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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,
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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
 2  1 
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 
Essex Bio-technology Ltd.
 120,000  48,667 
EVA Precision Industrial Holdings Ltd.
 1,202,000  104,066 
Everest Medicines Ltd.(1)(2)
 103,000  237,485 
Excellence Commercial Property & Facilities Management Group Ltd.(2)
 576,000  163,814 
Fanhua, Inc., ADR(1)
 23,222  155,820 
FIH Mobile Ltd.(1)
 1,321,000  116,226 
FinVolution Group, ADR
 426,432  2,140,689 
Fire Rock Holdings Ltd.(1)(2)
 186,000  237 
First Tractor Co. Ltd., H Shares(2)
 202,000  102,950 
Flat Glass Group Co. Ltd., H Shares(2)
 39,000  96,854 
Fosun International Ltd.
 2,363,000  1,477,071 
Fountain SET Holdings Ltd.(1)
 26,000  1,657 
Fu Shou Yuan International Group Ltd.
 1,071,000  796,612 
Fufeng Group Ltd.
 3,530,000  1,875,094 
Fullshare Holdings Ltd.(1)(2)
 8,515,000  41,273 
Fuyao Glass Industry Group Co. Ltd., H Shares
 220,800  999,088 
Ganfeng Lithium Group Co. Ltd., H Shares
 122,680  585,995 
Gaotu Techedu, Inc., ADR(1)
 96,981  279,305 
GCL New Energy Holdings Ltd.(1)
 336,237  21,226 
GCL Technology Holdings Ltd.
 20,010,000  3,465,847 
GDS Holdings Ltd., Class A(1)
 868,100  1,288,887 
Geely Automobile Holdings Ltd.
 6,849,000  8,502,184 
Gemdale Properties & Investment Corp. Ltd.
 2,760,000  119,576 
Genertec Universal Medical Group Co. Ltd.
 1,950,000  1,013,806 
GF Securities Co. Ltd., H Shares
 1,386,200  1,977,924 
Global Bio-Chem Technology Group Co. Ltd.(1)
 40,000  382 
Global Cord Blood Corp.(1)(2)
 18,571  23,214 
Glorious Property Holdings Ltd.(1)
 130,000  165 
Glory Health Industry Ltd.(1)
 17,000  128 
Goldwind Science & Technology Co. Ltd., H Shares
 367,400  192,720 
Goodbaby International Holdings Ltd.(1)
 338,000  23,268 
Grand Baoxin Auto Group Ltd.(1)
 22,000  657 
Grand Pharmaceutical Group Ltd.
 919,500  476,132 
Great Wall Motor Co. Ltd., H Shares(2)
 316,000  374,397 
Greatview Aseptic Packaging Co. Ltd.(1)
 139,000  39,149 
Greenland Hong Kong Holdings Ltd.(1)
 321,000  11,221 
Greentown China Holdings Ltd.
 515,000  611,603 
Greentown Management Holdings Co. Ltd.
 207,000  161,175 
Guangzhou Automobile Group Co. Ltd., H Shares
 926,000  487,619 
Guangzhou R&F Properties Co. Ltd., H Shares(1)(2)
 2,981,600  455,338 
Guotai Junan Securities Co. Ltd., H Shares
 69,200  81,156 
31

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
H World Group Ltd., ADR(1)
 101,234  $ 4,077,706 
Haidilao International Holding Ltd.(2)
 1,627,000  4,425,138 
Haier Smart Home Co. Ltd., H Shares
 1,140,400  3,532,136 
Hainan Meilan International Airport Co. Ltd., H Shares(1)(2)
 147,000  140,974 
Haitian International Holdings Ltd.
 1,196,000  2,568,212 
Haitong Securities Co. Ltd., H Shares
 3,150,800  1,955,010 
Hangzhou Tigermed Consulting Co. Ltd., H Shares
 23,800  129,909 
Hansoh Pharmaceutical Group Co. Ltd.
 314,000  407,981 
Harbin Electric Co. Ltd., H Shares
 654,000  199,826 
Hebei Construction Group Corp. Ltd., H Shares(1)
 31,500  2,934 
Hello Group, Inc., ADR
 451,043  3,892,501 
Hengan International Group Co. Ltd.
 1,384,000  5,133,750 
Hilong Holding Ltd.(1)
 968,000  27,155 
Hisense Home Appliances Group Co. Ltd., H Shares
 1,167,000  3,080,034 
Hollysys Automation Technologies Ltd.(1)
 131,912  2,485,222 
Homeland Interactive Technology Ltd.
 142,000  31,920 
Honworld Group Ltd.(1)
 7,500  474 
Hope Education Group Co. Ltd.(1)(2)
 7,688,000  499,218 
Hopson Development Holdings Ltd.(1)
 296,931  181,957 
Hua Hong Semiconductor Ltd.(1)(2)
 1,226,000  3,195,860 
Huabao International Holdings Ltd.(2)
 578,000  208,248 
Huadian Power International Corp. Ltd., H Shares(2)
 132,000  53,151 
Huaneng Power International, Inc., H Shares(1)
 1,894,000  946,008 
Huatai Securities Co. Ltd., H Shares
 1,645,000  2,164,479 
Huaxi Holdings Co. Ltd.(1)
 4,000  581 
Huijing Holdings Co. Ltd.(1)(2)
 516,000  3,356 
HUYA, Inc., ADR(1)
 109,034  292,211 
Hygeia Healthcare Holdings Co. Ltd.
 106,600  539,527 
iDreamSky Technology Holdings Ltd.(1)
 281,200  118,031 
Industrial & Commercial Bank of China Ltd., H Shares
 29,788,000  13,657,120 
Ingdan, Inc.
 198,000  31,575 
Inkeverse Group Ltd.(1)
 1,928,000  220,759 
Innovent Biologics, Inc.(1)
 162,000  724,487 
iQIYI, Inc., ADR(1)
 481,631  2,427,420 
IVD Medical Holding Ltd.
 3,000  455 
JD Health International, Inc.(1)
 291,200  1,570,052 
JD Logistics, Inc.(1)
 297,100  396,026 
JD.com, Inc., ADR
 65,273  2,167,716 
JD.com, Inc., Class A
 36,345  603,621 
JH Educational Technology, Inc.
 102,000  13,612 
Jiangsu Expressway Co. Ltd., H Shares
 692,000  624,922 
Jiangxi Copper Co. Ltd., H Shares
 1,035,000  1,612,015 
Jinchuan Group International Resources Co. Ltd.
 2,577,000  129,596 
Jingrui Holdings Ltd.(1)(2)
 10,000  67 
Jinke Smart Services Group Co. Ltd., H Shares(1)(2)
 114,400  150,252 
Jinxin Fertility Group Ltd.(1)(2)
 5,233,500  2,617,313 
Jiumaojiu International Holdings Ltd.(2)
 464,000  744,205 
JNBY Design Ltd.
 126,000  129,782 
Joy Spreader Group, Inc.(1)
 363,000  20,594 
JOYY, Inc., ADR
 56,292  1,931,941 
32

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Jutal Offshore Oil Services Ltd.(1)
 186,000  $ 12,571 
Kangji Medical Holdings Ltd.
 91,000  80,224 
Kanzhun Ltd., ADR(1)
 55,538  821,962 
KE Holdings, Inc., ADR(1)
 582,308  10,015,698 
Keymed Biosciences, Inc.(1)
 262,000  1,778,614 
Kingboard Holdings Ltd.
 1,020,000  2,314,632 
Kingboard Laminates Holdings Ltd.
 1,693,500  1,407,435 
Kingdee International Software Group Co. Ltd.(1)
 1,537,000  2,374,839 
Kingsoft Cloud Holdings Ltd., ADR(1)(2)
 8,181  46,550 
Kingsoft Corp. Ltd.
 638,200  2,543,826 
Kuaishou Technology(1)
 176,000  1,440,722 
Kunlun Energy Co. Ltd.
 3,776,000  2,764,351 
KWG Group Holdings Ltd.(1)(2)
 1,925,000  223,011 
KWG Living Group Holdings Ltd.(1)(2)
 1,096,249  113,299 
Lee & Man Paper Manufacturing Ltd.
 1,184,000  348,329 
Lenovo Group Ltd.
 4,046,000  4,573,298 
Leoch International Technology Ltd.
 122,000  24,877 
LexinFintech Holdings Ltd., ADR(1)
 126,602  327,899 
Li Auto, Inc., ADR(1)
 258,965  10,785,892 
Li Ning Co. Ltd.
 2,019,000  9,542,410 
Lifetech Scientific Corp.(1)
 4,358,000  1,354,984 
Linklogis, Inc., Class B(2)
 1,115,000  251,366 
Logan Group Co. Ltd.(1)(2)
 211,000  20,222 
Longfor Group Holdings Ltd.
 1,159,624  2,447,503 
Lonking Holdings Ltd.
 1,310,000  233,603 
Lufax Holding Ltd., ADR
 426,436  515,988 
Luye Pharma Group Ltd.(1)(2)
 2,370,000  870,303 
LVGEM China Real Estate Investment Co. Ltd.(1)(2)
 1,760,000  370,307 
Maanshan Iron & Steel Co. Ltd., H Shares
 60,000  10,240 
Maoyan Entertainment(1)(2)
 46,000  63,044 
Meitu, Inc.(2)
 4,689,500  1,801,580 
Meituan, Class B(1)
 1,326,910  21,959,233 
Metallurgical Corp. of China Ltd., H Shares
 198,000  43,157 
Midea Real Estate Holding Ltd.
 485,200  455,342 
MINISO Group Holding Ltd., ADR(1)
 68,749  1,780,599 
Minsheng Education Group Co. Ltd.
 254,000  8,576 
Minth Group Ltd.
 1,624,000  4,820,926 
MMG Ltd.(1)
 5,808,000  1,927,264 
Mobvista, Inc.(1)
 142,000  64,846 
Mulsanne Group Holding Ltd.(1)
 87,500  22,442 
Nam Tai Property, Inc.(1)(2)
 9,475  43,490 
NetDragon Websoft Holdings Ltd.
 359,500  696,778 
NetEase, Inc., ADR
 325,111  33,642,486 
New China Life Insurance Co. Ltd., H Shares
 906,000  2,266,546 
New Horizon Health Ltd.(1)(2)
 155,500  344,169 
New Oriental Education & Technology Group, Inc., ADR(1)
 14,353  778,507 
Nexteer Automotive Group Ltd.
 1,024,000  658,992 
Nine Dragons Paper Holdings Ltd.(1)
 2,050,000  1,137,561 
NIO, Inc., ADR(1)
 314,176  3,226,588 
Niu Technologies, ADR(1)(2)
 15,203  47,129 
33

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Noah Holdings Ltd., ADR
 39,133  $ 544,340 
Nongfu Spring Co. Ltd., H Shares(2)
 762,800  4,284,194 
OneConnect Financial Technology Co. Ltd., ADR(1)(2)
 5,186  18,047 
Orient Overseas International Ltd.
 476,000  6,383,773 
PDD Holdings, Inc., ADR(1)
 249,799  24,722,607 
Peijia Medical Ltd.(1)(2)
 27,000  25,011 
People's Insurance Co. Group of China Ltd., H Shares
 7,735,000  2,632,864 
Perennial Energy Holdings Ltd.
 320,000  35,449 
PetroChina Co. Ltd., Class H
 11,258,200  8,121,280 
Pharmaron Beijing Co. Ltd., H Shares
 30,675  71,525 
PICC Property & Casualty Co. Ltd., H Shares
 7,672,000  8,822,481 
Ping An Healthcare & Technology Co. Ltd.(1)(2)
 244,100  609,298 
Ping An Insurance Group Co. of China Ltd., H Shares
 4,449,282  26,638,496 
Poly Property Group Co. Ltd.
 2,809,844  652,466 
Pop Mart International Group Ltd.(2)
 91,000  295,985 
Postal Savings Bank of China Co. Ltd., H Shares
 5,319,000  2,623,492 
Powerlong Real Estate Holdings Ltd.(1)(2)
 327,000  34,968 
Prinx Chengshan Holdings Ltd.
 1,000  837 
Q Technology Group Co. Ltd.(1)
 324,000  120,381 
Qifu Technology, Inc., ADR
 289,520  4,921,840 
Qudian, Inc., ADR(1)
 40,221  101,357 
Radiance Holdings Group Co. Ltd.(1)(2)
 1,142,000  526,251 
Redco Properties Group Ltd.(1)(2)
 44,000  7,462 
Road King Infrastructure Ltd.(1)
 27,000  6,604 
Ronshine China Holdings Ltd.(1)
 202,500  4,427 
Sany Heavy Equipment International Holdings Co. Ltd.
 563,000  877,258 
SCE Intelligent Commercial Management Holdings Ltd.(1)
 165,000  23,998 
Seazen Group Ltd.(1)(2)
 4,964,000  968,196 
Shandong Gold Mining Co. Ltd., H Shares
 162,000  326,219 
Shandong Hi-Speed New Energy Group Ltd.(1)
 145,199  51,266 
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares
 1,522,400  1,515,829 
Shanghai Electric Group Co. Ltd., H Shares(1)
 208,000  46,683 
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares
 92,500  217,164 
Shanghai Industrial Holdings Ltd.
 765,000  1,003,802 
Shanghai Industrial Urban Development Group Ltd.(1)
 403,600  21,603 
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares
 608,200  999,965 
Shanghai Pioneer Holding Ltd.
 123,000  31,822 
Shenzhen Expressway Corp. Ltd., H Shares
 416,000  336,039 
Shenzhen International Holdings Ltd.
 2,085,000  1,482,086 
Shenzhen Investment Ltd.
 1,148,000  202,301 
Shenzhou International Group Holdings Ltd.
 996,800  10,213,567 
Shimao Group Holdings Ltd.(1)
 245,000  18,744 
Shimao Services Holdings Ltd.(1)(2)
 1,109,000  216,314 
Shinsun Holdings Group Co. Ltd.(1)
 641,000  14,304 
Shoucheng Holdings Ltd.
 312,800  72,976 
Shougang Fushan Resources Group Ltd.
 3,167,249  912,717 
Shui On Land Ltd.
 12,650,000  1,226,040 
Sihuan Pharmaceutical Holdings Group Ltd.
 5,074,000  414,409 
Simcere Pharmaceutical Group Ltd.(2)
 1,676,000  1,306,376 
Sino Biopharmaceutical Ltd.
 17,428,500  6,615,656 
34

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Sino-Ocean Group Holding Ltd.(1)(2)
 2,966,500  $ 137,976 
Sinopec Engineering Group Co. Ltd., H Shares
 2,422,000  1,120,884 
Sinopec Kantons Holdings Ltd.
 482,000  189,036 
Sinopec Shanghai Petrochemical Co. Ltd., Class H(1)
 318,400  44,672 
Sinopharm Group Co. Ltd., H Shares
 2,365,200  6,863,628 
Sinotrans Ltd., H Shares
 138,000  55,954 
Sinotruk Hong Kong Ltd.
 265,000  491,786 
Skyworth Group Ltd.
 3,157,087  1,155,156 
SOHO China Ltd.(1)(2)
 1,023,000  118,702 
Sohu.com Ltd., ADR(1)
 44,427  469,149 
SSY Group Ltd.
 2,284,000  1,215,786 
Sun King Technology Group Ltd.(1)
 708,000  143,412 
Sunac Services Holdings Ltd.(2)
 1,424,000  444,403 
Sunny Optical Technology Group Co. Ltd.
 816,000  6,662,790 
Sunpower Group Ltd.
 104,600  23,191 
SY Holdings Group Ltd.
 180,500  115,082 
TAL Education Group, ADR(1)
 501,020  3,532,191 
TCL Electronics Holdings Ltd.
 601,000  234,986 
Tencent Holdings Ltd.
 2,024,900  83,912,531 
Tencent Music Entertainment Group, ADR(1)
 453,889  3,095,523 
Tian Ge Interactive Holdings Ltd.
 9,000  418 
Tian Lun Gas Holdings Ltd.
 137,500  70,756 
Tiangong International Co. Ltd.
 1,812,000  612,190 
Tianneng Power International Ltd.(2)
 2,762,000  2,942,336 
Tibet Water Resources Ltd.(1)
 19,000  993 
Times China Holdings Ltd.(1)(2)
 1,901,000  126,021 
Times Neighborhood Holdings Ltd.
 545,000  43,040 
Tingyi Cayman Islands Holding Corp.
 2,660,000  3,905,673 
Tong Ren Tang Technologies Co. Ltd., H Shares
 699,000  559,834 
Tongcheng Travel Holdings Ltd.(1)
 52,000  116,535 
Tongda Group Holdings Ltd.(1)
 2,745,000  27,986 
Tongdao Liepin Group(1)
 68,800  65,856 
Topsports International Holdings Ltd.
 3,445,000  2,805,517 
Towngas Smart Energy Co. Ltd.
 588,000  247,867 
TravelSky Technology Ltd., H Shares
 1,003,000  1,795,801 
Trigiant Group Ltd.(1)
 28,000  1,767 
Trip.com Group Ltd., ADR(1)
 233,257  9,169,333 
Truly International Holdings Ltd.
 2,460,000  272,400 
Tsaker New Energy Tech Co. Ltd.
 123,500  18,080 
Tsingtao Brewery Co. Ltd., H Shares
 428,000  3,559,093 
Tuya, Inc., ADR(1)
 16,113  29,648 
Uni-President China Holdings Ltd.
 1,887,000  1,395,406 
United Strength Power Holdings Ltd.(1)
 21,000  13,937 
Untrade.Ch Wood Opti(1)
 8,000  10 
Up Fintech Holding Ltd., ADR(1)
 34,340  168,609 
Venus MedTech Hangzhou, Inc., H Shares(1)
 36,500  26,042 
Vinda International Holdings Ltd.
 617,000  1,427,648 
Vipshop Holdings Ltd., ADR(1)
 777,586  12,278,083 
Viva Biotech Holdings(1)
 650,000  120,883 
Vnet Group, Inc., ADR(1)(2)
 257,345  965,044 
Want Want China Holdings Ltd.
 6,796,000  4,494,808 
35

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Wasion Holdings Ltd.
 82,000  $ 35,096 
Weibo Corp., ADR
 175,947  2,269,716 
Weichai Power Co. Ltd., H Shares
 912,000  1,181,423 
Weiqiao Textile Co., H Shares(1)
 80,000  11,412 
West China Cement Ltd.
 4,332,000  430,439 
Wison Engineering Services Co. Ltd.(1)(2)
 19,000  778 
Wuling Motors Holdings Ltd.(2)
 800,000  66,193 
WuXi AppTec Co. Ltd., H Shares(2)
 74,704  818,625 
Wuxi Biologics Cayman, Inc.(1)
 786,500  4,433,972 
X Financial, ADR(1)
 464  1,995 
Xiabuxiabu Catering Management China Holdings Co. Ltd.
 1,406,000  679,483 
Ximei Resources Holding Ltd.(1)
 35,000  15,748 
Xin Point Holdings Ltd.(2)
 57,000  21,827 
Xingda International Holdings Ltd.
 154,482  28,748 
Xinhua Winshare Publishing & Media Co. Ltd., H Shares
 230,000  171,881 
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares
 256,000  29,981 
Xinte Energy Co. Ltd., H Shares(1)(2)
 1,297,600  2,294,092 
Xinyi Energy Holdings Ltd.
 2,750,199  599,888 
Xinyi Solar Holdings Ltd.
 3,762,976  3,139,819 
XPeng, Inc., Class A, ADR(1)
 31,117  553,571 
Yadea Group Holdings Ltd.
 1,330,000  2,557,123 
Yankuang Energy Group Co. Ltd., H Shares(2)
 2,720,000  4,270,095 
Yeahka Ltd.(1)(2)
 238,400  473,699 
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1)
 265,400  214,749 
Yidu Tech, Inc.(1)(2)
 476,200  241,856 
Yihai International Holding Ltd.
 613,000  1,148,785 
Yixin Group Ltd.(2)
 184,500  18,807 
Youdao, Inc., ADR(1)
 4,860  18,954 
YuanShengTai Dairy Farm Ltd.(1)
 190,000  3,080 
Yuexiu Property Co. Ltd.
 2,605,400  3,228,024 
Yuexiu Services Group Ltd.
 371,500  149,706 
Yuexiu Transport Infrastructure Ltd.
 1,580,000  816,838 
Yum China Holdings, Inc.
 267,758  14,375,927 
Yuzhou Group Holdings Co. Ltd.(1)
 1,722,955  36,831 
Zengame Technology Holding Ltd.
 692,000  267,304 
Zhaojin Mining Industry Co. Ltd., H Shares
 436,500  611,010 
Zhejiang Expressway Co. Ltd., H Shares
 2,854,000  2,131,175 
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares
 124,400  114,024 
Zhenro Properties Group Ltd.(1)
 2,338,000  24,777 
Zhong An Group Ltd.(1)
 415,000  6,934 
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)
 400  1,186 
Zhongsheng Group Holdings Ltd.
 604,000  1,840,284 
Zhongyu Energy Holdings Ltd.
 175,000  122,233 
Zhou Hei Ya International Holdings Co. Ltd.(1)(2)
 895,000  316,053 
Zhuguang Holdings Group Co. Ltd.(1)
 616,000  39,254 
Zijin Mining Group Co. Ltd., H Shares
 4,224,000  6,616,282 
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H
 608,400  290,490 
ZTO Express Cayman, Inc., ADR
 490,156  12,322,522 
991,121,006 
36

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Colombia — 0.2%
Almacenes Exito SA, ADR(1)
 249,657  $ 1,460,491 
Banco Davivienda SA, Preference Shares
 24,226  109,211 
Bancolombia SA
 50,068  355,819 
Bancolombia SA, ADR
 56,813  1,516,907 
Cementos Argos SA
 6,574  4,741 
Corp. Financiera Colombiana SA
 24,838  74,687 
Ecopetrol SA, ADR(2)
 210,762  2,461,700 
Empresa de Telecomunicaciones de Bogota(1)
 18,600  393 
Grupo Argos SA
 159,091  318,921 
Interconexion Electrica SA ESP
 113,869  443,172 
6,746,042 
Czech Republic — 0.2%
CEZ AS
 98,956  4,211,352 
Komercni Banka AS
 47,650  1,487,934 
Moneta Money Bank AS
 255,796  952,814 
6,652,100 
Egypt — 0.1%
Commercial International Bank Egypt S.A.E., GDR
 2,202,209  2,700,950 
Greece — 0.5%
Aegean Airlines SA(1)
 74,159  1,061,189 
Alpha Services & Holdings SA(1)
 1,503,836  2,528,171 
Athens Water Supply & Sewage Co. SA
 3,091  22,090 
Autohellas Tourist & Trading SA
 2,971  45,585 
Eurobank Ergasias Services & Holdings SA, Class A(1)
 1,204,873  2,088,747 
Fourlis Holdings SA
 364  1,824 
GEK Terna Holding Real Estate Construction SA(1)
 47,301  689,702 
Hellenic Exchanges - Athens Stock Exchange SA
 8,827  50,625 
Hellenic Telecommunications Organization SA
 44,644  667,171 
Helleniq Energy Holdings SA
 38,713  346,983 
Holding Co. ADMIE IPTO SA(1)
 40,446  100,650 
Intracom Holdings SA(1)
 19,243  47,190 
Intracom SA Technical & Steel Constructions(1)
 41,698  143,025 
JUMBO SA
 44,790  1,383,535 
LAMDA Development SA(1)
 13,094  95,865 
Motor Oil Hellas Corinth Refineries SA
 77,889  1,981,547 
Mytilineos SA
 36,980  1,499,729 
National Bank of Greece SA(1)
 289,858  1,968,070 
OPAP SA
 48,985  827,140 
Piraeus Financial Holdings SA(1)
 670,957  2,311,857 
Public Power Corp. SA(1)
 106,858  1,167,828 
Sunrisemezz PLC(1)
 41,774  11,230 
Terna Energy SA
 25,368  455,349 
Titan Cement International SA
 30,653  610,189 
Viohalco SA
 30,134  228,741 
20,334,032 
Hong Kong — 0.1%
Antengene Corp. Ltd.(1)
 98,500  15,183 
Beijing Energy International Holding Co. Ltd.
 70,000  1,773 
Brilliance China Automotive Holdings Ltd.
 338,000  137,322 
China Energy Development Holdings Ltd.(1)
 4,000  41 
37

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
China Isotope & Radiation Corp.
 14,400  $ 23,292 
China Shengmu Organic Milk Ltd.
 82,000  2,717 
China Zhongwang Holdings Ltd.(1)(2)
 525,200  670 
Edvantage Group Holdings Ltd.
 499,543  148,378 
GOME Retail Holdings Ltd.(1)(2)
 18,683,000  135,952 
Hi Sun Technology China Ltd.(1)
 363,000  26,859 
IMAX China Holding, Inc.
 32,000  38,620 
Jiayuan International Group Ltd.(1)
 2,194,000  48,399 
JW Cayman Therapeutics Co. Ltd.(1)
 36,000  10,385 
Kasen International Holdings Ltd.(1)
 143,000  5,614 
Pou Sheng International Holdings Ltd.(1)
 171,000  14,418 
Powerlong Commercial Management Holdings Ltd.
 96,000  48,020 
Renze Harvest International Ltd.(1)(2)
 283,999  9,407 
South Manganese Investment Ltd.(1)(2)
 1,045,000  65,959 
Tianyun International Holdings Ltd.
 84,000  31,989 
Wharf Holdings Ltd.
 1,007,000  2,133,308 
2,898,306 
Hungary — 0.2%
Magyar Telekom Telecommunications PLC
 79,956  106,346 
MOL Hungarian Oil & Gas PLC
 454,829  3,439,430 
Opus Global Nyrt(1)
 201,546  150,471 
OTP Bank Nyrt
 102,074  4,162,306 
Richter Gedeon Nyrt
 51,554  1,290,882 
9,149,435 
India — 18.1%
360 ONE WAM Ltd.
 122,038  717,932 
3M India Ltd.
 155  58,314 
63 Moons Technologies Ltd.(1)
 6,904  27,561 
Aarti Drugs Ltd.
 9,663  66,679 
Aarti Industries Ltd.
 7,452  44,241 
Aarti Pharmalabs Ltd.(1)
 1,863  8,874 
Aavas Financiers Ltd.(1)
 25,149  495,693 
ABB India Ltd.
 9,355  494,765 
ACC Ltd.
 80,944  1,959,708 
Accelya Solutions India Ltd.
 2,877  54,644 
Action Construction Equipment Ltd.
 25,648  236,797 
Adani Energy Solutions Ltd.(1)
 124,815  1,218,238 
Adani Enterprises Ltd.
 69,537  2,030,078 
Adani Green Energy Ltd.(1)
 65,773  736,627 
Adani Ports & Special Economic Zone Ltd.
 395,840  3,783,510 
Adani Power Ltd.(1)
 726,343  2,809,450 
Adani Total Gas Ltd.
 73,941  567,600 
Aditya Birla Capital Ltd.(1)
 451,990  988,081 
Aditya Birla Fashion & Retail Ltd.(1)
 82,654  219,045 
Advanced Enzyme Technologies Ltd.
 16,916  66,993 
Aegis Logistics Ltd.
 94,747  423,153 
Affle India Ltd.(1)
 3,390  44,086 
AGI Greenpac Ltd.
 34,439  305,965 
AIA Engineering Ltd.
 9,387  418,741 
Ajanta Pharma Ltd.
 31,654  660,713 
38

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Akzo Nobel India Ltd.
 1,400  $ 46,445 
Alembic Ltd.
 8,551  8,402 
Alembic Pharmaceuticals Ltd.
 35,995  337,503 
Alkyl Amines Chemicals
 4,913  148,162 
Allcargo Logistics Ltd.
 98,591  326,783 
Allcargo Terminals Ltd.(1)
 89,445  36,519 
Alok Industries Ltd.(1)
 45,160  10,814 
Amara Raja Batteries Ltd.
 203,907  1,547,058 
Ambika Cotton Mills Ltd.
 1,427  28,148 
Ambuja Cements Ltd.
 307,187  1,588,413 
Amrutanjan Health Care Ltd.
 2,916  21,640 
Anant Raj Ltd.
 234,189  620,298 
Andhra Sugars Ltd.
 26,768  36,975 
Anup Engineering Limited
 1,961  52,660 
Apar Industries Ltd.
 26,638  1,610,206 
Apcotex Industries Ltd.
 6,865  44,060 
APL Apollo Tubes Ltd.
 86,751  1,755,132 
Apollo Hospitals Enterprise Ltd.
 40,940  2,378,855 
Apollo Tyres Ltd.
 548,826  2,573,144 
Aptech Ltd.
 37,688  140,392 
Archean Chemical Industries Ltd.
 18,219  147,402 
Arvind Fashions Ltd.(1)
 24,563  95,425 
Arvind Ltd.
 429,910  913,040 
Asahi India Glass Ltd.
 55,789  399,841 
Ashapura Minechem Ltd.
 18,053  49,487 
Ashok Leyland Ltd.
 927,119  2,058,068 
Ashoka Buildcon Ltd.(1)
 339,336  415,758 
Asian Paints Ltd.
 30,348  1,193,151 
Astec Lifesciences Ltd.
 1,514  26,321 
Aster DM Healthcare Ltd.(1)
 219,712  879,518 
Astra Microwave Products Ltd.
 46,508  222,284 
Astral Ltd.
 50,132  1,182,217 
AstraZeneca Pharma India Ltd.
 328  16,870 
Atul Ltd.
 2,495  220,923 
AU Small Finance Bank Ltd.
 120,673  1,053,399 
Aurobindo Pharma Ltd.
 319,069  3,196,020 
Avadh Sugar & Energy Ltd.
 7,220  50,338 
Avanti Feeds Ltd.
 12,625  66,207 
Avenue Supermarts Ltd.(1)
 7,242  325,386 
Axis Bank Ltd., GDR
 60,981  3,582,581 
Bajaj Auto Ltd.
 63,363  3,528,273 
Bajaj Consumer Care Ltd.
 87,518  271,445 
Bajaj Electricals Ltd.
 88,904  1,246,295 
Bajaj Finance Ltd.
 93,371  8,070,659 
Bajaj Finserv Ltd.
 98,346  1,766,733 
Bajaj Hindusthan Sugar Ltd.(1)
 1,540,569  445,275 
Balaji Amines Ltd.
 4,613  125,148 
Balkrishna Industries Ltd.
 35,171  986,487 
Balmer Lawrie & Co. Ltd.
 25,352  47,013 
Balrampur Chini Mills Ltd.
 286,557  1,349,102 
39

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Banco Products India Ltd.
 21,332  $ 131,427 
Bandhan Bank Ltd.
 783,335  2,170,096 
Bank of Baroda
 995,057  2,246,923 
BASF India Ltd.
 6,392  203,158 
Bata India Ltd.
 41,983  855,678 
Bayer CropScience Ltd.
 2,143  124,561 
BEML Land Assets Ltd.(1)
 1,894  4,089 
BEML Ltd.
 9,774  291,058 
Berger Paints India Ltd.
 50,810  440,811 
Best Agrolife Ltd.
 12,834  185,302 
Bhansali Engineering Polymers Ltd.
 17,248  19,386 
Bharat Bijlee Ltd.
 699  34,807 
Bharat Electronics Ltd.
 3,570,498  5,736,359 
Bharat Forge Ltd.
 103,422  1,336,360 
Bharat Heavy Electricals Ltd.
 1,356,914  1,985,163 
Bharat Petroleum Corp. Ltd.
 729,548  2,998,912 
Bharat Rasayan Ltd.
 356  40,432 
Bharat Wire Ropes Ltd.(1)
 16,593  47,117 
Bharti Airtel Ltd.
 232,596  2,404,820 
Bharti Airtel Ltd.
 16,614  94,745 
Biocon Ltd.
 135,299  423,490 
Birla Corp. Ltd.
 22,221  308,284 
Birlasoft Ltd.
 130,089  799,641 
BLS International Services Ltd.
 111,562  387,366 
Blue Dart Express Ltd.
 5,298  401,960 
Blue Star Ltd.
 47,856  427,737 
Bombay Burmah Trading Co.(1)
 9,686  116,719 
Bombay Dyeing & Manufacturing Co. Ltd.(1)
 1,774  2,823 
Borosil Renewables Ltd.(1)
 31,251  165,314 
Bosch Ltd.
 489  109,653 
Brigade Enterprises Ltd.
 223,824  1,601,807 
Brightcom Group Ltd.
 2,785,879  570,441 
Britannia Industries Ltd.
 52,376  2,826,212 
BSE Ltd.
 156,970  2,013,304 
Butterfly Gandhimathi Appliances Ltd.(1)
 136  1,990 
Camlin Fine Sciences Ltd.(1)
 28,262  56,358 
Can Fin Homes Ltd.
 173,851  1,576,942 
Canara Bank
 228,390  882,752 
Capacit'e Infraprojects Ltd.(1)
 37,010  92,535 
Caplin Point Laboratories Ltd.
 7,672  98,029 
Capri Global Capital Ltd.
 100  966 
Carborundum Universal Ltd.
 32,094  440,146 
Care Ratings Ltd.
 21,442  215,381 
Castrol India Ltd.
 430,610  752,655 
CCL Products India Ltd.
 48,413  354,156 
Ceat Ltd.
 54,600  1,485,227 
Central Depository Services India Ltd.
 31,243  429,283 
Century Enka Ltd.
 6,013  31,082 
Century Plyboards India Ltd.
 23,590  195,035 
Century Textiles & Industries Ltd.
 21,314  264,546 
40

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Cera Sanitaryware Ltd.
 5,067  $ 581,615 
CESC Ltd.
 481,707  483,922 
CG Power & Industrial Solutions Ltd.
 114,347  592,702 
Chalet Hotels Ltd.(1)
 8,387  55,798 
Chambal Fertilisers & Chemicals Ltd.
 141,267  469,271 
Chennai Petroleum Corp. Ltd.
 78,192  396,124 
Cholamandalam Financial Holdings Ltd.
 25,188  299,356 
Cholamandalam Investment & Finance Co. Ltd.
 356,557  4,828,293 
CIE Automotive India Ltd.
 185,437  1,169,918 
Cigniti Technologies Ltd.
 7,069  68,550 
Cipla Ltd.
 190,760  2,895,295 
City Union Bank Ltd.
 991,083  1,475,991 
Coal India Ltd.
 1,142,755  3,172,958 
Cochin Shipyard Ltd.
 77,689  849,777 
Coffee Day Enterprises Ltd.(1)
 86,863  49,047 
Coforge Ltd.
 10,668  703,672 
Colgate-Palmolive India Ltd.
 73,908  1,732,721 
Computer Age Management Services Ltd.
 28,386  813,819 
Confidence Petroleum India Ltd.
 84,023  91,357 
Container Corp. of India Ltd.
 115,979  941,197 
Coromandel International Ltd.
 124,763  1,643,263 
Cosmo First Ltd.
 13,104  115,211 
CreditAccess Grameen Ltd.(1)
 94,240  1,610,832 
CRISIL Ltd.
 6,108  292,806 
Crompton Greaves Consumer Electricals Ltd.
 174,374  631,656 
CSB Bank Ltd.(1)
 38,033  151,590 
Cummins India Ltd.
 40,807  841,286 
Cyient Ltd.
 97,712  1,931,159 
Dabur India Ltd.
 244,353  1,631,101 
Dalmia Bharat Ltd.
 55,659  1,400,748 
Dalmia Bharat Sugar & Industries Ltd.
 13,724  61,844 
Datamatics Global Services Ltd.(1)
 30,145  204,767 
DB Corp. Ltd.
 130,929  358,251 
DCB Bank Ltd.
 185,400  261,015 
DCM Shriram Ltd.
 57,818  650,897 
Deccan Cements Ltd.
 2,682  16,926 
Deepak Fertilisers & Petrochemicals Corp. Ltd.
 106,512  780,091 
Deepak Nitrite Ltd.
 69,167  1,853,506 
Delta Corp. Ltd.
 54,099  118,188 
DEN Networks Ltd.(1)
 50,404  25,437 
Dhampur Bio Organics Ltd.
 14,248  28,406 
Dhampur Sugar Mills Ltd.
 49,517  151,538 
Dhani Services Ltd.(1)
 300,423  176,209 
Dhanuka Agritech Ltd.
 3,413  32,581 
Digidrive Distributors Ltd.(1)
 44  48 
Dilip Buildcon Ltd.
 48,057  190,588 
Dish TV India Ltd.(1)
 4,731,105  1,044,111 
Dishman Carbogen Amcis Ltd.(1)
 64,410  121,481 
Divi's Laboratories Ltd.
 37,882  1,642,141 
Dixon Technologies India Ltd.(1)
 12,220  738,030 
41

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
DLF Ltd.
 200,255  $ 1,218,327 
D-Link India Ltd.
 16,108  63,425 
Dolat Algotech Ltd.(1)
 16,966  10,247 
Dollar Industries Ltd.
 10,889  56,794 
Dr Lal PathLabs Ltd.
 33,233  872,846 
Dr Reddy's Laboratories Ltd., ADR
 91,048  6,189,443 
Dwarikesh Sugar Industries Ltd.
 182,430  196,611 
eClerx Services Ltd.
 39,061  765,878 
Edelweiss Financial Services Ltd.
 668,269  439,094 
Eicher Motors Ltd.
 41,597  1,675,625 
EID Parry India Ltd.
 157,004  905,692 
EIH Ltd.
 32,352  97,183 
Elecon Engineering Co. Ltd.
 82,356  877,437 
Electrosteel Castings Ltd.
 347,955  288,479 
Emami Ltd.
 203,022  1,285,764 
Endurance Technologies Ltd.
 19,538  391,795 
Engineers India Ltd.
 497,641  926,913 
EPL Ltd.
 117,256  278,053 
Equitas Small Finance Bank Ltd.
 905,380  988,749 
Eris Lifesciences Ltd.(1)
 8,852  86,599 
Escorts Kubota Ltd.
 32,530  1,240,550 
Ester Industries Ltd.
 21,161  24,471 
Eveready Industries India Ltd.(1)
 17,861  91,215 
Everest Industries Ltd.
 9,022  128,846 
Everest Kanto Cylinder Ltd.
 14,324  20,000 
Excel Industries Ltd.
 2,396  27,636 
Exide Industries Ltd.
 504,888  1,626,263 
FDC Ltd.(1)
 32,405  148,964 
Federal Bank Ltd.
 1,966,577  3,416,225 
Federal-Mogul Goetze India Ltd.(1)
 11,483  50,552 
FIEM Industries Ltd.
 8,475  194,766 
Filatex India Ltd.
 39,020  22,280 
Fine Organic Industries Ltd.
 1,757  101,711 
Finolex Cables Ltd.
 66,418  881,846 
Finolex Industries Ltd.
 706,272  2,042,323 
Firstsource Solutions Ltd.
 31,653  62,361 
Force Motors Ltd.
 8,704  360,064 
Fortis Healthcare Ltd.
 35,248  141,241 
Future Consumer Ltd.(1)
 738,951  6,680 
Gabriel India Ltd.
 164,309  628,039 
GAIL India Ltd.
 1,189,079  1,651,319 
Galaxy Surfactants Ltd.
 2,255  73,095 
Ganesha Ecosphere Ltd.
 2,544  32,074 
Garden Reach Shipbuilders & Engineers Ltd.
 32,039  316,118 
Gateway Distriparks Ltd.
 127,972  132,820 
General Insurance Corp. of India(1)
 46,922  123,233 
Genus Power Infrastructures Ltd.(1)
 50,411  157,294 
Geojit Financial Services Ltd.
 18,976  13,051 
GHCL Ltd.
 166,406  1,248,703 
GHCL Textiles Ltd.(1)
 160,202  147,747 
42

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
GIC Housing Finance Ltd.
 21,257  $ 45,954 
Gland Pharma Ltd.(1)
 3,488  73,413 
GlaxoSmithKline Pharmaceuticals Ltd.
 15,492  267,409 
Glenmark Pharmaceuticals Ltd.
 257,324  2,382,206 
Global Health Ltd.(1)
 7,077  60,709 
Globus Spirits Ltd.
 10,878  116,841 
GMM Pfaudler Ltd.
 19,618  373,550 
GMR Airports Infrastructure Ltd.(1)
 698,372  520,519 
Godawari Power & Ispat Ltd.
 72,445  541,513 
Godrej Agrovet Ltd.
 886  5,131 
Godrej Consumer Products Ltd.(1)
 40,811  495,308 
Godrej Properties Ltd.(1)
 23,130  459,443 
Gokaldas Exports Ltd.(1)
 23,440  223,414 
Goodluck India Ltd.
 7,850  54,293 
Goodyear India Ltd.
 1,471  24,292 
Granules India Ltd.
 198,289  712,201 
Graphite India Ltd.
 80,910  462,620 
Grasim Industries Ltd.
 149,714  3,236,232 
Great Eastern Shipping Co. Ltd.
 182,152  1,681,269 
Greaves Cotton Ltd.
 5,536  10,058 
Greenpanel Industries Ltd.
 45,158  206,097 
Greenply Industries Ltd.
 47,311  92,134 
Gufic Biosciences Ltd.(1)
 29,706  110,983 
Gujarat Alkalies & Chemicals Ltd.
 15,153  127,605 
Gujarat Ambuja Exports Ltd.
 73,656  233,613 
Gujarat Fluorochemicals Ltd.
 5,413  199,143 
Gujarat Gas Ltd.(1)
 89,122  483,760 
Gujarat Industries Power Co. Ltd.
 95,619  139,043 
Gujarat Mineral Development Corp. Ltd.
 164,988  495,263 
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
 223,476  1,644,012 
Gujarat Pipavav Port Ltd.
 1,008,395  1,581,595 
Gujarat State Fertilizers & Chemicals Ltd.
 326,941  691,886 
Gujarat State Petronet Ltd.
 240,970  803,488 
Happiest Minds Technologies Ltd.
 7,577  84,869 
Hathway Cable & Datacom Ltd.(1)
 554,440  110,506 
Havells India Ltd.
 101,141  1,690,172 
HBL Power Systems Ltd.
 108,784  352,022 
HCL Technologies Ltd.
 674,754  9,545,506 
HDFC Asset Management Co. Ltd.
 12,935  394,260 
HDFC Bank Ltd.
 988,830  18,724,452 
HDFC Life Insurance Co. Ltd.
 178,657  1,390,175 
HEG Ltd.
 21,492  454,356 
HeidelbergCement India Ltd.(1)
 21,787  49,206 
Heritage Foods Ltd.
 4,758  14,408 
Hero MotoCorp Ltd.
 108,297  3,812,267 
HFCL Ltd.
 583,887  536,799 
HG Infra Engineering Ltd.
 36,471  409,843 
Hikal Ltd.
 45,507  162,617 
HIL Ltd.
 1,459  53,024 
Himadri Speciality Chemical Ltd., ADR
 305,481  827,538 
43

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Himatsingka Seide Ltd.
 52,583  $ 93,455 
Hindalco Industries Ltd.
 1,408,956  7,811,207 
Hinduja Global Solutions Ltd.
 6,189  75,266 
Hindustan Construction Co. Ltd.(1)
 303,293  105,771 
Hindustan Copper Ltd.
 301,311  575,852 
Hindustan Oil Exploration Co. Ltd.(1)
 132,768  264,040 
Hindustan Petroleum Corp. Ltd.(1)
 997,205  2,986,765 
Hindustan Unilever Ltd.
 215,764  6,526,827 
Hindware Home Innovation Ltd.(1)
 53,383  377,463 
Home First Finance Co. India Ltd.
 28,912  291,193 
I G Petrochemicals Ltd.
 7,893  47,950 
ICICI Bank Ltd., ADR
 632,734  14,660,447 
ICICI Lombard General Insurance Co. Ltd.
 118,006  1,871,127 
ICICI Prudential Life Insurance Co. Ltd.
 108,937  741,539 
IDFC First Bank Ltd.(1)
 2,322,395  2,615,444 
IDFC Ltd.
 1,388,536  2,040,426 
IFB Industries Ltd.(1)
 1,596  18,222 
IFCI Ltd.(1)
 638,326  117,478 
IIFL Finance Ltd.
 327,282  2,395,487 
IIFL Securities Ltd.
 68,787  66,743 
India Cements Ltd.
 146,211  417,004 
India Glycols Ltd.(1)
 6,368  58,036 
Indiabulls Housing Finance Ltd.(1)
 850,315  2,035,066 
Indiabulls Real Estate Ltd.(1)
 468,645  452,008 
IndiaMart InterMesh Ltd.
 31,100  1,149,287 
Indian Bank
 276,481  1,263,453 
Indian Energy Exchange Ltd.
 542,538  826,464 
Indian Hotels Co. Ltd.
 230,690  1,171,825 
Indian Metals & Ferro Alloys Ltd.
 12,770  58,770 
Indian Oil Corp. Ltd.
 1,605,409  1,726,717 
Indian Overseas Bank(1)
 35,971  13,287 
Indian Railway Catering & Tourism Corp. Ltd.
 84,463  685,144 
Indo Count Industries Ltd.
 202,926  600,751 
Indraprastha Gas Ltd.
 172,173  972,007 
Indraprastha Medical Corp. Ltd.
 21,721  47,138 
Indus Towers Ltd.(1)
 547,259  1,157,246 
Infibeam Avenues Ltd.(1)
 596,825  105,169 
Info Edge India Ltd.
 30,202  1,578,208 
Infosys Ltd., ADR
 1,525,103  26,491,039 
Inox Green Energy Services Ltd.(1)
 75,290  62,342 
Inox Wind Ltd.(1)
 90,963  224,055 
Insecticides India Ltd.
 3,039  18,031 
Intellect Design Arena Ltd.
 51,451  456,362 
InterGlobe Aviation Ltd.(1)
 32,571  957,671 
IOL Chemicals & Pharmaceuticals Ltd.
 31,681  166,028 
ION Exchange India Ltd.
 60,454  413,713 
Ipca Laboratories Ltd.
 63,356  668,522 
IRB Infrastructure Developers Ltd.
 885,410  302,417 
IRCON International Ltd.
 654,736  900,958 
ISGEC Heavy Engineering Ltd.
 11,540  96,842 
44

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
ISMT Ltd.(1)
 36,453  $ 35,042 
ITD Cementation India Ltd.
 210,091  550,890 
J Kumar Infraprojects Ltd.
 48,725  241,919 
Jagran Prakashan Ltd.(1)
 44,477  57,917 
Jai Corp. Ltd.
 112,864  331,362 
Jain Irrigation Systems Ltd.(1)
 478,966  363,650 
Jaiprakash Associates Ltd.(1)
 521,016  66,324 
Jaiprakash Power Ventures Ltd.(1)
 4,156,083  400,986 
Jammu & Kashmir Bank Ltd.
 729,299  789,587 
Jamna Auto Industries Ltd.
 370,061  533,271 
Jay Bharat Maruti Ltd.
 7,270  25,481 
JB Chemicals & Pharmaceuticals Ltd.
 6,334  211,899 
JBM Auto Ltd.
 13,780  252,150 
Jindal Poly Films Ltd.
 9,031  74,305 
Jindal Saw Ltd.
 186,050  786,372 
Jindal Stainless Ltd.
 411,521  2,257,717 
Jindal Steel & Power Ltd.
 440,656  3,638,968 
JK Cement Ltd.
 26,009  1,035,000 
JK Lakshmi Cement Ltd.
 196,702  1,600,480 
JK Paper Ltd.
 425,995  1,875,117 
JK Tyre & Industries Ltd.
 238,159  779,110 
JM Financial Ltd.
 719,112  678,755 
Johnson Controls-Hitachi Air Conditioning India Ltd.(1)
 497  7,559 
JSW Energy Ltd.
 101,564  430,110 
JSW Steel Ltd.
 510,243  4,800,112 
JTEKT India Ltd.
 69,453  114,397 
Jubilant Foodworks Ltd.
 325,931  2,014,031 
Jubilant Ingrevia Ltd.
 105,390  654,463 
Jubilant Pharmova Ltd.
 34,983  198,049 
Just Dial Ltd.(1)
 26,088  240,243 
Kajaria Ceramics Ltd.
 90,834  1,612,894 
Kalpataru Projects International Ltd.
 179,724  1,432,607 
Kalyani Steels Ltd.
 4,946  29,206 
Karnataka Bank Ltd.
 359,060  958,087 
Karur Vysya Bank Ltd.
 1,227,681  1,800,707 
Kaveri Seed Co. Ltd.(1)
 17,663  116,575 
KCP Ltd.
 13,450  18,515 
KEC International Ltd.
 214,336  1,737,865 
KEI Industries Ltd.
 53,954  1,763,110 
Kellton Tech Solutions Ltd.(1)
 21,339  23,382 
Kennametal India Ltd.
 3,609  123,048 
Kfin Technologies Ltd.(1)
 38,992  210,893 
Kiri Industries Ltd.(1)
 10,180  34,065 
Kirloskar Brothers Ltd.
 67,708  694,082 
Kirloskar Ferrous Industries Ltd.
 59,304  338,733 
Kirloskar Oil Engines Ltd.
 67,680  395,363 
Kitex Garments Ltd.(1)
 19,681  47,355 
KNR Constructions Ltd.
 85,833  285,552 
Kolte-Patil Developers Ltd.
 28,083  153,311 
Kotak Mahindra Bank Ltd.
 415,219  8,810,893 
45

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
KPI Green Energy Ltd.
 34,724  $ 374,704 
KPIT Technologies Ltd.
 130,385  1,849,702 
KPR Mill Ltd.
 56,220  514,184 
KRBL Ltd.
 85,035  413,462 
L&T Finance Holdings Ltd.
 1,228,056  1,850,391 
L&T Technology Services Ltd.
 5,165  274,377 
LA Opala RG Ltd.
 18,529  98,013 
Landmark Cars Ltd.(1)
 13,672  116,305 
Larsen & Toubro Ltd.
 489,803  15,980,918 
Latent View Analytics Ltd.(1)
 34,075  175,177 
Laurus Labs Ltd.
 421,754  2,032,555 
LG Balakrishnan & Bros Ltd.(1)
 37,802  490,171 
LIC Housing Finance Ltd.
 415,155  2,121,520 
Lincoln Pharmaceuticals Ltd.
 6,400  40,240 
Linde India Ltd.
 5,307  401,553 
LT Foods Ltd.
 310,337  619,730 
LTIMindtree Ltd.
 34,144  2,138,812 
Lumax Auto Technologies Ltd.
 38,080  171,343 
Lupin Ltd.
 258,237  3,422,185 
LUX Industries Ltd.(1)
 805  14,317 
Mahanagar Gas Ltd.
 55,808  689,749 
Maharashtra Scooters Ltd.
 500  43,108 
Maharashtra Seamless Ltd.
 31,656  205,484 
Mahindra & Mahindra Financial Services Ltd.
 705,815  2,534,655 
Mahindra & Mahindra Ltd.
 558,291  10,615,150 
Mahindra Holidays & Resorts India Ltd.(1)
 46,966  226,519 
Mahindra Lifespace Developers Ltd.
 5,296  36,266 
Mahindra Logistics Ltd.
 28,609  134,547 
Maithan Alloys Ltd.
 5,265  65,207 
Man Industries India Ltd.
 43,271  82,846 
Man Infraconstruction Ltd.
 221,461  389,636 
Manali Petrochemicals Ltd.
 80,005  66,499 
Manappuram Finance Ltd.
 1,148,544  2,143,082 
Mangalam Cement Ltd.
 7,000  28,929 
Marico Ltd.
 232,741  1,601,507 
Marksans Pharma Ltd.
 183,558  250,143 
Maruti Suzuki India Ltd.
 43,629  5,268,707 
MAS Financial Services Ltd.
 10,285  101,392 
Mastek Ltd.
 4,905  140,571 
Max Financial Services Ltd.(1)
 212,924  2,399,893 
Max Healthcare Institute Ltd.(1)
 190,553  1,357,677 
Mayur Uniquoters Ltd.
 3,977  26,954 
Mazagon Dock Shipbuilders Ltd.
 14,877  331,740 
Meghmani Finechem Ltd.
 9,434  114,535 
Meghmani Organics Ltd.
 109,721  110,003 
Metropolis Healthcare Ltd.
 12,846  207,981 
Minda Corp. Ltd.
 25,905  102,311 
Mirza International Ltd.(1)
 31,525  17,203 
Mishra Dhatu Nigam Ltd.
 22,478  111,354 
MOIL Ltd.
 40,373  116,286 
46

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Mold-Tek Packaging Ltd.
 2,551  $ 29,318 
Monarch Networth Capital Ltd.
 11,483  48,183 
Motherson Sumi Wiring India Ltd.
 274,681  205,814 
Motilal Oswal Financial Services Ltd.
 58,153  645,711 
Mphasis Ltd.
 65,911  1,931,595 
MRF Ltd.
 2,342  3,073,538 
Mrs Bectors Food Specialities Ltd.
 25,415  329,345 
MSTC Ltd.
 10,973  51,797 
Multi Commodity Exchange of India Ltd.
 38,876  792,076 
Muthoot Finance Ltd.
 144,644  2,200,892 
Narayana Hrudayalaya Ltd.
 60,839  764,108 
Natco Pharma Ltd.
 37,903  417,982 
National Aluminium Co. Ltd.
 1,385,979  1,573,177 
National Fertilizers Ltd.
 53,307  43,630 
Nava Ltd.
 108,931  558,825 
Navneet Education Ltd.
 18,910  35,222 
NBCC India Ltd.
 494,783  307,148 
NCC Ltd.
 1,218,752  2,494,648 
NCL Industries Ltd.
 7,144  20,450 
NELCO Ltd.
 10,660  103,362 
Neogen Chemicals Ltd.
 3,235  66,720 
NESCO Ltd.
 6,909  60,288 
Nestle India Ltd.
 10,408  2,762,850 
Neuland Laboratories Ltd.
 7,346  344,036 
New Delhi Television Ltd.(1)
 26,266  67,890 
Newgen Software Technologies Ltd.
 4,838  50,147 
NIIT Learning Systems Ltd.(1)
 47,453  218,761 
NIIT Ltd.(1)
 47,453  46,291 
Nilkamal Ltd.
 800  23,851 
Nippon Life India Asset Management Ltd.
 236,071  889,085 
NLC India Ltd.
 136,872  215,307 
NOCIL Ltd.
 26,410  71,554 
NRB Bearings Ltd.
 11,401  37,210 
NTPC Ltd.
 3,657,133  9,729,746 
Nuvama Wealth Management Ltd.(1)
 5,464  160,977 
Oberoi Realty Ltd.
 68,771  929,950 
Oil & Natural Gas Corp. Ltd.
 1,854,986  3,901,723 
Oil India Ltd.
 482,058  1,589,514 
Olectra Greentech Ltd.
 7,637  115,118 
OnMobile Global Ltd.(1)
 15,331  20,107 
Oracle Financial Services Software Ltd.
 30,575  1,516,535 
Orient Cement Ltd.
 131,141  305,266 
Orient Electric Ltd.
 37,916  109,381 
Orient Green Power Co. Ltd.(1)
 825,466  139,499 
Orient Paper & Industries Ltd.
 66,746  39,646 
Page Industries Ltd.
 2,129  1,032,022 
Paisalo Digital Ltd.
 80,425  58,383 
Panama Petrochem Ltd.
 12,000  47,214 
Parag Milk Foods Ltd.(1)
 18,882  44,261 
Patel Engineering Ltd.(1)
 537,039  370,405 
47

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
PB Fintech Ltd.(1)
 67,076  $ 626,961 
PC Jeweller Ltd.(1)
 93,451  30,003 
PCBL Ltd.
 431,295  907,854 
Persistent Systems Ltd.
 39,631  2,567,678 
Petronet LNG Ltd.
 1,088,342  2,827,886 
Phoenix Mills Ltd.
 13,110  284,842 
PI Industries Ltd.
 15,819  693,042 
Pidilite Industries Ltd.
 13,424  407,613 
Piramal Enterprises Ltd.
 90,899  1,155,121 
Piramal Pharma Ltd.(1)
 123,109  152,764 
Pitti Engineering Ltd.
 15,456  120,048 
PIX Transmissions Ltd.
 7,912  113,356 
PNB Gilts Ltd.(1)
 22,203  16,889 
PNB Housing Finance Ltd.(1)
 166,576  1,307,673 
PNC Infratech Ltd.
 387,662  1,553,629 
Pokarna Ltd.(1)
 6,924  41,483 
Poly Medicure Ltd.
 2,282  40,339 
Polycab India Ltd.
 9,862  609,899 
Polyplex Corp. Ltd.
 16,298  239,324 
Poonawalla Fincorp Ltd.
 104,034  523,264 
Power Finance Corp. Ltd.
 70,033  219,940 
Power Grid Corp. of India Ltd.
 2,269,612  6,698,900 
Power Mech Projects Ltd.
 9,138  465,923 
Praj Industries Ltd.
 196,046  1,165,783 
Prakash Industries Ltd.(1)
 19,502  27,023 
Precision Camshafts Ltd.
 69,597  218,238 
Prestige Estates Projects Ltd.
 78,766  612,538 
Pricol Ltd.(1)
 198,348  810,687 
Prince Pipes & Fittings Ltd.
 12,478  107,902 
Prism Johnson Ltd.(1)
 51,053  79,874 
Privi Speciality Chemicals Ltd.
 2,600  36,159 
Procter & Gamble Health Ltd.
 376  22,131 
PSP Projects Ltd.
 15,240  150,639 
PTC India Ltd.
 627,768  1,055,339 
PVR Inox Ltd.(1)
 8,570  185,310 
Quess Corp. Ltd.
 84,221  433,978 
Radico Khaitan Ltd.
 29,161  444,114 
Rain Industries Ltd.
 3,155  6,185 
Rajesh Exports Ltd.
 47,655  287,157 
Rallis India Ltd.
 39,353  111,851 
Ramco Cements Ltd.
 140,283  1,469,328 
Ramco Industries Ltd.
 7,096  16,239 
Ramkrishna Forgings Ltd.
 20,160  173,569 
Ramky Infrastructure Ltd.(1)
 7,149  48,080 
Rashtriya Chemicals & Fertilizers Ltd.
 271,263  397,992 
Raymond Ltd.
 71,532  1,726,328 
RBL Bank Ltd.
 912,552  2,629,762 
REC Ltd.
 2,023,316  5,829,106 
Redington Ltd.
 782,819  1,480,749 
Redtape Ltd.(1)
 31,525  178,271 
48

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Relaxo Footwears Ltd.
 5,952  $ 67,891 
Reliance Industrial Infrastructure Ltd.
 1,798  22,073 
Reliance Industries Ltd., GDR
 579,734  33,662,942 
Reliance Infrastructure Ltd.(1)
 394,939  890,324 
Reliance Power Ltd.(1)
 4,813,434  1,112,890 
Repco Home Finance Ltd.(1)
 60,417  282,897 
Restaurant Brands Asia Ltd.(1)
 268,889  411,969 
Rhi Magnesita India Ltd.
 18,440  160,522 
Rico Auto Industries Ltd.
 188,999  193,158 
RITES Ltd.
 92,891  561,616 
Route Mobile Ltd.
 21,963  416,295 
RPG Life Sciences Ltd.
 5,620  81,557 
RSWM Ltd.(1)
 8,000  20,457 
Rupa & Co. Ltd.
 15,995  51,369 
Safari Industries India Ltd.
 5,061  225,196 
Sagar Cements Ltd.
 9,772  26,600 
Samvardhana Motherson International Ltd.
 1,757,556  2,031,841 
Sandhar Technologies Ltd.
 26,413  124,080 
Sanghi Industries Ltd.(1)
 10,104  13,430 
Sanghvi Movers Ltd.
 53,318  477,582 
Sanofi India Ltd.
 10,089  865,358 
Sansera Engineering Ltd.(1)
 21,265  244,863 
Sarda Energy & Minerals Ltd.(1)
 80,820  216,086 
Saregama India Ltd.
 220  1,053 
Satia Industries Ltd.
 20,542  32,062 
Satin Creditcare Network Ltd.(1)
 123,395  311,379 
SBI Cards & Payment Services Ltd.
 170,575  1,681,397 
SBI Life Insurance Co. Ltd.
 85,536  1,334,416 
Schaeffler India Ltd.
 12,595  464,030 
Schneider Electric Infrastructure Ltd.(1)
 16,540  71,075 
SEAMEC Ltd.
 1,917  14,749 
Sequent Scientific Ltd.(1)
 4,729  5,301 
SH Kelkar & Co. Ltd.
 10,925  21,480 
Shankara Building Products Ltd.
 4,974  51,425 
Shanthi Gears Ltd.
 4,400  24,191 
Sharda Cropchem Ltd.
 16,930  92,211 
Share India Securities Ltd.
 14,464  244,198 
Shilpa Medicare Ltd.
 18,162  81,105 
Shipping Corp. of India Ltd.
 153,814  241,964 
Shipping Corp. of India Ltd.(1)
 153,814  50,258 
Shoppers Stop Ltd.(1)
 19,317  170,009 
Shree Cement Ltd.
 2,871  825,076 
Shree Digvijay Cement Co. Ltd.
 24,457  28,245 
Shree Renuka Sugars Ltd.(1)
 142,059  79,873 
Shriram Finance Ltd.
 290,643  6,764,709 
Siemens Ltd.
 19,210  909,556 
Siyaram Silk Mills Ltd.
 8,736  56,265 
SKF India Ltd.
 3,745  235,658 
Sobha Ltd.
 52,651  387,681 
Solar Industries India Ltd.
 3,514  205,243 
49

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
SOM Distilleries & Breweries Ltd.
 32,729  $ 124,374 
Somany Ceramics Ltd.
 5,124  44,397 
Sonata Software Ltd.
 114,533  1,445,683 
South Indian Bank Ltd.
 1,547,163  433,962 
Southern Petrochemical Industries Corp. Ltd.
 114,672  96,449 
Spandana Sphoorty Financial Ltd.(1)
 28,524  285,084 
SRF Ltd.
 53,228  1,513,625 
Star Cement Ltd.(1)
 22,000  41,740 
State Bank of India, GDR
 94,245  6,364,859 
Steel Strips Wheels Ltd.
 130,013  397,375 
Sterling & Wilson Renewable(1)
 17,454  79,668 
Sterlite Technologies Ltd.
 54,881  113,596 
Strides Pharma Science Ltd.
 97,066  519,199 
Sudarshan Chemical Industries Ltd.
 20,068  123,076 
Sumitomo Chemical India Ltd.
 29,259  155,601 
Sun Pharma Advanced Research Co. Ltd.(1)
 5,387  16,699 
Sun Pharmaceutical Industries Ltd.
 547,973  7,345,067 
Sun TV Network Ltd.
 144,689  1,077,773 
Sundaram Finance Ltd.
 5,399  169,280 
Sundram Fasteners Ltd.
 35,872  551,185 
Sunflag Iron & Steel Co. Ltd.(1)
 82,641  200,456 
Sunteck Realty Ltd.
 25,538  111,377 
Suprajit Engineering Ltd.
 30,007  153,249 
Supreme Industries Ltd.
 37,917  2,040,668 
Supreme Petrochem Ltd.
 28,578  170,445 
Surya Roshni Ltd.
 20,265  232,344 
Suven Pharmaceuticals Ltd.
 55,349  342,492 
Suzlon Energy Ltd.(1)
 2,329,175  690,285 
Swaraj Engines Ltd.
 1,157  28,309 
Syngene International Ltd.
 78,915  737,261 
Tamil Nadu Newsprint & Papers Ltd.
 42,975  130,093 
Tamilnadu Petroproducts Ltd.
 58,751  63,484 
Tanla Platforms Ltd.
 99,776  1,175,200 
TARC Ltd.(1)
 108,216  121,360 
Tata Chemicals Ltd.
 103,581  1,326,939 
Tata Communications Ltd.
 88,177  1,904,790 
Tata Consultancy Services Ltd.
 327,944  13,283,005 
Tata Consumer Products Ltd.
 138,785  1,397,713 
Tata Elxsi Ltd.
 11,633  1,017,334 
Tata Investment Corp. Ltd.
 16,097  473,443 
Tata Metaliks Ltd.
 6,955  77,321 
Tata Motors Ltd.
 1,377,646  9,989,070 
Tata Power Co. Ltd.
 625,483  1,850,402 
Tata Steel Long Products Ltd.(1)
 8,116  76,547 
Tata Steel Ltd.
 7,274,014  10,787,465 
Tata Teleservices Maharashtra Ltd.(1)
 194,570  206,094 
TCI Express Ltd.
 4,850  82,281 
TeamLease Services Ltd.(1)
 2,705  79,056 
Tech Mahindra Ltd.
 523,170  7,585,730 
Technocraft Industries India Ltd.(1)
 3,091  78,418 
50

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Tejas Networks Ltd.(1)
 8,477  $ 89,088 
Texmaco Rail & Engineering Ltd.
 186,024  327,311 
Thermax Ltd.
 21,660  734,619 
Thirumalai Chemicals Ltd.
 53,644  148,727 
Thomas Cook India Ltd.
 55,257  77,222 
Thyrocare Technologies Ltd.
 7,067  45,928 
Tide Water Oil Co. India Ltd.
 3,215  45,243 
Time Technoplast Ltd.
 113,339  203,122 
Timken India Ltd.
 3,048  119,653 
Tinplate Co. of India Ltd.
 23,219  107,852 
Tips Industries Ltd.
 12,822  50,430 
Titagarh Rail System Ltd.(1)
 162,489  1,594,747 
Titan Co. Ltd.
 18,943  709,817 
Torrent Pharmaceuticals Ltd.
 60,317  1,342,594 
Torrent Power Ltd.
 111,348  883,246 
TransIndia Real Estate Ltd.(1)
 89,445  37,437 
Transport Corp. of India Ltd.
 19,164  187,510 
Trent Ltd.
 45,639  1,128,911 
Trident Ltd.
 2,268,170  1,000,324 
Triveni Engineering & Industries Ltd.(1)
 52,908  200,615 
Triveni Turbine Ltd.(1)
 90,527  427,833 
TTK Prestige Ltd.
 16,590  157,073 
Tube Investments of India Ltd.
 43,060  1,507,334 
TV Today Network Ltd.
 12,283  33,381 
TV18 Broadcast Ltd.(1)
 421,967  244,829 
TVS Motor Co. Ltd.
 35,327  605,367 
Uflex Ltd.
 36,177  208,599 
Ugar Sugar Works Ltd.
 65,144  83,970 
Ujjivan Financial Services Ltd.
 50,472  295,935 
Ujjivan Small Finance Bank Ltd.
 1,541,814  911,603 
UltraTech Cement Ltd.
 44,556  4,463,843 
Unichem Laboratories Ltd.(1)
 34,820  175,007 
Uniparts India Ltd.
 26,396  199,364 
United Spirits Ltd.(1)
 170,883  2,078,093 
UNO Minda Ltd.
 25,358  184,345 
UPL Ltd.
 184,616  1,317,404 
Usha Martin Ltd.
 59,005  252,743 
UTI Asset Management Co. Ltd.
 55,939  505,142 
VA Tech Wabag Ltd.(1)
 32,179  192,021 
Vaibhav Global Ltd.
 7,950  42,421 
Vakrangee Ltd.
 415,142  77,646 
Valiant Organics Ltd.
 6,994  42,829 
Vardhman Textiles Ltd.(1)
 189,779  900,744 
Varroc Engineering Ltd.(1)
 38,878  198,427 
Varun Beverages Ltd.
 252,546  2,740,308 
Vascon Engineers Ltd.
 98,939  71,232 
Vedanta Ltd.
 637,560  1,784,930 
Venky's India Ltd.
 3,565  85,035 
Vesuvius India Ltd.
 1,008  41,752 
V-Guard Industries Ltd.
 1,107  4,203 
51

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Vidhi Specialty Food Ingredients Ltd.
 7,127  $ 38,209 
Vinati Organics Ltd.
 4,973  111,395 
VIP Industries Ltd.
 33,683  270,595 
Visaka Industries Ltd.
 23,235  26,069 
Vishnu Chemicals Ltd.
 17,730  69,801 
VL E-Governance & IT Solutions Ltd.(1)
 41,514  18,755 
Vodafone Idea Ltd.(1)
 2,791,364  304,928 
Voltamp Transformers Ltd.
 454  31,535 
Voltas Ltd.
 54,865  576,186 
VRL Logistics Ltd.
 28,235  229,272 
VST Tillers Tractors Ltd.
 1,038  46,437 
Welspun Corp. Ltd.
 482,295  1,905,303 
Welspun Enterprises Ltd.
 159,871  536,603 
Welspun India Ltd.
 611,986  922,507 
West Coast Paper Mills Ltd.
 44,253  313,448 
Westlife Foodworld Ltd.
 21,051  238,494 
Wipro Ltd., ADR(2)
 523,396  2,559,406 
Wockhardt Ltd.(1)
 44,689  128,210 
Wonderla Holidays Ltd.
 15,404  117,610 
Yes Bank Ltd.(1)
 7,887,337  1,599,819 
Zee Entertainment Enterprises Ltd.
 680,721  2,152,986 
Zee Media Corp. Ltd.(1)
 136,836  19,591 
Zen Technologies Ltd.
 3,428  34,743 
Zensar Technologies Ltd.
 112,299  714,110 
688,932,783 
Indonesia — 2.3%
ABM Investama Tbk PT
 752,100  193,504 
Ace Hardware Indonesia Tbk PT
 10,423,400  499,470 
Adaro Energy Indonesia Tbk PT
 15,773,600  2,763,325 
Adaro Minerals Indonesia Tbk PT(1)
 1,601,800  142,976 
Adhi Karya Persero Tbk PT(1)
 3,613,756  102,490 
Adi Sarana Armada Tbk PT(1)
 488,400  31,572 
AKR Corporindo Tbk PT
 10,012,400  919,904 
Alam Sutera Realty Tbk PT(1)
 486,000  5,839 
Aneka Tambang Tbk PT
 12,490,900  1,629,595 
Astra Agro Lestari Tbk PT
 220,200  109,809 
Astra International Tbk PT
 11,470,700  4,853,308 
Astra Otoparts Tbk PT
 892,000  187,404 
Bank BTPN Syariah Tbk PT
 2,893,700  410,282 
Bank Bukopin Tbk PT(1)
 3,742,897  23,840 
Bank Central Asia Tbk PT
 11,808,100  7,108,539 
Bank Mandiri Persero Tbk PT
 24,966,400  9,872,658 
Bank Negara Indonesia Persero Tbk PT
 4,258,400  2,564,434 
Bank Pan Indonesia Tbk PT(1)
 1,152,900  98,801 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT
 1,221,674  95,042 
Bank Pembangunan Daerah Jawa Timur Tbk PT
 862,000  37,076 
Bank Rakyat Indonesia Persero Tbk PT
 22,321,618  8,131,678 
Bank Syariah Indonesia Tbk PT
 174,291  19,566 
Bank Tabungan Negara Persero Tbk PT
 12,449,383  1,025,567 
Barito Pacific Tbk PT
 960,625  67,482 
52

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
BFI Finance Indonesia Tbk PT
 6,157,800  $ 485,031 
Blue Bird Tbk PT
 370,500  53,032 
Buana Lintas Lautan Tbk PT(1)
 4,340,500  27,930 
Bukalapak.com Tbk PT(1)
 26,953,000  410,063 
Bukit Asam Tbk PT
 8,514,200  1,597,886 
Bumi Resources Minerals Tbk PT(1)
 14,720,600  188,417 
Bumi Resources Tbk PT(1)
 452,000  4,096 
Bumi Serpong Damai Tbk PT(1)
 3,021,900  225,141 
Charoen Pokphand Indonesia Tbk PT(1)
 4,723,400  1,604,545 
Ciputra Development Tbk PT
 25,227,900  1,888,328 
Clipan Finance Indonesia Tbk PT
 1,709,200  64,525 
Delta Dunia Makmur Tbk PT
 4,766,600  128,880 
Dharma Polimetal TbK PT
 843,000  81,366 
Dharma Satya Nusantara Tbk PT
 4,581,100  178,964 
Elnusa Tbk PT
 2,416,100  61,911 
Energi Mega Persada Tbk PT(1)
 3,886,100  62,294 
Erajaya Swasembada Tbk PT
 2,145,100  68,370 
Gajah Tunggal Tbk PT(1)
 1,939,900  104,444 
Global Mediacom Tbk PT(1)
 8,524,100  171,210 
Hanson International Tbk PT(1)
 1,531,500  1 
Harum Energy Tbk PT
 2,238,000  229,080 
Hexindo Adiperkasa Tbk PT
 15,800  6,822 
Indah Kiat Pulp & Paper Tbk PT
 3,234,700  1,931,783 
Indika Energy Tbk PT
 2,766,800  363,090 
Indo Tambangraya Megah Tbk PT
 837,900  1,590,514 
Indocement Tunggal Prakarsa Tbk PT
 887,500  623,439 
Indofood CBP Sukses Makmur Tbk PT
 236,100  173,647 
Indofood Sukses Makmur Tbk PT
 985,400  459,122 
Indomobil Sukses Internasional Tbk PT
 740,800  87,794 
Indosat Tbk PT
 514,600  324,339 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT
 1,569,030  63,871 
Integra Indocabinet Tbk PT(1)
 481,500  14,538 
Japfa Comfeed Indonesia Tbk PT
 3,234,400  273,791 
Jasa Marga Persero Tbk PT
 1,704,500  481,007 
Kalbe Farma Tbk PT
 14,536,300  1,729,402 
Kino Indonesia Tbk PT(1)
 52,400  5,246 
Lippo Karawaci Tbk PT(1)
 5,989,600  38,519 
Matahari Department Store Tbk PT
 1,171,600  199,982 
Matahari Putra Prima Tbk PT(1)
 1,186,000  7,231 
Medco Energi Internasional Tbk PT
 20,482,820  1,439,300 
Media Nusantara Citra Tbk PT
 6,628,900  228,492 
Medikaloka Hermina Tbk PT
 4,615,600  423,850 
Merdeka Copper Gold Tbk PT(1)
 2,336,058  517,793 
Mitra Adiperkasa Tbk PT
 22,353,100  2,840,858 
Mitra Keluarga Karyasehat Tbk PT
 3,586,500  666,700 
Mitra Pinasthika Mustika Tbk PT
 2,191,600  149,626 
MNC Digital Entertainment Tbk PT(1)
 434,500  105,268 
MNC Kapital Indonesia Tbk PT(1)
 6,385,800  23,465 
MNC Vision Networks Tbk PT(1)
 5,403,500  19,514 
Pabrik Kertas Tjiwi Kimia Tbk PT
 3,175,600  1,625,950 
53

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Pacific Strategic Financial Tbk PT(1)
 828,800  $ 60,407 
Pakuwon Jati Tbk PT
 3,204,800  94,640 
Panin Financial Tbk PT(1)
 8,246,600  158,035 
Perusahaan Gas Negara Tbk PT
 18,995,500  1,713,680 
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT
 1,913,200  128,098 
PP Persero Tbk PT(1)
 1,481,700  56,412 
Puradelta Lestari Tbk PT
 976,100  11,219 
Ramayana Lestari Sentosa Tbk PT
 547,700  20,318 
Rmk Energy Tbk PT
 389,800  20,474 
Salim Ivomas Pratama Tbk PT
 183,800  4,754 
Samator Indo Gas Tbk PT
 536,000  65,980 
Samudera Indonesia Tbk PT
 3,623,000  85,599 
Sarana Menara Nusantara Tbk PT
 27,080,100  1,831,211 
Sawit Sumbermas Sarana Tbk PT
 2,748,500  221,949 
Semen Indonesia Persero Tbk PT
 4,100,318  1,829,672 
Sentul City Tbk PT(1)
 1,197,800  4,325 
Siloam International Hospitals Tbk PT
 9,600  1,242 
Smartfren Telecom Tbk PT(1)
 39,123,800  141,258 
Sri Rejeki Isman Tbk PT(1)
 918,200  1 
Sumber Alfaria Trijaya Tbk PT
 10,218,900  1,947,398 
Summarecon Agung Tbk PT
 6,092,478  269,915 
Surya Citra Media Tbk PT
 3,277,000  31,840 
Surya Esa Perkasa Tbk PT
 6,203,900  246,315 
Surya Semesta Internusa Tbk PT(1)
 2,995,900  74,337 
Telkom Indonesia Persero Tbk PT, ADR(2)
 273,552  6,639,107 
Temas Tbk PT
 4,752,000  55,233 
Tempo Scan Pacific Tbk PT
 259,300  30,640 
Timah Tbk PT
 1,423,400  84,989 
Tower Bersama Infrastructure Tbk PT
 4,596,400  633,739 
Transcoal Pacific Tbk PT
 87,900  52,239 
Tunas Baru Lampung Tbk PT
 339,100  17,805 
Unilever Indonesia Tbk PT
 5,559,600  1,339,684 
United Tractors Tbk PT
 1,692,300  2,887,603 
Vale Indonesia Tbk PT
 948,900  367,243 
Waskita Beton Precast Tbk PT(1)
 238,300  783 
Waskita Karya Persero Tbk PT(1)
 3,601,745  47,771 
Wijaya Karya Persero Tbk PT(1)
 2,888,700  74,712 
Wintermar Offshore Marine Tbk PT(1)
 860,000  30,585 
XL Axiata Tbk PT
 2,999,828  492,297 
86,718,137 
Malaysia — 1.7%
7-Eleven Malaysia Holdings Bhd, Class B
 21,600  8,944 
Aeon Co. M Bhd
 267,700  61,177 
AEON Credit Service M Bhd
 4,800  11,386 
AGMO Holdings Bhd(1)
 7,211  973 
Alliance Bank Malaysia Bhd
 1,280,900  953,107 
AMMB Holdings Bhd
 1,796,600  1,445,328 
Ancom Nylex Bhd
 663,100  149,951 
Ann Joo Resources Bhd(1)
 103,300  25,809 
Astro Malaysia Holdings Bhd(2)
 96,000  10,552 
54

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
ATA IMS Bhd(1)
 11,300  $ 781 
Axiata Group Bhd
 1,815,200  923,724 
Bank Islam Malaysia Bhd
 454,000  204,575 
Berjaya Corp. Bhd(1)
 2,966,168  182,178 
Berjaya Food Bhd
 463,600  68,132 
Berjaya Land Bhd(1)
 2,900  175 
Bermaz Auto Bhd(2)
 1,720,900  830,337 
Boustead Plantations Bhd
 491,100  159,049 
Bumi Armada Bhd(1)
 5,487,700  603,575 
Bursa Malaysia Bhd
 362,800  539,602 
Cahya Mata Sarawak Bhd
 1,158,200  292,136 
Capital A Bhd(1)
 140,600  29,372 
Carlsberg Brewery Malaysia Bhd
 56,500  246,255 
CELCOMDIGI Bhd
 1,514,300  1,429,940 
Chin Hin Group Bhd(1)
 82,400  76,623 
CIMB Group Holdings Bhd
 3,487,498  4,227,632 
CSC Steel Holdings Bhd
 75,000  19,699 
CTOS Digital Bhd
 109,100  33,437 
Cypark Resources Bhd(1)
 956,100  161,064 
D&O Green Technologies Bhd
 80,000  61,023 
Dagang NeXchange Bhd(1)(2)
 2,040,200  198,210 
Dayang Enterprise Holdings Bhd
 221,220  82,911 
Dialog Group Bhd
 482,800  213,138 
DRB-Hicom Bhd
 588,500  182,773 
Dufu Technology Corp. Bhd
 13,600  5,483 
Duopharma Biotech Bhd
 10,630  2,634 
Eco World Development Group Bhd
 601,900  133,717 
Eco World International Bhd(1)
 194,300  29,766 
Ekovest Bhd(1)
 1,743,000  202,642 
Evergreen Fibreboard Bhd(1)
 239,000  14,705 
Formosa Prosonic Industries Bhd
 28,500  16,645 
Fraser & Neave Holdings Bhd
 24,700  135,828 
Frontken Corp. Bhd
 717,350  541,520 
Gamuda Bhd
 1,646,925  1,598,867 
Genting Bhd
 1,943,600  1,831,604 
Genting Malaysia Bhd
 2,780,000  1,539,991 
Genting Plantations Bhd
 105,000  121,572 
Globetronics Technology Bhd
 102,800  35,246 
Greatech Technology Bhd(1)
 94,500  91,693 
HAP Seng Consolidated Bhd
 65,700  56,671 
Hap Seng Plantations Holdings Bhd
 58,900  23,845 
Hartalega Holdings Bhd
 2,260,400  952,035 
Heineken Malaysia Bhd
 87,000  446,497 
Hengyuan Refining Co. Bhd
 211,100  141,892 
Hextar Global Bhd
 507,660  82,639 
Hextar Healthcare Bhd(1)
 196,500  9,100 
Hiap Teck Venture Bhd
 691,900  64,877 
Hibiscus Petroleum Bhd
 2,674,800  550,531 
Hong Leong Bank Bhd
 149,800  644,560 
Hong Leong Capital Bhd
 24,300  28,095 
55

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Hong Leong Financial Group Bhd
 68,400  $ 268,241 
Hong Seng Consolidated Bhd(1)(2)
 180,800  1,743 
Hup Seng Industries Bhd
 9,000  1,363 
IHH Healthcare Bhd
 341,600  436,467 
IJM Corp. Bhd
 1,956,900  746,864 
Inari Amertron Bhd
 905,500  615,961 
Innoprise Plantations Bhd
 67,500  18,465 
IOI Corp. Bhd
 1,167,500  1,014,372 
IOI Properties Group Bhd
 130,000  45,637 
Jaya Tiasa Holdings Bhd
 590,500  101,085 
KNM Group Bhd(1)
 595,500  11,485 
Kossan Rubber Industries Bhd
 1,304,100  362,625 
KPJ Healthcare Bhd
 2,261,000  566,018 
Kuala Lumpur Kepong Bhd
 208,900  970,170 
Kumpulan Perangsang Selangor Bhd(2)
 6,000  916 
Leong Hup International Bhd
 10,100  1,198 
Lotte Chemical Titan Holding Bhd
 179,600  47,500 
Mah Sing Group Bhd
 235,900  40,156 
Malakoff Corp. Bhd
 157,200  19,793 
Malayan Banking Bhd
 1,908,710  3,746,758 
Malayan Flour Mills Bhd
 212,300  29,025 
Malaysia Airports Holdings Bhd
 572,750  909,478 
Malaysia Building Society Bhd
 3,742,392  593,625 
Malaysia Marine & Heavy Engineering Holdings Bhd
 101,700  10,629 
Malaysia Smelting Corp. Bhd
 191,200  91,763 
Malaysian Bulk Carriers Bhd
 163,800  11,490 
Malaysian Pacific Industries Bhd(2)
 78,000  483,871 
Malaysian Resources Corp. Bhd
 4,179,900  405,543 
Matrix Concepts Holdings Bhd
 116,100  38,288 
Maxis Bhd(2)
 847,100  732,333 
Media Prima Bhd(1)
 407,400  39,078 
Mega First Corp. Bhd
 26,400  18,911 
MISC Bhd
 717,400  1,112,110 
MNRB Holdings Bhd
 10,700  2,354 
MR DIY Group M Bhd
 1,148,600  383,695 
Muda Holdings Bhd
 27,400  8,394 
My EG Services Bhd
 2,796,417  478,901 
Nestle Malaysia Bhd
 23,100  650,190 
OSK Holdings Bhd
 20,000  5,299 
Padini Holdings Bhd
 3,200  2,721 
Pantech Group Holdings Bhd
 203,100  36,972 
Pertama Digital Bhd(1)
 154,300  108,122 
PESTECH International Bhd(1)(2)
 186,625  10,232 
Petron Malaysia Refining & Marketing Bhd
 26,800  25,870 
Petronas Chemicals Group Bhd
 841,400  1,291,241 
Petronas Dagangan Bhd
 86,100  412,004 
Petronas Gas Bhd
 264,100  973,812 
Pos Malaysia Bhd(1)
 5,700  650 
Power Root Bhd
 5,800  2,676 
PPB Group Bhd
 169,900  575,550 
56

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Press Metal Aluminium Holdings Bhd
 843,300  $ 881,515 
Public Bank Bhd
 5,296,500  4,827,915 
QL Resources Bhd
 319,600  372,466 
Ranhill Utilities Bhd
 299  43 
RGB International Bhd
 1,765,200  116,319 
RHB Bank Bhd
 1,471,551  1,778,816 
Sam Engineering & Equipment M Bhd
 50,800  51,471 
Sarawak Oil Palms Bhd
 168,750  92,627 
Sarawak Plantation Bhd
 45,200  20,905 
Scientex Bhd
 194,100  158,128 
SEG International Bhd
 12,300  1,736 
Shin Yang Group Bhd
 489,500  65,429 
Sime Darby Bhd
 1,383,700  685,008 
Sime Darby Plantation Bhd
 1,069,757  1,015,157 
Sime Darby Property Bhd
 367,700  58,268 
SKP Resources Bhd
 118,000  24,533 
Solarvest Holdings Bhd(1)
 124,300  35,096 
SP Setia Bhd Group
 718,100  142,566 
Sports Toto Bhd
 61,817  19,697 
Sunway Bhd
 574,348  246,379 
Sunway Construction Group Bhd
 55,900  22,996 
Supermax Corp. Bhd
 2,913,322  477,502 
Syarikat Takaful Malaysia Keluarga Bhd
 79,874  63,990 
Ta Ann Holdings Bhd
 165,600  129,658 
TASCO Bhd
 91,000  15,699 
TDM Bhd
 278,600  10,176 
Telekom Malaysia Bhd
 1,131,500  1,244,544 
Tenaga Nasional Bhd
 1,533,000  3,251,410 
Thong Guan Industries Bhd
 44,400  19,244 
TIME dotCom Bhd(2)
 1,076,300  1,277,148 
Tiong NAM Logistics Holdings Bhd(1)
 95,600  15,758 
Top Glove Corp. Bhd(1)
 2,797,100  461,440 
Tropicana Corp. Bhd(1)
 20,482  5,490 
TSH Resources Bhd
 663,500  147,246 
Uchi Technologies Bhd
 42,900  33,223 
UEM Sunrise Bhd
 792,400  124,682 
UMW Holdings Bhd
 414,300  425,538 
Unisem M Bhd
 234,800  165,557 
United Plantations Bhd
 89,700  306,359 
UOA Development Bhd
 1,700  652 
UWC Bhd
 73,300  55,319 
Velesto Energy Bhd(1)
 5,761,700  291,309 
ViTrox Corp. Bhd
 6,000  9,804 
VS Industry Bhd(2)
 949,200  196,557 
Wasco Bhd(1)
 136,000  27,424 
WCE Holdings Bhd(1)
 369,000  52,453 
Westports Holdings Bhd
 222,600  167,921 
Yinson Holdings Bhd
 1,526,400  825,635 
YTL Corp. Bhd
 775,813  262,970 
YTL Power International Bhd
 3,591,400  1,657,841 
63,537,486 
57

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Mexico — 3.0%
Alfa SAB de CV, Class A
 4,343,060  $ 2,875,760 
Alpek SAB de CV(2)
 35,137  34,580 
Alsea SAB de CV(1)
 281,919  995,699 
America Movil SAB de CV, ADR
 578,315  11,086,298 
Arca Continental SAB de CV
 90,492  883,664 
Banco del Bajio SA
 1,329,419  4,185,403 
Becle SAB de CV
 38,227  103,176 
Bolsa Mexicana de Valores SAB de CV
 173,120  346,433 
Cemex SAB de CV, ADR(1)
 519,070  4,136,988 
Coca-Cola Femsa SAB de CV
 450,402  3,822,361 
Consorcio ARA SAB de CV
 34,198  7,521 
Controladora AXTEL SAB de CV(1)
 3,835,392  40,265 
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)(2)
 152,987  1,529,870 
Corp. Inmobiliaria Vesta SAB de CV(2)
 769,736  2,845,908 
El Puerto de Liverpool SAB de CV, Class C1
 7,605  47,297 
Fomento Economico Mexicano SAB de CV, ADR
 68,536  7,711,671 
GCC SAB de CV
 102,591  984,784 
Genomma Lab Internacional SAB de CV, Class B
 2,035,383  1,650,940 
Gentera SAB de CV
 2,516,146  3,065,033 
Gruma SAB de CV, B Shares
 251,521  4,183,830 
Grupo Aeroportuario del Centro Norte SAB de CV, ADR(2)
 52,598  4,870,575 
Grupo Aeroportuario del Pacifico SAB de CV, ADR
 26,091  4,757,433 
Grupo Aeroportuario del Sureste SAB de CV, ADR
 13,595  3,701,647 
Grupo Bimbo SAB de CV, Series A
 246,019  1,210,436 
Grupo Carso SAB de CV, Series A1
 136,386  1,078,098 
Grupo Comercial Chedraui SA de CV
 324,576  1,819,285 
Grupo Financiero Banorte SAB de CV, Class O
 2,082,927  17,680,539 
Grupo Financiero Inbursa SAB de CV, Class O(1)
 1,831,863  4,104,112 
Grupo GICSA SAB de CV(1)
 21,090  3,018 
Grupo Industrial Saltillo SAB de CV(2)
 26,514  47,351 
Grupo Mexico SAB de CV, Series B
 1,417,818  6,777,054 
Grupo Rotoplas SAB de CV(2)
 4,698  6,963 
Grupo Televisa SAB, ADR
 561,279  2,514,530 
Grupo Traxion SAB de CV(1)(2)
 7,214  13,078 
Hoteles City Express SAB de CV(1)
 9,494  3,731 
Industrias Penoles SAB de CV(1)
 169,695  2,401,537 
Kimberly-Clark de Mexico SAB de CV, A Shares
 1,022,207  2,302,146 
La Comer SAB de CV(2)
 170,365  368,097 
Megacable Holdings SAB de CV
 476,443  1,153,210 
Nemak SAB de CV(1)
 2,995,100  658,727 
Operadora De Sites Mexicanos SAB de CV
 125,518  118,079 
Orbia Advance Corp. SAB de CV
 906,853  2,018,420 
Promotora y Operadora de Infraestructura SAB de CV
 155,688  1,486,800 
Qualitas Controladora SAB de CV(2)
 90,158  709,293 
Regional SAB de CV
 185,097  1,363,707 
Sitios Latinoamerica SAB de CV(1)(2)
 40,915  17,253 
Wal-Mart de Mexico SAB de CV
 1,033,096  4,072,884 
115,795,484 
Peru — 0.3%
Cia de Minas Buenaventura SAA, ADR
 402,241  3,435,138 
58

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Credicorp Ltd.
 39,926  $ 5,646,734 
Intercorp Financial Services, Inc.
 26,506  618,385 
Southern Copper Corp.
 32,422  2,615,159 
12,315,416 
Philippines — 0.8%
Aboitiz Equity Ventures, Inc.
 1,443,690  1,198,980 
Aboitiz Power Corp.
 60,500  38,174 
ACEN Corp.
 1,249,820  110,461 
Alliance Global Group, Inc.
 1,108,600  244,767 
Ayala Corp.
 139,890  1,520,770 
Ayala Land, Inc.
 1,916,800  918,509 
Ayalaland Logistics Holdings Corp.(1)
 28,000  959 
Bank of the Philippine Islands
 1,030,781  2,001,976 
BDO Unibank, Inc.
 1,355,968  3,333,751 
Cebu Air, Inc.(1)
 19,350  12,331 
Century Pacific Food, Inc.
 256,200  122,461 
Converge Information & Communications Technology Solutions, Inc.(1)
 1,394,500  191,232 
Cosco Capital, Inc.
 227,200  20,617 
DITO CME Holdings Corp.(1)
 425,200  16,511 
DMCI Holdings, Inc.
 7,531,600  1,284,378 
East West Banking Corp.
 65,600  8,547 
Filinvest Land, Inc.
 519,000  5,956 
Ginebra San Miguel, Inc.
 7,600  22,180 
Global Ferronickel Holdings, Inc.
 757,000  35,400 
Globe Telecom, Inc.
 20,439  650,299 
GT Capital Holdings, Inc.
 111,380  1,125,623 
International Container Terminal Services, Inc.
 492,010  1,798,263 
JG Summit Holdings, Inc.
 1,459,824  941,507 
Jollibee Foods Corp.
 379,160  1,586,231 
LT Group, Inc.
 183,600  29,578 
Manila Electric Co.
 70,940  430,841 
Manila Water Co., Inc.
 265,100  82,751 
Max's Group, Inc.
 15,000  1,165 
Megaworld Corp.
 3,778,800  132,777 
Metro Pacific Investments Corp.
 15,741,600  1,403,249 
Metropolitan Bank & Trust Co.
 2,371,260  2,310,898 
Monde Nissin Corp.
 1,220,500  155,124 
Nickel Asia Corp.
 1,572,800  142,957 
Petron Corp.
 137,700  8,513 
PLDT, Inc., ADR(2)
 61,614  1,257,542 
Puregold Price Club, Inc.
 525,000  258,712 
Robinsons Land Corp.
 850,300  219,414 
Robinsons Retail Holdings, Inc.
 128,010  111,796 
Security Bank Corp.
 725,710  1,031,527 
Semirara Mining & Power Corp.
 782,800  442,336 
Shell Pilipinas Corp.(1)
 7,000  1,728 
SM Investments Corp.
 61,815  908,683 
SM Prime Holdings, Inc.
 2,763,100  1,424,768 
Universal Robina Corp.
 531,210  1,048,507 
59

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Vista Land & Lifescapes, Inc.
 266,100  $ 7,470 
Wilcon Depot, Inc.
 299,300  117,302 
28,717,521 
Poland — 1.0%
Alior Bank SA(1)
 181,359  2,465,624 
Allegro.eu SA(1)
 126,181  1,009,264 
AmRest Holdings SE(1)
 9,743  64,778 
Asseco Poland SA
 7,498  133,194 
Bank Handlowy w Warszawie SA
 4,133  86,696 
Bank Millennium SA(1)
 768,471  1,131,238 
Bank Polska Kasa Opieki SA
 103,130  2,692,316 
Budimex SA
 8,638  939,776 
CCC SA(1)
 46,163  498,287 
CD Projekt SA(2)
 57,879  2,065,925 
Cyfrowy Polsat SA
 54,560  179,299 
Dino Polska SA(1)
 29,292  2,686,122 
Enea SA(1)
 123,864  263,876 
Eurocash SA
 19,678  76,068 
Grenevia SA(1)
 28,812  25,094 
Grupa Azoty SA(1)
 33,832  206,104 
Jastrzebska Spolka Weglowa SA(1)
 161,696  1,416,325 
KGHM Polska Miedz SA
 76,178  2,100,637 
KRUK SA(1)
 11,845  1,147,842 
LiveChat Software SA
 13,071  423,541 
LPP SA
 924  3,108,453 
Lubelski Wegiel Bogdanka SA
 857  7,237 
mBank SA(1)
 5,811  603,512 
Orange Polska SA
 1,104,456  1,915,609 
ORLEN SA
 328,977  5,022,448 
Pepco Group NV(1)
 73,924  579,132 
PGE Polska Grupa Energetyczna SA(1)
 138,397  284,085 
Powszechna Kasa Oszczednosci Bank Polski SA(1)
 200,774  1,813,145 
Powszechny Zaklad Ubezpieczen SA
 227,935  2,282,735 
Santander Bank Polska SA(1)
 18,409  1,656,227 
Tauron Polska Energia SA(1)
 563,566  584,028 
TEN Square Games SA(2)
 1,102  21,887 
Warsaw Stock Exchange
 5,163  45,946 
XTB SA
 41,561  333,550 
37,870,000 
Russia(3)†
Gazprom PJSC(1)
 1,738,516  2 
Gazprom PJSC, ADR(1)
 13,735  1 
Globaltrans Investment PLC, GDR(1)
 112,592  11 
LUKOIL PJSC
 69,112  — 
LUKOIL PJSC, ADR(1)
 2,950  — 
Magnit PJSC
 9,702  — 
Magnit PJSC, GDR(1)
 3  — 
Mechel PJSC(1)
 22,684  — 
MMC Norilsk Nickel PJSC(1)
 7,492  — 
MMC Norilsk Nickel PJSC, ADR(1)
 6  — 
60

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Mobile TeleSystems PJSC, ADR(1)
 58,032  $ 6 
Novatek PJSC
 38,550  — 
Novolipetsk Steel PJSC(1)
 405,900  1 
PhosAgro PJSC
14,221  — 
PhosAgro PJSC, GDR(1)
 2  — 
PhosAgro PJSC (London)(1)
 275  — 
Ros Agro PLC, GDR(1)
 2,060  — 
Rosneft Oil Co. PJSC
 192,337  — 
Severstal PAO, GDR(1)
 53,821  6 
Tatneft PJSC
 223,476  — 
VTB Bank PJSC(1)
 1,439,642,000  1,502 
X5 Retail Group NV, GDR(1)
 13,628  1 
1,530 
South Africa — 3.5%
Absa Group Ltd.
 604,980  5,832,929 
Adcock Ingram Holdings Ltd.
 1,014  2,961 
Advtech Ltd.
 35,578  38,691 
AECI Ltd.(2)
 103,354  590,027 
African Rainbow Minerals Ltd.
 155,926  1,472,504 
Afrimat Ltd.
 18,266  54,123 
Alexander Forbes Group Holdings Ltd.
 85,796  26,433 
Anglo American Platinum Ltd.(2)
 18,124  632,062 
AngloGold Ashanti Ltd., ADR
 366,367  6,228,239 
ArcelorMittal South Africa Ltd.(1)
 60,938  6,604 
Aspen Pharmacare Holdings Ltd.
 286,951  2,618,058 
Astral Foods Ltd.
 29,039  262,891 
AVI Ltd.
 403,102  1,542,312 
Barloworld Ltd.
 353,948  1,587,573 
Bid Corp. Ltd.
 99,693  2,238,463 
Bidvest Group Ltd.
 155,288  2,342,927 
Brait PLC(1)(2)
 36,591  5,366 
Capitec Bank Holdings Ltd.
 22,258  1,866,725 
Cashbuild Ltd.
 1,658  16,059 
City Lodge Hotels Ltd.
 91,493  22,959 
Clicks Group Ltd.
 122,192  1,769,057 
Coronation Fund Managers Ltd.
 135,466  229,251 
DataTec Ltd.
 30,130  58,445 
Dis-Chem Pharmacies Ltd.
 72,041  90,965 
Discovery Ltd.(1)
 244,123  1,894,700 
DRDGOLD Ltd.
 116,336  116,997 
Exxaro Resources Ltd.
 188,997  1,672,663 
Famous Brands Ltd.
 3,093  9,872 
FirstRand Ltd.
 1,947,233  7,565,809 
Foschini Group Ltd.
 375,460  2,072,264 
Gold Fields Ltd., ADR
 578,787  7,310,080 
Grindrod Ltd.
 322,753  181,876 
Harmony Gold Mining Co. Ltd., ADR
 556,410  2,292,409 
Impala Platinum Holdings Ltd.
 694,009  3,572,847 
Investec Ltd.(2)
 110,444  647,931 
KAL Group Ltd.
 1,532  3,028 
KAP Ltd.
 1,542,797  202,823 
61

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Kumba Iron Ore Ltd.(2)
 36,141  $ 791,425 
Life Healthcare Group Holdings Ltd.
 897,807  1,017,190 
Metair Investments Ltd.(1)
 41,971  41,165 
MiX Telematics Ltd., ADR
 5,715  39,148 
Momentum Metropolitan Holdings
 2,427,778  2,583,529 
Motus Holdings Ltd.
 142,191  763,557 
Mr Price Group Ltd.
 211,870  1,482,833 
MTN Group Ltd.
 843,507  5,363,995 
MultiChoice Group
 336,495  1,398,095 
Murray & Roberts Holdings Ltd.(1)(2)
 20,297  624 
Naspers Ltd., N Shares
 41,886  7,109,489 
Nedbank Group Ltd.(2)
 367,617  4,207,970 
NEPI Rockcastle NV(2)
 467,270  2,789,569 
Netcare Ltd.
 837,173  586,767 
Ninety One Ltd.
 114,411  241,973 
Northam Platinum Holdings Ltd.(1)
 391,689  2,590,021 
Oceana Group Ltd.
 2,532  9,276 
Old Mutual Ltd.
 5,722,735  3,832,735 
Omnia Holdings Ltd.
 404,868  1,165,003 
OUTsurance Group Ltd.
 259,909  551,213 
Pick n Pay Stores Ltd.(2)
 267,425  493,742 
PPC Ltd.(1)
 754,515  103,510 
PSG Financial Services Ltd.
 120,987  89,425 
Raubex Group Ltd.
 14,747  20,186 
Reinet Investments SCA
 103,433  2,224,290 
Remgro Ltd.
 377,587  3,166,747 
Reunert Ltd.
 50,821  161,398 
RFG Holdings Ltd.
 19,543  11,118 
RMB Holdings Ltd.
 124,786  3,169 
Sanlam Ltd.
 649,076  2,333,409 
Santam Ltd.
 9,542  150,232 
Sappi Ltd.(2)
 1,074,683  2,278,147 
Sasol Ltd., ADR(2)
 312,705  4,030,767 
Shoprite Holdings Ltd.
 243,381  3,396,686 
Sibanye Stillwater Ltd., ADR(2)
 710,440  4,298,162 
SPAR Group Ltd.(2)
 204,562  1,116,549 
Standard Bank Group Ltd.
 526,537  5,375,883 
Super Group Ltd.
 60,961  110,104 
Telkom SA SOC Ltd.(1)(2)
 844,360  1,212,561 
Thungela Resources Ltd.(2)
 313,662  2,483,356 
Tiger Brands Ltd.
 125,938  1,087,815 
Transaction Capital Ltd.
 27,574  9,407 
Truworths International Ltd.
 540,820  2,075,568 
Tsogo Sun Ltd.
 11,283  7,376 
Vodacom Group Ltd.
 292,007  1,665,577 
Wilson Bayly Holmes-Ovcon Ltd.(1)
 9,429  56,936 
Woolworths Holdings Ltd.
 486,630  1,912,458 
Zeda Ltd.(1)
 232,331  146,128 
Zeder Investments Ltd.
 120,266  10,917 
133,676,123 
62

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
South Korea — 14.2%
ABLBio, Inc.(1)
 23,584  $ 323,794 
Able C&C Co. Ltd.(1)
 610  3,726 
Advanced Process Systems Corp.
 4,807  66,346 
Aekyung Chemical Co. Ltd.
 36,696  437,334 
Aekyung Industrial Co. Ltd.
 63  969 
AfreecaTV Co. Ltd.
 8,544  527,231 
Ahnlab, Inc.
 1,317  64,590 
Alteogen, Inc.(1)
 3,978  135,963 
Amorepacific Corp.
 6,448  652,153 
AMOREPACIFIC Group
 17,909  455,131 
Ananti, Inc.(1)(2)
 64,627  399,457 
Aprogen, Inc.(1)
 54,523  79,945 
APTC Co. Ltd.(1)
 1,177  12,323 
Asiana Airlines, Inc.(1)
 49,808  417,700 
BGF Co. Ltd.
 12,496  34,236 
BGF retail Co. Ltd.(2)
 5,815  687,570 
BH Co. Ltd.(2)
 33,647  612,326 
Binex Co. Ltd.(1)
 11,370  76,195 
Binggrae Co. Ltd.
 3,060  128,986 
Bioneer Corp.(1)(2)
 7,543  244,114 
BNK Financial Group, Inc.
 393,587  2,028,929 
Boditech Med, Inc.
 3,086  46,250 
Boryung 13,510  95,878 
Bukwang Pharmaceutical Co. Ltd.(1)
 14,110  72,017 
Byucksan Corp.
 12,984  35,428 
Caregen Co. Ltd.
 7,410  232,959 
Celltrion Healthcare Co. Ltd.
 15,173  742,428 
Celltrion Pharm, Inc.(1)
 2,886  149,958 
Celltrion, Inc.
 19,911  2,166,838 
Chabiotech Co. Ltd.(1)
 19,986  265,761 
Cheil Worldwide, Inc.
 35,461  505,496 
Chong Kun Dang Pharmaceutical Corp.
 3,770  247,670 
Chongkundang Holdings Corp.
 112  4,628 
Chunbo Co. Ltd.
 690  78,445 
CJ CGV Co. Ltd.(1)
 26,047  154,664 
CJ CheilJedang Corp.
 3,698  835,655 
CJ Corp.
 8,463  449,657 
CJ ENM Co. Ltd.(1)
 20,427  898,773 
CJ Logistics Corp.
 12,400  739,585 
Classys, Inc.(2)
 16,076  470,621 
CMG Pharmaceutical Co. Ltd.(1)(2)
 9,916  18,298 
Com2uSCorp 6,964  249,425 
Connectwave Co. Ltd.(1)
 1,135  9,855 
Cosmax, Inc.(1)
 10,511  1,219,165 
CosmoAM&T Co. Ltd.(1)
 5,083  605,072 
Cosmochemical Co. Ltd.(1)
 22,558  740,011 
Coupang, Inc.(1)
 213,535  4,052,894 
Coway Co. Ltd.
 50,698  1,655,441 
COWELL FASHION Co. Ltd.(2)
 21,346  115,809 
63

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Creative & Innovative System(1)(2)
 44,131  $ 373,811 
CrystalGenomics, Inc.(1)
 11,842  30,862 
CS Wind Corp.
 7,100  340,643 
Cuckoo Holdings Co. Ltd.
 2,944  47,653 
Cuckoo Homesys Co. Ltd.
 4,724  81,083 
Dae Han Flour Mills Co. Ltd.
 490  48,548 
Daeduck Electronics Co. Ltd.
 48,071  1,048,504 
Daesang Corp.
 16,188  219,449 
Daesung Holdings Co. Ltd.
 377  3,724 
Daewon Pharmaceutical Co. Ltd.
 2,047  26,649 
Daewoo Engineering & Construction Co. Ltd.(1)
 224,599  780,583 
Daewoong Co. Ltd.
 4,979  53,647 
Daewoong Pharmaceutical Co. Ltd.
 1,900  149,807 
Daishin Securities Co. Ltd.
 26,275  286,137 
Daol Investment & Securities Co. Ltd.
 111,644  341,359 
Daou Data Corp.
 17,226  193,379 
Daou Technology, Inc.
 18,641  261,704 
DB Financial Investment Co. Ltd.
 13,706  42,178 
DB HiTek Co. Ltd.
 47,191  1,906,114 
DB Insurance Co. Ltd.
 61,773  3,814,941 
Dentium Co. Ltd.
 4,780  445,963 
DGB Financial Group, Inc.(2)
 272,740  1,546,086 
DI Dong Il Corp.
 19,993  355,673 
DIO Corp.(1)
 879  19,678 
DL E&C Co. Ltd.
 57,539  1,347,573 
DL Holdings Co. Ltd.
 19,095  551,316 
DN Automotive Corp.
 3,136  210,477 
Dong-A Socio Holdings Co. Ltd.
 783  57,689 
Dong-A ST Co. Ltd.
 994  46,283 
Dongjin Semichem Co. Ltd.
 53,884  1,387,149 
DongKook Pharmaceutical Co. Ltd.
 9,094  96,827 
Dongkuk CM Co. Ltd.(1)(2)
 30,636  188,904 
Dongkuk Holdings Co. Ltd.
 16,318  147,297 
Dongkuk Steel Mill Co. Ltd.(1)
 50,831  381,497 
Dongsuh Cos., Inc.
 5,808  78,606 
Dongwha Enterprise Co. Ltd.(1)
 2,063  55,787 
Dongwha Pharm Co. Ltd.
 4,407  33,268 
Dongwon Development Co. Ltd.
 10,306  26,886 
Dongwon F&B Co. Ltd.
 2,410  54,692 
Dongwon Industries Co. Ltd.
 9,884  261,750 
Dongwon Systems Corp.
 3,363  88,582 
Doosan Bobcat, Inc.
 30,063  1,221,627 
Doosan Co. Ltd.
 327  29,049 
Doosan Enerbility Co. Ltd.(1)
 117,925  1,623,020 
Doosan Fuel Cell Co. Ltd.(1)
 4,525  84,582 
Doosan Tesna, Inc.
 12,170  448,799 
DoubleUGames Co. Ltd.
 7,321  236,343 
Douzone Bizon Co. Ltd.
 13,677  350,402 
Dreamtech Co. Ltd.
 15,774  149,588 
Duk San Neolux Co. Ltd.(1)
 6,317  203,929 
64

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Easy Bio, Inc.
 465  $ 1,274 
Easy Holdings Co. Ltd.
 1  2 
Echo Marketing, Inc.
 11,592  89,828 
Ecopro BM Co. Ltd.(2)
 8,835  2,163,600 
Ecopro Co. Ltd.(2)
 3,985  3,780,444 
Ecopro HN Co. Ltd.(2)
 9,424  661,011 
E-MART, Inc.
 9,368  522,416 
ENF Technology Co. Ltd.
 2,415  38,748 
Eo Technics Co. Ltd.(2)
 5,036  644,011 
Eugene Corp.
 22,122  59,607 
Eugene Investment & Securities Co. Ltd.
 61,751  196,267 
Eugene Technology Co. Ltd.
 5,418  140,706 
F&F Co. Ltd.
 9,853  766,728 
Fila Holdings Corp.
 54,614  1,563,775 
Foosung Co. Ltd.(2)
 50,037  442,054 
Genexine, Inc.(1)
 1,908  14,495 
GOLFZON Co. Ltd.
 7,448  514,916 
Gradiant Corp.
 13,390  143,423 
Grand Korea Leisure Co. Ltd.(1)(2)
 23,729  290,098 
Green Cross Corp.
 2,501  218,558 
Green Cross Holdings Corp.
 2,440  25,785 
GS Engineering & Construction Corp.
 41,213  452,409 
GS Holdings Corp.
 54,535  1,547,861 
GS Retail Co. Ltd.
 63,845  1,141,677 
HAESUNG DS Co. Ltd.
 19,421  1,005,736 
Hana Financial Group, Inc.
 314,591  9,400,805 
Hana Materials, Inc.
 7,352  246,355 
Hana Micron, Inc.
 50,342  807,056 
Hana Tour Service, Inc.(1)
 2,411  88,627 
Handsome Co. Ltd.
 13,246  189,993 
Hanil Cement Co. Ltd.
 4,810  45,899 
Hanjin Kal Corp.
 674  22,632 
Hanjin Transportation Co. Ltd.
 3,382  54,327 
Hankook Shell Oil Co. Ltd.
 114  19,531 
Hankook Tire & Technology Co. Ltd.
 44,575  1,304,761 
Hanmi Pharm Co. Ltd.
 3,466  771,869 
Hanmi Semiconductor Co. Ltd.
 28,867  1,302,539 
Hanon Systems
 62,982  433,642 
Hansae Co. Ltd.
 42,094  620,972 
Hansol Chemical Co. Ltd.
 4,618  563,243 
Hansol Paper Co. Ltd.
 4,250  33,962 
Hansol Technics Co. Ltd.
 26,009  127,599 
Hanssem Co. Ltd.
 6,990  312,752 
Hanwha Aerospace Co. Ltd.
 51,575  4,443,144 
Hanwha Corp.
 55,001  1,039,563 
Hanwha Corp., Preference Shares
 2,247  23,441 
Hanwha Galleria Corp.(1)
 50,382  50,318 
Hanwha General Insurance Co. Ltd.(1)
 27,006  85,533 
Hanwha Investment & Securities Co. Ltd.(1)
 177,050  334,989 
Hanwha Life Insurance Co. Ltd.(1)
 846,785  1,609,375 
65

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Hanwha Ocean Co. Ltd.(1)
 7,499  $ 217,416 
Hanwha Solutions Corp.(1)
 44,673  1,229,614 
Hanwha Systems Co. Ltd.
 19,233  195,147 
Harim Holdings Co. Ltd.
 111,238  608,775 
HD Hyundai Co. Ltd.
 60,995  2,724,709 
HD Hyundai Construction Equipment Co. Ltd.
 10,546  567,086 
HD Hyundai Electric Co. Ltd.
 27,427  1,458,718 
HD Hyundai Energy Solutions Co. Ltd.
 3,807  89,434 
HD Hyundai Heavy Industries Co. Ltd.(1)
 5,037  497,735 
HD Hyundai Infracore Co. Ltd.
 135,311  1,075,445 
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(1)
 53,932  5,043,136 
HDC Holdings Co. Ltd.
 3,073  14,448 
HDC Hyundai Development Co-Engineering & Construction, E Shares
 41,445  323,213 
Helixmith Co. Ltd.(1)
 2,352  8,876 
Hite Jinro Co. Ltd.
 27,099  397,592 
HJ Shipbuilding & Construction Co. Ltd.(1)
 15,718  45,360 
HK inno N Corp.
 1,899  53,096 
HL Holdings Corp.
 3,576  97,064 
HL Mando Co. Ltd.
 54,461  1,724,082 
HLB, Inc.(1)
 12,436  271,092 
HMM Co. Ltd.
 211,056  2,656,930 
Hotel Shilla Co. Ltd.(2)
 27,740  1,847,880 
HPSP Co. Ltd.
 19,540  482,189 
HS Industries Co. Ltd.
 11,046  29,980 
Hugel, Inc.(1)
 2,831  240,108 
Humasis Co. Ltd.(1)(2)
 255,300  485,120 
Humax Co. Ltd.(1)
 14,003  37,081 
Humedix Co. Ltd.
 11,189  342,234 
Huons Co. Ltd.
 1,038  36,984 
Huons Global Co. Ltd.
 1,022  19,289 
Hwaseung Enterprise Co. Ltd.
 1,558  9,008 
HYBE Co. Ltd.(1)
 7,085  1,352,821 
Hyosung Advanced Materials Corp.
 2,148  733,181 
Hyosung Chemical Corp.(1)
 1,063  84,714 
Hyosung Corp.
 2,913  139,616 
Hyosung Heavy Industries Corp.(1)
 3,167  479,675 
Hyosung TNC Corp.
 4,577  1,144,212 
Hyundai Autoever Corp.
 926  122,927 
Hyundai Corp.
 26,090  392,749 
Hyundai Department Store Co. Ltd.
 11,854  621,844 
Hyundai Elevator Co. Ltd.
 16,107  548,088 
Hyundai Engineering & Construction Co. Ltd.
 56,973  1,528,128 
Hyundai GF Holdings
 16,424  45,596 
Hyundai Glovis Co. Ltd.
 19,788  2,580,186 
Hyundai Green Food(1)
 8,718  82,939 
Hyundai Home Shopping Network Corp.
 2,978  98,245 
Hyundai Marine & Fire Insurance Co. Ltd.
 94,876  2,169,374 
Hyundai Mipo Dockyard Co. Ltd.(1)(2)
 25,424  1,747,704 
Hyundai Mobis Co. Ltd.
 24,594  4,293,743 
66

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Hyundai Motor Co.
 108,628  $ 15,521,225 
Hyundai Rotem Co. Ltd.(1)
 70,866  1,646,927 
Hyundai Steel Co.
 87,891  2,403,323 
Hyundai Wia Corp.
 32,260  1,403,856 
ICD Co. Ltd.
 6,931  47,360 
Il Dong Pharmaceutical Co. Ltd.(1)
 137  1,661 
Ilyang Pharmaceutical Co. Ltd.
 8,045  97,429 
iMarketKorea, Inc.
 10,401  72,738 
Industrial Bank of Korea
 285,466  2,322,322 
Innocean Worldwide, Inc.
 5,567  171,142 
Innox Advanced Materials Co. Ltd.(2)
 13,820  397,051 
Insun ENT Co. Ltd.(1)
 15,244  96,999 
Interflex Co. Ltd.(1)
 344  2,703 
INTOPS Co. Ltd.(2)
 26,498  591,694 
iNtRON Biotechnology, Inc.(1)
 11,031  88,479 
IS Dongseo Co. Ltd.(1)
 32,042  768,711 
ISC Co. Ltd.(2)
 7,370  555,807 
i-SENS, Inc.
 2,026  50,855 
ISU Chemical Co. Ltd.
 11,199  172,343 
ISU Specialty Chemical(1)
 2,747  582,436 
JB Financial Group Co. Ltd.
 196,186  1,439,764 
Jeisys Medical, Inc.(1)
 33,269  352,708 
Jeju Air Co. Ltd.(1)
 37,855  370,674 
Jin Air Co. Ltd.(1)
 16,591  164,332 
Jusung Engineering Co. Ltd.(2)
 83,461  1,725,905 
JW Holdings Corp.
 1  3 
JW Pharmaceutical Corp.
 9,547  332,309 
JYP Entertainment Corp.
 25,501  2,162,737 
K Car Co. Ltd.(2)
 21,345  194,524 
Kakao Corp.
 59,256  2,150,522 
Kakao Games Corp.(1)
 4,032  86,618 
KakaoBank Corp.(2)
 52,540  1,045,109 
Kakaopay Corp.(1)
 3,910  133,431 
Kangwon Land, Inc.
 104,880  1,229,668 
KB Financial Group, Inc., ADR
 298,674  12,057,469 
KC Co. Ltd.
 5,885  78,095 
KC Tech Co. Ltd.
 6,554  108,206 
KCC Corp.
 3,644  601,528 
KCC Glass Corp.
 10,265  324,862 
KEPCO Engineering & Construction Co., Inc.
 3,150  157,582 
KEPCO Plant Service & Engineering Co. Ltd.
 19,516  494,956 
KG Dongbusteel(2)
 66,237  415,793 
KG Eco Technology Service Co. Ltd.
 45,736  535,435 
KG Mobility Co.(1)
 919  6,111 
Kginicis Co. Ltd.
 19,665  164,293 
KH Vatec Co. Ltd.
 9,846  111,861 
Kia Corp.
 216,109  13,099,237 
KISCO Corp.
 15,701  70,393 
KISWIRE Ltd.
 2,131  35,360 
KIWOOM Securities Co. Ltd.
 20,165  1,573,795 
67

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
KMW Co. Ltd.(1)
 675  $ 5,687 
Koentec Co. Ltd.
 3,932  21,054 
Koh Young Technology, Inc.
 10,793  105,968 
Kolmar BNH Co. Ltd.
 6,109  85,385 
Kolmar Korea Holdings Co. Ltd.
 1,580  18,473 
Kolon Corp.
 1,460  20,407 
Kolon Industries, Inc.
 10,185  390,884 
KoMiCo Ltd.
 6,296  257,377 
KONA I Co. Ltd.(1)
 4,604  57,754 
Korea Aerospace Industries Ltd.
 75,860  2,897,364 
Korea Circuit Co. Ltd.(1)
 10,726  135,135 
Korea District Heating Corp.(1)
 758  14,629 
Korea Electric Power Corp., ADR(1)(2)
 235,745  1,577,134 
Korea Electric Terminal Co. Ltd.
 2,868  115,383 
Korea Gas Corp.(1)
 4,476  84,900 
Korea Investment Holdings Co. Ltd.
 43,882  1,723,750 
Korea Line Corp.(1)
 268,824  364,890 
Korea Petrochemical Ind Co. Ltd.
 2,947  286,471 
Korea Real Estate Investment & Trust Co. Ltd.
 68,819  64,574 
Korea United Pharm, Inc.
 5,778  118,952 
Korea Zinc Co. Ltd.
 3,386  1,348,147 
Korean Air Lines Co. Ltd.
 188,182  3,240,672 
Korean Reinsurance Co.
 90,913  544,679 
Krafton, Inc.(1)
 10,578  1,238,463 
KT Corp.
 61,191  1,526,298 
KT Skylife Co. Ltd.
 12,012  57,688 
Kum Yang Co. Ltd.(1)(2)
 26,395  2,570,279 
Kumho Petrochemical Co. Ltd.
 23,079  2,176,023 
Kumho Tire Co., Inc.(1)
 104,955  392,263 
KUMHOE&C Co. Ltd.
 253  1,020 
Kyung Dong Navien Co. Ltd.
 9,362  371,354 
L&F Co. Ltd.
 3,514  570,136 
Lake Materials Co. Ltd.(1)
 43,117  551,848 
LB Semicon, Inc.(1)
 21,320  112,699 
LEENO Industrial, Inc.
 3,651  463,480 
LegoChem Biosciences, Inc.(1)
 2,616  69,640 
LF Corp.
 10,203  112,468 
LG Chem Ltd.
 16,681  7,344,774 
LG Corp.
 40,695  2,524,643 
LG Display Co. Ltd., ADR(1)(2)
 564,309  2,832,831 
LG Electronics, Inc.
 101,260  7,535,922 
LG Energy Solution Ltd.(1)(2)
 6,392  2,627,153 
LG H&H Co. Ltd.
 3,645  1,279,090 
LG HelloVision Co. Ltd.
 6,071  18,288 
LG Innotek Co. Ltd.
 8,975  1,829,779 
LG Uplus Corp.
 315,601  2,493,471 
LIG Nex1 Co. Ltd.
 22,076  1,413,804 
Lock&Lock Co. Ltd.
 3,706  16,393 
Lotte Chemical Corp.
 9,642  995,098 
Lotte Chilsung Beverage Co. Ltd.(2)
 5,740  563,693 
68

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Lotte Corp.
 1,759  $ 33,173 
Lotte Data Communication Co.
 2,619  53,255 
Lotte Energy Materials Corp.
 6,363  234,089 
LOTTE Fine Chemical Co. Ltd.
 18,148  828,448 
LOTTE Himart Co. Ltd.
 1,460  10,923 
Lotte Rental Co. Ltd.
 22,974  482,020 
Lotte Shopping Co. Ltd.
 8,259  443,289 
Lotte Wellfood Co. Ltd.
 2,167  182,530 
LS Corp.
 6,924  560,234 
LS Electric Co. Ltd.
 6,324  476,819 
LVMC Holdings(1)
 157,626  307,924 
LX Hausys Ltd.
 4,181  161,723 
LX Holdings Corp.
 36,891  226,245 
LX INTERNATIONAL Corp.
 59,584  1,366,191 
LX Semicon Co. Ltd.
 14,387  967,949 
Maeil Dairies Co. Ltd.
 2,084  70,267 
Mcnex Co. Ltd.
 13,810  303,635 
Medytox, Inc.
 2,082  389,090 
MegaStudyEdu Co. Ltd.
 9,069  353,048 
Meritz Financial Group, Inc.
 129,695  5,359,675 
Mirae Asset Life Insurance Co. Ltd.(1)
 22,028  66,714 
Mirae Asset Securities Co. Ltd.
 311,131  1,566,004 
Miwon Commercial Co. Ltd.
 112  14,063 
Myoung Shin Industrial Co. Ltd.(1)
 53,489  862,691 
Namhae Chemical Corp.
 11,850  68,884 
Namsun Aluminum Co. Ltd.(1)
 7,959  15,368 
NAVER Corp.
 38,881  6,293,751 
NCSoft Corp.
 6,466  1,228,470 
Neowiz(1)
 26,970  718,419 
NEPES Corp.(1)
 8,242  110,151 
Netmarble Corp.(1)
 1,805  58,440 
Nexen Tire Corp.
 36,014  216,949 
NEXTIN, Inc.
 3,774  232,328 
NH Investment & Securities Co. Ltd.
 201,112  1,565,884 
NHN Corp.(1)
 8,144  160,038 
NHN KCP Corp.
 25,127  172,652 
NICE Holdings Co. Ltd.
 8,854  94,008 
NICE Information Service Co. Ltd.
 22,716  168,260 
NongShim Co. Ltd.
 2,220  769,429 
OCI Co. Ltd.(1)
 3,800  365,830 
OCI Holdings Co. Ltd.(2)
 16,807  1,168,939 
OptoElectronics Solutions Co. Ltd.
 901  9,812 
Orion Corp./Republic of Korea
 12,143  1,118,339 
Orion Holdings Corp.
 18,881  217,244 
Oscotec, Inc.(1)
 202  4,274 
Ottogi Corp.
 838  233,172 
Pan Ocean Co. Ltd.
 454,442  1,531,708 
Paradise Co. Ltd.(1)
 17,496  222,801 
Park Systems Corp.
 2,100  285,557 
Partron Co. Ltd.
 52,572  322,294 
69

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Pearl Abyss Corp.(1)
 3,308  $ 120,691 
People & Technology, Inc.
 21,703  1,148,057 
PharmaResearch Co. Ltd.
 3,885  425,320 
PI Advanced Materials Co. Ltd.(2)
 7,730  173,410 
Poongsan Corp.
 23,482  626,436 
Posco DX Co. Ltd.(2)
 49,364  2,091,224 
POSCO Future M Co. Ltd.
 3,985  1,352,526 
POSCO Holdings, Inc., ADR(2)
 217,619  23,885,861 
Posco International Corp.(2)
 89,443  5,355,712 
Posco M-Tech Co. Ltd.
 6,652  157,165 
PSK, Inc.
 30,279  428,537 
Pulmuone Co. Ltd.
 3,081  26,413 
S&S Tech Corp.
 6,600  236,101 
S-1 Corp.
 4,672  197,117 
Sam Chun Dang Pharm Co. Ltd.(1)
 1,941  128,892 
Sam Young Electronics Co. Ltd.
 3,086  20,817 
Samchully Co. Ltd.
 2,940  243,562 
Samjin Pharmaceutical Co. Ltd.
 1,819  30,767 
Samsung Biologics Co. Ltd.(1)
 3,088  1,720,392 
Samsung C&T Corp.
 28,403  2,247,196 
Samsung Card Co. Ltd.
 2,438  55,217 
Samsung Electro-Mechanics Co. Ltd.
 39,120  4,000,530 
Samsung Electronics Co. Ltd., GDR
 79,834  100,621,724 
Samsung Engineering Co. Ltd.(1)
 166,518  4,277,634 
Samsung Fire & Marine Insurance Co. Ltd.
 40,386  7,523,133 
Samsung Heavy Industries Co. Ltd.(1)
 309,569  2,061,422 
Samsung Life Insurance Co. Ltd.
 45,070  2,303,569 
Samsung SDI Co. Ltd.
 20,874  9,681,387 
Samsung SDS Co. Ltd.(2)
 14,094  1,512,557 
Samsung Securities Co. Ltd.
 78,756  2,222,802 
Samwha Capacitor Co. Ltd.
 1,445  43,397 
Samyang Corp.
 1,845  63,910 
Samyang Foods Co. Ltd.
 2,284  335,541 
Samyang Holdings Corp.
 1,825  96,324 
Sang-A Frontec Co. Ltd.
 2,323  42,269 
Sangsangin Co. Ltd.(1)
 36,362  126,596 
SD Biosensor, Inc.(2)
 36,022  340,694 
Seah Besteel Holdings Corp.
 25,951  462,777 
SeAH Steel Corp.
 2,531  266,482 
SeAH Steel Holdings Corp.
 1,576  221,418 
Sebang Co. Ltd.
 11,290  105,853 
Sebang Global Battery Co. Ltd.
 7,833  354,611 
Seegene, Inc.(2)
 43,195  724,345 
Sejong Telecom, Inc.
 2,388  1,082 
Seobu T&D
 23,139  172,162 
Seojin System Co. Ltd.(1)
 17,366  211,192 
Seoul Semiconductor Co. Ltd.
 58,387  520,974 
SFA Engineering Corp.
 15,905  399,660 
SFA Semicon Co. Ltd.(1)(2)
 55,863  210,825 
SGC Energy Co. Ltd.
 3,153  62,708 
70

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Shinhan Financial Group Co. Ltd., ADR(2)
 397,401  $ 10,690,087 
Shinsegae International, Inc.
 9,010  128,595 
Shinsegae, Inc.(2)
 9,219  1,413,887 
Shinsung E&G Co. Ltd.(1)
 13,081  29,165 
Shinyoung Securities Co. Ltd.
 714  30,411 
SillaJen, Inc.(1)
 626  2,401 
SIMMTECH Co. Ltd.(2)
 29,727  813,266 
SK Biopharmaceuticals Co. Ltd.(1)
 9,322  603,607 
SK Bioscience Co. Ltd.(1)
 5,111  284,103 
SK Chemicals Co. Ltd.
 7,887  374,889 
SK D&D Co. Ltd.(2)
 7,003  114,388 
SK Discovery Co. Ltd.
 9,724  308,081 
SK Gas Ltd.
 1,169  111,302 
SK Hynix, Inc.
 344,012  31,631,948 
SK IE Technology Co. Ltd.(1)
 6,095  415,597 
SK Innovation Co. Ltd.(1)
 34,214  4,589,160 
SK Networks Co. Ltd.
 269,391  1,468,537 
SK oceanplant Co. Ltd.(1)
 26,661  435,117 
SK Securities Co. Ltd.
 281,197  137,975 
SK Telecom Co. Ltd., ADR(2)
 28,209  566,437 
SK, Inc.
 17,777  1,941,070 
SKC Co. Ltd.
 5,450  376,621 
SL Corp.
 13,142  355,379 
SM Entertainment Co. Ltd.
 11,279  1,172,109 
SNT Dynamics Co. Ltd.
 14,099  117,209 
SNT Motiv Co. Ltd.
 17,298  640,115 
S-Oil Corp.
 38,888  2,147,940 
Songwon Industrial Co. Ltd.
 5,948  87,604 
Soulbrain Co. Ltd.
 3,280  563,775 
Soulbrain Holdings Co. Ltd.
 1,229  36,309 
SPC Samlip Co. Ltd.
 1,750  90,924 
SPG Co. Ltd.
 15,942  394,386 
STIC Investments, Inc.
 2,476  14,277 
Studio Dragon Corp.(1)
 7,058  275,300 
Sun Kwang Co. Ltd.
 716  10,502 
Sung Kwang Bend Co. Ltd.
 20,654  238,340 
Sungwoo Hitech Co. Ltd.(2)
 70,568  538,942 
Taekwang Industrial Co. Ltd.
 59  27,038 
Taewoong Co. Ltd.(1)
 329  5,783 
Taeyoung Engineering & Construction Co. Ltd.
 8,091  23,642 
Taihan Electric Wire Co. Ltd.(1)
 8,345  83,247 
TES Co. Ltd.
 10,262  152,370 
TK Corp.
 11,345  176,197 
TKG Huchems Co. Ltd.
 22,623  378,722 
Tokai Carbon Korea Co. Ltd.
 4,217  292,398 
Tongyang Life Insurance Co. Ltd.(1)
 24,322  81,224 
Tongyang, Inc.
 2,830  2,210 
Toptec Co. Ltd.
 329  2,059 
TSE Co. Ltd.(2)
 1,752  55,744 
Tway Air Co. Ltd.(1)
 88,625  178,421 
71

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
TY Holdings Co. Ltd.
 2,617  $ 13,762 
Unid Btplus Co. Ltd.(1)
 3,490  23,830 
Unid Co. Ltd.
 3,211  141,000 
Value Added Technology Co. Ltd.
 4,998  129,631 
Vieworks Co. Ltd.
 968  22,491 
Webzen, Inc.
 7,626  81,948 
Wemade Co. Ltd.(2)
 17,234  469,644 
Whanin Pharmaceutical Co. Ltd.
 148  1,647 
Winix, Inc.
 1,433  10,479 
WiSoL Co. Ltd.
 6,266  29,467 
Wonik Holdings Co. Ltd.(1)
 5,541  13,775 
WONIK IPS Co. Ltd.
 7,578  176,498 
Wonik Materials Co. Ltd.
 745  14,659 
Wonik QnC Corp.
 13,043  276,664 
Woongjin Thinkbig Co. Ltd.
 92,837  172,244 
Woori Financial Group, Inc.
 667,790  6,007,792 
Woori Technology Investment Co. Ltd.(1)(2)
 66,766  176,635 
W-Scope Chungju Plant Co. Ltd.(1)
 5,826  290,382 
Y G-1 Co. Ltd.
 6  26 
YG Entertainment, Inc.
 15,363  946,462 
Youlchon Chemical Co. Ltd.
 3,021  73,307 
Young Poong Corp.
 334  137,550 
Youngone Corp.
 31,312  1,270,818 
Youngone Holdings Co. Ltd.
 7,721  437,509 
Yuanta Securities Korea Co. Ltd.
 56,886  109,405 
Yuhan Corp.
 12,431  684,273 
Zinus, Inc.
 10,627  212,052 
539,612,094 
Taiwan — 17.8%
Aaeon Technology, Inc.
 1,000  4,844 
Abico Avy Co. Ltd.
 38,060  30,628 
Ability Enterprise Co. Ltd.
 191,000  139,260 
AcBel Polytech, Inc.(2)
 123,482  179,486 
Accton Technology Corp.(2)
 65,000  969,432 
Acer Cyber Security, Inc.
 6,000  30,851 
Acer, Inc.(2)
 2,353,000  2,697,901 
ACES Electronic Co. Ltd.
 39,720  34,632 
Acon Holding, Inc.(1)
 277,000  87,701 
Acter Group Corp. Ltd.
 398,414  1,955,193 
ADATA Technology Co. Ltd.(2)
 510,000  1,386,925 
Advanced Ceramic X Corp.
 9,000  54,602 
Advanced International Multitech Co. Ltd.(2)
 147,000  349,265 
Advanced Optoelectronic Technology, Inc.
 23,000  12,691 
Advanced Power Electronics Corp.
 17,000  43,726 
Advantech Co. Ltd.
 71,710  771,695 
AGV Products Corp.
 183,000  72,867 
Airtac International Group
 4,185  120,555 
Alexander Marine Co. Ltd.(2)
 13,000  170,809 
Allied Circuit Co. Ltd.
 37,000  159,082 
Allied Supreme Corp.(2)
 31,000  271,950 
72

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Alltek Technology Corp.
 59,529  $ 64,813 
Alltop Technology Co. Ltd.
 35,252  189,384 
Alpha Networks, Inc.
 153,772  191,298 
Altek Corp.
 278,000  309,956 
Amazing Microelectronic Corp.(2)
 100,259  342,282 
AMPACS Corp.
 16,000  25,946 
Ampire Co. Ltd.(2)
 63,000  72,425 
AMPOC Far-East Co. Ltd.
 38,000  79,261 
AmTRAN Technology Co. Ltd.
 1,196,321  457,746 
Anderson Industrial Corp.
 234,000  90,986 
Anji Technology Co. Ltd.
 20,398  27,460 
Anpec Electronics Corp.
 33,000  140,438 
Apacer Technology, Inc.
 53,000  89,242 
APAQ Technology Co. Ltd.
 12,000  24,422 
Apex Dynamics, Inc.
 17,000  119,008 
Apex International Co. Ltd.
 82,000  146,781 
Arcadyan Technology Corp.(2)
 120,061  559,448 
Ardentec Corp.
 1,527,000  2,988,910 
Argosy Research, Inc.
 28,545  121,545 
ASE Technology Holding Co. Ltd., ADR(2)
 1,238,136  10,177,478 
Asia Cement Corp.
 1,455,000  1,822,588 
Asia Optical Co., Inc.
 146,000  292,125 
Asia Pacific Telecom Co. Ltd.(1)
 7,209  1,410 
Asia Polymer Corp.(2)
 388,007  307,892 
Asia Tech Image, Inc.
 10,000  21,444 
Asia Vital Components Co. Ltd.(2)
 554,243  5,798,315 
ASIX Electronics Corp.
 11,000  38,728 
ASolid Technology Co. Ltd.
 21,000  58,021 
ASPEED Technology, Inc.(2)
 8,400  708,601 
ASROCK, Inc.
 3,000  21,930 
Asustek Computer, Inc.(2)
 898,000  11,313,893 
ATE Energy International Co. Ltd.
 47,000  42,025 
Aten International Co. Ltd.
 9,000  23,119 
Audix Corp.
 19,000  34,554 
AUO Corp.(1)
 6,375,160  3,559,968 
AURAS Technology Co. Ltd.(2)
 36,000  322,414 
AVer Information, Inc.
 14,000  17,373 
Avermedia Technologies
 24,000  16,032 
Azurewave Technologies, Inc.(1)
 12,000  12,795 
Bafang Yunji International Co. Ltd.(2)
 30,000  158,345 
Bank of Kaohsiung Co. Ltd.(1)
 142,467  55,880 
Baolong International Co. Ltd.
 34,000  16,699 
Basso Industry Corp.
 26,000  31,910 
BenQ Materials Corp.
 108,000  120,509 
BenQ Medical Technology Corp.(2)
 23,000  41,170 
BES Engineering Corp.
 2,490,000  785,562 
Bin Chuan Enterprise Co. Ltd.
 23,000  15,544 
Bioteque Corp.
 6,000  20,408 
Bizlink Holding, Inc.
 105,496  825,196 
Bon Fame Co. Ltd.
 34,000  80,974 
73

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Bora Pharmaceuticals Co. Ltd.
 7,146  $ 160,433 
Brighton-Best International Taiwan, Inc.(2)
 206,000  213,278 
C Sun Manufacturing Ltd.
 40,976  58,466 
Capital Futures Corp.
 19,000  26,304 
Capital Securities Corp.
 864,000  400,992 
Career Technology MFG. Co. Ltd.(2)
 569,100  405,047 
Catcher Technology Co. Ltd.(2)
 1,122,000  6,348,221 
Cathay Financial Holding Co. Ltd.
 4,541,062  6,492,977 
Cayman Engley Industrial Co. Ltd.
 7,000  13,815 
Center Laboratories, Inc.
 59,290  95,692 
Central Reinsurance Co. Ltd.(1)
 487,585  359,524 
Century Iron & Steel Industrial Co. Ltd.
 133,000  667,135 
Chailease Holding Co. Ltd.
 111,978  624,211 
Chain Chon Industrial Co. Ltd.
 43,000  18,134 
Chaintech Technology Corp.
 42,000  63,235 
Champion Building Materials Co. Ltd.(1)
 81,900  23,860 
Champion Microelectronic Corp.
 19,000  48,230 
Chang Hwa Commercial Bank Ltd.
 3,274,735  1,777,185 
Chang Wah Electromaterials, Inc.
 193,000  184,308 
Chang Wah Technology Co. Ltd.
 17,500  19,148 
Channel Well Technology Co. Ltd.(2)
 245,000  656,833 
Charoen Pokphand Enterprise(1)(2)
 72,600  221,018 
CHC Healthcare Group
 217,000  366,986 
Chen Full International Co. Ltd.
 16,000  19,502 
Chenbro Micom Co. Ltd.(2)
 29,000  209,714 
Cheng Loong Corp.
 298,000  267,105 
Cheng Mei Materials Technology Corp.(1)
 576,158  217,043 
Cheng Shin Rubber Industry Co. Ltd.
 655,000  813,680 
Cheng Uei Precision Industry Co. Ltd.
 205,000  300,419 
Chenming Electronic Technology Corp.(2)
 226,000  313,274 
Chia Chang Co. Ltd.
 30,000  39,990 
Chia Hsin Cement Corp.
 128,520  75,724 
Chicony Electronics Co. Ltd.
 607,000  1,968,209 
Chicony Power Technology Co. Ltd.
 42,000  154,180 
Chieftek Precision Co. Ltd.
 1,100  2,226 
China Airlines Ltd.(2)
 1,409,000  998,652 
China Bills Finance Corp.
 155,000  71,293 
China Chemical & Pharmaceutical Co. Ltd.(2)
 328,000  238,298 
China Container Terminal Corp.
 38,000  24,768 
China Development Financial Holding Corp.(1)
 3,288,943  1,221,931 
China Development Financial Holding Corp., Preference Shares(1)
 402,360  85,643 
China Electric Manufacturing Corp.(2)
 450,000  244,795 
China General Plastics Corp.(2)
 157,722  119,464 
China Man-Made Fiber Corp.(1)
 430,320  107,592 
China Metal Products
 115,000  130,034 
China Motor Corp.
 217,800  614,086 
China Petrochemical Development Corp.(1)(2)
 3,221,980  953,983 
China Steel Chemical Corp.
 6,000  20,601 
China Steel Corp.(2)
 6,265,000  5,210,927 
74

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
China Steel Structure Co. Ltd.
 18,000  $ 31,562 
China Wire & Cable Co. Ltd.(2)
 113,000  131,187 
Chinese Maritime Transport Ltd.(2)
 131,000  165,409 
Chin-Poon Industrial Co. Ltd.
 325,000  400,320 
Chipbond Technology Corp.
 592,000  1,295,914 
ChipMOS Technologies, Inc.
 480,000  577,304 
Chlitina Holding Ltd.
 34,000  202,070 
Chong Hong Construction Co. Ltd.
 1,000  2,268 
Chroma ATE, Inc.
 841,000  7,356,930 
Chun Yuan Steel Industry Co. Ltd.
 229,000  124,984 
Chung Hung Steel Corp.(2)
 180,000  130,428 
Chung Hwa Pulp Corp.(2)
 96,000  70,337 
Chung-Hsin Electric & Machinery Manufacturing Corp.(2)
 488,000  1,738,013 
Chunghwa Chemical Synthesis & Biotech Co. Ltd.
 98,000  190,210 
Chunghwa Precision Test Tech Co. Ltd.(2)
 22,000  352,568 
Chunghwa Telecom Co. Ltd., ADR
 134,006  4,881,839 
Cleanaway Co. Ltd.
 89,000  513,761 
Clevo Co.
 82,000  80,994 
CMC Magnetics Corp.(2)
 1,019,063  399,133 
Collins Co. Ltd.
 48,000  26,409 
Compal Electronics, Inc.(2)
 3,085,000  3,080,204 
Compeq Manufacturing Co. Ltd.(2)
 1,031,000  1,463,161 
Concord International Securities Co. Ltd.
 546,370  362,240 
Concord Securities Co. Ltd.(1)
 197,000  87,685 
Concraft Holding Co. Ltd.(1)
 3,826  1,867 
Continental Holdings Corp.
 521,000  434,812 
Contrel Technology Co. Ltd.(2)
 79,000  43,849 
Coremax Corp.(2)
 49,325  113,957 
Coretronic Corp.(2)
 299,000  740,675 
Co-Tech Development Corp.(2)
 1,286,000  2,771,262 
Creative Sensor, Inc.
 35,000  32,331 
CTBC Financial Holding Co. Ltd.
 11,129,000  8,318,077 
CTCI Corp.
 324,000  400,999 
CviLux Corp.
 19,000  22,818 
CX Technology Co. Ltd.
 18,000  17,838 
CyberTAN Technology, Inc.(1)(2)
 61,000  42,478 
DA CIN Construction Co. Ltd.
 53,000  55,514 
Dafeng TV Ltd.
 4,000  6,365 
Da-Li Development Co. Ltd.
 91,604  86,517 
Darfon Electronics Corp.
 131,000  179,080 
Darwin Precisions Corp.
 172,000  80,182 
Daxin Materials Corp.
 31,000  109,141 
Delta Electronics, Inc.
 773,000  8,353,728 
Depo Auto Parts Ind Co. Ltd.(2)
 186,000  708,080 
Dimerco Data System Corp.
 7,000  22,850 
Dimerco Express Corp.(2)
 188,925  454,728 
D-Link Corp.
 369,600  290,109 
Double Bond Chemical Industry Co. Ltd.
 1,134  1,608 
Dr Wu Skincare Co. Ltd.
 8,000  33,242 
Dynamic Holding Co. Ltd.
 245,147  436,110 
75

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Dynamic Medical Technologies, Inc.
 30,800  $ 94,833 
Dynapack International Technology Corp.
 88,000  220,900 
E Ink Holdings, Inc.(2)
 17,000  97,169 
E.Sun Financial Holding Co. Ltd.
 1,737,881  1,332,800 
Eastern Media International Corp.(1)
 74,115  47,080 
Eclat Textile Co. Ltd.
 104,000  1,656,904 
ECOVE Environment Corp.
 1,000  9,768 
Edimax Technology Co. Ltd.(1)(2)
 86,000  42,140 
Edison Opto Corp.
 81,911  63,976 
Edom Technology Co. Ltd.(2)
 68,200  49,364 
eGalax_eMPIA Technology, Inc.
 21,174  40,316 
Egis Technology, Inc.
 20,000  51,413 
Elan Microelectronics Corp.
 336,000  1,264,643 
E-LIFE MALL Corp.
 4,000  10,666 
Elite Advanced Laser Corp.(2)
 55,000  71,726 
Elite Material Co. Ltd.
 324,000  4,425,743 
Elite Semiconductor Microelectronics Technology, Inc.
 154,000  359,275 
Elitegroup Computer Systems Co. Ltd.(2)
 198,000  244,592 
eMemory Technology, Inc.
 19,000  1,076,346 
Emerging Display Technologies Corp.
 104,000  110,286 
ENNOSTAR, Inc.(1)
 244,375  348,053 
Eson Precision Ind Co. Ltd.
 51,000  104,773 
Eternal Materials Co. Ltd.
 234,200  213,447 
Eurocharm Holdings Co. Ltd.
 6,000  32,282 
Eva Airways Corp.
 1,583,000  1,562,264 
Everest Textile Co. Ltd.(1)
 2,322  570 
Evergreen International Storage & Transport Corp.
 447,000  399,247 
Evergreen Marine Corp. Taiwan Ltd.
 849,676  2,837,517 
EVERGREEN Steel Corp.
 21,000  45,005 
Everlight Chemical Industrial Corp.
 130,000  78,515 
Everlight Electronics Co. Ltd.
 317,000  456,277 
Excelliance Mos Corp.
 14,000  50,648 
Excelsior Medical Co. Ltd.
 83,790  234,689 
Far Eastern Department Stores Ltd.
 167,000  124,170 
Far Eastern International Bank
 1,979,453  716,949 
Far Eastern New Century Corp.(2)
 2,391,000  2,110,651 
Far EasTone Telecommunications Co. Ltd.
 1,073,000  2,379,946 
Faraday Technology Corp.(2)
 70,000  754,060 
Farglory F T Z Investment Holding Co. Ltd.(2)
 144,100  253,348 
Farglory Land Development Co. Ltd.
 205,000  357,624 
Federal Corp.(1)
 89,000  48,707 
Feedback Technology Corp.(2)
 29,000  81,767 
Feng Hsin Steel Co. Ltd.
 101,000  213,528 
Feng TAY Enterprise Co. Ltd.
 61,376  323,021 
Firich Enterprises Co. Ltd.(2)
 63,064  62,557 
First Financial Holding Co. Ltd.
 2,754,216  2,273,110 
First Hi-Tec Enterprise Co. Ltd.(2)
 62,793  175,009 
First Steamship Co. Ltd.(1)(2)
 979,210  259,509 
FIT Holding Co. Ltd.(2)
 75,000  76,745 
Fitipower Integrated Technology, Inc.
 185,361  832,713 
76

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Fittech Co. Ltd.(2)
 26,223  $ 54,294 
FLEXium Interconnect, Inc.(2)
 1,346,000  3,834,860 
Flytech Technology Co. Ltd.
 82,000  173,015 
FocalTech Systems Co. Ltd.
 53,804  121,927 
Forcecon Tech Co. Ltd.(2)
 38,595  164,120 
Forest Water Environment Engineering Co. Ltd.(1)
 70  61 
Formosa Advanced Technologies Co. Ltd.
 41,000  50,587 
Formosa Chemicals & Fibre Corp.
 667,000  1,298,067 
Formosa International Hotels Corp.(2)
 24,000  169,399 
Formosa Laboratories, Inc.(2)
 160,000  429,739 
Formosa Oilseed Processing Co. Ltd.
 51,450  84,908 
Formosa Petrochemical Corp.
 50,000  124,535 
Formosa Plastics Corp.(2)
 2,118,000  5,287,401 
Formosa Sumco Technology Corp.
 7,000  31,555 
Formosa Taffeta Co. Ltd.
 195,000  156,091 
Formosan Rubber Group, Inc.
 87,000  59,370 
Formosan Union Chemical(2)
 300,650  198,974 
Fortune Electric Co. Ltd.
 1,000  9,360 
Foxconn Technology Co. Ltd.
 657,000  1,146,544 
Foxsemicon Integrated Technology, Inc.
 57,000  325,701 
Franbo Lines Corp.(2)
 345,347  170,015 
Froch Enterprise Co. Ltd.(2)
 118,000  68,283 
FSP Technology, Inc.(2)
 147,000  234,750 
Fu Hua Innovation Co. Ltd.(2)
 329,229  306,143 
Fubon Financial Holding Co. Ltd.(2)
 4,717,970  9,408,396 
Fulgent Sun International Holding Co. Ltd.(2)
 68,000  274,781 
Fulltech Fiber Glass Corp.(2)
 160,914  67,106 
Fusheng Precision Co. Ltd.(2)
 70,000  434,904 
G Shank Enterprise Co. Ltd.(2)
 177,000  264,178 
Galaxy Software Services Corp.
 17,280  61,416 
Gamania Digital Entertainment Co. Ltd.(2)
 228,000  484,574 
GEM Services, Inc.
 9,000  18,343 
Gemtek Technology Corp.
 292,000  341,644 
General Interface Solution Holding Ltd.(2)
 169,000  328,095 
Generalplus Technology, Inc.(2)
 27,000  42,553 
GeneReach Biotechnology Corp.(2)
 18,157  20,636 
Genesys Logic, Inc.
 12,000  42,432 
Genius Electronic Optical Co. Ltd.(2)
 71,079  852,852 
Getac Holdings Corp.
 232,000  511,230 
GFC Ltd.
 1,000  2,499 
Giant Manufacturing Co. Ltd.
 53,885  330,770 
Giantplus Technology Co. Ltd.
 150,000  64,883 
Gigabyte Technology Co. Ltd.(2)
 1,135,000  12,090,564 
Global Brands Manufacture Ltd.
 398,280  708,725 
Global Lighting Technologies, Inc.
 26,000  42,213 
Global Mixed Mode Technology, Inc.
 69,000  502,524 
Global PMX Co. Ltd.(2)
 67,000  282,433 
Global Unichip Corp.(2)
 30,000  1,365,387 
Globaltek Fabrication Co. Ltd.
 23,000  37,825 
Globalwafers Co. Ltd.(2)
 97,000  1,393,027 
77

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Gloria Material Technology Corp.(2)
 191,000  $ 270,321 
GMI Technology, Inc.(2)
 44,767  25,689 
Gold Circuit Electronics Ltd.
 148,600  999,703 
Goldsun Building Materials Co. Ltd.
 614,674  517,810 
Gordon Auto Body Parts(2)
 170,000  117,106 
Gourmet Master Co. Ltd.
 126,000  446,316 
Grand Fortune Securities Co. Ltd.
 440,600  176,238 
Grand Ocean Retail Group Ltd.(1)
 1,000  392 
Grand Pacific Petrochemical(2)
 2,735,000  1,441,937 
Grand Process Technology Corp.
 19,000  315,968 
Grape King Bio Ltd.
 115,000  554,991 
Great China Metal Industry
 9,000  6,823 
Great Tree Pharmacy Co. Ltd.
 10,010  110,392 
Great Wall Enterprise Co. Ltd.
 209,220  358,300 
Greatek Electronics, Inc.
 199,000  361,780 
Group Up Industrial Co. Ltd.
 73,000  385,138 
GTM Holdings Corp.
 22,000  19,528 
Gudeng Precision Industrial Co. Ltd.
 3,346  36,124 
Hai Kwang Enterprise Corp.(1)(2)
 79,800  44,287 
Hannstar Board Corp.
 249,927  432,023 
HannStar Display Corp.(1)
 2,130,000  817,982 
HannsTouch Holdings Co.(1)
 303,000  93,642 
Harmony Electronics Corp.
 17,000  15,890 
Harvatek Corp.
 62,000  50,946 
Heran Co. Ltd.
 7,000  24,365 
Highlight Tech Corp.
 16,000  23,391 
Highwealth Construction Corp.
 7,261  9,796 
Hi-Lai Foods Co. Ltd.(1)
 29,000  132,349 
HIM International Music, Inc.
 49,000  152,416 
Hiroca Holdings Ltd.
 47,000  55,184 
Hitron Technology, Inc.(2)
 519,000  626,822 
Hiwin Technologies Corp.
 759,451  4,876,462 
Ho Tung Chemical Corp.
 506,000  136,090 
Hocheng Corp.(2)
 321,320  214,154 
Holdings-Key Electric Wire & Cable Co. Ltd.(2)
 206,800  162,136 
Holiday Entertainment Co. Ltd.
 11,050  30,824 
Holtek Semiconductor, Inc.(2)
 93,000  183,634 
Holy Stone Enterprise Co. Ltd.(2)
 81,900  251,857 
Hon Hai Precision Industry Co. Ltd.
 6,979,000  23,301,083 
Hong Pu Real Estate Development Co. Ltd.
 5,000  4,004 
Hong TAI Electric Industrial (2)
 276,000  219,386 
Horizon Securities Co. Ltd.(1)(2)
 356,120  127,340 
Hota Industrial Manufacturing Co. Ltd.
 3,000  6,162 
Hotai Finance Co. Ltd.
 122,100  492,331 
Hotai Motor Co. Ltd.
 38,760  824,446 
Hsin Kuang Steel Co. Ltd.
 2,000  2,938 
Hsin Yung Chien Co. Ltd.
 9,900  31,644 
Hsing TA Cement Co.
 62,000  35,195 
HTC Corp.(1)
 48,000  79,378 
Hu Lane Associate, Inc.(2)
 35,225  159,371 
78

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Hua Nan Financial Holdings Co. Ltd.
 2,336,987  $ 1,503,765 
Huaku Development Co. Ltd.
 116,000  325,959 
Huang Hsiang Construction Corp.
 31,000  38,118 
Hung Ching Development & Construction Co. Ltd.
 31,000  22,277 
Hung Sheng Construction Ltd.
 318,880  191,197 
Huxen Corp.
 2,000  3,194 
Hwacom Systems, Inc.(2)
 205,000  116,154 
Hycon Technology Corp.
 351  512 
IBF Financial Holdings Co. Ltd.(1)
 1,515,139  565,575 
IC Plus Corp.
 16,000  21,029 
Ichia Technologies, Inc.(2)
 471,000  692,934 
I-Chiun Precision Industry Co. Ltd.(2)
 378,000  488,005 
IEI Integration Corp.(2)
 130,000  331,625 
Infortrend Technology, Inc.
 92,000  61,076 
Info-Tek Corp.
 19,000  28,641 
Innodisk Corp.
 56,507  495,912 
Innolux Corp.
 9,306,518  4,215,674 
Inpaq Technology Co. Ltd.
 52,000  89,308 
Insyde Software Corp.
 18,000  82,070 
Intai Technology Corp.
 18,000  66,568 
Integrated Service Technology, Inc.(2)
 131,000  428,746 
Interactive Digital Technologies, Inc.
 3,000  6,577 
International CSRC Investment Holdings Co.
 490,000  310,009 
International Games System Co. Ltd.(2)
 112,000  2,019,068 
Inventec Corp.(2)
 1,317,000  2,320,093 
Iron Force Industrial Co. Ltd.
 104,000  286,646 
I-Sheng Electric Wire & Cable Co. Ltd.
 10,000  14,058 
ITE Technology, Inc.
 72,000  323,200 
ITEQ Corp.
 129,000  397,291 
Jarllytec Co. Ltd.
 41,000  121,868 
Jentech Precision Industrial Co. Ltd.
 3,299  66,736 
Jess-Link Products Co. Ltd.
 51,000  104,896 
Jiin Yeeh Ding Enterprise Co. Ltd.
 26,400  41,488 
Jinan Acetate Chemical Co. Ltd.(2)
 24,039  703,348 
Jourdeness Group Ltd.
 45,000  97,426 
K Laser Technology, Inc.
 38,000  27,962 
Kaimei Electronic Corp.(2)
 187,200  374,884 
Kaori Heat Treatment Co. Ltd.(2)
 53,000  511,178 
KEE TAI Properties Co. Ltd.
 181,000  81,527 
Kenda Rubber Industrial Co. Ltd.
 131,041  123,972 
Kenmec Mechanical Engineering Co. Ltd.(2)
 221,000  559,894 
Kerry TJ Logistics Co. Ltd.
 94,000  112,236 
Kindom Development Co. Ltd.
 312,200  317,693 
King Slide Works Co. Ltd.
 3,000  85,729 
King Yuan Electronics Co. Ltd.(2)
 925,000  2,224,013 
King's Town Bank Co. Ltd.
 690,000  799,796 
Kinik Co.
 64,000  259,936 
Kinpo Electronics
 361,000  181,973 
Kinsus Interconnect Technology Corp.(2)
 246,000  816,103 
KMC Kuei Meng International, Inc.
 14,000  62,331 
79

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
KNH Enterprise Co. Ltd.(2)
 99,000  $ 57,429 
KS Terminals, Inc.
 193,000  443,797 
Kung Long Batteries Industrial Co. Ltd.
 48,000  200,355 
Kung Sing Engineering Corp.(1)
 70,400  17,284 
Kuo Toong International Co. Ltd.
 502,000  480,119 
Kuo Yang Construction Co. Ltd.(1)
 49,727  29,650 
Kura Sushi Asia Co. Ltd.
 21,000  90,227 
Kwong Lung Enterprise Co. Ltd.(2)
 65,000  111,483 
L&K Engineering Co. Ltd.(2)
 370,000  1,074,321 
LandMark Optoelectronics Corp.
 15,000  47,214 
Lanner Electronics, Inc.(1)(2)
 149,000  494,554 
Largan Precision Co. Ltd.
 37,000  2,376,479 
Launch Technologies Co. Ltd.
 26,000  65,420 
Lealea Enterprise Co. Ltd.(1)(2)
 529,040  173,546 
Lelon Electronics Corp.(2)
 56,138  101,710 
Leofoo Development Co. Ltd.(1)
 224,000  124,107 
Li Cheng Enterprise Co. Ltd.(1)
 1,071  696 
Li Peng Enterprise Co. Ltd.(1)(2)
 391,000  93,209 
Lian HWA Food Corp.
 52,148  140,470 
Lien Hwa Industrial Holdings Corp.
 8,600  16,506 
Lingsen Precision Industries Ltd.(2)
 239,000  142,819 
Lion Travel Service Co. Ltd.(1)
 1,098  4,617 
Lite-On Technology Corp.(2)
 1,338,000  5,720,035 
Liton Technology Corp.
 1,000  1,090 
Long Bon International Co. Ltd.(1)
 1,800  921 
Longchen Paper & Packaging Co. Ltd.
 338,889  158,320 
Longwell Co.(2)
 172,000  306,814 
Lotes Co. Ltd.
 20,776  561,468 
Lotus Pharmaceutical Co. Ltd.(2)
 108,000  856,046 
Lucky Cement Corp.
 60,000  28,321 
Lumax International Corp. Ltd.
 9,000  24,012 
Lung Yen Life Service Corp.(1)
 18,000  20,310 
Macauto Industrial Co. Ltd.
 25,000  57,521 
Machvision, Inc.
 17,039  107,026 
Macroblock, Inc.
 27,000  77,401 
Macronix International Co. Ltd.(2)
 1,855,000  1,959,383 
Magnate Technology Co. Ltd.(2)
 85,000  98,219 
Makalot Industrial Co. Ltd.
 185,825  1,949,308 
Marketech International Corp.
 74,000  320,595 
Materials Analysis Technology, Inc.(2)
 65,212  620,896 
Mechema Chemicals International Corp.
 40,000  100,833 
MedFirst Healthcare Services, Inc.
 12,059  33,495 
MediaTek, Inc.
 191,000  4,212,209 
Mega Financial Holding Co. Ltd.
 1,218,142  1,370,924 
Mercuries & Associates Holding Ltd.
 55,550  23,346 
Mercuries Life Insurance Co. Ltd.(1)
 1,305,835  215,571 
Merry Electronics Co. Ltd.(2)
 290,000  783,395 
Microbio Co. Ltd.
 7,914  12,674 
Micro-Star International Co. Ltd.
 1,066,000  5,330,593 
MIN AIK Technology Co. Ltd.
 35,000  22,243 
80

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Mirle Automation Corp.
 41,000  $ 51,379 
Mitac Holdings Corp.(2)
 961,560  1,219,006 
momo.com, Inc.
 9,900  161,476 
MOSA Industrial Corp.(2)
 291,938  241,746 
Mosel Vitelic, Inc.(2)
 79,000  89,420 
Motech Industries, Inc.
 2,451  2,256 
MPI Corp.
 104,000  641,672 
MSSCORPS Co. Ltd.
 29,000  161,584 
My Humble House Hospitality Management Consulting(1)
 114,000  150,146 
Nak Sealing Technologies Corp.
 15,000  67,907 
Namchow Holdings Co. Ltd.
 33,000  49,601 
Nan Kang Rubber Tire Co. Ltd.(1)
 1,000  1,224 
Nan Liu Enterprise Co. Ltd.
 6,000  14,465 
Nan Pao Resins Chemical Co. Ltd.
 14,000  87,417 
Nan Ya Plastics Corp.
 2,092,000  4,341,708 
Nan Ya Printed Circuit Board Corp.
 183,000  1,382,126 
Nang Kuang Pharmaceutical Co. Ltd.
 67,000  114,300 
Nantex Industry Co. Ltd.
 154,000  175,806 
Nanya Technology Corp.(2)
 1,269,000  2,644,176 
Netronix, Inc.(2)
 83,000  178,446 
Nexcom International Co. Ltd.(1)
 57,000  89,695 
Nichidenbo Corp.
 85,000  141,567 
Nidec Chaun-Choung Technology Corp.
 7,000  33,706 
Nien Made Enterprise Co. Ltd.
 51,000  477,980 
Niko Semiconductor Co. Ltd.
 33,640  50,849 
Nishoku Technology, Inc.
 6,000  17,084 
Novatek Microelectronics Corp.(2)
 525,000  6,562,970 
Nuvoton Technology Corp.(2)
 345,428  1,333,419 
Nyquest Technology Co. Ltd.
 14,000  26,274 
O-Bank Co. Ltd.
 732,430  218,242 
Ocean Plastics Co. Ltd.(1)
 30,000  32,383 
Orient Semiconductor Electronics Ltd.(2)
 1,716,000  2,532,211 
Oriental Union Chemical Corp.
 218,000  138,480 
O-TA Precision Industry Co. Ltd.(2)
 96,000  273,959 
Pacific Hospital Supply Co. Ltd.
 11,099  28,349 
Pan Jit International, Inc.(2)
 325,000  652,834 
Pan-International Industrial Corp.
 270,000  317,125 
Parade Technologies Ltd.
 2,000  56,151 
P-Duke Technology Co. Ltd.
 1,105  3,829 
Pegatron Corp.
 1,922,000  4,699,995 
Pegavision Corp.
 29,685  358,548 
PharmaEngine, Inc.(2)
 52,000  141,599 
Phihong Technology Co. Ltd.(1)
 67,000  153,081 
Phison Electronics Corp.
 123,000  1,630,949 
Phoenix Silicon International Corp.(2)
 115,280  202,997 
Pixart Imaging, Inc.
 70,000  279,802 
Pou Chen Corp.
 655,000  587,710 
Power Wind Health Industry, Inc.
 4,252  18,211 
Powerchip Semiconductor Manufacturing Corp.
 1,448,000  1,262,834 
Powertech Technology, Inc.(2)
 1,011,000  3,157,774 
81

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Poya International Co. Ltd.
 31,614  $ 481,755 
President Chain Store Corp.
 589,000  4,939,092 
President Securities Corp.
 540,929  331,745 
Primax Electronics Ltd.
 532,000  1,104,864 
Prince Housing & Development Corp.
 361,000  118,946 
Promate Electronic Co. Ltd.
 22,000  30,448 
Prosperity Dielectrics Co. Ltd.
 34,000  50,365 
Qisda Corp.
 251,000  352,179 
QST International Corp.
 9,900  18,718 
Quang Viet Enterprise Co. Ltd.
 6,000  21,081 
Quanta Computer, Inc.(2)
 1,476,000  11,699,876 
Quanta Storage, Inc.(2)
 482,000  1,483,609 
Quintain Steel Co. Ltd.(2)
 168,480  73,753 
Radiant Opto-Electronics Corp.(2)
 1,416,000  5,306,811 
Radium Life Tech Co. Ltd.(1)
 134,000  37,530 
Raydium Semiconductor Corp.(2)
 45,000  453,579 
Realtek Semiconductor Corp.(2)
 462,000  6,037,579 
Rechi Precision Co. Ltd.
 691,000  445,041 
Rexon Industrial Corp. Ltd.(1)
 49,000  53,015 
Rich Development Co. Ltd.
 875,000  253,345 
Ritek Corp.(1)
 64,281  17,040 
Rodex Fasteners Corp.(2)
 64,000  86,336 
Roo Hsing Co. Ltd.(1)
 170,000  21,352 
Ruentex Development Co. Ltd.(1)
 1,231,400  1,422,596 
Ruentex Engineering & Construction Co.(2)
 23,290  75,314 
Ruentex Industries Ltd.
 441,306  862,200 
Sampo Corp.
 50,000  43,607 
San Fang Chemical Industry Co. Ltd.
 5,000  3,828 
San Shing Fastech Corp.
 17,000  30,699 
Sanyang Motor Co. Ltd.(2)
 454,000  1,057,010 
Savior Lifetec Corp.(2)
 149,000  85,735 
SCI Pharmtech, Inc.
 6,300  19,613 
Scientech Corp.(2)
 37,000  244,333 
ScinoPharm Taiwan Ltd.
 2,000  1,704 
SDI Corp.
 15,000  47,135 
Senao International Co. Ltd.
 1,000  1,165 
Senao Networks, Inc.(1)(2)
 44,000  384,201 
Sensortek Technology Corp.
 9,000  94,479 
Sesoda Corp.(2)
 134,997  138,884 
Shanghai Commercial & Savings Bank Ltd.
 1,683,565  2,251,747 
Sharehope Medicine Co. Ltd.(2)
 127,050  133,501 
Sheng Yu Steel Co. Ltd.
 51,000  37,777 
ShenMao Technology, Inc.(2)
 192,000  408,372 
Shieh Yih Machinery Industry Co. Ltd.
 170,000  141,219 
Shih Her Technologies, Inc.
 24,000  55,837 
Shih Wei Navigation Co. Ltd.(2)
 296,706  177,794 
Shihlin Paper Corp.(1)
 30,000  57,854 
Shin Foong Specialty & Applied Materials Co. Ltd.(2)
 18,000  27,868 
Shin Kong Financial Holding Co. Ltd.(1)(2)
 8,597,740  2,553,546 
Shin Zu Shing Co. Ltd.
 197,536  512,157 
82

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Shining Building Business Co. Ltd.(1)
 125,000  $ 37,312 
Shinkong Insurance Co. Ltd.
 87,000  156,772 
Shinkong Synthetic Fibers Corp.
 871,000  427,945 
Shiny Chemical Industrial Co. Ltd.(2)
 39,582  161,354 
ShunSin Technology Holding Ltd.
 12,000  36,360 
Shuttle, Inc.(2)
 124,000  54,391 
Sigurd Microelectronics Corp.
 517,063  935,209 
Silergy Corp.
 12,000  107,279 
Silicon Integrated Systems Corp.(2)
 335,404  372,372 
Simplo Technology Co. Ltd.
 180,000  1,735,929 
Sinbon Electronics Co. Ltd.
 4,000  38,860 
Sincere Navigation Corp.(2)
 408,060  254,712 
Singatron Enterprise Co. Ltd.(1)
 48,000  47,923 
Sinher Technology, Inc.
 15,000  16,378 
Sinkang Industries Co. Ltd.
 3,000  1,557 
Sinmag Equipment Corp.
 49,000  186,714 
Sino-American Silicon Products, Inc.(2)
 1,130,000  5,536,579 
Sinon Corp.(2)
 350,000  400,392 
SinoPac Financial Holdings Co. Ltd.
 6,976,326  3,744,520 
Sinopower Semiconductor, Inc.
 6,600  19,070 
Sinyi Realty, Inc.
 34,000  30,514 
Sitronix Technology Corp.(2)
 201,000  1,573,402 
Siward Crystal Technology Co. Ltd.(2)
 221,000  223,466 
Softstar Entertainment, Inc.
 1,554  3,318 
Soft-World International Corp.
 121,000  366,275 
Solar Applied Materials Technology Corp.(2)
 264,670  311,389 
Solomon Technology Corp.(2)
 163,000  213,871 
Solteam, Inc.(2)
 44,863  60,877 
Sonix Technology Co. Ltd.
 66,000  91,446 
Speed Tech Corp.
 1,000  1,753 
Sporton International, Inc.
 72,000  579,054 
St Shine Optical Co. Ltd.
 39,000  240,843 
Standard Chemical & Pharmaceutical Co. Ltd.
 16,000  32,048 
Standard Foods Corp.
 59,000  70,551 
Stark Technology, Inc.
 35,000  127,736 
Sumeeko Industries Co. Ltd.(2)
 38,000  99,224 
Sunjuice Holdings Co. Ltd.
 3,000  25,979 
Sunny Friend Environmental Technology Co. Ltd.
 11,244  40,571 
Sunonwealth Electric Machine Industry Co. Ltd.(2)
 330,000  1,402,969 
Sunplus Technology Co. Ltd.
 25,000  25,224 
Sunrex Technology Corp.
 74,000  103,402 
Supreme Electronics Co. Ltd.
 672,353  1,016,880 
Swancor Holding Co. Ltd.(2)
 92,000  264,766 
Sweeten Real Estate Development Co. Ltd.
 4,579  3,520 
Symtek Automation Asia Co. Ltd.
 92,223  306,647 
Syncmold Enterprise Corp.
 32,000  60,444 
Synnex Technology International Corp.
 413,000  791,584 
Syscom Computer Engineering Co.(2)
 89,000  144,222 
Systex Corp.
 17,000  59,918 
T3EX Global Holdings Corp.(2)
 194,213  453,343 
83

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
TA Chen Stainless Pipe(2)
 1,664,620  $ 1,895,978 
Ta Ya Electric Wire & Cable(2)
 128,586  148,716 
TAI Roun Products Co. Ltd.
 23,000  10,360 
TA-I Technology Co. Ltd.
 31,750  45,108 
Tai Tung Communication Co. Ltd.(1)
 42,000  24,098 
Taichung Commercial Bank Co. Ltd.
 2,494,078  1,153,785 
TaiDoc Technology Corp.(1)(2)
 81,000  436,416 
Taiflex Scientific Co. Ltd.
 22,000  30,224 
Taigen Biopharmaceuticals Holdings Ltd.(1)
 68,000  33,323 
Taimide Tech, Inc.(2)
 55,000  70,163 
Tainan Spinning Co. Ltd.
 189,000  88,965 
Tai-Saw Technology Co. Ltd.(2)
 75,000  62,389 
Taishin Financial Holding Co. Ltd.(2)
 8,455,382  4,720,631 
TaiSol Electronics Co. Ltd.
 13,000  23,992 
Taisun Enterprise Co. Ltd.
 4,000  3,038 
Taita Chemical Co. Ltd.(2)
 112,850  61,918 
TAI-TECH Advanced Electronics Co. Ltd.
 15,000  50,779 
Taitien Electronics Co. Ltd.
 107,000  103,696 
Taiwan Business Bank
 5,520,204  2,309,900 
Taiwan Cement Corp.(2)
 757,853  830,848 
Taiwan Cogeneration Corp.(2)
 57,780  78,160 
Taiwan Cooperative Financial Holding Co. Ltd.
 3,057,676  2,519,790 
Taiwan Fertilizer Co. Ltd.
 302,000  564,894 
Taiwan Fire & Marine Insurance Co. Ltd.
 41,000  30,257 
Taiwan FU Hsing Industrial Co. Ltd.
 29,000  38,858 
Taiwan Glass Industry Corp.(1)(2)
 1,035,000  639,537 
Taiwan High Speed Rail Corp.
 513,000  478,711 
Taiwan Hon Chuan Enterprise Co. Ltd.
 542,000  1,773,954 
Taiwan Hopax Chemicals Manufacturing Co. Ltd.
 41,000  48,506 
Taiwan IC Packaging Corp.
 32,000  14,135 
Taiwan Kong King Co. Ltd.
 43,000  42,766 
Taiwan Line Tek Electronic
 117,420  135,248 
Taiwan Mask Corp.
 24,000  52,463 
Taiwan Mobile Co. Ltd.
 800,000  2,340,472 
Taiwan Navigation Co. Ltd.(2)
 350,000  310,517 
Taiwan Paiho Ltd.(2)
 402,000  606,773 
Taiwan PCB Techvest Co. Ltd.
 238,000  331,269 
Taiwan Sakura Corp.
 4,000  7,838 
Taiwan Secom Co. Ltd.
 88,000  291,260 
Taiwan Semiconductor Co. Ltd.(2)
 76,000  199,217 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
 1,605,234  150,201,745 
Taiwan Shin Kong Security Co. Ltd.
 7,070  8,879 
Taiwan Steel Union Co. Ltd.
 22,000  62,050 
Taiwan Styrene Monomer(2)
 72,000  34,692 
Taiwan Surface Mounting Technology Corp.
 776,000  2,229,807 
Taiwan Takisawa Technology Co. Ltd.
 19,000  18,691 
Taiwan TEA Corp.(1)(2)
 304,000  219,846 
Taiwan Union Technology Corp.
 474,000  1,855,040 
Taiwan-Asia Semiconductor Corp.(2)
 200,000  307,109 
Taiyen Biotech Co. Ltd.
 24,000  25,845 
84

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Tatung Co. Ltd.(1)(2)
 1,527,000  $ 2,422,347 
Tatung System Technologies, Inc.
 21,000  33,890 
TCI Co. Ltd.
 2,000  10,191 
Te Chang Construction Co. Ltd.
 82,000  186,718 
Team Group, Inc.(1)(2)
 105,000  221,989 
Teco Electric & Machinery Co. Ltd.
 2,013,000  3,150,449 
Tera Autotech Corp.(1)(2)
 114,000  122,506 
Test Research, Inc.
 60,000  112,649 
Test Rite International Co. Ltd.
 33,000  20,871 
Thermaltake Technology Co. Ltd.
 97  127 
Thinking Electronic Industrial Co. Ltd.
 68,000  325,703 
Thye Ming Industrial Co. Ltd.(2)
 147,400  269,224 
Ton Yi Industrial Corp.
 737,000  402,368 
Tong Hsing Electronic Industries Ltd.(2)
 103,381  428,924 
Tong Yang Industry Co. Ltd.
 376,000  798,700 
Tong-Tai Machine & Tool Co. Ltd.
 397,000  216,169 
Top Bright Holding Co. Ltd.
 8,000  25,571 
Top Union Electronics Corp.(2)
 71,680  74,485 
Topco Scientific Co. Ltd.
 126,553  685,535 
Topkey Corp.(2)
 113,000  596,517 
Topoint Technology Co. Ltd.
 51,000  44,649 
TPK Holding Co. Ltd.(2)
 523,000  568,395 
Trade-Van Information Services Co.
 2,000  4,164 
Transcend Information, Inc.
 59,000  134,012 
Tripod Technology Corp.(2)
 632,000  3,743,139 
Tsann Kuen Enterprise Co. Ltd.
 102,589  127,095 
TSC Auto ID Technology Co. Ltd.
 8,798  67,146 
TSRC Corp.
 329,000  243,189 
TST Group Holding Ltd.
 11,000  45,309 
Ttet Union Corp.
 6,000  27,119 
TTFB Co. Ltd.
 16,000  141,671 
TTY Biopharm Co. Ltd.
 74,000  175,784 
Tul Corp.(1)
 18,000  42,504 
Tung Ho Steel Enterprise Corp.
 505,760  950,564 
Tung Thih Electronic Co. Ltd.(2)
 51,000  207,573 
TXC Corp.(2)
 1,529,000  4,538,510 
TYC Brother Industrial Co. Ltd.(2)
 418,000  448,935 
Tycoons Group Enterprise(1)
 46,384  18,842 
UDE Corp.
 31,000  59,182 
Ultra Chip, Inc.(2)
 20,000  56,902 
U-Ming Marine Transport Corp.(2)
 342,000  487,196 
Unic Technology Corp.(2)
 183,000  142,316 
Unimicron Technology Corp.(2)
 1,283,000  7,423,796 
Union Bank of Taiwan
 1,187,185  538,320 
Uni-President Enterprises Corp.
 1,516,000  3,361,299 
Unitech Computer Co. Ltd.
 46,000  50,871 
Unitech Printed Circuit Board Corp.(1)(2)
 373,000  213,228 
United Integrated Services Co. Ltd.
 454,000  3,092,531 
United Microelectronics Corp.(2)
 8,554,000  12,212,959 
United Orthopedic Corp.
 63,000  133,757 
85

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
United Renewable Energy Co. Ltd.
 31,085  $ 16,036 
Universal Cement Corp.
 363,870  320,282 
Universal Vision Biotechnology Co. Ltd.
 15,582  163,940 
Universal, Inc.
 17,000  12,104 
UPC Technology Corp.
 395,000  186,206 
Userjoy Technology Co. Ltd.
 16,117  38,985 
USI Corp.
 314,000  209,384 
Utechzone Co. Ltd.(2)
 60,000  132,423 
Vanguard International Semiconductor Corp.(2)
 1,575,000  3,367,541 
Ventec International Group Co. Ltd.
 30,000  89,588 
VIA Labs, Inc.
 2,000  13,918 
Viking Tech Corp.
 69,000  113,902 
Visco Vision, Inc.
 19,000  97,793 
Visual Photonics Epitaxy Co. Ltd.
 62,000  283,187 
Voltronic Power Technology Corp.
 33,100  1,502,327 
Wafer Works Corp.(2)
 148,000  197,438 
Wah Hong Industrial Corp.
 19,000  21,002 
Wah Lee Industrial Corp.
 37,740  107,155 
Walsin Lihwa Corp.
 2,048,553  2,436,350 
Walsin Technology Corp.(2)
 272,000  840,938 
Walton Advanced Engineering, Inc.
 88,000  37,264 
Wan Hai Lines Ltd.(2)
 297,640  422,487 
WEI Chih Steel Industrial Co. Ltd.(2)
 76,000  57,120 
Wei Chuan Foods Corp.
 82,000  48,623 
Weikeng Industrial Co. Ltd.
 469,000  430,261 
Well Shin Technology Co. Ltd.
 16,000  24,973 
Wholetech System Hitech Ltd.
 33,000  50,522 
Win Semiconductors Corp.
 99,000  421,811 
Winbond Electronics Corp.(1)
 2,229,000  1,835,700 
Winstek Semiconductor Co. Ltd.(2)
 93,000  241,876 
WinWay Technology Co. Ltd.(2)
 10,000  186,898 
Wisdom Marine Lines Co. Ltd.(2)
 326,378  469,165 
Wisechip Semiconductor, Inc.
 12,000  14,868 
Wistron Corp.(2)
 1,810,000  6,617,093 
Wistron Information Technology & Services Corp.
 86,345  312,328 
Wistron NeWeb Corp.
 378,000  1,584,042 
Wiwynn Corp.(2)
 66,000  3,216,475 
Wonderful Hi-Tech Co. Ltd.
 182,000  188,025 
Wowprime Corp.(1)(2)
 128,000  1,116,790 
WPG Holdings Ltd.
 486,000  836,331 
WT Microelectronics Co. Ltd.(2)
 201,000  429,315 
XinTec, Inc.
 39,000  138,960 
Xxentria Technology Materials Corp.
 106,600  250,517 
Yageo Corp.(2)
 146,822  2,230,411 
Yang Ming Marine Transport Corp.(2)
 861,000  1,140,429 
Yankey Engineering Co. Ltd.(2)
 45,639  354,770 
YC INOX Co. Ltd.
 248,486  212,406 
Yea Shin International Development Co. Ltd.
 41,691  33,631 
Yem Chio Co. Ltd.(2)
 261,579  123,617 
Yen Sun Technology Corp.
 94,000  130,584 
86

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Yeong Guan Energy Technology Group Co. Ltd.(1)
 70,000  $ 121,676 
YFY, Inc.(2)
 1,541,000  1,520,537 
Yieh Hsing Enterprise Co. Ltd.(1)
 41,000  12,285 
Yieh Phui Enterprise Co. Ltd.
 172,200  81,783 
Young Fast Optoelectronics Co. Ltd.
 39,000  52,959 
Youngtek Electronics Corp.
 50,000  89,388 
Yuanta Financial Holding Co. Ltd.
 6,220,663  4,759,884 
Yulon Finance Corp.(2)
 216,990  1,209,776 
Yulon Motor Co. Ltd.(2)
 600,099  1,568,011 
YungShin Global Holding Corp.
 133,000  181,467 
Zeng Hsing Industrial Co. Ltd.
 16,115  50,816 
Zenitron Corp.
 50,000  48,022 
Zero One Technology Co. Ltd.(2)
 171,526  325,439 
Zhen Ding Technology Holding Ltd.
 1,068,000  3,233,216 
Zinwell Corp.(1)
 75,000  67,852 
Zippy Technology Corp.
 46,000  65,766 
Zyxel Group Corp.(2)
 486,043  720,461 
679,648,566 
Thailand — 2.5%
AAPICO Hitech PCL, NVDR
 241,200  247,738 
Absolute Clean Energy PCL, NVDR(1)
 830,900  41,949 
Advanced Info Service PCL, NVDR
 396,300  2,443,190 
Advanced Information Technology PCL, NVDR
 307,700  43,928 
AEON Thana Sinsap Thailand PCL, NVDR
 42,600  212,796 
Airports of Thailand PCL, NVDR(1)
 842,300  1,743,181 
AJ Plast PCL, NVDR(1)
 39,300  10,154 
Amanah Leasing PCL, NVDR
 318,700  24,561 
Amata Corp. PCL, NVDR
 446,200  324,721 
Ananda Development PCL, NVDR(1)
 53,000  1,210 
AP Thailand PCL, NVDR
 3,265,800  1,183,959 
Aqua Corp. PCL, NVDR(1)
 1,757,300  20,572 
Asia Aviation PCL, NVDR(1)
 50,344  4,139 
Asia Plus Group Holdings PCL, NVDR
 561,700  46,832 
Asian Sea Corp. PCL, NVDR
 207,750  51,015 
Asset World Corp. PCL, NVDR
 1,689,200  210,153 
B Grimm Power PCL, NVDR
 323,600  314,244 
Bangchak Corp. PCL, NVDR
 2,335,000  2,582,044 
Bangkok Bank PCL, NVDR
 74,200  358,968 
Bangkok Chain Hospital PCL, NVDR
 3,375,200  1,858,916 
Bangkok Dusit Medical Services PCL, NVDR
 3,832,700  3,063,641 
Bangkok Expressway & Metro PCL, NVDR
 3,489,900  861,949 
Bangkok Land PCL, NVDR(1)
 2,403,600  54,901 
Bangkok Life Assurance PCL, NVDR
 1,988,400  1,390,646 
Banpu PCL, NVDR
 6,829,466  1,676,069 
Banpu Power PCL, NVDR
 119,900  51,320 
BCPG PCL, NVDR
 686,100  199,607 
Beauty Community PCL, NVDR(1)
 64,400  1,138 
BEC World PCL, NVDR
 687,000  171,616 
Berli Jucker PCL, NVDR
 252,500  243,225 
Better World Green PCL, NVDR(1)
 4,590,800  90,446 
87

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
BG Container Glass PCL, NVDR
 56,100  $ 15,459 
BTS Group Holdings PCL, NVDR
 2,493,400  523,090 
Bumrungrad Hospital PCL, NVDR
 339,300  2,508,283 
Cal-Comp Electronics Thailand PCL, NVDR
 516,574  28,436 
Carabao Group PCL, NVDR
 10,500  25,783 
Central Pattana PCL, NVDR
 971,100  1,905,102 
Central Plaza Hotel PCL, NVDR(1)
 113,900  155,265 
Central Retail Corp. PCL, NVDR
 460,966  542,284 
CH Karnchang PCL, NVDR
 471,600  309,660 
Charoen Pokphand Foods PCL, NVDR
 2,052,500  1,213,171 
Chularat Hospital PCL, NVDR
 13,974,500  1,271,221 
CK Power PCL, NVDR
 593,200  61,942 
Com7 PCL, NVDR
 613,500  564,213 
Country Group Development PCL, NVDR(1)
 979,000  9,773 
Country Group Holdings PCL, NVDR(1)
 391,100  8,820 
CP ALL PCL, NVDR
 1,117,500  2,080,903 
CP Axtra PCL, NVDR
 20,337  21,035 
Delta Electronics Thailand PCL, NVDR
 1,085,500  3,359,450 
Diamond Building Products PCL, NVDR
 51,200  12,354 
Ditto Thailand PCL, NVDR
 57,600  54,666 
Dohome PCL, NVDR
 309,300  102,337 
Dynasty Ceramic PCL, NVDR
 1,977,800  112,919 
Eastern Polymer Group PCL, NVDR
 226,400  46,219 
Ekachai Medical Care PCL, NVDR
 252,560  58,296 
Electricity Generating PCL, NVDR
 495,700  1,887,822 
Energy Absolute PCL, NVDR
 848,000  1,531,192 
Erawan Group PCL, NVDR(1)
 2,927,440  463,850 
Forth Corp. PCL, NVDR
 56,900  56,825 
G J Steel PCL, NVDR(1)
 6,403,900  53,041 
GFPT PCL, NVDR
 287,200  89,389 
Global Power Synergy PCL, NVDR
 115,800  174,244 
Gulf Energy Development PCL, NVDR
 885,020  1,212,658 
Gunkul Engineering PCL, NVDR
 2,557,400  262,542 
Haad Thip PCL, NVDR
 13,900  14,781 
Hana Microelectronics PCL, NVDR
 353,800  628,031 
Home Product Center PCL, NVDR
 4,063,400  1,588,393 
Ichitan Group PCL, NVDR
 558,100  275,604 
Indorama Ventures PCL, NVDR
 1,200,900  993,886 
Intouch Holdings PCL, NVDR
 247,300  513,513 
IRPC PCL, NVDR
 3,612,300  241,340 
Italian-Thai Development PCL, NVDR(1)
 2,149,900  98,179 
Jasmine International PCL, NVDR(1)
 4,678,200  266,996 
JMT Network Services PCL, NVDR
 88,068  116,889 
Kasikornbank PCL, NVDR
 471,900  1,757,891 
KCE Electronics PCL, NVDR
 1,236,400  1,798,113 
KGI Securities Thailand PCL, NVDR
 805,200  108,053 
Khon Kaen Sugar Industry PCL, NVDR
 380,000  34,513 
Kiatnakin Phatra Bank PCL, NVDR
 99,300  170,069 
Krung Thai Bank PCL, NVDR
 2,837,100  1,562,890 
Krungthai Card PCL, NVDR
 631,300  873,870 
88

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Land & Houses PCL, NVDR
 8,185,300  $ 1,939,289 
Lanna Resources PCL, NVDR
 86,300  42,135 
LPN Development PCL, NVDR
 441,700  52,966 
Major Cineplex Group PCL, NVDR
 178,400  73,841 
Master Ad PCL, NVDR(1)
 1,993,300  32,457 
MBK PCL, NVDR
 568,700  300,346 
MC Group PCL, NVDR
 114,600  42,530 
MCS Steel PCL, NVDR
 184,800  35,890 
Mega Lifesciences PCL, NVDR
 389,300  486,376 
MFEC PCL, NVDR
 71,500  14,492 
Minor International PCL, NVDR
 2,262,400  2,146,625 
MK Restaurants Group PCL, NVDR
 9,300  12,612 
Muangthai Capital PCL, NVDR
 429,100  498,718 
Namyong Terminal PCL, NVDR
 30,600  3,551 
Noble Development PCL, Class C, NVDR
 205,200  25,311 
Nusasiri PCL, NVDR(1)
 2,022,600  30,025 
Origin Property PCL, NVDR
 94,600  28,622 
Osotspa PCL, NVDR
 389,400  333,486 
Plan B Media PCL, NVDR 6,754,600  1,802,982 
Polyplex Thailand PCL, NVDR
 118,600  43,329 
POSCO-Thainox PCL, NVDR
 576,900  12,683 
Praram 9 Hospital PCL, NVDR
 182,600  91,749 
Precious Shipping PCL, NVDR
 651,100  170,215 
Premier Marketing PCL, NVDR
 72,700  18,478 
Prima Marine PCL, NVDR
 866,200  156,943 
Property Perfect PCL, NVDR
 2,307,910  23,027 
Pruksa Holding PCL, NVDR
 89,200  34,116 
PTG Energy PCL, NVDR
 2,237,400  683,462 
PTT Exploration & Production PCL, NVDR
 645,800  2,923,683 
PTT Global Chemical PCL, NVDR
 1,462,000  1,553,588 
PTT Oil & Retail Business PCL, NVDR
 1,223,000  712,157 
PTT PCL, NVDR
 3,884,800  3,854,426 
Quality Houses PCL, NVDR
 21,817,100  1,445,017 
R&B Food Supply PCL, NVDR
 29,500  9,600 
Rabbit Holdings PCL, NVDR(1)
 3,088,800  77,545 
Raimon Land PCL, NVDR(1)
 1,000,000  15,140 
Rajthanee Hospital PCL, NVDR
 65,600  53,354 
Ratch Group PCL, NVDR
 645,450  654,338 
Ratchthani Leasing PCL, NVDR
 1,412,500  137,049 
Regional Container Lines PCL, NVDR
 2,310,600  1,424,430 
Rojana Industrial Park PCL, NVDR
 239,200  43,341 
RS PCL, NVDR
 208,010  86,106 
S Hotels & Resorts PCL, NVDR(1)
 1,097,200  92,740 
S Kijchai Enterprise PCL, R Shares, NVDR
 189,900  24,288 
Sabina PCL, NVDR
 163,600  123,744 
Samart Corp. PCL, NVDR(1)
 72,200  12,576 
Sansiri PCL, NVDR
 24,309,500  1,415,222 
Sappe PCL, NVDR
 3,200  9,136 
SC Asset Corp. PCL, NVDR
 869,800  115,171 
SCB X PCL, NVDR
 169,600  571,190 
89

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
SCGJWD Logistics PCL, NVDR
 164,800  $ 73,848 
SEAFCO PCL, NVDR(1)
 16,100  1,572 
Sermsang Power Corp. Co. Ltd., NVDR
 416,975  86,361 
Siam Cement PCL, NVDR
 319,400  2,853,459 
Siam City Cement PCL, NVDR
 19,500  77,115 
Siam Global House PCL, NVDR
 1,626,959  873,018 
Siamgas & Petrochemicals PCL, NVDR
 124,500  29,877 
Sikarin PCL, NVDR
 21,100  6,991 
Singha Estate PCL, NVDR
 1,000,000  33,958 
Sino-Thai Engineering & Construction PCL, NVDR
 1,353,900  463,651 
SISB PCL, NVDR
 89,700  96,646 
SNC Former PCL, NVDR
 107,500  32,839 
Somboon Advance Technology PCL, NVDR
 159,800  86,655 
SPCG PCL, NVDR
 87,000  31,535 
Sri Trang Agro-Industry PCL, NVDR
 813,200  338,856 
Srisawad Capital 1969 PCL, NVDR
 228,500  29,492 
Srisawad Corp. PCL, NVDR
 1,140,500  1,659,195 
Srivichai Vejvivat PCL, NVDR
 93,400  21,857 
Star Petroleum Refining PCL, NVDR
 459,000  119,955 
STP & I PCL, NVDR(1)
 367,800  43,900 
Supalai PCL, NVDR
 915,500  567,068 
Super Energy Corp. PCL, NVDR(1)
 6,494,800  94,570 
Susco PCL, NVDR
 237,800  27,032 
Synnex Thailand PCL, NVDR
 47,100  18,396 
Taokaenoi Food & Marketing PCL, Class R, NVDR
 609,400  243,564 
Tata Steel Thailand PCL, NVDR
 498,600  13,666 
TEAM Consulting Engineering & Management PCL, NVDR
 535,560  113,891 
Thai Airways International PCL, NVDR(1)
 20,500  1,944 
Thai Oil PCL, NVDR
 1,296,700  1,907,132 
Thai Solar Energy PCL, NVDR
 212,200  13,096 
Thai Union Group PCL, NVDR
 4,315,100  1,761,687 
Thai Vegetable Oil PCL, NVDR
 227,700  152,111 
Thaicom PCL, NVDR
 978,300  401,673 
Thaifoods Group PCL, NVDR
 365,800  41,160 
Thanachart Capital PCL, NVDR
 118,400  172,412 
Thonburi Healthcare Group PCL, NVDR
 1,041,800  1,948,657 
Thoresen Thai Agencies PCL, NVDR
 845,900  149,766 
Tipco Asphalt PCL, NVDR
 489,900  240,600 
Tisco Financial Group PCL, NVDR
 63,900  187,924 
TKS Technologies PCL, NVDR
 43,200  11,285 
TMBThanachart Bank PCL, NVDR
 1,642,100  80,145 
TOA Paint Thailand PCL, NVDR
 158,600  119,984 
TPI Polene PCL, NVDR
 1,342,100  58,237 
TPI Polene Power PCL, NVDR
 537,300  52,172 
TQM Alpha PCL, NVDR
 96,100  83,644 
TRC Construction PCL, NVDR(1)
 7,280,500  112,315 
Triple i Logistics PCL, NVDR
 331,586  117,347 
True Corp. PCL, NVDR
 7,833,905  1,542,189 
TTW PCL, NVDR
 244,900  61,896 
Unique Engineering & Construction PCL, NVDR(1)
 129,200  12,097 
90

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
United Paper PCL, NVDR
 45,600  $ 15,627 
Univentures PCL, NVDR
 191,000  14,062 
Vanachai Group PCL, NVDR
 117,200  13,315 
VGI PCL, NVDR
 194,070  16,393 
WHA Corp. PCL, NVDR
 3,409,900  506,012 
Workpoint Entertainment PCL, NVDR
 45,500  20,142 
Xspring Capital PCL, NVDR(1)
 3,816,100  164,495 
93,802,666 
Turkey — 1.0%
AG Anadolu Grubu Holding AS
 7,413  57,388 
Akbank TAS
 2,025,701  2,179,144 
Aksa Akrilik Kimya Sanayii AS
 43,628  131,031 
Aksa Enerji Uretim AS
 67,604  101,052 
Alarko Holding AS
 3,511  16,868 
Albaraka Turk Katilim Bankasi AS(1)
 397,513  60,049 
Anadolu Anonim Turk Sigorta Sirketi(1)
 78,186  113,290 
Anadolu Efes Biracilik Ve Malt Sanayii AS
 14,148  57,065 
Aselsan Elektronik Sanayi Ve Ticaret AS
 389,942  560,527 
Bagfas Bandirma Gubre Fabrikalari AS
 24,987  33,628 
Baticim Bati Anadolu Cimento Sanayii AS(1)
 23,006  52,533 
Bera Holding AS(2)
 868,309  437,894 
BIM Birlesik Magazalar AS
 235,467  2,222,661 
Borusan Mannesmann Boru Sanayi ve Ticaret AS(1)
 2,241  63,689 
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS
 2,541  6,936 
Cimsa Cimento Sanayi VE Ticaret AS
 29,776  238,545 
Coca-Cola Icecek AS
 32,980  485,301 
Dogan Sirketler Grubu Holding AS
 546,903  289,560 
Dogus Otomotiv Servis ve Ticaret AS
 10,857  115,909 
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS
 5,143  9,652 
Enerjisa Enerji AS
 12,582  24,111 
Eregli Demir ve Celik Fabrikalari TAS(1)
 325,466  523,062 
Esenboga Elektrik Uretim AS
 17,772  63,862 
Ford Otomotiv Sanayi AS
 17,826  575,155 
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(1)
 38,320  132,742 
Goodyear Lastikleri TAS(1)
 456  383 
Gozde Girisim Sermayesi Yatirim Ortakligi AS(1)
 35,254  30,480 
GSD Holding AS
 318,475  52,954 
Gubre Fabrikalari TAS(1)(2)
 5,436  72,602 
Haci Omer Sabanci Holding AS
 582,316  1,302,000 
Hektas Ticaret TAS(1)
 128,478  123,178 
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)
 33,311  60,711 
Is Finansal Kiralama AS(1)
 128,833  64,619 
Is Yatirim Menkul Degerler AS
 165,207  262,471 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D
 382,092  356,998 
Kervan Gida Sanayi Ve Ticaret AS
 40,141  37,699 
KOC Holding AS
 568,500  3,016,547 
Kordsa Teknik Tekstil AS
 10,599  32,434 
Koza Altin Isletmeleri AS
 404,386  430,139 
Koza Anadolu Metal Madencilik Isletmeleri AS(1)
 64,168  157,093 
91

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
Logo Yazilim Sanayi Ve Ticaret AS
 21,409  $ 59,368 
Mavi Giyim Sanayi Ve Ticaret AS, B Shares
 41,814  168,571 
Migros Ticaret AS
 240,070  3,116,037 
MLP Saglik Hizmetleri AS(1)
 42,404  201,511 
Naturel Yenilenebilir Enerji Ticaret AS
 6,294  55,536 
NET Holding AS(1)
 41,981  30,584 
Nuh Cimento Sanayi AS
 391  2,780 
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1)
 1,668,503  820,444 
Pegasus Hava Tasimaciligi AS(1)
 41,484  1,357,103 
Petkim Petrokimya Holding AS(1)
 208,304  159,252 
Polisan Holding AS
 239,551  118,014 
Ral Yatirim Holding AS(1)
 20,891  63,913 
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS
 23,773  33,521 
Sasa Polyester Sanayi AS(1)
 142,652  281,463 
Sekerbank Turk AS
 6,054  960 
Selcuk Ecza Deposu Ticaret ve Sanayi AS
 14,657  32,370 
Sok Marketler Ticaret AS
 333,530  776,515 
TAV Havalimanlari Holding AS(1)
 433,471  1,987,634 
Tekfen Holding AS
 89,065  158,954 
Tofas Turk Otomobil Fabrikasi AS
 15,025  151,631 
Tukas Gida Sanayi ve Ticaret AS(1)
 306,939  125,721 
Turk Hava Yollari AO(1)
 464,799  4,257,925 
Turkcell Iletisim Hizmetleri AS, ADR(1)
 431,037  2,267,255 
Turkiye Halk Bankasi AS(1)
 139,732  69,712 
Turkiye Is Bankasi AS, C Shares
 3,278,498  2,580,994 
Turkiye Petrol Rafinerileri AS
 620,072  3,272,511 
Turkiye Sinai Kalkinma Bankasi AS(1)
 1,062,108  282,311 
Turkiye Sise ve Cam Fabrikalari AS
 510,088  977,178 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
 578,459  293,769 
Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS(1)
 777  5,050 
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS
 43,355  135,639 
Vestel Elektronik Sanayi ve Ticaret AS(1)
 68,744  176,750 
Yapi ve Kredi Bankasi AS
 1,144,794  679,922 
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS(1)
 10,342  15,282 
Zorlu Enerji Elektrik Uretim AS(1)
 4,033,425  731,779 
39,999,921 
United States†
Emeren Group Ltd., ADR(1)(2)
 44,262  153,589 
TOTAL COMMON STOCKS
(Cost $3,756,801,268)
 3,812,059,895 
RIGHTS†
Brazil†
Empreendimentos Pague Menos SA(1)
 9,157  74 
Gol Linhas Aereas Inteligentes SA(1)
 367,784  743 
Jalles Machado SA(1)
 2,921  4,925 
Marfrig Global Foods SA(1)
 117,337  3,317 
9,059 
India†
Orient Green Power Co. Ltd.(1)
 252,965  8,250 
South Korea†
CJ CGV Co. Ltd.(1)
 36,688  54,682 
92

Avantis Emerging Markets Equity ETF
Shares/
Principal Amount		 Value
SK Innovation Co. Ltd.(1)
 2,538  $ 72,679 
127,361 
Thailand†
Samart Corp. PCL(1)
 722  — 
TOTAL RIGHTS
(Cost $94,763)
 144,670 
WARRANTS†
Thailand†
Better World Green PCL, NVDR(1)
 765,133  874 
Kiatnakin Phatra Bank PCL, NVDR(1)
 8,275  760 
Kiatnakin Phatra Bank PCL, NVDR(1)
 8,275  269 
MBK PCL, NVDR(1)
 7,224  3,301 
Nusasiri PCL, NVDR(1)
 404,520  1,618 
TEAM Consulting Engineering & Management PCL, NVDR(1)
 107,112  2,172 
TOTAL WARRANTS
(Cost $—)
 8,994 
CORPORATE BONDS†
India†
Britannia Industries Ltd., 5.50%, 6/3/24 (Acquired 5/25/21, Cost $1,668)(4)
(Cost $1,668)
 INR 121,365  1,444 
SHORT-TERM INVESTMENTS — 0.8%
Money Market Funds — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio(5)
(Cost $31,735,806)
 31,735,806  31,735,806 
TOTAL INVESTMENT SECURITIES — 100.9%
(Cost $3,788,633,505)
 3,843,950,809 
OTHER ASSETS AND LIABILITIES — (0.9)%
 (33,145,670)
TOTAL NET ASSETS — 100.0%
 $ 3,810,805,139 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Information Technology 20.6%
Financials 18.6%
Consumer Discretionary 13.8%
Industrials 10.4%
Materials 9.7%
Communication Services 7.2%
Energy 5.3%
Consumer Staples 5.0%
Health Care 4.1%
Utilities 3.2%
Real Estate 2.2%
Short-Term Investments 0.8%
Other Assets and Liabilities (0.9)%

93

Avantis Emerging Markets Equity ETF
NOTES TO SCHEDULE OF INVESTMENTS
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
INR – Indian Rupee
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 $206,597,267. 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)Securities may be subject to resale, redemption or transferability restrictions.
(4)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $1,444, which represented less than 0.05% of total net assets.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $228,103,077, which includes securities collateral of $196,367,271.


See Notes to Financial Statements.
94

AUGUST 31, 2023
Avantis Emerging Markets Value ETF
Shares Value
COMMON STOCKS — 99.9%
Brazil — 5.8%
Aliansce Sonae Shopping Centers SA 41,057  $ 188,867 
Banco ABC Brasil SA(1)
 1,177  4,359 
Banco ABC Brasil SA, Preference Shares 24,000  88,884 
Banco BMG SA, Preference Shares 3,400  1,668 
Banco Bradesco SA, ADR 11,701  34,986 
Banco do Brasil SA 123,100  1,178,536 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares 39,600  97,640 
Banco Santander Brasil SA, ADR 16,670  90,851 
Braskem SA, Class A, ADR(1)
 16,439  145,321 
C&A MODAS SA(1)
 31,400  34,050 
CCR SA 268,000  679,193 
Cia Brasileira de Distribuicao, ADR(1)
 30,911  30,444 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares 9,500  88,131 
Cia Siderurgica Nacional SA, ADR 174,806  426,527 
Construtora Tenda SA(1)
 8,300  21,638 
Cury Construtora e Incorporadora SA 7,200  23,597 
Cyrela Brazil Realty SA Empreendimentos e Participacoes 38,500  174,461 
Direcional Engenharia SA 33,200  133,751 
EcoRodovias Infraestrutura e Logistica SA 77,300  116,604 
Embraer SA, ADR(1)(2)
 19,754  308,953 
Empreendimentos Pague Menos SA 35,500  27,600 
Enauta Participacoes SA 16,000  51,114 
Engie Brasil Energia SA 28,800  244,321 
Even Construtora e Incorporadora SA 18,300  23,799 
Ez Tec Empreendimentos e Participacoes SA 19,600  87,273 
Gafisa SA(1)
 4,256  4,418 
Gerdau SA, ADR 205,785  1,072,140 
Guararapes Confeccoes SA 22,331  28,319 
Hidrovias do Brasil SA(1)
 167,900  128,840 
Iguatemi SA 10,428  43,464 
Iguatemi SA 4  2 
Iochpe Maxion SA 47,700  136,876 
IRB-Brasil Resseguros SA(1)
 25,816  224,272 
Itau Unibanco Holding SA, ADR 305,230  1,678,765 
Kepler Weber SA 6,000  13,497 
Klabin SA 159,300  732,798 
Lavvi Empreendimentos Imobiliarios SA 2,800  4,642 
Localiza Rent a Car SA 14,405  184,191 
Log-in Logistica Intermodal SA(1)
 3,700  30,716 
LPS Brasil Consultoria de Imoveis SA 7,000  3,788 
Marfrig Global Foods SA 98,400  144,459 
Marisa Lojas SA(1)
 26,900  3,639 
Minerva SA 36,700  62,698 
Movida Participacoes SA 33,100  84,153 
MRV Engenharia e Participacoes SA 92,500  212,195 
Odontoprev SA 49,900  103,789 
Petroleo Brasileiro SA, ADR 41,355  581,038 
Petroleo Brasileiro SA, ADR, Preference Shares 53,233  688,835 
95

Avantis Emerging Markets Value ETF
Shares Value
Petroreconcavo SA 21,200  $ 99,406 
Portobello SA 10,300  13,603 
PRIO SA(1)
 58,800  554,154 
Raizen SA, Preference Shares 229,800  168,450 
Romi SA 11,440  29,524 
Sao Martinho SA 32,700  237,720 
Sendas Distribuidora SA, ADR(2)
 43,041  504,010 
Ser Educacional SA(1)
 4,300  5,384 
StoneCo Ltd., A Shares(1)
 65,682  805,261 
Suzano SA, ADR 106,403  1,076,798 
SYN prop e tech SA(1)
 11,300  9,333 
Taurus Armas SA, Preference Shares 24,000  71,922 
TIM SA, ADR(2)
 31,814  466,393 
Trisul SA 16,100  17,459 
Tupy SA 3,700  19,366 
Ultrapar Participacoes SA, ADR(2)
 184,247  670,659 
Unipar Carbocloro SA, Class B Preference Shares 9,600  149,446 
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares 117,100  162,690 
Vale SA, ADR 60,433  795,903 
Via SA(1)
 369,700  95,560 
Vibra Energia SA 76,300  283,349 
Wilson Sons Holdings Brasil SA 30,300  76,912 
16,783,404 
Chile — 0.7%
Banco de Chile 4,718,110  514,664 
Banco de Credito e Inversiones SA 7,922  229,511 
Banco Itau Chile SA 7,822  85,600 
Cencosud Shopping SA 16,471  27,762 
Colbun SA 1,970,440  306,048 
Embotelladora Andina SA, Class B Preference Shares 65,408  164,877 
Empresa Nacional de Telecomunicaciones SA 28,708  106,476 
Empresas CMPC SA 185,279  336,410 
Empresas COPEC SA 1,775  13,007 
Parque Arauco SA 73,582  108,927 
Salfacorp SA 21,953  11,201 
Sociedad Quimica y Minera de Chile SA, ADR 12  751 
1,905,234 
China — 26.1%
361 Degrees International Ltd. 147,000  77,350 
3SBio, Inc. 415,500  347,470 
AAC Technologies Holdings, Inc.(2)
 201,000  389,347 
Agile Group Holdings Ltd.(1)
 358,000  40,565 
Anhui Conch Cement Co. Ltd., H Shares 203,500  566,636 
Anhui Expressway Co. Ltd., H Shares 114,000  111,697 
ANTA Sports Products Ltd. 172,600  1,945,755 
Anton Oilfield Services Group(1)
 34,000  1,906 
Asia Cement China Holdings Corp. 21,500  8,397 
AsiaInfo Technologies Ltd. 4,400  5,365 
Autohome, Inc., ADR 460  13,294 
Bank of Chongqing Co. Ltd., H Shares 100,000  51,220 
96

Avantis Emerging Markets Value ETF
Shares Value
Bank of Communications Co. Ltd., H Shares 1,681,000  $ 962,121 
Beijing Jingneng Clean Energy Co. Ltd., H Shares 628,000  133,623 
Binjiang Service Group Co. Ltd. 26,500  59,155 
BOC Aviation Ltd. 54,000  405,021 
BOE Varitronix Ltd. 95,000  92,146 
Bosideng International Holdings Ltd. 1,072,000  420,667 
BYD Electronic International Co. Ltd. 233,000  1,079,140 
C&D Property Management Group Co. Ltd. 32,919  15,208 
Canaan, Inc., ADR(1)
 69,508  139,711 
Canadian Solar, Inc.(1)(2)
 14,165  396,762 
Canvest Environmental Protection Group Co. Ltd.(2)
 170,000  90,946 
Central China New Life Ltd.(1)
 132,000  35,020 
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1)
 3,300  1,103 
China Automotive Systems, Inc.(1)
 3,540  14,833 
China BlueChemical Ltd., H Shares 580,000  144,130 
China Bohai Bank Co. Ltd., H Shares(1)
 187,500  28,895 
China Cinda Asset Management Co. Ltd., H Shares 2,363,000  231,726 
China CITIC Bank Corp. Ltd., H Shares 2,172,000  966,689 
China Coal Energy Co. Ltd., H Shares 429,000  292,654 
China Communications Services Corp. Ltd., H Shares 1,154,000  519,543 
China Conch Venture Holdings Ltd. 436,500  428,877 
China Datang Corp. Renewable Power Co. Ltd., H Shares(2)
 1,195,000  297,189 
China East Education Holdings Ltd. 1,000  429 
China Education Group Holdings Ltd. 350,000  297,418 
China Everbright Bank Co. Ltd., H Shares 831,000  239,346 
China Everbright Environment Group Ltd. 1,295,000  471,720 
China Everbright Greentech Ltd. 40,000  4,382 
China Everbright Ltd. 194,000  113,163 
China Feihe Ltd. 1,351,000  812,248 
China Foods Ltd. 70,000  25,942 
China Galaxy Securities Co. Ltd., H Shares 770,000  414,232 
China Glass Holdings Ltd.(2)
 118,000  10,509 
China Hanking Holdings Ltd. 11,000  966 
China High Speed Transmission Equipment Group Co. Ltd.(1)
 66,000  21,439 
China Hongqiao Group Ltd.(2)
 10,000  9,954 
China Lesso Group Holdings Ltd. 295,000  162,239 
China Longyuan Power Group Corp. Ltd., H Shares 861,000  681,563 
China Medical System Holdings Ltd. 504,000  725,891 
China Merchants Port Holdings Co. Ltd. 421,285  503,979 
China Minsheng Banking Corp. Ltd., H Shares 1,496,500  480,652 
China Modern Dairy Holdings Ltd.(2)
 22,000  2,074 
China National Building Material Co. Ltd., H Shares 1,048,000  532,662 
China New Higher Education Group Ltd. 441,000  139,836 
China Nonferrous Mining Corp. Ltd. 561,000  303,489 
China Nuclear Energy Technology Corp. Ltd.(1)
 34,000  1,431 
China Oriental Group Co. Ltd. 142,000  21,698 
China Pacific Insurance Group Co. Ltd., H Shares 369,400  844,836 
China Petroleum & Chemical Corp., Class H 252,000  147,346 
China Power International Development Ltd.(2)
 1,894,000  675,019 
China Railway Group Ltd., H Shares 1,159,000  613,146 
China Resources Cement Holdings Ltd. 914,000  302,748 
97

Avantis Emerging Markets Value ETF
Shares Value
China Resources Medical Holdings Co. Ltd. 112,500  $ 83,511 
China Resources Power Holdings Co. Ltd. 724,000  1,417,474 
China Risun Group Ltd. 578,000  256,477 
China Sanjiang Fine Chemicals Co. Ltd.(1)
 16,000  2,159 
China Shenhua Energy Co. Ltd., H Shares 332,500  967,746 
China Shineway Pharmaceutical Group Ltd. 78,000  77,029 
China Shuifa Singyes Energy Holdings Ltd.(1)
 74,000  3,724 
China Sunshine Paper Holdings Co. Ltd.(1)
 186,000  61,936 
China Taiping Insurance Holdings Co. Ltd. 457,600  481,450 
China Tower Corp. Ltd., H Shares 13,640,000  1,319,697 
China Vanke Co. Ltd., H Shares 205,200  239,370 
China XLX Fertiliser Ltd. 172,000  84,712 
China Yongda Automobiles Services Holdings Ltd. 386,000  171,221 
China Youran Dairy Group Ltd.(2)
 208,000  38,709 
China Yuhua Education Corp. Ltd.(1)
 334,000  35,309 
China ZhengTong Auto Services Holdings Ltd.(1)
 5,000  280 
Chongqing Rural Commercial Bank Co. Ltd., H Shares 97,000  34,242 
Chow Tai Fook Jewellery Group Ltd. 560,400  849,770 
CIFI Ever Sunshine Services Group Ltd.(2)
 90,000  35,002 
CIMC Enric Holdings Ltd. 250,000  237,779 
CITIC Ltd. 1,264,000  1,254,393 
CITIC Resources Holdings Ltd. 438,000  20,656 
CITIC Securities Co. Ltd., H Shares 231,100  451,251 
CMGE Technology Group Ltd.(1)
 226,000  41,457 
CMOC Group Ltd., H Shares 1,233,000  735,565 
Concord New Energy Group Ltd. 2,430,000  198,305 
COSCO SHIPPING Holdings Co. Ltd., Class H 1,127,500  1,156,234 
COSCO SHIPPING Ports Ltd. 528,140  325,169 
CSSC Hong Kong Shipping Co. Ltd. 138,000  26,209 
Daqo New Energy Corp., ADR(1)
 24,639  910,904 
Dexin China Holdings Co. Ltd.(1)(2)
 111,000  4,952 
Digital China Holdings Ltd. 254,000  82,223 
Dongfeng Motor Group Co. Ltd., Class H 868,000  318,400 
Dongyue Group Ltd. 555,000  476,243 
Ebang International Holdings, Inc., Class A(1)
 126  955 
E-House China Enterprise Holdings Ltd.(1)(2)
 19,800  608 
EVA Precision Industrial Holdings Ltd. 54,000  4,675 
Excellence Commercial Property & Facilities Management Group Ltd.(2)
 105,000  29,862 
Fanhua, Inc., ADR(1)
 923  6,193 
FIH Mobile Ltd.(1)
 480,000  42,232 
FinVolution Group, ADR 23,825  119,601 
First Tractor Co. Ltd., H Shares(2)
 156,000  79,506 
Flat Glass Group Co. Ltd., H Shares 39,000  96,854 
Fosun International Ltd. 693,500  433,495 
Fu Shou Yuan International Group Ltd. 6,000  4,463 
Fufeng Group Ltd. 641,000  340,492 
Fullshare Holdings Ltd.(1)
 2,305,000  11,173 
GCL Technology Holdings Ltd. 6,495,000  1,124,971 
GDS Holdings Ltd., Class A(1)
 1,400  2,079 
Genertec Universal Medical Group Co. Ltd. 318,000  165,328 
98

Avantis Emerging Markets Value ETF
Shares Value
GF Securities Co. Ltd., H Shares 270,600  $ 386,110 
Grand Pharmaceutical Group Ltd. 4,000  2,071 
Guangzhou R&F Properties Co. Ltd., H Shares(1)
 495,200  75,625 
Haitong Securities Co. Ltd., H Shares 655,200  406,539 
Harbin Electric Co. Ltd., H Shares 16,000  4,889 
Hello Group, Inc., ADR 62,313  537,761 
Henan Jinma Energy Co. Ltd., H Shares 4,000  964 
Hengan International Group Co. Ltd. 249,000  923,630 
Hilong Holding Ltd.(1)
 205,000  5,751 
Hisense Home Appliances Group Co. Ltd., H Shares 148,000  390,613 
Hollysys Automation Technologies Ltd.(1)
 18,775  353,721 
Honliv Healthcare Management Group Co. Ltd.(1)
 44,000  12,277 
Hope Education Group Co. Ltd.(1)(2)
 1,046,000  67,922 
Hua Hong Semiconductor Ltd.(1)(2)
 142,000  370,157 
Huatai Securities Co. Ltd., H Shares 373,200  491,054 
Ingdan, Inc. 34,000  5,422 
Inkeverse Group Ltd.(1)
 443,000  50,724 
iQIYI, Inc., ADR(1)
 103,970  524,009 
JD Logistics, Inc.(1)
 222,200  296,186 
Jiangxi Copper Co. Ltd., H Shares 301,000  468,808 
Jinchuan Group International Resources Co. Ltd.(2)
 728,000  36,611 
Jinxin Fertility Group Ltd.(1)(2)
 809,000  404,587 
JNBY Design Ltd. 12,000  12,360 
KE Holdings, Inc., ADR(1)
 113,721  1,956,001 
Kingboard Holdings Ltd. 254,000  576,389 
Kingboard Laminates Holdings Ltd. 332,500  276,334 
Lee & Man Paper Manufacturing Ltd. 461,000  135,625 
LexinFintech Holdings Ltd., ADR(1)
 27,301  70,710 
Lifetech Scientific Corp.(1)
 546,000  169,762 
Linklogis, Inc., Class B(2)
 231,500  52,189 
Longfor Group Holdings Ltd. 251,663  531,160 
Lufax Holding Ltd., ADR 50,975  61,680 
LVGEM China Real Estate Investment Co. Ltd.(1)(2)
 332,000  69,853 
Maoyan Entertainment(1)(2)
 1,200  1,645 
Midea Real Estate Holding Ltd.(2)
 107,200  100,603 
Minth Group Ltd. 62,000  184,050 
MMG Ltd.(1)
 1,360,000  451,288 
NetDragon Websoft Holdings Ltd. 100,000  193,819 
NetEase, Inc., ADR 26,781  2,771,298 
New China Life Insurance Co. Ltd., H Shares 190,800  477,326 
Nexteer Automotive Group Ltd. 391,000  251,627 
Nine Dragons Paper Holdings Ltd.(1)
 459,000  254,703 
Noah Holdings Ltd., ADR 6,486  90,220 
Orient Overseas International Ltd. 55,500  744,326 
People's Insurance Co. Group of China Ltd., H Shares 1,784,000  607,244 
Perennial Energy Holdings Ltd. 130,000  14,401 
PICC Property & Casualty Co. Ltd., H Shares 1,642,000  1,888,232 
Poly Property Services Co. Ltd., Class H 1,400  6,499 
Postal Savings Bank of China Co. Ltd., H Shares 78,000  38,472 
Q Technology Group Co. Ltd.(1)
 174,000  64,649 
Qifu Technology, Inc., ADR 53,964  917,388 
99

Avantis Emerging Markets Value ETF
Shares Value
Qudian, Inc., ADR(1)
 41,629  $ 104,905 
Radiance Holdings Group Co. Ltd.(1)(2)
 224,000  103,222 
Redsun Properties Group Ltd.(1)
 64,000  1,871 
Sany Heavy Equipment International Holdings Co. Ltd. 100,000  155,818 
Seazen Group Ltd.(1)(2)
 774,000  150,964 
Shanghai Industrial Holdings Ltd. 175,000  229,628 
Shanghai Industrial Urban Development Group Ltd.(1)
 228,000  12,204 
Shenzhen Expressway Corp. Ltd., H Shares 156,000  126,014 
Shenzhen International Holdings Ltd. 432,000  307,080 
Shenzhou International Group Holdings Ltd. 200,900  2,058,493 
Shimao Services Holdings Ltd.(1)
 2,000  390 
Shinsun Holdings Group Co. Ltd.(1)
 137,000  3,057 
Shougang Fushan Resources Group Ltd. 782,000  225,352 
Shui On Land Ltd. 986,500  95,612 
Simcere Pharmaceutical Group Ltd. 35,000  27,281 
Sino Biopharmaceutical Ltd. 2,980,000  1,131,173 
Sino-Ocean Group Holding Ltd.(1)
 3,000  140 
Sinopec Engineering Group Co. Ltd., H Shares 600,500  277,907 
Sinopec Kantons Holdings Ltd. 118,000  46,279 
Sinopharm Group Co. Ltd., H Shares 536,000  1,555,431 
Skyworth Group Ltd. 569,457  208,360 
SOHO China Ltd.(1)
 522,000  60,569 
SSY Group Ltd. 546,000  290,639 
TAL Education Group, ADR(1)
 131,120  924,396 
Tianneng Power International Ltd.(2)
 312,000  332,371 
Times China Holdings Ltd.(1)(2)
 314,000  20,816 
Times Neighborhood Holdings Ltd. 133,000  10,503 
Tingyi Cayman Islands Holding Corp. 500,000  734,149 
Tong Ren Tang Technologies Co. Ltd., H Shares 124,000  99,312 
Tongda Group Holdings Ltd.(1)
 190,000  1,937 
Topsports International Holdings Ltd. 596,000  485,367 
Truly International Holdings Ltd. 468,000  51,822 
Tsaker New Energy Tech Co. Ltd. 56,500  8,271 
Tsingtao Brewery Co. Ltd., H Shares 96,000  798,301 
Vinda International Holdings Ltd. 139,000  321,626 
Vipshop Holdings Ltd., ADR(1)
 139,704  2,205,926 
Viva Biotech Holdings(1)
 306,000  56,908 
Vnet Group, Inc., ADR(1)
 36,321  136,204 
Want Want China Holdings Ltd. 1,442,000  953,725 
Wasion Holdings Ltd. 136,000  58,208 
Weibo Corp., ADR 31,034  400,339 
Weichai Power Co. Ltd., H Shares 261,000  338,105 
West China Cement Ltd. 1,100,000  109,299 
Xiabuxiabu Catering Management China Holdings Co. Ltd. 234,000  113,086 
Xinchen China Power Holdings Ltd.(1)
 4,000  145 
Xinhua Winshare Publishing & Media Co. Ltd., H Shares 95,000  70,994 
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares 47,000  5,504 
Xinte Energy Co. Ltd., H Shares(1)(2)
 155,200  274,386 
Xinyi Energy Holdings Ltd.(2)
 817,800  178,383 
Xinyi Solar Holdings Ltd. 1,282,000  1,069,698 
Yadea Group Holdings Ltd. 204,000  392,220 
100

Avantis Emerging Markets Value ETF
Shares Value
Yankuang Energy Group Co. Ltd., H Shares(2)
 602,000  $ 945,072 
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1)
 64,000  51,786 
Yihai International Holding Ltd. 141,000  264,239 
Yuexiu Services Group Ltd.(2)
 151,500  61,051 
Yuexiu Transport Infrastructure Ltd. 392,000  202,658 
Yum China Holdings, Inc. 9,300  499,317 
Zengame Technology Holding Ltd. 234,000  90,389 
Zhejiang Expressway Co. Ltd., H Shares 402,000  300,186 
Zhongsheng Group Holdings Ltd. 112,000  341,245 
Zonqing Environmental Ltd.(1)
 14,000  45,912 
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H 118,800  56,723 
ZTO Express Cayman, Inc., ADR 116,427  2,926,975 
75,631,790 
Colombia†
Almacenes Exito SA, ADR(1)
 15,456  90,414 
Greece — 0.5%
Aegean Airlines SA(1)
 5,230  74,840 
Alpha Services & Holdings SA(1)
 81,794  137,508 
Eurobank Ergasias Services & Holdings SA, Class A(1)
 196,277  340,263 
Hellenic Telecommunications Organization SA 9,112  136,172 
Helleniq Energy Holdings SA 3,094  27,731 
Motor Oil Hellas Corinth Refineries SA 10,741  273,258 
Mytilineos SA 694  28,145 
National Bank of Greece SA(1)
 43,642  296,319 
Piraeus Financial Holdings SA(1)
 81,711  281,544 
Sunrisemezz PLC(1)
 1,432  385 
1,596,165 
Hong Kong — 0.1%
Edvantage Group Holdings Ltd. 18,652  5,540 
Powerlong Commercial Management Holdings Ltd. 20,500  10,254 
South Manganese Investment Ltd.(1)
 246,000  15,527 
Wharf Holdings Ltd. 92,000  194,900 
226,221 
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC 35,133  265,677 
OTP Bank Nyrt 7,468  304,525 
570,202 
India — 18.5%
Accelya Solutions India Ltd. 954  18,120 
Adani Power Ltd.(1)
 89,479  346,099 
Aditya Birla Capital Ltd.(1)
 101,920  222,804 
AGI Greenpac Ltd. 2,759  24,512 
Allcargo Logistics Ltd. 9,396  31,143 
Allcargo Terminals Ltd.(1)
 9,396  3,836 
Amara Raja Batteries Ltd. 28,189  213,872 
Ambika Cotton Mills Ltd. 311  6,135 
Anant Raj Ltd. 33,112  87,704 
Andhra Sugars Ltd. 4,689  6,477 
Apar Industries Ltd. 3,493  211,144 
APL Apollo Tubes Ltd. 10,245  207,275 
Apollo Hospitals Enterprise Ltd. 1,240  72,051 
101

Avantis Emerging Markets Value ETF
Shares Value
Apollo Tyres Ltd. 90,024  $ 422,073 
Aptech Ltd. 2,186  8,143 
Arvind Ltd. 37,373  79,372 
Ashoka Buildcon Ltd.(1)
 31,206  38,234 
Aster DM Healthcare Ltd.(1)
 24,098  96,465 
Astra Microwave Products Ltd. 7,929  37,896 
Aurobindo Pharma Ltd. 61,795  618,982 
Avadh Sugar & Energy Ltd. 1,300  9,064 
Bajaj Consumer Care Ltd. 11,479  35,603 
Bajaj Electricals Ltd. 4,771  66,882 
Bajaj Hindusthan Sugar Ltd.(1)
 393,023  113,597 
Balrampur Chini Mills Ltd. 40,732  191,765 
Bank of Baroda 178,827  403,806 
BASF India Ltd. 1,729  54,953 
Bayer CropScience Ltd. 87  5,057 
Best Agrolife Ltd. 2,513  36,284 
Bhansali Engineering Polymers Ltd. 3,804  4,275 
Bharat Electronics Ltd. 588,062  944,780 
Bharat Heavy Electricals Ltd. 161,556  236,356 
Bharat Petroleum Corp. Ltd. 195,367  803,084 
Birla Corp. Ltd. 1,882  26,110 
Birlasoft Ltd. 20,238  124,400 
Blue Dart Express Ltd. 454  34,445 
Bombay Burmah Trading Co.(1)
 1,001  12,062 
Borosil Renewables Ltd.(1)
 3,660  19,361 
Brigade Enterprises Ltd. 23,579  168,744 
BSE Ltd. 8,899  114,139 
Butterfly Gandhimathi Appliances Ltd.(1)
 68  995 
Can Fin Homes Ltd. 12,693  115,134 
Canara Bank 43,486  168,078 
Caplin Point Laboratories Ltd. 145  1,853 
Castrol India Ltd. 87,152  152,331 
CCL Products India Ltd. 7,880  57,645 
Ceat Ltd. 4,478  121,810 
Century Enka Ltd. 2,034  10,514 
Cera Sanitaryware Ltd. 575  66,001 
Cholamandalam Investment & Finance Co. Ltd. 74,335  1,006,602 
CIE Automotive India Ltd. 11,446  72,213 
Cipla Ltd. 11,659  176,957 
City Union Bank Ltd. 80,681  120,156 
Coal India Ltd. 198,258  550,481 
Cochin Shipyard Ltd. 10,216  111,745 
Confidence Petroleum India Ltd. 23,445  25,491 
Coromandel International Ltd. 21,786  286,945 
Cosmo First Ltd. 2,175  19,123 
CreditAccess Grameen Ltd.(1)
 12,214  208,772 
CSB Bank Ltd.(1)
 8,038  32,037 
Cyient Ltd. 26,199  517,791 
Dalmia Bharat Ltd. 517  13,011 
Dalmia Bharat Sugar & Industries Ltd. 1,821  8,206 
DCB Bank Ltd. 33,280  46,853 
102

Avantis Emerging Markets Value ETF
Shares Value
DCM Shriram Ltd. 7,608  $ 85,648 
Deepak Fertilisers & Petrochemicals Corp. Ltd. 14,955  109,530 
Deepak Nitrite Ltd. 8,623  231,075 
Dhampur Bio Organics Ltd. 1,877  3,742 
Dhampur Sugar Mills Ltd. 12,479  38,190 
Dish TV India Ltd.(1)
 396,359  87,473 
Dwarikesh Sugar Industries Ltd. 33,968  36,608 
eClerx Services Ltd. 3,563  69,861 
Edelweiss Financial Services Ltd. 102,601  67,415 
Eicher Motors Ltd. 6,288  253,295 
EID Parry India Ltd. 18,623  107,428 
Elecon Engineering Co. Ltd. 7,188  76,582 
Emami Ltd. 24,015  152,090 
Endurance Technologies Ltd. 2,695  54,043 
Engineers India Ltd. 44,338  82,585 
EPL Ltd. 18,512  43,898 
Equitas Small Finance Bank Ltd. 51,083  55,787 
Escorts Kubota Ltd. 4,030  153,686 
Ester Industries Ltd. 4,313  4,988 
Eveready Industries India Ltd.(1)
 1,026  5,240 
Everest Industries Ltd. 1,179  16,838 
Excel Industries Ltd. 459  5,294 
Exide Industries Ltd. 12,458  40,128 
Federal Bank Ltd. 347,636  603,893 
Filatex India Ltd. 7,154  4,085 
Finolex Industries Ltd. 81,777  236,474 
Future Consumer Ltd.(1)
 106,536  963 
G R Infraprojects Ltd. 1,800  27,556 
Galaxy Surfactants Ltd. 132  4,279 
Garden Reach Shipbuilders & Engineers Ltd. 4,895  48,297 
Gateway Distriparks Ltd. 19,801  20,551 
GHCL Ltd. 13,434  100,808 
GHCL Textiles Ltd.(1)
 13,434  12,390 
GIC Housing Finance Ltd. 10,437  22,563 
Glenmark Pharmaceuticals Ltd. 43,891  406,326 
Globus Spirits Ltd. 4,244  45,585 
Godawari Power & Ispat Ltd. 11,136  83,240 
Grasim Industries Ltd. 34,466  745,020 
Great Eastern Shipping Co. Ltd. 30,526  281,756 
Greenpanel Industries Ltd. 5,555  25,353 
Greenply Industries Ltd. 10,648  20,736 
Gufic Biosciences Ltd.(1)
 5,829  21,777 
Gujarat Alkalies & Chemicals Ltd. 4,525  38,105 
Gujarat Ambuja Exports Ltd. 22,303  70,738 
Gujarat Mineral Development Corp. Ltd. 13,196  39,612 
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. 14,672  107,935 
Gujarat Pipavav Port Ltd. 102,692  161,065 
Gujarat State Fertilizers & Chemicals Ltd. 39,672  83,956 
Hathway Cable & Datacom Ltd.(1)
 37,648  7,504 
HBL Power Systems Ltd. 17,551  56,794 
HCL Technologies Ltd. 134,921  1,908,680 
103

Avantis Emerging Markets Value ETF
Shares Value
HDFC Asset Management Co. Ltd. 2,510  $ 76,505 
HealthCare Global Enterprises Ltd.(1)
 9,740  41,251 
Hero MotoCorp Ltd. 3,691  129,930 
HG Infra Engineering Ltd. 7,303  82,068 
Hikal Ltd. 12,048  43,053 
HIL Ltd. 251  9,122 
Himadri Speciality Chemical Ltd., ADR 55,687  150,854 
Hindalco Industries Ltd. 217,027  1,203,191 
Hinduja Global Solutions Ltd. 845  10,276 
Hindustan Copper Ltd. 38,304  73,205 
Hindustan Petroleum Corp. Ltd.(1)
 179,363  537,217 
Hindware Home Innovation Ltd.(1)
 2,624  18,554 
I G Petrochemicals Ltd. 1,051  6,385 
IIFL Finance Ltd. 45,766  334,977 
IIFL Securities Ltd. 8,473  8,221 
India Glycols Ltd.(1)
 189  1,722 
Indiabulls Housing Finance Ltd.(1)
 75,892  181,633 
IndiaMart InterMesh Ltd. 4,228  156,244 
Indian Bank 40,248  183,924 
Indian Energy Exchange Ltd. 63,666  96,984 
Indian Metals & Ferro Alloys Ltd. 1,190  5,477 
Indian Oil Corp. Ltd. 584,408  628,567 
Indus Towers Ltd.(1)
 94,327  199,466 
Intellect Design Arena Ltd. 15,447  137,012 
IOL Chemicals & Pharmaceuticals Ltd. 3,269  17,132 
IRCON International Ltd. 44,986  61,904 
ITD Cementation India Ltd. 25,535  66,957 
J Kumar Infraprojects Ltd. 6,591  32,724 
Jaiprakash Power Ventures Ltd.(1)
 285,099  27,507 
Jammu & Kashmir Bank Ltd. 103,347  111,890 
Jindal Poly Films Ltd. 1,238  10,186 
Jindal Saw Ltd. 40,550  171,392 
Jindal Stainless Ltd. 76,692  420,753 
Jindal Steel & Power Ltd. 84,898  701,094 
JK Cement Ltd. 694  27,617 
JK Lakshmi Cement Ltd. 11,770  95,767 
JK Paper Ltd. 18,583  81,797 
JK Tyre & Industries Ltd. 6,818  22,304 
JM Financial Ltd. 93,382  88,141 
JSW Steel Ltd. 119,448  1,123,707 
Jubilant Ingrevia Ltd. 15,747  97,788 
Jubilant Pharmova Ltd. 14,710  83,278 
Kalpataru Projects International Ltd. 26,004  207,282 
Karnataka Bank Ltd. 37,246  99,384 
Karur Vysya Bank Ltd. 104,428  153,170 
Kaveri Seed Co. Ltd.(1)
 2,472  16,315 
KEC International Ltd. 34,010  275,758 
Kirloskar Ferrous Industries Ltd. 14,319  81,787 
KNR Constructions Ltd. 4,047  13,464 
Kolte-Patil Developers Ltd. 2,489  13,588 
KPI Green Energy Ltd. 5,164  55,724 
104

Avantis Emerging Markets Value ETF
Shares Value
KPIT Technologies Ltd. 7,670  $ 108,810 
KPR Mill Ltd. 4,523  41,367 
KRBL Ltd. 12,873  62,592 
Krsnaa Diagnostics Ltd. 3,390  25,598 
L&T Finance Holdings Ltd. 211,252  318,307 
Larsen & Toubro Ltd. 95,477  3,115,151 
Laurus Labs Ltd. 29,514  142,237 
LG Balakrishnan & Bros Ltd.(1)
 4,162  53,968 
LIC Housing Finance Ltd. 60,124  307,245 
LT Foods Ltd. 39,856  79,591 
Lupin Ltd. 35,845  475,022 
LUX Industries Ltd.(1)
 271  4,820 
Maharashtra Seamless Ltd. 3,949  25,634 
Mahindra & Mahindra Financial Services Ltd. 87,242  313,295 
Mahindra & Mahindra Ltd. 80,939  1,538,946 
Mahindra Logistics Ltd. 7,483  35,192 
Maithan Alloys Ltd. 648  8,025 
Manali Petrochemicals Ltd. 13,942  11,588 
Manappuram Finance Ltd. 154,087  287,513 
Marksans Pharma Ltd. 83,831  114,240 
Mazagon Dock Shipbuilders Ltd. 2,533  56,483 
Meghmani Finechem Ltd. 1,230  14,933 
Meghmani Organics Ltd. 3,038  3,046 
MOIL Ltd. 8,159  23,500 
Motherson Sumi Wiring India Ltd. 46,684  34,980 
Motilal Oswal Financial Services Ltd. 3,345  37,142 
Mphasis Ltd. 15,732  461,044 
MRF Ltd. 157  206,040 
Mrs Bectors Food Specialities Ltd. 1,317  17,067 
MSTC Ltd. 897  4,234 
Multi Commodity Exchange of India Ltd. 7,292  148,570 
Muthoot Finance Ltd. 27,983  425,787 
Narayana Hrudayalaya Ltd. 8,971  112,671 
National Aluminium Co. Ltd. 244,759  277,817 
National Fertilizers Ltd. 11,767  9,631 
Nava Ltd. 8,151  41,815 
NCC Ltd. 152,198  311,532 
Neuland Laboratories Ltd. 654  30,629 
Nippon Life India Asset Management Ltd. 16,510  62,180 
NLC India Ltd. 23,997  37,749 
NTPC Ltd. 480,079  1,277,243 
Nuvama Wealth Management Ltd.(1)
 1,145  33,733 
Oil & Natural Gas Corp. Ltd. 499,551  1,050,741 
Oil India Ltd. 91,371  301,282 
Olectra Greentech Ltd. 470  7,085 
Optiemus Infracom Ltd. 2,901  12,122 
Oracle Financial Services Software Ltd. 5,461  270,868 
Orient Cement Ltd. 20,379  47,438 
Panama Petrochem Ltd. 7,332  28,848 
PCBL Ltd. 44,112  92,854 
Pennar Industries Ltd.(1)
 25,863  36,917 
105

Avantis Emerging Markets Value ETF
Shares Value
Persistent Systems Ltd. 6,267  $ 406,037 
Petronet LNG Ltd. 226,685  589,005 
PNB Housing Finance Ltd.(1)
 25,989  204,022 
PNC Infratech Ltd. 39,746  159,290 
Power Mech Projects Ltd. 1,705  86,934 
Praj Industries Ltd. 18,823  111,931 
Prism Johnson Ltd.(1)
 1,963  3,071 
PTC India Ltd. 104,511  175,693 
Quess Corp. Ltd. 11,914  61,391 
Ramco Cements Ltd. 22,911  239,970 
Rashtriya Chemicals & Fertilizers Ltd. 32,956  48,352 
Raymond Ltd. 10,381  250,531 
RBL Bank Ltd. 115,927  334,075 
REC Ltd. 374,637  1,079,317 
Redington Ltd. 102,736  194,331 
Reliance Power Ltd.(1)
 587,154  135,753 
Repco Home Finance Ltd.(1)
 9,420  44,108 
Rhi Magnesita India Ltd. 3,248  28,274 
RITES Ltd. 14,218  85,962 
RPG Life Sciences Ltd. 1,481  21,492 
Samvardhana Motherson International Ltd. 164,558  190,239 
Sanghi Industries Ltd.(1)
 11,763  15,635 
Sanofi India Ltd. 1,828  156,792 
Sarda Energy & Minerals Ltd.(1)
 15,000  40,105 
Satia Industries Ltd. 7,648  11,937 
Sharda Cropchem Ltd. 3,884  21,155 
Share India Securities Ltd. 240  4,052 
Shipping Corp. of India Ltd. 12,981  20,420 
Shipping Corp. of India Ltd.(1)
 12,981  4,241 
Shree Cement Ltd. 396  113,804 
Shriram Finance Ltd. 45,919  1,068,764 
Siyaram Silk Mills Ltd. 1,138  7,329 
Sobha Ltd. 7,465  54,966 
Sonata Software Ltd. 17,676  223,114 
Southern Petrochemical Industries Corp. Ltd. 13,120  11,035 
Speciality Restaurants Ltd.(1)
 6,760  16,756 
State Bank of India, GDR 12,594  850,539 
Sudarshan Chemical Industries Ltd. 1,002  6,145 
Sun Pharmaceutical Industries Ltd. 107,037  1,434,731 
Sun TV Network Ltd. 17,153  127,771 
Sunflag Iron & Steel Co. Ltd.(1)
 6,209  15,061 
Supreme Industries Ltd. 4,391  236,321 
Supreme Petrochem Ltd. 4,336  25,861 
Surya Roshni Ltd. 5,474  62,761 
Tamil Nadu Newsprint & Papers Ltd. 14,869  45,011 
Tamilnadu Petroproducts Ltd. 8,337  9,009 
Tanla Platforms Ltd. 13,081  154,073 
Tata Chemicals Ltd. 12,586  161,235 
Tata Metaliks Ltd. 1,355  15,064 
Tata Motors Ltd., ADR(1)
 1,094  39,754 
Tata Steel Long Products Ltd.(1)
 1,015  9,573 
106

Avantis Emerging Markets Value ETF
Shares Value
Tata Steel Ltd. 1,162,934  $ 1,724,647 
Tech Mahindra Ltd. 98,904  1,434,064 
Thermax Ltd. 774  26,251 
Thirumalai Chemicals Ltd. 8,400  23,289 
Time Technoplast Ltd. 26,322  47,173 
Tinplate Co. of India Ltd. 3,877  18,009 
Titagarh Rail System Ltd.(1)
 25,526  250,525 
TransIndia Real Estate Ltd.(1)
 9,396  3,933 
Transport Corp. of India Ltd. 1,955  19,129 
Trident Ltd. 214,768  94,718 
Triveni Turbine Ltd.(1)
 15,888  75,087 
Tube Investments of India Ltd. 4,947  173,172 
Uflex Ltd. 4,366  25,175 
Ugar Sugar Works Ltd. 8,924  11,503 
UltraTech Cement Ltd. 9,271  928,815 
Usha Martin Ltd. 8,471  36,285 
UTI Asset Management Co. Ltd. 10,820  97,707 
Valiant Organics Ltd. 587  3,595 
Vardhman Textiles Ltd.(1)
 20,758  98,523 
Varroc Engineering Ltd.(1)
 4,313  22,013 
Vedanta Ltd. 147,110  411,853 
Venky's India Ltd. 72  1,717 
Vishnu Chemicals Ltd. 3,715  14,626 
VRL Logistics Ltd. 8,200  66,585 
Welspun Corp. Ltd. 30,168  119,178 
Welspun Enterprises Ltd. 19,561  65,656 
Welspun India Ltd. 23,059  34,759 
West Coast Paper Mills Ltd. 9,632  68,224 
Wipro Ltd., ADR(2)
 31,383  153,463 
Yes Bank Ltd.(1)
 257,765  52,283 
53,549,432 
Indonesia — 2.3%
ABM Investama Tbk PT 187,900  48,344 
Adaro Energy Indonesia Tbk PT 2,120,400  371,466 
Adhi Karya Persero Tbk PT(1)
 710,600  20,153 
Aneka Tambang Tbk PT 61,400  8,010 
Astra International Tbk PT 651,100  275,484 
Bank BTPN Syariah Tbk PT 401,300  56,898 
Bank Mandiri Persero Tbk PT 4,338,000  1,715,409 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 339,400  26,404 
Bank Tabungan Negara Persero Tbk PT 405,500  33,405 
BFI Finance Indonesia Tbk PT 1,876,800  147,830 
Buana Lintas Lautan Tbk PT(1)
 795,400  5,118 
Bukit Asam Tbk PT 1,184,500  222,299 
Charoen Pokphand Indonesia Tbk PT(1)
 1,200  408 
Delta Dunia Makmur Tbk PT 786,600  21,268 
Dharma Polimetal TbK PT 407,400  39,322 
Dharma Satya Nusantara Tbk PT 1,241,200  48,488 
Elnusa Tbk PT 895,400  22,944 
Energi Mega Persada Tbk PT(1)
 1,475,900  23,659 
Erajaya Swasembada Tbk PT 413,000  13,163 
107

Avantis Emerging Markets Value ETF
Shares Value
Harum Energy Tbk PT 676,000  $ 69,195 
Indika Energy Tbk PT 403,100  52,899 
Indo Tambangraya Megah Tbk PT 111,600  211,841 
Indosat Tbk PT 18,400  11,597 
Jasa Marga Persero Tbk PT 551,700  155,689 
Map Aktif Adiperkasa PT 2,251,000  119,724 
Matahari Department Store Tbk PT 39,200  6,691 
Medco Energi Internasional Tbk PT 2,137,100  150,171 
Media Nusantara Citra Tbk PT 15,900  548 
Metrodata Electronics Tbk PT 53,400  1,841 
Mitra Adiperkasa Tbk PT 2,379,900  302,462 
Mitra Pinasthika Mustika Tbk PT 15,000  1,024 
MNC Vision Networks Tbk PT(1)
 2,289,300  8,268 
Multipolar Tbk PT(1)
 729,700  4,359 
PP Persero Tbk PT(1)
 19,000  723 
Samudera Indonesia Tbk PT 1,199,300  28,335 
Sawit Sumbermas Sarana Tbk PT 1,070,400  86,438 
Smartfren Telecom Tbk PT(1)
 340,000  1,228 
Surya Esa Perkasa Tbk PT 1,345,000  53,401 
Surya Semesta Internusa Tbk PT(1)
 1,689,900  41,931 
Telkom Indonesia Persero Tbk PT, ADR 58,730  1,425,377 
Timah Tbk PT 267,400  15,966 
United Tractors Tbk PT 377,600  644,306 
Wijaya Karya Persero Tbk PT(1)
 28,500  737 
XL Axiata Tbk PT 965,800  158,496 
6,653,319 
Malaysia — 1.8%
Aeon Co. M Bhd 66,900  15,289 
Alliance Bank Malaysia Bhd 182,300  135,648 
AMMB Holdings Bhd 233,100  187,524 
Ancom Nylex Bhd 36,700  8,299 
Axiata Group Bhd 167,700  85,340 
Bank Islam Malaysia Bhd 85,500  38,527 
Berjaya Corp. Bhd(1)
 389,500  23,923 
Bermaz Auto Bhd 194,500  93,847 
Boustead Plantations Bhd 137,800  44,628 
Bumi Armada Bhd(1)
 590,200  64,914 
Cahya Mata Sarawak Bhd 124,100  31,302 
Chin Hin Group Bhd(1)
 26,200  24,363 
CIMB Group Holdings Bhd 568,004  688,549 
Dagang NeXchange Bhd(1)
 545,300  52,977 
DRB-Hicom Bhd 107,900  33,511 
Ekovest Bhd(1)
 196,700  22,868 
Evergreen Fibreboard Bhd(1)
 31,000  1,907 
Gamuda Bhd 226,932  220,310 
Genting Bhd 337,400  317,958 
Genting Malaysia Bhd 430,100  238,255 
Genting Plantations Bhd 17,900  20,725 
Hartalega Holdings Bhd 196,200  82,635 
Hengyuan Refining Co. Bhd 24,700  16,602 
Hextar Healthcare Bhd(1)
 1,400  65 
108

Avantis Emerging Markets Value ETF
Shares Value
Hibiscus Petroleum Bhd 350,100  $ 72,058 
IJM Corp. Bhd 42,100  16,068 
Insas Bhd 6,100  1,144 
Jaya Tiasa Holdings Bhd 66,000  11,298 
Kossan Rubber Industries Bhd 112,700  31,338 
KSL Holdings Bhd(1)
 27,100  6,476 
Kuala Lumpur Kepong Bhd 57,500  267,040 
Lingkaran Trans Kota Holdings Bhd 10,000  9 
Malayan Banking Bhd 145,360  285,339 
Malaysia Airports Holdings Bhd 63,400  100,674 
Malaysia Building Society Bhd 498,000  78,994 
Malaysia Marine & Heavy Engineering Holdings Bhd 70,200  7,337 
Malaysian Bulk Carriers Bhd 25,900  1,817 
Malaysian Pacific Industries Bhd 900  5,583 
Malaysian Resources Corp. Bhd 134,400  13,040 
MISC Bhd 105,300  163,236 
Perak Transit Bhd 46,000  13,288 
Public Bank Bhd 474,900  432,885 
RHB Bank Bhd 214,821  259,676 
Sapura Energy Bhd(1)
 62,700  681 
Sarawak Oil Palms Bhd 22,350  12,268 
Serba Dinamik Holdings Bhd(1)
 21,300  46 
Shin Yang Group Bhd 175,300  23,431 
Sime Darby Plantation Bhd 234,300  222,342 
Solarvest Holdings Bhd(1)
 82,200  23,209 
Supermax Corp. Bhd 344,920  56,533 
Syarikat Takaful Malaysia Keluarga Bhd 14,000  11,216 
Ta Ann Holdings Bhd 19,100  14,954 
TASCO Bhd 6,400  1,104 
Telekom Malaysia Bhd 154,000  169,386 
Top Glove Corp. Bhd(1)
 319,800  52,758 
TSH Resources Bhd 95,200  21,127 
UMW Holdings Bhd 35,700  36,668 
United Plantations Bhd 13,900  47,474 
Velesto Energy Bhd(1)
 1,494,600  75,566 
Yinson Holdings Bhd 195,600  105,801 
5,091,830 
Mexico — 3.1%
Alfa SAB de CV, Class A 521,079  345,033 
Alpek SAB de CV(2)
 22,108  21,757 
America Movil SAB de CV, ADR 63,324  1,213,921 
Banco del Bajio SA 129,692  408,309 
Controladora AXTEL SAB de CV(1)
 181,119  1,901 
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)
 13,782  137,820 
GCC SAB de CV 1,245  11,951 
Genomma Lab Internacional SAB de CV, Class B 168,643  136,790 
Gentera SAB de CV 274,899  334,867 
Grupo Aeroportuario del Pacifico SAB de CV, ADR 889  162,100 
Grupo Comercial Chedraui SA de CV 42,296  237,074 
Grupo Financiero Banorte SAB de CV, Class O 263,655  2,237,986 
Grupo Financiero Inbursa SAB de CV, Class O(1)
 278,441  623,820 
109

Avantis Emerging Markets Value ETF
Shares Value
Grupo Mexico SAB de CV, Series B 328,666  $ 1,570,997 
Grupo Televisa SAB, ADR 120,151  538,276 
Industrias Penoles SAB de CV(1)
 2,058  29,125 
La Comer SAB de CV 10,300  22,255 
Megacable Holdings SAB de CV 142,214  344,223 
Nemak SAB de CV(1)
 592,105  130,225 
Promotora y Operadora de Infraestructura SAB de CV 2,111  20,160 
Regional SAB de CV 41,151  303,181 
8,831,771 
Philippines — 0.8%
ACEN Corp. 35,280  3,118 
Alliance Global Group, Inc. 327,300  72,264 
Bank of the Philippine Islands 165,488  321,410 
BDO Unibank, Inc. 213,926  525,953 
DMCI Holdings, Inc. 746,300  127,268 
First Gen Corp. 11,100  3,778 
Globe Telecom, Inc. 1,344  42,762 
GT Capital Holdings, Inc. 12,920  130,572 
JG Summit Holdings, Inc. 159,170  102,656 
LT Group, Inc. 207,600  33,444 
Metro Pacific Investments Corp. 1,757,000  156,624 
Metropolitan Bank & Trust Co. 270,350  263,468 
Nickel Asia Corp. 232,700  21,151 
PLDT, Inc., ADR(2)
 40  816 
Puregold Price Club, Inc. 190,100  93,679 
Robinsons Land Corp. 222,700  57,466 
Robinsons Retail Holdings, Inc. 18,930  16,532 
Security Bank Corp. 102,720  146,007 
Semirara Mining & Power Corp. 122,000  68,938 
Universal Robina Corp. 1,030  2,033 
2,189,939 
Poland — 0.9%
Alior Bank SA(1)
 24,600  334,443 
Bank Handlowy w Warszawie SA 2,865  60,098 
Bank Millennium SA(1)
 126,971  186,909 
Bank Polska Kasa Opieki SA 13,591  354,807 
Budimex SA 1,851  201,381 
CCC SA(1)
 7,351  79,347 
Grupa Azoty SA(1)
 4,890  29,790 
Jastrzebska Spolka Weglowa SA(1)
 14,530  127,271 
LiveChat Software SA 792  25,663 
Mercator Medical SA(1)
 186  1,840 
Orange Polska SA 121,882  211,397 
ORLEN SA 51,105  780,213 
XTB SA 10,750  86,275 
2,479,434 
Russia(3)†
Globaltrans Investment PLC, GDR(1)
 15,648  2 
LUKOIL PJSC 7,931  — 
Novolipetsk Steel PJSC(1)
 70,860  — 
VTB Bank PJSC(1)
 152,598,000  159 
161 
110

Avantis Emerging Markets Value ETF
Shares Value
South Africa — 3.2%
Absa Group Ltd. 130,098  $ 1,254,343 
Anglo American Platinum Ltd. 118  4,115 
AngloGold Ashanti Ltd., ADR 9,444  160,548 
Astral Foods Ltd. 14,444  130,762 
Aveng Ltd.(1)
 12,083  5,222 
Barloworld Ltd. 33,911  152,102 
DataTec Ltd. 1,592  3,088 
Exxaro Resources Ltd. 43,304  383,250 
Gold Fields Ltd., ADR 105,813  1,336,418 
Grindrod Ltd. 52,560  29,618 
Impala Platinum Holdings Ltd. 90,571  466,271 
Investec Ltd.(2)
 31,242  183,284 
KAP Ltd. 379,639  49,909 
Kumba Iron Ore Ltd.(2)
 7,175  157,120 
Life Healthcare Group Holdings Ltd. 10,554  11,957 
Merafe Resources Ltd. 319,115  23,462 
Momentum Metropolitan Holdings 380,152  404,540 
MTN Group Ltd. 236,233  1,502,243 
Nedbank Group Ltd.(2)
 63,806  730,363 
Ninety One Ltd. 5,882  12,440 
Old Mutual Ltd. 79,241  53,071 
PPC Ltd.(1)
 143,021  19,621 
Raubex Group Ltd. 9,058  12,399 
Reinet Investments SCA 1,053  22,644 
Sappi Ltd. 130,454  276,541 
Sasol Ltd., ADR(2)
 42,208  544,061 
Sibanye Stillwater Ltd., ADR(2)
 89,307  540,307 
Standard Bank Group Ltd. 390  3,982 
Sun International Ltd. 40,928  79,954 
Telkom SA SOC Ltd.(1)(2)
 97,514  140,037 
Thungela Resources Ltd.(2)
 34,075  269,782 
Vodacom Group Ltd. 33,445  190,767 
9,154,221 
South Korea — 14.5%
Asiana Airlines, Inc.(1)
 9,961  83,535 
BH Co. Ltd. 8,419  153,213 
BNK Financial Group, Inc. 69,247  356,966 
CJ CGV Co. Ltd.(1)
 4,101  24,351 
CJ CheilJedang Corp. 783  176,938 
CJ Corp. 1,693  89,953 
CJ ENM Co. Ltd.(1)
 3,239  142,514 
CJ Logistics Corp. 1,753  104,556 
Cosmax, Inc.(1)
 1,858  215,508 
Coway Co. Ltd. 8,596  280,685 
Cuckoo Homesys Co. Ltd. 777  13,336 
Daeduck Electronics Co. Ltd. 10,395  226,731 
Daewoo Engineering & Construction Co. Ltd.(1)
 9,586  33,316 
Daishin Securities Co. Ltd. 5,013  54,592 
Daol Investment & Securities Co. Ltd. 7,229  22,103 
DB Financial Investment Co. Ltd. 1,187  3,653 
111

Avantis Emerging Markets Value ETF
Shares Value
DB HiTek Co. Ltd. 10,879  $ 439,419 
DB Insurance Co. Ltd. 11,735  724,723 
Dentium Co. Ltd. 66  6,158 
DGB Financial Group, Inc. 46,226  262,042 
DL E&C Co. Ltd. 6,955  162,887 
Dongkuk Holdings Co. Ltd. 1,826  16,483 
Doosan Tesna, Inc. 1,825  67,301 
Dreamtech Co. Ltd. 4,341  41,167 
Eugene Investment & Securities Co. Ltd. 4,137  13,149 
GOLFZON Co. Ltd. 1,071  74,043 
GS Holdings Corp. 10,944  310,622 
GS Retail Co. Ltd. 4,933  88,212 
HAESUNG DS Co. Ltd. 4,202  217,605 
Hana Financial Group, Inc. 48,944  1,462,575 
Hana Micron, Inc. 5,698  91,347 
Hansae Co. Ltd. 6,584  97,127 
Hansol Technics Co. Ltd. 9,513  46,671 
Hanwha Aerospace Co. Ltd. 8,341  718,570 
Hanwha Corp. 6,744  127,467 
Hanwha Corp., Preference Shares 834  8,701 
Hanwha Life Insurance Co. Ltd.(1)
 90,774  172,522 
Harim Holdings Co. Ltd. 18,552  101,530 
HD Hyundai Co. Ltd. 10,909  487,316 
HD Hyundai Electric Co. Ltd. 2,782  147,962 
HD Hyundai Infracore Co. Ltd. 19,083  151,671 
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(1)
 7,447  696,363 
Hite Jinro Co. Ltd. 5,221  76,602 
HJ Shipbuilding & Construction Co. Ltd.(1)
 1,200  3,463 
HL Holdings Corp. 774  21,009 
HL Mando Co. Ltd. 4,276  135,366 
HMM Co. Ltd. 49,101  618,120 
Humasis Co. Ltd.(1)
 37,072  70,444 
Hyosung Heavy Industries Corp.(1)
 208  31,504 
Hyosung TNC Corp. 681  170,244 
Hyundai Corp. 1,856  27,940 
Hyundai Department Store Co. Ltd. 3,129  164,143 
Hyundai Engineering & Construction Co. Ltd. 2,674  71,722 
Hyundai Glovis Co. Ltd. 2,886  376,310 
Hyundai Marine & Fire Insurance Co. Ltd. 15,548  355,511 
Hyundai Motor Co. 17,147  2,450,035 
Hyundai Steel Co. 13,420  366,961 
Hyundai Wia Corp. 2,826  122,979 
Industrial Bank of Korea 54,260  441,416 
Innox Advanced Materials Co. Ltd. 2,923  83,978 
INTOPS Co. Ltd. 4,424  98,787 
IS Dongseo Co. Ltd.(1)
 4,792  114,964 
JB Financial Group Co. Ltd. 36,103  264,952 
Jusung Engineering Co. Ltd. 6,339  131,085 
KB Financial Group, Inc., ADR(2)
 58,008  2,341,783 
Kia Corp. 36,377  2,204,957 
KISCO Corp. 1,013  4,542 
112

Avantis Emerging Markets Value ETF
Shares Value
KIWOOM Securities Co. Ltd. 3,426  $ 267,385 
KoMiCo Ltd. 1,848  75,545 
Korea Circuit Co. Ltd.(1)
 2,452  30,892 
Korea Investment Holdings Co. Ltd. 7,655  300,700 
Korea Line Corp.(1)
 53,816  73,048 
Korean Air Lines Co. Ltd. 38,249  658,684 
Korean Reinsurance Co. 4,551  27,266 
KT Corp. 6,142  153,201 
Kumho Petrochemical Co. Ltd. 3,263  307,655 
LB Semicon, Inc.(1)
 3,727  19,701 
LF Corp. 2,876  31,702 
LG Display Co. Ltd., ADR(1)
 95,635  480,088 
LG Electronics, Inc. 20,509  1,526,311 
LG Innotek Co. Ltd. 1,375  280,328 
LG Uplus Corp. 44,528  351,803 
LIG Nex1 Co. Ltd. 2,182  139,741 
Lotte Chilsung Beverage Co. Ltd. 895  87,893 
LOTTE Fine Chemical Co. Ltd. 3,156  144,070 
Lotte Rental Co. Ltd. 3,225  67,664 
Lotte Shopping Co. Ltd. 1,432  76,860 
LX Holdings Corp. 6,098  37,398 
LX INTERNATIONAL Corp. 7,055  161,763 
LX Semicon Co. Ltd. 1,766  118,816 
Mcnex Co. Ltd. 3,866  85,000 
MegaStudyEdu Co. Ltd. 1,733  67,464 
Meritz Financial Group, Inc. 20,077  829,687 
Mirae Asset Life Insurance Co. Ltd.(1)
 707  2,141 
Mirae Asset Securities Co. Ltd. 25,530  128,499 
NICE Holdings Co. Ltd. 772  8,197 
OCI Holdings Co. Ltd. 825  57,379 
Orion Holdings Corp. 5,533  63,663 
Pan Ocean Co. Ltd. 80,594  271,644 
Partron Co. Ltd. 12,815  78,563 
POSCO Holdings, Inc., ADR(2)
 36,138  3,966,507 
Posco International Corp. 13,568  812,431 
PSK, Inc. 4,942  69,944 
Samsung Electro-Mechanics Co. Ltd. 7,254  741,816 
Samsung Engineering Co. Ltd.(1)
 29,585  760,001 
Samsung Fire & Marine Insurance Co. Ltd. 6,559  1,221,815 
Samsung Life Insurance Co. Ltd. 2,264  115,715 
Samsung Securities Co. Ltd. 4,999  141,091 
Samyang Foods Co. Ltd. 173  25,415 
SD Biosensor, Inc. 5,153  48,737 
SeAH Steel Corp. 374  39,377 
SeAH Steel Holdings Corp. 440  61,817 
Seoul Semiconductor Co. Ltd. 12,339  110,098 
Shinhan Financial Group Co. Ltd., ADR(2)
 71,865  1,933,168 
Shinsegae, Inc. 1,433  219,774 
SIMMTECH Co. Ltd. 4,921  134,628 
SK Hynix, Inc. 33,157  3,048,790 
SK Networks Co. Ltd. 42,816  233,404 
113

Avantis Emerging Markets Value ETF
Shares Value
SK Telecom Co. Ltd., ADR 1  $ 20 
SL Corp. 4,814  130,178 
SNT Motiv Co. Ltd. 791  29,271 
S-Oil Corp. 6,779  374,431 
Soulbrain Co. Ltd. 70  12,032 
Tongyang Life Insurance Co. Ltd.(1)
 3,404  11,368 
Woori Financial Group, Inc. 111,106  999,569 
Woori Technology Investment Co. Ltd.(1)
 820  2,169 
Youngone Corp. 2,505  101,667 
Youngone Holdings Co. Ltd. 1,264  71,624 
Yuanta Securities Korea Co. Ltd. 17,889  34,405 
41,926,413 
Taiwan — 18.1%
AcBel Polytech, Inc. 19,497  28,340 
Acon Holding, Inc.(1)
 9,000  2,849 
Acter Group Corp. Ltd. 29,000  142,316 
ADATA Technology Co. Ltd. 58,000  157,729 
Advanced International Multitech Co. Ltd. 23,000  54,647 
Advanced Power Electronics Corp. 2,000  5,144 
Alexander Marine Co. Ltd. 4,000  52,557 
Allied Circuit Co. Ltd. 2,000  8,599 
Alltek Technology Corp. 10,800  11,759 
Alltop Technology Co. Ltd. 1,000  5,372 
Alpha Networks, Inc. 44,000  54,738 
Altek Corp. 53,000  59,092 
Amazing Microelectronic Corp. 161  550 
Ampire Co. Ltd. 24,000  27,590 
AmTRAN Technology Co. Ltd. 152,000  58,159 
Anji Technology Co. Ltd. 3,059  4,118 
Apex Dynamics, Inc. 3,000  21,001 
Apex International Co. Ltd. 10,000  17,900 
Arcadyan Technology Corp. 31,000  144,451 
Ardentec Corp. 118,000  230,970 
ASE Technology Holding Co. Ltd., ADR(2)
 160,936  1,322,894 
Asia Cement Corp. 235,000  294,370 
Asia Polymer Corp. 92,000  73,004 
Asia Vital Components Co. Ltd. 56,209  588,041 
ASolid Technology Co. Ltd. 10,000  27,629 
AUO Corp.(1)
 1,348,400  752,963 
Bafang Yunji International Co. Ltd. 6,000  31,669 
BenQ Materials Corp. 6,000  6,695 
BES Engineering Corp. 145,000  45,746 
Bioteque Corp. 1,000  3,401 
Brighton-Best International Taiwan, Inc. 15,000  15,530 
Career Technology MFG. Co. Ltd. 100,000  71,173 
Catcher Technology Co. Ltd. 106,000  599,743 
Cathay Financial Holding Co. Ltd. 868,624  1,241,990 
Central Reinsurance Co. Ltd.(1)
 5,406  3,986 
Chain Chon Industrial Co. Ltd. 35,000  14,760 
Channel Well Technology Co. Ltd. 46,000  123,324 
Cheng Loong Corp. 89,000  79,773 
114

Avantis Emerging Markets Value ETF
Shares Value
Cheng Mei Materials Technology Corp.(1)
 113,871  $ 42,896 
Cheng Shin Rubber Industry Co. Ltd. 165,000  204,973 
Chenming Electronic Technology Corp.(2)
 33,000  45,744 
Chia Chang Co. Ltd. 7,000  9,331 
Chicony Electronics Co. Ltd. 74,000  239,946 
Chicony Power Technology Co. Ltd. 22,000  80,761 
China Airlines Ltd.(2)
 302,000  214,047 
China Bills Finance Corp. 14,000  6,439 
China Container Terminal Corp. 12,000  7,822 
China Development Financial Holding Corp.(1)
 1,584,728  588,769 
China Development Financial Holding Corp., Preference Shares(1)
 59,976  12,766 
China Motor Corp. 9,000  25,375 
Chinese Maritime Transport Ltd. 25,000  31,567 
Chin-Poon Industrial Co. Ltd. 66,000  81,296 
Chipbond Technology Corp. 130,000  284,576 
ChipMOS Technologies, Inc. 138,000  165,975 
Chlitina Holding Ltd. 3,000  17,830 
Chung-Hsin Electric & Machinery Manufacturing Corp. 104,000  370,396 
Chunghwa Chemical Synthesis & Biotech Co. Ltd. 14,000  27,173 
Chunghwa Precision Test Tech Co. Ltd. 4,000  64,103 
Clevo Co. 40,000  39,509 
CMC Magnetics Corp. 233,960  91,634 
Compal Electronics, Inc. 605,000  604,060 
Compeq Manufacturing Co. Ltd. 172,000  244,097 
Concord Securities Co. Ltd.(1)
 32,000  14,243 
Continental Holdings Corp. 68,000  56,751 
Contrel Technology Co. Ltd. 7,000  3,885 
Coremax Corp. 6,000  13,862 
Coretronic Corp. 70,000  173,402 
Co-Tech Development Corp.(2)
 63,000  135,762 
CTBC Financial Holding Co. Ltd. 1,762,000  1,316,960 
CTCI Corp. 73,000  90,349 
CX Technology Co. Ltd. 2,250  2,230 
DA CIN Construction Co. Ltd. 14,000  14,664 
Da-Li Development Co. Ltd. 9,450  8,925 
Darfon Electronics Corp. 14,000  19,138 
Daxin Materials Corp. 3,000  10,562 
Depo Auto Parts Ind Co. Ltd. 25,000  95,172 
Dimerco Data System Corp. 13,000  42,435 
Dimerco Express Corp. 28,351  68,239 
Dynamic Holding Co. Ltd. 97,000  172,560 
Dynapack International Technology Corp. 21,000  52,715 
Elan Microelectronics Corp. 25,000  94,095 
Elite Advanced Laser Corp. 9,000  11,737 
Elite Material Co. Ltd. 50,000  682,985 
Elitegroup Computer Systems Co. Ltd. 50,000  61,766 
Emerging Display Technologies Corp. 30,000  31,813 
ENNOSTAR, Inc.(1)
 120,000  170,911 
Eson Precision Ind Co. Ltd. 23,000  47,250 
Eva Airways Corp. 562,000  554,638 
Evergreen Marine Corp. Taiwan Ltd. 187,400  625,828 
115

Avantis Emerging Markets Value ETF
Shares Value
Everlight Electronics Co. Ltd. 62,000  $ 89,240 
Excelliance Mos Corp. 1,000  3,618 
Excelsior Medical Co. Ltd. 26,775  74,995 
Far Eastern Department Stores Ltd. 88,000  65,431 
Far Eastern International Bank 401,833  145,542 
Far Eastern New Century Corp. 382,000  337,210 
Far EasTone Telecommunications Co. Ltd. 57,000  126,428 
Farglory Land Development Co. Ltd. 47,000  81,992 
Feedback Technology Corp. 8,000  22,556 
First Steamship Co. Ltd.(1)
 156,000  41,343 
Fitipower Integrated Technology, Inc. 15,000  67,386 
Fittech Co. Ltd. 4,000  8,282 
FLEXium Interconnect, Inc. 60,000  170,945 
Flytech Technology Co. Ltd. 12,000  25,319 
Forcecon Tech Co. Ltd. 11,000  46,776 
Formosa International Hotels Corp. 3,000  21,175 
Formosa Optical Technology Co. Ltd. 6,000  15,483 
Formosa Plastics Corp. 179,000  446,858 
Formosan Union Chemical 17,000  11,251 
Foxconn Technology Co. Ltd. 57,000  99,472 
Foxsemicon Integrated Technology, Inc. 13,000  74,283 
Franbo Lines Corp.(2)
 61,630  30,341 
Froch Enterprise Co. Ltd. 42,000  24,304 
FSP Technology, Inc. 9,000  14,372 
Fu Chun Shin Machinery Manufacture Co. Ltd.(1)
 6,120  3,043 
Fu Hua Innovation Co. Ltd. 17,326  16,111 
Fubon Financial Holding Co. Ltd. 560,350  1,117,429 
Full Wang International Development Co. Ltd.(1)
 3,052  2,329 
Fulltech Fiber Glass Corp. 53,039  22,119 
Fusheng Precision Co. Ltd. 19,000  118,045 
G Shank Enterprise Co. Ltd. 27,000  40,298 
Gamania Digital Entertainment Co. Ltd.(2)
 31,000  65,885 
GEM Services, Inc. 1,000  2,038 
Gemtek Technology Corp. 73,000  85,411 
General Interface Solution Holding Ltd. 22,000  42,711 
Generalplus Technology, Inc. 4,000  6,304 
Genius Electronic Optical Co. Ltd.(2)
 11,000  131,985 
Getac Holdings Corp. 58,000  127,807 
Gigabyte Technology Co. Ltd.(2)
 75,000  798,936 
Global Brands Manufacture Ltd. 68,760  122,356 
Global Lighting Technologies, Inc. 3,000  4,871 
Global PMX Co. Ltd. 9,000  37,939 
Globalwafers Co. Ltd.(2)
 23,000  330,305 
Gold Circuit Electronics Ltd. 8,100  54,493 
Goldsun Building Materials Co. Ltd. 113,000  95,193 
Gordon Auto Body Parts 27,000  18,599 
Gourmet Master Co. Ltd. 2,000  7,084 
Grand Fortune Securities Co. Ltd. 21,600  8,640 
Grand Pacific Petrochemical 24,000  12,653 
Great Tree Pharmacy Co. Ltd. 1,543  17,016 
Greatek Electronics, Inc. 50,000  90,900 
116

Avantis Emerging Markets Value ETF
Shares Value
Group Up Industrial Co. Ltd. 10,000  $ 52,759 
Hai Kwang Enterprise Corp.(1)
 4,200  2,331 
Hannstar Board Corp. 73,000  126,188 
HannStar Display Corp.(1)
 202,000  77,574 
HannsTouch Holdings Co.(1)
 44,000  13,598 
Hey Song Corp. 13,000  15,776 
Hitron Technology, Inc. 47,000  56,764 
Ho Tung Chemical Corp. 23,000  6,186 
Hocheng Corp. 55,460  36,963 
Holy Stone Enterprise Co. Ltd. 10,500  32,289 
Hon Hai Precision Industry Co. Ltd. 409,000  1,365,546 
Hong TAI Electric Industrial 33,000  26,231 
Hotai Finance Co. Ltd. 11,000  44,354 
Hotel Holiday Garden 15,592  10,520 
Huaku Development Co. Ltd. 32,000  89,920 
Hung Sheng Construction Ltd. 73,000  43,770 
IBF Financial Holdings Co. Ltd.(1)
 251,607  93,921 
I-Chiun Precision Industry Co. Ltd. 36,000  46,477 
IEI Integration Corp.(2)
 16,000  40,815 
Innodisk Corp. 17,339  152,169 
Innolux Corp. 1,688,078  764,667 
Integrated Service Technology, Inc. 23,000  75,276 
International CSRC Investment Holdings Co. 25,000  15,817 
International Games System Co. Ltd. 6,000  108,164 
Inventec Corp.(2)
 443,000  780,411 
ITE Technology, Inc. 10,000  44,889 
Jarllytec Co. Ltd. 4,000  11,890 
Jiin Yeeh Ding Enterprise Co. Ltd. 4,000  6,286 
Jinan Acetate Chemical Co. Ltd. 5,225  152,876 
Jourdeness Group Ltd. 7,000  15,155 
Kaimei Electronic Corp. 29,000  58,075 
Kaori Heat Treatment Co. Ltd. 7,000  67,514 
Kenmec Mechanical Engineering Co. Ltd.(2)
 37,000  93,738 
Kerry TJ Logistics Co. Ltd. 18,000  21,492 
Kindom Development Co. Ltd. 66,000  67,161 
King Yuan Electronics Co. Ltd. 206,000  495,294 
King's Town Bank Co. Ltd. 3,000  3,477 
Kinik Co. 12,000  48,738 
Kinsus Interconnect Technology Corp.(2)
 43,000  142,652 
KNH Enterprise Co. Ltd. 27,000  15,663 
Ko Ja Cayman Co. Ltd. 10,000  14,713 
KS Terminals, Inc. 19,000  43,690 
Kuo Toong International Co. Ltd. 70,000  66,949 
Kura Sushi Asia Co. Ltd. 4,000  17,186 
Kwong Lung Enterprise Co. Ltd. 11,000  18,866 
L&K Engineering Co. Ltd. 56,000  162,600 
Lanner Electronics, Inc.(1)
 24,000  79,660 
Launch Technologies Co. Ltd. 7,000  17,613 
Lealea Enterprise Co. Ltd.(1)
 78,000  25,587 
Lelon Electronics Corp. 5,000  9,059 
Leofoo Development Co. Ltd.(1)
 38,000  21,054 
117

Avantis Emerging Markets Value ETF
Shares Value
Lingsen Precision Industries Ltd. 75,000  $ 44,818 
Lotus Pharmaceutical Co. Ltd. 17,000  134,748 
Macronix International Co. Ltd. 369,000  389,764 
Makalot Industrial Co. Ltd. 35,000  367,151 
Marketech International Corp. 18,000  77,983 
Materials Analysis Technology, Inc. 8,414  80,111 
Megaforce Co. Ltd.(1)
 3,000  1,741 
Merry Electronics Co. Ltd. 41,000  110,756 
Micro-Star International Co. Ltd. 114,000  570,063 
MIN AIK Technology Co. Ltd. 1,000  636 
Mirle Automation Corp. 15,000  18,797 
MPI Corp. 19,000  117,228 
My Humble House Hospitality Management Consulting(1)
 16,000  21,073 
Nan Liu Enterprise Co. Ltd. 1,000  2,411 
Nan Ya Plastics Corp. 459,000  952,602 
Nan Ya Printed Circuit Board Corp. 20,000  151,052 
Nang Kuang Pharmaceutical Co. Ltd. 11,000  18,766 
Nantex Industry Co. Ltd. 25,000  28,540 
Nanya Technology Corp. 193,000  402,148 
Netronix, Inc. 3,000  6,450 
Nichidenbo Corp. 28,000  46,634 
Niching Industrial Corp. 7,715  19,797 
Niko Semiconductor Co. Ltd. 5,800  8,767 
Novatek Microelectronics Corp.(2)
 99,000  1,237,589 
Nyquest Technology Co. Ltd. 2,000  3,753 
O-Bank Co. Ltd. 281,000  83,729 
Orient Semiconductor Electronics Ltd.(2)
 134,000  197,737 
O-TA Precision Industry Co. Ltd.(2)
 14,000  39,952 
Pacific Hospital Supply Co. Ltd. 1,000  2,554 
Pegatron Corp. 25,000  61,134 
PharmaEngine, Inc. 9,000  24,507 
Pou Chen Corp. 263,000  235,981 
Powerchip Semiconductor Manufacturing Corp. 585,000  510,192 
Powertech Technology, Inc. 130,000  406,044 
Poya International Co. Ltd. 3,060  46,630 
President Securities Corp. 4,000  2,453 
Primax Electronics Ltd. 78,000  161,991 
Prince Housing & Development Corp. 83,000  27,348 
Prosperity Dielectrics Co. Ltd. 19,000  28,145 
Quanta Computer, Inc. 211,000  1,672,543 
Quanta Storage, Inc. 55,000  169,292 
Quintain Steel Co. Ltd. 58,240  25,495 
Radiant Opto-Electronics Corp. 94,000  352,288 
Raydium Semiconductor Corp. 4,000  40,318 
Realtek Semiconductor Corp. 41,000  535,802 
Rich Development Co. Ltd. 184,000  53,275 
Rodex Fasteners Corp. 11,000  14,839 
Roo Hsing Co. Ltd.(1)
 30,000  3,768 
Sanyang Motor Co. Ltd. 104,000  242,134 
Scientech Corp. 8,000  52,829 
Sea & Land Integrated Corp. 3,400  2,164 
118

Avantis Emerging Markets Value ETF
Shares Value
Senao Networks, Inc.(1)
 3,000  $ 26,196 
Sharehope Medicine Co. Ltd. 18,900  19,860 
ShenMao Technology, Inc. 28,000  59,554 
Shih Her Technologies, Inc. 2,000  4,653 
Shih Wei Navigation Co. Ltd. 48,773  29,226 
Shin Foong Specialty & Applied Materials Co. Ltd. 3,000  4,645 
Shin Kong Financial Holding Co. Ltd.(1)(2)
 1,615,000  479,658 
Shin Zu Shing Co. Ltd. 28,000  72,596 
Shinkong Insurance Co. Ltd. 9,000  16,218 
Sigurd Microelectronics Corp. 110,000  198,956 
Simplo Technology Co. Ltd. 32,000  308,610 
Sincere Navigation Corp. 77,000  48,064 
Sino-American Silicon Products, Inc. 24,000  117,591 
Sinon Corp. 37,000  42,327 
SinoPac Financial Holdings Co. Ltd. 1,595,200  856,218 
Sinopower Semiconductor, Inc. 1,100  3,178 
Sinyi Realty, Inc. 1,000  897 
Sitronix Technology Corp. 13,000  101,762 
Siward Crystal Technology Co. Ltd. 27,000  27,301 
Softstar Entertainment, Inc. 2,631  5,618 
Solteam, Inc. 6,399  8,683 
Sunonwealth Electric Machine Industry Co. Ltd. 40,000  170,057 
Sunrex Technology Corp. 17,000  23,755 
Supreme Electronics Co. Ltd. 141,487  213,988 
Symtek Automation Asia Co. Ltd. 9,363  31,133 
Syscom Computer Engineering Co. 13,000  21,066 
T3EX Global Holdings Corp.(2)
 19,000  44,351 
TA-I Technology Co. Ltd. 4,000  5,683 
Tai Tung Communication Co. Ltd.(1)
 5,000  2,869 
Taichung Commercial Bank Co. Ltd. 554,339  256,443 
TaiDoc Technology Corp.(1)
 11,000  59,266 
Taimide Tech, Inc. 2,000  2,551 
Tai-Saw Technology Co. Ltd. 19,000  15,805 
Taishin Financial Holding Co. Ltd. 1,943,487  1,085,047 
TAI-TECH Advanced Electronics Co. Ltd. 9,000  30,467 
Taiwan Business Bank 811,449  339,546 
Taiwan Cogeneration Corp. 3,610  4,883 
Taiwan Hon Chuan Enterprise Co. Ltd. 52,000  170,195 
Taiwan Line Tek Electronic 22,660  26,101 
Taiwan Navigation Co. Ltd.(2)
 58,000  51,457 
Taiwan Paiho Ltd. 55,000  83,016 
Taiwan PCB Techvest Co. Ltd. 40,000  55,676 
Taiwan Surface Mounting Technology Corp. 57,000  163,787 
Taiwan Union Technology Corp. 62,000  242,642 
Teco Electric & Machinery Co. Ltd. 373,000  583,764 
Test Research, Inc. 6,000  11,265 
Thye Ming Industrial Co. Ltd. 12,000  21,918 
Ton Yi Industrial Corp. 112,000  61,147 
Tong Yang Industry Co. Ltd. 41,000  87,092 
Topco Scientific Co. Ltd. 26,866  145,533 
Topkey Corp. 13,000  68,626 
119

Avantis Emerging Markets Value ETF
Shares Value
TPK Holding Co. Ltd. 78,000  $ 84,770 
Tripod Technology Corp. 71,000  420,511 
Tsann Kuen Enterprise Co. Ltd. 28,331  35,099 
TSRC Corp. 36,000  26,610 
TTY Biopharm Co. Ltd. 9,000  21,379 
Tung Ho Steel Enterprise Corp. 38,000  71,420 
TXC Corp. 63,000  187,002 
TYC Brother Industrial Co. Ltd. 41,000  44,034 
UDE Corp. 2,000  3,818 
U-Ming Marine Transport Corp.(2)
 93,000  132,483 
Unic Technology Corp. 37,000  28,774 
Unimicron Technology Corp.(2)
 187,000  1,082,034 
Union Bank of Taiwan 269,655  122,273 
Unitech Printed Circuit Board Corp.(1)
 99,000  56,594 
United Integrated Services Co. Ltd. 38,000  258,846 
United Microelectronics Corp.(2)
 1,273,000  1,817,524 
United Orthopedic Corp. 18,000  38,216 
Universal Cement Corp. 61,800  54,397 
USI Corp. 102,000  68,017 
Utechzone Co. Ltd. 3,000  6,621 
Vanguard International Semiconductor Corp. 141,000  301,475 
Ventec International Group Co. Ltd. 18,000  53,753 
Viking Tech Corp. 11,000  18,158 
Wah Lee Industrial Corp. 22,000  62,465 
Walsin Lihwa Corp. 167,000  198,614 
Walsin Technology Corp. 21,000  64,925 
Wan Hai Lines Ltd. 21,850  31,015 
Wei Chuan Foods Corp. 7,000  4,151 
Weikeng Industrial Co. Ltd. 103,000  94,492 
Wholetech System Hitech Ltd. 3,000  4,593 
Winbond Electronics Corp.(1)
 454,000  373,893 
Winstek Semiconductor Co. Ltd. 14,000  36,411 
Wisdom Marine Lines Co. Ltd.(2)
 78,000  112,124 
Wistron Corp.(2)
 380,000  1,389,224 
Wistron NeWeb Corp. 15,000  62,859 
Wiwynn Corp.(2)
 15,000  731,017 
Wonderful Hi-Tech Co. Ltd.(2)
 21,000  21,695 
Wowprime Corp.(1)
 18,000  157,049 
WPG Holdings Ltd. 92,000  158,318 
WT Microelectronics Co. Ltd. 8,000  17,087 
Xxentria Technology Materials Corp. 15,000  35,251 
Yang Ming Marine Transport Corp.(2)
 238,000  315,241 
Yankey Engineering Co. Ltd. 6,519  50,675 
YC INOX Co. Ltd. 80,000  68,384 
Yem Chio Co. Ltd. 80,000  37,806 
Yen Sun Technology Corp. 17,000  23,616 
Yeong Guan Energy Technology Group Co. Ltd.(1)
 9,000  15,644 
YFY, Inc.(2)
 98,000  96,699 
Yieh Phui Enterprise Co. Ltd. 98,000  46,543 
Youngtek Electronics Corp. 16,000  28,604 
Yuanta Financial Holding Co. Ltd. 513,387  392,830 
120

Avantis Emerging Markets Value ETF
Shares Value
Yulon Finance Corp. 28,916  $ 161,214 
Yulon Motor Co. Ltd.(2)
 98,208  256,610 
YungShin Global Holding Corp. 30,000  40,932 
Zero One Technology Co. Ltd. 31,000  58,817 
Zhen Ding Technology Holding Ltd. 90,000  272,462 
Zippy Technology Corp. 5,000  7,149 
Zyxel Group Corp. 70,558  104,588 
52,468,266 
Thailand — 2.3%
AAPICO Hitech PCL, NVDR 24,300  24,959 
Advanced Info Service PCL, NVDR 109,500  675,068 
Advanced Information Technology PCL, NVDR 90,400  12,906 
AEON Thana Sinsap Thailand PCL, NVDR 17,700  88,415 
Amanah Leasing PCL, NVDR 10,500  809 
Asia Plus Group Holdings PCL, NVDR 204,800  17,075 
Bangchak Corp. PCL, NVDR 161,800  178,919 
Bangkok Airways PCL, NVDR(1)
 54,700  27,006 
Bangkok Chain Hospital PCL, NVDR 256,500  141,269 
Banpu PCL, NVDR 828,500  203,328 
BCPG PCL, NVDR 244,900  71,249 
BEC World PCL, NVDR 136,000  33,974 
Better World Green PCL, NVDR(1)
 18,800  370 
BG Container Glass PCL, NVDR 13,200  3,637 
Buriram Sugar PCL, NVDR 96,800  16,432 
Charoen Pokphand Foods PCL, NVDR 402,900  238,142 
Chularat Hospital PCL, NVDR 891,600  81,106 
Dynasty Ceramic PCL, NVDR 475,500  27,148 
Ekachai Medical Care PCL, NVDR 149,763  34,568 
Electricity Generating PCL, NVDR 24,500  93,306 
Erawan Group PCL, NVDR(1)
 689,400  109,235 
Esso Thailand PCL, NVDR 160,500  44,925 
G J Steel PCL, NVDR(1)
 2,145,100  17,767 
GFPT PCL, NVDR 12,000  3,735 
Gunkul Engineering PCL, NVDR 550,200  56,483 
Ichitan Group PCL, NVDR 2,000  988 
Indorama Ventures PCL, NVDR 171,300  141,771 
Interlink Communication PCL, NVDR 11,000  2,576 
Italian-Thai Development PCL, NVDR(1)
 899,100  41,059 
Jasmine International PCL, NVDR(1)
 485,100  27,686 
Jaymart Group Holdings PCL, NVDR 67,000  45,844 
Karmarts PCL, NVDR 5,600  2,270 
Kasikornbank PCL, NVDR 61,800  230,213 
KGI Securities Thailand PCL, NVDR 214,600  28,798 
Kiatnakin Phatra Bank PCL, NVDR 29,600  50,695 
Krung Thai Bank PCL, NVDR 392,000  215,943 
Krungthai Card PCL, NVDR 143,700  198,915 
Land & Houses PCL, NVDR 213,400  50,560 
Lanna Resources PCL, NVDR 57,100  27,879 
Major Cineplex Group PCL, NVDR 68,200  28,229 
MCS Steel PCL, NVDR 3,400  660 
Mega Lifesciences PCL, NVDR 57,000  71,214 
121

Avantis Emerging Markets Value ETF
Shares Value
MFEC PCL, NVDR 41,900  $ 8,492 
Minor International PCL, NVDR 502,700  476,975 
Mono Next PCL, NVDR(1)
 101,600  3,075 
Muangthai Capital PCL, NVDR 86,900  100,999 
Origin Property PCL, NVDR 1,600  484 
Plan B Media PCL, NVDR 374,288  99,907 
Polyplex Thailand PCL, NVDR 11,600  4,238 
Praram 9 Hospital PCL, NVDR 11,400  5,728 
Precious Shipping PCL, NVDR 216,800  56,677 
Premier Marketing PCL, NVDR 10,900  2,770 
Prima Marine PCL, NVDR 247,700  44,880 
Pruksa Holding PCL, NVDR 137,700  52,666 
PTG Energy PCL, NVDR 199,800  61,033 
PTT Exploration & Production PCL, NVDR 114,900  520,178 
PTT PCL, NVDR 733,900  728,162 
Ratchthani Leasing PCL, NVDR 230,400  22,355 
Regional Container Lines PCL, NVDR 102,700  63,312 
Sabina PCL, NVDR 32,400  24,507 
Samart Corp. PCL, NVDR(1)
 115,400  20,100 
Sansiri PCL, NVDR 238,900  13,908 
SC Asset Corp. PCL, NVDR 108,500  14,367 
SCGJWD Logistics PCL, NVDR 300  134 
Sermsang Power Corp. Co. Ltd., NVDR 16,319  3,380 
Siam Global House PCL, NVDR 208,800  112,041 
Siamgas & Petrochemicals PCL, NVDR 35,600  8,543 
SNC Former PCL, NVDR 24,100  7,362 
Somboon Advance Technology PCL, NVDR 31,700  17,190 
SPCG PCL, NVDR 42,600  15,441 
Sri Trang Agro-Industry PCL, NVDR 176,000  73,338 
Srisawad Corp. PCL, NVDR 94,500  137,478 
Srithai Superware PCL, NVDR 307,900  11,249 
Srivichai Vejvivat PCL, NVDR 10,000  2,340 
Super Energy Corp. PCL, NVDR(1)
 1,752,000  25,511 
Susco PCL, NVDR 174,300  19,814 
SVI PCL, NVDR 24,300  5,511 
Thai Oil PCL, NVDR 173,100  254,588 
Thai Union Group PCL, NVDR 273,600  111,700 
Thai Vegetable Oil PCL, NVDR 18,460  12,332 
Thaifoods Group PCL, NVDR 196,900  22,155 
Thanachart Capital PCL, NVDR 600  874 
Thonburi Healthcare Group PCL, NVDR 13,200  24,690 
Thoresen Thai Agencies PCL, NVDR 145,600  25,778 
Tipco Asphalt PCL, NVDR 15,900  7,809 
Tisco Financial Group PCL, NVDR 22,600  66,464 
TPI Polene PCL, NVDR 640,100  27,776 
TPI Polene Power PCL, NVDR 110,400  10,720 
VGI PCL, NVDR 492,600  41,611 
6,737,773 
Turkey — 1.0%
Akbank TAS 279,771  300,963 
Albaraka Turk Katilim Bankasi AS(1)
 132,928  20,080 
122

Avantis Emerging Markets Value ETF
Shares Value
Dogus Otomotiv Servis ve Ticaret AS 1,850  $ 19,751 
Dyo Boya Fabrikalari Sanayi ve Ticaret AS 427  421 
GSD Holding AS 7,150  1,189 
Haci Omer Sabanci Holding AS 123,426  275,968 
Is Finansal Kiralama AS(1)
 3,471  1,741 
Is Yatirim Menkul Degerler AS 83,319  132,372 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A 14,674  13,103 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B 3,467  2,926 
KOC Holding AS 67,138  356,244 
Koza Anadolu Metal Madencilik Isletmeleri AS(1)
 6,469  15,837 
NET Holding AS(1)
 29,450  21,455 
Pegasus Hava Tasimaciligi AS(1)
 6,924  226,511 
Tekfen Holding AS 25,879  46,186 
Turk Hava Yollari AO(1)
 48,330  442,741 
Turkcell Iletisim Hizmetleri AS, ADR(1)
 23,259  122,342 
Turkiye Halk Bankasi AS(1)
 5,644  2,816 
Turkiye Is Bankasi AS, C Shares 278,299  219,091 
Turkiye Petrol Rafinerileri AS 80,471  424,696 
Turkiye Sinai Kalkinma Bankasi AS(1)
 150,536  40,013 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
 129,784  65,910 
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS 72  225 
Vestel Elektronik Sanayi ve Ticaret AS(1)
 11,344  29,167 
Yapi ve Kredi Bankasi AS 262,515  155,914 
Yesil Yapi Endustrisi AS(1)
 18,467  2,128 
Zorlu Enerji Elektrik Uretim AS(1)
 126,528  22,956 
2,962,746 
TOTAL COMMON STOCKS
(Cost $286,761,501)
 288,848,735 
RIGHTS†
Brazil†
Empreendimentos Pague Menos SA(1)
 7,208  58 
Marfrig Global Foods SA(1)
 46,332  1,310 
1,368 
South Korea†
CJ CGV Co. Ltd.(1)
 5,776  8,609 
Thailand†
Samart Corp. PCL(1)
 1,154  — 
TOTAL RIGHTS
(Cost $8,411)
 9,977 
WARRANTS†
Malaysia†
PESTECH International Bhd(1)
 1,700  48 
Thailand†
Better World Green PCL, NVDR(1)
 91,000  104 
Buriram Sugar PCL, NVDR(1)
 8,450  168 
Kiatnakin Phatra Bank PCL, NVDR(1)
 2,417  222 
Kiatnakin Phatra Bank PCL, NVDR(1)
 2,417  79 
TEAM Consulting Engineering & Management PCL, NVDR(1)
 2,388  48 
621 
TOTAL WARRANTS
(Cost $—)
 669 
123

Avantis Emerging Markets Value ETF
Shares Value
SHORT-TERM INVESTMENTS — 1.2%
Money Market Funds — 1.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 268,568  $ 268,568 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
 3,203,570  3,203,570 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,472,138)
 3,472,138 
TOTAL INVESTMENT SECURITIES — 101.1%
(Cost $290,242,050)
 292,331,519 
OTHER ASSETS AND LIABILITIES — (1.1)% (3,071,962)
TOTAL NET ASSETS — 100.0% $ 289,259,557 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials 22.8%
Information Technology 18.7%
Industrials 13.4%
Materials 12.7%
Consumer Discretionary 10.6%
Energy 6.1%
Communication Services 5.3%
Health Care 3.4%
Consumer Staples 3.1%
Utilities 2.3%
Real Estate 1.5%
Short-Term Investments 1.2%
Other Assets and Liabilities (1.1)%

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 $14,483,238. 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)Securities may be subject to resale, redemption or transferability restrictions.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $16,092,238, which includes securities collateral of $12,888,668.


See Notes to Financial Statements.
124

AUGUST 31, 2023
Avantis International Equity ETF
Shares Value
COMMON STOCKS — 99.5%
Australia — 6.7%
29Metals Ltd.(1)
 116,488  $ 65,953 
Accent Group Ltd.
 161,447  213,558 
Adairs Ltd.(1)
 77,804  73,304 
Adbri Ltd.
 84,224  120,129 
Aeris Resources Ltd.(1)(2)
 236,298  36,494 
AGL Energy Ltd.
 117,371  840,225 
Alkane Resources Ltd.(2)
 119,313  51,517 
Alliance Aviation Services Ltd.(2)
 12,349  25,777 
Allkem Ltd.(1)(2)
 78,779  711,375 
ALS Ltd.
 45,451  346,600 
Altium Ltd.
 21,903  684,494 
Alumina Ltd.(2)
 213,566  148,336 
AMA Group Ltd.(1)(2)
 2,514  195 
AMP Ltd.
 885,878  722,947 
Ampol Ltd.
 83,071  1,892,276 
Ansell Ltd.
 12,831  195,543 
ANZ Group Holdings Ltd.
 475,143  7,757,713 
APA Group
 412,827  2,398,150 
Appen Ltd.(1)(2)
 75,210  76,937 
ARB Corp. Ltd.(1)
 9,215  200,940 
Ardent Leisure Group Ltd.(1)(2)
 192,249  67,092 
Aristocrat Leisure Ltd.
 84,873  2,240,485 
ARN Media Ltd.
 31,735  17,486 
ASX Ltd.
 55,816  2,077,210 
Atlas Arteria Ltd.
 73,167  287,450 
Aurelia Metals Ltd.(2)
 469,362  27,478 
Aurizon Holdings Ltd.
 1,181,573  2,784,914 
Aussie Broadband Ltd.(2)
 27,366  63,088 
Austal Ltd.
 159,857  201,668 
Australian Agricultural Co. Ltd.(2)
 49,709  46,652 
Australian Clinical Labs Ltd.(1)
 45,120  86,159 
Australian Ethical Investment Ltd.
 5,040  14,659 
Australian Finance Group Ltd.(1)
 53,619  54,673 
Baby Bunting Group Ltd.
 7,563  10,755 
Bank of Queensland Ltd.(1)
 212,936  790,860 
Bapcor Ltd.
 19,795  84,936 
Beach Energy Ltd.
 856,020  857,378 
Bega Cheese Ltd.(1)
 93,796  182,257 
Bendigo & Adelaide Bank Ltd.
 433,233  2,653,686 
BHP Group Ltd., ADR(1)
 326,218  18,754,273 
BlueScope Steel Ltd.
 260,964  3,528,113 
Boral Ltd.(2)
 33,256  101,211 
Brambles Ltd.
 447,172  4,330,401 
Bravura Solutions Ltd.
 46,478  23,163 
Brickworks Ltd.
 13,720  242,200 
Capricorn Metals Ltd.(2)
 111,000  325,351 
carsales.com Ltd.
 31,523  586,275 
Cedar Woods Properties Ltd.
 11,527  40,016 
125

Avantis International Equity ETF
Shares Value
Cettire Ltd.(2)
 58,942  $ 103,938 
Challenger Ltd.
 457,536  2,005,514 
Champion Iron Ltd.
 91,091  355,014 
Cleanaway Waste Management Ltd.
 262,221  443,780 
Clinuvel Pharmaceuticals Ltd.
 7,643  94,975 
Cochlear Ltd.
 4,106  720,703 
Codan Ltd.
 17,885  90,803 
Coles Group Ltd.
 274,153  2,884,508 
Collins Foods Ltd.
 25,890  165,501 
Commonwealth Bank of Australia
 163,987  10,802,986 
Computershare Ltd.
 34,111  554,540 
Cooper Energy Ltd.(2)
 433,598  33,673 
Coronado Global Resources, Inc.
 264,914  269,092 
Costa Group Holdings Ltd.
 160,879  296,021 
Credit Corp. Group Ltd.(1)
 17,008  234,427 
CSL Ltd.
 35,665  6,298,400 
CSR Ltd.
 83,413  317,006 
Data#3 Ltd.
 8,013  38,355 
Deterra Royalties Ltd.
 102,294  293,049 
Domino's Pizza Enterprises Ltd.
 7,292  254,151 
Eagers Automotive Ltd.(1)
 32,051  330,724 
Elders Ltd.
 18,611  77,354 
Emeco Holdings Ltd.
 118,990  50,721 
Emerald Resources NL(2)
 40,161  61,484 
Endeavour Group Ltd.
 630,034  2,240,793 
Evolution Mining Ltd.
 688,104  1,642,764 
EVT Ltd.
 35,690  281,233 
FleetPartners Group Ltd.(2)
 87,535  166,188 
Fortescue Metals Group Ltd.
 405,738  5,585,952 
Genesis Minerals Ltd.(1)(2)
 40,390  41,778 
Gold Road Resources Ltd.
 310,060  353,491 
GrainCorp Ltd., A Shares
 110,478  520,340 
Grange Resources Ltd.
 240,025  70,439 
GUD Holdings Ltd.
 8,330  65,173 
Hansen Technologies Ltd.
 31,300  110,959 
Harvey Norman Holdings Ltd.(1)
 219,202  571,782 
Healius Ltd.
 13,318  24,112 
Helia Group Ltd.
 149,328  374,383 
Humm Group Ltd.
 52,623  14,818 
IDP Education Ltd.
 21,939  348,915 
IGO Ltd.
 283,351  2,528,704 
Iluka Resources Ltd.
 390,106  2,137,216 
Imdex Ltd.
 65,494  68,604 
Incitec Pivot Ltd.
 311,143  587,498 
Infomedia Ltd.
 77,563  84,334 
Inghams Group Ltd.
 124,452  279,703 
Insignia Financial Ltd.(1)
 21,881  36,609 
Insurance Australia Group Ltd.
 256,011  960,813 
InvoCare Ltd.(1)
 27,025  219,202 
IPH Ltd.
 22,277  109,601 
IRESS Ltd.
 15,028  62,057 
126

Avantis International Equity ETF
Shares Value
James Hardie Industries PLC(2)
 123,370  $ 3,708,163 
JB Hi-Fi Ltd.(1)
 39,205  1,156,430 
Johns Lyng Group Ltd.
 61,301  253,584 
Judo Capital Holdings Ltd.(2)
 155,512  92,347 
Jumbo Interactive Ltd.
 24,175  239,142 
Jupiter Mines Ltd.
 132,283  17,506 
Karoon Energy Ltd.(2)
 299,606  462,985 
Kelsian Group Ltd.
 37,278  151,946 
Kogan.com Ltd.(1)(2)
 14,396  50,404 
Lendlease Corp. Ltd.
 193,182  972,772 
Leo Lithium Ltd.(2)
 415,008  306,551 
Lifestyle Communities Ltd.(1)
 11,856  132,922 
Lindsay Australia Ltd.(1)
 62,059  47,889 
Link Administration Holdings Ltd.
 155,347  134,295 
Lovisa Holdings Ltd.
 21,918  316,250 
Lynas Rare Earths Ltd.(2)
 100,235  462,324 
Macmahon Holdings Ltd.
 38,005  3,921 
Macquarie Group Ltd.
 27,092  3,097,441 
Magellan Financial Group Ltd.(1)
 35,872  206,886 
Mayne Pharma Group Ltd.
 33,160  78,737 
McMillan Shakespeare Ltd.
 37,564  432,408 
Medibank Pvt Ltd.
 1,199,179  2,836,896 
Mesoblast Ltd.(1)(2)
 194,310  62,704 
Metals X Ltd.(1)(2)
 232,433  43,366 
Metcash Ltd.
 1,176,646  2,837,351 
Mineral Resources Ltd.
 57,877  2,656,670 
Monadelphous Group Ltd.
 33,742  318,831 
Mount Gibson Iron Ltd.(2)
 191,102  55,465 
Myer Holdings Ltd.
 457,997  198,223 
MyState Ltd.
 2,727  5,793 
National Australia Bank Ltd.
 408,818  7,618,924 
Netwealth Group Ltd.
 16,845  162,800 
New Energy Solar Ltd.(2)
 53,649  2,190 
New Hope Corp. Ltd.
 410,375  1,488,559 
Newcrest Mining Ltd. (Sydney)
 133,427  2,223,780 
NEXTDC Ltd.(2)
 54,590  477,118 
nib holdings Ltd.
 109,904  590,697 
Nick Scali Ltd.
 41,915  338,553 
Nickel Industries Ltd.
 72,721  37,147 
Nine Entertainment Co. Holdings Ltd.
 274,747  364,474 
Northern Star Resources Ltd.
 419,694  3,215,753 
NRW Holdings Ltd.
 269,839  475,571 
Nufarm Ltd.
 201,724  674,493 
Nuix Ltd.(2)
 36,586  35,343 
OFX Group Ltd.(2)
 51,542  57,496 
Omni Bridgeway Ltd.(2)
 49,909  67,685 
oOh!media Ltd.
 132,045  124,377 
Orica Ltd.
 245,402  2,486,126 
Origin Energy Ltd.
 307,698  1,730,358 
Orora Ltd.
 185,472  423,022 
Pacific Current Group Ltd.
 6,132  44,019 
127

Avantis International Equity ETF
Shares Value
Peet Ltd.
 34,647  $ 27,168 
Perenti Ltd.(1)(2)
 409,400  280,462 
Perpetual Ltd.
 25,008  339,549 
Perseus Mining Ltd.
 867,580  1,051,688 
PEXA Group Ltd.(2)
 12,251  90,983 
Pilbara Minerals Ltd.(1)
 317,946  953,208 
Platinum Asset Management Ltd.
 224,982  207,728 
Premier Investments Ltd.
 37,064  613,767 
Pro Medicus Ltd.(1)
 6,822  322,974 
PWR Holdings Ltd.
 17,807  124,695 
Qantas Airways Ltd.(2)
 157,765  601,023 
QBE Insurance Group Ltd.
 228,437  2,203,476 
Qube Holdings Ltd.
 174,401  345,347 
Ramelius Resources Ltd.
 518,331  458,621 
Ramsay Health Care Ltd.
 17,388  577,004 
REA Group Ltd.
 2,692  287,015 
Red 5 Ltd.(2)
 48,983  7,734 
Reece Ltd.
 10,069  132,460 
Regis Resources Ltd.(2)
 938,494  975,492 
Reliance Worldwide Corp. Ltd.
 72,826  196,113 
Resolute Mining Ltd.(1)(2)
 719,505  171,852 
Ridley Corp. Ltd.
 48,842  68,196 
Rio Tinto Ltd.
 54,966  3,980,990 
Sandfire Resources Ltd.(2)
 402,052  1,723,037 
Santos Ltd.
 1,170,216  5,790,268 
SEEK Ltd.
 25,629  382,633 
Select Harvests Ltd.(1)
 17,604  47,763 
Servcorp Ltd.
 9,505  18,474 
Seven Group Holdings Ltd.
 15,447  278,531 
Seven West Media Ltd.(1)(2)
 326,689  63,450 
Sierra Rutile Holdings Ltd.(2)
 26,779  3,289 
Sigma Healthcare Ltd.
 629,369  325,857 
Silver Lake Resources Ltd.(2)
 529,661  335,311 
Sims Ltd.
 57,483  566,358 
SmartGroup Corp. Ltd.
 27,872  154,879 
Solvar Ltd.(1)
 24,619  20,456 
Sonic Healthcare Ltd.
 117,450  2,441,102 
South32 Ltd.
 1,401,048  3,054,981 
Southern Cross Media Group Ltd.
 67,219  33,646 
St. Barbara Ltd.(2)
 161,132  20,864 
Star Entertainment Group Ltd. (Sydney)(2)
 486,382  313,616 
Steadfast Group Ltd.
 25,669  93,452 
Suncorp Group Ltd.
 315,261  2,765,185 
Super Retail Group Ltd.
 112,501  941,865 
Symbio Holdings Ltd.
 38  61 
Syrah Resources Ltd.(1)(2)
 67,553  25,177 
Technology One Ltd.
 93,526  930,332 
Telstra Group Ltd.
 931,108  2,415,402 
Transurban Group
 227,601  1,948,670 
Treasury Wine Estates Ltd.
 239,049  1,800,243 
United Malt Group Ltd.(2)
 62,862  200,363 
128

Avantis International Equity ETF
Shares Value
Ventia Services Group Pty Ltd.
 23,158  $ 40,726 
Viva Energy Group Ltd.
 259,476  522,747 
Washington H Soul Pattinson & Co. Ltd.
 68,979  1,469,515 
Webjet Ltd.(2)
 70,301  316,239 
Wesfarmers Ltd.
 130,619  4,546,116 
West African Resources Ltd.(2)
 1,304,396  717,434 
Westgold Resources Ltd.(2)
 214,951  223,911 
Westpac Banking Corp.
 460,450  6,514,180 
Whitehaven Coal Ltd.
 607,342  2,377,940 
WiseTech Global Ltd.
 8,625  386,907 
Woodside Energy Group Ltd.
 134,924  3,220,937 
Woodside Energy Group Ltd., ADR(1)
 59,682  1,425,206 
Woolworths Group Ltd.
 205,981  5,075,966 
Worley Ltd.
 45,822  515,223 
Xero Ltd.(2)
 8,180  662,119 
216,013,195 
Austria — 0.3%
ANDRITZ AG
 6,002  318,827 
AT&S Austria Technologie & Systemtechnik AG
 7,724  275,196 
BAWAG Group AG
 5,496  258,932 
CA Immobilien Anlagen AG
 677  22,452 
DO & CO. AG
 1,223  142,364 
Erste Group Bank AG
 43,646  1,557,021 
EVN AG
 11,701  289,665 
FACC AG(2)
 162  1,106 
Immofinanz AG(2)
 10,076  194,139 
Lenzing AG(2)
 1,750  83,012 
Oesterreichische Post AG
 4,953  170,573 
OMV AG
 17,715  820,346 
POLYTEC Holding AG
 3,258  15,719 
Porr Ag
 4,004  52,310 
Raiffeisen Bank International AG(2)
 24,774  355,581 
Semperit AG Holding
 3,502  83,580 
Telekom Austria AG
 23,245  174,368 
UNIQA Insurance Group AG
 22,170  178,476 
Verbund AG
 23,732  1,942,209 
Vienna Insurance Group AG Wiener Versicherung Gruppe
 6,986  187,278 
voestalpine AG
 27,324  798,387 
Wienerberger AG
 9,946  273,778 
8,195,319 
Belgium — 0.9%
Ackermans & van Haaren NV
 9,432  1,484,631 
Ageas SA
 60,354  2,400,295 
AGFA-Gevaert NV(2)
 25,959  59,254 
Anheuser-Busch InBev SA, ADR(1)
 58,138  3,307,471 
Argenx SE, ADR(2)
 3,205  1,610,480 
Atenor 123  2,554 
Bekaert SA
 13,173  624,618 
bpost SA
 58,448  275,157 
Cie d'Entreprises CFE
 1,744  15,252 
Deceuninck NV
 12,057  30,039 
129

Avantis International Equity ETF
Shares Value
Deme Group NV
 3,132  $ 366,443 
D'ieteren Group
 3,617  590,743 
Econocom Group SA
 1,152  3,479 
Elia Group SA
 3,183  366,982 
Etablissements Franz Colruyt NV
 10,222  389,813 
Euronav NV
 164,102  2,858,090 
Fagron 30,319  540,912 
Galapagos NV, ADR(1)(2)
 11,235  425,694 
Gimv NV
 6,351  291,722 
Greenyard NV(2)
 2,093  14,301 
Immobel SA(1)
 61  2,217 
Ion Beam Applications
 4,505  59,299 
KBC Ancora
 21,043  932,890 
KBC Group NV
 51,106  3,353,069 
Kinepolis Group NV
 6,191  294,060 
Melexis NV
 5,706  538,083 
Ontex Group NV(2)
 20,029  162,068 
Proximus SADP
 34,268  258,998 
Recticel SA(1)
 2,881  31,622 
Shurgard Self Storage Ltd.
 4,319  198,307 
Solvay SA
 22,513  2,606,951 
Tessenderlo Group SA
 5,098  158,069 
UCB SA
 33,266  2,983,862 
Umicore SA
 69,036  1,829,334 
VGP NV
 1,892  197,524 
29,264,283 
Canada — 10.4%
5N Plus, Inc.(2)
 16,500  42,984 
ADENTRA, Inc.(1)
 6,700  167,054 
Advantage Energy Ltd.(2)
 136,574  973,363 
Aecon Group, Inc.(1)
 47,051  398,360 
AG Growth International, Inc.
 4,704  205,504 
AGF Management Ltd., Class B
 16,000  94,139 
Agnico Eagle Mines Ltd.
 126,143  6,125,105 
Aimia, Inc.(1)(2)
 8,705  20,873 
Air Canada(2)
 16,298  275,252 
Alamos Gold, Inc., Class A
 122,641  1,577,487 
Alaris Equity Partners Income
 2,635  29,739 
Algonquin Power & Utilities Corp.(1)
 68,126  515,785 
Alimentation Couche-Tard, Inc.
 108,027  5,649,192 
AltaGas Ltd.(1)
 36,191  707,642 
Altius Minerals Corp.(1)
 3,861  62,978 
Amerigo Resources Ltd.
 28,700  30,374 
Andlauer Healthcare Group, Inc.
 2,100  68,384 
ARC Resources Ltd.
 248,463  3,789,833 
Argonaut Gold, Inc.(2)
 54,995  29,305 
Aris Mining Corp.(2)
 27,668  64,297 
Atco Ltd., Class I
 23,306  643,364 
Athabasca Oil Corp.(2)
 258,593  717,676 
Atrium Mortgage Investment Corp.(1)
 5,535  45,142 
ATS Corp.(2)
 18,534  831,506 
130

Avantis International Equity ETF
Shares Value
Aurinia Pharmaceuticals, Inc.(2)
 24,807  $ 224,999 
AutoCanada, Inc.(1)(2)
 4,200  83,583 
B2Gold Corp.
 813,870  2,505,698 
Badger Infrastructure Solution
 6,620  173,878 
Ballard Power Systems, Inc.(1)(2)
 24,100  101,487 
Bank of Montreal
 94,536  8,141,766 
Bank of Nova Scotia
 140,871  6,684,909 
Barrick Gold Corp., (Toronto)
 289,935  4,699,213 
Bausch Health Cos., Inc.(2)
 23,716  197,984 
Baytex Energy Corp.(2)
 357,377  1,454,687 
BCE, Inc.
 3,817  161,697 
Birchcliff Energy Ltd.(1)
 476,141  2,942,405 
Bird Construction, Inc.
 10,205  82,549 
Bitfarms Ltd.(1)(2)
 63,400  86,335 
BlackBerry Ltd.(2)
 72,100  402,334 
Bombardier, Inc., Class B(2)
 7,563  308,520 
Bonterra Energy Corp.(2)
 6,800  36,687 
Boralex, Inc., A Shares
 24,972  605,819 
Boston Pizza Royalties Income Fund
 1,000  11,989 
Boyd Group Services, Inc.
 5,000  901,754 
Brookfield Asset Management Ltd., Class A
 43,803  1,513,589 
Brookfield Corp.(1)
 44,293  1,511,836 
Brookfield Infrastructure Corp., A Shares
 19,396  753,906 
Brookfield Infrastructure Corp., Class A
 1,005  39,044 
Brookfield Reinsurance Ltd.(2)
 3,000  103,908 
Brookfield Renewable Corp., Class A
 2,200  61,415 
BRP, Inc.
 861  65,843 
CAE, Inc.(2)
 31,069  749,363 
Calian Group Ltd.(1)
 2,100  82,169 
Calibre Mining Corp.(2)
 20,300  23,737 
Cameco Corp.
 38,334  1,418,517 
Canacol Energy Ltd.(1)
 5,400  45,959 
Canada Goose Holdings, Inc.(1)(2)
 12,400  195,287 
Canadian Imperial Bank of Commerce(1)
 122,111  4,838,531 
Canadian National Railway Co.
 75,322  8,484,316 
Canadian Natural Resources Ltd.
 209,350  13,544,536 
Canadian Pacific Kansas City Ltd.
 53,451  4,243,009 
Canadian Tire Corp. Ltd., Class A
 6,076  720,828 
Canadian Utilities Ltd., A Shares
 24,633  583,739 
Canadian Western Bank
 49,977  972,391 
Canfor Corp.(2)
 18,575  285,663 
Canfor Pulp Products, Inc.(2)
 1,114  1,665 
Capital Power Corp.
 43,255  1,301,940 
Capstone Copper Corp.(2)
 122,223  568,963 
Cardinal Energy Ltd.(1)
 52,098  278,380 
Cargojet, Inc.
 2,224  158,159 
Cascades, Inc.(1)
 13,743  129,273 
CCL Industries, Inc., Class B
 9,516  425,304 
Celestica, Inc.(2)
 54,453  1,269,442 
Cenovus Energy, Inc.
 315,339  6,287,176 
Centerra Gold, Inc.
 374,256  2,246,312 
131

Avantis International Equity ETF
Shares Value
CES Energy Solutions Corp.
 58,500  $ 159,325 
CGI, Inc.(2)
 21,239  2,214,754 
China Gold International Resources Corp. Ltd.
 43,700  182,730 
Chorus Aviation, Inc.(1)(2)
 37,746  75,146 
CI Financial Corp.
 30,310  388,969 
Cogeco Communications, Inc.
 4,400  217,200 
Colliers International Group, Inc.
 6,900  797,187 
Computer Modelling Group Ltd.
 6,000  38,544 
Constellation Software, Inc.
 1,886  3,873,977 
Corus Entertainment, Inc., B Shares(1)
 63,973  64,390 
Crescent Point Energy Corp.
 343,955  2,830,654 
Crew Energy, Inc.(1)(2)
 55,320  259,978 
Definity Financial Corp.
 6,600  181,607 
Descartes Systems Group, Inc.(2)
 8,700  652,307 
Dollarama, Inc.
 40,332  2,615,073 
Doman Building Materials Group Ltd.
 41,300  237,493 
Dorel Industries, Inc., Class B(1)(2)
 8,200  35,927 
DREAM Unlimited Corp., Class A(1)
 3,222  50,672 
Dundee Precious Metals, Inc.
 41,236  266,117 
Dye & Durham Ltd.
 11,400  152,202 
Eldorado Gold Corp. (Toronto)(2)
 140,090  1,338,486 
Element Fleet Management Corp.
 152,396  2,342,558 
Emera, Inc.
 52,714  1,975,995 
Empire Co. Ltd., Class A
 38,364  999,417 
Enbridge, Inc.
 134,477  4,721,425 
Enerflex Ltd.
 47,046  290,382 
Enerplus Corp.
 86,288  1,475,811 
Enghouse Systems Ltd.
 10,135  229,898 
Ensign Energy Services, Inc.(1)(2)
 42,500  96,877 
EQB, Inc.
 12,600  725,395 
Equinox Gold Corp.(1)(2)
 32,087  161,717 
ERO Copper Corp.(2)
 38,150  789,145 
Evertz Technologies Ltd.
 2,936  27,769 
Exchange Income Corp.(1)
 4,700  168,319 
Fairfax Financial Holdings Ltd.
 3,712  3,061,109 
Fiera Capital Corp.(1)
 10,053  44,789 
Finning International, Inc.
 24,278  762,371 
Firm Capital Mortgage Investment Corp.(1)
 4,935  39,226 
First Majestic Silver Corp.(1)
 60,500  371,185 
First National Financial Corp.
 2,786  77,114 
First Quantum Minerals Ltd.
 234,136  6,290,066 
FirstService Corp.
 1,000  151,221 
Fortis, Inc.(1)
 102,672  4,026,487 
Fortuna Silver Mines, Inc.(1)(2)
 159,779  496,649 
Franco-Nevada Corp.
 6,292  906,454 
Freehold Royalties Ltd.(1)
 36,190  385,148 
Frontera Energy Corp.(2)
 24,368  187,196 
Galiano Gold, Inc.(1)(2)
 36,800  23,422 
Gear Energy Ltd.(1)
 54,000  33,570 
George Weston Ltd.
 7,512  833,091 
GFL Environmental, Inc.
 9,377  303,892 
132

Avantis International Equity ETF
Shares Value
Gibson Energy, Inc.
 18,289  $ 275,039 
Gildan Activewear, Inc.
 50,519  1,506,746 
goeasy Ltd.
 5,335  498,518 
GoGold Resources, Inc.(2)
 64,100  70,210 
Great-West Lifeco, Inc.(1)
 76,458  2,197,206 
Headwater Exploration, Inc.
 142,566  756,511 
Heroux-Devtek, Inc.(1)(2)
 4,400  51,679 
High Liner Foods, Inc.(1)
 5,446  47,761 
HLS Therapeutics, Inc.
 88  303 
Home Capital Group, Inc.
 16,122  528,093 
Hudbay Minerals, Inc.(1)
 115,050  572,185 
Hut 8 Mining Corp.(1)(2)
 107,900  263,521 
Hydro One Ltd.(1)
 63,559  1,652,007 
i-80 Gold Corp.(2)
 7,800  15,528 
iA Financial Corp., Inc.
 25,507  1,600,228 
IAMGOLD Corp.(2)
 251,098  622,542 
IGM Financial, Inc.(1)
 4,421  126,034 
Imperial Oil Ltd.(1)
 33,968  1,928,926 
InPlay Oil Corp.
 14,500  28,223 
Intact Financial Corp.
 12,242  1,725,948 
Interfor Corp.(2)
 150,935  2,546,861 
International Petroleum Corp.(2)
 37,188  348,706 
Ivanhoe Mines Ltd., Class A(2)
 17,544  156,068 
Karora Resources, Inc.(2)
 1,550  5,392 
K-Bro Linen, Inc.(1)
 800  20,716 
Kelt Exploration Ltd.(2)
 92,660  481,404 
Keyera Corp.(1)
 66,664  1,646,865 
Kinross Gold Corp.
 619,340  3,144,370 
Kiwetinohk Energy Corp.(1)(2)
 2,000  18,857 
Knight Therapeutics, Inc.(1)(2)
 20,346  68,814 
Labrador Iron Ore Royalty Corp.
 12,624  293,458 
Lassonde Industries, Inc., Class A
 400  39,121 
Laurentian Bank of Canada
 28,075  763,585 
Lightspeed Commerce, Inc.(1)(2)
 13,000  212,241 
Linamar Corp.
 18,964  995,217 
Loblaw Cos. Ltd.
 20,494  1,779,574 
Logan Energy Corp.(2)
 106,056  81,630 
Lumine Group, Inc.(2)
 5,658  96,394 
Lundin Gold, Inc.
 20,579  246,729 
Lundin Mining Corp.
 282,512  2,191,182 
Magna International, Inc.
 128,192  7,540,483 
Major Drilling Group International, Inc.(2)
 6,258  40,294 
Manulife Financial Corp.
 380,097  7,026,956 
Maple Leaf Foods, Inc.
 20,400  439,192 
Martinrea International, Inc.
 44,240  447,246 
MCAN Mortgage Corp.
 4,620  55,562 
MDA Ltd.(2)
 6,400  48,976 
Medical Facilities Corp.
 500  3,460 
MEG Energy Corp.(2)
 170,991  3,058,653 
Methanex Corp.
 18,580  790,668 
Metro, Inc.
 53,287  2,746,379 
133

Avantis International Equity ETF
Shares Value
Morguard Corp.
 200  $ 15,194 
MTY Food Group, Inc.(1)
 4,361  213,370 
Mullen Group Ltd.
 57,971  613,518 
National Bank of Canada
 87,480  6,096,797 
Neo Performance Materials, Inc.(1)
 1,800  12,269 
New Gold, Inc.(2)
 203,910  215,802 
North American Construction Group Ltd.
 7,735  191,486 
North West Co., Inc.
 10,640  240,172 
Northland Power, Inc.
 132,402  2,503,605 
Novagold Resources, Inc.(2)
 28  115 
Nutrien Ltd.
 95,594  6,055,277 
NuVista Energy Ltd.(2)
 99,780  915,684 
Obsidian Energy Ltd.(1)(2)
 20,900  147,872 
OceanaGold Corp.
 338,287  731,052 
Onex Corp.
 16,473  1,017,859 
Open Text Corp.
 73,431  2,959,087 
Osisko Gold Royalties Ltd. (Toronto)
 14,023  187,430 
Osisko Mining, Inc.(2)
 64,000  133,570 
Pan American Silver Corp.(1)
 237,167  3,921,189 
Paramount Resources Ltd., A Shares
 11,250  260,602 
Parex Resources, Inc.
 83,435  1,578,917 
Parkland Corp.
 45,355  1,200,001 
Pason Systems, Inc.
 19,735  203,017 
Pembina Pipeline Corp.
 89,449  2,780,386 
Pet Valu Holdings Ltd.(1)
 1,700  31,516 
Peyto Exploration & Development Corp.(1)
 114,788  1,066,156 
Pine Cliff Energy Ltd.(1)
 77,100  81,596 
Pipestone Energy Corp.
 23,900  40,329 
Pizza Pizza Royalty Corp.
 9,100  98,664 
Polaris Renewable Energy, Inc.(1)
 5,700  60,957 
Power Corp. of Canada
 42,726  1,166,807 
PrairieSky Royalty Ltd.
 32,365  619,179 
Precision Drilling Corp.(1)(2)
 9,289  612,736 
Premium Brands Holdings Corp.
 1,500  115,320 
Primo Water Corp.
 16,635  253,859 
Profound Medical Corp.(1)(2)
 400  3,564 
Quebecor, Inc., Class B
 22,474  513,782 
RB Global, Inc.(1)
 41,592  2,572,104 
Real Matters, Inc.(1)(2)
 18,488  93,453 
Restaurant Brands International, Inc.
 24,828  1,724,473 
Richelieu Hardware Ltd.(1)
 12  385 
Rogers Communications, Inc., Class B
 47,185  1,919,597 
Royal Bank of Canada
 115,387  10,396,102 
Russel Metals, Inc.
 38,541  1,146,361 
Sandstorm Gold Ltd.(1)
 50,671  279,756 
Saputo, Inc.(1)
 38,979  842,641 
Savaria Corp.(1)
 5,300  63,151 
Secure Energy Services, Inc.
 67,700  374,775 
ShawCor Ltd.(2)
 29,600  408,117 
Shopify, Inc., Class A(2)
 40,041  2,663,770 
Sierra Metals, Inc.(1)(2)
 5,095  1,395 
134

Avantis International Equity ETF
Shares Value
Silvercorp Metals, Inc.(1)
 85,055  $ 221,576 
Sleep Country Canada Holdings, Inc.(1)
 8,786  160,869 
Softchoice Corp.(1)
 5,200  64,192 
Spartan Delta Corp.(1)
 53,028  165,614 
Spin Master Corp., VTG Shares
 12,600  335,235 
SSR Mining, Inc.(1)
 57,066  846,361 
Stantec, Inc.
 21,279  1,421,435 
Stelco Holdings, Inc.
 10,106  289,448 
Stella-Jones, Inc.
 12,423  603,038 
STEP Energy Services Ltd.(2)
 7,400  21,633 
StorageVault Canada, Inc.(1)
 31,400  106,433 
Sun Life Financial, Inc.
 84,193  4,106,839 
Suncor Energy, Inc.(1)
 312,039  10,569,882 
SunOpta, Inc.(1)(2)
 17,800  78,382 
Surge Energy, Inc.(1)
 22,000  135,139 
Tamarack Valley Energy Ltd.(1)
 244,407  660,217 
Taseko Mines Ltd.(1)(2)
 73,100  104,954 
TC Energy Corp.(1)
 102,151  3,689,290 
Teck Resources Ltd., Class B
 149,453  6,180,753 
TELUS Corp.(2)
 4,948  86,898 
TELUS Corp. (Toronto)
 89,905  1,578,927 
TFI International, Inc.
 19,853  2,705,250 
Thomson Reuters Corp.
 5,754  740,925 
Tidewater Midstream & Infrastructure Ltd.(1)
 58,530  46,782 
Timbercreek Financial Corp.(1)
 22,546  121,307 
TMX Group Ltd.
 10,890  240,979 
Topaz Energy Corp.
 26,100  419,547 
Torex Gold Resources, Inc.(2)
 19,816  228,928 
Toromont Industries Ltd.
 14,888  1,221,274 
Toronto-Dominion Bank
 153,098  9,338,615 
Total Energy Services, Inc.
 4,100  28,523 
Tourmaline Oil Corp.
 100,488  5,153,059 
TransAlta Corp.
 51,202  491,482 
TransAlta Renewables, Inc.
 11,135  108,367 
Transcontinental, Inc., Class A
 13,335  130,567 
Trican Well Service Ltd.
 120,719  427,055 
Tricon Residential, Inc. (Toronto)(1)
 88,967  754,560 
Vermilion Energy, Inc.
 129,652  1,888,359 
VersaBank 1,000  8,511 
Victoria Gold Corp.(2)
 4,900  24,805 
Viemed Healthcare, Inc.(1)(2)
 5,446  43,529 
Wajax Corp.
 5,600  116,542 
Wesdome Gold Mines Ltd.(2)
 30,225  189,018 
West Fraser Timber Co. Ltd.
 58,950  4,456,152 
Western Forest Products, Inc.(1)
 81,042  56,379 
Westshore Terminals Investment Corp.(1)
 11,310  243,493 
Wheaton Precious Metals Corp.
 27,410  1,195,638 
Whitecap Resources, Inc.(1)
 413,080  3,378,134 
WildBrain Ltd.(1)(2)
 1,700  2,277 
Winpak Ltd.
 5,100  150,788 
WSP Global, Inc.
 8,560  1,198,983 
332,092,287 
135

Avantis International Equity ETF
Shares Value
China†
KRP Development Holdings Ltd.(2)
 24,000  $ 3,035 
Denmark — 2.8%
Alm Brand A/S
 1,202,583  1,987,621 
AP Moller - Maersk A/S, A Shares
 1,224  2,187,384 
AP Moller - Maersk A/S, B Shares
 2,063  3,745,095 
Bang & Olufsen A/S(2)
 24,799  32,553 
Bavarian Nordic A/S(2)
 9,887  219,480 
Carlsberg AS, B Shares
 6,029  871,781 
cBrain A/S
 1,716  44,528 
Chemometec A/S(2)
 3,155  193,093 
Chr Hansen Holding A/S
 1,962  127,931 
Coloplast A/S, B Shares
 11,706  1,333,262 
D/S Norden A/S
 41,299  1,982,000 
Danske Andelskassers Bank A/S
 9,479  13,918 
Danske Bank A/S
 168,051  3,772,129 
Demant A/S(2)
 12,205  498,259 
Dfds A/S
 26,463  884,918 
DSV A/S
 13,507  2,564,974 
FLSmidth & Co. A/S
 24  1,095 
Genmab A/S, ADR(2)
 86,975  3,330,273 
GN Store Nord AS(2)
 3,673  75,011 
H Lundbeck A/S
 47,040  238,289 
H Lundbeck A/S, A Shares
 11,760  52,455 
H+H International A/S, B Shares(2)
 4,897  50,632 
ISS A/S
 6,692  118,786 
Jyske Bank A/S(2)
 25,969  1,846,751 
Nilfisk Holding A/S(2)
 5,872  114,866 
NKT A/S(2)
 38,503  2,083,715 
NNIT A/S(2)
 133  1,564 
Novo Nordisk A/S, ADR
 227,349  42,200,521 
Novozymes A/S, B Shares
 53,825  2,329,857 
NTG Nordic Transport Group A/S(2)
 1,203  65,904 
Orsted AS
 33,257  2,133,592 
Pandora A/S
 29,892  3,095,564 
Per Aarsleff Holding A/S
 10,120  488,977 
Ringkjoebing Landbobank A/S
 6,381  944,523 
ROCKWOOL A/S, B Shares
 868  221,531 
Royal Unibrew A/S
 11,312  991,995 
Schouw & Co. A/S
 1,181  86,687 
SimCorp A/S
 3,756  399,360 
Solar A/S, B Shares
 1,529  103,577 
Spar Nord Bank A/S
 19,401  292,780 
Sparekassen Sjaelland-Fyn A/S
 2,040  55,165 
Sydbank AS
 14,883  699,048 
Topdanmark AS
 6,860  324,652 
TORM PLC, Class A
 22,286  547,768 
Trifork Holding AG
 885  17,066 
Tryg A/S
 40,661  775,783 
Vestas Wind Systems A/S(2)
 209,272  4,835,251 
88,981,964 
136

Avantis International Equity ETF
Shares Value
Finland — 0.8%
Aktia Bank Oyj
 8,317  $ 85,610 
Alandsbanken Abp, B Shares
 230  8,155 
Atria Oyj
 267  2,823 
CapMan Oyj, B Shares
 4,376  12,266 
Cargotec Oyj, B Shares
 12,391  581,664 
Caverion Oyj
 8,415  79,413 
Citycon Oyj(2)
 15,919  97,795 
Elisa Oyj
 18,575  911,866 
Finnair Oyj(2)
 176,734  98,806 
Fortum Oyj
 32,673  438,620 
Harvia Oyj
 2,006  49,902 
Huhtamaki Oyj(1)
 8,980  308,461 
Kemira Oyj
 30,847  488,249 
Kesko Oyj, B Shares
 135,239  2,639,906 
Kojamo Oyj
 17,923  178,636 
Kone Oyj, B Shares
 46,683  2,123,573 
Konecranes Oyj
 8,733  301,439 
Marimekko Oyj
 10,431  126,080 
Metsa Board Oyj, Class B(1)
 68,781  549,340 
Metso Oyj
 65,091  747,605 
Musti Group Oyj(2)
 2,461  54,530 
Neste Oyj
 24,519  896,980 
Nokia Oyj, ADR(1)
 638,401  2,547,220 
Nokian Renkaat Oyj
 38,098  330,057 
Oma Saastopankki Oyj
 1,110  25,423 
Orion Oyj, Class B
 40,382  1,650,431 
Outokumpu Oyj
 138,469  645,105 
Puuilo Oyj
 10,225  82,431 
QT Group Oyj(2)
 3,111  198,527 
Revenio Group Oyj
 3,344  85,495 
Sampo Oyj, A Shares
 64,115  2,814,267 
Sanoma Oyj
 5,288  40,702 
Stora Enso Oyj, R Shares
 203,204  2,584,260 
Suominen Oyj(1)
 1,851  5,610 
Taaleri Oyj
 3,323  34,679 
Talenom Oyj(1)
 3,448  21,986 
TietoEVRY Oyj
 759  18,558 
Tokmanni Group Corp.
 9,938  147,157 
UPM-Kymmene Oyj
 82,632  2,827,876 
Uponor Oyj
 20,422  644,904 
Valmet Oyj(1)
 29,073  739,283 
Wartsila Oyj Abp
 53,628  680,587 
YIT Oyj(1)
 63,740  155,457 
27,061,734 
France — 10.0%
ABC arbitrage
 5,497  36,356 
Accor SA
 13,536  484,092 
Aeroports de Paris
 11,232  1,478,217 
Air France-KLM(2)
 12,469  189,696 
Air Liquide SA
 51,177  9,246,465 
137

Avantis International Equity ETF
Shares Value
Airbus SE
 73,055  $ 10,688,459 
AKWEL 1,895  30,259 
ALD SA
 45,594  440,756 
Alstom SA
 27,502  758,407 
Alten SA
 15,933  2,263,528 
Amundi SA
 10,419  620,186 
APERAM SA
 12,498  353,621 
ArcelorMittal SA, NY Shares(1)
 172,761  4,597,170 
Arkema SA
 27,391  2,862,334 
Atos SE(1)(2)
 28,357  237,664 
AXA SA
 342,588  10,293,019 
Believe SA(2)
 389  3,948 
Beneteau SA
 7,722  117,407 
Bigben Interactive(2)
 1,821  8,425 
BioMerieux 24,601  2,540,785 
Biosynex(2)
 683  7,817 
BNP Paribas SA
 178,930  11,570,982 
Bollore SE
 101,866  602,570 
Bonduelle SCA(1)
 2,923  34,820 
Bouygues SA
 90,014  3,108,178 
Bureau Veritas SA
 82,456  2,208,841 
Caisse Regionale de Credit Agricole Mutuel Brie Picardie
 269  5,498 
Caisse Regionale de Credit Agricole Mutuel Nord de France
 123  1,867 
Capgemini SE
 13,467  2,513,229 
Carrefour SA
 214,446  4,098,861 
Catana Group
 10,415  82,337 
Cellectis SA, ADR(2)
 48  98 
Cie de Saint-Gobain
 148,849  9,682,945 
Cie des Alpes
 11,284  159,185 
Cie Generale des Etablissements Michelin SCA
 225,377  7,051,138 
Cie Plastic Omnium SA
 38,646  677,955 
Claranova SE(2)
 434  842 
Clariane SE(1)
 20,254  136,925 
Coface SA
 54,633  731,352 
Credit Agricole SA
 260,542  3,284,204 
Danone SA
 45,788  2,669,110 
Dassault Aviation SA
 14,038  2,756,502 
Dassault Systemes SE
 49,224  1,950,772 
Derichebourg SA
 63,406  346,133 
Edenred 13,688  872,245 
Eiffage SA
 42,944  4,244,287 
Elis SA
 4,278  81,646 
Engie SA
 396,339  6,382,739 
Eramet SA
 3,158  241,848 
Esker SA
 104  17,908 
EssilorLuxottica SA
 18,699  3,514,605 
Esso SA Francaise(1)
 1,073  62,646 
Etablissements Maurel et Prom SA
 37,487  179,302 
Eurazeo SE
 10,619  625,693 
Euroapi SA(2)
 5,551  75,500 
Eurobio Scientific SA(1)(2)
 3,806  64,641 
138

Avantis International Equity ETF
Shares Value
Eurofins Scientific SE
 35,735  $ 2,199,583 
Euronext NV
 7,555  545,400 
Eutelsat Communications SA(1)
 68,951  419,530 
FIGEAC-AERO(2)
 98  492 
Fnac Darty SA
 1,627  50,690 
Focus Entertainment(2)
 642  23,639 
Forvia SE(2)
 76,065  1,612,202 
Fountaine Pajot SA
 5  643 
Gaztransport Et Technigaz SA
 24,666  3,054,506 
Genfit SA(1)(2)
 17,069  61,273 
Getlink SE
 77,331  1,294,319 
Groupe LDLC
 10  244 
Groupe SFPI
 119  236 
Hermes International
 3,915  8,051,924 
ID Logistics Group(2)
 805  209,692 
Imerys SA
 10,126  344,758 
Innate Pharma SA(1)(2)
 818  2,493 
Interparfums SA
 3,149  207,975 
Ipsen SA
 27,223  3,526,585 
IPSOS 3,734  186,862 
Jacquet Metals SACA
 2,585  50,357 
JCDecaux SE(2)
 23,678  439,431 
Kalray SADIR(2)
 2,366  76,446 
Kaufman & Broad SA
 2,877  82,937 
Kering SA
 16,230  8,678,670 
La Francaise des Jeux SAEM
 68,649  2,482,321 
Legrand SA
 28,527  2,810,463 
LISI 4,064  99,129 
L'Oreal SA
 14,599  6,412,350 
Lumibird(2)
 68  1,099 
LVMH Moet Hennessy Louis Vuitton SE
 27,970  23,653,036 
Maisons du Monde SA
 12,989  121,197 
Manitou BF SA(1)
 1,848  48,486 
Mersen SA
 7,179  326,266 
Metropole Television SA
 13,301  182,247 
MGI Digital Graphic Technology(2)
 119  3,159 
Nacon SA(2)
 629  1,075 
Neoen SA
 7,305  219,100 
Nexans SA
 9,973  820,340 
Nexity SA
 14,247  236,232 
Novacyt SA(2)
 33,332  31,803 
Orange SA, ADR
 653,717  7,308,556 
Orpea SA(1)(2)
 2,549  4,745 
OVH Groupe SAS(2)
 11,414  115,899 
Pernod Ricard SA
 18,340  3,599,292 
Publicis Groupe SA
 15,370  1,199,290 
Remy Cointreau SA(2)
 1,950  301,651 
Renault SA
 96,000  3,873,528 
ReWorld Media SA(2)
 8,722  34,302 
Rexel SA
 60,445  1,417,256 
Rubis SCA
 8,436  205,668 
139

Avantis International Equity ETF
Shares Value
Safran SA
 83,312  $ 13,352,012 
Sanofi, ADR
 172,449  9,170,838 
Sartorius Stedim Biotech
 1,461  414,356 
Schneider Electric SE
 25,965  4,450,616 
SCOR SE
 42,345  1,316,588 
SEB SA
 6,791  745,418 
Seche Environnement SA
 129  16,865 
SES SA
 328,581  2,391,517 
SMCP SA(2)
 27,933  181,639 
Societe BIC SA
 4,971  317,725 
Societe Generale SA
 256,286  7,260,880 
Sodexo SA
 7,490  803,530 
SOITEC(2)
 10,469  1,913,559 
Solutions 30 SE(2)
 77,776  236,249 
Sopra Steria Group SACA
 1,778  391,084 
SPIE SA
 6,057  181,329 
STMicroelectronics NV, NY Shares
 340,418  16,088,155 
Sword Group
 89  4,023 
Technicolor Creative Studios SA(2)
 128  291 
Technip Energies NV
 18,807  435,263 
Teleperformance 10,712  1,480,094 
Television Francaise 1(1)
 24,560  199,220 
Thales SA
 19,972  2,912,506 
TotalEnergies SE, ADR
 372,343  23,424,098 
Trigano SA
 3,895  547,912 
Ubisoft Entertainment SA(2)
 83,224  2,516,664 
Valeo SA
 140,457  2,730,243 
Vallourec SA(2)
 46,076  615,738 
Vantiva SA(2)
 1,850  339 
Veolia Environnement SA
 114,710  3,578,601 
Verallia SA
 45,393  2,169,028 
Vicat SA
 3,183  107,313 
Vinci SA
 109,604  12,208,577 
Virbac SA
 1,238  368,859 
Vivendi SE
 292,686  2,665,743 
Worldline SA(2)
 7,872  256,204 
X-Fab Silicon Foundries SE(2)
 36,321  411,428 
Xilam Animation SA(2)
 155  3,831 
319,793,727 
Germany — 7.2%
1&1 AG
 9,810  145,745 
7C Solarparken AG
 20,776  74,965 
Adesso SE
 1,123  140,514 
adidas AG
 17,079  3,408,456 
Allianz SE
 47,431  11,529,489 
Amadeus Fire AG
 928  113,230 
Aroundtown SA(2)
 167,530  302,046 
Atoss Software AG
 1,749  425,691 
Aumann AG
 862  14,423 
AURELIUS Equity Opportunities SE & Co. KGaA(2)
 7,906  110,161 
Aurubis AG
 14,234  1,176,989 
140

Avantis International Equity ETF
Shares Value
Auto1 Group SE(2)
 11,863  $ 99,369 
Baader Bank AG
 2,263  8,809 
BASF SE
 138,631  7,017,138 
Basler AG
 9  136 
Bayer AG
 74,050  4,051,464 
Bayerische Motoren Werke AG
 66,045  6,946,554 
Bayerische Motoren Werke AG, Preference Shares
 12,424  1,193,717 
BayWa AG
 3,311  116,757 
Bechtle AG
 21,331  1,037,026 
Befesa SA
 3,844  141,485 
Beiersdorf AG
 21,055  2,756,840 
Bertrandt AG
 464  23,139 
Bijou Brigitte AG
 1,658  62,904 
Bilfinger SE
 12,928  447,982 
Borussia Dortmund GmbH & Co. KGaA(2)
 57,339  287,533 
Brenntag SE
 43,482  3,517,004 
CANCOM SE
 9,573  277,726 
Carl Zeiss Meditec AG, Bearer Shares
 3,113  308,763 
CECONOMY AG(2)
 88,692  231,040 
Cewe Stiftung & Co. KGAA
 2,019  198,329 
Cliq Digital AG
 3,837  83,104 
Commerzbank AG
 357,810  3,931,426 
CompuGroup Medical SE & Co. KgaA
 6,252  292,182 
Continental AG
 39,616  2,938,644 
Covestro AG(2)
 87,335  4,637,865 
CropEnergies AG
 9,146  84,454 
CTS Eventim AG & Co. KGaA
 14,245  886,160 
Daimler Truck Holding AG
 162,399  5,714,271 
Datagroup SE
 578  33,806 
Delivery Hero SE(2)
 2,650  96,666 
Dermapharm Holding SE
 4,566  218,291 
Deutsche Bank AG
 526,429  5,732,812 
Deutsche Beteiligungs AG
 3,029  106,642 
Deutsche Boerse AG
 16,934  3,006,190 
Deutsche Lufthansa AG(2)
 301,398  2,691,587 
Deutsche Pfandbriefbank AG
 28,558  224,935 
Deutsche Rohstoff AG
 1,280  38,186 
Deutsche Telekom AG
 422,726  9,047,826 
Deutz AG
 53,476  250,904 
DHL Group
 161,060  7,510,718 
DIC Asset AG
 7,597  35,737 
Dr. Ing. h.c. F. Porsche AG, Preference Shares
 7,740  853,643 
Draegerwerk AG & Co. KGaA
 567  23,359 
Draegerwerk AG & Co. KGaA, Preference Shares
 3,168  153,115 
Duerr AG
 48,244  1,438,078 
E.ON SE
 307,589  3,786,317 
Eckert & Ziegler Strahlen- und Medizintechnik AG
 160  5,755 
Einhell Germany AG, Preference Shares
 58  9,226 
Elmos Semiconductor SE
 2,614  188,956 
ElringKlinger AG
 10,673  70,166 
Encavis AG(2)
 73,285  1,122,416 
141

Avantis International Equity ETF
Shares Value
Energiekontor AG
 2,895  $ 274,146 
Envitec Biogas AG
 183  7,931 
Evonik Industries AG
 38,400  735,750 
Fielmann AG
 10,558  495,542 
flatexDEGIRO AG(2)
 21,544  188,607 
Fraport AG Frankfurt Airport Services Worldwide(2)
 2,442  132,256 
Freenet AG
 28,123  673,487 
Fresenius Medical Care AG & Co. KGaA, ADR
 13,713  328,563 
Fresenius SE & Co. KGaA
 11,089  355,504 
Friedrich Vorwerk Group SE
 1,920  26,540 
FUCHS SE, Preference Shares
 7,134  295,726 
GEA Group AG
 62,129  2,449,954 
Gerresheimer AG
 13,428  1,742,948 
GFT Technologies SE
 5,258  146,860 
Grand City Properties SA(2)
 18,749  167,336 
GRENKE AG
 8,396  213,474 
Hamburger Hafen und Logistik AG
 15,134  166,366 
Hannover Rueck SE
 10,802  2,297,353 
Heidelberg Materials AG
 54,752  4,402,423 
Heidelberger Druckmaschinen AG(2)
 89,481  125,614 
HelloFresh SE(2)
 136,466  4,398,041 
Henkel AG & Co. KGaA
 2,144  148,168 
Henkel AG & Co. KGaA, Preference Shares
 6,867  526,224 
Hensoldt AG
 7,964  258,117 
HOCHTIEF AG
 2,939  313,761 
Hornbach Holding AG & Co. KGaA
 3,996  314,234 
Hugo Boss AG
 50,670  3,814,456 
Indus Holding AG
 4,598  110,364 
Infineon Technologies AG
 247,941  8,860,340 
Instone Real Estate Group SE
 11,568  73,932 
JOST Werke SE
 5,539  285,702 
Jungheinrich AG, Preference Shares
 25,071  832,127 
K+S AG
 141,285  2,653,307 
KION Group AG
 18,755  748,723 
Kloeckner & Co. SE
 48,167  411,572 
Knorr-Bremse AG
 31,525  2,153,174 
Koenig & Bauer AG(2)
 2,590  41,704 
Kontron AG
 20,773  452,171 
Krones AG
 7,830  847,868 
KSB SE & Co. KGaA
 17  13,347 
KSB SE & Co. KGaA, Preference Shares
 67  43,579 
KWS Saat SE & Co. KGaA
 1,413  85,929 
Lang & Schwarz AG
 1,339  12,648 
Lanxess AG
 52,890  1,669,007 
LEG Immobilien SE(2)
 14,214  1,023,642 
LPKF Laser & Electronics SE(2)
 3,324  27,284 
MBB SE
 30  2,534 
Medios AG(2)
 955  15,430 
Mercedes-Benz Group AG
 122,077  8,932,958 
Merck KGaA
 6,700  1,202,819 
METRO AG(2)
 25,406  202,255 
142

Avantis International Equity ETF
Shares Value
MLP SE
 5,074  $ 26,949 
MPH Health Care AG(2)
 17  310 
MTU Aero Engines AG
 12,744  2,974,710 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
 19,165  7,439,071 
Mutares SE & Co. KGaA
 5,772  137,544 
Nabaltec AG
 291  5,739 
Nagarro SE(1)(2)
 2,292  172,522 
Nemetschek SE
 14,026  968,715 
New Work SE
 663  70,852 
Norma Group SE
 17,444  320,242 
PATRIZIA SE
 4,727  45,126 
Pfeiffer Vacuum Technology AG
 137  21,871 
Porsche Automobil Holding SE, Preference Shares
 42,357  2,271,904 
ProSiebenSat.1 Media SE
 15,501  122,868 
Puma SE
 34,351  2,302,155 
QIAGEN NV(2)
 56,159  2,554,673 
Rational AG
 521  396,871 
Rheinmetall AG
 17,508  4,755,611 
RTL Group SA
 593  21,907 
RWE AG
 134,064  5,520,307 
SAF-Holland SE
 35,531  442,418 
Salzgitter AG
 14,139  416,006 
SAP SE, ADR
 50,287  7,024,591 
Sartorius AG, Preference Shares
 4,356  1,781,282 
Schaeffler AG, Preference Shares
 61,386  364,365 
Scout24 SE
 4,541  312,813 
Secunet Security Networks AG
 225  54,147 
SGL Carbon SE(1)(2)
 20,941  158,400 
Siemens AG
 56,669  8,513,427 
Siemens Energy AG(2)
 119,164  1,695,926 
Siemens Healthineers AG
 23,686  1,185,774 
Siltronic AG
 6,076  484,414 
Sixt SE
 3,067  326,969 
Sixt SE, Preference Shares
 3,815  247,326 
SMA Solar Technology AG(2)
 8,772  704,739 
Software AG(2)
 2,216  76,413 
Stabilus SE
 10,657  597,906 
Steico SE(1)
 2,075  68,194 
STO SE & Co. KGaA, Preference Shares
 497  74,017 
STRATEC SE
 1,321  71,308 
Stroeer SE & Co. KGaA
 3,977  180,628 
Suedzucker AG
 10,333  166,689 
SUESS MicroTec SE
 4,562  106,734 
Symrise AG
 24,009  2,502,815 
Synlab AG
 12,843  131,237 
TAG Immobilien AG(2)
 36,998  419,412 
TeamViewer SE(2)
 58,628  1,086,574 
Technotrans SE
 378  7,803 
Telefonica Deutschland Holding AG
 1,228,943  2,336,414 
thyssenkrupp AG
 192,229  1,477,238 
United Internet AG
 19,194  369,097 
143

Avantis International Equity ETF
Shares Value
VERBIO Vereinigte BioEnergie AG
 3,962  $ 187,267 
Villeroy & Boch AG, Preference Shares
 411  7,488 
Vitesco Technologies Group AG, Class A(2)
 14,544  1,147,976 
Volkswagen AG
 3,179  454,296 
Volkswagen AG, Preference Shares
 25,990  3,180,719 
Vonovia SE
 132,129  3,170,208 
Wacker Chemie AG
 2,956  435,391 
Wacker Neuson SE
 17,074  377,130 
Washtec AG
 1,313  47,462 
Wuestenrot & Wuerttembergische AG
 3,712  61,795 
Zalando SE(2)
 37,399  1,162,567 
230,827,980 
Hong Kong — 2.1%
AIA Group Ltd.
 1,293,664  11,705,398 
ASMPT Ltd.
 164,000  1,641,133 
AustAsia Group Ltd.(2)
 18,600  5,263 
Bank of East Asia Ltd.
 587,105  836,149 
BOC Hong Kong Holdings Ltd.
 1,117,500  3,104,738 
Bright Smart Securities & Commodities Group Ltd.
 368,000  67,032 
Budweiser Brewing Co. APAC Ltd.
 64,100  138,805 
Cafe de Coral Holdings Ltd.
 202,000  244,743 
Central Wealth Group Holdings Ltd.(2)
 8,442,000  24,738 
Chow Sang Sang Holdings International Ltd.
 98,000  117,263 
Chuang's Consortium International Ltd.
 4,000  253 
CITIC Telecom International Holdings Ltd.
 227,000  88,234 
CK Asset Holdings Ltd.
 562,186  3,102,010 
CK Hutchison Holdings Ltd.
 366,500  1,997,423 
CK Infrastructure Holdings Ltd.
 105,500  533,262 
CK Life Sciences International Holdings, Inc.
 128,000  11,913 
CLP Holdings Ltd.
 468,500  3,673,756 
CMBC Capital Holdings Ltd.(1)(2)
 73,000  6,996 
C-Mer Eye Care Holdings Ltd.(2)
 114,000  53,631 
Comba Telecom Systems Holdings Ltd.
 472,000  65,006 
Cowell e Holdings, Inc.(1)(2)
 167,000  329,020 
Dah Sing Banking Group Ltd.
 49,200  33,631 
Dah Sing Financial Holdings Ltd.
 28,400  62,407 
DFI Retail Group Holdings Ltd.
 18,700  46,178 
Dickson Concepts International Ltd.
 15,500  7,878 
EC Healthcare(1)
 128,000  62,733 
E-Commodities Holdings Ltd.
 722,000  129,560 
Esprit Holdings Ltd.(2)
 152,500  8,161 
ESR Group Ltd.
 141,459  212,263 
First Pacific Co. Ltd.
 320,000  136,234 
Fosun Tourism Group(2)
 58,400  59,910 
FSE Lifestyle Services Ltd.
 3,000  2,275 
Futu Holdings Ltd., ADR(2)
 7,586  452,126 
Galaxy Entertainment Group Ltd.(2)
 78,000  515,557 
Giordano International Ltd.
 444,000  170,362 
Green Future Food Hydrocolloid Marine Science Co. Ltd.(1)(2)
 56,000  6,765 
Guotai Junan International Holdings Ltd.
 520,000  43,040 
Haitong International Securities Group Ltd.(1)(2)
 470,800  37,808 
144

Avantis International Equity ETF
Shares Value
Hang Lung Group Ltd.
 185,000  $ 255,175 
Hang Lung Properties Ltd.
 641,000  853,724 
Hang Seng Bank Ltd.
 63,700  811,800 
Henderson Land Development Co. Ltd.
 206,000  565,705 
HK Electric Investments & HK Electric Investments Ltd.
 250,000  145,030 
HKBN Ltd.
 85,500  41,219 
HKT Trust & HKT Ltd.
 498,000  530,702 
Hong Kong & China Gas Co. Ltd.
 1,957,990  1,439,049 
Hong Kong Aerospace Technology Group Ltd.(2)
 124,200  119,361 
Hong Kong Exchanges & Clearing Ltd.
 70,788  2,743,615 
Hong Kong Technology Venture Co. Ltd.(1)
 187,000  82,866 
Hongkong & Shanghai Hotels Ltd.(2)
 14,000  11,360 
Hongkong Land Holdings Ltd.
 275,800  978,419 
Hysan Development Co. Ltd.
 512,000  1,066,522 
IGG, Inc.(2)
 137,000  64,247 
International Housewares Retail Co. Ltd.
 24,000  6,916 
IRC Ltd.(1)(2)
 910,000  10,653 
Jardine Matheson Holdings Ltd.
 53,800  2,557,825 
JBM Healthcare Ltd.
 1,000  154 
Johnson Electric Holdings Ltd.
 150,889  202,053 
K Wah International Holdings Ltd.
 171,000  51,447 
Karrie International Holdings Ltd.
 96,000  7,202 
Kerry Logistics Network Ltd.
 9,566  8,987 
Kerry Properties Ltd.
 160,500  296,566 
Kwoon Chung Bus Holdings Ltd.(2)
 4,000  827 
Luk Fook Holdings International Ltd.
 117,000  289,918 
Man Wah Holdings Ltd.
 854,000  620,659 
Melco Resorts & Entertainment Ltd., ADR(2)
 17,833  200,086 
MGM China Holdings Ltd.(1)(2)
 74,800  93,835 
Modern Dental Group Ltd.
 67,000  27,198 
MTR Corp. Ltd.
 285,286  1,190,345 
Multifield International Holdings Ltd.
 6,400  653 
New World Development Co. Ltd.
 1,218,750  2,587,866 
NWS Holdings Ltd.
 432,000  491,895 
Oriental Watch Holdings
 150,000  81,112 
Pacific Basin Shipping Ltd.
 4,254,000  1,152,004 
Pacific Textiles Holdings Ltd.
 243,000  51,705 
Paliburg Holdings Ltd.(2)
 4,000  499 
PAX Global Technology Ltd.
 82,000  62,054 
PC Partner Group Ltd.
 126,000  53,100 
PCCW Ltd.
 521,357  247,897 
Perfect Medical Health Management Ltd.
 90,000  44,730 
Power Assets Holdings Ltd.
 283,500  1,395,537 
Quam Plus International Financial Ltd.(2)
 20,000  446 
Sa Sa International Holdings Ltd.(2)
 254,000  36,898 
Sands China Ltd.(2)
 145,200  491,168 
SAS Dragon Holdings Ltd.
 4,000  1,687 
Shangri-La Asia Ltd.(2)
 146,000  99,838 
Shun Tak Holdings Ltd.(2)
 586,000  82,042 
Singamas Container Holdings Ltd.
 614,000  55,547 
Sino Land Co. Ltd.
 1,283,102  1,469,765 
145

Avantis International Equity ETF
Shares Value
SITC International Holdings Co. Ltd.
 374,000  $ 697,551 
SJM Holdings Ltd.(1)(2)
 327,000  131,679 
SmarTone Telecommunications Holdings Ltd.
 60,500  33,714 
Stella International Holdings Ltd.
 30,000  31,421 
Sun Hung Kai & Co. Ltd.
 33,000  11,656 
Sun Hung Kai Properties Ltd.
 204,500  2,301,988 
SUNeVision Holdings Ltd.
 107,000  51,151 
Swire Pacific Ltd., Class A
 309,500  2,551,946 
Swire Properties Ltd.
 184,600  385,771 
Symphony Holdings Ltd.
 10,000  1,110 
Tam Jai International Co. Ltd.
 131,000  26,369 
Techtronic Industries Co. Ltd.
 110,500  1,089,827 
Ten Pao Group Holdings Ltd.
 68,000  8,838 
Texhong International Group Ltd.
 52,500  28,093 
Texwinca Holdings Ltd.
 26,000  3,905 
Theme International Holdings Ltd.(2)
 780,000  73,535 
Time Interconnect Technology Ltd.(1)
 184,000  33,019 
United Energy Group Ltd.
 2,374,000  315,121 
United Laboratories International Holdings Ltd.
 670,000  598,222 
Upbest Group Ltd.
 6,000  460 
Value Partners Group Ltd.(1)
 204,000  69,425 
Vitasoy International Holdings Ltd.
 62,000  79,873 
VTech Holdings Ltd.
 67,200  410,223 
WH Group Ltd.
 5,472,478  2,818,299 
Wharf Real Estate Investment Co. Ltd.
 219,000  912,700 
Wynn Macau Ltd.(1)(2)
 107,600  104,853 
Xinyi Glass Holdings Ltd.
 494,000  728,747 
Yue Yuen Industrial Holdings Ltd.
 231,000  289,497 
67,202,555 
Ireland — 0.7%
AIB Group PLC
 626,190  2,850,130 
Bank of Ireland Group PLC
 373,485  3,719,077 
Cairn Homes PLC
 220,159  274,350 
CRH PLC
 90,392  5,200,582 
Dalata Hotel Group PLC(2)
 156,012  727,845 
FBD Holdings PLC
 1,492  21,105 
Glanbia PLC
 119,790  1,991,206 
Glenveagh Properties PLC(2)
 330,679  358,897 
ICON PLC(2)
 481  125,031 
Kerry Group PLC, A Shares
 17,174  1,602,336 
Kingspan Group PLC
 19,415  1,640,460 
Origin Enterprises PLC
 43,634  155,173 
Permanent TSB Group Holdings PLC(2)
 426  966 
Smurfit Kappa Group PLC
 89,489  3,754,107 
Uniphar PLC
 43,134  130,404 
22,551,669 
Israel — 0.8%
Adgar Investment & Development Ltd.
 1,776  2,239 
AFI Properties Ltd.(2)
 610  20,281 
Africa Israel Residences Ltd.
 559  26,312 
Airport City Ltd.(2)
 9,661  147,939 
146

Avantis International Equity ETF
Shares Value
Alony Hetz Properties & Investments Ltd.
 35,098  $ 266,537 
Altshuler Shaham Penn Ltd.
 19,124  30,681 
Amot Investments Ltd.
 22,774  107,734 
Argo Properties NV(2)
 1,659  22,681 
Ashtrom Group Ltd.
 3,049  41,810 
Azorim-Investment Development & Construction Co. Ltd.(2)
 10,263  31,424 
Azrieli Group Ltd.
 3,115  166,983 
Bank Hapoalim BM
 295,937  2,450,105 
Bank Leumi Le-Israel BM
 341,635  2,651,947 
Bezeq The Israeli Telecommunication Corp. Ltd.
 413,303  559,403 
Big Shopping Centers Ltd.(2)
 2,317  193,480 
Blue Square Real Estate Ltd.
 749  44,166 
Caesarstone Ltd.(2)
 3,402  14,152 
Carasso Motors Ltd.
 4,658  20,167 
Cellcom Israel Ltd.(2)
 19,724  65,351 
Check Point Software Technologies Ltd.(2)
 8,302  1,117,366 
Clal Insurance Enterprises Holdings Ltd.(2)
 32,488  481,079 
CyberArk Software Ltd.(2)
 2,153  357,484 
Danel Adir Yeoshua Ltd.
 2,216  177,706 
Delek Automotive Systems Ltd.
 20,404  127,547 
Delek Group Ltd.
 2,928  420,058 
Delta Galil Ltd.
 1,972  77,048 
Elbit Systems Ltd.
 3,260  639,849 
Elco Ltd.
 1,829  58,972 
Electra Ltd.
       301
 116,463 
Equital Ltd.(2)
 2,203  68,688 
Fattal Holdings 1998 Ltd.(2)
 1,392  136,354 
FIBI Holdings Ltd.
 5,109  222,310 
First International Bank of Israel Ltd.
 9,793  395,988 
Formula Systems 1985 Ltd.
 800  59,314 
Fox Wizel Ltd.
 1,913  138,442 
G City Ltd.
 7,325  23,351 
Gav-Yam Lands Corp. Ltd.
 4,677  30,034 
Gilat Satellite Networks Ltd.(2)
 3,128  21,346 
Harel Insurance Investments & Financial Services Ltd.
 20,663  150,389 
Hilan Ltd.
 1,433  73,478 
ICL Group Ltd.
 108,775  650,018 
IDI Insurance Co. Ltd.
 759  16,507 
Ilex Medical Ltd.
 429  8,020 
Inmode Ltd.(2)
 11,779  460,441 
Inrom Construction Industries Ltd.
 17,244  53,271 
Isracard Ltd.
 92,332  374,316 
Israel Corp. Ltd.
 899  249,455 
Israel Discount Bank Ltd., A Shares
 504,535  2,523,375 
Isras Investment Co. Ltd.
 474  88,877 
Ituran Location & Control Ltd.
 4,712  142,679 
Kamada Ltd.(2)
 543  3,133 
Kenon Holdings Ltd.
 1,670  39,680 
Kornit Digital Ltd.(2)
 9,076  202,032 
M Yochananof & Sons Ltd.
 742  30,478 
Magic Software Enterprises Ltd.
 835  9,661 
147

Avantis International Equity ETF
Shares Value
Malam - Team Ltd.
 127  $ 2,012 
Matrix IT Ltd.
 3,474  70,526 
Mediterranean Towers Ltd.
 6,613  14,345 
Melisron Ltd.
 4,394  275,224 
Menora Mivtachim Holdings Ltd.
 5,830  122,920 
Migdal Insurance & Financial Holdings Ltd.
 97,000  112,569 
Mivne Real Estate KD Ltd.
 43,225  103,482 
Mizrahi Tefahot Bank Ltd.
 23,275  765,282 
Monday.com Ltd.(2)
 913  162,003 
Nano Dimension Ltd., ADR(2)
 11,394  36,233 
Nano-X Imaging Ltd.(2)
 6,086  50,666 
Naphtha Israel Petroleum Corp. Ltd.
 1,311  6,221 
Nawi Brothers Ltd.
 1,423  10,778 
Nice Ltd., ADR(1)(2)
 3,302  643,230 
Norstar Holdings, Inc.(2)
 5,760  13,582 
Nova Ltd.(2)
 4,070  524,839 
Oil Refineries Ltd.
 944,501  307,600 
One Software Technologies Ltd.
 6,480  82,446 
Partner Communications Co. Ltd.(2)
 34,501  144,400 
Paz Ashdod Refinery Ltd.(2)
 2,369  64,606 
Paz Oil Co. Ltd.(2)
 2,369  195,896 
Perion Network Ltd.(2)
 6,720  223,401 
Phoenix Holdings Ltd.
 23,029  230,742 
Prashkovsky Investments & Construction Ltd.
 500  11,289 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.
 1,156  66,816 
Raval Ics Ltd.
 1,209  1,064 
Retailors Ltd.
 2,297  46,740 
Sapiens International Corp. NV
 4,323  128,755 
Scope Metals Group Ltd.(2)
 2,859  91,341 
Shapir Engineering & Industry Ltd.
 19,546  134,127 
Shikun & Binui Ltd.(2)
 82,792  207,110 
Shufersal Ltd.(2)
 490,078  2,278,800 
Strauss Group Ltd.(2)
 3,660  79,416 
Summit Real Estate Holdings Ltd.
 5,018  66,061 
Tamar Petroleum Ltd.
 11,193  46,877 
Taro Pharmaceutical Industries Ltd.(2)
 711  28,170 
Tel Aviv Stock Exchange Ltd.(2)
 8,957  47,040 
Tera Light Ltd.(2)
 1,179  2,196 
Teva Pharmaceutical Industries Ltd., ADR(2)
 100,991  985,672 
Tower Semiconductor Ltd.(2)
 9,975  291,004 
Victory Supermarket Chain Ltd.
 392  3,375 
Wix.com Ltd.(2)
 3,295  325,447 
YH Dimri Construction & Development Ltd.
 1,812  112,105 
ZIM Integrated Shipping Services Ltd.(1)
 98,815  1,192,697 
ZUR Shamir Holdings Ltd.
 917  1,233 
26,918,939 
Italy — 2.4%
A2A SpA
 1,020,962  1,953,842 
ACEA SpA
 10,837  129,904 
Amplifon SpA
 11,893  386,205 
Aquafil SpA
 3,134  10,679 
148

Avantis International Equity ETF
Shares Value
Arnoldo Mondadori Editore SpA
 34,065  $ 79,370 
Ascopiave SpA
 16,797  39,256 
Assicurazioni Generali SpA
 121,302  2,512,527 
Avio SpA(1)(2)
 486  4,882 
Azimut Holding SpA(1)
 87,063  2,013,991 
Banca Generali SpA
 10,388  378,834 
Banca IFIS SpA
 10,558  185,298 
Banca Mediolanum SpA
 28,932  264,043 
Banca Popolare di Sondrio SpA
 116,760  554,018 
Banco BPM SpA
 627,089  2,991,997 
Banco di Desio e della Brianza SpA
 1,492  5,316 
BFF Bank SpA
 79,274  850,256 
Biesse SpA
 4,417  61,769 
BPER Banca
 702,845  2,116,460 
Brembo SpA
 19,714  273,974 
Brunello Cucinelli SpA
 26,311  2,174,313 
Buzzi SpA
 8,576  256,383 
Cairo Communication SpA
 443  797 
Cementir Holding NV
 4,280  37,380 
CIR SpA-Compagnie Industriali(2)
 75,799  32,447 
CNH Industrial NV
 218,614  3,014,214 
Credito Emiliano SpA
 22,484  187,800 
d'Amico International Shipping SA
 52,877  242,864 
Danieli & C Officine Meccaniche SpA(1)
 6,174  148,013 
Danieli & C Officine Meccaniche SpA, Preference Shares
 19,516  368,667 
Davide Campari-Milano NV
 4,788  62,555 
De' Longhi SpA
 6,250  165,138 
DiaSorin SpA
 963  101,690 
Digital Bros SpA(1)
 201  3,623 
Digital Value SpA
 772  54,078 
doValue SpA
 10,061  49,243 
Enav SpA
 36,812  148,510 
Enel SpA
 617,090  4,143,652 
Eni SpA, ADR(1)
 172,669  5,345,832 
ERG SpA
 15,011  410,706 
Ferrari NV
 10,229  3,243,228 
Fila SpA
 1,476  13,501 
Fincantieri SpA(1)(2)
 109,421  60,653 
FinecoBank Banca Fineco SpA
 182,235  2,490,685 
Geox SpA(1)(2)
 27,202  22,695 
Gruppo MutuiOnline SpA
 424  12,003 
GVS SpA(2)
 2,971  18,485 
Hera SpA
 300,749  909,206 
Infrastrutture Wireless Italiane SpA
 3,592  44,442 
Interpump Group SpA
 1,856  93,830 
Intesa Sanpaolo SpA
 1,856,113  4,956,566 
Iren SpA
 287,186  592,419 
Italgas SpA
 349,136  1,983,012 
Iveco Group NV(2)
 167,386  1,659,990 
KME Group SpA(2)
 14,126  15,189 
Leonardo SpA
 146,572  2,109,606 
149

Avantis International Equity ETF
Shares Value
Maire Tecnimont SpA
 87,299  $ 348,637 
Mediobanca Banca di Credito Finanziario SpA
 94,145  1,229,022 
MFE-MediaForEurope NV, Class A
 504,713  255,396 
MFE-MediaForEurope NV, Class B(1)
 102,241  73,180 
Moncler SpA
 16,304  1,104,672 
Nexi SpA(2)
 13,406  96,178 
OVS SpA
 142,984  357,455 
Pharmanutra SpA
 333  19,781 
Piaggio & C SpA
 70,264  268,145 
Poste Italiane SpA
 126,460  1,403,824 
Prysmian SpA
 18,966  774,884 
RAI Way SpA
 31,867  177,111 
Recordati Industria Chimica e Farmaceutica SpA
 7,622  382,075 
Reply SpA
 700  71,498 
Safilo Group SpA(1)(2)
 3,890  4,219 
Salcef Group SpA
 5,328  141,965 
Salvatore Ferragamo SpA(1)
 21,307  338,719 
Sanlorenzo SpA
 2,938  117,995 
Saras SpA
 226,969  323,182 
Sesa SpA
 2,126  248,891 
Snam SpA
 495,959  2,559,322 
Stellantis NV
 287,876  5,343,914 
Tamburi Investment Partners SpA
 9,359  89,349 
Technogym SpA
 30,291  258,873 
Telecom Italia SpA(1)(2)
 743,208  230,567 
Tenaris SA, ADR
 6,871  219,391 
Terna - Rete Elettrica Nazionale
 285,352  2,353,174 
Tod's SpA(2)
 1,049  43,352 
UniCredit SpA
 356,231  8,678,894 
Unieuro SpA(1)
 3,508  39,165 
Unipol Gruppo SpA
 52,115  290,184 
Webuild SpA(1)
 207,865  423,922 
Wiit SpA(1)
 3,107  58,951 
78,311,923 
Japan — 21.2%
77 Bank Ltd.(1)
 22,400  483,464 
A&D HOLON Holdings Co. Ltd.
 6,300  74,581 
ABC-Mart, Inc.(1)
 2,100  38,204 
Acom Co. Ltd.
 24,300  57,652 
Adastria Co. Ltd.(1)
 13,400  267,707 
ADEKA Corp.
 11,700  224,780 
Advantest Corp.
 25,700  3,216,884 
Adventure, Inc.(1)
 600  27,790 
Aeon Co. Ltd.(1)
 55,000  1,139,829 
Aeon Delight Co. Ltd.
 9,300  204,021 
Aeon Fantasy Co. Ltd.
 2,400  53,839 
AEON Financial Service Co. Ltd.(1)
 32,300  281,623 
Aeon Mall Co. Ltd.(1)
 19,200  230,089 
AFC-HD AMS Life Science Co. Ltd.
 1,900  10,389 
AGC, Inc.
 132,400  4,645,039 
Ai Holdings Corp.
 3,600  58,466 
150

Avantis International Equity ETF
Shares Value
Aichi Financial Group, Inc.
 5,661  $ 94,624 
Aichi Steel Corp.
 1,300  32,658 
Aida Engineering Ltd.
 500  3,484 
Ain Holdings, Inc.
 6,300  224,889 
Air Water, Inc.
 28,200  354,717 
Airtrip Corp.(1)
 2,200  35,358 
Aisan Industry Co. Ltd.
 14,800  131,940 
Aisin Corp.
 25,100  837,660 
AIT Corp.(1)
 2,700  34,137 
Aizawa Securities Group Co. Ltd.
 300  1,845 
Ajinomoto Co., Inc.
 80,900  3,427,153 
Akatsuki, Inc.
 4,600  66,286 
Akebono Brake Industry Co. Ltd.(2)
 33,200  30,294 
Alconix Corp.
 8,600  81,729 
Alfresa Holdings Corp.
 63,500  1,084,419 
Alpen Co. Ltd.(1)
 3,500  45,916 
Alps Alpine Co. Ltd.(1)
 60,500  505,188 
Altech Corp.
 3,000  52,596 
Amada Co. Ltd.
 49,500  523,881 
Amano Corp.
 14,000  305,169 
ANA Holdings, Inc.(2)
 6,300  142,223 
AOKI Holdings, Inc.
 18,900  135,423 
Aoyama Trading Co. Ltd.
 26,600  294,835 
Aozora Bank Ltd.(1)
 39,000  765,737 
Arakawa Chemical Industries Ltd.
 3,500  24,304 
Arata Corp.
 48,400  1,796,465 
Arcland Service Holdings Co. Ltd.(2)
 4,600  98,459 
Arclands Corp.
 8,500  96,923 
Arcs Co. Ltd.(1)
 9,500  168,545 
Argo Graphics, Inc.
 8,300  191,451 
Arisawa Manufacturing Co. Ltd.
 9,000  63,065 
AS One Corp.
 600  23,525 
Asahi Co. Ltd.
 3,400  29,789 
Asahi Diamond Industrial Co. Ltd.
 19,500  119,531 
Asahi Group Holdings Ltd.
 13,100  509,660 
Asahi Intecc Co. Ltd.
 2,500  50,714 
Asahi Kasei Corp.
 411,300  2,654,897 
ASAHI YUKIZAI Corp.
 7,700  213,591 
Asanuma Corp.
 7,200  176,473 
Asia Pile Holdings Corp.
 6,000  27,294 
Asics Corp.
 25,000  909,896 
ASKA Pharmaceutical Holdings Co. Ltd.
 3,500  40,260 
ASKUL Corp.
 19,100  257,628 
Astellas Pharma, Inc.
 232,700  3,520,836 
Astena Holdings Co. Ltd.
 6,000  18,813 
Aucnet, Inc.
 3,500  42,856 
Autobacs Seven Co. Ltd.
 12,300  136,893 
Avant Group Corp.
 4,100  39,778 
Awa Bank Ltd.
 5,100  79,235 
Axell Corp.
 4,200  52,807 
Axial Retailing, Inc.
 4,300  110,953 
151

Avantis International Equity ETF
Shares Value
Azbil Corp.
 2,500  $ 83,284 
AZ-Com Maruwa Holdings, Inc.
 9,200  143,351 
Bandai Namco Holdings, Inc.
 82,500  1,913,779 
Bando Chemical Industries Ltd.
 6,600  69,562 
Bank of Iwate Ltd.
 3,000  51,647 
Bank of Kyoto Ltd.
 4,300  248,241 
Bank of Nagoya Ltd.
 2,100  61,276 
Bank of Saga Ltd.
 200  2,484 
Bank of the Ryukyus Ltd.
 5,400  39,078 
Base Co. Ltd.
 1,300  38,889 
BayCurrent Consulting, Inc.
 12,900  443,407 
Belc Co. Ltd.
 2,600  121,120 
Bell System24 Holdings, Inc.(1)
 15,800  165,049 
Belluna Co. Ltd.
 13,900  69,367 
Benefit One, Inc.
 14,700  127,428 
BIPROGY, Inc.
 14,000  362,340 
BML, Inc.
 9,900  196,430 
Bourbon Corp.
 200  3,075 
Bridgestone Corp.
 111,400  4,325,189 
Brother Industries Ltd.
 41,000  693,866 
Bunka Shutter Co. Ltd.
 19,900  148,828 
Business Brain Showa-Ota, Inc.
 1,100  15,965 
BuySell Technologies Co. Ltd.
 800  20,882 
C Uyemura & Co. Ltd.
 2,600  170,026 
Calbee, Inc.
 24,300  484,773 
Canon Electronics, Inc.
 6,800  86,473 
Canon Marketing Japan, Inc.
 4,700  123,313 
Canon, Inc., ADR
 112,304  2,757,063 
Capcom Co. Ltd.
 24,700  1,041,925 
Carenet, Inc.
 7,400  45,033 
Cawachi Ltd.
 2,200  34,535 
Celsys, Inc.(1)
 9,800  47,333 
Central Automotive Products Ltd.
 600  14,500 
Central Glass Co. Ltd.
 10,600  213,326 
Central Japan Railway Co.
 5,900  756,495 
Central Security Patrols Co. Ltd.
 1,000  20,927 
Central Sports Co. Ltd.
 600  10,073 
Ceres, Inc.
 1,000  6,879 
Charm Care Corp. KK
 100  814 
Chiba Bank Ltd.
 42,300  302,039 
Chiba Kogyo Bank Ltd.
 21,200  113,917 
Chikaranomoto Holdings Co. Ltd.
 6,800  110,842 
Chilled & Frozen Logistics Holdings Co. Ltd.
 100  965 
Chofu Seisakusho Co. Ltd.
 1,200  17,732 
Chori Co. Ltd.
 4,300  84,275 
Chubu Electric Power Co., Inc.
 48,500  646,436 
Chubu Steel Plate Co. Ltd.(1)
 8,500  121,078 
Chudenko Corp.
 5,700  93,538 
Chugai Pharmaceutical Co. Ltd.
 62,200  1,895,974 
Chugin Financial Group, Inc.
 38,900  258,227 
Chugoku Electric Power Co., Inc.(2)
 3,500  23,029 
152

Avantis International Equity ETF
Shares Value
CI Takiron Corp.(1)
 5,800  $ 23,931 
Citizen Watch Co. Ltd.
 111,000  679,841 
CKD Corp.
 13,400  184,905 
CMIC Holdings Co. Ltd.
 6,200  74,219 
CMK Corp.
 10,700  45,408 
Coca-Cola Bottlers Japan Holdings, Inc.
 51,200  666,858 
Colowide Co. Ltd.(1)
 16,800  291,055 
COMSYS Holdings Corp.
 9,100  193,818 
Comture Corp.
 4,500  75,338 
Concordia Financial Group Ltd.
 178,200  789,611 
Cosmo Energy Holdings Co. Ltd.
 22,100  795,943 
Cosmos Pharmaceutical Corp.
 1,600  188,118 
Create Restaurants Holdings, Inc.(1)
 25,800  211,991 
Create SD Holdings Co. Ltd.
 8,500  217,643 
Credit Saison Co. Ltd.
 92,700  1,448,886 
Creek & River Co. Ltd.
 2,300  34,149 
CTI Engineering Co. Ltd.
 3,600  108,944 
Curves Holdings Co. Ltd.(1)
 6,900  34,500 
CyberAgent, Inc.(1)
 171,900  1,093,812 
Cybernet Systems Co. Ltd.(1)
 200  1,035 
Cybozu, Inc.
 10,000  148,809 
Dai Nippon Printing Co. Ltd.
 18,400  502,788 
Dai Nippon Toryo Co. Ltd.
 4,100  27,236 
Daicel Corp.
 83,100  693,707 
Dai-Dan Co. Ltd.
 1,500  30,743 
Daido Metal Co. Ltd.(1)
 7,200  26,181 
Daido Steel Co. Ltd.
 2,200  90,941 
Daiei Kankyo Co. Ltd.
 6,000  95,147 
Daifuku Co. Ltd.(1)
 42,600  786,207 
Daiho Corp.
 1,800  49,382 
Daiichi Jitsugyo Co. Ltd.
 700  25,664 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd.
 100  657 
Dai-ichi Life Holdings, Inc.
 259,100  4,815,528 
Daiichi Sankyo Co. Ltd.
 119,700  3,525,602 
Daiichikosho Co. Ltd.
 11,400  220,213 
Daiken Corp.
 2,400  50,090 
Daiki Aluminium Industry Co. Ltd.
 10,400  102,675 
Daikin Industries Ltd.
 12,800  2,212,590 
Daikoku Denki Co. Ltd.(1)
 6,300  229,088 
Daikokutenbussan Co. Ltd.
 2,100  95,064 
Daikyonishikawa Corp.
 9,800  54,513 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.
 300  4,757 
Daio Paper Corp.(1)
 13,400  114,172 
Daiseki Co. Ltd.(1)
 3,480  105,347 
Daishi Hokuetsu Financial Group, Inc.
 26,000  651,417 
Daishinku Corp.
 7,400  40,969 
Daito Pharmaceutical Co. Ltd.
 1,980  31,088 
Daito Trust Construction Co. Ltd.
 48,400  5,337,761 
Daitron Co. Ltd.
 900  18,702 
Daiwa House Industry Co. Ltd.
 39,600  1,099,921 
Daiwa Industries Ltd.
 300  2,909 
153

Avantis International Equity ETF
Shares Value
Daiwa Securities Group, Inc.
 672,400  $ 3,823,704 
Daiwabo Holdings Co. Ltd.
 35,900  727,691 
DCM Holdings Co. Ltd.(1)
 18,000  150,448 
DD GROUP Co. Ltd.(2)
 3,600  41,903 
Dear Life Co. Ltd.
 4,500  26,746 
DeNA Co. Ltd.
 5,200  53,881 
Denka Co. Ltd.
 48,100  906,679 
Densan System Holdings Co. Ltd.
 1,700  34,581 
Denso Corp.
 19,200  1,310,451 
Dentsu Group, Inc.
 77,200  2,305,657 
Denyo Co. Ltd.
 1,300  18,526 
Dexerials Corp.
 89,800  2,221,295 
DIC Corp.
 15,700  270,501 
Digital Arts, Inc.
 1,600  52,982 
Digital Garage, Inc.
 9,600  246,905 
Digital Information Technologies Corp.
 1,900  24,394 
Dip Corp.(1)
 5,500  132,185 
Disco Corp.
 9,000  1,778,799 
DKS Co. Ltd.
 1,400  16,153 
DMG Mori Co. Ltd.
 7,800  142,126 
Doshisha Co. Ltd.
 3,100  50,417 
Doutor Nichires Holdings Co. Ltd.
 1,100  17,612 
Dowa Holdings Co. Ltd.
 13,300  427,245 
Dream Incubator, Inc.
 4,000  81,120 
DTS Corp.
 8,800  194,845 
Duskin Co. Ltd.
 33,300  749,934 
DyDo Group Holdings, Inc.
 1,600  63,812 
Eagle Industry Co. Ltd.
 7,100  81,723 
Earth Corp.
 2,400  81,623 
East Japan Railway Co.
 9,900  559,738 
Ebara Corp.
 34,600  1,720,287 
Ebara Jitsugyo Co. Ltd.
 1,300  25,704 
Eco's Co. Ltd.
 1,500  20,982 
EDION Corp.(1)
 24,700  248,470 
E-Guardian, Inc.
 6,800  121,874 
Eiken Chemical Co. Ltd.
 12,100  116,099 
Eisai Co. Ltd.
 17,300  1,093,640 
Eizo Corp.
 4,300  148,469 
EJ Holdings, Inc.
 2,400  27,923 
Elecom Co. Ltd.
 13,200  158,616 
Electric Power Development Co. Ltd.
 34,900  543,568 
Elematec Corp.
 6,000  76,831 
en Japan, Inc.
 8,200  143,299 
ENEOS Holdings, Inc.
 824,600  3,096,482 
Enplas Corp.
 3,200  241,220 
Eslead Corp.
 700  14,265 
ESPEC Corp.
 3,900  61,362 
Exedy Corp.
 20,300  367,355 
EXEO Group, Inc.(1)
 36,300  772,295 
Ezaki Glico Co. Ltd.
 5,400  142,380 
F&M Co. Ltd.
 1,100  18,185 
154

Avantis International Equity ETF
Shares Value
Fancl Corp.
 1,400  $ 24,526 
FANUC Corp.
 43,300  1,231,510 
Fast Retailing Co. Ltd.
 4,500  1,032,351 
FCC Co. Ltd.
 18,700  246,755 
Feed One Co. Ltd.
 6,420  35,922 
Ferrotec Holdings Corp.(1)
 35,200  731,602 
FIDEA Holdings Co. Ltd.(1)
 4,040  42,170 
First Bank of Toyama Ltd.
 26,200  156,553 
Fixstars Corp.
 3,500  29,711 
FJ Next Holdings Co. Ltd.
 4,300  30,998 
Food & Life Cos. Ltd.
 10,600  201,331 
Foster Electric Co. Ltd.
 7,900  48,825 
FP Corp.
 8,100  155,594 
France Bed Holdings Co. Ltd.
 3,000  24,948 
Fudo Tetra Corp.
 2,600  32,617 
Fuji Co. Ltd.(1)
 5,400  67,720 
Fuji Corp.
 1,800  23,123 
Fuji Corp./Aichi
 13,200  217,595 
Fuji Electric Co. Ltd.
 115,200  5,428,288 
Fuji Kyuko Co. Ltd.
 1,000  36,440 
Fuji Media Holdings, Inc.
 13,700  143,024 
Fuji Oil Co. Ltd.(1)
 17,900  37,540 
Fuji Seal International, Inc.
 9,300  111,504 
Fuji Soft, Inc.
 6,600  199,248 
Fujibo Holdings, Inc.
 2,300  55,098 
FUJIFILM Holdings Corp.
 11,200  661,880 
Fujikura Composites, Inc.
 3,700  28,396 
Fujikura Ltd.
 340,400  2,815,905 
Fujimi, Inc.
 4,800  110,893 
Fujimori Kogyo Co. Ltd.
 4,700  121,017 
Fujita Kanko, Inc.(2)
 1,600  52,318 
Fujitsu Ltd.
 23,600  2,949,807 
Fujiya Co. Ltd.
 3,400  57,528 
Fukuda Corp.
 500  16,171 
Fukui Bank Ltd.
 200  2,141 
Fukui Computer Holdings, Inc.
 3,000  54,680 
Fukuoka Financial Group, Inc.
 22,800  538,429 
Fukushima Galilei Co. Ltd.
 1,200  42,623 
Fukuyama Transporting Co. Ltd.
 7,700  191,347 
FULLCAST Holdings Co. Ltd.
 3,500  49,888 
Funai Soken Holdings, Inc.
 10,400  192,542 
Furukawa Co. Ltd.
 4,100  49,892 
Furukawa Electric Co. Ltd.
 24,800  425,988 
Furuno Electric Co. Ltd.
 4,100  36,310 
Furyu Corp.
 5,200  60,464 
Fuso Chemical Co. Ltd.
 3,300  96,702 
Futaba Industrial Co. Ltd.
 13,200  62,282 
Future Corp.
 14,100  150,484 
Fuyo General Lease Co. Ltd.
 4,000  330,579 
G-7 Holdings, Inc.
 5,800  49,813 
Gakken Holdings Co. Ltd.
 8,900  51,758 
155

Avantis International Equity ETF
Shares Value
Gakkyusha Co. Ltd.
 2,100  $ 28,960 
Genky DrugStores Co. Ltd.
 2,500  89,266 
Geo Holdings Corp.
 11,200  201,560 
Gift Holdings, Inc.
 2,200  38,841 
Giken Ltd.(1)
 3,100  43,120 
Glory Ltd.
 4,500  94,989 
GMO Financial Holdings, Inc.
 7,400  36,924 
GMO internet group, Inc.
 9,100  147,170 
GMO Payment Gateway, Inc.
 2,100  132,978 
Godo Steel Ltd.
 3,400  102,453 
Goldcrest Co. Ltd.
 4,400  58,900 
Goldwin, Inc.
 2,800  200,028 
GS Yuasa Corp.
 27,500  521,101 
GSI Creos Corp.
 1,600  24,114 
G-Tekt Corp.
 10,900  137,958 
GungHo Online Entertainment, Inc.
 21,300  350,746 
Gunma Bank Ltd.
 151,100  695,811 
Gunze Ltd.
 4,900  154,189 
H.U. Group Holdings, Inc.
 30,300  547,955 
H2O Retailing Corp.
 55,900  672,767 
Hachijuni Bank Ltd.
 150,900  812,442 
Hakudo Co. Ltd.
 1,300  20,863 
Hakuhodo DY Holdings, Inc.
 76,800  728,631 
Halows Co. Ltd.
 300  8,411 
Hamakyorex Co. Ltd.
 3,900  112,131 
Hamamatsu Photonics KK
 21,400  990,145 
Hankyu Hanshin Holdings, Inc.
 127,600  4,579,738 
Hanwa Co. Ltd.
 17,400  553,488 
Happinet Corp.
 6,100  109,268 
Haseko Corp.(1)
 24,200  300,463 
Hazama Ando Corp.(1)
 78,300  637,900 
Heiwa Corp.
 26,300  401,434 
Heiwa Real Estate Co. Ltd.
 9,200  246,792 
Heiwado Co. Ltd.
 13,100  215,743 
Hibiya Engineering Ltd.
 2,000  30,706 
Hikari Tsushin, Inc.
 2,000  332,731 
HI-LEX Corp.
 1,300  11,136 
Hino Motors Ltd.(2)
 98,600  385,737 
Hioki EE Corp.
 800  42,306 
Hirogin Holdings, Inc.
 45,400  283,388 
Hirose Electric Co. Ltd.
 1,900  230,042 
Hisamitsu Pharmaceutical Co., Inc.(1)
 1,500  50,810 
Hitachi Construction Machinery Co. Ltd.
 15,700  488,178 
Hitachi Ltd.
 76,600  5,091,006 
Hitachi Zosen Corp.
 88,900  525,689 
Hochiki Corp.
 300  3,438 
Hodogaya Chemical Co. Ltd.
 1,100  24,952 
Hogy Medical Co. Ltd.
 2,000  43,883 
Hokkaido Electric Power Co., Inc.(2)
 78,500  360,610 
Hokkoku Financial Holdings, Inc.
 65,400  2,206,511 
Hokuetsu Corp.(1)
 27,300  169,475 
156

Avantis International Equity ETF
Shares Value
Hokuetsu Industries Co. Ltd.
 1,500  $ 19,826 
Hokuhoku Financial Group, Inc.
 37,300  337,413 
Hokuriku Electric Power Co.(2)
 34,500  200,709 
Hokuto Corp.
 3,900  49,000 
Honda Motor Co. Ltd., ADR
 196,871  6,364,839 
H-One Co. Ltd.
 800  4,155 
Honeys Holdings Co. Ltd.
 5,800  67,168 
Hoosiers Holdings Co. Ltd.
 4,500  33,118 
Horiba Ltd.
 12,600  655,089 
Hoshizaki Corp.
 3,800  145,838 
Hosiden Corp.
 23,200  288,534 
Hosokawa Micron Corp.
 4,600  128,249 
House Foods Group, Inc.
 2,300  49,644 
Hoya Corp.
 19,356  2,147,566 
HS Holdings Co. Ltd.
 7,600  54,124 
Hulic Co. Ltd.
 78,300  702,652 
Hyakugo Bank Ltd.
 57,800  200,546 
Hyakujushi Bank Ltd.
 4,000  61,339 
Ibiden Co. Ltd.
 47,100  2,837,780 
Ichigo, Inc.
 1,600  3,433 
Ichinen Holdings Co. Ltd.
 5,600  51,819 
Idec Corp.
 55,600  1,160,844 
Idemitsu Kosan Co. Ltd.
 137,700  2,931,125 
IDOM, Inc.(1)
 38,600  207,755 
IHI Corp.
 38,700  963,214 
Iida Group Holdings Co. Ltd.
 16,100  263,668 
Iino Kaiun Kaisha Ltd.(1)
 46,900  335,781 
I'll, Inc.
 2,800  53,234 
i-mobile Co. Ltd.
 2,300  19,691 
Inaba Denki Sangyo Co. Ltd.
 17,700  383,027 
Inabata & Co. Ltd.
 10,100  219,563 
Ines Corp.
 500  5,712 
Infocom Corp.
 3,500  68,123 
Information Services International-Dentsu Ltd.
 1,000  39,996 
INFRONEER Holdings, Inc.
 48,648  508,086 
Innotech Corp.
 2,900  31,339 
Inpex Corp.
 269,000  3,767,029 
Insource Co. Ltd.
 10,000  75,437 
Intage Holdings, Inc.
 6,100  73,336 
Integrated Design & Engineering Holdings Co. Ltd.
 4,200  97,878 
Internet Initiative Japan, Inc.
 18,300  318,058 
Inui Global Logistics Co. Ltd.(1)
 7,900  68,482 
I-PEX, Inc.
 1,900  21,962 
Iriso Electronics Co. Ltd.
 6,200  184,011 
I'rom Group Co. Ltd.(1)
 2,600  32,427 
Iseki & Co. Ltd.
 3,800  31,475 
Isetan Mitsukoshi Holdings Ltd.
 43,500  498,706 
Ishihara Sangyo Kaisha Ltd.
 7,300  71,754 
Istyle, Inc.(2)
 16,000  54,657 
Isuzu Motors Ltd.
 256,200  3,279,756 
Itfor, Inc.
 1,800  13,083 
157

Avantis International Equity ETF
Shares Value
ITmedia, Inc.
 1,600  $ 12,467 
Ito En Ltd.
 1,800  53,192 
ITOCHU Corp.
 139,000  5,216,575 
Itochu Enex Co. Ltd.
 18,000  182,151 
Itochu Techno-Solutions Corp.
 6,900  204,871 
Itoham Yonekyu Holdings, Inc.
 18,000  100,078 
Itoki Corp.
 17,900  170,126 
IwaiCosmo Holdings, Inc.
 2,500  29,726 
Iwatani Corp.
 7,600  399,662 
Iyogin Holdings, Inc.
 75,200  521,678 
Izumi Co. Ltd.(1)
 18,300  477,249 
J Front Retailing Co. Ltd.(1)
 100,400  1,057,352 
JAC Recruitment Co. Ltd.
 4,200  77,595 
Jaccs Co. Ltd.
 6,100  212,152 
JAFCO Group Co. Ltd.
 19,500  249,990 
Japan Airlines Co. Ltd.
 5,300  109,147 
Japan Airport Terminal Co. Ltd.
 1,100  52,137 
Japan Aviation Electronics Industry Ltd.
 21,600  454,735 
Japan Communications, Inc.(2)
 43,500  67,476 
Japan Display, Inc.(2)
 9,900  2,646 
Japan Electronic Materials Corp.
 2,800  29,409 
Japan Elevator Service Holdings Co. Ltd.
 11,100  184,501 
Japan Exchange Group, Inc.
 52,800  921,241 
Japan Lifeline Co. Ltd.
 25,500  201,370 
Japan Material Co. Ltd.
 7,800  142,553 
Japan Petroleum Exploration Co. Ltd.
 9,500  312,428 
Japan Post Bank Co. Ltd.
 20,900  167,703 
Japan Post Holdings Co. Ltd.
 436,100  3,343,427 
Japan Post Insurance Co. Ltd.
 40,000  643,882 
Japan Pulp & Paper Co. Ltd.
 4,200  136,745 
Japan Securities Finance Co. Ltd.
 16,300  140,605 
Japan Steel Works Ltd.
 20,500  414,215 
Japan Wool Textile Co. Ltd.
 12,500  107,503 
JBCC Holdings, Inc.
 1,000  17,462 
JCU Corp.
 1,900  43,997 
JDC Corp.
 9,600  40,419 
Jeol Ltd.
 14,600  465,119 
JFE Holdings, Inc.
 295,200  4,663,600 
JGC Holdings Corp.
 48,900  652,844 
JINUSHI Co. Ltd.(1)
 3,500  44,857 
JM Holdings Co. Ltd.
 2,400  31,251 
J-Oil Mills, Inc.
 1,700  21,230 
Joshin Denki Co. Ltd.
 6,100  93,145 
Joyful Honda Co. Ltd.
 10,400  122,492 
JP-Holdings, Inc.
 17,000  38,026 
JSB Co. Ltd.
 1,300  49,702 
JSP Corp.
 2,500  33,715 
JSR Corp.
 53,700  1,498,822 
JTEKT Corp.
 59,700  539,530 
JTOWER, Inc.(1)(2)
 1,600  75,052 
Juroku Financial Group, Inc.
 16,100  404,798 
158

Avantis International Equity ETF
Shares Value
Justsystems Corp.
 15,300  $ 316,562 
JVCKenwood Corp.
 119,800  522,652 
Kadokawa Corp.
 3,800  89,298 
Kaga Electronics Co. Ltd.
 8,200  372,133 
Kajima Corp.
 237,900  3,973,583 
Kakaku.com, Inc.
 12,100  144,022 
Kakiyasu Honten Co. Ltd.
 1,700  29,481 
Kamei Corp.
 5,100  51,444 
Kamigumi Co. Ltd.
 22,600  509,037 
Kanamoto Co. Ltd.
 16,700  283,059 
Kandenko Co. Ltd.
 60,800  557,002 
Kaneka Corp.
 7,800  218,930 
Kanematsu Corp.
 182,000  2,561,811 
Kansai Electric Power Co., Inc.
 80,900  1,147,795 
Kansai Paint Co. Ltd.
 7,000  114,774 
Kanto Denka Kogyo Co. Ltd.
 21,300  121,799 
Kao Corp.
 32,200  1,243,810 
Kato Sangyo Co. Ltd.
 16,600  477,547 
KAWADA TECHNOLOGIES, Inc.
 1,000  41,723 
Kawai Musical Instruments Manufacturing Co. Ltd.
 400  9,324 
Kawasaki Heavy Industries Ltd.
 49,200  1,260,535 
Kawasaki Kisen Kaisha Ltd.(1)
 128,300  4,299,481 
KDDI Corp.
 226,100  6,721,369 
KeePer Technical Laboratory Co. Ltd.
 1,500  69,849 
Keihan Holdings Co. Ltd.
 2,900  82,737 
Keihanshin Building Co. Ltd.
 3,700  32,388 
Keikyu Corp.
 11,600  106,986 
Keio Corp.
 1,800  62,281 
Keisei Electric Railway Co. Ltd.
 3,400  130,192 
KEIWA, Inc.
 2,400  19,801 
Keiyo Bank Ltd.
 14,300  58,431 
Kewpie Corp.
 9,500  158,306 
Keyence Corp.
 10,300  4,276,266 
KH Neochem Co. Ltd.
 17,600  274,057 
Kibun Foods, Inc.
 700  5,496 
Kikkoman Corp.
 6,900  398,585 
Kinden Corp.
 8,500  116,817 
Kintetsu Group Holdings Co. Ltd.
 39,500  1,250,275 
Kirin Holdings Co. Ltd.
 70,000  982,747 
Kissei Pharmaceutical Co. Ltd.
 3,100  72,396 
Kitz Corp.
 28,800  208,310 
Kiyo Bank Ltd.
 20,100  208,271 
Koa Corp.(1)
 8,900  112,314 
Kobayashi Pharmaceutical Co. Ltd.
 600  29,625 
Kobe Bussan Co. Ltd.
 16,800  418,559 
Kobe Steel Ltd.
 161,100  2,020,856 
Koei Tecmo Holdings Co. Ltd.
 4,200  65,233 
Kohnan Shoji Co. Ltd.
 75,700  1,847,146 
Koito Manufacturing Co. Ltd.
 8,600  145,946 
Kojima Co. Ltd.(1)
 8,100  35,255 
Kokuyo Co. Ltd.
 11,300  175,581 
159

Avantis International Equity ETF
Shares Value
Komatsu Ltd.
 129,300  $ 3,679,645 
KOMEDA Holdings Co. Ltd.
 8,700  170,494 
Komeri Co. Ltd.
 16,200  342,062 
Komori Corp.
 11,000  82,857 
Konami Group Corp.
 10,800  626,715 
Konica Minolta, Inc.
 279,100  861,697 
Konishi Co. Ltd.
 5,300  90,548 
Konoike Transport Co. Ltd.
 6,600  92,406 
Konoshima Chemical Co. Ltd.
 3,100  34,806 
Kose Corp.
 500  41,467 
Koshidaka Holdings Co. Ltd.
 17,600  161,381 
Kotobuki Spirits Co. Ltd.
 200  15,682 
Kotobukiya Co. Ltd.(1)
 1,500  21,502 
KPP Group Holdings Co. Ltd.
 17,700  79,090 
Krosaki Harima Corp.
 600  39,200 
K's Holdings Corp.
 43,800  403,750 
Kubota Corp.
 98,200  1,580,382 
Kumagai Gumi Co. Ltd.
 25,700  574,388 
Kumiai Chemical Industry Co. Ltd.
 4,100  31,633 
Kurabo Industries Ltd.
 2,700  43,296 
Kuraray Co. Ltd.
 62,500  709,933 
Kureha Corp.
 3,800  223,136 
Kurita Water Industries Ltd.
 20,200  786,896 
Kuriyama Holdings Corp.
 3,800  22,548 
Kusuri no Aoki Holdings Co. Ltd.
 7,500  469,004 
KYB Corp.
 12,300  400,979 
Kyocera Corp.
 14,600  748,829 
Kyoden Co. Ltd.(1)
 4,600  18,876 
Kyoei Steel Ltd.(1)
 2,900  38,601 
Kyokuto Kaihatsu Kogyo Co. Ltd.
 7,100  88,317 
Kyokuyo Co. Ltd.
 1,200  31,301 
Kyorin Pharmaceutical Co. Ltd.
 900  10,951 
Kyoritsu Maintenance Co. Ltd.
 10,000  431,217 
Kyowa Kirin Co. Ltd.
 16,900  308,962 
Kyudenko Corp.(1)
 10,800  332,324 
Kyushu Electric Power Co., Inc.(2)
 44,400  292,571 
Kyushu Financial Group, Inc.
 97,300  476,043 
Kyushu Leasing Service Co. Ltd.
 2,800  16,261 
Kyushu Railway Co.
 14,100  307,177 
Lasertec Corp.
 4,600  715,022 
Lawson, Inc.(1)
 7,600  362,756 
Leopalace21 Corp.(2)
 66,200  166,104 
Life Corp.(1)
 9,600  239,356 
Lifedrink Co., Inc.
 3,600  101,762 
LIKE, Inc.
 1,200  12,547 
Lintec Corp.
 6,500  107,153 
Lion Corp.
 11,600  126,299 
LITALICO, Inc.
 4,000  60,175 
Lixil Corp.
 27,400  343,203 
Look Holdings, Inc.
 1,200  16,492 
M&A Capital Partners Co. Ltd.(2)
 1,800  34,836 
160

Avantis International Equity ETF
Shares Value
M3, Inc.
 32,100  $ 639,843 
Mabuchi Motor Co. Ltd.
 2,600  79,574 
Macbee Planet, Inc.(1)(2)
 500  64,008 
Macnica Holdings, Inc.
 29,900  1,398,978 
Makino Milling Machine Co. Ltd.
 70,500  3,367,353 
Makita Corp.
 4,300  117,872 
Management Solutions Co. Ltd.
 3,000  79,359 
MarkLines Co. Ltd.
 1,900  40,223 
Marubeni Corp.
 377,500  6,167,821 
Marubun Corp.(1)
 10,300  82,706 
Marudai Food Co. Ltd.
 1,500  17,590 
Maruha Nichiro Corp.
 13,800  240,827 
Marui Group Co. Ltd.
 38,000  657,733 
Maruichi Steel Tube Ltd.
 6,200  161,120 
MARUKA FURUSATO Corp.
 32,200  626,319 
Marumae Co. Ltd.(1)
 1,200  14,884 
Marusan Securities Co. Ltd.
 7,700  27,632 
Maruwa Co. Ltd.
 3,700  688,308 
Maruzen Showa Unyu Co. Ltd.
 4,300  116,832 
Matsuda Sangyo Co. Ltd.
 2,800  43,195 
Matsui Securities Co. Ltd.(1)
 19,000  104,497 
MatsukiyoCocokara & Co.
 5,220  307,356 
Max Co. Ltd.
 3,700  69,511 
Maxell Ltd.
 22,400  242,769 
Maxvalu Tokai Co. Ltd.
 800  15,339 
Mazda Motor Corp.
 338,600  3,527,844 
McDonald's Holdings Co. Japan Ltd.(1)
 8,600  342,212 
MCJ Co. Ltd.
 23,900  195,280 
Mebuki Financial Group, Inc.
 961,700  2,658,531 
Medipal Holdings Corp.
 21,400  366,745 
MedPeer, Inc.(2)
 100  747 
Megachips Corp.
 3,300  95,076 
Megmilk Snow Brand Co. Ltd.
 21,000  343,558 
Meidensha Corp.
 12,700  190,404 
MEIJI Holdings Co. Ltd.
 177,900  4,460,854 
Meiko Electronics Co. Ltd.(1)
 39,800  974,531 
Meisei Industrial Co. Ltd.
 6,500  42,784 
Meitec Corp.
 27,900  488,427 
Meiwa Corp.
 5,300  24,095 
Members Co. Ltd.
 1,400  12,295 
Menicon Co. Ltd.
 14,600  203,846 
Mercari, Inc.(2)
 2,300  52,305 
Micronics Japan Co. Ltd.
 17,800  265,874 
Mie Kotsu Group Holdings, Inc.
 4,600  18,979 
Milbon Co. Ltd.
 1,400  43,298 
Mimasu Semiconductor Industry Co. Ltd.
 17,500  344,791 
MINEBEA MITSUMI, Inc.
 219,100  3,714,979 
MIRAIT ONE Corp.
 36,300  480,785 
Mirarth Holdings, Inc.
 16,000  51,390 
Miroku Jyoho Service Co. Ltd.
 5,500  57,712 
MISUMI Group, Inc.
 36,300  632,334 
161

Avantis International Equity ETF
Shares Value
Mito Securities Co. Ltd.
 2,600  $ 7,655 
Mitsuba Corp.
 16,900  88,564 
Mitsubishi Chemical Group Corp.
 776,700  4,636,673 
Mitsubishi Corp.
 113,700  5,608,242 
Mitsubishi Electric Corp.
 153,000  1,993,295 
Mitsubishi Estate Co. Ltd.
 32,700  416,500 
Mitsubishi Gas Chemical Co., Inc.
 14,500  197,498 
Mitsubishi HC Capital, Inc.
 281,040  1,825,876 
Mitsubishi Heavy Industries Ltd.
 107,400  6,082,290 
Mitsubishi Logisnext Co. Ltd.
 15,500  145,364 
Mitsubishi Logistics Corp.
 73,700  1,957,056 
Mitsubishi Materials Corp.
 14,800  248,434 
Mitsubishi Motors Corp.
 230,700  902,393 
Mitsubishi Pencil Co. Ltd.
 6,600  87,370 
Mitsubishi Research Institute, Inc.
 3,300  113,679 
Mitsubishi Shokuhin Co. Ltd.
 9,200  251,899 
Mitsubishi UFJ Financial Group, Inc., ADR(1)
 1,181,584  9,369,961 
Mitsui & Co. Ltd.
 8,300  309,136 
Mitsui Chemicals, Inc.
 88,200  2,390,996 
Mitsui E&S Co. Ltd.
 20,000  68,673 
Mitsui Fudosan Co. Ltd.
 132,500  2,900,837 
Mitsui High-Tec, Inc.(1)
 2,500  169,644 
Mitsui Matsushima Holdings Co. Ltd.(1)
 5,300  104,971 
Mitsui Mining & Smelting Co. Ltd.(1)
 52,800  1,348,759 
Mitsui OSK Lines Ltd.(1)
 122,900  3,403,216 
Mitsui-Soko Holdings Co. Ltd.
 62,200  1,772,719 
Miura Co. Ltd.
 5,000  115,343 
Mixi, Inc.
 16,600  277,068 
Miyaji Engineering Group, Inc.
 300  12,132 
Miyazaki Bank Ltd.
 4,600  82,635 
Mizuho Financial Group, Inc., ADR
 1,412,605  4,633,344 
Mizuho Leasing Co. Ltd.
 20,400  673,041 
Mizuno Corp.
 4,400  140,323 
Mochida Pharmaceutical Co. Ltd.
 2,300  53,171 
Monex Group, Inc.
 18,200  65,218 
Monogatari Corp.
 24,800  810,283 
MonotaRO Co. Ltd.
 10,400  122,827 
Morinaga & Co. Ltd.
 12,200  443,378 
Morinaga Milk Industry Co. Ltd.
 18,500  757,202 
Morita Holdings Corp.
 6,300  70,841 
MS&AD Insurance Group Holdings, Inc.
 125,000  4,488,953 
Murata Manufacturing Co. Ltd.
 48,000  2,685,277 
Musashi Seimitsu Industry Co. Ltd.
 17,900  212,751 
Musashino Bank Ltd.
 9,000  163,108 
Nabtesco Corp.
 14,600  276,052 
Nachi-Fujikoshi Corp.
 4,100  112,838 
Nafco Co. Ltd.
 3,500  45,928 
Nagano Keiki Co. Ltd.
 3,200  58,270 
Nagase & Co. Ltd.
 17,800  305,038 
Nagoya Railroad Co. Ltd.
 17,100  274,620 
Nakayama Steel Works Ltd.
 3,300  20,952 
162

Avantis International Equity ETF
Shares Value
Namura Shipbuilding Co. Ltd.
 38,900  $ 244,292 
Nankai Electric Railway Co. Ltd.
 14,100  296,219 
Nanto Bank Ltd.
 10,100  183,974 
NEC Capital Solutions Ltd.
 3,300  72,023 
NEC Corp.
 62,500  3,294,429 
NEC Networks & System Integration Corp.
 4,200  56,004 
NET One Systems Co. Ltd.
 28,700  562,347 
Neturen Co. Ltd.
 4,800  33,231 
Nexon Co. Ltd.
 14,300  290,114 
Nextage Co. Ltd.
 20,700  465,967 
NGK Insulators Ltd.
 46,400  615,552 
NH Foods Ltd.
 24,600  763,184 
NHK Spring Co. Ltd.
 116,600  904,011 
Nichias Corp.
 23,500  491,506 
Nichicon Corp.
 18,900  182,378 
Nichiha Corp.
 8,500  182,143 
Nichirei Corp.
 22,300  527,596 
Nichireki Co. Ltd.
 7,900  112,985 
Nidec Corp.
 6,218  323,550 
Nifco, Inc.
 15,000  442,137 
Nihon Dempa Kogyo Co. Ltd.(1)
 13,000  138,453 
Nihon M&A Center Holdings, Inc.
 7,100  39,439 
Nihon Parkerizing Co. Ltd.
 7,500  59,798 
Nikkiso Co. Ltd.
 10,800  74,632 
Nikkon Holdings Co. Ltd.
 21,900  499,106 
Nikon Corp.
 17,700  190,897 
Nintendo Co. Ltd.
 94,000  4,030,427 
Nippn Corp.
 9,500  135,072 
Nippon Carbon Co. Ltd.
 3,300  100,485 
Nippon Chemical Industrial Co. Ltd.
 1,300  16,812 
Nippon Chemi-Con Corp.(2)
 4,300  41,386 
Nippon Coke & Engineering Co. Ltd.(2)
 46,500  36,057 
Nippon Denko Co. Ltd.
 30,600  58,366 
Nippon Densetsu Kogyo Co. Ltd.
 11,200  164,023 
Nippon Electric Glass Co. Ltd.
 26,700  471,149 
NIPPON EXPRESS HOLDINGS, Inc.
 31,100  1,615,004 
Nippon Gas Co. Ltd.
 11,000  171,223 
Nippon Kayaku Co. Ltd.
 14,800  132,533 
Nippon Light Metal Holdings Co. Ltd.
 10,120  107,751 
Nippon Paint Holdings Co. Ltd.
 3,500  27,043 
Nippon Paper Industries Co. Ltd.(2)
 23,500  210,185 
Nippon Parking Development Co. Ltd.
 50,500  75,912 
Nippon Pillar Packing Co. Ltd.
 11,300  325,720 
Nippon Road Co. Ltd.
 1,100  72,768 
Nippon Sanso Holdings Corp.
 5,000  120,561 
Nippon Seiki Co. Ltd.
 9,400  70,706 
Nippon Seisen Co. Ltd.
 700  22,841 
Nippon Sheet Glass Co. Ltd.(2)
 55,800  292,829 
Nippon Shinyaku Co. Ltd.
 2,600  113,819 
Nippon Shokubai Co. Ltd.
 6,800  258,772 
Nippon Signal Company Ltd.
 1,200  7,948 
163

Avantis International Equity ETF
Shares Value
Nippon Soda Co. Ltd.
 6,800  $ 251,498 
Nippon Steel Corp.
 267,400  6,323,561 
Nippon Telegraph & Telephone Corp.
 3,567,300  4,118,931 
Nippon Television Holdings, Inc.
 16,300  151,863 
Nippon Thompson Co. Ltd.(1)
 12,000  46,292 
Nippon Yakin Kogyo Co. Ltd.(1)
 3,400  104,826 
Nippon Yusen KK(1)
 185,400  4,932,454 
Nipro Corp.
 68,700  568,948 
Nishimatsu Construction Co. Ltd.
 5,600  142,039 
Nishi-Nippon Financial Holdings, Inc.
 45,700  472,917 
Nishi-Nippon Railroad Co. Ltd.
 14,700  274,443 
Nishio Holdings Co. Ltd.
 12,100  295,054 
Nissan Chemical Corp.
 14,100  603,905 
Nissan Motor Co. Ltd.
 368,800  1,568,217 
Nissan Shatai Co. Ltd.
 9,000  55,935 
Nissei ASB Machine Co. Ltd.
 1,000  29,617 
Nissha Co. Ltd.
 6,700  81,116 
Nisshin Oillio Group Ltd.
 9,200  263,912 
Nisshin Seifun Group, Inc.
 12,700  167,495 
Nisshinbo Holdings, Inc.
 35,900  266,641 
Nissin Corp.
 3,800  67,281 
Nissin Foods Holdings Co. Ltd.
 2,900  253,264 
Nisso Corp.
 4,400  25,276 
Nissui Corp.
 74,600  391,708 
Niterra Co. Ltd.
 39,300  912,020 
Nitori Holdings Co. Ltd.
 4,500  512,225 
Nitta Corp.
 2,800  63,587 
Nittetsu Mining Co. Ltd.
 5,800  203,183 
Nitto Boseki Co. Ltd.
 3,900  107,118 
Nitto Denko Corp.
 76,900  5,246,313 
Nittoc Construction Co. Ltd.
 2,600  19,255 
Noevir Holdings Co. Ltd.
 800  31,245 
NOF Corp.
 3,800  171,405 
Nohmi Bosai Ltd.
 3,100  37,688 
Nojima Corp.
 27,900  244,895 
NOK Corp.(1)
 39,800  557,677 
Nomura Co. Ltd.
 8,600  50,410 
Nomura Micro Science Co. Ltd.(1)
 2,800  111,999 
Noritake Co. Ltd.
 2,400  99,293 
Noritsu Koki Co. Ltd.
 6,400  129,536 
Noritz Corp.
 10,800  118,557 
North Pacific Bank Ltd.
 76,500  160,953 
NS Solutions Corp.
 300  8,132 
NS United Kaiun Kaisha Ltd.(1)
 4,100  114,434 
NSD Co. Ltd.
 5,500  96,531 
NSK Ltd.
 44,800  260,796 
NTN Corp.(1)
 198,800  394,613 
NTT Data Corp.
 159,900  2,149,969 
Obayashi Corp.
 239,400  2,168,185 
Obic Co. Ltd.
 3,500  608,538 
Odakyu Electric Railway Co. Ltd.
 66,900  994,775 
164

Avantis International Equity ETF
Shares Value
Ogaki Kyoritsu Bank Ltd.
 4,800  $ 66,237 
Ohsho Food Service Corp.
 400  19,287 
Oiles Corp.
 1,800  25,534 
Oji Holdings Corp.
 170,700  698,224 
Okamoto Industries, Inc.
 300  9,624 
Okamoto Machine Tool Works Ltd.
 1,800  68,584 
Okamura Corp.
 12,200  181,867 
Okasan Securities Group, Inc.
 31,200  123,278 
Oki Electric Industry Co. Ltd.
 13,600  84,256 
Okinawa Cellular Telephone Co.
 8,300  179,652 
Okinawa Electric Power Co., Inc.(2)
 9,175  72,069 
Okinawa Financial Group, Inc.
 2,600  40,206 
OKUMA Corp.
 3,800  177,999 
Okumura Corp.
 46,800  1,463,133 
Okura Industrial Co. Ltd.
 1,700  30,167 
Olympus Corp.
 119,600  1,615,366 
Omron Corp.
 6,600  318,466 
Ono Pharmaceutical Co. Ltd.
 57,000  1,076,840 
Onoken Co. Ltd.
 2,600  30,001 
Onward Holdings Co. Ltd.
 47,800  170,870 
Open House Group Co. Ltd.
 19,000  641,833 
Optorun Co. Ltd.
 10,600  141,947 
Oracle Corp. Japan
 2,200  153,664 
Organo Corp.
 5,600  155,424 
Orient Corp.
 7,520  57,051 
Oriental Land Co. Ltd.
 41,300  1,487,676 
Oriental Shiraishi Corp.
 61,100  137,214 
ORIX Corp., ADR
 53,478  4,968,106 
Oro Co. Ltd.
 2,400  34,887 
Osaka Gas Co. Ltd.
 16,100  257,027 
Osaka Organic Chemical Industry Ltd.
 4,100  72,727 
Osaka Soda Co. Ltd.
 18,500  886,312 
Osaka Steel Co. Ltd.
 2,100  24,220 
OSAKA Titanium Technologies Co. Ltd.
 12,000  274,107 
Osaki Electric Co. Ltd.
 4,600  20,100 
OSG Corp.
 25,100  316,285 
Otsuka Corp.
 12,900  574,926 
Otsuka Holdings Co. Ltd.
 14,200  539,482 
Outsourcing, Inc.
 26,500  207,460 
Pacific Industrial Co. Ltd.
 16,100  157,557 
Pack Corp.
 2,400  51,208 
PAL GROUP Holdings Co. Ltd.
 29,200  411,833 
PALTAC Corp.
 8,700  286,568 
Pan Pacific International Holdings Corp.
 119,700  2,385,043 
Panasonic Holdings Corp.
 384,200  4,422,161 
Paramount Bed Holdings Co. Ltd.
 13,300  215,417 
Park24 Co. Ltd.(2)
 9,600  135,399 
Pasona Group, Inc.
 7,000  78,472 
PCA Corp.
 300  2,534 
Pegasus Co. Ltd.(1)
 6,300  25,655 
Penta-Ocean Construction Co. Ltd.
 216,600  1,287,324 
165

Avantis International Equity ETF
Shares Value
Persol Holdings Co. Ltd.
 27,800  $ 475,140 
Pigeon Corp.
 1,300  15,069 
Pilot Corp.
 6,400  206,022 
Piolax, Inc.
 7,700  123,358 
Plus Alpha Consulting Co. Ltd.
 3,200  62,535 
Pola Orbis Holdings, Inc.
 1,700  21,943 
Pole To Win Holdings, Inc.
 5,600  26,736 
Premium Group Co. Ltd.
 9,200  102,942 
Press Kogyo Co. Ltd.(1)
 53,200  244,354 
Pressance Corp.
 1,900  24,928 
Prestige International, Inc.
 21,900  88,288 
Prima Meat Packers Ltd.
 7,100  123,391 
Procrea Holdings, Inc.
 6,200  85,344 
Qol Holdings Co. Ltd.
 5,400  71,277 
Quick Co. Ltd.
 1,500  21,971 
Raccoon Holdings, Inc.
 3,300  17,114 
Raito Kogyo Co. Ltd.
 18,300  255,657 
Raiznext Corp.
 5,200  50,328 
Rakus Co. Ltd.
 5,200  84,515 
Rakuten Group, Inc.
 77,500  301,556 
RaQualia Pharma, Inc.(2)
 800  4,174 
Rasa Industries Ltd.
 2,200  30,477 
Recruit Holdings Co. Ltd.
 102,600  3,654,865 
Relo Group, Inc.
 82,600  967,496 
Remixpoint, Inc.(1)
 26,200  39,630 
Renesas Electronics Corp.(2)
 124,500  2,074,128 
Rengo Co. Ltd.
 33,800  229,671 
Resona Holdings, Inc.
 657,156  3,481,299 
Resonac Holdings Corp.
 23,100  375,419 
Resorttrust, Inc.
 36,700  588,349 
Restar Holdings Corp.
 3,300  54,695 
Retail Partners Co. Ltd.(1)
 4,500  49,751 
Ricoh Co. Ltd.
 259,400  2,113,174 
Ricoh Leasing Co. Ltd.
 6,600  194,332 
Riken Corp.
 2,500  56,432 
Riken Keiki Co. Ltd.
 4,100  148,377 
Riken Technos Corp.
 5,400  26,636 
Riken Vitamin Co. Ltd.
 2,800  44,413 
Rinnai Corp.
 7,800  151,049 
Riso Kagaku Corp.
 200  3,129 
Riso Kyoiku Co. Ltd.
 35,300  60,135 
Rohm Co. Ltd.(1)
 11,100  925,825 
Rohto Pharmaceutical Co. Ltd.
 72,100  1,875,784 
Roland DG Corp.
 3,300  78,363 
Round One Corp.
 118,000  480,477 
Royal Holdings Co. Ltd.
 2,000  36,505 
RPA Holdings, Inc.(2)
 100  246 
Ryobi Ltd.(1)
 19,400  377,246 
Ryoden Corp.
 4,400  71,718 
Ryohin Keikaku Co. Ltd.(1)
 35,300  455,098 
Ryosan Co. Ltd.
 9,800  284,898 
166

Avantis International Equity ETF
Shares Value
S Foods, Inc.
 11,200  $ 257,884 
Sakai Chemical Industry Co. Ltd.
 2,500  33,714 
Sakai Moving Service Co. Ltd.
 2,800  104,416 
Sakata INX Corp.
 6,000  56,229 
Sala Corp.
 17,000  87,163 
San Holdings, Inc.
 400  6,016 
San ju San Financial Group, Inc.
 300  3,594 
San-A Co. Ltd.
 1,700  57,344 
San-Ai Obbli Co. Ltd.
 22,100  254,152 
Sangetsu Corp.
 25,900  536,832 
San-In Godo Bank Ltd.
 41,600  261,850 
Sanki Engineering Co. Ltd.
 8,600  95,158 
Sankyo Co. Ltd.
 51,500  2,242,708 
Sankyu, Inc.
 18,500  645,013 
Sanoh Industrial Co. Ltd.
 3,200  20,136 
Santen Pharmaceutical Co. Ltd.
 45,900  425,988 
Sanwa Holdings Corp.
 117,700  1,790,974 
Sanyo Chemical Industries Ltd.
 1,800  51,150 
Sanyo Denki Co. Ltd.
 2,800  136,665 
Sanyo Electric Railway Co. Ltd.
 1,800  27,544 
Sanyo Shokai Ltd.
 3,000  41,046 
Sanyo Special Steel Co. Ltd.
 4,700  89,740 
Sanyo Trading Co. Ltd.
 100  922 
Sato Holdings Corp.
 5,800  84,029 
Sawai Group Holdings Co. Ltd.
 11,100  355,695 
SB Technology Corp.
 3,000  49,215 
SBI Holdings, Inc.
 99,400  2,028,847 
SBS Holdings, Inc.
 6,800  142,772 
SCREEN Holdings Co. Ltd.
 23,200  2,362,032 
Scroll Corp.
 5,700  39,361 
SCSK Corp.
 20,400  353,622 
Secom Co. Ltd.
 12,000  839,853 
Sega Sammy Holdings, Inc.
 15,100  301,348 
Seibu Holdings, Inc.
 25,600  270,725 
Seika Corp.
 1,100  15,988 
Seikagaku Corp.
 1,800  9,888 
Seikitokyu Kogyo Co. Ltd.(1)
 9,200  105,073 
Seiko Epson Corp.
 59,700  934,806 
Seiko Group Corp.
 19,700  363,206 
Seino Holdings Co. Ltd.
 53,100  773,521 
Seiren Co. Ltd.(1)
 11,200  184,675 
Sekisui Chemical Co. Ltd.
 232,800  3,570,539 
Sekisui House Ltd.
 43,400  884,466 
Sekisui Jushi Corp.
 6,500  112,210 
Senko Group Holdings Co. Ltd.
 42,400  296,845 
Senshu Electric Co. Ltd.
 4,500  118,494 
Senshu Ikeda Holdings, Inc.
 40,600  73,775 
Seria Co. Ltd.
 14,900  235,301 
Seven & i Holdings Co. Ltd.(1)
 111,800  4,587,283 
Seven Bank Ltd.
 155,700  331,156 
SG Holdings Co. Ltd.
 25,100  362,566 
167

Avantis International Equity ETF
Shares Value
Sharp Corp.(2)
 19,200  $ 118,192 
Shibaura Electronics Co. Ltd.
 900  40,242 
Shibaura Mechatronics Corp.(1)
 2,100  369,816 
SHIFT, Inc.(2)
 300  61,692 
Shiga Bank Ltd.
 16,900  377,786 
Shikoku Bank Ltd.
 3,300  21,012 
Shikoku Electric Power Co., Inc.(2)
 5,400  38,887 
Shikoku Kasei Holdings Corp.
 3,300  33,020 
Shimadzu Corp.
 24,700  725,852 
Shimamura Co. Ltd.
 3,300  340,143 
Shimano, Inc.
 2,400  352,056 
Shimizu Corp.
 161,900  1,089,254 
Shin Nippon Air Technologies Co. Ltd.
 300  5,090 
Shin Nippon Biomedical Laboratories Ltd.(1)
 5,500  85,156 
Shinagawa Refractories Co. Ltd.
 1,200  57,811 
Shindengen Electric Manufacturing Co. Ltd.
 1,500  31,950 
Shin-Etsu Chemical Co. Ltd.
 299,000  9,530,250 
Shin-Etsu Polymer Co. Ltd.
 1,900  17,885 
Shinko Electric Industries Co. Ltd.
 16,700  683,383 
Shinmaywa Industries Ltd.
 15,500  150,097 
Shinnihon Corp.
 4,700  39,721 
Shinsho Corp.(1)
 2,400  93,516 
Shinwa Co. Ltd.
 1,400  21,553 
Shionogi & Co. Ltd.
 13,700  601,695 
Ship Healthcare Holdings, Inc.
 23,300  395,326 
Shiseido Co. Ltd.
 19,032  772,304 
Shizuoka Financial Group, Inc.
 35,600  289,291 
SHO-BOND Holdings Co. Ltd.
 2,300  92,645 
Shoei Co. Ltd.(1)
 13,100  221,779 
Shofu, Inc.
 1,000  14,694 
Showa Sangyo Co. Ltd.
 2,000  41,101 
SIGMAXYZ Holdings, Inc.
 6,200  69,591 
Siix Corp.
 9,000  97,236 
Sinanen Holdings Co. Ltd.
 1,300  35,792 
Sinfonia Technology Co. Ltd.
 10,400  112,472 
Sinko Industries Ltd.
 2,800  38,723 
Sintokogio Ltd.
 13,300  99,202 
SKY Perfect JSAT Holdings, Inc.
 45,500  206,844 
Skylark Holdings Co. Ltd.(2)
 4,900  68,574 
SMC Corp.
 1,895  921,199 
SMS Co. Ltd.
 7,800  150,215 
Soda Nikka Co. Ltd.
 6,700  42,186 
Sodick Co. Ltd.
 10,600  49,998 
Softbank Corp.
 273,500  3,136,690 
SoftBank Group Corp.
 58,800  2,635,206 
Softcreate Holdings Corp.
 4,000  48,288 
Sohgo Security Services Co. Ltd.
 34,000  216,804 
Sojitz Corp.(1)
 164,780  3,540,233 
Soken Chemical & Engineering Co. Ltd.
 1,000  12,416 
Soliton Systems KK
 200  1,579 
Sompo Holdings, Inc.
 59,400  2,584,939 
168

Avantis International Equity ETF
Shares Value
Sony Group Corp., ADR
 146,004  $ 12,146,073 
Sotetsu Holdings, Inc.
 27,300  533,530 
Sparx Group Co. Ltd.
 4,840  49,878 
S-Pool, Inc.(1)
 13,100  43,672 
Square Enix Holdings Co. Ltd.
 5,500  208,770 
SRA Holdings
 300  7,002 
Stanley Electric Co. Ltd.
 10,000  175,429 
Star Micronics Co. Ltd.
 8,600  110,971 
Starts Corp., Inc.
 11,000  230,832 
Starzen Co. Ltd.
 600  10,593 
Stella Chemifa Corp.
 2,500  53,174 
Strike Co. Ltd.
 1,300  28,509 
Studio Alice Co. Ltd.(1)
 2,000  29,195 
Subaru Corp.
 138,600  2,664,360 
Sugi Holdings Co. Ltd.(1)
 2,100  94,247 
SUMCO Corp.
 183,500  2,450,779 
Sumida Corp.
 17,300  196,508 
Sumitomo Bakelite Co. Ltd.
 4,900  231,524 
Sumitomo Chemical Co. Ltd.
 798,900  2,211,615 
Sumitomo Corp.
 108,200  2,225,285 
Sumitomo Densetsu Co. Ltd.
 2,700  53,704 
Sumitomo Electric Industries Ltd.
 178,200  2,181,578 
Sumitomo Forestry Co. Ltd.
 16,500  464,329 
Sumitomo Heavy Industries Ltd.
 23,700  593,193 
Sumitomo Metal Mining Co. Ltd.
 23,700  735,497 
Sumitomo Mitsui Construction Co. Ltd.
 45,200  125,667 
Sumitomo Mitsui Financial Group, Inc., ADR
 827,920  7,534,072 
Sumitomo Mitsui Trust Holdings, Inc.
 85,000  3,183,998 
Sumitomo Osaka Cement Co. Ltd.
 70,000  1,923,771 
Sumitomo Pharma Co. Ltd.
 34,900  121,538 
Sumitomo Realty & Development Co. Ltd.
 41,000  1,048,096 
Sumitomo Riko Co. Ltd.
 14,100  104,856 
Sumitomo Rubber Industries Ltd.
 79,600  838,882 
Sumitomo Seika Chemicals Co. Ltd.
 5,400  167,604 
Sumitomo Warehouse Co. Ltd.
 26,200  449,106 
Sun Frontier Fudousan Co. Ltd.
 9,400  93,101 
Sundrug Co. Ltd.
 29,200  863,147 
Suntory Beverage & Food Ltd.
 10,400  334,614 
Sun-Wa Technos Corp.
 4,000  59,949 
Suruga Bank Ltd.
 72,300  300,996 
Suzuken Co. Ltd.
 19,100  566,163 
Suzuki Motor Corp.
 45,100  1,772,088 
SWCC Corp.
 9,100  122,574 
Sysmex Corp.
 5,600  297,139 
Systena Corp.
 49,700  91,998 
T RAD Co. Ltd.
 1,400  20,280 
T&D Holdings, Inc.
 122,700  1,944,724 
Tachibana Eletech Co. Ltd.
 8,600  156,736 
Tachi-S Co. Ltd.
 19,100  229,368 
Tadano Ltd.
 17,200  139,423 
Taihei Dengyo Kaisha Ltd.
 4,400  118,063 
169

Avantis International Equity ETF
Shares Value
Taiheiyo Cement Corp.
 73,300  $ 1,405,411 
Taikisha Ltd.
 12,100  380,218 
Taisei Corp.
 80,400  2,705,941 
Taisei Lamick Co. Ltd.
 200  4,233 
Taisho Pharmaceutical Holdings Co. Ltd.
 1,300  53,703 
Taiyo Holdings Co. Ltd.
 6,400  115,375 
Taiyo Yuden Co. Ltd.
 93,400  2,596,538 
Takamatsu Construction Group Co. Ltd.
 4,500  80,615 
Takaoka Toko Co. Ltd.
 2,800  42,578 
Takara & Co. Ltd.
 2,300  37,079 
Takara Bio, Inc.
 16,800  164,529 
Takara Holdings, Inc.
 14,800  127,607 
Takara Standard Co. Ltd.(1)
 15,400  205,226 
Takasago International Corp.
 2,500  49,315 
Takasago Thermal Engineering Co. Ltd.
 28,700  577,263 
Takashimaya Co. Ltd.(1)
 75,200  1,128,999 
Takeda Pharmaceutical Co. Ltd., ADR(1)
 186,071  2,865,493 
Takeuchi Manufacturing Co. Ltd.
 16,900  536,659 
Takuma Co. Ltd.
 6,600  73,045 
Tama Home Co. Ltd.
 6,700  163,264 
Tamron Co. Ltd.(1)
 12,200  376,677 
Tanseisha Co. Ltd.
 4,800  25,732 
Tayca Corp.
 200  1,837 
TBS Holdings, Inc.
 3,700  65,405 
TDC Soft, Inc.
 200  2,326 
TDK Corp.
 93,300  3,395,850 
TechMatrix Corp.
 8,500  95,858 
TechnoPro Holdings, Inc.
 14,700  360,525 
Teijin Ltd.
 262,700  2,667,465 
Teikoku Electric Manufacturing Co. Ltd.
 4,400  76,545 
Tekken Corp.
 2,600  36,000 
Tenma Corp.
 1,800  31,718 
Tera Probe, Inc.
 2,900  87,699 
Terumo Corp.
 12,800  387,295 
T-Gaia Corp.
 6,300  75,743 
THK Co. Ltd.
 24,700  451,077 
TIS, Inc.
 119,700  2,822,091 
TKC Corp.
 4,300  108,552 
Toa Corp.
 4,300  106,427 
TOA ROAD Corp.
 2,500  85,772 
Toagosei Co. Ltd.
 18,100  172,441 
Tobishima Corp.
 3,300  29,757 
Tobu Railway Co. Ltd.
 46,700  1,280,247 
TOC Co. Ltd.
 3,500  14,884 
Tocalo Co. Ltd.
 23,300  228,669 
Tochigi Bank Ltd.
 18,200  36,671 
Toda Corp.
 104,700  588,925 
Toei Animation Co. Ltd.
 200  16,854 
Toei Co. Ltd.
 500  59,478 
Toho Bank Ltd.
 24,600  46,766 
Toho Co. Ltd.
 2,400  91,475 
170

Avantis International Equity ETF
Shares Value
Toho Holdings Co. Ltd.(1)
 34,500  $ 690,386 
Tohoku Electric Power Co., Inc.(2)
 41,900  292,322 
Tokai Carbon Co. Ltd.
 25,700  202,985 
Tokai Corp.
 1,400  18,143 
TOKAI Holdings Corp.
 48,100  312,181 
Tokai Rika Co. Ltd.
 22,700  354,898 
Tokai Tokyo Financial Holdings, Inc.
 55,900  172,226 
Token Corp.
 1,700  89,481 
Tokio Marine Holdings, Inc.
 275,600  6,082,077 
Tokushu Tokai Paper Co. Ltd.
 100  2,225 
Tokuyama Corp.
 17,500  279,140 
Tokyo Century Corp.
 4,400  168,868 
Tokyo Electric Power Co. Holdings, Inc.(2)
 384,700  1,685,364 
Tokyo Electron Ltd.
 55,400  8,228,320 
Tokyo Gas Co. Ltd.
 46,000  1,064,466 
Tokyo Kiraboshi Financial Group, Inc.
 17,500  461,592 
Tokyo Ohka Kogyo Co. Ltd.
 7,100  479,922 
Tokyo Rope Manufacturing Co. Ltd.
 2,600  20,845 
Tokyo Steel Manufacturing Co. Ltd.
 23,400  262,784 
Tokyo Tatemono Co. Ltd.
 39,000  512,010 
Tokyotokeiba Co. Ltd.(1)
 7,500  202,548 
Tokyu Construction Co. Ltd.
 32,800  172,924 
Tokyu Corp.
 27,700  350,034 
Tokyu Fudosan Holdings Corp.
 93,700  582,435 
TOMONY Holdings, Inc.
 24,600  69,661 
Tomy Co. Ltd.
 47,400  769,119 
Topcon Corp.
 41,700  501,927 
Toppan, Inc.
 47,500  1,147,406 
Topre Corp.
 17,700  210,582 
Topy Industries Ltd.
 2,100  32,784 
Toray Industries, Inc.
 531,800  2,867,290 
Toridoll Holdings Corp.
 47,500  1,297,789 
Torii Pharmaceutical Co. Ltd.
 1,300  33,470 
Torikizoku Holdings Co. Ltd.
 2,900  61,115 
Torishima Pump Manufacturing Co. Ltd.
 3,100  40,335 
Toshiba Corp.
 26,400  834,320 
Toshiba TEC Corp.
 4,100  99,694 
Tosoh Corp.
 49,600  641,814 
Totech Corp.
 2,500  89,878 
Totetsu Kogyo Co. Ltd.
 8,100  152,739 
TOTO Ltd.
 6,400  175,513 
Towa Corp.
 1,800  45,311 
Toyo Construction Co. Ltd.
 18,500  140,846 
Toyo Corp.
 1,900  17,666 
Toyo Engineering Corp.(2)
 7,700  33,965 
Toyo Gosei Co. Ltd.(1)
 800  40,759 
Toyo Ink SC Holdings Co. Ltd.
 6,800  105,917 
Toyo Kanetsu KK
 2,800  64,663 
Toyo Securities Co. Ltd.
 2,800  6,242 
Toyo Seikan Group Holdings Ltd.
 56,000  1,013,513 
Toyo Suisan Kaisha Ltd.
 3,100  127,818 
171

Avantis International Equity ETF
Shares Value
Toyo Tanso Co. Ltd.
 3,100  $ 126,637 
Toyo Tire Corp.
 62,600  942,461 
Toyobo Co. Ltd.
 20,100  145,876 
Toyoda Gosei Co. Ltd.
 29,700  640,654 
Toyota Boshoku Corp.
 7,700  145,518 
Toyota Industries Corp.
 8,300  586,050 
Toyota Motor Corp., ADR(1)
 106,421  18,318,247 
Toyota Tsusho Corp.
 39,500  2,351,380 
TPR Co. Ltd.
 6,300  79,061 
Trancom Co. Ltd.
 1,600  82,681 
Transcosmos, Inc.
 12,300  269,233 
TRE Holdings Corp.
 13,196  106,381 
Trend Micro, Inc.
 73,200  3,106,730 
Trusco Nakayama Corp.
 25,200  444,141 
TS Tech Co. Ltd.
 29,400  347,762 
TSI Holdings Co. Ltd.
 17,400  86,489 
Tsubakimoto Chain Co.
 17,300  456,661 
Tsuburaya Fields Holdings, Inc.(1)
 19,800  354,436 
Tsukuba Bank Ltd.
 33,500  55,602 
Tsumura & Co.
 1,300  24,497 
Tsuruha Holdings, Inc.
 2,000  146,324 
Tsuzuki Denki Co. Ltd.
 100  1,614 
TV Asahi Holdings Corp.
 9,100  103,492 
Tv Tokyo Holdings Corp.
 2,800  59,164 
UACJ Corp.
 9,600  206,259 
UBE Corp.
 26,100  440,252 
Uchida Yoko Co. Ltd.
 2,700  120,422 
Ulvac, Inc.
 2,500  96,878 
Unicharm Corp.
 9,500  378,989 
Unipres Corp.
 14,100  118,918 
United Arrows Ltd.
 13,400  198,644 
United Super Markets Holdings, Inc.(1)
 6,600  50,699 
UNITED, Inc.
 400  2,628 
Universal Entertainment Corp.
 8,000  130,592 
Usen-Next Holdings Co. Ltd.
 3,000  72,043 
Ushio, Inc.
 6,100  76,882 
USS Co. Ltd.
 142,300  2,484,871 
UT Group Co. Ltd.(2)
 4,500  74,820 
Valor Holdings Co. Ltd.
 13,100  195,374 
Valqua Ltd.(1)
 9,500  282,858 
Vector, Inc.
 12,700  117,010 
Vertex Corp.
 4,200  43,593 
Vital KSK Holdings, Inc.
 5,700  38,285 
VT Holdings Co. Ltd.
 25,500  89,571 
Wacoal Holdings Corp.
 7,400  162,745 
Wakachiku Construction Co. Ltd.
 3,300  68,182 
Wakita & Co. Ltd.
 6,400  58,907 
Warabeya Nichiyo Holdings Co. Ltd.
 3,900  72,903 
WDB Holdings Co. Ltd.
 1,400  20,001 
Welcia Holdings Co. Ltd.(1)
 10,200  187,652 
West Holdings Corp.(1)
 1,300  25,254 
172

Avantis International Equity ETF
Shares Value
West Japan Railway Co.
 7,300  $ 316,046 
Will Group, Inc.
 200  1,515 
World Co. Ltd.
 9,000  100,001 
Xebio Holdings Co. Ltd.
 4,500  31,504 
Yahagi Construction Co. Ltd.
 4,300  36,985 
Yakult Honsha Co. Ltd.
 17,900  937,847 
YAKUODO Holdings Co. Ltd.
 1,000  17,615 
YAMABIKO Corp.
 8,600  86,918 
Yamada Holdings Co. Ltd.
 305,700  961,644 
Yamae Group Holdings Co. Ltd.
 8,400  232,380 
Yamagata Bank Ltd.
 2,500  18,906 
Yamaguchi Financial Group, Inc.
 73,800  585,525 
Yamaha Corp.
 3,900  120,293 
Yamaha Motor Co. Ltd.
 131,000  3,389,790 
Yamaichi Electronics Co. Ltd.
 10,300  129,931 
Yamato Holdings Co. Ltd.
 25,200  473,351 
Yamato Kogyo Co. Ltd.
 3,900  187,991 
Yamazaki Baking Co. Ltd.
 50,900  964,751 
Yamazen Corp.
 16,500  129,321 
Yaoko Co. Ltd.(1)
 8,100  426,942 
Yaskawa Electric Corp.(1)
 14,100  552,822 
Yellow Hat Ltd.
 12,800  165,837 
Yodogawa Steel Works Ltd.
 3,600  84,204 
Yokogawa Bridge Holdings Corp.
 17,000  322,103 
Yokogawa Electric Corp.
 11,700  231,671 
Yokohama Rubber Co. Ltd.
 25,000  507,977 
Yokorei Co. Ltd.
 13,800  125,109 
Yokowo Co. Ltd.
 1,900  21,960 
Yonex Co. Ltd.
 11,300  109,110 
Yotai Refractories Co. Ltd.
 100  1,030 
Yuasa Trading Co. Ltd.
 32,700  959,745 
Yurtec Corp.
 3,100  19,624 
Z Holdings Corp.
 77,800  233,623 
Zenkoku Hosho Co. Ltd.
 8,200  284,097 
Zenrin Co. Ltd.
 4,900  30,600 
Zensho Holdings Co. Ltd.
 15,267  719,725 
Zeon Corp.(1)
 26,600  292,878 
ZERIA Pharmaceutical Co. Ltd.
 6,400  105,957 
ZIGExN Co. Ltd.
 7,900  31,316 
ZOZO, Inc.
 8,400  167,757 
Zuiko Corp.(1)
 2,700  25,588 
679,990,636 
Netherlands — 3.6%
Aalberts NV
 50,112  2,081,637 
ABN AMRO Bank NV, CVA
 221,391  3,256,640 
Adyen NV(2)
 4,063  3,392,692 
Aegon NV, NY Shares
 613,753  3,117,865 
AerCap Holdings NV(2)
 65,637  4,037,988 
Akzo Nobel NV
 42,862  3,479,687 
Allfunds Group PLC
 53,538  316,768 
AMG Critical Materials NV
 22,456  761,500 
173

Avantis International Equity ETF
Shares Value
Arcadis NV
 14,785  $ 692,026 
ASM International NV
 10,932  5,262,329 
ASML Holding NV, NY Shares
 38,412  25,372,278 
ASR Nederland NV
 84,326  3,687,119 
Basic-Fit NV(1)(2)
 35,619  1,085,437 
BE Semiconductor Industries NV(1)
 31,658  3,633,863 
Beter Bed Holding NV
 3,278  20,430 
Brunel International NV
 7,638  102,964 
Coca-Cola Europacific Partners PLC
 41,896  2,685,953 
Constellium SE(2)
 20,377  366,786 
DSM-Firmenich AG
 22,095  2,043,809 
Flow Traders Ltd.
 10,254  207,689 
ForFarmers NV(1)
 6,503  17,258 
Fugro NV(2)
 57,890  975,497 
Heijmans NV, CVA
 13,849  166,541 
Heineken Holding NV
 1,152  92,187 
Heineken NV(1)
 26,152  2,542,247 
IMCD NV
 4,118  567,181 
ING Groep NV, ADR(1)
 786,122  11,123,626 
InPost SA(2)
 49,743  584,541 
Just Eat Takeaway.com NV(2)
 29,772  418,176 
Kendrion NV
 1,847  28,869 
Koninklijke Ahold Delhaize NV
 316,400  10,349,445 
Koninklijke BAM Groep NV
 130,214  277,365 
Koninklijke KPN NV
 1,124,432  3,934,831 
Koninklijke Philips NV, NY Shares(1)(2)
 69,395  1,549,590 
Koninklijke Vopak NV
 58,953  2,125,478 
NN Group NV(1)
 88,477  3,405,966 
OCI NV(2)
 66,600  1,684,399 
Ordina NV
 8,994  55,904 
Pharming Group NV(1)(2)
 86,458  109,840 
Prosus NV(2)
 54,054  3,728,342 
Randstad NV
 10,513  616,956 
SBM Offshore NV
 14,903  215,906 
SIF Holding NV(1)(2)
 702  8,546 
Sligro Food Group NV
 8,042  154,703 
TKH Group NV, CVA
 22,084  1,016,640 
Universal Music Group NV
 67,942  1,684,499 
Van Lanschot Kempen NV
 10,300  305,005 
Wolters Kluwer NV
 22,386  2,697,296 
116,042,294 
New Zealand — 0.3%
a2 Milk Co. Ltd.(1)(2)
 95,348  283,881 
Air New Zealand Ltd.(2)
 441,352  211,884 
Arvida Group Ltd.
 63,083  46,333 
Auckland International Airport Ltd.(2)
 133,524  621,686 
Channel Infrastructure NZ Ltd.
 2,544  2,427 
Chorus Ltd.
 356,402  1,704,806 
Contact Energy Ltd.
 109,427  546,211 
EBOS Group Ltd.
 14,127  319,661 
Fisher & Paykel Healthcare Corp. Ltd.
 25,846  349,069 
174

Avantis International Equity ETF
Shares Value
Fletcher Building Ltd.
 126,399  $ 363,855 
Genesis Energy Ltd.
 53,599  81,038 
Hallenstein Glasson Holdings Ltd.
 3,630  13,368 
Heartland Group Holdings Ltd.
 37,754  40,303 
Infratil Ltd.
 46,257  278,562 
KMD Brands Ltd.(1)
 94,852  46,948 
Mercury NZ Ltd.
 57,250  211,868 
Meridian Energy Ltd.
 37,261  119,191 
NZX Ltd.
 4,193  2,896 
Oceania Healthcare Ltd.
 83,326  37,757 
Restaurant Brands New Zealand Ltd.
 933  2,487 
Ryman Healthcare Ltd.
 63,101  249,610 
Skellerup Holdings Ltd.
 11,000  28,182 
SKYCITY Entertainment Group Ltd.
 170,074  240,324 
Spark New Zealand Ltd.
 782,955  2,368,681 
Summerset Group Holdings Ltd.
 41,256  251,984 
TOWER Ltd.
 29,792  11,097 
Vista Group International Ltd.(2)
 6  6 
8,434,115 
Norway — 0.8%
2020 Bulkers Ltd.(2)
 10,286  87,832 
ABG Sundal Collier Holding ASA
 20,529  10,089 
Adevinta ASA(2)
 12,536  88,930 
Aker BP ASA
 23,464  638,171 
Aker Horizons ASA(1)(2)
 143  65 
Aker Solutions ASA
 26,621  111,183 
AMSC ASA(2)
 2,356  9,262 
Atea ASA(2)
 8,191  101,730 
Austevoll Seafood ASA
 7,023  50,809 
Axactor ASA(2)
 598  307 
B2Holding ASA
 18,817  11,960 
Bakkafrost P
 1,289  64,946 
Belships ASA
 48,780  73,652 
Bluenord ASA(1)(2)
 8,780  398,121 
Bonheur ASA
 3,589  77,976 
Borr Drilling Ltd.(2)
 27,304  192,847 
Borregaard ASA
 9,187  133,754 
BW Energy Ltd.(2)
 16,987  41,015 
BW LPG Ltd.
 28,956  350,812 
BW Offshore Ltd.
 32,091  74,856 
Cadeler AS(2)
 7,751  29,080 
DNB Bank ASA
 149,322  2,951,581 
DNO ASA
 166,215  154,908 
Entra ASA
 8,571  80,108 
Equinor ASA, ADR(1)
 132,045  4,036,616 
Europris ASA
 31,127  177,136 
FLEX LNG Ltd.
 8,993  273,097 
Frontline PLC
 33,640  592,737 
Gjensidige Forsikring ASA
 8,308  129,003 
Golden Ocean Group Ltd.
 39,604  291,250 
Gram Car Carriers ASA(2)
 2,455  37,503 
175

Avantis International Equity ETF
Shares Value
Grieg Seafood ASA
 6,083  $ 42,954 
Hafnia Ltd.
 71,799  419,558 
Hexagon Composites ASA(2)
 22  78 
Hexagon Purus ASA(1)(2)
 11  20 
Himalaya Shipping Ltd.(2)
 4,448  23,201 
Hoegh Autoliners ASA
 27,758  193,450 
Hunter Group ASA
 2,400  289 
Kid ASA
 3,728  29,552 
Kitron ASA
 36,927  130,975 
Kongsberg Automotive ASA(1)(2)
 224,305  48,565 
Kongsberg Gruppen ASA
 15,532  644,282 
Leroy Seafood Group ASA
 10,584  43,691 
Mowi ASA
 39,378  713,818 
MPC Container Ships ASA
 171,647  295,993 
Multiconsult ASA
 239  3,204 
NEL ASA(1)(2)
 46,132  50,407 
Nordic Semiconductor ASA(2)
 23,180  281,525 
Norsk Hydro ASA
 377,980  2,091,323 
Norske Skog ASA(1)(2)
 11,693  48,123 
Norwegian Air Shuttle ASA(2)
 293,390  247,726 
Odfjell Drilling Ltd.(2)
 26,851  91,220 
Odfjell Technology Ltd.
 2,866  13,573 
OKEA ASA
 11,824  43,586 
Orkla ASA
 34,028  259,784 
Otello Corp. ASA(2)
 1,983  1,518 
Panoro Energy ASA
 14,083  38,922 
Pareto Bank ASA
 2,473  12,017 
Petronor E&P ASA(2)
 898  697 
PGS ASA(2)
 329,131  227,321 
Protector Forsikring ASA
 11,708  186,662 
RAK Petroleum PLC(2)
 804  1 
Rana Gruber ASA
 8,236  44,768 
Salmar ASA
 5,397  263,478 
Scatec ASA
 25,129  167,559 
Schibsted ASA, B Shares
 56,539  1,108,140 
Schibsted ASA, Class A
 15,181  322,159 
SpareBank 1 Nord Norge
 20,909  187,468 
Sparebank 1 Oestlandet
 4,121  51,882 
SpareBank 1 SMN
 30,227  399,412 
SpareBank 1 Sorost-Norge
 2,242  10,631 
SpareBank 1 SR-Bank ASA
 8,851  107,006 
Sparebanken Vest
 6,101  62,054 
Stolt-Nielsen Ltd.
 8,776  218,225 
Storebrand ASA
 243,456  1,950,832 
Subsea 7 SA
 87,286  1,137,298 
Telenor ASA
 66,764  714,799 
TGS ASA
 37,548  486,011 
TOMRA Systems ASA
 16,586  227,381 
Veidekke ASA
 19,584  185,357 
Wallenius Wilhelmsen ASA
 24,995  202,186 
Yara International ASA
 30,685  1,118,447 
26,420,464 
176

Avantis International Equity ETF
Shares Value
Portugal — 0.2%
Banco Comercial Portugues SA, R Shares(2)
 1,163,873  $ 324,742 
Corticeira Amorim SGPS SA
 3,340  36,650 
CTT-Correios de Portugal SA
 22,989  84,280 
EDP - Energias de Portugal SA
 405,447  1,847,258 
EDP Renovaveis SA
 7,113  130,090 
Galp Energia SGPS SA
 226,888  3,131,547 
Jeronimo Martins SGPS SA
 16,409  418,298 
Mota-Engil SGPS SA
 23,506  73,075 
Navigator Co. SA
 4,889  17,889 
NOS SGPS SA
 16,900  63,667 
REN - Redes Energeticas Nacionais SGPS SA
 154,285  421,641 
Sonae SGPS SA
 124,809  131,478 
6,680,615 
Singapore — 1.3%
Aspen Group Holdings Ltd.(2)
 439  10 
Avarga Ltd.(2)
 97,900  14,247 
Boustead Singapore Ltd.
 1,000  636 
Bumitama Agri Ltd.
 141,800  57,670 
Capitaland India Trust
 186,089  159,671 
Capitaland Investment Ltd.
 450,700  1,079,657 
Centurion Corp. Ltd.
 1,800  559 
China Sunsine Chemical Holdings Ltd.
 56,900  16,840 
City Developments Ltd.
 118,900  587,414 
ComfortDelGro Corp. Ltd.
 1,400,800  1,315,222 
DBS Group Holdings Ltd.
 241,385  5,941,363 
Far East Orchard Ltd.
 10,200  7,773 
First Resources Ltd.
 189,800  217,408 
Frencken Group Ltd.
 236,700  181,816 
Geo Energy Resources Ltd.
 254,900  41,469 
Golden Agri-Resources Ltd.
 3,437,600  635,319 
Grab Holdings Ltd., Class A(2)
 158,829  598,785 
GuocoLand Ltd.
 16,800  18,891 
Hong Fok Corp. Ltd.(1)
 75,300  54,022 
Hong Leong Asia Ltd.
 13,900  6,372 
Hour Glass Ltd.
 52,500  76,066 
Hutchison Port Holdings Trust, U Shares
 2,192,700  363,822 
iFAST Corp. Ltd.
 7,500  31,497 
Indofood Agri Resources Ltd.
 80,500  17,865 
ISDN Holdings Ltd.
 61,600  18,230 
Japfa Ltd.
 93,000  16,165 
Jardine Cycle & Carriage Ltd.
 13,900  343,450 
Jiutian Chemical Group Ltd.
 505,900  13,846 
Keppel Corp. Ltd.
 619,900  3,180,196 
Keppel Infrastructure Trust
 467,565  171,238 
Mewah International, Inc.
 26,100  5,214 
Micro-Mechanics Holdings Ltd.
 4,900  6,850 
Netlink NBN Trust
 174,600  111,728 
Olam Group Ltd.
 123,300  113,992 
OUE Ltd.
 21,900  16,683 
Oversea-Chinese Banking Corp. Ltd.
 598,131  5,549,644 
177

Avantis International Equity ETF
Shares Value
Oxley Holdings Ltd.
 19,100  $ 1,413 
QAF Ltd.
 19,700  11,805 
Raffles Medical Group Ltd.
 140,000  130,436 
Rex International Holding Ltd.
 148,100  15,682 
Riverstone Holdings Ltd.
 188,700  87,924 
Samudera Shipping Line Ltd.
 186,100  101,807 
SATS Ltd.(1)(2)
 47,098  90,183 
Sea Ltd., ADR(2)
 18,957  713,352 
Seatrium Ltd.(2)
 8,523,376  913,672 
Sembcorp Industries Ltd.
 159,600  631,520 
Sheng Siong Group Ltd.
 238,600  268,283 
Sing Investments & Finance Ltd.
 1,500  1,110 
Singapore Airlines Ltd.(1)
 384,950  1,955,983 
Singapore Exchange Ltd.
 357,800  2,547,143 
Singapore Post Ltd.
 556,600  203,886 
Singapore Technologies Engineering Ltd.
 175,600  494,754 
Singapore Telecommunications Ltd.
 1,433,900  2,519,417 
Stamford Land Corp. Ltd.
 52,700  14,818 
StarHub Ltd.
 79,000  59,600 
Straits Trading Co. Ltd.
 14,200  20,689 
Tuan Sing Holdings Ltd.
 136,993  29,401 
UMS Holdings Ltd.
 187,900  173,581 
United Overseas Bank Ltd.
 216,300  4,543,893 
UOL Group Ltd.
 402,300  1,975,075 
Venture Corp. Ltd.
 42,200  409,026 
Wilmar International Ltd.
 191,500  535,298 
Wing Tai Holdings Ltd.
 15,500  15,479 
Yangzijiang Financial Holding Ltd.(1)
 908,900  245,234 
Yangzijiang Shipbuilding Holdings Ltd.
 2,235,100  2,793,332 
Yanlord Land Group Ltd.(2)
 232,400  116,007 
Yoma Strategic Holdings Ltd.(2)
 578,700  37,225 
42,628,658 
Spain — 2.1%
Acciona SA
 11,995  1,714,308 
Acerinox SA
 157,344  1,580,108 
ACS Actividades de Construccion y Servicios SA
 57,982  2,035,487 
Aena SME SA
 18,246  2,868,217 
Almirall SA
 14,470  146,855 
Amadeus IT Group SA
 44,846  3,077,038 
Applus Services SA
 36,849  378,357 
Atresmedia Corp. de Medios de Comunicacion SA
 28,283  112,352 
Banco Bilbao Vizcaya Argentaria SA, ADR(1)
 978,659  7,770,552 
Banco de Sabadell SA
 2,678,665  3,098,039 
Banco Santander SA, ADR
 2,151,221  8,325,225 
Bankinter SA
 76,163  488,187 
CaixaBank SA
 678,857  2,749,534 
Cellnex Telecom SA(2)
 30,791  1,177,616 
CIE Automotive SA
 10,416  316,773 
Construcciones y Auxiliar de Ferrocarriles SA
 8,519  305,717 
Ebro Foods SA(1)
 6,389  115,325 
Enagas SA
 123,134  2,101,287 
178

Avantis International Equity ETF
Shares Value
Ence Energia y Celulosa SA(1)
 40,680  $ 129,516 
Endesa SA
 50,238  1,043,340 
Ercros SA(1)
 19,852  64,783 
Faes Farma SA
 45,140  157,900 
Ferrovial SE
 18,572  589,053 
Fomento de Construcciones y Contratas SA(1)
 9,064  116,600 
Gestamp Automocion SA
 90,909  406,371 
Global Dominion Access SA
 19,198  76,794 
Grifols SA(2)
 10,449  143,150 
Grupo Catalana Occidente SA
 3,270  108,443 
Iberdrola SA
 467,836  5,549,814 
Industria de Diseno Textil SA
 107,227  4,108,011 
Laboratorios Farmaceuticos Rovi SA
 5,195  295,274 
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros
 38,597  39,137 
Mapfre SA(1)
 254,714  538,775 
Melia Hotels International SA(2)
 68,097  445,644 
Metrovacesa SA(1)(2)
 5,539  43,231 
Miquel y Costas & Miquel SA
 396  4,416 
Naturgy Energy Group SA(1)
 22,858  662,059 
Neinor Homes SA(2)
 11,637  116,511 
Obrascon Huarte Lain SA(1)(2)
 79,625  40,358 
Prosegur Cash SA(1)
 9,476  6,116 
Prosegur Cia de Seguridad SA
 35,269  61,550 
Redeia Corp. SA
 151,370  2,458,142 
Repsol SA
 493,445  7,626,736 
Sacyr SA(1)
 284,088  904,686 
Solaria Energia y Medio Ambiente SA(2)
 9,769  145,165 
Telefonica SA, ADR(1)
 816,523  3,339,579 
Tubacex SA
 18,497  57,236 
Unicaja Banco SA
 383,769  423,979 
Viscofan SA
 6,207  403,420 
68,466,766 
Sweden — 3.1%
AAK AB
 18,328  339,810 
AcadeMedia AB
 7,643  35,235 
AddLife AB, B Shares
 6,029  41,582 
AddTech AB, B Shares
 35,801  604,848 
Africa Oil Corp.
 80,500  193,624 
Alfa Laval AB
 24,993  877,505 
Alimak Group AB
 140  932 
Alleima AB
 8,488  38,888 
Alligo AB, Class B
 945  8,988 
AQ Group AB
 798  30,591 
Arise AB
 14,586  53,899 
Arjo AB, B Shares
 58,419  230,224 
Assa Abloy AB, Class B
 75,656  1,702,709 
Atlas Copco AB, A Shares
 276,921  3,661,231 
Atlas Copco AB, B Shares
 263,835  3,037,437 
Atrium Ljungberg AB, B Shares
 9,969  181,296 
Attendo AB(2)
 18,441  52,195 
Avanza Bank Holding AB(1)
 170,778  3,297,260 
179

Avantis International Equity ETF
Shares Value
Axfood AB
 114,641  $ 2,769,120 
Beijer Alma AB
 5,213  81,746 
Beijer Ref AB
 28,451  326,111 
Better Collective A/S(2)
 7,120  163,479 
Bilia AB, A Shares
 42,629  407,379 
Billerud Aktiebolag
 96,322  786,912 
BioGaia AB, B Shares
 19,193  175,161 
Biotage AB
 4,170  45,011 
Bjorn Borg AB
 934  3,085 
Boliden AB
 82,336  2,189,355 
Boozt AB(1)(2)
 15,428  142,433 
Bravida Holding AB
 32,428  230,648 
Bufab AB
 6,457  173,648 
Bulten AB
 4,174  28,291 
Bure Equity AB
 11,805  236,686 
Byggmax Group AB(2)
 17,111  50,228 
Castellum AB(1)
 169,238  1,803,983 
Catena AB
 8,626  314,601 
Catena Media PLC(1)(2)
 24,219  39,701 
Cibus Nordic Real Estate AB
 12,496  134,504 
Cint Group AB(2)
 60,344  52,478 
Clas Ohlson AB, B Shares
 31,694  290,901 
Cloetta AB, B Shares
 80,256  135,301 
Collector Bank AB(2)
 13,975  43,763 
Coor Service Management Holding AB
 8,924  38,077 
Corem Property Group AB, B Shares(1)
 249,658  182,504 
Dios Fastigheter AB
 27,529  171,542 
Duni AB
 2,761  25,211 
Elanders AB, B Shares
 2,304  22,086 
Electrolux AB, B Shares
 98,702  1,085,468 
Electrolux Professional AB, B Shares
 2,192  11,789 
Elekta AB, B Shares(1)
 99,923  713,626 
Embracer Group AB(2)
 13,464  32,596 
Enad Global 7 AB(2)
 27,915  58,701 
Eolus Vind AB, B Shares(1)
 3,678  29,904 
Epiroc AB, A Shares
 127,271  2,441,743 
Epiroc AB, B Shares
 34,875  570,851 
EQT AB
 7,225  145,232 
Essity AB, B Shares
 121,523  2,837,098 
Evolution AB
 4,085  441,821 
Fabege AB(1)
 35,896  307,238 
Fastighets AB Balder, B Shares(2)
 47,055  224,905 
Fingerprint Cards AB, B Shares(1)(2)
 1,440  173 
Fortnox AB
 73,343  380,959 
G5 Entertainment AB
 2,098  32,650 
GARO AB
 2,460  11,674 
Getinge AB, B Shares
 80,738  1,399,782 
Granges AB
 29,445  280,589 
H & M Hennes & Mauritz AB, B Shares(1)
 202,547  3,092,486 
Hanza AB
 4,265  29,980 
Hemnet Group AB
 5,791  104,946 
180

Avantis International Equity ETF
Shares Value
Hexagon AB, B Shares
 167,357  $ 1,494,189 
Hexatronic Group AB
 33,450  181,515 
Hexpol AB
 23,043  226,846 
HMS Networks AB
 8,633  345,866 
Hoist Finance AB(2)
 12,496  33,767 
Holmen AB, B Shares
 9,972  377,980 
Hufvudstaden AB, A Shares
 13,708  158,241 
Husqvarna AB, B Shares
 92,573  797,013 
Industrivarden AB, A Shares
 10,140  264,137 
Indutrade AB
 46,908  900,241 
Instalco AB
 31,779  108,101 
Investment AB Latour, B Shares
 5,981  108,679 
INVISIO AB
 4,249  82,636 
Inwido AB
 6,499  67,860 
JM AB
 12,160  160,086 
Kabe Group AB, Class B
 255  6,031 
Karnov Group AB(2)
 3,404  13,920 
Kopparbergs Bryggeri AB, B Shares
 1,831  21,296 
Lifco AB, B Shares
 30,969  566,314 
Lime Technologies AB
 752  17,275 
Lindab International AB
 15,021  220,545 
Loomis AB
 72,125  1,912,012 
Maha Energy AB(1)(2)
 43,382  34,878 
MEKO AB
 10,576  95,012 
Millicom International Cellular SA, SDR(2)
 25,739  409,480 
MIPS AB
 12,278  453,538 
Modern Times Group MTG AB, B Shares(2)
 13,190  89,523 
Momentum Group AB
 643  5,613 
Mycronic AB
 28,008  573,458 
NCC AB, B Shares
 26,278  270,187 
Neobo Fastigheter AB(1)(2)
 6,733  6,768 
Net Insight AB, B Shares(2)
 87,971  34,286 
New Wave Group AB, B Shares
 25,584  182,173 
Nibe Industrier AB, B Shares
 57,451  430,025 
Nilorngruppen AB, B Shares
 49  259 
Nobia AB(2)
 49,925  41,957 
Nolato AB, B Shares
 58,006  248,263 
Nordea Bank Abp
 479,040  5,248,005 
Nordic Paper Holding AB
 1,595  4,607 
Nordnet AB publ
 15,342  198,594 
NP3 Fastigheter AB
 1,897  29,131 
Nyfosa AB
 59,041  370,717 
Ovzon AB(2)
 906  1,641 
OX2 AB(1)(2)
 35,265  170,987 
Pandox AB
 26,160  290,508 
Paradox Interactive AB
 10,718  273,317 
Peab AB, Class B
 48,603  197,234 
Platzer Fastigheter Holding AB, B Shares
 7,853  52,308 
Profoto Holding AB
 290  2,199 
RaySearch Laboratories AB(2)
 4,477  34,250 
Resurs Holding AB
 55,668  121,896 
181

Avantis International Equity ETF
Shares Value
Saab AB, B Shares
 48,347  $ 2,548,571 
Sagax AB, B Shares
 3,456  71,875 
Sagax AB, D Shares
 2,138  5,170 
Samhallsbyggnadsbolaget i Norden AB(1)
 469,048  150,337 
Samhallsbyggnadsbolaget i Norden AB, D Shares(1)
 47,848  15,130 
Sandvik AB
 148,797  2,814,020 
Scandi Standard AB
 12,634  59,949 
Scandic Hotels Group AB(1)(2)
 69,962  226,626 
Sectra AB, B Shares(2)
 13,759  214,898 
Securitas AB, B Shares
 45,755  372,269 
Sinch AB(2)
 206,551  433,518 
Skandinaviska Enskilda Banken AB, A Shares
 272,566  3,160,016 
Skanska AB, B Shares
 183,837  2,691,096 
SKF AB, B Shares
 109,208  1,768,226 
SkiStar AB
 25,473  271,578 
Solid Forsakring AB
 1,553  9,133 
Spotify Technology SA(2)
 1,786  274,990 
SSAB AB, A Shares
 38,295  219,674 
SSAB AB, B Shares
 304,967  1,687,876 
Stillfront Group AB(2)
 26,698  43,859 
Svenska Cellulosa AB SCA, B Shares
 117,994  1,570,733 
Svenska Handelsbanken AB, A Shares
 294,346  2,456,039 
Sweco AB, B Shares
 19,273  187,605 
Swedbank AB, A Shares
 196,240  3,473,000 
Swedish Orphan Biovitrum AB(1)(2)
 8,535  164,627 
Synsam AB
 270  1,012 
Tele2 AB, B Shares
 176,726  1,248,533 
Telefonaktiebolaget LM Ericsson, ADR(1)
 499,675  2,578,323 
Telia Co. AB
 840,753  1,697,314 
Tethys Oil AB(2)
 15,706  77,134 
TF Bank AB(2)
 1,188  16,170 
Thule Group AB
 148  4,278 
Tobii AB(2)
 777  1,174 
Tobii Dynavox AB(2)
 920  2,426 
Trelleborg AB, B Shares
 90,977  2,309,621 
Troax Group AB
 8,196  131,407 
Truecaller AB, B Shares(1)(2)
 81,381  254,838 
Viaplay Group AB, B Shares(1)(2)
 3,268  15,305 
Vitec Software Group AB, B Shares
 6,408  345,946 
Vitrolife AB
 3,780  51,446 
Volvo AB, A Shares
 14,188  290,198 
Volvo AB, B Shares
 235,736  4,750,933 
Volvo Car AB, Class B(2)
 222,924  846,362 
Wallenstam AB, B Shares
 27,044  97,493 
Wihlborgs Fastigheter AB
 47,881  367,878 
97,600,380 
Switzerland — 8.4%
ABB Ltd., ADR(1)
 98,652  3,739,897 
Accelleron Industries AG
 52,145  1,408,031 
Adecco Group AG
 6,966  299,643 
Alcon, Inc.
 54,589  4,555,972 
182

Avantis International Equity ETF
Shares Value
Allreal Holding AG
 1,535  $ 267,947 
ALSO Holding AG
 2,849  691,942 
ams-OSRAM AG(2)
 112,097  785,706 
Arbonia AG
 14,274  150,924 
Aryzta AG(2)
 521,734  867,808 
Ascom Holding AG
 13,238  163,003 
Autoneum Holding AG(2)
 1,440  214,627 
Bachem Holding AG, Class B
 1,455  135,420 
Baloise Holding AG
 18,923  2,956,176 
Banque Cantonale Vaudoise
 11,610  1,257,880 
Barry Callebaut AG
 1,304  2,272,271 
Basellandschaftliche Kantonalbank
 14  14,073 
Basilea Pharmaceutica AG(2)
 2,173  118,349 
Belimo Holding AG
 1,536  807,937 
Bell Food Group AG
 420  126,691 
Bellevue Group AG
 1,552  42,815 
BKW AG
 1,541  264,780 
Bossard Holding AG, Class A
 500  114,501 
Bucher Industries AG
 1,690  692,810 
Burckhardt Compression Holding AG
 5,215  3,068,832 
Bystronic AG
 324  218,396 
Calida Holding AG
 583  20,874 
Cembra Money Bank AG
 24,009  1,748,091 
Chocoladefabriken Lindt & Spruengli AG
 8  942,555 
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate
 79  944,269 
Cie Financiere Richemont SA, Class A
 86,345  12,247,303 
Clariant AG
 56,547  940,717 
Coltene Holding AG
 899  70,065 
Comet Holding AG
 3,003  770,036 
COSMO Pharmaceuticals NV
 1,441  72,707 
CPH Chemie & Papier Holding AG
 46  4,527 
Daetwyler Holding AG, Bearer Shares
 1,293  269,320 
DKSH Holding AG
 33,201  2,537,290 
dormakaba Holding AG
 981  513,299 
Dufry AG(2)
 21,145  939,526 
EFG International AG
 20,976  234,450 
Emmi AG
 3,521  3,793,130 
EMS-Chemie Holding AG
 2,567  1,926,449 
Feintool International Holding AG
 1,020  26,375 
Flughafen Zurich AG
 4,924  1,013,325 
Forbo Holding AG
 447  603,717 
Galenica AG
 4,377  347,358 
GAM Holding AG(2)
 27,635  13,420 
Geberit AG
 5,156  2,668,446 
Georg Fischer AG
 42,916  2,773,209 
Givaudan SA
 155  516,310 
Gurit Holding AG, Bearer Shares(1)(2)
 530  51,607 
Helvetia Holding AG
 21,097  3,208,312 
Holcim AG
 94,194  6,229,062 
Huber & Suhner AG
 6,916  532,717 
Hypothekarbank Lenzburg AG
 1  4,734 
183

Avantis International Equity ETF
Shares Value
Idorsia Ltd.(1)(2)
 9,437  $ 51,341 
Implenia AG
 7,471  266,128 
Ina Invest Holding AG(2)
 225  4,458 
Inficon Holding AG
 830  1,058,310 
Interroll Holding AG
 198  590,057 
Intershop Holding AG
 107  72,655 
Julius Baer Group Ltd.
 87,834  6,096,506 
Komax Holding AG
 606  151,764 
Kuehne + Nagel International AG
 19,101  5,738,798 
Landis & Gyr Group AG
 12  887 
LEM Holding SA
 219  494,107 
Leonteq AG
 2,830  127,438 
Liechtensteinische Landesbank AG
 1,502  103,308 
Logitech International SA
 44,428  3,073,640 
Lonza Group AG
 9,146  5,044,852 
Medacta Group SA
 1,906  268,156 
Medmix AG
 5,256  155,878 
Meier Tobler Group AG
 1,091  52,805 
Metall Zug AG, B Shares
 20  33,798 
Mobilezone Holding AG
 23,575  367,774 
Mobimo Holding AG
 1,185  346,299 
Molecular Partners AG(1)(2)
 12  71 
Montana Aerospace AG(2)
 5,290  82,951 
Nestle SA
 162,257  19,509,685 
Novartis AG, ADR
 268,393  26,968,129 
OC Oerlikon Corp. AG
 39,655  194,574 
Orior AG
 3,513  299,627 
Partners Group Holding AG
 7,025  7,572,282 
Peach Property Group AG(1)(2)
 2,341  37,565 
PolyPeptide Group AG(1)(2)
 3,106  86,979 
PSP Swiss Property AG
 23,697  2,879,075 
Rieter Holding AG(1)
 523  55,408 
Roche Holding AG
 102,005  29,937,268 
Roche Holding AG, Bearer Shares(1)
 4,254  1,325,795 
Schindler Holding AG
 3,919  822,338 
Schindler Holding AG, Bearer Participation Certificate
 10,816  2,408,710 
Schweiter Technologies AG
 314  226,076 
Schweizerische Nationalbank(1)(2)
 8  42,189 
SFS Group AG
 5,726  655,873 
SGS SA
 30,524  2,772,275 
Siegfried Holding AG
 2,372  2,141,292 
SIG Group AG
 19,460  511,904 
Sika AG
 8,886  2,511,026 
Softwareone Holding AG
 40,615  810,570 
Sonova Holding AG
 2,256  596,108 
St. Galler Kantonalbank AG
 331  185,010 
Stadler Rail AG
 37,316  1,516,688 
Straumann Holding AG
 20,006  3,024,697 
Swatch Group AG
 16,585  883,620 
Swatch Group AG, Bearer Shares
 11,701  3,284,942 
Swiss Life Holding AG
 11,250  7,045,482 
184

Avantis International Equity ETF
Shares Value
Swiss Prime Site AG
 31,708  $ 3,044,724 
Swiss Re AG
 43,834  4,256,615 
Swisscom AG
 10,666  6,494,412 
Swissquote Group Holding SA
 4,400  873,541 
Tecan Group AG
 839  334,525 
Temenos AG
 15,893  1,259,614 
TX Group AG
 832  87,131 
u-blox Holding AG
 3,817  340,270 
UBS Group AG(1)(2)
 656,731  17,541,285 
Valiant Holding AG
 4,842  519,244 
VAT Group AG
 9,611  3,841,007 
Vontobel Holding AG
 10,774  666,837 
VZ Holding AG
 2,239  226,129 
V-ZUG Holding AG(2)
 478  36,190 
Ypsomed Holding AG
 168  49,635 
Zehnder Group AG
 4,605  304,532 
Zurich Insurance Group AG
 31,042  14,555,374 
268,117,864 
United Kingdom — 13.3%
3i Group PLC
 321,192  8,088,078 
4imprint Group PLC
 6,443  415,650 
abrdn PLC
 550,789  1,148,986 
Admiral Group PLC
 73,503  2,315,639 
AG Barr PLC
 12,054  74,420 
Airtel Africa PLC
 230,563  332,759 
AJ Bell PLC
 102,198  375,052 
Alliance Pharma PLC
 122,764  74,428 
Anglo American PLC
 269,658  7,170,655 
Anglo Asian Mining PLC
 48,056  37,114 
Antofagasta PLC
 95,127  1,742,145 
Arix Bioscience PLC(2)
 5,241  7,632 
Ashmore Group PLC
 65,654  161,030 
Ashtead Group PLC
 131,991  9,207,463 
ASOS PLC(1)(2)
 18,121  100,084 
Associated British Foods PLC
 45,187  1,138,253 
Aston Martin Lagonda Global Holdings PLC(2)
 112,926  508,588 
AstraZeneca PLC, ADR
 229,313  15,552,008 
Atalaya Mining PLC
 75,351  310,378 
Auto Trader Group PLC
 292,293  2,241,437 
Aviva PLC
 615,645  2,921,088 
B&M European Value Retail SA
 391,297  2,859,631 
Babcock International Group PLC(2)
 77,249  377,787 
BAE Systems PLC
 302,554  3,850,836 
Balfour Beatty PLC
 190,430  788,431 
Bank of Georgia Group PLC
 26,699  1,177,822 
Barclays PLC, ADR
 1,048,561  7,874,693 
Barratt Developments PLC
 244,953  1,404,186 
Beazley PLC
 162,558  1,122,359 
Begbies Traynor Group PLC
 34,353  54,798 
Bellway PLC
 46,486  1,256,215 
Berkeley Group Holdings PLC
 38,097  1,957,277 
185

Avantis International Equity ETF
Shares Value
Bloomsbury Publishing PLC
 6,211  $ 32,795 
Bodycote PLC
 76,905  646,338 
boohoo Group PLC(2)
 219,365  98,835 
BP PLC, ADR
 631,008  23,460,877 
Breedon Group PLC
 31,445  139,105 
Britvic PLC
 54,709  608,188 
BT Group PLC
 2,889,011  4,226,367 
Bunzl PLC
 31,897  1,142,201 
Burberry Group PLC
 195,993  5,411,294 
Burford Capital Ltd.
 56,479  779,304 
Bytes Technology Group PLC
 145,839  895,938 
Capita PLC(2)
 917  209 
Capital Ltd.
 42,061  43,894 
Capricorn Energy PLC
 173,177  377,100 
Carnival PLC, ADR(2)
 40,806  583,526 
Centamin PLC
 658,452  731,312 
Central Asia Metals PLC
 104,020  263,422 
Centrica PLC
 2,455,052  4,712,139 
Cerillion PLC
 2,204  34,621 
Chemring Group PLC
 91,221  335,079 
Clarkson PLC
 4,045  138,716 
Close Brothers Group PLC
 62,070  644,239 
CMC Markets PLC
 82,134  110,067 
Coats Group PLC
 669,849  650,296 
Coca-Cola HBC AG
 66,487  1,915,284 
Compass Group PLC
 148,140  3,735,603 
Computacenter PLC
 32,609  900,295 
ConvaTec Group PLC
 63,325  185,867 
Costain Group PLC(2)
 856  619 
Cranswick PLC
 10,416  444,284 
Crest Nicholson Holdings PLC
 159,670  364,494 
Croda International PLC
 13,255  925,701 
CVS Group PLC
 21,970  589,165 
DCC PLC
 14,793  809,429 
De La Rue PLC(2)
 30,865  21,772 
DFS Furniture PLC
 44,842  62,410 
Diageo PLC, ADR
 57,774  9,570,263 
Direct Line Insurance Group PLC(2)
 472,518  968,310 
Diversified Energy Co. PLC
 185,258  214,802 
Domino's Pizza Group PLC
 32,660  163,242 
dotdigital group PLC
 72,879  78,354 
Dowlais Group PLC(2)
 424,028  608,222 
Dr. Martens PLC
 133,029  264,278 
Drax Group PLC
 184,380  1,287,427 
DS Smith PLC
 168,631  665,726 
Dunelm Group PLC
 67,722  997,542 
DX Group PLC
 92,342  41,676 
easyJet PLC(2)
 219,717  1,173,726 
Ecora Resources PLC
 70,538  98,235 
Elementis PLC(2)
 55,321  79,943 
EMIS Group PLC
 24,763  600,440 
186

Avantis International Equity ETF
Shares Value
Endeavour Mining PLC
 34,771  $ 719,249 
Energean PLC
 48,871  703,523 
EnQuest PLC(2)
 1,425,803  306,981 
Ergomed PLC(2)
 14,928  199,083 
Essentra PLC
 15,848  29,591 
Experian PLC
 116,114  4,055,115 
Ferrexpo PLC(2)
 148,417  145,346 
Firstgroup PLC(1)
 510,757  936,308 
Forterra PLC
 90,213  190,954 
Foxtons Group PLC
 25,285  11,840 
Frasers Group PLC(2)
 106,194  1,084,359 
Fresnillo PLC
 9,718  70,772 
Frontier Developments PLC(2)
 6,344  27,053 
Games Workshop Group PLC
 21,897  2,998,412 
Gamma Communications PLC
 7,298  99,032 
Gateley Holdings PLC
 11,805  22,579 
Genel Energy PLC
 75,114  79,143 
Georgia Capital PLC(2)
 25,084  308,700 
Glencore PLC
 2,139,938  11,395,584 
Golar LNG Ltd.
 22,756  502,908 
Grafton Group PLC
 110,317  1,205,042 
Grainger PLC
 140,307  419,231 
Greggs PLC
 71,765  2,237,243 
GSK PLC, ADR
 296,299  10,408,984 
Gulf Keystone Petroleum Ltd.
 209,163  247,890 
Gym Group PLC(1)(2)
 29,503  41,433 
Haleon PLC
 346,708  1,419,610 
Haleon PLC, ADR
 222,055  1,825,292 
Halfords Group PLC
 127,961  296,029 
Halma PLC
 40,954  1,110,198 
Harbour Energy PLC
 199,861  632,292 
Hargreaves Lansdown PLC
 118,209  1,137,548 
Hays PLC
 616,283  834,750 
Helios Towers PLC(2)
 246,063  283,792 
Hikma Pharmaceuticals PLC
 53,465  1,476,870 
Hill & Smith PLC
 34,225  775,242 
Hiscox Ltd.
 89,770  1,132,640 
Hochschild Mining PLC
 193,352  223,971 
Hollywood Bowl Group PLC
 7,476  22,438 
Hotel Chocolat Group PLC(1)(2)
 495  671 
Howden Joinery Group PLC
 362,852  3,393,588 
HSBC Holdings PLC, ADR(1)
 474,917  17,723,902 
Hunting PLC
 74,186  230,847 
Ibstock PLC
 207,469  390,879 
IG Group Holdings PLC
 163,203  1,396,879 
IMI PLC
 69,753  1,323,740 
Impax Asset Management Group PLC
 45,583  308,452 
Inchcape PLC
 126,442  1,220,354 
Indivior PLC(2)
 92,955  2,138,908 
Informa PLC
 26,310  243,091 
IntegraFin Holdings PLC
 413  1,259 
187

Avantis International Equity ETF
Shares Value
InterContinental Hotels Group PLC
 12,698  $ 955,084 
Intermediate Capital Group PLC
 90,993  1,555,032 
International Distributions Services PLC(2)
 288,013  884,506 
International Personal Finance PLC
 119,532  188,529 
Intertek Group PLC
 43,760  2,291,694 
Investec PLC
 206,001  1,216,780 
IOG PLC(2)
 1,315  29 
IP Group PLC
 522,311  387,900 
IQE PLC(2)
 74,545  17,876 
ITV PLC
 491  439 
IWG PLC(2)
 245,306  555,902 
J D Wetherspoon PLC(2)
 30,576  280,305 
J Sainsbury PLC
 681,935  2,332,049 
Jadestone Energy PLC
 80,837  38,081 
JD Sports Fashion PLC
 1,000,456  1,836,334 
JET2 PLC
 108,441  1,449,804 
Johnson Matthey PLC
 81,196  1,673,953 
Johnson Service Group PLC
 48,833  73,546 
Jubilee Metals Group PLC(2)
 948,622  85,224 
Jupiter Fund Management PLC
 182,045  229,114 
Just Group PLC
 522,341  498,207 
Kainos Group PLC
 34,922  536,711 
Keller Group PLC
 45,843  446,737 
Kingfisher PLC
 627,924  1,860,848 
Lancashire Holdings Ltd.
 67,492  489,072 
Legal & General Group PLC
 1,520,441  4,200,820 
Liberty Global PLC, Class A(2)
 31,391  578,850 
Liberty Global PLC, Class C(2)
 65,468  1,298,885 
Liontrust Asset Management PLC
 28,109  233,975 
Lloyds Banking Group PLC, ADR
 3,243,220  6,810,762 
London Stock Exchange Group PLC
 14,165  1,465,428 
Lookers PLC
 72,695  118,478 
Luceco PLC
 29,259  45,643 
Luxfer Holdings PLC
 13,404  161,250 
M&C Saatchi PLC
 26,836  42,315 
M&G PLC
 683,440  1,650,739 
Man Group PLC
 514,625  1,379,153 
Mandarin Oriental International Ltd.
 14,400  25,052 
Marks & Spencer Group PLC(2)
 1,184,280  3,396,744 
Marshalls PLC
 35,998  125,169 
Marston's PLC(2)
 379,341  153,694 
Metro Bank Holdings PLC(2)
 49,980  65,608 
Mitchells & Butlers PLC(2)
 112,874  315,285 
Mitie Group PLC
 699,211  859,381 
Molten Ventures PLC(2)
 66,592  204,873 
Mondi PLC
 97,211  1,614,754 
Moneysupermarket.com Group PLC
 91,394  287,352 
Morgan Advanced Materials PLC
 117,633  391,271 
Morgan Sindall Group PLC
 19,852  495,222 
Mortgage Advice Bureau Holdings Ltd.
 13,677  97,091 
Motorpoint group PLC(2)
 17,245  21,190 
188

Avantis International Equity ETF
Shares Value
National Grid PLC, ADR(1)
 115,148  $ 7,278,505 
NatWest Group PLC, ADR(1)
 549,031  3,233,793 
Next PLC
 41,428  3,661,352 
Ninety One PLC
 246,662  534,725 
Norcros PLC
 5,048  9,594 
Numis Corp. PLC
 12,720  53,908 
Ocado Group PLC(2)
 18,111  199,495 
OSB Group PLC
 226,334  976,631 
Pagegroup PLC
 175,792  932,289 
Pan African Resources PLC
 1,346,388  238,817 
Pantheon Resources PLC(1)(2)
 2,054  650 
Paragon Banking Group PLC
 109,625  730,692 
Pearson PLC, ADR(1)
 39,232  414,682 
Pennon Group PLC
 136,791  1,116,145 
Persimmon PLC
 96,680  1,303,369 
Petra Diamonds Ltd.(2)
 116,318  105,867 
Phoenix Group Holdings PLC
 107,012  704,931 
Phoenix Spree Deutschland Ltd.
 8,572  18,274 
Playtech PLC(2)
 76,920  511,823 
Plus500 Ltd.
 73,945  1,337,323 
Polar Capital Holdings PLC
 5,313  32,796 
Prax Exploration & Production PLC(2)
 747,023  16,750 
Premier Foods PLC
 226,075  353,221 
Prudential PLC, ADR(1)
 131,692  3,254,109 
PZ Cussons PLC
 97,695  196,130 
QinetiQ Group PLC
 147,968  623,245 
Quilter PLC
 561,596  607,646 
Rathbones Group PLC
 23,535  524,225 
Reach PLC
 141,749  131,649 
Reckitt Benckiser Group PLC
 82,106  5,925,233 
Redde Northgate PLC
 136,307  554,184 
Redrow PLC
 143,688  863,717 
RELX PLC, ADR(1)
 254,665  8,284,252 
Renew Holdings PLC
 8,146  74,212 
Renewi PLC(2)
 17,120  104,177 
Renishaw PLC
 4,223  194,424 
Rentokil Initial PLC
 98,653  751,091 
Restaurant Group PLC(2)
 131,189  70,527 
Restore PLC
 36,066  79,963 
Rhi Magnesita NV
 12,559  449,810 
Ricardo PLC
 10,812  69,822 
Rightmove PLC
 335,085  2,371,803 
Rio Tinto PLC, ADR(1)
 201,074  12,567,125 
Rolls-Royce Holdings PLC(2)
 649,401  1,821,777 
RS Group PLC
 104,630  1,005,430 
RWS Holdings PLC
 673  2,053 
S4 Capital PLC(2)
 82,261  103,182 
Sabre Insurance Group PLC
 450 
           874
Sage Group PLC
 40,862  502,137 
Savannah Energy PLC(2)
 164,064  27,227 
Savills PLC
 59,212  682,460 
189

Avantis International Equity ETF
Shares Value
Schroders PLC
 161,619  $ 840,790 
Secure Trust Bank PLC
 1,834  15,411 
Senior PLC
 159,398  363,555 
Serco Group PLC
 93,173  180,462 
Serica Energy PLC
 173,548  549,095 
Severn Trent PLC
 18,155  551,330 
Shell PLC, ADR
 473,925  29,426,003 
SIG PLC(2)
 128,617  54,816 
Sirius Real Estate Ltd.
 310,867  342,635 
Smart Metering Systems PLC
 31,120  270,660 
Smith & Nephew PLC, ADR(1)
 77,662  2,092,214 
Smiths Group PLC
 26,347  546,433 
Softcat PLC
 53,784  1,022,814 
Spectris PLC
          760
 31,969 
Speedy Hire PLC
 280,089  124,231 
Spirax-Sarco Engineering PLC
 7,567  969,682 
Spire Healthcare Group PLC
 85,505  235,741 
Spirent Communications PLC
 139,440  276,990 
SSE PLC
 149,588  3,073,906 
SSP Group PLC(2)
 205,832  612,724 
St. James's Place PLC
 110,327  1,233,659 
Standard Chartered PLC
 579,668  5,215,681 
SThree PLC
 48,736  219,545 
Strix Group PLC(1)
 105,461  120,108 
Superdry PLC(2)
 37,959  26,977 
Synthomer PLC(2)
 70,911  57,419 
Tate & Lyle PLC
 191,898  1,715,448 
Taylor Wimpey PLC
 922,244  1,332,825 
TBC Bank Group PLC
 30,311  1,091,646 
Telecom Plus PLC
 6,430  129,474 
Tesco PLC
 1,036,443  3,486,884 
TI Fluid Systems PLC
 112,727  180,635 
TP ICAP Group PLC
 150,775  315,207 
Travis Perkins PLC
 70,785  769,970 
Tremor International Ltd.(1)(2)
 2,579  5,018 
TUI AG(2)
 30,307  179,746 
Tullow Oil PLC(1)(2)
 244,645  108,517 
Unilever PLC, ADR
 194,662  9,931,655 
United Utilities Group PLC
 331,514  3,969,791 
Vanquis Banking Group PLC
 197,030  258,437 
Vertu Motors PLC
 269,872  238,256 
Vesuvius PLC
 40,540  226,114 
Victrex PLC
 21,966  417,279 
Virgin Money UK PLC
 631,239  1,297,752 
Vistry Group PLC
 125,047  1,237,258 
Vodafone Group PLC, ADR
 590,861  5,506,825 
Watches of Switzerland Group PLC(2)
 21,000  154,669 
Watkin Jones PLC(1)
 99,762  59,218 
Weir Group PLC
 39,090  906,097 
WH Smith PLC
 37,039  686,725 
Whitbread PLC
 63,954  2,781,582 
190

Avantis International Equity ETF
Shares Value
Wickes Group PLC
 196,757  $ 349,627 
Wincanton PLC
 41,506  125,616 
WPP PLC, ADR(1)
 17,232  834,029 
XP Power Ltd.
 647  17,595 
Yellow Cake PLC(2)
 103,047  608,452 
426,377,543 
United States — 0.1%
Ferguson PLC
 15,200  2,466,090 
Gen Digital, Inc.
 455  9,214 
Resolute Forest Products, Inc.(2)
 20,752  26,676 
2,501,980 
TOTAL COMMON STOCKS
(Cost $3,018,166,646)
 3,190,479,925 
RIGHTS†
Australia†
29Metals Ltd.(2)
 52,949  6,519 
Canada†
Constellation Software, Inc.(2)
 1,886  1,047 
Sweden†
Fingerprint Cards AB(1)(2)
 1,440  2 
Swedish Orphan Biovitrum AB(1)(2)
 8,535  7,710 
7,712 
TOTAL RIGHTS
(Cost $836)
 15,278 
WARRANTS†
Australia†
Magellan Financial Group Ltd.(1)(2)
 1,432  186 
Canada†
Constellation Software, Inc.(2)
 1,886  14 
Italy†
Webuild SpA(1)(2)
 3,662  7,489 
TOTAL WARRANTS
(Cost $—)
 7,689 
SHORT-TERM INVESTMENTS — 2.5%
Money Market Funds — 2.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 2,413,119  2,413,119 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 75,671,153  75,671,153 
TOTAL SHORT-TERM INVESTMENTS
(Cost $78,084,272)
 78,084,272 
TOTAL INVESTMENT SECURITIES — 102.0%
(Cost $3,096,251,754)
 3,268,587,164 
OTHER ASSETS AND LIABILITIES — (2.0)%
 (62,915,970)
TOTAL NET ASSETS — 100.0%
 $ 3,205,671,194 

191

Avantis International Equity ETF
MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials 21.1%
Industrials 17.9%
Materials 11.5%
Consumer Discretionary 11.1%
Health Care 8.3%
Energy 7.3%
Information Technology 6.4%
Consumer Staples 6.4%
Communication Services 4.0%
Utilities 3.9%
Real Estate 1.6%
Short-Term Investments 2.5%
Other Assets and Liabilities (2.0)%

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)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $136,185,106. 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.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $142,395,019, which includes securities collateral of $66,723,866.


See Notes to Financial Statements.
192

AUGUST 31, 2023
Avantis International Large Cap Value ETF
Shares Value
COMMON STOCKS — 99.5%
Australia — 6.7%
Allkem Ltd.(1)
 56,171  $ 507,224 
ANZ Group Holdings Ltd. 62,578  1,021,718 
Aurizon Holdings Ltd. 230,230  542,642 
Bendigo & Adelaide Bank Ltd. 3,287  20,134 
BHP Group Ltd., ADR(2)
 73,921  4,249,718 
BlueScope Steel Ltd. 66,871  904,065 
Brambles Ltd. 106,614  1,032,447 
Evolution Mining Ltd. 318,375  760,081 
Fortescue Metals Group Ltd. 88,276  1,215,330 
Harvey Norman Holdings Ltd. 81,772  213,300 
National Australia Bank Ltd. 42  783 
New Hope Corp. Ltd. 105,674  383,313 
Pilbara Minerals Ltd. 235,106  704,852 
Rio Tinto Ltd. 15,950  1,155,201 
Santos Ltd. 346,590  1,714,939 
South32 Ltd. 318,225  693,889 
Telstra Group Ltd. 77,200  200,266 
Viva Energy Group Ltd. 58,358  117,570 
Whitehaven Coal Ltd. 141,237  552,988 
Woodside Energy Group Ltd. 23,172  553,167 
Woodside Energy Group Ltd., ADR(2)
 10,538  251,647 
Yancoal Australia Ltd. 42,972  146,798 
16,942,072 
Austria — 0.3%
Erste Group Bank AG 8,188  292,097 
OMV AG 5,908  273,587 
Raiffeisen Bank International AG(1)
 9,262  132,938 
698,622 
Belgium — 1.0%
Ageas SA 3,610  143,571 
Bekaert SA 856  40,588 
Deme Group NV 149  17,433 
Etablissements Franz Colruyt NV 3,742  142,700 
Euronav NV 1,398  24,348 
KBC Ancora 4,290  190,187 
KBC Group NV 7,305  479,282 
Melexis NV 1,285  121,177 
Proximus SADP 7,449  56,300 
Solvay SA 4,602  532,900 
UCB SA 3,771  338,248 
Umicore SA 12,833  340,052 
2,426,786 
Canada — 10.3%
ARC Resources Ltd. 72,414  1,104,539 
B2Gold Corp. 32,946  101,432 
Bank of Montreal 420  36,172 
Bank of Nova Scotia 33,926  1,609,928 
Barrick Gold Corp., (Toronto) 8  130 
193

Avantis International Large Cap Value ETF
Shares Value
Canadian Imperial Bank of Commerce 28,475  $ 1,128,294 
Canadian Natural Resources Ltd. 32,207  2,083,730 
Cenovus Energy, Inc. 47,279  942,641 
Element Fleet Management Corp. 1,435  22,058 
Empire Co. Ltd., Class A 11,807  307,583 
Fairfax Financial Holdings Ltd. 15  12,370 
First Quantum Minerals Ltd.(2)
 1,085  29,149 
Great-West Lifeco, Inc.(2)
 16,800  482,789 
iA Financial Corp., Inc. 11,634  729,880 
Imperial Oil Ltd.(2)
 9,776  555,145 
Keyera Corp. 8,393  207,340 
Kinross Gold Corp. 164,878  837,080 
Loblaw Cos. Ltd. 80  6,947 
Lundin Mining Corp. 55,508  430,524 
Magna International, Inc. 15,729  925,208 
Manulife Financial Corp. 80,761  1,493,050 
MEG Energy Corp.(1)
 29,694  531,160 
National Bank of Canada 18,150  1,264,939 
Northland Power, Inc.(2)
 14,012  264,955 
Nutrien Ltd. 13,429  850,642 
Onex Corp. 8  494 
Royal Bank of Canada 23,705  2,135,766 
Suncor Energy, Inc.(2)
 46,085  1,561,065 
TC Energy Corp. 27,315  986,510 
Teck Resources Ltd., Class B 31,532  1,304,032 
Toronto-Dominion Bank 28,712  1,751,364 
Tourmaline Oil Corp. 28,785  1,476,105 
West Fraser Timber Co. Ltd. 2,458  185,805 
Whitecap Resources, Inc.(2)
 75,371  616,378 
25,975,204 
Denmark — 0.7%
AP Moller - Maersk A/S, A Shares 15  26,806 
AP Moller - Maersk A/S, B Shares 23  41,754 
Jyske Bank A/S(1)
 36  2,560 
Novo Nordisk A/S, ADR 8,818  1,636,797 
1,707,917 
Finland — 1.2%
Cargotec Oyj, B Shares 12  563 
Huhtamaki Oyj 3,041  104,458 
Kemira Oyj 20,618  326,343 
Kesko Oyj, B Shares 2,950  57,585 
Kone Oyj, B Shares 7,630  347,083 
Metsa Board Oyj, Class B(2)
 7,445  59,462 
Neste Oyj 8,963  327,894 
Nokia Oyj, ADR(2)
 185  738 
Outokumpu Oyj(2)
 26,073  121,470 
Sampo Oyj, A Shares 5,457  239,530 
Stora Enso Oyj, R Shares 38,265  486,638 
UPM-Kymmene Oyj 25,997  889,683 
2,961,447 
France — 8.6%
Aeroports de Paris 1,307  172,011 
194

Avantis International Large Cap Value ETF
Shares Value
Airbus SE 9,439  $ 1,380,992 
ALD SA 9,179  88,733 
ArcelorMittal SA, NY Shares 23,991  638,401 
Arkema SA 4,533  473,694 
AXA SA 1,911  57,416 
BNP Paribas SA 6,346  410,381 
Bouygues SA 60  2,072 
Carrefour SA 32,781  626,567 
Cie de Saint-Gobain 22,190  1,443,507 
Cie Generale des Etablissements Michelin SCA 25,490  797,479 
Dassault Aviation SA 1,545  303,376 
Eiffage SA 5,702  563,546 
Gaztransport Et Technigaz SA 2,745  339,926 
Getlink SE 12,972  217,117 
Ipsen SA 2,644  342,515 
JCDecaux SE(1)
 169  3,136 
Kering SA 1,926  1,029,890 
La Francaise des Jeux SAEM 7,853  283,962 
LVMH Moet Hennessy Louis Vuitton SE 2,257  1,908,649 
Nexans SA 1,922  158,096 
Orange SA, ADR 73,556  822,356 
Renault SA 14,942  602,899 
Safran SA 7,426  1,190,129 
Societe Generale SA 1,544  43,743 
SOITEC(1)
 2,471  451,658 
STMicroelectronics NV, NY Shares 42,898  2,027,360 
Thales SA 24  3,500 
TotalEnergies SE, ADR 44,667  2,810,001 
Ubisoft Entertainment SA(1)
 5,658  171,096 
Valeo SA 15,842  307,941 
Verallia SA 4,300  205,468 
Vinci SA 15,218  1,695,104 
21,572,721 
Germany — 8.8%
Allianz SE 7,212  1,753,087 
BASF SE 29,935  1,515,231 
Bayerische Motoren Werke AG 13,197  1,388,049 
Bayerische Motoren Werke AG, Preference Shares 2,291  220,123 
Commerzbank AG 950  10,438 
Continental AG 6,817  505,673 
Covestro AG(1)
 7,191  381,873 
Daimler Truck Holding AG 30,105  1,059,293 
Deutsche Bank AG 79,756  868,543 
Deutsche Boerse AG 16  2,840 
Deutsche Lufthansa AG(1)
 79,597  710,829 
Deutsche Telekom AG 86,489  1,851,169 
DHL Group 37,279  1,738,433 
Dr. Ing. h.c. F. Porsche AG, Preference Shares 1,414  155,950 
Encavis AG(1)
 12,423  190,268 
Fielmann AG 1,262  59,232 
Fraport AG Frankfurt Airport Services Worldwide(1)
 2,093  113,355 
195

Avantis International Large Cap Value ETF
Shares Value
Hannover Rueck SE 3,712  $ 789,462 
HelloFresh SE(1)
 11,102  357,796 
Hugo Boss AG 6,700  504,378 
Infineon Technologies AG 63,425  2,266,536 
KION Group AG 482  19,242 
Knorr-Bremse AG 4,938  337,268 
Krones AG 1,138  123,228 
Mercedes-Benz Group AG 28,850  2,111,093 
MTU Aero Engines AG 253  59,055 
Rheinmetall AG 3,000  814,875 
Schaeffler AG, Preference Shares 16,044  95,231 
Sixt SE 897  95,628 
Sixt SE, Preference Shares 1,104  71,572 
Talanx AG 5,642  379,274 
Telefonica Deutschland Holding AG 125,851  239,263 
VERBIO Vereinigte BioEnergie AG 1,733  81,911 
Volkswagen AG 897  128,186 
Volkswagen AG, Preference Shares 6,004  734,784 
Wacker Chemie AG 849  125,050 
Zalando SE(1)
 10,194  316,886 
22,175,104 
Hong Kong — 2.1%
AIA Group Ltd. 178,600  1,616,018 
ASMPT Ltd. 25,200  252,174 
Bank of East Asia Ltd. 92,600  131,880 
BOC Hong Kong Holdings Ltd. 83,500  231,987 
Hang Lung Group Ltd. 35,000  48,276 
Henderson Land Development Co. Ltd. 50,000  137,307 
Hongkong Land Holdings Ltd. 59,700  211,790 
Hysan Development Co. Ltd. 33,000  68,741 
Jardine Matheson Holdings Ltd. 7,100  337,557 
Kerry Properties Ltd. 15,000  27,716 
Man Wah Holdings Ltd. 189,200  137,504 
MTR Corp. Ltd. 28,500  118,915 
New World Development Co. Ltd. 121,000  256,929 
NWS Holdings Ltd. 49,000  55,794 
Pacific Basin Shipping Ltd. 228,000  61,743 
Sino Land Co. Ltd. 194,000  222,223 
SITC International Holdings Co. Ltd. 103,000  192,106 
Sun Hung Kai Properties Ltd. 31,000  348,957 
Swire Pacific Ltd., Class A 20,000  164,908 
Techtronic Industries Co. Ltd. 43,000  424,095 
United Energy Group Ltd. 398,000  52,830 
WH Group Ltd. 489,000  251,833 
Xinyi Glass Holdings Ltd. 17,000  25,078 
5,376,361 
Ireland — 0.8%
AIB Group PLC 117,519  534,893 
Bank of Ireland Group PLC 18,603  185,244 
CRH PLC 10,851  624,298 
Glanbia PLC 10,698  177,827 
196

Avantis International Large Cap Value ETF
Shares Value
Kingspan Group PLC 1,394  $ 117,785 
Smurfit Kappa Group PLC 9,302  390,224 
2,030,271 
Israel — 0.6%
Bank Hapoalim BM 41,658  344,893 
Bank Leumi Le-Israel BM 38,323  297,483 
Bezeq The Israeli Telecommunication Corp. Ltd. 52,662  71,278 
Delek Group Ltd. 745  106,879 
First International Bank of Israel Ltd. 1,998  80,791 
ICL Group Ltd. 24,962  149,168 
Israel Corp. Ltd. 199  55,218 
Israel Discount Bank Ltd., A Shares 48,245  241,292 
Mizrahi Tefahot Bank Ltd. 5,170  169,992 
ZIM Integrated Shipping Services Ltd. 5,258  63,464 
1,580,458 
Italy — 3.1%
Azimut Holding SpA 4,253  98,383 
Banca Popolare di Sondrio SpA 24  114 
BPER Banca 57  172 
Brunello Cucinelli SpA(2)
 4,803  396,915 
CNH Industrial NV 5,599  77,198 
De' Longhi SpA 6  158 
Eni SpA, ADR(2)
 49,526  1,533,325 
ERG SpA 5,850  160,058 
Intesa Sanpaolo SpA 19,522  52,132 
Leonardo SpA 327  4,706 
Poste Italiane SpA 57,587  639,269 
Prysmian SpA 17,164  701,261 
Salvatore Ferragamo SpA(2)
 6,898  109,658 
Stellantis NV 95,429  1,771,472 
UniCredit SpA 97,487  2,375,086 
7,919,907 
Japan — 19.3%
Aeon Co. Ltd.(2)
 30,300  627,942 
Aeon Mall Co. Ltd.(2)
 7,400  88,680 
AGC, Inc. 13,200  463,101 
Air Water, Inc. 19,200  241,509 
Aisin Corp. 5,600  186,888 
Alfresa Holdings Corp. 13,800  235,669 
Amada Co. Ltd. 1,300  13,758 
Asics Corp. 600  21,837 
BIPROGY, Inc. 7,700  199,287 
Bridgestone Corp. 12,000  465,909 
Canon Marketing Japan, Inc. 700  18,366 
Chugai Pharmaceutical Co. Ltd. 1,100  33,530 
Cosmo Energy Holdings Co. Ltd. 9,000  324,140 
Credit Saison Co. Ltd. 17,700  276,648 
Dai-ichi Life Holdings, Inc. 37,300  693,243 
Daito Trust Construction Co. Ltd. 1,200  132,341 
Daiwa Securities Group, Inc. 1,600  9,099 
Disco Corp. 300  59,293 
197

Avantis International Large Cap Value ETF
Shares Value
Ebara Corp. 5,900  $ 293,344 
Electric Power Development Co. Ltd. 13,900  216,493 
Fuji Electric Co. Ltd. 7,500  353,404 
Fujikura Ltd. 12,000  99,268 
Fujitsu Ltd. 6,300  787,448 
Fukuoka Financial Group, Inc. 2,500  59,038 
Fuyo General Lease Co. Ltd. 1,400  115,703 
Hakuhodo DY Holdings, Inc. 12,100  114,797 
Hino Motors Ltd.(1)
 4,100  16,040 
Hirose Electric Co. Ltd. 2,400  290,580 
Hitachi Construction Machinery Co. Ltd. 3,100  96,392 
Hitachi Ltd. 26,700  1,774,541 
Honda Motor Co. Ltd., ADR 44,638  1,443,147 
Horiba Ltd. 3,200  166,372 
Hulic Co. Ltd. 29,700  266,523 
Ibiden Co. Ltd. 11,900  716,976 
IHI Corp. 13,100  326,049 
Inpex Corp. 55,400  775,812 
Internet Initiative Japan, Inc. 7,200  125,138 
Isuzu Motors Ltd. 17,200  220,187 
ITOCHU Corp. 2,600  97,576 
Iwatani Corp. 3,500  184,055 
J Front Retailing Co. Ltd.(2)
 25,200  265,391 
Japan Airlines Co. Ltd. 6,600  135,918 
Japan Post Holdings Co. Ltd. 102,900  788,899 
Japan Post Insurance Co. Ltd. 9,400  151,312 
JFE Holdings, Inc. 38,500  608,227 
JGC Holdings Corp. 19,700  263,007 
JSR Corp. 500  13,956 
JTEKT Corp. 21,900  197,918 
Kawasaki Heavy Industries Ltd. 16,000  409,930 
KDDI Corp. 43,900  1,305,034 
Kintetsu Group Holdings Co. Ltd. 6,400  202,576 
Kobe Steel Ltd. 41,300  518,072 
Kuraray Co. Ltd. 26,600  302,148 
Lawson, Inc.(2)
 4,300  205,244 
Macnica Holdings, Inc. 6,400  299,447 
Marubeni Corp. 79,500  1,298,919 
Marui Group Co. Ltd. 16,400  283,864 
Mazda Motor Corp. 55,600  579,292 
MEIJI Holdings Co. Ltd. 2,000  50,150 
MINEBEA MITSUMI, Inc. 9,500  161,078 
Mitsubishi Chemical Group Corp. 67,800  404,746 
Mitsubishi Corp. 1,500  73,987 
Mitsubishi HC Capital, Inc. 55,800  362,525 
Mitsubishi Heavy Industries Ltd. 18,100  1,025,041 
Mitsubishi Motors Corp. 62,600  244,862 
Mitsubishi UFJ Financial Group, Inc., ADR(2)
 346  2,744 
Mitsui Chemicals, Inc. 12,000  325,306 
Mitsui High-Tec, Inc. 1,400  95,000 
MS&AD Insurance Group Holdings, Inc. 800  28,729 
198

Avantis International Large Cap Value ETF
Shares Value
NEC Corp. 15,700  $ 827,561 
NGK Insulators Ltd. 5,100  67,658 
Nichirei Corp. 10,200  241,322 
Nifco, Inc. 5,900  173,907 
NIPPON EXPRESS HOLDINGS, Inc. 5,200  270,033 
Nippon Steel Corp. 39,000  922,285 
Nippon Telegraph & Telephone Corp. 740,100  854,546 
Nippon Yusen KK 29,400  782,169 
Nissan Motor Co. Ltd. 128,200  545,134 
Niterra Co. Ltd. 12,100  280,800 
Nitto Denko Corp. 8,300  566,247 
NS Solutions Corp. 3,200  86,739 
NSK Ltd. 32,300  188,029 
Obayashi Corp. 50,100  453,743 
Odakyu Electric Railway Co. Ltd. 13,400  199,252 
Oji Holdings Corp. 66,200  270,782 
Ono Pharmaceutical Co. Ltd. 13,700  258,819 
ORIX Corp., ADR 8,710  809,159 
Otsuka Corp. 6,200  276,321 
Persol Holdings Co. Ltd. 5,900  100,839 
Resonac Holdings Corp. 1,300  21,127 
Ricoh Co. Ltd. 44,200  360,071 
Ryohin Keikaku Co. Ltd. 11,700  150,840 
Sanwa Holdings Corp.(2)
 17,800  270,852 
SBI Holdings, Inc. 20,900  426,588 
SCREEN Holdings Co. Ltd. 4,300  437,790 
SCSK Corp. 12,200  211,480 
Seibu Holdings, Inc. 19,600  207,274 
Seiko Epson Corp. 13,300  208,257 
Sekisui Chemical Co. Ltd. 7,000  107,362 
Seven Bank Ltd. 58,800  125,061 
SG Holdings Co. Ltd. 13,000  187,783 
Sharp Corp.(1)
 2,000  12,312 
Shimizu Corp. 44,900  302,085 
Shin-Etsu Chemical Co. Ltd. 49,000  1,561,814 
Shinko Electric Industries Co. Ltd. 6,900  282,356 
Shizuoka Financial Group, Inc. 18,400  149,521 
Sohgo Security Services Co. Ltd. 12,200  77,795 
Sojitz Corp. 18,820  404,340 
Sompo Holdings, Inc. 500  21,759 
Sony Group Corp., ADR 27,067  2,251,704 
Subaru Corp. 31,900  613,226 
SUMCO Corp. 31,000  414,028 
Sumitomo Heavy Industries Ltd. 6,000  150,175 
Sumitomo Mitsui Financial Group, Inc., ADR 186,409  1,696,322 
Sumitomo Mitsui Trust Holdings, Inc. 4,400  164,819 
Sumitomo Realty & Development Co. Ltd. 16,100  411,569 
Sundrug Co. Ltd. 4,900  144,843 
Suntory Beverage & Food Ltd. 2,400  77,219 
Taisei Corp. 14,100  474,549 
Takashimaya Co. Ltd.(2)
 15,100  226,701 
199

Avantis International Large Cap Value ETF
Shares Value
TDK Corp. 20,000  $ 727,942 
THK Co. Ltd. 10,900  199,058 
Tobu Railway Co. Ltd. 12,000  328,971 
Tokio Marine Holdings, Inc. 6,300  139,031 
Tokyo Century Corp. 3,600  138,165 
Tokyo Electron Ltd. 6,600  980,269 
Tokyo Tatemono Co. Ltd. 2,000  26,257 
Tokyu Fudosan Holdings Corp. 61,100  379,795 
Toppan, Inc. 16,300  393,741 
Toray Industries, Inc. 14,100  76,023 
Toyota Boshoku Corp. 7,100  134,179 
Toyota Motor Corp., ADR(2)
 715  123,073 
Toyota Tsusho Corp. 12,100  720,296 
Trend Micro, Inc. 5,600  237,673 
Yamaha Motor Co. Ltd. 18,800  486,474 
Zenkoku Hosho Co. Ltd. 2,500  86,615 
48,737,974 
Netherlands — 2.1%
ABN AMRO Bank NV, CVA 11,989  176,357 
Adyen NV(1)
 316  263,867 
Aegon NV, NY Shares(2)
 20,549  104,389 
AerCap Holdings NV(1)
 4,419  271,857 
ASML Holding NV, NY Shares 2,740  1,809,852 
ASR Nederland NV 7,189  314,336 
BE Semiconductor Industries NV 12  1,377 
ING Groep NV, ADR(2)
 54,973  777,868 
Koninklijke Ahold Delhaize NV 23,770  777,517 
Koninklijke KPN NV 70,171  245,556 
NN Group NV 5,437  209,300 
OCI NV(1)
 4,262  107,791 
Randstad NV 3,068  180,046 
Universal Music Group NV 7,297  180,916 
5,421,029 
New Zealand — 0.2%
Air New Zealand Ltd.(1)
 49,573  23,799 
Chorus Ltd. 21,855  104,541 
Fletcher Building Ltd. 34,570  99,514 
Ryman Healthcare Ltd.(2)
 16,824  66,551 
Spark New Zealand Ltd. 37,895  114,644 
Summerset Group Holdings Ltd. 4,289  26,196 
435,245 
Norway — 1.2%
DNB Bank ASA 6,117  120,912 
Equinor ASA, ADR(2)
 39,381  1,203,877 
Hafnia Ltd. 34,477  201,467 
Norsk Hydro ASA 96,434  533,559 
Schibsted ASA, B Shares 2,549  49,959 
Schibsted ASA, Class A 1,825  38,729 
Storebrand ASA 26,314  210,856 
Wallenius Wilhelmsen ASA 10,332  83,576 
Yara International ASA 14,320  521,954 
2,964,889 
200

Avantis International Large Cap Value ETF
Shares Value
Portugal — 0.3%
Banco Comercial Portugues SA, R Shares(1)
 413,951  $ 115,500 
EDP Renovaveis SA 60  1,097 
Galp Energia SGPS SA 32,678  451,027 
Jeronimo Martins SGPS SA 7,717  196,722 
NOS SGPS SA 980  3,692 
Sonae SGPS SA 18,063  19,028 
787,066 
Singapore — 1.3%
City Developments Ltd. 1,600  7,905 
Golden Agri-Resources Ltd. 875,000  161,713 
Jardine Cycle & Carriage Ltd. 6,800  168,019 
Keppel Corp. Ltd. 105,000  538,669 
Olam Group Ltd. 96,700  89,400 
Oversea-Chinese Banking Corp. Ltd. 99,900  926,903 
Seatrium Ltd.(1)
 11,915  1,277 
Singapore Airlines Ltd. 6,500  33,027 
Singapore Exchange Ltd. 1,000  7,119 
United Overseas Bank Ltd. 31,000  651,228 
UOL Group Ltd. 14,500  71,187 
Wilmar International Ltd. 73,100  204,336 
Yangzijiang Shipbuilding Holdings Ltd. 237,300  296,567 
3,157,350 
Spain — 3.5%
ACS Actividades de Construccion y Servicios SA 31,852  1,118,180 
Aena SME SA 3,448  542,015 
Banco Bilbao Vizcaya Argentaria SA, ADR(2)
 311,569  2,473,858 
Banco Santander SA, ADR(2)
 578,264  2,237,882 
Mapfre SA 3,301  6,982 
Repsol SA 164,673  2,545,203 
8,924,120 
Sweden — 2.9%
AAK AB 18,099  335,564 
Atlas Copco AB, A Shares 474  6,267 
Atlas Copco AB, B Shares 990  11,398 
Avanza Bank Holding AB(2)
 14,764  285,053 
Axfood AB 21  507 
Billerud Aktiebolag 700  5,719 
Boliden AB 18,397  489,185 
H & M Hennes & Mauritz AB, B Shares 37,353  570,305 
Loomis AB 2,588  68,607 
Nordea Bank Abp 79,009  865,564 
Nordnet AB publ 14,064  182,051 
Paradox Interactive AB 3,763  95,959 
Sandvik AB 27,323  516,727 
Sinch AB(1)
 843  1,769 
Skandinaviska Enskilda Banken AB, A Shares 56,022  649,496 
Skanska AB, B Shares 6,658  97,463 
Svenska Handelsbanken AB, A Shares 24,711  206,190 
Swedbank AB, A Shares 43,365  767,461 
Telefonaktiebolaget LM Ericsson, ADR(2)
 100,816  520,211 
201

Avantis International Large Cap Value ETF
Shares Value
Telia Co. AB 104,350  $ 210,662 
Trelleborg AB, B Shares 5,706  144,858 
Volvo AB, A Shares 6,188  126,568 
Volvo AB, B Shares 46,602  939,199 
Volvo Car AB, Class B(1)
 23,990  91,081 
7,187,864 
Switzerland — 6.3%
Baloise Holding AG 354  55,302 
Cie Financiere Richemont SA, Class A 12,210  1,731,884 
Clariant AG 7,328  121,909 
DKSH Holding AG 551  42,109 
EFG International AG 6,456  72,159 
Helvetia Holding AG 2,216  336,997 
Holcim AG 180  11,903 
Inficon Holding AG 9  11,476 
Julius Baer Group Ltd. 7,057  489,822 
Kuehne + Nagel International AG 948  284,822 
Novartis AG, ADR 26,529  2,665,634 
OC Oerlikon Corp. AG 24  118 
Partners Group Holding AG 1,213  1,307,499 
Roche Holding AG 9,333  2,739,126 
Roche Holding AG, Bearer Shares 373  116,249 
Schindler Holding AG 21  4,407 
Schindler Holding AG, Bearer Participation Certificate 32  7,126 
Stadler Rail AG 3,071  124,819 
Straumann Holding AG 15  2,268 
Sulzer AG 91  9,245 
Swatch Group AG 328  17,475 
Swatch Group AG, Bearer Shares 200  56,148 
Swiss Life Holding AG 1,460  914,347 
Swisscom AG 1,324  806,169 
UBS Group AG(1)(2)
 64,541  1,723,890 
VAT Group AG 1,605  641,433 
Vontobel Holding AG 1,204  74,519 
Zurich Insurance Group AG 3,121  1,463,415 
15,832,270 
United Kingdom — 18.2%
3i Group PLC 114,753  2,889,646 
Admiral Group PLC 22,249  700,932 
Antofagasta PLC 15,583  285,385 
Ashtead Group PLC 41,572  2,899,991 
AstraZeneca PLC, ADR 1  68 
Barclays PLC, ADR 303,622  2,280,201 
BP PLC, ADR 161,405  6,001,038 
BT Group PLC 986,830  1,443,645 
Burberry Group PLC 56,119  1,549,425 
Coca-Cola HBC AG 21,882  630,353 
easyJet PLC(1)
 73,541  392,855 
Games Workshop Group PLC 2,181  298,650 
Glencore PLC 411,644  2,192,084 
GSK PLC, ADR 64,278  2,258,086 
202

Avantis International Large Cap Value ETF
Shares Value
Haleon PLC 16,646  $ 68,158 
Haleon PLC, ADR(2)
 8,286  68,111 
Hargreaves Lansdown PLC 21,203  204,041 
Howden Joinery Group PLC 122,918  1,149,595 
HSBC Holdings PLC, ADR(2)
 155,298  5,795,721 
Inchcape PLC 1,249  12,055 
International Distributions Services PLC(1)
 16,804  51,606 
J Sainsbury PLC 94,813  324,237 
JD Sports Fashion PLC 413,254  758,527 
Legal & General Group PLC 5,447  15,049 
Lloyds Banking Group PLC, ADR 232,144  487,502 
Marks & Spencer Group PLC(1)
 556,866  1,597,199 
NatWest Group PLC, ADR(2)
 54,313  319,904 
Next PLC 16,857  1,489,799 
Rightmove PLC 95,900  678,801 
Rio Tinto PLC, ADR(2)
 2,830  176,875 
Shell PLC, ADR 99,885  6,201,860 
Taylor Wimpey PLC 508,330  734,637 
Vodafone Group PLC, ADR 194,985  1,817,260 
45,773,296 
TOTAL COMMON STOCKS
(Cost $234,293,036)
 250,587,973 
SHORT-TERM INVESTMENTS — 4.4%
Money Market Funds — 4.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class 164,400  164,400 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 10,858,874  10,858,874 
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,023,274)
 11,023,274 
TOTAL INVESTMENT SECURITIES — 103.9%
(Cost $245,316,310)
 261,611,247 
OTHER ASSETS AND LIABILITIES — (3.9)% (9,755,184)
TOTAL NET ASSETS — 100.0% $ 251,856,063 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials 24.8%
Industrials 15.8%
Energy 14.6%
Materials 12.8%
Consumer Discretionary 12.2%
Information Technology 6.0%
Communication Services 4.6%
Health Care 4.2%
Consumer Staples 2.9%
Real Estate 1.2%
Utilities 0.4%
Short-Term Investments 4.4%
Other Assets and Liabilities (3.9)%

203

Avantis International Large Cap Value ETF
NOTES TO SCHEDULE OF INVESTMENTS
ADR – American Depositary Receipt
CVA – Certificaten Van Aandelen
(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 $14,868,686. 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 $15,384,754, which includes securities collateral of $4,525,880.


See Notes to Financial Statements.
204

AUGUST 31, 2023
Avantis International Small Cap Equity ETF
Shares Value
COMMON STOCKS — 99.8%
Australia — 8.7%
29Metals Ltd.
 404  $ 229 
Accent Group Ltd.
 893  1,181 
Adairs Ltd.
 250  236 
Adbri Ltd.
 1,334  1,903 
Aeris Resources Ltd.(1)
 823  127 
Alkane Resources Ltd.(1)
 567  245 
Altium Ltd.
 332  10,375 
Alumina Ltd.(1)
 6,846  4,755 
AMP Ltd.
 7,966  6,501 
Ansell Ltd.
 360  5,486 
Appen Ltd.(1)
 409  418 
ARB Corp. Ltd.
 226  4,928 
Ardent Leisure Group Ltd.(1)
 431  150 
Aurelia Metals Ltd.(1)
 2,985  175 
Aussie Broadband Ltd.(1)
 499  1,150 
Austal Ltd.
 1,133  1,429 
Australian Clinical Labs Ltd.
 343  655 
Australian Ethical Investment Ltd.
 86  250 
Azure Minerals Ltd.(1)
 654  1,087 
Baby Bunting Group Ltd.
 200  284 
Bank of Queensland Ltd.
 1,656  6,150 
Beach Energy Ltd.
 4,767  4,775 
Bega Cheese Ltd.
 622  1,209 
Bendigo & Adelaide Bank Ltd.
 834  5,109 
Berkeley Energia Ltd.(1)
 771  196 
Boral Ltd.(1)
 1,183  3,600 
Brickworks Ltd.
 241  4,254 
Bubs Australia Ltd.(1)
 596  67 
Capricorn Metals Ltd.(1)
 874  2,562 
Cettire Ltd.(1)
 717  1,264 
Challenger Ltd.
 1,302  5,707 
Champion Iron Ltd.
 926  3,609 
Clinuvel Pharmaceuticals Ltd.
 38  472 
Codan Ltd.
 173  878 
Collins Foods Ltd.
 365  2,333 
Cooper Energy Ltd.(1)
 5,816  452 
Coronado Global Resources, Inc.
 1,651  1,677 
Costa Group Holdings Ltd.
 1,140  2,098 
Credit Corp. Group Ltd.
 196  2,702 
CSR Ltd.
 1,298  4,933 
Data#3 Ltd.
 387  1,852 
DDH1 Ltd.
 832  474 
Delta Lithium Ltd.(1)
 1,627  814 
Deterra Royalties Ltd.
 1,235  3,538 
DGL Group Ltd. AU(1)
 155  83 
Domino's Pizza Enterprises Ltd.
 108  3,764 
Eagers Automotive Ltd.
 490  5,056 
Elders Ltd.
 282  1,172 
205

Avantis International Small Cap Equity ETF
Shares Value
Electro Optic Systems Holdings Ltd.(1)
 426  $ 245 
EML Payments Ltd.(1)
 1,033  756 
Estia Health Ltd.
 805  1,577 
EVT Ltd.
 261  2,057 
FleetPartners Group Ltd.(1)
 868  1,648 
Galan Lithium Ltd.(1)
 506  241 
Global Lithium Resources Ltd.(1)
 238  225 
Gold Road Resources Ltd.
 2,928  3,338 
GrainCorp Ltd., A Shares
 648  3,052 
Grange Resources Ltd.
 806  237 
GWA Group Ltd.
 540  671 
Hansen Technologies Ltd.
 492  1,744 
Harvey Norman Holdings Ltd.
 1,279  3,336 
Hastings Technology Metals Ltd.(1)
 114  80 
Helia Group Ltd.
 1,115  2,795 
Helloworld Travel Ltd.
 287  594 
Iluka Resources Ltd.
 1,247  6,832 
Imdex Ltd.
 1,006  1,054 
Immutep Ltd.(1)
 1,617  299 
Inghams Group Ltd.
 1,084  2,436 
Insignia Financial Ltd.
 1,502  2,513 
Integral Diagnostics Ltd.
 271  525 
Invictus Energy Ltd.(1)
 2,010  220 
InvoCare Ltd.
 432  3,504 
ioneer Ltd.(1)
 2,831  438 
IPH Ltd.
 615  3,026 
IRESS Ltd.
 515  2,127 
JB Hi-Fi Ltd.
 322  9,498 
Jervois Global Ltd.(1)
 2,315  75 
Johns Lyng Group Ltd.
 548  2,267 
Judo Capital Holdings Ltd.(1)
 1,643  976 
Jumbo Interactive Ltd.
 153  1,513 
Karoon Energy Ltd.(1)
 1,360  2,102 
Kelsian Group Ltd.
 576  2,348 
Kogan.com Ltd.(1)
 258  903 
Lake Resources NL(1)
 1,883  267 
Lindian Resources Ltd.(1)
 1,949  378 
Lindsay Australia Ltd.
 763  589 
Link Administration Holdings Ltd.
 1,448  1,252 
Lovisa Holdings Ltd.
 115  1,659 
MA Financial Group Ltd.
 145  447 
Maas Group Holdings Ltd.
 234  486 
Magellan Financial Group Ltd.
 470  2,711 
Mayne Pharma Group Ltd.
 223  529 
McMillan Shakespeare Ltd.
 190  2,187 
Mesoblast Ltd.(1)
 2,376  767 
Metals X Ltd.(1)
 1,012  189 
Metcash Ltd.
 2,696  6,501 
MMA Offshore Ltd.(1)
 1,128  968 
Monadelphous Group Ltd.
 235  2,221 
Mount Gibson Iron Ltd.(1)
 944  274 
206

Avantis International Small Cap Equity ETF
Shares Value
Musgrave Minerals Ltd.(1)
 1,377  $ 317 
Myer Holdings Ltd.
 1,090  472 
MyState Ltd.
 117  249 
Neometals Ltd.(1)
 376  124 
Netwealth Group Ltd.
 374  3,615 
New Hope Corp. Ltd.
 1,654  6,000 
NextEd Group Ltd.(1)
 584  401 
nib holdings Ltd.
 1,496  8,040 
Nick Scali Ltd.
 145  1,171 
Nickel Industries Ltd.
 4,839  2,472 
Nine Entertainment Co. Holdings Ltd.
 4,142  5,495 
Novonix Ltd.(1)
 568  361 
NRW Holdings Ltd.
 964  1,699 
Nufarm Ltd.
 949  3,173 
OFX Group Ltd.(1)
 655  731 
Omni Bridgeway Ltd.(1)
 420  570 
oOh!media Ltd.
 1,542  1,452 
Orora Ltd.
 2,407  5,490 
Panoramic Resources Ltd.(1)
 1,504  46 
PeopleIN Ltd.
 64  85 
Perenti Ltd.(1)
 1,609  1,102 
Perpetual Ltd.
 320  4,345 
Perseus Mining Ltd.
 2,864  3,472 
PEXA Group Ltd.(1)
 367  2,726 
Pinnacle Investment Management Group Ltd.
 383  2,305 
Platinum Asset Management Ltd.
 1,239  1,144 
Premier Investments Ltd.
 206  3,411 
PWR Holdings Ltd.
 163  1,141 
Qube Holdings Ltd.
 4,902  9,707 
Ramelius Resources Ltd.
 3,348  2,962 
Red 5 Ltd.(1)
 7,183  1,134 
Regis Resources Ltd.(1)
 2,219  2,306 
Reliance Worldwide Corp. Ltd.
 2,481  6,681 
Resolute Mining Ltd.(1)
 7,440  1,777 
Ridley Corp. Ltd.
 682  952 
Sandfire Resources Ltd.(1)
 1,368  5,863 
Select Harvests Ltd.
 340  922 
Service Stream Ltd.
 1,954  1,136 
Sigma Healthcare Ltd.
 2,962  1,534 
Silk Laser Australia Ltd.(1)
 59  126 
Silver Lake Resources Ltd.(1)
 880  557 
Sims Ltd.
 479  4,719 
SiteMinder Ltd.(1)
 394  1,245 
SmartGroup Corp. Ltd.
 427  2,373 
St. Barbara Ltd.(1)
 1,422  184 
Stanmore Resources Ltd.(1)
 533  996 
Star Entertainment Group Ltd. (Sydney)(1)
 2,511  1,619 
Strandline Resources Ltd.(1)
 970  110 
Super Retail Group Ltd.
 463  3,876 
Syrah Resources Ltd.(1)
 909  339 
Technology One Ltd.
 879  8,744 
207

Avantis International Small Cap Equity ETF
Shares Value
Terracom Ltd.
 987  $ 302 
United Malt Group Ltd.(1)
 800  2,550 
Ventia Services Group Pty Ltd.
 1,994  3,507 
Viva Energy Group Ltd.
 2,633  5,304 
Vulcan Energy Resources Ltd.(1)
 174  382 
Webjet Ltd.(1)
 1,088  4,894 
West African Resources Ltd.(1)
 1,985  1,092 
Westgold Resources Ltd.(1)
 1,473  1,534 
Xanadu Mines Ltd.(1)
 3,116  193 
340,270 
Austria — 0.8%
AT&S Austria Technologie & Systemtechnik AG
 180  6,413 
DO & CO. AG
 57  6,635 
Lenzing AG(1)
 85  4,032 
Oesterreichische Post AG
 229  7,886 
UNIQA Insurance Group AG
 844  6,795 
31,761 
Belgium — 1.3%
Bekaert SA
 173  8,203 
bpost SA
 378  1,779 
Euronav NV
 290  5,051 
Exmar NV
 94  1,156 
Fagron 368  6,565 
Galapagos NV, ADR(1)
 201  7,616 
Kinepolis Group NV
 74  3,515 
Ontex Group NV(1)
 307  2,484 
Proximus SADP
 458  3,462 
Tessenderlo Group SA
 113  3,504 
VGP NV
 61  6,368 
49,703 
Canada — 9.9%
5N Plus, Inc.(1)
 100  260 
Advantage Energy Ltd.(1)
 400  2,851 
Aecon Group, Inc.
 200  1,693 
AG Growth International, Inc.
 100  4,369 
AGF Management Ltd., Class B
 100  588 
Alamos Gold, Inc., Class A
 900  11,576 
Algoma Steel Group, Inc.
 200  1,530 
Altius Minerals Corp.
 100  1,631 
Argonaut Gold, Inc.(1)
 1,000  533 
Aris Mining Corp.(1)
 200  465 
Atco Ltd., Class I
 200  5,521 
Athabasca Oil Corp.(1)
 1,300  3,608 
Atrium Mortgage Investment Corp.
 100  816 
ATS Corp.(1)
 200  8,973 
B2Gold Corp.
 3,000  9,236 
Badger Infrastructure Solution
 100  2,627 
Ballard Power Systems, Inc.(1)
 300  1,263 
Birchcliff Energy Ltd.
 600  3,708 
Bitfarms Ltd.(1)
 600  817 
Boralex, Inc., A Shares
 200  4,852 
208

Avantis International Small Cap Equity ETF
Shares Value
Calibre Mining Corp.(1)
 900  $ 1,052 
Canada Goose Holdings, Inc.(1)
 100  1,575 
Canadian Western Bank
 200  3,891 
Canfor Corp.(1)
 100  1,538 
Capital Power Corp.
 300  9,030 
Capstone Copper Corp.(1)
 900  4,190 
Cardinal Energy Ltd.
 300  1,603 
Cascades, Inc.
 200  1,881 
Celestica, Inc.(1)
 300  6,994 
Centerra Gold, Inc.
 500  3,001 
CES Energy Solutions Corp.
 600  1,634 
Chorus Aviation, Inc.(1)
 200  398 
CI Financial Corp.
 400  5,133 
Colliers International Group, Inc.
 100  11,553 
Computer Modelling Group Ltd.
 200  1,285 
Converge Technology Solutions Corp.
 200  423 
Corus Entertainment, Inc., B Shares
 200  201 
Crescent Point Energy Corp.
 1,300  10,699 
Crew Energy, Inc.(1)
 400  1,880 
Definity Financial Corp.
 200  5,503 
Doman Building Materials Group Ltd.
 200  1,150 
DREAM Unlimited Corp., Class A
 100  1,573 
Dundee Precious Metals, Inc.
 400  2,581 
Dye & Durham Ltd.
 100  1,335 
Eldorado Gold Corp. (Toronto)(1)
 500  4,777 
Encore Energy Corp.(1)
 154  396 
Enerflex Ltd.
 200  1,234 
Enerplus Corp.
 400  6,841 
Ensign Energy Services, Inc.(1)
 200  456 
EQB, Inc.
 100  5,757 
Equinox Gold Corp.(1)
 700  3,528 
ERO Copper Corp.(1)
 200  4,137 
Fiera Capital Corp.
 100  445 
First Majestic Silver Corp.
 400  2,454 
Fission Uranium Corp.(1)
 500  278 
Fortuna Silver Mines, Inc.(1)
 500  1,554 
Freehold Royalties Ltd.
 300  3,193 
Frontera Energy Corp.(1)
 100  768 
Gear Energy Ltd.
 500  311 
Gibson Energy, Inc.
 300  4,512 
GoGold Resources, Inc.(1)
 400  438 
GoldMining, Inc.(1)
 200  175 
Headwater Exploration, Inc.
 500  2,653 
Hudbay Minerals, Inc.
 700  3,481 
Hut 8 Mining Corp.(1)
 600  1,465 
i-80 Gold Corp.(1)
 300  597 
IAMGOLD Corp.(1)
 1,100  2,727 
Interfor Corp.(1)
 100  1,687 
International Petroleum Corp.(1)
 100  938 
Journey Energy, Inc.(1)
 100  417 
Karora Resources, Inc.(1)
 200  696 
209

Avantis International Small Cap Equity ETF
Shares Value
Kelt Exploration Ltd.(1)
 500  $ 2,598 
Kingsway Financial Services, Inc.(1)
 22  194 
Labrador Iron Ore Royalty Corp.
 100  2,325 
Laurentian Bank of Canada
 100  2,720 
Lightspeed Commerce, Inc.(1)
 300  4,898 
Linamar Corp.
 100  5,248 
Lion Electric Co.(1)
 200  437 
Lundin Gold, Inc.
 300  3,597 
Major Drilling Group International, Inc.(1)
 100  644 
Maple Leaf Foods, Inc.
 200  4,306 
Marathon Gold Corp.(1)
 500  285 
Martinrea International, Inc.
 200  2,022 
MDA Ltd.(1)
 300  2,296 
Methanex Corp.
 100  4,255 
Mullen Group Ltd.
 200  2,117 
Neo Performance Materials, Inc.
 100  682 
New Gold, Inc.(1)
 1,600  1,693 
North American Construction Group Ltd.
 100  2,476 
North West Co., Inc.
 100  2,257 
Northland Power, Inc.
 300  5,673 
NuVista Energy Ltd.(1)
 400  3,671 
Obsidian Energy Ltd.(1)
 200  1,415 
OceanaGold Corp.
 1,700  3,674 
Onex Corp.
 100  6,179 
Paramount Resources Ltd., A Shares
 200  4,633 
Parex Resources, Inc.
 300  5,677 
Parkland Corp.
 200  5,292 
Pason Systems, Inc.
 100  1,029 
Pet Valu Holdings Ltd.
 100  1,854 
Peyto Exploration & Development Corp.
 400  3,715 
Pine Cliff Energy Ltd.
 600  635 
Pipestone Energy Corp.
 100  169 
Pizza Pizza Royalty Corp.
 100  1,084 
PrairieSky Royalty Ltd.
 300  5,739 
Primo Water Corp.
 300  4,578 
Quipt Home Medical Corp.(1)
 90  532 
Real Matters, Inc.(1)
 200  1,011 
Rogers Sugar, Inc.
 200  851 
Russel Metals, Inc.
 200  5,949 
Sandstorm Gold Ltd.
 600  3,313 
Savaria Corp.
 100  1,191 
Seabridge Gold, Inc.(1)
 200  2,348 
Secure Energy Services, Inc.
 400  2,214 
ShawCor Ltd.(1)
 200  2,758 
Silvercorp Metals, Inc.
 400  1,042 
Sleep Country Canada Holdings, Inc.
 100  1,831 
Spartan Delta Corp.
 300  937 
Spin Master Corp., VTG Shares
 100  2,661 
SSR Mining, Inc.
 400  5,932 
Stelco Holdings, Inc.
 100  2,864 
StorageVault Canada, Inc.
 500  1,695 
210

Avantis International Small Cap Equity ETF
Shares Value
Superior Plus Corp.
 500  $ 3,778 
Surge Energy, Inc.
 100  614 
Tamarack Valley Energy Ltd.
 800  2,161 
Timbercreek Financial Corp.
 200  1,076 
Torex Gold Resources, Inc.(1)
 200  2,311 
Total Energy Services, Inc.
 100  696 
TransAlta Corp.
 500  4,799 
Trican Well Service Ltd.
 500  1,769 
Tricon Residential, Inc. (Toronto)
 600  5,089 
Valeura Energy, Inc.(1)
 100  166 
Vermilion Energy, Inc.
 300  4,369 
Victoria Gold Corp.(1)
 100  506 
Viemed Healthcare, Inc.(1)
 100  799 
Wajax Corp.
 100  2,081 
Westshore Terminals Investment Corp.
 100  2,153 
Whitecap Resources, Inc.
 1,200  9,813 
Winpak Ltd.
 100  2,957 
385,268 
Denmark — 1.9%
Alm Brand A/S
 1,701  2,811 
Bavarian Nordic A/S(1)
 141  3,130 
cBrain A/S
 15  389 
Chemometec A/S(1)
 26  1,591 
D/S Norden A/S
 66  3,167 
Dfds A/S
 103  3,444 
GN Store Nord AS(1)
 307  6,270 
H+H International A/S, B Shares(1)
 23  238 
ISS A/S
 448  7,952 
Netcompany Group A/S(1)
 123  4,654 
Nilfisk Holding A/S(1)
 11  215 
NKT A/S(1)
 157  8,497 
NTG Nordic Transport Group A/S(1)
 25  1,370 
Per Aarsleff Holding A/S
 54  2,609 
Ringkjoebing Landbobank A/S
 80  11,842 
Schouw & Co. A/S
 37  2,716 
Solar A/S, B Shares
 13  881 
Spar Nord Bank A/S
 207  3,124 
Sydbank AS
 174  8,173 
TORM PLC, Class A
 98  2,409 
75,482 
Finland — 1.2%
Citycon Oyj(1)
 378  2,322 
Enento Group Oyj
 87  2,131 
Finnair Oyj(1)
 3,194  1,786 
F-Secure Oyj
 402  1,038 
Harvia Oyj
 82  2,040 
Kemira Oyj
 534  8,452 
Kojamo Oyj
 247  2,462 
Musti Group Oyj(1)
 154  3,412 
Nokian Renkaat Oyj
 417  3,613 
Outokumpu Oyj
 1,772  8,256 
211

Avantis International Small Cap Equity ETF
Shares Value
Puuilo Oyj
 284  $ 2,290 
Revenio Group Oyj
 96  2,454 
Tokmanni Group Corp.
 228  3,376 
WithSecure Oyj(1)
 412  466 
YIT Oyj
 461  1,124 
45,222 
France — 3.6%
APERAM SA
 232  6,564 
Atos SE(1)
 645  5,406 
Boiron SA
 27  1,520 
Cie des Alpes
 92  1,298 
Cie Plastic Omnium SA
 260  4,561 
Clariane SE
 201  1,359 
Coface SA
 548  7,336 
Derichebourg SA
 408  2,227 
Equasens 28  2,281 
Eramet SA
 41  3,140 
Etablissements Maurel et Prom SA
 285  1,363 
Euroapi SA(1)
 146  1,986 
Eutelsat Communications SA
 625  3,803 
Fnac Darty SA
 50  1,558 
Genfit SA(1)
 190  682 
ID Logistics Group(1)
 12  3,126 
Imerys SA
 154  5,243 
IPSOS 171  8,557 
Kalray SADIR(1)
 37  1,196 
Kaufman & Broad SA
 53  1,528 
Maisons du Monde SA
 99  924 
McPhy Energy SA(1)
 70  512 
Metropole Television SA
 113  1,548 
Nexans SA
 95  7,814 
OVH Groupe SAS(1)
 88  894 
ReWorld Media SA(1)
 82  323 
Rubis SCA
 430  10,483 
Seche Environnement SA
 11  1,438 
SES SA
 1,435  10,444 
SMCP SA(1)
 238  1,548 
Societe BIC SA
 106  6,775 
Solutions 30 SE(1)
 485  1,473 
Television Francaise 1
 190  1,541 
Trigano SA
 40  5,627 
Ubisoft Entertainment SA(1)
 282  8,528 
Vallourec SA(1)
 482  6,441 
Vicat SA
 97  3,270 
Voltalia SA(1)
 169  2,964 
X-Fab Silicon Foundries SE(1)
 312  3,534 
140,815 
Germany — 4.5%
1&1 AG
 66  981 
7C Solarparken AG
 142  512 
About You Holding SE(1)
 64  428 
212

Avantis International Small Cap Equity ETF
Shares Value
ADLER Group SA(1)
 136  $ 75 
Amadeus Fire AG
 13  1,586 
Aroundtown SA(1)
 1,007  1,816 
Atoss Software AG
 11  2,677 
Aurubis AG
 67  5,540 
Auto1 Group SE(1)
 223  1,868 
BayWa AG
 32  1,128 
Befesa SA
 58  2,135 
Bijou Brigitte AG
 10  379 
Bilfinger SE
 65  2,252 
Borussia Dortmund GmbH & Co. KGaA(1)
 183  918 
CANCOM SE
 87  2,524 
CECONOMY AG(1)
 339  883 
Cewe Stiftung & Co. KGAA
 12  1,179 
Cliq Digital AG
 13  282 
CompuGroup Medical SE & Co. KgaA
 64  2,991 
CropEnergies AG
 55  508 
Dermapharm Holding SE
 49  2,343 
Deutsche Pfandbriefbank AG
 304  2,394 
Deutz AG
 303  1,422 
DIC Asset AG
 55  259 
Draegerwerk AG & Co. KGaA
 7  288 
Draegerwerk AG & Co. KGaA, Preference Shares
 20  967 
Duerr AG
 121  3,607 
Elmos Semiconductor SE
 13  940 
ElringKlinger AG
 66  434 
Encavis AG(1)
 234  3,584 
Energiekontor AG
 18  1,704 
Evotec SE(1)
 324  7,593 
Fielmann AG
 72  3,379 
flatexDEGIRO AG(1)
 174  1,523 
Fraport AG Frankfurt Airport Services Worldwide(1)
 87  4,712 
Freenet AG
 288  6,897 
Friedrich Vorwerk Group SE
 17  235 
Gerresheimer AG
 102  13,240 
GFT Technologies SE
 25  698 
Grand City Properties SA(1)
 130  1,160 
GRENKE AG
 68  1,729 
Hamburger Hafen und Logistik AG
 61  671 
Heidelberger Druckmaschinen AG(1)
 477  670 
HelloFresh SE(1)
 119  3,835 
Hensoldt AG
 128  4,149 
Hornbach Holding AG & Co. KGaA
 22  1,730 
Indus Holding AG
 48  1,152 
Instone Real Estate Group SE
 38  243 
JOST Werke SE
 30  1,547 
Jungheinrich AG, Preference Shares
 112  3,717 
K+S AG
 333  6,254 
Kontron AG
 89  1,937 
Krones AG
 34  3,682 
Lanxess AG
 109  3,440 
213

Avantis International Small Cap Equity ETF
Shares Value
LPKF Laser & Electronics SE(1)
 38  $ 312 
Medios AG(1)
 26  420 
METRO AG(1)
 279  2,221 
Mutares SE & Co. KGaA
 38  905 
Nagarro SE(1)
 10  753 
Norma Group SE
 72  1,322 
PATRIZIA SE
 97  926 
ProSiebenSat.1 Media SE
 383  3,036 
Salzgitter AG
 57  1,677 
Schaeffler AG, Preference Shares
 299  1,775 
SGL Carbon SE(1)
 141  1,067 
Siltronic AG
 45  3,588 
SMA Solar Technology AG(1)
 42  3,374 
Stabilus SE
 57  3,198 
Steico SE
 7  230 
STO SE & Co. KGaA, Preference Shares
 6  894 
Stroeer SE & Co. KGaA
 81  3,679 
Suedzucker AG
 154  2,484 
Synlab AG
 153  1,563 
TAG Immobilien AG(1)
 390  4,421 
TeamViewer SE(1)
 319  5,912 
VERBIO Vereinigte BioEnergie AG
 27  1,276 
VIB Vermoegen AG(1)
 13  212 
Vitesco Technologies Group AG, Class A(1)
 53  4,183 
Wacker Neuson SE
 77  1,701 
173,926 
Hong Kong — 1.6%
Bright Smart Securities & Commodities Group Ltd.
 4,000  729 
Cafe de Coral Holdings Ltd.
 2,000  2,423 
CITIC Telecom International Holdings Ltd.
 8,000  3,110 
Cowell e Holdings, Inc.(1)
 1,000  1,970 
EC Healthcare
 1,000  490 
First Pacific Co. Ltd.
 10,000  4,257 
Giordano International Ltd.
 6,000  2,302 
Hang Lung Group Ltd.
 4,000  5,517 
HKBN Ltd.
 3,500  1,687 
Hong Kong Aerospace Technology Group Ltd.(1)
 1,200  1,153 
Hong Kong Technology Venture Co. Ltd.
 2,000  886 
Hysan Development Co. Ltd.
 2,000  4,166 
Johnson Electric Holdings Ltd.
 1,500  2,009 
JS Global Lifestyle Co. Ltd.(1)
 6,000  856 
Luk Fook Holdings International Ltd.
 1,000  2,478 
Man Wah Holdings Ltd.
 1,600  1,163 
Pacific Basin Shipping Ltd.
 25,000  6,770 
Pacific Textiles Holdings Ltd.
 3,000  639 
SUNeVision Holdings Ltd.
 1,000  478 
Television Broadcasts Ltd.(1)
 1,800  882 
Theme International Holdings Ltd.(1)
 20,000  1,886 
United Laboratories International Holdings Ltd.
 6,000  5,357 
Value Partners Group Ltd.
 2,000  681 
Vitasoy International Holdings Ltd.
 2,000  2,577 
214

Avantis International Small Cap Equity ETF
Shares Value
VTech Holdings Ltd.
 700  $ 4,273 
Yue Yuen Industrial Holdings Ltd.
 3,500  4,386 
63,125 
Ireland — 0.3%
Cairn Homes PLC
 970  1,209 
Dalata Hotel Group PLC(1)
 330  1,539 
Glanbia PLC
 342  5,685 
Glenveagh Properties PLC(1)
 904  981 
Origin Enterprises PLC
 97  345 
Uniphar PLC
 312  943 
10,702 
Israel — 2.4%
Africa Israel Residences Ltd.
 15  706 
Airport City Ltd.(1)
 154  2,358 
Alony Hetz Properties & Investments Ltd.
 292  2,217 
Altshuler Shaham Penn Ltd.
 160  257 
Amot Investments Ltd.
 529  2,502 
Aura Investments Ltd.
 286  568 
Azorim-Investment Development & Construction Co. Ltd.(1)
 169  517 
Big Shopping Centers Ltd.(1)
 28  2,338 
Blue Square Real Estate Ltd.
 12  708 
Caesarstone Ltd.(1)
 37  154 
Cellcom Israel Ltd.(1)
 159  527 
Ceragon Networks Ltd.(1)
 165  322 
Clal Insurance Enterprises Holdings Ltd.(1)
 151  2,236 
Danel Adir Yeoshua Ltd.
 14  1,123 
Danya Cebus Ltd.
 10  263 
Delek Group Ltd.
 26  3,730 
Delta Galil Ltd.
 26  1,016 
Direct Finance of Direct Group 2006 Ltd.
 3  355 
Doral Group Renewable Energy Resources Ltd.(1)
 195  418 
Elco Ltd.
 15  484 
Electra Consumer Products 1970 Ltd.
 24  525 
Electra Ltd.
 5  1,935 
Energix-Renewable Energies Ltd.
 657  2,046 
Fattal Holdings 1998 Ltd.(1)
 19  1,861 
FIBI Holdings Ltd.
 44  1,915 
Formula Systems 1985 Ltd.
 22  1,631 
Fox Wizel Ltd.
 18  1,303 
G City Ltd.
 207  660 
Gilat Satellite Networks Ltd.(1)
 132  901 
Hagag Group Real Estate Development(1)
 52  171 
Harel Insurance Investments & Financial Services Ltd.
 264  1,921 
Hilan Ltd.
 34  1,743 
Isracard Ltd.
 551  2,234 
Israel Canada T.R Ltd.
 309  690 
Israel Corp. Ltd.
 7  1,942 
Israel Land Development Co. Ltd.
 24  193 
Isras Investment Co. Ltd.
 4  750 
Ituran Location & Control Ltd.
 30  908 
Kenon Holdings Ltd.
 45  1,069 
215

Avantis International Small Cap Equity ETF
Shares Value
Kornit Digital Ltd.(1)
 122  $ 2,716 
Kvutzat Acro Ltd.
 38  387 
M Yochananof & Sons Ltd.
 11  452 
Magic Software Enterprises Ltd.
 57  660 
Matrix IT Ltd.
 77  1,563 
Mega Or Holdings Ltd.
 43  799 
Menora Mivtachim Holdings Ltd.
 50  1,054 
Migdal Insurance & Financial Holdings Ltd.
 964  1,119 
Mivne Real Estate KD Ltd.
 1,279  3,062 
Nano Dimension Ltd., ADR(1)
 415  1,320 
Nano-X Imaging Ltd.(1)
 131  1,091 
Next Vision Stabilized Systems Ltd.
 130  735 
Oil Refineries Ltd.
 6,649  2,165 
One Software Technologies Ltd.
 93  1,183 
Partner Communications Co. Ltd.(1)
 158  661 
Paz Ashdod Refinery Ltd.(1)
 23  627 
Paz Oil Co. Ltd.(1)
 23  1,902 
Perion Network Ltd.(1)
 62  2,061 
Phoenix Holdings Ltd.
 397  3,978 
Prashkovsky Investments & Construction Ltd.
 16  361 
Property & Building Corp. Ltd.(1)
 3  118 
Protalix BioTherapeutics, Inc.(1)
 85  161 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.
 20  1,156 
Retailors Ltd.
 49  997 
Sapiens International Corp. NV
 78  2,323 
Shapir Engineering & Industry Ltd.
 314  2,155 
Shikun & Binui Ltd.(1)
 399  998 
Shufersal Ltd.(1)
 611  2,841 
Silicom Ltd.(1)
 5  134 
Summit Real Estate Holdings Ltd.
 84  1,106 
Tadiran Group Ltd.
 4  283 
Taro Pharmaceutical Industries Ltd.(1)
 25  990 
Tel Aviv Stock Exchange Ltd.(1)
 207  1,087 
YH Dimri Construction & Development Ltd.
 17  1,052 
ZIM Integrated Shipping Services Ltd.
 216  2,607 
93,101 
Italy — 3.2%
ACEA SpA
 164  1,966 
Arnoldo Mondadori Editore SpA
 520  1,212 
Azimut Holding SpA
 393  9,091 
Banca IFIS SpA
 108  1,895 
Banca Monte dei Paschi di Siena SpA(1)
 1,988  5,500 
Banca Popolare di Sondrio SpA
 1,673  7,938 
BFF Bank SpA
 881  9,449 
Biesse SpA
 24  336 
Cementir Holding NV
 191  1,668 
Credito Emiliano SpA
 353  2,949 
d'Amico International Shipping SA
 181  831 
Danieli & C Officine Meccaniche SpA
 50  1,199 
Danieli & C Officine Meccaniche SpA, Preference Shares
 158  2,985 
Datalogic SpA
 52  369 
216

Avantis International Small Cap Equity ETF
Shares Value
De' Longhi SpA
 306  $ 8,085 
Digital Bros SpA
 16  288 
doValue SpA
 121  592 
Enav SpA
 1,067  4,305 
Esprinet SpA
 82  516 
Fincantieri SpA(1)
 1,244  690 
Iren SpA
 2,655  5,477 
Iveco Group NV(1)
 737  7,309 
Maire Tecnimont SpA
 590  2,356 
MFE-MediaForEurope NV, Class A
 4,459  2,256 
MFE-MediaForEurope NV, Class B
 1,444  1,034 
OVS SpA
 930  2,325 
Piaggio & C SpA
 640  2,442 
RAI Way SpA
 422  2,345 
Safilo Group SpA(1)
 673  730 
Saipem SpA(1)
 3,514  5,671 
Salcef Group SpA
 78  2,078 
Salvatore Ferragamo SpA
 139  2,210 
Sanlorenzo SpA
 56  2,249 
Saras SpA
 1,902  2,708 
Sesa SpA
 23  2,693 
Spaxs SpA
 182  1,192 
Tamburi Investment Partners SpA
 509  4,859 
Technogym SpA
 514  4,393 
Unieuro SpA
 63  703 
Unipol Gruppo SpA
 810  4,510 
Webuild SpA
 1,634  3,332 
Wiit SpA
 44  835 
125,571 
Japan — 29.2%
77 Bank Ltd.
 100  2,158 
A&D HOLON Holdings Co. Ltd.
 100  1,184 
Access Co. Ltd.(1)
 100  626 
Adastria Co. Ltd.
 100  1,998 
ADEKA Corp.
 200  3,842 
Aeon Delight Co. Ltd.
 100  2,194 
AEON Financial Service Co. Ltd.
 200  1,744 
Aeon Hokkaido Corp.
 100  590 
Ahresty Corp.
 100  505 
Ai Holdings Corp.
 100  1,624 
Aica Kogyo Co. Ltd.
 100  2,371 
Aichi Corp.
 100  655 
Aichi Financial Group, Inc.
 100  1,672 
Aida Engineering Ltd.
 100  697 
Airtrip Corp.
 100  1,607 
Aisan Industry Co. Ltd.
 100  892 
Akebono Brake Industry Co. Ltd.(1)
 100  91 
Alconix Corp.
 100  950 
Alpen Co. Ltd.
 100  1,312 
Alps Alpine Co. Ltd.
 400  3,340 
Altech Corp.
 100  1,753 
217

Avantis International Small Cap Equity ETF
Shares Value
Amano Corp.
 200  $ 4,360 
Amvis Holdings, Inc.
 100  1,995 
Anicom Holdings, Inc.
 200  887 
Anycolor, Inc.(1)
 100  2,318 
AOKI Holdings, Inc.
 100  717 
Aoyama Trading Co. Ltd.
 100  1,108 
Aoyama Zaisan Networks Co. Ltd.
 100  749 
Aozora Bank Ltd.
 300  5,890 
Arcland Service Holdings Co. Ltd.(1)
 100  2,140 
Arclands Corp.
 100  1,140 
Arcs Co. Ltd.
 100  1,774 
ARE Holdings, Inc.
 200  2,595 
Artner Co. Ltd.
 100  1,157 
Aruhi Corp.
 100  640 
AS One Corp.
 100  3,921 
Asahi Co. Ltd.
 100  876 
Asahi Diamond Industrial Co. Ltd.
 100  613 
Asanuma Corp.
 100  2,451 
Asia Pile Holdings Corp.
 100  455 
ASKUL Corp.
 100  1,349 
Asukanet Co. Ltd.
 100  542 
Atom Corp.(1)
 300  1,939 
Autobacs Seven Co. Ltd.
 200  2,226 
Avant Group Corp.
 100  970 
Avex, Inc.
 100  1,008 
Awa Bank Ltd.
 100  1,554 
AZ-Com Maruwa Holdings, Inc.
 100  1,558 
Bando Chemical Industries Ltd.
 100  1,054 
Bank of the Ryukyus Ltd.
 100  724 
Bell System24 Holdings, Inc.
 100  1,045 
Belluna Co. Ltd.
 100  499 
Benefit One, Inc.
 100  867 
Benesse Holdings, Inc.
 100  1,274 
BrainPad, Inc.
 100  676 
Bunka Shutter Co. Ltd.
 100  748 
Bushiroad, Inc.
 100  330 
Canon Electronics, Inc.
 100  1,272 
Carenet, Inc.
 100  609 
Carlit Holdings Co. Ltd.
 100  616 
Central Glass Co. Ltd.
 100  2,013 
Chiba Kogyo Bank Ltd.
 100  537 
Chofu Seisakusho Co. Ltd.
 100  1,478 
Chori Co. Ltd.
 100  1,960 
Chudenko Corp.
 100  1,641 
Chugin Financial Group, Inc.
 300  1,991 
CI Takiron Corp.
 100  413 
Citizen Watch Co. Ltd.
 600  3,675 
CMK Corp.
 100  424 
Coca-Cola Bottlers Japan Holdings, Inc.
 400  5,210 
COLOPL, Inc.
 100  438 
Colowide Co. Ltd.
 200  3,465 
218

Avantis International Small Cap Equity ETF
Shares Value
Computer Engineering & Consulting Ltd.
 100  $ 1,170 
Cosel Co. Ltd.
 100  890 
Create Restaurants Holdings, Inc.
 300  2,465 
Create SD Holdings Co. Ltd.
 100  2,561 
Cresco, Ltd.
 100  1,303 
Curves Holdings Co. Ltd.
 100  500 
Cybozu, Inc.
 100  1,488 
Dai-Dan Co. Ltd.
 100  2,050 
Daido Steel Co. Ltd.
 100  4,134 
Daiei Kankyo Co. Ltd.
 100  1,586 
Daihatsu Diesel Manufacturing Co. Ltd.
 100  580 
Daiichikosho Co. Ltd.
 200  3,863 
Daiki Aluminium Industry Co. Ltd.
 100  987 
Daikyonishikawa Corp.
 100  556 
Daiseki Co. Ltd.
 100  3,027 
Daishi Hokuetsu Financial Group, Inc.
 100  2,505 
Daishinku Corp.
 100  554 
Daito Pharmaceutical Co. Ltd.
 110  1,727 
Daiwabo Holdings Co. Ltd.
 300  6,081 
DCM Holdings Co. Ltd.
 300  2,507 
Dear Life Co. Ltd.
 100  594 
Demae Can Co. Ltd.(1)
 100  276 
Denka Co. Ltd.
 200  3,770 
Denyo Co. Ltd.
 100  1,425 
Dexerials Corp.
 100  2,474 
DIC Corp.
 200  3,446 
Digital Arts, Inc.
 100  3,311 
Dip Corp.
 100  2,403 
Doshisha Co. Ltd.
 100  1,626 
Doutor Nichires Holdings Co. Ltd.
 100  1,601 
Dowa Holdings Co. Ltd.
 100  3,212 
DTS Corp.
 100  2,214 
Duskin Co. Ltd.
 100  2,252 
Eagle Industry Co. Ltd.
 100  1,151 
Earth Infinity Co. Ltd.
 100  114 
EDION Corp.
 200  2,012 
eGuarantee, Inc.
 100  1,333 
Eiken Chemical Co. Ltd.
 100  960 
Elan Corp.
 100  595 
Elecom Co. Ltd.
 100  1,202 
EM Systems Co. Ltd.
 100  511 
en Japan, Inc.
 100  1,748 
Exedy Corp.
 100  1,810 
Ezaki Glico Co. Ltd.
 100  2,637 
Fancl Corp.
 100  1,752 
FCC Co. Ltd.
 100  1,320 
Ferrotec Holdings Corp.
 100  2,078 
Fibergate, Inc.
 100  1,056 
First Bank of Toyama Ltd.
 100  598 
Fixstars Corp.
 100  849 
Food & Life Cos. Ltd.
 200  3,799 
219

Avantis International Small Cap Equity ETF
Shares Value
Foster Electric Co. Ltd.
 100  $ 618 
FP Corp.
 100  1,921 
Fuji Co. Ltd.
 100  1,254 
Fuji Corp./Aichi
 200  3,297 
Fuji Kyuko Co. Ltd.
 100  3,644 
Fuji Oil Co. Ltd.
 100  210 
Fuji Seal International, Inc.
 100  1,199 
Fuji Soft, Inc.
 100  3,019 
Fujikura Composites, Inc.
 100  767 
Fujikura Ltd.
 700  5,791 
Fujimi, Inc.
 200  4,621 
Fujimori Kogyo Co. Ltd.
 100  2,575 
Fukuyama Transporting Co. Ltd.
 100  2,485 
Funai Soken Holdings, Inc.
 100  1,851 
Furukawa Co. Ltd.
 100  1,217 
Furukawa Electric Co. Ltd.
 200  3,435 
Fuso Chemical Co. Ltd.
 100  2,930 
Futaba Industrial Co. Ltd.
 100  472 
Future Corp.
 100  1,067 
Gakken Holdings Co. Ltd.
 100  582 
GMO Financial Holdings, Inc.
 100  499 
GMO internet group, Inc.
 200  3,235 
Godo Steel Ltd.
 100  3,013 
Greens Co. Ltd.
 100  1,197 
GS Yuasa Corp.
 200  3,790 
G-Tekt Corp.
 100  1,266 
GungHo Online Entertainment, Inc.
 100  1,647 
Gunma Bank Ltd.
 900  4,144 
H.U. Group Holdings, Inc.
 100  1,808 
H2O Retailing Corp.
 200  2,407 
Hachijuni Bank Ltd.
 500  2,692 
Hagihara Industries, Inc.
 100  1,159 
Halows Co. Ltd.
 100  2,804 
Hanwa Co. Ltd.
 100  3,181 
Hazama Ando Corp.
 400  3,259 
Heiwa Corp.
 100  1,526 
Heiwa Real Estate Co. Ltd.
 100  2,683 
Heiwado Co. Ltd.
 100  1,647 
Hino Motors Ltd.(1)
 800  3,130 
Hirogin Holdings, Inc.
 700  4,369 
Hitachi Zosen Corp.
 400  2,365 
Hokkaido Electric Power Co., Inc.(1)
 300  1,378 
Hokuetsu Corp.
 300  1,862 
Hokuhoku Financial Group, Inc.
 300  2,714 
Hokuriku Electric Power Co.(1)
 300  1,745 
Hoosiers Holdings Co. Ltd.
 100  736 
Horiba Ltd.
 100  5,199 
Hosiden Corp.
 100  1,244 
House Foods Group, Inc.
 200  4,317 
Hyakugo Bank Ltd.
 500  1,735 
Hyakujushi Bank Ltd.
 100  1,533 
220

Avantis International Small Cap Equity ETF
Shares Value
Ichigo, Inc.
 500  $ 1,073 
Ichikoh Industries Ltd.
 100  364 
Ichiyoshi Securities Co. Ltd.
 100  476 
Idec Corp.
 100  2,088 
IDOM, Inc.
 200  1,076 
Iino Kaiun Kaisha Ltd.
 200  1,432 
I'll, Inc.
 100  1,901 
Inaba Denki Sangyo Co. Ltd.
 100  2,164 
Inabata & Co. Ltd.
 100  2,174 
Infomart Corp.
 300  962 
Information Services International-Dentsu Ltd.
 100  4,000 
Insource Co. Ltd.
 100  754 
Intage Holdings, Inc.
 100  1,202 
Iriso Electronics Co. Ltd.
 100  2,968 
ISB Corp.
 100  956 
Ishihara Sangyo Kaisha Ltd.
 100  983 
Istyle, Inc.(1)
 100  342 
Itfor, Inc.
 100  727 
Itochu Enex Co. Ltd.
 100  1,012 
Itoham Yonekyu Holdings, Inc.
 300  1,668 
Itoki Corp.
 100  950 
IwaiCosmo Holdings, Inc.
 100  1,189 
Iyogin Holdings, Inc.
 700  4,856 
Izumi Co. Ltd.
 100  2,608 
J Trust Co. Ltd.
 100  317 
JAC Recruitment Co. Ltd.
 100  1,848 
Jaccs Co. Ltd.
 100  3,478 
JAFCO Group Co. Ltd.
 100  1,282 
JALCO Holdings, Inc.
 100  152 
Japan Aviation Electronics Industry Ltd.
 100  2,105 
Japan Communications, Inc.(1)
 500  776 
Japan Elevator Service Holdings Co. Ltd.
 200  3,324 
Japan Lifeline Co. Ltd.
 200  1,579 
Japan Material Co. Ltd.
 100  1,828 
Japan Petroleum Exploration Co. Ltd.
 100  3,289 
Japan Pulp & Paper Co. Ltd.
 100  3,256 
Japan Securities Finance Co. Ltd.
 200  1,725 
Japan Steel Works Ltd.
 200  4,041 
Japan Wool Textile Co. Ltd.
 100  860 
JBCC Holdings, Inc.
 100  1,746 
JCU Corp.
 100  2,316 
JDC Corp.
 100  421 
Jeol Ltd.
 100  3,186 
JINUSHI Co. Ltd.
 100  1,282 
J-Oil Mills, Inc.
 100  1,249 
Joshin Denki Co. Ltd.
 100  1,527 
Joyful Honda Co. Ltd.
 100  1,178 
JP-Holdings, Inc.
 100  224 
Juki Corp.
 100  428 
Juroku Financial Group, Inc.
 100  2,514 
Justsystems Corp.
 100  2,069 
221

Avantis International Small Cap Equity ETF
Shares Value
JVCKenwood Corp.
 500  $ 2,181 
Kaga Electronics Co. Ltd.
 100  4,538 
Kamei Corp.
 100  1,009 
Kanamoto Co. Ltd.
 100  1,695 
Kandenko Co. Ltd.
 400  3,665 
Kaneka Corp.
 100  2,807 
Kanematsu Corp.
 200  2,815 
Kanto Denka Kogyo Co. Ltd.
 100  572 
Kappa Create Co., Ltd.(1)
 100  1,121 
Katitas Co. Ltd.
 100  1,596 
Kato Sangyo Co. Ltd.
 100  2,877 
Keihanshin Building Co. Ltd.
 100  875 
Keiyo Bank Ltd.
 200  817 
KFC Holdings Japan Ltd.
 100  2,075 
KH Neochem Co. Ltd.
 100  1,557 
Kissei Pharmaceutical Co. Ltd.
 100  2,335 
Kitanotatsujin Corp.
 100  171 
Kitz Corp.
 200  1,447 
Kiyo Bank Ltd.
 100  1,036 
Koa Corp.
 100  1,262 
Kohnan Shoji Co. Ltd.
 100  2,440 
Kojima Co. Ltd.
 100  435 
Kokuyo Co. Ltd.
 100  1,554 
KOMEDA Holdings Co. Ltd.
 100  1,960 
Komeri Co. Ltd.
 100  2,112 
Komori Corp.
 100  753 
Konica Minolta, Inc.
 600  1,852 
Konoike Transport Co. Ltd.
 100  1,400 
Koshidaka Holdings Co. Ltd.
 100  917 
Kotobuki Spirits Co. Ltd.
 100  7,841 
KPP Group Holdings Co. Ltd.
 100  447 
K's Holdings Corp.
 400  3,687 
Kumagai Gumi Co. Ltd.
 100  2,235 
Kumiai Chemical Industry Co. Ltd.
 100  772 
Kura Sushi, Inc.
 100  2,170 
KYB Corp.
 100  3,260 
Kyoei Steel Ltd.
 100  1,331 
Kyokuto Kaihatsu Kogyo Co. Ltd.
 100  1,244 
Kyorin Pharmaceutical Co. Ltd.
 100  1,217 
Kyoritsu Maintenance Co. Ltd.
 100  4,312 
Kyosan Electric Manufacturing Co. Ltd.
 100  313 
Kyudenko Corp.
 100  3,077 
Kyushu Financial Group, Inc.
 900  4,403 
Leopalace21 Corp.(1)
 300  753 
Life Corp.
 100  2,493 
Lifedrink Co., Inc.
 100  2,827 
LIFULL Co. Ltd.
 100  169 
Link & Motivation, Inc.
 100  317 
Lintec Corp.
 100  1,649 
M&A Research Institute Holdings, Inc.(1)
 100  2,435 
Mabuchi Motor Co. Ltd.
 100  3,061 
222

Avantis International Small Cap Equity ETF
Shares Value
Macnica Holdings, Inc.
 200  $ 9,358 
Macromill, Inc.
 100  505 
Makino Milling Machine Co. Ltd.
 100  4,776 
Mani, Inc.
 100  1,301 
Marubun Corp.
 100  803 
Maruha Nichiro Corp.
 100  1,745 
Maruichi Steel Tube Ltd.
 200  5,197 
Marusan Securities Co. Ltd.
 100  359 
Maruzen Showa Unyu Co. Ltd.
 100  2,717 
Marvelous, Inc.
 100  471 
Matsui Securities Co. Ltd.
 300  1,650 
Maxell Ltd.
 100  1,084 
MCJ Co. Ltd.
 100  817 
Medley, Inc.(1)
 100  3,873 
MedPeer, Inc.(1)
 100  747 
Megachips Corp.
 100  2,881 
Megmilk Snow Brand Co. Ltd.
 100  1,636 
Meidensha Corp.
 100  1,499 
Meisei Industrial Co. Ltd.
 100  658 
Meitec Corp.
 200  3,501 
Meiwa Corp.
 100  455 
Menicon Co. Ltd.
 100  1,396 
Micronics Japan Co. Ltd.
 100  1,494 
Mimasu Semiconductor Industry Co. Ltd.
 100  1,970 
MIRAIT ONE Corp.
 200  2,649 
Mirarth Holdings, Inc.
 200  642 
Miroku Jyoho Service Co. Ltd.
 100  1,049 
Mito Securities Co. Ltd.
 100  294 
Mitsuba Corp.
 100  524 
Mitsubishi Logisnext Co. Ltd.
 100  938 
Mitsubishi Logistics Corp.
 100  2,655 
Mitsubishi Materials Corp.
 400  6,714 
Mitsubishi Paper Mills Ltd.
 100  340 
Mitsubishi Pencil Co. Ltd.
 100  1,324 
Mitsubishi Shokuhin Co. Ltd.
 100  2,738 
Mitsui DM Sugar Holdings Co. Ltd.
 100  2,051 
Mitsui E&S Co. Ltd.
 100  343 
Mitsui Mining & Smelting Co. Ltd.
 100  2,554 
Mitsui-Soko Holdings Co. Ltd.
 100  2,850 
Mixi, Inc.
 100  1,669 
Mizuho Leasing Co. Ltd.
 100  3,299 
Mizuno Corp.
 100  3,189 
Mochida Pharmaceutical Co. Ltd.
 100  2,312 
Monogatari Corp.
 100  3,267 
Morinaga & Co. Ltd.
 100  3,634 
Morinaga Milk Industry Co. Ltd.
 100  4,093 
Morita Holdings Corp.
 100  1,124 
Musashi Seimitsu Industry Co. Ltd.
 100  1,189 
Musashino Bank Ltd.
 100  1,812 
Nagase & Co. Ltd.
 200  3,427 
Nakayama Steel Works Ltd.
 100  635 
223

Avantis International Small Cap Equity ETF
Shares Value
Namura Shipbuilding Co. Ltd.
 100  $ 628 
Nanto Bank Ltd.
 100  1,822 
NEC Networks & System Integration Corp.
 100  1,333 
NET One Systems Co. Ltd.
 100  1,959 
Neturen Co. Ltd.
 100  692 
Nextage Co. Ltd.
 100  2,251 
NHK Spring Co. Ltd.
 500  3,877 
Nichias Corp.
 200  4,183 
Nichicon Corp.
 100  965 
Nichiha Corp.
 100  2,143 
Nichireki Co. Ltd.
 100  1,430 
Nihon Chouzai Co. Ltd.
 100  941 
Nihon Nohyaku Co. Ltd.
 100  472 
Nihon Parkerizing Co. Ltd.
 200  1,595 
Nikkiso Co. Ltd.
 100  691 
Nikkon Holdings Co. Ltd.
 100  2,279 
Nippn Corp.
 100  1,422 
Nippon Coke & Engineering Co. Ltd.(1)
 400  310 
Nippon Denko Co. Ltd.
 100  191 
Nippon Densetsu Kogyo Co. Ltd.
 100  1,465 
Nippon Electric Glass Co. Ltd.
 200  3,529 
Nippon Gas Co. Ltd.
 300  4,670 
Nippon Kayaku Co. Ltd.
 300  2,686 
Nippon Light Metal Holdings Co. Ltd.
 100  1,065 
Nippon Paper Industries Co. Ltd.(1)
 300  2,683 
Nippon Parking Development Co. Ltd.
 200  301 
Nippon Pillar Packing Co. Ltd.
 100  2,882 
Nippon Seiki Co. Ltd.
 100  752 
Nippon Sheet Glass Co. Ltd.(1)
 200  1,050 
Nippon Shokubai Co. Ltd.
 100  3,805 
Nippon Signal Company Ltd.
 100  662 
Nippon Soda Co. Ltd.
 100  3,699 
Nippon Television Holdings, Inc.
 200  1,863 
Nippon Thompson Co. Ltd.
 100  386 
Nipro Corp.
 300  2,485 
Nishimatsu Construction Co. Ltd.
 100  2,536 
Nishi-Nippon Financial Holdings, Inc.
 300  3,105 
Nishi-Nippon Railroad Co. Ltd.
 200  3,734 
Nishio Holdings Co. Ltd.
 100  2,438 
Nissan Shatai Co. Ltd.
 200  1,243 
Nissha Co. Ltd.
 100  1,211 
Nisshin Oillio Group Ltd.
 100  2,869 
Nisshinbo Holdings, Inc.
 300  2,228 
Nisso Corp.
 100  574 
Nissui Corp.
 800  4,201 
Nitta Corp.
 100  2,271 
Nittetsu Mining Co. Ltd.
 100  3,503 
Nitto Boseki Co. Ltd.
 100  2,747 
Nojima Corp.
 200  1,756 
Nomura Co. Ltd.
 200  1,172 
Nomura Micro Science Co. Ltd.
 100  4,000 
224

Avantis International Small Cap Equity ETF
Shares Value
Noritz Corp.
 100  $ 1,098 
North Pacific Bank Ltd.
 700  1,473 
NS Solutions Corp.
 100  2,711 
NSD Co. Ltd.
 200  3,510 
NTN Corp.
 1,100  2,183 
Ogaki Kyoritsu Bank Ltd.
 100  1,380 
Ohsho Food Service Corp.
 100  4,822 
Oiles Corp.
 100  1,419 
Oisix ra daichi, Inc.(1)
 100  1,144 
Okamura Corp.
 200  2,981 
Okasan Securities Group, Inc.
 400  1,580 
Oki Electric Industry Co. Ltd.
 200  1,239 
Okinawa Cellular Telephone Co.
 100  2,164 
Okinawa Electric Power Co., Inc.(1)
 100  785 
Okumura Corp.
 100  3,126 
Onward Holdings Co. Ltd.
 300  1,072 
Open Up Group, Inc.
 100  1,378 
Optorun Co. Ltd.
 100  1,339 
Orient Corp.
 100  759 
Oriental Shiraishi Corp.
 300  674 
Osaka Organic Chemical Industry Ltd.
 100  1,774 
OSG Corp.
 200  2,520 
Outsourcing, Inc.
 400  3,131 
Pacific Industrial Co. Ltd.
 100  979 
PAL GROUP Holdings Co. Ltd.
 200  2,821 
PALTAC Corp.
 100  3,294 
Paramount Bed Holdings Co. Ltd.
 100  1,620 
Park24 Co. Ltd.(1)
 200  2,821 
Penta-Ocean Construction Co. Ltd.
 800  4,755 
PeptiDream, Inc.(1)
 300  3,851 
Pigeon Corp.
 300  3,478 
Pilot Corp.
 100  3,219 
Piolax, Inc.
 100  1,602 
Plus Alpha Consulting Co. Ltd.
 100  1,954 
Port, Inc.(1)
 100  1,960 
Premium Group Co. Ltd.
 100  1,119 
Press Kogyo Co. Ltd.
 300  1,378 
Prestige International, Inc.
 100  403 
Prima Meat Packers Ltd.
 100  1,738 
PS Mitsubishi Construction Co. Ltd.
 100  541 
Qol Holdings Co. Ltd.
 100  1,320 
Raito Kogyo Co. Ltd.
 100  1,397 
Raysum Co. Ltd.
 100  2,293 
Relo Group, Inc.
 200  2,343 
Remixpoint, Inc.
 100  151 
Rengo Co. Ltd.
 400  2,718 
RENOVA, Inc.(1)
 100  945 
Resorttrust, Inc.
 100  1,603 
Restar Holdings Corp.
 100  1,657 
Retail Partners Co. Ltd.
 100  1,106 
Riken Technos Corp.
 100  493 
225

Avantis International Small Cap Equity ETF
Shares Value
Riken Vitamin Co. Ltd.
 100  $ 1,586 
Ringer Hut Co. Ltd.
 100  1,621 
Riso Kyoiku Co. Ltd.
 100  170 
Round One Corp.
 400  1,629 
Royal Holdings Co. Ltd.
 100  1,825 
Ryobi Ltd.
 100  1,945 
Ryosan Co. Ltd.
 100  2,907 
Sac's Bar Holdings, Inc.
 100  613 
Saizeriya Co. Ltd.
 100  3,144 
Sakai Moving Service Co. Ltd.
 100  3,729 
Sakata INX Corp.
 100  937 
Sakura Internet, Inc.
 100  787 
San-A Co. Ltd.
 100  3,373 
San-Ai Obbli Co. Ltd.
 100  1,150 
Sangetsu Corp.
 100  2,073 
San-In Godo Bank Ltd.
 400  2,518 
Sanix, Inc.(1)
 100  202 
Sanki Engineering Co. Ltd.
 100  1,107 
Sankyo Tateyama, Inc.
 100  621 
Sankyu, Inc.
 100  3,487 
Sanoh Industrial Co. Ltd.
 100  629 
Sansan, Inc.(1)
 100  996 
Sanyo Special Steel Co. Ltd.
 100  1,909 
Sapporo Holdings Ltd.
 200  6,123 
Sawai Group Holdings Co. Ltd.
 100  3,204 
SBS Holdings, Inc.
 100  2,100 
Scroll Corp.
 100  691 
Seikagaku Corp.
 100  549 
Seikitokyu Kogyo Co. Ltd.
 100  1,142 
Sekisui Jushi Corp.
 100  1,726 
Senko Group Holdings Co. Ltd.
 300  2,100 
Senshu Ikeda Holdings, Inc.
 400  727 
Seria Co. Ltd.
 100  1,579 
Seven Bank Ltd.
 800  1,702 
Shibaura Machine Co. Ltd.
 100  2,894 
Shidax Corp.
 100  369 
Shiga Bank Ltd.
 100  2,235 
Shikoku Bank Ltd.
 100  637 
Shikoku Electric Power Co., Inc.(1)
 500  3,601 
Shikoku Kasei Holdings Corp.
 100  1,001 
Shima Seiki Manufacturing Ltd.
 100  1,362 
Shin Nippon Biomedical Laboratories Ltd.
 100  1,548 
Shinko Shoji Co. Ltd.
 100  802 
Shinmaywa Industries Ltd.
 100  968 
Shinnihon Corp.
 100  845 
Ship Healthcare Holdings, Inc.
 200  3,393 
Shizuoka Gas Co. Ltd.
 100  702 
SHO-BOND Holdings Co. Ltd.
 100  4,028 
Shoei Co. Ltd.
 100  1,693 
Siix Corp.
 100  1,080 
Sinfonia Technology Co. Ltd.
 100  1,081 
226

Avantis International Small Cap Equity ETF
Shares Value
Sinko Industries Ltd.
 100  $ 1,383 
Sintokogio Ltd.
 100  746 
SKY Perfect JSAT Holdings, Inc.
 400  1,818 
SMS Co. Ltd.
 100  1,926 
Sodick Co. Ltd.
 100  472 
Solasto Corp.
 100  455 
Sotetsu Holdings, Inc.
 200  3,909 
Sparx Group Co. Ltd.
 100  1,031 
S-Pool, Inc.
 100  333 
SRS Holdings Co. Ltd.(1)
 100  740 
Starts Corp., Inc.
 100  2,098 
Sumida Corp.
 100  1,136 
Sumitomo Bakelite Co. Ltd.
 100  4,725 
Sumitomo Mitsui Construction Co. Ltd.
 200  556 
Sumitomo Osaka Cement Co. Ltd.
 100  2,748 
Sumitomo Riko Co. Ltd.
 100  744 
Sumitomo Warehouse Co. Ltd.
 100  1,714 
Sun Frontier Fudousan Co. Ltd.
 100  990 
Suruga Bank Ltd.
 500  2,082 
Suzuken Co. Ltd.
 200  5,928 
SWCC Corp.
 100  1,347 
System Support, Inc.
 100  1,343 
Systena Corp.
 400  740 
Syuppin Co. Ltd.
 100  779 
Tachibana Eletech Co. Ltd.
 100  1,823 
Tachi-S Co. Ltd.
 100  1,201 
Tadano Ltd.
 300  2,432 
Taiheiyo Cement Corp.
 200  3,835 
Taikisha Ltd.
 100  3,142 
Taiyo Holdings Co. Ltd.
 100  1,803 
Takara Bio, Inc.
 100  979 
Takara Holdings, Inc.
 400  3,449 
Takara Standard Co. Ltd.
 100  1,333 
Takasago Thermal Engineering Co. Ltd.
 100  2,011 
Takashimaya Co. Ltd.
 200  3,003 
Takeuchi Manufacturing Co. Ltd.
 100  3,176 
Takuma Co. Ltd.
 200  2,213 
Tamron Co. Ltd.
 100  3,088 
TDC Soft, Inc.
 100  1,163 
TechMatrix Corp.
 100  1,128 
Teijin Ltd.
 500  5,077 
Tenma Corp.
 100  1,762 
TKC Corp.
 100  2,524 
Toagosei Co. Ltd.
 200  1,905 
Tobishima Corp.
 100  902 
Tocalo Co. Ltd.
 100  981 
Tochigi Bank Ltd.
 100  201 
Toda Corp.
 600  3,375 
Toho Bank Ltd.
 400  760 
Toho Gas Co. Ltd.
 200  3,574 
Toho Holdings Co. Ltd.
 100  2,001 
227

Avantis International Small Cap Equity ETF
Shares Value
Toho Titanium Co. Ltd.
 100  $ 1,354 
Tokai Carbon Co. Ltd.
 500  3,949 
TOKAI Holdings Corp.
 300  1,947 
Tokai Rika Co. Ltd.
 200  3,127 
Tokai Tokyo Financial Holdings, Inc.
 400  1,232 
Tokuyama Corp.
 200  3,190 
Tokyo Base Co. Ltd.
 100  214 
Tokyo Kiraboshi Financial Group, Inc.
 100  2,638 
Tokyo Seimitsu Co. Ltd.
 100  5,507 
Tokyo Steel Manufacturing Co. Ltd.
 100  1,123 
Tokyu Construction Co. Ltd.
 200  1,054 
Toli Corp.
 100  248 
TOMONY Holdings, Inc.
 300  850 
Tomy Co. Ltd.
 300  4,868 
Topcon Corp.
 300  3,611 
Topre Corp.
 100  1,190 
Toridoll Holdings Corp.
 100  2,732 
Toshiba TEC Corp.
 100  2,432 
Tow Co. Ltd.
 100  212 
Towa Corp.
 100  2,517 
Toyo Construction Co. Ltd.
 100  761 
Toyo Engineering Corp.(1)
 100  441 
Toyo Ink SC Holdings Co. Ltd.
 100  1,558 
Toyo Securities Co. Ltd.
 100  223 
Toyo Tire Corp.
 300  4,517 
Toyobo Co. Ltd.
 200  1,452 
TPR Co. Ltd.
 100  1,255 
Transcosmos, Inc.
 100  2,189 
TRE Holdings Corp.
 100  806 
Treasure Factory Co. Ltd.
 100  1,003 
Trusco Nakayama Corp.
 100  1,762 
TS Tech Co. Ltd.
 200  2,366 
TSI Holdings Co. Ltd.
 100  497 
Tsubakimoto Chain Co.
 100  2,640 
Tsuburaya Fields Holdings, Inc.
 100  1,790 
Tsukishima Holdings Co. Ltd.
 100  944 
Tsukuba Bank Ltd.
 100  166 
Tsumura & Co.
 100  1,884 
TV Asahi Holdings Corp.
 100  1,137 
UACJ Corp.
 100  2,149 
UBE Corp.
 200  3,374 
Unipres Corp.
 100  843 
United Arrows Ltd.
 100  1,482 
United Super Markets Holdings, Inc.
 100  768 
Usen-Next Holdings Co. Ltd.
 100  2,401 
Ushio, Inc.
 200  2,521 
UT Group Co. Ltd.(1)
 100  1,663 
Valor Holdings Co. Ltd.
 100  1,491 
Valqua Ltd.
 100  2,977 
Vector, Inc.
 100  921 
Vision, Inc.(1)
 100  1,153 
228

Avantis International Small Cap Equity ETF
Shares Value
Vital KSK Holdings, Inc.
 100  $ 672 
VT Holdings Co. Ltd.
 100  351 
Wacoal Holdings Corp.
 100  2,199 
Wakita & Co. Ltd.
 100  920 
WingArc1st, Inc.
 100  1,712 
World Co. Ltd.
 100  1,111 
Xebio Holdings Co. Ltd.
 100  700 
Yahagi Construction Co. Ltd.
 100  860 
YAMABIKO Corp.
 100  1,011 
Yamae Group Holdings Co. Ltd.
 100  2,766 
Yamaguchi Financial Group, Inc.
 400  3,174 
Yamaichi Electronics Co. Ltd.
 100  1,261 
Yamanashi Chuo Bank Ltd.
 100  1,037 
Yamashin-Filter Corp.
 100  222 
Yamazen Corp.
 100  784 
Yellow Hat Ltd.
 100  1,296 
Yodogawa Steel Works Ltd.
 100  2,339 
Yokogawa Bridge Holdings Corp.
 100  1,895 
Yokorei Co. Ltd.
 100  907 
Yoshinoya Holdings Co. Ltd.
 200  3,907 
Yurtec Corp.
 100  633 
Zenkoku Hosho Co. Ltd.
 100  3,465 
Zenrin Co. Ltd.
 100  624 
Zeon Corp.
 300  3,303 
ZERIA Pharmaceutical Co. Ltd.
 100  1,656 
ZIGExN Co. Ltd.
 200  793 
1,138,345 
Netherlands — 1.9%
Aalberts NV
 203  8,433 
Allfunds Group PLC
 650  3,846 
AMG Critical Materials NV
 76  2,577 
Arcadis NV
 140  6,553 
Avantium NV(1)
 38  143 
Basic-Fit NV(1)
 107  3,261 
Brunel International NV
 46  620 
Constellium SE(1)
 288  5,184 
Corbion NV
 76  1,818 
Ebusco Holding NV(1)
 10  83 
Fugro NV(1)
 244  4,112 
Heijmans NV, CVA
 47  565 
InPost SA(1)
 461  5,417 
Just Eat Takeaway.com NV(1)
 235  3,301 
Koninklijke BAM Groep NV
 547  1,165 
Koninklijke Vopak NV
 163  5,877 
OCI NV(1)
 101  2,554 
Pharvaris NV(1)
 36  738 
ProQR Therapeutics NV(1)
 58  92 
SBM Offshore NV
 281  4,071 
SIF Holding NV(1)
 24  292 
Signify NV
 205  5,795 
Sligro Food Group NV
 44  846 
229

Avantis International Small Cap Equity ETF
Shares Value
TKH Group NV, CVA
 83  $ 3,821 
Van Lanschot Kempen NV
 63  1,866 
73,030 
New Zealand — 0.8%
Air New Zealand Ltd.(1)
 15,809  7,589 
Genesis Energy Ltd.
 4,879  7,377 
KMD Brands Ltd.
 5,772  2,857 
Summerset Group Holdings Ltd.
 2,131  13,016 
30,839 
Norway — 2.1%
2020 Bulkers Ltd.(1)
 69  589 
Aker Horizons ASA(1)
 475  215 
Aker Solutions ASA
 901  3,763 
Atea ASA(1)
 355  4,409 
Austevoll Seafood ASA
 237  1,715 
Belships ASA
 343 
     518
Bluenord ASA(1)
 93  4,217 
Borr Drilling Ltd.(1)
 843  5,954 
Borregaard ASA
 176  2,562 
BW Energy Ltd.(1)
 3  7 
BW LPG Ltd.
 369  4,471 
BW Offshore Ltd.
 362  844 
Cadeler AS(1)
 206  773 
DNO ASA
 1,217  1,134 
Elmera Group ASA
 445  921 
Europris ASA
 642  3,653 
FLEX LNG Ltd.
 54  1,640 
Gram Car Carriers ASA(1)
 43  657 
Grieg Seafood ASA
 143  1,010 
Hoegh Autoliners ASA
 187  1,303 
Kitron ASA
 793  2,813 
Klaveness Combination Carriers ASA
 28  171 
MPC Container Ships ASA
 1,488  2,566 
Noram Drilling AS(1)
 45  200 
Norske Skog ASA(1)
 140  576 
Norwegian Air Shuttle ASA(1)
 2,810  2,373 
Odfjell Drilling Ltd.(1)
 372  1,264 
OKEA ASA
 202  745 
Panoro Energy ASA
 226  625 
PGS ASA(1)
 1,933  1,335 
Protector Forsikring ASA
 221  3,523 
Scatec ASA
 329  2,194 
Siem Offshore, Inc.(1)
 221  473 
Solstad Offshore ASA(1)
 91  177 
SpareBank 1 Nord Norge
 370  3,317 
SpareBank 1 SMN
 563  7,439 
Stolt-Nielsen Ltd.
 90  2,238 
TGS ASA
 476  6,161 
Veidekke ASA
 433  4,098 
82,643 
230

Avantis International Small Cap Equity ETF
Shares Value
Portugal — 0.3%
Altri SGPS SA
 257  $ 1,265 
Corticeira Amorim SGPS SA
 138  1,514 
CTT-Correios de Portugal SA
 131  480 
Mota-Engil SGPS SA
 397  1,234 
NOS SGPS SA
 577  2,174 
REN - Redes Energeticas Nacionais SGPS SA
 1,365  3,731 
Semapa-Sociedade de Investimento e Gestao
 45  654 
11,052 
Singapore — 1.9%
Best World International Ltd.(1)
 700  875 
Capitaland India Trust
 8,500  7,293 
ComfortDelGro Corp. Ltd.
 19,400  18,215 
Dyna-Mac Holdings Ltd.
 4,400  1,254 
First Resources Ltd.
 5,200  5,956 
Food Empire Holdings Ltd.
 1,900  1,447 
Geo Energy Resources Ltd.
 3,700  602 
Hutchison Port Holdings Trust, U Shares
 41,800  6,936 
iFAST Corp. Ltd.
 1,000  4,200 
ISDN Holdings Ltd.
 1,300  385 
LHN Ltd.
 1,900  478 
Nanofilm Technologies International Ltd.
 1,100  861 
Raffles Medical Group Ltd.
 7,000  6,522 
Rex International Holding Ltd.
 3,300  349 
RH PetroGas Ltd.(1)
 2,100  302 
Riverstone Holdings Ltd.
 4,400  2,050 
Sheng Siong Group Ltd.
 5,700  6,409 
StarHub Ltd.
 2,800  2,112 
UMS Holdings Ltd.
 2,900  2,679 
Yangzijiang Financial Holding Ltd.
 18,200  4,911 
Yanlord Land Group Ltd.(1)
 2,800  1,398 
75,234 
Spain — 1.8%
Acerinox SA
 446  4,479 
Almirall SA
 140  1,421 
Applus Services SA
 370  3,799 
Atresmedia Corp. de Medios de Comunicacion SA
 229  910 
Bankinter SA
 1,398  8,961 
Cia de Distribucion Integral Logista Holdings SA
 138  3,740 
CIE Automotive SA
 97  2,950 
Construcciones y Auxiliar de Ferrocarriles SA
 42  1,507 
Ebro Foods SA
 158  2,852 
eDreams ODIGEO SA(1)
 130  929 
Enagas SA
 654  11,161 
Ence Energia y Celulosa SA
 385  1,226 
Ercros SA
 210  685 
Faes Farma SA
 717  2,508 
Gestamp Automocion SA
 430  1,922 
Global Dominion Access SA
 216  864 
Indra Sistemas SA
 148  2,093 
Laboratorios Farmaceuticos Rovi SA
 51  2,899 
231

Avantis International Small Cap Equity ETF
Shares Value
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros
 638  $ 647 
Melia Hotels International SA(1)
 266  1,741 
Neinor Homes SA(1)
 30  300 
Obrascon Huarte Lain SA(1)
 524  266 
Prosegur Cash SA
 507  327 
Prosegur Cia de Seguridad SA
 293  511 
Sacyr SA
 1,162  3,700 
Solaria Energia y Medio Ambiente SA(1)
 104  1,545 
Soltec Power Holdings SA(1)
 55  235 
Tecnicas Reunidas SA(1)
 80  737 
Tubacex SA
 243  752 
Unicaja Banco SA
 1,901  2,100 
67,767 
Sweden — 4.7%
AcadeMedia AB
 349  1,609 
AddLife AB, B Shares
 240  1,655 
ADDvise Group AB, Class B(1)
 421  383 
Africa Oil Corp.
 1,300  3,127 
AFRY AB
 381  5,010 
Alleima AB
 847  3,881 
Ambea AB
 273  932 
Arjo AB, B Shares
 901  3,551 
Attendo AB(1)
 483  1,367 
Beijer Alma AB
 109  1,709 
Bergman & Beving AB
 122  1,647 
BHG Group AB(1)
 443  619 
BICO Group AB(1)
 48  192 
Bilia AB, A Shares
 273  2,609 
Billerud Aktiebolag
 800  6,536 
BioGaia AB, B Shares
 410  3,742 
Bonava AB, B Shares
 211  345 
Boozt AB(1)
 241  2,225 
Bravida Holding AB
 866  6,160 
Bufab AB
 67  1,802 
Bulten AB
 79  535 
Bure Equity AB
 246  4,932 
Byggmax Group AB(1)
 147  432 
Camurus AB(1)
 69  1,853 
Catena AB
 138  5,033 
Catena Media PLC(1)
 207  339 
Cibus Nordic Real Estate AB
 159  1,711 
Cint Group AB(1)
 352  306 
Clas Ohlson AB, B Shares
 175  1,606 
Cloetta AB, B Shares
 821  1,384 
Coor Service Management Holding AB
 373  1,592 
Corem Property Group AB, B Shares
 1,181  863 
Dios Fastigheter AB
 398  2,480 
Duni AB
 149  1,361 
Enad Global 7 AB(1)
 229  482 
G5 Entertainment AB
 25  389 
Granges AB
 498  4,746 
232

Avantis International Small Cap Equity ETF
Shares Value
Hanza AB
 111  $ 780 
Hemnet Group AB
 351  6,361 
HMS Networks AB
 136  5,449 
Humana AB(1)
 41  106 
Humble Group AB(1)
 1,057  845 
Instalco AB
 947  3,221 
INVISIO AB
 192  3,734 
Inwido AB
 216  2,255 
JM AB
 235  3,094 
Loomis AB
 316  8,377 
MEKO AB
 81  728 
MIPS AB
 68  2,512 
Modern Times Group MTG AB, B Shares(1)
 326  2,213 
Mycronic AB
 359  7,350 
NCC AB, B Shares
 310  3,187 
Net Insight AB, B Shares(1)
 773  301 
New Wave Group AB, B Shares
 326  2,321 
Nobia AB(1)
 386  324 
Nolato AB, B Shares
 764  3,270 
Nordic Waterproofing Holding AB
 37  521 
NP3 Fastigheter AB
 87  1,336 
Nyfosa AB
 440  2,763 
Orron Energy AB(1)
 523  435 
OX2 AB(1)
 249  1,207 
Pandox AB
 400  4,442 
Peab AB, Class B
 529  2,147 
Prevas AB, B Shares
 10  96 
Proact IT Group AB
 50  324 
Ratos AB, B Shares
 333  1,029 
RaySearch Laboratories AB(1)
 80  612 
Resurs Holding AB
 514  1,125 
Rvrc Holding AB
 107  382 
Samhallsbyggnadsbolaget i Norden AB
 2,237  717 
Samhallsbyggnadsbolaget i Norden AB, D Shares
 433  137 
Scandic Hotels Group AB(1)
 602  1,950 
Sedana Medical AB(1)
 275  496 
Sinch AB(1)
 1,766  3,707 
SkiStar AB
 184  1,962 
Starbreeze AB(1)
 2,661  265 
Stillfront Group AB(1)
 923  1,516 
Storytel AB(1)
 67  197 
SwedenCare AB
 299  1,286 
Teqnion AB(1)
 32  677 
Tethys Oil AB(1)
 122  599 
Tobii AB(1)
 405  612 
Troax Group AB
 163  2,613 
Truecaller AB, B Shares(1)
 817  2,558 
Viaplay Group AB, B Shares(1)
 73  342 
Vitec Software Group AB, B Shares
 139  7,504 
Wihlborgs Fastigheter AB
 577  4,433 
183,563 
233

Avantis International Small Cap Equity ETF
Shares Value
Switzerland — 4.1%
Accelleron Industries AG
 224  $ 6,049 
Allreal Holding AG
 42  7,331 
ALSO Holding AG
 19  4,615 
ams-OSRAM AG(1)
 421  2,951 
Arbonia AG
 97  1,026 
Aryzta AG(1)
 3,231  5,374 
Ascom Holding AG
 116  1,428 
Autoneum Holding AG(1)
 9  1,341 
Bell Food Group AG
 4  1,207 
Bossard Holding AG, Class A
 12  2,748 
Burckhardt Compression Holding AG
 8  4,708 
Bystronic AG
 3  2,022 
Cembra Money Bank AG
 85  6,189 
COSMO Pharmaceuticals NV
 15  757 
Daetwyler Holding AG, Bearer Shares
 21  4,374 
dormakaba Holding AG
 9  4,709 
EFG International AG
 309  3,454 
Forbo Holding AG
 3  4,052 
Gurit Holding AG, Bearer Shares(1)
 6  584 
Huber & Suhner AG
 33  2,542 
Implenia AG
 39  1,389 
Inficon Holding AG
 3  3,825 
Interroll Holding AG
 2  5,960 
Intershop Holding AG
 1  679 
Kardex Holding AG
 20  4,592 
Komax Holding AG
 7  1,753 
Lastminute.com NV(1)
 8  211 
LEM Holding SA
 2  4,512 
Leonteq AG
 21  946 
Medacta Group SA
 24  3,377 
Medmix AG
 84  2,491 
Meier Tobler Group AG
 15  726 
Mobilezone Holding AG
 100  1,560 
Mobimo Holding AG
 20  5,845 
Montana Aerospace AG(1)
 52  815 
OC Oerlikon Corp. AG
 319  1,565 
Orior AG
 19  1,621 
PolyPeptide Group AG(1)
 21  588 
Rieter Holding AG
 6  636 
Schweiter Technologies AG
 2  1,440 
Siegfried Holding AG
 11  9,930 
Softwareone Holding AG
 372  7,424 
St. Galler Kantonalbank AG
 9  5,031 
Stadler Rail AG
 173  7,032 
Swissquote Group Holding SA
 34  6,750 
u-blox Holding AG
 16  1,426 
Valiant Holding AG
 44  4,718 
Vontobel Holding AG
 68  4,209 
Zehnder Group AG
 26  1,719 
160,231 
234

Avantis International Small Cap Equity ETF
Shares Value
United Kingdom — 13.6%
4imprint Group PLC
 85  $ 5,484 
AFC Energy PLC(1)
 669  127 
AG Barr PLC
 256  1,581 
AJ Bell PLC
 853  3,130 
Alliance Pharma PLC
 988  599 
Alpha Financial Markets Consulting PLC
 146  671 
Alpha Group International PLC
 110  2,983 
Ashmore Group PLC
 852  2,090 
Ashtead Technology Holdings PLC
 223  1,140 
ASOS PLC(1)
 106  585 
Aston Martin Lagonda Global Holdings PLC(1)
 1,165  5,247 
Babcock International Group PLC(1)
 676  3,306 
Balfour Beatty PLC
 1,508  6,244 
Bank of Georgia Group PLC
 112  4,941 
Beazley PLC
 246  1,698 
Bellway PLC
 337  9,107 
Bloomsbury Publishing PLC
 111  586 
Bodycote PLC
 518  4,353 
boohoo Group PLC(1)
 2,041  920 
Breedon Group PLC
 826  3,654 
Britvic PLC
 802  8,916 
Burford Capital Ltd.
 621  8,569 
Bytes Technology Group PLC
 743  4,564 
Capricorn Energy PLC
 283  616 
Card Factory PLC(1)
 858  1,114 
Centamin PLC
 2,809  3,120 
Central Asia Metals PLC
 309  783 
CentralNic Group PLC
 298  456 
Ceres Power Holdings PLC(1)
 210  907 
Cerillion PLC
 56  880 
Chemring Group PLC
 811  2,979 
Clarkson PLC
 81  2,778 
Close Brothers Group PLC
 432  4,484 
CMC Markets PLC
 154  206 
Coats Group PLC
 4,372  4,244 
Computacenter PLC
 249  6,875 
Crest Nicholson Holdings PLC
 569  1,299 
CVS Group PLC
 192  5,149 
De La Rue PLC(1)
 281  198 
Deliveroo PLC(1)
 2,980  4,266 
Direct Line Insurance Group PLC(1)
 3,549  7,273 
Dowlais Group PLC(1)
 3,822  5,482 
Drax Group PLC
 1,124  7,848 
Dunelm Group PLC
 336  4,949 
easyJet PLC(1)
 850  4,541 
Ecora Resources PLC
 426  593 
Elementis PLC(1)
 1,276  1,844 
EMIS Group PLC
 105  2,546 
Energean PLC
 367  5,283 
EnQuest PLC(1)
 2,497  538 
235

Avantis International Small Cap Equity ETF
Shares Value
Essentra PLC
 814  $ 1,520 
Ferrexpo PLC(1)
 436  427 
Firstgroup PLC
 2,387  4,376 
Forterra PLC
 509  1,077 
Frontier Developments PLC(1)
 36  154 
Gamma Communications PLC
 254  3,447 
Golar LNG Ltd.
 285  6,298 
Grafton Group PLC
 516  5,636 
Grainger PLC
 1,897  5,668 
Greencore Group PLC(1)
 1,264  1,347 
Greggs PLC
 284  8,854 
Gulf Keystone Petroleum Ltd.
 355  421 
Halfords Group PLC
 304  703 
Harbour Energy PLC
 1,021  3,230 
Hays PLC
 3,892  5,272 
Helios Towers PLC(1)
 1,365  1,574 
Hill & Smith PLC
 249  5,640 
Hochschild Mining PLC
 931  1,078 
Hunting PLC
 209  650 
Ibstock PLC
 1,092  2,057 
IG Group Holdings PLC
 1,124  9,620 
Impax Asset Management Group PLC
 172  1,164 
Inchcape PLC
 958  9,246 
Indivior PLC(1)
 354  8,146 
IntegraFin Holdings PLC
 531  1,619 
International Distributions Services PLC(1)
 1,919  5,893 
IP Group PLC
 2,782  2,066 
IQE PLC(1)
 1,239  297 
ITM Power PLC(1)
 1,143  1,271 
IWG PLC(1)
 1,265  2,867 
J D Wetherspoon PLC(1)
 308  2,824 
JET2 PLC
 482  6,444 
John Wood Group PLC(1)
 1,808  3,650 
Johnson Matthey PLC
 421  8,679 
Johnson Service Group PLC
 1,148  1,729 
Judges Scientific PLC
 18  2,149 
Jupiter Fund Management PLC
 779  980 
Just Group PLC
 2,796  2,667 
Kainos Group PLC
 194  2,982 
Keller Group PLC
 195  1,900 
Keywords Studios PLC
 112  2,162 
Kier Group PLC(1)
 1,179  1,267 
Lancashire Holdings Ltd.
 666  4,826 
Learning Technologies Group PLC
 808  785 
Liontrust Asset Management PLC
 94  782 
Luxfer Holdings PLC
 71  854 
Man Group PLC
 3,391  9,088 
Marshalls PLC
 372  1,293 
Marston's PLC(1)
 1,029  417 
Mears Group PLC
 368  1,303 
Mitchells & Butlers PLC(1)
 895  2,500 
236

Avantis International Small Cap Equity ETF
Shares Value
Mitie Group PLC
 4,117  $ 5,060 
MJ Gleeson PLC
 133  653 
Molten Ventures PLC(1)
 223  686 
Moneysupermarket.com Group PLC
 1,616  5,081 
Morgan Advanced Materials PLC
 765  2,545 
Morgan Sindall Group PLC
 125  3,118 
Mortgage Advice Bureau Holdings Ltd.
 135  958 
NCC Group PLC
 419  528 
Next 15 Group PLC
 135  1,055 
Ninety One PLC
 495  1,073 
On the Beach Group PLC(1)
 216  264 
OSB Group PLC
 1,149  4,958 
Oxford Biomedica Plc(1)
 179  731 
Oxford Nanopore Technologies PLC(1)
 1,393  4,205 
Pagegroup PLC
 920  4,879 
Pan African Resources PLC
 2,743  487 
Pantheon Resources PLC(1)
 1,353  428 
Paragon Banking Group PLC
 630  4,199 
PayPoint PLC
 196  1,365 
Pendragon PLC(1)
 2,942  695 
Pennon Group PLC
 521  4,251 
Persimmon PLC
 405  5,460 
Pets at Home Group PLC
 1,452  6,930 
Plus500 Ltd.
 188  3,400 
Polar Capital Holdings PLC
 245  1,512 
Premier Foods PLC
 2,088  3,262 
PZ Cussons PLC
 266  534 
QinetiQ Group PLC
 1,522  6,411 
Quilter PLC
 2,903  3,141 
Rathbones Group PLC
 163  3,631 
Reach PLC
 620  576 
Redde Northgate PLC
 547  2,224 
Redrow PLC
 689  4,142 
Renewi PLC(1)
 151  919 
Restaurant Group PLC(1)
 2,098  1,128 
Restore PLC
 330  732 
Rhi Magnesita NV
 82  2,937 
RWS Holdings PLC
 436  1,330 
S4 Capital PLC(1)
 525  659 
Saga PLC(1)
 162  301 
Savills PLC
 364  4,195 
Serco Group PLC
 2,923  5,661 
Serica Energy PLC
 706  2,234 
Severfield PLC
 901  777 
Shanta Gold Ltd.
 2,525  309 
SIG PLC(1)
 1,925  820 
Sirius Real Estate Ltd.
 3,195  3,522 
Smart Metering Systems PLC
 262  2,279 
Softcat PLC
 406  7,721 
SolGold PLC(1)
 4,135  786 
Spire Healthcare Group PLC
 767  2,115 
237

Avantis International Small Cap Equity ETF
Shares Value
Spirent Communications PLC
 1,114  $ 2,213 
SSP Group PLC(1)
 2,181  6,492 
SThree PLC
 353  1,590 
Strix Group PLC
 594  677 
Synthomer PLC(1)
 484  392 
TBC Bank Group PLC
 126  4,538 
Telecom Plus PLC
 156  3,141 
THG PLC(1)
 2,952  3,676 
TI Fluid Systems PLC
 969  1,553 
TP ICAP Group PLC
 2,232  4,666 
Travis Perkins PLC
 470  5,112 
Treatt PLC
 164  1,142 
Tremor International Ltd.(1)
 249  485 
Tyman PLC
 289  1,082 
Vanquis Banking Group PLC
 593  778 
Vertu Motors PLC
 1,017  898 
Vesuvius PLC
 617  3,441 
Victrex PLC
 165  3,134 
Virgin Money UK PLC
 2,523  5,187 
Vistry Group PLC
 943  9,330 
Volex PLC
 413  1,700 
Watches of Switzerland Group PLC(1)
 384  2,828 
Watkin Jones PLC
 387  230 
WH Smith PLC
 347  6,434 
Wickes Group PLC
 555  986 
Wincanton PLC
 126  381 
XP Power Ltd.
 47  1,278 
Yellow Cake PLC(1)
 539  3,183 
YouGov PLC
 292  3,217 
529,276 
TOTAL COMMON STOCKS
(Cost $4,025,236)
 3,886,926 
RIGHTS†
Australia†
29Metals Ltd.(1)
(Cost $—)
 184  22 
TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $4,025,236)
 3,886,948 
OTHER ASSETS AND LIABILITIES — 0.2%
 9,546 
TOTAL NET ASSETS — 100.0%
 $ 3,896,494 

238

Avantis International Small Cap Equity ETF
MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Industrials 23.8%
Consumer Discretionary 13.1%
Materials 12.8%
Financials 12.8%
Information Technology 8.8%
Energy 6.2%
Consumer Staples 5.7%
Health Care 5.5%
Real Estate 4.0%
Communication Services 3.9%
Utilities 3.2%
Other Assets and Liabilities 0.2%

NOTES TO SCHEDULE OF INVESTMENTS
ADR – American Depositary Receipt
CVA – Certificaten Van Aandelen
†Category is less than 0.05% of total net assets.
(1)Non-income producing.


See Notes to Financial Statements.
239

AUGUST 31, 2023
Avantis International Small Cap Value ETF
Shares Value
COMMON STOCKS — 99.7%
Australia — 8.7%
29Metals Ltd.(1)
 863,017  $ 488,623 
Accent Group Ltd. 95,989  126,972 
Adairs Ltd. 8,436  7,948 
Adbri Ltd. 2,263,151  3,227,935 
Aeris Resources Ltd.(1)(2)
 340,243  52,547 
Alkane Resources Ltd.(2)
 662,962  286,256 
Alliance Aviation Services Ltd.(2)
 50,306  105,006 
Allkem Ltd.(1)(2)
 1,887  17,040 
Appen Ltd.(1)(2)
 206,123  210,857 
Ardent Leisure Group Ltd.(1)(2)
 349,486  121,965 
ARN Media Ltd. 1,042  574 
Aurelia Metals Ltd.(2)
 2,367,164  138,579 
Austal Ltd.(1)
 1,951,170  2,461,506 
Australian Agricultural Co. Ltd.(2)
 242,313  227,412 
Australian Finance Group Ltd.(1)
 486,159  495,720 
Bank of Queensland Ltd.(1)
 2,910,275  10,808,971 
Beach Energy Ltd. 13,445,941  13,467,269 
Bega Cheese Ltd.(1)
 1,225,940  2,382,145 
Bendigo & Adelaide Bank Ltd. 1,433,781  8,782,352 
Brickworks Ltd. 33,075  583,876 
Capricorn Metals Ltd.(2)
 905,430  2,653,896 
Cedar Woods Properties Ltd. 9,800  34,020 
Challenger Ltd. 268,184  1,175,529 
Champion Iron Ltd. 1,877,946  7,319,033 
Cooper Energy Ltd.(2)
 6,950,851  539,794 
Coronado Global Resources, Inc. 6,147,685  6,244,637 
Costa Group Holdings Ltd. 819,162  1,507,278 
Credit Corp. Group Ltd.(1)
 215,369  2,968,507 
CSR Ltd. 671,425  2,551,706 
DDH1 Ltd. 380,194  216,472 
Emeco Holdings Ltd. 600,927  256,151 
EML Payments Ltd.(1)(2)
 254,605  186,263 
Evolution Mining Ltd. 3,907,167  9,327,880 
EVT Ltd. 430,940  3,395,751 
FleetPartners Group Ltd.(2)
 2,013,007  3,821,747 
Gold Road Resources Ltd. 315,266  359,427 
GrainCorp Ltd., A Shares 1,215,548  5,725,102 
Grange Resources Ltd. 4,354,231  1,277,809 
GWA Group Ltd. 154,726  192,345 
Harvey Norman Holdings Ltd.(1)
 1,965,822  5,127,791 
Helia Group Ltd. 2,725,361  6,832,805 
Humm Group Ltd.(1)
 498,202  140,283 
Iluka Resources Ltd. 3,197,866  17,519,675 
Infomedia Ltd. 521,707  567,248 
Inghams Group Ltd. 2,430,648  5,462,830 
InvoCare Ltd.(1)
 114,051  925,075 
JB Hi-Fi Ltd. 73,044  2,154,579 
Jervois Global Ltd.(1)(2)
 1,234,800  39,872 
240

Avantis International Small Cap Value ETF
Shares Value
Karoon Energy Ltd.(2)
 4,202,891  $ 6,494,787 
Lindsay Australia Ltd.(1)
 45,635  35,215 
Macmahon Holdings Ltd. 354,016  36,522 
Magellan Financial Group Ltd.(1)
 806,846  4,653,363 
Mayne Pharma Group Ltd. 68,940  163,696 
McMillan Shakespeare Ltd. 364,008  4,190,184 
Metals X Ltd.(1)(2)
 123,993  23,134 
Metcash Ltd. 4,568  11,015 
MMA Offshore Ltd.(2)
 1,053,207  904,043 
Myer Holdings Ltd. 5,144,987  2,226,768 
MyState Ltd. 57,388  121,906 
New Hope Corp. Ltd. 4,218,937  15,303,410 
nib holdings Ltd. 920,332  4,946,474 
Nine Entertainment Co. Holdings Ltd. 68,464  90,823 
NRW Holdings Ltd. 3,755,513  6,618,806 
Nufarm Ltd. 1,386,015  4,634,337 
OFX Group Ltd.(2)
 82,787  92,350 
Orora Ltd. 1,006,005  2,294,480 
Pacific Current Group Ltd. 7,364  52,863 
Perenti Ltd.(2)
 7,015,457  4,805,977 
Perpetual Ltd. 3,616  49,097 
Perseus Mining Ltd. 9,903,899  12,005,594 
Platinum Asset Management Ltd. 3,189,905  2,945,263 
Premier Investments Ltd. 376,391  6,232,907 
Ramelius Resources Ltd. 6,856,527  6,066,675 
Regis Resources Ltd.(2)
 5,714,065  5,939,332 
Resimac Group Ltd. 18,160  12,424 
Resolute Mining Ltd.(1)(2)
 13,981,971  3,339,556 
Ridley Corp. Ltd. 818,523  1,142,877 
Sandfire Resources Ltd.(2)
 3,632,187  15,566,125 
Servcorp Ltd. 22,553  43,835 
Service Stream Ltd.(1)
 14,277  8,297 
Seven West Media Ltd.(1)(2)
 3,267,142  634,546 
Sierra Rutile Holdings Ltd.(1)(2)
 243,656  29,929 
Sigma Healthcare Ltd. 2,095,552  1,084,975 
Silver Lake Resources Ltd.(2)
 7,168,954  4,538,434 
Sims Ltd. 761,881  7,506,517 
Solvar Ltd.(1)
 84,557  70,258 
Southern Cross Media Group Ltd. 723,915  362,350 
Stanmore Resources Ltd.(2)
 48,037  89,796 
Star Entertainment Group Ltd. (Sydney)(2)
 5,912,145  3,812,118 
Super Retail Group Ltd. 1,220,167  10,215,307 
Symbio Holdings Ltd. 3,813  6,105 
Terracom Ltd.(1)
 3,104,734  950,896 
Viva Energy Group Ltd. 6,701,884  13,501,795 
West African Resources Ltd.(2)
 7,241,083  3,982,685 
Westgold Resources Ltd.(2)
 2,201,704  2,293,478 
Whitehaven Coal Ltd. 1,737,918  6,804,510 
299,452,892 
Austria — 0.9%
AT&S Austria Technologie & Systemtechnik AG 591,115  21,060,628 
241

Avantis International Small Cap Value ETF
Shares Value
FACC AG(2)
 9,903  $ 67,608 
Immofinanz AG(2)
 203,922  3,929,061 
POLYTEC Holding AG 25,087  121,037 
Porr Ag 108,341  1,415,427 
Semperit AG Holding 86,208  2,057,477 
UNIQA Insurance Group AG 87,557  704,862 
Vienna Insurance Group AG Wiener Versicherung Gruppe 10,205  273,571 
29,629,671 
Belgium — 1.2%
AGFA-Gevaert NV(2)
 1,903  4,344 
Bekaert SA 323,212  15,325,579 
bpost SA(1)
 828,746  3,901,502 
Cie d'Entreprises CFE 27,886  243,877 
Deceuninck NV 143,893  358,499 
Deme Group NV 22,848  2,673,205 
Euronav NV 104,841  1,825,968 
Exmar NV 27,678  340,314 
Gimv NV 25,299  1,162,066 
Ion Beam Applications 42,218  555,712 
KBC Ancora 176,332  7,817,252 
Ontex Group NV(2)
 184,718  1,494,672 
Proximus SADP 448,974  3,393,353 
Tessenderlo Group SA(1)
 99,074  3,071,892 
VGP NV 3,190  333,035 
42,501,270 
Canada — 10.1%
ADENTRA, Inc.(1)
 2,907  72,481 
Advantage Energy Ltd.(2)
 1,022,379  7,286,493 
Aecon Group, Inc.(1)
 117,153  991,882 
Amerigo Resources Ltd. 11,760  12,446 
Argonaut Gold, Inc.(2)
 1,590,404  847,462 
Aris Mining Corp.(2)
 126,468  293,894 
B2Gold Corp. 25,828  79,518 
Baytex Energy Corp.(1)(2)
 2,779,081  11,312,127 
Birchcliff Energy Ltd.(1)
 1,463,477  9,043,837 
Bitfarms Ltd.(1)(2)
 854,380  1,163,454 
Bonterra Energy Corp.(2)
 21,872  118,004 
Calfrac Well Services Ltd.(2)
 29,435  131,360 
Calian Group Ltd. 800  31,303 
Calibre Mining Corp.(2)
 668,599  781,814 
Canacol Energy Ltd.(1)
 18,683  159,010 
Canadian Western Bank(1)
 389,633  7,581,003 
Canfor Corp.(2)
 336,382  5,173,193 
Capital Power Corp. 408,460  12,294,307 
Cardinal Energy Ltd.(1)
 236,067  1,261,400 
Cascades, Inc.(1)
 21  198 
Celestica, Inc.(2)
 218,071  5,083,804 
Centerra Gold, Inc. 136,104  816,906 
China Gold International Resources Corp. Ltd. 231,678  968,754 
Chorus Aviation, Inc.(1)(2)
 530,095  1,055,325 
Corus Entertainment, Inc., B Shares(1)
 684,925  689,386 
242

Avantis International Small Cap Value ETF
Shares Value
Crescent Point Energy Corp. 3,052,320  $ 25,119,744 
Crew Energy, Inc.(1)(2)
 850,958  3,999,100 
Doman Building Materials Group Ltd. 43,000  247,269 
Dorel Industries, Inc., Class B(1)(2)
 61,775  270,654 
Dundee Precious Metals, Inc. 711,814  4,593,708 
Eldorado Gold Corp. (Toronto)(2)
 448,385  4,284,081 
Enerflex Ltd. 228,916  1,412,936 
Enerplus Corp.(1)
 830,002  14,195,786 
Ensign Energy Services, Inc.(1)(2)
 78,587  179,136 
EQB, Inc. 30,158  1,736,228 
Equinox Gold Corp.(1)(2)
 153,992  776,114 
ERO Copper Corp.(1)(2)
 216,439  4,477,109 
Evertz Technologies Ltd. 300  2,838 
First National Financial Corp. 2,548  70,526 
Fortuna Silver Mines, Inc.(1)(2)
 1,122,351  3,488,658 
Freehold Royalties Ltd.(1)
 46,082  490,423 
Frontera Energy Corp.(2)
 367,835  2,825,731 
Gear Energy Ltd.(1)
 496,766  308,824 
Headwater Exploration, Inc. 397,455  2,109,053 
High Liner Foods, Inc. 4  35 
HLS Therapeutics, Inc. 2  7 
Home Capital Group, Inc. 68,288  2,236,846 
Hudbay Minerals, Inc.(1)
 1,263,618  6,284,423 
iA Financial Corp., Inc. 66,563  4,175,951 
IAMGOLD Corp.(2)
 2,015,268  4,996,409 
Interfor Corp.(2)
 313,440  5,288,952 
International Petroleum Corp.(2)
 246,042  2,307,099 
Journey Energy, Inc.(1)(2)
 55,344  230,600 
Kelt Exploration Ltd.(2)
 854,227  4,438,036 
Keyera Corp. 45,210  1,116,866 
Kinross Gold Corp. 2,764,558  14,035,574 
Laurentian Bank of Canada 135,213  3,677,529 
Linamar Corp. 6,503  341,273 
Logan Energy Corp.(1)(2)
 499,704  384,615 
Lundin Gold, Inc. 260,040  3,117,709 
Lundin Mining Corp. 1,623,318  12,590,566 
Martinrea International, Inc. 549,297  5,553,136 
MEG Energy Corp.(2)
 1,076,577  19,257,598 
Methanex Corp. 281,103  11,962,272 
Mullen Group Ltd. 7,800  82,549 
New Gold, Inc.(2)
 2,718,507  2,877,046 
North American Construction Group Ltd. 93,768  2,321,299 
North West Co., Inc. 14  316 
NuVista Energy Ltd.(2)
 935,598  8,586,009 
Obsidian Energy Ltd.(1)(2)
 518,852  3,670,978 
OceanaGold Corp. 2,598,225  5,614,873 
Onex Corp. 47,353  2,925,919 
Paramount Resources Ltd., A Shares(1)
 103,596  2,399,759 
Parex Resources, Inc. 651,205  12,323,351 
Peyto Exploration & Development Corp.(1)
 1,037,826  9,639,370 
Pine Cliff Energy Ltd.(1)
 138,356  146,425 
243

Avantis International Small Cap Value ETF
Shares Value
Pipestone Energy Corp. 519,093  $ 875,912 
Precision Drilling Corp.(1)(2)
 15,135  998,359 
Real Matters, Inc.(1)(2)
 194,739  984,360 
Russel Metals, Inc. 207,102  6,160,028 
Secure Energy Services, Inc. 276,658  1,531,529 
ShawCor Ltd.(2)
 127,430  1,756,972 
Sierra Metals, Inc.(1)(2)
 3,100  849 
Spartan Delta Corp.(1)
 718,055  2,242,593 
Stelco Holdings, Inc. 202,602  5,802,766 
Surge Energy, Inc.(1)
 537,685  3,302,831 
Tamarack Valley Energy Ltd.(1)
 2,866,076  7,742,138 
Taseko Mines Lt.(2)
 257,729  370,037 
Tidewater Midstream & Infrastructure Ltd.(1)
 195,569  156,316 
Torex Gold Resources, Inc.(2)
 510,926  5,902,572 
Total Energy Services, Inc. 14,400  100,178 
Transcontinental, Inc., Class A 17  166 
Trican Well Service Ltd. 254,925  901,822 
Vermilion Energy, Inc.(1)
 943,555  13,742,719 
Wajax Corp. 30,155  627,560 
West Fraser Timber Co. Ltd. 11,631  879,211 
Western Forest Products, Inc.(1)
 2,566,949  1,785,770 
Whitecap Resources, Inc.(1)
 313,151  2,560,923 
Yangarra Resources Ltd.(2)
 33,200  45,210 
348,891,490 
China†
Solargiga Energy Holdings Ltd. 2,281,000  61,030 
Denmark — 2.1%
Bang & Olufsen A/S(2)
 24,456  32,103 
Chemometec A/S(2)
 8,153  498,982 
D/S Norden A/S 250,993  12,045,527 
Dfds A/S 201,122  6,725,485 
H+H International A/S, B Shares(2)
 21,773  225,121 
Jyske Bank A/S(2)
 121,721  8,656,026 
Nilfisk Holding A/S(2)
 2,605  50,958 
NKT A/S(2)
 223,768  12,109,930 
NNIT A/S(2)
 45,818  538,690 
Per Aarsleff Holding A/S 74,697  3,609,198 
Ringkjoebing Landbobank A/S 1,327  196,424 
Solar A/S, B Shares 11,686  791,628 
Spar Nord Bank A/S 367,094  5,539,797 
Sparekassen Sjaelland-Fyn A/S 5,583  150,974 
Sydbank AS 350,850  16,479,276 
TORM PLC, Class A 175,599  4,316,054 
71,966,173 
Finland — 1.3%
Citycon Oyj(1)(2)
 197,469  1,213,112 
Finnair Oyj(2)
 2,671,107  1,493,331 
Harvia Oyj 9,293  231,175 
HKScan Oyj, A Shares(1)(2)
 81,043  66,769 
Kemira Oyj 258,193  4,086,703 
Lassila & Tikanoja Oyj 1,259  13,499 
244

Avantis International Small Cap Value ETF
Shares Value
Marimekko Oyj 197,695  $ 2,389,542 
Metsa Board Oyj, Class B(1)
 402,587  3,215,382 
Nokian Renkaat Oyj 70,235  608,471 
Outokumpu Oyj 2,898,641  13,504,303 
Puuilo Oyj 256,917  2,071,199 
Suominen Oyj(1)
 39,021  118,269 
Talenom Oyj(1)
 4,324  27,572 
Tokmanni Group Corp. 374,267  5,541,946 
Uponor Oyj(1)
 237,410  7,497,147 
Verkkokauppa.com Oyj(1)
 51,814  157,948 
YIT Oyj(1)
 631,039  1,539,055 
43,775,423 
France — 3.7%
AKWEL 4,039  64,495 
ALD SA 169,664  1,640,138 
APERAM SA(1)
 152,756  4,322,114 
Biosynex(1)(2)
 12,193  139,551 
Bonduelle SCA(1)
 1,607  19,143 
Catana Group 75,468  596,623 
Cie des Alpes 127,519  1,798,929 
Cie Plastic Omnium SA 300,957  5,279,599 
Coface SA 767,629  10,275,965 
Derichebourg SA 997,816  5,447,072 
Eramet SA 108,288  8,292,970 
Etablissements Maurel et Prom SA 493,067  2,358,365 
Eurobio Scientific SA(1)(2)
 26,767  454,611 
Eutelsat Communications SA(1)
 1,546,380  9,408,892 
Focus Entertainment(2)
 2,042  75,189 
Gaztransport Et Technigaz SA 869  107,612 
Genfit S(1)(2)
 12,090  43,400 
Groupe LDLC(1)
 5,951  145,457 
Guerbet 798  18,772 
Guillemot Corp. 967  7,362 
ID Logistics Group(2)
 273  71,113 
Imerys SA 68,092  2,318,313 
Innate Pharma SA(1)(2)
 4,086  12,451 
Jacquet Metals SACA 33,576  654,080 
JCDecaux SE(2)
 89,760  1,665,821 
Kaufman & Broad SA 14,227  410,128 
Maisons du Monde SA(1)
 234,325  2,186,433 
Manitou BF SA(1)
 129  3,385 
Mersen SA 13,612  618,628 
Metropole Television SA 214,772  2,942,749 
Nexans SA 87,249  7,176,759 
Novacyt SA(2)
 241,914  230,814 
Orpea SA(1)(2)
 213,293  397,025 
SES SA 1,983,569  14,437,044 
SMCP SA(2)
 261,435  1,700,022 
Societe BIC SA 28,924  1,848,696 
Solutions 30 SE(1)(2)
 122,821  373,076 
Television Francaise 1 565,672  4,588,486 
245

Avantis International Small Cap Value ETF
Shares Value
Ubisoft Entertainment SA(2)
 587,186  $ 17,756,295 
Vallourec SA(2)
 1,029,331  13,755,489 
Vicat SA 30,710  1,035,373 
X-Fab Silicon Foundries SE(2)
 223,595  2,532,783 
127,211,222 
Germany — 4.4%
1&1 AG 87,402  1,298,509 
7C Solarparken AG 96,998  349,991 
Aroundtown SA(2)
 889,077  1,602,950 
Aurubis AG 74,608  6,169,229 
Baader Bank AG 7,342  28,581 
BayWa AG 15,182  535,367 
Bertrandt AG 1,999  99,688 
Borussia Dortmund GmbH & Co. KGaA(2)
 131,788  660,867 
CECONOMY AG(2)
 412,727  1,075,141 
Cewe Stiftung & Co. KGAA 17,504  1,719,440 
Cliq Digital AG 794  17,197 
CropEnergies AG 141,994  1,311,165 
Deutsche Beteiligungs AG 3,870  136,251 
Deutsche Pfandbriefbank AG(1)
 779,738  6,141,544 
Deutz AG 608,473  2,854,898 
Draegerwerk AG & Co. KGaA 981  40,416 
Draegerwerk AG & Co. KGaA, Preference Shares 17,140  828,406 
Duerr AG 293,135  8,737,892 
Elmos Semiconductor SE 45,159  3,264,372 
ElringKlinger AG 18,766  123,370 
Encavis AG(2)
 436,830  6,690,389 
Energiekontor AG 5,792  548,481 
Fielmann AG 10,428  489,440 
flatexDEGIRO AG(2)
 401,625  3,516,022 
Friedrich Vorwerk Group SE 17,867  246,972 
Grand City Properties SA(2)
 380,592  3,396,805 
GRENKE AG 73,911  1,879,238 
Hamburger Hafen und Logistik AG 202,890  2,230,340 
Heidelberger Druckmaschinen AG(2)
 699,077  981,371 
HelloFresh SE(2)
 80,617  2,598,133 
Hornbach Holding AG & Co. KGaA 51,960  4,085,988 
Hugo Boss AG 143,435  10,797,840 
Indus Holding AG 391  9,385 
Instone Real Estate Group SE 97,306  621,891 
JOST Werke SE 65,393  3,372,973 
Jungheinrich AG, Preference Shares 282,136  9,364,319 
Kloeckner & Co. SE(1)
 174,488  1,490,945 
Kontron AG 14,040  305,612 
Krones AG 99,293  10,751,902 
Lang & Schwarz AG 30,027  283,641 
Lanxess AG 182,605  5,762,320 
METRO AG(2)
 375,811  2,991,793 
MLP SE 7,232  38,410 
Mutares SE & Co. KGaA 49,829  1,187,405 
Norma Group SE 45,576  836,698 
246

Avantis International Small Cap Value ETF
Shares Value
OHB SE 484  $ 22,438 
PVA TePla AG(2)
 32,408  621,165 
SAF-Holland SE 187,244  2,331,490 
Salzgitter AG 37,740  1,110,408 
Schaeffler AG, Preference Shares 178,081  1,057,023 
SGL Carbon SE(1)(2)
 320,621  2,425,215 
Siltronic AG 128,083  10,211,522 
Stabilus SE 307  17,224 
Steico SE(1)
 6,366  209,216 
STO SE & Co. KGaA, Preference Shares 8,491  1,264,536 
SUESS MicroTec SE 7,142  167,097 
TAG Immobilien AG(2)
 727,881  8,251,311 
thyssenkrupp AG 245,103  1,883,564 
VERBIO Vereinigte BioEnergie AG 13,046  616,628 
Vitesco Technologies Group AG, Class A(2)
 100,508  7,933,218 
Wacker Neuson SE 68,755  1,518,660 
Wuestenrot & Wuerttembergische AG 48,599  809,045 
151,923,347 
Hong Kong — 1.5%
AMTD IDEA Group, ADR(2)
 79,252  96,688 
AustAsia Group Ltd.(2)
 403,380  114,149 
Bank of East Asia Ltd. 103,800  147,831 
BOCOM International Holdings Co. Ltd.(2)
 45,000  2,094 
Bright Smart Securities & Commodities Group Ltd. 4,142,000  754,479 
Cafe de Coral Holdings Ltd. 180,000  218,088 
Central Wealth Group Holdings Ltd.(2)
 25,424,000  74,502 
Chia Tai Enterprises International Ltd.(2)
 132,000  26,564 
Chow Sang Sang Holdings International Ltd. 196,000  234,526 
CMBC Capital Holdings Ltd.(1)(2)
 1,378,000  132,070 
Crystal International Group Ltd. 34,500  11,389 
CSC Holdings Ltd.(2)
 56,230,000  229,764 
CSI Properties Ltd. 80,000  1,212 
Dah Sing Banking Group Ltd. 349,200  238,697 
Dah Sing Financial Holdings Ltd. 153,200  336,648 
E-Commodities Holdings Ltd.(1)
 20,630,000  3,701,975 
FSE Lifestyle Services Ltd. 27,000  20,475 
Guotai Junan International Holdings Ltd. 3,555,000  294,243 
Hang Lung Group Ltd. 1,658,000  2,286,924 
Hengdeli Holdings Ltd.(2)
 12,000  211 
IGG, Inc.(2)
 843,000  395,328 
IRC Ltd.(1)(2)
 4,792,000  56,099 
Jinhui Shipping & Transportation Ltd. 12,160  6,645 
Johnson Electric Holdings Ltd. 2,081,320  2,787,063 
JS Global Lifestyle Co. Ltd.(2)
 2,591,000  369,743 
K Wah International Holdings Ltd. 2,713,000  816,235 
Luk Fook Holdings International Ltd. 78,000  193,279 
Oriental Watch Holdings 1,236,000  668,367 
Pacific Basin Shipping Ltd. 80,996,000  21,934,105 
Pacific Textiles Holdings Ltd. 377,000  80,218 
PC Partner Group Ltd. 2,066,000  870,676 
Regina Miracle International Holdings Ltd. 194,000  63,371 
247

Avantis International Small Cap Value ETF
Shares Value
Shun Tak Holdings Ltd.(2)
 4,804,000  $ 672,580 
Singamas Container Holdings Ltd. 4,050,000  366,393 
SmarTone Telecommunications Holdings Ltd. 126,000  70,214 
Soundwill Holdings Ltd. 2,500  1,846 
Sun Hung Kai & Co. Ltd. 857,000  302,692 
SUNeVision Holdings Ltd. 1,307,000  624,803 
Tai Hing Group Holdings Ltd. 245,000  30,881 
Tam Jai International Co. Ltd. 490,000  98,633 
Ten Pao Group Holdings Ltd. 412,000  53,546 
Texhong International Group Ltd. 1,137,000  608,409 
Texwinca Holdings Ltd. 440,000  66,077 
Time Interconnect Technology Ltd.(1)
 328,000  58,860 
United Energy Group Ltd. 2,430,000  322,554 
United Laboratories International Holdings Ltd. 11,762,000  10,501,923 
Value Partners Group Ltd. 616,000  209,637 
Yue Yuen Industrial Holdings Ltd. 571,000  715,597 
51,868,303 
Ireland — 0.4%
Dalata Hotel Group PLC(2)
 998,832  4,659,865 
Glenveagh Properties PLC(2)
 6,954,143  7,547,561 
Origin Enterprises PLC 1,103  3,922 
12,211,348 
Israel — 2.5%
Adgar Investment & Development Ltd. 13,419  16,916 
AFI Properties Ltd.(2)
 546  18,154 
Africa Israel Residences Ltd. 9,079  427,341 
Airport City Ltd.(2)
 64,686  990,538 
Alony Hetz Properties & Investments Ltd. 209,334  1,589,698 
Azorim-Investment Development & Construction Co. Ltd.(2)
 16,839  51,558 
Big Shopping Centers Ltd.(2)
 12,993  1,084,972 
Carasso Motors Ltd. 6,135  26,562 
Clal Insurance Enterprises Holdings Ltd.(2)
 400,945  5,937,150 
Delek Automotive Systems Ltd. 21,511  134,467 
Delek Group Ltd. 49,909  7,160,071 
Equital Ltd.(2)
 35,625  1,110,768 
Fattal Holdings 1998 Ltd.(2)
 10,870  1,064,773 
FIBI Holdings Ltd. 123,384  5,368,867 
First International Bank of Israel Ltd. 36,753  1,486,137 
G City Ltd. 324,500  1,034,475 
Harel Insurance Investments & Financial Services Ltd. 776,989  5,655,057 
IDI Insurance Co. Ltd. 2,066  44,931 
Ilex Medical Ltd. 729  13,628 
Inrom Construction Industries Ltd. 1,008  3,114 
Isracard Ltd. 1,430,214  5,798,116 
Israel Canada T.R Ltd. 11,469  25,620 
Israel Corp. Ltd. 10,521  2,919,367 
Isras Investment Co. Ltd. 2,031  380,819 
Ituran Location & Control Ltd. 25  757 
M Yochananof & Sons Ltd. 4,089  167,956 
Menora Mivtachim Holdings Ltd. 149,282  3,147,478 
Migdal Insurance & Financial Holdings Ltd. 2,413,511  2,800,896 
248

Avantis International Small Cap Value ETF
Shares Value
Naphtha Israel Petroleum Corp. Ltd. 10,798  $ 51,241 
Nawi Brothers Ltd. 9,923  75,157 
Oil Refineries Ltd. 14,961,735  4,872,662 
Partner Communications Co. Ltd.(2)
 727,444  3,044,638 
Paz Ashdod Refinery Ltd.(2)
 38,918  1,061,200 
Paz Oil Co. Ltd.(2)
 38,918  3,217,730 
Phoenix Holdings Ltd. 744,513  7,459,746 
Prashkovsky Investments & Construction Ltd. 2,792  63,039 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. 5,768  333,386 
Scope Metals Group Ltd.(2)
 74  2,364 
Shikun & Binui Ltd.(2)
 1,212,352  3,032,789 
Shufersal Ltd.(2)
 809,344  3,763,347 
Summit Real Estate Holdings Ltd. 10,601  139,560 
Tera Light Ltd.(2)
 30,357  56,549 
Tower Semiconductor Ltd.(2)
 342  9,977 
Victory Supermarket Chain Ltd. 1,418  12,208 
YH Dimri Construction & Development Ltd. 18,763  1,160,830 
ZIM Integrated Shipping Services Ltd.(1)
 743,134  8,969,627 
85,786,236 
Italy — 3.7%
Aeffe SpA(1)(2)
 46,086  53,437 
Arnoldo Mondadori Editore SpA 125,814  293,142 
Banca IFIS SpA 260,771  4,576,655 
Banca Popolare di Sondrio SpA 3,774,164  17,908,150 
Banco di Desio e della Brianza SpA 118,022  420,524 
BFF Bank SpA 585,783  6,282,838 
Biesse SpA 77,027  1,077,167 
BPER Banca 1,560,955  4,700,467 
Cementir Holding NV 19,055  166,419 
d'Amico International Shipping SA 775,543  3,562,069 
Danieli & C Officine Meccaniche SpA(1)
 12,097  290,009 
Danieli & C Officine Meccaniche SpA, Preference Shares 87,458  1,652,124 
Digital Bros SpA(1)
 135,713  2,446,093 
Enav SpA 769  3,102 
Fila SpA 11,648  106,545 
Fincantieri SpA(1)(2)
 1,592,198  882,575 
FNM SpA 66,723  31,431 
Geox SpA(1)(2)
 68,174  56,879 
Iveco Group NV(2)
 3,055,809  30,304,877 
Maire Tecnimont SpA 556,223  2,221,330 
MFE-MediaForEurope NV, Class A 8,438,596  4,270,115 
MFE-MediaForEurope NV, Class B(1)
 2,910,755  2,083,393 
Newlat Food SpA(2)
 15,806  101,827 
Orsero SpA 3,578  51,188 
OVS SpA 3,620,653  9,051,517 
RAI Way SpA 191,729  1,065,595 
Safilo Group SpA(1)(2)
 124,706  135,241 
Saipem SpA(2)
 10,938,307  17,651,539 
Sanlorenzo SpA 13,472  541,057 
Saras SpA(1)
 3,190,540  4,543,016 
Spaxs SpA 7,758  50,807 
249

Avantis International Small Cap Value ETF
Shares Value
Tesmec SpA(1)(2)
 1,690,861  $ 224,015 
Webuild SpA(1)
 6,088,797  12,417,551 
129,222,694 
Japan — 29.3%
77 Bank Ltd.(1)
 219,800  4,743,987 
A&D HOLON Holdings Co. Ltd. 12,500  147,979 
Adastria Co. Ltd.(1)
 149,900  2,994,725 
AEON Financial Service Co. Ltd.(1)
 848,500  7,398,058 
Aeon Mall Co. Ltd.(1)
 120,600  1,445,250 
AFC-HD AMS Life Science Co. Ltd. 30,000  164,033 
Ahresty Corp. 67,100  338,908 
Aichi Steel Corp. 42,000  1,055,111 
Air Water, Inc. 310,600  3,906,918 
Airport Facilities Co. Ltd. 2,000  8,115 
Aisan Industry Co. Ltd. 228,300  2,035,270 
Akatsuki, Inc. 28,100  404,920 
Akebono Brake Industry Co. Ltd.(2)
 9,300  8,486 
Alconix Corp. 30,200  287,003 
Alfresa Holdings Corp. 29,700  507,201 
Alleanza Holdings Co. Ltd.(1)
 3,200  22,055 
Alps Alpine Co. Ltd.(1)
 873,600  7,294,752 
AOKI Holdings, Inc. 168,400  1,206,625 
Aoyama Trading Co. Ltd. 296,500  3,286,408 
Arata Corp. 84,200  3,125,254 
Arclands Corp. 145,900  1,663,649 
Arcs Co. Ltd.(1)
 196,700  3,489,765 
ARE Holdings, Inc.(1)
 138,300  1,794,520 
Asahi Co. Ltd. 11,900  104,260 
Asahi Diamond Industrial Co. Ltd. 58,100  356,141 
ASAHI YUKIZAI Corp. 61,800  1,714,276 
Asanuma Corp. 31,400  769,617 
Asia Pile Holdings Corp. 50,600  230,177 
Avex, Inc. 5,700  57,441 
Awa Bank Ltd. 97,200  1,510,126 
Axial Retailing, Inc. 19,600  505,739 
Bando Chemical Industries Ltd. 92,800  978,077 
Bank of Nagoya Ltd. 30,700  895,794 
Bank of the Ryukyus Ltd. 132,600  959,587 
Belc Co. Ltd. 800  37,268 
Bell System24 Holdings, Inc.(1)
 69,900  730,186 
Belluna Co. Ltd. 183,400  915,249 
BML, Inc. 148,400  2,944,467 
Bunka Shutter Co. Ltd. 388,600  2,906,251 
Canon Electronics, Inc. 35,900  456,528 
Careerlink Co. Ltd. 3,700  60,763 
Cawachi Ltd. 26,800  420,697 
Central Glass Co. Ltd. 170,700  3,435,355 
Chiba Kogyo Bank Ltd. 174,200  936,055 
Chilled & Frozen Logistics Holdings Co. Ltd. 1,900  18,339 
Chori Co. Ltd. 51,900  1,017,185 
Chubu Shiryo Co. Ltd. 5,400  41,933 
250

Avantis International Small Cap Value ETF
Shares Value
Chubu Steel Plate Co. Ltd.(1)
 68,100  $ 970,046 
Chugin Financial Group, Inc. 72,700  482,599 
CKD Corp. 5,200  71,754 
CMIC Holdings Co. Ltd. 32,600  390,249 
Coca-Cola Bottlers Japan Holdings, Inc. 509,900  6,641,224 
Cosmo Energy Holdings Co. Ltd. 497,400  17,914,121 
Credit Saison Co. Ltd. 1,013,200  15,836,155 
CTI Engineering Co. Ltd. 30,500  922,999 
Cybernet Systems Co. Ltd.(1)
 2,300  11,903 
Dai-Dan Co. Ltd. 6,900  141,418 
Daido Steel Co. Ltd. 21,200  876,336 
Daiho Corp. 6,400  175,581 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. 300  1,971 
Daiken Corp. 26,500  553,074 
Daiki Aluminium Industry Co. Ltd. 126,100  1,244,932 
Daikoku Denki Co. Ltd.(1)
 10,000  363,631 
Daikyonishikawa Corp. 8,500  47,281 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. 10,700  169,675 
Daio Paper Corp.(1)
 81,000  690,145 
Daishi Hokuetsu Financial Group, Inc. 190,100  4,762,864 
Daito Pharmaceutical Co. Ltd. 1,100  17,271 
Daitron Co. Ltd. 3,600  74,809 
Daiwa Industries Ltd. 2,500  24,244 
Daiwabo Holdings Co. Ltd. 334,000  6,770,162 
Dear Life Co. Ltd. 45,800  272,218 
Densan System Holdings Co. Ltd. 1,100  22,376 
Dowa Holdings Co. Ltd. 173,000  5,557,402 
Dream Incubator, Inc. 2,700  54,756 
Eagle Industry Co. Ltd. 119,600  1,376,624 
Ebara Jitsugyo Co. Ltd. 200  3,955 
Eco's Co. Ltd. 14,100  197,226 
EDION Corp.(1)
 32,700  328,946 
Ehime Bank Ltd. 11,600  70,031 
Eiken Chemical Co. Ltd. 33,100  317,592 
EJ Holdings, Inc. 8,900  103,546 
Electric Power Development Co. Ltd. 576,300  8,975,878 
Enomoto Co. Ltd. 3,000  36,177 
Enplas Corp. 13,100  987,496 
ERI Holdings Co. Ltd. 3,800  54,993 
Exedy Corp. 240,000  4,343,109 
EXEO Group, Inc. 28,300  602,093 
FALCO HOLDINGS Co. Ltd. 2,000  27,621 
Fast Fitness Japan, Inc. 5,100  50,669 
FCC Co. Ltd. 221,200  2,918,830 
Feed One Co. Ltd. 4,700  26,298 
Ferrotec Holdings Corp.(1)
 411,600  8,554,761 
FIDEA Holdings Co. Ltd.(1)
 17,710  184,860 
First Bank of Toyama Ltd. 90,500  540,765 
FJ Next Holdings Co. Ltd. 13,700  98,761 
France Bed Holdings Co. Ltd. 12,600  104,783 
Frontier International, Inc. 3,900  57,344 
251

Avantis International Small Cap Value ETF
Shares Value
F-Tech, Inc. 26,600  $ 145,483 
Fuji Co. Ltd.(1)
 13,800  173,063 
Fuji Corp. Ltd. 9,000  45,472 
Fuji Media Holdings, Inc. 128,200  1,338,371 
Fuji Oil Co. Ltd. 20,800  43,622 
Fuji Seal International, Inc. 3,400  40,765 
Fujibo Holdings, Inc. 12,000  287,465 
Fujikura Composites, Inc. 31,200  239,444 
Fujikura Ltd. 1,947,000  16,106,247 
Fujimori Kogyo Co. Ltd. 18,300  471,192 
Fujishoji Co. Ltd. 8,200  81,878 
Fukuyama Transporting Co. Ltd. 48,600  1,207,724 
Furukawa Co. Ltd. 18,300  222,690 
Furukawa Electric Co. Ltd. 108,200  1,858,544 
Furuno Electric Co. Ltd. 2,400  21,255 
Fuso Chemical Co. Ltd. 87,600  2,566,992 
Futaba Industrial Co. Ltd. 294,500  1,389,551 
Fuyo General Lease Co. Ltd. 139,300  11,512,410 
Gecoss Corp. 2,200  14,461 
Geo Holdings Corp. 50,500  908,818 
GMO Financial Holdings, Inc. 1,600  7,984 
Godo Steel Ltd. 49,400  1,488,584 
Goldcrest Co. Ltd. 6,500  87,011 
Good Com Asset Co. Ltd. 66,400  428,032 
GS Yuasa Corp. 89,500  1,695,945 
GSI Creos Corp. 23,100  348,146 
G-Tekt Corp. 129,900  1,644,109 
GungHo Online Entertainment, Inc. 500  8,233 
Gunma Bank Ltd. 1,673,300  7,705,494 
H.U. Group Holdings, Inc. 360,600  6,521,206 
H2O Retailing Corp. 429,100  5,164,300 
Hakudo Co. Ltd. 7,500  120,363 
Halows Co. Ltd. 18,600  521,455 
Hamakyorex Co. Ltd. 40,200  1,155,816 
Hanwa Co. Ltd. 65,100  2,070,810 
Happinet Corp. 44,500  797,117 
Hazama Ando Corp.(1)
 492,200  4,009,889 
Heiwa Corp. 62,900  960,083 
Heiwa Real Estate Co. Ltd. 86,900  2,331,111 
Heiwado Co. Ltd. 220,400  3,629,754 
Hino Motors Ltd.(2)
 447,200  1,749,510 
Hirogin Holdings, Inc. 3,300  20,599 
Hitachi Zosen Corp. 1,177,500  6,962,863 
Hokkoku Financial Holdings, Inc. 119,400  4,028,401 
Hokuetsu Corp.(1)
 118,700  736,873 
Hokuetsu Industries Co. Ltd. 3,200  42,295 
Hokuhoku Financial Group, Inc. 376,100  3,402,171 
Hokuto Corp. 13,800  173,384 
H-One Co. Ltd. 9,400  48,823 
Honeys Holdings Co. Ltd. 900  10,423 
Hoosiers Holdings Co. Ltd. 7,600  55,932 
252

Avantis International Small Cap Value ETF
Shares Value
Horiba Ltd. 68,000  $ 3,535,403 
Hosiden Corp. 194,600  2,420,206 
Hosokawa Micron Corp. 32,200  897,745 
HS Holdings Co. Ltd. 88,800  632,395 
Hyakugo Bank Ltd. 696,400  2,416,270 
Hyakujushi Bank Ltd. 29,200  447,775 
Ichikoh Industries Ltd. 78,000  283,750 
Ichinen Holdings Co. Ltd. 40,300  372,910 
IDEA Consultants, Inc. 200  2,295 
IDOM, Inc.(1)
 44,500  239,510 
IHI Corp. 285,500  7,105,881 
Iino Kaiun Kaisha Ltd. 680,200  4,869,893 
IMAGICA GROUP, Inc. 68,500  285,517 
Inaba Denki Sangyo Co. Ltd. 4,800  103,872 
Ines Corp. 200  2,285 
I-Net Corp. 1,400  16,831 
Integrated Design & Engineering Holdings Co. Ltd. 50,100  1,167,546 
Inui Global Logistics Co. Ltd.(1)
 42,100  364,947 
I-PEX, Inc. 25,700  297,069 
I'rom Group Co. Ltd.(1)
 10,900  135,944 
Iseki & Co. Ltd. 10,200  84,484 
Ishihara Sangyo Kaisha Ltd. 19,900  195,603 
Itochu Enex Co. Ltd. 466,900  4,724,793 
Itoki Corp. 188,200  1,788,704 
IwaiCosmo Holdings, Inc. 15,500  184,302 
Iyogin Holdings, Inc. 182,800  1,268,121 
Izumi Co. Ltd.(1)
 121,400  3,166,013 
J Front Retailing Co. Ltd.(1)
 1,299,700  13,687,648 
J Trust Co. Ltd. 25,500  80,908 
Jaccs Co. Ltd. 172,000  5,982,004 
JAFCO Group Co. Ltd. 265,200  3,399,865 
Japan Electronic Materials Corp. 27,900  293,040 
Japan Lifeline Co. Ltd. 302,000  2,384,850 
Japan Petroleum Exploration Co. Ltd. 65,600  2,157,400 
Japan Pulp & Paper Co. Ltd. 26,200  853,029 
Japan System Techniques Co. Ltd. 7,400  111,969 
Japan Transcity Corp. 4,400  19,341 
Japan Wool Textile Co. Ltd. 50,400  433,453 
JDC Corp. 72,600  305,666 
JK Holdings Co. Ltd. 3,700  24,944 
JM Holdings Co. Ltd. 9,300  121,099 
JSB Co. Ltd. 15,200  581,127 
JTEKT Corp. 973,700  8,799,671 
Juroku Financial Group, Inc. 152,600  3,836,778 
JVCKenwood Corp. 2,394,600  10,446,930 
Kaga Electronics Co. Ltd. 129,700  5,886,057 
Kamei Corp. 36,700  370,196 
Kanamoto Co. Ltd. 290,900  4,930,650 
Kandenko Co. Ltd. 276,200  2,530,330 
Kaneka Corp. 299,900  8,417,594 
Kanro, Inc. 7,300  90,438 
253

Avantis International Small Cap Value ETF
Shares Value
Kanto Denka Kogyo Co. Ltd. 483,200  $ 2,763,055 
Kato Sangyo Co. Ltd. 103,900  2,988,982 
KAWADA TECHNOLOGIES, Inc. 5,100  212,789 
Kawasaki Heavy Industries Ltd. 41,300  1,058,132 
Keihanshin Building Co. Ltd. 24,600  215,335 
Keiyo Bank Ltd. 290,800  1,188,234 
KH Neochem Co. Ltd. 54,200  843,972 
Kitz Corp. 318,900  2,306,600 
Kiyo Bank Ltd. 330,200  3,421,441 
Koa Corp.(1)
 18,900  238,510 
Kobe Steel Ltd. 2,213,500  27,766,379 
Kohnan Shoji Co. Ltd. 135,900  3,316,078 
Komeri Co. Ltd. 196,300  4,144,863 
Komori Corp. 45,800  344,984 
Konica Minolta, Inc. 1,902,400  5,873,493 
Konoike Transport Co. Ltd. 133,100  1,863,520 
Konoshima Chemical Co. Ltd. 2,100  23,578 
KPP Group Holdings Co. Ltd. 256,400  1,145,683 
Krosaki Harima Corp. 3,000  196,002 
K's Holdings Corp. 104,900  966,972 
Kumagai Gumi Co. Ltd. 37,100  829,174 
Kumiai Chemical Industry Co. Ltd. 33,800  260,779 
Kuraray Co. Ltd. 1,175,400  13,351,286 
Kureha Corp. 46,500  2,730,476 
Kurimoto Ltd. 1,400  27,323 
Kuriyama Holdings Corp. 2,000  11,867 
Kusuri no Aoki Holdings Co. Ltd. 3,600  225,122 
KYB Corp. 154,200  5,026,904 
Kyoden Co. Ltd.(1)
 45,100  185,069 
Kyodo Printing Co. Ltd. 2,700  60,273 
Kyoei Steel Ltd.(1)
 79,100  1,052,872 
Kyudenko Corp.(1)
 17,200  529,257 
Kyushu Financial Group, Inc. 473,600  2,317,103 
Lawson, Inc.(1)
 1,800  85,916 
Life Corp.(1)
 84,500  2,106,831 
Look Holdings, Inc. 4,100  56,348 
Macnica Holdings, Inc. 242,600  11,350,905 
Makino Milling Machine Co. Ltd. 133,200  6,362,147 
Marubun Corp.(1)
 32,500  260,964 
Maruha Nichiro Corp. 2,800  48,864 
MARUKA FURUSATO Corp. 59,500  1,157,328 
Maruzen Showa Unyu Co. Ltd. 37,600  1,021,602 
Mazda Motor Corp. 600  6,251 
MCJ Co. Ltd. 181,400  1,482,168 
Mebuki Financial Group, Inc. 3,377,900  9,337,894 
Megachips Corp. 13,500  388,949 
Megmilk Snow Brand Co. Ltd. 334,200  5,467,483 
Meidensha Corp. 123,900  1,857,568 
Meiji Shipping Co. Ltd.(1)
 19,500  99,639 
Meiko Electronics Co. Ltd.(1)
 87,100  2,132,705 
Meisei Industrial Co. Ltd. 79,700  524,604 
254

Avantis International Small Cap Value ETF
Shares Value
Micronics Japan Co. Ltd. 114,100  $ 1,704,281 
Mikuni Corp. 22,300  70,815 
Mimasu Semiconductor Industry Co. Ltd. 111,600  2,198,782 
Ministop Co. Ltd.(1)
 5,400  53,486 
Miraial Co. Ltd. 27,100  276,441 
MIRAIT ONE Corp. 176,800  2,341,675 
Mirarth Holdings, Inc. 69,900  224,511 
Miroku Jyoho Service Co. Ltd. 2,200  23,085 
Mitsuba Corp. 200,900  1,052,809 
Mitsubishi Kakoki Kaisha Ltd. 1,400  26,222 
Mitsubishi Logisnext Co. Ltd. 105,200  986,600 
Mitsubishi Logistics Corp. 153,700  4,081,404 
Mitsubishi Materials Corp. 543,900  9,129,963 
Mitsubishi Research Institute, Inc. 29,800  1,026,556 
Mitsubishi Shokuhin Co. Ltd. 150,000  4,107,042 
Mitsubishi Steel Manufacturing Co. Ltd. 10,800  105,277 
Mitsui Chemicals, Inc. 3,400  92,170 
Mitsui Matsushima Holdings Co. Ltd.(1)
 144,600  2,863,930 
Mitsui Mining & Smelting Co. Ltd.(1)
 513,300  13,112,079 
Mitsui-Soko Holdings Co. Ltd. 165,400  4,713,951 
Mitsuuroko Group Holdings Co. Ltd. 2,300  20,742 
Miyaji Engineering Group, Inc. 200  8,088 
Miyazaki Bank Ltd. 57,000  1,023,960 
Mizuho Leasing Co. Ltd. 176,100  5,809,929 
Mizuho Medy Co. Ltd.(1)
 25,800  482,056 
Monex Group, Inc. 227,300  814,503 
Morinaga Milk Industry Co. Ltd. 177,400  7,260,950 
MrMax Holdings Ltd. 3,100  12,871 
Musashi Seimitsu Industry Co. Ltd. 84,700  1,006,702 
Musashino Bank Ltd. 172,800  3,131,682 
Nabtesco Corp. 94,100  1,779,212 
Nachi-Fujikoshi Corp. 137,500  3,784,198 
Nafco Co. Ltd. 5,100  66,924 
Nagano Keiki Co. Ltd. 5,700  103,793 
Nagase & Co. Ltd. 200  3,427 
Nakayama Steel Works Ltd. 41,800  265,396 
Namura Shipbuilding Co. Ltd.(1)
 342,300  2,149,640 
Nanto Bank Ltd. 110,500  2,012,784 
NEC Capital Solutions Ltd. 42,600  929,747 
Neturen Co. Ltd. 10,700  74,077 
NHK Spring Co. Ltd. 757,600  5,873,746 
Nichias Corp. 310,600  6,496,244 
Nichicon Corp. 102,100  985,227 
Nichiha Corp. 5,100  109,286 
Nichireki Co. Ltd. 93,600  1,338,654 
Nihon Dempa Kogyo Co. Ltd.(1)
 224,900  2,395,240 
Nihon Flush Co. Ltd. 2,600  16,172 
Nihon House Holdings Co. Ltd. 33,600  86,491 
Nihon Tokushu Toryo Co. Ltd. 1,200  10,873 
Nikkiso Co. Ltd. 60,100  415,312 
Nikkon Holdings Co. Ltd. 295,500  6,734,508 
255

Avantis International Small Cap Value ETF
Shares Value
Nippn Corp. 22,600  $ 321,328 
Nippon Chemical Industrial Co. Ltd. 2,400  31,038 
Nippon Chemi-Con Corp.(2)
 15,700  151,109 
Nippon Coke & Engineering Co. Ltd.(2)
 139,200  107,939 
Nippon Electric Glass Co. Ltd. 34,500  608,788 
Nippon Light Metal Holdings Co. Ltd. 88,210  939,203 
Nippon Paper Industries Co. Ltd.(2)
 39,900  356,867 
Nippon Pillar Packing Co. Ltd. 95,700  2,758,534 
Nippon Road Co. Ltd. 1,900  125,690 
Nippon Seisen Co. Ltd. 1,100  35,892 
Nippon Sheet Glass Co. Ltd.(2)
 111,700  586,182 
Nippon Shokubai Co. Ltd. 168,900  6,427,429 
Nippon Soda Co. Ltd. 103,200  3,816,856 
Nippon Television Holdings, Inc. 289,800  2,700,000 
Nippon Thompson Co. Ltd.(1)
 191,500  738,743 
Nippon Yakin Kogyo Co. Ltd. 8,200  252,815 
Nipro Corp. 886,800  7,344,154 
Nishimoto Co. Ltd. 1,600  48,912 
Nishi-Nippon Financial Holdings, Inc. 764,400  7,910,231 
Nishio Holdings Co. Ltd. 151,100  3,684,520 
Nissan Shatai Co. Ltd. 124,800  775,637 
Nisshinbo Holdings, Inc. 478,100  3,550,998 
Nissin Corp. 16,100  285,059 
Nissui Corp. 49,200  258,338 
Nittetsu Mining Co. Ltd. 85,900  3,009,206 
Nittoc Construction Co. Ltd. 100  741 
Nojima Corp. 413,500  3,629,534 
NOK Corp.(1)
 367,000  5,142,402 
Nomura Micro Science Co. Ltd.(1)
 19,900  795,994 
Noritake Co. Ltd. 17,600  728,151 
Noritsu Koki Co. Ltd. 6,500  131,560 
Noritz Corp. 105,800  1,161,423 
North Pacific Bank Ltd. 1,278,300  2,689,496 
NS United Kaiun Kaisha Ltd.(1)
 85,700  2,391,959 
NTN Corp.(1)
 2,108,600  4,185,513 
Ogaki Kyoritsu Bank Ltd. 100,300  1,384,082 
Okamoto Machine Tool Works Ltd. 9,800  373,401 
Oki Electric Industry Co. Ltd. 35,000  216,836 
Okinawa Cellular Telephone Co. 4,100  88,744 
Okinawa Financial Group, Inc. 59,600  921,654 
Okumura Corp. 19,600  612,765 
Okuwa Co. Ltd. 29,600  175,440 
Olympic Group Corp. 1,300  4,723 
Onoken Co. Ltd. 34,900  402,702 
Onward Holdings Co. Ltd. 139,200  497,597 
Orient Corp. 486,340  3,689,677 
Oriental Shiraishi Corp. 551,500  1,238,518 
Pacific Industrial Co. Ltd. 448,700  4,391,037 
Pack Corp. 10,000  213,368 
PAL GROUP Holdings Co. Ltd. 175,600  2,476,637 
Pasco Corp. 500  5,674 
256

Avantis International Small Cap Value ETF
Shares Value
Pasona Group, Inc. 36,300  $ 406,933 
Pegasus Co. Ltd.(1)
 3,600  14,660 
Penta-Ocean Construction Co. Ltd. 417,400  2,480,743 
Press Kogyo Co. Ltd.(1)
 893,400  4,103,486 
Pressance Corp. 10,100  132,511 
Prima Meat Packers Ltd. 102,500  1,781,350 
PS Mitsubishi Construction Co. Ltd.(1)
 2,000  10,818 
Raito Kogyo Co. Ltd. 61,100  853,586 
Raiznext Corp. 18,700  180,988 
Rasa Industries Ltd. 13,600  188,406 
Raysum Co. Ltd. 30,300  694,913 
Renewable Japan Co. Ltd.(1)(2)
 102,000  738,790 
Rengo Co. Ltd. 1,449,700  9,850,716 
Resorttrust, Inc. 516,500  8,280,170 
Restar Holdings Corp. 3,200  53,037 
Ricoh Leasing Co. Ltd. 134,700  3,966,143 
Riken Corp. 5,500  124,151 
Riken Technos Corp. 23,000  113,448 
Round One Corp. 825,200  3,360,079 
Ryobi Ltd.(1)
 196,800  3,826,911 
Ryosan Co. Ltd. 39,700  1,154,128 
Sakai Chemical Industry Co. Ltd. 1,500  20,228 
Sakata INX Corp. 30,000  281,147 
Sakura Internet, Inc.(1)
 500  3,934 
Sala Corp. 111,200  570,151 
San ju San Financial Group, Inc. 27,300  327,021 
San-Ai Obbli Co. Ltd. 293,100  3,370,671 
Sangetsu Corp. 282,000  5,845,038 
San-In Godo Bank Ltd. 761,700  4,794,495 
Sankyu, Inc. 210,300  7,332,234 
Sanoh Industrial Co. Ltd. 60,600  381,321 
Sanwa Holdings Corp. 405,900  6,176,349 
Sanyo Chemical Industries Ltd. 23,300  662,109 
Sanyo Denki Co. Ltd. 9,200  449,043 
Sanyo Special Steel Co. Ltd. 6,900  131,746 
SBS Holdings, Inc. 4,300  90,282 
Scroll Corp. 67,900  468,882 
Seed Co. Ltd. 5,000  27,901 
Seikitokyu Kogyo Co. Ltd.(1)
 79,700  910,249 
Seiko Group Corp. 2,700  49,779 
Seino Holdings Co. Ltd. 567,500  8,266,917 
Senko Group Holdings Co. Ltd. 609,900  4,269,949 
Senshu Electric Co. Ltd. 40,200  1,058,543 
Senshu Ikeda Holdings, Inc. 1,654,800  3,006,951 
Shibaura Mechatronics Corp.(1)
 30,400  5,353,529 
Shibuya Corp. 3,700  66,080 
Shikoku Bank Ltd. 15,200  96,783 
Shinsho Corp.(1)
 22,600  880,607 
Shinwa Co. Ltd. 3,300  50,803 
Ship Healthcare Holdings, Inc. 5,800  98,407 
Siix Corp. 9,400  101,557 
257

Avantis International Small Cap Value ETF
Shares Value
Sinfonia Technology Co. Ltd. 90,700  $ 980,885 
Sintokogio Ltd. 28,300  211,084 
SK-Electronics Co. Ltd. 200  3,893 
SKY Perfect JSAT Holdings, Inc. 168,100  764,188 
Soken Chemical & Engineering Co. Ltd. 1,300  16,140 
Star Micronics Co. Ltd. 71,400  921,321 
Startia Holdings, Inc. 11,800  149,030 
Starts Corp., Inc. 204,100  4,282,975 
St-Care Holding Corp. 12,200  68,892 
Stella Chemifa Corp. 25,700  546,628 
Studio Alice Co. Ltd.(1)
 12,500  182,469 
Sumida Corp. 206,100  2,341,060 
Sumitomo Densetsu Co. Ltd. 20,400  405,765 
Sumitomo Heavy Industries Ltd. 316,900  7,931,764 
Sumitomo Mitsui Construction Co. Ltd. 891,500  2,478,585 
Sumitomo Riko Co. Ltd. 149,100  1,108,794 
Sumitomo Rubber Industries Ltd. 167,600  1,766,289 
Sumitomo Seika Chemicals Co. Ltd. 42,600  1,322,213 
Sumitomo Warehouse Co. Ltd. 260,600  4,467,063 
Sun Corp. 4,500  61,324 
Sun Frontier Fudousan Co. Ltd. 184,300  1,825,367 
Suncall Corp.(1)
 15,200  52,347 
Sun-Wa Technos Corp. 6,500  97,417 
Suruga Bank Ltd. 940,500  3,915,450 
Suzuken Co. Ltd. 266,800  7,908,500 
SWCC Corp. 4,800  64,655 
T RAD Co. Ltd. 4,600  66,635 
Tachibana Eletech Co. Ltd. 62,300  1,135,423 
Tachi-S Co. Ltd. 161,500  1,939,422 
Taihei Dengyo Kaisha Ltd. 21,300  571,532 
Taiheiyo Cement Corp. 278,900  5,347,463 
Taiho Kogyo Co. Ltd. 22,800  139,276 
Taikisha Ltd. 96,400  3,029,174 
Taiyo Holdings Co. Ltd. 42,600  767,966 
Takamiya Co. Ltd. 1,600  5,642 
Takaoka Toko Co. Ltd. 12,900  196,164 
Takara Holdings, Inc. 140,600  1,212,268 
Takara Standard Co. Ltd.(1)
 170,100  2,266,810 
Takasago International Corp. 16,600  327,454 
Takasago Thermal Engineering Co. Ltd. 218,700  4,398,861 
Takashimaya Co. Ltd.(1)
 748,700  11,240,448 
Take & Give Needs Co. Ltd. 14,700  110,745 
Tamron Co. Ltd. 50,500  1,559,195 
Teijin Ltd. 1,206,100  12,246,780 
Tekken Corp. 2,000  27,692 
Tenma Corp. 6,700  118,062 
Tera Probe, Inc. 5,700  172,374 
Toa Corp. 36,100  893,494 
TOA ROAD Corp. 16,300  559,232 
Toagosei Co. Ltd. 600  5,716 
Tobishima Corp. 24,000  216,414 
258

Avantis International Small Cap Value ETF
Shares Value
Tocalo Co. Ltd. 11,800  $ 115,807 
Toda Corp. 227,700  1,280,784 
Toho Co. Ltd. 5,800  130,685 
Toho Holdings Co. Ltd. 258,600  5,174,895 
TOKAI Holdings Corp. 567,700  3,684,514 
Tokai Rika Co. Ltd. 94,300  1,474,314 
Tokuyama Corp. 24,000  382,821 
Tokyo Kiraboshi Financial Group, Inc. 198,600  5,238,410 
Tokyo Rope Manufacturing Co. Ltd. 10,400  83,382 
Tokyo Seimitsu Co. Ltd. 50,400  2,775,735 
Tokyo Steel Manufacturing Co. Ltd. 453,500  5,092,842 
Tokyo Tatemono Co. Ltd. 388,600  5,101,717 
Tokyo Tekko Co. Ltd. 35,400  813,358 
Tokyotokeiba Co. Ltd.(1)
 64,700  1,747,311 
Tokyu Construction Co. Ltd. 718,200  3,786,409 
Tomoku Co. Ltd. 7,400  116,874 
TOMONY Holdings, Inc. 710,000  2,010,535 
Topre Corp. 255,400  3,038,566 
Topy Industries Ltd. 4,000  62,446 
Totech Corp. 14,500  521,291 
Towa Bank Ltd. 11,900  46,525 
Towa Corp. 21,100  531,147 
Toyo Construction Co. Ltd. 79,800  607,543 
Toyo Engineering Corp.(2)
 38,200  168,504 
Toyo Kanetsu KK 3,200  73,901 
Toyo Seikan Group Holdings Ltd. 487,700  8,826,615 
Toyo Tire Corp. 634,600  9,554,083 
Toyobo Co. Ltd. 571,300  4,146,204 
Toyoda Gosei Co. Ltd. 362,100  7,810,805 
Toyota Boshoku Corp. 249,600  4,717,039 
TPR Co. Ltd. 82,500  1,035,321 
Traders Holdings Co. Ltd. 6,500  34,470 
Transcosmos, Inc. 138,800  3,038,172 
TRE Holdings Corp. 15,540  125,278 
Trusco Nakayama Corp. 98,300  1,732,501 
Tsubakimoto Chain Co. 158,100  4,173,305 
Tsuburaya Fields Holdings, Inc.(1)
 172,800  3,093,261 
Tsukishima Holdings Co. Ltd. 11,100  104,810 
Tsukuba Bank Ltd. 104,600  173,613 
Tsuzuki Denki Co. Ltd. 200  3,227 
TV Asahi Holdings Corp. 79,300  901,862 
Tv Tokyo Holdings Corp. 30,300  640,239 
UACJ Corp. 48,200  1,035,592 
UBE Corp. 72,300  1,219,549 
Uchida Yoko Co. Ltd. 9,100  405,865 
Ulvac, Inc. 115,900  4,491,269 
Unipres Corp. 250,400  2,111,855 
United Arrows Ltd. 133,300  1,976,067 
Univance Corp. 29,200  78,915 
Valor Holdings Co. Ltd. 319,100  4,759,062 
Valqua Ltd.(1)
 50,900  1,515,523 
259

Avantis International Small Cap Value ETF
Shares Value
VINX Corp. 1,500  $ 13,823 
VT Holdings Co. Ltd. 187,900  660,015 
Xebio Holdings Co. Ltd. 76,100  532,770 
Yachiyo Industry Co. Ltd. 7,500  71,137 
Yahagi Construction Co. Ltd. 51,900  446,399 
YAMABIKO Corp. 1,900  19,203 
Yamae Group Holdings Co. Ltd. 27,000  746,937 
Yamagata Bank Ltd. 4,900  37,056 
Yamaguchi Financial Group, Inc. 53,400  423,672 
Yamaichi Electronics Co. Ltd. 230,600  2,908,930 
Yamazen Corp. 156,800  1,228,939 
Yellow Hat Ltd. 160,400  2,078,149 
Yodogawa Steel Works Ltd. 24,000  561,360 
Yokogawa Bridge Holdings Corp. 229,500  4,348,387 
Yokorei Co. Ltd. 37,000  335,437 
Yokowo Co. Ltd. 2,200  25,428 
Yondenko Corp. 1,900  31,281 
Yorozu Corp. 4,500  27,958 
Yuasa Trading Co. Ltd. 134,800  3,956,382 
Yurtec Corp. 29,100  184,216 
Zeon Corp. 1,200  13,213 
1,013,016,676 
Netherlands — 1.5%
AerCap Holdings NV(2)
 12,060  741,931 
AMG Critical Materials NV 90,103  3,055,462 
ASR Nederland NV 340,344  14,881,399 
Basic-Fit NV(1)(2)
 117,022  3,566,075 
Constellium SE(2)
 226,970  4,085,460 
Flow Traders Ltd. 279  5,651 
ForFarmers NV(1)
 47,215  125,303 
Fugro NV(2)
 199,964  3,369,568 
Heijmans NV, CVA 233,200  2,804,345 
Koninklijke BAM Groep NV 181,124  385,807 
Koninklijke Vopak NV 243,668  8,785,151 
OCI NV(2)
 230,794  5,837,073 
PostNL NV 7,755  18,063 
SIF Holding NV(1)(2)
 327  3,981 
Sligro Food Group NV 7,486  144,008 
TKH Group NV, CVA(1)
 61,992  2,853,810 
Van Lanschot Kempen NV 17,506  518,390 
51,181,477 
New Zealand — 0.5%
Air New Zealand Ltd.(2)
 22,726,574  10,910,587 
KMD Brands Ltd. 598,623  296,296 
Oceania Healthcare Ltd. 3,435,360  1,556,637 
SKYCITY Entertainment Group Ltd. 3,885,338  5,490,209 
Warehouse Group Ltd. 9,206  9,772 
18,263,501 
Norway — 2.2%
2020 Bulkers Ltd.(1)(2)
 126,943  1,083,961 
ABG Sundal Collier Holding ASA 368,782  181,239 
260

Avantis International Small Cap Value ETF
Shares Value
Avance Gas Holding Ltd. 34,444  $ 344,461 
Belships ASA 588,809  889,037 
Bluenord ASA(1)(2)
 39,157  1,775,538 
Bonheur ASA 4,519  98,181 
BW Energy Ltd.(2)
 455,264  1,099,245 
BW LPG Ltd. 749,170  9,076,465 
BW Offshore Ltd. 1,255,024  2,927,492 
DNO ASA 4,935,722  4,599,963 
Golden Ocean Group Ltd. 316,268  2,325,850 
Gram Car Carriers ASA(2)
 7,189  109,821 
Hafnia Ltd. 602,364  3,519,922 
Hoegh Autoliners ASA 469,475  3,271,840 
Kid ASA 52,924  419,527 
Klaveness Combination Carriers ASA 3,962  24,140 
Morrow Bank ASA(2)
 50,471  19,843 
MPC Container Ships ASA 3,236,269  5,580,710 
Norske Skog ASA(1)(2)
 345,689  1,422,698 
Norwegian Air Shuttle ASA(2)
 4,954,593  4,183,439 
Odfjell Drilling Ltd.(2)
 967,997  3,288,526 
Odfjell Technology Ltd. 45  213 
OKEA ASA 180,055  663,730 
Panoro Energy ASA 157,585  435,521 
Petronor E&P ASA(2)
 861  668 
PGS ASA(2)
 10,935,036  7,552,506 
Protector Forsikring ASA 13,325  212,443 
Rana Gruber ASA 29,615  160,976 
Scatec ASA 106,318  708,925 
Siem Offshore, Inc.(2)
 106,835  228,799 
SpareBank 1 Nord Norge 718,789  6,444,601 
SpareBank 1 SMN 380,298  5,025,162 
Sparebanken Vest 58,146  591,406 
Stolt-Nielsen Ltd. 178,614  4,441,444 
Wallenius Wilhelmsen ASA 435,653  3,524,019 
76,232,311 
Portugal — 0.3%
Altri SGPS SA(1)
 43,000  211,672 
Corticeira Amorim SGPS SA 466  5,113 
CTT-Correios de Portugal SA 1,179,648  4,324,685 
Greenvolt-Energias Renovaveis SA(1)(2)
 2,325  15,751 
Mota-Engil SGPS SA 1,629,139  5,064,605 
Semapa-Sociedade de Investimento e Gestao 9,782  142,144 
Sonae SGPS SA 463,996  488,788 
10,252,758 
Singapore — 1.4%
Banyan Tree Holdings Ltd.(2)
 67,500  19,968 
Best World International Ltd.(1)(2)
 472,900  590,953 
Boustead Singapore Ltd. 16,500  10,498 
BRC Asia Ltd. 7,900  9,821 
Bumitama Agri Ltd. 1,717,200  698,381 
China Sunsine Chemical Holdings Ltd. 1,435,600  424,877 
ComfortDelGro Corp. Ltd. 2,635,200  2,474,210 
261

Avantis International Small Cap Value ETF
Shares Value
Dyna-Mac Holdings Ltd. 167,200  $ 47,666 
First Resources Ltd. 5,979,300  6,849,032 
Food Empire Holdings Ltd. 406,000  309,213 
Geo Energy Resources Ltd.(1)
 9,814,200  1,596,662 
Golden Agri-Resources Ltd. 44,993,800  8,315,521 
Hong Fok Corp. Ltd.(1)
 136,900  98,215 
Hong Leong Asia Ltd. 177,600  81,419 
Hour Glass Ltd. 295,500  428,145 
Hutchison Port Holdings Trust, U Shares 41,521,900  6,889,480 
Indofood Agri Resources Ltd.(1)
 191,900  42,586 
InnoTek Ltd. 89,000  28,283 
ISDN Holdings Ltd. 1,940,805  574,352 
Japfa Ltd.(1)
 1,262,400  219,422 
Jiutian Chemical Group Ltd. 8,200,500  224,434 
QAF Ltd. 44,600  26,726 
Rex International Holding Ltd. 5,272,000  558,256 
RH PetroGas Ltd.(1)(2)
 931,400  133,838 
Riverstone Holdings Ltd. 5,024,400  2,341,089 
Samudera Shipping Line Ltd.(1)
 3,868,500  2,116,284 
Singapore Post Ltd. 1,398,900  512,426 
Tuan Sing Holdings Ltd. 1,691,598  363,049 
UG Healthcare Corp. Ltd. 356,100  31,183 
Yangzijiang Financial Holding Ltd.(1)
 23,102,200  6,233,295 
Yangzijiang Shipbuilding Holdings Ltd. 3,400,900  4,250,298 
Yanlord Land Group Ltd.(2)
 2,818,800  1,407,064 
47,906,646 
Spain — 1.8%
Acerinox SA 1,188,724  11,937,614 
Amper SA(1)(2)
 240,681  29,803 
Atresmedia Corp. de Medios de Comunicacion SA(1)
 453,934  1,803,220 
Banco de Sabadell SA 10,243,121  11,846,791 
Bankinter SA 1,411,065  9,044,592 
Construcciones y Auxiliar de Ferrocarriles SA 19,515  700,325 
Deoleo SA(1)(2)
 347,596  95,683 
Ence Energia y Celulosa SA(1)
 551,518  1,755,910 
Ercros SA 144,817  472,581 
Fomento de Construcciones y Contratas SA(1)
 16  206 
Gestamp Automocion SA 1,211,063  5,413,553 
Grupo Catalana Occidente SA 74,954  2,485,708 
Laboratorios Farmaceuticos Rovi SA 71,715  4,076,145 
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros 1,719,586  1,743,647 
Melia Hotels International SA(2)
 705,087  4,614,267 
Miquel y Costas & Miquel SA 215  2,398 
Neinor Homes SA(2)
 80,733  808,310 
Prosegur Cia de Seguridad SA 196,979  343,759 
Sacyr SA(1)
 1,298,951  4,136,546 
Tecnicas Reunidas SA(2)
 81,995  755,213 
Unicaja Banco SA 669,242  739,363 
62,805,634 
Sweden — 4.5%
Alleima AB 63,510  290,971 
262

Avantis International Small Cap Value ETF
Shares Value
Arise AB 47,275  $ 174,692 
Atrium Ljungberg AB, B Shares 57,075  1,037,963 
Avanza Bank Holding AB(1)
 97,198  1,876,630 
Bahnhof AB, B Shares 2,452  8,163 
BE Group AB(1)
 12,267  99,261 
Beijer Alma AB 109,884  1,723,113 
Bilia AB, A Shares 606,586  5,796,772 
Billerud Aktiebolag 1,000,014  8,169,709 
Bonava AB, B Shares(1)
 466,580  762,663 
Boozt AB(1)(2)
 61,248  565,449 
Bufab AB 101,554  2,731,090 
Bulten AB 10,320  69,947 
Bure Equity AB 139,268  2,792,275 
Byggmax Group AB(2)
 140,402  412,138 
Camurus AB(2)
 70,565  1,894,683 
Catena Media PLC(1)(2)
 699,115  1,146,028 
Cibus Nordic Real Estate AB 353,678  3,806,910 
Cint Group AB(2)
 629,102  547,101 
Clas Ohlson AB, B Shares(1)
 474,202  4,352,421 
Cloetta AB, B Shares 446,110  752,081 
Collector Bank AB(2)
 222,047  695,347 
Corem Property Group AB, B Shares(1)
 3,402,827  2,487,521 
Dios Fastigheter AB 646,540  4,028,792 
Electrolux Professional AB, B Shares 90,611  487,341 
Enad Global 7 AB(2)
 115,668  243,231 
G5 Entertainment AB 35,098  546,205 
Granges AB 233,251  2,222,706 
Hanza AB 2,963  20,828 
Hoist Finance AB(2)
 190,033  513,507 
Hufvudstaden AB, A Shares 127,520  1,472,056 
Humble Group AB(2)
 38,743  30,982 
Inwido AB 90,279  942,661 
Kopparbergs Bryggeri AB, B Shares 12,361  143,765 
Loomis AB 690,875  18,314,884 
Maha Energy AB(1)(2)
 90,431  72,704 
MEKO AB 59,843  537,615 
MIPS AB 115,369  4,261,623 
Modern Times Group MTG AB, B Shares(2)
 135,296  918,280 
Mycronic AB 179,880  3,683,003 
NCC AB, B Shares 457,999  4,709,082 
Neobo Fastigheter AB(1)(2)
 106,280  106,828 
Net Insight AB, B Shares(2)
 564,381  219,965 
Nobia AB(2)
 519,268  436,393 
Nolato AB, B Shares 162,709  696,388 
Nordic Paper Holding AB 75,223  217,291 
NP3 Fastigheter AB 62,207  955,268 
Nyfosa AB 1,305,368  8,196,385 
OX2 AB(1)(2)
 448,676  2,175,465 
Pandox AB 712,034  7,907,184 
Paradox Interactive AB 237,063  6,045,283 
Peab AB, Class B(1)
 1,473,135  5,978,065 
263

Avantis International Small Cap Value ETF
Shares Value
Platzer Fastigheter Holding AB, B Shares 140,685  $ 937,087 
RaySearch Laboratories AB(2)
 51,649  395,130 
Resurs Holding AB 1,473,859  3,227,290 
Rottneros AB 19,509  19,144 
Samhallsbyggnadsbolaget i Norden AB(1)
 711,700  228,111 
Samhallsbyggnadsbolaget i Norden AB, D Shares(1)
 134,346  42,482 
Scandi Standard AB 496,902  2,357,827 
Sinch AB(2)
 5,426,253  11,388,852 
SkiStar AB 316,786  3,377,388 
Tethys Oil AB(2)
 185,002  908,567 
Tobii AB(2)
 21,269  32,128 
Troax Group AB 24,487  392,602 
Truecaller AB, B Shares(1)(2)
 636,006  1,991,602 
Wihlborgs Fastigheter AB 1,421,686  10,923,063 
154,497,981 
Switzerland — 4.1%
ALSO Holding AG 6,673  1,620,683 
Autoneum Holding AG(2)
 42,571  6,345,068 
Bell Food Group AG 11,203  3,379,324 
Bellevue Group AG 547  15,090 
Bossard Holding AG, Class A 400  91,601 
Burckhardt Compression Holding AG 603  354,843 
Cembra Money Bank AG 254,516  18,531,266 
Coltene Holding AG 5,166  402,620 
EFG International AG 879,211  9,826,998 
Forbo Holding AG 1,150  1,553,188 
GAM Holding AG(2)
 157,947  76,702 
Gurit Holding AG, Bearer Shares(1)(2)
 7,459  726,293 
Huber & Suhner AG 8,867  682,996 
Implenia AG 1,399  49,834 
Leonteq AG(1)
 126,878  5,713,443 
Liechtensteinische Landesbank AG 5,832  401,125 
Metall Zug AG, B Shares 13  21,969 
Mobimo Holding AG 15,548  4,543,676 
OC Oerlikon Corp. AG 869,978  4,268,693 
Orior AG 24,259  2,069,074 
Rieter Holding AG(1)
 1,102  116,750 
Siegfried Holding AG 22,793  20,576,078 
Stadler Rail AG 272,377  11,070,612 
Sulzer AG 5,687  577,770 
Swiss Steel Holding AG(1)(2)
 2,026,686  287,499 
Swissquote Group Holding SA 123,622  24,542,926 
TX Group AG 734  76,868 
u-blox Holding AG 59,197  5,277,174 
Valiant Holding AG 122,604  13,147,758 
Vontobel Holding AG 20,272  1,254,699 
V-ZUG Holding AG(2)
 347  26,272 
Ypsomed Holding AG 652  192,632 
Zehnder Group AG 52,060  3,442,769 
141,264,293 
264

Avantis International Small Cap Value ETF
Shares Value
United Kingdom — 13.6%
AG Barr PLC 968  $ 5,976 
Alpha Group International PLC 11,188  303,406 
Anglo Asian Mining PLC 282,610  218,264 
Aston Martin Lagonda Global Holdings PLC(2)
 284,978  1,283,464 
Atalaya Mining PLC 292,194  1,203,577 
Bank of Georgia Group PLC 213,192  9,404,932 
Bellway PLC 199,783  5,398,840 
Berkeley Group Holdings PLC 83,065  4,267,559 
boohoo Group PLC(2)
 1,383,314  623,250 
Britvic PLC 3,423  38,053 
Capricorn Energy PLC 453,769  988,100 
Centamin PLC 6,382,599  7,088,857 
Central Asia Metals PLC 778,475  1,971,424 
Clarkson PLC 11,084  380,106 
Close Brothers Group PLC 754,128  7,827,265 
CMC Markets PLC 639,733  857,300 
Coats Group PLC 6,942,687  6,740,024 
Computacenter PLC 326,632  9,017,916 
Crest Nicholson Holdings PLC 1,277,032  2,915,203 
DFS Furniture PLC 79,027  109,988 
Direct Line Insurance Group PLC(2)
 1,819,351  3,728,313 
Dowlais Group PLC(2)
 496,809  712,618 
Drax Group PLC 1,117,609  7,803,667 
Dunelm Group PLC 259,949  3,829,038 
easyJet PLC(2)
 1,226,684  6,552,931 
Ecora Resources PLC 168,379  234,493 
Endeavour Mining PLC 908  18,782 
Energean PLC 435,612  6,270,854 
EnQuest PLC(2)
 8,976,502  1,932,676 
Essentra PLC 545,448  1,018,453 
Ferrexpo PLC(2)
 1,435,576  1,405,868 
Firstgroup PLC(1)
 4,786,845  8,775,132 
Forterra PLC 794,049  1,680,766 
Foxtons Group PLC 160,266  75,047 
Frasers Group PLC(2)
 464,952  4,747,679 
Frontier Developments PLC(2)
 8,392  35,786 
Genel Energy PLC 137,599  144,979 
Georgia Capital PLC(2)
 13,304  163,728 
Golar LNG Ltd. 445,424  9,843,870 
Grafton Group PLC 759,693  8,298,465 
Greggs PLC 500,661  15,607,894 
Gulf Keystone Petroleum Ltd. 1,228,882  1,456,413 
Gym Group PLC(1)(2)
 110,477  155,151 
Halfords Group PLC 853,749  1,975,087 
Hargreaves Lansdown PLC 312,986  3,011,925 
Hays PLC 4,288,619  5,808,896 
Helios Towers PLC(2)
 248  286 
Hikma Pharmaceuticals PLC 609,299  16,830,736 
Hill & Smith PLC 55,425  1,255,450 
265

Avantis International Small Cap Value ETF
Shares Value
Hochschild Mining PLC 1,861,405  $ 2,156,172 
Hollywood Bowl Group PLC 9,846  29,551 
Howden Joinery Group PLC 2,342,312  21,906,567 
Hunting PLC 14,318  44,554 
Ibstock PLC 1,816,617  3,422,574 
IG Group Holdings PLC 1,398,987  11,974,140 
Inchcape PLC 1,128,197  10,888,780 
Indivior PLC(2)
 241,801  5,563,876 
IntegraFin Holdings PLC 1,631  4,973 
Intermediate Capital Group PLC 720,323  12,310,019 
International Distributions Services PLC(2)
 3,212,641  9,866,225 
International Personal Finance PLC 84,009  132,501 
Investec PLC 1,878,225  11,094,055 
IP Group PLC 2,770,816  2,057,777 
J D Wetherspoon PLC(2)
 136,216  1,248,756 
J Sainsbury PLC 2,063  7,055 
Jadestone Energy PLC 114,267  53,829 
JET2 PLC 961,686  12,857,277 
Johnson Matthey PLC 666,276  13,736,082 
Johnson Service Group PLC 499,040  751,594 
Jubilee Metals Group PLC(2)
 949,907  85,340 
Just Group PLC 776,971  741,072 
Keller Group PLC 225,843  2,200,824 
Liontrust Asset Management PLC 72,270  601,564 
Lookers PLC 485,735  791,649 
Luceco PLC 4,079  6,363 
Luxfer Holdings PLC 769  9,251 
M&G PLC 200,298  483,788 
Man Group PLC 6,196,679  16,606,598 
Marks & Spencer Group PLC(2)
 11,475,422  32,913,729 
Marston's PLC(2)
 640,864  259,653 
Mears Group PLC 157,716  558,338 
Mitchells & Butlers PLC(2)
 613,053  1,712,409 
Mitie Group PLC 3,130,300  3,847,367 
Molten Ventures PLC(2)
 5,525  16,998 
Morgan Sindall Group PLC 23,771  592,984 
MP Evans Group PLC 5,247  48,490 
N Brown Group PLC(1)(2)
 319,148  86,539 
Ninety One PLC 1,742,654  3,777,805 
OSB Group PLC 2,032,046  8,768,278 
Pagegroup PLC 1,553,067  8,236,482 
Pan African Resources PLC 6,817,195  1,209,207 
Paragon Banking Group PLC 1,026,102  6,839,356 
PayPoint PLC 1,234  8,597 
Pendragon PLC(2)
 70,273  16,611 
Petra Diamonds Ltd.(2)
 44,524  40,524 
Plus500 Ltd. 552,585  9,993,705 
Prax Exploration & Production PLC(2)
 1,669,848  37,442 
PZ Cussons PLC 568,713  1,141,734 
QinetiQ Group PLC 966,162  4,069,498 
266

Avantis International Small Cap Value ETF
Shares Value
Quilter PLC 153,206  $ 165,769 
Rathbones Group PLC 81,228  1,809,294 
Reach PLC 992,160  921,469 
Redde Northgate PLC 1,277,712  5,194,800 
Redrow PLC 728,166  4,377,049 
Restaurant Group PLC(2)
 380,505  204,559 
Rhi Magnesita NV 47,878  1,714,786 
Savills PLC 177,663  2,047,692 
Senior PLC 567,695  1,294,799 
Serica Energy PLC 1,251,470  3,959,570 
SIG PLC(2)
 220,958  94,171 
Sirius Real Estate Ltd. 1,892,314  2,085,690 
Speedy Hire PLC 2,175,115  964,749 
Spire Healthcare Group PLC 744,283  2,052,020 
St. James's Place PLC 217,211  2,428,819 
SThree PLC 395,061  1,779,662 
Superdry PLC(2)
 276,601  196,573 
Synthomer PLC(2)
 6,630  5,369 
Tate & Lyle PLC 644,355  5,760,132 
TBC Bank Group PLC 181,816  6,548,076 
TI Fluid Systems PLC 427,829  685,560 
TP ICAP Group PLC 321,218  671,531 
Travis Perkins PLC 71,276  775,311 
Tremor International Ltd.(1)(2)
 177,713  345,808 
Vanquis Banking Group PLC 1,202,723  1,577,567 
Vertu Motors PLC 982,300  867,223 
Vesuvius PLC 358,944  2,002,026 
Virgin Money UK PLC 5,743,470  11,807,891 
Vistry Group PLC 106,470  1,053,451 
Wickes Group PLC 854,892  1,519,097 
Yellow Cake PLC(2)
 872,334  5,150,789 
469,888,341 
United States†
Resolute Forest Products, Inc.(2)
 212,429  273,072 
TOTAL COMMON STOCKS
(Cost $3,405,072,407)
 3,440,083,789 
WARRANTS†
Australia†
Magellan Financial Group Ltd.(1)(2)
 7,122  923 
Italy†
Webuild SpA(1)(2)
 35,053  71,690 
TOTAL WARRANTS
(Cost $—)
 72,613 
RIGHTS†
Australia†
29Metals Ltd.(2)
(Cost $—)
 392,280  48,294 
SHORT-TERM INVESTMENTS — 2.5%
Money Market Funds — 2.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,683,159  1,683,159 
267

Avantis International Small Cap Value ETF
Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 86,044,804  $ 86,044,804 
TOTAL SHORT-TERM INVESTMENTS
(Cost $87,727,963)
 87,727,963 
TOTAL INVESTMENT SECURITIES — 102.2%
(Cost $3,492,800,370)
 3,527,932,659 
OTHER ASSETS AND LIABILITIES — (2.2)% (75,856,067)
TOTAL NET ASSETS — 100.0% $ 3,452,076,592 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Industrials 21.0%
Financials 18.6%
Materials 16.7%
Consumer Discretionary
 12.7%
Energy 11.6%
Information Technology
 5.2%
Consumer Staples
 4.4%
Health Care
 3.0%
Real Estate
 2.9%
Communication Services
 2.5%
Utilities 1.1%
Short-Term Investments
 2.5%
Other Assets and Liabilities
 (2.2)%

NOTES TO SCHEDULE OF INVESTMENTS
ADR – American Depositary Receipt
CVA – Certificaten Van Aandelen
†Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $170,501,050. 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.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $179,755,972, which includes securities collateral of $93,711,168.


See Notes to Financial Statements.
268

Statements of Assets and Liabilities
AUGUST 31, 2023
Avantis Emerging
Markets Equity ETF		 Avantis Emerging
Markets Value ETF
Assets
Investment securities, at value (cost of $3,756,897,699 and $287,038,480, respectively) — including $206,597,267 and $14,483,238, respectively of securities on loan $ 3,812,215,003  $ 289,127,949 
Investment made with cash collateral received for securities on loan, at value (cost of $31,735,806 and $3,203,570, respectively) 31,735,806  3,203,570 
Total investment securities, at value (cost of $3,788,633,505 and $290,242,050, respectively) 3,843,950,809  292,331,519 
Foreign currency holdings, at value (cost of $2,971,850 and $214,496, respectively) 2,969,232  213,899 
Receivable for investments sold 801,254  313,920 
Receivable for capital shares sold 8,166,900  — 
Dividends and interest receivable 13,624,916  1,008,571 
Securities lending receivable 545,146  40,327 
3,870,058,257  293,908,236 
Liabilities
Disbursements in excess of demand deposit cash 2,986,062  — 
Payable for collateral received for securities on loan 31,735,806  3,203,570 
Payable for investments purchased 7,146,112  2,596 
Accrued management fees 1,050,492  88,124 
Accrued foreign taxes 16,334,646  1,354,389 
59,253,118  4,648,679 
Net Assets $ 3,810,805,139  $ 289,259,557 
Shares outstanding (unlimited number of shares authorized) 70,600,000  6,600,000 
Net Asset Value Per Share $ 53.98  $ 43.83 
Net Assets Consist of:
Capital paid in $ 3,776,199,826  $ 299,042,715 
Distributable earnings (loss) 34,605,313  (9,783,158)
$ 3,810,805,139  $ 289,259,557 


See Notes to Financial Statements.
269

AUGUST 31, 2023
Avantis International
Equity ETF		 Avantis International
Large Cap Value ETF
Assets
Investment securities, at value (cost of $3,020,580,601 and $234,457,436, respectively) — including $136,185,106 and $14,868,686, respectively of securities on loan $ 3,192,916,011  $ 250,752,373 
Investment made with cash collateral received for securities on loan, at value (cost of $75,671,153 and $10,858,874, respectively) 75,671,153  10,858,874 
Total investment securities, at value (cost of $3,096,251,754 and $245,316,310, respectively) 3,268,587,164  261,611,247 
Cash 26  — 
Foreign currency holdings, at value (cost of $196,107 and $9,952, respectively) 195,113  9,863 
Receivable for investments sold 3,058  — 
Receivable for capital shares sold 22,959,280  — 
Dividends and interest receivable 12,542,632  1,137,749 
Securities lending receivable 117,458  8,695 
3,304,404,731  262,767,554 
Liabilities
Payable for collateral received for securities on loan 75,671,153  10,858,874 
Payable for investments purchased 22,447,013  — 
Accrued management fees 615,371  52,617 
98,733,537  10,911,491 
Net Assets $ 3,205,671,194  $ 251,856,063 
Shares outstanding (unlimited number of shares authorized) 55,850,000  5,160,000 
Net Asset Value Per Share $ 57.40  $ 48.81 
Net Assets Consist of:
Capital paid in $ 3,061,591,831  $ 241,026,711 
Distributable earnings (loss) 144,079,363  10,829,352 
$ 3,205,671,194  $ 251,856,063 


See Notes to Financial Statements.
270

AUGUST 31, 2023
Avantis International
Small Cap Equity ETF		 Avantis International
Small Cap Value ETF
Assets
Investment securities, at value (cost of $4,025,236 and $3,406,755,566, respectively) — including $— and $170,501,050, respectively of securities on loan $ 3,886,948  $ 3,441,887,855 
Investment made with cash collateral received for securities on loan, at value (cost of $— and $86,044,804, respectively) —  86,044,804 
Total investment securities, at value (cost of $4,025,236 and $3,492,800,370, respectively) 3,886,948  3,527,932,659 
Cash 4,336  — 
Foreign currency holdings, at value (cost of $397 and $—, respectively) 396  — 
Dividends and interest receivable 5,809  11,152,457 
Securities lending receivable —  195,664 
3,897,489  3,539,280,780 
Liabilities
Foreign currency overdraft payable, at value (cost of $— and $79,913, respectively) —  97,904 
Payable for collateral received for securities on loan —  86,044,804 
Payable for investments purchased 8  34,061 
Accrued management fees 987  1,027,419 
995  87,204,188 
Net Assets $ 3,896,494  $ 3,452,076,592 
Shares outstanding (unlimited number of shares authorized) 80,000  58,470,000 
Net Asset Value Per Share $ 48.71  $ 59.04 
Net Assets Consist of:
Capital paid in $ 4,029,517  $ 3,607,678,923 
Distributable earnings (loss) (133,023) (155,602,331)
$ 3,896,494  $ 3,452,076,592 


See Notes to Financial Statements.
271

Statements of Operations
YEAR ENDED AUGUST 31, 2023
Avantis Emerging
Markets Equity ETF		 Avantis Emerging Markets Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $14,473,814 and $1,486,596, respectively) $ 101,852,758  $ 9,936,728 
Securities lending, net 2,780,190  162,572 
Interest (net of foreign taxes withheld of $20 and $2, respectively) 65,622  14,654 
104,698,570  10,113,954 
Expenses:
Management fees 8,749,890  795,536 
Other expenses 3,665  2,275 
8,753,555  797,811 
Net investment income (loss) 95,945,015  9,316,143 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $751 and $(56), respectively) 12,139,996  (9,684,875)
Foreign currency translation transactions (2,388,359) (207,096)
9,751,637  (9,891,971)
Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $(12,698,792) and $(1,354,389), respectively) 168,745,353  20,437,241 
Translation of assets and liabilities in foreign currencies 2,605  5,441 
168,747,958  20,442,682 
Net realized and unrealized gain (loss) 178,499,595  10,550,711 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 274,444,610  $ 19,866,854 


See Notes to Financial Statements.
272

YEAR ENDED AUGUST 31, 2023
Avantis International
Equity ETF		 Avantis International
Large Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $9,330,298 and $845,233, respectively) $ 87,912,587  $ 7,936,665 
Securities lending, net 1,549,385  67,518 
Interest 115,619  17,583 
89,577,591  8,021,766 
Expenses:
Management fees 5,658,914  455,526 
Other expenses 4,354  — 
5,663,268  455,526 
Net investment income (loss) 83,914,323  7,566,240 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (3,078,288) 2,246,807 
Foreign currency translation transactions (511,313) (62,290)
(3,589,601) 2,184,517 
Change in net unrealized appreciation (depreciation) on:
Investments 301,426,801  21,611,645 
Translation of assets and liabilities in foreign currencies 180,190  8,109 
301,606,991  21,619,754 
Net realized and unrealized gain (loss) 298,017,390  23,804,271 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 381,931,713  $ 31,370,511 


See Notes to Financial Statements.
273

YEAR ENDED AUGUST 31, 2023 (EXCEPT AS NOTED)
Avantis International
Small Cap Equity ETF(1)
 Avantis International
Small Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $634 and $10,479,311, respectively) $ 7,947  $ 106,217,917 
Securities lending, net —  2,622,441 
Interest —  142,581 
7,947  108,982,939 
Expenses:
Management fees 1,202  9,208,685 
Trustees' fees and expenses 2  — 
Other expenses —  6,411 
1,204  9,215,096 
Net investment income (loss) 6,743  99,767,843 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions 11  (15,772,351)
Foreign currency translation transactions (1,489) (789,230)
(1,478) (16,561,581)
Change in net unrealized appreciation (depreciation) on:
Investments (138,288) 260,801,529 
Translation of assets and liabilities in foreign currencies —  193,440 
(138,288) 260,994,969 
Net realized and unrealized gain (loss) (139,766) 244,433,388 
Net Increase (Decrease) in Net Assets Resulting from Operations $ (133,023) $ 344,201,231 
(1)July 18, 2023 (fund inception) through August 31, 2023.


See Notes to Financial Statements.
274

Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis Emerging
Markets Equity ETF		 Avantis Emerging
Markets Value ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022 August 31, 2023
August 31, 2022(1)
Operations
Net investment income (loss) $ 95,945,015  $ 41,006,263  $ 9,316,143  $ 3,829,692 
Net realized gain (loss) 9,751,637  (26,254,361) (9,891,971) (1,348,804)
Change in net unrealized appreciation (depreciation) 168,747,958  (259,099,227) 20,442,682  (19,714,577)
Net increase (decrease) in net assets resulting from operations 274,444,610  (244,347,325) 19,866,854  (17,233,689)
Distributions to Shareholders
From earnings (75,943,475) (30,216,930) (7,514,172) (1,539,540)
Capital Share Transactions
Proceeds from shares sold 2,346,741,158  731,567,092  167,743,840  148,188,439 
Payments for shares redeemed (56,910,535) —  (20,533,252) — 
Other capital 77,520  566,509  140,517  140,560 
Net increase (decrease) in net assets from capital share transactions 2,289,908,143  732,133,601  147,351,105  148,328,999 
Net increase (decrease) in net assets 2,488,409,278  457,569,346  159,703,787  129,555,770 
Net Assets
Beginning of period 1,322,395,861  864,826,515  129,555,770  — 
End of period $ 3,810,805,139  $ 1,322,395,861  $ 289,259,557  $ 129,555,770 
Transactions in Shares of the Funds
Sold 46,100,000  12,650,000  4,000,000  3,080,000 
Redeemed (1,100,000) —  (480,000) — 
Net increase (decrease) in shares of the funds 45,000,000  12,650,000  3,520,000  3,080,000 
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
275

YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis International
Equity ETF		 Avantis International
Large Cap Value ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022 August 31, 2023
August 31, 2022(1)
Operations
Net investment income (loss) $ 83,914,323  $ 41,483,321  $ 7,566,240  $ 1,210,473 
Net realized gain (loss) (3,589,601) (12,406,570) 2,184,517  (1,714,028)
Change in net unrealized appreciation (depreciation) 301,606,991  (306,895,647) 21,619,754  (5,323,140)
Net increase (decrease) in net assets resulting from operations 381,931,713  (277,818,896) 31,370,511  (5,826,695)
Distributions to Shareholders
From earnings (76,336,395) (39,846,030) (6,440,238) (904,347)
Capital Share Transactions
Proceeds from shares sold 1,456,936,277  826,982,923  207,700,198  67,084,377 
Payments for shares redeemed (61,615,335) (2,673,055) (41,249,934) — 
Other capital 153,618  412,669  83,712  38,479 
Net increase (decrease) in net assets from capital share transactions 1,395,474,560  824,722,537  166,533,976  67,122,856 
Net increase (decrease) in net assets
 1,701,069,878  507,057,611  191,464,249  60,391,814 
Net Assets
Beginning of period 1,504,601,316  997,543,705  60,391,814  — 
End of period $ 3,205,671,194  $ 1,504,601,316  $ 251,856,063  $ 60,391,814 
Transactions in Shares of the Funds
Sold 27,200,000  14,300,000  4,590,000  1,440,000 
Redeemed (1,100,000) (50,000) (870,000) — 
Net increase (decrease) in shares of the funds 26,100,000  14,250,000  3,720,000  1,440,000 
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
276

YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis International
Small Cap Equity ETF		 Avantis International
Small Cap Value ETF
Increase (Decrease) in Net Assets
August 31, 2023(1)
 August 31, 2023 August 31, 2022
Operations
Net investment income (loss) $ 6,743  $ 99,767,843  $ 49,463,566 
Net realized gain (loss) (1,478) (16,561,581) 10,700,573 
Change in net unrealized appreciation (depreciation) (138,288) 260,994,969  (346,071,255)
Net increase (decrease) in net assets resulting from operations (133,023) 344,201,231  (285,907,116)
Distributions to Shareholders
From earnings —  (90,491,643) (45,642,411)
Capital Share Transactions
Proceeds from shares sold 4,025,488  1,894,412,711  1,221,524,862 
Payments for shares redeemed —  (364,649,538) (278,542,155)
Other capital 4,029  95,384  372,440 
Net increase (decrease) in net assets from capital share transactions 4,029,517  1,529,858,557  943,355,147 
Net increase (decrease) in net assets 3,896,494  1,783,568,145  611,805,620 
Net Assets
Beginning of period —  1,668,508,447  1,056,702,827 
End of period $ 3,896,494  $ 3,452,076,592  $ 1,668,508,447 
Transactions in Shares of the Funds
Sold 80,000  33,360,000  20,010,000 
Redeemed —  (6,300,000) (4,590,000)
Net increase (decrease) in shares of the funds 80,000  27,060,000  15,420,000 
(1) July 18, 2023 (fund inception) through August 31, 2023.

See Notes to Financial Statements.
277

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 Emerging Markets Equity ETF, Avantis Emerging Markets Value ETF, Avantis International Equity ETF, Avantis International Large Cap Value ETF, Avantis International Small Cap Equity ETF and Avantis International Small Cap Value ETF (collectively, the funds) are six 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 Emerging Markets Value ETF and Avantis International Large Cap Value ETF incepted on September 28, 2021. Avantis International Small Cap Equity ETF incepted on July 18, 2023.

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.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Fixed income 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.

278

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.

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 less foreign taxes withheld, if any, 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.

279

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of 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 Emerging Markets Equity ETF
Common Stocks $ 31,735,806  —  —  —  $ 31,735,806 
Gross amount of recognized liabilities for securities lending transactions $ 31,735,806 
Avantis Emerging Markets Value ETF
Common Stocks $ 3,203,570  —  —  —  $ 3,203,570 
Gross amount of recognized liabilities for securities lending transactions $ 3,203,570 
Avantis International Equity ETF
Common Stocks $ 75,666,719  —  —  —  $ 75,666,719 
Rights 2  —  —  —  2 
Warrants 4,432  —  —  —  4,432 
Total Borrowings $ 75,671,153  —  —  —  $ 75,671,153 
Gross amount of recognized liabilities for securities lending transactions $ 75,671,153 
Avantis International Large Cap Value ETF
Common Stocks $ 10,858,874  —  —  —  $ 10,858,874 
Gross amount of recognized liabilities for securities lending transactions $ 10,858,874 
Avantis International Small Cap Value ETF
Common Stocks $ 86,005,266  —  —  —  $ 86,005,266 
Warrants 39,538  —  —  —  39,538 
Total Borrowings $ 86,044,804  —  —  —  $ 86,044,804 
Gross amount of recognized liabilities for securities lending transactions $ 86,044,804 
(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.

280

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century ETF Trust own, in aggregate, 6% and 55% of the shares of Avantis International Large Cap Value ETF and Avantis International Small Cap Equity ETF, respectively. Related parties do not invest in the fund for the purpose of exercising management or control.

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, extraordinary expenses and, in the case of certain funds, fees and expenses of the independent trustees (including legal counsel fees). 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 Emerging Markets Equity ETF 0.33%
Avantis Emerging Markets Value ETF 0.36%
Avantis International Equity ETF 0.23%
Avantis International Large Cap Value ETF 0.25%
Avantis International Small Cap Equity ETF 0.30%
Avantis International Small Cap Value ETF 0.36%

Trustees’ Fees and Expenses — The Board of Trustees is responsible for overseeing the investment advisor’s management and operations of the funds. The trustees receive detailed information about the funds and their investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The funds' officers do not receive compensation from the funds.

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 Emerging
Markets Equity ETF		 Avantis Emerging
Markets Value ETF		 Avantis International
Equity ETF		 Avantis International
Large Cap Value ETF
Avantis International
Small Cap
Equity ETF(1)
 Avantis International
Small Cap Value ETF
Purchases $ 1,616,696,472  $ 199,330,254  $ 350,577,479  $ 155,288,505  $ 2,055,219  $ 854,930,719 
Sales $ 21,347,728  $ 49,767,427  $ 69,335,977  $ 37,032,568  $ 3,591  $ 362,339,261 
(1)July 18, 2023 (fund inception) through August 31, 2023.

281

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 Emerging Markets Equity ETF $ 762,987,700  $ 54,628,024  $ 18,095,755 
Avantis Emerging Markets Value ETF $ 19,021,471  $ 20,155,523  $ 3,399,221 
Avantis International Equity ETF $ 1,184,654,982  $ 62,055,930  $ 19,246,071 
Avantis International Large Cap Value ETF $ 89,847,597  $ 41,009,489  $ 7,160,003 
Avantis International Small Cap Equity ETF(1)
 $ 1,973,598  —  — 
Avantis International Small Cap Value ETF $ 1,420,933,049  $ 360,596,500  $ 95,105,989 
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)July 18, 2023 (fund inception) through August 31, 2023.

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.

282

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 Emerging Markets Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Brazil $ 135,287,912  $ 92,300,376  — 
Chile 6,172,166  17,916,254  — 
China 267,622,726  723,498,280  — 
Colombia 5,439,098  1,306,944  — 
India 49,900,335  639,032,448  — 
Indonesia 6,639,107  80,079,030  — 
Mexico 40,309,012  75,486,472  — 
Peru 12,315,416  —  — 
Philippines 1,257,542  27,459,979  — 
South Africa 24,198,805  109,477,318  — 
South Korea 55,662,713  483,949,381  — 
Taiwan 165,261,062  514,387,504  — 
Turkey 2,267,255  37,732,666  — 
United States 153,589  —  — 
Other Countries —  236,946,505  — 
Rights —  144,670  — 
Warrants —  8,994  — 
Corporate Bonds —  1,444  — 
Short-Term Investments 31,735,806  —  — 
$ 804,222,544  $ 3,039,728,265  — 

Avantis Emerging Markets Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Brazil $ 9,376,884  $ 7,406,520  — 
Chile 751  1,904,483  — 
China 16,083,103  59,548,687  — 
Colombia 90,414  —  — 
India 193,217  53,356,215  — 
Indonesia 1,425,377  5,227,942  — 
Mexico 2,052,117  6,779,654  — 
Philippines 816  2,189,123  — 
South Africa 2,581,334  6,572,887  — 
South Korea 8,721,566  33,204,847  — 
Taiwan 1,322,894  51,145,372  — 
Turkey 122,342  2,840,404  — 
Other Countries —  16,701,786  — 
Rights —  9,977  — 
Warrants —  669  — 
Short-Term Investments 3,472,138  —  — 
$ 45,442,953  $ 246,888,566  — 

283

Avantis International Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Australia $ 20,179,479  $ 195,833,716  — 
Belgium 5,343,645  23,920,638  — 
Canada 264,158  331,828,129  — 
Denmark 45,530,794  43,451,170  — 
Finland 2,547,220  24,514,514  — 
France 60,588,915  259,204,812  — 
Germany 15,640,639  215,187,341  — 
Hong Kong 652,212  66,550,343  — 
Ireland 125,031  22,426,638  — 
Israel 5,718,272  21,200,667  — 
Italy 5,565,223  72,746,700  — 
Japan 68,957,198  611,033,438  — 
Netherlands 48,254,086  67,788,208  — 
Norway 4,629,353  21,791,111  — 
Singapore 1,312,137  41,316,521  — 
Spain 19,435,356  49,031,410  — 
Sweden 2,853,313  94,747,067  — 
Switzerland 48,249,311  219,868,553  — 
United Kingdom 179,175,392  247,202,151  — 
United States 26,676  2,475,304  — 
Other Countries —  23,313,084  — 
Rights —  15,278  — 
Warrants —  7,689  — 
Short-Term Investments 78,084,272  —  — 
$ 613,132,682  $ 2,655,454,482  — 

284

Avantis International Large Cap Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Australia $ 4,501,365  $ 12,440,707  — 
Denmark 1,636,797  71,120  — 
Finland 738  2,960,709  — 
France 6,298,118  15,274,603  — 
Germany 868,543  21,306,561  — 
Israel 63,464  1,516,994  — 
Italy 1,533,325  6,386,582  — 
Japan 6,326,149  42,411,825  — 
Netherlands 2,963,966  2,457,063  — 
Norway 1,203,877  1,761,012  — 
Spain 4,711,740  4,212,380  — 
Sweden 520,211  6,667,653  — 
Switzerland 4,389,524  11,442,746  — 
United Kingdom 25,406,626  20,366,670  — 
Other Countries —  40,886,905  — 
Short-Term Investments 11,023,274  —  — 
$ 71,447,717  $ 190,163,530  — 

Avantis International Small Cap Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 32,307  $ 3,854,619  — 
Rights —  22  — 
$ 32,307  $ 3,854,641  — 

Avantis International Small Cap Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 24,020,656  $ 3,416,063,133  — 
Warrants —  72,613  — 
Rights —  48,294  — 
Short-Term Investments 87,727,963  —  — 
$ 111,748,619  $ 3,416,184,040  — 

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.

285

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

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

8. Federal Tax Information

The 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 Emerging Markets Equity ETF $ 75,943,475  —  $ 30,216,930  — 
Avantis Emerging Markets Value ETF(1)
 $ 7,514,172  —  $ 1,539,540  — 
Avantis International Equity ETF $ 76,336,395  —  $ 39,846,030  — 
Avantis International Large Cap Value ETF(1)
 $ 6,440,238  —  $ 904,347  — 
Avantis International Small Cap Equity ETF (2)
 —  —  N/A N/A
Avantis International Small Cap Value ETF $ 90,491,643  —  $ 45,642,411  — 
(1)September 28, 2021 (fund inception) through August 31, 2022.
(2)July 18, 2023 (fund inception) through August 31, 2023.

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.

The reclassifications, which are primarily due to in kind transactions, were as follows:
Avantis Emerging
Markets Equity ETF		 Avantis Emerging
Markets Value ETF		 Avantis International
Equity ETF		 Avantis International
Large Cap Value ETF		 Avantis International
Small Cap
Equity ETF		 Avantis International
Small Cap Value ETF
Capital paid in $18,029,825 $3,363,806 $19,017,849 $7,369,879 — $93,376,335
Distributable earnings (loss) $(18,029,825) $(3,363,806) $(19,017,849) $(7,369,879) — $(93,376,335)

286

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Avantis Emerging Markets Equity ETF Avantis Emerging Markets Value ETF Avantis International Equity ETF
Federal tax cost of investments $ 3,817,158,228  $ 293,136,464  $ 3,111,681,004 
Gross tax appreciation of investments $ 385,641,617  $ 30,872,704  $ 336,620,818 
Gross tax depreciation of investments (358,849,036) (31,677,649) (179,714,658)
Net tax appreciation (depreciation) of investments 26,792,581  (804,945) 156,906,160 
Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies (16,407,136) (1,361,364) 33,034 
Net tax appreciation (depreciation) $ 10,385,445  $ (2,166,309) $ 156,939,194 
Undistributed ordinary income $ 59,964,126  $ 6,622,814  $ 27,038,483 
Accumulated short-term capital losses $ (17,220,343) $ (10,173,318) $ (22,364,949)
Accumulated long-term capital losses $ (18,523,915) $ (4,066,345) $ (17,533,365)

Avantis International Large Cap Value ETF Avantis International Small Cap Equity ETF Avantis International Small Cap Value ETF
Federal tax cost of investments $ 246,961,210  $ 4,029,187  $ 3,518,102,605 
Gross tax appreciation of investments $ 22,166,243  $ 81,336  $ 288,528,971 
Gross tax depreciation of investments (7,516,206) (223,575) (278,698,917)
Net tax appreciation (depreciation) of investments 14,650,037  (142,239) 9,830,054 
Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies 1,677  —  9,082 
Net tax appreciation (depreciation) $ 14,651,714  $ (142,239) $ 9,839,136 
Undistributed ordinary income $ 2,715,176  $ 9,216  $ 37,606,089 
Accumulated short-term capital losses $ (5,479,348) —  $ (109,909,358)
Accumulated long-term capital losses $ (1,058,190) —  $ (93,138,198)

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.

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.

287

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 Emerging Markets Equity ETF
2023 $51.66 1.90 1.88 3.78 (1.46)
0.00(4)
 $53.98 7.45% 0.33% 3.62% 1% $3,810,805 
2022 $66.78 2.21 (15.63) (13.42) (1.73) 0.03 $51.66 (20.36)% 0.33% 3.80% 3% $1,322,396 
2021 $52.22 1.51 14.10 15.61 (1.09) 0.04 $66.78 30.08% 0.33% 2.34% 5% $864,827 
2020(5)
 $50.00 1.35 1.40 2.75 (0.54) 0.01 $52.22 5.57%
0.33%(6)
2.95%(6)
 8% $245,446 

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)Per-share amount was less than $0.005.
(5)September 17, 2019 (fund inception) through August 31, 2020.
(6)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 Emerging Markets Value ETF
2023 $42.06 1.79 1.47 3.26 (1.52) 0.03 $43.83 8.03% 0.36% 4.22% 23% $289,260 
2022(4)
 $50.00 2.23 (9.45) (7.22) (0.80) 0.08 $42.06 (14.38)%
0.36%(5)
5.26%(5)
 8% $129,556 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 28, 2021 (fund inception) through 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 International Equity ETF
2023 $50.57 1.89 6.52 8.41 (1.58)
0.00(4)
 $57.40 16.73% 0.23% 3.41% 3% $3,205,671 
2022 $64.36 1.92 (13.92) (12.00) (1.81) 0.02 $50.57 (18.85)% 0.23% 3.30% 7% $1,504,601 
2021 $50.20 1.50 13.86 15.36 (1.24) 0.04 $64.36 30.86% 0.23% 2.51% 7% $997,544 
2020(5)
 $50.00 1.12 (0.38) 0.74 (0.55) 0.01 $50.20 1.52%
0.23%(6)
2.57%(6)
 8% $341,344 

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)Per-share amount was less than $0.005.
(5)September 24, 2019 (fund inception) through August 31, 2020.
(6)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 International Large Cap Value ETF
2023 $41.94 1.96 6.36 8.32 (1.47) 0.02 $48.81 20.03% 0.25% 4.15% 21% $251,856 
2022(4)
 $50.00 1.98 (8.93) (6.95) (1.17) 0.06 $41.94 (13.93)%
0.25%(5)
4.61%(5)
 47% $60,392 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 28, 2021 (fund inception) through 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 Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:  
Net Asset
Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized
and
Unrealized
Gain (Loss)		 Total From
Investment
Operations
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 International Small Cap Equity ETF
2023(4)
 $50.27 0.10 (1.72) (1.62) 0.06 $48.71 (3.11)%
0.30%(5)
1.65%(5)
 0% $3,896 

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)July 18, 2023 (fund inception) through August 31, 2023.
(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 International Small Cap Value ETF
2023 $53.12 2.22 5.62 7.84 (1.92)
0.00(4)
 $59.04 14.97% 0.36% 3.90% 14% $3,452,077 
2022 $66.09 2.12 (13.19) (11.07) (1.92) 0.02 $53.12 (16.92)% 0.36% 3.52% 21% $1,668,508 
2021 $48.21 1.45 17.69 19.14 (1.28) 0.02 $66.09 39.98% 0.36% 2.37% 21% $1,056,703 
2020(5)
 $50.00 0.93 (2.25) (1.32) (0.50) 0.03 $48.21 (2.58)%
0.36%(6)
2.20%(6)
 32% $274,825 

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)Per-share amount was less than $0.005.
(5)September 24, 2019 (fund inception) through August 31, 2020.
(6)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® Emerging Markets Equity ETF, Avantis® Emerging Markets Value ETF, Avantis® International Equity ETF, Avantis® International Large Cap Value ETF, Avantis® International Small Cap Equity ETF, and Avantis® International Small Cap Value ETF (the “Funds”), six 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® Emerging Markets Equity ETF
For the year ended August 31, 2023
 For the years ended August 31, 2023 and 2022
For the years ended August 31, 2023, 2022, and 2021, and the period from September 17, 2019 (fund inception) through August 31, 2020
Avantis® Emerging Markets Value ETF
 For the year ended August 31, 2023
For the year ended August 31, 2023, and the period from September 28, 2021 (fund inception) through August 31, 2022
Avantis® International Equity ETF
For the year ended August 31, 2023
 For the years ended August 31, 2023 and 2022
For the years ended August 31, 2023, 2022, and 2021, and the period from September 24, 2019 (fund inception) through August 31, 2020
Avantis® International Large Cap Value ETF
 For the year ended August 31, 2023 For the year ended August 31, 2023, and the period from September 28, 2021 (fund inception) through August 31, 2022
Avantis® International Small Cap Equity ETF
 For the period from July 18, 2023 (fund inception) through August 31, 2023
Avantis® International Small Cap Value ETF
 For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023, 2022, and 2021, and the period from September 24, 2019 (fund inception) through August 31, 2020

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.

294

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.

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.
295

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 Agreements
Avantis Emerging Markets Equity ETF
Avantis Emerging Markets Value ETF
Avantis International Equity ETF
Avantis International Large Cap Value ETF
Avantis International Small Cap Value ETF

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.

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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. 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 performance for Avantis Emerging Markets Equity ETF, Avantis International Equity ETF, and Avantis International Small Cap Value ETF was above each Fund’s respective benchmark for the one- and three -year periods reviewed by the Board. The performance for Avantis Emerging Markets Value ETF and Avantis International Large Cap Value ETF was below each Fund's respective benchmark for the one-year period reviewed by the Board. 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
299

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 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 Emerging Markets Value ETF, Avantis International Equity ETF, and Avantis International Small Cap Value ETF was below the median of the total expense ratios of each Fund’s peer expense universe and was within the range of its peer expense group. The unified fee charged to shareholders of Avantis Emerging Markets Equity ETF was below the median of the total expense ratios of the Fund’s peer expense universe and was the lowest of its peer expense group. The unified fee charged to shareholders of Avantis International Large Cap Value ETF was the lowest of the total expense ratios of its peer expense universe and 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.

300

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 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.

301

Avantis International Small Cap Equity ETF

At a meeting held on March 15, 2023, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis International Small Cap Equity ETF (the "New Fund"). Under the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees.
In advance of the Board’s consideration, the Advisor provided information concerning the New Fund. The materials reviewed and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Fund's characteristics and key attributes, the rationale for launching the New Fund, the experience of the staff designated to manage the New Fund, the proposed pricing, and the markets in which the New Fund would be sold. The information considered and the discussions held included, but were not limited to:

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

Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent data provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund were anticipated to be below the median of the total expense ratios of it's respective peer universe.
When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.
The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the terms of the management agreement were fair and reasonable and that the management fee to be charged to the New Fund is reasonable in light of the services to be provided and should be approved.
302

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.

303

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.











304

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, the funds hereby designate the following, 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.

Avantis Emerging Markets Equity ETF Avantis Emerging Markets Value ETF Avantis International Equity ETF Avantis International Large Cap Value ETF Avantis International Small Cap Equity ETF Avantis International Small Cap Value ETF
$ 211,769  $ 8,324  $ 27,476  —  —  $ 545,537 

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 Emerging Markets Equity ETF $ 12,362,192  $ 0.1751  $ 106,491,965  $ 1.5084 
Avantis Emerging Markets Value ETF $ 1,339,298  $ 0.2029  $ 10,588,786  $ 1.6044 
Avantis International Equity ETF $ 6,727,245  $ 0.1205  $ 77,157,319  $ 1.3815 
Avantis International Large Cap Value ETF $ 687,642  $ 0.1333  $ 7,610,121  $ 1.4748 
Avantis International Small Cap Equity ETF $ 634  $ 0.0079  $ 8,572  $ 0.1072 
Avantis International Small Cap Value ETF $ 8,000,648  $ 0.1368  $ 97,383,221  $ 1.6655 

Avantis Emerging Markets Equity ETF and Avantis International Large Cap Value ETF utilized earnings and profits of $88,326 and $217,757, respectively, distributed to shareholders on redemptions of shares as part of the dividends paid deduction (tax equalization).
305

Notes























































306

Notes


307

Notes

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American Century ETF Trust
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