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Annual Report
August 31, 2022
Avantis® Core Fixed Income ETF (AVIG)
Avantis® Core Municipal Fixed Income ETF (AVMU)
Avantis® Short-Term Fixed Income ETF (AVSF)









































Table of Contents

Chairman’s Letter
Avantis Core Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Core Municipal Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Short-Term Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information











Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.


Chairman's Letter

jthomasrev0514a66.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2022. Annual reports
help convey important information about fund returns, including market factors that affected
performance. For additional investment insights, please visit avantisinvestors.com.

Mounting Market Challenges Hampered Performance

Asset class performance weakened dramatically during the funds’ fiscal year. In late 2021,
generally upbeat economic activity and corporate earnings supported gains for most U.S. and
global stock indices. Returns generally remained positive despite rapidly rising inflation and waning
central bank support—factors that had started to weigh on fixed-income indices.

By early 2022, the market climate shifted quickly. Inflation, which was already at multiyear highs,
rose to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during
the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns
and labor market shortages further aggravated inflation in the U.S. and other developed markets.
Russia’s invasion of Ukraine in February also exacerbated global inflationary pressures.

The Bank of England launched its inflation-fighting campaign in December and continued to lift
rates through period-end. The Federal Reserve responded to surging inflation in March, launching
an aggressive rate-hike campaign and ending its asset purchase program. Policymakers indicated
taming inflation remains their priority, even as the U.S. economy contracted in 2022’s first two
quarters. Facing record-high inflation in the eurozone, the European Central Bank in July embarked
on its first rate-hike effort in 11 years.

The combination of sharply elevated inflation, tighter monetary policy, geopolitical strife and weak
economies triggered sharp market volatility and fueled global recession fears. Against this
backdrop, most U.S. and global stock and bond indices declined sharply for the reporting period.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation,
rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine
complicates an increasingly tense geopolitical backdrop and threatens Europe’s winter energy
supply. We will continue to monitor the broad backdrop and its influence on financial markets.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history
of helping clients weather unpredictable markets, and we’re confident we will continue to meet
today’s challenges.

Sincerely,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2

Performance
Avantis Core Fixed Income ETF (AVIG)
Total Returns as of August 31, 2022 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -12.86% -6.98% 10/13/2020
Market Price -13.07% -7.05% 10/13/2020
Bloomberg U.S. Aggregate Bond Index -11.52% -6.34% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made October 13, 2020
chart-7b400a93cc8e415ab6ca.jpg
Value on August 31, 2022
Net Asset Value — $8,727
Bloomberg U.S. Aggregate Bond Index — $8,841
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3

Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Fixed Income ETF seeks to maximize total returns by investing primarily in investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Core Fixed Income ETF returned -13.07% on a market price basis. On a net asset value (NAV) basis, the fund returned -12.86%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the Bloomberg U.S. Aggregate Bond Index, which returned -11.52% for the reporting period. The index is an unmanaged index generally representative of the performance of the broad U.S. taxable investment-grade bond market.

An overweight versus the index to corporates detracted from relative performance as spreads widened over the period. However, the fund’s yield curve positioning among corporate issuers helped mitigate relative underperformance.



















4

Fund Characteristics

AUGUST 31, 2022
Avantis Core Fixed Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 61.9%
U.S. Treasury Securities 25.1%
U.S. Government Agency Mortgage-Backed Securities 19.6%
U.S. Government Agency Securities 2.1%
Sovereign Governments and Agencies 0.2%
Short-Term Investments 10.2%
Other Assets and Liabilities (19.1)%

5

Performance
Avantis Core Municipal Fixed Income ETF (AVMU)
Total Returns as of August 31, 2022 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -8.36% -4.41% 12/8/2020
Market Price -8.39% -4.40% 12/8/2020
S&P National AMT-Free Municipal Bond Index -8.34% -3.90% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made December 8, 2020
chart-d84e52e33f4c417bb3ca.jpg
Value on August 31, 2022
Net Asset Value — $9,249
S&P National AMT-Free Municipal Bond Index — $9,336
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6

Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Municipal Fixed Income ETF seeks to generate current income exempt from federal income tax by investing primarily in municipal securities.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Core Municipal Fixed Income ETF returned -8.39% on a market price basis. On a net asset value (NAV) basis, the fund returned -8.36%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund performed in line with the S&P National AMT-Free Municipal Bond Index, which returned -8.34% for the reporting period. The index is a broad, comprehensive, market value-weighted index designed to measure the performance of the investment-grade tax-exempt U.S. municipal bond market.

The fund’s relative performance benefited from positioning on the yield curve (underweighting longer-dated bonds) and an underweight versus the index to issuers with BBB ratings. However, an overweight to issuers with AA ratings detracted and offset those positive effects.














7

Fund Characteristics

AUGUST 31, 2022
Avantis Core Municipal Fixed Income ETF
Types of Investments in Portfolio % of net assets
Municipal Securities 98.6%
Short-Term Investments 0.3%
Other Assets and Liabilities 1.1%
Top Five States and Territories % of net assets
California 18.1%
New York 15.6%
Texas 7.6%
Georgia 4.1%
Washington 3.9%
Top Five Sectors % of fund investments
Special Tax 23%
General Obligation (GO) - Local 14%
General Obligation (GO) - State 12%
Water & Sewer 9%
Public Power 7%

8

Performance
Avantis Short-Term Fixed Income ETF (AVSF)
Total Returns as of August 31, 2022 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -5.92% -3.02% 10/13/2020
Market Price -6.12% -3.09% 10/13/2020
Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index -5.84% -2.99% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made October 13, 2020
chart-4f3c1098ed334e3790fa.jpg
Value on August 31, 2022
Net Asset Value — $9,439
Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index — $9,444
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9

Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Short-Term Fixed Income ETF seeks to maximize total returns by investing primarily in shorter-maturity investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2022, Avantis Short-Term Fixed Income ETF returned -6.12% on a market price basis. On a net asset value (NAV) basis, the fund returned -5.92%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

On a NAV basis, the fund performed in line with the Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index, which returned -5.84% for the reporting period. The index is an unmanaged index generally representative of the performance of U.S. Treasury, government agency and corporate bonds with maturities between one and five years.

The fund’s overweight allocation versus the index to the corporate credit sector detracted from relative results. However, the fund’s yield curve positioning among corporate issuers added relative value.






















10

Fund Characteristics

AUGUST 31, 2022
Avantis Short-Term Fixed Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 66.7%
U.S. Treasury Securities and Equivalents 30.0%
U.S. Government Agency Securities 2.4%
Other Assets and Liabilities 0.9%

11

Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2022 to August 31, 2022.

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
3/1/22		 Ending
Account Value
8/31/22
Expenses Paid
During Period(1)
3/1/22 - 8/31/22
Annualized
Expense Ratio(1)
Avantis Core Fixed Income ETF
Actual $1,000 $916.40 $0.72 0.15%
Hypothetical $1,000 $1,024.45 $0.77 0.15%
Avantis Core Municipal Fixed Income ETF
Actual $1,000 $947.80 $0.74 0.15%
Hypothetical $1,000 $1,024.45 $0.77 0.15%
Avantis Short-Term Fixed Income ETF
Actual $1,000 $966.80 $0.74 0.15%
Hypothetical $1,000 $1,024.45 $0.77 0.15%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
12

Schedules of Investments

AUGUST 31, 2022
Avantis Core Fixed Income ETF
Principal Amount Value
CORPORATE BONDS — 61.9%
Aerospace and Defense — 1.4%
Boeing Co., 2.20%, 2/4/26 $ 100,000  $ 91,548 
Boeing Co., 2.80%, 3/1/27 25,000  22,782 
General Dynamics Corp., 3.625%, 4/1/30 307,000  296,208 
Huntington Ingalls Industries, Inc., 3.48%, 12/1/27 1,150,000  1,069,991 
Lockheed Martin Corp., 3.55%, 1/15/26 380,000  377,098 
Northrop Grumman Corp., 3.25%, 1/15/28 270,000  256,389 
Precision Castparts Corp., 3.25%, 6/15/25 393,000  388,714 
Raytheon Technologies Corp., 3.50%, 3/15/27 65,000  63,013 
Textron, Inc., 4.00%, 3/15/26 301,000  295,212 
Textron, Inc., 3.65%, 3/15/27 61,000  58,158 
Textron, Inc., 2.45%, 3/15/31 545,000  445,177 
3,364,290 
Air Freight and Logistics — 0.4%
United Parcel Service, Inc., 3.90%, 4/1/25 1,023,000  1,024,813 
Airlines — 0.3%
Southwest Airlines Co., 5.125%, 6/15/27 152,000  155,127 
Southwest Airlines Co., 2.625%, 2/10/30 761,000  640,666 
795,793 
Auto Components — 0.2%
BorgWarner, Inc., 2.65%, 7/1/27 630,000  573,617 
Automobiles — 0.7%
American Honda Finance Corp., 1.00%, 9/10/25 100,000  91,189 
American Honda Finance Corp., 2.35%, 1/8/27 330,000  306,079 
General Motors Co., 4.20%, 10/1/27 350,000  336,497 
General Motors Financial Co., Inc., 5.10%, 1/17/24 44,000  44,398 
Toyota Motor Credit Corp., 2.15%, 2/13/30 100,000  86,713 
Toyota Motor Credit Corp., 3.375%, 4/1/30 600,000  567,156 
Toyota Motor Credit Corp., 1.65%, 1/10/31 453,000  370,702 
1,802,734 
Banks — 8.0%
African Development Bank, 0.75%, 4/3/23 110,000  108,282 
African Development Bank, 0.875%, 7/22/26 295,000  266,300 
Asian Development Bank, 2.625%, 1/30/24 125,000  123,451 
Asian Development Bank, 0.625%, 10/8/24 250,000  235,373 
Asian Development Bank, 0.375%, 9/3/25 851,000  773,650 
Asian Development Bank, 2.375%, 8/10/27 40,000  38,019 
Asian Infrastructure Investment Bank, 0.25%, 9/29/23 200,000  192,855 
Asian Infrastructure Investment Bank, 0.50%, 5/28/25 450,000  412,177 
Bank of Montreal, Series E, 3.30%, 2/5/24 235,000  232,877 
Bank of Nova Scotia, 3.40%, 2/11/24 163,000  161,663 
Citizens Financial Group, Inc., 2.50%, 2/6/30 200,000  168,581 
Council Of Europe Development Bank, 0.25%, 10/20/23 140,000  134,841 
Council Of Europe Development Bank, 2.50%, 2/27/24 135,000  133,057 
Discover Bank, 4.65%, 9/13/28 600,000  576,684 
13

Avantis Core Fixed Income ETF
Principal Amount Value
European Bank for Reconstruction & Development, 0.50%, 1/28/26 $ 100,000  $ 90,009 
European Investment Bank, 3.125%, 12/14/23 100,000  99,501 
European Investment Bank, 0.625%, 7/25/25 770,000  708,238 
European Investment Bank, 1.375%, 3/15/27 342,000  312,128 
European Investment Bank, 4.875%, 2/15/36 130,000  148,529 
Fifth Third Bancorp, 3.65%, 1/25/24 243,000  241,562 
Fifth Third Bancorp, 2.55%, 5/5/27 955,000  880,334 
Inter-American Development Bank, 3.00%, 10/4/23 100,000  99,614 
Inter-American Development Bank, 0.625%, 7/15/25 460,000  422,807 
Inter-American Development Bank, 2.00%, 7/23/26 700,000  661,545 
Inter-American Development Bank, 2.375%, 7/7/27 255,000  242,548 
Inter-American Development Bank, 3.125%, 9/18/28 450,000  440,612 
Inter-American Development Bank, 1.125%, 1/13/31 585,000  490,000 
International Bank for Reconstruction & Development, 1.75%, 4/19/23 50,000  49,468 
International Bank for Reconstruction & Development, 0.875%, 7/15/26 239,000  216,135 
International Bank for Reconstruction & Development, 0.75%, 11/24/27 700,000  609,301 
International Bank for Reconstruction & Development, 0.875%, 5/14/30 480,000  398,153 
International Finance Corp., 2.875%, 7/31/23 50,000  49,650 
JPMorgan Chase & Co., 5.50%, 10/15/40 1,125,000  1,177,218 
Kreditanstalt fuer Wiederaufbau, 1.25%, 1/31/25 175,000  165,580 
Kreditanstalt fuer Wiederaufbau, 2.00%, 5/2/25 350,000  335,913 
Kreditanstalt fuer Wiederaufbau, 0.375%, 7/18/25 150,000  136,906 
Landwirtschaftliche Rentenbank, 2.00%, 1/13/25 415,000  399,985 
Landwirtschaftliche Rentenbank, 0.50%, 5/27/25 281,000  258,367 
Oesterreichische Kontrollbank AG, 2.875%, 3/13/23 75,000  74,785 
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25 250,000  237,732 
PNC Financial Services Group, Inc., 3.15%, 5/19/27 1,237,000  1,185,099 
Santander Holdings USA, Inc., 3.45%, 6/2/25 360,000  344,332 
Santander Holdings USA, Inc., 4.40%, 7/13/27 685,000  660,156 
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23 500,000  499,615 
Toronto-Dominion Bank, 0.75%, 1/6/26 350,000  312,915 
Toronto-Dominion Bank, 4.11%, 6/8/27 550,000  544,431 
Truist Financial Corp., 3.70%, 6/5/25 200,000  197,976 
US Bancorp, 3.95%, 11/17/25 710,000  710,718 
US Bancorp, 1.375%, 7/22/30 1,550,000  1,240,691 
Wells Fargo & Co., 3.55%, 9/29/25 885,000  870,179 
Wells Fargo & Co., 3.00%, 10/23/26 575,000  543,596 
Westpac Banking Corp., 3.40%, 1/25/28 240,000  229,610 
19,843,748 
Beverages — 1.3%
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/28 125,000  123,637 
Anheuser-Busch InBev Worldwide, Inc., 8.20%, 1/15/39 350,000  455,826 
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40 75,000  68,341 
Coca-Cola Co., 3.45%, 3/25/30 585,000  564,034 
Coca-Cola Co., 1.375%, 3/15/31 465,000  378,872 
Keurig Dr Pepper, Inc., 2.55%, 9/15/26 60,000  55,944 
Keurig Dr Pepper, Inc., 3.20%, 5/1/30 525,000  471,352 
Molson Coors Beverage Co., 3.00%, 7/15/26 256,000  239,965 
14

Avantis Core Fixed Income ETF
Principal Amount Value
PepsiCo, Inc., 3.00%, 10/15/27 $ 695,000  $ 672,637 
PepsiCo, Inc., 1.625%, 5/1/30 270,000  228,184 
PepsiCo, Inc., 1.40%, 2/25/31 61,000  49,895 
3,308,687 
Biotechnology — 0.4%
AbbVie, Inc., 3.20%, 11/21/29 300,000  274,237 
AbbVie, Inc., 4.50%, 5/14/35 735,000  699,968 
974,205 
Capital Markets — 3.7%
Ameriprise Financial, Inc., 2.875%, 9/15/26 1,325,000  1,264,161 
BlackRock, Inc., 3.25%, 4/30/29 1,645,000  1,562,585 
Brookfield Finance, Inc., 3.90%, 1/25/28 1,360,000  1,286,658 
Charles Schwab Corp., 3.20%, 3/2/27 100,000  96,897 
Charles Schwab Corp., 2.75%, 10/1/29 1,216,000  1,096,430 
Charles Schwab Corp., 1.65%, 3/11/31 625,000  503,660 
Franklin Resources, Inc., 1.60%, 10/30/30 719,000  570,463 
Intercontinental Exchange, Inc., 4.35%, 6/15/29 50,000  49,379 
Lazard Group LLC, 4.375%, 3/11/29 1,018,000  976,250 
Morgan Stanley, 7.25%, 4/1/32 100,000  117,696 
Nasdaq, Inc., 3.85%, 6/30/26 1,000,000  986,436 
Nasdaq, Inc., 2.50%, 12/21/40 750,000  523,618 
S&P Global, Inc., 2.95%, 1/22/27 75,000  72,078 
9,106,311 
Chemicals — 2.8%
Air Products and Chemicals, Inc., 1.50%, 10/15/25 720,000  671,620 
Dow Chemical Co., 4.80%, 11/30/28 1,000,000  1,007,904 
Eastman Chemical Co., 3.80%, 3/15/25 300,000  295,629 
EI du Pont de Nemours and Co., 2.30%, 7/15/30 850,000  734,878 
Linde, Inc., 3.20%, 1/30/26 80,000  78,493 
Mosaic Co., 4.05%, 11/15/27 25,000  24,270 
Mosaic Co., 5.45%, 11/15/33 1,265,000  1,279,997 
Nutrien Ltd., 2.95%, 5/13/30 735,000  652,216 
PPG Industries, Inc., 1.20%, 3/15/26 525,000  472,265 
RPM International, Inc., 4.55%, 3/1/29 956,000  915,254 
Westlake Corp., 3.60%, 8/15/26 120,000  116,277 
Westlake Corp., 3.375%, 6/15/30 755,000  677,759 
6,926,562 
Commercial Services and Supplies†
Waste Management, Inc., 1.15%, 3/15/28 50,000  42,438 
Construction and Engineering — 0.4%
Quanta Services, Inc., 2.90%, 10/1/30 1,200,000  1,026,672 
Construction Materials — 0.1%
Martin Marietta Materials, Inc., 3.50%, 12/15/27 298,000  284,851 
Consumer Finance — 0.2%
Ally Financial, Inc., 2.20%, 11/2/28 600,000  495,940 
Synchrony Financial, 3.95%, 12/1/27 120,000  109,168 
605,108 
Containers and Packaging — 0.4%
Sonoco Products Co., 2.85%, 2/1/32 550,000  460,404 
WRKCo, Inc., 3.375%, 9/15/27 68,000  64,111 
WRKCo, Inc., 4.90%, 3/15/29 400,000  399,616 
924,131 
15

Avantis Core Fixed Income ETF
Principal Amount Value
Diversified Financial Services — 0.5%
Corebridge Financial, Inc., 3.65%, 4/5/27(1)
 $ 100,000  $ 94,080 
Equitable Holdings, Inc., 4.35%, 4/20/28 904,000  890,153 
National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29 300,000  286,126 
1,270,359 
Electric Utilities — 4.2%
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 120,000  120,213 
Berkshire Hathaway Energy Co., 3.25%, 4/15/28 100,000  94,690 
DTE Electric Co., 2.25%, 3/1/30 950,000  826,641 
DTE Electric Co., Series C, 2.625%, 3/1/31 110,000  97,533 
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/28 1,157,000  1,240,818 
Duke Energy Florida LLC, 3.80%, 7/15/28 40,000  39,099 
Duke Energy Ohio, Inc., 2.125%, 6/1/30 210,000  177,201 
Entergy Arkansas LLC, 4.00%, 6/1/28 693,000  672,706 
Entergy Louisiana LLC, 2.40%, 10/1/26 200,000  185,454 
Entergy Louisiana LLC, 3.05%, 6/1/31 330,000  295,703 
Florida Power & Light Co., 3.125%, 12/1/25 65,000  64,148 
IPALCO Enterprises, Inc., 4.25%, 5/1/30 594,000  548,929 
MidAmerican Energy Co., 6.75%, 12/30/31 550,000  643,830 
PacifiCorp, 2.70%, 9/15/30 90,000  79,513 
PPL Electric Utilities Corp., 6.25%, 5/15/39 1,075,000  1,214,392 
Public Service Electric and Gas Co., 3.00%, 5/15/27 1,210,000  1,161,898 
Puget Energy, Inc., 2.38%, 6/15/28 545,000  474,735 
Puget Energy, Inc., 4.10%, 6/15/30 335,000  309,304 
Southwestern Electric Power Co., Series M, 4.10%, 9/15/28 510,000  493,404 
Union Electric Co., 2.95%, 3/15/30 1,312,000  1,194,787 
Wisconsin Power and Light Co., 3.00%, 7/1/29 464,000  425,309 
10,360,307 
Electronic Equipment, Instruments and Components — 0.8%
Flex Ltd., 3.75%, 2/1/26 50,000  47,681 
Flex Ltd., 4.875%, 5/12/30 400,000  378,489 
Jabil, Inc., 3.00%, 1/15/31 940,000  785,332 
Trimble, Inc., 4.90%, 6/15/28 303,000  301,344 
Tyco Electronics Group SA, 3.125%, 8/15/27 425,000  404,272 
1,917,118 
Energy Equipment and Services — 0.3%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/27 245,000  229,427 
Schlumberger Investment SA, 2.65%, 6/26/30 459,000  405,174 
634,601 
Equity Real Estate Investment Trusts (REITs) — 6.4%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31 100,000  89,281 
American Homes 4 Rent LP, 4.25%, 2/15/28 859,000  821,622 
American Tower Corp., 3.60%, 1/15/28 210,000  195,245 
American Tower Corp., 2.90%, 1/15/30 1,400,000  1,210,395 
AvalonBay Communities, Inc., 3.20%, 1/15/28 810,000  758,321 
Boston Properties LP, 3.65%, 2/1/26 875,000  850,997 
Boston Properties LP, 3.25%, 1/30/31 425,000  366,708 
Brixmor Operating Partnership LP, 3.65%, 6/15/24 347,000  338,945 
Brixmor Operating Partnership LP, 3.90%, 3/15/27 695,000  659,375 
Camden Property Trust, 2.80%, 5/15/30 1,215,000  1,078,033 
16

Avantis Core Fixed Income ETF
Principal Amount Value
Corporate Office Properties LP, 2.25%, 3/15/26 $ 319,000  $ 286,190 
Crown Castle, Inc., 2.10%, 4/1/31 1,146,000  914,122 
Digital Realty Trust LP, 3.60%, 7/1/29 1,400,000  1,291,061 
Equinix, Inc., 1.25%, 7/15/25 280,000  256,265 
Equinix, Inc., 2.00%, 5/15/28 662,000  569,415 
Highwoods Realty LP, 4.125%, 3/15/28 300,000  283,537 
Highwoods Realty LP, 2.60%, 2/1/31 329,000  262,933 
Kimco Realty Corp., 1.90%, 3/1/28 250,000  214,408 
Prologis LP, 3.25%, 10/1/26 400,000  386,256 
Prologis LP, 2.25%, 4/15/30 1,300,000  1,131,989 
Public Storage, 1.85%, 5/1/28 1,200,000  1,066,664 
Public Storage, 2.30%, 5/1/31 800,000  682,842 
Realty Income Corp., 3.65%, 1/15/28 260,000  249,481 
Realty Income Corp., 2.85%, 12/15/32 70,000  60,087 
Sun Communities Operating LP, 2.30%, 11/1/28 100,000  84,547 
UDR, Inc., 2.10%, 8/1/32 1,405,000  1,083,738 
Ventas Realty LP, 3.00%, 1/15/30 520,000  453,348 
Ventas Realty LP, 4.75%, 11/15/30 360,000  349,636 
15,995,441 
Food and Staples Retailing — 0.3%
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26 58,000  56,291 
Walgreens Boots Alliance, Inc., 3.20%, 4/15/30 375,000  334,671 
Walmart, Inc., 3.55%, 6/26/25 350,000  350,505 
741,467 
Food Products — 2.0%
Archer-Daniels-Midland Co., 3.25%, 3/27/30 2,275,000  2,144,084 
Bunge Ltd. Finance Corp., 3.25%, 8/15/26 220,000  211,083 
Campbell Soup Co., 4.15%, 3/15/28 743,000  730,453 
General Mills, Inc., 3.20%, 2/10/27 325,000  313,385 
General Mills, Inc., 4.20%, 4/17/28 525,000  522,766 
Ingredion, Inc., 2.90%, 6/1/30 515,000  449,406 
Mondelez International, Inc., 1.50%, 2/4/31 919,000  725,674 
5,096,851 
Gas Utilities — 0.2%
National Fuel Gas Co., 5.50%, 1/15/26 45,000  45,495 
Southern California Gas Co., 2.55%, 2/1/30 574,000  512,803 
558,298 
Health Care Equipment and Supplies — 0.6%
Edwards Lifesciences Corp., 4.30%, 6/15/28 1,387,000  1,383,463 
Smith & Nephew PLC, 2.03%, 10/14/30 148,000  117,379 
1,500,842 
Health Care Providers and Services — 1.2%
Cigna Corp., 3.20%, 3/15/40 1,050,000  826,202 
CVS Health Corp., 2.875%, 6/1/26 25,000  23,873 
HCA, Inc., 4.50%, 2/15/27 25,000  24,431 
HCA, Inc., 4.125%, 6/15/29 750,000  691,336 
UnitedHealth Group, Inc., 3.75%, 7/15/25 625,000  623,383 
UnitedHealth Group, Inc., 3.45%, 1/15/27 850,000  835,653 
3,024,878 
Hotels, Restaurants and Leisure — 0.7%
Expedia Group, Inc., 3.25%, 2/15/30 350,000  303,162 
17

Avantis Core Fixed Income ETF
Principal Amount Value
Hyatt Hotels Corp., 4.85%, 3/15/26 $ 60,000  $ 60,397 
McDonald's Corp., 4.70%, 12/9/35 50,000  49,691 
Starbucks Corp., 4.00%, 11/15/28 1,415,000  1,384,641 
1,797,891 
Household Durables — 0.1%
Lennar Corp., 5.00%, 6/15/27 46,000  45,719 
Whirlpool Corp., 4.00%, 3/1/24 139,000  139,274 
184,993 
Industrial Conglomerates — 0.6%
3M Co., 5.70%, 3/15/37 1,380,000  1,467,779 
Insurance — 1.3%
Athene Holding Ltd., 4.125%, 1/12/28 500,000  469,329 
Chubb INA Holdings, Inc., 3.15%, 3/15/25 525,000  516,712 
Chubb INA Holdings, Inc., 1.375%, 9/15/30 435,000  347,381 
First American Financial Corp., 4.00%, 5/15/30 66,000  59,204 
Hartford Financial Services Group, Inc., 2.80%, 8/19/29 105,000  93,113 
MetLife, Inc., 3.60%, 11/13/25 910,000  900,352 
Prudential PLC, 3.125%, 4/14/30 945,000  845,294 
Willis North America, Inc., 4.50%, 9/15/28 100,000  97,449 
3,328,834 
Interactive Media and Services — 0.4%
Alphabet, Inc., 0.80%, 8/15/27 447,000  390,770 
Alphabet, Inc., 1.10%, 8/15/30 625,000  510,002 
900,772 
Internet and Direct Marketing Retail — 0.2%
Amazon.com, Inc., 5.20%, 12/3/25 200,000  208,419 
Amazon.com, Inc., 1.20%, 6/3/27 276,000  245,501 
453,920 
IT Services — 1.4%
Global Payments, Inc., 2.90%, 5/15/30 800,000  674,291 
International Business Machines Corp., 1.95%, 5/15/30 1,659,000  1,385,873 
Leidos, Inc., 4.375%, 5/15/30 1,090,000  1,007,870 
Western Union Co., 6.20%, 11/17/36 324,000  321,122 
3,389,156 
Leisure Products — 0.1%
Hasbro, Inc., 3.50%, 9/15/27 286,000  271,115 
Machinery — 1.0%
ABB Finance USA, Inc., 3.80%, 4/3/28 106,000  103,869 
Caterpillar Financial Services Corp., 3.65%, 12/7/23 140,000  140,196 
Caterpillar Financial Services Corp., 1.10%, 9/14/27 100,000  87,498 
IDEX Corp., 3.00%, 5/1/30 250,000  220,515 
John Deere Capital Corp., 3.05%, 1/6/28 468,000  450,045 
John Deere Capital Corp., 1.45%, 1/15/31 140,000  114,458 
Kennametal, Inc., 4.625%, 6/15/28 108,000  104,037 
Oshkosh Corp., 4.60%, 5/15/28 956,000  923,411 
Parker-Hannifin Corp., 4.20%, 11/21/34 425,000  398,025 
2,542,054 
Media — 1.1%
Comcast Corp., 2.65%, 2/1/30 693,000  613,698 
Comcast Corp., 4.25%, 10/15/30 700,000  689,455 
Interpublic Group of Cos., Inc., 4.75%, 3/30/30 250,000  241,255 
18

Avantis Core Fixed Income ETF
Principal Amount Value
Walt Disney Co., 3.70%, 9/15/24 $ 750,000  $ 747,018 
Walt Disney Co., 2.00%, 9/1/29 520,000  449,897 
Walt Disney Co., 6.55%, 3/15/33 45,000  51,886 
2,793,209 
Metals and Mining — 0.6%
Kinross Gold Corp., 4.50%, 7/15/27 95,000  92,292 
Steel Dynamics, Inc., 3.25%, 1/15/31 1,540,000  1,332,573 
1,424,865 
Multi-Utilities — 0.2%
Dominion Energy, Inc., 4.25%, 6/1/28 150,000  147,605 
San Diego Gas & Electric Co., 1.70%, 10/1/30 367,000  302,003 
449,608 
Multiline Retail — 0.8%
Dollar Tree, Inc., 4.20%, 5/15/28 1,190,000  1,160,683 
Target Corp., 2.65%, 9/15/30 870,000  776,856 
1,937,539 
Oil, Gas and Consumable Fuels — 6.5%
Boardwalk Pipelines LP, 4.80%, 5/3/29 700,000  671,748 
BP Capital Markets America, Inc., 3.63%, 4/6/30 1,060,000  1,005,113 
BP Capital Markets PLC, 3.28%, 9/19/27 90,000  86,238 
Burlington Resources LLC, 7.40%, 12/1/31 30,000  35,785 
Canadian Natural Resources Ltd., 2.95%, 7/15/30 563,000  491,189 
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 894,000  893,285 
Chevron Corp., 1.55%, 5/11/25 545,000  514,491 
Chevron USA, Inc., 3.85%, 1/15/28 1,083,000  1,071,160 
Continental Resources, Inc., 4.375%, 1/15/28 600,000  565,932 
Devon Energy Corp., 4.50%, 1/15/30 600,000  569,767 
Enbridge, Inc., 3.125%, 11/15/29 320,000  289,652 
Energy Transfer LP, 4.95%, 5/15/28 600,000  587,318 
Enterprise Products Operating LLC, 3.35%, 3/15/23 220,000  219,645 
Enterprise Products Operating LLC, 3.70%, 2/15/26 80,000  79,065 
Equinor ASA, 3.70%, 3/1/24 70,000  70,011 
Equinor ASA, 2.875%, 4/6/25 450,000  437,960 
Exxon Mobil Corp., 3.04%, 3/1/26 375,000  365,369 
Exxon Mobil Corp., 2.44%, 8/16/29 665,000  600,266 
Exxon Mobil Corp., 2.61%, 10/15/30 512,000  458,027 
Kinder Morgan, Inc., 5.30%, 12/1/34 665,000  652,068 
Marathon Petroleum Corp., 4.70%, 5/1/25 40,000  40,274 
MPLX LP, 2.65%, 8/15/30 1,449,000  1,209,817 
Phillips 66, 3.90%, 3/15/28 540,000  518,134 
Pioneer Natural Resources Co., 1.90%, 8/15/30 1,075,000  877,357 
Shell International Finance BV, 3.25%, 5/11/25 305,000  300,063 
Shell International Finance BV, 2.50%, 9/12/26 460,000  436,138 
Shell International Finance BV, 2.75%, 4/6/30 1,025,000  921,113 
TotalEnergies Capital International SA, 2.43%, 1/10/25 247,000  238,946 
TransCanada PipeLines Ltd., 4.25%, 5/15/28 140,000  136,707 
Valero Energy Corp., 6.625%, 6/15/37 375,000  407,528 
Valero Energy Partners LP, 4.50%, 3/15/28 693,000  685,019 
Williams Cos., Inc., 4.00%, 9/15/25 855,000  846,257 
16,281,442 
19

Avantis Core Fixed Income ETF
Principal Amount Value
Pharmaceuticals — 2.1%
Astrazeneca Finance LLC, 2.25%, 5/28/31 $ 350,000  $ 303,537 
AstraZeneca PLC, 4.00%, 1/17/29 733,000  732,931 
Bristol-Myers Squibb Co., 1.45%, 11/13/30 426,000  348,277 
Eli Lilly & Co., 3.375%, 3/15/29 338,000  327,749 
Johnson & Johnson, 0.55%, 9/1/25 40,000  36,686 
Johnson & Johnson, 2.90%, 1/15/28 540,000  519,482 
Johnson & Johnson, 3.625%, 3/3/37 100,000  92,929 
Merck & Co., Inc., 0.75%, 2/24/26 420,000  379,984 
Merck & Co., Inc., 3.40%, 3/7/29 352,000  338,326 
Mylan, Inc., 4.55%, 4/15/28 100,000  93,985 
Novartis Capital Corp., 3.10%, 5/17/27 285,000  276,772 
Novartis Capital Corp., 2.20%, 8/14/30 175,000  154,052 
Royalty Pharma PLC, 2.20%, 9/2/30 1,000,000  812,176 
Sanofi, 3.625%, 6/19/28 835,000  811,634 
5,228,520 
Professional Services — 0.3%
Verisk Analytics, Inc., 4.125%, 3/15/29 844,000  806,770 
Road and Rail — 0.1%
Norfolk Southern Corp., 3.15%, 6/1/27 125,000  118,614 
Norfolk Southern Corp., 3.80%, 8/1/28 153,000  149,238 
267,852 
Semiconductors and Semiconductor Equipment — 2.6%
Broadcom, Inc., 2.60%, 2/15/33(1)
 825,000  635,014 
Broadcom, Inc., 4.93%, 5/15/37(1)
 560,000  499,685 
Intel Corp., 4.60%, 3/25/40 473,000  453,340 
Lam Research Corp., 3.75%, 3/15/26 200,000  199,365 
Marvell Technology, Inc., 2.95%, 4/15/31 1,175,000  965,105 
Micron Technology, Inc., 4.19%, 2/15/27 325,000  316,655 
NVIDIA Corp., 2.85%, 4/1/30 749,000  676,903 
NVIDIA Corp., 2.00%, 6/15/31 400,000  338,098 
NXP BV / NXP Funding LLC, 5.55%, 12/1/28 560,000  570,378 
QUALCOMM, Inc., 3.25%, 5/20/27 1,835,000  1,791,722 
6,446,265 
Software — 1.2%
Adobe, Inc., 2.30%, 2/1/30 583,000  519,203 
Autodesk, Inc., 2.85%, 1/15/30 1,000,000  888,717 
Microsoft Corp., 2.875%, 2/6/24 150,000  148,526 
Oracle Corp., 3.25%, 5/15/30 320,000  278,660 
Roper Technologies, Inc., 1.40%, 9/15/27 135,000  115,742 
VMware, Inc., 1.80%, 8/15/28 146,000  121,549 
VMware, Inc., 4.70%, 5/15/30 850,000  806,608 
2,879,005 
Specialty Retail — 1.4%
AutoNation, Inc., 3.80%, 11/15/27 116,000  106,880 
AutoNation, Inc., 4.75%, 6/1/30 640,000  599,997 
Home Depot, Inc., 2.80%, 9/14/27 210,000  199,664 
Home Depot, Inc., 2.95%, 6/15/29 1,000,000  934,931 
Home Depot, Inc., 3.30%, 4/15/40 275,000  230,495 
O'Reilly Automotive, Inc., 4.35%, 6/1/28 175,000  173,502 
TJX Cos., Inc., 1.15%, 5/15/28 1,350,000  1,151,431 
3,396,900 
20

Avantis Core Fixed Income ETF
Principal Amount Value
Technology Hardware, Storage and Peripherals — 1.2%
Apple, Inc., 3.25%, 2/23/26 $ 390,000  $ 383,412 
Apple, Inc., 3.20%, 5/11/27 570,000  555,846 
Apple, Inc., 3.00%, 11/13/27 100,000  95,939 
Apple, Inc., 2.20%, 9/11/29 355,000  317,311 
Hewlett Packard Enterprise Co., 6.20%, 10/15/35 664,000  702,764 
HP, Inc., 3.40%, 6/17/30 1,210,000  1,052,993 
3,108,265 
Textiles, Apparel and Luxury Goods — 0.3%
NIKE, Inc., 2.85%, 3/27/30 900,000  828,319 
Trading Companies and Distributors — 0.1%
Air Lease Corp., 3.625%, 12/1/27 363,000  331,266 
Transportation Infrastructure — 0.3%
FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 8/20/35 895,734  782,879 
Wireless Telecommunication Services — 0.5%
T-Mobile USA, Inc., 3.75%, 4/15/27 210,000  201,486 
T-Mobile USA, Inc., 2.55%, 2/15/31 374,000  311,599 
T-Mobile USA, Inc., 2.25%, 11/15/31 854,000  685,763 
1,198,848 
TOTAL CORPORATE BONDS
(Cost $167,723,907)
 154,202,188 
U.S. TREASURY SECURITIES — 25.1%


U.S. Treasury Bonds, 1.125%, 8/15/40 2,136,000  1,441,758 
U.S. Treasury Bonds, 1.875%, 2/15/41 2,000,000  1,533,320 
U.S. Treasury Bonds, 2.25%, 5/15/41 1,585,000  1,293,013 
U.S. Treasury Bonds, 2.00%, 11/15/41 3,245,000  2,521,910 
U.S. Treasury Bonds, 2.75%, 8/15/42 5,025,000  4,418,859 
U.S. Treasury Bonds, 2.50%, 2/15/45 1,750,000  1,447,852 
U.S. Treasury Bonds, 2.875%, 8/15/45 2,400,000  2,123,719 
U.S. Treasury Notes, 0.875%, 1/31/24 3,450,000  3,325,881 
U.S. Treasury Notes, 2.25%, 3/31/24 4,150,000  4,071,053 
U.S. Treasury Notes, 0.375%, 4/15/24 3,350,000  3,186,426 
U.S. Treasury Notes, 1.50%, 11/30/24 4,950,000  4,740,785 
U.S. Treasury Notes, 1.375%, 1/31/25(2)
 4,290,000  4,082,454 
U.S. Treasury Notes, 2.75%, 2/28/25 3,700,000  3,635,394 
U.S. Treasury Notes, 0.375%, 4/30/25 2,000,000  1,842,734 
U.S. Treasury Notes, 2.75%, 8/31/25 1,071,900  1,049,562 
U.S. Treasury Notes, 2.625%, 12/31/25 2,550,000  2,483,013 
U.S. Treasury Notes, 2.625%, 1/31/26 3,750,000  3,648,560 
U.S. Treasury Notes, 0.75%, 3/31/26 3,000,000  2,726,250 
U.S. Treasury Notes, 0.875%, 9/30/26 2,600,000  2,349,141 
U.S. Treasury Notes, 0.375%, 9/30/27 3,750,000  3,232,910 
U.S. Treasury Notes, 1.375%, 10/31/28 4,700,000  4,184,836 
U.S. Treasury Notes, 2.625%, 2/15/29 1,750,000  1,678,633 
U.S. Treasury Notes, 1.625%, 5/15/31 1,850,000  1,634,721 
TOTAL U.S. TREASURY SECURITIES
(Cost $66,307,501)
 62,652,784 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.6%

Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.6%
GNMA, 3.00%,TBA 1,500,000  1,408,535 
GNMA, 3.50%,TBA 6,000,000  5,786,953 
21

Avantis Core Fixed Income ETF
Principal Amount Value
GNMA, 4.50%,TBA $ 2,500,000  $ 2,501,172 
GNMA, 3.50%,TBA 4,500,000  4,335,821 
UMBS, 2.50%,TBA 4,000,000  3,785,000 
UMBS, 3.00%,TBA 3,000,000  2,906,133 
UMBS, 3.50%,TBA 2,000,000  1,964,303 
UMBS, 3.00%,TBA 3,000,000  2,903,203 
UMBS, 3.00%,TBA 3,650,000  3,379,957 
UMBS, 3.50%,TBA 2,500,000  2,382,617 
UMBS, 4.00%,TBA 2,000,000  1,952,656 
UMBS, 4.50%,TBA 3,000,000  2,982,656 
UMBS, 3.00%,TBA 1,500,000  1,388,404 
UMBS, 3.50%,TBA 7,900,000  7,524,473 
UMBS, 4.00%,TBA 3,750,000  3,658,435 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $49,449,290)
 48,860,318 
U.S. GOVERNMENT AGENCY SECURITIES — 2.1%


Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25 100,000  94,685 
FHLB, 2.75%, 12/13/24 15,000  14,758 
FHLB, 2.375%, 3/14/25 50,000  48,653 
FHLB, 3.125%, 6/13/25 50,000  49,522 
FHLB, 0.375%, 9/4/25 125,000  113,940 
FHLB, 1.25%, 12/21/26 200,000  183,163 
FHLB, 3.00%, 3/12/27 50,000  49,146 
FHLB, 3.25%, 11/16/28 1,070,000  1,065,648 
FHLMC, 1.50%, 2/12/25 540,000  515,224 
FHLMC, 0.375%, 7/21/25 279,000  255,285 
FHLMC, 0.375%, 9/23/25 730,000  665,105 
FNMA, 2.50%, 2/5/24 30,000  29,616 
FNMA, 1.625%, 10/15/24 265,000  254,894 
FNMA, 0.625%, 4/22/25 125,000  115,771 
FNMA, 0.50%, 6/17/25 100,000  91,950 
FNMA, 0.375%, 8/25/25 100,000  91,241 
FNMA, 6.25%, 5/15/29 249,000  291,603 
FNMA, 7.125%, 1/15/30 105,000  130,649 
FNMA, 7.25%, 5/15/30 20,000  25,163 
FNMA, 6.625%, 11/15/30 125,000  153,064 
FNMA, 5.625%, 7/15/37 450,000  544,750 
Tennessee Valley Authority, 0.75%, 5/15/25 105,000  97,289 
Tennessee Valley Authority, 7.125%, 5/1/30 120,000  148,888 
Tennessee Valley Authority, 5.88%, 4/1/36 90,000  107,353 
Tennessee Valley Authority, Series A, 2.875%, 2/1/27 60,000  58,557 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $5,535,967)
 5,195,917 
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%


Canada — 0.1%
Export Development Canada, 2.625%, 2/21/24 300,000  295,824 
Sweden — 0.1%
Svensk Exportkredit AB, 0.625%, 5/14/25 200,000  184,320 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $497,115)
 480,144 
22

Avantis Core Fixed Income ETF
Principal Amount Value
SHORT-TERM INVESTMENTS — 10.2%


Treasury Bills(3) — 10.2%
U.S. Treasury Bills, 1.69%, 9/6/22 $ 5,450,000  $ 5,448,484 
U.S. Treasury Bills, 2.06%, 9/8/22 1,000,000  999,604 
U.S. Treasury Bills, 2.26%, 9/13/22 3,500,000  3,497,474 
U.S. Treasury Bills, 2.35%, 9/27/22 5,000,000  4,991,811 
U.S. Treasury Bills, 2.25%, 9/15/22 3,500,000  3,497,087 
U.S. Treasury Bills, 2.24%, 9/20/22 3,500,000  3,496,043 
U.S. Treasury Bills, 2.67%, 10/25/22 3,500,000  3,486,279 
TOTAL SHORT-TERM INVESTMENTS
(Cost $25,416,695)
 25,416,782 
TOTAL INVESTMENT SECURITIES — 119.1%
(Cost $314,930,475)

296,808,133 
OTHER ASSETS AND LIABILITIES — (19.1)%

(47,676,466)
TOTAL NET ASSETS — 100.0%

$ 249,131,667 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized Appreciation
(Depreciation)^
U.S. Treasury Long Bonds
 35 December 2022 $ 4,754,531  $ (27,732)
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type‡
 Fixed Rate
Received
(Paid)
Quarterly		 Termination
Date		 Notional
Amount		 Premiums Paid (Received) Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America Investment Grade Index Series 38 Sell 1.00% 6/20/27 $ 5,000,000  $ 38,289  $ (11,062) $ 27,227 
‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
23

Avantis Core Fixed Income ETF
NOTES TO SCHEDULE OF INVESTMENTS
CDX - Credit Derivatives Indexes
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
GNMA - Government National Mortgage Association
TBA - To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS - Uniform Mortgage-Backed Securities
†Category is less than 0.05% of total net assets.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $1,228,779, which represented 0.5% of total net assets.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $385,407.
(3)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.


See Notes to Financial Statements.
24

AUGUST 31, 2022
Avantis Core Municipal Fixed Income ETF
Principal Amount Value
MUNICIPAL SECURITIES — 98.6%


Alabama — 2.4%
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24(1)
 $ 100,000  $ 105,107 
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 9/1/27, Prerefunded at 100% of Par(1)
 50,000  53,658 
Alabama Public School and College Authority Rev., 5.00%, 11/1/37 200,000  224,171 
Alabama Public School and College Authority Rev., 5.00%, 11/1/39 250,000  278,752 
Alabama Public School and College Authority Rev., 4.00%, 11/1/40 200,000  198,947 
860,635 
Arizona — 1.8%
Arizona Transportation Board Rev., 5.00%, 7/1/24 50,000  52,341 
Mesa Utility System Rev., 4.00%, 7/1/34 15,000  15,609 
Phoenix GO, 5.00%, 7/1/25 85,000  91,046 
Pima County Sewer System Rev., 5.00%, 7/1/24 25,000  26,148 
Pima County Sewer System Rev., 5.00%, 7/1/25 35,000  37,440 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 30,000  32,918 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 60,000  67,063 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 40,000  43,125 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/39 65,000  70,836 
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/30 50,000  56,787 
State of Arizona COP, 5.00%, 10/1/25(1)
 125,000  134,679 
State of Arizona COP, 5.00%, 10/1/29(1)
 10,000  11,598 
State of Arizona Lottery Rev., 5.00%, 7/1/29(1)
 30,000  34,570 
674,160 
California — 18.1%
California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/42 160,000  173,574 
California State Public Works Board Rev., 5.00%, 11/1/29 25,000  25,741 
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/25 40,000  42,653 
California State University Rev., 5.00%, 11/1/26 25,000  27,098 
California State University Rev., 5.00%, 11/1/36 200,000  215,105 
Chino Basin Regional Financing Authority Rev., (Inland Empire Utilities Agency), 4.00%, 11/1/25 25,000  26,199 
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1)
 75,000  80,645 
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1)
 40,000  43,011 
Coast Community College District GO, Capital Appreciation, 0.00%, 8/1/27 (AGM)(2)
 50,000  43,604 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/30 135,000  144,531 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/33 30,000  33,431 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/35 30,000  33,156 
25

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/38 $ 60,000  $ 61,906 
Los Angeles Community College District GO, 5.00%, 8/1/23 25,000  25,613 
Los Angeles Community College District GO, 5.00%, 8/1/24 10,000  10,498 
Los Angeles Community College District GO, 5.00%, 8/1/25 65,000  70,116 
Los Angeles Community College District GO, 5.00%, 6/1/26 60,000  66,001 
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue Rev., 5.00%, 7/1/37 60,000  65,785 
Los Angeles County Public Works Financing Authority Rev., (Los Angeles County), 5.00%, 12/1/39 650,000  677,022 
Los Angeles Department of Airports Rev., 5.00%, 5/15/36 35,000  38,788 
Los Angeles Department of Airports Rev., 5.00%, 5/15/37 200,000  220,972 
Los Angeles Department of Airports Rev., 4.00%, 5/15/39 10,000  10,082 
Los Angeles Department of Airports Rev., 5.00%, 5/15/39 200,000  219,935 
Los Angeles Department of Airports Rev., 4.00%, 5/15/40 75,000  75,438 
Los Angeles Department of Airports Rev., 5.00%, 5/15/40 65,000  71,110 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24 45,000  45,400 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24 25,000  26,217 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/25 25,000  26,734 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/27 50,000  52,341 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/34 50,000  52,686 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/40 75,000  83,127 
Los Angeles Unified School District GO, 3.00%, 7/1/35 45,000  41,279 
Los Angeles Unified School District GO, 3.00%, 7/1/45 150,000  116,642 
Los Rios Community College District GO, 3.00%, 8/1/25 15,000  15,250 
Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/35 100,000  102,181 
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/24 80,000  84,465 
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/31 60,000  65,623 
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 (AGM) 120,000  128,746 
Peralta Community College District GO, 4.00%, 8/1/39 25,000  24,857 
Perris Union High School District GO, 4.00%, 9/1/43 (AGM) 50,000  48,275 
Riverside County Public Financing Authority Rev., (Riverside County), 4.125%, 11/1/25, Prerefunded at 100% of Par(1)
 10,000  10,545 
Sacramento City Financing Authority Rev., (Sacramento), 5.25%, 12/1/30 (Ambac) 100,000  115,362 
Sacramento Municipal Utility District Rev., 5.00%, 8/15/23 25,000  25,626 
Sacramento Municipal Utility District Rev., 5.00%, 8/15/39 50,000  55,518 
San Diego Community College District GO, 5.00%, 8/1/27 10,000  10,983 
San Diego Community College District GO, 5.00%, 8/1/28 40,000  43,909 
San Diego Community College District GO, 5.00%, 8/1/26, Prerefunded at 100% of Par(1)
 30,000  33,044 
San Diego Community College District GO, 5.00%, 8/1/26, Prerefunded at 100% of Par(1)
 30,000  33,044 
San Diego Community College District GO, 4.00%, 8/1/26, Prerefunded at 100% of Par(1)
 45,000  47,838 
San Diego Public Facilities Financing Authority Rev., (City of San Diego Water Utility Revenue), 5.00%, 8/1/28 60,000  65,770 
26

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29 $ 35,000  $ 38,247 
San Diego Unified School District GO, 5.00%, 7/1/26 75,000  80,614 
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM) 35,000  40,404 
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2)
 40,000  31,566 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/32 20,000  22,433 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/35 40,000  44,127 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/24 25,000  26,439 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/34 85,000  92,594 
San Francisco Public Utilities Commission Water Rev., 4.00%, 11/1/35 10,000  10,170 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/36 35,000  36,957 
San Jose Financing Authority Rev., (San Jose), 5.00%, 6/1/23, Prerefunded at 100% of Par(1)
 45,000  45,904 
Santa County Clara GO, 3.50%, 8/1/38 175,000  174,116 
Santa County Clara GO, 3.25%, 8/1/39 50,000  46,497 
State of California GO, 5.00%, 9/1/26 30,000  32,985 
State of California GO, 5.00%, 8/1/27 200,000  214,516 
State of California GO, 5.00%, 8/1/28 5,000  5,589 
State of California GO, 5.00%, 4/1/30 5,000  5,836 
State of California GO, 5.00%, 4/1/30 20,000  23,005 
State of California GO, 5.00%, 9/1/31 50,000  54,691 
State of California GO, 5.00%, 10/1/31 15,000  17,352 
State of California GO, 5.25%, 8/1/32 (AGM) 230,000  279,395 
State of California GO, 4.00%, 9/1/33 60,000  62,305 
State of California GO, 4.00%, 10/1/34 40,000  41,765 
State of California GO, 5.00%, 3/1/35 70,000  79,098 
State of California GO, 3.00%, 10/1/35 300,000  285,885 
State of California GO, 4.00%, 10/1/35 200,000  209,662 
State of California GO, 4.00%, 3/1/36 145,000  149,848 
State of California GO, 4.00%, 10/1/36 50,000  51,527 
State of California GO, 4.00%, 11/1/36 50,000  51,738 
State of California GO, 3.00%, 10/1/37 90,000  81,820 
State of California Department of Water Resources Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(1)
 25,000  25,511 
State of California Department of Water Resources Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(1)
 145,000  153,622 
University of California Rev., 5.00%, 5/15/29 35,000  37,379 
University of California Rev., 5.00%, 5/15/34 50,000  55,928 
University of California Rev., 5.00%, 5/15/36 65,000  70,812 
University of California Rev., 5.00%, 5/15/38 30,000  32,922 
University of California Rev., 5.00%, 5/15/38 30,000  33,765 
6,604,500 
Colorado — 2.0%
City & County of Denver GO, 5.00%, 8/1/30 325,000  380,890 
City & County of Denver Airport System Rev., 5.00%, 11/15/23 50,000  51,567 
City & County of Denver Airport System Rev., 5.00%, 11/15/24 30,000  31,630 
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/24 (NATL)(2)
 55,000  51,716 
27

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/30 (NATL)(2)
 $ 80,000  $ 59,674 
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/28 30,000  34,233 
State of Colorado COP, 5.00%, 12/15/32 50,000  57,213 
State of Colorado COP, 4.00%, 12/15/37 40,000  40,288 
State of Colorado COP, 4.00%, 12/15/38 30,000  30,015 
737,226 
Connecticut — 1.6%
Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 4.125%, 7/1/41 75,000  72,988 
State of Connecticut GO, 5.00%, 10/15/22 25,000  25,080 
State of Connecticut GO, 5.00%, 5/15/24 30,000  31,250 
State of Connecticut GO, 5.00%, 4/15/25 25,000  26,560 
State of Connecticut GO, 5.00%, 1/15/26 35,000  37,774 
State of Connecticut GO, 5.00%, 11/15/31 30,000  32,138 
State of Connecticut GO, 3.00%, 1/15/32 20,000  19,349 
State of Connecticut Special Tax Rev., 5.00%, 9/1/29 40,000  43,535 
State of Connecticut Special Tax Rev., 5.00%, 8/1/31 25,000  26,643 
State of Connecticut Special Tax Rev., 5.00%, 5/1/33 25,000  28,590 
State of Connecticut Special Tax Rev., 5.00%, 5/1/37 75,000  82,881 
State of Connecticut Special Tax Rev., 3.125%, 5/1/40 75,000  64,356 
University of Connecticut Rev., 4.00%, 4/15/38 95,000  93,296 
584,440 
District of Columbia — 3.0%
District of Columbia GO, 5.00%, 6/1/28 35,000  35,671 
District of Columbia GO, 5.00%, 10/15/30 100,000  114,308 
District of Columbia GO, 5.00%, 6/1/31 120,000  124,706 
District of Columbia GO, 5.00%, 6/1/33 60,000  62,103 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/32 10,000  10,731 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/33 25,000  26,747 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34 100,000  106,681 
District of Columbia Rev., (Income Tax Revenue), 4.00%, 3/1/37 360,000  365,968 
District of Columbia Rev., (Income Tax Revenue), 5.00%, 3/1/38 100,000  111,128 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/37 25,000  26,988 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/37 85,000  94,141 
1,079,172 
Florida — 3.4%
Broward County Airport System Rev., 5.00%, 10/1/22, Prerefunded at 100% of Par(1)
 50,000  50,112 
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/38 15,000  16,547 
Central Florida Expressway Authority Rev., 4.00%, 7/1/31 10,000  10,321 
Central Florida Expressway Authority Rev., 3.25%, 7/1/36 60,000  56,713 
Central Florida Expressway Authority Rev., 4.00%, 7/1/37 95,000  95,936 
Hillsborough County School Board COP, 5.00%, 7/1/26 105,000  111,608 
Miami-Dade County GO, 4.00%, 7/1/33 50,000  50,995 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23 10,000  10,279 
28

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/24 $ 50,000  $ 52,614 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23, Prerefunded at 100% of Par(1)
 80,000  82,270 
Miami-Dade County Water & Sewer System Rev., 3.125%, 10/1/39 25,000  21,819 
Orange County Convention Center/Orlando Rev., 5.00%, 10/1/24 80,000  83,900 
Orange County School Board COP, 5.00%, 8/1/34 90,000  96,995 
Palm Beach County School District COP, 5.00%, 8/1/29 130,000  145,562 
Palm Beach County School District COP, 5.00%, 8/1/31 50,000  52,789 
School Board of Miami-Dade County COP, 5.00%, 2/1/25 60,000  63,446 
School Board of Miami-Dade County COP, 5.00%, 2/1/27 80,000  85,743 
School Board of Miami-Dade County COP, 5.00%, 5/1/30 60,000  62,838 
School District of Broward County COP, 5.00%, 7/1/32 25,000  28,159 
Tampa Bay Water Rev., 5.50%, 10/1/24 (NATL) 55,000  58,338 
1,236,984 
Georgia — 4.1%
Atlanta Department of Aviation Rev., 5.00%, 7/1/27 10,000  11,095 
Atlanta Water & Wastewater Rev., 5.75%, 11/1/30 (AGM) 10,000  12,136 
Atlanta Water & Wastewater Rev., 5.00%, 11/1/40 15,000  15,758 
DeKalb County Water & Sewerage Rev., 5.25%, 10/1/32 (AGM) 75,000  82,333 
Fulton County Water & Sewerage Rev., 3.00%, 1/1/40 150,000  130,015 
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/30 80,000  92,596 
Gwinnett County School District GO, 4.00%, 2/1/37 200,000  207,989 
Metropolitan Atlanta Rapid Transit Authority Rev., 5.00%, 7/1/33 310,000  335,067 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37 45,000  41,902 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/39 260,000  237,955 
Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/29 20,000  23,129 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/38 250,000  252,536 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/39 50,000  50,162 
1,492,673 
Hawaii — 1.4%
City & County Honolulu Wastewater System Rev., 3.00%, 7/1/41 90,000  74,357 
City & County of Honolulu GO, 5.00%, 3/1/25 45,000  47,840 
City & County of Honolulu GO, 5.00%, 9/1/30 185,000  209,297 
City & County of Honolulu GO, 5.00%, 3/1/31 45,000  52,036 
State of Hawaii GO, 5.00%, 1/1/36 35,000  38,555 
State of Hawaii GO, 3.00%, 4/1/36 30,000  27,179 
State of Hawaii GO, 4.00%, 5/1/36 10,000  10,195 
State of Hawaii Airports System Rev., 5.00%, 7/1/33 35,000  39,306 
498,765 
Illinois — 3.2%
Chicago O'Hare International Airport Rev., 5.25%, 1/1/29 5,000  5,043 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/30 45,000  47,228 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 5,000  5,229 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 25,000  26,556 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/34 25,000  26,398 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/35 90,000  96,080 
Cook County Sales Tax Rev., 4.00%, 11/15/40 105,000  101,521 
29

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/40 $ 135,000  $ 126,646 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/35 25,000  26,983 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/38 90,000  90,239 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/28 20,000  22,404 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 25,000  28,640 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 30,000  34,326 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/41 75,000  78,874 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/25 100,000  107,136 
Sales Tax Securitization Corp. Rev., 5.50%, 1/1/32 10,000  11,216 
Sales Tax Securitization Corp. Rev., 5.00%, 1/1/37 (BAM) 150,000  162,627 
Springfield Electric Rev., 4.00%, 3/1/40 (AGM) 20,000  20,048 
State of Illinois GO, 5.00%, 2/1/26 40,000  42,052 
State of Illinois GO, 5.00%, 3/1/34 40,000  42,732 
State of Illinois GO, 5.00%, 5/1/35 35,000  35,726 
State of Illinois GO, 4.00%, 11/1/38 20,000  18,801 
State of Illinois GO, 5.50%, 5/1/39 15,000  16,297 
State of Illinois Rev., 5.00%, 6/15/26 15,000  15,228 
1,188,030 
Indiana — 1.1%
Indiana Finance Authority Rev., (CWA Authority, Inc.), 4.00%, 10/1/36 390,000  393,308 
Kentucky — 1.5%
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/25 50,000  53,356 
Louisville and Jefferson County Metropolitan Sewer District Rev., 4.00%, 5/15/36 500,000  501,976 
555,332 
Louisiana — 0.3%
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(1)
 35,000  37,146 
State of Louisiana GO, 5.00%, 8/1/27 75,000  81,816 
118,962 
Maryland — 1.8%
Montgomery County GO, 5.00%, 11/1/24 35,000  36,961 
Prince County George's GO, 5.00%, 7/15/31 100,000  113,351 
State of Maryland GO, 5.00%, 3/15/23 45,000  45,660 
State of Maryland GO, 5.00%, 3/15/25 25,000  26,633 
State of Maryland GO, 5.00%, 3/15/29 25,000  28,817 
State of Maryland GO, 5.00%, 8/1/30 15,000  17,615 
State of Maryland GO, 5.00%, 3/15/31 25,000  27,633 
State of Maryland GO, 3.25%, 3/15/32 25,000  25,247 
State of Maryland GO, 5.00%, 8/1/35 35,000  39,995 
State of Maryland GO, 5.00%, 6/1/36 150,000  175,043 
State of Maryland Department of Transportation Rev., 5.00%, 11/1/23 55,000  56,599 
State of Maryland Department of Transportation Rev., 2.125%, 10/1/31 70,000  62,265 
655,819 
Massachusetts — 3.2%
Massachusetts GO, 5.50%, 8/1/30 (Ambac) 150,000  178,531 
30

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
Massachusetts GO, 5.00%, 9/1/30 $ 10,000  $ 11,499 
Massachusetts GO, 5.00%, 2/1/35 50,000  54,094 
Massachusetts GO, 3.00%, 7/1/35 100,000  92,874 
Massachusetts GO, 5.00%, 9/1/37 50,000  54,737 
Massachusetts GO, 5.00%, 11/1/41 55,000  59,418 
Massachusetts GO, 5.00%, 11/1/45 75,000  82,151 
Massachusetts GO, 5.00%, 11/1/50 75,000  81,794 
Massachusetts Development Finance Agency Rev., (Northeastern University), 5.00%, 3/1/39 75,000  76,043 
Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 5.00%, 10/15/29 10,000  11,668 
Massachusetts School Building Authority Rev., 5.00%, 11/15/33 25,000  27,169 
Massachusetts School Building Authority Rev., 5.00%, 8/15/37 60,000  63,543 
Massachusetts Transportation Fund Rev., 5.00%, 6/1/25 150,000  160,368 
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/33 155,000  172,636 
Massachusetts Water Resources Authority Rev., 5.00%, 8/1/23 60,000  61,472 
1,187,997 
Michigan — 0.9%
Michigan Finance Authority Rev., (Detroit), 4.50%, 10/1/29 40,000  40,497 
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/26 (AGM) 25,000  26,139 
Michigan State Building Authority Rev., 5.00%, 4/15/30 30,000  32,095 
Michigan State Building Authority Rev., 5.00%, 10/15/30 10,000  10,883 
State of Michigan Trunk Line Rev., 5.00%, 11/15/29 75,000  87,016 
State of Michigan Trunk Line Rev., 4.00%, 11/15/37 25,000  25,278 
State of Michigan Trunk Line Rev., 4.00%, 11/15/37 75,000  75,918 
University of Michigan Rev., 5.00%, 4/1/26, Prerefunded at 100% of Par(1)
 20,000  21,779 
319,605 
Minnesota — 2.9%
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/27 30,000  33,035 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/28 25,000  27,482 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/30 20,000  21,834 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/31 100,000  108,829 
State of Minnesota GO, 5.00%, 8/1/23 105,000  107,595 
State of Minnesota GO, 5.00%, 8/1/23 750,000  768,539 
1,067,314 
Mississippi — 0.1%
State of Mississippi GO, 5.00%, 10/1/27, Prerefunded at 100% of Par(1)
 25,000  28,078 
Missouri — 0.2%
Missouri Joint Municipal Electric Utility Commission Rev., 5.00%, 12/1/40 25,000  26,446 
Springfield School District No. R-12 GO, 3.00%, 3/1/39 20,000  17,257 
St. Louis Airport Rev., 5.50%, 7/1/28 (NATL) 25,000  28,541 
72,244 
Nebraska — 0.1%
Omaha Public Power District Rev., 5.00%, 2/1/31 30,000  33,988 
31

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
Nevada — 1.4%
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/33 $ 55,000  $ 60,993 
Clark County School District GO, 5.00%, 6/15/26 15,000  16,151 
Clark County School District GO, 5.00%, 6/15/27 125,000  134,552 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/25 50,000  53,972 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/26 45,000  49,094 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/27 50,000  54,511 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/31 105,000  115,623 
Truckee Meadows Water Authority Rev., 5.00%, 7/1/34 25,000  26,848 
511,744 
New Jersey — 3.3%
Garden State Preservation Trust Rev., 5.75%, 11/1/28 (AGM) 25,000  27,950 
Garden State Preservation Trust Rev., Capital Appreciation, 0.00%, 11/1/28 (AGM)(2)
 5,000  4,105 
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/46 100,000  92,406 
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/51 150,000  139,591 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/25 30,000  30,829 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/26 50,000  53,976 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/27 25,000  25,743 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26 35,000  36,003 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.375%, 6/15/27 25,000  25,696 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 12/15/26, Prerefunded at 100% of Par(1)
 20,000  22,512 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/35 25,000  25,819 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/36 20,000  20,637 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/37 25,000  24,321 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/41 140,000  145,141 
New Jersey Educational Facilities Authority Rev., (Montclair State University, Inc.), 5.00%, 7/1/39 20,000  20,571 
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/36 55,000  57,448 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 5,000  5,392 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27 25,000  27,278 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27 35,000  38,188 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/30 25,000  26,800 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31 20,000  22,092 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31 15,000  16,569 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/32 10,000  10,993 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 25,000  27,003 
New Jersey Turnpike Authority Rev., 4.00%, 1/1/34 25,000  25,627 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/34 25,000  26,905 
32

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
New Jersey Turnpike Authority Rev., 4.00%, 1/1/35 $ 20,000  $ 20,347 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/35 10,000  10,859 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/36 10,000  10,831 
New Jersey Turnpike Authority Rev., 3.25%, 1/1/38 30,000  26,719 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/40 15,000  16,047 
State of New Jersey GO, 5.00%, 6/1/28 50,000  55,935 
State of New Jersey GO, 4.00%, 6/1/31 25,000  26,700 
State of New Jersey GO, 4.00%, 6/1/33 40,000  40,216 
State of New Jersey GO, 4.00%, 6/1/34 20,000  20,286 
1,207,535 
New Mexico — 0.1%
State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/31 45,000  53,030 
New York — 15.6%
Dutchess County Local Development Corp. Rev., (Vassar College), 5.00%, 7/1/42 20,000  20,948 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/28 25,000  27,454 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/29 60,000  65,906 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/32 20,000  21,830 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37 160,000  171,940 
Long Island Power Authority Rev., 5.00%, 9/1/33 55,000  60,829 
Long Island Power Authority Rev., 5.00%, 9/1/38 100,000  109,059 
Metropolitan Transportation Authority Rev., 4.00%, 11/15/36 40,000  39,051 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/44 (AGM) 25,000  26,586 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.00%, 11/15/24 35,000  35,179 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/33 25,000  27,800 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/35 25,000  27,184 
Nassau County GO, 5.00%, 10/1/27 80,000  89,161 
New York City GO, 5.00%, 8/1/25 165,000  172,744 
New York City GO, 5.00%, 8/1/25 200,000  214,219 
New York City GO, 5.00%, 8/1/26 25,000  27,331 
New York City GO, 5.00%, 8/1/27 50,000  51,131 
New York City GO, 5.00%, 8/1/27 100,000  111,416 
New York City GO, 5.00%, 8/1/28 60,000  60,633 
New York City GO, 5.00%, 8/1/28 10,000  11,194 
New York City GO, 5.25%, 10/1/30 50,000  55,571 
New York City GO, 5.00%, 12/1/38 30,000  32,396 
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 4.00%, 3/1/45 (AGM) 100,000  92,785 
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/29 25,000  27,658 
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/35 25,000  27,046 
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.), 5.00%, 11/15/40 75,000  77,734 
New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/36 50,000  50,510 
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/39 10,000  10,698 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/24(1)
 60,000  62,336 
33

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26 $ 35,000  $ 37,556 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/30 100,000  110,257 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/30 35,000  36,993 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 100,000  111,884 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 40,000  44,515 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 40,000  45,937 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37 25,000  24,787 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/38 65,000  63,883 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/39 200,000  195,376 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39 25,000  26,983 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40 100,000  97,161 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/41 125,000  134,280 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/33 60,000  64,397 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36 50,000  54,232 
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/23 5,000  5,107 
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/23, Prerefunded at 100% of Par(1)
 50,000  51,111 
New York State Dormitory Authority Rev., (Trustees of Columbia University in the New York City), 5.00%, 10/1/38 10,000  11,014 
New York State Thruway Authority Rev., 5.00%, 1/1/23 40,000  40,346 
New York State Thruway Authority Rev., 5.00%, 1/1/26 40,000  41,179 
New York State Thruway Authority Rev., 5.00%, 1/1/29 100,000  104,972 
New York State Thruway Authority Rev., 4.00%, 1/1/40 35,000  33,819 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/23 40,000  40,580 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/25 30,000  31,167 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26 55,000  59,583 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/27 115,000  124,340 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 110,000  113,873 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 25,000  27,595 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 25,000  28,480 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/34 60,000  62,067 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/35 25,000  27,645 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/36 50,000  54,635 
34

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37 $ 30,000  $ 29,581 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38 200,000  217,905 
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36 140,000  156,449 
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36 15,000  16,546 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/29 10,000  11,202 
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/31 5,000  5,359 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/33 15,000  16,906 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/34 425,000  467,760 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/35 40,000  44,438 
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37 100,000  99,704 
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24(1)
 50,000  52,725 
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24, Prerefunded at 100% of Par(1)
 10,000  10,545 
Suffolk County Water Authority Rev., 3.00%, 6/1/32 10,000  9,909 
Suffolk County Water Authority Rev., 3.25%, 6/1/43 15,000  13,025 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/25 20,000  21,555 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 60,000  66,177 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 80,000  89,755 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/28 50,000  56,965 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/34 95,000  103,853 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/37 25,000  27,110 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/38 50,000  54,122 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/41 100,000  106,438 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/25 35,000  36,161 
Utility Debt Securitization Authority Rev., 5.00%, 6/15/27 40,000  42,624 
Utility Debt Securitization Authority Rev., 5.00%, 6/15/28 25,000  27,070 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/30 55,000  56,824 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/31 50,000  51,626 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/33 25,000  26,707 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/36 50,000  52,993 
5,686,117 
North Carolina — 1.4%
Charlotte Water & Sewer System Rev., 5.00%, 7/1/40 25,000  26,569 
State of North Carolina GO, 5.00%, 6/1/23 250,000  254,983 
State of North Carolina GO, 5.00%, 6/1/29 60,000  69,380 
State of North Carolina Rev., 5.00%, 3/1/30 10,000  11,336 
State of North Carolina Rev., 5.00%, 3/1/33 115,000  127,880 
Wake County GO, 5.00%, 3/1/24 35,000  36,381 
526,529 
Ohio — 2.2%
American Municipal Power, Inc. Rev., 5.00%, 2/15/33 90,000  101,163 
American Municipal Power, Inc. Rev., 5.00%, 2/15/35 100,000  110,410 
Cincinnati City School District GO, 5.25%, 12/1/29 (NATL) 15,000  17,574 
Cincinnati City School District GO, 5.25%, 12/1/30 (NATL) 30,000  35,593 
Cincinnati City School District GO, 5.25%, 12/1/31 (NATL) 5,000  5,994 
Northeast Ohio Regional Sewer District Rev., 3.00%, 11/15/39 230,000  197,760 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/36 75,000  83,573 
35

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/39 $ 100,000  $ 110,914 
Rickenbacker Port Authority Rev., 5.375%, 1/1/32 45,000  51,277 
State of Ohio GO, 5.00%, 8/1/24 30,000  31,494 
State of Ohio Rev., 5.00%, 12/15/23 55,000  56,803 
802,555 
Oklahoma — 1.3%
Grand River Dam Authority Rev., 5.00%, 6/1/25 250,000  265,975 
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/30 175,000  201,730 
467,705 
Oregon — 1.2%
Deschutes Public Library District GO, 3.00%, 12/1/41 100,000  81,199 
Multnomah County School District No. 1 Portland GO, 5.00%, 6/15/24 (SCH BD GTY) 25,000  26,166 
Oregon State Lottery Rev., 5.00%, 4/1/27 175,000  186,033 
State of Oregon Department of Transportation Rev., 5.00%, 11/15/23 30,000  30,958 
State of Oregon Department of Transportation Rev., 5.00%, 11/15/24, Prerefunded at 100% of Par(1)
 65,000  68,648 
Washington & Multnomah Counties School District No. 48J Beaverton GO, 5.00%, 6/15/24, Prerefunded at 100% of Par (SCH BD GTY)(1)
 35,000  36,621 
429,625 
Pennsylvania — 2.2%
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac) 25,000  28,582 
Delaware Valley Regional Finance Authority Rev., 5.75%, 7/1/32 25,000  30,001 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33 175,000  191,477 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34 100,000  99,444 
Pennsylvania GO, 4.00%, 7/1/23 25,000  25,351 
Pennsylvania GO, 5.00%, 1/1/24 25,000  25,870 
Pennsylvania GO, 5.00%, 1/1/28 5,000  5,523 
Pennsylvania GO, 5.00%, 4/1/23, Prerefunded at 100% of Par(1)
 25,000  25,392 
Pennsylvania GO, 4.00%, 5/1/33 45,000  46,595 
Pennsylvania GO, 3.00%, 9/15/36 80,000  71,900 
Pennsylvania GO, 3.00%, 5/1/38 25,000  21,934 
Pennsylvania GO, 2.00%, 5/1/39 30,000  21,502 
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM) 30,000  33,776 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/23 30,000  30,947 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/41 30,000  31,219 
Philadelphia GO, 4.00%, 8/1/35 20,000  20,139 
Philadelphia Gas Works Co Rev., 5.00%, 8/1/50 (AGM) 100,000  108,108 
817,760 
Rhode Island — 0.1%
Rhode Island Commerce Corp. Rev., 5.00%, 6/15/23 25,000  25,462 
South Carolina — 0.8%
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/23, Prerefunded at 100% of Par(1)
 30,000  30,958 
South Carolina Public Service Authority Rev., 5.00%, 12/1/26 50,000  52,102 
36

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
South Carolina Public Service Authority Rev., 5.00%, 12/1/30 $ 70,000  $ 74,003 
South Carolina Public Service Authority Rev., 5.00%, 12/1/36 25,000  25,871 
South Carolina Public Service Authority Rev., 3.00%, 12/1/41 50,000  39,910 
South Carolina Public Service Authority Rev., 4.00%, 12/1/42 60,000  55,535 
278,379 
Tennessee — 0.2%
Memphis GO, 5.00%, 5/1/23 25,000  25,443 
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/26 50,000  54,153 
79,596 
Texas — 7.6%
Austin GO, 2.95%, 9/1/27 25,000  25,290 
Board of Regents of the University of Texas System Rev., 5.375%, 8/15/23 50,000  51,443 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24 30,000  31,506 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24 35,000  36,757 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/25 50,000  53,763 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/26 25,000  27,491 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/38 300,000  332,597 
Central Texas Regional Mobility Authority Rev., 3.375%, 1/1/41 35,000  29,749 
Central Texas Turnpike System Rev., 5.00%, 8/15/39 90,000  97,764 
Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/24 (PSF-GTD) 80,000  82,973 
Dallas GO, 5.00%, 2/15/23 60,000  60,708 
Dallas GO, 5.00%, 2/15/27 30,000  31,067 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/29 35,000  40,381 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/33 240,000  271,225 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/32 15,000  17,147 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33 65,000  73,676 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33 50,000  56,674 
Dallas Independent School District GO, 5.00%, 8/15/24 (PSF-GTD) 35,000  36,770 
Dallas Independent School District GO, 5.00%, 8/15/24, Prerefunded at 100% of Par (PSF-GTD)(1)
 40,000  41,962 
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/27 80,000  85,898 
Houston GO, 5.00%, 3/1/24 75,000  77,948 
Houston GO, 5.00%, 3/1/28 35,000  39,220 
Houston Independent School District GO, 5.00%, 2/15/27 (PSF-GTD) 55,000  59,633 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/23(1)
 15,000  15,134 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/23 20,000  20,177 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/28 10,000  10,747 
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/36 20,000  20,183 
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/38 30,000  29,710 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/38 25,000  27,065 
37

Avantis Core Municipal Fixed Income ETF
Principal Amount Value
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(2)
 $ 100,000  $ 78,274 
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/26 75,000  81,147 
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/29 40,000  43,629 
State of Texas GO, 5.00%, 10/1/28 40,000  42,986 
State of Texas GO, 5.00%, 4/1/24, Prerefunded at 100% of Par(1)
 60,000  62,407 
State of Texas GO, 5.00%, 10/1/24, Prerefunded at 100% of Par(1)
 50,000  52,500 
State of Texas GO, 5.00%, 10/1/30 55,000  61,169 
State of Texas GO, 4.00%, 4/1/24, Prerefunded at 100% of Par(1)
 50,000  51,211 
State of Texas GO, 5.00%, 10/1/33 100,000  110,059 
Texas Transportation Commission State Highway Fund Rev., 5.00%, 4/1/24 5,000  5,205 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/29 45,000  48,175 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/34 105,000  107,964 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/38 65,000  71,561 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/40 75,000  79,921 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/28 25,000  27,922 
University of Texas System Rev., 5.00%, 8/15/30 50,000  58,704 
2,767,492 
Utah — 1.1%
State of Utah GO, 5.00%, 7/1/28 125,000  142,611 
State of Utah GO, 5.00%, 7/1/29 40,000  46,061 
Utah Transit Authority Rev., 5.00%, 6/15/25 110,000  117,706 
Utah Transit Authority Rev., 5.00%, 6/15/25, Prerefunded at 100% of Par(1)
 30,000  32,068 
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM) 40,000  46,988 
385,434 
Virginia — 2.9%
Richmond Public Utility Rev., 5.00%, 1/15/28 25,000  26,948 
University of Virginia Rev., 5.00%, 4/1/38 25,000  26,978 
Virginia College Building Authority Rev., 5.00%, 2/1/30 75,000  83,930 
Virginia College Building Authority Rev., 5.00%, 2/1/31 70,000  76,850 
Virginia College Building Authority Rev., 4.00%, 2/1/33 40,000  40,804 
Virginia College Building Authority Rev., 3.00%, 2/1/35 80,000  71,902 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/24 50,000  52,229 
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/25 25,000  26,658 
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/26 50,000  55,122 
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/27 60,000  67,546 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/32 10,000  11,070 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/33 50,000  55,237 
38

Avantis Core Municipal Fixed Income ETF
Principal Amount/Shares Value
Virginia Public Building Authority Rev., 5.00%, 8/1/27 $ 100,000  $ 111,760 
Virginia Small Business Financing Authority Rev., (Hampton University), 4.00%, 10/1/38 360,000  361,684 
1,068,718 
Washington — 3.9%
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/25, Prerefunded at 100% of Par(1)
 50,000  54,034 
Central Puget Sound Regional Transit Authority Rev., (Sales Motor Vehicle & Rental Car Taxe), 5.00%, 11/1/26 50,000  55,147 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/23 35,000  35,749 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/25 25,000  26,743 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 25,000  26,152 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 65,000  72,335 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/28 20,000  22,257 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/30 25,000  28,130 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/31 15,000  15,612 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 50,000  52,936 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 25,000  26,419 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35 50,000  56,114 
Energy Northwest Rev., (Bonneville Power Administration), 4.00%, 7/1/42 70,000  68,286 
King County Sewer Rev., 4.00%, 7/1/31 25,000  26,023 
State of Washington GO, 4.00%, 7/1/26 50,000  51,428 
State of Washington GO, 5.00%, 8/1/28 50,000  54,740 
State of Washington GO, 5.00%, 7/1/29 250,000  270,263 
State of Washington GO, 5.00%, 8/1/31 25,000  27,562 
State of Washington GO, 5.00%, 8/1/32 40,000  42,611 
State of Washington GO, 5.00%, 8/1/32 255,000  280,273 
State of Washington GO, 5.00%, 2/1/40 40,000  43,994 
State of Washington GO, 5.00%, 2/1/41 25,000  27,353 
State of Washington Rev., 5.00%, 9/1/23 35,000  35,846 
University of Washington Rev., 4.00%, 6/1/37 10,000  10,093 
1,410,100 
West Virginia — 0.2%
State of West Virginia GO, 5.00%, 12/1/41 70,000  75,630 
TOTAL MUNICIPAL SECURITIES
(Cost $38,659,008)
 35,982,643 
SHORT-TERM INVESTMENTS — 0.3%
Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $122,323)		 122,323  122,323 
TOTAL INVESTMENT SECURITIES — 98.9%
(Cost $38,781,331)
 36,104,966 
OTHER ASSETS AND LIABILITIES — 1.1% 393,947 
TOTAL NET ASSETS — 100.0% $ 36,498,913 
39

Avantis Core Municipal Fixed Income ETF
NOTES TO SCHEDULE OF INVESTMENTS
AGC - Assured Guaranty Corporation
AGM - Assured Guaranty Municipal Corporation
BAM - Build America Mutual Assurance Company
COP - Certificates of Participation
GO - General Obligation
NATL - National Public Finance Guarantee Corporation
PSF-GTD - Permanent School Fund Guaranteed
SCH BD GTY - School Bond Guaranty
(1)Escrowed to maturity in U.S. government securities or state and local government securities.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.


See Notes to Financial Statements.
40

AUGUST 31, 2022
Avantis Short-Term Fixed Income ETF
Principal Amount Value
CORPORATE BONDS — 66.7%


Aerospace and Defense — 0.8%
General Dynamics Corp., 3.50%, 5/15/25 $ 506,000  $ 503,580 
Lockheed Martin Corp., 3.55%, 1/15/26 235,000  233,205 
736,785 
Air Freight and Logistics — 0.5%
United Parcel Service, Inc., 2.20%, 9/1/24 459,000  445,890 
Automobiles — 1.2%
American Honda Finance Corp., 2.15%, 9/10/24 467,000  451,632 
American Honda Finance Corp., 1.00%, 9/10/25 229,000  208,824 
General Motors Financial Co., Inc., 4.25%, 5/15/23 95,000  95,067 
Toyota Motor Corp., 2.36%, 7/2/24 332,000  324,188 
1,079,711 
Banks — 14.2%
African Development Bank, 3.00%, 9/20/23 306,000  304,085 
African Development Bank, 0.875%, 7/22/26 60,000  54,163 
Asian Development Bank, 0.25%, 10/6/23 439,000  423,511 
Asian Development Bank, 2.625%, 1/30/24 250,000  246,903 
Asian Development Bank, 1.50%, 1/20/27 120,000  110,324 
Asian Infrastructure Investment Bank, 0.25%, 9/29/23 234,000  225,641 
Asian Infrastructure Investment Bank, 0.50%, 10/30/24 545,000  509,629 
Asian Infrastructure Investment Bank, 0.50%, 1/27/26 250,000  223,829 
Australia & New Zealand Banking Group Ltd., 3.70%, 11/16/25 400,000  396,853 
Bank of Montreal, 1.25%, 9/15/26 250,000  223,142 
Bank of Nova Scotia, 1.30%, 6/11/25 269,000  248,944 
Bank of Nova Scotia, 2.70%, 8/3/26 59,000  55,584 
Barclays PLC, 3.65%, 3/16/25 200,000  194,796 
Barclays PLC, 4.375%, 1/12/26 200,000  196,142 
Citigroup, Inc., 3.30%, 4/27/25 538,000  525,116 
Council Of Europe Development Bank, 0.25%, 6/10/23 24,000  23,383 
Council Of Europe Development Bank, 1.375%, 2/27/25 214,000  202,892 
European Bank for Reconstruction & Development, 0.25%, 7/10/23 40,000  38,874 
European Bank for Reconstruction & Development, 0.50%, 5/19/25 250,000  230,051 
European Investment Bank, 1.375%, 3/15/27 205,000  187,094 
HSBC Holdings PLC, 3.90%, 5/25/26 300,000  292,125 
Huntington Bancshares, Inc., 4.00%, 5/15/25 269,000  266,867 
Inter-American Development Bank, 2.50%, 1/18/23 120,000  119,666 
Inter-American Development Bank, 3.00%, 10/4/23 106,000  105,591 
Inter-American Development Bank, 0.25%, 11/15/23 82,000  79,037 
International Bank for Reconstruction & Development, 1.50%, 8/28/24 475,000  456,571 
International Bank for Reconstruction & Development, 2.50%, 7/29/25 325,000  315,324 
International Bank for Reconstruction & Development, 0.875%, 7/15/26 40,000  36,173 
International Finance Corp., 2.875%, 7/31/23 152,000  150,937 
JPMorgan Chase & Co., 3.90%, 7/15/25 363,000  360,420 
KeyBank N.A., 3.30%, 6/1/25 375,000  365,719 
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24 450,000  428,292 
41

Avantis Short-Term Fixed Income ETF
Principal Amount Value
Kreditanstalt fuer Wiederaufbau, 1.25%, 1/31/25 $ 50,000  $ 47,308 
Landwirtschaftliche Rentenbank, 0.50%, 5/27/25 200,000  183,891 
National Australia Bank Ltd., 2.50%, 7/12/26 550,000  516,932 
Nordic Investment Bank, 0.50%, 1/21/26 250,000  227,012 
Oesterreichische Kontrollbank AG, 2.875%, 3/13/23 50,000  49,857 
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25 150,000  142,639 
PNC Financial Services Group, Inc., 3.50%, 1/23/24 500,000  498,689 
Royal Bank of Canada, 2.55%, 7/16/24 806,000  784,647 
Santander Holdings USA, Inc., 4.50%, 7/17/25 334,000  332,556 
Toronto-Dominion Bank, 1.25%, 9/10/26 395,000  351,070 
Toronto-Dominion Bank, 4.11%, 6/8/27 100,000  98,988 
Truist Financial Corp., 3.75%, 12/6/23 313,000  313,619 
US Bancorp, 3.95%, 11/17/25 512,000  512,518 
Wells Fargo & Co., 3.00%, 10/23/26 150,000  141,808 
Westpac Banking Corp., 2.85%, 5/13/26 450,000  431,125 
12,230,337 
Beverages — 0.2%
Constellation Brands, Inc., 4.40%, 11/15/25 165,000  165,257 
Biotechnology — 0.5%
AbbVie, Inc., 2.90%, 11/6/22 63,000  62,957 
AbbVie, Inc., 3.20%, 5/14/26 360,000  345,152 
408,109 
Capital Markets — 6.2%
Ameriprise Financial, Inc., 3.00%, 4/2/25 327,000  318,628 
Bank of New York Mellon Corp., 2.20%, 8/16/23 311,000  306,822 
Cboe Global Markets, Inc., 3.65%, 1/12/27 575,000  561,930 
Charles Schwab Corp., 3.75%, 4/1/24 100,000  99,951 
Charles Schwab Corp., 3.85%, 5/21/25 413,000  413,909 
Charles Schwab Corp., 2.45%, 3/3/27 225,000  210,025 
CME Group, Inc., 3.00%, 3/15/25 600,000  589,047 
Goldman Sachs Group, Inc., 3.85%, 1/26/27 625,000  605,904 
Janus Henderson US Holdings, Inc., 4.875%, 8/1/25 230,000  231,209 
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 4.85%, 1/15/27 200,000  198,793 
Lazard Group LLC, 3.75%, 2/13/25 167,000  164,668 
Morgan Stanley, 3.625%, 1/20/27 525,000  510,382 
S&P Global, Inc., 2.95%, 1/22/27 450,000  432,466 
State Street Corp., 3.55%, 8/18/25 700,000  693,840 
5,337,574 
Chemicals — 0.4%
Air Products and Chemicals, Inc., 3.35%, 7/31/24 227,000  225,351 
Mosaic Co., 4.25%, 11/15/23 140,000  140,185 
365,536 
Consumer Finance — 1.2%
Capital One Financial Corp., 4.25%, 4/30/25 538,000  537,123 
Discover Financial Services, 4.50%, 1/30/26 437,000  428,201 
Synchrony Financial, 4.50%, 7/23/25 100,000  97,941 
1,063,265 
Containers and Packaging†
Packaging Corp. of America, 3.65%, 9/15/24 17,000  16,869 
42

Avantis Short-Term Fixed Income ETF
Principal Amount Value
Diversified Consumer Services — 0.2%
Yale University, 0.87%, 4/15/25 $ 200,000  $ 185,593 
Diversified Financial Services — 0.4%
Ally Financial, Inc., 4.75%, 6/9/27 225,000  219,619 
Corebridge Financial, Inc., 3.65%, 4/5/27(1)
 100,000  94,080 
313,699 
Electric Utilities — 2.4%
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 148,000  148,263 
Cleco Corporate Holdings LLC, 3.74%, 5/1/26 242,000  232,152 
Duke Energy Florida LLC, 3.20%, 1/15/27 750,000  726,997 
Entergy Louisiana LLC, 2.40%, 10/1/26 450,000  417,272 
Oklahoma Gas and Electric Co., 0.55%, 5/26/23 174,000  170,057 
Sierra Pacific Power Co., 2.60%, 5/1/26 375,000  355,573 
2,050,314 
Electronic Equipment, Instruments and Components — 0.9%
Avnet, Inc., 4.625%, 4/15/26 285,000  282,245 
Flex Ltd., 3.75%, 2/1/26 293,000  279,410 
Jabil, Inc., 1.70%, 4/15/26 155,000  138,460 
Keysight Technologies, Inc., 4.55%, 10/30/24 48,000  48,299 
TD SYNNEX Corp., 1.75%, 8/9/26 75,000  65,743 
814,157 
Energy Equipment and Services — 0.7%
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25 275,000  257,393 
Schlumberger Investment SA, 3.65%, 12/1/23 313,000  312,912 
570,305 
Equity Real Estate Investment Trusts (REITs) — 6.6%
AvalonBay Communities, Inc., 2.95%, 5/11/26 525,000  500,393 
Boston Properties LP, 2.75%, 10/1/26 450,000  419,349 
Corporate Office Properties LP, 2.25%, 3/15/26 68,000  61,006 
Crown Castle, Inc., 4.45%, 2/15/26 250,000  248,949 
Digital Realty Trust LP, 3.70%, 8/15/27 450,000  429,847 
ERP Operating LP, 3.375%, 6/1/25 463,000  451,656 
Federal Realty Investment Trust, 3.25%, 7/15/27 450,000  425,500 
Healthcare Realty Holdings LP, 3.50%, 8/1/26 250,000  238,676 
Host Hotels & Resorts LP, 4.50%, 2/1/26 200,000  195,353 
Kimco Realty Corp., 3.30%, 2/1/25 338,000  330,329 
Mid-America Apartments LP, 3.60%, 6/1/27 100,000  96,066 
Omega Healthcare Investors, Inc., 4.95%, 4/1/24 75,000  75,234 
Prologis LP, 3.25%, 10/1/26 625,000  603,524 
Spirit Realty LP, 4.45%, 9/15/26 322,000  315,606 
UDR, Inc., 3.50%, 7/1/27 450,000  427,224 
Ventas Realty LP, 3.85%, 4/1/27 450,000  432,229 
Vornado Realty LP, 2.15%, 6/1/26 100,000  88,089 
WP Carey, Inc., 4.00%, 2/1/25 388,000  384,436 
5,723,466 
Food and Staples Retailing — 0.9%
Costco Wholesale Corp., 2.75%, 5/18/24 181,000  179,523 
Walmart, Inc., 3.30%, 4/22/24 115,000  114,547 
Walmart, Inc., 3.05%, 7/8/26 450,000  445,814 
739,884 
43

Avantis Short-Term Fixed Income ETF
Principal Amount Value
Food Products — 0.8%
Archer-Daniels-Midland Co., 2.50%, 8/11/26 $ 150,000  $ 142,778 
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 459,000  426,439 
Hershey Co., 2.05%, 11/15/24 123,000  118,863 
688,080 
Gas Utilities — 0.2%
Southern California Gas Co., 2.60%, 6/15/26 197,000  186,105 
Health Care Providers and Services — 1.5%
Aetna, Inc., 3.50%, 11/15/24 440,000  434,453 
Cardinal Health, Inc., 3.50%, 11/15/24 137,000  136,108 
Cigna Corp., 3.05%, 11/30/22 38,000  38,000 
CVS Health Corp., 2.875%, 6/1/26 70,000  66,845 
HCA, Inc., 5.25%, 6/15/26 270,000  271,559 
Laboratory Corp. of America Holdings, 3.60%, 2/1/25 100,000  98,649 
Quest Diagnostics, Inc., 3.45%, 6/1/26 227,000  221,144 
1,266,758 
Hotels, Restaurants and Leisure — 0.4%
Hyatt Hotels Corp., 4.85%, 3/15/26 65,000  65,431 
Starbucks Corp., 3.80%, 8/15/25 293,000  291,897 
357,328 
Household Durables — 0.5%
DR Horton, Inc., 4.75%, 2/15/23 70,000  70,107 
Lennar Corp., 5.25%, 6/1/26 200,000  201,613 
PulteGroup, Inc., 5.00%, 1/15/27 200,000  200,691 
472,411 
Household Products — 0.5%
Colgate-Palmolive Co., 3.25%, 3/15/24 134,000  133,399 
Procter & Gamble Co., 2.45%, 11/3/26 300,000  288,204 
421,603 
Industrial Conglomerates — 0.5%
3M Co., 2.25%, 9/19/26 450,000  420,109 
Insurance — 3.1%
Aflac, Inc., 3.25%, 3/17/25 278,000  274,065 
Allstate Corp., 0.75%, 12/15/25 600,000  538,674 
Brighthouse Financial, Inc., 3.70%, 6/22/27 450,000  427,497 
Chubb INA Holdings, Inc., 3.35%, 5/3/26 821,000  803,786 
First American Financial Corp., 4.60%, 11/15/24 200,000  199,944 
MetLife, Inc., 4.37%, 9/15/23 274,000  275,535 
MetLife, Inc., 3.60%, 11/13/25 179,000  177,102 
2,696,603 
Interactive Media and Services — 0.5%
Alphabet, Inc., 3.375%, 2/25/24 450,000  449,313 
Internet and Direct Marketing Retail — 0.5%
Amazon.com, Inc., 2.80%, 8/22/24 468,000  462,326 
IT Services — 1.9%
International Business Machines Corp., 1.70%, 5/15/27 500,000  449,485 
Mastercard, Inc., 2.95%, 11/21/26 250,000  242,040 
VeriSign, Inc., 5.25%, 4/1/25 750,000  762,094 
Western Union Co., 2.85%, 1/10/25 171,000  164,169 
1,617,788 
44

Avantis Short-Term Fixed Income ETF
Principal Amount Value
Machinery — 2.8%
Caterpillar Financial Services Corp., 3.30%, 6/9/24 $ 240,000  $ 238,746 
Caterpillar Financial Services Corp., 1.45%, 5/15/25 723,000  680,254 
Cummins, Inc., 3.65%, 10/1/23 106,000  106,272 
Cummins, Inc., 0.75%, 9/1/25 250,000  228,995 
Illinois Tool Works, Inc., 3.50%, 3/1/24 56,000  55,928 
John Deere Capital Corp., 3.45%, 1/10/24 242,000  241,460 
PACCAR Financial Corp., 2.15%, 8/15/24 351,000  340,494 
PACCAR Financial Corp., 1.10%, 5/11/26 600,000  544,570 
2,436,719 
Media — 0.9%
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22 32,000  32,378 
Comcast Corp., 3.375%, 8/15/25 506,000  497,835 
Discovery Communications LLC, 4.90%, 3/11/26 245,000  244,813 
775,026 
Metals and Mining — 0.3%
ArcelorMittal SA, 4.55%, 3/11/26 70,000  68,659 
BHP Billiton Finance USA Ltd., 3.85%, 9/30/23 45,000  45,065 
Kinross Gold Corp., 5.95%, 3/15/24 106,000  107,937 
221,661 
Multi-Utilities — 0.1%
Dominion Energy, Inc., 2.75%, 9/15/22 98,000  97,996 
Multiline Retail — 1.6%
Dollar Tree, Inc., 4.00%, 5/15/25 318,000  315,181 
Target Corp., 2.25%, 4/15/25 1,120,000  1,076,476 
1,391,657 
Oil, Gas and Consumable Fuels — 5.6%
Canadian Natural Resources Ltd., 2.05%, 7/15/25 398,000  370,805 
Chevron Corp., 2.90%, 3/3/24 66,000  65,340 
Chevron Corp., 2.95%, 5/16/26 385,000  373,114 
Enbridge, Inc., 2.50%, 1/15/25 296,000  283,796 
Energy Transfer LP, 4.75%, 1/15/26 438,000  434,547 
Enterprise Products Operating LLC, 3.35%, 3/15/23 146,000  145,764 
Equinor ASA, 2.45%, 1/17/23 66,000  65,801 
Equinor ASA, 3.70%, 3/1/24 391,000  391,060 
Exxon Mobil Corp., 2.71%, 3/6/25 221,000  215,137 
Exxon Mobil Corp., 2.99%, 3/19/25 815,000  797,637 
Phillips 66 Co., 2.45%, 12/15/24(1)
 148,000  140,750 
Shell International Finance BV, 3.25%, 5/11/25 436,000  428,943 
TotalEnergies Capital Canada Ltd., 2.75%, 7/15/23 131,000  129,792 
TotalEnergies Capital International SA, 2.43%, 1/10/25 450,000  435,326 
Valero Energy Corp., 2.85%, 4/15/25 37,000  35,845 
Williams Cos., Inc., 4.00%, 9/15/25 488,000  483,010 
4,796,667 
Personal Products — 0.1%
Estee Lauder Cos., Inc., 2.00%, 12/1/24 48,000  46,682 
Pharmaceuticals — 2.8%
Astrazeneca Finance LLC, 1.20%, 5/28/26 274,000  247,524 
Bristol-Myers Squibb Co., 2.90%, 7/26/24 431,000  425,578 
GlaxoSmithKline Capital PLC, 3.00%, 6/1/24 287,000  284,175 
45

Avantis Short-Term Fixed Income ETF
Principal Amount Value
GlaxoSmithKline Capital, Inc., 3.625%, 5/15/25 $ 499,000  $ 496,540 
Novartis Capital Corp., 1.75%, 2/14/25 63,000  60,324 
Novartis Capital Corp., 3.00%, 11/20/25 411,000  402,532 
Royalty Pharma PLC, 1.20%, 9/2/25 179,000  162,842 
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 150,000  141,036 
Wyeth LLC, 6.45%, 2/1/24 172,000  178,480 
2,399,031 
Road and Rail — 0.7%
Canadian National Railway Co., 2.75%, 3/1/26 325,000  311,436 
Ryder System, Inc., 2.50%, 9/1/24 48,000  46,442 
Ryder System, Inc., 3.35%, 9/1/25 224,000  216,035 
573,913 
Semiconductors and Semiconductor Equipment — 1.0%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27 175,000  168,318 
Marvell Technology, Inc., 1.65%, 4/15/26 230,000  207,071 
Microchip Technology, Inc., 4.33%, 6/1/23 64,000  64,107 
Micron Technology, Inc., 4.98%, 2/6/26 295,000  296,250 
NXP BV / NXP Funding LLC, 4.875%, 3/1/24 100,000  100,460 
836,206 
Software — 1.0%
Citrix Systems, Inc., 1.25%, 3/1/26 234,000  228,845 
Microsoft Corp., 2.875%, 2/6/24 200,000  198,035 
Microsoft Corp., 3.125%, 11/3/25 225,000  221,460 
Microsoft Corp., 2.40%, 8/8/26 200,000  191,010 
Oracle Corp., 2.40%, 9/15/23 40,000  39,310 
878,660 
Specialty Retail — 0.6%
Home Depot, Inc., 3.00%, 4/1/26 300,000  291,464 
Ross Stores, Inc., 4.60%, 4/15/25 238,000  240,157 
531,621 
Technology Hardware, Storage and Peripherals — 1.4%
Apple, Inc., 3.00%, 2/9/24 97,000  96,237 
Apple, Inc., 1.125%, 5/11/25 69,000  64,506 
Apple, Inc., 3.20%, 5/13/25 225,000  222,126 
Apple, Inc., 3.25%, 2/23/26 428,000  420,770 
Dell International LLC / EMC Corp., 6.02%, 6/15/26 358,000  372,018 
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 48,000  48,787 
1,224,444 
Trading Companies and Distributors — 0.1%
Air Lease Corp., 2.875%, 1/15/26 50,000  46,157 
TOTAL CORPORATE BONDS
(Cost $60,324,419)
 57,541,615 
U.S. TREASURY SECURITIES AND EQUIVALENTS — 30.0%


Israel Government AID Bond, 5.50%, 9/18/23 32,000  32,623 
U.S. Treasury Notes, 0.125%, 8/31/23 500,000  483,422 
U.S. Treasury Notes, 0.125%, 10/15/23 900,000  867,270 
U.S. Treasury Notes, 2.75%, 11/15/23 776,000  769,604 
U.S. Treasury Notes, 0.125%, 12/15/23 1,000,000  958,516 
U.S. Treasury Notes, 2.375%, 2/29/24(2)
 1,560,000  1,535,259 
U.S. Treasury Notes, 0.375%, 4/15/24 1,550,000  1,474,316 
U.S. Treasury Notes, 2.00%, 5/31/24 1,194,700  1,165,346 
46

Avantis Short-Term Fixed Income ETF
Principal Amount Value
U.S. Treasury Notes, 0.25%, 6/15/24 $ 2,025,000  $ 1,912,755 
U.S. Treasury Notes, 0.375%, 7/15/24 1,375,000  1,298,945 
U.S. Treasury Notes, 2.375%, 8/15/24 1,900,000  1,861,406 
U.S. Treasury Notes, 1.50%, 10/31/24 2,150,000  2,063,076 
U.S. Treasury Notes, 1.50%, 11/30/24 2,220,000  2,126,170 
U.S. Treasury Notes, 1.50%, 2/15/25 2,000,000  1,906,797 
U.S. Treasury Notes, 2.75%, 2/28/25 500,000  491,270 
U.S. Treasury Notes, 2.00%, 8/15/25 1,100,000  1,054,238 
U.S. Treasury Notes, 0.25%, 10/31/25 2,100,000  1,897,875 
U.S. Treasury Notes, 0.375%, 11/30/25 1,795,200  1,624,446 
U.S. Treasury Notes, 0.75%, 5/31/26 1,400,000  1,267,438 
U.S. Treasury Notes, 1.125%, 10/31/26 900,000  820,160 
U.S. Treasury Notes, 0.50%, 6/30/27 250,000  218,369 
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS
(Cost $26,922,655)
 25,829,301 
U.S. GOVERNMENT AGENCY SECURITIES — 2.4%


Federal Farm Credit Banks Funding Corp., 0.125%, 5/10/23 150,000  146,490 
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25 250,000  236,713 
FHLB, 0.125%, 6/2/23 100,000  97,513 
FHLB, 1.50%, 8/15/24 170,000  163,957 
FHLB, 2.75%, 12/13/24 120,000  118,060 
FHLB, 2.375%, 3/14/25 200,000  194,613 
FHLB, 3.125%, 6/13/25 25,000  24,761 
FHLMC, 0.125%, 10/16/23 104,000  100,152 
FHLMC, 0.25%, 11/6/23 104,000  100,091 
FHLMC, 0.25%, 12/4/23 100,000  95,946 
FHLMC, 0.375%, 7/21/25 115,000  105,225 
FNMA, 2.375%, 1/19/23 16,000  15,944 
FNMA, 0.25%, 7/10/23 152,000  147,861 
FNMA, 2.625%, 9/6/24 375,000  368,733 
FNMA, 1.625%, 10/15/24 25,000  24,047 
FNMA, 0.375%, 8/25/25 25,000  22,810 
Tennessee Valley Authority, 0.75%, 5/15/25 125,000  115,820 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $2,168,614)
 2,078,736 
TOTAL INVESTMENT SECURITIES — 99.1%
(Cost $89,415,688)

85,449,652 
OTHER ASSETS AND LIABILITIES — 0.9%

752,222 
TOTAL NET ASSETS — 100.0%

$ 86,201,874 

47

Avantis Short-Term Fixed Income ETF
NOTES TO SCHEDULE OF INVESTMENTS
AID - Agency for International Development
Equivalent - Security whose payments are secured by the U.S. Treasury
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
†Category is less than 0.05% of total net assets.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $234,830, which represented 0.3% of total net assets.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $49,207.


See Notes to Financial Statements.
48

Statements of Assets and Liabilities
AUGUST 31, 2022
Avantis Core Fixed Income ETF Avantis Core Municipal Fixed Income ETF
Assets
Investment securities, at value (cost of $314,930,475 and $38,781,331, respectively) $ 296,808,133  $ 36,104,966 
Cash 522,388  — 
Receivable for investments sold 33,651,982  — 
Receivable for capital shares sold —  2,281,180 
Interest receivable 1,838,138  398,034 
332,820,641  38,784,180 
Liabilities
Payable for investments purchased 83,640,296  2,280,915 
Payable for variation margin on futures contracts 14,219  — 
Payable for variation margin on swap agreements 2,805  — 
Accrued management fees 31,654  4,352 
83,688,974  2,285,267 
Net Assets $ 249,131,667  $ 36,498,913 
Shares outstanding (unlimited number of shares authorized) 5,850,000  800,000 
Net Asset Value Per Share $ 42.59  $ 45.62 
Net Assets Consist of:
Capital paid in $ 271,984,790  $ 39,138,455 
Distributable earnings (22,853,123) (2,639,542)
$ 249,131,667  $ 36,498,913 


See Notes to Financial Statements.
49

AUGUST 31, 2022
Avantis Short-Term Fixed Income ETF
Assets
Investment securities, at value (cost of $89,415,688) $ 85,449,652 
Cash 550,839 
Receivable for investments sold 2,092,734 
Interest receivable 507,983 
88,601,208 
Liabilities
Payable for investments purchased 2,388,283 
Accrued management fees 11,051 
2,399,334 
Net Assets $ 86,201,874 
Shares outstanding (unlimited number of shares authorized) 1,850,000 
Net Asset Value Per Share $ 46.60 
Net Assets Consist of:
Capital paid in $ 90,574,805 
Distributable earnings (4,372,931)
$ 86,201,874 


See Notes to Financial Statements.
50

Statements of Operations
YEAR ENDED AUGUST 31, 2022
Avantis Core Fixed Income ETF Avantis Core Municipal Fixed Income ETF
Investment Income (Loss)
Income:
Interest $ 3,464,198  $ 339,323 
Expenses:
Management fees 231,892  43,881 
Other expenses 622  — 
232,514  43,881 
Net investment income (loss) 3,231,684  295,442 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (4,898,904) 60 
Futures contract transactions (352,749) — 
Swap agreement transactions (13,722) — 
(5,265,375) 60 
Change in net unrealized appreciation (depreciation) on:
Investments (18,512,153) (2,780,081)
Futures contracts (28,724) — 
Swap agreements (15,109) — 
(18,555,986) (2,780,081)
Net realized and unrealized gain (loss) (23,821,361) (2,780,021)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (20,589,677) $ (2,484,579)


See Notes to Financial Statements.
51

YEAR ENDED AUGUST 31, 2022
Avantis Short-Term Fixed Income ETF
Investment Income (Loss)
Income:
Interest $ 823,232 
Expenses:
Management fees 92,552 
Net investment income (loss) 730,680 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (516,482)
Futures contract transactions (10,957)
(527,439)
Change in net unrealized appreciation (depreciation) on investments (3,976,581)
Net realized and unrealized gain (loss) (4,504,020)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (3,773,340)


See Notes to Financial Statements.
52

Statements of Changes in Net Assets
YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Avantis Core Fixed
Income ETF		 Avantis Core Municipal Fixed Income ETF
Increase (Decrease) in Net Assets August 31, 2022
August 31, 2021(1)
 August 31, 2022
August 31, 2021(2)
Operations
Net investment income (loss) $ 3,231,684  $ 378,942  $ 295,442  $ 125,182 
Net realized gain (loss) (5,265,375) (47,233) 60  (5,086)
Change in net unrealized appreciation (depreciation) (18,555,986) 394,850  (2,780,081) 103,716 
Net increase (decrease) in net assets resulting from operations (20,589,677) 726,559  (2,484,579) 223,812 
Distributions to Shareholders
From earnings (2,680,155) (309,850) (271,910) (106,865)
Capital Share Transactions
Proceeds from shares sold 202,856,185  69,116,150  11,608,180  27,507,410 
Other capital 11,448  1,007  10,377  12,488 
Net increase (decrease) in net assets from capital share transactions 202,867,633  69,117,157  11,618,557  27,519,898 
Net increase (decrease) in net assets 179,597,801  69,533,866  8,862,068  27,636,845 
Net Assets
Beginning of period 69,533,866  —  27,636,845  — 
End of period $ 249,131,667  $ 69,533,866  $ 36,498,913  $ 27,636,845 
Transactions in Shares of the Funds
Sold 4,450,000  1,400,000  250,000  550,000 
(1)October 13, 2020 (fund inception) through August 31, 2021.
(2)December 8, 2020 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
53

YEAR ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021
Avantis Short-Term Fixed Income ETF
Increase (Decrease) in Net Assets August 31, 2022
August 31, 2021(1)
Operations
Net investment income (loss) $ 730,680  $ 80,480 
Net realized gain (loss) (527,439) 5,514 
Change in net unrealized appreciation (depreciation) (3,976,581) 10,545 
Net increase (decrease) in net assets resulting from operations (3,773,340) 96,539 
Distributions to Shareholders
From earnings (622,910) (73,220)
Capital Share Transactions
Proceeds from shares sold 58,095,084  32,473,925 
Other capital 4,107  1,689 
Net increase (decrease) in net assets from capital share transactions 58,099,191  32,475,614 
Net increase (decrease) in net assets 53,702,941  32,498,933 
Net Assets
Beginning of period 32,498,933  — 
End of period $ 86,201,874  $ 32,498,933 
Transactions in Shares of the Funds
Sold 1,200,000  650,000 
(1)October 13, 2020 (fund inception) through August 31, 2021.


See Notes to Financial Statements.
54

Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Core Fixed Income ETF, Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF is to seek to maximize total return. Avantis Core Municipal Fixed Income ETF’s investment objective is to seek current income that is exempt from federal income tax. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF incepted on October 13, 2020. Avantis Core Municipal Fixed Income ETF incepted on December 8, 2020.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

55

The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Forward Commitments — The funds may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The funds may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the funds may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.

56

The annual management fee for each fund is as follows:
Annual Management Fee
Avantis Core Fixed Income ETF 0.15%
Avantis Core Municipal Fixed Income ETF 0.15%
Avantis Short-Term Fixed Income ETF 0.15%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2022 were as follows:
Avantis Core Fixed Income ETF Avantis Core Municipal Fixed Income ETF Avantis Short-Term Fixed Income ETF
Purchases of U.S. Treasury and Government Agency obligations $ 680,521,153  —  $ 7,237,079 
Purchases of other investment securities 11,797,957  $ 8,371,644  23,740,604 
Total Purchases $ 692,319,110  $ 8,371,644  $ 30,977,683 
Sales of U.S. Treasury and Government Agency obligations $ 640,126,795  —  $ 8,896,622 
Sales of other investment securities 10,991,300  $ 649,886  14,297,368 
Total Sales $ 651,118,095  $ 649,886  $ 23,193,990 

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions		 In kind
Redemptions		 In kind
Net Realized
Gain/(Loss)*
Avantis Core Fixed Income ETF
 $178,753,151 — —
Avantis Core Municipal Fixed Income ETF
 $4,649,428 — —
Avantis Short-Term Fixed Income ETF $50,971,507 — —
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

57

6. Fair Value Measurements

The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Core Fixed Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 154,202,188  — 
U.S. Treasury Securities —  62,652,784  — 
U.S. Government Agency Mortgage-Backed Securities —  48,860,318  — 
U.S. Government Agency Securities —  5,195,917  — 
Sovereign Governments and Agencies —  480,144  — 
Short-Term Investments —  25,416,782  — 
—  $ 296,808,133  — 
Other Financial Instruments
Swap Agreements —  $ 27,227  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 27,732  —  — 

Avantis Core Municipal Fixed Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Municipal Securities —  $ 35,982,643  — 
Short-Term Investments $ 122,323  —  — 
$ 122,323  $ 35,982,643  — 

58

Avantis Short-Term Fixed Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 57,541,615  — 
U.S. Treasury Securities and Equivalents —  25,829,301  — 
U.S. Government Agency Securities —  2,078,736  — 
—  $ 85,449,652  — 

7. Derivative Instruments

Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

The fund's average notional amount to credit risk derivative instruments held during the period was as follows:
Avantis Core Fixed Income ETF $2,895,833

Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.

The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts Purchased
Avantis Core Fixed Income ETF $1,849,529
Avantis Short-Term Fixed Income ETF $1,137,266

59

Value of Derivative Instruments as of August 31, 2022
Asset Derivatives
Liability Derivatives
Fund / Type of Risk Exposure
Location on Statement of Assets and Liabilities
Value
Location on Statement of Assets and Liabilities
Value
Avantis Core Fixed Income ETF
Credit Risk Receivable for variation margin on swap agreements* —  Payable for variation margin on swap agreements* $ 2,805 
Interest Rate Risk Receivable for variation margin on futures contracts* —  Payable for variation margin on futures contracts* 14,219 


— 

$ 17,024 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

At period end, Avantis Short-Term Fixed Income ETF did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2022

 Net Realized Gain (Loss) Change in Net Unrealized Appreciation
(Depreciation)
Fund / Type of Risk Exposure
Location on Statement of Operations
Value
 Location on Statement of Operations
Value
Avantis Core Fixed Income ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ (13,722) Change in net unrealized appreciation (depreciation) on swap agreements $ (15,109)
Interest Rate Risk Net realized gain (loss) on futures contract transactions (352,749) Change in net unrealized appreciation (depreciation) on futures contracts (28,724)


$ (366,471)

$ (43,833)
Avantis Short-Term Fixed Income ETF
Interest Rate Risk
 Net realized gain (loss) on futures contract transactions $ (10,957) Change in net unrealized appreciation (depreciation) on futures contracts — 

8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The novel coronavirus (COVID-19) pandemic has stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.

A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

60

9. Federal Tax Information

The tax character of distributions paid during the year ended August 31, 2022 and period ended August 31, 2021 were as follows:
2022 2021
Distributions Paid From: Distributions Paid From:
Exempt Income Ordinary Income Long-term Capital Gains Exempt Income Ordinary Income Long-term Capital Gains
Avantis Core Fixed Income ETF —  $ 2,680,155  — 
 —(1)
$ 309,850(1)
 —(1)
Avantis Core Municipal Fixed Income ETF $ 271,910  —  — 
$106,865(2)
 —(2)
 —(2)
Avantis Short-Term Fixed Income ETF —  $ 622,910  — 
 —(1)
$73,220(1)
 —(1)
(1)October 13, 2020 (fund inception) through August 31, 2021.
(2)December 8, 2020 (fund inception) through August 31, 2021.

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Avantis Core Fixed Income ETF
Avantis Core Municipal Fixed Income ETF
Avantis Short-Term Fixed Income ETF
Federal tax cost of investments $ 315,402,504  $ 38,781,331  $ 89,415,688 
Gross tax appreciation of investments $ 8,504  $ 9,862  $ 79 
Gross tax depreciation of investments (18,602,875) (2,686,227) (3,966,115)
Net tax appreciation (depreciation) of investments (18,594,371) (2,676,365) (3,966,036)
Net tax appreciation (depreciation) on derivatives (1,062) —  — 
Net tax appreciation (depreciation) $ (18,595,433) $ (2,676,365) $ (3,966,036)
Undistributed ordinary income $ 642,889  —  $ 147,833 
Undistributed exempt income —  $ 41,849  — 
Accumulated short-term capital losses $ (3,858,395) $ (5,026) $ (423,360)
Accumulated long-term capital losses $ (1,042,184) —  $ (131,368)

For Avantis Core Fixed Income ETF, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

61

Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized
and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions
From Net
Investment
Income
Other Capital(1)
 Net Asset
Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net
Assets,
End of
Period
(in thousands)
Avantis Core Fixed Income ETF
2022 $49.67 0.94 (7.28) (6.34) (0.74)
0.00(4)
 $42.59 (12.86)% 0.15% 2.09% 382% $249,132 
2021(5)
 $50.00 0.51 (0.43) 0.08 (0.41)
0.00(4)
 $49.67 0.15%
0.15%(6)
1.17%(6)
 185% $69,534 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)October 13, 2020 (fund inception) through August 31, 2021.
(6)Annualized.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized
and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions
From Net
Investment
Income
Other Capital(1)
 Net Asset
Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net
Assets,
End of
Period
(in thousands)
Avantis Core Municipal Fixed Income ETF
2022 $50.25 0.48 (4.69) (4.21) (0.44) $0.02 $45.62 (8.36)% 0.15% 1.01% 2% $36,499 
2021(4)
 $50.00 0.26 0.17 0.43 (0.21) $0.03 $50.25 0.93%
0.15%(5)
0.70%(5)
 14% $27,637 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)December 8, 2020 (fund inception) through August 31, 2021.
(5)Annualized.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized
and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions
From Net
Investment
Income
Other Capital(1)
 Net Asset
Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net
Assets,
End of
Period
(in thousands)
Avantis Short-Term Fixed Income ETF
2022 $50.00 0.57 (3.52) (2.95) (0.45)
0.00(4)
 $46.60 (5.92)% 0.15% 1.18% 38% $86,202 
2021(5)
 $50.00 0.18 (0.02) 0.16 (0.16)
0.00(4)
 $50.00 0.33%
0.15%(6)
0.40%(6)
 49% $32,499 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)October 13, 2020 (fund inception) through August 31, 2021.
(6)Annualized.


See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Core Fixed Income ETF, Avantis® Core Municipal Fixed Income ETF, and Avantis® Short-Term Fixed Income ETF (the “Funds”), three of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds constituting American Century ETF Trust as of August 31, 2022, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust
Statement of Operations
Statements of Changes in Net Assets
Financial Highlights
Avantis® Core Fixed Income ETF
 For the year ended August 31, 2022 For the year ended August 31, 2022 and the period from October 13, 2020 (fund inception) through August 31, 2021
Avantis® Core Municipal Fixed Income ETF
For the year ended August 31, 2022
 For the year ended August 31, 2022 and the period from December 8, 2020 (fund inception) through August 31, 2021
Avantis® Short-Term Fixed Income ETF
 For the year ended August 31, 2022 For the year ended August 31, 2022 and the period from October 13, 2020 (fund inception) through August 31, 2021

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
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Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Position(s) Held with Funds Length of Time Served Principal Occupation(s) During Past 5 Years Number of American Century Portfolios Overseen by Trustee Other Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)		 Trustee and Chairman of the Board Since 2017 (Chairman since 2019) Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019) 41 None
Jeremy I. Bulow
(1954)		 Trustee Since 2022 Professor of Economics, Stanford University
Graduate School of Business (1979 to present)		 75 None
Barry A. Mendelson
(1958)		 Trustee Since 2017 Retired 41 None
Stephen E. Yates
(1948)		 Trustee Since 2017 Retired 105 None
Interested Trustees
Jonathan S. Thomas
(1963)		 Trustee Since 2017 President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries 139 None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
67

Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Offices with the Funds Principal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
 President since 2019 Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)		 Chief Financial Officer and Treasurer since 2018 Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)		 Chief Compliance Officer and Vice President since 2017 Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)		 General Counsel and
Vice President since
2021		 General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)		 Vice President
since 2019		 Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)		 Vice President since 2017 Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)		 Vice President since 2017 Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)		 Vice President since 2017 Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)		 Secretary since 2019 Attorney, ACS (2003 to present)


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Approval of Management Agreement

At a meeting held on June 2, 2022, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under Section 15(c) of the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees, each year.

Prior to its consideration of the management agreement renewal, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent data providers concerning the Funds. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider throughout the year.

In connection with its consideration of the management agreement renewal, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to, the following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
•the wide range of other programs and services provided to each Fund and its shareholders on a routine and non-routine basis;
•the investment performance of each Fund, including data comparing each Fund's performance to an appropriate benchmark and/or a peer group of other funds with similar investment objectives and strategies;
•the cost of owning each Fund compared to the cost of owning similarly-managed funds;
•the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ service providers;
•the Advisor’s strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;
•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;
•financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
•information regarding payments to intermediaries by the Advisor;
•possible economies of scale associated with the Advisor’s management of each Fund; and
•possible collateral benefits to the Advisor from the management of the Funds.

The independent Trustees met separately in private session to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In
69

connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under each Fund’s management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

•constructing and designing each Fund
•portfolio research and security selection
•initial capitalization/funding
•securities trading
•Fund administration
•custody of Fund assets
•daily valuation of each Fund’s portfolio
•liquidity monitoring and management
•risk management, including cyber security
•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
•legal services (except the independent Trustees’ counsel)
•regulatory and portfolio compliance
•financial reporting
•marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance. The performance for Avantis Core Fixed Income ETF, Avantis Core Municipal Fixed Income ETF, and Avantis Short-Term Fixed Income ETF was below each Fund’s respective benchmark for the one-year period reviewed by the Board. The Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including cyber security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.
70


Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and post-distribution), its overall profitability, and its financial condition. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the current management fee. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than securities transaction expenses, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of Avantis Core Fixed Income ETF was below the median of the total expense ratios of its peer expense universe and the lowest of its peer expense group. The unified fee charged to shareholders of Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF was the lowest of the total expense ratios of their respective peer expense universe and was the lowest of their peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under its management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the
71

Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with service providers and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Funds, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.

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Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Program Administrator, including members of ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain Funds' investments is supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.


73

Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.








74


Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

Avantis Core Municipal Fixed Income ETF designates $271,910 as exempt interest dividends for the fiscal year ended August 31, 2022.

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2022.

Avantis Core Fixed Income ETF
Avantis Core Municipal Fixed Income ETF
Avantis Short-Term Fixed Income ETF
$2,425,557 — $524,734
75

Notes
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
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