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Annual Report
August 31, 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
Performance
Portfolio Commentary
Fund Characteristics
Avantis Real Estate ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Large Cap Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Small Cap Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis U.S. Small Cap Value ETF
Performance
Portfolio Commentary
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
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
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

image24.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2023. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit avantisinvestors.com.

Stocks Rebounded, Bonds Struggled

Asset class returns, particularly for U.S. and global stocks, improved dramatically compared with the previous fiscal year. The bounce back occurred despite ongoing volatility, rising interest rates and Fitch Ratings’ first-ever downgrade of U.S. debt.

Investor expectations for the Federal Reserve (Fed) to conclude its rate-hike campaign partly fueled the optimism. Inflation’s steady slowdown, mounting recession worries and a series of U.S. regional bank failures prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still higher than central bank targets, the Fed and its developed markets peers continued to raise interest rates.

After pausing in June, the Fed resumed its tightening campaign in July, raising rates to a range of 5.25% to 5.5%, a 22-year high. Citing still-higher-than-target inflation and still-strong economic data, policymakers left their future policy options open. Inflation remained even higher in the eurozone and the U.K., prompting central bankers there to steadily raise interest rates. Government bond yields soared, including the benchmark 10-year Treasury yield, which surged to a 16-year high late in the period.

Despite the inflation and rate backdrops, better-than-expected corporate earnings helped the S&P 500 Index return 15.94% for the 12-month period. Non-U.S. developed markets stocks delivered modestly higher returns, while emerging markets stocks gained only 1.25%. Meanwhile, amid elevated inflation and sharply higher Treasury yields, most U.S. bond and other rate-sensitive sectors declined, though not as much as in the prior fiscal year. Exceptions included corporate and municipal bonds, which delivered modest gains.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions, banking industry turbulence and recession risk. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

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

Sincerely,
image45.jpg
Jonathan Thomas
Chairman
Avantis Investors
2

Performance
Avantis Inflation Focused Equity ETF (AVIE)
Total Returns as of August 31, 2023  
  Since Inception Inception Date
Net Asset Value 20.37% 9/27/2022
Market Price 20.35% 9/27/2022
Russell 3000 Index 24.73% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 27, 2022
chart-48f19d6ce9f44dd197c.jpg
Value on August 31, 2023
Net Asset Value — $12,037
Russell 3000 Index — $12,473
Total Annual Fund Operating Expenses
0.25%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.









Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
3

Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis Inflation Focused Equity ETF seeks long-term capital appreciation. The fund invests in a diverse group of U.S. companies in market sectors and industry groups the portfolio managers expect to appreciate if inflation or inflation expectations rise. Industries that may deliver better performance during periods of inflation typically include financial services, petroleum and natural gas, metal and nonmetallic mining, health care and consumer staples.

Within inflation-correlated industries, the fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. This includes securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of U.S. companies.
The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the fund’s inception on September 27, 2022, through August 31, 2023, Avantis Inflation Focused Equity ETF returned 20.35%* on a market price basis. On a net asset value (NAV) basis, the fund returned 20.37%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the total U.S. stock market, as measured by the Russell 3000 Index, which returned 24.73% for the reporting period. The Russell 3000 Index is an unmanaged index generally representative of the performance of the broad U.S. stock market, including all capitalization categories.

The fund’s underperformance versus the index was largely due to the relative underperformance of the more inflation-sensitive sectors that the fund targets. The fund has no exposure to the information technology sector, which was the best-performing sector for the period.














*Total returns for periods less than one year are not annualized.
4

Fund Characteristics
AUGUST 31, 2023
Avantis Inflation Focused Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.7%
Short-Term Investments 0.2%
Other Assets and Liabilities 0.1%
Top Five Industries % of net assets
Oil, Gas and Consumable Fuels 23.7%
Insurance 10.0%
Biotechnology 9.4%
Pharmaceuticals 9.3%
Health Care Providers and Services 9.1%

5

Performance
Avantis Real Estate ETF (AVRE)
Total Returns as of August 31, 2023   Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value -7.04% -8.26% 9/28/2021
Market Price -7.05% -8.21% 9/28/2021
S&P Global REIT Index -4.66% -7.54% —
MSCI World IMI Index 14.73% 0.04% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 28, 2021
chart-19d5b11ec64e4280800.jpg
Value on August 31, 2023
Net Asset Value — $8,473
S&P Global REIT Index — $8,601
MSCI World IMI Index — $10,007
Total Annual Fund Operating Expenses
0.17%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
6

Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis Real Estate ETF seeks long-term capital appreciation by investing in a diverse group of global real estate securities, including real estate investment trusts (REITs) and REIT-like entities across property sectors.

The fund seeks securities of companies that it expects to have higher returns and attractive risk characteristics. It places an enhanced emphasis on securities of companies with lower levels of leverage. Conversely, the fund seeks to underweight or exclude securities with high levels of leverage, with the goal of achieving a better risk/return profile. Under normal market conditions, the fund will invest at least 80% of its assets in securities issued by REITs and other companies engaged in the real estate industry. The fund generally invests in companies located in countries included in the fund’s benchmark, the S&P Global REIT Index.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance portfolio performance.

Performance Review

For the 12-month period ended August 31, 2023, Avantis Real Estate ETF returned -7.05% on a market price basis. On a net asset value (NAV) basis, the fund returned -7.04%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the global REIT market, as measured by the S&P Global REIT Index, which returned -4.66% for the reporting period. The S&P Global REIT Index is an unmanaged index generally representative of publicly traded equity REITs in developed and emerging markets.

The fund’s underperformance versus the index was largely due to holdings in telecommunications tower REITs, which are excluded from the benchmark and underperformed for the period.





















7

Fund Characteristics
AUGUST 31, 2023
Avantis Real Estate ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.6%
Rights —*
Short-Term Investments 1.1%
Other Assets and Liabilities (0.7)%
*Category is less than 0.05% of total net assets.
Top Five Sectors % of net assets
Industrial REITs 18.6%
Retail REITs 16.1%
Multi-Family Residential REITs 10.3%
Telecom Tower REITs 9.3%
Diversified REITs 8.0%

8

Performance
Avantis U.S. Equity ETF (AVUS)
Total Returns as of August 31, 2023 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 13.37% 13.01% 9/24/2019
Market Price 13.39% 13.01% 9/24/2019
Russell 3000 Index 14.76% 12.40% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 24, 2019
chart-0a14db962ef34e99949.jpg
Value on August 31, 2023
Net Asset Value — $16,187
Russell 3000 Index — $15,843
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
9

Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Equity ETF seeks long-term capital appreciation by investing in a diverse group of U.S. companies across market sectors, industry groups and market capitalizations.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. This includes securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of U.S. companies.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance portfolio performance.

Performance Review

For the 12-month period ended August 31, 2023, Avantis U.S. Equity ETF returned 13.39% on a market price basis. On a net asset value (NAV) basis, the fund returned 13.37%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the total U.S. stock market, as measured by the Russell 3000 Index, which returned 14.76% for the reporting period. The Russell 3000 Index is an unmanaged index generally representative of the performance of the broad U.S. stock market, including all capitalization categories.

The fund’s relative underperformance was largely due to the fund’s underweight versus the index in mega- and large-cap stocks, which generally outperformed their smaller peers. The fund held overweight positions in mid- and smaller-cap stocks.

Large-cap stocks, as measured by the Russell 1000 Index, returned 15.40% for the 12-month period. The Russell 2000 Index of small-cap stocks and the Russell Midcap Index returned 4.65% and 8.38%, respectively, for the period.














10

Fund Characteristics
AUGUST 31, 2023
Avantis U.S. Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.8%
Escrow Interests —*
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 7.8%
Software 6.5%
Semiconductors and Semiconductor Equipment 5.9%
Technology Hardware, Storage and Peripherals 5.3%
Banks 4.7%

11

Performance
Avantis U.S. Large Cap Value ETF (AVLV)
Total Returns as of August 31, 2023   Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 14.19% 6.50% 9/21/2021
Market Price 14.21% 6.50% 9/21/2021
Russell 1000 Value Index 8.59% 3.03% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 21, 2021
chart-1be96bb017d2435cba8.jpg
Value on August 31, 2023
Net Asset Value — $11,301
Russell 1000 Value Index — $10,597
Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
12

Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Large Cap Value ETF seeks long-term capital appreciation by investing in a diverse group of U.S. companies across market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of large-capitalization (large-cap) U.S. companies.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2023, Avantis U.S. Large Cap Value ETF returned 14.21% on a market price basis. On a net asset value (NAV) basis, the fund returned 14.19%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the broad U.S. large-cap value universe, as measured by the Russell 1000 Value Index, which returned 8.59% for the reporting period. The Russell 1000 Value Index is an unmanaged index generally representative of the performance of U.S. large-cap companies with lower price-to-book ratios and lower forecasted growth values.

The outperformance was largely due to the fund’s overweight versus the index in companies with the highest profitability and book-to-market characteristics, which outperformed. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed, also aided relative results. Additionally, the exclusion of real estate investment trusts (REITs) boosted the fund’s relative performance, as REITs underperformed for the reporting period.



















13

Fund Characteristics
AUGUST 31, 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 16.0%
Semiconductors and Semiconductor Equipment 6.6%
Interactive Media and Services 5.9%
Ground Transportation 5.8%
Specialty Retail 5.4%

14

Performance
Avantis U.S. Small Cap Equity ETF (AVSC)
Total Returns as of August 31, 2023   Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 7.91% -3.08% 1/11/2022
Market Price 7.86% -3.10% 1/11/2022
Russell 2000 Index 4.65% -7.06% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made January 11, 2022
chart-053d8c39869743ce8bc.jpg
Value on August 31, 2023
Net Asset Value — $9,501
Russell 2000 Index — $8,871
Total Annual Fund Operating Expenses
0.25%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
15

Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Small Cap Equity ETF seeks long-term capital appreciation by investing in a diverse group of U.S. small-capitalization (small-cap) companies across market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. This includes securities of larger companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in small-cap equity securities of U.S. companies.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance portfolio performance.

Performance Review

For the 12-month period ended August 31, 2023, Avantis U.S. Small Cap Equity ETF returned 7.86% on a market price basis. On a net asset value (NAV) basis, the fund returned 7.91%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the broad small-cap U.S. stock market, as measured by the Russell 2000 Index, which returned 4.65% for the reporting period. The Russell 2000 Index is an unmanaged index generally representative of the performance of U.S. small-cap stocks.

The outperformance was largely due to the fund’s underweight in companies with the lowest profitability and book-to-market characteristics, which underperformed. The fund’s relative performance also benefited from an overweight in companies with the highest profitability and book-to-market traits, which outperformed. Additionally, the exclusion of real estate investment trusts (REITs) boosted the fund’s relative results, as REITs underperformed for the reporting period.





















16

Fund Characteristics
AUGUST 31, 2023
Avantis U.S. Small Cap Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.8%
Short-Term Investments 2.2%
Other Assets and Liabilities (2.0)%
Top Five Industries % of net assets
Banks 14.8%
Biotechnology 5.2%
Oil, Gas and Consumable Fuels 4.8%
Machinery 3.7%
Specialty Retail 3.3%

17

Performance
Avantis U.S. Small Cap Value ETF (AVUV)
Total Returns as of August 31, 2023 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 11.88% 14.84% 9/24/2019
Market Price 11.85% 14.83% 9/24/2019
Russell 2000 Value Index 2.17% 7.01% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 24, 2019
chart-df1b2dbed5754871935.jpg
Value on August 31, 2023
Net Asset Value — $17,243
Russell 2000 Value Index — $13,056
Total Annual Fund Operating Expenses
0.25%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the funds, please consult the prospectus.
18

Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong and Ted Randall

Fund Strategy

Avantis U.S. Small Cap Value ETF seeks long-term capital appreciation by investing in a diverse group of U.S. small-capitalization (small-cap) companies across market sectors and industry groups.

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of larger companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of small-cap companies located in the U.S.

The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the 12-month period ended August 31, 2023, Avantis U.S. Small Cap Value ETF returned 11.85% on a market price basis. On a net asset value (NAV) basis, the fund returned 11.88%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund significantly outperformed the broad U.S. small-cap value universe, as measured by the Russell 2000 Value Index, which returned 2.17% for the reporting period. The Russell 2000 Value Index is an unmanaged index generally representative of the performance of U.S. small-cap companies with lower price-to-book ratios and lower forecasted growth values.
The outperformance was largely due to the fund’s overweight versus the index in companies with the highest profitability and book-to-market characteristics. A corresponding underweight in companies with the lowest profitability and book-to-market characteristics also aided relative results. Additionally, the exclusion of real estate investment trusts (REITs) boosted the fund’s relative performance, as REITs underperformed for the reporting period.

















19

Fund Characteristics
AUGUST 31, 2023
Avantis U.S. Small Cap Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.8%
Short-Term Investments 0.6%
Other Assets and Liabilities (0.4)%
Top Five Industries % of net assets
Banks 15.4%
Oil, Gas and Consumable Fuels 13.2%
Household Durables 6.5%
Trading Companies and Distributors 5.0%
Energy Equipment and Services 4.5%

20

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 March 1, 2023 to August 31, 2023.

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.
21

Beginning
Account Value
3/1/23		 Ending
Account Value
8/31/23
Expenses Paid
During Period(1)
3/1/23 - 8/31/23
Annualized
Expense Ratio(1)
Avantis Inflation Focused Equity ETF
Actual $1,000 $1,056.40 $1.30 0.25%
Hypothetical $1,000 $1,023.95 $1.28 0.25%
Avantis Real Estate ETF
Actual $1,000 $969.90 $0.84 0.17%
Hypothetical $1,000 $1,024.35 $0.87 0.17%
Avantis U.S. Equity ETF
Actual $1,000 $1,089.50 $0.79 0.15%
Hypothetical $1,000 $1,024.45 $0.77 0.15%
Avantis U.S. Large Cap Value ETF
Actual $1,000 $1,060.70 $0.78 0.15%
Hypothetical $1,000 $1,024.45 $0.77 0.15%
Avantis U.S. Small Cap Equity ETF
Actual $1,000 $996.60 $1.26 0.25%
Hypothetical $1,000 $1,023.95 $1.28 0.25%
Avantis U.S. Small Cap Value ETF
Actual $1,000 $1,013.80 $1.27 0.25%
Hypothetical $1,000 $1,023.95 $1.28 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 184, 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.
22

Schedules of Investments

AUGUST 31, 2023
Avantis Inflation Focused Equity ETF
Shares Value
COMMON STOCKS — 99.7%
Beverages — 8.0%
Boston Beer Co., Inc., Class A(1)
 6  $ 2,193 
Brown-Forman Corp., Class A 30  2,017 
Brown-Forman Corp., Class B 138  9,126 
Celsius Holdings, Inc.(1)
 30  5,881 
Coca-Cola Co. 1,405  84,061 
Coca-Cola Consolidated, Inc. 3  2,097 
Constellation Brands, Inc., Class A 62  16,155 
Duckhorn Portfolio, Inc.(1)
 30  373 
Keurig Dr Pepper, Inc. 342  11,508 
MGP Ingredients, Inc. 13  1,559 
Molson Coors Beverage Co., Class B 117  7,428 
Monster Beverage Corp.(1)
 360  20,668 
National Beverage Corp.(1)
 21  1,077 
PepsiCo, Inc. 621  110,488 
Vita Coco Co., Inc.(1)
 24  679 
275,310 
Biotechnology — 9.4%
AbbVie, Inc. 447  65,691 
Alkermes PLC(1)
 85  2,481 
Alnylam Pharmaceuticals, Inc.(1)
 47  9,298 
Amgen, Inc. 164  42,040 
Apellis Pharmaceuticals, Inc.(1)
 54  2,279 
Biogen, Inc.(1)
 59  15,774 
BioMarin Pharmaceutical, Inc.(1)
 75  6,854 
Bridgebio Pharma, Inc.(1)
 33  987 
Cerevel Therapeutics Holdings, Inc.(1)
 30  711 
CRISPR Therapeutics AG(1)(2)
 53  2,651 
Cytokinetics, Inc.(1)
 57  1,992 
Denali Therapeutics, Inc.(1)
 6  139 
Exact Sciences Corp.(1)
 45  3,765 
Exelixis, Inc.(1)
 196  4,388 
Gilead Sciences, Inc. 437  33,422 
Halozyme Therapeutics, Inc.(1)
 87  3,703 
Horizon Therapeutics PLC(1)
 57  6,426 
Incyte Corp.(1)
 81  5,227 
Intellia Therapeutics, Inc.(1)
 30  1,124 
Ionis Pharmaceuticals, Inc.(1)
 84  3,383 
Karuna Therapeutics, Inc.(1)
 15  2,816 
Moderna, Inc.(1)
 117  13,229 
Natera, Inc.(1)
 26  1,527 
Neurocrine Biosciences, Inc.(1)
 51  5,553 
Regeneron Pharmaceuticals, Inc.(1)
 33  27,274 
Roivant Sciences Ltd.(1)
 164  1,897 
Sarepta Therapeutics, Inc.(1)
 51  6,172 
Seagen, Inc.(1)
 63  12,982 
23

Avantis Inflation Focused Equity ETF
Shares Value
United Therapeutics Corp.(1)
 24  $ 5,385 
Vaxcyte, Inc.(1)
 25  1,298 
Vertex Pharmaceuticals, Inc.(1)
 92  32,047 
322,515 
Chemicals — 3.7%
AdvanSix, Inc. 18  595 
American Vanguard Corp. 33  456 
Cabot Corp. 51  3,696 
CF Industries Holdings, Inc. 172  13,256 
Chemours Co. 219  7,450 
Core Molding Technologies, Inc.(1)
 15  407 
Corteva, Inc. 362  18,285 
Dow, Inc. 432  23,570 
FMC Corp. 72  6,209 
Hawkins, Inc. 18  1,119 
Huntsman Corp. 105  2,926 
Intrepid Potash, Inc.(1)
 9  242 
Koppers Holdings, Inc. 26  996 
Kronos Worldwide, Inc. 30  252 
LSB Industries, Inc.(1)
 30  304 
LyondellBasell Industries NV, Class A 210  20,742 
Mativ Holdings, Inc. 33  541 
Mosaic Co. 231  8,974 
Olin Corp. 119  6,904 
Origin Materials, Inc.(1)(2)
 78  107 
Orion SA 73  1,651 
PureCycle Technologies, Inc.(1)
 123  1,098 
Scotts Miracle-Gro Co. 49  2,776 
Trinseo PLC 21  221 
Tronox Holdings PLC, Class A 78  1,064 
Westlake Corp. 24  3,144 
126,985 
Energy Equipment and Services — 4.7%
Archrock, Inc. 184  2,353 
Baker Hughes Co. 593  21,461 
Bristow Group, Inc.(1)
 27  748 
Cactus, Inc., Class A 64  3,414 
ChampionX Corp. 203  7,326 
Core Laboratories, Inc. 24  577 
Diamond Offshore Drilling, Inc.(1)
 135  2,007 
DMC Global, Inc.(1)
 21  504 
Dril-Quip, Inc.(1)
 39  1,076 
Expro Group Holdings NV(1)
 95  2,233 
Halliburton Co. 483  18,654 
Helix Energy Solutions Group, Inc.(1)
 188  1,906 
Helmerich & Payne, Inc. 96  3,839 
KLX Energy Services Holdings, Inc.(1)(2)
 15  156 
Liberty Energy, Inc., Class A 177  2,823 
Nabors Industries Ltd.(1)
 9  996 
Newpark Resources, Inc.(1)
 47  281 
NexTier Oilfield Solutions, Inc.(1)
 219  2,324 
24

Avantis Inflation Focused Equity ETF
Shares Value
Nine Energy Service, Inc.(1)
 21  $ 97 
Noble Corp. PLC 97  5,116 
NOV, Inc. 336  7,100 
Oceaneering International, Inc.(1)
 102  2,325 
Oil States International, Inc.(1)
 35  274 
Patterson-UTI Energy, Inc. 210  2,969 
ProFrac Holding Corp., Class A(1)
 27  297 
ProPetro Holding Corp.(1)
 118  1,138 
RPC, Inc. 94  751 
Schlumberger NV 615  36,260 
Select Water Solutions, Inc., Class A 48  386 
Solaris Oilfield Infrastructure, Inc., Class A 33  347 
TechnipFMC PLC 519  9,882 
TETRA Technologies, Inc.(1)
 120  659 
Tidewater, Inc.(1)
 60  3,902 
Transocean Ltd.(1)
 717  5,865 
US Silica Holdings, Inc.(1)
 75  925 
Valaris Ltd.(1)
 57  4,293 
Weatherford International PLC(1)
 71  6,285 
161,549 
Financial Services — 5.8%
Berkshire Hathaway, Inc., Class B(1)
 546  196,669 
Cannae Holdings, Inc.(1)
 85  1,669 
198,338 
Food Products — 1.6%
Alico, Inc. 12  282 
Archer-Daniels-Midland Co. 348  27,596 
Bunge Ltd. 108  12,347 
Darling Ingredients, Inc.(1)
 112  6,917 
Fresh Del Monte Produce, Inc. 45  1,150 
Ingredion, Inc. 57  5,866 
54,158 
Health Care Providers and Services — 9.1%
AdaptHealth Corp.(1)
 51  609 
Cardinal Health, Inc. 183  15,982 
Cencora, Inc. 105  18,478 
Centene Corp.(1)
 300  18,495 
Elevance Health, Inc. 100  44,201 
HealthEquity, Inc.(1)
 51  3,445 
Henry Schein, Inc.(1)
 54  4,133 
Humana, Inc. 78  36,007 
McKesson Corp. 69  28,450 
Molina Healthcare, Inc.(1)
 42  13,025 
Owens & Minor, Inc.(1)
 58  980 
Patterson Cos., Inc. 64  1,923 
Progyny, Inc.(1)
 57  2,128 
UnitedHealth Group, Inc. 266  126,770 
314,626 
Household Products — 6.7%
Central Garden & Pet Co.(1)
 9  397 
Central Garden & Pet Co., Class A(1)
 36  1,469 
25

Avantis Inflation Focused Equity ETF
Shares Value
Church & Dwight Co., Inc. 141  $ 13,644 
Clorox Co. 108  16,897 
Colgate-Palmolive Co. 434  31,886 
Kimberly-Clark Corp. 249  32,079 
Procter & Gamble Co. 831  128,256 
Reynolds Consumer Products, Inc. 45  1,228 
Spectrum Brands Holdings, Inc. 27  2,246 
WD-40 Co. 12  2,578 
230,680 
Insurance — 10.0%
Aflac, Inc. 260  19,388 
Allstate Corp. 105  11,320 
Ambac Financial Group, Inc.(1)
 42  541 
American Equity Investment Life Holding Co.(1)
 48  2,577 
American Financial Group, Inc. 45  5,216 
American International Group, Inc. 352  20,599 
AMERISAFE, Inc. 12  622 
Arch Capital Group Ltd.(1)
 228  17,524 
Argo Group International Holdings Ltd. 15  446 
Assurant, Inc. 24  3,344 
Assured Guaranty Ltd. 30  1,765 
Axis Capital Holdings Ltd. 54  2,962 
Brighthouse Financial, Inc.(1)
 51  2,533 
Chubb Ltd. 134  26,917 
Cincinnati Financial Corp. 80  8,463 
CNA Financial Corp. 12  472 
CNO Financial Group, Inc. 51  1,193 
Donegal Group, Inc., Class A 21  307 
Employers Holdings, Inc. 21  824 
Enstar Group Ltd.(1)
 3  760 
Erie Indemnity Co., Class A 12  3,345 
Everest Re Group Ltd. 24  8,656 
F&G Annuities & Life, Inc. 9  255 
Fidelity National Financial, Inc. 108  4,471 
First American Financial Corp. 45  2,776 
Genworth Financial, Inc., Class A(1)
 435  2,519 
Globe Life, Inc. 54  6,025 
Greenlight Capital Re Ltd., A Shares(1)
 39  430 
Hanover Insurance Group, Inc. 15  1,601 
Hartford Financial Services Group, Inc. 198  14,220 
Horace Mann Educators Corp. 24  688 
James River Group Holdings Ltd. 27  393 
Kemper Corp. 41  1,926 
Kinsale Capital Group, Inc. 15  5,979 
Lemonade, Inc.(1)
 18  248 
Lincoln National Corp. 57  1,463 
Loews Corp. 99  6,147 
Markel Group, Inc.(1)
 7  10,352 
MBIA, Inc.(1)
 33  260 
Mercury General Corp. 12  343 
MetLife, Inc. 239  15,138 
26

Avantis Inflation Focused Equity ETF
Shares Value
National Western Life Group, Inc., Class A 12  $ 5,455 
Old Republic International Corp. 192  5,251 
Oscar Health, Inc., Class A(1)
 63  395 
Palomar Holdings, Inc.(1)
 18  918 
Primerica, Inc. 30  6,029 
Principal Financial Group, Inc. 127  9,869 
ProAssurance Corp. 30  530 
Progressive Corp. 228  30,431 
Prudential Financial, Inc. 147  13,917 
Reinsurance Group of America, Inc. 47  6,515 
RenaissanceRe Holdings Ltd. 24  4,509 
RLI Corp. 27  3,551 
Safety Insurance Group, Inc. 12  826 
Selective Insurance Group, Inc. 30  2,976 
SiriusPoint Ltd.(1)
 66  730 
Stewart Information Services Corp. 12  556 
Tiptree, Inc. 30  529 
Travelers Cos., Inc. 120  19,348 
Trupanion, Inc.(1)(2)
 12  357 
United Fire Group, Inc. 18  356 
Universal Insurance Holdings, Inc. 30  380 
Unum Group 156  7,674 
W R Berkley Corp. 111  6,866 
White Mountains Insurance Group Ltd. 1  1,589 
344,565 
Metals and Mining — 5.2%
Alcoa Corp. 125  3,760 
Alpha Metallurgical Resources, Inc. 13  2,637 
Arch Resources, Inc. 15  1,959 
ATI, Inc.(1)
 129  5,848 
Carpenter Technology Corp. 54  3,382 
Century Aluminum Co.(1)
 51  379 
Cleveland-Cliffs, Inc.(1)
 506  7,737 
Coeur Mining, Inc.(1)
 292  704 
Commercial Metals Co. 108  6,079 
Compass Minerals International, Inc. 37  1,116 
Freeport-McMoRan, Inc. 749  29,893 
Gatos Silver, Inc.(1)
 50  229 
Haynes International, Inc. 15  732 
Hecla Mining Co. 472  2,072 
Ivanhoe Electric, Inc.(1)
 84  1,313 
Kaiser Aluminum Corp. 24  1,822 
Materion Corp. 21  2,285 
MP Materials Corp.(1)
 51  1,068 
Newmont Corp. 520  20,498 
Nucor Corp. 189  32,527 
Olympic Steel, Inc. 15  803 
Piedmont Lithium, Inc.(1)
 12  537 
Ramaco Resources, Inc., Class A 36  282 
Ramaco Resources, Inc., Class B 7  76 
Reliance Steel & Aluminum Co. 54  15,388 
27

Avantis Inflation Focused Equity ETF
Shares Value
Royal Gold, Inc. 50  $ 5,604 
Ryerson Holding Corp. 32  996 
Schnitzer Steel Industries, Inc., Class A 36  1,195 
Steel Dynamics, Inc. 136  14,496 
SunCoke Energy, Inc. 127  1,181 
TimkenSteel Corp.(1)
 43  942 
Tredegar Corp. 33  166 
United States Steel Corp. 194  6,031 
Warrior Met Coal, Inc. 60  2,374 
Worthington Industries, Inc. 30  2,258 
178,369 
Oil, Gas and Consumable Fuels — 23.7%
Antero Midstream Corp. 213  2,582 
Antero Resources Corp.(1)
 192  5,313 
APA Corp. 180  7,891 
Ardmore Shipping Corp. 33  411 
Baytex Energy Corp.(1)
 112  456 
Berry Corp. 42  360 
California Resources Corp. 45  2,513 
Callon Petroleum Co.(1)
 46  1,805 
Centrus Energy Corp., Class A(1)
 9  427 
Cheniere Energy, Inc. 121  19,747 
Chesapeake Energy Corp. 81  7,145 
Chevron Corp. 655  105,520 
Chord Energy Corp. 27  4,360 
Civitas Resources, Inc. 42  3,453 
Clean Energy Fuels Corp.(1)
 96  409 
CNX Resources Corp.(1)
 123  2,749 
Comstock Resources, Inc. 75  919 
ConocoPhillips 558  66,419 
CONSOL Energy, Inc. 24  2,065 
Coterra Energy, Inc. 501  14,123 
Crescent Energy Co., Class A 24  327 
CVR Energy, Inc. 24  785 
Delek US Holdings, Inc. 48  1,236 
Denbury, Inc.(1)
 38  3,480 
Devon Energy Corp. 387  19,772 
DHT Holdings, Inc. 102  943 
Diamondback Energy, Inc. 103  15,633 
Dorian LPG Ltd. 30  774 
DT Midstream, Inc. 57  2,981 
Earthstone Energy, Inc., Class A(1)
 48  978 
EnLink Midstream LLC(1)
 159  1,978 
Enviva, Inc.(2)
 6  55 
EOG Resources, Inc. 284  36,528 
EQT Corp. 234  10,113 
Equitrans Midstream Corp. 348  3,341 
Evolution Petroleum Corp. 26  220 
Excelerate Energy, Inc., Class A 15  279 
Exxon Mobil Corp. 1,482  164,784 
Green Plains, Inc.(1)
 39  1,211 
28

Avantis Inflation Focused Equity ETF
Shares Value
Gulfport Energy Corp.(1)
 11  $ 1,298 
Hess Corp. 148  22,866 
Hess Midstream LP, Class A 27  780 
HF Sinclair Corp. 117  6,446 
HighPeak Energy, Inc.(2)
 15  221 
International Seaways, Inc. 36  1,547 
Kimbell Royalty Partners LP 36  553 
Kinder Morgan, Inc. 750  12,915 
Kinetik Holdings, Inc.(2)
 9  316 
Kosmos Energy Ltd.(1)
 399  2,905 
Magnolia Oil & Gas Corp., Class A 111  2,531 
Marathon Oil Corp. 390  10,276 
Marathon Petroleum Corp. 216  30,838 
Matador Resources Co. 75  4,762 
Murphy Oil Corp. 72  3,269 
New Fortress Energy, Inc.(2)
 27  838 
NextDecade Corp.(1)
 24  146 
Nordic American Tankers Ltd. 156  610 
Northern Oil & Gas, Inc. 66  2,761 
Occidental Petroleum Corp. 350  21,976 
ONEOK, Inc. 226  14,735 
Overseas Shipholding Group, Inc., Class A(1)
 55  242 
Ovintiv, Inc. 153  7,185 
Par Pacific Holdings, Inc.(1)
 39  1,340 
PBF Energy, Inc., Class A 90  4,220 
Peabody Energy Corp. 104  2,244 
Permian Resources Corp. 102  1,446 
Phillips 66 224  25,572 
Pioneer Natural Resources Co. 117  27,838 
Plains GP Holdings LP, Class A(1)
 155  2,486 
Range Resources Corp. 186  6,023 
REX American Resources Corp.(1)
 12  474 
SandRidge Energy, Inc. 27  432 
Scorpio Tankers, Inc. 39  1,970 
SFL Corp. Ltd. 75  847 
SilverBow Resources, Inc.(1)
 15  642 
Sitio Royalties Corp., Class A 63  1,600 
SM Energy Co. 87  3,681 
Southwestern Energy Co.(1)
 870  5,899 
Talos Energy, Inc.(1)
 57  982 
Targa Resources Corp. 126  10,867 
Teekay Corp.(1)
 87  558 
Teekay Tankers Ltd., Class A 18  732 
Texas Pacific Land Corp. 3  5,654 
Uranium Energy Corp.(1)
 96  415 
VAALCO Energy, Inc. 80  331 
Valero Energy Corp. 201  26,110 
Viper Energy Partners LP 42  1,168 
Vital Energy, Inc.(1)
 12  723 
W&T Offshore, Inc.(1)
 63  257 
Williams Cos., Inc. 489  16,885 
29

Avantis Inflation Focused Equity ETF
Shares Value
World Kinect Corp. 33  $ 723 
816,220 
Personal Care Products — 0.4%
Kenvue, Inc. 610  14,060 
Pharmaceuticals — 9.3%
Bristol-Myers Squibb Co. 519  31,996 
Catalent, Inc.(1)
 75  3,748 
Elanco Animal Health, Inc.(1)
 69  842 
Eli Lilly & Co. 207  114,719 
Intra-Cellular Therapies, Inc.(1)
 38  2,110 
Jazz Pharmaceuticals PLC(1)
 21  3,011 
Johnson & Johnson 260  42,037 
Merck & Co., Inc. 508  55,362 
Organon & Co. 51  1,120 
Perrigo Co. PLC 49  1,715 
Pfizer, Inc. 1,017  35,981 
Royalty Pharma PLC, Class A 99  2,952 
Viatris, Inc. 414  4,450 
Zoetis, Inc. 96  18,289 
318,332 
Specialized REITs — 0.7%
PotlatchDeltic Corp. 87  4,112 
Rayonier, Inc. 108  3,229 
Weyerhaeuser Co. 524  17,161 
24,502 
Specialty Retail†
GrowGeneration Corp.(1)
 21  68 
Tobacco — 1.4%
Philip Morris International, Inc. 491  47,166 
Universal Corp. 18  857 
Vector Group Ltd. 121  1,296 
49,319 
TOTAL COMMON STOCKS
(Cost $3,585,954)
 3,429,596 
SHORT-TERM INVESTMENTS — 0.2%
Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 3,892  3,892 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 2,313  2,313 
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,205)
 6,205 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $3,592,159)
 3,435,801 
OTHER ASSETS AND LIABILITIES — 0.1% 5,058 
TOTAL NET ASSETS — 100.0% $ 3,440,859 

30

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 $2,280. 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 $2,345, which includes securities collateral of $32.


See Notes to Financial Statements.
31

AUGUST 31, 2023
Avantis Real Estate ETF
Shares
 Value
COMMON STOCKS — 99.6%
Data Center REITs — 7.6%
Digital Realty Trust, Inc. 67,474  $ 8,887,675 
Equinix, Inc. 21,060  16,455,863 
Keppel DC REIT 329,600  536,289 
25,879,827 
Diversified REITs — 8.0%
Abacus Group 127,072  97,569 
Abrdn Property Income Trust Ltd. 71,876  42,656 
AEW UK REIT PLC(1)
 36,374  45,322 
Alarko Gayrimenkul Yatirim Ortakligi AS 64,285  98,643 
Alexander & Baldwin, Inc. 16,026  288,628 
Argosy Property Ltd. 104,604  72,878 
Balanced Commercial Property Trust Ltd. 178,897  156,696 
British Land Co. PLC 282,765  1,156,950 
Broadstone Net Lease, Inc. 40,086  648,191 
Centuria Capital Group 198,061  189,405 
Charter Hall Group 127,094  886,397 
Charter Hall Long Wale REIT 187,291  427,723 
Cromwell European Real Estate Investment Trust 7,000  10,774 
Custodian Property Income Reit PLC 123,189  124,680 
D&D Platform REIT Co. Ltd. 108  255 
Daiwa House REIT Investment Corp.(1)
 555  1,053,205 
Essential Properties Realty Trust, Inc. 37,171  892,847 
Fibra Uno Administracion SA de CV 896,408  1,301,725 
GPT Group 625,513  1,693,643 
Growthpoint Properties Australia Ltd. 62,041  100,763 
Growthpoint Properties Ltd. 1,304,729  814,100 
H&R Real Estate Investment Trust 47,285  361,846 
Hankyu Hanshin REIT, Inc. 186  183,061 
Heiwa Real Estate REIT, Inc. 223  222,538 
Hulic Reit, Inc.(1)
 228  254,333 
Is Gayrimenkul Yatirim Ortakligi AS(2)
 314,191  224,042 
Kiler Gayrimenkul Yatirim Ortakligi AS(2)
 214,153  24,905 
Land Securities Group PLC 185,399  1,412,720 
LXI REIT PLC 422,912  499,759 
Marimo Regional Revitalization REIT, Inc. 39  33,973 
Menivim- The New REIT Ltd. 158,687  63,555 
Merlin Properties Socimi SA 132,152  1,183,721 
Mirvac Group 1,279,169  1,994,361 
Mori Trust Reit, Inc. 578  292,267 
Nomura Real Estate Master Fund, Inc.(1)
 1,195  1,404,839 
NTT UD REIT Investment Corp. 399  379,910 
Nurol Gayrimenkul Yatirim Ortakligi AS(2)
 26,196  8,347 
Ozak Gayrimenkul Yatirim Ortakligi(2)
 408,558  135,821 
Peker Gayrimenkul Yatirim Ortakligi AS(2)
 161,219  123,059 
PRO Real Estate Investment Trust 5,499  20,267 
Redefine Properties Ltd. 1,902,619  360,482 
Reit 1 Ltd. 83,015  354,051 
SA Corporate Real Estate Ltd. 362,674  36,025 
32

Avantis Real Estate ETF
Shares
 Value
Schroder Real Estate Investment Trust Ltd. 119,271  $ 62,719 
Sekisui House Reit, Inc. 1,051  607,142 
Sella Capital Real Estate Ltd. 660  1,385 
Shinhan Seobu T&D REIT Co. Ltd. 4,107  10,519 
SK REITs Co. Ltd. 23,682  83,278 
Stockland 801,470  2,188,933 
Stride Property Group 47,017  38,893 
Tokaido REIT, Inc. 35  29,517 
Tokyu REIT, Inc. 237  303,658 
UK Commercial Property REIT Ltd. 146,882  100,377 
United Urban Investment Corp. 1,006  1,081,363 
WP Carey, Inc. 45,862  2,983,323 
XYMAX REIT Investment Corp. 42  33,527 
Ziraat Gayrimenkul Yatirim Ortakligi AS(2)
 212,245  43,412 
27,244,978 
Health Care REITs — 7.3%
Aedifica SA 11,475  768,467 
Assura PLC 947,517  550,052 
CareTrust REIT, Inc. 23,698  477,515 
Cofinimmo SA(1)
 10,397  810,050 
Community Healthcare Trust, Inc. 5,552  184,271 
First Real Estate Investment Trust 318,800  60,130 
Health Care & Medical Investment Corp. 152  154,348 
Healthcare Realty Trust, Inc., Class A 64,539  1,130,723 
HealthCo REIT 87,819  84,250 
Healthpeak Properties, Inc. 122,561  2,522,305 
Impact Healthcare Reit PLC 77,766  90,147 
LTC Properties, Inc. 12,630  415,022 
National Health Investors, Inc. 14,355  733,971 
Omega Healthcare Investors, Inc. 59,991  1,908,914 
Parkway Life Real Estate Investment Trust 111,300  316,195 
Physicians Realty Trust 55,989  778,807 
Primary Health Properties PLC 6,239  7,433 
Universal Health Realty Income Trust 3,337  155,604 
Ventas, Inc. 90,544  3,954,962 
Vital Healthcare Property Trust 107,272  143,967 
Welltower, Inc. 117,651  9,750,915 
24,998,048 
Hotel & Resort REITs — 2.3%
Apple Hospitality REIT, Inc. 52,200  784,044 
CapitaLand Ascott Trust 659,200  472,946 
CDL Hospitality Trusts 243,500  185,566 
DiamondRock Hospitality Co. 39,359  317,233 
Far East Hospitality Trust 243,300  114,268 
Frasers Hospitality Trust 153,600  54,003 
Hoshino Resorts REIT, Inc. 53  228,232 
Host Hotels & Resorts, Inc. 168,622  2,662,541 
Hotel Property Investments Ltd. 42,241  82,478 
Invincible Investment Corp. 1,637  680,065 
Japan Hotel REIT Investment Corp. 1,269  643,117 
Ryman Hospitality Properties, Inc. 12,880  1,095,186 
33

Avantis Real Estate ETF
Shares
 Value
Sunstone Hotel Investors, Inc. 47,968  $ 430,753 
7,750,432 
Industrial REITs — 18.6%
AIMS APAC REIT 121,650  113,398 
Americold Realty Trust, Inc. 63,435  2,134,588 
CapitaLand Ascendas REIT 1,087,500  2,227,318 
Centuria Industrial REIT 191,143  379,546 
CRE Logistics REIT, Inc. 154  178,790 
Dexus Industria REIT 48,502  88,242 
Dream Industrial Real Estate Investment Trust 42,136  430,029 
EastGroup Properties, Inc. 11,427  2,052,632 
Equites Property Fund Ltd. 174,235  116,031 
ESR Kendall Square REIT Co. Ltd. 42,093  124,947 
ESR-LOGOS REIT 1,490,427  341,709 
FIBRA Macquarie Mexico 276,523  518,810 
First Industrial Realty Trust, Inc. 31,116  1,616,165 
Frasers Logistics & Commercial Trust 954,900  847,247 
GLP J-Reit(1)
 945  891,192 
Goodman Group 457,738  6,896,849 
Goodman Property Trust 336,447  434,487 
Granite Real Estate Investment Trust 8,432  469,776 
Industrial & Infrastructure Fund Investment Corp. 541  542,391 
Innovative Industrial Properties, Inc. 7,059  616,110 
Japan Logistics Fund, Inc. 230  481,785 
LaSalle Logiport REIT(1)
 482  492,288 
LondonMetric Property PLC 309,329  708,284 
LXP Industrial Trust 65,983  647,953 
Mapletree Industrial Trust 535,500  910,682 
Mapletree Logistics Trust(1)
 1,002,200  1,245,181 
Mitsubishi Estate Logistics REIT Investment Corp.(1)
 116  313,912 
Mitsui Fudosan Logistics Park, Inc. 134  455,978 
Montea NV 4,559  365,951 
Nexus Industrial REIT 9,833  58,727 
Nippon Prologis REIT, Inc. 543  1,092,070 
Prologis Property Mexico SA de CV 205,409  719,934 
Prologis, Inc. 188,106  23,362,765 
Rexford Industrial Realty, Inc. 46,826  2,503,786 
Reysas Gayrimenkul Yatirim Ortakligi AS(2)
 34,671  28,819 
Sabana Industrial Real Estate Investment Trust 32,400  9,100 
Segro PLC 308,624  2,877,075 
SF Real Estate Investment Trust 22,000  7,398 
SOSiLA Logistics REIT, Inc. 161  141,742 
STAG Industrial, Inc. 42,388  1,548,434 
Terreno Realty Corp. 19,937  1,213,964 
TF Administradora Industrial S de Real de CV 288,252  539,463 
Tritax Big Box REIT PLC 504,626  901,313 
Urban Logistics REIT PLC 108,654  161,721 
Warehouse Reit PLC 104,849  113,125 
Warehouses De Pauw, CVA 45,627  1,303,863 
63,225,570 
34

Avantis Real Estate ETF
Shares
 Value
Multi-Family Residential REITs — 10.3%
Advance Residence Investment Corp. 363  $ 874,000 
Altarea SCA 1,938  190,316 
Apartment Income REIT Corp. 27,056  921,527 
AvalonBay Communities, Inc. 34,799  6,396,752 
Boardwalk Real Estate Investment Trust 5,982  302,686 
BSR Real Estate Investment Trust 6,513  78,810 
Camden Property Trust 23,049  2,480,533 
Canadian Apartment Properties REIT 23,482  842,342 
Care Property Invest NV(1)
 11,774  156,307 
Comforia Residential REIT, Inc. 203  474,815 
Daiwa Securities Living Investments Corp. 528  404,356 
Elme Communities 22,477  345,696 
Emlak Konut Gayrimenkul Yatirim Ortakligi AS 673,681  216,304 
Empiric Student Property PLC 178,228  196,758 
Equity Residential 92,188  5,976,548 
Essex Property Trust, Inc. 15,075  3,593,729 
Home Invest Belgium SA(1)
 4,139  70,078 
Independence Realty Trust, Inc. 40,528  682,086 
Ingenia Communities Group 109,588  294,269 
InterRent Real Estate Investment Trust 21,280  193,712 
Irish Residential Properties REIT PLC 221,624  238,065 
Kenedix Residential Next Investment Corp. 217  336,755 
Killam Apartment Real Estate Investment Trust 14,755  197,760 
Mid-America Apartment Communities, Inc. 27,276  3,961,294 
Minto Apartment Real Estate Investment Trust 5,389  52,925 
Nippon Accommodations Fund, Inc. 160  722,159 
Sinpas Gayrimenkul Yatirim Ortakligi AS(2)
 4,991  597 
Starts Proceed Investment Corp. 55  81,630 
UDR, Inc. 79,047  3,153,975 
UNITE Group PLC 103,366  1,229,373 
Veris Residential, Inc.(2)
 18,868  351,134 
Xior Student Housing NV 1,269  37,232 
35,054,523 
Office REITs — 6.0%
Alexandria Real Estate Equities, Inc. 36,121  4,202,317 
Allied Properties Real Estate Investment Trust 12,706  195,310 
alstria office REIT AG 19,320  100,539 
AREIT, Inc. 168,110  98,692 
Centuria Office REIT 58,701  48,797 
Champion REIT 500,000  160,518 
Cousins Properties, Inc. 30,788  723,518 
Daiwa Office Investment Corp. 154  723,462 
Derwent London PLC 37,285  876,623 
Dexus 295,648  1,477,386 
Embassy Office Parks REIT 171,102  630,812 
GDI Property Group Partnership 104,721  43,358 
Gecina SA 25,080  2,682,951 
Great Portland Estates PLC 81,295  432,092 
Halk Gayrimenkul Yatirim Ortakligi AS 176,101  38,114 
Ichigo Office REIT Investment Corp. 138  84,858 
35

Avantis Real Estate ETF
Shares
 Value
Japan Excellent, Inc. 401  $ 365,460 
Japan Prime Realty Investment Corp. 203  514,410 
Japan Real Estate Investment Corp. 397  1,649,854 
JR Global Reit 52,742  166,106 
Kenedix Office Investment Corp. 120  283,390 
Keppel REIT 585,700  374,741 
Mindspace Business Parks REIT 82,285  306,566 
Mori Hills REIT Investment Corp. 393  395,851 
Nippon Building Fund, Inc. 479  2,022,929 
NSI NV 5,652  114,588 
Orix JREIT, Inc.(1)
 958  1,191,656 
Postal Realty Trust, Inc., Class A(1)
 4,316  62,280 
Precinct Properties New Zealand Ltd. 414,405  303,867 
Prosperity REIT 8,000  1,520 
Real Commercial REIT, Inc. 354,900  30,470 
Vakif Gayrimenkul Yatirim Ortakligi AS(2)
 161,828  22,272 
Workspace Group PLC 14,576  92,524 
20,417,831 
Other Specialized REITs — 3.8%
Arena REIT 107,558  257,434 
Automotive Properties Real Estate Investment Trust 4,053  31,255 
Charter Hall Social Infrastructure REIT 107,185  196,271 
Farmland Partners, Inc.(1)
 9,904  109,934 
Four Corners Property Trust, Inc. 18,078  454,843 
Gaming & Leisure Properties, Inc. 57,261  2,714,171 
Koramco Energy Plus Reit 8,763  36,637 
Lamar Advertising Co., Class A 19,801  1,806,247 
Rural Funds Group 99,816  139,564 
VICI Properties, Inc. 228,146  7,036,023 
12,782,379 
Retail REITs — 16.1%
AEON REIT Investment Corp. 439  444,225 
Agree Realty Corp. 22,375  1,383,222 
BWP Trust 182,668  436,485 
CapitaLand Integrated Commercial Trust 1,656,800  2,340,377 
Carmila SA 28,330  441,643 
Charter Hall Retail REIT 188,875  424,993 
Choice Properties Real Estate Investment Trust 46,386  450,060 
Crombie Real Estate Investment Trust 14,002  138,238 
CT Real Estate Investment Trust 14,516  156,419 
Eurocommercial Properties NV 15,882  381,584 
Federal Realty Investment Trust 18,120  1,774,673 
First Capital Real Estate Investment Trust 25,012  254,341 
Frasers Centrepoint Trust 262,000  433,934 
Frontier Real Estate Investment Corp. 163  526,870 
Fukuoka REIT Corp.(1)
 172  191,521 
Getty Realty Corp. 11,474  344,449 
Hamborner REIT AG 59,929  435,519 
HMC Capital Ltd.(1)
 60,054  208,501 
HomeCo Daily Needs REIT 419,033  331,084 
Hyprop Investments Ltd. 148,079  256,253 
36

Avantis Real Estate ETF
Shares
 Value
InvenTrust Properties Corp. 13,649  $ 326,348 
Japan Metropolitan Fund Invest(1)
 2,220  1,490,710 
Kenedix Retail REIT Corp. 40  79,182 
Kimco Realty Corp. 134,235  2,542,411 
Kite Realty Group Trust 51,938  1,172,241 
Kiwi Property Group Ltd. 2,131  1,125 
Klepierre SA 104,309  2,755,176 
Lendlease Global Commercial REIT 472,254  200,831 
Link REIT 748,828  3,712,716 
LOTTE Reit Co. Ltd. 55,288  142,408 
Mapletree Pan Asia Commercial Trust 627,400  705,253 
Mercialys SA 35,524  330,041 
NETSTREIT Corp. 11,716  198,352 
NNN REIT, Inc. 42,037  1,655,837 
PARAGON REIT 419,000  278,980 
Phillips Edison & Co., Inc. 27,380  927,087 
Primaris Real Estate Investment Trust 15,037  148,790 
Realty Income Corp. 160,447  8,991,450 
Regency Centers Corp. 43,014  2,675,471 
Region RE Ltd. 337,725  470,945 
Resilient REIT Ltd. 93,090  195,268 
Retail Estates NV 3,654  224,937 
RioCan Real Estate Investment Trust 48,293  690,155 
Sasseur Real Estate Investment Trust 113,900  58,962 
Shaftesbury Capital PLC 396,419  589,925 
Simon Property Group, Inc. 70,357  7,984,816 
SITE Centers Corp. 43,316  578,269 
SmartCentres Real Estate Investment Trust 16,132  287,133 
Spirit Realty Capital, Inc. 27,178  1,049,343 
Starhill Global REIT 379,300  136,039 
Supermarket Income Reit PLC 320,752  313,164 
Tanger Factory Outlet Centers, Inc. 31,716  737,397 
Vastned Retail NV 1  21 
Vicinity Ltd. 1,089,165  1,313,806 
Vukile Property Fund Ltd. 243,899  172,464 
Waypoint REIT Ltd. 235,883  380,602 
Wereldhave NV 6,555  114,090 
54,986,136 
Self Storage REITs — 6.2%
Abacus Storage King(2)
 127,072  102,509 
Big Yellow Group PLC 48,800  663,449 
CubeSmart 53,579  2,234,780 
Extra Space Storage, Inc. 49,298  6,343,667 
National Storage Affiliates Trust 13,039  438,110 
National Storage REIT 311,851  466,691 
Public Storage 36,413  10,063,825 
Safestore Holdings PLC 60,659  663,156 
Stor-Age Property REIT Ltd.(1)
 68,393  45,544 
21,021,731 
Single-Family Residential REITs — 4.1%
American Homes 4 Rent, Class A 74,390  2,681,016 
37

Avantis Real Estate ETF
Shares
 Value
Equity LifeStyle Properties, Inc. 40,766  $ 2,729,691 
Flagship Communities REIT 595  9,520 
Invitation Homes, Inc. 151,758  5,173,430 
PRS REIT PLC 150,982  137,496 
Sun Communities, Inc. 27,848  3,409,152 
14,140,305 
Telecom Tower REITs — 9.3%
American Tower Corp. 100,827  18,281,952 
Crown Castle, Inc. 83,620  8,403,810 
SBA Communications Corp. 22,774  5,113,446 
  31,799,208 
TOTAL COMMON STOCKS
(Cost $369,551,501)
 339,300,968 
RIGHTS†
Diversified REITs†
SK REITs Co. Ltd.(2)
(Cost $—)
 8,865  2,616 
SHORT-TERM INVESTMENTS — 1.1%
Money Market Funds — 1.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 472,636  472,636 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 3,216,744  3,216,744 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,689,380)
 3,689,380 
TOTAL INVESTMENT SECURITIES — 100.7%
(Cost $373,240,881)
 342,992,964 
OTHER ASSETS AND LIABILITIES — (0.7)% (2,432,838)
TOTAL NET ASSETS — 100.0% $ 340,560,126 

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 $5,314,666. 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 $5,604,901, which includes securities collateral of $2,388,157.


See Notes to Financial Statements.
38

AUGUST 31, 2023
Avantis U.S. Equity ETF
Shares Value
COMMON STOCKS — 99.8%
Aerospace and Defense — 1.1%
AAR Corp.(1)
 8,562  $ 527,419 
AerSale Corp.(1)
 7,009  103,803 
Archer Aviation, Inc., Class A(1)
 12,866  89,676 
Astronics Corp.(1)
 449  7,871 
Axon Enterprise, Inc.(1)
 6,487  1,381,147 
Boeing Co.(1)
 27,824  6,233,411 
BWX Technologies, Inc.
 28,098  2,072,508 
Curtiss-Wright Corp.
 4,350  904,756 
Ducommun, Inc.(1)
 2,227  101,262 
General Dynamics Corp.
 9,967  2,258,921 
HEICO Corp.
 2,017  340,288 
HEICO Corp., Class A
 3,901  528,312 
Hexcel Corp.
 14,557  1,067,028 
Howmet Aerospace, Inc.
 20,291  1,003,796 
Huntington Ingalls Industries, Inc.
 4,146  913,447 
Kaman Corp.
 4,058  91,021 
Kratos Defense & Security Solutions, Inc.(1)
 19,201  308,944 
L3Harris Technologies, Inc.
 7,017  1,249,658 
Lockheed Martin Corp.
 23,451  10,514,256 
Mercury Systems, Inc.(1)
 2,978  116,887 
National Presto Industries, Inc.
 775  58,009 
Northrop Grumman Corp.
 6,505  2,817,250 
Park Aerospace Corp.
 1,253  17,078 
Parsons Corp.(1)
 3,085  175,907 
Rocket Lab USA, Inc.(1)
 24,796  156,463 
RTX Corp.
 85,323  7,341,191 
Spirit AeroSystems Holdings, Inc., Class A
 9,287  197,999 
Textron, Inc.
 45,213  3,513,502 
TransDigm Group, Inc.(1)
 2,860  2,585,011 
Triumph Group, Inc.(1)
 2,602  24,485 
Virgin Galactic Holdings, Inc.(1)
 22,335  56,284 
Woodward, Inc.
 25,518  3,301,264 
50,058,854 
Air Freight and Logistics — 0.9%
Air Transport Services Group, Inc.(1)
 35,732  770,382 
CH Robinson Worldwide, Inc.
 21,293  1,925,526 
Expeditors International of Washington, Inc.
 56,046  6,541,129 
FedEx Corp.
 52,457  13,692,326 
Forward Air Corp.
 11,443  810,393 
GXO Logistics, Inc.(1)
 5,476  350,300 
Hub Group, Inc., Class A(1)
 14,571  1,137,121 
Radiant Logistics, Inc.(1)
 13,283  89,660 
United Parcel Service, Inc., Class B
 107,928  18,283,003 
43,599,840 
Automobile Components — 0.5%
Adient PLC(1)
 5,606  219,587 
American Axle & Manufacturing Holdings, Inc.(1)
 62,548  472,237 
Aptiv PLC(1)
 29,278  2,970,253 
39

Avantis U.S. Equity ETF
Shares Value
Autoliv, Inc.
 24,327  $ 2,374,315 
BorgWarner, Inc.
 76,637  3,122,958 
Cooper-Standard Holdings, Inc.(1)
 2,032  30,358 
Dana, Inc.
 67,680  1,090,325 
Fox Factory Holding Corp.(1)
 7,142  791,405 
Garrett Motion, Inc.(1)
 1,793  13,914 
Gentex Corp.
 52,947  1,729,249 
Goodyear Tire & Rubber Co.(1)
 117,011  1,510,612 
LCI Industries
 11,534  1,444,979 
Lear Corp.
 17,996  2,593,044 
Luminar Technologies, Inc.(1)(2)
 11,470  66,067 
Modine Manufacturing Co.(1)
 25,255  1,201,885 
Motorcar Parts of America, Inc.(1)
 4,857  38,322 
Patrick Industries, Inc.
 11,577  968,300 
Phinia, Inc.(1)
 14,667  407,743 
QuantumScape Corp.(1)
 23,729  169,425 
Solid Power, Inc.(1)(2)
 7,256  15,383 
Standard Motor Products, Inc.
 3,570  132,197 
Stoneridge, Inc.(1)
 5,083  104,456 
Visteon Corp.(1)
 8,071  1,124,048 
XPEL, Inc.(1)
 1,376  114,621 
22,705,683 
Automobiles — 1.5%
Ford Motor Co.
 867,121  10,518,178 
General Motors Co.
 314,385  10,535,041 
Harley-Davidson, Inc.
 44,531  1,502,921 
Lucid Group, Inc.(1)(2)
 34,191  214,720 
Rivian Automotive, Inc., Class A(1)(2)
 75,310  1,711,796 
Tesla, Inc.(1)
 168,672  43,530,870 
Thor Industries, Inc.
 23,080  2,419,246 
Winnebago Industries, Inc.
 14,619  948,042 
71,380,814 
Banks — 4.7%
1st Source Corp.
 2,466  110,206 
ACNB Corp.
 607  19,321 
Amalgamated Financial Corp.
 7,628  136,694 
Amerant Bancorp, Inc.
 10,090  189,389 
American National Bankshares, Inc.
 1,186  46,491 
Ameris Bancorp
 19,919  811,699 
Ames National Corp.
 775  13,911 
Arrow Financial Corp.
 5,020  88,402 
Associated Banc-Corp.
 42,966  744,601 
Atlantic Union Bankshares Corp.
 18,343  544,604 
Axos Financial, Inc.(1)
 27,332  1,177,736 
Banc of California, Inc.
 20,465  256,426 
BancFirst Corp.
 4,720  451,138 
Bancorp, Inc.(1)
 24,340  893,521 
Bank First Corp.(2)
 1,853  143,848 
Bank of America Corp.
 586,219  16,806,899 
Bank of Hawaii Corp.(2)
 18,481  993,169 
Bank of Marin Bancorp
 3,688  69,408 
40

Avantis U.S. Equity ETF
Shares Value
Bank OZK
 37,978  $ 1,525,576 
BankUnited, Inc.
 30,533  801,491 
Bankwell Financial Group, Inc.
 1,020  26,540 
Banner Corp.
 10,948  476,785 
Bar Harbor Bankshares
 3,527  87,611 
Baycom Corp.
 535  10,309 
BCB Bancorp, Inc.
 4,574  52,052 
Berkshire Hills Bancorp, Inc.
 14,900  311,410 
Blue Foundry Bancorp(1)
 5,221  48,294 
Blue Ridge Bankshares, Inc.
 1,176  9,314 
BOK Financial Corp.
 6,025  500,738 
Bridgewater Bancshares, Inc.(1)
 8,610  90,061 
Brookline Bancorp, Inc.
 28,952  277,071 
Business First Bancshares, Inc.
 5,918  121,023 
Byline Bancorp, Inc.
 7,965  168,699 
Cadence Bank
 70,683  1,617,227 
Cambridge Bancorp
 2,247  119,563 
Camden National Corp.
 4,047  132,701 
Capital City Bank Group, Inc.
 2,672  81,523 
Capstar Financial Holdings, Inc.
 3,763  49,145 
Carter Bankshares, Inc.(1)
 8,717  124,740 
Cathay General Bancorp
 28,205  1,004,944 
Central Pacific Financial Corp.
 11,021  187,026 
Central Valley Community Bancorp
 2,784  40,702 
Chemung Financial Corp.
 144  5,658 
Citigroup, Inc.
 245,461  10,135,085 
Citizens & Northern Corp.
 102  1,843 
Citizens Financial Group, Inc.
 122,863  3,456,136 
Citizens Financial Services, Inc.(2)
 699  38,263 
City Holding Co.
 4,629  422,905 
Civista Bancshares, Inc.
 2,325  39,502 
CNB Financial Corp.
 6,854  124,811 
Coastal Financial Corp.(1)
 2,772  122,107 
Codorus Valley Bancorp, Inc.
 16  324 
Columbia Banking System, Inc.
 63,346  1,297,326 
Columbia Financial, Inc.(1)
 6,679  114,612 
Comerica, Inc.
 42,015  2,021,342 
Commerce Bancshares, Inc.
 31,295  1,536,272 
Community Bank System, Inc.
 9,282  441,359 
Community Trust Bancorp, Inc.
 5,877  208,633 
ConnectOne Bancorp, Inc.
 13,875  265,290 
CrossFirst Bankshares, Inc.(1)
 13,288  142,846 
Cullen/Frost Bankers, Inc.
 13,556  1,281,449 
Customers Bancorp, Inc.(1)
 12,616  443,326 
CVB Financial Corp.
 29,077  507,684 
Dime Community Bancshares, Inc.
 15,637  333,224 
Eagle Bancorp, Inc.
 11,210  269,713 
East West Bancorp, Inc.
 49,222  2,723,945 
Eastern Bankshares, Inc.
 41,432  557,675 
Enterprise Bancorp, Inc.
 600  17,364 
Enterprise Financial Services Corp.
 13,016  503,849 
41

Avantis U.S. Equity ETF
Shares Value
Equity Bancshares, Inc., Class A
 6,305  $ 157,751 
Esquire Financial Holdings, Inc.
 2,053  95,998 
Farmers & Merchants Bancorp, Inc.(2)
 1,027  19,616 
Farmers National Banc Corp.
 11,947  151,727 
FB Financial Corp.
 9,025  274,179 
Fifth Third Bancorp
 160,786  4,268,868 
Financial Institutions, Inc.
 6,255  109,463 
First BanCorp
 88,364  1,224,725 
First Bancorp, Inc.
 582  14,329 
First Bancorp/Southern Pines NC
 10,945  324,410 
First Bancshares, Inc.
 6,115  173,605 
First Busey Corp.
 18,703  377,801 
First Business Financial Services, Inc.
 3,276  103,292 
First Citizens BancShares, Inc., Class A
 2,775  3,775,110 
First Commonwealth Financial Corp.
 34,755  454,248 
First Community Bankshares, Inc.
 3,444  106,523 
First Financial Bancorp
 27,993  581,695 
First Financial Bankshares, Inc.
 35,880  1,030,474 
First Financial Corp.
 3,526  129,475 
First Foundation, Inc.
 15,159  119,150 
First Hawaiian, Inc.
 36,616  692,409 
First Horizon Corp.
 55,050  690,877 
First Internet Bancorp
 1,280  24,653 
First Interstate BancSystem, Inc., Class A
 16,709  432,930 
First Merchants Corp.
 18,643  556,307 
First Mid Bancshares, Inc.
 5,636  157,639 
First of Long Island Corp.
 7,182  93,797 
Five Star Bancorp
 2,219  48,507 
Flushing Financial Corp.
 10,183  143,784 
FNB Corp.
 105,192  1,223,383 
FS Bancorp, Inc.
 1,098  32,556 
Fulton Financial Corp.
 63,260  843,256 
FVCBankcorp, Inc.(1)
 1,399  17,026 
German American Bancorp, Inc.
 6,652  192,442 
Glacier Bancorp, Inc.
 20,423  616,979 
Great Southern Bancorp, Inc.
 3,520  177,654 
Greene County Bancorp, Inc.
 466  13,425 
Guaranty Bancshares, Inc.
 883  25,492 
Hancock Whitney Corp.
 34,055  1,404,769 
Hanmi Financial Corp.
 13,122  227,273 
HarborOne Bancorp, Inc.
 10,987  109,540 
HBT Financial, Inc.
 3,431  64,160 
Heartland Financial USA, Inc.
 12,410  380,242 
Heritage Commerce Corp.
 17,663  153,138 
Heritage Financial Corp.
 8,827  152,001 
Hilltop Holdings, Inc.
 17,243  524,015 
Hingham Institution For Savings(2)
 446  88,839 
Home Bancorp, Inc.
 153  4,997 
Home BancShares, Inc.
 47,534  1,054,304 
HomeStreet, Inc.
 4,997  47,222 
HomeTrust Bancshares, Inc.
 4,101  93,708 
42

Avantis U.S. Equity ETF
Shares Value
Hope Bancorp, Inc.
 38,618  $ 373,436 
Horizon Bancorp, Inc.
 9,802  109,684 
Huntington Bancshares, Inc.
 313,771  3,479,720 
Independent Bank Corp.
 12,495  674,980 
Independent Bank Corp. (Michigan)
 9,845  187,941 
Independent Bank Group, Inc.
 7,848  331,186 
International Bancshares Corp.
 24,304  1,088,333 
JPMorgan Chase & Co.
 293,092  42,888,152 
Kearny Financial Corp.
 12,712  94,196 
KeyCorp 281,344  3,187,628 
Lakeland Bancorp, Inc.
 21,398  289,087 
Lakeland Financial Corp.
 6,983  364,024 
Live Oak Bancshares, Inc.
 15,011  485,456 
M&T Bank Corp.
 26,464  3,309,323 
Macatawa Bank Corp.
 8,140  74,562 
MainStreet Bancshares, Inc.
 72  1,629 
Mercantile Bank Corp.
 5,469  182,555 
Metrocity Bankshares, Inc.
 7,281  141,979 
Metropolitan Bank Holding Corp.(1)
 3,953  157,369 
Mid Penn Bancorp, Inc.
 2,950  64,576 
Midland States Bancorp, Inc.
 8,585  190,587 
MidWestOne Financial Group, Inc.
 2,989  63,845 
MVB Financial Corp.
 1,299  30,578 
National Bank Holdings Corp., Class A
 8,263  260,615 
National Bankshares, Inc.
 152  4,001 
NBT Bancorp, Inc.
 13,760  473,619 
New York Community Bancorp, Inc.
 169,549  2,082,062 
Nicolet Bankshares, Inc.
 3,049  231,145 
Northeast Bank
 2,434  103,421 
Northfield Bancorp, Inc.
 12,437  131,086 
Northrim BanCorp, Inc.
 2,278  94,605 
Northwest Bancshares, Inc.
 34,631  380,941 
NU Holdings Ltd., Class A(1)
 69,560  476,486 
Oak Valley Bancorp
 715  17,954 
OceanFirst Financial Corp.
 17,659  297,907 
OFG Bancorp
 23,849  719,286 
Old National Bancorp
 70,098  1,069,695 
Old Second Bancorp, Inc.
 16,798  243,067 
OP Bancorp
 18  170 
Origin Bancorp, Inc.
 8,251  253,223 
Orrstown Financial Services, Inc.
 1,113  24,041 
Pacific Premier Bancorp, Inc.
 33,466  770,387 
PacWest Bancorp
 13,467  107,063 
Park National Corp.
 4,213  428,715 
Parke Bancorp, Inc.
 1,098  18,962 
Pathward Financial, Inc.
 14,958  736,981 
PCB Bancorp
 2,787  44,731 
Peapack-Gladstone Financial Corp.
 6,072  165,583 
Peoples Bancorp, Inc.(2)
 9,793  252,366 
Pinnacle Financial Partners, Inc.
 17,345  1,154,483 
PNC Financial Services Group, Inc.
 61,016  7,366,462 
43

Avantis U.S. Equity ETF
Shares Value
Popular, Inc.
 30,187  $ 2,061,168 
Preferred Bank
 5,877  365,020 
Premier Financial Corp.
 9,246  174,195 
Primis Financial Corp.
 1,437  12,761 
Prosperity Bancshares, Inc.
 16,904  960,316 
Provident Financial Services, Inc.
 27,877  459,413 
QCR Holdings, Inc.
 6,083  319,114 
RBB Bancorp
 5,010  68,286 
Regions Financial Corp.
 220,046  4,035,644 
Renasant Corp.
 14,435  402,015 
Republic Bancorp, Inc., Class A
 2,077  92,302 
S&T Bancorp, Inc.
 11,632  329,535 
Sandy Spring Bancorp, Inc.
 15,018  334,000 
Seacoast Banking Corp. of Florida
 21,044  496,849 
ServisFirst Bancshares, Inc.
 15,565  872,263 
Shore Bancshares, Inc.
 3,515  38,946 
Sierra Bancorp
 1,242  24,691 
Simmons First National Corp., Class A
 35,249  628,137 
SmartFinancial, Inc.
 3,888  88,530 
South Plains Financial, Inc.
 4,240  111,215 
Southern First Bancshares, Inc.(1)
 1,968  55,320 
Southern Missouri Bancorp, Inc.
 2,496  105,581 
Southside Bancshares, Inc.
 8,461  254,676 
SouthState Corp.
 16,172  1,169,236 
Stellar Bancorp, Inc.
 7,784  165,566 
Stock Yards Bancorp, Inc.
 7,128  326,462 
Summit Financial Group, Inc.
 1,285  31,611 
Synovus Financial Corp.
 61,408  1,901,192 
Texas Capital Bancshares, Inc.(1)
 12,709  793,550 
Third Coast Bancshares, Inc.(1)
 42  790 
Timberland Bancorp, Inc.
 672  19,058 
Tompkins Financial Corp.
 3,302  171,473 
Towne Bank
 20,285  478,726 
TriCo Bancshares
 8,413  288,902 
Triumph Financial, Inc.(1)
 9,621  617,957 
Truist Financial Corp.
 174,672  5,336,230 
TrustCo Bank Corp. NY
 7,214  205,383 
Trustmark Corp.
 20,199  465,385 
U.S. Bancorp
 200,074  7,308,703 
UMB Financial Corp.
 14,427  911,931 
United Bankshares, Inc.
 28,282  850,723 
United Community Banks, Inc.
 28,225  762,075 
United Security Bancshares
 315  2,255 
Unity Bancorp, Inc.
 959  23,174 
Univest Financial Corp.
 7,949  143,003 
Valley National Bancorp
 119,488  1,096,900 
Veritex Holdings, Inc.
 15,660  294,565 
Washington Federal, Inc.
 29,090  790,666 
Washington Trust Bancorp, Inc.
 5,861  164,108 
Webster Financial Corp.
 39,523  1,676,170 
Wells Fargo & Co.
 402,980  16,639,044 
44

Avantis U.S. Equity ETF
Shares Value
WesBanco, Inc.
 16,094  $ 408,144 
West BanCorp, Inc.
 3,026  56,042 
Westamerica BanCorp
 10,693  470,813 
Western Alliance Bancorp
 45,500  2,275,455 
Western New England Bancorp, Inc.
 90  567 
Wintrust Financial Corp.
 20,159  1,564,540 
WSFS Financial Corp.
 20,685  812,920 
Zions Bancorp NA
 52,787  1,873,938 
220,221,431 
Beverages — 1.1%
Boston Beer Co., Inc., Class A(1)
 1,731  632,559 
Brown-Forman Corp., Class A
 5,854  393,564 
Brown-Forman Corp., Class B
 38,787  2,564,984 
Celsius Holdings, Inc.(1)
 2,953  578,906 
Coca-Cola Co.
 260,508  15,586,194 
Coca-Cola Consolidated, Inc.
 2,295  1,603,975 
Constellation Brands, Inc., Class A
 8,628  2,248,112 
Duckhorn Portfolio, Inc.(1)
 4,655  57,908 
Keurig Dr Pepper, Inc.
 54,535  1,835,103 
MGP Ingredients, Inc.
 695  83,330 
Molson Coors Beverage Co., Class B
 42,374  2,690,325 
Monster Beverage Corp.(1)
 57,446  3,297,975 
National Beverage Corp.(1)
 8,805  451,785 
PepsiCo, Inc.
 98,617  17,545,937 
Vita Coco Co., Inc.(1)
 2,426  68,632 
49,639,289 
Biotechnology — 2.6%
2seventy bio, Inc.(1)
 4,946  25,670 
89bio, Inc.(1)
 5,604  96,053 
AbbVie, Inc.
 122,138  17,949,400 
ACADIA Pharmaceuticals, Inc.(1)
 1,107  29,911 
Adicet Bio, Inc.(1)(2)
 4,923  9,846 
Agenus, Inc.(1)
 17,056  23,537 
Agios Pharmaceuticals, Inc.(1)
 13,408  367,781 
Akouos, Inc.(1)(2)
 1,135  897 
Aldeyra Therapeutics, Inc.(1)
 8,950  66,767 
Alector, Inc.(1)
 26,996  147,128 
Alkermes PLC(1)
 18,566  541,942 
Allogene Therapeutics, Inc.(1)(2)
 12,764  49,652 
Allovir, Inc.(1)
 830  2,598 
Alnylam Pharmaceuticals, Inc.(1)
 6,726  1,330,537 
Alpine Immune Sciences, Inc.(1)
 1,700  20,995 
Altimmune, Inc.(1)
 6,865  17,368 
ALX Oncology Holdings, Inc.(1)
 606  2,582 
Amgen, Inc.
 47,640  12,212,038 
AnaptysBio, Inc.(1)
 3,191  62,799 
Anavex Life Sciences Corp.(1)(2)
 3,495  27,611 
Anika Therapeutics, Inc.(1)
 3,415  60,958 
Annexon, Inc.(1)
 3,874  10,654 
Arbutus Biopharma Corp.(1)(2)
 10,660  21,640 
Arcturus Therapeutics Holdings, Inc.(1)
 3,715  112,750 
45

Avantis U.S. Equity ETF
Shares Value
Arcus Biosciences, Inc.(1)
 16,599  $ 340,279 
ARS Pharmaceuticals, Inc.(1)
 2,785  19,746 
Atara Biotherapeutics, Inc.(1)
 8,002  11,683 
Avita Medical, Inc.(1)(2)
 3,283  53,513 
Beam Therapeutics, Inc.(1)
 3,954  91,654 
BioAtla, Inc.(1)
 3,819  9,586 
BioCryst Pharmaceuticals, Inc.(1)(2)
 13,953  99,206 
Biogen, Inc.(1)
 27,467  7,343,577 
Biohaven Ltd.(1)
 6,959  127,280 
BioMarin Pharmaceutical, Inc.(1)
 21,090  1,927,204 
Bluebird Bio, Inc.(1)(2)
 12,789  48,215 
Bridgebio Pharma, Inc.(1)
 9,503  284,235 
C4 Therapeutics, Inc.(1)
 7,579  21,979 
Cabaletta Bio, Inc.(1)
 5,099  72,202 
CareDx, Inc.(1)
 5,496  51,168 
Caribou Biosciences, Inc.(1)
 7,707  45,394 
Catalyst Pharmaceuticals, Inc.(1)
 51,714  726,065 
Century Therapeutics, Inc.(1)
 361  895 
Cerevel Therapeutics Holdings, Inc.(1)
 367  8,698 
Chinook Therapeutics, Inc.(1)
 8,349  83 
Cogent Biosciences, Inc.(1)
 9,755  119,109 
Coherus Biosciences, Inc.(1)
 3,871  20,632 
Crinetics Pharmaceuticals, Inc.(1)
 5,662  98,066 
CRISPR Therapeutics AG(1)(2)
 12,017  600,970 
Cullinan Oncology, Inc.(1)
 16,085  166,480 
Cytokinetics, Inc.(1)
 6,159  215,195 
Deciphera Pharmaceuticals, Inc.(1)
 7,099  99,670 
Denali Therapeutics, Inc.(1)
 10,144  234,225 
Disc Medicine, Inc.(1)
 1,624  85,991 
Dynavax Technologies Corp.(1)
 35,218  505,730 
Dyne Therapeutics, Inc.(1)
 4,035  45,999 
Eagle Pharmaceuticals, Inc.(1)
 4,202  71,224 
Editas Medicine, Inc.(1)
 8,995  80,145 
Emergent BioSolutions, Inc.(1)
 11,527  54,062 
Enanta Pharmaceuticals, Inc.(1)
 1,916  28,453 
Entrada Therapeutics, Inc.(1)(2)
 6,979  102,731 
EQRx, Inc.(1)
 53,162  121,741 
Erasca, Inc.(1)
 5,006  12,966 
Exact Sciences Corp.(1)
 10,420  871,841 
Exelixis, Inc.(1)
 56,720  1,269,961 
Fate Therapeutics, Inc.(1)
 5,931  14,887 
FibroGen, Inc.(1)
 4,829  4,636 
Foghorn Therapeutics, Inc.(1)
 2,984  22,589 
Generation Bio Co.(1)
 5,542  26,491 
Geron Corp.(1)
 49,542  120,387 
Gilead Sciences, Inc.
 239,166  18,291,416 
Gritstone bio, Inc.(1)
 8,740  15,907 
Halozyme Therapeutics, Inc.(1)
 34,358  1,462,276 
HilleVax, Inc.(1)
 4,083  54,467 
Horizon Therapeutics PLC(1)
 22,690  2,558,071 
Icosavax, Inc.(1)
 1,560  12,074 
46

Avantis U.S. Equity ETF
Shares Value
Ideaya Biosciences, Inc.(1)
 8,773  $ 257,575 
ImmunityBio, Inc.(1)
 1,718  2,766 
Incyte Corp.(1)
 28,567  1,843,429 
Insmed, Inc.(1)
 10,021  219,360 
Intellia Therapeutics, Inc.(1)
 1,405  52,659 
Ionis Pharmaceuticals, Inc.(1)
 10,300  414,781 
Iovance Biotherapeutics, Inc.(1)
 28,692  173,300 
Ironwood Pharmaceuticals, Inc.(1)
 56,653  498,546 
iTeos Therapeutics, Inc.(1)
 4,335  52,302 
Janux Therapeutics, Inc.(1)
 981  10,791 
KalVista Pharmaceuticals, Inc.(1)
 2,368  25,693 
Karuna Therapeutics, Inc.(1)
 2,813  528,169 
Karyopharm Therapeutics, Inc.(1)
 2,879  3,685 
Kezar Life Sciences, Inc.(1)
 6,388  9,518 
Kiniksa Pharmaceuticals Ltd., Class A(1)
 4,339  74,761 
Kodiak Sciences, Inc.(1)
 3,505  7,711 
Krystal Biotech, Inc.(1)
 704  87,634 
Kura Oncology, Inc.(1)
 9,557  94,901 
Kymera Therapeutics, Inc.(1)
 6,216  118,601 
Lyell Immunopharma, Inc.(1)
 22,174  52,996 
MannKind Corp.(1)
 20,304  93,601 
Merus NV(1)
 5,666  126,748 
MiMedx Group, Inc.(1)
 5,317  39,452 
Mirati Therapeutics, Inc.(1)
 5,654  210,329 
Moderna, Inc.(1)
 67,058  7,582,248 
Monte Rosa Therapeutics, Inc.(1)(2)
 3,222  18,913 
Myriad Genetics, Inc.(1)
 19,343  345,273 
Natera, Inc.(1)
 5,264  309,155 
Neurocrine Biosciences, Inc.(1)
 10,523  1,145,849 
Nkarta, Inc.(1)(2)
 2,232  3,839 
Novavax, Inc.(1)(2)
 1,484  11,872 
Nurix Therapeutics, Inc.(1)
 5,357  45,534 
Olema Pharmaceuticals, Inc.(1)
 7,732  78,480 
Organogenesis Holdings, Inc.(1)
 9,486  26,561 
ORIC Pharmaceuticals, Inc.(1)
 6,457  57,855 
PDL BioPharma, Inc.(1)
 1,937  19 
PepGen, Inc.(1)
 1,390  8,757 
PMV Pharmaceuticals, Inc.(1)
 3,294  23,783 
Point Biopharma Global, Inc.(1)
 35,806  285,016 
Poseida Therapeutics, Inc.(1)(2)
 8,559  17,888 
Prime Medicine, Inc.(1)
 2,472  32,729 
ProKidney Corp.(1)(2)
 1,456  12,492 
PTC Therapeutics, Inc.(1)
 6,164  243,478 
Recursion Pharmaceuticals, Inc., Class A(1)
 16,729  145,542 
Regeneron Pharmaceuticals, Inc.(1)
 15,162  12,531,241 
REGENXBIO, Inc.(1)
 13,635  241,339 
Relay Therapeutics, Inc.(1)
 10,531  107,627 
Repare Therapeutics, Inc.(1)
 4,231  41,295 
Replimune Group, Inc.(1)
 8,592  175,449 
Rigel Pharmaceuticals, Inc.(1)
 5,348  6,097 
Roivant Sciences Ltd.(1)
 45,655  528,228 
47

Avantis U.S. Equity ETF
Shares Value
Sage Therapeutics, Inc.(1)
 11,969  $ 239,380 
Sana Biotechnology, Inc.(1)(2)
 11,432  61,161 
Sarepta Therapeutics, Inc.(1)
 4,866  588,835 
Savara, Inc.(1)
 9,549  34,567 
Scholar Rock Holding Corp.(1)(2)
 6,786  42,412 
Seagen, Inc.(1)
 7,808  1,608,995 
Stoke Therapeutics, Inc.(1)
 612  3,439 
Sutro Biopharma, Inc.(1)
 9,613  45,662 
Syndax Pharmaceuticals, Inc.(1)
 3,588  66,414 
Tango Therapeutics, Inc.(1)
 10,953  71,085 
Tenaya Therapeutics, Inc.(1)
 3,457  13,379 
Twist Bioscience Corp.(1)
 7,084  155,777 
uniQure NV(1)
 9,669  84,217 
United Therapeutics Corp.(1)
 12,824  2,877,193 
Vanda Pharmaceuticals, Inc.(1)
 11,217  58,216 
Vera Therapeutics, Inc.(1)
 1,626  28,764 
Veracyte, Inc.(1)
 10,463  276,223 
Vertex Pharmaceuticals, Inc.(1)
 37,301  12,993,430 
Verve Therapeutics, Inc.(1)
 2,350  30,244 
Vir Biotechnology, Inc.(1)
 50,635  641,039 
Voyager Therapeutics, Inc.(1)
 16,131  161,633 
Xencor, Inc.(1)
 11,821  259,826 
Xenon Pharmaceuticals, Inc.(1)
 1,730  67,435 
XOMA Corp.(1)
 868  12,169 
Y-mAbs Therapeutics, Inc.(1)
 764  3,873 
Zentalis Pharmaceuticals, Inc.(1)
 2,428  64,488 
Zymeworks, Inc.(1)
 2,081  15,066 
121,392,957 
Broadline Retail — 2.3%
Amazon.com, Inc.(1)
 644,955  89,010,239 
Big Lots, Inc.
 10,463  64,871 
Dillard's, Inc., Class A
 1,808  623,977 
eBay, Inc.
 105,564  4,727,156 
Etsy, Inc.(1)
 9,605  706,640 
Kohl's Corp.
 34,992  932,187 
Macy's, Inc.
 138,093  1,688,877 
MercadoLibre, Inc.(1)
 7,110  9,757,480 
Nordstrom, Inc.
 48,200  781,804 
Ollie's Bargain Outlet Holdings, Inc.(1)
 10,919  841,636 
109,134,867 
Building Products — 1.1%
A O Smith Corp.
 36,941  2,678,223 
AAON, Inc.
 5,402  340,650 
Advanced Drainage Systems, Inc.
 18,640  2,388,902 
Allegion PLC
 11,077  1,260,673 
American Woodmark Corp.(1)
 2,844  220,893 
Apogee Enterprises, Inc.
 10,194  514,389 
Armstrong World Industries, Inc.
 20,342  1,557,994 
AZEK Co., Inc.(1)
 8,499  289,051 
AZZ, Inc.
 2,298  112,832 
Builders FirstSource, Inc.(1)
 57,839  8,388,969 
48

Avantis U.S. Equity ETF
Shares Value
Carlisle Cos., Inc.
 9,170  $ 2,411,893 
Carrier Global Corp.
 44,749  2,570,830 
CSW Industrials, Inc.
 3,412  612,898 
Fortune Brands Innovations, Inc.
 25,540  1,762,771 
Gibraltar Industries, Inc.(1)
 7,547  566,251 
Griffon Corp.
 19,936  834,720 
Hayward Holdings, Inc.(1)
 12,815  189,662 
Insteel Industries, Inc.
 6,874  238,872 
Janus International Group, Inc.(1)
 7,714  88,325 
JELD-WEN Holding, Inc.(1)
 38,852  585,888 
Johnson Controls International PLC
 23,662  1,397,478 
Lennox International, Inc.
 2,899  1,092,372 
Masco Corp.
 14,499  855,586 
Masonite International Corp.(1)
 11,052  1,135,151 
Masterbrand, Inc.(1)
 29,094  372,694 
Owens Corning
 37,058  5,333,017 
PGT Innovations, Inc.(1)
 25,984  732,489 
Quanex Building Products Corp.
 16,412  442,796 
Resideo Technologies, Inc.(1)
 4,201  70,829 
Simpson Manufacturing Co., Inc.
 15,389  2,458,547 
Trane Technologies PLC
 15,766  3,236,129 
Trex Co., Inc.(1)
 33,855  2,416,231 
UFP Industries, Inc.
 27,293  2,848,025 
Zurn Elkay Water Solutions Corp.
 3,770  111,667 
50,117,697 
Capital Markets — 3.3%
Affiliated Managers Group, Inc.
 2,805  375,898 
Ameriprise Financial, Inc.
 31,037  10,477,470 
Ares Management Corp., Class A
 8,559  885,343 
Artisan Partners Asset Management, Inc., Class A
 32,902  1,264,095 
Assetmark Financial Holdings, Inc.(1)
 4,603  132,981 
Avantax, Inc.(1)
 2,863  59,894 
Bank of New York Mellon Corp.
 132,833  5,960,217 
BGC Group, Inc., Class A
 90,000  444,600 
BlackRock, Inc.
 12,538  8,783,370 
Blackstone, Inc.
 41,089  4,370,637 
Blue Owl Capital, Inc.
 7,390  88,310 
Brightsphere Investment Group, Inc.
 13,011  269,458 
Carlyle Group, Inc.
 74,438  2,408,069 
Cboe Global Markets, Inc.
 8,625  1,291,249 
Charles Schwab Corp.
 179,344  10,608,198 
CME Group, Inc.
 30,705  6,223,289 
Cohen & Steers, Inc.
 11,241  732,688 
Coinbase Global, Inc., Class A(1)
 19,219  1,529,832 
Diamond Hill Investment Group, Inc.
 1,266  213,650 
Donnelley Financial Solutions, Inc.(1)
 3,341  164,611 
Evercore, Inc., Class A
 16,274  2,279,174 
FactSet Research Systems, Inc.
 5,888  2,569,582 
Federated Hermes, Inc.
 19,437  675,630 
Focus Financial Partners, Inc., Class A(1)
 2,839  150,467 
Franklin Resources, Inc.
 56,624  1,514,126 
49

Avantis U.S. Equity ETF
Shares Value
Freedom Holding Corp.(1)
 67  $ 6,587 
Goldman Sachs Group, Inc.
 44,434  14,561,466 
Hamilton Lane, Inc., Class A
 10,157  942,468 
Houlihan Lokey, Inc.
 13,896  1,463,805 
Interactive Brokers Group, Inc., Class A
 7,682  699,677 
Intercontinental Exchange, Inc.
 21,040  2,482,510 
Invesco Ltd.
 85,532  1,361,669 
Janus Henderson Group PLC
 35,412  972,768 
Jefferies Financial Group, Inc.
 35,546  1,268,637 
KKR & Co., Inc.
 70,989  4,458,819 
Lazard Ltd., Class A
 33,336  1,158,093 
LPL Financial Holdings, Inc.
 14,849  3,424,031 
MarketAxess Holdings, Inc.
 5,914  1,424,860 
Moelis & Co., Class A
 26,261  1,245,034 
Moody's Corp.
 13,564  4,568,355 
Morgan Stanley
 152,362  12,973,624 
Morningstar, Inc.
 1,271  295,724 
MSCI, Inc.
 4,238  2,303,862 
Nasdaq, Inc.
 17,058  895,204 
Northern Trust Corp.
 52,424  3,987,894 
Open Lending Corp., Class A(1)
 42,390  349,717 
Oppenheimer Holdings, Inc., Class A
 1,662  63,322 
Patria Investments Ltd., Class A
 8,514  122,772 
Piper Sandler Cos.
 7,308  1,088,746 
PJT Partners, Inc., Class A
 1,165  92,023 
Raymond James Financial, Inc.
 46,251  4,837,392 
S&P Global, Inc.
 11,697  4,571,889 
SEI Investments Co.
 33,937  2,106,130 
State Street Corp.
 74,490  5,120,443 
StepStone Group, Inc., Class A
 1,217  37,569 
Stifel Financial Corp.
 32,393  2,106,193 
StoneX Group, Inc.(1)
 8,897  835,250 
T. Rowe Price Group, Inc.
 52,482  5,890,055 
TPG, Inc.
 17,867  502,420 
Tradeweb Markets, Inc., Class A
 8,616  744,681 
Victory Capital Holdings, Inc., Class A
 4,645  159,881 
Virtu Financial, Inc., Class A
 25,868  484,766 
Virtus Investment Partners, Inc.
 3,313  686,122 
WisdomTree, Inc.
 31,249  228,118 
153,995,414 
Chemicals — 2.2%
AdvanSix, Inc.
 14,686  485,813 
Air Products & Chemicals, Inc.
 28,129  8,311,838 
Albemarle Corp.
 17,279  3,433,510 
Alto Ingredients, Inc.(1)
 4,759  17,180 
American Vanguard Corp.
 8,502  117,498 
Ashland, Inc.
 8,029  695,552 
Aspen Aerogels, Inc.(1)(2)
 3,492  21,266 
Avient Corp.
 27,372  1,097,891 
Axalta Coating Systems Ltd.(1)
 28,473  805,786 
Balchem Corp.
 692  97,226 
50

Avantis U.S. Equity ETF
Shares Value
Cabot Corp.
 26,075  $ 1,889,395 
Celanese Corp.
 11,927  1,507,096 
CF Industries Holdings, Inc.
 69,744  5,375,170 
Chemours Co.
 75,925  2,582,968 
Core Molding Technologies, Inc.(1)
 1,734  47,009 
Corteva, Inc.
 77,206  3,899,675 
Danimer Scientific, Inc.(1)(2)
 10,731  20,925 
Dow, Inc.
 172,631  9,418,747 
DuPont de Nemours, Inc.
 50,904  3,914,009 
Eastman Chemical Co.
 26,445  2,248,089 
Ecolab, Inc.
 11,223  2,062,900 
Ecovyst, Inc.(1)
 36,501  373,770 
Element Solutions, Inc.
 8,640  178,157 
FMC Corp.
 30,693  2,646,657 
FutureFuel Corp.
 9,758  69,087 
Ginkgo Bioworks Holdings, Inc.(1)
 119,257  279,061 
Hawkins, Inc.
 8,768  545,282 
HB Fuller Co.
 6,911  501,255 
Huntsman Corp.
 63,747  1,776,629 
Ingevity Corp.(1)
 11,085  597,371 
Innospec, Inc.
 6,087  653,866 
International Flavors & Fragrances, Inc.
 18,019  1,269,439 
Intrepid Potash, Inc.(1)
 1,937  51,970 
Koppers Holdings, Inc.
 7,592  290,698 
Kronos Worldwide, Inc.
 5,663  47,569 
Linde PLC
 32,778  12,686,397 
Livent Corp.(1)
 48,229  1,035,477 
LSB Industries, Inc.(1)
 28,015  283,512 
LyondellBasell Industries NV, Class A
 79,173  7,819,917 
Minerals Technologies, Inc.
 8,173  499,370 
Mosaic Co.
 113,551  4,411,456 
NewMarket Corp.
 2,989  1,403,754 
Olin Corp.
 58,702  3,405,890 
Origin Materials, Inc.(1)(2)
 9,847  13,490 
Orion SA
 30,224  683,667 
PPG Industries, Inc.
 15,429  2,187,215 
PureCycle Technologies, Inc.(1)(2)
 31,837  284,304 
Quaker Chemical Corp.
 2,454  435,536 
Rayonier Advanced Materials, Inc.(1)
 14,907  52,622 
RPM International, Inc.
 13,069  1,303,502 
Scotts Miracle-Gro Co.(2)
 8,988  509,260 
Sherwin-Williams Co.
 20,500  5,570,260 
Stepan Co.
 6,925  604,345 
Trinseo PLC
 7,559  79,596 
Tronox Holdings PLC, Class A
 49,236  671,579 
Westlake Corp.
 11,484  1,504,174 
102,775,677 
Commercial Services and Supplies — 0.6%
ABM Industries, Inc.
 1,858  84,390 
ACCO Brands Corp.
 20,962  111,727 
Aris Water Solutions, Inc., Class A
 4,655  47,667 
51

Avantis U.S. Equity ETF
Shares Value
Brady Corp., Class A
 8,076  $ 407,353 
Brink's Co.
 8,593  651,435 
Casella Waste Systems, Inc., Class A(1)
 9,641  759,422 
CECO Environmental Corp.(1)
 1,910  26,320 
Cimpress PLC(1)
 4,060  262,317 
Cintas Corp.
 7,572  3,817,575 
Civeo Corp.(1)
 4,499  81,522 
Clean Harbors, Inc.(1)
 11,752  1,990,084 
Copart, Inc.(1)
 137,553  6,166,501 
Deluxe Corp.
 3,336  67,454 
Driven Brands Holdings, Inc.(1)
 1,939  29,182 
Ennis, Inc.
 7,520  160,176 
Enviri Corp.(1)
 7,197  53,618 
Healthcare Services Group, Inc.
 18,825  217,429 
Heritage-Crystal Clean, Inc.(1)
 7,163  323,051 
HNI Corp.
 14,796  484,717 
Interface, Inc.
 15,613  161,282 
Li-Cycle Holdings Corp.(1)(2)
 16,605  73,726 
Liquidity Services, Inc.(1)
 5,450  99,462 
Matthews International Corp., Class A
 2,048  86,385 
MillerKnoll, Inc.
 4,598  87,822 
MSA Safety, Inc.
 3,021  551,876 
Pitney Bowes, Inc.
 35,179  115,739 
Quad/Graphics, Inc.(1)
 25  128 
Republic Services, Inc.
 8,455  1,218,619 
Rollins, Inc.
 30,087  1,190,543 
SP Plus Corp.(1)
 1,812  70,976 
Steelcase, Inc., Class A
 31,785  288,290 
Stericycle, Inc.(1)
 1,506  66,580 
Tetra Tech, Inc.
 3,318  522,087 
UniFirst Corp.
 2,750  484,357 
Viad Corp.(1)
 1,418  40,257 
Waste Connections, Inc.
 13,645  1,869,229 
Waste Management, Inc.
 38,593  6,050,611 
28,719,909 
Communications Equipment — 0.6%
ADTRAN Holdings, Inc.
 3,598  30,763 
Applied Optoelectronics, Inc.(1)
 11,500  158,355 
Arista Networks, Inc.(1)
 21,035  4,106,663 
Aviat Networks, Inc.(1)
 1,614  56,877 
Ciena Corp.(1)
 19,741  986,655 
Cisco Systems, Inc.
 182,946  10,491,953 
CommScope Holding Co., Inc.(1)
 14,864  49,646 
Comtech Telecommunications Corp.
 2,397  24,090 
Extreme Networks, Inc.(1)
 26,848  736,977 
F5, Inc.(1)
 4,168  682,135 
Harmonic, Inc.(1)
 7,364  78,647 
Juniper Networks, Inc.
 19,972  581,585 
Lumentum Holdings, Inc.(1)
 10,437  564,955 
Motorola Solutions, Inc.
 20,281  5,751,083 
NETGEAR, Inc.(1)
 4,860  64,055 
52

Avantis U.S. Equity ETF
Shares Value
Ribbon Communications, Inc.(1)
 5,370  $ 15,895 
Ubiquiti, Inc.(2)
 195  34,131 
ViaSat, Inc.(1)
 26,251  728,203 
Viavi Solutions, Inc.(1)
 40,991  428,356 
25,571,024 
Construction and Engineering — 0.5%
AECOM 8,833  775,096 
Ameresco, Inc., Class A(1)
 14,094  612,948 
API Group Corp.(1)
 9,468  266,524 
Arcosa, Inc.
 10,522  823,031 
Argan, Inc.
 2,013  85,512 
Comfort Systems USA, Inc.
 10,550  1,947,213 
Concrete Pumping Holdings, Inc.(1)
 1,011  7,714 
Construction Partners, Inc., Class A(1)
 1,145  39,789 
Dycom Industries, Inc.(1)
 7,189  718,397 
EMCOR Group, Inc.
 15,237  3,416,897 
Eneti, Inc.
 3,569  38,688 
Fluor Corp.(1)
 28,585  1,000,189 
Granite Construction, Inc.
 11,199  462,407 
Great Lakes Dredge & Dock Corp.(1)
 12,220  107,903 
IES Holdings, Inc.(1)
 1,452  108,871 
Limbach Holdings, Inc.(1)
 5,876  212,300 
MasTec, Inc.(1)
 11,711  1,165,127 
MDU Resources Group, Inc.
 54,036  1,100,173 
MYR Group, Inc.(1)
 9,436  1,340,573 
Northwest Pipe Co.(1)
 1,935  64,029 
Primoris Services Corp.
 1,950  68,972 
Quanta Services, Inc.
 18,622  3,908,199 
Sterling Infrastructure, Inc.(1)
 19,675  1,628,303 
Tutor Perini Corp.(1)
 14,679  130,496 
Valmont Industries, Inc.
 3,896  987,636 
WillScot Mobile Mini Holdings Corp.(1)
 48,522  1,990,372 
23,007,359 
Construction Materials — 0.3%
Eagle Materials, Inc.
 16,495  3,122,833 
Knife River Corp.(1)
 9,725  500,449 
Martin Marietta Materials, Inc.
 7,395  3,301,202 
Summit Materials, Inc., Class A(1)
 24,316  909,662 
US Lime & Minerals, Inc.
 485  105,041 
Vulcan Materials Co.
 16,849  3,677,294 
11,616,481 
Consumer Finance — 1.0%
Ally Financial, Inc.
 103,363  2,862,122 
American Express Co.
 64,617  10,208,840 
Atlanticus Holdings Corp.(1)
 921  32,143 
Bread Financial Holdings, Inc.
 24,915  936,306 
Capital One Financial Corp.
 83,448  8,544,241 
Consumer Portfolio Services, Inc.(1)
 2,357  21,849 
Credit Acceptance Corp.(1)
 2,439  1,223,817 
Discover Financial Services
 78,857  7,102,650 
Encore Capital Group, Inc.(1)(2)
 8,675  406,511 
53

Avantis U.S. Equity ETF
Shares Value
Enova International, Inc.(1)
 8,703  $ 439,066 
EZCORP, Inc., Class A(1)
 11,834  99,524 
FirstCash Holdings, Inc.
 7,174  640,782 
Green Dot Corp., Class A(1)
 13,429  199,286 
LendingClub Corp.(1)
 30,529  212,482 
Navient Corp.
 42,393  748,236 
Nelnet, Inc., Class A
 4,698  431,511 
OneMain Holdings, Inc.
 55,696  2,311,941 
Oportun Financial Corp.(1)
 4,622  32,354 
PRA Group, Inc.(1)
 10,903  212,390 
PROG Holdings, Inc.(1)
 28,211  967,637 
Regional Management Corp.
 2,067  56,801 
SLM Corp.
 119,802  1,705,981 
SoFi Technologies, Inc.(1)(2)
 179,518  1,554,626 
Synchrony Financial
 158,774  5,125,225 
Upstart Holdings, Inc.(1)
 8,225  264,598 
World Acceptance Corp.(1)
 562  75,763 
46,416,682 
Consumer Staples Distribution & Retail — 2.0%
Albertsons Cos., Inc., Class A
 24,618  551,443 
Andersons, Inc.
 17,338  890,480 
BJ's Wholesale Club Holdings, Inc.(1)
 26,723  1,800,863 
Casey's General Stores, Inc.
 14,268  3,487,242 
Costco Wholesale Corp.
 46,535  25,560,745 
Dollar General Corp.
 21,867  3,028,579 
Dollar Tree, Inc.(1)
 32,243  3,945,253 
Grocery Outlet Holding Corp.(1)
 11,830  364,956 
Ingles Markets, Inc., Class A
 6,994  546,441 
Kroger Co.
 191,493  8,883,360 
Natural Grocers by Vitamin Cottage, Inc.
 1,404  17,704 
Performance Food Group Co.(1)
 27,915  1,734,359 
PriceSmart, Inc.
 11,552  918,153 
Rite Aid Corp.(1)(2)
 5,882  4,529 
SpartanNash Co.
 9,352  203,500 
Sprouts Farmers Market, Inc.(1)
 45,349  1,849,786 
Sysco Corp.
 61,037  4,251,227 
Target Corp.
 78,956  9,991,882 
United Natural Foods, Inc.(1)
 19,587  394,286 
US Foods Holding Corp.(1)
 7,899  319,357 
Village Super Market, Inc., Class A
 1,416  31,931 
Walgreens Boots Alliance, Inc.
 47,659  1,206,249 
Walmart, Inc.
 154,079  25,054,786 
Weis Markets, Inc.
 4,883  316,760 
95,353,871 
Containers and Packaging — 0.5%
Amcor PLC
 105,509  1,027,658 
AptarGroup, Inc.
 13,869  1,838,475 
Ardagh Metal Packaging SA
 13,231  47,499 
Avery Dennison Corp.
 11,983  2,257,357 
Ball Corp.
 14,147  770,304 
Berry Global Group, Inc.
 13,394  875,164 
54

Avantis U.S. Equity ETF
Shares Value
Crown Holdings, Inc.
 8,563  $ 793,448 
Graphic Packaging Holding Co.
 68,175  1,516,212 
Greif, Inc., Class A
 8,769  636,542 
Greif, Inc., Class B
 913  68,046 
International Paper Co.
 116,237  4,058,996 
Myers Industries, Inc.
 15,886  298,816 
O-I Glass, Inc.(1)
 15,834  314,463 
Packaging Corp. of America
 32,724  4,879,148 
Ranpak Holdings Corp.(1)
 1,202  7,609 
Sealed Air Corp.
 23,170  858,680 
Silgan Holdings, Inc.
 6,917  312,164 
Sonoco Products Co.
 22,424  1,288,259 
TriMas Corp.
 9,637  252,489 
WestRock Co.
 72,160  2,360,354 
24,461,683 
Distributors — 0.2%
Genuine Parts Co.
 21,453  3,297,970 
LKQ Corp.
 33,752  1,772,992 
Pool Corp.
 8,660  3,166,096 
8,237,058 
Diversified Consumer Services — 0.2%
ADT, Inc.
 36,506  234,368 
Adtalem Global Education, Inc.(1)
 18,460  809,471 
American Public Education, Inc.(1)
 6,456  33,959 
Bright Horizons Family Solutions, Inc.(1)
 2,642  249,458 
Carriage Services, Inc.
 255  7,859 
Chegg, Inc.(1)
 3,153  32,192 
Coursera, Inc.(1)
 13,102  227,844 
Frontdoor, Inc.(1)
 16,618  545,403 
Graham Holdings Co., Class B
 899  527,111 
Grand Canyon Education, Inc.(1)
 13,830  1,621,567 
H&R Block, Inc.
 25,345  1,013,293 
Laureate Education, Inc., Class A
 76,186  1,061,271 
OneSpaWorld Holdings Ltd.(1)
 13,500  154,440 
Perdoceo Education Corp.
 33,551  555,940 
Rover Group, Inc.(1)
 11,569  78,322 
Service Corp. International
 20,923  1,320,450 
Stride, Inc.(1)
 15,738  668,708 
Udemy, Inc.(1)
 2,881  29,847 
Universal Technical Institute, Inc.(1)
 11,913  94,947 
WW International, Inc.(1)
 1,007  9,778 
9,276,228 
Diversified Telecommunication Services — 0.8%
Anterix, Inc.(1)
 417  13,799 
AT&T, Inc.
 946,853  14,003,956 
ATN International, Inc.
 4,304  154,384 
Cogent Communications Holdings, Inc.
 3,521  248,512 
Consolidated Communications Holdings, Inc.(1)
 5,433  21,460 
EchoStar Corp., Class A(1)
 10,588  184,019 
Frontier Communications Parent, Inc.(1)
 97,624  1,563,936 
IDT Corp., Class B(1)
 9,266  216,639 
55

Avantis U.S. Equity ETF
Shares Value
Iridium Communications, Inc.
 35,188  $ 1,722,453 
Liberty Latin America Ltd., Class A(1)
 1,802  16,110 
Liberty Latin America Ltd., Class C(1)
 15,531  139,158 
Lumen Technologies, Inc.(1)
 80,718  128,342 
Radius Global Infrastructure, Inc., Class A(1)
 15,359  229,156 
Verizon Communications, Inc.
 568,525  19,887,005 
38,528,929 
Electric Utilities — 1.5%
ALLETE, Inc.
 9,837  540,051 
Alliant Energy Corp.
 52,763  2,647,120 
American Electric Power Co., Inc.
 61,663  4,834,379 
Avangrid, Inc.(2)
 7,999  275,966 
Constellation Energy Corp.
 39,226  4,085,780 
Duke Energy Corp.
 39,347  3,494,014 
Edison International
 75,053  5,167,399 
Entergy Corp.
 33,353  3,176,873 
Evergy, Inc.
 46,588  2,560,942 
Eversource Energy
 47,743  3,046,958 
Exelon Corp.
 138,272  5,547,473 
FirstEnergy Corp.
 39,038  1,408,101 
Genie Energy Ltd., Class B
 4,040  61,852 
Hawaiian Electric Industries, Inc.
 28,738  402,907 
IDACORP, Inc.
 8,338  799,114 
MGE Energy, Inc.
 1,241  89,886 
NextEra Energy, Inc.
 63,851  4,265,247 
NRG Energy, Inc.
 41,339  1,552,279 
OGE Energy Corp.
 33,458  1,139,245 
Otter Tail Corp.
 11,081  912,742 
PG&E Corp.(1)
 358,886  5,849,842 
Pinnacle West Capital Corp.
 25,820  1,995,111 
PNM Resources, Inc.
 2,183  96,729 
Portland General Electric Co.
 24,364  1,068,605 
PPL Corp.
 114,424  2,851,446 
Southern Co.
 91,112  6,171,016 
Xcel Energy, Inc.
 79,687  4,552,518 
68,593,595 
Electrical Equipment — 0.6%
Acuity Brands, Inc.
 6,912  1,114,767 
AMETEK, Inc.
 16,810  2,681,363 
Array Technologies, Inc.(1)
 20,132  500,683 
Atkore, Inc.(1)
 19,624  3,021,507 
Babcock & Wilcox Enterprises, Inc.(1)
 3,644  19,131 
Eaton Corp. PLC
 17,927  4,129,843 
Emerson Electric Co.
 29,753  2,923,232 
Encore Wire Corp.
 9,428  1,553,829 
Energy Vault Holdings, Inc.(1)
 4,549  14,511 
EnerSys 14,767  1,550,240 
Enovix Corp.(1)(2)
 584  8,048 
FREYR Battery SA(1)(2)
 16,217  101,032 
FuelCell Energy, Inc.(1)
 67,314  94,240 
Generac Holdings, Inc.(1)
 4,590  545,338 
56

Avantis U.S. Equity ETF
Shares Value
GrafTech International Ltd.
 110,823  $ 392,313 
Hubbell, Inc.
 6,052  1,973,255 
LSI Industries, Inc.
 8,589  135,277 
NEXTracker, Inc., Class A(1)
       578
 24,345 
nVent Electric PLC
 16,469  931,157 
Plug Power, Inc.(1)(2)
 61,716  522,117 
Powell Industries, Inc.
 4,405  369,888 
Regal Rexnord Corp.
 7,490  1,214,803 
Rockwell Automation, Inc.
 7,367  2,299,093 
Sensata Technologies Holding PLC
 6,824  256,719 
Sunrun, Inc.(1)
 30,604  478,341 
Thermon Group Holdings, Inc.(1)
 6,083  167,161 
TPI Composites, Inc.(1)
 4,165  21,033 
Vertiv Holdings Co.
 17,122  674,436 
27,717,702 
Electronic Equipment, Instruments and Components — 1.2%
Advanced Energy Industries, Inc.
 8,790  1,037,835 
Amphenol Corp., Class A
 35,929  3,175,405 
Arrow Electronics, Inc.(1)
 15,907  2,122,471 
Avnet, Inc.
 20,738  1,052,454 
Badger Meter, Inc.
 5,521  916,928 
Bel Fuse, Inc., Class B
 4,940  258,362 
Belden, Inc.
 7,739  726,692 
Benchmark Electronics, Inc.
 8,117  208,932 
CDW Corp.
 17,130  3,616,999 
Climb Global Solutions, Inc.
 1,471  63,268 
Cognex Corp.
 22,249  1,047,483 
Coherent Corp.(1)
 10,955  412,237 
Corning, Inc.
 206,897  6,790,360 
Crane NXT Co.
 17,015  1,010,010 
CTS Corp.
 8,670  387,116 
Daktronics, Inc.(1)
 2,076  17,355 
ePlus, Inc.(1)
 8,362  555,070 
Fabrinet(1)
 6,356  1,021,854 
FARO Technologies, Inc.(1)
 1,827  28,976 
Flex Ltd.(1)
 120,800  3,332,872 
Insight Enterprises, Inc.(1)
 11,076  1,773,157 
IPG Photonics Corp.(1)
 6,456  699,572 
Jabil, Inc.
 56,586  6,474,570 
Keysight Technologies, Inc.(1)
 21,684  2,890,477 
Kimball Electronics, Inc.(1)
 5,070  153,063 
Knowles Corp.(1)
 17,752  284,565 
Littelfuse, Inc.
 4,367  1,166,338 
Luna Innovations, Inc.(1)
 1,346  9,274 
Methode Electronics, Inc.
 9,256  298,506 
MicroVision, Inc.(1)(2)
 7,842  19,762 
National Instruments Corp.
 10,607  632,177 
nLight, Inc.(1)
 5,751  65,619 
Novanta, Inc.(1)
 1,187  198,205 
OSI Systems, Inc.(1)
 3,699  504,359 
PC Connection, Inc.
 3,334  177,102 
57

Avantis U.S. Equity ETF
Shares Value
Plexus Corp.(1)
 6,650  $ 675,308 
Richardson Electronics Ltd.
 2,837  35,718 
Rogers Corp.(1)
 1,756  253,760 
Sanmina Corp.(1)
 26,256  1,462,459 
ScanSource, Inc.(1)
 4,772  156,426 
SmartRent, Inc.(1)
 15,135  51,459 
TD SYNNEX Corp.
 9,995  1,016,991 
TE Connectivity Ltd.
 43,778  5,795,769 
Teledyne Technologies, Inc.(1)
 1,898  793,933 
Trimble, Inc.(1)
 7,423  406,706 
TTM Technologies, Inc.(1)
 24,552  365,825 
Vishay Intertechnology, Inc.
 64,091  1,758,657 
Vishay Precision Group, Inc.(1)
 3,869  139,361 
Vontier Corp.
 24,642  774,005 
Vuzix Corp.(1)(2)
 3,281  13,124 
Zebra Technologies Corp., Class A(1)
 2,540  698,525 
57,527,451 
Energy Equipment and Services — 0.9%
Archrock, Inc.
 76,271  975,506 
Baker Hughes Co.
 181,803  6,579,451 
Bristow Group, Inc.(1)
 5,774  159,940 
ChampionX Corp.
 90,417  3,263,150 
Core Laboratories, Inc.
 1,346  32,358 
Diamond Offshore Drilling, Inc.(1)
 27,066  402,471 
DMC Global, Inc.(1)
 3,568  85,703 
Dril-Quip, Inc.(1)
 11,194  308,731 
Expro Group Holdings NV(1)
 20,827  489,643 
Forum Energy Technologies, Inc.(1)
 1,556  36,846 
Halliburton Co.
 164,566  6,355,539 
Helix Energy Solutions Group, Inc.(1)
 46,171  468,174 
Helmerich & Payne, Inc.
 24,856  993,991 
Liberty Energy, Inc., Class A
 81,419  1,298,633 
Nabors Industries Ltd.(1)
 4,506  498,769 
Newpark Resources, Inc.(1)
 19,393  115,970 
NexTier Oilfield Solutions, Inc.(1)
 106,646  1,131,514 
Noble Corp. PLC
 8,800  464,112 
NOV, Inc.
 71,768  1,516,458 
Oceaneering International, Inc.(1)
 54,131  1,233,645 
Oil States International, Inc.(1)
 14,957  117,263 
Patterson-UTI Energy, Inc.
 89,280  1,262,419 
ProFrac Holding Corp., Class A(1)(2)
 931  10,241 
ProPetro Holding Corp.(1)
 46,918  452,289 
RPC, Inc.
 30,266  241,825 
Schlumberger NV
 93,559  5,516,239 
SEACOR Marine Holdings, Inc.(1)
 840  9,652 
Select Water Solutions, Inc., Class A
 15,174  122,151 
Solaris Oilfield Infrastructure, Inc., Class A
 4,475  47,077 
TechnipFMC PLC
 131,249  2,498,981 
TETRA Technologies, Inc.(1)
 34,931  191,771 
Tidewater, Inc.(1)
 15,893  1,033,522 
Transocean Ltd.(1)
 180,238  1,474,347 
58

Avantis U.S. Equity ETF
Shares Value
US Silica Holdings, Inc.(1)
 35,916  $ 442,844 
Valaris Ltd.(1)
 1,747  131,584 
Weatherford International PLC(1)
 34,870  3,086,692 
43,049,501 
Entertainment — 0.9%
Activision Blizzard, Inc.
 17,365  1,597,406 
AMC Entertainment Holdings, Inc., Class A(1)(2)
 7,538  94,603 
Atlanta Braves Holdings, Inc., Class A(1)
 930  38,911 
Atlanta Braves Holdings, Inc., Class C(1)
 8,033  295,936 
Cinemark Holdings, Inc.(1)
 19,104  311,013 
Electronic Arts, Inc.
 21,668  2,599,727 
Endeavor Group Holdings, Inc., Class A(1)
 736  16,111 
IMAX Corp.(1)
 11,790  225,543 
Liberty Media Corp.-Liberty Formula One, Class A(1)
 1,552  94,129 
Liberty Media Corp.-Liberty Formula One, Class C(1)
 21,448  1,475,408 
Liberty Media Corp.-Liberty Live, Class A(1)
 595  19,819 
Liberty Media Corp.-Liberty Live, Class C(1)
 3,506  117,977 
Lions Gate Entertainment Corp., Class B(1)
 2,915  21,717 
Live Nation Entertainment, Inc.(1)
 7,864  664,744 
Madison Square Garden Entertainment Corp.(1)
 790  25,351 
Madison Square Garden Sports Corp.
 1,279  227,662 
Marcus Corp.
 6,648  100,983 
Netflix, Inc.(1)
 37,600  16,306,368 
Playstudios, Inc.(1)
 11,056  39,359 
Playtika Holding Corp.(1)
 6,349  61,966 
ROBLOX Corp., Class A(1)
 20,100  568,629 
Roku, Inc.(1)
 13,253  1,076,144 
Sphere Entertainment Co.(1)
 6,797  238,303 
Take-Two Interactive Software, Inc.(1)
 19,013  2,703,649 
Vivid Seats, Inc., Class A(1)
 1,882  13,663 
Walt Disney Co.(1)
 75,999  6,359,596 
Warner Bros Discovery, Inc.(1)
 297,851  3,913,762 
World Wrestling Entertainment, Inc., Class A
 17,874  1,725,735 
40,934,214 
Financial Services — 2.8%
Acacia Research Corp.(1)
 1,942  7,399 
Affirm Holdings, Inc.(1)(2)
 25,108  522,497 
Alerus Financial Corp.
 4,046  78,897 
A-Mark Precious Metals, Inc.
 8,406  286,813 
Apollo Global Management, Inc.
 25,765  2,250,315 
Berkshire Hathaway, Inc., Class B(1)
 84,697  30,507,859 
Block, Inc.(1)
 8,924  514,469 
Cannae Holdings, Inc.(1)
 17,586  345,213 
Cass Information Systems, Inc.
 5,178  198,524 
Enact Holdings, Inc.
 10,086  289,065 
Equitable Holdings, Inc.
 129,925  3,741,840 
Essent Group Ltd.
 41,791  2,098,744 
Euronet Worldwide, Inc.(1)
 9,108  795,675 
EVERTEC, Inc.
 10,866  429,968 
Federal Agricultural Mortgage Corp., Class C
 3,639  612,516 
Fidelity National Information Services, Inc.
 17,115  956,044 
59

Avantis U.S. Equity ETF
Shares Value
Fiserv, Inc.(1)
 19,313  $ 2,344,405 
FleetCor Technologies, Inc.(1)
 6,025  1,637,173 
Global Payments, Inc.
 8,261  1,046,586 
International Money Express, Inc.(1)
 2,504  43,319 
Jack Henry & Associates, Inc.
 11,911  1,867,407 
Jackson Financial, Inc., Class A
 40,520  1,523,552 
loanDepot, Inc., Class A(1)(2)
 4,466  8,619 
Marqeta, Inc., Class A(1)
 44,178  271,695 
Mastercard, Inc., Class A
 67,447  27,831,330 
Merchants Bancorp
 7,032  205,123 
MGIC Investment Corp.
 130,238  2,289,584 
Mr. Cooper Group, Inc.(1)
 24,990  1,415,933 
NewtekOne, Inc.(2)
 836  14,973 
NMI Holdings, Inc., Class A(1)
 40,644  1,163,231 
Ocwen Financial Corp.(1)
 2,159  65,331 
Payoneer Global, Inc.(1)
 93,098  576,277 
PayPal Holdings, Inc.(1)
 63,942  3,997,014 
Paysafe Ltd.(1)
 722  9,458 
PennyMac Financial Services, Inc.
 10,684  766,791 
Radian Group, Inc.
 70,534  1,910,061 
Shift4 Payments, Inc., Class A(1)
 5,447  309,335 
TFS Financial Corp.
 5,680  77,305 
Toast, Inc., Class A(1)
 19,976  442,868 
Visa, Inc., Class A
 136,738  33,593,792 
Voya Financial, Inc.
 29,272  2,039,673 
Walker & Dunlop, Inc.
 11,305  964,769 
Waterstone Financial, Inc.
 4,082  50,658 
Western Union Co.
 65,120  804,232 
WEX, Inc.(1)
 6,753  1,324,804 
132,231,136 
Food Products — 1.0%
Alico, Inc.
 400  9,412 
Archer-Daniels-Midland Co.
 77,300  6,129,890 
B&G Foods, Inc.
 27,251  348,540 
Beyond Meat, Inc.(1)
 2,397  28,285 
Bunge Ltd.
 46,300  5,293,016 
Calavo Growers, Inc.
 3,969  130,818 
Cal-Maine Foods, Inc.
 16,348  781,271 
Campbell Soup Co.
 14,824  618,161 
Conagra Brands, Inc.
 14,038  419,455 
Darling Ingredients, Inc.(1)
 31,835  1,966,130 
Dole PLC
 13,593  162,029 
Farmer Bros Co.(1)
 1,836  3,874 
Flowers Foods, Inc.
 37,967  894,502 
Fresh Del Monte Produce, Inc.
 9,281  237,130 
General Mills, Inc.
 25,881  1,751,108 
Hershey Co.
 18,566  3,989,091 
Hormel Foods Corp.
 22,474  867,272 
Hostess Brands, Inc.(1)
 29,819  849,245 
Ingredion, Inc.
 21,177  2,179,325 
J & J Snack Foods Corp.
 1,918  310,965 
60

Avantis U.S. Equity ETF
Shares Value
J M Smucker Co.
 13,472  $ 1,952,766 
John B Sanfilippo & Son, Inc.
 4,484  449,969 
Kellogg Co.
 20,186  1,231,750 
Kraft Heinz Co.
 80,054  2,648,987 
Lamb Weston Holdings, Inc.
 36,270  3,533,061 
Lancaster Colony Corp.
 3,165  522,826 
Lifecore Biomedical, Inc.(1)
 6,369  50,952 
Limoneira Co.
 913  14,069 
McCormick & Co., Inc.
 8,040  659,923 
Mission Produce, Inc.(1)
 11,592  110,356 
Mondelez International, Inc., Class A
 64,382  4,587,861 
Pilgrim's Pride Corp.(1)
 14,071  354,026 
Post Holdings, Inc.(1)
 1,439  129,093 
Seaboard Corp.
 75  282,775 
Seneca Foods Corp., Class A(1)
 1,556  75,093 
Simply Good Foods Co.(1)
 16,119  581,573 
Sovos Brands, Inc.(1)
 4,280  95,872 
Tootsie Roll Industries, Inc.
 2,714  87,255 
Tyson Foods, Inc., Class A
 43,965  2,342,016 
Utz Brands, Inc.
 463  7,149 
46,686,891 
Gas Utilities — 0.2%
Atmos Energy Corp.
 23,960  2,778,162 
Chesapeake Utilities Corp.
 3,556  391,516 
National Fuel Gas Co.
 22,562  1,212,482 
New Jersey Resources Corp.
 11,336  478,039 
Northwest Natural Holding Co.
 8,889  349,160 
ONE Gas, Inc.
 14,007  1,015,087 
Southwest Gas Holdings, Inc.
 4,199  260,044 
Spire, Inc.
 4,707  274,936 
Star Group LP
 932  10,932 
UGI Corp.
 25,725  647,756 
7,418,114 
Ground Transportation — 1.8%
ArcBest Corp.
 12,392  1,308,471 
Avis Budget Group, Inc.(1)
 1,210  258,202 
Covenant Logistics Group, Inc.
 3,574  175,734 
CSX Corp.
 428,848  12,951,210 
Daseke, Inc.(1)
 21,314  112,964 
Heartland Express, Inc.
 17,092  257,918 
Hertz Global Holdings, Inc.(1)
 61,926  1,049,646 
JB Hunt Transport Services, Inc.
 27,683  5,201,082 
Knight-Swift Transportation Holdings, Inc.
 46,318  2,539,153 
Landstar System, Inc.
 16,445  3,121,426 
Marten Transport Ltd.
 27,276  572,796 
Norfolk Southern Corp.
 47,943  9,828,794 
Old Dominion Freight Line, Inc.
 27,225  11,635,148 
PAM Transportation Services, Inc.(1)
 1,111  25,620 
RXO, Inc.(1)
 19,766  357,369 
Ryder System, Inc.
 23,243  2,340,570 
Saia, Inc.(1)
 10,882  4,637,908 
61

Avantis U.S. Equity ETF
Shares Value
Schneider National, Inc., Class B
 17,303  $ 500,230 
Uber Technologies, Inc.(1)
 62,366  2,945,546 
U-Haul Holding Co.
 2,660  151,540 
U-Haul Holding Co.
 35,454  1,887,571 
Union Pacific Corp.
 95,148  20,986,794 
Universal Logistics Holdings, Inc.
 3,850  104,412 
Werner Enterprises, Inc.
 26,046  1,083,774 
XPO, Inc.(1)
 16,879  1,259,680 
85,293,558 
Health Care Equipment and Supplies — 1.7%
Abbott Laboratories
 107,142  11,024,912 
Align Technology, Inc.(1)
 9,030  3,342,364 
Alphatec Holdings, Inc.(1)
 5,185  84,775 
AngioDynamics, Inc.(1)
 3,255  26,138 
Apyx Medical Corp.(1)
 34  158 
Atrion Corp.
 263  122,321 
Avanos Medical, Inc.(1)
 8,732  183,721 
Axogen, Inc.(1)
 1,813  11,349 
Baxter International, Inc.
 18,163  737,418 
Becton Dickinson & Co.
 10,594  2,960,493 
Boston Scientific Corp.(1)
 74,001  3,991,614 
Butterfly Network, Inc.(1)(2)
 15,960  28,249 
Contra Abiomed, Inc.(1)
 3,336  3,403 
Cooper Cos., Inc.
 6,741  2,494,103 
CVRx, Inc.(1)
 295  5,118 
DENTSPLY SIRONA, Inc.
 24,753  918,089 
Dexcom, Inc.(1)
 32,400  3,271,752 
Edwards Lifesciences Corp.(1)
 54,135  4,139,703 
Embecta Corp.
 4,026  73,797 
Enovis Corp.(1)
 10,495  588,140 
Envista Holdings Corp.(1)
 12,295  393,686 
Establishment Labs Holdings, Inc.(1)
 1,438  86,812 
GE HealthCare Technologies, Inc.
 17,669  1,244,781 
Glaukos Corp.(1)
 416  31,258 
Globus Medical, Inc., Class A(1)
 11,293  610,951 
Haemonetics Corp.(1)
 11,138  999,413 
Hologic, Inc.(1)
 55,887  4,176,994 
IDEXX Laboratories, Inc.(1)
 12,280  6,280,115 
Inogen, Inc.(1)
 2,676  16,618 
Inspire Medical Systems, Inc.(1)
 1,735  393,637 
Insulet Corp.(1)
 3,546  679,804 
Integra LifeSciences Holdings Corp.(1)
 12,015  511,118 
Intuitive Surgical, Inc.(1)
 24,039  7,516,515 
iRadimed Corp.
 608  28,108 
LeMaitre Vascular, Inc.
 332  19,193 
LENSAR, Inc.(1)
 146  496 
Masimo Corp.(1)
 4,764  544,430 
Medtronic PLC
 68,012  5,542,978 
Merit Medical Systems, Inc.(1)
 2,041  133,236 
Neogen Corp.(1)
 4,532  104,780 
Nevro Corp.(1)
 2,883  57,775 
62

Avantis U.S. Equity ETF
Shares Value
NuVasive, Inc.(1)
 10,991  $ 436,892 
Omnicell, Inc.(1)
 3,988  226,758 
OraSure Technologies, Inc.(1)
 16,373  105,770 
Orthofix Medical, Inc.(1)
 5,334  112,867 
Outset Medical, Inc.(1)
 6,475  88,125 
Penumbra, Inc.(1)
 2,827  747,742 
Pulmonx Corp.(1)
 2,904  30,376 
QuidelOrtho Corp.(1)
 14,885  1,225,929 
ResMed, Inc.
 7,547  1,204,426 
Shockwave Medical, Inc.(1)
 2,426  534,666 
Sight Sciences, Inc.(1)
 3,566  23,393 
STERIS PLC
 8,755  2,010,060 
Stryker Corp.
 13,943  3,953,538 
Teleflex, Inc.
 5,265  1,120,076 
UFP Technologies, Inc.(1)
 816  143,379 
Utah Medical Products, Inc.
 646  59,174 
Varex Imaging Corp.(1)
 6,506  127,973 
Zimmer Biomet Holdings, Inc.
 22,337  2,660,783 
Zimvie, Inc.(1)
 5,178  61,100 
Zynex, Inc.(1)(2)
 5,148  39,640 
78,292,982 
Health Care Providers and Services — 1.9%
Acadia Healthcare Co., Inc.(1)
 8,047  620,424 
Accolade, Inc.(1)
 9,420  127,076 
AdaptHealth Corp.(1)
 2,813  33,559 
Addus HomeCare Corp.(1)
 870  76,299 
agilon health, Inc.(1)(2)
 17,415  308,594 
Amedisys, Inc.(1)
 674  63,187 
AMN Healthcare Services, Inc.(1)
 11,978  1,058,616 
Apollo Medical Holdings, Inc.(1)
 3,144  119,032 
Brookdale Senior Living, Inc.(1)
 85,253  362,325 
Cardinal Health, Inc.
 16,669  1,455,704 
Castle Biosciences, Inc.(1)
 4,009  79,899 
Cencora, Inc.
 18,737  3,297,337 
Centene Corp.(1)
 86,184  5,313,244 
Chemed Corp.
 2,682  1,371,682 
Cigna Group
 10,937  3,021,456 
Community Health Systems, Inc.(1)
 9,160  30,961 
CorVel Corp.(1)
 2,667  577,272 
Cross Country Healthcare, Inc.(1)
 17,851  459,842 
CVS Health Corp.
 50,798  3,310,506 
DaVita, Inc.(1)
 5,495  562,798 
Elevance Health, Inc.
 25,197  11,137,326 
Encompass Health Corp.
 9,306  661,098 
Enhabit, Inc.(1)
 1,164  14,911 
Ensign Group, Inc.
 16,019  1,605,424 
Fulgent Genetics, Inc.(1)
 7,703  252,350 
Guardant Health, Inc.(1)
 4,491  175,508 
HCA Healthcare, Inc.
 10,240  2,839,552 
HealthEquity, Inc.(1)
 3,391  229,062 
Henry Schein, Inc.(1)
 9,836  752,847 
63

Avantis U.S. Equity ETF
Shares Value
Humana, Inc.
 25,705  $ 11,866,199 
Joint Corp.(1)
 718  6,670 
Laboratory Corp. of America Holdings
 10,751  2,237,283 
McKesson Corp.
 7,064  2,912,628 
ModivCare, Inc.(1)
 4,262  136,810 
Molina Healthcare, Inc.(1)
 18,330  5,684,500 
National HealthCare Corp.
 3,099  204,379 
National Research Corp.
 4,055  169,499 
NeoGenomics, Inc.(1)
 24,931  374,713 
OPKO Health, Inc.(1)(2)
 63,510  116,223 
Option Care Health, Inc.(1)
 4,484  156,178 
Owens & Minor, Inc.(1)
 17,168  290,139 
Patterson Cos., Inc.
 27,006  811,260 
Pediatrix Medical Group, Inc.(1)
 576  8,139 
Pennant Group, Inc.(1)
 2,628  31,483 
PetIQ, Inc.(1)
 2,644  50,448 
Premier, Inc., Class A
 34,703  747,156 
Quest Diagnostics, Inc.
 5,926  779,269 
R1 RCM, Inc.(1)
 342  5,896 
RadNet, Inc.(1)
 56  1,871 
Select Medical Holdings Corp.
 2,995  87,484 
Surgery Partners, Inc.(1)
 1,529  55,442 
Tenet Healthcare Corp.(1)
 7,602  589,611 
UnitedHealth Group, Inc.
 45,776  21,815,926 
Universal Health Services, Inc., Class B
 12,867  1,733,185 
90,790,282 
Health Care Technology — 0.1%
American Well Corp., Class A(1)
 45,914  65,198 
Doximity, Inc., Class A(1)
 9,152  218,184 
Health Catalyst, Inc.(1)
 9,505  111,113 
HealthStream, Inc.
 3,987  83,847 
NextGen Healthcare, Inc.(1)
 1,013  18,447 
OptimizeRx Corp.(1)
 792  6,748 
Simulations Plus, Inc.
 1,366  60,773 
Teladoc Health, Inc.(1)
 17,471  395,543 
Veeva Systems, Inc., Class A(1)
 11,387  2,376,467 
Veradigm, Inc.(1)
 30,532  408,518 
3,744,838 
Hotels, Restaurants and Leisure — 2.1%
Accel Entertainment, Inc.(1)
 21,652  257,442 
Airbnb, Inc., Class A(1)
 39,752  5,229,376 
Aramark 10,202  379,310 
Bally's Corp.(1)
 2,841  47,161 
BJ's Restaurants, Inc.(1)
 7,831  230,310 
Bloomin' Brands, Inc.
 30,399  852,996 
Bluegreen Vacations Holding Corp.
 243  8,714 
Booking Holdings, Inc.(1)
 3,354  10,414,271 
Bowlero Corp.(1)
 4,749  52,239 
Boyd Gaming Corp.
 30,333  2,028,368 
Brinker International, Inc.(1)
 3,716  121,625 
Caesars Entertainment, Inc.(1)
 9,028  498,887 
64

Avantis U.S. Equity ETF
Shares Value
Carnival Corp.(1)
 189,901  $ 3,004,234 
Carrols Restaurant Group, Inc.(1)
 7,822  54,597 
Century Casinos, Inc.(1)
 2,996  19,474 
Cheesecake Factory, Inc.
 25,293  805,582 
Chipotle Mexican Grill, Inc.(1)
 5,170  9,960,729 
Choice Hotels International, Inc.(2)
 7,654  971,293 
Churchill Downs, Inc.
 11,777  1,475,422 
Chuy's Holdings, Inc.(1)
 7,156  272,644 
Cracker Barrel Old Country Store, Inc.(2)
 11,311  932,366 
Darden Restaurants, Inc.
 38,818  6,036,587 
Dave & Buster's Entertainment, Inc.(1)
 7,015  275,479 
Denny's Corp.(1)
 3,625  34,546 
Dine Brands Global, Inc.
 1,020  55,876 
Domino's Pizza, Inc.
 1,963  760,466 
DoorDash, Inc., Class A(1)
 23,995  2,018,699 
DraftKings, Inc., Class A(1)
 21,245  629,914 
El Pollo Loco Holdings, Inc.
 719  6,838 
Everi Holdings, Inc.(1)
 15,856  229,278 
Expedia Group, Inc.(1)
 15,707  1,702,482 
Fiesta Restaurant Group, Inc.(1)
 103  866 
Full House Resorts, Inc.(1)
 13,068  63,118 
Golden Entertainment, Inc.
 9,030  328,782 
Hilton Grand Vacations, Inc.(1)
 33,030  1,444,072 
Hilton Worldwide Holdings, Inc.
 14,587  2,168,357 
Hyatt Hotels Corp., Class A
 11,620  1,306,204 
Inspired Entertainment, Inc.(1)
 627  8,264 
International Game Technology PLC
 11,741  375,947 
Jack in the Box, Inc.
 1,530  122,966 
Las Vegas Sands Corp.
 25,052  1,374,353 
Life Time Group Holdings, Inc.(1)
 5,670  97,524 
Light & Wonder, Inc., Class A(1)
 2,852  218,663 
Lindblad Expeditions Holdings, Inc.(1)
 902  8,163 
Marriott International, Inc., Class A
 27,224  5,540,356 
Marriott Vacations Worldwide Corp.
 1,770  192,381 
McDonald's Corp.
 30,231  8,499,446 
MGM Resorts International(1)
 45,005  1,979,320 
Monarch Casino & Resort, Inc.
 6,226  419,632 
Noodles & Co.(1)
 20,200  56,156 
Norwegian Cruise Line Holdings Ltd.(1)
 123,933  2,053,570 
ONE Group Hospitality, Inc.(1)
 5,041  34,531 
Papa John's International, Inc.
 2,224  168,357 
Penn Entertainment, Inc.(1)
 32,289  764,926 
Planet Fitness, Inc., Class A(1)
 5,668  344,614 
Playa Hotels & Resorts NV(1)
 76,572  571,227 
PlayAGS, Inc.(1)
 1,675  11,440 
Potbelly Corp.(1)
 7,040  56,250 
RCI Hospitality Holdings, Inc.
 3,219  210,136 
Red Robin Gourmet Burgers, Inc.(1)
 6,644  68,898 
Red Rock Resorts, Inc., Class A
 12,594  553,254 
Royal Caribbean Cruises Ltd.(1)
 63,106  6,243,708 
Sabre Corp.(1)(2)
 21,443  107,215 
65

Avantis U.S. Equity ETF
Shares Value
SeaWorld Entertainment, Inc.(1)
 9,493  $ 462,309 
Shake Shack, Inc., Class A(1)
 6,601  462,070 
Six Flags Entertainment Corp.(1)
 6,143  141,043 
Starbucks Corp.
 53,081  5,172,213 
Super Group SGHC Ltd.(1)
 26,211  99,077 
Sweetgreen, Inc., Class A(1)
 9,947  142,839 
Target Hospitality Corp.(1)(2)
 14,651  232,951 
Texas Roadhouse, Inc.
 28,749  2,992,771 
Travel + Leisure Co.
 7,798  313,480 
Vail Resorts, Inc.
 2,907  657,912 
Wendy's Co.
 29,021  574,326 
Wingstop, Inc.
 2,309  370,918 
Wyndham Hotels & Resorts, Inc.
 9,102  686,200 
Wynn Resorts Ltd.
 9,528  965,949 
Xponential Fitness, Inc., Class A(1)
 1,323  28,656 
Yum! Brands, Inc.
 15,817  2,046,403 
100,109,018 
Household Durables — 1.3%
Bassett Furniture Industries, Inc.
 1,060  16,165 
Beazer Homes USA, Inc.(1)
 16,174  474,060 
Cavco Industries, Inc.(1)
 4,176  1,167,276 
Century Communities, Inc.
 13,790  1,023,907 
Cricut, Inc., Class A(2)
 6,960  65,842 
D.R. Horton, Inc.
 70,281  8,364,845 
Dream Finders Homes, Inc., Class A(1)(2)
 9,061  261,138 
Ethan Allen Interiors, Inc.
 12,793  401,444 
Garmin Ltd.
 21,649  2,295,227 
GoPro, Inc., Class A(1)
 27,918  101,482 
Green Brick Partners, Inc.(1)
 14,410  712,719 
Helen of Troy Ltd.(1)
 8,279  1,017,655 
Hooker Furnishings Corp.
 1,278  27,515 
Hovnanian Enterprises, Inc., Class A(1)
 1,955  232,332 
Installed Building Products, Inc.
 9,116  1,319,359 
iRobot Corp.(1)
 3,375  131,254 
KB Home
 28,386  1,442,009 
Landsea Homes Corp.(1)
 3,310  32,074 
La-Z-Boy, Inc.
 19,396  598,367 
Legacy Housing Corp.(1)
 2,643  59,917 
Leggett & Platt, Inc.
 16,511  465,610 
Lennar Corp., B Shares
 3,401  362,751 
Lennar Corp., Class A
 70,243  8,365,239 
LGI Homes, Inc.(1)
 4,808  591,865 
Lifetime Brands, Inc.
 8  50 
Lovesac Co.(1)
 1,171  26,839 
M/I Homes, Inc.(1)
 16,280  1,598,370 
MDC Holdings, Inc.
 29,721  1,410,261 
Meritage Homes Corp.
 16,025  2,228,116 
Mohawk Industries, Inc.(1)
 14,083  1,427,875 
Newell Brands, Inc.
 2,625  27,772 
NVR, Inc.(1)
 1,044  6,657,933 
PulteGroup, Inc.
 69,054  5,666,571 
66

Avantis U.S. Equity ETF
Shares Value
Purple Innovation, Inc.(2)
 7,791  $ 16,906 
Skyline Champion Corp.(1)
 26,016  1,854,160 
Sonos, Inc.(1)
 22,741  313,371 
Taylor Morrison Home Corp.(1)
 57,152  2,709,005 
Tempur Sealy International, Inc.
 24,517  1,145,434 
Toll Brothers, Inc.
 33,674  2,758,911 
TopBuild Corp.(1)
 2,391  693,581 
Tri Pointe Homes, Inc.(1)
 44,433  1,381,866 
Universal Electronics, Inc.(1)
 2,028  18,049 
VOXX International Corp.(1)
 887  7,664 
Whirlpool Corp.
 12,428  1,739,423 
61,212,209 
Household Products — 0.8%
Central Garden & Pet Co.(1)
 592  26,131 
Central Garden & Pet Co., Class A(1)
 13,042  532,114 
Church & Dwight Co., Inc.
 23,241  2,249,031 
Clorox Co.
 20,097  3,144,176 
Colgate-Palmolive Co.
 82,185  6,038,132 
Energizer Holdings, Inc.
 2,487  85,428 
Kimberly-Clark Corp.
 49,488  6,375,539 
Oil-Dri Corp. of America
 1,053  70,972 
Procter & Gamble Co.
 114,598  17,687,055 
Reynolds Consumer Products, Inc.
 537  14,655 
Spectrum Brands Holdings, Inc.
 5,453  453,526 
WD-40 Co.
 1,557  334,553 
37,011,312 
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp.
 227,115  4,072,172 
Brookfield Renewable Corp., Class A(2)
 14,816  414,107 
Clearway Energy, Inc., Class A
 6,660  156,110 
Clearway Energy, Inc., Class C
 16,432  407,021 
Montauk Renewables, Inc.(1)
 7,801  74,500 
NextEra Energy Partners LP
 14,265  711,538 
Ormat Technologies, Inc.
 10,272  780,056 
Sunnova Energy International, Inc.(1)(2)
 19,494  271,161 
Vistra Corp.
 93,027  2,922,908 
9,809,573 
Industrial Conglomerates — 0.5%
3M Co.
 51,960  5,542,573 
General Electric Co.
 85,451  9,780,721 
Honeywell International, Inc.
 36,289  6,820,155 
22,143,449 
Insurance — 3.5%
Aflac, Inc.
 114,708  8,553,776 
Allstate Corp.
 37,333  4,024,871 
Ambac Financial Group, Inc.(1)
 22,305  287,288 
American Equity Investment Life Holding Co.(1)
 40,484  2,173,181 
American Financial Group, Inc.
 26,135  3,029,569 
American International Group, Inc.
 172,037  10,067,605 
AMERISAFE, Inc.
 5,313  275,213 
Aon PLC, Class A
 15,402  5,134,873 
67

Avantis U.S. Equity ETF
Shares Value
Arch Capital Group Ltd.(1)
 77,066  $ 5,923,293 
Argo Group International Holdings Ltd.
 9,247  275,098 
Arthur J Gallagher & Co.
 17,764  4,094,247 
Assurant, Inc.
 9,265  1,290,893 
Assured Guaranty Ltd.
 15,384  905,195 
Axis Capital Holdings Ltd.
 37,848  2,076,341 
Brighthouse Financial, Inc.(1)
 22,070  1,095,996 
Brown & Brown, Inc.
 6,649  492,691 
Chubb Ltd.
 40,744  8,184,247 
Cincinnati Financial Corp.
 26,444  2,797,511 
CNA Financial Corp.
 5,092  200,268 
CNO Financial Group, Inc.
 61,156  1,431,050 
Donegal Group, Inc., Class A
 1,311  19,154 
eHealth, Inc.(1)
 1,340  10,479 
Employers Holdings, Inc.
 8,215  322,275 
Enstar Group Ltd.(1)
 3,204  811,541 
Erie Indemnity Co., Class A
 3,792  1,056,944 
Everest Re Group Ltd.
 9,124  3,290,844 
F&G Annuities & Life, Inc.
 4,998  141,493 
Fidelity National Financial, Inc.
 69,031  2,857,883 
First American Financial Corp.
 29,436  1,815,613 
Genworth Financial, Inc., Class A(1)
 171,726  994,294 
Globe Life, Inc.
 25,912  2,891,002 
Greenlight Capital Re Ltd., A Shares(1)
 2,295  25,314 
Hallmark Financial Services, Inc.(1)
 14  31 
Hanover Insurance Group, Inc.
 6,154  656,755 
Hartford Financial Services Group, Inc.
 103,061  7,401,841 
HCI Group, Inc.(2)
 848  45,182 
Hippo Holdings, Inc.(1)
 878  8,762 
Horace Mann Educators Corp.
 12,453  356,903 
James River Group Holdings Ltd.
 5,415  78,842 
Kemper Corp.
 10,026  470,921 
Kinsale Capital Group, Inc.
 4,551  1,814,165 
Lemonade, Inc.(1)(2)
 10,558  145,278 
Lincoln National Corp.
 24,149  619,663 
Loews Corp.
 41,980  2,606,538 
Markel Group, Inc.(1)
 2,196  3,247,708 
Marsh & McLennan Cos., Inc.
 27,331  5,329,272 
MBIA, Inc.(1)
 2,999  23,662 
Mercury General Corp.
 5,100  145,911 
MetLife, Inc.
 99,634  6,310,818 
National Western Life Group, Inc., Class A
 571  259,542 
Old Republic International Corp.
 89,964  2,460,515 
Oscar Health, Inc., Class A(1)
 41,801  262,092 
Palomar Holdings, Inc.(1)
 2,335  119,108 
Primerica, Inc.
 17,488  3,514,389 
Principal Financial Group, Inc.
 56,600  4,398,386 
ProAssurance Corp.
 12,114  214,176 
Progressive Corp.
 72,679  9,700,466 
Prudential Financial, Inc.
 86,744  8,212,055 
Reinsurance Group of America, Inc.
 21,248  2,945,398 
68

Avantis U.S. Equity ETF
Shares Value
RenaissanceRe Holdings Ltd.
 10,262  $ 1,928,127 
RLI Corp.
 8,302  1,091,879 
Ryan Specialty Holdings, Inc.(1)
 3,000  146,250 
Safety Insurance Group, Inc.
 3,896  268,318 
Selective Insurance Group, Inc.
 14,941  1,482,297 
Selectquote, Inc.(1)
 6,890  8,406 
SiriusPoint Ltd.(1)
 46,779  517,376 
Skyward Specialty Insurance Group, Inc.(1)
 3,934  95,675 
Stewart Information Services Corp.
 9,359  433,509 
Tiptree, Inc.
 3,227  56,860 
Travelers Cos., Inc.
 61,049  9,842,930 
United Fire Group, Inc.
 6,970  137,797 
Universal Insurance Holdings, Inc.
 5,876  74,390 
Unum Group
 64,201  3,158,047 
W R Berkley Corp.
 41,793  2,585,315 
White Mountains Insurance Group Ltd.
 686  1,089,841 
Willis Towers Watson PLC
 4,979  1,029,458 
161,844,896 
Interactive Media and Services — 4.5%
Alphabet, Inc., Class A(1)
 525,643  71,576,807 
Alphabet, Inc., Class C(1)
 447,424  61,453,686 
Cargurus, Inc.(1)
 49,151  890,125 
Cars.com, Inc.(1)
 32,323  604,117 
EverQuote, Inc., Class A(1)
 1,005  6,211 
IAC, Inc.(1)
 13,042  721,614 
Match Group, Inc.(1)
 11,302  529,725 
Meta Platforms, Inc., Class A(1)
 238,196  70,479,815 
Nextdoor Holdings, Inc.(1)
 6,500  14,105 
Pinterest, Inc., Class A(1)
 57,170  1,571,603 
QuinStreet, Inc.(1)
 7,048  69,775 
Shutterstock, Inc.
 5,139  216,403 
Snap, Inc., Class A(1)
 32,994  341,488 
TripAdvisor, Inc.(1)
 10,327  156,041 
TrueCar, Inc.(1)
 11,316  27,045 
Yelp, Inc.(1)
 14,055  602,257 
Ziff Davis, Inc.(1)
 6,199  413,163 
ZipRecruiter, Inc., Class A(1)
 19,275  292,787 
ZoomInfo Technologies, Inc.(1)
 12,948  233,323 
210,200,090 
IT Services — 1.1%
Accenture PLC, Class A
 52,284  16,927,991 
Akamai Technologies, Inc.(1)
 25,306  2,659,407 
Amdocs Ltd.
 12,563  1,120,619 
Cloudflare, Inc., Class A(1)
 8,257  536,953 
Cognizant Technology Solutions Corp., Class A
 85,515  6,123,729 
DigitalOcean Holdings, Inc.(1)(2)
 6,934  187,565 
DXC Technology Co.(1)
 73,570  1,525,842 
EPAM Systems, Inc.(1)
 6,609  1,711,665 
Gartner, Inc.(1)
 9,765  3,414,625 
Globant SA(1)
 3,427  700,719 
GoDaddy, Inc., Class A(1)
 9,840  713,498 
69

Avantis U.S. Equity ETF
Shares Value
Grid Dynamics Holdings, Inc.(1)
 2,936  $ 34,146 
Hackett Group, Inc.
 5,975  140,831 
International Business Machines Corp.
 58,322  8,563,419 
Kyndryl Holdings, Inc.(1)
 60,472  1,020,767 
MongoDB, Inc.(1)
 2,406  917,408 
Okta, Inc.(1)
 3,355  280,176 
Perficient, Inc.(1)
 2,304  146,972 
Snowflake, Inc., Class A(1)
 13,034  2,044,383 
Squarespace, Inc., Class A(1)
 4,092  123,374 
Twilio, Inc., Class A(1)
 20,692  1,318,287 
Unisys Corp.(1)
 1,565  6,307 
VeriSign, Inc.(1)
 5,192  1,078,846 
51,297,529 
Leisure Products — 0.2%
AMMO, Inc.(1)
 9,052  20,729 
Brunswick Corp.
 28,285  2,237,909 
Clarus Corp.
 2,005  14,416 
Funko, Inc., Class A(1)
 857  5,973 
Hasbro, Inc.
 6,947  500,184 
JAKKS Pacific, Inc.(1)
 881  17,338 
Johnson Outdoors, Inc., Class A
 538  30,080 
Malibu Boats, Inc., Class A(1)
 10,068  488,902 
Marine Products Corp.
 2  28 
MasterCraft Boat Holdings, Inc.(1)
 9,719  211,485 
Mattel, Inc.(1)
 41,232  913,701 
Peloton Interactive, Inc., Class A(1)
 8,833  56,355 
Polaris, Inc.
 22,429  2,514,067 
Smith & Wesson Brands, Inc.
 13,530  158,842 
Sturm Ruger & Co., Inc.
 8,603  443,743 
Topgolf Callaway Brands Corp.(1)
 24,153  421,228 
Vista Outdoor, Inc.(1)
 27,892  815,841 
YETI Holdings, Inc.(1)
 41,861  2,090,957 
10,941,778 
Life Sciences Tools and Services — 0.9%
10X Genomics, Inc., Class A(1)
 8,003  414,956 
AbCellera Biologics, Inc.(1)
 64,811  353,220 
Adaptive Biotechnologies Corp.(1)
 17,533  118,698 
Agilent Technologies, Inc.
 20,661  2,501,427 
Avantor, Inc.(1)
 17,824  385,890 
Azenta, Inc.(1)
 11,254  635,063 
Bio-Rad Laboratories, Inc., Class A(1)
 3,165  1,266,633 
Bio-Techne Corp.
 12,008  941,427 
Bruker Corp.
 19,906  1,305,834 
Charles River Laboratories International, Inc.(1)
 3,019  624,390 
Codexis, Inc.(1)
 1,783  3,102 
CryoPort, Inc.(1)
 4,299  60,616 
Cytek Biosciences, Inc.(1)
 5,971  45,380 
Danaher Corp.
 24,805  6,573,325 
Fortrea Holdings, Inc.(1)
 10,452  287,953 
Illumina, Inc.(1)
 9,396  1,552,407 
Inotiv, Inc.(1)
 2,334  8,729 
70

Avantis U.S. Equity ETF
Shares Value
IQVIA Holdings, Inc.(1)
 12,953  $ 2,883,726 
Maravai LifeSciences Holdings, Inc., Class A(1)
 29,120  301,101 
MaxCyte, Inc.(1)
 13,261  48,535 
Medpace Holdings, Inc.(1)
 4,388  1,185,945 
Mesa Laboratories, Inc.
 243  34,836 
Mettler-Toledo International, Inc.(1)
 3,179  3,857,653 
OmniAb, Inc.(1)
 8,143  47,229 
OmniAb, Inc.(1)
 1,555  5,577 
OmniAb, Inc.(1)
 1,555  5,305 
Quanterix Corp.(1)
 7,397  198,240 
Quantum-Si, Inc.(1)(2)
 8,490  19,867 
Repligen Corp.(1)
 4,344  755,465 
Revvity, Inc.
 7,398  865,788 
Seer, Inc.(1)
 6,973  18,339 
SomaLogic, Inc.(1)(2)
 20,642  45,619 
Sotera Health Co.(1)
 14,731  237,758 
Syneos Health, Inc.(1)
 1,502  64,180 
Thermo Fisher Scientific, Inc.
 14,101  7,855,667 
Waters Corp.(1)
 10,333  2,901,506 
West Pharmaceutical Services, Inc.
 11,053  4,497,466 
42,908,852 
Machinery — 2.6%
3D Systems Corp.(1)
 11,227  70,842 
AGCO Corp.
 25,785  3,339,931 
Alamo Group, Inc.
 1,996  342,613 
Albany International Corp., Class A
 8,912  826,321 
Allison Transmission Holdings, Inc.
 14,398  870,359 
Astec Industries, Inc.
 5,277  289,285 
Barnes Group, Inc.
 9,775  384,157 
Blue Bird Corp.(1)
 761  16,628 
Caterpillar, Inc.
 85,738  24,103,524 
Chart Industries, Inc.(1)
 3,109  561,423 
Columbus McKinnon Corp.
 1,315  49,536 
Commercial Vehicle Group, Inc.(1)
 12,092  111,367 
Crane Co.
 6,433  586,175 
Cummins, Inc.
 24,048  5,532,002 
Deere & Co.
 47,840  19,659,370 
Desktop Metal, Inc., Class A(1)
 15,754  28,357 
Donaldson Co., Inc.
 41,407  2,644,665 
Dover Corp.
 6,879  1,020,156 
Enerpac Tool Group Corp.
 7,874  206,299 
EnPro Industries, Inc.
 2,848  388,439 
Esab Corp.
 2,456  177,249 
ESCO Technologies, Inc.
 4,564  488,394 
Flowserve Corp.
 5,431  214,905 
Fortive Corp.
 15,396  1,213,975 
Franklin Electric Co., Inc.
 5,518  533,646 
Gates Industrial Corp. PLC(1)
 24,477  300,578 
Gorman-Rupp Co.
 411  13,209 
Graco, Inc.
 29,324  2,314,836 
Graham Corp.(1)
 1,974  31,584 
71

Avantis U.S. Equity ETF
Shares Value
Greenbrier Cos., Inc.
 14,309  $ 608,991 
Helios Technologies, Inc.
 4,119  238,408 
Hillenbrand, Inc.
 8,133  393,962 
Hillman Solutions Corp.(1)
 27,460  248,513 
Hyliion Holdings Corp.(1)(2)
 15,309  18,677 
Hyster-Yale Materials Handling, Inc.
 3,525  160,987 
IDEX Corp.
 5,158  1,167,771 
Illinois Tool Works, Inc.
 28,434  7,033,150 
Ingersoll Rand, Inc.
 35,652  2,481,736 
ITT, Inc.
 14,757  1,509,346 
John Bean Technologies Corp.
 612  67,265 
Kadant, Inc.
 2,339  513,972 
Kennametal, Inc.
 27,059  716,252 
Lincoln Electric Holdings, Inc.
 15,394  2,962,729 
Lindsay Corp.
 2,436  302,308 
Manitowoc Co., Inc.(1)
 8,155  137,983 
Mayville Engineering Co., Inc.(1)
 2,607  30,606 
Microvast Holdings, Inc.(1)(2)
 18,299  40,807 
Middleby Corp.(1)
 4,252  619,049 
Miller Industries, Inc.
 1,764  70,560 
Mueller Industries, Inc.
 28,267  2,181,082 
Mueller Water Products, Inc., Class A
 40,162  567,087 
Nikola Corp.(1)
 34,423  40,619 
Nordson Corp.
 3,820  932,615 
Omega Flex, Inc.
 433  36,242 
Oshkosh Corp.
 10,904  1,132,162 
Otis Worldwide Corp.
 23,372  1,999,475 
PACCAR, Inc.
 125,670  10,341,384 
Parker-Hannifin Corp.
 10,487  4,372,030 
Park-Ohio Holdings Corp.
 42  786 
Pentair PLC
 6,526  458,517 
Proto Labs, Inc.(1)
 3,933  116,023 
RBC Bearings, Inc.(1)
 2,712  625,224 
REV Group, Inc.
 10,568  143,513 
Snap-on, Inc.
 11,484  3,084,602 
Standex International Corp.
 2,695  414,033 
Stanley Black & Decker, Inc.
 6,607  623,569 
Symbotic, Inc.(1)(2)
 1,225  51,193 
Tennant Co.
 3,793  312,657 
Terex Corp.
 29,831  1,808,057 
Timken Co.
 20,978  1,603,139 
Titan International, Inc.(1)
 25,337  318,993 
Toro Co.
 16,304  1,668,225 
Trinity Industries, Inc.
 20,401  511,453 
Velo3D, Inc.(1)
 3,791  5,990 
Wabash National Corp.
 25,639  578,159 
Watts Water Technologies, Inc., Class A
 5,200  981,604 
Westinghouse Air Brake Technologies Corp.
 12,202  1,372,969 
Xylem, Inc.
 16,664  1,725,391 
123,649,690 
72

Avantis U.S. Equity ETF
Shares Value
Marine Transportation — 0.1%
Costamare, Inc.
 12,899  $ 132,988 
Eagle Bulk Shipping, Inc.(2)
 5,192  227,202 
Genco Shipping & Trading Ltd.
 20,706  283,051 
Kirby Corp.(1)
 17,052  1,412,417 
Matson, Inc.
 18,077  1,588,607 
Pangaea Logistics Solutions Ltd.
 3,736  21,071 
Safe Bulkers, Inc.(2)
 26,385  84,696 
3,750,032 
Media — 1.0%
Altice USA, Inc., Class A(1)
 20,711  63,583 
AMC Networks, Inc., Class A(1)
 11,416  132,882 
Boston Omaha Corp., Class A(1)
 3,267  57,761 
Cable One, Inc.
 2,018  1,312,850 
Charter Communications, Inc., Class A(1)
 6,869  3,009,446 
Comcast Corp., Class A
 514,386  24,052,689 
Cumulus Media, Inc., Class A(1)
 4,685  21,738 
Daily Journal Corp.(1)
 69  20,341 
DISH Network Corp., Class A(1)
 47,758  286,548 
E.W. Scripps Co., Class A(1)
 572  4,370 
Emerald Holding, Inc.(1)
 284  1,198 
Entravision Communications Corp., Class A
 25,921  99,277 
Fox Corp., Class A
 89,908  2,972,359 
Fox Corp., Class B
 42,995  1,312,207 
Gambling.com Group Ltd.(1)
 3,902  55,330 
Gannett Co., Inc.(1)
 2,392  6,961 
Gray Television, Inc.
 21,858  176,176 
iHeartMedia, Inc., Class A(1)
 8,717  31,468 
Interpublic Group of Cos., Inc.
 18,935  617,470 
John Wiley & Sons, Inc., Class A
 1,862  69,192 
Liberty Broadband Corp., Class A(1)
 1,489  139,430 
Liberty Broadband Corp., Class C(1)
 16,239  1,519,321 
Liberty Media Corp.-Liberty SiriusXM, Class A(1)
 2,119  50,920 
Liberty Media Corp.-Liberty SiriusXM, Class C(1)
 6,592  161,109 
Magnite, Inc.(1)
 9,457  78,020 
New York Times Co., Class A
 32,600  1,443,202 
News Corp., Class A
 62,746  1,348,412 
News Corp., Class B
 18,329  403,238 
Nexstar Media Group, Inc., Class A
 5,081  827,187 
Omnicom Group, Inc.
 12,221  990,023 
Paramount Global, Class B
 75,718  1,142,585 
PubMatic, Inc., Class A(1)
 12,783  177,684 
Scholastic Corp.
 9,903  430,285 
Sinclair, Inc.(2)
 3,662  46,214 
Sirius XM Holdings, Inc.
 25,864  113,802 
TechTarget, Inc.(1)
 1,823  52,411 
Thryv Holdings, Inc.(1)
 2,255  45,979 
Trade Desk, Inc., Class A(1)
 24,688  1,975,781 
WideOpenWest, Inc.(1)
 17,716  143,500 
45,392,949 
73

Avantis U.S. Equity ETF
Shares Value
Metals and Mining — 1.5%
Alcoa Corp.
 59,757  $ 1,797,491 
Alpha Metallurgical Resources, Inc.
 7,052  1,430,428 
Arch Resources, Inc.
 10,023  1,309,004 
ATI, Inc.(1)
 54,760  2,482,271 
Carpenter Technology Corp.
 11,859  742,729 
Century Aluminum Co.(1)
 13,541  100,745 
Cleveland-Cliffs, Inc.(1)
 210,334  3,216,007 
Coeur Mining, Inc.(1)
 61,319  147,779 
Commercial Metals Co.
 55,798  3,140,869 
Compass Minerals International, Inc.
 17,961  541,524 
Fortitude Gold Corp.
 744  4,523 
Freeport-McMoRan, Inc.
 298,637  11,918,603 
Gatos Silver, Inc.(1)
 13,616  62,225 
Haynes International, Inc.
 2,802  136,766 
Hecla Mining Co.
 137,775  604,832 
Kaiser Aluminum Corp.
 5,268  399,947 
Materion Corp.
 4,190  455,830 
McEwen Mining, Inc.(1)
 4,167  33,711 
MP Materials Corp.(1)
 26,671  558,491 
Newmont Corp.
 166,935  6,580,578 
Nucor Corp.
 73,077  12,576,552 
Olympic Steel, Inc.
 5,771  308,864 
Ramaco Resources, Inc., Class A
 8,430  66,091 
Ramaco Resources, Inc., Class B
 1,686  18,276 
Reliance Steel & Aluminum Co.
 21,033  5,993,564 
Royal Gold, Inc.
 14,443  1,618,916 
Ryerson Holding Corp.
 13,755  428,331 
Schnitzer Steel Industries, Inc., Class A
 11,543  383,228 
Steel Dynamics, Inc.
 63,884  6,809,395 
SunCoke Energy, Inc.
 46,980  436,914 
TimkenSteel Corp.(1)
 20,940  458,795 
Tredegar Corp.
 6,485  32,619 
United States Steel Corp.
 94,495  2,937,849 
Warrior Met Coal, Inc.
 28,562  1,129,913 
Worthington Industries, Inc.
 8,850  666,139 
69,529,799 
Multi-Utilities — 0.7%
Ameren Corp.
 40,215  3,187,843 
Avista Corp.
 15,768  524,917 
Black Hills Corp.
 3,750  206,250 
CenterPoint Energy, Inc.
 101,927  2,842,744 
CMS Energy Corp.
 28,069  1,577,197 
Consolidated Edison, Inc.
 57,289  5,096,429 
Dominion Energy, Inc.
 67,463  3,274,654 
DTE Energy Co.
 19,386  2,004,125 
NiSource, Inc.
 90,985  2,434,759 
NorthWestern Corp.
 11,590  584,136 
Public Service Enterprise Group, Inc.
 82,819  5,058,584 
Sempra 56,911  3,996,290 
Unitil Corp.
 4,441  216,810 
74

Avantis U.S. Equity ETF
Shares Value
WEC Energy Group, Inc.
 22,310  $ 1,876,717 
32,881,455 
Oil, Gas and Consumable Fuels — 7.8%
Aemetis, Inc.(1)
 1,036  5,190 
Amplify Energy Corp.(1)
 1,985  12,982 
Antero Midstream Corp.
 113,317  1,373,402 
Antero Resources Corp.(1)
 102,049  2,823,696 
APA Corp.
 118,693  5,203,501 
Ardmore Shipping Corp.
 13,817  171,883 
Battalion Oil Corp.(1)
 293  1,696 
Berry Corp.
 32,637  279,699 
California Resources Corp.
 31,513  1,759,686 
Callon Petroleum Co.(1)
 33,258  1,304,711 
Centrus Energy Corp., Class A(1)
 438  20,787 
Cheniere Energy, Inc.
 34,218  5,584,378 
Chesapeake Energy Corp.
 52,716  4,650,078 
Chevron Corp.
 225,222  36,283,264 
Chord Energy Corp.
 16,798  2,712,877 
Civitas Resources, Inc.
 34,913  2,870,547 
Clean Energy Fuels Corp.(1)
 27,485  117,086 
CNX Resources Corp.(1)
 79,236  1,770,925 
Comstock Resources, Inc.(2)
 56,263  689,784 
ConocoPhillips 212,365  25,277,806 
CONSOL Energy, Inc.
 14,167  1,218,929 
Coterra Energy, Inc.
 261,461  7,370,586 
Crescent Energy Co., Class A(2)
 21,275  289,978 
CVR Energy, Inc.
 14,008  458,062 
Delek US Holdings, Inc.
 34,993  901,070 
Denbury, Inc.(1)
 23,379  2,141,049 
Devon Energy Corp.
 182,152  9,306,146 
DHT Holdings, Inc.
 38,201  353,359 
Diamondback Energy, Inc.
 59,833  9,081,453 
Dorian LPG Ltd.
 18,295  472,011 
DT Midstream, Inc.
 24,978  1,306,100 
Earthstone Energy, Inc., Class A(1)
 31,582  643,641 
EnLink Midstream LLC(1)
 107,020  1,331,329 
EOG Resources, Inc.
 126,604  16,283,806 
EQT Corp.
 123,894  5,354,699 
Equitrans Midstream Corp.
 225,476  2,164,570 
Evolution Petroleum Corp.
 12,414  105,022 
Excelerate Energy, Inc., Class A
 1,927  35,842 
Exxon Mobil Corp.
 483,265  53,734,235 
Green Plains, Inc.(1)
 15,932  494,529 
Gulfport Energy Corp.(1)
 6,906  814,908 
Hallador Energy Co.(1)
 6,528  70,111 
Hess Corp.
 76,278  11,784,951 
Hess Midstream LP, Class A
 15,892  459,279 
HF Sinclair Corp.
 60,609  3,338,950 
HighPeak Energy, Inc.(2)
 6,385  94,051 
International Seaways, Inc.
 22,802  979,802 
Kimbell Royalty Partners LP
 27,641  424,289 
75

Avantis U.S. Equity ETF
Shares Value
Kinder Morgan, Inc.
 222,160  $ 3,825,595 
Kinetik Holdings, Inc.(2)
 479  16,818 
Kosmos Energy Ltd.(1)
 241,187  1,755,841 
Magnolia Oil & Gas Corp., Class A
 84,889  1,935,469 
Marathon Oil Corp.
 240,771  6,344,316 
Marathon Petroleum Corp.
 111,535  15,923,852 
Matador Resources Co.
 51,499  3,270,187 
Murphy Oil Corp.
 70,760  3,212,504 
NACCO Industries, Inc., Class A
 767  25,004 
New Fortress Energy, Inc.(2)
 8,654  268,620 
Nordic American Tankers Ltd.
 63,493  248,258 
Northern Oil & Gas, Inc.
 42,108  1,761,378 
Occidental Petroleum Corp.
 157,031  9,859,977 
ONEOK, Inc.
 130,509  8,509,187 
Overseas Shipholding Group, Inc., Class A(1)
 20,651  90,864 
Ovintiv, Inc.
 100,202  4,705,486 
Par Pacific Holdings, Inc.(1)
 33,994  1,167,694 
PBF Energy, Inc., Class A
 58,744  2,754,506 
Peabody Energy Corp.
 58,359  1,259,387 
Permian Resources Corp.
 97,489  1,382,394 
Phillips 66
 109,140  12,459,422 
PHX Minerals, Inc.
 28  97 
Pioneer Natural Resources Co.
 51,159  12,172,261 
Plains GP Holdings LP, Class A(1)
 67,788  1,087,320 
Range Resources Corp.
 107,255  3,472,917 
REX American Resources Corp.(1)
 6,122  241,758 
Riley Exploration Permian, Inc.
 1,214  40,657 
Ring Energy, Inc.(1)
 28,089  53,088 
SandRidge Energy, Inc.
 14,867  237,723 
Scorpio Tankers, Inc.
 17,749  896,502 
SFL Corp. Ltd.
 55,500  627,150 
SilverBow Resources, Inc.(1)
 6,028  257,878 
Sitio Royalties Corp., Class A
 20,607  523,418 
SM Energy Co.
 60,366  2,554,085 
Southwestern Energy Co.(1)
 504,041  3,417,398 
Talos Energy, Inc.(1)
 42,888  738,531 
Targa Resources Corp.
 78,646  6,783,218 
Teekay Corp.(1)
 29,597  189,717 
Teekay Tankers Ltd., Class A
 12,134  493,611 
Texas Pacific Land Corp.
 1,987  3,744,998 
Uranium Energy Corp.(1)
 48,276  208,552 
VAALCO Energy, Inc.
 46,921  194,253 
Valero Energy Corp.
 97,914  12,719,029 
Viper Energy Partners LP
 12,304  342,297 
Vital Energy, Inc.(1)
 8,039  484,671 
Vitesse Energy, Inc.
 11,665  271,095 
W&T Offshore, Inc.(1)
 8,888  36,263 
Williams Cos., Inc.
 260,415  8,992,130 
World Kinect Corp.
 18,733  410,253 
365,894,364 
76

Avantis U.S. Equity ETF
Shares Value
Paper and Forest Products — 0.1%
Clearwater Paper Corp.(1)
 8,935  $ 342,121 
Glatfelter Corp.(1)
 2,820  5,640 
Louisiana-Pacific Corp.
 31,961  1,996,924 
Mercer International, Inc.
 17,446  158,584 
Sylvamo Corp.
 20,778  867,897 
3,371,166 
Passenger Airlines — 0.4%
Alaska Air Group, Inc.(1)
 57,067  2,395,102 
Allegiant Travel Co.
 8,317  738,882 
American Airlines Group, Inc.(1)
 43,150  635,600 
Blade Air Mobility, Inc.(1)
 4,847  15,462 
Delta Air Lines, Inc.
 77,690  3,331,347 
Frontier Group Holdings, Inc.(1)
 8,571  53,826 
Hawaiian Holdings, Inc.(1)
 12,438  106,718 
JetBlue Airways Corp.(1)
 138,884  822,193 
Joby Aviation, Inc.(1)(2)
 40,720  303,364 
Mesa Air Group, Inc.(1)
 29  40 
SkyWest, Inc.(1)
 19,299  870,385 
Southwest Airlines Co.
 162,557  5,136,801 
Spirit Airlines, Inc.
 26,529  437,729 
Sun Country Airlines Holdings, Inc.(1)
 17,365  258,565 
United Airlines Holdings, Inc.(1)
 116,209  5,788,370 
20,894,384 
Personal Care Products — 0.3%
BellRing Brands, Inc.(1)
 389  16,144 
Coty, Inc., Class A(1)
 8,807  101,809 
Edgewell Personal Care Co.
 10,382  400,330 
elf Beauty, Inc.(1)
 5,358  743,208 
Estee Lauder Cos., Inc., Class A
 18,298  2,937,378 
Herbalife Ltd.(1)
 7,525  113,025 
Inter Parfums, Inc.
 3,302  461,388 
Kenvue, Inc.
 343,650  7,921,132 
Medifast, Inc.
 4,578  386,109 
Nature's Sunshine Products, Inc.(1)
 2  34 
Nu Skin Enterprises, Inc., Class A
 16,131  385,370 
Olaplex Holdings, Inc.(1)
 16,679  45,200 
Thorne HealthTech, Inc.(1)
 1,462  14,810 
USANA Health Sciences, Inc.(1)
 5,475  351,988 
13,877,925 
Pharmaceuticals — 3.1%
Aclaris Therapeutics, Inc.(1)
 5,910  44,207 
Albireo Pharma, Inc.(1)
 1,606  3,453 
Amneal Pharmaceuticals, Inc.(1)
 3,268  13,366 
Amphastar Pharmaceuticals, Inc.(1)
 11,748  626,286 
ANI Pharmaceuticals, Inc.(1)
 2,732  175,913 
Arvinas, Inc.(1)
 17,458  492,490 
Assertio Holdings, Inc.(1)(2)
 29,855  97,924 
ATAI Life Sciences NV(1)(2)
 9,588  14,670 
Atea Pharmaceuticals, Inc.(1)
 11,053  37,138 
Bristol-Myers Squibb Co.
 271,532  16,739,948 
77

Avantis U.S. Equity ETF
Shares Value
Cassava Sciences, Inc.(1)(2)
 1,104  $ 23,151 
Catalent, Inc.(1)
 14,405  719,818 
CinCor Pharma, Inc.(1)
 3,906  11,952 
Collegium Pharmaceutical, Inc.(1)
 11,579  271,180 
Concert Pharmaceuticals, Inc.(1)
 2,660  984 
Corcept Therapeutics, Inc.(1)
 26,114  854,711 
Edgewise Therapeutics, Inc.(1)
 6,983  43,644 
Elanco Animal Health, Inc.(1)
 43,901  535,592 
Eli Lilly & Co.
 67,222  37,254,432 
Fulcrum Therapeutics, Inc.(1)(2)
 10,997  60,813 
Harmony Biosciences Holdings, Inc.(1)
 10,972  397,735 
Innoviva, Inc.(1)
 29,729  379,045 
Intra-Cellular Therapies, Inc.(1)
 3,998  221,969 
Jazz Pharmaceuticals PLC(1)
 23,546  3,375,555 
Johnson & Johnson
 144,615  23,381,353 
Ligand Pharmaceuticals, Inc.(1)
 4,901  322,339 
Merck & Co., Inc.
 179,803  19,594,931 
NGM Biopharmaceuticals, Inc.(1)
 2,286  4,320 
Nuvation Bio, Inc.(1)
 25,350  41,574 
Oramed Pharmaceuticals, Inc.(1)(2)
 4,152  13,619 
Organon & Co.
 14,771  324,371 
Pacira BioSciences, Inc.(1)
 6,624  233,827 
Perrigo Co. PLC
 18,103  633,605 
Pfizer, Inc.
 638,899  22,604,247 
Phathom Pharmaceuticals, Inc.(1)
 748  10,764 
Phibro Animal Health Corp., Class A
 1,151  16,056 
Pliant Therapeutics, Inc.(1)
 526  8,879 
Prestige Consumer Healthcare, Inc.(1)
 11,851  691,269 
ProPhase Labs, Inc.(1)(2)
 3,387  14,496 
Radius Health, Inc.(1)
 996  10 
Reata Pharmaceuticals, Inc., Class A(1)
 2,217  374,673 
Revance Therapeutics, Inc.(1)
 3,852  67,911 
Royalty Pharma PLC, Class A
 34,919  1,041,285 
SIGA Technologies, Inc.(2)
 19,145  87,876 
Strongbridge Biopharma PLC(1)
 1,036  188 
Supernus Pharmaceuticals, Inc.(1)
 12,865  409,622 
Tarsus Pharmaceuticals, Inc.(1)
 2,445  42,812 
Terns Pharmaceuticals, Inc.(1)
 5,865  30,909 
Theravance Biopharma, Inc.(1)(2)
 13,204  125,702 
Viatris, Inc.
 426,314  4,582,875 
WaVe Life Sciences Ltd.(1)
 1,879  8,174 
Zevra Therapeutics, Inc.(1)
 1,927  9,770 
Zoetis, Inc.
 43,887  8,360,912 
145,434,345 
Professional Services — 1.1%
Alight, Inc., Class A(1)
 25,980  198,487 
ASGN, Inc.(1)
 2,085  171,304 
Asure Software, Inc.(1)
 1,405  17,619 
Automatic Data Processing, Inc.
 51,041  12,995,549 
Barrett Business Services, Inc.
 2,958  283,021 
Booz Allen Hamilton Holding Corp.
 16,720  1,894,543 
78

Avantis U.S. Equity ETF
Shares Value
Broadridge Financial Solutions, Inc., ADR
 12,236  $ 2,278,466 
CACI International, Inc., Class A(1)
 770  252,568 
CBIZ, Inc.(1)
 16,148  906,064 
Ceridian HCM Holding, Inc.(1)
 4,668  338,523 
Clarivate PLC(1)
 91,283  678,233 
Concentrix Corp.
 5,361  427,969 
Conduent, Inc.(1)
 4,885  15,339 
CRA International, Inc.
 1,540  167,290 
CSG Systems International, Inc.
 10,336  561,348 
Dun & Bradstreet Holdings, Inc.
 7,725  84,203 
Equifax, Inc.
 4,993  1,032,053 
ExlService Holdings, Inc.(1)
 16,584  484,750 
Exponent, Inc.
 9,523  855,737 
First Advantage Corp.
 7,526  104,988 
Franklin Covey Co.(1)
 5,473  233,533 
FTI Consulting, Inc.(1)
 2,490  462,692 
Genpact Ltd.
 11,273  420,821 
Heidrick & Struggles International, Inc.
 9,007  238,595 
Huron Consulting Group, Inc.(1)
 555  55,472 
IBEX Holdings Ltd.(1)
 4,339  84,871 
ICF International, Inc.
 585  79,010 
Insperity, Inc.
 8,222  833,135 
Jacobs Solutions, Inc.
 4,781  644,574 
KBR, Inc.
 16,089  989,795 
Kelly Services, Inc., Class A
 6,534  120,814 
Kforce, Inc.
 6,618  414,618 
Korn Ferry
 22,238  1,133,693 
Legalzoom.com, Inc.(1)
 6,113  69,749 
Leidos Holdings, Inc.
 6,065  591,398 
ManpowerGroup, Inc.
 13,045  1,028,859 
Maximus, Inc.
 6,789  548,687 
Paychex, Inc.
 56,692  6,929,463 
Paycom Software, Inc.
 7,611  2,244,027 
Paylocity Holding Corp.(1)
 3,605  722,803 
Planet Labs PBC(1)(2)
 46,496  151,112 
RCM Technologies, Inc.(1)
 565  11,605 
Resources Connection, Inc.
 11,003  170,657 
Robert Half International, Inc.
 41,518  3,070,671 
Science Applications International Corp.
 3,569  419,929 
SS&C Technologies Holdings, Inc.
 7,557  433,923 
TaskUS, Inc., Class A(1)
 3,651  36,145 
TransUnion 6,466  525,169 
TriNet Group, Inc.(1)
 14,728  1,633,777 
TrueBlue, Inc.(1)
 16,393  248,026 
TTEC Holdings, Inc.
 2,050  61,008 
Verisk Analytics, Inc.
 18,931  4,585,467 
Verra Mobility Corp.(1)
 23,875  424,736 
53,366,888 
Real Estate Management and Development — 0.4%
CBRE Group, Inc., Class A(1)
 52,602  4,473,800 
CoStar Group, Inc.(1)
 33,183  2,720,674 
79

Avantis U.S. Equity ETF
Shares Value
Cushman & Wakefield PLC(1)
 16,629  $ 152,821 
Douglas Elliman, Inc.
 25,791  64,735 
Five Point Holdings LLC, Class A(1)
 2,053  6,262 
Forestar Group, Inc.(1)
 7,855  223,946 
FRP Holdings, Inc.(1)
 435  24,782 
Howard Hughes Holdings, Inc.(1)
 8,765  689,367 
Jones Lang LaSalle, Inc.(1)
 10,934  1,889,395 
Kennedy-Wilson Holdings, Inc.
 44,830  715,935 
Marcus & Millichap, Inc.
 10,100  336,330 
Newmark Group, Inc., Class A
 44,611  316,292 
Opendoor Technologies, Inc.(1)
 110,161  429,628 
RE/MAX Holdings, Inc., Class A
 7,483  121,225 
Redfin Corp.(1)
 14,650  139,468 
RMR Group, Inc., Class A
 4,262  107,743 
Seritage Growth Properties, Class A(1)(2)
 3,909  29,513 
Tejon Ranch Co.(1)
 2,786  46,471 
Zillow Group, Inc., Class A(1)
 13,541  689,508 
Zillow Group, Inc., Class C(1)
 63,252  3,299,224 
16,477,119 
Semiconductors and Semiconductor Equipment — 5.9%
ACM Research, Inc., Class A(1)
 7,610  133,632 
Advanced Micro Devices, Inc.(1)
 107,223  11,335,616 
Allegro MicroSystems, Inc.(1)
 12,492  477,819 
Alpha & Omega Semiconductor Ltd.(1)
 7,716  243,440 
Amkor Technology, Inc.
 41,224  1,152,623 
Analog Devices, Inc.
 37,561  6,827,839 
Applied Materials, Inc.
 141,581  21,627,914 
Axcelis Technologies, Inc.(1)
 13,106  2,518,318 
AXT, Inc.(1)
 4,383  11,396 
Broadcom, Inc.
 25,747  23,761,649 
CEVA, Inc.(1)
 2,132  49,505 
Cirrus Logic, Inc.(1)
 16,827  1,380,487 
Cohu, Inc.(1)
 14,875  556,176 
Credo Technology Group Holding Ltd.(1)
 6,738  110,907 
Diodes, Inc.(1)
 20,415  1,670,968 
Enphase Energy, Inc.(1)
 20,168  2,551,857 
Entegris, Inc.
 9,806  993,054 
First Solar, Inc.(1)
 17,825  3,371,064 
FormFactor, Inc.(1)
 18,632  658,082 
GLOBALFOUNDRIES, Inc.(1)(2)
 19,386  1,071,076 
Ichor Holdings Ltd.(1)
 3,511  128,608 
Intel Corp.
 381,802  13,416,522 
KLA Corp.
 18,323  9,195,764 
Kulicke & Soffa Industries, Inc.
 26,201  1,355,378 
Lam Research Corp.
 27,064  19,009,754 
Lattice Semiconductor Corp.(1)
 13,863  1,348,315 
MACOM Technology Solutions Holdings, Inc.(1)
 1,062  89,803 
Magnachip Semiconductor Corp.(1)
 5,631  46,287 
Marvell Technology, Inc.
 49,499  2,883,317 
MaxLinear, Inc.(1)
 28,790  676,565 
Microchip Technology, Inc.
 53,208  4,354,543 
80

Avantis U.S. Equity ETF
Shares Value
Micron Technology, Inc.
 180,093  $ 12,595,704 
MKS Instruments, Inc.
 5,967  598,072 
Monolithic Power Systems, Inc.
 4,076  2,124,452 
NVE Corp.
 2,001  176,988 
NVIDIA Corp.
 105,682  52,159,351 
NXP Semiconductors NV
 23,016  4,734,852 
ON Semiconductor Corp.(1)
 122,093  12,021,277 
Onto Innovation, Inc.(1)
 9,206  1,279,450 
Photronics, Inc.(1)
 32,942  782,702 
Power Integrations, Inc.
 13,932  1,170,567 
Qorvo, Inc.(1)
 19,532  2,097,541 
QUALCOMM, Inc.
 135,529  15,522,136 
Rambus, Inc.(1)
 17,077  964,338 
Silicon Laboratories, Inc.(1)
 3,313  446,791 
SiTime Corp.(1)
 1,298  172,232 
Skyworks Solutions, Inc.
 38,199  4,153,759 
SMART Global Holdings, Inc.(1)
 30,509  788,047 
SolarEdge Technologies, Inc.(1)
 4,298  698,726 
Synaptics, Inc.(1)
 15,626  1,367,900 
Teradyne, Inc.
 35,800  3,861,746 
Texas Instruments, Inc.
 124,786  20,971,535 
Ultra Clean Holdings, Inc.(1)
 15,827  556,477 
Universal Display Corp.
 7,433  1,208,308 
Wolfspeed, Inc.(1)
 11,261  538,501 
273,999,730 
Software — 6.5%
A10 Networks, Inc.
 18,307  272,591 
ACI Worldwide, Inc.(1)
 13,656  331,568 
Adeia, Inc.
 30,678  308,621 
Adobe, Inc.(1)
 28,673  16,037,956 
Agilysys, Inc.(1)
 875  61,727 
Altair Engineering, Inc., Class A(1)
 1,161  77,183 
American Software, Inc., Class A
 3,664  42,246 
ANSYS, Inc.(1)
 4,061  1,294,931 
Appfolio, Inc., Class A(1)
 84  16,193 
Applied Digital Corp.(1)
 9,431  56,963 
AppLovin Corp., Class A(1)
 9,807  423,859 
Aspen Technology, Inc.(1)
 4,885  947,690 
Atlassian Corp., Class A(1)
 3,206  654,216 
Aurora Innovation, Inc.(1)(2)
 64,920  205,796 
Autodesk, Inc.(1)
 24,917  5,530,079 
Bentley Systems, Inc., Class B
 20,241  1,010,228 
BILL Holdings, Inc.(1)
 7,658  882,967 
Bit Digital, Inc.(1)
 34,231  80,443 
Black Knight, Inc.(1)
 4,322  327,435 
Blackbaud, Inc.(1)
 4,990  379,789 
Box, Inc., Class A(1)
 10,536  278,993 
C3.ai, Inc., Class A(1)(2)
 17,707  549,271 
Cadence Design Systems, Inc.(1)
 28,374  6,822,245 
CCC Intelligent Solutions Holdings, Inc.(1)
 4,399  47,069 
Cipher Mining, Inc.(1)(2)
 16,454  52,488 
81

Avantis U.S. Equity ETF
Shares Value
Cleanspark, Inc.(1)
 59,846  $ 295,041 
Clear Secure, Inc., Class A
 7,746  168,398 
CommVault Systems, Inc.(1)
 7,973  544,636 
Confluent, Inc., Class A(1)
 8,162  270,081 
Consensus Cloud Solutions, Inc.(1)
 1,369  43,712 
CoreCard Corp.(1)
 2,108  44,774 
Crowdstrike Holdings, Inc., Class A(1)
 17,134  2,793,356 
Datadog, Inc., Class A(1)
 8,889  857,611 
DocuSign, Inc.(1)
 11,293  568,038 
Dolby Laboratories, Inc., Class A
 9,670  816,825 
Domo, Inc., Class B(1)
 393  4,189 
DoubleVerify Holdings, Inc.(1)
 3,535  119,518 
Dropbox, Inc., Class A(1)
 15,871  441,055 
Dynatrace, Inc.(1)
 8,543  411,773 
Ebix, Inc.
 864  14,429 
Elastic NV(1)
 1,373  84,961 
Envestnet, Inc.(1)
 1,886  103,032 
Fair Isaac Corp.(1)
 1,826  1,651,781 
Five9, Inc.(1)
 781  56,521 
Fortinet, Inc.(1)
 89,167  5,368,745 
Freshworks, Inc., Class A(1)
 17,067  373,255 
Gen Digital, Inc.
 38,937  788,474 
Gitlab, Inc., Class A(1)
 4,257  201,654 
Guidewire Software, Inc.(1)
 6,934  599,306 
HashiCorp, Inc., Class A(1)
 4,388  127,954 
HubSpot, Inc.(1)
 2,313  1,264,101 
InterDigital, Inc.
 16,212  1,405,743 
Intuit, Inc.
 11,492  6,226,481 
LiveRamp Holdings, Inc.(1)
 10,871  351,568 
Manhattan Associates, Inc.(1)
 14,437  2,925,225 
Marathon Digital Holdings, Inc.(1)
 37,130  466,724 
Matterport, Inc.(1)
 37,000  99,160 
Microsoft Corp.
 543,542  178,151,326 
MicroStrategy, Inc., Class A(1)
 351  125,493 
Mitek Systems, Inc.(1)
 2,761  30,840 
NCR Corp.(1)
 14,642  450,388 
Nutanix, Inc., Class A(1)
 16,639  517,473 
Olo, Inc., Class A(1)
 10,962  70,705 
Oracle Corp. (New York)
 81,605  9,824,426 
Palantir Technologies, Inc., Class A(1)
 141,500  2,119,670 
Palo Alto Networks, Inc.(1)
 37,000  9,002,100 
Procore Technologies, Inc.(1)
 4,011  270,943 
Progress Software Corp.
 6,197  377,025 
PROS Holdings, Inc.(1)
 2,863  102,667 
PTC, Inc.(1)
 6,200  912,454 
Qualys, Inc.(1)
 11,870  1,847,566 
Rapid7, Inc.(1)
 4,665  235,069 
Rimini Street, Inc.(1)
 2,500  6,050 
RingCentral, Inc., Class A(1)
 4,987  154,248 
Riot Platforms, Inc.(1)(2)
 41,265  468,358 
Roper Technologies, Inc.
 3,625  1,809,093 
82

Avantis U.S. Equity ETF
Shares Value
Salesforce, Inc.(1)
 39,240  $ 8,690,090 
Samsara, Inc., Class A(1)
 6,227  170,371 
SentinelOne, Inc., Class A(1)
 1,352  22,484 
ServiceNow, Inc.(1)
 11,485  6,762,713 
Smartsheet, Inc., Class A(1)
 6,540  272,914 
SoundHound AI, Inc., Class A(1)(2)
 3,586  9,037 
Splunk, Inc.(1)
 8,780  1,064,663 
SPS Commerce, Inc.(1)
 3,529  656,853 
Synopsys, Inc.(1)
 9,170  4,208,021 
Telos Corp.(1)
 2,835  7,399 
Teradata Corp.(1)
 4,331  200,395 
Terawulf, Inc.(1)(2)
 2,456  5,133 
Tyler Technologies, Inc.(1)
 1,463  582,903 
UiPath, Inc., Class A(1)
 32,496  513,762 
Unity Software, Inc.(1)
 6,544  242,586 
Verint Systems, Inc.(1)
 1,461  47,322 
Vertex, Inc., Class A(1)
 2,086  46,706 
VMware, Inc., Class A(1)
 22,981  3,878,733 
Workday, Inc., Class A(1)
 8,699  2,126,905 
Workiva, Inc.(1)
 1,906  213,186 
Xperi, Inc.(1)
 15,018  177,212 
Zoom Video Communications, Inc., Class A(1)
 22,157  1,573,812 
Zscaler, Inc.(1)
 2,187  341,281 
304,471,043 
Specialty Retail — 3.0%
1-800-Flowers.com, Inc., Class A(1)
 4,540  34,186 
Aaron's Co., Inc.
 11,729  141,569 
Abercrombie & Fitch Co., Class A(1)
 29,090  1,563,587 
Academy Sports & Outdoors, Inc.
 36,865  2,011,723 
Advance Auto Parts, Inc.
 21,321  1,467,311 
American Eagle Outfitters, Inc.
 77,008  1,306,056 
America's Car-Mart, Inc.(1)
 1,072  119,324 
Arhaus, Inc.(1)(2)
 2,099  20,780 
Arko Corp.
 33,190  249,921 
Asbury Automotive Group, Inc.(1)
 7,277  1,673,710 
AutoNation, Inc.(1)
 17,537  2,754,887 
AutoZone, Inc.(1)
 1,030  2,607,270 
Bath & Body Works, Inc.
 14,737  543,353 
Best Buy Co., Inc.
 66,815  5,108,007 
Big 5 Sporting Goods Corp.
 3,884  30,800 
Boot Barn Holdings, Inc.(1)
 6,870  630,323 
Buckle, Inc.
 17,930  655,162 
Build-A-Bear Workshop, Inc.
 6,177  162,887 
Burlington Stores, Inc.(1)
 22,362  3,628,458 
Caleres, Inc.
 16,382  469,672 
Camping World Holdings, Inc., Class A
 5,654  139,823 
CarMax, Inc.(1)
 62,241  5,083,845 
CarParts.com, Inc.(1)
 3,855  18,620 
Carvana Co.(1)
 6,682  336,439 
Cato Corp., Class A
 1,679  13,012 
Chewy, Inc., Class A(1)
 14,782  354,472 
83

Avantis U.S. Equity ETF
Shares Value
Chico's FAS, Inc.(1)
 58,090  $ 298,002 
Children's Place, Inc.(1)
 4,395  116,511 
Citi Trends, Inc.(1)
 1,443  31,212 
Conn's, Inc.(1)
 92  385 
Container Store Group, Inc.(1)
 5,121  11,983 
Designer Brands, Inc., Class A
 27,383  287,795 
Destination XL Group, Inc.(1)
 24,514  111,784 
Dick's Sporting Goods, Inc.
 24,432  2,842,419 
EVgo, Inc.(1)
 1,349  5,423 
Five Below, Inc.(1)
 9,810  1,686,928 
Floor & Decor Holdings, Inc., Class A(1)
 30,485  3,039,354 
Foot Locker, Inc.(2)
 36,267  711,559 
GameStop Corp., Class A(1)
 1,176  21,815 
Gap, Inc.
 70,791  819,760 
Genesco, Inc.(1)
 3,646  124,985 
GrowGeneration Corp.(1)
 8,322  27,047 
Guess?, Inc.
 15,626  375,962 
Haverty Furniture Cos., Inc.
 6,902  216,033 
Hibbett, Inc.
 6,680  309,351 
Home Depot, Inc.
 77,124  25,474,057 
Lands' End, Inc.(1)
 527  4,058 
Leslie's, Inc.(1)
 10,998  68,847 
Lithia Motors, Inc.
 7,698  2,371,138 
LL Flooring Holdings, Inc.(1)
 2,757  9,512 
Lowe's Cos., Inc.
 26,837  6,185,392 
MarineMax, Inc.(1)
 8,103  269,587 
Monro, Inc.
 2,169  71,013 
Murphy USA, Inc.
 8,802  2,795,867 
National Vision Holdings, Inc.(1)
 6,667  122,073 
ODP Corp.(1)
 18,440  909,461 
O'Reilly Automotive, Inc.(1)
 3,398  3,193,101 
Penske Automotive Group, Inc.
 7,118  1,169,487 
Petco Health & Wellness Co., Inc.(1)
 1,415  7,202 
PetMed Express, Inc.
 2,475  27,893 
RH(1)
 6,031  2,202,461 
Ross Stores, Inc.
 68,131  8,299,037 
Sally Beauty Holdings, Inc.(1)
 16,399  166,614 
Shoe Carnival, Inc.
 4,473  103,460 
Signet Jewelers Ltd.
 22,417  1,681,275 
Sleep Number Corp.(1)
 815  20,848 
Sonic Automotive, Inc., Class A
 6,073  323,812 
Sportsman's Warehouse Holdings, Inc.(1)
 8,631  41,515 
Stitch Fix, Inc., Class A(1)
 5,706  25,049 
ThredUp, Inc., Class A(1)
 1,340  5,333 
Tilly's, Inc., Class A(1)(2)
 7,163  64,395 
TJX Cos., Inc.
 206,674  19,113,212 
Tractor Supply Co.
 33,463  7,311,665 
Ulta Beauty, Inc.(1)
 16,848  6,992,425 
Upbound Group, Inc.
 28,066  859,381 
Urban Outfitters, Inc.(1)
 29,112  966,810 
Valvoline, Inc.
 37,418  1,288,676 
84

Avantis U.S. Equity ETF
Shares Value
Victoria's Secret & Co.(1)
 36,579  $ 701,585 
Warby Parker, Inc., Class A(1)
 1,537  18,459 
Wayfair, Inc., Class A(1)
 5,587  386,118 
Williams-Sonoma, Inc.
 27,599  3,896,979 
Winmark Corp.
 285  108,451 
Zumiez, Inc.(1)
 5,824  110,598 
139,530,351 
Technology Hardware, Storage and Peripherals — 5.3%
Apple, Inc.
 1,232,384  231,527,982 
Avid Technology, Inc.(1)
 2,283  60,865 
Dell Technologies, Inc., Class C
 11,765  661,664 
Eastman Kodak Co.(1)
 8,541  38,178 
Hewlett Packard Enterprise Co.
 157,013  2,667,651 
HP, Inc.
 49,776  1,478,845 
Immersion Corp.
 11,407  80,077 
Intevac, Inc.(1)
 1,312  4,553 
IonQ, Inc.(1)
 32,879  565,190 
NetApp, Inc.
 29,863  2,290,492 
Pure Storage, Inc., Class A(1)
 50,824  1,859,650 
Seagate Technology Holdings PLC
 25,324  1,792,686 
Stratasys Ltd.(1)
 556  8,173 
Super Micro Computer, Inc.(1)
 16,575  4,559,451 
Turtle Beach Corp.(1)
 89  967 
Western Digital Corp.(1)
 31,173  1,402,785 
Xerox Holdings Corp.
 28,111  446,684 
249,445,893 
Textiles, Apparel and Luxury Goods — 0.8%
Capri Holdings Ltd.(1)
 53,561  2,811,417 
Carter's, Inc.
 11,842  847,532 
Columbia Sportswear Co.
 5,801  425,445 
Crocs, Inc.(1)
 18,224  1,773,924 
Deckers Outdoor Corp.(1)
 7,036  3,722,677 
Ermenegildo Zegna NV(2)
 10,840  162,383 
Fossil Group, Inc.(1)
 3,467  7,350 
G-III Apparel Group Ltd.(1)
 18,443  366,094 
Hanesbrands, Inc.
 34,802  182,710 
Kontoor Brands, Inc.
 7,887  361,146 
Levi Strauss & Co., Class A
 25,443  350,350 
lululemon athletica, Inc.(1)
 22,474  8,568,437 
Movado Group, Inc.
 6,084  166,397 
NIKE, Inc., Class B
 93,160  9,475,304 
Oxford Industries, Inc.
 7,748  782,471 
PVH Corp.
 14,773  1,235,023 
Ralph Lauren Corp.
 10,693  1,247,125 
Rocky Brands, Inc.
 1,165  20,702 
Skechers USA, Inc., Class A(1)
 30,264  1,522,582 
Steven Madden Ltd.
 34,376  1,185,972 
Tapestry, Inc.
 81,316  2,709,449 
Under Armour, Inc., Class A(1)
 68,314  521,919 
Under Armour, Inc., Class C(1)
 68,329  470,787 
Unifi, Inc.(1)
 1,684  11,687 
85

Avantis U.S. Equity ETF
Shares Value
Vera Bradley, Inc.(1)
 1,061  $ 7,607 
VF Corp.
 31,614  624,693 
39,561,183 
Trading Companies and Distributors — 1.1%
Air Lease Corp.
 52,281  2,130,974 
Alta Equipment Group, Inc.
 3,301  46,973 
Applied Industrial Technologies, Inc.
 11,685  1,803,813 
Beacon Roofing Supply, Inc.(1)
 4,044  322,913 
BlueLinx Holdings, Inc.(1)
 4,712  420,593 
Boise Cascade Co.
 21,393  2,339,752 
Core & Main, Inc., Class A(1)
 1,190  39,080 
Fastenal Co.
 128,552  7,402,024 
FTAI Aviation Ltd.
 33,626  1,242,817 
GATX Corp.
 15,329  1,810,968 
Global Industrial Co.
 4,269  144,463 
GMS, Inc.(1)
 21,718  1,505,926 
H&E Equipment Services, Inc.
 20,249  917,685 
Herc Holdings, Inc.
 14,006  1,822,741 
Hudson Technologies, Inc.(1)
 17,263  208,192 
McGrath RentCorp
 11,276  1,140,004 
MRC Global, Inc.(1)
 2,074  19,330 
MSC Industrial Direct Co., Inc., Class A
 18,487  1,886,783 
NOW, Inc.(1)
 25,851  288,756 
Rush Enterprises, Inc., Class A
 20,073  831,223 
Rush Enterprises, Inc., Class B
 2,004  92,124 
SiteOne Landscape Supply, Inc.(1)
 7,125  1,219,729 
Textainer Group Holdings Ltd.
 18,470  731,966 
Titan Machinery, Inc.(1)
 9,617  298,319 
Transcat, Inc.(1)
 450  45,882 
Triton International Ltd.
 28,139  2,361,143 
United Rentals, Inc.
 17,403  8,293,226 
Veritiv Corp.
 6,980  1,174,943 
Watsco, Inc.
 5,876  2,142,096 
WESCO International, Inc.
 7,471  1,209,181 
WW Grainger, Inc.
 12,327  8,803,204 
52,696,823 
Water Utilities — 0.1%
American States Water Co.
 4,200  353,682 
American Water Works Co., Inc.
 11,936  1,656,000 
California Water Service Group
 6,847  344,062 
Essential Utilities, Inc.
 11,093  409,332 
Global Water Resources, Inc.
 7  78 
2,763,154 
Wireless Telecommunication Services — 0.3%
Gogo, Inc.(1)
 7,470  84,785 
Shenandoah Telecommunications Co.
 17,362  394,812 
Telephone & Data Systems, Inc.
 44,682  960,216 
T-Mobile U.S., Inc.(1)
 83,107  11,323,329 
US Cellular Corp.(1)
 3,966  181,920 
12,945,062 
TOTAL COMMON STOCKS
(Cost $4,259,157,949)
 4,665,904,072 
86

Avantis U.S. Equity ETF
Shares Value
ESCROW INTERESTS(3)†
Diversified Telecommunication Services†
GCI Liberty, Inc.(1)
(Cost $—)
 2,203  $ 22 
SHORT-TERM INVESTMENTS — 0.2%
Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 2,290,412  2,290,412 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
 7,387,994  7,387,994 
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,678,406)
 9,678,406 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $4,268,836,355)
 4,675,582,500 
OTHER ASSETS AND LIABILITIES†
 21,737 
TOTAL NET ASSETS — 100.0%
 $ 4,675,604,237 

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 $11,842,565. 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)Escrow interests represent beneficial interests in bankruptcy reorganizations or liquidation proceedings and may be subject to resale, redemption, or transferability restrictions. The amount and timing of future payments, if any, cannot be predicted with certainty.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $12,166,012, which includes securities collateral of $4,778,018.


See Notes to Financial Statements.
87

AUGUST 31, 2023
Avantis U.S. Large Cap Value ETF
Shares Value
COMMON STOCKS — 99.8%
Aerospace and Defense†
Woodward, Inc. 2,270  $ 293,670 
Air Freight and Logistics — 2.9%
Expeditors International of Washington, Inc. 65,042  7,591,052 
FedEx Corp. 56,219  14,674,283 
United Parcel Service, Inc., Class B 124,327  21,060,994 
43,326,329 
Automobile Components — 0.6%
Autoliv, Inc. 21,228  2,071,853 
BorgWarner, Inc. 83,013  3,382,780 
Lear Corp. 18,724  2,697,941 
8,152,574 
Automobiles — 1.6%
Ford Motor Co. 1,016,244  12,327,040 
General Motors Co. 325,300  10,900,803 
Thor Industries, Inc. 8,676  909,418 
24,137,261 
Banks — 4.0%
Citigroup, Inc. 100,278  4,140,479 
Comerica, Inc. 35,406  1,703,383 
East West Bancorp, Inc. 49,521  2,740,492 
Fifth Third Bancorp 76,084  2,020,030 
Hancock Whitney Corp. 15,614  644,077 
Huntington Bancshares, Inc. 62,663  694,933 
JPMorgan Chase & Co. 258,093  37,766,749 
KeyCorp 274,214  3,106,845 
PNC Financial Services Group, Inc. 13,359  1,612,832 
Popular, Inc. 27,991  1,911,225 
Synovus Financial Corp. 55,412  1,715,555 
Western Alliance Bancorp 34,708  1,735,747 
59,792,347 
Beverages — 0.1%
Coca-Cola Consolidated, Inc. 1,831  1,279,686 
National Beverage Corp.(1)
 5,987  307,193 
1,586,879 
Biotechnology — 1.8%
Gilead Sciences, Inc. 269,950  20,645,776 
Moderna, Inc.(1)
 1,339  151,401 
Vertex Pharmaceuticals, Inc.(1)
 16,930  5,897,396 
26,694,573 
Broadline Retail — 2.0%
Amazon.com, Inc.(1)
 156,713  21,627,961 
Macy's, Inc. 134,526  1,645,253 
MercadoLibre, Inc.(1)
 5,093  6,989,429 
30,262,643 
Building Products — 1.4%
Advanced Drainage Systems, Inc. 13,339  1,709,526 
Builders FirstSource, Inc.(1)
 60,571  8,785,218 
Owens Corning 47,113  6,780,032 
88

Avantis U.S. Large Cap Value ETF
Shares Value
UFP Industries, Inc. 35,217  $ 3,674,894 
20,949,670 
Capital Markets — 2.6%
Ameriprise Financial, Inc. 35,196  11,881,466 
Carlyle Group, Inc. 38,356  1,240,817 
Goldman Sachs Group, Inc. 23,823  7,807,035 
Morgan Stanley 95,823  8,159,328 
Northern Trust Corp. 45,242  3,441,559 
Raymond James Financial, Inc. 16,327  1,707,641 
Stifel Financial Corp. 32,362  2,104,177 
T. Rowe Price Group, Inc. 20,944  2,350,545 
38,692,568 
Chemicals — 2.9%
CF Industries Holdings, Inc. 83,099  6,404,440 
Chemours Co. 58,945  2,005,309 
Dow, Inc. 191,772  10,463,080 
Huntsman Corp. 31,480  877,348 
LyondellBasell Industries NV, Class A 93,815  9,266,108 
Mosaic Co. 161,298  6,266,427 
Olin Corp. 88,438  5,131,173 
Westlake Corp. 18,824  2,465,567 
42,879,452 
Construction and Engineering — 0.2%
Comfort Systems USA, Inc. 11,873  2,191,400 
EMCOR Group, Inc. 5,446  1,221,265 
3,412,665 
Construction Materials — 0.2%
Eagle Materials, Inc. 16,855  3,190,988 
Consumer Finance — 2.3%
Ally Financial, Inc. 154,488  4,277,773 
Capital One Financial Corp. 90,718  9,288,616 
Credit Acceptance Corp.(1)(2)
 3,649  1,830,959 
Discover Financial Services 101,329  9,126,703 
OneMain Holdings, Inc. 57,057  2,368,436 
Synchrony Financial 211,215  6,818,020 
33,710,507 
Consumer Staples Distribution & Retail — 3.9%
Casey's General Stores, Inc. 18,573  4,539,427 
Costco Wholesale Corp. 33,600  18,455,808 
Kroger Co. 243,622  11,301,625 
Target Corp. 26,930  3,407,991 
Walmart, Inc. 125,258  20,368,203 
58,073,054 
Containers and Packaging — 0.7%
International Paper Co. 54,343  1,897,658 
Packaging Corp. of America 42,455  6,330,040 
WestRock Co. 61,329  2,006,072 
10,233,770 
Distributors — 0.1%
Pool Corp. 4,638  1,695,653 
89

Avantis U.S. Large Cap Value ETF
Shares Value
Diversified Telecommunication Services — 2.1%
AT&T, Inc. 586,682  $ 8,677,027 
Frontier Communications Parent, Inc.(1)
 70,533  1,129,938 
Verizon Communications, Inc. 620,655  21,710,512 
31,517,477 
Electrical Equipment — 0.2%
Atkore, Inc.(1)
 21,399  3,294,804 
Electronic Equipment, Instruments and Components — 1.0%
Corning, Inc. 182,094  5,976,325 
Jabil, Inc. 71,130  8,138,695 
14,115,020 
Energy Equipment and Services — 0.2%
ChampionX Corp. 61,069  2,203,980 
Financial Services — 0.1%
Equitable Holdings, Inc. 33,979  978,595 
MGIC Investment Corp. 48,934  860,260 
1,838,855 
Food Products — 0.5%
Archer-Daniels-Midland Co. 40,799  3,235,361 
Bunge Ltd. 31,797  3,635,033 
Pilgrim's Pride Corp.(1)
 14,738  370,808 
7,241,202 
Ground Transportation — 5.8%
CSX Corp. 520,548  15,720,550 
Hertz Global Holdings, Inc.(1)
 54,106  917,097 
JB Hunt Transport Services, Inc. 37,587  7,061,846 
Knight-Swift Transportation Holdings, Inc. 581  31,850 
Landstar System, Inc. 19,231  3,650,236 
Norfolk Southern Corp. 56,390  11,560,514 
Old Dominion Freight Line, Inc. 28,360  12,120,213 
Ryder System, Inc. 6,035  607,724 
Saia, Inc.(1)
 13,953  5,946,769 
U-Haul Holding Co.(2)
 7,559  430,636 
U-Haul Holding Co.
 29,560  1,573,774 
Union Pacific Corp. 116,084  25,604,648 
85,225,857 
Health Care Providers and Services — 0.9%
Humana, Inc. 26,176  12,083,627 
Molina Healthcare, Inc.(1)
 2,787  864,304 
12,947,931 
Hotels, Restaurants and Leisure — 1.9%
Boyd Gaming Corp. 51,365  3,434,778 
Carnival Corp.(1)
 134,295  2,124,547 
Chipotle Mexican Grill, Inc.(1)
 3,358  6,469,657 
Darden Restaurants, Inc. 34,403  5,350,011 
Hilton Grand Vacations, Inc.(1)
 9,746  426,095 
Royal Caribbean Cruises Ltd.(1)
 58,664  5,804,216 
Texas Roadhouse, Inc. 39,545  4,116,634 
27,725,938 
Household Durables — 1.9%
D.R. Horton, Inc. 42,548  5,064,063 
90

Avantis U.S. Large Cap Value ETF
Shares Value
Lennar Corp., B Shares 4,358  $ 464,824 
Lennar Corp., Class A 62,648  7,460,750 
Meritage Homes Corp. 9,278  1,290,013 
NVR, Inc.(1)
 880  5,612,051 
PulteGroup, Inc. 72,466  5,946,560 
Taylor Morrison Home Corp.(1)
 50,654  2,401,000 
28,239,261 
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. 235,509  4,222,676 
Insurance — 4.3%
Aflac, Inc. 70,423  5,251,444 
American Financial Group, Inc. 30,595  3,546,572 
American International Group, Inc. 178,460  10,443,479 
Axis Capital Holdings Ltd. 24,646  1,352,080 
F&G Annuities & Life, Inc.(2)
 25  708 
Globe Life, Inc. 13,479  1,503,852 
Hartford Financial Services Group, Inc. 137,757  9,893,708 
Old Republic International Corp. 79,741  2,180,916 
Primerica, Inc. 25,031  5,030,230 
Prudential Financial, Inc. 75,586  7,155,727 
Reinsurance Group of America, Inc. 8,131  1,127,119 
RenaissanceRe Holdings Ltd. 60  11,273 
Travelers Cos., Inc. 78,303  12,624,793 
Unum Group 79,226  3,897,127 
64,019,028 
Interactive Media and Services — 5.9%
Alphabet, Inc., Class A(1)
 169,905  23,135,963 
Alphabet, Inc., Class C(1)
 146,871  20,172,732 
Meta Platforms, Inc., Class A(1)
 150,010  44,386,459 
87,695,154 
Leisure Products — 0.3%
Brunswick Corp. 27,142  2,147,475 
Polaris, Inc. 19,852  2,225,211 
4,372,686 
Machinery — 3.7%
AGCO Corp. 24,126  3,125,041 
Caterpillar, Inc. 67,762  19,049,931 
Deere & Co. 49,242  20,235,507 
Donaldson Co., Inc. 46,402  2,963,696 
PACCAR, Inc. 118,063  9,715,404 
55,089,579 
Media — 1.8%
Comcast Corp., Class A 479,885  22,439,423 
Fox Corp., Class A 90,208  2,982,276 
Fox Corp., Class B 47,122  1,438,163 
26,859,862 
Metals and Mining — 3.2%
Alcoa Corp. 50,845  1,529,418 
ATI, Inc.(1)
 8,377  379,729 
Cleveland-Cliffs, Inc.(1)
 255,536  3,907,145 
Commercial Metals Co. 52,761  2,969,917 
91

Avantis U.S. Large Cap Value ETF
Shares Value
Freeport-McMoRan, Inc. 207,625  $ 8,286,314 
Newmont Corp. 11,644  459,006 
Nucor Corp. 77,081  13,265,640 
Reliance Steel & Aluminum Co. 18,959  5,402,557 
Steel Dynamics, Inc. 70,419  7,505,961 
United States Steel Corp. 132,753  4,127,291 
47,832,978 
Oil, Gas and Consumable Fuels — 16.0%
Antero Midstream Corp. 51,795  627,755 
Antero Resources Corp.(1)
 84,640  2,341,989 
APA Corp. 53,412  2,341,582 
Cheniere Energy, Inc. 28,054  4,578,413 
Chesapeake Energy Corp. 28,404  2,505,517 
Chevron Corp. 173,431  27,939,734 
Chord Energy Corp. 7,804  1,260,346 
Civitas Resources, Inc. 28,510  2,344,092 
ConocoPhillips 166,327  19,797,903 
Coterra Energy, Inc. 233,870  6,592,795 
Devon Energy Corp. 194,234  9,923,415 
Diamondback Energy, Inc. 56,323  8,548,705 
EOG Resources, Inc. 104,692  13,465,485 
EQT Corp. 93,250  4,030,265 
Exxon Mobil Corp. 304,558  33,863,804 
Hess Corp. 65,936  10,187,112 
HF Sinclair Corp. 28,604  1,575,794 
Marathon Oil Corp. 229,957  6,059,367 
Marathon Petroleum Corp. 86,686  12,376,160 
Matador Resources Co. 28,573  1,814,386 
Murphy Oil Corp. 89,193  4,049,362 
Occidental Petroleum Corp. 173,411  10,888,477 
ONEOK, Inc. 167,534  10,923,217 
Ovintiv, Inc. 60,579  2,844,790 
PBF Energy, Inc., Class A 36,083  1,691,932 
Permian Resources Corp. 53,047  752,207 
Phillips 66 52,711  6,017,488 
Pioneer Natural Resources Co. 27,611  6,569,485 
Range Resources Corp. 133,840  4,333,739 
Southwestern Energy Co.(1)
 359,431  2,436,942 
Targa Resources Corp. 32,000  2,760,000 
Texas Pacific Land Corp. 680  1,281,630 
Valero Energy Corp. 42,096  5,468,270 
Williams Cos., Inc. 153,052  5,284,886 
237,477,044 
Paper and Forest Products — 0.1%
Louisiana-Pacific Corp. 21,886  1,367,437 
Passenger Airlines — 0.9%
Alaska Air Group, Inc.(1)
 66,223  2,779,379 
Southwest Airlines Co. 137,806  4,354,670 
United Airlines Holdings, Inc.(1)
 136,610  6,804,544 
13,938,593 
Pharmaceuticals — 2.7%
Bristol-Myers Squibb Co. 211,959  13,067,272 
92

Avantis U.S. Large Cap Value ETF
Shares Value
Jazz Pharmaceuticals PLC(1)
 32,214  $ 4,618,199 
Merck & Co., Inc. 13,201  1,438,645 
Pfizer, Inc. 476,712  16,866,071 
Viatris, Inc. 403,661  4,339,356 
40,329,543 
Professional Services — 0.5%
Robert Half International, Inc. 65,612  4,852,664 
TriNet Group, Inc.(1)
 26,367  2,924,891 
7,777,555 
Semiconductors and Semiconductor Equipment — 6.6%
Amkor Technology, Inc. 68,237  1,907,907 
Applied Materials, Inc. 157,967  24,131,039 
Cirrus Logic, Inc.(1)
 203  16,654 
GLOBALFOUNDRIES, Inc.(1)(2)
 11,548  638,027 
Lam Research Corp. 29,048  20,403,315 
ON Semiconductor Corp.(1)
 125,259  12,333,001 
QUALCOMM, Inc. 111,357  12,753,717 
Texas Instruments, Inc. 149,693  25,157,406 
97,341,066 
Specialty Retail — 5.4%
Academy Sports & Outdoors, Inc. 18,568  1,013,256 
Advance Auto Parts, Inc. 3,672  252,707 
AutoNation, Inc.(1)
 27,219  4,275,833 
Best Buy Co., Inc. 87,948  6,723,625 
Burlington Stores, Inc.(1)
 21,841  3,543,921 
CarMax, Inc.(1)
 40,749  3,328,378 
Dick's Sporting Goods, Inc. 36,519  4,248,620 
Murphy USA, Inc. 9,334  2,964,852 
RH(1)
 7,670  2,801,007 
Ross Stores, Inc. 54,983  6,697,479 
TJX Cos., Inc. 193,614  17,905,423 
Tractor Supply Co. 46,764  10,217,934 
Ulta Beauty, Inc.(1)
 20,878  8,664,996 
Valvoline, Inc. 54,983  1,893,615 
Williams-Sonoma, Inc. 40,626  5,736,391 
80,268,037 
Technology Hardware, Storage and Peripherals — 3.2%
Apple, Inc. 252,983  47,527,916 
Textiles, Apparel and Luxury Goods — 0.7%
Capri Holdings Ltd.(1)
 37,628  1,975,094 
Crocs, Inc.(1)
 24,764  2,410,528 
lululemon athletica, Inc.(1)
 8,598  3,278,073 
Tapestry, Inc. 68,163  2,271,191 
9,934,886 
Trading Companies and Distributors — 1.4%
Fastenal Co. 88,661  5,105,100 
MSC Industrial Direct Co., Inc., Class A 11,914  1,215,943 
United Rentals, Inc. 7,007  3,339,116 
WW Grainger, Inc. 15,165  10,829,933 
20,490,092 
93

Avantis U.S. Large Cap Value ETF
Shares Value
Wireless Telecommunication Services — 0.9%
T-Mobile U.S., Inc.(1)
 95,635  $ 13,030,269 
TOTAL COMMON STOCKS
(Cost $1,402,894,829)
 1,481,009,329 
SHORT-TERM INVESTMENTS — 0.2%
Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,927,075  1,927,075 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 314,979  314,979 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,242,054)
 2,242,054 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $1,405,136,883)
 1,483,251,383 
OTHER ASSETS AND LIABILITIES†
 695,280 
TOTAL NET ASSETS — 100.0% $ 1,483,946,663 

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 $786,889. 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 $800,308, which includes securities collateral of $485,329.


See Notes to Financial Statements.
94

AUGUST 31, 2023
Avantis U.S. Small Cap Equity ETF
Shares Value
COMMON STOCKS — 99.8%
Aerospace and Defense — 1.0%
AAR Corp.(1)
 19,003  $ 1,170,585 
AerSale Corp.(1)
 7,731  114,496 
Archer Aviation, Inc., Class A(1)
 79,823  556,366 
Astronics Corp.(1)
 7,947  139,311 
Cadre Holdings, Inc.
 9,080  239,893 
Ducommun, Inc.(1)
 7,431  337,887 
Kaman Corp.
 15,842  355,336 
Kratos Defense & Security Solutions, Inc.(1)
 42,298  680,575 
National Presto Industries, Inc.
 3,052  228,442 
Park Aerospace Corp.
 10,147  138,304 
Rocket Lab USA, Inc.(1)
 1,249  7,881 
Spirit AeroSystems Holdings, Inc., Class A
 2  43 
V2X, Inc.(1)
 402  20,225 
Virgin Galactic Holdings, Inc.(1)
 118,763  299,283 
4,288,627 
Air Freight and Logistics — 0.7%
Air Transport Services Group, Inc.(1)
 38,397  827,839 
Forward Air Corp.
 12,897  913,366 
Hub Group, Inc., Class A(1)
 17,022  1,328,397 
Radiant Logistics, Inc.(1)
 30,064  202,932 
3,272,534 
Automobile Components — 1.4%
American Axle & Manufacturing Holdings, Inc.(1)
 62,494  471,830 
Dana, Inc.
 72,454  1,167,234 
LCI Industries
 59  7,391 
Modine Manufacturing Co.(1)
 32,751  1,558,620 
Motorcar Parts of America, Inc.(1)
 9,885  77,992 
Patrick Industries, Inc.
 12,014  1,004,851 
Solid Power, Inc.(1)(2)
 63,868  135,400 
Standard Motor Products, Inc.
 9,858  365,042 
Stoneridge, Inc.(1)
 14,074  289,221 
Visteon Corp.(1)
 66  9,192 
XPEL, Inc.(1)
 12,776  1,064,241 
6,151,014 
Automobiles — 0.2%
Winnebago Industries, Inc.
 16,021  1,038,962 
Banks — 14.8%
1st Source Corp.
 4,228  188,949 
ACNB Corp.
 1,332  42,398 
Amalgamated Financial Corp.
 8,561  153,413 
Amerant Bancorp, Inc.
 14,834  278,434 
American National Bankshares, Inc.
 3,770  147,784 
Ameris Bancorp
 258  10,513 
Ames National Corp.
 1,577  28,307 
Arrow Financial Corp.
 7,878  138,732 
Associated Banc-Corp.
 58,064  1,006,249 
Atlantic Union Bankshares Corp.
 35,781  1,062,338 
Axos Financial, Inc.(1)
 30,996  1,335,618 
95

Avantis U.S. Small Cap Equity ETF
Shares Value
Banc of California, Inc.
 29,174  $ 365,550 
Bancorp, Inc.(1)
 27,419  1,006,551 
Bank First Corp.(2)
 4,898  380,232 
Bank of Hawaii Corp.(2)
 13,044  700,985 
Bank of Marin Bancorp
 7,846  147,662 
Bank7 Corp.
 758  19,041 
BankUnited, Inc.
 25,256  662,970 
Bankwell Financial Group, Inc.
 916  23,834 
Banner Corp.
 18,267  795,528 
Bar Harbor Bankshares
 6,117  151,946 
Baycom Corp.
 5,891  113,520 
BCB Bancorp, Inc.
 5,767  65,628 
Berkshire Hills Bancorp, Inc.
 23,495  491,045 
Blue Foundry Bancorp(1)
 12,317  113,932 
Blue Ridge Bankshares, Inc.
 2,203  17,448 
Bridgewater Bancshares, Inc.(1)
 10,432  109,119 
Brookline Bancorp, Inc.
 47,058  450,345 
Business First Bancshares, Inc.
 11,298  231,044 
Byline Bancorp, Inc.
 12,623  267,355 
C&F Financial Corp.
 79  4,212 
Cambridge Bancorp
 3,722  198,048 
Camden National Corp.
 7,590  248,876 
Capital Bancorp, Inc.
 1,238  23,708 
Capital City Bank Group, Inc.
 6,835  208,536 
Capstar Financial Holdings, Inc.
 6,465  84,433 
Carter Bankshares, Inc.(1)
 12,891  184,470 
Cathay General Bancorp
 31,966  1,138,949 
Central Pacific Financial Corp.
 14,563  247,134 
Central Valley Community Bancorp
 2,932  42,866 
Chemung Financial Corp.
 88  3,458 
Citizens & Northern Corp.
 2,293  41,435 
Citizens Financial Services, Inc.
 2,072  113,421 
City Holding Co.
 7,876  719,551 
Civista Bancshares, Inc.
 4,054  68,877 
CNB Financial Corp.
 10,993  200,183 
Coastal Financial Corp.(1)
 5,610  247,120 
Colony Bankcorp, Inc.
 2,453  25,536 
Columbia Financial, Inc.(1)
 14,181  243,346 
Community Bank System, Inc.
 28,460  1,353,273 
Community Trust Bancorp, Inc.
 8,271  293,620 
ConnectOne Bancorp, Inc.
 20,056  383,471 
CrossFirst Bankshares, Inc.(1)
 21,872  235,124 
Customers Bancorp, Inc.(1)
 16,460  578,404 
CVB Financial Corp.
 40,499  707,113 
Dime Community Bancshares, Inc.
 18,902  402,802 
Eagle Bancorp, Inc.
 16,330  392,900 
Eastern Bankshares, Inc.
 60,885  819,512 
Enterprise Bancorp, Inc.
 1,513  43,786 
Enterprise Financial Services Corp.
 19,127  740,406 
Equity Bancshares, Inc., Class A
 7,703  192,729 
Esquire Financial Holdings, Inc.
 3,720  173,947 
96

Avantis U.S. Small Cap Equity ETF
Shares Value
Farmers & Merchants Bancorp, Inc.
 2,079  $ 39,709 
Farmers National Banc Corp.
 19,070  242,189 
FB Financial Corp.
 18,912  574,547 
Fidelity D&D Bancorp, Inc.(2)
 122  5,781 
Financial Institutions, Inc.
 8,315  145,512 
First BanCorp
 98,189  1,360,900 
First Bancorp, Inc.
 1,238  30,480 
First Bancorp/Southern Pines NC
 21,317  631,836 
First Bancshares, Inc.
 14,388  408,475 
First Bank
 3,278  37,500 
First Busey Corp.
 28,977  585,335 
First Business Financial Services, Inc.
 1,170  36,890 
First Commonwealth Financial Corp.
 55,019  719,098 
First Community Bankshares, Inc.
 8,109  250,811 
First Financial Bancorp
 48,630  1,010,531 
First Financial Corp.
 5,991  219,990 
First Foundation, Inc.
 16,858  132,504 
First Hawaiian, Inc.
 54,791  1,036,098 
First Internet Bancorp
 4,543  87,498 
First Merchants Corp.
 31,994  954,701 
First Mid Bancshares, Inc.
 9,784  273,658 
First of Long Island Corp.
 11,566  151,052 
First Western Financial, Inc.(1)
 1,149  23,348 
Five Star Bancorp
 3,856  84,292 
Flushing Financial Corp.
 15,506  218,945 
FS Bancorp, Inc.
 1,011  29,976 
Fulton Financial Corp.
 78,757  1,049,831 
FVCBankcorp, Inc.(1)
 53  645 
German American Bancorp, Inc.
 14,859  429,871 
Great Southern Bancorp, Inc.
 5,420  273,547 
Guaranty Bancshares, Inc.
 3,252  93,885 
Hanmi Financial Corp.
 16,836  291,600 
HarborOne Bancorp, Inc.
 22,064  219,978 
HBT Financial, Inc.
 4,765  89,105 
Heartland Financial USA, Inc.
 20,365  623,984 
Heritage Commerce Corp.
 32,019  277,605 
Heritage Financial Corp.
 18,661  321,342 
Hilltop Holdings, Inc.
 25,068  761,817 
Hingham Institution For Savings(2)
 817  162,738 
Home Bancorp, Inc.
 962  31,419 
HomeStreet, Inc.
 9,340  88,263 
HomeTrust Bancshares, Inc.
 7,289  166,554 
Hope Bancorp, Inc.
 62,563  604,984 
Horizon Bancorp, Inc.
 22,742  254,483 
Independent Bank Corp.
 14,045  758,711 
Independent Bank Corp. (Michigan)
 11,463  218,829 
Independent Bank Group, Inc.
 12,059  508,890 
International Bancshares Corp.
 1,543  69,096 
Investar Holding Corp.
 31  406 
Kearny Financial Corp.
 31,596  234,126 
Lakeland Bancorp, Inc.
 33,736  455,773 
97

Avantis U.S. Small Cap Equity ETF
Shares Value
Lakeland Financial Corp.
 13,292  $ 692,912 
LCNB Corp.
 59  880 
Live Oak Bancshares, Inc.
 18,354  593,568 
Macatawa Bank Corp.
 4,130  37,831 
MainStreet Bancshares, Inc.
 165  3,732 
Mercantile Bank Corp. 8,516  284,264 
Metrocity Bankshares, Inc. 2,889  56,335 
Metropolitan Bank Holding Corp.(1)
 5,682  226,200 
Mid Penn Bancorp, Inc. 7,559  165,466 
Middlefield Banc Corp.(2)
 181  4,693 
Midland States Bancorp, Inc. 11,778  261,472 
MidWestOne Financial Group, Inc. 4,770  101,887 
MVB Financial Corp. 5,703  134,249 
National Bank Holdings Corp., Class A 19,867  626,605 
National Bankshares, Inc. 27  711 
NBT Bancorp, Inc. 22,623  778,684 
Nicolet Bankshares, Inc. 6,450  488,974 
Northeast Bank 3,487  148,163 
Northfield Bancorp, Inc. 22,511  237,266 
Northrim BanCorp, Inc. 2,919  121,226 
Northwest Bancshares, Inc. 67,852  746,372 
Norwood Financial Corp. 172  4,666 
Oak Valley Bancorp 391  9,818 
OceanFirst Financial Corp. 31,375  529,296 
OFG Bancorp 26,031  785,095 
Old Second Bancorp, Inc. 23,110  334,402 
Orange County Bancorp, Inc. 502  23,338 
Origin Bancorp, Inc. 14,963  459,214 
Orrstown Financial Services, Inc. 1,523  32,897 
Pacific Premier Bancorp, Inc. 51,039  1,174,918 
PacWest Bancorp 30,729  244,296 
Park National Corp. 7,797  793,423 
Parke Bancorp, Inc. 1,899  32,796 
Pathward Financial, Inc. 14,411  710,030 
PCB Bancorp 3,084  49,498 
Peapack-Gladstone Financial Corp. 8,879  242,130 
Penns Woods Bancorp, Inc. 161  4,192 
Peoples Bancorp, Inc. 18,009  464,092 
Peoples Financial Services Corp. 1,087  47,393 
Plumas Bancorp 132  4,612 
Ponce Financial Group, Inc.(1)(2)
 10,477  83,711 
Preferred Bank 6,598  409,802 
Premier Financial Corp. 19,042  358,751 
Primis Financial Corp. 3,284  29,162 
Provident Bancorp, Inc.(1)
 7,372  72,393 
Provident Financial Services, Inc. 39,763  655,294 
QCR Holdings, Inc. 8,939  468,940 
RBB Bancorp 2,169  29,563 
Renasant Corp. 29,317  816,478 
Republic Bancorp, Inc., Class A 4,870  216,423 
S&T Bancorp, Inc. 20,424  578,612 
98

Avantis U.S. Small Cap Equity ETF
Shares Value
Sandy Spring Bancorp, Inc. 23,793  $ 529,156 
Seacoast Banking Corp. of Florida 31,287  738,686 
Shore Bancshares, Inc. 10,245  113,515 
Sierra Bancorp 5,441  108,167 
Simmons First National Corp., Class A 66,506  1,185,137 
SmartFinancial, Inc. 4,376  99,642 
South Plains Financial, Inc. 5,509  144,501 
Southern First Bancshares, Inc.(1)
 3,656  102,770 
Southern Missouri Bancorp, Inc. 4,726  199,910 
Southside Bancshares, Inc. 15,695  472,419 
Stellar Bancorp, Inc. 24,510  521,328 
Stock Yards Bancorp, Inc. 13,781  631,170 
Summit Financial Group, Inc. 1,575  38,745 
Texas Capital Bancshares, Inc.(1)
 479  29,909 
Third Coast Bancshares, Inc.(1)
 1,730  32,559 
Timberland Bancorp, Inc. 2,871  81,422 
Tompkins Financial Corp. 6,181  320,979 
Towne Bank 35,671  841,836 
TriCo Bancshares 14,787  507,786 
Triumph Financial, Inc.(1)
 11,959  768,127 
TrustCo Bank Corp. NY 10,080  286,978 
Trustmark Corp. 30,363  699,564 
Unity Bancorp, Inc. 1,093  26,412 
Univest Financial Corp. 15,510  279,025 
Veritex Holdings, Inc. 27,409  515,563 
Virginia National Bankshares Corp. 113  3,734 
Washington Federal, Inc. 35,712  970,652 
Washington Trust Bancorp, Inc. 8,897  249,116 
WesBanco, Inc. 29,739  754,181 
West BanCorp, Inc. 2,019  37,392 
Westamerica BanCorp 14,317  630,377 
WSFS Financial Corp. 31,708  1,246,124 
66,690,461 
Beverages — 0.1%
Vita Coco Co., Inc.(1)
 9,833  278,176 
Zevia PBC, Class A(1)
 3,202  8,229 
286,405 
Biotechnology — 5.2%
2seventy bio, Inc.(1)
 27,828  144,427 
89bio, Inc.(1)
 15,806  270,915 
Aadi Bioscience, Inc.(1)
 6,623  41,725 
Abeona Therapeutics, Inc.(1)
 6,171  27,338 
Absci Corp.(1)(2)
 7,453  13,341 
Acrivon Therapeutics, Inc.(1)
 177  2,074 
Actinium Pharmaceuticals, Inc.(1)(2)
 566  3,402 
Acumen Pharmaceuticals, Inc.(1)
 12,760  76,815 
Adicet Bio, Inc.(1)
 16,232  32,464 
Adverum Biotechnologies, Inc.(1)
 13,162  22,902 
Agios Pharmaceuticals, Inc.(1)
 29,028  796,238 
Akouos, Inc.(1)
 779  615 
Alector, Inc.(1)
 25,379  138,316 
99

Avantis U.S. Small Cap Equity ETF
Shares Value
Allogene Therapeutics, Inc.(1)(2)
 40,057  $ 155,822 
Allovir, Inc.(1)
 8,964  28,057 
Alpine Immune Sciences, Inc.(1)
 4,009  49,511 
Altimmune, Inc.(1)
 12,344  31,230 
ALX Oncology Holdings, Inc.(1)
 9,468  40,334 
AnaptysBio, Inc.(1)
 7,003  137,819 
Anika Therapeutics, Inc.(1)
 7,687  137,213 
Annexon, Inc.(1)(2)
 15,896  43,714 
Arbutus Biopharma Corp.(1)
 3,965  8,049 
Arcturus Therapeutics Holdings, Inc.(1)
 13,127  398,404 
Arcus Biosciences, Inc.(1)
 25,672  526,276 
ARS Pharmaceuticals, Inc.(1)(2)
 16,872  119,622 
aTyr Pharma, Inc.(1)
 22,538  38,315 
Aura Biosciences, Inc.(1)
 7,977  82,801 
Beam Therapeutics, Inc.(1)
 29,365  680,681 
BioAtla, Inc.(1)
 21,164  53,122 
Biohaven Ltd.(1)
 28,542  522,033 
Bluebird Bio, Inc.(1)(2)
 29,176  109,993 
C4 Therapeutics, Inc.(1)
 23,686  68,689 
Cardiff Oncology, Inc.(1)
 4,908  9,031 
CareDx, Inc.(1)
 27,397  255,066 
Caribou Biosciences, Inc.(1)
 26,066  153,529 
Carisma Therapeutics, Inc.(2)
 15,981  110,588 
Catalyst Pharmaceuticals, Inc.(1)
 54,546  765,826 
Celcuity, Inc.(1)(2)
 2,868  27,303 
Century Therapeutics, Inc.(1)
 58  144 
Chinook Therapeutics, Inc.(1)
 5,210  52 
Cogent Biosciences, Inc.(1)
 40,671  496,593 
Corvus Pharmaceuticals, Inc.(1)
 18,754  39,758 
Crinetics Pharmaceuticals, Inc.(1)
 23,414  405,530 
Cue Biopharma, Inc.(1)
 21,846  59,203 
Cullinan Oncology, Inc.(1)
 11,209  116,013 
Deciphera Pharmaceuticals, Inc.(1)
 8,565  120,253 
DermTech, Inc.(1)
 15,348  35,300 
Design Therapeutics, Inc.(1)
 7,210  17,881 
DiaMedica Therapeutics, Inc.(1)
 3,243  9,567 
Disc Medicine, Inc.(1)
 95  5,030 
Dynavax Technologies Corp.(1)
 70,216  1,008,302 
Dyne Therapeutics, Inc.(1)
 22,007  250,880 
Eagle Pharmaceuticals, Inc.(1)
 5,583  94,632 
Editas Medicine, Inc.(1)
 41,399  368,865 
Emergent BioSolutions, Inc.(1)
 23,204  108,827 
Enanta Pharmaceuticals, Inc.(1)
 4,573  67,909 
Entrada Therapeutics, Inc.(1)(2)
 11,772  173,284 
EQRx, Inc.(1)
 153,186  350,796 
Erasca, Inc.(1)
 34,655  89,756 
Essa Pharma, Inc.(1)
 3,165  9,495 
Fate Therapeutics, Inc.(1)
 29,516  74,085 
G1 Therapeutics, Inc.(1)
 3,393  5,666 
Generation Bio Co.(1)
 23,908  114,280 
Gritstone bio, Inc.(1)
 41,130  74,857 
100

Avantis U.S. Small Cap Equity ETF
Shares Value
HilleVax, Inc.(1)
 506  $ 6,750 
Icosavax, Inc.(1)(2)
 13,733  106,293 
Ideaya Biosciences, Inc.(1)
 28,771  844,717 
IGM Biosciences, Inc.(1)
 297  2,124 
Immuneering Corp., Class A(1)(2)
 11,490  103,525 
Immunic, Inc.(1)
 21,020  35,103 
Inmune Bio, Inc.(1)
 1,332  10,789 
Inozyme Pharma, Inc.(1)
 17,030  83,447 
Iovance Biotherapeutics, Inc.(1)
 98,780  596,631 
Ironwood Pharmaceuticals, Inc.(1)
 74,007  651,262 
iTeos Therapeutics, Inc.(1)
 13,031  157,219 
Janux Therapeutics, Inc.(1)
 7,077  77,847 
KalVista Pharmaceuticals, Inc.(1)
 17,976  195,040 
Kezar Life Sciences, Inc.(1)
 33,702  50,216 
Kiniksa Pharmaceuticals Ltd., Class A(1)
 15,296  263,550 
Kinnate Biopharma, Inc.(1)
 13,377  29,831 
Kodiak Sciences, Inc.(1)
 16,675  36,685 
Kronos Bio, Inc.(1)
 2,981  4,144 
Kura Oncology, Inc.(1)
 35,171  349,248 
Larimar Therapeutics, Inc.(1)
 11,609  43,185 
Lyell Immunopharma, Inc.(1)(2)
 93,352  223,111 
MacroGenics, Inc.(1)
 1,627  7,582 
MediciNova, Inc.(1)
 5,686  13,874 
MeiraGTx Holdings PLC(1)
 8,166  51,364 
Mirati Therapeutics, Inc.(1)
 23,716  882,235 
Monte Rosa Therapeutics, Inc.(1)(2)
 15,729  92,329 
Myriad Genetics, Inc.(1)
 28,789  513,884 
NextCure, Inc.(1)
 20  29 
Nkarta, Inc.(1)
 18,885  32,482 
Nurix Therapeutics, Inc.(1)
 23,612  200,702 
Ocean Biomedical, Inc.(1)
 3,416  15,406 
Olema Pharmaceuticals, Inc.(1)
 20,709  210,196 
Omega Therapeutics, Inc.(1)
 13,182  48,378 
Organogenesis Holdings, Inc.(1)
 42,652  119,426 
ORIC Pharmaceuticals, Inc.(1)(2)
 21,646  193,948 
Ovid therapeutics, Inc.(1)
 8,384  28,212 
Pardes Biosciences, Inc.(1)
 223  475 
PepGen, Inc.(1)
 4,077  25,685 
PMV Pharmaceuticals, Inc.(1)
 23,176  167,331 
Point Biopharma Global, Inc.(1)
 53,499  425,852 
Poseida Therapeutics, Inc.(1)(2)
 5,446  11,382 
Prothena Corp. PLC(1)
 62  3,275 
Pyxis Oncology, Inc.(1)
 13,771  30,021 
Rallybio Corp.(1)
 7,769  41,331 
Recursion Pharmaceuticals, Inc., Class A(1)
 70,742  615,455 
REGENXBIO, Inc.(1)
 20,658  365,647 
Relay Therapeutics, Inc.(1)
 44,544  455,240 
Reneo Pharmaceuticals, Inc.(1)
 7,726  46,510 
Renovaro Biosciences, Inc.(1)
 30  94 
Repare Therapeutics, Inc.(1)
 13,146  128,305 
Replimune Group, Inc.(1)
 20,490  418,406 
101

Avantis U.S. Small Cap Equity ETF
Shares Value
Rocket Pharmaceuticals, Inc.(1)
 804  $ 12,583 
Roivant Sciences Ltd.(1)
 836  9,673 
Sage Therapeutics, Inc.(1)
 14,362  287,240 
Sana Biotechnology, Inc.(1)(2)
 36,549  195,537 
Savara, Inc.(1)(2)
 62,448  226,062 
Scholar Rock Holding Corp.(1)
 20,383  127,394 
Shattuck Labs, Inc.(1)
 1,924  4,156 
Spero Therapeutics, Inc.(1)
 1,211  1,816 
Stoke Therapeutics, Inc.(1)
 15,236  85,626 
Summit Therapeutics, Inc.(1)(2)
 3,968  6,428 
Sutro Biopharma, Inc.(1)
 26,710  126,872 
Talaris Therapeutics, Inc.(1)
 6,473  18,642 
Tango Therapeutics, Inc.(1)
 9,373  60,831 
Tenaya Therapeutics, Inc.(1)
 31,484  121,843 
TScan Therapeutics, Inc.(1)
 19,278  45,882 
Twist Bioscience Corp.(1)
 20,054  440,987 
Tyra Biosciences, Inc.(1)(2)
 8,638  131,557 
uniQure NV(1)
 21,515  187,396 
Vanda Pharmaceuticals, Inc.(1)
 29,945  155,415 
Vera Therapeutics, Inc.(1)
 9,563  169,169 
Verastem, Inc.(1)
 970  9,467 
Verve Therapeutics, Inc.(1)
 22,963  295,534 
Vigil Neuroscience, Inc.(1)
 435  2,623 
Vir Biotechnology, Inc.(1)
 13,371  169,277 
Viracta Therapeutics, Inc.(1)
 34  49 
Voyager Therapeutics, Inc.(1)
 25,737  257,885 
XBiotech, Inc.(1)
 2,203  10,839 
Xencor, Inc.(1)
 31,147  684,611 
Xenon Pharmaceuticals, Inc.(1)
 555  21,634 
XOMA Corp.(1)(2)
 3,503  49,112 
Y-mAbs Therapeutics, Inc.(1)
 20,808  105,497 
Zymeworks, Inc.(1)(2)
 1,778  12,873 
23,270,841 
Broadline Retail†
1stdibs.com, Inc.(1)
 446  1,998 
Big Lots, Inc. 14,596  90,495 
ContextLogic, Inc., Class A(1)(2)
 5,610  30,042 
122,535 
Building Products — 2.9%
Alpha Pro Tech Ltd.(1)
 1,609  7,128 
American Woodmark Corp.(1)
 9,918  770,331 
Apogee Enterprises, Inc. 12,237  617,479 
AZZ, Inc. 10,124  497,088 
CSW Industrials, Inc. 8,510  1,528,651 
Gibraltar Industries, Inc.(1)
 17,085  1,281,887 
Griffon Corp. 27,417  1,147,950 
Hayward Holdings, Inc.(1)
 46,463  687,652 
Insteel Industries, Inc. 10,135  352,191 
Janus International Group, Inc.(1)
 49,504  566,821 
JELD-WEN Holding, Inc.(1)
 53,011  799,406 
Masonite International Corp.(1)
 12,536  1,287,573 
102

Avantis U.S. Small Cap Equity ETF
Shares Value
Masterbrand, Inc.(1)
 75,470  $ 966,771 
PGT Innovations, Inc.(1)
 35,152  990,935 
Quanex Building Products Corp. 18,670  503,717 
Resideo Technologies, Inc.(1)
 75,403  1,271,295 
13,276,875 
Capital Markets — 1.7%
Artisan Partners Asset Management, Inc., Class A 14,981  575,570 
Assetmark Financial Holdings, Inc.(1)
 2,479  71,618 
Avantax, Inc.(1)
 2,818  58,953 
B. Riley Financial, Inc. 726  37,175 
BGC Group, Inc., Class A 150,793  744,918 
Bridge Investment Group Holdings, Inc., Class A 4,966  50,057 
Brightsphere Investment Group, Inc. 1,078  22,325 
Diamond Hill Investment Group, Inc. 1,545  260,734 
Donnelley Financial Solutions, Inc.(1)
 13,022  641,594 
Federated Hermes, Inc. 1  35 
Forge Global Holdings, Inc.(1)
 47,291  115,863 
Greenhill & Co., Inc. 88  1,298 
Open Lending Corp., Class A(1)
 61,920  510,840 
Oppenheimer Holdings, Inc., Class A 3,183  121,272 
Patria Investments Ltd., Class A 27,459  395,959 
Piper Sandler Cos. 9,244  1,377,171 
StoneX Group, Inc.(1)
 9,842  923,967 
Victory Capital Holdings, Inc., Class A 19,003  654,083 
Virtus Investment Partners, Inc. 3,826  792,365 
WisdomTree, Inc. 67,654  493,874 
7,849,671 
Chemicals — 2.3%
AdvanSix, Inc. 14,800  489,584 
Alto Ingredients, Inc.(1)
 30,060  108,517 
American Vanguard Corp. 14,127  195,235 
Aspen Aerogels, Inc.(1)
 28,330  172,530 
Core Molding Technologies, Inc.(1)
 4,970  134,737 
Danimer Scientific, Inc.(1)(2)
 55,077  107,400 
Ecovyst, Inc.(1)
 56,582  579,400 
FutureFuel Corp. 14,140  100,111 
Hawkins, Inc. 11,046  686,951 
Ingevity Corp.(1)
 16,180  871,940 
Innospec, Inc. 13,348  1,433,842 
Intrepid Potash, Inc.(1)
 5,316  142,628 
Koppers Holdings, Inc. 10,247  392,358 
Kronos Worldwide, Inc. 11,536  96,902 
LSB Industries, Inc.(1)
 25,403  257,078 
Minerals Technologies, Inc. 17,764  1,085,380 
Origin Materials, Inc.(1)(2)
 58,170  79,693 
Orion SA 31,853  720,515 
PureCycle Technologies, Inc.(1)
 69,890  624,118 
Rayonier Advanced Materials, Inc.(1)
 33,866  119,547 
Stepan Co. 11,878  1,036,593 
Trinseo PLC 17,961  189,129 
103

Avantis U.S. Small Cap Equity ETF
Shares Value
Tronox Holdings PLC, Class A 64,163  $ 875,183 
10,499,371 
Commercial Services and Supplies — 1.8%
ACCO Brands Corp. 52,297  278,743 
ARC Document Solutions, Inc. 5,502  18,597 
Aris Water Solutions, Inc., Class A 11,880  121,651 
Brady Corp., Class A 23,301  1,175,302 
BrightView Holdings, Inc.(1)
 4,967  41,127 
Brink's Co. 363  27,519 
CECO Environmental Corp.(1)
 13,868  191,101 
Civeo Corp.(1)
 4,650  84,258 
Deluxe Corp. 22,565  456,264 
Driven Brands Holdings, Inc.(1)
 14,465  217,698 
Ennis, Inc. 14,301  304,611 
Enviri Corp.(1)
 46,491  346,358 
Healthcare Services Group, Inc. 40,054  462,624 
Heritage-Crystal Clean, Inc.(1)
 9,970  449,647 
HNI Corp. 24,251  794,463 
Interface, Inc. 30,613  316,232 
Li-Cycle Holdings Corp.(1)(2)
 67,952  301,707 
Liquidity Services, Inc.(1)
 11,277  205,805 
Matthews International Corp., Class A 17,832  752,154 
MillerKnoll, Inc. 12,119  231,473 
Perma-Fix Environmental Services, Inc.(1)
 5,205  64,958 
Pitney Bowes, Inc. 87,486  287,829 
Quad/Graphics, Inc.(1)
 16,801  85,853 
SP Plus Corp.(1)
 10,556  413,479 
Steelcase, Inc., Class A 51,581  467,840 
Viad Corp.(1)
 2,012  57,121 
8,154,414 
Communications Equipment — 0.9%
ADTRAN Holdings, Inc. 14,169  121,145 
Applied Optoelectronics, Inc.(1)(2)
 14,228  195,919 
Aviat Networks, Inc.(1)
 6,024  212,286 
Clearfield, Inc.(1)
 3,205  112,656 
Comtech Telecommunications Corp. 2,308  23,195 
DZS, Inc.(1)(2)
 2,246  5,211 
Extreme Networks, Inc.(1)
 44,744  1,228,223 
Harmonic, Inc.(1)
 33,503  357,812 
KVH Industries, Inc.(1)
 3,030  16,059 
NETGEAR, Inc.(1)
 14,604  192,480 
NetScout Systems, Inc.(1)
 654  18,724 
Ribbon Communications, Inc.(1)
 32,849  97,233 
ViaSat, Inc.(1)
 1,147  31,818 
Viavi Solutions, Inc.(1)
 118,504  1,238,367 
3,851,128 
Construction and Engineering — 1.7%
Ameresco, Inc., Class A(1)
 15,972  694,622 
Argan, Inc. 6,675  283,554 
Concrete Pumping Holdings, Inc.(1)
 19,895  151,799 
Construction Partners, Inc., Class A(1)
 1,445  50,214 
104

Avantis U.S. Small Cap Equity ETF
Shares Value
Dycom Industries, Inc.(1)
 3,013  $ 301,089 
Eneti, Inc. 17,176  186,188 
Granite Construction, Inc. 23,135  955,244 
Great Lakes Dredge & Dock Corp.(1)
 38,499  339,946 
IES Holdings, Inc.(1)
 813  60,959 
Limbach Holdings, Inc.(1)
 6,658  240,554 
Matrix Service Co.(1)
 7,221  60,006 
MYR Group, Inc.(1)
 10,652  1,513,330 
Northwest Pipe Co.(1)
 5,238  173,325 
Primoris Services Corp. 19,734  697,992 
Sterling Infrastructure, Inc.(1)
 19,560  1,618,786 
Tutor Perini Corp.(1)
 22,469  199,749 
7,527,357 
Construction Materials — 0.1%
US Lime & Minerals, Inc. 1,176  254,698 
Consumer Finance — 1.5%
Atlanticus Holdings Corp.(1)
 970  33,853 
Bread Financial Holdings, Inc. 27,582  1,036,532 
Consumer Portfolio Services, Inc.(1)
 2,295  21,275 
Encore Capital Group, Inc.(1)
 7,834  367,101 
Enova International, Inc.(1)
 16,853  850,234 
EZCORP, Inc., Class A(1)
 27,365  230,140 
Green Dot Corp., Class A(1)
 23,412  347,434 
LendingClub Corp.(1)
 56,964  396,469 
Medallion Financial Corp.(2)
 2,436  20,462 
Moneylion, Inc.(1)
 48  1,074 
Navient Corp. 50,715  895,120 
Oportun Financial Corp.(1)
 14,429  101,003 
PRA Group, Inc.(1)
 20,073  391,022 
PROG Holdings, Inc.(1)
 30,518  1,046,767 
Regional Management Corp. 4,510  123,935 
Upstart Holdings, Inc.(1)(2)
 22,993  739,685 
World Acceptance Corp.(1)
 2,279  307,232 
6,909,338 
Consumer Staples Distribution & Retail — 1.0%
Andersons, Inc. 19,736  1,013,641 
Grocery Outlet Holding Corp.(1)
 6  185 
HF Foods Group, Inc.(1)
 5,808  27,472 
Ingles Markets, Inc., Class A 8,269  646,057 
Natural Grocers by Vitamin Cottage, Inc. 2,801  35,320 
PriceSmart, Inc. 14,647  1,164,143 
SpartanNash Co. 18,355  399,405 
Sprouts Farmers Market, Inc.(1)
 154  6,282 
United Natural Foods, Inc.(1)
 32,505  654,326 
Village Super Market, Inc., Class A 1,122  25,301 
Weis Markets, Inc. 8,729  566,250 
4,538,382 
Containers and Packaging — 0.3%
Ardagh Metal Packaging SA(2)
 68,159  244,691 
Greif, Inc., Class A 30  2,178 
Greif, Inc., Class B 97  7,229 
105

Avantis U.S. Small Cap Equity ETF
Shares Value
Myers Industries, Inc. 19,609  $ 368,845 
O-I Glass, Inc.(1)
 2,637  52,371 
Pactiv Evergreen, Inc. 19,298  158,629 
Ranpak Holdings Corp.(1)
 13,429  85,006 
TriMas Corp. 22,635  593,037 
1,511,986 
Diversified Consumer Services — 1.8%
Adtalem Global Education, Inc.(1)
 21,608  947,511 
American Public Education, Inc.(1)
 7,959  41,864 
Carriage Services, Inc. 6,968  214,754 
Chegg, Inc.(1)
 15,901  162,349 
Coursera, Inc.(1)
 53,462  929,704 
European Wax Center, Inc., Class A(1)
 15,414  267,587 
Frontdoor, Inc.(1)
 49,012  1,608,574 
Graham Holdings Co., Class B 935  548,219 
Laureate Education, Inc., Class A 82,500  1,149,225 
Lincoln Educational Services Corp.(1)
 12,942  110,395 
OneSpaWorld Holdings Ltd.(1)
 35,414  405,136 
Perdoceo Education Corp. 35,811  593,388 
Strategic Education, Inc. 307  23,793 
Stride, Inc.(1)
 23,731  1,008,330 
Universal Technical Institute, Inc.(1)
 9,678  77,134 
8,087,963 
Diversified Telecommunication Services — 0.7%
Anterix, Inc.(1)
 5,991  198,242 
ATN International, Inc. 5,768  206,898 
Consolidated Communications Holdings, Inc.(1)
 38,799  153,256 
EchoStar Corp., Class A(1)
 18,601  323,285 
IDT Corp., Class B(1)
 10,819  252,948 
Liberty Latin America Ltd., Class A(1)
 18,669  166,901 
Liberty Latin America Ltd., Class C(1)
 73,810  661,338 
Lumen Technologies, Inc.(1)
 241,180  383,476 
Radius Global Infrastructure, Inc., Class A(1)
 44,118  658,241 
3,004,585 
Electric Utilities — 0.3%
Genie Energy Ltd., Class B 11,981  183,429 
Hawaiian Electric Industries, Inc. 3,183  44,626 
MGE Energy, Inc. 6,544  473,982 
Otter Tail Corp. 6,207  511,271 
Via Renewables, Inc. 7  61 
1,213,369 
Electrical Equipment — 0.7%
American Superconductor Corp.(1)(2)
 4,247  39,285 
Array Technologies, Inc.(1)
 453  11,266 
Broadwind, Inc.(1)
 2,422  10,972 
Encore Wire Corp. 2,125  350,221 
Energy Vault Holdings, Inc.(1)
 38,775  123,692 
EnerSys 16  1,680 
ESS Tech, Inc.(1)
 4,165  5,956 
FREYR Battery SA(1)(2)
 62,018  386,372 
FuelCell Energy, Inc.(1)(2)
 205,557  287,780 
106

Avantis U.S. Small Cap Equity ETF
Shares Value
GrafTech International Ltd. 104,000  $ 368,160 
LSI Industries, Inc. 14,349  225,997 
Orion Energy Systems, Inc.(1)
 2,613  3,946 
Powell Industries, Inc. 5,967  501,049 
Preformed Line Products Co. 221  37,457 
SES AI Corp.(1)(2)
 51,369  108,388 
Thermon Group Holdings, Inc.(1)
 18,005  494,777 
Ultralife Corp.(1)
 59  559 
2,957,557 
Electronic Equipment, Instruments and Components — 2.3%
908 Devices, Inc.(1)
 12,741  91,608 
Advanced Energy Industries, Inc. 48  5,667 
Airgain, Inc.(1)
 962  4,444 
Akoustis Technologies, Inc.(1)(2)
 1,997  3,015 
Bel Fuse, Inc., Class B 6,830  357,209 
Belden, Inc. 654  61,411 
Benchmark Electronics, Inc. 18,575  478,121 
Climb Global Solutions, Inc. 2,570  110,536 
Coda Octopus Group, Inc.(1)
 36  274 
Crane NXT Co. 6,631  393,616 
CTS Corp. 16,564  739,583 
Daktronics, Inc.(1)
 23,882  199,654 
ePlus, Inc.(1)
 14,200  942,596 
Evolv Technologies Holdings, Inc.(1)
 190  1,328 
FARO Technologies, Inc.(1)
 4,463  70,783 
Identiv, Inc.(1)
 384  3,172 
Kimball Electronics, Inc.(1)
 12,781  385,858 
Knowles Corp.(1)
 47,693  764,519 
Methode Electronics, Inc. 12,764  411,639 
Napco Security Technologies, Inc. 3  74 
nLight, Inc.(1)
 25,891  295,416 
OSI Systems, Inc.(1)
 9,485  1,293,280 
Ouster, Inc.(1)(2)
 9,300  52,359 
PC Connection, Inc. 6,018  319,676 
Plexus Corp.(1)
 14,386  1,460,898 
Richardson Electronics Ltd. 6,178  77,781 
ScanSource, Inc.(1)
 13,130  430,401 
SmartRent, Inc.(1)
 91,471  311,001 
TTM Technologies, Inc.(1)
 55,646  829,125 
Vishay Intertechnology, Inc. 1,567  42,999 
Vishay Precision Group, Inc.(1)
 6,279  226,170 
Vuzix Corp.(1)(2)
 32,264  129,056 
10,493,269 
Energy Equipment and Services — 3.2%
Archrock, Inc. 85,306  1,091,064 
Bristow Group, Inc.(1)
 12,789  354,255 
Core Laboratories, Inc. 13,090  314,684 
Diamond Offshore Drilling, Inc.(1)
 58,274  866,534 
DMC Global, Inc.(1)
 9,843  236,429 
Dril-Quip, Inc.(1)
 18,071  498,398 
Expro Group Holdings NV(1)
 48,312  1,135,815 
107

Avantis U.S. Small Cap Equity ETF
Shares Value
Forum Energy Technologies, Inc.(1)
 4,805  $ 113,782 
Helix Energy Solutions Group, Inc.(1)
 78,355  794,520 
KLX Energy Services Holdings, Inc.(1)(2)
 1,370  14,255 
Liberty Energy, Inc., Class A 87,910  1,402,165 
Mammoth Energy Services, Inc.(1)
 3,902  18,066 
Nabors Industries Ltd.(1)
 4,774  528,434 
Natural Gas Services Group, Inc.(1)
 740  8,036 
Newpark Resources, Inc.(1)
 41,898  250,550 
NexTier Oilfield Solutions, Inc.(1)
 110,261  1,169,869 
Oceaneering International, Inc.(1)
 54,323  1,238,021 
Oil States International, Inc.(1)
 33,410  261,934 
Patterson-UTI Energy, Inc. 34  481 
ProFrac Holding Corp., Class A(1)(2)
 6,596  72,556 
ProPetro Holding Corp.(1)
 55,366  533,728 
Ranger Energy Services, Inc. 6,648  79,178 
RPC, Inc. 53,405  426,706 
SEACOR Marine Holdings, Inc.(1)
 3,912  44,949 
Select Water Solutions, Inc., Class A 40,844  328,794 
Smart Sand, Inc.(1)
 4,554  8,835 
Solaris Oilfield Infrastructure, Inc., Class A 16,419  172,728 
TechnipFMC PLC 2,642  50,304 
TETRA Technologies, Inc.(1)
 55,974  307,297 
Tidewater, Inc.(1)
 24,672  1,604,420 
US Silica Holdings, Inc.(1)
 41,475  511,387 
14,438,174 
Entertainment — 1.0%
Atlanta Braves Holdings, Inc., Class A(1)
 4,809  201,208 
Atlanta Braves Holdings, Inc., Class C(1)
 14,293  526,554 
Cinemark Holdings, Inc.(1)
 69,649  1,133,886 
IMAX Corp.(1)
 24,967  477,619 
Kartoon Studios, Inc.(1)(2)
 3,216  5,049 
Lions Gate Entertainment Corp., Class A(1)
 38,367  303,867 
Lions Gate Entertainment Corp., Class B(1)
 77,303  575,907 
Marcus Corp.(2)
 12,851  195,207 
Playstudios, Inc.(1)
 43,784  155,871 
Sciplay Corp., Class A(1)
 11,567  262,571 
Skillz, Inc.(1)
 691  5,659 
Sphere Entertainment Co.(1)
 15,896  557,314 
4,400,712 
Financial Services — 2.6%
Acacia Research Corp.(1)
 19,092  72,740 
Alerus Financial Corp. 6,536  127,452 
A-Mark Precious Metals, Inc. 9,987  340,756 
AvidXchange Holdings, Inc.(1)
 72,737  747,736 
Cannae Holdings, Inc.(1)
 38,609  757,895 
Cass Information Systems, Inc. 7,151  274,169 
EVERTEC, Inc. 33,243  1,315,425 
Federal Agricultural Mortgage Corp., Class C 5,124  862,472 
International Money Express, Inc.(1)
 4,076  70,515 
Jackson Financial, Inc., Class A 44,105  1,658,348 
loanDepot, Inc., Class A(1)(2)
 4,246  8,195 
108

Avantis U.S. Small Cap Equity ETF
Shares Value
Marqeta, Inc., Class A(1)
 194,656  $ 1,197,134 
Merchants Bancorp 8,651  252,350 
Mr. Cooper Group, Inc.(1)
 315  17,848 
NewtekOne, Inc.(2)
 10,567  189,255 
NMI Holdings, Inc., Class A(1)
 48,369  1,384,321 
Ocwen Financial Corp.(1)
 2,358  71,353 
Payoneer Global, Inc.(1)
 126,763  784,663 
Paysafe Ltd.(1)
 15,697  205,631 
Walker & Dunlop, Inc. 15,061  1,285,306 
Waterstone Financial, Inc. 9,741  120,886 
11,744,450 
Food Products — 1.1%
Alico, Inc. 1,164  27,389 
B&G Foods, Inc. 41,565  531,616 
Calavo Growers, Inc. 8,813  290,477 
Cal-Maine Foods, Inc. 23,363  1,116,518 
Dole PLC 40,713  485,299 
Farmer Bros Co.(1)
 1,422  3,000 
Fresh Del Monte Produce, Inc. 21,224  542,273 
Hostess Brands, Inc.(1)
 289  8,231 
John B Sanfilippo & Son, Inc. 4,650  466,628 
Lifecore Biomedical, Inc.(1)
 16,606  132,848 
Limoneira Co. 9,796  150,956 
Mission Produce, Inc.(1)
 21,636  205,975 
Seneca Foods Corp., Class A(1)
 2,957  142,705 
Sovos Brands, Inc.(1)
 26,771  599,670 
Tootsie Roll Industries, Inc. 171  5,498 
Vital Farms, Inc.(1)
 322  3,793 
Whole Earth Brands, Inc.(1)
 19,061  72,622 
4,785,498 
Gas Utilities — 0.4%
Chesapeake Utilities Corp. 9,769  1,075,567 
Northwest Natural Holding Co. 19,642  771,538 
RGC Resources, Inc. 191  3,453 
Star Group LP 4,996  58,603 
1,909,161 
Ground Transportation — 1.0%
ArcBest Corp. 13,274  1,401,602 
Covenant Logistics Group, Inc. 4,448  218,708 
Daseke, Inc.(1)
 21,831  115,704 
Heartland Express, Inc. 26,186  395,147 
Marten Transport Ltd. 32,640  685,440 
PAM Transportation Services, Inc.(1)
 1,688  38,925 
RXO, Inc.(1)
 66,719  1,206,280 
TuSimple Holdings, Inc., Class A(1)(2)
 78,941  98,676 
Universal Logistics Holdings, Inc. 4,386  118,949 
Werner Enterprises, Inc. 8,007  333,171 
4,612,602 
Health Care Equipment and Supplies — 1.0%
Accuray, Inc.(1)
 5,365  15,290 
AngioDynamics, Inc.(1)
 15,126  121,462 
109

Avantis U.S. Small Cap Equity ETF
Shares Value
Apyx Medical Corp.(1)
 19,894  $ 92,706 
Atrion Corp. 403  187,435 
Avanos Medical, Inc.(1)
 24,053  506,075 
Axogen, Inc.(1)
 49  307 
Beyond Air, Inc.(1)(2)
 1,534  4,671 
Bioventus, Inc., Class A(1)(2)
 9,154  32,954 
Butterfly Network, Inc.(1)(2)
 67,971  120,309 
CVRx, Inc.(1)(2)
 4,764  82,655 
Glaukos Corp.(1)
 62  4,659 
Haemonetics Corp.(1)
 381  34,187 
Hyperfine, Inc.(1)
 1,567  3,228 
Inogen, Inc.(1)
 6,662  41,371 
iRadimed Corp. 4,584  211,918 
LeMaitre Vascular, Inc. 2,613  151,058 
Merit Medical Systems, Inc.(1)
 4  261 
Neuronetics, Inc.(1)
 2,827  4,636 
NuVasive, Inc.(1)
 27,459  1,091,495 
Omnicell, Inc.(1)
 270  15,352 
OraSure Technologies, Inc.(1)
 38,209  246,830 
Orthofix Medical, Inc.(1)
 18,434  390,064 
Pulmonx Corp.(1)
 19,620  205,225 
Sensus Healthcare, Inc.(1)
 841  2,616 
Sight Sciences, Inc.(1)
 12,146  79,678 
Tactile Systems Technology, Inc.(1)
 7,541  142,902 
UFP Technologies, Inc.(1)
 281  49,375 
Utah Medical Products, Inc. 1,779  162,956 
Varex Imaging Corp.(1)
 19,315  379,926 
Vicarious Surgical, Inc.(1)
 196  181 
Zimvie, Inc.(1)
 15,125  178,475 
Zynex, Inc.(1)(2)
 11,561  89,020 
4,649,277 
Health Care Providers and Services — 1.8%
AdaptHealth Corp.(1)
 20,864  248,908 
Addus HomeCare Corp.(1)
 8,229  721,683 
Agiliti, Inc.(1)(2)
 17,740  171,191 
AirSculpt Technologies, Inc.(1)
 4,118  31,626 
Apollo Medical Holdings, Inc.(1)
 14,078  532,993 
Brookdale Senior Living, Inc.(1)
 108,395  460,679 
Castle Biosciences, Inc.(1)
 12,838  255,861 
CorVel Corp.(1)
 109  23,593 
Cross Country Healthcare, Inc.(1)
 18,970  488,667 
Enhabit, Inc.(1)
 4,486  57,466 
Fulgent Genetics, Inc.(1)
 11,412  373,857 
GeneDx Holdings Corp.(1)
 5,582  24,840 
InfuSystem Holdings, Inc.(1)
 2,194  22,554 
Joint Corp.(1)
 7,653  71,096 
ModivCare, Inc.(1)
 6,198  198,956 
National HealthCare Corp. 7,256  478,533 
National Research Corp. 10,553  441,115 
NeoGenomics, Inc.(1)
 2,087  31,368 
OPKO Health, Inc.(1)
 197,579  361,570 
110

Avantis U.S. Small Cap Equity ETF
Shares Value
Owens & Minor, Inc.(1)
 39,308  $ 664,305 
Patterson Cos., Inc. 8,572  257,503 
Pediatrix Medical Group, Inc.(1)
 42,609  602,065 
Pennant Group, Inc.(1)
 14,608  175,004 
PetIQ, Inc.(1)
 15,321  292,325 
Premier, Inc., Class A 610  13,133 
Privia Health Group, Inc.(1)
 162  4,253 
RadNet, Inc.(1)
 36,247  1,211,012 
Select Medical Holdings Corp. 110  3,213 
8,219,369 
Health Care Technology — 0.5%
American Well Corp., Class A(1)
 113,869  161,694 
Computer Programs & Systems, Inc.(1)
 6,560  106,731 
Health Catalyst, Inc.(1)
 26,040  304,408 
HealthStream, Inc. 12,689  266,850 
iCAD, Inc.(1)
 249  568 
Multiplan Corp.(1)
 208,610  356,723 
NextGen Healthcare, Inc.(1)
 23,965  436,403 
OptimizeRx Corp.(1)
 7,927  67,538 
Simulations Plus, Inc. 37  1,646 
Veradigm, Inc.(1)
 54,270  726,132 
2,428,693 
Hotels, Restaurants and Leisure — 2.3%
Accel Entertainment, Inc.(1)
 31,471  374,190 
Bally's Corp.(1)
 15,037  249,614 
Biglari Holdings, Inc., Class B(1)
 17  3,162 
BJ's Restaurants, Inc.(1)
 12,630  371,448 
Bloomin' Brands, Inc. 50,431  1,415,094 
Bowlero Corp.(1)
 23,789  261,679 
BurgerFi International, Inc.(1)
 5  8 
Carrols Restaurant Group, Inc.(1)
 22,907  159,891 
Century Casinos, Inc.(1)
 3,623  23,550 
Cheesecake Factory, Inc.(2)
 25,732  819,564 
Chuy's Holdings, Inc.(1)
 10,575  402,908 
Cracker Barrel Old Country Store, Inc.(2)
 11,802  972,839 
Dave & Buster's Entertainment, Inc.(1)
 18,824  739,218 
El Pollo Loco Holdings, Inc. 13,900  132,189 
Everi Holdings, Inc.(1)
 46,260  668,920 
Fiesta Restaurant Group, Inc.(1)
 1,740  14,633 
Full House Resorts, Inc.(1)
 805  3,888 
Golden Entertainment, Inc. 11,231  408,921 
Monarch Casino & Resort, Inc. 7,306  492,424 
Noodles & Co.(1)
 23,120  64,274 
ONE Group Hospitality, Inc.(1)
 10,319  70,685 
Playa Hotels & Resorts NV(1)
 74,469  555,539 
PlayAGS, Inc.(1)
 20,700  141,381 
Potbelly Corp.(1)
 15,515  123,965 
RCI Hospitality Holdings, Inc. 4,433  289,386 
Red Robin Gourmet Burgers, Inc.(1)
 9,760  101,211 
Shake Shack, Inc., Class A(1)
 6,169  431,830 
Super Group SGHC Ltd.(1)
 117,768  445,163 
111

Avantis U.S. Small Cap Equity ETF
Shares Value
Sweetgreen, Inc., Class A(1)
 43,473  $ 624,272 
Target Hospitality Corp.(1)(2)
 10,516  167,204 
10,529,050 
Household Durables — 2.5%
Bassett Furniture Industries, Inc. 870  13,267 
Beazer Homes USA, Inc.(1)
 19,646  575,824 
Cavco Industries, Inc.(1)
 4,518  1,262,871 
Century Communities, Inc. 17,945  1,332,416 
Cricut, Inc., Class A(2)
 15,229  144,066 
Dream Finders Homes, Inc., Class A(1)(2)
 14,033  404,431 
Ethan Allen Interiors, Inc. 12,607  395,608 
Flexsteel Industries, Inc. 736  16,634 
GoPro, Inc., Class A(1)
 66,305  241,019 
Green Brick Partners, Inc.(1)
 18,916  935,585 
Hooker Furnishings Corp. 5,887  126,747 
Hovnanian Enterprises, Inc., Class A(1)
 3,082  366,265 
Installed Building Products, Inc. 2,840  411,033 
KB Home 9,509  483,057 
Landsea Homes Corp.(1)
 2,985  28,925 
La-Z-Boy, Inc. 24,299  749,624 
Legacy Housing Corp.(1)
 5,377  121,897 
LGI Homes, Inc.(1)
 3,178  391,212 
Lifetime Brands, Inc. 1,937  12,184 
Lovesac Co.(1)
 4,892  112,125 
M/I Homes, Inc.(1)
 18,570  1,823,203 
MDC Holdings, Inc. 7,621  361,616 
Meritage Homes Corp. 201  27,947 
Purple Innovation, Inc.(2)
 21,663  47,009 
Skyline Champion Corp.(1)
 2  142 
Traeger, Inc.(1)
 17,897  80,000 
Tri Pointe Homes, Inc.(1)
 19,113  594,414 
Universal Electronics, Inc.(1)
 5,350  47,615 
VOXX International Corp.(1)
 6,484  56,022 
11,162,758 
Household Products — 0.5%
Central Garden & Pet Co.(1)
 4,978  219,729 
Central Garden & Pet Co., Class A(1)
 21,343  870,795 
Energizer Holdings, Inc. 22,891  786,306 
Oil-Dri Corp. of America 3,343  225,318 
WD-40 Co. 21  4,512 
2,106,660 
Independent Power and Renewable Electricity Producers — 0.3%
Altus Power, Inc.(1)
 24,871  160,667 
Montauk Renewables, Inc.(1)
 32,392  309,344 
Sunnova Energy International, Inc.(1)(2)
 56,039  779,502 
1,249,513 
Insurance — 2.5%
Ambac Financial Group, Inc.(1)
 24,918  320,944 
AMERISAFE, Inc. 10,143  525,407 
Argo Group International Holdings Ltd. 4,540  135,065 
BRP Group, Inc., Class A(1)
 6,967  185,253 
112

Avantis U.S. Small Cap Equity ETF
Shares Value
CNO Financial Group, Inc. 57,437  $ 1,344,026 
Crawford & Co., Class A 110  1,178 
Crawford & Co., Class B 45  442 
Donegal Group, Inc., Class A 4,108  60,018 
eHealth, Inc.(1)
 14,825  115,932 
Employers Holdings, Inc. 14,418  565,618 
Genworth Financial, Inc., Class A(1)
 248,394  1,438,201 
GoHealth, Inc., Class A(1)
 1,877  29,826 
Greenlight Capital Re Ltd., A Shares(1)
 12,546  138,382 
HCI Group, Inc.(2)
 1,971  105,015 
Heritage Insurance Holdings, Inc.(1)
 5,562  29,534 
Hippo Holdings, Inc.(1)(2)
 8,858  88,403 
Horace Mann Educators Corp. 21,758  623,584 
Investors Title Co. 190  27,339 
James River Group Holdings Ltd. 16,373  238,391 
Lemonade, Inc.(1)(2)
 32,978  453,777 
Mercury General Corp. 14,139  404,517 
National Western Life Group, Inc., Class A 1,164  529,085 
Oscar Health, Inc., Class A(1)
 86,118  539,960 
Palomar Holdings, Inc.(1)
 9,689  494,236 
ProAssurance Corp. 28,856  510,174 
Safety Insurance Group, Inc. 7,686  529,335 
Selectquote, Inc.(1)
 71,251  86,926 
SiriusPoint Ltd.(1)
 59,376  656,699 
Skyward Specialty Insurance Group, Inc.(1)
 4,928  119,849 
Stewart Information Services Corp. 7,598  351,939 
Tiptree, Inc. 11,490  202,454 
United Fire Group, Inc. 12,701  251,099 
Universal Insurance Holdings, Inc. 16,946  214,536 
White Mountains Insurance Group Ltd. 5  7,943 
11,325,087 
Interactive Media and Services — 1.1%
Cargurus, Inc.(1)
 59,049  1,069,377 
Cars.com, Inc.(1)
 38,957  728,106 
DHI Group, Inc.(1)
 7,151  26,959 
EverQuote, Inc., Class A(1)
 1,556  9,616 
Grindr, Inc.(1)
 109  560 
Nextdoor Holdings, Inc.(1)
 67,083  145,570 
QuinStreet, Inc.(1)
 2,361  23,374 
Shutterstock, Inc. 12,678  533,871 
TripAdvisor, Inc.(1)
 51,859  783,590 
TrueCar, Inc.(1)
 14,763  35,284 
Yelp, Inc.(1)
 34,889  1,494,994 
Zedge, Inc., Class B(1)
 1,146  2,521 
ZipRecruiter, Inc., Class A(1)
 11,170  169,672 
5,023,494 
IT Services — 0.3%
Backblaze, Inc., Class A(1)
 747  4,377 
DigitalOcean Holdings, Inc.(1)(2)
 234  6,330 
Grid Dynamics Holdings, Inc.(1)
 1,709  19,876 
Hackett Group, Inc. 12,951  305,255 
113

Avantis U.S. Small Cap Equity ETF
Shares Value
Information Services Group, Inc. 1,118  $ 5,814 
Perficient, Inc.(1)
 12,524  798,906 
PFSweb, Inc. 2,890  13,785 
Rackspace Technology, Inc.(1)
 16,141  40,353 
Unisys Corp.(1)
 31,410  126,582 
1,321,278 
Leisure Products — 0.7%
American Outdoor Brands, Inc.(1)
 1,238  12,157 
AMMO, Inc.(1)
 47,526  108,835 
Clarus Corp. 15,197  109,267 
Escalade, Inc. 215  3,223 
Funko, Inc., Class A(1)
 5,190  36,174 
JAKKS Pacific, Inc.(1)
 4,243  83,502 
Johnson Outdoors, Inc., Class A 2,413  134,911 
Latham Group, Inc.(1)
 19,662  72,749 
Malibu Boats, Inc., Class A(1)
 11,201  543,921 
Marine Products Corp. 5,282  73,895 
MasterCraft Boat Holdings, Inc.(1)
 9,503  206,785 
Smith & Wesson Brands, Inc. 27,684  325,010 
Solo Brands, Inc., Class A(1)
 1,104  6,171 
Sturm Ruger & Co., Inc. 9,771  503,988 
Vista Outdoor, Inc.(1)
 31,559  923,101 
3,143,689 
Life Sciences Tools and Services — 0.5%
AbCellera Biologics, Inc.(1)(2)
 43,938  239,462 
Adaptive Biotechnologies Corp.(1)
 1,455  9,850 
Bionano Genomics, Inc.(1)
 97  374 
Codexis, Inc.(1)
 26,127  45,461 
CryoPort, Inc.(1)
 22,267  313,965 
Inotiv, Inc.(1)
 11,354  42,464 
Maravai LifeSciences Holdings, Inc., Class A(1)
 5,632  58,235 
MaxCyte, Inc.(1)
 40,735  149,090 
Mesa Laboratories, Inc. 176  25,231 
Nautilus Biotechnology, Inc.(1)
 1,246  4,025 
OmniAb, Inc.(1)
 60,074  348,429 
OmniAb, Inc.(1)
 309  1,108 
OmniAb, Inc.(1)
 309  1,054 
Personalis, Inc.(1)
 7,262  13,217 
Quanterix Corp.(1)
 21,514  576,575 
Quantum-Si, Inc.(1)
 15,730  36,808 
Seer, Inc.(1)
 25,562  67,228 
SomaLogic, Inc.(1)
 83,683  184,940 
Sotera Health Co.(1)
 741  11,960 
2,129,476 
Machinery — 3.7%
3D Systems Corp.(1)
 1,920  12,115 
Alamo Group, Inc. 1,517  260,393 
Albany International Corp., Class A 4  371 
Astec Industries, Inc. 12,321  675,437 
Barnes Group, Inc. 24,642  968,431 
Blue Bird Corp.(1)
 782  17,087 
114

Avantis U.S. Small Cap Equity ETF
Shares Value
Commercial Vehicle Group, Inc.(1)
 20,691  $ 190,564 
Desktop Metal, Inc., Class A(1)
 124,556  224,201 
Douglas Dynamics, Inc. 3,328  100,739 
Enerpac Tool Group Corp. 30,160  790,192 
EnPro Industries, Inc. 8,013  1,092,893 
ESCO Technologies, Inc. 6,243  668,063 
Federal Signal Corp. 54  3,291 
Gencor Industries, Inc.(1)
 284  4,056 
Gorman-Rupp Co. 2,126  68,330 
Greenbrier Cos., Inc. 18,948  806,427 
Helios Technologies, Inc. 16,893  977,767 
Hillman Solutions Corp.(1)
 27,736  251,011 
Hurco Cos., Inc. 1,607  34,840 
Hyliion Holdings Corp.(1)(2)
 35,261  43,018 
Hyster-Yale Materials Handling, Inc. 6,472  295,576 
Hyzon Motors, Inc.(1)(2)
 3,805  4,832 
Kadant, Inc. 6,098  1,339,975 
Kennametal, Inc. 43,536  1,152,398 
Lindsay Corp. 5,047  626,333 
Manitowoc Co., Inc.(1)
 21,948  371,360 
Markforged Holding Corp.(1)
 8,344  10,931 
Mayville Engineering Co., Inc.(1)
 5,793  68,010 
Microvast Holdings, Inc.(1)(2)
 85,075  189,717 
Miller Industries, Inc. 7,092  283,680 
Mueller Water Products, Inc., Class A 66,962  945,503 
Nikola Corp.(1)
 138,109  162,969 
NN, Inc.(1)
 3,575  7,579 
Omega Flex, Inc. 1,750  146,475 
Park-Ohio Holdings Corp. 5,886  110,127 
Proto Labs, Inc.(1)
 15,095  445,302 
REV Group, Inc. 8,213  111,533 
Shyft Group, Inc. 8,068  126,506 
SPX Technologies, Inc.(1)
 72  5,689 
Standex International Corp. 6,947  1,067,268 
Tennant Co. 3,361  277,047 
Terex Corp. 912  55,276 
Titan International, Inc.(1)
 27,839  350,493 
Trinity Industries, Inc. 20,611  516,718 
Velo3D, Inc.(1)(2)
 5,142  8,124 
Wabash National Corp. 26,077  588,036 
16,456,683 
Marine Transportation — 0.5%
Costamare, Inc. 16,471  169,816 
Eagle Bulk Shipping, Inc.(2)
 5,586  244,443 
Genco Shipping & Trading Ltd. 23,265  318,033 
Matson, Inc. 12,278  1,078,991 
Pangaea Logistics Solutions Ltd. 17,554  99,005 
Safe Bulkers, Inc.(2)
 38,378  123,193 
2,033,481 
Media — 1.2%
Advantage Solutions, Inc.(1)
 37,921  106,179 
115

Avantis U.S. Small Cap Equity ETF
Shares Value
AMC Networks, Inc., Class A(1)
 16,692  $ 194,295 
Boston Omaha Corp., Class A(1)
 11,591  204,929 
Cumulus Media, Inc., Class A(1)
 3,081  14,296 
Daily Journal Corp.(1)
 103  30,364 
E.W. Scripps Co., Class A(1)
 32,871  251,134 
Entravision Communications Corp., Class A 31,915  122,234 
Gambling.com Group Ltd.(1)
 5,985  84,867 
Gannett Co., Inc.(1)
 14,196  41,310 
Gray Television, Inc. 42,845  345,331 
iHeartMedia, Inc., Class A(1)
 41,896  151,245 
John Wiley & Sons, Inc., Class A 21,950  815,662 
Magnite, Inc.(1)
 70,147  578,713 
PubMatic, Inc., Class A(1)
 25,362  352,532 
Scholastic Corp. 14,903  647,535 
Sinclair, Inc. 18,151  229,066 
Stagwell, Inc.(1)
 38,913  212,076 
TechTarget, Inc.(1)
 13,110  376,913 
Thryv Holdings, Inc.(1)
 17,273  352,196 
Townsquare Media, Inc., Class A 2,530  24,440 
Urban One, Inc.(1)
 3,484  18,779 
Urban One, Inc., Class A(1)
 1,238  6,883 
WideOpenWest, Inc.(1)
 26,392  213,775 
5,374,754 
Metals and Mining — 2.6%
Alpha Metallurgical Resources, Inc. 7,034  1,426,777 
Arch Resources, Inc. 9,468  1,236,521 
Ascent Industries Co.(1)
 1,238  11,055 
ATI, Inc.(1)
 94  4,261 
Caledonia Mining Corp. PLC 7,827  80,931 
Carpenter Technology Corp. 20,300  1,271,389 
Century Aluminum Co.(1)
 27,001  200,887 
Coeur Mining, Inc.(1)
 172,804  416,458 
Compass Minerals International, Inc. 22,193  669,119 
Dakota Gold Corp.(1)
 1,651  4,755 
Gatos Silver, Inc.(1)(2)
 25,986  118,756 
Haynes International, Inc. 6,562  320,291 
Hecla Mining Co. 3,597  15,791 
Kaiser Aluminum Corp. 8,090  614,193 
Materion Corp. 12,581  1,368,687 
McEwen Mining, Inc.(1)(2)
 22,737  183,942 
Olympic Steel, Inc. 6,143  328,773 
Ramaco Resources, Inc., Class A 8,633  67,683 
Ramaco Resources, Inc., Class B 1,726  18,710 
Ryerson Holding Corp. 16,070  500,420 
Schnitzer Steel Industries, Inc., Class A 14,096  467,987 
SunCoke Energy, Inc. 46,817  435,398 
TimkenSteel Corp.(1)
 23,581  516,660 
Tredegar Corp. 13,965  70,244 
Universal Stainless & Alloy Products, Inc.(1)
 3,341  45,538 
Warrior Met Coal, Inc. 29,758  1,177,226 
11,572,452 
116

Avantis U.S. Small Cap Equity ETF
Shares Value
Multi-Utilities — 0.2%
Avista Corp. 15,494  $ 515,795 
Unitil Corp. 8,938  436,353 
952,148 
Oil, Gas and Consumable Fuels — 4.8%
Amplify Energy Corp.(1)
 18,334  119,904 
Ardmore Shipping Corp. 21,914  272,610 
Baytex Energy Corp.(1)
 54,152  220,399 
Berry Corp. 34,080  292,066 
Callon Petroleum Co.(1)
 34,763  1,363,752 
Chord Energy Corp. 1  161 
Clean Energy Fuels Corp.(1)
 90,062  383,664 
CONSOL Energy, Inc. 14,813  1,274,511 
Crescent Energy Co., Class A(2)
 22,114  301,414 
Delek US Holdings, Inc. 34,745  894,684 
DHT Holdings, Inc. 72,083  666,768 
Dorian LPG Ltd. 21,834  563,317 
Earthstone Energy, Inc., Class A(1)
 36,153  736,798 
Enviva, Inc.(2)
 6,432  59,174 
Epsilon Energy Ltd. 2,068  11,167 
Equitrans Midstream Corp. 78,440  753,024 
Evolution Petroleum Corp. 16,741  141,629 
Excelerate Energy, Inc., Class A 7,645  142,197 
Gran Tierra Energy, Inc.(1)(2)
 10,841  69,599 
Granite Ridge Resources, Inc. 9,011  66,681 
Green Plains, Inc.(1)
 30,416  944,113 
Gulfport Energy Corp.(1)
 7,276  858,568 
Hallador Energy Co.(1)
 12,286  131,952 
HighPeak Energy, Inc.(2)
 7,305  107,603 
International Seaways, Inc. 24,058  1,033,772 
Kimbell Royalty Partners LP 34,246  525,676 
NACCO Industries, Inc., Class A 389  12,681 
Nordic American Tankers Ltd. 122,847  480,332 
Overseas Shipholding Group, Inc., Class A(1)
 36,375  160,050 
Par Pacific Holdings, Inc.(1)
 31,242  1,073,163 
Plains GP Holdings LP, Class A(1)
 30,910  495,796 
PrimeEnergy Resources Corp.(1)
 45  4,365 
REX American Resources Corp.(1)
 8,238  325,319 
Riley Exploration Permian, Inc. 2,755  92,265 
Ring Energy, Inc.(1)
 38,028  71,873 
SandRidge Energy, Inc. 18,118  289,707 
Scorpio Tankers, Inc. 24,510  1,238,000 
SFL Corp. Ltd. 63,110  713,143 
SilverBow Resources, Inc.(1)
 8,754  374,496 
Talos Energy, Inc.(1)
 47,835  823,719 
Teekay Corp.(1)
 40,902  262,182 
Teekay Tankers Ltd., Class A 15,167  616,994 
Uranium Energy Corp.(1)
 181,195  782,762 
VAALCO Energy, Inc. 58,242  241,122 
Vital Energy, Inc.(1)
 9,949  599,825 
W&T Offshore, Inc.(1)
 38,233  155,991 
117

Avantis U.S. Small Cap Equity ETF
Shares Value
World Kinect Corp. 32,668  $ 715,429 
21,464,417 
Paper and Forest Products — 0.3%
Clearwater Paper Corp.(1)
 9,167  351,005 
Glatfelter Corp.(1)
 23,561  47,122 
Mercer International, Inc. 22,392  203,543 
Sylvamo Corp. 19,703  822,994 
1,424,664 
Passenger Airlines — 1.1%
Allegiant Travel Co. 10,088  896,218 
Blade Air Mobility, Inc.(1)
 31,209  99,557 
Frontier Group Holdings, Inc.(1)
 21,877  137,388 
Hawaiian Holdings, Inc.(1)
 25,826  221,587 
JetBlue Airways Corp.(1)
 158,252  936,852 
Mesa Air Group, Inc.(1)
 6,490  8,891 
SkyWest, Inc.(1)
 29,242  1,318,814 
Spirit Airlines, Inc. 60,705  1,001,632 
Sun Country Airlines Holdings, Inc.(1)
 22,827  339,894 
4,960,833 
Personal Care Products — 0.8%
Edgewell Personal Care Co. 25,968  1,001,326 
elf Beauty, Inc.(1)
 5,779  801,605 
Honest Co., Inc.(1)(2)
 9,973  14,760 
Inter Parfums, Inc. 94  13,135 
Medifast, Inc. 5,992  505,365 
Nature's Sunshine Products, Inc.(1)
 1,609  27,047 
Nu Skin Enterprises, Inc., Class A 26,211  626,181 
Olaplex Holdings, Inc.(1)
 29,962  81,197 
USANA Health Sciences, Inc.(1)
 6,338  407,470 
3,478,086 
Pharmaceuticals — 1.6%
Amneal Pharmaceuticals, Inc.(1)
 73,137  299,130 
Amphastar Pharmaceuticals, Inc.(1)
 17,188  916,292 
ANI Pharmaceuticals, Inc.(1)
 8,306  534,823 
Arvinas, Inc.(1)
 16,540  466,593 
Assertio Holdings, Inc.(1)(2)
 37,155  121,868 
ATAI Life Sciences NV(1)
 38,181  58,417 
Atea Pharmaceuticals, Inc.(1)
 40,267  135,297 
Athira Pharma, Inc.(1)
 14,508  32,353 
Collegium Pharmaceutical, Inc.(1)
 17,961  420,647 
Concert Pharmaceuticals, Inc.(1)
 5,515  2,041 
Corcept Therapeutics, Inc.(1)
 1,526  49,946 
CorMedix, Inc.(1)(2)
 16  65 
Cymabay Therapeutics, Inc.(1)
 30  413 
Edgewise Therapeutics, Inc.(1)
 22,073  137,956 
EyePoint Pharmaceuticals, Inc.(1)
 51  505 
Fulcrum Therapeutics, Inc.(1)(2)
 25,069  138,632 
Harmony Biosciences Holdings, Inc.(1)
 15,562  564,122 
Harrow Health, Inc.(1)
 394  5,977 
Innoviva, Inc.(1)
 31,154  397,214 
Jounce Therapeutics, Inc.(1)
 4,355  131 
118

Avantis U.S. Small Cap Equity ETF
Shares Value
Ligand Pharmaceuticals, Inc.(1)
 8,664  $ 569,831 
Longboard Pharmaceuticals, Inc.(1)
 5,093  29,488 
Lyra Therapeutics, Inc.(1)
 160  557 
Milestone Pharmaceuticals, Inc.(1)
 480  1,286 
NGM Biopharmaceuticals, Inc.(1)
 17,651  33,360 
Nuvation Bio, Inc.(1)
 68,236  111,907 
Ocuphire Pharma, Inc.(1)(2)
 9,692  38,671 
Oramed Pharmaceuticals, Inc.(1)(2)
 14,261  46,776 
Pacira BioSciences, Inc.(1)
 21,796  769,399 
Phibro Animal Health Corp., Class A 2,387  33,299 
Pliant Therapeutics, Inc.(1)
 444  7,495 
Prestige Consumer Healthcare, Inc.(1)
 30  1,750 
ProPhase Labs, Inc.(1)(2)
 5,852  25,047 
Rain Oncology, Inc.(1)
 6,899  7,244 
SCYNEXIS, Inc.(1)(2)
 5,975  21,032 
SIGA Technologies, Inc. 21,203  97,322 
Supernus Pharmaceuticals, Inc.(1)
 16,674  530,900 
Tarsus Pharmaceuticals, Inc.(1)
 11,616  203,396 
Terns Pharmaceuticals, Inc.(1)
 14,989  78,992 
Theravance Biopharma, Inc.(1)(2)
 21,556  205,213 
Theseus Pharmaceuticals, Inc.(1)
 10,569  33,187 
Trevi Therapeutics, Inc.(1)
 21,484  47,480 
Ventyx Biosciences, Inc.(1)
 20  670 
Verrica Pharmaceuticals, Inc.(1)(2)
 15,119  68,791 
Zevra Therapeutics, Inc.(1)(2)
 15,553  78,854 
7,324,369 
Professional Services — 2.8%
Barrett Business Services, Inc. 3,604  344,831 
Blacksky Technology, Inc.(1)(2)
 44,106  59,984 
CBIZ, Inc.(1)
 27,301  1,531,859 
Conduent, Inc.(1)
 89,644  281,482 
CRA International, Inc. 3,443  374,013 
CSG Systems International, Inc. 16,915  918,654 
DLH Holdings Corp.(1)
 962  10,726 
First Advantage Corp. 29,036  405,052 
Forrester Research, Inc.(1)
 5,792  177,409 
Franklin Covey Co.(1)
 6,229  265,791 
Heidrick & Struggles International, Inc. 10,330  273,642 
HireQuest, Inc. 2,934  55,805 
HireRight Holdings Corp.(1)
 8,074  84,535 
Hudson Global, Inc.(1)
 368  7,838 
Huron Consulting Group, Inc.(1)
 10,658  1,065,267 
IBEX Holdings Ltd.(1)
 5,080  99,365 
ICF International, Inc. 10,154  1,371,399 
Innodata, Inc.(1)
 288  3,744 
Kelly Services, Inc., Class A 17,280  319,507 
Kforce, Inc. 10,419  652,750 
Korn Ferry 27,480  1,400,930 
Legalzoom.com, Inc.(1)
 4,588  52,349 
Mistras Group, Inc.(1)
 11,546  61,656 
NV5 Global, Inc.(1)
 3,848  391,649 
119

Avantis U.S. Small Cap Equity ETF
Shares Value
Planet Labs PBC(1)(2)
 96,950  $ 315,088 
RCM Technologies, Inc.(1)
 2,886  59,278 
Resources Connection, Inc. 17,233  267,284 
Sterling Check Corp.(1)
 15,750  219,555 
TaskUS, Inc., Class A(1)
 12,445  123,206 
TrueBlue, Inc.(1)
 16,507  249,751 
TTEC Holdings, Inc. 9,008  268,078 
Verra Mobility Corp.(1)
 38,449  684,008 
Willdan Group, Inc.(1)
 77  1,859 
12,398,344 
Real Estate Management and Development — 1.4%
Anywhere Real Estate, Inc.(1)
 52,751  346,047 
Cushman & Wakefield PLC(1)
 84,431  775,921 
Douglas Elliman, Inc. 35,036  87,940 
Five Point Holdings LLC, Class A(1)
 6,743  20,566 
Forestar Group, Inc.(1)
 12,375  352,811 
FRP Holdings, Inc.(1)
 2,216  126,246 
Kennedy-Wilson Holdings, Inc. 58,994  942,134 
Marcus & Millichap, Inc. 13,240  440,892 
Newmark Group, Inc., Class A 57,220  405,690 
Offerpad Solutions, Inc.(1)
 1,623  21,164 
Opendoor Technologies, Inc.(1)(2)
 371,105  1,447,309 
Rafael Holdings, Inc., Class B(1)
 2,111  4,623 
RE/MAX Holdings, Inc., Class A 9,527  154,337 
Redfin Corp.(1)
 53,598  510,253 
RMR Group, Inc., Class A 8,821  222,995 
Seritage Growth Properties, Class A(1)
 17,594  132,835 
Stratus Properties, Inc. 1,060  29,288 
Tejon Ranch Co.(1)
 9,206  153,556 
6,174,607 
Semiconductors and Semiconductor Equipment — 1.7%
ACM Research, Inc., Class A(1)
 26,262  461,161 
Alpha & Omega Semiconductor Ltd.(1)
 12,077  381,029 
Amtech Systems, Inc.(1)
 1,238  10,622 
Axcelis Technologies, Inc.(1)
 4,668  896,956 
AXT, Inc.(1)
 21,054  54,741 
CEVA, Inc.(1)
 2,401  55,751 
Cohu, Inc.(1)
 26,034  973,411 
FormFactor, Inc.(1)
 20,532  725,190 
GSI Technology, Inc.(1)
 10,222  31,791 
Ichor Holdings Ltd.(1)
 2,586  94,725 
Kopin Corp.(1)
 54,120  79,015 
Magnachip Semiconductor Corp.(1)
 22,330  183,553 
MaxLinear, Inc.(1)
 39,150  920,025 
NVE Corp. 3,018  266,942 
Photronics, Inc.(1)
 35,457  842,458 
Rigetti Computing, Inc.(1)(2)
 14,378  25,881 
SkyWater Technology, Inc.(1)
 12,763  85,512 
SMART Global Holdings, Inc.(1)
 29,833  770,586 
Ultra Clean Holdings, Inc.(1)
 24,032  844,965 
7,704,314 
120

Avantis U.S. Small Cap Equity ETF
Shares Value
Software — 2.9%
8x8, Inc.(1)
 3,197  $ 10,390 
A10 Networks, Inc. 36,968  550,454 
ACI Worldwide, Inc.(1)
 7,298  177,195 
Adeia, Inc. 54,312  546,379 
Agilysys, Inc.(1)
 10,019  706,790 
Aurora Innovation, Inc.(1)(2)
 11,309  35,850 
Bit Digital, Inc.(1)(2)
 45,022  105,802 
C3.ai, Inc., Class A(1)(2)
 33,320  1,033,586 
Cipher Mining, Inc.(1)(2)
 25,142  80,203 
Cleanspark, Inc.(1)
 5,092  25,104 
CommVault Systems, Inc.(1)
 4,569  312,108 
CoreCard Corp.(1)
 3,259  69,221 
CS Disco, Inc.(1)
 12,518  118,921 
Ebix, Inc. 6,762  112,925 
Enfusion, Inc., Class A(1)
 5,575  47,610 
Envestnet, Inc.(1)
 1  55 
InterDigital, Inc. 17,180  1,489,678 
Latch, Inc.(1)
 3,245  2,791 
LivePerson, Inc.(1)
 1,280  5,376 
LiveRamp Holdings, Inc.(1)
 33,662  1,088,629 
Marathon Digital Holdings, Inc.(1)(2)
 93,830  1,179,443 
Matterport, Inc.(1)
 130,660  350,169 
Mitek Systems, Inc.(1)
 22,446  250,722 
N-able, Inc.(1)
 6,568  87,814 
Olo, Inc., Class A(1)
 51,709  333,523 
OneSpan, Inc.(1)
 833  10,204 
Park City Group, Inc. 84  757 
Progress Software Corp. 23,388  1,422,926 
Rekor Systems, Inc.(1)
 22,795  84,341 
Riot Platforms, Inc.(1)(2)
 101,328  1,150,073 
SolarWinds Corp.(1)
 23,364  248,827 
SoundThinking, Inc.(1)
 310  6,653 
SRAX, Inc.(1)
 2,889  1,011 
Telos Corp.(1)
 15,922  41,556 
Terawulf, Inc.(1)(2)
 7,352  15,366 
Upland Software, Inc.(1)
 8,172  29,011 
Verint Systems, Inc.(1)
 32,573  1,055,039 
Vertex, Inc., Class A(1)
 3,483  77,984 
Xperi, Inc.(1)
 24,805  292,699 
13,157,185 
Specialty Retail — 3.3%
1-800-Flowers.com, Inc., Class A(1)
 14,128  106,384 
Aaron's Co., Inc. 17,054  205,842 
Abercrombie & Fitch Co., Class A(1)
 30,455  1,636,956 
American Eagle Outfitters, Inc. 1,659  28,137 
America's Car-Mart, Inc.(1)
 3,199  356,081 
Arhaus, Inc.(1)
 9,855  97,564 
Arko Corp. 44,511  335,168 
Big 5 Sporting Goods Corp. 11,394  90,354 
Boot Barn Holdings, Inc.(1)
 16  1,468 
121

Avantis U.S. Small Cap Equity ETF
Shares Value
Buckle, Inc. 16,294  $ 595,383 
Build-A-Bear Workshop, Inc. 7,215  190,260 
Caleres, Inc. 19,092  547,368 
Camping World Holdings, Inc., Class A 22,208  549,204 
CarParts.com, Inc.(1)
 20,261  97,861 
Cato Corp., Class A 4,678  36,254 
Chico's FAS, Inc.(1)
 66,474  341,012 
Children's Place, Inc.(1)
 3,978  105,457 
Citi Trends, Inc.(1)
 4,114  88,986 
Conn's, Inc.(1)
 8,471  35,409 
Container Store Group, Inc.(1)
 17,224  40,304 
Designer Brands, Inc., Class A 28,148  295,835 
Destination XL Group, Inc.(1)
 23,223  105,897 
Duluth Holdings, Inc., Class B(1)
 2,874  18,264 
Foot Locker, Inc. 50,248  985,866 
Genesco, Inc.(1)
 6,176  211,713 
GrowGeneration Corp.(1)
 29,310  95,257 
Guess?, Inc. 16,324  392,755 
Haverty Furniture Cos., Inc. 7,160  224,108 
Hibbett, Inc. 6,553  303,469 
J Jill, Inc.(1)
 2,236  56,146 
Kirkland's, Inc.(1)
 1,146  2,865 
Lands' End, Inc.(1)
 6,471  49,827 
Lazydays Holdings, Inc.(1)(2)
 3,122  36,777 
LL Flooring Holdings, Inc.(1)
 14,647  50,532 
MarineMax, Inc.(1)
 9,698  322,652 
Monro, Inc. 16,037  525,051 
National Vision Holdings, Inc.(1)
 24,541  449,346 
ODP Corp.(1)
 18,925  933,381 
Petco Health & Wellness Co., Inc.(1)
 39,138  199,212 
PetMed Express, Inc. 10,505  118,391 
RumbleON, Inc., Class B(1)(2)
 6,343  41,864 
Sally Beauty Holdings, Inc.(1)
 56,633  575,391 
Shoe Carnival, Inc. 9,458  218,764 
Sonic Automotive, Inc., Class A 7,492  399,473 
Sportsman's Warehouse Holdings, Inc.(1)
 19,960  96,008 
Stitch Fix, Inc., Class A(1)
 40,195  176,456 
ThredUp, Inc., Class A(1)(2)
 42,967  171,009 
Tile Shop Holdings, Inc.(1)
 5,154  30,512 
Tilly's, Inc., Class A(1)
 8,325  74,842 
Upbound Group, Inc. 28,498  872,609 
Urban Outfitters, Inc.(1)
 17,158  569,817 
Victoria's Secret & Co.(1)
 32,687  626,937 
Zumiez, Inc.(1)
 8,522  161,833 
14,878,311 
Technology Hardware, Storage and Peripherals — 0.3%
Eastman Kodak Co.(1)
 43,732  195,482 
Immersion Corp. 16,777  117,774 
Intevac, Inc.(1)
 7,218  25,046 
IonQ, Inc.(1)
 65,193  1,120,668 
Turtle Beach Corp.(1)
 8,803  95,689 
122

Avantis U.S. Small Cap Equity ETF
Shares Value
Xerox Holdings Corp. 1,785  $ 28,364 
1,583,023 
Textiles, Apparel and Luxury Goods — 1.5%
Carter's, Inc. 19,017  1,361,047 
Delta Apparel, Inc.(1)
 736  5,608 
Ermenegildo Zegna NV(2)
 582  8,718 
Fossil Group, Inc.(1)
 24,626  52,207 
G-III Apparel Group Ltd.(1)
 24,142  479,219 
Hanesbrands, Inc. 143,171  751,648 
Kontoor Brands, Inc. 29,321  1,342,609 
Lakeland Industries, Inc. 962  13,487 
Movado Group, Inc. 8,169  223,422 
Oxford Industries, Inc. 8,220  830,138 
PLBY Group, Inc.(1)(2)
 14,568  18,938 
Rocky Brands, Inc. 2,301  40,889 
Steven Madden Ltd. 37,489  1,293,371 
Superior Group of Cos., Inc. 1,422  11,220 
Unifi, Inc.(1)
 7,193  49,919 
Vera Bradley, Inc.(1)
 11,897  85,301 
Wolverine World Wide, Inc. 2,501  20,208 
6,587,949 
Trading Companies and Distributors — 1.8%
Alta Equipment Group, Inc. 11,729  166,904 
BlueLinx Holdings, Inc.(1)
 5,195  463,706 
Boise Cascade Co. 517  56,544 
Custom Truck One Source, Inc.(1)
 12,364  82,962 
Distribution Solutions Group, Inc.(1)
 1  52 
DXP Enterprises, Inc.(1)
 512  18,212 
FTAI Aviation Ltd. 13,147  485,913 
Global Industrial Co. 6,545  221,483 
GMS, Inc.(1)
 13,499  936,021 
H&E Equipment Services, Inc. 18,081  819,431 
Hudson Technologies, Inc.(1)
 21,172  255,334 
Karat Packaging, Inc. 75  1,867 
McGrath RentCorp 13,317  1,346,349 
MRC Global, Inc.(1)
 210  1,957 
NOW, Inc.(1)
 55,992  625,431 
Rush Enterprises, Inc., Class A 38  1,553 
Rush Enterprises, Inc., Class B 167  7,654 
Textainer Group Holdings Ltd. 21,737  861,437 
Titan Machinery, Inc.(1)
 10,475  324,934 
Transcat, Inc.(1)
 3,035  309,449 
Veritiv Corp. 6,922  1,165,180 
Willis Lease Finance Corp.(1)
 45  1,918 
8,154,291 
Water Utilities — 0.2%
Artesian Resources Corp., Class A 21  969 
Consolidated Water Co. Ltd. 8,985  239,361 
Middlesex Water Co. 5,401  406,479 
Pure Cycle Corp.(1)
 4,014  44,114 
690,923 
123

Avantis U.S. Small Cap Equity ETF
Shares Value
Wireless Telecommunication Services — 0.4%
Gogo, Inc.(1)
 2,351  $ 26,684 
Shenandoah Telecommunications Co. 27,510  625,577 
Spok Holdings, Inc. 9,116  129,812 
Telephone & Data Systems, Inc. 54,381  1,168,648 
1,950,721 
TOTAL COMMON STOCKS
(Cost $435,196,236)
 448,751,838 
SHORT-TERM INVESTMENTS — 2.2%
Money Market Funds — 2.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 487,970  487,970 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 9,597,142  9,597,142 
TOTAL SHORT-TERM INVESTMENTS
(Cost $10,085,112)
 10,085,112 
TOTAL INVESTMENT SECURITIES — 102.0%
(Cost $445,281,348)
 458,836,950 
OTHER ASSETS AND LIABILITIES — (2.0)% (9,076,432)
TOTAL NET ASSETS — 100.0% $ 449,760,518 

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 $10,207,044. 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 $10,577,283, which includes securities collateral of $980,141.


See Notes to Financial Statements.
124

AUGUST 31, 2023
Avantis U.S. Small Cap Value ETF
Shares Value
COMMON STOCKS — 99.8%
Aerospace and Defense†
AAR Corp.(1)
 24  $ 1,478 
Air Freight and Logistics — 0.8%
Air Transport Services Group, Inc.(1)
 995,051  21,453,300 
Hub Group, Inc., Class A(1)
 391,410  30,545,636 
Radiant Logistics, Inc.(1)
 316,431  2,135,909 
54,134,845 
Automobile Components — 2.3%
American Axle & Manufacturing Holdings, Inc.(1)
 1,579,407  11,924,523 
Dana, Inc.
 1,516,956  24,438,161 
Goodyear Tire & Rubber Co.(1)
 4,250,093  54,868,701 
LCI Industries
 265,298  33,236,533 
Modine Manufacturing Co.(1)
 268,895  12,796,713 
Motorcar Parts of America, Inc.(1)
 80,293  633,512 
Patrick Industries, Inc.
 200,113  16,737,451 
Standard Motor Products, Inc.
 12,555  464,912 
155,100,506 
Automobiles — 1.3%
Harley-Davidson, Inc.
 133,167  4,494,386 
Thor Industries, Inc.
 565,267  59,251,287 
Winnebago Industries, Inc.(2)
 396,896  25,738,706 
89,484,379 
Banks — 15.4%
1st Source Corp.
 68,760  3,072,884 
ACNB Corp.
 40,206  1,279,757 
Amalgamated Financial Corp.
 191,705  3,435,354 
Amerant Bancorp, Inc.
 247,029  4,636,734 
American National Bankshares, Inc.
 23,066  904,187 
Ameris Bancorp
 543,732  22,157,079 
Ames National Corp.
 5,545  99,533 
Arrow Financial Corp.
 125,771  2,214,827 
Associated Banc-Corp.
 1,221,790  21,173,621 
Atlantic Union Bankshares Corp.
 5,824  172,915 
Axos Financial, Inc.(1)
 516,779  22,268,007 
Banc of California, Inc.
 432,652  5,421,130 
BancFirst Corp.
 5,910  564,878 
Bancorp, Inc.(1)
 462,171  16,966,297 
Bank of Hawaii Corp.(2)
 337,760  18,151,222 
Bank of Marin Bancorp
 106,865  2,011,199 
Bank OZK
 502,193  20,173,093 
Bank7 Corp.
 8,050  202,216 
BankFinancial Corp.
 55,742  491,644 
BankUnited, Inc.
 682,839  17,924,524 
Bankwell Financial Group, Inc.
 35,439  922,123 
Banner Corp.
 258,155  11,242,650 
Bar Harbor Bankshares
 79,542  1,975,823 
Baycom Corp.
 50,273  968,761 
BCB Bancorp, Inc.
 136,066  1,548,431 
125

Avantis U.S. Small Cap Value ETF
Shares Value
Berkshire Hills Bancorp, Inc.
 329,444  $ 6,885,380 
Bridgewater Bancshares, Inc.(1)
 181,916  1,902,841 
Brookline Bancorp, Inc.
 650,256  6,222,950 
Business First Bancshares, Inc.
 153,631  3,141,754 
Byline Bancorp, Inc.
 208,020  4,405,864 
C&F Financial Corp.
 540  28,793 
Cadence Bank
 1,008,324  23,070,453 
California BanCorp(1)
 315  5,900 
Cambridge Bancorp
 53,426  2,842,797 
Camden National Corp.
 108,992  3,573,848 
Capital Bancorp, Inc.
 1,515  29,012 
Capital City Bank Group, Inc.
 15,930  486,024 
Capstar Financial Holdings, Inc.
 112,890  1,474,343 
Carter Bankshares, Inc.(1)
 188,543  2,698,050 
Cathay General Bancorp
 629,721  22,436,959 
CB Financial Services, Inc.
 19,821  428,332 
Central Pacific Financial Corp.
 260,326  4,417,732 
Central Valley Community Bancorp
 74,480  1,088,898 
Chemung Financial Corp.
 4,985  195,861 
Citizens Financial Services, Inc.
 4,508  246,768 
City Holding Co.
 49,783  4,548,175 
Civista Bancshares, Inc.
 60,205  1,022,883 
CNB Financial Corp.
 175,735  3,200,134 
Coastal Financial Corp.(1)
 48,352  2,129,906 
Codorus Valley Bancorp, Inc.
 42,388  858,357 
Colony Bankcorp, Inc.
 26,333  274,127 
Columbia Banking System, Inc.
 559,118  11,450,737 
Comerica, Inc.
 40,700  1,958,077 
Community Trust Bancorp, Inc.
 128,715  4,569,383 
ConnectOne Bancorp, Inc.
 319,557  6,109,930 
CrossFirst Bankshares, Inc.(1)
 319,785  3,437,689 
Customers Bancorp, Inc.(1)
 299,349  10,519,124 
CVB Financial Corp.
 107,820  1,882,537 
Dime Community Bancshares, Inc.
 304,557  6,490,110 
Eagle Bancorp, Inc.
 266,774  6,418,582 
Enterprise Bancorp, Inc.
 21,932  634,712 
Enterprise Financial Services Corp.
 284,690  11,020,350 
Equity Bancshares, Inc., Class A
 120,490  3,014,660 
Esquire Financial Holdings, Inc.
 54,199  2,534,345 
Evans Bancorp, Inc.
 1,323  37,467 
Farmers National Banc Corp.
 235,037  2,984,970 
FB Financial Corp.
 96,908  2,944,065 
Fidelity D&D Bancorp, Inc.(2)
 1,144  54,208 
Financial Institutions, Inc.
 142,696  2,497,180 
First BanCorp
 1,047,860  14,523,340 
First Bancorp, Inc.
 19,888  489,643 
First Bancorp/Southern Pines NC
 59,001  1,748,790 
First Bancshares, Inc.
 83,720  2,376,811 
First Bank
 38,138  436,299 
First Busey Corp.
 434,963  8,786,253 
First Business Financial Services, Inc.
 59,957  1,890,444 
126

Avantis U.S. Small Cap Value ETF
Shares Value
First Commonwealth Financial Corp.
 579,320  $ 7,571,712 
First Community Bankshares, Inc.
 26,774  828,120 
First Financial Corp.
 90,609  3,327,162 
First Foundation, Inc.
 353,964  2,782,157 
First Guaranty Bancshares, Inc.
 3,844  42,668 
First Hawaiian, Inc.
 41,977  793,785 
First Internet Bancorp
 70,021  1,348,604 
First Interstate BancSystem, Inc., Class A
 62,797  1,627,070 
First Merchants Corp.
 64,796  1,933,513 
First Mid Bancshares, Inc.
 151,160  4,227,945 
First of Long Island Corp.
 190,303  2,485,357 
First United Corp.
 35,023  568,423 
First Western Financial, Inc.(1)
 3,274  66,528 
Five Star Bancorp
 45,294  990,127 
Flushing Financial Corp.
 234,423  3,310,053 
FNB Corp.
 1,515,422  17,624,358 
Franklin Financial Services Corp.
 19,728  571,717 
FS Bancorp, Inc.
 52,998  1,571,391 
Fulton Financial Corp.
 1,375,919  18,341,000 
FVCBankcorp, Inc.(1)
 34,403  418,685 
German American Bancorp, Inc.
 23,684  685,178 
Great Southern Bancorp, Inc.
 94,553  4,772,090 
Greene County Bancorp, Inc.
 4,482  129,126 
Guaranty Bancshares, Inc.
 29,391  848,518 
Hancock Whitney Corp.
 719,734  29,689,027 
Hanmi Financial Corp.
 301,582  5,223,400 
HarborOne Bancorp, Inc.
 272,305  2,714,881 
Hawthorn Bancshares, Inc.
 31,287  516,236 
HBT Financial, Inc.
 75,664  1,414,917 
Heartland Financial USA, Inc.
 306,505  9,391,313 
Heritage Commerce Corp.
 246,670  2,138,629 
Heritage Financial Corp.
 28,339  487,998 
Hilltop Holdings, Inc.
 313,808  9,536,625 
Hingham Institution For Savings(2)
 7,652  1,524,202 
Home Bancorp, Inc.
 33,441  1,092,183 
HomeStreet, Inc.
 173,867  1,643,043 
HomeTrust Bancshares, Inc.
 110,528  2,525,565 
Hope Bancorp, Inc.
 968,518  9,365,569 
Horizon Bancorp, Inc.
 296,961  3,322,994 
Independent Bank Corp.
 11,192  604,592 
Independent Bank Corp. (Michigan)
 197,757  3,775,181 
International Bancshares Corp.
 494,893  22,161,309 
Investar Holding Corp.
 4,803  62,919 
Kearny Financial Corp.
 285,140  2,112,887 
Lakeland Bancorp, Inc.
 524,602  7,087,373 
Lakeland Financial Corp.
 81,052  4,225,241 
Live Oak Bancshares, Inc.
 236,796  7,657,983 
Luther Burbank Corp.
 75,200  683,568 
Macatawa Bank Corp.
 204,144  1,869,959 
MainStreet Bancshares, Inc.
 1,734  39,223 
Mercantile Bank Corp.
 140,188  4,679,475 
127

Avantis U.S. Small Cap Value ETF
Shares Value
Meridian Corp.
 442  $ 5,171 
Metrocity Bankshares, Inc.
 81,679  1,592,741 
Metropolitan Bank Holding Corp.(1)(2)
 78,107  3,109,440 
Mid Penn Bancorp, Inc.
 76,702  1,679,007 
Midland States Bancorp, Inc.
 205,135  4,553,997 
MidWestOne Financial Group, Inc.
 92,847  1,983,212 
MVB Financial Corp.
 72,708  1,711,546 
National Bank Holdings Corp., Class A
 6,821  215,134 
National Bankshares, Inc.
 260  6,843 
NBT Bancorp, Inc.
 303,841  10,458,207 
New York Community Bancorp, Inc.
 2,400,916  29,483,248 
Nicolet Bankshares, Inc.
 5,918  448,644 
Northeast Bank
 64,168  2,726,498 
Northfield Bancorp, Inc.
 333,185  3,511,770 
Northrim BanCorp, Inc.
 51,314  2,131,070 
Northwest Bancshares, Inc.
 23,718  260,898 
Norwood Financial Corp.
 10,163  275,722 
Oak Valley Bancorp
 17,573  441,258 
OceanFirst Financial Corp.
 431,193  7,274,226 
OFG Bancorp
 450,722  13,593,776 
Old National Bancorp
 631,929  9,643,237 
Old Second Bancorp, Inc.
 375,985  5,440,503 
OP Bancorp
 70,049  661,263 
Orange County Bancorp, Inc.
 5,500  255,695 
Origin Bancorp, Inc.
 183,774  5,640,024 
Orrstown Financial Services, Inc.
 58,827  1,270,663 
Pacific Premier Bancorp, Inc.
 744,913  17,147,897 
PacWest Bancorp
 142,312  1,131,380 
Park National Corp.
 36,619  3,726,349 
Parke Bancorp, Inc.
 59,138  1,021,313 
Pathward Financial, Inc.
 242,369  11,941,521 
PCB Bancorp
 86,249  1,384,296 
Peapack-Gladstone Financial Corp.
 148,013  4,036,315 
Penns Woods Bancorp, Inc.
 1,059  27,576 
Peoples Bancorp, Inc.(2)
 236,070  6,083,524 
Peoples Financial Services Corp.
 2,443  106,515 
Pinnacle Financial Partners, Inc.
 59,597  3,966,776 
Plumas Bancorp
 801  27,987 
Popular, Inc.
 314,898  21,501,235 
Preferred Bank
 85,843  5,331,709 
Premier Financial Corp.
 254,376  4,792,444 
Primis Financial Corp.
 93,259  828,140 
Provident Financial Services, Inc.
 602,692  9,932,364 
QCR Holdings, Inc.
 143,089  7,506,449 
RBB Bancorp
 120,804  1,646,559 
Red River Bancshares, Inc.
 2,518  119,051 
Republic Bancorp, Inc., Class A
 77,681  3,452,144 
Riverview Bancorp, Inc.
 120,365  712,561 
S&T Bancorp, Inc.
 136,478  3,866,422 
Sandy Spring Bancorp, Inc.
 361,944  8,049,635 
ServisFirst Bancshares, Inc.
 111,607  6,254,456 
128

Avantis U.S. Small Cap Value ETF
Shares Value
Shore Bancshares, Inc.
 107,251  $ 1,188,341 
Sierra Bancorp
 102,288  2,033,485 
Simmons First National Corp., Class A
 226,078  4,028,710 
SmartFinancial, Inc.
 108,484  2,470,181 
South Plains Financial, Inc.
 79,640  2,088,957 
Southern First Bancshares, Inc.(1)
 61,096  1,717,409 
Southern Missouri Bancorp, Inc.
 67,323  2,847,763 
Southside Bancshares, Inc.
 85,308  2,567,771 
SouthState Corp.
 13,480  974,604 
Sterling Bancorp, Inc.(1)
 19,013  111,987 
Summit Financial Group, Inc.
 64,619  1,589,627 
Synovus Financial Corp.
 621,500  19,241,640 
Territorial Bancorp, Inc.
 38,312  393,464 
Texas Capital Bancshares, Inc.(1)
 299,411  18,695,223 
Third Coast Bancshares, Inc.(1)
 28,078  528,428 
Timberland Bancorp, Inc.
 23,198  657,895 
Tompkins Financial Corp.
 86,854  4,510,328 
Towne Bank
 444,836  10,498,130 
TriCo Bancshares
 98,559  3,384,516 
Triumph Financial, Inc.(1)
 87,785  5,638,431 
TrustCo Bank Corp. NY
 171,411  4,880,071 
Trustmark Corp.
 271,323  6,251,282 
UMB Financial Corp.
 340,388  21,515,925 
United Community Banks, Inc.
 151,545  4,091,715 
United Security Bancshares
 83,790  599,936 
Unity Bancorp, Inc.
 45,771  1,106,056 
Univest Financial Corp.
 223,506  4,020,873 
Valley National Bancorp
 1,222,706  11,224,441 
Veritex Holdings, Inc.
 254,512  4,787,371 
Virginia National Bankshares Corp.
 1,106  36,542 
Washington Federal, Inc.
 580,585  15,780,300 
Washington Trust Bancorp, Inc.
 143,388  4,014,864 
West BanCorp, Inc.
 96,133  1,780,383 
Westamerica BanCorp
 68,198  3,002,758 
Western Alliance Bancorp
 200,390  10,021,504 
Western New England Bancorp, Inc.
 3,560  22,428 
Wintrust Financial Corp.
 252,264  19,578,209 
WSFS Financial Corp.
 260,874  10,252,348 
Zions Bancorp NA
 251,974  8,945,077 
1,048,863,699 
Beverages — 0.3%
Coca-Cola Consolidated, Inc.
 27,019  18,883,579 
Biotechnology — 0.9%
Alector, Inc.(1)
 54,316  296,022 
Arcus Biosciences, Inc.(1)
 248,153  5,087,136 
Catalyst Pharmaceuticals, Inc.(1)
 618,613  8,685,327 
Cullinan Oncology, Inc.(1)
 265,527  2,748,204 
Eagle Pharmaceuticals, Inc.(1)
 86,923  1,473,345 
Emergent BioSolutions, Inc.(1)
 291,875  1,368,894 
Entrada Therapeutics, Inc.(1)
 95,447  1,404,980 
Ironwood Pharmaceuticals, Inc.(1)
 1,151,611  10,134,177 
129

Avantis U.S. Small Cap Value ETF
Shares Value
iTeos Therapeutics, Inc.(1)
 44,694  $ 539,233 
Organogenesis Holdings, Inc.(1)
 283,370  793,436 
Point Biopharma Global, Inc.(1)
 601,007  4,784,016 
Puma Biotechnology, Inc.(1)
 6,082  22,078 
REGENXBIO, Inc.(1)
 202,618  3,586,339 
Vanda Pharmaceuticals, Inc.(1)
 173,092  898,347 
Vir Biotechnology, Inc.(1)
 1,354,437  17,147,172 
Voyager Therapeutics, Inc.(1)
 218,996  2,194,340 
XOMA Corp.(1)
 14,905  208,968 
61,372,014 
Broadline Retail — 1.2%
Dillard's, Inc., Class A
 26,466  9,133,946 
Kohl's Corp.
 1,305,399  34,775,829 
Macy's, Inc.
 2,697,792  32,993,996 
Nordstrom, Inc.(2)
 337,589  5,475,694 
82,379,465 
Building Products — 0.9%
Apogee Enterprises, Inc.
 143,126  7,222,138 
Insteel Industries, Inc.
 160,761  5,586,445 
JELD-WEN Holding, Inc.(1)
 96,282  1,451,933 
Masonite International Corp.(1)
 267,117  27,435,587 
Quanex Building Products Corp.
 376,587  10,160,317 
UFP Industries, Inc.
 86,684  9,045,475 
60,901,895 
Capital Markets — 1.2%
Artisan Partners Asset Management, Inc., Class A
 83,321  3,201,193 
Diamond Hill Investment Group, Inc.
 24,348  4,108,969 
Evercore, Inc., Class A
 219,547  30,747,557 
Janus Henderson Group PLC
 178,533  4,904,302 
Open Lending Corp., Class A(1)
 316,164  2,608,353 
Oppenheimer Holdings, Inc., Class A
 52,694  2,007,641 
Patria Investments Ltd., Class A
 111,143  1,602,682 
Piper Sandler Cos.
 4,433  660,428 
Stifel Financial Corp.
 95,919  6,236,653 
StoneX Group, Inc.(1)
 162,171  15,224,614 
Virtus Investment Partners, Inc.
 48,223  9,986,983 
81,289,375 
Chemicals — 2.7%
AdvanSix, Inc.
 384,877  12,731,731 
American Vanguard Corp.
 242,308  3,348,696 
Cabot Corp.
 359,023  26,014,807 
Chemours Co.
 1,220,301  41,514,640 
Core Molding Technologies, Inc.(1)
 69,235  1,876,961 
FutureFuel Corp.
 203,123  1,438,111 
Hawkins, Inc.
 73,540  4,573,453 
Intrepid Potash, Inc.(1)
 113,229  3,037,934 
Kronos Worldwide, Inc.
 172,629  1,450,084 
Livent Corp.(1)(2)
 1,511,726  32,456,757 
LSB Industries, Inc.(1)
 686,369  6,946,054 
Orion SA
 589,733  13,339,760 
PureCycle Technologies, Inc.(1)(2)
 642,212  5,734,953 
130

Avantis U.S. Small Cap Value ETF
Shares Value
Rayonier Advanced Materials, Inc.(1)
 675,586  $ 2,384,819 
Stepan Co.
 100,054  8,731,713 
Tronox Holdings PLC, Class A
 1,609,685  21,956,103 
Valhi, Inc.(2)
 12,598  166,797 
187,703,373 
Commercial Services and Supplies — 0.3%
Aris Water Solutions, Inc., Class A
 63,378  648,991 
Civeo Corp.(1)
 108,647  1,968,684 
Ennis, Inc.
 143,689  3,060,576 
Heritage-Crystal Clean, Inc.(1)
 185,986  8,387,968 
Interface, Inc.
 487,242  5,033,210 
Quad/Graphics, Inc.(1)
 336,233  1,718,150 
Steelcase, Inc., Class A
 38,958  353,349 
21,170,928 
Communications Equipment — 0.3%
Applied Optoelectronics, Inc.(1)(2)
 168,382  2,318,620 
KVH Industries, Inc.(1)
 2,195  11,634 
ViaSat, Inc.(1)
 703,592  19,517,642 
21,847,896 
Construction and Engineering — 1.1%
Ameresco, Inc., Class A(1)
 184,760  8,035,213 
Eneti, Inc.
 104,029  1,127,674 
Great Lakes Dredge & Dock Corp.(1)
 217,865  1,923,748 
Limbach Holdings, Inc.(1)
 89,023  3,216,401 
MDU Resources Group, Inc.
 164,534  3,349,912 
MYR Group, Inc.(1)
 195,788  27,815,601 
Northwest Pipe Co.(1)
 78,260  2,589,624 
Sterling Infrastructure, Inc.(1)
 251,758  20,835,492 
Tutor Perini Corp.(1)
 412,353  3,665,818 
72,559,483 
Construction Materials — 0.1%
Eagle Materials, Inc.
 40,186  7,608,013 
US Lime & Minerals, Inc.
 8,639  1,871,035 
9,479,048 
Consumer Finance — 1.9%
Atlanticus Holdings Corp.(1)
 27,534  960,937 
Bread Financial Holdings, Inc.
 488,218  18,347,232 
Consumer Portfolio Services, Inc.(1)
 62,332  577,818 
Encore Capital Group, Inc.(1)(2)
 74,668  3,498,942 
Green Dot Corp., Class A(1)
 288,752  4,285,080 
LendingClub Corp.(1)
 624,584  4,347,105 
Medallion Financial Corp.(2)
 16,616  139,574 
Navient Corp.
 923,930  16,307,364 
Nelnet, Inc., Class A
 108,845  9,997,413 
OneMain Holdings, Inc.
 481,757  19,997,733 
Oportun Financial Corp.(1)
 47,592  333,144 
PRA Group, Inc.(1)
 90,354  1,760,096 
PROG Holdings, Inc.(1)
 386,191  13,246,351 
Regional Management Corp.
 72,899  2,003,265 
SLM Corp.
 2,251,016  32,054,468 
127,856,522 
131

Avantis U.S. Small Cap Value ETF
Shares Value
Consumer Staples Distribution & Retail — 1.6%
Andersons, Inc.
 299,012  $ 15,357,256 
Ingles Markets, Inc., Class A
 208,239  16,269,713 
Natural Grocers by Vitamin Cottage, Inc.
 111,486  1,405,838 
PriceSmart, Inc.
 249,223  19,808,244 
Sprouts Farmers Market, Inc.(1)
 778,654  31,761,297 
United Natural Foods, Inc.(1)
 441,396  8,885,301 
Village Super Market, Inc., Class A
 77,590  1,749,655 
Weis Markets, Inc.
 183,942  11,932,318 
107,169,622 
Diversified Consumer Services — 0.4%
American Public Education, Inc.(1)
 127,232  669,240 
Lincoln Educational Services Corp.(1)
 101,543  866,162 
Perdoceo Education Corp.
 886,712  14,692,818 
Stride, Inc.(1)
 242,250  10,293,203 
Universal Technical Institute, Inc.(1)
 353,159  2,814,677 
29,336,100 
Diversified Telecommunication Services — 0.4%
ATN International, Inc.
 142,975  5,128,513 
EchoStar Corp., Class A(1)
 408,690  7,103,032 
Frontier Communications Parent, Inc.(1)
 1,165,570  18,672,432 
30,903,977 
Electrical Equipment — 1.4%
Atkore, Inc.(1)
 281,161  43,290,359 
Broadwind, Inc.(1)
 24,078  109,073 
Encore Wire Corp.
 274,568  45,251,552 
GrafTech International Ltd.
 23,219  82,195 
LSI Industries, Inc.
 14,322  225,572 
Powell Industries, Inc.
 72,350  6,075,229 
Preformed Line Products Co.
 1,130  191,524 
95,225,504 
Electronic Equipment, Instruments and Components — 2.0%
Bel Fuse, Inc., Class B
 145,638  7,616,867 
Climb Global Solutions, Inc.
 21,178  910,866 
Daktronics, Inc.(1)
 9,595  80,214 
ePlus, Inc.(1)
 15,694  1,041,768 
Insight Enterprises, Inc.(1)
 147,209  23,566,689 
Methode Electronics, Inc.
 7,866  253,678 
PC Connection, Inc.
 9,715  516,061 
Sanmina Corp.(1)
 736,489  41,022,437 
TTM Technologies, Inc.(1)
 359,811  5,361,184 
Vishay Intertechnology, Inc.
 1,866,296  51,211,162 
Vishay Precision Group, Inc.(1)
 95,592  3,443,224 
135,024,150 
Energy Equipment and Services — 4.5%
Archrock, Inc.
 1,831,436  23,424,066 
Bristow Group, Inc.(1)
 220,292  6,102,088 
ChampionX Corp.
 346,649  12,510,562 
Dril-Quip, Inc.(1)
 117,713  3,246,525 
Helix Energy Solutions Group, Inc.(1)
 1,445,030  14,652,604 
Helmerich & Payne, Inc.
 399,538  15,977,525 
132

Avantis U.S. Small Cap Value ETF
Shares Value
KLX Energy Services Holdings, Inc.(1)
 1,434  $ 14,921 
Liberty Energy, Inc., Class A
 1,929,043  30,768,236 
Nabors Industries Ltd.(1)
 98,127  10,861,678 
Natural Gas Services Group, Inc.(1)
 24,296  263,855 
Newpark Resources, Inc.(1)
 405,500  2,424,890 
NexTier Oilfield Solutions, Inc.(1)
 1,969,070  20,891,833 
Oceaneering International, Inc.(1)
 1,059,806  24,152,979 
Oil States International, Inc.(1)
 263,886  2,068,866 
Patterson-UTI Energy, Inc.
 1,695,792  23,978,499 
ProFrac Holding Corp., Class A(1)
 1,655  18,205 
ProPetro Holding Corp.(1)
 1,176,716  11,343,542 
Ranger Energy Services, Inc.
 54,583  650,084 
RPC, Inc.
 536,608  4,287,498 
Select Water Solutions, Inc., Class A
 15,054  121,185 
Solaris Oilfield Infrastructure, Inc., Class A
 111,764  1,175,757 
TechnipFMC PLC
 1,585,685  30,191,442 
TETRA Technologies, Inc.(1)
 53,929  296,070 
Transocean Ltd.(1)
 4,438,725  36,308,770 
US Silica Holdings, Inc.(1)
 847,893  10,454,521 
Weatherford International PLC(1)
 200,208  17,722,412 
303,908,613 
Entertainment — 0.1%
Gaia, Inc.(1)
 771  1,897 
Marcus Corp.(2)
 241,765  3,672,410 
Sphere Entertainment Co.(1)
 155,225  5,442,188 
9,116,495 
Financial Services — 3.6%
Alerus Financial Corp.
 108,174  2,109,393 
Cass Information Systems, Inc.
 93,253  3,575,320 
Enact Holdings, Inc.
 252,419  7,234,329 
Essent Group Ltd.
 775,851  38,963,237 
Federal Agricultural Mortgage Corp., Class C
 61,484  10,348,987 
International Money Express, Inc.(1)
 7,722  133,591 
Jackson Financial, Inc., Class A
 781,359  29,379,098 
Merchants Bancorp
 159,214  4,644,272 
MGIC Investment Corp.
 2,811,325  49,423,093 
NewtekOne, Inc.(2)
 61,338  1,098,564 
NMI Holdings, Inc., Class A(1)
 803,550  22,997,601 
Ocwen Financial Corp.(1)
 5,177  156,656 
PennyMac Financial Services, Inc.
 246,279  17,675,444 
Radian Group, Inc.
 1,596,368  43,229,645 
Walker & Dunlop, Inc.
 165,496  14,123,429 
Waterstone Financial, Inc.
 134,124  1,664,479 
246,757,138 
Food Products — 0.6%
Cal-Maine Foods, Inc.
 543,798  25,988,107 
Fresh Del Monte Produce, Inc.
 166,709  4,259,415 
John B Sanfilippo & Son, Inc.
 51,835  5,201,642 
Lifecore Biomedical, Inc.(1)
 31,696  253,568 
Pilgrim's Pride Corp.(1)
 31,627  795,735 
Seaboard Corp.
 1,106  4,169,985 
40,668,452 
133

Avantis U.S. Small Cap Value ETF
Shares Value
Ground Transportation — 2.9%
ArcBest Corp.
 324,124  $ 34,224,253 
Covenant Logistics Group, Inc.
 118,442  5,823,793 
Heartland Express, Inc.
 326,826  4,931,804 
Landstar System, Inc.
 3,183  604,165 
Marten Transport Ltd.
 768,935  16,147,635 
PAM Transportation Services, Inc.(1)
 61,496  1,418,098 
Ryder System, Inc.
 681,548  68,631,884 
Saia, Inc.(1)
 56,096  23,908,115 
Schneider National, Inc., Class B
 387,321  11,197,450 
Universal Logistics Holdings, Inc.
 89,160  2,418,019 
Werner Enterprises, Inc.
 743,906  30,953,929 
200,259,145 
Health Care Equipment and Supplies — 0.4%
Bioventus, Inc., Class A(1)(2)
 80,086  288,310 
Enovis Corp.(1)
 137,534  7,707,405 
FONAR Corp.(1)
 29,660  488,204 
OraSure Technologies, Inc.(1)
 14,508  93,722 
QuidelOrtho Corp.(1)
 164,095  13,514,864 
Sensus Healthcare, Inc.(1)
 19,675  61,189 
Zimvie, Inc.(1)
 178,915  2,111,197 
24,264,891 
Health Care Providers and Services — 0.2%
Brookdale Senior Living, Inc.(1)
 471,202  2,002,608 
Cross Country Healthcare, Inc.(1)
 271,052  6,982,300 
Fulgent Genetics, Inc.(1)
 236,145  7,736,110 
16,721,018 
Hotels, Restaurants and Leisure — 1.0%
BJ's Restaurants, Inc.(1)
 236,156  6,945,348 
Canterbury Park Holding Corp.
 249  5,416 
Carrols Restaurant Group, Inc.(1)
 169,856  1,185,595 
Century Casinos, Inc.(1)
 21,770  141,505 
Cheesecake Factory, Inc.
 388,777  12,382,547 
Chuy's Holdings, Inc.(1)
 163,629  6,234,265 
Cracker Barrel Old Country Store, Inc.(2)
 135,896  11,201,907 
Full House Resorts, Inc.(1)
 262,873  1,269,677 
Golden Entertainment, Inc.
 108,293  3,942,948 
Monarch Casino & Resort, Inc.
 171,131  11,534,229 
ONE Group Hospitality, Inc.(1)
 165,779  1,135,586 
Playa Hotels & Resorts NV(1)
 1,589,641  11,858,722 
RCI Hospitality Holdings, Inc.
 24,659  1,609,740 
Red Robin Gourmet Burgers, Inc.(1)
 98,990  1,026,526 
Target Hospitality Corp.(1)
 35,015  556,739 
71,030,750 
Household Durables — 6.5%
Bassett Furniture Industries, Inc.
 59,929  913,917 
Beazer Homes USA, Inc.(1)
 320,733  9,400,684 
Cavco Industries, Inc.(1)
 90,114  25,188,665 
Century Communities, Inc.
 317,274  23,557,595 
Cricut, Inc., Class A(2)
 148,684  1,406,551 
Dream Finders Homes, Inc., Class A(1)
 137,954  3,975,834 
134

Avantis U.S. Small Cap Value ETF
Shares Value
Ethan Allen Interiors, Inc.
 322,783  $ 10,128,931 
GoPro, Inc., Class A(1)
 599,625  2,179,637 
Green Brick Partners, Inc.(1)
 349,968  17,309,417 
Hamilton Beach Brands Holding Co., Class A
 692  8,117 
Hooker Furnishings Corp.
 73,779  1,588,462 
Hovnanian Enterprises, Inc., Class A(1)
 68,589  8,151,117 
KB Home
 1,101,465  55,954,422 
Landsea Homes Corp.(1)
 50,548  489,810 
La-Z-Boy, Inc.
 474,008  14,623,147 
Legacy Housing Corp.(1)
 114,976  2,606,506 
Lifetime Brands, Inc.
 25,521  160,527 
M/I Homes, Inc.(1)
 394,896  38,770,889 
MDC Holdings, Inc.
 778,696  36,949,125 
Meritage Homes Corp.
 349,372  48,576,683 
Skyline Champion Corp.(1)
 539,009  38,415,172 
Taylor Morrison Home Corp.(1)
 1,234,436  58,512,266 
Tri Pointe Homes, Inc.(1)
 1,448,183  45,038,491 
Universal Electronics, Inc.(1)
 116,049  1,032,836 
444,938,801 
Household Products†
Oil-Dri Corp. of America
 30,314  2,043,164 
Insurance — 3.6%
Ambac Financial Group, Inc.(1)
 326,391  4,203,916 
American Equity Investment Life Holding Co.(1)
 532,548  28,587,177 
AMERISAFE, Inc.
 30,371  1,573,218 
Argo Group International Holdings Ltd.
 227,083  6,755,719 
Assured Guaranty Ltd.
 388,905  22,883,170 
Axis Capital Holdings Ltd.
 520,293  28,543,274 
Brighthouse Financial, Inc.(1)
 570,400  28,326,064 
CNO Financial Group, Inc.
 1,143,256  26,752,190 
Crawford & Co., Class A
 38,180  408,908 
Crawford & Co., Class B
 6,524  64,131 
Donegal Group, Inc., Class A
 7,805  114,031 
Employers Holdings, Inc.
 198,396  7,783,075 
Enstar Group Ltd.(1)
 49,109  12,438,819 
Genworth Financial, Inc., Class A(1)
 4,376,576  25,340,375 
Greenlight Capital Re Ltd., A Shares(1)
 21,220  234,057 
Horace Mann Educators Corp.
 57,626  1,651,561 
Investors Title Co.
 1,422  204,611 
James River Group Holdings Ltd.
 6,444  93,825 
National Western Life Group, Inc., Class A
 12,947  5,884,929 
Oscar Health, Inc., Class A(1)
 706,864  4,432,037 
Primerica, Inc.
 14,627  2,939,442 
ProAssurance Corp.
 209,609  3,705,887 
Safety Insurance Group, Inc.
 66,641  4,589,566 
SiriusPoint Ltd.(1)
 801,863  8,868,605 
Skyward Specialty Insurance Group, Inc.(1)
 44,525  1,082,848 
Stewart Information Services Corp.
 77,354  3,583,037 
United Fire Group, Inc.
 123,003  2,431,769 
White Mountains Insurance Group Ltd.
 7,536  11,972,368 
245,448,609 
135

Avantis U.S. Small Cap Value ETF
Shares Value
Interactive Media and Services — 0.3%
Cargurus, Inc.(1)
 359,537  $ 6,511,215 
Cars.com, Inc.(1)
 740,838  13,846,262 
20,357,477 
IT Services — 0.1%
DXC Technology Co.(1)
 247,907  5,141,591 
Kyndryl Holdings, Inc.(1)
 89,064  1,503,400 
6,644,991 
Leisure Products — 0.8%
American Outdoor Brands, Inc.(1)
 18,295  179,657 
JAKKS Pacific, Inc.(1)
 86,882  1,709,838 
Johnson Outdoors, Inc., Class A
 2,439  136,364 
Latham Group, Inc.(1)
 24,928  92,234 
Malibu Boats, Inc., Class A(1)
 260,947  12,671,586 
Marine Products Corp.
 29,149  407,794 
MasterCraft Boat Holdings, Inc.(1)
 222,910  4,850,522 
Smith & Wesson Brands, Inc.
 483,555  5,676,936 
Sturm Ruger & Co., Inc.
 205,494  10,599,380 
Vista Outdoor, Inc.(1)
 730,655  21,371,659 
57,695,970 
Life Sciences Tools and Services — 0.1%
AbCellera Biologics, Inc.(1)
 831,501  4,531,681 
OmniAb, Inc.(1)
 21,075  75,581 
OmniAb, Inc.(1)
 21,075  71,895 
4,679,157 
Machinery — 2.0%
Commercial Vehicle Group, Inc.(1)
 363,016  3,343,377 
Graham Corp.(1)
 22,477  359,632 
Greenbrier Cos., Inc.
 153,143  6,517,766 
Hyster-Yale Materials Handling, Inc.
 8,666  395,776 
Kennametal, Inc.
 796,032  21,070,967 
Manitowoc Co., Inc.(1)
 37,228  629,898 
Mayville Engineering Co., Inc.(1)
 91,406  1,073,107 
Miller Industries, Inc.
 19,270  770,800 
Mueller Industries, Inc.
 765,690  59,080,641 
NN, Inc.(1)
 1,669  3,538 
Park-Ohio Holdings Corp.
 6,311  118,079 
REV Group, Inc.
 146,080  1,983,766 
Terex Corp.
 455,263  27,593,491 
Titan International, Inc.(1)
 575,448  7,244,890 
Wabash National Corp.
 175,933  3,967,289 
134,153,017 
Marine Transportation — 1.1%
Costamare, Inc.
 363,593  3,748,644 
Eagle Bulk Shipping, Inc.(2)
 147,577  6,457,969 
Genco Shipping & Trading Ltd.
 594,348  8,124,737 
Matson, Inc.
 557,327  48,977,897 
Pangaea Logistics Solutions Ltd.
 380,942  2,148,513 
Safe Bulkers, Inc.(2)
 960,955  3,084,666 
72,542,426 
136

Avantis U.S. Small Cap Value ETF
Shares Value
Media — 0.5%
AMC Networks, Inc., Class A(1)
 234,583  $ 2,730,546 
Cable One, Inc.
 1,359  884,125 
Cumulus Media, Inc., Class A(1)
 142,490  661,154 
DISH Network Corp., Class A(1)
 1,354,382  8,126,292 
Entravision Communications Corp., Class A
 551,216  2,111,157 
Gambling.com Group Ltd.(1)
 36,257  514,124 
PubMatic, Inc., Class A(1)
 260,710  3,623,869 
Scholastic Corp.
 294,107  12,778,949 
WideOpenWest, Inc.(1)
 12,801  103,688 
31,533,904 
Metals and Mining — 3.1%
Alpha Metallurgical Resources, Inc.
 211,140  42,827,638 
Arch Resources, Inc.
 230,029  30,041,787 
Caledonia Mining Corp. PLC
 53,536  553,562 
Commercial Metals Co.
 572,551  32,228,896 
Compass Minerals International, Inc.
 83,013  2,502,842 
Friedman Industries, Inc.
 1,493  20,783 
Hecla Mining Co.
 1,560,328  6,849,840 
Kaiser Aluminum Corp.
 6,550  497,276 
Olympic Steel, Inc.
 137,677  7,368,473 
Ramaco Resources, Inc., Class A
 285,035  2,234,674 
Ramaco Resources, Inc., Class B(2)
 56,903  616,829 
Ryerson Holding Corp.
 380,224  11,840,175 
Schnitzer Steel Industries, Inc., Class A
 339,100  11,258,120 
SunCoke Energy, Inc.
 1,318,461  12,261,687 
TimkenSteel Corp.(1)
 618,803  13,557,974 
Tredegar Corp.
 117,633  591,694 
United States Steel Corp.
 5,391  167,606 
Warrior Met Coal, Inc.
 829,078  32,798,326 
Worthington Industries, Inc.
 34,897  2,626,697 
210,844,879 
Oil, Gas and Consumable Fuels — 13.2%
Adams Resources & Energy, Inc.
 2,367  86,395 
Antero Midstream Corp.
 1,516,526  18,380,295 
Ardmore Shipping Corp.
 178,471  2,220,179 
Baytex Energy Corp.(1)
 1,538,168  6,260,344 
Berry Corp.
 841,000  7,207,370 
California Resources Corp.
 823,491  45,983,737 
Callon Petroleum Co.(1)
 811,320  31,828,084 
Chord Energy Corp.
 140,765  22,733,547 
Civitas Resources, Inc.
 284,149  23,362,731 
CNX Resources Corp.(1)
 1,905,804  42,594,719 
Comstock Resources, Inc.(2)
 1,176,310  14,421,561 
CONSOL Energy, Inc.
 358,511  30,846,286 
Crescent Energy Co., Class A(2)
 343,094  4,676,371 
CVR Energy, Inc.
 312,245  10,210,411 
Delek US Holdings, Inc.
 268,616  6,916,862 
Denbury, Inc.(1)
 499,017  45,699,977 
DHT Holdings, Inc.
 74,672  690,716 
Dorian LPG Ltd.
 444,491  11,467,868 
137

Avantis U.S. Small Cap Value ETF
Shares Value
DT Midstream, Inc.
 79,133  $ 4,137,864 
Earthstone Energy, Inc., Class A(1)
 815,934  16,628,735 
EnLink Midstream LLC(1)
 1,089,577  13,554,338 
Epsilon Energy Ltd.
 83,877  452,936 
Equitrans Midstream Corp.
 3,380,288  32,450,765 
Evolution Petroleum Corp.
 332,050  2,809,143 
Gran Tierra Energy, Inc.(1)(2)
 87,466  561,532 
Granite Ridge Resources, Inc.
 15,662  115,899 
Gulfport Energy Corp.(1)
 87,858  10,367,244 
Hallador Energy Co.(1)
 274,829  2,951,663 
HighPeak Energy, Inc.(2)
 147,957  2,179,407 
International Seaways, Inc.
 326,507  14,030,006 
Kimbell Royalty Partners LP
 620,775  9,528,896 
Kosmos Energy Ltd.(1)
 4,974,845  36,216,872 
Magnolia Oil & Gas Corp., Class A
 1,534,437  34,985,164 
Matador Resources Co.
 350,872  22,280,372 
Murphy Oil Corp.
 551,446  25,035,648 
NACCO Industries, Inc., Class A
 37,065  1,208,319 
Nordic American Tankers Ltd.
 661,203  2,585,304 
Northern Oil & Gas, Inc.
 777,983  32,543,029 
Overseas Shipholding Group, Inc., Class A(1)
 720,581  3,170,556 
Par Pacific Holdings, Inc.(1)
 606,896  20,846,878 
PBF Energy, Inc., Class A
 731,476  34,298,910 
Peabody Energy Corp.
 1,569,652  33,873,090 
Permian Resources Corp.
 1,084,765  15,381,968 
PHX Minerals, Inc.
 52,594  183,027 
Plains GP Holdings LP, Class A(1)
 1,632,090  26,178,724 
PrimeEnergy Resources Corp.(1)
 1,349  130,853 
Range Resources Corp.
 349,270  11,309,363 
REX American Resources Corp.(1)
 123,116  4,861,851 
Riley Exploration Permian, Inc.
 48,335  1,618,739 
Ring Energy, Inc.(1)
 1,009,896  1,908,703 
SandRidge Energy, Inc.
 403,073  6,445,137 
Scorpio Tankers, Inc.
 321,911  16,259,725 
SFL Corp. Ltd.
 1,324,155  14,962,951 
SilverBow Resources, Inc.(1)(2)
 193,483  8,277,203 
Sitio Royalties Corp., Class A
 72,332  1,837,233 
SM Energy Co.
 1,370,460  57,984,163 
Talos Energy, Inc.(1)
 1,122,154  19,323,492 
Teekay Corp.(1)
 481,217  3,084,601 
Teekay Tankers Ltd., Class A
 150,932  6,139,914 
VAALCO Energy, Inc.
 1,003,274  4,153,554 
Vertex Energy, Inc.(1)
 41,043  174,022 
Vital Energy, Inc.(1)(2)
 212,118  12,788,594 
World Kinect Corp.
 104,108  2,279,965 
897,683,805 
Paper and Forest Products — 1.1%
Clearwater Paper Corp.(1)
 244,710  9,369,946 
Glatfelter Corp.(1)
 74,474  148,948 
Louisiana-Pacific Corp.
 793,599  49,584,066 
Mercer International, Inc.
 616,743  5,606,194 
Sylvamo Corp.
 304,542  12,720,719 
77,429,873 
138

Avantis U.S. Small Cap Value ETF
Shares Value
Passenger Airlines — 1.2%
Allegiant Travel Co.
 225,860  $ 20,065,402 
JetBlue Airways Corp.(1)
 3,855,331  22,823,560 
Mesa Air Group, Inc.(1)
 22,584  30,940 
SkyWest, Inc.(1)
 616,812  27,818,221 
Spirit Airlines, Inc.
 493,552  8,143,608 
Sun Country Airlines Holdings, Inc.(1)
 36,877  549,099 
79,430,830 
Personal Care Products — 0.3%
Lifevantage Corp.
 58,899  435,853 
Medifast, Inc.
 35,245  2,972,563 
Nature's Sunshine Products, Inc.(1)
 16,567  278,491 
Nu Skin Enterprises, Inc., Class A
 362,584  8,662,132 
USANA Health Sciences, Inc.(1)
 117,744  7,569,762 
19,918,801 
Pharmaceuticals — 0.4%
Amphastar Pharmaceuticals, Inc.(1)
 122,581  6,534,793 
Arvinas, Inc.(1)
 178,921  5,047,361 
Assertio Holdings, Inc.(1)(2)
 467,722  1,534,128 
Innoviva, Inc.(1)
 694,868  8,859,567 
Ligand Pharmaceuticals, Inc.(1)
 42,727  2,810,155 
Ocuphire Pharma, Inc.(1)(2)
 49,099  195,905 
ProPhase Labs, Inc.(1)(2)
 65,739  281,363 
SIGA Technologies, Inc.(2)
 285,415  1,310,055 
26,573,327 
Professional Services — 0.7%
Barrett Business Services, Inc.
 15,750  1,506,960 
Heidrick & Struggles International, Inc.
 181,464  4,806,981 
IBEX Holdings Ltd.(1)
 46,940  918,146 
Kelly Services, Inc., Class A
 253,393  4,685,237 
Kforce, Inc.
 49,072  3,074,361 
Korn Ferry
 499,056  25,441,875 
Resources Connection, Inc.
 1,544  23,948 
TrueBlue, Inc.(1)
 406,024  6,143,143 
46,600,651 
Real Estate Management and Development — 1.1%
Douglas Elliman, Inc.
 337,715  847,665 
Five Point Holdings LLC, Class A(1)
 14,629  44,618 
Forestar Group, Inc.(1)
 219,203  6,249,478 
Howard Hughes Holdings, Inc.(1)
 271,725  21,371,171 
Kennedy-Wilson Holdings, Inc.
 826,003  13,191,268 
Marcus & Millichap, Inc.
 214,273  7,135,291 
Newmark Group, Inc., Class A
 223,260  1,582,913 
Offerpad Solutions, Inc.(1)
 28,629  373,322 
Opendoor Technologies, Inc.(1)(2)
 5,498,772  21,445,211 
RE/MAX Holdings, Inc., Class A
 233,410  3,781,242 
RMR Group, Inc., Class A
 4,136  104,558 
76,126,737 
Semiconductors and Semiconductor Equipment — 2.4%
Alpha & Omega Semiconductor Ltd.(1)
 252,609  7,969,814 
Amkor Technology, Inc.
 647,651  18,108,322 
139

Avantis U.S. Small Cap Value ETF
Shares Value
Axcelis Technologies, Inc.(1)
 98,128  $ 18,855,295 
Cirrus Logic, Inc.(1)
 2,747  225,364 
Diodes, Inc.(1)
 551,122  45,109,336 
Kulicke & Soffa Industries, Inc.
 736,294  38,088,488 
Photronics, Inc.(1)
 878,916  20,883,044 
SMART Global Holdings, Inc.(1)
 221,564  5,722,998 
Ultra Clean Holdings, Inc.(1)
 227,548  8,000,588 
162,963,249 
Software — 0.4%
Bit Digital, Inc.(1)
 44,312  104,133 
CoreCard Corp.(1)
 19,116  406,024 
InterDigital, Inc.
 317,170  27,501,811 
Xperi, Inc.(1)
 128,987  1,522,046 
29,534,014 
Specialty Retail — 4.3%
Aaron's Co., Inc.
 423,271  5,108,881 
Abercrombie & Fitch Co., Class A(1)
 419,762  22,562,207 
Academy Sports & Outdoors, Inc.
 3,432  187,284 
American Eagle Outfitters, Inc.
 1,919,328  32,551,803 
Arhaus, Inc.(1)
 6,101  60,400 
Big 5 Sporting Goods Corp.
 139,070  1,102,825 
Buckle, Inc.
 383,357  14,007,865 
Build-A-Bear Workshop, Inc.
 180,072  4,748,499 
Caleres, Inc.
 283,038  8,114,699 
CarParts.com, Inc.(1)
 105,475  509,444 
Cato Corp., Class A
 106,630  826,382 
Chico's FAS, Inc.(1)
 1,658,729  8,509,280 
Citi Trends, Inc.(1)
 48,880  1,057,274 
Conn's, Inc.(1)
 119,583  499,857 
Container Store Group, Inc.(1)
 350,581  820,360 
Designer Brands, Inc., Class A
 747,322  7,854,354 
Destination XL Group, Inc.(1)
 648,633  2,957,766 
Duluth Holdings, Inc., Class B(1)
 64,910  412,503 
Foot Locker, Inc.(2)
 616,310  12,092,002 
Gap, Inc.
 2,246,100  26,009,838 
Genesco, Inc.(1)
 7,199  246,782 
Guess?, Inc.
 406,702  9,785,250 
Haverty Furniture Cos., Inc.
 173,362  5,426,231 
Hibbett, Inc.
 90,674  4,199,113 
Lands' End, Inc.(1)
 44,747  344,552 
MarineMax, Inc.(1)
 42,884  1,426,751 
ODP Corp.(1)
 447,319  22,061,773 
Shoe Carnival, Inc.
 145,467  3,364,652 
Signet Jewelers Ltd.
 536,537  40,240,275 
Sonic Automotive, Inc., Class A
 95,779  5,106,936 
Sportsman's Warehouse Holdings, Inc.(1)
 261,733  1,258,936 
Tile Shop Holdings, Inc.(1)(2)
 7,395  43,778 
Tilly's, Inc., Class A(1)(2)
 132,326  1,189,611 
Upbound Group, Inc.
 606,866  18,582,237 
Urban Outfitters, Inc.(1)
 811,746  26,958,085 
Zumiez, Inc.(1)
 91,048  1,729,002 
291,957,487 
140

Avantis U.S. Small Cap Value ETF
Shares Value
Technology Hardware, Storage and Peripherals†
Immersion Corp.
 376,111  $ 2,640,299 
Turtle Beach Corp.(1)
 9,874  107,331 
2,747,630 
Textiles, Apparel and Luxury Goods — 1.1%
Carter's, Inc.
 210,936  15,096,690 
Culp, Inc.(1)
 18,699  104,901 
G-III Apparel Group Ltd.(1)
 162,636  3,228,325 
Lakeland Industries, Inc.
 31,228  437,817 
Movado Group, Inc.
 191,949  5,249,805 
Oxford Industries, Inc.
 166,582  16,823,116 
Rocky Brands, Inc.
 20,048  356,253 
Steven Madden Ltd.
 541,319  18,675,505 
Under Armour, Inc., Class A(1)
 783,727  5,987,674 
Under Armour, Inc., Class C(1)
 929,676  6,405,468 
Unifi, Inc.(1)
 49,533  343,759 
Vera Bradley, Inc.(1)
 76,611  549,301 
73,258,614 
Trading Companies and Distributors — 5.0%
Air Lease Corp.
 1,482,872  60,441,863 
BlueLinx Holdings, Inc.(1)
 140,790  12,566,915 
Boise Cascade Co.
 604,677  66,133,523 
GATX Corp.
 408,247  48,230,301 
Global Industrial Co.
 41,730  1,412,143 
GMS, Inc.(1)
 258,085  17,895,614 
H&E Equipment Services, Inc.
 408,873  18,530,124 
Herc Holdings, Inc.
 309,362  40,260,371 
Hudson Technologies, Inc.(1)
 343,760  4,145,746 
Karat Packaging, Inc.
 1,013  25,224 
McGrath RentCorp
 206,351  20,862,086 
Rush Enterprises, Inc., Class A
 828  34,287 
Rush Enterprises, Inc., Class B
 108  4,965 
Textainer Group Holdings Ltd.
 554,562  21,977,292 
Veritiv Corp.
 166,294  27,992,269 
340,512,723 
Wireless Telecommunication Services — 0.7%
Shenandoah Telecommunications Co.
 378,372  8,604,179 
Telephone & Data Systems, Inc.
 1,363,501  29,301,637 
US Cellular Corp.(1)
 180,301  8,270,407 
46,176,223 
TOTAL COMMON STOCKS
(Cost $6,473,428,363)
 6,805,210,699 
SHORT-TERM INVESTMENTS — 0.6%
Money Market Funds — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 5,722,865  5,722,865 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 33,896,388  33,896,388 
TOTAL SHORT-TERM INVESTMENTS
(Cost $39,619,253)
 39,619,253 
TOTAL INVESTMENT SECURITIES — 100.4%
(Cost $6,513,047,616)
 6,844,829,952 
OTHER ASSETS AND LIABILITIES — (0.4)%
 (24,380,776)
TOTAL NET ASSETS — 100.0%
 $ 6,820,449,176 
141

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 $61,859,159. 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 $63,300,469, which includes securities collateral of $29,404,081.


See Notes to Financial Statements.
142

Statements of Assets and Liabilities
AUGUST 31, 2023
Avantis Inflation Focused Equity ETF Avantis Real Estate ETF
Assets
Investment securities, at value (cost of $3,589,846 and $370,024,137, respectively) — including $2,280 and $5,314,666, respectively of securities on loan $ 3,433,488  $ 339,776,220 
Investment made with cash collateral received for securities on loan, at value (cost of $2,313 and $3,216,744, respectively) 2,313  3,216,744 
Total investment securities, at value (cost of $3,592,159 and $373,240,881, respectively) 3,435,801  342,992,964 
Foreign currency holdings, at value (cost of $— and $231,702, respectively) —  233,040 
Dividends and interest receivable 8,099  799,322 
Securities lending receivable —  1,645 
3,443,900  344,026,971 
Liabilities
Payable for collateral received for securities on loan 2,313  3,216,744 
Payable for investments purchased —  200,230 
Accrued management fees 728  48,582 
Accrued foreign taxes —  1,289 
3,041  3,466,845 
Net Assets $ 3,440,859  $ 340,560,126 
Shares outstanding (unlimited number of shares authorized) 60,000  8,400,000 
Net Asset Value Per Share $ 57.35  $ 40.54 
Net Assets Consist of:
Capital paid in $ 3,705,247  $ 370,180,996 
Distributable earnings (loss) (264,388) (29,620,870)
$ 3,440,859  $ 340,560,126 


See Notes to Financial Statements.
143

AUGUST 31, 2023
Avantis U.S. Equity ETF Avantis U.S. Large Cap Value ETF
Assets
Investment securities, at value (cost of $4,261,448,361 and $1,404,821,904, respectively) — including $11,842,565 and $786,889, respectively of securities on loan $ 4,668,194,506  $ 1,482,936,404 
Investment made with cash collateral received for securities on loan, at value (cost of $7,387,994 and $314,979, respectively) 7,387,994  314,979 
Total investment securities, at value (cost of $4,268,836,355 and $1,405,136,883, respectively) 4,675,582,500  1,483,251,383 
Cash 2,896  1,128 
Receivable for capital shares sold 13,818,348  12,021,866 
Dividends and interest receivable 7,672,635  2,839,974 
Securities lending receivable 27,377  645 
4,697,103,756  1,498,114,996 
Liabilities
Payable for collateral received for securities on loan 7,387,994  314,979 
Payable for investments purchased 13,528,702  13,673,817 
Accrued management fees 582,823  179,537 
21,499,519  14,168,333 
Net Assets $ 4,675,604,237  $ 1,483,946,663 
Shares outstanding (unlimited number of shares authorized) 60,930,000  27,160,000 
Net Asset Value Per Share $ 76.74  $ 54.64 
Net Assets Consist of:
Capital paid in $ 4,285,031,459  $ 1,437,717,003 
Distributable earnings (loss) 390,572,778  46,229,660 
$ 4,675,604,237  $ 1,483,946,663 


See Notes to Financial Statements.
144

AUGUST 31, 2023
Avantis U.S. Small Cap Equity ETF Avantis U.S. Small Cap Value ETF
Assets
Investment securities, at value (cost of $435,684,206 and $6,479,151,228, respectively) — including $10,207,044 and $61,859,159, respectively of securities on loan $ 449,239,808  $ 6,810,933,564 
Investment made with cash collateral received for securities on loan, at value (cost of $9,597,142 and $33,896,388, respectively) 9,597,142  33,896,388 
Total investment securities, at value (cost of $445,281,348 and $6,513,047,616, respectively) 458,836,950  6,844,829,952 
Receivable for investments sold —  4,831,304 
Receivable for capital shares sold 1,404,267  6,490,336 
Dividends and interest receivable 566,730  10,899,872 
Securities lending receivable 26,383  49,440 
460,834,330  6,867,100,904 
Liabilities
Payable for collateral received for securities on loan 9,597,142  33,896,388 
Payable for investments purchased 1,381,578  6,448,038 
Payable for capital shares redeemed —  4,867,752 
Accrued management fees 95,092  1,439,550 
11,073,812  46,651,728 
Net Assets $ 449,760,518  $ 6,820,449,176 
Shares outstanding (unlimited number of shares authorized) 9,630,000  84,000,000 
Net Asset Value Per Share $ 46.70  $ 81.20 
Net Assets Consist of:
Capital paid in $ 437,634,574  $ 6,712,162,188 
Distributable earnings (loss) 12,125,944  108,286,988 
$ 449,760,518  $ 6,820,449,176 


See Notes to Financial Statements.
145

Statements of Operations
YEAR ENDED AUGUST 31, 2023 (EXCEPT AS NOTED)
Avantis Inflation Focused Equity ETF(1)
 Avantis Real Estate ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $4 and $565,950, respectively) $ 312,475  $ 9,368,777 
Interest 709  19,444 
Securities lending, net 19  12,080 
313,203  9,400,301 
Expenses:
Management fees 32,094  437,325 
Other expenses —  686 
32,094  438,011 
Net investment income (loss) 281,109  8,962,290 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (641,272) 724,373 
Foreign currency translation transactions —  (21,468)
(641,272) 702,905 
Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $— and $(1,289), respectively (156,358) (21,082,780)
Translation of assets and liabilities in foreign currencies —  253 
(156,358) (21,082,527)
Net realized and unrealized gain (loss) (797,630) (20,379,622)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (516,521) $ (11,417,332)
(1)September 27, 2022 (fund inception) through August 31, 2023.


See Notes to Financial Statements.
146

YEAR ENDED AUGUST 31, 2023
Avantis U.S. Equity ETF Avantis U.S. Large Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $27,443 and $3,990, respectively) $ 68,576,496  $ 22,413,361 
Interest 122,051  34,062 
Securities lending, net 283,765  10,235 
68,982,312  22,457,658 
Expenses:
Management fees 5,473,605  1,363,098 
Net investment income (loss) 63,508,707  21,094,560 
Realized and Unrealized Gain (Loss)
Net realized gain(loss) on investment transactions 60,837,228  10,564,517 
Change in net unrealized appreciation (depreciation) on investments 387,107,642  91,677,477 
Net realized and unrealized gain (loss) 447,944,870  102,241,994 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 511,453,577  $ 123,336,554 


See Notes to Financial Statements.

147

YEAR ENDED AUGUST 31, 2023
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 $4,181 and $119,999, respectively) $ 3,073,145  $ 120,567,369 
Interest 9,646  172,307 
Securities lending, net 95,489  787,708 
3,178,280  121,527,384 
Expenses:
Management fees 427,633  13,051,606 
Net investment income (loss) 2,750,647  108,475,778 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 8,158,144  52,471,333 
Change in net unrealized appreciation (depreciation) on investments 13,347,647  438,628,571 
Net realized and unrealized gain (loss) 21,505,791  491,099,904 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 24,256,438  $ 599,575,682 


See Notes to Financial Statements.
148

Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis Inflation Focused Equity ETF Avantis Real Estate ETF
Increase (Decrease) in Net Assets
August 31, 2023(1)
 August 31, 2023
August 31, 2022(2)
Operations
Net investment income (loss) $ 281,109  $ 8,962,290  $ 1,678,060 
Net realized gain (loss) (641,272) 702,905  (312,160)
Change in net unrealized appreciation (depreciation) (156,358) (21,082,527) (9,171,481)
Net increase (decrease) in net assets resulting from operations (516,521) (11,417,332) (7,805,581)
Distributions to Shareholders
From earnings (262,700) (7,388,828) (637,460)
Capital Share Transactions
Proceeds from shares sold 27,595,688  239,968,147  152,347,682 
Payments for shares redeemed (23,375,608) (24,609,128) — 
Other capital —  41,178  61,448 
Net increase (decrease) in net assets from capital share transactions 4,220,080  215,400,197  152,409,130 
Net increase (decrease) in net assets 3,440,859  196,594,037  143,966,089 
Net Assets
Beginning of period —  143,966,089  — 
End of period $ 3,440,859  $ 340,560,126  $ 143,966,089 
Transactions in Shares of the Funds
Sold 480,000  5,800,000  3,200,000 
Redeemed (420,000) (600,000) — 
Net increase (decrease) in shares of the funds 60,000  5,200,000  3,200,000 
(1)September 27, 2022 (fund inception) through August 31, 2023.
(2)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
149

YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis U.S. Equity
ETF		 Avantis U.S. Large
Cap Value ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022 August 31, 2023
August 31, 2022(1)
Operations
Net investment income (loss) $ 63,508,707  $ 29,533,348  $ 21,094,560  $ 4,493,511 
Net realized gain (loss) 60,837,228  67,299,604  10,564,517  (6,821,509)
Change in net unrealized appreciation (depreciation) 387,107,642  (294,173,106) 91,677,477  (13,562,977)
Net increase (decrease) in net assets resulting from operations 511,453,577  (197,340,154) 123,336,554  (15,890,975)
Distributions to Shareholders
From earnings (56,423,478) (24,641,184) (17,645,474) (2,368,608)
Capital Share Transactions
Proceeds from shares sold 1,923,518,289  1,439,756,772  1,061,177,416  522,133,836 
Payments for shares redeemed (225,681,267) (181,495,905) (177,876,438) (8,919,648)
Net increase (decrease) in net assets from capital share transactions 1,697,837,022  1,258,260,867  883,300,978  513,214,188 
Net increase (decrease) in net assets 2,152,867,121  1,036,279,529  988,992,058  494,954,605 
Net Assets
Beginning of period 2,522,737,116  1,486,457,587  494,954,605  — 
End of period $ 4,675,604,237  $ 2,522,737,116  $ 1,483,946,663  $ 494,954,605 
Transactions in Shares of the Funds
Sold 27,420,000  19,830,000  20,400,000  10,300,000 
Redeemed (3,150,000) (2,520,000) (3,360,000) (180,000)
Net increase (decrease) in shares of the funds 24,270,000  17,310,000  17,040,000  10,120,000 
(1)September 21, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
150

YEARS ENDED AUGUST 31, 2023 AND 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 August 31, 2023
August 31, 2022(1)
 August 31, 2023 August 31, 2022
Operations
Net investment income (loss) $ 2,750,647  $ 103,430  $ 108,475,778  $ 46,551,102 
Net realized gain (loss) 8,158,144  (143,600) 52,471,333  235,537,603 
Change in net unrealized appreciation (depreciation) 13,347,647  207,955  438,628,571  (376,259,387)
Net increase (decrease) in net assets resulting from operations 24,256,438  167,785  599,575,682  (94,170,682)
Distributions to Shareholders
From earnings (1,517,184) (32,394) (95,481,240) (36,861,258)
Capital Share Transactions
Proceeds from shares sold 445,251,486  26,179,605  3,561,491,030  3,146,383,598 
Payments for shares redeemed (44,545,218) —  (920,426,626) (910,204,464)
Net increase (decrease) in net assets from capital share transactions 400,706,268  26,179,605  2,641,064,404  2,236,179,134 
Net increase (decrease) in net assets 423,445,522  26,314,996  3,145,158,846  2,105,147,194 
Net Assets
Beginning of period 26,314,996  —  3,675,290,330  1,570,143,136 
End of period $ 449,760,518  $ 26,314,996  $ 6,820,449,176  $ 3,675,290,330 
Transactions in Shares of the Funds
Sold 9,990,000  600,000  46,220,000  40,460,000 
Redeemed (960,000) —  (11,860,000) (11,620,000)
Net increase (decrease) in shares of the funds 9,030,000  600,000  34,360,000  28,840,000 
(1)January 11, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
151

Notes to Financial Statements

AUGUST 31, 2023

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.

152

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. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The funds record the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

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.

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. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

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.

153

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 August 31, 2023.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
 Overnight and
Continuous		 <30 days Between 30 & 90 days >90 days Total
Avantis Inflation Focused Equity ETF
Common Stocks $ 2,313  —  —  —  $ 2,313 
Gross amount of recognized liabilities for securities lending transactions $ 2,313 
Avantis Real Estate ETF
Common Stocks $ 3,216,744  —  —  —  $ 3,216,744 
Gross amount of recognized liabilities for securities lending transactions
 $ 3,216,744 
Avantis U.S. Equity ETF
Common Stocks $ 7,387,994  —  —  —  $ 7,387,994 
Gross amount of recognized liabilities for securities lending transactions
 $ 7,387,994 
Avantis U.S. Large Cap Value ETF
Common Stocks $ 314,979  —  —  —  $ 314,979 
Gross amount of recognized liabilities for securities lending transactions $ 314,979 
Avantis U.S. Small Cap Equity ETF
Common Stocks $ 9,597,142  —  —  —  $ 9,597,142 
Gross amount of recognized liabilities for securities lending transactions $ 9,597,142 
Avantis U.S. Small Cap Value ETF
Common Stocks $ 33,896,388  —  —  —  $ 33,896,388 
Gross amount of recognized liabilities for securities lending transactions $ 33,896,388 
(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%

154

Other Expenses — A fund’s other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses.

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.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2023 were as follows:
Avantis Inflation
Focused Equity ETF(1)
Avantis Real
Estate ETF
Avantis U.S. Equity
ETF
Purchases $822,037 $69,622,269 $166,024,149
Sales $876,421 $11,622,020 $50,567,211

Avantis U.S. Large
Cap Value ETF
Avantis U.S. Small
Cap Equity ETF
Avantis U.S. Small
Cap Value ETF
Purchases $206,652,917 $32,350,363 $586,994,021
Sales $168,421,548 $15,574,821 $348,689,651
(1)September 27, 2022 (fund inception) through August 31, 2023.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 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 $23,233,262 $(534,475)
Avantis Real Estate ETF $185,250,056 $24,415,333 $2,383,063
Avantis U.S. Equity ETF $1,822,304,444 $222,328,032 $80,643,450
Avantis U.S. Large Cap Value ETF $1,024,160,635 $176,790,850 $39,719,991
Avantis U.S. Small Cap Equity ETF $431,594,987 $44,311,252 $10,764,435
Avantis U.S. Small Cap Value ETF $3,374,684,100 $903,607,219 $206,776,271
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)September 27, 2022 (fund inception) through August 31, 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.

155

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 $ 3,429,596  —  — 
Short-Term Investments 6,205  —  — 
$ 3,435,801  —  — 

Avantis Real Estate ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Data Center REITs $ 25,343,538  $ 536,289  — 
Diversified REITs 4,812,989  22,431,989  — 
Health Care REITs 22,013,009  2,985,039  — 
Hotel & Resort REITs 5,289,757  2,460,675  — 
Industrial REITs 35,696,397  27,529,173  — 
Multi-Family Residential REITs 27,863,274  7,191,249  — 
Office REITs 4,988,115  15,429,716  — 
Other Specialized REITs 12,121,218  661,161  — 
Retail REITs 32,341,366  22,644,770  — 
Self Storage REITs 19,080,382  1,941,349  — 
Single-Family Residential REITs 13,993,289  147,016  — 
Other REITs 31,799,208  —  — 
Rights —  2,616  — 
Short-Term Investments 3,689,380  —  — 
$ 239,031,922  $ 103,961,042  — 
156

Avantis U.S. Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 4,665,904,072  —  — 
Escrow Interests —  $ 22  — 
Short-Term Investments 9,678,406  —  — 
$ 4,675,582,478  $ 22  — 
Avantis U.S. Large Cap Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 1,481,009,329  —  — 
Short-Term Investments 2,242,054  —  — 
$ 1,483,251,383  —  — 

Avantis U.S. Small Cap Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 448,751,838  —  — 
Short-Term Investments 10,085,112  —  — 
$ 458,836,950  —  — 

Avantis U.S. Small Cap Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 6,805,210,699  —  — 
Short-Term Investments 39,619,253  —  — 
$ 6,844,829,952  —  — 

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.

157

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.

8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2023 and August 31, 2022 (except as noted) were as follows:
2023 2022
Distributions Paid From: Distributions Paid From:
Ordinary
Income		 Long-term Capital Gains Ordinary
Income		 Long-term Capital Gains
Avantis Inflation Focused Equity ETF(1)
 $ 262,700  —  N/A N/A
Avantis Real Estate ETF(2)
 $ 7,388,828  —  $ 637,460  — 
Avantis U.S. Equity ETF $ 56,423,478  —  $ 24,641,184  — 
Avantis U.S. Large Cap Value ETF(3)
 $ 17,645,474  —  $ 2,368,608  — 
Avantis U.S. Small Cap Equity ETF(4)
 $ 1,517,184  —  $ 32,394  — 
Avantis U.S. Small Cap Value ETF $ 95,481,240  —  $ 36,861,258  — 
(1)September 27, 2022 (fund inception) through August 31, 2023.
(2)September 28, 2021 (fund inception) through August 31, 2022.
(3)September 21, 2021 (fund inception) through August 31, 2022.
(4)January 11, 2022 (fund inception) through August 31, 2022.

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.

The reclassifications, which are primarily due to in kind transactions, 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
Capital paid in
 $ (514,833) $ 2,371,669  $ 81,875,149  $ 39,720,022  $ 10,748,701  $ 206,393,006 
Distributable earnings
 $ 514,833  $ (2,371,669) $ (81,875,149) $ (39,720,022) $ (10,748,701) $ (206,393,006)

158

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Avantis Inflation Focused Equity ETF Avantis Real Estate ETF Avantis U.S. Equity ETF
Federal tax cost of investments $ 3,591,978  $ 373,371,416  $ 4,267,778,829 
Gross tax appreciation of investments $ 153,249  $ 6,883,150  $ 649,285,854 
Gross tax depreciation of investments (309,426) (37,261,602) (241,482,183)
Net tax appreciation (depreciation) of investments (156,177) (30,378,452) 407,803,671 
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies —  (6,091) — 
Net tax appreciation (depreciation) $ (156,177) $ (30,384,543) $ 407,803,671 
Undistributed ordinary income —  $ 3,030,224  $ 13,276,245 
Accumulated short-term capital losses $ (108,211) $ (2,248,981) $ (18,458,128)
Accumulated long-term capital losses —  $ (17,570) $ (12,049,010)

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 $ 1,405,049,792  $ 445,281,897  $ 6,511,870,052 
Gross tax appreciation of investments $ 121,680,971  $ 38,752,881  $ 836,133,110 
Gross tax depreciation of investments (43,479,380) (25,197,828) (503,173,210)
Net tax appreciation (depreciation) of investments $ 78,201,591  $ 13,555,053  $ 332,959,900 
Undistributed ordinary income $ 5,437,570  $ 1,314,362  $ 24,200,271 
Accumulated short-term capital losses $ (27,855,088) $ (2,715,799) $ (162,086,076)
Accumulated long-term capital losses $ (9,554,413) $ (27,672) $ (86,787,107)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable
primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive
foreign investment companies, return of capital dividends received and tax deferral of losses on wash sales.

Accumulated capital losses 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.
159


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 1.14 8.79 9.93 (1.97) $57.35 20.37%
0.25%(5)
2.19%(5)
 7% $3,441 

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 August 31, 2023.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


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
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 $44.99 1.44 (4.61) (3.17) (1.29) 0.01 $40.54 (7.04)% 0.17% 3.48% 5% $340,560 
2022(4)
 $50.00 1.40 (5.82) (4.42) (0.64) 0.05 $44.99 (8.86)%
0.17%(5)
3.17%(5)
 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)September 28, 2021 (fund inception) through August 31, 2022.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


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 $68.81 1.24 7.84 9.08 (1.15) $76.74 13.37% 0.15% 1.74% 1% $4,675,604 
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(4)
 $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)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


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. Large Cap Value ETF
2023 $48.91 1.20 5.62 6.82 (1.09) $54.64 14.19% 0.15% 2.32% 18% $1,483,947 
2022(4)
 $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)September 21, 2021 (fund inception) through August 31, 2022.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


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 Equity ETF
2023 $43.86 0.73 2.68 3.41 (0.57) $46.70 7.91% 0.25% 1.61% 9% $449,761 
2022(4)
 $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)January 11, 2022 (fund inception) through August 31, 2022.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


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 $74.04 1.59 7.03 8.62 (1.46) $81.20 11.88% 0.25% 2.08% 7% $6,820,449 
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(4)
 $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)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 (the “Funds”), six of the funds constituting the American Century ETF Trust, as of August 31, 2023, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund
Constituting the
American Century
ETF Trust
Statement of Operations
Statements of Changes in Net Assets
Financial Highlights
Avantis® Inflation Focused Equity ETF
 For the period from September 27, 2022 (fund inception) through August 31, 2023
Avantis® Real Estate ETF
 For the year ended August 31, 2023 For the year ended August 31, 2023, and the period from September 28, 2021 (fund inception) through August 31, 2022
Avantis® U.S. Equity ETF
 For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023, 2022, and 2021, and the period from September 24, 2019 (fund inception) through August 31, 2020
Avantis® U.S. Large Cap Value ETF
 For the year ended August 31, 2023 For the year ended August 31, 2023, and the period from September 21, 2021 (fund inception) through August 31, 2022
Avantis® U.S. Small Cap Equity ETF
 For the year ended August 31, 2023 For the year ended August 31, 2023, and the period from January 11, 2022 (fund inception) through August 31, 2022
Avantis® U.S. Small Cap Value ETF
 For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023, 2022, and 2021, and the period from September 24, 2019 (fund inception) through August 31, 2020

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

166

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2023

We have served as the auditor of one or more American Century investment companies since 1997.
167

Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Position(s) Held with Funds Length of Time Served Principal Occupation(s) During Past 5 Years Number of American Century Portfolios Overseen by Trustee Other Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)		 Trustee and Board Chair Since 2017 (Board Chair since 2019) Principal, GTS Securities (automated capital markets trading firm) (2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm) (2013 to 2019) 50 None
Jeremy I. Bulow
(1954)		 Trustee Since 2022 Professor of Economics, Stanford University
Graduate School of Business (1979 to present)		 82 None
Barry A. Mendelson
(1958)		 Trustee Since 2017 Retired 50 None
Stephen E. Yates
(1948)		 Trustee Since 2017 Retired 115 None
Interested Trustees
Jonathan S. Thomas
(1963)		 Trustee Since 2017 President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries 147 None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
168

Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Offices with the Funds Principal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
 President since 2019 Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)		 Chief Financial Officer and Treasurer since 2018 Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)		 Chief Compliance Officer and Vice President since 2017 Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)		 General Counsel and
Vice President since
2021		 General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)		 Vice President
since 2019		 Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)		 Vice President since 2017 Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)		 Secretary since 2019 Attorney, ACS (2003 to present)
169

Approval of Management Agreement

At a meeting held on June 21, 2023, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees.

Prior to its consideration of the management agreement renewal, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent data providers concerning the Funds. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider over time.

In connection with its consideration of the management agreement renewal, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to

•the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to the Funds;
•the wide range of programs and services the Advisor and other service providers provide to the Funds and their shareholders on a routine and non-routine basis;
•the Funds’ investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;
•the cost of owning the Funds compared to the cost of owning similarly-managed funds;
•the Advisor’s compliance policies, procedures, and regulatory experience and those of certain other service providers;
•the Advisor’s strategic plans, generally, and with respect to areas of heightened regulatory interest in the mutual fund industry and certain recent geopolitical and other issues;
•the Advisor’s business continuity plans, vendor management practices, and information security practices;
•the cost of services provided to the Funds, the profitability of the Funds to the Advisor, and the Advisor’s financial results of operation;
•possible economies of scale associated with the Advisor’s management of the Funds;
•any collateral benefits derived by the Advisor from the management of the Funds;
•fees and expenses associated with any investment by the Funds in other funds;
•payments to intermediaries by the Funds and the Advisor and services provided by intermediaries in connection therewith; and
•services provided and charges to the Advisor’s other investment management clients.

The independent Trustees met separately in private sessions to discuss the renewal and to review and discuss the information provided in response to their request. The independent Trustees also held active discussions with the Advisor regarding the renewal of the management agreement. The independent Trustees had the benefit of the advice of their independent counsel throughout the process.

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. 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.
170

In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under each Fund’s management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

•constructing and designing each Fund
•portfolio research and security selection
•initial capitalization/funding
•securities trading
•Fund administration
•custody of Fund assets
•daily valuation of each Fund’s portfolio
•liquidity monitoring and management
•risk management, including information security
•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
•legal services (except the independent Trustees’ counsel)
•regulatory and portfolio compliance
•financial reporting
•marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance. The performance for Avantis U.S. Equity ETF and Avantis U.S. Small Cap Value ETF was above each Fund’s respective benchmark for the one- and three-year periods reviewed by the Board. The performance for Avantis U.S. Large Cap Value ETF was above the Fund’s benchmark for the one-year period reviewed by the Board. The performance for Avantis Real Estate ETF was below the Fund’s benchmark for the one-year period reviewed by the Board. The Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

171

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and post-distribution), and its financial results of operation. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the terms of the current management agreement. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1, and, for certain funds, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel). Under the unified fee structure, the Advisor is responsible for providing investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of Avantis Inflation Focused Equity ETF, Avantis U.S. Equity ETF, Avantis U.S. Large Cap Value ETF, and Avantis U.S. Small Cap Equity ETF was below the median of the total expense ratios of each Fund’s peer expense universe and was within the range of its peer expense group. The unified fee charged to shareholders of Avantis U.S. Small Cap Value ETF was below the median of the total expense ratios of its peer expense universe and was the lowest of its peer expense group. The unified fee charged to shareholders of Avantis Real Estate ETF was the lowest of the total expense ratios of its peer expense universe and its peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under its management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to funds or other advisory clients managed similarly to the Funds. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Funds. The Board analyzed this information and concluded that the fees charged and services provided to the Funds were reasonable by comparison.

172

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with prospective clients, service providers, and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Funds, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and received over time, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.

173

Liquidity Risk Management Program

The Funds have adopted a liquidity risk management program (the “program”). The Funds' Board of Trustees (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates, including members of ACIM’s Investment Oversight Committee who are members of ACIM’s Investment Management and Global Analytics departments, conduct the day-to-day operation of the program pursuant to the program.

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain investments held by the Funds are supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2022 through December 31, 2022. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

174

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.














175

Other Tax Information 

The following information is provided pursuant to provisions of the Internal Revenue Code.

The funds hereby designate up to the maximum amount allowable as qualified dividend income for
the fiscal year ended August 31, 2023.

For corporate taxpayers, the funds hereby designate the following, or up to the maximum amount
allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2023 as
qualified for the corporate dividends received deduction.


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
$262,700 — $56,423,478 $17,645,474 $1,509,843 $95,395,194


Avantis Inflation Focused Equity ETF and Avantis U.S. Equity ETF utilized earnings and profits of $18,409 and $1,123,659, respectively, distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization).
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