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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  48,236 
Orix JREIT, Inc.(1)
 824  1,103,286 
Postal Realty Trust, Inc., Class A
 1,958  28,646 
Precinct Properties New Zealand Ltd.
 347,675  285,630 
Prime US REIT
 92,100  36,852 
Prosperity REIT
 8,000  2,408 
Real Commercial REIT, Inc.
 353,800  36,433 
Vakif Gayrimenkul Yatirim Ortakligi AS(2)
 93,229  20,713 
Workspace Group PLC
 27,173  166,841 
19,708,561 
Residential REITs — 13.3%
Advance Residence Investment Corp.
 278  682,942 
Altarea SCA
 1,593  214,257 
American Homes 4 Rent, Class A
 42,460  1,317,109 
Apartment Income REIT Corp.
 18,274  690,757 
AvalonBay Communities, Inc.
 25,387  4,379,765 
Boardwalk Real Estate Investment Trust
 5,114  221,238 
BRT Apartments Corp.
 1,845  39,059 
BSR Real Estate Investment Trust
 4,106  58,468 
Camden Property Trust
 19,712  2,262,149 
Canadian Apartment Properties REIT
 18,987  687,679 
Care Property Invest NV(1)
 10,066  149,393 
Centerspace 636  39,820 
Civitas Social Housing PLC
 92,028  69,674 
Comforia Residential REIT, Inc.
 127  292,405 
Daiwa Securities Living Investments Corp.
 441  366,856 
Elme Communities
 19,226  357,796 
22

Avantis Real Estate ETF
Shares
 Value
Emlak Konut Gayrimenkul Yatirim Ortakligi AS
 576,217  $ 255,767 
Empiric Student Property PLC
 152,440  158,540 
Equity LifeStyle Properties, Inc.
 34,869  2,388,875 
Equity Residential
 70,593  4,413,474 
Essex Property Trust, Inc.
 10,153  2,315,493 
Flagship Communities REIT
 508  9,500 
Home Invest Belgium SA
 3,543  76,732 
Independence Realty Trust, Inc.
 24,768  448,053 
Ingenia Communities Group(1)
 93,739  248,786 
InterRent Real Estate Investment Trust
 13,433  144,913 
Invitation Homes, Inc.
 88,076  2,753,256 
Irish Residential Properties REIT PLC(1)
 189,564  218,553 
Kenedix Residential Next Investment Corp.
 188  283,980 
Killam Apartment Real Estate Investment Trust
 12,616  169,847 
Mid-America Apartment Communities, Inc.
 21,475  3,438,147 
Minto Apartment Real Estate Investment Trust
 2,879  33,885 
Nippon Accommodations Fund, Inc.(1)
 131  583,750 
PRS REIT PLC
 129,144  136,622 
Sinpas Gayrimenkul Yatirim Ortakligi AS(2)
 4,269  700 
Starts Proceed Investment Corp.
 38  65,658 
Sun Communities, Inc.
 23,811  3,408,307 
UDR, Inc.
 65,184  2,792,483 
UNITE Group PLC
 86,861  1,025,343 
Xior Student Housing NV
 2,207  73,737 
37,273,768 
Retail REITs — 17.5%
Acadia Realty Trust
 8,136  118,541 
AEON REIT Investment Corp.
 278  303,799 
Agree Realty Corp.
 19,134  1,354,304 
BWP Trust
 156,235  406,819 
Capital & Counties Properties PLC
 132,932  201,376 
CapitaLand Integrated Commercial Trust
 1,445,900  2,079,927 
Carmila SA
 21,986  328,268 
Charter Hall Retail REIT
 161,553  431,736 
Choice Properties Real Estate Investment Trust
 39,676  430,344 
Crombie Real Estate Investment Trust
 9,328  110,405 
CT Real Estate Investment Trust
 8,867  108,522 
Eurocommercial Properties NV
 13,591  335,503 
Federal Realty Investment Trust
 19,315  2,062,456 
First Capital Real Estate Investment Trust
 21,387  279,622 
Frasers Centrepoint Trust
 224,100  374,093 
Frontier Real Estate Investment Corp.
 134  493,972 
Fukuoka REIT Corp.
 143  172,839 
Getty Realty Corp.
 9,110  312,746 
Hamborner REIT AG 23,949  189,615 
HomeCo Daily Needs REIT
 253,896  223,806 
Hyprop Investments Ltd.
 126,658  236,390 
InvenTrust Properties Corp.
 11,673  282,370 
Japan Metropolitan Fund Invest
 2,024  1,519,541 
Kenedix Retail REIT Corp.
 73  132,807 
Kimco Realty Corp.
 135,329  2,789,131 
23

Avantis Real Estate ETF
Shares
 Value
Kite Realty Group Trust
 30,721  $ 667,260 
Kiwi Property Group Ltd.
 22,985  13,157 
Klepierre SA(2)
 88,383  2,204,242 
Lendlease Global Commercial REIT
 403,854  212,652 
Link REIT
 480,340  3,161,349 
LOTTE Reit Co. Ltd.
 47,340  141,295 
Mapletree Pan Asia Commercial Trust
 536,600  684,491 
Mercialys SA
 30,385  337,612 
National Retail Properties, Inc.
 43,205  1,958,051 
NETSTREIT Corp.(1)
 7,392  149,244 
PARAGON REIT
 358,300  259,144 
Phillips Edison & Co., Inc.
 23,421  798,422 
Primaris Real Estate Investment Trust
 12,862  143,655 
Realty Income Corp.
 118,525  7,579,674 
Regency Centers Corp.
 34,416  2,164,766 
Region RE Ltd.
 288,866  494,260 
Resilient REIT Ltd.
 79,623  221,075 
Retail Estates NV
 2,797  205,410 
Retail Opportunity Investments Corp.
 12,016  170,988 
RioCan Real Estate Investment Trust
 41,305  654,160 
Sasseur Real Estate Investment Trust
 96,800  54,586 
Shaftesbury PLC
 45,967  230,329 
Simon Property Group, Inc.
 57,428  7,011,384 
SITE Centers Corp.
 35,481  474,381 
SmartCentres Real Estate Investment Trust
 13,794  279,823 
Spirit Realty Capital, Inc.
 20,681  851,644 
Starhill Global REIT
 324,400  134,756 
Supermarket Income REIT PLC
 270,515  297,067 
Urstadt Biddle Properties, Inc., Class A
 6,863  118,730 
Vastned Retail NV
 1  24 
Vicinity Ltd.
 931,600  1,274,606 
Vukile Property Fund Ltd.
 208,614  152,403 
Waypoint REIT Ltd.
 201,753  369,653 
Wereldhave NV
 3,076  48,965 
48,798,190 
Specialized REITs — 26.1%
American Tower Corp.
 81,935  16,223,949 
Arena REIT
 61,050  157,986 
Automotive Properties Real Estate Investment Trust
 3,465  32,022 
Big Yellow Group PLC
 41,743  606,380 
Charter Hall Social Infrastructure REIT
 91,674  196,158 
Crown Castle, Inc.
 66,706  8,721,809 
CubeSmart 30,184  1,418,346 
Digital Realty Trust, Inc.
 43,511  4,535,152 
Equinix, Inc.
 14,941  10,283,442 
Extra Space Storage, Inc.
 18,624  3,066,442 
Farmland Partners, Inc.
 8,464  90,734 
Four Corners Property Trust, Inc.
 15,453  419,549 
Gaming & Leisure Properties, Inc.
 36,835  1,984,670 
Keppel DC REIT
 190,000  279,071 
Koramco Energy Plus Reit
 8,452  33,241 
24

Avantis Real Estate ETF
Shares
 Value
Lamar Advertising Co., Class A
 15,912  $ 1,663,759 
Life Storage, Inc.
 15,156  1,826,601 
National Storage Affiliates Trust
 11,147  471,518 
National Storage REIT
 213,357  360,429 
Power REIT(2)
 283  1,248 
Public Storage
 28,850  8,624,708 
Rural Funds Group
 85,380  124,547 
Safestore Holdings PLC
 46,074  559,696 
SBA Communications Corp.
 19,478  5,051,619 
Stor-Age Property REIT Ltd.(1)
 58,503  42,673 
VICI Properties, Inc.
 184,438  6,184,206 
72,959,955 
TOTAL COMMON STOCKS
(Cost $294,056,130)
 278,456,782 
RIGHTS†
Equity Real Estate Investment Trusts (REITs)†
Link REIT(2)
(Cost $—)
 95,488  90,021 
SHORT-TERM INVESTMENTS — 0.3%
Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 263,594  263,594 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 569,972  569,972 
TOTAL SHORT-TERM INVESTMENTS
(Cost $833,566)
 833,566 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $294,889,696)
 279,380,369 
OTHER ASSETS AND LIABILITIES — 0.1%
 227,899 
TOTAL NET ASSETS — 100.0%
 $ 279,608,268 

NOTES TO SCHEDULE OF INVESTMENTS
CVA – Certificaten Van Aandelen
†Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,096,330. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,314,873, which includes securities collateral of $2,744,901.


See Notes to Financial Statements.
25

FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Equity ETF
Shares Value
COMMON STOCKS — 99.9%
Aerospace and Defense — 1.3%
AAR Corp.(1)
 7,504  $ 408,143 
Aerojet Rocketdyne Holdings, Inc.(1)
 31,479  1,773,527 
AeroVironment, Inc.(1)
 84  7,202 
AerSale Corp.(1)
 7,367  146,309 
Archer Aviation, Inc., Class A(1)
 8,743  25,792 
Astronics Corp.(1)
 2,546  38,801 
Axon Enterprise, Inc.(1)
 5,848  1,171,413 
Boeing Co.(1)
 23,506  4,737,634 
BWX Technologies, Inc. 29,060  1,775,857 
Curtiss-Wright Corp. 4,416  771,873 
Ducommun, Inc.(1)
 1,881  101,198 
General Dynamics Corp. 8,974  2,045,264 
HEICO Corp. 2,027  335,610 
HEICO Corp., Class A 3,934  512,010 
Hexcel Corp. 13,477  983,147 
Howmet Aerospace, Inc. 19,335  815,550 
Huntington Ingalls Industries, Inc. 3,576  769,555 
Kaman Corp. 3,222  83,772 
Kratos Defense & Security Solutions, Inc.(1)
 6,327  80,036 
L3Harris Technologies, Inc. 6,783  1,432,502 
Leonardo DRS, Inc.(1)
 8,199  106,587 
Lockheed Martin Corp. 22,045  10,455,062 
Maxar Technologies, Inc. 1,356  69,834 
Mercury Systems, Inc.(1)
 484  25,333 
Moog, Inc., Class A 9,115  898,921 
National Presto Industries, Inc. 673  46,188 
Northrop Grumman Corp. 5,996  2,782,804 
Park Aerospace Corp. 228  3,744 
Parsons Corp.(1)
 2,847  128,200 
Raytheon Technologies Corp. 75,671  7,422,568 
Rocket Lab USA, Inc.(1)(2)
 24,796  111,582 
Spirit AeroSystems Holdings, Inc., Class A 6,991  238,952 
Textron, Inc. 40,769  2,956,976 
TransDigm Group, Inc. 2,362  1,757,021 
Triumph Group, Inc.(1)
 936  11,812 
V2X, Inc.(1)
 491  22,768 
Virgin Galactic Holdings, Inc.(1)
 14,039  80,584 
Woodward, Inc. 23,181  2,294,919 
47,429,050 
Air Freight and Logistics — 1.0%
Air Transport Services Group, Inc.(1)
 34,823  728,845 
Atlas Air Worldwide Holdings, Inc.(1)
 8,907  897,915 
CH Robinson Worldwide, Inc. 18,720  1,871,251 
Expeditors International of Washington, Inc. 50,027  5,230,823 
FedEx Corp. 43,357  8,811,009 
Forward Air Corp. 10,367  1,069,978 
GXO Logistics, Inc.(1)
 5,238  259,648 
Hub Group, Inc., Class A(1)
 11,715  1,074,617 
26

Avantis U.S. Equity ETF
Shares Value
Radiant Logistics, Inc.(1)
 5,967  $ 33,893 
United Parcel Service, Inc., Class B 91,461  16,690,718 
36,668,697 
Airlines — 0.4%
Alaska Air Group, Inc.(1)
 48,098  2,300,527 
Allegiant Travel Co.(1)
 7,491  768,202 
American Airlines Group, Inc.(1)
 39,205  626,496 
Blade Air Mobility, Inc.(1)
 4,367  20,306 
Delta Air Lines, Inc.(1)
 61,037  2,340,158 
Frontier Group Holdings, Inc.(1)
 2,424  28,506 
Hawaiian Holdings, Inc.(1)
 13,078  146,474 
JetBlue Airways Corp.(1)
 57,131  474,187 
Joby Aviation, Inc.(1)(2)
 21,128  99,302 
Mesa Air Group, Inc.(1)
 29  88 
SkyWest, Inc.(1)
 10,869  207,272 
Southwest Airlines Co. 129,529  4,349,584 
Spirit Airlines, Inc. 24,929  456,699 
Sun Country Airlines Holdings, Inc.(1)
 10,033  201,162 
United Airlines Holdings, Inc.(1)
 86,557  4,497,502 
16,516,465 
Auto Components — 0.5%
Adient PLC(1)
 4,442  189,762 
American Axle & Manufacturing Holdings, Inc.(1)
 63,628  559,926 
Aptiv PLC(1)
 25,936  3,015,838 
Autoliv, Inc. 18,755  1,736,338 
BorgWarner, Inc. 62,634  3,149,238 
Cooper-Standard Holdings, Inc.(1)
 2,032  32,410 
Dana, Inc. 46,375  734,580 
Dorman Products, Inc.(1)
 1,854  172,478 
Fox Factory Holding Corp.(1)
 1,941  228,067 
Garrett Motion, Inc.(1)
 1,509  11,649 
Gentex Corp. 46,326  1,322,607 
Gentherm, Inc.(1)
 1,651  104,855 
Goodyear Tire & Rubber Co.(1)
 90,996  1,033,715 
LCI Industries 9,290  1,048,005 
Lear Corp. 13,931  1,945,464 
Modine Manufacturing Co.(1)
 14,761  360,316 
Motorcar Parts of America, Inc.(1)
 4,857  63,578 
Patrick Industries, Inc. 8,156  594,165 
QuantumScape Corp.(1)(2)
 13,231  126,621 
Solid Power, Inc.(1)
 7,256  24,525 
Standard Motor Products, Inc. 2,873  111,961 
Stoneridge, Inc.(1)
 3,943  93,883 
Visteon Corp.(1)
 3,766  629,073 
17,289,054 
Automobiles — 1.3%
Fisker, Inc.(1)(2)
 11,414  84,806 
Ford Motor Co. 745,032  8,992,536 
General Motors Co. 272,098  10,541,077 
Harley-Davidson, Inc. 39,919  1,898,148 
Lordstown Motors Corp., Class A(1)(2)
 20,732  21,561 
27

Avantis U.S. Equity ETF
Shares Value
Lucid Group, Inc.(1)
 16,519  $ 150,818 
Rivian Automotive, Inc., Class A(1)
 59,813  1,154,391 
Tesla, Inc.(1)
 120,650  24,818,911 
Thor Industries, Inc. 19,627  1,785,861 
Winnebago Industries, Inc. 14,367  913,167 
Workhorse Group, Inc.(1)
 75,580  155,695 
50,516,971 
Banks — 6.2%
1st Source Corp. 2,466  122,856 
ACNB Corp. 607  22,483 
Amalgamated Financial Corp. 7,894  185,904 
Amerant Bancorp, Inc. 9,969  283,120 
American National Bankshares, Inc. 154  5,182 
Ameris Bancorp 18,759  897,993 
Arrow Financial Corp. 5,020  153,010 
Associated Banc-Corp. 41,491  960,517 
Atlantic Union Bankshares Corp. 18,009  674,617 
Banc of California, Inc. 18,840  330,642 
BancFirst Corp. 3,562  321,470 
Bancorp, Inc.(1)
 23,439  810,755 
Bank First Corp.(2)
 1,853  151,075 
Bank of America Corp. 511,086  17,530,250 
Bank of Hawaii Corp. 13,976  1,046,243 
Bank of Marin Bancorp 3,688  106,952 
Bank OZK 33,629  1,547,943 
BankUnited, Inc. 25,517  903,812 
Bankwell Financial Group, Inc. 1,020  30,784 
Banner Corp. 9,612  605,364 
Bar Harbor Bankshares 3,527  105,351 
Baycom Corp. 535  10,984 
BCB Bancorp, Inc. 4,574  79,359 
Berkshire Hills Bancorp, Inc. 13,699  398,093 
Blue Ridge Bankshares, Inc. 1,176  14,394 
BOK Financial Corp. 5,985  626,510 
Brookline Bancorp, Inc. 29,893  387,413 
Business First Bancshares, Inc. 5,918  123,331 
Byline Bancorp, Inc. 7,274  179,304 
Cadence Bank 51,706  1,373,311 
Cambridge Bancorp 2,222  176,716 
Camden National Corp. 3,997  164,477 
Capital City Bank Group, Inc. 2,439  86,999 
Capstar Financial Holdings, Inc. 3,763  65,100 
Carter Bankshares, Inc.(1)
 7,547  131,091 
Cathay General Bancorp 23,870  1,024,500 
Central Pacific Financial Corp. 10,142  227,485 
Central Valley Community Bancorp 21  536 
Citigroup, Inc. 224,353  11,372,454 
Citizens & Northern Corp. 155  3,487 
Citizens Financial Group, Inc. 105,464  4,404,177 
City Holding Co. 4,422  434,240 
Civista Bancshares, Inc. 2,325  49,592 
28

Avantis U.S. Equity ETF
Shares Value
CNB Financial Corp. 6,854  $ 163,399 
Coastal Financial Corp.(1)
 2,772  127,928 
Codorus Valley Bancorp, Inc. 16  403 
Columbia Banking System, Inc. 21,746  646,509 
Comerica, Inc. 36,220  2,539,022 
Commerce Bancshares, Inc. 26,584  1,758,532 
Community Bank System, Inc. 9,266  565,689 
Community Trust Bancorp, Inc. 6,079  259,877 
ConnectOne Bancorp, Inc. 13,351  323,762 
CrossFirst Bankshares, Inc.(1)
 12,976  183,610 
Cullen/Frost Bankers, Inc. 11,611  1,530,562 
Customers Bancorp, Inc.(1)
 11,081  341,295 
CVB Financial Corp. 25,486  609,880 
Dime Community Bancshares, Inc. 14,865  455,464 
Eagle Bancorp, Inc. 11,098  486,203 
East West Bancorp, Inc. 40,665  3,099,080 
Eastern Bankshares, Inc. 34,641  543,171 
Enterprise Bancorp, Inc. 600  21,234 
Enterprise Financial Services Corp. 10,421  567,528 
Equity Bancshares, Inc., Class A 6,345  190,731 
Esquire Financial Holdings, Inc. 2,053  94,417 
Farmers & Merchants Bancorp, Inc. 1,027  26,599 
Farmers National Banc Corp. 10,604  151,107 
FB Financial Corp. 8,390  316,219 
Fifth Third Bancorp 135,500  4,918,650 
Financial Institutions, Inc. 5,410  135,034 
First BanCorp 69,960  1,015,120 
First Bancorp, Inc. 582  17,041 
First Bancorp/Southern Pines NC 10,612  440,292 
First Bancshares, Inc. 6,147  192,463 
First Busey Corp. 18,573  448,352 
First Business Financial Services, Inc. 3,276  116,036 
First Citizens BancShares, Inc., Class A 2,647  1,942,263 
First Commonwealth Financial Corp. 26,685  427,227 
First Community Bankshares, Inc. 3,444  107,522 
First Financial Bancorp 25,472  627,630 
First Financial Bankshares, Inc. 27,359  1,003,528 
First Financial Corp. 3,526  154,968 
First Foundation, Inc. 15,159  228,446 
First Hawaiian, Inc. 28,170  770,449 
First Horizon Corp. 55,724  1,380,283 
First Internet Bancorp 1,280  34,573 
First Interstate BancSystem, Inc., Class A 16,705  593,696 
First Merchants Corp. 14,298  585,074 
First Mid Bancshares, Inc. 5,636  174,660 
First of Long Island Corp. 6,745  114,800 
First Republic Bank 24,934  3,067,131 
Five Star Bancorp 2,219  60,623 
Flushing Financial Corp. 9,489  184,656 
FNB Corp. 85,969  1,226,778 
Fulton Financial Corp. 48,753  838,552 
29

Avantis U.S. Equity ETF
Shares Value
FVCBankcorp, Inc.(1)
 742  $ 10,054 
German American Bancorp, Inc. 6,478  254,585 
Glacier Bancorp, Inc. 19,029  901,594 
Great Southern Bancorp, Inc. 3,484  202,734 
Guaranty Bancshares, Inc. 883  27,558 
Hancock Whitney Corp. 28,131  1,381,795 
Hanmi Financial Corp. 13,122  309,942 
HarborOne Bancorp, Inc. 10,987  150,192 
HBT Financial, Inc. 2,394  54,392 
Heartland Financial USA, Inc. 11,938  590,215 
Heritage Commerce Corp. 17,663  213,899 
Heritage Financial Corp. 8,855  246,789 
Hilltop Holdings, Inc. 17,744  588,568 
Home BancShares, Inc. 37,999  915,776 
HomeStreet, Inc. 4,997  126,074 
HomeTrust Bancshares, Inc. 3,623  106,045 
Hope Bancorp, Inc. 40,129  514,052 
Horizon Bancorp, Inc. 9,802  149,186 
Huntington Bancshares, Inc. 258,650  3,962,518 
Independent Bank Corp. (Michigan) 9,845  217,082 
Independent Bank Corp. 9,392  748,355 
Independent Bank Group, Inc. 7,108  418,377 
International Bancshares Corp. 18,763  910,568 
Investar Holding Corp. 198  3,901 
JPMorgan Chase & Co. 249,765  35,803,813 
KeyCorp 238,437  4,361,013 
Lakeland Bancorp, Inc. 21,368  411,334 
Lakeland Financial Corp. 6,570  470,543 
Live Oak Bancshares, Inc. 12,791  442,057 
M&T Bank Corp. 23,192  3,601,486 
Macatawa Bank Corp. 8,140  88,807 
MainStreet Bancshares, Inc. 72  2,129 
Mercantile Bank Corp. 5,197  179,764 
Metrocity Bankshares, Inc. 7,293  147,100 
Metropolitan Bank Holding Corp.(1)
 3,953  220,617 
Mid Penn Bancorp, Inc. 2,950  90,270 
Midland States Bancorp, Inc. 8,585  223,553 
MidWestOne Financial Group, Inc. 2,989  89,790 
MVB Financial Corp. 1,299  35,450 
National Bank Holdings Corp., Class A 8,435  341,533 
NBT Bancorp, Inc. 12,400  503,316 
Nicolet Bankshares, Inc.(1)
 2,705  201,414 
Northeast Bank 2,434  107,291 
Northrim BanCorp, Inc. 2,278  119,618 
Northwest Bancshares, Inc. 34,851  481,641 
OceanFirst Financial Corp. 16,796  398,401 
OFG Bancorp 21,261  646,760 
Old National Bancorp 60,956  1,077,092 
Old Second Bancorp, Inc. 15,584  258,383 
Origin Bancorp, Inc. 7,906  299,716 
Orrstown Financial Services, Inc. 1,113  25,599 
30

Avantis U.S. Equity ETF
Shares Value
Pacific Premier Bancorp, Inc. 25,315  $ 820,712 
PacWest Bancorp 44,014  1,221,388 
Park National Corp. 4,304  549,922 
Parke Bancorp, Inc. 1,098  22,410 
Pathward Financial, Inc. 13,757  701,745 
PCB Bancorp 1,175  21,455 
Peapack-Gladstone Financial Corp. 6,150  228,472 
Peoples Bancorp, Inc. 9,545  296,945 
Pinnacle Financial Partners, Inc. 15,263  1,130,836 
PNC Financial Services Group, Inc. 54,338  8,581,057 
Popular, Inc. 26,221  1,872,179 
Preferred Bank 5,398  380,019 
Premier Financial Corp. 9,246  229,486 
Primis Financial Corp. 1,437  16,827 
Prosperity Bancshares, Inc. 15,820  1,162,612 
QCR Holdings, Inc. 5,791  309,761 
RBB Bancorp 5,010  98,998 
Regions Financial Corp. 191,050  4,455,286 
Renasant Corp. 14,707  529,158 
Republic Bancorp, Inc., Class A 1,897  84,416 
S&T Bancorp, Inc. 11,295  420,852 
Sandy Spring Bancorp, Inc. 14,595  480,905 
Seacoast Banking Corp. of Florida 18,440  562,604 
ServisFirst Bancshares, Inc. 12,495  924,005 
Shore Bancshares, Inc. 3,515  59,966 
Sierra Bancorp 1,242  25,101 
Signature Bank 10,601  1,219,645 
Silvergate Capital Corp., Class A(1)(2)
 3,256  45,291 
Simmons First National Corp., Class A 29,035  645,448 
SmartFinancial, Inc. 3,888  106,142 
South Plains Financial, Inc. 4,240  111,470 
Southern First Bancshares, Inc.(1)
 1,968  79,212 
Southside Bancshares, Inc. 8,167  311,898 
SouthState Corp. 14,928  1,204,391 
Stellar Bancorp, Inc. 7,532  220,311 
Stock Yards Bancorp, Inc. 6,243  365,403 
Summit Financial Group, Inc. 1,285  32,729 
SVB Financial Group(1)
 8,547  2,462,476 
Synovus Financial Corp. 47,183  1,972,721 
Texas Capital Bancshares, Inc.(1)
 12,918  855,559 
Third Coast Bancshares, Inc.(1)
 42  775 
Tompkins Financial Corp. 3,287  245,835 
Towne Bank 20,552  623,342 
TriCo Bancshares 8,428  425,698 
Triumph Financial, Inc.(1)
 11,300  687,605 
Truist Financial Corp. 144,128  6,766,810 
Trustmark Corp. 18,653  548,398 
U.S. Bancorp 174,985  8,352,034 
UMB Financial Corp. 12,215  1,107,412 
Umpqua Holdings Corp. 77,064  1,360,950 
United Bankshares, Inc. 25,831  1,053,130 
31

Avantis U.S. Equity ETF
Shares Value
United Community Banks, Inc. 24,582  $ 813,910 
United Security Bancshares 415  3,195 
Unity Bancorp, Inc. 959  25,327 
Univest Financial Corp. 7,609  214,574 
Valley National Bancorp 101,308  1,173,147 
Veritex Holdings, Inc. 15,638  416,909 
Washington Federal, Inc. 25,360  889,375 
Washington Trust Bancorp, Inc. 5,872  246,624 
Webster Financial Corp. 32,863  1,745,683 
Wells Fargo & Co. 368,923  17,254,529 
WesBanco, Inc. 16,826  608,260 
West BanCorp, Inc. 3,026  63,728 
Westamerica BanCorp 8,544  470,945 
Western Alliance Bancorp 33,432  2,481,992 
Wintrust Financial Corp. 17,052  1,571,001 
Zions Bancorp NA 40,891  2,069,902 
233,611,588 
Beverages — 1.1%
Boston Beer Co., Inc., Class A(1)
 1,565  506,747 
Brown-Forman Corp., Class A 5,922  384,456 
Brown-Forman Corp., Class B 41,481  2,690,872 
Celsius Holdings, Inc.(1)
 2,283  207,296 
Coca-Cola Co. 213,309  12,694,019 
Coca-Cola Consolidated, Inc. 1,993  1,109,802 
Constellation Brands, Inc., Class A 8,805  1,969,679 
Duckhorn Portfolio, Inc.(1)
 4,655  70,989 
Keurig Dr Pepper, Inc. 47,941  1,656,362 
MGP Ingredients, Inc. 2,491  252,687 
Molson Coors Beverage Co., Class B 34,463  1,833,087 
Monster Beverage Corp.(1)
 25,685  2,613,706 
National Beverage Corp.(1)
 8,425  393,026 
PepsiCo, Inc. 86,893  15,078,542 
Vintage Wine Estates, Inc.(1)(2)
 1,800  2,754 
41,464,024 
Biotechnology — 3.2%
2seventy bio, Inc.(1)
 4,946  66,722 
89bio, Inc.(1)
 5,278  71,886 
AbbVie, Inc. 108,586  16,711,385 
Actinium Pharmaceuticals, Inc.(1)
 140  1,351 
Adicet Bio, Inc.(1)
 4,923  38,793 
Aerovate Therapeutics, Inc.(1)
 193  4,742 
Agenus, Inc.(1)
 17,056  35,135 
Agios Pharmaceuticals, Inc.(1)
 13,683  346,317 
Akero Therapeutics, Inc.(1)
 6,289  286,212 
Albireo Pharma, Inc.(1)
 1,606  71,547 
Aldeyra Therapeutics, Inc.(1)
 6,941  46,921 
Alector, Inc.(1)
 28,392  242,468 
Alkermes PLC(1)
 15,020  401,635 
Allakos, Inc.(1)
 11,552  68,734 
Allogene Therapeutics, Inc.(1)
 12,764  81,051 
Allovir, Inc.(1)(2)
 830  5,603 
32

Avantis U.S. Equity ETF
Shares Value
Alnylam Pharmaceuticals, Inc.(1)
 6,419  $ 1,228,918 
Alpine Immune Sciences, Inc.(1)
 1,700  13,549 
Altimmune, Inc.(1)
 6,865  86,430 
ALX Oncology Holdings, Inc.(1)
 606  4,012 
Amgen, Inc. 43,973  10,186,785 
AnaptysBio, Inc.(1)
 3,191  79,456 
Anavex Life Sciences Corp.(1)(2)
 3,132  29,817 
Anika Therapeutics, Inc.(1)
 3,415  108,255 
Annexon, Inc.(1)
 1,787  9,525 
Apellis Pharmaceuticals, Inc.(1)
 3,816  249,872 
Arbutus Biopharma Corp.(1)(2)
 7,526  20,922 
Arcturus Therapeutics Holdings, Inc.(1)
 1,923  31,249 
Arcus Biosciences, Inc.(1)
 15,215  277,065 
Ardelyx, Inc.(1)
 15,452  44,502 
ARS Pharmaceuticals, Inc.(1)
 2,785  24,842 
Atara Biotherapeutics, Inc.(1)
 8,002  32,408 
BioAtla, Inc.(1)
 3,819  11,381 
BioCryst Pharmaceuticals, Inc.(1)
 14,160  125,316 
Biogen, Inc.(1)
 33,125  8,939,112 
Biohaven Ltd.(1)
 2,360  36,061 
BioMarin Pharmaceutical, Inc.(1)
 18,730  1,865,321 
Biomea Fusion, Inc.(1)
 889  11,415 
Bioxcel Therapeutics, Inc.(1)(2)
 2,310  73,735 
Bluebird Bio, Inc.(1)
 12,894  67,049 
Blueprint Medicines Corp.(1)
 1,272  53,895 
Bridgebio Pharma, Inc.(1)(2)
 8,810  100,610 
C4 Therapeutics, Inc.(1)
 7,579  39,941 
Cabaletta Bio, Inc.(1)
 5,099  45,075 
CareDx, Inc.(1)
 4,999  84,083 
Caribou Biosciences, Inc.(1)
 7,707  46,936 
Catalyst Pharmaceuticals, Inc.(1)
 50,161  765,457 
Celldex Therapeutics, Inc.(1)
 5,411  231,537 
Century Therapeutics, Inc.(1)
 504  2,273 
Cerevel Therapeutics Holdings, Inc.(1)
 2,096  55,942 
Chimerix, Inc.(1)
 2,694  4,257 
Chinook Therapeutics, Inc.(1)
 8,699  189,812 
Cogent Biosciences, Inc.(1)
 950  12,569 
Coherus Biosciences, Inc.(1)
 3,871  26,207 
Concert Pharmaceuticals, Inc.(1)
 2,660  22,291 
Contra Akouos, Inc.(1)(2)
 1,135  897 
Crinetics Pharmaceuticals, Inc.(1)
 4,956  97,336 
CRISPR Therapeutics AG(1)(2)
 9,554  471,203 
CTI BioPharma Corp.(1)
 6,590  35,981 
Cullinan Oncology, Inc.(1)(2)
 16,571  187,087 
Cytokinetics, Inc.(1)
 4,965  215,282 
CytomX Therapeutics, Inc.(1)(2)
 9  19 
Deciphera Pharmaceuticals, Inc.(1)
 7,099  102,935 
Denali Therapeutics, Inc.(1)
 8,749  237,535 
Dynavax Technologies Corp.(1)
 31,992  329,518 
Dyne Therapeutics, Inc.(1)
 4,035  51,971 
Eagle Pharmaceuticals, Inc.(1)
 3,097  86,716 
33

Avantis U.S. Equity ETF
Shares Value
Editas Medicine, Inc.(1)
 6,690  $ 60,478 
Emergent BioSolutions, Inc.(1)
 11,797  146,047 
Enanta Pharmaceuticals, Inc.(1)
 1,916  92,926 
Entrada Therapeutics, Inc.(1)
 7,102  90,550 
EQRx, Inc.(1)
 53,518  120,951 
Erasca, Inc.(1)
 5,006  18,022 
Exact Sciences Corp.(1)
 9,213  574,246 
Exelixis, Inc.(1)
 53,116  907,221 
Fate Therapeutics, Inc.(1)
 4,177  25,563 
Foghorn Therapeutics, Inc.(1)
 2,984  17,098 
Generation Bio Co.(1)
 5,542  21,946 
Geron Corp.(1)
 20,358  56,595 
Gilead Sciences, Inc. 222,628  17,928,233 
GlycoMimetics, Inc.(1)
 2,453  3,778 
Gritstone bio, Inc.(1)(2)
 8,740  21,413 
Halozyme Therapeutics, Inc.(1)
 36,443  1,748,900 
HilleVax, Inc.(1)
 4,083  68,799 
Horizon Therapeutics PLC(1)
 23,328  2,554,183 
Icosavax, Inc.(1)(2)
 1,560  12,761 
Ideaya Biosciences, Inc.(1)
 8,260  145,789 
ImmunityBio, Inc.(1)
 1,718  4,192 
Immunovant, Inc.(1)
 10,268  179,382 
Incyte Corp.(1)
 24,300  1,870,614 
Inhibrx, Inc.(1)
 2,161  51,994 
Inovio Pharmaceuticals, Inc.(1)
 27,897  35,150 
Insmed, Inc.(1)
 7,041  143,496 
Ionis Pharmaceuticals, Inc.(1)
 10,485  376,411 
Iovance Biotherapeutics, Inc.(1)
 11,356  82,785 
Ironwood Pharmaceuticals, Inc.(1)
 53,540  603,396 
iTeos Therapeutics, Inc.(1)
 4,335  76,773 
Janux Therapeutics, Inc.(1)
 691  11,491 
KalVista Pharmaceuticals, Inc.(1)
 2,368  17,357 
Karuna Therapeutics, Inc.(1)
 2,278  454,279 
Karyopharm Therapeutics, Inc.(1)
 2,879  8,695 
Keros Therapeutics, Inc.(1)
 1,966  104,631 
Kezar Life Sciences, Inc.(1)(2)
 6,388  40,181 
Kiniksa Pharmaceuticals Ltd., Class A(1)
 4,339  55,800 
Kinnate Biopharma, Inc.(1)
 1,222  6,452 
Kodiak Sciences, Inc.(1)
 3,505  22,783 
Kura Oncology, Inc.(1)
 9,557  113,919 
Kymera Therapeutics, Inc.(1)
 5,634  176,795 
Lyell Immunopharma, Inc.(1)(2)
 22,174  47,674 
MacroGenics, Inc.(1)
 9,068  55,224 
Madrigal Pharmaceuticals, Inc.(1)
 24  6,504 
MannKind Corp.(1)(2)
 20,658  109,074 
Mersana Therapeutics, Inc.(1)
 3,650  22,119 
Merus NV(1)(2)
 1,192  22,731 
MiMedx Group, Inc.(1)
 1,944  9,351 
Mirati Therapeutics, Inc.(1)
 5,072  232,500 
Moderna, Inc.(1)
 63,013  8,746,835 
Monte Rosa Therapeutics, Inc.(1)
 3,222  19,590 
34

Avantis U.S. Equity ETF
Shares Value
Morphic Holding, Inc.(1)
 3,319  $ 141,124 
Myovant Sciences Ltd.(1)(2)
 4,385  118,220 
Myriad Genetics, Inc.(1)
 19,926  377,000 
Natera, Inc.(1)
 997  48,404 
Neurocrine Biosciences, Inc.(1)
 9,323  961,201 
Nkarta, Inc.(1)
 2,232  9,374 
Novavax, Inc.(1)(2)
 1,484  13,742 
Nurix Therapeutics, Inc.(1)
 5,357  50,517 
Nuvalent, Inc., Class A(1)
 2,024  61,307 
Ocugen, Inc.(1)
 5,083  5,064 
Organogenesis Holdings, Inc.(1)
 9,486  23,241 
ORIC Pharmaceuticals, Inc.(1)
 4,698  20,812 
PDL BioPharma, Inc.(1)
 1,937  3,148 
PDS Biotechnology Corp.(1)(2)
 1,068  8,170 
PepGen, Inc.(1)
 1,390  21,225 
PMV Pharmaceuticals, Inc.(1)
 3,294  23,750 
Point Biopharma Global, Inc.(1)
 10,381  77,754 
Poseida Therapeutics, Inc.(1)
 9,363  53,275 
Praxis Precision Medicines, Inc.(1)
 2,230  6,835 
Prime Medicine, Inc.(1)
 1,619  26,600 
Prometheus Biosciences, Inc.(1)
 1,367  167,307 
Protagonist Therapeutics, Inc.(1)
 8,923  144,731 
Prothena Corp. PLC(1)
 274  15,278 
PTC Therapeutics, Inc.(1)
 6,209  271,147 
RAPT Therapeutics, Inc.(1)
 2,745  80,840 
Recursion Pharmaceuticals, Inc., Class A(1)
 2,863  23,333 
Regeneron Pharmaceuticals, Inc.(1)
 16,096  12,239,720 
REGENXBIO, Inc.(1)
 14,466  321,868 
Relay Therapeutics, Inc.(1)
 7,580  122,417 
Repare Therapeutics, Inc.(1)
 4,231  43,368 
Replimune Group, Inc.(1)
 7,890  172,791 
REVOLUTION Medicines, Inc.(1)
 11,571  309,640 
Rhythm Pharmaceuticals, Inc.(1)
 7,481  181,863 
Rigel Pharmaceuticals, Inc.(1)
 5,348  8,075 
Rocket Pharmaceuticals, Inc.(1)
 7,717  148,244 
Roivant Sciences Ltd.(1)
 45,134  365,134 
Sage Therapeutics, Inc.(1)
 14,643  609,735 
Sana Biotechnology, Inc.(1)(2)
 9,598  35,225 
Sangamo Therapeutics, Inc.(1)
 30,109  91,832 
Sarepta Therapeutics, Inc.(1)
 4,871  594,895 
Savara, Inc.(1)
 3,781  9,453 
Scholar Rock Holding Corp.(1)
 6,786  58,224 
Seagen, Inc.(1)
 7,347  1,320,182 
SpringWorks Therapeutics, Inc.(1)
 4,692  149,675 
Stoke Therapeutics, Inc.(1)
 64  569 
Sutro Biopharma, Inc.(1)
 9,613  54,217 
Syndax Pharmaceuticals, Inc.(1)
 1,923  48,748 
Tango Therapeutics, Inc.(1)
 10,953  57,284 
Twist Bioscience Corp.(1)
 3,041  59,178 
uniQure NV(1)
 9,911  207,735 
United Therapeutics Corp.(1)
 12,402  3,051,388 
35

Avantis U.S. Equity ETF
Shares Value
Vanda Pharmaceuticals, Inc.(1)
 11,217  $ 72,237 
Vaxcyte, Inc.(1)
 7,773  318,460 
Veracyte, Inc.(1)
 10,046  247,232 
Vericel Corp.(1)
 296  9,001 
Vertex Pharmaceuticals, Inc.(1)
 35,687  10,359,579 
Verve Therapeutics, Inc.(1)
 924  17,556 
Viking Therapeutics, Inc.(1)
 13,977  153,887 
Vir Biotechnology, Inc.(1)
 44,082  1,005,070 
Viridian Therapeutics, Inc.(1)
 6,144  201,277 
Voyager Therapeutics, Inc.(1)
 2,957  21,231 
Xencor, Inc.(1)
 11,400  366,282 
Xenon Pharmaceuticals, Inc.(1)
 9,053  357,231 
XOMA Corp.(1)
 868  18,471 
Zentalis Pharmaceuticals, Inc.(1)
 1,042  19,725 
Zymeworks, Inc.(1)(2)
 2,081  17,106 
120,057,745 
Building Products — 0.8%
A O Smith Corp. 22,019  1,445,107 
Advanced Drainage Systems, Inc. 12,410  1,101,139 
Allegion PLC 9,570  1,078,635 
Alpha Pro Tech Ltd.(1)
 26  109 
American Woodmark Corp.(1)
 1,152  58,729 
Apogee Enterprises, Inc. 8,312  380,357 
Armstrong World Industries, Inc. 17,317  1,365,445 
AZEK Co., Inc.(1)
 892  21,488 
AZZ, Inc. 9,672  393,167 
Builders FirstSource, Inc.(1)
 52,644  4,463,158 
Carlisle Cos., Inc. 6,460  1,668,101 
Carrier Global Corp. 48,907  2,202,282 
CSW Industrials, Inc. 2,357  333,657 
Fortune Brands Innovations, Inc. 11,746  727,665 
Gibraltar Industries, Inc.(1)
 4,322  230,838 
Griffon Corp. 920  33,552 
Hayward Holdings, Inc.(1)
 7,594  93,482 
Insteel Industries, Inc. 4,031  119,922 
Janus International Group, Inc.(1)
 2,408  25,019 
JELD-WEN Holding, Inc.(1)
 4,390  57,729 
Johnson Controls International PLC 23,059  1,446,261 
Lennox International, Inc. 1,955  498,193 
Masco Corp. 13,460  705,708 
Masonite International Corp.(1)
 10,714  951,403 
Masterbrand, Inc.(1)
 9,902  96,446 
Owens Corning 33,557  3,281,539 
PGT Innovations, Inc.(1)
 25,060  530,019 
Quanex Building Products Corp. 13,663  354,555 
Resideo Technologies, Inc.(1)
 2,673  49,023 
Simpson Manufacturing Co., Inc. 8,994  970,093 
Trane Technologies PLC 15,457  2,859,081 
Trex Co., Inc.(1)
 30,206  1,544,433 
UFP Industries, Inc. 23,477  2,007,988 
Zurn Elkay Water Solutions Corp. 12,701  292,123 
31,386,446 
36

Avantis U.S. Equity ETF
Shares Value
Capital Markets — 4.0%
Affiliated Managers Group, Inc. 2,625  $ 418,451 
Ameriprise Financial, Inc. 28,789  9,870,884 
Ares Management Corp., Class A 6,710  541,027 
Artisan Partners Asset Management, Inc., Class A 27,606  910,170 
Assetmark Financial Holdings, Inc.(1)
 4,603  144,074 
B. Riley Financial, Inc.(2)
 8,746  347,916 
Bank of New York Mellon Corp. 125,738  6,397,549 
BGC Partners, Inc., Class A 54,655  265,623 
BlackRock, Inc. 11,580  7,983,599 
Blackstone, Inc. 44,201  4,013,451 
Blue Owl Capital, Inc.(2)
 6,579  81,185 
Brightsphere Investment Group, Inc. 22,283  558,635 
Carlyle Group, Inc. 62,876  2,162,934 
Cboe Global Markets, Inc. 7,435  938,074 
Charles Schwab Corp. 160,578  12,512,238 
CME Group, Inc. 23,775  4,406,934 
Cohen & Steers, Inc. 9,676  700,155 
Coinbase Global, Inc., Class A(1)
 16,240  1,052,839 
Cowen, Inc., Class A(2)
 4,903  191,168 
Diamond Hill Investment Group, Inc. 1,192  208,123 
Donnelley Financial Solutions, Inc.(1)
 3,341  141,358 
Evercore, Inc., Class A 15,134  1,985,278 
FactSet Research Systems, Inc. 5,284  2,190,482 
Federated Hermes, Inc. 18,879  742,889 
Focus Financial Partners, Inc., Class A(1)
 2,252  116,789 
Franklin Resources, Inc. 53,352  1,572,283 
Goldman Sachs Group, Inc. 42,905  15,087,543 
Hamilton Lane, Inc., Class A 5,742  446,728 
Houlihan Lokey, Inc. 15,508  1,484,116 
Interactive Brokers Group, Inc., Class A 7,153  615,945 
Intercontinental Exchange, Inc. 17,108  1,741,594 
Invesco Ltd. 84,825  1,498,009 
Janus Henderson Group PLC 33,619  923,178 
Jefferies Financial Group, Inc. 36,454  1,377,597 
KKR & Co., Inc. 73,752  4,155,925 
Lazard Ltd., Class A 35,796  1,337,339 
LPL Financial Holdings, Inc. 12,368  3,086,558 
MarketAxess Holdings, Inc. 4,489  1,532,769 
Moelis & Co., Class A 26,163  1,120,561 
Moody's Corp. 13,119  3,806,478 
Morgan Stanley 143,769  13,873,708 
Morningstar, Inc. 1,256  260,406 
MSCI, Inc. 3,725  1,945,009 
Nasdaq, Inc. 15,883  890,401 
Northern Trust Corp. 45,130  4,299,535 
Open Lending Corp., Class A(1)
 24,211  171,414 
Oppenheimer Holdings, Inc., Class A 1,662  73,278 
Piper Sandler Cos. 7,729  1,167,002 
PJT Partners, Inc., Class A 1,165  91,895 
Raymond James Financial, Inc. 42,287  4,586,448 
37

Avantis U.S. Equity ETF
Shares Value
S&P Global, Inc. 12,183  $ 4,156,840 
SEI Investments Co. 29,829  1,797,197 
State Street Corp. 73,820  6,546,358 
StepStone Group, Inc., Class A 16,353  467,696 
Stifel Financial Corp. 30,243  2,021,140 
StoneX Group, Inc.(1)
 8,225  829,327 
T. Rowe Price Group, Inc. 47,354  5,316,907 
TPG, Inc. 20,130  664,693 
Tradeweb Markets, Inc., Class A 6,764  479,500 
Victory Capital Holdings, Inc., Class A 4,652  157,982 
Virtu Financial, Inc., Class A 29,060  534,123 
Virtus Investment Partners, Inc. 3,315  697,575 
WisdomTree, Inc. 21,498  128,343 
149,825,225 
Chemicals — 2.6%
AdvanSix, Inc. 13,489  555,072 
Air Products and Chemicals, Inc. 24,041  6,875,245 
Albemarle Corp. 14,778  3,758,193 
American Vanguard Corp. 8,689  181,339 
Amyris, Inc.(1)(2)
 4,476  5,595 
Ashland, Inc. 7,841  798,057 
Avient Corp. 20,922  912,827 
Axalta Coating Systems Ltd.(1)
 28,586  851,863 
Cabot Corp. 23,114  1,838,256 
Celanese Corp. 25,449  2,957,937 
CF Industries Holdings, Inc. 61,998  5,325,008 
Chase Corp. 683  66,893 
Chemours Co. 62,914  2,150,401 
Corteva, Inc. 74,082  4,614,568 
Danimer Scientific, Inc.(1)(2)
 10,731  27,686 
Dow, Inc. 154,046  8,811,431 
DuPont de Nemours, Inc. 48,784  3,562,696 
Eastman Chemical Co. 23,617  2,012,168 
Ecolab, Inc. 9,502  1,514,334 
Ecovyst, Inc.(1)
 14,258  143,150 
Element Solutions, Inc. 8,128  166,949 
FMC Corp. 33,080  4,272,282 
FutureFuel Corp. 8,624  75,460 
Ginkgo Bioworks Holdings, Inc.(1)
 89,122  131,009 
Hawkins, Inc. 3,281  133,438 
HB Fuller Co. 4,444  310,013 
Huntsman Corp. 58,299  1,710,493 
Ingevity Corp.(1)
 12,746  1,052,310 
Innospec, Inc. 6,033  660,372 
International Flavors & Fragrances, Inc. 15,481  1,442,829 
Intrepid Potash, Inc.(1)(2)
 1,937  61,345 
Koppers Holdings, Inc. 7,924  284,392 
Kronos Worldwide, Inc. 5,663  63,935 
Linde PLC 30,917  10,770,555 
Livent Corp.(1)
 18,915  443,557 
LSB Industries, Inc.(1)
 28,712  390,196 
38

Avantis U.S. Equity ETF
Shares Value
LyondellBasell Industries NV, Class A 68,302  $ 6,556,309 
Minerals Technologies, Inc. 8,325  505,744 
Mosaic Co. 99,079  5,270,012 
NewMarket Corp. 1,888  648,528 
Olin Corp. 51,855  2,994,626 
Origin Materials, Inc.(1)
 9,847  47,266 
Orion Engineered Carbons SA 14,527  370,439 
PPG Industries, Inc. 13,850  1,829,031 
PureCycle Technologies, Inc.(1)(2)
 15,458  98,622 
Quaker Chemical Corp. 1,770  346,531 
Rayonier Advanced Materials, Inc.(1)
 13,471  110,462 
RPM International, Inc. 10,630  942,137 
Scotts Miracle-Gro Co.(2)
 1,320  108,900 
Sensient Technologies Corp. 7,307  550,875 
Sherwin-Williams Co. 17,348  3,839,980 
Stepan Co. 5,780  601,640 
Trinseo PLC 7,559  175,218 
Tronox Holdings PLC, Class A 54,596  851,698 
Valvoline, Inc. 23,059  811,677 
Westlake Corp. 9,898  1,179,248 
96,770,797 
Commercial Services and Supplies — 0.6%
ABM Industries, Inc. 1,608  77,843 
ACCO Brands Corp. 9,621  54,551 
Aris Water Solutions, Inc., Class A 4,655  65,915 
Aurora Innovation, Inc.(1)
 5,661  8,831 
Brady Corp., Class A 5,923  326,713 
Brink's Co. 9,018  588,424 
Casella Waste Systems, Inc., Class A(1)
 7,589  590,576 
Cimpress PLC(1)
 4,247  149,155 
Cintas Corp. 6,424  2,816,731 
Civeo Corp.(1)
 4,553  128,895 
Clean Harbors, Inc.(1)
 10,330  1,364,283 
Copart, Inc.(1)
 61,352  4,322,862 
Deluxe Corp. 3,336  61,516 
Driven Brands Holdings, Inc.(1)
 1,939  54,243 
Ennis, Inc. 5,784  125,802 
Harsco Corp.(1)
 5,787  48,958 
Healthcare Services Group, Inc.(1)
 19,419  257,690 
Heritage-Crystal Clean, Inc.(1)
 7,038  253,227 
HNI Corp. 14,604  456,375 
IAA, Inc.(1)
 21,693  887,461 
Interface, Inc. 15,613  137,707 
KAR Auction Services, Inc.(1)
 16,862  240,958 
Kimball International, Inc., Class B 5,145  35,552 
Li-Cycle Holdings Corp.(1)
 14,610  88,537 
Liquidity Services, Inc.(1)
 5,919  74,935 
Matthews International Corp., Class A 1,764  67,314 
MSA Safety, Inc. 1,321  177,476 
Pitney Bowes, Inc. 14,248  61,836 
Quad/Graphics, Inc.(1)
 25  122 
39

Avantis U.S. Equity ETF
Shares Value
Republic Services, Inc. 7,756  $ 999,981 
Rollins, Inc. 28,798  1,013,690 
SP Plus Corp.(1)
 1,336  45,451 
Steelcase, Inc., Class A 10,533  82,895 
Stericycle, Inc.(1)
 1,506  71,806 
Team, Inc.(1)
 2  15 
Tetra Tech, Inc. 3,381  462,825 
UniFirst Corp. 2,679  525,432 
Viad Corp.(1)
 1,418  36,457 
VSE Corp. 1,338  76,815 
Waste Connections, Inc. 12,122  1,623,378 
Waste Management, Inc. 34,087  5,104,869 
23,568,102 
Communications Equipment — 0.5%
ADTRAN Holdings, Inc. 948  16,543 
Arista Networks, Inc.(1)
 20,669  2,866,790 
Aviat Networks, Inc.(1)
 1,376  48,889 
Ciena Corp.(1)
 18,819  907,452 
Cisco Systems, Inc. 141,317  6,842,569 
CommScope Holding Co., Inc.(1)
 14,864  107,615 
Comtech Telecommunications Corp. 2,397  38,328 
Extreme Networks, Inc.(1)
 25,743  481,909 
F5, Inc.(1)
 3,759  537,462 
Harmonic, Inc.(1)
 7,378  97,316 
Juniper Networks, Inc. 17,214  529,847 
Lumentum Holdings, Inc.(1)
 11,206  602,995 
Motorola Solutions, Inc. 14,409  3,786,829 
NETGEAR, Inc.(1)
 4,860  87,966 
NetScout Systems, Inc.(1)
 6,531  185,742 
Ribbon Communications, Inc.(1)
 2,262  10,089 
Ubiquiti, Inc.(2)
 195  52,318 
ViaSat, Inc.(1)
 23,691  752,426 
Viavi Solutions, Inc.(1)
 33,374  365,112 
18,318,197 
Construction and Engineering — 0.5%
AECOM 7,980  689,153 
Ameresco, Inc., Class A(1)
 14,045  617,278 
API Group Corp.(1)
 7,584  178,148 
Arcosa, Inc. 12,660  767,196 
Argan, Inc. 1,537  59,728 
Comfort Systems USA, Inc. 6,144  893,583 
Dycom Industries, Inc.(1)
 7,000  589,470 
EMCOR Group, Inc. 15,320  2,561,810 
Fluor Corp.(1)
 29,290  1,074,064 
Granite Construction, Inc. 10,896  470,707 
Great Lakes Dredge & Dock Corp.(1)
 12,220  70,082 
IES Holdings, Inc.(1)
 684  28,769 
INNOVATE Corp.(1)(2)
 149  441 
MasTec, Inc.(1)
 12,013  1,173,910 
Matrix Service Co.(1)
 30  190 
MDU Resources Group, Inc. 39,773  1,266,770 
40

Avantis U.S. Equity ETF
Shares Value
MYR Group, Inc.(1)
 7,208  $ 869,357 
Northwest Pipe Co.(1)
 1,935  74,497 
Quanta Services, Inc. 19,873  3,207,502 
Sterling Infrastructure, Inc.(1)
 16,562  636,975 
Tutor Perini Corp.(1)
 12,605  102,227 
Valmont Industries, Inc. 3,602  1,143,023 
WillScot Mobile Mini Holdings Corp.(1)
 43,190  2,219,966 
18,694,846 
Construction Materials — 0.2%
Eagle Materials, Inc. 14,527  2,038,429 
Martin Marietta Materials, Inc. 5,535  1,991,880 
Summit Materials, Inc., Class A(1)
 22,912  676,821 
United States Lime & Minerals, Inc. 381  61,455 
Vulcan Materials Co. 15,497  2,803,562 
7,572,147 
Consumer Finance — 1.1%
Ally Financial, Inc. 80,145  2,408,357 
American Express Co. 51,173  8,903,590 
Atlanticus Holdings Corp.(1)
 921  29,518 
Bread Financial Holdings, Inc. 19,555  803,124 
Capital One Financial Corp. 67,840  7,399,987 
Consumer Portfolio Services, Inc.(1)
 2,357  26,068 
Credit Acceptance Corp.(1)(2)
 2,223  987,768 
Discover Financial Services 70,477  7,893,424 
Encore Capital Group, Inc.(1)(2)
 9,395  485,534 
Enova International, Inc.(1)
 12,239  596,651 
EZCORP, Inc., Class A(1)
 11,834  104,376 
FirstCash Holdings, Inc. 4,344  383,358 
Green Dot Corp., Class A(1)
 13,439  254,400 
LendingClub Corp.(1)
 26,609  250,125 
Navient Corp. 41,776  754,057 
Nelnet, Inc., Class A 4,561  428,141 
OneMain Holdings, Inc. 47,894  2,063,752 
Oportun Financial Corp.(1)
 3,332  20,125 
PRA Group, Inc.(1)
 10,019  426,409 
PROG Holdings, Inc.(1)
 23,348  577,163 
Regional Management Corp. 2,002  63,103 
SLM Corp. 109,162  1,569,750 
SoFi Technologies, Inc.(1)
 170,520  1,125,432 
Synchrony Financial 140,623  5,021,647 
Upstart Holdings, Inc.(1)(2)
 2,052  37,983 
World Acceptance Corp.(1)(2)
 562  52,468 
42,666,310 
Containers and Packaging — 0.6%
Amcor PLC 107,362  1,196,013 
AptarGroup, Inc. 11,362  1,326,173 
Ardagh Metal Packaging SA 13,231  63,773 
Avery Dennison Corp. 11,215  2,043,261 
Ball Corp. 14,982  842,138 
Berry Global Group, Inc. 11,834  734,891 
Crown Holdings, Inc. 8,190  708,517 
41

Avantis U.S. Equity ETF
Shares Value
Graphic Packaging Holding Co. 40,064  $ 953,523 
Greif, Inc., Class A 8,900  632,345 
Greif, Inc., Class B 961  79,071 
International Paper Co. 99,473  3,619,822 
Myers Industries, Inc. 16,060  414,990 
O-I Glass, Inc.(1)
 15,393  342,032 
Packaging Corp. of America 27,231  3,723,022 
Ranpak Holdings Corp.(1)
 1,202  7,573 
Sealed Air Corp. 20,087  976,630 
Silgan Holdings, Inc. 5,329  284,569 
Sonoco Products Co. 21,725  1,283,079 
TriMas Corp. 8,397  251,826 
WestRock Co. 62,817  1,972,454 
21,455,702 
Distributors — 0.2%
Funko, Inc., Class A(1)
 857  9,264 
Genuine Parts Co. 21,508  3,803,905 
LKQ Corp. 31,140  1,784,010 
Pool Corp. 4,551  1,624,070 
7,221,249 
Diversified Consumer Services — 0.2%
ADT, Inc. 34,513  260,228 
Adtalem Global Education, Inc.(1)
 20,298  794,058 
American Public Education, Inc.(1)
 5,449  60,157 
Bright Horizons Family Solutions, Inc.(1)
 1,825  143,883 
Carriage Services, Inc. 255  8,649 
Chegg, Inc.(1)
 15,376  244,325 
Coursera, Inc.(1)
 10,004  112,745 
Frontdoor, Inc.(1)
 13,397  378,465 
Graham Holdings Co., Class B 841  527,021 
Grand Canyon Education, Inc.(1)
 12,467  1,412,386 
H&R Block, Inc. 28,356  1,043,501 
Laureate Education, Inc., Class A 3,947  46,811 
OneSpaWorld Holdings Ltd.(1)
 13,198  152,965 
Perdoceo Education Corp.(1)
 32,769  451,721 
Rover Group, Inc.(1)
 10,577  44,212 
Service Corp. International 20,452  1,381,123 
Strategic Education, Inc. 3,203  273,056 
Stride, Inc.(1)
 10,047  426,696 
Universal Technical Institute, Inc.(1)
 7,526  54,639 
Vivint Smart Home, Inc.(1)
 1,311  14,736 
7,831,377 
Diversified Financial Services — 0.8%
Acacia Research Corp.(1)
 1,942  8,389 
Alerus Financial Corp. 4,046  80,920 
A-Mark Precious Metals, Inc. 9,367  274,547 
Apollo Global Management, Inc. 27,260  1,932,734 
Berkshire Hathaway, Inc., Class B(1)
 70,698  21,575,616 
Cannae Holdings, Inc.(1)
 17,784  401,563 
Equitable Holdings, Inc. 130,171  4,089,973 
Jackson Financial, Inc., Class A 35,932  1,630,594 
42

Avantis U.S. Equity ETF
Shares Value
Voya Financial, Inc. 30,495  $ 2,271,572 
32,265,908 
Diversified Telecommunication Services — 0.9%
Anterix, Inc.(1)
 417  12,593 
AT&T, Inc. 679,374  12,846,962 
ATN International, Inc. 4,521  190,108 
Cogent Communications Holdings, Inc. 2,843  184,056 
Consolidated Communications Holdings, Inc.(1)
 5,433  16,462 
EchoStar Corp., Class A(1)
 8,570  171,057 
Frontier Communications Parent, Inc.(1)
 43,330  1,185,509 
IDT Corp., Class B(1)
 5,480  166,647 
Iridium Communications, Inc. 35,800  2,197,046 
Liberty Latin America Ltd., Class C(1)
 12,934  113,560 
Lumen Technologies, Inc. 83,705  284,597 
Radius Global Infrastructure, Inc., Class A(1)
 11,785  160,630 
Verizon Communications, Inc. 440,095  17,080,087 
34,609,314 
Electric Utilities — 1.8%
ALLETE, Inc. 9,206  563,315 
Alliant Energy Corp. 45,772  2,346,730 
American Electric Power Co., Inc. 52,727  4,638,394 
Avangrid, Inc. 7,581  295,886 
Constellation Energy Corp. 36,682  2,747,115 
Duke Energy Corp. 36,836  3,472,161 
Edison International 72,199  4,780,296 
Entergy Corp. 30,025  3,088,672 
Evergy, Inc. 39,335  2,313,291 
Eversource Energy 49,735  3,748,030 
Exelon Corp. 141,568  5,717,932 
FirstEnergy Corp. 33,534  1,325,934 
Genie Energy Ltd., Class B 4,040  46,137 
Hawaiian Electric Industries, Inc. 29,303  1,185,306 
IDACORP, Inc. 7,867  813,448 
MGE Energy, Inc. 3,941  278,944 
NextEra Energy, Inc. 58,563  4,159,730 
NRG Energy, Inc. 40,583  1,330,717 
OGE Energy Corp. 30,067  1,073,993 
Otter Tail Corp.(2)
 13,035  924,051 
PG&E Corp.(1)
 353,287  5,518,343 
Pinnacle West Capital Corp. 25,487  1,877,882 
PNM Resources, Inc. 2,183  106,967 
Portland General Electric Co. 24,011  1,147,726 
PPL Corp. 107,768  2,917,280 
Southern Co. 87,626  5,525,696 
Via Renewables, Inc.(2)
 2  12 
Xcel Energy, Inc. 65,967  4,259,489 
66,203,477 
Electrical Equipment — 0.6%
Acuity Brands, Inc. 5,317  1,031,285 
AMETEK, Inc. 14,646  2,073,288 
Array Technologies, Inc.(1)
 12,696  237,923 
43

Avantis U.S. Equity ETF
Shares Value
Atkore, Inc.(1)
 18,018  $ 2,630,988 
Babcock & Wilcox Enterprises, Inc.(1)
 3,644  23,650 
Bloom Energy Corp., Class A(1)
 5,333  115,673 
Eaton Corp. PLC 15,664  2,740,104 
Emerson Electric Co. 30,623  2,532,828 
Encore Wire Corp. 8,936  1,724,737 
Energy Vault Holdings, Inc.(1)(2)
 4,549  15,194 
EnerSys 5,991  543,324 
Enovix Corp.(1)(2)
 3,556  32,786 
FREYR Battery SA(1)(2)
 16,217  147,250 
FuelCell Energy, Inc.(1)(2)
 67,314  224,829 
Generac Holdings, Inc.(1)
 3,138  376,591 
GrafTech International Ltd. 48,699  275,149 
Hubbell, Inc. 5,791  1,456,668 
LSI Industries, Inc. 4,775  69,333 
nVent Electric PLC 13,783  631,813 
Orion Energy Systems, Inc.(1)
 35  72 
Plug Power, Inc.(1)(2)
 58,823  874,698 
Powell Industries, Inc. 1,941  86,083 
Regal Rexnord Corp. 7,176  1,131,225 
Rockwell Automation, Inc. 7,150  2,108,749 
Sensata Technologies Holding PLC 5,648  285,676 
Sunrun, Inc.(1)
 29,772  715,719 
Thermon Group Holdings, Inc.(1)
 5,348  141,455 
Vertiv Holdings Co. 6,950  112,938 
22,340,028 
Electronic Equipment, Instruments and Components — 1.2%
Advanced Energy Industries, Inc. 7,532  701,079 
Aeva Technologies, Inc.(1)
 11,227  20,096 
Amphenol Corp., Class A 28,908  2,240,948 
Arrow Electronics, Inc.(1)
 11,962  1,411,396 
Avnet, Inc. 19,595  876,093 
Badger Meter, Inc. 6,688  813,395 
Bel Fuse, Inc., Class B 4,788  170,070 
Belden, Inc. 6,621  558,680 
Benchmark Electronics, Inc. 8,235  195,911 
CDW Corp. 14,902  3,016,463 
Cognex Corp. 15,996  758,530 
Coherent Corp.(1)
 11,317  488,102 
Corning, Inc. 177,300  6,019,335 
CTS Corp. 8,334  360,946 
ePlus, Inc.(1)
 8,411  455,624 
Fabrinet(1)
 6,402  780,212 
FARO Technologies, Inc.(1)
 1,827  49,694 
Flex Ltd.(1)
 119,835  2,727,445 
Insight Enterprises, Inc.(1)
 7,162  959,135 
IPG Photonics Corp.(1)
 5,868  723,172 
Itron, Inc.(1)
 2,233  124,534 
Jabil, Inc. 51,808  4,301,618 
Keysight Technologies, Inc.(1)
 19,190  3,069,632 
Kimball Electronics, Inc.(1)
 5,070  126,801 
44

Avantis U.S. Equity ETF
Shares Value
Knowles Corp.(1)
 15,335  $ 260,388 
Littelfuse, Inc. 3,745  968,944 
Luna Innovations, Inc.(1)
 1,346  13,514 
Methode Electronics, Inc. 8,244  401,730 
National Instruments Corp. 9,828  496,412 
nLight, Inc.(1)
 5,751  64,986 
Novanta, Inc.(1)
 1,109  174,013 
OSI Systems, Inc.(1)
 3,505  324,388 
PC Connection, Inc. 2,533  110,945 
Plexus Corp.(1)
 6,817  653,682 
Richardson Electronics Ltd. 2,837  59,520 
Sanmina Corp.(1)
 26,465  1,600,074 
ScanSource, Inc.(1)
 4,640  144,675 
TD SYNNEX Corp. 9,248  892,617 
TE Connectivity Ltd. 35,666  4,540,995 
Teledyne Technologies, Inc.(1)
 1,855  797,780 
Trimble, Inc.(1)
 7,383  384,359 
TTM Technologies, Inc.(1)
 25,036  332,729 
Vishay Intertechnology, Inc. 56,414  1,197,669 
Vishay Precision Group, Inc.(1)
 4,073  177,583 
Vontier Corp. 15,922  416,679 
Zebra Technologies Corp., Class A(1)
 2,096  629,324 
45,591,917 
Energy Equipment and Services — 0.9%
Archrock, Inc. 72,388  801,335 
Baker Hughes Co. 115,749  3,541,919 
Bristow Group, Inc.(1)
 5,473  149,085 
Cactus, Inc., Class A 10,259  471,401 
ChampionX Corp. 80,916  2,473,602 
Core Laboratories NV 5,211  124,387 
Diamond Offshore Drilling, Inc.(1)
 25,566  303,724 
DMC Global, Inc.(1)
 2,088  55,896 
Dril-Quip, Inc.(1)
 11,040  378,120 
Expro Group Holdings NV(1)
 17,402  395,547 
Forum Energy Technologies, Inc.(1)
 1,280  37,478 
Halliburton Co. 143,667  5,205,055 
Helix Energy Solutions Group, Inc.(1)
 42,492  351,834 
Helmerich & Payne, Inc. 20,014  842,189 
Liberty Energy, Inc., Class A 66,940  1,020,835 
Nabors Industries Ltd.(1)
 4,067  611,311 
National Energy Services Reunited Corp.(1)
 17,352  112,094 
Newpark Resources, Inc.(1)
 11,533  51,091 
NexTier Oilfield Solutions, Inc.(1)
 89,964  821,371 
Noble Corp. PLC(1)
 8,954  373,292 
NOV, Inc. 69,726  1,525,605 
Oceaneering International, Inc.(1)
 45,137  942,912 
Oil States International, Inc.(1)
 13,436  122,671 
Patterson-UTI Energy, Inc. 63,676  872,361 
ProFrac Holding Corp., Class A(1)
 931  17,810 
ProPetro Holding Corp.(1)
 42,409  373,623 
RPC, Inc. 18,880  165,578 
45

Avantis U.S. Equity ETF
Shares Value
Schlumberger Ltd. 81,160  $ 4,318,524 
SEACOR Marine Holdings, Inc.(1)
 90  935 
Select Energy Services, Inc., Class A 15,174  112,591 
Solaris Oilfield Infrastructure, Inc., Class A 1,898  16,949 
TechnipFMC PLC(1)
 109,084  1,667,894 
TETRA Technologies, Inc.(1)
 23,871  84,981 
Tidewater, Inc.(1)
 13,195  644,444 
Transocean Ltd.(1)
 154,948  1,083,087 
US Silica Holdings, Inc.(1)
 28,767  349,231 
Valaris Ltd.(1)
 7,616  512,176 
Weatherford International PLC(1)
 25,832  1,720,928 
32,653,866 
Entertainment — 0.9%
Activision Blizzard, Inc. 17,964  1,369,755 
AMC Entertainment Holdings, Inc.(1)
 9,392  19,441 
AMC Entertainment Holdings, Inc., Class A(1)
 31,877  227,602 
Cinemark Holdings, Inc.(1)
 10,118  137,706 
Electronic Arts, Inc. 20,320  2,254,301 
Endeavor Group Holdings, Inc., Class A(1)
 518  11,557 
IMAX Corp.(1)
 6,439  118,735 
Liberty Media Corp.-Liberty Braves, Class A(1)(2)
 930  31,853 
Liberty Media Corp.-Liberty Braves, Class C(1)
 6,703  224,349 
Liberty Media Corp.-Liberty Formula One, Class A(1)
 1,077  65,439 
Liberty Media Corp.-Liberty Formula One, Class C(1)
 18,640  1,265,097 
Live Nation Entertainment, Inc.(1)
 6,111  440,359 
Madison Square Garden Entertainment Corp.(1)
 4,350  263,305 
Madison Square Garden Sports Corp. 1,188  227,074 
Marcus Corp. 6,648  106,966 
Netflix, Inc.(1)
 35,563  11,455,909 
Playstudios, Inc.(1)
 8,950  33,294 
Playtika Holding Corp.(1)
 3,279  31,478 
ROBLOX Corp., Class A(1)
 21,914  802,929 
Roku, Inc.(1)
 6,661  430,900 
Take-Two Interactive Software, Inc.(1)
 18,325  2,007,504 
Vivid Seats, Inc., Class A(1)(2)
 1,882  14,435 
Walt Disney Co.(1)
 60,855  6,061,767 
Warner Bros Discovery, Inc.(1)
 214,383  3,348,662 
World Wrestling Entertainment, Inc., Class A 17,481  1,468,404 
32,418,821 
Food and Staples Retailing — 1.5%
Albertsons Cos., Inc., Class A 25,521  507,357 
Andersons, Inc. 6,832  311,744 
BJ's Wholesale Club Holdings, Inc.(1)
 23,613  1,695,413 
Casey's General Stores, Inc. 12,491  2,597,503 
Costco Wholesale Corp. 35,327  17,104,627 
Grocery Outlet Holding Corp.(1)
 8,013  216,752 
HF Foods Group, Inc.(1)
 3  12 
Ingles Markets, Inc., Class A 6,754  603,808 
Kroger Co. 163,936  7,072,199 
Natural Grocers by Vitamin Cottage, Inc. 1,404  15,416 
Performance Food Group Co.(1)
 28,250  1,598,667 
46

Avantis U.S. Equity ETF
Shares Value
PriceSmart, Inc. 8,149  $ 568,148 
Rite Aid Corp.(1)(2)
 5,882  22,705 
SpartanNash Co. 9,380  251,009 
Sprouts Farmers Market, Inc.(1)
 47,119  1,427,235 
Sysco Corp. 56,879  4,241,467 
United Natural Foods, Inc.(1)
 16,448  669,927 
US Foods Holding Corp.(1)
 5,585  209,605 
Village Super Market, Inc., Class A 1,416  31,619 
Walgreens Boots Alliance, Inc. 52,173  1,853,707 
Walmart, Inc. 99,268  14,108,961 
Weis Markets, Inc. 4,916  375,779 
55,483,660 
Food Products — 1.1%
Alico, Inc. 400  10,296 
Archer-Daniels-Midland Co. 58,878  4,686,689 
B&G Foods, Inc. 21,483  272,190 
Benson Hill, Inc.(1)
 725  1,617 
Beyond Meat, Inc.(1)(2)
 233  4,157 
Bunge Ltd. 34,756  3,319,198 
Calavo Growers, Inc. 3,969  128,080 
Cal-Maine Foods, Inc. 13,306  755,781 
Campbell Soup Co. 15,050  790,426 
Conagra Brands, Inc. 13,818  503,113 
Darling Ingredients, Inc.(1)
 30,506  1,930,115 
Farmer Bros Co.(1)
 1,836  8,299 
Flowers Foods, Inc. 38,680  1,078,398 
Fresh Del Monte Produce, Inc. 8,662  270,947 
Freshpet, Inc.(1)
 5,722  355,794 
General Mills, Inc. 22,373  1,778,877 
Hain Celestial Group, Inc.(1)
 10,287  183,417 
Hershey Co. 17,131  4,082,660 
Hormel Foods Corp. 20,886  926,921 
Hostess Brands, Inc.(1)
 26,936  665,319 
Ingredion, Inc. 11,574  1,150,456 
J & J Snack Foods Corp. 1,378  194,587 
J M Smucker Co. 11,220  1,659,326 
John B Sanfilippo & Son, Inc. 2,872  257,819 
Kellogg Co. 16,198  1,068,096 
Kraft Heinz Co. 69,892  2,721,594 
Lamb Weston Holdings, Inc. 32,437  3,264,460 
Lancaster Colony Corp. 3,040  583,619 
McCormick & Co., Inc. 7,298  542,387 
Mission Produce, Inc.(1)
 12,020  138,470 
Mondelez International, Inc., Class A 61,190  3,988,364 
Pilgrim's Pride Corp.(1)
 13,653  319,344 
Post Holdings, Inc.(1)
 1,439  129,452 
Seaboard Corp. 34  134,299 
Seneca Foods Corp., Class A(1)
 1,556  86,514 
Simply Good Foods Co.(1)
 13,565  519,404 
Sovos Brands, Inc.(1)
 1,008  13,175 
Tootsie Roll Industries, Inc. 2,422  106,641 
47

Avantis U.S. Equity ETF
Shares Value
TreeHouse Foods, Inc.(1)
 2,609  $ 127,293 
Tyson Foods, Inc., Class A 40,681  2,409,942 
Vital Farms, Inc.(1)
 2,356  38,073 
41,205,609 
Gas Utilities — 0.2%
Atmos Energy Corp. 15,116  1,705,236 
Chesapeake Utilities Corp. 2,836  363,263 
National Fuel Gas Co. 21,180  1,213,191 
New Jersey Resources Corp. 18,438  940,891 
Northwest Natural Holding Co. 9,096  439,701 
ONE Gas, Inc. 6,963  558,154 
Spire, Inc. 3,371  237,318 
Star Group LP 100  1,257 
UGI Corp. 28,042  1,044,004 
6,503,015 
Health Care Equipment and Supplies — 1.9%
Abbott Laboratories 96,320  9,797,670 
Align Technology, Inc.(1)
 6,405  1,982,347 
Alphatec Holdings, Inc.(1)
 4,898  72,539 
AngioDynamics, Inc.(1)
 3,255  40,297 
Apyx Medical Corp.(1)(2)
 34  111 
Atrion Corp. 269  152,792 
Avanos Medical, Inc.(1)
 7,622  213,950 
Axogen, Inc.(1)
 1,813  14,957 
Baxter International, Inc. 14,834  592,618 
Becton Dickinson & Co. 9,311  2,183,895 
Boston Scientific Corp.(1)
 74,225  3,467,792 
Butterfly Network, Inc.(1)(2)
 15,960  39,262 
Cardiovascular Systems, Inc.(1)
 5,093  100,383 
Co-Diagnostics, Inc.(1)
 4,362  12,606 
Contra Abiomed, Inc.(1)
 3,336  3,403 
Cooper Cos., Inc. 4,870  1,592,344 
Cue Health, Inc.(1)
 12,946  27,834 
CVRx, Inc.(1)
 295  3,280 
DENTSPLY SIRONA, Inc. 20,900  795,663 
DexCom, Inc.(1)
 22,217  2,466,309 
Edwards Lifesciences Corp.(1)
 42,652  3,430,927 
Embecta Corp. 4,026  128,631 
Enovis Corp.(1)
 9,606  553,498 
Envista Holdings Corp.(1)
 9,405  363,597 
GE HealthCare Technologies, Inc.(1)
 15,605  1,185,980 
Glaukos Corp.(1)
 5,530  261,182 
Globus Medical, Inc., Class A(1)
 10,958  639,290 
Haemonetics Corp.(1)
 10,510  817,363 
Heska Corp.(1)
 986  80,290 
Hologic, Inc.(1)
 60,753  4,838,369 
IDEXX Laboratories, Inc.(1)
 10,512  4,974,699 
Inogen, Inc.(1)
 2,676  41,933 
Inspire Medical Systems, Inc.(1)
 1,483  385,476 
Insulet Corp.(1)
 3,479  961,456 
Integer Holdings Corp.(1)
 5,622  421,538 
48

Avantis U.S. Equity ETF
Shares Value
Integra LifeSciences Holdings Corp.(1)
 11,128  $ 618,939 
Intuitive Surgical, Inc.(1)
 23,303  5,345,475 
Lantheus Holdings, Inc.(1)
 17,692  1,308,500 
LeMaitre Vascular, Inc. 3,192  159,951 
LENSAR, Inc.(1)
 146  451 
Masimo Corp.(1)
 4,651  778,159 
Medtronic PLC 58,624  4,854,067 
Merit Medical Systems, Inc.(1)
 10,768  760,005 
Neogen Corp.(1)
 17,302  306,072 
Nevro Corp.(1)
 2,883  90,642 
Novocure Ltd.(1)
 4,699  361,682 
NuVasive, Inc.(1)
 11,611  501,944 
OraSure Technologies, Inc.(1)
 15,114  95,369 
Orthofix Medical, Inc.(1)
 5,024  103,494 
Outset Medical, Inc.(1)
 6,625  151,116 
Penumbra, Inc.(1)
 2,907  755,791 
Pulmonx Corp.(1)
 1,523  17,103 
QuidelOrtho Corp.(1)
 14,357  1,248,198 
ResMed, Inc. 7,663  1,632,219 
Shockwave Medical, Inc.(1)
 1,679  319,413 
SI-BONE, Inc.(1)
 1,090  21,555 
Sight Sciences, Inc.(1)(2)
 3,566  39,155 
STERIS PLC 6,615  1,243,818 
Stryker Corp. 11,974  3,147,725 
Tactile Systems Technology, Inc.(1)
 5,308  76,701 
Teleflex, Inc. 3,581  853,102 
Utah Medical Products, Inc. 303  27,809 
Varex Imaging Corp.(1)
 6,533  115,569 
ViewRay, Inc.(1)
 10,036  43,356 
Zimmer Biomet Holdings, Inc. 22,401  2,774,812 
Zimvie, Inc.(1)
 3,747  42,641 
Zynex, Inc.(1)
 5,148  66,512 
70,505,626 
Health Care Providers and Services — 2.3%
23andMe Holding Co., Class A(1)
 66,805  167,681 
Acadia Healthcare Co., Inc.(1)
 7,790  564,853 
Accolade, Inc.(1)
 6,390  70,993 
AdaptHealth Corp.(1)
 2,813  44,980 
Addus HomeCare Corp.(1)
 870  94,517 
agilon health, Inc.(1)(2)
 13,200  279,972 
AmerisourceBergen Corp. 16,204  2,520,694 
AMN Healthcare Services, Inc.(1)
 12,499  1,125,035 
Apollo Medical Holdings, Inc.(1)
 1,690  58,981 
Brookdale Senior Living, Inc.(1)
 89,000  287,470 
Cardinal Health, Inc. 17,264  1,307,057 
Castle Biosciences, Inc.(1)
 4,009  100,947 
Centene Corp.(1)
 80,357  5,496,419 
Chemed Corp. 2,571  1,340,982 
Cigna Group 11,280  3,294,888 
Community Health Systems, Inc.(1)
 8,840  53,570 
CorVel Corp.(1)
 1,946  350,825 
49

Avantis U.S. Equity ETF
Shares Value
Cross Country Healthcare, Inc.(1)
 16,459  $ 435,341 
CVS Health Corp. 47,439  3,963,054 
DaVita, Inc.(1)
 4,710  387,445 
Elevance Health, Inc. 23,257  10,923,115 
Encompass Health Corp. 8,356  472,281 
Enhabit, Inc.(1)
 1,164  17,867 
Ensign Group, Inc. 17,204  1,539,414 
Fulgent Genetics, Inc.(1)
 7,924  259,828 
HCA Healthcare, Inc. 9,737  2,370,473 
HealthEquity, Inc.(1)
 3,391  220,991 
Henry Schein, Inc.(1)
 10,548  826,014 
Hims & Hers Health, Inc.(1)
 8,153  91,884 
Humana, Inc. 22,470  11,123,099 
Joint Corp.(1)
 718  11,273 
Laboratory Corp. of America Holdings 10,676  2,555,407 
McKesson Corp. 6,709  2,346,875 
ModivCare, Inc.(1)
 4,529  444,703 
Molina Healthcare, Inc.(1)
 17,404  4,791,843 
National HealthCare Corp. 3,149  175,462 
National Research Corp. 3,965  179,059 
NeoGenomics, Inc.(1)
 22,633  381,366 
Oak Street Health, Inc.(1)
 7,818  276,757 
OPKO Health, Inc.(1)(2)
 37,937  43,248 
Option Care Health, Inc.(1)
 4,344  133,231 
Owens & Minor, Inc.(1)
 17,894  274,315 
Patterson Cos., Inc. 20,042  531,514 
Pediatrix Medical Group, Inc.(1)
 576  9,066 
Premier, Inc., Class A 31,690  1,020,101 
Quest Diagnostics, Inc. 6,350  878,586 
RadNet, Inc.(1)
 2,703  63,750 
Select Medical Holdings Corp. 2,671  72,625 
Signify Health, Inc., Class A(1)
 685  19,721 
Surgery Partners, Inc.(1)
 1,417  47,399 
Tenet Healthcare Corp.(1)
 8,178  478,658 
UnitedHealth Group, Inc. 43,156  20,539,667 
Universal Health Services, Inc., Class B 12,989  1,734,941 
86,800,237 
Health Care Technology — 0.1%
American Well Corp., Class A(1)
 46,680  130,237 
Doximity, Inc., Class A(1)(2)
 5,974  200,906 
Evolent Health, Inc., Class A(1)
 16,446  575,775 
Health Catalyst, Inc.(1)
 6,092  85,044 
HealthStream, Inc. 3,637  93,289 
Multiplan Corp.(1)
 4,255  4,298 
NextGen Healthcare, Inc.(1)
 1,747  31,638 
OptimizeRx Corp.(1)
 792  14,137 
Phreesia, Inc.(1)
 4,943  181,902 
Schrodinger, Inc.(1)
 2,890  62,800 
Sharecare, Inc.(1)
 51,104  119,583 
Teladoc Health, Inc.(1)
 9,070  240,264 
Veeva Systems, Inc., Class A(1)
 9,352  1,549,252 
50

Avantis U.S. Equity ETF
Shares Value
Veradigm, Inc.(1)
 31,626  $ 525,308 
3,814,433 
Hotels, Restaurants and Leisure — 2.0%
Accel Entertainment, Inc.(1)
 16,737  153,144 
Airbnb, Inc., Class A(1)
 18,664  2,300,898 
Aramark 9,813  361,118 
Bally's Corp.(1)
 2,841  56,110 
BJ's Restaurants, Inc.(1)
 7,756  248,192 
Bloomin' Brands, Inc. 23,293  607,947 
Bluegreen Vacations Holding Corp. 243  8,060 
Booking Holdings, Inc.(1)
 3,622  9,141,928 
Bowlero Corp.(1)(2)
 3,912  60,167 
Boyd Gaming Corp. 25,238  1,643,751 
Brinker International, Inc.(1)
 3,620  137,560 
Caesars Entertainment, Inc.(1)
 9,334  473,794 
Carnival Corp.(1)
 106,815  1,134,375 
Carrols Restaurant Group, Inc.(1)
 62  129 
Century Casinos, Inc.(1)
 2,996  27,743 
Cheesecake Factory, Inc.(2)
 24,158  904,476 
Chipotle Mexican Grill, Inc.(1)
 4,535  6,762,048 
Choice Hotels International, Inc. 7,601  899,654 
Churchill Downs, Inc. 3,276  805,175 
Chuy's Holdings, Inc.(1)
 7,306  261,189 
Cracker Barrel Old Country Store, Inc. 8,733  951,548 
Darden Restaurants, Inc. 36,265  5,185,532 
Dave & Buster's Entertainment, Inc.(1)
 6,410  256,528 
Denny's Corp.(1)
 3,625  42,304 
Dine Brands Global, Inc. 870  66,703 
Domino's Pizza, Inc. 1,894  556,855 
DraftKings, Inc., Class A(1)
 20,956  395,230 
Everi Holdings, Inc.(1)
 13,883  263,638 
Expedia Group, Inc.(1)
 12,197  1,329,107 
Fiesta Restaurant Group, Inc.(1)
 103  829 
Full House Resorts, Inc.(1)
 13,068  126,498 
Golden Entertainment, Inc.(1)
 8,246  338,993 
Hilton Grand Vacations, Inc.(1)
 32,328  1,543,339 
Hilton Worldwide Holdings, Inc. 12,939  1,869,815 
Hyatt Hotels Corp., Class A(1)
 12,842  1,492,754 
Inspired Entertainment, Inc.(1)
 627  9,913 
International Game Technology PLC 9,680  257,101 
Jack in the Box, Inc. 1,502  117,757 
Krispy Kreme, Inc. 994  12,932 
Las Vegas Sands Corp.(1)
 22,706  1,304,914 
Life Time Group Holdings, Inc.(1)
 4,278  77,303 
Light & Wonder, Inc., Class A(1)
 2,857  178,877 
Lindblad Expeditions Holdings, Inc.(1)(2)
 902  7,739 
Marriott International, Inc., Class A 20,289  3,433,710 
Marriott Vacations Worldwide Corp. 1,657  253,504 
McDonald's Corp. 26,627  7,027,132 
MGM Resorts International 50,085  2,154,156 
Monarch Casino & Resort, Inc. 5,947  437,818 
51

Avantis U.S. Equity ETF
Shares Value
Noodles & Co.(1)
 20,242  $ 118,213 
Norwegian Cruise Line Holdings Ltd.(1)
 122,082  1,809,255 
Papa John's International, Inc. 2,161  181,416 
Penn Entertainment, Inc.(1)
 31,377  957,940 
Planet Fitness, Inc., Class A(1)
 4,619  374,370 
Playa Hotels & Resorts NV(1)
 41,885  373,614 
PlayAGS, Inc.(1)
 1,675  10,754 
Potbelly Corp.(1)
 3,508  25,258 
RCI Hospitality Holdings, Inc. 3,276  274,431 
Red Robin Gourmet Burgers, Inc.(1)
 318  2,706 
Red Rock Resorts, Inc., Class A 7,952  347,264 
Royal Caribbean Cruises Ltd.(1)
 17,622  1,244,818 
Ruth's Hospitality Group, Inc. 10,658  198,772 
SeaWorld Entertainment, Inc.(1)
 10,612  685,535 
Shake Shack, Inc., Class A(1)
 5,797  323,415 
Six Flags Entertainment Corp.(1)
 4,894  129,202 
Starbucks Corp. 49,743  5,078,263 
Sweetgreen, Inc., Class A(1)
 1,154  10,063 
Target Hospitality Corp.(1)
 14,651  217,274 
Texas Roadhouse, Inc. 27,484  2,790,725 
Travel + Leisure Co. 8,015  336,229 
Vail Resorts, Inc. 2,540  593,065 
Wendy's Co. 28,609  628,254 
Wingstop, Inc. 2,309  393,338 
Wyndham Hotels & Resorts, Inc. 7,549  581,424 
Wynn Resorts Ltd.(1)
 10,378  1,124,664 
Xponential Fitness, Inc., Class A(1)
 755  19,169 
Yum! Brands, Inc. 14,084  1,790,921 
76,300,339 
Household Durables — 1.0%
Bassett Furniture Industries, Inc. 1,060  19,663 
Beazer Homes USA, Inc.(1)
 5,824  86,836 
Cavco Industries, Inc.(1)
 2,563  730,455 
Century Communities, Inc. 10,134  606,115 
Cricut, Inc., Class A 1,702  18,160 
D.R. Horton, Inc. 64,974  6,008,795 
Ethan Allen Interiors, Inc. 12,273  362,667 
Garmin Ltd. 16,082  1,578,127 
GoPro, Inc., Class A(1)
 27,918  144,894 
Green Brick Partners, Inc.(1)
 7,207  224,858 
Hooker Furnishings Corp. 1,278  28,097 
Hovnanian Enterprises, Inc., Class A(1)
 1,246  84,865 
Installed Building Products, Inc. 4,473  516,095 
iRobot Corp.(1)
 3,375  138,679 
KB Home 17,533  618,389 
La-Z-Boy, Inc. 17,483  566,100 
Legacy Housing Corp.(1)
 1,403  28,004 
Leggett & Platt, Inc. 6,674  230,186 
Lennar Corp., B Shares 2,642  215,746 
Lennar Corp., Class A 54,112  5,234,795 
LGI Homes, Inc.(1)
 4,305  449,055 
52

Avantis U.S. Equity ETF
Shares Value
Lifetime Brands, Inc. 8  $ 63 
Lovesac Co.(1)
 605  17,418 
M/I Homes, Inc.(1)
 10,215  590,836 
MDC Holdings, Inc. 14,319  529,803 
Meritage Homes Corp. 8,795  960,678 
Mohawk Industries, Inc.(1)
 12,114  1,245,925 
Newell Brands, Inc. 56,563  830,910 
NVR, Inc.(1)
 824  4,263,063 
PulteGroup, Inc. 53,490  2,924,298 
Purple Innovation, Inc.(1)(2)
 7,791  33,657 
Skyline Champion Corp.(1)
 22,761  1,557,080 
Sonos, Inc.(1)
 25,445  494,396 
Taylor Morrison Home Corp.(1)
 42,860  1,535,674 
Tempur Sealy International, Inc. 18,855  805,863 
Toll Brothers, Inc. 27,263  1,634,144 
TopBuild Corp.(1)
 843  174,998 
Tri Pointe Homes, Inc.(1)
 28,660  683,254 
Universal Electronics, Inc.(1)
 2,028  25,796 
Vuzix Corp.(1)
 3,281  13,616 
Whirlpool Corp. 13,624  1,879,840 
38,091,893 
Household Products — 0.8%
Central Garden & Pet Co.(1)
 592  23,976 
Central Garden & Pet Co., Class A(1)
 13,567  521,380 
Church & Dwight Co., Inc. 18,966  1,588,971 
Clorox Co. 15,969  2,482,221 
Colgate-Palmolive Co. 90,106  6,604,770 
Energizer Holdings, Inc. 337  12,209 
Kimberly-Clark Corp. 42,434  5,306,372 
Oil-Dri Corp. of America 506  18,940 
Procter & Gamble Co. 98,324  13,525,449 
Reynolds Consumer Products, Inc. 299  8,205 
Spectrum Brands Holdings, Inc. 3,925  251,278 
WD-40 Co. 834  144,641 
30,488,412 
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. 213,665  5,273,252 
Brookfield Renewable Corp., Class A 13,542  377,145 
Clearway Energy, Inc., Class A 6,812  202,384 
Clearway Energy, Inc., Class C 16,870  529,887 
Montauk Renewables, Inc.(1)
 7,801  76,918 
NextEra Energy Partners LP 13,512  895,305 
Ormat Technologies, Inc. 10,440  882,389 
Sunnova Energy International, Inc.(1)
 19,618  348,808 
Vistra Corp. 94,936  2,087,643 
10,673,731 
Industrial Conglomerates — 0.4%
3M Co. 42,394  4,567,530 
General Electric Co. 49,045  4,154,602 
Honeywell International, Inc. 26,488  5,071,922 
13,794,054 
53

Avantis U.S. Equity ETF
Shares Value
Insurance — 4.1%
Aflac, Inc. 108,289  $ 7,379,895 
Allstate Corp. 36,843  4,744,642 
Ambac Financial Group, Inc.(1)
 19,644  325,108 
American Equity Investment Life Holding Co. 18,562  773,107 
American Financial Group, Inc. 22,578  3,027,936 
American International Group, Inc. 151,794  9,276,131 
AMERISAFE, Inc. 4,556  248,484 
Aon PLC, Class A 15,290  4,648,925 
Arch Capital Group Ltd.(1)
 69,912  4,893,840 
Argo Group International Holdings Ltd. 9,288  269,816 
Arthur J Gallagher & Co. 25,936  4,859,110 
Assurant, Inc. 7,908  1,007,400 
Assured Guaranty Ltd. 16,621  1,037,317 
Axis Capital Holdings Ltd. 31,823  1,932,293 
Brighthouse Financial, Inc.(1)
 22,769  1,316,731 
Brown & Brown, Inc. 6,326  354,699 
Chubb Ltd. 38,987  8,227,037 
Cincinnati Financial Corp. 21,673  2,615,931 
CNA Financial Corp. 4,888  213,997 
CNO Financial Group, Inc. 59,669  1,528,720 
Donegal Group, Inc., Class A 1,311  20,150 
Employers Holdings, Inc. 8,352  370,912 
Enstar Group Ltd.(1)
 1,892  462,613 
Erie Indemnity Co., Class A 3,782  890,245 
Everest Re Group Ltd. 8,553  3,284,095 
F&G Annuities & Life, Inc. 4,837  98,530 
Fidelity National Financial, Inc. 73,498  2,929,630 
First American Financial Corp. 28,984  1,645,712 
Genworth Financial, Inc., Class A(1)
 168,201  1,047,892 
Globe Life, Inc. 19,148  2,330,120 
Greenlight Capital Re Ltd., A Shares(1)
 2,295  21,068 
Hallmark Financial Services, Inc.(1)
 14  154 
Hanover Insurance Group, Inc. 6,060  845,249 
Hartford Financial Services Group, Inc. 91,137  7,134,204 
HCI Group, Inc.(2)
 848  44,520 
Horace Mann Educators Corp. 14,116  521,727 
James River Group Holdings Ltd. 4,260  102,666 
Kemper Corp. 9,068  558,589 
Kinsale Capital Group, Inc. 4,262  1,358,299 
Lemonade, Inc.(1)
 7,591  123,733 
Lincoln National Corp. 23,599  748,560 
Loews Corp. 35,591  2,174,254 
Markel Corp.(1)
 1,835  2,440,293 
Marsh & McLennan Cos., Inc. 22,775  3,692,739 
MBIA, Inc.(1)
 2,999  41,356 
Mercury General Corp. 4,573  155,711 
MetLife, Inc. 97,861  7,019,570 
National Western Life Group, Inc., Class A 527  142,179 
Old Republic International Corp. 89,505  2,360,247 
Oscar Health, Inc., Class A(1)(2)
 22,659  125,531 
54

Avantis U.S. Equity ETF
Shares Value
Palomar Holdings, Inc.(1)
 2,311  $ 138,660 
Primerica, Inc. 15,484  2,971,999 
Principal Financial Group, Inc. 49,443  4,428,115 
ProAssurance Corp. 12,114  240,948 
Progressive Corp. 76,826  11,026,068 
Prudential Financial, Inc. 68,291  6,829,100 
Reinsurance Group of America, Inc. 18,977  2,741,607 
RenaissanceRe Holdings Ltd. 10,450  2,245,705 
RLI Corp. 7,513  1,036,118 
Ryan Specialty Holdings, Inc.(1)
 2,762  116,335 
Safety Insurance Group, Inc. 3,893  314,126 
Selective Insurance Group, Inc. 14,708  1,493,303 
SiriusPoint Ltd.(1)
 23,973  170,208 
Stewart Information Services Corp. 9,775  415,340 
Tiptree, Inc. 3,227  51,955 
Travelers Cos., Inc. 53,812  9,961,677 
Trupanion, Inc.(1)(2)
 993  58,964 
United Fire Group, Inc. 7,019  200,322 
Universal Insurance Holdings, Inc. 2,776  53,660 
Unum Group 58,267  2,595,795 
W R Berkley Corp. 37,015  2,450,023 
White Mountains Insurance Group Ltd. 700  1,010,499 
Willis Towers Watson PLC 5,243  1,228,750 
153,150,944 
Interactive Media and Services — 2.6%
Alphabet, Inc., Class A(1)
 385,483  34,716,599 
Alphabet, Inc., Class C(1)
 340,178  30,718,074 
Cargurus, Inc.(1)
 9,066  154,575 
Cars.com, Inc.(1)
 33,256  638,515 
EverQuote, Inc., Class A(1)
 1,005  13,718 
IAC, Inc.(1)
 8,432  437,958 
Match Group, Inc.(1)
 8,277  342,833 
Meta Platforms, Inc., Class A(1)
 148,133  25,914,387 
Nextdoor Holdings, Inc.(1)
 6,500  13,390 
Pinterest, Inc., Class A(1)
 55,076  1,382,959 
QuinStreet, Inc.(1)
 6,577  111,612 
Shutterstock, Inc. 5,149  387,308 
Snap, Inc., Class A(1)
 27,442  278,536 
TripAdvisor, Inc.(1)
 10,645  229,613 
TrueCar, Inc.(1)
 11,316  26,366 
Yelp, Inc.(1)
 11,801  354,266 
Ziff Davis, Inc.(1)
 5,432  429,019 
ZipRecruiter, Inc., Class A(1)
 21,735  370,799 
ZoomInfo Technologies, Inc.(1)
 9,741  235,440 
96,755,967 
Internet and Direct Marketing Retail — 1.3%
1-800-Flowers.com, Inc., Class A(1)
 3,337  33,036 
Amazon.com, Inc.(1)
 396,187  37,332,701 
CarParts.com, Inc.(1)
 3,855  24,171 
Chewy, Inc., Class A(1)(2)
 15,089  611,859 
DoorDash, Inc., Class A(1)
 13,966  763,382 
55

Avantis U.S. Equity ETF
Shares Value
Duluth Holdings, Inc., Class B(1)
 133  $ 799 
eBay, Inc. 131,750  6,047,325 
Etsy, Inc.(1)
 10,358  1,257,565 
Lands' End, Inc.(1)
 527  4,005 
MercadoLibre, Inc.(1)
 1,610  1,964,200 
PetMed Express, Inc.(2)
 2,067  38,818 
Qurate Retail, Inc., Series A(1)
 25,054  52,864 
Stitch Fix, Inc., Class A(1)
 1,184  5,518 
Wayfair, Inc., Class A(1)
 2,433  98,512 
48,234,755 
IT Services — 3.2%
Accenture PLC, Class A 43,223  11,477,868 
Affirm Holdings, Inc.(1)(2)
 3,842  52,328 
Akamai Technologies, Inc.(1)
 21,911  1,590,739 
Amdocs Ltd. 13,175  1,206,962 
Automatic Data Processing, Inc. 48,797  10,726,556 
AvidXchange Holdings, Inc.(1)
 7,291  72,545 
Block, Inc.(1)
 9,835  754,640 
Broadridge Financial Solutions, Inc., ADR 11,095  1,561,954 
Cass Information Systems, Inc. 5,024  242,910 
Cloudflare, Inc., Class A(1)
 6,127  367,681 
Cognizant Technology Solutions Corp., Class A 60,691  3,801,077 
Computer Task Group, Inc.(1)
 51  378 
Concentrix Corp. 5,671  776,020 
Conduent, Inc.(1)
 4,885  19,442 
CSG Systems International, Inc. 10,690  600,778 
DigitalOcean Holdings, Inc.(1)
 6,915  221,142 
DXC Technology Co.(1)
 65,067  1,804,959 
EPAM Systems, Inc.(1)
 6,586  2,026,183 
Euronet Worldwide, Inc.(1)
 6,678  726,900 
EVERTEC, Inc. 11,391  419,303 
Evo Payments, Inc., Class A(1)
 1,906  64,518 
ExlService Holdings, Inc.(1)
 3,188  524,458 
Fastly, Inc., Class A(1)
 7,980  110,842 
Fidelity National Information Services, Inc. 15,923  1,009,040 
Fiserv, Inc.(1)
 16,686  1,920,392 
FleetCor Technologies, Inc.(1)
 3,886  834,674 
Gartner, Inc.(1)
 6,036  1,978,661 
Genpact Ltd. 9,897  472,384 
Global Payments, Inc. 7,850  880,770 
Globant SA(1)
 2,842  469,157 
GoDaddy, Inc., Class A(1)
 9,135  691,611 
Grid Dynamics Holdings, Inc.(1)
 1,487  17,324 
Hackett Group, Inc. 5,975  111,374 
IBEX Holdings Ltd.(1)
 3,672  102,632 
International Business Machines Corp. 49,513  6,402,031 
International Money Express, Inc.(1)
 11,456  292,701 
Jack Henry & Associates, Inc. 10,965  1,800,892 
Kyndryl Holdings, Inc.(1)
 45,088  707,431 
Marqeta, Inc., Class A(1)
 40,215  233,247 
Mastercard, Inc., Class A 54,808  19,472,734 
56

Avantis U.S. Equity ETF
Shares Value
MAXIMUS, Inc. 7,580  $ 622,166 
MongoDB, Inc.(1)
 1,166  244,300 
Okta, Inc.(1)
 1,770  126,183 
Paychex, Inc. 50,922  5,621,789 
Payoneer Global, Inc.(1)
 84,236  488,569 
PayPal Holdings, Inc.(1)
 60,878  4,480,621 
Paysafe Ltd.(1)
 722  14,397 
Perficient, Inc.(1)
 1,762  124,750 
Remitly Global, Inc.(1)
 18,653  272,893 
Sabre Corp.(1)
 21,443  108,502 
Shift4 Payments, Inc., Class A(1)
 3,958  255,291 
Snowflake, Inc., Class A(1)
 11,553  1,783,552 
Squarespace, Inc., Class A(1)
 4,190  98,088 
SS&C Technologies Holdings, Inc. 6,732  395,168 
TaskUS, Inc., Class A(1)
 3,456  59,460 
Thoughtworks Holding, Inc.(1)
 1,152  8,479 
Toast, Inc., Class A(1)
 19,380  366,670 
TTEC Holdings, Inc. 2,192  88,250 
Twilio, Inc., Class A(1)
 10,792  725,330 
Unisys Corp.(1)
 1,565  7,794 
VeriSign, Inc.(1)
 4,811  946,949 
Verra Mobility Corp.(1)
 23,708  408,489 
Visa, Inc., Class A 113,792  25,027,412 
Western Union Co. 60,753  787,359 
WEX, Inc.(1)
 5,363  1,034,040 
120,643,739 
Leisure Products — 0.2%
Acushnet Holdings Corp. 4,952  238,984 
American Outdoor Brands, Inc.(1)
 141  1,301 
AMMO, Inc.(1)(2)
 9,052  17,651 
Brunswick Corp. 20,206  1,766,408 
Clarus Corp. 1,481  14,662 
Hasbro, Inc. 6,898  379,459 
JAKKS Pacific, Inc.(1)
 881  17,039 
Johnson Outdoors, Inc., Class A 538  34,895 
Malibu Boats, Inc., Class A(1)
 9,318  556,844 
Marine Products Corp. 2  26 
MasterCraft Boat Holdings, Inc.(1)
 8,610  290,760 
Mattel, Inc.(1)
 32,482  584,351 
Peloton Interactive, Inc., Class A(1)
 1,635  21,124 
Polaris, Inc. 18,114  2,060,467 
Smith & Wesson Brands, Inc. 13,547  148,204 
Sturm Ruger & Co., Inc. 7,432  433,063 
Topgolf Callaway Brands Corp.(1)
 21,390  495,820 
Vista Outdoor, Inc.(1)
 25,786  736,448 
YETI Holdings, Inc.(1)
 14,072  548,527 
8,346,033 
Life Sciences Tools and Services — 1.0%
10X Genomics, Inc., Class A(1)
 4,627  219,875 
AbCellera Biologics, Inc.(1)(2)
 54,474  457,582 
Adaptive Biotechnologies Corp.(1)
 13,832  118,264 
57

Avantis U.S. Equity ETF
Shares Value
Agilent Technologies, Inc. 18,752  $ 2,662,221 
Avantor, Inc.(1)
 12,342  300,775 
Azenta, Inc.(1)
 9,591  420,949 
BioLife Solutions, Inc.(1)
 1,960  45,590 
Bionano Genomics, Inc.(1)(2)
 30,478  40,841 
Bio-Rad Laboratories, Inc., Class A(1)
 2,758  1,317,883 
Bio-Techne Corp. 10,282  746,884 
Bruker Corp. 20,083  1,384,120 
Charles River Laboratories International, Inc.(1)
 2,835  621,829 
Codexis, Inc.(1)
 1,188  5,744 
Cytek Biosciences, Inc.(1)
 6,145  63,293 
Danaher Corp. 21,313  5,275,607 
Illumina, Inc.(1)
 7,115  1,417,308 
Inotiv, Inc.(1)(2)
 2,334  17,505 
IQVIA Holdings, Inc.(1)
 11,039  2,301,300 
Maravai LifeSciences Holdings, Inc., Class A(1)
 15,738  232,135 
MaxCyte, Inc.(1)
 13,261  60,205 
Medpace Holdings, Inc.(1)
 4,088  792,581 
Mettler-Toledo International, Inc.(1)
 2,910  4,172,096 
NanoString Technologies, Inc.(1)
 1,738  16,963 
OmniAb, Inc.(1)
 1,555  4,306 
OmniAb, Inc.(1)
 1,555  4,141 
PerkinElmer, Inc. 6,154  766,604 
Quanterix Corp.(1)
 6,794  74,734 
Quantum-Si, Inc.(1)
 8,490  15,452 
Repligen Corp.(1)
 4,103  715,440 
Seer, Inc.(1)
 6,973  28,520 
SomaLogic, Inc.(1)
 18,392  46,716 
Sotera Health Co.(1)
 8,227  137,309 
Syneos Health, Inc.(1)
 1,274  51,240 
Thermo Fisher Scientific, Inc. 13,432  7,276,920 
Waters Corp.(1)
 9,522  2,960,295 
West Pharmaceutical Services, Inc. 8,004  2,537,508 
37,310,735 
Machinery — 2.6%
AGCO Corp. 11,629  1,637,479 
Alamo Group, Inc. 1,827  333,227 
Albany International Corp., Class A 9,005  908,785 
Allison Transmission Holdings, Inc. 14,113  670,368 
Altra Industrial Motion Corp. 3,431  211,109 
Astec Industries, Inc. 5,392  242,802 
Barnes Group, Inc. 9,442  397,886 
Caterpillar, Inc. 65,352  15,655,072 
Chart Industries, Inc.(1)
 2,835  378,473 
Columbus McKinnon Corp. 1,487  55,197 
Commercial Vehicle Group, Inc.(1)
 7,054  55,727 
Crane Holdings Co. 4,187  501,519 
Cummins, Inc. 23,322  5,669,112 
Deere & Co. 43,892  18,401,282 
Desktop Metal, Inc., Class A(1)(2)
 15,754  23,946 
Donaldson Co., Inc. 30,633  1,937,537 
58

Avantis U.S. Equity ETF
Shares Value
Dover Corp. 5,518  $ 827,148 
Enerpac Tool Group Corp. 6,721  180,997 
ESCO Technologies, Inc. 3,441  320,667 
Evoqua Water Technologies Corp.(1)
 10,486  509,200 
Federal Signal Corp. 8,979  473,822 
Fortive Corp. 11,379  758,524 
Franklin Electric Co., Inc. 2,042  195,154 
Gates Industrial Corp. PLC(1)
 14,379  201,881 
Graco, Inc. 24,999  1,738,430 
Greenbrier Cos., Inc. 13,537  434,673 
Helios Technologies, Inc. 5,000  338,700 
Hillenbrand, Inc. 4,609  217,268 
Hillman Solutions Corp.(1)
 14,883  132,310 
Hyliion Holdings Corp.(1)
 15,309  43,324 
Hyster-Yale Materials Handling, Inc. 1,633  63,540 
IDEX Corp. 5,192  1,168,096 
Illinois Tool Works, Inc. 24,462  5,703,560 
Ingersoll Rand, Inc. 32,561  1,890,817 
ITT, Inc. 10,862  987,247 
John Bean Technologies Corp. 338  37,481 
Kadant, Inc. 2,384  511,749 
Kennametal, Inc. 26,551  752,190 
Lincoln Electric Holdings, Inc. 16,199  2,720,298 
Lindsay Corp. 1,586  238,677 
Manitowoc Co., Inc.(1)
 4,355  82,353 
Mayville Engineering Co., Inc.(1)
 2,072  33,608 
Microvast Holdings, Inc.(1)
 18,299  23,606 
Middleby Corp.(1)
 2,515  391,057 
Miller Industries, Inc. 1,362  37,877 
Mueller Industries, Inc. 26,646  1,971,005 
Mueller Water Products, Inc., Class A 43,560  604,177 
Nikola Corp.(1)(2)
 2,826  6,274 
Nordson Corp. 3,803  835,291 
Omega Flex, Inc. 306  35,612 
Oshkosh Corp. 10,391  926,773 
Otis Worldwide Corp. 19,829  1,677,930 
PACCAR, Inc. 107,261  7,744,244 
Parker-Hannifin Corp. 6,034  2,123,063 
Park-Ohio Holdings Corp. 42  559 
Pentair PLC 5,088  284,623 
Proterra, Inc.(1)(2)
 24,195  101,619 
Proto Labs, Inc.(1)
 2,782  87,466 
RBC Bearings, Inc.(1)
 2,770  636,574 
REV Group, Inc. 10,931  127,783 
Snap-on, Inc. 10,591  2,633,770 
SPX Technologies, Inc.(1)
 5,469  385,236 
Standex International Corp. 2,328  269,303 
Stanley Black & Decker, Inc. 3,417  292,529 
Tennant Co. 2,019  142,986 
Terex Corp. 19,103  1,131,089 
Timken Co. 15,781  1,348,486 
59

Avantis U.S. Equity ETF
Shares Value
Titan International, Inc.(1)
 25,155  $ 312,174 
Toro Co. 15,116  1,669,411 
Trinity Industries, Inc. 20,663  576,704 
Wabash National Corp. 26,314  721,004 
Watts Water Technologies, Inc., Class A 4,581  802,729 
Westinghouse Air Brake Technologies Corp. 11,961  1,247,891 
Xylem, Inc. 10,739  1,102,358 
97,892,438 
Marine — 0.1%
Costamare, Inc. 13,185  138,443 
Eagle Bulk Shipping, Inc.(2)
 4,757  310,489 
Eneti, Inc. 3,569  37,760 
Genco Shipping & Trading Ltd. 17,009  324,021 
Kirby Corp.(1)
 18,020  1,306,991 
Matson, Inc. 14,571  969,117 
Pangaea Logistics Solutions Ltd. 1,520  10,093 
Safe Bulkers, Inc.(2)
 15,972  59,895 
3,156,809 
Media — 0.8%
Altice USA, Inc., Class A(1)
 20,711  82,016 
AMC Networks, Inc., Class A(1)
 8,674  193,951 
Boston Omaha Corp., Class A(1)
 3,267  78,702 
Cable One, Inc. 1,463  1,010,362 
Charter Communications, Inc., Class A(1)
 4,955  1,821,508 
Comcast Corp., Class A 339,108  12,604,644 
Cumulus Media, Inc., Class A(1)
 4,685  25,393 
Daily Journal Corp.(1)
 69  20,954 
DISH Network Corp., Class A(1)
 47,674  543,960 
E.W. Scripps Co., Class A(1)
 572  7,219 
Emerald Holding, Inc.(1)
 896  3,414 
Entravision Communications Corp., Class A 20,342  133,443 
Fox Corp., Class A 71,630  2,508,483 
Fox Corp., Class B 33,236  1,071,861 
Gray Television, Inc. 23,049  269,673 
iHeartMedia, Inc., Class A(1)
 8,717  63,285 
Interpublic Group of Cos., Inc. 20,267  720,289 
John Wiley & Sons, Inc., Class A 1,862  82,840 
Liberty Broadband Corp., Class A(1)
 923  80,052 
Liberty Broadband Corp., Class C(1)
 12,199  1,057,287 
Liberty Media Corp.-Liberty SiriusXM, Class A(1)
 2,119  68,634 
Liberty Media Corp.-Liberty SiriusXM, Class C(1)
 6,803  219,193 
Loyalty Ventures, Inc.(1)
 43  76 
Magnite, Inc.(1)
 8,405  93,548 
New York Times Co., Class A 28,931  1,113,843 
News Corp., Class A 59,914  1,027,525 
News Corp., Class B 18,047  311,491 
Nexstar Media Group, Inc., Class A 4,578  851,050 
Omnicom Group, Inc. 12,946  1,172,519 
Paramount Global, Class B 52,028  1,114,440 
PubMatic, Inc., Class A(1)
 11,858  180,004 
Scholastic Corp. 10,111  461,163 
60

Avantis U.S. Equity ETF
Shares Value
Sinclair Broadcast Group, Inc., Class A 3,662  $ 59,581 
Sirius XM Holdings, Inc. 25,864  113,543 
TechTarget, Inc.(1)
 1,823  68,782 
TEGNA, Inc. 24  418 
Thryv Holdings, Inc.(1)
 1,490  35,522 
Trade Desk, Inc., Class A(1)
 19,752  1,105,322 
WideOpenWest, Inc.(1)
 18,350  200,565 
30,576,555 
Metals and Mining — 1.8%
Alcoa Corp. 54,400  2,662,336 
Alpha Metallurgical Resources, Inc. 7,017  1,177,032 
Arconic Corp.(1)
 24,407  645,321 
ATI, Inc.(1)
 49,696  2,020,142 
Carpenter Technology Corp. 11,424  552,122 
Century Aluminum Co.(1)
 8,534  103,005 
Cleveland-Cliffs, Inc.(1)
 170,688  3,640,775 
Coeur Mining, Inc.(1)
 60,788  189,659 
Commercial Metals Co. 48,183  2,493,470 
Compass Minerals International, Inc. 15,906  612,858 
Fortitude Gold Corp. 744  4,672 
Freeport-McMoRan, Inc. 299,814  12,283,380 
Gatos Silver, Inc.(1)
 12,800  51,712 
Gold Resource Corp.(2)
 5,263  4,813 
Haynes International, Inc. 2,622  143,450 
Hecla Mining Co. 116,770  601,366 
Kaiser Aluminum Corp. 5,444  431,818 
McEwen Mining, Inc.(1)(2)
 3,538  24,058 
MP Materials Corp.(1)
 24,050  841,750 
Newmont Corp. 162,548  7,088,718 
Nucor Corp. 65,533  10,972,846 
Olympic Steel, Inc. 4,487  235,568 
Piedmont Lithium, Inc.(1)(2)
 1,501  97,415 
Ramaco Resources, Inc.(2)
 6,514  64,814 
Reliance Steel & Aluminum Co. 17,592  4,360,001 
Royal Gold, Inc. 12,353  1,467,413 
Ryerson Holding Corp. 11,097  398,715 
Schnitzer Steel Industries, Inc., Class A 10,425  340,793 
Steel Dynamics, Inc. 60,482  7,627,385 
SunCoke Energy, Inc. 44,127  419,648 
TimkenSteel Corp.(1)
 20,204  369,531 
Tredegar Corp. 6,485  75,356 
United States Steel Corp. 85,506  2,619,049 
Warrior Met Coal, Inc. 27,497  1,052,310 
Worthington Industries, Inc. 8,826  533,443 
66,206,744 
Multiline Retail — 0.6%
Big Lots, Inc. 11,111  159,443 
Dillard's, Inc., Class A 1,702  606,610 
Dollar General Corp. 22,676  4,904,819 
Dollar Tree, Inc.(1)
 26,358  3,829,290 
Kohl's Corp. 36,772  1,031,087 
61

Avantis U.S. Equity ETF
Shares Value
Macy's, Inc. 109,932  $ 2,249,209 
Nordstrom, Inc. 44,584  868,496 
Ollie's Bargain Outlet Holdings, Inc.(1)
 7,467  429,651 
Target Corp. 55,451  9,343,493 
23,422,098 
Multi-Utilities — 0.8%
Ameren Corp. 32,604  2,696,677 
Avista Corp. 17,277  710,430 
Black Hills Corp. 657  40,346 
CenterPoint Energy, Inc. 93,485  2,600,753 
CMS Energy Corp. 24,535  1,446,829 
Consolidated Edison, Inc. 54,506  4,870,111 
Dominion Energy, Inc. 50,892  2,830,613 
DTE Energy Co. 15,996  1,754,921 
NiSource, Inc. 80,268  2,201,751 
NorthWestern Corp. 10,284  594,210 
Public Service Enterprise Group, Inc. 63,298  3,825,098 
Sempra Energy 29,393  4,407,774 
Unitil Corp. 4,249  230,806 
WEC Energy Group, Inc. 21,972  1,948,038 
30,158,357 
Oil, Gas and Consumable Fuels — 8.1%
Aemetis, Inc.(1)
 1,036  3,699 
Alto Ingredients, Inc.(1)
 4,759  13,896 
Amplify Energy Corp.(1)
 1,985  16,634 
Antero Midstream Corp. 103,369  1,089,509 
Antero Resources Corp.(1)
 90,779  2,378,410 
APA Corp. 109,650  4,208,367 
Arch Resources, Inc. 9,898  1,557,450 
Ardmore Shipping Corp. 8,356  151,661 
Battalion Oil Corp.(1)
 400  3,604 
Berry Corp. 32,729  308,635 
California Resources Corp. 25,928  1,094,162 
Callon Petroleum Co.(1)
 27,594  1,069,543 
Centrus Energy Corp., Class A(1)
 438  19,627 
Cheniere Energy, Inc. 12,937  2,035,508 
Chesapeake Energy Corp. 46,851  3,786,029 
Chevron Corp. 184,337  29,635,860 
Chord Energy Corp. 15,875  2,137,093 
Civitas Resources, Inc. 24,094  1,690,676 
Clean Energy Fuels Corp.(1)
 27,485  153,916 
CNX Resources Corp.(1)
 75,244  1,154,995 
Comstock Resources, Inc.(2)
 57,697  700,442 
ConocoPhillips 198,722  20,537,919 
CONSOL Energy, Inc. 16,050  878,417 
Coterra Energy, Inc. 231,187  5,772,739 
Crescent Energy Co., Class A(2)
 16,054  185,263 
CVR Energy, Inc. 13,767  436,827 
Delek US Holdings, Inc. 36,199  911,129 
Denbury, Inc.(1)
 19,945  1,662,815 
Devon Energy Corp. 161,562  8,711,423 
62

Avantis U.S. Equity ETF
Shares Value
DHT Holdings, Inc. 36,170  $ 418,487 
Diamondback Energy, Inc. 53,173  7,475,060 
Dorian LPG Ltd. 15,692  344,439 
DT Midstream, Inc. 21,583  1,083,467 
Earthstone Energy, Inc., Class A(1)
 31,196  435,184 
EnLink Midstream LLC(1)
 110,218  1,241,055 
EOG Resources, Inc. 114,920  12,988,258 
EQT Corp. 105,401  3,497,205 
Equitrans Midstream Corp. 211,859  1,277,510 
Evolution Petroleum Corp. 12,414  80,815 
Excelerate Energy, Inc., Class A 1,927  41,642 
Exxon Mobil Corp. 436,680  47,995,499 
Gevo, Inc.(1)(2)
 27,330  50,561 
Green Plains, Inc.(1)
 17,423  604,055 
Gulfport Energy Corp.(1)
 4,328  286,167 
Hallador Energy Co.(1)
 5,335  40,706 
Hess Corp. 71,628  9,648,292 
Hess Midstream LP, Class A 12,639  346,561 
HF Sinclair Corp. 54,897  2,729,479 
HighPeak Energy, Inc.(2)
 5,048  135,034 
International Seaways, Inc. 12,549  645,521 
Kimbell Royalty Partners LP 26,470  408,432 
Kinder Morgan, Inc. 185,641  3,167,035 
Kinetik Holdings, Inc.(2)
 479  14,250 
Kosmos Energy Ltd.(1)
 211,345  1,663,285 
Magnolia Oil & Gas Corp., Class A 71,824  1,569,354 
Marathon Oil Corp. 220,566  5,547,235 
Marathon Petroleum Corp. 107,923  13,339,283 
Matador Resources Co. 46,473  2,499,783 
Murphy Oil Corp. 65,489  2,555,381 
NACCO Industries, Inc., Class A 767  28,678 
New Fortress Energy, Inc. 4,384  144,628 
NextDecade Corp.(1)
 153  1,080 
Nordic American Tankers Ltd. 48,074  212,968 
Northern Oil & Gas, Inc. 33,980  1,054,739 
Occidental Petroleum Corp. 146,449  8,576,053 
ONEOK, Inc. 110,628  7,240,603 
Overseas Shipholding Group, Inc., Class A(1)
 20,091  74,337 
Ovintiv, Inc. 88,723  3,794,683 
Par Pacific Holdings, Inc.(1)
 33,906  941,909 
PBF Energy, Inc., Class A 58,267  2,546,851 
PDC Energy, Inc. 38,338  2,572,863 
Peabody Energy Corp.(1)
 53,340  1,456,182 
Permian Resources Corp. 73,583  795,432 
Phillips 66 107,126  10,986,843 
PHX Minerals, Inc. 28  80 
Pioneer Natural Resources Co. 44,084  8,834,874 
Plains GP Holdings LP, Class A(2)
 76,021  1,057,452 
Range Resources Corp. 97,557  2,628,186 
Ranger Oil Corp., Class A 10,552  437,908 
REX American Resources Corp.(1)
 6,239  205,949 
63

Avantis U.S. Equity ETF
Shares Value
Riley Exploration Permian, Inc. 1,214  $ 37,148 
Ring Energy, Inc.(1)(2)
 28,089  58,987 
SandRidge Energy, Inc.(1)
 14,963  218,310 
Scorpio Tankers, Inc. 13,409  809,367 
SFL Corp. Ltd. 48,270  498,146 
SilverBow Resources, Inc.(1)
 5,692  140,137 
Sitio Royalties Corp., Class A 21,251  499,611 
SM Energy Co. 54,655  1,612,869 
Southwestern Energy Co.(1)
 447,461  2,371,543 
Talos Energy, Inc.(1)
 37,180  662,176 
Targa Resources Corp. 69,238  5,130,536 
Teekay Corp.(1)
 10,064  62,799 
Teekay Tankers Ltd., Class A(1)
 5,805  262,096 
Tellurian, Inc.(1)(2)
 21,113  31,458 
Texas Pacific Land Corp. 1,868  3,325,395 
Uranium Energy Corp.(1)
 28,946  107,100 
VAALCO Energy, Inc. 38,174  179,036 
Valero Energy Corp. 88,731  11,688,535 
Viper Energy Partners LP 12,123  347,082 
Vital Energy, Inc.(1)
 7,723  396,885 
Vitesse Energy, Inc.(1)
 4,290  74,603 
W&T Offshore, Inc.(1)
 5,246  29,430 
Williams Cos., Inc. 226,742  6,824,934 
World Fuel Services Corp. 19,024  522,209 
303,917,973 
Paper and Forest Products — 0.1%
Clearwater Paper Corp.(1)
 9,107  351,439 
Glatfelter Corp. 2,820  10,829 
Louisiana-Pacific Corp. 28,690  1,678,652 
Mercer International, Inc. 17,446  188,068 
Sylvamo Corp. 20,250  998,932 
3,227,920 
Personal Products — 0.2%
BellRing Brands, Inc.(1)
 389  12,012 
Coty, Inc., Class A(1)
 6,724  75,981 
Edgewell Personal Care Co. 10,856  463,551 
elf Beauty, Inc.(1)
 3,548  265,213 
Estee Lauder Cos., Inc., Class A 17,950  4,362,748 
Herbalife Nutrition Ltd.(1)
 7,525  145,609 
Inter Parfums, Inc. 2,531  304,758 
Lifevantage Corp. 15  58 
Medifast, Inc. 3,988  447,174 
Nature's Sunshine Products, Inc.(1)
 2  22 
Nu Skin Enterprises, Inc., Class A 19,834  790,187 
Olaplex Holdings, Inc.(1)
 10,073  49,559 
Thorne HealthTech, Inc.(1)
 1,462  7,237 
USANA Health Sciences, Inc.(1)
 3,082  187,324 
7,111,433 
Pharmaceuticals — 3.9%
Aclaris Therapeutics, Inc.(1)
 6,019  74,997 
Amneal Pharmaceuticals, Inc.(1)
 3,268  6,732 
64

Avantis U.S. Equity ETF
Shares Value
Amphastar Pharmaceuticals, Inc.(1)
 8,446  $ 269,090 
ANI Pharmaceuticals, Inc.(1)
 2,156  90,207 
Arvinas, Inc.(1)
 21,782  667,618 
Assertio Holdings, Inc.(1)(2)
 26,321  145,555 
ATAI Life Sciences NV(1)(2)
 9,588  16,108 
Atea Pharmaceuticals, Inc.(1)
 11,053  39,128 
Bristol-Myers Squibb Co. 251,296  17,329,372 
Cassava Sciences, Inc.(1)
 1,104  27,269 
Catalent, Inc.(1)
 11,845  808,066 
CinCor Pharma, Inc.(1)
 3,906  11,952 
Collegium Pharmaceutical, Inc.(1)
 4,748  125,964 
Corcept Therapeutics, Inc.(1)
 28,458  592,780 
DICE Therapeutics, Inc.(1)
 6,050  180,532 
Edgewise Therapeutics, Inc.(1)(2)
 6,983  66,897 
Elanco Animal Health, Inc.(1)
 41,470  475,661 
Eli Lilly & Co. 68,691  21,378,013 
Esperion Therapeutics, Inc.(1)
 3,943  24,368 
Fulcrum Therapeutics, Inc.(1)
 8,357  50,476 
Harmony Biosciences Holdings, Inc.(1)
 11,263  495,910 
Harrow Health, Inc.(1)
 10,262  183,895 
Innoviva, Inc.(1)
 29,880  360,652 
Intra-Cellular Therapies, Inc.(1)
 514  25,201 
Jazz Pharmaceuticals PLC(1)
 20,617  2,894,627 
Johnson & Johnson 189,069  28,976,715 
KemPharm, Inc.(1)
 1,927  11,196 
Ligand Pharmaceuticals, Inc.(1)
 4,344  313,376 
Liquidia Corp.(1)
 1,839  13,921 
Merck & Co., Inc. 293,187  31,148,187 
Nektar Therapeutics(1)
 21,804  30,089 
NGM Biopharmaceuticals, Inc.(1)
 2,286  10,836 
Nuvation Bio, Inc.(1)
 25,350  49,179 
Oramed Pharmaceuticals, Inc.(1)(2)
 4,152  8,719 
Organon & Co. 13,269  324,958 
Perrigo Co. PLC 17,062  643,067 
Pfizer, Inc. 575,698  23,356,068 
Phathom Pharmaceuticals, Inc.(1)(2)
 748  6,403 
Phibro Animal Health Corp., Class A 1,151  18,082 
Pliant Therapeutics, Inc.(1)
 3,789  120,717 
Prestige Consumer Healthcare, Inc.(1)
 11,971  721,253 
ProPhase Labs, Inc.(2)
 3,387  24,759 
Provention Bio, Inc.(1)
 5,086  42,214 
Radius Health, Inc.(1)
 996  10 
Royalty Pharma PLC, Class A 31,374  1,124,758 
SIGA Technologies, Inc. 19,475  133,404 
Strongbridge LLC(1)
 1,036  188 
Supernus Pharmaceuticals, Inc.(1)
 19,119  718,683 
Tarsus Pharmaceuticals, Inc.(1)
 2,445  37,873 
Terns Pharmaceuticals, Inc.(1)
 3,729  37,775 
Theravance Biopharma, Inc.(1)
 13,484  145,627 
Ventyx Biosciences, Inc.(1)
 1,475  63,794 
Viatris, Inc. 379,970  4,331,658 
65

Avantis U.S. Equity ETF
Shares Value
WaVe Life Sciences Ltd.(1)(2)
 1,879  $ 7,892 
Zoetis, Inc. 38,496  6,428,832 
145,191,303 
Professional Services — 0.6%
Alight, Inc., Class A(1)
 15,619  149,942 
ASGN, Inc.(1)
 2,198  195,182 
Barrett Business Services, Inc. 2,973  285,349 
BGSF, Inc. 7  99 
Booz Allen Hamilton Holding Corp. 15,983  1,514,070 
CACI International, Inc., Class A(1)
 736  215,648 
CBIZ, Inc.(1)
 16,788  840,911 
Clarivate PLC(1)
 78,517  795,377 
CoStar Group, Inc.(1)
 30,064  2,124,322 
CRA International, Inc. 1,558  193,924 
Dun & Bradstreet Holdings, Inc. 6,480  77,825 
Equifax, Inc. 4,673  946,423 
Exponent, Inc. 10,162  1,045,670 
First Advantage Corp.(1)
 6,034  87,553 
Franklin Covey Co.(1)
 5,698  267,065 
FTI Consulting, Inc.(1)
 2,062  378,810 
Heidrick & Struggles International, Inc. 8,431  289,436 
ICF International, Inc. 237  23,579 
Insperity, Inc. 11,950  1,482,876 
Jacobs Solutions, Inc. 4,796  573,122 
KBR, Inc. 16,673  918,849 
Kelly Services, Inc., Class A 6,126  102,488 
Kforce, Inc. 9,152  571,909 
Korn Ferry 18,813  1,051,459 
Leidos Holdings, Inc. 6,173  599,213 
ManpowerGroup, Inc. 11,177  948,704 
NV5 Global, Inc.(1)
 1,979  208,230 
Planet Labs PBC(1)
 47,360  218,330 
RCM Technologies, Inc.(1)
 565  8,147 
Resources Connection, Inc. 7,082  127,901 
Robert Half International, Inc. 35,638  2,873,136 
Science Applications International Corp. 2,835  302,324 
TransUnion 6,575  430,202 
TriNet Group, Inc.(1)
 12,568  1,041,510 
TrueBlue, Inc.(1)
 16,720  312,664 
Verisk Analytics, Inc. 12,528  2,143,666 
23,345,915 
Real Estate Management and Development — 0.3%
CBRE Group, Inc., Class A(1)
 43,581  3,710,486 
Compass, Inc., Class A(1)
 10,858  39,197 
Cushman & Wakefield PLC(1)
 15,100  195,394 
Douglas Elliman, Inc. 25,204  106,361 
eXp World Holdings, Inc.(2)
 1,079  13,034 
Five Point Holdings LLC, Class A(1)
 2,053  4,496 
Forestar Group, Inc.(1)
 8,059  115,002 
FRP Holdings, Inc.(1)
 435  23,773 
Howard Hughes Corp.(1)
 7,819  649,915 
66

Avantis U.S. Equity ETF
Shares Value
Jones Lang LaSalle, Inc.(1)
 11,716  $ 2,043,973 
Kennedy-Wilson Holdings, Inc. 47,135  787,626 
Marcus & Millichap, Inc. 10,710  368,103 
Newmark Group, Inc., Class A 4,790  38,416 
Opendoor Technologies, Inc.(1)(2)
 22,016  31,703 
RE/MAX Holdings, Inc., Class A 5,607  103,673 
RMR Group, Inc., Class A 4,262  119,933 
Seritage Growth Properties, Class A(1)
 3,909  47,221 
St. Joe Co. 6,324  270,857 
Tejon Ranch Co.(1)
 1,902  36,537 
WeWork, Inc., Class A(1)
 5,457  6,330 
Zillow Group, Inc., Class A(1)
 17,247  713,164 
Zillow Group, Inc., Class C(1)
 68,009  2,856,378 
12,281,572 
Road and Rail — 1.9%
ArcBest Corp. 11,781  1,133,332 
Avis Budget Group, Inc.(1)
 1,157  254,147 
Canadian Pacific Railway Ltd. 12,665  961,780 
Covenant Logistics Group, Inc. 3,574  123,839 
CSX Corp. 363,580  11,085,554 
Daseke, Inc.(1)
 18,697  152,380 
Heartland Express, Inc. 14,103  227,481 
Hertz Global Holdings, Inc.(1)
 63,274  1,171,202 
JB Hunt Transport Services, Inc. 23,835  4,309,130 
Knight-Swift Transportation Holdings, Inc. 45,776  2,601,908 
Landstar System, Inc. 13,734  2,482,970 
Lyft, Inc., Class A(1)
 4,243  42,430 
Marten Transport Ltd. 24,433  539,236 
Norfolk Southern Corp. 41,050  9,228,861 
Old Dominion Freight Line, Inc. 23,906  8,110,350 
PAM Transportation Services, Inc.(1)
 1,111  32,219 
RXO, Inc.(1)
 10,265  211,151 
Ryder System, Inc. 22,893  2,241,454 
Saia, Inc.(1)
 9,313  2,522,612 
Schneider National, Inc., Class B 14,329  402,072 
TuSimple Holdings, Inc., Class A(1)
 9,866  18,943 
Uber Technologies, Inc.(1)
 50,538  1,680,894 
U-Haul Holding Co.(2)
 2,660  170,799 
U-Haul Holding Co., Non-Voting Shares 29,286  1,629,180 
Union Pacific Corp. 83,339  17,274,508 
Universal Logistics Holdings, Inc. 3,850  114,345 
Werner Enterprises, Inc. 23,379  1,085,954 
XPO, Inc.(1)
 12,953  432,112 
70,240,843 
Semiconductors and Semiconductor Equipment — 4.8%
ACM Research, Inc., Class A(1)
 3,880  40,274 
Advanced Micro Devices, Inc.(1)
 87,342  6,863,334 
Allegro MicroSystems, Inc.(1)
 11,081  484,018 
Alpha & Omega Semiconductor Ltd.(1)
 7,394  197,494 
Amkor Technology, Inc. 40,151  1,034,290 
Analog Devices, Inc. 33,152  6,082,397 
67

Avantis U.S. Equity ETF
Shares Value
Applied Materials, Inc. 112,589  $ 13,077,212 
Axcelis Technologies, Inc.(1)
 12,483  1,604,565 
AXT, Inc.(1)
 4,383  19,154 
Broadcom, Inc. 19,892  11,821,617 
CEVA, Inc.(1)
 1,758  55,482 
Cirrus Logic, Inc.(1)
 12,869  1,322,290 
Cohu, Inc.(1)
 16,428  611,122 
Diodes, Inc.(1)
 18,459  1,692,506 
Enphase Energy, Inc.(1)
 17,856  3,759,224 
Entegris, Inc. 8,718  743,035 
Everspin Technologies, Inc.(1)
 3,765  25,978 
First Solar, Inc.(1)
 16,597  2,807,217 
FormFactor, Inc.(1)
 15,558  468,296 
GLOBALFOUNDRIES, Inc.(1)(2)
 17,572  1,148,154 
Impinj, Inc.(1)
 1,306  173,202 
Intel Corp. 332,178  8,281,198 
KLA Corp. 18,176  6,895,611 
Kulicke & Soffa Industries, Inc. 21,798  1,161,833 
Lam Research Corp. 22,183  10,781,160 
Lattice Semiconductor Corp.(1)
 12,095  1,027,591 
MACOM Technology Solutions Holdings, Inc.(1)
 5,131  351,679 
Magnachip Semiconductor Corp.(1)
 5,631  53,945 
Marvell Technology, Inc. 32,540  1,469,181 
MaxLinear, Inc.(1)
 25,052  857,029 
Microchip Technology, Inc. 42,001  3,403,341 
Micron Technology, Inc. 166,308  9,615,929 
MKS Instruments, Inc. 6,822  661,256 
Monolithic Power Systems, Inc. 3,244  1,571,037 
NVE Corp. 1,385  105,232 
NVIDIA Corp. 86,558  20,095,305 
NXP Semiconductors NV 20,588  3,674,546 
ON Semiconductor Corp.(1)
 109,657  8,488,548 
Onto Innovation, Inc.(1)
 8,549  705,036 
PDF Solutions, Inc.(1)
 3,025  113,256 
Photronics, Inc.(1)
 27,250  480,145 
Power Integrations, Inc. 15,079  1,240,248 
Qorvo, Inc.(1)
 16,165  1,630,887 
QUALCOMM, Inc. 104,681  12,931,244 
Rambus, Inc.(1)
 18,047  798,219 
Semtech Corp.(1)
 9,735  299,935 
Silicon Laboratories, Inc.(1)
 2,507  447,575 
SiTime Corp.(1)
 665  82,560 
Skyworks Solutions, Inc. 28,260  3,152,968 
SMART Global Holdings, Inc.(1)
 13,477  225,066 
SolarEdge Technologies, Inc.(1)
 4,036  1,283,125 
Synaptics, Inc.(1)
 8,483  997,686 
Teradyne, Inc. 37,933  3,836,544 
Texas Instruments, Inc. 108,690  18,634,900 
Ultra Clean Holdings, Inc.(1)
 15,903  506,670 
Universal Display Corp. 5,992  814,013 
Veeco Instruments, Inc.(1)
 8,972  190,834 
68

Avantis U.S. Equity ETF
Shares Value
Wolfspeed, Inc.(1)(2)
 10,625  $ 786,037 
181,682,230 
Software — 5.4%
A10 Networks, Inc. 18,511  281,737 
ACI Worldwide, Inc.(1)
 14,382  371,775 
Adeia, Inc. 27,160  267,798 
Adobe, Inc.(1)
 20,706  6,707,709 
Agilysys, Inc.(1)
 2,087  166,772 
American Software, Inc., Class A 3,664  49,611 
ANSYS, Inc.(1)
 3,590  1,089,960 
Aspen Technology, Inc.(1)
 4,775  1,012,348 
Asure Software, Inc.(1)
 759  10,133 
Atlassian Corp., Class A(1)
 168  27,607 
Autodesk, Inc.(1)
 21,720  4,315,547 
AvePoint, Inc.(1)
 8,582  42,910 
Bentley Systems, Inc., Class B 16,493  667,307 
Bill.com Holdings, Inc.(1)
 5,882  497,794 
Black Knight, Inc.(1)
 4,354  259,498 
Blackbaud, Inc.(1)
 6,174  343,830 
Box, Inc., Class A(1)
 9,800  326,830 
C3.ai, Inc., Class A(1)(2)
 10,110  228,284 
Cadence Design Systems, Inc.(1)
 27,868  5,376,852 
CCC Intelligent Solutions Holdings, Inc.(1)
 3,412  30,571 
Cerence, Inc.(1)
 7  192 
Ceridian HCM Holding, Inc.(1)
 4,309  314,255 
Cleanspark, Inc.(1)(2)
 6,231  17,198 
Clear Secure, Inc., Class A 842  25,883 
CommVault Systems, Inc.(1)
 7,009  412,690 
Confluent, Inc., Class A(1)
 5,243  127,877 
Consensus Cloud Solutions, Inc.(1)
 1,369  56,184 
CoreCard Corp.(1)
 2,108  70,133 
Coupa Software, Inc.(1)
 161  13,041 
Crowdstrike Holdings, Inc., Class A(1)
 14,055  1,696,298 
Datadog, Inc., Class A(1)
 6,082  465,395 
DocuSign, Inc.(1)
 11,752  720,985 
Dolby Laboratories, Inc., Class A 8,317  684,323 
Domo, Inc., Class B(1)
 393  6,040 
Dropbox, Inc., Class A(1)
 15,805  322,422 
Duck Creek Technologies, Inc.(1)
 6,715  127,182 
Dynatrace, Inc.(1)
 6,636  282,229 
Ebix, Inc. 864  15,016 
Elastic NV(1)
 1,373  81,034 
Envestnet, Inc.(1)
 1,889  118,081 
Fair Isaac Corp.(1)
 1,764  1,194,916 
Five9, Inc.(1)
 524  34,584 
Fortinet, Inc.(1)
 67,744  4,026,703 
Freshworks, Inc., Class A(1)
 10,784  161,113 
Gen Digital, Inc. 39,383  768,362 
Gitlab, Inc., Class A(1)(2)
 4,093  180,256 
Guidewire Software, Inc.(1)
 4,927  345,925 
HubSpot, Inc.(1)
 1,645  636,385 
69

Avantis U.S. Equity ETF
Shares Value
InterDigital, Inc. 9,056  $ 660,997 
Intuit, Inc. 10,086  4,106,817 
LiveRamp Holdings, Inc.(1)
 8,671  204,896 
Manhattan Associates, Inc.(1)
 12,809  1,841,294 
Marathon Digital Holdings, Inc.(1)(2)
 36,987  262,608 
Matterport, Inc.(1)
 19,552  59,634 
Microsoft Corp. 484,281  120,789,367 
MicroStrategy, Inc., Class A(1)
 558  146,347 
Mitek Systems, Inc.(1)
 2,761  25,677 
NCR Corp.(1)
 15,037  383,895 
New Relic, Inc.(1)
 380  27,729 
NextNav, Inc.(1)(2)
 18,925  52,233 
Nutanix, Inc., Class A(1)
 15,051  425,191 
Olo, Inc., Class A(1)
 6,256  49,610 
OneSpan, Inc.(1)
 976  13,195 
Oracle Corp. 59,960  5,240,504 
Palantir Technologies, Inc., Class A(1)
 93,676  734,420 
Palo Alto Networks, Inc.(1)
 34,098  6,423,040 
Paycom Software, Inc.(1)
 6,579  1,901,726 
Paycor HCM, Inc.(1)
 334  8,273 
Paylocity Holding Corp.(1)
 3,073  591,890 
Procore Technologies, Inc.(1)
 3,623  242,705 
Progress Software Corp. 5,134  294,897 
PROS Holdings, Inc.(1)
 2,205  57,528 
PTC, Inc.(1)
 4,141  518,992 
Qualys, Inc.(1)
 9,825  1,160,824 
Rapid7, Inc.(1)
 1,654  78,234 
Rimini Street, Inc.(1)
 2,500  10,700 
RingCentral, Inc., Class A(1)
 3,129  103,382 
Riot Platforms, Inc.(1)(2)
 23,065  144,156 
Roper Technologies, Inc. 3,111  1,338,352 
Salesforce, Inc.(1)
 30,714  5,025,118 
Samsara, Inc., Class A(1)
 3,164  52,712 
SentinelOne, Inc., Class A(1)
 1,621  25,920 
ServiceNow, Inc.(1)
 8,844  3,822,111 
ShotSpotter, Inc.(1)
 488  16,641 
Smartsheet, Inc., Class A(1)
 5,542  243,959 
Splunk, Inc.(1)
 4,872  499,380 
SPS Commerce, Inc.(1)
 3,381  509,314 
Sumo Logic, Inc.(1)
 11,566  137,288 
Synopsys, Inc.(1)
 8,634  3,140,704 
Telos Corp.(1)
 2,835  10,971 
Tenable Holdings, Inc.(1)
 1,613  71,343 
Teradata Corp.(1)
 4,756  193,855 
Tyler Technologies, Inc.(1)
 1,402  450,392 
UiPath, Inc., Class A(1)
 14,161  210,149 
Unity Software, Inc.(1)
 5,142  156,522 
Varonis Systems, Inc.(1)
 1,934  52,373 
Verint Systems, Inc.(1)
 868  32,446 
Vertex, Inc., Class A(1)
 2,086  32,500 
VMware, Inc., Class A(1)
 17,308  1,906,130 
70

Avantis U.S. Equity ETF
Shares Value
Workday, Inc., Class A(1)
 7,560  $ 1,402,153 
Workiva, Inc.(1)
 1,958  174,654 
Xperi, Inc.(1)
 15,160  177,220 
Yext, Inc.(1)
 7,210  52,921 
Zoom Video Communications, Inc., Class A(1)
 19,469  1,452,193 
Zscaler, Inc.(1)
 1,717  225,185 
202,952,842 
Specialty Retail — 3.0%
Aaron's Co., Inc. 7,798  111,901 
Abercrombie & Fitch Co., Class A(1)
 18,812  553,261 
Academy Sports & Outdoors, Inc. 36,494  2,158,620 
Advance Auto Parts, Inc. 16,744  2,427,210 
American Eagle Outfitters, Inc. 44,708  642,454 
America's Car-Mart, Inc.(1)
 744  63,210 
Arko Corp. 33,886  271,766 
Asbury Automotive Group, Inc.(1)
 7,035  1,597,648 
AutoNation, Inc.(1)
 17,110  2,335,686 
AutoZone, Inc.(1)
 916  2,277,671 
Bath & Body Works, Inc. 13,899  568,052 
Best Buy Co., Inc. 56,166  4,667,956 
Big 5 Sporting Goods Corp. 3,884  34,296 
Boot Barn Holdings, Inc.(1)
 740  57,313 
Buckle, Inc. 18,229  743,561 
Build-A-Bear Workshop, Inc.(1)
 5,905  123,710 
Burlington Stores, Inc.(1)
 18,268  3,913,919 
Caleres, Inc. 16,779  438,100 
Camping World Holdings, Inc., Class A 1,737  39,656 
CarMax, Inc.(1)
 25,393  1,753,133 
Cato Corp., Class A 1,679  15,531 
Chico's FAS, Inc.(1)
 50,962  293,031 
Children's Place, Inc.(1)
 4,082  170,913 
Citi Trends, Inc.(1)
 1,443  40,462 
Conn's, Inc.(1)
 549  4,705 
Container Store Group, Inc.(1)
 5,121  22,276 
Designer Brands, Inc., Class A 27,733  271,506 
Destination XL Group, Inc.(1)
 24,514  146,594 
Dick's Sporting Goods, Inc. 22,710  2,921,187 
EVgo, Inc.(1)
 1,349  8,000 
Five Below, Inc.(1)
 8,751  1,787,829 
Floor & Decor Holdings, Inc., Class A(1)
 8,943  821,057 
Foot Locker, Inc. 39,192  1,713,474 
GameStop Corp., Class A(1)
 1,176  22,614 
Gap, Inc. 64,194  835,164 
Genesco, Inc.(1)
 3,744  168,368 
Group 1 Automotive, Inc. 5,730  1,266,731 
GrowGeneration Corp.(1)
 8,322  35,244 
Guess?, Inc. 13,334  280,547 
Haverty Furniture Cos., Inc. 7,118  268,633 
Hibbett, Inc. 6,830  491,282 
Home Depot, Inc. 57,833  17,149,798 
Leslie's, Inc.(1)
 9,551  120,438 
71

Avantis U.S. Equity ETF
Shares Value
Lithia Motors, Inc. 6,864  $ 1,751,556 
LL Flooring Holdings, Inc.(1)
 2,757  13,923 
Lowe's Cos., Inc. 25,489  5,244,362 
MarineMax, Inc.(1)
 8,497  285,329 
Monro, Inc. 1,919  96,794 
Murphy USA, Inc. 8,412  2,145,817 
National Vision Holdings, Inc.(1)
 6,874  256,813 
ODP Corp.(1)
 19,821  897,495 
O'Reilly Automotive, Inc.(1)
 3,523  2,924,442 
Penske Automotive Group, Inc. 7,676  1,106,495 
Petco Health & Wellness Co., Inc.(1)
 874  9,002 
RH(1)
 5,207  1,557,049 
Ross Stores, Inc. 58,803  6,500,084 
Sally Beauty Holdings, Inc.(1)
 15,946  256,571 
Shoe Carnival, Inc. 4,473  117,864 
Signet Jewelers Ltd. 19,498  1,396,447 
Sleep Number Corp.(1)
 703  28,022 
Sonic Automotive, Inc., Class A 8,142  463,198 
Sportsman's Warehouse Holdings, Inc.(1)
 8,631  77,593 
Tilly's, Inc., Class A(1)
 7,163  62,175 
TJX Cos., Inc. 175,893  13,473,404 
Tractor Supply Co. 29,462  6,872,306 
TravelCenters of America, Inc.(1)
 6,901  582,099 
Ulta Beauty, Inc.(1)
 14,731  7,642,443 
Upbound Group, Inc. 22,398  601,386 
Urban Outfitters, Inc.(1)
 21,707  585,004 
Victoria's Secret & Co.(1)
 34,973  1,386,330 
Williams-Sonoma, Inc. 24,296  3,035,056 
Winmark Corp. 285  83,220 
Zumiez, Inc.(1)
 6,119  142,328 
113,229,114 
Technology Hardware, Storage and Peripherals — 4.6%
Apple, Inc. 1,106,383  163,091,918 
Avid Technology, Inc.(1)
 1,909  55,475 
Dell Technologies, Inc., Class C 9,906  402,580 
Eastman Kodak Co.(1)
 8,541  29,552 
Hewlett Packard Enterprise Co. 127,823  1,995,317 
HP, Inc. 41,948  1,238,305 
Immersion Corp. 11,407  87,264 
Intevac, Inc.(1)
 1,312  9,486 
IonQ, Inc.(1)(2)
 16,413  77,798 
NetApp, Inc. 26,438  1,706,573 
Pure Storage, Inc., Class A(1)
 35,836  1,022,759 
Seagate Technology Holdings PLC 28,075  1,812,522 
Stratasys Ltd.(1)
 556  7,200 
Super Micro Computer, Inc.(1)
 13,437  1,316,423 
Turtle Beach Corp.(1)(2)
 89  720 
Western Digital Corp.(1)
 29,423  1,132,197 
Xerox Holdings Corp. 31,460  518,775 
Zagg, Inc.(1)
 2  — 
174,504,864 
72

Avantis U.S. Equity ETF
Shares Value
Textiles, Apparel and Luxury Goods — 1.0%
Allbirds, Inc., Class A(1)
 2,473  $ 7,073 
Capri Holdings Ltd.(1)
 39,821  1,973,927 
Carter's, Inc. 8,435  635,915 
Columbia Sportswear Co. 5,674  494,773 
Crocs, Inc.(1)
 14,849  1,807,272 
Deckers Outdoor Corp.(1)
 5,735  2,387,767 
Ermenegildo Zegna NV
 7,032  91,557 
Fossil Group, Inc.(1)
 3,467  15,012 
G-III Apparel Group Ltd.(1)
 19,200  319,008 
Hanesbrands, Inc.(2)
 36,465  207,121 
Kontoor Brands, Inc.
 12,472  650,415 
Levi Strauss & Co., Class A
 26,419  473,957 
lululemon athletica, Inc.(1)
 19,093  5,903,556 
Movado Group, Inc.
 5,991  207,408 
NIKE, Inc., Class B
 86,708  10,300,043 
Oxford Industries, Inc.
 7,526  885,133 
PVH Corp.
 14,878  1,193,811 
Ralph Lauren Corp.
 10,997  1,299,735 
Rocky Brands, Inc.
 280  7,454 
Skechers USA, Inc., Class A(1)
 23,831  1,060,718 
Steven Madden Ltd.
 17,978  652,601 
Tapestry, Inc.
 82,071  3,570,909 
Under Armour, Inc., Class A(1)
 66,432  659,670 
Under Armour, Inc., Class C(1)
 68,443  602,298 
Unifi, Inc.(1)
 1,684  17,429 
Vera Bradley, Inc.(1)
 320  1,696 
VF Corp.
 33,505  831,594 
36,257,852 
Thrifts and Mortgage Finance — 0.4%
Axos Financial, Inc.(1)
 25,008  1,185,129 
Blue Foundry Bancorp(1)
 5,221  63,905 
Bridgewater Bancshares, Inc.(1)
 8,751  128,727 
Columbia Financial, Inc.(1)(2)
 6,679  140,927 
Enact Holdings, Inc.
 9,914  240,414 
Essent Group Ltd.
 39,035  1,676,553 
Federal Agricultural Mortgage Corp., Class C
 2,340  331,952 
FS Bancorp, Inc.
 826  29,678 
Greene County Bancorp, Inc.
 233  13,118 
Hingham Institution For Savings
 412  117,296 
Home Bancorp, Inc.
 153  6,051 
Kearny Financial Corp.
 12,712  127,628 
loanDepot, Inc., Class A(2)
 4,466  9,289 
Merchants Bancorp
 6,256  189,244 
MGIC Investment Corp.
 122,263  1,682,339 
Mr. Cooper Group, Inc.(1)
 27,191  1,262,478 
New York Community Bancorp, Inc.
 170,529  1,514,298 
NMI Holdings, Inc., Class A(1)
 39,814  929,259 
Northfield Bancorp, Inc.
 12,643  185,979 
Ocwen Financial Corp.(1)
 2,159  70,513 
OP Bancorp
 18  203 
73

Avantis U.S. Equity ETF
Shares Value
PennyMac Financial Services, Inc.
 10,765  $ 650,960 
Provident Financial Services, Inc.
 24,636  575,251 
Radian Group, Inc.
 61,722  1,317,765 
Southern Missouri Bancorp, Inc.
 2,496  115,515 
Sterling Bancorp, Inc.(1)
 3  19 
TFS Financial Corp.
 5,680  82,303 
Timberland Bancorp, Inc.
 527  17,802 
TrustCo Bank Corp. NY
 7,361  275,743 
Walker & Dunlop, Inc.
 10,482  914,345 
Waterstone Financial, Inc.
 3,508  56,479 
Western New England Bancorp, Inc.
 90  907 
WSFS Financial Corp.
 15,271  762,176 
14,674,245 
Trading Companies and Distributors — 1.1%
Air Lease Corp.
 39,857  1,725,011 
Alta Equipment Group, Inc.
 2,402  45,182 
Applied Industrial Technologies, Inc.
 6,889  984,163 
Beacon Roofing Supply, Inc.(1)
 2,247  146,055 
BlueLinx Holdings, Inc.(1)
 4,091  345,239 
Boise Cascade Co.
 17,653  1,219,999 
Custom Truck One Source, Inc.(1)
 5,101  36,931 
Fastenal Co.
 91,995  4,743,262 
GATX Corp.
 13,993  1,526,496 
Global Industrial Co.
 261  7,342 
GMS, Inc.(1)
 12,712  771,745 
H&E Equipment Services, Inc.
 18,396  1,020,978 
Herc Holdings, Inc.
 12,571  1,805,070 
Hudson Technologies, Inc.(1)
 17,263  174,874 
McGrath RentCorp
 10,147  1,043,517 
MRC Global, Inc.(1)
 6,394  71,613 
MSC Industrial Direct Co., Inc., Class A
 8,271  699,065 
NOW, Inc.(1)
 25,485  327,482 
Rush Enterprises, Inc., Class A
 11,339  642,695 
Rush Enterprises, Inc., Class B
 820  49,184 
SiteOne Landscape Supply, Inc.(1)
 5,828  864,525 
Textainer Group Holdings Ltd.
 16,747  551,311 
Titan Machinery, Inc.(1)
 10,040  459,732 
Transcat, Inc.(1)
 343  30,867 
Triton International Ltd.
 28,118  1,938,455 
United Rentals, Inc.
 16,747  7,846,472 
Univar Solutions, Inc.(1)
 13,868  481,913 
Veritiv Corp.
 6,349  961,493 
Watsco, Inc.
 4,510  1,374,242 
WESCO International, Inc.(1)
 4,436  734,513 
WW Grainger, Inc.
 11,045  7,382,809 
40,012,235 
Water Utilities — 0.1%
American States Water Co.
 3,472  310,050 
American Water Works Co., Inc.
 18,978  2,664,132 
Artesian Resources Corp., Class A
 913  51,429 
California Water Service Group
 5,640  322,834 
74

Avantis U.S. Equity ETF
Shares Value
Essential Utilities, Inc.
 10,876  $ 465,275 
Global Water Resources, Inc.
 7  92 
Middlesex Water Co.
 351  26,851 
3,840,663 
Wireless Telecommunication Services — 0.3%
Gogo, Inc.(1)
 3,495  57,528 
Shenandoah Telecommunications Co.
 16,354  319,230 
Telephone & Data Systems, Inc.
 45,186  573,410 
T-Mobile U.S., Inc.(1)
 73,228  10,411,557 
United States Cellular Corp.(1)
 3,966  95,700 
11,457,425 
TOTAL COMMON STOCKS
(Cost $3,637,433,247)
 3,748,391,935 
RIGHTS†
Diversified Financial Services†
Acacia Research Corp.(1)
(Cost $—)
 485  5 
SHORT-TERM INVESTMENTS — 0.3%
Money Market Funds — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 3,190,946  3,190,946 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 8,028,714  8,028,714 
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,219,660)
 11,219,660 
TOTAL INVESTMENT SECURITIES — 100.2%
(Cost $3,648,652,907)
 3,759,611,600 
OTHER ASSETS AND LIABILITIES — (0.2)%
 (5,924,297)
TOTAL NET ASSETS — 100.0%
 $ 3,753,687,303 

NOTES TO SCHEDULE OF INVESTMENTS
ADR – American Depositary Receipt
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $10,446,126. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $10,747,789, which includes securities collateral of $2,719,075.


See Notes to Financial Statements.
75

FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Large Cap Value ETF
Shares Value
COMMON STOCKS — 99.8%
Aerospace and Defense — 0.2%
BWX Technologies, Inc.
 23,591  $ 1,441,646 
Woodward, Inc.
 7,823  774,477 
2,216,123 
Air Freight and Logistics — 2.5%
Expeditors International of Washington, Inc.
 34,284  3,584,735 
FedEx Corp.
 31,280  6,356,722 
United Parcel Service, Inc., Class B
 70,694  12,900,948 
22,842,405 
Airlines — 0.6%
Alaska Air Group, Inc.(1)
 33,812  1,617,228 
United Airlines Holdings, Inc.(1)
 66,161  3,437,725 
5,054,953 
Auto Components — 0.1%
BorgWarner, Inc.
 25,114  1,262,732 
Gentex Corp.
 15  428 
1,263,160 
Automobiles — 1.5%
Ford Motor Co.
 576,070  6,953,165 
General Motors Co.
 176,257  6,828,196 
13,781,361 
Banks — 6.2%
Citigroup, Inc.
 124,231  6,297,269 
Comerica, Inc.
 18,211  1,276,591 
East West Bancorp, Inc.
 26,065  1,986,414 
Hancock Whitney Corp.
 15,614  766,960 
JPMorgan Chase & Co.
 164,948  23,645,296 
KeyCorp 183,849  3,362,598 
PacWest Bancorp
 5,705  158,314 
PNC Financial Services Group, Inc.
 20,359  3,215,093 
Popular, Inc.
 21,195  1,513,323 
Regions Financial Corp.
 125  2,915 
Signature Bank
 6,328  728,036 
Synovus Financial Corp.
 48,783  2,039,617 
U.S. Bancorp
 10,040  479,209 
Wells Fargo & Co.
 180,398  8,437,215 
Western Alliance Bancorp
 25,536  1,895,793 
55,804,643 
Beverages†
National Beverage Corp.(1)
 498  23,232 
Biotechnology — 4.4%
Biogen, Inc.(1)
 18,587  5,015,888 
Gilead Sciences, Inc.
 161,435  13,000,361 
Moderna, Inc.(1)
 50,645  7,030,032 
Regeneron Pharmaceuticals, Inc.(1)
 12,286  9,342,520 
Vertex Pharmaceuticals, Inc.(1)
 18,065  5,244,089 
39,632,890 
Building Products — 1.0%
Advanced Drainage Systems, Inc.
 1,120  99,378 
76

Avantis U.S. Large Cap Value ETF
Shares Value
Builders FirstSource, Inc.(1)
 45,388  $ 3,847,995 
Owens Corning
 31,888  3,118,327 
Trex Co., Inc.(1)
 8,748  447,285 
UFP Industries, Inc.
 18,928  1,618,912 
9,131,897 
Capital Markets — 4.8%
Ameriprise Financial, Inc.
 22,053  7,561,312 
Carlyle Group, Inc.
 74,710  2,570,024 
Goldman Sachs Group, Inc.
 35,689  12,550,037 
Houlihan Lokey, Inc.
 15,366  1,470,526 
Morgan Stanley
 95,083  9,175,510 
Northern Trust Corp.
 35,260  3,359,220 
Raymond James Financial, Inc.
 102  11,063 
SEI Investments Co.
 7,933  477,963 
Stifel Financial Corp.
 24,975  1,669,079 
T. Rowe Price Group, Inc.
 40,199  4,513,544 
43,358,278 
Chemicals — 3.7%
Celanese Corp.
 20,579  2,391,897 
CF Industries Holdings, Inc.
 49,258  4,230,770 
Chemours Co.
 37,403  1,278,435 
Dow, Inc.
 122,266  6,993,615 
FMC Corp.
 18,796  2,427,503 
Huntsman Corp.
 47,131  1,382,824 
LyondellBasell Industries NV, Class A
 53,352  5,121,258 
Mosaic Co.
 96,942  5,156,345 
Olin Corp.
 53,034  3,062,713 
Westlake Corp.
 12,900  1,536,906 
33,582,266 
Construction and Engineering†
EMCOR Group, Inc.
 90  15,050 
Construction Materials — 0.1%
Eagle Materials, Inc.
 6,608  927,234 
Consumer Finance — 2.5%
Ally Financial, Inc.
 88,318  2,653,956 
Capital One Financial Corp.
 60,470  6,596,068 
Credit Acceptance Corp.(1)(2)
 2,407  1,069,526 
Discover Financial Services
 59,305  6,642,160 
OneMain Holdings, Inc.
 30,991  1,335,402 
Synchrony Financial
 124,680  4,452,323 
22,749,435 
Containers and Packaging — 0.5%
Packaging Corp. of America
 24,436  3,340,890 
WestRock Co.
 25,161  790,055 
4,130,945 
Diversified Financial Services — 0.8%
Equitable Holdings, Inc.
 124,671  3,917,163 
Voya Financial, Inc.
 39,955  2,976,248 
6,893,411 
Diversified Telecommunication Services — 1.6%
Iridium Communications, Inc.
 20,365  1,249,800 
77

Avantis U.S. Large Cap Value ETF
Shares Value
Verizon Communications, Inc.
 339,013  $ 13,157,094 
14,406,894 
Electrical Equipment — 0.1%
Atkore, Inc.(1)
 5,151  752,149 
Electronic Equipment, Instruments and Components — 1.0%
Corning, Inc.
 151,598  5,146,752 
Flex Ltd.(1)
 1,694  38,555 
Jabil, Inc.
 49,226  4,087,235 
9,272,542 
Entertainment — 0.2%
World Wrestling Entertainment, Inc., Class A
 16,660  1,399,440 
Food and Staples Retailing — 1.8%
Albertsons Cos., Inc., Class A
 160  3,181 
Casey's General Stores, Inc.
 10,893  2,265,199 
Kroger Co.
 139,785  6,030,325 
Walmart, Inc.
 55,217  7,847,992 
16,146,697 
Food Products — 0.1%
Pilgrim's Pride Corp.(1)
 49,858  1,166,179 
Health Care Equipment and Supplies — 0.5%
Hologic, Inc.(1)
 52,812  4,205,948 
Health Care Providers and Services — 1.4%
Ensign Group, Inc.
 10,539  943,030 
Humana, Inc.
 15,730  7,786,664 
Molina Healthcare, Inc.(1)
 15,303  4,213,375 
12,943,069 
Hotels, Restaurants and Leisure — 0.9%
Boyd Gaming Corp.
 30,353  1,976,891 
Choice Hotels International, Inc.
 266  31,484 
Darden Restaurants, Inc.
 16,243  2,322,586 
Norwegian Cruise Line Holdings Ltd.(1)
 95,062  1,408,819 
Texas Roadhouse, Inc.
 23,445  2,380,605 
8,120,385 
Household Durables — 0.6%
D.R. Horton, Inc.
 33,947  3,139,419 
NVR, Inc.(1)
 320  1,655,558 
PulteGroup, Inc.
 14,201  776,369 
Whirlpool Corp.
 286  39,462 
5,610,808 
Independent Power and Renewable Electricity Producers — 0.4%
AES Corp.
 131,932  3,256,082 
Clearway Energy, Inc., Class A
 1,433  42,574 
3,298,656 
Insurance — 5.7%
Aflac, Inc.
 60,589  4,129,140 
American Financial Group, Inc.
 16,964  2,275,042 
American International Group, Inc.
 101,047  6,174,982 
Axis Capital Holdings Ltd.
 13,019  790,514 
F&G Annuities & Life, Inc.
 25  509 
Fidelity National Financial, Inc.
 57,508  2,292,269 
First American Financial Corp.
 28,536  1,620,274 
78

Avantis U.S. Large Cap Value ETF
Shares Value
Hartford Financial Services Group, Inc.
 81,535  $ 6,382,560 
MetLife, Inc.
 74,133  5,317,560 
Old Republic International Corp.
 67,858  1,789,416 
Primerica, Inc.
 15,968  3,064,898 
Progressive Corp.
 19,914  2,858,057 
Prudential Financial, Inc.
 40,500  4,050,000 
RenaissanceRe Holdings Ltd.
 60  12,894 
Selective Insurance Group, Inc.
 2,392  242,860 
Travelers Cos., Inc.
 46,872  8,676,945 
Unum Group
 44,344  1,975,525 
51,653,445 
Interactive Media and Services — 4.0%
Alphabet, Inc., Class A(1)
 95,587  8,608,565 
Alphabet, Inc., Class C(1)
 82,769  7,474,041 
Meta Platforms, Inc., Class A(1)
 111,396  19,487,616 
35,570,222 
Internet and Direct Marketing Retail — 0.5%
eBay, Inc.
 97,813  4,489,617 
IT Services — 0.1%
Automatic Data Processing, Inc.
 2,866  630,004 
Leisure Products — 0.1%
Brunswick Corp.
 4,372  382,200 
Polaris, Inc.
 6,162  700,928 
1,083,128 
Machinery — 2.1%
Caterpillar, Inc.
 11,278  2,701,645 
Deere & Co.
 26,973  11,308,161 
Donaldson Co., Inc.
 9,788  619,091 
Lincoln Electric Holdings, Inc.
 6,443  1,081,973 
PACCAR, Inc.
 45,366  3,275,425 
18,986,295 
Media — 0.6%
Comcast Corp., Class A
 70,744  2,629,555 
DISH Network Corp., Class A(1)
 50,357  574,573 
Fox Corp., Class A
 36,356  1,273,187 
Fox Corp., Class B
 18,351  591,820 
5,069,135 
Metals and Mining — 4.3%
Alcoa Corp.
 12,734  623,202 
Cleveland-Cliffs, Inc.(1)
 122,515  2,613,245 
Commercial Metals Co.
 25,630  1,326,353 
Freeport-McMoRan, Inc.
 233,298  9,558,219 
Newmont Corp.
 72,046  3,141,926 
Nucor Corp.
 58,531  9,800,431 
Reliance Steel & Aluminum Co.
 8,660  2,146,294 
Steel Dynamics, Inc.
 55,828  7,040,469 
United States Steel Corp.
 94,915  2,907,246 
39,157,385 
Multiline Retail — 0.8%
Macy's, Inc.
 113,509  2,322,394 
Target Corp.
 27,839  4,690,872 
7,013,266 
79

Avantis U.S. Large Cap Value ETF
Shares Value
Oil, Gas and Consumable Fuels — 15.6%
Antero Midstream Corp.
 24,131  $ 254,341 
Antero Resources Corp.(1)
 48,045  1,258,779 
APA Corp.
 23,704  909,759 
Chesapeake Energy Corp.
 10,708  865,313 
Chevron Corp.
 144,889  23,293,805 
Chord Energy Corp.
 4,362  587,212 
ConocoPhillips 100,420  10,378,407 
Coterra Energy, Inc.
 139,380  3,480,319 
Devon Energy Corp.
 167,340  9,022,973 
Diamondback Energy, Inc.
 41,444  5,826,197 
EOG Resources, Inc.
 92,154  10,415,245 
EQT Corp.
 52,353  1,737,073 
Exxon Mobil Corp.
 179,422  19,720,272 
Hess Corp.
 46,511  6,265,032 
Marathon Oil Corp.
 136,931  3,443,815 
Marathon Petroleum Corp.
 65,515  8,097,654 
Matador Resources Co.
 12,847  691,040 
Murphy Oil Corp.
 52,568  2,051,203 
Occidental Petroleum Corp.
 104,450  6,116,592 
ONEOK, Inc.
 100,339  6,567,188 
Ovintiv, Inc.
 35,180  1,504,649 
PDC Energy, Inc.
 17,559  1,178,384 
Phillips 66
 57,233  5,869,816 
Pioneer Natural Resources Co.
 7,278  1,458,584 
Range Resources Corp.
 79,904  2,152,614 
Southwestern Energy Co.(1)
 190,153  1,007,811 
Targa Resources Corp.
 7,833  580,425 
Texas Pacific Land Corp.
 523  931,039 
Valero Energy Corp.
 16,844  2,218,860 
Williams Cos., Inc.
 97,359  2,930,506 
140,814,907 
Paper and Forest Products — 0.1%
Louisiana-Pacific Corp.
 20,101  1,176,109 
Pharmaceuticals — 6.3%
Bristol-Myers Squibb Co.
 155,616  10,731,280 
Jazz Pharmaceuticals PLC(1)
 18,533  2,602,033 
Johnson & Johnson
 4,020  616,105 
Merck & Co., Inc.
 206,538  21,942,597 
Pfizer, Inc.
 428,956  17,402,745 
Viatris, Inc.
 268,077  3,056,078 
56,350,838 
Professional Services — 0.5%
Robert Half International, Inc.
 38,416  3,097,098 
TriNet Group, Inc.(1)
 14,794  1,225,979 
4,323,077 
Real Estate Management and Development — 0.3%
Jones Lang LaSalle, Inc.(1)
 4,141  722,439 
Zillow Group, Inc., Class A(1)
 10,021  414,368 
Zillow Group, Inc., Class C(1)
 33,439  1,404,438 
2,541,245 
80

Avantis U.S. Large Cap Value ETF
Shares Value
Road and Rail — 5.3%
CSX Corp.
 285,813  $ 8,714,438 
Hertz Global Holdings, Inc.(1)
 24,647  456,216 
JB Hunt Transport Services, Inc.
 22,584  4,082,961 
Knight-Swift Transportation Holdings, Inc.
 35,321  2,007,646 
Landstar System, Inc.
 9,370  1,694,002 
Norfolk Southern Corp.
 31,275  7,031,246 
Old Dominion Freight Line, Inc.
 17,800  6,038,828 
Ryder System, Inc.
 6,035  590,887 
Saia, Inc.(1)
 9,397  2,545,365 
U-Haul Holding Co.(2)
 1,952  125,338 
U-Haul Holding Co., Non-Voting Shares
 11,615  646,143 
Union Pacific Corp.
 68,472  14,192,876 
48,125,946 
Semiconductors and Semiconductor Equipment — 6.3%
Amkor Technology, Inc.
 33,853  872,053 
Applied Materials, Inc.
 83,457  9,693,531 
GLOBALFOUNDRIES, Inc.(1)(2)
 12,093  790,157 
Lam Research Corp.
 17,350  8,432,274 
Micron Technology, Inc.
 102,016  5,898,565 
ON Semiconductor Corp.(1)
 65,271  5,052,628 
QUALCOMM, Inc.
 60,610  7,487,153 
Teradyne, Inc.
 35,059  3,545,867 
Texas Instruments, Inc.
 87,712  15,038,222 
56,810,450 
Software†
Aspen Technology, Inc.(1)
 41  8,692 
Specialty Retail — 4.6%
Advance Auto Parts, Inc.
 4,872  706,245 
Asbury Automotive Group, Inc.(1)
 4,230  960,633 
AutoNation, Inc.(1)
 20,551  2,805,417 
Best Buy Co., Inc.
 51,604  4,288,808 
Burlington Stores, Inc.(1)
 420  89,985 
Dick's Sporting Goods, Inc.
 27,097  3,485,487 
Murphy USA, Inc.
 5,480  1,397,893 
RH(1)
 4,915  1,469,733 
Ross Stores, Inc.
 177  19,566 
TJX Cos., Inc.
 129,612  9,928,279 
Tractor Supply Co.
 28,051  6,543,176 
Ulta Beauty, Inc.(1)
 12,437  6,452,316 
Williams-Sonoma, Inc.
 24,186  3,021,315 
41,168,853 
Technology Hardware, Storage and Peripherals — 2.6%
Apple, Inc.
 157,990  23,289,306 
Textiles, Apparel and Luxury Goods — 0.7%
Capri Holdings Ltd.(1)
 25,864  1,282,079 
Levi Strauss & Co., Class A
 37,261  668,462 
Tapestry, Inc.
 86,989  3,784,891 
Under Armour, Inc., Class A(1)
 12,408  123,211 
Under Armour, Inc., Class C(1)
 14,436  127,037 
5,985,680 
81

Avantis U.S. Large Cap Value ETF
Shares Value
Trading Companies and Distributors — 0.9%
United Rentals, Inc.
 2,899  $ 1,358,269 
WW Grainger, Inc.
 9,631  6,437,649 
7,795,918 
Wireless Telecommunication Services — 0.9%
T-Mobile U.S., Inc.(1)
 55,971  7,957,957 
TOTAL COMMON STOCKS
(Cost $876,551,506)
 898,731,525 
SHORT-TERM INVESTMENTS — 0.2%
Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 624,463  624,463 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 1,235,181  1,235,181 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,859,644)
 1,859,644 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $878,411,150)
 900,591,169 
OTHER ASSETS AND LIABILITIES†
 (68,423)
TOTAL NET ASSETS — 100.0%
 $ 900,522,746 

NOTES TO SCHEDULE OF INVESTMENTS
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,210,025. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,235,181.


See Notes to Financial Statements.
82

FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Small Cap Equity ETF
Shares Value
COMMON STOCKS — 99.8%
Aerospace and Defense — 1.3%
AAR Corp.(1)
 4,652  $ 253,022 
AerSale Corp.(1)
 2,516  49,968 
Archer Aviation, Inc., Class A(1)
 12,158  35,866 
Astronics Corp.(1)
 2,516  38,344 
Ducommun, Inc.(1)
 1,326  71,339 
Kaman Corp. 3,326  86,476 
Kratos Defense & Security Solutions, Inc.(1)
 101  1,278 
Maxar Technologies, Inc. 8,471  436,257 
Moog, Inc., Class A 3,774  372,192 
National Presto Industries, Inc. 602  41,315 
Park Aerospace Corp. 2,222  36,485 
Spirit AeroSystems Holdings, Inc., Class A 2  68 
V2X, Inc.(1)
 4  185 
Virgin Galactic Holdings, Inc.(1)
 17,855  102,488 
1,525,283 
Air Freight and Logistics — 1.2%
Air Transport Services Group, Inc.(1)
 9,172  191,970 
Atlas Air Worldwide Holdings, Inc.(1)
 3,905  393,663 
Forward Air Corp. 3,406  351,533 
Hub Group, Inc., Class A(1)
 4,429  406,272 
Radiant Logistics, Inc.(1)
 6,272  35,625 
1,379,063 
Airlines — 0.8%
Allegiant Travel Co.(1)
 1,878  192,589 
Hawaiian Holdings, Inc.(1)
 6,014  67,357 
JetBlue Airways Corp.(1)
 26,658  221,261 
SkyWest, Inc.(1)
 6,014  114,687 
Spirit Airlines, Inc. 13,649  250,050 
Sun Country Airlines Holdings, Inc.(1)
 4,060  81,403 
927,347 
Auto Components — 1.3%
American Axle & Manufacturing Holdings, Inc.(1)
 14,028  123,446 
Cooper-Standard Holdings, Inc.(1)
 2,136  34,069 
Dana, Inc. 19,219  304,429 
Dorman Products, Inc.(1)
 438  40,747 
LCI Industries 1,374  155,001 
Modine Manufacturing Co.(1)
 7,212  176,045 
Motorcar Parts of America, Inc.(1)
 2,222  29,086 
Patrick Industries, Inc. 2,688  195,821 
Standard Motor Products, Inc. 2,688  104,751 
Stoneridge, Inc.(1)
 2,860  68,097 
Visteon Corp.(1)
 1,711  285,805 
XPEL, Inc.(1)
 270  18,039 
1,535,336 
Automobiles — 0.2%
Winnebago Industries, Inc. 3,928  249,664 
Workhorse Group, Inc.(1)
 9,082  18,709 
268,373 
83

Avantis U.S. Small Cap Equity ETF
Shares Value
Banks — 14.5%
1st Source Corp. 1,068  $ 53,208 
ACNB Corp. 1,242  46,004 
Amalgamated Financial Corp. 1,706  40,176 
Amerant Bancorp, Inc. 4,394  124,790 
American National Bankshares, Inc. 1,326  44,620 
Ameris Bancorp 249  11,920 
Ames National Corp. 1,162  28,144 
Arrow Financial Corp. 1,718  52,365 
Atlantic Union Bankshares Corp. 9,586  359,092 
Banc of California, Inc. 6,358  111,583 
BancFirst Corp. 911  82,218 
Bancorp, Inc.(1)
 6,480  224,143 
Bank First Corp. 896  73,051 
Bank of Marin Bancorp 1,964  56,956 
Bank7 Corp. 516  15,150 
Bankwell Financial Group, Inc. 814  24,567 
Banner Corp. 4,222  265,902 
Bar Harbor Bankshares 1,706  50,958 
Baycom Corp. 1,965  40,341 
BCB Bancorp, Inc. 2,438  42,299 
Berkshire Hills Bancorp, Inc. 5,548  161,225 
Blue Ridge Bankshares, Inc. 2,050  25,092 
Brookline Bancorp, Inc. 10,169  131,790 
Business First Bancshares, Inc. 2,430  50,641 
Byline Bancorp, Inc. 2,946  72,619 
Cambridge Bancorp 810  64,419 
Camden National Corp. 1,706  70,202 
Capital Bancorp, Inc. 1,154  23,438 
Capital City Bank Group, Inc. 1,498  53,434 
Capstar Financial Holdings, Inc. 2,050  35,465 
Carter Bankshares, Inc.(1)
 3,333  57,894 
Central Pacific Financial Corp. 3,498  78,460 
Central Valley Community Bancorp 1,240  31,632 
Citizens & Northern Corp. 1,792  40,320 
City Holding Co. 1,792  175,974 
Civista Bancshares, Inc. 1,792  38,223 
CNB Financial Corp. 2,136  50,922 
Coastal Financial Corp.(1)
 1,412  65,164 
Colony Bankcorp, Inc. 2,055  25,831 
Columbia Banking System, Inc. 9,897  294,238 
Community Trust Bancorp, Inc. 1,878  80,285 
ConnectOne Bancorp, Inc. 5,032  122,026 
CrossFirst Bankshares, Inc.(1)
 5,118  72,420 
Customers Bancorp, Inc.(1)
 4,308  132,686 
Dime Community Bancshares, Inc. 3,756  115,084 
Eagle Bancorp, Inc. 3,756  164,550 
Enterprise Bancorp, Inc. 1,240  43,884 
Enterprise Financial Services Corp. 4,308  234,614 
Equity Bancshares, Inc., Class A 1,964  59,038 
Esquire Financial Holdings, Inc. 982  45,162 
84

Avantis U.S. Small Cap Equity ETF
Shares Value
Farmers & Merchants Bancorp, Inc. 1,879  $ 48,666 
Farmers National Banc Corp. 4,308  61,389 
FB Financial Corp. 4,738  178,575 
Financial Institutions, Inc. 1,964  49,021 
First BanCorp 25,233  366,131 
First Bancorp, Inc. 1,154  33,789 
First Bancorp/Southern Pines NC 4,050  168,035 
First Bancshares, Inc. 2,430  76,083 
First Bank 2,432  33,148 
First Busey Corp. 6,566  158,503 
First Business Financial Services, Inc. 1,077  38,147 
First Commonwealth Financial Corp. 13,218  211,620 
First Community Bankshares, Inc. 1,964  61,316 
First Financial Bancorp 11,426  281,537 
First Financial Corp. 1,326  58,278 
First Foundation, Inc. 2,533  38,172 
First Internet Bancorp 1,326  35,815 
First Merchants Corp. 8,019  328,137 
First Mid Bancshares, Inc. 2,050  63,530 
First of Long Island Corp. 2,688  45,750 
First Western Financial, Inc.(1)
 1,071  27,707 
Five Star Bancorp 1,326  36,226 
Flushing Financial Corp. 3,842  74,765 
Fulton Financial Corp. 10,606  182,423 
German American Bancorp, Inc. 3,412  134,092 
Great Southern Bancorp, Inc. 1,326  77,160 
Guaranty Bancshares, Inc. 982  30,648 
Hanmi Financial Corp. 4,222  99,724 
HarborOne Bancorp, Inc. 5,756  78,685 
Heartland Financial USA, Inc. 4,738  234,247 
Heritage Commerce Corp. 6,996  84,722 
Heritage Financial Corp. 4,222  117,667 
Hilltop Holdings, Inc. 7,296  242,008 
HomeStreet, Inc. 2,688  67,818 
HomeTrust Bancshares, Inc. 1,964  57,486 
Hope Bancorp, Inc. 14,580  186,770 
Horizon Bancorp, Inc. 4,946  75,278 
Independent Bank Corp. (Michigan) 2,688  59,270 
International Bancshares Corp. 3,662  177,717 
Lakeland Bancorp, Inc. 8,358  160,892 
Lakeland Financial Corp. 3,118  223,311 
Live Oak Bancshares, Inc. 4,738  163,745 
Macatawa Bank Corp. 3,842  41,916 
Mercantile Bank Corp. 1,878  64,960 
Metrocity Bankshares, Inc. 2,688  54,217 
Metropolitan Bank Holding Corp.(1)
 1,498  83,603 
Mid Penn Bancorp, Inc. 1,878  57,467 
Midland States Bancorp, Inc. 2,516  65,517 
MidWestOne Financial Group, Inc. 1,240  37,250 
MVB Financial Corp. 1,240  33,840 
National Bank Holdings Corp., Class A 4,222  170,949 
85

Avantis U.S. Small Cap Equity ETF
Shares Value
NBT Bancorp, Inc. 5,679  $ 230,511 
Nicolet Bankshares, Inc.(1)
 1,620  120,625 
Northeast Bank 896  39,496 
Northrim BanCorp, Inc. 688  36,127 
Northwest Bancshares, Inc. 14,924  206,250 
OceanFirst Financial Corp. 7,462  176,999 
OFG Bancorp 6,480  197,122 
Old Second Bancorp, Inc. 5,118  84,856 
Origin Bancorp, Inc. 2,602  98,642 
Orrstown Financial Services, Inc. 1,418  32,614 
Park National Corp. 1,878  239,952 
Parke Bancorp, Inc. 1,500  30,615 
Pathward Financial, Inc. 4,050  206,590 
PCB Bancorp 1,498  27,353 
Peapack-Gladstone Financial Corp. 2,136  79,352 
Peoples Bancorp, Inc. 3,240  100,796 
Peoples Financial Services Corp. 896  44,397 
Preferred Bank 936  65,894 
Premier Financial Corp. 4,652  115,463 
Primis Financial Corp. 2,774  32,484 
QCR Holdings, Inc. 1,964  105,054 
RBB Bancorp 1,878  37,109 
Renasant Corp. 6,480  233,150 
Republic Bancorp, Inc., Class A 1,792  79,744 
Republic First Bancorp, Inc.(1)
 6,186  12,372 
S&T Bancorp, Inc. 4,566  170,129 
Sandy Spring Bancorp, Inc. 5,756  189,660 
Seacoast Banking Corp. of Florida 9,779  298,357 
Shore Bancshares, Inc. 2,308  39,374 
Sierra Bancorp 1,706  34,478 
Silvergate Capital Corp., Class A(1)
 2,777  38,628 
Simmons First National Corp., Class A 3,001  66,712 
SmartFinancial, Inc. 1,792  48,922 
South Plains Financial, Inc. 1,240  32,600 
Southern First Bancshares, Inc.(1)
 982  39,526 
Southside Bancshares, Inc. 4,136  157,954 
Stellar Bancorp, Inc. 5,943  173,833 
Stock Yards Bancorp, Inc. 4,495  263,092 
Summit Financial Group, Inc. 1,412  35,964 
Texas Capital Bancshares, Inc.(1)
 3,489  231,076 
Third Coast Bancshares, Inc.(1)
 1,420  26,199 
Tompkins Financial Corp. 1,498  112,035 
Towne Bank 8,711  264,205 
TriCo Bancshares 4,057  204,919 
Triumph Financial, Inc.(1)
 3,498  212,853 
Trustmark Corp. 6,910  203,154 
Unity Bancorp, Inc. 896  23,663 
Univest Financial Corp. 3,670  103,494 
Veritex Holdings, Inc. 5,842  155,748 
Washington Federal, Inc. 10,209  358,030 
Washington Trust Bancorp, Inc. 1,964  82,488 
86

Avantis U.S. Small Cap Equity ETF
Shares Value
WesBanco, Inc. 7,376  $ 266,642 
West BanCorp, Inc. 1,878  39,551 
Westamerica BanCorp 3,585  197,605 
16,606,399 
Beverages — 0.1%
MGP Ingredients, Inc. 978  99,208 
Vita Coco Co., Inc.(1)
 134  2,266 
Zevia PBC, Class A(1)
 1,220  4,258 
105,732 
Biotechnology — 5.5%
2seventy bio, Inc.(1)
 5,104  68,853 
89bio, Inc.(1)
 3,677  50,081 
Aadi Bioscience, Inc.(1)
 1,792  19,300 
Actinium Pharmaceuticals, Inc.(1)
 1,111  10,721 
Adicet Bio, Inc.(1)
 4,404  34,704 
Aerovate Therapeutics, Inc.(1)
 614  15,086 
Agios Pharmaceuticals, Inc.(1)
 9,091  230,093 
Akero Therapeutics, Inc.(1)
 2,437  110,908 
Aldeyra Therapeutics, Inc.(1)
 7,870  53,201 
Alector, Inc.(1)
 4,050  34,587 
Allakos, Inc.(1)
 7,794  46,374 
Allogene Therapeutics, Inc.(1)
 10,882  69,101 
Allovir, Inc.(1)
 3,584  24,192 
Alpine Immune Sciences, Inc.(1)
 814  6,488 
Altimmune, Inc.(1)
 5,314  66,903 
ALX Oncology Holdings, Inc.(1)
 2,287  15,140 
AnaptysBio, Inc.(1)
 2,860  71,214 
Anika Therapeutics, Inc.(1)
 1,706  54,080 
Annexon, Inc.(1)
 1,620  8,635 
Arcturus Therapeutics Holdings, Inc.(1)
 2,197  35,701 
Arcus Biosciences, Inc.(1)
 7,082  128,963 
ARS Pharmaceuticals, Inc.(1)
 4,420  39,426 
Atara Biotherapeutics, Inc.(1)
 12,645  51,212 
aTyr Pharma, Inc.(1)
 3,756  7,925 
BioAtla, Inc.(1)
 5,210  15,526 
Biomea Fusion, Inc.(1)
 2,706  34,745 
Bioxcel Therapeutics, Inc.(1)
 2,222  70,926 
Bluebird Bio, Inc.(1)
 1,056  5,491 
C4 Therapeutics, Inc.(1)
 6,487  34,186 
Cardiff Oncology, Inc.(1)
 4,566  7,899 
CareDx, Inc.(1)
 5,931  99,759 
Caribou Biosciences, Inc.(1)
 5,532  33,690 
Catalyst Pharmaceuticals, Inc.(1)
 13,476  205,644 
Chinook Therapeutics, Inc.(1)
 4,847  105,762 
Cogent Biosciences, Inc.(1)
 10  132 
Concert Pharmaceuticals, Inc.(1)
 5,515  46,216 
Contra Akouos, Inc.(1)
 779  615 
Cullinan Oncology, Inc.(1)
 4,155  46,910 
Deciphera Pharmaceuticals, Inc.(1)
 6,570  95,265 
Disc Medicine, Inc.(1)
 953  23,825 
Dynavax Technologies Corp.(1)
 16,458  169,517 
87

Avantis U.S. Small Cap Equity ETF
Shares Value
Dyne Therapeutics, Inc.(1)
 4,152  $ 53,478 
Eagle Pharmaceuticals, Inc.(1)
 1,412  39,536 
Editas Medicine, Inc.(1)
 7,950  71,868 
Emergent BioSolutions, Inc.(1)
 4,222  52,268 
Enanta Pharmaceuticals, Inc.(1)
 347  16,830 
Enochian Biosciences, Inc.(1)
 30  31 
Entrada Therapeutics, Inc.(1)
 1,055  13,451 
EQRx, Inc.(1)
 40,857  92,337 
Erasca, Inc.(1)
 7,300  26,280 
Essa Pharma, Inc.(1)
 2,946  9,913 
F-star Therapeutics, Inc.(1)
 420  2,247 
Generation Bio Co.(1)
 3,032  12,007 
Genprex, Inc.(1)
 1,546  1,979 
Gritstone bio, Inc.(1)
 9,672  23,696 
Ideaya Biosciences, Inc.(1)
 6,939  122,473 
Immunic, Inc.(1)
 1,104  2,186 
Immunovant, Inc.(1)
 4,967  86,773 
Inmune Bio, Inc.(1)
 1,068  10,082 
Inovio Pharmaceuticals, Inc.(1)
 31,554  39,758 
Ironwood Pharmaceuticals, Inc.(1)
 17,354  195,580 
iTeos Therapeutics, Inc.(1)
 3,412  60,427 
KalVista Pharmaceuticals, Inc.(1)
 1,706  12,505 
Kezar Life Sciences, Inc.(1)
 8,052  50,647 
Kiniksa Pharmaceuticals Ltd., Class A(1)
 3,326  42,772 
Kinnate Biopharma, Inc.(1)
 2,602  13,739 
Kodiak Sciences, Inc.(1)
 3,435  22,328 
Kronos Bio, Inc.(1)
 2,774  4,827 
Krystal Biotech, Inc.(1)
 84  6,880 
Kura Oncology, Inc.(1)
 7,655  91,248 
Kymera Therapeutics, Inc.(1)
 4,864  152,632 
Larimar Therapeutics, Inc.(1)
 1,326  8,036 
Lyell Immunopharma, Inc.(1)
 18,980  40,807 
MacroGenics, Inc.(1)
 8,294  50,510 
MediciNova, Inc.(1)
 5,290  11,638 
MeiraGTx Holdings PLC(1)
 3,670  28,332 
Merus NV(1)
 699  13,330 
Monte Rosa Therapeutics, Inc.(1)
 3,163  19,231 
Morphic Holding, Inc.(1)
 3,528  150,011 
Myriad Genetics, Inc.(1)
 9,567  181,008 
NextCure, Inc.(1)
 20  31 
Nkarta, Inc.(1)
 982  4,124 
Nurix Therapeutics, Inc.(1)
 5,376  50,696 
Olema Pharmaceuticals, Inc.(1)
 1,964  8,052 
Organogenesis Holdings, Inc.(1)
 5,118  12,539 
ORIC Pharmaceuticals, Inc.(1)
 3,842  17,020 
Ovid therapeutics, Inc.(1)
 6,566  16,218 
PDS Biotechnology Corp.(1)
 34  260 
PMV Pharmaceuticals, Inc.(1)
 4,632  33,397 
Point Biopharma Global, Inc.(1)
 8,554  64,069 
Poseida Therapeutics, Inc.(1)
 2,879  16,382 
Praxis Precision Medicines, Inc.(1)
 4,308  13,204 
88

Avantis U.S. Small Cap Equity ETF
Shares Value
Protagonist Therapeutics, Inc.(1)
 5,119  $ 83,030 
Prothena Corp. PLC(1)
 1,034  57,656 
Rallybio Corp.(1)
 734  5,777 
REGENXBIO, Inc.(1)
 4,566  101,594 
Relay Therapeutics, Inc.(1)
 11,307  182,608 
Repare Therapeutics, Inc.(1)
 2,516  25,789 
Replimune Group, Inc.(1)
 4,736  103,718 
REVOLUTION Medicines, Inc.(1)
 2,453  65,642 
Rhythm Pharmaceuticals, Inc.(1)
 5  122 
Rocket Pharmaceuticals, Inc.(1)
 1,702  32,695 
Roivant Sciences Ltd.(1)
 7,736  62,584 
Sage Therapeutics, Inc.(1)
 6,106  254,254 
Sana Biotechnology, Inc.(1)
 7,096  26,042 
Sangamo Therapeutics, Inc.(1)
 12,331  37,610 
Scholar Rock Holding Corp.(1)
 6,745  57,872 
Shattuck Labs, Inc.(1)
 1,792  8,458 
Stoke Therapeutics, Inc.(1)
 1,620  14,402 
Sutro Biopharma, Inc.(1)
 4,480  25,267 
Tango Therapeutics, Inc.(1)
 6,666  34,863 
Twist Bioscience Corp.(1)
 4,071  79,222 
uniQure NV(1)
 5,774  121,023 
Vanda Pharmaceuticals, Inc.(1)
 5,928  38,176 
Viking Therapeutics, Inc.(1)
 9,163  100,885 
Viracta Therapeutics, Inc.(1)
 34  58 
Viridian Therapeutics, Inc.(1)
 3,035  99,427 
Voyager Therapeutics, Inc.(1)
 2,351  16,880 
XBiotech, Inc.(1)
 2,050  6,888 
Xencor, Inc.(1)
 8,186  263,016 
Xenon Pharmaceuticals, Inc.(1)
 1,973  77,855 
Zymeworks, Inc.(1)
 1,655  13,604 
6,315,686 
Building Products — 1.5%
Alpha Pro Tech Ltd.(1)
 1,498  6,306 
American Woodmark Corp.(1)
 1,717  87,533 
Apogee Enterprises, Inc. 3,326  152,198 
AZZ, Inc. 2,946  119,755 
CSW Industrials, Inc. 1,879  265,991 
Griffon Corp. 610  22,247 
Hayward Holdings, Inc.(1)
 7,726  95,107 
Insteel Industries, Inc. 2,602  77,409 
Janus International Group, Inc.(1)
 8,109  84,252 
JELD-WEN Holding, Inc.(1)
 1,650  21,697 
Masonite International Corp.(1)
 2,946  261,605 
PGT Innovations, Inc.(1)
 7,004  148,135 
Quanex Building Products Corp. 3,928  101,932 
Resideo Technologies, Inc.(1)
 14,617  268,076 
1,712,243 
Capital Markets — 1.9%
Artisan Partners Asset Management, Inc., Class A 6,931  228,515 
Assetmark Financial Holdings, Inc.(1)
 2,308  72,240 
Avantax, Inc.(1)
 574  16,411 
89

Avantis U.S. Small Cap Equity ETF
Shares Value
B. Riley Financial, Inc. 2,430  $ 96,665 
BGC Partners, Inc., Class A 48,799  237,163 
Bridge Investment Group Holdings, Inc., Class A 3,005  40,838 
Cowen, Inc., Class A 3,032  118,218 
Diamond Hill Investment Group, Inc. 430  75,078 
Donnelley Financial Solutions, Inc.(1)
 4,136  174,994 
Federated Hermes, Inc. 1  39 
Greenhill & Co., Inc. 1,498  16,838 
Open Lending Corp., Class A(1)
 11,134  78,829 
Oppenheimer Holdings, Inc., Class A 896  39,505 
Piper Sandler Cos. 2,516  379,891 
PJT Partners, Inc., Class A 10  789 
StoneX Group, Inc.(1)
 2,917  294,121 
Victory Capital Holdings, Inc., Class A 2,774  94,205 
Virtus Investment Partners, Inc. 810  170,448 
WisdomTree, Inc. 14,752  88,069 
2,222,856 
Chemicals — 1.8%
AdvanSix, Inc. 4,050  166,657 
American Vanguard Corp. 3,240  67,619 
Chase Corp. 553  54,161 
Danimer Scientific, Inc.(1)
 8,110  20,924 
Ecovyst, Inc.(1)
 6,911  69,386 
FutureFuel Corp. 3,118  27,282 
Hawkins, Inc. 1,707  69,424 
Ingevity Corp.(1)
 4,117  339,900 
Innospec, Inc. 48  5,254 
Intrepid Potash, Inc.(1)
 1,412  44,718 
Koppers Holdings, Inc. 2,430  87,213 
Kronos Worldwide, Inc. 2,688  30,348 
LSB Industries, Inc.(1)
 4,652  63,221 
Mativ Holdings, Inc. 531  13,758 
Minerals Technologies, Inc. 3,928  238,626 
Origin Materials, Inc.(1)
 16,716  80,237 
Orion Engineered Carbons SA 7,376  188,088 
PureCycle Technologies, Inc.(1)
 6,262  39,952 
Rayonier Advanced Materials, Inc.(1)
 7,082  58,072 
Stepan Co. 2,692  280,210 
Trinseo PLC 3,327  77,120 
Tronox Holdings PLC, Class A 2,169  33,836 
2,056,006 
Commercial Services and Supplies — 1.8%
ACCO Brands Corp. 11,218  63,606 
ARC Document Solutions, Inc. 5,118  17,094 
Brady Corp., Class A 5,548  306,028 
BrightView Holdings, Inc.(1)
 4,574  28,908 
Brink's Co. 3,162  206,320 
Civeo Corp.(1)
 1,412  39,974 
Deluxe Corp. 4,652  85,783 
Ennis, Inc. 3,032  65,946 
Harsco Corp.(1)
 9,806  82,959 
90

Avantis U.S. Small Cap Equity ETF
Shares Value
Healthcare Services Group, Inc.(1)
 6,910  $ 91,696 
Heritage-Crystal Clean, Inc.(1)
 2,222  79,948 
HNI Corp. 5,376  168,000 
Interface, Inc. 7,462  65,815 
KAR Auction Services, Inc.(1)
 16,296  232,870 
Kimball International, Inc., Class B 4,394  30,363 
Li-Cycle Holdings Corp.(1)
 13,222  80,125 
Liquidity Services, Inc.(1)
 3,240  41,018 
Matthews International Corp., Class A 3,756  143,329 
Pitney Bowes, Inc. 1  4 
Quad/Graphics, Inc.(1)
 3,842  18,787 
SP Plus Corp.(1)
 2,774  94,371 
Steelcase, Inc., Class A 12,330  97,037 
VSE Corp. 1,326  76,126 
2,116,107 
Communications Equipment — 1.2%
ADTRAN Holdings, Inc. 2  35 
Applied Optoelectronics, Inc.(1)
 2,222  6,244 
Aviat Networks, Inc.(1)
 1,240  44,057 
Comtech Telecommunications Corp. 3,240  51,808 
Extreme Networks, Inc.(1)
 18,835  352,591 
Harmonic, Inc.(1)
 11,134  146,857 
KVH Industries, Inc.(1)
 1,878  18,592 
NETGEAR, Inc.(1)
 3,670  66,427 
NetScout Systems, Inc.(1)
 8,702  247,485 
Ribbon Communications, Inc.(1)
 6,910  30,819 
ViaSat, Inc.(1)
 6,029  191,481 
Viavi Solutions, Inc.(1)
 21,497  235,177 
1,391,573 
Construction and Engineering — 1.3%
Ameresco, Inc., Class A(1)
 3,977  174,789 
Arcosa, Inc. 2,875  174,225 
Argan, Inc. 1,792  69,637 
Concrete Pumping Holdings, Inc.(1)
 3,118  24,352 
Dycom Industries, Inc.(1)
 195  16,421 
Fluor Corp.(1)
 1,119  41,034 
Granite Construction, Inc. 5,548  239,674 
Great Lakes Dredge & Dock Corp.(1)
 7,720  44,274 
IES Holdings, Inc.(1)
 94  3,954 
Matrix Service Co.(1)
 2,860  18,104 
MYR Group, Inc.(1)
 1,878  226,505 
Northwest Pipe Co.(1)
 1,154  44,429 
Primoris Services Corp. 6,358  174,845 
Sterling Infrastructure, Inc.(1)
 3,842  147,763 
Tutor Perini Corp.(1)
 5,032  40,809 
1,440,815 
Construction Materials†
United States Lime & Minerals, Inc. 258  41,615 
Consumer Finance — 1.6%
Atlanticus Holdings Corp.(1)
 810  25,960 
Bread Financial Holdings, Inc. 6,488  266,462 
91

Avantis U.S. Small Cap Equity ETF
Shares Value
Consumer Portfolio Services, Inc.(1)
 2,136  $ 23,624 
Encore Capital Group, Inc.(1)
 3,240  167,443 
Enova International, Inc.(1)
 4,566  222,592 
EZCORP, Inc., Class A(1)
 6,824  60,188 
Green Dot Corp., Class A(1)
 5,548  105,024 
LendingClub Corp.(1)
 8,449  79,421 
Medallion Financial Corp. 1,706  14,416 
Navient Corp. 18,008  325,044 
Oportun Financial Corp.(1)
 3,326  20,089 
PRA Group, Inc.(1)
 6,014  255,956 
PROG Holdings, Inc.(1)
 7,806  192,964 
Regional Management Corp. 982  30,953 
World Acceptance Corp.(1)
 602  56,203 
1,846,339 
Containers and Packaging — 0.8%
Greif, Inc., Class A 815  57,906 
Greif, Inc., Class B 230  18,924 
Myers Industries, Inc. 5,299  136,926 
O-I Glass, Inc.(1)
 21,030  467,287 
Pactiv Evergreen, Inc. 4,480  48,429 
TriMas Corp. 4,860  145,751 
875,223 
Distributors†
Funko, Inc., Class A(1)
 27  292 
Diversified Consumer Services — 1.2%
Adtalem Global Education, Inc.(1)
 5,462  213,674 
American Public Education, Inc.(1)
 1,878  20,733 
Carriage Services, Inc. 2,222  75,370 
European Wax Center, Inc., Class A 1,472  27,173 
Frontdoor, Inc.(1)
 8,117  229,305 
Graham Holdings Co., Class B 284  177,972 
Lincoln Educational Services Corp.(1)
 2,860  16,731 
OneSpaWorld Holdings Ltd.(1)
 8,100  93,879 
Perdoceo Education Corp.(1)
 8,272  114,030 
Rover Group, Inc.(1)
 16,558  69,212 
Strategic Education, Inc. 821  69,990 
Stride, Inc.(1)
 5,118  217,362 
Universal Technical Institute, Inc.(1)
 4,136  30,027 
1,355,458 
Diversified Financial Services — 0.3%
Alerus Financial Corp. 1,498  29,960 
A-Mark Precious Metals, Inc. 2,375  69,611 
Cannae Holdings, Inc.(1)
 9,426  212,839 
Jackson Financial, Inc., Class A 1,081  49,056 
361,466 
Diversified Telecommunication Services — 0.5%
ATN International, Inc. 1,240  52,142 
Bandwidth, Inc., Class A(1)
 1,987  31,593 
Consolidated Communications Holdings, Inc.(1)
 6,910  20,937 
EchoStar Corp., Class A(1)
 4,652  92,854 
IDT Corp., Class B(1)
 2,688  81,742 
92

Avantis U.S. Small Cap Equity ETF
Shares Value
Liberty Latin America Ltd., Class A(1)
 4,328  $ 38,173 
Liberty Latin America Ltd., Class C(1)
 16,480  144,695 
Radius Global Infrastructure, Inc., Class A(1)
 9,172  125,014 
587,150 
Electric Utilities — 0.6%
MGE Energy, Inc. 4,561  322,828 
Otter Tail Corp. 5,775  409,390 
Via Renewables, Inc. 34  199 
732,417 
Electrical Equipment — 0.8%
Encore Wire Corp. 2,874  554,711 
EnerSys 16  1,451 
FuelCell Energy, Inc.(1)
 4,868  16,259 
GrafTech International Ltd. 24,652  139,284 
Orion Energy Systems, Inc.(1)
 2,430  4,981 
Powell Industries, Inc. 1,068  47,366 
Preformed Line Products Co. 172  15,336 
Thermon Group Holdings, Inc.(1)
 3,928  103,896 
TPI Composites, Inc.(1)
 1  12 
883,296 
Electronic Equipment, Instruments and Components — 2.5%
Advanced Energy Industries, Inc. 48  4,468 
Aeva Technologies, Inc.(1)
 7,894  14,130 
Airgain, Inc.(1)
 896  6,818 
Akoustis Technologies, Inc.(1)
 4,308  16,112 
Badger Meter, Inc. 1,888  229,618 
Bel Fuse, Inc., Class B 1,240  44,045 
Belden, Inc. 2,727  230,104 
Benchmark Electronics, Inc. 4,480  106,579 
CTS Corp. 3,928  170,122 
Daktronics, Inc.(1)
 4,480  18,189 
ePlus, Inc.(1)
 3,756  203,462 
Evolv Technologies Holdings, Inc.(1)
 5,204  14,311 
FARO Technologies, Inc.(1)
 1,554  42,269 
Itron, Inc.(1)
 4,484  250,073 
Kimball Electronics, Inc.(1)
 2,946  73,679 
Knowles Corp.(1)
 11,770  199,855 
Methode Electronics, Inc. 4,394  214,120 
Napco Security Technologies, Inc.(1)
 3  95 
nLight, Inc.(1)
 3,671  41,482 
OSI Systems, Inc.(1)
 1,792  165,850 
PC Connection, Inc. 1,240  54,312 
Plexus Corp.(1)
 1,640  157,260 
Richardson Electronics Ltd. 1,620  33,988 
Sanmina Corp.(1)
 3,815  230,655 
ScanSource, Inc.(1)
 3,584  111,749 
TTM Technologies, Inc.(1)
 11,856  157,566 
Vishay Intertechnology, Inc. 1,459  30,974 
Vishay Precision Group, Inc.(1)
 1,412  61,563 
2,883,448 
Energy Equipment and Services — 3.4%
Archrock, Inc. 18,336  202,980 
93

Avantis U.S. Small Cap Equity ETF
Shares Value
Bristow Group, Inc.(1)
 3,118  $ 84,934 
Core Laboratories NV 6,911  164,966 
Diamond Offshore Drilling, Inc.(1)
 11,187  132,902 
DMC Global, Inc.(1)
 2,308  61,785 
Dril-Quip, Inc.(1)
 3,670  125,697 
Expro Group Holdings NV(1)
 11,171  253,917 
Forum Energy Technologies, Inc.(1)
 516  15,108 
Helix Energy Solutions Group, Inc.(1)
 17,096  141,555 
Liberty Energy, Inc., Class A 19,633  299,403 
Nabors Industries Ltd.(1)
 982  147,604 
National Energy Services Reunited Corp.(1)
 2,149  13,883 
Newpark Resources, Inc.(1)
 12,150  53,825 
NexTier Oilfield Solutions, Inc.(1)
 32,193  293,922 
Noble Corp. PLC(1)
 342  14,258 
Oceaneering International, Inc.(1)
 15,279  319,178 
Oil States International, Inc.(1)
 7,548  68,913 
Patterson-UTI Energy, Inc. 34  466 
ProPetro Holding Corp.(1)
 12,494  110,072 
RPC, Inc. 11,218  98,382 
Select Energy Services, Inc., Class A 8,702  64,569 
Solaris Oilfield Infrastructure, Inc., Class A 3,756  33,541 
TechnipFMC PLC(1)
 24,545  375,293 
TETRA Technologies, Inc.(1)
 17,916  63,781 
Tidewater, Inc.(1)
 7,134  348,425 
Transocean Ltd.(1)
 22,980  160,630 
US Silica Holdings, Inc.(1)
 8,702  105,642 
Weatherford International PLC(1)
 2,489  165,817 
3,921,448 
Entertainment — 0.7%
Cinemark Holdings, Inc.(1)
 11,772  160,217 
IMAX Corp.(1)
 6,652  122,663 
Liberty Media Corp.-Liberty Braves, Class A(1)
 1,140  39,045 
Liberty Media Corp.-Liberty Braves, Class C(1)
 4,632  155,033 
Madison Square Garden Entertainment Corp.(1)
 3,679  222,690 
Marcus Corp. 3,032  48,785 
Playstudios, Inc.(1)
 11,859  44,115 
Sciplay Corp., Class A(1)
 2,860  47,304 
839,852 
Food and Staples Retailing — 1.2%
Andersons, Inc. 4,566  208,346 
Grocery Outlet Holding Corp.(1)
 6  162 
HF Foods Group, Inc.(1)
 5,403  20,964 
Ingles Markets, Inc., Class A 2,136  190,958 
Natural Grocers by Vitamin Cottage, Inc. 1,620  17,788 
PriceSmart, Inc. 3,110  216,829 
SpartanNash Co. 5,032  134,656 
Sprouts Farmers Market, Inc.(1)
 148  4,483 
United Natural Foods, Inc.(1)
 8,530  347,427 
Village Super Market, Inc., Class A 896  20,008 
Weis Markets, Inc. 2,222  169,850 
1,331,471 
94

Avantis U.S. Small Cap Equity ETF
Shares Value
Food Products — 1.1%
Alico, Inc. 516  $ 13,282 
B&G Foods, Inc. 7,634  96,723 
Calavo Growers, Inc. 1,878  60,603 
Cal-Maine Foods, Inc. 3,356  190,621 
Farmer Bros Co.(1)
 1,326  5,994 
Fresh Del Monte Produce, Inc. 4,566  142,824 
Hain Celestial Group, Inc.(1)
 950  16,938 
Hostess Brands, Inc.(1)
 4,571  112,904 
John B Sanfilippo & Son, Inc. 295  26,482 
Lifecore Biomedical, Inc.(1)
 3,118  18,053 
Limoneira Co. 1,878  29,541 
Mission Produce, Inc.(1)
 4,136  47,647 
Seneca Foods Corp., Class A(1)
 688  38,253 
Sovos Brands, Inc.(1)
 4,387  57,338 
Tootsie Roll Industries, Inc. 933  41,080 
TreeHouse Foods, Inc.(1)
 6,348  309,719 
Vital Farms, Inc.(1)
 2,222  35,907 
1,243,909 
Gas Utilities — 0.4%
Chesapeake Utilities Corp. 1,340  171,641 
Northwest Natural Holding Co. 3,832  185,239 
Star Group LP 3,850  48,394 
405,274 
Health Care Equipment and Supplies — 1.4%
Accuray, Inc.(1)
 4,993  14,480 
AngioDynamics, Inc.(1)
 2,077  25,713 
Atrion Corp. 172  97,696 
Avanos Medical, Inc.(1)
 6,014  168,813 
Axogen, Inc.(1)
 49  404 
Butterfly Network, Inc.(1)
 16,862  41,481 
Cardiovascular Systems, Inc.(1)
 4,567  90,016 
Co-Diagnostics, Inc.(1)
 4,136  11,953 
Glaukos Corp.(1)
 62  2,928 
Haemonetics Corp.(1)
 1,877  145,974 
Heska Corp.(1)
 827  67,343 
Inogen, Inc.(1)
 1,412  22,126 
Integer Holdings Corp.(1)
 379  28,417 
iRadimed Corp. 610  23,156 
LeMaitre Vascular, Inc. 2,430  121,767 
Merit Medical Systems, Inc.(1)
 4  282 
Neuronetics, Inc.(1)
 2,430  13,827 
NuVasive, Inc.(1)
 6,566  283,848 
OraSure Technologies, Inc.(1)
 8,530  53,824 
Orthofix Medical, Inc.(1)
 3,406  70,164 
Outset Medical, Inc.(1)
 5,927  135,195 
Retractable Technologies, Inc.(1)
 1,412  2,739 
Sensus Healthcare, Inc.(1)
 435  2,989 
Sight Sciences, Inc.(1)
 2,955  32,446 
Utah Medical Products, Inc. 430  39,465 
Varex Imaging Corp.(1)
 4,738  83,815 
95

Avantis U.S. Small Cap Equity ETF
Shares Value
Zynex, Inc.(1)
 2,876  $ 37,158 
1,618,019 
Health Care Providers and Services — 2.1%
23andMe Holding Co., Class A(1)
 17,227  43,240 
Accolade, Inc.(1)
 6,327  70,293 
Addus HomeCare Corp.(1)
 2,434  264,430 
Agiliti, Inc.(1)
 2,871  54,721 
Apollo Medical Holdings, Inc.(1)
 281  9,807 
Brookdale Senior Living, Inc.(1)
 17,820  57,558 
Castle Biosciences, Inc.(1)
 2,361  59,450 
CorVel Corp.(1)
 1,292  232,922 
Cross Country Healthcare, Inc.(1)
 4,717  124,765 
Fulgent Genetics, Inc.(1)
 2,430  79,680 
InfuSystem Holdings, Inc.(1)
 1,792  16,827 
Joint Corp.(1)
 1,706  26,784 
ModivCare, Inc.(1)
 1,498  147,089 
National HealthCare Corp. 1,498  83,468 
National Research Corp. 2,308  104,229 
NeoGenomics, Inc.(1)
 16,864  284,158 
OPKO Health, Inc.(1)
 52,822  60,217 
Owens & Minor, Inc.(1)
 9,082  139,227 
Patterson Cos., Inc. 7,972  211,417 
Pediatrix Medical Group, Inc.(1)
 7,146  112,478 
Pennant Group, Inc.(1)
 2,135  32,068 
Privia Health Group, Inc.(1)
 200  5,586 
RadNet, Inc.(1)
 6,031  142,241 
Select Medical Holdings Corp. 2,893  78,661 
2,441,316 
Health Care Technology — 0.6%
American Well Corp., Class A(1)
 25,920  72,317 
Computer Programs & Systems, Inc.(1)
 1,706  51,197 
Health Catalyst, Inc.(1)
 6,677  93,211 
HealthStream, Inc. 2,925  75,026 
Multiplan Corp.(1)
 33,223  33,555 
NextGen Healthcare, Inc.(1)
 3,849  69,706 
OptimizeRx Corp.(1)
 920  16,422 
Sharecare, Inc.(1)
 21,730  50,848 
Simulations Plus, Inc. 37  1,408 
Veradigm, Inc.(1)
 14,838  246,459 
710,149 
Hotels, Restaurants and Leisure — 2.0%
Accel Entertainment, Inc.(1)
 2,690  24,614 
Bally's Corp.(1)
 3,414  67,427 
BJ's Restaurants, Inc.(1)
 2,688  86,016 
Bloomin' Brands, Inc. 11,947  311,817 
BurgerFi International, Inc.(1)
 5  8 
Carrols Restaurant Group, Inc.(1)
 3,118  6,485 
Century Casinos, Inc.(1)
 3,326  30,799 
Cheesecake Factory, Inc. 5,842  218,724 
Chuy's Holdings, Inc.(1)
 2,430  86,872 
Cracker Barrel Old Country Store, Inc. 2,860  311,626 
96

Avantis U.S. Small Cap Equity ETF
Shares Value
Dave & Buster's Entertainment, Inc.(1)
 5,671  $ 226,953 
El Pollo Loco Holdings, Inc. 1,792  21,450 
Everi Holdings, Inc.(1)
 10,874  206,497 
Fiesta Restaurant Group, Inc.(1)
 1,620  13,041 
Golden Entertainment, Inc.(1)
 2,308  94,882 
Monarch Casino & Resort, Inc. 1,620  119,264 
Noodles & Co.(1)
 5,032  29,387 
ONE Group Hospitality, Inc.(1)
 3,498  29,733 
Playa Hotels & Resorts NV(1)
 17,010  151,729 
PlayAGS, Inc.(1)
 2,860  18,361 
RCI Hospitality Holdings, Inc. 1,154  96,671 
Red Robin Gourmet Burgers, Inc.(1)
 1,068  9,089 
Ruth's Hospitality Group, Inc. 3,842  71,653 
2,233,098 
Household Durables — 2.7%
Bassett Furniture Industries, Inc. 810  15,025 
Beazer Homes USA, Inc.(1)
 4,308  64,232 
Cavco Industries, Inc.(1)
 1,240  353,400 
Century Communities, Inc. 4,222  252,518 
Ethan Allen Interiors, Inc. 3,118  92,137 
Flexsteel Industries, Inc. 688  14,434 
GoPro, Inc., Class A(1)
 15,268  79,241 
Green Brick Partners, Inc.(1)
 4,394  137,093 
Hooker Furnishings Corp. 1,068  23,480 
Hovnanian Enterprises, Inc., Class A(1)
 602  41,002 
Installed Building Products, Inc. 2,645  305,180 
iRobot Corp.(1)
 9  370 
KB Home 8,843  311,893 
La-Z-Boy, Inc. 5,462  176,860 
Legacy Housing Corp.(1)
 1,240  24,750 
LGI Homes, Inc.(1)
 2,602  271,415 
Lifetime Brands, Inc. 1,706  13,511 
M/I Homes, Inc.(1)
 3,670  212,273 
MDC Holdings, Inc. 7,090  262,330 
Meritage Homes Corp. 189  20,644 
Skyline Champion Corp.(1)
 2  137 
Sonos, Inc.(1)
 1,912  37,150 
Tri Pointe Homes, Inc.(1)
 15,390  366,898 
Universal Electronics, Inc.(1)
 1,240  15,773 
VOXX International Corp.(1)
 1,706  19,500 
3,111,246 
Household Products — 0.5%
Central Garden & Pet Co.(1)
 1,240  50,220 
Central Garden & Pet Co., Class A(1)
 4,946  190,075 
Energizer Holdings, Inc. 993  35,976 
Oil-Dri Corp. of America 602  22,533 
WD-40 Co. 1,620  280,957 
579,761 
Independent Power and Renewable Electricity Producers — 0.3%
Montauk Renewables, Inc.(1)
 7,892  77,815 
97

Avantis U.S. Small Cap Equity ETF
Shares Value
Sunnova Energy International, Inc.(1)
 13,239  $ 235,390 
313,205 
Insurance — 2.7%
Ambac Financial Group, Inc.(1)
 5,462  90,396 
AMERISAFE, Inc. 2,308  125,878 
Argo Group International Holdings Ltd. 4,222  122,649 
CNO Financial Group, Inc. 14,531  372,284 
Donegal Group, Inc., Class A 2,055  31,585 
eHealth, Inc.(1)
 1,498  11,025 
Employers Holdings, Inc. 3,412  151,527 
Genworth Financial, Inc., Class A(1)
 68,126  424,425 
Greenlight Capital Re Ltd., A Shares(1)
 2,516  23,097 
HCI Group, Inc. 987  51,818 
Heritage Insurance Holdings, Inc. 2,602  6,635 
Horace Mann Educators Corp. 5,678  209,859 
Investors Title Co. 172  28,096 
James River Group Holdings Ltd. 4,050  97,605 
Lemonade, Inc.(1)
 5,380  87,694 
Mercury General Corp. 3,502  119,243 
National Western Life Group, Inc., Class A 258  69,606 
Oscar Health, Inc., Class A(1)
 8,359  46,309 
Palomar Holdings, Inc.(1)
 3,975  238,500 
ProAssurance Corp. 7,290  144,998 
Safety Insurance Group, Inc. 2,056  165,899 
SiriusPoint Ltd.(1)
 9,720  69,012 
Stewart Information Services Corp. 3,756  159,592 
Tiptree, Inc. 3,118  50,200 
United Fire Group, Inc. 3,118  88,988 
Universal Insurance Holdings, Inc. 3,670  70,941 
White Mountains Insurance Group Ltd. 5  7,218 
3,065,079 
Interactive Media and Services — 1.1%
Cargurus, Inc.(1)
 8,027  136,860 
Cars.com, Inc.(1)
 9,892  189,926 
DHI Group, Inc.(1)
 6,566  27,840 
Nextdoor Holdings, Inc.(1)
 5,854  12,059 
QuinStreet, Inc.(1)
 5,945  100,887 
Shutterstock, Inc. 3,353  252,213 
TripAdvisor, Inc.(1)
 8,355  180,217 
Yelp, Inc.(1)
 8,702  261,234 
Zedge, Inc., Class B(1)
 1,068  2,937 
ZipRecruiter, Inc., Class A(1)
 5,794  98,846 
1,263,019 
Internet and Direct Marketing Retail — 0.2%
1-800-Flowers.com, Inc., Class A(1)
 3,118  30,868 
Duluth Holdings, Inc., Class B(1)
 1,240  7,452 
Lands' End, Inc.(1)
 1,068  8,117 
PetMed Express, Inc. 2,430  45,636 
Qurate Retail, Inc., Series A(1)
 37,260  78,619 
Stitch Fix, Inc., Class A(1)
 5,549  25,858 
196,550 
98

Avantis U.S. Small Cap Equity ETF
Shares Value
IT Services — 2.1%
Brightcove, Inc.(1)
 4,860  $ 26,098 
Cass Information Systems, Inc. 1,706  82,485 
Conduent, Inc.(1)
 20,042  79,767 
CSG Systems International, Inc. 4,480  251,776 
DigitalOcean Holdings, Inc.(1)
 4,656  148,899 
EVERTEC, Inc. 8,366  307,953 
Hackett Group, Inc. 3,326  61,997 
Information Services Group, Inc. 1,104  5,818 
International Money Express, Inc.(1)
 3,842  98,163 
Kyndryl Holdings, Inc.(1)
 24,034  377,094 
Payoneer Global, Inc.(1)
 31,513  182,775 
Paysafe Ltd.(1)
 3,683  73,439 
Perficient, Inc.(1)
 4,017  284,404 
PFSweb, Inc. 2,689  17,317 
Rackspace Technology, Inc.(1)
 4,954  11,642 
TaskUS, Inc., Class A(1)
 2,285  39,313 
TTEC Holdings, Inc. 1,509  60,752 
Verra Mobility Corp.(1)
 18,336  315,929 
2,425,621 
Leisure Products — 0.6%
American Outdoor Brands, Inc.(1)
 1,154  10,651 
AMMO, Inc.(1)
 8,272  16,130 
JAKKS Pacific, Inc.(1)
 982  18,992 
Johnson Outdoors, Inc., Class A 602  39,046 
Malibu Boats, Inc., Class A(1)
 2,516  150,356 
MasterCraft Boat Holdings, Inc.(1)
 2,308  77,941 
Nautilus, Inc.(1)
 1,964  3,182 
Smith & Wesson Brands, Inc. 4,480  49,011 
Sturm Ruger & Co., Inc. 2,136  124,465 
Vista Outdoor, Inc.(1)
 7,376  210,659 
700,433 
Life Sciences Tools and Services — 0.3%
AbCellera Biologics, Inc.(1)
 3,419  28,719 
Bionano Genomics, Inc.(1)
 35,761  47,920 
Codexis, Inc.(1)
 4,715  22,797 
Harvard Bioscience, Inc.(1)
 3,842  10,873 
MaxCyte, Inc.(1)
 7,398  33,587 
OmniAb, Inc.(1)
 278  1,159 
OmniAb, Inc.(1)
 309  856 
OmniAb, Inc.(1)
 309  823 
Personalis, Inc.(1)
 2,774  8,350 
Quanterix Corp.(1)
 2,695  29,645 
Seer, Inc.(1)
 5,277  21,583 
SomaLogic, Inc.(1)
 10,876  27,625 
Sotera Health Co.(1)
 4,376  73,035 
306,972 
Machinery — 3.8%
Alamo Group, Inc. 1,412  257,535 
Albany International Corp., Class A 357  36,028 
Altra Industrial Motion Corp. 2,031  124,967 
99

Avantis U.S. Small Cap Equity ETF
Shares Value
Astec Industries, Inc. 2,860  $ 128,786 
Barnes Group, Inc. 5,842  246,182 
Commercial Vehicle Group, Inc.(1)
 3,670  28,993 
Desktop Metal, Inc., Class A(1)
 24,304  36,942 
Douglas Dynamics, Inc. 17  634 
Enerpac Tool Group Corp. 7,082  190,718 
EnPro Industries, Inc. 1  108 
ESCO Technologies, Inc. 2,124  197,936 
Federal Signal Corp. 791  41,741 
Gorman-Rupp Co. 14  390 
Greenbrier Cos., Inc. 3,756  120,605 
Helios Technologies, Inc. 4,222  285,998 
Hurco Cos., Inc. 688  20,179 
Hyliion Holdings Corp.(1)
 10,530  29,800 
Hyster-Yale Materials Handling, Inc. 896  34,863 
Kadant, Inc. 1,620  347,749 
Kennametal, Inc. 10,322  292,422 
Manitowoc Co., Inc.(1)
 4,136  78,212 
Mayville Engineering Co., Inc.(1)
 602  9,764 
Miller Industries, Inc. 1,326  36,876 
Mueller Water Products, Inc., Class A 19,146  265,555 
NN, Inc.(1)
 3,326  6,120 
Omega Flex, Inc. 344  40,035 
Park-Ohio Holdings Corp. 1,068  14,215 
Proterra, Inc.(1)
 16,933  71,119 
Proto Labs, Inc.(1)
 3,327  104,601 
REV Group, Inc. 4,050  47,344 
Shyft Group, Inc. 40  1,037 
SPX Technologies, Inc.(1)
 490  34,516 
Standex International Corp. 1,498  173,289 
Tennant Co. 2,136  151,272 
Terex Corp. 4,038  239,090 
Titan International, Inc.(1)
 7,462  92,603 
Trinity Industries, Inc. 11,598  323,700 
Wabash National Corp. 7,245  198,513 
4,310,437 
Marine — 0.4%
Costamare, Inc. 3,230  33,915 
Eagle Bulk Shipping, Inc. 1,154  75,322 
Genco Shipping & Trading Ltd. 4,394  83,706 
Matson, Inc. 3,031  201,592 
Pangaea Logistics Solutions Ltd. 3,032  20,132 
Safe Bulkers, Inc. 7,978  29,917 
444,584 
Media — 1.3%
AMC Networks, Inc., Class A(1)
 2,860  63,950 
Boston Omaha Corp., Class A(1)
 2,308  55,600 
Cumulus Media, Inc., Class A(1)
 2,696  14,612 
Daily Journal Corp.(1)
 86  26,117 
E.W. Scripps Co., Class A(1)
 7,168  90,460 
Entravision Communications Corp., Class A 7,462  48,951 
100

Avantis U.S. Small Cap Equity ETF
Shares Value
Gannett Co., Inc.(1)
 117  $ 355 
Gray Television, Inc. 10,322  120,767 
iHeartMedia, Inc., Class A(1)
 11,515  83,599 
John Wiley & Sons, Inc., Class A 5,515  245,362 
Lee Enterprises, Inc.(1)
 810  15,228 
Magnite, Inc.(1)
 13,311  148,151 
PubMatic, Inc., Class A(1)
 3,756  57,016 
Scholastic Corp. 2,516  114,755 
Sinclair Broadcast Group, Inc., Class A 5,205  84,685 
Stagwell, Inc.(1)
 8,108  55,621 
TechTarget, Inc.(1)
 3,756  141,714 
Thryv Holdings, Inc.(1)
 2,860  68,182 
Urban One, Inc.(1)
 3,241  16,173 
Urban One, Inc., Class A(1)
 1,154  7,882 
WideOpenWest, Inc.(1)
 6,652  72,706 
1,531,886 
Metals and Mining — 2.2%
Alpha Metallurgical Resources, Inc. 2,037  341,686 
Arconic Corp.(1)
 9,901  261,783 
Ascent Industries Co.(1)
 1,154  10,663 
ATI, Inc.(1)
 88  3,577 
Carpenter Technology Corp. 7,085  342,418 
Century Aluminum Co.(1)
 6,014  72,589 
Coeur Mining, Inc.(1)
 21,318  66,512 
Compass Minerals International, Inc. 3,760  144,873 
Haynes International, Inc. 1,620  88,630 
Hecla Mining Co. 10,575  54,461 
Kaiser Aluminum Corp. 1,706  135,320 
Olympic Steel, Inc. 982  51,555 
Ramaco Resources, Inc. 1,331  13,244 
Ryerson Holding Corp. 2,430  87,310 
Schnitzer Steel Industries, Inc., Class A 3,240  105,916 
SunCoke Energy, Inc. 10,150  96,527 
TimkenSteel Corp.(1)
 5,670  103,704 
Tredegar Corp. 3,412  39,647 
Warrior Met Coal, Inc. 7,548  288,862 
Worthington Industries, Inc. 3,998  241,639 
2,550,916 
Multiline Retail — 0.1%
Big Lots, Inc. 3,842  55,133 
Nordstrom, Inc. 4  78 
55,211 
Multi-Utilities — 0.1%
Avista Corp. 3  123 
Unitil Corp. 1,878  102,013 
102,136 
Oil, Gas and Consumable Fuels — 4.8%
Alto Ingredients, Inc.(1)
 8,444  24,656 
Arch Resources, Inc. 1,708  268,754 
Ardmore Shipping Corp. 4,400  79,860 
Berry Corp. 10,616  100,109 
101

Avantis U.S. Small Cap Equity ETF
Shares Value
Callon Petroleum Co.(1)
 7,210  $ 279,460 
Chord Energy Corp. 1  135 
Clean Energy Fuels Corp.(1)
 19,790  110,824 
CNX Resources Corp.(1)
 2,418  37,116 
CONSOL Energy, Inc. 3,412  186,739 
Crescent Energy Co., Class A 4,576  52,807 
CVR Energy, Inc. 65  2,062 
Delek US Holdings, Inc. 10,623  267,381 
DHT Holdings, Inc. 16,888  195,394 
Dorian LPG Ltd. 3,670  80,557 
Earthstone Energy, Inc., Class A(1)
 10,968  153,004 
Equitrans Midstream Corp. 5,283  31,856 
Evolution Petroleum Corp. 3,670  23,892 
Gevo, Inc.(1)
 23,662  43,775 
Green Plains, Inc.(1)
 6,910  239,570 
Gulfport Energy Corp.(1)
 1,135  75,046 
International Seaways, Inc. 5,548  285,389 
Kimbell Royalty Partners LP 6,272  96,777 
Kosmos Energy Ltd.(1)
 18,825  148,153 
Nordic American Tankers Ltd. 13,856  61,382 
Northern Oil & Gas, Inc. 8,690  269,738 
PBF Energy, Inc., Class A 8,371  365,896 
Peabody Energy Corp.(1)
 45  1,229 
Permian Resources Corp. 9,431  101,949 
Plains GP Holdings LP, Class A 28,229  392,665 
Ranger Oil Corp., Class A 3,584  148,736 
REX American Resources Corp.(1)
 2,430  80,214 
Riley Exploration Permian, Inc. 1,068  32,681 
Ring Energy, Inc.(1)
 8,444  17,732 
SandRidge Energy, Inc.(1)
 4,652  67,873 
Scorpio Tankers, Inc. 3,564  215,123 
SFL Corp. Ltd. 15,010  154,903 
SilverBow Resources, Inc.(1)
 1,326  32,646 
Sitio Royalties Corp., Class A 1,836  43,164 
Talos Energy, Inc.(1)
 9,340  166,345 
Teekay Corp.(1)
 8,444  52,691 
Teekay Tankers Ltd., Class A(1)
 2,688  121,363 
VAALCO Energy, Inc. 6,910  32,408 
Vital Energy, Inc.(1)
 2,516  129,297 
World Fuel Services Corp. 7,634  209,553 
5,480,904 
Paper and Forest Products — 0.4%
Clearwater Paper Corp.(1)
 2,430  93,774 
Glatfelter Corp. 6,100  23,424 
Mercer International, Inc. 4,860  52,391 
Sylvamo Corp. 5,032  248,228 
417,817 
Personal Products — 1.0%
Edgewell Personal Care Co. 6,566  280,368 
elf Beauty, Inc.(1)
 5,377  401,931 
Inter Parfums, Inc. 88  10,596 
102

Avantis U.S. Small Cap Equity ETF
Shares Value
Medifast, Inc. 1,068  $ 119,755 
Nature's Sunshine Products, Inc.(1)
 1,498  16,238 
Nu Skin Enterprises, Inc., Class A 6,014  239,598 
USANA Health Sciences, Inc.(1)
 1,412  85,821 
1,154,307 
Pharmaceuticals — 1.7%
Amneal Pharmaceuticals, Inc.(1)
 16,544  34,081 
Amphastar Pharmaceuticals, Inc.(1)
 4,394  139,993 
ANI Pharmaceuticals, Inc.(1)
 1,706  71,379 
Arvinas, Inc.(1)
 4,124  126,400 
Assertio Holdings, Inc.(1)
 5,290  29,254 
ATAI Life Sciences NV(1)
 13,303  22,349 
Atea Pharmaceuticals, Inc.(1)
 3,928  13,905 
Athira Pharma, Inc.(1)
 4,480  13,798 
Collegium Pharmaceutical, Inc.(1)
 4,843  128,485 
Corcept Therapeutics, Inc.(1)
 12,163  253,355 
CorMedix, Inc.(1)
 22  89 
Cymabay Therapeutics, Inc.(1)
 30  240 
DICE Therapeutics, Inc.(1)
 799  23,842 
Edgewise Therapeutics, Inc.(1)
 4,970  47,613 
Fulcrum Therapeutics, Inc.(1)
 8,444  51,002 
Harmony Biosciences Holdings, Inc.(1)
 3,214  141,512 
Harrow Health, Inc.(1)
 3,032  54,333 
Innoviva, Inc.(1)
 8,444  101,919 
KemPharm, Inc.(1)
 3,670  21,323 
Ligand Pharmaceuticals, Inc.(1)
 2,136  154,091 
Milestone Pharmaceuticals, Inc.(1)
 450  1,422 
Nektar Therapeutics(1)
 20,515  28,311 
Oramed Pharmaceuticals, Inc.(1)
 4,457  9,360 
Phibro Animal Health Corp., Class A 2,222  34,908 
Pliant Therapeutics, Inc.(1)
 943  30,044 
Prestige Consumer Healthcare, Inc.(1)
 487  29,342 
Rain Oncology, Inc.(1)
 1,217  10,892 
SIGA Technologies, Inc. 6,014  41,196 
Supernus Pharmaceuticals, Inc.(1)
 6,358  238,997 
Tarsus Pharmaceuticals, Inc.(1)
 3,569  55,284 
Theravance Biopharma, Inc.(1)
 6,257  67,576 
Ventyx Biosciences, Inc.(1)
 20  865 
Verrica Pharmaceuticals, Inc.(1)
 1,230  9,532 
1,986,692 
Professional Services — 1.6%
Barrett Business Services, Inc. 830  79,663 
CBIZ, Inc.(1)
 6,358  318,472 
CRA International, Inc. 896  111,525 
DLH Holdings Corp.(1)
 896  11,424 
First Advantage Corp.(1)
 6,191  89,832 
Forrester Research, Inc.(1)
 1,620  53,282 
Franklin Covey Co.(1)
 1,706  79,960 
Heidrick & Struggles International, Inc. 2,430  83,422 
HireRight Holdings Corp.(1)
 982  10,822 
Hudson Global, Inc.(1)
 344  8,779 
103

Avantis U.S. Small Cap Equity ETF
Shares Value
ICF International, Inc. 2,430  $ 241,761 
Innodata, Inc.(1)
 270  1,825 
Kelly Services, Inc., Class A 3,842  64,277 
Kforce, Inc. 2,774  173,347 
Korn Ferry 1,683  94,063 
Mistras Group, Inc.(1)
 2,136  11,791 
NV5 Global, Inc.(1)
 1,964  206,652 
Resources Connection, Inc. 4,222  76,249 
Sterling Check Corp.(1)
 1,981  25,198 
TrueBlue, Inc.(1)
 4,480  83,776 
1,826,120 
Real Estate Management and Development — 1.0%
Anywhere Real Estate, Inc.(1)
 14,120  81,755 
Compass, Inc., Class A(1)
 3,250  11,733 
Cushman & Wakefield PLC(1)
 10,544  136,439 
eXp World Holdings, Inc. 10,468  126,453 
Five Point Holdings LLC, Class A(1)
 6,272  13,736 
Forestar Group, Inc.(1)
 2,222  31,708 
FRP Holdings, Inc.(1)
 88  4,809 
Kennedy-Wilson Holdings, Inc. 15,810  264,185 
Marcus & Millichap, Inc. 3,498  120,226 
Rafael Holdings, Inc., Class B(1)
 1,964  4,262 
RE/MAX Holdings, Inc., Class A 2,222  41,085 
RMR Group, Inc., Class A 1,878  52,847 
Seritage Growth Properties, Class A(1)
 40  483 
St. Joe Co. 4,109  175,988 
Stratus Properties, Inc. 988  21,054 
Tejon Ranch Co.(1)
 2,774  53,289 
1,140,052 
Road and Rail — 1.0%
ArcBest Corp. 4,050  389,610 
Covenant Logistics Group, Inc. 1,412  48,926 
Daseke, Inc.(1)
 6,272  51,117 
Heartland Express, Inc. 5,548  89,489 
Marten Transport Ltd. 8,100  178,767 
PAM Transportation Services, Inc.(1)
 896  25,984 
TuSimple Holdings, Inc., Class A(1)
 1,793  3,443 
Universal Logistics Holdings, Inc. 810  24,057 
US Xpress Enterprises, Inc., Class A(1)
 2,516  3,950 
Werner Enterprises, Inc. 7,189  333,929 
1,149,272 
Semiconductors and Semiconductor Equipment — 2.1%
ACM Research, Inc., Class A(1)
 3,678  38,178 
Alpha & Omega Semiconductor Ltd.(1)
 3,240  86,540 
Amtech Systems, Inc.(1)
 1,154  11,055 
Axcelis Technologies, Inc.(1)
 4,344  558,378 
AXT, Inc.(1)
 4,738  20,705 
CEVA, Inc.(1)
 267  8,427 
Cohu, Inc.(1)
 5,842  217,322 
FormFactor, Inc.(1)
 7,387  222,349 
inTEST Corp.(1)
 896  13,332 
104

Avantis U.S. Small Cap Equity ETF
Shares Value
Kulicke & Soffa Industries, Inc. 795  $ 42,373 
Magnachip Semiconductor Corp.(1)
 5,670  54,319 
MaxLinear, Inc.(1)
 1,495  51,144 
NVE Corp. 516  39,206 
Photronics, Inc.(1)
 8,788  154,845 
Rambus, Inc.(1)
 7,179  317,527 
Semtech Corp.(1)
 4,618  142,281 
SMART Global Holdings, Inc.(1)
 6,910  115,397 
Ultra Clean Holdings, Inc.(1)
 5,462  174,019 
Veeco Instruments, Inc.(1)
 6,015  127,939 
2,395,336 
Software — 2.2%
A10 Networks, Inc. 8,910  135,610 
ACI Worldwide, Inc.(1)
 9,140  236,269 
Agilysys, Inc.(1)
 3,347  267,459 
American Software, Inc., Class A 3,332  45,115 
C3.ai, Inc., Class A(1)
 11,100  250,638 
Cleanspark, Inc.(1)
 4,738  13,077 
CommVault Systems, Inc.(1)
 1,403  82,609 
CoreCard Corp.(1)
 810  26,949 
Ebix, Inc. 2,946  51,202 
eGain Corp.(1)
 150  1,172 
Envestnet, Inc.(1)
 146  9,126 
InterDigital, Inc. 3,756  274,150 
LiveRamp Holdings, Inc.(1)
 7,978  188,520 
Matterport, Inc.(1)
 2,216  6,759 
Mitek Systems, Inc.(1)
 5,204  48,397 
N-able, Inc.(1)
 6,109  72,331 
OneSpan, Inc.(1)
 843  11,397 
Progress Software Corp. 5,376  308,797 
Riot Platforms, Inc.(1)
 19,542  122,138 
ShotSpotter, Inc.(1)
 363  12,378 
SolarWinds Corp.(1)
 4,487  38,229 
SRAX, Inc.(1)
 2,688  4,462 
Upland Software, Inc.(1)
 1,792  10,376 
Verint Systems, Inc.(1)
 5,198  194,301 
Vertex, Inc., Class A(1)
 3,240  50,479 
Yext, Inc.(1)
 6,939  50,932 
2,512,872 
Specialty Retail — 3.7%
Aaron's Co., Inc. 3,756  53,899 
Abercrombie & Fitch Co., Class A(1)
 6,738  198,165 
Academy Sports & Outdoors, Inc. 5,176  306,160 
American Eagle Outfitters, Inc. 2,445  35,135 
America's Car-Mart, Inc.(1)
 688  58,452 
Arko Corp. 11,132  89,279 
Barnes & Noble Education, Inc.(1)
 4,480  9,229 
Big 5 Sporting Goods Corp. 2,516  22,216 
Boot Barn Holdings, Inc.(1)
 16  1,239 
Buckle, Inc. 3,756  153,207 
Build-A-Bear Workshop, Inc.(1)
 1,964  41,146 
105

Avantis U.S. Small Cap Equity ETF
Shares Value
Caleres, Inc. 4,394  $ 114,727 
Camping World Holdings, Inc., Class A 5,433  124,035 
Cato Corp., Class A 2,222  20,554 
Chico's FAS, Inc.(1)
 14,028  80,661 
Children's Place, Inc.(1)
 1,620  67,829 
Citi Trends, Inc.(1)
 982  27,535 
Conn's, Inc.(1)
 2,222  19,043 
Container Store Group, Inc.(1)
 3,670  15,965 
Designer Brands, Inc., Class A 7,290  71,369 
Foot Locker, Inc. 1,432  62,607 
Genesco, Inc.(1)
 1,706  76,719 
Group 1 Automotive, Inc. 1,555  343,764 
Guess?, Inc. 4,946  104,064 
Haverty Furniture Cos., Inc. 1,878  70,876 
Hibbett, Inc. 1,412  101,565 
Kirkland's, Inc.(1)
 1,068  3,460 
Lazydays Holdings, Inc.(1)
 1,068  13,083 
LL Flooring Holdings, Inc.(1)
 3,118  15,746 
MarineMax, Inc.(1)
 2,860  96,039 
Monro, Inc. 3,928  198,128 
National Vision Holdings, Inc.(1)
 2,365  88,356 
ODP Corp.(1)
 6,481  293,460 
Sally Beauty Holdings, Inc.(1)
 13,562  218,213 
Shoe Carnival, Inc. 2,136  56,284 
Signet Jewelers Ltd. 4,579  327,948 
Sonic Automotive, Inc., Class A 2,602  148,028 
Sportsman's Warehouse Holdings, Inc.(1)
 5,377  48,339 
Tile Shop Holdings, Inc.(1)
 4,394  23,991 
Tilly's, Inc., Class A(1)
 2,774  24,078 
TravelCenters of America, Inc.(1)
 1,792  151,155 
Urban Outfitters, Inc.(1)
 8,450  227,727 
Victoria's Secret & Co.(1)
 546  21,643 
Zumiez, Inc.(1)
 2,602  60,523 
4,285,641 
Technology Hardware, Storage and Peripherals — 0.5%
Eastman Kodak Co.(1)
 6,186  21,403 
Immersion Corp. 2,774  21,221 
Intevac, Inc.(1)
 2,946  21,300 
IonQ, Inc.(1)
 21,305  100,986 
Super Micro Computer, Inc.(1)
 3,069  300,670 
Turtle Beach Corp.(1)
 1,706  13,801 
Xerox Holdings Corp. 4,330  71,402 
550,783 
Textiles, Apparel and Luxury Goods — 1.2%
Allbirds, Inc., Class A(1)
 4,952  14,163 
Carter's, Inc. 1,233  92,956 
Delta Apparel, Inc.(1)
 688  8,840 
Ermenegildo Zegna NV 7,637  99,434 
Fossil Group, Inc.(1)
 5,670  24,551 
G-III Apparel Group Ltd.(1)
 5,376  89,322 
Hanesbrands, Inc. 584  3,317 
106

Avantis U.S. Small Cap Equity ETF
Shares Value
Kontoor Brands, Inc. 7,317  $ 381,581 
Lakeland Industries, Inc. 896  13,592 
Movado Group, Inc. 2,222  76,926 
Oxford Industries, Inc. 2,050  241,100 
Rocky Brands, Inc. 688  18,315 
Steven Madden Ltd. 7,082  257,077 
Superior Group of Cos., Inc. 1,326  15,355 
Unifi, Inc.(1)
 1,792  18,547 
Vera Bradley, Inc.(1)
 2,946  15,614 
Wolverine World Wide, Inc. 4  67 
1,370,757 
Thrifts and Mortgage Finance — 2.0%
Axos Financial, Inc.(1)
 8,290  392,863 
Blue Foundry Bancorp(1)
 3,245  39,719 
Bridgewater Bancshares, Inc.(1)
 2,602  38,275 
Columbia Financial, Inc.(1)
 5,551  117,126 
Federal Agricultural Mortgage Corp., Class C 1,240  175,906 
FS Bancorp, Inc. 818  29,391 
Hingham Institution For Savings 174  49,538 
Home Bancorp, Inc. 896  35,437 
Kearny Financial Corp. 8,444  84,778 
Merchants Bancorp 1,964  59,411 
Mr. Cooper Group, Inc.(1)
 1,475  68,484 
New York Community Bancorp, Inc. 7,338  65,162 
NMI Holdings, Inc., Class A(1)
 10,236  238,908 
Northfield Bancorp, Inc. 5,290  77,816 
Ocwen Financial Corp.(1)
 982  32,072 
PennyMac Financial Services, Inc. 2,511  151,840 
Provident Financial Services, Inc. 9,168  214,073 
Southern Missouri Bancorp, Inc. 982  45,447 
TrustCo Bank Corp. NY 2,222  83,236 
Waterstone Financial, Inc. 2,688  43,277 
WSFS Financial Corp. 5,787  288,829 
2,331,588 
Trading Companies and Distributors — 2.1%
Alta Equipment Group, Inc. 2,516  47,326 
BlueLinx Holdings, Inc.(1)
 1,412  119,159 
Boise Cascade Co. 2,953  204,082 
Distribution Solutions Group, Inc.(1)
 1  44 
Global Industrial Co. 1,006  28,299 
GMS, Inc.(1)
 5,198  315,571 
H&E Equipment Services, Inc. 4,136  229,548 
McGrath RentCorp 2,946  302,967 
MRC Global, Inc.(1)
 203  2,274 
NOW, Inc.(1)
 16,380  210,483 
Rush Enterprises, Inc., Class A 5,127  290,598 
Rush Enterprises, Inc., Class B 989  59,320 
Titan Machinery, Inc.(1)
 2,860  130,959 
Transcat, Inc.(1)
 1,068  96,109 
Veritiv Corp. 2,050  310,452 
2,347,191 
107

Avantis U.S. Small Cap Equity ETF
Shares Value
Water Utilities — 0.2%
American States Water Co. 41  $ 3,661 
Artesian Resources Corp., Class A 910  51,260 
Consolidated Water Co. Ltd. 1,706  26,153 
Middlesex Water Co. 1,590  121,635 
Pure Cycle Corp.(1)
 1,878  16,583 
York Water Co. 1  44 
219,336 
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co. 5,842  114,036 
Spok Holdings, Inc. 1,964  19,620 
Telephone & Data Systems, Inc. 12,838  162,914 
United States Cellular Corp.(1)
 1,884  45,461 
342,031 
TOTAL COMMON STOCKS
(Cost $107,735,781)
 114,381,814 
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $110,884)		 110,884  110,884 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $107,846,665)
 114,492,698 
OTHER ASSETS AND LIABILITIES — 0.1% 70,885 
TOTAL NET ASSETS — 100.0% $ 114,563,583 

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


See Notes to Financial Statements.
108

FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Small Cap Value ETF
Shares Value
COMMON STOCKS — 99.9%
Aerospace and Defense — 0.1%
AAR Corp.(1)
 5,769  $ 313,776 
AerSale Corp.(1)
 71,113  1,412,304 
Moog, Inc., Class A 35,250  3,476,355 
5,202,435 
Air Freight and Logistics — 1.2%
Air Transport Services Group, Inc.(1)
 784,067  16,410,522 
Atlas Air Worldwide Holdings, Inc.(1)
 237,766  23,969,191 
Hub Group, Inc., Class A(1)
 304,077  27,892,983 
68,272,696 
Airlines — 0.7%
Allegiant Travel Co.(1)
 159,061  16,311,705 
JetBlue Airways Corp.(1)
 1,514,736  12,572,309 
Mesa Air Group, Inc.(1)
 22,440  67,993 
SkyWest, Inc.(1)
 473,403  9,027,795 
Wheels Up Experience, Inc.(1)
 11,015  12,227 
37,992,029 
Auto Components — 1.4%
American Axle & Manufacturing Holdings, Inc.(1)
 1,196,455  10,528,804 
Dana, Inc. 814,384  12,899,843 
Dorman Products, Inc.(1)
 10,778  1,002,677 
Goodyear Tire & Rubber Co.(1)
 2,822,808  32,067,099 
LCI Industries 146,212  16,494,176 
Modine Manufacturing Co.(1)
 7,360  179,658 
Motorcar Parts of America, Inc.(1)
 93,849  1,228,483 
Patrick Industries, Inc. 101,523  7,395,950 
81,796,690 
Automobiles — 1.3%
Harley-Davidson, Inc. 136,231  6,477,784 
Thor Industries, Inc. 492,583  44,820,127 
Winnebago Industries, Inc. 320,973  20,401,044 
Workhorse Group, Inc.(1)(2)
 360,182  741,975 
72,440,930 
Banks — 15.7%
1st Source Corp. 56,391  2,809,400 
ACNB Corp.(2)
 39,966  1,480,341 
Amalgamated Financial Corp. 154,518  3,638,899 
Amerant Bancorp, Inc. 196,607  5,583,639 
American National Bankshares, Inc. 10,260  345,249 
Ameris Bancorp 436,810  20,910,095 
Arrow Financial Corp. 96,163  2,931,048 
Associated Banc-Corp. 962,229  22,275,601 
Atlantic Union Bankshares Corp. 66,319  2,484,310 
Banc of California, Inc. 314,648  5,522,072 
Bancorp, Inc.(1)
 375,629  12,993,007 
Bank First Corp.(2)
 15,153  1,235,424 
Bank of Hawaii Corp. 268,150  20,073,709 
Bank of Marin Bancorp 76,542  2,219,718 
Bank OZK 163,076  7,506,388 
109

Avantis U.S. Small Cap Value ETF
Shares Value
Bank7 Corp. 2,469  $ 72,490 
BankFinancial Corp. 55,406  570,128 
BankUnited, Inc. 548,710  19,435,308 
Bankwell Financial Group, Inc. 34,674  1,046,461 
Banner Corp. 208,851  13,153,436 
Bar Harbor Bankshares 52,199  1,559,184 
Baycom Corp. 32,424  665,665 
BCB Bancorp, Inc. 117,268  2,034,600 
Berkshire Hills Bancorp, Inc. 237,330  6,896,810 
Brookline Bancorp, Inc. 511,438  6,628,236 
Business First Bancshares, Inc. 116,072  2,418,940 
Byline Bancorp, Inc. 170,740  4,208,741 
Cadence Bank 420,324  11,163,805 
Cambridge Bancorp 38,377  3,052,123 
Camden National Corp. 81,684  3,361,297 
Capital City Bank Group, Inc. 16,974  605,463 
Capstar Financial Holdings, Inc. 94,225  1,630,093 
Carter Bankshares, Inc.(1)
 133,821  2,324,471 
Cathay General Bancorp 502,991  21,588,374 
CB Financial Services, Inc. 19,701  485,630 
Central Pacific Financial Corp. 215,267  4,828,439 
Central Valley Community Bancorp 63,410  1,617,589 
Chemung Financial Corp. 4,363  219,372 
City Holding Co. 53,173  5,221,589 
Civista Bancshares, Inc. 57,771  1,232,255 
CNB Financial Corp. 136,143  3,245,649 
Coastal Financial Corp.(1)
 25,719  1,186,932 
Codorus Valley Bancorp, Inc. 42,124  1,061,525 
Colony Bankcorp, Inc. 26,165  328,894 
Columbia Banking System, Inc. 386,126  11,479,526 
Community Trust Bancorp, Inc. 100,386  4,291,501 
ConnectOne Bancorp, Inc. 253,636  6,150,673 
CrossFirst Bankshares, Inc.(1)
 233,557  3,304,832 
Customers Bancorp, Inc.(1)
 247,084  7,610,187 
Dime Community Bancshares, Inc. 230,450  7,060,988 
Eagle Bancorp, Inc. 221,481  9,703,083 
Enterprise Bancorp, Inc. 7,530  266,487 
Enterprise Financial Services Corp. 211,816  11,535,499 
Equity Bancshares, Inc., Class A 89,133  2,679,338 
Esquire Financial Holdings, Inc. 38,562  1,773,466 
Evans Bancorp, Inc. 1,323  51,557 
Farmers National Banc Corp. 197,082  2,808,419 
FB Financial Corp. 98,595  3,716,046 
Fidelity D&D Bancorp, Inc. 1,144  56,708 
Financial Institutions, Inc. 117,512  2,933,100 
First BanCorp 913,824  13,259,586 
First Bancorp, Inc. 19,768  578,807 
First Bancorp/Southern Pines NC 63,346  2,628,226 
First Bancshares, Inc. 89,681  2,807,912 
First Bank 3,785  51,590 
First Busey Corp. 326,482  7,881,275 
110

Avantis U.S. Small Cap Value ETF
Shares Value
First Business Financial Services, Inc. 55,633  $ 1,970,521 
First Commonwealth Financial Corp. 522,669  8,367,931 
First Community Bankshares, Inc. 28,508  890,020 
First Financial Corp. 69,343  3,047,625 
First Foundation, Inc. 268,596  4,047,742 
First Guaranty Bancshares, Inc. 3,820  78,348 
First Internet Bancorp 61,412  1,658,738 
First Mid Bancshares, Inc. 117,311  3,635,468 
First of Long Island Corp. 157,167  2,674,982 
First United Corp. 34,807  679,433 
First Western Financial, Inc.(1)
 3,274  84,698 
Five Star Bancorp 35,799  978,029 
Flushing Financial Corp. 178,733  3,478,144 
FNB Corp. 678,967  9,688,859 
Franklin Financial Services Corp. 19,608  641,574 
Fulton Financial Corp. 1,078,980  18,558,456 
FVCBankcorp, Inc.(1)
 23,542  318,994 
Great Southern Bancorp, Inc. 80,329  4,674,345 
Guaranty Bancshares, Inc. 4,801  149,839 
Hancock Whitney Corp. 546,230  26,830,818 
Hanmi Financial Corp. 247,049  5,835,297 
HarborOne Bancorp, Inc. 230,572  3,151,919 
Hawthorn Bancshares, Inc. 29,892  756,268 
HBT Financial, Inc. 37,934  861,860 
Heartland Financial USA, Inc. 230,580  11,399,875 
Heritage Commerce Corp. 179,755  2,176,833 
Hilltop Holdings, Inc. 327,770  10,872,131 
HomeStreet, Inc. 151,862  3,831,478 
HomeTrust Bancshares, Inc. 79,941  2,339,873 
Hope Bancorp, Inc. 769,671  9,859,486 
Horizon Bancorp, Inc. 221,407  3,369,815 
Independent Bank Corp. (Michigan) 166,236  3,665,504 
International Bancshares Corp. 392,589  19,052,344 
Investar Holding Corp. 4,779  94,146 
Lakeland Bancorp, Inc. 416,681  8,021,109 
Lakeland Financial Corp. 81,421  5,831,372 
Live Oak Bancshares, Inc. 190,768  6,592,942 
Macatawa Bank Corp. 201,047  2,193,423 
Malvern Bancorp, Inc.(1)
 5,075  90,386 
Mercantile Bank Corp. 111,903  3,870,725 
Metrocity Bankshares, Inc. 81,175  1,637,300 
Metropolitan Bank Holding Corp.(1)
 59,661  3,329,680 
Mid Penn Bancorp, Inc. 47,557  1,455,244 
Midland States Bancorp, Inc. 166,821  4,344,019 
MidWestOne Financial Group, Inc. 80,786  2,426,811 
MVB Financial Corp. 73,892  2,016,513 
National Bank Holdings Corp., Class A 53,124  2,150,991 
NBT Bancorp, Inc. 265,311  10,768,973 
Nicolet Bankshares, Inc.(1)
 6,225  463,514 
Northeast Bank 55,103  2,428,940 
Northrim BanCorp, Inc. 43,093  2,262,813 
111

Avantis U.S. Small Cap Value ETF
Shares Value
Northwest Bancshares, Inc. 25,269  $ 349,218 
Norwood Financial Corp. 9,247  313,658 
Oak Valley Bancorp 3,909  106,911 
OceanFirst Financial Corp. 307,753  7,299,901 
OFG Bancorp 363,170  11,047,631 
Old Second Bancorp, Inc. 294,420  4,881,484 
Origin Bancorp, Inc. 133,122  5,046,655 
Orrstown Financial Services, Inc. 58,467  1,344,741 
Pacific Premier Bancorp, Inc. 565,996  18,349,590 
PacWest Bancorp 821,589  22,799,095 
Park National Corp. 39,107  4,996,701 
Parke Bancorp, Inc. 56,871  1,160,737 
Pathward Financial, Inc. 193,019  9,845,899 
PCB Bancorp 77,994  1,424,170 
Peapack-Gladstone Financial Corp. 120,034  4,459,263 
Peoples Bancorp, Inc. 159,718  4,968,827 
Popular, Inc. 133,495  9,531,543 
Preferred Bank 69,014  4,858,586 
Premier Financial Corp. 200,142  4,967,524 
Primis Financial Corp. 97,223  1,138,481 
QCR Holdings, Inc. 114,719  6,136,319 
RBB Bancorp 117,679  2,325,337 
Red River Bancshares, Inc. 2,518  127,436 
Republic Bancorp, Inc., Class A 66,620  2,964,590 
Republic First Bancorp, Inc.(1)
 97,424  194,848 
Riverview Bancorp, Inc. 119,597  835,983 
S&T Bancorp, Inc. 21,515  801,649 
Sandy Spring Bancorp, Inc. 280,295  9,235,720 
ServisFirst Bancshares, Inc. 61,721  4,564,268 
Shore Bancshares, Inc. 88,024  1,501,689 
Sierra Bancorp 83,203  1,681,533 
Silvergate Capital Corp., Class A(1)(2)
 20,031  278,631 
Simmons First National Corp., Class A 129,596  2,880,919 
SmartFinancial, Inc. 88,937  2,427,980 
South Plains Financial, Inc. 55,840  1,468,034 
Southern First Bancshares, Inc.(1)
 53,586  2,156,837 
Southside Bancshares, Inc. 60,410  2,307,058 
SouthState Corp. 14,357  1,158,323 
Stellar Bancorp, Inc. 18,981  555,194 
Stock Yards Bancorp, Inc. 425  24,875 
Summit Financial Group, Inc. 64,211  1,635,454 
Synovus Financial Corp. 103,296  4,318,806 
Texas Capital Bancshares, Inc.(1)
 309,206  20,478,713 
Third Coast Bancshares, Inc.(1)
 26,159  482,634 
Tompkins Financial Corp. 65,181  4,874,887 
Towne Bank 416,424  12,630,140 
TriCo Bancshares 74,856  3,780,977 
Triumph Financial, Inc.(1)
 161,924  9,853,075 
Trustmark Corp. 214,476  6,305,594 
UMB Financial Corp. 259,568  23,532,435 
Umpqua Holdings Corp. 1,506,553  26,605,726 
112

Avantis U.S. Small Cap Value ETF
Shares Value
United Community Banks, Inc. 162,250  $ 5,372,097 
United Security Bancshares 83,262  641,117 
Unity Bancorp, Inc. 45,483  1,201,206 
Univest Financial Corp. 164,937  4,651,223 
Valley National Bancorp 413,397  4,787,137 
Veritex Holdings, Inc. 159,270  4,246,138 
Washington Federal, Inc. 457,079  16,029,761 
Washington Trust Bancorp, Inc. 113,067  4,748,814 
West BanCorp, Inc. 93,642  1,972,101 
Wintrust Financial Corp. 154,511  14,235,098 
900,988,324 
Beverages — 0.3%
Coca-Cola Consolidated, Inc. 27,562  15,347,900 
Biotechnology — 1.2%
Alector, Inc.(1)
 229,163  1,957,052 
Catalyst Pharmaceuticals, Inc.(1)
 705,663  10,768,417 
Cullinan Oncology, Inc.(1)
 268,750  3,034,187 
Dynavax Technologies Corp.(1)
 97,849  1,007,845 
Eagle Pharmaceuticals, Inc.(1)
 43,527  1,218,756 
Emergent BioSolutions, Inc.(1)
 324,704  4,019,836 
Ironwood Pharmaceuticals, Inc.(1)
 1,007,299  11,352,260 
iTeos Therapeutics, Inc.(1)
 128,422  2,274,354 
Organogenesis Holdings, Inc.(1)
 294,295  721,023 
REGENXBIO, Inc.(1)
 383,590  8,534,877 
Vir Biotechnology, Inc.(1)
 1,097,950  25,033,260 
XOMA Corp.(1)
 24,823  528,233 
70,450,100 
Building Products — 0.7%
Apogee Enterprises, Inc. 114,817  5,254,026 
Insteel Industries, Inc. 101,224  3,011,414 
Masonite International Corp.(1)
 220,798  19,606,863 
Quanex Building Products Corp. 257,432  6,680,360 
UFP Industries, Inc. 88,676  7,584,458 
42,137,121 
Capital Markets — 1.8%
Artisan Partners Asset Management, Inc., Class A 88,971  2,933,374 
Cowen, Inc., Class A(2)
 137,831  5,374,031 
Diamond Hill Investment Group, Inc. 20,667  3,608,458 
Evercore, Inc., Class A 189,720  24,887,470 
Janus Henderson Group PLC 284,222  7,804,736 
Moelis & Co., Class A 121,937  5,222,562 
Open Lending Corp., Class A(1)
 147,755  1,046,105 
Oppenheimer Holdings, Inc., Class A 50,803  2,239,904 
Piper Sandler Cos. 120,927  18,258,768 
Stifel Financial Corp. 102,799  6,870,057 
StoneX Group, Inc.(1)
 130,511  13,159,424 
Virtus Investment Partners, Inc. 42,466  8,936,120 
100,341,009 
Chemicals — 2.4%
AdvanSix, Inc. 310,189  12,764,277 
AgroFresh Solutions, Inc.(1)
 157,123  468,227 
113

Avantis U.S. Small Cap Value ETF
Shares Value
American Vanguard Corp. 239,811  $ 5,004,856 
Cabot Corp. 368,033  29,269,665 
Chemours Co. 1,018,886  34,825,523 
Core Molding Technologies, Inc.(1)
 7,951  133,656 
FutureFuel Corp. 193,791  1,695,671 
Hawkins, Inc. 51,139  2,079,823 
Intrepid Potash, Inc.(1)
 89,558  2,836,302 
Kronos Worldwide, Inc. 186,262  2,102,898 
LSB Industries, Inc.(1)
 513,692  6,981,074 
Orion Engineered Carbons SA 228,191  5,818,871 
Rayonier Advanced Materials, Inc.(1)
 581,661  4,769,620 
Stepan Co. 84,218  8,766,252 
Tronox Holdings PLC, Class A 1,264,973  19,733,579 
Valhi, Inc. 12,538  297,025 
137,547,319 
Commercial Services and Supplies — 0.3%
Civeo Corp.(1)
 88,215  2,497,367 
Ennis, Inc. 146,879  3,194,618 
Heritage-Crystal Clean, Inc.(1)
 169,835  6,110,663 
Interface, Inc. 358,883  3,165,348 
Kimball International, Inc., Class B 21,825  150,811 
Quad/Graphics, Inc.(1)
 219,640  1,074,040 
16,192,847 
Communications Equipment — 0.4%
Aviat Networks, Inc.(1)
 1,976  70,207 
ViaSat, Inc.(1)
 712,185  22,618,996 
22,689,203 
Construction and Engineering — 0.7%
Ameresco, Inc., Class A(1)
 188,663  8,291,739 
Granite Construction, Inc. 27,351  1,181,563 
Great Lakes Dredge & Dock Corp.(1)
 155,408  891,265 
Limbach Holdings, Inc.(1)
 32,650  461,997 
MYR Group, Inc.(1)
 158,755  19,147,441 
Northwest Pipe Co.(1)
 54,692  2,105,642 
Primoris Services Corp. 7,196  197,890 
Sterling Infrastructure, Inc.(1)
 158,950  6,113,217 
Tutor Perini Corp.(1)
 343,433  2,785,242 
41,175,996 
Construction Materials — 0.1%
Eagle Materials, Inc. 41,059  5,761,399 
United States Lime & Minerals, Inc. 8,007  1,291,529 
7,052,928 
Consumer Finance — 2.2%
Atlanticus Holdings Corp.(1)
 20,478  656,320 
Bread Financial Holdings, Inc. 397,506  16,325,571 
Consumer Portfolio Services, Inc.(1)
 61,948  685,145 
Encore Capital Group, Inc.(1)(2)
 160,749  8,307,508 
Green Dot Corp., Class A(1)
 306,859  5,808,841 
LendingClub Corp.(1)
 385,366  3,622,440 
Medallion Financial Corp.(2)
 12,078  102,059 
Navient Corp. 784,846  14,166,470 
114

Avantis U.S. Small Cap Value ETF
Shares Value
Nelnet, Inc., Class A 100,545  $ 9,438,159 
OneMain Holdings, Inc. 537,039  23,141,011 
Oportun Financial Corp.(1)
 82,045  495,552 
PRA Group, Inc.(1)
 159,626  6,793,683 
PROG Holdings, Inc.(1)
 331,913  8,204,889 
Regional Management Corp. 63,487  2,001,110 
SLM Corp. 1,841,528  26,481,173 
World Acceptance Corp.(1)
 2,674  249,645 
126,479,576 
Diversified Consumer Services — 0.8%
Adtalem Global Education, Inc.(1)
 343,238  13,427,471 
American Public Education, Inc.(1)
 116,246  1,283,356 
Grand Canyon Education, Inc.(1)
 152,786  17,309,126 
Lincoln Educational Services Corp.(1)
 47,413  277,366 
Perdoceo Education Corp.(1)
 730,790  10,073,940 
Stride, Inc.(1)
 95,268  4,046,032 
Universal Technical Institute, Inc.(1)
 281,721  2,045,294 
48,462,585 
Diversified Financial Services — 0.5%
Alerus Financial Corp. 90,051  1,801,020 
A-Mark Precious Metals, Inc. 57,175  1,675,799 
Jackson Financial, Inc., Class A 571,392  25,929,769 
29,406,588 
Diversified Telecommunication Services — 0.7%
ATN International, Inc. 113,586  4,776,291 
EchoStar Corp., Class A(1)
 323,793  6,462,908 
Iridium Communications, Inc. 444,942  27,306,091 
38,545,290 
Electrical Equipment — 1.6%
Atkore, Inc.(1)
 328,373  47,949,025 
Encore Wire Corp. 231,092  44,603,067 
GrafTech International Ltd. 23,096  130,492 
LSI Industries, Inc. 5,828  84,623 
Powell Industries, Inc. 23,019  1,020,893 
93,788,100 
Electronic Equipment, Instruments and Components — 1.6%
Bel Fuse, Inc., Class B 92,979  3,302,614 
Benchmark Electronics, Inc. 28,802  685,200 
CTS Corp. 28,134  1,218,484 
Daktronics, Inc.(1)
 9,547  38,761 
Kimball Electronics, Inc.(1)
 35,318  883,303 
Methode Electronics, Inc. 40,117  1,954,901 
Plexus Corp.(1)
 7,664  734,901 
Sanmina Corp.(1)
 692,787  41,885,902 
TTM Technologies, Inc.(1)
 535,955  7,122,842 
Vishay Intertechnology, Inc. 1,436,739  30,501,969 
Vishay Precision Group, Inc.(1)
 93,290  4,067,444 
92,396,321 
Energy Equipment and Services — 3.8%
Archrock, Inc. 1,531,679  16,955,686 
Bristow Group, Inc.(1)
 198,554  5,408,611 
115

Avantis U.S. Small Cap Value ETF
Shares Value
ChampionX Corp. 355,822  $ 10,877,479 
Diamond Offshore Drilling, Inc.(1)
 289,579  3,440,198 
Dril-Quip, Inc.(1)
 257,466  8,818,210 
Helix Energy Solutions Group, Inc.(1)
 1,150,440  9,525,643 
Helmerich & Payne, Inc. 95,648  4,024,868 
Liberty Energy, Inc., Class A 1,495,658  22,808,784 
Nabors Industries Ltd.(1)
 80,163  12,049,301 
National Energy Services Reunited Corp.(1)
 315,372  2,037,303 
Natural Gas Services Group, Inc.(1)
 16,330  179,630 
Newpark Resources, Inc.(1)
 189,099  837,709 
NexTier Oilfield Solutions, Inc.(1)
 1,405,490  12,832,124 
Oceaneering International, Inc.(1)
 822,047  17,172,562 
Oil States International, Inc.(1)
 37,087  338,604 
Patterson-UTI Energy, Inc. 644,786  8,833,568 
ProPetro Holding Corp.(1)
 898,317  7,914,173 
TechnipFMC PLC(1)
 1,775,322  27,144,673 
TETRA Technologies, Inc.(1)
 32,453  115,533 
Transocean Ltd.(1)
 4,608,509  32,213,478 
US Silica Holdings, Inc.(1)
 686,313  8,331,840 
Weatherford International PLC(1)
 116,174  7,739,512 
219,599,489 
Entertainment — 0.2%
Gaia, Inc.(1)
 771  2,521 
Madison Square Garden Entertainment Corp.(1)
 102,046  6,176,844 
Marcus Corp.(2)
 178,173  2,866,804 
9,046,169 
Food and Staples Retailing — 1.4%
Ingles Markets, Inc., Class A 173,797  15,537,452 
Natural Grocers by Vitamin Cottage, Inc. 104,012  1,142,052 
PriceSmart, Inc. 94,229  6,569,646 
Sprouts Farmers Market, Inc.(1)
 822,783  24,922,097 
United Natural Foods, Inc.(1)
 469,044  19,104,162 
Village Super Market, Inc., Class A 73,814  1,648,266 
Weis Markets, Inc. 165,566  12,655,865 
81,579,540 
Food Products — 0.5%
Cal-Maine Foods, Inc. 265,700  15,091,760 
Flowers Foods, Inc. 39,662  1,105,777 
Fresh Del Monte Produce, Inc. 170,540  5,334,491 
Hostess Brands, Inc.(1)
 13,564  335,031 
John B Sanfilippo & Son, Inc. 9,813  880,913 
Pilgrim's Pride Corp.(1)
 106,250  2,485,187 
Seaboard Corp. 154  608,297 
25,841,456 
Health Care Equipment and Supplies — 0.5%
Bioventus, Inc., Class A(1)(2)
 17,607  37,503 
Co-Diagnostics, Inc.(1)(2)
 196,441  567,714 
Enovis Corp.(1)
 198,821  11,456,066 
FONAR Corp.(1)
 29,522  495,970 
QuidelOrtho Corp.(1)
 176,684  15,360,907 
Retractable Technologies, Inc.(1)
 6,054  11,745 
116

Avantis U.S. Small Cap Value ETF
Shares Value
Sensus Healthcare, Inc.(1)
 5,976  $ 41,055 
Tactile Systems Technology, Inc.(1)
 37,223  537,872 
Zimvie, Inc.(1)
 29,934  340,649 
28,849,481 
Health Care Providers and Services — 0.2%
Cross Country Healthcare, Inc.(1)
 103,092  2,726,783 
Ensign Group, Inc. 3,435  307,364 
Fulgent Genetics, Inc.(1)
 223,258  7,320,630 
Patterson Cos., Inc. 49,170  1,303,988 
11,658,765 
Hotels, Restaurants and Leisure — 1.3%
BJ's Restaurants, Inc.(1)
 184,963  5,918,816 
Canterbury Park Holding Corp. 249  6,554 
Carrols Restaurant Group, Inc.(1)
 90,871  189,012 
Century Casinos, Inc.(1)
 41,517  384,447 
Cheesecake Factory, Inc.(2)
 418,475  15,667,704 
Chuy's Holdings, Inc.(1)
 175,737  6,282,598 
Cracker Barrel Old Country Store, Inc. 125,861  13,713,815 
Full House Resorts, Inc.(1)
 159,698  1,545,877 
Golden Entertainment, Inc.(1)
 348  14,306 
Hilton Grand Vacations, Inc.(1)
 90,634  4,326,867 
Monarch Casino & Resort, Inc. 137,426  10,117,302 
ONE Group Hospitality, Inc.(1)
 100,856  857,276 
Playa Hotels & Resorts NV(1)
 1,046,474  9,334,548 
RCI Hospitality Holdings, Inc. 34,029  2,850,609 
Red Robin Gourmet Burgers, Inc.(1)
 103,457  880,419 
Target Hospitality Corp.(1)
 7,152  106,064 
72,196,214 
Household Durables — 3.1%
Bassett Furniture Industries, Inc. 66,289  1,229,661 
Beazer Homes USA, Inc.(1)
 108,999  1,625,175 
Cavco Industries, Inc.(1)
 40,967  11,675,595 
Century Communities, Inc. 46,028  2,752,935 
Ethan Allen Interiors, Inc. 261,754  7,734,831 
GoPro, Inc., Class A(1)
 1,132,967  5,880,099 
Green Brick Partners, Inc.(1)
 208,393  6,501,861 
Hamilton Beach Brands Holding Co., Class A 724  9,412 
Hooker Furnishings Corp. 56,035  1,231,929 
Hovnanian Enterprises, Inc., Class A(1)
 39,312  2,677,540 
KB Home 171,699  6,055,824 
La-Z-Boy, Inc. 237,953  7,704,918 
Legacy Housing Corp.(1)
 70,763  1,412,429 
M/I Homes, Inc.(1)
 161,233  9,325,717 
MDC Holdings, Inc. 118,169  4,372,253 
Meritage Homes Corp. 180,790  19,747,692 
Skyline Champion Corp.(1)
 300,519  20,558,505 
Taylor Morrison Home Corp.(1)
 1,249,301  44,762,455 
Tri Pointe Homes, Inc.(1)
 938,247  22,367,808 
Universal Electronics, Inc.(1)
 90,039  1,145,296 
VOXX International Corp.(1)
 52,546  600,601 
179,372,536 
117

Avantis U.S. Small Cap Value ETF
Shares Value
Independent Power and Renewable Electricity Producers†
Ormat Technologies, Inc.(2)
 30,429  $ 2,571,859 
Insurance — 3.9%
Ambac Financial Group, Inc.(1)
 175,860  2,910,483 
AMERISAFE, Inc. 32,324  1,762,951 
Argo Group International Holdings Ltd. 225,643  6,554,929 
Assured Guaranty Ltd. 350,067  21,847,682 
Axis Capital Holdings Ltd. 439,236  26,670,410 
Brighthouse Financial, Inc.(1)
 503,537  29,119,545 
CNO Financial Group, Inc. 916,062  23,469,509 
Crawford & Co., Class A 30,625  169,050 
Donegal Group, Inc., Class A 12,620  193,969 
Employers Holdings, Inc. 174,276  7,739,597 
Genworth Financial, Inc., Class A(1)
 3,529,771  21,990,473 
Greenlight Capital Re Ltd., A Shares(1)
 16,758  153,838 
Hanover Insurance Group, Inc. 33,493  4,671,604 
Horace Mann Educators Corp. 129,640  4,791,494 
Investors Title Co. 1,422  232,284 
National Western Life Group, Inc., Class A 10,611  2,862,742 
Oscar Health, Inc., Class A(1)(2)
 429,276  2,378,189 
Primerica, Inc. 15,137  2,905,396 
ProAssurance Corp. 222,196  4,419,478 
Safety Insurance Group, Inc. 72,596  5,857,771 
Selective Insurance Group, Inc. 200,386  20,345,191 
SiriusPoint Ltd.(1)
 471,394  3,346,897 
Stewart Information Services Corp. 118,350  5,028,692 
United Fire Group, Inc. 131,527  3,753,781 
Unum Group 269,173  11,991,657 
White Mountains Insurance Group Ltd. 5,106  7,370,868 
222,538,480 
Interactive Media and Services — 0.2%
Cars.com, Inc.(1)
 685,752  13,166,438 
Internet and Direct Marketing Retail†
Duluth Holdings, Inc., Class B(1)(2)
 65,910  396,119 
Lands' End, Inc.(1)
 16,664  126,646 
522,765 
IT Services — 0.3%
Cass Information Systems, Inc. 99,591  4,815,225 
IBEX Holdings Ltd.(1)
 32,937  920,589 
International Money Express, Inc.(1)
 66,646  1,702,805 
Kyndryl Holdings, Inc.(1)
 574,669  9,016,557 
16,455,176 
Leisure Products — 0.9%
Acushnet Holdings Corp. 22,092  1,066,160 
American Outdoor Brands, Inc.(1)
 18,199  167,977 
JAKKS Pacific, Inc.(1)
 56,956  1,101,529 
Malibu Boats, Inc., Class A(1)
 198,421  11,857,639 
MasterCraft Boat Holdings, Inc.(1)
 156,118  5,272,105 
Smith & Wesson Brands, Inc. 481,768  5,270,542 
Sturm Ruger & Co., Inc. 172,387  10,044,990 
118

Avantis U.S. Small Cap Value ETF
Shares Value
Vista Outdoor, Inc.(1)
 554,623  $ 15,840,033 
50,620,975 
Life Sciences Tools and Services — 0.2%
AbCellera Biologics, Inc.(1)(2)
 1,072,629  9,010,084 
OmniAb, Inc.(1)
 127,917  533,414 
OmniAb, Inc.(1)
 21,075  58,363 
OmniAb, Inc.(1)
 21,075  56,129 
9,657,990 
Machinery — 1.6%
Albany International Corp., Class A 126,182  12,734,288 
Commercial Vehicle Group, Inc.(1)
 123,666  976,961 
Hurco Cos., Inc. 471  13,815 
Hyster-Yale Materials Handling, Inc. 5,407  210,386 
Kennametal, Inc. 778,046  22,042,043 
Mayville Engineering Co., Inc.(1)
 53,623  869,765 
Miller Industries, Inc. 23,275  647,278 
Mueller Industries, Inc. 616,728  45,619,370 
REV Group, Inc. 231,044  2,700,904 
Terex Corp. 19,466  1,152,582 
Titan International, Inc.(1)
 412,062  5,113,689 
Wabash National Corp. 87,869  2,407,611 
94,488,692 
Marine — 1.4%
Costamare, Inc. 491,359  5,159,269 
Eagle Bulk Shipping, Inc.(2)
 127,447  8,318,466 
Genco Shipping & Trading Ltd. 476,808  9,083,192 
Kirby Corp.(1)
 316,477  22,954,077 
Matson, Inc. 446,545  29,699,708 
Pangaea Logistics Solutions Ltd. 247,772  1,645,206 
Safe Bulkers, Inc.(2)
 671,506  2,518,148 
79,378,066 
Media — 0.4%
AMC Networks, Inc., Class A(1)
 111,319  2,489,093 
Cable One, Inc. 1,359  938,539 
Cumulus Media, Inc., Class A(1)
 131,334  711,830 
Entravision Communications Corp., Class A 580,337  3,807,011 
Gambling.com Group Ltd.(1)
 1,804  17,643 
PubMatic, Inc., Class A(1)
 192,750  2,925,945 
Scholastic Corp. 271,100  12,364,871 
WideOpenWest, Inc.(1)
 97,355  1,064,090 
24,319,022 
Metals and Mining — 2.8%
Alpha Metallurgical Resources, Inc. 181,306  30,412,268 
Carpenter Technology Corp. 66,759  3,226,462 
Coeur Mining, Inc.(1)
 881,105  2,749,048 
Commercial Metals Co. 586,518  30,352,307 
Gold Resource Corp. 303,725  277,726 
Hecla Mining Co. 2,841,146  14,631,902 
Kaiser Aluminum Corp. 75,045  5,952,569 
Olympic Steel, Inc. 74,677  3,920,543 
Ramaco Resources, Inc. 225,016  2,238,909 
119

Avantis U.S. Small Cap Value ETF
Shares Value
Ryerson Holding Corp. 246,856  $ 8,869,536 
Schnitzer Steel Industries, Inc., Class A 255,888  8,364,979 
SunCoke Energy, Inc. 1,046,397  9,951,236 
TimkenSteel Corp.(1)
 524,585  9,594,660 
Tredegar Corp. 178,168  2,070,312 
United States Steel Corp. 5,370  164,483 
Warrior Met Coal, Inc. 672,846  25,749,816 
158,526,756 
Multiline Retail — 1.1%
Big Lots, Inc. 1,554  22,300 
Dillard's, Inc., Class A 27,001  9,623,426 
Kohl's Corp. 909,632  25,506,081 
Macy's, Inc. 1,282,686  26,243,756 
61,395,563 
Oil, Gas and Consumable Fuels — 12.0%
Adams Resources & Energy, Inc. 2,163  125,865 
Antero Midstream Corp. 1,558,074  16,422,100 
Arch Resources, Inc. 190,672  30,002,239 
Berry Corp. 706,783  6,664,964 
California Resources Corp. 636,980  26,880,556 
Callon Petroleum Co.(1)
 652,386  25,286,481 
Chord Energy Corp. 157,738  21,234,690 
Civitas Resources, Inc. 292,036  20,492,166 
CNX Resources Corp.(1)
 1,510,803  23,190,826 
Comstock Resources, Inc.(2)
 999,264  12,131,065 
CONSOL Energy, Inc. 310,684  17,003,735 
Crescent Energy Co., Class A(2)
 230,812  2,663,571 
CVR Energy, Inc. 268,119  8,507,416 
Delek US Holdings, Inc. 542,199  13,647,149 
Denbury, Inc.(1)
 416,556  34,728,274 
DHT Holdings, Inc. 564,856  6,535,384 
Dorian LPG Ltd. 345,760  7,589,432 
Earthstone Energy, Inc., Class A(1)
 662,261  9,238,541 
EnLink Midstream LLC(1)
 1,119,550  12,606,133 
Epsilon Energy Ltd. 64,013  368,075 
Equitrans Midstream Corp. 3,014,638  18,178,267 
Evolution Petroleum Corp. 256,896  1,672,393 
Hallador Energy Co.(1)
 206,192  1,573,245 
HF Sinclair Corp. 44,981  2,236,455 
HighPeak Energy, Inc.(2)
 86,972  2,326,501 
International Seaways, Inc. 4,795  246,655 
Kimbell Royalty Partners LP 474,232  7,317,400 
Kosmos Energy Ltd.(1)
 4,225,955  33,258,266 
Magnolia Oil & Gas Corp., Class A 779,404  17,029,977 
Matador Resources Co. 378,216  20,344,239 
Murphy Oil Corp. 594,069  23,180,572 
NACCO Industries, Inc., Class A 36,333  1,358,491 
Northern Oil & Gas, Inc. 496,853  15,422,317 
Overseas Shipholding Group, Inc., Class A(1)
 526,020  1,946,274 
Par Pacific Holdings, Inc.(1)
 410,831  11,412,885 
PBF Energy, Inc., Class A 713,465  31,185,555 
120

Avantis U.S. Small Cap Value ETF
Shares Value
PDC Energy, Inc. 291,674  $ 19,574,242 
Peabody Energy Corp.(1)
 1,333,671  36,409,218 
Permian Resources Corp. 1,344,319  14,532,088 
PHX Minerals, Inc. 46,331  132,970 
Plains GP Holdings LP, Class A(2)
 1,600,639  22,264,889 
PrimeEnergy Resources Corp.(1)
 366  33,123 
Range Resources Corp. 358,894  9,668,604 
Ranger Oil Corp., Class A 189,405  7,860,308 
REX American Resources Corp.(1)
 116,674  3,851,409 
Riley Exploration Permian, Inc. 28,870  883,422 
Ring Energy, Inc.(1)(2)
 785,371  1,649,279 
SandRidge Energy, Inc.(1)
 335,677  4,897,527 
SFL Corp. Ltd. 1,093,198  11,281,803 
SilverBow Resources, Inc.(1)
 146,677  3,611,188 
Sitio Royalties Corp., Class A 384,699  9,044,274 
SM Energy Co. 1,051,532  31,030,709 
Talos Energy, Inc.(1)
 821,533  14,631,503 
Teekay Corp.(1)
 128,518  801,952 
VAALCO Energy, Inc.(2)
 637,173  2,988,341 
Vital Energy, Inc.(1)
 160,189  8,232,113 
687,387,116 
Paper and Forest Products — 0.9%
Clearwater Paper Corp.(1)
 201,921  7,792,131 
Louisiana-Pacific Corp. 669,725  39,185,610 
Mercer International, Inc. 492,831  5,312,718 
Sylvamo Corp. 41,344  2,039,500 
54,329,959 
Personal Products — 0.4%
Lifevantage Corp. 58,539  227,131 
Nature's Sunshine Products, Inc.(1)
 16,471  178,546 
Nu Skin Enterprises, Inc., Class A 474,151  18,890,176 
Olaplex Holdings, Inc.(1)
 14,350  70,602 
USANA Health Sciences, Inc.(1)
 91,602  5,567,569 
24,934,024 
Pharmaceuticals — 0.8%
Amphastar Pharmaceuticals, Inc.(1)
 64,281  2,047,993 
Arvinas, Inc.(1)
 359,032  11,004,331 
Assertio Holdings, Inc.(1)(2)
 530,023  2,931,027 
Corcept Therapeutics, Inc.(1)
 10,963  228,359 
Innoviva, Inc.(1)
 713,932  8,617,159 
Ligand Pharmaceuticals, Inc.(1)
 52,123  3,760,153 
Prestige Consumer Healthcare, Inc.(1)
 211,742  12,757,456 
ProPhase Labs, Inc.(2)
 73,008  533,688 
SIGA Technologies, Inc. 346,831  2,375,792 
Supernus Pharmaceuticals, Inc.(1)
 7,550  283,805 
44,539,763 
Professional Services — 0.9%
Barrett Business Services, Inc. 5,918  568,010 
CBIZ, Inc.(1)
 80,589  4,036,703 
CRA International, Inc. 6,829  850,006 
Heidrick & Struggles International, Inc. 187,045  6,421,255 
121

Avantis U.S. Small Cap Value ETF
Shares Value
Kelly Services, Inc., Class A 221,204  $ 3,700,743 
Kforce, Inc. 92,270  5,765,952 
Korn Ferry 428,639  23,956,634 
TrueBlue, Inc.(1)
 314,775  5,886,292 
51,185,595 
Real Estate Management and Development — 1.0%
Douglas Elliman, Inc. 477,980  2,017,076 
Five Point Holdings LLC, Class A(1)
 19,374  42,429 
Forestar Group, Inc.(1)
 166,533  2,376,426 
Howard Hughes Corp.(1)
 257,606  21,412,211 
Kennedy-Wilson Holdings, Inc. 966,352  16,147,742 
Marcus & Millichap, Inc. 268,752  9,237,006 
RE/MAX Holdings, Inc., Class A 184,354  3,408,705 
54,641,595 
Road and Rail — 2.9%
ArcBest Corp. 260,746  25,083,765 
Covenant Logistics Group, Inc. 105,324  3,649,477 
Heartland Express, Inc. 354,331  5,715,359 
Landstar System, Inc. 3,241  585,940 
Marten Transport Ltd. 624,735  13,787,902 
PAM Transportation Services, Inc.(1)
 56,327  1,633,483 
Ryder System, Inc. 575,199  56,317,734 
Saia, Inc.(1)
 75,959  20,575,014 
Schneider National, Inc., Class B 409,284  11,484,509 
Universal Logistics Holdings, Inc. 64,152  1,905,314 
US Xpress Enterprises, Inc., Class A(1)
 110,978  174,236 
Werner Enterprises, Inc. 595,364  27,654,658 
168,567,391 
Semiconductors and Semiconductor Equipment — 2.3%
Alpha & Omega Semiconductor Ltd.(1)
 238,222  6,362,910 
Amkor Technology, Inc. 663,502  17,091,812 
Axcelis Technologies, Inc.(1)
 100,307  12,893,462 
Cirrus Logic, Inc.(1)
 18,059  1,855,562 
Cohu, Inc.(1)
 13,302  494,834 
Diodes, Inc.(1)
 414,096  37,968,462 
Kulicke & Soffa Industries, Inc. 585,505  31,207,417 
Photronics, Inc.(1)
 685,183  12,072,924 
SMART Global Holdings, Inc.(1)
 151,947  2,537,515 
Ultra Clean Holdings, Inc.(1)
 316,063  10,069,767 
132,554,665 
Software — 0.5%
Adeia, Inc. 414,278  4,084,781 
Cleanspark, Inc.(1)(2)
 224,762  620,343 
CoreCard Corp.(1)
 18,945  630,300 
InterDigital, Inc. 161,627  11,797,155 
Marathon Digital Holdings, Inc.(1)(2)
 1,114,828  7,915,279 
Xperi, Inc.(1)
 174,373  2,038,420 
27,086,278 
Specialty Retail — 6.5%
Aaron's Co., Inc. 309,719  4,444,468 
Abercrombie & Fitch Co., Class A(1)
 291,945  8,586,102 
122

Avantis U.S. Small Cap Value ETF
Shares Value
Academy Sports & Outdoors, Inc. 534,042  $ 31,588,584 
American Eagle Outfitters, Inc. 781,613  11,231,779 
Asbury Automotive Group, Inc.(1)
 18,580  4,219,518 
AutoNation, Inc.(1)
 175,612  23,972,794 
Barnes & Noble Education, Inc.(1)
 29,700  61,182 
Big 5 Sporting Goods Corp. 151,570  1,338,363 
Buckle, Inc. 316,425  12,906,976 
Build-A-Bear Workshop, Inc.(1)
 130,499  2,733,954 
Caleres, Inc. 228,789  5,973,681 
Cato Corp., Class A 109,262  1,010,674 
Chico's FAS, Inc.(1)
 1,221,865  7,025,724 
Children's Place, Inc.(1)
 116,232  4,866,634 
Citi Trends, Inc.(1)
 43,469  1,218,871 
Conn's, Inc.(1)
 119,716  1,025,966 
Container Store Group, Inc.(1)
 262,478  1,141,779 
Designer Brands, Inc., Class A 558,107  5,463,868 
Destination XL Group, Inc.(1)
 493,873  2,953,361 
Foot Locker, Inc. 1,093,662  47,814,903 
Gap, Inc.(2)
 571,039  7,429,217 
Genesco, Inc.(1)
 96,129  4,322,921 
Group 1 Automotive, Inc. 78,611  17,378,534 
Guess?, Inc. 323,452  6,805,430 
Haverty Furniture Cos., Inc. 153,981  5,811,243 
Hibbett, Inc. 146,629  10,547,024 
MarineMax, Inc.(1)
 191,136  6,418,347 
Murphy USA, Inc. 81,749  20,853,352 
ODP Corp.(1)
 452,353  20,482,544 
Shoe Carnival, Inc. 133,920  3,528,792 
Signet Jewelers Ltd. 444,644  31,845,403 
Sonic Automotive, Inc., Class A 188,630  10,731,161 
Sportsman's Warehouse Holdings, Inc.(1)
 122,652  1,102,641 
Tile Shop Holdings, Inc.(1)
 10,879  59,399 
Tilly's, Inc., Class A(1)
 195,905  1,700,455 
TravelCenters of America, Inc.(1)
 157,827  13,312,707 
Upbound Group, Inc. 441,850  11,863,673 
Urban Outfitters, Inc.(1)
 633,836  17,081,880 
Zumiez, Inc.(1)
 169,347  3,939,011 
374,792,915 
Technology Hardware, Storage and Peripherals†
Immersion Corp. 285,525  2,184,266 
Textiles, Apparel and Luxury Goods — 1.6%
Culp, Inc.(1)
 18,579  102,928 
G-III Apparel Group Ltd.(1)
 169,327  2,813,368 
Lakeland Industries, Inc. 31,915  484,150 
Movado Group, Inc. 157,168  5,441,156 
Oxford Industries, Inc. 160,580  18,885,814 
PVH Corp. 457,716  36,727,132 
Under Armour, Inc., Class A(1)
 1,467,338  14,570,666 
Under Armour, Inc., Class C(1)
 1,321,057  11,625,302 
Unifi, Inc.(1)
 30,711  317,859 
Vera Bradley, Inc.(1)
 77,813  412,409 
91,380,784 
123

Avantis U.S. Small Cap Value ETF
Shares Value
Thrifts and Mortgage Finance — 4.7%
Axos Financial, Inc.(1)
 407,565  $ 19,314,505 
Bridgewater Bancshares, Inc.(1)
 155,424  2,286,287 
Enact Holdings, Inc. 174,892  4,241,131 
Essent Group Ltd. 775,482  33,306,952 
Federal Agricultural Mortgage Corp., Class C 57,420  8,145,601 
FS Bancorp, Inc. 48,617  1,746,809 
Greene County Bancorp, Inc. 2,454  138,160 
Hingham Institution For Savings 5,807  1,653,253 
Home Bancorp, Inc. 33,249  1,314,998 
Kearny Financial Corp. 293,863  2,950,384 
Luther Burbank Corp. 74,720  868,994 
Merchants Bancorp 132,923  4,020,921 
MGIC Investment Corp. 2,328,843  32,044,880 
Mr. Cooper Group, Inc.(1)
 534,958  24,838,100 
New York Community Bancorp, Inc. 3,423,037  30,396,569 
NMI Holdings, Inc., Class A(1)
 647,631  15,115,707 
Northfield Bancorp, Inc. 258,031  3,795,636 
Ocwen Financial Corp.(1)
 33,590  1,097,049 
OP Bancorp 69,617  784,584 
PennyMac Financial Services, Inc. 213,756  12,925,825 
Ponce Financial Group, Inc.(1)
 879  8,052 
Provident Bancorp, Inc. 20,717  189,975 
Provident Financial Services, Inc. 457,135  10,674,102 
Radian Group, Inc. 1,233,518  26,335,609 
Southern Missouri Bancorp, Inc. 55,647  2,575,343 
Sterling Bancorp, Inc.(1)
 27,983  173,495 
Territorial Bancorp, Inc. 37,690  866,116 
Timberland Bancorp, Inc. 6,104  206,193 
TrustCo Bank Corp. NY 141,736  5,309,431 
Walker & Dunlop, Inc. 172,613  15,057,032 
Waterstone Financial, Inc. 139,341  2,243,390 
WSFS Financial Corp. 136,611  6,818,255 
271,443,338 
Trading Companies and Distributors — 5.6%
Air Lease Corp. 1,106,635  47,895,163 
Alta Equipment Group, Inc. 5,345  100,539 
BlueLinx Holdings, Inc.(1)
 109,374  9,230,072 
Boise Cascade Co. 464,070  32,071,878 
GATX Corp. 381,069  41,570,817 
GMS, Inc.(1)
 162,272  9,851,533 
H&E Equipment Services, Inc. 327,800  18,192,900 
Herc Holdings, Inc. 246,899  35,452,227 
Hudson Technologies, Inc.(1)
 183,676  1,860,638 
McGrath RentCorp 221,552  22,784,408 
NOW, Inc.(1)
 258,507  3,321,815 
Rush Enterprises, Inc., Class A 88,888  5,038,172 
Rush Enterprises, Inc., Class B 12,172  730,077 
Textainer Group Holdings Ltd. 425,993  14,023,689 
Titan Machinery, Inc.(1)
 193,668  8,868,058 
Triton International Ltd. 729,500  50,291,730 
124

Avantis U.S. Small Cap Value ETF
Shares Value
Veritiv Corp. 142,967  $ 21,650,922 
322,934,638 
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co. 119,033  2,323,524 
Telephone & Data Systems, Inc. 1,093,639  13,878,279 
United States Cellular Corp.(1)
 149,934  3,617,907 
19,819,710 
TOTAL COMMON STOCKS
(Cost $5,394,173,621)
 5,738,273,456 
SHORT-TERM INVESTMENTS — 0.8%
Money Market Funds — 0.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4,750,834  4,750,834 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 42,222,352  42,222,352 
TOTAL SHORT-TERM INVESTMENTS
(Cost $46,973,186)
 46,973,186 
TOTAL INVESTMENT SECURITIES — 100.7%
(Cost $5,441,146,807)
 5,785,246,642 
OTHER ASSETS AND LIABILITIES — (0.7)% (37,362,545)
TOTAL NET ASSETS — 100.0% $ 5,747,884,097 

NOTES TO SCHEDULE OF INVESTMENTS
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $54,017,740. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $55,564,049, which includes securities collateral of $13,341,697.


See Notes to Financial Statements.
125

Statements of Assets and Liabilities
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Inflation Focused Equity ETF Avantis Real Estate ETF
Assets
Investment securities, at value (cost of $26,607,419 and $294,319,724, respectively) — including $— and $3,096,330, respectively of securities on loan $ 25,740,583  $ 278,810,397 
Investment made with cash collateral received for securities on loan, at value (cost of $— and $569,972, respectively) —  569,972 
Total investment securities, at value (cost of $26,607,419 and $294,889,696, respectively) 25,740,583  279,380,369 
Foreign currency holdings, at value (cost of $— and $414,049, respectively) —  411,668 
Receivable for capital shares sold —  1,694,412 
Dividends and interest receivable 54,221  732,670 
Securities lending receivable —  1,102 
25,794,804  282,220,221 
Liabilities
Payable for collateral received for securities on loan —  569,972 
Payable for investments purchased —  2,004,955 
Accrued management fees 5,054  37,026 
5,054  2,611,953 
Net Assets $ 25,789,750  $ 279,608,268 
Shares outstanding (unlimited number of shares authorized) 460,000  6,600,000 
Net Asset Value Per Share $ 56.06  $ 42.36 
Net Assets Consist of:
Capital paid in $ 26,434,004  $ 294,492,630 
Distributable earnings (loss) (644,254) (14,884,362)
$ 25,789,750  $ 279,608,268 


See Notes to Financial Statements.
126

FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Equity ETF Avantis U.S. Large Cap Value ETF
Assets
Investment securities, at value (cost of $3,640,624,193 and $877,175,969, respectively) — including $10,446,126 and $1,210,025, respectively of securities on loan $ 3,751,582,886  $ 899,355,988 
Investment made with cash collateral received for securities on loan, at value (cost of $8,028,714 and $1,235,181, respectively) 8,028,714  1,235,181 
Total investment securities, at value (cost of $3,648,652,907 and $878,411,150, respectively) 3,759,611,600  900,591,169 
Cash —  26,066 
Receivable for capital shares sold —  9,394,438 
Dividends and interest receivable 6,267,513  2,141,793 
Securities lending receivable 28,504  2,015 
3,765,907,617  912,155,481 
Liabilities
Payable for collateral received for securities on loan 8,028,714  1,235,181 
Payable for investments purchased 3,758,141  10,295,536 
Accrued management fees 433,459  102,018 
12,220,314  11,632,735 
Net Assets $ 3,753,687,303  $ 900,522,746 
Shares outstanding (unlimited number of shares authorized) 52,890,000  17,300,000 
Net Asset Value Per Share $ 70.97  $ 52.05 
Net Assets Consist of:
Capital paid in $ 3,624,266,962  $ 880,681,121 
Distributable earnings (loss) 129,420,341  19,841,625 
$ 3,753,687,303  $ 900,522,746 


See Notes to Financial Statements.
127

FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Small Cap Equity ETF Avantis U.S. Small Cap Value ETF
Assets
Investment securities, at value (cost of $107,846,665 and $5,398,924,455, respectively) — including $— and $54,017,740, respectively of securities on loan $ 114,492,698  $ 5,743,024,290 
Investment made with cash collateral received for securities on loan, at value (cost of $— and $42,222,352, respectively) —  42,222,352 
Total investment securities, at value (cost of $107,846,665 and $5,441,146,807, respectively) 114,492,698  5,785,246,642 
Cash —  823,278 
Receivable for investments sold 5,528  6,586,238 
Receivable for capital shares sold —  21,050,058 
Dividends and interest receivable 86,850  6,687,388 
Securities lending receivable —  131,271 
114,585,076  5,820,524,875 
Liabilities
Payable for collateral received for securities on loan —  42,222,352 
Payable for investments purchased —  29,321,058 
Accrued management fees 21,493  1,097,368 
21,493  72,640,778 
Net Assets $ 114,563,583  $ 5,747,884,097 
Shares outstanding (unlimited number of shares authorized) 2,430,000  71,100,000 
Net Asset Value Per Share $ 47.15  $ 80.84 
Net Assets Consist of:
Capital paid in $ 107,365,803  $ 5,507,106,394 
Distributable earnings (loss) 7,197,780  240,777,703 
$ 114,563,583  $ 5,747,884,097 


See Notes to Financial Statements.
128

Statements of Operations
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (EXCEPT AS NOTED) (UNAUDITED)
Avantis Inflation Focused Equity ETF(1)
 Avantis Real Estate ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $1, and $180,763, respectively) $ 132,684  $ 3,453,388 
Interest 241  7,021 
Securities lending, net —  5,728 
132,925  3,466,137 
Expenses:
Management fees 14,265  175,420 
Other expenses —  533 
14,265  175,953 
Net investment income (loss) 118,660  3,290,184 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions 143,936  185,161 
Foreign currency translation transactions —  (14,832)
143,936  170,329 
Change in net unrealized appreciation (depreciation) on:
Investments (866,836) (6,342,901)
Translation of assets and liabilities in foreign currencies —  (5,073)
(866,836) (6,347,974)
Net realized and unrealized gain (loss) (722,900) (6,177,645)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (604,240) $ (2,887,461)
(1)September 27, 2022 (fund inception) through February 28,2023.


See Notes to Financial Statements.
129

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Equity ETF Avantis U.S. Large Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $11,975, and $1,497, respectively) $ 29,856,624  $ 8,703,399 
Interest 46,927  9,540 
Securities lending, net 104,059  6,149 
30,007,610  8,719,088 
Expenses:
Management fees 2,310,983  506,017 
Net investment income (loss) 27,696,627  8,213,071 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 18,719,942  2,588,532 
Change in net unrealized appreciation (depreciation) on investments 91,320,190  35,742,996 
Net realized and unrealized gain (loss) 110,040,132  38,331,528 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 137,736,759  $ 46,544,599 


See Notes to Financial Statements.
130

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Small Cap Equity ETF Avantis U.S. Small Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $636, and $53,772, respectively) $ 514,744  $ 50,219,305 
Interest 1,553  54,676 
Securities lending, net —  422,396 
516,297  50,696,377 
Expenses:
Management fees 77,302  5,648,572 
Net investment income (loss) 438,995  45,047,805 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 503,781  (22,115,004)
Change in net unrealized appreciation (depreciation) on investments 6,438,078  450,946,070 
Net realized and unrealized gain (loss) 6,941,859  428,831,066 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 7,380,854  $ 473,878,871 


See Notes to Financial Statements.
131

Statements of Changes in Net Assets
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis Inflation Focused Equity ETF Avantis Real Estate ETF
Increase (Decrease) in Net Assets
February 28, 2023(1)
 February 28, 2023
August 31, 2022(2)
Operations
Net investment income (loss) $ 118,660  $ 3,290,184  $ 1,678,060 
Net realized gain (loss) 143,936  170,329  (312,160)
Change in net unrealized appreciation (depreciation) (866,836) (6,347,974) (9,171,481)
Net increase (decrease) in net assets resulting from operations (604,240) (2,887,461) (7,805,581)
Distributions to Shareholders
From earnings (40,014) (3,553,860) (637,460)
Capital Share Transactions
Proceeds from shares sold 27,595,688  158,481,536  152,347,682 
Payments for shares redeemed (1,161,684) (16,417,936) — 
Other capital —  19,900  61,448 
Net increase (decrease) in net assets from capital share transactions 26,434,004  142,083,500  152,409,130 
Net increase (decrease) in net assets 25,789,750  135,642,179  143,966,089 
Net Assets
Beginning of period —  143,966,089  — 
End of period $ 25,789,750  $ 279,608,268  $ 143,966,089 
Transactions in Shares of the Funds
Sold 480,000  3,800,000  3,200,000 
Redeemed (20,000) (400,000) — 
Net increase (decrease) in shares of the funds 460,000  3,400,000  3,200,000 
(1)September 27, 2022 (fund inception) through February 28,2023.
(2)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
132

SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis U.S. Equity
ETF		 Avantis U.S. Large
Cap Value ETF
Increase (Decrease) in Net Assets February 28, 2023 August 31, 2022 February 28, 2023
August 31, 2022(1)
Operations
Net investment income (loss) $ 27,696,627  $ 29,533,348  $ 8,213,071  $ 4,493,511 
Net realized gain (loss) 18,719,924  67,299,604  2,588,532  (6,821,509)
Change in net unrealized appreciation (depreciation) 91,320,208  (294,173,106) 35,742,996  (13,562,977)
Net increase (decrease) in net assets resulting from operations 137,736,759  (197,340,154) 46,544,599  (15,890,975)
Distributions to Shareholders
From earnings (25,734,246) (24,641,184) (6,961,576) (2,368,608)
Capital Share Transactions
Proceeds from shares sold 1,189,677,177  1,439,756,772  408,578,966  522,133,836 
Payments for shares redeemed (70,729,503) (181,495,905) (42,593,848) (8,919,648)
Net increase (decrease) in net assets from capital share transactions 1,118,947,674  1,258,260,867  365,985,118  513,214,188 
Net increase (decrease) in net assets 1,230,950,187  1,036,279,529  405,568,141  494,954,605 
Net Assets
Beginning of period 2,522,737,116  1,486,457,587  494,954,605  — 
End of period $ 3,753,687,303  $ 2,522,737,116  $ 900,522,746  $ 494,954,605 
Transactions in Shares of the Funds
Sold 17,250,000  19,830,000  8,020,000  10,300,000 
Redeemed (1,020,000) (2,520,000) (840,000) (180,000)
Net increase (decrease) in shares of the funds 16,230,000  17,310,000  7,180,000  10,120,000 
(1)September 21, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
133

SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis U.S. Small
Cap Equity ETF		 Avantis U.S. Small
Cap Value ETF
Increase (Decrease) in Net Assets February 28, 2023
August 31, 2022(1)
 February 28, 2023 August 31, 2022
Operations
Net investment income (loss) $ 438,995  $ 103,430  $ 45,047,805  $ 46,551,102 
Net realized gain (loss) 503,781  (143,600) (22,115,004) 235,537,603 
Change in net unrealized appreciation (depreciation) 6,438,078  207,955  450,946,070  (376,259,387)
Net increase (decrease) in net assets resulting from operations 7,380,854  167,785  473,878,871  (94,170,682)
Distributions to Shareholders
From earnings (318,465) (32,394) (43,686,720) (36,861,258)
Capital Share Transactions
Proceeds from shares sold 87,844,038  26,179,605  1,812,270,022  3,146,383,598 
Payments for shares redeemed (6,657,840) —  (169,868,406) (910,204,464)
Net increase (decrease) in net assets from capital share transactions 81,186,198  26,179,605  1,642,401,616  2,236,179,134 
Net increase (decrease) in net assets 88,248,587  26,314,996  2,072,593,767  2,105,147,194 
Net Assets
Beginning of period 26,314,996  —  3,675,290,330  1,570,143,136 
End of period $ 114,563,583  $ 26,314,996  $ 5,747,884,097  $ 3,675,290,330 
Transactions in Shares of the Funds
Sold 1,980,000  600,000  23,760,000  40,460,000 
Redeemed (150,000) —  (2,300,000) (11,620,000)
Net increase (decrease) in shares of the funds 1,830,000  600,000  21,460,000  28,840,000 
(1)January 11, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
134

Notes to Financial Statements

FEBRUARY 28, 2023 (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 Inflation Focused Equity ETF, Avantis Real Estate ETF, Avantis U.S. Equity ETF, Avantis U.S. Large Cap Value ETF, Avantis U.S. Small Cap Equity ETF and Avantis U.S. Small Cap Value ETF (collectively, the funds) are six funds in a series issued by the trust. Each of the funds’ investment objective is to seek long-term capital appreciation. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Inflation Focused Equity ETF incepted on September 27, 2022. Avantis Real Estate ETF incepted on September 28, 2021. Avantis U.S. Large Cap Value ETF incepted on September 21, 2021. Avantis U.S. Small Cap Equity ETF incepted on January 11, 2022.

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 value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Open-end management investment companies are valued at the reported NAV per share.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors 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; regulatory news, 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. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

135

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 — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

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 quarterly. 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.

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

136

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2023.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
 Overnight and Continuous <30 days Between 30 & 90 days >90 days Total
Avantis Real Estate ETF
Common Stocks $ 569,972  —  —  —  $ 569,972 
Gross amount of recognized liabilities for securities lending transactions
 $ 569,972 
Avantis U.S. Equity ETF
Common Stocks $ 8,028,714  —  —  —  $ 8,028,714 
Gross amount of recognized liabilities for securities lending transactions
 $ 8,028,714 
Avantis U.S. Large Cap Value ETF
Common Stocks $ 1,235,181  —  —  —  $ 1,235,181 
Gross amount of recognized liabilities for securities lending transactions
 $ 1,235,181 
Avantis U.S. Small Cap Value ETF
Common Stocks $ 42,222,352  —  —  —  $ 42,222,352 
Gross amount of recognized liabilities for securities lending transactions
 $ 42,222,352 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

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 Inflation Focused Equity ETF 0.25%
Avantis Real Estate ETF 0.17%
Avantis U.S. Equity ETF 0.15%
Avantis U.S. Large Cap Value ETF 0.15%
Avantis U.S. Small Cap Equity ETF 0.25%
Avantis U.S. Small Cap Value ETF 0.25%

Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

137

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2023 were as follows:
Avantis Inflation
Focused Equity ETF(1)
Avantis Real
Estate ETF
Avantis U.S. Equity
ETF
Purchases $411,643 $35,824,962 $89,092,703
Sales $344,956 $7,424,810 $30,741,636
Avantis U.S. Large
Cap Value ETF
Avantis U.S. Small
Cap Equity ETF
Avantis U.S. Small
Cap Value ETF
Purchases $77,412,466 $9,356,401 $237,211,929
Sales $62,721,374 $7,974,046 $182,051,467
(1)September 27, 2022 (fund inception) through February 28, 2023.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2023 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis Inflation Focused Equity ETF(1)
 $27,531,304 $1,152,631 $179,827
Avantis Real Estate ETF $130,946,042 $16,312,807 $1,644,379
Avantis U.S. Equity ETF $1,138,766,637 $69,696,124 $25,934,513
Avantis U.S. Large Cap Value ETF $394,405,382 $41,862,658 $9,765,839
Avantis U.S. Small Cap Equity ETF $86,850,670 $6,651,198 $1,381,786
Avantis U.S. Small Cap Value ETF $1,755,666,284 $167,053,899 $38,747,203
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)September 27, 2022 (fund inception) through February 28, 2023.

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.
138

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 Inflation Focused Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 25,716,549  —  — 
Short-Term Investments 24,034  —  — 
$ 25,740,583  —  — 

Avantis Real Estate ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Diversified REITs $ 4,402,076  $ 19,617,648  — 
Health Care REITs 16,263,437  3,199,204  — 
Hotel & Resort REITs 4,851,638  2,099,673  — 
Industrial REITs 28,268,788  21,013,842  — 
Office REITs 5,560,019  14,148,542  — 
Residential REITs 31,044,543  6,229,225  — 
Retail REITs 28,864,092  19,934,099  — 
Specialized REITs 70,567,753  2,392,203  — 
Rights —  90,021  — 
Short-Term Investments 833,566  —  — 
$ 190,655,912  $ 88,724,457  — 

Avantis U.S. Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 3,748,391,935  —  — 
Rights —  $ 5  — 
Short-Term Investments 11,219,660  —  — 
$ 3,759,611,595  $ 5  — 
139

Avantis U.S. Large Cap Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 898,731,525  —  — 
Short-Term Investments 1,859,644  —  — 
$ 900,591,169  —  — 

Avantis U.S. Small Cap Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 114,381,814  —  — 
Short-Term Investments 110,884  —  — 
$ 114,492,698  —  — 

Avantis U.S. Small Cap Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 5,738,273,456  —  — 
Short-Term Investments 46,973,186  —  — 
$ 5,785,246,642  —  — 

7. 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.

Avantis Real Estate ETF concentrates its investments in a narrow segment of the total market. Because of this, the fund is subject to certain additional risks as compared to investing in a more diversified portfolio of investments. The fund may be subject to certain risks similar to those associated with direct investment in real estate including but not limited to: local or regional economic conditions, changes in zoning laws, changes in property values, property tax increases, overbuilding, increased competition, environmental contamination, natural disasters, and interest rate risk.

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

Avantis U.S. Small Cap Equity ETF and Avantis U.S. Small Cap Value ETF invest in common stocks of small companies. Because of this, the funds may be subject to greater risk and market fluctuations than funds investing in larger, more established companies.
140

8. 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 Inflation
Focused Equity ETF
Avantis Real
Estate ETF
Avantis U.S. Equity
ETF
Avantis U.S. Large
Cap Value ETF
Avantis U.S. Small
Cap Equity ETF
Avantis U.S. Small
Cap Value ETF
Federal tax cost of investments $ 26,607,419  $ 294,993,192  $ 3,648,737,119  $ 878,411,276  $ 107,848,347  $ 5,443,122,671 
Gross tax appreciation of investments $ 546,009  $ 2,955,517  $ 305,762,242  $ 50,321,577  $ 10,245,779  $ 622,644,486 
Gross tax depreciation of investments (1,412,845) (18,568,340) (194,887,761) (28,141,684) (3,601,428) (280,520,515)
Net tax appreciation (depreciation) of investments $ (866,836) $ (15,612,823) $ 110,874,481  $ 22,179,893  $ 6,644,351  $ 342,123,971 

For Avantis Real Estate ETF, Avantis U.S. Equity ETF, Avantis U.S. Large Cap Value ETF, Avantis U.S. Small Cap Equity ETF and Avantis U.S. Small Cap Value 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 Inflation Focused Equity ETF.

As of August 31, 2022, 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 Real Estate ETF $ (373,259) — 
Avantis U.S. Equity ETF $ (10,686,670) $ (77,770)
Avantis U.S. Large Cap Value ETF $ (8,303,482) — 
Avantis U.S. Small Cap Equity ETF $ (142,777) — 
Avantis U.S. Small Cap Value ETF $ (90,058,892) $ (4,567,999)
141


Financial Highlights
For a Share Outstanding Throughout the Period 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 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 Inflation Focused Equity ETF
2023(4)
 $49.39 0.50 6.39 6.89 (0.22) $56.06 13.94%
0.25%(5)
2.08%(5)
 3% $25,790 

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)September 27, 2022 (fund inception) through February 28, 2023 (unaudited).
(5)Annualized.


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 Real Estate ETF
2023(4)
 $44.99 0.67 (2.55) (1.88) (0.75)
0.00(5)
 $42.36 (4.15)%
0.17%(6)
3.19%(6)
 4% $279,608 
2022(7)
 $50.00 1.40 (5.82) (4.42) (0.64) 0.05 $44.99 (8.86)%
0.17%(6)
3.17%(6)
 7% $143,966 

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, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
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 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 U.S. Equity ETF
2023(4)
 $68.81 0.62 2.15 2.77 (0.61) $70.97 4.06%
0.15%(5)
1.80%(5)
 1% $3,753,687 
2022 $76.82 1.12 (8.15) (7.03) (0.98) $68.81 (9.21)% 0.15% 1.52% 4% $2,522,737 
2021 $56.13 0.93 20.54 21.47 (0.78) $76.82 38.56% 0.15% 1.36% 4% $1,486,458 
2020(6)
 $50.00 0.82 5.84 6.66 (0.53) $56.13 13.50%
0.15%(5)
1.76%(5)
 3% $436,099 

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, 2023 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.


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 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 U.S. Large Cap Value ETF
2023(4)
 $48.91 0.61 3.09 3.70 (0.56) $52.05 7.65%
0.15%(5)
2.43%(5)
 9% $900,523 
2022(6)
 $50.00 1.16 (1.65) (0.49) (0.60) $48.91 (1.03)%
0.15%(5)
2.44%(5)
 23% $494,955 

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, 2023 (unaudited).
(5)Annualized.
(6)September 21, 2021 (fund inception) through August 31, 2022.


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 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 U.S. Small Cap Equity ETF
2023(4)
 $43.86 0.32 3.28 3.60 (0.31) $47.15 8.28%
0.25%(5)
1.42%(5)
 12% $114,564 
2022(6)
 $50.00 0.42 (6.39) (5.97) (0.17) $43.86 (11.95)%
0.25%(5)
1.50%(5)
 14% $26,315 

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, 2023 (unaudited).
(5)Annualized.
(6)January 11, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
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 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 U.S. Small Cap Value ETF
2023(4)
 $74.04 0.76 6.81 7.57 (0.77) $80.84 10.35%
0.25%(5)
1.99%(5)
 4% $5,747,884 
2022 $75.49 1.36 (1.70) (0.34) (1.11) $74.04 (0.47)% 0.25% 1.77% 24% $3,675,290 
2021 $44.97 1.16 30.24 31.40 (0.88) $75.49 70.34% 0.25% 1.72% 22% $1,570,143 
2020(6)
 $50.00 0.72 (5.30) (4.58) (0.45) $44.97 (9.09)%
0.25%(5)
1.87%(5)
 20% $355,298 

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, 2023 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.


See Notes to Financial Statements.


Approval of Management Agreement
Avantis Inflation Focused Equity ETF

At a meeting held on June 2, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis Inflation Focused Equity ETF (the "New Fund"). Under Section 15 of the of the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees and, after a period two years from execution, to be evaluated on an annual basis.
In advance of the Board’s consideration, the Advisor provided information concerning the New Fund. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Fund's characteristics and key attributes, the rationale for launching the New Fund, the experience of the staff designated to manage the New Fund, the proposed pricing, and the markets in which the New Fund would be sold. The information considered and the discussions held included, but were not limited to:
•the nature, extent, and quality of investment management and other services to be provided to the New Fund;
•the wide range of other programs and services the Advisor would provide to the New Fund and its shareholders on a routine and non-routine basis;
•the New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
•the cost of owning the New Fund compared to the cost of owning similarly-managed funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Fund.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent data provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund was anticipated to be below the median of the total expense ratios of it's respective peer universe.
When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.
The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the New Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.

148

Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* 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 according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*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.














149

Notes
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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
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