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Annual Report
August 31, 2022
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 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 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 Agreement
Liquidity Risk Management Program
Additional Information


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


Chairman's Letter

jthomasrev0514a66.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2022. Annual reports
help convey important information about fund returns, including market factors that affected
performance. For additional investment insights, please visit avantisinvestors.com.

Mounting Market Challenges Hampered Performance

Asset class performance weakened dramatically during the funds’ fiscal year. In late 2021,
generally upbeat economic activity and corporate earnings supported gains for most U.S. and
global stock indices. Returns generally remained positive despite rapidly rising inflation and waning
central bank support—factors that had started to weigh on fixed-income indices.

By early 2022, the market climate shifted quickly. Inflation, which was already at multiyear highs,
rose to levels last seen in the early 1980s. Massive fiscal and monetary support unleashed during
the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns
and labor market shortages further aggravated inflation in the U.S. and other developed markets.
Russia’s invasion of Ukraine in February also exacerbated global inflationary pressures.

The Bank of England launched its inflation-fighting campaign in December and continued to lift
rates through period-end. The Federal Reserve responded to surging inflation in March, launching
an aggressive rate-hike campaign and ending its asset purchase program. Policymakers indicated
taming inflation remains their priority, even as the U.S. economy contracted in 2022’s first two
quarters. Facing record-high inflation in the eurozone, the European Central Bank in July embarked
on its first rate-hike effort in 11 years.

The combination of sharply elevated inflation, tighter monetary policy, geopolitical strife and weak
economies triggered sharp market volatility and fueled global recession fears. Against this
backdrop, most U.S. and global stock and bond indices declined sharply for the reporting period.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation,
rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine
complicates an increasingly tense geopolitical backdrop and threatens Europe’s winter energy
supply. We will continue to monitor the broad backdrop and its influence on financial markets.

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

Sincerely,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2

Performance
Avantis Emerging Markets Equity ETF (AVEM)
Total Returns as of August 31, 2022 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value -20.36% 3.08% 9/17/2019
Market Price -20.82% 2.97% 9/17/2019
MSCI Emerging Markets IMI Index -21.15% 2.41% —
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-18fbd18970e146dda61a.jpg
Value on August 31, 2022
Net Asset Value — $10,937
MSCI Emerging Markets IMI Index — $10,730
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, 2022, Avantis Emerging Markets Equity ETF returned -20.82% on a market price basis. On a net asset value (NAV) basis, the fund returned -20.36%. 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 IMI Index, which returned -21.15% for the reporting period. The MSCI Emerging Markets IMI Index 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 Index, returned -16.99% for the period. Growth stocks, as measured by the MSCI Emerging Markets IMI Growth Index, lagged their value-style counterparts, returning -24.94%.












4

Fund Characteristics
AUGUST 31, 2022
Avantis Emerging Markets Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.6%
Warrants
—*
Corporate Bonds
—*
Rights
—*
Short-Term Investments 1.7%
Other Assets and Liabilities (1.3)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
China 28.8%
Taiwan 17.2%
India 17.2%
South Korea 13.1%
Brazil 6.1%

5

Performance
Avantis Emerging Markets Value ETF (AVES)
Total Returns as of August 31, 2022  
  Since Inception Inception Date
Net Asset Value -14.38% 9/28/2021
Market Price -14.34% 9/28/2021
MSCI Emerging Markets IMI Value Index -14.71% —
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-bd4a2aad121241aa947a.jpg
Value on August 31, 2022
Net Asset Value — $8,562
MSCI Emerging Markets IMI Value Index — $8,529
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 period from the portfolio’s inception on September 28, 2021, through August 31, 2022, Avantis Emerging Markets Value ETF returned -14.34%* on a market price basis. On a net asset value (NAV) basis, the fund returned -14.38%. 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 IMI Value Index, which returned -14.71% for the reporting period. The MSCI Emerging Markets IMI Value Index 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 higher levels of profitability and lower prices relative to their book values. These companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values.

















*Total returns for periods less than one year are not annualized.
7

Fund Characteristics
AUGUST 31, 2022
Avantis Emerging Markets Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.4%
Warrants
—*
Rights
—*
Short-Term Investments 1.8%
Other Assets and Liabilities (1.2)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
China 28.3%
India 17.5%
Taiwan 17.0%
South Korea 13.7%
Brazil 6.3%
8

Performance
Avantis International Equity ETF (AVDE)
Total Returns as of August 31, 2022 Average Annual Returns  
1 year Since Inception Inception Date
Net Asset Value -18.85% 2.59% 9/24/2019
Market Price -18.95% 2.62% 9/24/2019
MSCI World ex-USA IMI Index -19.49% 1.95% —
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-73f6b60d1cda40acb7ca.jpg
Value on August 31, 2022
Net Asset Value — $10,781
MSCI World ex-USA IMI Index — $10,584
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, 2022, Avantis International Equity ETF returned -18.95% on a market price basis. On a net asset value (NAV) basis, the portfolio returned -18.85%. 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 IMI Index, which returned -19.49% for the reporting period. The MSCI World ex-USA IMI Index 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 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. The fund’s underweight to companies with the lowest levels of profitability and book-to-market values also aided results.

Value stocks, as measured by the MSCI World ex-USA IMI Value Index, returned -13.09% for the reporting period. These securities outperformed growth stocks, which returned -25.91%, according to the MSCI World ex-USA IMI Growth Index.

10

Fund Characteristics
AUGUST 31, 2022
Avantis International Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.5%
Warrants
—*
Rights
—*
Short-Term Investments 3.5%
Other Assets and Liabilities (3.0)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
Japan 21.1%
United Kingdom 13.6%
Canada 11.4%
France 8.8%
Switzerland 8.4%

11

Performance
Avantis International Large Cap Value ETF (AVIV)
Total Returns as of August 31, 2022  
Since Inception Inception Date
Net Asset Value -13.93% 9/28/2021
Market Price -13.82% 9/28/2021
MSCI World ex-USA Value Index -10.95% —
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-f7e6d7c36d7e4faf823a.jpg
Value on August 31, 2022
Net Asset Value — $8,607
MSCI World ex-USA Value Index — $8,905
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 period from the portfolio’s inception on September 28, 2021, through August 31, 2022, Avantis International Large Cap Value ETF returned -13.82%* on a market price basis. On a net asset value (NAV) basis, the fund returned -13.93%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the total non-U.S. developed markets value stock universe, as measured by the MSCI World ex-USA Value Index, which returned -10.95% 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 underperformance versus the index was largely due to the fund’s overweight versus the index in large- and mid-cap companies with high book-to-market and profitability characteristics. Stocks of these companies underperformed mega caps for the reporting period.




















*Total returns for periods less than one year are not annualized.
13

Fund Characteristics
AUGUST 31, 2022
Avantis International Large Cap Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.5%
Short-Term Investments 8.3%
Other Assets and Liabilities (7.8)%
Top Five Countries % of net assets
Japan 20.3%
United Kingdom 19.1%
Canada 11.8%
Germany 8.8%
France 7.4%

14

Performance
Avantis International Small Cap Value ETF (AVDV)
Total Returns as of August 31, 2022 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value -16.92% 4.34% 9/24/2019
Market Price -17.05% 4.37% 9/24/2019
MSCI World ex-USA Small Cap Index -24.53% 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 24, 2019
chart-3cfcdbcdc6374e00808a.jpg
Value on August 31, 2022
Net Asset Value — $11,330
MSCI World ex-USA Small Cap Index — $10,756
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.
15

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, 2022, Avantis International Small Cap Value ETF returned -17.05% on a market price basis. On a net asset value (NAV) basis, the fund returned -16.92%. 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 -24.53% 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 value-oriented companies generally outperformed companies with lower levels of profitability and higher prices relative to their book values, or more growth-oriented stocks.

Small-cap value stocks, as measured by the MSCI World ex-USA Small Cap Value Index, returned -19.00% 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 -29.98%.










16

Fund Characteristics
AUGUST 31, 2022
Avantis International Small Cap Value ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.6%
Rights
—*
Warrants
—*
Short-Term Investments 3.6%
Other Assets and Liabilities (3.2)%
*Category is less than 0.05% of total net assets.
Top Five Countries % of net assets
Japan 27.0%
United Kingdom 14.3%
Canada 10.6%
Australia 9.7%
Sweden 5.1%

17

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, 2022 to August 31, 2022.

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.

18

Beginning
Account Value
3/1/22		 Ending
Account Value
8/31/22
Expenses Paid
During Period(1)
3/1/22 - 8/31/22
Annualized
Expense Ratio(1)
Avantis Emerging Markets Equity ETF
Actual $1,000 $865.40 $1.55 0.33%
Hypothetical $1,000 $1,023.54 $1.68 0.33%
Avantis Emerging Markets Value ETF
Actual $1,000 $862.30 $1.69 0.36%
Hypothetical $1,000 $1,023.39 $1.84 0.36%
Avantis International Equity ETF
Actual $1,000 $858.50 $1.08 0.23%
Hypothetical $1,000 $1,024.05 $1.17 0.23%
Avantis International Large Cap Value ETF
Actual $1,000 $857.50 $1.17 0.25%
Hypothetical $1,000 $1,023.95 $1.28 0.25%
Avantis International Small Cap Value ETF
Actual $1,000 $867.10 $1.69 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.
19

Schedules of Investments

AUGUST 31, 2022
Avantis Emerging Markets Equity ETF
Shares Value
COMMON STOCKS — 99.6%
Brazil — 6.1%
3R Petroleum Oleo E Gas SA(1)
92,066  $ 659,915 
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA 36,000  15,916 
AES Brasil Energia SA 100,200  186,440 
Aliansce Sonae Shopping Centers SA 54,530  183,639 
Alliar Medicos A Frente SA(1)
10,800  41,561 
Alpargatas SA, Preference Shares 48,400  194,627 
Alupar Investimento SA 19,700  107,921 
Ambev SA, ADR 531,661  1,541,817 
Americanas SA 24,743  77,239 
Arezzo Industria e Comercio SA 7,300  129,571 
Atacadao SA 54,300  207,810 
Auren Energia SA 105,283  310,037 
Azul SA, ADR(1)(2)
11,628  108,722 
B3 SA - Brasil Bolsa Balcao 609,200  1,399,343 
Banco ABC Brasil SA, Preference Shares 39,110  142,986 
Banco BMG SA, Preference Shares 46,900  23,710 
Banco Bradesco SA 213,798  649,317 
Banco Bradesco SA, ADR 852,581  3,094,869 
Banco BTG Pactual SA 167,600  824,727 
Banco do Brasil SA 160,190  1,286,163 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares 122,800  264,134 
Banco Pan SA, Preference Shares 40,800  57,721 
Banco Santander Brasil SA, ADR(2)
77,459  443,065 
BB Seguridade Participacoes SA 101,100  552,684 
Bemobi Mobile Tech SA 19,600  52,933 
Boa Vista Servicos SA 20,600  27,124 
BR Malls Participacoes SA 399,400  635,674 
BR Properties SA 107,100  170,046 
BrasilAgro - Co. Brasileira de Propriedades Agricolas 36,000  198,947 
Braskem SA, ADR(2)
30,441  359,813 
BRF SA, ADR(1)(2)
218,181  652,361 
C&A MODAS SA(1)
27,000  16,763 
Camil Alimentos SA 43,500  83,782 
CCR SA 389,300  1,040,149 
Centrais Eletricas Brasileiras SA, ADR(2)
73,658  658,502 
Centrais Eletricas Brasileiras SA, Class B Preference Shares 45,200  417,907 
Cia Brasileira de Aluminio 30,800  76,372 
Cia Brasileira de Distribuicao, ADR(2)
131,366  535,973 
Cia de Saneamento Basico do Estado de Sao Paulo, ADR 80,360  752,170 
Cia de Saneamento de Minas Gerais-COPASA 99,100  257,541 
Cia de Saneamento do Parana 55,100  182,911 
Cia de Saneamento do Parana, Preference Shares 450,200  304,610 
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares 43,900  202,016 
20

Avantis Emerging Markets Equity ETF
Shares Value
Cia Energetica de Minas Gerais, ADR 366,946  $ 865,993 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares 19,200  195,159 
Cia Paranaense de Energia, ADR 79,808  523,540 
Cia Paranaense de Energia, Preference Shares 573,000  766,585 
Cia Siderurgica Nacional SA, ADR(2)
317,208  856,462 
Cielo SA 460,200  487,410 
Clear Sale SA(1)
38,200  41,193 
Construtora Tenda SA(1)
33,700  38,154 
Cosan SA 94,996  366,296 
CPFL Energia SA 39,000  264,103 
Cristal Pigmentos do Brasil SA, Preference Shares 1,700  9,150 
Cury Construtora e Incorporadora SA 44,100  75,529 
Cyrela Brazil Realty SA Empreendimentos e Participacoes 89,200  244,844 
Desktop - Sigmanet Comunicacao Multimidia S.A 17,400  36,021 
Dexco SA 135,610  259,625 
Dexxos Participacoes SA 17,400  23,379 
Direcional Engenharia SA 14,000  34,769 
EcoRodovias Infraestrutura e Logistica SA(1)
124,200  139,422 
EDP - Energias do Brasil SA 52,100  227,131 
Embraer SA, ADR(1)
79,025  842,406 
Enauta Participacoes SA 80,400  257,007 
Energisa SA 88,200  720,194 
Eneva SA(1)
127,600  379,190 
Engie Brasil Energia SA 61,800  483,599 
Equatorial Energia SA 140,900  656,237 
Eternit SA 36,400  90,258 
Eucatex SA Industria e Comercio, Preference Shares 16,500  26,261 
Even Construtora e Incorporadora SA 47,100  53,778 
Ez Tec Empreendimentos e Participacoes SA 49,900  172,363 
Fleury SA 43,200  130,537 
Fras-Le SA 25,137  61,606 
Gafisa SA(1)
76,300  17,600 
Gerdau SA, ADR 367,016  1,655,242 
Getnet Adquirencia e Servicos para Meios de Pagamento SA, ADR 2,647  4,632 
Gol Linhas Aereas Inteligentes SA, ADR(2)
11,371  43,437 
Gol Linhas Aereas Inteligentes SA, Preference Shares(1)
22,120  42,944 
GPS Participacoes e Empreendimentos SA 5,200  13,594 
Grendene SA 44,600  64,897 
Grupo SBF SA 7,300  30,912 
Guararapes Confeccoes SA 29,400  52,161 
Hapvida Participacoes e Investimentos SA 203,685  286,202 
Hidrovias do Brasil SA(1)
35,200  16,577 
Hypera SA 12,800  106,019 
Iguatemi SA 55,980  210,797 
Iguatemi SA 100,000  46,709 
Instituto Hermes Pardini SA 14,100  53,691 
Inter & Co., Inc. 5,966  24,244 
International Meal Co. Alimentacao SA, Class A(1)
63,300  24,457 
Iochpe Maxion SA 64,800  170,271 
Irani Papel e Embalagem SA 27,700  40,732 
21

Avantis Emerging Markets Equity ETF
Shares Value
IRB Brasil Resseguros S/A(1)
194,096  $ 61,933 
Itau Unibanco Holding SA, ADR 867,942  4,287,633 
Jalles Machado SA 74,200  106,970 
JBS SA 156,100  887,859 
JHSF Participacoes SA 125,400  149,928 
Kepler Weber SA 29,400  119,354 
Klabin SA 263,100  958,861 
Lavvi Empreendimentos Imobiliarios Ltda 44,580  48,673 
Light SA 71,000  77,791 
Localiza Rent a Car SA 140,693  1,649,945 
LOG Commercial Properties e Participacoes SA 29,400  148,854 
Log-in Logistica Intermodal SA(1)
27,967  212,451 
Lojas Renner SA 92,400  472,799 
LPS Brasil Consultoria de Imoveis SA 47,300  26,367 
M Dias Branco SA 16,700  137,005 
Magazine Luiza SA(1)
135,700  112,162 
Mahle-Metal Leve SA 10,400  48,797 
Marcopolo SA, Preference Shares 182,300  91,809 
Marfrig Global Foods SA 131,800  334,415 
Marisa Lojas SA(1)
43,087  20,954 
Metalurgica Gerdau SA, Preference Shares 303,800  581,041 
Mills Estruturas e Servicos de Engenharia SA 105,400  201,586 
Minerva SA 77,600  230,008 
Mitre Realty Empreendimentos E Participacoes LTDA 16,000  16,946 
Movida Participacoes SA 107,300  286,070 
MRV Engenharia e Participacoes SA 113,900  223,316 
Multilaser Industrial SA 57,100  52,903 
Multiplan Empreendimentos Imobiliarios SA 109,100  509,178 
Natura & Co. Holding SA 51,756  144,353 
Odontoprev SA 85,140  149,908 
Omega Energia SA(1)
63,009  135,770 
Petro Rio SA(1)
239,400  1,258,571 
Petroleo Brasileiro SA, ADR 406,451  5,808,185 
Petroleo Brasileiro SA, ADR Preference Shares 520,250  6,627,985 
Petroreconcavo SA 44,200  231,603 
Porto Seguro SA 25,400  103,750 
Portobello SA 24,300  46,616 
Positivo Tecnologia SA 60,400  137,695 
Qualicorp Consultoria e Corretora de Seguros SA 50,200  92,248 
Raia Drogasil SA 88,000  370,444 
Randon SA Implementos e Participacoes, Preference Shares 53,400  98,231 
Rede D'Or Sao Luiz SA 15,900  101,774 
Romi SA 10,966  28,414 
Rumo SA 181,600  705,121 
Santos Brasil Participacoes SA 122,100  189,637 
Sao Martinho SA 91,000  559,217 
Sendas Distribuidora SA, ADR(2)
68,000  1,198,160 
Ser Educacional SA 19,800  23,635 
SIMPAR SA 94,900  195,367 
SLC Agricola SA 33,880  316,632 
StoneCo Ltd., A Shares(1)
72,084  683,356 
22

Avantis Emerging Markets Equity ETF
Shares Value
Sul America SA 155,527  $ 729,145 
Suzano SA, ADR 170,040  1,460,644 
SYN prop e tech SA 61,800  53,931 
Taurus Armas SA, Preference Shares 31,600  105,690 
Telefonica Brasil SA, ADR(2)
36,836  299,108 
TIM SA, ADR 62,534  709,136 
TOTVS SA 112,000  611,841 
Transmissora Alianca de Energia Eletrica SA 105,200  845,256 
Trisul SA 18,100  16,248 
Tupy SA 23,900  122,523 
Ultrapar Participacoes SA, ADR(2)
198,880  529,021 
Unipar Carbocloro SA, Class B Preference Shares 36,160  704,030 
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares 285,200  440,211 
Vale SA, ADR 749,216  9,305,263 
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA 30,600  62,113 
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA 18,000  49,270 
Via S/A(1)
711,300  438,888 
Vibra Energia SA 217,700  774,571 
Vivara Participacoes SA 8,900  43,350 
Vulcabras Azaleia SA 16,100  44,564 
WEG SA 119,800  651,688 
Wiz Solucoes e Corretagem de Seguros SA 29,400  45,945 
XP, Inc., Class A(1)
8,935  171,909 
YDUQS Participacoes SA 48,300  114,752 
Zamp SA(1)
84,400  126,542 
81,080,766 
Chile — 0.7%
Aguas Andinas SA, A Shares 872,574  194,717 
Banco de Chile 5,359,986  508,518 
Banco de Credito e Inversiones SA 8,861  261,010 
Banco Santander Chile, ADR 28,694  460,252 
Besalco SA 44,236  16,781 
CAP SA 45,324  365,682 
Cencosud SA 592,777  828,730 
Cencosud Shopping SA 90,907  125,267 
Cia Cervecerias Unidas SA, ADR 20,801  227,355 
Cia Sud Americana de Vapores SA 3,138,368  287,872 
Colbun SA 3,301,713  314,680 
Embotelladora Andina SA, Class B Preference Shares 198,039  405,469 
Empresa Nacional de Telecomunicaciones SA 74,959  236,992 
Empresas CMPC SA 426,276  808,557 
Empresas COPEC SA 86,594  762,800 
Enel Americas SA 2,107,179  232,618 
Enel Chile SA 9,954,322  340,641 
Engie Energia Chile SA(1)
182,950  103,085 
Falabella SA 59,522  140,263 
Forus SA 124  165 
Grupo Security SA 164,860  26,138 
Inversiones Aguas Metropolitanas SA 44,542  22,513 
23

Avantis Emerging Markets Equity ETF
Shares Value
Itau CorpBanca Chile SA 44,740,341  $ 102,335 
Parque Arauco SA 247,310  261,466 
Ripley Corp. SA 828,763  151,651 
Sociedad Quimica y Minera de Chile SA, ADR 18,058  1,800,021 
Vina Concha y Toro SA 25,279  30,885 
9,016,463 
China — 28.8%
360 DigiTech, Inc., ADR 76,958  1,229,789 
361 Degrees International Ltd.(1)
396,000  202,348 
3SBio, Inc. 815,000  541,860 
A-Living Smart City Services Co. Ltd. 63,500  65,410 
AAC Technologies Holdings, Inc.(2)
329,000  609,513 
AAG Energy Holdings Ltd.(2)
1,110,000  209,539 
Agile Group Holdings Ltd.(2)
588,000  205,918 
Agricultural Bank of China Ltd., H Shares 4,741,000  1,549,177 
Air China Ltd., H Shares(1)
54,000  43,257 
AK Medical Holdings Ltd. 106,000  91,904 
Alibaba Group Holding Ltd., ADR(1)
199,308  19,015,976 
Alibaba Pictures Group Ltd.(1)
1,390,000  109,347 
Aluminum Corp. of China Ltd., H Shares 1,386,000  512,141 
Anhui Conch Cement Co. Ltd., H Shares 451,500  1,720,600 
Anhui Expressway Co. Ltd., H Shares 268,000  194,547 
ANTA Sports Products Ltd. 240,000  2,890,184 
Antengene Corp. Ltd.(1)
32,500  17,146 
Anton Oilfield Services Group(1)
330,000  19,537 
Ascletis Pharma, Inc.(1)
64,000  26,936 
Asia Cement China Holdings Corp. 188,500  94,254 
Autohome, Inc., ADR 35,409  1,260,914 
BAIC Motor Corp. Ltd., H Shares 266,000  73,224 
Baidu, Inc., ADR(1)
33,737  4,857,116 
BAIOO Family Interactive Ltd. 448,000  23,064 
Bank of China Ltd., H Shares 18,727,000  6,535,126 
Bank of Chongqing Co. Ltd., H Shares 216,000  111,764 
Bank of Communications Co. Ltd., H Shares 2,193,000  1,249,503 
BBMG Corp., H Shares 181,000  24,395 
BeiGene Ltd., ADR(1)
5,906  1,013,824 
Beijing Capital International Airport Co. Ltd., H Shares(1)
870,000  546,061 
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares 7,500  10,907 
Beijing Energy International Holding Co. Ltd.(1)
70,000  2,150 
Beijing Enterprises Holdings Ltd. 268,000  797,146 
Beijing Enterprises Water Group Ltd. 1,826,000  469,062 
Beijing Jingneng Clean Energy Co. Ltd., H Shares 584,000  122,470 
Beijing North Star Co. Ltd., H Shares 4,000  468 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. 221,000  274,983 
Bilibili, Inc., ADR(1)(2)
815  20,342 
Binjiang Service Group Co. Ltd. 45,000  124,420 
BOC Aviation Ltd. 151,100  1,209,477 
BOE Varitronix Ltd. 362,000  825,756 
Bosideng International Holdings Ltd. 1,866,000  1,047,742 
BYD Co. Ltd., H Shares 144,000  4,437,406 
24

Avantis Emerging Markets Equity ETF
Shares Value
BYD Electronic International Co. Ltd.(2)
511,500  $ 1,351,449 
C&D International Investment Group Ltd. 23,980  47,959 
C&D Property Management Group Co. Ltd. 132,000  60,238 
Cabbeen Fashion Ltd. 102,000  17,626 
Canaan, Inc., ADR(1)(2)
100,097  351,340 
Canadian Solar, Inc.(1)(2)
29,188  1,318,422 
Cango, Inc., ADR(2)
4,407  10,665 
CanSino Biologics, Inc., H Shares(2)
12,200  76,147 
Canvest Environmental Protection Group Co. Ltd. 204,000  122,295 
Cathay Media And Education Group, Inc.(2)
96,000  14,744 
Central China Management Co. Ltd. 117,000  11,459 
Central China New Life Ltd. 135,000  58,284 
Central China Real Estate Ltd.(2)
218,000  14,402 
CGN Mining Co. Ltd.(1)(2)
1,105,000  143,966 
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1)(2)
53,400  54,833 
Chaowei Power Holdings Ltd. 168,000  38,815 
Cheerwin Group Ltd. 115,000  29,226 
Chen Lin Education Group Holdings Ltd.(1)
16,000  4,282 
China Automotive Systems, Inc.(1)
5,187  21,682 
China BlueChemical Ltd., H Shares 1,242,000  323,401 
China Bohai Bank Co. Ltd., H Shares 1,012,500  167,697 
China Cinda Asset Management Co. Ltd., H Shares 4,857,000  666,977 
China CITIC Bank Corp. Ltd., H Shares 3,098,000  1,328,144 
China Coal Energy Co. Ltd., H Shares 1,208,000  1,074,235 
China Communications Services Corp. Ltd., H Shares 1,748,000  750,585 
China Conch Environment Protection Holdings Ltd.(1)
378,500  337,840 
China Conch Venture Holdings Ltd. 741,500  1,513,243 
China Construction Bank Corp., H Shares 20,401,000  12,611,549 
China Datang Corp. Renewable Power Co. Ltd., H Shares 1,708,000  427,730 
China Dongxiang Group Co. Ltd.(1)
1,053,000  46,828 
China East Education Holdings Ltd.(2)
489,000  206,643 
China Eastern Airlines Corp. Ltd., H Shares(1)(2)
116,000  39,932 
China Education Group Holdings Ltd. 470,000  409,453 
China Energy Development Holdings Ltd.(1)
4,000  82 
China Everbright Bank Co. Ltd., H Shares 1,101,000  337,525 
China Everbright Environment Group Ltd. 2,639,000  1,304,359 
China Everbright Greentech Ltd.(2)
198,000  41,307 
China Everbright Ltd. 590,000  430,894 
China Everbright Water Ltd. (Singapore)(2)
138,500  27,232 
China Feihe Ltd. 1,582,000  1,309,352 
China Foods Ltd. 282,000  89,765 
China Galaxy Securities Co. Ltd., H Shares 1,546,000  845,221 
China Gas Holdings Ltd. 862,800  1,220,950 
China General Education Group Ltd.(1)
60,000  31,392 
China Glass Holdings Ltd.(2)
622,000  88,374 
China Hanking Holdings Ltd. 175,000  18,692 
China Harmony Auto Holding Ltd. 269,500  70,804 
China High Speed Transmission Equipment Group Co. Ltd.(1)
195,000  110,242 
China Hongqiao Group Ltd. 1,105,000  1,071,476 
China International Capital Corp. Ltd., H Shares 575,600  1,012,654 
25

Avantis Emerging Markets Equity ETF
Shares Value
China Kepei Education Group Ltd. 130,000  $ 33,385 
China Lesso Group Holdings Ltd. 699,000  830,833 
China Life Insurance Co. Ltd., ADR 229,573  1,632,264 
China Lilang Ltd. 164,000  80,085 
China Literature Ltd.(1)
62,600  253,675 
China Longyuan Power Group Corp. Ltd., H Shares 1,590,000  2,568,112 
China Maple Leaf Educational Systems Ltd.(1)
230,000  10,403 
China Medical System Holdings Ltd. 1,072,000  1,586,538 
China Meidong Auto Holdings Ltd. 204,000  414,845 
China Mengniu Dairy Co. Ltd.(1)
984,000  4,455,825 
China Merchants Bank Co. Ltd., H Shares 776,500  3,971,107 
China Merchants Land Ltd.(1)
148,000  11,660 
China Merchants Port Holdings Co. Ltd. 881,545  1,323,435 
China Minsheng Banking Corp. Ltd., H Shares(2)
1,799,000  572,259 
China Modern Dairy Holdings Ltd.(2)
1,978,000  261,669 
China National Building Material Co. Ltd., H Shares 2,880,000  2,719,497 
China New Higher Education Group Ltd. 612,000  191,743 
China Oil & Gas Group Ltd.(1)
280,000  11,411 
China Oriental Group Co. Ltd. 530,000  97,641 
China Pacific Insurance Group Co. Ltd., H Shares 667,600  1,414,188 
China Petroleum & Chemical Corp., ADR 60,403  2,809,948 
China Pioneer Pharma Holdings Ltd. 123,000  35,202 
China Power International Development Ltd. 1,476,000  823,981 
China Railway Group Ltd., H Shares 1,417,000  811,223 
China Railway Signal & Communication Corp. Ltd., H Shares 141,000  44,334 
China Rare Earth Holdings Ltd.(1)
604,000  36,081 
China Reinsurance Group Corp., H Shares 302,000  22,250 
China Renaissance Holdings Ltd.(1)
100,700  113,923 
China Resources Beer Holdings Co. Ltd. 294,000  2,049,479 
China Resources Cement Holdings Ltd. 1,748,000  1,077,483 
China Resources Gas Group Ltd. 162,900  634,236 
China Resources Land Ltd. 1,112,000  4,552,802 
China Resources Medical Holdings Co. Ltd. 527,500  312,938 
China Resources Mixc Lifestyle Services Ltd. 151,400  686,564 
China Resources Pharmaceutical Group Ltd. 433,500  297,013 
China Resources Power Holdings Co. Ltd. 1,234,000  2,453,611 
China Risun Group Ltd. 1,009,000  395,561 
China Sanjiang Fine Chemicals Co. Ltd. 248,000  50,707 
China SCE Group Holdings Ltd. 496,000  41,525 
China Shengmu Organic Milk Ltd.(1)
82,000  3,759 
China Shenhua Energy Co. Ltd., H Shares 1,086,500  3,407,558 
China Shineway Pharmaceutical Group Ltd. 171,000  131,171 
China Shuifa Singyes Energy Holdings Ltd.(2)
434,000  56,695 
China Silver Group Ltd.(1)
376,000  17,699 
China South City Holdings Ltd.(2)
1,568,000  98,582 
China Southern Airlines Co. Ltd., H Shares(1)
282,000  152,212 
China Starch Holdings Ltd. 1,320,000  43,569 
China Sunshine Paper Holdings Co. Ltd. 645,500  151,576 
China Suntien Green Energy Corp. Ltd., H Shares 958,000  429,659 
China Taiping Insurance Holdings Co. Ltd. 1,017,200  1,038,536 
China Tobacco International HK Co. Ltd.(2)
6,000  8,854 
26

Avantis Emerging Markets Equity ETF
Shares Value
China Tower Corp. Ltd., H Shares 23,554,000  $ 2,937,133 
China Traditional Chinese Medicine Holdings Co. Ltd. 1,572,000  677,899 
China Travel International Investment Hong Kong Ltd.(1)
842,000  152,961 
China Vanke Co. Ltd., H Shares 415,900  811,932 
China Vast Industrial Urban Development Co. Ltd. 5,000  1,516 
China Water Affairs Group Ltd. 376,000  342,490 
China Wood Optimization Holding Ltd.(1)
8,000  917 
China Xinhua Education Group Ltd. 42,000  5,891 
China XLX Fertiliser Ltd. 556,000  316,836 
China Yongda Automobiles Services Holdings Ltd. 731,000  515,554 
China Youran Dairy Group Ltd.(1)
201,000  60,853 
China Yuchai International Ltd. 4,954  41,267 
China Yuhua Education Corp. Ltd.(1)(2)
1,390,000  218,417 
China ZhengTong Auto Services Holdings Ltd.(1)(2)
518,000  32,757 
Chindata Group Holdings Ltd., ADR(1)
81,044  684,011 
Chongqing Rural Commercial Bank Co. Ltd., H Shares 683,000  236,395 
CIFI Ever Sunshine Services Group Ltd. 368,000  226,169 
CIFI Holdings Group Co. Ltd.(2)
1,689,616  427,633 
CIMC Enric Holdings Ltd.(2)
82,000  87,585 
CIMC Vehicles Group Co. Ltd., Class H 20,000  12,467 
CITIC Ltd. 2,000,000  2,061,757 
CITIC Securities Co. Ltd., H Shares 683,950  1,386,255 
CMGE Technology Group Ltd.(1)
646,000  159,387 
CMOC Group Ltd., H Shares 345,000  153,841 
CNFinance Holdings Ltd., ADR(1)(2)
5,468  14,818 
COFCO Joycome Foods Ltd.(1)
2,307,000  883,142 
Concord New Energy Group Ltd. 3,080,000  282,211 
Consun Pharmaceutical Group Ltd. 108,000  55,429 
Coolpad Group Ltd.(1)
1,854,000  28,745 
COSCO SHIPPING Energy Transportation Co. Ltd., Class H(1)
136,000  103,017 
COSCO SHIPPING Holdings Co. Ltd., Class H 1,157,249  1,727,611 
COSCO SHIPPING International Hong Kong Co. Ltd. 86,000  24,312 
COSCO SHIPPING Ports Ltd. 729,118  471,796 
Country Garden Holdings Co. Ltd.(2)
2,007,339  592,558 
Country Garden Services Holdings Co. Ltd. 225,000  442,162 
CPMC Holdings Ltd. 165,000  70,590 
Crazy Sports Group Ltd.(1)(2)
902,000  26,259 
CSPC Pharmaceutical Group Ltd. 4,899,760  4,970,432 
CSSC Hong Kong Shipping Co. Ltd.(2)
620,000  104,799 
Dali Foods Group Co. Ltd. 827,500  378,293 
Daqo New Energy Corp., ADR(1)
59,833  3,989,066 
Datang International Power Generation Co. Ltd., H Shares 184,000  37,915 
Dexin China Holdings Co. Ltd. 50,000  12,679 
Differ Group Auto Ltd.(1)(2)
1,958,000  493,550 
Digital China Holdings Ltd. 356,000  158,803 
Dongfeng Motor Group Co. Ltd., Class H 1,468,000  930,782 
Dongyue Group Ltd. 958,000  1,075,204 
DouYu International Holdings Ltd., ADR(1)
16,143  24,215 
Duiba Group Ltd.(1)
119,600  12,161 
Dynagreen Environmental Protection Group Co. Ltd., H Shares 11,000  4,037 
27

Avantis Emerging Markets Equity ETF
Shares Value
E-House China Enterprise Holdings Ltd.(1)(2)
622,200  $ 54,399 
ENN Energy Holdings Ltd. 142,200  2,065,799 
EVA Precision Industrial Holdings Ltd.(2)
1,018,000  194,749 
Everest Medicines Ltd.(1)
26,000  39,323 
Excellence Commercial Property & Facilities Management Group Ltd. 72,000  29,935 
Fanhua, Inc., ADR(2)
23,222  129,579 
FIH Mobile Ltd.(1)
1,321,000  171,112 
FinVolution Group, ADR 126,902  624,358 
Fire Rock Holdings Ltd.(1)(2)
186,000  13,271 
First Tractor Co. Ltd., H Shares(2)
202,000  80,906 
Flat Glass Group Co. Ltd., H Shares(1)(2)
39,000  128,454 
Fosun International Ltd. 783,500  578,326 
Fountain SET Holdings Ltd. 26,000  3,310 
Fu Shou Yuan International Group Ltd. 801,000  511,772 
Fufeng Group Ltd. 1,044,000  586,634 
Fuyao Glass Industry Group Co. Ltd., H Shares 175,200  836,026 
Ganfeng Lithium Co. Ltd., H Shares(2)
35,880  315,222 
GCL New Energy Holdings Ltd.(1)(2)
5,662,000  63,276 
GCL-Poly Energy Holdings Ltd.(1)(2)
3,342,000  1,192,851 
GDS Holdings Ltd., Class A(1)