

			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			2
Avantis Core Fixed Income ETF


Fund Characteristics			3
Avantis Core Municipal Fixed Income ETF


Fund Characteristics			4
Avantis Short-Term Fixed Income ETF


Fund Characteristics			5
Shareholder Fee Examples			6
Schedules of Investments			7
Statements of Assets and Liabilities			39
Statements of Operations			41
Statements of Changes in Net Assets			43
Notes to Financial Statements			45
Financial Highlights			52





Additional Information			55

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

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,

Jonathan Thomas

Chairman

Avantis Investors


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)%


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%


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%


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.


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


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


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


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


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


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


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


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


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


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

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.

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.

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


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


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


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


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
			506,988
Illinois — 3.3%
Chicago O'Hare International Airport Rev., 5.25%, 1/1/29	5,000		5,164
Chicago O'Hare International Airport Rev., 5.00%, 1/1/30	20,000		21,790
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32	5,000		5,433
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32	25,000		28,046
Chicago O'Hare International Airport Rev., 5.00%, 1/1/34	25,000		28,046
Chicago O'Hare International Airport Rev., 5.00%, 1/1/35	90,000		103,238
Cook County Sales Tax Rev., 4.00%, 11/15/40	105,000		117,666
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/40	25,000		27,325
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/38	90,000		104,237
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/28	20,000		23,766
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30	25,000		30,921
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31	30,000		36,969
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/41	75,000		84,060
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/25	100,000		112,850
Sales Tax Securitization Corp. Rev., 5.50%, 1/1/32	10,000		12,145
Springfield Electric Rev., 4.00%, 3/1/40 (AGM)	20,000		20,949
State of Illinois GO, 5.00%, 2/1/26	40,000		44,615
State of Illinois GO, 5.00%, 3/1/34	40,000		47,335
State of Illinois GO, 5.00%, 5/1/35	35,000		37,209
State of Illinois GO, 4.00%, 11/1/38	20,000		21,423
State of Illinois GO, 5.50%, 5/1/39	15,000		17,917
State of Illinois Rev., 5.00%, 6/15/26	15,000		15,639
			946,743
Indiana — 1.5%
Indiana Finance Authority Rev., (CWA Authority, Inc.), 4.00%, 10/1/36	360,000		421,434
Kentucky — 0.2%
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/25	50,000		56,469
Louisiana — 0.4%
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(1)	35,000		38,687
State of Louisiana GO, 5.00%, 8/1/27	75,000		86,471
			125,158


Avantis Core Municipal Fixed Income ETF
	Principal Amount		Value
Maryland — 1.8%
Montgomery County GO, 5.00%, 11/1/24	$	35,000	$	38,468
Prince County George's GO, 5.00%, 7/15/31	100,000		120,874
State of Maryland GO, 5.00%, 3/15/23	45,000		46,924
State of Maryland GO, 5.00%, 3/15/25	25,000		27,789
State of Maryland GO, 5.00%, 3/15/29	25,000		30,762
State of Maryland GO, 5.00%, 8/1/30	15,000		18,969
State of Maryland GO, 5.00%, 3/15/31	25,000		29,129
State of Maryland GO, 3.25%, 3/15/32	25,000		26,594
State of Maryland GO, 5.00%, 8/1/35	35,000		43,913
State of Maryland Department of Transportation Rev., 5.00%, 11/1/23	55,000		58,576
State of Maryland Department of Transportation Rev., 2.125%, 10/1/31	70,000		70,969
			512,967
Massachusetts — 3.8%
Massachusetts GO, 5.25%, 8/1/22	5,000		5,096
Massachusetts GO, 5.50%, 8/1/30 (Ambac)	150,000		192,035
Massachusetts GO, 5.00%, 9/1/30	10,000		12,340
Massachusetts GO, 3.00%, 7/1/35	100,000		103,945
Massachusetts GO, 5.00%, 11/1/45	75,000		91,854
Massachusetts GO, 5.00%, 11/1/50	75,000		91,337
Massachusetts Development Finance Agency Rev., (Northeastern University), 5.00%, 3/1/39	75,000		80,158
Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 5.00%, 10/15/29	10,000		12,472
Massachusetts School Building Authority Rev., 5.00%, 11/15/33	25,000		28,837
Massachusetts School Building Authority Rev., 5.00%, 8/15/37	60,000		66,788
Massachusetts Transportation Fund Rev., 5.00%, 6/1/25	150,000		167,646
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/33	155,000		186,328
Massachusetts Water Resources Authority Rev., 5.00%, 8/1/23	60,000		63,382
			1,102,218
Michigan — 0.7%
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/26 (AGM)	25,000		27,203
Michigan State Building Authority Rev., 5.00%, 4/15/30	30,000		33,681
Michigan State Building Authority Rev., 5.00%, 10/15/30	10,000		11,472
State of Michigan Rev., 5.00%, 3/15/22	25,000		25,040
State of Michigan Trunk Line Rev., 5.00%, 11/15/29	75,000		93,270
University of Michigan Rev., 5.00%, 4/1/40	20,000		22,630
			213,296
Minnesota — 1.1%
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/27	30,000		34,592
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/28	25,000		28,842
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/30	20,000		23,038
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/31	100,000		114,862
State of Minnesota GO, 5.00%, 8/1/23	105,000		110,950
			312,284


Avantis Core Municipal Fixed Income ETF
	Principal Amount		Value
Mississippi — 0.1%
State of Mississippi GO, 5.00%, 10/1/27, Prerefunded at 100% of Par(1)	$	25,000	$	29,691
Missouri — 0.3%
Missouri Joint Municipal Electric Utility Commission Rev., 5.00%, 12/1/40	25,000		28,274
Springfield School District No. R-12 GO, 3.00%, 3/1/39	20,000		20,941
St. Louis Airport Rev., 5.50%, 7/1/28 (NATL)	25,000		30,424
			79,639
Nebraska — 0.1%
Omaha Public Power District Rev., 5.00%, 2/1/31	30,000		36,520
Nevada — 2.0%
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/22	120,000		121,723
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/33	15,000		18,140
Clark County School District GO, 5.00%, 6/15/26	15,000		16,939
Clark County School District GO, 5.00%, 6/15/27	125,000		140,622
State of Nevada Highway Improvement Rev., 5.00%, 12/1/25	50,000		56,640
State of Nevada Highway Improvement Rev., 5.00%, 12/1/26	45,000		51,629
State of Nevada Highway Improvement Rev., 5.00%, 12/1/27	50,000		57,099
State of Nevada Highway Improvement Rev., 5.00%, 12/1/31	105,000		122,512
			585,304
New Jersey — 4.6%
Garden State Preservation Trust Rev., 5.75%, 11/1/28 (AGM)	25,000		29,459
Garden State Preservation Trust Rev., Capital Appreciation, 0.00%, 11/1/28 (AGM)(2)	5,000		4,297
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/46	100,000		113,492
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/51	150,000		169,482
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/25	30,000		32,408
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/26	50,000		57,030
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/27	25,000		27,660
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26	35,000		37,810
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 12/15/26, Prerefunded at 100% of Par(1)	20,000		23,760
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.375%, 6/15/27	25,000		26,999
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/35	25,000		27,527
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/36	20,000		22,002
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/37	25,000		26,643
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/41	140,000		156,731
New Jersey Educational Facilities Authority Rev., (Montclair State University, Inc.), 5.00%, 7/1/39	20,000		21,530
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/36	55,000		61,607
New Jersey Higher Education Student Assistance Authority Rev., 2.375%, 12/1/29	5,000		5,028


Avantis Core Municipal Fixed Income ETF
	Principal Amount		Value
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/27	$	20,000	$	20,189
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27	5,000		5,684
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27	35,000		40,682
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27	25,000		29,058
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/30	25,000		28,345
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/38	20,000		20,246
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31	15,000		17,731
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31	20,000		23,642
New Jersey Turnpike Authority Rev., 5.00%, 1/1/32	10,000		11,800
New Jersey Turnpike Authority Rev., 4.00%, 1/1/34	25,000		27,810
New Jersey Turnpike Authority Rev., 5.00%, 1/1/34	25,000		28,726
New Jersey Turnpike Authority Rev., 4.00%, 1/1/35	20,000		22,195
New Jersey Turnpike Authority Rev., 5.00%, 1/1/35	10,000		11,772
New Jersey Turnpike Authority Rev., 5.00%, 1/1/36	10,000		11,764
New Jersey Turnpike Authority Rev., 3.25%, 1/1/38	30,000		31,357
New Jersey Turnpike Authority Rev., 5.00%, 1/1/40	15,000		17,517
State of New Jersey GO, 5.00%, 6/1/28	50,000		59,427
State of New Jersey GO, 4.00%, 6/1/31	25,000		28,923
State of New Jersey GO, 4.00%, 6/1/33	40,000		41,264
State of New Jersey GO, 4.00%, 6/1/34	20,000		21,495
			1,343,092
New Mexico — 0.2%
State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/31	45,000		57,429
New York — 13.1%
Dutchess County Local Development Corp. Rev., (Vassar College), 5.00%, 7/1/42	20,000		23,118
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/28	25,000		29,221
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/32	20,000		23,294
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37	160,000		184,614
Long Island Power Authority Rev., 5.00%, 9/1/33	55,000		66,021
Long Island Power Authority Rev., 5.00%, 9/1/38	100,000		118,840
Metropolitan Transportation Authority Rev., 4.00%, 11/15/36	40,000		42,426
Metropolitan Transportation Authority Rev., 5.00%, 11/15/44 (AGM)	25,000		29,102
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.00%, 11/15/24	35,000		36,038
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/33	25,000		29,649
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/35	25,000		29,009
Nassau County GO, 5.00%, 10/1/27	30,000		35,330
New York City GO, 5.00%, 8/1/25	200,000		224,202
New York City GO, 5.00%, 8/1/25	165,000		179,321
New York City GO, 5.00%, 8/1/26	25,000		28,777
New York City GO, 5.00%, 8/1/27	50,000		52,717
New York City GO, 5.00%, 8/1/27	100,000		117,790
New York City GO, 5.00%, 8/1/28	10,000		11,956
New York City GO, 5.00%, 8/1/28	60,000		62,191


Avantis Core Municipal Fixed Income ETF
	Principal Amount		Value
New York City GO, 5.25%, 10/1/30	$	50,000	$	59,606
New York City GO, 5.00%, 12/1/38	30,000		35,771
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 4.00%, 3/1/45 (AGM)	100,000		111,066
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/29	25,000		29,445
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.), 5.00%, 11/15/40	75,000		83,473
New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/36	50,000		55,262
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/39	10,000		11,332
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/24(1)	60,000		64,412
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/30	35,000		38,618
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32	40,000		50,190
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/38	65,000		72,920
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/39	200,000		223,976
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39	25,000		30,229
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/23	5,000		5,261
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/23, Prerefunded at 100% of Par(1)	50,000		52,663
New York State Dormitory Authority Rev., (Trustees of Columbia University in the New York City), 5.00%, 10/1/38	10,000		11,922
New York State Thruway Authority Rev., 5.00%, 1/1/23	40,000		41,374
New York State Thruway Authority Rev., 5.00%, 1/1/26	40,000		42,701
New York State Thruway Authority Rev., 5.00%, 1/1/29	100,000		109,705
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/23	40,000		41,710
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/25	30,000		32,245
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26	55,000		62,692
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31	25,000		29,616
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31	110,000		117,907
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32	25,000		31,268
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/34	60,000		64,263
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/35	25,000		30,971
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/36	50,000		59,716
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38	200,000		246,099
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36	15,000		18,237
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/29	10,000		12,063
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/31	5,000		5,597
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/33	15,000		18,628
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/35	40,000		49,401


Avantis Core Municipal Fixed Income ETF
	Principal Amount		Value
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37	$	100,000	$	112,894
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24(1)	50,000		54,870
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24, Prerefunded at 100% of Par(1)	10,000		10,974
Suffolk County Water Authority Rev., 3.00%, 6/1/32	10,000		10,393
Suffolk County Water Authority Rev., 3.25%, 6/1/43	15,000		15,725
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/25	20,000		22,597
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/37	25,000		29,168
Utility Debt Securitization Authority Rev., 5.00%, 12/15/25	35,000		37,373
Utility Debt Securitization Authority Rev., 5.00%, 6/15/27	40,000		44,647
Utility Debt Securitization Authority Rev., 5.00%, 6/15/28	25,000		28,634
Utility Debt Securitization Authority Rev., 5.00%, 12/15/30	55,000		58,638
Utility Debt Securitization Authority Rev., 5.00%, 12/15/31	50,000		53,298
Utility Debt Securitization Authority Rev., 5.00%, 12/15/36	50,000		56,308
			3,809,474
North Carolina — 0.9%
State of North Carolina GO, 5.00%, 6/1/29	60,000		74,162
State of North Carolina Rev., 5.00%, 3/1/30	10,000		12,102
State of North Carolina Rev., 5.00%, 3/1/33	115,000		138,256
Wake County GO, 5.00%, 3/1/24	35,000		37,673
			262,193
Ohio — 1.1%
American Municipal Power, Inc. Rev., 5.00%, 2/15/33	90,000		109,913
Cincinnati City School District GO, 5.25%, 12/1/29 (NATL)	15,000		18,905
Cincinnati City School District GO, 5.25%, 12/1/30 (NATL)	30,000		38,591
Cincinnati City School District GO, 5.25%, 12/1/31 (NATL)	5,000		6,563
Rickenbacker Port Authority Rev., 5.375%, 1/1/32	45,000		55,373
State of Ohio GO, 5.00%, 8/1/24	30,000		32,702
State of Ohio Rev., 5.00%, 12/15/23	55,000		58,739
			320,786
Oklahoma — 1.7%
Grand River Dam Authority Rev., 5.00%, 6/1/25	250,000		279,071
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/30	175,000		217,311
			496,382
Oregon — 1.3%
Multnomah County School District No. 1 Portland GO, 5.00%, 6/15/24 (SCH BD GTY)	25,000		27,135
Oregon State Lottery Rev., 5.00%, 4/1/27	175,000		193,832
State of Oregon Department of Transportation Rev., 5.00%, 11/15/23	30,000		31,989
State of Oregon Department of Transportation Rev., 5.00%, 11/15/24, Prerefunded at 100% of Par(1)	65,000		71,514
Washington & Multnomah Counties School District No. 48J Beaverton GO, 5.00%, 6/15/24, Prerefunded at 100% of Par (SCH BD GTY)(1)	35,000		38,009
			362,479
Pennsylvania — 2.8%
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac)	25,000		30,482
Delaware Valley Regional Finance Authority Rev., 5.75%, 7/1/32	25,000		33,461
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33	175,000		210,084


Avantis Core Municipal Fixed Income ETF
	Principal Amount		Value
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34	$	100,000	$	111,058
Pennsylvania GO, 5.00%, 4/1/23, Prerefunded at 100% of Par(1)	25,000		26,103
Pennsylvania GO, 4.00%, 7/1/23	25,000		25,992
Pennsylvania GO, 5.00%, 1/1/24	25,000		26,745
Pennsylvania GO, 5.00%, 1/1/28	5,000		5,790
Pennsylvania GO, 3.00%, 9/15/36	80,000		83,346
Pennsylvania GO, 3.00%, 5/1/38	25,000		25,484
Pennsylvania GO, 2.00%, 5/1/39	30,000		27,328
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM)	30,000		36,167
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/23	30,000		31,969
Philadelphia GO, 4.00%, 8/1/35	20,000		21,395
Philadelphia Gas Works Co Rev., 5.00%, 8/1/50 (AGM)	100,000		120,446
			815,850
Rhode Island — 0.1%
Rhode Island Commerce Corp. Rev., 5.00%, 6/15/23	25,000		26,268
South Carolina — 1.1%
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/23, Prerefunded at 100% of Par(1)	30,000		32,002
South Carolina Public Service Authority Rev., 5.00%, 12/1/26	50,000		54,731
South Carolina Public Service Authority Rev., 5.00%, 12/1/30	70,000		79,762
South Carolina Public Service Authority Rev., 5.00%, 12/1/36	25,000		28,505
South Carolina Public Service Authority Rev., 3.00%, 12/1/41	50,000		50,413
South Carolina Public Service Authority Rev., 4.00%, 12/1/42	60,000		66,237
			311,650
Tennessee — 0.3%
Memphis GO, 5.00%, 5/1/23	25,000		26,189
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/26	50,000		56,733
			82,922
Texas — 7.8%
Austin GO, 2.95%, 9/1/27	25,000		26,356
Board of Regents of the University of Texas System Rev., 5.375%, 8/15/23	50,000		53,172
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24	35,000		38,189
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24	30,000		32,734
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/26	25,000		28,889
Central Texas Regional Mobility Authority Rev., 3.375%, 1/1/41	35,000		35,902
Central Texas Turnpike System Rev., 5.00%, 8/15/39	90,000		108,576
Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/24 (PSF-GTD)	80,000		85,896
Dallas GO, 5.00%, 2/15/23	60,000		62,374
Dallas GO, 5.00%, 2/15/27	30,000		32,145
Dallas Area Rapid Transit Rev., 5.00%, 12/1/29	35,000		43,335
Dallas Area Rapid Transit Rev., 5.00%, 12/1/33	240,000		296,872
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/32	15,000		18,556
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33	65,000		80,332
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33	50,000		61,794


Avantis Core Municipal Fixed Income ETF
	Principal Amount		Value
Dallas Independent School District GO, 5.00%, 8/15/24 (PSF-GTD)	$	35,000	$	38,171
Dallas Independent School District GO, 5.00%, 8/15/24, Prerefunded at 100% of Par (PSF-GTD)(1)	40,000		43,618
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/27	80,000		89,959
Houston GO, 5.00%, 3/1/24	75,000		80,744
Houston GO, 5.00%, 3/1/28	35,000		41,763
Houston Independent School District GO, 5.00%, 2/15/27 (PSF-GTD)	55,000		62,549
Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 4.00%, 5/15/39	20,000		20,114
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/23(1)	15,000		15,518
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/23	20,000		20,680
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/28	10,000		11,275
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/36	20,000		22,556
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/38	30,000		33,385
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/38	25,000		30,007
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(2)	100,000		84,842
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/26	75,000		85,204
State of Texas GO, 4.00%, 4/1/24, Prerefunded at 100% of Par(1)	50,000		52,910
State of Texas GO, 5.00%, 4/1/24, Prerefunded at 100% of Par(1)	60,000		64,722
State of Texas GO, 5.00%, 10/1/28	40,000		45,234
State of Texas GO, 5.00%, 10/1/30	55,000		65,126
State of Texas GO, 5.00%, 10/1/33	100,000		118,176
Texas Transportation Commission State Highway Fund Rev., 5.00%, 4/1/24	5,000		5,390
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/29	45,000		50,792
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/40	75,000		84,117
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/28	25,000		29,533
University of Texas System Rev., 5.00%, 8/15/30	50,000		63,277
			2,264,784
Utah — 1.4%
State of Utah GO, 5.00%, 7/1/28	125,000		151,313
State of Utah GO, 5.00%, 7/1/29	40,000		48,854
Utah Transit Authority Rev., 5.00%, 6/15/25, Prerefunded at 100% of Par(1)	30,000		33,529
Utah Transit Authority Rev., 5.00%, 6/15/25	110,000		123,081
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM)	40,000		51,199
			407,976
Virginia — 2.8%
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/22	25,000		25,368
Richmond Public Utility Rev., 5.00%, 1/15/28	25,000		28,407
Virginia College Building Authority Rev., 5.00%, 2/1/30	75,000		89,262
Virginia College Building Authority Rev., 5.00%, 2/1/31	70,000		81,492


Avantis Core Municipal Fixed Income ETF
	Principal Amount		Value
Virginia College Building Authority Rev., 4.00%, 2/1/33	$	40,000	$	42,483
Virginia College Building Authority Rev., 3.00%, 2/1/35	80,000		83,626
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/24	50,000		54,057
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/25	25,000		27,718
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/26	50,000		57,741
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/27	60,000		71,009
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/32	10,000		11,856
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/33	50,000		59,217
Virginia Public Building Authority Rev., 5.00%, 8/1/27	100,000		118,246
Virginia Small Business Financing Authority Rev., (Hampton University), 4.00%, 10/1/38	60,000		63,219
			813,701
Washington — 3.4%
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/25, Prerefunded at 100% of Par(1)	50,000		56,488
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/23	35,000		36,883
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/25	25,000		28,001
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27	65,000		76,709
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27	25,000		27,083
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/28	20,000		23,546
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/30	25,000		30,134
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/31	15,000		16,225
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32	50,000		55,587
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35	50,000		62,313
State of Washington GO, 4.00%, 7/1/26	50,000		52,999
State of Washington GO, 5.00%, 8/1/28	50,000		57,485
State of Washington GO, 5.00%, 8/1/31	25,000		29,362
State of Washington GO, 5.00%, 8/1/32	255,000		298,341
State of Washington GO, 5.00%, 2/1/40	40,000		48,769
State of Washington GO, 5.00%, 2/1/41	25,000		30,439
State of Washington Rev., 5.00%, 9/1/23	35,000		37,049
University of Washington Rev., 4.00%, 6/1/37	10,000		10,740
			978,153
TOTAL MUNICIPAL SECURITIES (Cost $29,649,735)			28,728,032


Avantis Core Municipal Fixed Income ETF
	Shares	Value
SHORT-TERM INVESTMENTS — 0.7%
Money Market Funds — 0.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class	192,445	$	192,445
TOTAL SHORT-TERM INVESTMENTS (Cost $192,445)		192,445
TOTAL INVESTMENT SECURITIES — 99.6% (Cost $29,842,180)		28,920,477
OTHER ASSETS AND LIABILITIES — 0.4%		114,110
TOTAL NET ASSETS — 100.0%		$	29,034,587


NOTES TO SCHEDULE OF INVESTMENTS
AGC	-	Assured Guaranty Corporation
AGM	-	Assured Guaranty Municipal Corporation
COP	-	Certificates of Participation
GO	-	General Obligation
NATL	-	National Public Finance Guarantee Corporation
PSF-GTD	-	Permanent School Fund Guaranteed
SCH BD GTY	-	School Bond Guaranty

(1)Escrowed to maturity in U.S. government securities or state and local government securities.

(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

See Notes to Financial Statements.

FEBRUARY 28, 2022 (UNAUDITED)


Avantis Short-Term Fixed Income ETF
	Principal Amount		Value
CORPORATE BONDS — 64.4%
Aerospace and Defense — 1.9%
Boeing Co. (The), 2.20%, 2/4/26	$	370,000	$	361,215
General Dynamics Corp., 3.50%, 5/15/25	431,000		446,144
Lockheed Martin Corp., 3.55%, 1/15/26	395,000		416,312
			1,223,671
Air Freight and Logistics — 0.7%
United Parcel Service, Inc., 2.20%, 9/1/24	459,000		462,650
Automobiles — 1.3%
American Honda Finance Corp., MTN, 2.15%, 9/10/24	167,000		167,700
American Honda Finance Corp., MTN, 1.00%, 9/10/25	229,000		219,556
General Motors Financial Co., Inc., 4.25%, 5/15/23	95,000		97,781
Toyota Motor Corp., 2.36%, 7/2/24	332,000		334,620
			819,657
Banks — 12.0%
African Development Bank, 3.00%, 9/20/23	206,000		211,073
African Development Bank, MTN, 1.625%, 9/16/22	56,000		56,231
Asian Development Bank, 2.625%, 1/30/24	250,000		255,461
Asian Development Bank, MTN, 1.75%, 9/13/22	106,000		106,490
Asian Development Bank, MTN, 0.25%, 10/6/23	239,000		234,752
Asian Infrastructure Investment Bank (The), 0.25%, 9/29/23	234,000		229,943
Asian Infrastructure Investment Bank (The), 0.50%, 10/30/24	145,000		140,722
Bank of Montreal, MTN, 0.625%, 7/9/24	100,000		96,548
Bank of Montreal, MTN, 1.85%, 5/1/25	297,000		293,638
Bank of Nova Scotia (The), 1.30%, 6/11/25	194,000		187,356
Bank of Nova Scotia (The), 2.70%, 8/3/26	59,000		59,615
Barclays plc, 3.65%, 3/16/25	200,000		205,849
Canadian Imperial Bank of Commerce, 2.25%, 1/28/25	261,000		260,696
Citigroup, Inc., 3.30%, 4/27/25	88,000		90,153
Council Of Europe Development Bank, 0.25%, 6/10/23	24,000		23,687
Council Of Europe Development Bank, 1.375%, 2/27/25	114,000		112,980
European Bank for Reconstruction & Development, 0.50%, 5/19/25	250,000		239,943
European Bank for Reconstruction & Development, MTN, 0.25%, 7/10/23	40,000		39,424
European Investment Bank, 0.25%, 9/15/23	205,000		201,572
HSBC Holdings plc, 3.90%, 5/25/26	200,000		207,927
Huntington Bancshares, Inc., 4.00%, 5/15/25	269,000		281,430
Inter-American Development Bank, 2.50%, 1/18/23	120,000		121,556
Inter-American Development Bank, 3.00%, 10/4/23	106,000		108,696
Inter-American Development Bank, 0.25%, 11/15/23	82,000		80,397
International Bank for Reconstruction & Development, 1.50%, 8/28/24	350,000		349,170
International Bank for Reconstruction & Development, 0.875%, 7/15/26	40,000		38,554
International Finance Corp., MTN, 2.875%, 7/31/23	152,000		155,269
JPMorgan Chase & Co., 3.90%, 7/15/25	238,000		249,093
Kreditanstalt fuer Wiederaufbau, 2.125%, 6/15/22	25,000		25,112
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24	450,000		438,941
Oesterreichische Kontrollbank AG, MTN, 2.875%, 3/13/23	50,000		50,842
PNC Financial Services Group, Inc. (The), 3.50%, 1/23/24	425,000		437,730


Avantis Short-Term Fixed Income ETF
	Principal Amount		Value
Royal Bank of Canada, MTN, 2.55%, 7/16/24	$	406,000	$	410,639
Santander Holdings USA, Inc., 4.50%, 7/17/25	263,000		276,256
Toronto-Dominion Bank (The), MTN, 1.25%, 9/10/26	395,000		374,684
Truist Financial Corp., MTN, 3.75%, 12/6/23	313,000		322,845
US Bancorp, MTN, 3.95%, 11/17/25	437,000		464,863
Westpac Banking Corp., 2.85%, 5/13/26	400,000		410,699
			7,850,836
Beverages — 0.7%
Coca-Cola Co. (The), 1.75%, 9/6/24	286,000		286,580
Constellation Brands, Inc., 4.40%, 11/15/25	165,000		175,291
			461,871
Biotechnology — 0.4%
AbbVie, Inc., 2.90%, 11/6/22	63,000		63,646
AbbVie, Inc., 3.20%, 5/14/26	210,000		215,500
			279,146
Capital Markets — 5.2%
Ameriprise Financial, Inc., 3.00%, 4/2/25	327,000		333,172
Bank of New York Mellon Corp. (The), MTN, 2.20%, 8/16/23	311,000		313,372
Cboe Global Markets, Inc., 3.65%, 1/12/27	500,000		525,452
Charles Schwab Corp. (The), 3.75%, 4/1/24	100,000		103,661
Charles Schwab Corp. (The), 3.85%, 5/21/25	313,000		329,013
CME Group, Inc., 3.00%, 9/15/22	146,000		147,576
CME Group, Inc., 3.00%, 3/15/25	198,000		203,262
Deutsche Bank AG, 4.10%, 1/13/26	142,000		147,340
Janus Henderson US Holdings, Inc., 4.875%, 8/1/25	180,000		192,291
Lazard Group LLC, 3.75%, 2/13/25	167,000		173,407
S&P Global, Inc., 2.95%, 1/22/27	450,000		461,487
State Street Corp., 3.55%, 8/18/25	475,000		496,716
			3,426,749
Chemicals — 0.6%
Air Products and Chemicals, Inc., 3.35%, 7/31/24	227,000		233,449
Mosaic Co. (The), 4.25%, 11/15/23	140,000		144,814
			378,263
Consumer Finance — 1.5%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/26	200,000		193,073
Capital One Financial Corp., 4.25%, 4/30/25	338,000		355,777
Discover Financial Services, 4.50%, 1/30/26	237,000		252,374
Synchrony Financial, 4.50%, 7/23/25	188,000		197,458
			998,682
Containers and Packaging†
Packaging Corp. of America, 3.65%, 9/15/24	17,000		17,570
Diversified Consumer Services — 0.3%
Yale University, 0.87%, 4/15/25	200,000		193,795
Electric Utilities — 2.1%
Berkshire Hathaway Energy Co., 4.05%, 4/15/25	148,000		156,099
Cleco Corporate Holdings LLC, 3.74%, 5/1/26	242,000		251,769
Duke Energy Florida LLC, 3.20%, 1/15/27	250,000		259,537
Entergy Louisiana LLC, 2.40%, 10/1/26	300,000		297,720
Oklahoma Gas and Electric Co., 0.55%, 5/26/23	174,000		171,544
Sierra Pacific Power Co., 2.60%, 5/1/26	250,000		253,528
			1,390,197


Avantis Short-Term Fixed Income ETF
	Principal Amount		Value
Electronic Equipment, Instruments and Components — 1.2%
Avnet, Inc., 4.625%, 4/15/26	$	285,000	$	302,172
Flex Ltd., 3.75%, 2/1/26	143,000		147,746
Jabil, Inc., 1.70%, 4/15/26	155,000		149,906
Keysight Technologies, Inc., 4.55%, 10/30/24	48,000		50,559
TD SYNNEX Corp., 1.75%, 8/9/26(1)	150,000		142,517
			792,900
Energy Equipment and Services — 0.7%
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25	275,000		267,101
Schlumberger Investment SA, 3.65%, 12/1/23	163,000		167,522
			434,623
Equity Real Estate Investment Trusts (REITs) — 5.3%
American Campus Communities Operating Partnership LP, 3.30%, 7/15/26	145,000		149,712
AvalonBay Communities, Inc., MTN, 2.95%, 5/11/26	225,000		230,843
CC Holdings GS V LLC / Crown Castle GS III Corp., 3.85%, 4/15/23	48,000		49,039
Corporate Office Properties LP, 2.25%, 3/15/26	68,000		66,918
Crown Castle International Corp., 4.45%, 2/15/26	250,000		264,491
ERP Operating LP, 3.375%, 6/1/25	463,000		480,034
Host Hotels & Resorts LP, 4.50%, 2/1/26	150,000		157,357
Kimco Realty Corp., 3.30%, 2/1/25	288,000		295,284
Omega Healthcare Investors, Inc., 4.95%, 4/1/24	300,000		313,596
Prologis LP, 3.25%, 10/1/26	450,000		468,224
Spirit Realty LP, 4.45%, 9/15/26	322,000		344,535
Vornado Realty LP, 2.15%, 6/1/26	353,000		342,897
WP Carey, Inc., 4.00%, 2/1/25	263,000		274,803
			3,437,733
Food and Staples Retailing — 0.7%
Costco Wholesale Corp., 2.75%, 5/18/24	181,000		184,841
Walmart, Inc., 3.30%, 4/22/24	65,000		67,147
Walmart, Inc., 3.05%, 7/8/26	200,000		208,508
			460,496
Food Products — 0.8%
Archer-Daniels-Midland Co., 2.50%, 8/11/26	150,000		152,094
Bunge Ltd. Finance Corp., 4.35%, 3/15/24	86,000		89,404
Bunge Ltd. Finance Corp., 1.63%, 8/17/25	159,000		154,437
Hershey Co. (The), 2.05%, 11/15/24	123,000		123,263
			519,198
Gas Utilities — 0.3%
Southern California Gas Co., 2.60%, 6/15/26	197,000		199,312
Health Care Providers and Services — 1.9%
Aetna, Inc., 3.50%, 11/15/24	90,000		92,618
Cardinal Health, Inc., 3.50%, 11/15/24	137,000		140,908
Cigna Corp., 3.05%, 11/30/22	38,000		38,488
CVS Health Corp., 2.875%, 6/1/26	70,000		70,885
HCA, Inc., 5.25%, 6/15/26	270,000		292,556
Humana, Inc., 4.50%, 4/1/25	243,000		258,070
Laboratory Corp. of America Holdings, 3.60%, 2/1/25	100,000		102,883
Quest Diagnostics, Inc., 3.45%, 6/1/26	227,000		235,293
			1,231,701


Avantis Short-Term Fixed Income ETF
	Principal Amount		Value
Hotels, Restaurants and Leisure — 0.6%
Hyatt Hotels Corp., 4.85%, 3/15/26	$	65,000	$	69,134
Starbucks Corp., 3.80%, 8/15/25	293,000		307,065
			376,199
Household Durables — 0.1%
DR Horton, Inc., 4.75%, 2/15/23	70,000		71,472
Household Products — 0.7%
Colgate-Palmolive Co., MTN, 3.25%, 3/15/24	134,000		138,484
Procter & Gamble Co. (The), 2.45%, 11/3/26	300,000		305,363
			443,847
Industrial Conglomerates — 0.6%
3M Co., MTN, 2.25%, 9/19/26	400,000		399,542
Insurance — 2.6%
Aflac, Inc., 3.25%, 3/17/25	278,000		286,820
Chubb INA Holdings, Inc., 3.35%, 5/3/26	421,000		437,565
First American Financial Corp., 4.60%, 11/15/24	200,000		211,718
Loews Corp., 2.625%, 5/15/23	96,000		96,952
MetLife, Inc., 4.37%, 9/15/23	224,000		232,022
MetLife, Inc., 3.60%, 11/13/25	179,000		187,461
Principal Financial Group, Inc., 3.40%, 5/15/25	238,000		244,147
			1,696,685
Interactive Media and Services — 0.7%
Alphabet, Inc., 3.375%, 2/25/24	450,000		463,697
Internet and Direct Marketing Retail — 0.3%
Amazon.com, Inc., 2.80%, 8/22/24	218,000		223,082
IT Services — 1.0%
Mastercard, Inc., 2.95%, 11/21/26	250,000		259,318
Visa, Inc., 3.15%, 12/14/25	200,000		207,387
Western Union Co. (The), 2.85%, 1/10/25	171,000		173,274
			639,979
Machinery — 2.4%
Caterpillar Financial Services Corp., MTN, 3.30%, 6/9/24	140,000		144,994
Caterpillar Financial Services Corp., MTN, 1.45%, 5/15/25	323,000		316,286
Cummins, Inc., 3.65%, 10/1/23	106,000		108,670
Cummins, Inc., 0.75%, 9/1/25	250,000		237,958
Illinois Tool Works, Inc., 3.50%, 3/1/24	56,000		57,681
John Deere Capital Corp., MTN, 3.45%, 1/10/24	242,000		249,461
PACCAR Financial Corp., MTN, 2.15%, 8/15/24	351,000		352,684
PACCAR Financial Corp., MTN, 1.10%, 5/11/26	100,000		96,007
			1,563,741
Media — 0.9%
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22	32,000		33,834
Comcast Corp., 3.375%, 8/15/25	256,000		264,084
Discovery Communications LLC, 4.90%, 3/11/26	245,000		261,182
			559,100
Metals and Mining — 0.5%
ArcelorMittal SA, 4.55%, 3/11/26	140,000		147,145
BHP Billiton Finance USA Ltd., 3.85%, 9/30/23	45,000		46,554
Kinross Gold Corp., 5.95%, 3/15/24	106,000		112,281
			305,980


Avantis Short-Term Fixed Income ETF
	Principal Amount		Value
Multi-Utilities — 0.2%
Dominion Energy, Inc., 2.75%, 9/15/22	$	98,000	$	98,484
Multiline Retail — 0.5%
Dollar Tree, Inc., 4.00%, 5/15/25	218,000		227,334
Target Corp., 2.25%, 4/15/25	100,000		100,655
			327,989
Oil, Gas and Consumable Fuels — 5.6%
Canadian Natural Resources Ltd., 2.05%, 7/15/25	98,000		96,292
Chevron Corp., 2.90%, 3/3/24	66,000		67,400
Chevron Corp., 2.95%, 5/16/26	285,000		294,572
ConocoPhillips Co., 4.95%, 3/15/26	250,000		274,172
Enbridge, Inc., 2.50%, 1/15/25	296,000		296,597
Energy Transfer LP, 4.75%, 1/15/26	338,000		359,148
Enterprise Products Operating LLC, 3.35%, 3/15/23	146,000		147,887
Equinor ASA, 2.45%, 1/17/23	66,000		66,648
Equinor ASA, 3.70%, 3/1/24	316,000		327,062
Exxon Mobil Corp., 2.71%, 3/6/25	221,000		225,413
Exxon Mobil Corp., 2.99%, 3/19/25	265,000		272,215
Phillips 66 Partners LP, 2.45%, 12/15/24	148,000		148,295
Shell International Finance BV, 3.25%, 5/11/25	436,000		452,529
TotalEnergies Capital Canada Ltd., 2.75%, 7/15/23	131,000		133,134
TotalEnergies Capital International SA, 2.43%, 1/10/25	150,000		151,938
TransCanada PipeLines Ltd., 2.50%, 8/1/22	96,000		96,473
Valero Energy Corp., 2.85%, 4/15/25	37,000		37,288
Williams Cos., Inc. (The), 4.00%, 9/15/25	238,000		248,062
			3,695,125
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), 2.00%, 12/1/24	48,000		48,218
Pharmaceuticals — 3.2%
Astrazeneca Finance LLC, 1.20%, 5/28/26	274,000		262,733
Bristol-Myers Squibb Co., 3.55%, 8/15/22	96,000		97,094
Bristol-Myers Squibb Co., 2.90%, 7/26/24	231,000		236,538
GlaxoSmithKline Capital, Inc., 3.625%, 5/15/25	99,000		103,413
GlaxoSmithKline Capital, plc, 3.00%, 6/1/24	287,000		293,082
Novartis Capital Corp., 1.75%, 2/14/25	63,000		62,670
Novartis Capital Corp., 3.00%, 11/20/25	361,000		372,183
Royalty Pharma plc, 1.20%, 9/2/25	179,000		170,074
Utah Acquisition Sub, Inc., 3.95%, 6/15/26	275,000		284,159
Wyeth LLC, 6.45%, 2/1/24	172,000		186,934
			2,068,880
Road and Rail — 0.8%
Canadian National Railway Co., 2.75%, 3/1/26	250,000		255,024
Ryder System, Inc., MTN, 2.50%, 9/1/24	48,000		48,191
Ryder System, Inc., MTN, 3.35%, 9/1/25	224,000		229,548
			532,763
Semiconductors and Semiconductor Equipment — 1.7%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27	175,000		182,344
Broadcom, Inc., 4.70%, 4/15/25	138,000		146,947
Marvell Technology, Inc., 1.65%, 4/15/26	230,000		221,602
Microchip Technology, Inc., 4.33%, 6/1/23	64,000		65,853


Avantis Short-Term Fixed Income ETF
	Principal Amount		Value
Micron Technology, Inc., 4.98%, 2/6/26	$	295,000	$	317,165
NXP BV / NXP Funding LLC, 4.875%, 3/1/24(1)	106,000		111,195
QUALCOMM, Inc., 3.00%, 5/20/22	96,000		96,186
			1,141,292
Software — 1.6%
Citrix Systems, Inc., 1.25%, 3/1/26	234,000		230,853
Microsoft Corp., 2.875%, 2/6/24	362,000		370,879
Microsoft Corp., 3.125%, 11/3/25	225,000		234,416
Microsoft Corp., 2.40%, 8/8/26	200,000		203,223
Oracle Corp., 2.40%, 9/15/23	40,000		40,309
			1,079,680
Specialty Retail — 0.8%
Home Depot, Inc. (The), 3.75%, 2/15/24	238,000		246,631
Home Depot, Inc. (The), 3.00%, 4/1/26	100,000		103,689
Ross Stores, Inc., 4.60%, 4/15/25	188,000		200,696
			551,016
Technology Hardware, Storage and Peripherals — 1.6%
Apple, Inc., 3.00%, 2/9/24	97,000		99,394
Apple, Inc., 1.125%, 5/11/25	69,000		67,319
Apple, Inc., 3.20%, 5/13/25	225,000		233,278
Apple, Inc., 3.25%, 2/23/26	428,000		447,143
Dell International LLC / EMC Corp., 6.02%, 6/15/26	158,000		176,428
Hewlett Packard Enterprise Co., 4.90%, 10/15/25	48,000		51,521
			1,075,083
Trading Companies and Distributors — 0.3%
Air Lease Corp., MTN, 2.875%, 1/15/26	220,000		219,271
TOTAL CORPORATE BONDS (Cost $43,193,218)			42,160,175
U.S. TREASURY SECURITIES AND EQUIVALENTS — 30.0%
Israel Government AID Bond, 5.50%, 9/18/23	32,000		33,945
U.S. Treasury Notes, 1.875%, 9/30/22	509,100		512,396
U.S. Treasury Notes, 1.375%, 10/15/22	1,086,900		1,090,967
U.S. Treasury Notes, 1.625%, 11/15/22	1,446,000		1,453,790
U.S. Treasury Notes, 0.125%, 10/15/23	900,000		882,000
U.S. Treasury Notes, 2.75%, 11/15/23	776,000		793,733
U.S. Treasury Notes, 2.375%, 2/29/24	1,560,000		1,587,818
U.S. Treasury Notes, 2.00%, 5/31/24	1,194,700		1,207,300
U.S. Treasury Notes, 0.25%, 6/15/24	1,825,000		1,772,104
U.S. Treasury Notes, 0.375%, 7/15/24	1,375,000		1,337,563
U.S. Treasury Notes, 1.50%, 10/31/24	1,650,000		1,645,553
U.S. Treasury Notes, 1.50%, 11/30/24	2,220,000		2,213,323
U.S. Treasury Notes, 0.25%, 10/31/25	1,800,000		1,706,555
U.S. Treasury Notes, 0.375%, 11/30/25	1,295,200		1,232,059
U.S. Treasury Notes, 0.75%, 5/31/26	1,200,000		1,151,156
U.S. Treasury Notes, 1.125%, 10/31/26	1,050,000		1,020,387
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS (Cost $19,946,157)			19,640,649
U.S. GOVERNMENT AGENCY SECURITIES — 4.3%
Federal Farm Credit Banks Funding Corp., 0.125%, 5/10/23	150,000		148,111
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25	500,000		492,703
FHLB, 0.125%, 6/2/23	100,000		98,654
FHLB, 1.50%, 8/15/24	420,000		419,504


Avantis Short-Term Fixed Income ETF
	Principal Amount		Value
FHLB, 2.75%, 12/13/24	$	120,000	$	123,594
FHLB, 2.375%, 3/14/25	200,000		204,268
FHLMC, 0.125%, 10/16/23	104,000		101,936
FHLMC, 0.25%, 11/6/23	104,000		102,025
FHLMC, 0.25%, 12/4/23	100,000		97,970
FHLMC, 0.375%, 7/21/25	115,000		109,961
FNMA, 2.375%, 1/19/23	16,000		16,183
FNMA, 0.25%, 7/10/23	152,000		149,915
FNMA, 2.625%, 9/6/24	550,000		563,982
FNMA, 1.625%, 10/15/24	25,000		25,002
FNMA, 0.375%, 8/25/25	25,000		23,845
Tennessee Valley Authority, 0.75%, 5/15/25	125,000		121,193
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,838,566)			2,798,846
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%
Canada — 0.2%
Export Development Canada, 2.625%, 2/21/24 (Cost $155,858)	150,000		153,176
TOTAL INVESTMENT SECURITIES — 98.9% (Cost $66,133,799)			64,752,846
OTHER ASSETS AND LIABILITIES — 1.1%			729,831
TOTAL NET ASSETS — 100.0%			$	65,482,677


NOTES TO SCHEDULE OF INVESTMENTS
AID	-	Agency for International Development
Equivalent	-	Security whose payments are secured by the U.S. Treasury
FHLB	-	Federal Home Loan Bank
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
MTN	-	Medium Term Note

†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 $253,712, which represented 0.4% of total net assets.

See Notes to Financial Statements.


Statements of Assets and Liabilities


FEBRUARY 28, 2022 (UNAUDITED)
	Avantis Core Fixed Income ETF		Avantis Core Municipal Fixed Income ETF
Assets
Investment securities, at value (cost of $155,187,379 and $29,842,180, respectively)	$	150,911,296	$	28,920,477
Cash	786,956		—
Receivable for investments sold	11,519,526		—
Receivable for capital shares sold	7,039,935		—
Receivable for variation margin on futures contracts	117		—
Interest receivable	892,881		298,785
	171,150,711		29,219,262

Liabilities
Payable for investments purchased	44,417,513		181,467
Payable for variation margin on swap agreements	1,327		—
Accrued management fees	13,121		3,208
	44,431,961		184,675

Net Assets	$	126,718,750	$	29,034,587

Shares outstanding (unlimited number of shares authorized)	2,700,000		600,000

Net Asset Value Per Share	$	46.93	$	48.39

Net Assets Consist of:
Capital paid in	$	131,855,820	$	29,934,591
Distributable earnings	(5,137,070)		(900,004)
	$	126,718,750	$	29,034,587

See Notes to Financial Statements.


FEBRUARY 28, 2022 (UNAUDITED)
	Avantis Short-Term Fixed Income ETF
Assets
Investment securities, at value (cost of $66,133,799)	$	64,752,846
Cash	348,167
Interest receivable	388,451
	65,489,464

Liabilities
Accrued management fees	6,787

Net Assets	$	65,482,677

Shares outstanding (unlimited number of shares authorized)	1,350,000

Net Asset Value Per Share	$	48.51

Net Assets Consist of:
Capital paid in	$	66,892,213
Distributable earnings	(1,409,536)
	$	65,482,677

See Notes to Financial Statements.


Statements of Operations


FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)
	Avantis Core Fixed Income ETF		Avantis Core Municipal Fixed Income ETF
Investment Income (Loss)
Income:
Interest	$	709,517	$	138,245

Expenses:
Management fees	69,020		20,443

Net investment income (loss)	640,497		117,802

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (Note 4)	(919,214)		61
Futures contract transactions	(31,454)		—
Swap agreement transactions	2,336		—
	(948,332)		61

Change in net unrealized appreciation (depreciation) on:
Investments	(4,665,894)		(1,025,419)
Futures contracts	(875)		—
Swap agreements	(15,000)		—
	(4,681,769)		(1,025,419)

Net realized and unrealized gain (loss)	(5,630,101)		(1,025,358)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(4,989,604)	$	(907,556)

See Notes to Financial Statements.


FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)
	Avantis Short-Term Fixed Income ETF
Investment Income (Loss)
Income:
Interest	$	206,998

Expenses:
Management fees	34,058

Net investment income (loss)	172,940

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (Note 4)	(78,514)
Futures contract transactions	(98)
	(78,612)

Change in net unrealized appreciation (depreciation) on investments	(1,391,498)

Net realized and unrealized gain (loss)	(1,470,110)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,297,170)

See Notes to Financial Statements.


Statements of Changes in Net Assets


SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2021
	Avantis Core Fixed Income ETF				Avantis Core Municipal Fixed Income ETF
Increase (Decrease) in Net Assets	February 28, 2022		August 31, 2021(1)		February 28, 2022		August 31, 2021(2)
Operations
Net investment income (loss)	$	640,497	$	378,942	$	117,802	$	125,182
Net realized gain (loss)	(948,332)		(47,233)		61		(5,086)
Change in net unrealized appreciation (depreciation)	(4,681,769)		394,850		(1,025,419)		103,716
Net increase (decrease) in net assets resulting from operations	(4,989,604)		726,559		(907,556)		223,812

Distributions to Shareholders
From earnings	(564,175)		(309,850)		(109,395)		(106,865)

Capital Share Transactions
Proceeds from shares sold	62,737,370		69,116,150		2,414,684		27,507,410
Other capital	1,293		1,007		9		12,488
Net increase (decrease) in net assets from capital share transactions	62,738,663		69,117,157		2,414,693		27,519,898

Net increase (decrease) in net assets	57,184,884		69,533,866		1,397,742		27,636,845

Net Assets
Beginning of period	69,533,866		—		27,636,845		—
End of period	$	126,718,750	$	69,533,866	$	29,034,587	$	27,636,845

Transactions in Shares of the Funds
Sold	1,300,000		1,400,000		50,000		550,000

(1)October 13, 2020 (fund inception) through August 31, 2021.

(2)December 8, 2020 (fund inception) through August 31, 2021.

See Notes to Financial Statements.


SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2021
	Avantis Short-Term Fixed Income ETF
Increase (Decrease) in Net Assets	February 28, 2022		August 31, 2021(1)
Operations
Net investment income (loss)	$	172,940	$	80,480
Net realized gain (loss)	(78,612)		5,514
Change in net unrealized appreciation (depreciation)	(1,391,498)		10,545
Net increase (decrease) in net assets resulting from operations	(1,297,170)		96,539

Distributions to Shareholders
From earnings	(135,685)		(73,220)

Capital Share Transactions
Proceeds from shares sold	34,413,124		32,473,925
Other capital	3,475		1,689
Net increase (decrease) in net assets from capital share transactions	34,416,599		32,475,614

Net increase (decrease) in net assets	32,983,744		32,498,933

Net Assets
Beginning of period	32,498,933		—
End of period	$	65,482,677	$	32,498,933

Transactions in Shares of the Funds
Sold	700,000		650,000

(1)October 13, 2020 (fund inception) through August 31, 2021.

See Notes to Financial Statements.


Notes to Financial Statements

FEBRUARY 28, 2022 (UNAUDITED)

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Core Fixed Income ETF, Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF is to seek to maximize total return. Avantis Core Municipal Fixed Income ETF’s investment objective is to seek current income that is exempt from federal income tax. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF incepted on October 13, 2020. Avantis Core Municipal Fixed Income ETF incepted on December 8, 2020.

2. Significant Accounting Policies

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

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.

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

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.

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

Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

Forward Commitments — The funds may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The funds may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the funds may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.

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

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and

operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.

The annual management fee for each fund is as follows:


			Annual Management Fee
Avantis Core Fixed Income ETF			0.15%
Avantis Core Municipal Fixed Income ETF			0.15%
Avantis Short-Term Fixed Income ETF			0.15%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2022 were as follows:


	Avantis Core Fixed Income ETF	Avantis Core Municipal Fixed Income ETF	Avantis Short-Term Fixed Income ETF
Purchases of U.S. Treasury and Government Agency obligations	$153,242,600	—	$4,122,724
Purchases of other investment securities	2,193,804	$831,647	14,010,204
Total Purchases	$155,436,404	$831,647	$18,132,928

Sales of U.S. Treasury and Government Agency obligations	$141,123,861	—	$5,286,072
Sales of other investment securities	1,985,753	$314,886	6,696,095
Total Sales	$143,109,614	$314,886	$11,982,167

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2022 were as follows:


	In kind Subscriptions	In kind Redemptions	In kind Net Realized Gain/(Loss)*
Avantis Core Fixed Income ETF	$56,355,176	—	—
Avantis Core Municipal Fixed Income ETF	$2,390,783	—	—
Avantis Short-Term Fixed Income ETF	$28,267,224	—	—

*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

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

6. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.

Avantis Core Fixed Income ETF


	Level 1		Level 2		Level 3
Assets
Investment Securities
Corporate Bonds	—		$	78,215,795	—
U.S. Treasury Securities	—		31,486,169		—
U.S. Government Agency Mortgage-Backed Securities	—		24,904,171		—
U.S. Government Agency Securities	—		3,495,786		—
Sovereign Governments and Agencies	—		102,118		—
Short-Term Investments	—		12,707,257		—
	—		$	150,911,296	—
Other Financial Instruments
Futures Contracts	$	117	—		—
Swap Agreements	—		$	42,220	—
	$	117	$	42,220	—

Avantis Core Municipal Fixed Income ETF


	Level 1		Level 2		Level 3
Assets
Investment Securities
Municipal Securities	—		$	28,728,032	—
Short-Term Investments	$	192,445	—		—
	$	192,445	$	28,728,032	—

Avantis Short-Term Fixed Income ETF


	Level 1	Level 2		Level 3
Assets
Investment Securities
Corporate Bonds	—	$	42,160,175	—
U.S. Treasury Securities and Equivalents	—	19,640,649		—
U.S. Government Agency Securities	—	2,798,846		—
Sovereign Governments and Agencies	—	153,176		—
	—	$	64,752,846	—

7. Derivative Instruments

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

The fund's average notional amount to credit risk derivative instruments held during the period was as follows:


Avantis Core Fixed Income ETF			$1,750,000

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

The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:


			Futures Contracts Purchased
Avantis Core Fixed Income ETF			$634,385
Avantis Short-Term Fixed Income ETF			$122,904

Value of Derivative Instruments as of February 28, 2022


	Asset Derivatives			Liability Derivatives
Fund / Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Avantis Core Fixed Income ETF
Credit Risk	Receivable for variation margin on swap agreements*	—		Payable for variation margin on swap agreements*	$	1,327
Interest Rate Risk	Receivable for variation margin on futures contracts*	$	117	Payable for variation margin on futures contracts*	—
		$	117		$	1,327

*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

At period end, Avantis Short-Term Fixed Income ETF did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended February 28, 2022


	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Fund / Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Avantis Core Fixed Income ETF
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	2,336	Change in net unrealized appreciation (depreciation) on swap agreements	$	(15,000)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(31,454)		Change in net unrealized appreciation (depreciation) on futures contracts	(875)
		$	(29,118)		$	(15,875)

Avantis Short-Term Fixed Income ETF
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	$	(98)	Change in net unrealized appreciation (depreciation) on futures contracts	—

8. Risk Factors

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

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

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

9. Federal Tax Information

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

As of period end, the components of investments for federal income tax purposes were as follows:


	Avantis Core Fixed Income ETF		Avantis Core Municipal Fixed Income ETF		Avantis Short-Term Fixed Income ETF
Federal tax cost of investments	$	155,385,820	$	29,842,180	$	66,133,799
Gross tax appreciation of investments	$	62,423	$	7,590	$	3,572
Gross tax depreciation of investments	(4,536,947)		(929,293)		(1,384,525)
Net tax appreciation (depreciation) of investments	$	(4,474,524)	$	(921,703)	$	(1,380,953)

For Avantis Core Fixed Income ETF, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF.

As of August 31, 2021, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:


	Short-term capital losses	Long-term capital losses
Avantis Core Fixed Income ETF	$(45,039)	$(871)
Avantis Core Municipal Fixed Income ETF	$(5,086)	—
Avantis Short-Term Fixed Income ETF	$(1,519)	—


Financial Highlights


For a Share Outstanding Throughout the Periods Indicated
Per-Share Data									Ratios and Supplemental Data
		Income From Investment Operations:							Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Other Capital(1)	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate(3)	Net Assets, End of Period (in thousands)
Avantis Core Fixed Income ETF
2022(4)	$49.67	0.33	(2.76)	(2.43)	(0.31)	0.00(5)	$46.93	(4.90)%	0.15%(6)	1.39%(6)	137%	$126,719
2021(7)	$50.00	0.51	(0.43)	0.08	(0.41)	0.00(5)	$49.67	0.15%	0.15%(6)	1.17%(6)	185%	$69,534


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2022 (unaudited).

(5)Per-share amount was less than $0.005.

(6)Annualized.

(7)October 13, 2020 (fund inception) through August 31, 2021.

See Notes to Financial Statements.


For a Share Outstanding Throughout the Periods Indicated
Per-Share Data									Ratios and Supplemental Data
		Income From Investment Operations:							Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Other Capital(1)	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate(3)	Net Assets, End of Period (in thousands)
Avantis Core Municipal Fixed Income ETF
2022(4)	$50.25	0.21	(1.87)	(1.66)	(0.20)	0.00(5)	$48.39	(3.31)%	0.15%(6)	0.86%(6)	1%	$29,035
2021(7)	$50.00	0.26	0.17	0.43	(0.21)	0.03	$50.25	0.93%	0.15%(6)	0.70%(6)	14%	$27,637


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2022 (unaudited).

(5)Per-share amount was less than $0.005.

(6)Annualized.

(7)December 8, 2020 (fund inception) through August 31, 2021.

See Notes to Financial Statements.


For a Share Outstanding Throughout the Periods Indicated
Per-Share Data									Ratios and Supplemental Data
		Income From Investment Operations:							Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Distributions From Net Investment Income	Other Capital(1)	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate(3)	Net Assets, End of Period (in thousands)
Avantis Short-Term Fixed Income ETF
2022(4)	$50.00	0.19	(1.53)	(1.34)	(0.15)	0.00(5)	$48.51	(2.69)%	0.15%(6)	0.76%(6)	26%	$65,483
2021(7)	$50.00	0.18	(0.02)	0.16	(0.16)	0.00(5)	$50.00	0.33%	0.15%(6)	0.40%(6)	49%	$32,499


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Excludes securities received or delivered in kind.

(4)Six months ended February 28, 2022 (unaudited).

(5)Per-share amount was less than $0.005.

(6)Annualized.

(7)October 13, 2020 (fund inception) through August 31, 2021.

See Notes to Financial Statements.


Additional Information

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

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

Quarterly Portfolio Disclosure

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


Notes




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American Century ETF Trust

Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.

This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

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