Page
Letter from the President	3
Management's Discussion of Fund Performance (Unaudited)	4-24
Tabular Presentation of Portfolios of Investments (Unaudited)	25-27
Portfolios of Investments:
Touchstone Climate Transition ETF	28
Touchstone Dividend Select ETF	29
Touchstone Dynamic International ETF	30-32
Touchstone Securitized Income ETF	33-34
Touchstone Strategic Income Opportunities ETF	35-38
Touchstone Ultra Short Income ETF	39-41
Touchstone US Large Cap Focused ETF	42
Statements of Assets and Liabilities	43
Statements of Operations	44
Statements of Changes in Net Assets	46-48
Financial Highlights	49-50
Notes to Financial Statements	51-65
Report of Independent Registered Public Accounting Firm	66-67
Other Items (Unaudited)	68-78
Management of the Trust (Unaudited)	79-81
Privacy Protection Policy	83

This report identifies the Funds' investments on December 31, 2023. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.

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Dear Shareholder:

We are pleased to provide you with the Touchstone ETF Trust Annual Report. Inside you will find key financial information, as well as manager commentaries for the Funds, for the twelve months ended December 31, 2023.

In 2023, the U.S. Federal Reserve (Fed) increased interest rates to tackle ongoing inflation. For the first three quarters of the year, rates rose a full percentage point, following a four point increase in 2022. In the fourth quarter, the Fed paused rate hikes as inflation eased. While the possibility of a smooth economic transition emerged, the Fed noted that rates would stay "higher for longer" due to inflation still being above its two percent target. The pause in rate hikes led to a fourth-quarter rally in all asset classes, resulting in positive returns for U.S. stocks and fixed income for the year. Globally, developed markets didn't perform as well as the U.S., while emerging markets saw a late-year rally. China, India, and many other Asian emerging market countries finally experienced positive GDP growth in the third quarter after facing challenges in 2022 and the first half of 2023.

In 2023, the U.S. stock market, measured by the S&P 500^® Index, saw a 26.29 percent increase. Unlike 2022, growth stocks outperformed value stocks across all market sizes. The Fed's decision to pause rate hikes particularly favored growth stocks, given their higher expected growth rates and longer term earnings growth. The difference between growth and value was most pronounced in large-cap stocks but narrowed in mid and small caps. Among domestic equities, large-cap growth stocks performed the best, especially the "Magnificent 7," largely benefiting from speculation about growth opportunities in artificial intelligence.

In the bond markets, the decision by the Fed to pause rate hikes, driven by easing inflation in the latter part of the year, led to a rally in both high-quality and lower-quality credit. Before the pause, most high-quality bonds were flat to negative in the first three quarters. On the other hand, lower-quality bonds performed well throughout 2023, thanks to the unexpectedly strong economy keeping defaults low. Throughout the year, credit spreads tightened, causing lower-quality bonds to outperform their higher-quality counterparts due to their higher yields. In 2023, the ICE BofA U.S. Cash Pay Index, representing lower-quality bonds, increased by 13.4 percent, while the Bloomberg U.S. Aggregate Bond Index, a broad measure of higher-quality bonds, rose by 5.53 percent.

In times like these, we're reminded of the crucial role played by financial professionals, the significance of trusting your investment strategy, and the risks associated with trying to time the market. Additionally, we hold the belief that more challenging environments present greater opportunities for active managers to enhance value, particularly those who are Distinctively Active with a high Active Share. Your ongoing support is very much appreciated. Thank you for choosing Touchstone as a part of your investment plan.

Sincerely,

E. Blake Moore Jr.
President
Touchstone ETF Trust

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Touchstone Climate Transition ETF

Sub-Advised by Lombard Odier

Investment Philosophy

The Touchstone Climate Transition ETF (the “Fund”) seeks to provide investors with capital appreciation by investing in companies that benefit from a transitioning climate environment.

Fund Performance

The Fund underperformed its benchmark, the MSCI World Index, since its inception on April 28, 2023 through December 31, 2023. The Fund’s total return was 0.87 percent while the return of the benchmark was 12.92 percent.

Market Environment

In 2023, the equity market experienced significant shifts and events that influenced its performance. Initially, concerns about an economic slowdown prevailed, but optimism grew as inflation receded and the U.S. job market showed signs of improvement. The first quarter brought unexpected shocks to the U.S. and European banking sectors, but swift action by authorities helped to contain the risks. Throughout the period, central banks raised interest rates to combat high inflation, leading to concerns about tighter lending conditions. However, large U.S. banks remained resilient, providing stability to market sentiment. The rebound of the equity market was driven by the strong performance of mega-cap companies known as the ‘Magnificent 7’ (Nvidia Corp., Apple Inc., Meta Platforms Inc., Microsoft Corp., Tesla, Inc., Amazon.com, Inc., and Alphabet Inc.), which outperformed due to their growth prospects and exposure to transformative technologies. Small and mid-cap equities, Asia ex-Japan, and emerging markets faced challenges and lagged behind. Overall, the equity market in 2023 highlighted varying dynamics based on region, market capitalization and company groupings, with certain mega-cap stocks leading the way.

Since the portfolio’s inception at the end of April 2023, the equity market, as measured by the MSCI World Index, has gained 12.9%, led by U.S. and Japanese equities while European equities lagged somewhat. Over this period, Information Technology was the strongest sector, followed by Communication Services and Consumer Discretionary. Consumer Staples and Utilities, known for their defensive characteristics, were relatively weaker than other sectors. These were the only sectors that experienced negative returns in this period. Across styles, growth and quality were the strongest, while value was the weakest.

Portfolio Review

The Fund’s performance was driven by negative selection effects, particularly within the Information Technology, Industrials and Consumer Discretionary sectors. Meanwhile, our thematic overweight in Utilities had a negative impact on the allocation effect, the main reason for the Fund’s overall negative allocation effect over the period.

Our top contributors to relative performance since April were United Rentals Inc., Sprouts Farmers Market, Inc. and Trex Company Inc., while the largest detractors were SolarEdge Technologies, Inc., AES Corporation, and Orsted AS.

In the second quarter of 2023, positions were increased in the Industrial and Consumer Discretionary sectors by entering Fanuc Corp., LG Energy Solution, Ltd. (both Industrials sector), and Merida Industry Co.  (Consumer Discretionary sector). Meanwhile, the position in Sensata Technologies Holdings plc  (Industrials sector) was exited. In the third quarter, new investments were made in companies that included Aptiv plc (Consumer Discretionary sector), Autodesk Inc. (Information Technology sector), Danaher Corp. (Health Care sector), LONGi Green Energy Technology Co. (Information Technology sector), Pan American Silver Corp. (Materials sector), RWE (Utilities sector), Signify N.V. (Industrials sector), Sungrow Power Supply Co. (Industrials sector), and Thermo Fisher Scientific Inc. (Health Care sector). The portfolio strategy focused on a barbell approach, combining high-return growth opportunities with undervalued opportunities that have exposure to climate-aligned growth. During the last quarter of 2023, exposure to certain companies, including Orsted AS and  The AES Corporation (both Utilities sector), was reduced due to execution concerns. Positions were replaced with CMS Energy Corp. and Enel (both Utilities sector). Profits were taken from well-performing companies like Sprouts Farmers Markets Inc. (Consumer Staples sector) and reinvested in broader transition enablers, such as STMicroelectronics N.V. and ASM International (both Information Technology sector).

Outlook and Conclusion

After turbo-charged rate hikes and an initial normalization of a steeply inverted U.S. yield curve, we believe investors will adjust to a new regime in 2024. It could be characterized by higher-for-longer interest rates until a material deterioration in economic activity unfolds, in our view. We believe if that happens, consumers could likely feel the pinch of stubborn, albeit decreasing, inflation as wage growth and employment cool. Markets would focus on consumers’ health, credit quality, their down-trading to

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cheaper products and prioritization in spending. Decelerating growth, margin compression and higher funding costs would compel corporates to seek savings and productivity gains through artificial intelligence (AI) and other efficiency-boosting measures.

The prior calendar year was also marked by risk aversion, with bifurcated markets driving significant valuation dispersion across sectors, market capitalizations, regions and styles – epitomized by the dominance of the "Magnificent 7". This has resulted in considerable gloom being (perhaps unfairly) priced into specific market segments. For instance, small and mid-caps have reached abnormally cheap valuations versus larger companies, especially mega caps. Chinese companies have been discounted to a level not seen in decades, and rising rates have hammered bond-proxy equities in the consumer staples and utilities sectors.  If either recession hits or the economy keeps humming, we believe asymmetrical opportunities exist as many growth concerns are already priced in. Interestingly, the consensus among bottom-up analysts monitored by Bloomberg is for a 2024 earnings expansion of almost 10%.

Inflation, supply-chain and energy-supply disruptions are increasing the costs of resources. We anticipate the adoption of renewables and energy-efficiency solutions to continue amid the $1.7 trillion investment in clean-energy technologies expected this year and cumulative global capex for electrification forecast to reach $24.5 trillion by 2030, according to our research.  Secular themes that we focus on – like renewable power, energy efficiency, water infrastructure, robotization and smart farming – should be supported by continuing fiscal expansion and constructive industrial policies, with the rollout of subsidies in some key economies. Although some themes suffered from the 2023 rise in interest rates, their longer-term outlook is still one of structural growth despite cyclical headwinds. Progress is evident in other sustainability themes, too. In agriculture, AI and advanced cameras that can distinguish crops from weeds are enabling precise watering and reduced chemical spraying. In the U.S., more than $100 million is being committed to recycling projects to improve physical waste management, planning and data collection.

Such change is not currently reflected in markets. However, in the medium term, we expect sustainable assets to be revalued upwards towards their intrinsic value.

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Comparison of the Change in Value of a $10,000 Investment in the Touchstone Climate Transition ETF and MSCI World Index

Cumulative Total Return**
Touchstone Climate Transition ETF	Since Inception*
NAV	0.87%
Market Price	1.12%
MSCI World Index	12.92%

*	The inception date of the Fund was April 28, 2023. The returns of the index listed above are based on the inception date of the Fund.
**	Not annualized.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investors buy and sell shares of an exchange-traded fund (“ETF”) at market price (not NAV) in the secondary market throughout the trading day. Shares of an ETF are not individually available for direct purchase from or direct redemption to the ETF. The ETF’s per share NAV is the value of one share of the ETF and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. Market price returns are typically based upon the official closing price of the ETF’s shares. These returns do not represent investors’ returns had they traded shares at other times. NAV and market price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessment of the underlying value of the Fund’s portfolio securities.

Information showing the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads for various time periods is available by visiting the Fund’s website at TouchstoneInvestments.com/ETFs.

Note to Chart

MSCI World Index captures large and mid-cap representations across 23 developed market countries.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

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Touchstone Dividend Select ETF

Sub-Advised by Fort Washington Investment Advisors, Inc.

Investment Philosophy

The Touchstone Dividend Select ETF (the “Fund”) seeks a high level of current income and capital appreciation by investing primarily in a portfolio of 40-55 equity securities of U.S. large-cap companies that have historically paid dividends.

Fund Performance

The Fund outperformed its benchmark, the Russell 1000^® Value Index, for the 12-month period ended December 31, 2023.  The Fund’s total return was 14.01 percent compared to the benchmark’s total return of 11.46 percent.

Market Environment

U.S. equities recorded positive returns in the first half of 2023 as rates pulled back, inflation readings came in lower than expected, and the labor market and consumer spending remained healthy. This was despite fears of a hard landing amid tightening financial conditions and a backdrop that included several large bank failures. U.S. equities were modestly lower in the third quarter. While earnings releases and corporate guidance generally exceeded expectations during the period, the significant rate move during the third quarter provided a challenging backdrop for equities. The fourth quarter, however, brought a significant rebound as U.S. equities rallied to close out the year. The perceived Federal Reserve (“Fed”) pivot during the fourth quarter fueled a soft landing narrative for investors. The benchmark sectors that led the market higher during the period were Communication Services, Information Technology, and Industrials.  The Utilities sector was the worst performer for the index, followed by Health Care, Consumer Staples, and Energy.

Portfolio Review

Security selection detracted from performance while sector allocation was a positive contributor to relative performance during the period.  The dividend orientation of the strategy was a material negative factor for the period as dividend paying stocks underperformed non-dividend paying stocks.  During the 12-month period, non-dividend paying stocks within the Russell 1000^® Value Index returned 33% compared to only 7% for dividend paying stocks.  This material underperformance of dividend paying stocks detracted from relative performance for the Fund during the year.

Selection within Information Technology, Health Care, and Financials was positive, but offset by poor selection, largely due to the dividend orientation of the Fund, within Communication Services, Industrials, and Consumer Discretionary.

An overweight to Information Technology and underweight to Health Care and  Energy were both positive contributors to sector allocation.

The largest individual contributors to relative performance were overweight positions in Broadcom Inc. (“Broadcom”) (Information Technology sector), Microsoft Corp. (“Microsoft”) (Information Technology sector), KLA Corp. (Information Technology sector), Apple Inc. (“Apple”) (Information Technology sector), and Oracle Corp. (“Oracle”) (Information Technology sector).

Three of the top contributors to relative performance were Information Technology companies.  These stocks continued to generate above average earnings growth during the period while most companies experienced a slowdown in earnings.  In addition, share prices for these businesses moved higher as investors embraced artificial intelligence (“AI”) and the potential impact it might have on future revenue growth and profitability.

Broadcom was the largest contributor to outperformance during the period, returning 104% for the period.  The company reached a multi-year deal with Apple to continue providing components for the iPhone maker, is also expected to be a beneficiary from AI adoption, and has increased estimates as a result, further boosting the stock during the period.

Microsoft was a top contributor to performance following better than expected earnings across most of its segments along with positive commentary on the potential impact of AI on its cloud business throughout the year.

Oracle outperformance was primarily due to significant growth in its cloud infrastructure business, which helped the company deliver top and bottom-line quarterly results that exceeded expectations throughout the period.

The largest detractors from performance were overweight exposures to Dollar General Corp. (“Dollar General”) (Consumer Staples sector), Lockheed Martin Corp. (Industrials sector), and RTX Corp. (Industrials sector), and underweight exposures to Meta Platforms Inc. (“Meta”) (Information Technology) and Salesforce, Inc. (“Salesforce”) (Information Technology sector).

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Dollar General was one the largest detractors to relative performance as the stock fell 44% during the period amid several disappointing earnings and guidance reports. The company missed earnings expectations multiple times during the period as a weakening consumer pressured sales coupled with increasing costs for the discount retailer.  Importantly, the company cut its guidance in consecutive quarters, resulting in a severe re-rating of the stock and its earnings power.

Salesforce and Meta both outperformed during the period on strong earnings growth and increased guidance including investor enthusiasm surrounding prospects of AI.  Both companies do not pay a dividend, making them ineligible for the fund.

Outlook and Conclusion

The focus over the next few months will continue to be inflation as the market gauges the timing and magnitude of potential Fed rate cuts. While core inflation  is 3.2% on a year-over-year basis, more recent data shows core inflation already below the target at 1.9%. It is worthwhile to also keep in mind that year-over-year core inflation has been held up due to shelter, which is calculated on a lag and expected to continue normalizing toward 2%. We believe that this would signal the economy is within striking distance of the Fed’s target, if not already there.

The ongoing strength of the U.S. consumer is still an unknown as excess savings decline, student loan payments resume, and lending standards remain tight. Credit usage has risen and is now in line with the pre-COVID trend while delinquencies on consumer loans are above 2019 levels. The labor market continues to exhibit strength, as shown by the low unemployment rate, but continuing jobless claims have risen. Additionally, wage growth remains strong but has slowed over the year. This data paints a mixed picture of the consumer and leads us to a higher level of uncertainty than current asset valuations would indicate.

Beyond the consumer, U.S. growth is likely to encounter challenges as businesses invest less in capital expenditures due to profits getting squeezed from higher employment costs. Separately federal spending is expected to be a slight detractor from GDP in 2024 as the government, similar to consumers, deals with higher borrowing costs. Outside of the U.S., there are also uncertainties such as developments surrounding the Israel/Hamas conflict, Europe teetering on a possible recession, and China working to contain its real estate crisis. Each of these has the potential to affect the global economy.

Despite these potential challenges, we believe that the risk of recession has faded and a soft landing is appearing more likely to occur as the Fed seeks to ease monetary policy and the economy remains resilient.

We are maintaining a cautious stance due to stretched valuations for the market but are selectively finding bottom-up opportunities. We are prioritizing high barrier to entry companies with high returns on capital while seeking to upgrade valuation where possible.

Although risks remain, the economic outlook is improving. As such, we remain constructive on U.S. equities but acknowledge near-term headwinds exist and valuations have become stretched in certain sectors of the market. As investors seek to avoid the risks of inflation, higher interest rates, and recession, dividend strategies are a compelling option. Dividend strategies have the potential to provide both capital appreciation and a growing stream of income while also providing downside protection through lower volatility during times of distress.

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Comparison of the Change in Value of a $10,000 Investment in the Touchstone Dividend Select ETF and the Russell 1000® Value Index

Average Annual Total Returns
Touchstone Dividend Select ETF	1 Year	Since Inception*
NAV	14.01%	11.22%
Market Price	14.01%	11.23%
Russell 1000® Value Index	11.46%	8.38%

*	The inception date of the Fund was August 2, 2022. The returns of the index listed above are based on the inception date of the Fund.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investors buy and sell shares of an exchange-traded fund (“ETF”) at market price (not NAV) in the secondary market throughout the trading day. Shares of an ETF  are not individually available for direct purchase from or direct redemption to the ETF. The ETF’s per share NAV is the value of one share of the ETF and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. Market price returns are typically based upon the official closing price of the ETF’s shares. These returns do not represent investors’ returns had they traded shares at other times. NAV and market price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessment of the underlying value of the Fund’s portfolio securities.

Information showing the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads for various time periods is available by visiting the Fund’s website at TouchstoneInvestments.com/ETFs.

Notes to Chart

Russell 1000® Value Index measures those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.

The Frank Russell Company (FRC) is the source and owner of the data contained or reflected in this material and all trademarks and copyrights related thereto. The material may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a Touchstone Investments presentation of the data, and FRC is not responsible for the formatting or configuration of this material or for any inaccuracy in the presentation thereof.

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Touchstone  Dynamic International ETF

Sub-Advised by Los Angeles Capital Management LLC

Investment Philosophy

The Touchstone Dynamic International ETF  (the “Fund”) seeks capital appreciation by investing at least 80% of its assets in equity securities of non-US companies and may invest in companies domiciled in both developed and emerging markets.  The sub-adviser employs an adaptive quantitative investment process, the Dynamic Alpha Stock Selection Model®, to build equity portfolios that adapt to market conditions.

Fund Performance

The Fund outperformed its benchmark, the MSCI All Country World Index Ex-USA (ACWI Ex-USA) for the 12 month period ended December 31, 2023. The Fund's total return was 17.21 percent while the total return for the MSCI ACWI Ex-USA was 15.62 percent. Prior to December 9, 2023, the Fund’s primary benchmark was the MSCI All Country World Index, whose total return for the reporting period was 22.20 percent.

Market Environment

For the calendar year 2023, the U.S. Federal Reserve (Fed) continued Fed Funds rate hikes to combat persistent inflation.  Over the course of the year, the Fed raised overnight rates an additional one percent, after raising rates over four percent in 2022, in an effort to slow down economic growth.  In the fourth quarter, the Fed paused rate hikes as inflation had moderated. A “soft landing” scenario for the economy became a realistic possibility, but with inflation still above the Fed’s target of two percent they stated rates would remain “higher for longer”.  The pause in rate hikes contributed to a 4^th quarter rally across all asset classes, leading to positive returns for both U.S. equities and fixed income for the year. Outside the U.S., developed markets lagged the U.S., while emerging markets began to rally at the end of the year. China, India, and most emerging market Asian countries finally posted positive gross domestic product (GDP) growth in the third quarter after struggling in 2022 and in the first half of 2023.

The U.S. equity market, as measured by the S&P 500^® Index, was up 26.29 percent for the year.  The equity style shift reversed its course from 2022, as growth outperformed value across all cap sizes in 2023.  The aforementioned pause on Fed rate hikes disproportionately benefitted growth stocks due to their higher implied growth rates and longer duration of earnings growth baked into their valuation multiples.  The dispersion between growth and value was most acute at the large cap spectrum, then narrowed going down the cap spectrum to mid and small caps.  Large cap growth stocks performed best within the domestic equity markets, outperforming their growth counterparts, as the “Magnificent 7” (Nvidia Corp., Apple Inc., Meta Platforms Inc., Microsoft Corp., Tesla, Inc., Amazon.com, Inc., and Alphabet Inc.) received a boost from speculation on growth opportunities related to artificial intelligence.  

In the fixed income markets, the pause on Fed rate hikes due to moderating inflation during the second half of the year sparked a rally in both investment grade and below investment grade credit. Prior to the pause in rate hikes, most of the investment grade fixed income markets were flat to negative for the first three quarters. Below investment grade bonds, however, performed well throughout all of 2023, as the unexpected strength in the economy kept defaults low. Over the full year, credit spreads tightened; hence, below investment grade bonds outperformed their investment grade peers due to their yield advantage.  In 2023, the ICE BofA U.S. Cash Pay Index, a below investment grade index, was up 13.4 percent while the Bloomberg U.S. Aggregate Bond Index, a broad investment grade benchmark, was up 5.53 percent.

Portfolio Review

The Touchstone Dynamic Allocation Fund, the Predecessor Fund, trailed the equity-only primary benchmark due to a significant 40 percent allocation to fixed income funds, an asset class that largely trailed equity benchmarks for the year.  Within the Fund’s 60 percent equity allocation however, growth funds such as Sands Select Growth, Mid Cap Growth and Growth Opportunities were leading contributors to performance relative to the primary benchmark.  Value-oriented and non-U.S. equity funds such as Small Cap Value and Sands Capital Emerging Markets Growth funds represented some of the leading detractors to performance relative to the primary benchmark.  The Predecessor Fund outperformed the secondary benchmark due to strong performance contribution within the fixed income allocation from the Ultra-Short Duration, Active Bond and High Yield funds.

The aforementioned pause in interest rate hikes by global central banks led to a rally in risk assets in November and December.  As the Predecessor Fund transitioned from the Dynamic Allocation Fund to the Fund in December, underweight to cyclical and riskier segments of the MSCI ACWI Ex-USA such as Materials and Financials represented a modest relative performance headwind for the Fund.

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Outlook and Conclusion

We are reminded especially in periods like these of the importance of the steady hands of financial professionals, trust in your investment strategy, and the risks of trying to time the market. Furthermore, we believe that environments that are more volatile create more opportunity for active managers to add value, especially those that are distinctly active with high active share.

Comparison of the Change in Value of a $10,000 Investment in the Touchstone Dynamic International ETF*, MSCI All Country World Ex-USA Index, MSCI All Country World Index and Bloomberg US Universal Index

Average Annual Total Returns
Touchstone Dynamic International ETF	1 Year	5 Years	10 Years
NAV	17.21%	6.73%	4.41%
Market Price	17.12%	6.71%	4.40%
MSCI All Country World Ex-USA Index	15.62%	7.08%	3.83%
MSCI All Country World Index	22.20%	11.72%	7.93%
Bloomberg US Universal Index	6.17%	1.44%	2.08%

*

On December 8, 2023, the Touchstone Dynamic International ETF acquired the assets and liabilities, and assumed the NAV, performance, financial and other historical information of the Touchstone Dynamic Allocation Fund (the “Predecessor Fund”), an open-end mutual fund. The Fund’s performance prior to December 8, 2023 is linked to the Predecessor Fund’s Class Y shares.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investors buy and sell shares of an exchange-traded fund (“ETF”) at market price (not NAV) in the secondary market throughout the trading day. Shares of an ETF are not individually available for direct purchase from or direct redemption to the ETF. The ETF’s per share NAV is the value of one share of the ETF and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. Market price returns are typically based upon the official closing price of the ETF’s shares. These returns do not represent investors’ returns had they traded shares at other times. NAV and market price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessment of the underlying value of the Fund’s portfolio securities.

Information showing the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads for various time periods is available by visiting the Fund’s website at TouchstoneInvestments.com/ETFs.

Note to Chart

MSCI All Country World Ex-U.S. Index is an unmanaged, capitalization-weighted index composed of companies representative of both developed and emerging markets excluding the United States.

MSCI All Country World Index is an unmanaged index that measures the equity market performance of developed and emerging markets.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

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The Bloomberg US Universal Index represents the union of the U.S. Aggregate Index, U.S. Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, U.S. Emerging Markets Index and the non-ERISA eligible portion of the CMBS Index. The index covers USD-denominated, taxable bonds that are rated either investment grade or high-yield.

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Touchstone Securitized Income ETF

Sub-Advised by Fort Washington Investment Advisors, Inc.

Investment Philosophy

The Touchstone Securitized Income ETF (the “Fund”) seeks total return through income and capital appreciation by investing at least 80% of its assets in securitized fixed-income securities.

Fund Performance

The Fund outperformed its primary benchmark, the Bloomberg U.S. Aggregate Bond Index, since inception (July 17, 2023) through December 31, 2023. The Fund’s total return was 5.37 percent while the total return of its benchmark was 3.04 percent, over the same period.

Market Environment

The 12 months ending December 31, 2023 were volatile and marked by high inflation, aggressive central bank tightening, banking panic, and geopolitical conflict. While the first three quarters of 2023 were focused on the number of rate hikes, the sentiment and outlook changed significantly in the fourth quarter as the market looked toward rate cuts. The end to the hiking cycle was ratified as core inflation came down gradually over the year, which along with strong growth data, supported a ‘soft landing’ becoming the consensus opinion.

Entering 2023, many economists were anticipating a recession due to a slowdown in economic growth brought about by a restrictive Federal Reserve (“Fed”) that raised rates by 525 basis points (“bps”) since 2022. As a result, the 10-year Treasury rose over 100bps to about 5% and caused tighter financial conditions. In addition to higher rates, bank-lending standards tightened over the previous 12 months, which was exacerbated by the banking crisis in March. Risk assets briefly sold off and there were expectations for a pause in rate hikes until the government showed that it would backstop the financial system, if needed. In contrast to all these negative factors, and market expectations, the labor market was resilient over the period. Job gains continued and the unemployment rate remained range bound. This strong labor market, in addition to excess savings, facilitated consumer strength, which supported economic growth.

Ongoing strength of the U.S. consumer is still an unknown as excess savings decline, student loan payments resume, and lending standards remain tight. Credit usage has risen and is now in line with the pre-COVID trend while delinquencies on consumer loans are above 2019 levels. The labor market continues to exhibit strength, as shown by the low unemployment rate, but continuing jobless claims have risen. Additionally, wage growth remains strong but has slowed over the period. This data paints a mixed picture of the consumer and leads us to a higher level of uncertainty than current asset valuations would indicate.

Credit spread across all sectors came under stress during the period especially at the end of the first quarter with stress on the regional banking system. Spreads hung out at the wider end before seeing a strong rally over the end of the fourth quarter with structured spreads still lagging other fixed income sectors.

Portfolio Review

Interest rates were significantly tighter over the quarter with 1-30 year Treasuries 60-75bps lower over the quarter. Lower rates and tighter spreads along with strong carry on floating rate securities led to strong performance. Longer Treasury positions returned 10.75%; residential mortgage backed securities (“RMBS”) at 5.31% and asset backed securities (“ABS”) at 4.68% were the best performers. Cash was the worst performer at 1.97% followed by commercial mortgage backed securities (“CMBS”) at 1.98% and collateralized loan obligations (“CLO”) at 2.69%.

The two largest detractors were CMBS SASB securities, MSC 2019-NUGS E at -39% and RBSCF 2013-SMV D at -17%. Both securities are past maturity and performing assets while workouts continue.

Best performing assets for the quarter were a 20-year U.S. Treasury position, CGCMT 2014-GC25 D a seasoned CMBS conduit BBB- bond, and MLMT 2018-2 B2 a seasoned re-performing RMBS position.

The Fund’s positioning was stable for the period with the exception of adding shorter ABS and AAA CMBS. The CMBS sector went from 21% to 26% of the portfolio over the period. The incremental adds were in AAA floating rate Single Asset Single Borrower bonds.

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Outlook and Conclusion

The focus over the next few months will continue to be inflation as the market gauges the timing and magnitude of potential Fed rate cuts. While core inflation  is 3.2% on a year-over-year basis, more recent data (6-month annualized) shows core inflation already below the target at 1.9%. It is worthwhile to keep in mind that year-over-year core inflation has been held up due to housing costs, which is calculated on a lag and expected to continue normalizing toward 2%. This would signal the economy is certainly within striking distance of the Fed’s target, if not already there.

Overall U.S. inflation is largely anticipated to continue declining, but the path of rate cuts will likely not progress exactly as the market currently anticipates, which we expect will lead to periods of volatility. There are also risks to the ‘soft landing’ expectations as consumer demand is likely to moderate and corporate spending remains in question.

The CMBS sector will be our most watched going forward given the stresses that exist in the commercial real estate market. Although we do have distressed assets from a pricing perspective in the Fund, management still believes in the recovery value of the assets. Additionally, we are looking to selectively add the right securities if the opportunity presents itself. Also on the RMBS side, we feel there is value, given the strengths in the residential housing market, and there is room for spread to tighten on a strong asset. Looking at interest rates, we are looking to actively manage our duration positioning and our floating rate exposures.  Believing the Fed will keep interest rates higher for longer, we still think the carry trade on floating rate securities will be additive.

Management’s expectation is that rates will remain higher for longer and as such believe carry advantage will be an integral part of returns. In addition, the stabilization in CMBS pricing on distressed assets should stabilize in the coming quarters. The higher yield of 8+% plus significant price recovery leads the portfolio to be well positioned for the coming year. Although the threat of recession hangs over the economy, we believe there is a distinct possibility of a soft landing. Looking at securitized spreads on a historical basis, we believe there is still room for significant tightening. Selectively adding to subsectors in the securitized space we believe is the best value-added proposition for the near future.

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Comparison of the Change in Value of a $10,000 Investment in the Touchstone Securitized Income ETF and Bloomberg U.S. Aggregate Bond Index

Cumulative Total Return**
Touchstone Securitized Income ETF	Since Inception*
NAV	5.37%
Market Price	5.32%
Bloomberg U.S. Aggregate Bond Index	3.04%

*	The inception date of the Fund was July 17, 2023. The returns of the index listed above are based on the inception date of the Fund.
**	Not annualized.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investors buy and sell shares of an exchange-traded fund (“ETF”) at market price (not NAV) in the secondary market throughout the trading day. Shares of an ETF are not individually available for direct purchase from or direct redemption to the ETF. The ETF’s per share NAV is the value of one share of the ETF and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. Market price returns are typically based upon the official closing price of the ETF’s shares. These returns do not represent investors’ returns had they traded shares at other times. NAV and market price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessment of the underlying value of the Fund’s portfolio securities.

Information showing the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads for various time periods is available by visiting the Fund’s website at TouchstoneInvestments.com/ETFs.

Note to Chart

Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years.

15

Touchstone Strategic Income Opportunities ETF

Sub-Advised by Fort Washington Investment Advisors, Inc.

Investment Philosophy

The Touchstone Strategic Income Opportunities ETF (the “Fund”) seeks a high level of current income with a focus on capital preservation by investing primarily in income producing fixed income securities.

Fund Performance

The Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the 12-month period ended December 31, 2023.  The Fund’s total return was 8.14 percent compared to the benchmark’s total return of 5.53 percent.

Market Environment

The 12-month period ended December 31, 2023 was volatile and marked by high inflation, aggressive central bank tightening, banking panic, and geopolitical conflict. While the first three quarters of 2023 were focused on the number of rate hikes, the sentiment and outlook changed significantly in the fourth quarter as the market looked toward rate cuts. The end of the hiking cycle was ratified as core inflation came down gradually over the year, which, along with strong growth data, supported a ‘soft landing’ becoming the consensus opinion.

Entering 2023, many economists were anticipating a recession due to a slowdown in economic growth brought about by a restrictive Federal Reserve (“Fed”) that raised rates by 525 basis points (“bps”) since 2022. As a result, the 10-year Treasury rose over 100bps to about 5% and caused tighter financial conditions. In addition to higher rates, bank-lending standards tightened over the previous 12 months, which was exacerbated by the banking crisis in March. Risk assets briefly sold off and there were expectations for a pause in rate hikes until the government showed that it would backstop the financial system, if needed. In contrast to all these negative factors, and market expectations, the labor market was resilient over the year. Job gains continued and the unemployment rate remained range bound. This strong labor market, in addition to excess savings, facilitated consumer strength, which supported economic growth.

Consumer spending surprised many market participants to the upside. While a robust labor market and wage gains certainly helped drive consumption, many Americans built up excess savings following dovish fiscal policy during the pandemic. However, as savings are reduced by inflated prices and higher rates continue to affect larger purchases, such as homes and home furnishings, consumers' spending habits are uncertain going forward. Additionally, even if consumers are willing to endure higher interest costs, they may be unable to borrow until banks ease lending standards.

Nevertheless, by the end of December market consensus was to avert a recession and for multiple rate cuts next year as inflation declines further. As a result, the longer part of the curve rallied and the 10-year ended below 4%, at 3.9%. Investment grade spreads (BBB Industrials) were range bound for most of the year until the late rally in the fourth quarter ending the year at the 26 percentile. High yield (single B corporates) tightened significantly and ended at the 10 percentile while equities followed suit and the S&P 500 ended within 1% of all-time highs.

The focus over the next few months will continue to be inflation as the market gauges the timing and magnitude of potential Fed rate cuts. While core inflation is 3.2% on a year-over-year basis, more recent data shows core inflation already below the target at 1.9%. It is worthwhile to also keep in mind that year-over-year core inflation has been held up due to shelter, which is calculated on a lag and expected to continue normalizing toward 2%. We believe that this would signal the economy is within striking distance of the Fed’s target, if not already there.

At the December press conference, Chair Powell indicated the Fed would need to begin cutting rates before we get to 2% inflation, which implies the first cut could be soon. Currently the market anticipates 150bps of cuts, starting in March 2024, while Fed officials averaged 75bps  of cuts in their most recent dot plot. This is a meaningful divergence, and we should remain cognizant that the Fed’s biggest fear is that inflation creeps back into the economy. There are risks to the market’s expected path of rates, which includes an increase in sentiment, brought by easing financial conditions, which could spur spending and investment thus slowing progress on inflation.

Ongoing strength of the U.S. consumer is still an unknown as excess savings decline, student loan payments resume, and lending standards remain tight. Credit usage has risen and is now in line with the pre-COVID trend while delinquencies on consumer loans are above 2019 levels. The labor market continues to exhibit strength, as shown by the low unemployment rate, but continuing jobless claims have risen. Additionally, wage growth remains strong but has slowed over the year. This data paints a mixed picture of the consumer and leads us to a higher level of uncertainty than current asset valuations would indicate.

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Portfolio Review

The Fund’s risk overweight positioning was the largest contributor to returns over the past year. Despite volatility around the banking panic in March, spreads were generally range bound around historical averages for the first three quarters of 2023, until a sharp rally in the fourth quarter. This rally in both rates and spreads led to the strongest quarter for the Bloomberg U.S. Aggregate Bond Index since the 1980s. The Fund’s overweight to high yield credit and emerging markets debt were the primary contributors from an allocation perspective.

Security selection was also a large contributor to performance during the period, driven by investment grade corporate and securitized allocations. The Fund’s holdings outperformed the benchmark as credit spreads tightened over the year and beta performed well in the fourth quarter. Whole business Asset Backed Securities and Collateralized Loan Obligations performed well within Securitized while bottom-up opportunities in media and utilities outperformed within Investment Grade Credit.

Overall, interest rate positioning of the Fund was a slight contributor to performance over the period. Rates were extremely volatile in 2023 as the economy was impacted by high inflation and restrictive monetary policy. Outside of the short end, rates backed up meaningfully for most of the year before ending the year roughly where they started following a fourth quarter rally. Throughout the year the Fund’s duration positioning was moved longer as we began the year around 4.5 years but moved up as high as 5.5 years. Positioning was shifted meaningfully lower over the fourth quarter as rates declined and the Fund is currently positioned at 4.8 years compared to 6.2 years for the benchmark. This positioning is near the Fund’s historical average as rates are now more fairly priced.

During the past 12 months, the risk budget target decreased to 40%, where it is currently, from an initial 50%. This reduction in risk appetite was due to changing macroeconomic factors and the Fed’s continued path of rate hikes. In addition, valuations (10yr BBB industrials) tightened by over 50bps compared to where spreads began 2023.  In general, credit spreads are in the 26 and 10 percentile (Investment Grade and High Yield, respectively) relative to history limiting the potential upside.

Most sector allocations were not adjusted materially over the year. However, the Fund did reduce emerging markets debt modestly, which lowered the notional exposure to U.S. High Yield corporates. This aligned with the overall reduction of risk during the year. Coinciding with these reductions the Fund also increased its allocation to Treasuries.

Outlook and Conclusion

From an absolute return perspective, we believe the return prospects for the Fund will be attractive going forward. With the rise in interest rates, the yield offered by fixed income can now offer a buffer against price changes and, in the long-term, generate returns more consistent with historical averages. The Fund’s positioning reflects our views and conviction of opportunities for overall risk appetite, sector relative value, and security selection.

The Fund is targeting a modest overweight to spread risk representing 40% of the risk budget. Credit spreads rallied in fourth quarter from around historical averages and ended the year at the 26 and 10 percentiles, for Investment Grade and High Yield respectively. While recent economic data provides support for these levels, further upside is limited which is the basis for our modest risk overweight.

Sector positioning reflects generally expensive valuations, relative value, and opportunities within each sector. Allocations were largely unchanged and primary risk exposures include: Exposure to Investment Grade Credit was maintained during the year.  The sector continues to favor positions lower in the capital structure within high quality financials and utilities while selectively adding to bottom-up opportunities on attractive relative value.

The Fund’s allocation to securitized products also remained steady during 2023. The portfolio managers continue to favor non-agency exposure within the sector,  and the Fund is positioned appropriately with overweight exposure to asset backed securities, colateralized loan obligations and commercial mortgage backed securities.

The Fund modestly reduced its exposure to emerging markets debt during the year. Valuations remain attractive relative to domestic credit within the high yield portion of the market while the investment grade cohort is trading at historically tight levels. Latin America remains the largest exposure within the sector.

High Yield exposure was reduced through the purchase of credit default swap protection. High Yield exposure is at the lower end of its historical range for the Fund as the risk/reward is skewed to the downside with valuations not adequately compensating investors for increased economic risks.  Within High Yield, the Fund is broadly diversified by sector and has been reducing risk on relative value, adding to higher quality BBs.

Duration was extended during the first 9 months of the year but was reduced during the fourth quarter from 5.2 to 4.8 years following the material rally in rates. We are positioning portfolios within the current range (4.5-5 years) through an allocation to

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treasuries. We believe longer rates are now more fairly valued but expect to see volatility over the next several quarters as the market digests incoming data and its implications for Fed policy.

We believe that the Fund is positioned to perform well in a stable to improving market environment. We believe a modest overweight to credit sectors is prudent as valuations are tight of historical medians, limiting potential upside. However, the improving economic environment should support tighter spreads and keep them generally range bound. We believe that the Fund should perform well in this type of stable environment through its excess carry, as it continues to generate an above average yield through a high conviction multi-sector approach. Despite the recent rally, the Fund’s yield is still above historical averages and should help offset potential risks. However, if economic growth slows more than expected, the Fund is also in a position to add exposure opportunistically if risk assets experience weakness.

Comparison of the Change in Value of a $10,000 Investment in the Touchstone Strategic Income Opportunities ETF and the Bloomberg U.S. Aggregate Bond Index

Average Annual Total Returns
Touchstone Strategic Income Opportunities ETF	1 Year	Since Inception*
NAV	8.14%	5.54%
Market Price	8.11%	5.72%
Bloomberg U.S. Aggregate Bond Index	5.53%	0.95%

*	The inception date of the Fund was July 21, 2022. The returns of the index listed above are based on the inception date of the Fund.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investors buy and sell shares of an exchange-traded fund (“ETF”) at market price (not NAV) in the secondary market throughout the trading day. Shares of an ETF  are not individually available for direct purchase from or direct redemption to the ETF. The ETF’s per share NAV is the value of one share of the ETF and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. Market price returns are typically based upon the official closing price of the ETF’s shares. These returns do not represent investors’ returns had they traded shares at other times. NAV and market price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessment of the underlying value of the Fund’s portfolio securities.

Information showing the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads for various time periods is available by visiting the Fund’s website at TouchstoneInvestments.com/ETFs.

Note to Chart

Bloomberg U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. investment grade, fixed rate bond market securities, including government, government agency, corporate and mortgage-backed securities between one and ten years.

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Touchstone Ultra Short Income ETF

Sub-Advised by Fort Washington Investment Advisors, Inc.

Investment Philosophy

The Touchstone Ultra Short Income ETF (the “Fund”) seeks maximum total return consistent with the preservation of capital by investing at least 80% of its assets in fixed-income securities. The Fund invests in a diversified portfolio of fixed income securities of different maturities, including U.S. Treasury securities, U.S. government agency and U.S. government-sponsored enterprise securities, corporate bonds (including those of foreign issuers), mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, municipal bonds collateralized loan obligations and cash equivalent securities including repurchase agreements, commercial paper and variable rate demand notes. While the Fund may invest in securities of any maturity or duration, it seeks to maintain an effective duration of one year or less under normal market conditions.

Fund Performance

The Fund outperformed its primary benchmark, the ICE  BofA 3-Month U.S. Treasury Bill Index, and outperformed its secondary benchmark, the ICE BofA 1-Year U.S. Treasury Note Index, for the period ended December 31, 2023. The Fund’s total return was 6.47 percent while the total returns of its benchmarks were 5.01 percent and 4.74 percent, respectively.

Market Environment

The 12 months ending December 31, 2023 were volatile and marked by high inflation, aggressive central bank tightening, banking panic, and geopolitical conflict. While the first three quarters of 2023 were focused on the number of rate hikes, the sentiment and outlook changed significantly in the fourth quarter as the market looked toward rate cuts. The end to the hiking cycle was ratified as core inflation came down gradually over the year, which along with strong growth data, supported a ‘soft landing’ becoming the consensus opinion.

Entering 2023, many economists were anticipating a recession due to a slowdown in economic growth brought about by a restrictive Federal Reserve (Fed) that raised rates by 525 basis points (“bps”) since 2022. As a result, the 10-year Treasury rose over 100bps to about 5% and caused tighter financial conditions. In addition to higher rates, bank-lending standards tightened over the previous 12 months, which was exacerbated by the banking crisis in March. Risk assets briefly sold off and there were expectations for a pause in rate hikes until the government showed that it would backstop the financial system, if needed. In contrast to all these negative factors, and market expectations, the labor market was resilient over the year. Job gains continued and the unemployment rate remained range bound. This strong labor market, in addition to excess savings, facilitated consumer strength, which supported economic growth.

Ongoing strength of the U.S. consumer is still an unknown as excess savings decline, student loan payments resume, and lending standards remain tight. Credit usage has risen and is now in line with the pre-COVID trend while delinquencies on consumer loans are above 2019 levels. The labor market continues to exhibit strength, as shown by the low unemployment rate, but continuing jobless claims have risen. Additionally, wage growth remains strong but has slowed over the year. This data paints a mixed picture of the consumer and leads us to a higher level of uncertainty than current asset valuations would indicate.

Credit spread across all sectors came under stress during the period especially at the end of the first quarter of 2023 with stress on the regional banking system. Spreads hung out at the wider end before seeing a strong rally over the end of the fourth quarter with structured spreads still lagging other fixed income sectors.

Portfolio Review

Front-end rates were significantly higher over the course of the entire period. 1-month to 6-month rates were up 50-150bps while longer rates finished the year unchanged. Given our bias to start the year with a higher floating rate percentage of assets and shorter duration we were able to take advantage of carry without significant price movements.  The best performing sectors for the year were collateralized loan obligations (“CLO”) at 8.64%, commercial mortgage backed securities (“CMBS”) at 7.41% and asset backed securities at 6.42%.  The Fund’s weakest performing sectors were corporates at 5.83% and residential mortgage backed securities (“RMBS”) at 5.84%.

The period was extremely volatile, but the Fund was able to take advantage of higher rates and timely re-investment of paydowns to add value over the peer group.

The largest change was adding 6% to the Corporate sector over the year increasing from 20-26% of the Fund.  Duration also lengthened by 0.05 to 0.52 at the end of the period.  There was no meaningful change in credit quality as the portfolio was still AA-

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rated on average.  All structure sectors were reduced by 2% except for Mortgage Backed Securities, which increased by 3% as we looked to slightly add duration in the portfolio.

The Fund's duration was slightly longer at the end of the period but throughout 2023, the Fund was managed from the shorter end of our duration range given the call for the Fed to continue to raise rates.  Given the amount of floating rate assets, this added to our performance throughout the year as well.

The yield curve changes added value with our floating rate positioning in both CLO and CMBS.  The expectations of higher rates throughout the period and the positioning on the shorter side from a duration standpoint added value to the overall Fund.

Outlook and Conclusion

The focus over the next few months will continue to be inflation as the market gauges the timing and magnitude of potential Fed rate cuts. While core inflation  is 3.2% on a year over year basis, more recent data (6-month annualized) shows core inflation already below the target at 1.9%. It is worthwhile to also keep in mind that year-over-year core inflation has been held up due to housing costs, which is calculated on a lag and expected to continue normalizing toward 2%. We believe this would signal the economy is within striking distance of the Fed’s target, if not already there.

Overall U.S. inflation is largely anticipated to continue declining, but the path of rate cuts will likely not progress exactly as the market currently anticipates, which we expect will lead to periods of volatility. There are also risks to the ‘soft landing’ expectations as consumer demand is likely to moderate and corporate spending remains in question.

The CMBS sector will be our most watched going forward given the stresses that exist in the commercial real estate market. Although we do have distressed assets from a pricing perspective in the Fund, management still believes in the recovery value of the assets. Additionally, we are looking to selectively add the right securities if the opportunity presents itself. Also on the RMBS side, we feel there is value given the strengths in the residential housing market and there is room for spread to tighten on a strong asset. Looking at interest rates, we are looking to actively manage our duration positioning and our floating rate exposures.  Believing the Fed will be higher for longer, we still think the carry trade on floating rate securities will be additive.

We expect that rates will remain higher for longer and as such believe the carry advantage will be an integral part of returns. In addition, the stabilization in CMBS pricing on distressed assets should stabilize in the coming quarters. The higher yield of 8+% plus significant price recovery leads the portfolio to be well positioned for the coming year. Although the threat of recession hangs over the economy, we believe there is a distinct possibility of a soft landing. Looking at securitized spreads on a historical basis there is still room for significant tightening. Selectively adding to subsectors in the securitized space we believe is the best value-added proposition for the near future.

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Comparison of the Change in Value of a $10,000 Investment in the Touchstone Ultra Short Income ETF, the ICE BofA 3-Month U.S. Treasury Bill Index and the ICE BofA 1-Year U.S. Treasury Note Index

Average Annual Total Returns
Touchstone Ultra Short Income ETF	1 Year	Since Inception*
NAV	6.47%	5.20%
Market Price	6.50%	5.24%
ICE BofA 3-Month U.S. Treasury Bill Index	5.01%	4.44%
ICE BofA 1-Year U.S. Treasury Note Index	4.74%	3.49%

*	The inception date of the Fund was August 4, 2022. The returns of the index listed above are based on the inception date of the Fund.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investors buy and sell shares of an exchange-traded fund (“ETF”) at market price (not NAV) in the secondary market throughout the trading day. Shares of an ETF  are not individually available for direct purchase from or direct redemption to the ETF. The ETF’s per share NAV is the value of one share of the ETF and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. Market price returns are typically based upon the official closing price of the ETF’s shares. These returns do not represent investors’ returns had they traded shares at other times. NAV and market price returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessment of the underlying value of the Fund’s portfolio securities.

Information showing the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads for various time periods is available by visiting the Fund’s website at TouchstoneInvestments.com/ETFs.

Notes to Chart

ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index of Treasury securities maturing in 90 days that assumes reinvestment of all income.

ICE BofA 1-Year U.S. Treasury Note Index is an unmanaged index comprised of a single issue purchased at the beginning of the month and held for a full month. The issue selected at each month-end rebalancing is the outstanding two-year Treasury Note Bill that matures closest to, but, not beyond one year from the rebalancing date.

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Touchstone US Large Cap Focused ETF

Sub-Advised by Fort Washington Investment Advisors, Inc.

Investment Philosophy

The Touchstone US Large Cap Focused ETF (the Fund) seeks to provide investors with capital appreciation by investing in 25-45 U.S. companies of capitalizations above $5 billion at time of purchase that are trading below what is believed to be the estimate of their intrinsic value and have a sustainable competitive advantage or a high barrier to entry in place. The barrier(s) to entry can be created through a cost advantage, economies of scale, high customer loyalty or a government barrier (e.g. license or subsidy). Fort Washington believes that the strongest barrier to entry is the combination of economies of scale and high customer loyalty.

Fund Performance

The Fund underperformed its benchmark, the S&P 500^® Index, for the 12-month period ended December 31, 2023.  The Fund’s total return was 26.17 percent compared to the benchmark’s total return of 26.29 percent.

Market Environment

U.S. equities recorded positive returns in the first half of 2023 as rates pulled back, inflation readings came in lower than expected, and the labor market and consumer spending remained healthy. This was despite fears of a hard landing amid tightening financial conditions and a backdrop that included several large bank failures. U.S. equities were modestly lower in the third quarter. While earnings releases and corporate guidance generally exceeded expectations during the period, the significant rate move during the third quarter provided a challenging backdrop for equities. The fourth quarter, however, brought a significant rebound as U.S. equities rallied to close out the year. The perceived Federal Reserve (“Fed”) pivot during the fourth quarter fueled a soft landing narrative for investors. The benchmark sectors that led the market higher during the period were Information Technology, Communication Services, and Consumer Discretionary.  The Utilities sector was the worst performer for the index, followed by Energy, Consumer Staples, and Health Care.

Portfolio Review

Within the Fund’s holdings, sectors in which the Fund outperformed the benchmark include Communication Services, Consumer Discretionary, Materials, Real Estate, and Consumer Staples. Sectors where the fund underperformed were Information Technology, Industrials, Energy, Financials, and Health Care. Sector allocation contributed to performance for the period primarily due to the overweight to Communication Services and the underweight to Utilities.

The three stocks that contributed most to performance were Meta Platforms Inc. ("Meta”) (Communication Services sector), Salesforce Inc. (“Salesforce”) (Information Technology sector), and Microsoft Corp. (“Microsoft”) (Information Technology sector).

Meta’s stock did well due to continued strong performance of the business. Revenue growth is being driven by strong consumer engagement with Meta’s services. Reels continues to grow at high rates driving incremental engagement and monetization opportunities across Instagram and Facebook. Management’s 2024 outlook suggests continued discipline in operating expenses, leading to higher expectations for operating margins. Salesforce’s shares outperformed due to stronger than expected growth in new bookings coupled with continued improvement in operating margins. Management indicated continued improvement in margins going forward, including contributions from a material increase in sales productivity.  Microsoft’s stock benefited from stronger than expected growth in cloud revenues, including contributions from new artificial intelligence (“AI”) services. We continue to view the company as well positioned to deliver strong revenue growth over time because of its competitive positions in cloud infrastructure and AI services.

Three of the stocks that detracted the most from performance were Johnson & Johnson (Health Care sector), RTX Corp. (“RTX”) (Industrials sector), and BioMarin Pharmaceutical Inc. (“BioMarin”) (Health Care sector).

Healthcare as a whole underperformed in the period, with defensive names like Johnson & Johnson lagging amidst excitement about the new category of weight loss drugs. In addition, headlines around the company’s court proceedings with talc litigation continued to serve as an overhang for the shares during the period. RTX underperformance came primarily in the third quarter as it announced a defect in its geared turbofan jet engine that would affect 1,200 engines. This development, though one-time in nature, will be costly for the firm, requiring increased labor and material costs and concessions to airline customers who will be losing access to aircraft for up to eight months. Moreover, the issues with the engine do not build confidence in the relatively new engine program as investors brace for more future losses of the unknowns. While the update was disconcerting, the company's other segments performed slightly better than we expected, and the defense segment announced new wins that bolstered the backlog.

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BioMarin shares underperformed during the period. The company is in the process of launching two potential blockbuster drugs -- Voxzogo for Achondroplasia and Roctavian for Hemophilia A gene therapy. Shares experienced weakness throughout the year based on a few items. Early in the year, a potential Voxzogo competitor published phase 2 data that looked very good, though the numbers were small, and the product is a few years away from approval even if things go smoothly. Also in the first quarter, the U.S. Food and Drug Administration (“FDA”) pushed back the action date on Roctavian’s application by 90 days. BioMarin had said many times this was a likely outcome after the company provided additional phase 3 data, but of course, an early approval would have been better. Additionally, Roctavian’s launch in Europe was slower than hoped, due to reimbursement negotiations. In addition, there was disappointment regarding certain aspects of the detailed prescribing information when the FDA approved Roctavian, on June 29. We continue to see good risk-reward for the shares, taking into account these recent developments.

As the period ended, the Fund had an overweight in the Communication Services, Health Care, and Financials sectors and an underweight in the Information Technology, Consumer Discretionary, Consumer Staples, Real Estate, Energy, and Industrials sectors. The weight in the Materials sector was roughly in line with that of the index. The Fund held no positions in the Utilities sector.

Outlook and Conclusion

Looking ahead, we continue to question whether a hard landing is still to come. Soft landings are typically preceded by the easing of lending standards while the tightening of lending standards precedes hard landings. We continue to believe bank-lending standards will stay tight in the coming quarters. As a result, we see additional downside risk to growth and believe the path for a soft landing remains narrow mainly due to the lag effects of higher interest rates. Consistent with our approach over the past couple of years, we have maintained a high-quality portfolio with a focus on higher return on capital and higher barrier to entry businesses with pricing power. We continue to be alert for signals that would warrant a risk-on shift, but we believe, at this point, our high-quality posture will benefit the portfolio going forward.

Comparison of the Change in Value of a $10,000 Investment in the Touchstone US Large Cap Focused ETF and the S&P 500® Index

Average Annual Total Returns
Touchstone US Large Cap Focused ETF	1 Year	Since Inception*
NAV	26.17%	14.96%
Market Price	26.22%	14.96%
S&P 500® Index	26.29%	14.57%

*	The inception date of the Fund was July 27, 2022. The returns of the index listed above are based on the inception date of the Fund.

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Investors buy and sell shares of an exchange-traded fund (“ETF”) at market price (not NAV) in the secondary market throughout the trading day. Shares of an ETF  are not individually available for direct purchase from or direct redemption to the ETF. The ETF’s per share NAV is the value of one share of the ETF and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. Market price returns are typically based upon the official closing price of the ETF’s shares. These returns do not represent investors’ returns had they traded shares at other times. NAV and market price returns assume that dividends and

23

capital gain distributions have been reinvested in the Fund at NAV and market price, respectively. As with other ETFs, NAV returns and market price returns may differ because of factors such as the supply and demand for Fund shares and investors’ assessment of the underlying value of the Fund’s portfolio securities.

Information showing the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads for various time periods is available by visiting the Fund’s website at TouchstoneInvestments.com/ETFs.

Note to Chart

S&P 500® Index is a group of 500 widely held stocks and is commonly regarded to be representative of the large capitalization stock universe.

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The tables below provide each Fund’s geographic allocation, sector allocation, or credit quality. We hope it will be useful to shareholders as it summarizes key information about each Fund’s investments.

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Credit Quality*(% of Fixed Income Securities)
AAA/Aaa	51.4%
AA/Aa	13.7
A/A	12.8
BBB/Baa	14.6
BB/Ba	0.7
Cash Equivalents	6.8
Total	100.0%

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Sector Allocation**(% of Net Assets)
Information Technology	26.1%
Health Care	14.7
Financials	14.4
Communication Services	13.4
Industrials	8.2
Consumer Discretionary	8.0
Consumer Staples	3.8
Energy	2.9
Materials	2.4
Real Estate	1.1
Short-Term Investment Fund	5.1
Other Assets/Liabilities (Net)	(0.1)
Total	100.0%

* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investors Service (“Moody's”). If agency ratings differ, the higher rating will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.

** Sector classifications are based upon the Global Industry Classification Standard (GICS®).

27

37

Futures Contracts

At December 31, 2023, $79,950 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at December 31, 2023: 

Description	Expiration Date	Number of Contracts	Notional Value	Unrealized Appreciation/ Depreciation
Short Futures:
30-Year U.S. Ultra Treasury Bond	3/19/2024	12	$1,561,089	$(42,036)
Long Futures:
2-Year U.S. Treasury Note	3/28/2024	72	14,674,130	151,683
				$109,647

 Centrally Cleared Credit Default Swaps on Credit Indices⁽¹⁾

Counterparty	Termination Date	Notional Amount(2)	Pay Fixed Rate	Clearinghouse	Underlying Bond	Value(3)	Premiums Paid/ (Received)	Unrealized Depreciation
Buy Protection:
Wells Fargo	12/20/28	$4,950,000	5.000%	ICE	Markit CDX North America High Yield Series 41 5Y Index	$(288,748)	$6,039	$(294,787)

(1)	If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.
(2)	The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3)	The quoted market prices and resulting values for credit default swap agreements on the underlying bond serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

See accompanying Notes to Financial Statements.

38

Other Information:

The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Level 1	Level 2	Level 3	Total
Asset-Backed Securities	$—	$27,088,552	$—	$27,088,552
Corporate Bonds	—	15,618,142	—	15,618,142
Commercial Mortgage-Backed Securities	—	9,710,766	—	9,710,766
Commercial Paper	—	3,997,000	—	3,997,000
Non-Agency Collateralized Mortgage Obligations	—	3,545,222	—	3,545,222
Total	$—	$59,959,682	$—	$59,959,682

See accompanying Notes to Financial Statements.

41

	Touchstone Climate Transition ETF	Touchstone Dividend Select ETF	Touchstone Dynamic International ETF	Touchstone Securitized Income ETF	Touchstone Strategic Income Opportunities ETF	Touchstone Ultra Short Income ETF	Touchstone US Large Cap Focused ETF
Assets
Investments, at cost	$11,218,444	$28,691,724	$51,028,026	$23,078,626	$100,352,134	$59,800,865	$28,415,746
Investments, at market value *	$11,482,836	$31,051,307	$53,265,094	$23,603,309	$102,018,178	$59,959,682	$31,783,961
Cash	—	—	331	530,074	—	4,367,485	—
Cash deposits held at prime broker (A)	—	—	—	420	634,824	—	—
Foreign currency †	—	—	25	—	—	—	—
Dividends and interest receivable	11,187	54,508	56,625	227,415	1,090,076	333,597	29,105
Receivable for investments sold	—	—	—	—	3,746	—	—
Receivable for variation margin on futures contracts	—	—	—	—	15,375	—	—
Receivable for securities lending income	—	—	—	—	429	—	—
Tax reclaim receivable	3,148	788	1,826	—	—	—	—
Other assets	7,624	16,869	19,291	16,677	30,341	21,962	12,695
Total Assets	11,504,795	31,123,472	53,343,192	24,377,895	103,792,969	64,682,726	31,825,761
Liabilities
Payable for return of collateral for securities on loan	—	—	—	—	848,318	—	—
Payable for investments purchased	170,686	—	—	—	—	4,285,860	—
Payable to Investment Adviser	16,443	14,401	16,540	6,986	47,432	9,228	18,891
Payable to other affiliates	2,974	5,275	5,807	4,166	13,482	8,703	5,385
Payable to Trustees	12,937	12,850	12,850	12,948	12,850	12,850	12,850
Payable for professional services	28,800	24,400	30,165	32,648	32,545	30,958	24,400
Payable for reports to shareholders	3,785	6,683	2,793	4,544	1,735	16,278	2,593
Payable for transfer agent services	800	16,782	415	600	16,782	16,782	16,783
Payable for variation margin on swap agreements	—	—	—	—	288,748	—	—
Other accrued expenses and liabilities	2,838	3,065	2,562	12,632	9,171	5,204	2,794
Total Liabilities	239,263	83,456	71,132	74,524	1,271,063	4,385,863	83,696
Net Assets	$11,265,532	$31,040,016	$53,272,060	$24,303,371	$102,521,906	$60,296,863	$31,742,065
Net assets consist of:
Paid-in capital	11,543,012	29,356,449	52,779,372	23,766,601	101,957,654	60,126,717	28,671,648
Distributable earnings (deficit)	(277,480)	1,683,567	492,688	536,770	564,252	170,146	3,070,417
Net Assets	$11,265,532	$31,040,016	$53,272,060	$24,303,371	$102,521,906	$60,296,863	$31,742,065
Pricing of shares outstanding
Net assets applicable to shares outstanding	$11,265,532	$31,040,016	$53,272,060	$24,303,371	$102,521,906	$60,296,863	$31,742,065
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)	450,000	1,100,000	1,984,855	950,000	4,075,000	2,404,000	1,050,000
Net asst value, offering price and redemption price per share	$25.03	$28.22	$26.84	$25.58	$25.16	$25.08	$30.23
*Includes market value of securities on loan of:	$—	$—	$—	$—	$818,410	$—	$—
†Cost of foreign currency:	$—	$—	$23	$—	$—	$—	$—

(A)	Represents segregated cash for futures contracts and swap agreements.

See accompanying Notes to Financial Statements.

43

	Touchstone Climate Transition ETF(A)	Touchstone Dividend Select ETF	Touchstone Dynamic International ETF(B)	Touchstone Securitized Income ETF(C)	Touchstone Strategic Income Opportunities ETF	Touchstone Ultra Short Income ETF	Touchstone US Large Cap Focused ETF
Investment Income
Dividends*(D)	$136,197	$810,232	$1,089,597	$64,209	$237,720	$10,476	$420,304
Interest	—	—	—	643,668	5,655,733	2,940,417	—
Income from securities loaned	—	—	—	—	24,841	—	—
Total Investment Income	136,197	810,232	1,089,597	707,877	5,918,294	2,950,893	420,304
Expenses
Investment advisory fees	48,101	154,439	162,468	40,658	550,096	119,023	199,113
Administration fees	10,204	38,769	84,775	14,267	138,112	72,942	39,271
Compliance fees and expenses	2,724	1,989	3,865	2,037	1,615	1,990	1,614
Custody fees	240	—	4,306	240	30,361	1,505	—
Professional fees	29,682	53,418	97,190	33,406	42,638	38,717	27,890
Transfer Agent fees	800	23,943	101,068	600	26,904	24,301	23,475
Registration fees	—	—	53,599	—	—	—	—
Reports to Shareholders	6,380	11,212	19,371	5,014	3,744	25,522	5,154
Distribution and shareholder servicing expense(E)	—	—	142,346	—	—	—	—
Trustee fees	19,503	25,968	25,968	12,947	25,968	25,968	25,968
Other expenses	13,248	30,945	18,354	22,219	48,450	37,251	26,938
Total Expenses	130,882	340,683	713,310	131,388	867,888	347,219	349,423
Fees waived and/or reimbursed by the Adviser and/or Affiliates(F)	(79,821)	(152,548)	(411,731)	(91,018)	(217,774)	(184,378)	(153,154)
Net Expenses	51,061	188,135	301,579	40,370	650,114	162,841	196,269
Net Investment Income (Loss)	85,136	622,097	788,018	667,507	5,268,180	2,788,052	224,035
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investments(G)(H)	(271,382)	1,275,846	(753,226)	8,674	(724,598)	63,051	2,076,642
Net realized losses on futures contracts	—	—	—	—	(200,927)	—	—
Net realized losses on swap agreements	—	—	—	—	(41,162)	—	—
Net realized gains (losses) on foreign currency transactions	(8,617)	—	46,983	—	—	—	—
Net change in unrealized appreciation (depreciation) on investments(I)	264,392	1,988,766	8,981,992	524,683	3,756,051	493,977	4,290,046
Net change in unrealized appreciation (depreciation) on futures contracts	—	—	—	—	109,647	—	—
Net change in unrealized appreciation (depreciation) on swap agreements	—	—	—	—	(294,787)	—	—
Net change in unrealized appreciation (depreciation) on foreign currency transactions	(1,777)	—	169	—	—	—	—
Net Realized and Unrealized Gains (Losses) on Investments	(17,384)	3,264,612	8,275,918	533,357	2,604,224	557,028	6,366,688
Change in Net Assets Resulting from Operations	$67,752	$3,886,709	$9,063,936	$1,200,864	$7,872,404	$3,345,080	$6,590,723
*Net of foreign tax withholding of:	$—	$—	$6,481	$—	$—	$—	$—

(A)	Represents the period from commencement of operations (April 28, 2023) through December 31, 2023.
(B)	Touchstone Dynamic International ETF acquired all of the assets and liabilities of the Touchstone Dynamic Allocation Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on December 8, 2023. Performance and financial history of the Predecessor Fund’s Class A, C and Y Shares have been adopted by Touchstone Dynamic International ETF and will be used going forward. As a result, the information prior to December 8, 2023, reflects that of the Predecessor Fund’s Class A, C and Y Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 10 in the Notes to Financial Statements).
(C)	Represents the period from commencement of operations (July 17, 2023) through December 31, 2023.
(D)	Includes affiliated income of $928,424 from the Predecessor Fund to the Dynamic International ETF.
(E)	Distribution and shareholder servicing expense is from the Predecessor Fund to the Dynamic International ETF.
(F)	See Note 4 in Notes to Financial Statements.
(G)	Includes affiliated gain (loss) of $(3,473,203) from the Predecessor Fund to the Dynamic International ETF.
(H)	Net realized gains on investments includes realized gains of $260,069, $1,886,663 and $2,262,777 for the Climate Transition ETF, Dividend Select ETF and the US Large Cap Focused ETF, respectively, for redemptions-in-kind activity, which will not be recognized by the Funds for tax purposes.
(I)	Includes affiliated change in unrealized appreciation (depreciation) of $6,744,924 from the Predecessor Fund to the Dynamic International ETF.

See accompanying Notes to Financial Statements.

44

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	Touchstone Climate Transition ETF	Touchstone Dividend Select ETF		Touchstone Dynamic International ETF
	For the Period Ended December 31, 2023(A)	For the Year Ended December 31, 2023	For the Period Ended December 31, 2022(B)	For the Year Ended December 31, 2023(C)	For the Year Ended December 31, 2022
From Operations
Net investment income	$85,136	$622,097	$184,324	$788,018	$1,052,739
Net realized gains (losses) on investments, futures contracts, swap agreements and foreign currency transactions	(279,999)	1,275,846	263,630	(706,243)	(773,387)
Net change in unrealized appreciation (depreciation) on investments, futures contracts, swap agreements and foreign currency transactions	262,615	1,988,766	370,817	8,982,161	(13,953,580)
Change in Net Assets from Operations	67,752	3,886,709	818,771	9,063,936	(13,674,228)
Distributions to Shareholders:
Distributed earnings(D)	(85,163)	(623,057)	(183,700)	(839,702)	(3,402,804)
Total Distributions	(85,163)	(623,057)	(183,700)	(839,702)	(3,402,804)
Share Transactions(E)
Proceeds from Shares issued	13,158,712	8,561,210	27,851,716	956,983	2,077,641
Reinvestment of distributions	—	—	—	560,499	3,068,316
Cost of Shares redeemed	(1,875,769)	(7,355,106)	(1,916,527)	(19,299,241)	(10,201,131)
Change in Net Assets from Share Transactions	11,282,943	1,206,104	25,935,189	(17,781,759)	(5,055,174)
Total Increase (Decrease) in Net Assets	11,265,532	4,469,756	26,570,260	(9,557,525)	(22,132,206)
Net Assets
Beginning of period	—	26,570,260	—	62,829,585	84,961,791
End of period	$11,265,532	$31,040,016	$26,570,260	$53,272,060	$62,829,585
Share Transactions(E)
Shares issued	525,001	325,000	1,125,000	86,619	181,722
Shares reinvested	—	—	—	51,329	287,676
Shares redeemed	(75,001)	(275,000)	(75,000)	(4,188,644)	(890,413)
Change in Shares Outstanding	450,000	50,000	1,050,000	(4,050,696)	(421,015)

(A)	Represents the period from commencement of operations (April 28, 2023) through December 31, 2023.
(B)	Represents the period from commencement of operations (August 2, 2022) through December 31, 2022.
(C)	Touchstone Dynamic International ETF acquired all of the assets and liabilities of the Touchstone Dynamic Allocation Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on December 8, 2023. Performance and financial history of the Predecessor Fund’s Class A, C and Y Shares have been adopted by Touchstone Dynamic International ETF and will be used going forward. As a result, the information prior to December 8, 2023, reflects that of the Predecessor Fund’s Class A, C and Y Shares. The Predecessor Fund ceased operations as of the date of the reorganizations (See Note 10 in the Notes to Financial Statements).
(D)	Includes distributed earnings of $587,727, $5,613 and $35,511 for Class A, Class C and Class Y, respectively, from the Predecessor Fund to the Dynamic International ETF for the Year Ended December 31, 2023. The Dynamic International ETF had distributed earnings of $210,851 for the Year Ended December 31, 2023. The Predecessor Fund had distributed earnings of  $3,140,993, $86,179 and $175,632 for Class A, Class C and Class Y, respectively, for the Year Ended December 31, 2022.
(E)	See Note 10 in the Notes to the Financial Statements for the details by Class of the Predecessor Fund to the Dynamic International ETF.
(F)	Represents the period from commencement of operations (July 17, 2023) through December 31, 2023.
(G)	Represents the period from commencement of operations (July 21, 2022) through December 31, 2022.

See accompanying Notes to Financial Statements.

46

Touchstone Securitized Income ETF	Touchstone Strategic Income Opportunities ETF
For the Period Ended December 31, 2023(F)	For the Year Ended December 31, 2023	For the Period Ended December 31, 2022(G)
$667,507	$5,268,180	$1,871,714
8,674	(966,687)	(7,826)
524,683	3,570,911	(2,090,007)
1,200,864	7,872,404	(226,119)
(664,094)	(5,174,005)	(1,908,028)
(664,094)	(5,174,005)	(1,908,028)
23,766,601	623,145	101,334,509
—	—	—
—	—	—
23,766,601	623,145	101,334,509
24,303,371	3,321,544	99,200,362
—	99,200,362	—
$24,303,371	$102,521,906	$99,200,362
950,000	25,000	4,050,000
—	—	—
—	—	—
950,000	25,000	4,050,000