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Annual Report
August 31, 2023
Avantis® Responsible Emerging Markets Equity ETF (AVSE)
Avantis® Responsible International Equity ETF (AVSD)




























Table of Contents

Chairman’s Letter
Avantis Responsible Emerging Markets Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Responsible International Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information

















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


Chairman's Letter

image24.jpg Jonathan Thomas

Dear Investor:

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

Stocks Rebounded, Bonds Struggled

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

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

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

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

Remaining Diligent in Uncertain Times

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

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

Sincerely,
image45.jpg
Jonathan Thomas
Chairman
Avantis Investors
2

Performance
Avantis Responsible Emerging Markets Equity ETF (AVSE)
Total Returns as of August 31, 2023 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 7.75% -3.69% 3/28/2022
Market Price 7.92% -3.54% 3/28/2022
MSCI Emerging Markets IMI Index 2.79% -5.30% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.


Growth of $10,000 Over Life of Fund
$10,000 investment made March 28, 2022

chart-5ecea50c07d64dc2b41.jpg

Value on August 31, 2023
Net Asset Value — $9,478
MSCI Emerging Markets IMI Index — $9,253

Total Annual Fund Operating Expenses
0.33%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.






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

Portfolio Commentary

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

Fund Strategy

Avantis Responsible Emerging Markets Equity ETF seeks long-term capital appreciation by investing in a diverse group of companies related to emerging markets across market sectors, industry groups, countries and market capitalizations.

The fund limits its investable universe of companies by screening out companies that do not meet certain environmental, social and governance (ESG) metrics. The fund uses third-party commercial data sources and scoring systems and proprietary evaluations to decide which securities to exclude due to ESG concerns. Within the investable universe, the fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of companies related to emerging markets countries.

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

Performance Review

For the 12-month period ended August 31, 2023, Avantis Responsible Emerging Markets Equity ETF returned 7.92% on a market price basis. On a net asset value (NAV) basis, the fund returned 7.75%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the broad emerging markets stock universe, as measured by the MSCI Emerging Markets Investable Market Index (IMI), which returned 2.79% for the reporting period. The MSCI Emerging Markets IMI is an unmanaged index generally representative of the performance of emerging markets stocks across capitalization categories.

The outperformance was largely due to the fund’s overweight versus the index to companies with high profitability and book-to-market characteristics. These companies outperformed those with low profitability and book-to-market traits. The fund’s underweight to companies with low profitability and book-to-market characteristics also aided relative results.






Because the portfolio managers screen securities based on ESG characteristics, the fund may exclude the securities of certain issuers or industry sectors for other than financial reasons and, as a result, the fund may perform differently or maintain a different risk profile than the market generally or compared to funds that do not use similar ESG-based screens. Investing based on ESG considerations may also prioritize long-term rather than short-term returns. Furthermore, when analyzing ESG criteria for issuers, the portfolio management team relies on proprietary evaluations and information, ratings and scoring models published by third-party sources (collectively, “ESG Data”). Due to the lack of regulation and uniform reporting standards with respect to ESG characteristics of issuers, ESG Data may be inconsistent across sources and, in certain cases, incorrect. In addition, ESG Data is not currently available for many issuers and, when available, frequently only includes some but not all of the ESG characteristics considered by the team when applying their ESG screens.
4

Fund Characteristics
AUGUST 31, 2023
Avantis Responsible Emerging Markets Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 100.2%
Rights —*
Warrants —*
Short-Term Investments 0.6%
Other Assets and Liabilities (0.8)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
China 25.6%
India 18.5%
Taiwan 17.9%
South Korea 13.9%
Brazil 5.9%

5

Performance
Avantis Responsible International Equity ETF (AVSD)
Total Returns as of August 31, 2023 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 15.83% 2.37% 3/15/2022
Market Price 15.99% 2.56% 3/15/2022
MSCI World ex USA IMI Index 15.31% 3.10% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.


Growth of $10,000 Over Life of Fund
$10,000 investment made March 15, 2022

chart-44a77fc5ccaa4d87a91.jpg

Value on August 31, 2023
Net Asset Value — $10,348
MSCI World ex USA IMI Index — $10,457
Total Annual Fund Operating Expenses
0.23%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.







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

Portfolio Commentary

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

Fund Strategy

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

The fund limits its investable universe of companies by screening out companies that do not meet certain environmental, social and governance (ESG) metrics. The fund uses third-party commercial data sources and scoring systems and proprietary evaluations to decide which securities to exclude due to ESG concerns. Within the investable universe, the fund seeks securities of companies that it expects to have higher returns. It places an emphasis on the securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities.

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

Performance Review

For the 12-month period ended August 31, 2023, Avantis Responsible International Equity ETF returned 15.99% on a market price basis. On a net asset value (NAV) basis, the fund returned 15.83%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the total non-U.S. developed markets stock universe, as measured by the MSCI World ex USA Investable Market Index (IMI), which returned 15.31% for the reporting period. The MSCI World ex USA IMI is an unmanaged index generally representative of the performance of non-U.S. developed markets stocks across capitalization categories.

The outperformance was largely due to the fund’s underweight position versus the index in companies with the lowest profitability and book-to-market characteristics, which underperformed. The fund’s exclusion of real estate investment trusts (REITs) also aided results, as REITs underperformed for the 12-month period.







Because the portfolio managers screen securities based on ESG characteristics, the fund may exclude the securities of certain issuers or industry sectors for other than financial reasons and, as a result, the fund may perform differently or maintain a different risk profile than the market generally or compared to funds that do not use similar ESG-based screens. Investing based on ESG considerations may also prioritize long-term rather than short-term returns. Furthermore, when analyzing ESG criteria for issuers, the portfolio management team relies on proprietary evaluations and information, ratings and scoring models published by third-party sources (collectively, “ESG Data”). Due to the lack of regulation and uniform reporting standards with respect to ESG characteristics of issuers, ESG Data may be inconsistent across sources and, in certain cases, incorrect. In addition, ESG Data is not currently available for many issuers and, when available, frequently only includes some but not all of the ESG characteristics considered by the team when applying their ESG screens.
7

Fund Characteristics
AUGUST 31, 2023
Avantis Responsible International Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.7%
Rights —*
Warrants —*
Short-Term Investments 2.4%
Other Assets and Liabilities (2.1)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
Japan 21.1%
United Kingdom 13.3%
Canada 10.2%
France 9.8%
Switzerland 8.4%
8

Shareholder Fee Examples

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2023 to August 31, 2023.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning
Account Value
3/1/23
Ending
Account Value
8/31/23
Expenses Paid
During Period(1)
3/1/23 - 8/31/23
Annualized
Expense Ratio(1)
Avantis Responsible Emerging Markets Equity ETF
Actual $1,000 $1,062.30 $1.72 0.33%
Hypothetical $1,000 $1,023.54 $1.68 0.33%
Avantis Responsible International Equity ETF
Actual $1,000 $1,035.90 $1.18 0.23%
Hypothetical $1,000 $1,024.05 $1.17 0.23%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
9

Schedules of Investments

AUGUST 31, 2023
Avantis Responsible Emerging Markets Equity ETF
Shares Value
COMMON STOCKS — 100.2%
Brazil — 5.9%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA(1)
 1,900  $ 376 
AES Brasil Energia SA(1)
 5,900  13,177 
Aliansce Sonae Shopping Centers SA
 13,304  61,200 
Alpargatas SA, Preference Shares(1)
 1,200  2,055 
Ambev SA, ADR
 23,942  66,319 
Americanas SA(1)
 9,200  1,635 
Anima Holding SA(1)
 500  369 
Armac Locacao Logistica E Servicos SA
 100  258 
Atacadao SA
 5,800  12,099 
Auren Energia SA
 3,400  9,475 
B3 SA - Brasil Bolsa Balcao
 18,700  48,902 
Banco ABC Brasil SA(1)
 259  959 
Banco ABC Brasil SA, Preference Shares
 4,800  17,777 
Banco BMG SA, Preference Shares
 11,600  5,692 
Banco Bradesco SA
 8,170  21,926 
Banco Bradesco SA, ADR
 35,378  105,780 
Banco BTG Pactual SA
 11,200  73,437 
Banco do Brasil SA
 15,100  144,565 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares
 9,600  23,670 
Banco Pan SA, Preference Shares
 6,100  10,865 
Banco Santander Brasil SA, ADR
 3,160  17,222 
BB Seguridade Participacoes SA
 5,900  36,303 
Bemobi Mobile Tech SA
 2,600  6,148 
Blau Farmaceutica SA
 500  1,799 
BRF SA, ADR(1)(2)
 9,065  16,589 
C&A MODAS SA(1)
 1,800  1,952 
CCR SA
 17,900  45,364 
Centrais Eletricas Brasileiras SA, ADR
 5,437  38,657 
Centrais Eletricas Brasileiras SA, Class B Preference Shares
 1,000  7,880 
Cia Brasileira de Aluminio
 4,600  3,976 
Cia Brasileira de Distribuicao, ADR(1)(2)
 4,389  4,323 
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR
 5,443  63,139 
Cia de Saneamento de Minas Gerais Copasa MG
 7,200  25,880 
Cia de Saneamento do Parana
 4,300  19,485 
Cia de Saneamento do Parana, Preference Shares
 44,300  40,524 
Cia Energetica de Minas Gerais, ADR
 9,216  22,487 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares
 1,000  9,277 
Cia Paranaense de Energia
 3,600  5,881 
Cia Paranaense de Energia, ADR(2)
 5,629  48,128 
Cia Paranaense de Energia, Preference Shares
 33,700  59,206 
Cielo SA
 23,000  17,371 
Clear Sale SA(1)
 1,100  1,046 
Construtora Tenda SA(1)
 5,200  13,556 
10

Avantis Responsible Emerging Markets Equity ETF
Shares Value
CPFL Energia SA
 2,000  $ 13,849 
Cruzeiro do Sul Educacional SA
 200  169 
CTEEP-Cia de Transmissao de Energia Eletrica Paulista, Preference Shares
 2,400  12,058 
Cury Construtora e Incorporadora SA
 3,100  10,160 
Cyrela Brazil Realty SA Empreendimentos e Participacoes
 8,700  39,424 
Desktop - Sigmanet Comunicacao Multimidia SA
 100  300 
Dexco SA
 6,490  10,498 
Dexxos Participacoes SA
 100  224 
Dimed SA Distribuidora da Medicamentos
 800  1,977 
Direcional Engenharia SA
 1,300  5,237 
EcoRodovias Infraestrutura e Logistica SA
 14,200  21,420 
Embraer SA, ADR(1)
 7,891  123,415 
Empreendimentos Pague Menos SA
 3,200  2,488 
Energisa SA
 6,100  57,095 
Equatorial Energia SA
 14,914  94,205 
Eternit SA
 2,500  4,538 
Even Construtora e Incorporadora SA
 3,600  4,682 
Fertilizantes Heringer SA(1)
 100  192 
Fleury SA
 1,908  5,668 
Fras-Le SA
 1,400  3,947 
Gafisa SA(1)
 88  91 
Gerdau SA, ADR
 14,729  76,738 
GPS Participacoes e Empreendimentos SA
 2,400  8,893 
Grendene SA
 6,300  8,549 
Grupo De Moda Soma SA
 2,700  4,089 
Grupo Mateus SA(1)
 5,600  7,656 
Grupo SBF SA
 4,000  5,816 
Guararapes Confeccoes SA
 2,400  3,044 
Hapvida Participacoes e Investimentos SA(1)
 13,500  11,668 
Helbor Empreendimentos SA
 200  122 
Hidrovias do Brasil SA(1)
 19,300  14,810 
Hospital Mater Dei SA
 100  191 
Hypera SA
 2,200  17,228 
Iguatemi SA
 9,300  38,762 
Infracommerce CXAAS SA(1)
 1,200  458 
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira
 500  2,228 
International Meal Co. Alimentacao SA, Class A(1)
 2,700  1,172 
Iochpe Maxion SA
 8,100  23,243 
Irani Papel e Embalagem SA
 1,800  3,984 
IRB-Brasil Resseguros SA(1)
 3,836  33,324 
Itau Unibanco Holding SA, ADR
 46,440  255,420 
Jalles Machado SA
 2,500  4,215 
JHSF Participacoes SA
 8,300  8,012 
Kepler Weber SA
 5,200  11,698 
Klabin SA
 22,200  102,123 
Lavvi Empreendimentos Imobiliarios SA
 3,700  6,134 
Light SA(1)
 10,400  12,727 
Localiza Rent a Car SA
 8,702  111,269 
Locaweb Servicos de Internet SA
 2,900  4,158 
LOG Commercial Properties e Participacoes SA
 1,100  4,132 
11

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Log-in Logistica Intermodal SA(1)
 1,000  $ 8,302 
Lojas Quero Quero SA(1)
 1,900  1,880 
Lojas Renner SA
 6,700  21,783 
LPS Brasil Consultoria de Imoveis SA
 1,700  920 
M Dias Branco SA
 700  5,258 
Magazine Luiza SA(1)
 19,600  10,964 
Mahle-Metal Leve SA
 600  5,770 
Marcopolo SA
 3,300  3,265 
Marcopolo SA, Preference Shares
 12,300  15,002 
Marisa Lojas SA(1)
 5,300  717 
Meliuz SA(1)
 730  1,002 
Mills Estruturas e Servicos de Engenharia SA
 5,600  13,785 
Mitre Realty Empreendimentos E Participacoes LTDA
 200  214 
Movida Participacoes SA
 8,700  22,119 
MPM Corporeos SA(1)
 300  102 
MRV Engenharia e Participacoes SA
 8,100  18,581 
Multilaser Industrial SA(1)
 4,500  2,872 
Multiplan Empreendimentos Imobiliarios SA
 2,700  13,364 
Natura & Co. Holding SA(1)
 5,800  17,850 
Oceanpact Servicos Maritimos SA(1)
 200  207 
Odontoprev SA
 3,120  6,489 
Omega Energia SA(1)
 4,000  8,102 
Oncoclinicas do Brasil Servicos Medicos SA(1)
 100  236 
Orizon Valorizacao de Residuos SA(1)
 100  706 
Pet Center Comercio e Participacoes SA
 7,000  7,775 
Plano & Plano Desenvolvimento Imobiliario SA
 1,500  3,108 
Portobello SA
 2,400  3,170 
Positivo Tecnologia SA
 2,300  3,767 
Qualicorp Consultoria e Corretora de Seguros SA
 900  643 
Raia Drogasil SA
 8,528  47,892 
Randon SA Implementos e Participacoes, Preference Shares
 10,800  26,040 
Rede D'Or Sao Luiz SA
 4,455  25,729 
Romi SA
 1,221  3,151 
Rumo SA
 10,000  45,012 
Santos Brasil Participacoes SA
 9,200  15,903 
Sao Martinho SA
 4,400  31,987 
Sendas Distribuidora SA, ADR(2)
 4,660  54,569 
Ser Educacional SA(1)
 1,100  1,377 
SIMPAR SA
 4,300  8,596 
Sinqia SA
 600  3,314 
StoneCo Ltd., A Shares(1)
 9,521  116,727 
Suzano SA, ADR
 9,330  94,420 
SYN prop e tech SA(1)
 500  413 
Tegma Gestao Logistica SA
 600  3,098 
Telefonica Brasil SA, ADR(2)
 2,273  19,184 
TIM SA, ADR(2)
 5,828  85,438 
TOTVS SA
 2,100  11,696 
Transmissora Alianca de Energia Eletrica SA
 1,000  6,922 
Tres Tentos Agroindustrial SA
 2,500  6,866 
Trisul SA
 3,200  3,470 
Tupy SA
 1,100  5,758 
12

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Unifique Telecomunicacoes SA
 200  $ 154 
Unipar Carbocloro SA, Class B Preference Shares
 1,710  26,620 
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA
 300  1,018 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 6,000  14,261 
Via SA(1)
 64,900  16,775 
Vivara Participacoes SA
 900  4,903 
Vulcabras Azaleia SA
 1,700  6,797 
WEG SA
 8,800  63,600 
Wilson Sons Holdings Brasil SA
 7,800  19,799 
Wiz Co.
 900  1,074 
XP, Inc., Class A(1)
 4,568  115,753 
YDUQS Participacoes SA
 800  3,288 
Zamp SA(1)
 5,219  5,691 
3,415,477 
Chile — 0.7%
Aguas Andinas SA, A Shares
 34,996  11,842 
Banco de Chile
 341,261  37,226 
Banco de Credito e Inversiones SA
 890  25,785 
Banco Santander Chile, ADR(2)
 2,101  40,192 
CAP SA
 2,647  18,613 
Cencosud SA
 4,978  10,627 
Cencosud Shopping SA
 5,065  8,537 
Cia Cervecerias Unidas SA, ADR
 100  1,473 
Embotelladora Andina SA, Class B Preference Shares
 11,635  29,329 
Empresa Nacional de Telecomunicaciones SA
 7,815  28,985 
Empresas CMPC SA
 22,959  41,687 
Enel Americas SA(1)
 187,667  22,364 
Falabella SA
 2,129  5,244 
Parque Arauco SA
 20,306  30,060 
Ripley Corp. SA
 17,466  3,841 
SMU SA
 53,367  9,918 
Sociedad Quimica y Minera de Chile SA, ADR
 715  44,752 
Vina Concha y Toro SA
 3,852  4,829 
375,304 
China — 25.6%
361 Degrees International Ltd.
 38,000  19,995 
3SBio, Inc.
 48,000  40,141 
AAC Technologies Holdings, Inc.
 34,000  65,860 
Agile Group Holdings Ltd.(1)
 32,000  3,626 
Agora, Inc., ADR(1)
 720  2,016 
Agricultural Bank of China Ltd., H Shares
 314,000  107,625 
AK Medical Holdings Ltd.
 2,000  1,607 
Alibaba Group Holding Ltd., ADR(1)
 13,238  1,229,810 
Alibaba Health Information Technology Ltd.(1)
 20,000  11,808 
Alibaba Pictures Group Ltd.(1)(2)
 80,000  5,300 
A-Living Smart City Services Co. Ltd.(1)
 21,500  13,721 
Alliance International Education Leasing Holdings Ltd.(1)
 24,000  3,974 
ANE Cayman, Inc.(1)
 7,500  5,308 
Anhui Expressway Co. Ltd., H Shares
 6,000  5,879 
ANTA Sports Products Ltd.
 11,800  133,024 
13

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Ascletis Pharma, Inc.(1)
 1,000  $ 280 
AsiaInfo Technologies Ltd.(2)
 5,600  6,829 
Autohome, Inc., ADR
 1,792  51,789 
Baidu, Inc., ADR(1)
 483  68,987 
Bairong, Inc.(1)
 4,500  5,511 
Bank of China Ltd., H Shares
 826,000  279,945 
Bank of Chongqing Co. Ltd., H Shares
 1,000  512 
Bank of Communications Co. Ltd., H Shares
 136,000  77,840 
BeiGene Ltd.(1)
 2,500  40,105 
BeiGene Ltd., ADR(1)
 145  30,095 
Beijing Capital International Airport Co. Ltd., H Shares(1)
 20,000  10,472 
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares
 250  424 
Beijing Enterprises Water Group Ltd.
 14,000  3,225 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.
 8,000  14,500 
Bilibili, Inc., ADR(1)
 39  590 
BOC Aviation Ltd.
 5,400  40,502 
BOE Varitronix Ltd.
 10,000  9,700 
Bosideng International Holdings Ltd.
 150,000  58,862 
Burning Rock Biotech Ltd., ADR(1)
 492  667 
BYD Co. Ltd., H Shares
 8,500  266,991 
BYD Electronic International Co. Ltd.
 22,000  101,893 
C&D International Investment Group Ltd.
 2,303  5,853 
C&D Property Management Group Co. Ltd.
 12,000  5,544 
Cango, Inc., ADR
 583  717 
CARsgen Therapeutics Holdings Ltd.(1)
 4,000  4,697 
Cathay Media & Education Group, Inc.
 1,000  119 
Central China New Life Ltd.(1)
 13,000  3,449 
Central China Real Estate Ltd.(1)
 1,000  14 
CGN Mining Co. Ltd.(1)(2)
 75,000  8,790 
Cheerwin Group Ltd.
 500  103 
China Automotive Systems, Inc.(1)
 856  3,587 
China Bohai Bank Co. Ltd., H Shares(1)
 8,500  1,310 
China Cinda Asset Management Co. Ltd., H Shares
 420,000  41,187 
China CITIC Bank Corp. Ltd., H Shares
 156,000  69,431 
China Communications Services Corp. Ltd., H Shares
 132,000  59,428 
China Conch Environment Protection Holdings Ltd.(1)
 4,500  1,137 
China Conch Venture Holdings Ltd.
 50,500  49,618 
China Construction Bank Corp., H Shares
 1,091,000  583,740 
China Datang Corp. Renewable Power Co. Ltd., H Shares
 181,000  45,013 
China Dongxiang Group Co. Ltd.
 16,000  550 
China East Education Holdings Ltd.
 28,500  12,218 
China Education Group Holdings Ltd.
 34,000  28,892 
China Everbright Bank Co. Ltd., H Shares
 52,000  14,977 
China Everbright Ltd.
 24,000  14,000 
China Feihe Ltd.
 103,000  61,926 
China Foods Ltd.
 2,000  741 
China Galaxy Securities Co. Ltd., H Shares
 70,500  37,926 
China General Education Group Ltd.(1)
 1,000  198 
China Glass Holdings Ltd.
 2,000  178 
China High Speed Transmission Equipment Group Co. Ltd.(1)
 10,000  3,248 
China International Capital Corp. Ltd., H Shares
 12,800  24,584 
14

Avantis Responsible Emerging Markets Equity ETF
Shares Value
China Kepei Education Group Ltd.
 18,000  $ 4,862 
China Lesso Group Holdings Ltd.
 33,000  18,149 
China Life Insurance Co. Ltd., Class H
 29,555  44,795 
China Literature Ltd.(1)
 3,600  14,457 
China Medical System Holdings Ltd.
 68,000  97,938 
China Merchants Bank Co. Ltd., H Shares
 38,500  152,453 
China Merchants Port Holdings Co. Ltd.
 40,000  47,852 
China Minsheng Banking Corp. Ltd., H Shares
 156,500  50,265 
China New Higher Education Group Ltd.
 48,000  15,220 
China Pacific Insurance Group Co. Ltd., H Shares
 31,800  72,728 
China Rare Earth Holdings Ltd.(1)
 2,000  106 
China Renaissance Holdings Ltd.(1)(2)
 6,600  6,118 
China Resources Beer Holdings Co. Ltd.
 16,000  93,942 
China Resources Land Ltd.
 40,000  169,068 
China Resources Medical Holdings Co. Ltd.
 46,000  34,147 
China Resources Mixc Lifestyle Services Ltd.
 12,200  52,718 
China Sanjiang Fine Chemicals Co. Ltd.(1)
 2,000  270 
China SCE Group Holdings Ltd.(1)
 67,000  3,456 
China Shineway Pharmaceutical Group Ltd.
 11,000  10,863 
China Shuifa Singyes Energy Holdings Ltd.(1)
 1,000  50 
China South City Holdings Ltd.(1)(2)
 118,000  6,983 
China Starch Holdings Ltd.
 35,000  615 
China Sunshine Paper Holdings Co. Ltd.(1)
 2,000  666 
China Taiping Insurance Holdings Co. Ltd.
 41,400  43,558 
China Tower Corp. Ltd., H Shares
 1,234,000  119,392 
China Traditional Chinese Medicine Holdings Co. Ltd.
 58,000  22,672 
China Travel International Investment Hong Kong Ltd.(1)
 52,000  9,871 
China Vanke Co. Ltd., H Shares
 19,200  22,397 
China Water Affairs Group Ltd.
 18,000  13,801 
China Yongda Automobiles Services Holdings Ltd.
 44,500  19,739 
China Youran Dairy Group Ltd.
 11,000  2,047 
China Yuhua Education Corp. Ltd.(1)
 34,000  3,594 
Chindata Group Holdings Ltd., ADR(1)
 142  1,189 
Chow Tai Fook Jewellery Group Ltd.
 47,800  72,482 
CIFI Ever Sunshine Services Group Ltd.(2)
 22,000  8,556 
CIFI Holdings Group Co. Ltd.(1)(2)
 48,320  4,683 
CITIC Securities Co. Ltd., H Shares
 15,500  30,266 
CMGE Technology Group Ltd.(1)(2)
 14,000  2,568 
CMOC Group Ltd., H Shares
 108,000  64,429 
Concord New Energy Group Ltd.
 340,000  27,746 
COSCO SHIPPING Holdings Co. Ltd., Class H
 103,500  106,138 
COSCO SHIPPING International Hong Kong Co. Ltd.
 16,000  6,750 
COSCO SHIPPING Ports Ltd.
 42,000  25,859 
Country Garden Holdings Co. Ltd.(1)(2)
 185,000  20,969 
CSPC Pharmaceutical Group Ltd.
 106,000  79,670 
CSSC Hong Kong Shipping Co. Ltd.
 10,000  1,899 
Differ Group Auto Ltd.(1)(2)
 4,000  33 
Digital China Holdings Ltd.
 21,000  6,798 
Dongfeng Motor Group Co. Ltd., Class H
 94,000  34,481 
Dynagreen Environmental Protection Group Co. Ltd., H Shares
 1,000  315 
East Buy Holding Ltd.(1)(2)
 6,000  30,395 
15

Avantis Responsible Emerging Markets Equity ETF
Shares Value
E-House China Enterprise Holdings Ltd.(1)(2)
 5,100  $ 157 
EVA Precision Industrial Holdings Ltd.
 10,000  866 
Everest Medicines Ltd.(1)(2)
 1,000  2,306 
Excellence Commercial Property & Facilities Management Group Ltd.(2)
 13,000  3,697 
FIH Mobile Ltd.(1)
 33,000  2,903 
FinVolution Group, ADR
 7,038  35,331 
First Tractor Co. Ltd., H Shares(2)
 14,000  7,135 
Fu Shou Yuan International Group Ltd.
 34,000  25,289 
Fullshare Holdings Ltd.(1)(2)
 435,000  2,108 
Ganfeng Lithium Group Co. Ltd., H Shares
 4,280  20,444 
GCL New Energy Holdings Ltd.(1)
 3,700  234 
GCL Technology Holdings Ltd.
 545,000  94,397 
Geely Automobile Holdings Ltd.
 83,000  103,034 
Gemdale Properties & Investment Corp. Ltd.
 136,000  5,892 
Genertec Universal Medical Group Co. Ltd.
 25,000  12,997 
GF Securities Co. Ltd., H Shares
 24,000  34,245 
Goldpac Group Ltd.
 1,000  180 
Goldwind Science & Technology Co. Ltd., H Shares
 6,400  3,357 
Grand Pharmaceutical Group Ltd.
 39,500  20,454 
Great Wall Motor Co. Ltd., H Shares(2)
 8,000  9,478 
Greenland Hong Kong Holdings Ltd.(1)
 13,000  454 
Greentown China Holdings Ltd.
 12,000  14,251 
Guangzhou Automobile Group Co. Ltd., H Shares
 24,000  12,638 
Guangzhou R&F Properties Co. Ltd., H Shares(1)
 46,400  7,086 
H World Group Ltd., ADR(1)
 2,025  81,567 
Haidilao International Holding Ltd.(2)
 21,000  57,116 
Haier Smart Home Co. Ltd., H Shares
 19,600  60,707 
Hainan Meilan International Airport Co. Ltd., H Shares(1)
 3,000  2,877 
Haitian International Holdings Ltd.
 12,000  25,768 
Haitong Securities Co. Ltd., H Shares
 56,800  35,243 
Hangzhou Tigermed Consulting Co. Ltd., H Shares(2)
 500  2,729 
Hansoh Pharmaceutical Group Co. Ltd.
 10,000  12,993 
Harbin Electric Co. Ltd., H Shares
 28,000  8,555 
Hello Group, Inc., ADR
 7,677  66,252 
Hengan International Group Co. Ltd.
 31,000  114,990 
Hisense Home Appliances Group Co. Ltd., H Shares
 18,000  47,507 
Hollysys Automation Technologies Ltd.(1)
 2,162  40,732 
Hope Education Group Co. Ltd.(1)(2)
 200,000  12,987 
Hua Hong Semiconductor Ltd.(1)
 14,000  36,494 
Huatai Securities Co. Ltd., H Shares
 30,400  40,000 
Huazhong In-Vehicle Holdings Co. Ltd.
 4,000  1,199 
Huijing Holdings Co. Ltd.(1)
 4,000  26 
Industrial & Commercial Bank of China Ltd., H Shares
 597,000  273,711 
Inkeverse Group Ltd.(1)
 49,000  5,611 
iQIYI, Inc., ADR(1)
 9,234  46,539 
JD Health International, Inc.(1)
 2,350  12,670 
JD Logistics, Inc.(1)
 54,600  72,780 
Jiangsu Expressway Co. Ltd., H Shares
 20,000  18,061 
Jinchuan Group International Resources Co. Ltd.
 58,000  2,917 
Jinxin Fertility Group Ltd.(1)(2)
 73,000  36,508 
16

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Jiumaojiu International Holdings Ltd.(2)
 13,000  $ 20,851 
JNBY Design Ltd.
 500  515 
JOYY, Inc., ADR
 1,084  37,203 
Kandi Technologies Group, Inc.(1)
 2,267  7,209 
Kanzhun Ltd., ADR(1)
 795  11,766 
KE Holdings, Inc., ADR(1)
 11,228  193,122 
Keymed Biosciences, Inc.(1)
 5,500  37,337 
Kingboard Holdings Ltd.
 9,500  21,558 
Kingboard Laminates Holdings Ltd.
 15,500  12,882 
Kingdee International Software Group Co. Ltd.(1)
 1,000  1,545 
Kingsoft Cloud Holdings Ltd., ADR(1)(2)
 942  5,360 
Kingsoft Corp. Ltd.
 16,400  65,369 
Kuaishou Technology(1)
 3,100  25,376 
KWG Group Holdings Ltd.(1)(2)
 33,000  3,823 
KWG Living Group Holdings Ltd.(1)(2)
 32,000  3,307 
Legend Biotech Corp., ADR(1)
 99  6,867 
Lenovo Group Ltd.
 132,000  149,203 
Leoch International Technology Ltd.
 25,000  5,098 
LexinFintech Holdings Ltd., ADR(1)
 6,446  16,695 
Li Auto, Inc., ADR(1)
 2,660  110,789 
Li Ning Co. Ltd.
 10,500  49,626 
Lifetech Scientific Corp.(1)
 124,000  38,554 
Linklogis, Inc., Class B(2)
 20,500  4,622 
Logan Group Co. Ltd.(1)(2)
 2,000  192 
Longfor Group Holdings Ltd.
 11,558  24,394 
Lonking Holdings Ltd.
 21,000  3,745 
Lufax Holding Ltd., ADR
 5,603  6,780 
Luye Pharma Group Ltd.(1)(2)
 43,500  15,974 
LVGEM China Real Estate Investment Co. Ltd.(1)(2)
 30,000  6,312 
Maoyan Entertainment(1)(2)
 3,400  4,660 
Meitu, Inc.(2)
 76,000  29,197 
Meituan, Class B(1)
 18,450  305,332 
Midea Real Estate Holding Ltd.
 16,400  15,391 
MINISO Group Holding Ltd., ADR(1)
 1,313  34,007 
Minth Group Ltd.
 16,000  47,497 
Moatable, Inc., ADR
 27  30 
Mobvista, Inc.(1)(2)
 3,000  1,370 
Nam Tai Property, Inc.(1)
 100  459 
NetDragon Websoft Holdings Ltd.
 13,000  25,196 
NetEase, Inc., ADR
 5,316  550,100 
New China Life Insurance Co. Ltd., H Shares
 16,500  41,278 
New Horizon Health Ltd.(1)
 7,500  16,600 
New Oriental Education & Technology Group, Inc., ADR(1)
 1,330  72,139 
Nexteer Automotive Group Ltd.
 25,000  16,089 
NIO, Inc., ADR(1)
 4,120  42,312 
Niu Technologies, ADR(1)
 23  71 
Noah Holdings Ltd., ADR
 1,772  24,649 
Nongfu Spring Co. Ltd., H Shares
 16,400  92,109 
Orient Overseas International Ltd.
 5,500  73,762 
PDD Holdings, Inc., ADR(1)
 4,177  413,398 
People's Insurance Co. Group of China Ltd., H Shares
 138,000  46,973 
17

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Perennial Energy Holdings Ltd.
 15,000  $ 1,662 
Pharmaron Beijing Co. Ltd., H Shares(2)
 375  874 
PICC Property & Casualty Co. Ltd., H Shares
 148,000  170,194 
Ping An Healthcare & Technology Co. Ltd.(1)(2)
 1,600  3,994 
Ping An Insurance Group Co. of China Ltd., H Shares
 67,500  404,132 
Poly Property Group Co. Ltd.
 61,000  14,165 
Postal Savings Bank of China Co. Ltd., H Shares
 124,000  61,161 
Q Technology Group Co. Ltd.(1)
 16,000  5,945 
Qifu Technology, Inc., ADR
 5,842  99,314 
Radiance Holdings Group Co. Ltd.(1)
 27,000  12,442 
Redco Properties Group Ltd.(1)
 10,000  1,696 
Sany Heavy Equipment International Holdings Co. Ltd.
 26,000  40,513 
SCE Intelligent Commercial Management Holdings Ltd.(1)
 3,000  436 
Seazen Group Ltd.(1)(2)
 92,000  17,944 
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares
 27,600  27,481 
Shanghai Conant Optical Co. Ltd., Class H
 1,500  1,149 
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares
 500  1,174 
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares
 8,700  14,304 
Shenzhen Expressway Corp. Ltd., H Shares
 12,000  9,693 
Shenzhen International Holdings Ltd.
 48,500  34,475 
Shenzhen Investment Ltd.
 76,000  13,393 
Shenzhou International Group Holdings Ltd.
 20,500  210,050 
Shimao Services Holdings Ltd.(1)(2)
 26,000  5,071 
Shoucheng Holdings Ltd.
 62,000  14,464 
Shougang Fushan Resources Group Ltd.
 90,000  25,936 
Shui On Land Ltd.
 139,500  13,520 
Sihuan Pharmaceutical Holdings Group Ltd.(2)
 76,000  6,207 
Sino Biopharmaceutical Ltd.
 330,000  125,264 
Sino-Ocean Group Holding Ltd.(1)
 64,500  3,000 
Sinopharm Group Co. Ltd., H Shares
 58,400  169,472 
Sinotruk Hong Kong Ltd.
 4,500  8,351 
Skyworth Group Ltd.
 53,013  19,397 
SOHO China Ltd.(1)
 57,000  6,614 
Sohu.com Ltd., ADR(1)
 980  10,349 
Sun King Technology Group Ltd.(1)
 2,000  405 
Sunac Services Holdings Ltd.(2)
 17,000  5,305 
Sunny Optical Technology Group Co. Ltd.
 6,800  55,523 
SY Holdings Group Ltd.
 3,000  1,913 
TAL Education Group, ADR(1)
 6,964  49,096 
TCL Electronics Holdings Ltd.
 42,000  16,422 
Tencent Holdings Ltd.
 35,200  1,458,700 
Tencent Music Entertainment Group, ADR(1)
 6,118  41,725 
Tianneng Power International Ltd.(2)
 38,000  40,481 
Times China Holdings Ltd.(1)(2)
 43,000  2,851 
Tingyi Cayman Islands Holding Corp.
 40,000  58,732 
Tong Ren Tang Technologies Co. Ltd., H Shares
 16,000  12,814 
Tongcheng Travel Holdings Ltd.(1)
 12,400  27,789 
Topsports International Holdings Ltd.
 65,000  52,934 
TravelSky Technology Ltd., H Shares
 17,000  30,437 
Trip.com Group Ltd., ADR(1)
 3,468  136,327 
Triumph New Energy Co. Ltd., H Shares(1)
 2,000  1,337 
18

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Truly International Holdings Ltd.
 34,000  $ 3,765 
Tsaker New Energy Tech Co. Ltd.
 4,000  586 
Tsingtao Brewery Co. Ltd., H Shares
 8,000  66,525 
Tuya, Inc., ADR(1)
 1,048  1,928 
Uni-President China Holdings Ltd.
 32,000  23,663 
Up Fintech Holding Ltd., ADR(1)
 126  619 
Venus MedTech Hangzhou, Inc., H Shares(1)(2)
 500  357 
Vinda International Holdings Ltd.
 15,000  34,708 
Vipshop Holdings Ltd., ADR(1)
 13,844  218,597 
Viva Biotech Holdings(1)
 89,000  16,552 
Viva Goods Company Ltd.(1)(2)
 80,000  11,605 
Vnet Group, Inc., ADR(1)
 3,734  14,002 
Want Want China Holdings Ltd.
 210,000  138,892 
Weibo Corp., ADR
 2,413  31,128 
Weichai Power Co. Ltd., H Shares
 29,000  37,567 
Wuling Motors Holdings Ltd.
 10,000  827 
WuXi AppTec Co. Ltd., H Shares
 1,200  13,150 
Wuxi Biologics Cayman, Inc.(1)
 14,500  81,745 
Xiabuxiabu Catering Management China Holdings Co. Ltd.
 25,000  12,082 
Xinhua Winshare Publishing & Media Co. Ltd., H Shares
 11,000  8,220 
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares
 4,000  468 
Xinte Energy Co. Ltd., H Shares(1)
 22,400  39,602 
Xinyi Energy Holdings Ltd.
 156,000  34,028 
XPeng, Inc., Class A, ADR(1)
 680  12,097 
Xtep International Holdings Ltd.
 16,500  16,322 
Yadea Group Holdings Ltd.
 24,000  46,144 
Yeahka Ltd.(1)
 2,800  5,564 
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1)(2)
 200  162 
Yidu Tech, Inc.(1)
 11,600  5,891 
Yihai International Holding Ltd.
 15,000  28,111 
Yixin Group Ltd.
 52,000  5,301 
Youdao, Inc., ADR(1)
 26  101 
Yuexiu Property Co. Ltd.
 32,000  39,647 
Yuexiu Services Group Ltd.(2)
 15,000  6,045 
Yuexiu Transport Infrastructure Ltd.
 28,000  14,476 
Yum China Holdings, Inc.
 4,806  258,034 
Yuzhou Group Holdings Co. Ltd.(1)(2)
 112,000  2,394 
Zengame Technology Holding Ltd.
 28,000  10,816 
Zhejiang Expressway Co. Ltd., H Shares
 26,000  19,415 
Zhenro Properties Group Ltd.(1)
 8,000  85 
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)
 3,700  10,974 
Zhongliang Holdings Group Co. Ltd.(1)
 4,500  244 
Zhongsheng Group Holdings Ltd.
 11,500  35,039 
Zhou Hei Ya International Holdings Co. Ltd.(1)(2)
 23,500  8,299 
Zhuguang Holdings Group Co. Ltd.(1)
 2,000  127 
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H
 7,400  3,533 
ZTO Express Cayman, Inc., ADR
 3,549  89,222 
14,712,057 
Colombia — 0.1%
Almacenes Exito SA, ADR(1)
 2,195  12,838 
Bancolombia SA
 1,623  11,534 
19

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Bancolombia SA, ADR
 913  $ 24,377 
Interconexion Electrica SA ESP
 6,498  25,290 
74,039 
Czech Republic — 0.2%
Komercni Banka AS
 1,311  40,938 
Moneta Money Bank AS
 17,727  66,031 
106,969 
Egypt — 0.1%
Commercial International Bank Egypt S.A.E., GDR
 29,306  35,943 
Greece — 0.6%
Aegean Airlines SA(1)
 1,415  20,248 
Alpha Services & Holdings SA(1)
 40,660  68,356 
Eurobank Ergasias Services & Holdings SA, Class A(1)
 27,092  46,966 
Hellenic Telecommunications Organization SA
 626  9,355 
Holding Co. ADMIE IPTO SA(1)
 54  134 
JUMBO SA
 877  27,090 
LAMDA Development SA(1)
 1,719  12,585 
National Bank of Greece SA(1)
 7,089  48,133 
Piraeus Financial Holdings SA(1)
 22,800  78,560 
Sunrisemezz PLC(1)
 646  174 
Terna Energy SA
 566  10,160 
321,761 
Hong Kong — 0.1%
China Dili Group(1)
 6,000  252 
Edvantage Group Holdings Ltd.
 20,725  6,156 
GOME Retail Holdings Ltd.(1)
 413,000  3,005 
Jiayuan International Group Ltd.(1)
 18,000  397 
Renze Harvest International Ltd.(1)(2)
 4,000  133 
South Manganese Investment Ltd.(1)
 22,000  1,389 
Wharf Holdings Ltd.
 23,000  48,725 
60,057 
Hungary — 0.2%
Magyar Telekom Telecommunications PLC
 3,074  4,089 
OTP Bank Nyrt
 2,367  96,520 
Richter Gedeon Nyrt
 1,703  42,642 
143,251 
India — 18.5%
360 ONE WAM Ltd.
 2,192  12,895 
3i Infotech Ltd.(1)
 335  132 
3M India Ltd.
 18  6,772 
Aarti Industries Ltd.
 5,080  30,159 
Aarti Pharmalabs Ltd.(1)
 98  467 
ABB India Ltd.
 225  11,900 
Accelya Solutions India Ltd.
 256  4,862 
Action Construction Equipment Ltd.
 800  7,386 
Adani Green Energy Ltd.(1)
 1,382  15,478 
Adani Ports & Special Economic Zone Ltd.
 4,044  38,653 
Aditya Birla Capital Ltd.(1)
 14,767  32,282 
Aditya Birla Fashion & Retail Ltd.(1)
 2,513  6,660 
Advanced Enzyme Technologies Ltd.
 510  2,020 
Affle India Ltd.(1)
 8  104 
20

Avantis Responsible Emerging Markets Equity ETF
Shares Value
AGI Greenpac Ltd.
 1,442  $ 12,811 
AIA Engineering Ltd.
 190  8,476 
Ajanta Pharma Ltd.
 1,741  36,340 
Alkyl Amines Chemicals
 129  3,890 
Allcargo Logistics Ltd.
 3,177  10,530 
Allcargo Terminals Ltd.(1)
 3,177  1,297 
Alok Industries Ltd.(1)
 2,218  531 
Amara Raja Batteries Ltd.
 5,404  41,001 
Ambika Cotton Mills Ltd.
 30  592 
Anant Raj Ltd.
 6,206  16,438 
Andhra Paper Ltd.
 375  1,999 
Andhra Sugars Ltd.
 371  512 
Apcotex Industries Ltd.
 9  58 
Apex Frozen Foods Ltd.(1)
 40  103 
APL Apollo Tubes Ltd.
 2,791  56,467 
Apollo Hospitals Enterprise Ltd.
 1,143  66,415 
Apollo Pipes Ltd.
 31  254 
Apollo Tyres Ltd.
 14,888  69,802 
Aptech Ltd.
 2,258  8,411 
Archean Chemical Industries Ltd.
 1,314  10,631 
Arvind Fashions Ltd.(1)
 1,070  4,157 
Arvind Ltd.
 1,525  3,239 
Asahi India Glass Ltd.
 1,412  10,120 
Ashapura Minechem Ltd.
 143  392 
Ashok Leyland Ltd.
 23,107  51,294 
Ashoka Buildcon Ltd.(1)
 10,238  12,544 
Asian Granito India Ltd.(1)
 544  434 
Asian Paints Ltd.
 2,155  84,725 
Associated Alcohols & Breweries Ltd.
 285  1,484 
Aster DM Healthcare Ltd.(1)
 3,077  12,317 
Astra Microwave Products Ltd.
 1,301  6,218 
Astral Ltd.
 868  20,469 
AU Small Finance Bank Ltd.
 2,037  17,782 
AurionPro Solutions Ltd.
 575  7,042 
Aurobindo Pharma Ltd.
 9,075  90,902 
Avadh Sugar & Energy Ltd.
 127  885 
Avenue Supermarts Ltd.(1)
 555  24,936 
Axis Bank Ltd., GDR
 2,125  124,842 
Bajaj Auto Ltd.
 1,184  65,929 
Bajaj Consumer Care Ltd.
 4,128  12,803 
Bajaj Electricals Ltd.
 1,643  23,032 
Bajaj Finance Ltd.
 1,579  136,483 
Bajaj Finserv Ltd.
 2,090  37,546 
Bajaj Hindusthan Sugar Ltd.(1)
 77,381  22,366 
Balaji Amines Ltd.
 542  14,704 
Balaji Telefilms Ltd.(1)
 116  99 
Balkrishna Industries Ltd.
 777  21,794 
Balrampur Chini Mills Ltd.
 7,727  36,378 
Banco Products India Ltd.
 328  2,021 
Bandhan Bank Ltd.
 3,225  8,934 
BASF India Ltd.
 257  8,168 
21

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Bata India Ltd.
 51  $ 1,039 
Bayer CropScience Ltd.
 113  6,568 
BEML Land Assets Ltd.(1)
 22  47 
BEML Ltd.
 22  655 
Berger Paints India Ltd.
 1,275  11,061 
Best Agrolife Ltd.
 419  6,050 
BF Utilities Ltd.(1)
 24  200 
Bhansali Engineering Polymers Ltd.
 9,937  11,169 
Bharat Bijlee Ltd.
 191  9,511 
Bharat Electronics Ltd.
 87,245  140,168 
Bharat Forge Ltd.
 2,207  28,518 
Bharat Heavy Electricals Ltd.
 26,821  39,239 
Bharat Rasayan Ltd.
 9  1,022 
Biocon Ltd.
 5,360  16,777 
Birlasoft Ltd.
 5,175  31,810 
BLS International Services Ltd.
 2,590  8,993 
Blue Dart Express Ltd.
 90  6,828 
Blue Star Ltd.
 588  5,256 
Bodal Chemicals Ltd.
 231  230 
Bombay Dyeing & Manufacturing Co. Ltd.(1)
 371  590 
Brigade Enterprises Ltd.
 4,498  32,190 
Brightcom Group Ltd.
 76,861  15,738 
Britannia Industries Ltd.
 1,390  75,004 
BSE Ltd.
 3,203  41,082 
Butterfly Gandhimathi Appliances Ltd.(1)
 2  29 
Camlin Fine Sciences Ltd.(1)
 1,546  3,083 
Can Fin Homes Ltd.
 4,340  39,367 
Cantabil Retail India Ltd.
 11  136 
Capacit'e Infraprojects Ltd.(1)
 1,314  3,285 
Caplin Point Laboratories Ltd.
 162  2,070 
Carborundum Universal Ltd.
 1,327  18,199 
Care Ratings Ltd.
 319  3,204 
Carysil Ltd.
 145  1,117 
CCL Products India Ltd.
 757  5,538 
Ceat Ltd.
 1,332  36,233 
Century Enka Ltd.
 40  207 
Cera Sanitaryware Ltd.
 121  13,889 
CG Power & Industrial Solutions Ltd.
 1,563  8,102 
Chalet Hotels Ltd.(1)
 51  339 
Chemcon Speciality Chemicals Ltd.(1)
 474  1,605 
Chennai Petroleum Corp. Ltd.
 934  4,732 
Cholamandalam Financial Holdings Ltd.
 1,244  14,785 
Cholamandalam Investment & Finance Co. Ltd.
 7,617  103,145 
CIE Automotive India Ltd.
 2,286  14,422 
Cigniti Technologies Ltd.
 36  349 
Cipla Ltd.
 5,856  88,881 
City Union Bank Ltd.
 14,602  21,746 
Cochin Shipyard Ltd.
 3,618  39,574 
Coffee Day Enterprises Ltd.(1)
 3,695  2,086 
Coforge Ltd.
 442  29,155 
Colgate-Palmolive India Ltd.
 1,920  45,013 
22

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Computer Age Management Services Ltd.
 585  $ 16,772 
Confidence Petroleum India Ltd.
 5,136  5,584 
Container Corp. of India Ltd.
 2,194  17,805 
Coromandel International Ltd.
 3,801  50,063 
Cosmo First Ltd.
 289  2,541 
CreditAccess Grameen Ltd.(1)
 2,350  40,168 
CRISIL Ltd.
 158  7,574 
Crompton Greaves Consumer Electricals Ltd.
 3,926  14,222 
CSB Bank Ltd.(1)
 1,161  4,627 
Cummins India Ltd.
 908  18,720 
Cyient Ltd.
 3,960  78,265 
Dabur India Ltd.
 6,110  40,785 
Dalmia Bharat Sugar & Industries Ltd.
 176  793 
Datamatics Global Services Ltd.(1)
 138  937 
DB Corp. Ltd.
 3,495  9,563 
DCB Bank Ltd.
 4,946  6,963 
DCM Shriram Ltd.
 1,812  20,399 
Deepak Nitrite Ltd.
 1,157  31,005 
DEN Networks Ltd.(1)
 481  243 
Dhani Services Ltd.(1)
 5,841  3,426 
Dish TV India Ltd.(1)
 43,324  9,561 
Dishman Carbogen Amcis Ltd.(1)
 1,053  1,986 
Divi's Laboratories Ltd.
 1,034  44,823 
Dixon Technologies India Ltd.(1)
 309  18,662 
DLF Ltd.
 3,041  18,501 
D-Link India Ltd.
 647  2,548 
Dollar Industries Ltd.
 80  417 
Dr Lal PathLabs Ltd.
 689  18,096 
Dr Reddy's Laboratories Ltd., ADR
 1,989  135,212 
Dredging Corp. of India Ltd.(1)
 199  1,212 
eClerx Services Ltd.
 1,096  21,490 
Edelweiss Financial Services Ltd.
 20,359  13,377 
Eicher Motors Ltd.
 823  33,152 
EID Parry India Ltd.
 3,424  19,752 
EIH Ltd.
 281  844 
Elecon Engineering Co. Ltd.
 1,985  21,149 
Electrosteel Castings Ltd.
 5,042  4,180 
Emami Ltd.
 3,848  24,370 
Endurance Technologies Ltd.
 461  9,244 
Engineers India Ltd.
 7,843  14,608 
EPL Ltd.
 9,635  22,848 
Equitas Small Finance Bank Ltd.
 10,360  11,314 
Escorts Kubota Ltd.
 593  22,614 
Eveready Industries India Ltd.(1)
 349  1,782 
Everest Industries Ltd.
 196  2,799 
Everest Kanto Cylinder Ltd.
 75  105 
Excel Industries Ltd.
 24  277 
Exide Industries Ltd.
 10,259  33,045 
Fairchem Organics Ltd.
 46  647 
FDC Ltd.(1)
 1,017  4,675 
FIEM Industries Ltd.
 76  1,747 
23

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Filatex India Ltd.
 1,290  $ 737 
Fine Organic Industries Ltd.
 11  637 
Finolex Cables Ltd.
 2,440  32,396 
Finolex Industries Ltd.
 12,360  35,741 
Firstsource Solutions Ltd.
 332  654 
Force Motors Ltd.
 118  4,881 
Fortis Healthcare Ltd.
 3,119  12,498 
Future Consumer Ltd.(1)
 2,618  24 
Future Retail Ltd.(1)
 209  7 
Gabriel India Ltd.
 485  1,854 
Galaxy Surfactants Ltd.
 65  2,107 
Ganesh Housing Corp. Ltd.(1)
 109  574 
Ganesha Ecosphere Ltd.
 327  4,123 
Garden Reach Shipbuilders & Engineers Ltd.
 1,132  11,169 
Garware Technical Fibres Ltd.
 16  617 
Genus Power Infrastructures Ltd.(1)
 942  2,939 
Geojit Financial Services Ltd.
 339  233 
GHCL Textiles Ltd.(1)
 2,488  2,295 
GIC Housing Finance Ltd.
 2,493  5,389 
GlaxoSmithKline Pharmaceuticals Ltd.
 804  13,878 
Glenmark Pharmaceuticals Ltd.
 7,830  72,487 
Global Health Ltd.(1)
 1,681  14,420 
Globus Spirits Ltd.
 434  4,662 
GMM Pfaudler Ltd.
 391  7,445 
GNA Axles Ltd.
 69  854 
Godawari Power & Ispat Ltd.
 2,562  19,150 
Godrej Consumer Products Ltd.(1)
 1,894  22,987 
Godrej Properties Ltd.(1)
 326  6,475 
Gokaldas Exports Ltd.(1)
 314  2,993 
Goodluck India Ltd.
 231  1,598 
Granules India Ltd.
 6,445  23,149 
Graphite India Ltd.
 971  5,552 
Greenpanel Industries Ltd.
 3,903  17,813 
Greenply Industries Ltd.
 546  1,063 
GTL Infrastructure Ltd.(1)
 37,531  317 
Gufic Biosciences Ltd.(1)
 77  288 
Gujarat Alkalies & Chemicals Ltd.
 681  5,735 
Gujarat Fluorochemicals Ltd.
 164  6,034 
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
 2,111  15,530 
Gujarat Pipavav Port Ltd.
 15,737  24,682 
Gujarat State Fertilizers & Chemicals Ltd.
 3,256  6,890 
Happiest Minds Technologies Ltd.
 650  7,281 
Hathway Cable & Datacom Ltd.(1)
 5,258  1,048 
Havells India Ltd.
 2,304  38,502 
HBL Power Systems Ltd.
 2,016  6,524 
HCL Technologies Ltd.
 13,223  187,061 
HDFC Asset Management Co. Ltd.
 115  3,505 
HDFC Bank Ltd.
 15,849  300,116 
HDFC Life Insurance Co. Ltd.
 947  7,369 
HealthCare Global Enterprises Ltd.(1)
 1,599  6,772 
HEG Ltd.
 276  5,835 
24

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Hero MotoCorp Ltd.
 2,482  $ 87,371 
HFCL Ltd.
 10,629  9,772 
HG Infra Engineering Ltd.
 1,134  12,743 
Hikal Ltd.
 2,659  9,502 
HIL Ltd.
 34  1,236 
Himadri Speciality Chemical Ltd., ADR
 10,303  27,910 
Himatsingka Seide Ltd.
 231  411 
Hinduja Global Solutions Ltd.
 241  2,931 
Hindustan Construction Co. Ltd.(1)
 4,864  1,696 
Hindustan Oil Exploration Co. Ltd.(1)
 687  1,366 
Hindustan Unilever Ltd.
 3,256  98,493 
Hindware Home Innovation Ltd.(1)
 2,181  15,422 
Hitachi Energy India Ltd.
 14  744 
Honda India Power Products Ltd.
 209  6,658 
ICICI Bank Ltd., ADR
 9,581  221,992 
ICICI Lombard General Insurance Co. Ltd.
 2,613  41,432 
ICICI Prudential Life Insurance Co. Ltd.
 1,500  10,211 
IDFC First Bank Ltd.(1)
 47,954  54,005 
IFCI Ltd.(1)
 31,768  5,847 
IIFL Finance Ltd.
 6,085  44,538 
IIFL Securities Ltd.
 789  766 
India Glycols Ltd.(1)
 176  1,604 
Indiabulls Housing Finance Ltd.(1)
 8,590  20,559 
Indiabulls Real Estate Ltd.(1)
 9,967  9,613 
IndiaMart InterMesh Ltd.
 842  31,116 
Indian Energy Exchange Ltd.
 8,058  12,275 
Indian Hotels Co. Ltd.
 4,012  20,380 
Indian Metals & Ferro Alloys Ltd.
 35  161 
Indian Railway Catering & Tourism Corp. Ltd.
 1,632  13,238 
Indo Count Industries Ltd.
 105  311 
Indo Rama Synthetics India Ltd.(1)
 481  297 
Indus Towers Ltd.(1)
 12,636  26,720 
Infibeam Avenues Ltd.(1)
 10,565  1,862 
Info Edge India Ltd.
 416  21,738 
Infosys Ltd., ADR
 28,067  487,524 
Ingersoll Rand India Ltd.
 118  4,589 
Inox Wind Ltd.(1)
 1,250  3,079 
Insecticides India Ltd.
 135  801 
Intellect Design Arena Ltd.
 1,070  9,491 
IOL Chemicals & Pharmaceuticals Ltd.
 258  1,352 
ION Exchange India Ltd.
 1,470  10,060 
Ipca Laboratories Ltd.
 3,384  35,707 
IRB Infrastructure Developers Ltd.
 31,598  10,792 
ISGEC Heavy Engineering Ltd.
 33  277 
ISMT Ltd.(1)
 10,622  10,211 
ITD Cementation India Ltd.
 5,135  13,465 
J Kumar Infraprojects Ltd.
 1,305  6,479 
Jai Corp. Ltd.
 1,548  4,545 
Jain Irrigation Systems Ltd.(1)
 8,727  6,626 
Jaiprakash Associates Ltd.(1)
 6,016  766 
Jammu & Kashmir Bank Ltd.
 12,243  13,255 
25

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Jamna Auto Industries Ltd.
 9,888  $ 14,249 
Jindal Poly Films Ltd.
 165  1,358 
JK Paper Ltd.
 2,655  11,687 
JK Tyre & Industries Ltd.
 2,501  8,182 
JM Financial Ltd.
 22,621  21,351 
JSW Steel Ltd.(1)
 30  284 
Jubilant Foodworks Ltd.
 5,388  33,294 
Jubilant Pharmova Ltd.
 2,735  15,484 
Just Dial Ltd.(1)
 227  2,090 
Jyothy Labs Ltd.
 831  3,497 
Kajaria Ceramics Ltd.
 1,731  30,736 
Kalpataru Projects International Ltd.
 4,219  33,630 
Kansai Nerolac Paints Ltd.
 169  679 
Karnataka Bank Ltd.
 4,843  12,923 
Karur Vysya Bank Ltd.
 19,881  29,161 
KEC International Ltd.
 6,432  52,152 
KEI Industries Ltd.
 920  30,064 
Kellton Tech Solutions Ltd.(1)
 119  130 
Kennametal India Ltd.
 93  3,171 
Kiri Industries Ltd.(1)
 1,143  3,825 
Kirloskar Brothers Ltd.
 1,718  17,611 
Kirloskar Oil Engines Ltd.
 1,380  8,061 
Kitex Garments Ltd.(1)
 301  724 
Kolte-Patil Developers Ltd.
 1,063  5,803 
Kotak Mahindra Bank Ltd.
 6,299  133,664 
KPI Green Energy Ltd.
 530  5,719 
KPIT Technologies Ltd.
 3,706  52,575 
KPR Mill Ltd.
 1,251  11,442 
KSB Ltd.
 165  5,563 
LA Opala RG Ltd.
 598  3,163 
Laurus Labs Ltd.
 10,537  50,781 
Lemon Tree Hotels Ltd.(1)
 409  539 
LG Balakrishnan & Bros Ltd.(1)
 987  12,798 
LIC Housing Finance Ltd.
 7,858  40,156 
LT Foods Ltd.
 10,941  21,849 
Lumax Auto Technologies Ltd.
 732  3,294 
Lupin Ltd.
 6,741  89,332 
LUX Industries Ltd.(1)
 48  854 
Maharashtra Scooters Ltd.
 59  5,087 
Mahindra & Mahindra Financial Services Ltd.
 11,400  40,939 
Mahindra & Mahindra Ltd.
 6,044  114,918 
Mahindra Holidays & Resorts India Ltd.(1)
 1,372  6,617 
Mahindra Lifespace Developers Ltd.
 220  1,507 
Mahindra Logistics Ltd.
 1,203  5,658 
Maithan Alloys Ltd.
 69  855 
Manali Petrochemicals Ltd.
 1,472  1,224 
Manappuram Finance Ltd.
 24,144  45,051 
Marico Ltd.
 4,760  32,754 
Marksans Pharma Ltd.
 20,721  28,237 
Maruti Suzuki India Ltd.
 481  58,086 
MAS Financial Services Ltd.
 72  710 
26

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Mastek Ltd.
 113  $ 3,238 
Max Financial Services Ltd.(1)
 6,710  75,629 
Max Healthcare Institute Ltd.(1)
 3,221  22,949 
Mayur Uniquoters Ltd.
 41  278 
Meghmani Finechem Ltd.
 1,093  13,270 
Meghmani Organics Ltd.
 1,526  1,530 
Metropolis Healthcare Ltd.
 468  7,577 
Minda Corp. Ltd.
 307  1,212 
Mirza International Ltd.(1)
 663  362 
Mishra Dhatu Nigam Ltd.
 621  3,076 
MOIL Ltd.
 132  380 
Mold-Tek Packaging Ltd.
 61  701 
Monte Carlo Fashions Ltd.
 87  791 
Motherson Sumi Wiring India Ltd.
 1,471  1,102 
Motilal Oswal Financial Services Ltd.
 932  10,349 
Mphasis Ltd.
 2,700  79,126 
MRF Ltd.
 51  66,930 
Mrs Bectors Food Specialities Ltd.
 830  10,756 
MSTC Ltd.
 182  859 
Multi Commodity Exchange of India Ltd.
 1,061  21,617 
Muthoot Finance Ltd.
 3,898  59,312 
Narayana Hrudayalaya Ltd.
 2,815  35,355 
Natco Pharma Ltd.
 452  4,985 
National Fertilizers Ltd.
 712  583 
Nava Ltd.
 1,993  10,224 
Navin Fluorine International Ltd.
 205  11,398 
Navkar Corp. Ltd.(1)
 1,587  1,119 
Navneet Education Ltd.
 1,113  2,073 
NELCO Ltd.
 265  2,570 
Neogen Chemicals Ltd.
 29  598 
Nestle India Ltd.
 250  66,364 
Neuland Laboratories Ltd.
 535  25,056 
New Delhi Television Ltd.(1)
 834  2,156 
Newgen Software Technologies Ltd.
 131  1,358 
NIIT Learning Systems Ltd.(1)
 525  2,420 
NIIT Ltd.(1)
 525  512 
Nippon Life India Asset Management Ltd.
 3,306  12,451 
NOCIL Ltd.
 4,984  13,503 
Nuvama Wealth Management Ltd.(1)
 227  6,688 
Oberoi Realty Ltd.
 1,342  18,147 
Olectra Greentech Ltd.
 242  3,648 
Omaxe Ltd.(1)
 298  165 
OnMobile Global Ltd.(1)
 473  620 
Optiemus Infracom Ltd.
 173  723 
Oracle Financial Services Software Ltd.
 736  36,506 
Orient Cement Ltd.
 6,086  14,167 
Orient Paper & Industries Ltd.
 2,680  1,592 
Page Industries Ltd.
 64  31,024 
Paisalo Digital Ltd.
 1,547  1,123 
Panama Petrochem Ltd.
 1,604  6,311 
Parag Milk Foods Ltd.(1)
 731  1,714 
27

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Patel Engineering Ltd.(1)
 19,479  $ 13,435 
PB Fintech Ltd.(1)
 1,423  13,301 
PC Jeweller Ltd.(1)
 3,055  981 
PDS Ltd.
 771  2,986 
Pennar Industries Ltd.(1)
 6,469  9,234 
Persistent Systems Ltd.
 1,185  76,776 
PG Electroplast Ltd.(1)
 56  1,239 
Phoenix Mills Ltd.
 121  2,629 
PI Industries Ltd.
 312  13,669 
Pidilite Industries Ltd.
 249  7,561 
Piramal Enterprises Ltd.
 1,428  18,147 
Piramal Pharma Ltd.(1)
 956  1,186 
PNB Housing Finance Ltd.(1)
 4,528  35,546 
Pokarna Ltd.(1)
 11  66 
Polycab India Ltd.
 272  16,821 
Polyplex Corp. Ltd.
 250  3,671 
Poonawalla Fincorp Ltd.
 944  4,748 
Power Grid Corp. of India Ltd.
 44,528  131,427 
Power Mech Projects Ltd.
 292  14,888 
Praj Industries Ltd.
 5,232  31,112 
Prakash Industries Ltd.(1)
 7,645  10,593 
Prestige Estates Projects Ltd.
 1,620  12,598 
Pricol Ltd.(1)
 2,446  9,997 
Prince Pipes & Fittings Ltd.
 312  2,698 
Privi Speciality Chemicals Ltd.
 37  515 
Procter & Gamble Health Ltd.
 253  14,891 
PSP Projects Ltd.
 400  3,954 
PTC India Ltd.
 22,330  37,539 
Quess Corp. Ltd.
 2,051  10,568 
Radico Khaitan Ltd.
 822  12,519 
Rajesh Exports Ltd.
 1,830  11,027 
Rallis India Ltd.
 2,626  7,464 
Ramco Systems Ltd.(1)
 27  92 
RattanIndia Power Ltd.(1)
 2,552  209 
Raymond Ltd.
 1,481  35,742 
RBL Bank Ltd.
 17,801  51,298 
REC Ltd.
 48,600  140,015 
Redington Ltd.
 22,111  41,824 
Redtape Ltd.(1)
 663  3,749 
Relaxo Footwears Ltd.
 151  1,722 
Reliance Industrial Infrastructure Ltd.
 30  368 
Religare Enterprises Ltd.(1)
 307  871 
Repco Home Finance Ltd.(1)
 2,127  9,959 
Restaurant Brands Asia Ltd.(1)
 5,972  9,150 
Rico Auto Industries Ltd.
 5,876  6,005 
RITES Ltd.
 2,395  14,480 
Route Mobile Ltd.
 573  10,861 
RPG Life Sciences Ltd.
 383  5,558 
RSWM Ltd.(1)
 288  736 
Rupa & Co. Ltd.
 235  755 
Safari Industries India Ltd.
 224  9,967 
28

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Saksoft Ltd.
 523  $ 2,018 
Samvardhana Motherson International Ltd.
 35,666  41,232 
Sanghvi Movers Ltd.
 1,660  14,869 
Sanofi India Ltd.
 269  23,073 
Sansera Engineering Ltd.(1)
 57  656 
Satia Industries Ltd.
 1,711  2,671 
Satin Creditcare Network Ltd.(1)
 3,993  10,076 
SBI Cards & Payment Services Ltd.
 2,113  20,828 
SBI Life Insurance Co. Ltd.
 1,121  17,488 
Schaeffler India Ltd.
 291  10,721 
Schneider Electric Infrastructure Ltd.(1)
 344  1,478 
SEAMEC Ltd.
 7  54 
Sequent Scientific Ltd.(1)
 193  216 
Seshasayee Paper & Boards Ltd.
 951  3,586 
Shakti Pumps India Ltd.
 49  505 
Shankara Building Products Ltd.
 97  1,003 
Shanthi Gears Ltd.
 393  2,161 
Shipping Corp. of India Ltd.
 3,065  4,822 
Shipping Corp. of India Ltd.(1)
 3,065  1,001 
Shoppers Stop Ltd.(1)
 706  6,213 
Shriram Finance Ltd.
 7,340  170,838 
Siemens Ltd.
 473  22,396 
Siyaram Silk Mills Ltd.
 139  895 
SKF India Ltd.
 82  5,160 
Sobha Ltd.
 1,484  10,927 
SOM Distilleries & Breweries Ltd.
 592  2,250 
Sonata Software Ltd.
 3,821  48,230 
Southern Petrochemical Industries Corp. Ltd.
 1,412  1,188 
Spandana Sphoorty Financial Ltd.(1)
 269  2,689 
Speciality Restaurants Ltd.(1)
 716  1,775 
SRF Ltd.
 1,025  29,148 
State Bank of India, GDR
 2,019  136,354 
Steel Strips Wheels Ltd.
 1,280  3,912 
Sterlite Technologies Ltd.
 1,461  3,024 
Stove Kraft Ltd.(1)
 129  824 
Strides Pharma Science Ltd.
 3,755  20,085 
Sudarshan Chemical Industries Ltd.
 2,197  13,474 
Sumitomo Chemical India Ltd.
 255  1,356 
Sun Pharmaceutical Industries Ltd.
 9,881  132,446 
Sun TV Network Ltd.
 2,685  20,000 
Sundaram Finance Ltd.
 138  4,327 
Sundram Fasteners Ltd.
 1,429  21,957 
Sunflag Iron & Steel Co. Ltd.(1)
 4,123  10,001 
Sunteck Realty Ltd.
 539  2,351 
Suprajit Engineering Ltd.
 837  4,275 
Supreme Industries Ltd.
 832  44,778 
Supreme Petrochem Ltd.
 3,462  20,648 
Surya Roshni Ltd.
 1,380  15,822 
Suven Pharmaceuticals Ltd.
 2,090  12,933 
Suzlon Energy Ltd.(1)
 65,829  19,509 
Syngene International Ltd.
 1,965  18,358 
29

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Tamil Nadu Newsprint & Papers Ltd.
 2,474  $ 7,489 
Tamilnadu Petroproducts Ltd.
 713  770 
Tanla Platforms Ltd.
 1,537  18,103 
Tata Coffee Ltd.
 130  386 
Tata Communications Ltd.
 1,782  38,495 
Tata Consultancy Services Ltd.
 6,510  263,680 
Tata Consumer Products Ltd.
 1,787  17,997 
Tata Elxsi Ltd.
 235  20,551 
Tata Investment Corp. Ltd.
 407  11,971 
Tata Metaliks Ltd.
 989  10,995 
Tata Motors Ltd.
 7,155  51,880 
Tata Steel Long Products Ltd.(1)
 497  4,688 
Tata Teleservices Maharashtra Ltd.(1)
 1,227  1,300 
TCI Express Ltd.
 160  2,714 
TeamLease Services Ltd.(1)
 66  1,929 
Tech Mahindra Ltd.
 9,939  144,111 
Technocraft Industries India Ltd.(1)
 45  1,142 
Tejas Networks Ltd.(1)
 62  652 
Texmaco Rail & Engineering Ltd.
 4,065  7,152 
Thermax Ltd.
 262  8,886 
Thirumalai Chemicals Ltd.
 1,582  4,386 
Thomas Cook India Ltd.
 224  313 
Thyrocare Technologies Ltd.
 317  2,060 
Time Technoplast Ltd.
 3,799  6,808 
Tinplate Co. of India Ltd.
 513  2,383 
Titagarh Rail System Ltd.(1)
 4,175  40,975 
Titan Co. Ltd.
 243  9,105 
Torrent Pharmaceuticals Ltd.
 1,443  32,120 
TransIndia Real Estate Ltd.(1)
 3,177  1,330 
Transport Corp. of India Ltd.
 729  7,133 
Trent Ltd.
 525  12,986 
Trident Ltd.
 25,462  11,229 
Triveni Turbine Ltd.(1)
 2,044  9,660 
TTK Prestige Ltd.
 440  4,166 
Tube Investments of India Ltd.
 862  30,175 
TV Today Network Ltd.
 140  380 
TV18 Broadcast Ltd.(1)
 8,772  5,090 
TVS Motor Co. Ltd.
 720  12,338 
TVS Srichakra Ltd.
 149  5,177 
Uflex Ltd.
 913  5,264 
Ugar Sugar Works Ltd.
 5,572  7,182 
Ujjivan Financial Services Ltd.
 1,257  7,370 
Ujjivan Small Finance Bank Ltd.
 36,598  21,639 
Unichem Laboratories Ltd.(1)
 1,194  6,001 
United Spirits Ltd.(1)
 3,841  46,710 
UNO Minda Ltd.
 1,755  12,758 
UPL Ltd.
 3,978  28,387 
Usha Martin Ltd.
 1,303  5,581 
UTI Asset Management Co. Ltd.
 2,128  19,216 
VA Tech Wabag Ltd.(1)
 485  2,894 
Vaibhav Global Ltd.
 295  1,574 
30

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Vakrangee Ltd.
 10,638  $ 1,990 
Valiant Organics Ltd.
 107  655 
Vardhman Textiles Ltd.(1)
 4,701  22,312 
Varroc Engineering Ltd.(1)
 1,311  6,691 
Varun Beverages Ltd.
 5,540  60,113 
Venky's India Ltd.
 65  1,550 
Visaka Industries Ltd.
 1,090  1,223 
Vishnu Chemicals Ltd.
 520  2,047 
VL E-Governance & IT Solutions Ltd.(1)
 1,063  480 
Vodafone Idea Ltd.(1)
 38,671  4,224 
Voltamp Transformers Ltd.
 50  3,473 
Voltas Ltd.
 1,433  15,049 
VRL Logistics Ltd.
 1,176  9,549 
Welspun Corp. Ltd.
 5,585  22,064 
Welspun Enterprises Ltd.
 4,619  15,504 
Welspun India Ltd.
 11,181  16,854 
West Coast Paper Mills Ltd.
 1,404  9,945 
Westlife Foodworld Ltd.
 866  9,811 
Whirlpool of India Ltd.
 24  474 
Wipro Ltd., ADR(2)
 7,838  38,328 
Wonderla Holidays Ltd.
 85  649 
Yes Bank Ltd.(1)
 190,559  38,652 
Zee Entertainment Enterprises Ltd.
 13,949  44,118 
Zee Media Corp. Ltd.(1)
 1,302  186 
Zen Technologies Ltd.
 88  892 
Zensar Technologies Ltd.
 3,981  25,315 
10,629,616 
Indonesia — 2.2%
Ace Hardware Indonesia Tbk PT
 275,400  13,197 
Adi Sarana Armada Tbk PT(1)
 24,700  1,597 
Astra Otoparts Tbk PT
 48,000  10,084 
Bank BTPN Syariah Tbk PT
 72,700  10,308 
Bank Bukopin Tbk PT(1)
 53,500  341 
Bank Central Asia Tbk PT
 234,500  141,170 
Bank Jago Tbk PT(1)
 5,400  826 
Bank Mandiri Persero Tbk PT
 466,000  184,274 
Bank Negara Indonesia Persero Tbk PT
 106,400  64,075 
Bank Pan Indonesia Tbk PT(1)
 80,400  6,890 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT
 53,200  4,139 
Bank Pembangunan Daerah Jawa Timur Tbk PT
 41,400  1,781 
Bank Rakyat Indonesia Persero Tbk PT
 438,600  159,780 
Bank Tabungan Negara Persero Tbk PT
 186,378  15,354 
Barito Pacific Tbk PT
 96,567  6,784 
Berkah Beton Sadaya Tbk PT(1)
 76,000  249 
BFI Finance Indonesia Tbk PT
 382,100  30,097 
Blue Bird Tbk PT
 27,400  3,922 
Buana Lintas Lautan Tbk PT(1)
 202,000  1,300 
Bukalapak.com Tbk PT(1)
 1,035,700  15,757 
Bumi Serpong Damai Tbk PT(1)
 193,500  14,416 
Bundamedik Tbk PT
 26,100  641 
Ciputra Development Tbk PT
 379,000  28,368 
31

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Clipan Finance Indonesia Tbk PT
 215,900  $ 8,151 
Dharma Polimetal TbK PT
 95,600  9,227 
Erajaya Swasembada Tbk PT
 171,000  5,450 
FKS Food Sejahtera Tbk PT(1)
 222,100  1,925 
Gajah Tunggal Tbk PT(1)
 142,900  7,694 
Global Mediacom Tbk PT(1)
 309,100  6,208 
GoTo Gojek Tokopedia Tbk PT(1)
 1,028,900  6,475 
Indosat Tbk PT
 20,600  12,984 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT
 73,400  2,988 
Jasa Marga Persero Tbk PT
 100,800  28,446 
Kalbe Farma Tbk PT
 129,500  15,407 
Kencana Energi Lestari Tbk PT
 50,900  2,772 
Kino Indonesia Tbk PT(1)
 2,700  270 
Lippo Cikarang Tbk PT(1)
 14,500  933 
Lippo Karawaci Tbk PT(1)
 161,800  1,041 
M Cash Integrasi PT(1)
 200  92 
Map Aktif Adiperkasa PT
 366,600  19,498 
Mark Dynamics Indonesia Tbk PT
 9,400  386 
Matahari Department Store Tbk PT
 22,200  3,789 
Matahari Putra Prima Tbk PT(1)
 52,400  319 
Media Nusantara Citra Tbk PT
 130,500  4,498 
Medikaloka Hermina Tbk PT
 141,100  12,957 
Merdeka Copper Gold Tbk PT(1)
 40,000  8,866 
Mitra Adiperkasa Tbk PT
 356,100  45,257 
Mitra Keluarga Karyasehat Tbk PT
 92,200  17,139 
Mitra Pinasthika Mustika Tbk PT
 24,800  1,693 
MNC Kapital Indonesia Tbk PT(1)
 229,100  842 
MNC Vision Networks Tbk PT(1)
 49,200  178 
Multipolar Tbk PT(1)
 32,500  194 
Nusantara Infrastructure Tbk PT(1)
 136,200  1,010 
Pabrik Kertas Tjiwi Kimia Tbk PT
 34,200  17,511 
Pacific Strategic Financial Tbk PT(1)
 3,500  255 
Pakuwon Jati Tbk PT
 222,300  6,565 
Panin Financial Tbk PT(1)
 351,600  6,738 
PP Persero Tbk PT(1)
 84,600  3,221 
Puradelta Lestari Tbk PT
 79,500  914 
Samator Indo Gas Tbk PT
 15,200  1,871 
Samudera Indonesia Tbk PT
 253,000  5,977 
Sarana Menara Nusantara Tbk PT
 139,700  9,447 
Sariguna Primatirta Tbk PT
 75,900  3,489 
Smartfren Telecom Tbk PT(1)
 1,936,300  6,991 
Steel Pipe Industry of Indonesia PT
 14,200  267 
Sumber Alfaria Trijaya Tbk PT
 247,500  47,166 
Summarecon Agung Tbk PT
 448,100  19,852 
Surya Citra Media Tbk PT
 87,600  851 
Telkom Indonesia Persero Tbk PT, ADR
 5,917  143,606 
Temas Tbk PT
 233,000  2,708 
Tower Bersama Infrastructure Tbk PT
 29,400  4,054 
Unilever Indonesia Tbk PT
 98,800  23,808 
Wijaya Karya Persero Tbk PT(1)
 127,000  3,285 
XL Axiata Tbk PT
 150,300  24,665 
1,275,280 
32

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Malaysia — 1.7%
Aeon Co. M Bhd
 6,500  $ 1,485 
AEON Credit Service M Bhd
 500  1,186 
AGMO Holdings Bhd(1)
 161  22 
Alliance Bank Malaysia Bhd
 34,600  25,746 
AMMB Holdings Bhd
 38,600  31,053 
Ann Joo Resources Bhd(1)
 300  75 
Astro Malaysia Holdings Bhd
 35,300  3,880 
Axiata Group Bhd
 43,100  21,933 
Bank Islam Malaysia Bhd
 21,600  9,733 
Berjaya Food Bhd
 30,800  4,526 
Bermaz Auto Bhd
 43,100  20,796 
Bursa Malaysia Bhd
 8,100  12,047 
Cahya Mata Sarawak Bhd
 36,000  9,080 
Carlsberg Brewery Malaysia Bhd
 2,300  10,025 
CELCOMDIGI Bhd
 44,300  41,832 
CIMB Group Holdings Bhd
 68,131  82,590 
CTOS Digital Bhd
 300  92 
Cypark Resources Bhd(1)
 24,100  4,060 
D&O Green Technologies Bhd
 100  76 
Dayang Enterprise Holdings Bhd
 5,400  2,024 
DRB-Hicom Bhd
 28,000  8,696 
Dufu Technology Corp. Bhd
 2,100  847 
Eco World Development Group Bhd
 7,800  1,733 
Ekovest Bhd(1)
 137,000  15,928 
Evergreen Fibreboard Bhd(1)
 4,000  246 
Fraser & Neave Holdings Bhd
 1,000  5,499 
Frontken Corp. Bhd
 13,400  10,115 
Gamuda Bhd
 49,140  47,706 
Greatech Technology Bhd(1)
 1,100  1,067 
Hartalega Holdings Bhd
 62,500  26,324 
Heineken Malaysia Bhd
 2,800  14,370 
Hengyuan Refining Co. Bhd
 5,300  3,562 
Hextar Healthcare Bhd(1)
 4,200  194 
Hiap Teck Venture Bhd
 7,600  713 
Hong Leong Bank Bhd
 2,500  10,757 
Hong Leong Capital Bhd
 600  694 
Hong Leong Financial Group Bhd
 2,800  10,981 
Hong Seng Consolidated Bhd(1)
 18,000  173 
IHH Healthcare Bhd
 13,000  16,610 
Inari Amertron Bhd
 23,700  16,122 
IOI Properties Group Bhd
 1,100  386 
JAKS Resources Bhd(1)
 1,300  56 
KNM Group Bhd(1)
 12,700  245 
Kossan Rubber Industries Bhd
 56,000  15,572 
KPJ Healthcare Bhd
 79,400  19,877 
Lingkaran Trans Kota Holdings Bhd
 10,400  9 
Lotte Chemical Titan Holding Bhd
 2,000  529 
Malayan Banking Bhd
 30,400  59,674 
Malaysia Airports Holdings Bhd
 15,300  24,295 
Malaysia Building Society Bhd
 55,700  8,835 
33

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Malaysia Smelting Corp. Bhd
 10,700  $ 5,135 
Malaysian Pacific Industries Bhd
 3,100  19,231 
Malaysian Resources Corp. Bhd
 70,200  6,811 
Maxis Bhd
 30,600  26,454 
Mieco Chipboard Bhd(1)
 700  97 
MR DIY Group M Bhd
 30,700  10,255 
My EG Services Bhd
 78,000  13,358 
Nestle Malaysia Bhd
 400  11,259 
Pentamaster Corp. Bhd
 1,100  1,254 
Perak Transit Bhd
 7,500  2,166 
Petron Malaysia Refining & Marketing Bhd
 500  483 
Press Metal Aluminium Holdings Bhd
 18,700  19,547 
Public Bank Bhd
 93,300  85,046 
RHB Bank Bhd
 29,514  35,677 
Scientex Bhd
 3,300  2,688 
Shin Yang Group Bhd
 22,500  3,007 
Signature International Bhd(1)
 3,300  890 
Sime Darby Bhd
 21,700  10,743 
Sime Darby Property Bhd
 7,400  1,173 
SP Setia Bhd Group
 37,400  7,425 
Sunway Bhd
 3,100  1,330 
Supermax Corp. Bhd
 62,800  10,293 
Swift Haulage Bhd
 2,100  213 
Syarikat Takaful Malaysia Keluarga Bhd
 500  401 
Telekom Malaysia Bhd
 20,300  22,328 
TIME dotCom Bhd
 18,400  21,834 
Top Glove Corp. Bhd(1)
 32,000  5,279 
UEM Sunrise Bhd
 56,400  8,874 
UMW Holdings Bhd
 19,000  19,515 
Unisem M Bhd
 5,800  4,090 
UWC Bhd
 5,800  4,377 
Velesto Energy Bhd(1)
 241,600  12,215 
ViTrox Corp. Bhd
 1,800  2,941 
VS Industry Bhd
 3,800  787 
WCE Holdings Bhd(1)
 131,600  18,707 
Westports Holdings Bhd
 2,000  1,509 
1,001,468 
Mexico — 3.2%
Alsea SAB de CV(1)
 11,885  41,976 
America Movil SAB de CV, ADR
 8,787  168,447 
Arca Continental SAB de CV
 2,953  28,836 
Banco del Bajio SA
 14,900  46,910 
Becle SAB de CV
 1,787  4,823 
Bolsa Mexicana de Valores SAB de CV
 2,313  4,629 
Corp. Inmobiliaria Vesta SAB de CV
 12,012  44,411 
Fomento Economico Mexicano SAB de CV, ADR
 845  95,079 
Genomma Lab Internacional SAB de CV, Class B
 29,533  23,955 
Gentera SAB de CV
 47,480  57,838 
Grupo Aeroportuario del Centro Norte SAB de CV, ADR
 1,158  107,231 
Grupo Aeroportuario del Pacifico SAB de CV, ADR
 446  81,324 
Grupo Aeroportuario del Sureste SAB de CV, ADR
 348  94,753 
34

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Grupo Bimbo SAB de CV, Series A
 17,797  $ 87,563 
Grupo Comercial Chedraui SA de CV(2)
 6,423  36,002 
Grupo Financiero Banorte SAB de CV, Class O
 30,706  260,642 
Grupo Financiero Inbursa SAB de CV, Class O(1)
 24,434  54,742 
Grupo Mexico SAB de CV, Series B
 25,629  122,504 
Grupo Televisa SAB, ADR
 9,397  42,099 
Grupo Traxion SAB de CV(1)(2)
 3,318  6,015 
Industrias Penoles SAB de CV(1)
 2,227  31,517 
Kimberly-Clark de Mexico SAB de CV, A Shares
 27,103  61,040 
La Comer SAB de CV
 8,301  17,935 
Megacable Holdings SAB de CV
 11,310  27,375 
Nemak SAB de CV(1)
 118,712  26,109 
Operadora De Sites Mexicanos SAB de CV
 12,300  11,571 
Orbia Advance Corp. SAB de CV
 23,350  51,971 
Promotora y Operadora de Infraestructura SAB de CV
 3,412  32,584 
Qualitas Controladora SAB de CV
 6,986  54,960 
Regional SAB de CV
 2,759  20,327 
Sitios Latinoamerica SAB de CV(1)(2)
 6,259  2,639 
Wal-Mart de Mexico SAB de CV
 21,171  83,465 
1,831,272 
Peru — 0.3%
Credicorp Ltd.
 665  94,051 
Intercorp Financial Services, Inc.
 1,166  27,203 
Southern Copper Corp.
 414  33,393 
154,647 
Philippines — 0.7%
Ayala Land, Inc.
 42,000  20,126 
Bank of the Philippine Islands
 15,378  29,867 
BDO Unibank, Inc.
 24,870  61,145 
Century Pacific Food, Inc.
 1,600  765 
Converge Information & Communications Technology Solutions,
Inc.(1)
 41,600  5,705 
Globe Telecom, Inc.
 421  13,395 
GT Capital Holdings, Inc.
 2,810  28,398 
International Container Terminal Services, Inc.
 9,240  33,771 
Jollibee Foods Corp.
 8,540  35,727 
LT Group, Inc.
 20,600  3,319 
Manila Electric Co.
 2,390  14,515 
Megaworld Corp.
 368,000  12,931 
Metropolitan Bank & Trust Co.
 52,360  51,027 
Monde Nissin Corp.
 22,000  2,796 
PLDT, Inc., ADR
 973  19,859 
Puregold Price Club, Inc.
 32,500  16,015 
Robinsons Land Corp.
 43,400  11,199 
Robinsons Retail Holdings, Inc.
 840  734 
Security Bank Corp.
 12,800  18,194 
SM Investments Corp.
 1,130  16,611 
SM Prime Holdings, Inc.
 28,400  14,644 
Universal Robina Corp.
 6,200  12,238 
Wilcon Depot, Inc.
 20,200  7,917 
430,898 
35

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Poland — 1.0%
Alior Bank SA(1)
 3,549  $ 48,250 
Allegro.eu SA(1)
 2,110  16,877 
AmRest Holdings SE(1)
 1,970  13,098 
Asseco Poland SA
 475  8,438 
Bank Handlowy w Warszawie SA
 66  1,384 
Bank Millennium SA(1)
 17,448  25,685 
Bank Polska Kasa Opieki SA
 1,187  30,988 
Budimex SA
 250  27,199 
CCC SA(1)
 1,626  17,551 
CD Projekt SA
 604  21,559 
Cyfrowy Polsat SA
 666  2,189 
Dino Polska SA(1)
 314  28,794 
KGHM Polska Miedz SA
 1,466  40,425 
KRUK SA(1)
 530  51,360 
LiveChat Software SA
 370  11,989 
LPP SA
 13  43,734 
mBank SA(1)
 188  19,525 
Orange Polska SA
 21,344  37,020 
Powszechna Kasa Oszczednosci Bank Polski SA(1)
 3,196  28,862 
Powszechny Zaklad Ubezpieczen SA
 3,525  35,302 
Santander Bank Polska SA(1)
 441  39,676 
TEN Square Games SA
 24  477 
Warsaw Stock Exchange
 116  1,032 
XTB SA
 1,678  13,467 
564,881 
Singapore†
Super Hi International Holding Ltd.(1)
 1,500  2,604 
South Africa — 3.7%
Absa Group Ltd.
 9,956  95,991 
AECI Ltd.
 4,838  27,619 
Anglo American Platinum Ltd.
 366  12,764 
AngloGold Ashanti Ltd., ADR
 5,932  100,844 
Aspen Pharmacare Holdings Ltd.
 5,676  51,786 
Astral Foods Ltd.
 1,219  11,036 
AVI Ltd.
 4,867  18,622 
Barloworld Ltd.
 4,158  18,650 
Bid Corp. Ltd.
 1,751  39,316 
Bidvest Group Ltd.
 1,838  27,731 
Capitec Bank Holdings Ltd.
 303  25,412 
Clicks Group Ltd.
 3,595  52,047 
Coronation Fund Managers Ltd.
 7,250  12,269 
Curro Holdings Ltd.
 12,198  6,443 
DataTec Ltd.
 7,041  13,658 
Dis-Chem Pharmacies Ltd.
 4,826  6,094 
Discovery Ltd.(1)
 3,836  29,772 
FirstRand Ltd.
 34,957  135,822 
Foschini Group Ltd.(2)
 6,444  35,566 
Gold Fields Ltd., ADR
 9,957  125,757 
Grindrod Ltd.
 30,545  17,213 
Impala Platinum Holdings Ltd.
 10,823  55,718 
36

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Investec Ltd.
 3,564  $ 20,909 
JSE Ltd.
 1,034  5,268 
KAP Ltd.
 60,434  7,945 
Kumba Iron Ore Ltd.
 626  13,708 
Life Healthcare Group Holdings Ltd.
 24,861  28,167 
Merafe Resources Ltd.
 24,876  1,829 
Momentum Metropolitan Holdings
 45,116  48,010 
Mr Price Group Ltd.
 2,419  16,930 
MTN Group Ltd.
 16,716  106,300 
MultiChoice Group
 6,735  27,983 
Naspers Ltd., N Shares
 595  100,992 
Nedbank Group Ltd.
 5,874  67,237 
NEPI Rockcastle NV
 8,241  49,198 
Netcare Ltd.
 21,250  14,894 
Ninety One Ltd.
 3,606  7,626 
Northam Platinum Holdings Ltd.(1)
 2,441  16,141 
Oceana Group Ltd.
 54  198 
Old Mutual Ltd.
 136,087  91,143 
Omnia Holdings Ltd.
 7,035  20,243 
OUTsurance Group Ltd.
 6,900  14,633 
Pepkor Holdings Ltd.
 12,142  10,471 
Pick n Pay Stores Ltd.(2)
 5,204  9,608 
PPC Ltd.(1)
 28,548  3,916 
PSG Financial Services Ltd.
 6,160  4,553 
Raubex Group Ltd.
 1,141  1,562 
Remgro Ltd.
 6,683  56,049 
Reunert Ltd.
 2,135  6,780 
RMB Holdings Ltd.
 14,659  372 
Sanlam Ltd.
 17,068  61,359 
Santam Ltd.
 460  7,242 
Sappi Ltd.
 18,015  38,189 
Shoprite Holdings Ltd.
 3,257  45,456 
Sibanye Stillwater Ltd., ADR(2)
 9,571  57,905 
Standard Bank Group Ltd.
 9,160  93,523 
Telkom SA SOC Ltd.(1)
 10,945  15,718 
Transaction Capital Ltd.
 1,594  544 
Truworths International Ltd.
 9,275  35,596 
Vodacom Group Ltd.
 3,824  21,812 
Wilson Bayly Holmes-Ovcon Ltd.(1)
 48  290 
Woolworths Holdings Ltd.
 10,948  43,026 
Zeda Ltd.(1)
 5,064  3,185 
2,096,640 
South Korea — 13.9%
Aekyung Chemical Co. Ltd.
 845  10,070 
Aekyung Industrial Co. Ltd.
 22  339 
AfreecaTV Co. Ltd.
 182  11,231 
Agabang&Company(1)
 104  264 
Ahnlab, Inc.
 19  932 
Aju IB Investment Co. Ltd.
 40  67 
Alteogen, Inc.(1)
 72  2,461 
Amorepacific Corp.
 218  22,049 
37

Avantis Responsible Emerging Markets Equity ETF
Shares Value
AMOREPACIFIC Group
 330  $ 8,386 
Ananti, Inc.(1)
 2,338  14,451 
Asiana Airlines, Inc.(1)
 798  6,692 
BGF Co. Ltd.
 183  501 
BGF retail Co. Ltd.
 124  14,662 
BH Co. Ltd.
 1,314  23,913 
Binex Co. Ltd.(1)
 241  1,615 
Bioneer Corp.(1)
 219  7,087 
BNK Financial Group, Inc.
 11,943  61,566 
Boryung
 641  4,549 
Bukwang Pharmaceutical Co. Ltd.(1)
 313  1,598 
Byucksan Corp.
 247  674 
Celltrion Healthcare Co. Ltd.
 329  16,098 
Celltrion, Inc.
 349  37,980 
Chabiotech Co. Ltd.(1)
 409  5,439 
Cheil Worldwide, Inc.
 928  13,229 
Chong Kun Dang Pharmaceutical Corp.
 60  3,942 
Chunbo Co. Ltd.
 35  3,979 
CJ CGV Co. Ltd.(1)
 557  3,307 
CJ CheilJedang Corp.
 161  36,382 
CJ ENM Co. Ltd.(1)
 366  16,104 
CJ Logistics Corp.
 168  10,020 
Classys, Inc.
 220  6,440 
CMG Pharmaceutical Co. Ltd.(1)
 422  779 
Com2uSCorp
 75  2,686 
Coreana Cosmetics Co. Ltd.(1)
 63  232 
CosmoAM&T Co. Ltd.(1)
 66  7,857 
Cosmochemical Co. Ltd.(1)
 322  10,563 
Coway Co. Ltd.
 1,357  44,310 
COWELL FASHION Co. Ltd.
 644  3,494 
CS Wind Corp.
 247  11,851 
Cuckoo Homesys Co. Ltd.
 229  3,931 
Dae Han Flour Mills Co. Ltd.
 6  594 
Daeduck Electronics Co. Ltd.
 1,550  33,808 
Daewoo Engineering & Construction Co. Ltd.(1)
 4,420  15,361 
Daewoong Co. Ltd.
 334  3,599 
Daewoong Pharmaceutical Co. Ltd.
 35  2,760 
Daishin Securities Co. Ltd.
 1,108  12,066 
Danal Co. Ltd.(1)
 122  354 
Daol Investment & Securities Co. Ltd.
 1,893  5,788 
Daou Technology, Inc.
 278  3,903 
DB HiTek Co. Ltd.
 1,435  57,962 
DB Insurance Co. Ltd.
 1,323  81,705 
Dentium Co. Ltd.
 103  9,610 
DGB Financial Group, Inc.
 4,894  27,743 
DI Dong Il Corp.
 403  7,169 
DL E&C Co. Ltd.
 1,023  23,959 
DL Holdings Co. Ltd.
 161  4,648 
DN Automotive Corp.
 86  5,772 
Dong-A Socio Holdings Co. Ltd.
 11  810 
DongKook Pharmaceutical Co. Ltd.
 217  2,310 
38

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Dongwha Enterprise Co. Ltd.(1)
 50  $ 1,352 
Dongwon Development Co. Ltd.
 33  86 
Doosan Bobcat, Inc.
 584  23,731 
Doosan Co. Ltd.
 6  533 
Doosan Enerbility Co. Ltd.(1)
 2,829  38,936 
Doosan Fuel Cell Co. Ltd.(1)
 117  2,187 
DoubleUGames Co. Ltd.
 227  7,328 
Douzone Bizon Co. Ltd.
 391  10,017 
Dreamtech Co. Ltd.
 427  4,049 
Duk San Neolux Co. Ltd.(1)
 113  3,648 
Echo Marketing, Inc.
 508  3,937 
Ecopro BM Co. Ltd.
 131  32,081 
Ecopro HN Co. Ltd.
 244  17,114 
E-MART, Inc.
 419  23,366 
Eo Technics Co. Ltd.
 208  26,599 
Eugene Technology Co. Ltd.
 90  2,337 
F&F Co. Ltd.
 183  14,240 
Fila Holdings Corp.
 386  11,052 
Genexine, Inc.(1)
 113  858 
GOLFZON Co. Ltd.
 202  13,965 
Gradiant Corp.
 390  4,177 
Green Cross Corp.
 28  2,447 
GS Engineering & Construction Corp.
 851  9,342 
GS Retail Co. Ltd.
 1,212  21,673 
Hana Financial Group, Inc.
 5,685  169,883 
Hana Materials, Inc.
 364  12,197 
Hana Micron, Inc.
 343  5,499 
Handsome Co. Ltd.
 153  2,195 
Hanjin Transportation Co. Ltd.
 134  2,153 
Hankook Tire & Technology Co. Ltd.
 939  27,486 
Hanmi Pharm Co. Ltd.
 74  16,480 
Hanmi Semiconductor Co. Ltd.
 497  22,426 
Hanon Systems
 1,678  11,553 
Hansae Co. Ltd.
 851  12,554 
Hansol Chemical Co. Ltd.
 157  19,149 
Hansol Technics Co. Ltd.
 3,836  18,819 
Hanssem Co. Ltd.
 81  3,624 
Hanwha Aerospace Co. Ltd.
 1,151  99,158 
Hanwha Galleria Corp.(1)
 853  852 
Hanwha General Insurance Co. Ltd.(1)
 3,225  10,214 
Hanwha Investment & Securities Co. Ltd.(1)
 1,411  2,670 
Hanwha Life Insurance Co. Ltd.(1)
 12,413  23,592 
Hanwha Ocean Co. Ltd.(1)
 142  4,117 
Hanwha Solutions Corp.(1)
 756  20,809 
Hanwha Systems Co. Ltd.
 520  5,276 
HD Hyundai Construction Equipment Co. Ltd.
 251  13,497 
HD Hyundai Electric Co. Ltd.
 295  15,690 
HD Hyundai Heavy Industries Co. Ltd.(1)
 55  5,435 
HD Hyundai Infracore Co. Ltd.
 2,501  19,878 
HDC Hyundai Development Co-Engineering & Construction, E Shares
 2,375  18,522 
39

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Helixmith Co. Ltd.(1)
 119  $ 449 
Hite Jinro Co. Ltd.
 950  13,938 
HL Holdings Corp.
 51  1,384 
HL Mando Co. Ltd.
 1,140  36,089 
HMM Co. Ltd.
 4,613  58,072 
Homecast Co. Ltd.(1)
 823  2,801 
Hotel Shilla Co. Ltd.
 411  27,378 
Hugel, Inc.(1)
 52  4,410 
Humasis Co. Ltd.(1)
 6,180  11,743 
Humax Co. Ltd.(1)
 333  882 
Humedix Co. Ltd.
 72  2,202 
Hwaseung Enterprise Co. Ltd.
 36  208 
HYBE Co. Ltd.(1)
 140  26,732 
Hyosung Chemical Corp.(1)
 3  239 
Hyosung Corp.
 86  4,122 
Hyosung Heavy Industries Corp.(1)
 83  12,571 
Hyosung TNC Corp.
 101  25,249 
Hyundai Autoever Corp.
 70  9,293 
Hyundai Corp.
 447  6,729 
Hyundai Department Store Co. Ltd.
 437  22,924 
Hyundai Elevator Co. Ltd.
 394  13,407 
Hyundai Engineering & Construction Co. Ltd.
 1,173  31,462 
Hyundai Futurenet Co. Ltd.
 86  204 
Hyundai GF Holdings
 506  1,405 
Hyundai Green Food(1)
 269  2,559 
Hyundai Home Shopping Network Corp.
 59  1,946 
Hyundai Marine & Fire Insurance Co. Ltd.
 1,931  44,153 
Hyundai Mipo Dockyard Co. Ltd.(1)
 178  12,236 
Hyundai Mobis Co. Ltd.
 513  89,562 
Hyundai Motor Co.
 1,840  262,907 
Hyundai Wia Corp.
 547  23,804 
Ilyang Pharmaceutical Co. Ltd.
 202  2,446 
iMarketKorea, Inc.
 319  2,231 
Industrial Bank of Korea
 6,138  49,934 
Innocean Worldwide, Inc.
 195  5,995 
Innox Advanced Materials Co. Ltd.
 492  14,135 
Insun ENT Co. Ltd.(1)
 304  1,934 
Interflex Co. Ltd.(1)
 83  652 
INTOPS Co. Ltd.
 605  13,510 
iNtRON Biotechnology, Inc.(1)
 184  1,476 
IS Dongseo Co. Ltd.(1)
 786  18,857 
i-SENS, Inc.
 487  12,224 
ISU Chemical Co. Ltd.
 305  4,694 
ISU Specialty Chemical(1)
 75  15,902 
JB Financial Group Co. Ltd.
 3,585  26,309 
Jeisys Medical, Inc.(1)
 1,508  15,987 
Jeju Air Co. Ltd.(1)
 983  9,625 
Jin Air Co. Ltd.(1)
 287  2,843 
Jusung Engineering Co. Ltd.
 1,549  32,032 
JW Pharmaceutical Corp.
 139  4,838 
JYP Entertainment Corp.
 369  31,295 
40

Avantis Responsible Emerging Markets Equity ETF
Shares Value
K Car Co. Ltd.
 629  $ 5,732 
Kakao Corp.
 859  31,175 
Kakao Games Corp.(1)
 78  1,676 
KakaoBank Corp.
 670  13,327 
KB Financial Group, Inc., ADR(2)
 5,673  229,019 
KC Co. Ltd.
 71  942 
KC Tech Co. Ltd.
 77  1,271 
KCC Corp.
 82  13,536 
KCC Glass Corp.
 147  4,652 
KEPCO Engineering & Construction Co., Inc.
 61  3,052 
KG Chemical Corp.
 975  6,013 
KG Dongbusteel
 1,511  9,485 
KG Eco Technology Service Co. Ltd.
 1,102  12,901 
KH Vatec Co. Ltd.
 267  3,033 
Kia Corp.
 4,647  281,673 
KISCO Corp.
 93  417 
KIWOOM Securities Co. Ltd.
 427  33,326 
Koh Young Technology, Inc.
 681  6,686 
Kolmar BNH Co. Ltd.
 112  1,565 
Kolon Industries, Inc.
 198  7,599 
KONA I Co. Ltd.(1)
 292  3,663 
Korea Investment Holdings Co. Ltd.
 961  37,749 
Korea Petrochemical Ind Co. Ltd.
 91  8,846 
Korea Real Estate Investment & Trust Co. Ltd.
 1,631  1,530 
Korea United Pharm, Inc.
 111  2,285 
Korean Air Lines Co. Ltd.
 3,157  54,367 
Korean Reinsurance Co.
 1,543  9,244 
Krafton, Inc.(1)
 259  30,323 
KT Corp.
 1,216  30,331 
KT Skylife Co. Ltd.
 319  1,532 
Kukjeon Pharmaceutical Co. Ltd.(1)
 13  68 
Kum Yang Co. Ltd.(1)
 480  46,741 
Kumho Petrochemical Co. Ltd.
 492  46,389 
Kumho Tire Co., Inc.(1)
 2,438  9,112 
Kyung Dong Navien Co. Ltd.
 383  15,192 
LEENO Industrial, Inc.
 207  26,278 
LF Corp.
 203  2,238 
LG Display Co. Ltd., ADR(1)
 12,834  64,427 
LG Electronics, Inc.
 2,098  156,136 
LG Energy Solution Ltd.(1)
 86  35,347 
LG H&H Co. Ltd.
 63  22,108 
LG Innotek Co. Ltd.
 184  37,513 
LG Uplus Corp.
 6,459  51,031 
Lotte Chemical Corp.
 245  25,285 
Lotte Data Communication Co.
 27  549 
LOTTE Fine Chemical Co. Ltd.
 549  25,062 
LOTTE Himart Co. Ltd.
 6  45 
Lotte Rental Co. Ltd.
 672  14,099 
Lotte Shopping Co. Ltd.
 183  9,822 
LS Corp.
 194  15,697 
LS Electric Co. Ltd.
 163  12,290 
41

Avantis Responsible Emerging Markets Equity ETF
Shares Value
LVMC Holdings(1)
 3,944  $ 7,705 
LX Hausys Ltd.
 49  1,895 
LX Holdings Corp.
 2,166  13,284 
LX Semicon Co. Ltd.
 339  22,808 
Maeil Dairies Co. Ltd.
 36  1,214 
Mcnex Co. Ltd.
 268  5,892 
Medytox, Inc.
 73  13,642 
MegaStudyEdu Co. Ltd.
 330  12,847 
Meritz Financial Group, Inc.
 2,549  105,338 
Mirae Asset Securities Co. Ltd.
 4,651  23,410 
Myoung Shin Industrial Co. Ltd.(1)
 1,134  18,290 
NAVER Corp.
 576  93,238 
NCSoft Corp.
 178  33,818 
Neowiz(1)
 668  17,794 
NEPES Corp.(1)
 403  5,386 
Netmarble Corp.(1)
 185  5,990 
Nexen Tire Corp.
 499  3,006 
NEXTIN, Inc.
 149  9,172 
NH Investment & Securities Co. Ltd.
 2,552  19,870 
NHN Corp.(1)
 602  11,830 
NHN KCP Corp.
 879  6,040 
NICE Holdings Co. Ltd.
 243  2,580 
NICE Information Service Co. Ltd.
 459  3,400 
NongShim Co. Ltd.
 39  13,517 
OCI Co. Ltd.(1)
 125  12,034 
OCI Holdings Co. Ltd.
 647  44,999 
Ottogi Corp.
 21  5,843 
Pan Ocean Co. Ltd.
 9,885  33,318 
Park Systems Corp.
 42  5,711 
Partron Co. Ltd.
 1,043  6,394 
Pearl Abyss Corp.(1)
 43  1,569 
PharmaResearch Co. Ltd.
 43  4,708 
PI Advanced Materials Co. Ltd.
 113  2,535 
Pulmuone Co. Ltd.
 21  180 
RFHIC Corp.
 31  408 
S&S Tech Corp.
 167  5,974 
S-1 Corp.
 166  7,004 
Sam Young Electronics Co. Ltd.
 51  344 
Samsung Biologics Co. Ltd.(1)
 69  38,441 
Samsung C&T Corp.
 472  37,344 
Samsung Electro-Mechanics Co. Ltd.
 923  94,389 
Samsung Electronics Co. Ltd., GDR
 1,205  1,518,766 
Samsung Fire & Marine Insurance Co. Ltd.
 736  137,103 
Samsung Heavy Industries Co. Ltd.(1)
 6,279  41,812 
Samsung Life Insurance Co. Ltd.
 794  40,582 
Samsung Pharmaceutical Co. Ltd.(1)
 37  81 
Samsung SDI Co. Ltd.
 305  141,459 
Samsung SDS Co. Ltd.
 233  25,005 
Samsung Securities Co. Ltd.
 1,912  53,964 
Samwha Capacitor Co. Ltd.
 47  1,412 
Sangsangin Co. Ltd.(1)
 827  2,879 
42

Avantis Responsible Emerging Markets Equity ETF
Shares Value
SBW Life Sciences Co. Ltd.(1)
 436  $ 168 
SD Biosensor, Inc.
 1,269  12,002 
SeAH Steel Corp.
 79  8,318 
SeAH Steel Holdings Corp.
 91  12,785 
Sebang Co. Ltd.
 290  2,719 
Sebang Global Battery Co. Ltd.
 143  6,474 
Seegene, Inc.
 836  14,019 
Seobu T&D
 924  6,875 
Seojin System Co. Ltd.(1)
 300  3,648 
Seoul Semiconductor Co. Ltd.
 1,284  11,457 
SFA Engineering Corp.
 338  8,493 
SFA Semicon Co. Ltd.(1)
 644  2,430 
Shinhan Financial Group Co. Ltd., ADR(2)
 6,968  187,439 
Shinsegae International, Inc.
 226  3,226 
Shinsegae, Inc.
 208  31,900 
SK Bioscience Co. Ltd.(1)
 159  8,838 
SK Chemicals Co. Ltd.
 123  5,847 
SK D&D Co. Ltd.
 412  6,730 
SK Hynix, Inc.
 4,601  423,063 
SK IE Technology Co. Ltd.(1)
 301  20,524 
SK Networks Co. Ltd.
 4,700  25,621 
SK Securities Co. Ltd.
 4,323  2,121 
SK Telecom Co. Ltd., ADR
 66  1,325 
SKC Co. Ltd.
 112  7,740 
SL Corp.
 159  4,300 
SM Entertainment Co. Ltd.
 184  19,121 
SNT Dynamics Co. Ltd.
 963  8,006 
Soulbrain Co. Ltd.
 111  19,079 
Soulbrain Holdings Co. Ltd.
 5  148 
SPG Co. Ltd.
 437  10,811 
ST Pharm Co. Ltd.
 36  2,209 
STIC Investments, Inc.
 42  242 
Sun Kwang Co. Ltd.
 52  763 
Sung Kwang Bend Co. Ltd.
 273  3,150 
Sungwoo Hitech Co. Ltd.
 1,622  12,388 
Taewoong Co. Ltd.(1)
 105  1,846 
Taihan Electric Wire Co. Ltd.(1)
 203  2,025 
TES Co. Ltd.
 133  1,975 
TK Corp.
 252  3,914 
TKG Huchems Co. Ltd.
 432  7,232 
Tongyang Life Insurance Co. Ltd.(1)
 1,401  4,679 
Tway Air Co. Ltd.(1)
 2,003  4,032 
Value Added Technology Co. Ltd.
 33  856 
Vidente Co. Ltd.(1)
 312  784 
Webzen, Inc.
 98  1,053 
Wemade Co. Ltd.
 382  10,410 
WONIK IPS Co. Ltd.
 501  11,669 
Wonik QnC Corp.
 472  10,012 
Woongjin Thinkbig Co. Ltd.
 2,718  5,043 
Woori Financial Group, Inc.
 14,504  130,482 
Woori Technology Investment Co. Ltd.(1)
 1,267  3,352 
43

Avantis Responsible Emerging Markets Equity ETF
Shares Value
W-Scope Chungju Plant Co. Ltd.(1)
 317  $ 15,800 
YG Entertainment, Inc.
 220  13,553 
Youngone Corp.
 842  34,173 
Youngone Holdings Co. Ltd.
 241  13,656 
Yuhan Corp.
 184  10,128 
Zinus, Inc.
 218  4,350 
7,952,019 
Taiwan — 17.9%
Ability Enterprise Co. Ltd.
 1,000  729 
AcBel Polytech, Inc.
 1,299  1,888 
Accton Technology Corp.
 1,000  14,914 
Acer, Inc.
 49,000  56,182 
ACES Electronic Co. Ltd.
 1,000  872 
Acon Holding, Inc.(1)
 5,000  1,583 
Acter Group Corp. Ltd.
 4,000  19,630 
ADATA Technology Co. Ltd.
 8,000  21,756 
Advanced International Multitech Co. Ltd.
 4,000  9,504 
Advanced Wireless Semiconductor Co.(1)
 1,000  3,039 
Advancetek Enterprise Co. Ltd.
 1,000  1,073 
Advantech Co. Ltd.
 1,099  11,827 
AGV Products Corp.
 2,000  796 
Allied Supreme Corp.
 1,000  8,773 
Alltek Technology Corp.
 1,080  1,176 
Alltop Technology Co. Ltd.
 1,000  5,372 
Alpha Networks, Inc.
 8,000  9,952 
Altek Corp.
 1,000  1,115 
Amazing Microelectronic Corp.
 3,040  10,378 
Ampire Co. Ltd.
 1,000  1,150 
AMPOC Far-East Co. Ltd.
 5,000  10,429 
AmTRAN Technology Co. Ltd.
 29,200  11,173 
Anpec Electronics Corp.
 1,000  4,256 
Aopen, Inc.
 1,000  2,294 
Apacer Technology, Inc.
 1,000  1,684 
Apex International Co. Ltd.
 1,000  1,790 
Arcadyan Technology Corp.
 3,000  13,979 
Ardentec Corp.
 15,000  29,361 
Argosy Research, Inc.
 1,000  4,258 
ASE Technology Holding Co. Ltd., ADR(2)
 18,958  155,835 
Asia Optical Co., Inc.
 6,000  12,005 
Asia Pacific Telecom Co. Ltd.(1)
 10,000  1,955 
Asia Polymer Corp.
 9,000  7,142 
Asia Vital Components Co. Ltd.
 6,382  66,766 
ASROCK, Inc.
 2,000  14,620 
Asustek Computer, Inc.
 10,000  125,990 
AUO Corp.(1)
 129,600  72,370 
AURAS Technology Co. Ltd.
 1,000  8,956 
Avermedia Technologies
 1,000  668 
Bafang Yunji International Co. Ltd.
 1,000  5,278 
Bank of Kaohsiung Co. Ltd.(1)
 2,121  832 
Basso Industry Corp.
 1,000  1,227 
BenQ Materials Corp.
 3,000  3,347 
44

Avantis Responsible Emerging Markets Equity ETF
Shares Value
BenQ Medical Technology Corp.
 1,000  $ 1,790 
Bioteque Corp.
 1,000  3,401 
Capital Securities Corp.
 21,000  9,746 
Career Technology MFG. Co. Ltd.
 10,000  7,117 
Catcher Technology Co. Ltd.
 14,000  79,211 
Cathay Financial Holding Co. Ltd.
 71,611  102,392 
Center Laboratories, Inc.
 2,000  3,228 
Central Reinsurance Co. Ltd.(1)
 1,000  737 
Chailease Holding Co. Ltd.
 2,091  11,656 
Chang Hwa Commercial Bank Ltd.
 39,114  21,227 
Chang Wah Electromaterials, Inc.
 3,000  2,865 
Chang Wah Technology Co. Ltd.
 1,000  1,094 
Channel Well Technology Co. Ltd.
 8,000  21,448 
CHC Healthcare Group
 1,000  1,691 
Cheng Loong Corp.
 18,000  16,134 
Cheng Mei Materials Technology Corp.(1)
 28,892  10,884 
Cheng Shin Rubber Industry Co. Ltd.
 26,000  32,299 
Cheng Uei Precision Industry Co. Ltd.
 6,000  8,793 
Chenming Electronic Technology Corp.
 6,000  8,317 
Chicony Electronics Co. Ltd.
 12,000  38,910 
Chicony Power Technology Co. Ltd.
 1,000  3,671 
China Bills Finance Corp.
 11,000  5,059 
China Chemical & Pharmaceutical Co. Ltd.
 2,000  1,453 
China Container Terminal Corp.
 1,000  652 
China General Plastics Corp.
 3,000  2,272 
China Man-Made Fiber Corp.(1)
 4,000  1,000 
China Metal Products
 10,000  11,307 
China Motor Corp.
 4,000  11,278 
China Steel Chemical Corp.
 1,000  3,434 
China Wire & Cable Co. Ltd.
 1,000  1,161 
Chinese Maritime Transport Ltd.
 2,000  2,525 
Chin-Poon Industrial Co. Ltd.
 13,000  16,013 
Chipbond Technology Corp.
 13,000  28,458 
ChipMOS Technologies, Inc.
 21,000  25,257 
Chlitina Holding Ltd.
 1,000  5,943 
Chong Hong Construction Co. Ltd.
 1,000  2,268 
Chroma ATE, Inc.
 2,000  17,496 
Chung-Hsin Electric & Machinery Manufacturing Corp.
 15,000  53,423 
Chunghwa Chemical Synthesis & Biotech Co. Ltd.
 1,000  1,941 
Chunghwa Precision Test Tech Co. Ltd.
 1,000  16,026 
Chunghwa Telecom Co. Ltd., ADR
 1,335  48,634 
Cleanaway Co. Ltd.
 2,000  11,545 
Clevo Co.
 10,000  9,877 
CMC Magnetics Corp.
 40,400  15,823 
Collins Co. Ltd.
 1,000  550 
Compal Electronics, Inc.
 60,000  59,907 
Compeq Manufacturing Co. Ltd.
 22,000  31,222 
Concord International Securities Co. Ltd.
 11,000  7,293 
Concord Securities Co. Ltd.(1)
 2,000  890 
Continental Holdings Corp.
 8,000  6,677 
Coremax Corp.
 2,000  4,621 
45

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Coretronic Corp.
 10,000  $ 24,772 
Co-Tech Development Corp.
 6,000  12,930 
Creative Sensor, Inc.
 6,000  5,542 
CSBC Corp. Taiwan(1)
 1,000  728 
CTBC Financial Holding Co. Ltd.
 159,000  118,840 
CTCI Corp.
 11,000  13,614 
DA CIN Construction Co. Ltd.
 1,000  1,047 
Da-Li Development Co. Ltd.
 6,300  5,950 
Darfon Electronics Corp.
 6,000  8,202 
Darwin Precisions Corp.
 1,000  466 
Daxin Materials Corp.
 3,000  10,562 
Delpha Construction Co. Ltd.
 1,000  791 
Delta Electronics, Inc.
 4,000  43,228 
Depo Auto Parts Ind Co. Ltd.
 2,000  7,614 
Dimerco Data System Corp.
 4,000  13,057 
Dimerco Express Corp.
 6,300  15,164 
D-Link Corp.
 3,000  2,355 
Dynamic Holding Co. Ltd.
 13,000  23,127 
Dynapack International Technology Corp.
 5,000  12,551 
E Ink Holdings, Inc.
 1,000  5,716 
E.Sun Financial Holding Co. Ltd.
 39,735  30,473 
Eclat Textile Co. Ltd.
 1,000  15,932 
Elan Microelectronics Corp.
 4,000  15,055 
Elite Advanced Laser Corp.
 2,000  2,608 
Elite Material Co. Ltd.
 5,000  68,298 
Elitegroup Computer Systems Co. Ltd.
 11,000  13,588 
eMemory Technology, Inc.
 1,000  56,650 
Emerging Display Technologies Corp.
 1,000  1,060 
Eson Precision Ind Co. Ltd.
 5,000  10,272 
Eternal Materials Co. Ltd.
 11,850  10,800 
Etron Technology, Inc.
 49  63 
Evergreen International Storage & Transport Corp.
 6,000  5,359 
Evergreen Marine Corp. Taiwan Ltd.
 12,800  42,746 
EVERGREEN Steel Corp.
 1,000  2,143 
Everlight Chemical Industrial Corp.
 2,000  1,208 
Everlight Electronics Co. Ltd.
 7,000  10,076 
Excelliance Mos Corp.
 1,000  3,618 
Excelsior Medical Co. Ltd.
 5,302  14,850 
Far Eastern Department Stores Ltd.
 18,000  13,384 
Far Eastern International Bank
 34,684  12,562 
Far Eastern New Century Corp.
 48,000  42,372 
Far EasTone Telecommunications Co. Ltd.
 5,000  11,090 
Farglory F T Z Investment Holding Co. Ltd.
 2,200  3,868 
Farglory Land Development Co. Ltd.
 4,000  6,978 
Feedback Technology Corp.
 1,000  2,820 
Feng TAY Enterprise Co. Ltd.
 1,120  5,895 
First Financial Holding Co. Ltd.
 34,402  28,393 
First Hi-Tec Enterprise Co. Ltd.
 3,000  8,361 
First Steamship Co. Ltd.(1)
 16,000  4,240 
Fitipower Integrated Technology, Inc.
 3,000  13,477 
Fittech Co. Ltd.
 4,000  8,282 
46

Avantis Responsible Emerging Markets Equity ETF
Shares Value
FLEXium Interconnect, Inc.
 8,000  $ 22,793 
Flytech Technology Co. Ltd.
 1,000  2,110 
FocalTech Systems Co. Ltd.
 1,000  2,266 
Forcecon Tech Co. Ltd.
 3,000  12,757 
Formosa Advanced Technologies Co. Ltd.
 8,000  9,871 
Formosa Laboratories, Inc.
 2,000  5,372 
Formosan Union Chemical
 13,000  8,604 
Foxsemicon Integrated Technology, Inc.
 2,000  11,428 
Franbo Lines Corp.
 1,000  492 
Froch Enterprise Co. Ltd.
 4,000  2,315 
FSP Technology, Inc.
 7,000  11,179 
Fubon Financial Holding Co. Ltd.
 52,150  103,996 
Fulgent Sun International Holding Co. Ltd.
 3,000  12,123 
Fulltech Fiber Glass Corp.
 8,189  3,415 
Fusheng Precision Co. Ltd.
 2,000  12,426 
G Shank Enterprise Co. Ltd.
 3,000  4,478 
Gamania Digital Entertainment Co. Ltd.
 3,000  6,376 
Gemtek Technology Corp.
 6,000  7,020 
General Interface Solution Holding Ltd.
 7,000  13,590 
Genius Electronic Optical Co. Ltd.
 2,000  23,997 
Getac Holdings Corp.
 7,000  15,425 
Giant Manufacturing Co. Ltd.
 1,000  6,138 
Gigabyte Technology Co. Ltd.
 13,000  138,482 
Global Brands Manufacture Ltd.
 6,000  10,677 
Global Mixed Mode Technology, Inc.
 2,000  14,566 
Globalwafers Co. Ltd.
 4,000  57,444 
Gloria Material Technology Corp.
 2,000  2,831 
Gold Circuit Electronics Ltd.
 8,800  59,202 
Gordon Auto Body Parts
 1,000  689 
Gourmet Master Co. Ltd.
 2,000  7,084 
Grand Fortune Securities Co. Ltd.
 2,200  880 
Grand Pacific Petrochemical
 31,000  16,344 
Grand Process Technology Corp.
 1,000  16,630 
Grape King Bio Ltd.
 4,000  19,304 
Greatek Electronics, Inc.
 5,000  9,090 
Group Up Industrial Co. Ltd.
 4,000  21,103 
GTM Holdings Corp.
 1,000  888 
Hai Kwang Enterprise Corp.(1)
 1,050  583 
Hannstar Board Corp.
 11,000  19,015 
HannStar Display Corp.(1)
 41,000  15,745 
HannsTouch Holdings Co.(1)
 12,000  3,709 
Highwealth Construction Corp.
 3,100  4,182 
Hiroca Holdings Ltd.
 1,000  1,174 
Hitron Technology, Inc.
 9,000  10,870 
Hiwin Technologies Corp.
 3,030  19,456 
Ho Tung Chemical Corp.
 4,000  1,076 
Hocheng Corp.
 8,000  5,332 
Holtek Semiconductor, Inc.
 2,000  3,949 
Holy Stone Enterprise Co. Ltd.
 1,050  3,229 
Hon Hai Precision Industry Co. Ltd.
 89,000  297,148 
Hong TAI Electric Industrial
 1,000  795 
47

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Horizon Securities Co. Ltd.(1)
 1,060  $ 379 
Hotai Finance Co. Ltd.
 2,200  8,871 
Hotai Motor Co. Ltd.
 1,020  21,696 
HTC Corp.(1)
 1,000  1,654 
Hua Nan Financial Holdings Co. Ltd.
 27,578  17,745 
Huaku Development Co. Ltd.
 5,000  14,050 
Huang Hsiang Construction Corp.
 1,000  1,230 
Hung Sheng Construction Ltd.
 10,000  5,996 
Ibase Technology, Inc.
 1,000  3,212 
IBF Financial Holdings Co. Ltd.(1)
 42,673  15,929 
Ichia Technologies, Inc.
 7,000  10,298 
I-Chiun Precision Industry Co. Ltd.
 8,000  10,328 
IEI Integration Corp.
 3,000  7,653 
Infortrend Technology, Inc.
 6,000  3,983 
Innodisk Corp.
 2,039  17,895 
Innolux Corp.
 162,782  73,737 
Inpaq Technology Co. Ltd.
 1,000  1,717 
Insyde Software Corp.
 2,000  9,119 
Integrated Service Technology, Inc.
 2,000  6,546 
International CSRC Investment Holdings Co.
 17,000  10,755 
International Games System Co. Ltd.
 2,000  36,055 
Inventec Corp.
 37,000  65,181 
Iron Force Industrial Co. Ltd.
 4,000  11,025 
ITE Technology, Inc.
 2,000  8,978 
Jarllytec Co. Ltd.
 1,000  2,972 
Kaimei Electronic Corp.
 800  1,602 
Kaori Heat Treatment Co. Ltd.
 1,000  9,645 
KEE TAI Properties Co. Ltd.
 9,000  4,054 
Kenda Rubber Industrial Co. Ltd.
 2,100  1,987 
Kenmec Mechanical Engineering Co. Ltd.
 5,000  12,667 
Kerry TJ Logistics Co. Ltd.
 1,000  1,194 
Kindom Development Co. Ltd.
 8,000  8,141 
King Yuan Electronics Co. Ltd.
 27,000  64,917 
King's Town Bank Co. Ltd.
 10,000  11,591 
Kinik Co.
 1,000  4,061 
Kinpo Electronics
 30,000  15,122 
Kinsus Interconnect Technology Corp.
 4,000  13,270 
KMC Kuei Meng International, Inc.
 1,000  4,452 
KNH Enterprise Co. Ltd.
 2,000  1,160 
Ko Ja Cayman Co. Ltd.
 1,000  1,471 
KS Terminals, Inc.
 4,000  9,198 
Kuo Toong International Co. Ltd.
 12,000  11,477 
Kwong Lung Enterprise Co. Ltd.
 1,000  1,715 
LandMark Optoelectronics Corp.
 1,000  3,148 
Lanner Electronics, Inc.(1)
 3,000  9,957 
Largan Precision Co. Ltd.
 1,000  64,229 
Lealea Enterprise Co. Ltd.(1)
 8,320  2,729 
LEE CHI Enterprises Co. Ltd.
 1,000  508 
Lien Hwa Industrial Holdings Corp.
 2,193  4,209 
Lingsen Precision Industries Ltd.
 25,000  14,939 
Lite-On Technology Corp.
 36,000  153,902 
48

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Longchen Paper & Packaging Co. Ltd.
 11,000  $ 5,139 
Longwell Co.
 5,000  8,919 
Lotes Co. Ltd.
 1,025  27,700 
Lotus Pharmaceutical Co. Ltd.
 2,000  15,853 
Lung Yen Life Service Corp.(1)
 1,000  1,128 
Macroblock, Inc.
 1,000  2,867 
Macronix International Co. Ltd.
 37,000  39,082 
Marketech International Corp.
 3,000  12,997 
Materials Analysis Technology, Inc.
 1,051  10,007 
MediaTek, Inc.
 8,000  176,428 
Mega Financial Holding Co. Ltd.
 31,474  35,422 
Mercuries Life Insurance Co. Ltd.(1)
 26,000  4,292 
Merry Electronics Co. Ltd.
 5,000  13,507 
Micro-Star International Co. Ltd.
 17,000  85,009 
Mitac Holdings Corp.
 17,000  21,552 
MOSA Industrial Corp.
 12,000  9,937 
Mosel Vitelic, Inc.
 2,000  2,264 
MPI Corp.
 3,000  18,510 
My Humble House Hospitality Management Consulting(1)
 3,000  3,951 
Nan Pao Resins Chemical Co. Ltd.
 2,000  12,488 
Nan Ya Printed Circuit Board Corp.
 4,000  30,210 
Nantex Industry Co. Ltd.
 1,000  1,142 
Nanya Technology Corp.
 17,000  35,422 
Nexcom International Co. Ltd.(1)
 8,000  12,589 
Nichidenbo Corp.
 6,000  9,993 
Nidec Chaun-Choung Technology Corp.
 1,000  4,815 
Nien Hsing Textile Co. Ltd.
 2,000  1,214 
Nien Made Enterprise Co. Ltd.
 1,000  9,372 
Novatek Microelectronics Corp.
 9,000  112,508 
Nuvoton Technology Corp.
 1,000  3,860 
O-Bank Co. Ltd.
 20,000  5,959 
Oneness Biotech Co. Ltd.
 137  853 
Optimax Technology Corp.
 8,000  6,644 
Orient Semiconductor Electronics Ltd.
 21,000  30,989 
Oriental Union Chemical Corp.
 3,000  1,906 
O-TA Precision Industry Co. Ltd.
 3,000  8,561 
Pan Jit International, Inc.
 2,000  4,017 
Pan-International Industrial Corp.
 9,000  10,571 
Pegatron Corp.
 24,000  58,689 
Phison Electronics Corp.
 3,000  39,779 
Phoenix Silicon International Corp.
 2,060  3,627 
Pixart Imaging, Inc.
 2,000  7,994 
Pou Chen Corp.
 15,000  13,459 
Powerchip Semiconductor Manufacturing Corp.
 59,000  51,455 
Powertech Technology, Inc.
 18,000  56,221 
Poya International Co. Ltd.
 1,010  15,391 
President Chain Store Corp.
 4,000  33,542 
President Securities Corp.
 3,000  1,840 
Primax Electronics Ltd.
 10,000  20,768 
Prince Housing & Development Corp.
 1,000  329 
Promate Electronic Co. Ltd.
 1,000  1,384 
49

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Qisda Corp.
 15,000  $ 21,047 
Quanta Computer, Inc.
 18,000  142,681 
Quanta Storage, Inc.
 9,000  27,702 
Quintain Steel Co. Ltd.
 18,720  8,195 
Radiant Opto-Electronics Corp.
 15,000  56,216 
Raydium Semiconductor Corp.
 1,000  10,080 
Realtek Semiconductor Corp.
 4,000  52,273 
Rechi Precision Co. Ltd.
 13,000  8,373 
Rexon Industrial Corp. Ltd.(1)
 1,000  1,082 
Rich Development Co. Ltd.
 33,000  9,555 
Ritek Corp.(1)
 1,000  265 
Rodex Fasteners Corp.
 1,000  1,349 
Roo Hsing Co. Ltd.(1)
 1,000  126 
Ruentex Development Co. Ltd.(1)
 4,500  5,199 
Ruentex Industries Ltd.
 7,000  13,676 
Sanyang Motor Co. Ltd.
 10,000  23,282 
Savior Lifetec Corp.
 5,000  2,877 
Scientech Corp.
 1,000  6,604 
ScinoPharm Taiwan Ltd.
 1,000  852 
SDI Corp.
 1,000  3,142 
Senao Networks, Inc.(1)
 1,000  8,732 
Sercomm Corp.
 8,000  30,401 
Sesoda Corp.
 3,000  3,086 
Shanghai Commercial & Savings Bank Ltd.
 27,905  37,323 
Sharehope Medicine Co. Ltd.
 1,050  1,103 
Sheng Yu Steel Co. Ltd.
 1,000  741 
ShenMao Technology, Inc.
 4,000  8,508 
Shih Wei Navigation Co. Ltd.
 8,000  4,794 
Shin Foong Specialty & Applied Materials Co. Ltd.
 1,000  1,548 
Shin Kong Financial Holding Co. Ltd.(1)
 179,000  53,163 
Shin Zu Shing Co. Ltd.
 4,000  10,371 
Shinkong Insurance Co. Ltd.
 4,000  7,208 
Shinkong Synthetic Fibers Corp.
 25,000  12,283 
Sigurd Microelectronics Corp.
 13,000  23,513 
Silicon Integrated Systems Corp.
 9,400  10,436 
Simplo Technology Co. Ltd.
 4,000  38,576 
Sinbon Electronics Co. Ltd.
 1,000  9,715 
Sinkang Industries Co. Ltd.
 1,000  519 
Sino-American Silicon Products, Inc.
 9,000  44,097 
Sinon Corp.
 11,000  12,584 
SinoPac Financial Holdings Co. Ltd.
 118,655  63,688 
Sinphar Pharmaceutical Co. Ltd.
 1,000  1,036 
Sitronix Technology Corp.
 3,000  23,484 
Siward Crystal Technology Co. Ltd.
 3,000  3,033 
Soft-World International Corp.
 4,000  12,108 
Solar Applied Materials Technology Corp.
 1,000  1,177 
Solomon Technology Corp.
 2,000  2,624 
Sonix Technology Co. Ltd.
 1,000  1,386 
Sporton International, Inc.
 1,050  8,445 
Sports Gear Co. Ltd.
 1,000  1,998 
St Shine Optical Co. Ltd.
 1,000  6,175 
50

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Standard Foods Corp.
 2,000  $ 2,392 
Stark Technology, Inc.
 1,000  3,650 
Sun Race Sturmey-Archer, Inc.
 1,000  1,127 
Sunonwealth Electric Machine Industry Co. Ltd.
 5,000  21,257 
Sunrex Technology Corp.
 2,000  2,795 
Supreme Electronics Co. Ltd.
 16,843  25,474 
Symtek Automation Asia Co. Ltd.
 2,080  6,916 
Synnex Technology International Corp.
 4,000  7,667 
Systex Corp.
 4,000  14,098 
T3EX Global Holdings Corp.
 1,000  2,334 
TA Chen Stainless Pipe
 29,000  33,031 
TAI Roun Products Co. Ltd.
 1,000  450 
Taichung Commercial Bank Co. Ltd.
 59,571  27,558 
TaiDoc Technology Corp.(1)
 2,000  10,776 
Taigen Biopharmaceuticals Holdings Ltd.(1)
 2,000  980 
Tainan Spinning Co. Ltd.
 7,000  3,295 
Tai-Saw Technology Co. Ltd.
 1,000  832 
Taishin Financial Holding Co. Ltd.
 171,909  95,977 
Taisun Enterprise Co. Ltd.
 1,000  759 
Taita Chemical Co. Ltd.
 1,050  576 
TAI-TECH Advanced Electronics Co. Ltd.
 3,000  10,156 
Taiwan Business Bank
 100,578  42,086 
Taiwan Cooperative Financial Holding Co. Ltd.
 34,167  28,157 
Taiwan Glass Industry Corp.(1)
 5,000  3,090 
Taiwan High Speed Rail Corp.
 7,000  6,532 
Taiwan Hon Chuan Enterprise Co. Ltd.
 7,000  22,911 
Taiwan Hopax Chemicals Manufacturing Co. Ltd.
 1,000  1,183 
Taiwan Mobile Co. Ltd.
 3,000  8,777 
Taiwan Navigation Co. Ltd.
 4,000  3,549 
Taiwan Paiho Ltd.
 6,000  9,056 
Taiwan PCB Techvest Co. Ltd.
 6,000  8,351 
Taiwan Secom Co. Ltd.
 1,000  3,310 
Taiwan Semiconductor Co. Ltd.
 1,000  2,621 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
 22,338  2,090,167 
Taiwan Steel Union Co. Ltd.
 1,000  2,820 
Taiwan Styrene Monomer
 1,000  482 
Taiwan Surface Mounting Technology Corp.
 7,000  20,114 
Taiwan TEA Corp.(1)
 9,000  6,509 
Taiwan Union Technology Corp.
 6,000  23,481 
Taiwan-Asia Semiconductor Corp.
 1,000  1,536 
Tatung Co. Ltd.(1)
 17,000  26,968 
Teco Electric & Machinery Co. Ltd.
 28,000  43,821 
Test Research, Inc.
 5,000  9,387 
Tex-Ray Industrial Co. Ltd.(1)
 1,000  364 
Thinking Electronic Industrial Co. Ltd.
 1,000  4,790 
Thye Ming Industrial Co. Ltd.
 1,000  1,826 
Ton Yi Industrial Corp.
 17,000  9,281 
Tong Hsing Electronic Industries Ltd.
 3,770  15,642 
Tong Yang Industry Co. Ltd.
 7,000  14,869 
Tong-Tai Machine & Tool Co. Ltd.
 15,000  8,168 
Topco Scientific Co. Ltd.
 3,086  16,717 
51

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Topkey Corp.
 2,000  $ 10,558 
TPK Holding Co. Ltd.
 14,000  15,215 
Transcend Information, Inc.
 6,000  13,628 
Tripod Technology Corp.
 7,000  41,459 
Tsann Kuen Enterprise Co. Ltd.
 4,000  4,956 
TSRC Corp.
 13,000  9,609 
TTY Biopharm Co. Ltd.
 1,000  2,375 
Tung Ho Steel Enterprise Corp.
 12,000  22,554 
Tung Thih Electronic Co. Ltd.
 1,000  4,070 
TXC Corp.
 6,000  17,810 
TYC Brother Industrial Co. Ltd.
 2,000  2,148 
Tycoons Group Enterprise(1)
 703  285 
Tyntek Corp.(1)
 1,000  565 
TZE Shin International Co. Ltd.(1)
 1,100  440 
Unimicron Technology Corp.
 19,000  109,939 
Union Bank of Taiwan
 31,285  14,186 
Uni-President Enterprises Corp.
 39,000  86,471 
Unitech Printed Circuit Board Corp.(1)
 3,000  1,715 
United Microelectronics Corp.
 137,000  195,602 
United Orthopedic Corp.
 3,000  6,369 
United Renewable Energy Co. Ltd.
 3,000  1,548 
UPC Technology Corp.
 26,000  12,257 
USI Corp.
 15,000  10,002 
Utechzone Co. Ltd.
 1,000  2,207 
Vanguard International Semiconductor Corp.
 16,000  34,210 
Ventec International Group Co. Ltd.
 2,000  5,973 
Voltronic Power Technology Corp.
 1,000  45,388 
Wafer Works Corp.
 1,000  1,334 
Wah Lee Industrial Corp.
 1,000  2,839 
Walsin Lihwa Corp.
 38,419  45,692 
Walsin Technology Corp.
 5,000  15,458 
Walton Advanced Engineering, Inc.
 1,000  423 
Wan Hai Lines Ltd.
 9,150  12,988 
We & Win Development Co. Ltd.(1)
 1,000  232 
Weikeng Industrial Co. Ltd.
 14,000  12,844 
Win Semiconductors Corp.
 1,000  4,261 
Winbond Electronics Corp.(1)
 46,000  37,883 
Winstek Semiconductor Co. Ltd.
 2,000  5,202 
Wisdom Marine Lines Co. Ltd.
 10,000  14,375 
Wistron Corp.
 33,000  120,643 
Wistron Information Technology & Services Corp.
 2,131  7,708 
Wistron NeWeb Corp.
 1,000  4,191 
Wiwynn Corp.
 2,000  97,469 
Wowprime Corp.(1)
 4,000  34,900 
WPG Holdings Ltd.
 7,000  12,046 
WT Microelectronics Co. Ltd.
 4,000  8,544 
XinTec, Inc.
 4,000  14,252 
Xxentria Technology Materials Corp.
 5,000  11,750 
Yageo Corp.
 795  12,077 
Yang Ming Marine Transport Corp.
 13,000  17,219 
Yankey Engineering Co. Ltd.
 1,303  10,129 
52

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Yem Chio Co. Ltd.
 2,000  $ 945 
Yeong Guan Energy Technology Group Co. Ltd.(1)
 1,000  1,738 
YFY, Inc.
 24,000  23,681 
Youngtek Electronics Corp.
 1,000  1,788 
Yuanta Financial Holding Co. Ltd.
 117,729  90,083 
Yulon Finance Corp.
 2,477  13,810 
Yulon Motor Co. Ltd.
 17,952  46,907 
YungShin Global Holding Corp.
 4,000  5,458 
Zenitron Corp.
 11,000  10,565 
Zhen Ding Technology Holding Ltd.
 18,000  54,492 
Zyxel Group Corp.
 6,898  10,225 
10,264,255 
Thailand — 2.6%
AAPICO Hitech PCL, NVDR
 8,300  8,525 
Advanced Info Service PCL, NVDR
 13,100  80,762 
Advanced Information Technology PCL, NVDR
 37,400  5,339 
AEON Thana Sinsap Thailand PCL, NVDR
 3,200  15,985 
Airports of Thailand PCL, NVDR(1)
 12,700  26,283 
AJ Plast PCL, NVDR(1)
 1,300  336 
Amanah Leasing PCL, NVDR
 8,800  678 
Amata Corp. PCL, NVDR
 27,800  20,231 
Ananda Development PCL, NVDR(1)
 82,100  1,874 
AP Thailand PCL, NVDR
 48,300  17,510 
Aqua Corp. PCL, NVDR(1)
 18,600  218 
Asia Plus Group Holdings PCL, NVDR
 9,400  784 
Asset World Corp. PCL, NVDR
 40,700  5,063 
Bangkok Airways PCL, NVDR(1)
 8,200  4,048 
Bangkok Aviation Fuel Services PCL, NVDR
 3,000  2,569 
Bangkok Chain Hospital PCL, NVDR
 38,700  21,314 
Bangkok Dusit Medical Services PCL, NVDR
 98,000  78,336 
Bangkok Life Assurance PCL, NVDR
 6,700  4,686 
BCPG PCL, NVDR
 46,600  13,557 
BEC World PCL, NVDR
 16,800  4,197 
Berli Jucker PCL, NVDR
 3,900  3,757 
Better World Green PCL, NVDR(1)
 88,700  1,748 
BTS Group Holdings PCL, NVDR
 75,500  15,839 
Bumrungrad Hospital PCL, NVDR
 7,000  51,748 
Buriram Sugar PCL, NVDR
 11,000  1,867 
Carabao Group PCL, NVDR
 2,300  5,648 
Central Pattana PCL, NVDR
 18,600  36,489 
Central Plaza Hotel PCL, NVDR(1)
 9,100  12,405 
Central Retail Corp. PCL, NVDR
 17,600  20,705 
CH Karnchang PCL, NVDR
 8,100  5,319 
Charoen Pokphand Foods PCL, NVDR
 29,400  17,377 
Chularat Hospital PCL, NVDR
 126,800  11,535 
Com7 PCL, NVDR
 30,400  27,958 
Country Group Holdings PCL, NVDR(1)
 25,700  580 
CP ALL PCL, NVDR
 20,600  38,359 
Delta Electronics Thailand PCL, NVDR
 15,500  47,970 
Dhipaya Group Holdings PCL, NVDR
 3,900  4,620 
Ditto Thailand PCL, NVDR
 2,580  2,449 
53

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Dohome PCL, NVDR
 1,362  $ 451 
Eastern Water Resources Development & Management PCL, NVDR
 1,400  191 
Ekachai Medical Care PCL, NVDR
 25,174  5,811 
Erawan Group PCL, NVDR(1)
 133,000  21,074 
Forth Corp. PCL, NVDR
 1,500  1,498 
G J Steel PCL, NVDR(1)
 186,900  1,548 
GFPT PCL, NVDR
 9,500  2,957 
Gunkul Engineering PCL, NVDR
 113,600  11,662 
Hana Microelectronics PCL, NVDR
 12,300  21,834 
Home Product Center PCL, NVDR
 75,200  29,396 
Humanica PCL, NVDR
 1,500  450 
Indorama Ventures PCL, NVDR
 21,900  18,125 
Interlink Communication PCL, NVDR
 5,400  1,264 
Intouch Holdings PCL, NVDR
 12,500  25,956 
IT City PCL, NVDR(1)
 2,700  337 
Jasmine International PCL, NVDR(1)
 59,800  3,413 
Jaymart Group Holdings PCL, NVDR
 22,800  15,601 
JMT Network Services PCL, NVDR
 3,700  4,911 
Karmarts PCL, NVDR
 23,900  9,688 
Kasikornbank PCL, NVDR
 10,500  39,114 
KCE Electronics PCL, NVDR
 6,600  9,598 
KGI Securities Thailand PCL, NVDR
 16,700  2,241 
Kiatnakin Phatra Bank PCL, NVDR
 5,400  9,248 
Krung Thai Bank PCL, NVDR
 52,700  29,031 
Krungthai Card PCL, NVDR
 15,700  21,733 
Land & Houses PCL, NVDR
 180,900  42,859 
Lanna Resources PCL, NVDR
 9,500  4,638 
LPN Development PCL, NVDR
 3,900  468 
Major Cineplex Group PCL, NVDR
 44,800  18,543 
Master Ad PCL, NVDR(1)
 23,200  378 
MBK PCL, NVDR
 16,600  8,767 
MC Group PCL, NVDR
 14,300  5,307 
MCS Steel PCL, NVDR
 8,200  1,592 
Mega Lifesciences PCL, NVDR
 7,400  9,245 
MFEC PCL, NVDR
 1,700  345 
Minor International PCL, NVDR
 53,700  50,952 
MK Restaurants Group PCL, NVDR
 4,900  6,645 
Mono Next PCL, NVDR(1)
 23,200  702 
Muangthai Capital PCL, NVDR
 18,300  21,269 
Nusasiri PCL, NVDR(1)
 13,000  193 
Origin Property PCL, NVDR
 3,800  1,150 
Osotspa PCL, NVDR
 8,300  7,108 
Plan B Media PCL, NVDR
 64,100  17,110 
Polyplex Thailand PCL, NVDR
 4,800  1,754 
POSCO-Thainox PCL, NVDR
 11,500  253 
Praram 9 Hospital PCL, NVDR
 15,500  7,788 
Property Perfect PCL, NVDR
 24,840  248 
Pruksa Holding PCL, NVDR
 24,400  9,332 
Quality Houses PCL, NVDR
 200,900  13,306 
Rajthanee Hospital PCL, NVDR
 4,800  3,904 
Ramkhamhaeng Hospital PCL, NVDR
 3,200  4,002 
54

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Ratchthani Leasing PCL, NVDR
 48,700  $ 4,725 
RS PCL, NVDR
 4,180  1,730 
S Hotels & Resorts PCL, NVDR(1)
 19,200  1,623 
S Kijchai Enterprise PCL, R Shares, NVDR
 8,900  1,138 
Sabina PCL, NVDR
 10,600  8,018 
Sansiri PCL, NVDR
 277,500  16,155 
Sappe PCL, NVDR
 3,000  8,565 
SC Asset Corp. PCL, NVDR
 34,900  4,621 
SCB X PCL, NVDR
 4,000  13,471 
SCGJWD Logistics PCL, NVDR
 2,300  1,031 
Sena Development PCL, NVDR
 1,700  141 
Sermsang Power Corp. Co. Ltd., NVDR
 31,097  6,441 
Siam Global House PCL, NVDR
 35,871  19,248 
SISB PCL, NVDR
 7,400  7,973 
SNC Former PCL, NVDR
 4,200  1,283 
Somboon Advance Technology PCL, NVDR
 9,000  4,880 
Sri Trang Agro-Industry PCL, NVDR
 33,000  13,751 
Srisawad Corp. PCL, NVDR
 12,200  17,749 
Srithai Superware PCL, NVDR
 70,300  2,568 
STARK Corp. PCL, NVDR(1)
 1,400  1 
Stars Microelectronics Thailand PCL, NVDR
 39,100  5,801 
STP & I PCL, NVDR(1)
 20,800  2,483 
Supalai PCL, NVDR
 49,000  30,351 
Super Energy Corp. PCL, NVDR(1)
 400,500  5,832 
Susco PCL, NVDR
 34,000  3,865 
Tata Steel Thailand PCL, NVDR
 5,000  137 
Thai Union Group PCL, NVDR
 71,700  29,272 
Thai Vegetable Oil PCL, NVDR
 1,240  828 
Thai Wah PCL, NVDR
 13,900  1,635 
Thaicom PCL, NVDR
 32,700  13,426 
Thaire Life Assurance PCL, NVDR
 1,728  178 
Thanachart Capital PCL, NVDR
 5,200  7,572 
Thonburi Healthcare Group PCL, NVDR
 11,700  21,885 
Thoresen Thai Agencies PCL, NVDR
 37,000  6,551 
Tipco Asphalt PCL, NVDR
 28,100  13,800 
Tisco Financial Group PCL, NVDR
 4,100  12,058 
TKS Technologies PCL, NVDR
 5,900  1,541 
TOA Paint Thailand PCL, NVDR
 6,700  5,069 
TQM Alpha PCL, NVDR
 3,700  3,220 
TTW PCL, NVDR
 6,800  1,719 
VGI PCL, NVDR
 53,300  4,502 
WHA Corp. PCL, NVDR
 87,700  13,014 
Workpoint Entertainment PCL, NVDR
 200  89 
Xspring Capital PCL, NVDR(1)
 15,200  655 
1,464,253 
Turkey — 1.0%
Akbank TAS
 40,781  43,870 
Aksigorta AS(1)
 5,559  1,052 
Alarko Holding AS
 3,021  14,514 
Albaraka Turk Katilim Bankasi AS(1)
 20,126  3,040 
Alkim Alkali Kimya AS
 1,111  1,579 
55

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Anadolu Anonim Turk Sigorta Sirketi(1)
 7,127  $ 10,327 
Anadolu Efes Biracilik Ve Malt Sanayii AS
 1,819  7,337 
Aselsan Elektronik Sanayi Ve Ticaret AS
 7,178  10,318 
Baticim Bati Anadolu Cimento Sanayii AS(1)
 1,633  3,729 
BIM Birlesik Magazalar AS
 3,336  31,490 
Bogazici Beton Sanayi Ve Ticaret AS
 469  560 
Borusan Mannesmann Boru Sanayi ve Ticaret AS(1)
 464  13,187 
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS
 374  1,021 
Bursa Cimento Fabrikasi AS(1)
 23,060  6,992 
Cemas Dokum Sanayi AS(1)
 39,306  4,969 
Coca-Cola Icecek AS
 299  4,400 
Dogus Otomotiv Servis ve Ticaret AS
 445  4,751 
EGE Gubre Sanayii AS
 146  752 
EGE Seramik Sanayi ve Ticaret AS(1)
 1,109  337 
Enerjisa Enerji AS
 1,800  3,449 
Esenboga Elektrik Uretim AS
 421  1,513 
Europap Tezol Kagit Sanayi VE Ticaret AS
 1,366  970 
Fenerbahce Futbol AS(1)
 59  217 
Galata Wind Enerji AS
 2,150  2,333 
Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S.
 199  1,714 
Goodyear Lastikleri TAS(1)
 1,153  969 
Gozde Girisim Sermayesi Yatirim Ortakligi AS(1)
 2,112  1,826 
GSD Holding AS
 17,144  2,851 
Hektas Ticaret TAS(1)
 1,457  1,396 
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS
 4,705  3,631 
Info Yatirim AS
 8,807  5,067 
Is Finansal Kiralama AS(1)
 7,445  3,734 
Is Yatirim Menkul Degerler AS
 18,169  28,866 
Izmir Demir Celik Sanayi AS(1)
 19,859  6,010 
Jantsa Jant Sanayi Ve Ticaret AS
 124  645 
Karsan Otomotiv Sanayii Ve Ticaret AS(1)
 1,292  565 
Kartonsan Karton Sanayi ve Ticaret AS
 232  730 
Konya Kagit Sanayi VE Ticaret AS
 572  1,175 
Kordsa Teknik Tekstil AS
 274  838 
LDR Turizm AS
 1,018  5,697 
Logo Yazilim Sanayi Ve Ticaret AS
 393  1,090 
Mavi Giyim Sanayi Ve Ticaret AS, B Shares
 4,138  16,682 
MLP Saglik Hizmetleri AS(1)
 2,359  11,210 
Naturel Yenilenebilir Enerji Ticaret AS
 215  1,897 
Netas Telekomunikasyon AS(1)
 592  1,175 
Otokar Otomotiv Ve Savunma Sanayi AS(1)
 335  4,497 
Parsan Makina Parcalari Sanayii AS(1)
 90  455 
Penta Teknoloji Urunleri Dagitim Ticaret AS(1)
 576  497 
Petkim Petrokimya Holding AS(1)
 12,528  9,578 
Polisan Holding AS
 2,924  1,441 
Qua Granite Hayal(1)
 10,516  2,734 
Reysas Tasimacilik ve Lojistik Ticaret AS(1)
 12,508  19,185 
Sasa Polyester Sanayi AS(1)
 3,656  7,214 
Sekerbank Turk AS
 20,120  3,191 
Sok Marketler Ticaret AS
 7,077  16,476 
TAV Havalimanlari Holding AS(1)
 2,780  12,747 
56

Avantis Responsible Emerging Markets Equity ETF
Shares Value
Tekfen Holding AS
 5,441  $ 9,711 
Teknosa Ic Ve Dis Ticaret AS(1)
 3,936  3,778 
Tofas Turk Otomobil Fabrikasi AS
 1,463  14,764 
Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TAS(1)
 652  132 
Turcas Petrol AS(1)
 873  822 
Turk Traktor ve Ziraat Makineleri AS
 802  27,306 
Turkcell Iletisim Hizmetleri AS, ADR(1)
 7,219  37,972 
Turkiye Halk Bankasi AS(1)
 10,380  5,179 
Turkiye Is Bankasi AS, C Shares
 53,257  41,927 
Turkiye Sinai Kalkinma Bankasi AS(1)
 50,305  13,371 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
 29,123  14,790 
Vakif Finansal Kiralama AS(1)
 13,861  5,554 
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS
 6,403  20,032 
Vestel Beyaz Esya Sanayi ve Ticaret AS
 1,480  1,004 
Vestel Elektronik Sanayi ve Ticaret AS(1)
 1,887  4,852 
Yapi ve Kredi Bankasi AS
 66,484  39,487 
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS(1)
 1,457  2,153 
Yunsa Yunlu Sanayi VE Ticare AS
 1,833  5,646 
596,970 
TOTAL COMMON STOCKS
(Cost $53,825,440)
 57,509,661 
RIGHTS†
Brazil†
Empreendimentos Pague Menos SA(1)
 650  5 
Jalles Machado SA(1)
 79  134 
139 
South Korea†
CJ CGV Co. Ltd.(1)
 784  1,168 
TOTAL RIGHTS
(Cost $2,582)
 1,307 
WARRANTS†
Malaysia†
Eco World Development Group Bhd(1)
 360  21 
Thailand†
Better World Green PCL, NVDR(1)
 12,833  15 
Buriram Sugar PCL, NVDR(1)
 950  19 
Kiatnakin Phatra Bank PCL, NVDR(1)
 450  41 
Kiatnakin Phatra Bank PCL, NVDR(1)
 450  15 
Nusasiri PCL, NVDR(1)
 2,600  10 
TEAM Consulting Engineering & Management PCL, NVDR(1)
 3,648  74 
174 
TOTAL WARRANTS
(Cost $—)
 195 
SHORT-TERM INVESTMENTS — 0.6%
Money Market Funds — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio(3)
(Cost $378,428)
 378,428  378,428 
TOTAL INVESTMENT SECURITIES — 100.8%
(Cost $54,206,450)
 57,889,591 
OTHER ASSETS AND LIABILITIES — (0.8)%
 (485,558)
TOTAL NET ASSETS — 100.0%
 $ 57,404,033 
57

Avantis Responsible Emerging Markets Equity ETF

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials 24.7%
Information Technology 22.7%
Consumer Discretionary 15.2%
Industrials 9.2%
Communication Services 8.7%
Consumer Staples 5.8%
Health Care 5.3%
Materials 4.6%
Real Estate 2.3%
Utilities 1.7%
Energy —*
Short-Term Investments 0.6%
Other Assets and Liabilities (0.8)%
*Category is less than 0.05% of total net assets.

NOTES TO SCHEDULE OF INVESTMENTS
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
NVDR – Non-Voting 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 $618,700. 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 $653,959, which includes securities collateral of $275,531.


See Notes to Financial Statements.
58

AUGUST 31, 2023
Avantis Responsible International Equity ETF
Shares Value
COMMON STOCKS — 99.7%
Australia — 7.0%
88 Energy Ltd.(1)
 29,584  $ 116 
Accent Group Ltd.
 12,719  16,824 
Acrow Formwork & Construction Services Ltd.
 20,103  11,855 
Adairs Ltd.
 2,835  2,671 
Aeris Resources Ltd.(1)
 5,261  813 
ALS Ltd.
 3,162  24,113 
Altium Ltd.
 1,456  45,502 
AMP Ltd.
 45,698  37,293 
Ansell Ltd.
 906  13,807 
ANZ Group Holdings Ltd.
 22,411  365,907 
Appen Ltd.(1)
 4,438  4,540 
ARB Corp. Ltd.
 750  16,354 
ASX Ltd.
 941  35,020 
Atlas Arteria Ltd.
 12,721  49,977 
Aurizon Holdings Ltd.
 37,761  89,001 
Australian Clinical Labs Ltd.
 2,607  4,978 
Australian Ethical Investment Ltd.
 1,333  3,877 
Australian Finance Group Ltd.
 3,501  3,570 
Baby Bunting Group Ltd.
 1,996  2,839 
Bank of Queensland Ltd.
 10,761  39,967 
Bapcor Ltd.
 5,753  24,685 
Bega Cheese Ltd.
 5,592  10,866 
Bendigo & Adelaide Bank Ltd.
 9,371  57,400 
Brambles Ltd.
 27,196  263,365 
Bravura Solutions Ltd.
 6,638  3,308 
Brickworks Ltd.
 997  17,600 
carsales.com Ltd.
 2,494  46,384 
Cedar Woods Properties Ltd.
 733  2,545 
Cettire Ltd.(1)
 5,353  9,439 
Challenger Ltd.
 10,213  44,767 
Cleanaway Waste Management Ltd.
 10,478  17,733 
Clinuvel Pharmaceuticals Ltd.
 1,003  12,464 
Cochlear Ltd.
 376  65,997 
Codan Ltd.
 660  3,351 
Coles Group Ltd.
 15,407  162,105 
Commonwealth Bank of Australia
 7,559  497,965 
Computershare Ltd.
 2,602  42,301 
Credit Corp. Group Ltd.(2)
 1,812  24,975 
CSL Ltd.
 786  138,807 
Data#3 Ltd.
 2,482  11,880 
DDH1 Ltd.
 3,898  2,219 
Deterra Royalties Ltd.
 5,955  17,060 
Domino's Pizza Enterprises Ltd.
 316  11,014 
Eagers Automotive Ltd.
 3,186  32,875 
Emeco Holdings Ltd.
 11,550  4,923 
Endeavour Group Ltd.
 16,515  58,738 
Evolution Mining Ltd.
 48,727  116,330 
EVT Ltd.
 4,207  33,151 
59

Avantis Responsible International Equity ETF
Shares Value
Firefinch Ltd.(1)
 1,565  $ 10 
FleetPartners Group Ltd.(1)
 6,070  11,524 
Fortescue Metals Group Ltd.
 21,556  296,770 
G8 Education Ltd.
 2,177  1,591 
Gold Road Resources Ltd.
 14,474  16,501 
GUD Holdings Ltd.
 2,297  17,971 
GWA Group Ltd.
 2,184  2,715 
Hansen Technologies Ltd.
 1,654  5,863 
Harvey Norman Holdings Ltd.
 13,979  36,464 
Hastings Technology Metals Ltd.(1)
 1,922  1,342 
Hawsons Iron Ltd.(1)
 7,440  168 
Healius Ltd.
 1,699  3,076 
Helia Group Ltd.
 14,727  36,922 
Humm Group Ltd.(2)
 6,363  1,792 
IDP Education Ltd.
 1,690  26,878 
IGO Ltd.
 13,307  118,755 
Imdex Ltd.
 10,938  11,457 
Infomedia Ltd.
 7,506  8,161 
Insignia Financial Ltd.
 3,350  5,605 
Insurance Australia Group Ltd.
 4,515  16,945 
Integral Diagnostics Ltd.
 620  1,201 
InvoCare Ltd.
 971  7,876 
IPH Ltd.
 239  1,176 
IRESS Ltd.
 978  4,039 
James Hardie Industries PLC(1)
 8,036  241,540 
JB Hi-Fi Ltd.
 2,805  82,739 
Kelsian Group Ltd.
 3,103  12,648 
Lendlease Corp. Ltd.
 6,151  30,974 
Lifestyle Communities Ltd.
 1,285  14,407 
Link Administration Holdings Ltd.
 9,713  8,397 
Lovisa Holdings Ltd.
 996  14,371 
Lycopodium Ltd.
 1,507  10,010 
Lynas Rare Earths Ltd.(1)
 8,781  40,502 
Macquarie Group Ltd.
 1,948  222,716 
Magellan Financial Group Ltd.
 5,397  31,126 
Mayne Pharma Group Ltd.(1)
 1,276  3,030 
McMillan Shakespeare Ltd.
 2,137  24,600 
Medibank Pvt Ltd.
 49,087  116,125 
Melbana Energy Ltd.(1)(2)
 24,163  1,173 
Mesoblast Ltd.(1)(2)
 6,223  2,008 
Mineral Resources Ltd.
 1,398  64,171 
MMA Offshore Ltd.(1)
 16,264  13,961 
Myer Holdings Ltd.
 24,535  10,619 
National Australia Bank Ltd.
 21,954  409,145 
Netwealth Group Ltd.
 1,530  14,787 
Newcrest Mining Ltd. (Sydney)
 10,062  167,700 
NEXTDC Ltd.(1)
 2,535  22,156 
nib holdings Ltd.
 11,301  60,739 
Nick Scali Ltd.
 2,923  23,609 
Nine Entertainment Co. Holdings Ltd.
 20,201  26,798 
Nuix Ltd.(1)
 2,431  2,348 
60

Avantis Responsible International Equity ETF
Shares Value
OFX Group Ltd.(1)
 5,801  $ 6,471 
Omni Bridgeway Ltd.(1)
 4,485  6,082 
oOh!media Ltd.
 8,497  8,004 
Orora Ltd.
 15,778  35,986 
Pantoro Ltd.(1)
 1,152  37 
Pepper Money Ltd.
 1,759  1,598 
Perpetual Ltd.
 1,864  25,309 
PEXA Group Ltd.(1)
 378  2,807 
Platinum Asset Management Ltd.
 15,171  14,007 
Praemium Ltd.(1)
 5,157  2,401 
Premier Investments Ltd.
 3,013  49,894 
Pro Medicus Ltd.
 455  21,541 
PWR Holdings Ltd.
 953  6,673 
QBE Insurance Group Ltd.
 24,483  236,160 
Qube Holdings Ltd.
 9,677  19,162 
Ramsay Health Care Ltd.
 625  20,740 
REA Group Ltd.(2)
 407  43,393 
Reece Ltd.(2)
 1,266  16,655 
Reliance Worldwide Corp. Ltd.
 1,576  4,244 
Renascor Resources Ltd.(1)(2)
 727  70 
Ridley Corp. Ltd.
 6,246  8,721 
SEEK Ltd.
 1,866  27,859 
Seven Group Holdings Ltd.
 1,037  18,699 
Seven West Media Ltd.(1)
 21,362  4,149 
Sigma Healthcare Ltd.
 41,147  21,304 
Silver Mines Ltd.(1)
 5,213  620 
Sims Ltd.
 4,911  48,386 
SmartGroup Corp. Ltd.
 2,567  14,264 
Solvar Ltd.
 1,221  1,015 
Sonic Healthcare Ltd.
 4,867  101,157 
Southern Cross Media Group Ltd.
 3,981  1,993 
SRG Global Ltd.
 13,313  6,116 
Steadfast Group Ltd.
 6,301  22,940 
Suncorp Group Ltd.
 10,026  87,939 
Super Retail Group Ltd.
 5,907  49,454 
Technology One Ltd.
 3,565  35,462 
Telstra Group Ltd.
 53,314  138,303 
Temple & Webster Group Ltd.(1)(2)
 219  1,020 
Transurban Group
 20,346  174,198 
Treasury Wine Estates Ltd.
 10,623  80,000 
United Malt Group Ltd.(1)
 4,199  13,384 
Ventia Services Group Pty Ltd.
 1,732  3,046 
Vulcan Steel Ltd.
 136  695 
Webjet Ltd.(1)
 4,092  18,407 
Wesfarmers Ltd.
 6,869  239,071 
Westpac Banking Corp.
 21,554  304,934 
WiseTech Global Ltd.(2)
 706  31,670 
Woolworths Group Ltd.
 8,810  217,104 
Xero Ltd.(1)
 918  74,306 
7,077,922 
61

Avantis Responsible International Equity ETF
Shares Value
Austria — 0.3%
ANDRITZ AG
 478  $ 25,391 
AT&S Austria Technologie & Systemtechnik AG
 635  22,624 
BAWAG Group AG
 249  11,731 
CA Immobilien Anlagen AG
 81  2,686 
Erste Group Bank AG
 1,642  58,576 
Immofinanz AG(1)
 753  14,508 
Lenzing AG(1)
 149  7,068 
Oesterreichische Post AG
 536  18,459 
Porr Ag
 148  1,934 
Raiffeisen Bank International AG(1)
 2,346  33,672 
Semperit AG Holding
 77  1,838 
Telekom Austria AG
 897  6,729 
Verbund AG
 303  24,797 
Vienna Insurance Group AG Wiener Versicherung Gruppe
 381  10,214 
Wienerberger AG
 1,065  29,316 
269,543 
Belgium — 0.9%
Ackermans & van Haaren NV
 338  53,202 
Ageas SA
 2,261  89,921 
AGFA-Gevaert NV(1)
 1,937  4,421 
Anheuser-Busch InBev SA, ADR(2)
 2,538  144,387 
Barco NV
 673  14,446 
Bekaert SA
 990  46,942 
bpost SA(2)
 2,754  12,965 
Cie d'Entreprises CFE
 167  1,460 
Deceuninck NV
 336  837 
D'ieteren Group
 221  36,095 
Elia Group SA
 189  21,791 
Etablissements Franz Colruyt NV
 965  36,800 
Fagron 1,678  29,937 
Galapagos NV, ADR(1)(2)
 373  14,133 
Gimv NV
 342  15,709 
KBC Ancora
 947  41,983 
KBC Group NV
 2,269  148,869 
Kinepolis Group NV
 387  18,382 
Ontex Group NV(1)
 100  809 
Proximus SADP
 2,252  17,021 
Recticel SA
 371  4,072 
Shurgard Self Storage Ltd.
 280  12,856 
UCB SA
 918  82,342 
Umicore SA
 2,092  55,434 
VGP NV(2)
 225  23,490 
928,304 
Canada — 10.2%
ADENTRA, Inc.
 1,160  28,923 
AG Growth International, Inc.
 300  13,106 
AGF Management Ltd., Class B
 2,683  15,786 
Agnico Eagle Mines Ltd.
 4,568  221,808 
Aimia, Inc.(1)
 860  2,062 
Alamos Gold, Inc., Class A
 5,338  68,661 
62

Avantis Responsible International Equity ETF
Shares Value
Altus Group Ltd.
 28  $ 1,078 
Amerigo Resources Ltd.
 3,158  3,342 
Andlauer Healthcare Group, Inc.
 354  11,528 
Aritzia, Inc.(1)
 1,262  23,163 
Ascot Resources Ltd.(1)
 2,384  847 
Atrium Mortgage Investment Corp.
 477  3,890 
AutoCanada, Inc.(1)
 600  11,940 
B2Gold Corp.
 23,088  71,082 
Ballard Power Systems, Inc.(1)
 2,137  8,999 
Bank of Montreal
 4,638  399,441 
Bank of Nova Scotia
 7,130  338,348 
BCE, Inc.
 477  20,207 
Bird Construction, Inc.
 477  3,859 
Bitfarms Ltd.(1)(2)
 8,800  11,983 
Bonterra Energy Corp.(1)
 759  4,095 
Boralex, Inc., A Shares(2)
 2,429  58,927 
Boston Pizza Royalties Income Fund
 286  3,429 
Boyd Group Services, Inc.
 295  53,203 
Brookfield Asset Management Ltd., Class A
 1,147  39,634 
Brookfield Corp.
 1,698  57,957 
Brookfield Renewable Corp., Class A
 954  26,632 
BRP, Inc.
 563  43,054 
CAE, Inc.(1)
 1,887  45,513 
Calian Group Ltd.
 20  783 
Cameco Corp.
 2,124  78,597 
Canaccord Genuity Group, Inc.
 676  4,258 
Canada Goose Holdings, Inc.(1)
 685  10,788 
Canadian Imperial Bank of Commerce
 8,496  336,646 
Canadian National Railway Co.
 2,044  230,237 
Canadian Pacific Kansas City Ltd.
 2,170  172,257 
Canadian Tire Corp. Ltd., Class A(2)
 319  37,845 
Canadian Western Bank(2)
 2,272  44,206 
Canfor Corp.(1)
 1,133  17,424 
Capstone Copper Corp.(1)
 6,423  29,900 
Cascades, Inc.(2)
 954  8,974 
CCL Industries, Inc., Class B
 1,254  56,046 
Celestica, Inc.(1)
 4,274  99,638 
CGI, Inc.(1)
 1,363  142,130 
CI Financial Corp.
 1,581  20,289 
Cineplex, Inc.(1)
 477  3,015 
Cogeco Communications, Inc.
 286  14,118 
Colliers International Group, Inc.
 286  33,043 
Computer Modelling Group Ltd.
 2,654  17,049 
Constellation Software, Inc.
 144  295,786 
Corby Spirit & Wine Ltd.
 477  5,380 
Corus Entertainment, Inc., B Shares(2)
 3,674  3,698 
Definity Financial Corp.
 1,205  33,157 
Descartes Systems Group, Inc.(1)
 722  54,134 
Docebo, Inc.(1)
 300  13,106 
Dollarama, Inc.
 1,676  108,670 
Doman Building Materials Group Ltd.
 3,514  20,207 
63

Avantis Responsible International Equity ETF
Shares Value
Dorel Industries, Inc., Class B(1)
 954  $ 4,180 
DREAM Unlimited Corp., Class A
 286  4,498 
Dye & Durham Ltd.
 308  4,112 
Eldorado Gold Corp. (Toronto)(1)
 4,595  43,903 
Empire Co. Ltd., Class A
 3,437  89,537 
Enghouse Systems Ltd.
 426  9,663 
EQB, Inc.
 794  45,711 
Fairfax Financial Holdings Ltd.
 313  258,116 
Finning International, Inc.
 4,454  139,863 
First National Financial Corp.
 477  13,203 
FirstService Corp.
 144  21,776 
Fission Uranium Corp.(1)
 4,755  2,639 
Fortuna Silver Mines, Inc.(1)
 5,234  16,269 
Franco-Nevada Corp.
 386  55,609 
Gear Energy Ltd.(2)
 6,383  3,968 
George Weston Ltd.
 631  69,979 
Gildan Activewear, Inc.
 2,051  61,172 
goeasy Ltd.
 401  37,471 
GoldMining, Inc.(1)
 3,045  2,659 
Great-West Lifeco, Inc.(2)
 3,883  111,587 
Hammond Power Solutions, Inc.
 476  19,139 
Home Capital Group, Inc.
 954  31,249 
Hudbay Minerals, Inc.
 3,056  15,199 
Hydro One Ltd.(2)
 5,185  134,767 
iA Financial Corp., Inc.
 2,836  177,922 
IGM Financial, Inc.
 580  16,535 
InPlay Oil Corp.
 999  1,944 
Intact Financial Corp.
 972  137,038 
Interfor Corp.(1)
 1,242  20,957 
Journey Energy, Inc.(1)
 1,205  5,021 
Kinross Gold Corp.
 22,905  116,288 
Labrador Iron Ore Royalty Corp.
 958  22,270 
Laurentian Bank of Canada
 833  22,656 
Lightspeed Commerce, Inc.(1)
 844  13,779 
Linamar Corp.
 1,203  63,133 
Loblaw Cos. Ltd.
 1,295  112,450 
Lumine Group, Inc.(1)
 354  6,031 
Lundin Mining Corp.
 14,821  114,953 
Magna International, Inc.
 4,753  279,580 
Manulife Financial Corp.
 21,775  402,560 
Martinrea International, Inc.
 2,378  24,040 
MCAN Mortgage Corp.
 286  3,440 
MDA Ltd.(1)
 2,586  19,789 
Medical Facilities Corp.
 177  1,225 
Metro, Inc.
 1,949  100,450 
Mullen Group Ltd.
 2,584  27,347 
National Bank of Canada
 4,492  313,064 
Neo Performance Materials, Inc.
 286  1,949 
NFI Group, Inc.
 49  448 
North American Construction Group Ltd.
 954  23,617 
North West Co., Inc.
 1,744  39,366 
64

Avantis Responsible International Equity ETF
Shares Value
Northern Dynasty Minerals Ltd.(1)(2)
 4,755  $ 1,267 
Nutrien Ltd.
 3,591  227,467 
Onex Corp.
 1,457  90,027 
Open Text Corp.
 2,906  117,105 
Osisko Gold Royalties Ltd. (Toronto)
 1,945  25,997 
Pan American Silver Corp.(2)
 9,615  158,969 
Pason Systems, Inc.
 2,205  22,683 
Pine Cliff Energy Ltd.
 6,019  6,370 
Pizza Pizza Royalty Corp.
 477  5,172 
Polaris Renewable Energy, Inc.
 440  4,705 
Power Corp. of Canada
 1,932  52,761 
Quebecor, Inc., Class B
 1,621  37,058 
RB Global, Inc.
 674  41,681 
Real Matters, Inc.(1)
 2,667  13,481 
Restaurant Brands International, Inc.
 1,924  133,635 
Rogers Communications, Inc., Class B
 3,476  141,412 
Royal Bank of Canada
 6,214  559,867 
Russel Metals, Inc.
 2,352  69,958 
Sandstorm Gold Ltd.
 2,059  11,368 
Saputo, Inc.
 1,038  22,439 
Sherritt International Corp.(1)
 6,185  2,129 
Shopify, Inc., Class A(1)
 1,911  127,131 
Sleep Country Canada Holdings, Inc.
 637  11,663 
Softchoice Corp.
 477  5,888 
Spin Master Corp., VTG Shares
 674  17,932 
SSR Mining, Inc.(2)
 279  4,138 
Stantec, Inc.
 1,180  78,824 
Stella-Jones, Inc.
 874  42,426 
STEP Energy Services Ltd.(1)(2)
 195  570 
StorageVault Canada, Inc.
 3,247  11,006 
Sun Life Financial, Inc.
 2,716  132,483 
Teck Resources Ltd., Class B
 6,603  273,073 
TELUS Corp.(1)
 106  1,862 
TELUS Corp. (Toronto)
 2,420  42,500 
TFI International, Inc.
 1,038  141,442 
Thomson Reuters Corp.
 476  61,293 
Tidewater Midstream & Infrastructure Ltd.(2)
 9,181  7,338 
TMX Group Ltd.
 1,200  26,554 
Toromont Industries Ltd.
 959  78,668 
Toronto-Dominion Bank
 7,142  435,645 
Total Energy Services, Inc.
 860  5,983 
Transcontinental, Inc., Class A
 674  6,599 
Tricon Residential, Inc. (Toronto)
 4,875  41,347 
Trisura Group Ltd.(1)
 18  427 
Viemed Healthcare, Inc.(1)
 1,184  9,464 
Wajax Corp.
 954  19,854 
West Fraser Timber Co. Ltd.
 1,242  93,885 
Western Forest Products, Inc.(2)
 8,002  5,567 
Westport Fuel Systems, Inc.(1)
 125  891 
Westshore Terminals Investment Corp.
 286  6,157 
Wheaton Precious Metals Corp.
 1,380  60,196 
65

Avantis Responsible International Equity ETF
Shares Value
Winpak Ltd.
 286  $ 8,456 
WSP Global, Inc.
 759  106,312 
Yangarra Resources Ltd.(1)
 2,096  2,854 
10,361,978 
China†
Chow Tai Fook Jewellery Group Ltd.
 7,200  10,918 
Zensun Enterprises Ltd.(1)
 3,000  172 
11,090 
Denmark — 2.8%
ALK-Abello A/S(1)
 792  9,411 
Alm Brand A/S
 7,270  12,016 
AP Moller - Maersk A/S, A Shares
 6  10,723 
AP Moller - Maersk A/S, B Shares
 6  10,892 
Bavarian Nordic A/S(1)
 424  9,412 
Carlsberg AS, B Shares
 251  36,294 
cBrain A/S
 113  2,932 
Chemometec A/S(1)
 330  20,197 
Chr Hansen Holding A/S
 242  15,780 
Coloplast A/S, B Shares
 286  32,574 
Danske Bank A/S
 6,654  149,358 
Demant A/S(1)
 247  10,084 
DSV A/S
 367  69,693 
FLSmidth & Co. A/S
 555  25,323 
Genmab A/S, ADR(1)
 2,529  96,835 
GN Store Nord AS(1)
 178  3,635 
H Lundbeck A/S
 5,512  27,922 
H Lundbeck A/S, A Shares
 537  2,395 
H+H International A/S, B Shares(1)
 210  2,171 
ISS A/S
 114  2,024 
Jyske Bank A/S(1)
 1,177  83,701 
Nilfisk Holding A/S(1)
 82  1,604 
NKT A/S(1)
 1,296  70,137 
Novo Nordisk A/S, ADR
 7,356  1,365,421 
Novozymes A/S, B Shares
 1,432  61,985 
Orsted AS
 749  48,052 
Pandora A/S
 1,142  118,264 
Per Aarsleff Holding A/S
 630  30,440 
Ringkjoebing Landbobank A/S
 281  41,594 
ROCKWOOL A/S, B Shares
 181  46,195 
Royal Unibrew A/S
 480  42,093 
SimCorp A/S
 391  41,573 
Solar A/S, B Shares
 134  9,077 
Spar Nord Bank A/S
 1,079  16,283 
Sparekassen Sjaelland-Fyn A/S
 192  5,192 
Sydbank AS
 1,512  71,018 
Topdanmark AS
 695  32,891 
Tryg A/S
 1,379  26,310 
Vestas Wind Systems A/S(1)
 6,794  156,976 
2,818,477 
Finland — 0.8%
Aktia Bank Oyj
 1,507  15,512 
66

Avantis Responsible International Equity ETF
Shares Value
Anora Group Oyj
 135  $ 686 
Cargotec Oyj, B Shares
 341  16,007 
Caverion Oyj
 340  3,209 
Citycon Oyj(1)
 1,466  9,006 
Elisa Oyj
 980  48,109 
Harvia Oyj
 503  12,513 
Huhtamaki Oyj
 869  29,850 
Kemira Oyj
 960  15,195 
Kesko Oyj, B Shares
 2,805  54,754 
Kojamo Oyj
 1,032  10,286 
Kone Oyj, B Shares
 1,632  74,238 
Konecranes Oyj
 562  19,399 
Lassila & Tikanoja Oyj(2)
 188  2,016 
Marimekko Oyj
 556  6,720 
Metso Oyj
 5,584  64,135 
Nokia Oyj, ADR(2)
 14,367  57,324 
Nokian Renkaat Oyj
 3,164  27,411 
Orion Oyj, Class B
 1,221  49,903 
Puuilo Oyj
 726  5,853 
QT Group Oyj(1)
 205  13,082 
Raisio Oyj, V Shares
 381  855 
Sampo Oyj, A Shares
 2,032  89,193 
Sanoma Oyj
 279  2,147 
Stora Enso Oyj, R Shares
 4,732  60,180 
Taaleri Oyj
 180  1,879 
Talenom Oyj(2)
 156  995 
TietoEVRY Oyj
 129  3,154 
Tokmanni Group Corp.
 540  7,996 
UPM-Kymmene Oyj
 1,909  65,331 
Uponor Oyj
 1,438  45,410 
Valmet Oyj
 427  10,858 
Wartsila Oyj Abp(2)
 1,511  19,176 
YIT Oyj(2)
 2,836  6,917 
849,299 
France — 9.8%
Aeroports de Paris
 482  63,435 
Airbus SE
 2,878  421,072 
ALD SA
 3,086  29,832 
Alstom SA(2)
 1,097  30,251 
Alten SA
 289  41,057 
Amundi SA
 1,122  66,787 
Antin Infrastructure Partners SA
 4  59 
APERAM SA(2)
 660  18,674 
Arkema SA
 1,224  127,907 
Atos SE(1)(2)
 1,299  10,887 
Aubay 34  1,575 
AXA SA
 14,877  446,978 
Beneteau SA
 575  8,742 
Bigben Interactive(1)
 67  310 
BioMerieux 692  71,470 
BNP Paribas SA
 6,030  389,946 
67

Avantis Responsible International Equity ETF
Shares Value
Bureau Veritas SA
 3,262  $ 87,383 
Capgemini SE
 413  77,075 
Carbios SACA(1)
 16  428 
Carrefour SA
 7,142  136,510 
Casino Guichard Perrachon SA(1)(2)
 249  797 
Chargeurs SA
 12  147 
Cie de Saint-Gobain
 9,599  624,435 
Cie des Alpes
 580  8,182 
Cie Generale des Etablissements Michelin SCA
 10,143  317,334 
Cie Plastic Omnium SA
 1,508  26,454 
Coface SA
 2,347  31,418 
Credit Agricole SA
 7,173  90,418 
Danone SA
 1,319  76,888 
Dassault Systemes SE
 1,557  61,705 
DBV Technologies SA(1)
 367  1,181 
Derichebourg SA
 1,383  7,550 
Edenred 811  51,680 
Elis SA
 632  12,062 
Equasens 26  2,119 
EssilorLuxottica SA
 493  92,663 
Eurazeo SE
 766  45,134 
Euroapi SA(1)
 471  6,406 
Eurofins Scientific SE(2)
 803  49,427 
Euronext NV
 328  23,679 
Eutelsat Communications SA(2)
 4,308  26,212 
Exail Technologies SA(1)
 37  788 
Fnac Darty SA
 26  810 
Forvia SE(1)
 1,299  27,532 
Genfit SA(1)
 1,350  4,846 
Getlink SE
 5,238  87,671 
Groupe LDLC
 36  880 
Guerbet 42  988 
Hermes International
 153  314,673 
ID Logistics Group(1)
 35  9,117 
Ipsen SA
 537  69,565 
IPSOS 260  13,011 
Jacquet Metals SACA
 115  2,240 
JCDecaux SE(1)
 1,519  28,191 
Kalray SADIR(1)
 345  11,147 
Kaufman & Broad SA
 498  14,356 
Kering SA
 573  306,400 
Legrand SA
 538  53,003 
LISI 395  9,635 
L'Oreal SA
 647  284,183 
LVMH Moet Hennessy Louis Vuitton SE
 997  843,120 
Maisons du Monde SA
 590  5,505 
Manitou BF SA
 78  2,047 
Mersen SA
 427  19,406 
Metropole Television SA
 439  6,015 
Nacon SA(1)
 13  22 
Neoen SA
 1,179  35,362 
68

Avantis Responsible International Equity ETF
Shares Value
Nexans SA
 525  $ 43,184 
Nexity SA
 869  14,409 
Orange SA, ADR
 32,562  364,043 
Pernod Ricard SA
 1,001  196,450 
Prodways Group SA(1)
 6  12 
Publicis Groupe SA
 945  73,736 
Remy Cointreau SA(1)
 159  24,596 
Renault SA
 4,921  198,559 
ReWorld Media SA(1)
 119  468 
Rexel SA
 4,897  114,820 
Safran SA
 3,258  522,144 
Sanofi, ADR
 5,537  294,458 
Sartorius Stedim Biotech
 103  29,212 
Schneider Electric SE
 826  141,583 
SCOR SE
 1,514  47,073 
SEB SA
 186  20,416 
SES SA
 8,013  58,321 
SMCP SA(1)
 986  6,412 
Societe BIC SA
 250  15,979 
Societe Generale SA
 10,096  286,031 
SOITEC(1)
 711  129,959 
Solutions 30 SE(1)(2)
 4,883  14,832 
Sopra Steria Group SACA
 80  17,597 
SPIE SA
 933  27,931 
STMicroelectronics NV, NY Shares
 13,645  644,863 
Technicolor Creative Studios SA(1)
 18  41 
Teleperformance 314  43,386 
Television Francaise 1
 897  7,276 
Thales SA
 1,328  193,662 
Trigano SA
 140  19,694 
Ubisoft Entertainment SA(1)
 2,059  62,263 
Valeo SA
 5,805  112,839 
Vantiva SA(1)
 1,875  344 
Vinci SA
 4,164  463,820 
Virbac SA
 4  1,192 
Vivendi SE
 4,001  36,441 
Worldline SA(1)
 363  11,814 
9,976,642 
Germany — 7.3%
1&1 AG
 363  5,393 
Adesso SE
 6  751 
adidas AG
 591  117,946 
ADLER Group SA(1)
 601  333 
Allianz SE
 1,490  362,188 
Amadeus Fire AG
 63  7,687 
Aroundtown SA(1)
 5,526  9,963 
Atoss Software AG
 104  25,313 
Aurubis AG
 415  34,316 
Auto1 Group SE(1)
 444  3,719 
BASF SE
 5,662  286,596 
Bayer AG
 1,701  93,066 
69

Avantis Responsible International Equity ETF
Shares Value
Bayerische Motoren Werke AG
 2,246  $ 236,232 
Bayerische Motoren Werke AG, Preference Shares
 377  36,223 
BayWa AG
 67  2,363 
Bechtle AG
 1,359  66,069 
Beiersdorf AG
 467  61,147 
Bertrandt AG
 30  1,496 
Bijou Brigitte AG
 174  6,601 
Bilfinger SE
 726  25,157 
Borussia Dortmund GmbH & Co. KGaA(1)
 2,155  10,807 
Brenntag SE
 1,516  122,620 
CANCOM SE
 476  13,809 
Carl Zeiss Meditec AG, Bearer Shares
 255  25,292 
CECONOMY AG(1)
 1,987  5,176 
Cewe Stiftung & Co. KGAA
 204  20,039 
Cliq Digital AG
 145  3,140 
Commerzbank AG
 11,724  128,817 
CompuGroup Medical SE & Co. KgaA
 166  7,758 
Continental AG
 1,724  127,883 
Covestro AG(1)
 3,159  167,757 
CTS Eventim AG & Co. KGaA
 584  36,330 
Daimler Truck Holding AG
 4,604  161,999 
Datagroup SE
 46  2,690 
Delivery Hero SE(1)
 455  16,597 
Dermapharm Holding SE
 258  12,334 
Deutsche Bank AG
 16,036  174,632 
Deutsche Beteiligungs AG
 115  4,049 
Deutsche Boerse AG
 938  166,517 
Deutsche Lufthansa AG(1)
 3,552  31,721 
Deutsche Pfandbriefbank AG
 1,427  11,240 
Deutsche Telekom AG
 15,378  329,143 
Deutz AG
 1,622  7,610 
DHL Group
 5,930  276,534 
Dr. Ing. h.c. F. Porsche AG, Preference Shares
 538  59,336 
Duerr AG
 1,166  34,757 
ElringKlinger AG
 337  2,215 
Encavis AG(1)
 1,622  24,842 
Energiekontor AG
 117  11,079 
Evonik Industries AG
 1,986  38,052 
Evotec SE(1)
 1,239  29,038 
Fielmann AG
 613  28,771 
flatexDEGIRO AG(1)
 958  8,387 
Fraport AG Frankfurt Airport Services Worldwide(1)
 381  20,635 
Freenet AG
 941  22,535 
Fresenius Medical Care AG & Co. KGaA, ADR
 2,405  57,624 
Fresenius SE & Co. KGaA
 222  7,117 
GEA Group AG
 1,576  62,147 
Gerresheimer AG
 330  42,834 
GFT Technologies SE
 289  8,072 
Grand City Properties SA(1)
 757  6,756 
GRENKE AG
 300  7,628 
Hamburger Hafen und Logistik AG
 426  4,683 
70

Avantis Responsible International Equity ETF
Shares Value
Hannover Rueck SE
 654  $ 139,092 
HelloFresh SE(1)
 3,158  101,776 
Henkel AG & Co. KGaA
 334  23,082 
Henkel AG & Co. KGaA, Preference Shares
 564  43,220 
Hensoldt AG
 934  30,271 
HOCHTIEF AG
 193  20,604 
Hornbach Holding AG & Co. KGaA
 119  9,358 
Hugo Boss AG
 1,218  91,691 
Infineon Technologies AG
 9,106  325,409 
Instone Real Estate Group SE
 705  4,506 
JOST Werke SE
 288  14,855 
Jungheinrich AG, Preference Shares
 823  27,316 
KION Group AG
 932  37,207 
Kloeckner & Co. SE
 1,923  16,431 
Knorr-Bremse AG
 991  67,686 
Koenig & Bauer AG(1)
 106  1,707 
Kontron AG
 868  18,894 
Krones AG
 239  25,880 
Lanxess AG
 979  30,894 
LEG Immobilien SE(1)
 400  28,807 
Mercedes-Benz Group AG
 3,810  278,796 
Merck KGaA
 194  34,828 
METRO AG(1)
 2,908  23,150 
MTU Aero Engines AG
 456  106,440 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 686  266,277 
Mutares SE & Co. KGaA
 353  8,412 
Nagarro SE(1)
 75  5,645 
Nemetschek SE
 404  27,903 
New Work SE
 34  3,633 
Norma Group SE
 825  15,146 
PATRIZIA SE
 233  2,224 
Pfeiffer Vacuum Technology AG
 37  5,907 
Porsche Automobil Holding SE, Preference Shares
 895  48,005 
ProSiebenSat.1 Media SE
 2,575  20,411 
Puma SE
 1,149  77,004 
PVA TePla AG(1)
 211  4,044 
QIAGEN NV(1)
 1,677  76,287 
Rational AG
 24  18,282 
Rheinmetall AG
 300  81,488 
SAF-Holland SE
 1,621  20,184 
SAP SE, ADR
 2,324  324,640 
Sartorius AG, Preference Shares
 115  47,026 
Schaeffler AG, Preference Shares
 2,323  13,788 
Scout24 SE
 375  25,832 
Secunet Security Networks AG
 12  2,888 
SGL Carbon SE(1)
 1,320  9,985 
Siemens AG
 1,055  158,493 
Siemens Energy AG(1)
 3,789  53,925 
Siemens Healthineers AG
 772  38,648 
Siltronic AG
 453  36,116 
Sixt SE
 275  29,317 
71

Avantis Responsible International Equity ETF
Shares Value
Sixt SE, Preference Shares
 507  $ 32,869 
SMA Solar Technology AG(1)
 339  27,235 
Stabilus SE
 352  19,749 
STRATEC SE
 106  5,722 
Stroeer SE & Co. KGaA
 463  21,029 
SUESS MicroTec SE
 192  4,492 
Symrise AG
 344  35,860 
Synlab AG
 699  7,143 
TAG Immobilien AG(1)
 5,557  62,995 
Talanx AG
 1,113  74,819 
TeamViewer SE(1)
 2,191  40,607 
Telefonica Deutschland Holding AG
 27,054  51,434 
United Internet AG
 861  16,557 
VERBIO Vereinigte BioEnergie AG
 235  11,107 
Vitesco Technologies Group AG, Class A(1)
 342  26,994 
Volkswagen AG
 148  21,150 
Volkswagen AG, Preference Shares
 1,016  124,341 
Vonovia SE
 3,259  78,194 
Wacker Chemie AG
 144  21,210 
Wacker Neuson SE
 702  15,506 
Zalando SE(1)
 1,744  54,213 
7,400,197 
Hong Kong — 2.1%
AIA Group Ltd.
 43,200  390,885 
ASMPT Ltd.
 9,600  96,066 
Bank of East Asia Ltd.
 18,000  25,635 
BOC Hong Kong Holdings Ltd.
 36,000  100,018 
Budweiser Brewing Co. APAC Ltd.
 2,100  4,547 
Cafe de Coral Holdings Ltd.
 10,000  12,116 
Chow Sang Sang Holdings International Ltd.
 7,000  8,376 
CITIC Telecom International Holdings Ltd.
 3,000  1,166 
CK Asset Holdings Ltd.
 21,500  118,632 
CK Hutchison Holdings Ltd.
 24,000  130,800 
C-Mer Eye Care Holdings Ltd.(1)
 6,000  2,823 
Comba Telecom Systems Holdings Ltd.
 56,000  7,713 
Cowell e Holdings, Inc.(1)(2)
 8,000  15,761 
EC Healthcare
 3,000  1,470 
ESR Group Ltd.
 12,800  19,207 
Fosun Tourism Group(1)
 1,400  1,436 
Futu Holdings Ltd., ADR(1)(2)
 426  25,390 
Giordano International Ltd.
 46,000  17,650 
Hang Lung Group Ltd.
 25,000  34,483 
Hang Lung Properties Ltd.
 38,000  50,611 
Hang Seng Bank Ltd.
 3,300  42,056 
Henderson Land Development Co. Ltd.
 28,000  76,892 
HKBN Ltd.
 3,500  1,687 
HKT Trust & HKT Ltd.
 29,000  30,904 
Hong Kong Aerospace Technology Group Ltd.(1)
 11,000  10,571 
Hong Kong Exchanges & Clearing Ltd.
 3,000  116,275 
Hongkong Land Holdings Ltd.
 10,800  38,314 
Hysan Development Co. Ltd.
 24,000  49,993 
72

Avantis Responsible International Equity ETF
Shares Value
IGG, Inc.(1)
 7,000  $ 3,283 
Johnson Electric Holdings Ltd.
 10,000  13,391 
K Wah International Holdings Ltd.
 7,000  2,106 
Kerry Properties Ltd.
 13,500  24,945 
Luk Fook Holdings International Ltd.
 5,000  12,390 
Man Wah Holdings Ltd.
 37,600  27,327 
MTR Corp. Ltd.
 11,000  45,897 
New World Development Co. Ltd.
 38,000  80,688 
NWS Holdings Ltd.
 36,000  40,991 
Oriental Watch Holdings
 8,000  4,326 
Pacific Textiles Holdings Ltd.
 17,000  3,617 
PC Partner Group Ltd.
 2,000  843 
Perfect Medical Health Management Ltd.
 1,000  497 
Singamas Container Holdings Ltd.
 24,000  2,171 
Sino Land Co. Ltd.
 83,276  95,391 
Sun Hung Kai Properties Ltd.
 12,000  135,080 
SUNeVision Holdings Ltd.
 24,000  11,473 
Swire Properties Ltd.
 12,600  26,331 
Tam Jai International Co. Ltd.
 2,000  403 
Techtronic Industries Co. Ltd.
 9,000  88,764 
Television Broadcasts Ltd.(1)
 6,900  3,381 
Texhong International Group Ltd.
 3,500  1,873 
Theme International Holdings Ltd.(1)
 30,000  2,828 
Time Interconnect Technology Ltd.
 8,000  1,436 
Vitasoy International Holdings Ltd.
 8,000  10,306 
VTech Holdings Ltd.
 4,300  26,249 
Wharf Real Estate Investment Co. Ltd.
 8,000  33,341 
Yue Yuen Industrial Holdings Ltd.
 12,000  15,039 
2,145,844 
Ireland — 0.7%
AIB Group PLC
 22,433  102,105 
Bank of Ireland Group PLC
 17,135  170,626 
Cairn Homes PLC
 18,893  23,544 
Dalata Hotel Group PLC(1)
 8,630  40,262 
Glenveagh Properties PLC(1)
 15,117  16,407 
ICON PLC(1)
 90  23,395 
Kerry Group PLC, A Shares
 567  52,901 
Kingspan Group PLC
 1,481  125,136 
Origin Enterprises PLC
 3,835  13,638 
Smurfit Kappa Group PLC
 3,567  149,637 
Uniphar PLC
 3,565  10,778 
728,429 
Israel — 0.9%
AFI Properties Ltd.(1)
 30  997 
Africa Israel Residences Ltd.
 66  3,107 
Airport City Ltd.(1)
 876  13,414 
Alony Hetz Properties & Investments Ltd.
 2,563  19,464 
Amos Luzon Development & Energy Group Ltd.(1)
 2,659  1,229 
Amot Investments Ltd.
 1,641  7,763 
Argo Properties NV(1)
 37  506 
AudioCodes Ltd.
 81  837 
73

Avantis Responsible International Equity ETF
Shares Value
Azorim-Investment Development & Construction Co. Ltd.(1)
 906  $ 2,774 
Azrieli Group Ltd.
 314  16,832 
Bank Hapoalim BM
 10,044  83,156 
Bank Leumi Le-Israel BM
 10,313  80,055 
Big Shopping Centers Ltd.(1)
 180  15,031 
Blue Square Real Estate Ltd.
 96  5,661 
Camtek Ltd.(1)
 401  24,394 
Ceragon Networks Ltd.(1)
 1,129  2,202 
Check Point Software Technologies Ltd.(1)
 516  69,448 
Cognyte Software Ltd.(1)
 217  1,039 
CyberArk Software Ltd.(1)
 67  11,125 
Danel Adir Yeoshua Ltd.
 270  21,652 
Danya Cebus Ltd.
 376  9,891 
Delta Galil Ltd.
 114  4,454 
Electra Consumer Products 1970 Ltd.
 75  1,641 
Electra Real Estate Ltd.
 101  1,112 
Energix-Renewable Energies Ltd.
 5,130  15,974 
Formula Systems 1985 Ltd.
 45  3,336 
Fox Wizel Ltd.
 107  7,743 
G City Ltd.
 813  2,592 
Gilat Satellite Networks Ltd.(1)
 303  2,068 
Hilan Ltd.
 138  7,076 
Innoviz Technologies Ltd.(1)(2)
 144  330 
Isracard Ltd.
 6,151  24,936 
Israel Land Development Co. Ltd.
 528  4,252 
Isras Investment Co. Ltd.
 30  5,625 
Ituran Location & Control Ltd.
 188  5,693 
Magic Software Enterprises Ltd.
 389  4,501 
Matrix IT Ltd.
 251  5,096 
Mega Or Holdings Ltd.
 196  3,643 
Melisron Ltd.
 349  21,860 
Mivne Real Estate KD Ltd.
 4,447  10,646 
Mizrahi Tefahot Bank Ltd.
 1,390  45,704 
Nano Dimension Ltd., ADR(1)(2)
 4,811  15,299 
Neto Malinda Trading Ltd.(1)
 67  935 
Nice Ltd., ADR(1)(2)
 160  31,168 
Norstar Holdings, Inc.(1)
 157  370 
Nova Ltd.(1)
 268  34,559 
One Software Technologies Ltd.
 611  7,774 
OY Nofar Energy Ltd.(1)
 43  976 
Perion Network Ltd.(1)
 618  20,545 
Prashkovsky Investments & Construction Ltd.
 75  1,693 
Property & Building Corp. Ltd.(1)
 33  1,301 
Radware Ltd.(1)
 115  1,987 
Retailors Ltd.
 700  14,244 
Sapiens International Corp. NV
 505  15,041 
Scope Metals Group Ltd.(1)
 180  5,751 
Shufersal Ltd.(1)
 5,623  26,146 
Strauss Group Ltd.(1)
 363  7,876 
Summit Real Estate Holdings Ltd.
 407  5,358 
Tamar Petroleum Ltd.
 557  2,333 
74

Avantis Responsible International Equity ETF
Shares Value
Tel Aviv Stock Exchange Ltd.(1)
 1,343  $ 7,053 
Teva Pharmaceutical Industries Ltd., ADR(1)
 5,225  50,996 
Wix.com Ltd.(1)
 142  14,025 
YH Dimri Construction & Development Ltd.
 155  9,590 
ZIM Integrated Shipping Services Ltd.
 2,678  32,323 
876,202 
Italy — 2.4%
ACEA SpA
 192  2,301 
Amplifon SpA
 558  18,120 
Anima Holding SpA
 270  1,110 
Arnoldo Mondadori Editore SpA
 2,127  4,956 
Assicurazioni Generali SpA
 3,779  78,274 
Azimut Holding SpA
 1,983  45,872 
Banca Generali SpA
 1,216  44,346 
Banca IFIS SpA
 466  8,179 
Banca Mediolanum SpA
 2,909  26,549 
Banco BPM SpA
 16,874  80,510 
BPER Banca
 20,608  62,056 
Brembo SpA
 557  7,741 
Brunello Cucinelli SpA(2)
 623  51,484 
Cairo Communication SpA
 659  1,186 
CNH Industrial NV
 8,123  111,999 
Credito Emiliano SpA
 1,623  13,556 
Davide Campari-Milano NV
 841  10,988 
De' Longhi SpA
 454  11,996 
DiaSorin SpA
 30  3,168 
Digital Bros SpA(2)
 152  2,740 
doValue SpA
 634  3,103 
Enav SpA
 1,399  5,644 
Enel SpA
 15,668  105,208 
Esprinet SpA
 36  226 
Ferrari NV
 529  167,726 
Fila SpA
 178  1,628 
Fincantieri SpA(1)(2)
 2,762  1,531 
FinecoBank Banca Fineco SpA
 4,422  60,437 
Geox SpA(1)
 1,138  949 
Infrastrutture Wireless Italiane SpA
 355  4,392 
Innovatec SpA(1)
 559  796 
Interpump Group SpA
 189  9,555 
Intesa Sanpaolo SpA
 64,979  173,520 
Iren SpA
 22,545  46,507 
Iveco Group NV(1)
 5,499  54,534 
Leonardo SpA
 3,602  51,843 
Maire Tecnimont SpA(2)
 3,116  12,444 
Mediobanca Banca di Credito Finanziario SpA
 3,025  39,490 
MFE-MediaForEurope NV, Class A
 15,208  7,696 
MFE-MediaForEurope NV, Class B(2)
 3,579  2,562 
Moncler SpA
 1,132  76,698 
Nexi SpA(1)
 326  2,339 
Orsero SpA
 186  2,661 
OVS SpA
 6,879  17,197 
75

Avantis Responsible International Equity ETF
Shares Value
Piaggio & C SpA
 2,229  $ 8,506 
Poste Italiane SpA
 5,547  61,577 
Prysmian SpA
 2,373  96,952 
RAI Way SpA
 2,095  11,644 
Recordati Industria Chimica e Farmaceutica SpA
 302  15,139 
Safilo Group SpA(1)
 458  497 
Salcef Group SpA(2)
 225  5,995 
Salvatore Ferragamo SpA(2)
 1,097  17,439 
Sanlorenzo SpA
 118  4,739 
Sesa SpA
 117  13,697 
Stellantis NV
 12,231  227,047 
Technogym SpA
 2,236  19,109 
Terna - Rete Elettrica Nazionale
 16,887  139,260 
Tod's SpA(1)
 188  7,769 
UniCredit SpA
 13,575  330,729 
Unieuro SpA(2)
 186  2,077 
Unipol Gruppo SpA
 2,988  16,638 
Wiit SpA
 83  1,575 
2,416,206 
Japan — 21.1%
77 Bank Ltd.(2)
 1,000  21,583 
A&D HOLON Holdings Co. Ltd.
 1,200  14,206 
Adastria Co. Ltd.
 700  13,985 
ADEKA Corp.
 600  11,527 
Advantest Corp.
 900  112,653 
Adways, Inc.
 500  1,954 
Aeon Co. Ltd.(2)
 7,300  151,286 
Aeon Delight Co. Ltd.(2)
 200  4,388 
Aeon Mall Co. Ltd.(2)
 2,500  29,960 
Aiful Corp.
 2,900  6,886 
Ain Holdings, Inc.
 200  7,139 
Air Water, Inc.
 3,700  46,541 
Airtrip Corp.
 100  1,607 
Aisan Industry Co. Ltd.
 2,400  21,396 
Ajinomoto Co., Inc.
 2,700  114,380 
Akatsuki, Inc.
 100  1,441 
Akebono Brake Industry Co. Ltd.(1)
 2,400  2,190 
Alfresa Holdings Corp.
 4,600  78,556 
Allied Architects, Inc.(1)
 200  492 
Alpen Co. Ltd.
 100  1,312 
Alps Alpine Co. Ltd.
 2,600  21,711 
Altech Corp.
 700  12,272 
Amano Corp.
 500  10,899 
Amvis Holdings, Inc.
 500  9,974 
AOKI Holdings, Inc.
 600  4,299 
Aoyama Trading Co. Ltd.
 400  4,434 
Aoyama Zaisan Networks Co. Ltd.
 100  749 
Aozora Bank Ltd.(2)
 2,400  47,122 
Arata Corp.
 500  18,559 
Arclands Corp.
 400  4,561 
Arcs Co. Ltd.
 1,700  30,161 
76

Avantis Responsible International Equity ETF
Shares Value
Argo Graphics, Inc.
 300  $ 6,920 
Arisawa Manufacturing Co. Ltd.
 300  2,102 
Asahi Co. Ltd.
 200  1,752 
Asahi Diamond Industrial Co. Ltd.
 900  5,517 
Asahi Group Holdings Ltd.
 300  11,672 
Asahi Intecc Co. Ltd.
 400  8,114 
Asahi Kasei Corp.
 12,900  83,268 
ASAHI YUKIZAI Corp.
 200  5,548 
Asics Corp.
 2,400  87,350 
ASKA Pharmaceutical Holdings Co. Ltd.
 100  1,150 
ASKUL Corp.
 400  5,395 
Astellas Pharma, Inc.
 5,700  86,243 
Atrae, Inc.(1)
 100  747 
Aucnet, Inc.
 100  1,224 
Autobacs Seven Co. Ltd.
 2,400  26,711 
Avant Group Corp.
 400  3,881 
Avex, Inc.
 200  2,015 
Axell Corp.
 100  1,257 
Axial Retailing, Inc.
 200  5,161 
Azbil Corp.
 100  3,331 
Bandai Namco Holdings, Inc.
 3,000  69,592 
Bando Chemical Industries Ltd.
 500  5,270 
Bank of Iwate Ltd.
 100  1,722 
Bank of Nagoya Ltd.
 100  2,918 
Bank of the Ryukyus Ltd.
 600  4,342 
Base Co. Ltd.
 100  2,991 
BayCurrent Consulting, Inc.(2)
 1,200  41,247 
Belc Co. Ltd.
 100  4,658 
Bell System24 Holdings, Inc.
 2,000  20,892 
Belluna Co. Ltd.
 600  2,994 
Benefit One, Inc.
 300  2,601 
Bic Camera, Inc.(2)
 200  1,486 
BIPROGY, Inc.
 900  23,293 
BML, Inc.
 400  7,937 
Bridgestone Corp.
 3,600  139,773 
Brother Industries Ltd.
 2,800  47,386 
Bunka Shutter Co. Ltd.
 2,600  19,445 
Canon Electronics, Inc.
 100  1,272 
Canon Marketing Japan, Inc.
 300  7,871 
Canon, Inc., ADR
 4,885  119,927 
Capcom Co. Ltd.
 2,400  101,240 
Carenet, Inc.
 200  1,217 
Cawachi Ltd.
 100  1,570 
Celsys, Inc.
 300  1,449 
Charm Care Corp. KK
 400  3,258 
Chiba Bank Ltd.
 4,200  29,990 
Chiba Kogyo Bank Ltd.
 300  1,612 
Chori Co. Ltd.
 700  13,719 
Chubu Steel Plate Co. Ltd.(2)
 600  8,547 
Chugai Pharmaceutical Co. Ltd.
 3,300  100,590 
Chugin Financial Group, Inc.
 2,600  17,259 
77

Avantis Responsible International Equity ETF
Shares Value
Citizen Watch Co. Ltd.
 6,200  $ 37,973 
CMIC Holdings Co. Ltd.
 100  1,197 
Coca-Cola Bottlers Japan Holdings, Inc.
 2,400  31,259 
COLOPL, Inc.
 200  876 
Computer Engineering & Consulting Ltd.
 200  2,341 
Comture Corp.
 100  1,674 
Cosmos Pharmaceutical Corp.
 300  35,272 
Create SD Holdings Co. Ltd.
 600  15,363 
Credit Saison Co. Ltd.
 3,200  50,015 
Creek & River Co. Ltd.
 100  1,485 
Cross Cat Co. Ltd.
 100  749 
Curves Holdings Co. Ltd.
 100  500 
CyberAgent, Inc.
 4,000  25,452 
Cybernet Systems Co. Ltd.
 100  518 
Cybozu, Inc.
 600  8,929 
Dai Nippon Printing Co. Ltd.
 2,400  65,581 
Dai-Dan Co. Ltd.
 100  2,050 
Daifuku Co. Ltd.
 900  16,610 
Daihen Corp.
 100  3,656 
Daiichi Jitsugyo Co. Ltd.
 100  3,666 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.
 100  657 
Dai-ichi Life Holdings, Inc.
 7,900  146,826 
Daiichi Sankyo Co. Ltd.
 2,800  82,470 
Daiichikosho Co. Ltd.
 1,100  21,249 
Daikin Industries Ltd.
 400  69,143 
Daiseki Co. Ltd.(2)
 300  9,082 
Daishi Hokuetsu Financial Group, Inc.
 600  15,033 
Daishinku Corp.
 2,400  13,287 
Daito Pharmaceutical Co. Ltd.
 110  1,727 
Daito Trust Construction Co. Ltd.
 600  66,171 
Daitron Co. Ltd.
 100  2,078 
Daiwa House Industry Co. Ltd.
 2,700  74,995 
Daiwa Securities Group, Inc.
 12,300  69,946 
Daiwabo Holdings Co. Ltd.
 2,400  48,648 
DCM Holdings Co. Ltd.(2)
 2,400  20,060 
Dear Life Co. Ltd.
 1,700  10,104 
DeNA Co. Ltd.
 100  1,036 
Densan System Holdings Co. Ltd.
 800  16,273 
Denso Corp.
 1,200  81,903 
Dentsu Group, Inc.
 2,000  59,732 
Dexerials Corp.
 2,400  59,366 
Digital Arts, Inc.
 100  3,311 
Digital Hearts Holdings Co. Ltd.
 100  811 
Digital Holdings, Inc.
 100  734 
Digital Information Technologies Corp.
 100  1,284 
Dip Corp.(2)
 400  9,613 
Direct Marketing MiX, Inc.
 200  793 
Disco Corp.
 600  118,587 
DMG Mori Co. Ltd.
 2,400  43,731 
Doshisha Co. Ltd.
 100  1,626 
Double Standard, Inc.
 100  979 
78

Avantis Responsible International Equity ETF
Shares Value
Drecom Co. Ltd.
 400  $ 1,402 
DTS Corp.
 300  6,642 
Duskin Co. Ltd.
 300  6,756 
Eagle Industry Co. Ltd.
 1,000  11,510 
East Japan Railway Co.
 2,200  124,386 
Ebara Corp.
 2,400  119,326 
EDION Corp.(2)
 2,400  24,143 
E-Guardian, Inc.
 100  1,792 
Eiken Chemical Co. Ltd.
 600  5,757 
Eisai Co. Ltd.
 1,100  69,538 
Eizo Corp.
 200  6,906 
Elan Corp.
 200  1,189 
Elecom Co. Ltd.
 1,100  13,218 
Elematec Corp.
 200  2,561 
en Japan, Inc.
 300  5,243 
Enplas Corp.
 200  15,076 
Envipro Holdings, Inc.
 100  399 
ESPEC Corp.
 700  11,014 
Exedy Corp.
 1,100  19,906 
F&M Co. Ltd.
 100  1,653 
FANUC Corp.
 1,000  28,441 
Fast Retailing Co. Ltd.
 300  68,823 
FCC Co. Ltd.
 2,400  31,669 
Ferrotec Holdings Corp.
 1,200  24,941 
Fibergate, Inc.
 100  1,056 
FIDEA Holdings Co. Ltd.
 100  1,044 
First Bank of Toyama Ltd.
 300  1,793 
Fixstars Corp.
 100  849 
FP Corp.
 600  11,525 
Fuji Co. Ltd.(2)
 1,600  20,065 
Fuji Electric Co. Ltd.
 2,400  113,089 
Fuji Oil Co. Ltd.
 400  839 
Fuji Seal International, Inc.
 500  5,995 
Fuji Soft, Inc.
 400  12,076 
Fujibo Holdings, Inc.
 100  2,396 
FUJIFILM Holdings Corp.
 1,200  70,916 
Fujikura Ltd.
 4,600  38,053 
Fujitsu Ltd.
 1,400  174,989 
Fukui Computer Holdings, Inc.
 200  3,645 
Fukuoka Financial Group, Inc.
 2,700  63,761 
Fukuyama Transporting Co. Ltd.
 200  4,970 
FULLCAST Holdings Co. Ltd.
 300  4,276 
Funai Soken Holdings, Inc.
 200  3,703 
Furukawa Battery Co. Ltd.
 100  666 
Furukawa Electric Co. Ltd.
 2,200  37,789 
Furuno Electric Co. Ltd.
 100  886 
Futaba Corp.
 100  376 
Futaba Industrial Co. Ltd.
 2,500  11,796 
Future Corp.
 400  4,269 
G-7 Holdings, Inc.
 300  2,577 
GA Technologies Co. Ltd.(1)
 200  1,836 
79

Avantis Responsible International Equity ETF
Shares Value
Gakken Holdings Co. Ltd.
 600  $ 3,489 
Gakujo Co. Ltd.
 100  1,278 
Genky DrugStores Co. Ltd.
 100  3,571 
Geo Holdings Corp.
 800  14,397 
Gift Holdings, Inc.
 200  3,531 
Glory Ltd.
 2,200  46,439 
GMO internet group, Inc.
 200  3,234 
GMO Payment Gateway, Inc.
 100  6,332 
Goldcrest Co. Ltd.
 100  1,339 
Goldwin, Inc.
 400  28,575 
Golf Digest Online, Inc.
 100  502 
GS Yuasa Corp.
 1,300  24,634 
G-Tekt Corp.
 1,000  12,657 
GungHo Online Entertainment, Inc.
 2,400  39,521 
Gunze Ltd.
 200  6,293 
H.U. Group Holdings, Inc.
 2,400  43,402 
H2O Retailing Corp.
 2,400  28,884 
Hachijuni Bank Ltd.
 4,700  25,305 
Hakuhodo DY Holdings, Inc.
 4,500  42,693 
Hamakyorex Co. Ltd.
 300  8,625 
Hamamatsu Photonics KK
 1,000  46,268 
Hankyu Hanshin Holdings, Inc.
 2,500  89,728 
Hanwa Co. Ltd.
 700  22,267 
Happinet Corp.
 300  5,374 
Hard Off Corp. Co. Ltd.
 100  1,027 
Haseko Corp.
 4,400  54,630 
Heiwa Real Estate Co. Ltd.
 500  13,413 
Heiwado Co. Ltd.
 700  11,528 
Hikari Tsushin, Inc.
 300  49,910 
Hirose Electric Co. Ltd.
 600  72,645 
Hitachi Construction Machinery Co. Ltd.
 2,400  74,626 
Hitachi Zosen Corp.
 3,800  22,470 
Hogy Medical Co. Ltd.
 100  2,194 
Hokko Chemical Industry Co. Ltd.
 100  621 
Honda Motor Co. Ltd., ADR
 10,556  341,275 
Honeys Holdings Co. Ltd.
 100  1,158 
Hoosiers Holdings Co. Ltd.
 200  1,472 
Horiba Ltd.
 1,000  51,991 
Hosiden Corp.
 1,000  12,437 
Hosokawa Micron Corp.
 500  13,940 
Hotland Co. Ltd.
 100  1,158 
Hoya Corp.
 1,400  155,331 
HS Holdings Co. Ltd.
 2,400  17,092 
Hulic Co. Ltd.
 3,700  33,203 
Hyakujushi Bank Ltd.
 300  4,600 
Ibiden Co. Ltd.
 2,200  132,550 
Ichiyoshi Securities Co. Ltd.
 200  953 
Idec Corp.
 500  10,439 
IDOM, Inc.(2)
 2,400  12,917 
Iida Group Holdings Co. Ltd.
 2,400  39,304 
I'll, Inc.
 100  1,901 
80

Avantis Responsible International Equity ETF
Shares Value
IMAGICA GROUP, Inc.
 400  $ 1,667 
i-mobile Co. Ltd.
 100  856 
Inaba Denki Sangyo Co. Ltd.
 1,200  25,968 
Inabata & Co. Ltd.
 300  6,522 
Ines Corp.
 200  2,285 
Infocom Corp.
 200  3,893 
Information Services International-Dentsu Ltd.
 200  7,999 
INFRONEER Holdings, Inc.
 4,300  44,910 
Insource Co. Ltd.
 400  3,017 
Intage Holdings, Inc.
 500  6,011 
Integrated Design & Engineering Holdings Co. Ltd.
 400  9,322 
Internet Initiative Japan, Inc.
 3,100  53,879 
Inui Global Logistics Co. Ltd.(2)
 200  1,734 
IPS, Inc.
 100  1,506 
Iriso Electronics Co. Ltd.
 300  8,904 
I'rom Group Co. Ltd.
 100  1,247 
Isetan Mitsukoshi Holdings Ltd.
 2,900  33,247 
Ishihara Sangyo Kaisha Ltd.
 2,400  23,590 
Isuzu Motors Ltd.
 8,800  112,654 
ITmedia, Inc.
 100  779 
Itochu Techno-Solutions Corp.
 600  17,815 
Itoki Corp.
 2,800  26,612 
IwaiCosmo Holdings, Inc.
 100  1,189 
Iwaki Co. Ltd.
 100  1,298 
Iyogin Holdings, Inc.
 3,600  24,974 
Izumi Co. Ltd.
 100  2,608 
J Front Retailing Co. Ltd.(2)
 4,800  50,551 
JAC Recruitment Co. Ltd.
 200  3,695 
Jamco Corp.(1)
 100  1,056 
Japan Aviation Electronics Industry Ltd.
 2,400  50,526 
Japan Exchange Group, Inc.
 3,100  54,088 
Japan Lifeline Co. Ltd.
 1,000  7,897 
Japan Material Co. Ltd.
 200  3,655 
Japan Post Bank Co. Ltd.
 5,600  44,935 
Japan Post Holdings Co. Ltd.
 7,500  57,500 
Japan Post Insurance Co. Ltd.
 3,100  49,901 
Japan Pulp & Paper Co. Ltd.
 600  19,535 
Japan Wool Textile Co. Ltd.
 600  5,160 
JBCC Holdings, Inc.
 100  1,746 
JINUSHI Co. Ltd.
 100  1,282 
J-Lease Co. Ltd.
 100  1,469 
JM Holdings Co. Ltd.
 100  1,302 
J-Oil Mills, Inc.
 100  1,249 
Joshin Denki Co. Ltd.
 100  1,527 
Joyful Honda Co. Ltd.
 300  3,533 
JSB Co. Ltd.
 100  3,823 
JTEKT Corp.
 4,900  44,283 
Justsystems Corp.
 700  14,483 
JVCKenwood Corp.
 7,900  34,465 
Kadokawa Corp.
 900  21,149 
Kaga Electronics Co. Ltd.
 500  22,691 
81

Avantis Responsible International Equity ETF
Shares Value
Kakaku.com, Inc.
 600  $ 7,142 
Kamigumi Co. Ltd.
 900  20,271 
Kanamoto Co. Ltd.
 1,000  16,950 
Kanematsu Corp.
 2,400  33,782 
Kao Corp.
 2,400  92,706 
Kato Sangyo Co. Ltd.
 600  17,261 
KAWADA TECHNOLOGIES, Inc.
 300  12,517 
KDDI Corp.
 8,100  240,792 
Keihanshin Building Co. Ltd.
 300  2,626 
Keiyo Bank Ltd.
 3,400  13,893 
Kenko Mayonnaise Co. Ltd.
 100  984 
Keyence Corp.
 200  83,034 
KH Neochem Co. Ltd.
 2,400  37,371 
Kibun Foods, Inc.
 100  785 
Kirin Holdings Co. Ltd.
 5,700  80,024 
Kiyo Bank Ltd.
 900  9,326 
Koa Corp.(2)
 200  2,524 
Kohnan Shoji Co. Ltd.
 700  17,081 
Koito Manufacturing Co. Ltd.
 1,500  25,456 
Kojima Co. Ltd.(2)
 200  870 
Kokuyo Co. Ltd.
 2,400  37,292 
Komatsu Ltd.
 5,200  147,983 
KOMEDA Holdings Co. Ltd.(2)
 200  3,919 
Komeri Co. Ltd.
 400  8,446 
Komori Corp.
 600  4,519 
Konica Minolta, Inc.
 10,800  33,344 
Konoike Transport Co. Ltd.
 600  8,401 
KPP Group Holdings Co. Ltd.
 2,400  10,724 
Krosaki Harima Corp.
 200  13,067 
K's Holdings Corp.(2)
 2,800  25,810 
Kubota Corp.
 2,700  43,452 
Kurabo Industries Ltd.
 100  1,604 
Kuraray Co. Ltd.
 6,400  72,697 
Kurita Water Industries Ltd.
 1,000  38,955 
Kusuri no Aoki Holdings Co. Ltd.
 400  25,014 
KYB Corp.
 700  22,820 
Kyocera Corp.
 1,200  61,548 
Kyowa Kirin Co. Ltd.
 500  9,141 
Kyushu Financial Group, Inc.
 8,200  40,119 
Kyushu Railway Co.
 400  8,714 
Lasertec Corp.
 400  62,176 
Lawson, Inc.(2)
 1,100  52,504 
Leopalace21 Corp.(1)
 5,000  12,546 
Link & Motivation, Inc.
 100  317 
Lintec Corp.
 300  4,946 
Lion Corp.
 2,700  29,397 
Lixil Corp.
 2,900  36,324 
M3, Inc.
 1,000  19,933 
Mabuchi Motor Co. Ltd.
 100  3,061 
Macbee Planet, Inc.(1)
 100  12,802 
Macnica Holdings, Inc.
 1,200  56,146 
82

Avantis Responsible International Equity ETF
Shares Value
Macromill, Inc.
 200  $ 1,009 
Makita Corp.
 200  5,482 
Management Solutions Co. Ltd.
 100  2,645 
Mani, Inc.
 100  1,301 
MarkLines Co. Ltd.
 100  2,117 
Marubeni Corp.
 17,400  284,292 
Marudai Food Co. Ltd.
 200  2,345 
Marui Group Co. Ltd.
 3,100  53,657 
MARUKA FURUSATO Corp.
 300  5,835 
Maruwa Co. Ltd.
 200  37,206 
Maruzen Showa Unyu Co. Ltd.
 500  13,585 
Matsuda Sangyo Co. Ltd.
 100  1,543 
MatsukiyoCocokara & Co.
 200  11,776 
Maxell Ltd.
 2,400  26,011 
McDonald's Holdings Co. Japan Ltd.(2)
 700  27,854 
MCJ Co. Ltd.
 2,600  21,244 
Mebuki Financial Group, Inc.
 14,400  39,807 
Medical Data Vision Co. Ltd.
 300  1,540 
Medipal Holdings Corp.
 2,600  44,558 
Meidensha Corp.
 1,100  16,492 
MEIJI Holdings Co. Ltd.
 2,500  62,688 
Meiko Electronics Co. Ltd.
 300  7,346 
Meisei Industrial Co. Ltd.
 1,000  6,582 
Meitec Corp.
 600  10,504 
Meiwa Corp.
 300  1,364 
Menicon Co. Ltd.
 500  6,981 
Micronics Japan Co. Ltd.
 2,400  35,848 
MINEBEA MITSUMI, Inc.
 3,900  66,127 
Mirarth Holdings, Inc.
 600  1,927 
Miroku Jyoho Service Co. Ltd.
 200  2,099 
Mitsubishi Electric Corp.
 8,000  104,225 
Mitsubishi Estate Co. Ltd.
 3,600  45,853 
Mitsubishi Gas Chemical Co., Inc.
 2,400  32,689 
Mitsubishi Logistics Corp.
 1,100  29,210 
Mitsubishi Pencil Co. Ltd.
 200  2,648 
Mitsubishi Research Institute, Inc.
 100  3,445 
Mitsubishi Shokuhin Co. Ltd.
 600  16,428 
Mitsubishi UFJ Financial Group, Inc., ADR(2)
 44,951  356,461 
Mitsui Chemicals, Inc.
 2,700  73,194 
Mitsui E&S Co. Ltd.
 400  1,373 
Mitsui Fudosan Co. Ltd.
 3,100  67,869 
Mitsui Matsushima Holdings Co. Ltd.
 300  5,942 
Mitsui-Soko Holdings Co. Ltd.
 600  17,100 
Mixi, Inc.
 1,200  20,029 
Miyazaki Bank Ltd.
 700  12,575 
Mizuho Financial Group, Inc., ADR
 57,827  189,673 
Mizuho Medy Co. Ltd.
 100  1,868 
Mizuno Corp.
 300  9,567 
Monex Group, Inc.
 2,800  10,033 
MonotaRO Co. Ltd.
 300  3,543 
Morinaga & Co. Ltd.
 800  29,074 
83

Avantis Responsible International Equity ETF
Shares Value
Morinaga Milk Industry Co. Ltd.
 1,400  $ 57,302 
MS&AD Insurance Group Holdings, Inc.
 3,700  132,873 
m-up Holdings, Inc.
 200  2,043 
Murata Manufacturing Co. Ltd.
 2,500  139,858 
Musashi Seimitsu Industry Co. Ltd.
 1,300  15,451 
Nagase & Co. Ltd.
 2,400  41,129 
Namura Shipbuilding Co. Ltd.(2)
 2,100  13,188 
NEC Corp.
 3,400  179,217 
NEC Networks & System Integration Corp.
 900  12,001 
NET One Systems Co. Ltd.
 800  15,675 
Net Protections Holdings, Inc.(1)
 300  826 
Neturen Co. Ltd.
 2,400  16,615 
Nexon Co. Ltd.(2)
 500  10,144 
NGK Insulators Ltd.
 2,900  38,472 
NHK Spring Co. Ltd.
 4,200  32,563 
Nichias Corp.
 700  14,641 
Nichiha Corp.
 500  10,714 
Nichireki Co. Ltd.
 800  11,441 
Nidec Corp.
 400  20,814 
Nifco, Inc.
 2,400  70,742 
Nihon Chouzai Co. Ltd.
 200  1,881 
Nihon Dempa Kogyo Co. Ltd.
 400  4,260 
Nihon House Holdings Co. Ltd.
 200  515 
Nihon M&A Center Holdings, Inc.(2)
 2,400  13,332 
Nihon Parkerizing Co. Ltd.
 700  5,581 
Nikkon Holdings Co. Ltd.
 800  18,232 
Nikon Corp.
 2,400  25,884 
Nintendo Co. Ltd.
 3,500  150,069 
Nippon Carbon Co. Ltd.
 100  3,045 
Nippon Chemi-Con Corp.(1)
 300  2,887 
Nippon Coke & Engineering Co. Ltd.(1)
 2,800  2,171 
Nippon Denko Co. Ltd.
 2,400  4,578 
NIPPON EXPRESS HOLDINGS, Inc.
 1,600  83,087 
Nippon Pillar Packing Co. Ltd.
 300  8,647 
Nippon Seiki Co. Ltd.
 300  2,257 
Nippon Signal Company Ltd.
 300  1,987 
Nippon Soda Co. Ltd.
 300  11,095 
Nippon Telegraph & Telephone Corp.
 170,000  196,288 
Nippon Television Holdings, Inc.
 700  6,522 
Nippon Thompson Co. Ltd.(2)
 2,400  9,258 
Nipro Corp.
 3,000  24,845 
Nishimatsuya Chain Co. Ltd.(2)
 2,400  27,702 
Nishi-Nippon Railroad Co. Ltd.
 2,400  44,807 
Nishio Holdings Co. Ltd.(2)
 600  14,631 
Nissan Chemical Corp.
 500  21,415 
Nissha Co. Ltd.
 2,400  29,056 
Nissin Corp.
 600  10,623 
Nissin Foods Holdings Co. Ltd.
 100  8,733 
Niterra Co. Ltd.
 2,500  58,017 
Nitori Holdings Co. Ltd.
 200  22,766 
Nitto Boseki Co. Ltd.
 200  5,493 
84

Avantis Responsible International Equity ETF
Shares Value
Nitto Denko Corp.
 1,000  $ 68,223 
Nohmi Bosai Ltd.
 200  2,431 
Nojima Corp.
 3,100  27,211 
Nomura Co. Ltd.
 1,500  8,792 
Nomura Micro Science Co. Ltd.(2)
 400  16,000 
Noritsu Koki Co. Ltd.
 100  2,024 
Noritz Corp.
 1,800  19,760 
North Pacific Bank Ltd.
 4,700  9,889 
NS Solutions Corp.
 500  13,553 
NSD Co. Ltd.
 400  7,020 
NSK Ltd.
 8,400  48,899 
NTT Data Corp.
 3,000  40,337 
Oat Agrio Co. Ltd.
 100  1,197 
Obic Co. Ltd.
 100  17,387 
Ogaki Kyoritsu Bank Ltd.
 400  5,520 
Oisix ra daichi, Inc.(1)
 100  1,144 
Oita Bank Ltd.
 100  1,672 
Oji Holdings Corp.
 10,100  41,313 
Okamoto Machine Tool Works Ltd.
 100  3,810 
Okamura Corp.
 1,200  17,889 
Oki Electric Industry Co. Ltd.
 2,400  14,869 
Okinawa Cellular Telephone Co.
 1,200  25,974 
Olympus Corp.
 4,800  64,831 
Omron Corp.
 400  19,301 
Ono Pharmaceutical Co. Ltd.
 3,400  64,233 
Open House Group Co. Ltd.
 100  3,378 
Open Up Group, Inc.
 100  1,378 
Oracle Corp. Japan
 200  13,969 
Orient Corp.
 770  5,842 
Oriental Land Co. Ltd.
 500  18,011 
Oriental Shiraishi Corp.
 2,500  5,614 
ORIX Corp., ADR
 1,842  171,122 
Otsuka Corp.
 1,000  44,568 
Outsourcing, Inc.
 700  5,480 
Oyo Corp.
 100  1,869 
Pacific Industrial Co. Ltd.
 2,400  23,487 
Pack Corp.
 100  2,134 
PAL GROUP Holdings Co. Ltd.
 1,200  16,925 
PALTAC Corp.
 200  6,588 
Pan Pacific International Holdings Corp.
 3,100  61,768 
Park24 Co. Ltd.(1)
 2,400  33,850 
Pasona Group, Inc.
 200  2,242 
Pegasus Co. Ltd.
 400  1,629 
Persol Holdings Co. Ltd.
 2,400  41,019 
Pigeon Corp.
 200  2,318 
Pilot Corp.
 300  9,657 
Piolax, Inc.
 200  3,204 
Pola Orbis Holdings, Inc.
 200  2,582 
Premium Group Co. Ltd.
 300  3,357 
Press Kogyo Co. Ltd.(2)
 2,400  11,023 
Prestige International, Inc.
 2,400  9,675 
85

Avantis Responsible International Equity ETF
Shares Value
Qol Holdings Co. Ltd.
 1,000  $ 13,199 
Quick Co. Ltd.
 100  1,465 
Raccoon Holdings, Inc.
 100  519 
Rakus Co. Ltd.
 300  4,876 
Rakuten Group, Inc.(2)
 4,600  17,899 
Rasa Industries Ltd.
 100  1,385 
Recruit Holdings Co. Ltd.
 5,800  206,610 
Relo Group, Inc.
 800  9,370 
Remixpoint, Inc.
 400  605 
Renesas Electronics Corp.(1)
 5,900  98,292 
Rengo Co. Ltd.
 4,400  29,898 
Resona Holdings, Inc.
 18,200  96,415 
Resonac Holdings Corp.
 2,600  42,255 
Resorttrust, Inc.
 2,200  35,269 
Ricoh Co. Ltd.
 6,200  50,508 
Ricoh Leasing Co. Ltd.
 200  5,889 
Rion Co. Ltd.
 100  1,513 
Riso Kyoiku Co. Ltd.
 2,400  4,089 
Rock Field Co. Ltd.
 200  2,117 
Rohm Co. Ltd.
 800  66,726 
Roland DG Corp.
 100  2,375 
Ryobi Ltd.(2)
 800  15,557 
Ryoden Corp.
 100  1,630 
Ryohin Keikaku Co. Ltd.(2)
 2,400  30,941 
Ryosan Co. Ltd.
 500  14,536 
Sakai Chemical Industry Co. Ltd.
 100  1,349 
Sakai Moving Service Co. Ltd.
 100  3,729 
Sakura Internet, Inc.
 1,200  9,441 
Sala Corp.
 1,000  5,127 
San ju San Financial Group, Inc.
 100  1,198 
Sangetsu Corp.
 1,200  24,872 
San-In Godo Bank Ltd.
 3,000  18,883 
Sankyu, Inc.
 800  27,892 
Santen Pharmaceutical Co. Ltd.
 4,700  43,620 
Sanwa Holdings Corp.(2)
 3,500  53,257 
Sapporo Holdings Ltd.
 1,000  30,616 
Sato Holdings Corp.
 100  1,449 
SB Technology Corp.
 100  1,640 
SBS Holdings, Inc.
 500  10,498 
SCREEN Holdings Co. Ltd.
 800  81,449 
Scroll Corp.
 2,400  16,573 
SCSK Corp.
 600  10,401 
Secom Co. Ltd.
 700  48,991 
Seibu Holdings, Inc.
 4,400  46,531 
Seikitokyu Kogyo Co. Ltd.(2)
 800  9,137 
Seiko Epson Corp.
 3,800  59,502 
Seiko Group Corp.
 400  7,375 
Seino Holdings Co. Ltd.
 2,900  42,245 
Seiren Co. Ltd.
 200  3,298 
Sekisui House Ltd.
 2,400  48,911 
Sekisui Jushi Corp.
 100  1,726 
86

Avantis Responsible International Equity ETF
Shares Value
Senko Group Holdings Co. Ltd.
 2,900  $ 20,303 
Senshu Electric Co. Ltd.
 200  5,266 
Seria Co. Ltd.
 500  7,896 
SG Holdings Co. Ltd.
 4,200  60,668 
Sharp Corp.(1)
 4,300  26,470 
Shibaura Electronics Co. Ltd.
 100  4,471 
Shibaura Mechatronics Corp.
 100  17,610 
SHIFT, Inc.(1)
 100  20,564 
Shikoku Bank Ltd.
 100  637 
Shimadzu Corp.
 700  20,571 
Shimamura Co. Ltd.
 400  41,229 
Shimano, Inc.
 500  73,345 
Shin Nippon Biomedical Laboratories Ltd.(2)
 300  4,645 
Shindengen Electric Manufacturing Co. Ltd.
 100  2,130 
Shinsho Corp.
 100  3,896 
Shinwa Co. Ltd.
 100  1,539 
Shionogi & Co. Ltd.
 600  26,352 
Ship Healthcare Holdings, Inc.
 2,400  40,720 
Shiseido Co. Ltd.
 600  24,348 
Shizuoka Financial Group, Inc.
 4,500  36,568 
Shoei Co. Ltd.
 200  3,386 
Shofu, Inc.
 100  1,469 
SIGMAXYZ Holdings, Inc.
 500  5,612 
Siix Corp.
 1,100  11,884 
Sinfonia Technology Co. Ltd.
 700  7,570 
Sinko Industries Ltd.
 100  1,383 
Sintokogio Ltd.
 1,500  11,188 
SKY Perfect JSAT Holdings, Inc.
 2,800  12,729 
Skylark Holdings Co. Ltd.(1)
 2,400  33,587 
SMS Co. Ltd.
 500  9,629 
Socionext, Inc.
 200  24,746 
Sodick Co. Ltd.
 300  1,415 
Softbank Corp.
 7,800  89,456 
SoftBank Group Corp.
 200  8,963 
Softcreate Holdings Corp.
 200  2,414 
Sohgo Security Services Co. Ltd.
 4,500  28,695 
Solasto Corp.
 400  1,821 
Sompo Holdings, Inc.
 3,100  134,904 
Sony Group Corp., ADR
 7,122  592,479 
S-Pool, Inc.
 2,400  8,001 
Square Enix Holdings Co. Ltd.
 400  15,183 
Stanley Electric Co. Ltd.
 1,500  26,314 
Star Micronics Co. Ltd.
 2,400  30,969 
Starts Corp., Inc.
 1,000  20,985 
Stella Chemifa Corp.
 100  2,127 
Studio Alice Co. Ltd.
 100  1,460 
Subaru Corp.
 8,900  171,088 
Sugi Holdings Co. Ltd.
 400  17,952 
Sumida Corp.
 1,200  13,631 
Sumitomo Bakelite Co. Ltd.
 200  9,450 
Sumitomo Electric Industries Ltd.
 12,200  149,356 
87

Avantis Responsible International Equity ETF
Shares Value
Sumitomo Forestry Co. Ltd.
 2,400  $ 67,539 
Sumitomo Mitsui Financial Group, Inc., ADR
 33,318  303,194 
Sumitomo Mitsui Trust Holdings, Inc.
 3,100  116,122 
Sumitomo Realty & Development Co. Ltd.
 3,000  76,690 
Sumitomo Riko Co. Ltd.
 2,700  20,079 
Sumitomo Rubber Industries Ltd.
 2,600  27,401 
Sumitomo Seika Chemicals Co. Ltd.
 300  9,311 
Sumitomo Warehouse Co. Ltd.
 700  11,999 
Sun Frontier Fudousan Co. Ltd.
 2,400  23,770 
Sundrug Co. Ltd.
 1,000  29,560 
Suntory Beverage & Food Ltd.
 2,400  77,219 
Suzuken Co. Ltd.
 1,200  35,570 
Suzuki Motor Corp.
 2,400  94,302 
SWCC Corp.
 2,400  32,327 
Sysmex Corp.
 500  26,530 
Systena Corp.
 2,500  4,628 
Syuppin Co. Ltd.
 100  779 
T&D Holdings, Inc.
 3,400  53,888 
Tachibana Eletech Co. Ltd.
 700  12,758 
Tachi-S Co. Ltd.
 1,300  15,611 
Taisei Corp.
 3,000  100,968 
Taiyo Yuden Co. Ltd.
 700  19,460 
Takaoka Toko Co. Ltd.
 100  1,521 
Takara & Co. Ltd.
 200  3,224 
Takara Holdings, Inc.
 3,200  27,591 
Takasago Thermal Engineering Co. Ltd.
 2,400  48,273 
Takashimaya Co. Ltd.(2)
 3,200  48,043 
Takeda Pharmaceutical Co. Ltd., ADR(2)
 7,217  111,142 
Tama Home Co. Ltd.
 400  9,747 
Tamron Co. Ltd.
 500  15,438 
Tanseisha Co. Ltd.
 100  536 
TDK Corp.
 4,800  174,706 
TechMatrix Corp.
 400  4,511 
TechnoPro Holdings, Inc.
 2,400  58,861 
Teijin Ltd.
 3,500  35,539 
Teikoku Electric Manufacturing Co. Ltd.
 100  1,740 
Tera Probe, Inc.
 400  12,096 
TerraSky Co. Ltd.(1)
 100  1,418 
Terumo Corp.
 500  15,129 
TIS, Inc.
 2,500  58,941 
TKC Corp.
 200  5,049 
TOA ROAD Corp.
 400  13,723 
Toagosei Co. Ltd.
 2,400  22,865 
Tochigi Bank Ltd.
 1,200  2,418 
Toei Animation Co. Ltd.
 200  16,854 
Toho Bank Ltd.
 7,200  13,688 
Toho Co. Ltd.
 300  11,434 
Toho Co. Ltd.
 300  6,760 
Toho Holdings Co. Ltd.
 400  8,004 
Toho Zinc Co. Ltd.
 100  1,151 
Tokai Corp.
 100  1,296 
88

Avantis Responsible International Equity ETF
Shares Value
Tokai Rika Co. Ltd.
 300  $ 4,690 
Token Corp.
 200  10,527 
Tokio Marine Holdings, Inc.
 10,200  225,099 
Tokyo Century Corp.
 600  23,027 
Tokyo Electron Device Ltd.
 100  6,874 
Tokyo Electron Ltd.
 2,600  386,167 
Tokyo Individualized Educational Institute, Inc.
 200  669 
Tokyo Kiraboshi Financial Group, Inc.
 900  23,739 
Tokyo Tatemono Co. Ltd.
 4,000  52,514 
Tokyu Corp.
 3,400  42,965 
Tokyu Fudosan Holdings Corp.
 13,100  81,429 
Tomy Co. Ltd.
 2,700  43,811 
Topcon Corp.
 400  4,815 
Toppan, Inc.
 2,600  62,805 
Topre Corp.
 1,400  16,656 
Topy Industries Ltd.
 200  3,122 
Toray Industries, Inc.
 18,200  98,128 
Torex Semiconductor Ltd.
 100  1,599 
Torii Pharmaceutical Co. Ltd.
 100  2,575 
Torishima Pump Manufacturing Co. Ltd.
 1,000  13,011 
Tosei Corp.
 200  2,516 
Toshiba TEC Corp.
 100  2,432 
Totech Corp.
 400  14,380 
TOTO Ltd.
 100  2,742 
Towa Corp.
 200  5,035 
Toyo Corp.
 100  930 
Toyo Securities Co. Ltd.
 600  1,338 
Toyo Seikan Group Holdings Ltd.
 3,300  59,725 
Toyo Tanso Co. Ltd.
 100  4,085 
Toyo Tire Corp.
 1,400  21,077 
Toyobo Co. Ltd.
 2,400  17,418 
Toyoda Gosei Co. Ltd.
 2,400  51,770 
Toyota Boshoku Corp.
 1,500  28,348 
Toyota Industries Corp.
 900  63,548 
Toyota Motor Corp., ADR(2)
 2,004  344,948 
Toyota Tsusho Corp.
 2,800  166,680 
TPR Co. Ltd.
 300  3,765 
Trancom Co. Ltd.
 300  15,503 
Transcosmos, Inc.
 600  13,133 
TRE Holdings Corp.
 1,000  8,062 
Trend Micro, Inc.
 2,000  84,883 
Trusco Nakayama Corp.
 1,700  29,962 
TS Tech Co. Ltd.
 2,400  28,389 
TSI Holdings Co. Ltd.
 2,400  11,930 
Tsukuba Bank Ltd.
 2,400  3,983 
Tsuruha Holdings, Inc.(2)
 300  21,949 
TV Asahi Holdings Corp.
 400  4,549 
Tv Tokyo Holdings Corp.
 100  2,113 
Uchida Yoko Co. Ltd.
 400  17,840 
Ulvac, Inc.
 700  27,126 
Unicharm Corp.
 1,800  71,809 
89

Avantis Responsible International Equity ETF
Shares Value
Unipres Corp.
 2,400  $ 20,241 
United Arrows Ltd.
 900  13,342 
Unitika Ltd.(1)
 1,000  1,475 
Ushio, Inc.
 300  3,781 
USS Co. Ltd.
 2,700  47,148 
UT Group Co. Ltd.(1)
 700  11,639 
V Technology Co. Ltd.
 100  1,641 
Valqua Ltd.
 300  8,932 
ValueCommerce Co. Ltd.
 100  882 
Vector, Inc.
 500  4,607 
VT Holdings Co. Ltd.
 800  2,810 
Wacoal Holdings Corp.
 100  2,199 
Wakachiku Construction Co. Ltd.
 400  8,264 
Wakita & Co. Ltd.
 1,100  10,125 
Warabeya Nichiyo Holdings Co. Ltd.
 500  9,347 
Welcia Holdings Co. Ltd.
 100  1,840 
West Holdings Corp.
 600  11,656 
West Japan Railway Co.
 2,400  103,906 
Will Group, Inc.
 100  757 
World Co. Ltd.
 1,000  11,111 
World Holdings Co. Ltd.
 100  1,657 
Xebio Holdings Co. Ltd.
 100  700 
Yahagi Construction Co. Ltd.
 1,200  10,321 
YAKUODO Holdings Co. Ltd.
 100  1,762 
YAMABIKO Corp.
 1,200  12,128 
Yamada Holdings Co. Ltd.
 13,500  42,467 
Yamae Group Holdings Co. Ltd.
 600  16,599 
Yamaguchi Financial Group, Inc.
 4,100  32,529 
Yamaha Corp.
 100  3,084 
Yamaha Motor Co. Ltd.
 3,700  95,742 
Yamaichi Electronics Co. Ltd.
 300  3,784 
Yamanashi Chuo Bank Ltd.
 1,200  12,447 
Yamato Holdings Co. Ltd.
 2,800  52,595 
Yamazen Corp.
 2,400  18,810 
Yaoko Co. Ltd.
 400  21,084 
Yaskawa Electric Corp.(2)
 200  7,841 
Yellow Hat Ltd.
 400  5,182 
Yokogawa Electric Corp.
 1,000  19,801 
Yokohama Rubber Co. Ltd.
 2,500  50,798 
Yokorei Co. Ltd.
 600  5,440 
Yuasa Trading Co. Ltd.
 400  11,740 
Z Holdings Corp.
 19,100  57,355 
Zenkoku Hosho Co. Ltd.
 700  24,252 
Zenrin Co. Ltd.
 600  3,747 
Zeon Corp.(2)
 600  6,606 
ZIGExN Co. Ltd.
 600  2,378 
ZOZO, Inc.
 900  17,974 
21,442,568 
Netherlands — 3.7%
Aalberts NV
 1,935  80,379 
ABN AMRO Bank NV, CVA(2)
 6,752  99,321 
90

Avantis Responsible International Equity ETF
Shares Value
Adyen NV(1)
 140  $ 116,903 
Aegon NV, NY Shares(2)
 23,017  116,926 
AerCap Holdings NV(1)
 2,933  180,438 
Akzo Nobel NV
 1,832  148,728 
Allfunds Group PLC
 2,108  12,472 
Arcadis NV
 500  23,403 
ASM International NV
 194  93,386 
ASML Holding NV, NY Shares
 1,334  881,147 
ASR Nederland NV
 3,094  135,284 
B&S Group Sarl
 439  1,767 
Basic-Fit NV(1)
 1,004  30,595 
BE Semiconductor Industries NV
 1,249  143,366 
Brunel International NV
 907  12,227 
Coca-Cola Europacific Partners PLC
 725  46,480 
Constellium SE(1)
 3,132  56,376 
Corbion NV
 389  9,304 
DSM-Firmenich AG
 927  85,748 
Flow Traders Ltd.
 580  11,748 
Heineken Holding NV
 104  8,322 
Heineken NV
 628  61,048 
IMCD NV
 224  30,852 
ING Groep NV, ADR
 31,043  439,259 
InPost SA(1)
 536  6,299 
Just Eat Takeaway.com NV(1)(2)
 1,372  19,271 
Koninklijke Ahold Delhaize NV
 8,685  284,086 
Koninklijke BAM Groep NV
 6,587  14,031 
Koninklijke KPN NV
 32,524  113,814 
Koninklijke Philips NV, NY Shares(1)(2)
 2,985  66,655 
NN Group NV
 2,390  92,004 
Ordina NV
 596  3,705 
Pharming Group NV(1)
 14,953  18,997 
PostNL NV
 102  238 
Prosus NV(1)
 1,130  77,941 
Randstad NV
 729  42,781 
Signify NV
 146  4,127 
TKH Group NV, CVA
 555  25,550 
TomTom NV(1)
 192  1,524 
Universal Music Group NV
 2,965  73,512 
Van Lanschot Kempen NV
 82  2,428 
Wolters Kluwer NV
 248  29,882 
3,702,324 
New Zealand — 0.3%
Arvida Group Ltd.
 3,488  2,562 
Auckland International Airport Ltd.(1)
 4,139  19,271 
Chorus Ltd.
 8,061  38,559 
EBOS Group Ltd.
 909  20,569 
Fisher & Paykel Healthcare Corp. Ltd.
 1,849  24,972 
Fletcher Building Ltd.
 11,227  32,318 
KMD Brands Ltd.(2)
 6,373  3,154 
Mercury NZ Ltd.
 9,144  33,840 
Meridian Energy Ltd.
 6,287  20,111 
91

Avantis Responsible International Equity ETF
Shares Value
Spark New Zealand Ltd.
 18,919  $ 57,236 
252,592 
Norway — 0.8%
2020 Bulkers Ltd.(1)
 507  4,329 
ABG Sundal Collier Holding ASA
 1,757  864 
Adevinta ASA(1)
 529  3,753 
Atea ASA(1)
 655  8,135 
B2Holding ASA
 2,134  1,356 
Bakkafrost P
 106  5,341 
Belships ASA
 2,239  3,381 
Borregaard ASA
 1,132  16,481 
DNB Bank ASA
 5,958  117,769 
Elopak ASA
 1,363  2,794 
Europris ASA
 1,062  6,044 
Gjensidige Forsikring ASA
 725  11,258 
Gram Car Carriers ASA(1)
 444  6,783 
Grieg Seafood ASA
 249  1,758 
Kid ASA
 326  2,584 
Kitron ASA
 5,032  17,848 
Kongsberg Automotive ASA(1)
 14,812  3,207 
Kongsberg Gruppen ASA
 454  18,832 
Leroy Seafood Group ASA
 1,254  5,177 
Mowi ASA
 3,676  66,636 
Nordic Semiconductor ASA(1)
 1,059  12,862 
Norsk Hydro ASA
 13,155  72,785 
Norske Skog ASA(1)(2)
 1,985  8,169 
OKEA ASA
 920  3,391 
Orkla ASA
 2,500  19,086 
Petronor E&P ASA(1)
 100  78 
Protector Forsikring ASA
 2,073  33,050 
Rana Gruber ASA
 505  2,745 
Salmar ASA
 558  27,241 
Scatec ASA
 4,258  28,392 
Schibsted ASA, B Shares
 2,060  40,375 
Schibsted ASA, Class A
 1,673  35,503 
Siem Offshore, Inc.(1)
 806  1,726 
Solstad Offshore ASA(1)
 1,565  3,037 
SpareBank 1 Nord Norge
 2,248  20,155 
Sparebank 1 Oestlandet
 303  3,815 
SpareBank 1 SMN
 2,431  32,123 
SpareBank 1 SR-Bank ASA
 2,457  29,704 
Storebrand ASA
 9,205  73,760 
Telenor ASA
 4,552  48,735 
TGS ASA
 2,305  29,835 
TOMRA Systems ASA
 484  6,635 
Veidekke ASA
 1,850  17,510 
855,042 
Portugal — 0.2%
Altri SGPS SA(2)
 1,684  8,290 
Banco Comercial Portugues SA, R Shares(1)
 144,551  40,332 
Corticeira Amorim SGPS SA
 1,551  17,019 
92

Avantis Responsible International Equity ETF
Shares Value
CTT-Correios de Portugal SA
 312  $ 1,144 
EDP Renovaveis SA
 1,474  26,958 
Jeronimo Martins SGPS SA
 1,241  31,635 
Navigator Co. SA
 6,579  24,073 
NOS SGPS SA
 3,160  11,905 
Sonae SGPS SA
 21,519  22,669 
184,025 
Singapore — 1.3%
AEM Holdings Ltd.
 200  520 
Aztech Global Ltd.
 6,100  3,677 
Capitaland India Trust
 13,092  11,234 
Capitaland Investment Ltd.
 36,900  88,394 
City Developments Ltd.
 3,400  16,797 
ComfortDelGro Corp. Ltd.
 89,300  83,845 
DBS Group Holdings Ltd.
 11,300  278,134 
Food Empire Holdings Ltd.
 13,800  10,510 
Frencken Group Ltd.
 12,600  9,678 
Hong Fok Corp. Ltd.
 14,700  10,546 
Hour Glass Ltd.
 3,000  4,347 
Hutchison Port Holdings Trust, U Shares
 166,300  27,593 
iFAST Corp. Ltd.
 2,100  8,819 
Maxeon Solar Technologies Ltd.(1)
 268  4,224 
Netlink NBN Trust
 22,300  14,270 
Oversea-Chinese Banking Corp. Ltd.
 20,200  187,422 
Samudera Shipping Line Ltd.(2)
 4,600  2,517 
SATS Ltd.(1)(2)
 8,780  16,812 
Sea Ltd., ADR(1)
 878  33,039 
Sheng Siong Group Ltd.
 10,500  11,806 
SIA Engineering Co. Ltd.
 1,100  1,952 
Singapore Exchange Ltd.
 6,200  44,137 
Singapore Post Ltd.
 57,900  21,209 
Singapore Technologies Engineering Ltd.
 18,600  52,406 
Singapore Telecommunications Ltd.
 33,000  57,982 
Stamford Land Corp. Ltd.
 3,700  1,040 
StarHub Ltd.
 4,200  3,169 
UMS Holdings Ltd.
 7,800  7,206 
United Overseas Bank Ltd.
 12,500  262,592 
UOL Group Ltd.
 8,700  42,712 
Venture Corp. Ltd.
 2,400  23,262 
Yanlord Land Group Ltd.(1)
 14,100  7,038 
Yoma Strategic Holdings Ltd.(1)
 28,600  1,840 
1,350,729 
Spain — 2.3%
Acciona SA
 251  35,873 
Aena SME SA
 889  139,748 
Almirall SA
 1,171  11,884 
Amadeus IT Group SA
 1,728  118,564 
Applus Services SA
 1,514  15,545 
Atresmedia Corp. de Medios de Comunicacion SA
 1,769  7,027 
Banco Bilbao Vizcaya Argentaria SA, ADR
 43,110  342,293 
Banco de Sabadell SA
 59,732  69,084 
93

Avantis Responsible International Equity ETF
Shares Value
Banco Santander SA, ADR(2)
 74,422  $ 288,013 
Bankinter SA
 5,626  36,061 
CaixaBank SA
 15,554  62,997 
Cellnex Telecom SA(1)
 1,419  54,270 
CIE Automotive SA
 187  5,687 
Construcciones y Auxiliar de Ferrocarriles SA
 498  17,871 
Corp. ACCIONA Energias Renovables SA
 372  11,054 
eDreams ODIGEO SA(1)
 187  1,337 
Ence Energia y Celulosa SA
 2,191  6,976 
Endesa SA
 4,567  94,847 
Ercros SA(2)
 1,036  3,381 
Ferrovial SE
 528  16,747 
Fluidra SA
 216  4,857 
Gestamp Automocion SA
 5,413  24,197 
Global Dominion Access SA
 1,092  4,368 
Grifols SA(1)
 528  7,234 
Grupo Catalana Occidente SA
 364  12,071 
Iberdrola SA
 25,551  303,105 
Industria de Diseno Textil SA
 5,591  214,199 
Laboratorios Farmaceuticos Rovi SA
 188  10,686 
Mapfre SA
 10,430  22,062 
Melia Hotels International SA(1)
 3,689  24,142 
Neinor Homes SA(1)
 841  8,420 
Pharma Mar SA
 229  8,864 
Prosegur Cash SA(2)
 3,341  2,156 
Prosegur Cia de Seguridad SA
 2,207  3,852 
Redeia Corp. SA
 6,502  105,588 
Sacyr SA
 12,021  38,281 
Telefonica SA, ADR(2)
 34,444  140,876 
Viscofan SA
 556  36,137 
2,310,354 
Sweden — 3.0%
AcadeMedia AB
 178  821 
AddLife AB, B Shares
 242  1,669 
AddTech AB, B Shares
 1,253  21,169 
Alfa Laval AB
 957  33,600 
Ambea AB
 522  1,783 
Arise AB
 921  3,403 
Assa Abloy AB, Class B
 2,506  56,400 
Atlas Copco AB, A Shares
 9,237  122,124 
Atlas Copco AB, B Shares
 5,372  61,846 
Atrium Ljungberg AB, B Shares
 429  7,802 
Avanza Bank Holding AB(2)
 2,531  48,867 
Axfood AB
 1,243  30,024 
Beijer Alma AB
 36  565 
Beijer Ref AB
 845  9,686 
Bilia AB, A Shares
 1,587  15,166 
Billerud Aktiebolag
 3,148  25,718 
BioArctic AB(1)
 349  9,911 
BioGaia AB, B Shares
 906  8,268 
Boliden AB
 3,265  86,818 
94

Avantis Responsible International Equity ETF
Shares Value
Bonava AB, B Shares(2)
 634  $ 1,036 
Boozt AB(1)
 2,094  19,332 
Bravida Holding AB
 843  5,996 
Bufab AB
 689  18,529 
Bure Equity AB
 445  8,922 
Byggmax Group AB(1)
 781  2,293 
Castellum AB(2)
 1,516  16,160 
Catena AB
 495  18,053 
Catena Media PLC(1)(2)
 842  1,380 
Cibus Nordic Real Estate AB(2)
 483  5,199 
Cint Group AB(1)
 43  37 
Clas Ohlson AB, B Shares
 2,008  18,430 
Cloetta AB, B Shares
 3,523  5,939 
Coor Service Management Holding AB
 835  3,563 
Corem Property Group AB, B Shares(2)
 4,655  3,403 
Dios Fastigheter AB
 1,274  7,939 
Electrolux AB, B Shares
 2,567  28,230 
Electrolux Professional AB, B Shares
 757  4,071 
Elekta AB, B Shares
 3,223  23,018 
Embracer Group AB(1)(2)
 1,324  3,205 
Epiroc AB, A Shares
 3,201  61,412 
Epiroc AB, B Shares
 1,898  31,067 
EQT AB
 770  15,478 
Essity AB, B Shares
 3,467  80,941 
Fabege AB
 1,408  12,051 
Fastighets AB Balder, B Shares(1)
 3,387  16,189 
Fortnox AB
 4,215  21,894 
G5 Entertainment AB
 159  2,474 
Getinge AB, B Shares
 3,575  61,981 
Granges AB
 3,695  35,211 
H & M Hennes & Mauritz AB, B Shares
 6,256  95,517 
Hemnet Group AB
 1,069  19,373 
Hexagon AB, B Shares
 3,651  32,597 
Hexatronic Group AB
 579  3,142 
Hexpol AB
 2,283  22,475 
HMS Networks AB
 186  7,452 
Hoist Finance AB(1)
 1,097  2,964 
Holmen AB, B Shares
 414  15,692 
Hufvudstaden AB, A Shares
 951  10,978 
Husqvarna AB, B Shares
 3,893  33,517 
Industrivarden AB, A Shares
 574  14,952 
Indutrade AB
 1,171  22,473 
Instalco AB
 757  2,575 
Investment AB Latour, B Shares
 156  2,835 
Inwido AB
 1,583  16,529 
JM AB
 476  6,267 
Karnov Group AB(1)
 619  2,531 
Lindab International AB
 617  9,059 
Loomis AB
 1,286  34,091 
MEKO AB
 478  4,294 
Millicom International Cellular SA, SDR(1)
 1,837  29,225 
95

Avantis Responsible International Equity ETF
Shares Value
MIPS AB
 547  $ 20,206 
Modern Times Group MTG AB, B Shares(1)
 2,283  15,495 
Mycronic AB
 1,286  26,331 
NCC AB, B Shares
 1,599  16,441 
Neobo Fastigheter AB(1)
 672  675 
New Wave Group AB, B Shares
 1,166  8,303 
Nibe Industrier AB, B Shares
 2,064  15,449 
Nobia AB(1)
 1,962  1,649 
Nordea Bank Abp
 15,870  173,860 
Note AB(1)
 37  588 
NP3 Fastigheter AB
 692  10,627 
Nyfosa AB
 3,186  20,005 
Pandox AB
 1,188  13,193 
Paradox Interactive AB
 517  13,184 
Platzer Fastigheter Holding AB, B Shares
 633  4,216 
Resurs Holding AB
 2,541  5,564 
Saab AB, B Shares
 1,110  58,513 
Samhallsbyggnadsbolaget i Norden AB(2)
 15,467  4,957 
Samhallsbyggnadsbolaget i Norden AB, D Shares
 990  313 
Sandvik AB
 6,246  118,123 
Scandic Hotels Group AB(1)
 1,741  5,640 
Sectra AB, B Shares(1)
 1,468  22,928 
Securitas AB, B Shares
 1,380  11,228 
Sinch AB(1)
 13,478  28,288 
Skandinaviska Enskilda Banken AB, A Shares
 9,020  104,574 
Skanska AB, B Shares
 4,311  63,107 
SKF AB, B Shares
 5,053  81,815 
SkiStar AB
 762  8,124 
Spotify Technology SA(1)
 182  28,023 
Stillfront Group AB(1)
 1,286  2,113 
Svenska Cellulosa AB SCA, B Shares
 2,933  39,044 
Svenska Handelsbanken AB, A Shares
 10,820  90,283 
Sweco AB, B Shares
 541  5,266 
Swedbank AB, A Shares
 6,665  117,955 
Synsam AB
 483  1,810 
Tele2 AB, B Shares
 2,387  16,864 
Telefonaktiebolaget LM Ericsson, ADR(2)
 15,468  79,815 
Telia Co. AB
 23,824  48,096 
Thule Group AB
 178  5,145 
Tobii Dynavox AB(1)
 468  1,234 
Troax Group AB
 931  14,927 
Truecaller AB, B Shares(1)(2)
 861  2,696 
Viaplay Group AB, B Shares(1)(2)
 270  1,265 
Vitec Software Group AB, B Shares
 439  23,700 
Vitrolife AB
 45  612 
Volvo AB, A Shares
 1,215  24,851 
Volvo AB, B Shares
 9,169  184,788 
Volvo Car AB, Class B(1)
 5,070  19,249 
Wallenstam AB, B Shares
 2,146  7,736 
Wihlborgs Fastigheter AB
 4,318  33,176 
3,069,655 
96

Avantis Responsible International Equity ETF
Shares Value
Switzerland — 8.4%
ABB Ltd., ADR
 1,588  $ 60,201 
Adecco Group AG
 599  25,766 
Alcon, Inc.
 1,678  140,045 
Allreal Holding AG
 190  33,166 
ALSO Holding AG
 166  40,317 
ams-OSRAM AG(1)
 6,253  43,828 
Arbonia AG
 340  3,595 
Ascom Holding AG
 1,071  13,188 
Autoneum Holding AG(1)
 29  4,322 
Baloise Holding AG
 557  87,015 
Banque Cantonale Vaudoise
 368  39,871 
Barry Callebaut AG
 29  50,534 
Belimo Holding AG
 107  56,282 
Bossard Holding AG, Class A
 44  10,076 
Bucher Industries AG
 65  26,647 
Burckhardt Compression Holding AG
 85  50,019 
Bystronic AG
 26  17,526 
Calida Holding AG
 67  2,399 
Cembra Money Bank AG
 503  36,623 
Chocoladefabriken Lindt & Spruengli AG
 1  117,820 
Chocoladefabriken Lindt & Spruengli AG, Participation Certificate
 5  59,764 
Cie Financiere Richemont SA, Class A
 3,376  478,857 
Clariant AG
 1,585  26,368 
Comet Holding AG
 76  19,488 
Daetwyler Holding AG, Bearer Shares
 172  35,826 
DKSH Holding AG
 478  36,530 
dormakaba Holding AG
 95  49,708 
Flughafen Zurich AG
 222  45,686 
Forbo Holding AG
 24  32,414 
Geberit AG
 254  131,456 
Georg Fischer AG
 1,089  70,371 
Givaudan SA
 5  16,655 
Helvetia Holding AG
 452  68,738 
Huber & Suhner AG
 192  14,789 
Idorsia Ltd.(1)(2)
 229  1,246 
Implenia AG
 329  11,720 
Inficon Holding AG
 44  56,103 
Interroll Holding AG
 10  29,801 
Intershop Holding AG
 6  4,074 
Julius Baer Group Ltd.
 2,988  207,395 
Kardex Holding AG
 24  5,510 
Kuehne + Nagel International AG
 646  194,087 
LEM Holding SA
 15  33,843 
Leonteq AG(2)
 188  8,466 
Logitech International SA
 1,481  102,459 
Lonza Group AG
 208  114,731 
Meier Tobler Group AG
 238  11,519 
Mobilezone Holding AG
 811  12,652 
Mobimo Holding AG
 71  20,749 
Nestle SA
 5,153  619,594 
97

Avantis Responsible International Equity ETF
Shares Value
Novartis AG, ADR
 9,746  $ 979,278 
OC Oerlikon Corp. AG
 3,162  15,515 
Orior AG
 237  20,214 
Partners Group Holding AG
 328  353,553 
Peach Property Group AG(1)(2)
 82  1,316 
PSP Swiss Property AG
 485  58,925 
Roche Holding AG
 3,492  1,024,861 
Roche Holding AG, Bearer Shares
 135  42,074 
Schindler Holding AG
 202  42,386 
Schindler Holding AG, Bearer Participation Certificate
 342  76,163 
Schweiter Technologies AG
 6  4,320 
SFS Group AG
 251  28,750 
SGS SA
 1,054  95,727 
Siegfried Holding AG
 77  69,511 
SIG Group AG
 614  16,152 
Sika AG
 145  40,974 
Softwareone Holding AG
 1,264  25,226 
Sonova Holding AG
 167  44,127 
St. Galler Kantonalbank AG
 46  25,711 
Stadler Rail AG
 1,363  55,398 
Straumann Holding AG
 603  91,167 
Swatch Group AG
 639  34,045 
Swatch Group AG, Bearer Shares
 353  99,101 
Swiss Life Holding AG
 340  212,930 
Swiss Prime Site AG
 922  88,534 
Swiss Re AG
 1,779  172,754 
Swisscom AG
 387  235,640 
Tecan Group AG
 24  9,569 
Temenos AG
 676  53,577 
TX Group AG
 27  2,828 
u-blox Holding AG
 166  14,798 
UBS Group AG(1)(2)
 21,624  577,577 
Valiant Holding AG
 233  24,986 
Vontobel Holding AG
 412  25,500 
Zehnder Group AG
 114  7,539 
Zurich Insurance Group AG
 1,059  496,558 
8,547,123 
United Kingdom — 13.3%
3i Group PLC
 17,226  433,776 
4imprint Group PLC
 723  46,642 
abrdn PLC
 17,947  37,439 
Admiral Group PLC
 3,871  121,952 
Advanced Medical Solutions Group PLC
 559  1,801 
AG Barr PLC
 1,381  8,526 
Airtel Africa PLC
 6,799  9,813 
AJ Bell PLC
 8,491  31,161 
Alliance Pharma PLC
 3,241  1,965 
Anglo American PLC
 12,765  339,443 
Antofagasta PLC
 3,727  68,256 
Ascential PLC(1)
 724  1,838 
Ashmore Group PLC
 5,400  13,245 
98

Avantis Responsible International Equity ETF
Shares Value
Ashtead Group PLC
 6,069  $ 423,363 
ASOS PLC(1)(2)
 413  2,281 
Aston Martin Lagonda Global Holdings PLC(1)
 1,549  6,976 
AstraZeneca PLC, ADR
 11,287  765,484 
Auto Trader Group PLC
 10,397  79,729 
Aviva PLC
 15,725  74,611 
B&M European Value Retail SA
 13,504  98,688 
BAE Systems PLC
 10,448  132,980 
Balfour Beatty PLC
 5,465  22,627 
Bank of Georgia Group PLC
 1,031  45,482 
Barclays PLC, ADR
 46,895  352,181 
Barratt Developments PLC
 6,410  36,745 
Beazley PLC
 6,440  44,464 
Bellway PLC
 1,544  41,724 
Berkeley Group Holdings PLC
 1,078  55,383 
boohoo Group PLC(1)
 1,979  892 
Britvic PLC
 5,772  64,166 
BT Group PLC
 80,676  118,022 
Bunzl PLC
 1,040  37,241 
Burberry Group PLC
 7,697  212,511 
Burford Capital Ltd.
 2,121  29,266 
Bytes Technology Group PLC
 4,644  28,530 
Capital Ltd.
 2,763  2,883 
Centrica PLC
 66,593  127,816 
Chesnara PLC
 1,632  5,636 
Clarkson PLC
 452  15,501 
Close Brothers Group PLC
 3,059  31,750 
CMC Markets PLC
 3,084  4,133 
Coats Group PLC
 54,768  53,169 
Coca-Cola HBC AG
 3,605  103,849 
Compass Group PLC
 2,777  70,027 
Computacenter PLC
 1,854  51,187 
ConvaTec Group PLC
 7,981  23,425 
Crest Nicholson Holdings PLC
 5,438  12,414 
Croda International PLC
 773  53,985 
Darktrace PLC(1)
 1,601  7,287 
De La Rue PLC(1)
 1,205  850 
Dechra Pharmaceuticals PLC
 23  1,106 
Deliveroo PLC(1)
 6,314  9,039 
DFS Furniture PLC
 3,807  5,299 
Diageo PLC, ADR
 2,746  454,875 
Direct Line Insurance Group PLC(1)
 15,285  31,323 
Domino's Pizza Group PLC
 1,320  6,598 
dotdigital group PLC
 1,957  2,104 
Dr. Martens PLC
 1,120  2,225 
Drax Group PLC
 7,865  54,917 
DS Smith PLC
 26,402  104,231 
Dunelm Group PLC
 3,401  50,097 
Elementis PLC(1)
 1,342  1,939 
EMIS Group PLC
 1,003  24,320 
Ergomed PLC(1)
 673  8,975 
99

Avantis Responsible International Equity ETF
Shares Value
Experian PLC
 4,592  $ 160,369 
Firstgroup PLC
 23,592  43,248 
Forterra PLC
 6,505  13,769 
Frasers Group PLC(1)
 2,831  28,908 
Frontier Developments PLC(1)
 129  550 
Funding Circle Holdings PLC(1)
 1,437  790 
Games Workshop Group PLC
 918  125,704 
Gamma Communications PLC
 1,733  23,516 
Genus PLC
 42  1,236 
Georgia Capital PLC(1)
 454  5,587 
Golar LNG Ltd.
 1,836  40,576 
Grafton Group PLC
 4,958  54,158 
Grainger PLC
 5,685  16,987 
Greggs PLC
 2,989  93,181 
GSK PLC, ADR
 3,912  137,429 
Gym Group PLC(1)
 1,207  1,695 
Haleon PLC
 29,019  118,819 
Haleon PLC, ADR(2)
 14,778  121,475 
Halfords Group PLC
 3,188  7,375 
Halma PLC
 139  3,768 
Hargreaves Lansdown PLC
 6,594  63,455 
Hays PLC
 33,719  45,672 
Helios Towers PLC(1)
 15,212  17,544 
Hikma Pharmaceuticals PLC
 3,554  98,173 
Hill & Smith PLC
 2,213  50,127 
Hiscox Ltd.
 4,379  55,250 
Hollywood Bowl Group PLC
 5,942  17,834 
Howden Joinery Group PLC
 12,695  118,730 
HSBC Holdings PLC, ADR(2)
 19,609  731,808 
Ibstock PLC
 8,645  16,288 
IG Group Holdings PLC
 7,107  60,830 
IMI PLC
 2,484  47,140 
Impax Asset Management Group PLC
 2,946  19,935 
Inchcape PLC
 6,184  59,685 
Informa PLC
 784  7,244 
Intermediate Capital Group PLC
 3,799  64,923 
International Distributions Services PLC(1)
 16,758  51,465 
Intertek Group PLC
 1,551  81,225 
Investec PLC
 8,231  48,618 
IOG PLC(1)
 7,050  156 
IP Group PLC
 11,131  8,267 
IWG PLC(1)
 12,072  27,357 
J D Wetherspoon PLC(1)
 2,459  22,543 
J Sainsbury PLC
 33,611  114,941 
JD Sports Fashion PLC
 42,830  78,614 
Johnson Matthey PLC
 1,902  39,212 
Johnson Service Group PLC
 19,748  29,742 
Jubilee Metals Group PLC(1)
 6,918  622 
Jupiter Fund Management PLC
 3,226  4,060 
Just Group PLC
 14,321  13,659 
Kainos Group PLC
 1,353  20,794 
100

Avantis Responsible International Equity ETF
Shares Value
Kingfisher PLC
 21,044  $ 62,364 
Lancashire Holdings Ltd.
 3,430  24,855 
Legal & General Group PLC
 29,084  80,356 
Liontrust Asset Management PLC
 2,338  19,461 
Lloyds Banking Group PLC, ADR
 167,191  351,101 
London Stock Exchange Group PLC
 747  77,280 
Lookers PLC
 7,801  12,714 
Luxfer Holdings PLC
 63  758 
M&G PLC
 19,617  47,382 
Man Group PLC
 28,086  75,268 
Marks & Spencer Group PLC(1)
 51,953  149,011 
Marshalls PLC
 1,063  3,696 
Marston's PLC(1)
 10,519  4,262 
Me Group International PLC
 4,473  8,985 
Mears Group PLC
 3,349  11,856 
Metro Bank Holdings PLC(1)
 840  1,103 
Mitchells & Butlers PLC(1)
 4,515  12,612 
Molten Ventures PLC(1)
 3,719  11,442 
Mondi PLC
 6,602  109,665 
Moneysupermarket.com Group PLC
 8,606  27,058 
Morgan Sindall Group PLC
 1,223  30,509 
National Grid PLC, ADR(2)
 4,287  270,981 
NatWest Group PLC, ADR(2)
 30,046  176,971 
Next 15 Group PLC
 2,022  15,808 
Next PLC
 2,313  204,420 
Ninety One PLC
 6,996  15,166 
Ocado Group PLC(1)
 119  1,311 
OSB Group PLC
 8,699  37,536 
Oxford Nanopore Technologies PLC(1)
 3,219  9,718 
Pagegroup PLC
 9,450  50,117 
Paragon Banking Group PLC
 4,737  31,574 
PayPoint PLC
 2,076  14,462 
Pearson PLC, ADR(2)
 5,327  56,306 
Pendragon PLC(1)
 8,739  2,066 
Pennon Group PLC
 3,823  31,194 
Persimmon PLC
 2,659  35,847 
Pets at Home Group PLC
 2,474  11,808 
Phoenix Group Holdings PLC
 3,744  24,663 
Plus500 Ltd.
 2,781  50,295 
Prax Exploration & Production PLC(1)
 44,885  1,006 
Premier Foods PLC
 7,225  11,288 
Prudential PLC, ADR(2)
 2,890  71,412 
QinetiQ Group PLC
 9,444  39,778 
Quilter PLC
 31,125  33,677 
Rathbones Group PLC
 796  17,730 
Reach PLC
 3,674  3,412 
Reckitt Benckiser Group PLC
 4,027  290,611 
Redde Northgate PLC
 7,718  31,379 
Redrow PLC
 3,393  20,396 
RELX PLC, ADR
 7,967  259,167 
Renewi PLC(1)
 516  3,140 
101

Avantis Responsible International Equity ETF
Shares Value
Renishaw PLC
 164  $ 7,550 
Rentokil Initial PLC
 5,296  40,321 
Restaurant Group PLC(1)
 11,435  6,147 
Restore PLC
 914  2,026 
Ricardo PLC
 1,761  11,372 
Rightmove PLC
 9,826  69,551 
Rolls-Royce Holdings PLC(1)
 23,886  67,008 
RS Group PLC
 3,386  32,537 
RWS Holdings PLC
 1,758  5,363 
Sage Group PLC
 4,449  54,672 
Savills PLC
 486  5,602 
Schroders PLC
 5,381  27,994 
Senior PLC
 919  2,096 
Severn Trent PLC
 2,339  71,031 
SIG PLC(1)
 42,008  17,904 
Sirius Real Estate Ltd.
 7,307  8,054 
Smart Metering Systems PLC
 946  8,228 
Smith & Nephew PLC, ADR(2)
 3,608  97,200 
Smiths Group PLC
 1,809  37,518 
Softcat PLC
 1,889  35,923 
Speedy Hire PLC
 6,741  2,990 
Spirax-Sarco Engineering PLC
 232  29,730 
Spirent Communications PLC
 6,712  13,333 
SSP Group PLC(1)
 7,504  22,338 
St. James's Place PLC
 9,659  108,005 
Standard Chartered PLC
 28,954  260,520 
SThree PLC
 1,985  8,942 
Strix Group PLC
 2,459  2,801 
Superdry PLC(1)
 774  550 
Synthomer PLC(1)
 2,999  2,428 
Taylor Wimpey PLC
 47,895  69,218 
TBC Bank Group PLC
 1,175  42,317 
Telecom Plus PLC
 1,342  27,022 
THG PLC(1)(2)
 20,037  24,950 
TI Fluid Systems PLC
 4,617  7,398 
Travis Perkins PLC
 1,373  14,935 
Tremor International Ltd.(1)(2)
 888  1,728 
TUI AG(1)
 1,096  6,500 
Tyman PLC
 503  1,883 
Unilever PLC, ADR
 7,344  374,691 
United Utilities Group PLC
 2,468  29,554 
Vanquis Banking Group PLC
 8,506  11,157 
Vertu Motors PLC
 8,457  7,466 
Vesuvius PLC
 4,774  26,627 
Virgin Money UK PLC
 26,131  53,722 
Vistry Group PLC
 4,491  44,436 
Vodafone Group PLC, ADR
 22,448  209,215 
Watkin Jones PLC
 1,239  735 
Weir Group PLC
 3,761  87,179 
WH Smith PLC
 1,419  26,309 
Whitbread PLC
 1,806  78,549 
102

Avantis Responsible International Equity ETF
Shares Value
Wickes Group PLC
 13,385  $ 23,784 
Wincanton PLC
 518  1,568 
Wise PLC, Class A(1)
 14,839  120,114 
WPP PLC, ADR(2)
 759  36,736 
XP Power Ltd.
 556  15,120 
Yellow Cake PLC(1)
 4,663  27,533 
YouGov PLC
 1,000  11,016 
13,511,389 
United States — 0.1%
Atlassian Corp., Class A(1)
 568  115,906 
Gen Digital, Inc.
 2  41 
Resolute Forest Products, Inc.(1)
 1,220  1,568 
117,515 
TOTAL COMMON STOCKS
(Cost $93,953,517)
 101,203,449 
RIGHTS†
Canada†
Constellation Software, Inc.(1)
(Cost $64)
 144  80 
WARRANTS†
Australia†
Magellan Financial Group Ltd.(1)(2)
 4  1 
Canada†
Constellation Software, Inc.(1)
 144  1 
TOTAL WARRANTS
(Cost $—)
 2 
SHORT-TERM INVESTMENTS — 2.4%
Money Market Funds — 2.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 46,804  46,804 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 2,441,295  2,441,295 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,488,099)
 2,488,099 
TOTAL INVESTMENT SECURITIES — 102.1%
(Cost $96,441,680)
 103,691,630 
OTHER ASSETS AND LIABILITIES — (2.1)%
 (2,140,815)
TOTAL NET ASSETS — 100.0%
 $ 101,550,815 


103

Avantis Responsible International Equity ETF

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials 26.7%
Industrials 18.7%
Consumer Discretionary 12.6%
Information Technology 9.2%
Health Care 8.7%
Consumer Staples 7.2%
Materials 7.2%
Communication Services 5.2%
Real Estate 2.3%
Utilities 1.8%
Energy 0.1%
Short-Term Investments 2.4%
Other Assets and Liabilities (2.1)%

NOTES TO SCHEDULE OF INVESTMENTS
ADR – American Depositary Receipt
CVA – Certificaten Van Aandelen
SDR – Swedish 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 $3,616,503. 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 $3,758,669, which includes securities collateral of $1,317,374.


See Notes to Financial Statements.
104

Statements of Assets and Liabilities
AUGUST 31, 2023
Avantis Responsible
Emerging Markets
Equity ETF
Avantis Responsible
International Equity
ETF
Assets
Investment securities, at value (cost of $53,828,022 and $94,000,385, respectively) — including $618,700 and $3,616,503, respectively of securities on loan $ 57,511,163  $ 101,250,335 
Investment made with cash collateral received for securities on loan, at value (cost of $378,428 and $2,441,295, respectively) 378,428  2,441,295 
Total investment securities, at value (cost of $54,206,450 and $96,441,680, respectively) 57,889,591  103,691,630 
Foreign currency holdings, at value (cost of $21,543 and $6,246, respectively) 21,496  6,208 
Receivable for investments sold 27,250  12,784 
Dividends and interest receivable 110,133  297,674 
Securities lending receivable 1,383  3,720 
58,049,853  104,012,016 
Liabilities
Disbursements in excess of demand deposit cash 1,754  — 
Payable for collateral received for securities on loan 378,428  2,441,295 
Payable for investments purchased —  73 
Accrued management fees 16,078  19,833 
Accrued foreign taxes 249,560  — 
645,820  2,461,201 
Net Assets $ 57,404,033  $ 101,550,815 
Shares outstanding (unlimited number of shares authorized) 1,250,000  2,000,000 
Net Asset Value Per Share $ 45.92  $ 50.78 
Net Assets Consist of:
Capital paid in $ 53,801,463  $ 94,224,359 
Distributable earnings (loss) 3,602,570  7,326,456 
$ 57,404,033  $ 101,550,815 


See Notes to Financial Statements.
105

Statements of Operations
YEAR ENDED AUGUST 31, 2023
Avantis Responsible
Emerging Markets
Equity ETF
Avantis Responsible
International Equity
ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $207,325 and $277,169, respectively) $ 1,360,618  $ 2,373,321 
Securities lending, net 9,153  23,821 
Interest 4,634  7,375 
1,374,405  2,404,517 
Expenses:
Management fees 137,852  164,019 
Other expenses 1,410  — 
139,262  164,019 
Net investment income (loss) 1,235,143  2,240,498 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $3,447 and $—, respectively) (308,507) 189,000 
Foreign currency translation transactions (42,074) (14,358)
(350,581) 174,642 
Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $(229,262) and $—, respectively) 4,249,033  8,903,907 
Translation of assets and liabilities in foreign currencies (174) 1,212 
4,248,859  8,905,119 
Net realized and unrealized gain (loss) 3,898,278  9,079,761 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 5,133,421  $ 11,320,259 


See Notes to Financial Statements.
106

Statements of Changes in Net Assets
YEAR ENDED AUGUST 31, 2023 AND PERIOD ENDED AUGUST 31, 2022
Avantis Responsible
Emerging Markets
Equity ETF
Avantis Responsible
International Equity
ETF
Increase (Decrease) in Net Assets August 31, 2023
August 31, 2022(1)
 August 31, 2023
August 31, 2022(2)
Operations
Net investment income (loss) $ 1,235,143  $ 160,792  $ 2,240,498  $ 201,797 
Net realized gain (loss) (350,581) (46,902) 174,642  (16,770)
Change in net unrealized appreciation (depreciation) 4,248,859  (815,636) 8,905,119  (1,655,089)
Net increase (decrease) in net assets resulting from operations 5,133,421  (701,746) 11,320,259  (1,470,062)
Distributions to Shareholders
From earnings (801,025) (28,080) (1,939,020) (106,155)
Capital Share Transactions
Proceeds from shares sold 40,019,118  13,723,663  67,706,888  28,455,437 
Payments for shares redeemed —  —  (2,472,635) — 
Other capital 38,431  20,251  36,882  19,221 
Net increase (decrease) in net assets from capital share transactions 40,057,549  13,743,914  65,271,135  28,474,658 
Net increase (decrease) in net assets 44,389,945  13,014,088  74,652,374  26,898,441 
Net Assets
Beginning of period 13,014,088  —  26,898,441  — 
End of period $ 57,404,033  $ 13,014,088  $ 101,550,815  $ 26,898,441 
Transactions in Shares of the Funds
Sold 950,000  300,000  1,450,000  600,000 
Redeemed —  —  (50,000) — 
Net increase (decrease) in shares of the funds 950,000  300,000  1,400,000  600,000 
(1)March 28, 2022 (fund inception) through August 31, 2022.
(2)March 15, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
107

Notes to Financial Statements

AUGUST 31, 2023

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Responsible Emerging Markets Equity ETF and Avantis Responsible International Equity ETF (collectively, the funds) are two 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 Responsible Emerging Markets Equity ETF incepted on March 28, 2022. Avantis Responsible International Equity ETF incepted on March 15, 2022.

2. Significant Accounting Policies

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

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

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

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

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

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Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The funds record the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.

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

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

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

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

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

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

109

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2023.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending
Transactions(1)
Overnight and
Continuous
 <30 days
Between
30 & 90 days
 >90 days Total
Avantis Responsible Emerging Markets Equity ETF
Common Stocks $ 378,428  —  —  —  $ 378,428 
Gross amount of recognized liabilities for securities lending transactions $ 378,428 
Avantis Responsible International Equity ETF
Common Stocks $ 2,441,295  —  —  —  $ 2,441,295 
Gross amount of recognized liabilities for securities lending transactions $ 2,441,295 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

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

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

The annual management fee for each fund is as follows:
Annual Management Fee
Avantis Responsible Emerging Markets Equity ETF 0.33%
Avantis Responsible International Equity ETF 0.23%

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

Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2023 were as follows:
Avantis Responsible
Emerging Markets
Equity ETF
Avantis Responsible
International Equity
ETF
Purchases $37,066,280 $36,374,367
Sales $2,914,252 $5,441,218

110

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2023 were as follows:
In kind
Subscriptions
In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis Responsible Emerging Markets Equity ETF $6,228,907 — —
Avantis Responsible International Equity ETF $37,201,715 $2,473,250 $477,102
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

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

111

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 Responsible Emerging Markets Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Brazil $ 1,324,308  $ 2,091,169  — 
Chile 86,417  288,887  — 
China 4,155,363  10,556,694  — 
Colombia 37,215  36,824  — 
India 883,056  9,746,560  — 
Indonesia 143,606  1,131,674  — 
Mexico 588,933  1,242,339  — 
Peru 154,647  —  — 
Philippines 19,859  411,039  — 
South Africa 284,506  1,812,134  — 
South Korea 482,210  7,469,809  — 
Taiwan 2,294,636  7,969,619  — 
Turkey 37,972  558,998  — 
Other Countries —  3,701,187  — 
Rights —  1,307  — 
Warrants —  195  — 
Short-Term Investments 378,428  —  — 
$ 10,871,156  $ 47,018,435  — 
Avantis Responsible International Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Belgium $ 158,520  $ 769,784  — 
Denmark 1,462,256  1,356,221  — 
Finland 57,324  791,975  — 
France 1,303,364  8,673,278  — 
Germany 633,183  6,767,014  — 
Hong Kong 25,390  2,120,454  — 
Ireland 23,395  705,034  — 
Israel 236,472  639,730  — 
Japan 2,530,221  18,912,347  — 
Netherlands 1,787,281  1,915,043  — 
Singapore 37,263  1,313,466  — 
Spain 771,182  1,539,172  — 
Sweden 107,838  2,961,817  — 
Switzerland 1,617,056  6,930,067  — 
United Kingdom 4,508,366  9,003,023  — 
United States 117,474  41  — 
Other Countries —  21,428,398  — 
Rights —  80  — 
Warrants —  2  — 
Short-Term Investments 2,488,099  —  — 
$ 17,864,684  $ 85,826,946  — 

112

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.

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.

8. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2023 and August 31, 2022 (except as noted) were as follows:
2023 2022
Distributions Paid From: Distributions Paid From:
Ordinary Income Long-term Capital Gains Ordinary Income Long-term Capital Gains
Avantis Responsible Emerging Markets Equity ETF(1)
 $ 801,025  —  $ 28,080  — 
Avantis Responsible International Equity ETF(2)
$ 1,939,020  —  $ 106,155  — 
(1)March 28, 2022 (fund inception) through August 31, 2022.
(2)March 15, 2022 (fund inception) through August 31, 2022.

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

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Avantis Responsible Emerging Markets Equity ETF Avantis Responsible International Equity ETF
Federal tax cost of investments $ 54,788,952  $ 96,831,430 
Gross tax appreciation of investments $ 6,662,867  $ 10,379,582 
Gross tax depreciation of investments (3,562,228) (3,519,382)
Net tax appreciation (depreciation) of investments 3,100,639  6,860,200 
Net tax appreciation (depreciation) on translation of assets and
liabilities in foreign currencies		 (249,918) 80 
Net tax appreciation (depreciation) $ 2,850,721  $ 6,860,280 
Undistributed ordinary income $ 1,101,675  $ 743,035 
Accumulated short-term capital losses $ (263,093) $ (190,587)
Accumulated long-term capital losses $ (86,733) $ (86,272)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.

113

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
114

Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other
Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Avantis Responsible Emerging Markets Equity ETF
2023 $43.38 1.31 1.97 3.28 (0.78) 0.04 $45.92 7.75% 0.33% 2.96% 7% $57,404 
2022(4)
 $49.47 0.93 (7.00) (6.07) (0.14) 0.12 $43.38 (12.04)%
0.33%(5)
4.89%(5)
 2% $13,014 

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)March 28, 2022 (fund inception) through August 31, 2022.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net Asset
Value, Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
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 Responsible International Equity ETF
2023 $44.83 1.55 5.49 7.04 (1.12) 0.03 $50.78 15.83% 0.23% 3.14% 8% $101,551 
2022(4)
 $50.51 0.66 (6.10) (5.44) (0.30) 0.06 $44.83 (10.66)%
0.23%(5)
3.01%(5)
 3% $26,898 

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)March 15, 2022 (fund inception) through August 31, 2022.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.


See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Avantis® Responsible Emerging Markets Equity ETF and Avantis® Responsible International Equity ETF (the “Funds”), two of the funds constituting the American Century ETF Trust, as of August 31, 2023, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2023, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Fund Constituting the American Century ETF Trust Statement of Operations Statements of Changes in Net Assets Financial Highlights
Avantis® Responsible Emerging Markets Equity ETF
 For the year ended August 31, 2023 For the year ended August 31, 2023, and the period from March 28, 2022 (fund inception) through August 31, 2022
Avantis® Responsible International Equity ETF
 For the year ended August 31, 2023 For the year ended August 31, 2023, and the period from March 15, 2022 (fund inception) through August 31, 2022

Basis for Opinion

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

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












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

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2023

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

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Position(s) Held with Funds Length of Time Served Principal Occupation(s) During Past 5 Years Number of American Century Portfolios Overseen by Trustee Other Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)		 Trustee and Board Chair Since 2017 (Board Chair since 2019) Principal, GTS Securities (automated capital markets trading firm) (2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm) (2013 to 2019) 50 None
Jeremy I. Bulow
(1954)		 Trustee Since 2022 Professor of Economics, Stanford University
Graduate School of Business (1979 to present)		 82 None
Barry A. Mendelson
(1958)		 Trustee Since 2017 Retired 50 None
Stephen E. Yates
(1948)		 Trustee Since 2017 Retired 115 None
Interested Trustees
Jonathan S. Thomas
(1963)		 Trustee Since 2017 President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries 147 None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
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Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Offices with the Funds Principal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
 President since 2019 Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)		 Chief Financial Officer and Treasurer since 2018 Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)		 Chief Compliance Officer and Vice President since 2017 Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)		 General Counsel and
Vice President since
2021		 General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)		 Vice President
since 2019		 Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)		 Vice President since 2017 Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)		 Secretary since 2019 Attorney, ACS (2003 to present)
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Approval of Management Agreement

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

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

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

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

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors.
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In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

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

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

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

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

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

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

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

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

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

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

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

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

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

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Liquidity Risk Management Program

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

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

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

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Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

 
Proxy Voting Policies
 
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.


Quarterly Portfolio Disclosure
 
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.











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Other Tax Information

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

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

For corporate taxpayers, Avantis Responsible Emerging Markets Equity ETF hereby designates $3,193, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2023 as qualified for the corporate dividends received deduction.

For the fiscal year ended August 31, 2023, the funds intend to pass through to shareholders the following foreign source income and foreign taxes paid, or up to the maximum amount allowable, as a foreign tax credit.

Foreign Tax Credit Foreign Source Income
Amount Per
Outstanding
Share		 Amount Per
Outstanding
Share
Avantis Responsible Emerging Markets Equity ETF $ 205,495  $ 0.1644  $ 1,545,067  $ 1.2361 
Avantis Responsible International Equity ETF $ 239,424  $ 0.1197  $ 2,390,045  $ 1.1950 

Avantis Responsible International Equity ETF utilized earnings and profits of $9,994 distributed to shareholders on redemption of shares as part of the dividends paid deduction (tax equalization).































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Notes























































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