N-CSRS

A message to shareholders

Dear shareholder,

The U.S. equity and bond markets suffered losses and volatility during the six months ended October 31, 2022. Persistently high inflation prompted the U.S. Federal Reserve to tighten monetary policy aggressively. While nearly all market segments lost ground in the sell-off, mega-cap technology-related stocks were hit particularly hard. On the other hand, energy stocks held up reasonably well in the downturn thanks to disruption in oil supplies due to the Russian invasion of Ukraine and the easing of pandemic-related travel restrictions.

Despite growing concerns that central bank rate increases could lead to a recession, bond yields rose broadly, which put downward pressure on bond prices. On a sector basis, corporate bonds outperformed government bonds.

In these uncertain times, your financial professional can assist with positioning your portfolio so that it’s sufficiently diversified to help meet your long-term objectives and to withstand the inevitable bouts of market volatility along the way.

On behalf of everyone at John Hancock Investment Management, I’d like to take this opportunity to welcome new shareholders and thank existing shareholders for the continued trust you’ve placed in us.

Sincerely,

Andrew G. Arnott

Global Head of Retail,
Manulife Investment Management

President and CEO,
John Hancock Investment Management
Head of Wealth and Asset Management,
United States and Europe

This commentary reflects the CEO’s views as of this report’s period end and are subject to change at any time. Diversification does not guarantee investment returns and does not eliminate risk of loss. All investments entail risks, including the possible loss of principal. For more up-to-date information, you can visit our website at jhinvestments.com.

Table of Contents

U.S. High Dividend ETF

SECTOR COMPOSITION AS OF 10/31/2022 (% of net assets)

TOP 10 HOLDINGS AS OF 10/31/2022 (% of net assets)
Apple, Inc.	6.3
Microsoft Corp.	4.7
Exxon Mobil Corp.	2.5
Gilead Sciences, Inc.	2.4
Prudential Financial, Inc.	2.2
IBM Corp.	2.2
Cisco Systems, Inc.	2.1
Intuit, Inc.	2.1
The Blackstone Group, Inc.	2.1
NVIDIA Corp.	2.0
TOTAL	28.6
Cash and cash equivalents are not included.

Notes about risk

Each fund is subject to various risks as described in the fund’s prospectus. Political tensions and armed conflicts, including the Russian invasion of Ukraine, and any resulting economic sanctions on entities and/or individuals of a particular country could lead such a country into an economic recession. The COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors, or the markets, generally, and may ultimately affect fund performance. For more information, please refer to the “Principal risk” section of the prospectus. Current and future portfolio holdings are subject to change and risk. Investing involves risk, including the potential loss of principal. There is no guarantee that a fund’s investment strategy will be successful and there can be no assurance that active trading markets for shares will develop or be maintained by market makers or authorized participants.

SEMIANNUAL REPORT | JOHN HANCOCK ETFS

Table of Contents

Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other funds.

Understanding fund expenses

As a shareholder of a fund, you incur two types of costs:

■Transaction costs, which may include creation and redemption fees and brokerage charges.

■Ongoing operating expenses, including management fees, and other fund expenses.

We are presenting only your ongoing operating expenses here.

Actual expenses/actual returns

The first line of each fund in the following table is intended to provide information about a fund’s actual ongoing operating expenses, and is based on the fund’s actual NAV return. It assumes an account value of $1,000.00 on May 1, 2022, with the same investment held until October 31, 2022.

Together with the value of your account, you may use this information to estimate the operating expenses that you paid over the period. Simply divide your account value at October 31, 2022, by $1,000.00, then multiply it by the “expenses paid” from the table. For example, for an account value of $8,600.00, the operating expenses should be calculated as follows:

Hypothetical example for comparison purposes

The second line of each fund in the following table allows you to compare a fund’s ongoing operating expenses with those of any other fund. It provides an example of the fund’s hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed 5% annualized return before expenses (which is not the fund’s actual return). It assumes an account value of $1,000.00 on May 1, 2022, with the same investment held until October 31, 2022. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Remember, these examples do not include any transaction costs. A fund charges a transaction fee per creation unit to those creating or redeeming creation units, and those buying or selling shares in the secondary market will incur customary brokerage commissions and charges. Therefore, these examples will not help you to determine the relative total costs of owning different funds. If transaction costs were included, your expenses would have been higher. See the prospectus for details regarding transaction costs.

SHAREHOLDER EXPENSE EXAMPLE CHART

	Account value on 5-1-2022	Ending value on 10-31-2022	Expenses paid during 10-31-2022¹	Annualized expense ratio
Corporate Bond ETF
Actual expenses/actual returns	$1,000.00	$919.70	$1.40	0.29%
Hypothetical example for comparison purposes	1,000.00	1,023.70	1.48	0.29%
Mortgage-Backed Securities ETF
Actual expenses/actual returns	$1,000.00	$930.50	$1.90	0.39%
Hypothetical example for comparison purposes	1,000.00	1,023.20	1.99	0.39%
Preferred Income ETF
Actual expenses/actual returns	$1,000.00	$954.80	$2.66	0.54%
Hypothetical example for comparison purposes	1,000.00	1,022.50	2.75	0.54%
U.S. High Dividend ETF
Actual expenses/actual returns²	$1,000.00	$1,069.00	$0.32	0.34%
Hypothetical example for comparison purposes	1,000.00	1,004.50	0.33	0.34%

JOHN HANCOCK ETFS | SEMIANNUAL

Table of Contents

Funds’ investments

CORPORATE BOND ETF

As of 10-31-22 (unaudited)

	Rate (%)	Maturity date	Par value^	Value
Corporate bonds 98.7%				$16,522,043
(Cost $20,520,894)
Communication services 7.0%				1,177,300
Diversified telecommunication services 1.9%
AT&T, Inc.	3.500	06-01-41	128,000	90,434
Verizon Communications, Inc.	2.650	11-20-40	351,000	222,802
Entertainment 1.5%
TWDC Enterprises 18 Corp.	4.125	12-01-41	215,000	174,231
Warnermedia Holdings, Inc. (A)	4.279	03-15-32	100,000	80,775
Media 3.6%
Charter Communications Operating LLC	3.500	06-01-41	446,000	281,745
Comcast Corp.	3.750	04-01-40	425,000	327,313
Consumer discretionary 9.7%				1,625,156
Automobiles 2.7%
General Motors Financial Company, Inc.	2.700	08-20-27	308,000	259,534
Hyundai Capital America (A)	0.800	01-08-24	213,000	201,035
Hotels, restaurants and leisure 4.4%
Booking Holdings, Inc.	3.650	03-15-25	234,000	225,646
Expedia Group, Inc.	3.250	02-15-30	319,000	257,088
Marriott International, Inc.	4.625	06-15-30	276,000	247,587
Internet and direct marketing retail 1.7%
Amazon.com, Inc.	2.500	06-03-50	468,000	277,951
Specialty retail 0.9%
The Home Depot, Inc.	3.625	04-15-52	216,000	156,315
Consumer staples 1.7%				290,882
Beverages 0.5%
Anheuser-Busch InBev Worldwide, Inc.	4.600	04-15-48	113,000	93,155
Food products 1.2%
Kraft Heinz Foods Company	3.875	05-15-27	115,000	107,750
Kraft Heinz Foods Company	5.200	07-15-45	103,000	89,977
Energy 10.6%				1,775,728
Oil, gas and consumable fuels 10.6%
Aker BP ASA (A)	3.750	01-15-30	319,000	271,310
Cenovus Energy, Inc.	5.400	06-15-47	213,000	181,477
Enbridge, Inc. (5.750% to 4-15-30, then 5 Year CMT + 5.314%)	5.750	07-15-80	298,000	263,316
Energy Transfer LP	5.250	04-15-29	213,000	199,607
Kinder Morgan, Inc.	3.600	02-15-51	93,000	60,193
MPLX LP	4.500	04-15-38	213,000	169,805
Sabine Pass Liquefaction LLC	5.750	05-15-24	287,000	286,673
Targa Resources Partners LP	4.875	02-01-31	200,000	176,462
The Williams Companies, Inc.	2.600	03-15-31	213,000	166,885
Financials 33.4%				5,586,801
Banks 22.3%
Bank of America Corp. (2.592% to 4-29-30, then SOFR + 2.150%)	2.592	04-29-31	521,000	411,351
Bank of America Corp. (2.972% to 7-21-51, then SOFR + 1.560%)	2.972	07-21-52	175,000	103,976
Barclays PLC	4.375	01-12-26	425,000	394,552
Citigroup, Inc. (2.976% to 11-5-29, then SOFR + 1.422%)	2.976	11-05-30	425,000	346,700
Citizens Financial Group, Inc.	3.250	04-30-30	425,000	348,890
Credit Agricole SA (A)	3.250	01-14-30	266,000	203,588
JPMorgan Chase & Co. (2.739% to 10-15-29, then SOFR + 1.510%)	2.739	10-15-30	468,000	377,572
JPMorgan Chase & Co. (3.157% to 4-22-41, then SOFR + 1.460%)	3.157	04-22-42	225,000	153,756
Lloyds Banking Group PLC	4.450	05-08-25	425,000	407,339

JOHN HANCOCK ETFS | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Banks (continued)
Santander Holdings USA, Inc.	4.400	07-13-27	425,000	$384,072
U.S. Bancorp (5.727% to 10-21-25, then SOFR + 1.430%)	5.727	10-21-26	250,000	250,693
Wells Fargo & Company (2.879% to 10-30-29, then 3 month CME Term SOFR + 1.432%)	2.879	10-30-30	425,000	348,697
Capital markets 9.1%
Ares Capital Corp.	3.875	01-15-26	213,000	190,963
Blackstone Private Credit Fund	2.350	11-22-24	228,000	208,574
Deutsche Bank AG (2.311% to 11-16-26, then SOFR + 1.219%)	2.311	11-16-27	213,000	170,017
Morgan Stanley (4.431% to 1-23-29, then 3 month LIBOR + 1.628%)	4.431	01-23-30	374,000	341,276
The Bank of New York Mellon Corp. (4.414% to 7-24-25, then SOFR + 1.345%)	4.414	07-24-26	257,000	249,616
The Goldman Sachs Group, Inc. (1.431% to 3-9-26, then SOFR + 0.798%)	1.431	03-09-27	425,000	363,596
Insurance 2.0%
Prudential Financial, Inc. (3.700% to 7-1-30, then 5 Year CMT + 3.035%)	3.700	10-01-50	213,000	165,567
Teachers Insurance & Annuity Association of America (A)	4.270	05-15-47	213,000	166,006
Health care 7.9%				1,326,011
Biotechnology 0.9%
AbbVie, Inc.	4.250	11-21-49	186,000	144,300
Health care providers and services 4.9%
AmerisourceBergen Corp.	3.450	12-15-27	213,000	194,196
CVS Health Corp.	4.300	03-25-28	129,000	121,044
HCA, Inc.	4.125	06-15-29	213,000	187,953
UnitedHealth Group, Inc.	3.500	08-15-39	205,000	157,492
Universal Health Services, Inc. (A)	2.650	10-15-30	213,000	159,347
Pharmaceuticals 2.1%
Eli Lilly & Company	2.250	05-15-50	105,000	62,646
Royalty Pharma PLC	1.750	09-02-27	213,000	175,555
Viatris, Inc.	4.000	06-22-50	213,000	123,478
Industrials 5.1%				844,817
Aerospace and defense 0.9%
The Boeing Company	3.750	02-01-50	223,000	142,683
Airlines 2.3%
Delta Air Lines, Inc. (A)	4.750	10-20-28	213,000	198,151
United Airlines 2020-1 Class A Pass Through Trust	5.875	10-15-27	187,321	180,371
Trading companies and distributors 1.9%
AerCap Ireland Capital DAC	2.450	10-29-26	159,000	134,267
Air Lease Corp.	2.875	01-15-26	213,000	189,345
Information technology 11.0%				1,838,626
Communications equipment 0.6%
Motorola Solutions, Inc.	2.300	11-15-30	133,000	99,510
IT services 0.9%
Visa, Inc.	2.700	04-15-40	213,000	151,163
Semiconductors and semiconductor equipment 4.0%
Broadcom Corp.	3.625	01-15-24	207,000	202,730
Micron Technology, Inc.	4.185	02-15-27	213,000	197,596
NVIDIA Corp.	2.850	04-01-30	319,000	271,426
Software 3.1%
Microsoft Corp.	2.525	06-01-50	457,000	286,689
Oracle Corp.	2.300	03-25-28	117,000	97,872
Oracle Corp.	3.950	03-25-51	202,000	132,151
Technology hardware, storage and peripherals 2.4%
Apple, Inc.	2.700	08-05-51	425,000	267,058
Dell International LLC (A)	3.450	12-15-51	159,000	89,968
Dell International LLC	8.350	07-15-46	40,000	42,463

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK ETFS

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Materials 3.1%				$518,300
Chemicals 1.0%
Braskem Netherlands Finance BV (A)	4.500	01-31-30	200,000	162,284
Construction materials 1.1%
Vulcan Materials Company	3.500	06-01-30	213,000	181,036
Metals and mining 1.0%
Freeport-McMoRan, Inc.	5.450	03-15-43	213,000	174,980
Real estate 3.8%				627,232
Equity real estate investment trusts 3.8%
Equinix, Inc.	1.550	03-15-28	213,000	169,878
GLP Capital LP	5.375	04-15-26	213,000	203,321
Host Hotels & Resorts LP	3.375	12-15-29	319,000	254,033
Utilities 5.4%				911,190
Electric utilities 4.2%
NextEra Energy Capital Holdings, Inc.	2.750	11-01-29	266,000	222,875
NRG Energy, Inc. (A)	4.450	06-15-29	287,000	253,574
Vistra Operations Company LLC (A)	4.300	07-15-29	266,000	232,055
Multi-utilities 1.2%
CenterPoint Energy Resources Corp.	1.750	10-01-30	266,000	202,686

	Yield (%)	Shares	Value
Short-term investments 0.4%			$67,270
(Cost $67,269)
Short-term funds 0.4%			67,270
John Hancock Collateral Trust (B)	3.1986(C)	6,727	67,217
State Street Institutional U.S. Government Money Market Fund, Premier Class	2.9329(C)	53	53

Total investments (Cost $20,588,163) 99.1%					$16,589,313
Other assets and liabilities, net 0.9%					152,675
Total net assets 100.0%					$16,741,988

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
CME	Chicago Mercantile Exchange
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
(A)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $2,018,093 or 12.1% of the fund’s net assets as of 10-31-22.
(B)	Investment is an affiliate of the fund, the advisor and/or subadvisor.
(C)	The rate shown is the annualized seven-day yield as of 10-31-22.

MORTGAGE-BACKED SECURITIES ETF

As of 10-31-22 (unaudited)

	Rate (%)	Maturity date	Par value^	Value
U.S. Government and Agency obligations 43.9%				$10,221,702
(Cost $12,419,903)
U.S. Government 0.7%				166,344
U.S. Treasury
Bond	3.000	08-15-52	100,000	80,078
Bond	3.375	08-15-42	100,000	86,266
U.S. Government Agency 43.2%				10,055,358
Federal Home Loan Mortgage Corp.
30 Yr Pass Thru	2.500	09-01-51	182,398	150,698
30 Yr Pass Thru	2.500	01-01-52	267,235	220,791
30 Yr Pass Thru	3.000	05-01-51	281,263	242,715

JOHN HANCOCK ETFS | SEMIANNUAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
U.S. Government Agency (continued)
30 Yr Pass Thru	3.000	06-01-51	249,920	$213,364
30 Yr Pass Thru	3.000	02-01-52	305,370	260,107
30 Yr Pass Thru	3.500	09-01-47	362,197	324,857
Federal National Mortgage Association
30 Yr Pass Thru	2.000	07-01-51	299,081	237,556
30 Yr Pass Thru	2.000	08-01-51	545,479	434,120
30 Yr Pass Thru	2.000	08-01-51	398,246	315,451
30 Yr Pass Thru	2.000	09-01-51	565,101	449,383
30 Yr Pass Thru	2.500	04-01-51	264,438	217,158
30 Yr Pass Thru	2.500	07-01-51	307,801	254,788
30 Yr Pass Thru	2.500	08-01-51	525,431	433,622
30 Yr Pass Thru	2.500	08-01-51	571,093	471,841
30 Yr Pass Thru	2.500	08-01-51	314,749	259,851
30 Yr Pass Thru	2.500	08-01-51	447,110	369,405
30 Yr Pass Thru	2.500	09-01-51	456,981	377,275
30 Yr Pass Thru	2.500	12-01-51	271,511	223,900
30 Yr Pass Thru	2.500	01-01-52	271,347	223,425
30 Yr Pass Thru	2.500	03-01-52	565,061	466,327
30 Yr Pass Thru	3.000	11-01-46	374,947	326,783
30 Yr Pass Thru	3.000	11-01-46	216,610	188,785
30 Yr Pass Thru	3.000	04-01-47	220,543	191,799
30 Yr Pass Thru	3.000	05-01-50	240,796	208,209
30 Yr Pass Thru	3.000	11-01-50	261,840	226,854
30 Yr Pass Thru	3.000	07-01-51	234,562	200,839
30 Yr Pass Thru	3.000	08-01-51	516,470	442,863
30 Yr Pass Thru	3.000	02-01-52	299,357	255,500
30 Yr Pass Thru	3.500	12-01-46	169,992	153,317
30 Yr Pass Thru	3.500	02-01-47	198,635	178,343
30 Yr Pass Thru	3.500	02-01-48	261,888	234,971
30 Yr Pass Thru	3.500	11-01-48	229,378	205,981
30 Yr Pass Thru	3.500	04-01-50	229,725	206,275
30 Yr Pass Thru	3.500	04-01-51	219,232	196,031
30 Yr Pass Thru	3.500	03-01-52	145,128	128,795
30 Yr Pass Thru	4.000	04-01-47	118,211	109,580
30 Yr Pass Thru	4.000	03-01-48	133,092	123,208
30 Yr Pass Thru	4.000	06-01-49	115,091	106,616
30 Yr Pass Thru	4.000	06-01-49	119,981	111,258

30 Yr Pass Thru	4.000	04-01-50	121,852	112,717
Collateralized mortgage obligations 37.2%				$8,676,789
(Cost $10,118,534)
Commercial and residential 21.5%				5,013,495
Angel Oak Mortgage Trust LLC
Series 2020-3, Class A2 (A)(B)	2.410	04-25-65	116,825	105,306
Series 2021-2, Class A3 (A)(B)	1.447	04-25-66	166,178	127,086
Bellemeade RE, Ltd.
Series 2021-3A, Class M2 (1 month SOFR + 3.150%) (A)(C)	6.147	09-25-31	200,000	171,686
BRAVO Residential Funding Trust
Series 2021-NQM1, Class M1 (A)(B)	2.316	02-25-49	100,000	88,629
Bunker Hill Loan Depositary Trust
Series 2019-3, Class M1 (A)	3.269	11-25-59	100,000	95,526
BX Commercial Mortgage Trust
Series 2021-MC, Class E (1 month LIBOR + 2.100%) (A)(C)	5.512	04-15-34	100,000	90,248
Series 2021-VOLT, Class F (1 month LIBOR + 2.400%) (A)(C)	5.812	09-15-36	200,000	182,050
CAMB Commercial Mortgage Trust
Series 2019-LIFE, Class F (1 month LIBOR + 2.550%) (A)(C)	5.962	12-15-37	200,000	186,311
COLT Mortgage Loan Trust
Series 2021-1, Class A1 (A)(B)	0.910	06-25-66	204,256	160,278
Series 2021-4, Class A1 (A)(B)	1.397	10-25-66	173,194	136,284
Series 2021-4, Class B1 (A)(B)	3.764	10-25-66	200,000	124,962

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL REPORT | JOHN HANCOCK ETFS

Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Commercial and residential (continued)
Series 2021-HX1, Class B1 (A)(B)	3.110	10-25-66	100,000	$65,201
DBGS Mortgage Trust
Series 2018-BIOD, Class D (1 month LIBOR + 1.300%) (A)(C)	4.614	05-15-35	91,376	87,258
Eagle RE, Ltd.
Series 2021-2, Class M1B (1 month SOFR + 2.050%) (A)(C)	5.047	04-25-34	200,000	194,707
FREMF Mortgage Trust
Series 2016-K56, Class B (A)(B)	3.944	06-25-49	200,000	186,656
Series 2018-K730, Class B (A)(B)	3.795	02-25-50	200,000	190,660
Imperial Fund Mortgage Trust
Series 2021-NQM2, Class M1 (A)(B)	2.489	09-25-56	200,000	114,923
Series 2022-NQM5, Class A3 (6.250% to 7-1-26, then 7.250% thereafter) (A)	6.250	08-25-67	97,965	91,973
KNDL Mortgage Trust
Series 2019-KNSQ, Class E (1 month LIBOR + 1.800%) (A)(C)	5.212	05-15-36	275,000	265,376
Life Mortgage Trust
Series 2021-BMR, Class F (1 month LIBOR + 2.350%) (A)(C)	5.762	03-15-38	201,509	187,381
MFA Trust
Series 2020-NQM3, Class M1 (A)(B)	2.654	01-26-65	100,000	85,855
New Residential Mortgage Loan Trust
Series 2019-4A, Class A1B (A)(B)	3.500	12-25-58	81,614	73,403
Oaktown RE VII, Ltd.
Series 2021-2, Class M1B (1 month SOFR + 2.900%) (A)(C)	5.897	04-25-34	200,000	186,751
OBX Trust
Series 2022-NQM1, Class A1 (A)(B)	2.305	11-25-61	134,193	106,774
PKHL Commercial Mortgage Trust
Series 2021-MF, Class F (1 month LIBOR + 3.350%) (A)(C)	6.763	07-15-38	300,000	279,583
Ready Capital Mortgage Trust
Series 2019-5, Class E (A)(B)	5.413	02-25-52	250,000	196,116
Towd Point Mortgage Trust
Series 2019-4, Class B1B (A)(B)	3.500	10-25-59	315,000	202,138
Triangle RE, Ltd.
Series 2021-3, Class M1B (1 month SOFR + 2.900%) (A)(C)	5.897	02-25-34	200,000	191,072
TRK Trust
Series 2021-INV1, Class A1 (A)(B)	1.153	07-25-56	156,269	129,567
Verus Securitization Trust
Series 2019-4, Class A1 (2.642% to 10-25-23, then 3.642% thereafter) (A)	2.642	11-25-59	72,295	68,646
Series 2020-5, Class A1 (1.218% to 10-1-24, then 2.218% thereafter) (A)	1.218	05-25-65	113,249	102,413
Series 2020-INV1, Class A2 (A)(B)	3.035	03-25-60	170,000	161,135
Series 2021-1, Class A2 (A)(B)	1.052	01-25-66	106,295	82,406
Series 2021-3, Class A1 (A)(B)	1.046	06-25-66	107,388	83,591
Series 2021-3, Class A3 (A)(B)	1.437	06-25-66	89,491	68,915
Series 2022-4, Class A1 (4.474% to 4-1-26, then 5.474% thereafter) (A)	4.474	04-25-67	89,591	83,850
Visio Trust
Series 2019-2, Class A1 (A)(B)	2.722	11-25-54	65,147	58,779
U.S. Government Agency 15.7%				3,663,294
Federal Home Loan Mortgage Corp.
Series 2016-SC01, Class M2 (B)	3.906	07-25-46	99,470	96,121
Series 2019-HQA2, Class B1 (1 month LIBOR + 4.100%) (A)(C)	7.686	04-25-49	200,000	193,173
Series 2021-HQA2, Class M2 (1 month SOFR + 2.050%) (A)(C)	5.047	12-25-33	300,000	264,234
Series 5150, Class IS IO	1.500	08-25-51	1,741,000	153,574
Series 5250, Class AY	2.000	01-25-55	449,999	291,708
Series K109, Class X1 IO	1.583	04-25-30	1,990,769	174,009
Series K116, Class X1 IO	1.425	07-25-30	2,739,454	221,103
Series K118, Class X1 IO	0.959	09-25-30	3,187,105	180,583
Series X2FX, Class X1 IO	0.632	09-25-25	15,999,708	150,880
Federal National Mortgage Association
Series 2019-R01, Class 2B1 (1 month LIBOR + 4.350%) (A)(C)	7.936	07-25-31	200,000	196,045
Series 2021-R01, Class 1B1 (1 month SOFR + 3.100%) (A)(C)	6.097	10-25-41	200,000	180,655
Series 2022-22, Class B	2.000	07-25-54	400,000	239,840
Government National Mortgage Association
Series 2014-103, Class DA (B)	3.250	09-16-54	103,990	99,238
Series 2014-135, Class IO	0.421	01-16-56	15,140,206	280,004
Series 2016-26, Class IO	0.675	02-16-58	5,271,687	135,883

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	Rate (%)	Maturity date	Par value^	Value
U.S. Government Agency (continued)
Series 2017-159, Class IO	0.434	06-16-59	3,971,192	$135,520
Series 2018-23, Class IO	0.562	11-16-59	2,059,264	88,066
Series 2021-153, Class IA IO	0.100	08-16-61	19,553,936	103,135
Series 2021-178, Class IA IO	0.100	10-16-61	39,260,689	207,206
Series 2021-62, Class IA IO	0.100	02-16-63	19,177,118	101,854

Series 2022-141, Class BC	2.100	06-01-64	265,000	170,463
Asset backed securities 17.4%				$4,060,374
(Cost $4,534,418)
Asset backed securities 17.4%				4,060,374
AMSR Trust
Series 2020-SFR1, Class C (A)	2.419	04-17-37	150,000	135,682
Series 2020-SFR4, Class D (A)	2.006	11-17-37	314,000	275,577
Apex Credit CLO, Ltd.
Series 2019-2A, Class D (3 month LIBOR + 4.050%) (A)(C)	8.408	10-25-32	150,000	128,226
Barings CLO, Ltd.
Series 2013-IA, Class DR (3 month LIBOR + 2.550%) (A)(C)	6.793	01-20-28	250,000	233,765
CLI Funding VIII LLC
Series 2021-1A, Class A (A)	1.640	02-18-46	145,371	123,312
Columbia Cent CLO XXVIII, Ltd.
Series 2018-28A, Class BR (3 month LIBOR + 2.150%) (A)(C)	5.013	11-07-30	350,000	321,137
Diamond Infrastructure Funding LLC
Series 2021-1A, Class C (A)	3.475	04-15-49	200,000	154,200
Driven Brands Funding LLC
Series 2019-1A, Class A2 (A)	4.641	04-20-49	202,125	179,532
Elara HGV Timeshare Issuer LLC
Series 2021-A, Class D (A)	3.320	08-27-35	153,561	134,162
FirstKey Homes Trust
Series 2021-SFR2, Class E1 (A)	2.258	09-17-38	200,000	163,201
Hertz Vehicle Financing LLC
Series 2022-2A, Class A (A)	2.330	06-26-28	200,000	170,669
LCM XV LP
Series 15A, Class DR (3 month LIBOR + 3.700%) (A)(C)	7.943	07-20-30	250,000	212,377
Madison Park Funding XLI, Ltd.
Series 12A, Class DR (3 month LIBOR + 2.800%) (A)(C)	7.125	04-22-27	250,000	226,236
Progress Residential Trust
Series 2020-SFR1, Class C (A)	2.183	04-17-37	300,000	269,477
Series 2021-SFR3, Class E2 (A)	2.688	05-17-26	100,000	83,181
Series 2021-SFR4, Class A (A)	1.558	05-17-38	200,000	173,478
Series 2021-SFR4, Class E1 (A)	2.409	05-17-38	150,000	124,514
Series 2021-SFR5, Class E2 (A)	2.359	07-17-38	225,000	183,479
Store Master Funding I-VII & XIV
Series 2019-1, Class A2 (A)	3.650	11-20-49	190,850	154,959
Taco Bell Funding LLC
Series 2021-1A, Class A2I (A)	1.946	08-25-51	198,500	164,723
TIF Funding II LLC
Series 2021-1A, Class A (A)	1.650	02-20-46	129,656	106,497
Tricon Residential Trust
Series 2021-SFR1, Class G (A)	4.133	07-17-38	100,000	81,743
Vantage Data Centers Issuer LLC
Series 2021-1A, Class A2 (A)	2.165	10-15-46	125,000	107,817
Voya CLO, Ltd.
Series 2018-2A, Class E (3 month LIBOR + 5.250%) (A)(C)	9.329	07-15-31	200,000	152,430

	Yield (%)	Shares	Value
Short-term investments 1.0%			$227,370
(Cost $227,368)
Short-term funds 1.0%			227,370
John Hancock Collateral Trust (D)	3.1986(E)	22,745	227,241
State Street Institutional U.S. Government Money Market Fund, Premier Class	2.9329(E)	129	129

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Total investments (Cost $27,300,223) 99.5%					$23,186,235
Other assets and liabilities, net 0.5%					126,930
Total net assets 100.0%					$23,313,165

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
IO	Interest-Only Security - (Interest Tranche of Stripped Mortgage Pool). Rate shown is the annualized yield at the end of the period.
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
(A)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $9,907,976 or 42.5% of the fund’s net assets as of 10-31-22.
(B)	Variable or floating rate security, the interest rate of which adjusts periodically based on a weighted average of interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of period end.
(C)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(D)	Investment is an affiliate of the fund, the advisor and/or subadvisor.
(E)	The rate shown is the annualized seven-day yield as of 10-31-22.

DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
U.S. Treasury Long Bond Futures	8	Long	Dec 2022	$1,023,793	$964,000	$(59,793)
						$(59,793)

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

See Notes to financial statements regarding investment transactions and other derivatives information.

PREFERRED INCOME ETF

As of 10-31-22 (unaudited)

	Shares	Value
Preferred securities 52.8%		$12,009,068
(Cost $13,330,492)
Communication services 4.5%		1,019,982
Diversified telecommunication services 1.0%
Qwest Corp., 6.500%	14,000	240,100
Media 0.3%
Paramount Global, 5.750%	2,100	61,005
Wireless telecommunication services 3.2%
Telephone & Data Systems, Inc., 6.000%	10,163	179,885
Telephone & Data Systems, Inc., 6.625%	8,747	175,727
U.S. Cellular Corp., 5.500%	4,904	83,711
U.S. Cellular Corp., 5.500%	4,992	85,363
U.S. Cellular Corp., 6.250%	9,979	194,191
Consumer discretionary 0.9%		196,948
Internet and direct marketing retail 0.9%
Qurate Retail, Inc., 8.000%	3,086	148,807
QVC, Inc., 6.250%	3,084	48,141
Energy 1.5%		344,773
Oil, gas and consumable fuels 1.5%
Enbridge, Inc., 6.375% (6.375% to 4-15-23, then 3 month LIBOR + 3.593%)	7,500	178,125
NuStar Logistics LP, 10.813% (3 month LIBOR + 6.734%) (A)	6,690	166,648
Financials 25.9%		5,897,839
Banks 13.7%
Bank of America Corp., 6.450% (6.450% to 11-28-22, then 3 month LIBOR + 1.327%)	4,820	122,428
Bank of America Corp., 7.250%	245	284,313
Citigroup Capital XIII, 10.785% (3 month LIBOR + 6.370%) (A)	13,884	381,116

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Table of Contents

	Shares	Value
Financials (continued)
Banks (continued)
Citigroup, Inc., 7.125% (7.125% to 9-30-23, then 3 month LIBOR + 4.040%)	11,335	$282,922
Fifth Third Bancorp, 6.000%	8,218	179,481
First Republic Bank, 4.125%	7,560	116,651
First Republic Bank, 4.250%	17,184	272,882
Fulton Financial Corp., 5.125%	4,911	98,613
PacWest Bancorp, 7.750% (7.750% to 9-1-27, then 5 Year CMT + 4.820%)	9,480	235,294
Pinnacle Financial Partners, Inc., 6.750%	6,257	152,358
Synovus Financial Corp., 6.300% (6.300% to 6-21-23, then 3 month LIBOR + 3.352%)	6,705	156,897
The PNC Financial Services Group, Inc., 6.850% (3 month LIBOR + 4.068%) (A)	4,794	122,007
Wells Fargo & Company, 4.750%	18,557	334,026
Wells Fargo & Company, 6.625% (6.625% to 3-15-24, then 3 month LIBOR + 3.690%)	11,517	288,040
WesBanco, Inc., 6.750% (6.750% to 11-15-25, then 5 Year CMT + 6.557%)	3,942	98,787
Capital markets 4.9%
Brookfield Finance, Inc., 4.625%	4,331	72,674
Morgan Stanley, 6.375% (6.375% to 10-15-24, then 3 month LIBOR + 3.708%)	8,243	200,222
Morgan Stanley, 6.500%	8,630	214,024
Morgan Stanley, 6.875% (6.875% to 1-15-24, then 3 month LIBOR + 3.940%)	3,463	86,644
Morgan Stanley, 7.125% (7.125% to 10-15-23, then 3 month LIBOR + 4.320%)	21,299	533,535
Consumer finance 0.5%
Navient Corp., 6.000%	6,472	119,344
Insurance 6.8%
American Equity Investment Life Holding Company, 6.625% (6.625% to 9-1-25, then 5 Year CMT + 6.297%)	5,637	130,553
American Financial Group, Inc., 5.125%	5,301	105,278
American International Group, Inc., 5.850%	10,483	230,626
Athene Holding, Ltd., Series A, 6.350% (6.350% to 6-30-29, then 3 month LIBOR + 4.253%)	11,366	270,624
Brighthouse Financial, Inc., 6.600%	11,780	264,932
Reinsurance Group of America, Inc., 7.125% (7.125% to 10-15-27, then 5 Year CMT + 3.456%)	11,842	299,070
RenaissanceRe Holdings, Ltd., 4.200%	7,584	126,425
Unum Group, 6.250%	5,250	118,073
Health care 1.1%		255,885
Health care equipment and supplies 1.1%
Becton, Dickinson and Company, 6.000%	5,250	255,885
Industrials 0.7%		160,245
Trading companies and distributors 0.7%
WESCO International, Inc., 10.625% (10.625% to 6-22-25, then 5 Year CMT + 10.325%)	5,935	160,245
Real estate 0.8%		183,473
Equity real estate investment trusts 0.8%
Pebblebrook Hotel Trust, 6.375%	7,023	128,100
Vornado Realty Trust, 5.400%	3,360	55,373
Utilities 17.4%		3,949,923
Electric utilities 3.4%
Duke Energy Corp., 5.750%	8,666	204,778
NextEra Energy, Inc., 5.279%	4,571	225,990
NextEra Energy, Inc., 6.219%	2,500	120,625
NextEra Energy, Inc., 6.926%	3,812	177,258
SCE Trust III, 5.750% (5.750% to 3-15-24, then 3 month LIBOR + 2.990%)	2,771	53,591
Gas utilities 1.6%
South Jersey Industries, Inc., 5.625%	6,771	118,560
Spire, Inc., 7.500%	1,213	61,572
UGI Corp., 7.250%	2,166	183,850

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	Shares	Value
Utilities (continued)
Independent power and renewable electricity producers 2.3%
The AES Corp., 6.875%	5,250	$517,178
Multi-utilities 10.1%
Algonquin Power & Utilities Corp., 6.200% (6.200% to 7-1-24, then 3 month LIBOR + 4.010%)	12,235	277,367
Algonquin Power & Utilities Corp., 6.875% (6.875% to 10-17-23, then 3 month LIBOR + 3.677%)	18,430	413,754
CMS Energy Corp., 5.625%	8,028	173,646
CMS Energy Corp., 5.875%	5,778	125,903
DTE Energy Company, 5.250%	8,615	185,050
Integrys Holding, Inc., 6.000% (6.000% to 8-1-23, then 3 month LIBOR + 3.220%)	7,300	167,900
NiSource, Inc., 6.500% (6.500% to 3-15-24, then 5 Year CMT + 3.632%)	12,261	302,969
NiSource, Inc., 7.750%	3,696	376,881

Sempra Energy, 5.750%	12,111	263,051
Common stocks 2.9%		$649,048
(Cost $628,439)
Energy 1.9%		418,644
Oil, gas and consumable fuels 1.9%
BP PLC, ADR	6,221	207,035
Equitrans Midstream Corp.	9,202	77,481
The Williams Companies, Inc.	4,098	134,128
Utilities 1.0%		230,404
Multi-utilities 1.0%
Algonquin Power & Utilities Corp.	6,118	230,404

	Rate (%)	Maturity date	Par value^	Value
Corporate bonds 41.4%				$9,424,295
(Cost $10,427,835)
Communication services 1.8%				410,471
Media 1.1%
Paramount Global (6.375% to 3-30-27, then 5 Year CMT + 3.999%)	6.375	03-30-62	301,000	254,471
Wireless telecommunication services 0.7%
SoftBank Group Corp. (6.875% to 7-19-27, then 5 Year ICE Swap Rate + 4.854%) (B)	6.875	07-19-27	200,000	156,000
Consumer discretionary 1.6%				367,224
Automobiles 1.6%
General Motors Financial Company, Inc. (5.700% to 9-30-30, then 5 Year CMT + 4.997%) (B)	5.700	09-30-30	118,000	100,300
General Motors Financial Company, Inc. (6.500% to 9-30-28, then 3 month LIBOR + 3.436%) (B)	6.500	09-30-28	316,000	266,924
Energy 5.1%				1,164,310
Oil, gas and consumable fuels 5.1%
DCP Midstream LP (7.375% to 12-15-22, then 3 month LIBOR + 5.148%) (B)	7.375	12-15-22	349,000	343,784
Enbridge, Inc. (7.375% to 10-15-27, then 5 Year CMT + 3.708%)	7.375	01-15-83	175,000	165,142
Energy Transfer LP (6.625% to 2-15-28, then 3 month LIBOR + 4.155%) (B)	6.625	02-15-28	639,000	457,684
MPLX LP (6.875% to 2-15-23, then 3 month LIBOR + 4.652%) (B)	6.875	02-15-23	129,000	125,775
TransCanada Trust (5.600% to 12-7-31, then 5 Year CMT + 3.986%)	5.600	03-07-82	84,000	71,925
Financials 27.5%				6,259,831
Banks 19.3%
Bank of America Corp. (5.875% to 3-15-28, then 3 month LIBOR + 2.931%) (B)	5.875	03-15-28	258,000	222,074
Bank of America Corp. (6.125% to 4-27-27, then 5 Year CMT + 3.231%) (B)	6.125	04-27-27	336,000	317,520
Bank of America Corp. (6.500% to 10-23-24, then 3 month LIBOR + 4.174%) (B)	6.500	10-23-24	40,000	39,700
Barclays PLC (8.000% to 6-15-24, then 5 Year CMT + 5.672%) (B)	8.000	06-15-24	262,000	246,528
BNP Paribas SA (7.750% to 8-16-29, then 5 Year CMT + 4.899%) (B)(C)	7.750	08-16-29	205,000	193,281
Citizens Financial Group, Inc. (6.375% to 4-6-24, then 3 month LIBOR + 3.157%) (B)	6.375	04-06-24	265,000	241,615
CoBank ACB (6.450% to 10-1-27, then 5 Year CMT + 3.487%) (B)	6.450	10-01-27	179,000	173,631
Comerica, Inc. (5.625% to 7-1-25, then 5 Year CMT + 5.291%) (B)	5.625	07-01-25	171,000	166,092
Huntington Bancshares, Inc. (5.625% to 7-15-30, then 10 Year CMT + 4.945%) (B)	5.625	07-15-30	82,000	74,525

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Table of Contents

	Rate (%)	Maturity date	Par value^	Value
Financials (continued)
Banks (continued)
JPMorgan Chase & Co. (4.600% to 2-1-25, then SOFR + 3.125%) (B)	4.600	02-01-25	304,000	$271,290
JPMorgan Chase & Co. (6.750% to 2-1-24, then 3 month LIBOR + 3.780%) (B)	6.750	02-01-24	224,000	224,000
Lloyds Banking Group PLC (7.500% to 6-27-24, then 5 Year U.S. Swap Rate + 4.760%) (B)	7.500	06-27-24	249,000	237,415
M&T Bank Corp. (3.500% to 9-1-26, then 5 Year CMT + 2.679%) (B)	3.500	09-01-26	309,000	228,932
SVB Financial Group (4.100% to 2-15-31, then 10 Year CMT + 3.064%) (B)	4.100	02-15-31	200,000	122,947
SVB Financial Group (4.700% to 11-15-31, then 10 Year CMT + 3.064%) (B)	4.700	11-15-31	296,000	197,580
The Bank of Nova Scotia (8.625% to 10-27-27, then 5 Year CMT + 4.389%)	8.625	10-27-82	200,000	201,070
The PNC Financial Services Group, Inc. (3.400% to 9-15-26, then 5 Year CMT + 2.595%) (B)	3.400	09-15-26	129,000	96,266
The PNC Financial Services Group, Inc. (6.000% to 5-15-27, then 5 Year CMT + 3.000%) (B)	6.000	05-15-27	341,000	316,278
The PNC Financial Services Group, Inc. (6.200% to 9-15-27, then 5 Year CMT + 3.238%) (B)	6.200	09-15-27	233,000	220,698
The PNC Financial Services Group, Inc. (3 month LIBOR + 3.678%) (A)(B)	6.460	02-01-23	48,000	47,879
The Toronto-Dominion Bank (8.125% to 10-31-27, then 5 Year CMT + 4.075%)	8.125	10-31-82	279,000	282,139
U.S. Bancorp (3.700% to 1-15-27, then 5 Year CMT + 2.541%) (B)	3.700	01-15-27	258,000	200,595
Wells Fargo & Company (5.900% to 6-15-24, then 3 month LIBOR + 3.110%) (B)	5.900	06-15-24	80,000	72,550
Capital markets 2.5%
The Bank of New York Mellon Corp. (3.750% to 12-20-26, then 5 Year CMT + 2.630%) (B)	3.750	12-20-26	119,000	91,651
The Charles Schwab Corp. (4.000% to 6-1-26, then 5 Year CMT + 3.168%) (B)	4.000	06-01-26	174,000	143,054
The Charles Schwab Corp. (4.000% to 12-1-30, then 10 Year CMT + 3.079%) (B)	4.000	12-01-30	130,000	96,558
The Charles Schwab Corp. (5.000% to 6-1-27, then 5 Year CMT + 3.256%) (B)	5.000	06-01-27	101,000	89,638
The Charles Schwab Corp. (5.375% to 6-1-25, then 5 Year CMT + 4.971%) (B)	5.375	06-01-25	136,000	132,770
Consumer finance 1.4%
American Express Company (3.550% to 9-15-26, then 5 Year CMT + 2.854%) (B)	3.550	09-15-26	217,000	167,361
Discover Financial Services (6.125% to 6-23-25, then 5 Year CMT + 5.783%) (B)	6.125	06-23-25	162,000	155,633
Diversified financial services 0.8%
Enstar Finance LLC (5.750% to 9-1-25, then 5 Year CMT + 5.468%)	5.750	09-01-40	211,000	187,027
Insurance 3.5%
Markel Corp. (6.000% to 6-1-25, then 5 Year CMT + 5.662%) (B)	6.000	06-01-25	157,000	150,319
MetLife, Inc. (5.875% to 3-15-28, then 3 month LIBOR + 2.959%) (B)	5.875	03-15-28	230,000	206,320
SBL Holdings, Inc. (6.500% to 11-13-26, then 5 Year CMT + 5.620%) (B)(C)	6.500	11-13-26	263,000	198,565
SBL Holdings, Inc. (7.000% to 5-13-25, then 5 Year CMT + 5.580%) (B)(C)	7.000	05-13-25	306,000	246,330
Utilities 5.4%				1,222,459
Electric utilities 2.8%
Edison International (5.000% to 12-15-26, then 5 Year CMT + 3.901%) (B)	5.000	12-15-26	119,000	96,390
Edison International (5.375% to 3-15-26, then 5 Year CMT + 4.698%) (B)	5.375	03-15-26	342,000	279,038
NextEra Energy Capital Holdings, Inc. (5.650% to 5-1-29, then 3 month LIBOR + 3.156%)	5.650	05-01-79	242,000	204,449
The Southern Company (3.750% to 6-15-26, then 5 Year CMT + 2.915%)	3.750	09-15-51	86,000	68,163
Independent power and renewable electricity producers 1.5%
Vistra Corp. (7.000% to 12-15-26, then 5 Year CMT + 5.740%) (B)(C)	7.000	12-15-26	117,000	103,499
Vistra Corp. (8.000% to 10-15-26, then 5 Year CMT + 6.930%) (B)(C)	8.000	10-15-26	241,000	228,950
Multi-utilities 1.1%
CenterPoint Energy, Inc. (6.125% to 9-1-23, then 3 month LIBOR + 3.270%) (B)	6.125	09-01-23	12,000	11,270
Dominion Energy, Inc. (4.350% to 1-15-27, then 5 Year CMT + 3.195%) (B)	4.350	01-15-27	86,000	71,147

Dominion Energy, Inc. (5.750% to 10-1-24, then 3 month LIBOR + 3.057%)	5.750	10-01-54	172,000	159,553
Capital preferred securities 0.8%				$175,947
(Cost $195,558)
Financials 0.8%				175,947
Insurance 0.8%
MetLife Capital Trust IV (7.875% to 12-15-37, then 3 month LIBOR + 3.960%) (C)	7.875	12-15-37	168,000	175,947

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	Yield (%)	Shares	Value
Short-term investments 0.8%			$182,390
(Cost $182,391)
Short-term funds 0.8%			182,390
John Hancock Collateral Trust (D)	3.1986(E)	18,225	182,086
State Street Institutional U.S. Government Money Market Fund, Premier Class	2.9329(E)	304	304
Total investments (Cost $24,764,715) 98.7%			$22,440,748
Other assets and liabilities, net 1.3%			295,860
Total net assets 100.0%			$22,736,608

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund unless otherwise indicated.
^All par values are denominated in U.S. dollars unless otherwise indicated.
Security Abbreviations and Legend
ADR	American Depositary Receipt
CMT	Constant Maturity Treasury
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
SOFR	Secured Overnight Financing Rate
(A)	Variable rate obligation. The coupon rate shown represents the rate at period end.
(B)	Perpetual bonds have no stated maturity date. Date shown as maturity date is next call date.
(C)	These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.
(D)	Investment is an affiliate of the fund, the advisor and/or subadvisor.
(E)	The rate shown is the annualized seven-day yield as of 10-31-22.

DERIVATIVES

FUTURES

Open contracts	Number of contracts	Position	Expiration date	Notional basis^	Notional value^	Unrealized appreciation (depreciation)
10-Year U.S. Treasury Note Futures	8	Short	Dec 2022	$(942,923)	$(884,750)	$58,173
						$58,173

^ Notional basis refers to the contractual amount agreed upon at inception of open contracts; notional value represents the current value of the open contract.

See Notes to financial statements regarding investment transactions and other derivatives information.

U.S. HIGH DIVIDEND ETF

As of 10-31-22 (unaudited)

	Shares	Value
Common stocks 99.5%		$5,306,123
(Cost $4,971,640)
Communication services 6.1%		327,530
Diversified telecommunication services 4.1%
AT&T, Inc.	1,838	33,507
Lumen Technologies, Inc.	12,423	91,433
Verizon Communications, Inc.	2,545	95,107
Media 2.0%
Comcast Corp., Class A	485	15,394
Omnicom Group, Inc.	505	36,739
The Interpublic Group of Companies, Inc.	1,858	55,350
Consumer discretionary 7.5%		401,204
Auto components 0.4%
Lear Corp.	162	22,471
Automobiles 1.1%
Ford Motor Company	4,383	58,601
Hotels, restaurants and leisure 1.9%
Starbucks Corp.	1,192	103,215
Household durables 0.3%
Garmin, Ltd.	182	16,023

JOHN HANCOCK ETFS | SEMIANNUAL REPORT

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Table of Contents

	Shares	Value
Consumer discretionary (continued)
Specialty retail 2.1%
Best Buy Company, Inc.	808	$55,275
The Home Depot, Inc.	182	53,896
Textiles, apparel and luxury goods 1.7%
NIKE, Inc., Class B	263	24,375
VF Corp.	2,384	67,348
Consumer staples 4.2%		222,537
Food and staples retailing 1.9%
Costco Wholesale Corp.	141	70,712
Sysco Corp.	364	31,508
Food products 0.6%
Archer-Daniels-Midland Company	303	29,385
Tobacco 1.7%
Philip Morris International, Inc.	990	90,932
Energy 5.4%		285,942
Oil, gas and consumable fuels 5.4%
Chevron Corp.	505	91,355
Exxon Mobil Corp.	1,172	129,869
ONEOK, Inc.	1,091	64,718
Financials 12.5%		665,208
Banks 0.3%
Huntington Bancshares, Inc.	1,172	17,791
Capital markets 7.3%
BlackRock, Inc.	162	104,637
CME Group, Inc.	242	41,939
Franklin Resources, Inc.	545	12,780
T. Rowe Price Group, Inc.	949	100,746
The Blackstone Group, Inc.	1,212	110,462
The Charles Schwab Corp.	263	20,953
Consumer finance 0.3%
American Express Company	101	14,993
Insurance 3.0%
Principal Financial Group, Inc.	444	39,130
Prudential Financial, Inc.	1,131	118,970
Mortgage real estate investment trusts 1.6%
Annaly Capital Management, Inc.	4,464	82,807
Health care 13.0%		696,653
Biotechnology 3.3%
Amgen, Inc.	182	49,204
Gilead Sciences, Inc.	1,616	126,791
Health care equipment and supplies 2.8%
Abbott Laboratories	566	56,000
Medtronic PLC	1,091	95,288
Health care providers and services 1.7%
UnitedHealth Group, Inc.	162	89,934
Life sciences tools and services 1.2%
Agilent Technologies, Inc.	121	16,740
Danaher Corp.	101	25,419
Thermo Fisher Scientific, Inc.	40	20,559
Pharmaceuticals 4.0%
Eli Lilly & Company	182	65,900
Merck & Company, Inc.	626	63,351

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Table of Contents

	Shares	Value
Health care (continued)
Pharmaceuticals (continued)
Pfizer, Inc.	1,879	$87,467
Industrials 4.7%		250,034
Air freight and logistics 1.9%
United Parcel Service, Inc., Class B	606	101,669
Electrical equipment 1.1%
Rockwell Automation, Inc.	222	56,677
Machinery 0.7%
Caterpillar, Inc.	182	39,396
Road and rail 0.8%
Old Dominion Freight Line, Inc.	61	16,751
Union Pacific Corp.	121	23,854
Trading companies and distributors 0.2%
W.W. Grainger, Inc.	20	11,687
Information technology 36.6%		1,954,914
Communications equipment 2.1%
Cisco Systems, Inc.	2,485	112,894
IT services 10.2%
Automatic Data Processing, Inc.	182	43,989
Fidelity National Information Services, Inc.	283	23,486
IBM Corp.	828	114,504
Mastercard, Inc., Class A	222	72,856
Paychex, Inc.	869	102,811
The Western Union Company	7,009	94,692
Visa, Inc., Class A	444	91,979
Semiconductors and semiconductor equipment 8.8%
Broadcom, Inc.	222	104,367
KLA Corp.	222	70,252
Lam Research Corp.	61	24,692
Monolithic Power Systems, Inc.	162	54,991
NVIDIA Corp.	808	109,056
NXP Semiconductors NV	101	14,754
Qualcomm, Inc.	465	54,712
Texas Instruments, Inc.	222	35,660
Software 8.1%
Intuit, Inc.	263	112,433
Microsoft Corp.	1,071	248,611
NortonLifeLock, Inc.	606	13,653
Oracle Corp.	747	58,318
Technology hardware, storage and peripherals 7.4%
Apple, Inc.	2,202	337,651
HP, Inc.	1,212	33,475
Seagate Technology Holdings PLC	505	25,078
Materials 2.5%		131,260
Chemicals 0.9%
LyondellBasell Industries NV, Class A	606	46,329
Containers and packaging 1.0%
International Paper Company	909	30,551
Packaging Corp. of America	182	21,878
Metals and mining 0.6%
Newmont Corp.	768	32,502

JOHN HANCOCK ETFS | SEMIANNUAL REPORT

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Table of Contents

Financial statements

STATEMENTS OF ASSETS AND LIABILITIES 10-31-22 (unaudited)

	Corporate Bond ETF	Mortgage-Backed Securities ETF	Preferred Income ETF	U.S. High Dividend ETF
Assets
Unaffiliated investments, at value	$16,522,096	$22,958,994	$22,258,662	$5,306,123
Affiliated investments, at value	67,217	227,241	182,086	7,342
Total investments, at value	16,589,313	23,186,235	22,440,748	5,313,465
Receivable for futures variation margin	—	—	10,250	—
Cash	6,117	—	192,000	39
Collateral held at broker for futures contracts	—	50,000	40,000	—
Dividends and interest receivable	178,696	108,215	126,271	5,373
Receivable from affiliates	7,389	8,987	11,082	8,767
Other assets	8,839	7,039	15,260	41,519
Total assets	16,790,354	23,360,476	22,835,611	5,369,163
Liabilities
Payable for futures variation margin	—	5,996	—	—
Payable for investments purchased	—	—	65,027	—
Payable to affiliates
Accounting and legal services fees	771	1,256	1,155	76
Other liabilities and accrued expenses	47,595	40,059	32,821	34,199
Total liabilities	48,366	47,311	99,003	34,275
Net assets	$16,741,988	$23,313,165	$22,736,608	$5,334,888
Net assets consist of
Paid-in capital	$21,203,753	$27,748,411	$25,237,270	$4,990,399
Total distributable earnings (loss)	(4,461,765)	(4,435,246)	(2,500,662)	344,489
Net assets	$16,741,988	$23,313,165	$22,736,608	$5,334,888
Unaffiliated investments, at cost	$20,520,947	$27,072,984	$24,582,628	$4,971,640
Affiliated investments, at cost	$67,216	$227,239	$182,087	$7,342
Net asset value per share
Based on net asset values and shares outstanding-the fund has an unlimited number of shares authorized with no par value.
Net assets	$16,741,988	$23,313,165	$22,736,608	$5,334,888
Shares outstanding	850,000	1,125,000	1,050,000	200,000
Net asset value per share	$19.70	$20.72	$21.65	$26.67

JOHN HANCOCK ETFS | SEMIANNUAL

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Table of Contents

STATEMENTS OF OPERATIONS For the six months ended 10-31-22 (unaudited)

	Corporate Bond ETF	Mortgage-Backed Securities ETF	Preferred Income ETF	U.S. High Dividend ETF¹
Investment income
Interest	$299,330	$530,521	$235,854	—
Dividends from affiliated investments	630	2,087	1,726	$44
Dividends from unaffiliated investments	—	—	394,159	11,513
Less foreign taxes withheld	—	—	(1,221)	—
Total investment income	299,960	532,608	630,518	11,557
Expenses
Investment management fees	21,704	42,156	50,666	1,323
Accounting and legal services fees	1,389	1,889	1,589	76
Transfer agent fees	5,042	5,042	4,585	565
Trustees’ fees	264	343	310	—
Custodian fees	18,390	14,051	11,792	1,512
Printing and postage	8,216	8,578	7,749	1,263
Professional fees	14,111	23,589	54,688	6,507
Stock exchange listing fees	4,768	2,732	5,316	—
Other	5,885	5,872	30,793	961
Total expenses	79,769	104,252	167,488	12,207
Less expense reductions	(53,469)	(55,902)	(111,658)	(10,656)
Net expenses	26,300	48,350	55,830	1,551
Net investment income	273,660	484,258	574,688	10,006
Realized and unrealized gain (loss)
Net realized gain (loss) on
Unaffiliated investments	(313,601)	(116,150)	(207,839)	—
Affiliated investments	(17)	(45)	(73)	—
Futures contracts	—	—	118,453	—
	(313,618)	(116,195)	(89,459)	—
Change in net unrealized appreciation (depreciation) of
Unaffiliated investments	(1,432,404)	(2,068,788)	(1,313,480)	334,483
Affiliated investments	1	2	(1)	—
Futures	—	(59,793)	(28,805)	—
	(1,432,403)	(2,128,579)	(1,342,286)	334,483
Net realized and unrealized gain (loss)	(1,746,021)	(2,244,774)	(1,431,745)	334,483
Increase (decrease) in net assets from operations	$(1,472,361)	$(1,760,516)	$(857,057)	$344,489


¹	Period from 9-27-22 (commencement of operations) to 10-31-22.

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SEMIANNUAL | JOHN HANCOCK ETFS

Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS

	Corporate Bond ETF		Mortgage-Backed Securities ETF		Preferred Income ETF
	Six months ended 10-31-22 (unaudited)	Year ended 4-30-22	Six months ended 10-31-22 (unaudited)	Period ended 4-30-22¹	Six months ended 10-31-22 (unaudited)	Period ended 4-30-22²
Increase (decrease) in net assets
From operations
Net investment income	$273,660	$483,655	$484,258	$327,241	$574,688	$263,561
Net realized gain (loss)	(313,618)	51,177	(116,195)	(71,609)	(89,459)	(131,610)
Change in net unrealized appreciation (depreciation)	(1,432,403)	(2,747,007)	(2,128,579)	(2,045,202)	(1,342,286)	(923,508)
Increase (decrease) in net assets resulting from operations	(1,472,361)	(2,212,175)	(1,760,516)	(1,789,570)	(857,057)	(791,557)
Distributions to shareholders
From earnings	(326,052)	(640,804)	(536,522)	(351,819)	(588,899)	(265,880)
From fund share transactions
Shares issued	—	1,207,092	564,887	27,186,705	9,607,411	15,632,590
Total increase (decrease)	(1,798,413)	(1,645,887)	(1,732,151)	25,045,316	8,161,455	14,575,153
Net assets
Beginning of period	18,540,401	20,186,288	25,045,316	—	14,575,153	—
End of period	$16,741,988	$18,540,401	$23,313,165	$25,045,316	$22,736,608	$14,575,153
Share activity
Shares outstanding
Beginning of period	850,000	800,000	1,100,000	—	625,000	—
Shares issued	—	50,000	25,000	1,100,000	425,000	625,000
End of period	850,000	850,000	1,125,000	1,100,000	1,050,000	625,000


¹	Period from 8-18-21 (commencement of operations) to 4-30-22.
²	Period from 12-14-21 (commencement of operations) to 4-30-22.

JOHN HANCOCK ETFS | SEMIANNUAL

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Table of Contents

Financial Highlights

CORPORATE BOND ETF

Period ended	10-31-22¹	4-30-22	4-30-21²
Per share operating performance
Net asset value, beginning of period	$21.81	$25.23	$25.00
Net investment income³	0.32	0.60	0.05
Net realized and unrealized gain (loss) on investments	(2.05)	(3.23)	0.22
Total from investment operations	(1.73)	(2.63)	0.27
Less distributions
From net investment income	(0.38)	(0.79)	(0.04)
Net asset value, end of period	$19.70	$21.81	$25.23
Total return (%)⁴	(8.03)⁵	(10.77)	1.10⁵
Ratios and supplemental data
Net assets, end of period (in millions)	$17	$19	$20
Ratios (as a percentage of average net assets):
Expenses before reductions	0.88⁶	0.94	0.72⁷
Expenses including reductions	0.29⁶	0.29	0.29⁷
Net investment income	3.03⁶	2.39	2.27⁶
Portfolio turnover (%)	13	36	0⁸


¹	Six months ended 10-31-22. Unaudited.
²	Period from 3-30-21 (commencement of operations) to 4-30-21.
³	Based on average daily shares outstanding.
⁴	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁵	Not annualized.
⁶	Annualized.
⁷	Annualized. Certain expenses are presented unannualized.
⁸	Portfolio turnover for the period is 0% due to no sales activity.

MORTGAGE-BACKED SECURITIES ETF

Period ended	10-31-22¹	4-30-22²
Per share operating performance
Net asset value, beginning of period	$22.77	$25.00
Net investment income³	0.44	0.38
Net realized and unrealized gain (loss) on investments	(2.01)	(2.22)
Total from investment operations	(1.57)	(1.84)
Less distributions
From net investment income	(0.48)	(0.39)
Net asset value, end of period	$20.72	$22.77
Total return (%)⁴	(6.95)⁵	(7.43)⁵
Ratios and supplemental data
Net assets, end of period (in millions)	$23	$25
Ratios (as a percentage of average net assets):
Expenses before reductions	0.84⁶	0.93⁷
Expenses including reductions	0.39⁶	0.39⁷
Net investment income	3.91⁶	2.20⁶
Portfolio turnover (%)	10	33


¹	Six months ended 10-31-22. Unaudited.
²	Period from 8-18-21 (commencement of operations) to 4-30-22.
³	Based on average daily shares outstanding.
⁴	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁵	Not annualized.
⁶	Annualized.
⁷	Annualized. Certain expenses are presented unannualized.

JOHN HANCOCK ETFS | SEMIANNUAL

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Table of Contents

PREFERRED INCOME ETF

Period ended	10-31-22¹	4-30-22²
Per share operating performance
Net asset value, beginning of period	$23.32	$25.00
Net investment income³	0.63	0.43
Net realized and unrealized gain (loss) on investments	(1.67)	(1.68)
Total from investment operations	(1.04)	(1.25)
Less distributions
From net investment income	(0.63)	(0.43)
Net asset value, end of period	$21.65	$23.32
Total return (%)⁴	(4.52)⁵	(5.05)⁵
Ratios and supplemental data
Net assets, end of period (in millions)	$23	$15
Ratios (as a percentage of average net assets):
Expenses before reductions	1.62⁶	1.15⁷
Expenses including reductions	0.54⁶	0.54⁷
Net investment income	5.56⁶	4.57⁶
Portfolio turnover (%)	18	15


¹	Six months ended 10-31-22. Unaudited.
²	Period from 12-14-21 (commencement of operations) to 4-30-22.
³	Based on average daily shares outstanding.
⁴	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
⁵	Not annualized.
⁶	Annualized.
⁷	Annualized. Certain expenses are presented unannualized.

U.S. HIGH DIVIDEND ETF

Period ended	10-31-22¹
Per share operating performance
Net asset value, beginning of period	$24.95
Net investment income²	0.05
Net realized and unrealized gain (loss) on investments	1.67
Total from investment operations	1.72
Net asset value, end of period	$26.67
Total return (%)³	6.90⁴
Ratios and supplemental data
Net assets, end of period (in millions)	$5
Ratios (as a percentage of average net assets):
Expenses before reductions	2.16⁵
Expenses including reductions	0.34⁵
Net investment income	2.19⁶
Portfolio turnover (%)	0⁷


¹	Period from 9-27-22 (commencement of operations) to 10-31-22.
²	Based on average daily shares outstanding.
³	Total returns would have been lower had certain expenses not been reduced during the period.
⁴	Not annualized.
⁵	Annualized. Certain expenses are presented unannualized.
⁶	Annualized.
⁷	Portfolio turnover for the period is 0% due to no sales activity.

SEE NOTES TO FINANCIAL STATEMENTS

SEMIANNUAL | JOHN HANCOCK ETFS

Table of Contents

Notes to financial statements (unaudited)

Note 1—Organization

John Hancock Exchange-Traded Fund Trust (the Trust) is an open-end management investment company organized as a Massachusetts business trust. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act). It is a series company with multiple investment series, four of which are presented in this report (the funds).

The investment objective of Corporate Bond ETF is to seek a high level of current income consistent with prudent investment risk.

The investment objective of Mortgage-Backed Securities ETF is to seek a high level of current income while seeking to outperform the benchmark over a market cycle.

The investment objective of Preferred Income ETF is to seek a high level of current income, consistent with preservation of capital.

The investment objective of U.S. High Dividend ETF is to seek a high level of current income. Long-term growth of capital is a secondary objective.

U.S. High Dividend ETF commenced operations on September 27, 2022.

Note 2—Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The funds qualify as investment companies under Topic 946 of Accounting Standards Codification of US GAAP.

Events or transactions occurring after the end of the fiscal period through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the funds:

Security valuation. Investments are stated at value as of the scheduled close of regular trading on the New York Stock Exchange (NYSE), normally at 4:00 P.M., Eastern Time. In case of emergency or other disruption resulting in the NYSE not opening for trading or the NYSE closing at a time other than the regularly scheduled close, the net asset value (NAV) may be determined as of the regularly scheduled close of the NYSE pursuant to the Advisor’s Valuation Policies and Procedures.

In order to value the securities, the funds use the following valuation techniques: Debt obligations are typically valued based on evaluated prices provided by an independent pricing vendor. Independent pricing vendors utilize matrix pricing, which takes into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, as well as broker supplied prices. Equity securities, including exchange-traded or closed-end funds, are typically valued at the last sale price or official closing price on the exchange or principal market where the security trades. In the event there were no sales during the day or closing prices are not available, the securities are valued using the last available bid price. Investments by the funds in open-end mutual funds, including John Hancock Collateral Trust (JHCT), are valued at their respective NAVs each business day. Futures contracts whose settlement prices are determined as of the close of the NYSE are typically valued based on the settlement price while other futures contracts are typically valued at the last traded price on the exchange on which they trade.

Other portfolio securities and assets, for which reliable market quotations are not readily available, are valued at fair value as determined in good faith by the Pricing Committee following procedures established by the Advisor and adopted by the Board of Trustees. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

The funds use a three-tier hierarchy to prioritize the pricing assumptions, referred to as inputs, used in valuation techniques to measure fair value. Level 1 includes securities valued using quoted prices in active markets for identical securities, including registered investment companies. Level 2 includes securities valued using other significant observable inputs. Observable inputs may include quoted prices for similar securities, interest rates, prepayment speeds and credit risk. Prices for securities valued using these inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using significant unobservable inputs when market prices are not readily available or reliable, including the Advisor’s assumptions in determining the fair value of investments. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques and related inputs may result in transfers into or out of an assigned level within the disclosure hierarchy.

The following is a summary of the values by input classification of the funds’ investments as of October 31, 2022, by major security category or type:

	Total value at 10-31-22	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Corporate Bond ETF
Investments in securities:
Assets
Corporate bonds	$16,522,043	—	$16,522,043	—
Short-term investments	67,270	$67,270	—	—
Total investments in securities	$16,589,313	$67,270	$16,522,043	—

Mortgage-Backed Securities ETF
Investments in securities:
Assets

JOHN HANCOCK ETFS | SEMIANNUAL REPORT

Table of Contents

	Total value at 10-31-22	Level 1 quoted price	Level 2 significant observable inputs	Level 3 significant unobservable inputs
Mortgage-Backed Securities ETF (continued)
U.S. Government and Agency obligations	$10,221,702	—	$10,221,702	—
Collateralized mortgage obligations	8,676,789	—	8,676,789	—
Asset backed securities	4,060,374	—	4,060,374	—
Short-term investments	227,370	$227,370	—	—
Total investments in securities	$23,186,235	$227,370	$22,958,865	—
Derivatives:
Liabilities
Futures	$(59,793)	$(59,793)	—	—

Preferred Income ETF
Investments in securities:
Assets
Preferred securities
Communication services	$1,019,982	$1,019,982	—	—
Consumer discretionary	196,948	196,948	—	—
Energy	344,773	344,773	—	—
Financials	5,897,839	5,598,769	$299,070	—
Health care	255,885	255,885	—	—
Industrials	160,245	160,245	—	—
Real estate	183,473	183,473	—	—
Utilities	3,949,923	3,720,451	229,472	—
Common stocks	649,048	649,048	—	—
Corporate bonds	9,424,295	—	9,424,295	—
Capital preferred securities	175,947	—	175,947	—
Short-term investments	182,390	182,390	—	—
Total investments in securities	$22,440,748	$12,311,964	$10,128,784	—
Derivatives:
Assets
Futures	$58,173	$58,173	—	—

U.S. High Dividend ETF
Investments in securities:
Assets
Common stocks	$5,306,123	$5,306,123	—	—
Short-term investments	7,342	7,342	—	—
Total investments in securities	$5,313,465	$5,313,465	—	—

Stripped securities. Stripped securities are financial instruments structured to separate principal and interest cash flows so that one class receives principal payments from the underlying assets (PO or principal only), while the other class receives the interest cash flows (IO or interest only). Both PO and IO investments represent an interest in the cash flows of an underlying stripped security. If the underlying assets experience greater than anticipated prepayments of principal, the funds may fail to fully recover its initial investment in an IO security. The market value of these securities can be extremely volatile in response to changes in interest rates or prepayments on the underlying securities. In addition, these securities present additional credit risk such that the funds may not receive all or part of its principal or interest payments because the borrower or issuer has defaulted on its obligation.

Mortgage and asset backed securities. The funds may invest in mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, which are debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. Such securities often involve risks that are different from the risks associated with investing in other types of debt securities. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in the funds having to reinvest the proceeds in lower yielding securities, effectively reducing the funds’ income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing the funds’ cash available for reinvestment in higher yielding securities. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations (e.g. FNMA), may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. The funds are also subject to risks associated with securities with

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contractual cash flows including asset-backed and mortgage related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

Real estate investment trusts. The funds may invest in real estate investment trusts (REITs). Distributions from REITs may be recorded as income and subsequently characterized by the REIT at the end of their fiscal year as a reduction of cost of investments and/or as a realized gain. As a result, the funds will estimate the components of distributions from these securities. Such estimates are revised when the actual components of the distributions are known.

Security transactions and related investment income. Investment security transactions are accounted for on a trade date plus one basis for daily NAV calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is accrued as earned. Interest income includes coupon interest and amortization/accretion of premiums/discounts on debt securities. Debt obligations may be placed in a non-accrual status and related interest income may be reduced by stopping current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful. Dividend income is recorded on ex-date, except for dividends of certain foreign securities where the dividend may not be known until after the ex-date. In those cases, dividend income, net of withholding taxes, is recorded when the fund becomes aware of the dividends. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

Foreign investing. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange rate. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on the value of securities is reflected as a component of the realized and unrealized gains (losses) on investments. Foreign investments are subject to a decline in the value of a foreign currency versus the U.S. dollar, which reduces the dollar value of securities denominated in that currency.

Funds that invest internationally generally carry more risk than funds that invest strictly in U.S. securities. Risks can result from differences in economic and political conditions, regulations, market practices (including higher transaction costs), accounting standards and other factors.

Foreign taxes. The funds may be subject to withholding tax on income, capital gains or repatriations imposed by certain countries, a portion of which may be recoverable. Foreign taxes are accrued based upon the funds’ understanding of the tax rules and rates that exist in the foreign markets in which it invests. Taxes are accrued based on gains realized by the funds as a result of certain foreign security sales. In certain circumstances, estimated taxes are accrued based on unrealized appreciation of such securities. Investment income is recorded net of foreign withholding taxes.

Overdraft. The funds may have the ability to borrow from banks for temporary or emergency purposes, including meeting redemption requests that otherwise might require the untimely sale of securities. Pursuant to the funds’ custodian agreement, the custodian may loan money to the funds to make properly authorized payments. The funds are obligated to repay the custodian for any overdraft, including any related costs or expenses. The custodian may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the extent of any overdraft, and to the maximum extent permitted by law.

Line of credit. The funds, with the exception of U.S. High Dividend ETF, and other affiliated funds have entered into a syndicated line of credit agreement with Citibank, N.A. as the administrative agent that enables them to participate in a $1 billion unsecured committed line of credit. Excluding commitments designated for a certain fund and subject to the needs of all other affiliated funds, a fund can borrow up to an aggregate commitment amount of $750 million, subject to asset coverage and other limitations as specified in the agreement.

A commitment fee payable at the end of each calendar quarter, based on the average daily unused portion of each line of credit, is charged to each participating fund based on a combination of fixed and asset-based allocations and is reflected in Other expenses on the Statements of operations. For the period ended October 31, 2022, the funds had no borrowings under the line of credit.

Commitment fees for the period ended October 31, 2022 were as follows:

Fund	Commitment fee
Corporate Bond ETF	$1,701
Mortgage-Backed Securities ETF	1,709
Preferred Income ETF	1,745

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such fund. Expenses that are not readily attributable to a specific fund are allocated among all funds in an equitable manner, taking into consideration, among other things, the nature and type of expense and the fund’s relative net assets. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Federal income taxes. Each fund intends to continue to qualify as a regulated investment company by complying with the applicable provisions of the Internal Revenue Code and will not be subject to federal income tax on taxable income that is distributed to shareholders. Therefore, no federal income tax provision is required.

For federal income tax purposes, as of April 30, 2022, certain funds have short-term and long-term capital loss carryforwards available to offset future net realized capital gains. These carryforwards do not expire. The following table details the capital loss carryforwards available as of April 30, 2022:

	No Expiration Date
Fund	Short Term	Long Term
Mortgage-Backed Securities ETF	$152,706	—

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	No Expiration Date
Fund	Short Term	Long Term
Preferred Income ETF	$43,576	—

As of April 30, 2022, the funds had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The funds’ federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

For federal income tax purposes, the costs of investments owned on October 31, 2022, including short-term investments, were as follows:

Fund	Aggregate cost	Unrealized appreciation	Unrealized (depreciation)	Net unrealized appreciation/ (depreciation)
Corporate Bond ETF	$20,739,197	$9,578	$(4,159,462)	$(4,149,884)
Mortgage-Backed Securities ETF	27,319,290	312	(4,193,160)	(4,192,848)
Preferred Income ETF	24,803,572	191,174	(2,495,825)	(2,304,651)
U.S. High Dividend ETF	4,978,982	388,724	(54,241)	334,483

Distribution of income and gains. Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-date. U.S. High Dividend ETF generally declares and pay dividends from net investment income quarterly. All other funds generally declare and pay dividends from net investment income monthly. All funds generally declare and pay capital gain distributions, if any, annually.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP. Distributions in excess of tax basis earnings and profits, if any, are reported in the funds’ financial statements as a return of capital. The final determination of tax characteristics of the distribution will occur at the end of the year and will subsequently be reported to shareholders.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences, if any, will reverse in a subsequent period. Book-tax differences are primarily attributable to derivative transactions and amortization and accretion on debt securities.

Note 3—Derivative instruments

The funds may invest in derivatives in order to meet their investment objective. Derivatives include a variety of different instruments that may be traded in the over-the-counter (OTC) market, on a regulated exchange or through a clearing facility. The risks in using derivatives vary depending upon the structure of the instruments, including the use of leverage, optionality, the liquidity or lack of liquidity of the contract, the creditworthiness of the counterparty or clearing organization and the volatility of the position. Some derivatives involve risks that are potentially greater than the risks associated with investing directly in the referenced securities or other referenced underlying instrument. Specifically, the funds are exposed to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction.

Certain derivatives are traded or cleared on an exchange or central clearinghouse. Exchange-traded or centrally-cleared transactions generally present less counterparty risk to a fund than OTC transactions. The exchange or clearinghouse stands between the funds and the broker to the contract and therefore, credit risk is generally limited to the failure of the exchange or clearinghouse and the clearing member.

Futures. A futures contract is a contractual agreement to buy or sell a particular currency or financial instrument at a pre-determined price in the future. Futures are traded on an exchange and cleared through a central clearinghouse. Risks related to the use of futures contracts include possible illiquidity of the futures markets and contract prices that can be highly volatile and imperfectly correlated to movements in the underlying financial instrument and potential losses in excess of the amounts recognized on the Statements of assets and liabilities. Use of long futures contracts subjects the funds to the risk of loss up to the notional value of the futures contracts. Use of short futures contracts subjects the funds to unlimited risk of loss.

Upon entering into a futures contract, the fund is required to deposit initial margin with the broker in the form of cash or securities. The amount of required margin is set by the broker and is generally based on a percentage of the contract value. The margin deposit must then be maintained at the established level over the life of the contract. Cash that has been pledged by a fund, if any, is detailed in the Statements of assets and liabilities as Collateral held at broker for futures contracts. Securities pledged by the funds, if any, are identified in the Funds’ investments. Subsequent payments, referred to as variation margin, are made or received by a fund periodically and are based on changes in the market value of open futures contracts. Futures contracts are marked-to-market daily and unrealized gain or loss is recorded by the fund. Receivable/Payable for futures variation margin is included in the Statements of assets and liabilities. When the contract is closed, a fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The following table details how the funds used futures contracts during the six months ended October 31, 2022. In addition, the table summarizes the range of notional contract amounts held by the funds, as measured at each quarter end:

Fund	Reason	USD Notional range
Mortgage-Backed Securities ETF	The fund used futures contracts to manage against changes in interest rate.	Up to $1.0 million
Preferred Income ETF	The fund used futures contracts to manage against changes in interest rate.	From $0.9 million to $2.3 million

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Fair value of derivative instruments by risk category

The table below summarizes the fair value of derivatives held by the funds at October 31, 2022 by risk category:

Fund	Risk	Statements of assets and liabilities location	Financial instruments location	Assets derivatives fair value	Liabilities derivatives fair value
Mortgage-Backed Securities ETF	Interest rate	Receivable/payable for futures variation margin¹	Futures	—	$(59,793)
Preferred Income ETF	Interest rate	Receivable/payable for futures variation margin¹	Futures	$58,173	—

¹	Reflects cumulative appreciation/depreciation on open futures as disclosed in the Derivatives section of the Funds’ investments. Only the period end variation margin receivable/payable is separately reported on the Statements of assets and liabilities.

Effect of derivative instruments on the Statements of operations

The table below summarizes the net realized gain (loss) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the period ended October 31, 2022:

		Statements of operations location - Net realized gain (loss) on:
Fund	Risk	Futures contracts
Preferred Income ETF	Interest rate	$118,453

The table below summarizes the net change in unrealized appreciation (depreciation) included in the net increase (decrease) in net assets from operations, classified by derivative instrument and risk category, for the period ended October 31, 2022:

		Statements of operations location - Change in net unrealized appreciation (depreciation) of:
Fund	Risk	Futures contracts
Mortgage-Backed Securities ETF	Interest rate	$(59,793)
Preferred Income ETF	Interest rate	$(28,805)

Note 4—Guarantees and 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 Trust, including the funds. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss from such claims is considered remote.

Note 5—Fees and transactions with affiliates

John Hancock Investment Management LLC (the Advisor) serves as investment advisor for the funds. The Advisor is an indirect, principally owned subsidiary of John Hancock Life Insurance Company (U.S.A.), which in turn is a subsidiary of Manulife Financial Corporation.

Management fee. The funds have an investment management agreement with the Advisor under which Corporate Bond ETF, Mortgage-Backed Securities ETF, Preferred Income ETF and U.S. High Dividend ETF pay a monthly management fee to the Advisor equivalent on an annual basis to 0.24%, 0.34%, 0.49% and 0.29%, respectively, of average daily net assets. The Advisor has a subadvisory agreement with Manulife Investment Management (US) LLC, an indirectly owned subsidiary of Manulife Financial Corporation and an affiliate of the Advisor. The funds are not responsible for payment of the subadvisory fees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock group of funds complex, including the funds (the participating portfolios). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of the funds. During the period ended October 31, 2022, this waiver amounted to 0.01% of the funds’ average daily net assets, on an annualized basis. This arrangement expires on July 31, 2024, unless renewed by mutual agreement of the funds and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

The Advisor contractually agrees to reduce its management fee or, if necessary, make a payment to Corporate Bond ETF, Mortgage-Backed Securities ETF, Preferred Income ETF and U.S. High Dividend ETF in an amount equal to the amount by which expenses of the funds exceed 0.29%, 0.39%, 0.54% and 0.34%, respectively, of average daily net assets. Expenses means all the expenses of the funds, excluding (a) taxes,(b) brokerage commissions,(c) interest expense,(d) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the funds’ business,(e) borrowing costs,(f) prime brokerage fees,(g) acquired fund fees and expenses paid indirectly, and (h) short dividend expense. This agreement expires on August 31, 2024 for U.S. High Dividend ETF, and on August 31, 2023 for Corporate Bond ETF, Preferred Income ETF and Mortgage-Backed Securities ETF, unless renewed by mutual agreement of the funds and the Advisor based upon a determination that this is appropriate under the circumstances at that time.

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The expense reductions described above amount to the following for the period ended October 31, 2022.

Fund	Expense reimbursement
Corporate Bond ETF	$53,469
Mortgage-Backed Securities ETF	55,902

Fund	Expense reimbursement
Preferred Income ETF	$111,658
U.S. High Dividend ETF	10,656

Expenses waived or reimbursed in the current fiscal period are not subject to recapture in future fiscal periods.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the period ended October 31, 2022, were equivalent to a net annual effective rate of the funds’ average daily net assets:

Fund	Net Annual Effective Rate
Corporate Bond ETF	0.00%
Mortgage-Backed Securities ETF	0.00%

Fund	Net Annual Effective Rate
Preferred Income ETF	0.00%
U.S. High Dividend ETF	0.00%

Accounting and legal services. Pursuant to a service agreement, the funds reimburse the Advisor for all expenses associated with providing the administrative, financial, legal, compliance, accounting and recordkeeping services to the funds, including the preparation of all tax returns, periodic reports to shareholders and regulatory reports, among other services. These accounting and legal services fees incurred, for the period ended October 31, 2022, amounted to an annual rate of 0.02% of the funds’ average daily net assets.

Trustee expenses. The funds compensate each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to each fund based on their net assets relative to other funds within the John Hancock group of funds complex.

Note 6—Capital share transactions

The funds will issue and redeem shares only in a large number of specified shares, each called a “creation unit,” or multiples thereof. The funds issue and redeem shares at NAV in creation units of 50,000, 25,000, 25,000 and 10,000 shares for Corporate Bond ETF, Mortgage-Backed Securities ETF, Preferred Income ETF and U.S. High Dividend ETF, respectively.

Only authorized participants may engage in creation or redemption transactions directly with the funds. Such transactions generally take place when an authorized participant deposits into a fund a designated portfolio of securities and/or cash in exchange for a specified number of creation units. Similarly, shares can be redeemed only in creation units, generally for a designated portfolio of securities and/or cash. For purposes of US GAAP, in-kind redemption transactions are treated as a sale of securities and any resulting gains and losses are recognized based on the market value of the securities on the date of the transfer. Authorized participants pay a transaction fee to the custodian when purchasing and redeeming creation units of the funds. The transaction fee is used to defray the costs associated with the issuance and redemption of creation units. Individual shares of the funds may only be purchased and sold in secondary market transactions through brokers. Secondary market transactions may be subject to brokerage commissions. Shares of the funds are listed and traded on the NYSE Arca, Inc., trade at market prices rather than NAV, and may trade at a price greater than or less than NAV.

Authorized participants transacting in creation or redemption of units for cash may also pay an additional variable charge to compensate the relevant fund for the costs associated with purchasing or selling the applicable securities. For the period ended October 31, 2022, such variable charges were $564 and $48,233 for Mortgage-Backed Securities ETF and Preferred Income ETF, respectively. These charges are included in shares sold or repurchased on the Statements of Changes in Net Assets.

Affiliates of Corporate Bond ETF, Mortgage-Backed Securities ETF, Preferred Income ETF and U.S. High Dividend ETF owned 85%, 65%, 40% and 95%, respectively, of shares of the fund on October 31, 2022. Such concentration of shareholders’ capital could have a material effect on a fund if such shareholders redeem from the fund.

Note 7—Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, are aggregated below for the period ended October 31, 2022. In addition, purchases and sales of in-kind transactions are aggregated below for the period ended October 31, 2022:

	Purchases		Sales and maturities
Fund	In-kind transactions	Non in-kind transactions	In-kind transactions	Non in-kind transactions
Corporate Bond ETF	—	$2,381,564	—	$2,371,734
Mortgage-Backed Securities ETF	—	2,777,908	—	2,407,204
Preferred Income ETF	$5,050,119	8,276,532	—	3,618,997
U.S. High Dividend ETF	4,920,936	50,704	—	—

Purchases and sales of U.S. Treasury obligations for Mortgage-Backed Securities ETF aggregated $175,253 and $0, respectively, for the period ended October 31, 2022.

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Note 8—Industry or sector risk

The funds may invest a large percentage of their assets in one or more particular industries or sectors of the economy. If a large percentage of a fund’s assets are economically tied to a single or small number of industries or sectors of the economy, the funds will be less diversified than a more broadly diversified fund, and it may cause the fund to underperform if that industry or sector underperforms. In addition, focusing on a particular industry or sector may make the fund’s NAV more volatile. Further, a fund that invests in particular industries or sectors is particularly susceptible to the impact of market, economic, regulatory and other factors affecting those industries or sectors.

Note 9—Investment in affiliated underlying funds

The funds may invest in affiliated underlying funds that are managed by the Advisor and its affiliates. Information regarding the funds’ fiscal year to date purchases and sales of the affiliated underlying funds as well as income and capital gains earned by the funds, if any, is as follows:

							Dividends and distributions
Affiliate	Ending share amount	Beginning value	Cost of purchases	Proceeds from shares sold	Realized gain (loss)	Change in unrealized appreciation (depreciation)	Income distributions received	Capital gain distributions received	Ending value
Corporate Bond ETF
John Hancock Collateral Trust	6,727	—	$274,923	$(207,690)	$(17)	$1	$630	—	$67,217
Mortgage-Backed Securities ETF
John Hancock Collateral Trust	22,745	—	$2,265,874	$(2,038,590)	$(45)	$2	$2,087	—	$227,241
Preferred Income ETF
John Hancock Collateral Trust	18,225	—	$1,329,760	$(1,147,600)	$(73)	$(1)	$1,726	—	$182,086
U.S. High Dividend ETF
John Hancock Collateral Trust	735	—	$75,080	$(67,738)	—	—	$44	—	$7,342

Note 10—Coronavirus (COVID-19) pandemic

The COVID-19 disease has resulted in significant disruptions to global business activity. A widespread health crisis such as a global pandemic could cause substantial market volatility, exchange-trading suspensions, and closures, which may lead to less liquidity in certain instruments, industries, sectors or the markets generally, and may ultimately affect fund performance.

Note 11—LIBOR discontinuation risk

LIBOR (London Interbank Offered Rate) is a measure of the average interest rate at which major global banks can borrow from one another. Following allegations of rate manipulation and concerns regarding its thin liquidity, in July 2017, the U.K. Financial Conduct Authority, which regulates LIBOR, announced that it will stop encouraging banks to provide the quotations needed to sustain LIBOR. As market participants transition away from LIBOR, LIBOR’s usefulness may deteriorate and these effects could be experienced until the permanent cessation of the majority of U.S. LIBOR rates in 2023. The transition process may lead to increased volatility and illiquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may adversely affect the liquidity and/or market value of securities that use LIBOR as a benchmark interest rate.

The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing certain LIBOR maturities, including some U.S. LIBOR maturities, on December 31, 2021, and is expected to cease publishing the remaining and most liquid U.S. LIBOR maturities on June 30, 2023. It is expected that market participants have or will transition to the use of alternative reference or benchmark rates prior to the applicable LIBOR publication cessation date. Additionally, although regulators have encouraged the development and adoption of alternative rates such as the Secured Overnight Financing Rate ("SOFR"), the future utilization of LIBOR or of any particular replacement rate remains uncertain.

The impact on the transition away from LIBOR referenced financial instruments remains uncertain. It is expected that market participants will adopt alternative rates such as SOFR or otherwise amend such financial instruments to include fallback provisions and other measures that contemplate the discontinuation of LIBOR. Uncertainty and risk remain regarding the willingness and ability of issuers and lenders to include alternative rates and revised provisions in new and existing contracts or instruments. To facilitate the transition of legacy derivatives contracts referencing LIBOR, the International Swaps and Derivatives Association, Inc. launched a protocol to incorporate fallback provisions. There are obstacles to converting certain longer term securities to a new benchmark or benchmarks and the effectiveness of one versus multiple alternative reference rates has not been determined. Certain proposed replacement rates, such as SOFR, are materially different from LIBOR, and will require changes to the applicable spreads. Furthermore, the risks associated with the conversion from LIBOR may be exacerbated if an orderly transition is not completed in a timely manner.

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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Exchange-Traded Fund Trust (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Investment Management LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with Manulife Investment Management (US) LLC (the Subadvisor) with respect to each of the John Hancock Corporate Bond ETF and John Hancock Mortgage-Backed Securities ETF (the Funds). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 21-23, 2022 videoconference¹ meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at a videoconference meeting held on May 24-25, 2022. The Trustees who are not “interested persons” of the Trust as deﬁned by the Investment Company Act of 1940, as amended (the "1940 Act”) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees and a third-party consulting ﬁrm.

Approval of Advisory and Subadvisory Agreements

At a videoconference meeting held on June 21-23, 2022, the Board, including the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the 1940 Act, reapproved for an annual period the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to each of the Funds identified in Appendix A.

In considering the Advisory Agreement and the Subadvisory Agreement with respect to each Fund, the Board received in advance of the meetings a variety of materials relating to each Fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for peer groups of similar funds prepared by an independent third-party provider of fund data; performance information for the Funds’ benchmark indices; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable; and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s revenues and costs of providing services to the Funds and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement is considered, particular focus is given to information concerning Fund performance, comparability of fees and total expenses, and profitability. However, the Board noted that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the Funds, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the Funds it manages. The information received and considered by the Board in connection with the May and June meetings and throughout the year was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of the non-advisory services, if any, to be provided to the Funds by the Advisor and/or its affiliates, including administrative services. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the Funds. In addition, although the Board approved the renewal of the Agreements for all the Funds at the June meeting, the Board considered each Fund separately.

Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to each Fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may be based in part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board’s ongoing regular review of Fund performance and operations throughout the year.

Nature, extent and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the Funds, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the fund’s compliance programs, risk management programs, liquidity management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the Funds, including, but not limited to, general supervision of and coordination of the services provided by the

¹On June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the Securities and Exchange Commission issued an exemptive order (the “Order”) pursuant to Sections 6(c) and 38(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), that temporarily exempts registered investment management companies from the in-person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Order are ratified at the next in-person meeting. The Board determined that reliance on the Order was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the Board’s May and June meetings were held via videoconference in reliance on the Order. This exemptive order supersedes, in part, a similar, earlier exemptive order issued by the SEC.

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Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers, including the Funds’ distributor. The Board also considered the significant risks assumed by the Advisor in connection with the services provided to the Funds including entrepreneurial risk in sponsoring new Funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all Funds.

In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management and the quality of the performance of the Advisor’s duties, through Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex).

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a)the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationships, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution, and the Advisor’s timeliness in responding to performance issues;

(b)the background, qualifications and skills of the Advisor’s personnel;

(c)the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;

(d)the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the Funds, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the Funds, and bringing loss recovery actions on behalf of the Funds;

(e)the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the Funds;

(f)the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the Funds; and

(g)the Advisor’s reputation and experience in serving as an investment adviser to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

Investment performance. In considering each Fund’s performance, the Board noted that it reviews at its regularly scheduled meetings information about the Funds’ performance results. In connection with the consideration of the Advisory Agreement, the Board:

(a)reviewed information prepared by management regarding the Funds’ performance;

(b)considered the comparative performance of each Fund’s respective benchmark index;

(c)considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and

(d)took into account the Advisor’s analysis of each Fund’s performance and its plans and recommendations regarding the Trust’s subadvisory arrangements generally and with respect to particular Funds.

The Board noted that while it found the data provided by the independent third-party generally useful it recognized its limitations, including in particular that the data may vary depending on the end date selected and the results of the performance comparisons may vary depending on the selection of the peer group. The Board reviewed Fund performance against each Fund’s respective benchmark and concluded that the performance of the Funds has generally been in line with or generally outperformed the historical performance of comparable funds based on the median percentile and/or each Fund’s respective benchmark or is being monitored and reasonably addressed, where appropriate as noted in Appendix A.

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of fund data, including, among other data, each Fund’s contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the Fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor. The Board considered each Fund’s ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the Fund’s ranking within broader groups of funds. In comparing each Fund’s contractual and net management fees to that of comparable funds, the Board noted that such fees include both advisory and administrative costs.

The Board took into account management’s discussion of the Funds’ expenses, including previous actions taken to reduce management fees for certain of the Funds. The Board also took into account management’s discussion with respect to the overall management fee and the fees of the Subadvisor, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor pays the subadvisory fees of the Funds. The Board also took into account that management had agreed to implement an overall fee waiver across the complex, including each of the Funds, which is discussed further below. The Board also noted management’s discussion of the Funds’ expenses, as well as any actions taken over the past several years to reduce the Funds’ operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to each Fund. The Board also took into account that management has approved the implementation of breakpoints in each Fund’s subadvisory fee schedule. The Board reviewed information provided by the Advisor concerning the investment advisory fees charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment

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mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to a Fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to each of the Funds is reasonable in light of the nature, extent and quality of the services provided to the Funds under the Advisory Agreement.

Profitability/Fall out benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates from the Advisor’s relationship with the Trust, the Board:

(a)reviewed financial information of the Advisor;

(b)reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to each Fund;

(c)received and reviewed profitability information with respect to the John Hancock Fund Complex as a whole and with respect to each Fund;

(d)received information with respect to the Advisor’s allocation methodologies used in preparing the profitability data and considered that the Advisor hired an independent third-party consultant to provide an analysis of the Advisor’s allocation methodologies;

(e)considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain Funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability analysis reviewed by the Board;

(f)considered that the Advisor also provides administrative services to the Funds on a cost basis pursuant to an administrative services agreement;

(g)noted that the fund’s Subadvisor is an affiliate of the Advisor;

(h)noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the Funds;

(i)noted that the subadvisory fee is paid by the Advisor;

(j)noted that the Advisor also pays the Subadvisor a license fee in connection with each Fund’s use of its Underlying Index;

(k)considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and

(l)considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to each Fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates from their relationship with each Fund was reasonable and not excessive.

Economies of scale. In considering the extent to which a Fund may realize any economies of scale and whether fee levels reflect these economies of scale for the benefit of Fund shareholders, the Board:

(a)considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the Funds (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each Fund;

(b)the Board also took into account management’s discussion of each Fund’s advisory fee structure; and

(c)considered the effect of the Funds’ growth in size on their performance and fees. The Board also noted that if the Funds’ assets increase over time, the Funds may realize other economies of scale.

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1)information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex);

(2)the historical and current performance of each Fund and comparative performance information relating to the Fund’s benchmark and comparable funds; and

(3)the subadvisory fee for each Fund, including the approved breakpoints for each of the Funds and to the extent available, comparable fee information prepared by an independent third-party provider of fund data.

Nature, extent, and quality of services. With respect to the services provided by the Subadvisor with respect to each Fund, the Board received information provided to the Board by the Subadvisor, including the Subadvisor’s Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor’s current level of staffing and its overall resources, as well as received information relating to the Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor’s investment and compliance personnel who provide services to the Funds. The Board also considered, among other things, the Subadvisor’s compliance program and any disciplinary history. The Board also considered the Subadvisor’s risk assessment and monitoring process. The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as

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appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust’s CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

The Board considered the Subadvisor’s investment process and philosophy. The Board took into account that the Subadvisor’s responsibilities include the development and maintenance of an investment program for each Fund that is consistent with the Fund’s investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor’s brokerage policies and practices, including with respect to best execution and soft dollars.

Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with each Fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the Funds.

The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.

In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the Funds, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.

Subadvisory fees. The Board considered that the Fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays subadvisory fees to the Subadvisor. As noted above, the Board also considered each Fund’s subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the Funds as included in the report prepared by the independent third-party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer groups were not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the Funds to fees charged by each Fund’s Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

Subadvisor performance. As noted above, the Board considered each Fund’s performance as compared to the Fund’s respective peer group median and the benchmark index and noted that the Board reviews information about the Fund’s performance results at its regularly scheduled meetings. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style, and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance. The Board also noted the Subadvisor’s long-term performance record for similar accounts, as applicable.

The Board’s decision to approve the Subadvisory Agreement with respect to each Fund was based on a number of determinations, including the following:

(1)the Subadvisor has extensive experience and demonstrated skills as a manager;

(2)the performance of the Funds have generally been in line with or generally outperformed the historical performance of comparable funds, based on the median percentile, and/or each Fund’s respective benchmark or is being monitored and reasonably addressed, where appropriate as noted in Appendix A;

(3)the subadvisory fees are reasonable in relation to the level and quality of services being provided under the Subadvisory Agreement; and

(4)that the subadvisory fees are paid by the Advisor and not the Funds and the Board has approved the implementation of breakpoints to each of the Fund’s subadvisory fee schedule.

Additional information relating to each Fund’s fees and expenses and performance that the Board considered in approving the Advisory Agreement and Subadvisory Agreement for a particular Fund is set forth in Appendix A.

***

Based on the Board’s evaluation of all factors that the Board deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement with respect to each Fund would be in the best interest of each of the respective Funds and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement with respect to each Fund for an additional one-year period.

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APPENDIX A

Portfolio (subadvisors)	Performance of fund, as of 12.31.2021	Fees and expenses	Comments
Corporate Bond ETF (Manulife Investment Management (US) LLC)	Benchmark Index – The fund underperformed for the period since March 31, 2021. Morningstar Category – The fund underperformed the peer group median for the period since March 31, 2021.	Subadvisor fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are lower than the peer group median. Net total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the factors that contributed to the fund’s performance relative to the benchmark index and relative to the peer group median for the period since March 31, 2021, including the impact of past and current market conditions on the fund’s strategy and management’s outlook for the fund. The Board also noted the relatively limited performance history of the fund.
Mortgage-Backed Securities ETF (Manulife Investment Management (US) LLC)	Benchmark Index - The fund outperformed for the period since August 31, 2021. Morningstar Category - The fund outperformed the peer group median for the period since August 31, 2021.	Subadvisor fee comparative data not provided due to limited size of Lipper peer group for this purpose. Net management fees for this fund are lower than the peer group median. Net total expenses for this fund are lower than the peer group median.	The Board took into account management’s discussion of the fund’s performance, including the favorable performance relative to the benchmark index and to the peer group median for the period since August 31, 2021. The Board also noted the relatively limited performance history of the fund.

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EVALUATION OF ADVISORY AND SUBADVISORY AGREEMENTS BY THE BOARD OF TRUSTEES

Approval of Advisory and Subadvisory Agreements

At a meeting held on September 20-22, 2022, at which Trustees were present and participated in person, the Board of Trustees (the Board) of John Hancock Exchange-Traded Fund Trust (the Trust), including all of the Trustees who are not parties to any Agreement or considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), approved the establishment of John Hancock U.S. High Dividend ETF (the New Fund). The Trustees who are not “interested persons” of the Trust as deﬁned by the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees) also met separately to evaluate and discuss the information presented, including with counsel to the Independent Trustees.

This section describes the evaluation by the Board of:

(a)an amendment to the advisory agreement between the Trust and John Hancock Investment Management LLC (the Advisor) (the Advisory Agreement); and

(b)an amendment to the subadvisory agreement between the Advisor and Manulife Investment Management (US) LLC (the Subadvisor) with respect to the New Fund (the Subadvisory Agreement).

In considering the amendments to the Advisory Agreement and the Subadvisory Agreement with respect to the New Fund, the Board received in advance of the meeting a variety of materials relating to the New Fund, the Advisor and the Subadvisor, including comparative fee and expense information for a group of comparable exchange-traded funds, and other information regarding the nature, extent, and quality of services to be provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor’s anticipated revenues and costs of providing services in connection with its proposed relationship to the New Fund and any compensation paid to affiliates of the Advisor. The Board also took into account discussions with management and information provided to the Board (including its various committees) at prior meetings with respect to the services provided by the Advisor and the Subadvisor to other John Hancock Funds, including other exchange-traded funds (the Funds), including quarterly performance reports prepared by management containing reviews of investment results, and periodic presentations from the Subadvisor with respect to the other Funds that it manages. The information received and considered by the Board in connection with the September meeting and throughout the year (with respect to other Funds) was both written and oral. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of the non-advisory services, if any, to be provided to the New Fund by the Advisor and/or its affiliates, including administrative services. The Board also took into account information with respect to the New Fund presented at the June 21-23, 2022 meeting. The Board considered the Advisory Agreement and the Subadvisory Agreement separately in the course of its review. In doing so, the Board noted the respective roles of the Advisor and Subadvisor in providing services to the New Fund.

Throughout the process, the Board asked questions of and were afforded the opportunity to request additional information from management. The Board is assisted by counsel for the Trust, and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreement and Subadvisory Agreement and discussed the proposed Advisory Agreement and Subadvisory Agreement in private sessions with their independent legal counsel at which no representatives of management were present.

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to the New Fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board’s conclusions may have been based in part on its consideration of the advisory and subadvisory arrangements for other Funds in prior years.

Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services to be provided to the New Fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor’s compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust’s Chief Compliance Officer (CCO) regarding the Funds’ compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board considered the investment strategy proposed for the New Fund. The Board observed that the scope of services provided by the Advisor, and of the undertakings required of the Advisor in connection with those services, including maintaining and monitoring its own and the New Fund’s compliance programs, risk management programs, liquidity risk management programs and cybersecurity programs, had expanded over time as a result of regulatory, market and other developments. The Board considered that the Advisor would be responsible for the management of the day-to-day operations of the New Fund, including, but not limited to, general supervision and coordination of the services to be provided by the Subadvisor, and also would be responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers, including the New Fund’s distributor. The Board also considered the significant risks assumed by the Advisor in connection with the services to be provided to the New Fund including entrepreneurial risk in sponsoring new funds and ongoing risks including investment, operational, enterprise, litigation, regulatory and compliance risks with respect to all funds.

In considering the nature, extent, and quality of the services to be provided by the Advisor, the Trustees also took into account their knowledge of the Advisor’s management of other Funds and the quality of the performance of the Advisor’s duties with respect to other Funds, through Board meetings, discussions and reports during the preceding year and through each Trustee’s experience as a Trustee of the Trust and of the other trusts in the John Hancock group of funds complex (the John Hancock Fund Complex).

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In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a)the skills and competency with which the Advisor has in the past managed the Trust’s affairs and its subadvisory relationships, including those with the Subadvisor, the Advisor’s oversight and monitoring of the Subadvisor’s investment performance and compliance programs, such as the Subadvisor’s compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor’s timeliness in responding to performance issues;

(b)the background, qualifications and skills of the Advisor’s personnel;

(c)the Advisor’s compliance policies and procedures and its responsiveness to regulatory changes and fund industry developments;

(d)the Advisor’s administrative capabilities, including its ability to supervise the other service providers for the New Fund, as well as the Advisor’s oversight of any securities lending activity, its monitoring of class action litigation and collection of class action settlements on behalf of the New Fund, and bringing loss recovery actions on behalf of the New Fund;

(e)the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the New Fund;

(f)the Advisor’s initiatives intended to improve various aspects of the Trust’s operations and investor experience with the New Fund; and

(g)the Advisor’s reputation and experience in serving as an investment advisor to the Trust, and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the New Fund.

Investment performance. In connection with its consideration of the Advisory Agreement, the Board considered the New Fund’s proposed investment strategy and processes. The Board also considered the investment performance of other Funds managed by the Advisor as well as back-tested performance information of the proposed strategy for the New Fund. The Board also considered the experience of the portfolio management team that would be responsible for managing the New Fund’s assets.

Fees and Expenses. The Board reviewed comparative information including, among other data, the New Fund’s anticipated total net expenses as compared to similarly situated exchange-traded funds deemed to be comparable to the New Fund in light of the nature, extent and quality of the management and advisory and subadvisory services provided by the Advisor and the Subadvisor.

The Board took into account management’s discussion of the New Fund’s anticipated expenses. The Board also took into account management’s discussion with respect to the proposed management fee and the fees of the Subadvisor, including the amount of the advisory fee to be retained by the Advisor after payment of the subadvisory fee, in each case in light of the services rendered for those amounts and the risks undertaken by the Advisor. The Board also noted that the Advisor, and not the New Fund, would be responsible for paying the subadvisory fees. The Board also took into account that management has agreed to implement an overall fee waiver across a number of funds in the complex, including the New Fund, which is discussed further below. The Board also noted that the Advisor has contractually agreed to waive fees and/or reimburse expenses with respect to the New Fund for a specified period. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the John Hancock Fund Complex) having similar investment mandates, if any. The Board considered any differences between the Advisor’s and Subadvisor’s services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fees to be paid by the New Fund are reasonable in light of the nature, extent and quality of the services expected to be provided to the New Fund under the Advisory Agreement.

Profitability/Fall Out Benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates from the Advisor’s relationship with the New Fund, the Board:

(a)noted that because the New Fund was not yet in existence, no actual revenue, cost or profitability data was available for the Board to review, although the Board received information from the Adviser on its projected profitability with respect to the New Fund;

(b)reviewed and considered information presented by the Advisor regarding the advisory fees and advisory spreads prior to distribution, operations and overhead for the New Fund;

(c)noted that the Advisor will derive reputational and other indirect benefits from providing advisory services to the New Fund;

(d)noted that the subadvisory fee for the New Fund will be paid by Advisor;

(e)noted that the New Fund’s Subadvisor is an affiliate of the Advisor;

(f)considered the Advisor’s ongoing costs and expenditures necessary to improve services, meet new regulatory and compliance requirements, and adapt to other challenges impacting the fund industry; and

(g)considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it will provide to the New Fund and the risks that it assumes as Advisor, including entrepreneurial, operational, reputational, litigation and regulatory risk.

Based upon its review, the Board concluded that the anticipated level of profitability, if any, of the Advisor and its affiliates from their relationship with the New Fund is reasonable and not excessive.

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Economies of Scale. In considering the extent to which economies of scale would be realized if the New Fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:

(a)considered that the Advisor has contractually agreed to waive a portion of its management fee for certain funds of the John Hancock Fund Complex, including the New Fund (the participating portfolios) or otherwise reimburse the expenses of the participating portfolios (the reimbursement). This waiver is based upon aggregate net assets of all the participating portfolios. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund;

(b)took into account management’s discussion of the New Fund’s advisory fee structure; and

(c)the Board also noted that if the New Fund’s assets increase over time, the New Fund may realize other economies of scale.

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(a)information relating to the Subadvisor’s business, including current subadvisory services to the Trust (and other funds in the John Hancock Fund Complex); and

(b)the proposed subadvisory fee for the New Fund, including any breakpoints.

Nature, Extent, and Quality of Services. With respect to the services to be provided by the Subadvisor, the Board received and reviewed information provided to the Board by the Subadvisor with respect to the New Fund and took into account information presented throughout the past year with respect to Funds in the complex managed by the Advisor and subadvised by the Subadvisor. In this regard, the Board considered the Subadvisor’s current level of staffing and its overall resources, as well as considered information relating to the Subadvisor’s compensation program. The Board reviewed the Subadvisor’s history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor’s investment and compliance personnel who will provide services to the New Fund. The Board also considered the Subadvisor’s risk assessment and monitoring processes. The Board reviewed the Subadvisor’s regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular periodic reviews of the Subadvisor and its operations in regard to the Funds, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust’s CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

The Board considered the Subadvisor’s investment process and philosophy. The Board also considered the experience of the portfolio management team that would be responsible for managing the New Fund’s assets.

Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the New Fund, the Board noted that the fees under the Subadvisory Agreement will be paid by the Advisor and not the New Fund. The Board also received information and took into account any other potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.

In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor’s relationship with the New Fund, such as the opportunity to provide advisory services to additional funds in the John Hancock Fund Complex and reputational benefits.

Subadvisory fees. The Board considered that the New Fund will pay an advisory fee to the Advisor and that, in turn, the Advisor will pay a subadvisory fee to the Subadvisor.

Subadvisor performance. As noted above, the Board considered the New Fund’s investment strategy and processes. The Board noted the Advisor’s expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor’s focus on the Subadvisor’s performance.

The Board’s decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1)the Subadvisor has extensive experience and demonstrated skills as a manager, and currently subadvises other Funds in the complex and the Board is generally satisfied with the Subadvisor’s management of these Funds, and may reasonably be expected to provide a high quality of investment management services to the New Fund;

(2)the proposed subadvisory fees are reasonable in relation to the level and quality of services to be provided under the Subadvisory Agreement; and

(3)that the subadvisory fees will be paid by the Advisor not the New Fund.

***

Based on the Board’s evaluation of all factors that it deemed to be material, including those factors described above, and assisted by the advice of independent legal counsel, the Board, including the Independent Trustees, concluded that approval of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the New Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the amendments to the Advisory Agreement and Subadvisory Agreement.

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More information

Trustees

Hassell H. McClellan, Chairperson
Steven R. Pruchansky, Vice Chairperson
Andrew G. Arnott^†
James R. Boyle
Peter S. Burgess^*
William H. Cunningham^*
Grace K. Fey
Noni L. Ellison^{^}
Dean C. Garfield^{^}
Marianne Harrison^†
Deborah C. Jackson
Patricia Lizarraga^{*,^}
Paul Lorentz^‡
Frances G. Rathke^*
Gregory A. Russo

Officers

Andrew G. Arnott
President

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Christopher (Kit) Sechler
Secretary and Chief Legal Officer

Trevor Swanberg
Chief Compliance Officer

Investment advisor

John Hancock Investment Management LLC

Subadvisor

Manulife Investment Management (US) LLC

Portfolio Managers

The Investment Team at Manulife IM (US)

Principal distributor

Foreside Fund Services, LLC

Custodian

State Street Bank and Trust Company

Transfer agent

State Street Bank and Trust Company

Legal counsel

Dechert LLP

^† Non-Independent Trustee

* Member of the Audit Committee

^ Elected to serve as Independent Trustee effective as of September 9, 2022.

‡ Elected to serve as Non-Independent Trustee effective as of September 9, 2022.

The funds’ proxy voting policies and procedures, as well as the funds’ proxy voting record for the most recent twelve-month period ended June 30, are available free of charge on the Securities and Exchange Commission (SEC) website at sec.gov or on our website.

All of the funds’ holdings as of the end of the third month of every fiscal quarter are filed with the SEC on Form N-PORT within 60 days of the end of the fiscal quarter. The funds’ Form N-PORT filings are available on our website and the SEC’s website, sec.gov.

We make this information on your funds’, as well as monthly portfolio holdings, and other funds’ details available on our website at jhinvestments.com/etf or by calling 800-225-6020.

You can also contact us:
800-225-6020	Regular mail:
jhinvestments.com/etf	John Hancock Investment Management 200 Berkeley Street Boston, MA 02116

SEMIANNUAL REPORT | JOHN HANCOCK ETFS

Table of Contents

John Hancock family of funds

U.S. EQUITY FUNDS

Blue Chip Growth

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Equity Income

Financial Industries

Fundamental All Cap Core

Fundamental Large Cap Core

Mid Cap Growth

New Opportunities

Regional Bank

Small Cap Core

Small Cap Growth

Small Cap Value

U.S. Global Leaders Growth

U.S. Growth

INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Emerging Markets Equity

Fundamental Global Franchise

Global Environmental Opportunities

Global Equity

Global Shareholder Yield

Global Thematic Opportunities

International Dynamic Growth

International Growth

International Small Company

FIXED-INCOME FUNDS

Bond

California Municipal Bond

Emerging Markets Debt

Floating Rate Income

Government Income

High Yield

High Yield Municipal Bond

Income

Investment Grade Bond

Money Market

Municipal Opportunities

Opportunistic Fixed Income

Short Duration Bond

Short Duration Municipal Opportunities

Strategic Income Opportunities

ALTERNATIVE FUNDS

Absolute Return Currency

Alternative Asset Allocation

Diversified Macro

Infrastructure

Multi-Asset Absolute Return

Real Estate Securities

Seaport Long/Short

A fund’s investment objectives, risks, charges, and expenses should be considered carefully before investing. The prospectus contains this and other important information about the fund. To obtain a prospectus, contact your financial professional, call John Hancock Investment Management at 800-225-5291, or visit our website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

Table of Contents

EXCHANGE-TRADED FUNDS

John Hancock Corporate Bond ETF

John Hancock Mortgage-Backed Securities ETF

John Hancock Multifactor Developed International ETF

John Hancock Multifactor Emerging Markets ETF

John Hancock Multifactor Large Cap ETF

John Hancock Multifactor Mid Cap ETF

John Hancock Multifactor Small Cap ETF

John Hancock Preferred Income ETF

John Hancock U.S. High Dividend ETF

ENVIRONMENTAL,SOCIAL, AND
GOVERNANCE FUNDS

ESG Core Bond

ESG International Equity

ESG Large Cap Core

ASSET ALLOCATION/TARGET DATE FUNDS

Balanced

Multi-Asset High Income

Multi-Index Lifetime Portfolios

Multi-Index Preservation Portfolios

Multimanager Lifestyle Portfolios

Multimanager Lifetime Portfolios

CLOSED-END FUNDS

Asset-Based Lending

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

John Hancock ETF shares are bought and sold at market price (not NAV), and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

John Hancock ETFs are distributed by Foreside Fund Services, LLC, and are subadvised by Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP. Foreside is not affiliated with John Hancock Investment Management Distributors LLC, Manulife Investment Management (US) LLC or Dimensional Fund Advisors LP.

Dimensional Fund Advisors LP receives compensation from John Hancock in connection with licensing rights to the John Hancock Dimensional indexes. Dimensional Fund Advisors LP does not sponsor, endorse, or sell, and makes no representation as to the advisability of investing in, John Hancock Multifactor ETFs.

Table of Contents

A trusted brand

John Hancock Investment Management is a premier asset manager
with a heritage of financial stewardship dating back to 1862. Helping
our shareholders pursue their financial goals is at the core of everything
we do. It’s why we support the role of professional financial advice
and operate with the highest standards of conduct and integrity.

A better way to invest

We serve investors globally through a unique multimanager approach:
We search the world to find proven portfolio teams with specialized
expertise for every strategy we offer, then we apply robust investment
oversight to ensure they continue to meet our uncompromising
standards and serve the best interests of our shareholders.

Results for investors

Our unique approach to asset management enables us to provide
a diverse set of investments backed by some of the world’s best
managers, along with strong risk-adjusted returns across asset classes.

“A trusted brand” is based on a survey of 6,651 respondents conducted by Medallia between 3/18/20 and 5/13/20.

John Hancock Investment Management LLC, 200 Berkeley Street, Boston, MA 02116, 800-225-6020, jhinvestments.com/etf

Manulife Investment Management, the Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by its affiliates under license.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

This report is for the information of the shareholders of John Hancock ETFs. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.

JHAN-20180615-0136

ETF2A 10/2022

12/2022

	Shares	Value
Real estate 5.2%		$276,400
Equity real estate investment trusts 5.2%
Extra Space Storage, Inc.	81	14,373
Gaming and Leisure Properties, Inc.	1,939	97,183
Medical Properties Trust, Inc.	8,100	92,745
Prologis, Inc.	505	55,929
VICI Properties, Inc.	505	16,170
Utilities 1.8%		94,441
Electric utilities 1.8%
Exelon Corp.	1,010	38,976
NextEra Energy, Inc.	545	42,238
The Southern Company	202	13,227

2	Portfolio summary
6	Your expenses
8	Funds’ investments
22	Financial statements
26	Financial highlights
28	Notes to financial statements
36	Special shareholder meeting
37	Evaluation of advisory and subadvisory agreements by the Board of Trustees
45	More information

COUNTRY COMPOSITION AS OF 10/31/2022 (% of net assets)
United States	86.9
United Kingdom	4.8
Canada	2.7
Norway	1.6
France	1.2
Germany	1.0
Netherlands	1.0
Other countries	0.8
TOTAL	100.0

COUNTRY COMPOSITION AS OF 10/31/2022 (% of net assets)
United States	85.4
Canada	8.4
United Kingdom	3.0
Bermuda	1.7
Other countries	1.5
TOTAL	100.0


¹	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
²	The commencement of operations of the fund is 09-27-22. Actual Expenses are equal to the fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 33/ 365 (to reflect the period).

Total investments (Cost $4,978,982) 99.6%					$5,313,465
Other assets and liabilities, net 0.4%					21,423
Total net assets 100.0%					$5,334,888

	U.S. High Dividend ETF
	Period ended 10-31-22³ (unaudited)
Increase (decrease) in net assets
From operations
Net investment income	$10,006
Net realized gain (loss)	—
Change in net unrealized appreciation (depreciation)	334,483
Increase (decrease) in net assets resulting from operations	344,489
Distributions to shareholders
From earnings	—
From fund share transactions
Shares issued	4,990,399
Total increase (decrease)	5,334,888
Net assets
Beginning of period	—
End of period	$5,334,888
Share activity
Shares outstanding
Beginning of period	—
Shares issued	200,000
End of period	200,000

	Total votes for the nominee	Total votes withheld from the nominee
Independent Trustees
Frances G. Rathke	108,098,453.899	1,210,343.509
Noni L. Ellison	107,738,905.434	1,569,891.974
Dean C. Garfield	107,863,117.913	1,445,679.495
Patricia Lizarraga	107,968,362.933	1,340,434.475

Non-Independent Trustee
Andrew G. Arnott	108,465,487.916	843,309.492
Marianne Harrison	108,576,111.219	732,686.189
Paul Lorentz	107,724,410.239	1,584,387.169