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Semiannual Report
February 28, 2022
Avantis® Real Estate ETF (AVRE)
Avantis® U.S. Equity ETF (AVUS)
Avantis® U.S. Large Cap Value ETF (AVLV)
Avantis® U.S. Small Cap Equity ETF (AVSC)
Avantis® U.S. Small Cap Value ETF (AVUV)







































Table of Contents

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



















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



Chairman's Letter

image44.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ended February 28, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.

Escalating Volatility, Soaring Inflation Weighed on Returns

Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.

In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.

Staying Focused in Uncertain Times

Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.

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

Sincerely,
image25.jpg
Jonathan Thomas
Chairman
Avantis Investors
2


Fund Characteristics
FEBRUARY 28, 2022
Avantis Real Estate ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.7%
Short-Term Investments 5.8%
Other Assets and Liabilities (5.5)%
Top Five Sectors % of net assets
Specialized REITs 23.6%
Industrial REITs 18.5%
Retail REITs 15.4%
Residential REITs 15.2%
Diversified REITs 10.4%

3


Fund Characteristics
FEBRUARY 28, 2022
Avantis U.S. Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.8%
Short-Term Investments 0.2%
Other Assets and Liabilities
—*
*Category is less than 0.05% of total net assets.
Top Five Industries % of net assets
Banks 6.4%
Software 6.4%
Oil, Gas and Consumable Fuels 6.2%
Semiconductors and Semiconductor Equipment 5.3%
Technology Hardware, Storage and Peripherals 5.0%

4


Fund Characteristics
FEBRUARY 28, 2022
Avantis U.S. Large Cap Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.7%
Short-Term Investments 0.1%
Other Assets and Liabilities 0.2%
Top Five Industries % of net assets
Oil, Gas and Consumable Fuels 14.0%
Semiconductors and Semiconductor Equipment 7.4%
Pharmaceuticals 6.7%
Specialty Retail 5.7%
Capital Markets 5.6%

5


Fund Characteristics
FEBRUARY 28, 2022
Avantis U.S. Small Cap Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.9%
Short-Term Investments 0.1%
Other Assets and Liabilities
—*
*Category is less than 0.05% of total net assets.
Top Five Industries % of net assets
Banks 13.7%
Biotechnology 5.3%
Machinery 4.9%
Oil, Gas and Consumable Fuels 4.8%
Specialty Retail 3.3%

6


Fund Characteristics
FEBRUARY 28, 2022
Avantis U.S. Small Cap Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.9%
Short-Term Investments 0.6%
Other Assets and Liabilities (0.5)%
Top Five Industries % of net assets
Banks 16.7%
Oil, Gas and Consumable Fuels 13.4%
Specialty Retail 6.4%
Trading Companies and Distributors 4.7%
Thrifts and Mortgage Finance 4.6%

7


Shareholder Fee Examples

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2021 to February 28, 2022 (except as noted).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

8


Beginning
Account Value
9/1/21
Ending
Account Value
2/28/22
Expenses Paid
During Period
(1)
9/1/21 - 2/28/22
Annualized
Expense Ratio
(1)
Avantis Real Estate ETF
Actual $1,000 $999.40
$0.72(2)
0.17%
Hypothetical $1,000 $1,023.95 $0.85 0.17%
Avantis U.S. Equity ETF
Actual $1,000 $985.50 $0.74 0.15%
Hypothetical $1,000 $1,024.05 $0.75 0.15%
Avantis U.S. Large Cap Value ETF
Actual $1,000 $1,046.20
$0.68(3)
0.15%
Hypothetical $1,000 $1,024.05 $0.75 0.15%
Avantis U.S. Small Cap Equity ETF
Actual $1,000 $951.10
$0.33(4)
0.25%
Hypothetical $1,000 $1,023.56 $1.25 0.25%
Avantis U.S. Small Cap Value ETF
Actual $1,000 $1,051.70 $1.27 0.25%
Hypothetical $1,000 $1,023.56 $1.25 0.25%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 154, the number of days in the period from September 28, 2021 (fund inception) through February 28, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
(3)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 161, the number of days in the period from September 21, 2021 (fund inception) through February 28, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
(4)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 49, the number of days in the period from January 11, 2022 (fund inception) through February 28, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.

9


Schedules of Investments

FEBRUARY 28, 2022 (UNAUDITED)
Avantis Real Estate ETF
Shares Value
COMMON STOCKS — 99.7%


Diversified REITs — 10.4%
Abacus Property Group 16,712  $ 42,924 
Activia Properties, Inc. 30,547 
AEW UK REIT plc 2,969  4,600 
Alarko Gayrimenkul Yatirim Ortakligi AS 5,309  12,202 
Alexander & Baldwin, Inc. 1,040  23,327 
Argosy Property Ltd. 8,303  7,756 
BMO Commercial Property Trust Ltd. 20,583  29,887 
British Land Co. plc (The) 34,235  241,929 
Broadstone Net Lease, Inc. 1,683  36,454 
Centuria Capital Group 12,063  25,412 
Charter Hall Group 12,273  150,092 
Charter Hall Long Wale REIT 11,239  41,927 
Cofinimmo SA 1,089  142,404 
Cromwell European Real Estate Investment Trust 7,900  20,853 
Custodian Reit plc 10,486  14,478 
Daiwa House REIT Investment Corp. 64  173,570 
Ediston Property Investment Co. plc 4,872  4,979 
Embassy Office Parks REIT 12,745  63,433 
ESCON Japan Reit Investment Corp. 8,096 
Essential Properties Realty Trust, Inc. 1,278  32,308 
Fibra Uno Administracion SA de CV 102,880  115,333 
Fortress REIT Ltd., A Shares 12,080  10,091 
Gecina SA 2,220  282,120 
GPT Group (The) 83,248  297,035 
Growthpoint Properties Australia Ltd. 7,480  22,800 
Growthpoint Properties Ltd. 107,850  94,078 
H&R Real Estate Investment Trust 2,254  22,993 
Hankyu Hanshin REIT, Inc. 16  20,158 
Heiwa Real Estate REIT, Inc. 23  27,696 
Hulic Reit, Inc. 27  36,698 
ICADE 324  20,007 
Industrials REIT Ltd. 872  2,197 
Is Gayrimenkul Yatirim Ortakligi AS(1)
58,385  23,296 
Land Securities Group plc 25,943  274,911 
LXI REIT plc 17,847  33,125 
Marimo Regional Revitalization REIT, Inc. 5,463 
Menivim- The New REIT Ltd. 19,118  12,587 
Merlin Properties Socimi SA 7,566  84,429 
Mirvac Group 98,068  182,888 
Nexus Real Estate Investment Trust 566  5,506 
NIPPON REIT Investment Corp. 18,781 
Nomura Real Estate Master Fund, Inc. 80  105,501 
NTT UD REIT Investment Corp. 45  58,978 
One Liberty Properties, Inc. 285  8,282 
OUE Commercial Real Estate Investment Trust 12,900  3,869 
10


Avantis Real Estate ETF
Shares Value
Ozak Gayrimenkul Yatirim Ortakligi(1)
18,975  $ 9,754 
PRO Real Estate Investment Trust 1,020  5,440 
Redefine Properties Ltd. 186,019  51,163 
Reit 1 Ltd. 4,996  33,059 
Samty Residential Investment Corp. 11  11,274 
Secure Income REIT plc 2,505  13,921 
Sekisui House Reit, Inc. 67  44,516 
Standard Life Investment Property Income Trust Ltd. 13,357  14,084 
Star Asia Investment Corp. 21  10,610 
Stockland, REIT 49,992  151,270 
STORE Capital Corp. 2,853  87,644 
Stride Property Group 2,597  3,415 
Takara Leben Real Estate Investment Corp. 12  11,963 
Tokyu REIT, Inc. 27  42,430 
United Urban Investment Corp. 46  52,740 
Washington Real Estate Investment Trust 2,150  50,224 
WP Carey, Inc. 3,102  240,095 
XYMAX REIT Investment Corp. 2,019 
Ziraat Gayrimenkul Yatirim Ortakligi AS(1)
39,446  6,559 
3,718,180 
Health Care REITs — 6.9%
Aedifica SA 662  74,921 
Assura plc 26,640  21,929 
CareTrust REIT, Inc. 727  12,723 
Community Healthcare Trust, Inc. 266  11,092 
First Real Estate Investment Trust 15,100  3,352 
Global Medical REIT, Inc. 941  14,774 
Health Care & Medical Investment Corp. 8,627 
Healthcare Realty Trust, Inc. 3,550  92,584 
Healthcare Trust of America, Inc., Class A 3,446  101,278 
Healthpeak Properties, Inc. 14,868  461,800 
Impact Healthcare Reit plc 4,270  6,261 
LTC Properties, Inc. 523  17,693 
National Health Investors, Inc. 1,179  62,852 
NorthWest Healthcare Properties Real Estate Investment Trust 2,266  24,260 
Parkway Life Real Estate Investment Trust 11,200  37,063 
Physicians Realty Trust 3,251  52,861 
Primary Health Properties plc 15,582  28,227 
Universal Health Realty Income Trust 158  9,023 
Ventas, Inc. 9,722  524,988 
Vital Healthcare Property Trust 4,414  9,226 
Welltower, Inc. 10,720  892,869 
2,468,403 
Hotel & Resort REITs — 2.0%
Apple Hospitality REIT, Inc. 3,127  55,317 
Ascott Residence Trust 58,800  44,745 
CDL Hospitality Trusts 22,300  18,867 
DiamondRock Hospitality Co.(1)
3,182  30,388 
Far East Hospitality Trust 4,900  2,089 
Hoshino Resorts REIT, Inc. 22,629 
Host Hotels & Resorts, Inc.(1)
19,682  359,590 
11


Avantis Real Estate ETF
Shares Value
Japan Hotel REIT Investment Corp. 109  $ 55,781 
Ryman Hospitality Properties, Inc.(1)
911  80,268 
Summit Hotel Properties, Inc.(1)
1,799  17,792 
Sunstone Hotel Investors, Inc.(1)
3,190  33,750 
721,216 
Industrial REITs — 18.5%
AIMS APAC REIT 13,600  13,576 
Americold Realty Trust 2,194  58,624 
ARA LOGOS Logistics Trust 31,600  19,487 
Ascendas Real Estate Investment Trust 98,700  202,379 
Centuria Industrial REIT 12,714  34,706 
CRE Logistics REIT, Inc. 14  23,215 
Dexus Industria REIT 3,534  8,236 
Dream Industrial Real Estate Investment Trust 2,494  33,135 
Duke Realty Corp. 11,439  606,267 
EastGroup Properties, Inc. 1,150  219,374 
Equites Property Fund Ltd. 17,137  23,440 
ESR-REIT 77,100  23,903 
First Industrial Realty Trust, Inc. 2,782  160,188 
Frasers Logistics & Commercial Trust 50,700  52,515 
GLP J-Reit 92  137,357 
Goodman Group 45,050  728,893 
Goodman Property Trust 51,726  84,684 
Granite Real Estate Investment Trust 794  58,803 
Industrial & Infrastructure Fund Investment Corp. 47  70,704 
Industrial Logistics Properties Trust 206  4,608 
Innovative Industrial Properties, Inc. 370  69,730 
Intervest Offices & Warehouses NV 716  21,104 
Itochu Advance Logistics Investment Corp. 2,551 
Japan Logistics Fund, Inc. 24  62,982 
LaSalle Logiport REIT 33  47,340 
Londonmetric Property plc 22,043  76,744 
LXP Industrial Trust 6,456  99,810 
Macquarie Mexico Real Estate Management SA de CV 4,646  5,639 
Mapletree Industrial Trust 37,000  70,002 
Mapletree Logistics Trust 52,600  68,387 
Mitsubishi Estate Logistics REIT Investment Corp. 25,972 
Mitsui Fudosan Logistics Park, Inc. 12  54,866 
Montea NV 253  31,511 
Nippon Prologis REIT, Inc. 53  155,823 
PLA Administradora Industrial S de RL de CV 14,314  18,947 
Plymouth Industrial REIT, Inc. 598  15,596 
Prologis Property Mexico SA de CV 13,474  32,368 
Prologis, Inc. 13,117  1,913,114 
Rexford Industrial Realty, Inc. 2,697  189,141 
Segro plc 29,116  506,358 
SOSiLA Logistics REIT, Inc. 9,006 
STAG Industrial, Inc. 2,623  102,192 
Summit Industrial Income REIT 2,720  46,202 
Terreno Realty Corp. 1,212  83,373 
Tritax Big Box REIT plc 41,093  129,479 
12


Avantis Real Estate ETF
Shares Value
Urban Logistics REIT plc 10,364  $ 25,542 
Warehouse Reit plc 8,692  18,588 
Warehouses De Pauw, CVA 4,266  167,718 
6,614,179 
Office REITs — 7.7%
Alexandria Real Estate Equities, Inc. 2,905  550,207 
Allied Properties Real Estate Investment Trust 1,246  43,332 
AREIT, Inc. 24,020  23,107 
Centuria Office REIT 5,864  9,535 
Cousins Properties, Inc. 3,581  138,334 
Daiwa Office Investment Corp. 37,102 
Derwent London plc 2,294  93,521 
Dexus 34,796  275,444 
Dream Office Real Estate Investment Trust 1,020  21,036 
Easterly Government Properties, Inc. 1,231  25,629 
GDI Property Group 3,958  3,019 
Great Portland Estates plc 7,242  65,466 
Hibernia REIT plc 17,186  22,434 
Highwoods Properties, Inc. 516  22,498 
Inmobiliaria Colonial Socimi SA 7,374  62,392 
Japan Excellent, Inc. 30  33,498 
Japan Prime Realty Investment Corp. 23  74,887 
Japan Real Estate Investment Corp. 39  208,328 
JBG SMITH Properties 1,015  27,080 
Kenedix Office Investment Corp. 11  65,224 
Keppel Pacific Oak US REIT 18,500  13,163 
Keppel REIT 59,300  50,507 
Kilroy Realty Corp. 2,291  164,081 
Manulife US Real Estate Investment Trust 26,000  16,960 
Mindspace Business Parks REIT 3,308  15,690 
Mori Hills REIT Investment Corp. 34  40,865 
Nippon Building Fund, Inc. 51  292,246 
NSI NV 514  20,446 
One REIT, Inc. 7,480 
Orion Office REIT, Inc.(1)
17 
Orix JREIT, Inc. 56  78,345 
Postal Realty Trust, Inc. 432  7,538 
Precinct Properties New Zealand Ltd. 47,577  51,691 
Prime US REIT 13,500  10,357 
Prosperity REIT 8,000  2,971 
Sankei Real Estate, Inc. 6,593 
True North Commercial Real Estate Investment Trust 454  2,658 
Vakif Gayrimenkul Yatirim Ortakligi AS(1)
71,786  7,930 
Vornado Realty Trust 3,062  132,523 
Workspace Group plc 2,604  27,071 
2,751,205 
Residential REITs — 15.2%
Advance Residence Investment Corp. 32  89,642 
Altarea SCA 173  29,855 
American Campus Communities, Inc. 2,156  116,014 
American Homes 4 Rent, Class A 4,295  163,253 
13


Avantis Real Estate ETF
Shares Value
Apartment Income REIT Corp. 2,101  $ 108,433 
AvalonBay Communities, Inc. 2,812  670,915 
Boardwalk Real Estate Investment Trust 906  40,350 
BRT Apartments Corp. 543  11,951 
BSR Real Estate Investment Trust 72  1,342 
Camden Property Trust 2,461  406,336 
Canadian Apartment Properties REIT 1,904  79,254 
Care Property Invest NV 631  15,920 
Centerspace 182  17,106 
Civitas Social Housing plc 6,330  7,515 
Comforia Residential REIT, Inc. 15  40,488 
Daiwa Securities Living Investments Corp. 41  37,463 
Emlak Konut Gayrimenkul Yatirim Ortakligi AS 40,819  5,863 
Equity Lifestyle Properties, Inc. 3,909  291,690 
Equity Residential 8,076  688,883 
Essex Property Trust, Inc. 1,354  429,448 
Flagship Communities REIT 115  2,111 
Independence Realty Trust, Inc. 3,900  98,553 
Ingenia Communities Group 10,700  39,690 
InterRent Real Estate Investment Trust 1,360  16,524 
Invitation Homes, Inc. 8,881  335,702 
Irish Residential Properties REIT plc 10,472  17,326 
Kenedix Residential Next Investment Corp. 21  34,499 
Killam Apartment Real Estate Investment Trust 1,474  24,805 
Mid-America Apartment Communities, Inc. 2,384  487,790 
Minto Apartment Real Estate Investment Trust 114  1,960 
Nippon Accommodations Fund, Inc. 11  57,985 
PRS REIT plc (The) 10,697  14,560 
Sinpas Gayrimenkul Yatirim Ortakligi AS(1)
930  407 
Sun Communities, Inc. 2,546  460,826 
Triple Point Social Housing Reit plc 5,353  6,238 
UDR, Inc. 8,085  443,624 
UMH Properties, Inc. 1,071  24,697 
UNITE Group plc (The) 6,433  92,018 
Xior Student Housing NV 201  10,928 
5,421,964 
Retail REITs — 15.4%
AEON REIT Investment Corp. 31  38,654 
Agree Realty Corp. 1,126  72,233 
BWP Trust 17,936  52,426 
CapitaLand Integrated Commercial Trust 163,500  255,880 
Carmila SA 1,999  34,938 
Charter Hall Retail REIT 21,330  65,000 
Choice Properties Real Estate Investment Trust 3,286  37,643 
Crombie Real Estate Investment Trust 1,360  18,648 
CT Real Estate Investment Trust 1,020  13,632 
Eurocommercial Properties NV 575  14,280 
Federal Realty Investment Trust 2,143  251,974 
First Capital Real Estate Investment Trust 3,174  45,450 
Fortune Real Estate Investment Trust 68,000  63,896 
Frasers Centrepoint Trust 25,100  41,910 
14


Avantis Real Estate ETF
Shares Value
Frontier Real Estate Investment Corp. 13  $ 53,514 
Fukuoka REIT Corp. 16  21,845 
Getty Realty Corp. 685  18,872 
Hamborner REIT AG 2,187  23,665 
HomeCo Daily Needs REIT 33,612  37,413 
Hyprop Investments Ltd. 15,106  33,854 
Japan Metropolitan Fund Invest 68  55,035 
Kenedix Retail REIT Corp. 13,687 
Kimco Realty Corp. 15,044  353,985 
Kite Realty Group Trust 3,556  77,983 
Kiwi Property Group Ltd. 34,983  25,611 
Klepierre SA(1)
8,416  240,568 
Lendlease Global Commercial REIT 16,800  10,256 
Link REIT 44,300  357,979 
LOTTE Reit Co. Ltd. 6,032  27,405 
Mapletree Commercial Trust 46,500  62,358 
National Retail Properties, Inc. 3,945  168,097 
NETSTREIT Corp. 438  9,697 
Phillips Edison & Co., Inc. 1,819  58,790 
Realty Income Corp. 12,016  794,137 
Regency Centers Corp. 3,877  255,456 
Resilient REIT Ltd. 7,867  29,839 
Retail Opportunity Investments Corp. 1,788  32,470 
Retail Value, Inc. 40  124 
RioCan Real Estate Investment Trust 4,986  98,815 
Sasseur Real Estate Investment Trust 6,800  4,249 
Shaftesbury plc 6,004  47,367 
Shopping Centres Australasia Property Group 27,771  58,552 
Simon Property Group, Inc. 7,703  1,059,625 
SITE Centers Corp. 3,927  61,065 
SmartCentres Real Estate Investment Trust 2,154  54,058 
SPH REIT 24,000  17,057 
Spirit Realty Capital, Inc. 1,765  81,843 
Starhill Global REIT 42,100  18,696 
Supermarket Income Reit plc 18,894  31,649 
Urstadt Biddle Properties, Inc., Class A 839  15,798 
Vastned Retail NV 347  9,859 
Vicinity Centres 97,290  126,685 
Vukile Property Fund Ltd. 21,926  17,941 
Waypoint REIT Ltd. 16,732  33,078 
5,505,541 
Specialized REITs — 23.6%
American Tower Corp. 7,722  1,751,890 
Arena REIT 10,749  38,548 
Automotive Properties Real Estate Investment Trust 226  2,530 
Big Yellow Group plc 4,714  89,632 
Charter Hall Social Infrastructure REIT 12,097  33,326 
Crown Castle International Corp. 7,055  1,175,293 
CubeSmart 3,325  160,298 
CyrusOne, Inc. 481  43,458 
Digital Realty Trust, Inc. 4,290  578,807 
15


Avantis Real Estate ETF
Shares Value
Equinix, Inc. 1,205  $ 855,225 
ESR Kendall Square REIT Co. Ltd. 3,407  17,962 
Extra Space Storage, Inc. 2,210  415,812 
Four Corners Property Trust, Inc. 979  25,826 
Gaming and Leisure Properties, Inc. 3,211  145,812 
Gladstone Land Corp. 310  9,266 
Hotel Property Investments 4,979  12,915 
Keppel DC REIT 29,500  47,733 
Koramco Energy Plus Reit 1,040  5,693 
Lamar Advertising Co., Class A 1,665  181,585 
Life Storage, Inc. 1,829  231,533 
MGM Growth Properties LLC, Class A 2,225  84,261 
National Storage Affiliates Trust 1,331  77,557 
National Storage REIT 29,468  55,368 
Power REIT(1)
82  3,957 
Public Storage 4,008  1,422,920 
Rural Funds Group 9,935  19,730 
Safehold, Inc. 168  10,309 
Safestore Holdings plc 5,439  92,598 
SBA Communications Corp. 1,724  523,044 
Stor-Age Property REIT Ltd. 5,777  5,238 
Uniti Group, Inc. 2,858  37,068 
VICI Properties, Inc. 9,746  272,498 
8,427,692 
TOTAL COMMON STOCKS
(Cost $37,294,028)
35,628,380 
SHORT-TERM INVESTMENTS — 5.8%


Money Market Funds — 5.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class
2,083,355  2,083,355 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,083,355)
2,083,355 
TOTAL INVESTMENT SECURITIES — 105.5%
(Cost $39,377,383)

37,711,735 
OTHER ASSETS AND LIABILITIES — (5.5)%

(1,959,023)
TOTAL NET ASSETS — 100.0%

$ 35,752,712 

NOTES TO SCHEDULE OF INVESTMENTS
CVA - Certificaten Van Aandelen
(1)Non-income producing.


See Notes to Financial Statements.
16


FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Equity ETF
Shares Value
COMMON STOCKS — 99.8%


Aerospace and Defense — 1.1%
AAR Corp.(1)
2,071  $ 93,071 
Aerojet Rocketdyne Holdings, Inc. 5,457  211,459 
AeroVironment, Inc.(1)
74  5,258 
Astronics Corp.(1)
2,546  37,452 
Axon Enterprise, Inc.(1)
3,209  450,062 
Boeing Co. (The)(1)
8,459  1,736,971 
BWX Technologies, Inc. 11,916  636,553 
Curtiss-Wright Corp. 3,672  541,693 
Ducommun, Inc.(1)
359  18,133 
General Dynamics Corp. 3,678  862,307 
HEICO Corp. 359  52,956 
HEICO Corp., Class A 726  89,240 
Hexcel Corp. 11,723  678,762 
Howmet Aerospace, Inc. 17,648  633,916 
Huntington Ingalls Industries, Inc. 3,014  616,062 
Kaman Corp. 2,320  100,711 
L3Harris Technologies, Inc. 4,773  1,204,276 
Lockheed Martin Corp. 7,595  3,294,711 
Mercury Systems, Inc.(1)
663  39,926 
Moog, Inc., Class A 6,129  509,381 
National Presto Industries, Inc. 34  2,703 
Northrop Grumman Corp. 2,638  1,166,365 
Park Aerospace Corp. 308  4,272 
Parsons Corp.(1)
1,503  52,094 
Raytheon Technologies Corp. 38,051  3,907,838 
Spirit AeroSystems Holdings, Inc., Class A 9,225  461,250 
Textron, Inc. 27,495  2,010,709 
TransDigm Group, Inc.(1)
895  596,598 
Triumph Group, Inc.(1)
14  350 
Woodward, Inc. 4,812  599,719 
20,614,798 
Air Freight and Logistics — 0.8%
Air Transport Services Group, Inc.(1)
18,896  595,413 
Atlas Air Worldwide Holdings, Inc.(1)
7,182  562,781 
CH Robinson Worldwide, Inc. 8,042  777,501 
Expeditors International of Washington, Inc. 15,115  1,562,286 
FedEx Corp. 19,209  4,269,584 
Forward Air Corp. 5,377  554,799 
GXO Logistics, Inc.(1)
3,978  333,874 
Hub Group, Inc., Class A(1)
6,750  569,700 
Radiant Logistics, Inc.(1)
2,853  19,686 
United Parcel Service, Inc., Class B 34,459  7,250,863 
16,496,487 
Airlines — 0.3%
Alaska Air Group, Inc.(1)
9,664  542,537 
Allegiant Travel Co.(1)
2,793  486,233 
American Airlines Group, Inc.(1)
24,861  428,852 
Delta Air Lines, Inc.(1)
25,085  1,001,393 
17


Avantis U.S. Equity ETF
Shares Value
Hawaiian Holdings, Inc.(1)
10,358  $ 198,667 
JetBlue Airways Corp.(1)
38,034  580,779 
Mesa Air Group, Inc.(1)
361  1,570 
SkyWest, Inc.(1)
10,720  301,339 
Southwest Airlines Co.(1)
38,532  1,687,702 
Spirit Airlines, Inc.(1)
16,668  418,034 
United Airlines Holdings, Inc.(1)
11,995  532,578 
6,179,684 
Auto Components — 0.6%
Adient plc(1)
10,952  490,102 
American Axle & Manufacturing Holdings, Inc.(1)
47,880  443,369 
Aptiv plc(1)
14,703  1,903,156 
Autoliv, Inc. 12,832  1,129,344 
BorgWarner, Inc. 35,365  1,450,319 
Cooper-Standard Holdings, Inc.(1)
1,463  18,609 
Dana, Inc. 23,134  430,755 
Fox Factory Holding Corp.(1)
873  103,032 
Gentex Corp. 40,352  1,221,455 
Gentherm, Inc.(1)
6,199  525,923 
Goodyear Tire & Rubber Co. (The)(1)
56,167  870,027 
LCI Industries 3,074  382,775 
Lear Corp. 7,861  1,236,850 
Modine Manufacturing Co.(1)
7,884  79,628 
Motorcar Parts of America, Inc.(1)
175  2,826 
Patrick Industries, Inc. 3,425  244,340 
Standard Motor Products, Inc. 1,030  45,021 
Stoneridge, Inc.(1)
1,367  22,569 
Tenneco, Inc., Class A(1)
21,883  421,904 
Veoneer, Inc.(1)
2,873  101,848 
Visteon Corp.(1)
4,503  541,126 
XPEL, Inc.(1)
682  49,513 
11,714,491 
Automobiles — 1.3%
Fisker, Inc.(1)
3,266  39,845 
Ford Motor Co. 306,509  5,382,298 
General Motors Co.(1)
99,620  4,654,246 
Harley-Davidson, Inc. 24,540  1,013,502 
Tesla, Inc.(1)
15,299  13,316,709 
Thor Industries, Inc. 5,005  452,953 
Winnebago Industries, Inc. 6,692  428,756 
25,288,309 
Banks — 6.4%
1st Source Corp. 879  42,447 
Allegiance Bancshares, Inc. 623  26,696 
Amalgamated Financial Corp. 292  5,014 
Amerant Bancorp, Inc. 1,415  45,917 
American National Bankshares, Inc. 154  5,944 
Ameris Bancorp 9,977  493,862 
Arrow Financial Corp. 1,088  37,373 
Associated Banc-Corp. 22,001  536,604 
Atlantic Capital Bancshares, Inc.(1)
2,432  78,651 
18


Avantis U.S. Equity ETF
Shares Value
Atlantic Union Bankshares Corp. 6,788  $ 275,796 
Banc of California, Inc. 2,598  51,051 
BancFirst Corp. 1,781  139,150 
Bancorp, Inc. (The)(1)
17,518  513,277 
Bank First Corp. 497  35,004 
Bank of America Corp. 233,670  10,328,214 
Bank of Hawaii Corp. 5,282  455,203 
Bank of Marin Bancorp 359  12,680 
Bank OZK 13,262  623,579 
BankUnited, Inc. 12,400  548,080 
Banner Corp. 3,132  192,963 
Bar Harbor Bankshares 1,022  29,383 
Baycom Corp.(1)
25  562 
BCB Bancorp, Inc. 604  11,005 
Berkshire Hills Bancorp, Inc. 7,688  239,097 
BOK Financial Corp. 1,781  182,909 
Brookline Bancorp., Inc. 9,377  160,722 
Business First Bancshares, Inc. 1,651  43,240 
Byline Bancorp, Inc. 820  22,361 
Cadence Bank 31,047  981,706 
Camden National Corp. 1,661  78,981 
Capital City Bank Group, Inc. 1,070  30,035 
Capstar Financial Holdings, Inc. 1,345  28,783 
Carter Bankshares, Inc.(1)
2,725  45,399 
Cathay General Bancorp 11,075  520,857 
CBTX, Inc. 154  4,629 
Central Pacific Financial Corp. 3,426  100,005 
Central Valley Community Bancorp 21  484 
Citigroup, Inc. 99,645  5,901,973 
Citizens & Northern Corp. 329  8,149 
Citizens Financial Group, Inc. 34,889  1,828,881 
City Holding Co. 1,033  82,299 
Civista Bancshares, Inc. 355  8,658 
CNB Financial Corp. 2,064  53,974 
Codorus Valley Bancorp, Inc. 16  357 
Columbia Banking System, Inc. 4,507  165,091 
Comerica, Inc. 16,243  1,551,044 
Commerce Bancshares, Inc. 9,529  683,992 
Community Bank System, Inc. 6,284  458,355 
Community Trust Bancorp, Inc. 1,699  71,834 
ConnectOne Bancorp, Inc. 4,665  153,945 
CrossFirst Bankshares, Inc.(1)
2,277  35,817 
Cullen/Frost Bankers, Inc. 4,377  615,975 
Customers Bancorp, Inc.(1)
7,191  442,606 
CVB Financial Corp. 13,605  320,806 
Dime Community Bancshares, Inc. 1,862  63,289 
Eagle Bancorp, Inc. 8,064  483,195 
East West Bancorp, Inc. 17,721  1,551,651 
Eastern Bankshares, Inc. 30,555  667,932 
Enterprise Bancorp, Inc. 600  24,174 
Enterprise Financial Services Corp. 2,395  118,409 
19


Avantis U.S. Equity ETF
Shares Value
Equity Bancshares, Inc., Class A 1,664  $ 52,333 
F.N.B. Corp. 58,901  791,040 
Farmers National Banc Corp. 2,115  36,441 
FB Financial Corp. 2,368  105,234 
Fifth Third Bancorp 66,299  3,171,744 
Financial Institutions, Inc. 2,042  65,221 
First BanCorp 38,766  547,376 
First Bancorp, Inc. (The) 582  17,344 
First Bancorp/Southern Pines NC 1,575  70,686 
First Bancshares, Inc. (The) 623  21,998 
First Busey Corp. 6,648  182,488 
First Business Financial Services, Inc. 299  9,852 
First Citizens BancShares, Inc., Class A 1,788  1,409,749 
First Commonwealth Financial Corp. 7,410  119,672 
First Community Bankshares, Inc. 683  20,032 
First Financial Bancorp 19,162  471,002 
First Financial Bankshares, Inc. 10,677  511,642 
First Financial Corp. 792  36,836 
First Foundation, Inc. 5,504  146,792 
First Hawaiian, Inc. 16,247  472,300 
First Horizon Corp. 48,293  1,133,920 
First Internet Bancorp 768  37,540 
First Interstate Bancsystem, Inc., Class A 12,266  498,000 
First Merchants Corp. 10,697  467,887 
First Mid Bancshares, Inc. 1,142  45,760 
First of Long Island Corp. (The) 2,483  54,055 
First Republic Bank 9,022  1,563,152 
Flushing Financial Corp. 3,722  87,430 
Fulton Financial Corp. 28,134  506,975 
German American Bancorp, Inc. 1,612  64,125 
Glacier Bancorp, Inc. 10,100  559,540 
Great Southern Bancorp, Inc. 840  51,593 
Guaranty Bancshares, Inc. 311  10,876 
Hancock Whitney Corp. 10,868  605,130 
Hanmi Financial Corp. 3,241  84,655 
HarborOne Bancorp, Inc. 5,601  82,839 
Heartland Financial USA, Inc. 9,230  457,993 
Heritage Commerce Corp. 2,471  29,380 
Heritage Financial Corp. 887  23,257 
Hilltop Holdings, Inc. 14,668  453,535 
Home BancShares, Inc. 18,685  437,416 
HomeStreet, Inc. 2,781  143,110 
HomeTrust Bancshares, Inc. 894  26,892 
Hope Bancorp, Inc. 29,939  507,765 
Horizon Bancorp, Inc. 2,959  59,417 
Huntington Bancshares, Inc. 165,969  2,575,839 
Independent Bank Corp. (Massachusetts) 6,305  542,293 
Independent Bank Corp. (Michigan) 2,095  49,861 
Independent Bank Group, Inc. 1,224  94,432 
International Bancshares Corp. 11,219  482,529 
Investors Bancorp, Inc. 34,218  572,809 
20


Avantis U.S. Equity ETF
Shares Value
JPMorgan Chase & Co. 110,895  $ 15,724,911 
KeyCorp 90,878  2,278,311 
Lakeland Bancorp, Inc. 5,132  92,581 
Lakeland Financial Corp. 2,528  202,771 
Live Oak Bancshares, Inc. 7,200  460,440 
M&T Bank Corp. 8,367  1,524,718 
Macatawa Bank Corp. 2,744  25,190 
MainStreet Bancshares, Inc. 72  1,803 
Mercantile Bank Corp. 1,223  45,092 
Meta Financial Group, Inc. 9,015  499,341 
Metrocity Bankshares, Inc. 700  17,017 
Metropolitan Bank Holding Corp.(1)
845  86,401 
Midland States Bancorp, Inc. 1,619  47,534 
MidWestOne Financial Group, Inc. 888  26,809 
MVB Financial Corp. 1,299  50,037 
National Bank Holdings Corp., Class A 3,007  133,451 
NBT Bancorp, Inc. 4,301  165,029 
Nicolet Bankshares, Inc.(1)
707  67,349 
Northeast Bank 351  12,783 
Northrim BanCorp, Inc. 279  12,496 
Northwest Bancshares, Inc. 6,735  94,829 
OceanFirst Financial Corp. 3,729  83,455 
OFG Bancorp 10,049  283,181 
Old National Bancorp. 41,664  761,618 
Old Second Bancorp, Inc. 2,211  31,463 
Origin Bancorp, Inc. 2,564  118,406 
Orrstown Financial Services, Inc. 338  8,254 
Pacific Premier Bancorp, Inc. 4,344  168,156 
PacWest Bancorp 11,755  580,932 
Park National Corp. 3,267  437,974 
Parke Bancorp, Inc. 565  13,328 
PCB Bancorp.(2)
57  1,341 
Peapack-Gladstone Financial Corp. 887  33,458 
People's United Financial, Inc. 36,220  763,518 
Peoples Bancorp, Inc. 2,044  63,936 
Pinnacle Financial Partners, Inc. 5,546  560,590 
PNC Financial Services Group, Inc. (The) 19,415  3,868,439 
Popular, Inc. 11,510  1,057,193 
Preferred Bank 2,102  164,965 
Premier Financial Corp. 6,312  193,589 
Primis Financial Corp. 438  6,263 
Prosperity Bancshares, Inc. 6,701  498,956 
QCR Holdings, Inc. 1,267  70,775 
RBB Bancorp 626  15,099 
Regions Financial Corp. 77,452  1,873,564 
Renasant Corp. 6,150  224,537 
Republic Bancorp, Inc., Class A 973  44,641 
S&T Bancorp, Inc. 2,422  75,300 
Sandy Spring Bancorp, Inc. 9,613  452,676 
Seacoast Banking Corp. of Florida 12,547  459,848 
ServisFirst Bancshares, Inc. 7,526  657,622 
21


Avantis U.S. Equity ETF
Shares Value
Sierra Bancorp 887  $ 23,807 
Signature Bank 5,454  1,881,030 
Silvergate Capital Corp., Class A(1)
1,045  133,844 
Simmons First National Corp., Class A 10,959  312,551 
SmartFinancial, Inc. 343  8,949 
South Plains Financial, Inc. 543  15,025 
Southern First Bancshares, Inc.(1)
624