ai_lockupxblkxrgb002a.jpg
Semiannual Report
February 28, 2022
Avantis® Core Fixed Income ETF (AVIG)
Avantis® Core Municipal Fixed Income ETF (AVMU)
Avantis® Short-Term Fixed Income ETF (AVSF)











































Table of Contents

Chairman’s Letter
Avantis Core Fixed Income ETF
Fund Characteristics
Avantis Core Municipal Fixed Income ETF
Fund Characteristics
Avantis Short-Term Fixed Income ETF
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Additional Information


























Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.



Chairman's Letter
image44.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ended February 28, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.

Escalating Volatility, Soaring Inflation Weighed on Returns

Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.

In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.

Staying Focused in Uncertain Times

Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.

Sincerely,
image25.jpg
Jonathan Thomas
Chairman
Avantis Investors

2


Fund Characteristics

FEBRUARY 28, 2022
Avantis Core Fixed Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 61.7%
U.S. Treasury Securities 24.8%
U.S. Government Agency Mortgage-Backed Securities 19.7%
U.S. Government Agency Securities 2.8%
Sovereign Governments and Agencies 0.1%
Short-Term Investments 10.0%
Other Assets and Liabilities (19.1)%

3


Fund Characteristics

FEBRUARY 28, 2022
Avantis Core Municipal Fixed Income ETF
Types of Investments in Portfolio % of net assets
Municipal Securities 98.9%
Short-Term Investments 0.7%
Other Assets and Liabilities 0.4%
Top Five States and Territories % of net assets
California 17.0%
New York 13.1%
Texas 7.8%
Georgia 4.8%
Florida 4.6%
Top Five Sectors % of fund investments
Special Tax 22%
General Obligation (GO) - Local 15%
General Obligation (GO) - State 14%
Public Power 8%
Water & Sewer 7%

4


Fund Characteristics

FEBRUARY 28, 2022
Avantis Short-Term Fixed Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 64.4%
U.S. Treasury Securities and Equivalents 30.0%
U.S. Government Agency Securities 4.3%
Sovereign Governments and Agencies 0.2%
Other Assets and Liabilities 1.1%

5


Shareholder Fee Examples

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2021 to February 28, 2022.

Actual Expenses

The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
9/1/21
Ending
Account Value
2/28/22
Expenses Paid
During Period(1)
9/1/21 - 2/28/22
Annualized
Expense Ratio(1)
Avantis Core Fixed Income ETF
Actual $1,000 $951.00 $0.73 0.15%
Hypothetical $1,000 $1,024.05 $0.75 0.15%
Avantis Core Municipal Fixed Income ETF
Actual $1,000 $966.90 $0.73 0.15%
Hypothetical $1,000 $1,024.05 $0.75 0.15%
Avantis Short-Term Fixed Income ETF
Actual $1,000 $973.10 $0.73 0.15%
Hypothetical $1,000 $1,024.05 $0.75 0.15%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
6


Schedules of Investments

FEBRUARY 28, 2022 (UNAUDITED)
Avantis Core Fixed Income ETF
Principal Amount Value
CORPORATE BONDS — 61.7%


Aerospace and Defense — 2.1%
Boeing Co. (The), 2.20%, 2/4/26 $ 75,000  $ 73,219 
Boeing Co. (The), 2.80%, 3/1/27 25,000  24,714 
Boeing Co. (The), 2.95%, 2/1/30 250,000  239,614 
Boeing Co. (The), 5.15%, 5/1/30 225,000  248,676 
General Dynamics Corp., 3.625%, 4/1/30 307,000  327,046 
Huntington Ingalls Industries, Inc., 3.48%, 12/1/27 400,000  410,904 
Lockheed Martin Corp., 3.55%, 1/15/26 260,000  274,028 
Northrop Grumman Corp., 3.25%, 1/15/28 70,000  71,592 
Precision Castparts Corp., 3.25%, 6/15/25 393,000  407,358 
Raytheon Technologies Corp., 3.50%, 3/15/27 65,000  68,070 
Textron, Inc., 4.00%, 3/15/26 85,000  89,379 
Textron, Inc., 2.45%, 3/15/31 420,000  393,909 
2,628,509 
Air Freight and Logistics — 0.5%
United Parcel Service, Inc., 3.90%, 4/1/25 548,000  577,215 
Airlines — 0.2%
Southwest Airlines Co., 5.125%, 6/15/27 102,000  113,169 
Southwest Airlines Co., 2.625%, 2/10/30 111,000  105,782 
218,951 
Auto Components — 0.1%
BorgWarner, Inc., 2.65%, 7/1/27 180,000  179,504 
Automobiles — 0.9%
American Honda Finance Corp., MTN, 1.00%, 9/10/25 100,000  95,876 
American Honda Finance Corp., MTN, 2.35%, 1/8/27 330,000  329,722 
General Motors Co., 4.20%, 10/1/27 250,000  263,707 
General Motors Financial Co., Inc., 5.10%, 1/17/24 44,000  46,173 
Toyota Motor Credit Corp., MTN, 2.15%, 2/13/30 100,000  96,221 
Toyota Motor Credit Corp., MTN, 3.375%, 4/1/30 200,000  209,570 
Toyota Motor Credit Corp., MTN, 1.65%, 1/10/31 163,000  149,178 
1,190,447 
Banks — 6.3%
African Development Bank, 0.75%, 4/3/23 110,000  109,460 
Asian Development Bank, 2.625%, 1/30/24 50,000  51,092 
Asian Development Bank, MTN, 0.625%, 10/8/24 50,000  48,715 
Asian Development Bank, MTN, 0.375%, 9/3/25 350,000  333,312 
Asian Development Bank, MTN, 2.375%, 8/10/27 40,000  41,059 
Asian Infrastructure Investment Bank (The), 0.25%, 9/29/23 150,000  147,400 
Asian Infrastructure Investment Bank (The), 0.50%, 5/28/25 225,000  215,948 
Bank of Montreal, MTN, Series E, 3.30%, 2/5/24 70,000  71,731 
Bank of Nova Scotia (The), 3.40%, 2/11/24 163,000  167,235 
Citizens Financial Group, Inc., 2.50%, 2/6/30 200,000  191,818 
Council Of Europe Development Bank, 0.25%, 10/20/23 25,000  24,527 
Council Of Europe Development Bank, 2.50%, 2/27/24 20,000  20,397 
European Bank for Reconstruction & Development, MTN, 2.125%, 3/7/22 25,000  25,005 
7


Avantis Core Fixed Income ETF
Principal Amount Value
European Investment Bank, 0.625%, 7/25/25 $ 170,000  $ 163,711 
European Investment Bank, 4.875%, 2/15/36 30,000  39,822 
European Investment Bank, MTN, 3.125%, 12/14/23 100,000  103,007 
Fifth Third Bancorp, 3.65%, 1/25/24 243,000  249,944 
Fifth Third Bancorp, 2.55%, 5/5/27 325,000  324,996 
Inter-American Development Bank, 3.00%, 10/4/23 100,000  102,543 
Inter-American Development Bank, 2.00%, 7/23/26 350,000  352,731 
Inter-American Development Bank, 2.375%, 7/7/27 255,000  261,408 
Inter-American Development Bank, 3.125%, 9/18/28 200,000  214,632 
Inter-American Development Bank, MTN, 1.125%, 1/13/31 200,000  186,370 
International Bank for Reconstruction & Development, 1.75%, 4/19/23 50,000  50,301 
International Bank for Reconstruction & Development, 0.875%, 7/15/26 125,000  120,480 
International Bank for Reconstruction & Development, 0.75%, 11/24/27 225,000  210,822 
International Bank for Reconstruction & Development, 0.875%, 5/14/30 155,000  142,749 
International Finance Corp., MTN, 2.875%, 7/31/23 50,000  51,076 
JPMorgan Chase & Co., 5.50%, 10/15/40 125,000  154,902 
Kreditanstalt fuer Wiederaufbau, 2.125%, 6/15/22 100,000  100,447 
Kreditanstalt fuer Wiederaufbau, 2.00%, 5/2/25 250,000  252,332 
Landwirtschaftliche Rentenbank, 2.00%, 1/13/25 265,000  267,712 
Oesterreichische Kontrollbank AG, MTN, 2.875%, 3/13/23 75,000  76,263 
PNC Financial Services Group, Inc. (The), 3.15%, 5/19/27 937,000  972,357 
Santander Holdings USA, Inc., 3.45%, 6/2/25 110,000  111,879 
Santander Holdings USA, Inc., 4.40%, 7/13/27 260,000  274,083 
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23 250,000  258,105 
Toronto-Dominion Bank (The), MTN, 0.75%, 1/6/26 150,000  141,380 
Truist Financial Corp., MTN, 3.70%, 6/5/25 200,000  208,592 
US Bancorp, MTN, 3.95%, 11/17/25 410,000  436,141 
US Bancorp, MTN, 1.375%, 7/22/30 200,000  179,068 
Wells Fargo & Co., MTN, 3.55%, 9/29/25 285,000  294,977 
Westpac Banking Corp., 3.40%, 1/25/28 165,000  172,722 
7,923,251 
Beverages — 1.9%
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/28 125,000  133,268 
Anheuser-Busch InBev Worldwide, Inc., 8.20%, 1/15/39 250,000  382,380 
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40 75,000  80,121 
Coca-Cola Co. (The), 3.45%, 3/25/30 85,000  89,959 
Coca-Cola Co. (The), 1.375%, 3/15/31 265,000  238,525 
Keurig Dr Pepper, Inc., 2.55%, 9/15/26 60,000  60,073 
Keurig Dr Pepper, Inc., 3.20%, 5/1/30 525,000  530,806 
Molson Coors Beverage Co., 3.00%, 7/15/26 256,000  260,540 
PepsiCo, Inc., 3.00%, 10/15/27 445,000  459,926 
PepsiCo, Inc., 1.625%, 5/1/30 70,000  65,347 
PepsiCo, Inc., 1.40%, 2/25/31 61,000  54,993 
2,355,938 
Biotechnology — 0.5%
AbbVie, Inc., 3.20%, 11/21/29 50,000  50,700 
AbbVie, Inc., 4.50%, 5/14/35 535,000  595,352 
646,052 
8


Avantis Core Fixed Income ETF
Principal Amount Value
Capital Markets — 3.4%
Ameriprise Financial, Inc., 2.875%, 9/15/26 $ 325,000  $ 333,009 
BlackRock, Inc., 3.25%, 4/30/29 1,020,000  1,069,980 
Brookfield Finance, Inc., 3.90%, 1/25/28 535,000  562,322 
Charles Schwab Corp. (The), 3.20%, 3/2/27 100,000  103,854 
Charles Schwab Corp. (The), 2.75%, 10/1/29 366,000  366,176 
Charles Schwab Corp. (The), 1.65%, 3/11/31 575,000  522,905 
Credit Suisse USA, Inc., 7.125%, 7/15/32 150,000  199,286 
Franklin Resources, Inc., 1.60%, 10/30/30 619,000  554,242 
Lazard Group LLC, 4.375%, 3/11/29 418,000  444,689 
Morgan Stanley, 7.25%, 4/1/32 100,000  135,067 
S&P Global, Inc., 2.95%, 1/22/27 75,000  76,915 
4,368,445 
Chemicals — 2.3%
Air Products and Chemicals, Inc., 1.50%, 10/15/25 320,000  313,482 
Eastman Chemical Co., 3.80%, 3/15/25 300,000  310,657 
EI du Pont de Nemours and Co., 2.30%, 7/15/30 350,000  338,291 
Linde, Inc., 3.20%, 1/30/26 80,000  83,160 
Mosaic Co. (The), 4.05%, 11/15/27 25,000  26,455 
Mosaic Co. (The), 5.45%, 11/15/33 500,000  590,380 
Nutrien Ltd., 2.95%, 5/13/30 150,000  149,426 
PPG Industries, Inc., 1.20%, 3/15/26 200,000  191,021 
RPM International, Inc., 4.55%, 3/1/29 456,000  496,278 
Westlake Corp., 3.60%, 8/15/26 120,000  124,719 
Westlake Corp., 3.375%, 6/15/30 290,000  295,666 
2,919,535 
Commercial Services and Supplies
Waste Management, Inc., 1.15%, 3/15/28 50,000  45,911 
Construction and Engineering — 0.3%
Quanta Services, Inc., 2.90%, 10/1/30 425,000  407,916 
Consumer Finance — 0.3%
Synchrony Financial, 3.95%, 12/1/27 120,000  123,728 
Synchrony Financial, 5.15%, 3/19/29 285,000  310,281 
434,009 
Containers and Packaging — 0.4%
WRKCo, Inc., 4.90%, 3/15/29 400,000  442,456 
Diversified Financial Services — 0.6%
Equitable Holdings, Inc., 4.35%, 4/20/28 404,000  432,922 
National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29 300,000  316,109 
749,031 
Diversified Telecommunication Services — 0.9%
AT&T, Inc., 6.15%, 9/15/34 296,000  365,222 
Telefonica Europe BV, 8.25%, 9/15/30 290,000  391,510 
Verizon Communications, Inc., 5.25%, 3/16/37 315,000  375,917 
1,132,649 
Electric Utilities — 4.1%
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 120,000  126,567 
Berkshire Hathaway Energy Co., 3.25%, 4/15/28 100,000  104,067 
DTE Electric Co., 2.25%, 3/1/30 250,000  240,682 
DTE Electric Co., Series C, 2.625%, 3/1/31 110,000  108,352 
9


Avantis Core Fixed Income ETF
Principal Amount Value
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/28 $ 227,000  $ 269,548 
Duke Energy Florida LLC, 3.80%, 7/15/28 40,000  42,313 
Duke Energy Ohio, Inc., 2.125%, 6/1/30 210,000  198,024 
Entergy Arkansas LLC, 4.00%, 6/1/28 153,000  163,048 
Entergy Louisiana LLC, 2.40%, 10/1/26 200,000  198,480 
Entergy Louisiana LLC, 3.05%, 6/1/31 255,000  255,600 
Florida Power & Light Co., 3.125%, 12/1/25 65,000  66,980 
IPALCO Enterprises, Inc., 4.25%, 5/1/30 594,000  618,891 
MidAmerican Energy Co., 6.75%, 12/30/31 100,000  131,890 
PacifiCorp, 2.70%, 9/15/30 90,000  88,770 
PPL Electric Utilities Corp., 6.25%, 5/15/39 425,000  566,367 
Public Service Electric and Gas Co., MTN, 3.00%, 5/15/27 210,000  215,450 
Puget Energy, Inc., 4.10%, 6/15/30 335,000  347,777 
Southwestern Electric Power Co., Series M, 4.10%, 9/15/28 510,000  540,892 
Union Electric Co., 2.95%, 3/15/30 612,000  619,001 
Wisconsin Power and Light Co., 3.00%, 7/1/29 315,000  318,132 
5,220,831 
Electronic Equipment, Instruments and Components — 1.2%
Flex Ltd., 3.75%, 2/1/26 50,000  51,659 
Flex Ltd., 4.875%, 5/12/30 515,000  562,725 
Jabil, Inc., 3.00%, 1/15/31 440,000  420,226 
Trimble, Inc., 4.90%, 6/15/28 303,000  326,797 
Tyco Electronics Group SA, 3.125%, 8/15/27 100,000  102,462 
1,463,869 
Energy Equipment and Services — 0.5%
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/27 200,000  206,334 
Schlumberger Investment SA, 2.65%, 6/26/30 459,000  446,157 
652,491 
Equity Real Estate Investment Trusts (REITs) — 5.0%
American Campus Communities Operating Partnership LP, 3.875%, 1/30/31 471,000  494,568 
American Homes 4 Rent LP, 4.25%, 2/15/28 234,000  247,373 
American Tower Corp., 3.60%, 1/15/28 210,000  215,633 
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/28 640,000  659,687 
Boston Properties LP, 3.65%, 2/1/26 125,000  129,537 
Boston Properties LP, 3.25%, 1/30/31 350,000  349,735 
Brixmor Operating Partnership LP, 3.65%, 6/15/24 163,000  167,942 
Brixmor Operating Partnership LP, 3.90%, 3/15/27 145,000  151,077 
Camden Property Trust, 2.80%, 5/15/30 65,000  64,388 
Corporate Office Properties LP, 2.25%, 3/15/26 319,000  313,925 
Digital Realty Trust LP, 3.60%, 7/1/29 400,000  412,600 
Equinix, Inc., 1.25%, 7/15/25 100,000  95,342 
Highwoods Realty LP, 4.125%, 3/15/28 105,000  111,657 
Highwoods Realty LP, 2.60%, 2/1/31 329,000  313,157 
Kimco Realty Corp., 1.90%, 3/1/28 50,000  47,312 
Prologis LP, 3.25%, 10/1/26 400,000  416,199 
Prologis LP, 2.25%, 4/15/30 200,000  191,875 
Public Storage, 1.85%, 5/1/28 250,000  238,944 
Public Storage, 2.30%, 5/1/31 800,000  771,278 
Realty Income Corp., 3.65%, 1/15/28 160,000  166,897 
Realty Income Corp., 2.85%, 12/15/32 20,000  19,477 
10


Avantis Core Fixed Income ETF
Principal Amount Value
UDR, Inc., MTN, 2.10%, 8/1/32 $ 355,000  $ 319,717 
Ventas Realty LP, 3.00%, 1/15/30 20,000  19,813 
Ventas Realty LP, 4.75%, 11/15/30 360,000  402,593 
6,320,726 
Food and Staples Retailing — 0.6%
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26 58,000  60,192 
Walgreens Boots Alliance, Inc., 3.20%, 4/15/30 375,000  379,356 
Walmart, Inc., 3.55%, 6/26/25 350,000  367,784 
807,332 
Food Products — 1.8%
Archer-Daniels-Midland Co., 3.25%, 3/27/30 675,000  700,809 
Bunge Ltd. Finance Corp., 3.25%, 8/15/26 120,000  122,715 
Campbell Soup Co., 4.15%, 3/15/28 493,000  527,939 
General Mills, Inc., 3.20%, 2/10/27 325,000  334,805 
General Mills, Inc., 4.20%, 4/17/28 25,000  26,969 
Ingredion, Inc., 2.90%, 6/1/30 175,000  173,342 
Mondelez International, Inc., 1.50%, 2/4/31 419,000  374,018 
2,260,597 
Gas Utilities — 0.2%
National Fuel Gas Co., 5.50%, 1/15/26 45,000  48,792 
Southern California Gas Co., 2.55%, 2/1/30 174,000  169,558 
218,350 
Health Care Equipment and Supplies — 0.4%
Edwards Lifesciences Corp., 4.30%, 6/15/28 487,000  528,297 
Health Care Providers and Services — 1.2%
Cigna Corp., 3.20%, 3/15/40 300,000  277,650 
CVS Health Corp., 2.875%, 6/1/26 25,000  25,316 
CVS Health Corp., 1.875%, 2/28/31 188,000  171,072 
HCA, Inc., 4.50%, 2/15/27 25,000  26,516 
HCA, Inc., 4.125%, 6/15/29 460,000  482,656 
UnitedHealth Group, Inc., 3.45%, 1/15/27 540,000  568,151 
1,551,361 
Hotels, Restaurants and Leisure — 0.4%
Expedia Group, Inc., 3.25%, 2/15/30 250,000  246,895 
Hyatt Hotels Corp., 4.85%, 3/15/26 60,000  63,816 
Starbucks Corp., 4.00%, 11/15/28 225,000  241,305 
552,016 
Household Durables — 0.1%
Whirlpool Corp., 4.00%, 3/1/24 139,000  144,739 
Industrial Conglomerates — 0.7%
3M Co., MTN, 5.70%, 3/15/37 580,000  740,148 
Roper Technologies, Inc., 1.40%, 9/15/27 135,000  126,044 
866,192 
Insurance — 1.0%
Chubb INA Holdings, Inc., 3.15%, 3/15/25 150,000  154,452 
Chubb INA Holdings, Inc., 1.375%, 9/15/30 310,000  277,772 
MetLife, Inc., 3.60%, 11/13/25 510,000  534,106 
Prudential plc, 3.125%, 4/14/30 300,000  304,558 
1,270,888 
Interactive Media and Services — 0.3%
Alphabet, Inc., 0.80%, 8/15/27 247,000  228,906 
11


Avantis Core Fixed Income ETF
Principal Amount Value
Alphabet, Inc., 1.10%, 8/15/30 $ 100,000  $ 90,372 
319,278 
Internet and Direct Marketing Retail — 0.3%
Amazon.com, Inc., 5.20%, 12/3/25 200,000  220,725 
Amazon.com, Inc., 1.20%, 6/3/27 150,000  142,751 
363,476 
IT Services — 0.9%
International Business Machines Corp., 1.95%, 5/15/30 184,000  172,953 
Leidos, Inc., 4.375%, 5/15/30 340,000  361,515 
Visa, Inc., 2.75%, 9/15/27 190,000  194,858 
Western Union Co. (The), 6.20%, 11/17/36 324,000  370,825 
1,100,151 
Leisure Products — 0.2%
Hasbro, Inc., 3.50%, 9/15/27 286,000  294,323 
Machinery — 1.7%
ABB Finance USA, Inc., 3.80%, 4/3/28 106,000  112,991 
Caterpillar Financial Services Corp., MTN, 3.65%, 12/7/23 140,000  144,940 
Caterpillar Financial Services Corp., MTN, 1.10%, 9/14/27 100,000  93,959 
John Deere Capital Corp., 1.45%, 1/15/31 140,000  127,575 
John Deere Capital Corp., MTN, 3.05%, 1/6/28 468,000  485,742 
Kennametal, Inc., 4.625%, 6/15/28 108,000  116,580 
Oshkosh Corp., 4.60%, 5/15/28 606,000  652,155 
Parker-Hannifin Corp., MTN, 4.20%, 11/21/34 375,000  404,507 
2,138,449 
Media — 1.1%
Comcast Corp., 2.65%, 2/1/30 168,000  164,780 
Comcast Corp., 4.25%, 10/15/30 250,000  275,287 
Interpublic Group of Cos., Inc. (The), 4.75%, 3/30/30 150,000  166,565 
Paramount Global, 4.95%, 1/15/31 420,000  455,584 
Walt Disney Co. (The), 2.00%, 9/1/29 320,000  305,868 
1,368,084 
Metals and Mining — 0.3%
Kinross Gold Corp., 4.50%, 7/15/27 95,000  101,806 
Steel Dynamics, Inc., 3.25%, 1/15/31 340,000  339,831 
441,637 
Multi-Utilities — 0.3%
Dominion Energy, Inc., 4.25%, 6/1/28 100,000  106,865 
San Diego Gas & Electric Co., 1.70%, 10/1/30 367,000  333,575 
440,440 
Multiline Retail — 0.8%
Dollar Tree, Inc., 4.20%, 5/15/28 75,000  80,158 
Target Corp., 2.65%, 9/15/30 870,000  874,347 
954,505 
Oil, Gas and Consumable Fuels — 6.1%
Boardwalk Pipelines LP, 4.80%, 5/3/29 200,000  214,271 
BP Capital Markets America, Inc., 3.63%, 4/6/30 210,000  218,881 
BP Capital Markets plc, 3.28%, 9/19/27 90,000  92,626 
Burlington Resources LLC, 7.40%, 12/1/31 30,000  41,778 
Canadian Natural Resources Ltd., 2.95%, 7/15/30 563,000  558,982 
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 104,000  113,499 
Chevron Corp., 1.55%, 5/11/25 220,000  216,789 
12


Avantis Core Fixed Income ETF
Principal Amount Value
Chevron USA, Inc., 3.85%, 1/15/28 $ 618,000  $ 666,188 
Enbridge, Inc., 3.125%, 11/15/29 320,000  320,105 
Enterprise Products Operating LLC, 3.35%, 3/15/23 220,000  222,843 
Enterprise Products Operating LLC, 3.70%, 2/15/26 80,000  83,588 
Equinor ASA, 3.70%, 3/1/24 70,000  72,450 
Equinor ASA, 2.875%, 4/6/25 175,000  178,265 
Exxon Mobil Corp., 3.04%, 3/1/26 275,000  284,682 
Exxon Mobil Corp., 2.44%, 8/16/29 340,000  334,651 
Exxon Mobil Corp., 2.61%, 10/15/30 312,000  309,967 
Kinder Morgan, Inc., 5.30%, 12/1/34 380,000  426,645 
Marathon Petroleum Corp., 4.70%, 5/1/25 40,000  42,504 
MPLX LP, 2.65%, 8/15/30 249,000  234,861 
Phillips 66, 3.90%, 3/15/28 540,000  567,696 
Pioneer Natural Resources Co., 1.90%, 8/15/30 575,000  522,808 
Shell International Finance BV, 3.25%, 5/11/25 230,000  238,719 
Shell International Finance BV, 2.50%, 9/12/26 185,000  187,391 
Shell International Finance BV, 2.75%, 4/6/30 200,000  199,534 
TotalEnergies Capital International SA, 2.43%, 1/10/25 147,000  148,899 
TransCanada PipeLines Ltd., 4.25%, 5/15/28 140,000  149,122 
Valero Energy Corp., 6.625%, 6/15/37 175,000  225,037 
Valero Energy Partners LP, 4.50%, 3/15/28 293,000  311,869 
Williams Cos., Inc. (The), 4.00%, 9/15/25 530,000  552,407 
7,737,057 
Pharmaceuticals — 3.6%
Astrazeneca Finance LLC, 2.25%, 5/28/31 350,000  336,580 
AstraZeneca plc, 4.00%, 1/17/29 383,000  414,776 
Bristol-Myers Squibb Co., 3.25%, 2/27/27 279,000  292,481 
Bristol-Myers Squibb Co., 3.45%, 11/15/27 165,000  175,345 
Bristol-Myers Squibb Co., 1.45%, 11/13/30 226,000  204,921 
Eli Lilly & Co., 3.375%, 3/15/29 238,000  251,426 
Johnson & Johnson, 0.55%, 9/1/25 40,000  38,151 
Johnson & Johnson, 2.90%, 1/15/28 440,000  453,606 
Johnson & Johnson, 3.625%, 3/3/37 100,000  108,154 
Merck & Co., Inc., 0.75%, 2/24/26 220,000  209,752 
Merck & Co., Inc., 3.40%, 3/7/29 350,000  369,254 
Mylan, Inc., 4.55%, 4/15/28 202,000  215,507 
Novartis Capital Corp., 3.10%, 5/17/27 285,000  295,152 
Novartis Capital Corp., 2.20%, 8/14/30 175,000  169,960 
Royalty Pharma plc, 2.20%, 9/2/30 500,000  454,105 
Sanofi, 3.625%, 6/19/28 558,000  602,759 
4,591,929 
Road and Rail — 0.1%
Norfolk Southern Corp., 3.15%, 6/1/27 125,000  129,337 
Semiconductors and Semiconductor Equipment — 2.6%
Broadcom, Inc., 4.11%, 9/15/28 185,000  194,564 
Broadcom, Inc., 2.60%, 2/15/33(1)
425,000  388,288 
Intel Corp., 4.60%, 3/25/40 398,000  451,504 
Lam Research Corp., 3.75%, 3/15/26 200,000  211,731 
Marvell Technology, Inc., 2.95%, 4/15/31 425,000  409,723 
Micron Technology, Inc., 4.19%, 2/15/27 75,000  79,319 
NVIDIA Corp., 2.85%, 4/1/30 674,000  683,323 
13


Avantis Core Fixed Income ETF
Principal Amount Value
NVIDIA Corp., 2.00%, 6/15/31 $ 200,000  $ 188,281 
NXP BV / NXP Funding LLC, 5.55%, 12/1/28(1)
360,000  409,674 
QUALCOMM, Inc., 3.25%, 5/20/27 310,000  323,424 
3,339,831 
Software — 1.3%
Adobe, Inc., 2.30%, 2/1/30 408,000  397,178 
Autodesk, Inc., 2.85%, 1/15/30 500,000  488,631 
Microsoft Corp., 2.875%, 2/6/24 150,000  153,679 
Oracle Corp., 3.25%, 5/15/30 320,000  315,816 
VMware, Inc., 4.70%, 5/15/30 250,000  274,748 
1,630,052 
Specialty Retail — 1.6%
AutoNation, Inc., 3.80%, 11/15/27 66,000  68,434 
AutoNation, Inc., 4.75%, 6/1/30 390,000  420,651 
Home Depot, Inc. (The), 2.80%, 9/14/27 210,000  214,494 
Home Depot, Inc. (The), 2.95%, 6/15/29 325,000  332,770 
Home Depot, Inc. (The), 3.30%, 4/15/40 275,000  275,620 
O'Reilly Automotive, Inc., 4.35%, 6/1/28 145,000  156,561 
TJX Cos., Inc. (The), 1.15%, 5/15/28 550,000  509,311 
1,977,841 
Technology Hardware, Storage and Peripherals — 1.7%
Apple, Inc., 3.25%, 2/23/26 390,000  407,443 
Apple, Inc., 3.20%, 5/11/27 570,000  596,758 
Apple, Inc., 3.00%, 11/13/27 100,000  104,064 
Apple, Inc., 2.20%, 9/11/29 30,000  29,486 
Hewlett Packard Enterprise Co., 6.20%, 10/15/35 464,000  555,670 
HP, Inc., 3.40%, 6/17/30 460,000  464,906 
2,158,327 
Trading Companies and Distributors — 0.3%
Air Lease Corp., 3.625%, 12/1/27 363,000  368,015 
Transportation Infrastructure — 0.4%
FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 8/20/35 596,025  567,366 
Wireless Telecommunication Services — 0.2%
T-Mobile USA, Inc., 3.75%, 4/15/27 210,000  218,189 
TOTAL CORPORATE BONDS
(Cost $81,653,680)
78,215,795 
U.S. TREASURY SECURITIES — 24.8%
U.S. Treasury Bonds, 1.125%, 8/15/40 1,136,000  941,549 
U.S. Treasury Bonds, 4.75%, 2/15/41 598,600  835,819 
U.S. Treasury Bonds, 2.25%, 5/15/41 1,335,000  1,331,193 
U.S. Treasury Bonds, 2.00%, 11/15/41 2,545,000  2,437,235 
U.S. Treasury Bonds, 2.50%, 2/15/45 315,000  325,299 
U.S. Treasury Bonds, 2.875%, 8/15/45 1,442,700  1,591,929 
U.S. Treasury Notes, 2.875%, 9/30/23 2,503,900  2,563,661 
U.S. Treasury Notes, 0.125%, 12/15/23 1,502,500  1,468,224 
U.S. Treasury Notes, 1.375%, 1/31/25 2,290,000  2,273,720 
U.S. Treasury Notes, 0.375%, 4/30/25 2,575,000  2,472,805 
U.S. Treasury Notes, 2.125%, 5/15/25 2,250,000  2,281,816 
U.S. Treasury Notes, 2.75%, 8/31/25 2,821,900  2,921,438 
U.S. Treasury Notes, 2.625%, 1/31/26 1,533,000  1,584,799 
U.S. Treasury Notes, 0.875%, 9/30/26 2,100,000  2,019,117 
14


Avantis Core Fixed Income ETF
Principal Amount Value
U.S. Treasury Notes, 0.375%, 9/30/27(2)
$ 1,109,100  $ 1,026,697 
U.S. Treasury Notes, 0.50%, 10/31/27 1,690,000  1,573,350 
U.S. Treasury Notes, 1.375%, 10/31/28 3,950,000  3,837,518 
TOTAL U.S. TREASURY SECURITIES
(Cost $32,214,222)
31,486,169 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.7%
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.7%
GNMA, 2.00%, TBA 600,000  586,641 
GNMA, 2.50%, TBA 750,000  749,443 
GNMA, 3.00%, TBA 2,900,000  2,948,371 
GNMA, 3.00%, TBA 1,000,000  1,014,300 
UMBS, 1.50%, TBA 2,000,000  1,946,250 
UMBS, 1.50%, TBA 1,300,000  1,263,126 
UMBS, 2.00%, TBA 2,750,000  2,729,805 
UMBS, 2.00%, TBA 1,000,000  990,900 
UMBS, 2.00%, TBA 2,000,000  1,918,594 
UMBS, 2.00%, TBA 1,000,000  957,300 
UMBS, 2.50%, TBA 750,000  758,845 
UMBS, 2.50%, TBA 2,350,000  2,318,697 
UMBS, 2.50%, TBA 900,000  885,958 
UMBS, 3.00%, TBA 1,550,000  1,565,621 
UMBS, 3.00%, TBA 1,900,000  1,914,992 
UMBS, 3.00%, TBA 550,000  552,965 
UMBS, 3.50%, TBA 1,750,000  1,802,363 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $24,912,145)
24,904,171 
U.S. GOVERNMENT AGENCY SECURITIES — 2.8%
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25 100,000  98,541 
FHLB, 2.75%, 12/13/24 15,000  15,449 
FHLB, 2.375%, 3/14/25 50,000  51,067 
FHLB, 0.375%, 9/4/25 125,000  119,183 
FHLB, 3.25%, 11/16/28 475,000  513,581 
FHLMC, 1.50%, 2/12/25 120,000  119,440 
FHLMC, 0.375%, 7/21/25 284,000  271,555 
FHLMC, 0.375%, 9/23/25 380,000  361,934 
FNMA, 2.50%, 2/5/24 30,000  30,580 
FNMA, 1.625%, 10/15/24 265,000  265,024 
FNMA, 0.625%, 4/22/25 75,000  72,583 
FNMA, 0.50%, 6/17/25 100,000  96,020 
FNMA, 0.375%, 8/25/25 100,000  95,379 
FNMA, 1.875%, 9/24/26 490,000  492,302 
FNMA, 6.25%, 5/15/29 50,000  64,322 
FNMA, 7.25%, 5/15/30 20,000  28,068 
FNMA, 5.625%, 7/15/37 345,000  481,529 
Tennessee Valley Authority, 0.75%, 5/15/25 105,000  101,802 
Tennessee Valley Authority, 7.125%, 5/1/30 20,000  27,414 
Tennessee Valley Authority, 5.88%, 4/1/36 90,000  127,061 
Tennessee Valley Authority, Series A, 2.875%, 2/1/27 60,000  62,952 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $3,595,771)
3,495,786 
15


Avantis Core Fixed Income ETF
Principal Amount Value
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.1%
Canada — 0.1%
Export Development Canada, 2.625%, 2/21/24
(Cost $104,453)
$ 100,000  $ 102,118 
SHORT-TERM INVESTMENTS — 10.0%
Commercial Paper(3) — 2.5%
Glencove Funding LLC, 0.22%, 3/1/22(1)
1,000,000  999,997 
Macquarie Bank Ltd., 0.21%, 3/18/22(1)
250,000  249,993 
Old Line Funding LLC, 0.18%, 3/28/22(1)
1,000,000  999,880 
Royal Bank of Canada, 0.21%, 3/21/22 710,000  709,965 
Sheffield Receivables Co. LLC, 0.26%, 3/8/22(1)
250,000  249,995 
3,209,830 
Treasury Bills — 7.5%
U.S. Treasury Bills, 0.02%, 3/3/22(3)
500,000  500,000 
U.S. Treasury Bills, 0.09%, 3/22/22(3)
500,000  499,990 
U.S. Treasury Bills, 0.06%, 3/31/22(3)
2,700,000  2,699,851 
U.S. Treasury Bills, 0.17%, 4/21/22(3)
1,100,000  1,099,727 
U.S. Treasury Bills, 0.20%, 5/5/22(3)
2,700,000  2,698,920 
U.S. Treasury Bills, 0.32%, 5/12/22(3)
1,500,000  1,499,182 
U.S. Treasury Cash Management Bills, 0.15%, 5/10/22(3)
500,000  499,757 
9,497,427 
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,707,108)
12,707,257 
TOTAL INVESTMENT SECURITIES — 119.1%
(Cost $155,187,379)

150,911,296 
OTHER ASSETS AND LIABILITIES — (19.1)%

(24,192,546)
TOTAL NET ASSETS — 100.0%

$ 126,718,750 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount
Unrealized Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes 4 June 2022 $ 473,125  $ 117 
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type
Fixed Rate
Received
(Paid)
Quarterly
Termination
Date
Notional
Amount
Premiums Paid (Received) Unrealized
Appreciation
(Depreciation)
Value^
Markit CDX North America Investment Grade Index Series 37 Sell 1.00% 12/20/26 $ 2,500,000  $ 53,173  $ (10,953) $ 42,220 
The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
16


Avantis Core Fixed Income ETF
NOTES TO SCHEDULE OF INVESTMENTS
CDX - Credit Derivatives Indexes
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
GNMA - Government National Mortgage Association
MTN - Medium Term Note
TBA - To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS - Uniform Mortgage-Backed Securities
Category is less than 0.05% of total net assets.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $3,297,827, which represented 2.6% of total net assets.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $364,601.
(3)The rate indicated is the yield to maturity at purchase.


See Notes to Financial Statements.
17


FEBRUARY 28, 2022 (UNAUDITED)
Avantis Core Municipal Fixed Income ETF
Principal Amount Value
MUNICIPAL SECURITIES — 98.9%


Alabama — 2.2%
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24(1)
$ 100,000  $ 109,316 
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 9/1/27, Prerefunded at 100% of Par(1)
50,000  56,779 
Alabama Public School and College Authority Rev., 5.00%, 11/1/37 200,000  248,992 
Alabama Public School and College Authority Rev., 4.00%, 11/1/40 200,000  230,092 
645,179 
Arizona — 2.3%
Arizona Transportation Board Rev., 5.00%, 7/1/24 50,000  54,395 
Mesa Utility System Rev., 4.00%, 7/1/34 15,000  17,381 
Phoenix GO, 5.00%, 7/1/25 85,000  95,027 
Pima County Sewer System Rev., 5.00%, 7/1/24 25,000  27,161 
Pima County Sewer System Rev., 5.00%, 7/1/25 35,000  39,177 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 30,000  34,864 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 60,000  71,477 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/39 65,000  76,782 
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/30 50,000  60,588 
State of Arizona COP, 5.00%, 10/1/25(1)
125,000  140,888 
State of Arizona COP, 5.00%, 10/1/29(1)
10,000  12,398 
State of Arizona Lottery Rev., 5.00%, 7/1/29(1)
30,000  37,006 
667,144 
California — 17.0%
California State Public Works Board Rev., 5.00%, 11/1/29 25,000  26,484 
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/25 40,000  44,450 
California State University Rev., 5.00%, 11/1/26 25,000  28,225 
California State University Rev., 5.00%, 11/1/36 200,000  227,204 
Chino Basin Regional Financing Authority Rev., (Inland Empire Utilities Agency), 4.00%, 11/1/25 25,000  27,133 
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1)
75,000  84,285 
Coast Community College District GO, Capital Appreciation, 0.00%, 8/1/27 (AGM)(2)
50,000  45,182 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/30 135,000  150,698 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/33 30,000  35,135 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/35 30,000  35,036 
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/38 60,000  69,646 
Los Angeles Community College District GO, 5.00%, 8/1/23 25,000  26,431 
Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/37 60,000  70,337 
Los Angeles Department of Airports Rev., 5.00%, 5/15/37 200,000  243,947 
Los Angeles Department of Airports Rev., 4.00%, 5/15/39 10,000  11,353 
Los Angeles Department of Airports Rev., 5.00%, 5/15/39 200,000  243,121 
18


Avantis Core Municipal Fixed Income ETF
Principal Amount Value
Los Angeles Department of Airports Rev., 4.00%, 5/15/40 $ 75,000  $ 84,948 
Los Angeles Department of Airports Rev., 5.00%, 5/15/40 65,000  78,897 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24 25,000  27,161 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24 45,000  46,542 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/25 25,000  27,933 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/27 50,000  54,286 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/34 50,000  55,072 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/40 75,000  92,237 
Los Angeles Unified School District GO, 3.00%, 7/1/35 45,000  47,226 
Los Angeles Unified School District GO, 3.00%, 7/1/45 150,000  151,948 
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/24 80,000  87,904 
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/31 60,000  69,168 
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 (AGM) 120,000  134,393 
Perris Union High School District GO, 4.00%, 9/1/43 (AGM) 50,000  56,701 
Riverside County Public Financing Authority Rev., (Riverside County), 4.125%, 11/1/25, Prerefunded at 100% of Par(1)
10,000  10,982 
Sacramento City Financing Authority Rev., (Sacramento), 5.25%, 12/1/30 (Ambac) 100,000  123,543 
Sacramento Municipal Utility District Rev., 5.00%, 8/15/23 25,000  26,462 
Sacramento Municipal Utility District Rev., 5.00%, 8/15/39 50,000  61,350 
San Diego Community College District GO, 5.00%, 8/1/26, Prerefunded at 100% of Par(1)
30,000  34,630 
San Diego Community College District GO, 5.00%, 8/1/28 30,000  34,686 
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29 35,000  40,030 
San Diego Unified School District GO, 5.00%, 7/1/26 75,000  83,900 
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM) 35,000  42,799 
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2)
40,000  33,367 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/32 20,000  24,033 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/35 40,000  48,028 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/24 25,000  27,470 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/34 25,000  28,857 
San Francisco Public Utilities Commission Water Rev., 4.00%, 11/1/35 10,000  10,769 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/36 35,000  38,779 
San Jose Financing Authority Rev., (San Jose), 5.00%, 6/1/23, Prerefunded at 100% of Par(1)
45,000  47,238 
Santa County Clara GO, 3.25%, 8/1/39 50,000  51,967 
State of California GO, 5.00%, 9/1/26 30,000  34,623 
State of California GO, 5.00%, 8/1/27 200,000  223,563 
State of California GO, 5.00%, 8/1/28 5,000  5,892 
State of California GO, 5.00%, 4/1/30 20,000  24,483 
19


Avantis Core Municipal Fixed Income ETF
Principal Amount Value
State of California GO, 5.00%, 4/1/30 $ 5,000  $ 6,247 
State of California GO, 5.00%, 10/1/31 15,000  18,504 
State of California GO, 5.25%, 8/1/32 (AGM) 230,000  301,904 
State of California GO, 4.00%, 9/1/33 60,000  66,285 
State of California GO, 5.00%, 3/1/35 70,000  86,682 
State of California GO, 3.00%, 10/1/35 300,000  314,403 
State of California GO, 4.00%, 3/1/36 145,000  165,975 
State of California GO, 4.00%, 11/1/36 50,000  57,736 
State of California GO, 3.00%, 10/1/37 90,000  93,738 
State of California Department of Water Resources Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(1)
25,000  26,259 
State of California Department of Water Resources Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(1)
145,000  159,774 
University of California Rev., 5.00%, 5/15/34 50,000  59,979 
University of California Rev., 5.00%, 5/15/36 65,000  75,660 
University of California Rev., 5.00%, 5/15/38 30,000  37,074 
University of California Rev., 5.00%, 5/15/38 30,000  35,875 
4,946,629 
Colorado — 2.7%
City & County of Denver GO, 5.00%, 8/1/30 325,000  412,163 
City & County of Denver Airport System Rev., 5.00%, 11/15/23 50,000  53,157 
City & County of Denver Airport System Rev., 5.00%, 11/15/24 30,000  32,894 
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/24 (NATL)(2)
55,000  52,904 
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/30 (NATL)(2)
80,000  66,331 
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/28 30,000  36,369 
State of Colorado COP, 5.00%, 12/15/32 50,000  62,777 
State of Colorado COP, 4.00%, 12/15/37 40,000  45,834 
State of Colorado COP, 4.00%, 12/15/38 30,000  34,180 
796,609 
Connecticut — 1.9%
Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 4.125%, 7/1/41 75,000  79,506 
State of Connecticut GO, 5.00%, 10/15/22 25,000  25,661 
State of Connecticut GO, 5.00%, 5/15/24 30,000  32,469 
State of Connecticut GO, 5.00%, 4/15/25 25,000  27,761 
State of Connecticut GO, 5.00%, 1/15/26 35,000  39,699 
State of Connecticut GO, 5.00%, 11/15/31 30,000  33,595 
State of Connecticut GO, 3.00%, 1/15/32 20,000  21,430 
State of Connecticut Special Tax Rev., 5.00%, 8/1/31 25,000  27,857 
State of Connecticut Special Tax Rev., 5.00%, 5/1/37 75,000  91,947 
State of Connecticut Special Tax Rev., 3.125%, 5/1/40 75,000  76,207 
University of Connecticut Rev., 4.00%, 4/15/38 95,000  105,062 
561,194 
District of Columbia — 3.8%
District of Columbia GO, 5.00%, 6/1/28 35,000  36,718 
District of Columbia GO, 5.00%, 10/15/30 100,000  122,234 
District of Columbia GO, 5.00%, 6/1/31 40,000  43,279 
District of Columbia GO, 5.00%, 6/1/33 60,000  64,848 
District of Columbia Rev., (District of Columbia Income Tax Rev.), 4.00%, 3/1/37 360,000  410,234 
20


Avantis Core Municipal Fixed Income ETF
Principal Amount Value
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/32 $ 10,000  $ 11,449 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/33 25,000  28,604 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34 100,000  114,558 
District of Columbia Rev., (Income Tax Revenue), 5.00%, 3/1/38 100,000  123,287 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/37 25,000  29,043 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/37 85,000  105,318 
1,089,572 
Florida — 4.6%
Broward County Airport System Rev., 5.00%, 10/1/22, Prerefunded at 100% of Par(1)
50,000  51,246 
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/38 15,000  18,323 
Central Florida Expressway Authority Rev., 4.00%, 7/1/31 10,000  10,944 
Central Florida Expressway Authority Rev., 3.25%, 7/1/36 60,000  63,283 
Central Florida Expressway Authority Rev., 4.00%, 7/1/37 95,000  102,684 
Hillsborough County School Board COP, 5.00%, 7/1/22, Prerefunded at 100% of Par(1)
30,000  30,438 
Hillsborough County School Board COP, 5.00%, 7/1/26 105,000  116,552 
Miami-Dade County GO, 4.00%, 7/1/33 50,000  52,940 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23, Prerefunded at 100% of Par(1)
80,000  84,962 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23 10,000  10,619 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/24 50,000  54,692 
Miami-Dade County Water & Sewer System Rev., 3.125%, 10/1/39 25,000  26,384 
Orange County Convention Center/Orlando Rev., 5.00%, 10/1/24 80,000  87,316 
Orange County School Board COP, 5.00%, 8/1/34 90,000  102,481 
Palm Beach County School District COP, 5.00%, 8/1/29 130,000  155,484 
School Board of Miami-Dade County COP, 5.00%, 2/1/25 60,000  66,103 
School Board of Miami-Dade County COP, 5.00%, 2/1/27 80,000  90,330 
School Board of Miami-Dade County COP, 5.00%, 5/1/30 60,000  66,106 
School District of Broward County COP, 5.00%, 7/1/22 25,000  25,361 
School District of Broward County COP, 5.00%, 7/1/32 25,000  30,836 
State of Florida Department of Transportation Turnpike System Rev., 2.875%, 7/1/25 40,000  40,207 
Tampa Bay Water Rev., 5.50%, 10/1/24 (NATL) 55,000  60,946 
1,348,237 
Georgia — 4.8%
Atlanta Department of Aviation Rev., 5.00%, 7/1/27 10,000  11,745 
Atlanta Water & Wastewater Rev., 5.75%, 11/1/30 (AGM) 10,000  13,206 
Atlanta Water & Wastewater Rev., 5.00%, 11/1/40 15,000  16,645 
DeKalb County Water & Sewerage Rev., 5.25%, 10/1/32 (AGM) 75,000  87,463 
Fulton County Water & Sewerage Rev., 3.00%, 1/1/40 150,000  153,453 
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/30 80,000  99,927 
Gwinnett County School District GO, 4.00%, 2/1/37 200,000  234,512 
Metropolitan Atlanta Rapid Transit Authority Rev., 5.00%, 7/1/33 80,000  91,681 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37 45,000  46,748 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/39 260,000  268,105 
21


Avantis Core Municipal Fixed Income ETF
Principal Amount Value
Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/29 $ 20,000  $ 24,643 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/38 250,000  286,296 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/39 50,000  57,194 
1,391,618 
Hawaii — 1.7%
City & County Honolulu Wastewater System Rev., 3.00%, 7/1/41 90,000  93,289 
City & County of Honolulu GO, 5.00%, 3/1/25 45,000  49,919 
City & County of Honolulu GO, 5.00%, 9/1/30 185,000  223,830 
City & County of Honolulu GO, 5.00%, 3/1/31 45,000  56,197 
State of Hawaii GO, 5.00%, 1/1/36 35,000  41,387 
State of Hawaii GO, 3.00%, 4/1/36 30,000  31,286 
State of Hawaii GO, 4.00%, 5/1/36 10,000  11,080