Contents

AboutYour Fund's Expenses	1
Financial Statements	4

About Your Fund’s Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund‘s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund’s costs in two ways:

•

Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, 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 given for your fund under the heading ”Expenses Paid During Period.“

•

Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

1

Six Months Ended February 28, 2023
ESG International Stock ETF	Beginning Account Value 8/31/2022	Ending Account Value 2/28/2023	Expenses Paid During Period
Based on Actual Fund Return	$1,000.00	$1,066.40	$0.61
Based on Hypothetical 5% Yearly Return	1,000.00	1,024.20	0.60

The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratio for that period is 0.12%. The dollar amounts shown as ”Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).

2

ESG International Stock ETF

Fund Allocation

As of February 28, 2023

Japan	16.7%
United Kingdom	8.2
China	7.3
Canada	6.8
Switzerland	6.4
Taiwan	5.9
Germany	5.6
Australia	5.2
France	4.6
India	3.8
South Korea	3.8
Netherlands	3.5
Sweden	2.4
Denmark	2.1
Hong Kong	1.9
Italy	1.7
Spain	1.5
Brazil	1.4
South Africa	1.1
Singapore	1.1
Other	9.0

The table reflects the fund’s investments, except for short-term investments and derivatives.

The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.

3

ESG International Stock ETF

Financial Statements (unaudited)

Schedule of Investments

As of February 28, 2023

The fund files its 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 its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

					Shares	Market Value• ($000)
Common Stocks (99.6%)
Australia (5.2%)
	Commonwealth Bank of Australia				279,677	18,895
	CSL Ltd.				79,931	15,904
	National Australia Bank Ltd.				526,848	10,605
	Westpac Banking Corp.				578,227	8,744
	ANZ Group Holdings Ltd.				497,418	8,228
	Macquarie Group Ltd.				56,408	7,163
	Wesfarmers Ltd.				181,205	5,866
	Transurban Group				502,427	4,781
	Goodman Group				317,733	4,227
	Fortescue Metals Group Ltd.				267,924	3,839
	Amcor plc				247,924	2,750
	QBE Insurance Group Ltd.				266,592	2,697
	Newcrest Mining Ltd. (XASX)				144,156	2,207
	Brambles Ltd.				248,445	2,147
	Telstra Group Ltd.				742,083	2,073
	Suncorp Group Ltd.				233,705	2,016
	Scentre Group				990,853	1,979
	Sonic Healthcare Ltd.				88,284	1,910
	Cochlear Ltd.				12,176	1,816
	ASX Ltd.				36,359	1,661
	James Hardie Industries plc				78,149	1,628
	Computershare Ltd.				95,697	1,592
	Mineral Resources Ltd.				27,737	1,532
	Insurance Australia Group Ltd.				467,996	1,461
	Northern Star Resources Ltd.				201,376	1,405
	Ramsay Health Care Ltd.				30,466	1,381
	Dexus				225,761	1,276
	Stockland				493,408	1,271
	GPT Group				387,646	1,224
*	Pilbara Minerals Ltd.				438,876	1,223

					Shares	Market Value• ($000)
	Mirvac Group				788,356	1,200
	BlueScope Steel Ltd.				93,197	1,192
	Atlas Arteria Ltd.				247,384	1,137
	Medibank Pvt Ltd.				505,360	1,133
	SEEK Ltd.				68,501	1,110
*	Xero Ltd.				21,211	1,105
	WiseTech Global Ltd.				26,072	1,102
	OZ Minerals Ltd.				57,443	1,080
	Vicinity Ltd.				742,302	1,016
	IGO Ltd.				114,201	1,004
	Orica Ltd.				87,778	954
*	Lynas Rare Earths Ltd.				165,611	910
	carsales.com Ltd.				57,181	870
	Incitec Pivot Ltd.				377,128	868
	Steadfast Group Ltd.				214,871	841
	Charter Hall Group				91,377	814
	Bendigo & Adelaide Bank Ltd.				118,033	775
	Lendlease Corp. Ltd.				140,308	718
	JB Hi-Fi Ltd.				25,368	712
	IDP Education Ltd.				36,544	703
	Bank of Queensland Ltd.				142,268	674
*	NEXTDC Ltd.				97,675	672
	REA Group Ltd.				7,998	659
	Aurizon Holdings Ltd.				263,545	586
	Challenger Ltd.				104,825	526
	Evolution Mining Ltd.				286,158	524
	Orora Ltd.				218,968	518
	Iluka Resources Ltd.				73,785	514
	Alumina Ltd.				484,636	489
*	Qantas Airways Ltd.				104,431	449
	Cleanaway Waste Management Ltd.				245,873	438
	Altium Ltd.				16,553	434
	Qube Holdings Ltd.				200,860	434
	nib holdings Ltd.				80,923	413
	Super Retail Group Ltd.				45,863	399
	Domino's Pizza Enterprises Ltd.				10,312	345
	Technology One Ltd.				34,158	341
*	AMP Ltd.				486,748	338

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ESG International Stock ETF

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ESG International Stock ETF

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ESG International Stock ETF

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ESG International Stock ETF

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ESG International Stock ETF

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ESG International Stock ETF