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Annual Report
August 31, 2023
Avantis® Emerging Markets Equity ETF (AVEM)
Avantis® Emerging Markets Value ETF (AVES)
Avantis® International Equity ETF (AVDE)
Avantis® International Large Cap Value ETF (AVIV)
Avantis® International Small Cap Equity ETF (AVDS)
Avantis® International Small Cap Value ETF (AVDV)







































Table of Contents

Chairman’s Letter
Avantis Emerging Markets Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis Emerging Markets Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis International Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis International Large Cap Value ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis International Small Cap Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Avantis International Small Cap Value 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 Agreements
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 Emerging Markets Equity ETF (AVEM)
Total Returns as of August 31, 2023 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 7.45% 4.17% 9/17/2019
Market Price 7.95% 4.20% 9/17/2019
MSCI Emerging Markets IMI Index 2.79% 2.51%
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 September 17, 2019
chart-3edde589e24541d0ad8.jpg
Value on August 31, 2023
Net Asset Value — $11,752
MSCI Emerging Markets IMI Index — $11,030
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 and Ted Randall

Fund Strategy

Avantis 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 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 Emerging Markets Equity ETF returned 7.95% on a market price basis. On a net asset value (NAV) basis, the fund returned 7.45%. 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 versus the index was largely due to the fund’s emphasis on companies with higher levels of profitability and lower prices relative to their book values. These value-oriented companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values, or more growth-oriented firms. The fund’s underweight to growth-oriented companies versus the index also aided results.

Value stocks, as measured by the MSCI Emerging Markets IMI Value, returned 6.28% for the period. Growth stocks, as measured by the MSCI Emerging Markets IMI Growth, returned -0.41%.











4


Fund Characteristics
AUGUST 31, 2023
Avantis Emerging Markets Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 100.1%
Rights —*
Warrants —*
Corporate Bonds —*
Short-Term Investments 0.8%
Other Assets and Liabilities (0.9)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
China 26.0%
India 18.1%
Taiwan 17.8%
South Korea 14.2%
Brazil 6.0%
5


Performance
Avantis Emerging Markets Value ETF (AVES)
Total Returns as of August 31, 2023 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 8.03% -3.97% 9/28/2021
Market Price 8.29% -3.83% 9/28/2021
MSCI Emerging Markets IMI Value Index 6.28% -4.98%
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 September 28, 2021
chart-7ed9bf64479642a3851.jpg
Value on August 31, 2023
Net Asset Value — $9,250
MSCI Emerging Markets IMI Value Index — $9,065
Total Annual Fund Operating Expenses
0.36%
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 and Ted Randall

Fund Strategy

Avantis Emerging Markets Value 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 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 with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of larger companies with lower levels of profitability and less attractive value characteristics. 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 Emerging Markets Value ETF returned 8.29% on a market price basis. On a net asset value (NAV) basis, the fund returned 8.03%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund outperformed the broad emerging markets value stock universe, as measured by the MSCI Emerging Markets Investable Market Index (IMI) Value, which returned 6.28% for the reporting period. The MSCI Emerging Markets IMI Value is an unmanaged index generally representative of the performance of emerging markets stocks with lower price-to-book ratios and lower forecasted growth values across capitalization categories.

The outperformance versus the index was largely due to the fund’s emphasis on companies with the highest levels of profitability and lower prices relative to their book values. These companies generally outperformed firms with lower levels of profitability and higher prices relative to their book values. The fund’s underweight versus the index in companies with lower profitability and higher prices also aided results.


















7


Fund Characteristics
AUGUST 31, 2023
Avantis Emerging Markets Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.9%
Rights —*
Warrants —*
Short-Term Investments 1.2%
Other Assets and Liabilities (1.1)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
China 26.1%
India 18.5%
Taiwan 18.1%
South Korea 14.5%
Brazil 5.8%
8


Performance
Avantis International Equity ETF (AVDE)
Total Returns as of August 31, 2023 Average Annual Returns  
1 year Since Inception Inception Date
Net Asset Value 16.73% 6.01% 9/24/2019
Market Price 16.80% 6.05% 9/24/2019
MSCI World ex USA IMI Index 15.31% 5.19%
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 September 24, 2019
chart-398bcb9afb384bf4beb.jpg
Value on August 31, 2023
Net Asset Value — $12,585
MSCI World ex USA IMI Index — $12,204
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.
9


Portfolio Commentary

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

Fund Strategy

Avantis 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 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 International Equity ETF returned 16.80% on a market price basis. On a net asset value (NAV) basis, the fund returned 16.73%. 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 versus the index was largely due to the fund’s underweight to companies with the lowest levels of profitability and book-to-market values. These growth-oriented companies generally underperformed companies with higher levels of profitability and lower prices relative to their book values. The fund’s overweight to companies with higher levels of profitability and book-to-market values also aided results.

Value stocks, as measured by the MSCI World ex USA IMI Value, returned 17.42% for the reporting period. These securities outperformed growth stocks, which returned 13.27%, according to the MSCI World ex USA IMI Growth.

Avoiding real estate investment trusts (REITs) also aided results, as REITs underperformed for the period.

10


Fund Characteristics
AUGUST 31, 2023
Avantis International Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.5%
Rights —*
Warrants —*
Short-Term Investments 2.5%
Other Assets and Liabilities (2.0)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
Japan 21.2%
United Kingdom 13.3%
Canada 10.4%
France 10.0%
Switzerland 8.4%
11


Performance
Avantis International Large Cap Value ETF (AVIV)
Total Returns as of August 31, 2023   Average Annual Returns  
1 year Since Inception Inception Date
Net Asset Value 20.03% 1.70% 9/28/2021
Market Price 20.17% 1.84% 9/28/2021
MSCI World ex USA Value Index 18.48% 2.83%
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 September 28, 2021
chart-f4f33824e922437cbed.jpg
Value on August 31, 2023
Net Asset Value — $10,330
MSCI World ex USA Value Index — $10,551
Total Annual Fund Operating Expenses
0.25%
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.
12


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

Fund Strategy

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

The fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of large-capitalization (large-cap) companies.

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 International Large Cap Value ETF returned 20.17% on a market price basis. On a net asset value (NAV) basis, the fund returned 20.03%. 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 value stock universe, as measured by the MSCI World ex USA Value Index, which returned 18.48% for the reporting period. The MSCI World ex USA Value Index is an unmanaged index generally representative of the performance of non-U.S. developed markets stocks with lower price-to-book ratios and lower forecasted growth values.

The outperformance versus the index was largely due to the fund’s underweight versus the index in companies with the lowest profitability and book-to-market characteristics. Overweighting companies with the highest profitability and book-to-market traits also aided relative results. Additionally, avoiding real estate investment trusts (REITs) boosted performance versus the index, as REITs underperformed for the reporting period.





















13


Fund Characteristics
AUGUST 31, 2023
Avantis International Large Cap Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.5%
Short-Term Investments 4.4%
Other Assets and Liabilities (3.9)%
Top Five Countries % of net assets
Japan 19.3%
United Kingdom 18.2%
Canada 10.3%
Germany 8.8%
France 8.6%
14


Performance
Avantis International Small Cap Equity ETF (AVDS)
Total Returns as of August 31, 2023  
  Since Inception Inception Date
Net Asset Value -3.11% 7/18/2023
Market Price -2.73% 7/18/2023
MSCI World ex USA Small Cap Index -3.17%
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.


Total Annual Fund Operating Expenses
0.30%
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.
15


Portfolio Commentary

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

Fund Strategy

Avantis International Small Cap Equity ETF seeks long-term capital appreciation by investing in a diverse group of non-U.S. small-capitalization (small-cap) value companies across countries, market sectors and industry groups.

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 with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of larger companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of small-cap companies.

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 period from the fund’s inception on July 18, 2023, through August 31, 2023, Avantis International Small Cap Equity ETF returned -2.73%* on a market price basis. On a net asset value (NAV) basis, the fund returned -3.11%. 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 small-cap stock universe, as measured by the MSCI World ex USA Small Cap Index, which returned -3.17% for the reporting period. The MSCI World ex USA Small Cap Index is an unmanaged index generally representative of the performance of non-U.S. developed markets small-cap stocks.

The outperformance versus the index was largely due to the fund’s emphasis on small-cap companies with higher levels of profitability and lower prices relative to their book values. These companies generally outperformed those with lower levels of profitability and higher prices relative to their book values.



















*Total returns for periods less than one year are not annualized.
16


Fund Characteristics
AUGUST 31, 2023
Avantis International Small Cap Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.8%
Rights —*
Other Assets and Liabilities 0.2%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
Japan 29.2%
United Kingdom 13.6%
Canada 9.9%
Australia 8.7%
Sweden 4.7%
17


Performance
Avantis International Small Cap Value ETF (AVDV)
Total Returns as of August 31, 2023 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 14.97% 6.94% 9/24/2019
Market Price 15.07% 6.99% 9/24/2019
MSCI World ex USA Small Cap Index 8.77% 4.07%
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 September 24, 2019
chart-394fba6f1b5f436299c.jpg
Value on August 31, 2023
Net Asset Value — $13,026
MSCI World ex USA Small Cap Index — $11,700
Total Annual Fund Operating Expenses
0.36%
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.
18


Portfolio Commentary

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

Fund Strategy

Avantis International Small Cap Value ETF seeks long-term capital appreciation by investing in a diverse group of non-U.S. small-capitalization (small-cap) value companies across countries, market sectors and industry groups.

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 with higher profitability and value characteristics. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of larger companies with lower levels of profitability and less attractive value characteristics. Under normal market conditions, the fund will invest at least 80% of its assets in securities of small-cap companies.

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 International Small Cap Value ETF returned 15.07% on a market price basis. On a net asset value (NAV) basis, the fund returned 14.97%. 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 small-cap stock universe, as measured by the MSCI World ex USA Small Cap Index, which returned 8.77% for the reporting period. The MSCI World ex USA Small Cap Index is an unmanaged index generally representative of the performance of non-U.S. developed markets small-cap stocks.

The outperformance versus the index was largely due to the fund’s emphasis on small-cap companies with the highest levels of profitability and lower prices relative to their book values. These value-oriented companies generally outperformed growth-oriented companies with lower levels of profitability and higher prices relative to their book values, which the fund underweighted. For example, small-cap value stocks, as measured by the MSCI World ex USA Small Cap Value Index, returned 11.50% for the reporting period. Small-cap growth stocks, as measured by the MSCI World ex USA Small Cap Growth Index, lagged their value-style peers, returning 6.08%.

Avoiding real estate investment trusts (REITs) also aided relative results, as REITs underperformed for the period.










19


Fund Characteristics
AUGUST 31, 2023
Avantis International Small Cap Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.7%
Warrants —*
Rights —*
Short-Term Investments 2.5%
Other Assets and Liabilities (2.2)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
Japan 29.3%
United Kingdom 13.6%
Canada 10.1%
Australia 8.7%
Sweden 4.5%
20


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 (except as noted).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

21


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 Emerging Markets Equity ETF
Actual $1,000 $1,061.50 $1.71 0.33%
Hypothetical $1,000 $1,023.54 $1.68 0.33%
Avantis Emerging Markets Value ETF
Actual $1,000 $1,056.50 $1.87 0.36%
Hypothetical $1,000 $1,023.39 $1.84 0.36%
Avantis International Equity ETF
Actual $1,000 $1,041.30 $1.18 0.23%
Hypothetical $1,000 $1,024.05 $1.17 0.23%
Avantis International Large Cap Value ETF
Actual $1,000 $1,042.70 $1.29 0.25%
Hypothetical $1,000 $1,023.95 $1.28 0.25%
Avantis International Small Cap Equity ETF
Actual $1,000 $968.90
$0.36(2)
0.30%
Hypothetical $1,000 $1,023.69 $1.53 0.30%
Avantis International Small Cap Value ETF
Actual $1,000 $1,030.20 $1.84 0.36%
Hypothetical $1,000 $1,023.39 $1.84 0.36%
(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.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 45, the number of days in the period from July 18, 2023 (fund inception) through August 31, 2023, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.

22


Schedules of Investments

AUGUST 31, 2023
Avantis Emerging Markets Equity ETF
Shares/
Principal Amount
Value
COMMON STOCKS — 100.1%
Brazil — 6.0%
3R Petroleum Oleo E Gas SA(1)
288,893  $ 1,930,990 
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA(1)
36,000  7,124 
AES Brasil Energia SA(1)
146,110  326,325 
Aliansce Sonae Shopping Centers SA
523,926  2,410,120 
Alpargatas SA, Preference Shares(1)
62,700  107,369 
Alupar Investimento SA
49,712  286,102 
Ambev SA, ADR
1,314,112  3,640,090 
Americanas SA(1)
99,443  17,671 
Arezzo Industria e Comercio SA
7,300  105,357 
Atacadao SA
172,300  359,419 
Auren Energia SA
145,183  404,585 
Azul SA, ADR(1)(2)
42,021  365,162 
B3 SA - Brasil Bolsa Balcao
778,500  2,035,839 
Banco ABC Brasil SA(1)
7,000  25,925 
Banco ABC Brasil SA, Preference Shares
142,710  528,529 
Banco BMG SA, Preference Shares
46,900  23,014 
Banco Bradesco SA
329,798  885,091 
Banco Bradesco SA, ADR
2,173,271  6,498,080 
Banco BTG Pactual SA
408,200  2,676,519 
Banco do Brasil SA
432,390  4,139,621 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares
435,500  1,073,789 
Banco Pan SA, Preference Shares
145,900  259,860 
Banco Santander Brasil SA, ADR
292,565  1,594,479 
BB Seguridade Participacoes SA
256,200  1,576,400 
Bemobi Mobile Tech SA
41,300  97,661 
Blau Farmaceutica SA
22,200  79,887 
BrasilAgro - Co. Brasileira de Propriedades Agricolas
59,000  283,917 
Braskem SA, Class A, ADR(1)
76,118  672,883 
BRF SA, ADR(1)(2)
598,664  1,095,555 
C&A MODAS SA(1)
89,500  97,054 
Camil Alimentos SA
65,500  111,238 
CCR SA
796,200  2,017,813 
Centrais Eletricas Brasileiras SA, ADR
282,548  2,008,916 
Centrais Eletricas Brasileiras SA, Class B Preference Shares
45,200  356,156 
Cia Brasileira de Aluminio
85,400  73,810 
Cia Brasileira de Distribuicao, ADR(1)
503,087  495,490 
Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR
260,860  3,025,976 
Cia de Saneamento de Minas Gerais Copasa MG
399,000  1,434,194 
Cia de Saneamento do Parana
141,200  639,842 
Cia de Saneamento do Parana, Preference Shares
1,141,500  1,044,213 
Cia Energetica de Minas Gerais, ADR
910,653  2,221,993 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares
46,900  435,090 
23


Avantis Emerging Markets Equity ETF
Shares/
Principal Amount
Value
Cia Paranaense de Energia
86,000  $ 140,495 
Cia Paranaense de Energia, ADR(2)
187,574  1,603,758 
Cia Paranaense de Energia, Preference Shares
1,252,800  2,200,979 
Cia Siderurgica Nacional SA, ADR
1,105,875  2,698,335 
Cielo SA
1,066,100  805,164 
Clear Sale SA(1)
38,200  36,333 
Construtora Tenda SA(1)
101,900  265,653 
Cosan SA
375,296  1,328,528 
CPFL Energia SA
99,800  691,056 
Cristal Pigmentos do Brasil SA, Preference Shares
1,700  13,114 
CTEEP-Cia de Transmissao de Energia Eletrica Paulista, Preference Shares
83,700  420,524 
Cury Construtora e Incorporadora SA
81,500  267,111 
CVC Brasil Operadora e Agencia de Viagens SA(1)
75,000  37,712 
Cyrela Brazil Realty SA Empreendimentos e Participacoes
432,900  1,961,668 
Desktop - Sigmanet Comunicacao Multimidia SA
17,400  52,249 
Dexco SA
232,111  375,442 
Dexxos Participacoes SA
17,400  39,002 
Direcional Engenharia SA
130,200  524,528 
EcoRodovias Infraestrutura e Logistica SA
450,200  679,111 
Embraer SA, ADR(1)(2)
293,657  4,592,795 
Empreendimentos Pague Menos SA
45,100  35,063 
Enauta Participacoes SA
201,200  642,761 
Energisa SA
263,100  2,462,553 
Eneva SA(1)
355,700  863,383 
Engie Brasil Energia SA
115,000  975,586 
Equatorial Energia SA
481,662  3,042,455 
Eternit SA
88,500  160,664 
Eucatex SA Industria e Comercio, Preference Shares
16,500  41,150 
Even Construtora e Incorporadora SA
70,200  91,293 
Ez Tec Empreendimentos e Participacoes SA
141,000  627,831 
Fleury SA
70,192  208,504 
Fras-Le SA
35,437  99,898 
Gafisa SA(1)
14,183  14,721 
Gerdau SA, ADR
1,527,487  7,958,207 
Gol Linhas Aereas Inteligentes SA, ADR(1)(2)
40,940  119,545 
Gol Linhas Aereas Inteligentes SA, Preference Shares(1)
81,320  115,443 
GPS Participacoes e Empreendimentos SA
35,800  132,658 
Grendene SA
160,800  218,208 
Grupo Mateus SA(1)
263,700  360,507 
Grupo SBF SA
135,700  197,300 
Guararapes Confeccoes SA
63,800  80,909 
Hapvida Participacoes e Investimentos SA(1)
509,285  440,169 
Hidrovias do Brasil SA(1)
448,500  344,160 
Hypera SA
61,400  480,829 
Iguatemi SA
476,694  1,986,847 
Iguatemi SA
Infracommerce CXAAS SA(1)
3,800  1,450 
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira
47,400  211,249 
Inter & Co., Inc.(1)
5,965  24,272 
24


Avantis Emerging Markets Equity ETF
Shares/
Principal Amount
Value
International Meal Co. Alimentacao SA, Class A(1)
63,300  $ 27,483 
Iochpe Maxion SA
159,900  458,836 
Irani Papel e Embalagem SA
78,400  173,517 
IRB-Brasil Resseguros SA(1)
130,893  1,137,108 
Itau Unibanco Holding SA, ADR
2,346,586  12,906,223 
Jalles Machado SA
92,200  155,465 
JBS SA
156,100  583,793 
JHSF Participacoes SA
302,300  291,797 
Kepler Weber SA
129,100  290,420 
Klabin SA
597,100  2,746,729 
Lavvi Empreendimentos Imobiliarios SA
108,980  180,678 
Light SA(1)
274,300  335,671 
Localiza Rent a Car SA
316,876  4,051,774 
Locaweb Servicos de Internet SA
218,700  313,561 
LOG Commercial Properties e Participacoes SA
38,700  145,358 
Log-in Logistica Intermodal SA(1)
35,767  296,924 
Lojas Renner SA
172,700  561,479 
LPS Brasil Consultoria de Imoveis SA
47,300  25,598 
M Dias Branco SA
16,700  125,451 
Magazine Luiza SA(1)
295,700  165,404 
Mahle-Metal Leve SA
35,500  341,376 
Marcopolo SA
4,900  4,848 
Marcopolo SA, Preference Shares
428,600  522,762 
Marfrig Global Foods SA
249,200  365,845 
Marisa Lojas SA(1)
43,087  5,830 
Meliuz SA(1)
20,730  28,466 
Metalurgica Gerdau SA, Preference Shares
674,400  1,590,653 
Mills Estruturas e Servicos de Engenharia SA
204,100  502,414 
Minerva SA
236,100  403,349 
Mitre Realty Empreendimentos E Participacoes LTDA
16,000  17,092 
Movida Participacoes SA
207,600  527,798 
MRV Engenharia e Participacoes SA
531,400  1,219,031 
Multilaser Industrial SA(1)
127,700  81,488 
Multiplan Empreendimentos Imobiliarios SA
116,500  576,613 
Natura & Co. Holding SA(1)
51,756  159,280 
Odontoprev SA
180,340  375,098 
Omega Energia SA(1)
82,409  166,913 
Pet Center Comercio e Participacoes SA
299,500  332,640 
Petroleo Brasileiro SA, ADR
1,279,693  17,979,687 
Petroleo Brasileiro SA, ADR, Preference Shares
1,637,574  21,190,207 
Petroreconcavo SA
78,200  366,677 
Plano & Plano Desenvolvimento Imobiliario SA
21,700  44,960 
Porto Seguro SA
25,400  133,974 
Portobello SA
79,200  104,597 
Positivo Tecnologia SA
74,100  121,354 
PRIO SA(1)
324,000  3,053,499 
Qualicorp Consultoria e Corretora de Seguros SA
50,200  35,886 
Raia Drogasil SA
273,728  1,537,217 
Randon SA Implementos e Participacoes, Preference Shares
199,800  481,742 
Rede D'Or Sao Luiz SA
204,143  1,179,005 
25


Avantis Emerging Markets Equity ETF
Shares/
Principal Amount
Value
Romi SA
62,482  $ 161,250 
Rumo SA
400,600  1,803,167 
Santos Brasil Participacoes SA
286,400  495,064 
Sao Martinho SA
109,600  796,761 
Sendas Distribuidora SA, ADR(2)
197,545  2,313,252 
Ser Educacional SA(1)
19,800  24,790 
SIMPAR SA
143,700  287,281 
Sinqia SA
19,700  108,802 
SLC Agricola SA
97,108  792,230 
Smartfit Escola de Ginastica e Danca SA(1)
36,500  150,878 
StoneCo Ltd., A Shares(1)
322,535  3,954,279 
Suzano SA, ADR
488,614  4,944,774 
SYN prop e tech SA(1)
61,800  51,042 
Taurus Armas SA, Preference Shares
61,600  184,599 
Tegma Gestao Logistica SA
17,000  87,780 
Telefonica Brasil SA, ADR(2)
54,440  459,474 
TIM SA, ADR(2)
173,434  2,542,542 
TOTVS SA
307,200  1,710,923 
Transmissora Alianca de Energia Eletrica SA
112,600  779,461 
Tres Tentos Agroindustrial SA
35,800  98,319 
Trisul SA
38,400  41,641 
Tupy SA
63,200  330,801 
Ultrapar Participacoes SA, ADR
1,081,805  3,937,770 
Unipar Carbocloro SA, Class B Preference Shares
105,760  1,646,397 
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares
419,000  582,127 
Vale SA, ADR
1,765,538  23,252,135 
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA
39,700  134,684 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
157,000  373,157 
Via SA(1)
1,810,500  467,976 
Vibra Energia SA
629,000  2,335,863 
Vivara Participacoes SA
3,800  20,703 
Vulcabras Azaleia SA
42,200  168,730 
WEG SA
305,400  2,207,220 
Wilson Sons Holdings Brasil SA
59,000  149,762 
Wiz Co.
47,900  57,166 
XP, Inc., Class A(1)
126,926  3,216,305 
YDUQS Participacoes SA
48,300  198,484 
Zamp SA(1)
143,800  156,808 
227,588,288 
Chile — 0.6%
Aguas Andinas SA, A Shares
1,514,980  512,655 
Banco de Chile
21,450,372  2,339,862 
Banco de Credito e Inversiones SA
45,768  1,325,963 
Banco Itau Chile SA
9,942  108,800 
Banco Santander Chile, ADR(2)
115,359  2,206,818 
Besalco SA
44,236  24,594 
CAP SA
69,782  490,696 
Cencosud SA
592,777  1,265,421 
Cencosud Shopping SA
172,732  291,140 
26


Avantis Emerging Markets Equity ETF
Shares/
Principal Amount
Value
Cia Cervecerias Unidas SA, ADR
20,801  $ 306,399 
Cia Sud Americana de Vapores SA
13,984,932  925,970 
Colbun SA
11,120,293  1,727,199 
Embotelladora Andina SA, Class B Preference Shares
303,175  764,227 
Empresa Nacional de Telecomunicaciones SA
197,556  732,720 
Empresas CMPC SA
918,695  1,668,072 
Empresas COPEC SA
172,128  1,261,314 
Enel Americas SA(1)
6,738,218  802,992 
Enel Chile SA
27,202,518  1,828,253 
Engie Energia Chile SA(1)
432,173  425,297 
Falabella SA
59,522  146,619 
Forus SA
124  234 
Grupo Security SA
164,860  41,768 
Inversiones Aguas Metropolitanas SA
98,703  80,114 
Parque Arauco SA
580,504  859,353 
Ripley Corp. SA
1,188,138  261,301 
Sociedad Quimica y Minera de Chile SA, ADR
58,459  3,658,949 
Vina Concha y Toro SA
25,279  31,690 
24,088,420 
China — 26.0%
361 Degrees International Ltd.
442,000  232,577 
3SBio, Inc.
2,470,000  2,065,588 
AAC Technologies Holdings, Inc.(2)
1,345,000  2,605,334 
Agile Group Holdings Ltd.(1)(2)
2,024,000  229,338 
Agora, Inc., ADR(1)
37,989  106,369 
Agricultural Bank of China Ltd., H Shares
14,205,000  4,868,828 
Air China Ltd., H Shares(1)
54,000  39,972 
AK Medical Holdings Ltd.
230,000  184,824 
Alibaba Group Holding Ltd., ADR(1)
866,174  80,467,565 
Alibaba Pictures Group Ltd.(1)(2)
12,040,000  797,637 
A-Living Smart City Services Co. Ltd.(1)(2)
1,229,250  784,474 
Alliance International Education Leasing Holdings Ltd.(1)(2)
382,000  63,254 
Aluminum Corp. of China Ltd., H Shares
2,578,000  1,243,719 
ANE Cayman, Inc.(1)
100,000  70,771 
Anhui Conch Cement Co. Ltd., H Shares
830,500  2,312,489 
Anhui Expressway Co. Ltd., H Shares
304,000  297,858 
ANTA Sports Products Ltd.
1,019,200  11,489,648 
Anton Oilfield Services Group(1)
330,000  18,503 
Archosaur Games, Inc.(1)
151,000  69,736 
Ascletis Pharma, Inc.(1)
185,000  51,810 
Asia Cement China Holdings Corp.
188,500  73,625 
AsiaInfo Technologies Ltd.
17,600  21,462 
Autohome, Inc., ADR
117,993  3,409,998 
BAIC Motor Corp. Ltd., H Shares
266,000  73,548 
Baidu, Inc., ADR(1)
33,737  4,818,656 
BAIOO Family Interactive Ltd.
448,000  17,700 
Bairong, Inc.(1)
27,500  33,680 
Bank of China Ltd., H Shares
49,354,000  16,726,911 
Bank of Chongqing Co. Ltd., H Shares
300,500  153,916 
Bank of Communications Co. Ltd., H Shares
6,371,000  3,646,444 
27


Avantis Emerging Markets Equity ETF
Shares/
Principal Amount
Value
BeiGene Ltd., ADR(1)
11,267  $ 2,338,466 
Beijing Capital International Airport Co. Ltd., H Shares(1)
1,134,000  593,790 
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares
7,500  12,719 
Beijing Enterprises Holdings Ltd.
494,000  1,850,767 
Beijing Enterprises Water Group Ltd.
3,126,000  720,196 
Beijing Jingneng Clean Energy Co. Ltd., H Shares
1,386,000  294,906 
Beijing North Star Co. Ltd., H Shares(1)
4,000  408 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.
582,000  1,054,876 
Bilibili, Inc., ADR(1)(2)
260  3,934 
Binjiang Service Group Co. Ltd.
52,500  117,193 
BOC Aviation Ltd.
380,700  2,855,396 
BOE Varitronix Ltd.
507,000  491,769 
Bosideng International Holdings Ltd.
6,586,000  2,584,434 
Brii Biosciences Ltd.(1)
109,000  39,588 
BYD Co. Ltd., H Shares
424,000  13,318,120 
BYD Electronic International Co. Ltd.
1,355,000  6,275,686 
C&D International Investment Group Ltd.
358,264  910,452 
C&D Property Management Group Co. Ltd.
205,747  95,049 
Cabbeen Fashion Ltd.
102,000  9,890 
Canaan, Inc., ADR(1)(2)
583,659  1,173,155 
Cango, Inc., ADR
4,407  5,421 
Canvest Environmental Protection Group Co. Ltd.(2)
520,000  278,187 
Cathay Media & Education Group, Inc.
96,000  11,390 
Central China Management Co. Ltd.
499,000  22,286 
Central China New Life Ltd.(1)
385,000  102,143 
Central China Real Estate Ltd.(1)
218,000  2,999 
CGN Mining Co. Ltd.(1)
2,070,000  242,614 
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1)
53,400  17,850 
Chaowei Power Holdings Ltd.
168,000  30,185 
Cheerwin Group Ltd.
115,000  23,602 
Chen Lin Education Group Holdings Ltd.(1)
16,000  3,876 
China Automotive Systems, Inc.(1)
5,187  21,734 
China BlueChemical Ltd., H Shares
2,232,000  554,654 
China Bohai Bank Co. Ltd., H Shares(1)
1,012,500  156,032 
China Cinda Asset Management Co. Ltd., H Shares
13,105,000  1,285,135 
China CITIC Bank Corp. Ltd., H Shares
9,765,000  4,346,094 
China Coal Energy Co. Ltd., H Shares
1,977,000  1,348,665 
China Communications Services Corp. Ltd., H Shares
5,258,000  2,367,207 
China Conch Venture Holdings Ltd.
1,723,500  1,693,402 
China Construction Bank Corp., H Shares
57,240,000  30,626,310 
China Datang Corp. Renewable Power Co. Ltd., H Shares
7,041,000  1,751,050 
China Dongxiang Group Co. Ltd.
1,053,000  36,193 
China East Education Holdings Ltd.
1,729,000  741,211 
China Eastern Airlines Corp. Ltd., H Shares(1)(2)
116,000  40,929 
China Education Group Holdings Ltd.
1,477,000  1,255,104 
China Everbright Bank Co. Ltd., H Shares
2,549,000  734,166 
China Everbright Environment Group Ltd.
5,072,000  1,847,539 
China Everbright Greentech Ltd.
289,000  31,659 
China Everbright Ltd.
984,000  573,981 
China Everbright Water Ltd. (Singapore)(2)
138,500  20,918 
28


Avantis Emerging Markets Equity ETF
Shares/
Principal Amount
Value
China Feihe Ltd.
6,540,000  $ 3,931,978 
China Foods Ltd.
282,000  104,511 
China Galaxy Securities Co. Ltd., H Shares
4,023,500  2,164,498 
China Gas Holdings Ltd.
2,698,200  2,753,979 
China General Education Group Ltd.(1)
60,000  11,897 
China Glass Holdings Ltd.(2)
622,000  55,397 
China Hanking Holdings Ltd.
175,000  15,364 
China Harmony Auto Holding Ltd.
269,500  28,169 
China High Speed Transmission Equipment Group Co. Ltd.(1)
437,000  141,949 
China Hongqiao Group Ltd.(2)
3,976,500  3,958,307 
China International Capital Corp. Ltd., H Shares
1,162,400  2,232,542 
China Kepei Education Group Ltd.
130,000  35,116 
China Lesso Group Holdings Ltd.
1,601,000  880,488 
China Life Insurance Co. Ltd., Class H
1,896,865  2,874,966 
China Lilang Ltd.
164,000  80,736 
China Literature Ltd.(1)
400,200  1,607,175 
China Longyuan Power Group Corp. Ltd., H Shares
3,138,000  2,484,024 
China Maple Leaf Educational Systems Ltd.(1)
230,000  293 
China Medical System Holdings Ltd.
2,625,000  3,780,684 
China Meidong Auto Holdings Ltd.(2)
556,000  418,751 
China Mengniu Dairy Co. Ltd.
3,385,000  11,381,949 
China Merchants Bank Co. Ltd., H Shares
2,704,500  10,709,329 
China Merchants Land Ltd.
148,000  7,534 
China Merchants Port Holdings Co. Ltd.
3,293,175  3,939,589 
China Minsheng Banking Corp. Ltd., H Shares
6,995,500  2,246,843 
China Modern Dairy Holdings Ltd.(2)
2,304,000  217,168 
China National Building Material Co. Ltd., H Shares
6,196,000  3,149,215 
China New Higher Education Group Ltd.
2,107,000  668,104 
China Nonferrous Mining Corp. Ltd.
2,475,000  1,338,924 
China Oil & Gas Group Ltd.(1)
280,000  8,068 
China Oriental Group Co. Ltd.
530,000  80,985 
China Pacific Insurance Group Co. Ltd., H Shares
1,989,600  4,550,314 
China Petroleum & Chemical Corp., Class H
20,020,300  11,705,989 
China Power International Development Ltd.
9,447,000  3,366,897 
China Railway Group Ltd., H Shares
6,806,000  3,600,581 
China Railway Signal & Communication Corp. Ltd., H Shares
141,000  46,705 
China Rare Earth Holdings Ltd.(1)
604,000  31,969 
China Reinsurance Group Corp., H Shares
302,000  19,615 
China Renaissance Holdings Ltd.(1)(2)
202,700  187,907 
China Resources Beer Holdings Co. Ltd.
810,000  4,755,789 
China Resources Cement Holdings Ltd.
6,580,000  2,179,523 
China Resources Gas Group Ltd.
217,300  610,041 
China Resources Land Ltd.
1,346,000  5,689,136 
China Resources Medical Holdings Co. Ltd.
2,332,000  1,731,096 
China Resources Mixc Lifestyle Services Ltd.
686,600  2,966,893 
China Resources Pharmaceutical Group Ltd.
1,794,000  1,197,574 
China Resources Power Holdings Co. Ltd.
3,688,000  7,220,501 
China Risun Group Ltd.(2)
3,283,000  1,456,774 
China Ruyi Holdings Ltd.(1)(2)
1,068,000  283,208 
China Sanjiang Fine Chemicals Co. Ltd.(1)
248,000  33,467 
29


Avantis Emerging Markets Equity ETF
Shares/
Principal Amount
Value
China SCE Group Holdings Ltd.(1)
2,606,000  $ 134,429 
China Shenhua Energy Co. Ltd., H Shares
2,844,500  8,278,959 
China Shineway Pharmaceutical Group Ltd.
316,000  312,066 
China Shuifa Singyes Energy Holdings Ltd.(1)(2)
434,000  21,842 
China Silver Group Ltd.(1)
376,000  13,604 
China South City Holdings Ltd.(1)(2)
2,488,000  147,228 
China Southern Airlines Co. Ltd., H Shares(1)
364,000  193,363 
China Starch Holdings Ltd.
1,320,000  23,195 
China Sunshine Paper Holdings Co. Ltd.(1)
645,500  214,946 
China Suntien Green Energy Corp. Ltd., H Shares
1,196,000  420,540 
China Taiping Insurance Holdings Co. Ltd.
2,359,000  2,481,952 
China Tobacco International HK Co. Ltd.(2)
6,000  8,662 
China Tower Corp. Ltd., H Shares
69,404,000  6,714,975 
China Traditional Chinese Medicine Holdings Co. Ltd.
4,030,000  1,575,338 
China Travel International Investment Hong Kong Ltd.(1)
1,524,000  289,298 
China Vanke Co. Ltd., H Shares
3,845,100  4,485,383 
China Water Affairs Group Ltd.
634,000  486,090 
China Xinhua Education Group Ltd.
42,000  3,373 
China XLX Fertiliser Ltd.
752,000  370,369 
China Yongda Automobiles Services Holdings Ltd.
1,725,000  765,170 
China Youran Dairy Group Ltd.(2)
683,000  127,105 
China Yuhua Education Corp. Ltd.(1)
1,864,000  197,054 
China ZhengTong Auto Services Holdings Ltd.(1)
518,000  28,985 
Chongqing Rural Commercial Bank Co. Ltd., H Shares
683,000  241,106 
Chow Tai Fook Jewellery Group Ltd.
2,145,600  3,253,508 
CIFI Ever Sunshine Services Group Ltd.
1,006,000  391,248 
CIFI Holdings Group Co. Ltd.(1)(2)
2,891,616  280,226 
CIMC Enric Holdings Ltd.
1,782,000  1,694,885 
CIMC Vehicles Group Co. Ltd., Class H
20,000  15,448 
CITIC Ltd.
4,687,000  4,651,378 
CITIC Securities Co. Ltd., H Shares
1,553,950  3,034,278 
CMGE Technology Group Ltd.(1)
1,064,000  195,178 
CMOC Group Ltd., H Shares
2,184,000  1,302,898 
CNFinance Holdings Ltd., ADR(1)(2)
5,468  18,208 
COFCO Joycome Foods Ltd.(1)(2)
3,055,000  707,878 
Concord New Energy Group Ltd.
8,940,000  729,566 
Consun Pharmaceutical Group Ltd.
108,000  71,229 
Coolpad Group Ltd.(1)
1,854,000  9,222 
COSCO SHIPPING Energy Transportation Co. Ltd., Class H
136,000  142,078 
COSCO SHIPPING Holdings Co. Ltd., Class H
4,775,249  4,896,943 
COSCO SHIPPING International Hong Kong Co. Ltd.
166,000  70,033 
COSCO SHIPPING Ports Ltd.
1,821,943  1,121,747 
Country Garden Holdings Co. Ltd.(1)(2)
16,185,339  1,834,558 
CPMC Holdings Ltd.(2)
165,000  121,600 
Crazy Sports Group Ltd.(1)
902,000  16,782 
CSPC Pharmaceutical Group Ltd.
15,675,760  11,782,023 
CSSC Hong Kong Shipping Co. Ltd.
620,000  117,750 
Daqo New Energy Corp., ADR(1)
102,630  3,794,231 
Datang International Power Generation Co. Ltd., H Shares(2)
38,000  6,004 
Dexin China Holdings Co. Ltd.(1)
444,000  19,809 
30


Avantis Emerging Markets Equity ETF
Shares/
Principal Amount
Value
Differ Group Auto Ltd.(1)(2)
546,000  $ 4,526 
Digital China Holdings Ltd.
836,000  270,625 
Dongfeng Motor Group Co. Ltd., Class H
4,942,000  1,812,825 
Dongyue Group Ltd.
3,456,000  2,965,578 
Duiba Group Ltd.(1)
119,600  4,724 
Dynagreen Environmental Protection Group Co. Ltd., H Shares
11,000  3,465 
East Buy Holding Ltd.(1)(2)
228,000  1,154,998 
E-House China Enterprise Holdings Ltd.(1)(2)
622,200  19,099 
ENN Energy Holdings Ltd.
327,000  2,565,515