nbsp;&nbsp;Total Assets | 466123 | 930682 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investment securities purchased | 1936 | 2252 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 82 | 156 |
| &nbsp;&nbsp;&nbsp;Accrued foreign capital gains tax on appreciated securities |  |  |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 2018 | 2408 |
| &nbsp;&nbsp;&nbsp;Net Assets | $464105 | $928274 |
| &nbsp;&nbsp;&nbsp;<sup>†</sup> Cost of investments | $408854 | $747631 |
| &nbsp;&nbsp;&nbsp;<sup>††</sup> Cost of foreign currency |  |  |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital — (unlimited authorization — no par value) | $412942 | $756370 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 51163 | 171904 |
| &nbsp;&nbsp;&nbsp;Net Assets | $464105 | $928274 |
| **Net Asset Value, Offering and Redemption Price Per Share** | $38.68 | $45.39 |
|  | ($464,105,433 ÷ | ($928,273,844 ÷ |
|  | 12,000,000 shares) | 20,450,000 shares) |

---

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

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

26 SEI Exchange Traded Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SEI Enhanced<br> U.S. Large Cap<br> Value Factor ETF** | **SEI Enhanced Low<br> Volatility U.S.<br> Large Cap ETF** | **SEI Select Emerging<br> Markets Equity ETF** | **SEI Select International<br> Equity ETF** | **SEI Select <br> Small Cap ETF** |
| $898090 | $168845 | $300893 | $716440 | $337932 |
| 5465 | 1002 | 3209 | 3322 | 842 |
|  |  | 85 | 154 |  |
|  | 798 |  | 8978 | 1397 |
| 379 | 172 | 575 | 1741 | 130 |
|  |  |  | 167 |  |
| 1 | 2 | 31 | 1095 | 14 |
| 903935 | 170819 | 304793 | 731897 | 340315 |
|  | 799 |  | 9068 | 1398 |
| 153 | 37 | 154 | 325 | 171 |
|  |  | 400 |  |  |
| 153 | 836 | 554 | 9393 | 1569 |
| $903782 | $169983 | $304239 | $722504 | $338746 |
| $764242 | $147745 | $252239 | $614280 | $293550 |
|  |  | 55 | 154 |  |
| $768065 | $146373 | $252989 | $606221 | $315957 |
| 135717 | 23610 | 51250 | 116283 | 22789 |
| $903782 | $169983 | $304239 | $722504 | $338746 |
| $38.91 | $31.92 | $29.97 | $30.49 | $27.94 |
| ($903,781,943 ÷ | ($169,982,889 ÷ | ($304,239,493 ÷ | ($722,504,496 ÷ | ($338,745,970 ÷ |
| 23,225,000 shares) | 5,325,000 shares) | 10,150,000 shares) | 23,700,000 shares) | 12,125,000 shares) |

---

SEI Exchange Traded Funds 27

**STATEMENTS OF OPERATIONS ($ Thousands)**

For the six months ended September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| | **SEI Enhanced <br> U.S. Large Cap <br> Quality Factor <br> ETF** | **SEI Enhanced <br> U.S. Large Cap <br> Momentum Factor <br> ETF** |
| **Investment income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $1998 | $2824 |
| &nbsp;&nbsp;&nbsp;Less: foreign taxes withheld |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | 1998 | 2824 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 257 | 504 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 5 | 9 |
| &nbsp;&nbsp;&nbsp;Proxy fees | 3 | 3 |
| &nbsp;&nbsp;&nbsp;Total expenses | 265 | 516 |
| **Net investment income** | 1733 | 2308 |
| **Net realized gain (loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments<sup>(1)</sup> | 2164 | 20166 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  |
| &nbsp;&nbsp;&nbsp;**Net realized gain (loss)** | 2164 | 20166 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 33918 | 134848 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax on appreciated securities |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency and translation of other assets and liabilities denominated in foreign currency |  |  |
| **Net change in unrealized appreciation (depreciation)** | 33918 | 134848 |
| **Net realized and unrealized gain** | 36082 | 155014 |
| **Net increase in net assets resulting from operations** | $37815 | $157322 |

---

<sup>(1)</sup> Includes realized gains (losses) as a result of in-kind redemptions (see Note 4 in Notes to Financial Statements).

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

28 SEI Exchange Traded Funds

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SEI Enhanced <br> U.S. Large Cap<br> Value Factor ETF** | **SEI Enhanced Low <br> Volatility U.S.<br> Large Cap ETF** | **SEI Select Emerging <br> Markets Equity ETF** | **SEI Select International <br> Equity ETF** | **SEI Select <br> Small Cap ETF** |
| $6250 | $1598 | $5251 | $13885 | $1621 |
| (9) |  | (498) | (1575) | (11) |
| 6241 | 1598 | 4753 | 12310 | 1610 |
| 487 | 119 | 748 | 1563 | 741 |
| 9 | 2 | 3 | 9 | 4 |
| 2 | 1 |  |  |  |
| 498 | 122 | 751 | 1572 | 745 |
| 5743 | 1476 | 4002 | 10738 | 865 |
| 16089 | 3932 | 4131 | 18723 | (12622) |
|  |  | (3) |  |  |
|  |  | (156) | (66) |  |
| 16089 | 3932 | 3972 | 18657 | (12622) |
| 105437 | 2959 | 48263 | 78677 | 58274 |
|  |  | (400) |  |  |
|  |  | 44 | 50 |  |
| 105437 | 2959 | 47907 | 78727 | 58274 |
| 121526 | 6891 | 51879 | 97384 | 45652 |
| $127269 | $8367 | $55881 | $108122 | $46517 |

---

SEI Exchange Traded Funds 29

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

For the six months ended September 30, 2025 (Unaudited) and the year ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **SEI Enhanced U.S. Large Cap <br> Quality Factor ETF** | **SEI Enhanced U.S. Large Cap <br> Quality Factor ETF** |
|  | 9/30/2025 | 3/31/2025 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1733 | $2760 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 2164 | 7747 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 33918 | 11090 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 37815 | 21597 |
| **Distributions:** | (1628) | (2474) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 182193 | 107848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (33441) | (73624) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from capital share transactions | 148752 | 34224 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets** | 184939 | 53347 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 279166 | 225819 |
| &nbsp;&nbsp;&nbsp;End of period | $464105 | $279166 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued | 4925 | 3100 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (925) | (2125) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from share transactions | 4000 | 975 |

---

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

30 SEI Exchange Traded Funds

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

For the six months ended September 30, 2025 (Unaudited) and the year ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **SEI Enhanced U.S. Large Cap <br> Momentum Factor ETF** | **SEI Enhanced U.S. Large Cap <br> Momentum Factor ETF** |
|  | 9/30/2025 | 3/31/2025 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2308 | $3123 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 20166 | 55416 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 134848 | 1987 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 157322 | 60526 |
| **Distributions:** | (2042) | (2603) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 398422 | 285882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (141469) | (290149) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets derived from capital share transactions | 256953 | (4267) |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets** | 412233 | 53656 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 516041 | 462385 |
| &nbsp;&nbsp;&nbsp;End of period | $928274 | $516041 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued | 9500 | 7575 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3350) | (7675) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from share transactions | 6150 | (100) |

---

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

SEI Exchange Traded Funds 31

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

For the six months ended September 30, 2025 (Unaudited) and the year ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **SEI Enhanced U.S. Large Cap <br> Value Factor ETF** | **SEI Enhanced U.S. Large Cap <br> Value Factor ETF** |
|  | 9/30/2025 | 3/31/2025 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $5743 | $9373 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 16089 | 32730 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 105437 | (12949) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 127269 | 29154 |
| **Distributions:** | (5294) | (8298) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 349309 | 257274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (93629) | (219014) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from capital share transactions | 255680 | 38260 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets** | 377655 | 59116 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 526127 | 467011 |
| &nbsp;&nbsp;&nbsp;End of period | $903782 | $526127 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued | 9600 | 7900 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2575) | (6775) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from share transactions | 7025 | 1125 |

---

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

32 SEI Exchange Traded Funds

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

For the six months ended September 30, 2025 (Unaudited) and the year ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **SEI Enhanced Low Volatility <br> U.S. Large Cap ETF** | **SEI Enhanced Low Volatility <br> U.S. Large Cap ETF** |
|  | 9/30/2025 | 3/31/2025 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1476 | $2595 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 3932 | 1673 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 2959 | 11479 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 8367 | 15747 |
| **Distributions:** | (1466) | (2359) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 40730 | 18998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (23363) | (15079) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from capital share transactions | 17367 | 3919 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets** | 24268 | 17307 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 145715 | 128408 |
| &nbsp;&nbsp;&nbsp;End of period | $169983 | $145715 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued | 1325 | 625 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (750) | (500) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from share transactions | 575 | 125 |

---

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

SEI Exchange Traded Funds 33

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

For the six months ended September 30, 2025 (Unaudited) and the year ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **SEI Select Emerging <br> Markets Equity ETF** | **SEI Select Emerging <br> Markets Equity ETF** |
|  | 9/30/2025 | 3/31/2025<sup>(1)</sup> |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $4002 | $1770 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 3972 | (2614) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 47907 | 387 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 55881 | (457) |
| **Distributions:** | (3562) | (612) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 57323 | 207134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (11468) |  |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from capital share transactions | 45855 | 207134 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets** | 98174 | 206065 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 206065 |  |
| &nbsp;&nbsp;&nbsp;End of period | $304239 | $206065 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued | 2100 | 8450 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (400) |  |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from share transactions | 1700 | 8450 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund commenced operations on October 8, 2024.

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

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

34 SEI Exchange Traded Funds

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

For the six months ended September 30, 2025 (Unaudited) and the year ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **SEI Select International Equity ETF** | **SEI Select International Equity ETF** |
|  | 9/30/2025 | 3/31/2025<sup>(1)</sup> |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $10738 | $3910 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 18657 | 952 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 78727 | 23495 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 108122 | 28357 |
| **Distributions:** | (10906) | (844) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 199169 | 579417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (116994) | (63817) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from capital share transactions | 82175 | 515600 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets** | 179391 | 543113 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 543113 |  |
| &nbsp;&nbsp;&nbsp;End of period | $722504 | $543113 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued | 6875 | 23325 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4050) | (2450) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from share transactions | 2825 | 20875 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund commenced operations on October 8, 2024.

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

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

SEI Exchange Traded Funds 35

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

For the six months ended September 30, 2025 (Unaudited) and the year ended March 31, 2025

---

| | | |
|:---|:---|:---|
|  | **SEI Select Small Cap ETF** | **SEI Select Small Cap ETF** |
|  | 9/30/2025 | 3/31/2025<sup>(1)</sup> |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $865 | $1050 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (12622) | (5622) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 58274 | (13892) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 46517 | (18464) |
| **Distributions:** | (891) | (516) |
| **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares issued | 90812 | 266529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed | (15550) | (29691) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets derived from capital share transactions | 75262 | 236838 |
| &nbsp;&nbsp;&nbsp;**Net increase in net assets** | 120888 | 217858 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 217858 |  |
| &nbsp;&nbsp;&nbsp;End of period | $338746 | $217858 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued | 3550 | 10325 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (600) | (1150) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net assets derived from share transactions | 2950 | 9175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund commenced operations on October 8, 2024.

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

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

36 SEI Exchange Traded Funds

**FINANCIAL HIGHLIGHTS**

For the six month period ended September 30, 2025 (Unaudited) and the year ended March 30, For a Share Outstanding Throughout Each Year/Period

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net asset<br> value,<br> beginning of<br> period | Net<br> investment<br> income<sup>(1)</sup> | Net realized and<br> unrealized gains<br> (losses) | Total from<br> operations | Distributions from<br> net investment<br> income | Distributions<br> from realized<br> gains | Total dividends<br> and<br> distributions | Net asset value,<br> end of period | Total<br> Return† | Net assets,<br> end of period<br> ($ Thousands) | Ratio of<br> net expenses<br> to average<br> net assets | Ratio of net<br> investment<br> income to<br> average net<br> assets | Portfolio<br> turnover<sup>†</sup> |
| SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF | SEI Enhanced U.S. Large Cap Quality Factor ETF |  |  |  |  |  |  |  |  |  |
| 2025 @ | $34.90 | $0.19 | $3.78 | $3.97 | $(0.19) | $– | $(0.19) | $38.68 | 11.42% | $464105 | 0.15% | 1.01% | 18% |
| 2025 | 32.15 | 0.37 | 2.72 | 3.09 | (0.34) |  | (0.34) | 34.90 | 9.65 | 279166 | 0.15 | 1.10 | 40 |
| 2024 | 27.19 | 0.44 | 4.85 | 5.29 | (0.33) |  | (0.33) | 32.15 | 19.60 | 225819 | 0.15 | 1.44 | 23 |
| 2023<sup>(2)</sup> | 24.91 | 0.30 | 2.19 | 2.49 | (0.21) |  | (0.21) | 27.19 | 10.08 | 13593 | 0.15 | 1.35 | 40 |
| SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF | SEI Enhanced U.S. Large Cap Momentum Factor ETF |  |  |  |  |  |  |  |  |  |
| 2025 @ | $36.09 | $0.14 | $9.30 | $9.44 | $(0.14) | $– | $(0.14) | $45.39 | 26.22% | $928274 | 0.15% | 0.69% | 37% |
| 2025 | 32.11 | 0.22 | 3.94 | 4.16 | (0.18) |  | (0.18) | 36.09 | 12.97 | 516041 | 0.15 | 0.62 | 78 |
| 2024 | 25.51 | 0.21 | 6.64 | 6.85 | (0.25) |  | (0.25) | 32.11 | 27.08 | 462385 | 0.15 | 0.70 | 40 |
| 2023<sup>(2)</sup> | 26.35 | 0.33 | (0.92) | (0.59) | (0.25) |  | (0.25) | 25.51 | 2.74 | 21047 | 0.15 | 1.52 | 63 |
| SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF | SEI Enhanced U.S. Large Cap Value Factor ETF |  |  |  |  |  |  |  |  |  |
| 2025 @ | $32.48 | $0.31 | $6.43 | $6.74 | $(0.31) | $– | $(0.31) | $38.91 | 20.93% | $903782 | 0.15% | 1.77% | 27% |
| 2025 | 30.98 | 0.61 | 1.44 | 2.05 | (0.55) |  | (0.55) | 32.48 | 6.65 | 526127 | 0.15 | 1.90 | 60 |
| 2024 | 24.17 | 0.69 | 6.70 | 7.39 | (0.58) |  | (0.58) | 30.98 | 31.11 | 467011 | 0.15 | 2.44 | 32 |
| 2023<sup>(2)</sup> | 24.95 | 0.58 | (0.97) | (0.39) | (0.39) |  | (0.39) | 24.17 | (1.52) | 20544 | 0.15 | 2.74 | 43 |
| SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF | SEI Enhanced Low Volatility U.S. Large Cap ETF |  |  |  |  |  |  |  |  |  |
| 2025 @ | $30.68 | $0.29 | $1.25 | $1.54 | $(0.30) | $– | $(0.30) | $31.92 | 5.05% | $169983 | 0.15% | 1.86% | 12% |
| 2025 | 27.76 | 0.56 | 2.87 | 3.43 | (0.51) |  | (0.51) | 30.68 | 12.53 | 145715 | 0.15 | 1.95 | 16 |
| 2024 | 25.21 | 0.54 | 2.54 | 3.08 | (0.53) |  | (0.53) | 27.76 | 12.47 | 128408 | 0.15 | 2.04 | 13 |
| 2023<sup>(2)</sup> | 24.79 | 0.48 | 0.25 | 0.73 | (0.31) |  | (0.31) | 25.21 | 3.02 | 11977 | 0.15 | 2.24 | 24 |
| SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF | SEI Select Emerging Markets Equity ETF |  |  |  |  |  |  |  |  |  |
| 2025 @ | $24.39 | $0.43 | $5.55 | $5.98 | $(0.40) | $– | $(0.40) | $29.97 | 24.76% | $304239 | 0.60% | 3.21% | 45% |
| 2025<sup>(3)</sup> | 25.00 | 0.24 | (0.78) | (0.54) | (0.07) |  | (0.07) | 24.39 | (2.14) | 206065 | 0.60 | 2.07 | 34 |
| SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF | SEI Select International Equity ETF |  |  |  |  |  |  |  |  |  |
| 2025 @ | $26.02 | $0.49 | $4.50 | $4.99 | $(0.52) | $– | $(0.52) | $30.49 | 19.34% | $722504 | 0.50% | 3.43% | 34% |
| 2025<sup>(3)</sup> | 25.00 | 0.21 | 0.85 | 1.06 | (0.04) |  | (0.04) | 26.02 | 4.25 | 543113 | 0.50 | 1.77 | 31 |
| SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF | SEI Select Small Cap ETF |  |  |  |  |  |  |  |  |  |
| 2025 @ | $23.74 | $0.08 | $4.21 | $4.29 | $(0.09) | $– | $(0.09) | $27.94 | 18.56% | $338746 | 0.55% | 0.64% | 65% |
| 2025<sup>(3)</sup> | 25.30 | 0.13 | (1.63) | (1.50) | (0.06) |  | (0.06) | 23.74 | (5.96) | 217858 | 0.55 | 1.07 | 24 |

---

<sup>@</sup> For the six month period ended September 30, 2025. All ratios have been annualized.

<sup>†</sup> Returns and portfolio turnover rate are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes the shareholder would pay on fund distributions or redemption of fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Per share calculated using average shares.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Commenced operations on May 18, 2022. All ratios for the period
 have been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Commenced operations on October 8, 2024. All ratios for the
 period have been annualized.

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

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

SEI Exchange Traded Funds 37

**NOTES TO FINANCIAL STATEMENTS**

September 30, 2025 (Unaudited)

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

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

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

38 SEI Exchange Traded Funds

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

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

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

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

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

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

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

Level 1 — quoted prices in active markets for identical investments

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

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

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

The valuation techniques used by the Funds to measure fair value during the six months ended September 30, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended September 30, 2025, there have been no significant changes to the inputs or the Trust's fair valuation methodologies.

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

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

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

SEI Exchange Traded Funds 39

**NOTES TO FINANCIAL STATEMENTS (Continued)**

September 30, 2025 (Unaudited)

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

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

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

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

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

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

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

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

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

gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

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

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

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

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

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

40 SEI Exchange Traded Funds

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

---

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

---

As of September 30, 2025, SIMC has entered into investment sub-advisory agreements with the following unaffiliated parties:

Investment Sub-Adviser

**SEI Select Emerging Markets Equity ETF**

Aikya Investments Management Ltd.

JOHCM (USA) Inc.

Robeco Insitutional Asset Management Ltd.

**SEI Select International Equity ETF**

Brown Advisory LLC

Pzena Investment Management LLC

**SEI Select Small Cap ETF**

Easterly Investment Management LLC

Geneva Capital Management LLC

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

There were no such commissions for the six months ended September 30, 2025.

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

The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee

meetings. The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.

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

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

As of, and during the six months ended September 30, 2025, the Trust had not participated in the Program.

4. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, excluding in-kind transactions and short-term securities during the six months ended September 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SEI Enhanced U.S.<br> Large Cap Quality<br> Factor ETF**<br> ($ Thousands) | **SEI Enhanced<br> U.S. Large Cap<br> Momentum Factor<br> ETF**<br> ($ Thousands) | **SEI Enhanced U.S.<br> Large Cap Value<br> Factor ETF**<br> ($ Thousands) | **SEI Enhanced Low<br> Volatility U.S.<br> Large Cap ETF**<br> ($ Thousands) |
| **Purchases** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 75698 | 247635 | 177457 | 19008 |

---

SEI Exchange Traded Funds 41

**NOTES TO FINANCIAL STATEMENTS (Continued)**

September 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **SEI Enhanced U.S.<br> Large Cap Quality<br> Factor ETF**<br> ($ Thousands) | **SEI Enhanced<br> U.S. Large Cap<br> Momentum Factor<br> ETF**<br> ($ Thousands) | **SEI Enhanced U.S.<br> Large Cap Value<br> Factor ETF**<br> ($ Thousands) | **SEI Enhanced Low<br> Volatility U.S.<br> Large Cap ETF**<br> ($ Thousands) |
| **Sales** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 60985 | 245621 | 176599 | 19841 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **SEI Select<br> Emerging Markets<br> Equity ETF**<br> ($ Thousands) | **SEI Select<br> International<br> Equity ETF**<br> ($ Thousands) | **SEI Select Small<br> Cap ETF**<br> ($ Thousands) |
| **Purchases** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 163794 | 213896 | 175985 |
| **Sales** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 112078 | 209467 | 176643 |

---

For the six months ended September 30, 2025, in-kind transactions associated with creations and redemptions were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases <br> ($ Thousands)** | **Sales <br> ($ Thousands)** | **Realized <br> Gain <br> ($ Thousands)** |
| **SEI Enhanced U.S. Large Cap Quality Factor ETF** | $166068 | $31797 | $5980 |
| **SEI Enhanced U.S. Large Cap Momentum Factor ETF** | 391276 | 140069 | 31070 |
| **SEI Enhanced U.S. Large Cap Value Factor ETF** | 344143 | 91027 | 24667 |
| **SEI Enhanced Low Volatility U.S. Large Cap ETF** | 40589 | 22501 | 5135 |
| **SEI Select Emerging Markets Equity ETF** | 3956 | 11417 | 2605 |
| **SEI Select International Equity ETF ETF** | 194418 | 113514 | 23406 |
| **SEI Select Small Cap ETF** | 90920 | 14947 | 2790 |

---

5. FEDERAL TAX INFORMATION:

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

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

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

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

42 SEI Exchange Traded Funds

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

---

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

---

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

---

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

---

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

---

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

---

SEI Exchange Traded Funds 43

**NOTES TO FINANCIAL STATEMENTS (Continued)**

September 30, 2025 (Unaudited)

For Federal income tax purposes, the cost of securities owned at September 30, 2025, and the net realized gains or losses on securities sold for the period were different from amounts reported for financial reporting purposes. These differences are primarily due to wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at September 30, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br> Tax Cost<br> ($ Thousands) | Appreciated<br> Securities<br> ($ Thousands) | Depreciated<br> Securities<br> ($ Thousands) | Net<br> Unrealized<br> Appreciation/<br> (Depreciation)<br> ($ Thousands) |
| **SEI Enhanced U.S. Large Cap Quality Factor ETF** | $408854 | $61496 | $(7978) | $53518 |
| **SEI Enhanced U.S. Large Cap Momentum Factor ETF** | 747631 | 180771 | (8343) | 172428 |
| **SEI Enhanced U.S. Large Cap Value Factor ETF** | 764242 | 140544 | (6696) | 133848 |
| **SEI Enhanced Low Volatility U.S. Large Cap ETF** | 147745 | 25523 | (4423) | 21100 |
| **SEI Select Emerging Markets Equity ETF** | 252239 | 54442 | (5788) | 48654 |
| **SEI Select International Equity ETF** | 614280 | 111586 | (9426) | 102160 |
| **SEI Select Small Cap ETF** | 293550 | 53637 | (9255) | 44382 |

---

6. CONCENTRATION/RISKS

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

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

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

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

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

**Value Securities Risk** — Securities issued by companies that may be perceived as undervalued may fail to appreciate for long periods of time and may never realize their full potential value. SIMC may be unsuccessful in identifying undervalued securities. Value securities have generally performed better than non-value securities during periods of economic recovery

(although there is no assurance that they will continue to do so). Value securities may go in and out of favor over time.

**Volatility Risk** — Although SIMC seeks to construct a portfolio with lower volatility than the broad U.S. large cap equity market, there is no guarantee that SIMC will be successful. As a result, the Fund may not be any less volatile than the market as a whole, and could be more volatile.

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

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

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

44 SEI Exchange Traded Funds

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

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

**Market Trading Risk** — The Funds face numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Active trading markets for the Funds' shares may not be developed or maintained by market makers or Authorized Participants (as defined below). Authorized Participants are not obligated to make a market in the Funds' shares or to submit purchase or redemption orders for Creation Units (as defined below). In times of market stress, market makers or Authorized Participants may step away from their respective roles, which could lead to variances between the market price of the Funds' shares and its underlying NAV. Trading in shares on an exchange may be halted in certain circumstances. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Funds. Any of these factors could lead the Funds' shares to trade at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Funds in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market, particularly during times of market stress. SIMC cannot predict whether shares will trade above (premium), below (discount) or at NAV or whether the spread between bid and ask prices will widen. In addition, there can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the Funds will continue to be met.

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

**Depositary Receipts Risk** — Depositary receipts, such as American Depositary Receipts, are certificates

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

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

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

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

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

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

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

SEI Exchange Traded Funds 45

**NOTES TO FINANCIAL STATEMENTS (Concluded)**

September 30, 2025 (Unaudited)

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

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

**Risk of Investing in China** — China is an emerging market, and as a result, investments in securities of companies organized and listed in China may be subject to liquidity constraints and significantly higher volatility, from time to time, than investments in securities of more developed markets. China may be subject to considerable government intervention and varying degrees of economic, political and social instability. Internal social unrest or confrontations with other neighboring countries could have a significant impact on the economy of China. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. There also is no guarantee that the Chinese government will not revert from its current open-market economy to an economic policy of central planning. These factors may result in, among other things, a greater risk of

stock market, interest rate, and currency fluctuations, as well as inflation. Accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, disclosure of certain material information may not be made, may be less available, or may be less reliable. It may also be difficult or impossible for the Fund, U.S. authorities and regulators to obtain or enforce a judgment in a Chinese court. In addition, periodic U.S. Government restrictions on investments in Chinese companies may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. The Fund may also be subject to additional risks related to investments in VIEs. Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company's performance and the enforceability of the VIE's contractual arrangements with the Chinese company. The Fund may, directly or indirectly, purchase China A-Shares through Stock Connect or that may be available in the future through additional stock connect programs, a mutual market access program designed to, among other things, enable foreign investment in the People's Republic of China (PRC) via brokers in Hong Kong. There are significant risks inherent in investing in China A-Shares through Stock Connect. The underdeveloped state of PRC's investment and banking systems subjects the settlement, clearing, and registration of China A-Shares transactions to heightened risks. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if either or both markets are closed on a U.S. trading day, the Fund may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Fund's performance.

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

46 SEI Exchange Traded Funds

7. SEGMENT REPORTING

In this reporting period, the Funds adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) – "Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' 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. SIMC acts as the Funds' CODM. The CODM has determined that the Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of the Funds' schedules of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

8. RECENT ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer

beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management is evaluating the impact of these changes on the Funds' financial statements.

9. SUBSEQUENT EVENTS

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

SEI Exchange Traded Funds 47

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

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

Not applicable.

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

There were no matters submitted to a vote of shareholders during the period covered by this report.

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

No remuneration was paid by the company during the period covered by the report to any Trustees on the company's Board of Trustees. The Adviser pays the Trustee fees under a unitary management fee structure. More information about Trustee compensation can be found in the fund's Statement of Additional Information (the "SAI") under "Trustees and Officers of the Trust".

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

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

The Investment Company Act of 1940, as amended (the "1940 Act"), requires that the initial approval of a Fund's Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or "interested persons" of any party (the "Independent Trustees") cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In connection with their consideration of such renewals, the Funds' Trustees must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund's fees, mutual fund boards are required to evaluate the material factors applicable to a decision to renew an Investment Advisory Agreement.

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

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

48 SEI Exchange Traded Funds

At the December 2-4, 2024 meeting of the Board, the Board approved a brief extension of the Advisory Agreement to accommodate a revised Spring meeting schedule. Typically, the Trustees renew the Advisory Agreement at the first quarterly in-person meeting of the calendar year in March. Agreements regularly renewed at the March meeting expire on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2025 was held on April 1-3, the Advisory Agreement would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 2-4, 2024 meeting to extend the Advisory Agreement until the April 1-3, 2025 meeting. In evaluating whether to approve the extension of the Advisory Agreement, the Board considered the information made available to it throughout the course of the year by representatives of the SEI investment and compliance teams. At the April 1-3, 2025 meeting, the Board evaluated the Advisory in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. Also, certain Sub-Advisory Agreements were renewed at a meeting of the Board held during the first half of the Trust's fiscal year on September 15-17, 2025. In each case, the Board's renewal was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings. The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

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

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

SEI Exchange Traded Funds 49

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

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

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

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

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

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

50 SEI Exchange Traded Funds

**SEI Exchange Traded Funds / Annual Financials and Other Information / September 30, 2025**

**Trustees**

Robert A. Nesher, *Chairman*

Dennis J. McGonigle

Nina Lesavoy

James M. Williams

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Eli Powell Niepoky

Kimberly Walker

**Officers**

Robert A. Nesher

*President and Chief Executive Officer*

Glenn R. Kurdziel

*Controller and Chief Financial Officer*

Stephen Panner

*Chief Compliance Officer*

Timothy D. Barto

*Vice President, Secretary*

David F. McCann

*Vice President, Assistant Secretary*

Katherine Mason

*Vice President, Assistant Secretary*

Stephen G. MacRae

*Vice President*

Marci Morgan

*Anti-Money Laundering Compliance Officer*

 

*Privacy Officer*

**Investment Adviser**

SEI Investments Management Corporation

**Administrator**

SEI Investments Global Funds Services

**Distributor**

SEI Investments Distribution Co.

**Legal Counsel**

Morgan, Lewis & Bockius LLP

**Independent Registered Public Accounting Firm** 

KPMG LLP

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

**For more information call**

**1 800 DIAL SEI**

**(1 800 342 5734)**

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| | |
|:---|:---|
| ![](fp0096337_03.jpg) | 1 Freedom Valley Drive<br> P.O. Box 1100<br> Oaks, Pennsylvania 19456<br>|

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SEI-ETF (9/25)

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees (the "Board"). The Registrant has a standing Governance Committee (the "Committee") currently consisting of the Independent Trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee's Charter, adopted on June 18th, 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant's office.

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "1940 Act"))are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

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

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

Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable for semi-annual report.

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are filed herewith.](fp0096337-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications, as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.](fp0096337-1_ex99906cert.htm)

**SIGNATURES**

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

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| | |
|:---|:---|
|  | SEI Exchange Traded Funds |
| By: | /s/ Robert A. Nesher |
|  | Robert A. Nesher |
|  | President and CEO |
|  | (Principal Executive Officer) |
| Date: December 3, 2025 |  |

---

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

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| | |
|:---|:---|
| By: | /s/ Robert A. Nesher |
|  | Robert A. Nesher |
|  | President and CEO |
|  | (Principal Executive Officer) |
| Date: December 3, 2025 |  |

---

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| | |
|:---|:---|
| By: | /s/ Glenn Kurdziel |
|  | Glenn Kurdziel |
|  | Controller and CFO |
|  | (Principal Financial Officer) |
| Date: December 3, 2025 |  |

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## Ex-99.Cert

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002

I, Robert A. Nesher, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: December 3, 2025

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

---

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002

I, Glenn Kurdziel, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: December 3, 2025

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| |
|:---|
| /s/ Glenn Kurdziel |
| Glenn Kurdziel<br> Controller and Chief Financial Officer |

---

(Principal Financial Officer)

## Exhibit 99.906

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President and Chief Executive Officer of SEI Exchange Traded Funds (the "Trust"), with respect to the Trust's Report on Form N-CSRS for the period ended September 30, 2025 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: December 3, 2025

---

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

---

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Controller and Chief Financial Officer of SEI Exchange Traded Funds (the "Trust"), with respect to the Trust's Report on Form N-CSRS for the period ended September 30, 2025 as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: December 3, 2025

---

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

---