ai_lockupxblkxrgb002a.jpg
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