ai_lockupxblkxrgb002.jpg
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