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Annual Report
August 31, 2023
Avantis® Core Fixed Income ETF (AVIG)
Avantis® Core Municipal Fixed Income ETF (AVMU)
Avantis® Short-Term Fixed Income ETF (AVSF)









































Table of Contents

Chairman’s Letter
Avantis Core Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Core Municipal Fixed Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Short-Term Fixed Income 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 Core Fixed Income ETF (AVIG)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value -0.67% -4.84% 10/13/2020
Market Price -0.50% -4.83% 10/13/2020
Bloomberg U.S. Aggregate Bond Index -1.19% -4.58% —
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 October 13, 2020
chart-59974dbe0cbc4e39a3e.jpg
Value on August 31, 2023
Net Asset Value — $8,669
Bloomberg U.S. Aggregate Bond Index — $8,735
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.
3

Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Fixed Income ETF seeks to maximize total returns by investing primarily in investment-grade debt obligations across sectors, maturities and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option-adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

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 Core Fixed Income ETF returned -0.50% on a market price basis. On a net asset value (NAV) basis, the fund returned -0.67%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned -1.19% for the reporting period. The index is an unmanaged index generally representative of the performance of the broad U.S. taxable investment-grade bond market.

An overweight versus the index to the corporate sector aided relative performance as credit spreads tightened for the period. In addition, the fund’s yield curve positioning enhanced relative results.


















4

Fund Characteristics

AUGUST 31, 2023
Avantis Core Fixed Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 61.7%
U.S. Treasury Securities 24.0%
U.S. Government Agency Mortgage-Backed Securities 19.9%
U.S. Government Agency Securities 2.5%
Sovereign Governments and Agencies 0.4%
Short-Term Investments 11.3%
Forward Sales Commitments (0.5)%
Other Assets and Liabilities (19.3)%
5

Performance
Avantis Core Municipal Fixed Income ETF (AVMU)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 2.22% -2.03% 12/8/2020
Market Price 2.27% -2.01% 12/8/2020
S&P National AMT-Free Municipal Bond Index 2.17% -1.72% —
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 December 8, 2020
chart-eaee594cd9ce499c9cc.jpg
Value on August 31, 2023
Net Asset Value — $9,455
S&P National AMT-Free Municipal Bond Index — $9,538
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.
6

Portfolio Commentary

Portfolio Managers: Eduardo Repetto, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Core Municipal Fixed Income ETF seeks to generate current income exempt from federal income tax by investing primarily in municipal securities.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option-adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

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 Core Municipal Fixed Income ETF returned 2.27% on a market price basis. On a net asset value (NAV) basis, the fund returned 2.22%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the S&P National AMT-Free Municipal Bond Index, which returned 2.17% for the reporting period. The index is a broad, comprehensive, market value-weighted index designed to measure the performance of the investment-grade tax-exempt U.S. municipal bond market.

The fund’s yield curve positioning and duration underweight relative to the benchmark drove outperformance during the period.














7

Fund Characteristics

AUGUST 31, 2023
Avantis Core Municipal Fixed Income ETF
Types of Investments in Portfolio % of net assets
Municipal Securities 98.8%
Short-Term Investments 0.7%
Other Assets and Liabilities 0.5%
Top Five States and Territories % of net assets
New York 15.1%
California 15.0%
Texas 9.2%
Illinois 6.7%
Washington 4.8%
Top Five Sectors % of fund investments
Special Tax 25%
General Obligation (GO) - State 11%
General Obligation (GO) - Local 11%
Public Power 10%
Toll Facilities 8%
8

Performance
Avantis Short-Term Fixed Income ETF (AVSF)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 1.63% -1.43% 10/13/2020
Market Price 1.81% -1.42% 10/13/2020
Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index 1.19% -1.56% —
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 October 13, 2020
chart-c7571e30761f49d481c.jpg
Value on August 31, 2023
Net Asset Value — $9,592
Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index — $9,556
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, Hozef Arif, Mitchell Handa and Daniel Ong

Fund Strategy

Avantis Short-Term Fixed Income ETF seeks to maximize total returns by investing primarily in shorter-maturity investment-grade debt obligations across sectors and issuers.

In seeking securities with high expected returns, the portfolio managers use an analytical framework, which includes an assessment of securities’ expected income and capital appreciation. The portfolio managers categorize securities within the fund’s investment universe into component groups based on factors such as industry sector, credit rating, duration, country and currency. The portfolio managers then calculate the expected return implied by the yield curve of each component group. At the same time, they consider valuation metrics, such as yield, duration and option-adjusted spreads. Finally, the portfolio managers adjust the weightings for each component group, with the goal of building a portfolio with enhanced expected return.

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 Short-Term Fixed Income ETF returned 1.81% on a market price basis. On a net asset value (NAV) basis, the fund returned 1.63%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the Bloomberg U.S. Aggregate Government/Credit 1-5 Year Index, which returned 1.19% for the reporting period. The index is an unmanaged index generally representative of the performance of U.S. Treasury, government agency and corporate bonds with maturities between one and five years.
An overweight versus the index to the corporate sector aided the fund’s relative performance as credit spreads tightened for the period. In addition, the fund’s duration underweight and yield curve positioning enhanced relative results.






















10

Fund Characteristics

AUGUST 31, 2023
Avantis Short-Term Fixed Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 66.5%
U.S. Treasury Securities and Equivalents 30.0%
U.S. Government Agency Securities 2.1%
Sovereign Governments and Agencies 0.3%
Short-Term Investments 0.6%
Other Assets and Liabilities 0.5%
11

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.

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 Core Fixed Income ETF
Actual $1,000 $1,014.40 $0.76 0.15%
Hypothetical $1,000 $1,024.45 $0.77 0.15%
Avantis Core Municipal Fixed Income ETF
Actual $1,000 $1,011.00 $0.76 0.15%
Hypothetical $1,000 $1,024.45 $0.77 0.15%
Avantis Short-Term Fixed Income ETF
Actual $1,000 $1,019.50 $0.76 0.15%
Hypothetical $1,000 $1,024.45 $0.77 0.15%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 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.
12

Schedules of Investments

AUGUST 31, 2023
Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
CORPORATE BONDS — 61.7%
Aerospace and Defense — 1.8%
Boeing Co., 2.20%, 2/4/26
 $ 600,000  $ 553,813 
Boeing Co., 2.80%, 3/1/27
 25,000  22,849 
Boeing Co., 5.04%, 5/1/27
 100,000  98,940 
Boeing Co., 5.15%, 5/1/30
 1,250,000  1,230,385 
Boeing Co., 3.60%, 5/1/34
 200,000  169,480 
General Dynamics Corp., 3.75%, 5/15/28
 13,000  12,422 
General Dynamics Corp., 4.25%, 4/1/40
 1,320,000  1,176,946 
Huntington Ingalls Industries, Inc., 3.48%, 12/1/27
 1,024,000  943,817 
Lockheed Martin Corp., 3.55%, 1/15/26
 338,000  327,288 
Lockheed Martin Corp., 3.90%, 6/15/32(1)
 488,000  454,107 
Lockheed Martin Corp., 5.25%, 1/15/33
 2,250,000  2,310,628 
Lockheed Martin Corp., 4.50%, 5/15/36
 990,000  939,667 
Precision Castparts Corp., 3.25%, 6/15/25
 451,000  436,698 
RTX Corp., 3.50%, 3/15/27
 65,000  61,408 
Textron, Inc., 3.65%, 3/15/27
 61,000  57,342 
Textron, Inc., 2.45%, 3/15/31
 489,000  402,440 
9,198,230 
Air Freight and Logistics — 0.4%
United Parcel Service, Inc., 3.40%, 3/15/29
 1,510,000  1,414,708 
United Parcel Service, Inc., 4.875%, 11/15/40
 710,000  684,325 
2,099,033 
Automobile Components — 0.1%
BorgWarner, Inc., 2.65%, 7/1/27
 660,000  598,429 
Automobiles — 0.8%
American Honda Finance Corp., 1.00%, 9/10/25
 100,000  91,708 
American Honda Finance Corp., 2.35%, 1/8/27
 802,000  734,578 
American Honda Finance Corp., 2.00%, 3/24/28
 250,000  219,077 
General Motors Co., 4.20%, 10/1/27
 322,000  303,633 
General Motors Financial Co., Inc., 5.10%, 1/17/24
 44,000  43,864 
General Motors Financial Co., Inc., 3.95%, 4/13/24
 150,000  148,067 
General Motors Financial Co., Inc., 4.00%, 10/6/26
 50,000  47,293 
General Motors Financial Co., Inc., 2.35%, 1/8/31
 90,000  69,982 
General Motors Financial Co., Inc., 6.40%, 1/9/33
 100,000  100,744 
Toyota Motor Corp., 2.36%, 3/25/31
 71,000  59,735 
Toyota Motor Credit Corp., 3.95%, 6/30/25
 450,000  439,872 
Toyota Motor Credit Corp., 3.05%, 3/22/27
 465,000  436,719 
Toyota Motor Credit Corp., 1.90%, 4/6/28
 200,000  176,493 
Toyota Motor Credit Corp., 2.15%, 2/13/30
 100,000  85,115 
Toyota Motor Credit Corp., 3.375%, 4/1/30
 630,000  573,758 
Toyota Motor Credit Corp., 1.65%, 1/10/31
 1,011,000  808,516 
4,339,154 
Banks — 9.7%
African Development Bank, 0.875%, 7/22/26
 1,373,000  1,232,753 
Asian Development Bank, 2.625%, 1/30/24
 611,000  603,950 
13

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
Asian Development Bank, 0.375%, 6/11/24
 $ 521,000  $ 501,121 
Asian Development Bank, 4.125%, 9/27/24
 35,000  34,547 
Asian Development Bank, 0.625%, 10/8/24
 1,462,000  1,389,583 
Asian Development Bank, 2.375%, 8/10/27
 90,000  83,469 
Asian Development Bank, 3.125%, 4/27/32
 170,000  156,150 
Asian Infrastructure Investment Bank, 0.25%, 9/29/23
 686,000  683,671 
Asian Infrastructure Investment Bank, 2.25%, 5/16/24
 1,450,000  1,415,886 
Asian Infrastructure Investment Bank, 0.50%, 5/28/25
 1,224,000  1,128,686 
Asian Infrastructure Investment Bank, 3.75%, 9/14/27(1)
 435,000  421,941 
Asian Infrastructure Investment Bank, 4.00%, 1/18/28
 810,000  791,743 
Australia & New Zealand Banking Group Ltd., 5.09%, 12/8/25
 750,000  747,100 
Bank of America Corp., 5.875%, 2/7/42
 1,325,000  1,373,087 
Bank of Montreal, 5.20%, 12/12/24
 200,000  198,963 
Bank of Montreal, 5.20%, 2/1/28
 70,000  69,465 
Bank of Montreal, Series E, 3.30%, 2/5/24
 735,000  727,056 
Bank of Montreal, Series H, 4.25%, 9/14/24
 140,000  137,832 
Bank of Nova Scotia, 3.40%, 2/11/24
 163,000  161,225 
Bank of Nova Scotia, 5.25%, 12/6/24
 55,000  54,722 
Bank of Nova Scotia, 2.70%, 8/3/26
 250,000  232,285 
Canadian Imperial Bank of Commerce, 3.10%, 4/2/24
 465,000  457,797 
Citigroup, Inc., 3.20%, 10/21/26
 2,300,000  2,145,771 
Commonwealth Bank of Australia, 5.08%, 1/10/25
 1,400,000  1,396,225 
Council Of Europe Development Bank, 0.25%, 10/20/23
 126,000  125,205 
Council Of Europe Development Bank, 2.50%, 2/27/24
 121,000  119,224 
Council Of Europe Development Bank, 0.875%, 9/22/26
 214,000  191,285 
Discover Bank, 4.65%, 9/13/28
 600,000  551,699 
European Bank for Reconstruction & Development, 0.50%, 5/19/25
 215,000  199,048 
European Bank for Reconstruction & Development, 0.50%, 1/28/26
 100,000  90,435 
European Investment Bank, 2.625%, 3/15/24
 130,000  128,049 
European Investment Bank, 2.25%, 6/24/24
 406,000  395,782 
European Investment Bank, 1.625%, 3/14/25(1)
 950,000  901,722 
European Investment Bank, 0.75%, 9/23/30
 300,000  236,814 
European Investment Bank, 4.875%, 2/15/36
 411,000  431,651 
Export Development Canada, 2.625%, 2/21/24
 1,300,000  1,282,543 
Export Development Canada, 3.375%, 8/26/25
 1,000,000  971,457 
Export Development Canada, 3.875%, 2/14/28
 1,300,000  1,271,040 
Inter-American Development Bank, 0.25%, 11/15/23
 100,000  99,001 
Inter-American Development Bank, 0.875%, 4/3/25
 275,000  257,481 
Inter-American Development Bank, 0.625%, 7/15/25
 1,278,000  1,180,357 
Inter-American Development Bank, 2.00%, 7/23/26
 850,000  789,657 
Inter-American Development Bank, 2.375%, 7/7/27
 227,000  210,534 
Inter-American Development Bank, 3.125%, 9/18/28
 518,000  488,528 
International Bank for Reconstruction & Development, 2.50%, 3/19/24
 350,000  344,305 
International Bank for Reconstruction & Development, 0.75%, 11/24/27
 1,190,000  1,023,290 
International Bank for Reconstruction & Development, 0.875%, 5/14/30
 894,000  715,269 
JPMorgan Chase & Co., 5.50%, 10/15/40
 1,999,000  2,012,649 
14

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
Kreditanstalt fuer Wiederaufbau, 0.25%, 10/19/23
 $ 47,000  $ 46,696 
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24
 300,000  292,221 
Kreditanstalt fuer Wiederaufbau, 2.50%, 11/20/24(1)
 1,017,000  983,673 
Kreditanstalt fuer Wiederaufbau, 2.00%, 5/2/25
 150,000  142,778 
Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/26
 216,000  194,234 
Landwirtschaftliche Rentenbank, 0.50%, 5/27/25
 1,016,000  939,381 
Lloyds Banking Group PLC, 4.55%, 8/16/28
 60,000  56,924 
Mitsubishi UFJ Financial Group, Inc., 3.74%, 3/7/29
 85,000  78,722 
Mitsubishi UFJ Financial Group, Inc., 2.05%, 7/17/30
 120,000  96,632 
National Australia Bank Ltd., 5.13%, 11/22/24
 1,100,000  1,096,111 
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25
 952,000  902,533 
PNC Financial Services Group, Inc., 3.15%, 5/19/27
 1,200,000  1,113,449 
Royal Bank of Canada, 5.66%, 10/25/24
 850,000  850,539 
Royal Bank of Canada, 4.90%, 1/12/28(1)
 325,000  320,501 
Royal Bank of Canada, 5.00%, 2/1/33
 40,000  38,807 
Santander Holdings USA, Inc., 4.50%, 7/17/25
 200,000  195,322 
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23
 444,000  442,995 
Sumitomo Mitsui Financial Group, Inc., 1.40%, 9/17/26
 150,000  132,791 
Sumitomo Mitsui Financial Group, Inc., 3.45%, 1/11/27
 175,000  163,776 
Sumitomo Mitsui Financial Group, Inc., 3.36%, 7/12/27
 10,000  9,292 
Toronto-Dominion Bank, 0.75%, 1/6/26
 672,000  603,909 
Toronto-Dominion Bank, 4.11%, 6/8/27
 2,397,000  2,291,265 
US Bancorp, 3.95%, 11/17/25
 640,000  620,555 
US Bancorp, 3.90%, 4/26/28
 725,000  680,973 
US Bancorp, 1.375%, 7/22/30
 1,000,000  758,857 
Wells Fargo & Co., 3.55%, 9/29/25
 1,087,000  1,043,288 
Wells Fargo & Co., 3.00%, 10/23/26
 1,419,000  1,314,798 
Wells Fargo & Co., 4.15%, 1/24/29
 300,000  283,121 
Westpac Banking Corp., 2.70%, 8/19/26
 300,000  280,116 
Westpac Banking Corp., 3.35%, 3/8/27
 1,940,000  1,831,240 
Westpac Banking Corp., 5.46%, 11/18/27
 650,000  660,111 
Westpac Banking Corp., 3.40%, 1/25/28
 1,112,000  1,046,336 
49,673,999 
Beverages — 1.8%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36
 1,450,000  1,388,782 
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/28
 321,000  309,304 
Anheuser-Busch InBev Worldwide, Inc., 4.90%, 1/23/31
 225,000  226,079 
Anheuser-Busch InBev Worldwide, Inc., 8.20%, 1/15/39
 322,000  411,785 
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40
 475,000  425,420 
Brown-Forman Corp., 4.75%, 4/15/33
 1,500,000  1,485,859 
Coca-Cola Co., 3.45%, 3/25/30
 729,000  678,521 
Coca-Cola Co., 1.375%, 3/15/31
 973,000  768,621 
Keurig Dr Pepper, Inc., 2.55%, 9/15/26
 60,000  55,417 
Keurig Dr Pepper, Inc., 3.20%, 5/1/30
 619,000  549,332 
Molson Coors Beverage Co., 3.00%, 7/15/26
 1,328,000  1,244,720 
PepsiCo, Inc., 3.00%, 10/15/27
 875,000  823,559 
PepsiCo, Inc., 1.625%, 5/1/30
 792,000  652,240 
9,019,639 
Biotechnology — 0.4%
AbbVie, Inc., 3.20%, 11/21/29
 272,000  245,331 
15

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
AbbVie, Inc., 4.50%, 5/14/35
 $ 2,013,000  $ 1,894,839 
Amgen, Inc., 2.80%, 8/15/41
 55,000  37,977 
2,178,147 
Broadline Retail — 0.3%
Amazon.com, Inc., 5.20%, 12/3/25
 700,000  702,490 
Amazon.com, Inc., 1.20%, 6/3/27
 600,000  528,708 
Amazon.com, Inc., 4.55%, 12/1/27
 40,000  39,867 
Amazon.com, Inc., 1.65%, 5/12/28(1)
 200,000  174,914 
1,445,979 
Capital Markets — 2.3%
Ameriprise Financial, Inc., 3.70%, 10/15/24(1)
 475,000  465,015 
Bank of New York Mellon Corp., 1.05%, 10/15/26
 305,000  268,338 
Bank of New York Mellon Corp., 3.85%, 4/28/28
 2,070,000  1,970,460 
Bank of New York Mellon Corp., 3.85%, 4/26/29
 625,000  590,104 
BlackRock, Inc., 3.25%, 4/30/29
 450,000  416,324 
Brookfield Finance, Inc., 3.90%, 1/25/28
 850,000  795,024 
Charles Schwab Corp., 3.20%, 3/2/27
 650,000  602,189 
Franklin Resources, Inc., 1.60%, 10/30/30
 849,000  666,427 
Goldman Sachs Group, Inc., 5.70%, 11/1/24
 140,000  139,808 
Goldman Sachs Group, Inc., 3.85%, 1/26/27
 1,950,000  1,851,496 
Goldman Sachs Group, Inc., 3.80%, 3/15/30
 65,000  59,162 
Intercontinental Exchange, Inc., 4.00%, 9/15/27
 212,000  203,260 
Intercontinental Exchange, Inc., 4.35%, 6/15/29
 135,000  129,628 
Intercontinental Exchange, Inc., 4.60%, 3/15/33
 200,000  191,232 
Morgan Stanley, 3.70%, 10/23/24
 400,000  391,627 
Morgan Stanley, 3.625%, 1/20/27
 125,000  118,155 
Morgan Stanley, 7.25%, 4/1/32
 2,450,000  2,788,162 
11,646,411 
Chemicals — 2.6%
CF Industries, Inc., 5.15%, 3/15/34
 2,150,000  2,031,741 
Dow Chemical Co., 4.80%, 11/30/28
 1,238,000  1,221,193 
DuPont de Nemours, Inc., 5.32%, 11/15/38
 2,464,000  2,418,571 
Eastman Chemical Co., 3.80%, 3/15/25
 1,857,000  1,805,591 
LYB International Finance III LLC, 5.625%, 5/15/33
 850,000  842,370 
Mosaic Co., 4.05%, 11/15/27
 25,000  23,873 
Mosaic Co., 5.45%, 11/15/33
 1,985,000  1,935,609 
Nutrien Ltd., 2.95%, 5/13/30
 651,000  562,294 
RPM International, Inc., 4.55%, 3/1/29
 858,000  805,297 
Westlake Corp., 3.60%, 8/15/26
 220,000  208,719 
Westlake Corp., 3.375%, 6/15/30
 1,871,000  1,619,768 
13,475,026 
Commercial Services and Supplies†
Waste Management, Inc., 1.15%, 3/15/28
 50,000  42,238 
Waste Management, Inc., 4.625%, 2/15/30
 65,000  63,583 
Waste Management, Inc., 4.15%, 4/15/32
 20,000  18,771 
124,592 
Construction and Engineering — 0.2%
Quanta Services, Inc., 2.90%, 10/1/30
 1,060,000  894,797 
Construction Materials — 0.1%
Martin Marietta Materials, Inc., 3.50%, 12/15/27
 270,000  252,633 
16

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
Consumer Finance — 0.4%
American Express Co., 3.00%, 10/30/24
 $ 195,000  $ 189,374 
American Express Co., 3.95%, 8/1/25
 500,000  485,431 
American Express Co., 1.65%, 11/4/26
 125,000  111,571 
American Express Co., 4.05%, 5/3/29
 320,000  304,188 
Capital One Financial Corp., 3.80%, 1/31/28
 1,000,000  917,586 
Discover Financial Services, 6.70%, 11/29/32
 30,000  29,870 
2,038,020 
Consumer Staples Distribution & Retail — 1.5%
Dollar General Corp., 5.45%, 7/5/33
 100,000  97,074 
Dollar Tree, Inc., 4.20%, 5/15/28
 2,414,000  2,292,552 
Target Corp., 3.375%, 4/15/29
 50,000  46,797 
Target Corp., 2.65%, 9/15/30
 1,000,000  869,826 
Target Corp., 6.50%, 10/15/37
 2,310,000  2,563,604 
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26
 308,000  291,036 
Walgreens Boots Alliance, Inc., 3.20%, 4/15/30(1)
 333,000  282,836 
Walmart, Inc., 2.85%, 7/8/24
 500,000  489,208 
Walmart, Inc., 3.55%, 6/26/25
 547,000  532,795 
Walmart, Inc., 4.15%, 9/9/32(1)
 160,000  155,143 
Walmart, Inc., 4.10%, 4/15/33
 345,000  328,974 
7,949,845 
Containers and Packaging — 0.3%
Sonoco Products Co., 2.85%, 2/1/32(1)
 494,000  405,601 
WRKCo, Inc., 3.375%, 9/15/27
 68,000  62,761 
WRKCo, Inc., 4.90%, 3/15/29
 1,258,000  1,211,621 
1,679,983 
Diversified Consumer Services — 0.1%
Novant Health, Inc., 2.64%, 11/1/36
 550,000  409,093 
Diversified REITs — 0.7%
Boston Properties LP, 3.65%, 2/1/26
 250,000  235,698 
Boston Properties LP, 2.55%, 4/1/32
 60,000  45,025 
Essex Portfolio LP, 3.875%, 5/1/24
 85,000  83,601 
Invitation Homes Operating Partnership LP, 2.70%, 1/15/34
 100,000  76,135 
Prologis LP, 2.25%, 4/15/30
 1,460,000  1,227,078 
Simon Property Group LP, 4.75%, 3/15/42
 1,680,000  1,431,017 
Ventas Realty LP, 3.50%, 2/1/25
 415,000  399,438 
Ventas Realty LP, 4.75%, 11/15/30
 300,000  281,666 
3,779,658 
Diversified Telecommunication Services — 0.9%
AT&T, Inc., 2.25%, 2/1/32
 200,000  156,116 
Deutsche Telekom International Finance BV, 8.75%, 6/15/30
 2,150,000  2,532,145 
Verizon Communications, Inc., 3.15%, 3/22/30
 65,000  57,047 
Verizon Communications, Inc., 2.55%, 3/21/31
 672,000  553,570 
Verizon Communications, Inc., 5.05%, 5/9/33
 100,000  97,076 
Verizon Communications, Inc., 4.50%, 8/10/33
 242,000  223,682 
Verizon Communications, Inc., 4.40%, 11/1/34
 1,310,000  1,187,489 
4,807,125 
Electric Utilities — 4.0%
American Electric Power Co., Inc., 5.95%, 11/1/32
 950,000  977,467 
Berkshire Hathaway Energy Co., 3.25%, 4/15/28
 100,000  92,087 
17

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
CenterPoint Energy Houston Electric LLC, 6.95%, 3/15/33
 $ 1,331,000  $ 1,492,570 
Commonwealth Edison Co., 5.90%, 3/15/36
 2,390,000  2,467,534 
DTE Electric Co., 2.25%, 3/1/30
 1,024,000  870,300 
DTE Electric Co., Series C, 2.625%, 3/1/31
 361,000  307,506 
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/28
 1,531,000  1,590,943 
Duke Energy Florida LLC, 3.80%, 7/15/28
 290,000  276,372 
Duke Energy Ohio, Inc., 2.125%, 6/1/30
 210,000  173,090 
Enel Americas SA, 4.00%, 10/25/26
 85,000  80,396 
Entergy Arkansas LLC, 4.00%, 6/1/28
 623,000  595,194 
Entergy Louisiana LLC, 2.40%, 10/1/26
 686,000  629,400 
Entergy Louisiana LLC, 3.05%, 6/1/31
 302,000  259,540 
MidAmerican Energy Co., 6.75%, 12/30/31
 900,000  989,576 
NextEra Energy Capital Holdings, Inc., 2.25%, 6/1/30
 2,100,000  1,727,765 
Northern States Power Co., 6.25%, 6/1/36
 1,720,000  1,849,103 
PacifiCorp, 2.70%, 9/15/30
 90,000  75,310 
PPL Electric Utilities Corp., 5.00%, 5/15/33
 30,000  29,713 
PPL Electric Utilities Corp., 6.25%, 5/15/39
 1,443,000  1,544,401 
Puget Energy, Inc., 2.38%, 6/15/28
 1,989,000  1,718,321 
Puget Energy, Inc., 4.10%, 6/15/30
 307,000  274,990 
Southern California Edison Co., 6.05%, 3/15/39
 30,000  30,312 
Union Electric Co., 2.95%, 3/15/30
 2,172,000  1,909,144 
Virginia Electric & Power Co., Series A, 3.50%, 3/15/27
 13,000  12,289 
Virginia Electric & Power Co., Series B, 6.00%, 1/15/36
 300,000  310,463 
Wisconsin Power & Light Co., 3.00%, 7/1/29
 422,000  377,505 
20,661,291 
Electronic Equipment, Instruments and Components — 0.3%
Flex Ltd., 3.75%, 2/1/26
 50,000  47,791 
Jabil, Inc., 3.00%, 1/15/31
 400,000  334,483 
Trimble, Inc., 4.90%, 6/15/28
 500,000  486,236 
Tyco Electronics Group SA, 3.125%, 8/15/27
 973,000  907,451 
1,775,961 
Energy Equipment and Services — 0.1%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/27
 317,000  294,174 
Schlumberger Investment SA, 2.65%, 6/26/30
 417,000  360,972 
655,146 
Entertainment†
Netflix, Inc., 4.875%, 4/15/28
 245,000  241,438 
Financial Services — 0.8%
Equitable Holdings, Inc., 4.35%, 4/20/28
 50,000  47,361 
Fidelity National Information Services, Inc., 1.15%, 3/1/26
 250,000  225,110 
Fidelity National Information Services, Inc., 2.25%, 3/1/31
 588,000  475,207 
Fidelity National Information Services, Inc., 5.10%, 7/15/32(1)
 100,000  98,024 
Fiserv, Inc., 4.20%, 10/1/28
 50,000  47,754 
Global Payments, Inc., 2.90%, 5/15/30
 60,000  50,751 
Mastercard, Inc., 3.35%, 3/26/30
 200,000  183,952 
National Rural Utilities Cooperative Finance Corp., 3.40%, 2/7/28
 350,000  326,419 
National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29
 272,000  252,610 
18

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
National Rural Utilities Cooperative Finance Corp., 5.80%, 1/15/33
 $ 2,300,000  $ 2,375,850 
4,083,038 
Food Products — 1.8%
Archer-Daniels-Midland Co., 3.25%, 3/27/30
 2,383,000  2,170,002 
Archer-Daniels-Midland Co., 4.50%, 8/15/33
 1,000,000  969,047 
Bunge Ltd. Finance Corp., 3.25%, 8/15/26
 220,000  207,311 
Campbell Soup Co., 4.15%, 3/15/28
 659,000  627,872 
Conagra Brands, Inc., 5.30%, 11/1/38
 2,075,000  1,918,581 
General Mills, Inc., 4.20%, 4/17/28
 619,000  593,957 
General Mills, Inc., 4.95%, 3/29/33
 100,000  97,591 
Ingredion, Inc., 2.90%, 6/1/30
 959,000  822,464 
Kellogg Co., 5.25%, 3/1/33
 40,000  39,556 
Kraft Heinz Foods Co., 3.875%, 5/15/27
 30,000  28,673 
Kraft Heinz Foods Co., 5.00%, 6/4/42
 903,000  825,662 
Mondelez International, Inc., 1.50%, 2/4/31
 1,321,000  1,026,152 
Mondelez International, Inc., 3.00%, 3/17/32
 10,000  8,559 
9,335,427 
Gas Utilities — 0.1%
Southern California Gas Co., 2.55%, 2/1/30
 518,000  441,053 
Ground Transportation — 0.9%
Burlington Northern Santa Fe LLC, 5.75%, 5/1/40
 500,000  522,683 
Canadian National Railway Co., 6.25%, 8/1/34
 988,000  1,072,585 
CSX Corp., 4.10%, 11/15/32(1)
 600,000  563,555 
Norfolk Southern Corp., 3.15%, 6/1/27
 125,000  116,717 
Norfolk Southern Corp., 3.80%, 8/1/28
 153,000  144,629 
Ryder System, Inc., 5.65%, 3/1/28
 550,000  551,707 
Union Pacific Corp., 3.70%, 3/1/29
 1,110,000  1,053,196 
Union Pacific Corp., 4.50%, 1/20/33(1)
 425,000  412,752 
4,437,824 
Health Care Equipment and Supplies — 0.3%
Becton Dickinson & Co., 3.70%, 6/6/27
 77,000  73,035 
Edwards Lifesciences Corp., 4.30%, 6/15/28
 1,383,000  1,330,821 
Smith & Nephew PLC, 2.03%, 10/14/30
 448,000  354,773 
1,758,629 
Health Care Providers and Services — 2.3%
Aetna, Inc., 6.75%, 12/15/37
 1,565,000  1,709,492 
Cigna Group, 5.40%, 3/15/33
 400,000  401,573 
Cigna Group, 4.80%, 8/15/38
 1,025,000  945,651 
CVS Health Corp., 2.875%, 6/1/26
 25,000  23,427 
CVS Health Corp., 5.25%, 2/21/33
 1,100,000  1,076,274 
CVS Health Corp., 5.30%, 6/1/33
 200,000  195,999 
Elevance Health, Inc., 3.35%, 12/1/24
 320,000  311,431 
HCA, Inc., 5.25%, 6/15/26
 600,000  592,818 
HCA, Inc., 5.375%, 9/1/26
 20,000  19,860 
HCA, Inc., 4.50%, 2/15/27
 555,000  536,827 
HCA, Inc., 5.625%, 9/1/28
 151,000  150,851 
HCA, Inc., 4.125%, 6/15/29
 1,416,000  1,308,633 
Humana, Inc., 3.95%, 3/15/27
 300,000  288,153 
Humana, Inc., 4.875%, 4/1/30
 10,000  9,704 
Humana, Inc., 2.15%, 2/3/32
 485,000  380,631 
19

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
UnitedHealth Group, Inc., 5.25%, 2/15/28
 $ 1,075,000  $ 1,096,250 
UnitedHealth Group, Inc., 6.50%, 6/15/37
 1,900,000  2,136,370 
UnitedHealth Group, Inc., 6.875%, 2/15/38
 420,000  488,902 
11,672,846 
Health Care REITs — 0.3%
Healthpeak OP LLC, 5.25%, 12/15/32
 250,000  241,814 
Welltower OP LLC, 4.00%, 6/1/25
 325,000  315,178 
Welltower OP LLC, 4.25%, 4/1/26
 941,000  911,500 
Welltower OP LLC, 2.70%, 2/15/27
 60,000  55,090 
1,523,582 
Hotels, Restaurants and Leisure — 1.0%
Expedia Group, Inc., 4.625%, 8/1/27
 1,030,000  999,729 
Expedia Group, Inc., 3.25%, 2/15/30
 1,562,000  1,362,608 
Hyatt Hotels Corp., 4.85%, 3/15/26
 60,000  58,845 
Marriott International, Inc., 3.60%, 4/15/24
 195,000  192,060 
McDonald's Corp., 4.70%, 12/9/35
 772,000  738,325 
McDonald's Corp., 3.70%, 2/15/42
 250,000  198,460 
Starbucks Corp., 4.00%, 11/15/28
 1,511,000  1,446,907 
4,996,934 
Household Durables — 0.2%
Lennar Corp., 5.25%, 6/1/26
 200,000  199,064 
Lennar Corp., 5.00%, 6/15/27
 646,000  636,514 
835,578 
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp., 1.375%, 1/15/26
 365,000  328,569 
Industrial Conglomerates — 1.0%
3M Co., 5.70%, 3/15/37(1)
 1,000,000  1,063,974 
Eaton Corp., 4.15%, 3/15/33
 25,000  23,590 
Honeywell International, Inc., 5.00%, 2/15/33
 925,000  933,167 
Honeywell International, Inc., 5.70%, 3/15/37
 3,090,000  3,225,356 
5,246,087 
Insurance — 2.2%
Allstate Corp., 5.25%, 3/30/33
 1,900,000  1,862,615 
Aon Corp., 2.80%, 5/15/30
 40,000  34,395 
Aon Corp. / Aon Global Holdings PLC, 5.35%, 2/28/33
 300,000  299,746 
Athene Holding Ltd., 4.125%, 1/12/28
 444,000  415,263 
Chubb INA Holdings, Inc., 3.15%, 3/15/25
 2,669,000  2,581,957 
Cincinnati Financial Corp., 6.125%, 11/1/34
 310,000  319,764 
First American Financial Corp., 4.00%, 5/15/30
 66,000  57,419 
Hartford Financial Services Group, Inc., 2.80%, 8/19/29
 405,000  354,928 
Hartford Financial Services Group, Inc., 6.10%, 10/1/41
 85,000  85,974 
MetLife, Inc., 3.60%, 11/13/25
 912,000  882,821 
Principal Financial Group, Inc., 6.05%, 10/15/36
 2,045,000  2,101,300 
Progressive Corp., 2.45%, 1/15/27
 301,000  277,546 
Prudential Financial, Inc., 6.625%, 6/21/40
 25,000  27,007 
Prudential Funding Asia PLC, 3.125%, 4/14/30
 1,219,000  1,075,807 
Willis North America, Inc., 4.50%, 9/15/28
 850,000  810,776 
11,187,318 
IT Services — 0.4%
International Business Machines Corp., 1.95%, 5/15/30
 1,659,000  1,369,375 
20

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
Leidos, Inc., 4.375%, 5/15/30
 $ 964,000  $ 889,573 
2,258,948 
Leisure Products — 0.1%
Hasbro, Inc., 3.50%, 9/15/27
 571,000  533,957 
Machinery — 1.2%
Caterpillar, Inc., 5.20%, 5/27/41
 910,000  922,071 
IDEX Corp., 3.00%, 5/1/30
 277,000  240,916 
John Deere Capital Corp., 4.75%, 1/20/28
 230,000  229,119 
Oshkosh Corp., 4.60%, 5/15/28
 1,258,000  1,230,401 
Parker-Hannifin Corp., 3.25%, 6/14/29
 120,000  108,624 
Parker-Hannifin Corp., 4.20%, 11/21/34
 693,000  628,549 
Stanley Black & Decker, Inc., 6.00%, 3/6/28
 2,250,000  2,299,364 
Westinghouse Air Brake Technologies Corp., 3.20%, 6/15/25
 500,000  477,394 
6,136,438 
Media — 1.1%
Comcast Corp., 2.65%, 2/1/30
 1,923,000  1,673,340 
Comcast Corp., 3.40%, 4/1/30
 200,000  182,495 
Comcast Corp., 4.25%, 10/15/30
 300,000  285,592 
Comcast Corp., 3.20%, 7/15/36
 60,000  48,588 
Comcast Corp., 3.90%, 3/1/38
 500,000  426,861 
Fox Corp., 5.48%, 1/25/39
 2,140,000  1,943,931 
Interpublic Group of Cos., Inc., 4.75%, 3/30/30
 372,000  354,772 
Walt Disney Co., 6.40%, 12/15/35
 100,000  109,525 
Walt Disney Co., 6.65%, 11/15/37
 700,000  789,419 
5,814,523 
Metals and Mining — 0.8%
BHP Billiton Finance USA Ltd., 4.90%, 2/28/33
 2,100,000  2,074,116 
Kinross Gold Corp., 4.50%, 7/15/27
 95,000  91,690 
Newmont Corp., 2.60%, 7/15/32
 60,000  48,350 
Newmont Corp., 5.875%, 4/1/35
 1,000,000  1,009,018 
Steel Dynamics, Inc., 3.25%, 1/15/31
 1,000,000  872,548 
4,095,722 
Multi-Utilities — 0.7%
Consumers Energy Co., 4.625%, 5/15/33
 1,757,000  1,704,977 
Dominion Energy, Inc., 4.25%, 6/1/28
 150,000  143,181 
Dominion Energy, Inc., 5.375%, 11/15/32
 300,000  295,490 
NiSource, Inc., 5.25%, 3/30/28
 155,000  154,443 
San Diego Gas & Electric Co., 1.70%, 10/1/30
 1,625,000  1,295,456 
3,593,547 
Office REITs — 0.2%
Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25
 475,000  458,713 
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31
 350,000  302,613 
761,326 
Oil, Gas and Consumable Fuels — 5.8%
Boardwalk Pipelines LP, 5.95%, 6/1/26
 425,000  426,001 
Boardwalk Pipelines LP, 4.80%, 5/3/29
 1,180,000  1,124,148 
BP Capital Markets America, Inc., 3.63%, 4/6/30
 948,000  876,067 
BP Capital Markets America, Inc., 4.89%, 9/11/33
 160,000  155,782 
BP Capital Markets PLC, 3.28%, 9/19/27
 370,000  348,652 
Burlington Resources LLC, 7.40%, 12/1/31
 130,000  149,886 
21

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
Canadian Natural Resources Ltd., 2.95%, 7/15/30
 $ 598,000  $ 511,032 
Canadian Natural Resources Ltd., 5.85%, 2/1/35
 735,000  716,842 
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27
 1,496,000  1,480,614 
Chevron USA, Inc., 6.00%, 3/1/41
 2,250,000  2,418,743 
ConocoPhillips, 6.50%, 2/1/39
 510,000  569,262 
ConocoPhillips Co., 2.40%, 3/7/25
 36,000  34,524 
Continental Resources, Inc., 4.375%, 1/15/28
 530,000  499,339 
Devon Energy Corp., 5.25%, 9/15/24
 775,000  770,419 
Devon Energy Corp., 4.50%, 1/15/30
 989,000  926,039 
Diamondback Energy, Inc., 3.125%, 3/24/31
 210,000  180,704 
Enbridge, Inc., 3.125%, 11/15/29
 592,000  523,249 
Energy Transfer LP, 4.95%, 5/15/28
 580,000  563,784 
Equinor ASA, 3.70%, 3/1/24
 509,000  504,625 
Equinor ASA, 7.25%, 9/23/27
 804,000  872,452 
Equinor ASA, 3.125%, 4/6/30(1)
 194,000  176,340 
Exxon Mobil Corp., 2.61%, 10/15/30
 2,056,000  1,782,194 
Hess Corp., 4.30%, 4/1/27
 735,000  707,444 
Hess Corp., 7.875%, 10/1/29
 521,000  576,112 
Hess Corp., 5.60%, 2/15/41
 750,000  705,899 
Kinder Morgan, Inc., 5.30%, 12/1/34
 1,250,000  1,190,005 
Marathon Petroleum Corp., 4.70%, 5/1/25
 540,000  530,878 
MPLX LP, 2.65%, 8/15/30
 1,281,000  1,064,153 
Phillips 66, 3.90%, 3/15/28
 484,000  458,677 
Pioneer Natural Resources Co., 1.90%, 8/15/30
 1,673,000  1,351,223 
Plains All American Pipeline LP / PAA Finance Corp., 4.50%, 12/15/26
 250,000  241,873 
Sabine Pass Liquefaction LLC, 5.00%, 3/15/27
 890,000  875,216 
Shell International Finance BV, 3.25%, 5/11/25
 277,000  268,285 
Shell International Finance BV, 2.75%, 4/6/30
 2,163,000  1,908,250 
TotalEnergies Capital International SA, 2.43%, 1/10/25
 219,000  210,702 
TransCanada PipeLines Ltd., 4.25%, 5/15/28
 216,000  205,782 
TransCanada PipeLines Ltd., 7.625%, 1/15/39
 250,000  284,017 
Valero Energy Corp., 6.625%, 6/15/37
 893,000  951,222 
Valero Energy Partners LP, 4.50%, 3/15/28
 793,000  763,794 
Williams Cos., Inc., 4.00%, 9/15/25
 2,057,000  1,993,015 
Williams Cos., Inc., 2.60%, 3/15/31
 60,000  49,282 
29,946,527 
Passenger Airlines — 0.2%
Southwest Airlines Co., 5.125%, 6/15/27
 502,000  496,319 
Southwest Airlines Co., 2.625%, 2/10/30
 677,000  572,630 
1,068,949 
Personal Care Products — 0.2%
Unilever Capital Corp., 3.25%, 3/7/24
 245,000  242,005 
Unilever Capital Corp., 5.90%, 11/15/32
 770,000  838,155 
1,080,160 
Pharmaceuticals — 2.1%
Astrazeneca Finance LLC, 2.25%, 5/28/31
 672,000  559,534 
AstraZeneca PLC, 4.00%, 1/17/29
 949,000  910,912 
Bristol-Myers Squibb Co., 1.45%, 11/13/30
 734,000  582,460 
Bristol-Myers Squibb Co., 2.95%, 3/15/32
 500,000  433,604 
Eli Lilly & Co., 3.375%, 3/15/29
 420,000  393,089 
22

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
Johnson & Johnson, 0.55%, 9/1/25
 $ 40,000  $ 36,635 
Johnson & Johnson, 2.95%, 3/3/27
 41,000  38,848 
Johnson & Johnson, 2.90%, 1/15/28
 484,000  453,785 
Johnson & Johnson, 4.375%, 12/5/33
 30,000  29,651 
Johnson & Johnson, 5.85%, 7/15/38
 1,100,000  1,204,446 
Merck & Co., Inc., 0.75%, 2/24/26
 520,000  471,101 
Merck & Co., Inc., 3.40%, 3/7/29
 1,124,000  1,047,333 
Merck & Co., Inc., 4.30%, 5/17/30
 20,000  19,411 
Merck & Co., Inc., 2.15%, 12/10/31
 250,000  204,471 
Merck & Co., Inc., 2.35%, 6/24/40
 200,000  140,198 
Novartis Capital Corp., 3.10%, 5/17/27
 307,000  290,535 
Royalty Pharma PLC, 2.20%, 9/2/30
 1,188,000  947,484 
Sanofi, 3.625%, 6/19/28
 751,000  725,554 
Shire Acquisitions Investments Ireland DAC, 3.20%, 9/23/26
 229,000  215,156 
Wyeth LLC, 5.95%, 4/1/37
 1,900,000  2,037,736 
10,741,943 
Professional Services — 0.2%
Automatic Data Processing, Inc., 1.25%, 9/1/30
 102,000  81,296 
Verisk Analytics, Inc., 4.125%, 3/15/29
 944,000  899,661 
980,957 
Residential REITs — 0.9%
American Homes 4 Rent LP, 4.25%, 2/15/28
 821,000  777,463 
AvalonBay Communities, Inc., 3.20%, 1/15/28
 726,000  670,453 
Camden Property Trust, 2.80%, 5/15/30
 1,225,000  1,064,967 
UDR, Inc., 2.10%, 8/1/32
 1,423,000  1,069,311 
UDR, Inc., 1.90%, 3/15/33
 1,200,000  876,663 
4,458,857 
Retail REITs — 0.3%
Kimco Realty OP LLC, 2.80%, 10/1/26
 650,000  598,471 
Kimco Realty OP LLC, 1.90%, 3/1/28
 222,000  188,264 
Realty Income Corp., 3.65%, 1/15/28
 332,000  310,830 
Realty Income Corp., 3.25%, 1/15/31
 350,000  303,061 
Realty Income Corp., 2.85%, 12/15/32
 90,000  73,023 
1,473,649 
Semiconductors and Semiconductor Equipment — 2.1%
Applied Materials, Inc., 1.75%, 6/1/30
 20,000  16,497 
Broadcom, Inc., 4.11%, 9/15/28
 10,000  9,416 
Broadcom, Inc., 4.30%, 11/15/32
 1,213,000  1,096,980 
Broadcom, Inc., 2.60%, 2/15/33(2)
 741,000  573,185 
Broadcom, Inc., 4.93%, 5/15/37(2)
 190,000  171,284 
Intel Corp., 5.125%, 2/10/30
 245,000  245,576 
Intel Corp., 4.15%, 8/5/32
 550,000  517,833 
Intel Corp., 5.20%, 2/10/33
 1,200,000  1,199,590 
KLA Corp., 4.65%, 7/15/32
 725,000  712,859 
Lam Research Corp., 3.75%, 3/15/26
 858,000  832,650 
Marvell Technology, Inc., 2.95%, 4/15/31
 1,049,000  876,000 
Micron Technology, Inc., 4.19%, 2/15/27
 1,047,000  998,464 
Micron Technology, Inc., 6.75%, 11/1/29
 200,000  208,260 
Micron Technology, Inc., 5.875%, 2/9/33
 100,000  98,961 
NVIDIA Corp., 2.85%, 4/1/30
 2,653,000  2,383,155 
23

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
NXP BV / NXP Funding LLC, 5.55%, 12/1/28
 $ 504,000  $ 505,250 
NXP BV / NXP Funding LLC / NXP USA, Inc., 5.00%, 1/15/33
 280,000  266,087 
Texas Instruments, Inc., 3.875%, 3/15/39
 327,000  283,606 
Xilinx, Inc., 2.375%, 6/1/30
 35,000  29,963 
11,025,616 
Software — 0.9%
Autodesk, Inc., 2.85%, 1/15/30
 2,193,000  1,915,041 
Oracle Corp., 3.25%, 11/15/27
 100,000  92,724 
Oracle Corp., 3.25%, 5/15/30
 392,000  345,039 
Oracle Corp., 2.875%, 3/25/31
 1,525,000  1,289,329 
Oracle Corp., 3.90%, 5/15/35
 45,000  38,443 
Oracle Corp., 3.85%, 7/15/36
 30,000  24,830 
Roper Technologies, Inc., 1.40%, 9/15/27
 135,000  116,967 
Salesforce, Inc., 1.50%, 7/15/28
 200,000  172,171 
VMware, Inc., 1.80%, 8/15/28
 146,000  122,448 
VMware, Inc., 4.70%, 5/15/30
 752,000  709,183 
4,826,175 
Specialized REITs — 1.3%
American Tower Corp., 2.75%, 1/15/27
 350,000  320,210 
American Tower Corp., 3.60%, 1/15/28
 210,000  194,013 
American Tower Corp., 2.90%, 1/15/30
 1,246,000  1,062,944 
American Tower Corp., 1.875%, 10/15/30
 60,000  46,747 
American Tower Corp., 5.65%, 3/15/33
 160,000  159,487 
Crown Castle, Inc., 2.10%, 4/1/31
 1,820,000  1,436,778 
Equinix, Inc., 1.25%, 7/15/25
 252,000  232,612 
Equinix, Inc., 1.00%, 9/15/25
 50,000  45,630 
Equinix, Inc., 2.90%, 11/18/26
 175,000  161,869 
Equinix, Inc., 2.00%, 5/15/28
 592,000  506,406 
Equinix, Inc., 3.90%, 4/15/32
 935,000  832,503 
Public Storage, 1.85%, 5/1/28
 1,760,000  1,529,325 
6,528,524 
Specialty Retail — 0.7%
AutoNation, Inc., 3.80%, 11/15/27
 116,000  106,789 
Home Depot, Inc., 2.125%, 9/15/26
 295,000  272,274 
Home Depot, Inc., 2.95%, 6/15/29
 2,073,000  1,884,201 
Home Depot, Inc., 5.95%, 4/1/41
 310,000  331,954 
Lowe's Cos., Inc., 3.10%, 5/3/27
 100,000  93,184 
Lowe's Cos., Inc., 5.00%, 4/15/33
 60,000  58,646 
Lowe's Cos., Inc., 5.50%, 10/15/35
 300,000  303,082 
O'Reilly Automotive, Inc., 4.35%, 6/1/28(1)
 775,000  752,764 
3,802,894 
Technology Hardware, Storage and Peripherals — 1.1%
Apple, Inc., 3.25%, 2/23/26
 598,000  575,233 
Apple, Inc., 3.20%, 5/11/27
 614,000  583,564 
Apple, Inc., 3.00%, 6/20/27
 150,000  141,576 
Apple, Inc., 3.00%, 11/13/27
 500,000  469,678 
Apple, Inc., 3.25%, 8/8/29
 130,000  121,091 
Apple, Inc., 2.20%, 9/11/29
 627,000  549,961 
Apple, Inc., 4.30%, 5/10/33
 100,000  98,200 
Dell International LLC / EMC Corp., 5.75%, 2/1/33(1)
 1,650,000  1,648,808 
24

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
Hewlett Packard Enterprise Co., 6.20%, 10/15/35
 $ 1,294,000  $ 1,344,572 
HP, Inc., 4.75%, 1/15/28
 50,000  48,723 
HP, Inc., 5.50%, 1/15/33
 280,000  271,976 
5,853,382 
Textiles, Apparel and Luxury Goods — 0.5%
NIKE, Inc., 2.85%, 3/27/30
 2,827,000  2,525,960 
Trading Companies and Distributors — 0.1%
Air Lease Corp., 3.625%, 12/1/27
 321,000  295,226 
Transportation Infrastructure — 0.2%
FedEx Corp. Pass-Through Trust, Series 2020-1, Class AA, 1.875%, 8/20/35
 999,942  819,142 
Wireless Telecommunication Services — 0.8%
T-Mobile USA, Inc., 4.80%, 7/15/28(1)
 165,000  161,392 
T-Mobile USA, Inc., 2.55%, 2/15/31
 1,307,000  1,077,688 
T-Mobile USA, Inc., 2.875%, 2/15/31
 20,000  16,834 
T-Mobile USA, Inc., 2.25%, 11/15/31
 756,000  601,393 
T-Mobile USA, Inc., 3.00%, 2/15/41
 120,000  84,839 
Vodafone Group PLC, 6.15%, 2/27/37
 1,950,000  1,998,953 
3,941,099 
TOTAL CORPORATE BONDS
(Cost $329,983,700)
 317,354,035 
U.S. TREASURY SECURITIES — 24.0%
U.S. Treasury Bonds, 4.50%, 2/15/36
 4,950,000  5,177,391 
U.S. Treasury Bonds, 1.125%, 8/15/40
 3,886,800  2,387,953 
U.S. Treasury Bonds, 1.875%, 2/15/41
 3,267,600  2,269,067 
U.S. Treasury Bonds, 2.25%, 5/15/41
 5,235,200  3,859,733 
U.S. Treasury Bonds, 2.00%, 11/15/41
 9,615,200  6,732,142 
U.S. Treasury Bonds, 2.75%, 8/15/42
 9,500,000  7,471,602 
U.S. Treasury Bonds, 2.875%, 5/15/43
 10,100,000  8,046,859 
U.S. Treasury Bonds, 3.625%, 8/15/43
 9,300,000  8,313,691 
U.S. Treasury Bonds, 2.50%, 2/15/45
 5,347,000  3,927,330 
U.S. Treasury Bonds, 2.875%, 8/15/45
 2,000,000  1,565,312 
U.S. Treasury Notes, 0.25%, 9/30/23
 7,100,000  7,070,961 
U.S. Treasury Notes, 0.50%, 11/30/23
 3,800,000  3,754,921 
U.S. Treasury Notes, 0.75%, 12/31/23
 6,450,000  6,350,329 
U.S. Treasury Notes, 0.125%, 1/15/24
 5,400,000  5,296,737 
U.S. Treasury Notes, 0.875%, 1/31/24
 5,600,000  5,496,861 
U.S. Treasury Notes, 0.125%, 2/15/24
 7,475,000  7,299,090 
U.S. Treasury Notes, 2.25%, 3/31/24
 5,517,000  5,417,588 
U.S. Treasury Notes, 0.375%, 4/15/24
 5,559,400  5,387,786 
U.S. Treasury Notes, 2.50%, 5/15/24
 5,700,000  5,583,964 
U.S. Treasury Notes, 1.50%, 11/30/24
 3,873,200  3,700,268 
U.S. Treasury Notes, 2.25%, 12/31/24
 3,500,000  3,368,887 
U.S. Treasury Notes, 1.375%, 1/31/25(3)
 3,790,200  3,597,285 
U.S. Treasury Notes, 2.75%, 2/28/25
 3,268,800  3,159,116 
U.S. Treasury Notes, 0.375%, 4/30/25
 1,767,600  1,638,275 
U.S. Treasury Notes, 2.75%, 8/31/25
 1,200,000  1,152,094 
U.S. Treasury Notes, 1.125%, 2/29/28
 2,000,000  1,741,602 
U.S. Treasury Notes, 1.375%, 10/31/28
 1,950,000  1,690,635 
U.S. Treasury Notes, 2.625%, 2/15/29
 2,000,000  1,841,719 
TOTAL U.S. TREASURY SECURITIES
(Cost $128,910,953)
 123,299,198 
25

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.9%
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.9%
GNMA, 4.00%, TBA
 $ 9,000,000  $ 8,386,875 
GNMA, 4.00%, TBA
 2,500,000  2,295,538 
GNMA, 4.50%, TBA
 12,000,000  11,436,563 
GNMA, 5.50%, TBA
 11,500,000  11,384,102 
UMBS, 2.00%, TBA
 3,000,000  2,628,495 
UMBS, 2.00%, TBA
 1,500,000  1,316,357 
UMBS, 3.00%, TBA
 10,000,000  8,617,578 
UMBS, 3.00%, TBA
 4,000,000  3,697,812 
UMBS, 3.00%, TBA
 3,500,000  3,019,434 
UMBS, 3.00%, TBA
 3,000,000  2,772,188 
UMBS, 4.00%, TBA
 10,250,000  9,462,031 
UMBS, 4.00%, TBA
 5,000,000  4,620,312 
UMBS, 4.00%, TBA
 3,000,000  2,880,469 
UMBS, 4.00%, TBA
 1,500,000  1,440,820 
UMBS, 4.50%, TBA
 13,000,000  12,326,641 
UMBS, 4.50%, TBA
 6,000,000  5,845,313 
UMBS, 4.50%, TBA
 2,500,000  2,372,070 
UMBS, 4.50%, TBA
 2,000,000  1,949,844 
UMBS, 5.50%, TBA
 6,000,000  5,924,531 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $102,199,795)
 102,376,973 
U.S. GOVERNMENT AGENCY SECURITIES — 2.5%
Federal Farm Credit Banks Funding Corp., 3.30%, 8/15/24
 512,000  501,683 
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25
 100,000  94,676 
Federal Farm Credit Banks Funding Corp., 4.75%, 2/21/25
 800,000  795,185 
FHLB, 3.375%, 12/8/23
 150,000  149,253 
FHLB, 3.625%, 2/28/24
 950,000  941,108 
FHLB, 5.42%, 3/6/24
 550,000  548,703 
FHLB, 3.125%, 6/13/25
 50,000  48,387 
FHLB, 0.375%, 9/4/25
 125,000  114,400 
FHLB, 1.25%, 12/21/26
 500,000  450,166 
FHLB, 3.00%, 3/12/27
 50,000  47,534 
FHLB, 3.25%, 11/16/28
 1,120,000  1,066,690 
FHLMC, 5.31%, 11/15/24
 250,000  248,550 
FHLMC, 4.00%, 11/25/24
 450,000  441,765 
FHLMC, 1.50%, 2/12/25
 350,000  332,405 
FHLMC, 0.375%, 7/21/25
 251,000  230,632 
FHLMC, 0.375%, 9/23/25
 646,000  589,554 
FNMA, 2.50%, 2/5/24
 30,000  29,629 
FNMA, 2.625%, 9/6/24
 1,450,000  1,410,748 
FNMA, 1.625%, 10/15/24
 37,000  35,563 
FNMA, 1.625%, 1/7/25
 1,100,000  1,050,079 
FNMA, 0.625%, 4/22/25
 125,000  116,450 
FNMA, 0.50%, 6/17/25
 100,000  92,415 
FNMA, 0.375%, 8/25/25
 100,000  91,442 
FNMA, 6.25%, 5/15/29
 221,000  242,222 
FNMA, 7.125%, 1/15/30
 105,000  121,236 
FNMA, 7.25%, 5/15/30
 70,000  81,774 
FNMA, 6.625%, 11/15/30
 361,000  411,164 
26

Avantis Core Fixed Income ETF
Principal
Amount/Shares		 Value
Tennessee Valley Authority, 0.75%, 5/15/25
 $ 105,000  $ 97,536 
Tennessee Valley Authority, Series A, 2.875%, 2/1/27
 60,000  56,805 
Tennessee Valley Authority, 7.125%, 5/1/30
 1,106,000  1,266,537 
Tennessee Valley Authority, 5.25%, 9/15/39
 500,000  514,814 
Tennessee Valley Authority, 3.50%, 12/15/42
 650,000  527,508 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $13,122,662)
 12,746,613 
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.4%
Japan — 0.2%
Japan Bank for International Cooperation, 1.75%, 10/17/24
 1,000,000  958,926 
Sweden — 0.2%
Svensk Exportkredit AB, 3.625%, 9/3/24
 500,000  490,181 
Svensk Exportkredit AB, 0.625%, 5/14/25
 200,000  185,245 
Svensk Exportkredit AB, 2.25%, 3/22/27
 450,000  414,243 
1,089,669 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $2,071,955)
 2,048,595 
SHORT-TERM INVESTMENTS — 11.3%
Money Market Funds — 1.2%
State Street Navigator Securities Lending Government Money Market Portfolio(4)
 6,216,703  6,216,703 
Treasury Bills(5) — 10.1%
U.S. Treasury Bills, 5.36%, 9/5/23
 $ 6,750,000  6,746,087 
U.S. Treasury Bills, 5.34%, 9/28/23
 9,000,000  8,964,410 
U.S. Treasury Bills, 5.43%, 10/19/23
 11,000,000  10,922,395 
U.S. Treasury Bills, 5.44%, 11/9/23
 10,750,000  10,641,184 
U.S. Treasury Bills, 5.49%, 11/28/23
 1,250,000  1,233,844 
U.S. Treasury Bills, 5.48%, 12/5/23
 6,000,000  5,916,222 
U.S. Treasury Bills, 5.49%, 12/12/23
 6,000,000  5,910,464 
U.S. Treasury Bills, 5.39%, 12/14/23
 1,750,000  1,723,501 
52,058,107 
TOTAL SHORT-TERM INVESTMENTS
(Cost $58,276,452)
 58,274,810 
TOTAL INVESTMENT SECURITIES — 119.8%
(Cost $634,565,517)
 616,100,224 
FORWARD SALES COMMITMENTS —(0.5)%
UMBS, 4.00%, TBA
 (500,000) (480,078)
UMBS, 4.50%, TBA
 (2,000,000) (1,948,438)
TOTAL FORWARD SALES COMMITMENTS (Proceeds $2,447,773)
 (2,428,516)
OTHER ASSETS AND LIABILITIES — (19.3)%
 (99,454,257)
TOTAL NET ASSETS — 100.0%
 $ 514,217,451 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury Long Bonds 65 December 2023 $ 7,909,687  $ 94,340 
U.S. Treasury Ultra Bonds 13 December 2023 1,683,094  28,881 
$ 9,592,781  $ 123,221 
^Amount represents value and unrealized appreciation (depreciation).

27

Avantis Core Fixed Income ETF

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 10-Year Notes 35 December 2023 $ 3,886,094  $ (26,512)
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type‡
 Fixed Rate
Received
(Paid)
Quarterly		 Termination
Date		 Notional
Amount		 Premiums
Paid
(Received)		 Unrealized
Appreciation
(Depreciation)		 Value^
Markit CDX North America Investment Grade Index Series 39 Sell 1.00% 12/20/27 $ 10,000,000  $ 71,732  $ 99,044  $ 170,776 
‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.

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

NOTES TO SCHEDULE OF INVESTMENTS
CDX – Credit Derivatives Indexes
FHLB – Federal Home Loan Bank
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
TBA – To-Be-Announced. Security was purchased and/or sold on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS – Uniform Mortgage-Backed Securities
†Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $6,025,769. 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)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $744,469, which represented 0.1% of total net assets.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,286,982.  
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $6,216,703.
(5)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.


See Notes to Financial Statements.
28

AUGUST 31, 2023
Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
MUNICIPAL SECURITIES — 98.8%
Alabama — 1.7%
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24(1)
 $ 100,000  $ 101,650 
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 9/1/27, Prerefunded at 100% of Par(1)
 50,000  51,878 
Alabama Public School and College Authority Rev., 5.00%, 11/1/37
 200,000  218,043 
Alabama Public School and College Authority Rev., 4.00%, 11/1/38
 150,000  149,909 
Alabama Public School and College Authority Rev., 5.00%, 11/1/39
 250,000  270,093 
Alabama Public School and College Authority Rev., 4.00%, 11/1/40
 700,000  681,502 
1,473,075 
Arizona — 1.1%
Arizona Transportation Board Rev., 5.00%, 7/1/24
 50,000  50,712 
Mesa Utility System Rev., 4.00%, 7/1/34
 15,000  15,385 
Phoenix GO, 5.00%, 7/1/25
 85,000  87,712 
Pima County Sewer System Rev., 5.00%, 7/1/24(1)
 5,000  5,062 
Pima County Sewer System Rev., 5.00%, 7/1/24
 20,000  20,280 
Pima County Sewer System Rev., 5.00%, 7/1/25(1)
 5,000  5,140 
Pima County Sewer System Rev., 5.00%, 7/1/25
 30,000  30,952 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31
 30,000  31,828 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31
 60,000  64,922 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35
 70,000  75,267 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38
 40,000  41,716 
Salt River Project Agricultural Improvement & Power District Rev., 4.00%, 1/1/39
 200,000  200,099 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/39
 65,000  68,484 
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/30
 50,000  55,015 
State of Arizona COP, 5.00%, 10/1/25(1)
 125,000  128,771 
State of Arizona COP, 5.00%, 10/1/29(1)
 10,000  11,002 
State of Arizona Lottery Rev., 5.00%, 7/1/29(1)
 30,000  33,141 
925,488 
California — 15.0%
California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/42
 500,000  510,631 
California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/42
 160,000  168,633 
California State Public Works Board Rev., 5.00%, 2/1/26
 1,000,000  1,046,340 
California State Public Works Board Rev., 5.00%, 11/1/29
 25,000  25,054 
California State Public Works Board Rev., (State of California Department of Corrections & Rehabilitation), 5.00%, 9/1/27
 75,000  76,340 
California State Public Works Board Rev., (State of California Department of Corrections & Rehabilitation), 5.00%, 9/1/32
 100,000  101,620 
29

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/25
 $ 40,000  $ 41,253 
California State University Rev., 5.00%, 11/1/26
 25,000  26,060 
California State University Rev., 5.00%, 11/1/36
 200,000  208,922 
Chino Basin Regional Financing Authority Rev., (Inland Empire Utilities Agency), 4.00%, 11/1/25
 25,000  25,406 
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1)
 40,000  41,465 
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1)
 75,000  77,746 
Coast Community College District GO, Capital Appreciation, 0.00%, 8/1/27 (AGM)(2)
 50,000  43,856 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/30
 135,000  139,839 
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/35
 30,000  32,312 
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/38
 60,000  60,209 
Fresno Unified School District GO, 4.00%, 8/1/41
 200,000  195,879 
Los Angeles Community College District GO, 5.00%, 8/1/24
 10,000  10,179 
Los Angeles Community College District GO, 5.00%, 8/1/25
 65,000  67,480 
Los Angeles Community College District GO, 5.00%, 6/1/26
 60,000  63,294 
Los Angeles Community College District GO, 4.00%, 8/1/34
 100,000  102,463 
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., 5.00%, 7/1/37
 60,000  63,823 
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., 5.00%, 7/1/38
 105,000  111,186 
Los Angeles County Public Works Financing Authority Rev., 5.00%, 12/1/39
 650,000  659,452 
Los Angeles County Public Works Financing Authority Rev., 4.00%, 12/1/40
 60,000  60,009 
Los Angeles Department of Airports Rev., 5.00%, 5/15/36
 35,000  38,873 
Los Angeles Department of Airports Rev., 5.00%, 5/15/37
 200,000  220,471 
Los Angeles Department of Airports Rev., 4.00%, 5/15/39
 10,000  10,052 
Los Angeles Department of Airports Rev., 5.00%, 5/15/39
 200,000  218,313 
Los Angeles Department of Airports Rev., 4.00%, 5/15/40
 75,000  75,094 
Los Angeles Department of Airports Rev., 5.00%, 5/15/40
 65,000  70,582 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24
 25,000  25,386 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/25
 25,000  25,835 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/27
 50,000  50,748 
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/40
 75,000  82,449 
Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/40
 125,000  140,976 
Los Angeles Unified School District GO, 3.00%, 7/1/35
 45,000  41,156 
Los Angeles Unified School District GO, 4.00%, 7/1/40
 70,000  70,018 
Los Angeles Unified School District GO, 5.00%, 7/1/40
 225,000  230,104 
Los Angeles Unified School District GO, 3.00%, 7/1/45
 150,000  115,911 
Los Rios Community College District GO, 3.00%, 8/1/25
 15,000  14,924 
Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 11/1/24
 80,000  81,665 
30

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 11/1/31
 $ 60,000  $ 63,587 
Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/33
 95,000  97,238 
Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/35
 100,000  101,264 
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 (AGM)
 120,000  124,224 
Peralta Community College District GO, 4.00%, 8/1/39
 85,000  83,656 
Perris Union High School District GO, 4.00%, 9/1/43 (AGM)
 50,000  48,752 
Riverside County Public Financing Authority Rev., 4.125%, 11/1/25, Prerefunded at 100% of Par(1)
 10,000  10,242 
Riverside Unified School District GO, 4.00%, 8/1/42
 675,000  661,375 
Sacramento City Financing Authority Rev., (Sacramento), 5.25%, 12/1/30 (Ambac)
 100,000  111,771 
Sacramento Municipal Utility District Rev., 5.00%, 8/15/39
 50,000  54,645 
San Diego Association of Governments Rev., 5.00%, 11/15/26
 275,000  285,941 
San Diego Community College District GO, 4.00%, 8/1/26, Prerefunded at 100% of Par(1)
 45,000  46,528 
San Diego Community College District GO, 5.00%, 8/1/26, Prerefunded at 100% of Par(1)
 30,000  31,851 
San Diego Community College District GO, 5.00%, 8/1/26, Prerefunded at 100% of Par(1)
 30,000  31,851 
San Diego Community College District GO, 5.00%, 8/1/27
 10,000  10,604 
San Diego Community College District GO, 5.00%, 8/1/28
 40,000  42,443 
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29
 35,000  37,043 
San Diego Unified School District GO, 5.00%, 7/1/26
 75,000  77,595 
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM)
 35,000  38,920 
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2)
 40,000  31,586 
San Francisco Bay Area Rapid Transit District GO, 4.00%, 8/1/34
 125,000  126,148 
San Francisco Bay Area Rapid Transit District GO, 4.00%, 8/1/42
 250,000  243,355 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/32
 20,000  22,269 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/35
 40,000  44,201 
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/24
 25,000  25,532 
San Francisco Public Utilities Commission Water Rev., 4.00%, 11/1/35
 10,000  10,052 
Santa County Clara GO, 3.50%, 8/1/38
 175,000  161,888 
Santa County Clara GO, 3.25%, 8/1/39
 50,000  44,078 
State of California GO, 5.00%, 8/1/27
 200,000  207,490 
State of California GO, 5.00%, 8/1/28
 5,000  5,382 
State of California GO, 5.00%, 9/1/28
 400,000  415,637 
State of California GO, 5.00%, 4/1/30
 5,000  5,645 
State of California GO, 5.00%, 4/1/30
 20,000  22,174 
State of California GO, 5.00%, 9/1/31
 50,000  52,747 
State of California GO, 5.00%, 10/1/31
 15,000  16,783 
State of California GO, 5.00%, 11/1/31
 900,000  902,223 
31

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
State of California GO, 5.25%, 8/1/32 (AGM)
 $ 230,000  $ 268,995 
State of California GO, 4.00%, 9/1/32
 110,000  112,515 
State of California GO, 4.00%, 9/1/33
 60,000  61,325 
State of California GO, 4.00%, 9/1/33
 300,000  306,627 
State of California GO, 4.00%, 10/1/34
 40,000  41,831 
State of California GO, 5.00%, 3/1/35
 70,000  78,178 
State of California GO, 3.00%, 10/1/35
 300,000  277,771 
State of California GO, 4.00%, 10/1/35
 200,000  209,200 
State of California GO, 4.00%, 3/1/36
 145,000  149,794 
State of California GO, 4.00%, 10/1/36
 50,000  51,328 
State of California GO, 4.00%, 11/1/36
 50,000  51,499 
State of California GO, 4.00%, 8/1/37
 100,000  100,697 
State of California GO, 4.00%, 10/1/39
 200,000  202,147 
State of California Department of Water Resources Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(1)
 135,000  138,299 
Sweetwater Union High School District GO, 4.00%, 8/1/42
 235,000  226,944 
University of California Rev., 5.00%, 5/15/29
 35,000  36,119 
University of California Rev., 5.00%, 5/15/34
 50,000  54,565 
University of California Rev., 5.00%, 5/15/36
 65,000  69,174 
University of California Rev., 5.00%, 5/15/38
 30,000  32,237 
University of California Rev., 5.00%, 5/15/38
 30,000  33,073 
University of California Rev., 4.00%, 5/15/40
 310,000  313,099 
University of California Rev., 5.00%, 5/15/40
 450,000  459,418 
13,043,563 
Colorado — 1.4%
City & County of Denver GO, 5.00%, 8/1/30
 325,000  368,094 
City & County of Denver Airport System Rev., 5.00%, 11/15/23
 50,000  50,162 
City & County of Denver Airport System Rev., 5.00%, 11/15/24
 30,000  30,611 
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/24 (NATL)(2)
 55,000  52,954 
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/30 (NATL)(2)
 80,000  61,292 
Regional Transportation District COP, 4.00%, 6/1/40
 140,000  133,553 
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/28
 30,000  32,935 
State of Colorado COP, 5.00%, 12/15/32
 50,000  56,042 
State of Colorado COP, 4.00%, 12/15/35
 50,000  50,927 
State of Colorado COP, 4.00%, 12/15/37
 40,000  39,901 
State of Colorado COP, 4.00%, 12/15/38
 30,000  29,815 
State of Colorado COP, 4.00%, 12/15/40
 250,000  246,231 
University of Colorado Rev., 4.00%, 6/1/43
 80,000  76,937 
1,229,454 
Connecticut — 2.2%
Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 4.125%, 7/1/41
 75,000  71,119 
Connecticut State Health & Educational Facilities Authority Rev., (Sacred Heart University, Inc.), 5.00%, 7/1/42
 400,000  407,492 
State of Connecticut GO, 5.00%, 5/15/24
 30,000  30,356 
State of Connecticut GO, 5.00%, 4/15/25
 25,000  25,702 
State of Connecticut GO, 5.00%, 1/15/26
 35,000  36,409 
State of Connecticut GO, 4.00%, 1/15/31
 50,000  53,034 
State of Connecticut GO, 5.00%, 11/15/31
 30,000  30,998 
32

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
State of Connecticut GO, 3.00%, 1/15/32
 $ 20,000  $ 19,021 
State of Connecticut GO, 5.00%, 10/15/34
 50,000  52,202 
State of Connecticut GO, 4.00%, 1/15/37
 75,000  76,148 
State of Connecticut GO, 4.00%, 4/15/38
 225,000  225,193 
State of Connecticut, Special Tax Rev., 5.00%, 9/1/28
 55,000  57,894 
State of Connecticut, Special Tax Rev., 5.00%, 9/1/29
 40,000  42,010 
State of Connecticut, Special Tax Rev., 5.00%, 8/1/31
 25,000  25,731 
State of Connecticut, Special Tax Rev., 5.00%, 5/1/32
 90,000  101,863 
State of Connecticut, Special Tax Rev., 5.00%, 5/1/33
 25,000  28,306 
State of Connecticut, Special Tax Rev., 5.00%, 10/1/33
 60,000  65,064 
State of Connecticut, Special Tax Rev., 5.00%, 5/1/37
 75,000  81,574 
State of Connecticut, Special Tax Rev., 4.00%, 11/1/39
 70,000  69,573 
State of Connecticut, Special Tax Rev., 3.125%, 5/1/40
 75,000  62,313 
State of Connecticut, Special Tax Rev., 5.00%, 5/1/41
 210,000  226,764 
University of Connecticut Rev., 4.00%, 4/15/38
 95,000  93,425 
1,882,191 
District of Columbia — 4.5%
District of Columbia GO, 5.00%, 10/15/30
 100,000  110,657 
District of Columbia GO, 5.00%, 6/1/31
 120,000  121,375 
District of Columbia GO, 5.00%, 6/1/33
 60,000  60,675 
District of Columbia GO, 5.00%, 6/1/35
 265,000  279,252 
District of Columbia GO, 5.00%, 6/1/36
 100,000  104,974 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/32
 10,000  10,502 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/33
 25,000  26,263 
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34
 350,000  367,810 
District of Columbia Rev., (Income Tax Revenue), 4.00%, 3/1/37
 360,000  362,519 
District of Columbia Rev., (Income Tax Revenue), 5.00%, 3/1/38
 100,000  108,997 
District of Columbia Rev., (Income Tax Revenue), 4.00%, 3/1/40
 1,165,000  1,147,838 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/36
 200,000  208,719 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/37
 25,000  25,963 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/37
 85,000  92,662 
Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/38
 480,000  483,072 
Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/39
 165,000  165,082 
Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/40
 215,000  212,961 
3,889,321 
Florida — 4.5%
Broward County Airport System Rev., 4.00%, 10/1/42
 275,000  264,333 
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/38
 15,000  16,195 
Central Florida Expressway Authority Rev., 4.00%, 7/1/31
 10,000  10,100 
Central Florida Expressway Authority Rev., 4.00%, 7/1/35
 180,000  180,227 
Central Florida Expressway Authority Rev., 3.25%, 7/1/36
 60,000  54,357 
Central Florida Expressway Authority Rev., 4.00%, 7/1/37
 95,000  92,785 
Central Florida Expressway Authority Rev., 4.00%, 7/1/38
 65,000  63,605 
33

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
Central Florida Expressway Authority Rev., 4.00%, 7/1/41
 $ 135,000  $ 127,097 
Florida Municipal Power Agency Rev., (Florida Municipal Power Agency All-Requirements Power Supply Project Rev.), 5.00%, 10/1/28
 160,000  167,420 
Gainesville Utilities System Rev. Rev., 5.00%, 10/1/37
 55,000  57,756 
Hillsborough County School Board COP, 5.00%, 7/1/26
 105,000  107,376 
JEA Water & Sewer System Rev., 4.00%, 10/1/39
 300,000  297,650 
Miami-Dade County GO, 4.00%, 7/1/33
 50,000  50,188 
Miami-Dade County Aviation Rev., 5.00%, 10/1/28
 50,000  52,328 
Miami-Dade County Aviation Rev., 5.00%, 10/1/37
 85,000  85,611 
Miami-Dade County Transit System Rev., 4.00%, 7/1/38
 65,000  64,970 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23
 10,000  10,011 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/24
 50,000  50,842 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/32
 130,000  133,182 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/36
 500,000  502,395 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/38
 140,000  140,198 
Miami-Dade County Water & Sewer System Rev., 3.125%, 10/1/39
 25,000  20,683 
Orange County Convention Center Rev., 4.00%, 10/1/36
 50,000  49,646 
Orange County Convention Center/Orlando Rev., 5.00%, 10/1/24
 80,000  81,010 
Orange County School Board COP, 5.00%, 8/1/33
 50,000  52,602 
Orange County School Board COP, 5.00%, 8/1/34
 90,000  94,555 
Palm Beach County School District COP, 5.00%, 8/1/29
 130,000  140,779 
Palm Beach County School District COP, 5.00%, 8/1/31
 110,000  112,641 
Port State Lucie Utility System Rev., 4.00%, 9/1/36
 130,000  130,113 
School Board of Miami-Dade County COP, 5.00%, 2/1/25
 60,000  61,362 
School Board of Miami-Dade County COP, 5.00%, 2/1/27
 80,000  82,809 
School Board of Miami-Dade County COP, 5.00%, 2/1/29
 60,000  61,896 
School Board of Miami-Dade County COP, 5.00%, 5/1/30
 60,000  61,187 
School Board of Miami-Dade County COP, 5.00%, 5/1/32
 80,000  81,621 
School District of Broward County COP, 5.00%, 7/1/32
 25,000  27,694 
Tampa Bay Water Rev., 5.50%, 10/1/24 (NATL)
 55,000  56,208 
Tampa-Hillsborough County Expressway Authority Rev., 4.00%, 7/1/42
 250,000  234,962 
3,878,394 
Georgia — 2.0%
Atlanta Department of Aviation Rev., 5.00%, 7/1/27
 10,000  10,653 
Atlanta Water & Wastewater Rev., 5.75%, 11/1/30 (AGM)
 10,000  11,783 
Atlanta Water & Wastewater Rev., 5.00%, 11/1/40
 15,000  15,288 
DeKalb County Water & Sewerage Rev., 5.25%, 10/1/32 (AGM)
 75,000  79,525 
Fulton County Water & Sewerage Rev., 3.00%, 1/1/40
 150,000  124,742 
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/30
 80,000  90,100 
Gwinnett County School District GO, 4.00%, 2/1/37
 200,000  205,596 
Metropolitan Atlanta Rapid Transit Authority Rev., 5.00%, 7/1/33
 310,000  325,550 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37
 45,000  41,037 
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/39
 260,000  232,330 
34

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/29
 $ 20,000  $ 22,290 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/38
 250,000  254,655 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/39
 50,000  50,731 
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/41
 235,000  236,877 
1,701,157 
Hawaii — 0.7%
City & County Honolulu Wastewater System Rev., 3.00%, 7/1/41
 90,000  73,441 
City & County of Honolulu GO, 5.00%, 3/1/25
 45,000  46,099 
City & County of Honolulu GO, 5.00%, 9/1/30
 185,000  201,417 
City & County of Honolulu GO, 5.00%, 3/1/31
 45,000  50,538 
State of Hawaii GO, 5.00%, 10/1/30
 60,000  64,235 
State of Hawaii GO, 5.00%, 1/1/36
 35,000  37,352 
State of Hawaii GO, 3.00%, 4/1/36
 30,000  27,324 
State of Hawaii GO, 4.00%, 5/1/36
 10,000  10,083 
State of Hawaii GO, 5.00%, 1/1/38
 75,000  78,940 
State of Hawaii Airports System Rev., 5.00%, 7/1/33
 35,000  38,635 
628,064 
Idaho — 0.2%
Idaho Housing & Finance Association Rev., 4.00%, 7/15/38
160,000  155,678 
Illinois — 6.7%
Chicago GO, 5.00%, 1/1/34
 65,000  69,543 
Chicago GO, 5.00%, 1/1/34
 200,000  212,530 
Chicago GO, 4.00%, 1/1/36
 145,000  138,629 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/30
 45,000  45,700 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/31
 100,000  101,511 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32
 25,000  25,806 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32
 170,000  172,578 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/34
 25,000  25,787 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/35
 90,000  94,135 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/36
 115,000  118,050 
Chicago O'Hare International Airport Rev., 4.00%, 1/1/37
 100,000  100,246 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/37
 160,000  165,604 
Chicago Waterworks Rev., 5.00%, 11/1/39
 340,000  342,071 
Cook County Sales Tax Rev., 4.00%, 11/15/40
 285,000  276,414 
Cook County Sales Tax Rev., 4.00%, 11/15/41
 100,000  96,588 
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/40
 135,000  127,254 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/32
 115,000  121,991 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/35
 25,000  26,363 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/38
 90,000  89,394 
Illinois Municipal Electric Agency Rev., 5.00%, 2/1/26
 150,000  153,967 
Illinois Municipal Electric Agency Rev., 5.00%, 2/1/29
 140,000  143,469 
Illinois Municipal Electric Agency Rev., 4.00%, 2/1/33
 240,000  238,928 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/28
 20,000  21,484 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30
 25,000  27,665 
35

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30
 $ 135,000  $ 149,389 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31
 30,000  33,189 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37
 1,000,000  1,002,441 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/40
 135,000  137,630 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/41
 75,000  76,741 
Illinois State Toll Highway Authority Rev., 4.00%, 1/1/42
 135,000  130,410 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/25
 100,000  103,454 
Northern Illinois Municipal Power Agency Rev., 4.00%, 12/1/41
 100,000  93,635 
Sales Tax Securitization Corp. Rev., 5.00%, 1/1/27
 55,000  57,500 
Sales Tax Securitization Corp. Rev., 5.50%, 1/1/32
 10,000  10,953 
Sales Tax Securitization Corp. Rev., 5.00%, 1/1/37 (BAM)
 150,000  159,549 
Sales Tax Securitization Corp. Rev., 4.00%, 1/1/40 (BAM)
 135,000  130,315 
Sales Tax Securitization Corp. Rev., 5.00%, 1/1/43
 150,000  154,181 
Springfield Electric Rev., 4.00%, 3/1/40 (AGM)
 20,000  18,947 
State of Illinois GO, 5.00%, 2/1/26
 40,000  41,188 
State of Illinois GO, 5.00%, 2/1/27
 200,000  200,613 
State of Illinois GO, 5.00%, 10/1/31
 100,000  108,766 
State of Illinois GO, 5.00%, 3/1/34
 40,000  42,978 
State of Illinois GO, 5.00%, 5/1/35
 35,000  35,102 
State of Illinois GO, 4.00%, 11/1/38
 20,000  19,083 
State of Illinois GO, 5.00%, 5/1/39
 150,000  150,026 
State of Illinois GO, 5.50%, 5/1/39
 15,000  16,110 
State of Illinois Rev., 5.00%, 6/15/26
 15,000  15,013 
5,822,920 
Indiana — 0.7%
Indiana Finance Authority Rev., (CWA Authority, Inc.), 4.00%, 10/1/36
 390,000  393,448 
Indiana Municipal Power Agency Rev., 5.00%, 1/1/33
 50,000  51,670 
Indiana Municipal Power Agency Rev., 4.00%, 1/1/42
 200,000  188,660 
633,778 
Kentucky — 0.1%
Kentucky Asset Liability Commission Rev., 5.00%, 9/1/26
 50,000  50,747 
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/25
 50,000  51,705 
102,452 
Louisiana — 0.2%
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(1)
 85,000  87,048 
State of Louisiana GO, 5.00%, 8/1/27
 75,000  78,902 
165,950 
Maryland — 2.1%
Montgomery County GO, 5.00%, 11/1/24
 35,000  35,676 
Prince County George's GO, 5.00%, 7/15/31
 100,000  109,149 
State of Maryland GO, 5.00%, 3/15/25
 25,000  25,669 
State of Maryland GO, 5.00%, 8/1/27
 500,000  537,867 
State of Maryland GO, 5.00%, 3/15/29
 25,000  27,681 
State of Maryland GO, 5.00%, 8/1/30
 15,000  16,979 
State of Maryland GO, 5.00%, 3/15/31
 25,000  26,610 
State of Maryland GO, 3.25%, 3/15/32
 25,000  24,829 
State of Maryland GO, 5.00%, 8/1/35
 105,000  117,423 
36

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
State of Maryland GO, 5.00%, 6/1/36
 $ 150,000  $ 170,153 
State of Maryland Department of Transportation Rev., 2.125%, 10/1/31
 70,000  62,063 
State of Maryland Department of Transportation Rev., 4.00%, 10/1/32
 690,000  708,984 
1,863,083 
Massachusetts — 3.1%
Massachusetts GO, 5.50%, 8/1/30 (Ambac)
 150,000  171,667 
Massachusetts GO, 5.00%, 9/1/30
 10,000  11,107 
Massachusetts GO, 5.00%, 5/1/31
 165,000  166,639 
Massachusetts GO, 5.00%, 2/1/35
 50,000  53,009 
Massachusetts GO, 3.00%, 7/1/35
 100,000  92,878 
Massachusetts GO, 5.00%, 9/1/37
 50,000  53,437 
Massachusetts GO, 4.00%, 12/1/39
 50,000  49,820 
Massachusetts GO, 4.00%, 11/1/40
 275,000  274,392 
Massachusetts GO, 5.00%, 11/1/41
 55,000  57,516 
Massachusetts GO, 4.00%, 4/1/42
 645,000  635,837 
Massachusetts GO, 5.00%, 11/1/45
 75,000  79,644 
Massachusetts GO, 5.00%, 11/1/50
 75,000  79,138 
Massachusetts Bay Transportation Authority Rev., 0.00%, Capital Appreciation, 7/1/31(2)
 500,000  366,938 
Massachusetts Development Finance Agency Rev., (Northeastern University), 5.00%, 3/1/39
 75,000  75,387 
Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 5.00%, 10/15/29
 10,000  11,239 
Massachusetts Development Finance Agency Rev., (Suffolk University), 4.00%, 7/1/39
 105,000  94,353 
Massachusetts School Building Authority Rev., 5.00%, 11/15/33
 25,000  26,388 
Massachusetts School Building Authority Rev., 5.00%, 8/15/37
 60,000  61,448 
Massachusetts Transportation Fund Rev., 5.00%, 6/1/25
 150,000  154,532 
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/33
 155,000  169,149 
2,684,518 
Michigan — 3.0%
Michigan Finance Authority Rev., (Detroit Public Lighting Authority Utility Users Tax Rev.), 5.00%, 7/1/39
 165,000  163,742 
Michigan Finance Authority Rev., (Detroit), 4.50%, 10/1/29
 170,000  167,671 
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/26 (AGM)
 25,000  25,278 
Michigan State Building Authority Rev., 5.00%, 10/15/29
 1,320,000  1,322,007 
Michigan State Building Authority Rev., 5.00%, 4/15/30
 30,000  30,881 
Michigan State Building Authority Rev., 5.00%, 10/15/30
 10,000  10,474 
State of Michigan Rev., 5.00%, 3/15/24
 220,000  221,730 
State of Michigan Trunk Line Rev., 5.00%, 11/15/29
 75,000  83,240 
State of Michigan Trunk Line Rev., 4.00%, 11/15/37
 25,000  25,209 
State of Michigan Trunk Line Rev., 4.00%, 11/15/37
 75,000  75,700 
State of Michigan Trunk Line Rev., 4.00%, 11/15/41
 270,000  266,847 
University of Michigan Rev., 5.00%, 4/1/26, Prerefunded at 100% of Par(1)
 20,000  20,956 
Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/40
 200,000  202,742 
2,616,477 
37

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
Minnesota — 0.2%
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/27
 $ 30,000  $ 31,701 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/28
 25,000  26,415 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/30
 20,000  21,075 
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/31
 100,000  105,262 
184,453 
Mississippi†
State of Mississippi GO, 5.00%, 10/1/27, Prerefunded at 100% of Par(1)
 25,000  26,915 
Missouri — 0.4%
Missouri Joint Municipal Electric Utility Commission Rev., 5.00%, 12/1/40
 275,000  278,281 
Springfield School District No. R-12 GO, 3.00%, 3/1/39
 20,000  16,646 
St. Louis Airport Rev., 5.50%, 7/1/28 (NATL)
 25,000  27,510 
322,437 
Nebraska — 1.4%
Omaha Public Power District Rev., 5.00%, 2/1/31
 30,000  32,841 
Omaha Public Power District Rev., 4.00%, 2/1/39
 1,210,000  1,194,574 
1,227,415 
Nevada — 1.4%
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/33
 55,000  59,769 
Clark County School District GO, 5.00%, 6/15/26
 15,000  15,516 
Clark County School District GO, 5.00%, 6/15/27
 125,000  129,355 
Las Vegas Convention & Visitors Authority Rev., (Clark County & City of Las Vegas Combined Room Tax Rev.), 5.00%, 7/1/43
 500,000  516,396 
Las Vegas Valley Water District GO, 4.00%, 6/1/39
 200,000  198,975 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/25
 50,000  51,946 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/26
 45,000  47,071 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/27
 50,000  52,287 
State of Nevada Highway Improvement Rev., 5.00%, 12/1/31
 105,000  110,739 
Truckee Meadows Water Authority Rev., 5.00%, 7/1/34
 25,000  25,983 
1,208,037 
New Jersey — 3.4%
Garden State Preservation Trust Rev., 5.75%, 11/1/28 (AGM)
 25,000  26,692 
Garden State Preservation Trust Rev., Capital Appreciation, 0.00%, 11/1/28 (AGM)(2)
 5,000  4,162 
Hudson County Improvement Authority Rev., 4.00%, 10/1/46
 100,000  95,846 
Hudson County Improvement Authority Rev., 4.00%, 10/1/51
 150,000  140,918 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/25
 30,000  30,232 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/26
 50,000  52,355 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/27
 25,000  25,534 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/25, Prerefunded at 100% of Par(1)
 20,000  20,649 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/25, Prerefunded at 100% of Par(1)
 25,000  25,811 
38

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26
 $ 95,000  $ 95,498 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 12/15/26, Prerefunded at 100% of Par(1)
 140,000  148,335 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 12/15/26, Prerefunded at 100% of Par(1)
 20,000  21,500 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/27, Prerefunded at 100% of Par(1)
 25,000  25,912 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.375%, 6/15/27
 25,000  25,221 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/27, Prerefunded at 100% of Par(1)
 90,000  96,477 
New Jersey Educational Facilities Authority Rev., (Montclair State University, Inc.), 5.00%, 7/1/39
 20,000  20,120 
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/36
 55,000  56,365 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27
 5,000  5,203 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27
 25,000  26,641 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27
 35,000  37,297 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/30
 25,000  26,019 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/30
 100,000  109,632 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31
 140,000  145,554 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/35
 50,000  53,132 
New Jersey Transportation Trust Fund Authority Rev., (State of New Jersey), 4.25%, 6/15/40
 850,000  852,814 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/30
 285,000  288,125 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31
 15,000  16,092 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31
 20,000  21,456 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/32
 10,000  10,720 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/33
 25,000  26,317 
New Jersey Turnpike Authority Rev., 4.00%, 1/1/34
 25,000  25,587 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/34
 25,000  26,277 
New Jersey Turnpike Authority Rev., 4.00%, 1/1/35
 95,000  96,781 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/35
 10,000  10,702 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/36
 10,000  10,635 
New Jersey Turnpike Authority Rev., 3.25%, 1/1/38
 30,000  25,959 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/40
 15,000  15,662 
State of New Jersey GO, 5.00%, 6/1/28
 50,000  54,179 
State of New Jersey GO, 4.00%, 6/1/30
 100,000  104,368 
State of New Jersey GO, 4.00%, 6/1/31
 25,000  26,192 
State of New Jersey GO, 4.00%, 6/1/33
 40,000  40,015 
State of New Jersey GO, 4.00%, 6/1/34
 20,000  20,165 
2,987,151 
39

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
New Mexico — 0.1%
State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/31
$ 45,000  $ 51,215 
New York — 15.1%
Dutchess County Local Development Corp. Rev., (Vassar College), 5.00%, 7/1/42
 20,000  20,607 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/28
 25,000  26,624 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/29
 60,000  63,802 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/32
 20,000  21,198 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37
 160,000  167,179 
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/42
 30,000  31,044 
Long Island Power Authority Rev., 5.00%, 9/1/33
 55,000  59,879 
Long Island Power Authority Rev., 5.00%, 9/1/38
 100,000  105,662 
Long Island Power Authority Rev., 5.00%, 9/1/39
 350,000  354,070 
Long Island Power Authority Rev., 5.00%, 9/1/41
 165,000  170,297 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/25
 110,000  112,977 
Metropolitan Transportation Authority Rev., 4.00%, 11/15/36
 40,000  39,105 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/37
 40,000  40,309 
Metropolitan Transportation Authority Rev., 4.00%, 11/15/41 (AGM)
 220,000  212,845 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/41
 100,000  100,869 
Metropolitan Transportation Authority Rev., 4.25%, 11/15/42
 135,000  128,106 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/44 (AGM)
 25,000  25,789 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/33
 25,000  27,089 
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/35
 25,000  26,392 
Nassau County GO, 5.00%, 10/1/27
 80,000  86,510 
New York City GO, 5.00%, 8/1/25
 165,000  167,691 
New York City GO, 5.00%, 8/1/25
 200,000  206,765 
New York City GO, 5.00%, 8/1/26
 25,000  26,320 
New York City GO, 5.00%, 8/1/27
 100,000  107,230 
New York City GO, 5.00%, 8/1/28
 10,000  10,765 
New York City GO, 5.25%, 10/1/30
 50,000  53,969 
New York City GO, 5.00%, 8/1/37
 105,000  108,040 
New York City GO, 5.00%, 12/1/38
 30,000  31,672 
New York City GO, 4.00%, 8/1/39
 360,000  354,160 
New York City GO, 4.00%, 8/1/41
 400,000  389,584 
New York City GO, 5.00%, 12/1/41
 80,000  82,292 
New York City GO, 5.00%, 9/1/42
 185,000  198,276 
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 4.00%, 3/1/45 (AGM)
 100,000  93,430 
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/29
 25,000  26,824 
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/35
 25,000  26,604 
New York City Transitional Finance Authority Building Aid Rev., 4.00%, 7/15/36
 50,000  50,322 
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/36
 155,000  156,534 
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/37
 130,000  130,339 
40

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/38
 $ 50,000  $ 49,898 
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 8/1/41
 75,000  73,834 
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.), 5.00%, 11/15/40
 75,000  76,025 
New York State Dormitory Authority Rev., (Icahn School of Medicine at Mount Sinai), 5.00%, 7/1/40
 115,000  115,768 
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/34
 75,000  77,084 
New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/36
 50,000  50,348 
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/36
 100,000  103,838 
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/39
 10,000  10,324 
New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/40
 285,000  274,938 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/24(1)
 60,000  60,457 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26
 35,000  36,058 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/30
 100,000  106,748 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/30
 500,000  542,578 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32
 40,000  43,391 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32
 40,000  44,945 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32
 100,000  109,674 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37
 75,000  75,733 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/38
 65,000  65,007 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/39
 200,000  198,407 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39
 25,000  26,508 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40
 100,000  98,610 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/41
 125,000  131,977 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 3.00%, 3/15/41
 530,000  427,287 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/42
 100,000  103,484 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/32
 75,000  75,554 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/33
 60,000  62,690 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/34
 165,000  169,825 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36
 50,000  53,065 
41

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/40
 $ 105,000  $ 110,433 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/42
 25,000  26,057 
New York State Dormitory Authority Rev., (Trustees of Columbia University in the New York City), 5.00%, 10/1/38
 70,000  75,087 
New York State Thruway Authority Rev., 5.00%, 1/1/26
 40,000  40,185 
New York State Thruway Authority Rev., 5.00%, 1/1/29
 100,000  101,908 
New York State Thruway Authority Rev., 4.00%, 1/1/38
 100,000  98,392 
New York State Thruway Authority Rev., 4.00%, 1/1/39
 100,000  96,761 
New York State Thruway Authority Rev., 4.00%, 1/1/40
 35,000  33,912 
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37
 100,000  100,459 
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/40
 120,000  130,080 
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/41
 25,000  24,098 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/24, Prerefunded at 100% of Par(1)
 30,000  30,272 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26
 55,000  57,440 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26, Prerefunded at 100% of Par(1)
 115,000  120,227 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/29
 65,000  67,042 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31
 25,000  26,678 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31
 50,000  51,946 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31
 110,000  110,813 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32
 25,000  27,974 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/34
 150,000  156,267 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/34
 60,000  60,431 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/35
 25,000  27,678 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/36
 50,000  53,804 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37
 30,000  30,328 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37
 85,000  85,378 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38
 200,000  214,870 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39
 60,000  63,492 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/41
 65,000  63,832 
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/41
 50,000  53,073 
42

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/41
 $ 110,000  $ 116,332 
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36
 15,000  16,287 
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36
 140,000  157,050 
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 4.00%, 3/15/39
 1,390,000  1,386,751 
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/39
 70,000  74,526 
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 4.00%, 3/15/43
 75,000  72,589 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/29
 10,000  10,872 
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/31
 5,000  5,168 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/33
 15,000  16,840 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/34
 425,000  459,817 
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/35
 40,000  44,278 
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37
 100,000  100,843 
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24, Prerefunded at 100% of Par(1)
 10,000  10,185 
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24(1)
 50,000  50,927 
Suffolk County Water Authority Rev., 3.00%, 6/1/32
 10,000  9,898 
Suffolk County Water Authority Rev., 3.25%, 6/1/43
 15,000  12,671 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/23
 100,000  100,314 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/25
 20,000  20,757 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27
 60,000  63,671 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27
 80,000  86,132 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/28
 50,000  54,776 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/34
 95,000  100,288 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/37
 200,000  208,587 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/38
 50,000  52,056 
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/41
 100,000  102,872 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/25
 35,000  35,135 
Utility Debt Securitization Authority Rev., 5.00%, 6/15/27
 40,000  41,300 
Utility Debt Securitization Authority Rev., 5.00%, 6/15/28
 25,000  26,218 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/32
 85,000  88,281 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/33
 25,000  25,954 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/34
 85,000  88,956 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/36
 50,000  51,607 
13,136,080 
North Carolina — 0.8%
Charlotte Water & Sewer System Rev., 5.00%, 7/1/40
 25,000  25,479 
North Carolina Municipal Power Agency No. 1 Rev., 5.00%, 1/1/31
 50,000  51,417 
North Carolina Turnpike Authority Rev., 0.00%, Capital Appreciation, 1/1/41(2)
 500,000  229,036 
State of North Carolina GO, 5.00%, 6/1/29
 60,000  66,832 
State of North Carolina Rev., 5.00%, 3/1/30
 10,000  10,992 
State of North Carolina Rev., 5.00%, 3/1/33
 115,000  126,101 
Wake County GO, 5.00%, 3/1/24
 160,000  161,384 
671,241 
43

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
Ohio — 2.5%
American Municipal Power, Inc. Rev., 5.00%, 2/15/33
 $ 90,000  $ 98,712 
American Municipal Power, Inc. Rev., 5.00%, 2/15/35
 100,000  108,955 
American Municipal Power, Inc. Rev., 4.00%, 2/15/36
 45,000  44,844 
American Municipal Power, Inc. Rev., 4.00%, 2/15/37
 435,000  427,126 
American Municipal Power, Inc. Rev., 4.00%, 2/15/38
 50,000  48,563 
American Municipal Power, Inc. Rev., 5.00%, 2/15/42
 400,000  401,354 
Cincinnati City School District GO, 5.25%, 12/1/29 (NATL)
 15,000  16,844 
Cincinnati City School District GO, 5.25%, 12/1/30 (NATL)
 30,000  34,123 
Cincinnati City School District GO, 5.25%, 12/1/31 (NATL)
 5,000  5,773 
Hamilton County Sales Tax Rev. Rev., 4.00%, 12/1/32
 450,000  453,811 
Northeast Ohio Regional Sewer District Rev., 3.00%, 11/15/39
 230,000  191,189 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/36
 75,000  82,162 
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/39
 100,000  108,418 
Rickenbacker Port Authority Rev., 5.375%, 1/1/32
 45,000  50,324 
State of Ohio GO, 5.00%, 8/1/24
 30,000  30,447 
State of Ohio Rev., 5.00%, 12/15/23
 55,000  55,248 
2,157,893 
Oklahoma — 0.6%
Cleveland County Educational Facilities Authority Rev., (Cleveland County Independent School District No. 2 Moore), 4.00%, 6/1/31
 80,000  83,815 
Grand River Dam Authority Rev., 5.00%, 6/1/25
 250,000  256,527 
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/30
 175,000  194,820 
535,162 
Oregon — 0.5%
Deschutes Public Library District GO, 3.00%, 12/1/41
 100,000  79,956 
Multnomah County School District No. 1 Portland GO, 5.00%, 6/15/24 (SCH BD GTY)
 25,000  25,323 
Oregon State Lottery Rev., 5.00%, 4/1/27
 175,000  179,559 
State of Oregon Department of Transportation Rev., 5.00%, 11/15/23
 30,000  30,098 
State of Oregon Department of Transportation Rev., 5.00%, 11/15/24, Prerefunded at 100% of Par(1)
 65,000  66,297 
Washington & Multnomah Counties School District No. 48J Beaverton GO, 5.00%, 6/15/24, Prerefunded at 100% of Par (SCH BD GTY)(1)
 35,000  35,439 
416,672 
Pennsylvania — 4.3%
Commonwealth of Pennsylvania COP, 5.00%, 7/1/43
 100,000  103,095 
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac)
 20,000  22,027 
Delaware Valley Regional Finance Authority Rev., 5.75%, 7/1/32
 25,000  29,975 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33
 175,000  185,971 
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34
 300,000  296,230 
Northampton County General Purpose Authority Rev., (Lafayette College), 5.00%, 11/1/34
 100,000  105,556 
44

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
Pennsylvania GO, 5.00%, 1/1/24
 $ 25,000  $ 25,132 
Pennsylvania GO, 5.00%, 9/15/24
 100,000  101,706 
Pennsylvania GO, 5.00%, 1/1/28
 5,000  5,311 
Pennsylvania GO, 4.00%, 5/1/33
 220,000  229,041 
Pennsylvania GO, 3.00%, 9/15/36
 80,000  70,351 
Pennsylvania GO, 3.00%, 5/1/38
 25,000  20,791 
Pennsylvania GO, 2.00%, 5/1/39
 30,000  20,509 
Pennsylvania Higher Educational Facilities Authority Rev., (Trustees of the University of Pennsylvania), 4.00%, 8/15/41
 1,000,000  970,498 
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM)
 30,000  32,933 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/23
 30,000  30,107 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/40
 1,025,000  1,044,854 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/41
 30,000  30,565 
Philadelphia GO, 4.00%, 8/1/35
 20,000  20,086 
Philadelphia Authority for Industrial Development Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/42
 170,000  158,812 
Philadelphia Gas Works Co Rev., 5.00%, 8/1/50 (AGM)
 100,000  103,775 
Philadelphia Water & Wastewater Rev. Rev., 5.00%, 10/1/42
 90,000  93,307 
3,700,632 
Rhode Island — 1.2%
Rhode Island Health & Educational Building Corp. Rev., (Brown University), 4.00%, 9/1/37
1,000,000  1,003,405 
South Carolina — 1.0%
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/23, Prerefunded at 100% of Par(1)
 30,000  30,121 
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/26
 500,000  502,018 
South Carolina Public Service Authority Rev., 5.00%, 12/1/26
 50,000  50,617 
South Carolina Public Service Authority Rev., 5.00%, 12/1/30
 120,000  123,661 
South Carolina Public Service Authority Rev., 5.00%, 12/1/36
 25,000  25,418 
South Carolina Public Service Authority Rev., 3.00%, 12/1/41
 50,000  38,796 
South Carolina Public Service Authority Rev., 4.00%, 12/1/42
 60,000  56,005 
826,636 
Tennessee — 0.1%
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/26
50,000  52,030 
Texas — 9.2%
Austin GO, 2.95%, 9/1/27
 25,000  24,514 
Bexar County GO, 4.00%, 6/15/41
 75,000  73,059 
Bexar County GO, 5.00%, 6/15/42
 400,000  415,446 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24
 30,000  30,458 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24
 35,000  35,534 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/25
 50,000  51,633 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/26
 25,000  26,291 
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/38
 445,000  474,329 
45

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
Board of Regents of the University of Texas System Rev., 4.00%, 8/15/42
 $ 245,000  $ 240,921 
Central Texas Regional Mobility Authority Rev., 3.375%, 1/1/41
 35,000  29,366 
Central Texas Turnpike System Rev., 4.00%, 8/15/38
 360,000  333,701 
Central Texas Turnpike System Rev., 5.00%, 8/15/39
 90,000  94,529 
Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/24 (PSF-GTD)
 80,000  80,592 
Dallas GO, 5.00%, 2/15/27
 655,000  659,121 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/29
 35,000  38,725 
Dallas Area Rapid Transit Rev., 5.00%, 12/1/33
 240,000  264,033 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/32
 15,000  16,519 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33
 50,000  54,921 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33
 65,000  65,154 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33
 65,000  71,397 
Dallas Fort Worth International Airport Rev., 4.125%, 11/1/39
 530,000  530,384 
Dallas Independent School District GO, 5.00%, 8/15/24 (PSF-GTD)
 35,000  35,567 
Dallas Independent School District GO, 5.00%, 8/15/24, Prerefunded at 100% of Par (PSF-GTD)(1)
 40,000  40,591 
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/27
 80,000  82,408 
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/31
 190,000  198,816 
El Paso GO, 4.00%, 8/15/41
 50,000  47,677 
Houston GO, 5.00%, 3/1/24
 75,000  75,587 
Houston GO, 5.00%, 3/1/28
 35,000  37,543 
Houston Independent School District GO, 5.00%, 2/15/27 (PSF-GTD)
 55,000  57,177 
Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 5.00%, 5/15/40
 285,000  289,034 
North Texas Tollway Authority Rev., 5.00%, 1/1/30
 65,000  66,017 
North Texas Tollway Authority Rev., 5.00%, 1/1/30
 65,000  67,495 
North Texas Tollway Authority Rev., 4.00%, 1/1/37
 50,000  49,956 
North Texas Tollway Authority Rev., 4.00%, 1/1/38
 35,000  33,215 
North Texas Tollway Authority Rev., 5.00%, 1/1/43
 400,000  411,043 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/28
 10,000  10,395 
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/36
 20,000  20,132 
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/38
 30,000  29,034 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/38
 25,000  26,256 
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(2)
 100,000  79,223 
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/26
 75,000  77,997 
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/29
 40,000  41,935 
San Antonio Public Facilities Corp. Rev., 4.00%, 9/15/42
 750,000  691,556 
State of Texas GO, 4.00%, 4/1/24, Prerefunded at 100% of Par(1)
 50,000  50,181 
State of Texas GO, 5.00%, 4/1/24, Prerefunded at 100% of Par(1)
 60,000  60,555 
State of Texas GO, 5.00%, 10/1/24, Prerefunded at 100% of Par(1)
 50,000  50,816 
State of Texas GO, 5.00%, 10/1/28
 40,000  41,326 
46

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
State of Texas GO, 5.00%, 10/1/30
 $ 55,000  $ 58,736 
State of Texas GO, 5.00%, 10/1/33
 100,000  106,495 
Texas A&M University Rev., 5.00%, 5/15/25
 295,000  303,479 
Texas Transportation Commission State Highway Fund Rev., 5.00%, 4/1/24
 5,000  5,047 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/29
 45,000  46,671 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/34
 105,000  105,327 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 4/15/38
 220,000  217,541 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/38
 400,000  399,782 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/38
 285,000  302,874 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/40
 75,000  76,720 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/28
 25,000  26,576 
University of Texas System Rev., 5.00%, 8/15/30
 50,000  56,231 
7,987,638 
Utah — 1.3%
City of Salt Lake City Airport Revenue Rev., 5.00%, 7/1/42
 150,000  153,497 
State of Utah GO, 5.00%, 7/1/28
 125,000  137,005 
State of Utah GO, 5.00%, 7/1/29
 40,000  44,149 
Utah Transit Authority Rev., 5.00%, 6/15/25, Prerefunded at 100% of Par(1)
 30,000  30,921 
Utah Transit Authority Rev., 5.00%, 6/15/25
 110,000  112,940 
Utah Transit Authority Rev., 5.00%, 6/15/25, Prerefunded at 100% of Par(1)
 600,000  618,416 
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM)
 40,000  45,871 
1,142,799 
Virginia — 1.1%
Richmond Public Utility Rev., 5.00%, 1/15/28
 25,000  25,925 
University of Virginia Rev., 5.00%, 4/1/38
 25,000  26,320 
Virginia College Building Authority Rev., 5.00%, 2/1/30
 75,000  81,147 
Virginia College Building Authority Rev., 5.00%, 2/1/31
 70,000  73,631 
Virginia College Building Authority Rev., 3.00%, 2/1/35
 80,000  72,975 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/24
 50,000  50,583 
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/25
 25,000  25,665 
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/26
 50,000  52,802 
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/27
 60,000  64,613 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/32
 10,000  10,724 
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/33
 50,000  53,543 
Virginia Public Building Authority Rev., 5.00%, 8/1/27
 100,000  107,344 
Virginia Small Business Financing Authority Rev., (Hampton University), 4.00%, 10/1/38
 360,000  346,982 
992,254 
47

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
Washington — 4.8%
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/25, Prerefunded at 100% of Par(1)
 $ 50,000  $ 51,843 
Central Puget Sound Regional Transit Authority Rev., (Central Puget Sound Regional Transit Auth Sales Motor Vehicle & Rental Car Tax), 5.00%, 11/1/36
 50,000  55,723 
Central Puget Sound Regional Transit Authority Rev., (Central Puget Sound Regional Transit Auth Sales Motor Vehicle & Rental Car Tax), 4.00%, 11/1/40
 150,000  147,290 
Central Puget Sound Regional Transit Authority Rev., (Sales Motor Vehicle & Rental Car Tax), 5.00%, 11/1/26
 50,000  52,904 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/25
 25,000  25,771 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27
 25,000  25,315 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27
 65,000  69,582 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/28
 20,000  21,361 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/30
 25,000  27,152 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/31
 15,000  15,180 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32
 50,000  51,342 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33
 25,000  25,667 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35
 50,000  55,505 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/36
 65,000  72,955 
Energy Northwest Rev., (Bonneville Power Administration), 4.00%, 7/1/42
 985,000  964,548 
King County Sewer Rev., 4.00%, 7/1/31
 125,000  126,974 
Seattle Municipal Light & Power Rev., 4.00%, 7/1/41
 640,000  627,176 
Snohomish County Public Utility District No. 1 Electric System Rev. Rev., 5.00%, 12/1/40
 200,000  205,006 
State of Washington GO, 5.00%, 8/1/24
 300,000  304,627 
State of Washington GO, 4.00%, 7/1/26
 50,000  50,180 
State of Washington GO, 5.00%, 8/1/28
 50,000  52,489 
State of Washington GO, 5.00%, 7/1/29
 250,000  259,791 
State of Washington GO, 5.00%, 8/1/31
 25,000  26,732 
State of Washington GO, 5.00%, 8/1/32
 40,000  41,077 
State of Washington GO, 5.00%, 8/1/32
 255,000  272,183 
State of Washington GO, 5.00%, 8/1/34
 145,000  148,770 
State of Washington GO, 5.00%, 8/1/36
 55,000  57,056 
State of Washington GO, 5.00%, 2/1/40
 40,000  42,822 
State of Washington GO, 5.00%, 8/1/40
 265,000  282,483 
State of Washington GO, 5.00%, 2/1/41
 25,000  26,692 
University of Washington Rev., 4.00%, 6/1/37
 10,000  9,937 
4,196,133 
West Virginia — 0.2%
State of West Virginia GO, 5.00%, 12/1/41
 70,000  73,294 
48

Avantis Core Municipal Fixed Income ETF
Principal
Amount/Shares		 Value
State of West Virginia GO, 4.00%, 12/1/42
 $ 100,000  $ 96,651 
169,945 
TOTAL MUNICIPAL SECURITIES
(Cost $88,645,879)
 85,691,706 
SHORT-TERM INVESTMENTS — 0.7%
Money Market Funds — 0.7%
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class
(Cost $593,470)
 593,530  593,471 
TOTAL INVESTMENT SECURITIES — 99.5%
(Cost $89,239,349)
 86,285,177 
OTHER ASSETS AND LIABILITIES — 0.5%
 460,332 
TOTAL NET ASSETS — 100.0%
 $ 86,745,509 

NOTES TO SCHEDULE OF INVESTMENTS
AGC – Assured Guaranty Corporation
AGM – Assured Guaranty Municipal Corporation
BAM – Build America Mutual Assurance Company
COP – Certificates of Participation
GO – General Obligation
NATL – National Public Finance Guarantee Corporation
PSF-GTD – Permanent School Fund Guaranteed
SCH BD GTY – School Bond Guaranty
†Category is less than 0.05% of total net assets.
(1)Escrowed to maturity in U.S. government securities or state and local government securities.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.


See Notes to Financial Statements.
49

AUGUST 31, 2023
Avantis Short-Term Fixed Income ETF
Principal
Amount/Shares		 Value
CORPORATE BONDS — 66.5%
Aerospace and Defense — 0.6%
General Dynamics Corp., 3.50%, 5/15/25
 $ 856,000  $ 831,376 
Huntington Ingalls Industries, Inc., 3.84%, 5/1/25
 780,000  755,283 
1,586,659 
Air Freight and Logistics — 0.9%
United Parcel Service, Inc., 3.90%, 4/1/25
 1,415,000  1,386,746 
United Parcel Service, Inc., 3.05%, 11/15/27
 840,000  787,253 
2,173,999 
Automobiles — 1.8%
American Honda Finance Corp., 2.15%, 9/10/24
 617,000  595,924 
American Honda Finance Corp., 1.00%, 9/10/25
 1,066,000  977,605 
American Honda Finance Corp., 4.70%, 1/12/28
 465,000  459,366 
General Motors Co., 6.80%, 10/1/27
 11,000  11,348 
General Motors Financial Co., Inc., 4.00%, 1/15/25
 900,000  875,402 
General Motors Financial Co., Inc., 2.70%, 8/20/27
 500,000  445,167 
Toyota Motor Corp., 5.12%, 7/13/28
 1,000,000  1,010,076 
4,374,888 
Banks — 12.8%
African Development Bank, 3.00%, 9/20/23
 306,000  305,697 
African Development Bank, 0.875%, 7/22/26
 500,000  448,927 
African Development Bank, 4.375%, 3/14/28
 425,000  423,965 
Asian Development Bank, 0.25%, 10/6/23
 439,000  437,109 
Asian Development Bank, 2.625%, 1/30/24
 355,000  350,904 
Asian Development Bank, 0.375%, 6/11/24
 100,000  96,184 
Asian Infrastructure Investment Bank, 0.25%, 9/29/23
 434,000  432,526 
Asian Infrastructure Investment Bank, 2.25%, 5/16/24
 165,000  161,118 
Asian Infrastructure Investment Bank, 0.50%, 10/30/24
 1,154,000  1,090,154 
Asian Infrastructure Investment Bank, 3.75%, 9/14/27(1)
 1,350,000  1,309,471 
Asian Infrastructure Investment Bank, 4.00%, 1/18/28
 304,000  297,148 
Australia & New Zealand Banking Group Ltd., 3.70%, 11/16/25
 400,000  387,220 
Bank of Montreal, 1.25%, 9/15/26
 1,250,000  1,108,702 
Bank of Nova Scotia, 2.70%, 8/3/26
 909,000  844,589 
Barclays PLC, 3.65%, 3/16/25
 1,050,000  1,013,397 
Citigroup, Inc., 3.30%, 4/27/25
 1,188,000  1,148,217 
Commonwealth Bank of Australia, 5.08%, 1/10/25
 825,000  822,776 
Cooperatieve Rabobank UA, 3.375%, 5/21/25
 1,500,000  1,448,862 
Council Of Europe Development Bank, 1.375%, 2/27/25
 214,000  202,515 
Discover Bank, 2.45%, 9/12/24
 800,000  767,468 
European Bank for Reconstruction & Development, 0.50%, 5/19/25
 500,000  462,903 
European Investment Bank, 1.375%, 3/15/27(1)
 230,000  206,703 
Export Development Canada, 2.625%, 2/21/24
 100,000  98,657 
Export Development Canada, 3.375%, 8/26/25
 100,000  97,146 
Export Development Canada, 3.875%, 2/14/28
 300,000  293,317 
HSBC Holdings PLC, 3.90%, 5/25/26
 300,000  285,819 
Inter-American Development Bank, 0.25%, 11/15/23
 182,000  180,183 
International Bank for Reconstruction & Development, 2.50%, 3/19/24
 350,000  344,305 
50

Avantis Short-Term Fixed Income ETF
Principal
Amount/Shares		 Value
International Bank for Reconstruction & Development, 1.50%, 8/28/24
 $ 1,175,000  $ 1,131,696 
International Bank for Reconstruction & Development, 0.875%, 7/15/26
 190,000  171,101 
JPMorgan Chase & Co., 3.90%, 7/15/25
 1,488,000  1,446,787 
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24
 525,000  511,387 
Landwirtschaftliche Rentenbank, 0.50%, 5/27/25
 368,000  340,248 
Mizuho Financial Group, Inc., 3.66%, 2/28/27
 1,000,000  942,586 
National Australia Bank Ltd., 2.50%, 7/12/26
 1,550,000  1,441,166 
National Australia Bank Ltd., 4.94%, 1/12/28
 775,000  769,822 
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25
 1,005,000  952,779 
PNC Bank NA, 2.50%, 8/27/24
 1,100,000  1,063,135 
PNC Bank NA, 2.95%, 2/23/25
 450,000  432,007 
Royal Bank of Canada, 6.00%, 11/1/27
 800,000  819,518 
Santander Holdings USA, Inc., 4.50%, 7/17/25
 834,000  814,494 
Toronto-Dominion Bank, 4.11%, 6/8/27
 1,300,000  1,242,655 
US Bancorp, 3.95%, 11/17/25
 1,000,000  969,617 
Wells Fargo & Co., 3.00%, 10/23/26
 1,400,000  1,297,193 
Westpac Banking Corp., 2.85%, 5/13/26
 1,850,000  1,745,496 
Westpac Banking Corp., 5.46%, 11/18/27
 560,000  568,711 
31,726,380 
Beverages — 0.6%
Constellation Brands, Inc., 4.40%, 11/15/25
 715,000  700,127 
Diageo Capital PLC, 5.30%, 10/24/27
 800,000  809,689 
1,509,816 
Biotechnology — 0.2%
AbbVie, Inc., 3.20%, 5/14/26
 610,000  580,051 
Broadline Retail — 0.9%
Amazon.com, Inc., 5.20%, 12/3/25
 225,000  225,800 
Amazon.com, Inc., 3.15%, 8/22/27
 1,500,000  1,411,488 
Amazon.com, Inc., 1.65%, 5/12/28
 800,000  699,657 
2,336,945 
Capital Markets — 2.9%
Bank of New York Mellon Corp., 1.60%, 4/24/25
 1,250,000  1,175,213 
Charles Schwab Corp., 3.75%, 4/1/24
 100,000  98,685 
Charles Schwab Corp., 3.85%, 5/21/25
 463,000  449,271 
CME Group, Inc., 3.00%, 3/15/25
 2,213,000  2,137,779 
Goldman Sachs Group, Inc., 3.85%, 1/26/27
 1,115,000  1,058,676 
Jefferies Financial Group, Inc., 4.85%, 1/15/27
 200,000  194,553 
Lazard Group LLC, 3.75%, 2/13/25
 667,000  644,769 
State Street Corp., 3.55%, 8/18/25
 1,369,000  1,322,458 
7,081,404 
Chemicals — 0.2%
Linde, Inc., 2.65%, 2/5/25
 463,000  445,214 
Construction Materials — 0.5%
Vulcan Materials Co., 5.80%, 3/1/26
 1,250,000  1,252,218 
Consumer Staples Distribution & Retail — 2.3%
Costco Wholesale Corp., 2.75%, 5/18/24
 1,500,000  1,469,727 
Dollar Tree, Inc., 4.00%, 5/15/25
 1,293,000  1,255,147 
Target Corp., 2.25%, 4/15/25
 1,820,000  1,738,400 
51

Avantis Short-Term Fixed Income ETF
Principal
Amount/Shares		 Value
Walmart, Inc., 3.30%, 4/22/24
 $ 565,000  $ 557,230 
Walmart, Inc., 2.85%, 7/8/24
 800,000  782,732 
5,803,236 
Containers and Packaging — 0.4%
Amcor Flexibles North America, Inc., 4.00%, 5/17/25
 96,000  93,131 
Packaging Corp. of America, 3.65%, 9/15/24
 800,000  783,094 
876,225 
Diversified Consumer Services — 0.1%
Yale University, 0.87%, 4/15/25
 300,000  280,396 
Diversified REITs — 1.3%
ERP Operating LP, 3.375%, 6/1/25
 513,000  495,226 
Host Hotels & Resorts LP, 3.875%, 4/1/24
 850,000  839,697 
Spirit Realty LP, 4.45%, 9/15/26
 322,000  307,141 
Ventas Realty LP, 3.85%, 4/1/27
 700,000  656,606 
WP Carey, Inc., 4.00%, 2/1/25
 913,000  889,456 
3,188,126 
Diversified Telecommunication Services — 0.1%
AT&T, Inc., 4.10%, 2/15/28
 165,000  156,683 
Electric Utilities — 3.5%
Berkshire Hathaway Energy Co., 4.05%, 4/15/25
 1,888,000  1,848,464 
Berkshire Hathaway Energy Co., 3.25%, 4/15/28
 1,350,000  1,243,172 
Black Hills Corp., 3.15%, 1/15/27
 242,000  224,710 
Cleco Corporate Holdings LLC, 3.74%, 5/1/26
 242,000  227,434 
DTE Electric Co., Series A, 1.90%, 4/1/28
 600,000  527,038 
Edison International, 4.70%, 8/15/25
 1,050,000  1,027,680 
Edison International, 4.125%, 3/15/28
 750,000  702,107 
Entergy Louisiana LLC, 2.40%, 10/1/26
 450,000  412,872 
Florida Power & Light Co., 5.05%, 4/1/28
 400,000  402,089 
NextEra Energy Capital Holdings, Inc., 1.875%, 1/15/27
 66,000  59,029 
Pacific Gas & Electric Co., 5.45%, 6/15/27
 1,000,000  978,505 
Public Service Electric & Gas Co., 2.25%, 9/15/26
 100,000  92,376 
Sierra Pacific Power Co., 2.60%, 5/1/26
 675,000  629,618 
Southwestern Electric Power Co., 1.65%, 3/15/26
 414,000  376,851 
8,751,945 
Electronic Equipment, Instruments and Components — 0.8%
Avnet, Inc., 4.625%, 4/15/26
 285,000  276,210 
Flex Ltd., 3.75%, 2/1/26
 293,000  280,054 
Jabil, Inc., 1.70%, 4/15/26
 705,000  636,608 
Keysight Technologies, Inc., 4.55%, 10/30/24
 848,000  834,487 
2,027,359 
Financial Services — 0.4%
National Rural Utilities Cooperative Finance Corp., 3.40%, 2/7/28
 1,040,000  969,930 
Voya Financial, Inc., 3.65%, 6/15/26
 15,000  14,175 
984,105 
Food Products — 0.5%
Bunge Ltd. Finance Corp., 1.63%, 8/17/25
 1,059,000  981,231 
Hershey Co., 2.05%, 11/15/24
 273,000  262,833 
1,244,064 
Gas Utilities — 0.6%
Southern California Gas Co., 3.15%, 9/15/24
 1,450,000  1,413,891 
52

Avantis Short-Term Fixed Income ETF
Principal
Amount/Shares		 Value
Ground Transportation — 1.2%
Canadian National Railway Co., 2.75%, 3/1/26
 $ 1,975,000  $ 1,866,765 
Ryder System, Inc., 2.50%, 9/1/24
 598,000  578,238 
Ryder System, Inc., 3.35%, 9/1/25
 624,000  597,537 
3,042,540 
Health Care Equipment and Supplies — 0.5%
Baxter International, Inc., 2.60%, 8/15/26
 9,000  8,313 
Medtronic Global Holdings SCA, 4.25%, 3/30/28
 1,200,000  1,167,841 
1,176,154 
Health Care Providers and Services — 3.4%
Aetna, Inc., 3.50%, 11/15/24
 1,140,000  1,110,450 
Cardinal Health, Inc., 3.50%, 11/15/24
 1,187,000  1,153,778 
CVS Health Corp., 2.875%, 6/1/26
 70,000  65,597 
HCA, Inc., 5.25%, 6/15/26
 270,000  266,768 
HCA, Inc., 4.50%, 2/15/27
 1,100,000  1,063,981 
Humana, Inc., 5.70%, 3/13/26
 1,350,000  1,350,291 
Laboratory Corp. of America Holdings, 3.60%, 2/1/25
 1,200,000  1,164,689 
Quest Diagnostics, Inc., 3.45%, 6/1/26
 627,000  598,575 
UnitedHealth Group, Inc., 3.50%, 2/15/24
 1,600,000  1,586,729 
8,360,858 
Hotels, Restaurants and Leisure — 1.6%
Booking Holdings, Inc., 3.65%, 3/15/25
 425,000  414,421 
Booking Holdings, Inc., 3.60%, 6/1/26
 1,350,000  1,299,415 
Expedia Group, Inc., 4.625%, 8/1/27
 1,443,000  1,400,592 
Hyatt Hotels Corp., 4.85%, 3/15/26
 515,000  505,087 
Starbucks Corp., 3.80%, 8/15/25
 393,000  382,386 
4,001,901 
Household Durables — 1.1%
Lennar Corp., 4.75%, 5/30/25
 750,000  736,837 
Lennar Corp., 5.25%, 6/1/26
 600,000  597,193 
PulteGroup, Inc., 5.00%, 1/15/27(1)
 1,450,000  1,429,242 
2,763,272 
Industrial Conglomerates — 0.6%
3M Co., 2.65%, 4/15/25
 1,600,000  1,527,447 
Insurance — 1.0%
Allstate Corp., 0.75%, 12/15/25
 1,250,000  1,128,950 
Chubb INA Holdings, Inc., 3.35%, 5/15/24
 1,350,000  1,327,801 
2,456,751 
Interactive Media and Services — 0.7%
Meta Platforms, Inc., 3.50%, 8/15/27
 1,650,000  1,573,333 
Meta Platforms, Inc., 4.60%, 5/15/28
 250,000  247,949 
1,821,282 
IT Services — 1.4%
International Business Machines Corp., 3.625%, 2/12/24
 650,000  644,020 
International Business Machines Corp., 7.00%, 10/30/25
 500,000  517,666 
International Business Machines Corp., 4.50%, 2/6/28
 750,000  735,126 
VeriSign, Inc., 5.25%, 4/1/25
 1,650,000  1,638,729 
3,535,541 
Machinery — 1.0%
Caterpillar Financial Services Corp., 1.45%, 5/15/25
 873,000  819,122 
53

Avantis Short-Term Fixed Income ETF
Principal
Amount/Shares		 Value
Cummins, Inc., 0.75%, 9/1/25
 $ 900,000  $ 824,467 
John Deere Capital Corp., 4.95%, 7/14/28
 360,000  361,443 
PACCAR Financial Corp., 4.95%, 8/10/28
 340,000  341,751 
2,346,783 
Media — 1.1%
Comcast Corp., 3.375%, 8/15/25
 1,906,000  1,842,147 
Discovery Communications LLC, 4.90%, 3/11/26
 795,000  781,578 
2,623,725 
Metals and Mining — 1.0%
ArcelorMittal SA, 4.55%, 3/11/26
 330,000  323,414 
BHP Billiton Finance USA Ltd., 6.42%, 3/1/26
 450,000  462,470 
BHP Billiton Finance USA Ltd., 4.75%, 2/28/28
 1,750,000  1,735,589 
2,521,473 
Multi-Utilities — 0.4%
Consumers Energy Co., 4.65%, 3/1/28
 1,050,000  1,040,443 
Sempra, 3.25%, 6/15/27
 64,000  59,200 
1,099,643 
Oil, Gas and Consumable Fuels — 6.4%
Boardwalk Pipelines LP, 4.45%, 7/15/27
 900,000  858,664 
BP Capital Markets America, Inc., 3.02%, 1/16/27
 1,075,000  1,009,093 
BP Capital Markets America, Inc., 3.59%, 4/14/27
 1,100,000  1,050,012 
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27
 1,150,000  1,138,173 
Chevron Corp., 2.90%, 3/3/24
 66,000  65,126 
Continental Resources, Inc., 4.375%, 1/15/28
 500,000  471,074 
Coterra Energy, Inc., 3.90%, 5/15/27
 75,000  71,353 
Enbridge, Inc., 4.25%, 12/1/26
 300,000  289,730 
Energy Transfer LP, 4.75%, 1/15/26
 888,000  869,918 
Energy Transfer LP, 5.50%, 6/1/27
 400,000  397,897 
Energy Transfer LP, 5.55%, 2/15/28
 800,000  797,912 
Enterprise Products Operating LLC, 3.90%, 2/15/24
 285,000  282,555 
Equinor ASA, 3.70%, 3/1/24
 841,000  833,771 
Equinor ASA, 7.25%, 9/23/27
 483,000  524,122 
Exxon Mobil Corp., 2.99%, 3/19/25
 1,000,000  968,597 
Kinder Morgan, Inc., 4.30%, 3/1/28
 495,000  472,180 
Marathon Oil Corp., 4.40%, 7/15/27
 1,244,000  1,186,313 
Phillips 66, 3.85%, 4/9/25
 480,000  467,336 
Plains All American Pipeline LP / PAA Finance Corp., 4.50%, 12/15/26(1)
 820,000  793,344 
Targa Resources Corp., 5.20%, 7/1/27
 1,100,000  1,089,562 
TotalEnergies Capital International SA, 2.43%, 1/10/25
 875,000  841,847 
Williams Cos., Inc., 4.00%, 9/15/25
 1,338,000  1,296,380 
15,774,959 
Personal Care Products — 0.9%
Estee Lauder Cos., Inc., 2.00%, 12/1/24
 98,000  94,075 
Kenvue, Inc., 5.50%, 3/22/25(2)
 1,900,000  1,907,722 
Kenvue, Inc., 5.05%, 3/22/28(2)
 145,000  145,475 
2,147,272 
Pharmaceuticals — 2.9%
Astrazeneca Finance LLC, 0.70%, 5/28/24
 650,000  627,747 
Astrazeneca Finance LLC, 1.20%, 5/28/26
 499,000  450,599 
54

Avantis Short-Term Fixed Income ETF
Principal
Amount/Shares		 Value
Bristol-Myers Squibb Co., 2.90%, 7/26/24
 $ 431,000  $ 421,339 
Bristol-Myers Squibb Co., 3.45%, 11/15/27
 1,000,000  951,939 
GlaxoSmithKline Capital PLC, 3.00%, 6/1/24
 537,000  527,235 
Novartis Capital Corp., 1.75%, 2/14/25
 1,563,000  1,488,572 
Pfizer Investment Enterprises Pte. Ltd., 4.45%, 5/19/28
 350,000  343,543 
Pfizer, Inc., 2.95%, 3/15/24
 1,205,000  1,189,272 
Royalty Pharma PLC, 1.20%, 9/2/25
 1,270,000  1,157,384 
7,157,630 
Real Estate Management and Development — 0.2%
CBRE Services, Inc., 4.875%, 3/1/26
 409,000  400,262 
Residential REITs — 0.6%
AvalonBay Communities, Inc., 2.95%, 5/11/26
 775,000  730,773 
UDR, Inc., 3.50%, 7/1/27
 800,000  746,469 
1,477,242 
Retail REITs — 1.4%
Federal Realty Investment Trust, 3.25%, 7/15/27
 750,000  690,933 
Kimco Realty OP LLC, 3.30%, 2/1/25
 1,088,000  1,048,645 
NNN REIT, Inc., 3.50%, 10/15/27
 500,000  460,046 
Realty Income Corp., 3.875%, 4/15/25
 1,300,000  1,266,461 
3,466,085 
Semiconductors and Semiconductor Equipment — 2.8%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27
 1,375,000  1,306,847 
Intel Corp., 3.40%, 3/25/25
 1,000,000  971,555 
Intel Corp., 4.875%, 2/10/28
 1,150,000  1,143,653 
Lam Research Corp., 3.80%, 3/15/25
 650,000  634,743 
Marvell Technology, Inc., 1.65%, 4/15/26
 380,000  345,193 
Micron Technology, Inc., 4.98%, 2/6/26
 795,000  783,529 
Micron Technology, Inc., 4.19%, 2/15/27
 900,000  858,278 
Xilinx, Inc., 2.95%, 6/1/24
 950,000  931,443 
6,975,241 
Software — 0.2%
Oracle Corp., 2.50%, 4/1/25
 500,000  476,333 
Specialized REITs — 1.1%
American Tower Corp., 3.65%, 3/15/27
 825,000  775,076 
American Tower Corp., 3.55%, 7/15/27
 750,000  696,029 
Crown Castle, Inc., 4.45%, 2/15/26
 1,175,000  1,145,253 
Crown Castle, Inc., 3.70%, 6/15/26
 92,000  87,628 
2,703,986 
Specialty Retail — 1.0%
AutoNation, Inc., 3.50%, 11/15/24
 800,000  775,278 
AutoZone, Inc., 3.75%, 6/1/27
 388,000  369,240 
Ross Stores, Inc., 4.60%, 4/15/25
 1,338,000  1,315,506 
2,460,024 
Technology Hardware, Storage and Peripherals — 1.7%
Apple, Inc., 3.00%, 2/9/24
 147,000  145,409 
Apple, Inc., 3.45%, 5/6/24
 1,750,000  1,727,521 
Dell International LLC / EMC Corp., 6.02%, 6/15/26
 656,000  663,080 
Dell International LLC / EMC Corp., 4.90%, 10/1/26
 225,000  221,038 
Hewlett Packard Enterprise Co., 4.90%, 10/15/25
 1,529,000  1,509,466 
4,266,514 
55

Avantis Short-Term Fixed Income ETF
Principal
Amount/Shares		 Value
Textiles, Apparel and Luxury Goods — 0.5%
Ralph Lauren Corp., 3.75%, 9/15/25
 $ 1,320,000  $ 1,278,934 
Trading Companies and Distributors — 0.4%
Air Lease Corp., 3.25%, 3/1/25
 850,000  814,072 
Air Lease Corp., 2.875%, 1/15/26
 50,000  46,770 
860,842 
TOTAL CORPORATE BONDS
(Cost $167,102,082)
 164,516,298 
U.S. TREASURY SECURITIES AND EQUIVALENTS — 30.0%
Israel Government AID Bond, 5.50%, 9/18/23
 32,000  32,000 
U.S. Treasury Notes, 0.125%, 10/15/23
 3,500,000  3,477,599 
U.S. Treasury Notes, 0.50%, 11/30/23
 3,150,000  3,112,632 
U.S. Treasury Notes, 0.875%, 1/31/24
 3,100,000  3,042,905 
U.S. Treasury Notes, 0.125%, 2/15/24
 1,965,000  1,918,758 
U.S. Treasury Notes, 1.50%, 2/29/24
 3,350,000  3,286,220 
U.S. Treasury Notes, 0.375%, 4/15/24
 2,450,000  2,374,370 
U.S. Treasury Notes, 0.25%, 6/15/24
 2,025,000  1,945,340 
U.S. Treasury Notes, 0.375%, 7/15/24
 2,125,000  2,034,857 
U.S. Treasury Notes, 2.375%, 8/15/24
 2,100,000  2,040,786 
U.S. Treasury Notes, 2.125%, 9/30/24
 2,500,000  2,415,946 
U.S. Treasury Notes, 4.25%, 9/30/24
 3,000,000  2,966,521 
U.S. Treasury Notes, 1.50%, 10/31/24
 2,150,000  2,059,549 
U.S. Treasury Notes, 1.50%, 11/30/24(4)
)
 2,220,000  2,120,880 
U.S. Treasury Notes, 1.125%, 1/15/25
 2,000,000  1,894,141 
U.S. Treasury Notes, 1.50%, 2/15/25
 2,000,000  1,899,141 
U.S. Treasury Notes, 2.75%, 2/28/25
 2,000,000  1,932,891 
U.S. Treasury Notes, 0.25%, 10/31/25
 2,600,000  2,360,820 
U.S. Treasury Notes, 0.375%, 9/30/27
 4,200,000  3,580,828 
U.S. Treasury Notes, 0.625%, 11/30/27
 4,985,000  4,272,690 
U.S. Treasury Notes, 0.75%, 1/31/28
 5,050,000  4,332,150 
U.S. Treasury Notes, 1.125%, 2/29/28
 6,400,000  5,573,125 
U.S. Treasury Notes, 1.25%, 4/30/28
 6,370,000  5,556,456 
U.S. Treasury Notes, 1.25%, 6/30/28
 6,800,000  5,909,094 
U.S. Treasury Notes, 1.00%, 7/31/28
 4,750,000  4,065,703 
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS
(Cost $75,490,330)
 74,205,402 
U.S. GOVERNMENT AGENCY SECURITIES — 2.1%
Federal Farm Credit Banks Funding Corp., 3.30%, 8/15/24
 51,000  49,972 
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25
 250,000  236,690 
Federal Farm Credit Banks Funding Corp., 4.50%, 3/2/26
 198,000  196,894 
FHLB, 3.375%, 12/8/23
 250,000  248,755 
FHLB, 3.625%, 2/28/24
 1,000,000  990,640 
FHLB, 5.42%, 3/6/24
 600,000  598,585 
FHLB, 1.50%, 8/15/24
 170,000  163,863 
FHLB, 3.125%, 6/13/25
 25,000  24,194 
FHLMC, 0.125%, 10/16/23
 104,000  103,360 
FHLMC, 0.25%, 11/6/23
 104,000  103,084 
FHLMC, 0.25%, 12/4/23
 100,000  98,552 
FHLMC, 5.31%, 11/15/24
 750,000  745,650 
FHLMC, 4.00%, 11/25/24
 550,000  539,935 
56

Avantis Short-Term Fixed Income ETF
Principal
Amount/Shares		 Value
FHLMC, 0.375%, 7/21/25
 $ 115,000  $ 105,668 
FNMA, 2.625%, 9/6/24
 675,000  656,727 
FNMA, 1.625%, 1/7/25
 250,000  238,654 
FNMA, 0.375%, 8/25/25
 25,000  22,861 
Tennessee Valley Authority, 0.75%, 5/15/25
 125,000  116,115 
TOTAL U.S. GOVERNMENT AGENCY SECURITIES
(Cost $5,315,960)
 5,240,199 
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.3%
Sweden — 0.3%
Svensk Exportkredit AB, 3.625%, 9/3/24
 500,000  490,181 
Svensk Exportkredit AB, 2.25%, 3/22/27
 350,000  322,189 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $824,790)
 812,370 
SHORT-TERM INVESTMENTS — 0.6%
Money Market Funds — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio(3)
(Cost $1,613,350)
 1,613,350  1,613,350 
TOTAL INVESTMENT SECURITIES — 99.5%
(Cost $250,346,512)
 246,387,619 
OTHER ASSETS AND LIABILITIES — 0.5%
 1,166,040 
TOTAL NET ASSETS — 100.0%
 $ 247,553,659 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes 50 December 2023 $ 5,346,094  $ 45,028 
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
AID – Agency for International Development
Equivalent – Security whose payments are secured by the U.S. Treasury
FHLB – Federal Home Loan Bank
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,566,453. 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)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $2,053,197, which represented 0.8% of total net assets. 
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,613,350.
(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $149,990.


See Notes to Financial Statements.
57

Statements of Assets and Liabilities
AUGUST 31, 2023
Avantis Core Fixed Income ETF Avantis Core Municipal Fixed Income ETF
Assets
Investment securities, at value (cost of $628,348,814 and $89,239,349, respectively) — including $6,025,769 and $—, respectively of securities on loan $ 609,883,521  $ 86,285,177 
Investment made with cash collateral received for securities on loan, at value (cost of $6,216,703 and $—, respectively) 6,216,703  — 
Total investment securities, at value (cost of $634,565,517 and $89,239,349, respectively) 616,100,224  86,285,177 
Cash 2,589,308  — 
Receivable for investments sold 23,657,047  — 
Receivable for variation margin on futures contracts 29,188  — 
Interest receivable 4,483,771  993,571 
Securities lending receivable 6,754  — 
646,866,292  87,278,748 
Liabilities
Forward sales commitments, at value (proceeds of $2,447,773 and —, respectively)
 2,428,516  — 
Payable for collateral received for securities on loan 6,216,703  — 
Payable for investments purchased 123,936,736  522,505 
Payable for variation margin on swap agreements 3,498  — 
Accrued management fees 63,388  10,734 
132,648,841  533,239 
Net Assets $ 514,217,451  $ 86,745,509 
Shares outstanding (unlimited number of shares authorized) 12,600,000  1,900,000 
Net Asset Value Per Share $ 40.81  $ 45.66 
Net Assets Consist of:
Capital paid in $ 548,186,074  $ 89,535,932 
Distributable earnings (loss) (33,968,623) (2,790,423)
$ 514,217,451  $ 86,745,509 


See Notes to Financial Statements.
58

AUGUST 31, 2023
Avantis Short-Term
Fixed Income ETF
Assets
Investment securities, at value (cost of $248,733,162) — including $1,566,453 of securities on loan $ 244,774,269 
Investment made with cash collateral received for securities on loan, at value (cost of $1,613,350) 1,613,350 
Total investment securities, at value (cost of $250,346,512) 246,387,619 
Cash 965,240 
Receivable for investments sold 1,710,558 
Receivable for variation margin on futures contracts 5,860 
Interest receivable 1,870,971 
Securities lending receivable 1,015 
250,941,263 
Liabilities
Payable for collateral received for securities on loan 1,613,350 
Payable for investments purchased 1,743,145 
Accrued management fees 31,109 
3,387,604 
Net Assets $ 247,553,659 
Shares outstanding (unlimited number of shares authorized) 5,400,000 
Net Asset Value Per Share $ 45.84 
Net Assets Consist of:
Capital paid in $ 253,528,527 
Distributable earnings (loss) (5,974,868)
$ 247,553,659 


See Notes to Financial Statements.
59

Statements of Operations
YEAR ENDED AUGUST 31, 2023
Avantis Core Fixed
Income ETF
Avantis Core Municipal Fixed
Income ETF
Investment Income (Loss)
Income:
Interest $ 14,866,747  $ 1,705,634 
Securities lending, net 18,874  — 
14,885,621  1,705,634 
Expenses:
Management fees 549,477  99,573 
Other expenses 14,104  — 
563,581  99,573 
Net investment income (loss) 14,322,040  1,606,061 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (13,850,933) (41,515)
Futures contract transactions (677,790) — 
Swap agreement transactions 75,109  — 
(14,453,614) (41,515)
Change in net unrealized appreciation (depreciation) on:
Investments (323,694) (277,807)
Futures contracts 124,441  — 
Swap agreements 110,106  — 
(89,147) (277,807)
Net realized and unrealized gain (loss) (14,542,761) (319,322)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (220,721) $ 1,286,739 


See Notes to Financial Statements.
60

YEAR ENDED AUGUST 31, 2023
Avantis Short-Term
Fixed Income ETF
Investment Income (Loss)
Income:
Interest $ 7,583,587 
Securities lending, net 5,658 
7,589,245 
Expenses:
Management fees 296,426 
Other expenses 453 
296,879 
Net investment income (loss) 7,292,366 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (2,370,547)
Futures contract transactions (80,407)
(2,450,954)
Change in net unrealized appreciation (depreciation) on:
Investments 7,143 
Futures contracts 45,028 
52,171 
Net realized and unrealized gain (loss) (2,398,783)
Net Increase (Decrease) in Net Assets Resulting from Operations $ 4,893,583 


See Notes to Financial Statements.
61

Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022
Avantis Core Fixed
Income ETF
Avantis Core Municipal Fixed
Income ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022
Operations
Net investment income (loss) $ 14,322,040  $ 3,231,684  $ 1,606,061  $ 295,442 
Net realized gain (loss) (14,453,614) (5,265,375) (41,515) 60 
Change in net unrealized appreciation (depreciation) (89,147) (18,555,986) (277,807) (2,780,081)
Net increase (decrease) in net assets resulting from operations (220,721) (20,589,677) 1,286,739  (2,484,579)
Distributions to Shareholders
From earnings (12,947,460) (2,680,155) (1,437,620) (271,910)
Capital Share Transactions
Proceeds from shares sold 306,161,799  202,856,185  50,339,950  11,608,180 
Payments for shares redeemed (27,914,250) —  —  — 
Other capital 6,416  11,448  57,527  10,377 
Net increase (decrease) in net assets from capital share transactions 278,253,965  202,867,633  50,397,477  11,618,557 
Net increase (decrease) in net assets 265,085,784  179,597,801  50,246,596  8,862,068 
Net Assets
Beginning of period 249,131,667  69,533,866  36,498,913  27,636,845 
End of period $ 514,217,451  $ 249,131,667  $ 86,745,509  $ 36,498,913 
Transactions in Shares of the Funds
Sold 7,450,000  4,450,000  1,100,000  250,000 
Redeemed (700,000) —  —  — 
Net increase (decrease) in shares of the funds 6,750,000  4,450,000  1,100,000  250,000 


See Notes to Financial Statements.
62

YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022
Avantis Short-Term
Fixed Income ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022
Operations
Net investment income (loss) $ 7,292,366  $ 730,680 
Net realized gain (loss) (2,450,954) (527,439)
Change in net unrealized appreciation (depreciation) 52,171  (3,976,581)
Net increase (decrease) in net assets resulting from operations 4,893,583  (3,773,340)
Distributions to Shareholders
From earnings (6,495,520) (622,910)
Capital Share Transactions
Proceeds from shares sold 162,951,075  58,095,084 
Other capital 2,647  4,107 
Net increase (decrease) in net assets from capital share transactions 162,953,722  58,099,191 
Net increase (decrease) in net assets 161,351,785  53,702,941 
Net Assets
Beginning of period 86,201,874  32,498,933 
End of period $ 247,553,659  $ 86,201,874 
Transactions in Shares of the Funds
Sold 3,550,000  1,200,000 


See Notes to Financial Statements.
63

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 Core Fixed Income ETF, Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF is to seek to maximize total return.  Avantis Core Municipal Fixed Income ETF’s investment objective is to seek current income that is exempt from federal income tax.  Shares of the funds are listed for trading on the NYSE Arca, Inc.

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. 

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

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

If the 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.

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

Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as
64

interest income. Securities lending income is net of fees and rebates earned by the lending agent for its services.

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

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

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

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

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.

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 Core Fixed Income ETF
Corporate Bonds $ 6,216,703  —  —  —  $ 6,216,703 
Gross amount of recognized liabilities for securities lending transactions $ 6,216,703 
Avantis Short-Term Fixed Income ETF
Corporate Bonds $ 1,613,350  —  —  —  $ 1,613,350 
Gross amount of recognized liabilities for securities lending transactions $ 1,613,350 
(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.

65

3. Fees and Transactions with Related Parties

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

Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears. 

The annual management fee for each fund is as follows:
Annual Management Fee
Avantis Core Fixed Income ETF 0.15%
Avantis Core Municipal Fixed Income ETF 0.15%
Avantis Short-Term Fixed Income ETF 0.15%

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.

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 Core Fixed
Income ETF		 Avantis Core Municipal Fixed
Income ETF		 Avantis Short-Term Fixed Income ETF
Purchases of U.S. Treasury and Government Agency obligations $1,316,244,610 — $36,806,767
Purchases of other investment securities $60,008,878 $42,582,911 $74,512,859
Total Purchases $1,376,253,488 $42,582,911 $111,319,626
Sales of U.S. Treasury and Government Agency obligations $1,260,795,261 — $31,403,519
Sales of other investment securities $79,508,653 $3,927,089 $77,597,200
Total Sales $1,340,303,914 $3,927,089 $109,000,719

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 Core Fixed Income ETF $278,282,651 $22,008,230 $(2,052,681)
Avantis Core Municipal Fixed Income ETF $13,532,799 — —
Avantis Short-Term Fixed Income ETF $150,608,458 — —
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades
66

resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

6. Fair Value Measurements

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

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

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

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

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

The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds' portfolio holdings.
Avantis Core Fixed Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 317,354,035  — 
U.S. Treasury Securities —  123,299,198  — 
U.S. Government Agency Mortgage-Backed Securities —  102,376,973  — 
U.S. Government Agency Securities —  12,746,613  — 
Sovereign Governments and Agencies —  2,048,595  — 
Short-Term Investments $ 6,216,703  52,058,107  — 
$ 6,216,703  $ 609,883,521  — 
Other Financial Instruments
Futures Contracts $ 123,221  —  — 
Swap Agreements —  $ 170,776  — 
$ 123,221  $ 170,776  — 
Liabilities
Other Financial Instruments
Forward Sales Commitments —  $ 2,428,516  — 
Futures Contracts $ 26,512  —  — 
$ 26,512  $ 2,428,516  — 

Avantis Core Municipal Fixed Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Municipal Securities —  $ 85,691,706  — 
Short-Term Investments $ 593,471  —  — 
$ 593,471  $ 85,691,706  — 

67

Avantis Short-Term Fixed Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 164,516,298  — 
U.S. Treasury Securities and Equivalents —  74,205,402  — 
U.S. Government Agency Securities —  5,240,199  — 
Sovereign Governments and Agencies —  812,370  — 
Short-Term Investments $ 1,613,350  —  — 
$ 1,613,350  $ 244,774,269  — 
Other Financial Instruments
Futures Contracts $ 45,028  —  — 

7. Derivative Instruments

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

The funds' average notional amount to credit risk derivative instruments held during the period were as follows:
Avantis Core Fixed Income ETF $ 8,083,333 

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

The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts Purchased Futures Contracts Sold
Avantis Core Fixed Income ETF $ 8,574,021 $ 3,159,297
Avantis Short-Term Fixed Income ETF $ 5,343,555 —
68

Value of Derivative Instruments as of August 31, 2023
Asset Derivatives Liability Derivatives
Fund / Type of Risk Exposure Location on Statement of Assets and Liabilities Value Location on Statement of Assets and Liabilities Value
Avantis Core Fixed Income ETF
Credit Risk Receivable for variation margin on swap agreements* —  Payable for variation margin on swap agreements* $ 3,498 
Interest Rate Risk Receivable for variation margin on futures contracts* $ 29,188  Payable for variation margin on futures contracts* — 
$ 29,188  $ 3,498 
Avantis Short-Term Fixed Income ETF
Interest Rate Risk Receivable for variation margin on futures contracts* $ 5,860  Payable for variation margin on futures contracts* — 
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2023

 Net Realized Gain (Loss)
Change in Net Unrealized Appreciation
(Depreciation)
Fund / Type of Risk Exposure Location on Statement of Operations Value Location on Statement of Operations Value
Avantis Core Fixed Income ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ 75,109  Change in net unrealized appreciation (depreciation) on swap agreements $ 110,106 
Interest Rate Risk Net realized gain (loss) on futures contract transactions (677,790) Change in net unrealized appreciation (depreciation) on futures contracts 124,441 
$ (602,681) $ 234,547 
Avantis Short-Term Fixed Income ETF
Interest Rate Risk Net realized gain (loss) on futures contract transactions $ (80,407) Change in net unrealized appreciation (depreciation) on futures contracts $ 45,028 

8. Risk Factors

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

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

69

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2023 and August 31, 2022 were as follows:
2023 2022
Distributions Paid From: Distributions Paid From:
Exempt
Income		 Ordinary Income
Long-term
Capital Gains
 Exempt
Income		 Ordinary
Income		 Long-term
Capital Gains
Avantis Core Fixed Income ETF — $ 12,947,460 — — $ 2,680,155 —
Avantis Core Municipal Fixed Income ETF $ 1,437,620 — — $ 271,910 — —
Avantis Short-Term Fixed Income ETF — $ 6,495,520 — — $ 622,910 —

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


As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Avantis Core Fixed Income ETF
Avantis Core Municipal Fixed Income ETF
Avantis Short-Term Fixed Income ETF
Federal tax cost of investments $ 634,896,024  $ 89,239,859  $ 250,346,900 
Gross tax appreciation of investments $ 450,419  $ 186,108  $ 75,738 
Gross tax depreciation of investments (19,246,219) (3,140,790) (4,035,019)
Net tax appreciation (depreciation) of investments (18,795,800) (2,954,682) (3,959,281)
Net tax appreciation (depreciation) on forward sales commitments 19,257  —  — 
Net tax appreciation (depreciation) on derivatives 78,766  —  — 
Net tax appreciation (depreciation) $ (18,697,777) $ (2,954,682) $ (3,959,281)
Undistributed ordinary income $ 2,083,907  —  $ 944,679 
Undistributed exempt income —  $ 210,730  — 
Accumulated short-term capital losses $ (11,576,914) $ (10,141) $ (1,238,809)
Accumulated long-term capital losses $ (5,777,839) $ (36,330) $ (1,721,457)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, excess premium amortization and the realization for tax purposes of unrealized gains (losses) on futures contracts.

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.


70

Financial Highlights
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 Core Fixed Income ETF
2023 $42.59 1.62 (1.92) (0.30) (1.48)
0.00(4)
 $40.81 (0.67)% 0.15% 3.91% 346% $514,217 
2022 $49.67 0.94 (7.28) (6.34) (0.74)
0.00(4)
 $42.59 (12.86)% 0.15% 2.09% 382% $249,132 
2021(5)
 $50.00 0.51 (0.43) 0.08 (0.41)
0.00(4)
 $49.67 0.15%
0.15%(6)
1.17%(6)
 185% $69,534 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)October 13, 2020 (fund inception) through August 31, 2021. 
(6)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 Core Municipal Fixed Income ETF
2023 $45.62 1.11 (0.13) 0.98 (0.98) 0.04 $45.66 2.22% 0.15% 2.42% 6% $86,746 
2022 $50.25 0.48 (4.69) (4.21) (0.44) 0.02 $45.62 (8.36)% 0.15% 1.01% 2% $36,499 
2021(4)
 $50.00 0.26 0.17 0.43 (0.21) 0.03 $50.25 0.93%
0.15%(5)
0.70%(5)
 14% $27,637 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)December 8, 2020 (fund inception) through August 31, 2021.
(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 Short-Term Fixed Income ETF
2023 $46.60 1.70 (0.96) 0.74 (1.50)
0.00(4)
 $45.84 1.63% 0.15% 3.69% 59% $247,554 
2022 $50.00 0.57 (3.52) (2.95) (0.45)
0.00(4)
 $46.60 (5.92)% 0.15% 1.18% 38% $86,202 
2021(5)
 $50.00 0.18 (0.02) 0.16 (0.16)
0.00(4)
 $50.00 0.33%
0.15%(6)
0.40%(6)
 49% $32,499 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)October 13, 2020 (fund inception) through August 31, 2021. 
(6)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® Core Fixed Income ETF, Avantis® Core Municipal Fixed Income ETF, and Avantis® Short-Term Fixed Income ETF (the “Funds”), three 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® Core Fixed Income ETF
 For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023 and 2022, and the period from October 13, 2020 (fund inception) through August 31, 2021
Avantis® Core Municipal Fixed Income ETF
 For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023 and 2022, and the period from December 8, 2020 (fund inception) through August 31, 2021
Avantis® Short-Term Fixed Income ETF
 For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023 and 2022, and the period from October 13, 2020 (fund inception) through August 31, 2021

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.

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.

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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.
75

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.
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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)


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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.
78

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 Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF was above each Fund’s respective benchmark for the one-year period reviewed by the Board. The performance for Avantis Core Fixed Income ETF was below its 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.

79

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 Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF was below the median of the total expense ratios of each Fund’s peer expense universe and was the lowest of its peer expense group. The unified fee charged to shareholders of Avantis Core Municipal Fixed Income ETF was the lowest of the total expense ratios of the Fund’s 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.

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
80

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.

81

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.


82

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.
83

Other Tax Information

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

Avantis Core Municipal Fixed Income ETF designates $1,437,620 as exempt interest dividends for the fiscal year ended August 31, 2023.

For nonresident alien shareholders, Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF hereby designate $11,470,689 and $5,490,938, respectively, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2023.




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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
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