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Semiannual Report
February 28, 2023
Avantis® Inflation Focused Equity ETF (AVIE)
Avantis® Real Estate ETF (AVRE)
Avantis® U.S. Equity ETF (AVUS)
Avantis® U.S. Large Cap Value ETF (AVLV)
Avantis® U.S. Small Cap Equity ETF (AVSC)
Avantis® U.S. Small Cap Value ETF (AVUV)







































Table of Contents

Chairman’s Letter
Avantis Inflation Focused Equity ETF
Fund Characteristics
Avantis Real Estate ETF
Fund Characteristics
Avantis U.S. Equity ETF
Fund Characteristics
Avantis U.S. Large Cap Value ETF
Fund Characteristics
Avantis U.S. Small Cap Equity ETF
Fund Characteristics
Avantis U.S. Small Cap Value ETF
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Approval of Management Agreement
Additional Information

















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



Chairman's Letter

image24a.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.

Stocks and Bonds Delivered Mixed Results as Volatility Reigned

Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.

In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.

For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

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

Sincerely,
image25a.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Fund Characteristics
FEBRUARY 28, 2023
Avantis Inflation Focused Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.7%
Short-Term Investments 0.1%
Other Assets and Liabilities 0.2%
Top Five Industries % of net assets
Oil, Gas and Consumable Fuels 23.0%
Insurance 10.6%
Biotechnology 10.0%
Pharmaceuticals 9.0%
Health Care Providers and Services 8.8%

3


Fund Characteristics
FEBRUARY 28, 2023
Avantis Real Estate ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.6%
Rights —*
Short-Term Investments 0.3%
Other Assets and Liabilities 0.1%
*Category is less than 0.05% of total net assets.
Top Five Sectors % of net assets
Specialized REITs 26.1%
Industrial REITs 17.6%
Retail REITs 17.5%
Residential REITs 13.3%
Diversified REITs 8.6%

4


Fund Characteristics
FEBRUARY 28, 2023
Avantis U.S. Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.9%
Rights —*
Short-Term Investments 0.3%
Other Assets and Liabilities (0.2)%
*Category is less than 0.05% of total net assets.
Top Five Industries % of net assets
Oil, Gas and Consumable Fuels 8.1%
Banks 6.2%
Software 5.4%
Semiconductors and Semiconductor Equipment 4.8%
Technology Hardware, Storage and Peripherals 4.6%

5


Fund Characteristics
FEBRUARY 28, 2023
Avantis U.S. Large Cap Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.8%
Short-Term Investments 0.2%
Other Assets and Liabilities —*
*Category is less than 0.05% of total net assets.
Top Five Industries % of net assets
Oil, Gas and Consumable Fuels 15.6%
Semiconductors and Semiconductor Equipment 6.3%
Pharmaceuticals 6.3%
Banks 6.2%
Insurance 5.7%

6


Fund Characteristics
FEBRUARY 28, 2023
Avantis U.S. Small Cap Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.8%
Short-Term Investments 0.1%
Other Assets and Liabilities 0.1%
Top Five Industries % of net assets
Banks 14.5%
Biotechnology 5.5%
Oil, Gas and Consumable Fuels 4.8%
Machinery 3.8%
Specialty Retail 3.7%

7


Fund Characteristics
FEBRUARY 28, 2023
Avantis U.S. Small Cap Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.9%
Short-Term Investments 0.8%
Other Assets and Liabilities (0.7)%
Top Five Industries % of net assets
Banks 15.7%
Oil, Gas and Consumable Fuels 12.0%
Specialty Retail 6.5%
Trading Companies and Distributors 5.6%
Thrifts and Mortgage Finance 4.7%

8


Shareholder Fee Examples

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2022 to February 28, 2023 (except as noted).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

9


Beginning
Account Value
9/1/22
Ending
Account Value
2/28/23
Expenses Paid
During Period(1)
9/1/22 - 2/28/23
Annualized
Expense Ratio(1)
Avantis Inflation Focused Equity ETF
Actual $1,000 $1,139.40
$1.14(2)
0.25%
Hypothetical $1,000 $1,023.56 $1.25 0.25%
Avantis Real Estate ETF
Actual $1,000 $958.50 $0.83 0.17%
Hypothetical $1,000 $1,023.95 $0.85 0.17%
Avantis U.S. Equity ETF
Actual $1,000 $1,040.60 $0.76 0.15%
Hypothetical $1,000 $1,024.05 $0.75 0.15%
Avantis U.S. Large Cap Value ETF
Actual $1,000 $1,076.50 $0.77 0.15%
Hypothetical $1,000 $1,024.05 $0.75 0.15%
Avantis U.S. Small Cap Equity ETF
Actual $1,000 $1,082.80 $1.29 0.25%
Hypothetical $1,000 $1,023.56 $1.25 0.25%
Avantis U.S. Small Cap Value ETF
Actual $1,000 $1,103.50 $1.30 0.25%
Hypothetical $1,000 $1,023.56 $1.25 0.25%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 155, the number of days in the period from September 27, 2022 (fund inception) through February 28, 2023, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.

10


Schedules of Investments

FEBRUARY 28, 2023 (UNAUDITED)
Avantis Inflation Focused Equity ETF
Shares Value
COMMON STOCKS — 99.7%
Beverages — 7.9%
Boston Beer Co., Inc., Class A(1)
51  $ 16,514 
Brown-Forman Corp., Class A
230  14,932 
Brown-Forman Corp., Class B
1,357  88,029 
Celsius Holdings, Inc.(1)
230  20,884 
Coca-Cola Co.
10,543  627,414 
Coca-Cola Consolidated, Inc.
23  12,807 
Constellation Brands, Inc., Class A
529  118,337 
Duckhorn Portfolio, Inc.(1)
230  3,507 
Keurig Dr Pepper, Inc.
2,622  90,590 
MGP Ingredients, Inc.
93  9,434 
Molson Coors Beverage Co., Class B
897  47,711 
Monster Beverage Corp.(1)
1,380  140,429 
National Beverage Corp.(1)
161  7,511 
PepsiCo, Inc.
4,741  822,706 
Vintage Wine Estates, Inc.(1)
92  141 
Vita Coco Co., Inc.(1)
184  3,111 
2,024,057 
Biotechnology — 10.0%
AbbVie, Inc.
3,331  512,641 
Alkermes PLC(1)
585  15,643 
Alnylam Pharmaceuticals, Inc.(1)
460  88,067 
Amgen, Inc.
1,500  347,490 
Apellis Pharmaceuticals, Inc.(1)
414  27,109 
Biogen, Inc.(1)
506  136,549 
BioMarin Pharmaceutical, Inc.(1)
690  68,717 
Cerevel Therapeutics Holdings, Inc.(1)
230  6,139 
CRISPR Therapeutics AG(1)
322  15,881 
Cytokinetics, Inc.(1)
437  18,948 
Denali Therapeutics, Inc.(1)
26  706 
Exact Sciences Corp.(1)
345  21,504 
Exelixis, Inc.(1)
1,012  17,285 
Gilead Sciences, Inc.
4,280  344,669 
Halozyme Therapeutics, Inc.(1)
667  32,009 
Horizon Therapeutics PLC(1)
437  47,847 
Incyte Corp.(1)
621  47,805 
Intellia Therapeutics, Inc.(1)
230  9,239 
Ionis Pharmaceuticals, Inc.(1)
644  23,120 
Karuna Therapeutics, Inc.(1)
115  22,933 
Moderna, Inc.(1)
956  132,702 
Natera, Inc.(1)
126  6,117 
Neurocrine Biosciences, Inc.(1)
391  40,312 
Regeneron Pharmaceuticals, Inc.(1)
253  192,386 
Sarepta Therapeutics, Inc.(1)
391  47,753 
Seagen, Inc.(1)
483  86,790 
United Therapeutics Corp.(1)
230  56,589 
11


Avantis Inflation Focused Equity ETF
Shares Value
Vertex Pharmaceuticals, Inc.(1)
714  $ 207,267 
2,574,217 
Chemicals — 4.7%
AdvanSix, Inc.
138  5,679 
American Vanguard Corp.
253  5,280 
Cabot Corp.
529  42,071 
CF Industries Holdings, Inc.
1,587  136,307 
Chemours Co.
1,679  57,388 
Corteva, Inc.
3,367  209,730 
Dow, Inc.
3,703  211,812 
FMC Corp.
552  71,291 
Hawkins, Inc.
138  5,612 
Huntsman Corp.
805  23,619 
Intrepid Potash, Inc.(1)
69  2,185 
Koppers Holdings, Inc.
115  4,127 
Kronos Worldwide, Inc.
230  2,597 
LSB Industries, Inc.(1)
230  3,126 
LyondellBasell Industries NV, Class A
1,610  154,544 
Mativ Holdings, Inc.
253  6,555 
Mosaic Co.
1,771  94,200 
Olin Corp.
1,196  69,069 
Origin Materials, Inc.(1)
598  2,870 
Orion Engineered Carbons SA
437  11,144 
PureCycle Technologies, Inc.(1)
943  6,016 
Trinseo PLC
161  3,732 
Tronox Holdings PLC, Class A
598  9,329 
Valvoline, Inc.
1,311  46,147 
Westlake Corp.
184  21,922 
1,206,352 
Diversified Financial Services — 5.0%
Berkshire Hathaway, Inc., Class B(1)
4,186  1,277,484 
Cannae Holdings, Inc.(1)
645  14,564 
1,292,048 
Energy Equipment and Services — 4.3%
Archrock, Inc.
1,374  15,210 
Baker Hughes Co.
3,865  118,269 
Bristow Group, Inc.(1)
147  4,004 
Cactus, Inc., Class A
424  19,483 
ChampionX Corp.
1,523  46,558 
Core Laboratories NV
184  4,392 
Diamond Offshore Drilling, Inc.(1)
1,035  12,296 
DMC Global, Inc.(1)
161  4,310 
Dril-Quip, Inc.(1)
279  9,556 
Expro Group Holdings NV(1)
695  15,797 
Halliburton Co.
3,673  133,073 
Helix Energy Solutions Group, Inc.(1)
1,428  11,824 
Helmerich & Payne, Inc.
736  30,971 
KLX Energy Services Holdings, Inc.(1)
95  1,215 
Liberty Energy, Inc., Class A
1,357  20,694 
Nabors Industries Ltd.(1)
69  10,371 
National Energy Services Reunited Corp.(1)
414  2,674 
12


Avantis Inflation Focused Equity ETF
Shares Value
Newpark Resources, Inc.(1)
327  $ 1,449 
NexTier Oilfield Solutions, Inc.(1)
1,679  15,329 
Nine Energy Service, Inc.(1)
141  1,354 
Noble Corp. PLC(1)
737  30,726 
NOV, Inc.
2,576  56,363 
Oceaneering International, Inc.(1)
762  15,918 
Oil States International, Inc.(1)
255  2,328 
Patterson-UTI Energy, Inc.
1,610  22,057 
ProFrac Holding Corp., Class A(1)
207  3,960 
ProPetro Holding Corp.(1)
838  7,383 
RPC, Inc.
674  5,911 
Schlumberger Ltd.
5,198  276,586 
Select Energy Services, Inc., Class A
368  2,731 
Solaris Oilfield Infrastructure, Inc., Class A
253  2,259 
TechnipFMC PLC(1)
3,979  60,839 
TETRA Technologies, Inc.(1)
920  3,275 
Tidewater, Inc.(1)
420  20,513 
Transocean Ltd.(1)
5,467  38,214 
US Silica Holdings, Inc.(1)
437  5,305 
Valaris Ltd.(1)
437  29,388 
Weatherford International PLC(1)
531  35,375 
1,097,960 
Equity Real Estate Investment Trusts (REITs) — 0.7%
PotlatchDeltic Corp.
460  21,234 
Rayonier, Inc.
828  27,804 
Weyerhaeuser Co.
3,910  122,187 
171,225 
Food Products — 1.6%
Alico, Inc.
92  2,368 
Archer-Daniels-Midland Co.
2,806  223,357 
Bunge Ltd.
828  79,074 
Darling Ingredients, Inc.(1)
989  62,574 
Fresh Del Monte Produce, Inc.
345  10,792 
Ingredion, Inc.
437  43,438 
421,603 
Health Care Providers and Services — 8.8%
AdaptHealth Corp.(1)
391  6,252 
Alignment Healthcare, Inc.(1)
529  5,258 
AmerisourceBergen Corp.
713  110,914 
Cardinal Health, Inc.
1,403  106,221 
Centene Corp.(1)
2,300  157,320 
Elevance Health, Inc.
736  345,677 
HealthEquity, Inc.(1)
391  25,482 
Henry Schein, Inc.(1)
414  32,421 
Humana, Inc.
506  250,480 
McKesson Corp.
529  185,050 
Molina Healthcare, Inc.(1)
322  88,656 
Owens & Minor, Inc.(1)
207  3,173 
Patterson Cos., Inc.
437  11,589 
Progyny, Inc.(1)
377  14,160 
UnitedHealth Group, Inc.
1,960  932,843 
2,275,496 
13


Avantis Inflation Focused Equity ETF
Shares Value
Household Products — 6.7%
Central Garden & Pet Co.(1)
69  $ 2,795 
Central Garden & Pet Co., Class A(1)
276  10,607 
Church & Dwight Co., Inc.
1,081  90,566 
Clorox Co.
828  128,704 
Colgate-Palmolive Co.
4,365  319,954 
Energizer Holdings, Inc.
483  17,499 
Kimberly-Clark Corp.
1,989  248,724 
Procter & Gamble Co.
6,407  881,347 
Reynolds Consumer Products, Inc.
345  9,467 
Spectrum Brands Holdings, Inc.
207  13,252 
WD-40 Co.
92  15,956 
1,738,871 
Insurance — 10.6%
Aflac, Inc.
2,474  168,603 
Allstate Corp.
805  103,668 
Ambac Financial Group, Inc.(1)
322  5,329 
American Equity Investment Life Holding Co.
368  15,327 
American Financial Group, Inc.
345  46,268 
American International Group, Inc.
2,415  147,581 
AMERISAFE, Inc.
92  5,018 
Arch Capital Group Ltd.(1)
1,748  122,360 
Argo Group International Holdings Ltd.
115  3,341 
Assurant, Inc.
184  23,440 
Assured Guaranty Ltd.
230  14,354 
Axis Capital Holdings Ltd.
414  25,138 
Brighthouse Financial, Inc.(1)
391  22,611 
Chubb Ltd.
1,104  232,966 
Cincinnati Financial Corp.
391  47,194 
CNA Financial Corp.
92  4,028 
CNO Financial Group, Inc.
391  10,017 
Donegal Group, Inc., Class A
161  2,474 
Employers Holdings, Inc.
161  7,150 
Enstar Group Ltd.(1)
23  5,624 
Erie Indemnity Co., Class A
138  32,484 
Everest Re Group Ltd.
184  70,650 
F&G Annuities & Life, Inc.
49  998 
Fidelity National Financial, Inc.
828  33,004 
First American Financial Corp.
345  19,589 
Genworth Financial, Inc., Class A(1)
3,335  20,777 
Globe Life, Inc.
414  50,380 
Greenlight Capital Re Ltd., A Shares(1)
299  2,745 
Hanover Insurance Group, Inc.
115  16,040 
Hartford Financial Services Group, Inc.
1,518  118,829 
Horace Mann Educators Corp.
184  6,801 
James River Group Holdings Ltd.
207  4,989 
Kemper Corp.
259  15,954 
Kinsale Capital Group, Inc.
115  36,650 
Lemonade, Inc.(1)
138  2,249 
Lincoln National Corp.
437  13,862 
Loews Corp.
759  46,367 
14


Avantis Inflation Focused Equity ETF
Shares Value
Markel Corp.(1)
23  $ 30,587 
MBIA, Inc.(1)
253  3,489 
Mercury General Corp.
92  3,133 
MetLife, Inc.
1,955  140,232 
Old Republic International Corp.
1,472  38,817 
Oscar Health, Inc., Class A(1)
483  2,676 
Palomar Holdings, Inc.(1)
138  8,280 
Primerica, Inc.
230  44,146 
Principal Financial Group, Inc.
1,156  103,531 
ProAssurance Corp.
230  4,575 
Progressive Corp.
1,748  250,873 
Prudential Financial, Inc.
1,127  112,700 
Reinsurance Group of America, Inc.
414  59,811 
RenaissanceRe Holdings Ltd.
184  39,542 
RLI Corp.
207  28,547 
Safety Insurance Group, Inc.
92  7,423 
Selective Insurance Group, Inc.
230  23,352 
SiriusPoint Ltd.(1)
506  3,593 
Stewart Information Services Corp.
92  3,909 
Tiptree, Inc.
230  3,703 
Travelers Cos., Inc.
920  170,310 
Trupanion, Inc.(1)
92  5,463 
United Fire Group, Inc.
138  3,938 
Universal Insurance Holdings, Inc.
230  4,446 
Unum Group
1,196  53,282 
W R Berkley Corp.
851  56,328 
White Mountains Insurance Group Ltd.
23  33,202 
2,744,747 
Metals and Mining — 5.6%
Alcoa Corp.
759  37,146 
Alpha Metallurgical Resources, Inc.
184  30,864 
Arconic Corp.(1)
782  20,676 
ATI, Inc.(1)
989  40,203 
Carpenter Technology Corp.
374  18,075 
Century Aluminum Co.(1)
391  4,719 
Cleveland-Cliffs, Inc.(1)
2,346  50,040 
Coeur Mining, Inc.(1)
2,212  6,901 
Commercial Metals Co.
1,035  53,561 
Compass Minerals International, Inc.
138  5,317 
Freeport-McMoRan, Inc.
6,112  250,409 
Gatos Silver, Inc.(1)
360  1,454 
Haynes International, Inc.
115  6,292 
Hecla Mining Co.
3,612  18,602 
Kaiser Aluminum Corp.
69  5,473 
Materion Corp.
161  17,981 
MP Materials Corp.(1)
391  13,685 
Newmont Corp.
3,127  136,369 
Nucor Corp.
1,863  311,941 
Olympic Steel, Inc.
115  6,038 
Piedmont Lithium, Inc.(1)
92  5,971 
Ramaco Resources, Inc.
276  2,746 
15


Avantis Inflation Focused Equity ETF
Shares Value
Reliance Steel & Aluminum Co.
414  $ 102,606 
Royal Gold, Inc.
370  43,952 
Ryerson Holding Corp.
138  4,958 
Schnitzer Steel Industries, Inc., Class A
138  4,511 
Steel Dynamics, Inc.
1,380  174,032 
SunCoke Energy, Inc.
947  9,006 
TimkenSteel Corp.(1)
303  5,542 
Tredegar Corp.
253  2,940 
United States Steel Corp.
1,035  31,702 
Warrior Met Coal, Inc.
460  17,604 
Worthington Industries, Inc.
230  13,901 
1,455,217 
Oil, Gas and Consumable Fuels — 23.0%
Antero Midstream Corp.
1,449  15,272 
Antero Resources Corp.(1)
1,472  38,566 
APA Corp.
1,380  52,964 
Arch Resources, Inc.
115  18,095 
Ardmore Shipping Corp.
253  4,592 
Berry Corp.
322  3,036 
California Resources Corp.
345  14,559 
Callon Petroleum Co.(1)
161  6,240 
Centrus Energy Corp., Class A(1)
69  3,092 
Cheniere Energy, Inc.
805  126,659 
Chesapeake Energy Corp.
621  50,183 
Chevron Corp.
4,830  776,519 
Chord Energy Corp.
207  27,866 
Civitas Resources, Inc.
322  22,595 
Clean Energy Fuels Corp.(1)
736  4,122 
CNX Resources Corp.(1)
759  11,651 
Comstock Resources, Inc.
575  6,981 
ConocoPhillips 4,278  442,131 
CONSOL Energy, Inc.
184  10,070 
Coterra Energy, Inc.
3,841  95,910 
Crescent Energy Co., Class A
184  2,123 
CVR Energy, Inc.
184  5,838 
Delek US Holdings, Inc.
368  9,263 
Denbury, Inc.(1)
230  19,175 
Devon Energy Corp.
2,967  159,981 
DHT Holdings, Inc.
782  9,048 
Diamondback Energy, Inc.
736  103,467 
Dorian LPG Ltd.
184  4,039 
DT Midstream, Inc.
437  21,937 
Earthstone Energy, Inc., Class A(1)
276  3,850 
EnLink Midstream LLC(1)
1,219  13,726 
Enviva, Inc.
26  1,133 
EOG Resources, Inc.
2,070  233,951 
EQT Corp.
1,794  59,525 
Equitrans Midstream Corp.
2,668  16,088 
Excelerate Energy, Inc., Class A
115  2,485 
Exxon Mobil Corp.
11,983  1,317,052 
Gevo, Inc.(1)
1,058  1,957 
16


Avantis Inflation Focused Equity ETF
Shares Value
Green Plains, Inc.(1)
299  $ 10,366 
Gulfport Energy Corp.(1)
46  3,042 
Hess Corp.
1,196  161,101 
Hess Midstream LP, Class A
207  5,676 
HF Sinclair Corp.
897  44,599 
HighPeak Energy, Inc.
115  3,076 
International Seaways, Inc.
276  14,197 
Kimbell Royalty Partners LP
276  4,259 
Kinder Morgan, Inc.
5,750  98,095 
Kinetik Holdings, Inc.
69  2,053 
Kosmos Energy Ltd.(1)
2,323  18,282 
Magnolia Oil & Gas Corp., Class A
851  18,594 
Marathon Oil Corp.
2,990  75,199 
Marathon Petroleum Corp.
2,116  261,538 
Matador Resources Co.
575  30,929 
Murphy Oil Corp.
552  21,539 
New Fortress Energy, Inc.
207  6,829 
NextDecade Corp.(1)
104  734 
Nordic American Tankers Ltd.
1,196  5,298 
Northern Oil & Gas, Inc.
299  9,281 
Occidental Petroleum Corp.
2,829  165,666 
ONEOK, Inc.
1,518  99,353 
Ovintiv, Inc.
1,173  50,169 
Par Pacific Holdings, Inc.(1)
299  8,306 
PBF Energy, Inc., Class A
690  30,160 
PDC Energy, Inc.
414  27,784 
Peabody Energy Corp.(1)
575  15,698 
Permian Resources Corp.
782  8,453 
Phillips 66
2,019  207,069 
Pioneer Natural Resources Co.
736  147,502 
Plains GP Holdings LP, Class A
989  13,757 
Range Resources Corp.
1,426  38,416 
Ranger Oil Corp., Class A
115  4,773 
REX American Resources Corp.(1)
92  3,037 
SandRidge Energy, Inc.(1)
207  3,020 
Scorpio Tankers, Inc.
299  18,048 
SFL Corp. Ltd.
575  5,934 
SilverBow Resources, Inc.(1)
115  2,831 
Sitio Royalties Corp., Class A
423  9,945 
SM Energy Co.
667  19,683 
Southwestern Energy Co.(1)
6,670  35,351 
Talos Energy, Inc.(1)
437  7,783 
Targa Resources Corp.
966  71,581 
Teekay Corp.(1)
667  4,162 
Teekay Tankers Ltd., Class A(1)
138  6,231 
Tellurian, Inc.(1)
2,116  3,153 
Texas Pacific Land Corp.
23  40,944 
Uranium Energy Corp.(1)
736  2,723 
Valero Energy Corp.
1,748  230,264 
Viper Energy Partners LP
322  9,219 
Vital Energy, Inc.(1)
92  4,728 
17


Avantis Inflation Focused Equity ETF
Shares Value
W&T Offshore, Inc.(1)
483  $ 2,710 
Williams Cos., Inc.
3,749  112,845 
World Fuel Services Corp.
253  6,945 
5,928,671 
Pharmaceuticals — 9.0%
Bristol-Myers Squibb Co.
3,749  258,531 
Catalent, Inc.(1)
345  23,536 
Elanco Animal Health, Inc.(1)
529  6,068 
Eli Lilly & Co.
1,426  443,800 
Intra-Cellular Therapies, Inc.(1)
138  6,766 
Jazz Pharmaceuticals PLC(1)
161  22,604 
Johnson & Johnson
3,565  546,372 
Merck & Co., Inc.
4,922  522,913 
Organon & Co.
391  9,575 
Perrigo Co. PLC
369  13,908 
Pfizer, Inc.
7,797  316,324 
Royalty Pharma PLC, Class A
759  27,210 
Viatris, Inc.
3,174  36,184 
Zoetis, Inc.
568  94,856 
2,328,647 
Specialty Retail
GrowGeneration Corp.(1)
141  597 
Tobacco — 1.8%
Philip Morris International, Inc.
4,506  438,434 
Universal Corp.
138  6,981 
Vector Group Ltd.
861  11,426 
456,841 
TOTAL COMMON STOCKS
(Cost $26,583,385)
25,716,549 
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $24,034)
24,034  24,034 
TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $26,607,419)
25,740,583 
OTHER ASSETS AND LIABILITIES — 0.2%
49,167 
TOTAL NET ASSETS — 100.0%
$ 25,789,750 

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Non-income producing.


See Notes to Financial Statements.
18


FEBRUARY 28, 2023 (UNAUDITED)
Avantis Real Estate ETF
Shares
Value
COMMON STOCKS — 99.6%
Diversified REITs — 8.6%
Abacus Property Group
108,685  $ 207,071 
Abrdn Property Income Trust Ltd.
61,481  45,903 
Activia Properties, Inc.
12  34,586 
AEW UK REIT PLC
31,118  36,623 
Alarko Gayrimenkul Yatirim Ortakligi AS
24,444  84,434 
Alexander & Baldwin, Inc.
12,717  237,426 
Argosy Property Ltd.
89,468  61,511 
Balanced Commercial Property Trust Ltd.
153,022  161,222 
British Land Co. PLC
241,865  1,297,298 
Broadstone Net Lease, Inc.
18,054  320,459 
Centuria Capital Group(1)
98,141  113,955 
Charter Hall Group
108,707  968,297 
Charter Hall Long Wale REIT
160,202  494,283 
Cromwell European Real Estate Investment Trust
25,000  44,714 
Custodian Property Income Reit PLC
105,365  116,477 
D&D Platform REIT Co. Ltd.
2,476  6,881 
Daiwa House REIT Investment Corp.
468  966,038 
Essential Properties Realty Trust, Inc.
25,629  660,203 
Fibra Uno Administracion SA de CV
733,823  1,046,800 
Fortress Real Estate Investments Ltd., A Shares(2)
237,544  135,900 
Fortress Real Estate Investments Ltd., B Shares(1)(2)
209,539  52,773 
GPT Group
535,021  1,688,902 
Growthpoint Properties Australia Ltd.
53,067  114,141 
Growthpoint Properties Ltd.
1,115,981  816,258 
H&R Real Estate Investment Trust
40,446  388,602 
Hankyu Hanshin REIT, Inc.
157  165,631 
Heiwa Real Estate REIT, Inc.
194  223,847 
Hulic Reit, Inc.(1)
199  222,834 
Industrials REIT Ltd.
32,931  49,325 
Is Gayrimenkul Yatirim Ortakligi AS(2)
268,738  147,683 
Kiler Gayrimenkul Yatirim Ortakligi AS(2)
188,666  28,841 
Land Securities Group PLC
89,890  742,241 
LXI REIT PLC
361,727  491,393 
Marimo Regional Revitalization REIT, Inc.
39  35,859 
Menivim- The New REIT Ltd.
135,729  53,191 
Merlin Properties Socimi SA
103,542  985,157 
Mirvac Group
1,094,114  1,665,874 
Nomura Real Estate Master Fund, Inc.
1,021  1,131,731 
NTT UD REIT Investment Corp.
341  340,288 
Nurol Gayrimenkul Yatirim Ortakligi AS(2)
26,921  8,439 
Ozak Gayrimenkul Yatirim Ortakligi(2)
174,721  134,397 
Peker Gayrimenkul Yatirim Ortakligi AS(2)
165,691  27,738 
PRO Real Estate Investment Trust
4,707  21,698 
Redefine Properties Ltd.
1,627,372  338,186 
Reit 1 Ltd.
51,664  213,690 
SA Corporate Real Estate Ltd.
310,201  37,122 
Schroder Real Estate Investment Trust Ltd.
102,015  57,224 
Sekisui House Reit, Inc.
407  215,488 
19


Avantis Real Estate ETF
Shares
Value
Sella Capital Real Estate Ltd.
48,575  $ 98,332 
Shinhan Seobu T&D REIT Co. Ltd.
3,981  12,255 
SK REITs Co. Ltd.
20,869  81,485 
Stockland, REIT
685,525  1,765,877 
Stride Property Group
40,209  34,530 
Takara Leben Real Estate Investment Corp.(1)
63  41,808 
Tokaido REIT, Inc.
35  30,069 
Tokyu REIT, Inc.
208  298,307 
United Urban Investment Corp.
861  951,014 
WP Carey, Inc.
39,231  3,183,988 
XYMAX REIT Investment Corp.
42  35,123 
Ziraat Gayrimenkul Yatirim Ortakligi AS
181,541  48,304 
24,019,726 
Health Care REITs — 7.0%
Aedifica SA
8,181  691,488 
Assura PLC
810,442  497,423 
CareTrust REIT, Inc.
20,276  398,829 
Cofinimmo SA
8,893  819,503 
Community Healthcare Trust, Inc.
4,751  184,054 
First Real Estate Investment Trust
272,600  52,617 
Health Care & Medical Investment Corp.
123  156,380 
Healthcare Realty Trust, Inc., Class A
55,201  1,076,419 
Healthpeak Properties, Inc.
108,042  2,599,490 
Impact Healthcare Reit PLC
66,522  81,433 
LTC Properties, Inc.
10,797  386,749 
National Health Investors, Inc.
12,274  675,070 
NorthWest Healthcare Properties Real Estate Investment Trust
23,428  163,799 
Omega Healthcare Investors, Inc.
51,666  1,384,132 
Parkway Life Real Estate Investment Trust
95,200  303,560 
Physicians Realty Trust
30,549  453,042 
Primary Health Properties PLC
229,211  297,883 
Universal Health Realty Income Trust
2,857  151,478 
Ventas, Inc.
77,442  3,767,553 
Vital Healthcare Property Trust
91,758  135,118 
Welltower, Inc.
69,976  5,186,621 
19,462,641 
Hotel & Resort REITs — 2.5%
Apple Hospitality REIT, Inc.
44,653  737,221 
CapitaLand Ascott Trust
564,000  422,628 
CDL Hospitality Trusts
208,600  196,562 
DiamondRock Hospitality Co.
33,662  293,533 
Far East Hospitality Trust
208,400  97,376 
Frasers Hospitality Trust
130,700  45,535 
Hoshino Resorts REIT, Inc.
53  293,901 
Host Hotels & Resorts, Inc.
157,833  2,651,594 
Hotel Property Investments Ltd.
36,136  87,873 
Invincible Investment Corp.
850  342,561 
Japan Hotel REIT Investment Corp.
1,085  613,238 
Ryman Hospitality Properties, Inc.
7,930  735,666 
Sunstone Hotel Investors, Inc.
41,024  433,624 
6,951,312 
20


Avantis Real Estate ETF
Shares
Value
Industrial REITs — 17.6%
AIMS APAC REIT
100,400  $ 102,783 
Americold Realty Trust, Inc.
42,274  1,242,856 
CapitaLand Ascendas REIT
982,300  2,017,508 
Centuria Industrial REIT
163,495  362,525 
CRE Logistics REIT, Inc.
125  162,307 
Dexus Industria REIT
41,485  81,351 
Dream Industrial Real Estate Investment Trust
22,366  241,772 
EastGroup Properties, Inc.
9,437  1,540,779 
Equites Property Fund Ltd.(1)
132,304  111,285 
ESR Kendall Square REIT Co. Ltd.
31,106  94,024 
ESR-LOGOS REIT(1)
1,275,427  316,787 
FIBRA Macquarie Mexico
219,727  379,252 
First Industrial Realty Trust, Inc.
24,529  1,293,905 
Frasers Logistics & Commercial Trust
564,500  531,853 
GLP J-Reit
800  840,075 
Goodman Group
362,998  4,828,982 
Goodman Property Trust
235,743  313,076 
Granite Real Estate Investment Trust
5,586  336,757 
Industrial & Infrastructure Fund Investment Corp.
316  333,134 
Innovative Industrial Properties, Inc.
6,035  533,554 
Japan Logistics Fund, Inc.
201  434,467 
LaSalle Logiport REIT(1)
417  474,065 
LondonMetric Property PLC
209,821  476,832 
LXP Industrial Trust
56,432  588,586 
Mapletree Industrial Trust
426,700  746,870 
Mapletree Logistics Trust(1)
857,600  1,074,549 
Mitsubishi Estate Logistics REIT Investment Corp.(1)
87  257,484 
Mitsui Fudosan Logistics Park, Inc.
105  350,047 
Montea NV
2,100  172,675 
Nexus Industrial REIT
8,416  67,723 
Nippon Prologis REIT, Inc.
364  776,443 
Prologis Property Mexico SA de CV
130,500  477,094 
Prologis, Inc.
156,317  19,289,518 
Rexford Industrial Realty, Inc.
34,251  2,070,815 
Reysas Gayrimenkul Yatirim Ortakligi AS(2)
29,648  19,152 
Segro PLC
229,887  2,270,612 
SF Real Estate Investment Trust
22,000  8,269 
SOSiLA Logistics REIT, Inc.
132  127,430 
STAG Industrial, Inc.
25,690  864,212 
Terreno Realty Corp.
13,576  844,563 
TF Administradora Industrial S de Real de CV
181,673  336,507 
Tritax Big Box REIT PLC
343,299  616,781 
Urban Logistics REIT PLC
92,931  158,507 
Warehouse Reit PLC
89,683  115,885 
Warehouses De Pauw, CVA
32,734  998,978 
49,282,629 
Office REITs — 7.0%
Alexandria Real Estate Equities, Inc.
30,895  4,627,453 
Allied Properties Real Estate Investment Trust
10,876  228,121 
alstria office REIT AG
16,521  130,953 
21


Avantis Real Estate ETF
Shares
Value
AREIT, Inc.
153,710  $ 99,930 
Centuria Office REIT
50,209  53,965 
Champion REIT
142,000  63,653 
Cousins Properties, Inc.
26,333  644,895 
Daiwa Office Investment Corp.
125  561,644 
Derwent London PLC
31,889  996,598 
Dexus 239,164  1,351,411 
Embassy Office Parks REIT
122,328  451,228 
GDI Property Group Partnership
89,580  46,921 
Gecina SA
21,454  2,468,275 
Great Portland Estates PLC
69,532  473,980 
Halk Gayrimenkul Yatirim Ortakligi AS
150,629  39,581 
Japan Excellent, Inc.
343  306,245 
Japan Prime Realty Investment Corp.
174  459,230 
Japan Real Estate Investment Corp.
339  1,403,920 
JR Global Reit
39,980  136,837 
Kenedix Office Investment Corp.
207  485,694 
Keppel Pacific Oak US REIT
114,500  50,977 
Keppel REIT
397,500  272,783 
Kilroy Realty Corp.
5,852  210,789 
Mindspace Business Parks REIT
21,167  74,791 
Mori Hills REIT Investment Corp.
335  376,828 
Nippon Building Fund, Inc.
438  1,848,731 
NSI NV
4,645  114,083 
Orion Office REIT, Inc.
5,635