N-CSR

A message to shareholders

Dear shareholder,

Although global equities performed quite well through mid-November, the major world indexes nonetheless finished the 12 months ended April 30, 2022, in negative territory. The initial gains reflected the backdrop of steady economic growth, robust corporate earnings, and supportive central bank policy that was in place throughout most of 2021. The picture changed in late November, however, as rising inflation prompted the U.S. Federal Reserve and other central banks to announce plans to tighten monetary policy. The conflict between Russia and Ukraine in February 2022 further weighed on sentiment by fueling fears that inflation could accelerate even more quickly than expected.

While stocks experienced a relief rally in the second half of March, the leading indexes gave back all of the gains in April and ultimately finished the month at or near their lows for the period. Growth stocks were especially poor performers, while the value style held up better due in part to the heavy representation of commodity-related companies in the category. Emerging-market equities were a notable laggard at the regional level, while the United States and Canada outperformed.

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
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.

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Multifactor exchange-traded funds (ETFs) at a glance

Many traditional indexes and index funds are weighted by market capitalization, a bias that can expose investors to certain risks and potentially reduce returns. Strategic beta strategies such as John Hancock Multifactor ETFs offer a different approach. Each ETF seeks to improve on cap-weighted strategies by tracking an index that combines active management insight with the discipline of a rules based approach.

STRATEGIC BETA¹: STRIKING A BALANCE BETWEEN ACTIVE AND PASSIVE INVESTING

PHILOSOPHY BACKING INDEX DESIGN

According to Dimensional Fund Advisors, subadvisor for all John Hancock Multifactor ETFs, there are four key factors that drive higher expected returns, and these factors guide Dimensional’s index construction and semiannual reconstitution.

Market

Equity premium—stocks over bonds

Company size

Small-cap premium—small company stocks over large company stocks

Relative price²

Value premium—value stocks over growth stocks

Profitability³

Profitability premium—stocks of highly profitable companies over stocks of less profitable companies

To be considered a true factor, a premium must be sensible, persistent across time periods, pervasive across markets, robust in data, and cost effective.

WHY MULTIFACTOR?

Individual factors can be volatile: there’s no telling which will be the best performing from year to year. Adopting a multifactor approach is one way investors can pursue more consistent—and more attractive—risk-adjusted returns.

¹ Strategic beta (also known as smart beta) defines a set of investment strategies that seek to improve on traditional market-capitalization weighted indexes in order to lower risk and achieve better diversification.

² Relative price as measured by the price-to-book ratio; value stocks are those with lower price-to-book ratios.

³ Profitability is a measure of current profitability, based on information from individual companies’ income statements.

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Discussion of fund performance

Could you tell us about your investment philosophy and how it drives the composition of the ETFs you manage?

We’ve identified four characteristics, or dimensions, of expected returns that academic research has shown to account for most of the variation in historical asset returns and that we believe will account for most of the variation in future returns. These dimensions are the overall market, company size, relative price, and profitability.

The overall market dimension reflects the excess return over the risk-free rate, which is typically measured by short-term U.S. Treasury bills, that market participants demand for investing in a broadly diversified portfolio of equity securities without any style or market capitalization bias. That premium is called the equity premium.

The company size dimension reflects the excess return that investors demand for investing in small-capitalization stocks relative to large-capitalization stocks. The premium associated with this dimension is the small-cap, or size, premium.

The relative price dimension reflects the excess return that investors expect from investing in low relative price, or value, stocks—as measured, for instance, by their price-to-book ratios—in comparison with high relative price, or growth, stocks. The premium associated with this dimension is the value premium.

Finally, the profitability dimension provides a way to discern differences in expected returns of companies with similar price-driven characteristics. Our research shows that if two companies trade at the same relative price, the one with higher profitability should have a higher expected return over time. The premium associated with this dimension is called the profitability premium.

Relative to a cap-weighted measure of the market, we believe that incorporating the four dimensions of expected returns—market, company size, relative price, and profitability—into a single investment strategy offers the potential for outperformance over time, and an ETF is a vehicle well suited to our systematic and transparent investment approach. The indexes developed for John Hancock Multifactor ETFs are designed to capture these dimensions over time, and the funds are, in turn, designed to track their respective indexes.

Theoretical and empirical research suggests that investors can systematically pursue higher expected returns by targeting the size, relative price, and profitability dimensions in equity markets. We integrate these dimensions to emphasize stocks with smaller market capitalizations, lower relative prices, and higher profitability.

What drives changes to the composition of the funds?

Changes are made to the funds as a result of regularly scheduled reconstitutions, a semiannual process by which the list of stocks and their weights in each index are updated, as well as any unscheduled changes to the index driven by company events. Reconstitution ensures that the indexes that the funds track maintain their intended exposure to the dimensions of expected returns. In addition, we impose a maximum issuer cap in each index at the time of reconstitution to control stock-specific risk.

How did the broad equity market perform during the 12 months ended April 30, 2022?

The U.S. market had mixed returns for the period but outperformed both developed and emerging markets. Along the market capitalization dimension, U.S. small caps underperformed large caps, while mid caps outperformed small caps and underperformed large caps. Along the relative price dimension, U.S. large-cap value stocks outperformed large-cap growth stocks and U.S. small-cap value outperformed small-cap growth. Along the profitability dimension, stocks with higher profitability outperformed stocks with lower profitability among both large and small caps.

Most developed and emerging-market currencies depreciated relative to the U.S. dollar, and currency movements had a negative impact on the U.S. dollar-denominated returns of the respective markets.

JOHN HANCOCK MULTIFACTOR CONSUMER DISCRETIONARY ETF (JHMC)

On a NAV basis, the fund outperformed the Russell 1000 Consumer Discretionary Index, a cap-weighted benchmark used as a proxy for the consumer discretionary sector of the U.S. stock market. The fund’s emphasis on stocks with smaller market capitalizations contributed positively to relative performance, as these stocks outperformed. The fund’s focus on the consumer discretionary sector also contributed positively to relative performance as stocks held by the index outside of the consumer discretionary sector underperformed.

Compared with its benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher profitability. In absolute terms, the fund’s largest industry exposures were to specialty retail, and hotels, restaurants, and leisure. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition

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included increased weights in Lululemon Athletica, Inc. and decreased weights in Amazon.com, Inc., O’Reilly Automotive, Inc. and Lowe’s Companies, Inc.

JOHN HANCOCK MULTIFACTOR CONSUMER STAPLES ETF (JHMS)

On a NAV basis, the fund underperformed the Russell 1000 Consumer Staples Index, a cap-weighted benchmark used as a proxy for the consumer staples sector of the U.S. stock market. The fund’s emphasis on stocks with smaller market capitalizations detracted from relative performance, as these stocks underperformed.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest industry exposures were to food products and beverages. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in General Mills, Inc. and The Kroger Company, and decreased weights in Walmart, Inc. and Archer-Daniels-Midland Company. We sold the fund’s position in Walmart prior to period end.

JOHN HANCOCK MULTIFACTOR DEVELOPED INTERNATIONAL ETF (JHMD)

On a NAV basis, the fund outperformed the MSCI EAFE Index, a cap-weighted benchmark used as a proxy for developed ex-U.S. stock markets. With low relative price (value) stocks outperforming high relative price (growth) stocks, the fund’s emphasis on value stocks contributed positively to relative performance. On a country basis, selection in Japan and Netherlands contributed positively to relative performance.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest sector exposures were to industrials, ﬁnancials, and consumer discretionary. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in BT Group PLC and Veolia Environnement S.A., and decreased weights in Toyota Motor Corp. and AstraZeneca PLC.

JOHN HANCOCK MULTIFACTOR EMERGING MARKETS ETF (JHEM)

On a NAV basis, the fund outperformed the MSCI Emerging Markets Index, a cap-weighted benchmark used as a proxy for emerging markets. With low relative price (value) stocks outperforming high relative price (growth) stocks, the fund’s emphasis on value stocks contributed positively to relative performance. On a country basis, the fund’s underweight in China and Russia also contributed to relative performance, as both countries underperformed over the period.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest sector exposures were to ﬁnancials, information technology, and materials. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included an increased weight in Reliance Industries, Ltd. and decreased weights in NetEase, Inc., Tencent Holdings, Ltd., and Taiwan Semiconductor Manufacturing Company, Ltd.

JOHN HANCOCK MULTIFACTOR ENERGY ETF (JHME)

On a NAV basis, the fund outperformed the Russell 1000 Energy Index, a cap-weighted benchmark used as a proxy for the energy sector of the U.S. stock market. The fund’s emphasis on stocks with higher profitability contributed positively to relative performance, as these stocks outperformed for the period. The fund’s focus on the energy sector also contributed positively to relative performance as stocks held by the index outside of the energy sector underperformed.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest industry exposures were to oil, gas, and consumable fuels and energy equipment and services. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in Valero Energy Corp. and Baker Hughes Company, and decreased weights in EOG Resources, Inc. and Pioneer Natural Resources Company.

JOHN HANCOCK MULTIFACTOR FINANCIALS ETF (JHMF)

On a NAV basis, the fund underperformed the Russell 1000 Financials Index, a cap-weighted benchmark used as a proxy for the ﬁnancials sector of the U.S. stock market. The fund holds financials sector companies involved in the IT services industry, which aren’t included in the benchmark. The fund’s inclusion of these companies detracted from relative performance, as those stocks generally underperformed other financials sector stocks.

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Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest industry exposures were to banks, insurance, and capital markets. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in S&P Global, Inc. and Visa, Inc., and decreased weights in Prudential Financial, Inc. and CME Group, Inc.

JOHN HANCOCK MULTIFACTOR HEALTHCARE ETF (JHMH)

On a NAV basis, the fund underperformed the Russell 1000 Health Care Index, a cap-weighted benchmark used as a proxy for the healthcare sector of the U.S. stock market. The fund’s emphasis on stocks with smaller market capitalizations detracted from relative performance, as these stocks underperformed.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest industry exposures were to healthcare providers and services, pharmaceuticals, and healthcare equipment and supplies. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in Moderna, Inc., Vertex Pharmaceuticals, Inc., and Centene Corp., and a decreased weight in UnitedHealth Group, Inc. .

JOHN HANCOCK MULTIFACTOR INDUSTRIALS ETF (JHMI)

On a NAV basis, the fund outperformed the Russell 1000 Industrials Index, a cap-weighted benchmark used as a proxy for the industrials sector of the U.S. stock market. The fund’s emphasis on stocks with smaller market capitalizations contributed positively to relative performance, as these stocks outperformed. The fund’s emphasis on stocks with higher profitability also contributed positively to relative performance, as these stocks outperformed for the period. Additionally, the fund’s focus on the industrials sector contributed positively to relative performance as stocks held by the index outside of the industrials sector underperformed.

Compared with the benchmark, the fund emphasizes stocks with lower relative price, smaller market capitalization, and higher proﬁtability. In absolute terms, the fund’s largest industry exposures were to machinery and aerospace and defense. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition for the period included decreased weights in Trane Technologies PLC, Carrier Global Corp., Paychex, Inc., and Paccar, Inc.

JOHN HANCOCK MULTIFACTOR LARGE CAP ETF (JHML)

On a NAV basis, the fund outperformed the Russell 1000 Index, a cap-weighted benchmark used as a proxy for the broad large-cap U.S. stock market. The fund’s emphasis on stocks with higher profitability contributed positively to relative performance, as these stocks outperformed for the period.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest sector exposures were to information technology, healthcare, and financials. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in Tesla, Inc., Advanced Micro Devices, Inc., and UnitedHealth Group, Inc., and a decreased weight in Amazon.com, Inc.

JOHN HANCOCK MULTIFACTOR MATERIALS ETF (JHMA)

On a NAV basis, the fund underperformed the Russell 1000 Basic Materials Index, a cap-weighted benchmark used as a proxy for the materials sector of the U.S. stock market. The fund’s emphasis on stocks with higher profitability detracted from relative performance, as these stocks underperformed for the period.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest industry exposures were to chemicals and metals and mining. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in Cleveland-Cliffs, Inc., The Mosaic Company, and CF Industries Holdings, Inc., and a decreased weight in PPG Industries, Inc.

JOHN HANCOCK MULTIFACTOR MEDIA AND COMMUNICATIONS ETF (JHCS)

On a NAV basis, the fund underperformed the Russell 1000 Telecommunications Index, a cap-weighted benchmark used as a proxy for the telecommunication sector of the U.S. stock market. The fund holds companies involved in the media, entertainment, interactive media and services, diversified telecommunication services, and wireless telecommunication services industries. The benchmark contains only companies in the diversified telecommunication services and the wireless telecommunication services industries. The

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fund’s greater exposure to securities outside of the telecommunication services industries detracted from relative performance, as those stocks generally underperformed relative to telecommunication services stocks.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest industry exposures were to media and entertainment. Notable changes in composition for the period include increased weights in Verizon Communications, Inc., Paramount Global, and T-Mobile US, Inc., and a decreased weight in Electronic Arts, Inc.

JOHN HANCOCK MULTIFACTOR MID CAP ETF (JHMM)

On a NAV basis, the fund outperformed the Russell Midcap Index, a cap-weighted benchmark used as a proxy for the broad mid-cap U.S. stock market. The fund’s emphasis on stocks with higher profitability contributed positively to relative performance, as these stocks outperformed. With low relative price (value) mid-cap stocks outperforming high relative price (growth) mid-cap stocks, the fund’s greater emphasis on value stocks also contributed positively to relative performance.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest sector exposures were to information technology, industrials, and financials. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in Cleveland-Cliffs, Inc. and Occidental Petroleum Corp., and decreased weights in Palo Alto Networks, Inc. and Pioneer Natural Resources Company. We sold the fund’s positions in Palo Alto Networks and Pioneer Natural Resources prior to period end.

JOHN HANCOCK MULTIFACTOR SMALL CAP ETF (JHSC)

On a NAV basis, the fund outperformed the Russell 2000 Index, a cap-weighted benchmark used as a proxy for the broad small-cap U.S. stock market. The fund’s lesser exposure to stocks with the lowest profitability and highest relative prices contributed positively to relative performance, as those stocks underperformed. Additionally, the fund’s lesser exposure to micro caps contributed positively to relative performance, as micro caps underperformed small caps for the period.

Compared with the benchmark, the fund emphasizes stocks with higher profitability. In absolute terms, the fund’s largest sector exposures were to industrials, financials, and information technology. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in Shockwave Medical, Inc. and Euronet Worldwide, Inc., and decreased weights in Regal Rexnord Corp. and Tenet Healthcare Corp. We sold the fund’s positions in Regal Rexnord and Tenet Healthcare prior to period end.

JOHN HANCOCK MULTIFACTOR TECHNOLOGY ETF (JHMT)

On a NAV basis, the fund underperformed the Russell 1000 Technology Index, a cap-weighted benchmark used as a proxy for the information technology sector of the U.S. stock market. The fund’s greater emphasis on low relative price (value) stocks detracted from relative performance as these stocks underperformed. The fund’s greater emphasis on stocks with smaller market capitalizations also detracted from relative performance as these stocks underperformed.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, its largest industry exposures were to semiconductors and semiconductor equipment and software. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in NVIDIA Corp., Broadcom, Inc., Advanced Micro Devices, Inc., and Apple, Inc.

JOHN HANCOCK MULTIFACTOR UTILITIES ETF (JHMU)

On a NAV basis, the fund outperformed the Russell 1000 Utilities Index, a cap-weighted benchmark used as a proxy for the utilities sector of the U.S. stock market. The fund’s greater emphasis on low relative price (value) stocks contributed positively to relative performance as these stocks outperformed. The fund’s emphasis on stocks with higher profitability also contributed positively to relative performance, as these stocks outperformed.

Compared with the benchmark, the fund emphasizes stocks with lower relative prices, smaller market capitalizations, and higher proﬁtability. In absolute terms, the fund’s largest industry exposures were to electric utilities and multi-utilities. Changes were made to the fund as a result of regularly scheduled reconstitutions during the period. Notable changes in composition included increased weights in Exelon Corp. and Consolidated Edison, Inc., and decreased weights in American Electric Power Company, Inc and Sempra Energy.

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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 of be maintained by market makers or authorized participants.

A note about the performance shown on the following pages

Net asset value (NAV) performance is based on the NAV calculated each business day. It is calculated in accordance with the standard formula for valuing investment company shares as of the close of regular trading hours on the NYSE (see Note 2 to ﬁnancial statements). Market price is determined using the bid/ask midpoint at 4 p.m., Eastern time, when the NAV is typically calculated. Your returns may differ if you traded shares at other times during the day.

The past performance shown here reﬂects reinvested distributions and the beneﬁcial effect of any expense reductions, and does not guarantee future results. Returns for periods shorter than one year are cumulative. Shares will ﬂuctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited. For the most recent month-end performance, visit jhinvestments.com/etf.

MANAGED BY

Joel P. Schneider

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Multifactor Consumer Discretionary ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	-11.87	11.38	10.79	71.45	96.48
Market price	-11.91	11.32	10.79	70.98	96.47
John Hancock Dimensional Consumer Discretionary Index²	-11.54	11.84	11.27	74.96	102.12
Russell 1000 Consumer Discretionary Index³	-14.86	13.78	13.77	90.72	133.98

¹	From 9-28-15.
²	The John Hancock Dimensional Consumer Discretionary Index is a rules-based index of U.S. consumer discretionary stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Consumer Discretionary Index comprises securities of the Russell 1000 Index classified in the consumer discretionary sector. Effective 9-21-20, the underlying components of the Russell 1000 Consumer Discretionary Index reflect a new company classification methodology. Consequently, the custom blended benchmark’s performance consists of 100% of the prior methodology through 9-18-20 and 100% of the current methodology thereafter.

INDUSTRY COMPOSITION (% of net assets)
Specialty retail	25.8
Hotels, restaurants and leisure	21.7
Automobiles	10.1
Textiles, apparel and luxury goods	9.7
Multiline retail	8.5
Internet and direct marketing retail	7.6
Food and staples retailing	4.0
Leisure products	2.6
Household durables	2.5
Distributors	1.9
Other	5.6
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $19,647.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectus for the fund and may differ from those disclosed in the Financial highlights table in this report. Net expenses reflect contractual expense limitations in effect until August 31, 2022 and are subject to change. Had the contractual fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

Gross (%)	0.71
Net (%)	0.40

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

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Multifactor Consumer Staples ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	13.01	10.21	9.57	62.57	74.54
Market price	13.01	10.21	9.57	62.56	74.56
John Hancock Dimensional Consumer Staples Index²	13.51	10.68	10.05	66.07	79.22
Russell 1000 Consumer Staples Index³	15.77	8.54	8.40	50.66	63.48

¹	From 3-28-16.
²	The John Hancock Dimensional Consumer Staples Index is a rules-based index of U.S. consumer staples stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Consumer Staples Index comprises securities of the Russell 1000 Index classified in the consumer staples sector. Effective 9-21-20, the underlying components of the Russell 1000 Consumer Staples Index reflect a new company classification methodology. Consequently, the custom blended benchmark’s performance consists of 100% of the prior methodology through 9-18-20 and 100% of the current methodology thereafter.

INDUSTRY COMPOSITION (% of net assets)
Food products	33.5
Beverages	20.4
Food and staples retailing	18.7
Household products	15.5
Tobacco	6.5
Chemicals	4.5
Household durables	0.8
Short-term investments and other	0.1
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $17,456.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.94
Net (%)	0.40

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

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Multifactor Developed International ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	-7.45	4.61	5.91	25.29	36.18
Market price	-8.12	4.22	5.70	22.94	34.69
John Hancock Dimensional Developed International Index²	-6.94	5.32	6.66	29.61	41.42
MSCI EAFE Index³	-8.15	4.77	6.17	26.25	37.95

¹	From 12-15-16.
²	The John Hancock Dimensional Developed International Index is a rules-based index of large-cap stocks in developed markets outside of North America that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The MSCI Europe, Australasia, and Far East (EAFE) Index tracks the performance of publicly traded large- and mid-cap stocks of companies in those regions.

SECTOR COMPOSITION (% of net assets)
Industrials	17.4
Financials	16.3
Consumer discretionary	11.7
Materials	10.3
Health care	10.2
Consumer staples	9.0
Information technology	6.2
Communication services	5.8
Utilities	5.4
Energy	4.3
Real estate	2.3
Short-term investments and other	1.1
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $13,469.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.43
Net (%)	0.39

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

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Multifactor Emerging Markets ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)			Cumulative total returns (%)
	1-Year	Since fund inception¹	Since fund inception¹
Net asset value	-13.33	3.47	13.04
Market price	-13.65	3.29	12.32
John Hancock Dimensional Emerging Markets Index²	-12.55	4.30	16.34
MSCI Emerging Markets Index³	-18.33	3.02	11.26

¹	From 9-27-18.
²	The John Hancock Dimensional Emerging Markets Index is a rules-based index of large-cap stocks in emerging markets, which may include frontier markets (emerging markets in an earlier stage of development) that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The MSCI Emerging Markets (EM) Index tracks the performance of publicly traded large- and mid-cap emerging-market stocks.

SECTOR COMPOSITION (% of net assets)
Financials	24.6
Information technology	17.2
Materials	11.7
Consumer discretionary	10.8
Communication services	9.0
Consumer staples	6.9
Energy	6.0
Industrials	5.3
Health care	3.4
Utilities	3.3
Real estate	1.7
Short-term investments and other	0.1
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $11,232.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.55
Net (%)	0.49

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Energy ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	64.77	5.51	6.27	30.73	44.84
Market price	64.95	5.50	6.29	30.68	45.03
John Hancock Dimensional Energy Index²	65.55	5.92	6.70	33.31	48.50
Russell 1000 Energy Index³	57.31	6.72	7.20	38.43	52.77

¹	From 3-28-16.
²	The John Hancock Dimensional Energy Index is a rules-based index of U.S. energy stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Energy Index comprises securities of the Russell 1000 Index classified in the energy sector. Effective 9-21-20, the underlying components of the Russell 1000 Energy Index reflect a new company classification methodology. Consequently, the custom blended benchmark’s performance consists of 100% of the prior methodology through 9-18-20 and 100% of the current methodology thereafter.

INDUSTRY COMPOSITION (% of net assets)
Oil, gas and consumable fuels	88.8
Energy equipment and services	11.0
Short-term investments and other	0.2
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $14,503.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	1.18
Net (%)	0.40

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Financials ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	-5.92	10.03	11.62	61.29	106.36
Market price	-5.94	10.04	11.62	61.31	106.36
John Hancock Dimensional Financials Index²	-5.55	10.50	12.11	64.78	112.42
Russell 1000 Financials Index³	-3.31	13.03	13.72	84.45	133.35

¹	From 9-28-15.
²	The John Hancock Dimensional Financials Index is a rules-based index of U.S. financial stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Financials Index comprises securities of the Russell 1000 Index classified in the financials sector. Effective 9-21-20, the underlying components of the Russell 1000 Financials Index reflect a new company classification methodology. Consequently, the custom blended benchmark’s performance consists of 100% of the prior methodology through 9-18-20 and 100% of the current methodology thereafter.

INDUSTRY COMPOSITION (% of net assets)
Banks	26.1
Insurance	25.5
Capital markets	21.5
IT services	12.2
Consumer finance	6.6
Diversified financial services	6.2
Professional services	1.6
Thrifts and mortgage finance	0.2
Short-term investments and other	0.1
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $20,636.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.81
Net (%)	0.40

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Healthcare ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	1.23	12.02	11.40	76.39	103.64
Market price	1.21	11.98	11.40	76.07	103.65
John Hancock Dimensional Healthcare Index²	1.61	12.50	11.89	80.22	109.59
Russell 1000 Health Care Index³	5.34	13.53	12.51	88.59	117.40

¹	From 9-28-15.
²	The John Hancock Dimensional Healthcare Index is a rules-based index of U.S. healthcare stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Health Care Index comprises securities of the Russell 1000 Index classified in the healthcare sector. Effective 9-21-20, the underlying components of the Russell 1000 Health Care Index reflect a new company classification methodology. Consequently, the custom blended benchmark’s performance consists of 100% of the prior methodology through 9-18-20 and 100% of the current methodology thereafter.

INDUSTRY COMPOSITION (% of net assets)
Health care providers and services	23.6
Pharmaceuticals	23.2
Health care equipment and supplies	19.5
Biotechnology	16.4
Life sciences tools and services	14.3
Health care technology	2.4
Diversified consumer services	0.6
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $20,365.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.67
Net (%)	0.40

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Industrials ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	-6.34	10.86	12.55	67.41	105.51
Market price	-6.35	10.89	12.55	67.65	105.51
John Hancock Dimensional Industrials Index²	-6.21	11.28	13.00	70.62	110.58
Russell 1000 Industrials Index³	-11.29	8.31	10.34	49.04	82.13

¹	From 3-28-16.
²	The John Hancock Dimensional Industrials Index is a rules-based index of U.S. industrial stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Industrials Index comprises securities of the Russell 1000 Index classified in the industrials sector. Effective 9-21-20, the underlying components of the Russell 1000 Industrials Index reflect a new company classification methodology. Consequently, the custom blended benchmark’s performance consists of 100% of the prior methodology through 9-18-20 and 100% of the current methodology thereafter.

INDUSTRY COMPOSITION (% of net assets)
Machinery	20.4
Aerospace and defense	12.3
Road and rail	8.9
IT services	7.3
Electrical equipment	6.9
Building products	6.2
Commercial services and supplies	5.7
Air freight and logistics	4.8
Household durables	4.8
Professional services	4.7
Other	18.0
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $20,551.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.73
Net (%)	0.40

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Large Cap ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	-1.06	12.66	13.45	81.45	129.72
Market price	-1.03	12.66	13.46	81.46	129.81
John Hancock Dimensional Large Cap Index²	-0.77	13.01	13.81	84.29	134.51
Russell 1000 Index³	-2.10	13.44	14.10	87.85	138.48

¹	From 9-28-15.
²	The John Hancock Dimensional Large Cap Index is a rules-based index of large-cap U.S. stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Index tracks the performance of 1,000 publicly traded large-cap companies in the United States.

SECTOR COMPOSITION (% of net assets)
Information technology	23.0
Health care	13.4
Financials	12.9
Industrials	10.7
Consumer discretionary	10.7
Communication services	6.5
Consumer staples	6.3
Materials	4.4
Energy	4.3
Utilities	4.2
Real estate	3.5
Short-term investments and other	0.1
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $22,981.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.31
Net (%)	0.29

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Materials ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	5.19	11.31	13.23	70.87	113.26
Market price	5.09	11.24	13.22	70.31	113.06
John Hancock Dimensional Materials Index²	5.72	11.71	13.67	73.96	118.29
Russell 1000 Basic Materials Index³	8.80	12.62	14.00	81.19	122.20

¹	From 3-28-16.
²	The John Hancock Dimensional Materials Index is a rules-based index of U.S. materials stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Basic Materials Index comprises securities of the Russell 1000 Index classified in the materials sector. Effective 9-21-20, the underlying components of the Russell 1000 Basic Materials Index reflect a new company classification methodology. Consequently, the custom blended benchmark’s performance consists of 100% of the prior methodology through 9-18-20 and 100% of the current methodology thereafter.

INDUSTRY COMPOSITION (% of net assets)
Chemicals	49.5
Metals and mining	24.5
Containers and packaging	18.8
Construction materials	4.5
Building products	1.6
Construction and engineering	0.7
Machinery	0.4
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $21,306.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.92
Net (%)	0.40

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Media and Communications ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)			Cumulative total returns (%)
	1-Year	Since fund inception¹	Since fund inception¹
Net asset value	-27.19	4.32	14.18
Market price	-27.33	4.32	14.17
John Hancock Dimensional Media and Communications Index²	-26.95	4.67	15.39
Russell 1000 Telecommunications Index³	-17.60	-0.48	-1.51

¹	From 3-12-19.
²	The John Hancock Dimensional Media and Communications Index is a rules-based index of U.S. media and communication stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Telecommunications Index comprises securities of the Russell 1000 Index classified in the telecommunications sector. Effective 9-21-20, the underlying components of the Russell 1000 Telecommunications Index reflect a new company classification methodology. Consequently, the custom blended benchmark’s performance consists of 100% of the prior methodology through 9-18-20 and 100% of the current methodology thereafter.

INDUSTRY COMPOSITION (% of net assets)
Media	30.1
Entertainment	27.5
Interactive media and services	18.1
Diversified telecommunication services	17.8
Wireless telecommunication services	4.1
Software	2.0
Real estate management and development	0.3
Short-term investments and other	0.1
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $11,417.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.77
Net (%)	0.40

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Mid Cap ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	-4.72	10.89	11.81	67.67	108.69
Market price	-4.67	10.90	11.82	67.73	108.79
John Hancock Dimensional Mid Cap Index²	-4.34	11.33	12.28	71.05	114.47
Russell Midcap Index³	-6.10	10.66	11.50	65.94	104.83

¹	From 9-28-15.
²	The John Hancock Dimensional Mid Cap Index is a rules-based index of mid-cap U.S. stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell Midcap Index tracks the performance of approximately 800 publicly traded mid-cap companies in the United States.

SECTOR COMPOSITION (% of net assets)
Information technology	16.1
Industrials	15.5
Financials	13.7
Consumer discretionary	12.4
Health care	10.8
Materials	7.9
Real estate	6.4
Utilities	5.2
Energy	5.1
Consumer staples	3.7
Communication services	3.1
Short-term investments and other	0.1
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $20,879.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.42
Net (%)	0.41

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Small Cap ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)			Cumulative total returns (%)
	1-Year	Since fund inception¹	Since fund inception¹
Net asset value	-8.39	6.73	33.86
Market price	-8.36	6.73	33.86
John Hancock Dimensional Small Cap Index²	-8.00	7.18	36.37
Russell 2000 Index³	-16.87	6.65	33.41

¹	From 11-8-17.
²	The John Hancock Dimensional Small Cap Index is a rules-based index of small-cap U.S. stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 2000 Index tracks the performance of approximately 2,000 publicly traded small-cap companies in the United States.

SECTOR COMPOSITION (% of net assets)
Industrials	18.1
Financials	16.6
Information technology	14.3
Consumer discretionary	12.7
Health care	9.9
Real estate	9.4
Materials	5.5
Energy	4.1
Utilities	4.0
Consumer staples	2.9
Communication services	2.4
Short-term investments and other	0.1
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $13,386.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.45
Net (%)	0.42

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Technology ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	-6.23	18.72	20.25	135.89	237.08
Market price	-6.25	18.70	20.24	135.68	236.86
John Hancock Dimensional Technology Index²	-5.67	19.19	20.72	140.53	245.83
Russell 1000 Technology Index³	-2.19	22.40	23.05	174.71	292.26

¹	From 9-28-15.
²	The John Hancock Dimensional Technology Index is a rules-based index of U.S. technology stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Technology Index comprises securities of the Russell 1000 Index classified in the technology sector. Effective 9-21-20, the underlying components of the Russell 1000 Technology Index reflect a new company classification methodology. Consequently, the custom blended benchmark’s performance consists of 100% of the prior methodology through 9-18-20 and 100% of the current methodology thereafter.

INDUSTRY COMPOSITION (% of net assets)
Semiconductors and semiconductor equipment	33.0
Software	31.5
Technology hardware, storage and peripherals	11.3
IT services	8.2
Electronic equipment, instruments and components	7.5
Communications equipment	5.8
Industrial conglomerates	0.8
Electrical equipment	0.7
Professional services	0.5
Interactive media and services	0.4
Other	0.3
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $33,686.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.67
Net (%)	0.40

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

Table of Contents

Multifactor Utilities ETF

AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/2022 (%)

Average annual total returns (%)				Cumulative total returns (%)
	1-Year	5-Year	Since fund inception¹	5-year	Since fund inception¹
Net asset value	12.15	9.09	9.12	54.51	70.20
Market price	12.15	9.09	9.12	54.52	70.23
John Hancock Dimensional Utilities Index²	12.53	9.54	9.60	57.72	74.82
Russell 1000 Utilities Index³	9.99	9.35	8.75	56.38	66.69

¹	From 3-28-16.
²	The John Hancock Dimensional Utilities Index is a rules-based index of U.S. utility stocks that have been selected based on sources of expected returns. Securities eligible for inclusion in the index are classified according to their market capitalization, as defined by free-float market cap; relative price, as defined by price/book; and profitability, as defined by operating income over book, and are weighted accordingly in favor of smaller, less expensive, more profitable companies. The index is reconstituted and rebalanced on a semiannual basis. Index performance assumes reinvestment of dividends and, unless otherwise indicated, does not reflect the management fees, operating expenses, transaction costs, and other expenses that apply to an ETF.
³	The Russell 1000 Utilities Index comprises securities of the Russell 1000 Index classified in the utility sector. Effective 9-21-20, the underlying components of the Russell 1000 Utilities Index reflect a new company classification methodology. Consequently, the custom blended benchmark’s performance consists of 100% of the prior methodology through 9-18-20 and 100% of the current methodology thereafter.

INDUSTRY COMPOSITION (% of net assets)
Electric utilities	55.9
Multi-utilities	32.7
Gas utilities	4.1
Water utilities	3.7
Independent power and renewable electricity producers	3.5
Short-term investments and other	0.1
TOTAL	100.0

The value of a $10,000 investment calculated at market value from inception through period end would be $17,023.

The chart and table above do not reﬂect the deduction of taxes that a shareholder would pay on fund distributions or the redemption or sale of fund shares.

It is not possible to invest directly in an index. Unlike an index, the fund’s total returns are reduced by operating expenses and management fees.

⁴	Listed holdings are a portion of the fund’s total and may change at any time. They are not recommendations to buy or sell any security. Data excludes cash and cash equivalents.

Gross (%)	0.94
Net (%)	0.40

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for the fund.

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 November 1, 2021, with the same investment held until April 30, 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 April 30, 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 November 1, 2021, with the same investment held until April 30, 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 11-1-2021	Ending value on 4-30-2022	Expenses paid during 4-30-2022¹	Annualized expense ratio
Multifactor Consumer Discretionary ETF
Actual expenses/actual returns	$1,000.00	$820.20	$1.81	0.40%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.01	0.40%
Multifactor Consumer Staples ETF
Actual expenses/actual returns	$1,000.00	$1,118.10	$2.10	0.40%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.01	0.40%
Multifactor Developed International ETF
Actual expenses/actual returns	$1,000.00	$892.70	$1.83	0.39%
Hypothetical example for comparison purposes	1,000.00	1,022.90	1.96	0.39%
Multifactor Emerging Markets ETF
Actual expenses/actual returns	$1,000.00	$900.10	$2.31	0.49%
Hypothetical example for comparison purposes	1,000.00	1,022.40	2.46	0.49%

ANNUAL | JOHN HANCOCK MULTIFACTOR ETFS

Table of Contents

SHAREHOLDER EXPENSE EXAMPLE CHART (continued)

	Account value on 11-1-2021	Ending value on 4-30-2022	Expenses paid during 4-30-2022¹	Annualized expense ratio
Multifactor Energy ETF
Actual expenses/actual returns	$1,000.00	$1,336.70	$2.32	0.40%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.01	0.40%
Multifactor Financials ETF
Actual expenses/actual returns	$1,000.00	$869.90	$1.85	0.40%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.01	0.40%
Multifactor Healthcare ETF
Actual expenses/actual returns	$1,000.00	$933.90	$1.92	0.40%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.01	0.40%
Multifactor Industrials ETF
Actual expenses/actual returns	$1,000.00	$883.80	$1.87	0.40%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.01	0.40%
Multifactor Large Cap ETF
Actual expenses/actual returns	$1,000.00	$907.90	$1.37	0.29%
Hypothetical example for comparison purposes	1,000.00	1,023.40	1.45	0.29%
Multifactor Materials ETF
Actual expenses/actual returns	$1,000.00	$1,036.90	$2.02	0.40%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.01	0.40%
Multifactor Media and Communications ETF
Actual expenses/actual returns	$1,000.00	$749.20	$1.73	0.40%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.01	0.40%
Multifactor Mid Cap ETF
Actual expenses/actual returns	$1,000.00	$894.90	$1.93	0.41%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.06	0.41%
Multifactor Small Cap ETF
Actual expenses/actual returns	$1,000.00	$888.60	$1.97	0.42%
Hypothetical example for comparison purposes	1,000.00	1,022.70	2.11	0.42%
Multifactor Technology ETF
Actual expenses/actual returns	$1,000.00	$809.80	$1.79	0.40%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.01	0.40%
Multifactor Utilities ETF
Actual expenses/actual returns	$1,000.00	$1,110.40	$2.09	0.40%
Hypothetical example for comparison purposes	1,000.00	1,022.80	2.01	0.40%


¹	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

JOHN HANCOCK MULTIFACTOR ETFS | ANNUAL

Table of Contents

Funds’ investments

MULTIFACTOR CONSUMER DISCRETIONARY ETF

As of 4-30-22

	Shares or Principal Amount	Value
COMMON STOCKS – 99.9%		$16,059,355
(Cost $17,685,532)
Consumer discretionary – 91.0%		14,621,327
Auto components – 0.2%
Fox Factory Holding Corp. (A)	415	33,980
Automobiles – 10.1%
Ford Motor Company	16,292	230,695
General Motors Company (A)	6,542	248,007
Harley-Davidson, Inc.	1,677	61,127
Rivian Automotive, Inc., Class A (A)	370	11,189
Tesla, Inc. (A)	1,180	1,027,494
Thor Industries, Inc.	520	39,806
Distributors – 1.9%
Genuine Parts Company	1,424	185,191
LKQ Corp.	2,291	113,702
Diversified consumer services – 0.4%
Bright Horizons Family Solutions, Inc. (A)	594	67,859
Hotels, restaurants and leisure – 21.7%
Airbnb, Inc., Class A (A)	586	89,781
Booking Holdings, Inc. (A)	79	174,614
Boyd Gaming Corp.	1,136	68,819
Caesars Entertainment, Inc. (A)	1,617	107,175
Carnival Corp. (A)	6,470	111,931
Chipotle Mexican Grill, Inc. (A)	109	158,661
Choice Hotels International, Inc.	290	40,733
Churchill Downs, Inc.	325	65,956
Darden Restaurants, Inc.	1,405	185,081
Domino’s Pizza, Inc.	260	87,880
DraftKings, Inc., Class A (A)	2,308	31,573
Expedia Group, Inc. (A)	865	151,159
Hilton Grand Vacations, Inc. (A)	636	29,784
Hilton Worldwide Holdings, Inc. (A)	1,780	276,416
Hyatt Hotels Corp., Class A (A)	388	36,844
Las Vegas Sands Corp. (A)	1,633	57,857
Light & Wonder, Inc. (A)	549	30,777
Marriott International, Inc., Class A (A)	1,177	208,941
Marriott Vacations Worldwide Corp.	335	50,026
McDonald’s Corp.	1,574	392,178
MGM Resorts International	3,220	132,149
Norwegian Cruise Line Holdings, Ltd. (A)(B)	2,814	56,364
Penn National Gaming, Inc. (A)	1,412	51,637
Planet Fitness, Inc., Class A (A)	629	50,339
Red Rock Resorts, Inc., Class A	450	19,782
Royal Caribbean Cruises, Ltd. (A)	1,703	132,374
SeaWorld Entertainment, Inc. (A)	348	23,469
Starbucks Corp.	2,514	187,645
Texas Roadhouse, Inc.	655	53,926
Vail Resorts, Inc.	343	87,177
Wyndham Hotels & Resorts, Inc.	877	77,141
Wynn Resorts, Ltd. (A)	655	46,164

MULTIFACTOR CONSUMER DISCRETIONARY ETF (continued)

	Shares or Principal Amount	Value
Consumer discretionary (continued)
Hotels, restaurants and leisure (continued)
Yum! Brands, Inc.	1,891	$221,266
Household durables – 2.5%
Garmin, Ltd.	1,347	147,820
Helen of Troy, Ltd. (A)	243	52,126
Tempur Sealy International, Inc.	2,173	58,910
Whirlpool Corp.	776	140,860
Internet and direct marketing retail – 7.6%
Amazon.com, Inc. (A)	333	827,715
Chewy, Inc., Class A (A)(B)	440	12,786
DoorDash, Inc., Class A (A)	466	37,946
eBay, Inc.	4,304	223,464
Etsy, Inc. (A)	946	88,158
Wayfair, Inc., Class A (A)(B)	344	26,467
Leisure products – 2.6%
Brunswick Corp.	949	71,754
Hasbro, Inc.	1,176	103,559
Mattel, Inc. (A)	4,072	98,990
Peloton Interactive, Inc., Class A (A)	1,553	27,271
Polaris, Inc.	791	75,098
YETI Holdings, Inc. (A)	780	38,119
Multiline retail – 8.5%
Dollar General Corp.	1,433	340,380
Dollar Tree, Inc. (A)	2,200	357,390
Kohl’s Corp.	1,695	98,107
Macy’s, Inc.	3,929	94,964
Target Corp.	2,075	474,449
Specialty retail – 25.8%
Advance Auto Parts, Inc.	654	130,558
AutoNation, Inc. (A)	803	93,076
AutoZone, Inc. (A)	134	262,033
Bath & Body Works, Inc.	1,557	82,350
Best Buy Company, Inc.	3,191	286,967
Burlington Stores, Inc. (A)	481	97,912
CarMax, Inc. (A)	1,665	142,824
Carvana Company (A)	232	13,447
Dick’s Sporting Goods, Inc. (B)	792	76,365
Five Below, Inc. (A)	605	95,046
Floor & Decor Holdings, Inc., Class A (A)	954	76,053
GameStop Corp., Class A (A)	485	60,659
Lithia Motors, Inc.	276	78,144
Lowe’s Companies, Inc.	1,429	282,556
O’Reilly Automotive, Inc. (A)	227	137,687
Penske Automotive Group, Inc.	307	32,180
RH (A)	155	52,099
Ross Stores, Inc.	2,611	260,499
The Gap, Inc.	2,708	33,633
The Home Depot, Inc.	2,770	832,108
The TJX Companies, Inc.	5,847	358,304
Tractor Supply Company	1,309	263,698

SEE NOTES TO FINANCIAL STATEMENTS

ANNUAL REPORT | JOHN HANCOCK MULTIFACTOR ETFS

Table of Contents

MULTIFACTOR CONSUMER DISCRETIONARY ETF (continued)

	Shares or Principal Amount	Value
Consumer discretionary (continued)
Specialty retail (continued)
Ulta Beauty, Inc. (A)	664	$263,475
Williams-Sonoma, Inc.	1,019	132,959
Textiles, apparel and luxury goods – 9.7%
Capri Holdings, Ltd. (A)	1,356	64,681
Columbia Sportswear Company	342	28,099
Crocs, Inc. (A)	409	27,170
Deckers Outdoor Corp. (A)	306	81,320
Hanesbrands, Inc.	5,392	71,498
Levi Strauss & Company, Class A	1,137	20,591
Lululemon Athletica, Inc. (A)	1,055	374,135
NIKE, Inc., Class B	3,524	439,443
PVH Corp.	573	41,703
Ralph Lauren Corp.	465	48,518
Skechers USA, Inc., Class A (A)	1,224	46,879
Tapestry, Inc.	3,226	106,200
Under Armour, Inc., Class A (A)	1,602	24,607
Under Armour, Inc., Class C (A)	1,668	23,669
VF Corp.	3,215	167,180
Consumer staples – 5.1%		816,143
Food and staples retailing – 4.0%
Walmart, Inc.	4,168	637,662
Personal products – 1.1%
Coty, Inc., Class A (A)	2,667	21,629
The Estee Lauder Companies, Inc., Class A	594	156,852
Industrials – 3.8%		621,885
Building products – 1.3%
Allegion PLC	972	111,041
Fortune Brands Home & Security, Inc.	1,436	102,315
Commercial services and supplies – 0.4%
Rollins, Inc.	2,060	69,092
Road and rail – 1.7%
Avis Budget Group, Inc. (A)	266	71,200
Lyft, Inc., Class A (A)	1,872	61,027
Uber Technologies, Inc. (A)	4,629	145,721
Trading companies and distributors – 0.4%
SiteOne Landscape Supply, Inc. (A)	436	61,489

SHORT-TERM INVESTMENTS – 0.5%		$81,608
(Cost $81,609)
Short-term funds – 0.5%		81,608
John Hancock Collateral Trust, 0.3773% (C)(D)	1,301	13,009

State Street Institutional U.S. Government Money Market Fund, Premier Class, 0.2918% (C)	68,599	68,599
Total investments (Multifactor Consumer Discretionary ETF) (Cost $17,767,141) 100.4%		$16,140,963
Other assets and liabilities, net (0.4%)		(71,435)
Total net assets 100.0%		$16,069,528

MULTIFACTOR CONSUMER DISCRETIONARY ETF (continued)

The percentage shown for each investment category is the total value of the category as a percentage of the net assets of the fund.
Security Abbreviations and Legend
(A)	Non-income producing security.
(B)	All or a portion of this security is on loan as of 4-30-22.
(C)	The rate shown is the annualized seven-day yield as of 4-30-22.

TOP TEN HOLDINGS⁴ (% of net assets)
Berkshire Hathaway, Inc., Class B	4.4
Visa, Inc., Class A	3.8
Mastercard, Inc., Class A	3.5
JPMorgan Chase & Co.	3.3
Bank of America Corp.	2.9
Wells Fargo & Company	2.5
The Travelers Companies, Inc.	2.1
The Allstate Corp.	1.8
The Goldman Sachs Group, Inc.	1.8
Marsh & McLennan Companies, Inc.	1.5
TOTAL	27.6

2	Multifactor exchange-traded funds (ETFs) at a glance
3	Management’s discussion of fund performance
8	Multifactor Consumer Discretionary ETF
9	Multifactor Consumer Staples ETF
10	Multifactor Developed International ETF
11	Multifactor Emerging Markets ETF
12	Multifactor Energy ETF
13	Multifactor Financials ETF
14	Multifactor Healthcare ETF
15	Multifactor Industrials ETF
16	Multifactor Large Cap ETF
17	Multifactor Materials ETF
18	Multifactor Media and Communications ETF
19	Multifactor Mid Cap ETF
20	Multifactor Small Cap ETF
21	Multifactor Technology ETF
22	Multifactor Utilities ETF
23	Your expenses
25	Fund’s investments
78	Financial statements
91	Financial highlights
99	Notes to financial statements
113	Report of independent registered public accounting firm
114	Tax information
115	Statement regarding liquidity risk management
116	Trustees and Officers
119	More information

TOP TEN HOLDINGS⁴ (% of net assets)
Tesla, Inc.	6.4
The Home Depot, Inc.	5.2
Amazon.com, Inc.	5.2
Walmart, Inc.	4.0
Target Corp.	3.0
NIKE, Inc., Class B	2.7
McDonald’s Corp.	2.4
Lululemon Athletica, Inc.	2.3
The TJX Companies, Inc.	2.2
Dollar Tree, Inc.	2.2
TOTAL	35.6

TOP TEN HOLDINGS⁴ (% of net assets)
PepsiCo, Inc.	6.1
The Coca-Cola Company	6.0
The Procter & Gamble Company	6.0
Costco Wholesale Corp.	5.9
The Kroger Company	5.0
General Mills, Inc.	4.7
Corteva, Inc.	4.1
Philip Morris International, Inc.	3.9
Tyson Foods, Inc., Class A	3.2
The Hershey Company	3.2
TOTAL	48.1

TOP TEN HOLDINGS⁴ (% of net assets)
Nestle SA	1.6
ASML Holding NV	1.1
Roche Holding AG	1.1
Shell PLC	1.0
Novartis AG	0.9
Toyota Motor Corp.	0.9
LVMH Moet Hennessy Louis Vuitton SE	0.8
Novo Nordisk A/S, B Shares	0.8
Cie de Saint-Gobain	0.8
TotalEnergies SE	0.7
TOTAL	9.7

TOP TEN HOLDINGS⁴ (% of net assets)
Samsung Electronics Company, Ltd.	3.7
Taiwan Semiconductor Manufacturing Company, Ltd.	3.6
Tencent Holdings, Ltd.	3.2
Reliance Industries, Ltd.	1.6
Alibaba Group Holding, Ltd., ADR	1.3
HDFC Bank, Ltd.	1.1
China Construction Bank Corp., H Shares	1.1
Infosys, Ltd.	1.0
Vale SA	0.9
Ping An Insurance Group Company of China, Ltd., H Shares	0.9
TOTAL	18.4

TOP TEN HOLDINGS⁴ (% of net assets)
Valero Energy Corp.	6.1
Chevron Corp.	6.0
Exxon Mobil Corp.	6.0
Occidental Petroleum Corp.	5.8
ConocoPhillips	5.5
The Williams Companies, Inc.	4.5
EOG Resources, Inc.	4.2
Devon Energy Corp.	4.0
Marathon Oil Corp.	3.8
Kinder Morgan, Inc.	3.8
TOTAL	49.7

TOP TEN HOLDINGS⁴ (% of net assets)
Johnson & Johnson	6.7
UnitedHealth Group, Inc.	5.8
Pfizer, Inc.	3.9
Merck & Company, Inc.	3.2
AbbVie, Inc.	3.1
Eli Lilly & Company	3.0
Thermo Fisher Scientific, Inc.	3.0
Bristol-Myers Squibb Company	2.8
Abbott Laboratories	2.6
Danaher Corp.	2.1
TOTAL	36.2

TOP TEN HOLDINGS⁴ (% of net assets)
Accenture PLC, Class A	2.8
Union Pacific Corp.	2.2
Raytheon Technologies Corp.	2.1
Caterpillar, Inc.	2.0
United Parcel Service, Inc., Class B	1.8
Honeywell International, Inc.	1.8
Deere & Company	1.8
CSX Corp.	1.8
Waste Management, Inc.	1.6
Norfolk Southern Corp.	1.6
TOTAL	19.5

TOP TEN HOLDINGS⁴ (% of net assets)
Apple, Inc.	4.0
Microsoft Corp.	3.9
Amazon.com, Inc.	2.0
Alphabet, Inc., Class A	1.7
Berkshire Hathaway, Inc., Class B	1.0
Johnson & Johnson	1.0
Meta Platforms, Inc., Class A	0.9
UnitedHealth Group, Inc.	0.9
Tesla, Inc.	0.8
The Procter & Gamble Company	0.7
TOTAL	16.9

TOP TEN HOLDINGS⁴ (% of net assets)
Nucor Corp.	6.7
Linde PLC	5.3
LyondellBasell Industries NV, Class A	4.6
Dow, Inc.	4.1
Newmont Corp.	3.7
DuPont de Nemours, Inc.	3.7
The Sherwin-Williams Company	3.5
International Flavors & Fragrances, Inc.	3.3
Freeport-McMoRan, Inc.	3.3
PPG Industries, Inc.	3.1
TOTAL	41.3

TOP TEN HOLDINGS⁴ (% of net assets)
Verizon Communications, Inc.	6.2
Comcast Corp., Class A	6.1
AT&T, Inc.	5.7
The Walt Disney Company	5.4
Meta Platforms, Inc., Class A	4.6
T-Mobile US, Inc.	4.1
Activision Blizzard, Inc.	3.7
Electronic Arts, Inc.	3.6
Alphabet, Inc., Class A	3.2
Omnicom Group, Inc.	3.1
TOTAL	45.7

TOP TEN HOLDINGS⁴ (% of net assets)
American Campus Communities, Inc.	0.6
Brixmor Property Group, Inc.	0.5
Popular, Inc.	0.5
Pure Storage, Inc., Class A	0.5
Nielsen Holdings PLC	0.5
Ashland Global Holdings, Inc.	0.5
Nexstar Media Group, Inc., Class A	0.4
Skechers USA, Inc., Class A	0.4
Murphy USA, Inc.	0.4
KBR, Inc.	0.4
TOTAL	4.7

TOP TEN HOLDINGS⁴ (% of net assets)
Exelon Corp.	6.2
Xcel Energy, Inc.	5.7
Duke Energy Corp.	5.3
Consolidated Edison, Inc.	5.2
The Southern Company	4.3
Entergy Corp.	4.2
Edison International	4.1
WEC Energy Group, Inc.	3.8
Public Service Enterprise Group, Inc.	3.7
Eversource Energy	3.6
TOTAL	46.1