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 — 0.4%
Louisiana Public Facilities Authority Rev., (Tulane University), 5.00%, 10/15/48 750,000  797,828 
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 100,000  100,099 
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM) 250,000  259,633 
1,157,560 
25

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Maryland — 2.3%
Baltimore Rev., 5.00%, 6/1/51 $ 400,000  $ 376,418 
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 200,000  196,043 
Baltimore County COP, 5.00%, 3/1/28 375,000  413,090 
Brunswick Special Tax, 5.00%, 7/1/36 100,000  100,700 
Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42 400,000  390,299 
Maryland Economic Development Corp. Tax Allocation, (City of Baltimore Port Covington Development District), 4.00%, 9/1/50 1,000,000  805,521 
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51 500,000  413,029 
Maryland Stadium Authority Built to Learn Rev., 5.00%, 6/1/25 500,000  519,421 
State of Maryland GO, 4.00%, 8/1/23 1,250,000  1,254,577 
State of Maryland GO, 5.00%, 6/1/31 1,640,000  1,928,782 
6,397,880 
Massachusetts — 2.7%
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/43 1,190,000  1,301,356 
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/51 1,000,000  1,067,449 
Massachusetts GO, 5.00%, 10/1/37 1,000,000  1,141,695 
Massachusetts Development Finance Agency Rev., (Boston Medical Center Corp. Obligated Group), 5.25%, 7/1/48 750,000  785,456 
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32(1)
 100,000  97,815 
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 5.00%, 10/1/37(1)
 150,000  151,583 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/44 890,000  847,257 
Massachusetts Port Authority Rev., 5.00%, 7/1/41 800,000  844,686 
Massachusetts School Building Authority Rev., 5.00%, 8/15/45 730,000  786,489 
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32 460,000  510,597 
7,534,383 
Michigan — 1.3%
Detroit GO, 5.00%, 4/1/25 50,000  50,501 
Detroit GO, 5.00%, 4/1/36 550,000  554,084 
Detroit GO, 5.00%, 4/1/37 250,000  249,378 
Detroit Downtown Development Authority Tax Allocation, (Development Area No. 1), 5.00%, 7/1/23 (AGM) 350,000  351,749 
Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/27 1,335,000  1,436,751 
Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 4/15/42 395,000  372,312 
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/24, Prerefunded at 100% of Par(1)(3)
 100,000  103,854 
Michigan State Hospital Finance Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/24 355,000  366,206 
3,484,835 
Minnesota — 0.5%
State of Minnesota GO, 5.00%, 9/1/23 1,350,000  1,363,198 
Missouri — 1.0%
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/27 200,000  213,884 
26

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/28 $ 150,000  $ 163,316 
Kansas City GO, 5.00%, 2/1/24 625,000  635,331 
Kansas City Industrial Development Authority Rev., 5.00%, 3/1/44 1,000,000  1,020,196 
St. Louis Airport Rev., 5.00%, 7/1/52 750,000  789,920 
2,822,647 
Nebraska — 0.6%
Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (LIQ FAC: Royal Bank of Canada) (GA: Royal Bank of Canada) 600,000  603,255 
Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs & Company) 1,000,000  1,030,535 
1,633,790 
Nevada — 1.6%
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31 250,000  234,626 
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49 200,000  186,591 
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/23 150,000  149,141 
Las Vegas Valley Water District GO, 5.00%, 6/1/38 1,340,000  1,396,383 
Sparks Rev., 2.50%, 6/15/24(1)
 60,000  58,405 
State of Nevada GO, 5.00%, 8/1/30 1,530,000  1,733,913 
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33 375,000  390,837 
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25 200,000  198,062 
4,347,958 
New Hampshire — 0.3%
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27 500,000  487,493 
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 286,556  282,125 
769,618 
New Jersey — 3.2%
New Jersey Economic Development Authority Rev., 5.50%, 12/15/26, Prerefunded at 100% of Par(3)
 260,000  283,342 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/37 500,000  534,737 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 9/1/24 (Ambac) 1,000,000  1,027,430 
New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32 625,000  744,858 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 715,000  750,198 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/28 455,000  492,507 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28 375,000  409,273 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32 400,000  433,366 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33 260,000  279,964 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/35 1,000,000  1,100,418 
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/38 620,000  604,677 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48 150,000  157,587 
27

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Newark Board of Education GO, 5.00%, 7/15/33 (BAM) $ 900,000  $ 1,012,796 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 280,000  277,206 
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46 750,000  775,268 
8,883,627 
New Mexico — 0.6%
New Mexico Finance Authority Rev., (New Mexico Finance Authority Public Project Revolving Fund), 5.00%, 6/1/24 1,000,000  1,023,188 
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23 70,000  69,252 
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada) (GA: Royal Bank of Canada) 500,000  513,858 
1,606,298 
New York — 10.5%
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 110,000  112,330 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 560,000  571,860 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 750,000  799,982 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38 255,000  264,676 
Metropolitan Transportation Authority Rev., VRN, 3.85%, (SOFR plus 0.80%), 11/1/32 (AGM) 250,000  247,648 
Nassau County Interim Finance Authority Rev., 4.00%, 11/15/35 500,000  539,672 
New York City GO, 5.25%, 5/1/41 150,000  167,463 
New York City GO, 5.00%, 4/1/43 500,000  528,329 
New York City GO, 4.00%, 8/1/44 1,000,000  957,113 
New York City GO, 4.00%, 9/1/46 250,000  236,952 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/25 750,000  760,323 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/39 815,000  839,305 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/49 390,000  415,302 
New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/29 1,100,000  1,211,543 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/26 1,000,000  1,070,228 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/34 500,000  587,470 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/36 200,000  226,949 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/40 1,000,000  1,130,536 
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/42 650,000  631,930 
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.) 175,000  198,681 
New York Power Authority Rev., 5.00%, 11/15/27 (AGM) 1,000,000  1,102,577 
New York State Dormitory Authority Rev., 5.00%, 10/1/28 (BAM) 670,000  746,473 
New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 1,000,000  935,911 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37 500,000  502,541 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40 750,000  735,865 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/26(3)
 1,100,000  1,169,035 
28

Diversified Municipal Bond ETF
Principal Amount/Shares Value
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/27(3)
 $ 815,000  $ 881,704 
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/24 500,000  512,040 
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/39 850,000  958,652 
New York State Thruway Authority Rev., 5.00%, 1/1/29 915,000  943,386 
New York State Thruway Authority Rev., 4.00%, 1/1/38 700,000  693,065 
New York State Thruway Authority Rev., 4.00%, 1/1/45 945,000  880,180 
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/44 750,000  716,975 
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group) 130,000  116,041 
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 4/30/53 500,000  410,509 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/40 200,000  184,275 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/41 640,000  652,961 
New York Transportation Development Corp. Rev., (Laguardia Gateway Partners LLC), 4.00%, 7/1/36 (AGM) 685,000  653,405 
Town of Oyster Bay GO, 5.00%, 8/1/25 (AGM) 545,000  569,833 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 255,000  277,975 
Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/39 1,000,000  1,112,555 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/30 1,000,000  1,013,062 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/33 980,000  1,025,291 
Westchester County Local Development Corp. Rev., (Purchase Senior Learning Community Obligated Group), 2.875%, 7/1/26(1)
 455,000  434,429 
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 100,000  93,047 
28,820,079 
North Carolina — 1.5%
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46 715,000  574,494 
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26 45,000  42,336 
North Carolina Turnpike Authority Rev., 5.00%, 2/1/24(3)
 1,000,000  1,014,267 
State of North Carolina Rev., 5.00%, 3/1/34 345,000  384,341 
State of North Carolina Rev., (Highway Trust Fund), 5.00%, 5/1/25 1,000,000  1,041,015 
Wake County GO, 5.00%, 2/1/27 1,000,000  1,082,643 
4,139,096 
Ohio — 2.9%
Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 4.00%, 8/1/47 1,000,000  918,366 
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 300,000  262,689 
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 1,265,000  1,150,441 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40 450,000  436,030 
Columbus GO, 5.00%, 4/1/32 500,000  560,089 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42 360,000  362,312 
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37 170,000  171,756 
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 100,000  94,480 
29

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/42 $ 1,250,000  $ 1,387,414 
State of Ohio GO, 5.00%, 5/1/40 660,000  735,928 
State of Ohio Rev., (University Hospitals Health System, Inc. Obligated Group), 4.00%, 1/15/39 700,000  656,538 
Worthington City School District GO, 5.50%, 12/1/54(5)
 1,000,000  1,119,350 
7,855,393 
Oklahoma — 0.3%
Oklahoma Capitol Improvement Authority Rev., (Oklahoma Department of Transportation), 4.00%, 7/1/38 850,000  830,152 
Oregon — 0.9%
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 250,000  231,457 
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 100,000  91,144 
State of Oregon GO, 4.00%, 8/1/31 1,000,000  1,027,204 
State of Oregon Department of Transportation Rev., 5.25%, 11/15/47 1,000,000  1,112,624 
2,462,429 
Pennsylvania — 3.6%
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28 150,000  131,732 
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40 300,000  208,835 
Bucks County Water and Sewer Authority Rev., 5.00%, 12/1/37 (AGM) 450,000  501,159 
Bucks County Water and Sewer Authority Rev., 5.00%, 12/1/38 (AGM) 525,000  582,637 
Commonwealth Financing Authority Rev., 5.00%, 6/1/24 1,625,000  1,653,080 
Commonwealth Financing Authority Rev., 5.00%, 6/1/25 290,000  298,909 
Delaware County Authority Rev., (Villanova University), 5.00%, 8/1/31 1,200,000  1,238,272 
Pennsylvania GO, 5.00%, 1/1/24 690,000  700,941 
Pennsylvania GO, 5.00%, 10/1/24 1,000,000  1,029,948 
Pennsylvania GO, 5.00%, 7/15/29 845,000  954,653 
Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Department of Transportation), 5.75%, 6/30/48 400,000  426,334 
Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Department of Transportation), 5.00%, 12/31/57 (AGM) 400,000  404,621 
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM) 290,000  324,636 
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39 340,000  347,637 
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/44 750,000  824,334 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46 300,000  306,978 
9,934,706 
South Carolina — 0.2%
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 100,000  84,575 
Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/37 325,000  373,188 
Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.75%, 11/1/36(1)
 270,000  210,035 
667,798 
30

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Tennessee — 1.0%
Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment, (South Nashville Central Business Improvement District), Capital Appreciation, 0.00%, 6/1/43(1)(4)
 $ 4,000,000  $ 1,247,063 
Metropolitan Nashville Airport Authority Rev., 5.50%, 7/1/52 100,000  107,041 
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1)
 225,000  227,300 
Tennessee Energy Acquisition Corp. Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs Group, Inc.) 1,000,000  1,033,040 
2,614,444 
Texas — 8.4%
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) 425,000  435,434 
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD) 400,000  448,800 
Austin Airport System Rev., 5.00%, 11/15/41 1,000,000  1,048,741 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/27 775,000  805,490 
Central Texas Regional Mobility Authority Rev., 4.00%, 1/1/51 1,290,000  1,165,224 
Central Texas Turnpike System Rev., 5.00%, 8/15/42 1,250,000  1,258,160 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/38 (PSF-GTD) 520,000  531,890 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/42 (PSF-GTD) 465,000  443,706 
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 50,000  50,285 
El Paso Water & Sewer Rev., 4.00%, 3/1/40 1,000,000  980,001 
Fort Bend Independent School District GO, 4.00%, 8/15/35 (PSF-GTD) 1,000,000  1,036,137 
Frisco Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) 780,000  825,940 
Frisco Independent School District GO, 5.00%, 8/15/32 (PSF-GTD) 1,000,000  1,123,141 
Houston GO, 5.00%, 3/1/29 340,000  380,842 
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 200,000  159,922 
Katy Independent School District GO, 5.00%, 2/15/28 (PSF-GTD) 350,000  386,382 
Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/26 1,755,000  1,880,774 
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27(3)
 240,000  258,000 
North Texas Tollway Authority Rev., 4.00%, 1/1/35 595,000  598,832 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26 585,000  592,493 
Permanent University Fund - University of Texas System Rev., 5.00%, 7/1/27 500,000  543,943 
San Antonio Water System Rev., 4.00%, 5/15/34 275,000  286,523 
State of Texas GO, 5.00%, 8/1/40 815,000  839,090 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), VRN, 5.00%, 11/15/52 160,000  167,083 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/42 665,000  634,605 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/24 945,000  959,933 
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/26 (GA: Macquarie Group Ltd.) 250,000  255,514 
31

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/38 $ 1,300,000  $ 1,213,378 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/43 1,360,000  1,323,828 
Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 5.00%, 8/1/41 1,000,000  1,106,940 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/32 1,000,000  1,187,958 
22,928,989 
Utah — 1.4%
Intermountain Power Agency Rev., 5.00%, 7/1/27 500,000  545,436 
State of Utah GO, 5.00%, 7/1/28 585,000  653,378 
UIPA Crossroads Public Infrastructure District Tax Allocation, (AJL Project Area), 4.375%, 6/1/52(1)
 750,000  629,210 
University of Utah Rev., 5.00%, 8/1/46 855,000  931,238 
Utah State University Rev., 4.00%, 12/1/42 (AGM) 1,215,000  1,157,298 
3,916,560 
Virginia — 1.1%
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/27 330,000  357,900 
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 4.00%, 5/15/42 670,000  649,079 
Fairfax County Sewer Rev., 5.00%, 7/15/46 1,000,000  1,109,214 
Lynchburg Economic Development Authority Rev., (Centra Health Obligated Group), 4.00%, 1/1/37 825,000  783,713 
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1)
 200,000  176,155 
3,076,061 
Washington — 5.0%
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/37 500,000  565,622 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39 525,000  577,153 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40 1,955,000  2,154,038 
King County School District No. 411 Issaquah GO, 4.00%, 12/1/33 (SCH BD GTY) 680,000  717,249 
Port of Seattle Rev., 5.00%, 4/1/36 1,365,000  1,446,525 
Port of Seattle Rev., 5.50%, 8/1/47 1,000,000  1,076,218 
Seattle Municipal Light & Power Rev., 5.00%, 7/1/42 1,125,000  1,239,556 
Seattle Municipal Light & Power Rev., 5.00%, 7/1/52 1,000,000  1,081,715 
Seattle Municipal Light & Power Rev., VRN, 3.67%, (MUNIPSA plus 0.25%), 5/1/45 200,000  196,312 
State of Washington GO, 5.00%, 2/1/29 420,000  464,272 
State of Washington GO, 5.00%, 8/1/39 300,000  308,518 
State of Washington GO, 5.00%, 6/1/41 770,000  833,731 
State of Washington GO, 5.00%, 2/1/42 625,000  652,773 
State of Washington GO, 5.00%, 6/1/45 1,000,000  1,080,708 
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 300,000  310,332 
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33 650,000  652,980 
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1)
 300,000  263,279 
13,620,981 
32

Diversified Municipal Bond ETF
Principal Amount/Shares Value
Wisconsin — 1.7%
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 5.00%, 7/1/41 $ 250,000  $ 255,553 
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1)
 75,000  67,050 
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) 150,000  140,541 
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM) 600,000  612,597 
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) 75,000  80,712 
Public Finance Authority Rev., (Duke Energy Progress LLC), VRN, 3.30%, 10/1/46 540,000  536,739 
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52(1)
 250,000  183,772 
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61(1)
 225,000  161,373 
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61(1)
 215,000  163,715 
Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41 505,000  413,417 
State of Wisconsin GO, 4.00%, 5/1/39 750,000  754,013 
Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 3.60%, (MUNIPSA plus 0.18%), 8/15/54 1,000,000  966,917 
Wisconsin Health & Educational Facilities Authority Rev., (Bellin Memorial Hospital Obligated Group), 5.50%, 12/1/52 200,000  215,724 
4,552,123 
TOTAL MUNICIPAL SECURITIES
(Cost $277,594,153)
 267,091,546 
SHORT-TERM INVESTMENTS — 1.8%
Money Market Funds — 1.8%
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class
(Cost $4,810,658)		 4,811,462  4,811,462 
TOTAL INVESTMENT SECURITIES — 99.2%
(Cost $282,404,811)
 271,903,008 
OTHER ASSETS AND LIABILITIES — 0.8% 2,299,234 
TOTAL NET ASSETS — 100.0% $ 274,202,242 

33

Diversified Municipal Bond ETF

NOTES TO SCHEDULE OF INVESTMENTS
AGM – Assured Guaranty Municipal Corporation
AGM-CR – Assured Guaranty Municipal Corporation - Custodian Receipts
BAM – Build America Mutual Assurance Company
COP – Certificates of Participation
GA – Guaranty Agreement
GO – General Obligation
LIQ FAC – Liquidity Facilities
LOC – Letter of Credit
MUNIPSA – SIFMA Municipal Swap Index
NATL-RE – National Public Finance Guarantee Corporation - Reinsured
PSF-GTD – Permanent School Fund Guaranteed
SBBPA – Standby Bond Purchase Agreement
SCH BD GTY – School Bond Guaranty
SOFR – Secured Overnight Financing Rate
VRDN – Variable Rate Demand Note. The instrument may be payable upon demand and 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 date of the demand feature is disclosed.
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 $12,625,295, which represented 4.6% of total net assets.
(2)Security is in default.
(3)Escrowed to maturity in U.S. government securities or state and local government securities.
(4)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(5)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.
(6)Non-income producing.


See Notes to Financial Statements.
34

FEBRUARY 28, 2023 (UNAUDITED)
Emerging Markets Bond ETF
Principal Amount/
Shares		 Value
SOVEREIGN GOVERNMENTS AND AGENCIES — 42.5%
Angola — 2.2%
Angolan Government International Bond, 8.25%, 5/9/28(1)
 $ 500,000  $ 462,390 
Angolan Government International Bond, 9.375%, 5/8/48(1)
 300,000  256,410 
718,800 
Argentina — 0.9%
Argentine Republic Government International Bond, 1.50%, 7/9/35
 978,000  280,489 
Chile — 3.4%
Chile Government International Bond, 2.55%, 1/27/32
 676,000  555,876 
Chile Government International Bond, 2.55%, 7/27/33
 200,000  157,321 
Chile Government International Bond, 3.50%, 1/31/34
 100,000  85,506 
Chile Government International Bond, 4.34%, 3/7/42
 200,000  171,495 
Chile Government International Bond, 4.00%, 1/31/52
 170,000  132,416 
1,102,614 
Colombia — 0.5%
Colombia Government International Bond, 7.50%, 2/2/34
 11,000  10,444 
Colombia Government International Bond, 6.125%, 1/18/41
 200,000  157,000 
167,444 
Dominican Republic — 3.0%
Dominican Republic International Bond, 4.50%, 1/30/30
 200,000  172,488 
Dominican Republic International Bond, 4.875%, 9/23/32
 772,000  648,154 
Dominican Republic International Bond, 5.875%, 1/30/60
 200,000  150,899 
971,541 
Ecuador — 1.0%
Ecuador Government International Bond, 5.50%, 7/31/30
 200,000  98,300 
Ecuador Government International Bond, 2.50%, 7/31/35
 625,000  224,103 
322,403 
Egypt — 2.7%
Egypt Government International Bond, 5.80%, 9/30/27
 200,000  157,249 
Egypt Government International Bond, 7.05%, 1/15/32
 815,000  570,388 
Egypt Government International Bond, 7.625%, 5/29/32(1)
 50,000  35,569 
Egypt Government International Bond, 8.50%, 1/31/47(1)
 150,000  96,405 
859,611 
Ghana — 0.3%
Ghana Government International Bond, 8.95%, 3/26/51(1)
 250,000  92,215 
Guatemala — 1.9%
Guatemala Government Bond, 4.375%, 6/5/27(1)
 50,000  47,498 
Guatemala Government Bond, 5.25%, 8/10/29(1)
 200,000  192,556 
Guatemala Government Bond, 4.90%, 6/1/30
 400,000  377,451 
617,505 
Indonesia — 2.3%
Indonesia Government International Bond, 8.50%, 10/12/35
 355,000  452,756 
Indonesia Government International Bond, 4.75%, 7/18/47
 75,000  70,505 
Indonesia Government International Bond, 5.45%, 9/20/52
 200,000  199,000 
722,261 
Ivory Coast — 1.4%
Ivory Coast Government International Bond, 5.75%, 12/31/32
 474,571  433,913 
Jordan — 0.3%
Jordan Government International Bond, 7.375%, 10/10/47(1)
 100,000  87,941 
35

Emerging Markets Bond ETF
Principal Amount/
Shares		 Value
Kenya — 0.2%
Kenya Government International Bond, 8.25%, 2/28/48(1)
 $ 100,000  $ 77,707 
Mexico — 2.5%
Mexico Government International Bond, 4.75%, 4/27/32
 435,000  406,546 
Mexico Government International Bond, 3.50%, 2/12/34
 441,000  360,276 
Mexico Government International Bond, 6.35%, 2/9/35
 20,000  20,570 
787,392 
Mongolia — 0.5%
Development Bank of Mongolia LLC, 7.25%, 10/23/23
 165,000  158,400 
Nigeria — 0.5%
Nigeria Government International Bond, 7.875%, 2/16/32
 200,000  154,624 
Oman — 2.1%
Oman Government International Bond, 6.75%, 1/17/48
 700,000  672,847 
Pakistan — 0.3%
Pakistan Government International Bond, 8.25%, 9/30/25
 200,000  97,668 
Panama — 1.2%
Panama Government International Bond, 4.50%, 4/16/50
 500,000  379,280 
Paraguay — 0.5%
Paraguay Government International Bond, 5.40%, 3/30/50
 200,000  168,220 
Peru — 2.0%
Peruvian Government International Bond, 8.75%, 11/21/33
 200,000  248,172 
Peruvian Government International Bond, 3.55%, 3/10/51
 538,000  383,597 
631,769 
Philippines — 1.5%
Philippine Government International Bond, 6.375%, 1/15/32
 200,000  217,045 
Philippine Government International Bond, 5.50%, 1/17/48
 267,000  271,160 
488,205 
Poland — 0.3%
Republic of Poland Government International Bond, 5.75%, 11/16/32
 100,000  105,028 
Romania — 1.5%
Romanian Government International Bond, 6.625%, 2/17/28(1)
 200,000  204,725 
Romanian Government International Bond, 6.00%, 5/25/34(1)
 150,000  146,430 
Romanian Government International Bond, 7.625%, 1/17/53(1)
 112,000  121,293 
472,448 
Saudi Arabia — 3.5%
Saudi Government International Bond, 4.75%, 1/18/28(1)
 81,000  80,214 
Saudi Government International Bond, 5.50%, 10/25/32(1)
 329,000  343,242 
Saudi Government International Bond, 4.625%, 10/4/47
 600,000  526,500 
Saudi Government International Bond, 4.625%, 10/4/47(1)
 200,000  175,500 
1,125,456 
Serbia — 0.6%
Serbia International Bond, 6.50%, 9/26/33(1)
 200,000  194,963 
South Africa — 3.5%
Republic of South Africa Government International Bond, 5.875%, 9/16/25
 300,000  299,254 
Republic of South Africa Government International Bond, 5.875%, 4/20/32
 600,000  536,721 
Republic of South Africa Government International Bond, 5.75%, 9/30/49
 400,000  292,830 
1,128,805 
36

Emerging Markets Bond ETF
Principal Amount/
Shares		 Value
Turkey — 1.3%
Turkey Government International Bond, 9.875%, 1/15/28
 $ 250,000  $ 254,205 
Turkey Government International Bond, 6.625%, 2/17/45
 200,000  150,374 
404,579 
Ukraine — 0.6%
Ukraine Government International Bond, 7.25%, 3/15/35(5)(6)
 1,050,000  182,962 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $14,613,113)
 13,607,090 
CORPORATE BONDS — 39.7%
Brazil — 5.0%
Braskem Netherlands Finance BV, 7.25%, 2/13/33(1)
 87,000  84,993 
CSN Resources SA, 4.625%, 6/10/31(1)
 400,000  315,357 
Embraer Netherlands Finance BV, 6.95%, 1/17/28(1)
 200,000  200,769 
Guara Norte Sarl, 5.20%, 6/15/34(1)
 182,114  152,728 
GUSAP III LP, 4.25%, 1/21/30(1)
 360,000  330,978 
Light Servicos de Eletricidade SA/Light Energia SA, 4.375%, 6/18/26
 75,000  32,774 
MC Brazil Downstream Trading SARL, 7.25%, 6/30/31(1)
 193,251  158,694 
Minerva Luxembourg SA, 4.375%, 3/18/31
 400,000  314,451 
1,590,744 
Chile — 0.8%
Kenbourne Invest SA, 4.70%, 1/22/28(1)
 229,000  158,434 
VTR Finance NV, 6.375%, 7/15/28(1)
 200,000  88,400 
246,834 
China — 1.3%
Alibaba Group Holding Ltd., 4.20%, 12/6/47
 150,000  117,186 
Longfor Group Holdings Ltd., 3.95%, 9/16/29
 200,000  157,503 
Tencent Holdings Ltd., 3.24%, 6/3/50
 200,000  129,171 
403,860 
Colombia — 4.6%
Ecopetrol SA, 5.875%, 9/18/23
 200,000  199,193 
Ecopetrol SA, 6.875%, 4/29/30
 200,000  177,800 
Ecopetrol SA, 4.625%, 11/2/31
 200,000  149,300 
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.375%, 12/30/30(1)
 717,000  459,103 
Geopark Ltd., 5.50%, 1/17/27(1)
 400,000  338,392 
Millicom International Cellular SA, 4.50%, 4/27/31(1)(2)
 200,000  161,700 
1,485,488 
Guatemala — 1.6%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.25%, 4/27/29(1)(2)
 400,000  368,624 
CT Trust, 5.125%, 2/3/32(1)
 200,000  158,200 
526,824 
India — 2.2%
Greenko Dutch BV, 3.85%, 3/29/26
 191,000  169,073 
Reliance Industries Ltd., 2.875%, 1/12/32(1)
 250,000  202,927 
Vedanta Resources Finance II PLC, 8.00%, 4/23/23
 200,000  185,548 
Vedanta Resources Ltd., 6.125%, 8/9/24
 200,000  130,091 
687,639 
Indonesia — 4.3%
Freeport Indonesia PT, 4.76%, 4/14/27(1)
 200,000  192,911 
Indonesia Asahan Aluminium Persero PT, 5.45%, 5/15/30(1)
 425,000  415,076 
37

Emerging Markets Bond ETF
Principal Amount/
Shares		 Value
Indonesia Asahan Aluminium Persero PT, 5.80%, 5/15/50
 $ 200,000  $ 175,338 
Medco Bell Pte Ltd., 6.375%, 1/30/27(1)
 200,000  183,510 
Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, 5.45%, 5/21/28
 425,000  420,594 
1,387,429 
Israel — 2.1%
Energean Israel Finance Ltd., 4.50%, 3/30/24(1)
 675,000  657,878 
Leviathan Bond Ltd., 5.75%, 6/30/23(1)
 10,000  9,980 
667,858 
Kazakhstan — 1.4%
KazMunayGas National Co. JSC, 4.75%, 4/19/27(1)
 300,000  275,396 
KazMunayGas National Co. JSC, 5.75%, 4/19/47
 200,000  160,128 
435,524 
Luxembourg — 2.3%
EIG Pearl Holdings Sarl, 4.39%, 11/30/46(1)
 461,000  350,706 
Petrorio Luxembourg Trading Sarl, 6.125%, 6/9/26(1)
 308,000  291,295 
TMS Issuer Sarl, 5.78%, 8/23/32(1)
 100,000  101,858 
743,859 
Malaysia — 0.6%
Petronas Capital Ltd., 3.50%, 4/21/30
 200,000  182,550 
Mexico — 5.7%
BBVA Bancomer SA, VRN, 5.125%, 1/18/33(1)
 200,000  180,089 
FEL Energy VI Sarl, 5.75%, 12/1/40(1)
 415,777  346,442 
Minera Mexico SA de CV, 4.50%, 1/26/50(1)
 140,000  105,205 
Orbia Advance Corp. SAB de CV, 2.875%, 5/11/31
 100,000  78,850 
Petroleos Mexicanos, 6.49%, 1/23/27
 614,000  558,679 
Petroleos Mexicanos, 5.95%, 1/28/31(2)
 250,000  191,807 
Petroleos Mexicanos, 10.00%, 2/7/33(1)
 210,000  202,524 
Petroleos Mexicanos, 6.50%, 6/2/41(2)
 250,000  167,975 
1,831,571 
Nigeria — 0.3%
IHS Netherlands Holdco BV, 8.00%, 9/18/27(1)
 100,000  90,850 
Panama — 1.1%
C&W Senior Financing DAC, 6.875%, 9/15/27(1)
 400,000  362,788 
Qatar — 0.2%
Ooredoo International Finance Ltd., 4.50%, 1/31/43(1)
 50,000  48,132 
Saudi Arabia — 2.3%
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/23
 400,000  399,455 
Saudi Arabian Oil Co., 4.25%, 4/16/39
 400,000  351,704 
751,159 
South Africa — 1.8%
Eskom Holdings SOC Ltd., 6.75%, 8/6/23(1)
 200,000  199,250 
Eskom Holdings SOC Ltd., 7.125%, 2/11/25(1)
 200,000  196,938 
Prosus NV, 4.19%, 1/19/32
 25,000  20,573 
Sasol Financing USA LLC, 5.50%, 3/18/31
 200,000  167,017 
583,778 
United Arab Emirates — 0.6%
DP World Crescent Ltd., 4.85%, 9/26/28
 200,000  197,086 
United States — 0.3%
DAE Funding LLC, 3.375%, 3/20/28(1)
 100,000  89,446 
38

Emerging Markets Bond ETF
Principal Amount/
Shares		 Value
Zambia — 1.2%
First Quantum Minerals Ltd., 6.875%, 10/15/27(1)
 $ 412,000  $ 386,991 
TOTAL CORPORATE BONDS
(Cost $14,188,270)
 12,700,410 
U.S. TREASURY SECURITIES — 4.6%
U.S. Treasury Notes, 2.50%, 3/31/27(3)
 550,000  513,036 
U.S. Treasury Notes, 1.375%, 11/15/31
 400,000  325,672 
U.S. Treasury Notes, 1.875%, 2/15/32(3)
 750,000  635,507 
TOTAL U.S. TREASURY SECURITIES
(Cost $1,599,822)
 1,474,215 
PREFERRED STOCKS — 0.6%
Mexico — 0.6%
Banco Mercantil del Norte SA, 8.375%(1)
(Cost $260,202)
 220,000  216,534 
SHORT-TERM INVESTMENTS — 11.4%
Money Market Funds — 11.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 3,178,627  3,178,627 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
 461,438  461,438 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,640,065)
 3,640,065 
TOTAL INVESTMENT SECURITIES — 98.8%
(Cost $34,301,472)
 31,638,314 
OTHER ASSETS AND LIABILITIES — 1.2%
 370,074 
TOTAL NET ASSETS — 100.0%
 $ 32,008,388 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Ultra Notes 10 June 2023 $ 1,171,875  $ 1,153 
U.S. Treasury Ultra Bonds 17 June 2023 2,296,063  (2,187)
$ 3,467,938  $ (1,034)
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes 8 June 2023 $ 1,629,812  $ 110 
U.S. Treasury 5-Year Notes 1 June 2023 107,055  1 
U.S. Treasury Long Bonds 6 June 2023 751,313  738 
$ 2,488,180  $ 849 
^Amount represents value and unrealized appreciation (depreciation).

39

Emerging Markets Bond ETF

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^
Brazil Government International Bond Buy (1.00)% 12/20/27 $ 1,340,000  $ 88,591  $ (19,460) $ 69,131 
Mexico Government
International Bond		 Buy (1.00)% 12/20/27 $ 1,500,000  13,913  (6,818) 7,095 
Republic of South Africa
Government International Bond		 Buy (1.00)% 12/20/27 $ 521,000  36,610  (4,352) 32,258 
$ 139,114  $ (30,630) $ 108,484 
^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.

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 $10,698,156, which represented 33.4% 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 $445,053. 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)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $540,856.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $461,438.
(5)Non-income producing.
(6)Security is in default.


See Notes to Financial Statements.
40

FEBRUARY 28, 2023 (UNAUDITED)
Multisector Income ETF
Principal
Amount/Shares		 Value
CORPORATE BONDS — 47.3%
Aerospace and Defense — 0.8%
Boeing Co., 2.80%, 3/1/24 $ 680,000  $ 661,552 
Bombardier, Inc., 7.50%, 2/1/29(1)(2)
 210,000  206,009 
Spirit AeroSystems, Inc., 9.375%, 11/30/29(1)
 165,000  174,488 
TransDigm, Inc., 4.625%, 1/15/29 220,000  189,290 
1,231,339 
Air Freight and Logistics — 0.3%
Rand Parent LLC, 8.50%, 2/15/30(1)
 450,000  432,562 
Airlines — 1.5%
American Airlines, Inc., 11.75%, 7/15/25(1)
 525,000  576,282 
American Airlines, Inc., 7.25%, 2/15/28(1)
 300,000  293,250 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
 220,000  214,343 
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(1)
 1,513  1,515 
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.00%, 9/20/25(1)
 715,000  718,396 
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27 354,515  343,971 
2,147,757 
Automobiles — 0.7%
Ford Motor Co., 6.10%, 8/19/32(2)
 300,000  279,665 
Ford Motor Credit Co. LLC, 4.95%, 5/28/27 260,000  242,521 
General Motors Financial Co., Inc., 3.80%, 4/7/25 465,000  447,526 
General Motors Financial Co., Inc., 4.30%, 7/13/25 101,000  98,098 
1,067,810 
Banks — 8.2%
Bank of America Corp., VRN, 1.73%, 7/22/27 520,000  458,264 
Bank of America Corp., VRN, 2.88%, 10/22/30 595,000  503,546 
Bank of America Corp., VRN, 4.57%, 4/27/33 245,000  227,862 
Bank of America Corp., VRN, 5.02%, 7/22/33 143,000  137,648 
Bank of Montreal, 5.20%, 2/1/28 500,000  498,098 
Bank of Nova Scotia, 4.85%, 2/1/30 345,000  334,935 
Banque Federative du Credit Mutuel SA, 4.94%, 1/26/26(1)
 595,000  586,949 
Barclays PLC, VRN, 2.28%, 11/24/27 465,000  409,357 
Barclays PLC, VRN, 7.39%, 11/2/28 210,000  221,034 
BNP Paribas SA, VRN, 5.125%, 1/13/29(1)
 365,000  359,079 
BPCE SA, VRN, 5.98%, 1/18/27(1)
 496,000  495,684 
Citigroup, Inc., VRN, 5.61%, 9/29/26 605,000  605,226 
Credit Agricole SA, 5.30%, 7/12/28(1)
 505,000  502,480 
Discover Bank, VRN, 4.68%, 8/9/28 1,185,000  1,133,795 
HSBC Holdings PLC, 4.25%, 8/18/25 200,000  193,106 
HSBC Holdings PLC, VRN, 5.40%, 8/11/33 399,000  382,737 
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 233,000  196,557 
KeyBank NA, 5.00%, 1/26/33 515,000  495,463 
Lloyds Banking Group PLC, VRN, 5.87%, 3/6/29(3)
 298,000  298,250 
Mitsubishi UFJ Financial Group, Inc., VRN, 5.44%, 2/22/34 380,000  373,867 
41

Multisector Income ETF
Principal
Amount/Shares		 Value
PNC Financial Services Group, Inc., VRN, 4.76%, 1/26/27 $ 520,000  $ 512,419 
Royal Bank of Canada, 6.00%, 11/1/27 290,000  298,581 
Societe Generale SA, VRN, 6.69%, 1/10/34(1)
 416,000  424,865 
Societe Generale SA, VRN, 3.65%, 7/8/35(1)
 350,000  281,986 
Toronto-Dominion Bank, 2.45%, 1/12/32 280,000  226,812 
Toronto-Dominion Bank, 3.20%, 3/10/32(2)
 215,000  184,703 
Truist Bank, VRN, 2.64%, 9/17/29 271,000  255,448 
Truist Financial Corp., VRN, 5.12%, 1/26/34 515,000  501,414 
US Bancorp, VRN, 5.85%, 10/21/33 175,000  180,542 
US Bancorp, VRN, 4.84%, 2/1/34 520,000  498,039 
Wells Fargo & Co., 3.00%, 10/23/26 105,000  96,984 
Wells Fargo & Co., VRN, 4.54%, 8/15/26 85,000  82,971 
11,958,701 
Beverages — 0.2%
PepsiCo, Inc., 3.60%, 2/18/28 272,000  259,473 
Biotechnology — 0.6%
Amgen, Inc., 5.25%, 3/2/25(3)
 298,000  297,389 
Amgen, Inc., 5.15%, 3/2/28(3)
 520,000  518,103 
815,492 
Building Products — 0.5%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)
 670,000  604,110 
Standard Industries, Inc., 4.375%, 7/15/30(1)
 225,000  187,533 
791,643 
Capital Markets — 4.2%
Deutsche Bank AG, VRN, 4.30%, 5/24/28 237,000  233,725 
Deutsche Bank AG, VRN, 3.74%, 1/7/33 375,000  287,569 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 334,000  292,736 
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28 745,000  666,142 
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 84,000  77,160 
Morgan Stanley, VRN, 2.63%, 2/18/26 755,000  712,417 
Morgan Stanley, VRN, 0.99%, 12/10/26 415,000  365,251 
Morgan Stanley, VRN, 5.12%, 2/1/29 58,000  56,979 
Morgan Stanley, VRN, 2.70%, 1/22/31 995,000  831,585 
Morgan Stanley, VRN, 6.34%, 10/18/33(2)
 400,000  421,891 
Morgan Stanley, VRN, 2.48%, 9/16/36 177,000  132,149 
Owl Rock Capital Corp., 3.40%, 7/15/26 768,000  684,066 
State Street Corp., VRN, 4.82%, 1/26/34 515,000  496,900 
UBS Group AG, VRN, 2.75%, 2/11/33(1)
 1,110,000  873,032 
6,131,602 
Chemicals — 0.6%
Celanese US Holdings LLC, 5.90%, 7/5/24 525,000  524,604 
Tronox, Inc., 4.625%, 3/15/29(1)
 475,000  387,621 
912,225 
Commercial Services and Supplies — 0.2%
Clean Harbors, Inc., 6.375%, 2/1/31(1)(2)
 365,000  362,830 
Construction and Engineering — 0.3%
IHS Netherlands Holdco BV, 8.00%, 9/18/27 550,000  499,288 
Consumer Finance — 2.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 10/29/24 665,000  617,957 
42

Multisector Income ETF
Principal
Amount/Shares		 Value
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26 $ 673,000  $ 640,012 
Avolon Holdings Funding Ltd., 2.125%, 2/21/26(1)
 685,000  600,346 
Capital One Financial Corp., VRN, 5.47%, 2/1/29 117,000  114,951 
Navient Corp., 6.125%, 3/25/24 340,000  337,848 
OneMain Finance Corp., 8.25%, 10/1/23 695,000  700,839 
3,011,953 
Containers and Packaging — 1.7%
Ball Corp., 6.875%, 3/15/28 450,000  454,905 
Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(1)(2)
 775,000  753,872 
Sealed Air Corp., 6.125%, 2/1/28(1)
 660,000  650,661 
Sealed Air Corp., 5.00%, 4/15/29(1)
 720,000  658,138 
2,517,576 
Diversified Financial Services — 0.2%
Block Financial LLC, 3.875%, 8/15/30 332,000  291,245 
Diversified Telecommunication Services — 1.3%
AT&T, Inc., 4.50%, 5/15/35 170,000  153,052 
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)
 690,000  668,196 
Level 3 Financing, Inc., 3.40%, 3/1/27(1)
 720,000  604,970 
Telecom Italia SpA, 5.30%, 5/30/24(1)
 465,000  453,249 
1,879,467 
Electric Utilities — 0.8%
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62 460,000  385,909 
FEL Energy VI Sarl, 5.75%, 12/1/40(1)
 739,160  615,898 
Pacific Gas & Electric Co., 6.15%, 1/15/33 120,000  118,588 
1,120,395 
Electrical Equipment — 0.1%
Regal Rexnord Corp., 6.40%, 4/15/33(1)
 205,000  201,919 
Entertainment — 0.1%
Warnermedia Holdings, Inc., 3.76%, 3/15/27(1)
 155,000  142,254 
Equity Real Estate Investment Trusts (REITs) — 3.4%
Equinix, Inc., 2.90%, 11/18/26 165,000  150,705 
ERP Operating LP, 4.15%, 12/1/28 685,000  646,927 
Healthpeak Properties Interim, Inc., 5.25%, 12/15/32 77,000  75,690 
Iron Mountain, Inc., 5.625%, 7/15/32(1)
 875,000  758,039 
iStar, Inc., 4.75%, 10/1/24 72,000  71,938 
iStar, Inc., 4.25%, 8/1/25(2)
 340,000  338,650 
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27 550,000  451,766 
National Retail Properties, Inc., 4.30%, 10/15/28 735,000  687,333 
Spirit Realty LP, 3.40%, 1/15/30 725,000  613,808 
VICI Properties LP, 4.375%, 5/15/25 410,000  394,957 
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)
 415,000  358,844 
Welltower OP LLC, 4.25%, 4/15/28(2)
 380,000  359,174 
4,907,831 
Food and Staples Retailing — 0.3%
United Natural Foods, Inc., 6.75%, 10/15/28(1)
 540,000  511,620 
Health Care Equipment and Supplies — 0.4%
Medline Borrower LP, 3.875%, 4/1/29(1)(2)
 675,000  563,203 
43

Multisector Income ETF
Principal
Amount/Shares		 Value
Health Care Providers and Services — 1.0%
Centene Corp., 3.375%, 2/15/30 $ 415,000  $ 350,614 
Owens & Minor, Inc., 6.625%, 4/1/30(1)
 645,000  531,409 
Tenet Healthcare Corp., 6.125%, 10/1/28(2)
 612,000  566,651 
1,448,674 
Hotels, Restaurants and Leisure — 1.8%
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)
 465,000  398,138 
Caesars Entertainment, Inc., 7.00%, 2/15/30(1)
 165,000  166,431 
Carnival Corp., 5.75%, 3/1/27(1)
 190,000  156,526 
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)
 435,000  404,509 
NCL Corp. Ltd., 8.375%, 2/1/28(1)
 113,000  114,907 
Penn Entertainment, Inc., 4.125%, 7/1/29(1)(2)
 176,000  142,993 
Royal Caribbean Cruises Ltd., 7.25%, 1/15/30(1)
 320,000  321,163 
Scientific Games International, Inc., 7.25%, 11/15/29(1)
 530,000  521,387 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)
 465,000  433,518 
2,659,572 
Household Durables — 0.1%
Safehold Operating Partnership LP, 2.85%, 1/15/32 226,000  172,832 
Insurance — 0.5%
Aon Corp. / Aon Global Holdings PLC, 5.35%, 2/28/33 442,000  442,131 
SBL Holdings, Inc., VRN, 6.50%(1)(4)
 365,000  275,575 
717,706 
IT Services — 0.3%
Fiserv, Inc., 5.60%, 3/2/33(3)
 450,000  449,706 
Life Sciences Tools and Services — 0.5%
Illumina, Inc., 5.80%, 12/12/25 675,000  681,156 
Machinery — 0.3%
Chart Industries, Inc., 9.50%, 1/1/31(1)(2)
 419,000  438,398 
Media — 2.6%
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)(2)
 660,000  616,031 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 1/15/34(1)
 505,000  378,527 
Comcast Corp., 6.50%, 11/15/35 105,000  116,595 
DISH DBS Corp., 5.25%, 12/1/26(1)
 670,000  562,381 
DISH Network Corp., 11.75%, 11/15/27(1)
 590,000  598,484 
Gray Escrow II, Inc., 5.375%, 11/15/31(1)
 520,000  386,699 
iHeartCommunications, Inc., 8.375%, 5/1/27(2)
 265,000  233,465 
Paramount Global, VRN, 6.25%, 2/28/57 460,000  380,002 
Paramount Global, VRN, 6.375%, 3/30/62 445,000  383,946 
VTR Finance NV, 6.375%, 7/15/28(1)
 300,000  132,600 
3,788,730 
Metals and Mining — 1.2%
Alcoa Nederland Holding BV, 4.125%, 3/31/29(1)
 695,000  617,959 
ATI, Inc., 4.875%, 10/1/29 365,000  327,219 
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2)
 565,000  515,314 
GUSAP III LP, 4.25%, 1/21/30(1)
 250,000  229,846 
1,690,338 
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1)
 774,000  724,082 
44

Multisector Income ETF
Principal
Amount/Shares		 Value
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)
 $ 301,000  $ 245,117 
969,199 
Multiline Retail — 0.1%
Macy's Retail Holdings LLC, 5.875%, 3/15/30(1)(2)
 90,000  79,452 
Multi-Utilities — 0.3%
Sempra Energy, VRN, 4.125%, 4/1/52 575,000  488,690 
Oil, Gas and Consumable Fuels — 4.9%
Antero Resources Corp., 5.375%, 3/1/30(1)(2)
 605,000  551,819 
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1)
 485,000  487,966 
Callon Petroleum Co., 7.50%, 6/15/30(1)(2)
 175,000  164,570 
Crescent Energy Finance LLC, 9.25%, 2/15/28(1)
 355,000  346,542 
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1)(2)
 655,000  593,732 
Ecopetrol SA, 5.875%, 9/18/23 565,000  562,720 
Ecopetrol SA, 8.875%, 1/13/33 170,000  166,772 
EQM Midstream Partners LP, 7.50%, 6/1/27(1)
 455,000  446,360 
Geopark Ltd., 5.50%, 1/17/27(1)
 800,000  676,784 
Holly Energy Partners LP / Holly Energy Finance Corp., 6.375%, 4/15/27(1)
 240,000  232,998 
MEG Energy Corp., 5.875%, 2/1/29(1)(2)
 730,000  681,623 
Occidental Petroleum Corp., 6.375%, 9/1/28(2)
 595,000  601,810 
Occidental Petroleum Corp., 6.125%, 1/1/31(2)
 449,000  452,812 
Petroleos Mexicanos, 5.95%, 1/28/31 480,000  368,269 
Petroleos Mexicanos, 6.70%, 2/16/32 95,000  75,609 
Southwestern Energy Co., 5.375%, 3/15/30 745,000  681,675 
7,092,061 
Road and Rail — 0.3%
United Rentals North America, Inc., 6.00%, 12/15/29(1)
 445,000  445,590 
Semiconductors and Semiconductor Equipment — 1.0%
Broadcom, Inc., 4.00%, 4/15/29(1)
 647,000  586,416 
Intel Corp., 2.45%, 11/15/29 510,000  429,294 
Micron Technology, Inc., 5.875%, 2/9/33 450,000  436,279 
1,451,989 
Software — 0.8%
Gen Digital, Inc., 7.125%, 9/30/30(1)(2)
 610,000  595,409 
McAfee Corp., 7.375%, 2/15/30(1)
 660,000  523,846 
1,119,255 
Thrifts and Mortgage Finance — 0.3%
Nationwide Building Society, 4.85%, 7/27/27(1)
 497,000  484,868 
Trading Companies and Distributors — 0.6%
Air Lease Corp., 0.80%, 8/18/24 321,000  298,237 
Air Lease Corp., 5.30%, 2/1/28 670,000  651,536 
949,773 
Wireless Telecommunication Services — 1.5%
Kenbourne Invest SA, 4.70%, 1/22/28(1)
 343,000  237,306 
Sprint LLC, 7.125%, 6/15/24 355,000  359,792 
Sprint LLC, 7.625%, 2/15/25 935,000  958,567 
T-Mobile USA, Inc., 3.375%, 4/15/29 560,000  495,079 
45

Multisector Income ETF
Principal
Amount/Shares		 Value
T-Mobile USA, Inc., 4.375%, 4/15/40 $ 175,000  $ 148,875 
2,199,619 
TOTAL CORPORATE BONDS
(Cost $72,260,158)
 69,085,793 
U.S. TREASURY SECURITIES — 13.1%
U.S. Treasury Notes, 4.50%, 11/30/24 6,000,000  5,957,227 
U.S. Treasury Notes, 1.00%, 12/15/24(5)
 3,000,000  2,800,664 
U.S. Treasury Notes, 2.875%, 6/15/25 1,575,000  1,513,969 
U.S. Treasury Notes, 3.875%, 1/15/26 500,000  491,445 
U.S. Treasury Notes, 3.875%, 11/30/27 2,870,000  2,829,360 
U.S. Treasury Notes, 4.00%, 2/29/28 2,000,000  1,985,312 
U.S. Treasury Notes, 2.875%, 4/30/29 855,000  797,254 
U.S. Treasury Notes, 3.875%, 11/30/29 960,000  947,850 
U.S. Treasury Notes, 0.625%, 5/15/30 1,760,000  1,392,394 
U.S. Treasury Notes, 4.125%, 11/15/32 360,000  365,794 
TOTAL U.S. TREASURY SECURITIES
(Cost $19,387,030)
 19,081,269 
ASSET-BACKED SECURITIES — 10.5%
Aaset Trust, Series 2021-2A, Class B, 3.54%, 1/15/47(1)
 445,972  335,354 
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1)
 400,000  339,823 
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I, SEQ, 4.19%, 6/5/49(1)
 498,960  485,834 
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1)
 469,291  360,990 
CARS-DB4 LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1)
 396,583  369,994 
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1)
 100,000  93,069 
CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1)
 100,000  88,672 
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, SEQ, 4.125%, 6/15/43(1)
 255,636  223,761 
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A, SEQ, 3.47%, 1/15/46(1)
 371,330  340,238 
Clsec Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1)
 523,776  429,283 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2, SEQ, 4.94%, 1/25/52(1)
 CAD 450,000  303,269 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1)
 CAD 350,000  236,197 
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.30%, 12/26/51(1)
 $ 550,000  486,204 
Diamond Issuer, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51(1)
 691,000  589,859 
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1)
 575,000  453,484 
Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II, SEQ, 4.47%, 10/25/45(1)
 187,500  180,685 
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2, SEQ, 4.25%, 3/25/52(1)
 291,550  266,773 
Falcon Aerospace Ltd., Series 2019-1, Class A, SEQ, 3.60%, 9/15/39(1)
 375,507  311,229 
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1)
 600,000  514,484 
46

Multisector Income ETF
Principal
Amount/Shares		 Value
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(1)
 $ 525,000  $ 468,343 
Hilton Grand Vacations Trust, Series 2017-AA, Class B, 2.96%, 12/26/28(1)
 472,805  464,802 
Lunar Aircarft Ltd., Series 2020-1A, Class A, SEQ, 3.38%, 2/15/45(1)
 280,062  236,650 
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1)
 347,573  277,897 
MACH 1 Cayman Ltd., Series 2019-1, Class A, SEQ, 3.47%, 10/15/39(1)
 288,141  241,219 
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(1)
 363,423  316,060 
Navigator Aircraft ABS Ltd., Series 2021-1, Class B, SEQ, 3.57%, 11/15/46(1)
 275,670  224,270 
NP SPE II LLC, Series 2019-1A, Class A1, SEQ, 2.57%, 9/20/49(1)
 364,394  338,917 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A, SEQ, 3.97%, 6/15/44(1)
 402,041  342,460 
Progress Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1)
 750,000  645,589 
Progress Residential Trust, Series 2021-SFR1, Class E, 2.11%, 4/17/38(1)
 261,000  225,344 
Progress Residential Trust, Series 2021-SFR1, Class F, 2.76%, 4/17/38(1)
 445,000  383,495 
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(1)
 200,000  168,750 
Sabey Data Center Issuer LLC, Series 2021-1, Class A2, SEQ, 1.88%, 6/20/46(1)
 323,000  278,689 
Sapphire Aviation Finance II Ltd., Series 2020-1A, Class A, SEQ, 3.23%, 3/15/40(1)
 182,270  147,361 
ServiceMaster Funding LLC, Series 2020-1, Class A2I, SEQ, 2.84%, 1/30/51(1)
 196,000  162,029 
ServiceMaster Funding LLC, Series 2020-1, Class A2II, SEQ, 3.34%, 1/30/51(1)
 408,660  319,522 
Sierra Timeshare Receivables Funding LLC, Series 2022-3A, Class C, 7.63%, 7/20/39(1)
 444,518  446,840 
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1)
 447,900  369,886 
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, SEQ, 4.54%, 2/25/44(1)
 863,040  846,970 
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.88%, 3/26/46(1)
 167,000  146,740 
Start Ltd., Series 2018-1, Class A, SEQ, 4.09%, 5/15/43(1)
 538,158  459,896 
Trinity Rail Leasing LP, Series 2009-1A, Class A, SEQ, 6.66%, 11/16/39(1)
 175,665  172,676 
Vantage Data Centers LLC, Series 2018-2A, Class A2, SEQ, 4.20%, 11/15/43(1)
 354,275  348,398 
Vantage Data Centers LLC, Series 2020-1A, Class A2, SEQ, 1.65%, 9/15/45(1)
 568,000  506,710 
VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1)
 425,000  384,374 
TOTAL ASSET-BACKED SECURITIES
(Cost $17,026,859)
 15,333,089 
COLLATERALIZED LOAN OBLIGATIONS — 7.3%
AIMCO CLO, Series 2018-AA, Class B, VRN, 6.19%, (3-month LIBOR plus 1.40%), 4/17/31(1)
 750,000  737,042 
AMMC CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 8.42%, (3-month LIBOR plus 3.60%), 7/25/29(1)
 500,000  495,049 
47

Multisector Income ETF
Principal
Amount/Shares		 Value
Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class AS, VRN, 6.08%, (1-month SOFR plus 1.51%), 2/15/35(1)
 $ 196,500  $ 193,381 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2019-FL2, Class A, VRN, 5.88%, (1-month SOFR plus 1.31%), 9/15/34(1)
 83,958  83,850 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2019-FL2, Class AS, VRN, 6.13%, (1-month SOFR plus 1.56%), 9/15/34(1)
 421,000  418,387 
ARES XLVII CLO Ltd., Series 2018-47A, Class C, VRN, 6.54%, (3-month LIBOR plus 1.75%), 4/15/30(1)
 500,000  484,250 
BDS Ltd., Series 2020-FL6, Class E, VRN, 7.80%, (30-day average SOFR plus 3.36%), 9/15/35(1)
 243,000  239,555 
CIFC Funding Ltd., Series 2016-1A, Class D2RR, VRN, 9.07%, (3-month LIBOR plus 4.25%), 10/21/31(1)
 600,000  584,668 
CIFC Funding Ltd., Series 2017-3A, Class C, VRN, 8.46%, (3-month LIBOR plus 3.65%), 7/20/30(1)
 500,000  473,529 
CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 6.64%, (3-month LIBOR plus 1.85%), 11/16/30(1)
 200,000  193,026 
Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 6.56%, (3-month LIBOR plus 1.70%), 11/15/28(1)
 300,000  290,205 
Dryden 72 CLO Ltd., Series 2019-72A, Class CR, VRN, 6.71%, (3-month LIBOR plus 1.85%), 5/15/32(1)
 500,000  487,143 
Greystone CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 6.99%, (1-month LIBOR plus 2.40%), 9/15/37(1)
 197,000  190,525 
HGI CRE CLO Ltd., Series 2021-FL1, Class AS, VRN, 5.99%, (1-month LIBOR plus 1.40%), 6/16/36(1)
 603,000  581,475 
KKR Static CLO I Ltd., Series 2022-1A, Class B, VRN, 7.24%, (3-month SOFR plus 2.60%), 7/20/31(1)
 430,000  419,492 
KVK CLO Ltd., Series 2013-1A, Class DR, VRN, 7.74%, (3-month LIBOR plus 2.95%), 1/14/28(1)
 250,000  245,535 
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 9.17%, (3-month LIBOR plus 4.35%), 1/22/28(1)
 475,000  431,026 
MF1 Ltd., Series 2020-FL4, Class D, VRN, 8.78%, (1-month SOFR plus 4.21%), 11/15/35(1)
 585,000  564,193 
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class D, VRN, 7.18%, (1-month SOFR plus 2.61%), 7/15/36(1)
 400,000  374,106 
Octagon Investment Partners XV Ltd., Series 2013-1A, Class CRR, VRN, 6.80%, (3-month LIBOR plus 2.00%), 7/19/30(1)
 300,000  285,719 
Ready Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 6.87%, (1-month LIBOR plus 2.25%), 4/25/38(1)
 400,000  383,932 
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 6.52%, (1-month LIBOR plus 1.90%), 7/25/36(1)
 350,000  333,648 
Shelter Growth CRE Issuer Ltd., Series 2022-FL4, Class A, VRN, 6.86%, (1-month SOFR plus 2.30%), 6/17/37(1)
 322,000  322,199 
Stewart Park CLO Ltd., Series 2015-1A, Class CR, VRN, 6.59%, (3-month LIBOR plus 1.80%), 1/15/30(1)
 300,000  286,850 
Stratus CLO Ltd., Series 2021-2A, Class C, VRN, 6.71%, (3-month LIBOR plus 1.90%), 12/28/29(1)
 350,000  330,883 
Symphony CLO XIV Ltd., Series 2014-14A, Class CR, VRN, 6.89%, (3-month LIBOR plus 2.10%), 7/14/26(1)
 500,000  495,122 
TICP CLO I-2 Ltd., Series 2018-IA, Class C, VRN, 7.86%, (3-month LIBOR plus 3.04%), 4/26/28(1)
 350,000  347,935 
48

Multisector Income ETF
Principal
Amount/Shares		 Value
Vibrant CLO VII Ltd., Series 2017-7A, Class B, VRN, 7.21%, (3-month LIBOR plus 2.40%), 9/15/30(1)
 $ 350,000  $ 335,098 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $10,717,203)
 10,607,823 
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.6%
Private Sponsor Collateralized Mortgage Obligations — 4.2%
Angel Oak Mortgage Trust, Series 2020-2, Class A2, VRN, 3.86%, 1/26/65(1)
 200,719  188,868 
Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65(1) 563,365  514,498 
Angel Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%, 5/25/66(1)
 600,000  381,563 
Angel Oak Mortgage Trust, Series 2021-5, Class A1, VRN, 0.95%, 7/25/66(1)
 570,373  467,921 
Bellemeade Re Ltd., Series 2018-1A, Class M2, VRN, 7.52%, (1-month LIBOR plus 2.90%), 4/25/28(1)
 256,671  257,660 
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 6.57%, (1-month LIBOR plus 1.95%), 7/25/29(1)
 300,000  299,587 
Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, VRN, 1.19%, 8/25/66(1)
 324,017  276,043 
EFMT, Series 2023-1, Class A2, 6.24%, 2/25/68(1)
 300,000  296,698 
Farm Mortgage Trust, Series 2021-1, Class B, VRN, 3.24%, 7/25/51(1)
 569,245  355,341 
GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66(1)
 406,386  368,981 
Home RE Ltd., Series 2022-1, Class M1A, VRN, 7.33%, (30-day average SOFR plus 2.85%), 10/25/34(1)
 125,000  126,125 
MFA Trust, Series 2020-NQM2, Class A1, SEQ, VRN, 1.38%, 4/25/65(1)
 126,645  114,457 
MFA Trust, Series 2023-INV1, Class A2, 6.45%, 2/25/58(1)
 498,947  494,975 
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 6.33%, (30-day average SOFR plus 1.85%), 11/25/31(1)
 482,727  482,914 
Traingle Re Ltd., Series 2021-1, Class M2, VRN, 8.52%, (1-month LIBOR plus 3.90%), 8/25/33(1)
 541,651  546,032 
Triangle Re Ltd., Series 2021-3, Class M1A, VRN, 6.38%, (30-day average SOFR plus 1.90%), 2/25/34(1)
 192,500  192,571 
Visio Trust, Series 2020-1, Class A2, SEQ,VRN, 2.50%, 8/25/55(1)
 890,000  808,062 
6,172,296 
U.S. Government Agency Collateralized Mortgage Obligations — 1.4%
FHLMC, Series 2017-HRP1, Class M2, VRN, 7.07%, (1-month LIBOR plus 2.45%), 12/25/42 180,492  181,262 
FHLMC, Series 2021-DNA2, Class M1, VRN, 5.28%, (30-day average SOFR plus 0.80%), 8/25/33(1)
 126,652  126,107 
FHLMC, Series 2021-HQA3, Class M1, VRN, 5.33%, (30-day average SOFR plus 0.85%), 9/25/41(1)
 428,526  413,278 
FHLMC, Series 2022-DNA3, Class M1A, VRN, 6.48%, (30-day average SOFR plus 2.00%), 4/25/42(1)
 404,983  406,963 
FHLMC, Series 2022-DNA6, Class M1A, VRN, 6.63%, (30-day average SOFR plus 2.15%), 9/25/42(1)
 224,482  225,456 
FNMA, Series 2022-R03, Class 1M1, VRN, 6.58%, (30-day average SOFR plus 2.10%), 3/25/42(1)
 232,932  233,652 
FNMA, Series 2022-R09, Class 2M1, VRN, 6.99%, (30-day average SOFR plus 2.50%), 9/25/42(1)
 364,946  367,428 
1,954,146 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $8,404,806)
 8,126,442 
49

Multisector Income ETF
Principal
Amount/Shares		 Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.0%
BX Commercial Mortgage Trust, Series 2019-XL, Class E, VRN, 6.48%, (1-month SOFR plus 1.91%), 10/15/36(1)
 $ 237,843  $ 233,858 
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(1)
 400,000  320,198 
BX Commercial Mortgage Trust, Series 2021-ACNT, Class D, VRN, 6.44%, (1-month LIBOR plus 1.85%), 11/15/38(1)
 501,205  486,987 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 6.59%, (1-month LIBOR plus 2.00%), 9/15/36(1)
 400,000  385,155 
BX Trust, Series 2021-ARIA, Class G, VRN, 7.73%, (1-month LIBOR plus 3.14%), 10/15/36(1)
 314,000  291,237 
BX Trust, Series 2021-RISE, Class D, VRN, 6.34%, (1-month LIBOR plus 1.75%), 11/15/36(1)
 210,000  203,556 
BXHPP Trust, Series 2021-FILM, Class D, VRN, 6.09%, (1-month LIBOR plus 1.50%), 8/15/36(1)
 300,000  277,209 
BXHPP Trust, Series 2021-FILM, Class E, VRN, 6.59%, (1-month LIBOR plus 2.00%), 8/15/36(1)
 250,000  226,183 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 6.74%, (1-month LIBOR plus 2.15%), 5/15/36(1)
 476,814  470,059 
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 6.31%, (1-month SOFR plus 1.75%), 12/15/36(1)
 253,000  248,125 
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A, SEQ, 4.13%, 7/5/31(1)
 282,000  249,852 
Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 5.99%, (1-month LIBOR plus 1.40%), 3/15/38(1)
 590,765  573,227 
Life Mortgage Trust, Series 2021-BMR, Class F, VRN, 6.94%, (1-month LIBOR plus 2.35%), 3/15/38(1)
 237,879  230,365 
Med Trust, Series 2021-MDLN, Class F, VRN, 8.59%, (1-month LIBOR plus 4.00%), 11/15/38(1)
 370,350  350,756 
MHP Trust, Series 2022-MHIL, Class D, VRN, 6.18%, (1-month SOFR plus 1.61%), 1/15/27(1)
 489,716  472,078 
One New York Plaza Trust, Series 2020-1NYP, Class B, VRN, 6.09%, (1-month LIBOR plus 1.50%), 1/15/36(1)
 229,000  215,141 
SMRT Commercial Mortgage Trust, Series 2022-MINI, Class F, VRN, 7.91%, (1-month SOFR plus 3.35%), 1/15/39(1)
 596,000  555,125 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $6,014,166)
 5,789,111 
BANK LOAN OBLIGATIONS(6) — 1.7%
Airlines — 0.3%
American Airlines, Inc., 2023 Term Loan B, 8.15%, (6-month SOFR plus 2.75%), 2/15/28 485,000  473,025 
Entertainment — 0.2%
Caesars Entertainment Corp., Term Loan B, 7.97%, (1-month SOFR plus 3.25%), 2/6/30 320,000  319,978 
Health Care Providers and Services — 0.5%
Surgery Center Holdings, Inc., 2021 Term Loan, 8/31/26(7)
 726,000  721,916 
Pharmaceuticals — 0.5%
Jazz Financing Lux S.a.r.l., USD Term Loan, 8.13%, (1-month LIBOR plus 3.50%), 5/5/28 725,226  724,903 
Technology Hardware, Storage and Peripherals — 0.2%
McAfee LLC, 2022 USD Term Loan B, 8.42%, (1-month SOFR plus 3.75%), 3/1/29 353,225  331,899 
TOTAL BANK LOAN OBLIGATIONS
(Cost $2,590,524)
 2,571,721 
50

Multisector Income ETF
Principal
Amount/Shares		 Value
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.7%
Colombia — 0.3%
Colombia Government International Bond, 3.875%, 4/25/27 $ 450,000  $ 400,766 
Dominican Republic — 0.3%
Dominican Republic International Bond, 6.875%, 1/29/26 400,000  406,224 
Mexico — 0.2%
Mexico Government International Bond, 5.40%, 2/9/28 200,000  201,193 
Mexico Government International Bond, 4.875%, 5/19/33 120,000  111,618 
312,811 
Oman — 0.1%
Oman Government International Bond, 4.75%, 6/15/26(1)
 200,000  194,695 
Romania — 0.2%
Romanian Government International Bond, 6.625%, 2/17/28(1)
 356,000  364,410 
Saudi Arabia — 0.3%
Saudi Government International Bond, 4.75%, 1/18/28(1)
 264,000  261,437 
Saudi Government International Bond, 5.50%, 10/25/32(1)
 210,000  219,091 
480,528 
South Africa — 0.3%
Republic of South Africa Government International Bond, 5.875%, 6/22/30 400,000  370,659 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $2,583,144)
 2,530,093 
PREFERRED STOCKS — 1.3%
Banks — 1.0%
Banco Mercantil del Norte SA, 8.375%(1)
 400,000  393,699 
Barclays PLC, 4.375% 475,000  374,238 
BNP Paribas SA, 7.75%(1)
 210,000  214,462 
JPMorgan Chase & Co., 4.60% 545,000  506,932 
1,489,331 
Insurance — 0.1%
Allianz SE, 3.20%(1)
 185,000  139,617 
Trading Companies and Distributors — 0.2%
Aircastle Ltd., 5.25%(1)
 440,000  358,627 
TOTAL PREFERRED STOCKS
(Cost $2,295,647)
 1,987,575 
SHORT-TERM INVESTMENTS — 10.7%
Money Market Funds — 7.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 5,779,138  5,779,138 
State Street Navigator Securities Lending Government Money Market Portfolio(8)
 5,494,585  5,494,585 
11,273,723 
Treasury Bills(9) — 3.0%
U.S. Treasury Bills, 5.10%, 8/24/23 $ 4,500,000  4,392,512 
TOTAL SHORT-TERM INVESTMENTS
(Cost $15,665,758)
 15,666,235 
TOTAL INVESTMENT SECURITIES — 103.2%
(Cost $156,945,295)
 150,779,151 
OTHER ASSETS AND LIABILITIES — (3.2)% (4,727,631)
TOTAL NET ASSETS — 100.0% $ 146,051,520 

51

Multisector Income ETF

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes 125 June 2023 $ 25,465,820  $ (20,298)
U.S. Treasury 5-Year Notes 29 June 2023 3,104,586  1,717 
U.S. Treasury 10-Year Notes 90 June 2023 10,049,063  1,759 
U.S. Treasury 10-Year Ultra Notes 134 June 2023 15,703,125  15,483 
$ 54,322,594  $ (1,339)
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury Long Bonds 9 June 2023 $ 1,126,969  $ 587 
U.S. Treasury Ultra Bonds 2 June 2023 270,125  402 
$ 1,397,094  $ 989 
^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 High Yield Index Series 39 Buy (5.00)% 12/20/27 $ 2,900,000  $ (71,623) $ (2,468) $ (74,091)
^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.

52

Multisector Income ETF

NOTES TO SCHEDULE OF INVESTMENTS
CAD – Canadian Dollar
CDX – Credit Derivatives Indexes
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
LIBOR – London Interbank Offered Rate
SEQ – Sequential Payer
SOFR – Secured Overnight Financing Rate
USD – United States Dollar
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 $73,092,739, which represented 50.0% 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 $5,704,190. 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)Perpetual maturity with no stated maturity date.
(5)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,020,376.
(6)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(7)The interest rate will be determined upon settlement of the bank loan obligation after period end.
(8)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $5,945,845, which includes securities collateral of $451,260.
(9)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.
53

FEBRUARY 28, 2023 (UNAUDITED)
Select High Yield ETF
Principal
Amount/Shares		 Value
CORPORATE BONDS — 94.1%
Aerospace and Defense — 2.1%
Bombardier, Inc., 7.875%, 4/15/27(1)(2)
 $ 50,000  $ 49,738 
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)
 47,000  47,008 
Spirit AeroSystems, Inc., 9.375%, 11/30/29(1)
 50,000  52,875 
TransDigm, Inc., 6.25%, 3/15/26(1)
 117,000  115,587 
TransDigm, Inc., 6.375%, 6/15/26 70,000  67,957 
TransDigm, Inc., 7.50%, 3/15/27 47,000  46,455 
TransDigm, Inc., 5.50%, 11/15/27 186,000  171,437 
TransDigm, Inc., 4.875%, 5/1/29 47,000  40,349 
591,406 
Air Freight and Logistics — 0.1%
Western Global Airlines LLC, 10.375%, 8/15/25(1)(2)
 47,000  28,274 
Airlines — 2.0%
Air Canada, 3.875%, 8/15/26(1)
 47,000  42,382 
American Airlines, Inc., 11.75%, 7/15/25(1)
 140,000  153,675 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
 69,643  67,852 
Delta Air Lines, Inc., 7.00%, 5/1/25(1)
 70,000  71,479 
Delta Air Lines, Inc., 4.375%, 4/19/28(2)
 50,000  45,675 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1)
 46,429  43,221 
United Airlines, Inc., 4.375%, 4/15/26(1)
 47,000  44,278 
United Airlines, Inc., 4.625%, 4/15/29(1)
 97,000  86,081 
554,643 
Auto Components — 1.6%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)(2)
 200,000  185,296 
Clarios Global LP, 6.75%, 5/15/25(1)
 47,000  46,776 
Clarios Global LP / Clarios US Finance Co., 6.25%, 5/15/26(1)
 50,000  49,131 
Goodyear Tire & Rubber Co., 9.50%, 5/31/25 70,000  72,237 
Goodyear Tire & Rubber Co., 5.00%, 5/31/26(2)
 70,000  67,453 
Patrick Industries, Inc., 4.75%, 5/1/29(1)(2)
 47,000  39,998 
460,891 
Automobiles — 2.6%
Ford Motor Co., 3.25%, 2/12/32 47,000  35,684 
Ford Motor Co., 6.10%, 8/19/32(2)
 103,000  96,018 
Ford Motor Credit Co. LLC, 4.13%, 8/4/25 200,000  188,506 
Ford Motor Credit Co. LLC, 3.82%, 11/2/27 200,000  175,807 
Ford Motor Credit Co. LLC, 5.11%, 5/3/29 200,000  183,000 
PM General Purchaser LLC, 9.50%, 10/1/28(1)
 47,000  42,977 
721,992 
Beverages — 0.1%
Primo Water Holdings, Inc., 4.375%, 4/30/29(1)
 47,000  40,301 
Building Products — 1.3%
Builders FirstSource, Inc., 4.25%, 2/1/32(1)(2)
 117,000  98,343 
Griffon Corp., 5.75%, 3/1/28 70,000  64,485 
Masonite International Corp., 3.50%, 2/15/30(1)
 47,000  38,274 
PGT Innovations, Inc., 4.375%, 10/1/29(1)
 47,000  39,509 
Standard Industries, Inc., 4.375%, 7/15/30(1)
 93,000  77,514 
54

Select High Yield ETF
Principal
Amount/Shares		 Value
Standard Industries, Inc., 3.375%, 1/15/31(1)
 $ 47,000  $ 36,110 
354,235 
Capital Markets — 1.4%
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1)
 47,000  41,027 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24 70,000  68,322 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26 70,000  67,984 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27 117,000  108,366 
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1)
 47,000  38,244 
MSCI, Inc., 3.625%, 9/1/30(1)
 93,000  79,143 
403,086 
Chemicals — 1.9%
Avient Corp., 5.75%, 5/15/25(1)
 47,000  46,122 
FXI Holdings, Inc., 12.25%, 11/15/26(1)
 47,000  41,273 
NOVA Chemicals Corp., 4.875%, 6/1/24(1)
 70,000  68,695 
NOVA Chemicals Corp., 5.25%, 6/1/27(1)
 47,000  42,364 
Olin Corp., 5.00%, 2/1/30(2)
 47,000  42,822 
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1)
 47,000  40,683 
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1)
 47,000  38,222 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)
 70,000  61,293 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1)
 47,000  31,363 
Tronox, Inc., 4.625%, 3/15/29(1)
 47,000  38,354 
WR Grace Holdings LLC, 4.875%, 6/15/27(1)
 67,000  61,649 
WR Grace Holdings LLC, 5.625%, 8/15/29(1)
 47,000  37,802 
550,642 
Commercial Services and Supplies — 2.0%
ADT Security Corp., 4.125%, 8/1/29(1)
 47,000  40,490 
ADT Security Corp., 4.875%, 7/15/32(1)
 70,000  60,101 
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)
 70,000  66,560 
Brink's Co., 4.625%, 10/15/27(1)
 70,000  63,716 
GFL Environmental, Inc., 4.00%, 8/1/28(1)(2)
 50,000  43,558 
Matthews International Corp., 5.25%, 12/1/25(1)
 117,000  110,053 
Metis Merger Sub LLC, 6.50%, 5/15/29(1)
 47,000  38,127 
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)
 47,000  40,705 
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)(2)
 97,000  90,068 
553,378 
Communications Equipment — 0.2%
CommScope, Inc., 6.00%, 3/1/26(1)
 70,000  67,514 
Construction and Engineering — 0.3%
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)(2)
 88,000  80,533 
Construction Materials — 0.2%
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(1)
 70,000  62,207 
Consumer Finance — 1.8%
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)
 144,723  130,975 
Navient Corp., 7.25%, 9/25/23(2)
 65,000  65,253 
55

Select High Yield ETF
Principal
Amount/Shares		 Value
Navient Corp., 5.875%, 10/25/24 $ 47,000  $ 45,738 
Navient Corp., 6.75%, 6/25/25 47,000  46,389 
Navient Corp., 5.50%, 3/15/29 47,000  39,823 
OneMain Finance Corp., 6.125%, 3/15/24 70,000  69,094 
OneMain Finance Corp., 6.875%, 3/15/25 117,000  114,334 
511,606 
Containers and Packaging — 1.3%
Ball Corp., 3.125%, 9/15/31 47,000  37,685 
Berry Global, Inc., 4.50%, 2/15/26(1)
 70,000  67,200 
Berry Global, Inc., 4.875%, 7/15/26(1)
 47,000  45,050 
OI European Group BV, 4.75%, 2/15/30(1)
 47,000  41,924 
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)
 68,000  67,690 
Sealed Air Corp., 5.125%, 12/1/24(1)
 70,000  68,842 
TriMas Corp., 4.125%, 4/15/29(1)
 47,000  40,933 
369,324 
Distributors — 0.3%
Performance Food Group, Inc., 5.50%, 10/15/27(1)
 47,000  44,612 
Performance Food Group, Inc., 4.25%, 8/1/29(1)(2)
 47,000  41,081 
85,693 
Diversified Consumer Services — 0.4%
Adtalem Global Education, Inc., 5.50%, 3/1/28(1)
 37,000  34,093 
Service Corp. International, 3.375%, 8/15/30 47,000  38,233 
Service Corp. International, 4.00%, 5/15/31 47,000  39,748 
112,074 
Diversified Financial Services — 0.6%
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1)
 47,000  40,299 
Kinetik Holdings LP, 5.875%, 6/15/30(1)
 50,000  46,287 
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1)
 70,000  53,118 
Paysafe Finance PLC / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)(2)
 47,000  37,447 
177,151 
Diversified Telecommunication Services — 3.0%
Altice France SA, 5.125%, 7/15/29(1)
 200,000  155,206 
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)
 50,000  48,420 
Connect Finco Sarl / Connect US Finco LLC, 6.75%, 10/1/26(1)
 200,000  185,228 
Embarq Corp., 8.00%, 6/1/36 70,000  30,195 
Level 3 Financing, Inc., 4.25%, 7/1/28(1)
 93,000  63,605 
Level 3 Financing, Inc., 3.625%, 1/15/29(1)
 72,000  46,290 
Level 3 Financing, Inc., 3.75%, 7/15/29(1)
 47,000  29,610 
Lumen Technologies, Inc., 4.50%, 1/15/29(1)
 47,000  24,902 
Sprint Capital Corp., 6.875%, 11/15/28 47,000  49,326 
Sprint Capital Corp., 8.75%, 3/15/32 70,000  83,401 
Telecom Italia Capital SA, 6.00%, 9/30/34 47,000  39,315 
Telecom Italia Capital SA, 7.20%, 7/18/36 47,000  41,328 
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1)
 70,000  53,769 
850,595 
Electric Utilities — 1.7%
FirstEnergy Corp., 4.15%, 7/15/27 47,000  43,893 
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)
 70,000  63,427 
NRG Energy, Inc., 6.625%, 1/15/27 47,000  46,922 
NRG Energy, Inc., 3.625%, 2/15/31(1)
 97,000  75,311 
56

Select High Yield ETF
Principal
Amount/Shares		 Value
PG&E Corp., 5.00%, 7/1/28(2)
 $ 47,000  $ 42,966 
PG&E Corp., 5.25%, 7/1/30 47,000  42,006 
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)
 70,000  66,410 
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)
 70,000  65,100 
Vistra Operations Co. LLC, 4.375%, 5/1/29(1)
 47,000  40,657 
486,692 
Electrical Equipment — 0.5%
Atkore, Inc., 4.25%, 6/1/31(1)(2)
 70,000  61,007 
WESCO Distribution, Inc., 7.125%, 6/15/25(1)
 25,000  25,252 
WESCO Distribution, Inc., 7.25%, 6/15/28(1)
 47,000  47,670 
133,929 
Electronic Equipment, Instruments and Components — 0.8%
Imola Merger Corp., 4.75%, 5/15/29(1)
 140,000  119,202 
Sensata Technologies, Inc., 4.375%, 2/15/30(1)
 117,000  103,657 
222,859 
Energy Equipment and Services — 1.3%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)
 47,000  45,641 
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)(2)
 70,000  66,518 
Bristow Group, Inc., 6.875%, 3/1/28(1)
 70,000  65,959 
Nabors Industries, Inc., 7.375%, 5/15/27(1)
 47,000  45,344 
Precision Drilling Corp., 6.875%, 1/15/29(1)
 47,000  42,418 
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)
 20,313  19,748 
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27 47,000  44,563 
Weatherford International Ltd., 8.625%, 4/30/30(1)
 47,000  46,991 
377,182 
Entertainment — 0.9%
Cinemark USA, Inc., 5.875%, 3/15/26(1)
 47,000  43,077 
Cinemark USA, Inc., 5.25%, 7/15/28(1)(2)
 47,000  39,534 
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)(2)
 70,000  63,107 
Playtika Holding Corp., 4.25%, 3/15/29(1)
 47,000  38,112 
WMG Acquisition Corp., 3.875%, 7/15/30(1)
 47,000  39,908 
WMG Acquisition Corp., 3.00%, 2/15/31(1)(2)
 47,000  36,953 
260,691 
Equity Real Estate Investment Trusts (REITs) — 3.8%
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1)
 47,000  39,977 
Diversified Healthcare Trust, 9.75%, 6/15/25 35,000  33,954 
Diversified Healthcare Trust, 4.375%, 3/1/31 47,000  32,630 
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1)
 47,000  40,821 
Iron Mountain, Inc., 5.25%, 3/15/28(1)
 140,000  129,016 
Iron Mountain, Inc., 4.875%, 9/15/29(1)
 70,000  61,032 
Iron Mountain, Inc., 4.50%, 2/15/31(1)
 47,000  38,958 
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29 70,000  52,414 
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31 50,000  34,324 
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 7.50%, 6/1/25(1)
 70,000  70,284 
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 5.875%, 10/1/28(1)
 47,000  41,847 
57

Select High Yield ETF
Principal
Amount/Shares		 Value
RLJ Lodging Trust LP, 3.75%, 7/1/26(1)
 $ 47,000  $ 42,572 
RLJ Lodging Trust LP, 4.00%, 9/15/29(1)
 47,000  38,788 
SBA Communications Corp., 3.875%, 2/15/27 117,000  105,990 
Service Properties Trust, 4.35%, 10/1/24 70,000  67,079 
Service Properties Trust, 5.25%, 2/15/26 47,000  42,703 
Service Properties Trust, 4.95%, 2/15/27 70,000  60,419 
Service Properties Trust, 4.95%, 10/1/29 70,000  55,294 
Service Properties Trust, 4.375%, 2/15/30 47,000  35,963 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1)
 47,000  37,320 
1,061,385 
Food and Staples Retailing — 0.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)
 47,000  44,233 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)
 47,000  45,541 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1)
 47,000  39,828 
129,602 
Food Products — 1.3%
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)
 47,000  45,282 
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)
 70,000  65,982 
Lamb Weston Holdings, Inc., 4.375%, 1/31/32(1)
 50,000  44,039 
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)
 70,000  68,682 
Post Holdings, Inc., 5.75%, 3/1/27(1)
 26,000  25,345 
Post Holdings, Inc., 4.50%, 9/15/31(1)
 50,000  42,155 
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1)
 47,000  38,353 
US Foods, Inc., 4.75%, 2/15/29(1)(2)
 50,000  45,108 
374,946 
Health Care Equipment and Supplies — 0.6%
Avantor Funding, Inc., 3.875%, 11/1/29(1)
 47,000  40,711 
Medline Borrower LP, 3.875%, 4/1/29(1)
 70,000  58,406 
Medline Borrower LP, 5.25%, 10/1/29(1)(2)
 93,000  76,444 
175,561 
Health Care Providers and Services — 5.2%
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1)(2)
 97,000  84,349 
Centene Corp., 4.25%, 12/15/27 117,000  108,219 
Centene Corp., 4.625%, 12/15/29 71,000  65,004 
Centene Corp., 3.375%, 2/15/30 47,000  39,708 
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)
 138,000  134,720 
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1)
 77,000  67,662 
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)(2)
 47,000  45,638 
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1)
 47,000  36,363 
DaVita, Inc., 4.625%, 6/1/30(1)
 140,000  115,532 
DaVita, Inc., 3.75%, 2/15/31(1)
 47,000  35,538 
HCA, Inc., 5.375%, 2/1/25 70,000  69,371 
HCA, Inc., 5.875%, 2/15/26 47,000  46,987 
HCA, Inc., 5.375%, 9/1/26 70,000  69,028 
HealthEquity, Inc., 4.50%, 10/1/29(1)
 47,000  41,136 
Legacy LifePoint Health LLC, 6.75%, 4/15/25(1)
 47,000  44,967 
58

Select High Yield ETF
Principal
Amount/Shares		 Value
Molina Healthcare, Inc., 3.875%, 5/15/32(1)(2)
 $ 47,000  $ 38,636 
Owens & Minor, Inc., 4.50%, 3/31/29(1)(2)
 47,000  36,121 
Tenet Healthcare Corp., 4.875%, 1/1/26 140,000  133,466 
Tenet Healthcare Corp., 6.25%, 2/1/27 70,000  68,238 
Tenet Healthcare Corp., 5.125%, 11/1/27 47,000  44,228 
Tenet Healthcare Corp., 6.125%, 10/1/28(2)
 50,000  46,295 
Tenet Healthcare Corp., 4.25%, 6/1/29 47,000  41,200 
Tenet Healthcare Corp., 6.125%, 6/15/30(1)
 44,000  41,972 
1,454,378 
Hotels, Restaurants and Leisure — 9.6%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)(2)
 47,000  42,064 
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)
 117,000  96,754 
Affinity Interactive, 6.875%, 12/15/27(1)
 117,000  104,463 
Aramark Services, Inc., 6.375%, 5/1/25(1)
 117,000  116,379 
Boyd Gaming Corp., 4.75%, 6/15/31(1)
 100,000  88,390 
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)
 97,000  96,297 
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2)
 97,000  83,052 
Carnival Corp., 10.50%, 2/1/26(1)(2)
 70,000  72,516 
Carnival Corp., 7.625%, 3/1/26(1)(2)
 70,000  62,920 
Carnival Corp., 5.75%, 3/1/27(1)
 163,000  134,283 
Carnival Corp., 9.875%, 8/1/27(1)(2)
 47,000  47,897 
Carnival Corp., 4.00%, 8/1/28(1)
 47,000  39,781 
Carnival Corp., 6.00%, 5/1/29(1)
 140,000  109,200 
Carnival Holdings Bermuda Ltd., 10.375%, 5/1/28(1)
 50,000  53,545 
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)
 50,000  46,495 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1)
 70,000  60,606 
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1)
 47,000  29,658 
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)(2)
 47,000  45,623 
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30 47,000  43,167 
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1)
 47,000  38,629 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1)
 70,000  61,498 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1)
 47,000  39,555 
Life Time, Inc., 8.00%, 4/15/26(1)(2)
 47,000  45,330 
MGM Resorts International, 6.75%, 5/1/25 93,000  93,313 
MGM Resorts International, 4.75%, 10/15/28 47,000  42,174 
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1)
 47,000  40,238 
NCL Corp. Ltd., 3.625%, 12/15/24(1)(2)
 70,000  65,800 
NCL Corp. Ltd., 5.875%, 3/15/26(1)
 47,000  40,710 
NCL Finance Ltd., 6.125%, 3/15/28(1)(2)
 47,000  39,183 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1)
 47,000  34,599 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1)
 47,000  33,915 
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1)
 25,000  21,998 
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27 70,000  65,835 
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28(2)
 47,000  37,571 
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)(2)
 140,000  122,150 
Royal Caribbean Cruises Ltd., 8.25%, 1/15/29(1)
 50,000  51,816 
59

Select High Yield ETF
Principal
Amount/Shares		 Value
Scientific Games International, Inc., 7.25%, 11/15/29(1)
 $ 47,000  $ 46,236 
SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29(1)(2)
 50,000  44,797 
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1)
 47,000  42,940 
Travel & Leisure Co., 6.625%, 7/31/26(1)
 47,000  46,120 
Travel + Leisure Co., 4.50%, 12/1/29(1)
 47,000  39,515 
Viking Cruises Ltd., 6.25%, 5/15/25(1)
 70,000  64,968 
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)
 70,000  60,156 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)
 93,000  90,339 
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25(1)
 23,000  23,483 
2,705,958 
Household Durables — 2.6%
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1)
 47,000  37,883 
Beazer Homes USA, Inc., 6.75%, 3/15/25 70,000  69,025 
Beazer Homes USA, Inc., 5.875%, 10/15/27(2)
 47,000  41,784 
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1)
 70,000  54,667 
Century Communities, Inc., 6.75%, 6/1/27 117,000  114,026 
KB Home, 4.00%, 6/15/31 47,000  38,431 
Mattamy Group Corp., 4.625%, 3/1/30(1)(2)
 47,000  38,998 
Newell Brands, Inc., 4.45%, 4/1/26 70,000  66,258 
Newell Brands, Inc., 6.375%, 9/15/27 50,000  49,785 
Newell Brands, Inc., 6.625%, 9/15/29(2)
 50,000  49,610 
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1)
 47,000  41,521 
Tempur Sealy International, Inc., 4.00%, 4/15/29(1)
 47,000  40,228 
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)
 47,000  37,929 
Tri Pointe Homes, Inc., 5.25%, 6/1/27 70,000  65,011 
745,156 
Independent Power and Renewable Electricity Producers — 1.1%
Calpine Corp., 5.25%, 6/1/26(1)
 35,000  33,586 
Calpine Corp., 4.50%, 2/15/28(1)
 70,000  63,095 
Calpine Corp., 5.125%, 3/15/28(1)
 70,000  62,178 
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)
 70,000  64,314 
Sunnova Energy Corp., 5.875%, 9/1/26(1)
 47,000  41,014 
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)
 47,000  43,283 
307,470 
Insurance — 0.2%
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1)
 70,000  57,050 
Interactive Media and Services — 0.2%
Rackspace Technology Global, Inc., 3.50%, 2/15/28(1)
 47,000  28,662 
Ziff Davis, Inc., 4.625%, 10/15/30(1)
 47,000  39,687 
68,349 
Internet and Direct Marketing Retail — 0.3%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1)
 25,000  20,969 
Match Group Holdings II LLC, 3.625%, 10/1/31(1)(2)
 47,000  36,820 
Millennium Escrow Corp., 6.625%, 8/1/26(1)
 47,000  31,452 
89,241 
60

Select High Yield ETF
Principal
Amount/Shares		 Value
IT Services — 0.3%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25 $ 47,000  $ 44,931 
Presidio Holdings, Inc., 4.875%, 2/1/27(1)
 47,000  42,860 
87,791 
Leisure Products — 0.1%
Mattel, Inc., 5.45%, 11/1/41(2)
 47,000  39,541 
Life Sciences Tools and Services — 0.2%
Charles River Laboratories International, Inc., 4.00%, 3/15/31(1)(2)
 50,000  42,835 
Machinery — 0.5%
Allison Transmission, Inc., 5.875%, 6/1/29(1)
 50,000  47,424 
Hillenbrand, Inc., 3.75%, 3/1/31 47,000  38,495 
Terex Corp., 5.00%, 5/15/29(1)
 47,000  43,195 
129,114 
Media — 9.1%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)
 70,000  64,841 
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1)
 70,000  62,500 
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)(2)
 47,000  43,869 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1)
 70,000  58,935 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)
 117,000  96,357 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)
 117,000  94,021 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32 140,000  110,950 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1)
 93,000  72,444 
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1)
 47,000  41,992 
CSC Holdings LLC, 6.50%, 2/1/29(1)
 200,000  169,755 
CSC Holdings LLC, 5.75%, 1/15/30(1)
 250,000  143,466 
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)
 117,000  104,737 
DISH DBS Corp., 5.00%, 3/15/23 70,000  69,888 
DISH DBS Corp., 7.75%, 7/1/26 70,000  54,408 
DISH DBS Corp., 5.25%, 12/1/26(1)
 70,000  58,756 
DISH DBS Corp., 5.75%, 12/1/28(1)
 25,000  20,017 
DISH DBS Corp., 5.125%, 6/1/29 47,000  27,818 
GCI LLC, 4.75%, 10/15/28(1)
 47,000  40,346 
Gray Television, Inc., 7.00%, 5/15/27(1)(2)
 117,000  106,102 
Gray Television, Inc., 4.75%, 10/15/30(1)
 47,000  34,502 
iHeartCommunications, Inc., 5.25%, 8/15/27(1)(2)
 47,000  40,949 
iHeartCommunications, Inc., 4.75%, 1/15/28(1)(2)
 47,000  39,566 
Lamar Media Corp., 3.75%, 2/15/28 47,000  41,647 
Lamar Media Corp., 4.875%, 1/15/29 47,000  43,431 
Lamar Media Corp., 4.00%, 2/15/30 47,000  40,462 
News Corp., 3.875%, 5/15/29(1)
 70,000  60,050 
Nexstar Media, Inc., 5.625%, 7/15/27(1)
 47,000  43,695 
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)
 93,000  84,020 
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)(2)
 47,000  41,403 
61

Select High Yield ETF
Principal
Amount/Shares		 Value
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)(2)
 $ 70,000  $ 51,711 
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)
 47,000  36,618 
Sirius XM Radio, Inc., 3.125%, 9/1/26(1)
 25,000  22,128 
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)
 70,000  64,294 
Sirius XM Radio, Inc., 4.00%, 7/15/28(1)
 70,000  59,913 
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)
 47,000  42,462 
Sirius XM Radio, Inc., 3.875%, 9/1/31(1)
 47,000  36,589 
Univision Communications, Inc., 5.125%, 2/15/25(1)
 70,000  68,219 
Univision Communications, Inc., 6.625%, 6/1/27(1)
 47,000  44,668 
Videotron Ltd., 3.625%, 6/15/29(1)(2)
 47,000  39,640 
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(1)
 200,000  181,412 
2,558,581 
Metals and Mining — 2.2%
Arconic Corp., 6.00%, 5/15/25(1)
 47,000  47,117 
Arconic Corp., 6.125%, 2/15/28(1)(2)
 47,000  46,231 
ATI, Inc., 4.875%, 10/1/29 25,000  22,412 
ATI, Inc., 5.125%, 10/1/31 47,000  41,451 
Carpenter Technology Corp., 6.375%, 7/15/28(2)
 47,000  45,081 
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)
 25,000  22,801 
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)
 47,000  42,836 
Coeur Mining, Inc., 5.125%, 2/15/29(1)(2)
 47,000  35,630 
Compass Minerals International, Inc., 6.75%, 12/1/27(1)
 47,000  44,365 
Hudbay Minerals, Inc., 6.125%, 4/1/29(1)
 47,000  41,542 
IAMGOLD Corp., 5.75%, 10/15/28(1)
 47,000  35,072 
Novelis Corp., 4.75%, 1/30/30(1)
 117,000  102,912 
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1)
 47,000  39,710 
Taseko Mines Ltd., 7.00%, 2/15/26(1)(2)
 47,000  42,521 
609,681 
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1)
 47,000  40,000 
Multiline Retail — 0.2%
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)(2)
 47,000  42,745 
Oil, Gas and Consumable Fuels — 16.0%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1)
 47,000  45,265 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1)
 47,000  47,517 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 6/15/29(1)
 97,000  87,398 
Apache Corp., 4.25%, 1/15/30(2)
 50,000  44,240 
Apache Corp., 5.10%, 9/1/40 70,000  57,671 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)(2)
 70,000  68,007 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1)(2)
 47,000  40,939 
Callon Petroleum Co., 7.50%, 6/15/30(1)(2)
 50,000  47,020 
Cheniere Energy Partners LP, 4.00%, 3/1/31 163,000  140,628 
Cheniere Energy, Inc., 4.625%, 10/15/28 47,000  43,618 
Citgo Holding, Inc., 9.25%, 8/1/24(1)
 47,000  47,151 
CITGO Petroleum Corp., 7.00%, 6/15/25(1)
 47,000  46,318 
CITGO Petroleum Corp., 6.375%, 6/15/26(1)
 47,000  45,435 
CNX Resources Corp., 7.25%, 3/14/27(1)(2)
 7,000  6,950 
62

Select High Yield ETF
Principal
Amount/Shares		 Value
CNX Resources Corp., 7.375%, 1/15/31(1)(2)
 $ 50,000  $ 47,700 
Comstock Resources, Inc., 6.75%, 3/1/29(1)
 47,000  43,298 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
 47,000  40,487 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25 47,000  45,640 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1)
 47,000  42,806 
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)(2)
 117,000  113,030 
DCP Midstream Operating LP, 5.125%, 5/15/29 70,000  67,445 
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1)
 47,000  41,403 
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 1/30/28(1)
 100,000  96,592 
EnLink Midstream LLC, 6.50%, 9/1/30(1)(2)
 47,000  46,354 
EnLink Midstream Partners LP, 4.85%, 7/15/26 70,000  66,436 
EnLink Midstream Partners LP, 5.60%, 4/1/44 70,000  57,196 
EnLink Midstream Partners LP, 5.45%, 6/1/47(2)
 70,000  55,274 
EQM Midstream Partners LP, 6.00%, 7/1/25(1)
 47,000  45,408 
EQM Midstream Partners LP, 6.50%, 7/1/27(1)(2)
 47,000  44,570 
EQM Midstream Partners LP, 4.50%, 1/15/29(1)
 47,000  39,254 
EQM Midstream Partners LP, 4.75%, 1/15/31(1)
 47,000  38,236 
EQT Corp., 3.90%, 10/1/27 70,000  64,082 
EQT Corp., 7.00%, 2/1/30 47,000  48,575 
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27 117,000  114,544 
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28 47,000  45,045 
Harvest Midstream I LP, 7.50%, 9/1/28(1)
 70,000  67,572 
Hess Midstream Operations LP, 5.625%, 2/15/26(1)
 70,000  68,213 
Hess Midstream Operations LP, 5.125%, 6/15/28(1)(2)
 47,000  43,165 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1)
 47,000  42,345 
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1)
 47,000  42,694 
ITT Holdings LLC, 6.50%, 8/1/29(1)
 47,000  38,697 
Matador Resources Co., 5.875%, 9/15/26(2)
 70,000  67,570 
MEG Energy Corp., 7.125%, 2/1/27(1)
 47,000  47,754 
MEG Energy Corp., 5.875%, 2/1/29(1)(2)
 70,000  65,361 
Murphy Oil Corp., 5.75%, 8/15/25 25,000  24,774 
Murphy Oil Corp., 5.875%, 12/1/27 47,000  44,970 
Murphy Oil Corp., 6.375%, 7/15/28 47,000  45,417 
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1)
 70,000  66,915 
Northern Oil & Gas, Inc., 8.125%, 3/1/28(1)
 47,000  45,397 
NuStar Logistics LP, 6.375%, 10/1/30 47,000  44,071 
Occidental Petroleum Corp., 5.50%, 12/1/25 47,000  46,630 
Occidental Petroleum Corp., 3.40%, 4/15/26 47,000  43,645 
Occidental Petroleum Corp., 8.50%, 7/15/27 70,000  75,176 
Occidental Petroleum Corp., 6.375%, 9/1/28(2)
 47,000  47,538 
Occidental Petroleum Corp., 8.875%, 7/15/30 70,000  79,596 
Occidental Petroleum Corp., 6.625%, 9/1/30 47,000  48,359 
Occidental Petroleum Corp., 6.125%, 1/1/31 47,000  47,399 
Occidental Petroleum Corp., 7.50%, 5/1/31 47,000  50,350 
Occidental Petroleum Corp., 4.40%, 4/15/46 47,000  36,110 
63

Select High Yield ETF
Principal
Amount/Shares		 Value
Occidental Petroleum Corp., 4.10%, 2/15/47 $ 70,000  $ 52,575 
Parkland Corp., 4.625%, 5/1/30(1)
 47,000  39,174 
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28 47,000  43,894 
Range Resources Corp., 8.25%, 1/15/29 47,000  48,279 
ROCC Holdings LLC, 9.25%, 8/15/26(1)
 47,000  49,644 
Rockcliff Energy II LLC, 5.50%, 10/15/29(1)
 47,000  43,179 
Rockies Express Pipeline LLC, 4.95%, 7/15/29(1)
 50,000  43,540 
SM Energy Co., 6.75%, 9/15/26 70,000  67,616 
Southwestern Energy Co., 5.375%, 2/1/29 47,000  44,013 
Southwestern Energy Co., 5.375%, 3/15/30 47,000  43,005 
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27 47,000  46,234 
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30 47,000  40,772 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1)
 47,000  40,592 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1)
 47,000  40,225 
Talos Production, Inc., 12.00%, 1/15/26 47,000  49,652 
Tap Rock Resources LLC, 7.00%, 10/1/26(1)
 47,000  43,049 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27 47,000  47,570 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28 117,000  111,543 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31 47,000  42,733 
Teine Energy Ltd., 6.875%, 4/15/29(1)
 47,000  43,025 
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1)
 93,000  80,300 
Viper Energy Partners LP, 5.375%, 11/1/27(1)
 70,000  66,624 
Vital Energy, Inc., 9.50%, 1/15/25(2)
 70,000  70,632 
Western Midstream Operating LP, 3.35%, 2/1/25 70,000  66,420 
Western Midstream Operating LP, 5.50%, 2/1/50 70,000  57,240 
4,522,780 
Personal Products — 0.3%
Edgewell Personal Care Co., 5.50%, 6/1/28(1)
 47,000  43,939 
Edgewell Personal Care Co., 4.125%, 4/1/29(1)
 47,000  40,129 
84,068 
Pharmaceuticals — 0.7%
Bausch Health Cos., Inc., 6.125%, 2/1/27(1)(2)
 50,000  34,557 
Bausch Health Cos., Inc., 5.75%, 8/15/27(1)
 50,000  33,223 
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)(3)
 75,000  56,531 
Prestige Brands, Inc., 3.75%, 4/1/31(1)
 75,000  61,015 
185,326 
Professional Services — 0.2%
ASGN, Inc., 4.625%, 5/15/28(1)
 70,000  63,324 
Real Estate Management and Development — 0.7%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)
 70,000  66,048 
Forestar Group, Inc., 3.85%, 5/15/26(1)
 47,000  41,185 
Howard Hughes Corp., 5.375%, 8/1/28(1)
 47,000  42,644 
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.75%, 1/15/29(1)
 47,000  33,814 
183,691 
Road and Rail — 1.8%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)(2)
 70,000  66,142 
64

Select High Yield ETF
Principal
Amount/Shares		 Value
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1)(2)
 $ 47,000  $ 41,755 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%, 3/1/29(1)(2)
 47,000  42,354 
Hertz Corp., 5.00%, 12/1/29(1)
 47,000  39,071 
NESCO Holdings II, Inc., 5.50%, 4/15/29(1)
 47,000  41,937 
Uber Technologies, Inc., 7.50%, 9/15/27(1)
 50,000  50,754 
Uber Technologies, Inc., 4.50%, 8/15/29(1)
 93,000  82,394 
United Rentals North America, Inc., 4.875%, 1/15/28 97,000  92,548 
United Rentals North America, Inc., 3.875%, 2/15/31 70,000  59,980 
516,935 
Semiconductors and Semiconductor Equipment — 0.3%
ON Semiconductor Corp., 3.875%, 9/1/28(1)
 47,000  41,351 
Synaptics, Inc., 4.00%, 6/15/29(1)(2)
 47,000  39,029 
80,380 
Software — 1.8%
Castle US Holding Corp., 9.50%, 2/15/28(1)
 70,000  27,276 
Cloud Software Group Holdings, Inc., 6.50%, 3/31/29(1)
 50,000  43,363 
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1)
 47,000  41,053 
GoTo Group, Inc., 5.50%, 9/1/27(1)
 47,000  22,560 
NCR Corp., 5.125%, 4/15/29(1)
 70,000  59,845 
NCR Corp., 6.125%, 9/1/29(1)(2)
 47,000  45,771 
NCR Corp., 5.25%, 10/1/30(1)
 70,000  57,954 
Open Text Corp., 3.875%, 12/1/29(1)
 70,000  56,574 
Open Text Holdings, Inc., 4.125%, 2/15/30(1)(2)
 47,000  38,730 
Open Text Holdings, Inc., 4.125%, 12/1/31(1)
 47,000  37,445 
SS&C Technologies, Inc., 5.50%, 9/30/27(1)
 70,000  65,943 
496,514 
Specialty Retail — 2.1%
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)
 47,000  40,115 
Bath & Body Works, Inc., 6.625%, 10/1/30(1)
 47,000  44,585 
Bath & Body Works, Inc., 6.75%, 7/1/36 70,000  60,203 
Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1)
 47,000  42,362 
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1)
 70,000  57,241 
Gap, Inc., 3.875%, 10/1/31(1)
 47,000  33,774 
Lithia Motors, Inc., 3.875%, 6/1/29(1)
 47,000  39,318 
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1)
 70,000  61,624 
Sonic Automotive, Inc., 4.875%, 11/15/31(1)
 47,000  37,448 
Staples, Inc., 7.50%, 4/15/26(1)
 117,000  104,261 
Staples, Inc., 10.75%, 4/15/27(1)(2)
 47,000  36,045 
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1)
 47,000  40,873 
597,849 
Technology Hardware, Storage and Peripherals — 0.4%
Seagate HDD Cayman, 9.625%, 12/1/32(1)(2)
 35,955  39,349 
Xerox Holdings Corp., 5.00%, 8/15/25(1)
 47,000  43,796 
Xerox Holdings Corp., 5.50%, 8/15/28(1)(2)
 47,000  39,529 
122,674 
Thrifts and Mortgage Finance — 1.4%
Freedom Mortgage Corp., 8.125%, 11/15/24(1)
 25,000  24,026 
Freedom Mortgage Corp., 7.625%, 5/1/26(1)
 70,000  59,829 
65

Select High Yield ETF
Principal
Amount/Shares		 Value
Freedom Mortgage Corp., 6.625%, 1/15/27(1)
 $ 47,000  $ 38,338 
MGIC Investment Corp., 5.25%, 8/15/28 70,000  65,537 
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)
 47,000  39,972 
NMI Holdings, Inc., 7.375%, 6/1/25(1)
 47,000  46,813 
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)
 47,000  36,834 
Radian Group, Inc., 4.875%, 3/15/27 47,000  43,828 
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1)
 47,000  38,956 
394,133 
Trading Companies and Distributors — 0.6%
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)(2)
 47,000  40,289 
Fly Leasing Ltd., 7.00%, 10/15/24(1)
 70,000  60,916 
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)
 36,000  35,155 
Fortress Transportation & Infrastructure Investors LLC, 5.50%, 5/1/28(1)
 47,000  42,027 
178,387 
Transportation Infrastructure — 0.2%
Seaspan Corp., 5.50%, 8/1/29(1)
 70,000  52,778 
Wireless Telecommunication Services — 1.1%
Sprint LLC, 7.125%, 6/15/24 117,000  118,579 
T-Mobile USA, Inc., 2.25%, 2/15/26 47,000  42,796 
T-Mobile USA, Inc., 3.375%, 4/15/29 93,000  82,219 
Vodafone Group PLC, VRN, 7.00%, 4/4/79 70,000  68,728 
312,322 
TOTAL CORPORATE BONDS
(Cost $30,187,953)
 26,567,443 
PREFERRED STOCKS — 0.6%
Banks — 0.6%
Bank of America Corp., 6.25% 70,000  70,175 
Citigroup, Inc., 4.70% 70,000  64,050 
JPMorgan Chase & Co., 6.125% 47,000  47,129 
TOTAL PREFERRED STOCKS
(Cost $196,577)
 181,354 
SHORT-TERM INVESTMENTS — 11.8%
Money Market Funds — 11.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,053,888  1,053,888 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
 2,263,873  2,263,873 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,317,761)
 3,317,761 
TOTAL INVESTMENT SECURITIES — 106.5%
(Cost $33,702,291)
 30,066,558 
OTHER ASSETS AND LIABILITIES — (6.5)% (1,827,929)
TOTAL NET ASSETS — 100.0% $ 28,238,629 

66

Select High Yield ETF

NOTES TO SCHEDULE OF INVESTMENTS
PIK – Payment in Kind. Security may elect to pay a cash rate and/or an in kind rate.
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 $18,397,060, which represented 65.1% 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 $2,205,135. 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)Security is in default.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,285,561, which includes securities collateral of $21,688.


See Notes to Financial Statements.
67

FEBRUARY 28, 2023 (UNAUDITED)
Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
CORPORATE BONDS — 47.7%
Aerospace and Defense — 0.4%
Boeing Co., 1.43%, 2/4/24 $ 60,000  $ 57,712 
Boeing Co., 2.80%, 3/1/24 90,000  87,558 
145,270 
Air Freight and Logistics — 0.6%
GXO Logistics, Inc., 1.65%, 7/15/26 110,000  94,537 
Rand Parent LLC, 8.50%, 2/15/30(1)
 105,000  100,931 
195,468 
Airlines — 1.2%
American Airlines, Inc., 11.75%, 7/15/25(1)
 90,000  98,791 
American Airlines, Inc., 11.75%, 7/15/25 25,000  27,442 
American Airlines, Inc., 7.25%, 2/15/28(1)
 54,000  52,785 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
 60,000  58,457 
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1)
 35,000  33,271 
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.00%, 9/20/25(1)
 130,000  130,618 
401,364 
Automobiles — 1.7%
Ford Motor Credit Co. LLC, 2.30%, 2/10/25 200,000  184,007 
General Motors Financial Co., Inc., 1.20%, 10/15/24 80,000  74,391 
General Motors Financial Co., Inc., 3.80%, 4/7/25 125,000  120,303 
Mercedes-Benz Finance North America LLC, 5.375%, 11/26/25(1)
 75,000  75,348 
Toyota Motor Credit Corp., 3.95%, 6/30/25 120,000  117,137 
571,186 
Banks — 12.0%
Bank of America Corp., VRN, 1.73%, 7/22/27 135,000  118,972 
Bank of America Corp., VRN, 4.95%, 7/22/28 45,000  44,036 
Bank of America Corp., VRN, 2.88%, 10/22/30 90,000  76,167 
Bank of Montreal, 5.20%, 2/1/28 210,000  209,201 
Banque Federative du Credit Mutuel SA, 4.94%, 1/26/26(1)
 215,000  212,091 
Citigroup, Inc., VRN, 2.01%, 1/25/26 80,000  74,647 
Citigroup, Inc., VRN, 3.11%, 4/8/26 30,000  28,502 
Cooperatieve Rabobank UA, VRN, 5.56%, 2/28/29(1)
 250,000  248,751 
Discover Bank, VRN, 4.68%, 8/9/28 505,000  483,179 
DNB Bank ASA, VRN, 2.97%, 3/28/25(1)
 205,000  198,573 
HSBC Holdings PLC, VRN, 0.73%, 8/17/24 210,000  204,827 
JPMorgan Chase & Co., VRN, 5.55%, 12/15/25 70,000  69,948 
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27 55,000  48,317 
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27 35,000  30,977 
JPMorgan Chase & Co., VRN, 1.47%, 9/22/27 25,000  21,686 
Lloyds Banking Group PLC, VRN, 4.72%, 8/11/26 415,000  404,811 
Lloyds Banking Group PLC, VRN, 5.87%, 3/6/29(2)
 207,000  207,173 
Mitsubishi UFJ Financial Group, Inc., VRN, 5.72%, 2/20/26 200,000  199,765 
Mitsubishi UFJ Financial Group, Inc., VRN, 5.42%, 2/22/29 200,000  198,724 
PNC Financial Services Group, Inc., VRN, 4.76%, 1/26/27 105,000  103,469 
Royal Bank of Canada, 6.00%, 11/1/27 135,000  138,995 
Societe Generale SA, 4.35%, 6/13/25(1)
 205,000  200,183 
68

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
Sumitomo Mitsui Financial Group, Inc., 5.46%, 1/13/26 $ 200,000  $ 199,640 
Toronto-Dominion Bank, 4.11%, 6/8/27 75,000  71,925 
Truist Financial Corp., VRN, 4.87%, 1/26/29 100,000  98,199 
US Bancorp, VRN, 4.65%, 2/1/29 80,000  77,786 
3,970,544 
Beverages — 0.2%
PepsiCo, Inc., 3.60%, 2/18/28 75,000  71,546 
Biotechnology — 0.5%
Amgen, Inc., 5.25%, 3/2/25(2)
 96,000  95,803 
CSL Finance PLC, 3.85%, 4/27/27(1)
 65,000  61,915 
157,718 
Capital Markets — 2.8%
Bank of New York Mellon Corp., VRN, 5.80%, 10/25/28 100,000  102,508 
Bank of New York Mellon Corp., VRN, 4.54%, 2/1/29 70,000  68,055 
Deutsche Bank AG, VRN, 4.30%, 5/24/28 225,000  221,891 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 80,000  70,116 
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28 70,000  62,591 
Morgan Stanley, VRN, 0.79%, 5/30/25 35,000  32,787 
Morgan Stanley, VRN, 1.16%, 10/21/25 80,000  74,135 
Morgan Stanley, VRN, 2.63%, 2/18/26 60,000  56,616 
Morgan Stanley, VRN, 6.14%, 10/16/26 150,000  152,829 
Morgan Stanley, VRN, 5.05%, 1/28/27 73,000  72,192 
913,720 
Chemicals — 0.6%
Celanese US Holdings LLC, 5.90%, 7/5/24 95,000  94,928 
Orbia Advance Corp. SAB de CV, 4.00%, 10/4/27 100,000  92,850 
187,778 
Consumer Finance — 2.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/24 315,000  292,397 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 10/29/24 125,000  116,157 
BOC Aviation USA Corp., 1.625%, 4/29/24(1)
 210,000  200,658 
Capital One Financial Corp., VRN, 5.47%, 2/1/29 28,000  27,510 
Navient Corp., 6.125%, 3/25/24 65,000  64,588 
OneMain Finance Corp., 8.25%, 10/1/23 85,000  85,714 
787,024 
Containers and Packaging — 1.9%
Amcor Flexibles North America, Inc., 4.00%, 5/17/25 110,000  106,286 
Ball Corp., 6.875%, 3/15/28 125,000  126,363 
Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(1)
 110,000  107,001 
Sealed Air Corp., 1.57%, 10/15/26(1)
 130,000  112,088 
Sealed Air Corp., 1.57%, 10/15/26 25,000  21,555 
Sealed Air Corp., 6.125%, 2/1/28(1)
 155,000  152,807 
626,100 
Diversified Telecommunication Services — 0.6%
AT&T, Inc., 7.30%, 8/15/26 45,000  46,470 
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)
 60,000  58,104 
Level 3 Financing, Inc., 3.40%, 3/1/27(1)
 90,000  75,621 
Level 3 Financing, Inc., 4.625%, 9/15/27(1)
 30,000  22,453 
202,648 
69

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
Electric Utilities — 2.2%
American Electric Power Co., Inc., 2.03%, 3/15/24 $ 80,000  $ 77,080 
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62 90,000  75,504 
Duke Energy Corp., VRN, 3.25%, 1/15/82 80,000  63,568 
Jersey Central Power & Light Co., 4.30%, 1/15/26(1)
 130,000  124,782 
NextEra Energy Capital Holdings, Inc., 4.26%, 9/1/24 80,000  78,521 
NextEra Energy Capital Holdings, Inc., 6.05%, 3/1/25(2)
 36,000  36,239 
NextEra Energy Capital Holdings, Inc., 4.45%, 6/20/25 140,000  137,055 
Vistra Operations Co. LLC, 5.125%, 5/13/25(1)
 105,000  102,131 
Vistra Operations Co. LLC, 5.125%, 5/13/25 25,000  24,317 
719,197 
Electrical Equipment — 0.4%
Regal Rexnord Corp., 6.05%, 2/15/26(1)
 125,000  124,063 
Entertainment — 0.5%
Warnermedia Holdings, Inc., 3.79%, 3/15/25(1)
 105,000  100,437 
Warnermedia Holdings, Inc., 3.76%, 3/15/27(1)
 70,000  64,244 
164,681 
Equity Real Estate Investment Trusts (REITs) — 2.7%
Equinix, Inc., 2.90%, 11/18/26 75,000  68,503 
Extra Space Storage LP, 2.55%, 6/1/31 60,000  47,784 
Federal Realty Investment Trust, 2.75%, 6/1/23 115,000  114,283 
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 110,000  107,382 
iStar, Inc., 4.75%, 10/1/24 40,000  39,965 
iStar, Inc., 4.25%, 8/1/25 75,000  74,702 
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27 100,000  82,139 
Realty Income Corp., 5.05%, 1/13/26 77,000  76,305 
Sabra Health Care LP, 5.125%, 8/15/26 45,000  42,605 
SBA Tower Trust, 1.88%, 7/15/50(1)
 41,000  36,341 
VICI Properties LP, 4.375%, 5/15/25 75,000  72,248 
VICI Properties LP / VICI Note Co., Inc., 3.50%, 2/15/25(1)
 140,000  132,375 
894,632 
Food Products — 0.2%
General Mills, Inc., 5.24%, 11/18/25 85,000  84,527 
Health Care Equipment and Supplies — 0.6%
GE HealthCare Technologies, Inc., 5.55%, 11/15/24(1)
 200,000  199,609 
Health Care Providers and Services — 0.7%
CVS Health Corp., 5.00%, 2/20/26 85,000  84,562 
HCA, Inc., 3.125%, 3/15/27(1)
 50,000  45,522 
Universal Health Services, Inc., 1.65%, 9/1/26 115,000  99,902 
229,986 
Hotels, Restaurants and Leisure — 0.4%
Hyatt Hotels Corp., 1.80%, 10/1/24 80,000  75,498 
Starbucks Corp., 4.75%, 2/15/26 65,000  64,400 
139,898 
Household Durables — 0.4%
Meritage Homes Corp., 6.00%, 6/1/25 130,000  129,494 
Insurance — 1.2%
Athene Global Funding, 2.51%, 3/8/24(1)
 100,000  96,848 
Metropolitan Life Global Funding I, 4.05%, 8/25/25(1)
 305,000  296,285 
393,133 
70

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
Internet and Direct Marketing Retail — 0.4%
Amazon.com, Inc., 4.70%, 11/29/24 $ 60,000  $ 59,689 
Amazon.com, Inc., 4.60%, 12/1/25 20,000  19,859 
Amazon.com, Inc., 4.55%, 12/1/27 45,000  44,511 
124,059 
IT Services — 0.9%
Fiserv, Inc., 5.45%, 3/2/28(2)
 72,000  71,947 
Global Payments, Inc., 3.75%, 6/1/23 40,000  39,810 
Global Payments, Inc., 4.45%, 6/1/28 85,000  79,438 
International Business Machines Corp., 3.30%, 5/15/26 105,000  99,270 
290,465 
Leisure Products — 0.1%
Brunswick Corp., 0.85%, 8/18/24 30,000  27,970 
Life Sciences Tools and Services — 0.5%
Illumina, Inc., 5.80%, 12/12/25 150,000  151,368 
Machinery — 0.5%
CNH Industrial Capital LLC, 3.95%, 5/23/25 90,000  86,984 
John Deere Capital Corp., 3.40%, 6/6/25 95,000  91,677 
178,661 
Media — 1.8%
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)
 110,000  102,672 
Cox Communications, Inc., 3.15%, 8/15/24(1)
 80,000  77,108 
DISH DBS Corp., 7.75%, 7/1/26 55,000  42,749 
DISH DBS Corp., 5.25%, 12/1/26(1)
 95,000  79,741 
iHeartCommunications, Inc., 8.375%, 5/1/27 55,000  48,455 
Paramount Global, VRN, 6.25%, 2/28/57 75,000  61,957 
Paramount Global, VRN, 6.375%, 3/30/62 60,000  51,768 
WPP Finance 2010, 3.75%, 9/19/24 135,000  131,018 
595,468 
Metals and Mining — 0.8%
GUSAP III LP, 4.25%, 1/21/30(1)
 70,000  64,357 
Novelis Corp., 3.25%, 11/15/26(1)
 60,000  52,953 
Nucor Corp., 3.95%, 5/23/25 35,000  34,051 
Steel Dynamics, Inc., 2.80%, 12/15/24 115,000  109,740 
261,101 
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1)
 130,000  121,616 
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)
 40,000  32,574 
154,190 
Multiline Retail — 0.2%
Nordstrom, Inc., 2.30%, 4/8/24 60,000  56,764 
Multi-Utilities — 0.4%
Ameren Corp., 1.75%, 3/15/28 55,000  46,936 
DTE Energy Co., VRN, 4.22%, 11/1/24 85,000  83,183 
130,119 
Oil, Gas and Consumable Fuels — 2.2%
Ecopetrol SA, 5.875%, 9/18/23 90,000  89,637 
Enbridge, Inc., VRN, 5.20%, 2/16/24 80,000  79,844 
71

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
Energy Transfer LP, 4.25%, 4/1/24 $ 60,000  $ 59,076 
Enterprise Products Operating LLC, 3.70%, 2/15/26 120,000  115,289 
EQT Corp., 5.68%, 10/1/25 85,000  83,980 
Hess Corp., 3.50%, 7/15/24 90,000  87,889 
HF Sinclair Corp., 2.625%, 10/1/23 100,000  98,191 
Holly Energy Partners LP / Holly Energy Finance Corp., 6.375%, 4/15/27(1)
 50,000  48,541 
Petroleos Mexicanos, 6.50%, 3/13/27 40,000  36,449 
Petroleos Mexicanos, 5.95%, 1/28/31 40,000  30,689 
729,585 
Pharmaceuticals — 0.6%
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27(1)
 200,000  203,440 
Road and Rail — 1.5%
Ashtead Capital, Inc., 4.375%, 8/15/27(1)
 200,000  187,634 
SMBC Aviation Capital Finance DAC, 4.125%, 7/15/23(1)
 225,000  223,567 
Triton Container International Ltd., 1.15%, 6/7/24(1)
 110,000  102,568 
513,769 
Semiconductors and Semiconductor Equipment — 0.3%
Intel Corp., 2.45%, 11/15/29 120,000  101,010 
Software — 0.5%
Gen Digital, Inc., 6.75%, 9/30/27(1)
 75,000  73,801 
Gen Digital, Inc., 7.125%, 9/30/30(1)
 30,000  29,283 
McAfee Corp., 7.375%, 2/15/30(1)
 95,000  75,402 
178,486 
Trading Companies and Distributors — 0.6%
Air Lease Corp., 2.875%, 1/15/26 60,000  55,344 
Air Lease Corp., 5.30%, 2/1/28 135,000  131,280 
Aircastle Ltd., 5.25%, 8/11/25(1)
 30,000  29,273 
215,897 
Wireless Telecommunication Services — 1.7%
Sprint LLC, 7.875%, 9/15/23 130,000  131,331 
Sprint LLC, 7.125%, 6/15/24 155,000  157,092 
Sprint LLC, 7.625%, 2/15/25 160,000  164,033 
T-Mobile USA, Inc., 3.375%, 4/15/29 125,000  110,509 
562,965 
TOTAL CORPORATE BONDS
(Cost $15,762,325)
 15,784,903 
ASSET-BACKED SECURITIES — 9.5%
Aaset Trust, Series 2021-2A, Class B, 3.54%, 1/15/47(1)
 215,654  162,163 
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.94%, 8/15/46(1)
 150,000  130,823 
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I, SEQ, 4.19%, 6/5/49(1)
 123,750  120,495 
Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class A, SEQ, 2.97%, 3/20/24(1)
 37,500  37,461 
Blackbird Capital Aircraft, Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(1)
 208,787  177,040 
Brazos Education Loan Authority, Inc., Series 2012-1, Class A1, VRN, 5.32%, (1-month LIBOR plus 0.70%), 12/26/35 39,008  38,479 
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A, SEQ, 2.74%, 8/15/41(1)
 72,374  65,180 
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A, SEQ, 3.47%, 1/15/46(1)
 148,532  136,095 
72

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
Diamond Issuer, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51(1)
 $ 165,000  $ 140,849 
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.97%, 10/19/37(1)
 100,000  89,510 
Flagship Credit Auto Trust, Series 2021-2, Class A, SEQ, 0.37%, 12/15/26(1)
 11,385  11,239 
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(1)
 100,000  89,208 
Hilton Grand Vacations Trust, Series 2017-AA, Class B, 2.96%, 12/26/28(1)
 75,319  74,044 
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(1)
 190,874  165,998 
MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37(1)
 112,924  105,868 
MVW LLC, Series 2021-2A, Class C, 2.23%, 5/20/39(1)
 151,267  132,465 
MVW LLC, Series 2022-2A, Class C, 7.62%, 10/21/41(1)
 92,288  93,213 
MVW Owner Trust, Series 2019-1A, Class C, 3.33%, 11/20/36(1)
 110,418  102,757 
Nelnet Student Loan Trust, Series 2019-5, Class A, SEQ, 2.53%, 10/25/67(1)
 83,525  76,552 
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(1)
 100,000  84,278 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A, SEQ, 3.97%, 6/15/44(1)
 191,448  163,076 
Sabey Data Center Issuer LLC, Series 2020-1, Class A2, SEQ, 3.81%, 4/20/45(1)
 68,000  64,101 
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class B, 2.32%, 7/20/37(1)
 71,581  66,657 
Sierra Timeshare Receivables Funding LLC, Series 2022-3A, Class C, 7.63%, 7/20/39(1)
 80,821  81,244 
SoFi Professional Loan Program LLC, Series 2018-A, Class A1, VRN, 4.97%, (1-month LIBOR plus 0.35%), 2/25/42(1)
 36,233  36,169 
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, SEQ, 4.54%, 2/25/44(1)
 168,000  164,872 
Start II Ltd., Series 2019-1, Class A, SEQ, 4.09%, 3/15/44(1)
 193,471  169,952 
TAL Advantage VII LLC, Series 2020-1A, Class A, SEQ, 2.05%, 9/20/45(1)
 74,625  65,512 
Vantage Data Centers LLC, Series 2019-1A, Class A2, SEQ, 3.19%, 7/15/44(1)
 135,100  129,210 
Vantage Data Centers LLC, Series 2020-1A, Class A2, SEQ, 1.65%, 9/15/45(1)
 95,000  84,749 
Vantage Data Centers LLC, Series 2020-2A, Class A2, SEQ, 1.99%, 9/15/45(1)
 100,000  83,698 
Westlake Automobile Receivables Trust, Series 2019-2A, Class D, 3.20%, 11/15/24(1)
 9,342  9,332 
TOTAL ASSET-BACKED SECURITIES
(Cost $3,077,741)
 3,152,289 
COLLATERALIZED LOAN OBLIGATIONS — 8.9%
AMMC CLO XI Ltd., Series 2012-11A, Class BR2, VRN, 6.40%, (3-month LIBOR plus 1.60%), 4/30/31(1)
 100,000  96,261 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2019-FL2, Class A, VRN, 5.88%, (1-month SOFR plus 1.31%), 9/15/34(1)
 20,312  20,286 
ARES XLVII CLO Ltd., Series 2018-47A, Class C, VRN, 6.54%, (3-month LIBOR plus 1.75%), 4/15/30(1)
 100,000  96,850 
BDS Ltd., Series 2019-FL4, Class A, VRN, 5.70%, (1-month LIBOR plus 1.10%), 8/15/36(1)
 58,085  57,997 
BXMT Ltd., Series 2020-FL2, Class A, VRN, 5.58%, (1-month SOFR plus 1.01%), 2/15/38(1)
 76,878  75,240 
BXMT Ltd., Series 2021-FL4, Class AS, VRN, 5.89%, (1-month LIBOR plus 1.30%), 5/15/38(1)
 250,000  241,614 
73

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
CBAM Ltd., Series 2017-1A, Class B, VRN, 6.61%, (3-month LIBOR plus 1.80%), 7/20/30(1)
 $ 100,000  $ 98,604 
CBAM Ltd., Series 2019-11RA, Class C, VRN, 7.06%, (3-month LIBOR plus 2.25%), 1/20/35(1)
 100,000  94,857 
Cerberus Loan Funding XXVII LP, Series 2019-2A, Class A2, 3.50%, 1/15/32(1)
 100,000  95,032 
CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 6.64%, (3-month LIBOR plus 1.85%), 11/16/30(1)
 100,000  96,513 
Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 6.56%, (3-month LIBOR plus 1.70%), 11/15/28(1)
 75,000  72,551 
Dryden 72 CLO Ltd., Series 2019-72A, Class CR, VRN, 6.71%, (3-month LIBOR plus 1.85%), 5/15/32(1)
 150,000  146,143 
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class BR, VRN, 6.46%, (3-month LIBOR plus 1.65%), 7/20/31(1)
 100,000  98,978 
Greystone CRE Notes Ltd., Series 2019-FL2, Class A, VRN, 5.77%, (1-month LIBOR plus 1.18%), 9/15/37(1)
 62,719  62,036 
Greystone CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 6.99%, (1-month LIBOR plus 2.40%), 9/15/37(1)
 130,000  125,727 
HGI CRE CLO Ltd., Series 2021-FL1, Class AS, VRN, 5.99%, (1-month LIBOR plus 1.40%), 6/16/36(1)
 125,000  120,538 
KKR Static CLO I Ltd., Series 2022-1A, Class B, VRN, 7.24%, (3-month SOFR plus 2.60%), 7/20/31(1)
 100,000  97,556 
KVK CLO Ltd., Series 2013-1A, Class DR, VRN, 7.74%, (3-month LIBOR plus 2.95%), 1/14/28(1)
 100,000  98,214 
Marathon CLO Ltd., Series 2020-15A, Class A1S, VRN, 6.56%, (3-month LIBOR plus 1.70%), 11/15/31(1)
 75,000  74,742 
MF1 Ltd., Series 2020-FL4, Class D, VRN, 8.78%, (1-month SOFR plus 4.21%), 11/15/35(1)
 200,000  192,887 
Palmer Square Loan Funding Ltd., Series 2021-3A, Class B, VRN, 6.56%, (3-month LIBOR plus 1.75%), 7/20/29(1)
 125,000  120,295 
Palmer Square Loan Funding Ltd., Series 2021-3A, Class C, VRN, 7.31%, (3-month LIBOR plus 2.50%), 7/20/29(1)
 75,000  72,597 
Palmer Square Loan Funding Ltd., Series 2022-4A, Class B, VRN, 7.53%, (3-month SOFR plus 2.75%), 7/24/31(1)(2)
 100,000  100,000 
Ready Capital Mortgage Financing LLC, Series 2020-FL4, Class B, VRN, 8.47%, (1-month LIBOR plus 3.85%), 2/25/35(1)
 70,000  69,388 
Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, VRN, 6.94%, (1-month SOFR plus 2.37%), 10/25/39(1)
 100,000  99,850 
Rockford Tower CLO Ltd., Series 2017-3A, Class A, VRN, 6.00%, (3-month LIBOR plus 1.19%), 10/20/30(1)
 100,000  99,439 
Stewart Park CLO Ltd., Series 2015-1A, Class CR, VRN, 6.59%, (3-month LIBOR plus 1.80%), 1/15/30(1)
 125,000  119,521 
Stratus CLO Ltd., Series 2021-2A, Class C, VRN, 6.71%, (3-month LIBOR plus 1.90%), 12/28/29(1)
 100,000  94,538 
Symphony CLO XXII Ltd., Series 2020-22A, Class B, VRN, 6.49%, (3-month LIBOR plus 1.70%), 4/18/33(1)
 100,000  97,483 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $2,899,007)
 2,935,737 
COLLATERALIZED MORTGAGE OBLIGATIONS — 6.0%
Private Sponsor Collateralized Mortgage Obligations — 3.8%
Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65(1)
 93,513  85,402 
Bellemeade Re Ltd., Series 2018-1A, Class M2, VRN, 7.52%, (1-month LIBOR plus 2.90%), 4/25/28(1)
 64,168  64,415 
Bellemeade Re Ltd., Series 2018-3A, Class M1B, VRN, 6.47%, (1-month LIBOR plus 1.85%), 10/25/28(1)
 16,330  16,330 
BRAVO Residential Funding Trust, Series 2023-NQM1, Class A2, SEQ, 6.35%, 1/25/63(1)
 99,322  98,009 
74

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
Credit Suisse Mortgage Capital Certificates, Series 2020-SPT1, Class A1, SEQ, 1.62%, 4/25/65(1)
 $ 76,240  $ 74,694 
CSMC Trust, Series 2019-NQM1, Class A2, SEQ, 2.86%, 10/25/59(1)
 90,343  86,872 
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, VRN, 2.01%, 5/25/65(1)
 88,704  86,073 
GCAT Trust, Series 2022-NQM5, Class A1, 5.71%, 8/25/67(1)
 98,092  96,723 
MFA Trust, Series 2023-INV1, Class A2, 6.45%, 2/25/58(1)
 99,789  98,995 
Residential Mortgage Loan Trust, Series 2020-1, Class A1, VRN, 2.38%, 1/26/60(1)
 90,194  86,005 
Traingle Re Ltd., Series 2021-1, Class M2, VRN, 8.52%, (1-month LIBOR plus 3.90%), 8/25/33(1)
 147,723  148,918 
Verus Securitization Trust, Series 2019-4, Class A3, 3.00%, 11/25/59(1)
 103,381  98,738 
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(1)
 56,761  49,904 
Visio Trust, Series 2020-1, Class A2, SEQ,VRN, 2.50%, 8/25/55(1)
 110,000  99,873 
Vista Point Securitization Trust, Series 2020-2, Class A1, VRN, 1.48%, 4/25/65(1)
 97,776  87,177 
1,278,128 
U.S. Government Agency Collateralized Mortgage Obligations — 2.2%
FHLMC, Series 2021-DNA2, Class M1, VRN, 5.28%, (30-day average SOFR plus 0.80%), 8/25/33(1)
 32,592  32,451 
FHLMC, Series 2021-HQA3, Class M1, VRN, 5.33%, (30-day average SOFR plus 0.85%), 9/25/41(1)
 85,705  82,656 
FHLMC, Series 2022-DNA3, Class M1A, VRN, 6.48%, (30-day average SOFR plus 2.00%), 4/25/42(1)
 101,246  101,741 
FHLMC, Series 2022-DNA5, Class M1A, VRN, 7.43%, (30-day average SOFR plus 2.95%), 6/25/42(1)
 90,374  92,599 
FHLMC, Series 2022-DNA6, Class M1A, VRN, 6.63%, (30-day average SOFR plus 2.15%), 9/25/42(1)
 89,793  90,183 
FNMA, Series 2014-C04, Class 1M2, VRN, 9.52%, (1-month LIBOR plus 4.90%), 11/25/24 83,760  87,184 
FNMA, Series 2014-C04, Class 2M2, VRN, 9.62%, (1-month LIBOR plus 5.00%), 11/25/24 13,216  13,349 
FNMA, Series 2015-C01, Class 1M2, VRN, 8.92%, (1-month LIBOR plus 4.30%), 2/25/25 86,668  89,370 
FNMA, Series 2017-C02, Class 2ED3, VRN, 5.97%, (1-month LIBOR plus 1.35%), 9/25/29 74,171  74,309 
FNMA, Series 2019-R07, Class 1M2, VRN, 6.72%, (1-month LIBOR plus 2.10%), 10/25/39(1)
 51,951  51,959 
715,801 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,974,407)
 1,993,929 
U.S. TREASURY SECURITIES — 4.4%
U.S. Treasury Notes, 3.00%, 6/30/24 200,000  194,629 
U.S. Treasury Notes, 1.00%, 12/15/24(3)
 425,000  396,761 
U.S. Treasury Notes, 3.50%, 9/15/25 210,000  204,508 
U.S. Treasury Notes, 4.00%, 12/15/25 400,000  394,689 
U.S. Treasury Notes, 3.875%, 1/15/26 200,000  196,578 
U.S. Treasury Notes, 3.25%, 6/30/29 70,000  66,629 
TOTAL U.S. TREASURY SECURITIES
(Cost $1,460,226)
 1,453,794 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.1%
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, VRN, 3.60%, 4/14/33(1)
 100,000  91,252 
75

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
BFLD Trust, Series 2019-DPLO, Class A, VRN, 5.68%, (1-month LIBOR plus 1.09%), 10/15/34(1)
 $ 185,000  $ 183,262 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 6.59%, (1-month LIBOR plus 2.00%), 9/15/36(1)
 100,000  96,289 
BX Trust, Series 2021-ARIA, Class G, VRN, 7.73%, (1-month LIBOR plus 3.14%), 10/15/36(1)
 50,000  46,375 
BXHPP Trust, Series 2021-FILM, Class D, VRN, 6.09%, (1-month LIBOR plus 1.50%), 8/15/36(1)
 70,000  64,682 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, VRN, 6.19%, (1-month LIBOR plus 1.60%), 5/15/36(1)
 99,752  98,693 
DBWF Mortgage Trust, Series 2018-GLKS, Class A, VRN, 5.73%, (1-month LIBOR plus 1.13%), 12/19/30(1)
 150,000  148,464 
Extended Stay America Trust, Series 2021-ESH, Class E, VRN, 7.44%, (1-month LIBOR plus 2.85%), 7/15/38(1)
 97,619  95,481 
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class F, VRN, 3.96%, 12/10/36(1)
 100,000  92,429 
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 6.31%, (1-month SOFR plus 1.75%), 12/15/36(1)
 70,000  68,651 
Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 5.99%, (1-month LIBOR plus 1.40%), 3/15/38(1)
 304,721  295,675 
Med Trust, Series 2021-MDLN, Class F, VRN, 8.59%, (1-month LIBOR plus 4.00%), 11/15/38(1)
 99,704  94,429 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,347,272)
 1,375,682 
BANK LOAN OBLIGATIONS(4) — 1.8%
Airlines — 0.4%
American Airlines, Inc., 2023 Term Loan B, 2/15/28(5)
 135,000  131,625 
Health Care Equipment and Supplies — 0.6%
Avantor Funding, Inc., 2021 Term Loan B5, 11/8/27(5)
 90,283  90,283 
Medline Borrower LP, USD Term Loan B, 10/23/28(5)
 100,000  96,576 
186,859 
Health Care Providers and Services — 0.4%
Surgery Center Holdings, Inc., 2021 Term Loan, 8/31/26(5)
 151,000  150,150 
Pharmaceuticals — 0.4%
Jazz Financing Lux S.a.r.l., USD Term Loan, 5/5/28(5)
 140,000  139,938 
TOTAL BANK LOAN OBLIGATIONS
(Cost $608,325)
 608,572 
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.1%
Colombia — 0.2%
Colombia Government International Bond, 3.875%, 4/25/27 75,000  66,794 
Dominican Republic — 0.3%
Dominican Republic International Bond, 6.875%, 1/29/26 100,000  101,556 
Romania — 0.2%
Romanian Government International Bond, 6.625%, 2/17/28(1)
 60,000  61,418 
Saudi Arabia — 0.4%
Saudi Government International Bond, 4.75%, 1/18/28(1)
 20,000  19,806 
Saudi Government International Bond, 5.50%, 10/25/32(1)
 100,000  104,329 
124,135 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $345,816)
 353,903 
76

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
PREFERRED STOCKS — 0.3%
Banks — 0.1%
JPMorgan Chase & Co., 4.60% 55,000  $ 51,158 
Oil, Gas and Consumable Fuels — 0.1%
BP Capital Markets PLC, 4.375% 20,000  19,118 
Trading Companies and Distributors — 0.1%
Aircastle Ltd., 5.25%(1)
 41,000  33,417 
TOTAL PREFERRED STOCKS
(Cost $98,466)
 103,693 
SHORT-TERM INVESTMENTS — 18.2%
Money Market Funds — 4.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,333,951  1,333,951 
Treasury Bills(6) — 14.2%
U.S. Treasury Bills, 5.09%, 8/24/23 $ 4,800,000  4,685,346 
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,019,082)
 6,019,297 
TOTAL INVESTMENT SECURITIES — 102.0%
(Cost $33,592,667)
 33,781,799 
OTHER ASSETS AND LIABILITIES — (2.0)% (672,574)
TOTAL NET ASSETS — 100.0% $ 33,109,225 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes 31 June 2023 $ 6,315,523  $ (10,804)
U.S. Treasury 10-Year Notes 2 June 2023 223,313  39 
$ 6,538,836  $ (10,765)
^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 10 June 2023 $ 1,070,547  $ (115)
U.S. Treasury 10-Year Ultra Notes 2 June 2023 234,375  (111)
$ 1,304,922  $ (226)
^Amount represents value and unrealized appreciation (depreciation).


77

Short Duration Strategic Income ETF

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 High Yield Index Series 39 Buy (5.00)% 12/20/27 $ 1,200,000  $ (29,351) $ (1,307) $ (30,658)
^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.

NOTES TO SCHEDULE OF INVESTMENTS
CDX – Credit Derivatives Indexes
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
LIBOR – London Interbank Offered Rate
SEQ – Sequential Payer
SOFR – Secured Overnight Financing Rate
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 $14,401,529, which represented 43.5% of total net assets.
(2)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.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $324,877.
(4)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(5)The interest rate will be determined upon settlement of the bank loan obligation after period end.
(6)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.
78

Statements of Assets and Liabilities
FEBRUARY 28, 2023 (UNAUDITED)
Diversified Corporate
Bond ETF
Diversified Municipal
Bond ETF
Assets
Investment securities, at value (cost of $206,671,628 and $282,404,811, respectively) — including $3,218,067 and $—, respectively of securities on loan $ 200,003,893  $ 271,903,008 
Investment made with cash collateral received for securities on loan, at value (cost of $3,300,528 and $—, respectively) 3,300,528  — 
Total investment securities, at value (cost of $209,972,156 and $282,404,811, respectively) 203,304,421  271,903,008 
Cash —  3,069,852 
Deposits with broker for futures contracts 171,548  — 
Receivable for investments sold 3,427,730  — 
Interest receivable 1,944,487  2,950,036 
Securities lending receivable 821  — 
208,849,007  277,922,896 
Liabilities
Payable for collateral received for securities on loan 3,300,528  — 
Payable for investments purchased 3,701,846  3,658,865 
Payable for variation margin on futures contracts 17,146  — 
Accrued management fees 44,751  61,789 
7,064,271  3,720,654 
Net Assets $ 201,784,736  $ 274,202,242 
Shares outstanding (unlimited number of shares authorized) 4,450,000  5,550,000 
Net Asset Value Per Share $ 45.34  $ 49.41 
Net Assets Consist of:
Capital paid in $ 222,750,573  $ 296,026,610 
Distributable earnings (loss) (20,965,837) (21,824,368)
$ 201,784,736  $ 274,202,242 


See Notes to Financial Statements.
79

FEBRUARY 28, 2023 (UNAUDITED)
Emerging Markets
Bond ETF
Multisector
Income ETF
Assets
Investment securities, at value (cost of $33,840,034 and $151,450,710, respectively) — including $445,053 and $5,704,190, respectively of securities on loan $ 31,176,876  $ 145,284,566 
Investment made with cash collateral received for securities on loan, at value (cost of $461,438 and $5,494,585, respectively) 461,438  5,494,585 
Total investment securities, at value (cost of $34,301,472 and $156,945,295, respectively) 31,638,314  150,779,151 
Cash —  489,231 
Receivable for investments sold 905,106  2,270,905 
Receivable for variation margin on futures contracts 102  14,803 
Receivable for variation margin on swap agreements —  4,988 
Interest receivable 450,660  1,239,093 
Securities lending receivable 129  3,300 
32,994,311  154,801,471 
Liabilities
Disbursements in excess of demand deposit cash 102,053  — 
Payable for collateral received for securities on loan 461,438  5,494,585 
Payable for investments purchased 412,692  3,215,771 
Payable for variation margin on swap agreements 268  — 
Accrued management fees 9,472  39,595 
985,923  8,749,951 
Net Assets $ 32,008,388  $ 146,051,520 
Shares outstanding (unlimited number of shares authorized) 850,000  3,400,000 
Net Asset Value Per Share $ 37.66  $ 42.96 
Net Assets Consist of:
Capital paid in $ 39,474,285  $ 163,476,223 
Distributable earnings (loss) (7,465,897) (17,424,703)
$ 32,008,388  $ 146,051,520 


See Notes to Financial Statements.
80

FEBRUARY 28, 2023 (UNAUDITED)
Select High Yield ETF
Short Duration
Strategic Income ETF
Assets
Investment securities, at value (cost of $31,438,418 and $33,592,667, respectively) — including $2,205,135 and $—, respectively of securities on loan $ 27,802,685  $ 33,781,799 
Investment made with cash collateral received for securities on loan, at value (cost of $2,263,873 and $—, respectively) 2,263,873  — 
Total investment securities, at value (cost of $33,702,291 and $33,592,667, respectively) 30,066,558  33,781,799 
Cash —  134,117 
Receivable for investments sold —  629,893 
Receivable for variation margin on swap agreements —  2,064 
Interest receivable 444,248  189,666 
Securities lending receivable 1,531  — 
30,512,337  34,737,539 
Liabilities
Payable for collateral received for securities on loan 2,263,873  — 
Payable for investments purchased —  1,619,519 
Payable for variation margin on futures contracts —  641 
Accrued management fees 9,835  8,154 
2,273,708  1,628,314 
Net Assets $ 28,238,629  $ 33,109,225 
Shares outstanding (unlimited number of shares authorized) 650,000  650,000 
Net Asset Value Per Share $ 43.44  $ 50.94 
Net Assets Consist of:
Capital paid in $ 32,715,067  $ 32,702,710 
Distributable earnings (loss) (4,476,438) 406,515 
$ 28,238,629  $ 33,109,225 


See Notes to Financial Statements.
81

Statements of Operations
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)
Diversified Corporate
Bond ETF
Diversified Municipal
Bond ETF
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $821 and $—, respectively) $ 3,520,269  $ 4,031,373 
Securities lending, net 4,792  — 
3,525,061  4,031,373 
Expenses:
Management fees 240,836  396,391 
Other expenses 1,535  — 
242,371  396,391 
Net investment income (loss) 3,282,690  3,634,982 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (5,134,452) (6,145,361)
Futures contract transactions (197,412) — 
Swap agreement transactions (65,494) — 
(5,397,358) (6,145,361)
Change in net unrealized appreciation (depreciation) on:
Investments 1,966,101  3,747,601 
Futures contracts 2,590  — 
Swap agreements 8,801  — 
1,977,492  3,747,601 
Net realized and unrealized gain (loss) (3,419,866) (2,397,760)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (137,176) $ 1,237,222 


See Notes to Financial Statements.
82

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)
Emerging Markets
Bond ETF
Multisector
Income ETF
Investment Income (Loss)
Income:
Interest $ 814,530  $ 3,301,770 
Securities lending, net 910  15,717 
815,440  3,317,487 
Expenses:
Management fees 52,806  222,046 
Other expenses 2,467  1,799 
55,273  223,845 
Net investment income (loss) 760,167  3,093,642 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (1,505,061) (4,283,004)
Futures contract transactions (72,510) (1,024,710)
Swap agreement transactions (15,950) 6,971 
Foreign currency translation transactions —  (226)
(1,593,521) (5,300,969)
Change in net unrealized appreciation (depreciation) on:
Investments 1,182,582  2,946,633 
Futures contracts 1,284  22,491 
Swap agreements (47,362) (107,100)
Translation of assets and liabilities in foreign currencies —  5 
1,136,504  2,862,029 
Net realized and unrealized gain (loss) (457,017) (2,438,940)
Net Increase (Decrease) in Net Assets Resulting from Operations $ 303,150  $ 654,702 


See Notes to Financial Statements.
83

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) (EXCEPT AS NOTED)
Select High Yield ETF
Short Duration
Strategic Income ETF(1)
Investment Income (Loss)
Income:
Interest $ 767,238  $ 600,574 
Securities lending, net 8,203  — 
775,441  600,574 
Expenses:
Management fees 63,023  34,980 
Other expenses 49  51 
63,072  35,031 
Net investment income (loss) 712,369  565,543 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (474,910) 95,820 
Futures contract transactions —  (55,108)
Swap agreement transactions —  4,886 
(474,910) 45,598 
Change in net unrealized appreciation (depreciation) on:
Investments 449,157  189,132 
Futures contracts —  (10,991)
Swap agreements —  (1,307)
449,157  176,834 
Net realized and unrealized gain (loss) (25,753) 222,432 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 686,616  $ 787,975 
(1)October 11, 2022 (fund inception) through February 28, 2023.


See Notes to Financial Statements.
84

Statements of Changes in Net Assets
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022
Diversified Corporate
Bond ETF		 Diversified Municipal
Bond ETF
Increase (Decrease) in Net Assets February 28, 2023 August 31, 2022 February 28, 2023 August 31, 2022
Operations
Net investment income (loss) $ 3,282,690  $ 3,259,572  $ 3,634,982  $ 3,645,084 
Net realized gain (loss) (5,397,358) (9,385,442) (6,145,361) (5,640,496)
Change in net unrealized appreciation (depreciation) 1,977,492  (10,067,750) 3,747,601  (18,763,216)
Net increase (decrease) in net assets resulting from operations (137,176) (16,193,620) 1,237,222  (20,758,628)
Distributions to Shareholders
From earnings (2,906,160) (2,951,390) (3,481,310) (3,278,595)
Capital Share Transactions
Proceeds from shares sold 61,139,815  35,965,410  12,369,434  139,499,410 
Payments for shares redeemed —  (25,964,990) (12,379,215) (2,770,640)
Other capital 3,508  886  9,847  91,811 
Net increase (decrease) in net assets from capital share transactions 61,143,323  10,001,306  66  136,820,581 
Net increase (decrease) in net assets 58,099,987  (9,143,704) (2,244,022) 112,783,358 
Net Assets
Beginning of period 143,684,749  152,828,453  276,446,264  163,662,906 
End of period $ 201,784,736  $ 143,684,749  $ 274,202,242  $ 276,446,264 
Transactions in Shares of the Funds
Sold 1,350,000  700,000  250,000  2,650,000 
Redeemed —  (500,000) (250,000) (50,000)
Net increase (decrease) in shares of the funds 1,350,000  200,000  —  2,600,000 


See Notes to Financial Statements.
85

SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022
Emerging Markets
Bond ETF
Multisector
Income ETF
Increase (Decrease) in Net Assets February 28, 2023 August 31, 2022 February 28, 2023 August 31, 2022
Operations
Net investment income (loss) $ 760,167  $ 1,262,646  $ 3,093,642  $ 3,980,476 
Net realized gain (loss) (1,593,521) (3,320,814) (5,300,969) (6,698,401)
Change in net unrealized appreciation (depreciation) 1,136,504  (3,886,552) 2,862,029  (9,166,249)
Net increase (decrease) in net assets resulting from operations 303,150  (5,944,720) 654,702  (11,884,174)
Distributions to Shareholders
From earnings (764,200) (1,194,630) (2,903,410) (3,577,090)
Capital Share Transactions
Proceeds from shares sold 5,774,709  11,194,156  33,887,740  49,086,845 
Payments for shares redeemed —  —  —  (2,224,880)
Other capital 1,256  2,269  49,799  58,230 
Net increase (decrease) in net assets from capital share transactions 5,775,965  11,196,425  33,937,539  46,920,195 
Net increase (decrease) in net assets 5,314,915  4,057,075  31,688,831  31,458,931 
Net Assets
Beginning of period 26,693,473  22,636,398  114,362,689  82,903,758 
End of period $ 32,008,388  $ 26,693,473  $ 146,051,520  $ 114,362,689 
Transactions in Shares of the Funds
Sold 150,000  250,000  800,000  1,000,000 
Redeemed —  —  —  (50,000)
Net increase (decrease) in shares of the funds 150,000  250,000  800,000  950,000 


See Notes to Financial Statements.
86

SIX MONTHS ENDED FEBRUARY 28, 2023 (EXCEPT AS NOTED) (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2022
Select High Yield ETF
Short Duration
Strategic Income ETF
Increase (Decrease) in Net Assets February 28, 2023
August 31, 2022(1)
February 28, 2023(2)
Operations
Net investment income (loss) $ 712,369  $ 1,079,338  $ 565,543 
Net realized gain (loss) (474,910) (882,135) 45,598 
Change in net unrealized appreciation (depreciation) 449,157  (4,084,890) 176,834 
Net increase (decrease) in net assets resulting from operations 686,616  (3,887,687) 787,975 
Distributions to Shareholders
From earnings (753,310) (1,026,610) (381,460)
Capital Share Transactions
Proceeds from shares sold —  44,736,315  32,656,690 
Payments for shares redeemed (2,177,200) (9,346,900) — 
Other capital 1,715  5,690  46,020 
Net increase (decrease) in net assets from capital share transactions (2,175,485) 35,395,105  32,702,710 
Net increase (decrease) in net assets (2,242,179) 30,480,808  33,109,225 
Net Assets
Beginning of period 30,480,808  —  — 
End of period $ 28,238,629  $ 30,480,808  $ 33,109,225 
Transactions in Shares of the Funds
Sold —  900,000  650,000 
Redeemed (50,000) (200,000) — 
Net increase (decrease) in shares of the funds (50,000) 700,000  650,000 
(1)November 16, 2021 (fund inception) through August 31, 2022.
(2)October 11, 2022 (fund inception) through February 28, 2023.


See Notes to Financial Statements.
87

Notes to Financial Statements

FEBRUARY 28, 2023 (UNAUDITED)

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Diversified Corporate Bond ETF (Diversified Corporate Bond ETF), American Century Diversified Municipal Bond ETF (Diversified Municipal Bond ETF), American Century Emerging Markets Bond ETF (Emerging Markets Bond ETF), American Century Multisector Income ETF (Multisector Income ETF), American Century Select High Yield ETF (Select High Yield ETF) and American Century Short Duration Strategic Income ETF (Short Duration Strategic Income ETF) (collectively, the funds) are six funds in a series issued by the trust. Diversified Corporate Bond ETF’s investment objective is to seek to provide current income. Diversified Municipal Bond ETF’s investment objective is to seek current income that is exempt from federal income tax. Emerging Markets Bond ETF's investment objective is to seek to provide current income and capital appreciation. Multisector Income ETF's investment objective is to seek to provide a high level of current income and total return. Select High Yield ETF's investment objective is to seek to provide high current income. Short Duration Strategic Income ETF's investment objective is to seek income. As a secondary objective, Short Duration Strategic Income ETF seeks long-term capital appreciation. Shares of Diversified Corporate Bond ETF, Diversified Municipal Bond ETF, Emerging Markets Bond ETF, Multisector Income ETF and Select High Yield ETF are listed for trading on the NYSE Arca, Inc. Shares of Short Duration Strategic Income ETF are listed for trading on The Nasdaq Stock Market LLC. Select High Yield ETF incepted on November 16, 2021. Short Duration Strategic Income ETF incepted on October 11, 2022.

2. Significant Accounting Policies

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

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, convertible bonds, bank loan obligations, municipal securities and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
88

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

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

Investment Income — Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

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

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

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2023.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
 Overnight and
Continuous		 <30 days Between
30 & 90 days		 >90 days Total
Diversified Corporate Bond ETF
Corporate Bonds $ 3,300,528  —  —  —  $ 3,300,528 
Gross amount of recognized liabilities for securities lending transactions $ 3,300,528 
Emerging Markets Bond ETF
Corporate Bonds $ 461,438  —  —  —  $ 461,438 
Gross amount of recognized liabilities for securities lending transactions $ 461,438 
Multisector Income ETF
Corporate Bonds $ 5,494,585  —  —  —  $ 5,494,585 
Gross amount of recognized liabilities for securities lending transactions $ 5,494,585 
Select High Yield ETF
Corporate Bonds $ 2,263,873  —  —  —  $ 2,263,873 
Gross amount of recognized liabilities for securities lending transactions $ 2,263,873 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

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3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 27%, 61%, 50% and 30% of the shares of Diversified Corporate Bond ETF, Emerging Markets Bond ETF, Multisector Income ETF and Short Duration Strategic Income ETF, respectively. ACIM owns 38% and 60% of the shares of Select High Yield ETF and Short Duration Strategic Income ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.

ACIM has engaged Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a subadvisor for Select High Yield ETF. NCRAM is responsible for making investment recommendations for the fund, subject to the oversight of the Board of Trustees and general supervision of the investment advisor and in accordance with the investment objective, polices and restrictions of the fund. ACIM pays all costs associated with retaining NCRAM as the subadvisor of the fund. A subsidiary of NCRAM’s parent company indirectly owns a non-controlling equity interest in ACC.

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

The annual management fee for each fund is as follows:
Annual Management Fee
Diversified Corporate Bond ETF 0.29%
Diversified Municipal Bond ETF 0.29%
Emerging Markets Bond ETF 0.39%
Multisector Income ETF 0.35%
Select High Yield ETF 0.45%
Short Duration Strategic Income ETF 0.32%

Other Expenses — Emerging Markets Bond ETF's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses. The impact of other expenses to the annualized ratio of operating expenses to average net assets was 0.02% for the period ended February 28, 2023.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2023 were as follows:
Diversified Corporate Bond ETF Diversified Municipal Bond ETF Emerging Markets Bond ETF
Purchases of U.S. Treasury and Government Agency obligations $ 4,191,606  — —
Purchases of other investment securities $ 112,739,260  $ 60,936,633  $ 8,952,970 
Total Purchases $ 116,930,866  $ 60,936,633  $ 8,952,970 
Sales of U.S. Treasury and Government Agency obligations $ 3,890,184  — $ 172,945 
Sales of other investment securities $ 113,220,598  $ 53,278,600  $ 9,936,079 
Total Sales $ 117,110,782  $ 53,278,600  $ 10,109,024 

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Multisector Income ETF Select High Yield ETF
Short Duration Strategic Income ETF(1)
Purchases of U.S. Treasury and Government Agency obligations $ 33,130,214  — $ 5,402,872 
Purchases of other investment securities $ 71,715,169  $ 2,135,752  $ 21,739,169 
Total Purchases $ 104,845,383  $ 2,135,752  $ 27,142,041 
Sales of U.S. Treasury and Government Agency obligations $ 49,254,772  — $ 10,289,733 
Sales of other investment securities $ 52,979,164  $ 2,624,231  $ 9,430,336 
Total Sales $ 102,233,936  $ 2,624,231  $ 19,720,069 
(1)October 11, 2022 (fund inception) through February 28, 2023.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2023 were as follows:
In kind
Subscriptions		 In kind
Redemptions		 In kind
Net Realized
Gain/(Loss)*
Diversified Corporate Bond ETF $ 59,033,269  — —
Diversified Municipal Bond ETF $ 7,036,459  $ 12,047,518  $ (1,165,665)
Emerging Markets Bond ETF $ 5,373,595  — —
Multisector Income ETF $ 19,379,473  — —
Select High Yield ETF — $ 1,664,716  $ (214,422)
Short Duration Strategic Income ETF(1)
 $ 20,227,700  — —
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)October 11, 2022 (fund inception) through February 28, 2023.

5. Capital Share Transactions

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

6. Fair Value Measurements

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

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

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

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

92

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds' portfolio holdings.
Diversified Corporate Bond ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 193,833,697  — 
U.S. Treasury Securities —  3,163,286  — 
Municipal Securities —  419,210  — 
Short-Term Investments $ 5,888,228  —  — 
$ 5,888,228  $ 197,416,193  — 
Other Financial Instruments
Futures Contracts $ 2,714  —  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 1,261  —  — 

Diversified Municipal Bond ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Municipal Securities —  $ 267,091,546  — 
Short-Term Investments $ 4,811,462  —  — 
$ 4,811,462  $ 267,091,546  — 

Emerging Markets Bond ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Sovereign Governments and Agencies —  $ 13,607,090  — 
Corporate Bonds —  12,700,410  — 
U.S. Treasury Securities —  1,474,215  — 
Preferred Stocks —  216,534  — 
Short-Term Investments $ 3,640,065  —  — 
$ 3,640,065  $ 27,998,249  — 
Other Financial Instruments
Futures Contracts $ 2,002  —  — 
Swap Agreements —  $ 108,484  — 
$ 2,002  $ 108,484  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 2,187  —  — 

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Multisector Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 69,085,793  — 
U.S. Treasury Securities —  19,081,269  — 
Asset-Backed Securities —  15,333,089  — 
Collateralized Loan Obligations —  10,607,823  — 
Collateralized Mortgage Obligations —  8,126,442  — 
Commercial Mortgage-Backed Securities —  5,789,111  — 
Bank Loan Obligations —  2,571,721  — 
Sovereign Governments and Agencies —  2,530,093  — 
Preferred Stocks —  1,987,575  — 
Short-Term Investments $ 11,273,723  4,392,512  — 
$ 11,273,723  $ 139,505,428  — 
Other Financial Instruments
Futures Contracts $ 19,948  —  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 20,298  —  — 
Swap Agreements —  $ 74,091  — 
$ 20,298  $ 74,091  — 

Select High Yield ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 26,567,443  — 
Preferred Stocks —  181,354  — 
Short-Term Investments $ 3,317,761  —  — 
$ 3,317,761  $ 26,748,797  — 

94

Short Duration Strategic Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 15,784,903  — 
Asset-Backed Securities —  3,152,289  — 
Collateralized Loan Obligations —  2,935,737  — 
Collateralized Mortgage Obligations —  1,993,929  — 
U.S. Treasury Securities —  1,453,794  — 
Commercial Mortgage-Backed Securities —  1,375,682  — 
Bank Loan Obligations —  608,572  — 
Sovereign Governments and Agencies —  353,903  — 
Preferred Stocks —  103,693  — 
Short-Term Investments $ 1,333,951  4,685,346  — 
$ 1,333,951  $ 32,447,848  — 
Other Financial Instruments
Futures Contracts $ 39  —  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 11,030  —  — 
Swap Agreements —  $ 30,658  — 
$ 11,030  $ 30,658  — 

7. Derivative Instruments

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

The funds' average notional amount to credit risk derivative instruments held during the period were as follows:
Diversified Corporate Bond ETF $ 1,897,000 
Emerging Markets Bond ETF $ 2,115,667 
Multisector Income ETF $ 3,033,010 
Short Duration Strategic Income ETF $ 1,200,000 

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

The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts Purchased Futures Contracts Sold
Diversified Corporate Bond ETF $ 20,224,167  $ 13,645,356 
Emerging Markets Bond ETF $ 2,218,695  $ 2,150,146 
Multisector Income ETF $ 33,377,741  $ 2,232,662 
Short Duration Strategic Income ETF $ 2,308,498  $ 1,103,022 

Value of Derivative Instruments as of February 28, 2023
Asset Derivatives Liability Derivatives
Fund / Type of Risk Exposure Location on Statement of Assets and Liabilities Value Location on Statement of Assets and Liabilities Value
Diversified Corporate Bond ETF
Interest Rate Risk Receivable for variation margin on futures contracts* —  Payable for variation margin on futures contracts* $ 17,146 
Emerging Markets Bond ETF
Credit Risk Receivable for variation margin on swap agreements* —  Payable for variation margin on swap agreements* $ 268 
Interest Rate Risk Receivable for variation margin on futures contracts* $ 102  Payable for variation margin on futures contracts* — 
$ 102  $ 268 
Multisector Income ETF
Credit Risk Receivable for variation margin on swap agreements* $ 4,988  Payable for variation margin on swap agreements* — 
Interest Rate Risk Receivable for variation margin on futures contracts* 14,803  Payable for variation margin on futures contracts* — 
$ 19,791  — 
Short Duration Strategic Income ETF
Credit Risk Receivable for variation margin on swap agreements* $ 2,064  Payable for variation margin on swap agreements* — 
Interest Rate Risk Receivable for variation margin on futures contracts* —  Payable for variation margin on futures contracts* $ 641 
$ 2,064  $ 641 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

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Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended February 28, 2023
Net Realized Gain (Loss) Change in Net Unrealized
Appreciation (Depreciation)
Fund / Type of Risk Exposure Location on Statement of Operations Value Location on Statement of Operations Value
Diversified Corporate Bond ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ (65,494) Change in net unrealized appreciation (depreciation) on swap agreements $ 8,801 
Interest Rate Risk Net realized gain (loss) on futures contract transactions (197,412) Change in net unrealized appreciation (depreciation) on futures contracts 2,590 
$ (262,906) $ 11,391 
Emerging Markets Bond ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ (15,950) Change in net unrealized appreciation (depreciation) on swap agreements $ (47,362)
Interest Rate Risk Net realized gain (loss) on futures contract transactions (72,510) Change in net unrealized appreciation (depreciation) on futures contracts 1,284 
$ (88,460) $ (46,078)
Multisector Income ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ 6,971  Change in net unrealized appreciation (depreciation) on swap agreements $ (107,100)
Interest Rate Risk Net realized gain (loss) on futures contract transactions (1,024,710) Change in net unrealized appreciation (depreciation) on futures contracts 22,491 
$ (1,017,739) $ (84,609)
Short Duration Strategic Income ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ 4,886  Change in net unrealized appreciation (depreciation) on swap agreements $ (1,307)
Interest Rate Risk Net realized gain (loss) on futures contract transactions (55,108) Change in net unrealized appreciation (depreciation) on futures contracts (10,991)
$ (50,222) $ (12,298)

8. Risk Factors

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

The funds may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments or a change in the cost of temporary borrowing for the fund.

97

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

The funds may invest in high-yield and lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.

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

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

9. Federal Tax Information

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

As of period end, the components of investments for federal income tax purposes were as follows:
Diversified Corporate
Bond ETF		 Diversified Municipal
Bond ETF		 Emerging Markets
Bond ETF
Federal tax cost of investments $ 210,218,756  $ 282,441,965  $ 34,557,119 
Gross tax appreciation of investments $ 356,355  $ 1,230,086  $ 188,776 
Gross tax depreciation of investments (7,270,690) (11,769,043) (3,107,581)
Net tax appreciation (depreciation) of investments $ (6,914,335) $ (10,538,957) $ (2,918,805)

Multisector
Income ETF
 Select High Yield
ETF
Short Duration
Strategic Income ETF
Federal tax cost of investments $ 157,002,086  $ 33,702,291  $ 33,599,585 
Gross tax appreciation of investments $ 648,120  $ 26,584  $ 278,619 
Gross tax depreciation of investments (6,871,055) (3,662,317) (96,405)
Net tax appreciation (depreciation) of investments $ (6,222,935) $ (3,635,733) $ 182,214 

For Diversified Corporate Bond ETF, Diversified Municipal Bond ETF, Emerging Markets Bond ETF,
Multisector Income ETF and Short Duration Strategic Income ETF, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Select High Yield ETF.

As of August 31, 2022, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses
Long-term capital losses
Diversified Corporate Bond ETF $ (8,275,499) $ (1,408,897)
Diversified Municipal Bond ETF $ (4,713,606) $ (1,176,877)
Emerging Markets Bond ETF $ (2,547,989) $ (561,292)
Multisector Income ETF $ (6,715,554) — 
Select High Yield ETF $ (466,310) — 
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Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Distributions From: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Net
Investment
Income		 Net
Realized
Gains		 Total
Distributions
Other Capital(1)
 Net Asset Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of Period
(in thousands)
Diversified Corporate Bond ETF
2023(4)
 $46.35 0.89 (1.08) (0.19) (0.82) — (0.82)
0.00(5)
 $45.34 (0.39)%
0.29%(6)
3.95%(6)
 72% $201,785 
2022 $52.70 1.08 (6.45) (5.37) (0.98) — (0.98)
0.00(5)
 $46.35 (10.30)% 0.29% 2.18% 181% $143,685 
2021 $52.72 0.93 0.66 1.59 (1.39) (0.22) (1.61)
0.00(5)
 $52.70 3.08% 0.29% 1.77% 182% $152,828 
2020 $51.38 1.28 1.47 2.75 (1.40) (0.03) (1.43) 0.02 $52.72 5.48% 0.29% 2.50% 174% $121,260 
2019 $48.77 1.67 2.45 4.12 (1.54) — (1.54) 0.03 $51.38 8.70% 0.39% 3.37% 35% $64,334 
2018(7)
 $50.00 0.96 (1.41) (0.45) (0.82) — (0.82) 0.04 $48.77 (0.77)%
0.45%(6)
3.09%(6)
 38% $12,291 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)January 11, 2018 (fund inception) through August 31, 2018.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of Period
(in thousands)
Diversified Municipal Bond ETF
2023(4)
 $49.81 0.65 (0.43) 0.22 (0.62)
0.00(5)
 $49.41 0.44%
0.29%(6)
2.66%(6)
 20% $274,202 
2022 $55.48 0.89 (5.76) (4.87) (0.82) 0.02 $49.81 (8.82)% 0.29% 1.70% 46% $276,446 
2021 $53.61 1.00 1.83 2.83 (1.05) 0.09 $55.48 5.50% 0.29% 1.82% 14% $163,663 
2020 $53.37 1.19 0.11 1.30 (1.15) 0.09 $53.61 2.66% 0.29% 2.26% 23% $67,018 
2019(7)
 $50.00 1.36 3.16 4.52 (1.25) 0.10 $53.37 9.42%
0.29%(6)
2.74%(6)
 19% $26,684 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)September 10, 2018 (fund inception) through August 31, 2019.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:  
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Emerging Markets Bond ETF
2023(4)
 $38.13 1.04 (0.44) 0.60 (1.07)
0.00(5)
 $37.66 1.63%
0.41%(6)
5.61%(6)
 38% $32,008 
2022 $50.30 2.13 (12.25) (10.12) (2.05)
0.00(5)
 $38.13 (20.60)% 0.39% 4.87% 64% $26,693 
2021(7)
 $50.00 0.36 0.11 0.47 (0.17)
0.00(5)
 $50.30 0.95%
0.39%(6)
4.14%(6)
 7% $22,636 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)June 29, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Multisector Income ETF
2023(4)
 $43.99 1.04 (1.07) (0.03) (1.02) 0.02 $42.96 (0.01)%
0.35%(5)
4.88%(5)
 83% $146,052 
2022 $50.24 1.67 (6.41) (4.74) (1.53) 0.02 $43.99 (9.60)% 0.35% 3.55% 147% $114,363 
2021(6)
 $50.00 0.27 0.02 0.29 (0.13) 0.08 $50.24 0.75%
0.35%(5)
3.08%(5)
 75% $82,904 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2023 (unaudited).
(5)Annualized.
(6)June 29, 2021 (fund inception) through August 31, 2021.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Periods Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Select High Yield ETF
2023(4)
 $43.54 1.09 (0.05) 1.04 (1.14)
0.00(5)
 $43.44 2.44%
0.45%(6)
5.09%(6)
 8% $28,239 
2022(7)
 $50.00 1.58 (6.54) (4.96) (1.51) 0.01 $43.54 (10.04)%
0.45%(6)
4.32%(6)
 12% $30,481 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)November 16, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:  
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Short Duration Strategic Income ETF
2023(4)
 $50.00 1.01 0.50 1.51 (0.65) 0.08 $50.94 3.19%
0.32%(5)
5.17%(5)
 80% $33,109 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)October 11, 2022 (fund inception) through February 28, 2023 (unaudited).
(5)Annualized.


See Notes to Financial Statements.



Approval of Management Agreement
American Century Short Duration Strategic Income ETF

At a meeting held on June 2, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the American Century Short Duration Strategic Income ETF (the "New Fund").
Under Section 15 of the of the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees and, after a period two years from execution, to be evaluated on an annual basis.
In advance of the Board’s consideration, the Advisor provided information concerning the New Fund. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Fund's characteristics and key attributes, the rationale for launching the New Fund, the experience of the staff designated to manage the New Fund, the proposed pricing, and the markets in which the New Fund would be sold. The information considered and the discussions held included, but were not limited to:
•the nature, extent, and quality of investment management and other services to be provided to the New Fund;
•the wide range of other programs and services the Advisor would provide to the New Fund and its shareholders on a routine and non-routine basis;
•the New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
•the cost of owning the New Fund compared to the cost of owning similarly-managed funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Fund.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent data provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund was anticipated to be below the median of the total expense ratios of it's respective peer universe.
When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.
The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the New Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
105

Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

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


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
106

Notes






































107

Notes

108




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