image8a.jpg
Semiannual Report
February 28, 2023
American Century® Diversified Corporate Bond ETF (KORP)
American Century® Diversified Municipal Bond ETF (TAXF)
American Century® Emerging Markets Bond ETF (AEMB)
American Century® Multisector Income ETF (MUSI)
American Century® Select High Yield ETF (AHYB)
American Century® Short Duration Strategic Income ETF (SDSI)


























Table of Contents

President’s Letter
Diversified Corporate Bond ETF
Fund Characteristics
Diversified Municipal Bond ETF
Fund Characteristics
Emerging Markets Bond ETF
Fund Characteristics
Multisector Income ETF
Fund Characteristics
Select High Yield ETF
Fund Characteristics
Short Duration Strategic Income ETF
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
Approval of Management Agreement
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.


President’s Letter

image24a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.

Stocks and Bonds Delivered Mixed Results as Volatility Reigned

Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.

The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.

In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.

For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

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,
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Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2

Fund Characteristics

FEBRUARY 28, 2023
Diversified Corporate Bond ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 96.1%
U.S. Treasury Securities 1.6%
Municipal Securities 0.2%
Short-Term Investments 2.9%
Other Assets and Liabilities (0.8)%

3

Fund Characteristics
FEBRUARY 28, 2023
Diversified Municipal Bond ETF
Types of Investments in Portfolio % of net assets
Municipal Securities 97.4%
Short-Term Investments 1.8%
Other Assets and Liabilities 0.8%
Top Five States and Territories % of net assets
New York 10.5%
Florida 8.9%
California 8.6%
Texas 8.4%
Illinois 6.1%
Top Five Sectors % of fund investments
Special Tax 13%
General Obligation (GO) - State 11%
General Obligation (GO) - Local 11%
Water & Sewer 10%
Hospital 8%

4

Fund Characteristics

FEBRUARY 28, 2023
Emerging Markets Bond ETF
Types of Investments in Portfolio % of net assets
Sovereign Governments and Agencies 42.5%
Corporate Bonds 39.7%
U.S. Treasury Securities 4.6%
Preferred Stocks 0.6%
Short-Term Investments 11.4%
Other Assets and Liabilities 1.2%
5

Fund Characteristics

FEBRUARY 28, 2023
Multisector Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 47.3%
U.S. Treasury Securities 13.1%
Asset-Backed Securities 10.5%
Collateralized Loan Obligations 7.3%
Collateralized Mortgage Obligations 5.6%
Commercial Mortgage-Backed Securities 4.0%
Bank Loan Obligations 1.7%
Sovereign Governments and Agencies 1.7%
Preferred Stocks 1.3%
Short-Term Investments 10.7%
Other Assets and Liabilities (3.2)%
6

Fund Characteristics
FEBRUARY 28, 2023
Select High Yield ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 94.1%
Preferred Stocks 0.6%
Short-Term Investments 11.8%
Other Assets and Liabilities (6.5)%
7

Fund Characteristics
FEBRUARY 28, 2023
Short Duration Strategic Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 47.7%
Asset-Backed Securities 9.5%
Collateralized Loan Obligations 8.9%
Collateralized Mortgage Obligations 6.0%
U.S. Treasury Securities 4.4%
Commercial Mortgage-Backed Securities 4.1%
Bank Loan Obligations 1.8%
Sovereign Governments and Agencies 1.1%
Preferred Stocks 0.3%
Short-Term Investments 18.2%
Other Assets and Liabilities (2.0)%
8

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 September 1, 2022 to February 28, 2023 (except as noted).

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.

9

Beginning
Account Value
9/1/22
Ending
Account Value
2/28/23
Expenses Paid
During Period(1)
9/1/22 - 2/28/23
Annualized
Expense Ratio(1)
Diversified Corporate Bond ETF
Actual $1,000 $996.10 $1.44 0.29%
Hypothetical $1,000 $1,023.36 $1.45 0.29%
Diversified Municipal Bond ETF
Actual $1,000 $1,004.40 $1.44 0.29%
Hypothetical $1,000 $1,023.36 $1.45 0.29%
Emerging Markets Bond ETF
Actual $1,000 $1,016.30 $2.05 0.41%
Hypothetical $1,000 $1,022.76 $2.06 0.41%
Multisector Income ETF
Actual $1,000 $999.90 $1.74 0.35%
Hypothetical $1,000 $1,023.06 $1.76 0.35%
Select High Yield ETF
Actual $1,000 $1,024.40 $2.26 0.45%
Hypothetical $1,000 $1,022.56 $2.26 0.45%
Short Duration Strategic Income ETF
Actual $1,000 $1,031.90
$1.26(2)
 0.32%
Hypothetical $1,000 $1,023.21 $1.61 0.32%
(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 181, 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.
(2)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 141, the number of days in the period from October 11, 2022 (fund inception) through February 28, 2023, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
10

Schedules of Investments

FEBRUARY 28, 2023 (UNAUDITED)
Diversified Corporate Bond ETF
Principal Amount/Shares Value
CORPORATE BONDS — 96.1%
Aerospace and Defense — 1.4%
Boeing Co., 5.15%, 5/1/30 $ 900,000  $ 871,464 
Lockheed Martin Corp., 5.25%, 1/15/33 467,000  478,953 
Raytheon Technologies Corp., 2.25%, 7/1/30 1,792,000  1,485,735 
2,836,152 
Air Freight and Logistics — 0.2%
GXO Logistics, Inc., 2.65%, 7/15/31 492,000  375,833 
Airlines — 0.4%
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1)
 245,000  232,897 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(1)
 26  26 
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27 661,279  641,611 
874,534 
Automobiles — 2.3%
General Motors Financial Co., Inc., 5.10%, 1/17/24 849,000  845,169 
General Motors Financial Co., Inc., 1.20%, 10/15/24 1,000,000  929,892 
General Motors Financial Co., Inc., 3.80%, 4/7/25 400,000  384,968 
Mercedes-Benz Finance North America LLC, 5.375%, 11/26/25(1)
 290,000  291,347 
Toyota Motor Credit Corp., 3.95%, 6/30/25 853,000  832,648 
Toyota Motor Credit Corp., 4.625%, 1/12/28 1,407,000  1,389,583 
4,673,607 
Banks — 22.3%
Banco Santander SA, VRN, 1.72%, 9/14/27 900,000  776,207 
Bank of America Corp., VRN, 1.73%, 7/22/27 1,570,000  1,383,606 
Bank of America Corp., VRN, 2.88%, 10/22/30 1,705,000  1,442,935 
Bank of America Corp., VRN, 4.57%, 4/27/33 2,105,000  1,957,753 
Bank of America Corp., VRN, 2.48%, 9/21/36 105,000  78,723 
Bank of Montreal, 5.20%, 2/1/28 2,406,000  2,396,846 
Bank of Nova Scotia, 4.85%, 2/1/30 520,000  504,829 
Banque Federative du Credit Mutuel SA, 4.94%, 1/26/26(1)
 1,329,000  1,311,018 
Barclays PLC, VRN, 2.28%, 11/24/27 897,000  789,663 
Barclays PLC, VRN, 7.39%, 11/2/28 346,000  364,179 
BNP Paribas SA, VRN, 5.125%, 1/13/29(1)
 656,000  645,359 
BPCE SA, 4.50%, 3/15/25(1)
 1,242,000  1,201,012 
BPCE SA, VRN, 5.98%, 1/18/27(1)
 520,000  519,669 
Citigroup, Inc., VRN, 5.61%, 9/29/26 870,000  870,325 
Citigroup, Inc., VRN, 3.07%, 2/24/28 246,000  223,401 
Citigroup, Inc., VRN, 3.52%, 10/27/28 1,781,000  1,631,554 
Citigroup, Inc., VRN, 4.41%, 3/31/31 255,000  237,246 
Citigroup, Inc., VRN, 3.06%, 1/25/33 500,000  410,844 
Cooperatieve Rabobank UA, VRN, 5.56%, 2/28/29(1)
 1,045,000  1,039,778 
Credit Agricole SA, 5.30%, 7/12/28(1)
 725,000  721,383 
Discover Bank, VRN, 4.68%, 8/9/28 1,375,000  1,315,585 
First-Citizens Bank & Trust Co., VRN, 2.97%, 9/27/25 605,000  576,104 
11

Diversified Corporate Bond ETF
Principal Amount/Shares Value
HSBC Holdings PLC, VRN, 1.16%, 11/22/24 $ 518,000  $ 499,874 
HSBC Holdings PLC, VRN, 4.76%, 6/9/28 2,300,000  2,210,769 
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27 1,066,000  936,477 
JPMorgan Chase & Co., VRN, 3.78%, 2/1/28 1,535,000  1,443,143 
JPMorgan Chase & Co., VRN, 2.95%, 2/24/28 810,000  735,069 
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 921,000  776,947 
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31 1,490,000  1,233,036 
JPMorgan Chase & Co., VRN, 4.91%, 7/25/33 600,000  574,780 
KeyBank NA, 5.00%, 1/26/33(2)
 810,000  779,272 
Lloyds Banking Group PLC, VRN, 5.87%, 3/6/29(3)
 349,000  349,292 
Mitsubishi UFJ Financial Group, Inc., VRN, 5.72%, 2/20/26 627,000  626,263 
Mitsubishi UFJ Financial Group, Inc., VRN, 5.42%, 2/22/29 537,000  533,573 
National Australia Bank Ltd., 4.97%, 1/12/26(2)
 494,000  492,352 
PNC Financial Services Group, Inc., VRN, 4.76%, 1/26/27 1,165,000  1,148,015 
PNC Financial Services Group, Inc., VRN, 5.07%, 1/24/34(2)
 480,000  464,472 
Royal Bank of Canada, 4.24%, 8/3/27 1,222,000  1,174,152 
Societe Generale SA, VRN, 2.23%, 1/21/26(1)
 1,320,000  1,227,624 
Societe Generale SA, VRN, 6.69%, 1/10/34(1)
 218,000  222,645 
Sumitomo Mitsui Financial Group, Inc., 5.46%, 1/13/26 475,000  474,146 
Toronto-Dominion Bank, 4.69%, 9/15/27 933,000  913,045 
Toronto-Dominion Bank, 2.45%, 1/12/32 350,000  283,515 
Toronto-Dominion Bank, 4.46%, 6/8/32 523,000  492,657 
Truist Bank, VRN, 2.64%, 9/17/29 739,000  696,591 
Truist Financial Corp., VRN, 4.12%, 6/6/28 1,400,000  1,339,509 
Truist Financial Corp., VRN, 4.87%, 1/26/29 575,000  564,647 
UniCredit SpA, 7.83%, 12/4/23(1)(2)
 475,000  482,933 
UniCredit SpA, VRN, 2.57%, 9/22/26(1)
 500,000  451,333 
US Bancorp, VRN, 4.84%, 2/1/34 714,000  683,846 
Wells Fargo & Co., VRN, 4.54%, 8/15/26 311,000  303,578 
Wells Fargo & Co., VRN, 3.53%, 3/24/28 985,000  912,532 
Wells Fargo & Co., VRN, 3.58%, 5/22/28 970,000  898,183 
Wells Fargo & Co., VRN, 4.48%, 4/4/31 685,000  644,763 
44,967,052 
Beverages — 1.5%
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29 2,000,000  1,967,261 
PepsiCo, Inc., 3.60%, 2/18/28 1,050,000  1,001,642 
2,968,903 
Biotechnology — 1.7%
AbbVie, Inc., 3.20%, 11/21/29 1,288,000  1,139,694 
Amgen, Inc., 5.25%, 3/2/25(3)
 350,000  349,282 
Amgen, Inc., 4.05%, 8/18/29 970,000  904,839 
Amgen, Inc., 5.25%, 3/2/33(3)
 286,000  284,121 
CSL Finance PLC, 3.85%, 4/27/27(1)
 816,000  777,267 
3,455,203 
Building Products — 0.1%
Trane Technologies Financing Ltd., 5.25%, 3/3/33(3)
 200,000  198,724 
Capital Markets — 6.8%
Bank of New York Mellon Corp., VRN, 3.99%, 6/13/28 1,200,000  1,148,894 
Bank of New York Mellon Corp., VRN, 5.80%, 10/25/28 475,000  486,911 
Bank of New York Mellon Corp., VRN, 4.54%, 2/1/29 1,040,000  1,011,107 
12

Diversified Corporate Bond ETF
Principal Amount/Shares Value
Deutsche Bank AG, VRN, 4.30%, 5/24/28 $ 356,000  $ 351,080 
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25 1,353,000  1,302,643 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 1,532,000  1,342,727 
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28 415,000  371,072 
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 1,034,000  949,805 
Goldman Sachs Group, Inc., VRN, 1.99%, 1/27/32 360,000  276,809 
Morgan Stanley, VRN, 1.16%, 10/21/25 893,000  827,535 
Morgan Stanley, VRN, 2.63%, 2/18/26 1,026,000  968,132 
Morgan Stanley, VRN, 3.77%, 1/24/29 915,000  845,138 
Morgan Stanley, VRN, 5.12%, 2/1/29 191,000  187,638 
Morgan Stanley, VRN, 2.70%, 1/22/31 1,010,000  844,122 
Morgan Stanley, VRN, 2.51%, 10/20/32 410,000  324,766 
Morgan Stanley, VRN, 6.34%, 10/18/33(2)
 650,000  685,572 
Owl Rock Capital Corp., 3.40%, 7/15/26 470,000  418,634 
OWL Rock Core Income Corp., 3.125%, 9/23/26 126,000  109,153 
State Street Corp., VRN, 4.82%, 1/26/34 938,000  905,033 
UBS Group AG, VRN, 2.75%, 2/11/33(1)
 430,000  338,202 
13,694,973 
Commercial Services and Supplies — 1.6%
Republic Services, Inc., 2.90%, 7/1/26 1,585,000  1,474,890 
Waste Connections, Inc., 4.25%, 12/1/28 760,000  726,623 
Waste Management, Inc., 4.625%, 2/15/30 800,000  777,772 
Waste Management, Inc., 4.625%, 2/15/33 180,000  173,357 
3,152,642 
Construction and Engineering — 0.3%
Quanta Services, Inc., 2.35%, 1/15/32 876,000  669,699 
Construction Materials — 0.4%
Eagle Materials, Inc., 2.50%, 7/1/31 911,000  714,043 
Consumer Finance — 1.0%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/24 279,000  258,980 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 10/29/24 745,000  692,298 
BOC Aviation USA Corp., 1.625%, 4/29/24(1)
 760,000  726,191 
Capital One Financial Corp., VRN, 5.47%, 2/1/29 250,000  245,621 
1,923,090 
Containers and Packaging — 0.2%
Sonoco Products Co., 2.25%, 2/1/27 481,000  431,645 
Diversified Financial Services — 0.4%
Antares Holdings LP, 2.75%, 1/15/27(1)
 255,000  211,109 
Corebridge Financial, Inc., 3.65%, 4/5/27(1)
 700,000  653,566 
864,675 
Diversified Telecommunication Services — 1.1%
AT&T, Inc., 4.35%, 3/1/29 1,163,000  1,103,168 
Verizon Communications, Inc., 4.02%, 12/3/29 1,286,000  1,187,055 
2,290,223 
Electric Utilities — 5.8%
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/1/32 1,042,000  1,000,123 
Duke Energy Carolinas LLC, 4.95%, 1/15/33 1,200,000  1,182,662 
Duke Energy Corp., 2.55%, 6/15/31 1,140,000  918,957 
13

Diversified Corporate Bond ETF
Principal Amount/Shares Value
Exelon Corp., 2.75%, 3/15/27 $ 1,040,000  $ 943,569 
Exelon Corp., 5.15%, 3/15/28 350,000  347,057 
Jersey Central Power & Light Co., 4.30%, 1/15/26(1)
 1,050,000  1,007,856 
MidAmerican Energy Co., 3.65%, 4/15/29 2,000,000  1,855,423 
NextEra Energy Capital Holdings, Inc., 4.90%, 2/28/28 800,000  790,777 
NextEra Energy Capital Holdings, Inc., 5.00%, 7/15/32 1,209,000  1,164,911 
NRG Energy, Inc., 2.00%, 12/2/25(1)
 555,000  491,482 
Pacific Gas & Electric Co., 6.15%, 1/15/33 300,000  296,471 
Public Service Electric & Gas Co., 3.10%, 3/15/32 575,000  501,055 
Southern Co. Gas Capital Corp., 1.75%, 1/15/31 927,000  715,838 
Vistra Operations Co. LLC, 5.125%, 5/13/25(1)
 500,000  486,340 
11,702,521 
Electrical Equipment — 0.3%
Regal Rexnord Corp., 6.40%, 4/15/33(1)
 557,000  548,629 
Electronic Equipment, Instruments and Components — 0.7%
Teledyne Technologies, Inc., 0.95%, 4/1/24 1,483,000  1,409,509 
Energy Equipment and Services — 0.3%
Helmerich & Payne, Inc., 2.90%, 9/29/31 631,000  515,332 
Entertainment — 0.6%
Warnermedia Holdings, Inc., 3.79%, 3/15/25(1)
 420,000  401,749 
Warnermedia Holdings, Inc., 3.76%, 3/15/27(1)
 907,000  832,415 
1,234,164 
Equity Real Estate Investment Trusts (REITs) — 3.8%
American Tower Corp., 3.95%, 3/15/29 1,047,000  955,893 
Boston Properties LP, 3.125%, 9/1/23 1,075,000  1,059,954 
Equinix, Inc., 2.90%, 11/18/26 790,000  721,560 
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 1,133,000  1,106,029 
Healthpeak Properties Interim, Inc., 5.25%, 12/15/32 512,000  503,288 
National Retail Properties, Inc., 4.30%, 10/15/28 755,000  706,036 
Realty Income Corp., 3.25%, 1/15/31 341,000  297,653 
VICI Properties LP, 4.375%, 5/15/25 900,000  866,979 
Welltower OP LLC, 4.25%, 4/15/28(2)
 1,541,000  1,456,545 
7,673,937 
Food and Staples Retailing — 0.8%
Sysco Corp., 5.95%, 4/1/30 1,609,000  1,669,198 
Food Products — 0.2%
General Mills, Inc., 5.24%, 11/18/25 424,000  421,642 
Gas Utilities — 0.3%
Southern California Gas Co., 2.95%, 4/15/27 650,000  602,049 
Health Care Equipment and Supplies — 2.2%
Baxter International, Inc., 2.54%, 2/1/32 332,000  257,470 
Becton Dickinson & Co., 3.70%, 6/6/27 1,300,000  1,228,366 
Becton Dickinson & Co., 4.69%, 2/13/28 1,000,000  978,037 
GE HealthCare Technologies, Inc., 5.65%, 11/15/27(1)
 480,000  486,719 
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24 1,500,000  1,398,622 
4,349,214 
Health Care Providers and Services — 5.2%
Centene Corp., 4.25%, 12/15/27 1,245,000  1,151,563 
Cigna Group, 4.375%, 10/15/28 1,549,000  1,488,316 
Cigna Group, 5.40%, 3/15/33(3)
 400,000  400,602 
14

Diversified Corporate Bond ETF
Principal Amount/Shares Value
CVS Health Corp., 4.30%, 3/25/28 $ 946,000  $ 904,716 
CVS Health Corp., 5.25%, 2/21/33 300,000  295,461 
Elevance Health, Inc., 4.75%, 2/15/33 1,095,000  1,052,664 
HCA, Inc., 4.125%, 6/15/29 952,000  867,321 
Humana, Inc., 3.70%, 3/23/29 1,162,000  1,054,805 
Roche Holdings, Inc., 2.31%, 3/10/27(1)
 1,350,000  1,226,131 
UnitedHealth Group, Inc., 2.30%, 5/15/31 950,000  783,590 
UnitedHealth Group, Inc., 5.35%, 2/15/33 245,000  250,800 
Universal Health Services, Inc., 2.65%, 10/15/30 1,200,000  977,982 
10,453,951 
Hotels, Restaurants and Leisure — 0.8%
Marriott International, Inc., Series FF, 4.625%, 6/15/30 565,000  533,751 
Starbucks Corp., 4.75%, 2/15/26 1,000,000  990,773 
1,524,524 
Household Durables — 0.2%
Safehold Operating Partnership LP, 2.85%, 1/15/32 468,000  357,899 
Insurance — 1.3%
Aon Corp. / Aon Global Holdings PLC, 5.35%, 2/28/33 542,000  542,160 
Hartford Financial Services Group, Inc., 2.80%, 8/19/29 985,000  849,168 
Met Tower Global Funding, 1.25%, 9/14/26(1)
 1,307,000  1,137,790 
2,529,118 
Internet and Direct Marketing Retail — 0.8%
Amazon.com, Inc., 4.70%, 11/29/24 570,000  567,048 
Amazon.com, Inc., 4.60%, 12/1/25 544,000  540,153 
Amazon.com, Inc., 4.55%, 12/1/27 450,000  445,113 
1,552,314 
IT Services — 2.0%
Fiserv, Inc., 5.45%, 3/2/28(3)
 600,000  599,556 
Global Payments, Inc., 3.75%, 6/1/23 761,000  757,384 
Global Payments, Inc., 4.45%, 6/1/28 985,000  920,541 
International Business Machines Corp., 3.30%, 5/15/26 1,250,000  1,181,792 
International Business Machines Corp., 4.75%, 2/6/33 665,000  636,204 
4,095,477 
Life Sciences Tools and Services — 0.4%
Illumina, Inc., 5.80%, 12/12/25 750,000  756,840 
Machinery — 3.2%
Caterpillar Financial Services Corp., 4.80%, 1/6/26 1,100,000  1,096,699 
CNH Industrial Capital LLC, 5.45%, 10/14/25 1,250,000  1,251,049 
John Deere Capital Corp., 4.75%, 1/20/28 309,000  307,533 
John Deere Capital Corp., 4.85%, 10/11/29 1,333,000  1,334,129 
Parker-Hannifin Corp., 4.25%, 9/15/27 1,727,000  1,653,482 
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28 892,000  861,556 
6,504,448 
Media — 4.0%
Cox Communications, Inc., 3.15%, 8/15/24(1)
 1,768,000  1,704,084 
Fox Corp., 4.71%, 1/25/29 750,000  716,781 
Paramount Global, 4.95%, 1/15/31(2)
 484,000  434,271 
Sky Ltd., 3.75%, 9/16/24(1)
 3,530,000  3,440,924 
WPP Finance 2010, 3.75%, 9/19/24 1,834,000  1,779,910 
8,075,970 
15

Diversified Corporate Bond ETF
Principal Amount/Shares Value
Metals and Mining — 0.4%
Glencore Funding LLC, 2.625%, 9/23/31(1)
 $ 513,000  $ 408,941 
South32 Treasury Ltd., 4.35%, 4/14/32(1)
 569,000  501,061 
910,002 
Multi-Utilities — 2.1%
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(1)
 400,000  351,054 
Ameren Corp., 1.75%, 3/15/28 800,000  682,697 
Ameren Corp., 3.50%, 1/15/31 431,000  379,332 
Ameren Illinois Co., 3.85%, 9/1/32 818,000  749,364 
Dominion Energy, Inc., Series A, 4.35%, 8/15/32(2)
 500,000  461,798 
DTE Energy Co., 2.85%, 10/1/26 650,000  597,119 
DTE Energy Co., VRN, 4.22%, 11/1/24 988,000  966,882 
4,188,246 
Oil, Gas and Consumable Fuels — 4.6%
Continental Resources, Inc., 2.27%, 11/15/26(1)
 492,000  429,010 
Diamondback Energy, Inc., 6.25%, 3/15/33 340,000  347,276 
Energy Transfer LP, 5.50%, 6/1/27 580,000  577,132 
Energy Transfer LP, 5.75%, 2/15/33 794,000  782,177 
EQT Corp., 5.70%, 4/1/28 250,000  245,971 
Hess Corp., 3.50%, 7/15/24(2)
 445,000  434,561 
HF Sinclair Corp., 2.625%, 10/1/23 425,000  417,312 
MPLX LP, 4.875%, 6/1/25 700,000  689,497 
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 689,000  693,468 
Shell International Finance BV, 2.375%, 11/7/29 2,089,000  1,794,867 
Southwestern Energy Co., 5.375%, 3/15/30 843,000  771,345 
Williams Cos., Inc., 4.55%, 6/24/24 1,871,000  1,845,774 
Williams Cos., Inc., 5.65%, 3/15/33(3)
 250,000  250,040 
9,278,430 
Paper and Forest Products — 0.6%
Georgia-Pacific LLC, 3.60%, 3/1/25(1)
 1,350,000  1,299,987 
Personal Products — 0.3%
GSK Consumer Healthcare Capital U.K. PLC, 3.125%, 3/24/25 731,000  695,263 
Pharmaceuticals — 1.7%
Astrazeneca Finance LLC, 4.90%, 3/3/30(3)
 145,000  143,978 
Pfizer, Inc., 1.70%, 5/28/30 1,616,000  1,322,276 
Royalty Pharma PLC, 1.20%, 9/2/25 719,000  643,969 
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 725,000  678,393 
Viatris, Inc., 1.65%, 6/22/25 600,000  546,338 
Zoetis, Inc., 5.60%, 11/16/32 150,000  155,469 
3,490,423 
Real Estate Management and Development — 0.1%
Essential Properties LP, 2.95%, 7/15/31 342,000  254,979 
Road and Rail — 2.9%
Ashtead Capital, Inc., 4.375%, 8/15/27(1)
 600,000  562,903 
Ashtead Capital, Inc., 5.50%, 8/11/32(1)
 500,000  480,049 
Canadian National Railway Co., 3.85%, 8/5/32 1,150,000  1,056,091 
CSX Corp., 4.25%, 3/15/29 1,220,000  1,158,240 
DAE Funding LLC, 1.55%, 8/1/24(1)
 231,000  216,420 
DAE Funding LLC, 2.625%, 3/20/25(1)
 527,000  494,411 
Triton Container International Ltd., 1.15%, 6/7/24(1)
 1,225,000  1,142,238 
16

Diversified Corporate Bond ETF
Principal Amount/Shares Value
United Rentals North America, Inc., 6.00%, 12/15/29(1)
 $ 735,000  $ 735,974 
5,846,326 
Semiconductors and Semiconductor Equipment — 1.1%
Broadcom, Inc., 4.00%, 4/15/29(1)
 948,000  859,231 
Intel Corp., 2.45%, 11/15/29 1,555,000  1,308,927 
2,168,158 
Software — 0.3%
Oracle Corp., 6.25%, 11/9/32 565,000  588,440 
Specialty Retail — 2.5%
AutoZone, Inc., 4.50%, 2/1/28 1,000,000  970,101 
Dick's Sporting Goods, Inc., 3.15%, 1/15/32(2)
 888,000  701,982 
Home Depot, Inc., 2.70%, 4/15/25 1,145,000  1,092,564 
Lowe's Cos., Inc., 3.35%, 4/1/27 1,137,000  1,064,226 
Lowe's Cos., Inc., 2.625%, 4/1/31 750,000  617,169 
O'Reilly Automotive, Inc., 4.70%, 6/15/32 600,000  572,154 
5,018,196 
Technology Hardware, Storage and Peripherals — 1.1%
Apple, Inc., 3.25%, 8/8/29 2,505,000  2,305,398 
Thrifts and Mortgage Finance — 0.5%
Nationwide Building Society, 4.85%, 7/27/27(1)
 1,116,000  1,088,758 
Trading Companies and Distributors — 0.9%
Air Lease Corp., 5.30%, 2/1/28 695,000  675,848 
Aircastle Ltd., 4.125%, 5/1/24 526,000  513,946 
Aircastle Ltd., 5.25%, 8/11/25(1)
 583,000  568,880 
1,758,674 
Water Utilities — 0.5%
American Water Capital Corp., 4.45%, 6/1/32 1,111,000  1,058,694 
Wireless Telecommunication Services — 1.9%
Sprint LLC, 7.625%, 2/15/25 1,155,000  1,184,112 
T-Mobile USA, Inc., 3.375%, 4/15/29 2,977,000  2,631,877 
3,815,989 
TOTAL CORPORATE BONDS
(Cost $200,342,575)
 193,833,697 
U.S. TREASURY SECURITIES — 1.6%
U.S. Treasury Notes, 2.875%, 6/15/25 400,000  384,500 
U.S. Treasury Notes, 3.875%, 1/15/26 2,200,000  2,162,360 
U.S. Treasury Notes, 3.875%, 11/30/27 500,000  492,920 
U.S. Treasury Notes, 1.875%, 2/28/29 140,000  123,506 
TOTAL U.S. TREASURY SECURITIES
(Cost $3,223,664)
 3,163,286 
MUNICIPAL SECURITIES — 0.2%
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34
(Cost $517,689)
 515,000  419,210 
SHORT-TERM INVESTMENTS — 2.9%
Money Market Funds — 2.9%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2,587,700  2,587,700 
17

Diversified Corporate Bond ETF
Principal Amount/Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio(4)
 3,300,528  $ 3,300,528 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,888,228)
 5,888,228 
TOTAL INVESTMENT SECURITIES — 100.8%
(Cost $209,972,156)
 203,304,421 
OTHER ASSETS AND LIABILITIES — (0.8)% (1,519,685)
TOTAL NET ASSETS — 100.0% $ 201,784,736 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes 76 June 2023 $ 15,483,219  $ 107 
U.S. Treasury 10-Year Notes 121 June 2023 13,510,406  2,484 
$ 28,993,625  $ 2,591 
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes 123 June 2023 $ 13,167,727  $ (95)
U.S. Treasury 10-Year Ultra Notes 21 June 2023 2,460,937  (1,166)
U.S. Treasury Long Bonds 1 June 2023 125,219  123 
$ 15,753,883  $ (1,138)
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
VRN – Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(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 $31,956,395, which represented 15.8% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,218,067. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,300,528.


See Notes to Financial Statements.
18

FEBRUARY 28, 2023 (UNAUDITED)
Diversified Municipal Bond ETF
Principal Amount/Shares Value
MUNICIPAL SECURITIES — 97.4%
Alabama — 1.0%
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.) $ 535,000  $ 535,532 
Black Belt Energy Gas District Rev., VRN, 4.00%, 7/1/52 (LIQ FAC: Royal Bank of Canada) 415,000  414,915 
Black Belt Energy Gas District Rev., VRN, 3.77%, (MUNIPSA plus 0.35%), 10/1/52 (GA: Goldman Sachs Group, Inc.) 500,000  481,270 
Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) 500,000  524,902 
Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) 330,000  348,629 
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.) 455,000  454,837 
2,760,085 
Arizona — 4.0%
Arizona Board of Regents Rev., (Arizona State University), 5.00%, 7/1/36 250,000  286,426 
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29 160,000  163,719 
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 3.67%, (MUNIPSA plus 0.25%), 1/1/46 155,000  151,449 
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33 188,203  174,795 
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1)
 250,000  223,915 
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(1)(2)(6)
 100,000  65,000 
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1)
 200,000  168,688 
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) 400,000  427,114 
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(1)
 750,000  600,378 
Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/27 1,000,000  1,091,374 
Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1)
 325,000  318,684 
Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 155,000  159,293 
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41(1)
 620,000  503,038 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 75,000  77,012 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31(1)
 500,000  434,077 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1)
 200,000  191,910 
Pima County Sewer System Rev., 5.00%, 7/1/30 600,000  668,017 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 910,000  1,003,026 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 250,000  273,378 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 755,000  810,429 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/47 1,500,000  1,642,899 
19

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) $ 175,000  $ 178,737 
Scottsdale GO, 4.00%, 7/1/31 500,000  543,862 
State of Arizona COP, 5.00%, 9/1/25 240,000  251,204 
State of Arizona COP, 5.00%, 9/1/25(3)
 580,000  606,650 
11,015,074 
California — 8.6%
Bay Area Toll Authority Rev., 4.00%, 4/1/29 275,000  288,380 
Bay Area Toll Authority Rev., VRN, 3.87%, (MUNIPSA plus 0.45%), 4/1/56 250,000  247,646 
California Community Choice Financing Authority Rev., VRN, 3.87%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley) 1,755,000  1,641,019 
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30 500,000  523,568 
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(4)
 100,000  18,948 
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50 100,000  100,673 
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/48 850,000  867,879 
California Housing Finance Rev., 4.25%, 1/15/35 473,698  472,021 
California Housing Finance Rev., 3.50%, 11/20/35 389,254  366,598 
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 3.77%, (MUNIPSA plus 0.35%), 8/1/47 250,000  246,979 
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 4.12%, (MUNIPSA plus 0.70%), 12/1/50 1,000,000  966,413 
California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM) 165,000  173,887 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(1)
 50,000  52,065 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(1)
 110,000  115,102 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(1)
 175,000  176,841 
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52(1)
 110,000  97,938 
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(1)
 265,000  245,407 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/25(1)
 260,000  259,477 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/26(1)
 405,000  404,518 
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42(1)
 200,000  206,798 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34 185,000  189,870 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24 250,000  254,100 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(1)
 240,000  243,045 
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29 250,000  269,802 
20

Diversified Municipal Bond ETF
Principal Amount/Shares Value
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40 $ 245,000  $ 224,550 
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(1)
 500,000  414,775 
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(1)
 350,000  243,155 
CSCDA Community Improvement Authority Rev., (Altana Apartments), 4.00%, 10/1/56(1)
 100,000  75,289 
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(1)
 750,000  469,640 
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%, 9/1/56(1)
 300,000  231,466 
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(1)
 290,000  202,847 
Eastern Municipal Water District Rev., VRN, 3.52%, (MUNIPSA plus 0.10%), 7/1/46 750,000  745,379 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39 500,000  510,454 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25 155,000  148,092 
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66(4)
 500,000  49,701 
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45(1)
 1,070,000  916,933 
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31 (AGM)(1)
 215,000  222,590 
Los Angeles Department of Airports Rev., 5.00%, 5/15/45 500,000  541,999 
Los Angeles Department of Airports Rev., 5.00%, 5/15/47 905,000  918,719 
Metropolitan Water District of Southern California Rev., VRN, 3.56%, (MUNIPSA plus 0.14%), 7/1/37 200,000  199,225 
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1)
 100,000  99,268 
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/35 1,000,000  1,079,605 
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/45 415,000  421,585 
Orange County Transportation Authority Rev., 4.00%, 10/15/24(3)
 1,715,000  1,741,234 
Palomar Health GO, 5.00%, 8/1/27 545,000  576,640 
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31 315,000  311,714 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24 1,000,000  1,015,027 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38 400,000  418,068 
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35 600,000  632,797 
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.) 630,000  676,122 
State of California GO, 5.00%, 8/1/34 245,000  260,766 
State of California GO, 5.00%, 4/1/35 1,045,000  1,155,480 
State of California GO, 5.00%, 9/1/42 290,000  309,389 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39 280,000  286,016 
23,527,499 
21

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Colorado — 3.8%
Adams & Weld Counties School District No. 27J Brighton GO, 5.00%, 12/1/23 $ 1,000,000  $ 1,013,905 
Board of Governors of Colorado State University System Rev., 4.00%, 3/1/44 1,220,000  1,140,328 
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40 515,000  468,199 
City & County of Denver Airport System Rev., 5.50%, 11/15/42 750,000  823,925 
City & County of Denver Airport System Rev., 5.75%, 11/15/45 750,000  835,619 
Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/48 100,000  103,955 
Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 200,000  210,751 
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 500,000  430,178 
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 100,000  100,050 
Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62 1,500,000  1,592,649 
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 530,000  512,807 
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38 210,000  211,358 
Denver City & County School District No. 1 GO, 5.00%, 12/1/24 1,500,000  1,549,937 
Denver Urban Renewal Authority Tax Allocation, (9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39(1)
 100,000  100,667 
State of Colorado COP, 6.00%, 12/15/38 230,000  277,697 
State of Colorado COP, 6.00%, 12/15/40 385,000  460,082 
Village Metropolitan District GO, 5.00%, 12/1/49 500,000  459,262 
10,291,369 
Connecticut — 2.0%
Connecticut State Health & Educational Facilities Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/45 1,000,000  1,015,854 
Connecticut State Health & Educational Facilities Authority Rev., VRN, 2.80%, 7/1/57 470,000  464,808 
State of Connecticut GO, 5.00%, 6/15/34 680,000  695,724 
State of Connecticut GO, 4.00%, 1/15/35 1,000,000  1,033,919 
State of Connecticut GO, 4.00%, 6/1/36 1,000,000  1,018,622 
State of Connecticut Special Tax Rev., 5.00%, 5/1/29 1,145,000  1,289,637 
5,518,564 
Delaware — 0.3%
Delaware Transportation Authority Rev., 5.00%, 7/1/24 750,000  768,717 
District of Columbia — 1.7%
District of Columbia GO, 5.00%, 2/1/41 520,000  569,085 
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 7/1/47 750,000  815,352 
District of Columbia Rev., (Plenary Infrastructure LLC), 5.00%, 2/28/25 1,000,000  1,014,870 
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39 1,535,000  1,595,739 
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/38 270,000  263,242 
22

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/28 $ 390,000  $ 431,015 
4,689,303 
Florida — 8.9%
Broward County Port Facilities Rev., 5.00%, 9/1/40 1,000,000  1,057,678 
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/40 925,000  997,700 
Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 880,000  827,746 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 300,000  300,711 
Central Florida Expressway Authority Rev., 5.00%, 7/1/28 (AGM) 750,000  833,327 
Duval County Public Schools COP, 5.00%, 7/1/35 (AGM) 295,000  329,248 
Florida Development Finance Corp. Rev., 3.00%, 7/1/31(1)
 260,000  232,138 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/23 115,000  114,366 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24 105,000  103,404 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25 110,000  106,955 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26 110,000  105,556 
Florida Keys Aqueduct Authority Rev., VRDN, 3.42%, 3/7/23 (LOC: TD Bank N.A.) 3,000,000  3,000,000 
Fort Pierce Utilities Authority Rev., 5.00%, 10/1/29 (AGM) 1,050,000  1,171,206 
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33 180,000  188,704 
Hillsborough County Aviation Authority Rev., 5.00%, 10/1/27 375,000  398,191 
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(1)
 550,000  523,337 
Miami-Dade County Aviation Rev., 5.00%, 10/1/38 500,000  508,560 
Miami-Dade County Seaport Department Rev., 5.25%, 10/1/52 300,000  313,211 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35 175,000  176,981 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/44 1,000,000  949,332 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44 1,390,000  1,481,214 
Orange County Health Facilities Authority Rev., (Orlando Health Obligated Group), 5.00%, 10/1/53 500,000  522,174 
Orlando Utilities Commission Rev., VRDN, 3.55%, 3/7/23 (SBBPA: TD Bank N.A.) 3,000,000  3,000,000 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 105,000  105,977 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 375,000  362,617 
Pompano Beach Rev., (John Knox Village of Florida, Inc. Obligated Group), 1.45%, 1/1/27 750,000  658,445 
South Florida Water Management District COP, 5.00%, 10/1/36 560,000  581,828 
State of Florida GO, 5.00%, 6/1/23 1,700,000  1,708,051 
State of Florida Department of Transportation Turnpike System Rev., 5.00%, 7/1/23 600,000  603,714 
Tampa Water & Wastewater System Rev., 5.00%, 10/1/41 1,000,000  1,124,883 
Village Community Development District No. 14 Special Assessment, 5.50%, 5/1/53 1,000,000  981,151 
Wildwood Utility Dependent District Rev., 5.00%, 10/1/41 (BAM) 900,000  965,658 
24,334,063 
23

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Georgia — 4.5%
Atlanta Airport Passenger Facility Charge Rev., 4.00%, 7/1/40 $ 1,000,000  $ 957,030 
Atlanta Water & Wastewater Rev., 4.00%, 11/1/37 1,345,000  1,352,311 
Cobb County Kennestone Hospital Authority Rev., (WellStar Health System Obligated Group), 4.00%, 4/1/52 1,000,000  884,689 
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(1)
 475,000  411,271 
Georgia Ports Authority Rev., 5.25%, 7/1/52 500,000  549,306 
Main Street Natural Gas Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada) 1,000,000  999,835 
Main Street Natural Gas Inc. Rev., VRN, 5.00%, 7/1/53 (GA: Royal Bank of Canada) 1,000,000  1,057,457 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) 500,000  496,674 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup Global Markets) 1,200,000  1,184,540 
Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/52 (GA: Citigroup, Inc.) 1,190,000  1,236,852 
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44 575,000  530,714 
State of Georgia GO, 5.00%, 8/1/23 1,000,000  1,007,779 
State of Georgia GO, 5.00%, 7/1/29 1,465,000  1,671,330 
12,339,788 
Hawaii — 0.7%
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32 250,000  255,352 
City & County of Honolulu GO, 5.00%, 3/1/29 700,000  788,200 
City & County of Honolulu GO, 5.25%, 7/1/44 760,000  852,153 
1,895,705 
Idaho — 0.1%
Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46 365,000  327,429 
Illinois — 6.1%
Chicago GO, 5.00%, 1/1/26 275,000  280,428 
Chicago GO, 5.25%, 1/1/38 1,000,000  1,045,931 
Chicago GO, 5.50%, 1/1/49 100,000  102,437 
Chicago Board of Education GO, 5.00%, 12/1/34 280,000  285,676 
Chicago Board of Education GO, 5.00%, 12/1/42 1,060,000  1,001,431 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/26 1,000,000  1,029,884 
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR)(NATL-RE) 130,000  143,637 
Cook County Sales Tax Rev., 5.25%, 11/15/45 725,000  775,099 
Illinois Finance Authority Rev., (Plymouth Place Obligated Group), 4.75%, 11/15/27 500,000  500,219 
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 4.12%, (MUNIPSA plus 0.70%), 5/1/42 250,000  243,184 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 1/1/33 1,000,000  1,065,735 
Illinois Finance Authority Rev., (University of Chicago Medical Center Obligated Group), VRN, 5.00%, 8/15/52 250,000  266,943 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 400,000  416,425 
Illinois State Toll Highway Authority Rev., 4.00%, 1/1/42 1,000,000  962,541 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46 1,150,000  1,225,637 
Joliet Waterworks & Sewerage Rev., 5.00%, 1/1/24 345,000  347,584 
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM) 200,000  211,180 
24

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28 $ 605,000  $ 644,818 
Northern Illinois University Rev., 5.00%, 10/1/28 (BAM) 325,000  348,361 
Peoria City School District No. 150 GO, 4.00%, 1/1/26 (AGM) 840,000  854,072 
State of Illinois GO, 5.00%, 10/1/25 175,000  179,787 
State of Illinois GO, 5.00%, 11/1/29 280,000  292,832 
State of Illinois GO, 5.00%, 10/1/30 625,000  657,089 
State of Illinois GO, 5.00%, 10/1/33 200,000  208,427 
State of Illinois GO, 5.00%, 2/1/39 750,000  753,318 
State of Illinois GO, 5.50%, 5/1/39 220,000  233,879 
State of Illinois GO, 5.50%, 10/1/39 1,000,000  1,078,362 
State of Illinois GO, 5.50%, 3/1/42 1,250,000  1,329,914 
State of Illinois GO, 5.75%, 5/1/45 225,000  238,616 
16,723,446 
Indiana — 0.2%
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26 500,000  521,715 
Iowa — 0.9%
Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/44 500,000  540,425 
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 3.74%, (SOFR plus 0.55%), 5/15/56 500,000  473,740 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/39 850,000  805,100 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49 645,000  631,506 
2,450,771 
Kansas — 0.3%
Kansas Development Finance Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/54 700,000  780,335 
Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36 130,000  103,561 
883,896 
Kentucky — 1.3%
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30 370,000  398,983 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41 100,000  102,060 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley) 300,000  300,221 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) 440,000  438,049 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) 250,000  250,192 
Kentucky Public Energy Authority Rev., VRN, 4.25%, (SOFR plus 0.12%), 8/1/52 (GA: Morgan Stanley) 1,000,000  951,545 
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 4.00%, 11/1/38 500,000  489,816 
Kentucky State University COP, 4.00%, 11/1/46 (BAM) 750,000  692,651 
3,623,517 
Louisiana