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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. 9  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. 7  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  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. 6  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  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. 7  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. 4  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  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. 7  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. 7  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. 6  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. 3  7,480 
Orion Office REIT, Inc.(1)
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. 7  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. 6  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  35,605 
Southside Bancshares, Inc. 2,254  93,969 
SouthState Corp. 6,096  548,640 
Spirit of Texas Bancshares, Inc. 1,277  36,433 
Stock Yards Bancorp, Inc. 1,211  64,752 
Summit Financial Group, Inc. 308  8,399 
SVB Financial Group(1)
5,918  3,586,308 
Synovus Financial Corp. 18,936  996,980 
Texas Capital Bancshares, Inc.(1)
7,547  502,630 
Tompkins Financial Corp. 841  66,523 
Towne Bank 15,562  485,223 
Trico Bancshares 1,651  71,653 
TriState Capital Holdings, Inc.(1)
1,480  49,136 
Triumph Bancorp, Inc.(1)
5,057  507,318 
Truist Financial Corp. 62,338  3,878,670 
Trustmark Corp. 14,203  447,252 
U.S. Bancorp 65,797  3,720,162 
UMB Financial Corp. 6,646  676,962 
Umpqua Holdings Corp. 33,081  706,279 
United Bankshares, Inc. 11,000  402,820 
United Community Banks, Inc. 15,503  599,346 
United Security Bancshares 415  3,490 
Univest Financial Corp. 3,381  97,981 
Valley National Bancorp 44,727  624,836 
Veritex Holdings, Inc. 3,234  131,397 
Washington Trust Bancorp, Inc. 1,879  101,973 
Webster Financial Corp. 20,267  1,220,276 
Wells Fargo & Co. 175,127  9,346,528 
WesBanco, Inc. 13,098  478,601 
West BanCorp, Inc. 1,287  37,194 
Westamerica BanCorp 1,591  94,378 
Western Alliance Bancorp 12,514  1,173,062 
Wintrust Financial Corp. 7,340  729,302 
Zions Bancorp N.A. 20,543  1,456,293 
123,287,403 
Beverages — 1.0%
Boston Beer Co., Inc. (The), Class A(1)
701  268,805 
Brown-Forman Corp., Class A 630  38,455 
Brown-Forman Corp., Class B 18,093  1,180,206 
Coca-Cola Co. (The) 108,482  6,751,920 
Coca-Cola Consolidated, Inc. 1,028  510,844 
Constellation Brands, Inc., Class A 3,444  742,595 
Keurig Dr Pepper, Inc. 12,710  491,496 
MGP Ingredients, Inc. 387  30,809 
Molson Coors Beverage Co., Class B 15,248  795,641 
22

Avantis U.S. Equity ETF
Shares Value
Monster Beverage Corp.(1)
16,728  $ 1,411,843 
National Beverage Corp. 3,153  138,764 
PepsiCo, Inc. 40,311  6,600,523 
18,961,901 
Biotechnology — 2.4%
AbbVie, Inc. 46,964  6,939,870 
ACADIA Pharmaceuticals, Inc.(1)
1,279  32,499 
Agios Pharmaceuticals, Inc.(1)
224  6,973 
Alector, Inc.(1)
12,589  199,410 
Alkermes plc(1)
4,653  115,674 
Alnylam Pharmaceuticals, Inc.(1)
3,597  567,786 
Amgen, Inc. 18,778  4,252,841 
AnaptysBio, Inc.(1)
898  27,452 
Apellis Pharmaceuticals, Inc.(1)
1,800  76,554 
Arcus Biosciences, Inc.(1)
13,341  496,285 
Arena Pharmaceuticals, Inc.(1)
8,701  826,334 
Arrowhead Pharmaceuticals, Inc.(1)
13,120  577,280 
Atara Biotherapeutics, Inc.(1)
1,522  19,558 
Atreca, Inc., Class A(1)
18  32 
Avid Bioservices, Inc.(1)
4,107  84,111 
Avrobio, Inc.(1)
5  7 
BioCryst Pharmaceuticals, Inc.(1)
5,596  92,950 
Biogen, Inc.(1)
8,817  1,860,475 
Biohaven Pharmaceutical Holding Co. Ltd.(1)
4,006  475,552 
BioMarin Pharmaceutical, Inc.(1)
6,691  522,701 
Blueprint Medicines Corp.(1)
6,672  403,990 
Bridgebio Pharma, Inc.(1)
3,027  23,611 
Catalyst Pharmaceuticals, Inc.(1)
5,493  42,845 
Celldex Therapeutics, Inc.(1)
1,173  35,073 
Coherus Biosciences, Inc.(1)
5,511  64,975 
CRISPR Therapeutics AG(1)
2,333  143,176 
CureVac NV(1)(2)
6,036  101,526 
Cyclerion Therapeutics, Inc.(1)
6  6 
CytomX Therapeutics, Inc.(1)
9  34 
Denali Therapeutics, Inc.(1)
5,222  170,028 
Dynavax Technologies Corp.(1)
27,647  338,952 
Eagle Pharmaceuticals, Inc.(1)
711  33,694 
Editas Medicine, Inc.(1)
28  479 
Eiger BioPharmaceuticals, Inc.(1)
2  8 
Emergent BioSolutions, Inc.(1)
8,402  347,675 
Enanta Pharmaceuticals, Inc.(1)
286  20,140 
Exact Sciences Corp.(1)
4,856  379,059 
Exelixis, Inc.(1)
29,017  595,719 
Gilead Sciences, Inc. 97,883  5,912,133 
Global Blood Therapeutics, Inc.(1)
993  29,989 
Gossamer Bio, Inc.(1)
63  569 
Halozyme Therapeutics, Inc.(1)
26,787  950,135 
Horizon Therapeutics plc(1)
11,891  1,084,102 
ImmunoGen, Inc.(1)
8,461  47,720 
Incyte Corp.(1)
6,766  462,118 
Intellia Therapeutics, Inc.(1)
2,412  238,426 
23

Avantis U.S. Equity ETF
Shares Value
Ionis Pharmaceuticals, Inc.(1)
5,223  $ 174,344 
Iovance Biotherapeutics, Inc.(1)
1,259  19,729 
Ironwood Pharmaceuticals, Inc.(1)
40,678  437,695 
iTeos Therapeutics, Inc.(1)
4,350  157,166 
Krystal Biotech, Inc.(1)
396  25,166 
Kymera Therapeutics, Inc.(1)
1,453  57,771 
Ligand Pharmaceuticals, Inc.(1)
1,347  136,343 
Mirati Therapeutics, Inc.(1)
1,391  122,811 
Mirum Pharmaceuticals, Inc.(1)
198  4,693 
Moderna, Inc.(1)
30,256  4,647,322 
Myriad Genetics, Inc.(1)
14,744  359,459 
Natera, Inc.(1)
4,360  286,670 
Neurocrine Biosciences, Inc.(1)
5,276  474,154 
Novavax, Inc.(1)(2)
1,270  105,880 
OPKO Health, Inc.(1)
6,740  21,096 
ORIC Pharmaceuticals, Inc.(1)
6,215  48,228 
PDL BioPharma, Inc.(1)
1,937  4,959 
Protagonist Therapeutics, Inc.(1)
866  21,027 
Prothena Corp. plc(1)
804  27,818 
Regeneron Pharmaceuticals, Inc.(1)
6,683  4,132,500 
REGENXBIO, Inc.(1)
1,188  31,138 
Sage Therapeutics, Inc.(1)
10,486  381,376 
Sangamo Therapeutics, Inc.(1)
33,268  194,618 
Sarepta Therapeutics, Inc.(1)
241  18,463 
Seagen, Inc.(1)
3,623  466,896 
Solid Biosciences, Inc.(1)
3  2 
Syndax Pharmaceuticals, Inc.(1)
77  1,200 
TCR2 Therapeutics, Inc.(1)
2  5 
Travere Therapeutics, Inc.(1)
1,906  51,958 
Turning Point Therapeutics, Inc.(1)
1,921  60,819 
Ultragenyx Pharmaceutical, Inc.(1)
2,874  193,478 
uniQure NV(1)
6,773  115,073 
United Therapeutics Corp.(1)
5,123  851,443 
Vanda Pharmaceuticals, Inc.(1)
2,213  25,140 
Vericel Corp.(1)
8  330 
Vertex Pharmaceuticals, Inc.(1)
17,355  3,991,997 
Xencor, Inc.(1)
4,520  141,521 
Xenon Pharmaceuticals, Inc.(1)
1,433  45,426 
Zentalis Pharmaceuticals, Inc.(1)
659  32,878 
46,469,118 
Building Products — 0.9%
AAON, Inc. 7,806  457,119 
Advanced Drainage Systems, Inc. 6,805  794,280 
Allegion plc 4,755  544,543 
Alpha Pro Tech Ltd.(1)
26  111 
AO Smith Corp. 15,825  1,085,279 
Apogee Enterprises, Inc. 2,913  131,289 
Armstrong Flooring, Inc.(1)
157  246 
Armstrong World Industries, Inc. 6,944  613,850 
Builders FirstSource, Inc.(1)
27,444  2,042,382 
Carlisle Cos., Inc. 4,898  1,162,785 
24

Avantis U.S. Equity ETF
Shares Value
Carrier Global Corp. 11,182  $ 501,848 
CSW Industrials, Inc. 802  96,505 
Fortune Brands Home & Security, Inc. 5,531  480,644 
Gibraltar Industries, Inc.(1)
2,525  122,008 
Insteel Industries, Inc. 949  35,217 
JELD-WEN Holding, Inc.(1)
18,755  432,865 
Johnson Controls International plc 23,759  1,543,385 
Lennox International, Inc. 144  38,438 
Masco Corp. 8,326  466,589 
Masonite International Corp.(1)
4,761  449,105 
Owens Corning 15,754  1,468,115 
PGT Innovations, Inc.(1)
2,735  58,830 
Quanex Building Products Corp. 4,536  103,693 
Simpson Manufacturing Co., Inc. 5,524  654,649 
Trane Technologies plc 5,926  912,189 
Trex Co., Inc.(1)
16,648  1,528,952 
UFP Industries, Inc. 9,307  798,075 
Zurn Water Solutions Corp. 1,076  34,992 
16,557,983 
Capital Markets — 4.0%
Affiliated Managers Group, Inc. 2,372  328,190 
Ameriprise Financial, Inc. 13,361  4,005,494 
Ares Management Corp., Class A 2,243  181,885 
Artisan Partners Asset Management, Inc., Class A 11,919  454,233 
B. Riley Financial, Inc. 7,090  422,210 
Bank of New York Mellon Corp. (The) 46,953  2,495,552 
BGC Partners, Inc., Class A 22,375  102,478 
BlackRock, Inc. 4,100  3,049,949 
Blackstone, Inc. 19,200  2,447,424 
Brightsphere Investment Group, Inc. 17,958  428,658 
Carlyle Group, Inc. (The) 30,490  1,429,066 
Cboe Global Markets, Inc. 4,358  511,150 
Charles Schwab Corp. (The) 71,358  6,026,897 
CME Group, Inc. 12,379  2,928,005 
Cohen & Steers, Inc. 5,383  437,423 
Cowen, Inc., Class A 4,092  121,328 
Diamond Hill Investment Group, Inc. 264  51,184 
Evercore, Inc., Class A 6,539  830,518 
FactSet Research Systems, Inc. 1,705  692,383 
Federated Hermes, Inc. 15,472  505,470 
Franklin Resources, Inc. 15,685  466,315 
Freedom Holding Corp.(1)(2)
2,646  162,623 
Goldman Sachs Group, Inc. (The) 21,545  7,353,093 
Hamilton Lane, Inc., Class A 5,184  404,870 
Houlihan Lokey, Inc. 7,499  771,347 
Interactive Brokers Group, Inc., Class A 4,582  303,237 
Intercontinental Exchange, Inc. 13,490  1,728,339 
Invesco Ltd. 39,701  843,249 
Janus Henderson Group plc 30,367  1,019,420 
Jefferies Financial Group, Inc. 32,509  1,155,370 
KKR & Co., Inc. 54,991  3,306,059 
25

Avantis U.S. Equity ETF
Shares Value
Lazard Ltd., Class A 18,671  $ 645,643 
LPL Financial Holdings, Inc. 3,995  722,895 
MarketAxess Holdings, Inc. 1,181  450,469 
Moelis & Co., Class A 12,301  593,031 
Moody's Corp. 7,812  2,515,698 
Morgan Stanley 90,317  8,195,365 
Morningstar, Inc. 453  127,134 
MSCI, Inc. 1,808  907,056 
Nasdaq, Inc. 1,721  294,549 
Northern Trust Corp. 17,140  1,952,246 
Open Lending Corp., Class A(1)
11,647  242,607 
Oppenheimer Holdings, Inc., Class A 986  42,585 
Piper Sandler Cos. 3,869  572,651 
Pzena Investment Management, Inc., Class A 14  129 
Raymond James Financial, Inc. 19,313  2,117,670 
S&P Global, Inc. 11,164  4,194,240 
Safeguard Scientifics, Inc.(1)
2  12 
SEI Investments Co. 17,416  1,020,229 
State Street Corp. 21,369  1,823,417 
Stifel Financial Corp. 12,988  954,618 
StoneX Group, Inc.(1)
1,839  138,753 
T. Rowe Price Group, Inc. 21,423  3,096,909 
Victory Capital Holdings, Inc., Class A 1,496  49,622 
Virtu Financial, Inc., Class A 17,837  625,722 
Virtus Investment Partners, Inc. 1,660  399,429 
WisdomTree Investments, Inc.(2)
6,525  36,736 
76,682,834 
Chemicals — 2.4%
AdvanSix, Inc. 8,122  325,367 
Air Products and Chemicals, Inc. 9,820  2,320,466 
Albemarle Corp. 10,058  1,970,262 
American Vanguard Corp. 862  12,990 
Ashland Global Holdings, Inc. 5,715  527,380 
Aspen Aerogels, Inc.(1)
593  17,553 
Avient Corp. 9,082  475,806 
Axalta Coating Systems Ltd.(1)
16,512  446,484 
Balchem Corp. 409  56,581 
Cabot Corp. 11,330  828,903 
Celanese Corp. 13,144  1,830,696 
CF Industries Holdings, Inc. 12,499  1,014,794 
Chase Corp. 413  37,926 
Chemours Co. (The) 33,373  921,095 
Corteva, Inc. 52,839  2,749,213 
Dow, Inc. 58,889  3,472,095 
DuPont de Nemours, Inc. 31,260  2,418,586 
Eastman Chemical Co. 12,503  1,481,230 
Ecolab, Inc. 5,513  971,721 
Ecovyst, Inc. 974  10,646 
Element Solutions, Inc. 3,291  80,893 
Ferro Corp.(1)
18,373  399,245 
FMC Corp. 13,346  1,564,818 
26

Avantis U.S. Equity ETF
Shares Value
GCP Applied Technologies, Inc.(1)
3,963  $ 125,152 
H.B. Fuller Co. 359  24,545 
Hawkins, Inc. 1,414  63,998 
Huntsman Corp. 18,739  757,805 
Ingevity Corp.(1)
7,381  503,606 
Innospec, Inc. 5,466  522,003 
International Flavors & Fragrances, Inc. 2,015  267,995 
Koppers Holdings, Inc.(1)
1,797  51,448 
Kraton Corp.(1)
11,607  535,663 
Kronos Worldwide, Inc. 1,141  16,807 
Linde plc(1)
15,067  4,418,247 
Livent Corp.(1)
24,286  571,935 
LSB Industries, Inc.(1)
5,855  101,291 
LyondellBasell Industries NV, Class A 25,347  2,464,489 
Minerals Technologies, Inc. 6,610  462,634 
Mosaic Co. (The) 49,202  2,579,661 
NewMarket Corp. 1,524  484,266 
Olin Corp. 21,852  1,125,597 
Orion Engineered Carbons SA 9,756  151,608 
PPG Industries, Inc. 7,455  994,870 
Quaker Chemical Corp. 78  14,478 
Rayonier Advanced Materials, Inc.(1)
3,390  19,899 
RPM International, Inc. 5,719  483,656 
Scotts Miracle-Gro Co. (The) 3,677  515,001 
Sensient Technologies Corp. 6,543  537,377 
Sherwin-Williams Co. (The) 7,627  2,006,892 
Stepan Co. 4,074  422,148 
Trecora Resources(1)
63  559 
Trinseo plc 8,921  463,535 
Tronox Holdings plc, Class A 25,340  514,402 
Valvoline, Inc. 3,654  118,134 
Westlake Corp. 5,122  565,008 
45,819,459 
Commercial Services and Supplies — 0.6%
ABM Industries, Inc. 625  28,019 
ADT, Inc. 1,512  11,053 
Brady Corp., Class A 3,849  177,362 
Brink's Co. (The) 7,109  498,057 
Casella Waste Systems, Inc., Class A(1)
2,453  184,956 
Cimpress plc(1)
4,748  299,076 
Cintas Corp. 2,568  963,822 
Clean Harbors, Inc.(1)
7,761  740,632 
Copart, Inc.(1)
17,149  2,107,269 
Deluxe Corp. 359  11,168 
Ennis, Inc. 2,164  40,640 
Healthcare Services Group, Inc. 16,925  267,753 
Heritage-Crystal Clean, Inc.(1)
689  19,320 
HNI Corp. 12,107  492,634 
IAA, Inc.(1)
8,217  301,893 
Interface, Inc. 4,450  58,072 
KAR Auction Services, Inc.(1)
17,436  321,869 
27

Avantis U.S. Equity ETF
Shares Value
Kimball International, Inc., Class B 2,800  $ 25,956 
MillerKnoll, Inc. 4,448  172,938 
MSA Safety, Inc. 949  132,006 
Pitney Bowes, Inc. 2,999  14,935 
Quad/Graphics, Inc.(1)
695  3,809 
Republic Services, Inc. 1,337  160,814 
Rollins, Inc. 14,590  476,072 
Steelcase, Inc., Class A 9,768  118,877 
Stericycle, Inc.(1)
86  5,019 
Team, Inc.(1)
25  24 
Tetra Tech, Inc. 2,820  447,731 
UniFirst Corp. 2,552  462,550 
US Ecology, Inc.(1)
7  332 
Vidler Water Resouces, Inc.(1)
558  6,707 
VSE Corp. 354  16,868 
Waste Connections, Inc. 5,899  728,467 
Waste Management, Inc. 17,607  2,542,451 
11,839,151 
Communications Equipment — 0.5%
ADTRAN, Inc. 1,030  21,208 
Arista Networks, Inc.(1)
11,193  1,373,717 
Cambium Networks Corp.(1)
910  25,307 
Ciena Corp.(1)
14,570  996,879 
Cisco Systems, Inc. 86,127  4,803,303 
CommScope Holding Co., Inc.(1)
15,893  151,619 
Digi International, Inc.(1)
1,076  21,606 
Extreme Networks, Inc.(1)
4,953  56,910 
F5, Inc.(1)
2,858  574,029 
Infinera Corp.(1)
7,255  66,964 
Juniper Networks, Inc. 6,144  207,606 
Lumentum Holdings, Inc.(1)
8,608  850,987 
Motorola Solutions, Inc. 3,081  679,145 
NETGEAR, Inc.(1)
2,159  57,451 
NetScout Systems, Inc.(1)
1,432  44,578 
Plantronics, Inc.(1)
750  21,127 
Ubiquiti, Inc.(2)
199  50,524 
ViaSat, Inc.(1)
12,012  548,228 
Viavi Solutions, Inc.(1)
10,864  178,170 
10,729,358 
Construction and Engineering — 0.4%
AECOM 831  60,380 
Ameresco, Inc., Class A(1)
1,838  118,091 
Arcosa, Inc. 8,594  452,646 
Argan, Inc. 1,138  44,257 
Comfort Systems USA, Inc. 5,341  459,219 
Construction Partners, Inc., Class A(1)
2,751  73,617 
Dycom Industries, Inc.(1)
6,310  549,349 
EMCOR Group, Inc. 6,824  788,445 
Fluor Corp.(1)
27,052  585,946 
Great Lakes Dredge & Dock Corp.(1)
6,924  97,698 
IES Holdings, Inc.(1)
864  36,322 
28

Avantis U.S. Equity ETF
Shares Value
INNOVATE Corp.(1)(2)
1,669  $ 5,558 
MasTec, Inc.(1)
10,065  792,719 
Matrix Service Co.(1)
30  208 
MDU Resources Group, Inc. 15,903  425,723 
MYR Group, Inc.(1)
5,337  478,996 
Northwest Pipe Co.(1)
90  2,565 
Orion Group Holdings, Inc.(1)
8  26 
Primoris Services Corp. 17,710  467,013 
Quanta Services, Inc. 18,029  1,964,079 
Sterling Construction Co., Inc.(1)
713  21,055 
Tutor Perini Corp.(1)
2,982  29,224 
Valmont Industries, Inc. 1,404  303,896 
WillScot Mobile Mini Holdings Corp.(1)
8,528  303,000 
8,060,032 
Construction Materials — 0.2%
Eagle Materials, Inc. 6,524  892,679 
Forterra, Inc.(1)
872  20,544 
Martin Marietta Materials, Inc. 3,652  1,385,569 
Summit Materials, Inc., Class A(1)
5,379  167,933 
Vulcan Materials Co. 5,736  1,040,797 
3,507,522 
Consumer Finance — 1.5%
Ally Financial, Inc. 51,388  2,564,261 
American Express Co. 39,451  7,674,798 
Atlanticus Holdings Corp.(1)
921  49,062 
Capital One Financial Corp. 36,241  5,554,658 
Credit Acceptance Corp.(1)
1,236  679,948 
Discover Financial Services 35,787  4,417,547 
Encore Capital Group, Inc.(1)
6,743  444,971 
Enova International, Inc.(1)
9,248  377,041 
EZCORP, Inc., Class A(1)
5,523  33,083 
FirstCash Holdings, Inc. 5,598  403,280 
Green Dot Corp., Class A(1)
12,280  351,822 
LendingClub Corp.(1)
5,000  92,900 
Navient Corp. 37,718  664,214 
Nelnet, Inc., Class A 5,664  456,235 
OneMain Holdings, Inc. 15,112  770,410 
PRA Group, Inc.(1)
2,730  121,840 
PROG Holdings, Inc.(1)
11,635  356,496 
Regional Management Corp. 1,045  53,640 
SLM Corp. 72,882  1,435,775 
Synchrony Financial 67,675  2,895,136 
Upstart Holdings, Inc.(1)(2)
2,821  445,690 
World Acceptance Corp.(1)
565  111,006 
29,953,813 
Containers and Packaging — 0.6%
Amcor plc 39,514  459,548 
AptarGroup, Inc. 6,501  792,342 
Avery Dennison Corp. 7,387  1,301,589 
Ball Corp. 9,731  873,260 
Berry Global Group, Inc.(1)
9,057  549,307 
29

Avantis U.S. Equity ETF
Shares Value
Crown Holdings, Inc. 5,980  $ 733,567 
Graphic Packaging Holding Co. 33,808  695,769 
Greif, Inc., Class A 613  35,241 
Greif, Inc., Class B 16  911 
International Paper Co. 28,664  1,247,744 
Myers Industries, Inc. 2,626  43,644 
O-I Glass, Inc.(1)
5,433  69,434 
Packaging Corp. of America 12,339  1,816,177 
Sealed Air Corp. 4,994  335,247 
Silgan Holdings, Inc. 1,564  65,500 
Sonoco Products Co. 11,899  698,709 
TriMas Corp. 6,573  213,688 
UFP Technologies, Inc.(1)
85  5,877 
WestRock Co. 29,250  1,324,148 
11,261,702 
Distributors — 0.3%
Funko, Inc., Class A(1)
3,089  53,934 
Genuine Parts Co. 19,935  2,435,260 
LKQ Corp. 22,113  1,038,205 
Pool Corp. 4,271  1,958,595 
5,485,994 
Diversified Consumer Services — 0.1%
2U, Inc.(1)
2,196  23,058 
American Public Education, Inc.(1)
23  459 
Bright Horizons Family Solutions, Inc.(1)
1,692  221,043 
frontdoor, Inc.(1)
5,030  151,151 
Graham Holdings Co., Class B 61  36,669 
Grand Canyon Education, Inc.(1)
5,220  453,253 
H&R Block, Inc. 2,520  62,521 
Houghton Mifflin Harcourt Co.(1)
3,378  70,769 
Laureate Education, Inc., Class A 13,012  141,050 
OneSpaWorld Holdings Ltd.(1)
1,679  17,361 
Perdoceo Education Corp.(1)
5,644  59,093 
Service Corp. International 9,062  551,423 
Strategic Education, Inc. 353  20,834 
Stride, Inc.(1)
1,135  38,113 
Terminix Global Holdings, Inc.(1)
623  26,515 
Universal Technical Institute, Inc.(1)
767  6,627 
1,879,939 
Diversified Financial Services — 0.9%
Alerus Financial Corp. 981  28,204 
Apollo Global Management, Inc. 36,792  2,401,046 
Berkshire Hathaway, Inc., Class B(1)
36,046  11,586,987 
Cannae Holdings, Inc.(1)
3,787  101,681 
Equitable Holdings, Inc. 66,819  2,182,308 
Voya Financial, Inc. 12,023  809,749 
17,109,975 
Diversified Telecommunication Services — 0.9%
AT&T, Inc. 210,494  4,986,603 
ATN International, Inc. 811  27,031 
Cogent Communications Holdings, Inc. 1,026  65,048 
30

Avantis U.S. Equity ETF
Shares Value
Consolidated Communications Holdings, Inc.(1)
2,677  $ 19,060 
EchoStar Corp., Class A(1)
2,795  68,030 
IDT Corp., Class B(1)
4,030  145,322 
Iridium Communications, Inc.(1)
17,526  693,854 
Lumen Technologies, Inc. 41,525  430,199 
Verizon Communications, Inc. 197,780  10,614,853 
17,050,000 
Electric Utilities — 1.5%
ALLETE, Inc. 2,445  153,888 
Alliant Energy Corp. 12,883  752,367 
American Electric Power Co., Inc. 27,658  2,507,198 
Avangrid, Inc.(2)
914  41,011 
Constellation Energy Corp. 20,516  943,326 
Duke Energy Corp. 14,685  1,474,521 
Edison International 28,016  1,776,775 
Entergy Corp. 17,074  1,796,356 
Evergy, Inc. 14,805  923,980 
Eversource Energy 8,791  719,104 
Exelon Corp. 62,586  2,663,660 
FirstEnergy Corp. 25,587  1,070,816 
Hawaiian Electric Industries, Inc. 12,977  531,797 
IDACORP, Inc. 5,071  527,130 
MGE Energy, Inc. 359  25,855 
NextEra Energy, Inc. 33,411  2,615,079 
NRG Energy, Inc. 11,831  447,685 
OGE Energy Corp. 15,620  586,531 
Otter Tail Corp. 4,658  288,144 
PG&E Corp.(1)
146,490  1,665,591 
Pinnacle West Capital Corp. 10,743  760,927 
PNM Resources, Inc. 2,216  100,097 
Portland General Electric Co. 11,621  589,998 
PPL Corp. 56,374  1,475,308 
Southern Co. (The) 46,857  3,034,928 
Via Renewables, Inc. 2  22 
Xcel Energy, Inc. 29,848  2,009,666 
29,481,760 
Electrical Equipment — 0.6%
Acuity Brands, Inc. 4,151  757,018 
Allied Motion Technologies, Inc. 102  3,552 
AMETEK, Inc. 7,452  967,195 
Atkore, Inc.(1)
10,261  1,043,646 
AZZ, Inc. 7,859  386,899 
Bloom Energy Corp., Class A(1)
1,598  35,476 
Eaton Corp. plc 13,305  2,052,828 
Emerson Electric Co. 16,722  1,553,808 
Encore Wire Corp. 1,579  183,827 
Generac Holdings, Inc.(1)
2,653  836,942 
Hubbell, Inc. 2,413  430,117 
LSI Industries, Inc. 1,121  7,645 
nVent Electric plc 2,488  84,418 
Orion Energy Systems, Inc.(1)
35  108 
31

Avantis U.S. Equity ETF
Shares Value
Plug Power, Inc.(1)(2)
3,452  $ 87,301 
Regal Rexnord Corp. 3,985  638,995 
Rockwell Automation, Inc. 7,222  1,925,241 
Sensata Technologies Holding plc(1)
1,907  110,434 
Stem, Inc.(1)
3,048  29,017 
Sunrun, Inc.(1)
9,611  262,188 
Thermon Group Holdings, Inc.(1)
1  17 
TPI Composites, Inc.(1)
9,619  130,049 
11,526,721 
Electronic Equipment, Instruments and Components — 1.3%
Advanced Energy Industries, Inc. 6,669  572,534 
Amphenol Corp., Class A 10,853  824,937 
Arlo Technologies, Inc.(1)
2,485  23,061 
Arrow Electronics, Inc.(1)
11,741  1,430,993 
Avnet, Inc. 13,805  580,776 
Badger Meter, Inc. 5,199  516,833 
Belden, Inc. 515  29,020 
Benchmark Electronics, Inc. 8,576  224,177 
CDW Corp. 6,851  1,181,523 
Cognex Corp. 6,458  436,303 
Coherent, Inc.(1)
2,203  582,297 
Corning, Inc. 76,295  3,082,318 
CTS Corp. 2,160  81,950 
ePlus, Inc.(1)
7,056  330,926 
Fabrinet(1)
2,346  234,905 
FARO Technologies, Inc.(1)
666  36,457 
Flex Ltd.(1)
58,349  962,175 
II-VI, Inc.(1)
4,717  327,643 
Insight Enterprises, Inc.(1)
6,702  697,008 
IPG Photonics Corp.(1)
2,494  325,093 
Jabil, Inc. 25,217  1,457,795 
Keysight Technologies, Inc.(1)
11,452  1,802,201 
Kimball Electronics, Inc.(1)
3,734  64,374 
Knowles Corp.(1)
4,003  87,185 
Littelfuse, Inc. 396  102,251 
Methode Electronics, Inc. 1,899  86,670 
National Instruments Corp. 11,479  460,882 
Novanta, Inc.(1)
606  82,798 
OSI Systems, Inc.(1)
3,725  300,496 
PC Connection, Inc. 286  13,954 
Plexus Corp.(1)
5,830  474,970 
Rogers Corp.(1)
2,559  698,607 
Sanmina Corp.(1)
12,583  500,552 
ScanSource, Inc.(1)
3,147  99,382 
TD SYNNEX Corp. 8,674  883,273 
TE Connectivity Ltd. 16,301  2,321,751 
Teledyne Technologies, Inc.(1)
1,807  775,890 
Trimble, Inc.(1)
5,964  415,989 
TTM Technologies, Inc.(1)
20,786  261,280 
Vishay Intertechnology, Inc. 24,012  460,790 
Vishay Precision Group, Inc.(1)
537  16,867 
32

Avantis U.S. Equity ETF
Shares Value
Vontier Corp. 3,742  $ 90,931 
Zebra Technologies Corp., Class A(1)
1,444  596,863 
24,536,680 
Energy Equipment and Services — 0.7%
Archrock, Inc. 58,113  485,243 
Baker Hughes Co. 30,987  910,398 
Bristow Group, Inc.(1)
2,144  71,052 
Cactus, Inc., Class A 11,120  563,339 
ChampionX Corp.(1)
12,124  259,575 
DMC Global, Inc.(1)
932  27,401 
Dril-Quip, Inc.(1)
1,287  37,117 
Expro Group Holdings NV(1)
1,950  31,375 
Halliburton Co. 128,700  4,315,311 
Helix Energy Solutions Group, Inc.(1)
10,604  42,946 
Helmerich & Payne, Inc. 14,245  516,096 
Liberty Oilfield Services, Inc., Class A(1)
4,616  57,608 
Nabors Industries Ltd.(1)
1,007  126,419 
National Energy Services Reunited Corp.(1)
1,433  12,768 
NexTier Oilfield Solutions, Inc.(1)
12,299  97,900 
NOV, Inc. 73,420  1,259,153 
Oceaneering International, Inc.(1)
35,194  515,240 
Oil States International, Inc.(1)
1,064  5,565 
Patterson-UTI Energy, Inc. 52,639  759,581 
ProPetro Holding Corp.(1)
16,674  212,927 
RPC, Inc.(1)
1,677  14,707 
Schlumberger NV 31,072  1,219,265 
SEACOR Marine Holdings, Inc.(1)
90  461 
Select Energy Services, Inc., Class A(1)
3,771  31,224 
Solaris Oilfield Infrastructure, Inc., Class A 912  9,485 
TechnipFMC plc(1)
79,045  541,458 
TETRA Technologies Inc(1)
15,000  48,000 
Tidewater, Inc.(1)
2,743  40,624 
Transocean Ltd.(1)
77,840  275,554 
US Silica Holdings, Inc.(1)
15,622  225,894 
Weatherford International plc(1)
17,104  485,754 
13,199,440 
Entertainment — 0.8%
Activision Blizzard, Inc. 18,758  1,528,777 
AMC Entertainment Holdings, Inc., Class A(1)(2)
17,035  321,280 
Cinemark Holdings, Inc.(1)
883  15,488 
Electronic Arts, Inc. 12,814  1,666,973 
IMAX Corp.(1)
1,784  36,893 
Liberty Media Corp.-Liberty Braves, Class C(1)
2,527  62,417 
Liberty Media Corp.-Liberty Formula One, Class C(1)
9,999  607,239 
Live Nation Entertainment, Inc.(1)
3,765  454,887 
Madison Square Garden Entertainment Corp.(1)
3,269  256,159 
Madison Square Garden Sports Corp.(1)
509  88,057 
Netflix, Inc.(1)
13,847  5,462,919 
Playtika Holding Corp.(1)
3,017  62,150 
Roku, Inc.(1)
1,167  162,832 
Take-Two Interactive Software, Inc.(1)
6,954  1,126,548 
33

Avantis U.S. Equity ETF
Shares Value
Walt Disney Co. (The)(1)
24,898  $ 3,696,357 
World Wrestling Entertainment, Inc., Class A 9,574  567,355 
Zynga, Inc., Class A(1)
38,235  347,174 
16,463,505 
Food and Staples Retailing — 1.8%
Andersons, Inc. (The) 2,321  105,838 
BJ's Wholesale Club Holdings, Inc.(1)
6,854  430,911 
Casey's General Stores, Inc. 5,915  1,112,493 
Chefs' Warehouse, Inc. (The)(1)
1,216  39,946 
Costco Wholesale Corp. 23,362  12,130,718 
HF Foods Group, Inc.(1)(2)
111  694 
Ingles Markets, Inc., Class A 3,072  252,580 
Kroger Co. (The) 91,221  4,269,143 
Natural Grocers by Vitamin Cottage, Inc. 24  407 
Performance Food Group Co.(1)
26,548  1,487,750 
PriceSmart, Inc. 5,555  403,960 
SpartanNash Co. 6,771  190,536 
Sprouts Farmers Market, Inc.(1)
23,029  655,866 
Sysco Corp. 24,164  2,104,684 
United Natural Foods, Inc.(1)
14,854  597,576 
US Foods Holding Corp.(1)
2,116  82,714 
Village Super Market, Inc., Class A 991  22,575 
Walgreens Boots Alliance, Inc. 43,648  2,011,736 
Walmart, Inc. 62,797  8,487,643 
Weis Markets, Inc. 2,660  164,042 
34,551,812 
Food Products — 1.2%
Archer-Daniels-Midland Co. 27,007  2,118,699 
B&G Foods, Inc. 16,486  487,986 
Bunge Ltd. 18,852  1,970,977 
Cal-Maine Foods, Inc. 424  18,770 
Calavo Growers, Inc. 780  33,298 
Campbell Soup Co. 11,712  526,689 
Conagra Brands, Inc. 2,867  100,259 
Darling Ingredients, Inc.(1)
19,070  1,382,194 
Flowers Foods, Inc. 27,881  764,218 
Fresh Del Monte Produce, Inc. 1,634  42,288 
General Mills, Inc. 12,340  832,086 
Hain Celestial Group, Inc. (The)(1)
9,332  339,312 
Hershey Co. (The) 11,675  2,361,385 
Hormel Foods Corp. 11,627  553,910 
Hostess Brands, Inc.(1)
7,178  154,614 
Ingredion, Inc. 9,963  884,117 
J&J Snack Foods Corp. 363  59,430 
J.M. Smucker Co. (The) 8,972  1,208,977 
John B Sanfilippo & Son, Inc. 680  54,074 
Kellogg Co. 8,300  530,702 
Kraft Heinz Co. (The) 19,406  761,103 
Lamb Weston Holdings, Inc. 15,613  1,037,172 
Lancaster Colony Corp. 805  135,409 
Landec Corp.(1)
471  5,426 
34

Avantis U.S. Equity ETF
Shares Value
McCormick & Co., Inc. 4,521  $ 430,264 
Mondelez International, Inc., Class A 35,876  2,349,160 
Pilgrim's Pride Corp.(1)
7,154  168,691 
Post Holdings, Inc.(1)
581  61,086 
Sanderson Farms, Inc. 2,212  395,041 
Seaboard Corp. 9  34,735 
Seneca Foods Corp., Class A(1)
279  13,880 
Simply Good Foods Co. (The)(1)
3,588  142,192 
Tootsie Roll Industries, Inc. 653  22,039 
TreeHouse Foods, Inc.(1)
10  393 
Tyson Foods, Inc., Class A 27,022  2,503,859 
22,484,435 
Gas Utilities — 0.2%
Atmos Energy Corp. 5,395  592,425 
Chesapeake Utilities Corp. 362  48,128 
Macquarie Infrastructure Holdings LLC 11,234  41,004 
National Fuel Gas Co. 8,901  553,998 
New Jersey Resources Corp. 11,056  482,263 
Northwest Natural Holding Co. 2,360  122,744 
ONE Gas, Inc. 2,850  236,806 
South Jersey Industries, Inc. 4,032  136,806 
Southwest Gas Holdings, Inc. 6,016  426,775 
Spire, Inc. 13  872 
Star Group LP 1,088  10,608 
UGI Corp. 11,258  432,758 
3,085,187 
Health Care Equipment and Supplies — 2.1%
Abbott Laboratories 44,916  5,417,768 
ABIOMED, Inc.(1)
1,764  548,145 
Align Technology, Inc.(1)
3,956  2,023,336 
AngioDynamics, Inc.(1)
1,618  38,072 
Apyx Medical Corp.(1)
320  3,238 
Artivion, Inc.(1)
224  4,379 
Atrion Corp. 38  27,187 
Avanos Medical, Inc.(1)
2,943  104,153 
Axogen, Inc.(1)
60  560 
Baxter International, Inc. 39,102  3,322,497 
Becton Dickinson and Co. 4,056  1,100,312 
Boston Scientific Corp.(1)
32,004  1,413,617 
Cooper Cos., Inc. (The) 1,940  793,499 
DENTSPLY SIRONA, Inc. 8,955  484,824 
DexCom, Inc.(1)
1,553  642,802 
Edwards Lifesciences Corp.(1)
21,733  2,442,137 
Glaukos Corp.(1)
1,204  66,593 
Globus Medical, Inc., Class A(1)
2,430  170,878 
Haemonetics Corp.(1)
6,566  378,924 
Hologic, Inc.(1)
20,696  1,472,934 
ICU Medical, Inc.(1)
2,446  579,042 
IDEXX Laboratories, Inc.(1)
6,288  3,347,417 
Insulet Corp.(1)
1,832  484,912 
Integer Holdings Corp.(1)
5,087  426,647 
35

Avantis U.S. Equity ETF
Shares Value
Integra LifeSciences Holdings Corp.(1)
1,192  $ 79,935 
Intuitive Surgical, Inc.(1)
9,632  2,796,459 
Lantheus Holdings, Inc.(1)
17,717  847,227 
LENSAR, Inc.(1)
146  856 
LivaNova plc(1)
8,282  652,787 
Masimo Corp.(1)
2,197  345,918 
Medtronic plc 28,613  3,004,079 
Meridian Bioscience, Inc.(1)
12,287  310,861 
Merit Medical Systems, Inc.(1)
7,495  487,400 
Natus Medical, Inc.(1)
2,335  64,960 
Neogen Corp.(1)
1,414  50,480 
Nevro Corp.(1)
309  22,155 
Novocure Ltd.(1)
390  31,925 
NuVasive, Inc.(1)
9,703  525,126 
OraSure Technologies, Inc.(1)
2,352  18,346 
Orthofix Medical, Inc.(1)
1,659  56,373 
Penumbra, Inc.(1)
403  89,361 
Quidel Corp.(1)
5,506  582,480 
ResMed, Inc. 5,137  1,267,555 
Shockwave Medical, Inc.(1)
21  3,722 
Sientra, Inc.(1)
6  17 
STERIS plc 2,753  660,720 
Stryker Corp. 6,455  1,699,924 
Surmodics, Inc.(1)
815  36,577 
Tandem Diabetes Care, Inc.(1)
180  20,273 
Teleflex, Inc. 621  208,848 
Varex Imaging Corp.(1)
889  21,016 
Zimmer Biomet Holdings, Inc. 6,087  774,205 
39,953,458 
Health Care Providers and Services — 2.3%
Acadia Healthcare Co., Inc.(1)
1,595  90,452 
Addus HomeCare Corp.(1)
668  56,807 
Amedisys, Inc.(1)
594  95,183 
AmerisourceBergen Corp. 5,449  776,646 
AMN Healthcare Services, Inc.(1)
1,662  176,405 
Anthem, Inc. 17,173  7,759,620 
Apollo Medical Holdings, Inc.(1)(2)
2,255  108,511 
Brookdale Senior Living, Inc.(1)
80,458  553,551 
Cardinal Health, Inc. 11,658  629,649 
Centene Corp.(1)
36,644  3,027,527 
Chemed Corp. 1,035  495,030 
Cigna Corp. 8,934  2,124,326 
CorVel Corp.(1)
1,026  163,196 
Cross Country Healthcare, Inc.(1)
6,762  150,995 
CVS Health Corp. 18,060  1,871,919 
DaVita, Inc.(1)
1,187  133,858 
Encompass Health Corp. 1,182  78,036 
Ensign Group, Inc. (The) 9,958  836,870 
Fulgent Genetics, Inc.(1)(2)
5,688  354,362 
Guardant Health, Inc.(1)
944  62,559 
Hanger, Inc.(1)
37  670 
36

Avantis U.S. Equity ETF
Shares Value
HCA Healthcare, Inc. 7,312  $ 1,830,267 
HealthEquity, Inc.(1)
86  4,619 
Henry Schein, Inc.(1)
7,334  633,511 
Humana, Inc. 7,837  3,403,766 
Joint Corp. (The)(1)
894  36,654 
Laboratory Corp. of America Holdings(1)
8,302  2,252,000 
LHC Group, Inc.(1)
95  12,936 
McKesson Corp. 4,303  1,183,153 
ModivCare, Inc.(1)
3,884  458,312 
Molina Healthcare, Inc.(1)
8,422  2,584,459 
National Healthcare Corp. 1,182  76,854 
National Research Corp. 715  28,443 
Owens & Minor, Inc. 15,985  705,738 
Patterson Cos., Inc. 16,188  484,021 
Premier, Inc., Class A 13,361  480,194 
Privia Health Group, Inc.(1)
1,694  43,604 
Quest Diagnostics, Inc. 3,777  495,807 
R1 RCM, Inc.(1)
16,502  448,689 
RadNet, Inc.(1)
2,262  55,804 
Select Medical Holdings Corp. 9  208 
Tenet Healthcare Corp.(1)
6,990  601,070 
Tivity Health, Inc.(1)
3,479  94,907 
UnitedHealth Group, Inc. 16,707  7,950,360 
Universal Health Services, Inc., Class B 9,511  1,368,918 
44,780,466 
Health Care Technology — 0.3%
Allscripts Healthcare Solutions, Inc.(1)
6,357  123,707 
Cerner Corp. 28,353  2,643,917 
Change Healthcare, Inc.(1)
22,719  486,641 
Evolent Health, Inc., Class A(1)
19,623  522,953 
HealthStream, Inc.(1)
887  18,175 
NextGen Healthcare, Inc.(1)
3,134  61,207 
Omnicell, Inc.(1)
1,051  135,873 
Teladoc Health, Inc.(1)
2,826  214,522 
Veeva Systems, Inc., Class A(1)
3,618  828,703 
5,035,698 
Hotels, Restaurants and Leisure — 1.5%
Accel Entertainment, Inc.(1)
1,137  14,883 
Aramark 8,867  327,724 
BJ's Restaurants, Inc.(1)
2,004  64,268 
Bloomin' Brands, Inc.(1)
12,037  296,231 
Booking Holdings, Inc.(1)
1,157  2,513,293 
Boyd Gaming Corp.(1)
8,379  594,406 
Brinker International, Inc.(1)
634  26,970 
Caesars Entertainment, Inc.(1)
7,355  619,217 
Carnival Corp.(1)
25,574  519,919 
Carrols Restaurant Group, Inc. 62  164 
Century Casinos, Inc.(1)
4  49 
Cheesecake Factory, Inc. (The)(1)
11,520  492,941 
Chipotle Mexican Grill, Inc.(1)
951  1,448,706 
Choice Hotels International, Inc. 799  115,336 
37

Avantis U.S. Equity ETF
Shares Value
Churchill Downs, Inc. 2,437  $ 587,000 
Chuy's Holdings, Inc.(1)
1,418  46,227 
Cracker Barrel Old Country Store, Inc. 3,892  522,579 
Darden Restaurants, Inc. 14,020  2,035,984 
Dave & Buster's Entertainment, Inc.(1)
623  27,001 
Denny's Corp.(1)
600  9,492 
Domino's Pizza, Inc. 1,101  475,863 
Expedia Group, Inc.(1)
2,194  430,265 
Fiesta Restaurant Group, Inc.(1)
293  2,951 
Golden Entertainment, Inc.(1)
1,830  104,182 
Hilton Grand Vacations, Inc.(1)
17,456  905,268 
Hilton Worldwide Holdings, Inc.(1)
5,590  832,127 
Hyatt Hotels Corp., Class A(1)
2,540  246,659 
Jack in the Box, Inc. 263  22,689 
Las Vegas Sands Corp.(1)
12,239  524,564 
Lindblad Expeditions Holdings, Inc.(1)
902  15,993 
Marriott International, Inc., Class A(1)
10,501  1,786,640 
Marriott Vacations Worldwide Corp. 359  57,681 
McDonald's Corp. 12,608  3,086,060 
MGM Resorts International 20,491  907,546 
Monarch Casino & Resort, Inc.(1)
1,678  130,716 
Noodles & Co.(1)
6,097  41,704 
Norwegian Cruise Line Holdings Ltd.(1)
23,289  453,903 
Papa John's International, Inc. 432  46,146 
Penn National Gaming, Inc.(1)
13,556  696,101 
Planet Fitness, Inc., Class A(1)
1,071  90,639 
Playa Hotels & Resorts NV(1)
3,791  35,825 
RCI Hospitality Holdings, Inc. 272  17,658 
Red Robin Gourmet Burgers, Inc.(1)
318  5,581 
Red Rock Resorts, Inc., Class A 14,725  740,373 
Royal Caribbean Cruises Ltd.(1)
8,341  673,286 
Ruth's Hospitality Group, Inc. 1,648  40,887 
Scientific Games Corp., Class A(1)
1,694  106,587 
SeaWorld Entertainment, Inc.(1)
9,834  682,381 
Six Flags Entertainment Corp.(1)
1,211  52,872 
Starbucks Corp. 21,647  1,986,978 
Texas Roadhouse, Inc. 8,245  782,533 
Travel + Leisure Co. 6,724  376,880 
Vail Resorts, Inc. 1,368  356,432 
Wendy's Co. (The) 21,971  499,621 
Wingstop, Inc. 350  50,873 
Wyndham Hotels & Resorts, Inc. 359  31,021 
Wynn Resorts Ltd.(1)
9,320  806,366 
Yum! Brands, Inc. 6,202  760,241 
29,126,482 
Household Durables — 1.0%
Beazer Homes USA, Inc.(1)
3,612  59,128 
Cavco Industries, Inc.(1)
1,878  511,999 
Century Communities, Inc. 7,660  488,095 
D.R. Horton, Inc. 18,400  1,571,360 
Ethan Allen Interiors, Inc. 2,011  52,407 
38

Avantis U.S. Equity ETF
Shares Value
Garmin Ltd. 7,192  $ 794,284 
GoPro, Inc., Class A(1)
15,431  132,707 
Green Brick Partners, Inc.(1)
819  18,993 
Helen of Troy Ltd.(1)
2,459  505,742 
Installed Building Products, Inc. 2,268  219,316 
iRobot Corp.(1)
3,566  221,663 
KB Home 12,085  466,602 
La-Z-Boy, Inc. 13,160  384,009 
Legacy Housing Corp.(1)
63  1,605 
Leggett & Platt, Inc. 1,379  51,133 
Lennar Corp., Class A 22,490  2,021,401 
LGI Homes, Inc.(1)
1,013  127,770 
Lifetime Brands, Inc. 86  1,127 
M.D.C. Holdings, Inc. 2,186  96,927 
M/I Homes, Inc.(1)
8,040  396,292 
Meritage Homes Corp.(1)
6,309  621,941 
Mohawk Industries, Inc.(1)
9,163  1,289,967 
Newell Brands, Inc. 51,992  1,234,810 
NVR, Inc.(1)
252  1,249,527 
PulteGroup, Inc. 34,538  1,715,157 
Skyline Champion Corp.(1)
4,531  304,664 
Sonos, Inc.(1)
22,469  615,426 
Taylor Morrison Home Corp.(1)
17,447  514,686 
Tempur Sealy International, Inc. 14,871  490,892 
Toll Brothers, Inc. 18,292  992,524 
TopBuild Corp.(1)
158  33,919 
Tri Pointe Homes, Inc.(1)
24,184  540,996 
Universal Electronics, Inc.(1)
924  30,704 
Whirlpool Corp. 8,595  1,729,916 
19,487,689 
Household Products — 0.7%
Central Garden & Pet Co.(1)
35  1,657 
Central Garden & Pet Co., Class A(1)
10,885  479,375 
Church & Dwight Co., Inc. 9,251  905,210 
Clorox Co. (The) 6,751  984,228 
Colgate-Palmolive Co. 28,304  2,177,993 
Energizer Holdings, Inc. 1,917  64,009 
Kimberly-Clark Corp. 10,510  1,367,877 
Procter & Gamble Co. (The) 51,221  7,984,842 
Spectrum Brands Holdings, Inc. 3,416  316,936 
WD-40 Co. 624  132,219 
14,414,346 
Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The) 90,858  1,928,915 
Clearway Energy, Inc., Class A 1,679  51,361 
Clearway Energy, Inc., Class C 2,204  73,614 
NextEra Energy Partners LP 6,495  506,675 
Ormat Technologies, Inc.(2)
5,773  411,903 
Sunnova Energy International, Inc.(1)
3,368  67,865 
Vistra Corp. 66,841  1,525,312 
4,565,645 
39

Avantis U.S. Equity ETF
Shares Value
Industrial Conglomerates — 0.4%
3M Co. 13,305  $ 1,977,788 
General Electric Co. 19,504  1,862,827 
Honeywell International, Inc. 17,257  3,274,516 
Roper Technologies, Inc. 1,191  533,830 
7,648,961 
Insurance — 3.4%
Aflac, Inc. 46,654  2,850,093 
Alleghany Corp.(1)
870  575,870 
Allstate Corp. (The) 29,153  3,567,161 
Ambac Financial Group, Inc.(1)
1,415  18,155 
American Equity Investment Life Holding Co. 16,217  611,219 
American Financial Group, Inc. 10,670  1,444,611 
American International Group, Inc. 73,265  4,486,749 
American National Group, Inc. 279  52,739 
AMERISAFE, Inc. 1,550  73,005 
Aon plc, Class A 7,569  2,211,208 
Arch Capital Group Ltd.(1)
28,551  1,345,038 
Argo Group International Holdings Ltd. 3,281  138,360 
Arthur J. Gallagher & Co. 5,240  828,916 
Assurant, Inc. 5,105  866,370 
Assured Guaranty Ltd. 9,610  595,532 
Axis Capital Holdings Ltd. 13,117  716,451 
Brighthouse Financial, Inc.(1)
11,327  591,949 
Brown & Brown, Inc. 1,861  125,822 
Chubb Ltd. 16,407  3,341,122 
Cincinnati Financial Corp. 9,571  1,175,223 
CNA Financial Corp. 359  16,406 
CNO Financial Group, Inc. 20,750  501,528 
Employers Holdings, Inc. 1,505  58,484 
Enstar Group Ltd.(1)
546  155,626 
Erie Indemnity Co., Class A 1,689  295,744 
Everest Re Group Ltd. 2,488  741,971 
Fidelity National Financial, Inc. 39,927  1,902,122 
First American Financial Corp. 17,685  1,185,602 
Genworth Financial, Inc., Class A(1)
125,417  509,193 
Globe Life, Inc. 10,435  1,053,518 
Goosehead Insurance, Inc., Class A 197  17,135 
Greenlight Capital Re Ltd., A Shares(1)
438  3,149 
Hallmark Financial Services, Inc.(1)
138  548 
Hanover Insurance Group, Inc. (The) 4,111  573,526 
Hartford Financial Services Group, Inc. (The) 47,138  3,275,148 
HCI Group, Inc. 444  27,643 
Horace Mann Educators Corp. 11,575  481,404 
James River Group Holdings Ltd. 1,650  43,890 
Kemper Corp. 7,530  402,403 
Kinsale Capital Group, Inc. 740  155,222 
Lincoln National Corp. 14,473  975,770 
Loews Corp. 15,736  965,246 
Markel Corp.(1)
440  546,880 
Marsh & McLennan Cos., Inc. 8,833  1,372,737 
40

Avantis U.S. Equity ETF
Shares Value
MBIA, Inc.(1)
2,999  $ 45,735 
Mercury General Corp. 3,695  203,225 
MetLife, Inc. 43,924  2,967,066 
National Western Life Group, Inc., Class A 184  39,256 
Old Republic International Corp. 33,308  877,666 
Primerica, Inc. 6,206  806,097 
Principal Financial Group, Inc. 24,046  1,698,609 
ProAssurance Corp. 3,055  73,626 
Progressive Corp. (The) 44,365  4,699,585 
Prudential Financial, Inc. 32,273  3,603,603 
Reinsurance Group of America, Inc. 5,564  616,825 
RenaissanceRe Holdings Ltd. 3,345  504,359 
RLI Corp. 1,686  171,129 
Safety Insurance Group, Inc. 2,931  244,563 
Selective Insurance Group, Inc. 7,202  599,134 
SiriusPoint Ltd.(1)
5,795  42,825 
State Auto Financial Corp. 630  32,766 
Stewart Information Services Corp. 7,550  512,494 
Tiptree, Inc. 1,990  25,452 
Travelers Cos., Inc. (The) 24,599  4,226,846 
Trupanion, Inc.(1)
231  20,705 
United Fire Group, Inc. 18  497 
Universal Insurance Holdings, Inc. 1,959  22,646 
Unum Group 20,609  575,403 
White Mountains Insurance Group Ltd. 284  298,257 
Willis Towers Watson plc 2,187  486,170 
WR Berkley Corp. 9,246  834,914 
65,105,941 
Interactive Media and Services — 3.6%
Alphabet, Inc., Class A(1)
9,017  24,356,179 
Alphabet, Inc., Class C(1)
8,528  23,007,009 
Bumble, Inc., Class A(1)
780  19,991 
Cargurus, Inc.(1)
7,911  383,288 
Cars.com, Inc.(1)
11,800  190,924 
IAC/InterActiveCorp(1)
3,276  375,954 
Match Group, Inc.(1)
5,579  622,003 
Meta Platforms, Inc., Class A(1)
86,323  18,216,743 
Snap, Inc., Class A(1)
19,097  762,734 
TrueCar, Inc.(1)
50  167 
Twitter, Inc.(1)
26,416  939,089 
Yelp, Inc.(1)
2,985  101,162 
Ziff Davis, Inc.(1)
802  80,681 
69,055,924 
Internet and Direct Marketing Retail — 2.5%
1-800-Flowers.com, Inc., Class A(1)
3,367  52,121 
Amazon.com, Inc.(1)
14,568  44,742,116 
DoorDash, Inc., Class A(1)
3,495  366,800 
eBay, Inc. 27,533  1,503,026 
Etsy, Inc.(1)
3,987  617,546 
Liquidity Services, Inc.(1)
3,598  61,994 
41

Avantis U.S. Equity ETF
Shares Value
MercadoLibre, Inc.(1)
842  $ 948,639 
PetMed Express, Inc. 1,769  47,675 
Revolve Group, Inc.(1)
7,704  365,401 
Shutterstock, Inc. 4,789  433,548 
Wayfair, Inc., Class A(1)(2)
1,965  276,810 
49,415,676 
IT Services — 3.1%
Accenture plc, Class A 26,970  8,523,059 
Akamai Technologies, Inc.(1)
10,818  1,171,157 
Alliance Data Systems Corp. 9,986  673,556 
Amdocs Ltd. 10,836  852,793 
Automatic Data Processing, Inc. 22,386  4,576,594 
Block, Inc.(1)
10,858  1,384,395 
Broadridge Financial Solutions, Inc. 7,013  1,025,371 
Cass Information Systems, Inc. 681  26,954 
Cognizant Technology Solutions Corp., Class A 36,016  3,102,058 
Computer Task Group, Inc.(1)
51  470 
Concentrix Corp. 5,500  1,099,395 
CSG Systems International, Inc. 9,982  616,089 
DXC Technology Co.(1)
43,946  1,495,482 
EPAM Systems, Inc.(1)
2,541  527,893 
Euronet Worldwide, Inc.(1)
4,348  557,544 
EVERTEC, Inc. 1,939  78,258 
ExlService Holdings, Inc.(1)
1,280  154,611 
Fidelity National Information Services, Inc. 10,004  952,681 
Fiserv, Inc.(1)
7,923  773,839 
FleetCor Technologies, Inc.(1)
2,312  541,470 
Gartner, Inc.(1)
4,158  1,165,986 
Genpact Ltd. 4,159  174,013 
Global Payments, Inc. 5,437  725,187 
GoDaddy, Inc., Class A(1)
5,524  460,757 
Hackett Group, Inc. (The) 732  15,167 
International Business Machines Corp. 24,812  3,039,718 
International Money Express, Inc.(1)
961  15,434 
Jack Henry & Associates, Inc. 3,866  683,509 
Kyndryl Holdings, Inc.(1)
28,386  450,202 
LiveRamp Holdings, Inc.(1)
1,189  51,317 
Mastercard, Inc., Class A 24,790  8,944,728 
MAXIMUS, Inc. 6,140  484,200 
MongoDB, Inc.(1)
632  241,418 
Okta, Inc.(1)
1,501  274,443 
Paychex, Inc. 18,060  2,150,224 
PayPal Holdings, Inc.(1)
23,465  2,626,438 
Perficient, Inc.(1)
190  19,361 
Sabre Corp.(1)
5,754  62,891 
Switch, Inc., Class A 2,302  59,898 
TTEC Holdings, Inc. 2,512  199,704 
Tucows, Inc., Class A(1)
85  5,710 
Twilio, Inc., Class A(1)
2,666  466,017 
Unisys Corp.(1)
1,184  25,302 
VeriSign, Inc.(1)
2,420  517,202 
42

Avantis U.S. Equity ETF
Shares Value
Visa, Inc., Class A 41,895  $ 9,054,347 
Western Union Co. (The) 29,283  532,365 
WEX, Inc.(1)
793  133,629 
60,712,836 
Leisure Products — 0.3%
Acushnet Holdings Corp. 2,973  130,217 
American Outdoor Brands, Inc.(1)
141  2,204 
Brunswick Corp. 13,182  1,259,145 
Callaway Golf Co.(1)
2,653  65,635 
Clarus Corp. 304  6,922 
Hasbro, Inc. 5,907  573,274 
Johnson Outdoors, Inc., Class A 466  38,431 
Malibu Boats, Inc., Class A(1)
6,878  479,190 
Marine Products Corp. 2  24 
MasterCraft Boat Holdings, Inc.(1)
2,140  61,290 
Mattel, Inc.(1)
4,952  123,701 
Peloton Interactive, Inc., Class A(1)
8,827  256,513 
Polaris, Inc. 10,417  1,265,770 
Smith & Wesson Brands, Inc. 6,967  122,828 
Sturm Ruger & Co., Inc. 5,568  403,179 
Vista Outdoor, Inc.(1)
14,684  535,232 
YETI Holdings, Inc.(1)
12,983  799,233 
6,122,788 
Life Sciences Tools and Services — 1.0%
Adaptive Biotechnologies Corp.(1)
1,507  21,746 
Agilent Technologies, Inc. 7,452  971,443 
Bio-Rad Laboratories, Inc., Class A(1)
973  609,059 
Bio-Techne Corp. 1,058  443,736 
Bruker Corp. 11,141  783,992 
Charles River Laboratories International, Inc.(1)
1,836  534,570 
Danaher Corp. 10,028  2,751,783 
Illumina, Inc.(1)
4,117  1,344,612 
IQVIA Holdings, Inc.(1)
3,026  696,343 
Medpace Holdings, Inc.(1)
260  39,772 
Mettler-Toledo International, Inc.(1)
1,512  2,130,015 
PerkinElmer, Inc. 1,381  248,041 
Repligen Corp.(1)
2,105  414,054 
Syneos Health, Inc.(1)
359  28,433 
Thermo Fisher Scientific, Inc. 9,910  5,391,040 
Waters Corp.(1)
5,948  1,883,910 
West Pharmaceutical Services, Inc. 4,427  1,713,603 
20,006,152 
Machinery — 2.4%
AGCO Corp. 8,493  1,020,519 
Alamo Group, Inc. 1,924  267,648 
Albany International Corp., Class A 5,890  517,260 
Allison Transmission Holdings, Inc. 2,835  113,230 
Altra Industrial Motion Corp. 2,197  93,307 
Astec Industries, Inc. 5,652  281,470 
Barnes Group, Inc. 1,900  88,255 
Caterpillar, Inc. 35,503  6,659,653 
43

Avantis U.S. Equity ETF
Shares Value
CIRCOR International, Inc.(1)
1,274  $ 34,322 
Colfax Corp.(1)
4,987  200,527 
Columbus McKinnon Corp. 1,286  58,693 
Commercial Vehicle Group, Inc.(1)
1,354  10,818 
Crane Co. 957  96,734 
Cummins, Inc. 14,307  2,920,345 
Deere & Co. 22,751  8,190,815 
Donaldson Co., Inc. 15,694  851,713 
Douglas Dynamics, Inc. 2,123  77,999 
Dover Corp. 3,368  528,304 
Energy Recovery, Inc.(1)
2,481  47,139 
Enerpac Tool Group Corp. 1,638  28,255 
EnPro Industries, Inc. 5,236  578,264 
ESCO Technologies, Inc. 694  48,282 
Federal Signal Corp. 8,488  306,502 
Flowserve Corp. 13,241  402,129 
Fortive Corp. 1,552  100,492 
Franklin Electric Co., Inc. 5,094  430,749 
Gorman-Rupp Co. (The) 1,072  39,943 
Graco, Inc. 19,268  1,389,030 
Greenbrier Cos., Inc. (The) 11,180  496,727 
Helios Technologies, Inc. 671  52,613 
Hyster-Yale Materials Handling, Inc. 921  35,256 
IDEX Corp. 2,348  450,581 
Illinois Tool Works, Inc. 12,031  2,602,786 
Ingersoll Rand, Inc. 12,138  613,212 
ITT, Inc. 7,861  690,746 
John Bean Technologies Corp. 670  75,958 
Kennametal, Inc. 13,567  430,210 
Lincoln Electric Holdings, Inc. 7,998  1,019,425 
Lindsay Corp. 342  44,874 
Manitowoc Co., Inc. (The)(1)
63  1,041 
Mayville Engineering Co., Inc.(1)
3  31 
Meritor, Inc.(1)
2,387  85,001 
Middleby Corp.(1)
631  112,078 
Miller Industries, Inc. 912  28,254 
Mueller Industries, Inc. 10,617  605,700 
Mueller Water Products, Inc., Class A 33,854  429,607 
Nordson Corp. 505  114,377 
Oshkosh Corp. 9,184  1,019,791 
Otis Worldwide Corp. 6,120  479,380 
PACCAR, Inc. 24,518  2,250,998 
Park-Ohio Holdings Corp. 296  4,703 
Parker-Hannifin Corp. 3,452  1,023,138 
Pentair plc 2,045  118,426 
Proto Labs, Inc.(1)
1,532  86,144 
RBC Bearings, Inc.(1)
2,348  455,160 
REV Group, Inc. 828  11,195 
Shyft Group, Inc. (The) 11,615  469,362 
Snap-on, Inc. 6,277  1,319,300 
SPX Corp.(1)
766  38,836 
44

Avantis U.S. Equity ETF
Shares Value
SPX FLOW, Inc. 6,226  $ 534,751 
Standex International Corp. 661  70,020 
Stanley Black & Decker, Inc. 2,929  476,548 
Tennant Co. 1,469  115,728 
Terex Corp. 13,327  550,139 
Timken Co. (The) 9,584  628,327 
Titan International, Inc.(1)
5,036  56,403 
Toro Co. (The) 13,879  1,301,989 
Trinity Industries, Inc. 17,318  499,797 
Wabash National Corp. 6,174  105,205 
Watts Water Technologies, Inc., Class A 3,670  528,296 
Welbilt, Inc.(1)
4,037  95,435 
Westinghouse Air Brake Technologies Corp. 10,523  976,745 
Xylem, Inc. 4,571  406,590 
46,893,280 
Marine — 0.1%
Costamare, Inc. 6,400  86,400 
Genco Shipping & Trading Ltd. 6  116 
Kirby Corp.(1)
1,510  98,376 
Matson, Inc. 8,865  981,976 
1,166,868 
Media — 1.0%
Altice USA, Inc., Class A(1)
22,182  256,424 
AMC Networks, Inc., Class A(1)
7,825  324,346 
Audacy, Inc.(1)
9,930  30,783 
Cable One, Inc. 320  458,512 
Charter Communications, Inc., Class A(1)
2,752  1,656,099 
Comcast Corp., Class A 143,378  6,704,355 
Discovery, Inc., Class A(1)
887  24,880 
Discovery, Inc., Class C(1)
13,908  389,007 
DISH Network Corp., Class A(1)
25,186  804,945 
Entravision Communications Corp., Class A 7,224  46,234 
Fox Corp., Class A 44,934  1,879,589 
Fox Corp., Class B 20,600  788,156 
Gannett Co., Inc.(1)
4,740  23,510 
Gray Television, Inc. 22,980  538,421 
Interpublic Group of Cos., Inc. (The) 7,811  287,445 
John Wiley & Sons, Inc., Class A 3  151 
Liberty Broadband Corp., Class A(1)
233  33,741 
Liberty Broadband Corp., Class C(1)
8,892  1,304,456 
Liberty Media Corp.-Liberty SiriusXM, Class C(1)
9,982  502,294 
Liberty Media Corp.-Liberty SiriusXM, Class A(1)
3,420  172,231 
Loyalty Ventures, Inc.(1)
3,430  82,320 
New York Times Co. (The), Class A 13,976  614,804 
News Corp., Class A 30,347  677,345 
News Corp., Class B 15,031  337,145 
Nexstar Media Group, Inc., Class A 969  179,314 
Omnicom Group, Inc. 7,974  668,939 
Paramount Global, Class B 18,332  561,143 
Scholastic Corp. 670  28,194 
Sinclair Broadcast Group, Inc., Class A 1,003  30,090 
45

Avantis U.S. Equity ETF
Shares Value
Sirius XM Holdings, Inc.(2)
14,281  $ 87,971 
TechTarget, Inc.(1)
461  36,133 
TEGNA, Inc. 24  550 
WideOpenWest, Inc.(1)
9,996  169,832 
19,699,359 
Metals and Mining — 1.4%
Alcoa Corp. 36,333  2,737,328 
Allegheny Technologies, Inc.(1)
28,482  733,127 
Alpha Metallurgical Resources, Inc.(1)
4,140  392,389 
Arconic Corp.(1)
18,129  556,560 
Carpenter Technology Corp. 7,040  270,266 
Century Aluminum Co.(1)
4,487  105,983 
Cleveland-Cliffs, Inc.(1)
49,082  1,097,474 
Coeur Mining, Inc.(1)
53,643  230,665 
Commercial Metals Co. 24,060  927,513 
Compass Minerals International, Inc. 7,425  435,253 
Fortitude Gold Corp. 744  4,732 
Freeport-McMoRan, Inc. 105,272  4,942,520 
Haynes International, Inc. 333  12,174 
Hecla Mining Co. 19,460  112,090 
Kaiser Aluminum Corp. 4,284  413,406 
Materion Corp. 1,107  92,490 
MP Materials Corp.(1)
2,405  109,716 
Newmont Corp. 57,231  3,788,692 
Nucor Corp. 29,706  3,909,904 
Olympic Steel, Inc. 157  4,203 
Reliance Steel & Aluminum Co. 8,799  1,679,465 
Royal Gold, Inc. 4,589  556,462 
Ryerson Holding Corp. 312  8,149 
Schnitzer Steel Industries, Inc., Class A 4,201  204,379 
Steel Dynamics, Inc. 31,402  2,216,353 
SunCoke Energy, Inc. 5,564  44,123 
TimkenSteel Corp.(1)
7,051  127,130 
United States Steel Corp. 27,893  758,969 
Warrior Met Coal, Inc. 20,909  658,633 
Worthington Industries, Inc. 6,954  396,517 
27,526,665 
Multi-Utilities — 0.8%
Ameren Corp. 20,475  1,759,826 
Avista Corp. 7,527  335,930 
CenterPoint Energy, Inc. 29,829  815,823 
CMS Energy Corp. 21,057  1,347,859 
Consolidated Edison, Inc. 16,912  1,450,542 
Dominion Energy, Inc. 38,087  3,029,059 
DTE Energy Co. 7,419  902,076 
NiSource, Inc. 30,063  869,723 
NorthWestern Corp. 1,160  70,157 
Public Service Enterprise Group, Inc. 27,466  1,780,621 
Sempra Energy 12,486  1,800,731 
Unitil Corp. 1,062  53,620 
WEC Energy Group, Inc. 5,179  470,668 
14,686,635 
46

Avantis U.S. Equity ETF
Shares Value
Multiline Retail — 0.9%
Big Lots, Inc.(2)
9,342  $ 324,728 
Dillard's, Inc., Class A 775  194,300 
Dollar General Corp. 13,141  2,606,386 
Dollar Tree, Inc.(1)
23,041  3,273,665 
Kohl's Corp. 26,995  1,501,462 
Macy's, Inc. 64,432  1,670,078 
Nordstrom, Inc.(1)
16,017  332,193 
Ollie's Bargain Outlet Holdings, Inc.(1)
913  39,423 
Target Corp. 38,144  7,620,027 
17,562,262 
Oil, Gas and Consumable Fuels — 6.2%
Alto Ingredients, Inc.(1)
4,759  27,745 
Antero Midstream Corp. 56,020  562,441 
Antero Resources Corp.(1)
47,533  1,089,932 
APA Corp. 53,495  1,906,027 
Arch Resources, Inc.(2)
4,383  523,199 
Berry Corp. 9,626  96,260 
Brigham Minerals, Inc., Class A 848  19,317 
Callon Petroleum Co.(1)
11,591  653,269 
Centennial Resource Development, Inc., Class A(1)
17,046  149,664 
Cheniere Energy, Inc. 6,601  877,273 
Chevron Corp. 96,468  13,891,392 
Civitas Resources, Inc. 2,113  106,643 
Clean Energy Fuels Corp.(1)
15,332  111,464 
CNX Resources Corp.(1)
29,016  474,121 
Comstock Resources, Inc.(1)
17,400  144,420 
ConocoPhillips 95,790  9,086,639 
CONSOL Energy, Inc.(1)
3,874  119,087 
Continental Resources, Inc. 9,562  530,022 
Coterra Energy, Inc. 140,506  3,278,005 
CVR Energy, Inc. 2,328  40,484 
Delek US Holdings, Inc.(1)
21,082  363,243 
Denbury, Inc.(1)
6,394  464,588 
Devon Energy Corp. 113,479  6,757,674 
DHT Holdings, Inc. 19,428  122,202 
Diamondback Energy, Inc. 26,219  3,620,844 
Dorian LPG Ltd. 1,331  18,341 
DTE Midstream LLC(1)
3,554  188,717 
EnLink Midstream LLC(1)
91,296  812,534 
EOG Resources, Inc. 54,957  6,315,658 
EQT Corp. 40,480  936,707 
Equitrans Midstream Corp. 76,285  488,987 
Evolution Petroleum Corp. 477  3,725 
Exxon Mobil Corp. 214,982  16,858,888 
Green Plains, Inc.(1)
14,534  475,843 
Hess Corp. 25,084  2,534,989 
HollyFrontier Corp. 15,634  476,055 
International Seaways, Inc. 3,697  67,618 
Kinder Morgan, Inc. 68,833  1,197,694 
Kosmos Energy Ltd.(1)
131,343  638,327 
47

Avantis U.S. Equity ETF
Shares Value
Laredo Petroleum, Inc.(1)
2,994  $ 229,221 
Magnolia Oil & Gas Corp., Class A 37,418  836,292 
Marathon Oil Corp. 124,137  2,800,531 
Marathon Petroleum Corp. 53,542  4,169,316 
Matador Resources Co. 25,783  1,278,837 
Murphy Oil Corp. 30,501  1,057,470 
NextDecade Corp.(1)(2)
153  519 
Oasis Petroleum, Inc. 4,692  621,737 
Occidental Petroleum Corp. 118,350  5,175,445 
ONEOK, Inc. 45,022  2,939,937 
Overseas Shipholding Group, Inc., Class A(1)
821  1,708 
Ovintiv, Inc. 43,822  2,009,239 
Par Pacific Holdings, Inc.(1)
1,990  27,064 
PBF Energy, Inc., Class A(1)
25,140  417,827 
PDC Energy, Inc. 22,314  1,439,699 
Phillips 66 32,275  2,718,846 
PHX Minerals, Inc. 28  72 
Pioneer Natural Resources Co. 22,686  5,435,566 
Plains GP Holdings LP, Class A(1)
10,773  121,843 
Range Resources Corp.(1)
54,438  1,249,352 
Ranger Oil Corp., Class A(1)
4,542  153,338 
Rattler Midstream LP 2,616  36,127 
Renewable Energy Group, Inc.(1)
10,529  647,533 
REX American Resources Corp.(1)
312  29,471 
Scorpio Tankers, Inc. 4,575  79,559 
SFL Corp. Ltd. 12,091  120,305 
SM Energy Co. 28,464  1,010,757 
Southwestern Energy Co.(1)
156,218  779,528 
Talos Energy, Inc.(1)
8,906  139,913 
Targa Resources Corp. 42,856  2,801,497 
Teekay Corp.(1)
317  1,068 
Teekay Tankers Ltd., Class A(1)
6  86 
Valero Energy Corp. 27,221  2,273,226 
Whiting Petroleum Corp. 9,056  668,786 
Williams Cos., Inc. (The) 75,289  2,355,040 
World Fuel Services Corp. 16,309  462,197 
120,118,990 
Paper and Forest Products — 0.1%
Clearwater Paper Corp.(1)
3,765  108,545 
Glatfelter Corp. 2,820  38,747 
Louisiana-Pacific Corp. 19,579  1,408,709 
Mercer International, Inc. 2,253  30,122 
Neenah, Inc. 1,420  55,309 
Sylvamo Corp.(1)
2,839  99,081 
Verso Corp., Class A 5,896  156,303 
1,896,816 
Personal Products — 0.3%
Beauty Health Co. (The)(1)
2,852  55,272 
Coty, Inc., Class A(1)
3,823  35,057 
Edgewell Personal Care Co. 11,944  426,162 
Estee Lauder Cos., Inc. (The), Class A 10,662  3,159,470 
48

Avantis U.S. Equity ETF
Shares Value
Herbalife Nutrition Ltd.(1)
1,285  $ 45,720 
Inter Parfums, Inc. 805  74,768 
Lifevantage Corp.(1)
15  84 
Medifast, Inc. 2,711  504,246 
Nature's Sunshine Products, Inc. 2  35 
NewAge, Inc.(1)
63  43 
Nu Skin Enterprises, Inc., Class A 11,049  512,563 
USANA Health Sciences, Inc.(1)
2,257  198,639 
5,012,059 
Pharmaceuticals — 3.6%
Amphastar Pharmaceuticals, Inc.(1)
606  16,792 
ANI Pharmaceuticals, Inc.(1)
18  674 
Antares Pharma, Inc.(1)
5,956  20,846 
Arvinas, Inc.(1)
1,936  125,472 
AstraZeneca plc, ADR 16,803  1,022,967 
Atea Pharmaceuticals, Inc.(1)(2)
7,000  44,380 
Bristol-Myers Squibb Co. 107,751  7,399,261 
Catalent, Inc.(1)
11,824  1,206,521 
Collegium Pharmaceutical, Inc.(1)
3,267  63,609 
Corcept Therapeutics, Inc.(1)
21,890  487,928 
Durect Corp.(1)
3  2 
Elanco Animal Health, Inc.(1)
29,283  831,930 
Eli Lilly & Co. 32,734  8,181,863 
Endo International plc(1)
30  93 
Innoviva, Inc.(1)
13,525  259,815 
Intra-Cellular Therapies, Inc.(1)
9,712  538,822 
Jazz Pharmaceuticals plc(1)
6,358  873,716 
Johnson & Johnson 114,304  18,811,009 
Merck & Co., Inc. 130,089  9,962,216 
Nektar Therapeutics(1)
3,725  38,144 
Organon & Co. 10,070  375,913 
Perrigo Co. plc 13,138  466,662 
Pfizer, Inc. 299,524  14,059,657 
Phibro Animal Health Corp., Class A 1,151  24,516 
Prestige Consumer Healthcare, Inc.(1)
9,679  576,191 
Revance Therapeutics, Inc.(1)
9  122 
SIGA Technologies, Inc.(1)
4,063  24,378 
Strongbridge Biopharma Plc(1)
1,036  188 
Supernus Pharmaceuticals, Inc.(1)
15,506  495,417 
Verrica Pharmaceuticals, Inc.(1)(2)
2  17 
Viatris, Inc. 23,798  262,016 
Xeris Biopharma Holdings, Inc.(1)(2)
8  19 
Zoetis, Inc. 20,358  3,942,327 
70,113,483 
Professional Services — 0.6%
Acacia Research Corp.(1)
1,942  7,438 
ASGN, Inc.(1)
448  49,634 
Barrett Business Services, Inc. 153  9,203 
BGSF, Inc. 7  99 
Booz Allen Hamilton Holding Corp. 7,459  601,867 
CACI International, Inc., Class A(1)
168  47,005 
49

Avantis U.S. Equity ETF
Shares Value
CoStar Group, Inc.(1)
7,667  $ 467,764 
CRA International, Inc. 587  52,143 
Equifax, Inc. 4,260  930,128 
Exponent, Inc. 5,110  484,223 
Franklin Covey Co.(1)
476  21,944 
FTI Consulting, Inc.(1)
706  103,076 
Heidrick & Struggles International, Inc. 2,935  125,471 
Insperity, Inc. 4,480  402,976 
Jacobs Engineering Group, Inc. 4,069  500,487 
KBR, Inc. 12,926  641,647 
Kelly Services, Inc., Class A 1,273  27,013 
Kforce, Inc. 4,462  335,453 
Korn Ferry 10,088  668,431 
Leidos Holdings, Inc. 4,948  503,904 
ManpowerGroup, Inc. 7,806  829,622 
ManTech International Corp., Class A 336  28,012 
Nielsen Holdings plc 4,378  76,265 
Resources Connection, Inc. 2,132  35,391 
Robert Half International, Inc. 16,741  2,013,775 
Science Applications International Corp. 784  68,749 
TransUnion 5,142  466,688 
TriNet Group, Inc.(1)
5,342  466,410 
TrueBlue, Inc.(1)
4,523  123,026 
Verisk Analytics, Inc. 4,634  821,793 
10,909,637 
Real Estate Management and Development — 0.3%
CBRE Group, Inc., Class A(1)
33,392  3,234,015 
Cushman & Wakefield plc(1)
1,415  31,017 
eXp World Holdings, Inc.(2)
792  21,178 
Forestar Group, Inc.(1)
314  5,749 
FRP Holdings, Inc.(1)
270  15,641 
Howard Hughes Corp. (The)(1)
4,771  456,012 
Jones Lang LaSalle, Inc.(1)
7,380  1,817,104 
Kennedy-Wilson Holdings, Inc. 3,145  69,630 
Marcus & Millichap, Inc.(1)
1,231  61,218 
Newmark Group, Inc., Class A 9,346  165,237 
Opendoor Technologies, Inc.(1)
5,632  47,027 
RE/MAX Holdings, Inc., Class A 1,453  43,067 
Realogy Holdings Corp.(1)
1,500  27,270 
RMR Group, Inc. (The), Class A 571  16,639 
St. Joe Co. (The) 4,456  240,758 
Tejon Ranch Co.(1)
586  9,950 
Zillow Group, Inc., Class A(1)
3,634  208,119 
Zillow Group, Inc., Class C(1)
4,480  257,690 
6,727,321 
Road and Rail — 1.8%
AMERCO 1,034  597,249 
ArcBest Corp. 6,261  580,269 
Avis Budget Group, Inc.(1)
288  52,831 
Canadian Pacific Railway Ltd. 27,487  1,931,786 
CSX Corp. 187,126  6,345,443 
50

Avantis U.S. Equity ETF
Shares Value
Daseke, Inc.(1)
1,429  $ 17,934 
Heartland Express, Inc. 2,844  40,840 
J.B. Hunt Transport Services, Inc. 11,970  2,429,072 
Knight-Swift Transportation Holdings, Inc. 12,459  678,766 
Landstar System, Inc. 5,189  801,233 
Lyft, Inc., Class A(1)
8,977  349,564 
Marten Transport Ltd. 5,541  95,582 
Norfolk Southern Corp. 18,286  4,690,725 
Old Dominion Freight Line, Inc. 11,469  3,601,610 
Ryder System, Inc. 10,588  834,758 
Saia, Inc.(1)
4,334  1,244,855 
Schneider National, Inc., Class B 3,240  84,629 
Uber Technologies, Inc.(1)
13,962  503,051 
Union Pacific Corp. 39,525  9,721,174 
Universal Logistics Holdings, Inc. 10  191 
Werner Enterprises, Inc. 11,049  480,190 
XPO Logistics, Inc.(1)
3,359  244,132 
35,325,884 
Semiconductors and Semiconductor Equipment — 5.3%
Advanced Micro Devices, Inc.(1)
73,645  9,083,398 
Alpha & Omega Semiconductor Ltd.(1)
1,104  59,362 
Ambarella, Inc.(1)
454  63,428 
Amkor Technology, Inc. 21,277  482,350 
Analog Devices, Inc. 20,705  3,318,804 
Applied Materials, Inc. 61,445  8,245,919 
Axcelis Technologies, Inc.(1)
1,448  100,231 
Azenta, Inc. 4,973  435,237 
Broadcom, Inc. 8,432  4,953,294 
CEVA, Inc.(1)
973  39,669 
Cirrus Logic, Inc.(1)
8,443  733,443 
CMC Materials, Inc. 2,645  490,462 
Cohu, Inc.(1)
13,483  420,400 
Diodes, Inc.(1)
6,222  557,429 
Enphase Energy, Inc.(1)
4,443  740,648 
Entegris, Inc. 6,515  850,077 
First Solar, Inc.(1)
6,570  494,655 
Formfactor, Inc.(1)
10,742  434,944 
Intel Corp. 184,380  8,794,926 
KLA Corp. 13,655  4,758,767 
Kulicke & Soffa Industries, Inc. 8,590  448,742 
Lam Research Corp. 10,305  5,784,712 
Lattice Semiconductor Corp.(1)
8,648  541,538 
MagnaChip Semiconductor Corp.(1)
5,171  94,112 
Marvell Technology, Inc. 23,487  1,604,867 
Microchip Technology, Inc. 10,558  742,544 
Micron Technology, Inc. 80,052  7,113,421 
MKS Instruments, Inc. 3,130  471,378 
Monolithic Power Systems, Inc. 1,301  596,769 
NeoPhotonics Corp.(1)
5,273  80,730 
NVIDIA Corp. 53,622  13,075,725 
ON Semiconductor Corp.(1)
47,387  2,966,900 
51

Avantis U.S. Equity ETF
Shares Value
Onto Innovation, Inc.(1)
3,528  $ 304,149 
PDF Solutions, Inc.(1)
909  24,870 
Photronics, Inc.(1)
2,735  50,379 
Power Integrations, Inc. 2,169  195,210 
Qorvo, Inc.(1)
9,787  1,338,666 
QUALCOMM, Inc. 35,079  6,033,237 
Rambus, Inc.(1)
5,440  146,880 
Semtech Corp.(1)
1,219  84,574 
Silicon Laboratories, Inc.(1)
1,271  195,365 
SiTime Corp.(1)
270  54,578 
Skyworks Solutions, Inc. 14,779  2,042,014 
SMART Global Holdings, Inc.(1)
5,708  156,685 
SolarEdge Technologies, Inc.(1)
3,285  1,049,295 
Synaptics, Inc.(1)
4,515  1,031,361 
Teradyne, Inc. 21,956  2,589,052 
Texas Instruments, Inc. 47,602  8,091,864 
Ultra Clean Holdings, Inc.(1)
9,837  450,633 
Universal Display Corp. 2,178  337,394 
Veeco Instruments, Inc.(1)
2,097  59,911 
Wolfspeed, Inc.(1)
5,221  536,301 
103,351,299 
Software — 6.4%
A10 Networks, Inc. 7,933  112,966 
ACI Worldwide, Inc.(1)
13,806  462,777 
Adobe, Inc.(1)
10,356  4,843,294 
Alarm.com Holdings, Inc.(1)
3,190  209,998 
American Software, Inc., Class A 1,149  25,244 
Anaplan, Inc.(1)
859  40,691 
ANSYS, Inc.(1)
1,827  592,295 
Appfolio, Inc., Class A(1)
2,923  330,708 
Aspen Technology, Inc.(1)
6,141  935,950 
Autodesk, Inc.(1)
9,558  2,104,958 
Avalara, Inc.(1)
841  87,388 
Avaya Holdings Corp.(1)
11,935  164,345 
Bentley Systems, Inc., Class B 2,848  109,335 
Bill.com Holdings, Inc.(1)
3,111  740,045 
Black Knight, Inc.(1)
3,590  201,722 
Blackbaud, Inc.(1)
6,650  415,559 
Blackline, Inc.(1)
427  32,157 
Bottomline Technologies de, Inc.(1)
1,044  59,132 
Box, Inc., Class A(1)
4,500  115,245 
Cadence Design Systems, Inc.(1)
11,430  1,730,845 
CDK Global, Inc. 1,769  80,206 
Cerence, Inc.(1)
7  253 
Ceridian HCM Holding, Inc.(1)
359  26,175 
ChannelAdvisor Corp.(1)
1,237  22,204 
Citrix Systems, Inc. 5,296  542,840 
CommVault Systems, Inc.(1)
2,004  126,072 
Consensus Cloud Solutions, Inc.(1)
242  13,470 
Coupa Software, Inc.(1)
312  37,755 
Crowdstrike Holdings, Inc., Class A(1)
4,603  898,552 
52

Avantis U.S. Equity ETF
Shares Value
Datadog, Inc., Class A(1)
3,038  $ 489,452 
Digital Turbine, Inc.(1)
5,871  284,626 
DocuSign, Inc.(1)
3,701  438,309 
Dolby Laboratories, Inc., Class A 5,775  433,703 
Domo, Inc., Class B(1)
505  22,473 
Dropbox, Inc., Class A(1)
6,437  146,056 
Dynatrace, Inc.(1)
1,110  49,306 
Fair Isaac Corp.(1)
1,279  602,652 
Five9, Inc.(1)
645  70,950 
Fortinet, Inc.(1)
13,264  4,569,713 
Guidewire Software, Inc.(1)
2,104  185,468 
HubSpot, Inc.(1)
1,095  574,875 
InterDigital, Inc. 6,854  441,535 
Intuit, Inc. 6,997  3,319,167 
Manhattan Associates, Inc.(1)
7,793  1,041,768 
Microsoft Corp. 244,965  73,193,092 
MicroStrategy, Inc., Class A(1)
193  85,499 
Mimecast Ltd.(1)
1,299  103,309 
Mitek Systems, Inc.(1)
2,349  34,906 
NCR Corp.(1)
12,399  502,407 
New Relic, Inc.(1)
433  28,682 
NortonLifeLock, Inc. 39,315  1,139,349 
Nuance Communications, Inc.(1)
1,820  101,046 
Nutanix, Inc., Class A(1)
4,233  113,021 
Oracle Corp. (New York) 49,802  3,783,458 
Palantir Technologies, Inc., Class A(1)
37,637  445,998 
Palo Alto Networks, Inc.(1)
3,183  1,891,498 
Paycom Software, Inc.(1)
4,254  1,442,999 
Paylocity Holding Corp.(1)
2,137  453,984 
Pegasystems, Inc. 300  26,136 
Progress Software Corp. 753  33,192 
PTC, Inc.(1)
3,206  356,764 
Q2 Holdings, Inc.(1)
359  23,353 
Qualys, Inc.(1)
4,465  559,509 
RingCentral, Inc., Class A(1)
368  48,149 
SailPoint Technologies Holdings, Inc.(1)
1,585  65,571 
salesforce.com, Inc.(1)
13,325  2,805,312 
ServiceNow, Inc.(1)
4,611  2,674,011 
Smartsheet, Inc., Class A(1)
1,759  93,526 
Splunk, Inc.(1)
943  111,368 
Sprout Social, Inc., Class A(1)
354  23,049 
SPS Commerce, Inc.(1)
1,488  193,217 
SS&C Technologies Holdings, Inc. 3,689  276,564 
Synopsys, Inc.(1)
2,989  933,734 
Teradata Corp.(1)
9,686  484,203 
Trade Desk, Inc. (The), Class A(1)
6,014  513,114 
Tyler Technologies, Inc.(1)
1,122  480,508 
Verint Systems, Inc.(1)
509  25,567 
VMware, Inc., Class A 4,461  523,365 
Vonage Holdings Corp.(1)
2,471  50,211 
Workday, Inc., Class A(1)
2,372  543,307 
53

Avantis U.S. Equity ETF
Shares Value
Xperi Holding Corp. 1,415  $ 24,508 
Zendesk, Inc.(1)
1,472  171,738 
Zoom Video Communications, Inc., Class A(1)
5,061  671,089 
Zscaler, Inc.(1)
611  146,121 
122,908,668 
Specialty Retail — 3.2%
Aaron's Co., Inc. (The) 5,398  113,304 
Abercrombie & Fitch Co., Class A(1)
15,132  576,227 
Academy Sports & Outdoors, Inc.(1)
17,549  568,061 
Advance Auto Parts, Inc. 9,399  1,921,908 
America's Car-Mart, Inc.(1)
46  4,424 
American Eagle Outfitters, Inc.(2)
18,793  396,156 
Asbury Automotive Group, Inc.(1)
4,082  792,357 
AutoNation, Inc.(1)
12,821  1,470,056 
AutoZone, Inc.(1)
457  851,569 
Bath & Body Works, Inc. 8,511  454,232 
Bed Bath & Beyond, Inc.(1)(2)
19,482  329,051 
Best Buy Co., Inc. 26,532  2,564,053 
Big 5 Sporting Goods Corp.(2)
3,884  64,319 
Boot Barn Holdings, Inc.(1)
5,702  496,188 
Buckle, Inc. (The) 11,913  428,868 
Burlington Stores, Inc.(1)
5,142  1,161,526 
Caleres, Inc. 8,444  175,297 
Camping World Holdings, Inc., Class A 704  21,620 
CarMax, Inc.(1)
21,317  2,330,588 
Carvana Co.(1)
254  38,219 
Cato Corp. (The), Class A 1,679  29,550 
Chico's FAS, Inc.(1)
1,444  6,787 
Children's Place, Inc. (The)(1)
886  55,783 
Citi Trends, Inc.(1)
1,443  53,838 
Conn's, Inc.(1)
549  10,069 
Container Store Group, Inc. (The)(1)
5,121  45,218 
Designer Brands, Inc., Class A(1)
1,955  25,513 
Dick's Sporting Goods, Inc.(2)
11,283  1,184,715 
Five Below, Inc.(1)
4,234  692,725 
Floor & Decor Holdings, Inc., Class A(1)
7,533  720,305 
Foot Locker, Inc. 20,029  633,317 
GameStop Corp., Class A(1)(2)
294  36,262 
Gap, Inc. (The) 43,582  634,118 
Genesco, Inc.(1)
1,455  93,338 
Group 1 Automotive, Inc. 3,445  626,749 
Guess?, Inc. 5,799  126,998 
Haverty Furniture Cos., Inc. 1,877  53,326 
Hibbett, Inc. 5,818  262,275 
Home Depot, Inc. (The) 28,129  8,883,982 
Kirkland's, Inc.(1)(2)
2,095  28,995 
Lithia Motors, Inc. 4,155  1,416,107 
LL Flooring Holdings, Inc.(1)
2,757  44,277 
Lowe's Cos., Inc. 37,811  8,358,500 
MarineMax, Inc.(1)
7,629  349,103 
Monro, Inc. 101  4,715 
54

Avantis U.S. Equity ETF
Shares Value
Murphy USA, Inc. 4,882  $ 882,373 
O'Reilly Automotive, Inc.(1)
3,847  2,497,626 
ODP Corp. (The)(1)
12,078  531,432 
Penske Automotive Group, Inc. 6,660  654,611 
Rent-A-Center, Inc. 8,965  254,696 
RH(1)
1,255  504,347 
Ross Stores, Inc. 32,302  2,952,080 
Sally Beauty Holdings, Inc.(1)
4,689  81,026 
Shoe Carnival, Inc. 1,326  38,666 
Signet Jewelers Ltd. 12,213  861,017 
Sleep Number Corp.(1)
388  25,492 
Sonic Automotive, Inc., Class A 2,172  116,658 
Sportsman's Warehouse Holdings, Inc.(1)
3,818  43,563 
Tilly's, Inc., Class A 1,364  17,323 
TJX Cos., Inc. (The) 71,421  4,720,928 
Tractor Supply Co. 15,411  3,140,608 
TravelCenters of America, Inc.(1)
802  33,868 
Ulta Beauty, Inc.(1)
7,464  2,795,268 
Urban Outfitters, Inc.(1)
14,070  387,066 
Victoria's Secret & Co.(1)
14,853  796,566 
Williams-Sonoma, Inc. 13,397  1,940,689 
Zumiez, Inc.(1)
6,345  282,289 
62,692,780 
Technology Hardware, Storage and Peripherals — 5.0%
3D Systems Corp.(1)
13,741  244,865 
Apple, Inc. 538,226  88,871,877 
Contra Zagg, Inc.(1)
2  — 
Dell Technologies, Inc., Class C(1)
6,487  330,578 
Hewlett Packard Enterprise Co. 36,219  576,607 
HP, Inc. 27,726  952,665 
NetApp, Inc. 12,591  986,883 
Pure Storage, Inc., Class A(1)
2,699  70,012 
Seagate Technology Holdings plc 23,193  2,392,590 
Stratasys Ltd.(1)
1,151  28,867 
Super Micro Computer, Inc.(1)
11,994  471,244 
Turtle Beach Corp.(1)
2,111  50,178 
Western Digital Corp.(1)
7,776  396,109 
Xerox Holdings Corp. 26,045  513,347 
95,885,822 
Textiles, Apparel and Luxury Goods — 1.2%
Capri Holdings Ltd.(1)
26,457  1,792,197 
Carter's, Inc. 7,141  690,392 
Columbia Sportswear Co. 3,835  355,581 
Crocs, Inc.(1)
13,640  1,142,077 
Deckers Outdoor Corp.(1)
4,608  1,330,053 
Fossil Group, Inc.(1)
3,467  46,874 
G-III Apparel Group Ltd.(1)
14,992  415,878 
Hanesbrands, Inc. 29,626  457,722 
Kontoor Brands, Inc. 34  1,684 
Levi Strauss & Co., Class A 17,785  402,830 
lululemon athletica, Inc.(1)
7,449  2,383,233 
55

Avantis U.S. Equity ETF
Shares Value
Movado Group, Inc. 1,968  $ 77,579 
NIKE, Inc., Class B 58,163  7,942,158 
Oxford Industries, Inc. 4,948  437,354 
PVH Corp. 7,230  707,745 
Ralph Lauren Corp. 4,803  634,188 
Rocky Brands, Inc. 280  10,791 
Skechers USA, Inc., Class A(1)
14,510  667,170 
Steven Madden Ltd. 12,420  529,837 
Tapestry, Inc. 48,850  1,997,965 
Under Armour, Inc., Class A(1)
21,372  382,345 
Under Armour, Inc., Class C(1)
7,023  109,770 
Unifi, Inc.(1)
1,684  31,609 
Vera Bradley, Inc.(1)
320  2,419 
VF Corp. 17,662  1,024,749 
Wolverine World Wide, Inc. 15,913  366,476 
23,940,676 
Thrifts and Mortgage Finance — 0.4%
Axos Financial, Inc.(1)
10,603  580,408 
Bridgewater Bancshares, Inc.(1)
882  14,844 
Columbia Financial, Inc.(1)
2,651  56,307 
Essent Group Ltd. 12,843  567,404 
Federal Agricultural Mortgage Corp., Class C 1,543  190,869 
Flagstar Bancorp, Inc. 11,036  503,021 
FS Bancorp, Inc. 826  26,449 
Hingham Institution For Savings (The) 168  60,453 
Home Bancorp, Inc. 278  10,900 
Kearny Financial Corp. 2,963  39,141 
Merchants Bancorp 2,718  78,686 
MGIC Investment Corp. 46,451  705,126 
Mr. Cooper Group, Inc.(1)
14,719  748,167 
New York Community Bancorp, Inc. 44,758  516,507 
NMI Holdings, Inc., Class A(1)
19,779  457,686 
Northfield Bancorp, Inc. 1,679  26,360 
OP Bancorp 18  240 
PCSB Financial Corp. 153  2,850 
PennyMac Financial Services, Inc. 7,886  455,417 
Provident Financial Services, Inc. 8,102  192,261 
Radian Group, Inc. 28,220  674,458 
Southern Missouri Bancorp, Inc. 727  38,953 
Sterling Bancorp, Inc.(1)
3  19 
Territorial Bancorp, Inc. 153  3,837 
TFS Financial Corp. 1,679  28,829 
TrustCo Bank Corp. NY 1,414  48,316 
Walker & Dunlop, Inc. 5,843  808,379 
Washington Federal, Inc. 13,999  498,085 
Waterstone Financial, Inc. 2,066  40,370 
Western New England Bancorp, Inc. 90  833 
WSFS Financial Corp. 10,440  530,665 
7,905,840 
Trading Companies and Distributors — 0.8%
Air Lease Corp. 19,311  806,427 
Applied Industrial Technologies, Inc. 6,077  614,385 
56

Avantis U.S. Equity ETF
Shares Value
Boise Cascade Co. 8,960  $ 716,262 
DXP Enterprises, Inc.(1)
1,016  29,169 
Fastenal Co. 53,958  2,776,679 
GATX Corp. 5,984  638,074 
Global Industrial Co. 1,507  47,892 
GMS, Inc.(1)
2,893  156,945 
H&E Equipment Services, Inc. 8,759  365,776 
Herc Holdings, Inc. 5,616  893,618 
McGrath RentCorp 6,218  505,399 
MRC Global, Inc.(1)
7,681  77,578 
MSC Industrial Direct Co., Inc., Class A 5,854  453,568 
NOW, Inc.(1)
18,403  171,884 
Rush Enterprises, Inc., Class A 9,230  479,406 
Rush Enterprises, Inc., Class B 100  4,901 
SiteOne Landscape Supply, Inc.(1)
4,590  791,454 
Textainer Group Holdings Ltd. 13,024  462,482 
Titan Machinery, Inc.(1)
1,859  52,665 
Triton International Ltd. 12,039  790,722 
United Rentals, Inc.(1)
2,854  917,904 
Univar Solutions, Inc.(1)
914  28,069 
Veritiv Corp.(1)
3,056  327,512 
W.W. Grainger, Inc. 5,187  2,474,510 
Watsco, Inc. 1,837  501,611 
WESCO International, Inc.(1)
563  68,534 
15,153,426 
Water Utilities — 0.1%
American States Water Co. 2,209  185,909 
American Water Works Co., Inc. 4,209  635,938 
Artesian Resources Corp., Class A 269  12,503 
California Water Service Group 790  44,975 
Essential Utilities, Inc. 10,772  507,469 
Global Water Resources, Inc. 7  107 
1,386,901 
Wireless Telecommunication Services — 0.2%
Shenandoah Telecommunications Co. 12,549  280,470 
T-Mobile US, Inc.(1)
27,830  3,428,934 
Telephone and Data Systems, Inc. 22,998  399,015 
United States Cellular Corp.(1)
1,452  39,945 
4,148,364 
TOTAL COMMON STOCKS
(Cost $1,676,728,713)
 1,930,724,590 
SHORT-TERM INVESTMENTS — 0.2%


Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,723,123  1,723,123 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
2,133,250  2,133,250 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,856,373)
 3,856,373 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $1,680,585,086)

1,934,580,963 
OTHER ASSETS AND LIABILITIES†

(852,778)
TOTAL NET ASSETS — 100.0%

$ 1,933,728,185 
57

Avantis U.S. Equity ETF
NOTES TO SCHEDULE OF INVESTMENTS
ADR - American Depositary Receipt
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,701,605. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,776,079, which includes securities collateral of $1,642,829.


See Notes to Financial Statements.
58

FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Large Cap Value ETF
Shares Value
COMMON STOCKS — 99.7%


Aerospace and Defense†
Textron, Inc. 242  $ 17,697 
Air Freight and Logistics — 2.3%
FedEx Corp. 4,196  932,645 
United Parcel Service, Inc., Class B 12,979  2,731,041 
3,663,686 
Auto Components — 0.4%
Autoliv, Inc. 4,791  421,656 
Gentex Corp. 15  454 
Goodyear Tire & Rubber Co. (The)(1)
11,898  184,300 
606,410 
Automobiles — 0.2%
General Motors Co.(1)
5,370  250,886 
Harley-Davidson, Inc. 2,470  102,011 
352,897 
Banks — 3.7%
BOK Financial Corp. 22  2,259 
Citigroup, Inc. 4,728  280,039 
Comerica, Inc. 4,877  465,705 
Fifth Third Bancorp 1,196  57,217 
JPMorgan Chase & Co. 13,472  1,910,330 
KeyCorp 28,256  708,378 
PacWest Bancorp 4,380  216,460 
Popular, Inc. 2,376  218,236 
Regions Financial Corp. 28,506  689,560 
Synovus Financial Corp. 6,833  359,757 
Wells Fargo & Co. 9,698  517,582 
Western Alliance Bancorp 88  8,249 
Zions Bancorp N.A. 5,826  413,005 
5,846,777 
Beverages†
National Beverage Corp. 107  4,709 
Biotechnology — 3.0%
Gilead Sciences, Inc. 29,074  1,756,069 
Halozyme Therapeutics, Inc.(1)
2,100  74,487 
Moderna, Inc.(1)
8,613  1,322,957 
Regeneron Pharmaceuticals, Inc.(1)
2,533  1,566,306 
4,719,819 
Building Products — 0.3%
Owens Corning 5,025  468,280 
Capital Markets — 5.6%
Ameriprise Financial, Inc. 3,162  947,936 
Blackstone, Inc. 14,519  1,850,737 
Carlyle Group, Inc. (The) 12,023  563,518 
Goldman Sachs Group, Inc. (The) 6,643  2,267,189 
Houlihan Lokey, Inc. 4,034  414,937 
Janus Henderson Group plc 4,622  155,161 
Jefferies Financial Group, Inc. 11,976  425,627 
59

Avantis U.S. Large Cap Value ETF
Shares Value
KKR & Co., Inc. 5,532  $ 332,584 
Morgan Stanley 2,218  201,261 
Raymond James Financial, Inc. 5,138  563,382 
SEI Investments Co. 121  7,088 
Stifel Financial Corp. 415  30,503 
T. Rowe Price Group, Inc. 7,138  1,031,869 
8,791,792 
Chemicals — 2.2%
Dow, Inc. 17,312  1,020,716 
FMC Corp. 229  26,850 
LyondellBasell Industries NV, Class A 7,060  686,444 
Mosaic Co. (The) 18,392  964,293 
Olin Corp. 9,681  498,668 
Westlake Corp. 1,568  172,966 
3,369,937 
Commercial Services and Supplies†
Clean Harbors, Inc.(1)
678  64,702 
Construction and Engineering — 0.2%
MasTec, Inc.(1)
2,682  211,235 
WillScot Mobile Mini Holdings Corp.(1)
993  35,281 
246,516 
Consumer Finance — 3.2%
Ally Financial, Inc. 14,579  727,492 
Capital One Financial Corp. 10,205  1,564,120 
Credit Acceptance Corp.(1)
568  312,468 
Discover Financial Services 9,620  1,187,493 
OneMain Holdings, Inc. 5,645  287,782 
Synchrony Financial 21,121  903,557 
4,982,912 
Containers and Packaging — 0.6%
Graphic Packaging Holding Co. 17,879  367,950 
Packaging Corp. of America 4,186  616,137 
984,087 
Distributors — 0.5%
Genuine Parts Co. 6,677  815,662 
Diversified Financial Services — 1.3%
Apollo Global Management, Inc. 14,277  931,717 
Equitable Holdings, Inc. 21,366  697,814 
Voya Financial, Inc. 6,864  462,290 
2,091,821 
Diversified Telecommunication Services — 1.9%
Verizon Communications, Inc. 55,957  3,003,212 
Electronic Equipment, Instruments and Components — 1.1%
Corning, Inc. 23,601  953,481 
Flex Ltd.(1)
16,915  278,928 
Jabil, Inc. 7,895  456,410 
1,688,819 
Energy Equipment and Services — 0.6%
Halliburton Co. 28,370  951,246 
Food and Staples Retailing — 3.3%
Albertsons Cos., Inc., Class A 4,622  134,732 
Casey's General Stores, Inc. 1,836  345,315 
60

Avantis U.S. Large Cap Value ETF
Shares Value
Costco Wholesale Corp. 1,193  $ 619,465 
Kroger Co. (The) 27,009  1,264,021 
Walmart, Inc. 21,168  2,861,067 
5,224,600 
Food Products — 0.1%
Ingredion, Inc. 188  16,683 
Pilgrim's Pride Corp.(1)
5,909  139,334 
Tyson Foods, Inc., Class A 390  36,138 
192,155 
Health Care Equipment and Supplies — 0.6%
Baxter International, Inc. 418  35,517 
Hologic, Inc.(1)
9,558  680,243 
Quidel Corp.(1)
1,847  195,394 
911,154 
Health Care Providers and Services — 2.2%
Anthem, Inc. 5,214  2,355,946 
Laboratory Corp. of America Holdings(1)
367  99,552 
Molina Healthcare, Inc.(1)
3,003  921,531 
3,377,029 
Health Care Technology — 0.1%
Cerner Corp. 1,815  169,249 
Hotels, Restaurants and Leisure — 0.4%
Boyd Gaming Corp.(1)
4,190  297,238 
Penn National Gaming, Inc.(1)
256  13,146 
Texas Roadhouse, Inc. 3,144  298,397 
608,781 
Household Durables — 0.9%
NVR, Inc.(1)
128  634,680 
PulteGroup, Inc. 875  43,452 
Toll Brothers, Inc. 1,960  106,350 
Whirlpool Corp. 3,139  631,787 
1,416,269 
Independent Power and Renewable Electricity Producers†
Vistra Corp. 528  12,049 
Insurance — 3.3%
Allstate Corp. (The) 7,313  894,819 
American Financial Group, Inc. 300  40,617 
Chubb Ltd. 176  35,841 
Cincinnati Financial Corp. 132  16,208 
Fidelity National Financial, Inc. 13,235  630,515 
First American Financial Corp. 6,656  446,218 
Hartford Financial Services Group, Inc. (The) 14,198  986,477 
Old Republic International Corp. 9,250  243,738 
Primerica, Inc. 2,596  337,194 
Progressive Corp. (The) 726  76,905 
Travelers Cos., Inc. (The) 8,215  1,411,584 
5,120,116 
Interactive Media and Services — 1.6%
Meta Platforms, Inc., Class A(1)
11,983  2,528,773 
Internet and Direct Marketing Retail — 1.1%
Amazon.com, Inc.(1)
574  1,762,903 
61

Avantis U.S. Large Cap Value ETF
Shares Value
IT Services — 0.4%
Accenture plc, Class A 294  $ 92,910 
Automatic Data Processing, Inc. 506  103,447 
DXC Technology Co.(1)
9,686  329,614 
Jack Henry & Associates, Inc. 869  153,639 
679,610 
Leisure Products — 0.6%
Brunswick Corp. 4,993  476,931 
Polaris, Inc. 2,712  329,535 
YETI Holdings, Inc.(1)
2,366  145,651 
952,117 
Life Sciences Tools and Services — 0.1%
Bruker Corp. 1,056  74,311 
Machinery — 3.9%
AGCO Corp. 303  36,408 
Caterpillar, Inc. 9,128  1,712,230 
Cummins, Inc. 4,115  839,954 
Deere & Co. 6,069  2,184,961 
Donaldson Co., Inc. 921  49,983 
Lincoln Electric Holdings, Inc. 3,461  441,139 
Oshkosh Corp. 3,072  341,115 
Snap-on, Inc. 264  55,488 
Toro Co. (The) 4,751  445,691 
6,106,969 
Media — 0.2%
Cable One, Inc. 111  159,046 
DISH Network Corp., Class A(1)
2,083  66,573 
225,619 
Metals and Mining — 3.4%
Alcoa Corp. 9,597  723,038 
Cleveland-Cliffs, Inc.(1)
3,747  83,783 
Freeport-McMoRan, Inc. 42,125  1,977,769 
Newmont Corp. 1,047  69,311 
Nucor Corp. 10,747  1,414,520 
Reliance Steel & Aluminum Co. 66  12,597 
Steel Dynamics, Inc. 9,716  685,755 
United States Steel Corp. 14,698  399,933 
5,366,706 
Multiline Retail — 2.3%
Dollar Tree, Inc.(1)
1,847  262,422 
Kohl's Corp. 8,050  447,741 
Macy's, Inc. 22,105  572,961 
Target Corp. 11,453  2,287,966 
3,571,090 
Oil, Gas and Consumable Fuels — 14.0%
Chevron Corp. 30,321  4,366,224 
ConocoPhillips 30,929  2,933,925 
Continental Resources, Inc. 3,429  190,070 
Coterra Energy, Inc. 1,661  38,751 
Devon Energy Corp. 32,167  1,915,545 
Diamondback Energy, Inc. 7,642  1,055,360 
62

Avantis U.S. Large Cap Value ETF
Shares Value
EOG Resources, Inc. 17,738  $ 2,038,451 
Exxon Mobil Corp. 58,823  4,612,900 
Hess Corp. 8,097  818,283 
HollyFrontier Corp. 4,012  122,165 
Marathon Oil Corp. 35,616  803,497 
Murphy Oil Corp. 6,920  239,916 
Occidental Petroleum Corp. 34,692  1,517,081 
ONEOK, Inc. 18,556  1,211,707 
Range Resources Corp.(1)
4,156  95,380 
21,959,255 
Paper and Forest Products — 0.3%
Louisiana-Pacific Corp. 5,933  426,879 
Pharmaceuticals — 6.7%
Bristol-Myers Squibb Co. 880  60,430 
Johnson & Johnson 23,094  3,800,579 
Merck & Co., Inc. 43,081  3,299,143 
Pfizer, Inc. 70,954  3,330,581 
10,490,733 
Professional Services — 0.7%
Robert Half International, Inc. 6,659  801,011 
TriNet Group, Inc.(1)
3,243  283,146 
1,084,157 
Road and Rail — 4.7%
AMERCO 552  318,841 
CSX Corp. 56,446  1,914,084 
J.B. Hunt Transport Services, Inc. 3,997  811,111 
Norfolk Southern Corp. 1,023  262,420 
Old Dominion Freight Line, Inc. 1,167  366,473 
Saia, Inc.(1)
1,491  428,260 
Union Pacific Corp. 13,003  3,198,088 
7,299,277 
Semiconductors and Semiconductor Equipment — 7.4%
Amkor Technology, Inc. 6,421  145,564 
Applied Materials, Inc. 14,461  1,940,666 
Intel Corp. 53,675  2,560,298 
KLA Corp. 1,955  681,318 
Lam Research Corp. 3,143  1,764,323 
Micron Technology, Inc. 6,578  584,521 
ON Semiconductor Corp.(1)
3,339  209,055 
Teradyne, Inc. 6,724  792,894 
Texas Instruments, Inc. 16,672  2,834,073 
11,512,712 
Software — 2.0%
Aspen Technology, Inc.(1)
99  15,088 
Microsoft Corp. 10,634  3,177,333 
3,192,421 
Specialty Retail — 5.7%
Advance Auto Parts, Inc. 3,062  626,118 
AutoNation, Inc.(1)
3,297  378,034 
Best Buy Co., Inc. 9,708  938,181 
Burlington Stores, Inc.(1)
1,490  336,576 
63

Avantis U.S. Large Cap Value ETF
Shares Value
Dick's Sporting Goods, Inc.(2)
4,165  $ 437,325 
Five Below, Inc.(1)
360  58,900 
Floor & Decor Holdings, Inc., Class A(1)
570  54,503 
Gap, Inc. (The) 10,126  147,333 
Penske Automotive Group, Inc. 1,982  194,811 
RH(1)
751  301,804 
Ross Stores, Inc. 9,306  850,475 
TJX Cos., Inc. (The) 26,869  1,776,041 
Tractor Supply Co. 5,438  1,108,210 
Ulta Beauty, Inc.(1)
2,585  968,083 
Williams-Sonoma, Inc. 4,503  652,305 
8,828,699 
Technology Hardware, Storage and Peripherals — 2.6%
Apple, Inc. 24,440  4,035,533 
Textiles, Apparel and Luxury Goods — 2.9%
Capri Holdings Ltd.(1)
8,134  550,997 
Columbia Sportswear Co. 418  38,757 
Crocs, Inc.(1)
4,067  340,530 
Deckers Outdoor Corp.(1)
134  38,678 
Levi Strauss & Co., Class A 5,284  119,683 
lululemon athletica, Inc.(1)
161  51,510 
NIKE, Inc., Class B 19,676  2,686,758 
Ralph Lauren Corp. 319  42,121 
Tapestry, Inc. 14,188  580,289 
Under Armour, Inc., Class A(1)
559  10,000 
Under Armour, Inc., Class C(1)
604  9,441 
4,468,764 
Trading Companies and Distributors — 0.6%
Fastenal Co. 1,326  68,236 
W.W. Grainger, Inc. 1,840  877,790 
946,026 
Wireless Telecommunication Services — 0.5%
T-Mobile US, Inc.(1)
6,657  820,209 
TOTAL COMMON STOCKS
(Cost $159,039,097)
 156,035,146 
SHORT-TERM INVESTMENTS — 0.1%


Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class
70,125  70,125 
TOTAL SHORT-TERM INVESTMENTS
(Cost $70,125)
 70,125 
TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $159,109,222)

156,105,271 
OTHER ASSETS AND LIABILITIES — 0.2%

370,900 
TOTAL NET ASSETS — 100.0%

$ 156,476,171 


64

Avantis U.S. Large Cap Value ETF
NOTES TO SCHEDULE OF INVESTMENTS
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $319,095. 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. At the period end, the aggregate value of the collateral held by the fund was $331,036, all of which is securities collateral.


See Notes to Financial Statements.

65

FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Small Cap Equity ETF
Shares Value
COMMON STOCKS — 99.9%


Aerospace and Defense — 1.1%
AAR Corp.(1)
104  $ 4,674 
AerSale Corp.(1)
56  877 
Astronics Corp.(1)
56  824 
Ducommun, Inc.(1)
30  1,515 
Kaman Corp. 74  3,212 
Kratos Defense & Security Solutions, Inc.(1)
248  5,188 
Maxar Technologies, Inc. 162  5,255 
Moog, Inc., Class A 80  6,649 
National Presto Industries, Inc. 14  1,113 
Park Aerospace Corp. 50  694 
Vectrus, Inc.(1)
30  1,375 
31,376 
Air Freight and Logistics — 1.1%
Air Transport Services Group, Inc.(1)
204  6,428 
Atlas Air Worldwide Holdings, Inc.(1)
94  7,366 
Forward Air Corp. 86  8,873 
Hub Group, Inc., Class A(1)
104  8,778 
Radiant Logistics, Inc.(1)
140  966 
32,411 
Airlines — 0.7%
Allegiant Travel Co.(1)
42  7,312 
Hawaiian Holdings, Inc.(1)
134  2,570 
Mesa Air Group, Inc.(1)
78  339 
SkyWest, Inc.(1)
134  3,767 
Spirit Airlines, Inc.(1)
254  6,370 
20,358 
Auto Components — 1.5%
American Axle & Manufacturing Holdings, Inc.(1)
312  2,889 
Cooper-Standard Holdings, Inc.(1)
48  611 
Dorman Products, Inc.(1)
76  7,100 
Gentherm, Inc.(1)
100  8,484 
Modine Manufacturing Co.(1)
90  909 
Motorcar Parts of America, Inc.(1)
50  807 
Patrick Industries, Inc. 60  4,280 
Standard Motor Products, Inc. 60  2,623 
Stoneridge, Inc.(1)
64  1,057 
Visteon Corp.(1)
78  9,373 
XL Fleet Corp.(1)
182  355 
XPEL, Inc.(1)
48  3,485 
41,973 
Automobiles — 0.2%
Winnebago Industries, Inc. 88  5,638 
Workhorse Group, Inc.(1)
202  632 
6,270 
Banks — 13.7%
1st Source Corp. 24  1,159 
Allegiance Bancshares, Inc. 64  2,742 
66

Avantis U.S. Small Cap Equity ETF
Shares Value
Amalgamated Financial Corp. 38  $ 652 
Amerant Bancorp, Inc. 98  3,180 
American National Bankshares, Inc. 30  1,158 
Arrow Financial Corp. 38  1,305 
Atlantic Capital Bancshares, Inc.(1)
54  1,746 
Atlantic Union Bankshares Corp. 200  8,126 
Banc of California, Inc. 142  2,790 
BancFirst Corp. 54  4,219 
Bancorp, Inc. (The)(1)
144  4,219 
Bank First Corp. 20  1,409 
Bank of Marin Bancorp 44  1,554 
Bank7 Corp. 12  291 
Banner Corp. 94  5,791 
Bar Harbor Bankshares 38  1,093 
Berkshire Hills Bancorp, Inc. 124  3,856 
Blue Ridge Bankshares, Inc. 46  738 
Brookline Bancorp., Inc. 210  3,599 
Business First Bancshares, Inc. 54  1,414 
Byline Bancorp, Inc. 66  1,800 
Cambridge Bancorp 18  1,587 
Camden National Corp. 38  1,807 
Capital Bancorp, Inc. 26  645 
Capital City Bank Group, Inc. 34  954 
Capstar Financial Holdings, Inc. 46  984 
Central Pacific Financial Corp. 78  2,277 
Central Valley Community Bancorp 28  646 
Citizens & Northern Corp. 40  991 
City Holding Co. 40  3,187 
Civista Bancshares, Inc. 40  976 
CNB Financial Corp. 48  1,255 
Coastal Financial Corp.(1)
32  1,523 
Columbia Banking System, Inc. 218  7,985 
Community Trust Bancorp, Inc. 42  1,776 
ConnectOne Bancorp, Inc. 112  3,696 
CrossFirst Bankshares, Inc.(1)
114  1,793 
Customers Bancorp, Inc.(1)
96  5,909 
Dime Community Bancshares, Inc. 84  2,855 
Eagle Bancorp, Inc. 84  5,033 
Enterprise Bancorp, Inc. 28  1,128 
Enterprise Financial Services Corp. 96  4,746 
Equity Bancshares, Inc., Class A 44  1,384 
Esquire Financial Holdings, Inc.(1)
22  743 
Farmers National Banc Corp. 96  1,654 
FB Financial Corp. 106  4,711 
Financial Institutions, Inc. 44  1,405 
First BanCorp 596  8,416 
First Bancorp, Inc. (The) 26  775 
First Bancorp/Southern Pines NC 90  4,039 
First Bancshares, Inc. (The) 54  1,907 
First Busey Corp. 146  4,008 
First Commonwealth Financial Corp. 294  4,748 
67

Avantis U.S. Small Cap Equity ETF
Shares Value
First Community Bankshares, Inc. 44  $ 1,291 
First Financial Bancorp 254  6,243 
First Financial Corp. 30  1,395 
First Foundation, Inc. 148  3,947 
First Internet Bancorp 30  1,466 
First Interstate Bancsystem, Inc., Class A 128  5,197 
First Merchants Corp. 146  6,386 
First Mid Bancshares, Inc. 46  1,843 
First of Long Island Corp. (The) 60  1,306 
Five Star Bancorp 30  912 
Flushing Financial Corp. 86  2,020 
Fulton Financial Corp. 452  8,145 
German American Bancorp, Inc. 76  3,023 
Great Southern Bancorp, Inc. 30  1,843 
Guaranty Bancshares, Inc. 22  769 
Hanmi Financial Corp. 94  2,455 
HarborOne Bancorp, Inc. 128  1,893 
Heartland Financial USA, Inc. 106  5,260 
Heritage Commerce Corp. 156  1,855 
Heritage Financial Corp. 94  2,465 
Hilltop Holdings, Inc. 162  5,009 
HomeStreet, Inc. 60  3,088 
HomeTrust Bancshares, Inc. 44  1,324 
Hope Bancorp, Inc. 324  5,495 
Horizon Bancorp, Inc. 110  2,209 
Independent Bank Corp. (Michigan) 60  1,428 
International Bancshares Corp. 152  6,538 
Lakeland Bancorp, Inc. 186  3,355 
Lakeland Financial Corp. 70  5,615 
Live Oak Bancshares, Inc. 106  6,779 
Macatawa Bank Corp. 86  789 
Mercantile Bank Corp. 42  1,549 
Meta Financial Group, Inc. 90  4,985 
Metrocity Bankshares, Inc. 60  1,459 
Metropolitan Bank Holding Corp.(1)
34  3,477 
Mid Penn Bancorp, Inc. 42  1,176 
Midland States Bancorp, Inc. 56  1,644 
MidWestOne Financial Group, Inc. 28  845 
MVB Financial Corp. 28  1,079 
National Bank Holdings Corp., Class A 94  4,172 
NBT Bancorp, Inc. 112  4,297 
Nicolet Bankshares, Inc.(1)
36  3,429 
Northeast Bank 20  728 
Northrim BanCorp, Inc. 16  717 
Northwest Bancshares, Inc. 332  4,675 
OceanFirst Financial Corp. 166  3,715 
OFG Bancorp 144  4,058 
Old Second Bancorp, Inc. 114  1,622 
Origin Bancorp, Inc. 58  2,678 
Park National Corp. 42  5,631 
PCB Bancorp. 34  800 
68

Avantis U.S. Small Cap Equity ETF
Shares Value
Peapack-Gladstone Financial Corp. 48  $ 1,811 
Peoples Bancorp, Inc. 72  2,252 
Peoples Financial Services Corp. 20  956 
Premier Financial Corp. 104  3,190 
Primis Financial Corp. 62  887 
QCR Holdings, Inc. 44  2,458 
RBB Bancorp 42  1,013 
Renasant Corp. 144  5,257 
Republic Bancorp, Inc., Class A 40  1,835 
Republic First Bancorp, Inc.(1)
138  716 
S&T Bancorp, Inc. 102  3,171 
Sandy Spring Bancorp, Inc. 128  6,028 
Seacoast Banking Corp. of Florida 172  6,304 
Shore Bancshares, Inc. 52  1,096 
Sierra Bancorp 38  1,020 
SmartFinancial, Inc. 40  1,044 
South Plains Financial, Inc. 28  775 
Southern First Bancshares, Inc.(1)
22  1,255 
Southside Bancshares, Inc. 92  3,836 
Spirit of Texas Bancshares, Inc. 42  1,198 
Stock Yards Bancorp, Inc. 80  4,278 
Tompkins Financial Corp. 34  2,689 
Towne Bank 190  5,924 
Trico Bancshares 70  3,038 
TriState Capital Holdings, Inc.(1)
94  3,121 
Triumph Bancorp, Inc.(1)
78  7,825 
Trustmark Corp. 154  4,849 
Unity Bancorp, Inc. 20  567 
Univest Financial Corp. 82  2,376 
Veritex Holdings, Inc. 130  5,282 
Washington Trust Bancorp, Inc. 44  2,388 
WesBanco, Inc. 164  5,993 
West BanCorp, Inc. 42  1,214 
Westamerica BanCorp 70  4,152 
392,261 
Beverages — 0.1%
MGP Ingredients, Inc. 46  3,662 
Biotechnology — 5.3%
89bio, Inc.(1)
30  139 
Aadi Bioscience, Inc.(1)
40  697 
Actinium Pharmaceuticals, Inc.(1)
58  313 
Adicet Bio, Inc.(1)
80  1,046 
Aeglea BioTherapeutics, Inc.(1)
68  188 
Agios Pharmaceuticals, Inc.(1)
104  3,238 
Akebia Therapeutics, Inc.(1)
420  907 
Akero Therapeutics, Inc.(1)
60  1,064 
Akouos, Inc.(1)
38  203 
Albireo Pharma, Inc.(1)
50  1,667 
Aldeyra Therapeutics, Inc.(1)
114  461 
Alector, Inc.(1)
90  1,426 
Aligos Therapeutics, Inc.(1)
66  160 
69

Avantis U.S. Small Cap Equity ETF
Shares Value
Allogene Therapeutics, Inc.(1)
170  $ 1,556 
Allovir, Inc.(1)
80  720 
Alpine Immune Sciences, Inc.(1)
52  428 
Altimmune, Inc.(1)
104  771 
AnaptysBio, Inc.(1)
64  1,957 
Anika Therapeutics, Inc.(1)
38  1,235 
Annexon, Inc.(1)
36  175 
AquaBounty Technologies, Inc.(1)
100  159 
Arcus Biosciences, Inc.(1)
158  5,878 
Arcutis Biotherapeutics, Inc.(1)
58  1,032 
Assembly Biosciences, Inc.(1)
96  149 
Atreca, Inc., Class A(1)
78  140 
aTyr Pharma, Inc.(1)
84  417 
Avrobio, Inc.(1)
96  139 
Bioxcel Therapeutics, Inc.(1)
50  916 
Bluebird Bio, Inc.(1)
110  664 
BrainStorm Cell Therapeutics, Inc.(1)
82  250 
Cabaletta Bio, Inc.(1)
76  164 
Cardiff Oncology, Inc.(1)
102  274 
Catalyst Pharmaceuticals, Inc.(1)
300  2,340 
Chinook Therapeutics, Inc.(1)
96  1,225 
Cogent Biosciences, Inc.(1)
100  593 
Cortexyme, Inc.(1)
28  122 
Corvus Pharmaceuticals, Inc.(1)
96  170 
CytomX Therapeutics, Inc.(1)
174  666 
Deciphera Pharmaceuticals, Inc.(1)
56  432 
Dynavax Technologies Corp.(1)
366  4,487 
Dyne Therapeutics, Inc.(1)
52  446 
Eagle Pharmaceuticals, Inc.(1)
32  1,517 
Eiger BioPharmaceuticals, Inc.(1)
70  280 
Emergent BioSolutions, Inc.(1)
94  3,890 
Enanta Pharmaceuticals, Inc.(1)
60  4,225 
Enochian Biosciences, Inc.(1)
64  484 
Essa Pharma, Inc.(1)
66  539 
F-star Therapeutics, Inc.(1)
42  128 
FibroGen, Inc.(1)
214  3,011 
Forma Therapeutics Holdings, Inc.(1)
56  552 
Frequency Therapeutics, Inc.(1)
48  136 
G1 Therapeutics, Inc.(1)
56  594 
Generation Bio Co.(1)
68  348 
Genprex, Inc.(1)
92  210 
Gossamer Bio, Inc.(1)
194  1,752 
Gritstone bio, Inc.(1)
188  959 
Harpoon Therapeutics, Inc.(1)
38  156 
Heat Biologics, Inc.(1)
66  172 
Homology Medicines, Inc.(1)
82  286 
Ideaya Biosciences, Inc.(1)
82  1,082 
Immunic, Inc.(1)
42  489 
Immunovant, Inc.(1)
112  625 
Inmune Bio, Inc.(1)
24  211 
Inovio Pharmaceuticals, Inc.(1)
502  1,627 
70

Avantis U.S. Small Cap Equity ETF
Shares Value
Iovance Biotherapeutics, Inc.(1)
300  $ 4,701 
Ironwood Pharmaceuticals, Inc.(1)
386  4,153 
iTeos Therapeutics, Inc.(1)
76  2,746 
Jounce Therapeutics, Inc.(1)
102  761 
KalVista Pharmaceuticals, Inc.(1)
38  610 
Kezar Life Sciences, Inc.(1)
152  2,257 
Kiniksa Pharmaceuticals Ltd., Class A(1)
80  819 
Kinnate Biopharma, Inc.(1)
58  451 
Kronos Bio, Inc.(1)
62  467 
Krystal Biotech, Inc.(1)
54  3,432 
Kura Oncology, Inc.(1)
120  1,904 
Larimar Therapeutics, Inc.(1)
30  131 
Leap Therapeutics, Inc.(1)
248  494 
Ligand Pharmaceuticals, Inc.(1)
48  4,859 
Lineage Cell Therapeutics, Inc.(1)
344  485 
MacroGenics, Inc.(1)
106  991 
Magenta Therapeutics, Inc.(1)
74  233 
MediciNova, Inc.(1)
118  282 
MeiraGTx Holdings plc(1)
86  1,232 
Mersana Therapeutics, Inc.(1)
96  421 
Myriad Genetics, Inc.(1)
192  4,681 
Neoleukin Therapeutics, Inc.(1)
50  129 
NextCure, Inc.(1)
36  176 
Nkarta, Inc.(1)
22  199 
Nurix Therapeutics, Inc.(1)
120  1,940 
Olema Pharmaceuticals, Inc.(1)
44  206 
Oncorus, Inc.(1)
46  97 
Oncternal Therapeutics, Inc.(1)
94  172 
OPKO Health, Inc.(1)
1,174  3,675 
Organogenesis Holdings, Inc.(1)
114  848 
ORIC Pharmaceuticals, Inc.(1)
86  667 
Ovid therapeutics, Inc.(1)
146  495 
Oyster Point Pharma, Inc.(1)
30  299 
Passage Bio, Inc.(1)
72  239 
PMV Pharmaceuticals, Inc.(1)
62  982 
Poseida Therapeutics, Inc.(1)
70  256 
Praxis Precision Medicines, Inc.(1)
96  1,258 
Prothena Corp. plc(1)
96  3,322 
REGENXBIO, Inc.(1)
102  2,673 
Repare Therapeutics, Inc.(1)
56  900 
Replimune Group, Inc.(1)
80  1,283 
REVOLUTION Medicines, Inc.(1)
186  3,519 
Rhythm Pharmaceuticals, Inc.(1)
70  533 
Rigel Pharmaceuticals, Inc.(1)
308  773 
Sage Therapeutics, Inc.(1)
112  4,073 
Sangamo Therapeutics, Inc.(1)
282  1,650 
Seres Therapeutics, Inc.(1)
190  1,520 
Shattuck Labs, Inc.(1)
40  200 
Sierra Oncology, Inc.(1)
26  804 
Silverback Therapeutics, Inc.(1)
38  163 
Spero Therapeutics, Inc.(1)
64  614 
71

Avantis U.S. Small Cap Equity ETF
Shares Value
SQZ Biotechnologies Co.(1)
56  $ 295 
Stoke Therapeutics, Inc.(1)
36  702 
Surface Oncology, Inc.(1)
74  266 
Sutro Biopharma, Inc.(1)
100  892 
Synlogic, Inc.(1)
106  210 
Syros Pharmaceuticals, Inc.(1)
118  152 
TCR2 Therapeutics, Inc.(1)
50  136 
Turning Point Therapeutics, Inc.(1)
84  2,659 
uniQure NV(1)
104  1,767 
Vanda Pharmaceuticals, Inc.(1)
132  1,500 
Vaxcyte, Inc.(1)
102  2,363 
Verastem, Inc.(1)
348  418 
Viking Therapeutics, Inc.(1)
188  630 
Viracta Therapeutics, Inc.(1)
62  169 
Voyager Therapeutics, Inc.(1)
72  286 
XBiotech, Inc. 46  454 
Xencor, Inc.(1)
182  5,698 
Zymeworks, Inc.(1)
62  449 
151,108 
Building Products — 1.1%
Alpha Pro Tech Ltd.(1)
34  144 
American Woodmark Corp.(1)
44  2,358 
Apogee Enterprises, Inc. 74  3,335 
Cornerstone Building Brands, Inc.(1)
162  3,577 
Griffon Corp. 156  3,596 
Insteel Industries, Inc. 58  2,152 
JELD-WEN Holding, Inc.(1)
242  5,585 
Masonite International Corp.(1)
66  6,226 
PGT Innovations, Inc.(1)
154  3,313 
Quanex Building Products Corp. 88  2,012 
32,298 
Capital Markets — 1.8%
Assetmark Financial Holdings, Inc.(1)
52  1,221 
B. Riley Financial, Inc. 54  3,216 
BGC Partners, Inc., Class A 856  3,920 
Blucora, Inc.(1)
128  2,547 
Bridge Investment Group Holdings, Inc., Class A 76  1,588 
Brightsphere Investment Group, Inc. 178  4,249 
Cowen, Inc., Class A 68  2,016 
Diamond Hill Investment Group, Inc. 10  1,939 
Donnelley Financial Solutions, Inc.(1)
92  2,953 
Greenhill & Co., Inc. 34  601 
Open Lending Corp., Class A(1)
176  3,666 
Oppenheimer Holdings, Inc., Class A 20  864 
Piper Sandler Cos. 56  8,289 
PJT Partners, Inc., Class A 60  3,829 
Pzena Investment Management, Inc., Class A 44  406 
StoneX Group, Inc.(1)
44  3,320 
Victory Capital Holdings, Inc., Class A 62  2,057 
Virtus Investment Partners, Inc. 18  4,331 
72

Avantis U.S. Small Cap Equity ETF
Shares Value
WisdomTree Investments, Inc. 328  $ 1,847 
52,859 
Chemicals — 2.1%
AdvanSix, Inc. 90  3,605 
American Vanguard Corp. 72  1,085 
Chase Corp. 20  1,837 
Ecovyst, Inc. 152  1,661 
FutureFuel Corp. 70  515 
Hawkins, Inc. 54  2,444 
Ingevity Corp.(1)
106  7,232 
Innospec, Inc. 68  6,494 
Intrepid Potash, Inc.(1)
32  1,821 
Koppers Holdings, Inc.(1)
54  1,546 
Kraton Corp.(1)
94  4,338 
Kronos Worldwide, Inc. 60  884 
LSB Industries, Inc.(1)
104  1,799 
Minerals Technologies, Inc. 88  6,159 
Origin Materials, Inc.(1)
372  1,931 
Orion Engineered Carbons SA 164  2,549 
Rayonier Advanced Materials, Inc.(1)
158  927 
Stepan Co. 58  6,010 
Tredegar Corp. 76  875 
Trinseo plc 106  5,508 
59,220 
Commercial Services and Supplies — 2.1%
ABM Industries, Inc. 180  8,069 
ACCO Brands Corp. 250  2,150 
ARC Document Solutions, Inc. 114  391 
Brady Corp., Class A 124  5,714 
BrightView Holdings, Inc.(1)
142  1,918 
Civeo Corp.(1)
32  699 
Deluxe Corp. 104  3,235 
Ennis, Inc. 68  1,277 
Harsco Corp.(1)
218  2,596 
Healthcare Services Group, Inc. 154  2,436 
Heritage-Crystal Clean, Inc.(1)
50  1,402 
HNI Corp. 120  4,883 
Interface, Inc. 166  2,166 
KAR Auction Services, Inc.(1)
336  6,203 
Kimball International, Inc., Class B 98  908 
Matthews International Corp., Class A 84  2,787 
Pitney Bowes, Inc. 464  2,311 
Quad/Graphics, Inc.(1)
86  471 
SP Plus Corp.(1)
62  1,851 
Steelcase, Inc., Class A 204  2,483 
US Ecology, Inc.(1)
84  3,985 
Vidler Water Resouces, Inc.(1)
44  529 
VSE Corp. 30  1,430 
59,894 
Communications Equipment — 1.5%
ADTRAN, Inc. 130  2,677 
73

Avantis U.S. Small Cap Equity ETF
Shares Value
Applied Optoelectronics, Inc.(1)
50  $ 181 
Aviat Networks, Inc.(1)
28  792 
Cambium Networks Corp.(1)
18  501 
Comtech Telecommunications Corp. 72  1,482 
Digi International, Inc.(1)
102  2,048 
DZS, Inc.(1)
48  696 
EMCORE Corp.(1)
78  303 
Extreme Networks, Inc.(1)
416  4,780 
Harmonic, Inc.(1)
316  2,942 
Infinera Corp.(1)
480  4,430 
KVH Industries, Inc.(1)
42  362 
NETGEAR, Inc.(1)
82  2,182 
NetScout Systems, Inc.(1)
194  6,039 
Plantronics, Inc.(1)
114  3,211 
Ribbon Communications, Inc.(1)
154  468 
ViaSat, Inc.(1)
194  8,854 
41,948 
Construction and Engineering — 1.8%
Arcosa, Inc. 132  6,952 
Argan, Inc. 40  1,556 
Bowman Consulting Group Ltd.(1)
24  406 
Concrete Pumping Holdings, Inc.(1)
70  521 
Dycom Industries, Inc.(1)
94  8,184 
Fluor Corp.(1)
466  10,093 
Granite Construction, Inc. 124  3,753 
Great Lakes Dredge & Dock Corp.(1)
172  2,427 
IES Holdings, Inc.(1)
22  925 
Infrastructure and Energy Alternatives, Inc.(1)
66  718 
Matrix Service Co.(1)
64  444 
MYR Group, Inc.(1)
42  3,769 
Northwest Pipe Co.(1)
26  741 
NV5 Global, Inc.(1)
44  4,719 
Orbital Energy Group, Inc.(1)
98  156 
Primoris Services Corp. 142  3,744 
Sterling Construction Co., Inc.(1)
86  2,540 
Tutor Perini Corp.(1)
112  1,098 
52,746 
Construction Materials†
United States Lime & Minerals, Inc. 6  705 
Consumer Finance — 1.4%
Atlanticus Holdings Corp.(1)
18  959 
Consumer Portfolio Services, Inc.(1)
48  565 
Elevate Credit, Inc.(1)
68  224 
Encore Capital Group, Inc.(1)
72  4,751 
Enova International, Inc.(1)
102  4,159 
EZCORP, Inc., Class A(1)
152  910 
Green Dot Corp., Class A(1)
124  3,553 
Katapult Holdings, Inc.(1)
46  105 
Medallion Financial Corp.(1)
38  328 
Navient Corp. 414  7,291 
Oportun Financial Corp.(1)
74  1,209 
74

Avantis U.S. Small Cap Equity ETF
Shares Value
PRA Group, Inc.(1)
134  $ 5,980 
PROG Holdings, Inc.(1)
174  5,331 
Regional Management Corp. 22  1,129 
World Acceptance Corp.(1)
14  2,751 
39,245 
Containers and Packaging — 0.6%
Greif, Inc., Class A 72  4,139 
Greif, Inc., Class B 20  1,138 
O-I Glass, Inc.(1)
406  5,189 
Pactiv Evergreen, Inc. 100  962 
TriMas Corp. 108  3,511 
UFP Technologies, Inc.(1)
20  1,383 
16,322 
Distributors†
Funko, Inc., Class A(1)
70  1,222 
Diversified Consumer Services — 1.5%
Adtalem Global Education, Inc.(1)
122  2,535 
American Public Education, Inc.(1)
42  838 
Carriage Services, Inc. 50  2,461 
frontdoor, Inc.(1)
178  5,349 
Graham Holdings Co., Class B 10  6,011 
Houghton Mifflin Harcourt Co.(1)
412  8,631 
Laureate Education, Inc., Class A 360  3,902 
Lincoln Educational Services Corp.(1)
64  494 
OneSpaWorld Holdings Ltd.(1)
180  1,861 
Perdoceo Education Corp.(1)
184  1,927 
Strategic Education, Inc. 50  2,951 
Stride, Inc.(1)
114  3,828 
Universal Technical Institute, Inc.(1)
92  795 
XpresSpa Group, Inc.(1)
326  349 
41,932 
Diversified Financial Services — 0.2%
Alerus Financial Corp. 34  978 
Cannae Holdings, Inc.(1)
210  5,638 
6,616 
Diversified Telecommunication Services — 0.5%
Anterix, Inc.(1)
32  1,705 
ATN International, Inc. 28  933 
Consolidated Communications Holdings, Inc.(1)
154  1,096 
EchoStar Corp., Class A(1)
104  2,531 
IDT Corp., Class B(1)
60  2,164 
Liberty Latin America Ltd., Class A(1)
112  1,126 
Liberty Latin America Ltd., Class C(1)
424  4,278 
Radius Global Infrastructure, Inc., Class A(1)
72  926 
14,759 
Electric Utilities — 0.5%
MGE Energy, Inc. 100  7,202 
Otter Tail Corp. 130  8,042 
Via Renewables, Inc. 32  357 
15,601 
75

Avantis U.S. Small Cap Equity ETF
Shares Value
Electrical Equipment — 0.9%
Allied Motion Technologies, Inc. 44  $ 1,532 
AZZ, Inc. 66  3,249 
Encore Wire Corp. 68  7,917 
EnerSys 106  7,709 
FREYR Battery SA(1)
278  2,647 
Orion Energy Systems, Inc.(1)
54  167 
Powell Industries, Inc. 24  507 
Preformed Line Products Co. 4  223 
Thermon Group Holdings, Inc.(1)
88  1,507 
TPI Composites, Inc.(1)
48  649 
26,107 
Electronic Equipment, Instruments and Components — 2.8%
Airgain, Inc.(1)
20  182 
Akoustis Technologies, Inc.(1)
96  605 
Arlo Technologies, Inc.(1)
256  2,376 
Badger Meter, Inc. 82  8,152 
Bel Fuse, Inc., Class B 28  441 
Belden, Inc. 136  7,664 
Benchmark Electronics, Inc. 100  2,614 
CTS Corp. 88  3,339 
Daktronics, Inc.(1)
100  461 
ePlus, Inc.(1)
84  3,940 
Evolv Technologies Holdings, Inc.(1)
116  408 
Itron, Inc.(1)
86  4,100 
Kimball Electronics, Inc.(1)
66  1,138 
Knowles Corp.(1)
262  5,706 
Methode Electronics, Inc. 98  4,473 
Napco Security Technologies, Inc.(1)
98  1,998 
OSI Systems, Inc.(1)
44  3,549 
PC Connection, Inc. 28  1,366 
Plexus Corp.(1)
68  5,540 
Richardson Electronics Ltd. 36  423 
Sanmina Corp.(1)
176  7,001 
ScanSource, Inc.(1)
80  2,526 
TTM Technologies, Inc.(1)
264  3,318 
Velodyne Lidar, Inc.(1)
162  598 
Vishay Intertechnology, Inc. 364  6,985 
Vishay Precision Group, Inc.(1)
32  1,005 
Wrap Technologies, Inc.(1)
50  109 
80,017 
Energy Equipment and Services — 2.7%
Archrock, Inc. 408  3,407 
Bristow Group, Inc.(1)
70  2,320 
Core Laboratories NV 120  3,307 
DMC Global, Inc.(1)
52  1,529 
Dril-Quip, Inc.(1)
82  2,365 
Expro Group Holdings NV(1)
206  3,315 
Exterran Corp.(1)
58  343 
Forum Energy Technologies, Inc.(1)
12  230 
FTS International, Inc., Class A(1)
30  794 
76

Avantis U.S. Small Cap Equity ETF
Shares Value
Helix Energy Solutions Group, Inc.(1)
380  $ 1,539 
Liberty Oilfield Services, Inc., Class A(1)
274  3,420 
Nabors Industries Ltd.(1)
22  2,762 
National Energy Services Reunited Corp.(1)
76  677 
Newpark Resources, Inc.(1)
270  1,018 
NexTier Oilfield Solutions, Inc.(1)
658  5,238 
Oceaneering International, Inc.(1)
274  4,011 
Oil States International, Inc.(1)
168  879 
Patterson-UTI Energy, Inc. 530  7,648 
ProPetro Holding Corp.(1)
278  3,550 
RPC, Inc.(1)
250  2,192 
Select Energy Services, Inc., Class A(1)
194  1,606 
Solaris Oilfield Infrastructure, Inc., Class A 84  874 
TechnipFMC plc(1)
996  6,823 
TETRA Technologies Inc(1)
308  986 
Tidewater, Inc.(1)
104  1,540 
Transocean Ltd.(1)
1,638  5,798 
US Silica Holdings, Inc.(1)
194  2,805 
Weatherford International plc(1)
226  6,418 
77,394 
Entertainment — 0.7%
CuriosityStream, Inc.(1)
44  161 
IMAX Corp.(1)
148  3,061 
Lions Gate Entertainment Corp., Class A(1)
180  2,765 
Lions Gate Entertainment Corp., Class B(1)
366  5,215 
Madison Square Garden Entertainment Corp.(1)
74  5,799 
Marcus Corp. (The)(1)
68  1,236 
Sciplay Corp., Class A(1)
64  834 
19,071 
Food and Staples Retailing — 1.6%
Andersons, Inc. (The) 102  4,651 
Blue Apron Holdings, Inc., Class A(1)
66  345 
Grocery Outlet Holding Corp.(1)
226  6,285 
HF Foods Group, Inc.(1)
130  812 
Ingles Markets, Inc., Class A 48  3,947 
Natural Grocers by Vitamin Cottage, Inc. 36  611 
PriceSmart, Inc. 66  4,799 
Rite Aid Corp.(1)
148  1,356 
SpartanNash Co. 112  3,152 
Sprouts Farmers Market, Inc.(1)
298  8,487 
United Natural Foods, Inc.(1)
190  7,644 
Village Super Market, Inc., Class A 20  456 
Weis Markets, Inc. 50  3,083 
45,628 
Food Products — 1.4%
Alico, Inc. 12  393 
AppHarvest, Inc.(1)
90  344 
B&G Foods, Inc. 170  5,032 
Cal-Maine Foods, Inc. 108  4,781 
Calavo Growers, Inc. 42  1,793 
Farmer Bros Co.(1)
30  184 
77

Avantis U.S. Small Cap Equity ETF
Shares Value
Fresh Del Monte Produce, Inc. 102  $ 2,640 
Hostess Brands, Inc.(1)
432  9,305 
J&J Snack Foods Corp. 30  4,912 
Landec Corp.(1)
70  806 
Limoneira Co. 42  613 
Mission Produce, Inc.(1)
92  1,194 
Seneca Foods Corp., Class A(1)
16  796 
Tootsie Roll Industries, Inc. 38  1,282 
TreeHouse Foods, Inc.(1)
148  5,809 
Vita Coco Co., Inc. (The)(1)
30  348 
Vital Farms, Inc.(1)
50  712 
40,944 
Gas Utilities — 0.8%
Chesapeake Utilities Corp. 48  6,381 
Northwest Natural Holding Co. 82  4,265 
South Jersey Industries, Inc. 316  10,722 
Star Group LP 80  780 
22,148 
Health Care Equipment and Supplies — 3.1%
Accuray, Inc.(1)
240  833 
AngioDynamics, Inc.(1)
102  2,400 
Atrion Corp. 4  2,862 
Avanos Medical, Inc.(1)
134  4,742 
Axogen, Inc.(1)
46  430 
BioSig Technologies, Inc.(1)
88  132 
Cardiovascular Systems, Inc.(1)
58  1,221 
Co-Diagnostics, Inc.(1)
92  534 
CytoSorbents Corp.(1)
74  286 
Eargo, Inc.(1)
32  154 
Glaukos Corp.(1)
122  6,748 
Haemonetics Corp.(1)
136  7,849 
Inogen, Inc.(1)
32  1,116 
Integer Holdings Corp.(1)
92  7,716 
IntriCon Corp.(1)
22  526 
iRhythm Technologies, Inc.(1)
66  8,532 
Lantheus Holdings, Inc.(1)
178  8,512 
LeMaitre Vascular, Inc. 54  2,563 
Meridian Bioscience, Inc.(1)
116  2,935 
Merit Medical Systems, Inc.(1)
86  5,593 
Mesa Laboratories, Inc. 14  3,575 
Natus Medical, Inc.(1)
90  2,504 
Neuronetics, Inc.(1)
54  180 
NuVasive, Inc.(1)
146  7,901 
OraSure Technologies, Inc.(1)
190  1,482 
Orthofix Medical, Inc.(1)
46  1,563 
Retractable Technologies, Inc.(1)
32  152 
SeaSpine Holdings Corp.(1)
72  912 
Sensus Healthcare, Inc.(1)
40  421 
Utah Medical Products, Inc. 10  900 
Varex Imaging Corp.(1)
106  2,506 
87,780 
78

Avantis U.S. Small Cap Equity ETF
Shares Value
Health Care Providers and Services — 2.2%
Addus HomeCare Corp.(1)
42  $ 3,572 
Apollo Medical Holdings, Inc.(1)
88  4,235 
Brookdale Senior Living, Inc.(1)
396  2,724 
CorVel Corp.(1)
30  4,772 
Fulgent Genetics, Inc.(1)
54  3,364 
InfuSystem Holdings, Inc.(1)
40  460 
Joint Corp. (The)(1)
38  1,558 
ModivCare, Inc.(1)
34  4,012 
National Healthcare Corp. 34  2,211 
National Research Corp. 52  2,069 
Owens & Minor, Inc. 202  8,918 
Patterson Cos., Inc. 246  7,355 
Privia Health Group, Inc.(1)
60  1,544 
RadNet, Inc.(1)
112  2,763 
Select Medical Holdings Corp. 268  6,204 
Sharps Compliance Corp.(1)
34  209 
Tivity Health, Inc.(1)
120  3,274 
U.S. Physical Therapy, Inc. 34  3,127 
62,371 
Health Care Technology — 0.5%
Allscripts Healthcare Solutions, Inc.(1)
330  6,422 
American Well Corp., Class A(1)
290  1,227 
Computer Programs and Systems, Inc.(1)
38  1,170 
HealthStream, Inc.(1)
68  1,393 
NextGen Healthcare, Inc.(1)
150  2,929 
Simulations Plus, Inc. 42  1,654 
14,795 
Hotels, Restaurants and Leisure — 2.0%
Accel Entertainment, Inc.(1)
166  2,173 
Bally's Corp.(1)
80  2,882 
BJ's Restaurants, Inc.(1)
60  1,924 
Bloomin' Brands, Inc.(1)
220  5,414 
BurgerFi International, Inc.(1)
10  51 
Carrols Restaurant Group, Inc. 70  185 
Century Casinos, Inc.(1)
74  910 
Cheesecake Factory, Inc. (The)(1)
130  5,563 
Chuy's Holdings, Inc.(1)
54  1,760 
Cracker Barrel Old Country Store, Inc. 64  8,593 
Dave & Buster's Entertainment, Inc.(1)
114  4,941 
El Pollo Loco Holdings, Inc.(1)
40  531 
Everi Holdings, Inc.(1)
242  5,663 
Fiesta Restaurant Group, Inc.(1)
36  362 
Golden Entertainment, Inc.(1)
52  2,960 
Monarch Casino & Resort, Inc.(1)
36  2,804 
Noodles & Co.(1)
112  766 
ONE Group Hospitality, Inc. (The)(1)
78  916 
Playa Hotels & Resorts NV(1)
378  3,572 
PlayAGS, Inc.(1)
64  536 
RCI Hospitality Holdings, Inc. 26  1,688 
Red Robin Gourmet Burgers, Inc.(1)
24  421 
79

Avantis U.S. Small Cap Equity ETF
Shares Value
Ruth's Hospitality Group, Inc. 86  $ 2,134 
56,749 
Household Durables — 1.9%
Bassett Furniture Industries, Inc. 18  316 
Beazer Homes USA, Inc.(1)
96  1,571 
Cavco Industries, Inc.(1)
28  7,634 
Century Communities, Inc. 94  5,990 
Ethan Allen Interiors, Inc. 70  1,824 
Flexsteel Industries, Inc. 16  345 
GoPro, Inc., Class A(1)
340  2,924 
Green Brick Partners, Inc.(1)
98  2,273 
Hooker Furnishings Corp. 24  504 
Hovnanian Enterprises, Inc., Class A(1)
14  1,346 
iRobot Corp.(1)
68  4,227 
La-Z-Boy, Inc. 122  3,560 
Legacy Housing Corp.(1)
28  713 
LGI Homes, Inc.(1)
58  7,316 
Lifetime Brands, Inc. 38  498 
M/I Homes, Inc.(1)
82  4,042 
Tri Pointe Homes, Inc.(1)
342  7,650 
Universal Electronics, Inc.(1)
28  930 
VOXX International Corp.(1)
38  408 
54,071 
Household Products — 0.7%
Central Garden & Pet Co.(1)
28  1,326 
Central Garden & Pet Co., Class A(1)
110  4,844 
Energizer Holdings, Inc. 178  5,943 
Oil-Dri Corp. of America 14  432 
WD-40 Co. 38  8,052 
20,597 
Insurance — 2.4%
Ambac Financial Group, Inc.(1)
122  1,565 
AMERISAFE, Inc. 52  2,449 
Argo Group International Holdings Ltd. 94  3,964 
CNO Financial Group, Inc. 328  7,928 
eHealth, Inc.(1)
34  528 
Employers Holdings, Inc. 76  2,953 
Genworth Financial, Inc., Class A(1)
1,514  6,147 
Greenlight Capital Re Ltd., A Shares(1)
56  403 
Heritage Insurance Holdings, Inc. 58  324 
Horace Mann Educators Corp. 110  4,575 
Investors Title Co. 4  766 
James River Group Holdings Ltd. 76  2,022 
Lemonade, Inc.(1)
54  1,374 
Mercury General Corp. 68  3,740 
National Western Life Group, Inc., Class A 6  1,280 
ProAssurance Corp. 162  3,904 
Root, Inc., Class A(1)
166  301 
Safety Insurance Group, Inc. 38  3,171 
SelectQuote, Inc.(1)
192  597 
SiriusPoint Ltd.(1)
216  1,596 
80

Avantis U.S. Small Cap Equity ETF
Shares Value
Stewart Information Services Corp. 84  $ 5,702 
Tiptree, Inc. 70  895 
United Fire Group, Inc. 66  1,822 
Universal Insurance Holdings, Inc. 82  948 
White Mountains Insurance Group Ltd. 8  8,402 
67,356 
Interactive Media and Services — 0.6%
Cars.com, Inc.(1)
220  3,560 
DHI Group, Inc.(1)
146  826 
Eventbrite, Inc., Class A(1)
210  3,173 
QuinStreet, Inc.(1)
134  1,507 
Travelzoo(1)
20  195 
TrueCar, Inc.(1)
172  574 
Yelp, Inc.(1)
194  6,575 
Zedge, Inc., Class B(1)
24  168 
16,578 
Internet and Direct Marketing Retail — 0.5%
1-800-Flowers.com, Inc., Class A(1)
70  1,084 
aka Brands Holding Corp.(1)
30  226 
ContextLogic, Inc., Class A(1)
686  1,626 
Duluth Holdings, Inc., Class B(1)
28  390 
Groupon, Inc.(1)
50  1,086 
Lands' End, Inc.(1)
24  407 
Liquidity Services, Inc.(1)
72  1,241 
PetMed Express, Inc. 54  1,455 
Quotient Technology, Inc.(1)
172  1,142 
Qurate Retail, Inc., Series A 828  4,562 
13,219 
IT Services — 1.3%
Brightcove, Inc.(1)
108  808 
Cass Information Systems, Inc. 38  1,504 
Conduent, Inc.(1)
446  2,172 
CSG Systems International, Inc. 100  6,172 
Hackett Group, Inc. (The) 74  1,533 
Information Services Group, Inc. 124  883 
Innodata, Inc.(1)
68  360 
International Money Express, Inc.(1)
86  1,381 
LiveRamp Holdings, Inc.(1)
178  7,683 
Paya Holdings, Inc.(1)
140  903 
Paysafe Ltd.(1)
268  855 
Rackspace Technology, Inc.(1)
72  801 
SolarWinds Corp. 106  1,436 
TaskUS, Inc., Class A(1)
92  2,642 
Verra Mobility Corp.(1)
408  6,855 
35,988 
Leisure Products — 0.8%
American Outdoor Brands, Inc.(1)
26  406 
AMMO, Inc.(1)
184  867 
JAKKS Pacific, Inc.(1)
22  341 
Johnson Outdoors, Inc., Class A 14  1,155 
Latham Group, Inc.(1)
120  2,099 
81

Avantis U.S. Small Cap Equity ETF
Shares Value
Malibu Boats, Inc., Class A(1)
56  $ 3,901 
MasterCraft Boat Holdings, Inc.(1)
52  1,489 
Nautilus, Inc.(1)
44  214 
Smith & Wesson Brands, Inc. 100  1,763 
Sturm Ruger & Co., Inc. 48  3,476 
Vista Outdoor, Inc.(1)
164  5,978 
21,689 
Life Sciences Tools and Services†
Harvard Bioscience, Inc.(1)
86  464 
Personalis, Inc.(1)
62  651 
1,115 
Machinery — 4.9%
Alamo Group, Inc. 32  4,452 
Albany International Corp., Class A 90  7,904 
Altra Industrial Motion Corp. 174  7,390 
Astec Industries, Inc. 64  3,187 
Barnes Group, Inc. 130  6,038 
CIRCOR International, Inc.(1)
54  1,455 
Commercial Vehicle Group, Inc.(1)
82  655 
Douglas Dynamics, Inc. 64  2,351 
Enerpac Tool Group Corp. 158  2,725 
EnPro Industries, Inc. 66  7,289 
Federal Signal Corp. 170  6,139 
Gorman-Rupp Co. (The) 68  2,534 
Greenbrier Cos., Inc. (The) 84  3,732 
Helios Technologies, Inc. 94  7,371 
Hurco Cos., Inc. 16  546 
Hyliion Holdings Corp.(1)
234  1,011 
Hyster-Yale Materials Handling, Inc. 20  766 
Kadant, Inc. 36  7,105 
Kennametal, Inc. 230  7,293 
Manitowoc Co., Inc. (The)(1)
92  1,521 
Mayville Engineering Co., Inc.(1)
14  145 
Meritor, Inc.(1)
198  7,051 
Miller Industries, Inc. 30  929 
Mueller Industries, Inc. 106  6,047 
Mueller Water Products, Inc., Class A 426  5,406 
NN, Inc.(1)
74  192 
Omega Flex, Inc. 8  1,162 
Park-Ohio Holdings Corp. 24  381 
REV Group, Inc. 90  1,217 
Shyft Group, Inc. (The) 96  3,879 
SPX Corp.(1)
112  5,678 
Standex International Corp. 34  3,602 
Tennant Co. 48  3,781 
Terex Corp. 184  7,596 
Titan International, Inc.(1)
166  1,859 
Trinity Industries, Inc. 258  7,446 
Wabash National Corp. 160  2,726 
140,561 
82

Avantis U.S. Small Cap Equity ETF
Shares Value
Marine — 0.2%
Costamare, Inc. 112  $ 1,512 
Eagle Bulk Shipping, Inc. 26  1,371 
Genco Shipping & Trading Ltd. 98  1,890 
Pangaea Logistics Solutions Ltd. 68  345 
Safe Bulkers, Inc.(1)
178  744 
5,862 
Media — 1.7%
AMC Networks, Inc., Class A(1)
64  2,653 
Audacy, Inc.(1)
220  682 
Boston Omaha Corp., Class A(1)
52  1,455 
Cardlytics, Inc.(1)
64  3,712 
comScore, Inc.(1)
148  388 
Daily Journal Corp.(1)
2  647 
E.W. Scripps Co. (The), Class A(1)
160  3,562 
Entravision Communications Corp., Class A 166  1,062 
Fluent, Inc.(1)
110  156 
Gannett Co., Inc.(1)
372  1,845 
Gray Television, Inc. 230  5,389 
iHeartMedia, Inc., Class A (Acquired 5/2/19, Cost $5,814)(1)
234  5,019 
Integral Ad Science Holding Corp.(1)
72  1,347 
John Wiley & Sons, Inc., Class A 120  6,037 
Lee Enterprises, Inc.(1)
18  599 
Salem Media Group, Inc.(1)
64  228 
Scholastic Corp. 56  2,357 
TechTarget, Inc.(1)
84  6,584 
Thryv Holdings, Inc.(1)
64  1,946 
WideOpenWest, Inc.(1)
148  2,515 
48,183 
Metals and Mining — 2.3%
Allegheny Technologies, Inc.(1)
262  6,744 
Alpha Metallurgical Resources, Inc.(1)
54  5,118 
Carpenter Technology Corp. 128  4,914 
Century Aluminum Co.(1)
134  3,165 
Coeur Mining, Inc.(1)
474  2,038 
Compass Minerals International, Inc. 92  5,393 
Haynes International, Inc. 36  1,316 
Hecla Mining Co. 1,206  6,947 
Kaiser Aluminum Corp. 38  3,667 
Materion Corp. 62  5,180 
Olympic Steel, Inc. 22  589 
Ryerson Holding Corp. 54  1,411 
Schnitzer Steel Industries, Inc., Class A 72  3,503 
SunCoke Energy, Inc. 226  1,792 
Synalloy Corp.(1)
26  415 
TimkenSteel Corp.(1)
126  2,272 
Warrior Met Coal, Inc. 168  5,292 
Worthington Industries, Inc. 90  5,132 
64,888 
Multi-Utilities — 0.7%
Avista Corp. 188  8,390 
83

Avantis U.S. Small Cap Equity ETF
Shares Value
NorthWestern Corp. 144  $ 8,709 
Unitil Corp. 42  2,121 
19,220 
Multiline Retail — 0.3%
Big Lots, Inc. 86  2,989 
Ollie's Bargain Outlet Holdings, Inc.(1)
100  4,318 
7,307 
Oil, Gas and Consumable Fuels — 4.8%
Alto Ingredients, Inc.(1)
188  1,096 
Arch Resources, Inc. 48  5,730 
Berry Corp. 236  2,360 
Brigham Minerals, Inc., Class A 144  3,280 
Callon Petroleum Co.(1)
132  7,440 
Centennial Resource Development, Inc., Class A(1)
658  5,777 
Clean Energy Fuels Corp.(1)
398  2,894 
CNX Resources Corp.(1)
476  7,778 
Comstock Resources, Inc.(1)
280  2,324 
CONSOL Energy, Inc.(1)
76  2,336 
CVR Energy, Inc. 96  1,669 
DHT Holdings, Inc. 376  2,365 
Dorian LPG Ltd. 82  1,130 
Earthstone Energy, Inc., Class A(1)
78  1,014 
Evolution Petroleum Corp. 82  640 
Falcon Minerals Corp. 114  654 
Gevo, Inc.(1)
526  1,867 
Green Plains, Inc.(1)
154  5,042 
International Seaways, Inc. 124  2,268 
Kimbell Royalty Partners LP 140  2,202 
Kosmos Energy Ltd.(1)
1,550  7,533 
Laredo Petroleum, Inc.(1)
56  4,287 
Nordic American Tankers Ltd. 308  745 
Oasis Petroleum, Inc. 64  8,481 
PBF Energy, Inc., Class A(1)
308  5,119 
Peabody Energy Corp.(1)
288  4,994 
Plains GP Holdings LP, Class A(1)
510  5,768 
Ranger Oil Corp., Class A(1)
80  2,701 
Rattler Midstream LP 118  1,630 
Renewable Energy Group, Inc.(1)
112  6,888 
REX American Resources Corp.(1)
18  1,700 
Riley Exploration Permian, Inc. 24  804 
Ring Energy, Inc.(1)
188  598 
SandRidge Energy, Inc.(1)
104  1,391 
SFL Corp. Ltd. 334  3,323 
SilverBow Resources, Inc.(1)
30  772 
Talos Energy, Inc.(1)
208  3,268 
Teekay Corp.(1)
188  634 
Teekay Tankers Ltd., Class A(1)
60  857 
VAALCO Energy, Inc. 154  869 
Vertex Energy, Inc.(1)
68  452 
Whiting Petroleum Corp. 120  8,862 
84

Avantis U.S. Small Cap Equity ETF
Shares Value
World Fuel Services Corp. 170  $ 4,818 
136,360 
Paper and Forest Products — 0.5%
Clearwater Paper Corp.(1)
54  1,557 
Glatfelter Corp. 136  1,868 
Mercer International, Inc. 108  1,444 
Neenah, Inc. 46  1,792 
Schweitzer-Mauduit International, Inc. 76  2,373 
Sylvamo Corp.(1)
96  3,350 
Verso Corp., Class A 86  2,280 
14,664 
Personal Products — 1.0%
Edgewell Personal Care Co. 146  5,209 
elf Beauty, Inc.(1)
144  3,806 
Inter Parfums, Inc. 56  5,201 
Medifast, Inc. 24  4,464 
Nature's Sunshine Products, Inc. 34  596 
Nu Skin Enterprises, Inc., Class A 134  6,216 
USANA Health Sciences, Inc.(1)
32  2,817 
28,309 
Pharmaceuticals — 2.2%
Amneal Pharmaceuticals, Inc.(1)
368  1,667 
Amphastar Pharmaceuticals, Inc.(1)
98  2,716 
ANI Pharmaceuticals, Inc.(1)
38  1,423 
Antares Pharma, Inc.(1)
376  1,316 
Assertio Holdings, Inc.(1)
118  271 
Atea Pharmaceuticals, Inc.(1)
88  558 
Athira Pharma, Inc.(1)
100  916 
BioDelivery Sciences International, Inc.(1)
166  926 
Collegium Pharmaceutical, Inc.(1)
80  1,558 
Corcept Therapeutics, Inc.(1)
290  6,464 
CorMedix, Inc.(1)
84  410 
Cymabay Therapeutics, Inc.(1)
218  693 
Evolus, Inc.(1)
50  458 
Harmony Biosciences Holdings, Inc.(1)
92  3,676 
Harrow Health, Inc.(1)
68  524 
Innoviva, Inc.(1)
188  3,612 
KemPharm, Inc.(1)
82  486 
Liquidia Corp.(1)
124  802 
Nektar Therapeutics(1)
480  4,915 
Pacira BioSciences, Inc.(1)
124  8,270 
Phibro Animal Health Corp., Class A 50  1,065 
Pliant Therapeutics, Inc.(1)
38  341 
Prestige Consumer Healthcare, Inc.(1)
144  8,572 
Provention Bio, Inc.(1)
138  865 
SCYNEXIS, Inc.(1)
62  259 
SIGA Technologies, Inc.(1)
134  804 
Supernus Pharmaceuticals, Inc.(1)
142  4,537 
TFF Pharmaceuticals, Inc.(1)
44  299 
Zogenix, Inc.(1)
118  3,099 
61,502 
85

Avantis U.S. Small Cap Equity ETF
Shares Value
Professional Services — 1.1%
Barrett Business Services, Inc. 20  $ 1,203 
CBIZ, Inc.(1)
142  5,525 
CRA International, Inc. 20  1,777 
DLH Holdings Corp.(1)
20  346 
Forrester Research, Inc.(1)
36  1,869 
Franklin Covey Co.(1)
38  1,752 
Heidrick & Struggles International, Inc. 54  2,309 
HireRight Holdings Corp.(1)
22  288 
Hudson Global, Inc.(1)
8  238 
ICF International, Inc. 54  4,786 
Kelly Services, Inc., Class A 86  1,825 
Kforce, Inc. 62  4,661 
Mistras Group, Inc.(1)
48  320 
Resources Connection, Inc. 94  1,560 
TrueBlue, Inc.(1)
100  2,720 
31,179 
Real Estate Management and Development — 1.0%
Five Point Holdings LLC, Class A(1)
140  829 
Forestar Group, Inc.(1)
50  915 
Kennedy-Wilson Holdings, Inc. 336  7,439 
Marcus & Millichap, Inc.(1)
78  3,879 
Rafael Holdings, Inc., Class B(1)
44  139 
RE/MAX Holdings, Inc., Class A 50  1,482 
Realogy Holdings Corp.(1)
308  5,599 
RMR Group, Inc. (The), Class A 42  1,224 
St. Joe Co. (The) 100  5,403 
Tejon Ranch Co.(1)
62  1,053 
27,962 
Road and Rail — 0.9%
ArcBest Corp. 90  8,341 
Covenant Logistics Group, Inc.(1)
32  720 
Daseke, Inc.(1)
140  1,757 
Heartland Express, Inc. 124  1,781 
Marten Transport Ltd. 180  3,105 
PAM Transportation Services, Inc.(1)
10  675 
Universal Logistics Holdings, Inc. 18  344 
US Xpress Enterprises, Inc., Class A(1)
56  254 
USA Truck, Inc.(1)
22  536 
Werner Enterprises, Inc. 166  7,215 
24,728 
Semiconductors and Semiconductor Equipment — 2.0%
Alpha & Omega Semiconductor Ltd.(1)
72  3,872 
Amtech Systems, Inc.(1)
26  270 
Axcelis Technologies, Inc.(1)
100  6,922 
AXT, Inc.(1)
106  790 
CEVA, Inc.(1)
60  2,446 
Cohu, Inc.(1)
130  4,054 
CyberOptics Corp.(1)
20  760 
Everspin Technologies, Inc.(1)
52  525 
Formfactor, Inc.(1)
174  7,045 
86

Avantis U.S. Small Cap Equity ETF
Shares Value
Ichor Holdings Ltd.(1)
76  $ 2,678 
inTEST Corp.(1)
20  222 
MagnaChip Semiconductor Corp.(1)
126  2,293 
Meta Materials, Inc.(1)
382  821 
NVE Corp. 12  686 
PDF Solutions, Inc.(1)
104  2,846 
Photronics, Inc.(1)
196  3,610 
Rambus, Inc.(1)
326  8,802 
SMART Global Holdings, Inc.(1)
154  4,227 
Ultra Clean Holdings, Inc.(1)
122  5,589 
58,458 
Software — 1.6%
A10 Networks, Inc. 198  2,819 
Avaya Holdings Corp.(1)
228  3,140 
Bottomline Technologies de, Inc.(1)
134  7,590 
ChannelAdvisor Corp.(1)
78  1,400 
Cleanspark, Inc.(1)
106  1,124 
CommVault Systems, Inc.(1)
116  7,298 
CoreCard Corp.(1)
18  580 
Ebix, Inc. 66  1,948 
eGain Corp.(1)
60  707 
InterDigital, Inc. 84  5,411 
Mitek Systems, Inc.(1)
116  1,724 
N-able, Inc.(1)
144  1,666 
OneSpan, Inc.(1)
68  937 
Progress Software Corp. 120  5,290 
SRAX, Inc.(1)
60  267 
Sumo Logic, Inc.(1)
182  2,191 
Upland Software, Inc.(1)
40  754 
Vertex, Inc., Class A(1)
72  1,003 
Viant Technology, Inc., Class A(1)
24  197 
VirnetX Holding Corp.(1)
122  222 
46,268 
Specialty Retail — 3.3%
Aaron's Co., Inc. (The) 84  1,763 
Abercrombie & Fitch Co., Class A(1)
150  5,712 
America's Car-Mart, Inc.(1)
16  1,539 
Arko Corp.(1)
248  2,071 
Barnes & Noble Education, Inc.(1)
100  548 
Bed Bath & Beyond, Inc.(1)
166  2,804 
Big 5 Sporting Goods Corp. 56  927 
Boot Barn Holdings, Inc.(1)
102  8,876 
Buckle, Inc. (The) 84  3,024 
Build-A-Bear Workshop, Inc. 44  899 
Caleres, Inc. 98  2,034 
CarLotz, Inc.(1)
124  250 
Cato Corp. (The), Class A 50  880 
Chico's FAS, Inc.(1)
312  1,466 
Children's Place, Inc. (The)(1)
36  2,267 
Citi Trends, Inc.(1)
22  821 
87

Avantis U.S. Small Cap Equity ETF
Shares Value
Conn's, Inc.(1)
50  $ 917 
Container Store Group, Inc. (The)(1)
82  724 
Designer Brands, Inc., Class A(1)
162  2,114 
Genesco, Inc.(1)
38  2,438 
Group 1 Automotive, Inc. 52  9,460 
Guess?, Inc. 110  2,409 
Haverty Furniture Cos., Inc. 42  1,193 
Hibbett, Inc. 32  1,443 
Kirkland's, Inc.(1)
24  332 
Lazydays Holdings, Inc.(1)
24  438 
LL Flooring Holdings, Inc.(1)
70  1,124 
MarineMax, Inc.(1)
64  2,929 
Monro, Inc. 88  4,108 
ODP Corp. (The)(1)
122  5,368 
OneWater Marine, Inc., Class A 28  1,423 
Party City Holdco, Inc.(1)
226  979 
Sally Beauty Holdings, Inc.(1)
302  5,219 
Shoe Carnival, Inc. 48  1,400 
Sonic Automotive, Inc., Class A 58  3,115 
Tile Shop Holdings, Inc. 98  620 
Tilly's, Inc., Class A 62  787 
TravelCenters of America, Inc.(1)
40  1,689 
Urban Outfitters, Inc.(1)
160  4,402 
Vroom, Inc.(1)
148  900 
Zumiez, Inc.(1)
58  2,580 
93,992 
Technology Hardware, Storage and Peripherals — 0.3%
Eastman Kodak Co.(1)
138  658 
Immersion Corp.(1)
62  330 
Intevac, Inc.(1)
66  342 
Super Micro Computer, Inc.(1)
136  5,344 
Turtle Beach Corp.(1)
38  903 
7,577 
Textiles, Apparel and Luxury Goods — 1.0%
Delta Apparel, Inc.(1)
16  474 
Fossil Group, Inc.(1)
126  1,703 
G-III Apparel Group Ltd.(1)
120  3,329 
Kontoor Brands, Inc. 146  7,233 
Lakeland Industries, Inc.(1)
20  382 
Movado Group, Inc. 50  1,971 
Oxford Industries, Inc. 46  4,066 
PLBY Group, Inc.(1)
58  923 
Rocky Brands, Inc. 16  617 
Superior Group of Cos., Inc. 30  615 
Unifi, Inc.(1)
40  751 
Vera Bradley, Inc.(1)
66  499 
Wolverine World Wide, Inc. 218  5,021 
27,584 
Thrifts and Mortgage Finance — 1.8%
Bridgewater Bancshares, Inc.(1)
58  976 
88

Avantis U.S. Small Cap Equity ETF
Shares Value
Columbia Financial, Inc.(1)
108  $ 2,294 
Federal Agricultural Mortgage Corp., Class C 28  3,464 
Flagstar Bancorp, Inc. 146  6,655 
Home Bancorp, Inc. 20  784 
Kearny Financial Corp. 188  2,483 
Merchants Bancorp 44  1,274 
Mr. Cooper Group, Inc.(1)
204  10,369 
NMI Holdings, Inc., Class A(1)
228  5,276 
Northfield Bancorp, Inc. 118  1,853 
Ocwen Financial Corp.(1)
22  630 
Provident Financial Services, Inc. 204  4,841 
Southern Missouri Bancorp, Inc. 22  1,179 
TrustCo Bank Corp. NY 50  1,708 
Washington Federal, Inc. 178  6,333 
Waterstone Financial, Inc. 60  1,172 
51,291 
Trading Companies and Distributors — 1.7%
Alta Equipment Group, Inc.(1)
56  706 
BlueLinx Holdings, Inc.(1)
32  2,860 
Boise Cascade Co. 128  10,232 
Global Industrial Co. 44  1,398 
H&E Equipment Services, Inc. 92  3,842 
Huttig Building Products, Inc.(1)
66  613 
Lawson Products, Inc.(1)
12  510 
McGrath RentCorp 66  5,365 
MRC Global, Inc.(1)
216  2,182 
NOW, Inc.(1)
296  2,765 
Rush Enterprises, Inc., Class A 138  7,168 
Rush Enterprises, Inc., Class B 26  1,274 
Titan Machinery, Inc.(1)
64  1,813 
Transcat, Inc.(1)
24  1,883 
Veritiv Corp.(1)
46  4,930 
47,541 
Water Utilities — 0.6%
American States Water Co. 98  8,248 
Artesian Resources Corp., Class A 22  1,022 
California Water Service Group 132  7,515 
Consolidated Water Co. Ltd. 38  372 
York Water Co. (The) 34  1,526 
18,683 
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co. 130  2,906 
Spok Holdings, Inc. 44  385 
Telephone and Data Systems, Inc. 286  4,962 
United States Cellular Corp.(1)
42  1,155 
9,408 
TOTAL COMMON STOCKS
(Cost $2,872,740)
 2,849,930 
89

Avantis U.S. Small Cap Equity ETF
Shares Value
SHORT-TERM INVESTMENTS — 0.1%


Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class
2,467  $ 2,467 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,467)
 2,467 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $2,875,207)

2,852,397 
OTHER ASSETS AND LIABILITIES†

851
TOTAL NET ASSETS — 100.0%

$ 2,853,248 

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


See Notes to Financial Statements.
90

FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Small Cap Value ETF
Shares Value
COMMON STOCKS — 99.9%


Aerospace and Defense — 0.4%
AAR Corp.(1)
122,675  $ 5,513,014 
Hexcel Corp. 39,524  2,288,440 
Kaman Corp. 66,571  2,889,847 
Moog, Inc., Class A 9,052  752,312 
11,443,613 
Air Freight and Logistics — 1.1%
Air Transport Services Group, Inc.(1)
252,794  7,965,539 
Atlas Air Worldwide Holdings, Inc.(1)
161,616  12,664,230 
Hub Group, Inc., Class A(1)
100,530  8,484,732 
29,114,501 
Airlines — 0.6%
Allegiant Travel Co.(1)
48,508  8,444,758 
Hawaiian Holdings, Inc.(1)
30,438  583,801 
Mesa Air Group, Inc.(1)
86,295  375,383 
SkyWest, Inc.(1)
207,511  5,833,134 
15,237,076 
Auto Components — 1.2%
American Axle & Manufacturing Holdings, Inc.(1)
374,738  3,470,074 
Cooper-Standard Holdings, Inc.(1)
11,278  143,456 
Dana, Inc. 51,815  964,795 
Dorman Products, Inc.(1)
39,503  3,690,370 
Gentherm, Inc.(1)
34,809  2,953,196 
Goodyear Tire & Rubber Co. (The)(1)
983,360  15,232,247 
Modine Manufacturing Co.(1)
205,244  2,072,964 
Motorcar Parts of America, Inc.(1)
51,608  833,469 
Standard Motor Products, Inc. 54,291  2,373,060 
31,733,631 
Automobiles — 0.5%
Harley-Davidson, Inc. 106,459  4,396,757 
Winnebago Industries, Inc. 127,462  8,166,490 
12,563,247 
Banks — 16.7%
1st Source Corp. 28,289  1,366,076 
ACNB Corp. 25,427  818,241 
Amalgamated Financial Corp. 56,228  965,435 
Amerant Bancorp, Inc. 77,661  2,520,099 
Ameris Bancorp 157,047  7,773,826 
Arrow Financial Corp. 49,835  1,711,832 
Associated Banc-Corp. 375,453  9,157,299 
Atlantic Capital Bancshares, Inc.(1)
7,610  246,107 
Atlantic Union Bankshares Corp. 50,739  2,061,526 
Banc of California, Inc. 14,654  287,951 
BancFirst Corp. 56,310  4,399,500 
Bancorp, Inc. (The)(1)
224,664  6,582,655 
Bank First Corp. 7,990  562,736 
Bank of Hawaii Corp. 120,136  10,353,320 
Bank OZK 68,370  3,214,757 
BankFinancial Corp. 43,854  478,447 
91


Avantis U.S. Small Cap Value ETF
Shares Value
BankUnited, Inc. 245,719  $ 10,860,780 
Bankwell Financial Group, Inc. 17,994  627,091 
Banner Corp. 97,058  5,979,743 
BCB Bancorp, Inc. 56,578  1,030,851 
Brookline Bancorp., Inc. 56,358  965,976 
Byline Bancorp, Inc. 89,566  2,442,465 
Cadence Bank 64,602  2,042,715 
Camden National Corp. 11,459  544,875 
Cathay General Bancorp 233,142  10,964,668 
CB Financial Services, Inc. 14,325  360,274 
Central Pacific Financial Corp. 114,582  3,344,649 
Central Valley Community Bancorp 42,416  978,537 
City Holding Co. 39,378  3,137,245 
CNB Financial Corp. 56,521  1,478,024 
Codorus Valley Bancorp, Inc. 34,590  771,011 
Columbia Banking System, Inc. 5,647  206,850 
Community Trust Bancorp, Inc. 29,985  1,267,766 
ConnectOne Bancorp, Inc. 104,435  3,446,355 
Customers Bancorp, Inc.(1)
106,676  6,565,908 
Dime Community Bancshares, Inc. 44,538  1,513,847 
Eagle Bancorp, Inc. 108,414  6,496,167 
Enterprise Financial Services Corp. 21,635  1,069,634 
Equity Bancshares, Inc., Class A 603  18,964 
F.N.B. Corp. 755,671  10,148,662 
Farmers National Banc Corp. 96,239  1,658,198 
FB Financial Corp. 25,322  1,125,310 
Financial Institutions, Inc. 58,268  1,861,080 
First BanCorp 612,156  8,643,643 
First Bancorp, Inc. (The) 14,392  428,882 
First Bancorp/Southern Pines NC 39,431  1,769,663 
First Bancshares, Inc. (The) 5,627  198,689 
First Busey Corp. 97,825  2,685,296 
First Business Financial Services, Inc. 27,313  899,963 
First Citizens BancShares, Inc., Class A 3,948  3,112,801 
First Commonwealth Financial Corp. 57,587  930,030 
First Community Bankshares, Inc. 3,984  116,851 
First Financial Corp. 22,737  1,057,498 
First Foundation, Inc. 136,667  3,644,909 
First Internet Bancorp 30,751  1,503,109 
First Interstate Bancsystem, Inc., Class A 28,242  1,146,625 
First Mid Bancshares, Inc. 44,582  1,786,401 
First of Long Island Corp. (The) 77,499  1,687,153 
First United Corp. 24,958  594,999 
Flushing Financial Corp. 33,112  777,801 
Franklin Financial Services Corp. 14,288  476,076 
Fulton Financial Corp. 200,956  3,621,227 
Glacier Bancorp, Inc. 42,745  2,368,073 
Great Southern Bancorp, Inc. 48,899  3,003,377 
Hancock Whitney Corp. 132,449  7,374,760 
Hanmi Financial Corp. 121,297  3,168,278 
HarborOne Bancorp, Inc. 92,202  1,363,668 
92

Avantis U.S. Small Cap Value ETF
Shares Value
Hawthorn Bancshares, Inc. 20,751  $ 542,431 
Heartland Financial USA, Inc. 53,215  2,640,528 
Hilltop Holdings, Inc. 200,493  6,199,244 
HomeStreet, Inc. 91,567  4,712,038 
HomeTrust Bancshares, Inc. 22,724  683,538 
Hope Bancorp, Inc. 312,357  5,297,575 
Horizon Bancorp, Inc. 59,114  1,187,009 
Independent Bank Corp. (Massachusetts) 19,124  1,644,855 
Independent Bank Corp. (Michigan) 84,650  2,014,670 
International Bancshares Corp. 168,542  7,248,991 
Investors Bancorp, Inc. 450,389  7,539,512 
Lakeland Bancorp, Inc. 168,074  3,032,055 
Lakeland Financial Corp. 69,937  5,609,647 
Live Oak Bancshares, Inc. 37,828  2,419,101 
Macatawa Bank Corp. 108,212  993,386 
Mercantile Bank Corp. 61,438  2,265,219 
Meta Financial Group, Inc. 76,475  4,235,950 
Metropolitan Bank Holding Corp.(1)
17,830  1,823,118 
Midland States Bancorp, Inc. 90,032  2,643,340 
MidWestOne Financial Group, Inc. 50,788  1,533,290 
MVB Financial Corp. 56,081  2,160,240 
National Bank Holdings Corp., Class A 60,328  2,677,357 
NBT Bancorp, Inc. 40,872  1,568,259 
Nicolet Bankshares, Inc.(1)
12,150  1,157,409 
Northeast Bank 35,798  1,303,763 
Northrim BanCorp, Inc. 21,570  966,120 
OFG Bancorp 174,306  4,911,943 
Old National Bancorp. 231,823  4,237,726 
Old Second Bancorp, Inc. 120,291  1,711,741 
Origin Bancorp, Inc. 19,350  893,583 
Orrstown Financial Services, Inc. 38,097  930,329 
Pacific Premier Bancorp, Inc. 118,405  4,583,458 
PacWest Bancorp 131,546  6,501,003 
Park National Corp. 14,026  1,880,326 
Parke Bancorp, Inc. 38,335  904,323 
PCB Bancorp.(2)
49,590  1,166,853 
Peapack-Gladstone Financial Corp. 63,193  2,383,640 
Peoples Bancorp, Inc. 36,112  1,129,583 
Popular, Inc. 106,488  9,780,923 
Preferred Bank 21,264  1,668,799 
Premier Financial Corp. 54,750  1,679,183 
Primis Financial Corp. 75,821  1,084,240 
QCR Holdings, Inc. 50,241  2,806,462 
RBB Bancorp 59,131  1,426,240 
Red River Bancshares, Inc. 1,846  94,515 
Republic Bancorp, Inc., Class A 43,251  1,984,356 
Sandy Spring Bancorp, Inc. 64,308  3,028,264 
ServisFirst Bancshares, Inc. 127,406  11,132,736 
Shore Bancshares, Inc. 23,010  485,051 
Sierra Bancorp 52,960  1,421,446 
Simmons First National Corp., Class A 184,456  5,260,685 
93

Avantis U.S. Small Cap Value ETF
Shares Value
SmartFinancial, Inc. 38,148  $ 995,281 
Southern First Bancshares, Inc.(1)
25,404  1,449,552 
Southside Bancshares, Inc. 22,677  945,404 
SouthState Corp. 39,445  3,550,050 
Stock Yards Bancorp, Inc. 24,782  1,325,094 
Summit Financial Group, Inc. 40,385  1,101,299 
Synovus Financial Corp. 150,603  7,929,248 
Texas Capital Bancshares, Inc.(1)
110,057  7,329,796 
Tompkins Financial Corp. 10,399  822,561 
Towne Bank 48,163  1,501,722 
Trico Bancshares 6,451  279,973 
TriState Capital Holdings, Inc.(1)
93,411  3,101,245 
Triumph Bancorp, Inc.(1)
34,621  3,473,179 
Trustmark Corp. 178,086  5,607,928 
UMB Financial Corp. 105,376  10,733,599 
Umpqua Holdings Corp. 570,180  12,173,343 
United Community Banks, Inc. 225,278  8,709,247 
United Security Bancshares 59,435  499,848 
Unity Bancorp, Inc. 27,314  774,352 
Univest Financial Corp. 34,729  1,006,446 
Valley National Bancorp 595,050  8,312,848 
Washington Trust Bancorp, Inc. 50,750  2,754,203 
Webster Financial Corp. 130,872  7,879,803 
West BanCorp, Inc. 56,396  1,629,844 
Western Alliance Bancorp 18,568  1,740,564 
Wintrust Financial Corp. 154,039  15,305,315 
443,885,021 
Beverages — 0.2%
Coca-Cola Consolidated, Inc. 12,786  6,353,747 
Biotechnology — 1.0%
Alector, Inc.(1)
84,463  1,337,894 
Catalyst Pharmaceuticals, Inc.(1)
272,244  2,123,503 
Emergent BioSolutions, Inc.(1)
158,881  6,574,496 
Ironwood Pharmaceuticals, Inc.(1)
496,216  5,339,284 
iTeos Therapeutics, Inc.(1)
90,854  3,282,555 
Ovid therapeutics, Inc.(1)(2)
38,184  129,444 
Sage Therapeutics, Inc.(1)
147,938  5,380,505 
uniQure NV(1)
173,701  2,951,180 
27,118,861 
Building Products — 0.7%
Apogee Enterprises, Inc. 92,736  4,179,611 
Griffon Corp. 63,363  1,460,517 
Insteel Industries, Inc. 64,874  2,407,474 
Masonite International Corp.(1)
88,884  8,384,428 
Quanex Building Products Corp. 127,972  2,925,440 
UFP Industries, Inc. 2,220  190,365 
19,547,835 
Capital Markets — 1.9%
B. Riley Financial, Inc. 59,108  3,519,881 
Brightsphere Investment Group, Inc. 84,362  2,013,721 
Cowen, Inc., Class A 93,997  2,787,011 
94

Avantis U.S. Small Cap Value ETF
Shares Value
Diamond Hill Investment Group, Inc. 10,698  $ 2,074,128 
Evercore, Inc., Class A 62,016  7,876,652 
Janus Henderson Group plc 162,898  5,468,486 
Moelis & Co., Class A 103,179  4,974,260 
Oppenheimer Holdings, Inc., Class A 30,815  1,330,900 
Piper Sandler Cos. 52,652  7,793,023 
Stifel Financial Corp. 111,339  8,183,417 
StoneX Group, Inc.(1)
12,361  932,637 
Victory Capital Holdings, Inc., Class A 7,460  247,448 
Virtus Investment Partners, Inc. 9,631  2,317,411 
49,518,975 
Chemicals — 3.0%
AdvanSix, Inc. 133,937  5,365,516 
AgroFresh Solutions, Inc.(1)
89,458  179,811 
American Vanguard Corp. 43,487  655,349 
Cabot Corp. 185,512  13,572,058 
Chemours Co. (The) 552,496  15,248,890 
Ecovyst, Inc. 150,885  1,649,173 
Ferro Corp.(1)
153,440  3,334,251 
Hawkins, Inc. 80,437  3,640,579 
Intrepid Potash, Inc.(1)
17,341  986,529 
Kraton Corp.(1)
122,372  5,647,468 
Kronos Worldwide, Inc. 18,817  277,174 
LSB Industries, Inc.(1)
19,709  340,966 
NewMarket Corp. 17,549  5,576,370 
Orion Engineered Carbons SA 153,480  2,385,079 
Rayonier Advanced Materials, Inc.(1)
327,355  1,921,574 
Sensient Technologies Corp. 98  8,049 
Stepan Co. 80,993  8,392,495 
Tronox Holdings plc, Class A 459,155  9,320,846 
78,502,177 
Commercial Services and Supplies — 1.0%
Clean Harbors, Inc.(1)
117,438  11,207,108 
Ennis, Inc. 80,270  1,507,471 
Healthcare Services Group, Inc. 195,831  3,098,046 
Heritage-Crystal Clean, Inc.(1)
25,971  728,227 
HNI Corp. 138,319  5,628,200 
Interface, Inc. 207,383  2,706,348 
Quad/Graphics, Inc.(1)
94,889  519,992 
25,395,392 
Communications Equipment — 0.4%
ViaSat, Inc.(1)
213,944  9,764,404 
Construction and Engineering — 1.4%
Arcosa, Inc. 2,676  140,945 
Argan, Inc. 41,491  1,613,585 
Dycom Industries, Inc.(1)
86,116  7,497,259 
EMCOR Group, Inc. 17,968  2,076,023 
Granite Construction, Inc. 179,733  5,440,518 
Great Lakes Dredge & Dock Corp.(1)
51,493  726,566 
MasTec, Inc.(1)
55,935  4,405,440 
MYR Group, Inc.(1)
73,435  6,590,791 
95

Avantis U.S. Small Cap Value ETF
Shares Value
Northwest Pipe Co.(1)
22,590  $ 643,815 
Primoris Services Corp. 138,357  3,648,474 
Sterling Construction Co., Inc.(1)
85,896  2,536,509 
Tutor Perini Corp.(1)
103,417  1,013,487 
36,333,412 
Construction Materials — 0.1%
Eagle Materials, Inc. 17,701  2,422,028 
Consumer Finance — 1.9%
Atlanticus Holdings Corp.(1)
7,376  392,920 
Elevate Credit, Inc.(1)(2)
11,263  37,055 
Encore Capital Group, Inc.(1)
72,542  4,787,047 
Enova International, Inc.(1)
15,630  637,235 
Green Dot Corp., Class A(1)
138,390  3,964,874 
Navient Corp. 455,536  8,021,989 
Nelnet, Inc., Class A 68,150  5,489,483 
OneMain Holdings, Inc. 35,378  1,803,570 
PRA Group, Inc.(1)
93,269  4,162,596 
PROG Holdings, Inc.(1)
233,169  7,144,298 
Regional Management Corp. 35,904  1,842,952 
SLM Corp. 582,462  11,474,501 
World Acceptance Corp.(1)
7,435  1,460,754 
51,219,274 
Containers and Packaging†
TriMas Corp. 25,266  821,398 
Diversified Consumer Services — 0.7%
Graham Holdings Co., Class B 3  1,803 
Grand Canyon Education, Inc.(1)
124,713  10,828,830 
Laureate Education, Inc., Class A 508,165  5,508,509 
Perdoceo Education Corp.(1)
265,619  2,781,031 
Universal Technical Institute, Inc.(1)
8,983  77,613 
19,197,786 
Diversified Financial Services†
Alerus Financial Corp. 32,340  929,775 
Diversified Telecommunication Services — 0.7%
ATN International, Inc. 19,545  651,435 
EchoStar Corp., Class A(1)
130,130  3,167,364 
IDT Corp., Class B(1)
45,038  1,624,070 
Iridium Communications, Inc.(1)
357,983  14,172,547 
19,615,416 
Electrical Equipment — 1.1%
Atkore, Inc.(1)
176,994  18,002,060 
Encore Wire Corp. 101,892  11,862,267 
LSI Industries, Inc. 22,995  156,826 
Powell Industries, Inc. 3  63 
TPI Composites, Inc.(1)
13,139  177,639 
30,198,855 
Electronic Equipment, Instruments and Components — 1.7%
Avnet, Inc. 24,404  1,026,676 
Bel Fuse, Inc., Class B 14,891  234,533 
Benchmark Electronics, Inc. 90,455  2,364,494 
CTS Corp. 13,788  523,117 
96

Avantis U.S. Small Cap Value ETF
Shares Value
Daktronics, Inc.(1)
43,868  $ 202,231 
ePlus, Inc.(1)
1,612  75,603 
Insight Enterprises, Inc.(1)
9,774  1,016,496 
Jabil, Inc. 37,991  2,196,260 
Kimball Electronics, Inc.(1)
68,029  1,172,820 
Methode Electronics, Inc. 78,827  3,597,664 
Plexus Corp.(1)
91,178  7,428,272 
Sanmina Corp.(1)
255,383  10,159,136 
ScanSource, Inc.(1)
21,536  680,107 
TTM Technologies, Inc.(1)
414,814  5,214,212 
Vishay Intertechnology, Inc. 516,197  9,905,820 
45,797,441 
Energy Equipment and Services — 3.3%
Archrock, Inc. 695,323  5,805,947 
Bristow Group, Inc.(1)
88,883  2,945,583 
Cactus, Inc., Class A 3,863  195,700 
ChampionX Corp.(1)
683,891  14,642,106 
Dril-Quip, Inc.(1)
21,515  620,493 
Exterran Corp.(1)
155,920  923,046 
Helix Energy Solutions Group, Inc.(1)
522,585  2,116,469 
Helmerich & Payne, Inc. 278,653  10,095,598 
Nabors Industries Ltd.(1)
38,485  4,831,407 
National Energy Services Reunited Corp.(1)
2,437  21,714 
Newpark Resources, Inc.(1)
171,868  647,942 
NOV, Inc. 1,023,597  17,554,689 
Oceaneering International, Inc.(1)
414,534  6,068,778 
Oil States International, Inc.(1)
26,202  137,036 
Patterson-UTI Energy, Inc. 201,267  2,904,283 
ProPetro Holding Corp.(1)
311,487  3,977,689 
Select Energy Services, Inc., Class A(1)
45,154  373,875 
TETRA Technologies Inc(1)
450,327  1,441,046 
Transocean Ltd.(1)
1,453,724  5,146,183 
US Silica Holdings, Inc.(1)
330,828  4,783,773 
Valaris Ltd.(1)
27,552  1,122,468 
Weatherford International plc(1)
38,425  1,091,270 
87,447,095 
Entertainment — 0.2%
World Wrestling Entertainment, Inc., Class A 71,558  4,240,527 
Food and Staples Retailing — 1.8%
Andersons, Inc. (The) 41,332  1,884,739 
Blue Apron Holdings, Inc., Class A(1)
4,079  21,333 
Ingles Markets, Inc., Class A 87,722  7,212,503 
Natural Grocers by Vitamin Cottage, Inc. 47,708  809,605 
PriceSmart, Inc. 54,086  3,933,134 
SpartanNash Co. 178,425  5,020,879 
Sprouts Farmers Market, Inc.(1)
441,498  12,573,863 
United Natural Foods, Inc.(1)
302,046  12,151,311 
Village Super Market, Inc., Class A 40,053  912,407 
Weis Markets, Inc. 65,377  4,031,800 
48,551,574 
97

Avantis U.S. Small Cap Value ETF
Shares Value
Food Products — 1.6%
Flowers Foods, Inc. 670,727  $ 18,384,627 
Fresh Del Monte Produce, Inc. 77,651  2,009,608 
Hostess Brands, Inc.(1)
12,355  266,127 
John B Sanfilippo & Son, Inc. 20,324  1,616,164 
Pilgrim's Pride Corp.(1)
93,354  2,201,287 
Sanderson Farms, Inc. 89,791  16,035,775 
Seaboard Corp. 9  34,735 
Seneca Foods Corp., Class A(1)
21,426  1,065,944 
41,614,267 
Health Care Equipment and Supplies — 0.5%
Co-Diagnostics, Inc.(1)(2)
58,493  339,260 
FONAR Corp.(1)
21,426  370,241 
ICU Medical, Inc.(1)
1,107  262,060 
Meridian Bioscience, Inc.(1)
17,607  445,457 
Quidel Corp.(1)
113,328  11,988,969 
13,405,987 
Health Care Providers and Services — 0.4%
Ensign Group, Inc. (The) 1,763  148,162 
Fulgent Genetics, Inc.(1)(2)
88,042  5,485,017 
National Healthcare Corp. 3,693  240,119 
Patterson Cos., Inc. 148,800  4,449,120 
10,322,418 
Hotels, Restaurants and Leisure — 0.7%
Bluegreen Vacations Holding Corp.(1)
1  28 
Carrols Restaurant Group, Inc. 76,449  201,825 
Century Casinos, Inc.(1)
43,529  535,407 
Chuy's Holdings, Inc.(1)
51,339  1,673,651 
Cracker Barrel Old Country Store, Inc. 75,259  10,105,026 
Golden Entertainment, Inc.(1)
348  19,812 
Hilton Grand Vacations, Inc.(1)
26,968  1,398,561 
Monarch Casino & Resort, Inc.(1)
37,531  2,923,665 
ONE Group Hospitality, Inc. (The)(1)
24,219  284,331 
RCI Hospitality Holdings, Inc. 2,689  174,570 
Red Robin Gourmet Burgers, Inc.(1)
8,537  149,824 
17,466,700 
Household Durables — 2.1%
Bassett Furniture Industries, Inc. 18,141  318,375 
Beazer Homes USA, Inc.(1)
152,335  2,493,724 
Century Communities, Inc. 95,469  6,083,285 
Ethan Allen Interiors, Inc. 103,088  2,686,473 
GoPro, Inc., Class A(1)
98,942  850,901 
Hamilton Beach Brands Holding Co., Class A 2,316  34,972 
La-Z-Boy, Inc. 182,733  5,332,149 
Legacy Housing Corp.(1)
21,426  545,720 
LGI Homes, Inc.(1)
49,219  6,207,992 
M/I Homes, Inc.(1)
22,161  1,092,316 
Sonos, Inc.(1)
190,684  5,222,835 
Taylor Morrison Home Corp.(1)
429,247  12,662,786 
Tri Pointe Homes, Inc.(1)
428,077  9,576,082 
98

Avantis U.S. Small Cap Value ETF
Shares Value
Universal Electronics, Inc.(1)
54,637  $ 1,815,588 
54,923,198 
Household Products†
Central Garden & Pet Co.(1)
525  24,854 
Central Garden & Pet Co., Class A(1)
4,408  194,128 
218,982 
Independent Power and Renewable Electricity Producers — 0.1%
Ormat Technologies, Inc.(2)
18,041  1,287,225 
Insurance — 3.9%
Ambac Financial Group, Inc.(1)
4,366  56,016 
American Equity Investment Life Holding Co. 207,745  7,829,909 
American National Group, Inc. 5,373  1,015,658 
AMERISAFE, Inc. 53,991  2,542,976 
Argo Group International Holdings Ltd. 32,729  1,380,182 
Axis Capital Holdings Ltd. 204,759  11,183,937 
Brighthouse Financial, Inc.(1)
253,153  13,229,776 
CNO Financial Group, Inc. 348,457  8,422,206 
Crawford & Co., Class A 29,122  224,531 
Employers Holdings, Inc. 79,254  3,079,810 
Genworth Financial, Inc., Class A(1)
1,570,492  6,376,197 
Hanover Insurance Group, Inc. (The) 65,080  9,079,311 
Horace Mann Educators Corp. 75,513  3,140,586 
Mercury General Corp. 50,028  2,751,540 
National Western Life Group, Inc., Class A 1,832  390,857 
Safety Insurance Group, Inc. 31,386  2,618,848 
Selective Insurance Group, Inc. 145,085  12,069,621 
SiriusPoint Ltd.(1)
209,577  1,548,774 
Stewart Information Services Corp. 75,822  5,146,797 
Unum Group 216,244  6,037,532 
White Mountains Insurance Group Ltd. 5,897  6,193,029 
104,318,093 
Interactive Media and Services — 0.2%
Cars.com, Inc.(1)
258,154  4,176,932 
Internet and Direct Marketing Retail†
Duluth Holdings, Inc., Class B(1)
7,841  109,225 
PetMed Express, Inc. 6,307  169,974 
279,199 
IT Services — 0.5%
Alliance Data Systems Corp. 162,168  10,938,232 
Kyndryl Holdings, Inc.(1)
172,784  2,740,354 
13,678,586 
Leisure Products — 1.4%
Acushnet Holdings Corp. 83,419  3,653,752 
Callaway Golf Co.(1)
410,370  10,152,554 
Johnson Outdoors, Inc., Class A 1,668  137,560 
Malibu Boats, Inc., Class A(1)
69,869  4,867,773 
MasterCraft Boat Holdings, Inc.(1)
23,222  665,078 
Nautilus, Inc.(1)
63,127  307,429 
Smith & Wesson Brands, Inc. 200,057  3,527,005 
Sturm Ruger & Co., Inc. 63,064  4,566,464 
99

Avantis U.S. Small Cap Value ETF
Shares Value
Vista Outdoor, Inc.(1)
220,153  $ 8,024,577 
35,902,192 
Machinery — 2.2%
Albany International Corp., Class A 101,298  8,895,990 
Commercial Vehicle Group, Inc.(1)
109,157  872,165 
EnPro Industries, Inc. 13,069  1,443,340 
Greenbrier Cos., Inc. (The) 63,519  2,822,149 
Kennametal, Inc. 296,221  9,393,168 
Mayville Engineering Co., Inc.(1)
170  1,758 
Miller Industries, Inc. 40,053  1,240,842 
Mueller Industries, Inc. 210,865  12,029,848 
REV Group, Inc. 89,539  1,210,567 
Shyft Group, Inc. (The) 92,222  3,726,691 
Terex Corp. 231,573  9,559,334 
Timken Co. (The) 1,457  95,521 
Trinity Industries, Inc. 282,176  8,143,599 
59,434,972 
Marine — 1.1%
Costamare, Inc. 216,864  2,927,664 
Eagle Bulk Shipping, Inc.(2)
35,543  1,874,182 
Genco Shipping & Trading Ltd. 134,132  2,586,065 
Matson, Inc. 190,205  21,069,008 
Pangaea Logistics Solutions Ltd. 68,725  349,123 
Safe Bulkers, Inc.(1)
113,297  473,581 
29,279,623 
Media — 0.2%
Audacy, Inc.(1)
506,354  1,569,697 
Cumulus Media, Inc., Class A(1)
27,415  314,176 
Entravision Communications Corp., Class A 229,992  1,471,949 
Gray Television, Inc. 64,779  1,517,772 
Scholastic Corp. 8,985  378,089 
5,251,683 
Metals and Mining — 3.3%
Alcoa Corp. 314,414  23,687,951 
Alpha Metallurgical Resources, Inc.(1)
48,295  4,577,400 
Carpenter Technology Corp. 112,113  4,304,018 
Century Aluminum Co.(1)
86,781  2,049,767 
Coeur Mining, Inc.(1)
636,887  2,738,614 
Commercial Metals Co. 467,875  18,036,581 
Haynes International, Inc. 19,380  708,533 
Hecla Mining Co. 555,778  3,201,281 
Ryerson Holding Corp. 30,458  795,563 
Schnitzer Steel Industries, Inc., Class A 98,814  4,807,301 
SunCoke Energy, Inc. 441,201  3,498,724 
TimkenSteel Corp.(1)
142,631  2,571,637 
United States Steel Corp. 136,359  3,710,328 
Warrior Met Coal, Inc. 259,691  8,180,267 
Worthington Industries, Inc. 73,681  4,201,291 
87,069,256 
Multiline Retail — 1.3%
Big Lots, Inc.(2)
113,691  3,951,899 
100

Avantis U.S. Small Cap Value ETF
Shares Value
Dillard's, Inc., Class A 22,996  $ 5,765,327 
Kohl's Corp. 102,208  5,684,809 
Macy's, Inc. 760,145  19,702,959 
35,104,994 
Oil, Gas and Consumable Fuels — 13.4%
Antero Midstream Corp. 1,303,125  13,083,375 
Antero Resources Corp.(1)
338,531  7,762,516 
Arch Resources, Inc.(2)
87,155  10,403,692 
Berry Corp. 327,356  3,273,560 
Brigham Minerals, Inc., Class A 78,773  1,794,449 
Callon Petroleum Co.(1)
237,826  13,403,873 
Centennial Resource Development, Inc., Class A(1)
823,841  7,233,324 
Civitas Resources, Inc. 303,203  15,302,655 
CNX Resources Corp.(1)
734,789  12,006,452 
Comstock Resources, Inc.(1)
401,613  3,333,388 
CONSOL Energy, Inc.(1)
142,739  4,387,797 
CVR Energy, Inc. 117,917  2,050,577 
Denbury, Inc.(1)
85,789  6,233,429 
DHT Holdings, Inc. 528,021  3,321,252 
Dorian LPG Ltd. 114,041  1,571,485 
Earthstone Energy, Inc., Class A(1)
87,580  1,138,540 
EnLink Midstream LLC(1)
1,236,559  11,005,375 
EQT Corp. 586,942  13,581,838 
Equitrans Midstream Corp. 1,992,366  12,771,066 
Evolution Petroleum Corp. 58,048  453,355 
Hallador Energy Co.(1)
15,554  53,350 
HollyFrontier Corp. 423,480  12,894,966 
International Seaways, Inc. 108,091  1,976,984 
Kimbell Royalty Partners LP 16,766  263,729 
Kosmos Energy Ltd.(1)
2,116,917  10,288,217 
Laredo Petroleum, Inc.(1)
64,569  4,943,403 
Magnolia Oil & Gas Corp., Class A 672,613  15,032,900 
Matador Resources Co. 472,940  23,457,824 
Murphy Oil Corp. 680,685  23,599,349 
NACCO Industries, Inc., Class A 16,036  495,673 
Nordic American Tankers Ltd. 504,576  1,221,074 
Oasis Petroleum, Inc. 38,600  5,114,886 
Overseas Shipholding Group, Inc., Class A(1)
197,783  411,389 
Ovintiv, Inc. 22  1,009 
PBF Energy, Inc., Class A(1)
551,430  9,164,767 
PDC Energy, Inc. 408,434  26,352,162 
Range Resources Corp.(1)
800,601  18,373,793 
Ranger Oil Corp., Class A(1)
100,567  3,395,142 
Ring Energy, Inc.(1)(2)
285,423  907,645 
SandRidge Energy, Inc.(1)
150,427  2,011,209 
SFL Corp. Ltd. 488,836  4,863,918 
SilverBow Resources, Inc.(1)
49,878  1,282,862 
SM Energy Co. 601,835  21,371,161 
Talos Energy, Inc.(1)
240,026  3,770,808 
Targa Resources Corp. 15,617  1,020,883 
Teekay Corp.(1)
210,048  707,862 
101

Avantis U.S. Small Cap Value ETF
Shares Value
Teekay Tankers Ltd., Class A(1)
87,081  $ 1,244,387 
VAALCO Energy, Inc. 25,859  145,845 
Whiting Petroleum Corp. 207,712  15,339,531 
World Fuel Services Corp. 31,629  896,366 
354,715,092 
Paper and Forest Products — 1.1%
Clearwater Paper Corp.(1)
70,365  2,028,623 
Glatfelter Corp. 93,694  1,287,356 
Louisiana-Pacific Corp. 278,770  20,057,501 
Mercer International, Inc. 171,176  2,288,623 
Schweitzer-Mauduit International, Inc. 6,173  192,721 
Verso Corp., Class A 150,535  3,990,683 
29,845,507 
Personal Products — 0.5%
Inter Parfums, Inc. 9,612  892,763 
Lifevantage Corp.(1)
41,847  233,506 
Nature's Sunshine Products, Inc. 9,408  164,922 
Nu Skin Enterprises, Inc., Class A 190,234  8,824,955 
USANA Health Sciences, Inc.(1)
38,759  3,411,180 
13,527,326 
Pharmaceuticals — 1.2%
Amphastar Pharmaceuticals, Inc.(1)
24,101  667,839 
Arvinas, Inc.(1)
66,562  4,313,883 
Atea Pharmaceuticals, Inc.(1)
20,864  132,278 
BioDelivery Sciences International, Inc.(1)
246,199  1,373,791 
Collegium Pharmaceutical, Inc.(1)
101,961  1,985,181 
Corcept Therapeutics, Inc.(1)
12,070  269,040 
Innoviva, Inc.(1)
295,444  5,675,479 
Perrigo Co. plc 118,654  4,214,590 
Phibro Animal Health Corp., Class A 2,168  46,178 
Prestige Consumer Healthcare, Inc.(1)
177,095  10,542,465 
SIGA Technologies, Inc.(1)
67,487  404,922 
Supernus Pharmaceuticals, Inc.(1)
51,035  1,630,568 
31,256,214 
Professional Services — 0.6%
BGSF, Inc. 200  2,820 
CRA International, Inc. 7,204  639,931 
Heidrick & Struggles International, Inc. 67,367  2,879,939 
Kelly Services, Inc., Class A 52,934  1,123,260 
Kforce, Inc. 76,041  5,716,762 
Korn Ferry 68,225  4,520,589 
TrueBlue, Inc.(1)
3,944  107,277 
14,990,578 
Real Estate Management and Development — 0.3%
Forestar Group, Inc.(1)
32,664  598,078 
Marcus & Millichap, Inc.(1)
108,484  5,394,909 
RE/MAX Holdings, Inc., Class A 80,128  2,374,994 
RMR Group, Inc. (The), Class A 762  22,205 
8,390,186 
Road and Rail — 2.7%
ArcBest Corp. 124,010  11,493,247 
102

Avantis U.S. Small Cap Value ETF
Shares Value
Covenant Logistics Group, Inc.(1)
36,546  $ 822,650 
Heartland Express, Inc. 148,587  2,133,709 
Landstar System, Inc. 3,539  546,457 
Marten Transport Ltd. 278,087  4,797,001 
PAM Transportation Services, Inc.(1)
3,556  239,923 
Ryder System, Inc. 249,371  19,660,410 
Saia, Inc.(1)
61,242  17,590,540 
Schneider National, Inc., Class B 162,743  4,250,847 
US Xpress Enterprises, Inc., Class A(1)
59,575  270,471 
USA Truck, Inc.(1)
6,469  157,714 
Werner Enterprises, Inc. 207,376  9,012,561 
70,975,530 
Semiconductors and Semiconductor Equipment — 2.0%
Alpha & Omega Semiconductor Ltd.(1)
102,953  5,535,783 
Amkor Technology, Inc. 287,384  6,514,995 
Cirrus Logic, Inc.(1)
122,065  10,603,786 
Diodes, Inc.(1)
79,744  7,144,265 
Kulicke & Soffa Industries, Inc. 232,346  12,137,755 
Photronics, Inc.(1)
240,407  4,428,297 
SMART Global Holdings, Inc.(1)
135,902  3,730,510 
Synaptics, Inc.(1)
6,339  1,448,018 
51,543,409 
Software†
InterDigital, Inc. 16,703  1,076,007 
Specialty Retail — 6.4%
Aaron's Co., Inc. (The) 153,665  3,225,428 
Abercrombie & Fitch Co., Class A(1)
237,808  9,055,729 
Academy Sports & Outdoors, Inc.(1)
198,674  6,431,077 
American Eagle Outfitters, Inc.(2)
350,194  7,382,089 
Asbury Automotive Group, Inc.(1)
67,011  13,007,505 
AutoNation, Inc.(1)
137,242  15,736,168 
Bed Bath & Beyond, Inc.(1)(2)
3,711  62,679 
Big 5 Sporting Goods Corp.(2)
121,278  2,008,364 
Buckle, Inc. (The) 129,727  4,670,172 
Build-A-Bear Workshop, Inc. 28,562  583,522 
Caleres, Inc. 177,547  3,685,876 
Cato Corp. (The), Class A 25,841  454,802 
Chico's FAS, Inc.(1)
385,653  1,812,569 
Children's Place, Inc. (The)(1)
35,698  2,247,546 
Citi Trends, Inc.(1)
40,053  1,494,377 
Conn's, Inc.(1)
51,530  945,060 
Container Store Group, Inc. (The)(1)
61,656  544,422 
Designer Brands, Inc., Class A(1)
83,688  1,092,128 
Dick's Sporting Goods, Inc.(2)
65,916  6,921,180 
Foot Locker, Inc. 332,708  10,520,227 
Genesco, Inc.(1)
53,092  3,405,852 
Group 1 Automotive, Inc. 61,106  11,117,014 
Guess?, Inc. 152,694  3,343,999 
Haverty Furniture Cos., Inc. 48,002  1,363,737 
Hibbett, Inc. 67,961  3,063,682 
Kirkland's, Inc.(1)(2)
63,515  879,048 
103

Avantis U.S. Small Cap Value ETF
Shares Value
Lazydays Holdings, Inc.(1)
9,602  $ 175,044 
LL Flooring Holdings, Inc.(1)
106,330  1,707,660 
MarineMax, Inc.(1)
99,436  4,550,191 
Murphy USA, Inc. 77,573  14,020,544 
Shoe Carnival, Inc. 54,362  1,585,196 
Signet Jewelers Ltd. 234,616  16,540,428 
Sonic Automotive, Inc., Class A 82,922  4,453,741 
Tilly's, Inc., Class A 75,058  953,237 
TravelCenters of America, Inc.(1)
53,184  2,245,960 
Urban Outfitters, Inc.(1)
211,743  5,825,050 
Zumiez, Inc.(1)
84,660  3,766,523 
170,877,826 
Textiles, Apparel and Luxury Goods — 1.0%
Carter's, Inc. 141,864  13,715,412 
Culp, Inc. 26,099  211,924 
Delta Apparel, Inc.(1)
696  20,636 
G-III Apparel Group Ltd.(1)
142,542  3,954,115 
Lakeland Industries, Inc.(1)
9,285  177,251 
Movado Group, Inc. 54,980  2,167,312 
Oxford Industries, Inc. 57,347  5,068,901 
Superior Group of Cos., Inc. 5,574  114,267 
Unifi, Inc.(1)
14,668  275,318 
Vera Bradley, Inc.(1)
3,809  28,796 
25,733,932 
Thrifts and Mortgage Finance — 4.6%
Axos Financial, Inc.(1)
161,766  8,855,071 
Bridgewater Bancshares, Inc.(1)
80,325  1,351,870 
Essent Group Ltd. 187,276  8,273,854 
Federal Agricultural Mortgage Corp., Class C 40,035  4,952,329 
Flagstar Bancorp, Inc. 189,292  8,627,929 
FS Bancorp, Inc. 32,499  1,040,618 
Hingham Institution For Savings (The) 865  311,262 
Home Bancorp, Inc. 23,314  914,142 
Luther Burbank Corp. 53,324  690,012 
Merchants Bancorp 84,771  2,454,120 
MGIC Investment Corp. 995,345  15,109,337 
Mr. Cooper Group, Inc.(1)
254,444  12,933,388 
NMI Holdings, Inc., Class A(1)
268,181  6,205,708 
Northfield Bancorp, Inc. 46,334  727,444 
OP Bancorp 49,590  661,531 
PennyMac Financial Services, Inc. 116,397  6,721,927 
Provident Financial Services, Inc. 81,993  1,945,694 
Radian Group, Inc. 497,155  11,882,004 
Riverview Bancorp, Inc. 85,401  663,566 
Southern Missouri Bancorp, Inc. 25,637  1,373,630 
Sterling Bancorp, Inc.(1)
19,672  121,573 
Territorial Bancorp, Inc. 27,062  678,715 
TrustCo Bank Corp. NY 66,517  2,272,886 
Walker & Dunlop, Inc. 64,046  8,860,764 
Washington Federal, Inc. 193,301  6,877,650 
Waterstone Financial, Inc. 84,416  1,649,489 
104

Avantis U.S. Small Cap Value ETF
Shares Value
WSFS Financial Corp. 107,473  $ 5,462,853 
121,619,366 
Trading Companies and Distributors — 4.7%
Air Lease Corp. 431,608  18,023,950 
Alta Equipment Group, Inc.(1)
6,354  80,124 
Applied Industrial Technologies, Inc. 11,653  1,178,118 
BlueLinx Holdings, Inc.(1)
48,949  4,375,062 
Boise Cascade Co. 190,289  15,211,703 
GATX Corp. 138,652  14,784,463 
Global Industrial Co. 26,718  849,098 
H&E Equipment Services, Inc. 127,293  5,315,756 
Herc Holdings, Inc. 97,150  15,458,508 
Huttig Building Products, Inc.(1)
24,152  224,372 
McGrath RentCorp 103,690  8,427,923 
NOW, Inc.(1)
478,828  4,472,253 
Rush Enterprises, Inc., Class A 85,932  4,463,308 
Rush Enterprises, Inc., Class B 5,652  277,005 
Textainer Group Holdings Ltd. 73,642  2,615,027 
Titan Machinery, Inc.(1)
78,194  2,215,236 
Triton International Ltd. 307,477  20,195,089 
Veritiv Corp.(1)
58,227  6,240,188 
124,407,183 
Wireless Telecommunication Services — 0.3%
Shenandoah Telecommunications Co. 12,167  271,933 
Telephone and Data Systems, Inc. 413,141  7,167,996 
United States Cellular Corp.(1)
52,481  1,443,752 
8,883,681 
TOTAL COMMON STOCKS
(Cost $2,398,192,726)
 2,648,529,205 
SHORT-TERM INVESTMENTS — 0.6%


Money Market Funds — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,188,128  1,188,128 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
15,941,820  15,941,820 
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,129,948)
 17,129,948 
TOTAL INVESTMENT SECURITIES — 100.5%
(Cost $2,415,322,674)

2,665,659,153 
OTHER ASSETS AND LIABILITIES — (0.5)%

(13,722,240)
TOTAL NET ASSETS — 100.0%

$ 2,651,936,913 

NOTES TO SCHEDULE OF INVESTMENTS
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $22,613,857. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $23,227,771, which includes securities collateral of $7,285,951.


See Notes to Financial Statements.
105

Statements of Assets and Liabilities
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Real Estate ETF Avantis U.S. Equity ETF
Assets
Investment securities, at value (cost of $39,377,383 and $1,678,451,836, respectively) — including $— and $3,701,605, respectively of securities on loan $ 37,711,735  $ 1,932,447,713 
Investment made with cash collateral received for securities on loan, at value (cost of $— and $2,133,250, respectively) —  2,133,250 
Total investment securities, at value (cost of $39,377,383 and $1,680,585,086, respectively) 37,711,735  1,934,580,963 
Foreign currency holdings, at value (cost of $16,763 and $—, respectively) 16,769  — 
Receivable for investments sold 18,330  — 
Receivable for capital shares sold 4,025,504  — 
Dividends and interest receivable 51,949  2,651,057 
Securities lending receivable 8  6,067 
41,824,295  1,937,238,087 
Liabilities
Payable for collateral received for securities on loan —  2,133,250 
Payable for investments purchased 6,067,675  1,158,986 
Accrued management fees 3,908  217,666 
6,071,583  3,509,902 
Net Assets $ 35,752,712  $ 1,933,728,185 
Shares outstanding (unlimited number of shares authorized) 720,000  25,710,000 
Net Asset Value Per Share $ 49.66  $ 75.21 
Net Assets Consist of:
Capital paid in $ 37,341,451  $ 1,662,345,491 
Distributable earnings (1,588,739) 271,382,694 
$ 35,752,712  $ 1,933,728,185 


See Notes to Financial Statements.
106

FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Large Cap Value ETF Avantis U.S. Small Cap Equity ETF
Assets
Investment securities, at value (cost of $159,109,222 and $2,875,207, respectively) — including $319,095 and $—, respectively of securities on loan $ 156,105,271  $ 2,852,397 
Receivable for capital shares sold 4,164,472  — 
Dividends and interest receivable 324,143  1,178 
Securities lending receivable 81  — 
160,593,967  2,853,575 
Liabilities
Payable for investments purchased 4,100,850  — 
Accrued management fees 16,946  327 
4,117,796  327 
Net Assets $ 156,476,171  $ 2,853,248 
Shares outstanding (unlimited number of shares authorized) 3,000,000  60,000 
Net Asset Value Per Share $ 52.16  $ 47.55 
Net Assets Consist of:
Capital paid in $ 159,581,100  $ 2,888,646 
Distributable earnings (3,104,929) (35,398)
$ 156,476,171  $ 2,853,248 


See Notes to Financial Statements.
107

FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Small Cap Value ETF
Assets
Investment securities, at value (cost of $2,399,380,854) — including $22,613,857 of securities on loan $ 2,649,717,333 
Investment made with cash collateral received for securities on loan, at value
(cost of $15,941,820)		 15,941,820 
Total investment securities, at value (cost of $2,415,322,674) 2,665,659,153 
Cash 60,077 
Receivable for capital shares sold 6,302,880 
Dividends and interest receivable 2,541,190 
Securities lending receivable 4,488 
2,674,567,788 
Liabilities
Payable for collateral received for securities on loan 15,941,820 
Payable for investments purchased 6,196,949 
Accrued management fees 492,106 
22,630,875 
Net Assets $ 2,651,936,913 
Shares outstanding (unlimited number of shares authorized) 33,660,000 
Net Asset Value Per Share $ 78.79 
Net Assets Consist of:
Capital paid in $ 2,324,740,185 
Distributable earnings 327,196,728 
$ 2,651,936,913 


See Notes to Financial Statements.
108

Statements of Operations
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (EXCEPT AS NOTED) (UNAUDITED)
Avantis Real Estate ETF(1)
 Avantis U.S. Equity ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $11,024 and $2,891, respectively) $ 134,838  $ 12,912,348 
Securities lending, net 8  27,138 
Interest 23  150 
134,869  12,939,636 
Expenses:
Management fees 10,733  1,273,903 
Net investment income (loss) 124,136  11,665,733 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (Note 4) 34,535  14,441,479 
Foreign currency translation transactions (451) 15 
34,084  14,441,494 
Change in net unrealized appreciation (depreciation) on:
Investments (1,665,648) (59,815,706)
Translation of assets and liabilities in foreign currencies
697
 — 
(1,664,951) (59,815,706)
Net realized and unrealized gain (loss) (1,630,867) (45,374,212)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (1,506,731) $ (33,708,479)
(1)September 28, 2021 (fund inception) through February 28, 2022.


See Notes to Financial Statements.
109

FOR THE PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Large Cap Value ETF(1)
Avantis U.S. Small Cap Equity ETF(2)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $13 and $6, respectively) $ 592,593  $ 2,393 
Securities lending, net 118  — 
Interest 4  — 
592,715  2,393 
Expenses:
Management fees 42,149  523 
Net investment income (loss) 550,566  1,870 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (Note 4) (577,096) (14,458)
Change in net unrealized appreciation (depreciation) on investments (3,003,951) (22,810)
Net realized and unrealized gain (loss) (3,581,047) (37,268)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (3,030,481) $ (35,398)
(1)September 21, 2021 (fund inception) through February 28, 2022.
(2)January 11, 2022 (fund inception) through February 28, 2022.


See Notes to Financial Statements.
110

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Small Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $24,716) $ 18,913,534 
Securities lending, net 26,084 
Interest 251 
18,939,869 
Expenses:
Management fees 2,603,105 
Net investment income (loss) 16,336,764 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (Note 4) 81,060,914 
Change in net unrealized appreciation (depreciation) on investments (19,076,673)
Net realized and unrealized gain (loss) 61,984,241 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 78,321,005 


See Notes to Financial Statements.
111

Statements of Changes in Net Assets
SIX MONTHS ENDED FEBRUARY 28, 2022 (EXCEPT AS NOTED) (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021
Avantis Real Estate ETF Avantis U.S. Equity ETF
Increase (Decrease) in Net Assets
February 28, 2022(1)
 February 28, 2022 August 31, 2021
Operations
Net investment income (loss) $ 124,136  $ 11,665,733  $ 11,940,979 
Net realized gain (loss) 34,084  14,441,494  7,906,935 
Change in net unrealized appreciation (depreciation) (1,664,951) (59,815,706) 243,650,591 
Net increase (decrease) in net assets resulting from operations (1,506,731) (33,708,479) 263,498,505 
Distributions to Shareholders
From earnings (82,008) (10,680,840) (9,363,483)
Capital Share Transactions
Proceeds from shares sold 37,320,343  534,137,322  819,649,560 
Payments for shares redeemed —  (42,477,405) (23,425,992)
Other capital 21,108  —  — 
Net increase (decrease) in net assets from capital share transactions 37,341,451  491,659,917  796,223,568 
Net increase (decrease) in net assets 35,752,712  447,270,598  1,050,358,590 
Net Assets
Beginning of period —  1,486,457,587  436,098,997 
End of period $ 35,752,712  $ 1,933,728,185  $ 1,486,457,587 
Transactions in Shares of the Funds
Sold 720,000  6,930,000  11,940,000 
Redeemed —  (570,000) (360,000)
Net increase (decrease) in shares of the funds 720,000  6,360,000  11,580,000 
(1)September 28, 2021 (fund inception) through February 28, 2022.


See Notes to Financial Statements.
112

PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Large Cap Value ETF Avantis U.S. Small Cap Equity ETF
Increase (Decrease) in Net Assets
February 28, 2022(1)
February 28, 2022(2)
Operations
Net investment income (loss) $ 550,566  $ 1,870 
Net realized gain (loss) (577,096) (14,458)
Change in net unrealized appreciation (depreciation) (3,003,951) (22,810)
Net increase (decrease) in net assets resulting from operations (3,030,481) (35,398)
Distributions to Shareholders
From earnings (74,448) — 
Capital Share Transactions
Proceeds from shares sold 159,581,100  2,888,646 
Net increase (decrease) in net assets 156,476,171  2,853,248 
Net Assets
End of period $ 156,476,171  $ 2,853,248 
Transactions in Shares of the Funds
Sold 3,000,000  60,000 
(1)September 21, 2021 (fund inception) through February 28, 2022.
(2)January 11, 2022 (fund inception) through February 28, 2022.


See Notes to Financial Statements.
113

SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021
Avantis U.S. Small Cap Value ETF
Increase (Decrease) in Net Assets February 28, 2022 August 31, 2021
Operations
Net investment income (loss) $ 16,336,764  $ 14,994,902 
Net realized gain (loss) 81,060,914  88,689,568 
Change in net unrealized appreciation (depreciation) (19,076,673) 222,948,763 
Net increase (decrease) in net assets resulting from operations 78,321,005  326,633,233 
Distributions to Shareholders
From earnings (15,527,386) (10,315,324)
Capital Share Transactions
Proceeds from shares sold 1,322,269,526  1,112,455,368 
Payments for shares redeemed (303,269,368) (213,928,626)
Net increase (decrease) in net assets from capital share transactions 1,019,000,158  898,526,742 
Net increase (decrease) in net assets 1,081,793,777  1,214,844,651 
Net Assets
Beginning of period 1,570,143,136  355,298,485 
End of period $ 2,651,936,913  $ 1,570,143,136 
Transactions in Shares of the Funds
Sold 16,640,000  16,280,000 
Redeemed (3,780,000) (3,380,000)
Net increase (decrease) in shares of the funds 12,860,000  12,900,000 


See Notes to Financial Statements.
114

Notes to Financial Statements
 
FEBRUARY 28, 2022 (UNAUDITED)

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Real Estate ETF, Avantis U.S. Equity ETF, Avantis U.S. Large Cap Value ETF, Avantis U.S. Small Cap Equity ETF and Avantis U.S. Small Cap Value ETF (collectively, the funds) are five funds in a series issued by the trust. Each of the funds’ investment objective is to seek long-term capital appreciation. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Real Estate ETF incepted on September 28, 2021. Avantis U.S. Large Cap Value ETF incepted on September 21, 2021. Avantis U.S. Small Cap Equity ETF incepted on January 11, 2022.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

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

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

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

115

The funds monitor 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; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

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

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

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

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

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

116

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 February 28, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
 Overnight and
Continuous		 <30 days Between
30 & 90 days		 >90 days Total
Avantis U.S. Equity ETF
Common Stocks $ 2,133,250  —  —  —  $ 2,133,250 
Gross amount of recognized liabilities for securities lending transactions $ 2,133,250 
Avantis U.S. Small Cap Value ETF
Common Stocks $ 15,941,820  —  —  —  $ 15,941,820 
Gross amount of recognized liabilities for securities lending transactions $ 15,941,820 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate 6% of the shares of Avantis U.S. Equity ETF. ACIM owns 8% of the shares of Avantis U.S. Small Cap Equity ETF.

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 Real Estate ETF 0.17%
Avantis U.S. Equity ETF 0.15%
Avantis U.S. Large Cap Value ETF 0.15%
Avantis U.S. Small Cap Equity ETF 0.25%
Avantis U.S. Small Cap Value ETF 0.25%
117

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2022 were as follows:
Avantis Real Estate ETF(1)
 Avantis U.S. Equity ETF
Avantis U.S. Large Cap Value ETF(2)
Avantis U.S. Small Cap Equity ETF(3)
 Avantis U.S. Small Cap Value ETF
Purchases $29,753,332 $54,724,837 $7,009,922 $152,078 $468,273,841
Sales $214,366 $29,664,920 $5,829,499 $129,272 $332,944,568
(1)September 28, 2021 (fund inception) through February 28, 2022.
(2)September 21, 2021 (fund inception) through February 28, 2022.
(3)January 11, 2022 (fund inception) through February 28, 2022.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2022 were as follows:
In kind
Subscriptions		 In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis Real Estate ETF(1)
 $7,812,298 — —
Avantis U.S. Equity ETF $505,528,545 $34,450,489 $17,503,380
Avantis U.S. Large Cap Value ETF(2)
 $158,468,620 — —
Avantis U.S. Small Cap Equity ETF(3)
 $2,865,367 — —
Avantis U.S. Small Cap Value ETF $1,152,592,207 $244,214,077 $112,278,888
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)September 28, 2021 (fund inception) through February 28, 2022.
(2)September 21, 2021 (fund inception) through February 28, 2022.
(3)January 11, 2022 (fund inception) through February 28, 2022.

5. Capital Share Transactions

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

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.
118

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 Real Estate ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Diversified REITs $ 478,334  $ 3,239,846  — 
Health Care REITs 2,254,537  213,866  — 
Hotel & Resort REITs 577,105  144,111  — 
Industrial REITs 3,522,017  3,092,162  — 
Office REITs 1,067,907  1,683,298  — 
Residential REITs 4,755,221  666,743  — 
Retail REITs 3,312,149  2,193,392  — 
Specialized REITs 8,006,419  421,273  — 
Short-Term Investments 2,083,355  —  — 
$ 26,057,044  $ 11,654,691  — 

Avantis U.S. Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 1,930,724,590  —  — 
Short-Term Investments 3,856,373  —  — 
$ 1,934,580,963  —  — 

Avantis U.S. Large Cap Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 156,035,146  —  — 
Short-Term Investments 70,125  —  — 
$ 156,105,271  —  — 

Avantis U.S. Small Cap Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 2,849,930  —  — 
Short-Term Investments 2,467  —  — 
$ 2,852,397  —  — 

Avantis U.S. Small Cap Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 2,648,529,205  —  — 
Short-Term Investments 17,129,948  —  — 
$ 2,665,659,153  —  — 

119

7. Risk Factors

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

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

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

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

8. Federal Tax Information

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

As of period end, the components of investments for federal income tax purposes were as follows:
Avantis Real Estate ETF Avantis U.S. Equity ETF Avantis U.S. Large Cap Value ETF Avantis U.S. Small Cap Equity ETF Avantis U.S. Small Cap Value ETF
Federal tax cost of investments $ 39,380,403  $ 1,680,623,659  $ 159,109,252  $ 2,875,210  $ 2,416,830,513 
Gross tax appreciation of investments $ 173,736  $ 298,129,840  $ 6,963,124  $ 82,442  $ 343,061,141 
Gross tax depreciation of investments (1,842,404) (44,172,536) (9,967,105) (105,255) (94,232,501)
Net tax appreciation (depreciation) of investments $ (1,668,668) $ 253,957,304  $ (3,003,981) $ (22,813) $ 248,828,640 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of August 31, 2021, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses Long-term capital losses
Avantis U.S. Equity ETF $(1,343,095) $(332,151)
Avantis U.S. Small Cap Value ETF $(8,944,416) —

120

Financial Highlights
For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other
Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Avantis Real Estate ETF
2022(4)
 $50.00 0.43 (0.50) (0.07) (0.34) 0.07 $49.66 (0.06)%
0.17%(5)
1.97%(5)
 1% $35,753 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 28, 2021 (fund inception) through February 28, 2022 (unaudited).
(5)Annualized.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net Asset
Value, Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Avantis U.S. Equity ETF
2022(4)
 $76.82 0.53 (1.64) (1.11) (0.50) $75.21 (1.45)%
0.15%(5)
1.37%(5)
 2% $1,933,728 
2021 $56.13 0.93 20.54 21.47 (0.78) $76.82 38.56% 0.15% 1.36% 4% $1,486,458 
2020(6)
 $50.00 0.82 5.84 6.66 (0.53) $56.13 13.50%
0.15%(5)
1.76%(5)
 3% $436,099 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:  
Net Asset
Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Avantis U.S. Large Cap Value ETF
2022(4)
 $50.00 0.45 1.87 2.32 (0.16) $52.16 4.62%
0.15%(5)
1.96%(5)
 9% $156,476 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 21, 2021 (fund inception) through February 28, 2022 (unaudited).
(5)Annualized.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Avantis U.S. Small Cap Equity ETF
2022(4)
 $50.00 0.06 (2.51) (2.45) $47.55 (4.89)%
0.25%(5)
0.89%(5)
 7% $2,853 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)January 11, 2022 (fund inception) through February 28, 2022 (unaudited).
(5)Annualized.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Avantis U.S. Small Cap Value ETF
2022(4)
 $75.49 0.61 3.28 3.89 (0.59) $78.79 5.17%
0.25%(5)
1.57%(5)
 16% $2,651,937 
2021 $44.97 1.16 30.24 31.40 (0.88) $75.49 70.34% 0.25% 1.72% 22% $1,570,143 
2020(6)
 $50.00 0.72 (5.30) (4.58) (0.45) $44.97 (9.09)%
0.25%(5)
1.87%(5)
 20% $355,298 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.


See Notes to Financial Statements.


Approval of Management Agreement
Avantis Real Estate ETF
Avantis U.S. Large Cap Value ETF
Avantis U.S. Small Cap Equity ETF
At meetings held on June 3, 2021 and December 8, 2021, the Funds’ Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis Real Estate ETF, Avantis U.S. Large Cap Value ETF, and Avantis U.S. Small Cap Equity ETF (collectively, the "New Funds"). Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.

In advance of the Board’s consideration, the Advisor provided information concerning the New Funds. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Funds’ characteristics and key attributes, the rationale for launching the New Funds, the experience of the staff designated to manage the New Funds, the proposed pricing, and the markets in which the New Funds would be sold. The information considered and the discussions held included, but were not limited to:

•the nature, extent, and quality of investment management and other services to be provided to the New Funds;
•the wide range of other programs and services the Advisor would provide to each New Fund and its shareholders on a routine and non-routine basis;
•each New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
•the cost of owning each New Fund compared to the cost of owning similar funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Funds.

Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing each New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of each of the New Funds were anticipated to be below the median of the total expense ratios of their respective peer universe.

When considering the approval of the management agreement for the New Funds, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Funds and the risk that the New Funds will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Funds would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. The Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Funds.

The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ counsel in connection with the approval, and evaluated such information for the New 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. The independent Trustees concluded that the overall arrangements between the New Funds and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
126

Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. 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 if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*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.











127

Notes







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